WSJ
The
Global
Crisis of
Democracy
REVIEW
What’s
News
World-Wide
T he White House released
an order putting off a de-
cision on proposed tariffs on
imported cars and auto parts,
and said the U.S. had reached
a deal to lift metals levies
on Canada and Mexico. A1
 Tensions between the
U.S. and Iran appeared to
ease as the White House
tamped down talk of conflict
and renewed a conditional
offer of negotiations. A7
 Iran’s foreign minister
asked China to help save
the 2015 nuclear deal. A7
 The Missouri House
passed a bill banning
abortions after eight
weeks, except in the case
of a medical emergency. A3
 Mnuchin defied congres-
sional subpoenas by miss-
ing a deadline to hand over
six years of Trump’s tax re-
turns and audit records. A4
 Barr said his review of the
Russia investigation’s origins
could lead to rule changes for
counterintelligence probes
of political campaigns. A4
 The U.K.’s Labour Party
pulled the plug on Brexit talks
with the government, dashing
hopes for a breakthrough. A8
 The administration may
begin flying asylum-seeking
families across the U.S. to have
initial claims processed. A4
 Died: Herman Wouk, 103,
best-selling author. A2
Business & Finance
 Amazon is investing in
British food-delivery startup
Deliveroo, signaling contin-
ued interest in a sector that
has befuddled the e-com-
merce giant and others. A1
 Google has agreed to re-
fund advertisers for ads
purchased on its ad market-
places that ran on websites
with fraudulent traffic. B1
 Legg Mason is nearing a
settlement with Trian that
would give the activist hedge
fund seats on its board and
avoid a proxy fight. B1
 The biggest U.S. firms
set CEO pay records for a
fourth straight year in
2018, a Wall Street Journal
analysis found. B1, B6-9
 Major U.S. stock indexes
lost ground Friday. The Dow,
S&P 500 and Nasdaq posted
drops for the week. B15
 HPE agreed to buy su-
percomputer maker Cray
in a $1.44 billion deal. B3
 Deere lowered fore-
casts, reflecting struggles
faced by U.S. farmers. B3
 Wynn Resorts is in talks
to sell its Boston-area casino
project to MGM Resorts. B3
 CBS has had talks with
Lions Gate about acquiring
pay-TV channel Starz. B3
 Nike said it is adding lan-
guage to new contracts for fe-
male athletes that will protect
their pay during pregnancy. B3
OPINION
The Myth of
‘Wage Stagnation’ A15
CONTENTS
Books..................... C7-12
Food......................... D6-7
Gear & Gadgets D10
Heard on Street...B16
Obituaries................ A11
Opinion.............. A13-15
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
What Chic
Windows Are
Wearing
OFF DUTY
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, MAY 18 - 19, 2019 ~ VOL. CCLXXIII NO. 116 WSJ.com HHHH $5.00
For the Class of 2019, It’s Time for Pomp, Circumstance and Joy
Trump
Eases
Trade
Tensions
U.S. postpones auto
tariffs and agrees to
end metals levies on
Canada and Mexico
WASHINGTON—With U.S.-
China trade talks at an im-
passe, President Trump moved
Friday to tackle festering trade
disputes with U.S. allies and
North American neighbors.
By William Mauldin,
MATT GENTRY/ASSOCIATED PRESS
Josh Zumbrun
and Vivian Salama
The White House released
an order putting off a decision
on proposed tariffs on im-
ported cars and auto parts for
about six months, giving the
administration room to nego-
HATS OFF! Virginia Tech students celebrated Friday in Blacksburg, Va., as they joined others across the nation graduating this month. tiate possible trade deals with
the European Union and
Japan.
Hours later, Mr. Trump
Amazon Bets on Meal Delivery
said the U.S. had reached a
deal to exempt Canada and
Mexico from tariffs on steel
and aluminum that were im-
posed last year. The action is
BY PARMY OLSON mand for delivered meals. It the San Francisco-based com- with Uber Eats and other ser- expected to help clear one of
injects another big dollop of pany in February, and almost vices in the U.K. and 13 addi- the stumbling blocks for rati-
LONDON—Amazon.com Inc. cash in an industry already 10 times what it commanded tional markets. Other backers fication of the U.S.-Mexico-
is investing in British food-de- feasting on capital from Soft- in early 2018. in the new fundraising in- Canada Agreement that was
livery company Deliveroo, be- Bank Group Corp. and other The latest funding round for cluded investment firms T. negotiated by the Trump ad-
coming one of the startup’s deep-pocketed investors that is Deliveroo values it at about Rowe Price Group Inc. and Fi- ministration last year.
biggest investors and signaling fueling cutthroat competition $3.5 billion, according to a delity Management & Research The auto-tariff delay and
a continued interest in a sector and little in the way of profit. person familiar with the mat- Co. Amazon and Deliveroo the removal of metal duties
that has confounded the e- U.S. delivery company Door- ter. That is up sharply from didn’t disclose how much the on North American neighbors
commerce giant and others. Dash Inc. also is angling for the approximately $2 billion e-commerce giant invested, will silence some of the loud-
Deliveroo said Friday it more money, working on a new for its previous funding round nor give a valuation. est criticism the Trump ad-
raised $575 million in a recent round of financing that could in September 2017. The new deals underscore Please turn to page A6
funding round led by Amazon. value it at close to $13 billion, Deliveroo, whose delivery the long-term promise some
according to people familiar
The money will help fund its bikes are almost as common a big investors see in online de-  Farmers fear aid package will
with the situation. That would
battle with Uber Technologies sight on the streets of London livery. SoftBank is an investor fall short....................................... A6
be nearly double the $7.1 bil-
Inc.’s Uber Eats service to as the city’s black cabs and in DoorDash and in Uber—  U.S. move on Huawei clouds
meet growing consumer de- lion valuation investors gave double-decker buses, competes Please turn to page A10 firm’s 5G plan............................ A6
The Unfulfilled Promise of DNA Testing Banks Put
Crypto
Patients get uncertainty as gene interpretations improve; ‘the ground kept shifting’
Firms in
BY AMY DOCKSER MARCUS Shadows
Hillary Savoie wanted clear an-
swers. Instead, the genetic testing re- BY PAUL VIGNA
sults for her 4-year-old daughter,
Esmé, sent her reeling. Banks, wary of the drug
“I’m pale. The bags under my eyes dealers and scammers at-
are purple,” she wrote in her blog tracted to the anonymity of
started when Esmé was a baby. “My lips cryptocurrency, shun many of
are drawn tight in a thin line.” the firms behind the electronic
Ever since the little girl came into the money, leaving them to turn to
world in 2011, limp, blue, and struggling shadowy middlemen for pay-
LAUREN LANCASTER FOR THE WALL STREET JOURNAL
to breathe, doctors had been searching ment processing and other fi-
for the cause of her problems. They nancial services.
were certain the answer was hidden in In a recent high-profile ex-
Esmé’s DNA, the genetic code compris- ample, $850 million in cus-
ing more than three billion letters that tomer funds went missing af-
help determine our basic makeup, from ter Bitfinex, the exchange
health risks to what we look like. behind the digital currency
A genetic test performed when she tether, handed it over to Pan-
was almost 2 years old revealed a vari- ama-based Crypto Capital
ant on one of Esmé’s genes—“one tiny Corp. to process customer
letter switched out for a second letter,” withdrawals, the New York at-
Ms. Savoie described it—which doctors torney general said last
thought might explain her delayed walk- month.
Esmé Savoie has epilepsy, physical disabilities and a constantly changing diagnosis. Please turn to page A12 Bitfinex’s ill-fated arrange-
ment with Crypto Capital
highlights a persistent prob-
lem for companies in the
Bored Security Guards Find Stardom on TikTok EXCHANGE young cryptocurrency busi-
ness: lack of access to the fi-
i i i nancial system.
Banks, still smarting from
The app’s fans are fascinated with #securitylife; ‘Glamma’ billions of dollars in fines tied
to questionable transactions,
are wary of getting tied up
BY GEORGIA WELLS phone to record a video—then followers on a break last month. with digital currencies beloved
Sports........................ A16
Style & Fashion D2-3 threw her hands up, nodding “I want to tell you you can do by unsavory characters.
Travel...................... D4-5 Terry Shanton has a boring her head and moving to anything you put your mind to.” As a result, cryptocurrency
U.S. News............ A2-6 job, and a quarter-million peo- thumping music. Then she did a magic trick, levi- firms forced to fend for them-
Weather................... A16
Wknd Investor....... B5
ple are fascinated with her. Her dance lasted 10 seconds, tating a sheet of paper. selves often end up calling on
World News.... A7-10 The 52-year-old security just the kind of display that TikTok use has boomed in little-known processing firms
guard goes long stretches has gained her roughly 250,000 the U.S. since 2018, with 10 mil- such as Crypto Capital.
without talking to anyone, as followers around the world. lion people downloading it so THE FIXERS “It’s a huge problem for
> she did one Sunday this month Ms. Shanton’s forum is a so- far this year, according to data them,” said Pamela Clegg-Gar-
Meet the powerful
patrolling a deserted Balti- cial-media app named TikTok, provider Sensor Tower. Its ner, an investigator at crypto-
more building. where she posts short videos draw is a time limit—typically
consultants helping currency research firm Cipher-
That changed on her lunch almost daily, dancing, doing 15 seconds—on videos it serves companies target Trace.
break. In a windowless room skits about people she meets, to viewers using an algorithm where to build their Crypto Capital’s own legal
with three vending machines, giving motivational talks. that anticipates what they like. factories woes have come into public
she propped up her smart- “Good morning,” she told Please turn to page A10 Please turn to page A2
 A2 | Saturday/Sunday, May 18 - 19, 2019
THE NUMBERS | By Jo Craven McGinty
To Make SUVs More Economical, Add People
SUVs burn
more gas than
cars, they emit
more green-
house gases,
and they’re
worse for the environment.
But they also transport
more people, and that helps
offset the damage.
On average, SUVs get 23.3
miles per gallon of gas, ac-
cording to Michael Sivak, a
transportation analyst with
Sivak Applied Research,
while cars get 30.2 miles per
gallon, about 30% more.
When Dr. Sivak compared
the two types of vehicles to
see whether the higher occu-
pancy of SUVs compensated
for their greater energy con-
sumption, cars still outper-
formed the larger vehicles.
But once he accounted for
occupancy, the gap narrowed
to 10%.
To arrive at his numbers,
Dr. Sivak used average fuel
economy for 2017 vehicles
based on information pro-
vided by the Environmental
Protection Agency. He com-
bined that with vehicle occu-
pancy figures for the same
year provided by Oak Ridge
National Laboratory, a feder-
ally funded research center.
Although his analysis re-
fers only to SUVs, Dr. Sivak
said he also included CUVs,
or crossover utility vehicles.
DAVID ZALUBOWSKI/ASSOCIATED PRESS
HERO’S FAREWELL: Mourners on Friday attended the burial of Kendrick Ray Castillo, 18 years old,
who was fatally shot while trying to stop a gunman in his Denver-area school on May 7.
Crypto
Firms in
Shadows
Continued from Page One
view in recent weeks. The U.S.
Department of Justice in Octo-
ber closed down a number of
bank accounts opened by an
Arizona man, Reginald Fowler,
on behalf of an unnamed com-
pany.
The description of the com-
pany’s website in Mr. Fowler’s
April 30 indictment matches
Crypto Capital’s. Polish au-
thorities, meanwhile, have
seized some $270 million in
the company’s bank accounts.
Mr. Fowler declined to com-
ment. Representatives for
Crypto Capital and Bitfinex
didn’t respond to requests for
comment. It isn’t clear who
owns Crypto Capital.
Ivan Manuel Molina Lee is
listed as its president in public
documents, but Panamanian
law allows for “nominee direc-
tors”—directors in name
only—and doesn’t require
owners to be listed publicly.
The revelations about Bit-
finex helped spark bitcoin’s
notorious volatility. Bitcoin
prices have risen more than
50% over the past month,
peaking at $8,354 on Thursday
before falling as much as 15%
Friday. At least some of the
gains have been attributed to
traders trying to get their as-
sets out of Bitfinex by buying
the most liquid cryptocur-
SUVs are built on truck chas-
sis; CUVs, which look like
cars on steroids or SUVs on
diets, are based on passen-
ger car platforms.
Without adjusting the fig-
ures to account for occu-
pancy, Dr. Sivak found that
passenger cars burned 33.1
gallons of gas over 1,000
miles, while SUVs swallowed
42.9 gallons. But the gas-
guzzling SUVs carried an av-
erage of 1.83 passengers,
while cars carried an average
of 1.54 passengers.
W
hen he took that
into account, the
numbers started to
look better for SUVs.
On average, 100 SUVs car-
ried 183 people while 100 cars
carried 154 people, a differ-
ence of 29 passengers. After
adjusting for this, fuel con-
sumption per occupant dis-
tance worked out to 23.4 gal-
lons per 1,000 miles for SUVs,
compared with 21.5 gallons
per 1,000 miles for cars.
Fuel consumption mea-
sures how much fuel a car
consumes to go a certain dis-
tance. Fuel economy, or
miles per gallon, is the in-
verse; it measures how much
distance a car gets out of a
certain amount of fuel.
Dr. Sivak made one final
adjustment to account for
the fact that the increased
rency—bitcoin—and moving
them to other exchanges.
Bitfinex’s troubles began in
2017, when it turned to Crypto
Capital after Wells Fargo &
Co. abruptly refused to process
transactions between the ex-
change’s Taiwanese banks and
its U.S. customers.
Crypto Capital would per-
form that service, until author-
ities shut it down, separating
Bitfinex from its customers’
money. Bitfinex used reserves
tied to tether, a so-called sta-
blecoin pegged to the U.S. dol-
lar, to cover the $850 million
shortfall, the New York Attor-
ney General said.
Wells Fargo declined to
comment.
Bitcoin, the original crypto-
currency unveiled in 2008,
was envisioned as a sort of in-
CORRECTIONS  AMPLIFICATIONS
Joseph Geevarghese is the
executive director of Our Rev-
olution. A Page One article
Tuesday about outside groups
helping Bernie Sanders incor-
rectly gave Mr. Geevarghese’s
title as president.
The new Amtrak Acela
trains will have space for 386
passengers, compared with
304 passengers on the cur-
rent trains, an increase of
27%. A U.S. News article and
graphic Monday about Amtrak
incorrectly said the new
trains will carry one-third
more passengers, with a max-
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com
U.S. NEWS
weight carried by SUVs
might also influence their
fuel consumption.
Using the Environmental
Protection Agency’s estimate
that an extra 100 pounds in
a vehicle reduces its fuel
economy by about 1%, he re-
ran his calculations.
His final numbers indi-
cated that SUVs consumed
23.6 gallons of fuel per 1,000
occupant miles, while pas-
senger cars consumed 21.5
gallons over the same dis-
tance. Cars still outper-
formed SUVs, but the differ-
ence now was 10%.
There are several things
the analysis doesn’t consider.
Dr. Sivak points out that
the age and gender of driv-
ers could affect the results.
In addition, the averages
mask differences in the num-
ber of different types of ve-
hicles on the road as well as
the portion of driving spent
on different kinds of trips.
According to the Federal
Highway Administration,
traveling to and from work
in 2017 accounted for 30.2%
of vehicle miles driven, more
than any other category, and
on those trips, the average
vehicle occupancy was 1.2
for SUVs and 1.15 for cars.
Based on those figures, the
occupancy difference be-
tween 100 SUVs and 100 cars
driving to and from work
U.S. WATCH
ternet money that could be ex-
changed directly between par-
ties, without banks or other
middlemen.
In the early days, users
could “mine” for newly cre-
ated bitcoins on desktop com-
puters. As bitcoin grew, min-
ing became the sole province
of companies that could de-
ploy overwhelming computing
power. Retail users could get
bitcoins only by buying them,
giving rise to exchanges.
The exchanges had a prob-
lem, though. They needed
banks to process bitcoin pur-
chases using dollars, euros,
yen or other hard currencies.
Yet banks wanted nothing to
do with them.
A number of banks turned
down Jered Kenna’s business
after he launched TradeHill,
one of the earliest bitcoin ex-
imum capacity of 378 passen-
gers.
A patient was 16 and 17
years old when her antibiotic-
resistant infection was
treated with genetically engi-
neered viruses. A U.S. News
article on May 9 about the
treatment incorrectly said the
patient was 15.
Coca-Cola European Part-
ners PLC (CCEP) announced
that it will raise its dividend
to 69 cents paid semiannually
from 32 cents paid quarterly;
the dividend yield on May 1
or by calling 888-410-2667.
Loaded
SUVs consume more fuel per vehicle
mile, but transporting more passengers
means using less fuel per person.
Fuel comparison*
Vehicle fuel economy
Gallons per 1,000 miles
Average vehicle occupancy
Gallons per 1,000 miles, adjusted
for occupancy
Gallons per 1,000 miles adjusted for
occupancy and passenger weight
U.S. vehicles in operation†
Traditional
car
CUV/SUV
Pickup
Van
Sports/
prestige car
0 50
*For 2017 vehicle model years †For January 2019
Sources: Michael Sivak, Sivak Applied Research (fuel comparison); IHS Markit (number of vehicles)
would be five people.
In other words, SUVs and
cars carry nearly the same
number of passengers when
they’re used to travel to and
CHICAGO
New Mayor Aims to
Curb Council Powers
Incoming Chicago Mayor Lori
Lightfoot said Friday that she
would strip key powers from the
50-member city council, such as
veto power over building permits
and liquor licenses in their
wards, moving quickly to spend
political capital she earned in her
landslide election victory.
Ms. Lightfoot, a former federal
prosecutor who will be sworn in
Monday, will be the first black
woman mayor and first gay mayor
of the nation’s third-largest city.
“I hear it every single day that
aldermanic prerogative, un-
checked veto rights, hurts Chi-
cago,” Ms. Lightfoot said.
She said she would begin to
undo the practice through an ex-
ecutive order on her first day in
office, with a goal of making sure
that “aldermen have a voice but
not a veto.”
Going after aldermanic pre-
rogative carries risk because it
will alienate many of the city’s
50 aldermen who cherish the
control they have over their
wards. If enough council mem-
bers rebel, it could stymie other
changes, in 2011. “Sometimes
we’d have a bank account for a
month, sometimes for two or
three days,” he said.
Every time the bank found
out what TradeHill did, Mr.
Kenna said, they just closed
the account. “Banks absolutely
fear the unknown,” he said.
“The banks will drop you in a
heartbeat.”
Charles Hayter has had trou-
ble getting bank accounts for
his five-year-old U.K. research
firm CryptoCompare. Nearly
every bank in London has re-
jected his business, he said.
Mr. Hayter said the time
spent dealing with banks dis-
tracted him from building his
business. “It’s a waste of
time,” he said.
Crypto exchanges including
Coinbase and Gemini em-
braced regulation and have
was 2.6%. The Dividend
Changes table on May 2 in-
correctly said that the 69-
cent dividend is quarterly,
that the previous dividend
was 62 cents, and that the
yield on May 1 was 5.2%. Sep-
arately, CCEP’s dividend yield
on May 3 and May 10 was
2.5%. The Biggest 1,000
Stocks tables in the May 4
and May 11 editions incor-
rectly said the yield was 5.1%.
Martha Cheng’s byline
was incorrectly omitted from
a May 11 Off Duty travel arti-
cle about Maui.
* *** ** THE WALL STREET JOURNAL.
CARS SUVS
30.2 23.3
mpg mpg
33.1 42.9
1.54 1.83
21.5 23.4
21.5 23.6
100 150
in millions
from work.
As far as the number of
vehicles on the road, for
now, there are more cars
than SUVs.
parts of her agenda.
Council members’ power to
veto projects in their wards is
supported by some council
members for helping to diffuse
power to the neighborhood level.
But it has also been the source
of dozens of political scandals.
—Erin Ailworth
ECONOMY
Consumer Sentiment
Hits 15-Year High
U.S. household sentiment
rose starkly at the beginning of
May to its highest level in a de-
cade and a half, driven by a
brighter economic outlook.
The University of Michigan on
Friday said its consumer senti-
ment index was 102.4 in early
May, up from 97.2 in April.
The survey’s underlying gauge
of future expectations increased
to the highest level since 2004,
driving most of the month’s
overall sentiment rise. The head-
line number has now fully recov-
ered from a drop earlier this
year and last year, which was
caused primarily by the U.S. gov-
ernment shutdown and financial-
market volatility.
—Sharon Nunn
cultivated normal relationships
with banks. Others haven’t.
That has made them popu-
lar with some of the customers
attracted to crypto’s anonym-
ity, but it has also made them
off-limits to most mainstream
banks.
Bitfinex’s problems with
Wells Fargo made it increas-
ingly reliant on Crypto Capital.
There was no contract between
the two companies, even
though by 2018 Crypto Capital
held about $850 million worth
of Bitfinex customer money in
accounts at various banks in
several nations.
After some Crypto Capital
overseas accounts were seized
by authorities, Bitfinex had in-
creasing problems getting it to
process transactions.
“Too much money is
trapped with you,” a Bitfinex
THE WALL STREET JOURNAL
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According to IHS Markit, a
London-based global infor-
mation provider, in January,
there were around 111 mil-
lion traditional cars operat-
ing in the U.S. and around
84.7 million SUVs and CUVs.
There were also about 72.6
million vans and pickup
trucks and 10 million sports
or prestige cars on the road.
O
ther researchers point
out that not all SUVs
are equal. There are
10.5 million full-size SUVs on
the road, according to IHS
Markit, 16 million midsize
SUVs and 36.5 million com-
pact SUVs and CUVs.
“People think this whole
group is the same, and it’s
not,” said Bruce M. Bel-
zowski, an automotive re-
searcher, now retired, from
the University of Michigan
Transportation Research In-
stitute. “Anybody interested
in emissions would say I
want lower emissions, and I
don’t care how you get it. If
that means passenger cars
over SUVs, fine. If changing
from larger SUVs to smaller
SUVs gets better emissions
and better mileage, fine.”
But the message of Dr. Si-
vak’s analysis is clear: SUV
drivers who want to help off-
set their carbon footprint
should fill ’er up—with pas-
sengers.
HERMAN WOUK
‘Winds of War’
Author Dies at 103
Herman Wouk, the versatile,
Pulitzer Prize-winning author of
such million-selling novels as
“The Caine Mutiny” and “The
Winds of War” whose steady
Jewish faith inspired his stories
of religious values and secular
success, died on Friday at 103.
Mr. Wouk was just 10 days
shy of his 104th birthday and
was working on a book until the
end, said his literary agent Amy
Rennert.
Ms. Rennert said Mr. Wouk
died in his sleep at his home in
Palm Springs, Calif.
Among the last of the major
writers to emerge after World
War II and first to bring Jewish
stories to a general audience, Mr.
Wouk had a long, unpredictable
career that included gag writing
for radio star Fred Allen, histori-
cal fiction, and a musical co-writ-
ten with Jimmy Buffett.
Mr. Wouk won the Pulitzer
for fiction in 1952 for “The Caine
Mutiny.” A film adaptation, star-
ring Humphrey Bogart, came out
in 1954.
—Associated Press
employee nicknamed Merlin
wrote in a text to a Crypto
Capital employee he called Oz,
according to a report from the
New York Attorney General’s
Office. “We are currently walk-
ing on a very thin crust of ice.”
The report revealed that
Bitfinex concluded late in 2018
that it had to go around
Crypto Capital, leading the ex-
change to tap the accounts
held by a sister company,
Tether Ltd.
Tether’s money was sup-
posed to be held in a reserve
dedicated to keeping the sta-
blecoin pegged to the U.S. dol-
lar.
Without telling investors or
customers, the attorney gen-
eral’s office said, Tether gave
Bitfinex a line of credit allow-
ing it access to up to $900
million of its reserves.
THE WALL STREET JOURNAL.
Missouri
Lawmakers
Restrict
Procedures
BY JAKE HOLLAND
The Missouri House passed
a bill Friday banning abortions
after eight weeks, except in
the case of a medical emer-
gency, the latest state to pass
new restrictions on abortion
in recent months.
Gov. Mike Parson, a Repub-
lican, is expected to sign the
measure, which passed in the
GOP-led House 110-44. The
Senate approved the legisla-
tion 24-10 on Thursday.
The bill allows abortion to
avert a woman’s death or “ir-
reversible physical impair-
ment,” but doesn’t provide ex-
ceptions for rape or incest.
Doctors who perform abor-
tions after eight weeks could
face prison sentences of five
to 15 years; women wouldn’t
be prosecuted.
So far this year, four
states—Georgia, Kentucky,
Ohio and Mississippi—have
enacted bans on abortion after
a fetal heartbeat is detected,
usually at about six weeks.
Many women are unaware
they are even pregnant at that
point.
The push for anti-abortion
legislation in statehouses
comes after the confirmation
last fall of Justice Brett Ka-
vanaugh to the U.S. Supreme
Court, giving anti-abortion ac-
tivists hope the successor to
Justice Anthony Kennedy
would be more likely to side
Gov. Mike Parson, a
Republican, is
expected to sign the
legislation.
with conservatives. Some Re-
publican lawmakers are count-
ing on these bills banning
abortion if Roe v. Wade is
overturned.
Alabama Gov. Kay Ivey, a
Republican, signed a bill this
week making it a felony for
doctors to perform an abor-
tion at any point during preg-
nancy. The measure is consid-
ered the strictest in the U.S.
The Missouri bill, called the
“Missouri Stands for the Un-
born Act,” was decried by
abortion-rights activists as an
affront to women’s rights.
State Rep. Nick Schroer, a
Republican, who sponsored
the legislation, said it would
“save lives.”
“With the passage of the Un-
born Act, I can guarantee you
this: That the voice of the un-
born in our state will be heard
loud and clear,” said Mr.
Schroer in debate on the floor
of the House.
In Vermont, Small Colleges Are Closing
BY JON KAMP
POULTNEY, Vt.—As Green
Mountain College readied to
close its doors after 185 years,
students enjoyed one of their
final spring days on the pasto-
ral campus, with some carry-
ing kale and cabbage from the
school’s organic farm and oth-
ers preparing for a class
camping trip.
The school, along with two
other small colleges in Ver-
mont, will hold its final com-
mencement this weekend.
Green Mountain President Bob
Allen mourned his college’s
demise as well as its impact
on an aging state that is strug-
gling to hold on to young peo-
ple.
“A lot of these students will
probably never come back to
Vermont,” Mr. Allen said about
Green Mountain’s students,
noting that more than 80% of
them are from out of state.
“They want to stay, they work
very hard to find jobs in the
state.”
Small private colleges are
struggling across the country.
Moody’s Investors Service pro-
jected this past July that the
typically slow closure rate for
nonprofit, private colleges—
about five a year between
2004 and 2014—would triple
in the next few years. More
schools will likely merge with
other institutions, Moody’s
said.
Colleges nationwide are
fighting over a shrinking pool
* * * * * *
The Supreme Court’s 1973 Roe v. Wade decision on abortion rights was immediately controversial and has sparked demonstrations by opponents of the ruling ever since.
Justices Face Test on Abortion
Will state restrictions
on procedure lead a
more conservative
court to revisit Roe?
BY BRENT KENDALL
AND JESS BRAVIN
Sweeping state-level abor-
tion restrictions present a direct
test of whether the Supreme
Court is willing to revisit Roe v.
Wade, the landmark abortion-
rights precedent that has
spurred deep divisions for
nearly 50 years.
States with antiabortion
legislative majorities have long
been weighing how to prompt
a Supreme Court review of the
1973 ruling, but generally have
preferred a strategy aimed at
reducing the procedure’s avail-
ability through incremental re-
strictions that hamper provid-
ers, or by forbidding late-term
abortions.
But following last year’s re-
tirement of Justice Anthony
Kennedy, the key fifth vote on
a nine-member court for pre-
serving Roe’s central guaran-
tee, that attitude has
shifted. President Trump
vowed during his 2016 cam-
paign to appoint jurists who
would overturn the decision.
Since taking office, he has
named Justices Neil Gorsuch
and Brett Kavanaugh to the
bench. Neither of them has
publicly committed to revers-
ing Roe.
During this state legislative
season, lawmakers in several
conservative-led states have
proposed bills that are de-
signed to challenge Roe in
court, and governors have
been more willing to sign
them than ever before.
The most dramatic example
came this week in Alabama,
Students on campus at Green Mountain College in Poultney, Vt.
of high-school seniors. Stu-
dents are also increasingly
seeking schools in big cities,
school officials say. Nonelite
liberal-arts programs are suf-
fering the most as students
question the value of degrees
that can require taking on a
lot of debt, especially in a
strong job market.
“This collision of factors is
really catastrophic for small
schools,” said Jennifer Scott,
president at the College of St.
Joseph in Rutland, Vt.
The problem is most acute
in New England, which is brac-
ing for an 11% decline in high-
school graduates between now
and 2032, according to fore-
casts from the Western Inter-
state Commission for Higher
Education. This far outpaces
the 3.2% decline projected na-
Saturday/Sunday, May 18 - 19, 2019 | A3
U.S. NEWS
FROM TOP: LEIF SKOOGFORS/CORBIS VIA GETTY IMAGES, J. SCOTT APPLEWHITE/ASSOCIATED PRESS
What is unknown, however,
is how they and other conser-
vatives will view abortion
rights in light of stare deci-
sis—the principle of leaving
legal precedent in place be-
cause the legal system prizes
stability and predictability.
While reserving the right to
overrule egregious precedents,
justices may passionately dis-
pute which prior decisions
merit such reversal.
In 1992, three Republican-
appointed justices decided
that the Roe precedent should
stand, despite their misgivings
over abortion. “The reserva-
tions any of us may have in re-
affirming the central holding
of Roe are outweighed” by the
Constitution’s broad concept
of individual liberty, “com-
bined with the force of stare
decisis,” Justices Kennedy,
Sandra Day O’Connor and Da-
Norma McCorvey, the original ‘Jane Roe,’ left, awaited a 1989 ruling on abortion restrictions. vid Souter wrote in Planned
Parenthood v. Casey, which
which enacted a near-total ban of Georgia. hold the pivotal vote over nonetheless upheld most of a
on abortion, with an exception The 1973 Roe decision, by a Roe’s future. In 1980, he Pennsylvania law regulating
only when a woman faces a se- 7-2 vote, attempted to balance clerked for Justice William abortion.
rious health risk; the Legisla- competing interests, that of a Rehnquist, one of Roe’s two Since then, the percentage
ture rejected exceptions for woman over her own body and dissenters. of registered voters who sup-
victims of rape or incest. Mis- state governments’ “in safe- As an official in the George port preserving Roe has only
souri’s Legislature this week guarding health, in maintain- H.W. Bush administration, the grown, to an all-time high of
passed a ban on abortion after ing medical standards, and in future chief justice wrote a 71% in July 2018, the last time
eight weeks of pregnancy. protecting potential life.” It brief asserting that “Roe was the question was asked in a
Several states—Georgia, prevented restrictions on wrongly decided and should Wall Street Journal-NBC poll.
Kentucky, Mississippi and abortion during the first three be overruled.” As a federal ap- Even if the court’s conser-
Ohio—recently passed bans on months of pregnancy, but al- peals judge and then on the vatives expect that, as Mr.
abortion once a fetal heartbeat lowed them as gestation pro- Supreme Court, however, he Trump predicted in 2016, Roe
is detected, which can be as gressed. Abortion could be hasn’t expressly taken that po- will be overruled, there are
early as six weeks. forbidden altogether, with sition—even while never find- reasons to doubt such a deci-
While conservative states health exceptions, in the final ing that any abortion restric- sion would come before the
have been moving to push trimester. tion ran afoul of precedent. 2020 election.
boundaries with their new The decision invalidated Neither of the Trump ap- In other areas on the con-
abortion restrictions, liberal abortion restrictions in more pointees, Justices Gorsuch and servative agenda, such as
ones including New York have than 40 states and was imme- Kavanaugh, has issued a judi- curbing the influence of orga-
taken steps to ensure abortion diately controversial. cial opinion denying the exis- nized labor or reducing federal
rights within their borders in By the 1980 presidential tence of abortion rights. But oversight of voting rights,
case Roe falls or is pared back. election, the case had become their published views on re- Chief Justice Roberts has pre-
“You really have the red a defining issue. That era was lated issues suggest they may ferred to move in incremental
and the blue nation at odds,” central to the legal and politi- not be likely to believe in a steps.
said Peter Charles Hoffer, a le- cal education of Chief Justice constitutional right to termi- —Louise Radnofsky
gal historian at the University John Roberts, who today may nate pregnancy. contributed to this article.
undergraduates. But it needs
at least 220 more to cover its
operating costs, Mr. Allen said.
ENDS
Saddled with more than $20 MAY 19
million in debt, and pressured
by steep tuition discounts the
institution enacted to try to
CALEB KENNA FOR THE WALL STREET JOURNAL
boost shrunken enrollment,
the school said in January that
it would soon close.
Vermont has been grasping
for ways to draw people, in-
cluding a new program this
year that provides up to
$10,000 for people who move
there and work remotely.
“Here we are trying to find
every tool in the toolbox, and
one of our captive audiences
slipped through our fingers,”
said Lindsay Kurrle, commis-
tionally. sioner of Vermont’s Depart-
College of St. Joseph, with ment of Labor.
about 200 students and 90 Losing Green Mountain is a
employees, is losing its ac- blow for Poultney, a town of
creditation due to its financial about 3,300 in a historic slate-
woes, forcing its planned shut- mining region along the New
down, since it could no longer York state border.
qualify for federal student Green Mountain’s president
loans or grants. Southern Ver- believes most students are
mont College, in Bennington, leaving the state, including
is also shutting down. more than 100 undergraduates
The three schools combined heading to Prescott College in
had roughly 1,000 students Arizona in an arrangement
and hundreds of faculty and that will allow them to finish
staff. their degrees.
Green Mountain College has Junior Megan Kuhn will
been around in several forms head to Prescott. Like many
since 1834, including an all- students, she was drawn to Dolphin. Armchair, design Cédric Ragot.
women’s college. It has re- Green Mountain College’s re- Manufactured in Europe.
cently had an academic focus laxed atmosphere and focus on
on environmental sustainabil- sustainability.
ity. The school lists tuition of “I’m heartbroken to leave
about $36,500 a year and this school,” said Ms. Kuhn,
most recently had about 430 who is from Raleigh, N.C.
 A4 | Saturday/Sunday, May 18 - 19, 2019
AL DRAGO FOR THE WALL STREET JOURNAL
Attorney General William Barr, left, with Jean Elizabeth Manes, the U.S. ambassador to El Salvador, on Thursday in San Salvador.
Barr Weighs Possible Rule Changes
Review of the Russia
inquiry’s origins will look
into intelligence probes
of political campaigns
BY SADIE GURMAN
AND ARUNA VISWANATHA
Attorney General William
Barr said his review of the ori-
gins of the Russia investigation
is focused on U.S. intelligence
gathering before the Federal
Bureau of Investigation opened
its formal inquiry in July 2016
and could lead to rule changes
for counterintelligence probes
of political campaigns.
“Government power was
used to spy on American citi-
zens,” Mr. Barr told The Wall
Street Journal, in his first in-
terview since taking office in
February. “I can’t imagine any
world where we wouldn’t take
a look and make sure that was
done properly.”
“Just like we need to ensure
that foreign actors don’t influ-
ence the outcome of our elec-
tions, we need to ensure that
the government doesn’t use its
Mnuchin Rejects Subpoena for the President’s Tax Documents
BY RICHARD RUBIN
WASHINGTON—Treasury
Secretary Steven Mnuchin and
IRS Commissioner Charles Ret-
tig defied congressional sub-
poenas by missing a Friday
deadline to hand over six years
of President Trump’s tax re-
turns and audit records.
Their decision was expected
after weeks of rebuffing re-
quests from Rep. Richard Neal
(D., Mass.), the chairman of the
powers to put a thumb on the
scale,” he added.
Mr. Barr’s first few months
on the job have been domi-
nated by controversy surround-
ing his handling of special
counsel Robert Mueller’s report
and its aftermath, including
Mr. Barr’s vocal defense of
President Trump, whose ac-
tions he determined didn’t con-
stitute a crime.
Mr. Barr began his own inves-
tigation into the early stages of
the probe of Russian interfer-
ence in the 2016 election, a move
Democrats and some former
law-enforcement officials said
was a politically motivated at-
tempt to appease Mr. Trump and
his Republican allies. Mr. Barr
has denied that criticism.
In his Wednesday interview,
he declined to elaborate or of-
fer any details on what
prompted his concerns about
the genesis of the Russia probe.
Former Deputy Attorney
General Rod Rosenstein and
FBI Director Christopher Wray
have said in recent weeks they
believed the investigation that
was opened in July 2016 was
appropriate or they had seen
House Ways and Means Com-
mittee, who invoked a statute
that lets him obtain any tax-
payer’s returns from the Trea-
sury Department.
Mr. Mnuchin said he would
reject the subpoena in a one-
page letter to Mr. Neal.
Messrs. Mnuchin and Neal
have both said they expect
courts to resolve the dispute.
“We will likely proceed to
court as quickly as next week,”
Mr. Neal told reporters Friday.
P W L C 10 11 12
U.S. NEWS
no evidence that any illegal ac-
tivity had taken place. Mr.
Wray has distanced himself
from Mr. Barr’s use of the term
“spying” for legally permissible
FBI surveillance.
Mr. Barr, meanwhile, has
continued to use the word, say-
ing he didn’t mean it pejora-
tively, though he has been criti-
cized for using language that
Democrats see a
politically motivated
attempt to appease
President Trump.
echoes Mr. Trump’s rhetoric.
In a tweet Friday morning,
Mr. Trump said his presidential
campaign “was conclusively
spied on.” He added: “TREA-
SON means long jail sentences,
and this was TREASON!”
The broad review is, at this
point, not a criminal investiga-
tion, a person familiar with it
said. Mr. Barr didn’t offer a
timetable for the completion of
Mr. Neal said he didn’t see hold-
ing Mr. Mnuchin in contempt as
an option. In a statement late
Friday, Mr. Neal said he was
consulting with lawyers about
how to enforce the subpoenas.
Democrats have several pro-
cedural paths. They can ask a
federal court to enforce the sub-
poena and their prior request.
They can lump this request to-
gether with other Trump ad-
ministration actions to ignore
or reject congressional demands
Migrants walked alongside a barrier at the U.S.-Mexico border while being detained by Border Patrol in El Paso, Texas, on Friday.
Administration Weighs More Migrant Flights
BY ALICIA A. CALDWELL
AND LOUISE RADNOFSKY
The Trump administration
may begin flying asylum-seek-
ing families at the southern
border across the country to
have their initial claims pro-
cessed, a Customs and Border
Protection official said Friday.
For months, immigration
authorities have been shut-
tling migrants—mostly fami-
lies and children from Guate-
mala, Honduras and El
Salvador—between border sta-
tions as facilities have become
overwhelmed. Migrants rou-
tinely have been bused hun-
dreds of miles from the border
in Southern California or El
H T G K B F A M 1 2 3 4 5 6
the review. He is working closely
with CIA Director Gina Haspel,
Director of National Intelligence
Dan Coats and Mr. Wray.
The probe is being led by
John Durham, Connecticut’s
U.S. attorney.
Mr. Barr said he is inter-
ested in the underlying intelli-
gence that sparked the bureau’s
decision to open the counterin-
telligence investigation, as well
as the actions officials took
based on that intelligence.
Mr. Trump and his congres-
sional allies have called Mr.
Barr’s work an acknowledgment
of their allegations that federal
law-enforcement officials were
politically biased against Mr.
Trump. Former officials have
defended their actions as ap-
propriate given the alarming
nature of information they had.
The special counsel’s report
detailed extensive efforts by
the Russians to interfere in the
2016 election, but it didn’t es-
tablish a conspiracy with the
Trump campaign. It also noted
efforts by Mr. Trump to influ-
ence the investigation but
didn’t reach a conclusion on
whether he obstructed justice.
for information. They could
even use what are known as
Congress’s inherent contempt
powers to levy fines against
Messrs. Mnuchin and Rettig.
“Mnuchin has no leg to
stand on in court, and he
knows it,” Rep. Don Beyer (D.,
Va.), a Ways and Means mem-
ber, wrote on Twitter. “This
isn’t about precedent or pur-
pose, it is about hiding Trump’s
tax returns and engaging in il-
legal stonewalling of Congress.”
Paso, Texas, to as far away as
Tucson, Ariz., before authori-
ties process and then release
them to aid groups.
Now, plans are being laid
for the air transportation of
parents and children out of
overcrowded stations to other
locations in the U.S., includ-
ing northern and coastal
states with Border Patrol of-
fices that have capacity, if the
flow of families doesn’t dimin-
ish, the CBP official said.
“This is an emergency. The
entire system is over-
whelmed,” the official said.
Border Patrol officials have
flown nearly 1,000 migrants
from overcrowded processing
centers and stations in the Rio
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
Trump Says He
Should Have Been
Told About Flynn
BY REBECCA BALLHAUS
WASHINGTON—President
Trump, who waited several
weeks to oust then-national
security adviser Mike Flynn
after learning that federal in-
vestigators were examining his
activities, complained Friday
that he wasn’t warned early
enough that Mr. Flynn was un-
der investigation.
“It now seems the General
Flynn was under investigation
long before was common
knowledge…why was I not told
so that I could make a
change?” Mr. Trump tweeted.
According to special counsel
Robert Mueller’s report, prior
to December 2016, the Federal
Bureau of Investigation had
opened a counterintelligence
investigation into Mr. Flynn’s
relationship with the Russian
government. The FBI began ex-
amining whether Mr. Flynn
lied to FBI agents after he told
them in January 2017 he
hadn’t discussed sanctions
with the Russian ambassador
in late December. A recording
of the call showed he had.
Mr. Trump’s tweet followed
a Fox News interview aired
Friday morning with Mr.
Flynn’s brother, Joe, who said
it was an “absolute surprise”
to learn his brother had been
under investigation prior to
his conversations with the
Russian ambassador.
Mr. Trump received several
warnings about Mr. Flynn soon
after his election. On Nov. 10,
2016, President Obama warned
him against hiring Mr. Flynn
as his national security ad-
viser, citing Mr. Flynn’s check-
ered service as head of the De-
fense Intelligence Agency, The
Wall Street Journal previously
reported. A week later, Mr.
Trump announced he had cho-
sen Mr. Flynn for the national
security adviser job.
Less than a week after Mr.
Trump took office, then-acting
Attorney General Sally Yates
alerted Don McGahn, then the
White House counsel, and a
Justice Department official
Asked earlier in the week
whether he was concerned
about fines, Mr. Mnuchin said
he was following the advice of
the Justice Department, which
is expected to publish a legal
opinion justifying Treasury’s
withholding of the tax returns.
Mr. Trump said during the
2016 campaign that he would
release his tax returns but
never did so, breaking a de-
cadeslong tradition of volun-
tary disclosure of returns by
Grande Valley to nearby Del
Rio, Texas, and San Diego
since May 10, another U.S. of-
ficial said Friday.
The private, contracted
flights have cost between
$21,000 and $65,000 each and
can carry a maximum of 135
people, that official said.
Mark Bogen, the mayor of
Broward County in South Flor-
ida said Friday that he was
told by local law-enforcement
to expect as many as 135 mi-
grants to be flown to the area
and released by the Border Pa-
trol after their asylum claims
are processed. Mr. Bogen said
Broward County doesn’t have
the resources to manage such
an influx.
that Mr. Flynn had discussed
sanctions with the Russian
ambassador in December 2016,
and that Vice President Mike
Pence’s statements to the con-
trary weren’t accurate, accord-
ing to the Mueller report.
Ms. Yates also told them
that Mr. Flynn had been inter-
viewed by the FBI. Mr. McGahn
relayed that conversation to
Mr. Trump, who instructed him
to look into the matter further.
Mr. McGahn told investigators
Mr. Trump responded: “Not
again, this guy, this stuff,” ac-
cording to the report.
Mr. Flynn wasn’t ousted
from his position until the
next month.
Mr. Trump’s tweet comes as
a federal judge on Thursday
ordered prosecutors to make
public a transcript of Mr.
Flynn’s phone call with the
Russian ambassador. The
judge also ordered the release
by the end of May of a tran-
script of a November 2017
voice mail that Mr. Flynn’s at-
torney received from a lawyer
for Mr. Trump after Mr. Flynn
had begun cooperating with
investigators.
Mr. Mueller examined the
call from Mr. Trump’s lawyer
as part of his probe into
whether the president sought
to obstruct justice. He decided
not to render a verdict on the
matter, citing in part a Justice
Department policy against
charging a sitting president.
CAROLYN KASTER/ASSOCIATED PRESS
Mike Flynn lied to FBI in 2017.
presidential nominees of major
parties. He has cited a variety
of reasons, most frequently his
reluctance to disclose his re-
turns during an audit.
No law prevents him from
releasing his tax returns during
an audit. Since 1977, all presi-
dents have been under manda-
tory audit under an Internal
Revenue Service policy, and
such audits didn’t prevent Mr.
Trump’s predecessors from re-
leasing their returns.
MARIO TAMA/GETTY IMAGES
“We don’t know if these are
seniors or kids,” he said of the
potential migrant arrivals.
“We were provided one thing:
the number 135.”
The CBP official said no mi-
grants were being flown to
Florida. “We are in prelimi-
nary planning stages,” the of-
ficial said.
The White House is seeking
$4.5 billion in emergency bor-
der funding from Congress
along with changes to asylum
laws. Democratic lawmakers
have refused to fund asylum
policies they consider inhu-
mane but indicated late Thurs-
day that they would consider
funding some of the adminis-
tration’s requests.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | A5

It’s time to close

THE DIGITAL DIVIDE

Too much of America has been overlooked,

underserved, and left out of the digital revolution.

Today, 24 million Americans have no access to

reliable, affordable high-speed internet – 80% of those
live in rural areas. Often, the ones that do only have
one option, leading to higher prices and poorer service.

If our merger is approved, the New T-Mobile can

change that by lighting up the country’s first real, truly
nationwide 5G network, delivering a higher quality,
more robust network. The spectrum from T-Mobile
and Sprint will combine to cover nearly 96% of rural
Americans - over 60 million people. With this new
spectrum, we will build a true in-home broadband
competitor, bringing better service and
lower prices to rural America.

Together, we can close the Digital Divide holding

millions of people back, and bring the
digital revolution to all Americans.

That will be the power of the New T-Mobile.

Learn more about how the New T-Mobile will lead the NewTMobile.com
5G revolution at NewTMobile.com #5GFORALL
Important Additional Information
In connection with the proposed transaction, T-Mobile US, Inc. (“T-Mobile”) has filed a registration statement on Form S-4 (File No. 333-226435), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 29, 2018, and which contains a joint consent solicitation
statement of T-Mobile and Sprint Corporation (“Sprint”), that also constitutes a prospectus of T-Mobile (the “joint consent solicitation statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE JOINT CONSENT SOLICITATION STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The documents filed by T-Mobile may be obtained free of charge at T-Mobile’s
website, at www.t-mobile.com, or at the SEC’s website, at www.sec.gov, or from T-Mobile by requesting them by mail at T-Mobile US, Inc., Investor Relations, 1 Park Avenue, 14th Floor, New York, NY 10016, or by telephone at 212-358-3210. The documents filed by Sprint may be obtained free of charge at
Sprint’s website, at www.sprint.com, or at the SEC’s website, at www.sec.gov, or from Sprint by requesting them by mail at Sprint Corporation, Shareholder Relations, 6200 Sprint Parkway, Mailstop KSOPHF0302-3B679, Overland Park, Kansas 66251, or by telephone at 913-794-1091.

No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdic-
tion. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain forward-looking statements concerning T-Mobile, Sprint and the proposed transaction between T-Mobile and Sprint. All statements other than statements of fact, including information concerning future results, are forward-looking statements. Such forward-looking
statements include, but are not limited to, statements about the benefits of the proposed transaction, including anticipated future financial and operating results, synergies, accretion and growth rates, T-Mobile’s, Sprint’s and the combined company’s plans, objectives, expectations and intentions, and the
expected timing of completion of the proposed transaction. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including the risks and uncertainties detailed in the Form S-4, as well as in T-Mobile’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2018 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements,” as well as in its subsequent reports on Form 8-K, all of which are
filed with the SEC and available at www.sec.gov and www.t-mobile.com. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in or implied by such forward-looking
statements. Given these risks and uncertainties, persons reading this communication are cautioned not to place undue reliance on such forward-looking statements. T-Mobile assumes no obligation to update or revise the information contained in this communication (whether as a result of new information,
future events or otherwise), except as required by applicable law.

Image does not depict coverage.

A6 | Saturday/Sunday, May 18 - 19, 2019 * ****** THE WALL STREET JOURNAL.

U.S. NEWS

Farmers Fear
Aid Package
Will Fall Short took a series of aggressive
Stalled trade talks measures last year designed to
between Beijing and right the imbalance, including
Washington are affixing tariffs on a broad range
of Chinese imports into the U.S.
exacerbating a slump China retaliated against the
U.S. by not only imposing
Stalled trade talks between sharp tariffs on American farm
Beijing and Washington are products, but by slowing pur-

RUTH YARO FOR THE WALL STREET JOURNAL

exacerbating a slump in the chases of such goods by Chi-
U.S. Farm Belt, and many nese state-owned companies.
farmers don’t believe an aid As trade talks failed to reach a
package being assembled by solution and blew through re-
the Trump administration will peated deadlines, the Chinese
be enough to compensate for tariffs have remained in place.
the economic damage. As a result, exports of soy-
beans, sorghum, dairy, pork
By Josh Zumbrun in and many other products have
Washington and Jesse fallen, dragging agricultural
Newman in Chicago prices down too. The S&P
GSCI Agricultural Commodi-
Agriculture has been among ties hit its lowest level this
the U.S. economic sectors hit week in more than 10 years.
hardest by the yearlong trade Exacerbating the slump is
conflict with China. Now that severe flooding in the Midwest
a deal has slipped from the this year, which has dealt
grasp of negotiators, farmers farmers a separate blow,
are facing the likelihood that swamping grain bins, inundat-
the deepest downturn in the ing fields and washing away
agricultural economy since the livestock in farm states such
1980s could be prolonged. as Nebraska and Iowa. Else-
The U.S. Department of Ag- where, cold and wet weather
riculture, in the absence of a has delayed spring planting,
deal, is cobbling together a sowing anxiety over the pros-
farm-relief program that will pects for this year’s crops.
total somewhere between $15 The downturn is posing fi-
billion and $20 billion, accord- nancial challenges to farms
ing to Agriculture Secretary and other agribusinesses. U.S.
Sonny Perdue. This is the sec- farm debt is mounting and
ond such aid package since the farmers throughout much of
trade fight began. the Midwest are filing for
Many farmers doubt the chapter 12 bankruptcy protec-
scale of that aid package is any- tion at levels not seen for at
where near sufficient to make least a decade.
up for a trade spat that has shut “Weather and markets we
them out of a lucrative Chinese can’t do a whole lot about,”
market of 1.4 billion consumers. said April Hemmes, a fourth-
“Though we are glad that generation Iowa farmer who
the administration is consider- isn’t expecting to turn a profit
ing additional assistance,” said this year, and may need to dip
Roger Johnson, president of into funds saved for retire-
the National Farmers Union, ment to pay off her expected
“such temporary solutions are debts to the bank. “We are
not sufficient to address the taking the brunt of this trade
permanent damage the trade war,” she said.
war has inflicted on agricul- Ms. Hemmes paid a visit to
tural export markets.” Washington in March, during
The Trump administration, which Trump administration
citing unfair Chinese practices officials assured her and other
and a bilateral trade deficit, Iowa colleagues that a U.S.-
Mel Egolf said his son, Chad Egolf, above, last month ‘got the same paid price for milk as what I got when I graduated high school in 1972.’
China trade deal was in the off-
ing, potentially landing by the
end of April. “When no trade
deal came, that’s when true de-
spair kind of hit,” she said.
Before the negotiations
went off track this month, opti-
mism had mounted about how
much the farm economy could
benefit. In addition to remov-
ing tariffs, China was poised to
agree to make massive pur-
chases of U.S. commodities.
Industry officials briefed on
the talks said China also was
considering major regulatory
changes that promised to open
China’s market to new U.S.
farm exports.
“We don’t want bailouts,”
said Mel Egolf, a farmer for
more than 46 years near Chu-
rubusco, Ind., whose family
farm produces corn, soybeans
and dairy. “We want reliable
markets where we have a
chance to sell our crop abroad.”
Mr. Egolf is grappling with
some tough math: He already
has purchased his seed and
fertilizer to plant his fields for
the year, with about 900 of his
1,800 acres devoted to soy-
beans. He needs to sell his
beans at about $8.80 a bushel
to break even, he estimates.
The price at the Chicago
Board of Trade has plunged to
Crop Drop
The impact of China’s tariffs on U.S. soybean exports could hurt
an already ailing sector of the economy.
U.S. soybean exports to China
$15.0 billion
U.S. and China
12.5 unveil tariffs
10.0
7.5
5.0
2.5
0 0
2017 2018
Note: Exports are 12-month rolling sum
Sources: Commerce Department (exports); U.S. Department of Agriculture (net income)
about $8.40, and the price Mr.
Egolf actually can get at his
local grain elevator is even
lower: about $7.83 as of this
week. That means with $1 a
bushel in aid, he would have
three pennies a bushel left
over as income for the year.
“My boy has a stellar herd of
cows,” said Mr. Egolf, referring
to his son Chad who “could get
milk out of a pop can and he
knows cows like nobody.”
“Last month, he got the
same paid price for milk as
Net income for U.S. farms
$150 billion
125
100
75
50
25
2019 2008’09’10’11’12’13’14’15’16’17’18
what I got when I graduated
high school in 1972,” he said.
“You can’t live on that.”
The 2018 farm-aid package
authorized about $12 billion of
spending under several different
programs. Last week, President
Trump directed the USDA to be-
gin work on a new program. The
agriculture secretary, Mr. Per-
due, told reporters on Wednes-
day that the new package would
resemble the 2018 program.
Like last year, the program
would draw its funding from
the Commodity Credit Corp., a
Depression-era program de-
signed to stabilize farm income,
Mr. Perdue said, and would in-
clude direct payments to farm-
ers. Mr. Trump has suggested
on Twitter that a program
could use tariff revenue to pur-
chase crops for humanitarian
distribution. This idea faces a
number of practical hurdles.
Under current law, there is
no dedicated fund that allows
tariff income to be repur-
posed, and channeling large-
scale commodity purchases on
low-income markets can de-
press the recipient countries’
agricultural industries, while
running afoul of both subsidy
and dumping rules.
Some farmers say they are
willing to stomach the contin-
ued conflict in the hopes a res-
olution ultimately benefits the
agricultural sector, though they
worry about strained relation-
ships with valuable Chinese
customers. “We don’t want
gifts or government money,”
Iowa farmer Jeff Frank said.
“We just want fair trade.”
—William Mauldin
and Anthony DeBarros
contributed to this article.
 Deere trims outlook due to
farmers’ struggles................... B3

Trade U.S. Move on Huawei

Tensions Clouds Firm’s 5G Plan
Ease The Trump administration’s
decision to put Huawei Technol-
ogies Co. on a trade blacklist is
likely to hinder the company’s
Continued from Page One efforts to dominate the next-
ministration has faced from generation 5G wireless industry
its own party. by denying it vital U.S. technol-
“The biggest hurdle to rati- ogy, analysts say.
FABRIZIO COSTANTINI FOR THE WALL STREET JOURNAL
then to prepare for the new re-
strictions, probably is in better
position to withstand a cutoff
of U.S. technology.
Commerce officials cited evi-
dence that they said showed
Huawei was engaged in activi-
ties that undermine U.S. na-

fying USMCA has been lifted,” tional security interests, such

said Senate Finance Committee By John D. McKinnon as its alleged violations of U.S.
Chairman Chuck Grassley, a in Washington trade sanctions against Iran.
Republican from Iowa, where and Asa Fitch Also this week, the White
pork exports faced retaliatory in San Francisco House issued a broader execu-
tariffs from Mexico. Mr. Grass- tive order on telecommunica-
ley is expected to spearhead A Commerce Department or- tions security and is likely to
any Senate consideration of der aimed at Huawei and doz- soon prohibit U.S. tech and
USMCA. ens of its affiliates will block telecom firms from importing
The latest moves to delay or the Shenzhen-based telecom gi- or using gear from “foreign ad-
scrap tariffs come after negoti- ant from obtaining U.S.-made versaries” that pose national
ations on a U.S.-China trade goods and software, such as security risks. That probable di-
accord broke down, leading chips from Intel Corp. and the rective is expected to include
both sides to escalate tariffs Android mobile operating sys- Huawei as well as other Chi-
on each other’s goods. The U.S. reached a deal to exempt Canada and Mexico from tariffs on steel and aluminum. tem produced by Alphabet nese manufacturers.
Mr. Trump said Chinese of- Inc.’s Google unit. The order issued Thursday
ficials were trying to renegoti- tariffs. “The pressure must be Robert Lighthizer met House time that the Commerce De- The orders “are a missile to blacklist Huawei and others
ate previous commitments in strong on China, not on our al- Speaker Nancy Pelosi (D., Ca- partment had concluded that salvo aimed at Huawei, and if must still must be imple-
the talks. The U.S. responded lies who we should encourage lif.) to discuss a possible path U.S. auto research and devel- they’re implemented well, they mented, and much depends on
by imposing 25% tariffs on to join us in confronting forward for USMCA. opment and manufacturing are will dramatically constrain how officials interpret key pro-
$200 billion in Chinese im- China,” Mr. Schumer said in a Mrs. Pelosi, whose caucus is “vital to national security,” a Huawei’s global ambitions,” visions. The order’s sweeping
ports, up from 10%, and tweet. deeply skeptical of Mr. Trump, determination that establishes said Jeremy Bash, a former se- scope is expected to narrow as
launching a process to put tar- Business groups applauded has the ability to call a vote to a legal basis for Mr. Trump to nior defense and intelligence the Commerce Department
iffs on nearly all remaining im- the lifting of the steel and alu- sidetrack House consideration impose sweeping tariffs. official who is now at Beacon draws up implementing rules.
ports from China. It also is- minum tariffs, which have of USMCA if the administra- The industry would have Global Strategies. Even so, analysts believe
sued an order barring sales of raised costs for auto makers in tion submits the pact to Con- had relatively little ability to Late Thursday, the Com- firms such as Intel and Qual-
U.S. parts and services to Chi- the U.S. “This action delivers a gress under special rules that adjust supply chains quickly in merce Department issued a rule comm Inc. could suffer from
nese telecommunications giant welcome burst of momentum allow expedited consideration. response to tariffs, so auto that puts Huawei and 68 affili- the combined new restrictions,
Huawei Technologies Co. for the USMCA,” said Tom She and other Democrats makers expect tariffs would ates around the world on a list losing existing business with
By doubling down on China Donohue, president of the U.S. lead to sharp price increases. banning the purchase of Ameri- Chinese companies. Worse,
and easing tariff threats with Chamber of Commerce. Goldman Sachs economists can parts and services without American firms soon could find
partner countries, Mr. Trump The United Steelworkers laid out a scenario in a note U.S. government approval. themselves in the crosshairs of
stands to boost his support in Union also voiced approval.
The latest moves Friday that they believe would Some analysts had thought Chinese retaliatory measures,
Congress as his administration “From Day One, we made it come after U.S. result in only a 20% probabil- the Commerce Department industry insiders worry.
courts lawmakers to ratify clear that the real problem ity that Mr. Trump would re- might provide exceptions for Many U.S. tech companies
USMCA, the North American isn’t Canada or Mexico,” said
trade talks with strict auto imports in the fall. lower-risk business that U.S. do a lot of their business in
deal. As the 2020 campaign union president Leo Gerard. China broke down. In a speech Friday to the companies do with Huawei and China. Qualcomm derived about
approaches, Mr. Trump is “The administration is eager National Association of Real- its affiliates. But the order two-thirds of its revenue from
again taking the tough-on- to try to get some deals done,” tors in Washington, Mr. Trump takes a harder line by imposing China last year, according to
China approach that helped said Miriam Sapiro, former hailed the deal with Canada a license requirement on all ex- regulatory filings, although
him win election in 2016. acting U.S. trade representa- have called for changes in the and Mexico and promised sup- ports and a “presumption of Huawei wasn’t among a small
“Trump is focused on bring- tive in the Obama administra- agreement with Canada and port for U.S. farmers, who have denial” for all applications. group of companies that ac-
ing the supply chain back to tion who now works at strate- Mexico to allow for tougher lost sales to China as a result Huawei said it would seek counted for more than 10% of
America and the industrial de- gic communications firm Sard enforcement of the pact’s new of the trade dispute. immediate remedies to the or- Qualcomm’s sales.
mocracies,” said former White Verbinnen & Co. Still, ratifica- labor rules. “Just reached an agreement der and warned the move The impact of the moves
House chief strategist Steve tion of the North American The Trump administration with Canada and Mexico, and would “do significant harm to could begin to be felt by U.S.
Bannon, a critic of Beijing. deal “depends on the adminis- so far has said it would ad- we will be selling our product the American companies with suppliers and customers of
“That is exactly what he com- tration’s willingness to work dress enforcement concerns into those countries without which Huawei does business,” a Huawei almost immediately.
mitted to the workers in the with Congress in a meaningful separately, including through the imposition of tariffs or ma- spokesman said in a statement. People in the industry said the
Rust Belt.” way.” the law that Congress would jor tariffs,” Mr. Trump said. A similar Trump administra- worst effects could be longer
Senate Democratic leader For passage of USMCA, Mr. pass to implement the trade “Hopefully Congress will pass tion action against China’s ZTE term, as China aims its regula-
Chuck Schumer (D., N.Y.), a fre- Trump will need the support of agreement. the USMCA quickly.” Corp. nearly drove that firm tory machinery at U.S. firms
quent critic of Mr. Trump, a significant portion of Demo- In the auto-tariff announce- —Santiago Perez out of business in 2018. Some and imposes retaliatory mea-
praised the president’s deci- crats in the House. On Wednes- ment, the Trump administra- and Kim Mackrael analysts said they believe Hua- sures, such as new antitrust in-
sion to delay action on auto day, U.S. Trade Representative tion confirmed for the first contributed to this article. wei, which has had a year since vestigations.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | A7

WORLD NEWS
Hostile U.S.-Iran Rhetoric Eases OPEC to
Consider
Trump administration
says it is waiting ‘by
the phone’ for Tehran
Increasing
to call about talks Output
BY WARREN P. STROBEL BY SUMMER SAID
AND ALEX LEARY AND BENOIT FAUCON

WASHINGTON—Tensions JEDDAH, Saudi Arabia—

between the U.S. and Iran ap- OPEC and its allies are set to
peared to ease on Friday after debate a potential increase in
two weeks of crisis, as the crude output at a meeting
White House tamped down here on Sunday, as they at-
talk of conflict and renewed a tempt to balance global oil
conditional offer to Tehran of supply amid regional tensions
diplomatic negotiations. on a scale the Persian Gulf
A senior administration of- hasn’t seen in over a decade.
ficial emphasized that Presi- The gathering of delegates
dent Trump is open to talks from a few key producers in-
with Tehran’s leaders, but said cluding Saudi Arabia and Rus-
US NAVY HANDOUT/AFP/GETTY IMAGES

the U.S. will continue to apply sia will commence nearly a

increasing economic and other week after two Saudi tankers
pressures on Iran to cease its were sabotaged in an incident
backing for militant groups in some U.S. officials have
Iraq, Yemen, Lebanon and blamed on Iran, and days after
Syria. Houthi rebels in Yemen
“We’re sitting by the claimed responsibility for an
phone,” the official said, ac- attack on a Saudi pipeline.
knowledging Iran has given no Saudi Arabia’s Vice Minister of
sign yet it is willing to talk. Defense Prince Khalid bin Sal-
The two countries haven’t had The U.S., citing Iranian threats, rerouted the USS Abraham Lincoln carrier, above on May 10 in this Navy-released photo, to the Persian Gulf. man said Friday that the
diplomatic relations since Houthi attacks against oil sta-
shortly after Iran’s 1979 Is- mats from Iraq as a protective ing table. But diplomats experienced this person said. “If anything, tions this week were ordered
lamic revolution. measure. Iran’s Supreme Leader Ali in dealing with Iran said Mr. it’s going to increase support by Tehran—a regional rival
U.S. allies in Europe, Demo- There is a dispute about Khamenei as recently as Trump’s current approach is for the regime…they’ll have a and fellow member of the Or-
crats in Congress and former how to interpret the intelli- Wednesday rejected talks with unlikely to succeed and carries ‘rally around the flag’ effect.” ganization of the Petroleum
senior officials expressed gence, however, and many ana- Mr. Trump’s administration, risks of miscalculation. Christopher Hill, a former Exporting Countries.
skepticism that Iran would lysts believe Iran was prepar- calling the idea “poison.” “It’s been an illusion to U.S. ambassador to Iraq, said Such incidents have stoked
agree to negotiate with Mr. ing not a pre-emptive strike, The senior administration think you can conduct coercive that even as two countries anxieties about supply disrup-
Trump while its economy is but retaliation in case it was official said it is too early to diplomacy which is all coer- glower at each other diplomat- tions in a region that contains
being subjected to economic attacked by the U.S., people fa- judge whether the strategy is cion and no diplomacy,” said ically, it remains crucial to much of the world’s spare ca-
sanctions and blistering rheto- miliar with the matter said. former Deputy Secretary of have some sort of contact so pacity. Iran won’t be repre-
ric from Washington. Mr. Trump last year pulled State William Burns, who led defensive moves don’t get in- sented at the meeting.
The U.S. has demanded that
Iran take 12 steps, including
out of a six-nation nuclear
agreement with Iran, calling it
The White House secret talks with Iran under
Mr. Obama that resulted in the
terpreted as offensive moves,
or a minor event misconstrued
“Gulf producers will have to
strike a balancing act between
abandoning its missile pro- fatally flawed, and has ended says its sanctions 2015 nuclear deal. to be a major affront. satisfying Trump’s demands
grams, withdrawing from Syria
and ending support to allied
direct contacts with Iran that
had been revived under former
are meant to force “It’s one thing to signal you
want to talk. It’s another to be
“When you have this kind of
situation where you’re moving
for extra oil…and not having
Iran be a flamethrower at the
groups such as Hezbollah, be- President Obama. Iran to negotiate. ready to talk realistically,” Mr. to confrontation, you try to next OPEC meeting,” said He-
fore it will ease sanctions. There are currently “zero” Burns said, adding that Iran have lines of communication,” lima Croft, the chief commodi-
The latest crisis began in contacts with Iran’s govern- won’t accept the 12 U.S. de- said Mr. Hill, who also was ties strategist at Canadian
early May, when the U.S. gov- ment, a senior State Depart- mands in their current form. special envoy to Kosovo as the broker RBC.
ernment received intelligence ment official told reporters working because the sanctions “On the current trajectory…you Clinton administration pre- As a compromise, OPEC is
indicating that Iran or its this week. haven't been fully imple- can just see a lot of risks, and pared for a bombing campaign now considering a plan to al-
proxies were planning attacks Mr. Trump and Secretary of mented yet. collisions becoming more and against Serbia. low countries the flexibility to
on American interests in the State Mike Pompeo repeatedly “They are going to get to more likely.” “In Kosovo we had the ca- pump more oil, said a person
Middle East. have said they don’t seek war the point where they have A congressional official fa- pacity to get in touch with the who will attend the Jeddah
Mr. Trump ordered addi- with Iran and that the U.S. such extraordinary and wide- miliar with U.S. intelligence re- Serbian government even as meeting. The meeting isn’t ex-
tional military power into the “maximum pressure cam- ranging economic pressures ports similarly predicted Mr. we were strapping weapons to pected to conclude with a final
Middle East. This week, the paign” of sanctions is aimed at that they are going to face Trump’s approach would fail. F-16s,” he said. decision on output.
State Department said it would forcing Iran to change behav- some very difficult choices,” “I think the Iranian regime —Ben Kesling —Summer Said
partially withdraw U.S. diplo- ior and come to the negotiat- the official said. is in no danger of collapsing,” contributed to this article. and Benoit Faucon

Tehran Seeks China’s Help

To Preserve Nuclear Deal
Iranian Foreign Minister Ja-
vad Zarif asked China to help
save the 2015 nuclear deal,
seeking to bolster ties be-
tween the two countries as the
U.S. intensifies its campaign to
isolate Iran.

By Sune Engel
Rasmussen in Beirut
and Aresu Eqbali
in Tehran, Iran
THOMAS PETER/PRESS POOL

On a visit to Beijing, Mr. Za-

rif said the world must nor-
malize economic relations
with Tehran and take “practi-
cal steps” to save the nuclear
accord, as part of a broader
diplomatic push to get inter- Iranian Foreign Minister Javad Zarif greeted Chinese Foreign
national partners to resist Minister Wang Yi in Beijing on Friday.
Washington’s pressure on Iran.
China is Iran’s largest trade Crude Crunch which spiked over the past
partner and a party to the week when the U.S., citing un-
China's oil imports from
multilateral nuclear deal, specified intelligence, de-
Iran have plunged since the
which sought to restrain Iran’s ployed an aircraft carrier, a
U.S. re-imposed sanctions
nuclear activity in exchange bomber task force and other
in November.
for a loosening of economic personnel to the Middle East.
sanctions. Iran's exports to China The Iranian Embassy in
Beijing has been a major China said on Twitter that Mr.
buyer of Iran’s oil but imports $2.5 billion Zarif had “arrived in Beijing to
have plunged since the Trump maintain consultations be-
administration imposed new,
harsh sanctions on Iran. Erasing
2.0 tween all-weather friends in
the wake of new efforts to Jewels in Bloom
the initial economic gains from manufacture unnecessary ten-
the deal, renewed U.S. pressure
1.5
sions.” RaymonD Yard
has exacerbated inflation, un- China’s Foreign Ministry
employment and a deepening 1.0 confirmed Mr. Zarif’s visit but Renowned jeweler. Breathtaking colors. Dramatic beauty.
Oil
currency crisis in Iran. declined to release further in- These glamorous gemstones possess the astonishing
“If the international com- 0.5 formation. color and superior quality for which Raymond Yard’s
munity and our friends in the The Iranian situation is dif-
JCPOA are interested to pre- Other ficult for Beijing, said Yin singular creations are prized. All rings are crafted of
0
serve this achievement, they Gang, a Middle East politics platinum and signed “Yard”.
2015 ’16 ’17 ’18 ’19
[should] enable the Iranian expert with the government-
people to enjoy the JCPOA Source: CEIC backed Chinese Academy of 5.96-Carat Mint Tourmaline Bypass Ring. #30-9096
benefits,” Mr. Zarif told the Social Sciences. The conflict 19.70-Carat Kunzite Ring. #30-9094
semiofficial Iranian IRNA news nian oil tankers set out for isn’t simply between the U.S.
agency on arrival in Beijing, China, according to data from and Iran but between Arab
using an acronym for the nu- ship-tracking site FleetMon. states and Iran. China, Mr. Yin
clear deal. Another tracking site, Tanker- said, “wants a balanced diplo-
Iranian President Hassan Trackers, said the ships were macy in the Middle East, and
Rouhani has called President the first Iranian oil tankers to hopes to make friends and do
Trump’s goal of slashing Iran’s head to China since the U.S. business with everyone.”
oil exports to zero “an illu- waivers expired. Such oil is of- Iran is likely to ask Beijing
sion.” Yet, oil exports have ten unloaded into Iranian-con- to ignore the new U.S. sanc-
dropped precipitously, particu- trolled storage tanks and isn’t tions and keep purchasing oil,
larly after U.S. oil waivers for considered an export until it Mr. Yin said. Saudi Arabia
Iran’s most important oil cus- leaves the customs-free zone. could step in to fill Chinese 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
tomers expired May 2. Mr. Zarif’s visit is part of a demand, he said, and “once
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
China, which itself is em- longer trip that includes other filled by others, it will be diffi-
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
broiled in a trade war with the economic partners, Russia, cult for Iran to recover later.”
U.S., has said it would resist Japan and India. It comes —Fanfan Wang in Beijing
the American embargo. amid growing tensions be- and Benoit Faucon in London
On Friday, two loaded Ira- tween Washington and Tehran, contributed to this article.
A8 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Labour Breaks Off Brexit Talks Germany Condemns

BY JASON DOUGLAS
AND MAX COLCHESTER
Boycotts of Israel
LONDON—The U.K.’s main BY BOJAN PANCEVSKI sociations to the National So-
opposition Labour Party pulled cialist slogan ‘Don’t Buy From
the plug on Brexit talks with BERLIN—The German par- Jews!’ and the corresponding
the government on Friday, liament condemned as anti-Se- smears on facades and shop
dashing hopes for a formal bi- mitic a growing international windows,” the resolution said
partisan solution to break the movement that targets Israel in reference to Nazi oppres-
logjam in Parliament over and called on the government sion of German Jews.
terms of Britain’s withdrawal to withdraw funding for After an emotional debate,
from the European Union. events or institutions affili- a majority of legislators voted
The decision, which wasn’t ated with the initiative. in favor of the resolution,
a surprise, means the country’s The Boycott, Disinvestment which was co-sponsored by
path out of the EU remains un- and Sanctions movement, Angela Merkel’s conservative
BEN BIRCHALL/PA WIRE/ZUMA PRESS

clear almost three years after which originated in Palestinian bloc and its coalition partners
voters chose to exit from the circles, calls for academic, cul- the Social Democrats, as well
bloc in a 2016 referendum. tural, economic and academic as the opposition Free Demo-
The collapse of the talks boycotts of Israel. Support for cratic Party and the Greens.
and the uncertainty around a BDS is broad-based across the Lawmakers from the oppo-
possible successor to Prime European center-left, and it sition party The Left mainly
Minister Theresa May in com- also has backing among seg- voted against the resolution,
ing months sent the pound to ments of the far-right, the far- while all lawmakers for the
its lowest level against the left and in some Islamist group- anti-immigrant Alternative for
dollar since January. One Labour’s Jeremy Corbyn, shown earlier this month, said talks ‘have now gone as far as they can.’ ings. The movement has gained Germany abstained, arguing
pound traded for as low as traction in the U.S. as well. the resolution didn’t go far
$1.275. It also slid to a three- stepping away from the talks Major sticking points on and maintain delicate cross- On Friday, a broad majority enough and that BDS should
month low against the euro, because negotiators proved policy in the talks included border supply chains critical to of German legislators sup- be banned as an organization.
trading for €1.142. unable to bridge gaps on whether to forge a customs some parts of British industry. ported a resolution strongly Many critics of the resolu-
In a letter to Mrs. May, La- Brexit policy. He added the union with the EU after Brexit The Conservatives feared condemning the initiative and tion said moving against the
bour leader Jeremy Corbyn party has also grown increas- and whether a second referen- such an arrangement would comparing its methods to BDS movement could cut off
said talks about finding a com- ingly concerned that any deal dum should be held to ratify hamper the country’s ability to Nazi-era campaigns targeting German funding for moderate
promise plan that could win reached risks being torn up by sign trade deals with other Jewish businesses in Germany. Palestinian nongovernmental
majority support from law- Mrs. May’s successor as Con- countries. They are also op- The resolution will immedi- organizations, but Bijan Djir-
makers on both sides of the servative Party leader and posed to another referendum. ately stop funding and other Sarai, a Free Democrat legisla-
political aisle “have now gone prime minister.
The talks’ collapse Lawmakers are due to vote forms of support for BDS-re- tor who proposed the resolu-
as far as they can.” Mrs. May, who has come un- sent the pound to its again on Mrs. May’s with- lated events from the Bunde- tion, said the risk was small.
The six weeks of cross- der increasing pressure to quit drawal deal when they consider stag, Germany’s parliament, “This will have consequences
party talks began after Parlia- from hard-line pro-Brexit law-
lowest level in a key piece of Brexit legislation but it isn’t binding on the gov- for organizations that are also
ment on three occasions re- makers unhappy with her months on Friday. during the week of June 3. ernment. A spokesman for the active in Germany and often act
jected a withdrawal package Brexit plan, has signaled she Ahead of that vote, which German government didn’t in an anti-Semitic way. It will
Mrs. May negotiated with will stand down within months. the government is expected to comment on whether it would be different for organizations
Brussels, prompting the U.K.’s Following Labour’s an- lose, Conservative ministers follow parliament’s lead. that do real work and organize
beleaguered premier to reach nouncement, a government any Brexit deal. will continue to lobby Labour Legislators specifically crit- help for Palestinians,” Mr. Djir-
out to her opponents to sal- spokesman said while real Labour argued a customs lawmakers to back Mrs. May’s icized stickers used by the Sarai told German public radio
vage her plan and secure both progress was made during the union, which would set com- deal, though no formal talks BDS movement. Friday. The resolution, he
an orderly divorce and her talks, “it is clear that we are mon tariffs on goods entering with the opposition are “The ‘Don’t Buy’ stickers added, wasn’t about condemn-
own political legacy. not going to be able to reach a both jurisdictions, would help planned, the government that the BDS puts on Israeli ing criticism of Israeli policy to-
Mr. Corbyn said Labour was complete agreement.” preserve untrammeled trade spokesman said. products inevitably prompt as- ward the Palestinians.

EU Introduces Sanctions to Deter Large-Scale Foreign Cyberattacks

BY LAURENCE NORMAN The introduction of sanc- The sanctions won’t black- with the North Atlantic Treaty on those responsible for mali- and a freeze on their assets.
tions was pushed by the Dutch list foreign governments, how- Organization, is tightening de- cious cyberattacks. Trying to The sanctions also target peo-
European governments and British, who have blamed ever. EU citizens accused of fenses against threats to criti- interfere in other countries’ ple who provide financial or
armed themselves with a new Russia for some recent cyber- cyberattacks remain subject to cal infrastructure, such as democratic processes is be- technical support for such at-
tool against cyberattacks, attacks on the bloc. The mea- national legislation. The move hacking and interference in coming normalised - Russia tacks. As with all EU sanctions
adopting a sanctions regime to sures announced Friday would is the latest in the effort to elections. please note and take heed.” measures, a decision to im-
penalize foreign individuals allow the EU to take joint ac- strengthen the bloc’s resil- U.K. Foreign Secretary Jer- People or entities suspected pose sanctions would require
and entities as Western coun- tion with Washington to sanc- ience against a range of hybrid emy Hunt said the new regime of significant cyberattacks, or unanimous approval by all 28
tries seek fresh ways of deter- tion those responsible for cy- threats. The bloc is bolstering was a major step forward, on attempted cyberattacks, origi- member states.
ring large-scale hacking of berattacks against its partners its work to stymie Russian dis- Twitter on Friday. “We can nating outside the bloc would —James Marson
their computer networks. or international bodies. information and, in concert now impose tough sanctions face a ban on travel to the EU contributed to this article.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | A9

WORLD NEWS

Trial Reveals
Plots to Mar
Kiev’s EU Ties
Ukraine says Russia The war in Ukraine, now in
its sixth year, has been Rus-
uses provocateurs, sia’s laboratory for methods
covert tactics to of sowing chaos and shaping
public opinion. The KGB used
inflame disputes similar deception tactics dur-

DAREK DELMANOWICZ/EUROPEAN PRESSPHOTO AGENCY

ing the Cold War. A 1964 Cen-
Russia’s efforts to keep tral Intelligence Agency report
Ukraine in its orbit have in- says Soviet spies in West Ger-
cluded invasions and economic many set synagogues afire and
coercion. Less prominently, painted swastikas in public
Moscow has directed a clan- places, attributing the acts to
locals to discredit the country.
By James Marson A variation on that strategy
in Kiev, Ukraine, occurred on March 29, 2017,
and Drew Hinshaw when a grenade flew into the
in Krakow, Poland Polish Consulate in the Ukrai-
nian city of Lutsk. The next
destine campaign of vandalism morning a crowd of dozens
and hate crimes aimed at blocked the highway linking
spoiling Ukraine’s relations the two countries, carrying Workers repairing the roof of the Polish Consulate in Lutsk, Ukraine, after it was damaged by a grenade on March 29, 2017.
with its western neighbors, signs that read, “No to the
Ukrainian and European offi- genocide of Poles” and “Poles agents to turn to Polish fas- eration. Mr. Marglewski was in related acts. The trial is under
cials say. are our brothers.” Ukraine’s RUSSIA cists. Europe’s far-right has his early 20s, unemployed and way, with a verdict expected in
A continuing court case in SBU says that no ethnic Poles found common cause with the driving an old van. July. If found guilty, Mr.
Baltic Moscow
Poland has shined a light on were in the crowd and that the Sea Kremlin in recent years, earn- Messrs. Szymkowiak and Propokowicz faces up to 12
the varied cast of provoca- attack was planned and ing recognition and, some- Marglewski sneaked into years in prison.
teurs that the officials say the funded by a far-right activist BEL . times, financing as they pro- Ukraine at 1 a.m. on Feb. 3, Weeks later, a homemade
Kremlin has employed to try who fled to Russia. POLAND moted Moscow’s views on 2018, carrying phones wiped bomb started a larger fire,
to stir up ethnic passions on Poland has lobbied for its Lutsk trips to eastern Ukraine. clean except for the messaging gutting the cultural center’s
Kiev
territories where it used to neighbor inside the European Uzhgorod UKRAINE
Polish prosecutors say Mi- app Telegram. They walked to ground floor. Two Ukrainians,
call the shots. Two Polish fas- Union and shares a suspicion HUNG. chał Propokowicz, a member the Hungarian cultural center now in custody, had been paid
cists have admitted that they of the Kremlin. of Polish fascist movement in Uzhgorod, where Mr. Mar- to carry out the assault, said
ROM.
took money from a supporter Hungary, led by Prime Min- Falanga, in January last glewski painted the number Ukrainian officials. The attack
MOLDOVA
of Russia’s causes to firebomb ister Viktor Orbán, has at year sent a text message to his 88, associated with Hitler, and had been ordered by a security
Black Sea
a Hungarian center in Ukraine. times adopted an antagonistic comrade Tomasz Szymkow- a swastika, according to Kra- official from a breakaway re-
Russia blames Ukrainian stance toward Ukraine. Mr. Or- 300 miles iak offering 2,000 zlotys, or kow court documents. Mr. gion of neighboring Moldova
fascists as it “wants people to bán, an admirer of Russian 300 km roughly $520, “for a noble Szymkowiak then filmed Mr. that is backed by Russia, who
tell their governments, President Vladimir Putin, has cause.” Mr. Propokowicz said Marglewski tossing a Molotov evaded arrest, the officials say.
‘Enough helping Ukraine. How issued thousands of passports of a planned arson wave. SBU he was acting on orders to or- cocktail that bounced off a The attack on the Hungar-
long can we put up with it?’ ” in Ukraine, where dual citizen- officials say they also broke up ganize an attack in Uzhgorod wall. They sent the video to ian center was top news in
said Ihor Huskov, chief of staff ship is unlawful, sometimes to a fake conference where sup- in 2018 from Manuel Ochsen- Mr. Propokowicz, who advised some Hungarian pro-govern-
of the Security Service of people with distant claims to posed members of the Hungar- reiter, a pro-Russian opinion they return with a gasoline- ment media. Hungary’s For-
Ukraine, the SBU. Hungarian ancestry. Mr. Orbán ian community planned to call writer who was an aide to a soaked jacket and try again, eign Ministry demanded a
Moscow’s strategy of in- has blocked meetings with for independence from far-right member of Ger- which they did. It did little meeting with Ukraine’s ambas-
flaming disputes between Ukraine at NATO over Ukrai- Ukraine. In both cases, the many’s parliament. Mr. more than char a wall. sador. Mr. Orbán recorded a
Ukraine and its western neigh- nian language legislation that SBU published intercepted Ochsenreiter, a supporter of Security cameras captured Facebook video expressing
bors has yielded some success. promotes using Ukrainian over communications that it said Russian military interventions, the events and Ukrainian law concern for Hungarians in
Hungary, led by a nationalist Hungarian, or any other mi- showed a Russian citizen, who didn’t return requests to com- enforcers identified the men. Ukraine. Hungary continues to
prime minister, has blocked nority language, in schools it identified as working for ment but has previously de- Within three weeks, the men block official high-level meet-
high-level meetings with Kiev and other public institutions. Russian security services, nied wrongdoing. were detained in Poland. All ings with Ukraine at NATO, de-
at the North Atlantic Treaty The SBU says it thwarted seeking to hire Ukrainians to Polish prosecutors say Mr. three men have admitted to spite criticism from the U.S.
Organization since 2017 over an attack on the Society of carry out the attacks and at- Propokowicz delivered the committing the acts, which that it is furthering a key
what Budapest calls violations Hungarian Culture in the west- tend the conference. payment to Mr. Szymkowiak, they called petty vandalism. Kremlin foreign-policy goal by
of ethnic Hungarians’ rights in ern Ukrainian city of Uzhgorod Ukrainian officials say those who recruited another friend, They dispute Polish charges of impeding Kiev’s integration
western Ukraine. in late 2017, intended as part failed plots prompted Russian Adrian Marglewski, for the op- inciting hatred and terrorism- with the military alliance.
© Center on Addiction / Partnership for Drug-Free Kids

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 A10 | Saturday/Sunday, May 18 - 19, 2019
CARL COURT/GETTY IMAGES
Tens of thousands of people gathered in Taipei on Friday to cheer the passage of legislation granting same-sex couples marriage rights, a first for a country in Asia.
Taiwan Allows Same-Sex Marriage
BY CHUN HAN WONG
Taiwan’s legislature ap-
proved Asia’s first same-sex
marriage law, reinforcing the is-
land’s reputation as a tolerant
democracy despite a turbulent
public debate that exposed so-
cial divisions about gay rights.
Tens of thousands of gay-
rights supporters gathered Fri-
day outside the legislative
building in Taipei, the island’s
capital, braving heavy rain to
cheer the passage of legislation
that grants same-sex couples
many of the legal rights of het-
erosexual couples.
Cries of “First in Asia!” rang
out among the supporters after
lawmakers approved—by
66-27—a key provision in the
law that allows same-sex cou-
ples to register marriages.
“This day will be recorded in
the history of Taiwan’s human
rights,” Hsiao Bi-khim, a ruling-
party legislator who supported
the law, told the legislature af-
ter the vote. “Everyone de-
serves to be loved.”
In Taipei, more than 150
Amazon
Invests in
Deliveroo
Continued from Page One
whose chief executive at one
point also pondered an invest-
ment in DoorDash, The Wall
Street Journal has previously
reported. Postmates Inc., an-
other San Francisco-based de-
livery service, has raised al-
most $700 million in private
capital and filed to go public in
the coming months.
Amazon’s investment re-
flects its fascination with find-
ing ways to get all kinds of
goods—from big appliances
and furniture to groceries and
prepared meals—in the hands
of consumers as quickly as
possible. The Seattle-based
company has been building out
its own delivery operations as
part of that effort, pitting it
against traditional logistics
Guards Are
Stars on
TikTok App
Continued from Page One
Popular clips on TikTok,
owned by China’s Bytedance
Ltd., include familiar fare: a cat
opening a microwave, a teen
gushing about driving solo, Ar-
nold Schwarzenegger demon-
strating a biceps curl. Dog vid-
eos, naturally, are among the
most popular.
But for some reason, TikTok
fans are particularly interested
in watching security guards.
Clips with the hashtag #secu-
rity have seen 44 million
views, outpacing job-related
categories such as #lawyers,
#dentists and #senators.
Security guards with big Tik-
Tok followings include Ranaldo
Robinson Jr., 22, who tells jokes
from an attendant booth at a
Florida truck-weighing station,
same-sex couples have sched-
uled appointments with the
civil-affairs bureau to register
their marriages on May 24,
when the law is set to take ef-
fect, according to a bureau
spokeswoman.
Taiwan President Tsai Ing-
wen applauded the legislation’s
passing. The outcome allows
Ms. Tsai to fulfill a campaign
promise to legalize same-sex
marriage, ahead of a bruising
fight for re-election in early
2020.
“We took a big step towards
true equality, and made Taiwan
a better country,” she wrote on
Twitter.
Ms. Tsai’s Democratic Pro-
gressive Party, which holds 68
seats in the 113-member legisla-
ture, had called on its lawmak-
ers to unanimously support the
government-drafted bill and re-
ject two alternative versions
backed by opposition lawmak-
ers and conservative groups.
The vote could backfire on
Ms. Tsai, as opposition groups
accused her party of ignoring a
public referendum last year
companies and startups to hire
drivers. Amazon said earlier
this month it would start pay-
ing some of its employees to
quit and set up their own
small businesses to deliver
packages for the company.
Amazon launched its own
restaurant-delivery service in
the U.K. in 2016, but closed it
late last year. It offers such a
service in the U.S. in about 20
cities, according to its website.
“We’re impressed with De-
liveroo’s approach,” said Doug
Gurr, Amazon U.K.’s country
manager. “We’re excited to see
what they do next.”
Consumers increasingly ex-
pect the meals and groceries
they order online to arrive at
their homes as expeditiously
as clothing and household
goods. Brokerage firm William
Blair & Co. estimates delivery
will account for 10% of restau-
rant sales by 2022.
But food delivery so far has
been largely unprofitable. Co-
ordinating drivers is costly,
and restaurant operators say
the fees that delivery compa-
nies charge leave them scant
often doing skits re-enacting
real people. In one, he plays out
what would happen if Dr. Seuss,
Edgar Allan Poe and Stephen
King met one another.
Jared Augustine, 32, posts
TikTok comedy from a Fair-
banks, Alaska, office he patrols,
often using building scenes as a
backdrop, such as his re-enact-
ment from the rooftop of a Star
Wars scene. “We have access to
one big prop set,” he says.
It isn’t that viewers are par-
ticularly interested in guards’
boring jobs: The videos often
aren’t about the work at all.
“I followed her because of
her zest for life and her en-
ergy is brilliant,” says one of
Ms. Shanton’s followers. “Not
because of her uniform.”
A theory among guards is
they spend more time bored
than the average person, so
their jobs give time and mental
leeway to craft funny routines.
And they have plenty of breaks
during which to update fans.
“What makes it funny,” says
Tom Conley, a security-com-
pany owner in Des Moines,
WORLD NEWS
that showed widespread oppo-
sition to same-sex marriage.
Taiwan’s greater tolerance
for gay rights is unusual within
Asia, where some countries
have conservative Christian
communities and are seeing a
rise in more-austere strands of
Islam. The island has hosted an-
nual gay-rights parades that at-
Conservative groups
accused the
president of ignoring
the will of the public.
tract tens of thousands of par-
ticipants.
Marriages and civil unions
between those of the same sex
aren’t recognized in mainland
China, where the ruling Com-
munist Party has sought to
bring Taiwan under its control
since the end of the Chinese
civil war seven decades ago.
Taiwan has resisted, and,
FROM PAGE ONE
Deliveroo's delivery bikes are a common sight on the streets of
London, where it competes with Uber Eats and other services.
profit on meals they send out
the door. A few, such as Olive
Garden owner Darden Restau-
rants Inc., have wagered they
are better off not trying.
Shares in Grubhub Inc., a
food-delivery forerunner that
went public in 2014, have
fallen nearly 60% from their
all-time high last year. The
Off the clock
Iowa, who doesn’t approve of
TikTokking from work, “is you
have somebody in a responsi-
ble role doing something silly.”
Ms. Shanton, a security
guard for about 11 years, spent
breaks before TikTok writing
poetry. “You really are doing
absolutely nothing.” On Tik-
Tok, she jokes or opines—from
break rooms, hallways, parking
garages, her car—on serious
topics such as underappreci-
ated African-American women.
And she breaks into struts
and shimmies. On one she lip-
syncs to “The Breakup Song.” In
* *** THE WALL STREET JOURNAL.
though once ruled by an auto- population—launching cam-
cratic government, the island paigns to promote their views
has in recent decades devel- and influence the coming law.
oped into an active democracy, In the referendum in Novem-
with a free media and protec- ber, voters expressed opposi-
tions for speech and religion. tion to same-sex marriage by
On Chinese social media, wide margins across several
some users expressed hope that questions. The outcome pres-
China can emulate Taiwan. “I sured Ms. Tsai’s government
know that one day, the National into watering down some provi-
People’s Congress will also for- sions in the new law.
mally approve such a law,” one Gay-rights activists say the
user wrote, referring to the law falls short of full marriage
Communist Party-controlled equality, though they accept it
legislature. “I just don’t know as a temporary compromise.
whether that day will take place For instance, the law grants
within my lifetime.” only limited adoption rights for
The vote followed years of same-sex couples, who can
public debate, which intensified jointly adopt only children bio-
in 2017 when Taiwan’s top logically parented by one of the
court ruled that legislation de- spouses.
fining marriage as exclusively The law represents “the bot-
between a man and a woman tom line of all bottom lines,”
was unconstitutional. The court said Chen Ming-yen, a lawyer
ordered parliament to change and activist at the Taiwan Alli-
the law within two years—a ance to Promote Civil Partner-
deadline set to hit on May 24. ship Rights, an advocacy group.
That ruling spurred celebra- Conservative groups accused
tions and protests, with sup- Ms. Tsai and her party of ignor-
porters and opponents of same- ing the public will and urged
sex marriage—including the Taiwanese voters to punish
small but influential Christian them in next year’s elections.
Just Eat PLC dropped 9% and
Germany’s Delivery Hero SE
fell 4.7%. Grubhub shares fell
1.8%, and Uber dropped 2.5%.
DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
One impediment to profit is
the continuing stream of capi-
tal into the sector, which helps
subsidize delivery costs in pur-
suit of market share.
DoorDash, which raised
$400 million in February, is
aiming to raise between $650
million and $750 million in its
new round at a $12 billion val-
uation before the new invest-
ment, one of the people said.
After the addition of funding
in that range, the valuation
would approach $13 billion.
The Information earlier re-
ported some details of Door-
Dash’s fundraising effort.
Including its newest round,
Chicago-based company re- Deliveroo has raised a total of
ported a 78% drop in profit in $1.53 billion, it said. Deliveroo
its latest quarter to $6.9 mil- makes money by charging res-
lion, while revenue grew 39% taurants a commission of
from a year earlier. roughly 10% to 20% and cus-
The prospect of Amazon’s tomers a flat fee of roughly £3
involvement in online meal de- ($3.80) per order. The com-
livery appeared to concern in- pany isn’t profitable globally
vestors in Deliveroo’s rivals. but is in London and other U.K.
On Friday, shares in U.K.-listed cities where it has operated
another, she teases people who we were promised,” declining
fish for compliments, intoning:
“You’re not going to say you’re
to comment further.
Mr. Conley, the owner of the
cute back?” Her videos have her security company Conley Group
running into the frame scream-
ing and twirling a radio around
Inc., says TikTok’s rise could un-
dermine respect for uniformed
her head until she collapses dra-
matically, or singing that people
should mind their business.
guards, adding to image prob-
lems from Hollywood’s portrayal
of them as buffoons in movies
She calls her TikTok persona like “Paul Blart: Mall Cop.”
The Glamma, “because I’m “Posting on TikTok gives
glamorous and I am a grand- the impression of a lackadaisi-
mother.” She occasionally talks cal, whimsical environment,”
about boredom or shows snip- he says. “It undercuts the very
pets of her workplace—like her tone of what security is sup-
tour of a restroom—but seldom posed to do.” He lets employ-
talks about her job. Her em- ees use phones on breaks but
ployer declined to comment. not to post on social media.
“I am self-entertaining,” A Florida-hospital security
Ms. Shanton says. guard says social media got him
Security guards often post fired last year when—before
with the hashtags #securityl- TikTok took off in the U.S.—he
ife, #bored or #overnight- developed an Instagram follow-
struggles. Most TikTok users ing for his demonstrations of
don’t make money doing it. how his lobby acoustics gave
TikTok’s fans say its 15-sec- flatulence “this magical sound.”
ond format lends itself to silli- The guard, posting under
ness rather than political rants the nom de plume Paul Flart,
and heavily curated videos fa- says his boss spotted the vid-
miliar on Instagram and You- eos and fired him for excessive
Tube. A TikTok spokeswoman cellphone use even though “I
says “this is the internet that wasn’t neglecting my duties.”
WORLD WATCH
RUSSIA
Human-Rights Body
Lifts Ban on Moscow
The Council of Europe adopted
a declaration Friday that allows
Russia to start voting again at the
continent’s main human-rights
body following a dispute related
to its annexation of the Crimea
peninsula from Ukraine in 2014.
Foreign ministers from the
council’s 47 member states voted
overwhelmingly to support a dec-
laration that says that all mem-
bers should be “entitled to partici-
pate” in the council’s two main
organs “on an equal basis.” Russia
will now have to accredit a dele-
gation to the council before it can
start voting on motions.
The council, which is open to
all European countries regardless
of whether they are in the Euro-
pean Union or not, suspended
Russia’s voting rights after the
annexation of Crimea.
Friday’s declaration marks
what could be the first major step
by a European institution to roll
back on restrictions and sanctions
that were imposed on Russia fol-
lowing Crimea’s annexation and
its campaign to support for sepa-
ratists in eastern Ukraine.
—Associated Press
EGYPT
Hundreds Pardoned
In Ramadan Release
Egyptian President Abdel Fat-
tah Al Sisi pardoned 560 prisoners,
including a prominent journalist
and several women.
The pardons, announced in the
official gazette late Thursday, coin-
cide with the Muslim holy month
of Ramadan when authorities tra-
ditionally release detainees as a
goodwill gesture.
The journalist, Abdel Halim
Qandil, was sentenced to three
years in absentia in December
2017 for “insulting the judiciary.” He
was pardoned for health reasons.
Among those pardoned are
eight women who had been sen-
tenced in 2018 to several years in
prison on grounds of belonging to
the outlawed Muslim Brotherhood
organization and staging an anti-
government protest.
Mr. Sisi has waged an unprece-
dented crackdown on dissent in re-
cent years, arresting thousands—
mostly Islamists but also
prominent secular activists—and
rolling back freedoms won after
the 2011 uprising.
—Associated Press
the longest, a spokesman said.
Deliveroo said it would use
the new money to build up its
engineering team and expand
in existing markets.
The service launched in
London in mid-2013, three
years before Uber Eats
launched in the U.K. capital.
Deliveroo Chief Executive Wil-
liam Shu co-founded the com-
pany after working as an in-
vestment-banking analyst for
Morgan Stanley in London. Mr.
Shu worked as one of the com-
pany’s first delivery drivers for
months to learn how to plan
the most efficient routes.
The company’s original
model involved dispatching de-
livery drivers to restaurants
that didn’t have their own
takeout service. In recent years
it has expanded by setting up
its own kitchens where restau-
rant operators can cook food
for delivery. It now has 215
such kitchens. Deliveroo works
with about 80,000 restaurant
and takeout outlets. It doesn’t
have a presence in the U.S.
—Yuliya Chernova
contributed to this article.
He has unsuccessfully ap-
plied for security jobs since
and still posts on Instagram.
“People who don’t find farts
funny,” he says, “come from
places of serious negativity.”
For Mr. Augustine, his Alaska
building—the offices of the non-
profit Tanana Chiefs Confer-
ence—is a stage. For one video,
he pretends to be a character
from “The Office” television se-
ries, answering a phone at an
empty desk to the show’s theme
music. In his rooftop Star Wars
scene, he reprises Luke Sky-
walker gazing out as dramatic
music swells. Tanana didn’t re-
spond to requests to comment.
Mr. Robinson in Florida re-
enacts on-the-job dynamics. In
one, he asks to leave early; his
TikTok boss doesn’t appear
sympathetic. His real em-
ployer, Dynamic Security Inc.,
based in Muscle Shoals, Ala.,
declined to comment.
“It just makes me happy,”
he says, “knowing that I made
someone smile.”
—Jim Oberman
contributed to this article.
THE WALL STREET JOURNAL.
K AT H L E E N E I S B R E N N E R
1960 — 2019
Entrepreneur Expanded
Natural-Gas Market
K
athleen Eisbrenner, a rare
female entrepreneur in the
energy industry, helped
turn natural gas into a globally
traded fuel.
After joining El Paso Energy
Corp. more than two decades ago,
she sought less expensive and
more flexible ways to import liq-
uefied natural gas, or LNG. Gas is
cooled into a liquid at about mi-
nus 260 degrees Fahrenheit for
transport on ships; then the liq-
uid must be heated back into gas
at its destination. This “re-gasifi-
cation” is usually done at massive
onshore terminals that take years
to build and face major regula-
tory hurdles because of environ-
mental and safety concerns.
Ms. Eisbrenner and her team at
El Paso developed technology al-
MICHEL ROUX
1940 — 2019
Vodka Got Snob Appeal
From Absolut Salesman
M
ichel Roux, a Frenchman
who got his start in the
hotel industry and once
worked as a dishwasher, pulled
off the remarkable feat of endow-
ing vodka with snob appeal.
In the 1980s and early 1990s,
as head of Carillon Importers
Ltd., the firm importing Absolut
vodka from Sweden, Mr. Roux
oversaw one of the most success-
ful marketing campaigns ever,
hoisting the brand from obscurity
to the No. 1 spot among imported
vodkas in the U.S.
The ads, created by TBWA Ad-
vertising, started simple. An early
version depicted a bottle of Abso-
lut underneath a halo with the
slogan “Absolut Perfection.” Later
ads morphed the bottle into im-
ages of Central Park, a phalanx of
* * * *
OBITUARIES
lowing the liquid to be re-gasified
aboard ships, then piped to shore
and into the domestic distribution
network. This method allows gas
to reach ports where it wouldn’t
be economical to build an onshore
terminal. After El Paso ran into fi-
nancial trouble, Ms. Eisbrenner
became chief executive of Exceler-
ate Energy, a company that ac-
quired the technology and helped
spread its use world-wide.
She also served as an executive
vice president at Royal Dutch Shell
and founded NextDecade Corp., a
company developing a project to
export gas produced in the U.S.
Ms. Eisbrenner died May 9 of
head injuries from a fall in her
home in The Woodlands, Texas.
She was 58 years old.
—James R. Hagerty
yellow taxis, a flock of pigeons
(Absolut Venice) and a computer
chip. The bottle even masquer-
aded as a Playboy centerfold.
Artists and other celebrities in-
cluding Andy Warhol were paid to
help promote the brand. To reach
trendsetters, Mr. Roux advertised
in magazines aimed at gays and
lesbians, and supported their
causes before that strategy be-
came common.
The ads had so much cachet
that magazines offered special
deals. In 1993, Countryside maga-
zine paid the costs of producing an
Absolut ad to appear in its pages.
Mr. Roux, who died April 30 at
age 78, also promoted Stolichnaya
vodka, Grand Marnier, Bombay
gin and absinthe.
—James R. Hagerty
E D TIME OF
IT
LIM
70%
‘Misfits of Nature’ Taught
Philosopher How to Live
BY JAMES R. HAGERTY
J
ean Vanier, a French-Canadian
philosopher and navy veteran,
was still searching for his
spiritual path in 1964 when he vis-
ited an asylum for the mentally
disabled near Paris. The over-
crowding and filth appalled him.
“Will you be my friend?” one of
the inmates, Raphael Simi, asked
him. Mr. Vanier’s answer was to
invite Mr. Simi and another dis-
abled man to live with him in a
small house in the village of
Trosly-Breuil, France. Soon they
were joined by others. Caring for
his new friends, feeding and wash-
ing them, Mr. Vanier found that
the benefits flowed both ways.
“They were seen as misfits of
nature, not as human beings,” he
wrote in his 1998 book “Becoming
Human.” Living in their midst al-
lowed him to “recognize and ac-
cept my own weaknesses and vul-
nerability. I no longer have to
pretend I am strong or clever or
better than others.”
He named his home L’Arche, af-
ter Noah’s Ark. Its model of caring
for the intellectually disabled,
overseen by L’Arche International,
a Paris-based charity, has spread
to more than 150 communities in
38 countries, providing homes for
about 5,000 people.
Mr. Vanier, who died May 7 at
age 90, called L’Arche “a school of
the heart.”
Sohrab Ahmari, then an edito-
rial-page writer for this newspa-
per, visited the original Trosly-
Breuil home four years ago.
“Eating at a L’Arche house can be
discomfiting if you’re a stickler for
table manners,” he wrote. “There
is much spitting, spilling and gur-
gling. But gradually the discomfort
melts away, and the residents
draw you into their world, unhin-
dered by politeness or social rank.
That’s the point of the place: to
understand what it means to be
human in all its imperfect forms,
ADVERTISEMENT
The Theory of Everything:
The Quest to Explain All Reality
FE
Taught by Professor Don Lincoln
R
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J E A N VA N I E R
1928 — 2019
and to mark human dignity where
it is least physically obvious.”
Mr. Vanier found liberation in
the communities he created. “The
great thing about people with in-
tellectual disabilities is that
they’re not people who discuss
philosophy,” the philosopher told
Mr. Ahmari. “What they want is
fun and laughter, to do things to-
gether and fool around, and laugh-
ter is at the heart of community.”
Well over 6 feet tall, he had
bristly eyebrows and a face that
seemed chipped out of rock. For
the interview, he wore a wind-
breaker and corduroy trousers.
“What I’m trying to live and trying
to say is that people with disabili-
ties are important—in themselves
but also they have a message to
give to humanity,” he said.
Jean François Antoine Vanier
was born Sept. 10, 1928, in Geneva.
His father, Georges Vanier, was a
Canadian diplomat who later
served as governor general of Can-
ada. His mother, the former Pau-
line Archer, was known for human-
itarian work.
The family lived in France at the
outbreak of World War II and fled
to escape the Nazi onslaught. In
1942, safely back in Canada, 13-
year-old Jean had a startling pro-
posal to his parents: He wished to
sail to England, enroll in the Royal
Naval College and prepare to fight
the Nazis. His father suggested al-
ternatives but finally consented. “I
trust you,” he said.
The war was over by the time
he completed his training, but he
served as an officer in the British
and Canadian navies. Influenced
partly by the writings of Thomas
Merton, he left the military in 1950
to pray, read and contemplate.
For the next 12 years, he was a
wandering student of theology and
philosophy in France and else-
where. He lived for a spell in a
Trappist monastery. In 1962, he
earned a doctorate in philosophy
from the Catholic University of
Paris. His dissertation examined
Aristotelian ethics. Mr. Vanier, who
never married, lectured briefly at
the University of Toronto before
founding L’Arche.
Coming out of the navy, he knew
how to give commands but was
fearful of relationships, he later
said. Living with the disabled
taught him tenderness.
The organization spread to the
U.S. in 1972 with a community in
Erie, Pa. Linda, a resident of that
home since 1986, recalls visiting
Mr. Vanier in France. Earlier this
year, she knew his health was declin-
ing and was praying for him. “Jean is
with Jesus,” she said Tuesday.
In his 2015 interview with The
Wall Street Journal, Mr. Vanier
was asked what could be contrib-
uted by those unable to devote
themselves full time to serving
others. “Try and find somebody
who is lonely,” he said. “And when
you go to see them, they will see
you as the messiah. Go and visit a
little old lady who has no friends
or family. Bring her flowers. People
say, ‘But that’s nothing.’ It is noth-
ing—but it’s also everything.”
 Read a collection of in-depth
profiles at WSJ.com/Obituaries

   

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7. Flavor Changes via the Weak Force
8. Electroweak Unification via the Higgs Field
9. Quarks, Color, and the Strong Force
10. Standard Model Triumphs and Challenges
11. How Neutrino Identity Oscillates
12. Conservation Laws and Symmetry: Emmy Noether
13. Theoretical Symmetries and Mathematics
14. Balancing Force and Matter: Supersymmetry
15. Why Quarks and Leptons?
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A12 | Saturday/Sunday, May 18 - 19, 2019
Unfulfilled
Promises of
DNA Tests
Continued from Page One
ing and talking, and epilepsy.
The findings gave the family
an answer, and a community.
Esmé had a variant in the
PCDH19 gene. Ms. Savoie threw
herself into PCDH19 research
and friendships with families of
other PCDH19 children.
A later DNA test, in 2015, up-
ended that.
The lab no longer considered
that variant a culprit in Esmé’s
condition after all. It now
pointed to a variant of a differ-
ent gene that hadn’t been
flagged before because it wasn’t
part of genetic testing at the
time. Two other patients with
epilepsy and intellectual disabil-
ity had variants on this other
gene, the report said. One of
them had died.
“The ground kept shifting,”
says Ms. Savoie. “It was a crisis
of identity, as well as a crisis of
faith in science to tell us some-
thing we could rely on.”
Esmé’s genetic code hadn’t
changed. But the interpretation
of new and rare gene variants
does, frequently, sometimes in
ways that can change a person’s
treatment strategy and progno-
sis. For Esmé’s family, the report
still wasn’t the final word.
Pandora’s box
DNA testing has created a
wealth of information for pa-
tients and doctors. Because it
generates so much new data, the
medical world is still trying to
understand what it means,
bringing anxiety to families.
“We are in a period of drastic
evolution in our field,” said
Heidi Rehm, chief genomics offi-
cer at Massachusetts General
Hospital in Boston, who is in-
volved in DNA interpretation ef-
forts, including one to cull gene
associations no longer consid-
ered accurate.
Some genetic testing, like
that performed on the millions
of newborns tested with drops
of blood taken from their heels,
has been around for decades.
Commercial genetic testing
surged after scientists an-
nounced in 2003 they success-
fully sequenced the human ge-
nome. Improvements in
technology allowed for the test-
ing of many genes at the same
time. Prices of tests plummeted.
Last year, a study published
in the journal Health Affairs es-
timated there were approxi-
mately 75,000 genetic tests used
by doctors on the market, with
about 10 new ones released ev-
ery day. (Direct-to-consumer
tests weren’t included.)
Doctors use genetic tests to
help inform treatment for rare
conditions, cancer and heart dis-
ease. They find themselves pep-
pered with questions from con-
sumers who want to understand
the results of their home-testing
kits. As more people have their
DNA tested, and rely on the re-
sults as gospel, the potential for
reinterpretations is having far-
reaching consequences.
Researchers at the University
of Texas Southwestern Medical
Center, including a child neurol-
ogist, published a study last
year reviewing more than 300
epilepsy cases. It found nearly a
third of the children had a
change in diagnosis based on
new genetic data that emerged
in the previous five years. Re-
searchers recommended parents
review gene tests performed on
children with epilepsy at least
every two years to keep up.
In a paper this year, research-
ers reviewed data for 33 genes
routinely tested to diagnose a
genetic condition involving
thickening of the heart muscle
that can lead to sudden death.
Of those, they found 22 had ei-
ther limited or no evidence for
causing the disease, said Jodie
Ingles, associate professor at the
University of Sydney and lead
author on the paper.
“We have to be sure,” said Dr.
Ingles. “There is so much poten-
tial for harm if we get it wrong.”
At first, the Savoies resisted
genetic testing.
After Esmé’s difficult birth,
Ms. Savoie says she and her hus-
band, André, didn’t have time to
think about “the mystery of
Esmé’s DNA.” Their newborn
spent a week in the neonatal in-
tensive care unit while doctors
tried to wean her off oxygen and
get her to eat.
Ms. Savoie had been enrolled
in a Ph.D. program in communi-
cation and rhetoric, and was
teaching a writing course at
Skidmore College. She eventu-
ally completed her degree but
was unable to keep teaching.
The Savoies, above, administer an infusion therapy to Esmé. Below, Esmé at school and swim therapy. Each time she seemed to have a label, it was taken away.
She didn’t want to leave Esmé,
who had frequent seizures, and
became an advocate on her
daughter’s behalf.
Mr. Savoie, an architect, ini-
tially didn’t care what the issue
was called. “I knew we would
deal with whatever it was.”
Months later, “I grew to
change my opinion about test-
ing.”
At 3½ months old, Esmé
went into cardiac arrest. Ms.
Savoie raced into the emergency
room with her child cradled in
her arms. Doctors asked if the
baby had any genetic conditions.
“I wanted to tell them some-
thing to help, but I didn’t have a
label,” Ms. Savoie said.
In the hospital, a geneticist
went over the types of tests cli-
nicians recommend. They
started with a test for 22Q11, a
deletion on chromosome 22 that
can cause heart problems and
developmental delays. The test
was negative. Doctors then or-
dered a DNA microarray, state of
the art at the time, which
searches a larger swath of DNA.
Six weeks later, the geneticist
called. The test results didn’t
turn up anything unusual either.
Esmé was fragile. She vom-
ited repeatedly and wasn’t gain-
ing weight. They needed to tend
to her daily medical problems.
In August 2012, when Esmé
was 20 months old, the couple
decided to try testing again. Her
seizures required frequent trips
to the hospital. She was fed
through a tube and didn’t speak.
She was also energetic and curi-
ous, splashing in the small pool
in the backyard and rolling
around the house.
Ms. Savoie took Esmé once a
month to Boston Children’s Hos-
pital, a 3-hour drive from their
home in Troy, N.Y., to see spe-
cialists. The family hoped find-
ing the correct gene might lead
to a treatment.
Doctors told her about a
new test for 36 genes associ-
ated with different forms of in-
fantile epilepsy. It was expen-
sive and not widely available.
A hospital committee deter-
mined Esmé should get it.
One answer
Just shy of Esmé’s second
birthday, the doctor called to say
the test found a variant in one of
the epilepsy-causing genes:
PCDH19. Esmé didn’t have all of
the symptoms associated with
the condition, but the family
grabbed onto it.
“It was the first thing in all of
our testing that started to look
like an answer,” Ms. Savoie says.
Pursuing answers for Esmé
was difficult. It gave her hope
that, “Maybe there are other
kids like her out there, and we
just haven’t found them yet.”
Ms. Savoie found an online
support group started by par-
ents of children with PCDH19
gene variants and embraced
that world.
In 2013, she started a founda-
tion and raised money for
PCDH19 research. The founda-
tion helped fund a project in a
lab using zebrafish. She and her
husband took Esmé to see them.
Ms. Savoie made “intense
friendships” and engaged in
daily conversation with some
mothers. For two years, the
community was her main emo-
tional support.
But as more children were di-
agnosed, Ms. Savoie noticed that
the difference between Esmé’s
FROM PAGE ONE
‘We want to let this observant, quiet and
solemn child show us who she is, regardless
of what is written in her genes.’
Hillary Savoie on her daughter, Esmé.
symptoms and those of the oth-
ers was more pronounced. One
child was learning to ride a bike.
Another loved singing and
climbing on the playground. At
the age of 4, Esmé couldn’t do
any of those things.
Jozef Gecz, a researcher at
the University of Adelaide in
Australia, whose lab discovered
disease-causing variants in the
PCDH19 gene, met Ms. Savoie at
a 2013 group meeting. He too re-
alized Esmé was different than
many of the other children. He
tried to persuade Ms. Savoie
they needed to keep looking.
Ms. Savoie was torn. Having
found a community, she wanted
to stay in it.
In 2015, labs were starting to
more widely offer “whole exome
sequencing,” which sequences
large amounts of DNA, particu-
larly in sections where many
disease-causing genes are lo-
cated. Esmé’s blood was tested.
Her daughter’s PCDH19 vari-
ant, previously classified as of
unknown significance, was now
ruled likely not to be disease-
causing. And Esmé had a variant
in a different gene, called
SCN8A, that was so new it
hadn’t been on her previous
test. It now seemed to explain
more of Esmé’s symptoms.
SCN8A cases were still very
rare. Scientists had only recently
discovered some variants were
associated with epilepsy. Esmé’s
report described two previous
cases, including one who died.
The one who died, she learned
later, was a child.
In the wake of the new inter-
pretation, Ms. Savoie considered
the PCDH19 world she had been
inhabiting and felt, “I no longer
had a claim to that community.”
The foundation she set up
stopped funding future PCDH19
projects and started fundraising
for SCN8A research.
Tracy Dixon-Salazar, who is
the director of research and
strategy at a foundation that fo-
cuses on Lennox-Gastaut Syn-
drome, a type of epilepsy that
Net new genetic tests used
by doctors on the U.S. market
15,000
10,000
5,000
0
2014 ’15 ’16 ’17
Note: Doesn't include direct-to-consumer tests.
Source: Concert Genetics
* *** THE WALL STREET JOURNAL.
her daughter has, said frequent
variant reinterpretations can
cause hurt feelings when people
move between different groups.
“They experience every-
thing at 10 times the emo-
tional impact. That’s on top of
this horrific disease their chil-
dren have.”
A new quest
Ms. Savoie connected online
with a group of parents whose
children all had SCN8A muta-
tions. Esmé’s medication didn’t
change, but because of risks as-
sociated with the SCN8A vari-
ant, her parents pursued cardiac
monitoring.
At first, Ms. Savoie held back
from sharing Esmé’s story. She
was concerned about meeting
new people, and the diagnosis
changing again.
She told the parents that
doctors weren’t sure yet if the
SCN8A variant was the cause
of Esmé’s condition. Parents
told her an official diagnosis
didn’t matter.
“We are all going through the
same thing, trying to save our
child’s life,” said Dianely Ca-
brera, whose 4-year-old son,
Max, has an SCN8A variant.
Ms. Savoie had a measure of
peace. Even this wasn’t to last.
In 2016, the family received a
LAUREN LANCASTER FOR THE WALL STREET JOURNAL (3)
new report from the lab that
had done Esmé’s whole exome
sequencing a year before.
Esmé’s genetic results had been
reinterpreted—again.
Esmé’s SCN8A variant was
still considered of unknown sig-
nificance. But now they also
found two other gene variants,
labeled “likely pathogenic” and
“pathogenic,” or disease-caus-
ing, which hadn’t been previ-
ously known.
Each time Esmé seemed to
have a label, it was later taken
away. Twice, Ms. Savoie found a
genetic home, only to feel she no
longer belonged.
As more people get tested,
the lab might change its inter-
pretations again, Mr. Savoie
said. Any one of Esmé’s four
genetic mutations—separately
or perhaps in concert—might
eventually turn out to be dis-
ease-causing.
Mr. Savoie said his wife
didn’t want to leave the SCN8A
community with which she now
closely identified.
Shelley Frappier, whose 5-
year-old son, Nico, has an
SCN8A diagnosis, and who
works as a volunteer in Ms.
Savoie’s foundation, urged Ms.
Savoie to stay. To her, what
binds the parents isn’t the par-
ticular disease-causing gene
variant but the desire to save
their children’s lives. “Every
night, I give my little boy a kiss
at night and don’t know if that’s
the last one,” said Ms. Frappier.
“We all live with that fear.”
Ms. Savoie decided to con-
tinue her work with SCN8A,
even if any discoveries seemed
unlikely to benefit Esmé. She
also joined Facebook groups
for people with variants in the
two new genes listed in Esmé’s
latest report. She stays in
touch with some members of
the PCDH19 community.
Esmé attends school from
8:30 a.m. to 1 p.m., participating
in a small class where she has
her own nurse. She works on
reading and math, speech ther-
apy and music therapy. After
school, she has therapy in a pool
and an additional school session
with a teacher at home. When
the weather is nice, she goes
outside in her wheelchair. She
blows bubbles, and plays with
toy cars. She is a fan of the
movie “Coco” and the Muppets.
Esmé makes sounds, but is
often difficult to understand,
even for her parents.
In January, Ms. Savoie ar-
rived at Boston Children’s Hos-
pital with 8-year-old Esmé.
Dressed in a purple sweatshirt
and black leggings, she sat on
her mother’s lap, her eyes dart-
ing to the bright fish in the giant
aquarium in the lobby. A long
day of doctor appointments lay
ahead, but Ms. Savoie stopped
to chat with an expert in epi-
lepsy genetics she knew, An-
napurna Poduri.
A new genetic testing oppor-
tunity was available, she told Dr.
Poduri. At a recent meeting of
rare-disease advocates, a lab of-
fered to test Esmé’s DNA again.
More information and improved
technology offered the possibil-
ity of yet-another interpretation
of Esmé’s genes.
Dr. Poduri watched Esmé,
chewing contentedly on her
mother’s scarf. The girl’s blue
eyes blinked back. They decided
to move ahead with the testing.
“I tell all the families,” the doc-
tor said, “this is what we know
now, but it is going to change.”
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Wilfred McClay | By Naomi Schaefer Riley
Reclaiming History From Howard Zinn
I
f you’re old enough to re-
member the Soviet Union,
you’ve probably wondered
why so many young people
today seem attracted to so-
cialism. One influence is Howard
Zinn, who published “A People’s
History of the United States” in
1980, the year before the first mil-
lennials were born.
The book “continues to be as-
signed in countless college and
high-school courses, but its com-
mercial sales have remained
strong as well,” the Chronicle of
Higher Education reported in
2003, on the occasion of its mil-
lionth copy sold. It kept selling af-
ter Zinn died in 2010: The Zinn
Education Program website now
claims more than two million
sales.
Historian Wilfred McClay as-
pires to be the antidote to Zinn,
whom he accuses of “greatly over-
simplifying the past and turning
American history into a comic-
book melodrama in which ‘the
people’ are constantly being
abused by ‘the rulers.’ ” Mr. Mc-
Clay’s counterpoint, which comes
out next week, is titled “Land of
Hope: An Invitation to the Great
American Story.”
The left’s portrait of
America’s past has
triumphed thanks to the
abdication of serious
historians. This historian
offers an antidote.
He says he doesn’t mean his new
book as “some saccharine white-
wash of American history.” But he’s
seen too many students drawn to
Zinn because the standard text-
books are visionless and tedious.
“Just as nature abhors a vacuum,”
Mr. McClay says, “so a culture will
find some kind of grand narrative
of itself to feed upon, even a poi-
sonous one.”
A lousy story is better than no
story at all: “We historians have for
years been supplying an account of
the American past that is so unedi-
fying and lacking in larger perspec-
tive that Zinn’s sweeping melo-
drama looks good by comparison.
Zinn’s success is indicative of our
failure. We have to do better.”
With his round dark-framed
glasses and bushy, graying mus-
tache and eyebrows, Mr. McClay,
67, looks as if he could have walked
out of a 1950s classroom. He’s
taught history since 1986, including
at Tulane, Johns Hopkins, the Uni-
versity of Tennessee and now the
University of Oklahoma. He takes a
decidedly traditional approach to
studying and teaching history, and
he bristles with criticism for fash-
ionable nostrums.
Don’t ask him who’s on the
right or wrong side of history. He
thinks those concepts are bunk.
“History is only very rarely the
story of inevitabilities,” he says,
“and it almost never appears in
that form to its participants.”
Trump’s Trade War With China Is Taxing Missouri Farmers
Tarkio, Mo.
“My family has
owned our farm for
116 years,” says
Roger Cordes, a
farmer in central
Missouri’s Pettis
CROSS
COUNTRY County. “I don’t
By Blake
want to be the one
to lose it.” Trade
Hurst
wars may be easy to
win, but even “easy”
wars have casualties.
It’s been a tough year on U.S.
farms. The loss of the Chinese mar-
ket and historic flooding in much of
the Midwest have hit farmers hard.
Planting has been delayed every-
where by wet, cold weather, and last
week’s collapse of the trade talks
with China and the imposition of
another round of tariffs by Presi-
dent Trump has led to a rout in the
commodity markets. The Bloomberg
Grains Subindex Total Return—com-
posed of futures contracts on corn,
soybeans and wheat—hit a 42-year
low May 11.
The CEO of Revere Plastics Sys-
tems, a supplier to the washing-ma-
chine producer Whirlpool, recently
told MSNBC that his business is
booming because of tariffs. It’s good
to know someone is benefiting. The
story is somewhat different in my
part of the world.
Atchison County, my small farm-
ing community in northwest Mis-
souri, is home to about 5,000 people.
One hundred thousand acres of soy-
beans are planted here each year.
The drop in soybean prices has
* * * *
Thus in the new book he
observes that it’s “hard to
read about” early-19th-cen-
tury America “without think-
ing of the series of events
culminating in the coming of
the Civil War as if they were
predictable stages in a preor-
dained outcome. Like the au-
dience for a Greek tragedy,
we come to this great Ameri-
can drama already knowing
the general plot,” and sus-
ceptible to the illusion that it
was written in advance. He
urges readers to resist “that
habit of mind” and remem-
ber that people at the time
had no foresight to match
our hindsight.
What gets him most riled
up is what he sees as an ab-
dication. “When you teach an
introductory course in Amer-
ican history,” he says, “you
really have a responsibility
KEN FALLIN
. . . to reflect in some way
the national story, in a way
that is conducive to the de-
velopment of the outlook and
skills of a citizen—of an engaged,
patriotic, serious citizen.” Most
professional historians don’t “take
that mandate very seriously at
all,” and instead provide “a basi-
cally negative understanding of
American history.”
He says proudly that they recip-
rocate his aversion. When he
meets colleagues at conventions
and tells them the name of his
book, “they just kind of look at me
and say, ‘Oh my God, what have
you been smoking?’ . . . When I
say it has the word ‘Great,’ in ‘the
Great American Story,’ then
they’re even more dubious.”
Mr. McClay’s objective in “Land
of Hope” is to help readers de-
velop a sense of perspective and
“a mastery of the detail” of Ameri-
can history. The Zinn approach al-
lows them to be lazy: “Why learn
what the Wilmot Proviso was, or
what exactly went into the Com-
promise of 1850, when you could
just say we had this original sin of
slavery?”
By contrast, “Land of Hope”
delves into the complexity of the
Founders’ debates over slavery.
Many expected it would eventually
end on its own, or believed the al-
ternative to accepting it—aban-
doning the union—was worse.
Some were conflicted. The book
describes George Mason as “a
slaveholder but also a Christian
who labeled the trade an ‘infernal
traffic,’ ” and adds: “Mason feared
the corrupting spread of slavery
through the nation, which would
bring the ‘judgement of Heaven’
down severely upon any country in
which bondage was widespread
and blandly accepted.” The Found-
ers had to weigh what was possi-
ble, not just what was ideal—and
Mr. McClay thinks it’s unfair to de-
nounce them for failing to meet
today’s standards.
Similarly, he says that when he
talks about the wise and loving
letters between John and Abigail
Adams, “students will say, ‘Yeah,
but you know, women couldn’t
own property and couldn’t vote.’ ”
meant a loss of around $100 in po-
tential income on each of those
acres. Atchison County farmers will
be looking at a decline of $10 million
in gross income this year, or about
$2,000 per capita. We won’t be buy-
ing many Whirlpool washers.
Supporters of the tariffs begin
each conversation with a litany of
Chinese wrongs. They say China ig-
nores the rules governing interna-
tional trade and is at best a geopo-
litical rival and maybe something
far worse. It’s true that the U.S. re-
sponse to China’s bad behavior has
been inadequate. Yet rarely does the
conversation move to Canada, Mex-
ico or South Korea, other formerly
reliable customers for U.S. agricul-
tural products that have also be-
come targets in Mr. Trump’s world-
wide trade war.
Mr. Cordes, a lifelong Republican,
is worried about China as well. But
he’s also worried about having to
take out a mortgage on his farm so
he can plant this year’s crop and
feed his family. The economic reality
has dimmed his ardor for trade
wars.
I’d like to stop China’s abuses too,
but I’m more concerned with my
farm’s financial future. My family
produces 150,000 bushels of soy-
beans a year, but with the price bot-
toming out, we expect to take a
$250,000 hit to our gross income in
2019. Farmers are patriotic. We love
our country and don’t want to see it
cheated. But we’ve given about as
much to this battle as we are able.
Tariffs are a tax on U.S. consum-
OPINION
True enough, but Mr. McClay re-
sponds with a challenge: “Well,
compared to what? Were things
better for women in sub-Saharan
Africa? Were they better in
France? And generally they can’t
answer the question. What they do
is they measure the country’s his-
tory against an abstract standard
of perfection, against which it’s al-
ways going to fall short.”
Mr. McClay decries the impulse
to “condescend toward history”—
and tear down monuments or
withdraw honors from historical
figures who offend today’s sensi-
bilities. He says he isn’t trying to
“reduce everything to context,”
only to acknowledge that leaders
from Thomas Jefferson to Martin
Luther King were complicated,
and that their flaws are “no rea-
son to rob them” of recognition
for the “truly heroic things that
they accomplished.”
T
ake Woodrow Wilson, re-
cently the subject of contro-
versy at Princeton Univer-
sity, where he was president from
1902-10. Critics want to remove
his name from the School of Pub-
lic and International Affairs be-
cause of his bad record on race.
Mr. McClay isn’t a fan of President
Wilson’s diplomatic efforts and
criticizes his suppression of dis-
sent during World War I. But
when the U.S. entered that war,
Mr. McClay says, “it was a mo-
ment for all hands on deck, and
Wilson proved to be an excellent
wartime leader.” The professor
praises the 28th president as
“acutely attuned . . . to the main-
tenance of public morale.”
Ideological bias in history text-
books is bad enough when the
events occurred a century or more
ago. “Especially once you get past,
say, 1960 or 1964,” Mr. McClay
says, “it just gets awful.” When
examining the recent past, “it’s
very, very, very hard to have any
kind of perspective, other than
whatever your own partisan per-
suasion is.”
ers. We already tax ourselves to be-
long to international organizations
that are supposed to enforce trading
rules, as well as to fund the U.S.
military, the State Department, in-
telligence organizations and a legal
My patriotic friends and
neighbors support the
president, but they’ve
given about all they can.
system that has tools to enforce
laws against industrial espionage.
All these institutions are better
suited than Midwestern soybean
growers to take on China’s bad be-
havior.
Notable & Quotable: ‘Unreliable’ News Sites
A “Letter From the Editor” by
Barbara Allen, published on the
Poynter Institute website, May 2:
Dear readers:
On Tuesday, April 30, Poynter
posted a list of 515 “unreliable” news
websites, built from pre-existing da-
tabases compiled by journalists, fact-
checkers and researchers around the
country. Our aim was to provide a
useful tool for readers to gauge the
legitimacy of the information they
were consuming.
Soon after we published, we re-
Saturday/Sunday, May 18 - 19, 2019 | A13
He adds that some recent his-
tory books are “somewhat disfig-
ured” by the way in which the un-
derstanding of recent history is
“projected back on to the past.”
He’s willing to name names. Har-
vard’s Jill Lepore “recently pub-
lished an ambitious history of the
United States—full of interesting
details, but with a present-minded
political perspective that disfigures
the whole.” Yale’s Timothy Snyder
“has written brilliantly and author-
itatively about the ‘bloodlands’ of
the Second World War”—the coun-
tries between Germany and Russia
that were ravaged by both Nazis
and communists. But he “has taken
out a flier as civilizational prophet
and diagnostician of ‘tyranny,’ with
effects that are both alarming and
embarrassing.”
Mr. McClay is even harsher on
history textbooks: “They’re com-
pletely unreadable because they’re
assembled by committee, by grad-
uate students who write little bits
and pieces of them. I’m not con-
vinced that most of the textbooks
that have the names of very emi-
nent historians on the cover were
actually read by them, let alone
written by them.”
There are also the committees
that approve them—state and local
school boards, which answer to a
variety of “stakeholders.” Mem-
bers of every racial, cultural and
religious group want a say in how
they and events important to them
are described. Mr. McClay opted to
dispense with that process, and
“Land of Hope” is being published
by a conservative house, Encoun-
ter Books. He probably won’t sell
many copies to public schools, but
he hopes there are enough private
and religious and charter schools,
not to mention home-schoolers,
that it will find a market.
Mr. McClay says his model was
the first 20 pages of Henry Ad-
ams’s nine-volume “History of the
United States,” published between
1889 and 1891. Like Adams, Mr.
McClay approaches history as a
story. Unlike many modern text-
Moreover, America’s diplomacy
and law-enforcement bodies are
funded according to tax laws passed
by Congress. Tariffs are imposed
unilaterally by the executive—even
as they destroy the economic future
of farms and other export-depen-
dent businesses.
Journalists never tire of writing
with amazement (and no small
amount of condescension) about the
continuing support for President
Trump among farmers and other ru-
ral citizens. It’s much easier to un-
derstand here on the farm. Mr.
Trump so often says and does
things that make perfect cultural
sense to those of us who live far
from the coasts. He can and should
continue to count on overwhelming
support from the heartland as he
approaches the 2020 election.
ceived complaints from those on the
list and readers who objected to the
inclusion of certain sites, and the ex-
clusion of others. We began an audit
to test the accuracy and veracity of
the list, and while we feel that many
of the sites did have a track record
of publishing unreliable information,
our review found weaknesses in the
methodology. We detected inconsis-
tencies between the findings of the
original databases that were the
sources for the list and our own ren-
dering of the final report.
Therefore, we are removing this
books, “Land of Hope” has no
sidebars or charts; a few
maps and portraits provide
the only distractions from the
text. Mr. McClay writes with
a literary quality, as when he
likens Lincoln to Moses, “cru-
elly denied entry into the
promised land of a restored
Union, denied the satisfaction
of seeing that new birth of
freedom he had labored so
long to achieve.”
There’s also nonpartisan
cultural criticism. After re-
counting Charles Lindbergh’s
1927 flight across the Atlan-
tic, Mr. McClay asks: “Why
were the parades in his honor
even greater than for the
doughboys returning from the
sacrificial perils of war?” He
answers that the new mass
media “allowed for the act to
be amplified and made into a
story, one with near-mythic
overtones,” and turned into a
“shared national experience,
one story among many others
binding the nation together.”
That, however, raised “the danger
that with enough spin applied, al-
most any occurrence could now be
hyped up into being a significant
event.”
In the classroom, he endeavors
to cultivate a longer view. When
he explains the Constitution, he
reminds students—or lets them
know for the first time—that “con-
flict is part of the human condi-
tion and can never be eliminated.
Neither can the desire for power
and the tendency to abuse it.”
H
e maintains a similar per-
spective in the face of young
people’s enthusiasm for so-
cialism and the apocalyptic lan-
guage he hears them use about cli-
mate change or Donald Trump. He
says he’s “reluctant to disparage
these moral urgings as the effu-
sions of ‘snowflakes.’ ” Rather, he
speculates that “there’s a hunger
for something that can have about
it the nobility that the civil-rights
movement had in its prime.”
When he taught at Tulane in the
late 1980s and early ’90s, he re-
calls, “almost every applicant for
graduate study wanted to work on
the civil-rights movement—even
though we didn’t have a single
person on the faculty at that time
who was an expert on the subject.”
It’s easy to see the attraction, but
he worries about the expectation
that history will “provide an
agenda for a moral crusade.”
“Very few moments of conflict
have the moral clarity of that par-
ticular historical moment,” Mr.
McClay cautions, “and we fall into
error when we try to repeat it
again and again.” Instead, he en-
courages students to appreciate
the nobility all around them.
“Gosh,” he says, “as Americans,
you are part of what is arguably
the most exciting enterprise in hu-
man history.”
Ms. Riley is a resident fellow at
the American Enterprise Institute
and a senior fellow at the Indepen-
dent Women’s Forum.
After all, there is no support for
a world-class agriculture sector
among his likely opponents. Both
Bernie Sanders and Kamala Harris
have recently sworn their opposi-
tion to the U.S.-Mexico-Canada
Agreement, a trade pact that would
improve relations with our top two
markets for farm products.
At least part of the frustration
felt by my neighbors is the feeling
that no one in politics is looking out
for our interests. Republicans and
Democrats alike are pursuing poli-
cies that will shrink the size of our
agricultural economy. Mr. Cordes
won’t be the only farmer to see 100
years of history fall victim to a war
that was neither easy nor necessary.
Mr. Hurst is a corn, soybean and
greenhouse farmer.
unreliable sites list until we are able
to provide our audience a more con-
sistent and rigorous set of criteria.
The list was intended to be a start-
ing place for readers and journalists
to learn more about the veracity of
websites that purported to offer
news; it was not intended to be de-
finitive or all encompassing. We re-
gret that we failed to ensure that the
data was rigorous before publica-
tion, and apologize for the confusion
and agitation caused by its publica-
tion. We pledge to continue to hold
ourselves to the highest standards.
A14 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Immigration Progress U.S.-China Talks Ignore Global Trade Rules

P
resident Trump campaigned in 2016 as in trade and transportation. As a real-estate Your May 11 editorial “The Your editorial correctly explains
an immigration restrictionist, and most guy, Mr. Trump has to know that hotels, ware- China Trade Impasse” omits an im- how the Trump administration’s tar-
portant word and value that iffs on China can be bad for both
of the time he still is. But this week he houses and factories won’t be built, products
should be central to America’s nations’ economies. Yet an equally
made his largest move to date won’t be transported, and trade fight with China: law. I refer important problem is that the ad-
toward a more welcoming He admits the U.S. stores won’t be stocked if jobs to international trade law as codi- ministration’s tactic of imposing
view of legal immigration, al- needs talent but he’s go unfilled. fied in the rules of the World frontier justice on China violates ba-
beit with some unfortunate Yet he’s still indulging in Trade Organization, which were sic international rules against unilat-
contradictions. still too stingy on visas. bad labor economics. “New- co-authored and championed by eral tariffs and evading the jurisdic-
The reform outline Mr. comers compete for jobs previous U.S. administrations. tion of WTO dispute settlement.
Trump sketched Thursday is against the most vulnerable If you’re right that China engages Should U.S. negotiators succeed in
thin on detail, but the contours are an improve- Americans and put pressure on our social safety in “trade cheating,” it’s because getting China to agree to “reform its
ment on the Administration’s earlier plans. net and generous welfare programs,” he de- China has violated WTO law. Yet the policies and markets to let foreign
“Our proposal is pro-American, pro-immigrant, clared. But immigrants complement rather than Trump administration has brought companies compete fairly without
only three WTO cases against China, regulatory predation or theft,” then,
and pro-worker,” he declared. Acknowledging replace American workers. The U.S. jobless rate
even though China has the most ex- as the editorial says, there needs to
that these objectives don’t conflict is progress. is the lowest in 50 years, and wages are rising tensive legal obligations of any WTO be a “process for mediating dis-
The problem is that the President still seems for the least skilled, even as the immigrant member country as a result of the putes.” The WTO already has a good
to think that lower-skilled immigrants undercut share of the workforce is higher than in at least numerous unique commitments system for enforcing its own law.
American workers. There’s little evidence for 15 years. China made when it joined the WTO Unfortunately, the Trump adminis-
that, and U.S. workers, taxpayers and busi- By the way, the labor participation rate for in 2001. The whole point of interna- tration is seeking to tear that sys-
nesses would benefit from more immigrants of foreign-born workers is higher than native tional trade law is that one country tem down by refusing to allow the
all skill levels. workers at all education levels. Labor participa- should not have the right to define WTO to replace appellate judges
The outline’s centerpiece is a “merit” system tion among Hispanic immigrants with a high- what constitutes trade cheating. For when their terms end.
similar to the Canadian and Australian models school degree (72.2%) is nearly 20 points higher intellectual-property theft, extensive For any new conflicts between the
WTO rules exist. U.S. and China outside the scope of
that award immigrants points based on age, edu- than similarly educated native whites (53.8%)
The problem with the U.S.-China WTO law, the two nations should es-
cation, employment and English proficiency. The and about equal to those with bachelor’s de- trade negotiations is that if the tablish a bilateral process for adjudi-
share of immigrants admitted based on skill and grees (72.7%). Trump administration’s numerous cation, such as international arbitra-
employment would increase to 57% from 12% Low-skilled immigrants are contributing allegations against the Chinese gov- tion. If the Trump administration is
while the proportion granted green cards because heavily to the nation’s entitlement programs ernment are valid, such misbehavior seeking a dispute process in which it
of family ties would fall by half to 33%. and sustaining Rust Belt communities that oth- adversely impacts all advanced alone can decide whether China
Current levels of legal migration would stay erwise would be losing population. More immi- economies, not just the U.S. Yet the cheats or engages in unfair treat-
the same, which is notable since the Adminis- gration will be vital to maintaining the “safety bilateral nature of the talks allows ment, then China should just say no.
tration last year endorsed a 50% cut. Mr. Trump net” as the U.S. fertility rate last year fell to a U.S. negotiators to make ad hoc de- Such refusal would be in China’s
also wants to let more foreign students edu- 32-year low. mands that could benefit U.S. inter- own domestic interest, and also in
cated at American colleges stay to work. As Mr. Mr. Trump is bowing to labor groups who ests (or special interests) to the det- its global interest to preserve the
riment of other countries. Moreover, once strong but now fragile world
Trump noted, U.S. companies are moving of- oppose increasing guest workers because they
the lack of third parties in the room economic order.
fices abroad because they can’t find or retain are harder to organize, and to restrictionists makes it hard to know whether the PROF. STEVE CHARNOVITZ
skilled workers. who want to reduce all immigration for cultural negotiations on either side are being George Washington Law School
But any point system is vulnerable to politi- reasons. The President also made no nod to le- carried out in good faith. Washington
cal meddling and will discriminate against less- galizing the 1.8 million or so young adults who
educated strivers who also boost the U.S. econ- were brought to the country illegally as chil-
omy. Merit systems don’t measure dren. Yet no immigration deal with Democrats
entrepreneurship and would keep out many is possible without some solution for those so-
less-skilled workers who start small businesses called Dreamers.
There’s Nothing to ‘Nationalize’ in 5G Radio
like the neighborhood dry cleaner. The plan also Then again, the new Trump outline is in- Mene Ukueberuwa’s otherwise What happened in January 2018
doesn’t increase or streamline guest-worker vi- tended more as a campaign document than leg- fine interview on 5G was marred by was less momentous, but still impres-
his casual repetition of a misleading sive: A single online publication, in
sas, which are crucial to reduce the incentive islative proposal. Democrats don’t want to give
trope—that the Trump administra- receipt of a leak from parties un-
for illegal immigration. Mr. Trump a victory on immigration before the tion once floated the idea of “na- known, erroneously described the
A labor shortage is one reason Canada has election, and his restrictionist supporters don’t tionalizing America’s next-genera- leaked document as a proposal to “na-
added guest-worker visas for low-skilled occu- want a deal—period. The stalemate is likely to tion wireless network” (“The tionalize 5G,” and a myth was born.
pations. Even Japan is admitting more guest persist through the election, which is a shame Yeoman Work Behind 5G Wizardry,” It’s unclear whether that spin came
workers for blue-collar jobs as a low birth rate for the Dreamers left in limbo and for employ- The Weekend Interview with Dino from the leaker or the writer. But it’s
threatens growth and living standards. ers who need more workers. At least Mr. Trump Flore, May 11). perfectly clear that this spin perfectly
U.S. employers report 7.5 million job open- is acknowledging that America needs the There never was such a proposal. serves the interests of America’s big
ings including 360,000 in construction, one mil- world’s best talent, which could create an open- And there is no singular “next-gener- carriers, which want to kill any idea
lion in leisure and hospitality, and 1.4 million ing for compromise in 2021. ation wireless network” to be seized that would bring new and much-
by the government. Each carrier is needed competition to wireless.
building its own 5G network, and at BRIAN M. CARNEY

Cuomo vs. New York no time did the Trump administra-

tion or anyone else propose expropri-
Rivada Networks
New Paltz, N.Y.

G
ating or buying those networks or
overnor Andrew Cuomo proved again from economic and energy reality claimed the preventing their construction by pri-
this week that the biggest threat to pipeline would hinder development of wind vate businesses—the sorts of things Uber’s Capitalist Innovation
New York isn’t Donald Trump, but pro- and solar, which make up a mere 5% of state that “nationalization” conjures up.
gressive anti-growth policies. electricity though Mr. Cuomo There was a wireless nationaliza-
Battles Union Obstruction
Witness his administration’s The Governor has set the fantasy renewable tion once—the Radio Act of 1927 ef- Your editorial is right to point out
permit rejection for a 23-mile target of 50% by 2030. fectively asserted federal ownership that Uber is classic capitalism at work
natural gas pipeline connect-
cancels another New York’s hostility to of all airwaves back when Calvin (“Uber’s Risk Is Politics,” May 10).
natural gas pipeline. Coolidge was president and Herbert Unions have the responsibility to in-
ing New York City and Long natural gas and nuclear
Hoover his commerce secretary. All crease their employees’ value, but in-
Island with Pennsylvania power could soon lead to an decisions on spectrum use ever stead they tend to obstruct techno-
shale gas fields. energy shortage. Mr. Cuomo since have come under the jurisdic- logical progress like Uber’s
Beyond creating hundreds of construction has pushed for the Indian Point nuclear plant tion of the federal government. innovations.
jobs, the pipeline would boost development. that provides power to New York City to be That includes the airwaves ex- Thus union membership continues
Low-income housing developers urged the decommissioned within the next few years. He ploited by wireless carriers today, to decline. Public unions are another
Governor to approve the permit, noting “the has also banned drilling for natural gas in the who are merely licensed to use fre- matter, however. Even Franklin Roo-
uncertainty related to state approvals” is rich Utica and Marcellus Shale that lie under quencies that the federal govern- sevelt understood the dangers of
“particularly concerning, since alternative en- the state, and he has blocked another natural ment still owns. public unions, where the negotia-
ergy options are unavailable or would include gas pipeline upstate. Due to pipeline con- tors—politicians and union bosses—
costs and design changes that have not been straints, the utility Con Edison in March sus- sit on the same side of the table,
factored into these developing projects.” Don’t pended natural-gas hookups in Westchester Dear Graduates: Risk and while taxpayers pick up the price tag
for political patronage.
they understand that political uncertainty is County north of New York City. Responsibility Get You Far JIM BARBER
a cost of doing business in New York? The Big Apple and its suburbs lost popula- We have written dozens of books Mesa, Ariz.
The pipeline would also lower carbon emis- tion last year for the first time in at least a denigrating the administrators, the
sions since oil is often burned for heating and decade, and the Governor’s senseless pipeline faculty, the students and everything
electricity when demand for gas exceeds sup- veto shows why. It’s getting harder to afford else associated with higher educa- Rotten Regimes Don’t Crack
ply. No matter. Environmentalists detached the illogic of progressive policies. tion. And in one column, Jason Gay
Until the Cash Is Cut Off
sets it all in context (“Class of 2019:

A Metals Tariff Reprieve

The Secret No One Will Tell You,” Ex- Mary Anastasia O’Grady’s column
change, May 11). He gets the chaos, “How to Liberate Venezuela” makes a
the immaturity, the need to find fault compelling argument for putting

T
with anything in the past, and the es- pressure on Havana (The Americas,
rade policy is never a straight line with if either aluminum or steel imports “surge sence of a liberal-arts education: risk. May 13). Cuba receives roughly $3.5
the Trump Administration, and Friday’s meaningfully beyond historic volumes of trade Major in something you love and billion a year in foreign remittances,
agreement among the U.S., Mexico and over a period of time, with consideration of have passion for, make sure you’ve mostly from Cubans living in the U.S.
Canada to lift steel and alumi- market share, ” according to got enough technology, and then President Obama also opened up cer-
num tariffs is a good example Good news for steel the joint U.S.-Canada state- jump into the void. That’s why it’s tain forms of travel to Cuba and al-
of two steps forward and one consumers, but border ment. called commencement: It’s the begin- lowed cruise ships to call on Cuban
step back. This is a U.S. warning to ning. We educate for risk; that’s what ports, thus giving Cuba access to
The good news is that the taxes could be reimposed. Canada in particular to re- makes us exceptional and why the more U.S. dollars.
countries agreed to lift the tit- strain its exports, since the rest of the world can’t replicate what Remittances to Venezuela total
for-tat tariffs that the U.S. im- word “meaningfully” is likely we do in those four years of college. roughly $4 billion a year, helping
EM. PROF. SOL GITTLEMAN keep the Maduro regime in power.
posed last year on the dubious grounds that to be defined by the U.S. steel and aluminum in-
Tufts University Until all remittances are prohibited to
steel and aluminum from our close northern dustries. They’ll complain to the White House Lexington, Mass. Cuba and Venezuela, the current situ-
ally is a threat to national security. Canada and at the first sign of price and supply competition ation will not change.
Mexico in turn will lift their retaliatory tariffs and call it a “surge.” Perhaps an equally important out- JON C. JACOBSON
that have been hurting the U.S. Farm Belt, At the very least this provision means there come of “Class of 2019: A Course for San Diego
among other American exporters. will continue to be uncertainty in steel and alu- Undergrads: How to Be a Boss 101”
This will provide more metal for U.S. manu- minum trade flows and supply chains, which (Exchange, May 11) is that students
facturers that have been struggling under price will hang over Canadian exporters and Ameri- not only learn how to be the boss, Pepper ...
increases and supply crunches in many prod- can consumers. At worst it could lead to de- but also how to be an employee. Be-
ing an employee requires under-
And Salt
ucts. It will also provide more competition for facto quotas on steel and aluminum imports,
U.S. steel makers that have been profiting from which means politically managed trade. The Ca- standing, working with others and THE WALL STREET JOURNAL
solving your own problems. As em-
this government favoritism at the expense of nadians are taking a risk in agreeing to this pro-
ployees do more self-managing,
everyone else. vision, but they must believe that lifting the tar- bosses gain more opportunities to
The agreement removes a major obstacle to iffs and aiding the prospects for ratification of lead. If there is one thing that I
consideration of President Trump’s U.S.-Mex- new Nafta were worth it. learned from being a waitress dur-
ico-Canada trade deal that would replace Nafta. Lifting the tariffs offers some relief to the ing college, it is how to respectfully
Republican Senators had made lifting the steel harm that trade policy has done to the North address and appreciate those who
and aluminum tariffs a condition of even con- American economy. Mr. Trump also agreed Fri- wait on me.
sidering support for the new Nafta deal, as Iowa day to postpone a decision on tariffs on Euro- LIZ HERMAN
Senator Chuck Grassley explained on our pages pean cars for 180 days pending negotiations Chicago
last month. with Europe. Both moves are welcome in partic-
The new Nafta deal is still a long way from ular given that U.S.-China trade talks have bro- Letters intended for publication should
having the votes to pass, and Democrats want ken down and may take weeks or even months be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
to rewrite the labor and drug-patent provisions, to strike a deal, if one is still possible before the or emailed to wsj.ltrs@wsj.com. Please
but at least the pact won’t fail because of 2020 election. include your city and state. All letters
Trump Administration steel-tariff suicide. Trade policy is the Trump Administration’s are subject to editing, and unpublished
The step backward is that Friday’s tariff-lift- version of regulation in the Obama years—a po- letters can be neither acknowledged nor “My muscle memory
returned.
ing deal allows the U.S. to re-impose the tariffs litical risk that never really goes away. is getting forgetful.”
THE WALL STREET JOURNAL.
The Myth of ‘Wage Stagnation’
By Phil Gramm
And John Early
P
erhaps the most common
indictment of America’s
legendary prosperity is
wage stagnation. Bureau of
Labor Statistics data show
that average hourly earnings of pro-
duction and nonsupervisory employ-
ees peaked in October 1972 at $23.26
(in 2019 dollars) and were at that
same level in March 2019. But do
these numbers remotely describe the
life you have lived over the past 45
years, or square in any way with nu-
merous official measures of changes
in what Americans actually own and
consume? In short, should you believe
your eyes or government data?
Usual measures of
inflation don’t count the
benefits of better products
and more consumer choice.
Compared with 1972, American
homes today are much more spacious
and modern. The proportion of
homes today that have two or more
rooms per person is up 33.5%. The
share of homes with two or more
bathrooms has more than doubled;
central air-conditioning is more than
three times as common; and the
share of homes that have dishwash-
ers is up by more than two-thirds.
Most homes in 1972 had televisions,
but only about half were color sets.
Today they are all color and most are
flat screens in high definition, at-
tached to cable or satellites. The av-
erage home in 1972 had at least one
phone, but none had cellphones or in-
ternet access.
Kitchens today are stocked with a
far wider array of foods, including
out-of-season fruits brought from
half a world away and a vast variety
of prepared foods. Compared with
1972, this abundance costs an ever
smaller portion of families’ budgets,
freeing up some $3,200 on average to
spend on other things.
Stressed-Out American Parents Could Learn a Lesson From India
By Erica Komisar
A
s I waited to board my flight
from New York to India, I saw a
father and his toddler. The boy
was active, obviously tired and over-
whelmed. This father started to
scream and threaten his son with
physical punishment. It took consider-
able self-control for me not to go over
to the father and instruct him on ev-
erything he was doing wrong.
The parents I meet in the U.S. of-
ten seem ill-equipped, overwhelmed
and intolerant of their children’s
emotions. In my two weeks in India,
by contrast, I never witnessed an im-
patient or aggressive approach to
children. Parents were kind, gentle
and accepting, naturally soothing and
regulating their children, who in turn
were content and less distressed.
No country is perfect, and India
has its share of social and economic
problems, including extreme poverty,
overpopulation and pollution. Chaos
is everywhere, and the first thing you
notice after the crumbling infrastruc-
If U.S.-China Marriage Can Be Saved, Huawei Is the Key
A lot else was go-
ing on when the
Smoot-Hawley Tar-
iff Act of 1930 hit
a world economy
laboring under de-
clining nominal
BUSINESS
spending thanks to
WORLD
an ill-starred mon-
By Holman W.
etary contraction.
Jenkins, Jr.
President Trump’s
tariffs on China
will have consequences but not as
dramatic. They are a source of cash
for the Treasury—yes. They are not
a source of “wealth” for the coun-
try. Tariffs are a tax on consumers,
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Cars last 81.3% longer and are
72.7% safer, and many have GPS navi-
gation and premium sound systems.
No standard model lacks air-condi-
tioning or power steering. The share
of the population with college de-
grees is almost three times as high.
Americans live 7.4 years longer and
their median age is almost 10 years
older, yet the proportion of people
reporting poor health is 20.3% lower.
Real median household net worth is
up 172.2%.
By virtually any definition of eco-
nomic well-being, Americans are sub-
stantially better off today than they
were a half-century ago. So how did
we obtain this massive cornucopia of
prosperity without a pay raise since
1972?
Part of the problem is that the BLS’s
measure of average hourly earnings
excludes employer-provided benefits,
which now make up 30% of compensa-
tion. Counting the value of worker
benefits adds 5% to the 46-year in-
crease in total compensation.
More significant, the official index
used to adjust for inflation—the Con-
sumer Price Index for Urban Wage
Earners and Clerical Workers, or CPI-
W—overstates actual inflation and
understates real compensation. Nomi-
nal average hourly earnings rose from
$3.99 in October 1972 to $23.26 this
March, a 483% increase, but CPI-W
also rose 483%, creating the reported
stagnation in real average hourly
earnings. While the CPI-W accurately
measures changes in price for a fixed
market basket of goods and services,
it overestimates inflation because it
fails to account for the substitution
effect—how people change their con-
sumption habits as relative prices
change. Americans began to fly more
often in the 1970s when the cost of
airfare fell relative to the cost of
ground transportation, for example,
but the CPI-W missed this increase in
consumer value by neither raising the
weight it assigned to spending on air
travel nor downgrading the weight
for ground travel.
In contrast, the Commerce Depart-
ment’s personal-consumption expen-
ditures price index updates the market
basket of goods and services monthly
ture is the lack of rules. Cars, motor-
cycles, rickshaws, bicycles and ani-
mals do whatever they please in the
streets. Yet, the family—source of the
most important rules and structure—
is fully intact.
From the abjectly poor to the fab-
ulously wealthy, Indian parents seem
more sensitive, empathic and atten-
tive to their children than their
American counterparts do. One
senses they regard the children as
the center of their world, not as an
obligation or a distraction from indi-
vidualistic pursuits.
Indian mothers and fathers show a
great deal of physical affection and
keep younger children physically
close. I never saw a stroller with chil-
dren facing away from their parents.
Instead parents took turns holding
their children, who cried far less than
the children I observe with their par-
ents back home. One little Indian boy
hit his mother. She responded with
gentleness, showing him by her own
example how to regulate his anger.
American parents tend to be dis-
but the U.S. market for cheap goods
is highly competitive, so producers
are likely to relocate production
from China to countries not cov-
ered by the tariffs.
In China, business owners and
workers will lose jobs and income.
In other countries, factory owners
and workers will gain jobs and in-
come. U.S. importers and their
customers will be have to be
dinged with the costs of finding
new sources of supply. But prices
of internationally traded goods are
not likely to go up sharply or for
long.
Let us also understand that the
Robert Thomson
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Chief Executive Officer and Publisher
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OPINION
based on what people actually buy, al-
lowing it to account partially for the
substitution effect. Since 2000 the
Federal Reserve has used this index to
set monetary policy because it’s a
more accurate measure of inflation. In
designing the 2017 tax reform, Con-
gress indexed the new income-tax
brackets using a similar index to ac-
count for product substitution. Using
the PCE price index rather than the
conventional CPI-W to adjust compen-
sation results in real hourly compen-
sation levels that are 27.7% higher to-
day than they were in 1972.
The biggest challenge in measur-
ing real compensation and Ameri-
cans’ well-being is the extraordinary
growth in new products that have
brought new benefits not captured in
any government consumer price met-
ric. The BLS does add new products
to its index when they become widely
used, but it often misses the initial
price decline and understates the
product’s impact on consumer wel-
fare, including displacement of other,
older products. The cellphone was
first introduced as a specific item in
the CPI-W in 1998. But because the
device entered the index 14 years af-
ter the first public sale, the index
never accounted for the preceding
75% drop in cellphone prices, nor the
value of their lighter batteries and
longer-lasting charge.
engaged from and intolerant of our
children. Even when we are with
them, we are frequently on our
smartphones, talking with other
adults, or simply distant emotionally,
as if we find our children boring. In
India I got no sense that mothers or
The country is chaotic and
underdeveloped, but moms
and dads are sensitive,
empathic and attentive.
fathers wished they were doing
something else. Playing seemed natu-
ral, and mundane tasks like buying
vegetables at a street market became
joyful, intimate experiences.
Grandparents are present and in-
volved as well—real alternative at-
tachment figures to whom children
are deeply connected and on whom
they rely. One family had two boys, a
baby and a toddler. The mother was
world economy and nature of trade
have changed since the 1930s. Man-
ufactured goods are a smaller share
of the consumption basket; services
and intellectual property are a
larger part. Factory workers are be-
coming like farmers—an esoteric
class of producers on whom politi-
cians find it useful to shower favors
for sentimental reasons.
Because it imports less from the
U.S., China is already running out
of targets for retaliatory tariffs.
Plus it worries about raising prices
for its own consumers. Many U.S.
companies still feel vulnerable,
though, because of their direct in-
vestment in the China market. GM
made and sold more cars in China
than the U.S. last year. Apple’s de-
pendence on its Chinese subcon-
tractors is the paradigmatic case.
But the truth is, China still wants
such investment: The practices Mr.
Trump complains about, such as
extorted technology sharing, are
calibrated not to deter such com-
mitments but to keep the know-
how coming so China can keep
purloining it.
If the Trump tariffs are perma-
nent, as they seem likely to be,
their main effect will be to acceler-
ate a shift of low-wage production
from China to other low-wage coun-
tries. Then what?
Too pat is the argument that we
know now our openness to China
has failed to spur Beijing down a
path of liberalism. Countries in the
industrial age, and China especially,
hardly tend to follow smooth tra-
jectories. We don’t know how long
Saturday/Sunday, May 18 - 19, 2019 | A15
BARBARA KELLEY
It may be impossible to discern
perfectly what share of changes in
the costs of goods and services comes
from inflation compared with the
share that comes from real increases
in value. But in communications tech-
nology, for instance, it’s clear that no
government metric comes close to
capturing the full value of technology
as America has progressed from the
Pony Express to the telegraph, tele-
phone, portable phone, cellphone and
the smartphone.
Today 224 million Americans have
at our fingertips more than two mil-
lion apps, forecasting the weather
anywhere in the world and showing
us how to get anywhere we want to
go. We communicate immediately
without stationery or stamps or driv-
ing to the post office. We get medical
advice without going to the doctor
and obtain instantaneous access to
more knowledge than is in the local
library. We shop from our armchairs
and work for companies thousands of
miles away. Yet no government con-
sumer-price index has ever come
close to adjusting for the value em-
bodied in this one of many miracle
innovations.
Economists Bruce Meyer and James
Sullivan attempted to correct for some
of this problem in a 2013 study, inte-
grating the findings of 52 different
economic studies to develop a price
holding the infant, and her older son
became jealous and aggressive.
Within a blink of an eye, she kissed
the baby and handed him to the fa-
ther, who was equally affectionate.
She attended to the toddler, address-
ing his emotional needs rather than
punishing him. Then the older boy
toddled to his grandfather and his
wheelchair-bound grandmother for
hugs and kisses. I counted nine kisses
and hugs in less than five minutes.
With the toddler emotionally
soothed, the mother could return to
the baby.
It was remarkable to watch how
easily the boy was able to get his
emotional needs met by so many lov-
ing and interested family members.
In India, children live with parents,
parents live with grandparents, and
there is a constant intergenerational
exchange. The number of Americans
living in multigenerational homes hit
an all-time high of 64 million in
2016—which represented 20% of the
U.S. population. In India, 30% of ur-
ban families and 60% of rural ones
the Xi Jinping detour will last.
Second, China’s dependence on
the outside world is still growing.
Millions of its citizens work directly
or indirectly for U.S. companies. Its
economy is entwined with ours.
Which brings us to Huawei.
While acknowledging the risks, the
eminent trade economist Claude
Barfield years ago recommended
opening U.S. markets to China’s
Beijing needs something
to gain. Access to the U.S.
market for its tech champ
would be a potent prize.
paramount high-tech equipment
maker in return for various trans-
parency measures, including the
company listing its shares on a U.S.
exchange. This is still a better idea
than trying to shut it out.
The Trump administration, with
its harsh new targeting of the com-
pany this week, has made solving
the Huawei problem part of the
larger trade negotiation with China,
which has some hysterics bemoan-
ing a threat to the global rollout of
5G. Yeah, yeah. But putting the fate
of Huawei on the table finally gives
Beijing something to gain, not just
give up. If Mr. Trump can see his
way to naming terms for letting the
company enter long-closed U.S.
markets for telecommunications
equipment, a happy ending is still
conceivable.
index that adjusts more completely for
changes in quality and innovation, as
well as substitution. For example, us-
ing data from the American housing
survey to quantify size and quality,
they determined that the CPI over-
states housing inflation by about
0.25% a year because it mistakes
higher payments for bigger and better
homes for real price increases.
They also used hedonic regression,
a method of calculating implicit mar-
ket prices for different features of an
item, to demonstrate that the CPI
overstates the yearly rate of increase
in prices for personal electronic de-
vices by as much as 5.8%. They cor-
rected the CPI’s overestimation of the
yearly rise in health-care costs by
pricing based on treatment of a con-
dition, as well as differences in out-
comes such as survival, recovery and
function.
Messrs. Meyer and Sullivan’s im-
provements are only a modest begin-
ning of the needed revisions to tradi-
tional measures of inflation. Yet they
provide convincing evidence that at a
minimum, real compensation, in terms
of the value of what we can actually
buy, hasn’t stagnated since 1972, but
instead has grown by at least 69.5%.
For most of us who were around in
1972, that 69.5% increase more closely
fits the world we live in.
The suggestion that America
hasn’t gotten a raise in 46 years
doesn’t pass the laugh test. Poor
measurements of compensation are
more than misleading; they also
cause many voters and policy makers
to favor redistribution that would de-
press growth and compensation.
Nothing is more critical to promoting
sound policy than measuring eco-
nomic outcomes accurately. A nation
is only as good as its facts.
Mr. Gramm is a former chairman
of the Senate Banking Committee. Mr.
Early served twice as assistant com-
missioner at the Bureau of Labor Sta-
tistics. This article is adapted from a
forthcoming book with Bob Ekelund,
“Freedom and Inequality.”
Peggy Noonan is away.
live in multigenerational households,
according to a report by the Interna-
tional Longevity Centre Global Alli-
ance. Children learn that the world is
a safe place full of love and emo-
tional security.
People work hard in India. They’re
even starting to follow our worka-
holic example, which is a shame. The
average Indian worker puts in more
hours than the average American, al-
though the female labor-force partic-
ipation rate is considerably lower. At
any rate Indians still give priority to
family over all other commitments,
especially material success and other
self-focused pursuit. Everyone from
the youngest infant to the oldest
grandparent seems happier and more
fulfilled. So which is the underdevel-
oped nation?
Ms. Komisar is a psychoanalyst
and author of “Being There: Why Pri-
oritizing Motherhood in the First
Three Years Matters.” She is writing
a book for parents about raising ado-
lescents in an age of anxiety.
His desire to create trade-war
melodramas to demonstrate his ne-
gotiating skills may or may not be
good politics. He would have had a
successful presidency based simply
on not being President Obama and
by calling off the Obama regulatory
assault on America’s producers.
But even here the Trump trade
myopia is tangled up with legiti-
mate concerns about China’s direc-
tion, shared not only by Democrats
and business folk but many Chinese.
Mr. Xi’s modern totalitarianism
based on state-promoted jingoism
plus far-reaching digital surveillance
is not a likely winner in the long
run. It will not sit well with China’s
rising middle class. It won’t sit well
with its entrepreneurs, artists and
scientists who want to be part of a
global community.
Mr. Trump annoys economists
and pundits with his sophomoric
trade thinking, but he wouldn’t be
the first president to prefer color-
fulness to cogency. Yet the right
moment may have come to serve up
to China’s elite a warning about the
wrong turn they’ve taken under Mr.
Xi. His reversion to crypto-totalitar-
ianism is not a cost-free indulgence.
It isn’t serving China’s interests. It’s
making a hash of China’s all-impor-
tant economic ties with the U.S.
A little carrot always goes well
with stick. By naming terms for
opening U.S. markets to Huawei,
Mr. Trump could dangle a carrot
that would make all the right
points about beneficial interdepen-
dence and put the relationship back
on a win-win path.
A16 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

SPORTS

TODD OLSZEWSKI/GETTY IMAGES

The field races out of the starting gate during the 143rd running of the Preakness Stakes at Pimlico Race Course in 2018. Last year’s winner, Justify, went on to win horse racing’s Triple Crown.

Baltimore Fights to Keep Preakness

Organizers of the second leg of the Triple Crown are positioning to move the race from Pimlico to Laurel Park
BY SCOTT CALVERT Racing on the Move yet to be determined.” in fancy hats. This year’s event will
Stronach owns the Preakness, lack some luster because Kentucky

F
Maryland's resurgent racing scene has energized Laurel
Baltimore but a state law requires the race be Derby winner Country House won’t
while Pimlico stagnates.
or Secretariat, Justify, held at Pimlico barring “a disaster be racing due to health concerns,
American Pharoah and 10 Live racing days Maryland thoroughbred wagering or emergency,” a call the Maryland meaning there’s no chance for a
other Triple Crown win- Laurel/Pimlico/Timonium Racing Commission, the track’s reg- Triple Crown.
ners, the road to immor- Pimlico Laurel ulator, would have to make. City of- Laurel is a much busier track,
tality ran through the 150 days $600 million ficials criticize Stronach for invest- with 156 race days last year com-
Preakness Stakes at Pimlico Race ing far more money at Laurel than pared with 12 at Pimlico. Five years
Course. 125 at Pimlico, alleging in their lawsuit ago, Pimlico had 37 race days com-
But an escalating legal and polit- that the only disaster is one the pared with 107 for Laurel. The
ical fight could reroute the second 100 400 Stronach Group is causing through Stronach Group submits race day
leg of the Triple Crown, as soon as neglect. requests to the racing commission
75
2021, by ripping it away from the Stronach denies the claim and for approval.
track where the Preakness debuted 50 200 moved to dismiss the suit. “It’s al- Laurel Park is itself nearly 100
in 1873 and sending it 20 miles most unheard of for a city to seek years old, and Stronach officials
south to Laurel, Md. 25 to confiscate an ongoing business propose an $80 million infusion to
That’s because Pimlico’s owner, enterprise through an eminent-do- turn it into a high-end “super
the Canadian-based Stronach 0 0 main proceeding,” said Alan Rifkin, track,” financed partly with an ex-
Group, has deemed the track to be 2009 ’11 ’13 ’15 ’17 ’19* 2009 ’11 ’13 ’15 ’17 a lawyer for the Stronach-owned isting stream of state funding for
in such disrepair that it has *Scheduled days Maryland Jockey Club. track improvements. The company
reached the end of its useful life as Source: Maryland Racing Commission There is no dispute that Pimlico suffered at least a temporary set-
a major event venue. Stronach says is in poor shape. Last month the back last month when state legisla-
it loses money operating two tracks Baltimore is fighting back. The at the moment,” she said. track closed a 6,670-seat grand- tors failed to authorize a bond sale
in Maryland and prefers to consoli- city has sued Stronach, seeking While no decisions have been stand built over a century ago, cit- for the project.
date racing at its Laurel Park facil- power to seize Pimlico and the made about Pimlico, she said, Lau- ing structural concerns. City officials say Pimlico could
ity, closer to Washington, D.C. Preakness itself, in a bid to pre- rel can better handle year-round The Preakness nets $4 million to be saved through a public-private
The company is pushing for a serve the Northwest Baltimore racing and would be far cheaper to $6 million each year, said Bill rebuilding effort to make it a more
major state-aided overhaul at Lau- track and keep the race from leav- overhaul. She said the company Hecht, who oversees U.S. real estate active horse track, while adding
rel, fueling speculation it intends to ing town. Local officials and many wants to help devise the best use for the Stronach Group. And horse new uses such as housing and retail
close the 149-year-old Pimlico, the residents say Pimlico is part of the for the 120-acre Pimlico site, which racing in the state is on the up- to better serve the nearby low-in-
site of Seabiscuit’s famed 1938 up- city’s identity, and the Preakness sits idle most of the year. swing, thanks to higher-dollar come Park Heights neighborhood.
set of War Admiral in a match race gives the economy a multimillion- “We would like to work with city purses made possible by casino rev- A key question is who would pay.
that enthralled the nation. dollar jolt each spring. officials to have really constructive, enue. Yet Stronach loses money A recent Maryland Stadium Author-
That would deal a blow to Balti- “Baltimore has to do what they progressive thinking about what overall on Maryland racing “pri- ity report said it could cost at least
more’s collective psyche. Already have to do to keep the Preakness in could occur outside of a racing fa- marily because we have antiquated $424 million to raze the complex
the intensifying dispute has further Baltimore,” Mayor Bernard C. cility,” said Stronach, whose family facilities that are not conducive to and start over, though some city of-
marred a rough year for horse rac- “Jack” Young said in an interview. has owned Pimlico and Laurel since be competitive in the entertainment ficials and others with racing expe-
ing that has featured a spate of un- Belinda Stronach, chairman and 2002. The Stronach Group also business that we’re in,” Hecht said. rience think a far cheaper alterna-
explained horse deaths at Califor- president of the Stronach Group, owns Santa Anita and Gulfstream The Preakness annually draws tive exists.
nia’s Santa Anita Park and a said she understands the strong Park in Florida. more than 130,000 fans, who fill the Young said the city is willing to
controversial disqualification at the emotions. “We’re stuck in the mid- Asked if she sees the Preakness stands, jam the party-like infield sit down with company and state
Kentucky Derby. dle of a lot of passion and politics moving to Laurel, she said, “That is and parade through corporate tents officials.

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Showers Flurries
70s 90s Last year’s bums can turn into this Fleischer. With Judge cur-
Ice year’s buys. Dodgers slugger Cody Bell- rently on the injured list, the
inger’s cards were on fire after his Rookie slugger earning the most buzz in New
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W of the Year campaign in 2017. A sopho- York is the Mets’ Peter Alonso, whose
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 79 53 t 61 44 pc Frankfurt 74 53 t 74 53 t more slump last year dropped the value of $60 officially autographed card has rock-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 88 67 pc 90 69 pc Geneva 64 51 t 61 52 t his non-autographed rookie card to just $2. eted to $400. But Mets fans may need
Today Tomorrow Philadelphia 78 62 pc 87 68 pc Havana 86 69 pc 86 70 pc
City Hi Lo W Hi Lo W But Bellinger has regained his form, to be cautious. They flocked to pitcher
Phoenix 87 68 s 83 58 c Hong Kong 87 82 t 89 80 t
Anchorage 57 45 pc 59 46 pc Pittsburgh 82 64 pc 86 65 pc Istanbul 69 61 t 75 63 s smashing 15 homers, with a batting aver- Matt Harvey’s cards after his 2013 break-
Atlanta 88 69 s 88 67 c Portland, Maine 66 49 pc 64 56 pc Jakarta 90 76 pc 91 76 pc age over .400, entering Friday’s play. out season and now those cards can be
Austin 85 72 t 91 73 pc Portland, Ore. 71 53 r 64 51 c Jerusalem 78 57 s 76 55 s This has lifted the value of his card to found in the discount bin.
Baltimore 79 63 pc 87 68 pc Sacramento 59 51 r 62 47 r Johannesburg 73 46 s 74 47 s
Boise 64 48 c 55 45 r St. Louis 87 66 pc 76 54 pc London 65 50 c 69 52 c $15—a 650% increase in less than two —Michael Salfino
Boston 68 55 pc 72 64 s Salt Lake City 61 50 c 63 43 r Madrid 66 43 pc 69 45 pc
Burlington 63 51 pc 78 63 pc San Francisco 62 54 r 62 53 r Manila 95 81 t 95 83 c
Charlotte
Chicago
91 67 s
81 63 t
88 66 s
72 47 t
Santa Fe
Seattle
64
72
36 s
54 c
70 43 pc
65 52 c
Melbourne
Mexico City
69
81
52 s 69 59 pc
56 pc 83 58 pc
Bulls and Bears
Cleveland 79 66 pc 86 60 pc Sioux Falls 68 43 r 50 38 r Milan 59 52 r 63 52 t Here are some players whose early-season play has altered the value of their trading cards:
Dallas 81 64 t 88 71 s Wash., D.C. 82 65 pc 91 72 pc Moscow 70 47 s 66 44 pc
Denver 60 36 t 61 40 pc Mumbai 94 84 pc 96 83 pc PLAYER YEAR/CARD MARCH 2019 CURRENT ROI
Detroit 74 62 pc 82 54 t
International Paris 66 52 sh 66 52 t Cody Bellinger, LAD  2017 Topps Update $2 $15 650%
MARCIO JOSE SANCHEZ/ASSOCIATED PRESS

Honolulu 86 75 s 87 74 pc Rio de Janeiro 77 71 sh 79 71 pc

Houston 87 73 t 89 73 t Today Tomorrow Riyadh 97 75 pc 101 74 s Christian Yelich, MIL 2013 Topps Update $8 $50 525%
Indianapolis 86 68 pc 74 53 t City Hi Lo W Hi Lo W Rome 66 56 t 65 53 t Peter Alonso, NYM 2016 Bowman Chrome Autograph $60 $300 400%
Kansas City 77 56 t 67 46 pc Amsterdam 68 52 pc 69 52 t San Juan 88 77 pc 87 77 pc
Las Vegas 83 62 pc 72 54 pc Athens 78 63 pc 76 61 pc Seoul 77 64 c 79 59 t Domingo German, NYY 2015 Bowman Chrome Autograph $12 $60 400%
Little Rock 83 69 pc 87 64 pc Baghdad 107 79 pc 104 73 pc Shanghai 85 67 pc 83 68 pc Javier Baez, CHC 2011 Bowman Chrome Autograph $100 $250 150%
Los Angeles 71 57 pc 66 54 sh Bangkok 97 82 pc 97 82 s Singapore 88 80 c 87 79 t
Miami 87 77 t 88 76 pc Beijing 81 61 c 77 54 s Sydney 73 59 pc 72 58 pc Jose Ramirez, CLE 2014 Topps Chrome $10 $6 -40%
Milwaukee 68 52 r 65 46 t Berlin 72 54 t 75 57 t Taipei City 94 79 pc 94 78 t Shohei Ohtani, LAA 2018 Diamond Kings DK Rookie Signatures $500 $300 -40%
Minneapolis 55 44 r 48 41 r Brussels 67 52 sh 67 51 t Tokyo 74 63 pc 73 64 c
Nashville 89 67 s 83 63 c Buenos Aires 74 50 t 64 48 pc Toronto 57 47 c 80 59 c Source: Beckett Media
New Orleans 86 75 pc 87 74 c Dubai 100 86 pc 100 86 pc Vancouver 65 51 c 65 50 c Note: Prices listed represent the high estimate of the range.
New York City 75 58 pc 77 67 pc Dublin 59 44 sh 59 41 sh Warsaw 73 58 t 74 59 t
Oklahoma City 70 52 t 78 57 s Edinburgh 55 47 r 61 45 r Zurich 66 49 t 63 50 t
 BUSINESS | FINANCE
DJIA 25764.00 g 98.68 0.4%
|
Flight of Fancy
A greater miracle
than flying: enjoying
the airport B4

TECHNOLOGY |

NASDAQ 7816.28 g 1.0%

EXCHANGE
MANAGEMENT
STOXX 600 381.51 g 0.4%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 3/32 , yield 2.396%
* * * * * *

OIL $62.76 g $0.11

House Poor
When does the next
great home-buying
binge start? B16

Saturday/Sunday, May 18 - 19, 2019 | B1

GOLD $1,274.50 g $10.50 EURO $1.1159 YEN 110.07

Google
The Fixers Behind Refunds
Some Ads
The Factories
A cadre of powerful consultants helps companies decide where to build,
Move follows suit over
fraudulent web traffic
BY PATIENCE HAGGIN
pitting states against each other to land the biggest tax breaks Alphabet Inc.’s Google has agreed
to refund advertisers for ads pur-
chased on its ad marketplaces that
BY CEZARY PODKUL ran on websites with fraudulent traf-
fic, following a lawsuit claiming the
tech giant was withholding the pay-
ments, according to court documents
and people familiar with the situa-
tion.
In 2017, Google offered limited re-
Boeing funds to hundreds of marketers and
Everett, Wash. ad agencies who had purchased ad
Aircraft manufacturing plants space through its online ad-buying
Incentives: $8.7 billion in tool. The company had discovered a
2013; $3.2 billion in 2003 wide-ranging fraud scheme that re-
sulted in ads running on sites whose
Foxconn traffic was artificially boosted by
Mount Pleasant, Wis. “bots”—software programs that
Liquid crystal HelloFresh mimic the website clicks of humans.
display plant Newark, N.J.
At the time, Google offered to re-
Incentives: more Distribution and
call centers fund the “platform fee” for its ad-
than $4 billion buying tool, Display & Video 360,
Incentives: about
$37 million which represented a fraction of the
total cost of the ad purchases.
Google said it wasn’t in a position to
Ulta Beauty Amazon return money that had already
Fresno, Calif. Arlington, Va.
Second headquarters flowed from its buying tool to third-
Distribution center party online ad marketplaces.
Incentives: $26 million Incentives:
$573 million But some ad executives weren’t
CZ-USA satisfied. The online ad company
Little Rock, Ark. AdTrader Inc. sued Google in Cali-
Firearm manufac- fornia federal court, arguing the tech
turing plant giant wasn’t fully refunding every-
Incentives: more
thing it could repay since some of
than $24 million
the fraudulent traffic went to ad
marketplaces that Google itself owns
and fully controls: AdX and AdSense.
Automated online ad market-
places, known as exchanges, offer up
for sale ad space from publishers of
thousands of websites. Google’s AdX
is one of the giants in the ad mar-
ketplace business. Advertisers and
their agencies use ad-buying tools to
target audiences that have specific
characteristics with those exchanges.
In internal Google memos detailed
in the court proceedings, portions of
which were unsealed this week and
reviewed by The Wall Street Journal,
a Google engineer said the company
didn’t pay about $75 million of re-
funds linked to its own products.
Please turn to page B2

 Heard on the Street: Google’s

valuable new instrument................ B16

Legg Mason
L.J. DAVIDS

Nears Truce

G With Activist
eorgia rolls out a red carpet for them at the Masters
Golf Tournament. Kentucky gets them tickets to the
Kentucky Derby. Arkansas takes them on a private
duck hunt with the governor. Utah recently arranged
a private ski trip with an Olympic medalist.
Such is the life of site selectors—consultants who
jet around the country helping corporations decide where to build
new headquarters, factories or expansion projects, often pitting
communities against each other in multistate bidding wars to
maximize tax breaks, grants, land deals and other incentives.
As communities across America race to win such marquee
projects, these middlemen have quietly become some of the most
powerful consultants in corporate America.
There are about 500 site selectors active in the U.S. and a
2017 survey found that 54% of companies plan to outsource
part of their next corporate location search, according to con-
sulting firm Development Counsellors International.
Amazon.com Inc. retained a site-selection adviser, Alex
Leath of law firm Bradley, to work with its in-house team to
sift through 238 proposals during its recent search for a sec-
ond headquarters. Site selectors from Ernst & Young LLP
helped Foxconn Technology Group secure the richest incentive
package in Wisconsin state history for its now-delayed liquid-
crystal-display manufacturing plant. Foxconn selected Wiscon-
sin’s package, which totaled more than $4 billion in state and
Fund Trian
local support, after a multistate bidding war in which states
jockeyed to sweeten their offers. Money manager Legg Mason Inc.
In some ways, site selectors act like lobbyists, interacting with is nearing a settlement with Trian
government officials as they help their clients obtain favorable Fund Management LP that would
deals that sometimes require legislative and regulatory changes. give the activist hedge fund three or
Unlike lobbyists, site-selection consultants often work on com- four seats on its board and avoid a
mission, which is frequently tied to the size of the incentive pack- proxy fight, according to people fa-
age they negotiate for their clients. That fee structure has drawn miliar with the matter.
criticism from some of the very economic-development officials
who are competing against each other for the projects. By Cara Lombardo,
Moreover, in the vast majority of cases, firms that receive Justin Baer
public incentives for opening factories, expanding headquarters and Juliet Chung
Please turn to page B10
The talks could still fall apart, the
people cautioned—but should the
two sides reach a deal, it could be
announced soon.
The Wall Street Journal reported

Raises for the Best. earlier this past week that Trian may
launch an activist campaign and re-
cently has held discussions with
Legg Mason management about the

And Also, the Rest.
CEO pay often doesn’t match performance
BY THEO FRANCIS
AND VANESSA FUHRMANS
The mechanics of chief-ex-
ecutive pay have grown ever
more complex, but the rules
remain simple: Strong per-
formers get a raise. So do
most of the rest.
For the fourth year
straight, the biggest U.S. com-
panies set CEO pay records in
2018, a Wall Street Journal
need to cut costs and improve mar-
gins—and that a proxy fight was a
possibility.
Should a deal come together, it
would be Trian’s second time to
have access to the board of directors
of Legg Mason, which has $758 bil-
lion in assets under management.
often-weak relationship be- The activist hedge fund previously
tween pay and performance. owned Legg Mason stock from 2009
Median compensation rose to 2016 and co-founder and Chief Ex-
to $12.4 million for the bosses ecutive Nelson Peltz sat on the Balti-
of S&P 500 companies last more firm’s board before stepping
year, up 6.6% from 2017 and off in 2014.
the highest since the 2008 re- Former Legg Mason CEO Mark
cession, the Journal analysis Fetting stepped down in October
found. Yet the median share- 2012 after leading the company for
holder return for the compa- four years and facing pressure from
nies was minus 5.8%, the Trian. His successor, current CEO Jo-
worst showing since the fi- seph Sullivan, praised Mr. Peltz as “a
nancial crisis. great partner for me and an impor-
RYAN OLBRYSH

analysis found, even as a ma- For 97 CEOs, last year’s pay tant contributor to our turnaround
jority delivered negative was a high-water mark even efforts” when the activist left the
stock-market returns to their while their shareholder returns board.
shareholders—a sign of the Please turn to page B7 Please turn to page B15
 B2 | Saturday/Sunday, May 18 - 19, 2019
BOEING CO.
 It may be months before
Boeing’s 737 MAX jets return
BA totorsthearen’t
skies. Federal regula-
likely to approve a
4.9% software fix to the plane’s
automated flight-control sys-
tem for several weeks, The Wall Street
Journal reported, a delay that is likely to
create headaches for airlines heading
into the summer travel season. Boeing
shares lost 4.9% Monday. The delay is
particularly troublesome for Southwest
Airlines Co., which has been unable to
operate scores of its planes since Boe-
ing grounded the model in March fol-
lowing two fatal crashes. Southwest fell
3.2% Monday.
APPLE INC.
 Consumers can sue Apple for
forcing them to buy apps ex-
AAPL clusively from the tech giant,
the Supreme Court ruled,
5.8% threatening a lucrative reve-
nue source for the company
amid slowing iPhone sales. The split rul-
ing focused on a preliminary issue in a
broader antitrust case that could make
Apple liable for substantial monetary
damages. Apple typically takes a 30% cut
of every app it sells, and a 15% cut of
subscriptions sold through the App Store
after subscribers’ first year. Apple shares
tumbled 5.8% Monday. A spokeswoman
said the company is confident it will pre-
vail in the antitrust lawsuit.
Rise of the Online-Only Relationship
For Gen Z, it’s not so unusual to have a significant other you’ve never met in person
If we’re looking
for an explanation of
why today’s teens are
having less sex than
previous generations,
there’s this: Many of
them spend months
or even years dating without ever
meeting face to face.
When Nicole Nguyen was 16, she
met her first serious boyfriend for
the first and last time—after
they’d broken up. They had 20
minutes. They hugged once. It only
happened because that day, they
just happened to find themselves
PHOTO ILLUSTRATION BY JOHN KUCZALA; ISTOCKPHOTO (4)
in the same state.
Yet for an entire year, they spent
almost every waking moment tex-
ting each other, talking on voice-
chat apps, and even communicating
over webcams through Skype and
Oovoo. Ms. Nguyen, 24, is now a
pre-kindergarten teaching assistant
living in Brooklyn Park, Minn. To
this day her parents have no idea
they ever dated in the first place.
They might sound unusual: on-
line relationships that bloom,
reach a fever pitch of teenage in-
tensity and—possibly—even wither
before the two parties ever meet.
But they’re becoming more com-
mon than ever. Ask any teenager—
if they haven’t been in a relation-
ship like this themselves, they can
probably name friends who have.
Liking someone’s Instagram is
the modern-day equivalent of smil-
ing at them across a crowded
room. Every online service eventu-
ally becomes a chatroom—be it
TikTok, Fortnite or any of the
other distractions that allow peo-
ple to connect.
The technologies that make it so
easy for young people to connect
with others all over the world have
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF SEMICONDUCTOR STOCKS THIS WEEK
Source: SIX
2%
0 said it will invest $800 million to ex-
–2
–4
–6
Mon. Tues. Wed.
QUALCOMM INC.
 Shares of semiconductor companies shuddered after
the Trump administration clamped down on U.S. ex-
QCOM ports to Huawei Technologies Co., requiring suppliers
4% to apply for a license in order to keep selling to the
Chinese state-run tech giant. Huawei last year spent about
$11 billion on components made by American firms, including
chip makers like Qualcomm and Broadcom Inc. Qualcomm
shares fell 4% Thursday, while Broadcom shares shed 2.3%.
KEYWORDS | CHRISTOPHER MIMS
yet to give them the ability to tele-
port their bodies as easily. It’s pos-
sible to find someone who happens
to share one’s particular combina-
tion of tastes—but what are the
odds they go to your school or
even live in the same town?
While there is little or no re-
search on the phenomenon of long-
distance-only relationships among
young people, it’s not surprising
that it’s happening, experts say. It’s
one of the ways teens and twenty-
somethings are adapting to a com-
bination of two demographic
trends—earlier puberty and later
marriage—using the technology at
hand, says Stephanie Coontz,
emeritus professor at Evergreen
State College and the director of
research and public education at
the Council on Contemporary Fam-
ilies, based at the University of
Texas at Austin.
‘We met for only 20
minutes and that was
the first and last time we
ever saw each other.’
“So you have a period of life of
15 to 20 years where people have
to manage their sexual, romantic
and intimate needs in ways that
are more flexible than they used to
be, and young people are experi-
menting with how to handle that,”
she says.
“The way me and my boyfriend
met was very strange,” says Kate-
lyn Bobbitt, 20 years old and liv-
ing in Providence, R.I. “We origi-
nally met through a YouTuber who
was streaming Minecraft.” What
THE SCORE
Broadcom
Qualcomm
Thurs. Fri.
followed wasn’t exactly a whirl-
wind romance—more of a modern-
day version of “Pride and Preju-
dice” involving chaste encounters
in group voice chats on the gam-
ing chat app Discord, and, instead
of coy glances at the ball, joint
play sessions on a shared Mine-
craft server.
“I started getting more and
more out of my shell, which is
something I did not do in real life,”
says Ms. Bobbitt. “I became closer
to these people online than I did
with my friends I had in high
school.” Eight months into their
online friendship, Ms. Bobbitt and
Jacob Ribeiro declared themselves
boyfriend and girlfriend, though
they still had yet to meet.
A year after they first struck up
a conversation in a YouTube chat
thread, Ms. Bobbitt, then 19, told
her parents she was in love and
that she was getting on a plane to
meet a boyfriend they didn’t know
existed. “I just straight up told
them I’m doing this and you can’t
tell me no,” says Ms. Bobbitt, who
had saved money to pay for air-
fare. “But my dad was just like,
‘You better call me.…You better tell
me where this boy lives.’ ”
Now Ms. Bobbitt and Mr. Ri-
beiro live together.
Expectations of that eventual
physical encounter can become so
great, the couple fears their first
in-person meeting could be a dis-
appointment.
That’s what kept Seyar Tahib, a
21-year-old college student living
in Fremont, Calif., from meeting up
with his girlfriend, he says, even
though they’d talked online on and
off for a year, and had even begun
“dating” without even hearing one
another’s voices. Finally, they
* *****
WALMART INC.
 Walmart shares rose 1.4%
Thursday after the company
WMT reported strong first-quarter
sales growth, adding to four
1.4% years of strong results. Sepa-
rately, on Tuesday, Walmart
pand one-day delivery, a service it will
begin offering free on about 200,000
products for shoppers in Phoenix, Las
Vegas and Southern California. The ini-
tiative takes aim at Amazon.com Inc.,
which this past week rolled out a pro-
gram that offers employees three
months of pay and a bonus of $10,000
to quit their jobs and start their own lo-
cal package-delivery businesses.
BEYOND MEAT INC.
 Coming soon to a fast-food
joint near you: alternative
BYND meat. Tim Hortons said
Wednesday that is testing
12% three breakfast items with
plant-based products from
Beyond Meat and could roll out the
items to its 4,000 locations by the end
of summer. Beyond Meat shares rose
12% Wednesday following the news.
Tim Hortons is now the second fast-
food chain owned by Restaurant Brands
International Inc. to offer alternative-
meat products to its menus—in April,
Burger King began selling an Impossible
Whopper made with a patty from Be-
yond Meat rival Impossible Foods Inc.
worked up the courage to meet,
and everything turned out fine.
“We were just scared we
wouldn’t feel the same after we
met each other,” Mr. Tahib says.
Fear that people we know only
through the internet might not be
who they seem—or even claim—is
perfectly rational. In the most ex-
treme cases, people will create
fake online personas, known as
“catfishing,” to defraud the lonely.
In Ms. Nguyen’s case, both of
the online-only relationships she
had from age 14 until she was 16
ended when she discovered that
the attentive, always-on-
line boys she was dating
were busy also dating
other girls, online...and
in real life.
Tiffany Zhong is chief
executive of Zebra IQ,
which gathers insights
on the behavior and
tastes of Generation Z,
usually defined as people
born since 1995. She runs
an app and online com-
munity, of which Ms.
Nguyen, Ms. Bobbitt and
Mr. Tahib have been par-
ticipants. Another re-
spondent told Ms. Zhong
that when she was 16,
she had a brief online-
only relationship with a
boy two years her senior.
Two years later, after she
had ended the relation-
ship, she discovered that
he was in jail for assault-
ing a female relative.
Even when things are
going well, there are
other challenges.
“Long-distance rela-
tionships don’t give you
the physical touching,
which is so important in
terms of what it does for
people’s immune systems
and their health—not
just sexual touching but
affectionate touching,”
says Prof. Coontz.
Research connecting this
change in behavior to other
changes in the habits of young
people is virtually nonexistent,
but it’s at least plausible that one
reason America’s young people
are engaging in less risky behavior
than previous generations is sim-
ply that they are hanging out on-
line instead of in person.
For example, the percentage of
Americans age 18 to 29 who report
not having had sex in the past year
was 23% in 2018, where in the
early 1990s the figure was about
half that.
But America’s “sex drought” is
not, in itself, a bad thing, says
Prof. Coontz. Finding creative ways
to address their psychological and
physical needs with technology is
just what young people do, she
points out. On one hand, there’s a
hookup culture enabled by apps
such as Tinder, while on the other
hand, there’s the emergence of on-
line-only relationships.
“It used to be that getting into a
steady relationship was how you
started your life, now it’s what you
do when you have all your ducks in
a row,” says Prof. Coontz.
THE WALL STREET JOURNAL.
DEERE & CO.
 The U.S.-China trade battle is
taking a toll on American
DE farmers—and Deere. The
maker farming machinery
7.7% lowered its profit and sales
forecasts as farmer demand
waned amid a host of headwinds, includ-
ing weaker soy demand and an unsea-
sonably cold spring. Chief Executive Sam-
uel Allen said the challenges have
prompted farmers to become “much
more cautious about making major pur-
chases.” Deere now expects full-year
profit of $3.3 billion on a 5% increase in
equipment sales, down from expectations
for $3.6 billion in profit on a 7% bump in
sales. Deere shares dropped 7.7% Friday.
BAIDU INC.
 The Google of China posted
its first quarterly loss since
BIDU going public in 2005, report-
ing a net loss of 327 million
17% yuan ($47.5 million) in the
latest period. Baidu execu-
tives attributed to the loss to weak ad-
vertising, a trend they said could con-
tinue amid a slowdown in the Chinese
economy. Prospects for a quick rebound
are cloudy: The company’s attempts to
diversify into new sectors, like driverless
vehicles and artificial intelligence, have
yet to offset declining revenue from its
core search business. Baidu’s American
depositary receipts plunged 17% Friday.
—Laine Higgins
Google
Refunds
Some Ads
Continued from page B1
The engineer blamed technical
difficulties related to the links
between the different arms of
Google’s vast ad operation.
Google has offered to pay re-
funds linked to its own market-
places, the people familiar with
the situation said. The company
said, “While we have had a long-
standing policy of refunding ad-
vertisers for invalid traffic, we
recently expanded this policy to
include ads purchased via Display
& Video 360.”
The tech giant has planned
these refunds since before the
suit was filed, according to a
Google spokeswoman.
The revelations highlight
Google’s unique role in the online
ad world, where it is dominant in
multiple areas. It is a major
player in facilitating ad buying on
behalf of marketers and agencies,
but also operates powerful ad
marketplaces, receiving 37.2% of
digital ad spending in the U.S.,
according to eMarketer. Google
dominance, including its role in
online advertising, has become an
issue of interest for regulators
around the world.
The complexity of online ad
purchasing—which includes lay-
ers of middlemen separate buyers
and sellers—makes it susceptible
to fraud and very difficult for ad-
vertisers to recoup money wasted
on sites with invalid traffic. Some
$5.8 billion in ad spending will be
wasted this year to fraud, accord-
ing to a report released this
month by the Association of Na-
tional Advertisers.
In the memos that surfaced in
the court proceedings, the Google
The news highlights
the firms’s dominance
in multiple areas of
the online ad world.
engineer described how Google’s
automatic system for issuing re-
funds through its ad-buying tool
wasn’t connected to the database
of ads flowing through AdX. Rele-
vant teams within Google weren’t
even aware of the automatic re-
fund system, he said, according
to the court documents.
Google said in court that while
it has agreed to make the retro-
active refunds, its contracts with
advertisers don’t require it to do
so, according to a Google spokes-
woman.
Google promised AdTrader
that its advertiser clients would
receive refunds for ads that ran
on sites with fraudulent traffic.
Based on its view of the situa-
tion, AdTrader determined it
wasn’t being compensated for
money flowing through AdX.
AdTrader and its clients filed
suit in the Northern District of
California in December 2017,
months after the fraud scheme
was detected and initial refunds
had been paid. The suit is pend-
ing. AdTrader is seeking certifi-
cation to represent a class of ad-
vertisers.
THE WALL STREET JOURNAL.
Wynn
In Talks
To Sell
Casino
BY AISHA AL-MUSLIM
AND JON KAMP
Wynn Resorts Ltd. and
MGM Resorts International
are in talks for Wynn to sell its
Boston-area casino project to
rival MGM.
Wynn Resorts and MGM
have engaged in conversations
in the past several weeks about
the potential sale of Wynn’s
Encore Boston Harbor property
in Everett, Mass., the compa-
nies said Friday. The 671-room
hotel and casino is slated to
open in June.
The talks “are very prelimi-
nary and of the nature that
publicly traded corporations
like ours often engage in, and
in fact when opportunities such
as this are presented, we are
required to explore,” the com-
panies said in a joint statement.
The Boston Globe reported
earlier Friday that the two ca-
sino giants were in recent dis-
cussions regarding a sale of
the property. Wynn Resorts
had been in early talks last
year to sell the project to
MGM, as Massachusetts regu-
lators were investigating the
company’s handling of sexual-
misconduct allegations against
its founder and former chief
executive Steve Wynn.
Such a deal would be compli-
cated in Massachusetts, where
a 2011 law permitting Las Ve-
gas-style gambling doesn’t al-
low casino operators to own
more than one facility in the
state. MGM opened a casino
costing nearly a billion dollars
in Springfield, Mass., last year.
Springfield Mayor Domenic
Sarno said that Bill Hornbuckle,
MGM’s president and operating
chief, contacted him Thursday
and reassured him of MGM’s
commitment to the city.
Last month, the Massachu-
setts gambling regulators al-
lowed Wynn Resorts to retain
its license and open a casino
near Boston but fined it $35
million after an investigation
found that executives had run a
sophisticated coverup to pro-
tect Mr. Wynn from allegations
by employees that he had en-
gaged in sexual misconduct.
The state also fined current
Wynn Resorts Chief Executive
Matt Maddox $500,000.
Mr. Wynn, who declined to
be interviewed by Massachu-
setts investigators, issued a
statement to them included in
the report saying he had never
had a nonconsensual relation-
ship.
CBS Floats
Bid for Starz
Channel
BY JOE FLINT
CBS Corp. has had talks with
Lions Gate Entertainment
Corp. about acquiring its pay-
TV channel Starz, according to
people familiar with the matter.
The talks between the two
companies started in recent
weeks, and a price of about
$5 billion was floated by CBS,
one of the people close to the
situation said. The CBS board
also gave a green light to the
company to pursue the acqui-
sition, another person said.
No formal offer has been
made by CBS and nothing is
imminent, another person
with knowledge of the matter
said. People close to Lions
Gate said the movie produc-
tion company is seeking a
higher price than what CBS
initially suggested.
The Information earlier re-
ported on the talks about a
potential Starz sale to CBS. Li-
ons Gate’s stock rose 15% on
Friday following the report.
CBS, which already owns
the pay-TV channel Showtime,
came close to acquiring Starz
in 2016 but lost a bidding war
to Lions Gate.
The discussions with Lions
Gate come as CBS and its sis-
ter company, Viacom Inc., are
again expected to consider a
merger. Both companies are
controlled by National Amuse-
ments Inc., whose president,
Shari Redstone, has been ea-
ger to see a deal.
A Starz sale would give Li-
ons Gate a needed cash infu-
sion at a time its movie and
television units have strug-
gled.
* * * * * * *
HPE to Buy Cray for $1.44 Billion
BY AISHA AL-MUSLIM
Hewlett Packard Enter-
prise Co. agreed to buy super-
computer maker Cray Inc. for
$1.44 billion as part of its ef-
forts to invest in high-perfor-
mance computing.
HPE, the business-technol-
ogy provider born from the
2015 split of Hewlett-Packard
Co., said Friday it will pay $35
a share in cash for each Cray
share, or more than a 17%
premium to the stock’s closing
price Thursday.
Shares of Seattle-based
Cray rose 23% to $36.52 on
Friday, while HPE gained 0.6%
to $14.62.
Cray, which designs super-
computers, traces its roots to
1972, when computer engineer
Seymour Cray founded prede-
cessor firm Cray Research, an
early innovator in supercom-
puting. Its software runs high-
performance computers used
for scientific research and
The company said it would reduce production of farm equipment this year to lower inventories at dealerships. Above, a worker puts wheels on a tractor at a plant in Iowa.
Deere Trims Outlook Due to Farmers’ Struggles
BY BOB TITA
Deere & Co. lowered its
profit and sales forecasts to
reflect slackening demand for
its tractors and planters as
trade disputes and bad
weather weigh on the incomes
of U.S. farmers.
Farmers who buy Deere ma-
chinery are being hurt by
lower overseas purchases of
U.S. corn, soybeans and other
crops as a result of tariffs on
farm commodities, exacerbat-
ing a multiyear price slump af-
ter years of bumper harvests.
President Trump this
month increased tariffs on bil-
lions of dollars in Chinese
products.
Days later, China said it
would increase tariffs on bil-
Nike Amends Pregnancy Policy
BY KHADEEJA SAFDAR
Nike Inc. said it is adding
language to new contracts for
female athletes that will pro-
tect their pay during preg-
nancy, after coming under fire
for cutting compensation for
some athletes.
The sneaker giant said Fri-
day that it had adopted the
policy last year but was now
writing the terms into its fu-
ture endorsement deals. Previ-
ously, the contracts gave Nike
the right to reduce pay if run-
ners failed to meet perfor-
mance thresholds for any rea-
son, including pregnancy or
childbirth. Although Nike isn’t
changing existing contracts,
the company said current ath-
ANDY LYONS/GETTY IMAGES
letes would receive similar
protections.
The move comes days after
one of its former runners, Aly-
sia Montaño, criticized Nike
and its rivals for their policies
around pregnancy.
In an op-ed published in the
New York Times, Ms. Montaño
said that when she told Nike
several years ago that she
wanted to have a baby during
her career, the company told
her it would pause her con-
tract and stop paying her. She
changed sponsors and signed
BUSINESS & FINANCE NEWS
other projects requiring gar-
gantuan computing power.
The company’s competitors
included International Busi-
ness Machines Corp., Fujitsu
Ltd., Dell Technologies Inc.,
Lenovo Group Ltd. and Huawei
Technologies Co.
For HPE, the deal brings
strong revenue flow from gov-
ernment-led supercomputing
projects that have multiplied
as competition in high-perfor-
mance computing heats up be-
tween the U.S. and China. The
San Jose, Calif., company
would also expand a customer
base typically made up of cor-
porations; about 80% of Cray’s
business comes from govern-
ment clients.
Cray, which doesn’t produce
the main processor chips for
its machines, said this month
that it is teaming up with Ad-
vanced Micro Devices Inc. to
build a $600 million super-
computer for the Energy De-
partment’s Oak Ridge National
lions in U.S. goods including
some agricultural products.
“Further trade progress be-
tween the U.S. and China is
becoming increasingly impor-
tant,” Cory Reed, president of
Deere’s financial-services busi-
ness, said on a call with ana-
lysts on Friday.
Cold, wet weather in the
Midwest is also delaying
spring planting, raising ques-
tions about how much revenue
farmers will generate this
year. The U.S. Agriculture De-
partment estimates just one-
third of the expected corn
crop has been planted, com-
pared with a 66% average for
this time of the year.
Deere said that an African
swine fever outbreak that has
decimated hog herds in China
Alysia Montaño said Nike told her it would pause her contract.
with Asics.
Ms. Montaño, an Olympian
and U.S. national champion,
couldn’t be reached for com-
ment.
After having her daughter,
she said that Asics also threat-
Laboratory. Earlier in the year,
it booked another government
order for a $500 million su-
percomputer in conjunction
with Intel Corp.
Both systems are expected
to surpass one quintillion cal-
culations per second, making
them the fastest in the world
Business with deep
supercomputing
roots fits buyer’s
broader plan.
if others don’t beat them to
the punch.
“Answers to some of soci-
ety’s most pressing challenges
are buried in massive amounts
of data,” HPE Chief Executive
Antonio Neri said in prepared
remarks. “Only by processing
and analyzing this data will
could also weigh on demand
for U.S. grain, further under-
mining business for farmers.
Those problems are hurting
demand for Deere equipment.
Deere said it would reduce
production of farm equipment
this year to lower inventories
at its dealerships. Deere ex-
pects about $3.3 billion in
profit and a 5% increase in
equipment sales this year,
down from previous estimates
for $3.6 billion in profit and a
7% rise in equipment sales in
2019.
The Moline, Ill.-based com-
pany said weakness in the U.S.
was weighing on its lending
arm as well. Deere forecast in-
come from its financing busi-
ness this year of about $600
million, down from a $650 mil-
ened to end her contract.
A spokesman for Asics said
the company “honors the con-
tracts of our athletes during
the duration of their preg-
nancy and return to competi-
tion.”
Saturday/Sunday, May 18 - 19, 2019 | B3
we be able to unlock the an-
swers to critical challenges
across medicine, climate
change, space and more.”
The Silicon Valley company
has been trying to revamp its
operations under a program it
calls HPE Next, focusing its
technical prowess and spend-
ing on such areas as data ana-
lytics and high-performance
computing. The market for
high-performance computing
and associated storage and
services is expected to grow to
about $35 billion in 2021 from
about $28 billion in 2018, HPE
said.
Patrick Moorhead, presi-
dent of the technology-con-
sulting firm Moor Insights &
Strategy, said the play for Cray
is consistent with HPE’s stated
goals. Its success, he said,
hinges on the larger com-
pany’s ability to integrate
Cray’s expertise and intellec-
tual property.
Cray has U.S.-based manu-
lion projection earlier this year.
The company raised its pro-
vision for credit losses in the
financing business to 0.23% of
the average owned-equipment
portfolio, up from 0.17% last
quarter but in line with the 15-
year average for the finance
business.
For the quarter ended April
28, profit declined 6% to $1.13
billion, or $3.52 a share, com-
pared with $1.2 billion or
$3.67 a share last year. Net
sales of equipment rose 5.4%
to $10.27 billion. Analysts
were expecting $3.59 a share
on sales of $10.19 billion.
—Allison Prang
contributed to this article.
 Heard on the Street: Easier
tilling ahead for Deere ...... B16
Nissan Reworks Board
For Post-Ghosn Era
BY SEAN MCLAIN
YOKOHAMA, Japan—Nis-
san Motor Co. unveiled a new
slate of board directors, aim-
ing to fortify outside over-
sight of management in the
wake of governance problems
the auto maker blamed on for-
mer Chairman Carlos Ghosn.
Seven directors on the 11-
member board would be nom-
inally independent. Five are
from Europe or the U.S.; the
other candidates are Japa-
nese.
Keiko Ihara, an independent
director who led the nominat-
ing committee, described the
proposed board as diverse and
“the result of a fair selection
process.”
Shareholders will vote on
the slate in late June.
The nominees include An-
drew House, former head of
Sony Corp.’s videogame divi-
sion, and Jenifer Rogers, an
American lawyer who sits on
the boards of two other Japa-
nese companies.
The independent directors
may be asked to weigh in on
differences between Nissan
management and the Japanese
facturing operations and about
1,300 employees world-wide.
Its chief executive, Peter Un-
garo, is slated to join HPE af-
ter the deal closes.
The company had revenue
of $456 million last year, up
16% from 2017, but below the
nearly $630 million generated
in 2016. Gross profits have
fallen over the past two years.
Cray has forecast modest reve-
nue growth and a “substan-
tial” net loss for this year.
On a conference call Friday,
Mr. Neri said Cray has book-
ings “way in excess” of total
revenue. Noting that the two
companies in some cases com-
pete for the same business, he
said growth prospects implied
by broader technology trends
also helped persuade HPE to
make the purchase.
HPE is due to report its fis-
cal-second-quarter financial
results Thursday.
—Asa Fitch
contributed to this article.
STEVEN RUARK FOR MARLIN STEEL WIRE PRODUCTS
Tractor Drag
Deere is expecting only a 2%
rise in farm and turf
equipment sales this year as
U.S. farmers struggle.
Deere’s farm and landscaping
equipment sales
$30 billion
20
10
0
2013 '14 '15 '16 '17 '18 '19
Note: FY2019 ends Oct. 31 and the figure is
a forecast
Source: the company
auto maker’s partner and top
shareholder, Renault SA. The
French auto maker has sought
to revive merger talks in re-
cent weeks, an idea that Nis-
san executives fiercely oppose.
Under the new lineup, Nis-
san Chief Executive Hiroto
Saikawa keeps his job and
board seat along with Renault
Chairman Jean-Dominique Se-
nard and Renault Chief Execu-
tive Thierry Bolloré.
“Anything is an improve-
ment over the current board,”
said Zuhair Khan, a Jefferies
analyst specializing in corpo-
rate governance. “But the big
question is: Is it good enough?
Is it going to look after the in-
terests of minority sharehold-
ers, rather than just the inter-
ests of Nissan and Renault?”
Mr. Saikawa has faced pres-
sure from critics and Nissan
shareholders to resign as com-
pany CEO. While Nissan’s
board had an animated debate
over whether to replace him,
Ms. Ihara said, it was decided
that he should stay on to en-
sure stability.
Nissan on Tuesday reported
a steep profit decline for the
year ended March 31.
B4 | Saturday/Sunday, May 18 - 19, 2019
The TWA Hotel originally served as the now-defunct carrier's New York hub; the lobby area was designed by Finnish-American architect Eero Saarinen.
My Glamorous Night at JFK Airport
The $265 million TWA Hotel, fashioned from the iconic Eero Saarinen terminal, sells a mostly forgotten Jet Age vision
I have come to an
airport in New York
City, voluntarily, to
eat, sleep and spend
the next 15 or so
hours—and not fly
anywhere. I promise
I have made this decision sound
of mind, and not under duress,
but I understand if you are skepti-
cal. To spend time in one of New
York City’s airports is basically
like getting your foot chewed
upon by an alligator, slowly. It is
the sort of activity one avoids.
I should clarify: I’m not in the
airport itself, but airport-adjacent.
I’m a paying guest on opening
night at the TWA Hotel, the
sprightly restoration/accommoda-
tion that debuted Wednesday in
the landmarked TWA terminal at
JFK airport. It is a big, dreamy
project that cost a lot of money
($265 million) and seeks to regen-
erate the rakish glamour of air
travel, which I’ve heard from
older friends is something that ac-
tually once existed.
It’s been a long time since com-
mercial air travel in the United
States has been glamorous. Today,
we are essentially flung across the
continent in clammy tubes, with
cramped seating, dodgy Wi-Fi and
the option of purchasing a wet tur-
key sandwich for $12. Airports
aren’t much better. They’re
crowded, anxious places, with not
enough seating, and comically over-
priced food. You haven’t felt despair
until you’ve been forced to stand in
an airport waiting area, sadly
munching on a $6 airport bagel.
H
igher tariffs mean
more pain for an al-
ready reeling bicycle
industry.
The U.S. last week
increased tariffs on
$200 billion of Chinese goods,
from burglar alarms to spark
plugs, ratcheting up the trade con-
flict with Beijing. The latest move
added to pressure on the bicycle
industry, which had already been
hit by earlier rounds of tariffs.
The increase in tariffs to 25%
from 10% is particularly painful
for the bicycle industry because
much of the production comes
from China. China accounted for
94% of the 15.3 million bikes im-
ported into the U.S. in 2017, ac-
cording to the Bicycle Product
Suppliers Association, a trade
group, as well as nearly 70% of
imported inner tubes. About
500,000 bicycles are manufac-
tured in the U.S., the group says,
but builders must still source
components from abroad, mostly
from China.
“It’s made it a much more chal-
lenging environment,” said Matt
Moore, general counsel of Quality
Bicycle Products, a Bloomington,
Minn., distributor with 850 em-
ployees and more than $300 mil-
lion in annual sales.
Companies have been looking at
shifting production to other loca-
tions. But such moves are disruptive
to an industry that operates with a
three- to six-month time frame be-
tween factory order and delivery for
parts, he said, and up to 12 months
for frames and bikes. When compa-
nies shift production, they typically
retest products for safety, Mr.
Moore said, adding to the expense
and delay.
The tariffs added to the strain
from bankruptcy filings of retailer
Toys “R” Us and Advanced Sports
Enterprises Inc., which made Fuji
and other bikes and operated
about 100 shops under the Perfor-
The TWA Hotel wants to smash
this cynicism. It is clear from the
moment I walk in the door, into
the hotel’s soaring, swanky hub,
which was designed by Finnish-
American architect Eero Saarinen,
and opened as TWA’s New York
terminal in 1962. This is pure Jet
Age stylishness, and the effect is
transporting; I immediately feel
underdressed in my frumpy athlei-
sure wear.
On a walkway above, a group of
handsome young people in ’60s
clothing dance to “Twist &
Shout,” though my gritty journal-
istic training tells me they are
hired ringers (they are). But
plenty of real guests are gamely
attempting Jet Age cosplay: sharp
suits; narrow ties; dresses straight
out of Twiggy’s closet. I see a man
in a tuxedo. I see a kid wearing a
fedora. My 6-year-old son, who
has come with me for the night, is
not in a fedora. I can barely get
that kid to wear socks.
People are thrilled to be
at the airport. It’s
extremely unsettling.
The place is popping. It’s barely
5:30 p.m., but the jaunty crowd al-
ready seems Don Draper’d up, a
couple drinks in. The “Sunken
Lounge,” the hotel’s centerpiece
cocktail bar, buzzes with the chat-
ter of Instagrammers, air-travel
obsessives and Saarinen junkies,
A Trade War’s Vicious Cycle:
Tariffs Dent the Bike Industry
China accounted for 94% of the bicycles imported to the U.S. in 2017
mance Bicycle brand.
They come on top of the 5.5%
to 11% tariffs on bicycles and bicy-
cle parts that were already in
place before the start of the trade
war between the U.S. and China.
The number of bicycles sold in
the U.S. dropped by about 15% in
the first quarter compared with
Employees at Kent International Inc.’s assembly facility in Manning, S.C.
* ***
STRATEGY
BY JASON GAY
It’s a weird sensation to wake up in the morning at a bustling airport.
broken occasionally by the sooth- ten restaurant!), it’s Saarinen’s de-
ing, retro flip-flip-flip of the ana- sign that’s the true star. The re-
log arrivals/departures board. stored main structure is, as long
My son is not Sunken Lounge claimed, a midcentury master-
material, so we take on a stroll piece—a swoopy, swerving assem-
outside and board “Connie,” a bly of curves, glass and tubes.
Howard Hughes-era Lockheed Whether walking up its curling
Constellation on the premises staircases, or running down its
that’s been turned into, yes, an- red-carpeted, Kubrickian hallways
other bar. In the elevator, we over- (now renamed for Saarinen and
hear a conversation—I swear this former TWA owner Hughes), you
is true—about Burt Bacharach. Ev- cannot help but think: They don’t
erywhere we turn, we encounter make them like this anymore, and
merry humans who appear to have they never will again. This is an
traveled back in time. People are upscale hotel (my modest-sized
thrilled to be at the airport. It’s deluxe room was $269), but hon-
extremely unsettling. estly, you could stick a Jiffy Lube
It feels important to point out in Saarinen’s structure and it
that, despite the many millions would be a triumph.
being spent, and all the 21st-cen- “The roof is the sky, but it’s
tury accouterments (Intelligentsia not really,” is how my son puts it,
coffee! A Jean-Georges Vongerich- staring at the ceiling, and I think
BY RUTH SIMON
the year-earlier period, according istration last year pushed the
to market research firm NPD company from a profit to a loss.
Group Inc. Revenue dropped by Kent passed along much of the
about 2% as bike sellers passed added cost to its customers in the
along higher costs to consumers. form of higher prices, but “sales
Kent International Inc., which dropped 5% to 10% below forecast
sells about three million bicycles a because of sticker shock,” said Ar-
year world-wide, said the 10% tar- nold Kamler, chief executive for
iffs imposed by the Trump admin- more than 30 years.
The Parsippany, N.J., company
early last year put on hold plans to
expand production at its Manning,
S.C., factory because of higher tar-
iffs on imported steel and parts. Its
main supplier recently purchased a
large property in Cambodia, but
Kent slowed plans to shift produc-
tion when it appeared a trade deal
was near. Given the company’s size,
that type of shift isn’t easy, said
Mr. Kamler, who intends to revisit
a potential move at the end of May.
Brooklyn Bicycle Co., which spe-
cializes in city and commuter bikes,
raised prices by as much as 12%
last year. Now, it’s looking at add-
ing a 10% “tariff surcharge” as a
separate line item, an approach
that will make it easier to dial back
TRAVIS DOVE/BLOOMBERG NEWS
pricing if the U.S. and China reach
a trade agreement. The eight-year-
old company assembles its bicycles
in China and gets about 70% of
parts from Chinese vendors.
“There’s nobody who would like
to build our bikes in the U.S. more
than me,” said Ryan Zagata, presi-
dent of Brooklyn Bicycle, which
has five employees and sold about
THE WALL STREET JOURNAL.
AGATON STROM FOR THE WALL STREET JOURNAL(3)
that’s perfect.
I should talk about the actual
staying-in-the-hotel part. The
TWA is quite a bit more dashing
than the typical airport sleep
cave, and even on opening night,
with more than a few unfinished
loose ends, it impresses. Check-in
is easy—though it’s that part-au-
tomated, slightly cold experience,
with rows of do-it-yourself touch
screens and wandering assistants
that make me feel like, well, I’m
checking into a flight in 2019. The
Jean-Georges joint, called The
Paris Cafe, is also on its game for
Night No. 1, but $22 for a turkey
burger and $16 for a ginger mar-
garita is a little rich, even for the
airport. My kid is bummed the
rooftop pool isn’t open yet,
though privately I am grateful.
Our room is small and spartan,
and the Wi-Fi is fussy, but the
minibar has Swedish Fish, and the
bathroom towels are so soft, I
swear they‘re made from unicorn
fur. I don’t know if this is because
it’s opening night for bathroom
towels, too, but again: They feel
like unicorn fur. I am very
tempted to steal one. I do not.
It’s a weird sensation to wake
up in the morning at a bustling
airport, and an even weirder one
to leave the airport without hav-
ing boarded or disembarked from
a plane. But this is what my son
and I do Thursday. I earn no miles
for this experience, and yet I have
no regrets. I have enjoyed myself
at an airport in New York City,
which feels like a greater miracle
than flight itself.
8,000 bicycles last year. “But the
bike industry is almost exclusively
out of Asia.”
Moving production isn’t easy
for a small bike company, Mr. Za-
gata said. “It’s not simply flipping
a switch when you are moving to
a factory across the border,” he
said. “We are not a big enough
brand to justify dropping that
much money.”
Some companies already have
made the move. Pedego Electric
Bikes, based in Fountain Valley,
Calif., had been looking to shift
manufacturing out of China be-
cause of European tariffs imposed
in early 2018. It accelerated that
shift in response to last year’s tar-
iffs imposed by the Trump admin-
istration; the company now makes
70% of its bicycles in Vietnam and
30% in Taiwan. Pedego said it
paid a little over $200,000 in tar-
iffs on Chinese-made bikes before
the shift was complete.
“We were big enough that we
could afford to do it, but not so big
that we can’t find production ca-
pacity,” said Don DiCostanzo, chief
executive of Pedego, which sold
about 12,000 electric bicycles last
year. Mr. DiCostanzo is looking at
building bicycles in the U.S., but so
far can’t find anyone here who can
make bicycle frames. “We are con-
sidering opening our own frame
factory,” he said.
Bicycle helmets and bicycle
lights were excluded from the
higher tariffs, but Gloria Hwang,
chief executive of Thousand LLC, a
four-year-old bicycle helmet
maker based in Los Angeles with
11 employees, is still worried. She
fears helmets could get hit by the
next round of tariffs. Even if that
doesn’t happen, a slump in bike
sales could hurt helmet demand,
Ms. Hwang said.
“We are in the accessories busi-
ness,” she said. “If our main cate-
gory is affected, we will be af-
fected, too.”
THE WALL STREET JOURNAL.
THE INTELLIGENT INVESTOR | JASON ZWEIG
Your Caveman
Brain Isn’t Built
For Investing
Evolution has sensitized humans to danger,
whether it’s a hungry bear or a bear market
When stock mar-
kets fall sharply and
immediately recover,
the losses seem to
disappear. But that
doesn’t mean no one
feels any pain.
The Dow Jones Industrial Aver-
age fell 617 points, or 2.4%, on
Monday—then promptly went up
by an almost identical amount
over the next three days. If you
headed off for a hike in the wilder-
ness on May 10 and came back on
May 16, you might have concluded
that nothing had happened: Over
the full stretch of those four trad-
ing days, the Dow ended up just
about where it started.
But big market moves, like
flashbulbs that go off in your face,
do blur your vision—whether in-
vestors realize it or not.
Robert Shiller, the Yale Univer-
sity economist who shared the No-
bel Prize in economics in 2013 for
his analysis of how human behav-
ior shapes asset prices, has long
tracked investors’ expectations of
stock returns.
His Stock Market Confidence In-
dices are based on surveys now
compiled monthly by the Interna-
tional Center for Finance at Yale.
They show that investors are more
likely to believe a market crash—
on the scale of 1929 or 1987—is
imminent in the coming sixth
months if a recent sharp drop in
stock prices was prominently cov-
ered in the media. The sharper the
recent fall and the more prominent
the news coverage, the more in-
vestors will tend to worry that a
crash is coming.
How to Know if a Roth 401(k) Is Right for You
Many workers now have the opportunity to save for retirement in a Roth plan alongside a traditional 401(k). But should they?
Amanda Bennette
works hard at her
finances.
A product man-
ager at a New York-
based retailer, the
32-year-old sticks to
a budget, funds a rainy-day ac-
count every month and is saving
to buy an apartment. But one
thing stumps her: the Roth 401(k)
retirement-savings account offered
by her employer.
Currently she contributes just
a bit, while most of her work-
place savings go into a traditional
401(k) plan.
“I don’t understand,” she says.
“Why is there a Roth account in-
side my 401(k)? And how are taxes
involved?”
Ms. Bennette isn’t alone in her
confusion. Fewer than 15% of
workers who have access to Roth
401(k) plans put money into
them, according to separate sur-
veys conducted by Vanguard
Group and Alight Solutions. By
contrast, the participation rate
for traditional 401(k) retirement
plans is often 80% or more, ac-
cording to spokesmen for Van-
guard and Alight.
There are big differences be-
tween the two plans—but more
savers should be using their Roth
accounts.
“Especially for younger workers,
a Roth 401(k) can be a great way
to save,” says Allan Roth, a finan-
cial planner with Wealth Logic. (As
far as he knows, Mr. Roth isn’t re-
lated to William Roth, the Dela-
ware senator who gave Roth ac-
counts their name.)
Many workers now have access,
as the number of companies offer-
ing a Roth 401(k) has surged re-
cently. Vanguard estimates that
71% of the traditional 401(k) plans
it administered in 2018 included a
Roth 401(k) option, compared with
37% in 2009.
Both traditional 401(k)s and
Roth 401(k)s are tax-favored sav-
ings plans that encourage employ-
ees to set aside dollars now and
withdraw them in retirement. Of-
ten the employer matches some of
the worker’s contribution.
The differences begin with what
* * * *
That’s no less true among pro-
fessional investors than it is
among amateurs. “There’s a sur-
prising similarity in understand-
ing these things between individ-
ual and professional investors,”
says Prof. Shiller. “The profession-
als may be better at reading bal-
ance sheets and income state-
ments and the like, but not at
evaluating whether this is 1929 all
over again.”
One plausible explanation: In
general, negative events sear
themselves into the human mind
more deeply than positive out-
comes do. Mr. Market gets inside
your head.
Over the millennia, evolution
has sensitized humans to danger.
“Imagine that you’re a caveman
and saw a horrible mauling by a
bear on a certain path,” says Prof.
Shiller. “That will stick in your
mind and you will tend to think,
‘I’m going to avoid that path even
if the bear isn’t there anymore.’ A
path with delicious fruit will also
stick in your mind, but that’s not
as important to your survival, so
it’s not as memorable.”
That doesn’t mean every inves-
tor will sell in a panic. It does
mean investors who have wit-
nessed a recent sharp decline are
more likely to fear another in the
near future.
In a survey he conducted imme-
diately after the Dow fell 23% on
Oct. 19, 1987, Prof. Shiller asked in-
vestors what was most important
to them in evaluating the pros-
pects of the stock market. The
crash in the Dow was much more
important, they said, than major
the worker puts in. Contributions
to a traditional 401(k) plan are
typically tax-deductible, while con-
tributions to Roth 401(k)s are
made in after-tax dollars. When
the money is withdrawn in retire-
To Roth or Not to Roth...
The percentage of companies offering Roth 401(k)s has
grown significantly, but most workers aren't taking advantage.
70%
60
50
40
30
20
10
0 to a Roth 401(k)
2006 ’07 ’08 ’09 ’10
Source: Vanguard Group data on 401(k) plans of all sizes for which it serves as record-keeper
WEEKEND INVESTOR
economic indicators, geopolitical
events, or remarks by policy mak-
ers or financial commentators.
In March 2009, U.S. stocks had
fallen nearly 40% in the previous
12 months. Still, more than four
out of five institutional and indi-
vidual investors thought there was
a strong chance of another stock-
market crash in the ensuing six
months, according to the Yale sur-
vey. (They were wrong: U.S. stocks
returned 32%.)
Many investors in Prof. Shiller’s
1987 survey reported “unusual
symptoms of anxiety,” including
sweaty palms or a racing heart-
beat, during the crash that Octo-
ber. Among individual investors on
Oct. 19, about 19% who bought
stock—and 31% who sold—re-
ported being anxious that day.
Roughly 45% of institutional in-
vestors who bought or sold shares
on Oct. 19 experienced anxiety, the
Shiller survey found. That’s pre-
sumably because they were paying
TAX REPORT | LAURA SAUNDERS
ment, payouts from traditional
401(k)s are taxable at ordinary in-
come rates, while payouts from
Roth 401(k)s can be tax-free.
The upshot is that choosing a
Roth 401(k) is often more expen-
401(k) retirement
plans offering a
Roth option
Eligible workers
who contributed
’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18
Saturday/Sunday, May 18 - 19, 2019 | B5
ALEX NABAUM
closer attention to market news Narratives don’t have to be logi-
than individuals were. cal to stick. The Dow dropped 617
What’s more, when stock points on Monday, according to
prices make big moves, investors market pundits, on the bad news
crave explanations. When the that trade talks with China were
Dow swings by hundreds of taking too long. It rose almost as
points, especially downward, says much over the following three
Prof. Shiller, “people are looking days on the good news that the
at each other for ideas, and they trade negotiations were still inch-
ing along.
Big price moves are much more
Investors who have common now, with the Dow
around 26000, than they used to
witnessed a recent sharp be. Since 1896, the Dow has fallen
decline are more likely by at least 2% in a single day 1,011
times, according to Dow Jones
to fear another. Market Data. That’s once every 33
trading days on average. At today’s
levels on the Dow, by historical
look to the media for interpreta- standards alone, investors should
tions of numbers that could be expect stocks to fall by at least 520
meaningful.” points once every six weeks or so.
As soon as a reasonably plausi- That will put big negative num-
ble cause gets attached to a price bers squarely in view. And that, in
swing, “narratives have a certain turn, could help keep investors’
exogenous life of their own,” says expectations from getting too far
Prof. Shiller. “It’s just contagious.” out of hand.
well be lower—so she may want
to contribute more to her tradi-
tional 401(k).
A 2018 study by Vanguard
tweaked this rule. It found that
choosing a Roth account can be
smart even if a saver’s tax rate will
be somewhat lower in retirement.
Thus if the top rate on the contri-
butions is 35%, a Roth 401(k) could
make sense even if the saver’s
withdrawal tax rate is 30%—or
lower in some cases.
In practice, say specialists,
funding a Roth 401(k) often makes
most sense for younger workers
PHOTO ILLUSTRATION BY MIKEL JASO; ISTOCKPHOTO
and those nearing retirement.
Younger employees can expect
their incomes and tax rates to rise,
and older ones are more able to
predict their future rates.
As you plan, consider these
issues:
 It’s not either/or. Employers
usually allow workers to split
401(k) contributions between tra-
ditional and Roth accounts. Most
savers who contribute to Roth
401(k)s also put money into tradi-
tional 401(k)s, according to Rob
sive in the short run, because the Austin, head of research at Alight
saver pays tax up front. Solutions.
This drawback has an upside. But savers can contribute only a
The annual limit is the same for total of $19,000 or $25,000 to
both traditional and Roth contri- their 401(k) accounts this year,
butions—$19,000 per employee un- however it’s allocated.
der 50, or $25,000 for those 50  Don’t miss the match. If your
and older for 2019. So a worker employer provides matching dol-
who puts $10,000 into a Roth lars, make sure to contribute
401(k) saves more for retirement enough to get them—even if that
than the worker who puts $10,000 means putting more in your tradi-
into a traditional 401(k), because tional 401(k). Employer matches
the Roth dollars are after tax. are always in pretax dollars.
When is it smart to opt for a  Think about whether you’ll
Roth 401(k)? Finance specialists need the money. Roth 401(k)s dif-
cite this rule of thumb: If a saver fer from Roth IRAs. Retirement
expects a higher federal and state savings specialist Ed Slott says
tax rate at withdrawal than when that contributions to Roth IRAs
the money was put in, a Roth ac- can be withdrawn tax-free if
count is better. needed, so some savers use them
Your tax rate in several decades as a source of emergency funds or
is hard to predict, of course. But if to save for a down payment.
a worker is under age 30 and his But Roth 401(k) withdrawals be-
top tax rate is 12%, it’s likely that fore retirement often incur tax or
his retirement tax rate will be penalties, if you can take them at all.
higher. So if he can afford it, con-  Go for tax diversification. If
tributing more to a Roth 401(k) you can’t guess what your future
could be smart. tax rate will be—and few can—Mr.
On the other hand, if a 45-year- Slott advises dividing your savings
old worker’s top tax rate is 32%, into different tax baskets to pro-
her tax rate in retirement may vide future flexibility.
 B6 | Saturday/Sunday, May 18 - 19, 2019 **** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, May 18 - 19, 2019 | B7

EXCHANGE EXCHANGE
Roughly three
months ago, Doug
Parker, the chief exec-
Raises for $12.6 million for those CEOs.
One-year performance can be skewed by bad
luck and long-term plans that take time to bear
A recent study by researchers at Cornell
University and the Massachusetts Institute of
Technology suggests part of the problem may
utive of American Air-
lines, wrote his com-
pany a personal check THE CAPTAIN CLASS | SAM WALKER The Best—and fruit. Over longer time periods, pay and perfor-
mance correlate better—but still far from ro-
bustly, analysts and many consultants say. Com-
lie in the operating and stock-market goals
that corporate boards set to measure company
performance, and thereby determine executive
for $10,000.
Also for the Rest paring CEO pay growth against shareholder pay. Often they use measures that don’t meet

The Airline
For a 57-year-old airline industry returns over five years shows pay growing faster generally accepted accounting principles, in-
titan who earned almost $12 million at about 28% of S&P 500 companies, sometimes stead substituting metrics that exclude some
on paper last year, the dollar figure sharply so, according to data from proxy advi- costs or financial benefits that the company
wasn’t too significant. The remark- Continued from page B1 sory firm Institutional Shareholder Services. deems outside management’s control or not
able thing about this payment is were in the bottom half of the group. Among “There are lots of individual cases where reflective of core performance.

CEO Who
why he made it. them: dialysis chain DaVita Inc., which doubled things aren’t working great yet,” said John Roe, Companies that make big adjustments to
Four years ago, during a boom in Kent Thiry’s pay to $32 million and recorded a head of ISS Analytics. measures of profit tend to pay their CEOs
executive compensation, Mr. Parker negative 29% return, and Gap Inc., which paid David Seaton led engineering and construc- more—by an average of 16%—than other compa-
stunned many CEOs (not to mention Art Peck $20.8 million, the most of his four-year tion company Fluor Corp. starting in 2011. His nies, the researchers found. The difference aver-
their accountants) by asking Ameri- tenure, when it logged a negative 21% return. reported pay rose 24% last year, even as Fluor aged $1.9 million a year above and beyond what

Canceled His
can’s board to start compensating Such mismatches highlight lingering ques- posted a negative 37% return in 2018. Annual re- the CEOs would otherwise be expected to earn.
him exclusively in stock. Since then, tions about how successfully corporate boards turns trailed those of most other S&P 500 capi- Mr. Kay, the pay consultant, said directors
he’s been leading the world’s largest have tied executive pay to company perfor- tal-goods companies in the Journal analysis for are careful in picking performance targets. “I
airline without a salary, a bonus, or mance. Urged on by investors and governance each of the past five years. see that the boards definitely agonize over
even a matching 401(k) contribution. advocates, companies have spent years crafting Mr. Seaton’s total pay rose in three of those whether these adjustments are appropriate to

Salary
This unusual plan, unique mechanisms to do this. In many cases, new re- five years, and overall he was paid $56 million, make,” he said. “In the final analysis, we do
among airline CEOs, effectively search suggests, the fault lies with the execution much of it in stock, during that time. In 2018, think they add the right things back and take
erases Mr. Parker from the com- and complexity. restricted stock made up $9.6 million of the the right things out.”
pany’s payroll. Since American “The more complicated the scheme is, it’s less total, compared with a $5.6 million award in Celgene Corp. relied on non-GAAP metrics
can’t deduct the cost of his health transparent to consumers and society,” said Alex 2017. Fluor said much of that increase last year to determine pay for CEO Mark Alles.
insurance, he’s on the hook for it. Edmans, a professor of finance at London Busi- stemmed from a change in the way the com- The drugmaker’s shares fell nearly 40% over the
Hence, the $10,000 check. ness School who has studied executive-compen- pany structured its equity awards beginning in course of 2018, battered particularly after Cel-
Many CEOs can rightfully say sation trends on both sides of the Atlantic. 2016, leaving the reported value of stock gene hit setbacks in the development of several
that a majority of their pay is tied With his pay entirely in stock, DaVita declined to comment. Its proxy state- grants that year and in 2017 smaller than they potential drugs. Still, Mr. Alles’s compensation
to the company’s performance, al-
though that’s hardly a perfect sci-
Doug Parker wanted to change ment notes that $14 million of the increase in
Mr. Thiry’s reported pay came from a new re-
otherwise would have been.
Yet cost overruns on some projects and
rose 24% to $16.2 million.
Despite its drug-development stumbles, the
ence. Only a few, however, have American Airlines’ culture tirement benefit that lets executives keep re- other issues forced the company to take more company said, just under half of Mr. Alles’s an-
dared to join Mr. Parker in the 100% stricted stock they otherwise would forfeit on than $1 billion in write-offs over the three nual bonus was based on meeting selected ob-
stock club. One of the reasons Mr. retirement if they meet certain age and tenure years, hitting its shares and leading to several jectives in expanding Celgene’s product pipeline.
Parker favors this approach is the thresholds. Absent that change, Mr. Thiry’s pay earnings misses in re- While Celgene posted GAAP earnings of
same one that makes it frightening: would have risen 13% to $17.3 million. Mr. Thiry cent quarters. On May 1, $5.65 per share for 2018, the adjusted earnings
It subjects him to the same risks as will step down as CEO June 1. Mr. Seaton stepped the company reported to investors came in at
American’s shareholders.
Given the level at which top exec-
Gap said that since Mr. Peck’s appointment to
CEO in February 2015, stock-price changes and
$12.4 down just before the
company reported a
$8.87, once the company stripped out the cost
of acquiring research assets and other items.
utives are paid, he says, it’s only fit- other factors mean he ultimately received cash million first-quarter loss that For the purposes of its management incentive

COOPER NEILL FOR THE WALL STREET JOURNAL

ting that their interests should be
aligned with investors. “I don’t
know why all CEOs don’t do the
same. It seems really logical.”
Mr. Parker, who took over at
American in 2013 after its merger
with US Airways, said he also hoped
this symbolic gesture would signal
to American’s employees that he
was a different breed of airline ex-
ecutive. “Nothing about this is some
earnings-maximization policy of
mine,” he says.
The shares Mr. Parker receives
are not options: They’re granted at
the current market price and may
decline in value before they vest.
In addition, the value of the shares
he gets and how soon they vest
depends in large part on how well
American performs over time, rel-
ative to rival airlines.
Put simply, Mr. Parker isn’t
likely to outearn his industry peers
unless American has a series of
bang-up years.
When this arrangement began,
the airline industry was still emerg-
ing from a brutal stretch of bank-
ruptcies, mergers and historic labor
strife. Few investors saw major car-
riers as healthy, viable businesses
worth accumulating stock in. When
Mr. Parker first broached his un-
orthodox plan, a few friends on the
board pulled him aside to ask him
what he was thinking.
To Mr. Parker, this lingering prej-
udice against airlines was Ameri-
can’s biggest problem. “It was time
to get out of survival mentality,” he
American Airlines’ Doug Parker is the rare CEO who gets paid entirely in stock, a decision that prompted friends to ask what he was thinking.
says. Choosing stock over ready
cash and short-term incentives
would signal that he was bullish
about the long term. His message at
the time: “We’re good. This busi-
ness has been transformed. It’s time
to worry about building.”
For the record, nobody—includ-
ing Mr. Parker—interpreted this
plan as a vow of poverty. If Ameri-
can’s share price booms, he stands
to earn more than he’d get from a
traditional pay package. Besides, he
admits, the reason he’s in a position
to ditch his salary is that he’s al-
ready benefited from years of gen-
erous compensation. Over the last
three years, the airline stock-appre-
ciation rights he’d earned before
2015 have helped him pocket more
than $50 million. “I’ve been ex-
tremely fortunate,” he says.
Mr. Parker also knew that no
compensation formula could elimi-
nate the perception among many
longtime airline employees that
executives like him care only about
lining their pockets. He was right
about that.
“He can put whatever kind of Boy
Scout explanation he wants on the
way he gets paid,” says John Samu-
elsen, international president of the
Transport Workers Union, which
has been in protracted negotiations
with American. “It doesn’t matter to
the average worker—all we know is
that he’s rich and we’re not.”
While it may not be especially
brave, there’s a fair argument to be
made that Mr. Parker is doing
something commendable.
In 2015, when he retooled his
own compensation, many of Ameri-
can’s workers were underpaid by in-
dustry standards. Mr. Parker set out
to rectify that by offering workers
mid-contract pay raises. He also de-
cided that until his employees
achieved pay parity, he would ask
the board to set his annual income
targets about 20% below what his
peers at United and Delta were ex-
pected to make. “I’m doing this be-
cause it feels better,” he says.
In another unorthodox move, he
asked the board in 2016 to tear up
his employment contract, making
him the rare CEO who serves as an
at-will employee without any spe-
cial protections.
So far, Mr. Parker’s experiment
hasn’t broken any compensation re-
cords. He’s earned about $11.7 mil-
lion a year on average. Median pay
for the CEOs of the biggest U.S.
companies in 2018 was $12.4 mil-
lion. Although American has turned
a profit in five straight years, its
stock has skidded to about $32 from
last year’s high of $59. The un-
vested shares Mr. Parker earned in
2018 have lost nearly half their
value. “I’m not complaining,” he
says. “I feel the stock will rebound.”
In his quest to improve Ameri-
can’s culture, Mr. Parker hosts
monthly town halls and meets infor-
mally with employees aboard planes.
When the pricey seats are full, he
flies in coach. Mr. Parker recently
posed with a mortified flight atten-
dant who accidentally spilled a tray
of drinks on him. “I want people to
know they work for a company that
cares about them,” he says.
His effort to change the culture
has seen its own share of ups and
downs. The airline finished next-
to-last in 2018 in The Wall Street
Journal’s annual study of on-time
performance. And despite posting
an above-average rating in J.D.
Power’s 2015 study of airline cus-
tomer satisfaction, American has
fallen below the average in each of
the past three years.
Mr. Parker says he has seen some
progress. Workers rarely complain
to him about the indifference of
management, as they used to. They
tend to lobby him for better tools to
do their jobs. The company’s first
employee survey in 2017 found that
and equity averaging about $4.75 million a
year—considerably less than the $12.9 million
average reported in securities filings. In 2018,
Mr. Peck also gave up his bonus “in light of busi-
ness performance.”
For its annual ranking, the Journal examined
442 companies with fiscal years ending after
June 30, 2018, and disclosing pay data through
May 1. Companies that changed CEOs during the
year were omitted, leaving 400 CEOs. The analy-
sis includes salary, bonus and stock awards as
valued in securities filings.
The highest-paid executive was Discovery
Inc.’s David Zaslav, whose pay tripled to $129
million thanks to an equity grant tied to a new
two-thirds said they were proud to five-year contract. Discovery posted a 10.5%
work at American. shareholder return for the year.
In the meantime, there’s another The television-channel owner said Mr.
group Mr. Parker hopes to lead—fel- Zaslav’s pay increase is largely the result of
low chief executives. For years, he stock-option awards tied to his new contract
says, CEOs have fought to be paid through 2023, with exercise prices that escalate
the same as their peers, only to see each year. Future pay will approximate earlier
their rivals receive counterhikes the years, it said. Mr. Zaslav has averaged $41 mil-
next year. “That doesn’t seem right, lion in pay in most recent years.
frankly,” he says. By opting out of There are almost as many ways of measuring
this perpetual loop, “I like thinking corporate performance as there are ways to
that I’m not facilitating that.” compensate a CEO. None of them are perfect,
Even if he never outearns his air- experts caution. One widely used measure—total
line counterparts, Mr. Parker’s ap- shareholder return, which tracks stock perfor-
proach to compensation does afford mance and assumes dividends are reinvested—
him one unique luxury. He gets to illustrates the challenge.
imagine how they must feel defend- Only two of the 25 highest-paid CEOs in the
ing their own pay. “They have to Journal analysis led companies in the top 25 for
talk about how their compensation 2018 shareholder return: Netflix Inc.’s Reed Has-
is higher than mine,” he says. tings and Adobe Inc.’s Shantanu Narayen.
More broadly, sorting CEOs into groups by
Mr. Walker, a former reporter and company performance shows the 20% with the
editor at The Wall Street Journal, highest shareholder return claimed the biggest
is the author of “The Captain paychecks, with a median of about $14 million.
Class: A New Theory of But the 10% of companies with the worst re-
Leadership” (Random House). turns also gave big packages, with a median of
sent the stock tumbling plan, Celgene tweaked its EPS figure further to
Median 28% in a day. adjust for an acquisition and share buybacks.
compensation Fluor’s proxy notes That revised figure: $9.06, surpassing the
for the heads that the pay Mr. Seaton $8.70 to $8.90 target range it had set for its
of S&P 500 could actually realize top executives to hit. Pay consultants generally
companies from the last three years say boards take into account adjustments from
last year, was about 60% of his tar- standard accounting measures when setting
another get compensation, thanks targets for executive compensation.
to stock-price declines Ultimately, Mr. Alles could get an even bigger
post-recession and other factors. “What payout: Celgene crafted new change-in-control
record. you’re granted is not provisions for him and other senior executives in
what you receive,” said December, as the company negotiated a $74 bil-
Dawn Stout, Fluor’s vice lion sale of the company to Bristol-Myers Squibb
president of law. “We feel Co. He would receive an exit package of $28 mil-
pretty strongly we have a performance-based lion if he departs after the acquisition closes.
plan, and 90% of his compensation is variable, A Celgene spokesman noted that the com-
tracking performance.” pany’s 2018 results exceeded its forecasts and
Indeed, companies and pay consultants of- that by GAAP standards, its earnings rose more
ten complain that the figures reported in secu- steeply than on an adjusted basis, climbing 51%
rities filings can be misleading. Equity is val- per share from 2017. The spokesman also said
ued at the time options and restricted stock Mr. Alles took on the duties of board chairman
are awarded, even though CEOs might not get last year, in addition to serving as CEO. The com-
full title to it for years. pany’s securities filing indicates his salary rose
Measuring the pay CEOs ultimately receive— about $265,000 a year and his bonus target rose
including stock-price appreciation or declines— about $670,000 at the time of the promotion.
shows much better correlation with perfor- The growing complexity of CEO compensa-
mance, said Ira Kay, managing partner at tion packages and the performance mismatches
consulting firm Pay Governance. “We measure have spurred some investors to call for revamp-
whether there’s after-the-fact alignment.” ing executive pay in a radically simple way: Pay
In 2018, half of compensation awarded to CEOs in cash and give them shares they must
S&P 500 CEOs consisted of restricted stock. In- hold for, say, at least five years.
cluding stock options, two-thirds of CEO pay last The idea of compensating CEOs primarily by
year was equity. Increasingly, those awards con- making them long-term shareholders in their
sist of performance shares and options, meaning companies has been recently endorsed by Nor-
the executives get more of the securities when way’s sovereign-wealth fund and recommended
the company meets key targets—and fewer by a House of Commons committee in the U.K.
when they fall short. examining corporate governance. Removing the
So why, with formulas yoking CEOs’ pay specific, but often arbitrary, performance targets
to the success of their companies and to would free CEOs from trying to hit them and in-
share performance, are pay and performance stead let them focus on creating long-term value,
so misaligned? said Mr. Edmans of London Business School.

Just Leaving: Parting Pay The Outliers With Top Salaries

Last year brought turnover atop some of the largest U.S. companies, including several high-pro- Some of the biggest CEO paydays last year don’t appear in the WSJ’s rankings (pages B8-9),
file leaders like Les Moonves and Meg Whitman. Some left under a cloud of scandal or were either because the companies aren’t part of the S&P 500 index or because of the timing of
fired while others exited in a more orderly fashion. Here’s how six of the S&P 500’s departing their fiscal year. Here’s a look at five firms whose leaders would have ranked near the top.
CEOs were compensated on the way out.

Leslie Moonves, CBS Corp.
Mr. Moonves was forced to resign last Sep-
tember amid accusations of sexual harass-
ment, which he has denied. The longtime
CBS chief forfeited nearly $34.5 million of
his annual compensation as part of a sepa-
ration agreement, but he still received
about $12.6 million for the year. CBS’s
board denied Mr. Moonves a severance
package of $120 million following a com-
pany probe into his conduct that concluded
that he breached his employment contract,
a decision he challenged; it is now in arbi-
tration. Representatives for CBS and Mr.
Moonves declined to comment.
Indra Nooyi, PepsiCo Inc.
Ms. Nooyi retired as CEO in October after
leading the beverage and food company for a
dozen years. She was paid $24.5 million in
2018, compared with $31.1 million the year
earlier. Ms. Nooyi was paid about $1.7 million
in salary in each of the past three years,
while the rest of her compensation was per-
about $4.3 million in severance over 12
months. GE also agreed to let Mr. Flannery
keep equity awards that could add up to
several million dollars more depending on
GE’s performance. When Mr. Flannery turns
60 in about three years, he will receive a
pension valued at nearly $23 million at the
end of 2018. According to the company’s
proxy, he was paid a total of $16.6 million
in 2018. “John Flannery dedicated over 31
years of service to GE, and the arrange-
ments reached with him…reflect that ser-
vice,” a GE spokeswoman said.
Stephen Wynn, Wynn Resorts Ltd.
The billionaire casino mogul left after sex-
ual-misconduct allegations were leveled
against him. He said the idea he ever as-
saulted a woman is preposterous. He re-
signed, with no severance, as chairman and
CEO of Wynn Resorts in February 2018 and
the following month sold his 12% stake in
the company for $2.1 billion. Under his
original employment agreement, Mr. Wynn
Elon Musk, Tesla Inc.
The electric-car company awarded options
valued at $2.28 billion to its founder and
CEO last year—an amount roughly equivalent
to the combined 2018 compensation of the
92 top-paid CEOs in the Journal’s rankings.
(Tesla isn’t in the S&P 500 index.) The op-
tions grant, approved by shareholders last
year, vests in 12 tranches if Tesla’s stock
surges and the company hits performance
goals. “This award was designed to be en-
tirely an incentive for future performance
that would take many years, if at all, to be
achieved,” the proxy says, and directors se-
lected ambitious performance milestones. A
Tesla spokesman said none of the 2018 op-
tions have vested and Mr. Musk receives no
salary or bonus. “Elon’s entire compensation
is directly tied to the long-term success of
Tesla and its shareholders,” he said.
Rick Smith, Axon Enterprise Inc.
The maker of Taser stun guns gave its co-
founder and CEO a stock-option award val-
ued at $246 million last year. The 10-year
be enough to rank Mr. Arora second if Palo
Alto were a member the S&P 500. A Palo Alto
spokeswoman said some of Mr. Arora’s stock
awards are tied to his own investments in the
company’s stock.
Larry Ellison, Safra Catz,
Mark Hurd, Oracle Corp.
The business-software maker has three
leaders who each received $103.7 million
option awards during its last full fiscal year,
but they don’t appear in the WSJ ranking
because Oracle ends its year after the Jour-
nal’s analysis is published. Chairman Larry
Ellison and co-CEOs Safra Catz and Mark
Hurd each made just over $108 million in
the year ended May 2018. The options are
tied to share price, market capitalization
and performance goals; if all goals are met,
the awards could be worth as much as $175
million at July 2018 share prices, the com-
pany said in its proxy. The award represents
five years of equity compensation and no
additional awards are expected until at least
2022, Oracle says. An Oracle spokeswoman

PHOTO ILLUSTRATION BY RYAN OLBRYSH; BLOOMBERG (2); NASDAQ OMX; GETTY IMAGES (4)
formance-based awards. PepsicCo didn’t could have been eligible for a severance
PHOTO ILLUSTRATION BY RYAN OLBRYSH; BLOOMBERG (3); GC IMAGES; GETTY IMAGES (2)

award, Axon said at the time, was modeled declined to comment.

comment beyond its proxy statement.
Lloyd Blankfein,
Goldman Sachs Group Inc.
Mr. Blankfein, who retired in October after
12 years running the investment bank,
earned $20.5 million in 2018. Goldman
Sachs could withhold millions of dollars in
pay from Mr. Blankfein because of the
scandal around a Malaysian investment
fund. His 2018 compensation isn’t affected
by the potential clawback, which stems
from a deferred cash grant he received in
2011 that was to be paid out this past Jan-
uary. Goldman is temporarily withholding
that award, which was originally granted
at $7 million. Goldman declined to com-
ment on behalf of Mr. Blankfein.
John Flannery, General Electric Co.
Mr. Flannery was fired in October after 14
months as CEO, but he will still be paid
payout of more than $300 million, had he
been terminated without cause, according
to the company’s April 2018 proxy state-
ment. In 2018 he received about $786,000
in salary and other compensation, accord-
ing to Wynn’s proxy. Wynn Resorts and a
lawyer for Mr. Wynn declined to comment.
Margaret Whitman,
Hewlett Packard Enterprise Co.
Ms. Whitman stepped down in February 2018
and moved to Los Angeles for a job running
mobile-video startup Quibi. From 2011 to
2015, Ms. Whitman was CEO of Hewlett-Pack-
ard Co., overseeing the separation of the com-
pany into Hewlett Packard Enterprise and HP
Inc. Hewlett Packard Enterprise said in its lat-
est proxy that she earned about $750,000 in
2018. Hewlett Packard Enterprise and Ms.
Whitman didn’t comment beyond the com-
pany’s proxy filing.
—Patrick Thomas
after Mr. Musk’s package at Tesla: The op-
tions vest only if Axon’s market value
climbs and it achieves other performance
targets. The $246 million figure is nearly
double the highest pay figure among full-
year S&P 500 CEOs. It “assumes that Rick
achieves operational and market capitaliza-
tion milestones, but to date, no milestones
have been achieved and therefore, Rick has
not received any compensation,” an Axon
spokeswoman said. She added that he won’t
receive additional equity for 10 years, unless
he meets all the targets in this award first.
Axon isn’t in the S&P 500.
Nikesh Arora, Palo Alto Networks Inc.
The former Google and SoftBank executive re-
ceived a $125 million pay package last year af-
ter he joined the cybersecurity firm midyear.
Nearly all of Mr. Arora’s compensation was in
restricted stock and stock options that vest
over as many as seven years. The total would
Henry Kravis, George Roberts,
KKR & Co.
The private-equity firm paid its founding
co-CEOs $56.5 million apiece in 2018—a
sharp drop from just over $113 million
apiece a year earlier. Nearly all of that con-
sisted of cash payments of “carried inter-
est”—a share of the company’s investment
profits. In addition to their $300,000 sala-
ries, they received perks including $25,000
apiece in tax-preparation fees, $168,000 for
Mr. Kravis’s personal use of a company car
and driver, and nearly $216,000 for Mr. Rob-
erts’s use of a car and driver. The company
also reported a combined $850,000 “related
to certain personnel who administer per-
sonal matters” for the co-CEOs, on the
grounds that the company doesn’t track
how much of these employees’ time is spent
on such matters.
—Theo Francis
P2JW138000-4-B00600-1--------XA https://avxhm.se/blogs/hill0

B6 | Saturday/Sunday, May 18 - 19, 2019 * * * * THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | B7

EXCHANGE EXCHANGE
Roughly three
months ago, Doug
Parker, the chief exec-
Raises for $12.6 million for those CEOs.
One-year performance can be skewed by bad
luck and long-term plans that take time to bear
A recent study by researchers at Cornell
University and the Massachusetts Institute of
Technology suggests part of the problem may
utive of American Air-
lines, wrote his com-
pany a personal check THE CAPTAIN CLASS | SAM WALKER The Best—and fruit. Over longer time periods, pay and perfor-
mance correlate better—but still far from ro-
bustly, analysts and many consultants say. Com-
lie in the operating and stock-market goals
that corporate boards set to measure company
performance, and thereby determine executive
for $10,000.
Also for the Rest paring CEO pay growth against shareholder pay. Often they use measures that don’t meet

The Airline
For a 57-year-old airline industry returns over five years shows pay growing faster generally accepted accounting principles, in-
titan who earned almost $12 million at about 28% of S&P 500 companies, sometimes stead substituting metrics that exclude some
on paper last year, the dollar figure sharply so, according to data from proxy advi- costs or financial benefits that the company
wasn’t too significant. The remark- Continued from page B1 sory firm Institutional Shareholder Services. deems outside management’s control or not
able thing about this payment is were in the bottom half of the group. Among “There are lots of individual cases where reflective of core performance.

CEO Who
why he made it. them: dialysis chain DaVita Inc., which doubled things aren’t working great yet,” said John Roe, Companies that make big adjustments to
Four years ago, during a boom in Kent Thiry’s pay to $32 million and recorded a head of ISS Analytics. measures of profit tend to pay their CEOs
executive compensation, Mr. Parker negative 29% return, and Gap Inc., which paid David Seaton led engineering and construc- more—by an average of 16%—than other compa-
stunned many CEOs (not to mention Art Peck $20.8 million, the most of his four-year tion company Fluor Corp. starting in 2011. His nies, the researchers found. The difference aver-
their accountants) by asking Ameri- tenure, when it logged a negative 21% return. reported pay rose 24% last year, even as Fluor aged $1.9 million a year above and beyond what

Canceled His
can’s board to start compensating Such mismatches highlight lingering ques- posted a negative 37% return in 2018. Annual re- the CEOs would otherwise be expected to earn.
him exclusively in stock. Since then, tions about how successfully corporate boards turns trailed those of most other S&P 500 capi- Mr. Kay, the pay consultant, said directors
he’s been leading the world’s largest have tied executive pay to company perfor- tal-goods companies in the Journal analysis for are careful in picking performance targets. “I
airline without a salary, a bonus, or mance. Urged on by investors and governance each of the past five years. see that the boards definitely agonize over
even a matching 401(k) contribution. advocates, companies have spent years crafting Mr. Seaton’s total pay rose in three of those whether these adjustments are appropriate to

Salary
This unusual plan, unique mechanisms to do this. In many cases, new re- five years, and overall he was paid $56 million, make,” he said. “In the final analysis, we do
among airline CEOs, effectively search suggests, the fault lies with the execution much of it in stock, during that time. In 2018, think they add the right things back and take
erases Mr. Parker from the com- and complexity. restricted stock made up $9.6 million of the the right things out.”
pany’s payroll. Since American “The more complicated the scheme is, it’s less total, compared with a $5.6 million award in Celgene Corp. relied on non-GAAP metrics
can’t deduct the cost of his health transparent to consumers and society,” said Alex 2017. Fluor said much of that increase last year to determine pay for CEO Mark Alles.
insurance, he’s on the hook for it. Edmans, a professor of finance at London Busi- stemmed from a change in the way the com- The drugmaker’s shares fell nearly 40% over the
Hence, the $10,000 check. ness School who has studied executive-compen- pany structured its equity awards beginning in course of 2018, battered particularly after Cel-
Many CEOs can rightfully say sation trends on both sides of the Atlantic. 2016, leaving the reported value of stock gene hit setbacks in the development of several
that a majority of their pay is tied With his pay entirely in stock, DaVita declined to comment. Its proxy state- grants that year and in 2017 smaller than they potential drugs. Still, Mr. Alles’s compensation
to the company’s performance, al-
though that’s hardly a perfect sci-
Doug Parker wanted to change ment notes that $14 million of the increase in
Mr. Thiry’s reported pay came from a new re-
otherwise would have been.
Yet cost overruns on some projects and
rose 24% to $16.2 million.
Despite its drug-development stumbles, the
ence. Only a few, however, have American Airlines’ culture tirement benefit that lets executives keep re- other issues forced the company to take more company said, just under half of Mr. Alles’s an-
dared to join Mr. Parker in the 100% stricted stock they otherwise would forfeit on than $1 billion in write-offs over the three nual bonus was based on meeting selected ob-
stock club. One of the reasons Mr. retirement if they meet certain age and tenure years, hitting its shares and leading to several jectives in expanding Celgene’s product pipeline.
Parker favors this approach is the thresholds. Absent that change, Mr. Thiry’s pay earnings misses in re- While Celgene posted GAAP earnings of
same one that makes it frightening: would have risen 13% to $17.3 million. Mr. Thiry cent quarters. On May 1, $5.65 per share for 2018, the adjusted earnings
It subjects him to the same risks as will step down as CEO June 1. Mr. Seaton stepped the company reported to investors came in at
American’s shareholders.
Given the level at which top exec-
Gap said that since Mr. Peck’s appointment to
CEO in February 2015, stock-price changes and
$12.4 down just before the
company reported a
$8.87, once the company stripped out the cost
of acquiring research assets and other items.
utives are paid, he says, it’s only fit- other factors mean he ultimately received cash million first-quarter loss that For the purposes of its management incentive

COOPER NEILL FOR THE WALL STREET JOURNAL

ting that their interests should be
aligned with investors. “I don’t
know why all CEOs don’t do the
same. It seems really logical.”
Mr. Parker, who took over at
American in 2013 after its merger
with US Airways, said he also hoped
this symbolic gesture would signal
to American’s employees that he
was a different breed of airline ex-
ecutive. “Nothing about this is some
earnings-maximization policy of
mine,” he says.
The shares Mr. Parker receives
are not options: They’re granted at
the current market price and may
decline in value before they vest.
In addition, the value of the shares
he gets and how soon they vest
depends in large part on how well
American performs over time, rel-
ative to rival airlines.
Put simply, Mr. Parker isn’t
likely to outearn his industry peers
unless American has a series of
bang-up years.
When this arrangement began,
the airline industry was still emerg-
ing from a brutal stretch of bank-
ruptcies, mergers and historic labor
strife. Few investors saw major car-
riers as healthy, viable businesses
worth accumulating stock in. When
Mr. Parker first broached his un-
orthodox plan, a few friends on the
board pulled him aside to ask him
what he was thinking.
To Mr. Parker, this lingering prej-
udice against airlines was Ameri-
can’s biggest problem. “It was time
to get out of survival mentality,” he
American Airlines’ Doug Parker is the rare CEO who gets paid entirely in stock, a decision that prompted friends to ask what he was thinking.
says. Choosing stock over ready
cash and short-term incentives
would signal that he was bullish
about the long term. His message at
the time: “We’re good. This busi-
ness has been transformed. It’s time
to worry about building.”
For the record, nobody—includ-
ing Mr. Parker—interpreted this
plan as a vow of poverty. If Ameri-
can’s share price booms, he stands
to earn more than he’d get from a
traditional pay package. Besides, he
admits, the reason he’s in a position
to ditch his salary is that he’s al-
ready benefited from years of gen-
erous compensation. Over the last
three years, the airline stock-appre-
ciation rights he’d earned before
2015 have helped him pocket more
than $50 million. “I’ve been ex-
tremely fortunate,” he says.
Mr. Parker also knew that no
compensation formula could elimi-
nate the perception among many
longtime airline employees that
executives like him care only about
lining their pockets. He was right
about that.
“He can put whatever kind of Boy
Scout explanation he wants on the
way he gets paid,” says John Samu-
elsen, international president of the
Transport Workers Union, which
has been in protracted negotiations
with American. “It doesn’t matter to
the average worker—all we know is
that he’s rich and we’re not.”
While it may not be especially
brave, there’s a fair argument to be
made that Mr. Parker is doing
something commendable.
In 2015, when he retooled his
own compensation, many of Ameri-
can’s workers were underpaid by in-
dustry standards. Mr. Parker set out
to rectify that by offering workers
mid-contract pay raises. He also de-
cided that until his employees
achieved pay parity, he would ask
the board to set his annual income
targets about 20% below what his
peers at United and Delta were ex-
pected to make. “I’m doing this be-
cause it feels better,” he says.
In another unorthodox move, he
asked the board in 2016 to tear up
his employment contract, making
him the rare CEO who serves as an
at-will employee without any spe-
cial protections.
So far, Mr. Parker’s experiment
hasn’t broken any compensation re-
cords. He’s earned about $11.7 mil-
lion a year on average. Median pay
for the CEOs of the biggest U.S.
companies in 2018 was $12.4 mil-
lion. Although American has turned
a profit in five straight years, its
stock has skidded to about $32 from
last year’s high of $59. The un-
vested shares Mr. Parker earned in
2018 have lost nearly half their
value. “I’m not complaining,” he
says. “I feel the stock will rebound.”
In his quest to improve Ameri-
can’s culture, Mr. Parker hosts
monthly town halls and meets infor-
mally with employees aboard planes.
When the pricey seats are full, he
flies in coach. Mr. Parker recently
posed with a mortified flight atten-
dant who accidentally spilled a tray
of drinks on him. “I want people to
know they work for a company that
cares about them,” he says.
His effort to change the culture
has seen its own share of ups and
downs. The airline finished next-
to-last in 2018 in The Wall Street
Journal’s annual study of on-time
performance. And despite posting
an above-average rating in J.D.
Power’s 2015 study of airline cus-
tomer satisfaction, American has
fallen below the average in each of
the past three years.
Mr. Parker says he has seen some
progress. Workers rarely complain
to him about the indifference of
management, as they used to. They
tend to lobby him for better tools to
do their jobs. The company’s first
employee survey in 2017 found that
and equity averaging about $4.75 million a
year—considerably less than the $12.9 million
average reported in securities filings. In 2018,
Mr. Peck also gave up his bonus “in light of busi-
ness performance.”
For its annual ranking, the Journal examined
442 companies with fiscal years ending after
June 30, 2018, and disclosing pay data through
May 1. Companies that changed CEOs during the
year were omitted, leaving 400 CEOs. The analy-
sis includes salary, bonus and stock awards as
valued in securities filings.
The highest-paid executive was Discovery
Inc.’s David Zaslav, whose pay tripled to $129
million thanks to an equity grant tied to a new
two-thirds said they were proud to five-year contract. Discovery posted a 10.5%
work at American. shareholder return for the year.
In the meantime, there’s another The television-channel owner said Mr.
group Mr. Parker hopes to lead—fel- Zaslav’s pay increase is largely the result of
low chief executives. For years, he stock-option awards tied to his new contract
says, CEOs have fought to be paid through 2023, with exercise prices that escalate
the same as their peers, only to see each year. Future pay will approximate earlier
their rivals receive counterhikes the years, it said. Mr. Zaslav has averaged $41 mil-
next year. “That doesn’t seem right, lion in pay in most recent years.
frankly,” he says. By opting out of There are almost as many ways of measuring
this perpetual loop, “I like thinking corporate performance as there are ways to
that I’m not facilitating that.” compensate a CEO. None of them are perfect,
Even if he never outearns his air- experts caution. One widely used measure—total
line counterparts, Mr. Parker’s ap- shareholder return, which tracks stock perfor-
proach to compensation does afford mance and assumes dividends are reinvested—
him one unique luxury. He gets to illustrates the challenge.
imagine how they must feel defend- Only two of the 25 highest-paid CEOs in the
ing their own pay. “They have to Journal analysis led companies in the top 25 for
talk about how their compensation 2018 shareholder return: Netflix Inc.’s Reed Has-
is higher than mine,” he says. tings and Adobe Inc.’s Shantanu Narayen.
More broadly, sorting CEOs into groups by
Mr. Walker, a former reporter and company performance shows the 20% with the
editor at The Wall Street Journal, highest shareholder return claimed the biggest
is the author of “The Captain paychecks, with a median of about $14 million.
Class: A New Theory of But the 10% of companies with the worst re-
Leadership” (Random House). turns also gave big packages, with a median of
sent the stock tumbling plan, Celgene tweaked its EPS figure further to
Median 28% in a day. adjust for an acquisition and share buybacks.
compensation Fluor’s proxy notes That revised figure: $9.06, surpassing the
for the heads that the pay Mr. Seaton $8.70 to $8.90 target range it had set for its
of S&P 500 could actually realize top executives to hit. Pay consultants generally
companies from the last three years say boards take into account adjustments from
last year, was about 60% of his tar- standard accounting measures when setting
another get compensation, thanks targets for executive compensation.
to stock-price declines Ultimately, Mr. Alles could get an even bigger
post-recession and other factors. “What payout: Celgene crafted new change-in-control
record. you’re granted is not provisions for him and other senior executives in
what you receive,” said December, as the company negotiated a $74 bil-
Dawn Stout, Fluor’s vice lion sale of the company to Bristol-Myers Squibb
president of law. “We feel Co. He would receive an exit package of $28 mil-
pretty strongly we have a performance-based lion if he departs after the acquisition closes.
plan, and 90% of his compensation is variable, A Celgene spokesman noted that the com-
tracking performance.” pany’s 2018 results exceeded its forecasts and
Indeed, companies and pay consultants of- that by GAAP standards, its earnings rose more
ten complain that the figures reported in secu- steeply than on an adjusted basis, climbing 51%
rities filings can be misleading. Equity is val- per share from 2017. The spokesman also said
ued at the time options and restricted stock Mr. Alles took on the duties of board chairman
are awarded, even though CEOs might not get last year, in addition to serving as CEO. The com-
full title to it for years. pany’s securities filing indicates his salary rose
Measuring the pay CEOs ultimately receive— about $265,000 a year and his bonus target rose
including stock-price appreciation or declines— about $670,000 at the time of the promotion.
shows much better correlation with perfor- The growing complexity of CEO compensa-
mance, said Ira Kay, managing partner at tion packages and the performance mismatches
consulting firm Pay Governance. “We measure have spurred some investors to call for revamp-
whether there’s after-the-fact alignment.” ing executive pay in a radically simple way: Pay
In 2018, half of compensation awarded to CEOs in cash and give them shares they must
S&P 500 CEOs consisted of restricted stock. In- hold for, say, at least five years.
cluding stock options, two-thirds of CEO pay last The idea of compensating CEOs primarily by
year was equity. Increasingly, those awards con- making them long-term shareholders in their
sist of performance shares and options, meaning companies has been recently endorsed by Nor-
the executives get more of the securities when way’s sovereign-wealth fund and recommended
the company meets key targets—and fewer by a House of Commons committee in the U.K.
when they fall short. examining corporate governance. Removing the
So why, with formulas yoking CEOs’ pay specific, but often arbitrary, performance targets
to the success of their companies and to would free CEOs from trying to hit them and in-
share performance, are pay and performance stead let them focus on creating long-term value,
so misaligned? said Mr. Edmans of London Business School.

Just Leaving: Parting Pay The Outliers With Top Salaries

Last year brought turnover atop some of the largest U.S. companies, including several high-pro- Some of the biggest CEO paydays last year don’t appear in the WSJ’s rankings (pages B8-9),
file leaders like Les Moonves and Meg Whitman. Some left under a cloud of scandal or were either because the companies aren’t part of the S&P 500 index or because of the timing of
fired while others exited in a more orderly fashion. Here’s how six of the S&P 500’s departing their fiscal year. Here’s a look at five firms whose leaders would have ranked near the top.
CEOs were compensated on the way out.

Leslie Moonves, CBS Corp.
Mr. Moonves was forced to resign last Sep-
tember amid accusations of sexual harass-
ment, which he has denied. The longtime
CBS chief forfeited nearly $34.5 million of
his annual compensation as part of a sepa-
ration agreement, but he still received
about $12.6 million for the year. CBS’s
board denied Mr. Moonves a severance
package of $120 million following a com-
pany probe into his conduct that concluded
that he breached his employment contract,
a decision he challenged; it is now in arbi-
tration. Representatives for CBS and Mr.
Moonves declined to comment.
Indra Nooyi, PepsiCo Inc.
Ms. Nooyi retired as CEO in October after
leading the beverage and food company for a
dozen years. She was paid $24.5 million in
2018, compared with $31.1 million the year
earlier. Ms. Nooyi was paid about $1.7 million
in salary in each of the past three years,
while the rest of her compensation was per-
about $4.3 million in severance over 12
months. GE also agreed to let Mr. Flannery
keep equity awards that could add up to
several million dollars more depending on
GE’s performance. When Mr. Flannery turns
60 in about three years, he will receive a
pension valued at nearly $23 million at the
end of 2018. According to the company’s
proxy, he was paid a total of $16.6 million
in 2018. “John Flannery dedicated over 31
years of service to GE, and the arrange-
ments reached with him…reflect that ser-
vice,” a GE spokeswoman said.
Stephen Wynn, Wynn Resorts Ltd.
The billionaire casino mogul left after sex-
ual-misconduct allegations were leveled
against him. He said the idea he ever as-
saulted a woman is preposterous. He re-
signed, with no severance, as chairman and
CEO of Wynn Resorts in February 2018 and
the following month sold his 12% stake in
the company for $2.1 billion. Under his
original employment agreement, Mr. Wynn
Elon Musk, Tesla Inc.
The electric-car company awarded options
valued at $2.28 billion to its founder and
CEO last year—an amount roughly equivalent
to the combined 2018 compensation of the
92 top-paid CEOs in the Journal’s rankings.
(Tesla isn’t in the S&P 500 index.) The op-
tions grant, approved by shareholders last
year, vests in 12 tranches if Tesla’s stock
surges and the company hits performance
goals. “This award was designed to be en-
tirely an incentive for future performance
that would take many years, if at all, to be
achieved,” the proxy says, and directors se-
lected ambitious performance milestones. A
Tesla spokesman said none of the 2018 op-
tions have vested and Mr. Musk receives no
salary or bonus. “Elon’s entire compensation
is directly tied to the long-term success of
Tesla and its shareholders,” he said.
Rick Smith, Axon Enterprise Inc.
The maker of Taser stun guns gave its co-
founder and CEO a stock-option award val-
ued at $246 million last year. The 10-year
be enough to rank Mr. Arora second if Palo
Alto were a member the S&P 500. A Palo Alto
spokeswoman said some of Mr. Arora’s stock
awards are tied to his own investments in the
company’s stock.
Larry Ellison, Safra Catz,
Mark Hurd, Oracle Corp.
The business-software maker has three
leaders who each received $103.7 million
option awards during its last full fiscal year,
but they don’t appear in the WSJ ranking
because Oracle ends its year after the Jour-
nal’s analysis is published. Chairman Larry
Ellison and co-CEOs Safra Catz and Mark
Hurd each made just over $108 million in
the year ended May 2018. The options are
tied to share price, market capitalization
and performance goals; if all goals are met,
the awards could be worth as much as $175
million at July 2018 share prices, the com-
pany said in its proxy. The award represents
five years of equity compensation and no
additional awards are expected until at least
2022, Oracle says. An Oracle spokeswoman

PHOTO ILLUSTRATION BY RYAN OLBRYSH; BLOOMBERG (2); NASDAQ OMX; GETTY IMAGES (4)
formance-based awards. PepsicCo didn’t could have been eligible for a severance
PHOTO ILLUSTRATION BY RYAN OLBRYSH; BLOOMBERG (3); GC IMAGES; GETTY IMAGES (2)

award, Axon said at the time, was modeled declined to comment.

comment beyond its proxy statement.
Lloyd Blankfein,
Goldman Sachs Group Inc.
Mr. Blankfein, who retired in October after
12 years running the investment bank,
earned $20.5 million in 2018. Goldman
Sachs could withhold millions of dollars in
pay from Mr. Blankfein because of the
scandal around a Malaysian investment
fund. His 2018 compensation isn’t affected
by the potential clawback, which stems
from a deferred cash grant he received in
2011 that was to be paid out this past Jan-
uary. Goldman is temporarily withholding
that award, which was originally granted
at $7 million. Goldman declined to com-
ment on behalf of Mr. Blankfein.
John Flannery, General Electric Co.
Mr. Flannery was fired in October after 14
months as CEO, but he will still be paid
payout of more than $300 million, had he
been terminated without cause, according
to the company’s April 2018 proxy state-
ment. In 2018 he received about $786,000
in salary and other compensation, accord-
ing to Wynn’s proxy. Wynn Resorts and a
lawyer for Mr. Wynn declined to comment.
Margaret Whitman,
Hewlett Packard Enterprise Co.
Ms. Whitman stepped down in February 2018
and moved to Los Angeles for a job running
mobile-video startup Quibi. From 2011 to
2015, Ms. Whitman was CEO of Hewlett-Pack-
ard Co., overseeing the separation of the com-
pany into Hewlett Packard Enterprise and HP
Inc. Hewlett Packard Enterprise said in its lat-
est proxy that she earned about $750,000 in
2018. Hewlett Packard Enterprise and Ms.
Whitman didn’t comment beyond the com-
pany’s proxy filing.
—Patrick Thomas
after Mr. Musk’s package at Tesla: The op-
tions vest only if Axon’s market value
climbs and it achieves other performance
targets. The $246 million figure is nearly
double the highest pay figure among full-
year S&P 500 CEOs. It “assumes that Rick
achieves operational and market capitaliza-
tion milestones, but to date, no milestones
have been achieved and therefore, Rick has
not received any compensation,” an Axon
spokeswoman said. She added that he won’t
receive additional equity for 10 years, unless
he meets all the targets in this award first.
Axon isn’t in the S&P 500.
Nikesh Arora, Palo Alto Networks Inc.
The former Google and SoftBank executive re-
ceived a $125 million pay package last year af-
ter he joined the cybersecurity firm midyear.
Nearly all of Mr. Arora’s compensation was in
restricted stock and stock options that vest
over as many as seven years. The total would
Henry Kravis, George Roberts,
KKR & Co.
The private-equity firm paid its founding
co-CEOs $56.5 million apiece in 2018—a
sharp drop from just over $113 million
apiece a year earlier. Nearly all of that con-
sisted of cash payments of “carried inter-
est”—a share of the company’s investment
profits. In addition to their $300,000 sala-
ries, they received perks including $25,000
apiece in tax-preparation fees, $168,000 for
Mr. Kravis’s personal use of a company car
and driver, and nearly $216,000 for Mr. Rob-
erts’s use of a car and driver. The company
also reported a combined $850,000 “related
to certain personnel who administer per-
sonal matters” for the co-CEOs, on the
grounds that the company doesn’t track
how much of these employees’ time is spent
on such matters.
—Theo Francis
B8 | Saturday/Sunday, May 18 - 19, 2019 * ***** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 18 - 19, 2019 | B9

EXCHANGE
 https://avxhm.se/blogs/hill0

B8 | Saturday/Sunday, May 18 - 19, 2019 * ***** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 18 - 19, 2019 | B9

EXCHANGE
 B10 | Saturday/Sunday, May 18 - 19, 2019
The Fixers
Behind the
Factories
Continued from page B1
or creating jobs would have taken
those actions even without a sweet-
ener, according to a pair of 2018
studies by the W.E. Upjohn Institute
for Employment Research.
Despite that, Upjohn research
shows that the state and local costs
of incentives have at least tripled
since 1990, reaching $45 billion an-
nually as of 2015. Average incentive
awards have also tripled in size as a
percentage of business taxes owed by
the companies receiving the perks.
What the incentives can alter, in
some cases, is the location of the
project. That’s fueling competition
that has helped turn site selection
into a booming cottage industry.
“Kentucky Derby. Mississippi
governor’s quail hunt, Georgia quail
hunt…I’ve been to all of them,” said
Mike Mullis, a Tennessee-based site
selector. He works alongside his fi-
ancée, Denise Mott, at a site-selec-
tion firm he founded in the 1970s,
J.M. Mullis Inc.
Mr. Mullis has developed a reputa-
tion for being a tough negotiator on
incentives. When he represented Jeff
Bezos’s rocket company, Blue Origin,
on a site-selection search in 2016, a
Washington state official told the
Puget Sound Business Journal that
Mr. Mullis “constantly hammered”
the state to see what incentives they
could offer. Mr. Mullis told the paper
that the characterization was “pretty
consistent with how we operated.”
Blue Origin didn’t respond to a re-
quest to comment.
Mr. Mullis was also an early mem-
ber of an exclusive club of consultants
known as the Site Selectors Guild.
The guild hosts an annual conference
where government officials and other
attendees pay $2,000 a ticket for a
chance to hobnob with them.
Guild members also get treated to
extravagant parties and perks by lo-
cal communities that host the
events. Last year’s festivities, held in
Cincinnati, featured a private recep-
tion at Paul Brown Stadium, where
the Cincinnati Bengals play. Site se-
lectors were greeted on the field like
NFL stars: Plumes of fire shot in the
air and a squad of cheerleaders
waved pompoms as the selectors ran
onto the field dressed in personal-
ized Bengals jerseys.
Since its founding in 2010, the
Guild has grown to include 50 con-
sultants and now attracts 355 paid
attendees at the marquee event,
which usually sells out within an
hour, according to the guild’s execu-
tive director, Rick Weddle. Mr. Wed-
dle says the industry’s mantra is that
“incentives can never make a bad lo-
cation good. They can make a good
location better.” He said site selectors
help companies weigh a variety of
factors, such as the availability of
qualified workers, access to infra-
structure, proximity to customers
and suppliers, the cost of utilities and
Bigger Bets
Wisconsin promised close to $3 billion of tax credits to incentivize Foxconn’s
investment in a new factory. An analysis by a state agency found Wisconsin
taxpayers won’t get a positive return until 2042.
Cumulative benefit
Net of Wisconsin’s
$400 million
payments under
Foxconn's incentive
contract and increased
state tax collections 0
over time.
Wisconsin’s fiscal year ends
June 30. –400
–800
–1,200
FY2018’20
Sources: Wisconsin Department of Administration via the state’s Legislative Fiscal Bureau (Wisconsin); Panel
Database on Incentives and Taxes via W.E. Upjohn Institute for Employment Research (incentives)
MITCH CHANDLER
Site selector Mike Mullis speaks with Arkansas Gov. Asa Hutchinson, second from the left, at the
announcement of a new firearms factory Mr. Mullis helped bring to the state.
In Cincinnati, site selectors were
greeted like NFL stars. Amazon’s
Holly Sullivan, right, says skilled
workers were Amazon’s top factor
when picking its new location.
other production inputs.
When the U.S. arm of Czech fire-
arm maker Česká Zbrojovka began
looking for its first U.S. factory site
last year, the company had already
committed to the expansion. Even if
the subsidiary, called CZ-USA, re-
ceived no incentives, it still would
have proceeded with the project, said
CZ-USA’s chairman, Bogdan Heczko.
Still, he decided it would make
sense to “see how much we can get.”
Mr. Heczko’s company was origi-
nally deciding between two states—
Kansas and Missouri—which have a
long history of competing on incen-
tives. Then CZ-USA hired Mr. Mullis
to help with the search. Mr. Mullis
advised CZ-USA to broaden the
search to more states, according to
Mr. Heczko. Mr. Mullis said he helped
the firm scout locations in a dozen
states, including Arkansas.
In early December, Mr. Mullis and
a handful of other site selectors went
hunting at a private retreat with Ar-
kansas Gov. Asa Hutchinson. Mr.
Mullis said that at the end of the day,
Mr. Hutchinson approached him to
ask for his advice on how to attract
the gun manufacturer to his state.
Mr. Hutchinson confirmed in an
interview that Mr. Mullis gave him
advice on how to “fine-tune” Arkan-
sas’ pitch to his client. He also said
Mr. Mullis “is a very good shot.”
Mr. Hutchinson—who has okayed
435 incentive deals since becoming
governor in 2015—ultimately allo-
cated $4 million from a fund he con-
trols, the “Quick Action Closing
Fund,” to pay for improvements at
the site in Little Rock selected by CZ-
USA. That was among more than $20
million of loans, rebates, tax breaks
and other incentives Mr. Mullis
helped negotiate. The company
pledged to invest $90 million and
create 565 jobs.
’25 ’30 ’35 ’40
EXCHANGE
Site selectors sometimes explicitly
ask for legislative changes to accom-
modate their clients. And when the
deal is big enough, officials move
quickly to act on those demands.
In the spring of 2017, Ernst &
Young sent Wisconsin and other
states a request for proposals for an
investment opportunity it identified
only as “Project Flying Eagle.” The
document included an explicit re-
quest that governments “provide off-
sets to all taxes levied at the state
and local level” and “propose poten-
tial administrative and/or legislative
changes” if they are “unable to close
the cost differential” with the com-
pany’s existing manufacturing facili-
ties in Asia.
At least three states—Wisconsin,
Ohio and Michigan—made it to the
final round of bidding for what
turned out to be the Foxconn plant,
according to interviews and docu-
ments disclosed under public-re-
cords requests.
After back-to-back pitches from
the states’ governors, E&Y worked
with state officials to help the com-
pany maximize incentives, accord-
ing to a person involved in the con-
fidential negotiations.
“All they did was ask for more
money,” the person said.
State and local governments have
been boosting the size of the tax
breaks they give to businesses
Incentives as a share of taxes owed
30%
20
10 The average magnitude of
state and local incentives as
a percent of state and local
business taxes owed by the
companies receiving them.
’45
0
1990 ’95 2000 ’05 ’10 ’15
* ***
Michigan raised its offer twice, ac-
cording to documents the state pro-
vided under a public-records request.
The state’s package of discretionary
incentives rose from about $1.7 bil-
lion in May 2017 to $4.4 billion to
about $4.5 billion by late June. In-
cluding other available exemptions
already on the books, Michigan’s
package totalled about $7 billion, al-
though many of the promised tax
breaks would have paid out later
than Wisconsin’s package.
Correspondence between Wiscon-
sin and E&Y shows that the state also
sweetened its offer during the pro-
cess. A spokesman for the state’s eco-
nomic development arm said the
boost was justified because the scope
of the project had increased.
The administration of Wisconsin’s
then-Gov. Scott Walker relied on an
economic-impact study provided by
E&Y to craft a package of tax credits,
infrastructure improvements and
other incentives for Foxconn, emails
show. The state’s share was about $3
billion and wouldn’t result in a posi-
tive return to taxpayers until 2042,
according to a state review of the in-
centives published by Wisconsin’s
Legislative Fiscal Bureau. But if ev-
erything would pan out as expected,
Wisconsin would gain 13,000 jobs
and be home to a $10 billion liquid-
crystal-display manufacturing plant,
the first in the U.S.
E&Y’s study was cited by Wiscon-
sin officials as they sold Foxconn’s
incentive package to the state legis-
lature. E&Y executives said in a
2018 article on maximizing incen-
tives that such studies can be useful
as a “public-relations tool” to “build
support” for a project.
Timothy Bartik, a senior econo-
mist at Upjohn, reviewed E&Y’s eco-
nomic-impact study. Mr. Bartik said
it wrongly assumed that the added
jobs wouldn’t result in any addi-
tional costs to governments, such as
increased costs for schools or added
spending on roads.
“I think a true fiscal analysis
would show that this project will
NEVER break even fiscally,” Mr. Bar-
tik said in an email.
Since Wisconsin signed the deal,
Foxconn has scaled back its ambi-
tions in the state. The company
said in a January letter to the Wis-
consin Economic Development
Corp. that it has “adjusted our re-
cruitment and hiring timeline” and
had created fewer than 200 of
13,000 jobs it had promised. It also
said it would forgo the $9.5 million
of job-creation credits the com-
pany was eligible for in 2018 under
its contract with Wisconsin. The
company declined to comment.
Wisconsin Economic Development
Corp. Chief Executive Mark Hogan
said that Foxconn’s incentives are
performance-based and meant to
provide the company flexibility to
adapt to changing circumstances.
“We came up with what we felt was
the best deal for the state of Wiscon-
sin and the taxpayers,” he said.
In a meeting with the Journal,
E&Y’s site-selection leader, Paul Nau-
moff, declined to comment on his
company’s work for Foxconn, citing
client confidentiality. A spokes-
woman who attended the meeting
advised him not to answer when a
reporter asked if site-selection work
bears similarities to lobbying.
Incentives aren’t always the key
factor in companies’ relocation deci-
sions. When Amazon searched for a
THE WALL STREET JOURNAL.
STEVE ZIEGELMEYER; SULLIVAN: ALEX GOODLETT FOR THE WALL STREET JOURNAL
How to Max Out
There’s a booming industry built
around helping companies maximize
tax breaks and other incentives
when they relocate or expand their
operations. Here are some tips from
site-selection consultants at Ernst &
Young on how companies can max
out, excerpted from an article they
wrote on the topic.
1 ‘Leave no stone unturned’
Look for tax and nontax benefits
at the federal, state and local lev-
els, E&Y says. Examine both tax
breaks that are already available
under current law as well as other
incentives that officials might grant
at their discretion—so-called discre-
tionary incentives.
2 ‘Use a formal request for
proposal’
Send out a request for proposal
that outlines your project and “initi-
ate a dialogue” with governments
about what they can offer, E&Y
says. Doing so “opens the discus-
sion to possibilities such as special
legislation and creative alternatives
for ‘off-menu’ benefits” such as dis-
counted rent or free land.
3 ‘Compile your wish list’
Be creative in what you ask of-
ficials for and don’t limit yourself
to the laws that are already on the
books. “Perhaps existing legislation
could be changed” to benefit your
project, E&Y says. Or you could ask
to amend tax provisions to give
your project special treatment.
4 ‘Communicate your position
clearly and succinctly’
Convince government officials that
your project is worth it by putting
together an economic impact study
that quantifies its benefits, such as
job creation. It’s not just a good
financial tool, but also a “public
relations tool” which public officials
can use “in internal and external
discussions to build support for
your project,” the firm says. (E&Y
puts together such studies for its
site selection clients.)
5 ‘Take precautions’
Be careful to provide an
accurate picture of the proposed
project. E&Y warns that incorrect
headcounts and investment
projections can undo the benefits
of your public relations pitch.
Source: ‘Maximizing the Benefits
of Incentives’ by Ernst & Young
home for its second headquarters,
the availability of a skilled workforce
was the top concern. “This was really
about talent,” Holly Sullivan, Ama-
zon’s head of world-wide economic
development, said at the Site Selec-
tors Guild’s conference in March.
The event was held at the Grand
America, a luxury hotel in Salt Lake
City featuring a landscaped garden
and a daily harp concert. Perks in-
cluded a cowboy-themed dinner
with Utah Gov. Gary Herbert at the
Grand Hall of the Union Pacific De-
pot and a ski trip with two-time
Olympic medalist Shannon Bahrke.
It was hard to find any part of the
event that didn’t have a state logo
on it. Louisiana paid for the Wi-Fi;
South Carolina paid for breakfast.
Each cost $10,000. A chance to
spend an hour at a private cocktail
party with the guild’s members also
cost a good amount. “I paid $20,000
to go to this thing,” said one state
official as he waited to go in to the
“silver sponsors” reception.
Like the competitive bidding pro-
cess used by site selectors, the se-
lection of the conference location it-
self was conducted via a request for
proposals. A winning bid can cost
upward of $100,000, according to
two economic-development officials
who hosted past conferences.
Val Hale, executive director of
the Utah Governor’s Office of Eco-
nomic Development, said it is
money well spent. When it comes
to economic-development events,
he said, “this is the Super Bowl.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | B11

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Stock Currency, Commodity, Exchange-
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Mar. Apr. May Mar. Apr. May Mar. Apr. May FTSE MIB 1.10
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Industrial Average 25948.74 25657.78 25764.00 -98.68 -0.38 26828.39 21792.20 4.2 10.4 13.7 Adv. volume* 208,686,860 4,194,425 iShNatlMuniBd 0.48
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Unchanged 130 13 S&P 500 Telecom Svcs 0.26
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Nasdaq Composite 7918.71 7810.35 7816.28 -81.76 8164.00 6192.92 6.3 17.8 18.3 iSh 1-3 Treasury 0.15
Closing tick 273 20
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SmallCap 600 948.69 933.58 934.56 -14.78 -1.56 1098.36 793.86 -6.8 10.6 11.6 Adv. volume* 701,174,707 41,769,473
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NYSE Composite 12751.09 12643.07 12657.63 -80.73 -0.63 13236.44 10769.83 -0.5 11.3 7.3 -0.50 S&P 500 Health Care
Declines 2,201 1,262
Unchanged 106 32 -0.51 Indian rupee
Value Line 532.70 526.01 526.29 -6.25 -1.17 593.57 446.06 -7.1 11.4 5.6
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Closing tick 128 257 -0.73 S&P 500 Energy
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PHLX§ Gold/Silver 67.68 66.68 67.49 0.07 0.10 84.67 61.84 -17.7 -4.5 -9.5 Block trades* 7,816 1,224 -0.79 S&P 500 Materials
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Asia-Pacific
Baidu ADR BIDU 128.31 -25.39 -16.52 274.00 126.91 -49.3
Australia S&P/ASX 200 6365.30 37.50 0.59 12.7
NeoPhotonics NPTN 3.84 -0.70 -15.42 9.48 3.26 -40.9
China Shanghai Composite 2882.30 –73.41 –2.48 15.6 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 27946.46 –328.61 –1.16 8.1 Impinj PI 24.65 -3.86 -13.54 31.10 13.25 40.8
India S&P BSE Sensex 37930.77 1.44 5.2 360 Finance ADR QFIN 16.28 -2.54 -13.50 24.45 9.91 ... The Daily Shot morning newsletter delivers an
537.29
Japan Nikkei Stock Avg 21250.09 187.11 0.89 6.2 Pinterest PINS 26.70 -4.16 -13.48 35.29 23.05 ... overview of the trends impacting global markets.
Quintana Energy Services QES 3.04 -0.45 -12.89 10.67 3.04 -69.2
Singapore Straits Times 3205.46 –24.80 –0.77 4.5 Sign up now at WSJ.com/DailyShot
South Korea 0.7
Phunware PHUN 6.02 -0.88 -12.75 550.00 5.00 -43.2
Kospi 2055.80 –11.89 –0.58 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 10384.11 –90.50 –0.86 6.8
Thailand SET 1608.11 –6.64 –0.41 2.8
Most Active Stocks
Volume % chg from Latest Session 52-Week
Sources: SIX Financial Information; Dow Jones Market Data Company Symbol (000) 65-day avg Close % chg High Low

SPDR S&P 500 SPY 89,403 21.8 285.84 -0.65 294.95 233.76 Currencies
Get real-time U.S. stock quotes and track most-active iShares MSCI Emg MarketsEEM 78,237 14.5 40.29 -1.80 47.15 37.58

WSJ stocks, new highs/lows and mutual funds. Outlook Therapeutics OTLK 76,043 5868.4 2.10 37.25 10.96 0.85 U.S.-dollar foreign-exchange rates in late New York trading
Advanced Micro Devices AMD 64,738 -3.7 27.50 -1.82 34.14 12.71 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Finl Select Sector SPDR XLF 56,286 7.8 26.88 -0.67 29.07 22.05 YTDchg YTDchg
Fri Fri
.COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Americas Europe
Argentina peso .0222 45.0028 19.5 Czech Rep. koruna .04332 23.085 3.0
Brazil real .2440 4.0987 5.6 Denmark krone .1494 6.6929 2.8
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7429 1.3461 –1.3 Euro area euro 1.1159 .8962 2.8

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001435 697.10 0.4 Hungary forint .003420 292.37 4.4
U.S. consumer rates notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008132 122.97 5.9
Mexico peso .0522 19.1676 –2.5 Norway krone .1137 8.7948 1.8
A consumer rate against its New car loan
Uruguay peso .02838 35.2400 8.8 Poland zloty .2591 3.8595 3.2
benchmark over the past year 4.00% 10%
Bankrate.com avg†: 4.78% Asia-Pacific Russia ruble .01545 64.726 –6.5
Think Mutual Bank 3.09% Australian dollar .6862 1.4573 2.8 Sweden krona .1037 9.6418 8.9
Friday 3.00 5 WSJ Dollar index Switzerland franc .9892 1.0109 3.0
5.50% Rochester, MN 800-288-3425 s China yuan .1445 6.9186 0.6
Prime rate t
t

Hong Kong dollar .1274 7.8497 0.2 Turkey lira .1652 6.0550 14.5
Cambridge Savings Bank 3.24% 2.00 0 Yen Ukraine hryvnia .0379 26.3570 –4.9
s

5.00 t India rupee .01423 70.292 1.0

Cambridge, MA 888-418-5626 Indonesia rupiah .0000692 14450 0.5 UK pound 1.2711 .7867 0.4
One year ago 1.00
t 4.50 First Savings Bank of Hegewisch 3.50% –5 s Japan yen .009085 110.07 0.4
Euro Kazakhstan tenge .002633 379.76 –1.2
Middle East/Africa
New car loan Chicago, IL 773-646-4200
0.00 Macau pataca .1237 8.0845 0.2 Bahrain dinar 2.6522 .3771 0.03
4.00 First Command Bank 3.75% –10
Malaysia ringgit .2395 4.1760 1.1 Egypt pound .0587 17.0465 –4.8
Fort Worth, TX 888-763-7600 1 3 6 1 2 3 5 710 30 2018 2019 New Zealand dollar .6517 1.5344 3.1 Israel shekel .2800 3.5712 –4.5
3.50 month(s) years
J J AS O N D J FMAM PNC Bank 3.89% Pakistan rupee .00675 148.250 6.0 Kuwait dinar 3.2867 .3043 0.4
maturity Philippines peso .0190 52.680 0.3 Oman sul rial 2.5965 .3851 0.03
2018 2019 Washington, DC 888-PNC-BANK
Singapore dollar .7256 1.3782 1.1 Qatar rial .2745 3.643 0.2
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data
South Korea won .0008370 1194.73 7.2 Saudi Arabia riyal .2667 3.7502 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Sri Lanka rupee .0056880 175.81 –3.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Taiwan dollar .03187 31.378 2.6
South Africa rand .0692 14.4419 0.6

Federal-funds rate target 2.25-2.50 2.25-2.50 1.25 l 2.25 2.00 Yield (%) 52-Week Total Return (%) Thailand baht .03140 31.850 –1.5 Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr Vietnam dong .00004275 23390 0.8 WSJ Dollar Index 91.26 0.24 0.26 1.77
Prime rate* 5.50 5.50 4.75 l 5.50 2.00
Libor, 3-month 2.52 2.53 2.30 l 2.82 1.90 Treasury, Ryan ALM 1518.800 2.340 2.398 3.154 2.318 7.193 1.155 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.67 0.67 0.41 l 0.67 0.42 10-yr Treasury, Ryan ALM 1796.853 2.396 2.455 3.232 2.374 9.017 0.374
Five-year CD, annual yield 1.97 1.97 1.71 l 2.07 0.71
30-year mortgage, fixed† 4.12 4.15 4.02 l 4.99 0.53
DJ Corporate n.a. n.a. 3.739 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
Aggregate, Barclays Capital 2019.610 2.890 2.940 3.660 2.870 6.719 2.033 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.57 3.63 3.52 l 4.34 0.78
High Yield 100, Merrill Lynch 3023.170 6.206 6.197 7.825 5.746 5.910 6.760
Jumbo mortgages, $484,350-plus† 4.34 4.39 4.25 l 5.16 0.05 DJ Commodity 614.29 -4.84 -0.78 667.35 572.87 -6.69 7.23
Fixed-Rate MBS, Barclays 2066.630 3.070 3.110 3.810 3.020 6.172 1.828
Five-year adj mortgage (ARM)† 4.22 4.28 4.00 l 4.89 1.15 TR/CC CRB Index 180.99 -1.34 -0.73 206.38 168.36 -11.14 6.59
New-car loan, 48-month 4.78 4.76 3.70 l 4.78 1.52 Muni Master, Merrill 549.704 1.975 2.049 2.908 1.975 6.506 2.328 Crude oil, $ per barrel 62.76 -0.11 -0.17 76.41 42.53 -11.95 38.21
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 n.a. n.a. 6.252 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.631 -0.008 -0.30 4.837 2.455 -7.59 -10.51
banks.† Excludes closing costs.
Sources: SIX Financial Information; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1274.50 -10.50 -0.82 1343.30 1176.20 -1.22 -0.30
B12 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures Dec 28.44 28.45 27.82 27.93 –.46 142,248 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mexican Peso (CME)-MXN 500,000; $ per MXN
Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 97.610 97.613 97.608 97.610 .002 285,142 June .05211 .05214 .05177 .05198 –.00012 269,866
Contract Open July 97.640 97.645 97.635 97.635 –.005 338,153
July 1091.50 1109.00 1089.00 1107.00 16.50 6,433 Sept .05134 .05135 .05102 .05121 –.00012 863
Open High hi lo Low Settle Chg interest 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Sept 1102.00 1118.00 1101.00 1117.50 15.50 254
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (CBT)-5,000 bu.; cents per bu. June 106.000 106.000 s 105.719 105.766 .125 24,021
Euro (CME)-€125,000; $ per €
May 2.7600 2.7600 2.7400 2.7480 –0.0105 1,666 June 1.1204 1.1211 1.1182 1.1187 –.0011 490,679
July 469.00 473.25 462.50 465.00 –2.00 272,686 1 Month Libor (CME)-$3,000,000; pts of 100%
July 2.7480 2.7530 2.7210 2.7385 –0.0095 138,286 Sept 475.50 479.25 469.00 471.25 –2.25 89,176 June ... ... ... 97.5850 … 30 Sept 1.1285 1.1295 1.1267 1.1271 –.0011 14,081
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100%
May 1280.00 1280.00 s 1280.00 1274.50 –10.50 69 July 419.75 425.50 415.50 420.25 3.50 195,561 June 97.4900 97.4950 97.4825 97.4825 –.0025 1,237,848 Index Futures
June 1287.20 1289.00 1274.60 1275.70 –10.50 263,678 Sept 431.00 436.25 426.25 431.00 3.25 63,638 Sept 97.6100 97.6250 97.5850 97.5950 –.0050 1,444,726
Aug 1292.60 1294.60 1280.40 1281.40 –10.60 162,923 Wheat (MPLS)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
Dec 97.6600 97.6900 97.6350 97.6500 .0050 1,601,332
Dec 1304.10 1305.90 1292.00 1293.00 –10.50 53,039 June 25879 25949 25628 25780 –87 77,972
July 526.75 543.75 525.75 527.75 1.00 33,134 Dec'20 97.9750 98.0200 97.9400 97.9600 .0100 1,146,181
Feb'20 1310.20 1310.60 1298.40 1298.70 –10.60 22,968 Sept 25888 25950 25636 25784 –88 708
Sept 537.25 553.00 534.75 536.75 1.00 15,195
April 1315.40 1316.80 t 1303.50 1303.80 –10.70 8,307 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Currency Futures S&P 500 Index (CME)-$250 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 134.200 t 132.425 134.525
135.325 .300 2,536 June 2879.70 2888.00 s 2852.50 2862.00 –16.60 40,243
May … … s … 1310.50 –18.90 30 Aug 143.700 t 140.500 145.500
146.050 2.175 28,211 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P 500 (CME)-$50 x index
June 1329.30 1329.30 1302.40 1305.80 –18.90 12,045 Cattle-Live (CME)-40,000 lbs.; cents per lb. June .9124 .9154 .9095 .9102 –.0022 173,742 June 2879.75 2887.50 s 2852.50 2862.00 –16.50 2,569,435
Sept 1320.10 1321.50 1300.00 1303.30 –18.30 7,066 June 111.000 112.500 t 109.050 111.275 .800 78,510 Sept .9190 .9218 .9165 .9168 –.0022 1,088 Sept 2884.75 2892.25 2857.00 2866.50 –16.75 65,939
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 108.250 109.775 106.425 108.925 .975 142,952 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May ... ... ... 818.40 –12.50 5 Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .7436 .7449 .7404 .7444 .0010 134,411
June 1914.30 1916.20 1888.70 1890.20 –22.90 65,606
July 835.80 836.10 818.20 820.30 –13.30 67,903 June 91.750 92.825 89.650 92.375 .150 37,024 Sept .7445 .7462 .7421 .7459 .0010 4,890
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 91.875 93.025 90.050 93.000 .600 71,923 Mini Nasdaq 100 (CME)-$20 x index
May 14.485 14.580 t 14.345 14.348 –0.131 353
British Pound (CME)-£62,500; $ per £ June 7600.8 7620.0 s 7506.5 7511.5 –88.8 219,122
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1.2813 1.2816 1.2733 1.2744 –.0067 168,592
July 14.545 14.555 t 14.380 14.388 –0.151 158,330 July 328.70 330.30 321.10 324.00 –4.10 2,774 Sept 7627.0 7646.5 7534.5 7539.0 –88.8 1,541
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 1.2872 1.2872 1.2791 1.2800 –.0068 1,127
Sept 330.00 334.50 324.40 326.80 –5.00 945
Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 2000 (CME)-$50 x index
June 63.12 63.64 62.52 62.76 –0.11 98,367 Milk (CME)-200,000 lbs., cents per lb. June 1559.60 1561.70 1534.70 1537.60 –22.30 422,608
July 63.30 63.82 62.70 62.92 –0.14 422,994 May 16.28 16.34 16.27 16.30 .02 3,438 June .9931 .9942 .9907 .9917 –.0010 90,717
Aug 63.38 63.89 62.78 62.99 –0.18 171,277 Sept 1.0012 1.0026 .9993 1.0002 –.0010 121 Mini Russell 1000 (CME)-$50 x index
June 16.21 16.49 16.14 16.45 .22 4,604 June 1584.70 1599.80 1584.00 1585.50 –9.90 9,188
Sept 63.40 63.86 62.78 62.98 –0.21 193,835 Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 62.86 63.23 62.19 62.39 –0.33 245,881 July 2,375 2,378 2,342 2,353 –19 90,067 June .6896 .6902 .6869 .6872 –.0025 172,749 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec'20 58.45 58.65 57.96 58.10 –0.32 148,042 Sept 2,365 2,370 2,340 2,354 –10 49,773 July .6901 .6901 s .6878 .6877 –.0024 263 June 97.67 97.86 97.59 97.82 .15 48,068
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .6913 .6917 t .6888 .6889 –.0024 1,713 Sept 97.16 97.32 97.14 97.29 .15 1,468
June 2.1273 2.1338 2.0870 2.0955 –.0277 64,037 May 88.05 88.05 88.05 87.35 –2.65 44 Dec .6932 .6932 t .6913 .6906 –.0024 326
July 2.1274 2.1330 2.0886 2.0963 –.0273 96,279 July 91.15 91.60 88.45 89.00 –2.65 158,794 March'20 .6942 .6945 t .6942 .6921 –.0023 103
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Source: SIX Financial Information
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
June 2.0675 2.0854 2.0352 2.0473 –.0145 86,930 July 11.75 11.76 t 11.43 11.55 –.23 439,874
July 2.0343 2.0511 2.0055 2.0182 –.0098 123,185 Oct 12.12 12.12 t 11.83 11.93 –.21 258,859
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
June 2.636 2.660 2.616 2.631 –.008 147,847
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July 26.00 26.00 t 26.00 26.00 –.40 3,228
Bonds | WSJ.com/bonds
July 2.671 2.694 2.652 2.664 –.010 293,852 Sept 26.50 26.50 26.25 26.30 –.35 3,030
Aug
Sept
2.687
2.682
2.708
2.702
2.669
2.664
2.680 –.009
2.675 –.009
83,896
169,376
Cotton (ICE-US)-50,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields
July 66.66 66.80 65.83 65.99 –.81 102,361
Oct 2.713 2.732 2.694 2.706 –.008 120,084 Dec 67.27 67.27 66.31 66.38 –.71 89,914 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Dec 2.951 2.970 2.936 2.950 –.003 97,300 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
July 102.55 102.75 96.40 96.75 –5.75 15,654
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Agriculture Futures Sept 105.60 105.60 100.30 100.75 –5.45 2,208 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Corn (CBT)-5,000 bu.; cents per bu. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
July 380.00 384.75 380.00 383.25 4.25 807,524 Interest Rate Futures 2.250 U.S. 2 2.217 s l 2.188 2.402 2.569
Dec 397.50 400.00 397.25 398.25 1.75 359,177 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2.375 10 2.398 s l 2.392 2.596 3.113
Oats (CBT)-5,000 bu.; cents per bu. June 149-190 150-040 149-120 149-220 8.0 973,075
July 297.00 298.00 293.25 294.00 –.25 4,661 Sept 148-280 149-150 148-250 149-020 8.0 32,259 5.750 Australia 2 1.221 t l 1.235 1.511 2.061 -99.6 -95.3 -50.8
Dec 268.00 269.00 266.75 271.75 .75 1,240
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3.250 10 1.652 s l 1.651 1.965 2.931 -74.6 -74.1 -18.2
Soybeans (CBT)-5,000 bu.; cents per bu. June 124-165 124-250 124-115 124-155 2.0 4,043,393
July 840.75 841.75 820.50 821.75 –18.00 408,725
Sept 124-250 125-020 124-210 124-250 2.5 190,010 0.000 France 2 -0.552 s l -0.565 -0.493 -0.461 -276.9 -275.3 -303.0
Nov 865.25 866.50 846.00 847.25 –17.50 173,778
Soybean Meal (CBT)-100 tons; $ per ton. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.500 10 0.289 t l 0.295 0.427 0.874 -210.9 -209.7 -223.9
July 301.90 302.70 293.70 294.30 –7.60 226,246 June 116-027 116-077 115-310 116-010 .5 4,468,574
Sept 116-080 116-130 116-040 116-060 .7 553,851 0.000 Germany 2 -0.645 t l -0.635 -0.568 -0.557 -286.2 -282.4 -312.5
Dec 309.10 309.80 301.60 302.20 –7.00 83,218
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.250 10 -0.101 t l -0.091 0.084 0.640 -249.9 -248.2 -247.3
July 27.80 27.80 27.11 27.22 –.50 248,805 June 106-196 106-215 106-180 106-187 0.0 3,603,655
0.050 Italy 2 0.621 t l 0.678 0.470 0.035 -159.6 -151.0 -253.4
3.000 10 2.673 t l 2.687 2.468 2.116 27.5 29.5 -99.8
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds 0.100 Japan 2 -0.161 t l -0.160 -0.146 -0.134 -237.7 -234.8 -270.3
0.100 10 -0.055 s l -0.060 -0.009 0.061 -245.3 -245.2 -305.3
Portfolios Money Rates May 17, 2019 0.050 Spain 2 -0.312 s l -0.319 -0.262 -0.297 -250.7 -286.6
-252.9
Largest 100 exchange-traded funds, 1.450 10 0.871 t l 0.904 1.111 1.434 -152.7 -148.8 -167.9
latest session Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but 2.000 U.K. 2 0.718 t l 0.734 0.793 0.873 -149.9 -145.4 -169.6
Friday, May 17, 2019 don’t always represent actual transactions. 1.625 10 1.036 t l 1.075 1.238 1.563 -131.7 -155.0
-136.2
Closing Chg YTD
ETF Symbol Price (%) (%) Week —52-WEEK— Source: Tullett Prebon
Inflation Latest ago High Low
AlerianMLPETF AMLP 10.00 ... 14.5
April index Chg From (%)
CnsmrDiscSelSector
CnsStapleSelSector
XLY
XLP
115.91
57.75
–0.76
–0.33
17.1
13.7 level March '19 April '18 Britain 0.75 0.75 0.75 0.50 Corporate Debt
EnSelectSectorSPDR XLE 63.75 –1.01 11.2 1.50 1.50 1.50
Australia 1.50 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
FinSelSectorSPDR XLF 26.88 –0.67 12.8 U.S. consumer price index
FT DJ Internet FDN 141.47 –1.46 21.3
Secondary market that same company’s share price.
HealthCareSelSect XLV 88.44 –0.21 2.2 All items 255.548 0.53 2.0
IndSelSectorSPDR XLI 74.82 –1.11 16.2 Core 262.332 0.19 2.1 Investment-grade spreads that tightened the most…
InvscQQQI QQQ 183.04 –1.02 18.7 Fannie Mae
InvscS&P500EW RSP 104.71 –0.66 14.6 International rates 30-year mortgage yields Spread*, in basis points Stock Performance
InvscS&P500LowVol SPLV 53.77 0.07 15.3 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShCoreMSCIEAFE IEFA 60.66 –0.58 10.3
Week 52-Week
30 days 3.612 3.706 4.607 3.497
iShCoreMSCIEmgMk IEMG 48.55 –1.76 3.0
Latest High Low 60 days 3.625 3.722 4.632 3.531
Deutsche Bank AG* DB 7.500 April 30, ’49 640 –22 655 7.58 –1.04
iShCoreMSCITotInt IXUS 57.15 –0.90 8.8 ago
iShCoreS&P500 IVV 287.90 –0.57 14.4 Notes on data:
Barclays BACR 3.200 Aug. 10, ’21 85 –21 100 ... ...
iShCoreS&P MC IJH 189.03 –1.11 13.8 Prime rates U.S. prime rate is the base rate on corporate CNH Industrial CNHI 4.500 Aug. 15, ’23 127 –21 n.a. 8.96 –2.50
iShCoreS&P SC IJR 76.83 –1.63 10.8
iShS&PTotlUSStkMkt ITOT 65.09 –0.70 14.7 U.S. 5.50 5.50 5.50 4.75 loans posted by at least 70% of the 10 largest Chubb INA Holdings CB 2.700 March 13, ’23 39 –14 n.a. … …
iShCoreUSAggBd AGG 109.03 0.03 2.4 Canada 3.95 3.95 3.95 3.45 U.S. banks, and is effective December 20, 2018.
Other prime rates aren’t directly comparable; 3M MMM 2.875 Oct. 15, ’27 61 –14 n.a. 169.09 –1.58
iShSelectDividend DVY 98.16 –0.47 9.9 Japan 1.475 1.475 1.475 1.475
iShEdgeMSCIMinEAFE EFAV 71.37 –0.21 7.1 lending practices vary widely by location. Huntington National Bank HBAN 3.550 Oct. 6, ’23 63 –9 n.a. … …
59.73 –0.13 14.0 Complete Money Rates table appears Monday
iShEdgeMSCIMinUSA USMV Policy Rates through Friday.
Mylan MYL 5.200 April 15, ’48 315 –9 325 19.64 –2.82
iShEdgeMSCIUSAMom MTUM 113.81 –0.28 13.5
iShEdgeMSCIUSAQual QUAL 89.26 –0.55 16.3 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; SIX Financial Credit Agricole S.A. ACAFP 3.750 April 24, ’23 107 –8 n.a. ... ...
iShFloatingRateBd FLOT 50.88 0.02 1.0 Switzerland 0.50 0.50 0.50 0.50 Information
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
12.22
119.25
–0.81
0.01
–0.6
5.7
…And spreads that widened the most
iShiBoxx$HYCpBd HYG 85.94 –0.03 6.0 General Electric GE 5.000 Jan. 21, ’49 251 16 246 10.00 –1.28
iShJPMUSDEmgBd EMB 108.96 –0.23 4.9
3.500 Jan. 23, ’24 70 15 65 130.22 –0.67
iShMBSETF
iShMSCI ACWI
MBB
ACWI
106.28
71.99
–0.04
–0.76
1.6
12.2
A Week in the Life of the DJIA PNC Financial Services
Comstock Resources
PNC
CRK 9.750 Aug. 15, ’26 1061 14 n.a. 5.60 –2.10
iShMSCIBrazil EWZ 36.99 –1.75 –3.2
iShMSCI EAFE EFA 64.77 –0.66 10.2 A look at how the Dow Jones Industrial Average component stocks Societe Generale S.A. SOCGEN 7.875 Dec. 18, ’49 389 12 n.a. ... ...
iShMSCI EAFE SC SCZ 57.17 –0.73 10.3 did in the past week and how much each moved the index. The DJIA BP Capital Markets BPLN 3.506 March 17, ’25 79 10 81 ... ...
iShMSCIEmgMarkets EEM 40.29 –1.80 3.1
iShMSCIJapan EWJ 53.69 –0.37 5.9 lost 178.37 points, or 0.69%, on the week. A $1 change in the price of Marriott International MAR 4.150 Dec. 1, ’23 90 10 n.a. 130.91 –1.21
iShNatlMuniBd MUB 112.43 0.04 3.1 any DJIA stock = 6.78-point change in the average. To date, a $1,000 Royal Bank of Scotland RBS 8.000 Aug. 10, ’49 368 10 n.a. 5.87 –2.65
iShPfd&Incm PFF 36.52 –0.27 6.7
iShRussell1000Gwth IWF 153.72 –0.78 17.4 investment on Dec. 31 in each current DJIA stock component would UBS Funding Switzerland AG* UBS 7.000 Jan. 31, ’49 325 10 349 11.96 –0.25
iShRussell1000 IWB 158.97 –0.71 14.6 have returned $33,456, or a gain of 11.52%, on the $30,000
iShRussell1000Val
iShRussell2000Gwth
IWD
IWO
124.29
195.32
–0.50
–1.45
11.9
16.3 investment, including reinvested dividends. High-yield issues with the biggest price increases…
iShRussell2000 IWM 152.84 –1.39 14.1 Bond Price as % of face value Stock Performance
iShRussell2000Val IWN 120.37 –1.30 11.9 The Week’s Action Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShRussell3000 IWV 168.45 –0.72 14.7 Pct Stock price Point chg $1,000 Invested(year-end '18)
iShRussellMid-Cap IWR 54.30 –0.86 16.8 chg (%) change in average* Company Symbol Close $1,000 Berry Global BERY 4.500 Feb. 15, ’26 100.125 5.13 93.750 48.62 –0.37
iShRussellMCValue IWS 87.09 –0.75 14.1
iShS&P500Growth IVW 175.41 –0.61 16.4 5.60 2.99 20.28 Cisco Systems CSCO $56.35 $1,319 Chaparral Energy CHAP 8.750 July 15, ’23 64.750 2.75 n.a. 4.60 –10.33
iShS&P500Value IVE 113.27 –0.57 12.0 2.45 3.53 23.94 Travelers TRV 147.49 1,239 Hecla Mining HL 6.875 May 1, ’21 92.000 2.00 98.220 1.52 0.66
iShShortCpBd IGSB 52.78 –0.02 2.2 Lions Gate Capital Holdings LGF 6.375 Feb. 1, ’24 104.000 1.48 102.750 ... ...
iShShortTreaBd SHV 110.49 ... 0.2 2.10 3.38 22.92 Visa V 164.09 1,248
iShTIPSBondETF TIP 113.53 –0.10 3.7
2.10 1.01 6.85 Coca-Cola KO 49.20 1,048 CommScope Technologies COMM 5.000 March 15, ’27 88.750 1.25 90.500 18.80 0.21
iSh1-3YTreasuryBd SHY 84.15 0.02 0.6
2.07 Revlon Consumer Products REV 6.250 Aug. 1, ’24 65.000 1.25 61.250 … …
iSh7-10YTreasuryBd IEF 106.73 0.05 2.4 1.18 8.00 Verizon VZ 58.09 1,055
iSh20+YTreasuryBd TLT 125.99 0.22 3.7 AMC Entertainment Holdings AMC 5.875 Nov. 15, ’26 89.250 1.05 91.750 13.13 –2.01
iShRussellMCGrowth IWP 137.34 –0.89 20.8 1.84 0.75 5.09 Pfizer PFE 41.47 967 Montage Resources MR 8.875 July 15, ’23 94.450 0.95 94.470 10.18 –0.68
iShUSTreasuryBdETF GOVT 25.25 0.06 2.4
PIMCOEnhShMaturity MINT 101.61 0.02 0.7 1.36 1.44 9.77 Procter & Gamble PG 107.45 1,187
SPDR BlmBarcHYBd JNK 107.40 –0.03 6.6 0.75 1.00 6.78 Walt Disney DIS 135.04 1,232 …And with the biggest price decreases
SPDR Gold GLD 120.65 –0.71 –0.5
SchwabIntEquity SCHF 31.18 –0.57 10.0 0.74 0.62 4.20 Nike NKE 84.57 1,144 Mauser Packaging Solutions Holding BWY 5.500 April 15, ’24 95.500 –3.87 98.500 ... ...
SchwabUS BrdMkt SCHB 68.75 –0.71 14.7
SchwabUS Div SCHD 52.04 –0.55 10.8 0.74 0.94 6.38 Microsoft MSFT 128.07 1,271 Exela Intermediate EXLINT 10.000 July 15, ’23 91.250 –2.75 96.250 ... ...
SchwabUS LC SCHX 68.40 –0.62 14.6 Pioneer Energy Services PES 6.125 March 15, ’22 58.500 –2.50 n.a. 0.79 –15.69
SchwabUS SC 70.10 –1.35 15.5 0.68 0.53 3.59 Merck MRK 78.72 1,037
SCHA Weatherford International WFT 9.875 March 1, ’39 58.000 –2.00 64.500 ... ...
SPDR DJIA Tr DIA 257.44 –0.42 10.4 0.51 0.61 4.14 American Express AXP 119.07 1,259
SPDR S&PMdCpTr MDY 344.41 –1.22 13.8 Brand Industrial Services BRANDI 8.500 July 15, ’25 88.650 –1.35 92.500 ... ...
SPDR S&P 500 SPY 285.84 –0.65 14.4 0.33 0.79 5.36 UnitedHealth Group UNH 241.38 973
SPDR S&P Div SDY 98.96 –0.52 10.5 Tenneco TEN 5.000 July 15, ’26 77.500 –1.35 78.500 11.87 –2.14
0.10 0.35 2.37 Boeing BA 355.02 1,113
TechSelectSector XLK 75.38 –0.80 21.6 Embarq EQ 7.995 June 1, ’36 92.750 –1.25 94.500 … …
UtilitiesSelSector XLU 58.78 0.51 11.1 –0.32 –0.44 –2.98 Johnson & Johnson JNJ 138.61 1,081 PetSmart PETM 8.875 June 1, ’25 87.500 –1.25 89.250 ... ...
VanEckGoldMiner GDX 20.75 0.92 –1.6
VangdInfoTech VGT 204.00 –0.99 22.3 –0.39 –0.77 –5.22 McDonald’s MCD 199.22 1,129 *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.
VangdSC Val VBR 128.92 –1.20 13.0
VangdSC Grwth VBK 179.63 –1.25 19.3 –0.74 –1.00 –6.78 IBM IBM 134.32 1,210 Note: Data are for the most active issue of bonds with maturities of two years or more
VangdDivApp VIG 111.38 –0.46 13.7 –0.85 –0.65 –4.41 Exxon Mobil XOM 75.91 1,138 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
VangdFTSEDevMk VEA 40.67 –0.56 9.6
VangdFTSE EM VWO 40.07 –1.91 5.2 –1.03 –1.05 –7.12 WalMart WMT 100.86 1,094
VangdFTSE Europe VGK 54.01 –0.64 11.1
VangdFTSEAWxUS VEU 49.40 –0.90 8.4
–1.03 –2.00 –13.56 Home Depot HD 192.58 1,129
VangdGrowth
VangdHlthCr
VUG
VHT
159.34
166.03
–0.82
–0.31
18.6
3.4 –1.21 –1.47 –9.97 Chevron CVX 120.52 1,130 Dividend Changes
VangdHiDiv VYM 85.94 –0.38 10.2 –1.55 –1.74 –11.80 JPMorgan Chase JPM 110.77 1,153 Dividend announcements from May 17.
VangdIntermBd BIV 84.17 0.04 3.5
VangdIntrCorpBd VCIT 87.20 0.09 5.2 –2.15 –1.15 –7.80 Walgreens WBA 52.27 776
Amount Payable / Amount Payable /
VangdLC VV 131.37 –0.62 14.4
VangdMC VO 162.06 –0.65 17.3
–2.29 –4.62 –31.33 Goldman Sachs GS 197.43 1,187 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
VangdMC Val VOE 108.17 –0.60 13.6 –2.49 –3.42 –23.19 United Technologies UTX 133.75 1,270 Increased Initial
VangdMBS VMBS 52.25 –0.04 1.5
VangdRealEst VNQ 87.86 –0.19 17.8 –2.84 –1.31 –8.88 Intel INTC 44.89 968 CoreSite Realty COR 4.2 1.22 /1.10 Q Jul15 /Jun28 Arlington Asset Pfd. C AIpC .61875 Jul01 /May31
VangdS&P500 VOO 262.61 –0.61 14.3 Kilroy Realty KRC 2.5 .485 /.455 Q Jul17 /Jun28 Merchants Bncp Pfd. A .4375 Jul01 /Jun15
VangdST Bond BSV 79.62 ... 1.3 –3.85 –6.77 –45.92 3M MMM 169.09 894 Marsh & McLennan MMC 1.9 .455 /.415 Q Aug15 /Jul11
MBINP

VangdSTCpBd VCSH 79.70 0.03 2.3 –4.15 –8.18 –55.48 Apple AAPL 189.00 1,208 National Bankshares NKSH 3.2 .67 /.63 SA Jun03 /May28 Foreign
VangdSC VB 152.94 –1.14 15.9
VangdTotalBd BND 81.21 0.02 2.5 –4.28 –2.27 –15.40 Dow DOW 50.80 1,020 Reduced Colliers International CIGI 0.2 .05 SA Jul09 /Jun28
VangdTotIntlBd BNDX 56.04 0.05 3.3
VangdTotIntlStk VXUS 51.16 –0.83 8.3
–6.53 –8.58 –58.19 Caterpillar CAT 122.76 978 Banc of California BANC 1.7 .06 /.13 Q Jul01 /Jun17 HSBC Holdings ADR Pfd HSBCpA 5.9 .3875 Q Jun17 /May31
VangdTotalStk VTI 146.24 –0.71 14.6
VangdTotlWrld VT 73.15 –0.80 11.7 *Based on Composite price. DJIA is calculated on primary-market price.
VangdValue VTV 108.24 –0.40 10.5 Source: Dow Jones Market Data; FactSet.
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
LeisureAcqnUn LACQU 10.36 0.1 RenaissancePfdF RNRpF 25.80 ...
AU Optronics AUO 3.01 -1.9 ChinaRecycling CREG 0.51 -4.6 Hookipa HOOK 11.37 -9.0 OrionGroup ORN 2.28 -2.1 StrongbridgeBio SBBP 3.00 -0.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE LennoxIntl LII 278.58 0.9 RenaissanceRe RNR 170.73 -0.5
AdamsRes AE 34.25 -1.5 ChinaCache CCIH 0.76 -19.6 HalconRscs HK 0.20 -16.8 POSCO PKX 48.82 -1.1 SuperiorEnergy SPN 2.45 -9.2
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low LibertyBroadbandA LBRDA 101.79 1.2 RingCentral RNG AethlonMedical AEMD
125.27 -0.8 0.40 -1.4 Co-Diagnostics CODX 0.82 -3.8 HavertyFurn HVT 17.52 -0.8 PacerEMCashCows ECOW 23.67 -2.8 Surmodics SRDX 38.51 -2.3
in the latest session. % CHG-Daily percentage change from the previous trading session. LibertyBroadbandC LBRDK 101.84 1.2 Roku ROKU 87.14 0.9
AgroFresh AGFS 2.31 -2.1 CoeurMining CDE 3.00 ... HeatBiologics HTBX 0.82 -2.8 PanAmerSilver PAAS 10.71 0.6 Suzano SUZ 17.27 1.3
Linde LIN 189.45 0.7 SBA Comm SBAC AkceaTherap AKCA
214.94 -1.1 20.62 -4.8 Cohbar CWBR 2.03 -2.9 HeclaMining HL 1.49 0.7 ParatekPharma PRTK 4.26 0.7 Synaptics SYNA 29.50 -2.9
LiqTechIntl LIQT 10.25 5.0 Safehold SAFE 28.50 1.2
Albemarle ALB 67.60 -2.4 CollegiumPharm COLL 12.33 -1.3 Herbalife HLF 44.68 -1.6 PatriotTransport PATI 17.99 -1.9 TCR2 Therap TCRR 13.84 -5.1
Friday, May 17, 2019
LithiaMotors LAD 116.57 0.6 SecurityNatFin SNFCA 5.71
AlioGold5.4 ALO 0.53 1.3 CommercialMetals CMC 15.14 -5.4 HysterYaleMatls HY 47.02 -3.5 PeabodyEnergy BTU 26.53 -5.3 TIM Part TSU 12.79 -0.6
52-Wk % 52-Wk % 52-Wk % LivePerson LPSN 30.91 -2.1 SimulationsPlus SLP Alkermes
24.94 0.7 ALKS 24.81 -1.8 comScore SCOR 10.60 0.6 Immunogen IMGN 1.90 4.1 Perceptron PRCP 4.39 -4.3 TOP Ships TOPS 0.64 -3.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MGE Energy MGEE 70.74 0.6 Spire SR AltisourceAsset AAMC
87.13 0.2 20.32 -0.5 ConstellAlphaWt CNACW 0.04 30.0 Infr&EnerAltWt IEAWW 0.18 -21.7 PioneerEnerSvcs PES 0.77 -15.7 Taoping TAOP 0.84 -4.2
CSP CSPI 14.99 4.3 EuronetWorldwide EEFT 154.89 -0.1 MI Homes MHO 30.03 -1.9 SpiritRealtyPfdA SRCpA AmerVanguard AVD
24.68 ... 13.79 -0.3 ContangoO&G MCF 2.53 0.4 Infr&EnerAltern IEA 3.80 -9.4 PostalRealty PSTL 16.55 ... TarenaIntl TEDU 3.77 -7.5
Highs CableOne
CAE
CABO 1146.32
CAE 27.42
1.0
14.6
Everbridge
EversourceEner ES
EVBG 85.14
73.80
-0.8
0.5
MatchGroup
MeiraGTx
MTCH
MGTX
75.28
24.11
-1.5
1.8
Starbucks
Startek
SBUX
SRT
AnchianoTherap ANCN
79.65
AnnalyCap
8.25
...
4.9 NLY
5.29 -6.0
9.35 -1.9
Cooper-Standard CPS
CoreLabs CLB
44.78 -1.8
54.07 -3.1
InspireMD
InterNAP
NSPR
INAP
3.05 1.6
2.75 -10.9
PriceSmart
PrimoWater
PSMT
PRMW
53.71 -1.6
11.78 -3.5
Tenneco
Tesla
TEN
TSLA
11.85 -2.1
208.92 -7.6
Aflac AFL 52.44 0.5 CanNtlRlwy CNI 95.08 -0.7 Fastly FSLY 25.67 49.9 MerchantsBncpPfdA MBINP 27.62 -1.3 StifelFinNts47 SFB AppliedOptoelec AAOI
24.95 0.3 9.16 -5.6 DPW DPW 0.15 -6.7 JAKKS Pacific JAKK 0.72 -16.7 Psychemedics PMD 10.08 -2.4 TetraphasePharm TTPH 0.75 -0.4
AXIS Capital AXS 59.04 -0.4 CanPacRlwy CP 229.86 ... FirstEnergy FE 42.63 0.7 MidAmApt MAA 115.15 1.4 TC Energy TRP ArcelorMittal MT
49.00 1.1 16.20 -2.8 DelFrisco's DFRG 4.69 -0.8 J.Jill JILL 4.44 -2.2 QuadGraphics QUAD 9.75 -3.9 TheravanceBio TBPH 20.10 -0.1
AdverumBiotech ADVM 9.17 11.3 CharterComms CHTR 387.41 1.1 FlowersFoods FLO 23.18 0.6 MolecularTemp MTEM 7.90 -3.4 Telaria TLRA ArcosDorados ARCO
9.19 2.5 6.02 -3.2 EP Energy EPE 0.18 -9.0 JupaiHoldings JP 3.21 -5.3 QuintanaEnergy QES 3.04 -12.9 3M MMM 168.43 -1.6
AffiliatedMgrDeb MGR 25.53 0.3 Chubb CB 146.19 -0.4 FlyLeasing FLY 16.14 3.1 NGL Energy NGL 14.91 0.4 TeleNav TNAV ArlingtonAssetPfC AIpC
7.26 -0.1 22.99 -0.1 EastsideDistilling EAST 4.77 -0.2 LATAMAirlines LTM 8.40 -4.0 RH RH 93.76 -2.9 TiVo TIVO 7.07 -2.6
Agilysys AGYS 21.43 4.5 CincinnatiFin CINF 98.28 0.6 ForumMergerII FMCI 10.00 -0.2 NICE NICE 146.89 0.2 Tele&Data Nts TDI ArmourRes
28.57 -1.0 ARR 18.10 -2.8 EdgewellPersonal EPC 31.93 -3.1 LSB Inds LXU 4.55 -9.8 RPC RES 9.09 -5.6 TonixPharm TNXP 1.60 -2.4
AirProducts APD 210.15 0.2 Cintas CTAS 225.33 -0.1 ForumMergerII FMCIU 10.50 -0.1 NatlRetailPropPfE NNNpE 25.38 0.2 TootsieRoll TR AvinoSilver
40.46 0.7 ASM 0.42 -9.7 electroCore ECOR 2.82 -20.8 LSC Comm LKSD 5.32 -7.5 RR Donnelley RRD 2.72 -5.2 TownSports CLUB 3.27 -5.5
AlcentraCapital ABDC 8.60 0.2 Coca-Cola Euro CCEP 56.96 0.9 Freshpet FRPT 48.47 -0.3 NewFrontier NFC.U 10.35 0.7 TransMedics TMDX AxovantGene AXGT
29.80 2.7 7.20 -2.5 Emcore EMKR 3.50 -3.8 LegacyReserves LGCY 0.26 -15.5 RayonierAdvMatls RYAM 8.04 -4.0 TremontMortgage TRMT 5.15 -10.0
AlliantEnergy LNT 48.32 0.7 Cohen&Steers CNS 51.27 -1.3 GAMCO PfdA GNTpA 24.38 1.4 NextEraEnergyUn NEEpR 63.99 0.7 Travelers TRV BCommunications BCOM
148.52 0.1 1.62 -2.2 EmergeEnergy EMES 0.15 -4.0 LibertyTripAdvA LTRPA 11.70 -4.9 RayonierAdvPfdA RYAMpA 64.00 -3.6 trivago TRVG 3.76 -0.5
Ameren AEE 75.00 0.6 CommunityHlthcr CHCT 37.67 0.5 GCI LibertyA GLIBA 61.04 -0.2 NextEraEnergy NEE 199.46 0.9 TysonFoods TSN B.RileyPrincipalA BRPM
83.36 -0.1 9.67 -0.3 EndeavourSilver EXK 1.75 0.6 Livent LTHM 7.31 -5.3 Realogy RLGY 7.81 -3.6 US Energy USEG 0.39 0.6
AmHomes4RentPfdD AMHpD 26.67 0.2 ConEd ED 87.33 0.7 GooseheadIns GSHD 40.90 8.3 NiaMoPwr pfB NMKpB 115.89 3.3 Unilever UN BT Group
60.60 0.4 BT 13.00 -1.2 EnduranceIntl EIGI 4.72 -3.1 McClatchy MNI 2.13 -2.6 RenewableEnergy REGI 16.01 -2.3 UnitedInsurance UIHC 13.86 -2.7
AmerStWater AWR 73.47 0.7 ConstructionPtrs ROAD 14.38 2.2 GoresMetrop GMHI 9.97 0.7 NomadFoods NOMD 22.67 -0.2 UplandSoftware UPLD Baidu
50.64 -1.0 BIDU 126.91 -16.5 EnergyFocus EFOI 0.48 -2.8 MedleyMgmt MDLY 2.16 -2.1 ReplayAcqnWt RPLA.WS 0.65 ... UnitedTherap UTHR 88.23 2.3
AmerWaterWorks AWK 112.52 0.8 Costco COST 250.05 0.4 Harris HRS 185.73 -0.4 Northwestern NWE 72.42 0.4 VictoryCapital VCTR BasicEnergySvcs BAS
18.80 5.2 2.32 -9.3 EnerSys ENS 60.81 -3.4 MeridianBiosci VIVO 10.81 -1.9 RigNet RNET 8.49 -5.6 UnivInsurance UVE 28.41 -2.0
AppFolio APPF 99.28 1.2 Cowen7.35%Nts COWNZ 25.82 0.1 HartfordFinl HIG 54.10 ... Okta OKTA 111.65 1.1 WEC Energy WEC BigRockPtrsWt BRPAW
81.36 0.8 0.15 -19.0 EvolvingSystems EVOL 0.83 -2.3 Michaels MIK 10.39 -1.8 RoanRscs ROAN 2.88 -9.3 UpFintech TIGR 5.51 -17.3
Aptorum APM 25.00 5.8 Cray CRAY 36.64 22.5 HartfordFinSvcsWt HIG.WS 50.00 2.6 OpenText OTEX 40.98 1.2 WasteMgt WM BiglariA
108.91 0.1 BH.A 541.20 -3.6 F5Networks FFIV 139.85 -1.7 Myomo MYO 0.90 -9.7 RuhnnHolding RUHN 4.22 -4.5 Valeritas VLRX 0.22 -16.0
Atlassian TEAM 131.99 -0.5 CryoPort CYRX 18.11 6.5 HerculesCapNts25 HCXZ 25.66 0.8 PSBusinessParks PSB 162.77 1.6 Welltower WELL BioLineRX
80.15 0.7 BLRX 0.35 -0.6 FarPointAcqnWt FPAC.WS 1.15 -1.3 MyriadGenetics MYGN 25.68 -1.6 Sina SINA 48.80 -8.2 Veritiv VRTV 19.88 -6.0
Avantor AVTR 14.95 3.6 DHT DHT 6.15 -0.7 Hershey HSY 129.67 0.3 PSBusParksPfdY PSBpY 24.48 ... Wingstop WING CUI Global
80.76 0.2 CUI 0.95 -3.9 Flexsteel FLXS 18.85 -3.7 NCS Multistage NCSM 2.72 -6.0 SagaComm SGA 29.75 -0.7 Vishay VSH 16.33 -3.7
Avedro AVDR 19.78 5.8 DMC Global BOOM 73.83 -2.1 Hydrogenics HYGS 9.77 1.1 PSBusParksPfdX PSBpX 25.14 ... Worldpay WP CVS Health
121.16 -0.1 CVS 51.72 1.1 FortySeven FTSV 10.50 -5.9 NanoDimension NNDM 0.58 -9.6 Scholastic SCHL 36.12 -0.3 Visteon VC 51.36 -1.9
AxsomeTherap AXSM 24.22 -1.4 DNB Financial DNBF 42.70 1.2 Intellicheck IDN 4.20 4.0 Palomar PLMR 22.60 12.8 XcelEnergy XEL CYREN
58.48 0.8 CYRN 1.75 1.9 FuelCell FCEL 1.08 -10.6 Natuzzi NTZ 3.70 -3.1 SeanergyMarWt SHIPW 0.01 -37.1 Vodafone VOD 15.70 -0.8
Blackstone BX 40.96 0.6 DTE Energy DTE 127.89 0.5 InterXion INXN 73.03 1.3 PaycomSoftware PAYC 215.38 -0.6 ZoomVideo ZM CanFiteBiopharm CANF
90.28 7.9 5.01 -9.0 Futu FHL 11.09 -8.9 Nautilus NLS 3.39 -1.1 SeanergyMaritime SHIP 1.02 9.0 WahFuEducation WAFU 3.51 -12.0
BluerockResREIT BRG 11.76 0.4 DellTechC DELL 70.55 -0.5 InvitatHomes INVH 25.38 0.2 Paylocity PCTY 103.71 -2.2 Zscaler ZS CarrolsRestr
80.38 0.2 TAST 8.16 1.7 GNC Holdings GNC 1.69 -2.8 NeoPhotonics NPTN 3.26 -15.4 ShilohIndustries SHLO 4.97 -1.7 WeisMarkets WMK 38.00 -3.1
BluerockREITPfdC BRGpC 26.10 1.6 DigitalRealtyPfK DLRpK 25.74 0.4 KelsoTechs KIQ 1.46 2.1 PepsiCo PEP 130.87 0.2 ZynerbaPharma ZYNE CassInfoSys
16.47 -0.1 CASS 44.35 1.3 Gaia GAIA 8.31 -5.9 Noble NE 2.18 -6.0 SilverBowRscs SBOW 15.78 -4.8 WolverineWwide WWW 28.97 -0.9
BluerockResPfD BRGpD 25.30 2.0 EPR PropPfdG EPRpG 24.70 -0.1 KimcoRealtyPfdM KIMpM 23.91 0.4 PlanetFitness PLNT 81.76 -0.9 Cemtrex CETX 0.25 -11.3 GatesIndustrial GTES 12.19 -4.6 Norbord OSB 22.15 -1.1 SoYoungIntl SY 15.21 -2.1 XeneticBiosci XBIO 0.80 -9.1
BrightHorizons BFAM
BrighthouseDeb58 BHFAL
135.18
25.95
...
...
Entergy
EntergyLA Bd ELU
ETR 98.01
24.85
1.0
0.2
KimcoRealtyPfdK KIMpK
KinderMorgan KMI
25.17
20.55
...
-1.0
PublicServiceEnt PEG
RadaElectronic RADA
60.58
3.89
0.6
2.9
Lows Chanticleer
Chemours
BURG
CC
1.07 -6.4
22.87 -3.5
Gerdau
GoldResource GORO
GGB 3.28 -1.2
2.96 -5.7
Nordstrom
Nuvectra
JWN
NVTR
36.37 0.4
4.46 -3.8
SOQUIMICH
Sogou
SQM
SOGO
32.86 -2.3
4.58 -6.7
Xunlei
XynomicPharm XYN
XNET 2.81 -8.6
2.29 -18.6
CIM Comm CMCT 20.75 -1.7 EntergyNOLA Bds ENJ 25.29 0.1 L3 Tech LLL 240.08 -0.4 RaveRestaurant RAVE 2.67 16.3 AAR AIR 30.92 -4.1 ChinaDistanceEd DL 5.01 0.4 Goodyear GT 15.71 -2.2 OccidentalPetrol OXY 52.62 -1.8 SoligenixWt SNGXW 0.05 -66.2 ZomedicaPharm ZOM 0.27 -5.1
CMS Energy CMS 56.81 0.4 EssentialProp EPRT 20.99 0.6 Leidos LDOS 76.75 -0.4 RegencyCtrs REG 67.82 -0.4 AMAG Pharm AMAG 10.08 -4.1 ChinaRapidFin XRF 0.40 -37.4 Greenhill GHL 16.45 -3.9 OnTrackInnov OTIV 0.46 -3.0 SportsmansWrhs SPWH 4.01 -1.5 Zovio ZVO 4.61 -1.5
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | B13

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 53.70 27.15 15.52 FirstData FDC ... 23 25.99 -0.09 38.27 293.91 172.09 MarketAxess MKTX 0.7 62 292.17 2.74 2.41 56.28 40.78 SensataTechs ST ... 13 45.92 -0.90
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 15.03 107.75 79.42 FirstRepBank FRC 0.8 20 99.96 -0.74 20.59 142.19 100.62 Marriott MAR 1.5 24 130.91 -1.60 6.31 47.09 35.19 ServiceCorp SCI 1.7 18 42.80 0.18
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 37.51 71.87 36.51 FirstSolar FSLR ... dd 58.38 -2.29 20.11 96.34 74.30 Marsh&McLen MMC 1.9 29 95.79 0.08 48.39 56.50 34.28 ServiceMaster SERV ... dd 54.52 0.03
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those s 13.10 42.63 32.92 FirstEnergy FE 3.6 24 42.47 0.31 26.57 232.88 150.75 MartinMarietta MLM 0.9 27 217.53 -2.08 53.32 281.74 147.63 ServiceNow NOW ... dd 272.99 -4.97
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 18.79 91.19 68.45 Fiserv FISV ... 36 87.30 -0.48 39.72 25.73 14.34 MarvellTech MRVL 1.1 dd 22.62 -0.48 10.83 21.50 17.50 ShawComm B SJR 4.4 30 20.05 -0.02
22.80 148.22 69.96 FiveBelow FIVE ... 47 125.65 -1.59 28.42 41.00 27.03 Masco MAS 1.3 16 37.55 -0.61 10.73 479.64 355.28 SherwinWilliams SHW 1.0 37 435.68 2.40
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 44.98 271.70 172.18 FleetCorTech FLT ... 30 269.26 -1.87 31.11 147.91 96.14 Masimo MASI ... 40 140.77 -4.81 6.57 44.90 34.02 ShinhanFin SHG ... 3 37.82 0.25
13.78 63.88 40.52 FlirSystems FLIR 1.4 23 49.54 -0.67 33.87 257.43 171.89 Mastercard MA 0.5 42 252.55 -0.87 97.54 279.48 117.64 Shopify SHOP ... dd 273.50 -4.51
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 30.14 56.86 35.88 Flowserve FLS 1.5 40 49.48 -1.67 s 70.42 75.28 33.30 MatchGroup MTCH ... 43 72.89 -1.13 13.47 137.94 98.54 SignatureBank SBNY 1.9 10 116.66 1.36
s-New 52-week high. standards vj-In bankruptcy or receivership or 14.12 101.12 80.86 FomentoEconMex FMX 1.5 28 98.20 -0.53 5.39 63.68 46.64 MaximIntProducts MXIM 3.4 23 53.59 -0.81 3.85 191.49 152.50 SimonProperty SPG 4.7 24 174.46 -0.85
t-New 52-week low. lf-Late filing being reorganized under the 3.76 68.00 43.34 FootLocker FL 2.8 12 55.20 -0.27 11.36 157.00 99.53 McCormick MKC 1.5 31 155.06 -0.78 -0.88 7.70 5.48 SiriusXM SIRI 0.9 26 5.66 0.01
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 34.51 12.15 7.41 FordMotor F 5.8 13 10.29 -0.11 11.48 156.72 99.70 McCormickVtg MKC.V 1.5 31 154.75 -0.92 5.06 104.20 60.12 Skyworks SWKS 2.2 12 70.41 -3.58
four quarters. requirements. assumed by such companies. 17.31 96.96 58.10 Fortinet FTNT ... 41 82.62 -0.62 12.19 200.63 153.13 McDonalds MCD 2.3 26 199.22 -0.77 2.69 65.57 40.34 SmithAO AOS 2.0 17 43.85 -1.27
FD-First day of trading. t-NYSE bankruptcy 11.63 37.75 30.88 Fortis FTS ... 19 37.24 0.07 13.15 151.53 106.11 McKesson MCK 1.21849 125.00 -0.58 11.61 42.76 32.22 Smith&Nephew SNN 2.1 28 41.72 -0.43
19.01 89.48 62.89 Fortive FTV 0.3 10 80.52 -0.83 13.43 18.92 12.95 MedicalProp MPW 5.5 7 18.24 ... 35.74 128.38 91.32 Smucker SJM 2.7 11 126.90 1.16
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 38.96 58.75 35.27 FortBrandsHome FBHS 1.7 19 52.79 -0.42 -3.55 100.15 81.66 Medtronic MDT 2.3 24 87.73 -0.38 108.53 14.47 4.82 Snap SNAP ... dd 11.49 0.07
... 41.95 35.90 FoxA FOXA ... ... 37.32 0.81 16.29 32.93 15.33 MelcoResorts MLCO 3.0 32 20.49 -0.74 12.29 189.46 135.29 SnapOn SNA 2.3 13 163.14 -2.28
... 41.73 35.21 FoxB FOX ... ... 36.83 0.74 22.20 121.12 65.68 MellanoxTech MLNX ... 43 112.89 -2.00 t -14.10 56.49 32.86 SOQUIMICH SQM 2.5 20 32.90 -0.79
Friday, May 17, 2019 YTD 52-Week Yld Net 8.19 78.82 58.26 Franco-Nevada FNV 1.3101 75.92 0.61 96.20 596.70 257.52 MercadoLibre MELI ... dd 574.57 -21.16 38.68 21.22 12.25 SolarWinds SWI ... dd 19.18 -0.17
% Chg Hi Lo Stock Sym % PE Last Chg 12.00 35.82 27.34 FranklinRscs BEN 3.1 11 33.22 -0.36 3.02 83.85 57.49 Merck MRK 2.8 25 78.72 -0.41 18.95 64.47 50.30 SonocoProducts SON 2.7 20 63.20 -0.33
YTD 52-Week Yld Net 0.58 18.38 9.60 FreeportMcM FCX ... 10 10.37 -0.29 15.27 48.92 37.76 MetLife MET 3.7 9 47.33 -0.31 8.97 61.02 41.91 Sony SNE ... 8 52.61 0.61
% Chg Hi Lo Stock Sym % PE Last Chg s 48.50 27.42 16.96 CAE CAE 1.1 31 27.25 3.48
32.99 13.05 5.83 CaesarsEnt CZR ... 84 9.03 -0.22 18.99 53.40 30.99 FreseniusMed FMS 1.7 10 38.54 -0.49 28.44 762.90 500.74 MettlerToledo MTD ... 35 726.42 -18.56 22.54 54.28 42.42 Southern SO 4.6 17 53.82 0.38
ABC 16.91 104.16 82.60 CamdenProperty CPT 3.1 64 102.94
18.61 43.98 32.03 CampbellSoup CPB 3.6 dd 39.13
0.93
0.20 GHI
15.77 104.20 60.70 MicrochipTech MCHP 1.8 59 83.26
13.65 64.66 28.39 MicronTech MU ... 3 36.06
-1.82
-1.25
12.84 52.63 29.01 SoCopper
12.39 64.02 44.28 SouthwestAir LUV
SCCO 4.6 18 34.72
1.4 12 52.24
-0.37
-0.35
-0.16 24.72 18.05 ABB ABB 4.2 19 18.98 -0.27 10.25 96.98 72.96 CIBC CM 5.2 9 82.18 0.02 26.09 131.37 93.96 Microsoft MSFT 1.4 28 128.07 -0.86 14.94 100.34 64.48 SpiritAeroSys SPR 0.6 14 82.86 -0.24
s 47.11 61.04 38.72 GCI LibertyA GLIBA ... dd 60.55 -0.14 s 20.22 115.15 87.47 MidAmApt MAA 3.3 56 115.05 1.55 30.18 143.70 83.69 Splunk SPLK ... dd 136.49 -2.52
13.00 18.52 11.80 AES AES 3.3 16 16.34 -0.01 s 26.68 95.08 70.36 CanNtlRlwy CNI 1.7 27 93.88 -0.69 23.01 125.48 85.00 Galapagos GLPG ... dd 112.85 -1.45 32.88 140.15 96.65 Middleby MIDD ... 24 136.51 -1.69 16.97 198.99 103.29 Spotify SPOT ... dd 132.76 -2.67
s 14.53 52.44 41.45 Aflac AFL 2.1 13 52.18 0.25 12.97 38.20 21.85 CanNaturalRes CNQ 4.1 15 27.26 -0.54 13.09 84.14 64.54 Gallagher AJG 2.1 23 83.35 -0.44
-0.97 19.72 16.96 AGNC Invt AGNC 11.11654 17.37 -0.18 s 28.77 229.85 167.48 CanPacRlwy CP 1.1 21 228.72 0.09 -8.70 74.71 53.26 MillicomIntl TIGO ... dd 58.12 -0.26 6.19 6.61 5.04 Sprint S ... dd 6.18 0.10
23.15 40.69 31.19 Gaming&Leisure GLPI 6.8 26 39.79 -0.07 -6.16 6.53 4.49 MitsubishiUFJ MUFG ... 7 4.57 0.01 16.44 101.15 49.82 Square SQ ... dd 65.31 -1.09
-5.48 23.95 13.80 ANGI Homesvcs ANGI ... 82 15.19 -0.42 3.59 34.45 26.36 Canon CAJ 4.9 15 28.59 0.33 -13.51 34.21 21.75 Gap GPS 4.4 9 22.28 0.01
31.19 197.05 136.80 Ansys ANSS ... 38 187.53 -3.91 66.02 59.25 24.21 CanopyGrowth CGC ... dd 44.61 -0.44 -2.00 3.68 2.92 MizuhoFin MFG ... 8 2.94 -0.02 12.62 155.22 106.41 StanleyBlackDck SWK 2.0 32 134.85 -3.51
69.83 36.16 18.70 GardnerDenver GDI ... 26 34.73 -0.33 10.00 10.67 6.64 MobileTeleSys MBT 2.1 48 7.70 ... s 22.53 79.65 47.37 Starbucks SBUX 1.8 34 78.91 0.01
29.29 221.66 144.50 ASML ASML 1.2 29 201.20 -0.94 19.78 101.26 69.90 CapitalOne COF 1.8 8 90.54 -0.44 23.40 89.72 59.27 Garmin
5.43 75.96 35.68 Capri CPRI ... 11 39.98 -0.30 GRMN 2.7 21 78.14 -1.27 51.15 29.79 13.03 Moderna MRNA ... ... 23.08 -0.38 14.97 23.20 19.16 StarwoodProp STWD 8.5 17 22.66 -0.07
11.42 34.53 26.80 AT&T T 6.4 12 31.80 0.18 20.09 161.85 120.89 Gartner IT ... 87 153.52 -1.45
5.03 80.74 60.32 AbbottLabs ABT 1.7 51 75.97 -0.63 0.96 58.31 42.17 CardinalHealth CAH 4.3436 45.03 -0.20 18.58 228.49 109.35 MohawkInds MHK ... 13 138.69 -1.62 -4.25 101.35 57.87 StateStreet STT 3.1 10 60.39 -1.23
5.83 208.88 143.87 GeneralDynamics GD 2.5 15 166.37 -3.48 11.59 154.06 83.31 MolinaHealthcare MOH ... 11 129.69 -0.06 -0.07 51.69 28.91 SteelDynamics STLD 3.2 6 30.02 -0.90
-13.81 107.25 75.62 AbbVie ABBV 5.4 23 79.46 -0.04 36.20 142.00 92.16 Carlisle CSL 1.2 22 136.91 -0.52 37.43 14.99 6.40 GeneralElec GE 0.4 dd 10.00 -0.13
-19.86 459.75 228.00 Abiomed ABMD ... 46 260.48 -1.66 32.89 25.25 15.09 Carlyle CG 3.6 12 20.93 -0.13 4.45 71.04 54.17 MolsonCoors B TAP 2.8 13 58.66 0.12 24.80 135.97 99.14 Steris STE ... 37 133.35 -0.37
34.57 53.00 36.42 GeneralMills GIS 3.7 20 52.40 0.30 17.56 54.24 22.85 Momo MOMO ... 14 27.92 -1.69 22.41 26.43 12.00 STMicroelec STM 1.4 13 16.99 -0.42
26.47 183.35 132.63 Accenture ACN 1.6 26 178.33 0.16 21.78 81.67 55.24 CarMax KMX ... 16 76.39 0.45 10.61 45.00 30.56 GeneralMotors GM 4.1 6 37.00 -0.38
-0.39 84.68 39.85 ActivisionBliz ATVI 0.8105 46.39 -0.90 8.88 67.69 45.64 Carnival CCL 3.7 12 53.68 -0.25 30.48 52.98 38.78 Mondelez MDLZ 2.0 31 52.23 -0.57 40.29 45.62 16.14 StoneCo STNE ... ... 25.87 -1.00
34.57 37.70 25.48 Genpact G ... 25 36.32 -0.33 74.04 154.80 41.94 MongoDB MDB ... dd 145.74 -1.12 17.47 199.85 144.75 Stryker SYK 1.1 20 184.14 -1.49
23.70 291.70 204.95 Adobe ADBE ... 52 279.85 -3.70 7.59 67.31 45.17 Carnival CUK 3.8 12 52.43 -0.34 2.16 115.20 89.87 GenuineParts GPC 3.1 18 98.09 0.54
0.32 186.15 113.61 AdvanceAuto AAP 0.2 28 157.97 0.69 108.28 76.85 24.36 Carvana CVNA ... dd 68.13 -1.21 29.28 66.38 47.74 MonsterBev MNST ... 34 63.63 -0.30 7.22 8.54 6.33 SumitomoMits SMFG ... 7 6.98 -0.09
23.88 38.28 25.33 Gildan GIL 1.4 26 37.61 0.14 32.77 197.73 129.26 Moody's MCO 1.1 28 185.93 -2.84 23.25 126.65 91.16 SunComms SUI 2.4 96 125.36 0.22
48.97 34.14 12.71 AdvMicroDevices AMD ...110 27.50 -0.51 45.51 47.04 29.23 Catalent CTLT ... 43 45.37 -0.09 6.09 79.61 60.32 GileadSciences GILD 3.8 15 66.36 0.58
2.37 6.93 4.42 Aegon AEG 7.1 11 4.76 -0.03 -3.39 161.60 112.06 Caterpillar CAT 3.4 11 122.76 -3.85 10.67 55.40 36.74 MorganStanley MS 2.7 9 43.88 -0.40 19.58 43.99 31.49 SunLifeFinancial SLF 3.8 13 39.69 -0.12
3.27 42.36 36.41 GSK GSK 5.0 19 39.46 0.12 -21.94 37.37 22.55 Mosaic MOS 0.4 16 22.80 -0.36 15.05 42.55 25.81 SuncorEnergy SU 3.9 17 32.18 -0.30
25.76 58.30 36.16 AerCap AER ... 7 49.80 -0.54 12.97 119.29 82.91 Celanese CE 2.4 11 101.64 -0.17 45.26 152.24 94.81 GlobalPayments GPN 0.0 50 149.81 -1.59
2.45 82.27 60.42 AgilentTechs A 0.9 20 69.11 -0.19 48.88 97.07 58.59 Celgene CELG ... 15 95.42 -0.09 27.74 148.98 105.89 MotorolaSol MSI 1.6 25 146.95 -1.44 22.76 75.08 46.05 SunTrustBanks STI 3.2 11 61.92 -0.26
14.23 84.97 56.66 GoDaddy GDDY ...157 74.96 -1.32 -28.32 42.50 19.40 Mylan MYL ... 43 19.64 -0.57 t -7.58 27.37 17.27 Suzano SUZ 1.2 dd 18.30 0.23
1.76 47.83 32.18 AgnicoEagle AEM 1.1 dd 41.11 0.36 -9.13 7.60 4.31 Cemex CX ... 14 4.38 -0.02 18.19 245.08 151.70 GoldmanSachs GS 1.7 8 197.43 -1.71
s 31.16 210.15 148.44 AirProducts APD 2.2 27 209.92 0.49 22.90 11.46 6.15 CenovusEnergy CVE 1.7 dd 8.64 -0.13 s 33.30 146.89 100.54 NICE NICE 0.4 51 144.24 0.34 5.00 24.77 17.43 Symantec SYMC 1.5491 19.84 0.13
15.32 53.91 37.36 Graco GGG 1.3 24 48.26 -1.04 -10.15 43.66 29.90 NRG Energy NRG 0.3 25 35.58 -0.22 48.81 36.32 21.77 SynchronyFin SYF 2.4 8 34.91 -0.33
26.96 86.19 57.18 AkamaiTech AKAM ... 37 77.55 -0.37 -2.79 74.49 45.44 Centene CNC ... 21 56.04 0.47 -5.40 372.06 258.42 Grainger GWW 2.2 19 267.10 3.24
2.53 74.83 53.39 AlaskaAir ALK 2.2 18 62.39 -0.25 5.46 31.42 25.10 CenterPointEner CNP 3.9 47 29.77 0.17 36.23 3381.98 2040.71 NVR NVR ... 16 3320.00 -24.65 44.10 124.12 79.14 Synopsys SNPS ... 31 121.39 -1.78
-0.05 24.97 17.42 Grifols GRFS 2.5 18 18.35 0.10 29.82 122.24 67.62 NXP Semi NXPI 1.1 14 95.13 -2.52 19.58 75.98 59.44 Sysco SYY 2.1 25 74.93 0.29
t -12.08 108.74 67.60 Albemarle ALB 2.2 16 67.76 -1.65 17.64 10.89 3.14 CentraisElBras EBR ... 3 7.47 -0.21 -19.66 149.35 60.53 GrubHub GRUB ...105 61.71 -1.10
... 63.73 53.78 Alcon ALC ... ... 60.94 -0.20 -30.10 24.20 10.28 CenturyLink CTL 9.4 dd 10.59 -0.06 10.70 96.84 75.49 Nasdaq NDAQ 2.1 29 90.30 -0.63
26.95 147.59 109.04 AlexandriaRlEst ARE 2.7 44 146.30 -0.18 47.84 53.71 31.39 CeridianHCM CDAY ... dd 50.99 -0.99
18.98 8.89 5.58 GpoAvalAcc
102.66 106.58 27.04 GuardantHealth GH
AVAL 5.4 8 7.02
... dd 76.18
-0.08
-0.42
8.84 59.82 46.36 NationalGrid NGG 4.1 8 52.22 0.38 TUV
34.45 141.86 92.56 AlexionPharm ALXN ... 72 130.90 -0.50 30.59 69.65 48.78 Cerner CERN ... 35 68.48 -0.43 -6.81 49.08 23.42 NatlOilwell NOV 0.8 dd 23.95 -0.80
32.38 109.06 73.82 Guidewire GWRE ...225 106.21 -2.17 9.79 55.87 38.94 NatlRetailProp NNN 3.8 39 53.26 -0.23 32.12 47.63 21.08 TAL Education TAL ... 58 35.25 -0.65
23.71 211.70 129.77 Alibaba BABA ... 43 169.57 -6.00 14.05 149.06 103.00 CharlesRiverLabs CRL ... 28 129.08 -3.10 -0.76 147.42 101.30 HCA Healthcare HCA 1.3 12 123.51 0.81 s 36.39 49.00 34.58 TC Energy TRP 4.6 12 48.69 0.54
54.04 398.88 177.93 AlignTech ALGN ... 70 322.61 -8.26 s 35.60 387.41 259.48 CharterComms CHTR ... 68 386.41 4.22 15.79 88.08 54.50 NetApp NTAP 2.3 18 69.09 -0.60
13.18 32.23 22.49 HCP HCP 4.7 14 31.61 0.06 13.24 289.69 184.60 Netease NTES 0.7 37 266.53 -12.58 7.66 62.99 45.70 TD Ameritrade AMTD 2.3 15 52.71 0.18
9.08 689.29 558.50 Alleghany Y ... 33 679.94 -9.25 15.37 132.75 95.37 CheckPoint CHKP ... 23 118.43 -0.69 12.85 120.64 85.43 HDFC Bank HDB 0.5 ... 116.90 -0.12 18.39 99.52 69.84 TE Connectivity TEL 2.1 11 89.54 -0.78
26.04 102.54 74.83 Allegion ALLE 1.1 22 100.47 -1.40 13.55 71.03 55.09 CheniereEnergy LNG ... 68 67.21 -0.60 32.43 423.21 231.23 Netflix NFLX ...127 354.45 -4.86
15.91 47.13 35.35 HD Supply HDS ... 20 43.49 0.20 10.67 126.98 64.72 Neurocrine NBIX ... dd 79.03 -0.97 10.62 37.84 32.46 Telus TU 4.6 18 36.66 -0.13
4.89 197.00 125.84 Allergan AGN 2.1 dd 140.20 0.16 17.92 45.27 32.55 CheniereEnerPtrs CQP 5.6158 42.57 -0.64 -7.04 27.08 18.06 HP HPQ 3.4 7 19.02 0.08 t -16.04 18.89 12.79 TIM Part TSU 0.4 10 12.88 -0.08
-2.95 250.27 142.07 AllianceData ADS 1.7 8 145.65 -2.08 10.78 130.39 100.22 Chevron CVX 3.9 17 120.52 -0.28 54.46 108.23 50.30 NewOrientalEduc EDU ... 52 84.66 -1.21
1.22 50.77 38.23 HSBC HSBC 4.8 12 41.61 -0.62 20.45 114.78 70.30 NewRelic NEWR ... dd 97.53 -3.44 18.55 56.64 41.49 TJX TJX 1.7 22 53.04 0.35
s 13.85 48.31 38.22 AlliantEnergy LNT 3.0 22 48.10 0.33 7.23 43.88 25.68 ChinaEastrnAir CEA ... 21 29.36 -0.56 -5.27 54.80 24.33 Halliburton HAL 2.9 12 25.18 -0.70 18.49 77.13 55.23 T-MobileUS TMUS ... 21 75.37 -0.01
15.74 102.73 77.00 Allstate ALL 2.1 14 95.64 -0.23 13.16 14.67 9.86 ChinaLifeIns LFC 1.0 19 11.87 -0.38 16.96 18.75 13.86 NewResidInvt NRZ 12.0 12 16.62 -0.14
34.24 22.57 11.57 Hanesbrands HBI 3.6 11 16.82 ... -16.84 28.00 13.57 NewellBrands NWL 6.0 dd 15.46 -0.08 13.06 127.43 84.59 TRowePrice TROW 2.9 14 104.38 -0.93
29.79 30.27 20.60 AllyFinancial ALLY 2.3 9 29.41 -0.30 -3.88 55.84 43.25 ChinaMobile CHL 3.8 11 46.14 0.37 s 36.39 185.73 123.24 Harris HRS 1.5 25 183.65 -0.73 1.48 136.92 92.01 TableauSftwr DATA ... dd 121.78 -1.26
-7.37 124.22 60.27 AlnylamPharm ALNY ... dd 67.54 -1.19 1.95 104.88 69.02 ChinaPetrol SNP 10.8 10 71.98 -0.86 -10.76 40.03 29.06 NewmontGold NEM 1.8 70 30.92 0.37
s 20.54 54.09 40.54 HartfordFinl HIG 2.2 12 53.58 -0.02 0.09 16.68 10.85 NewsCorp B NWS 1.7 dd 11.56 -0.12 9.05 45.64 34.21 TaiwanSemi TSM 3.3 18 40.25 -1.28
11.85 1296.97 977.66 Alphabet A GOOGL ... 29 1168.78 -15.72 12.12 57.27 25.45 ChinaSoAirlines ZNH 2.3 17 34.04 -1.37 19.57 109.60 76.84 Hasbro HAS 2.8 34 97.15 -1.13 3.61 139.91 84.41 TakeTwoSoftware TTWO ... 37 106.66 -0.89
12.23 1289.27 970.11 Alphabet C GOOG ... 29 1162.30 -16.68 -3.00 57.09 44.20 ChinaTelecom CHA 3.2 12 49.21 -0.35 0.53 16.34 10.65 NewsCorp A NWSA 1.8 dd 11.41 -0.12
11.34 29.22 24.05 HealthcareAmer HTA 4.4 27 28.18 0.06 s 14.47 199.46 155.06 NextEraEnergy NEE 2.5 33 198.98 1.87 3.86 21.95 15.50 TakedaPharm TAK ... 35 17.47 0.09
17.48 82.45 54.75 Altaba AABA ... dd 68.07 -2.45 0.94 14.38 10.33 ChinaUnicom CHU 1.9 21 10.76 -0.10 33.12 107.45 70.40 Heico HEI 0.1 52 103.14 -1.11 -1.03 26.35 20.27 TallgrassEnergy TGE 8.8 22 24.09 -0.31
48.91 24.89 14.49 AlticeUSA ATUS ...141 24.60 0.29 65.80 721.42 383.20 Chipotle CMG ... 98 715.91 6.98 1.16 32.06 20.53 NielsenHoldings NLSN 5.9 dd 23.60 -0.08
37.76 93.09 56.64 Heico A HEI.A 0.2 43 86.79 -0.47 14.07 90.00 66.53 Nike NKE 1.0 33 84.57 0.29 -8.80 54.35 29.82 Tapestry TPR 4.4 13 30.78 -0.56
5.99 66.04 42.40 Altria MO 6.1 16 52.35 0.32 s 12.24 146.19 119.54 Chubb CB 2.1 17 144.99 -0.63 15.73 73.74 44.56 Helm&Payne HP 5.1 85 55.48 -2.60 17.07 59.21 33.55 TargaResources TRGP 8.6 dd 42.17 -0.09
13.94 13.85 7.44 AlumofChina ACH ... 36 8.91 -0.13 -0.95 36.99 34.03 ChunghwaTel CHT ... 24 35.45 -0.25 11.60 28.85 23.23 NiSource NI 2.8 dd 28.29 0.10
10.34 71.61 53.89 HenrySchein HSIC ... 21 67.92 0.83 27.13 37.76 17.11 NobleEnergy NBL 2.0 dd 23.85 -0.65 7.26 90.39 60.15 Target TGT 3.6 13 70.89 0.11
30.71 23.34 2.35 Amarin AMRN ... dd 17.79 0.40 12.35 74.99 45.55 Church&Dwight CHD 1.2 32 73.88 -0.22 t -23.82 61.77 44.68 Herbalife HLF 2.7 21 44.91 -0.71 1.81 23.57 10.29 TataMotors TTM 0.1 dd 12.40 -0.23
24.44 2050.50 1307.00 Amazon.com AMZN ... 78 1869.00 -38.57 -18.46 226.60 141.95 Cigna CI ... 15 154.86 1.07 -15.12 6.65 4.71 Nokia NOK 4.5 dd 4.94 -0.02
s 20.26 129.67 89.29 Hershey HSY 2.2 24 128.90 0.41 -14.25 5.48 3.15 NomuraHoldings NMR ... dd 3.19 -0.04 14.71 34.39 18.20 TechnipFMC FTI 2.3 dd 22.46 -0.51
3.32 5.57 3.77 Ambev ABEV ... 22 4.05 -0.09 11.19 103.91 55.62 CimarexEnergy XEC 1.2 10 68.55 -0.70 62.20 74.81 35.59 Hess HES 1.5 dd 65.69 -0.66 -5.20 30.11 18.17 TeckRscsB TECK 0.7 5 20.42 -0.69
3.79 70.31 52.60 Amdocs DOX 1.9 24 60.80 -0.08 s 26.23 98.28 66.33 CincinnatiFin CINF 2.3 16 97.73 0.58 13.31 149.23 110.16 Nordson NDSN 1.0 25 135.23 -3.03
10.67 17.74 12.09 HewlettPackard HPE 3.1 37 14.62 0.09 t -20.42 67.75 36.37 Nordstrom JWN 4.0 11 37.09 0.16 -3.73 23.90 12.34 TelecomArgentina TEO 2.2 dd 14.98 -0.06
16.30 403.93 316.00 Amerco UHAL ... 20 381.60 -20.92 s 33.00 225.33 155.98 Cintas CTAS 0.9 29 223.42 -0.30 22.34 73.42 53.50 Hexcel HXL 0.9 21 70.15 -0.70 -8.65 9.12 4.90 TelecomItalia TI 5.1 ... 5.07 -0.01
s 14.53 75.00 55.21 Ameren AEE 2.5 22 74.71 0.47 30.05 57.52 40.25 CiscoSystems CSCO 2.5 19 56.35 0.42 36.10 211.46 138.65 NorfolkSouthern NSC 1.7 20 203.52 -1.70
9.99 108.68 81.82 Hill-Rom HRC 0.9 29 97.40 -1.70 11.76 115.61 75.96 NorthernTrust NTRS 2.6 14 93.42 -1.36 -3.07 7.77 4.34 TelecomItalia A TI.A 6.6 ... 4.74 -0.08
0.70 18.11 12.00 AmericaMovil AMX 2.2 18 14.35 0.04 24.99 75.24 48.42 Citigroup C 2.8 9 65.07 -0.91 29.43 94.64 63.76 Hilton HLT 0.6 36 92.93 -1.12 16.23 260.99 189.35 TeledyneTech TDY ... 26 240.67 -0.86
4.56 18.00 12.09 AmericaMovil A AMOV 2.1 19 14.70 0.35 16.92 42.87 27.62 CitizensFin CFG 3.7 9 34.76 ... 25.23 340.14 223.63 NorthropGrum NOC 1.7 16 306.69 1.98
-16.00 83.28 42.19 HollyFrontier HFC 3.1 7 42.94 -1.42 34.28 59.71 39.36 NorwegCruise NCLH ... 13 56.92 -0.63 14.52 309.99 226.02 Teleflex TFX 0.5 75 296.00 -5.51
-1.15 45.82 28.81 AmerAirlines AAL 1.3 10 31.74 -0.58 -6.50 116.81 95.00 CitrixSystems CTXS 1.5 26 95.80 -0.78 9.17 48.82 37.47 Hologic HOLX ... dd 44.87 -0.20 5.64 10.46 7.16 Ericsson ERIC 1.2 dd 9.37 0.04
12.76 48.49 36.64 AmCampus ACC 4.0 54 46.67 -0.21 -4.60 167.70 116.17 Clorox CLX 2.6 24 147.05 -1.67 -3.62 96.31 72.30 Novartis NVS 3.4 16 82.70 0.25
12.08 215.43 158.09 HomeDepot HD 2.8 20 192.58 0.20 1.56 52.83 41.23 NovoNordisk NVO 3.3 19 46.79 ... -8.38 13.60 9.21 TelefonicaBras VIV ... 8 10.93 -0.09
14.86 86.54 62.70 AEP AEP 3.1 21 85.85 0.45 3.91 50.84 41.93 Coca-Cola KO 3.3 31 49.20 -0.38 -3.10 33.31 25.30 HondaMotor HMC 3.8 8 25.63 -0.14 -5.67 9.40 7.70 Telefonica TEF 5.7 11 7.98 -0.05
24.92 120.34 89.05 AmerExpress AXP 1.3 15 119.07 -0.77 s 23.69 56.96 37.38 Coca-Cola Euro CCEP 2.4 26 56.71 0.49 2.86 68.84 49.79 Nucor NUE 3.0 7 53.29 -1.69
28.63 174.34 123.48 Honeywell HON 1.9 19 169.95 -0.84 -6.23 64.87 32.52 Nutanix NTNX ... dd 39.00 -0.35 -7.21 28.57 21.75 TelekmIndonesia TLK 4.0 19 24.32 -0.92
9.36 115.00 84.18 AmericanFin AFG 1.6 13 99.00 -0.80 13.81 59.12 34.88 Cognex CGNX 0.5 36 44.01 -0.93 -6.77 46.26 34.12 HormelFoods HRL 2.1 23 39.79 -0.03 30.44 40.53 20.45 Tenaris TS 4.0 19 27.81 -0.11
21.11 24.45 18.91 AmHomes4Rent AMH 0.8209 24.04 0.05 -6.36 83.35 56.73 CognizantTech CTSH 1.3 17 59.44 0.80 5.11 58.99 43.96 Nutrien NTR 3.5280 49.40 -0.63
28.51 47.02 32.39 DR Horton DHI 1.3 11 44.54 -0.42 17.25 292.76 124.46 NVIDIA NVDA 0.4 30 156.53 -3.66 4.84 19.97 11.81 TencentMusic TME ... 78 13.86 -0.38
32.89 56.36 36.16 AIG AIG 2.4 dd 52.37 0.14 20.92 73.10 57.41 ColgatePalm CL 2.4 27 71.97 -0.53 15.06 22.47 15.94 HostHotels HST 4.2 14 19.18 -0.16 46.27 49.83 28.73 Teradyne TER 0.8 18 45.90 -1.07
27.97 203.38 134.87 AmerTowerREIT AMT 1.8 67 202.43 0.41 15.59 109.74 80.03 ColumbiaSportswr COLM 1.0 23 97.20 -0.57
s 23.43 112.52 77.73 AmerWaterWorks AWK 1.8 35 112.04 0.87 27.87 43.96 30.67 Comcast A CMCSA 1.9 17 43.54 0.35
-7.28 31.03 20.51 HuanengPower HNP 2.6 21 23.19
20.57 49.60 24.90 Huazhu HTHT ... 97 34.52
-0.43
-1.14
OPQ t -36.59 387.46 208.92 Tesla
-24.58 25.96 11.26 TevaPharm
TSLA
TEVA
... dd 211.03
2.9 dd 11.63
-17.30
0.21
21.89 32.56 20.45 AmericoldRealty COLD 2.6105 31.13 -0.04 7.02 101.05 63.69 Comerica CMA 3.6 10 73.51 -0.58 22.20 137.67 91.88 Hubbell HUBB 2.8 18 121.39 -1.36 7.83 43.76 33.19 OGE Energy OGE 3.5 20 42.26 0.56 13.01 119.32 87.70 TexasInstruments TXN 2.9 19 106.79 -2.42
37.77 153.15 95.69 Ameriprise AMP 2.7 11 143.79 -1.18 5.59 69.10 53.40 CommerceBcshrs CBSH 1.7 16 59.52 -0.32 49.19 192.49 108.39 HubSpot HUBS ... dd 187.58 -2.99 26.36 71.99 50.26 ONEOK OKE 5.1 23 68.17 0.07 59.96 915.66 409.00 TexasPacLand TPL 0.2 22 866.41 18.08

.
4.48 94.88 69.36 AmerisourceBrgn ABC 2.1 18 77.73 0.54 19.58 12.36 5.58 SABESP SBS ... ... 9.65 -0.34 18.10 36.06 27.12 HudsonPacProp HPP 2.9554 34.32 -0.15 2.52 414.63 264.50 OReillyAuto ORLY ... 21 353.02 0.45 6.76 72.87 43.27 Textron TXT 0.2 10 49.10 -1.88
26.88 88.76 63.14 Ametek AME 0.7 25 85.90 -0.69 36.14 39.43 20.22 ConagraBrands CAG 2.9 20 29.08 -0.02 -13.49 355.88 225.65 Humana HUM 0.9 19 247.82 5.60 t -14.04 87.67 52.62 OccidentalPetrol OXY 5.9 10 52.76 -0.99 16.95 282.98 202.83 ThermoFisherSci TMO 0.3 33 261.73 -5.29

y
-12.72 210.19 166.30 Amgen AMGN 3.4 14 169.91 -0.01 9.84 160.81 93.31 ConchoRscs CXO 0.4 29 112.90 -1.13 3.20 131.74 88.38 JBHunt JBHT 1.1 22 96.02 -0.53 s 73.87 111.65 41.88 Okta OKTA ... dd 110.93 1.22 34.49 65.60 41.77 ThomsonReuters TRI 2.2 42 64.97 -0.23
13.08 105.51 74.95 Amphenol APH 1.0 24 91.62 -1.46 -0.40 80.24 56.75 ConocoPhillips COP 2.0 10 62.10 -0.47 10.91 16.52 11.12 HuntingtonBcshs HBAN 4.2 11 13.22 0.05 18.33 170.22 115.00 OldDomFreight ODFL 0.5 19 146.13 -0.09 t -11.26 219.75 168.43 3M MMM 3.4 18 169.09 -2.72
65.62 76.70 40.40 AnadarkoPetrol APC 1.7 77 72.61 -0.12 s 13.71 87.33 71.12 ConEd ED 3.4 20 86.94 0.57 8.77 262.32 173.80 HuntingIngalls HII 1.7 11 207.00 -1.73 8.80 23.05 19.55 OldRepublic ORI 3.6 9 22.38 -0.12 19.26 141.64 73.04 Tiffany TIF 2.3 20 96.02 -3.42
17.48 118.54 76.62 AnalogDevices ADI 2.1 24 100.83 -3.87 27.34 234.26 150.37 ConstBrands A STZ 1.5 12 204.79 -2.01 14.48 84.89 63.45 HyattHotels H 1.0 21 77.39 -0.94 48.65 101.18 59.72 Ollie'sBargain OLLI ... 48 98.87 0.40 17.25 91.28 69.68 Torchmark TMK 0.8 14 87.39 ...
9.51 50.82 31.49 AndeavorLog ANDX 11.6 14 35.58 -0.39 3.16 71.95 35.54 ContinentalRscs CLR ... 16 41.46 -0.98 6.51 40.30 28.10 OmegaHealthcare OHI 27.67 75.13 52.97 Toro TTC

nl
28.37 242.86 144.51 IAC/InterActive IAC ... 35 234.96 -2.87 7.1 30 37.44 -0.23 1.3 25 71.34 -1.15
25.57 106.86 64.55 AB InBev BUD 2.7 38 82.64 -1.24 15.02 302.36 221.50 Cooper COO 0.0 40 292.73 1.07 6.61 11.71 7.61 ICICI Bank IBN 0.4 60 10.97 0.13 8.56 84.35 65.85 Omnicom OMC 3.3 14 79.51 0.47 11.12 62.00 47.73 TorontoDomBk TD 4.1 12 55.25 -0.02
t -4.68 10.78 9.35 AnnalyCap NLY 12.8 dd 9.36 -0.18 37.30 67.54 44.61 Copart CPRT ... 33 65.60 -1.47 13.69 26.38 14.55 ON Semi ON ... 13 18.77 -0.98 5.04 65.69 49.70 Total TOT 5.2 12 54.81 0.53
34.16 256.22 176.11 IdexxLab IDXX ... 56 249.56 -2.41
19.23 19.91 10.12 AnteroMidstream AM ... 46 13.33 -0.25 -0.99 36.56 26.23 Corning GLW 2.7 13 29.91 -0.59 19.66 58.17 44.52 IHSMarkit INFO ... 57 57.40 -0.29 s 25.15 40.98 30.99 OpenText OTEX 1.7 40 40.80 0.50 24.62 102.67 75.58 TotalSystem TSS 0.5 31 101.30 0.80
0.93 317.99 220.80 Anthem ANTM 1.2 18 265.07 1.25 53.44 524.66 315.85 CoStar CSGP ... 70 517.61 -1.38 5.35 15.93 10.21 ING Groep ING 8.8 8 11.23 -0.18 20.71 55.53 42.40 Oracle ORCL 1.8 20 54.50 -0.14 2.00 137.56 111.12 ToyotaMotor TM ... 10 118.40 -1.50
24.20 182.60 134.82 Aon AON 1.0 39 180.54 -1.16 s 21.91 250.05 189.51 Costco COST 1.0 32 248.35 0.91 22.10 28.98 15.38 Invesco IVZ 5.9 10 20.44 -0.24 -5.25 17.73 14.84 Orange ORAN 4.4 18 15.34 0.06 20.66 107.98 71.81 TractorSupply TSCO 1.4 23 100.68 -0.36
15.85 50.03 24.56 Apache APA 3.3 dd 30.41 -0.82 105.79 14.87 5.91 Coty COTY 3.7 dd 13.50 0.26 -1.98 89.58 67.00 Orix IX ... 6 70.13 -1.06 70.62 232.70 80.09 TradeDesk TTD ...103 198.02 -4.02
18.32 261.77 104.64 IPG Photonics IPGP ... 21 134.05 -3.96
11.41 51.50 39.81 ApartmtInv AIV 3.1 27 50.41 0.14 74.96 111.90 49.62 CoupaSoftware COUP ... dd 109.98 -1.35 -28.34 49.42 5.07 PG&E PCG ... dd 17.02 -1.15 ... 46.33 33.68 Tradeweb TW ... ... 43.29 -0.72
15.06 146.10 97.64 IQVIA IQV ...111 133.67 -1.57
33.62 36.49 22.63 ApolloGlbMgmt APO 5.6 48 32.79 -0.37 -1.73 252.49 207.41 Credicorp BAP 2.0 14 217.83 0.32 11.38 152.25 108.45 PNC Fin PNC 2.9 12 130.22 -0.88 34.61 489.95 307.36 TransDigm TDG ... 31 457.75 -7.39
26.03 81.88 50.33 IcahnEnterprises IEP 11.1 9 71.94 -0.14
19.82 233.47 142.00 Apple AAPL 1.6 16 189.00 -1.08 23.50 509.99 347.50 CreditAcceptance CACC ... 15 471.49 -5.17 t -10.76 87.15 48.82 POSCO PKX ... 10 49.03 -0.57 13.89 79.48 52.15 TransUnion TRU 0.5 45 64.69 -0.48
6.39 155.33 118.10 Icon ICLR ... 23 137.47 -3.55
l,

30.42 53.23 28.79 ApplMaterials AMAT 2.0 12 42.70 1.04 8.56 17.03 10.23 CreditSuisse CS 2.2 15 11.79 -0.13 9.33 121.29 94.37 PPG Ind PPG 1.7 21 111.77 -1.15 s 23.16 148.52 111.08 Travelers TRV 2.2 15 147.49 0.08
19.29 159.51 117.72 IDEX IEX 1.3 28 150.61 -2.85
20.95 115.52 88.26 Aptargroup ATR 1.3 37 113.78 -0.33 47.63 69.21 33.72 Cree CREE ... dd 63.15 -1.10 5.15 32.88 25.30 PPL PPL 5.5 12 29.79 -0.14 21.73 44.55 29.75 Trimble TRMB ... 36 40.06 -0.93
18.87 158.69 117.75 IllinoisToolWks ITW 2.7 20 150.60 -1.87
19.62 103.23 58.80 Aptiv APTV 1.2 19 73.65 -0.06 17.14 130.60 99.99 CrownCastle CCI 3.5 81 127.25 -0.28 -5.31 121.98 79.76 PRA HealthSci PRAH ... 36 87.08 -2.39 -16.59 69.00 43.40 TripAdvisor TRIP ... 47 44.99 -1.76
2.57 372.61 261.61 Illumina ILMN ... 54 307.63 -2.22
14.98 39.44 32.09 AquaAmerica WTR 2.2 45 39.31 0.37 45.42 61.40 39.05 CrownHoldings CCK ... 18 60.45 -0.75 4.75 107.44 76.67 PTC PTC ...1487 86.84 -1.71 57.32 144.62 51.82 Twilio TWLO ... dd 140.49 -1.88
10.51 34.56 24.29 ImperialOil IMO ... 14 27.98 -0.26
9.22 43.70 25.49 Aramark ARMK 1.4 15 31.64 0.09 35.62 51.91 25.00 Ctrip.com CTRP ...133 36.70
a a

-2.11 21.40 88.83 57.00 Incyte INCY ... 66 77.20 -0.44 16.96 169.22 86.46 PVH PVH 0.1 11 108.71 -1.69 30.48 47.79 26.19 Twitter TWTR ... 22 37.50 -0.80
t -20.75 35.73 16.20 ArcelorMittal MT 1.2 4 16.38 -0.48 15.23 33.21 27.19 CubeSmart CUBE 3.9 37 33.06 0.07 21.18 73.00 53.43 Paccar PCAR 1.8 10 69.24 -0.65 15.01 252.47 173.26 TylerTech TYL ... 63 213.71 -3.29
6.83 11.38 8.62 Infosys INFY 3.0 20 10.17 -0.34
26.42 34.60 24.79 ArchCapital ACGL ... 14 33.78 -0.73 11.38 121.66 81.87 Cullen/Frost CFR 2.9 14 97.95 -0.72 16.03 124.70 77.90 PackagingCpAm PKG 3.3 12 96.84 -0.46 s 54.48 83.36 49.77 TysonFoods TSN 1.8 15 82.49 -0.11
32.43 125.26 85.15 Ingersoll-Rand IR 1.8 21 120.82 -1.08
-0.71 52.06 39.16 ArcherDaniels ADM 3.4 14 40.68 -0.58 19.16 169.45 124.40 Cummins CMI 2.9 10 159.24 -3.27 59.48 36.07 17.02 PagSeguroDig PAGS ... 34 29.87 -0.46 -3.39 16.68 11.61 UBS Group UBS 5.9 10 11.96 -0.03
30.99 108.91 70.80 Insulet PODD ...448 103.90 -2.30
30.25 23.60 15.63 Arconic ARNC 0.4 16 21.96 -0.16 22.25 18.59 11.75 CypressSemi CY 2.8 16 15.55 -0.39 19.79 260.63 160.08 PaloAltoNtwks PANW ... dd 225.62 0.79 13.25 45.92 34.48 UDR UDR 3.1 86 44.87 0.02
-4.35 59.59 42.36 Intel INTC 2.8 10 44.89 -0.64
on

45.78 26.41 16.18 AresMgmt ARES 4.9 87 25.92 -0.08 20.50 69.01 48.94 CyrusOne CONE 2.9142 63.72 0.77 16.47 34.27 25.30 ParkHotels PK 5.9 15 30.26 -0.60 1.07 59.31 48.17 UGI UGI 2.2 25 53.92 -0.31
7.82 82.65 69.33 ICE ICE 1.4 23 81.22 -0.12
18.71 331.27 187.08 AristaNetworks ANET ... 55 250.12 -3.50 9.90 193.19 140.82 ParkerHannifin PH 2.1 15 163.91 -5.57 21.05 40.92 27.51 US Foods USFD ... 20 38.30 -0.51
13.22 70.71 53.52 InterContinentl IHG 2.4 34 65.06
-3.63 86.62 62.69 ArrowElec
41.21 124.95 74.84 AspenTech
ARW ... 8 66.45 -2.33
AZPN ... 42 116.05 -1.02
DEF 18.17 154.36 105.94 IBM IBM 4.8 14 134.32
...
-1.56 28.97 33.25 14.17 ParsleyEnergy PE ... 22 20.61 -0.32 ... 45.00 36.08 Uber UBER ... 70 41.91 -1.09
41.49 37.47 23.22 DISH Network DISH ... 12 35.33 0.26 1.79 150.57 121.85 IntlFlavors IFF 2.1 39 136.67 -0.29 32.42 86.98 61.32 Paychex PAYX 2.9 30 86.27 -0.37 28.84 174.95 79.25 UbiquitiNetworks UBNT 0.8 29 128.08 -2.93
5.93 111.43 82.31 Assurant AIZ 2.5 21 94.74 -1.47 s 72.11 215.38 96.44 PaycomSoftware PAYC ... 86 210.75 -1.30 39.87 359.69 224.43 UltaBeauty ULTA ... 31 342.45 -0.79
s 15.55 127.89 94.25 DTE Energy DTE 3.0 20 127.45 0.69 11.67 59.57 37.55 IntlPaper IP 4.4 11 45.07 -0.29
-0.53 43.30 34.38 AstraZeneca AZN 5.0 40 37.78 -0.02 34.14 114.66 74.66 PayPal PYPL ... 61 112.80 -1.07 28.01 23.28 15.05 UnderArmour C UA ...1310 20.70 1.34
5.94 96.75 49.19 DXC Tech DXC 1.3 10 56.33 -1.33 9.21 25.10 19.61 Interpublic IPG 4.2 14 22.53 0.06
7.03 53.92 37.20 Athene ATH ... 6 42.63 -0.85 -14.82 13.19 10.14 Pearson PSO 3.3 10 10.17 -0.14 33.45 24.96 16.52 UnderArmour A UAA ...1492 23.58 1.70
s 45.14 131.99 60.39 Atlassian TEAM ... dd 129.15 -0.59 27.13 134.67 94.59 Danaher DHR 0.5 39 131.10 -1.17 24.69 272.14 182.61 Intuit INTU 0.8 44 245.45 -2.10
20.03 124.00 84.37 Darden DRI 2.5 22 119.86 0.91 2.34 589.32 430.24 IntuitiveSurgical ISRG ... 51 490.14 -1.59 22.51 37.93 28.30 PembinaPipeline PBA 4.9 21 36.35 0.01 s 12.29 60.59 52.08 Unilever UN 3.1 15 60.41 0.23
10.72 104.07 84.35 AtmosEnergy ATO 2.0 24 102.66 1.01 -4.69 46.93 35.30 Pentair PNR 2.0 21 36.01 -0.60 16.46 61.19 50.80 Unilever UL 3.1 15 60.85 -0.02
-4.33 79.11 48.25 DaVita DVA ... 69 49.23 -0.77 s 26.25 25.38 19.21 InvitatHomes INVH 2.1 dd 25.35 0.04
75.00 12.53 4.05 AuroraCannabis ACB ... dd 8.68 -0.21 12.20 19.37 13.66 People'sUtdFin PBCT 4.4 13 16.19 -0.08 26.33 180.02 128.08 UnionPacific UNP 2.0 21 174.62 -1.01
rs

35.55 178.95 117.72 Autodesk ADSK ... dd 174.33 -2.35 -9.62 169.99 128.32 Deere DE 2.3 13 134.82 -11.17 24.68 86.58 40.91 IonisPharma IONS ... 27 67.40 -0.38
10.00 61.32 45.08 DeltaAir DAL 2.6 9 54.89 -0.49 28.04 46.23 14.35 iQIYI IQ ... dd 19.04 -1.34 s 18.13 130.87 97.32 PepsiCo PEP 2.9 15 130.51 0.24 -2.66 97.85 67.93 UnitedContinental UAL ... 10 81.50 -1.08
27.41 119.50 61.43 Autohome ATHM ... 26 99.67 -3.67 9.41 103.00 71.31 PerkinElmer PKI 0.3 39 85.94 -2.05 1.92 125.09 89.89 UPS B UPS 3.9 19 99.40 -0.95
-2.26 115.42 67.26 Autoliv ALV 3.6 34 68.64 -1.75 46.28 55.88 33.93 DentsplySirona XRAY 0.6 dd 54.43 -0.46 -0.99 37.32 30.22 IronMountain IRM 7.6 31 32.09 -0.27
-6.99 13.17 7.51 DeutscheBank DB 1.6 ... 7.58 -0.08 -5.12 6.90 4.48 IsraelChemicals ICL 3.8 15 5.37 -0.05 28.18 80.66 36.28 Perrigo PRGO 1.7 59 49.67 -0.23 23.21 175.42 94.28 UnitedRentals URI ... 10 126.33 -2.13
23.34 165.50 121.40 ADP ADP 2.0 37 161.72 0.19 -5.65 85.02 57.49 PetroChina PTR 3.2 13 58.07 -0.83 12.82 55.55 43.14 US Bancorp USB 2.9 12 51.56 0.06
17.39 1074.67 597.00 AutoZone AZO ... 18 984.09 2.75 35.80 46.54 20.37 DevonEnergy DVN 1.2 5 30.61 -0.69 -16.08 10.80 6.57 ItauUnibanco ITUB 0.6 12 7.67 -0.12
-1.47 156.16 85.76 DexCom DXCM ... dd 118.04 -1.37 3.46 17.90 9.02 PetroleoBrasil PBR ... 14 13.46 -0.39 25.61 144.40 100.48 UnitedTech UTX 2.2 21 133.75 -1.50
16.71 204.53 156.93 Avalonbay
0.14 54.18 45.81 Avangrid
AVB 3.0 28 203.14 0.38
AGR 3.5 27 50.16 ... 19.75 171.58 131.43 Diageo DEO 1.6 27 169.81 -0.99 JKL 3.45 15.74 7.55 PetroleoBrasilA PBR.A
-4.99 46.47 35.32 Pfizer PFE
... 13 11.99
3.5 21 41.47
-0.54
-0.17
-3.11 287.94 208.07 UnitedHealth
73.21 190.00 78.75 UnivDisplay
UNH
OLED
1.5 19 241.38
0.2 91 162.07
4.59
-1.10
13.17 117.00 82.89 AveryDennison AVY 2.3 48 101.66 -1.13 19.76 140.78 85.19 DiamondbkEner FANG 0.7 17 111.02 0.39
pe

18.33 43.21 33.30 JBG SMITH Prop JBGS 2.2 75 41.19 -0.32 30.03 92.74 64.67 PhilipMorris PM 5.3 18 86.81 1.30 4.56 142.22 109.37 UniversalHealthB UHS 0.3 14 121.88 0.18
9.61 32.83 21.57 AxaltaCoating AXTA ... 34 25.67 0.05 10.73 125.10 100.05 DigitalRealty DLR 3.7 94 117.98 -0.37 40.04 45.23 19.21 JD.com JD ... 93 29.31 -1.15
31.04 82.51 54.36 DiscoverFinSvcs DFS 2.1 10 77.29 -0.83 -1.56 123.97 78.44 Phillips66 PSX 4.2 8 84.81 -2.59 18.41 41.28 26.77 UnumGroup UNM 3.0 14 34.79 -0.38
10.53 56.03 40.68 BB&T BBT 3.4 12 47.88 -0.31 13.47 119.24 91.11 JPMorganChase JPM 2.9 12 110.77 -0.54 83.75 29.32 14.83 PilgrimPride PPC ... 33 28.50 -0.49 21.12 8.71 6.78 VEREIT VER 6.4 dd 8.66 -0.01
13.94 45.65 38.75 BCE BCE 5.0 19 45.04 -0.12 -2.63 40.50 25.45 DiscoveryB DISCB ... 24 32.62 2.47 7.30 163.68 119.30 JackHenry JKHY 1.2 36 135.75 -0.35
12.65 34.89 20.59 DiscoveryA DISCA ... 20 27.87 -0.01 1.16 31.99 16.53 Pinduoduo PDD ... dd 22.70 -0.16 27.28 97.00 67.17 VF VFC 2.2 26 90.80 -0.50
7.83 57.25 43.19 BHP Group BHP 4.2 23 52.07 0.03 30.93 82.24 55.17 JacobsEngg JEC 0.9 35 76.54 -0.96 12.75 97.27 73.41 PinnacleWest PNW 3.1 21 96.06 0.24 20.50 23.02 17.64 VICI Prop VICI 5.1 15 22.63 -0.01
9.10 50.97 38.04 BHP Group BBL 4.8 20 45.70 -0.08 13.60 31.55 19.25 DiscoveryC DISCK ... 19 26.22 -0.03 12.26 184.00 113.52 JazzPharma JAZZ ... 17 139.16 -0.21
23.16 142.37 98.81 Disney DIS 1.3 15 135.04 -0.46 ... 35.29 23.05 Pinterest PINS ... ... 26.70 -4.16 24.37 165.74 121.60 Visa V 0.6 35 164.09 -0.78
10.21 106.65 69.96 BOK Fin BOKF 2.5 12 80.82 -1.07 7.41 148.99 118.62 J&J JNJ 2.7 26 138.61 0.40 17.30 213.40 119.08 PioneerNatRscs PXD 0.4 23 154.27 -0.82 4.33 302.76 179.60 VailResorts MTN 3.2 34 219.94 -3.38
11.66 47.83 36.28 BP BP 5.7 14 42.34 0.06 33.71 68.35 35.06 DocuSign DOCU ... dd 53.59 -1.15 31.37 40.33 28.30 JohnsonControls JCI 2.7 15 38.95 -0.23 21.51 27.70 19.34 PlainsAllAmPipe PAA 5.9 7 24.35 -0.12 -12.13 16.13 10.89 Vale VALE 0.7 16 11.59 0.08
35.92 8.12 4.65 BRF BRFS ... dd 7.72 -0.20 0.57 72.05 58.17 DolbyLab DLB 1.2 22 62.19 -2.40 5.36 174.42 119.79 JonesLang JLL 0.6 13 133.39 -2.65 21.74 27.00 19.17 PlainsGP PAGP 5.9 9 24.47 -0.57 11.66 126.98 68.81 ValeroEnergy VLO 4.3 13 83.71 -1.76
t -14.01 17.33 13.00 BT Group BT 4.6 9 13.07 -0.16 11.20 126.84 86.87 DollarGeneral DG 1.1 20 120.19 0.47 -6.43 30.80 24.82 JuniperNetworks JNPR 3.0 16 25.18 -0.68 s 49.24 81.76 38.32 PlanetFitness PLNT ... 73 80.02 -0.70 15.30 142.50 101.42 VarianMed VAR ... 32 130.65 -0.25
t -19.10 274.00 126.91 Baidu BIDU ... 11 128.31 -25.39 11.15 111.61 78.78 DollarTree DLTR ... dd 100.39 -0.50 15.34 64.55 43.32 KAR Auction KAR 2.5 24 55.04 -0.38 23.97 186.50 136.83 Pool POOL 1.2 33 184.28 2.36 -20.02 16.25 8.34 Vedanta VEDL 1.2 9 9.23 -0.05
6.56 37.07 20.09 BakerHughes BHGE 3.1 72 22.91 -0.07 5.79 77.91 61.53 DominionEner D 4.9 36 75.60 0.28 -8.22 53.31 35.89 KB Fin KB ... ... 38.53 -0.41 22.52 113.73 75.01 PostHoldings POST ... 33 109.20 -0.75 58.71 145.70 73.47 VeevaSystems VEEV ... 96 141.76 -2.45
36.08 65.31 34.71 Ball BLL 1.0 49 62.57 ... 13.41 305.34 231.28 Domino's DPZ 0.9 33 281.25 3.41 25.67 28.73 18.30 KKR KKR 2.0 8 24.67 0.01 23.95 61.12 40.42 PrincipalFin PFG 3.9 10 54.75 -0.77 10.89 65.70 50.69 Ventas VTR 4.9 56 64.97 0.30
8.13 7.80 4.99 BancoBilbaoViz BBVA 6.3 7 5.72 -0.06 14.29 59.43 40.27 Donaldson DCI 1.5 21 49.59 -1.07 21.35 129.03 80.65 KLA Tencor KLAC 2.8 13 108.60 -0.18 16.90 108.68 72.80 Procter&Gamble PG 2.8 26 107.45 -0.66 31.70 203.28 125.55 VeriSign VRSN ... 39 195.30 -1.53
-6.11 9.44 4.58 BancoBradesco BBDO ... 11 6.79 -0.14 21.33 41.86 32.32 DouglasEmmett DEI 2.5 60 41.41 -0.04 -16.24 15.42 11.79 KT KT ... 9 11.91 -0.15 28.82 78.58 56.71 Progressive PGR 0.5 15 77.72 -0.13 30.20 143.67 102.74 VeriskAnalytics VRSK ... 40 141.97 -0.16
-1.36 32.83 27.04 BancodeChile BCH 3.7 7 28.21 -0.08 33.12 99.46 65.83 Dover DOV 2.0 26 94.45 -1.98 27.76 125.92 90.55 KSCitySouthern KSU 1.2 21 121.95 0.58 30.47 78.56 55.21 Prologis PLD 2.8 28 76.61 -0.26 3.33 61.58 47.13 Verizon VZ 4.1 15 58.09 0.71
-9.16 13.72 7.20 BancSanBrasil BSBR ... 21 10.11 -0.29 ... 60.52 48.00 Dow DOW 5.5 ... 50.80 -2.18 0.02 74.98 53.14 Kellogg K 3.9 17 57.02 -0.38 43.15 131.43 75.92 Proofpoint PFPT ... dd 119.97 -1.57 1.82 195.81 144.07 VertxPharm VRTX ... 20 168.73 -1.50
-6.69 33.72 27.51 BcoSantChile BSAC 4.0 15 27.90 -0.27 -13.86 48.36 30.06 DowDuPont DWDP 1.8 34 30.97 0.17 14.12 29.76 19.12 KeurigDrPepper KDP 2.1 17 29.26 0.66 21.16 106.64 75.61 PrudentialFin PRU 4.0 12 98.81 -0.60 10.70 34.44 23.31 Viacom B VIAB 2.8 7 28.45 -0.09
25.81 8.81 5.68 BcoSantMex BSMX ... ... 7.75 -0.11 4.46 42.82 28.13 DrReddy'sLab RDY 0.8 26 39.38 -0.73 13.33 21.91 13.65 KeyCorp KEY 4.1 10 16.75 -0.02 19.39 52.65 33.31 Prudential PUK 4.2 14 42.23 -0.60 20.32 38.00 27.01 Viacom A VIA 2.4 8 33.46 0.22
1.79 6.21 4.21 BancoSantander SAN 6.4 ... 4.56 -0.06 12.58 43.50 18.50 Dropbox DBX ... dd 23.00 -0.52 31.86 93.77 52.67 KeysightTechs KEYS ... 85 81.86 -3.33 s 16.10 60.58 49.23 PublicServiceEnt PEG 3.1 19 60.43 0.38 8.39 27.86 20.84 VistraEnergy VST 2.0 28 24.81 0.15
21.10 55.40 35.52 BanColombia CIB 2.8 ... 46.14 -1.16 1.04 91.67 71.96 DukeEnergy DUK 4.3 21 87.20 0.96 22.61 78.21 59.05 KilroyRealty KRC 2.5 30 77.10 -0.18 48.50 206.80 129.33 VMware
13.69 234.90 193.89 PublicStorage PSA 3.5 27 230.12 1.00 VMW ... 35 203.64 -1.88
15.26 31.91 22.66 BankofAmerica BAC 2.1 11 28.40 -0.19 18.65 31.69 24.66 DukeRealty DRE 2.8 31 30.73 -0.01 13.16 132.47 99.36 KimberlyClark KMB 3.2 25 128.93 0.21 t -18.36 27.10 15.70 Vodafone
24.97 33.04 20.64 PulteGroup PHM 1.4 9 32.48 0.15 VOD 7.0 dd 15.74 -0.13
17.52 84.36 62.79 BankofMontreal BMO 3.9 11 76.80 -0.42 17.50 77.50 61.69 Dunkin' DNKN 2.0 27 75.34 0.66 23.48 18.64 13.95 KimcoRealty KIM 6.2 27 18.09 -0.05 8.00 77.59 59.48 VornadoRealty VNO
7.61 41.55 32.33 Qiagen QGEN ... 46 37.07 -0.43 3.9 22 66.99 -0.07
-2.10 58.22 43.67 BankNY Mellon BK 2.4 12 46.08 -0.46 4.48 39.16 29.75 ENI E 5.7 12 32.91 0.08 s 31.40 20.55 14.62 KinderMorgan KMI 4.9 30 20.21 -0.21 32.11 55.61 36.66 VoyaFinancial VOYA 0.1 17 53.03 -0.57
5.27 86.50 54.73 Qorvo QRVO ... 61 63.93 -4.18
6.44 63.27 48.34 BkNovaScotia BNS 5.0 10 53.08 -0.04 6.66 133.53 82.04 EOG Rscs EOG 1.2 16 93.02 -2.16 29.86 36.74 17.26 KirklandLakeGold KL 0.4 22 33.88 0.57 43.21 90.34 49.10 Qualcomm QCOM 3.0 43 81.50 -1.31 31.53 133.59 82.52 VulcanMatls VMC 1.0 33 129.95 -0.57
6.37 11.54 7.07 Barclays BCS 5.2 ... 8.02 -0.18 46.13 180.55 104.77 EPAM Systems EPAM ... 41 169.52 -2.36 -4.13 83.28 58.66 Kohl's KSS 4.2 13 63.60 -0.17 16.76 116.49 78.95 QuestDiag DGX 2.2 19 97.23 0.84
-9.75 14.54 9.53 BarrickGold GOLD 2.3 dd 12.22 0.04
35.68 28.45 17.20 BauschHealth BHC ... dd 25.06 -0.18
21.96 80.20 57.85 EPR Prop
9.30 66.46 40.41 E*TRADE
EPR
ETFC
5.8
1.2
21 78.09
12 47.96
-0.59
-0.44
14.95 46.67 32.98 KoninklijkePhil PHG 2.4 29 40.36 -0.70 -30.74 25.03 11.17 QurateRetailA QRTEA ... 11 13.52 0.21 WXYZ
-27.93 16.54 10.52 KoreaElcPwr KEP ... dd 10.63 -0.12
15.44 82.25 61.05 BaxterIntl BAX 1.2 26 75.98 -0.92
1.35 265.87 208.62 BectonDicknsn BDX 1.3 68 228.36 2.43
52.44 105.28 47.78 EXACT Sci
8.16 73.98 40.05 EastWestBncp EWBC
EXAS ...
2.3
dd 96.19
10 47.08
-1.55
-0.80
-24.42 64.99 31.53 KraftHeinz KHC 4.9 dd 32.53 0.07 RS 21.73 146.68 98.90 WABCO
s 16.81 81.36 58.48 WEC Energy
WBC
WEC
... 18 130.67
2.9 23 80.90
0.05
0.65
-11.93 32.74 23.52 Kroger KR 2.3 7 24.22 -0.44
-6.25 220.10 105.19 BeiGene BGNE ... dd 131.49 -6.75 -2.59 110.17 67.40 EastmanChem EMN 3.5 10 71.22 -0.94 -12.58 38.14 21.82 L Brands LB 5.3 10 22.44 0.09 12.04 23.26 19.23 RELX RELX 3.4 24 22.99 0.01 44.16 212.12 131.35 WEX WEX ... 66 201.91 -0.83
co

25.38 62.23 45.91 Berkley WRB 0.6 18 61.78 -0.32 14.70 89.46 64.46 Eaton ETN 1.9 16 78.75 -1.26 -5.51 46.48 27.66 LINE LN ... dd 32.23 -0.97 -3.91 68.13 49.02 RPM RPM 2.5 34 56.48 -0.58 23.55 80.89 62.12 W.P.Carey WPC 5.1 27 80.73 -0.02
-0.45 224.07 184.75 BerkHathwy B BRK.B ... 19 203.27 -1.36 31.46 40.86 26.01 eBay EBAY 1.5 13 36.90 -0.37 14.20 36.10 22.74 LKQ LKQ ... 20 27.10 -0.34 8.75 147.79 95.63 RalphLauren RL 2.4 21 112.51 -2.24 12.14 92.25 50.31 WPP WPP 8.1 11 61.45 -0.08
0.12 335900 279410 BerkHathwy A BRK.A ... 19 306355 -1581.00 23.20 186.34 135.77 Ecolab ECL 1.0 36 181.53 -0.65 32.32 85.00 52.03 LPL Financial LPLA 1.2 14 80.82 -1.54 12.89 102.17 69.11 RaymondJames RJF 1.6 12 84.00 -0.15 -6.19 115.40 65.09 Wabtec WAB 0.7 31 65.90 -2.43
2.29 59.16 40.50 BerryGlobal BERY ... 16 48.62 -0.18 16.69 27.96 15.25 Ecopetrol EC 5.6 10 18.53 -0.23 s 36.73 240.08 158.76 L3 Tech LLL 1.4 24 237.44 -0.87 15.47 214.76 144.27 Raytheon RTN 2.1 17 177.07 -2.37 -23.50 86.31 51.79 WalgreensBoots WBA 3.4 10 52.27 0.21
30.15 84.37 47.72 BestBuy BBY 2.9 13 68.93 0.19 5.62 71.00 45.50 EdisonInt EIX 4.1 dd 59.96 0.01 30.11 190.35 119.38 LabCpAm LH ... 19 164.41 -0.58 26.27 66.25 42.90 RealPage RP ...165 60.85 -0.56 8.28 106.21 81.78 Walmart WMT 2.1 35 100.86 -0.45
36.44 207.84 132.75 Bio-Techne TECH 0.6 63 197.46 -4.06 13.02 197.86 134.38 EdwardsLife EW ... 48 173.12 -4.02 42.59 209.50 122.64 LamResearch LRCX 2.3 12 194.16 -0.30 9.88 74.14 51.36 RealtyIncome O 3.9 52 69.27 -0.04 27.25 95.25 70.28 WasteConnections WCN 0.7 46 94.48 -0.41
27.78 345.15 220.05 Bio-RadLab A BIO ... 16 296.72 -2.54 4.79 37.61 28.00 ElancoAnimal ELAN ... ... 33.04 0.04 18.75 83.51 64.51 LamarAdv LAMR 4.7 24 82.15 -0.73 5.62 185.58 115.31 RedHat RHT ... 80 185.51 -0.04 s 21.51 108.91 79.96 WasteMgt WM 1.9 25 108.13 0.13
-23.81 388.67 216.12 Biogen BIIB ... 10 229.28 -1.59 16.33 100.43 58.55 Elastic ESTC ... dd 83.15 -1.27 -8.06 83.86 63.02 LambWeston LW 1.2 22 67.63 0.75 s 14.11 67.82 55.38 RegencyCtrs REG 3.5 40 66.96 -0.29 10.36 255.21 167.94 Waters WAT ... 27 208.20 -1.92
4.18 106.74 79.13 BioMarinPharm BMRN ... dd 88.71 -0.96 21.03 146.50 109.81 ElbitSystems ESLT ... 29 138.00 -1.00 15.87 81.45 47.39 LasVegasSands LVS 5.1 31 60.31 -3.09 -18.36 442.00 291.10 RegenPharm REGN ... 14 304.94 -3.10 12.45 191.86 131.88 Watsco WSO 4.1 25 156.46 -0.82
-

25.14 56.73 42.30 BlackKnight BKI ... 51 56.39 0.42 23.25 151.26 73.91 ElectronicArts EA ... 29 97.26 -1.74 9.12 206.36 114.45 Lear LEA 2.2 9 134.06 -0.16 7.62 19.99 12.39 RegionsFin RF 3.9 10 14.40 -0.12 66.96 173.72 76.60 Wayfair W ... dd 150.40 2.14
12.41 557.00 360.79 BlackRock BLK 3.0 17 441.56 -5.68 8.49 79.70 55.38 EmersonElec EMR 3.0 18 64.82 -0.84 s 44.14 76.75 50.33 Leidos LDOS 1.7 17 75.99 -0.30 7.97 154.10 127.84 ReinsGrp RGA 1.6 12 151.41 0.70 -9.12 112.03 51.15 Weibo WB ... 21 53.10 -5.94
s 36.36 40.96 26.88 Blackstone BX 3.6 17 40.65 0.25 20.75 37.96 28.82 Enbridge ENB 5.9 24 37.53 0.48 35.71 55.77 37.29 Lennar A LEN 0.3 10 53.13 -0.53 23.25 97.41 68.62 RelianceSteel RS 2.5 10 87.72 -1.82 16.35 324.99 215.64 WellCareHealth WCG ... 27 274.70 0.28
on

29.38 199.70 87.49 bluebirdbio BLUE ... dd 128.34 -2.46 15.05 14.28 5.00 Encana ECA 1.1 9 6.65 -0.15 35.59 45.45 29.80 Lennar B LEN.B 0.4 8 42.48 -0.45 s 26.79 170.73 117.35 RenaissanceRe RNR 0.8 17 169.52 -0.92 -0.82 59.52 43.02 WellsFargo WFC 3.9 10 45.70 -0.20
10.08 446.01 292.47 Boeing BA 2.3 20 355.02 1.21 -3.97 82.46 56.74 EncompassHealth EHC 1.8 19 59.25 -0.12 s 26.35 278.58 177.36 LennoxIntl LII 0.9 29 276.54 2.39 17.67 85.36 66.46 RepublicSvcs RSG 1.8 27 84.83 -0.26 s 15.31 80.15 53.53 Welltower WELL 4.3 86 80.04 0.56
3.77 2162.91 1606.27 BookingHldgs BKNG ... 20 1787.29 -16.02 -12.67 10.52 6.96 EnelAmericas ENIA 9.0 8 7.79 0.01 ... 24.50 21.24 LeviStrauss LEVI ... 19 21.95 -0.02 -0.96 118.50 90.64 ResMed RMD 1.3 37 112.78 -0.65 18.75 125.09 88.36 WestPharmSvcs WST 0.5 40 116.41 -0.76
35.74 61.67 41.00 BoozAllen BAH 1.5 21 61.18 -0.07 -12.12 5.81 4.17 EnelChile ENIC 9.1 9 4.35 -0.06 s 41.37 101.79 67.75 LibertyBroadbandA LBRDA ...261 101.52 1.18 29.01 68.65 50.20 RestaurantBrands QSR 3.0 37 67.47 -0.32 20.72 88.62 33.83 WesternDigital WDC 4.5 88 44.63 -0.46
4.38 53.28 32.46 BorgWarner BWA 1.9 9 36.26 -0.39 12.04 19.19 11.68 EnergyTransfer ET 8.2 12 14.80 -0.04 s 41.14 101.84 68.33 LibertyBroadbandC LBRDK ...261 101.66 1.23 s 49.88 125.27 64.41 RingCentral RNG ... dd 123.56 -1.03 10.24 38.62 25.89 WesternMidstrm WES 8.0 20 30.57 -0.15
18.75 140.35 107.84 BostonProps BXP 2.8 42 133.65 -1.06 s 13.73 98.01 75.45 Entergy ETR 3.7 19 97.89 0.98 18.23 30.50 19.88 LibertyGlobal A LBTYA ... 24 25.23 -0.39 23.68 63.27 44.62 RioTinto RIO 6.0 8 59.96 0.18 13.25 21.37 16.42 WesternUnion WU 4.1 11 19.32 -0.28
5.60 41.00 29.96 BostonSci BSX ... 29 37.32 -0.30 17.61 30.05 23.33 EnterpriseProd EPD 6.1 14 28.92 0.01 19.48 29.36 19.24 LibertyGlobal C LBTYK ... 24 24.66 -0.37 -2.10 79.91 52.79 RobertHalf RHI 2.2 15 56.00 -0.18 -5.92 124.30 57.39 WestlakeChem WLK 1.6 10 62.25 -0.87
s 20.40 135.18 98.87 BrightHorizons BFAM ... 49 134.19 -0.02 30.05 138.69 88.68 Equifax EFX 1.3 dd 121.12 -0.43 23.81 39.60 27.51 LibertyFormOne C FWONK ... dd 38.01 -0.23 6.54 198.23 141.46 Rockwell ROK 2.4 20 160.32 -2.66 -0.69 22.35 16.41 WestpacBanking WBK 7.6 12 17.35 -0.60
-9.87 63.69 44.30 Bristol-Myers BMY 3.5 15 46.85 -0.27 39.06 494.00 335.29 Equinix EQIX 2.0 94 490.28 -1.48 25.54 38.43 26.63 LibertyFormOne A FWONA ... dd 37.31 -0.24 -0.33 55.93 46.16 RogersComm B RCI 2.9 17 51.09 -0.03 -2.91 62.56 35.20 WestRock WRK 5.0 11 36.66 -0.76
17.98 55.77 30.67 BritishAmTob BTI 7.2 11 37.59 0.23 -1.13 28.93 19.95 Equinor EQNR 5.0 9 20.93 -0.30 10.43 29.66 23.54 LibertyBraves A BATRA ... dd 27.54 0.08 s 174.25 87.14 26.30 Roku ROKU ... dd 84.03 0.75 11.39 38.39 20.52 Weyerhaeuser WY 5.6 96 24.35 -0.71
14.00 323.20 197.46 Broadcom AVGO 3.7 20 289.89 -7.40 22.06 119.51 85.97 EquityLife ELS 2.1 40 118.56 0.41 11.01 29.74 23.44 LibertyBraves C BATRK ... dd 27.63 0.16 2.16 43.91 33.07 Rollins ROL 1.1 53 36.88 -0.02 2.76 25.24 15.08 WheatonPrecMet WPM 1.8 21 20.07 0.18
26.38 138.24 91.34 BroadridgeFinl BR 1.6 29 121.64 -0.79 16.07 77.69 59.29 EquityResdntl EQR 3.0 65 76.62 -0.19 3.73 48.56 34.84 LibertySirius C LSXMK ... 19 38.36 0.07 34.55 363.85 245.59 RoperTech ROP 0.5 34 358.60 -1.39 20.36 167.54 99.40 Whirlpool WHR 3.7 35 128.63 -1.29
23.60 48.43 36.58 BrookfieldMgt BAM 1.3 15 47.40 -0.27 53.03 209.33 111.11 ErieIndemnity A ERIE 1.8 36 204.00 1.76 3.64 48.57 34.92 LibertySirius A LSXMA ... 19 38.14 0.05 16.83 104.35 75.91 RossStores ROST 1.0 23 97.20 1.32 24.72 32.22 20.36 Williams WMB 5.5 dd 27.50 -0.13
21.40 42.60 32.26 BrookfieldInfr BIP 4.5578 41.92 -0.05 16.64 294.61 226.22 EssexProp ESS 2.7 45 286.02 0.08 14.78 50.48 39.82 LibertyProperty LPT 3.4 18 48.07 -0.14 13.92 81.56 65.76 RoyalBkCanada RY 3.9 12 78.06 -0.18 15.90 187.91 134.50 WillisTowers WLTW 1.5 30 176.00 -2.06
23.17 22.29 14.93 BrookfieldPropREIT BPR 6.7 5 19.83 -0.10 28.84 180.20 121.47 EsteeLauder EL 1.0 34 167.62 -3.08 0.25 132.13 81.49 EliLilly LLY 2.2 46 116.01 -0.72 5.01 8.10 4.98 RoyalBkScotland RBS ... 18 5.87 -0.16 16.18 4.60 3.38 Wipro WIT 0.6 21 4.47 -0.03
14.99 32.54 25.72 Brown&Brown BRO 1.0 24 31.69 -0.31 31.97 73.34 28.60 Etsy ETSY ... 84 62.78 -0.87 24.73 71.27 48.07 LincolnNational LNC 2.3 9 64.00 -0.84 27.70 133.60 89.48 RoyalCaribbean RCL 2.2 14 124.88 -0.84 54.13 143.82 80.20 Wix.com WIX ... dd 139.24 4.38
9.56 59.58 44.57 Brown-Forman B BF.B 1.3 32 52.13 -0.18 s 49.72 154.89 79.52 EuronetWorldwide EEFT ... 35 153.28 -0.23 s 21.12 189.45 145.95 Linde LIN 1.9 18 189.00 1.35 10.30 73.86 55.04 RoyalDutchA RDS.A 5.9 11 64.27 0.01 46.12 114.55 68.40 Woodward WWD 0.6 28 108.55 -2.37
8.52 57.70 44.42 Brown-Forman A BF.A 1.3 32 51.46 -0.10 14.01 251.67 201.09 EverestRe RE 2.3 42 248.26 -1.16 29.20 67.00 42.61 LiveNationEnt LYV ... dd 63.63 -0.75 8.63 76.99 56.26 RoyalDutchB RDS.B 5.8 12 65.11 -0.14 31.75 213.98 117.24 Workday WDAY ... dd 210.38 -1.62
38.97 44.47 26.10 Bruker BRKR 0.4 35 41.37 -1.05 3.40 61.10 50.89 Evergy EVRG 3.2 25 58.70 0.33 19.14 3.63 2.43 LloydsBanking LYG 7.3 10 3.05 -0.05 -3.14 121.45 65.61 Ryanair RYAAY ... 12 69.10 -0.77 7.17 100.45 49.27 WW Ent WWE 0.6 97 80.08 -1.57
41.36 42.65 25.71 BuckeyePtrs BPL 7.3 dd 40.98 -0.03 s 13.05 73.80 52.76 EversourceEner ES 2.9 22 73.53 0.40 29.08 351.35 241.18 LockheedMartin LMT 2.6 17 337.99 -1.40 27.94 130.16 94.81 SAP SAP 1.3 40 127.36 -1.75 s 57.49 121.16 70.41 Worldpay WP ...249 120.37 -0.14
-2.26 73.13 47.26 Bunge BG 3.8 26 52.23 -0.56 -1.73 25.31 13.42 Exelixis EXEL ... 9 19.33 -0.46 13.75 52.35 42.06 Loews L 0.5 22 51.78 -0.14 25.30 222.00 156.68 S&P Global SPGI 1.1 29 212.94 -2.35 22.76 197.68 90.06 WynnResorts WYNN 3.3 15 121.42 -5.89
1.59 180.27 134.59 BurlingtonStrs BURL ... 27 165.25 2.13 8.60 51.03 39.10 Exelon EXC 3.0 20 48.98 0.07 22.25 49.96 29.06 LogitechIntl LOGI 1.8 25 38.24 -0.59 s 29.71 214.94 146.13 SBA Comm SBAC ...568 209.98 -2.33 s 18.14 58.48 41.99 XcelEnergy XEL 2.8 23 58.21 0.48
18.13 52.41 37.45 CBRE Group CBRE ... 15 47.30 -0.39 3.20 139.77 108.11 Expedia EXPE 1.1 41 116.26 -1.91 18.04 118.23 84.75 Lowe's LOW 1.8 39 109.02 0.43 11.13 69.44 42.27 SEI Investments SEIC 1.3 17 51.34 -0.39 63.46 35.18 18.57 Xerox XRX 3.1 17 32.30 -0.17
10.60 59.76 41.48 CBS A CBS.A 1.5 6 48.50 0.15 9.47 80.69 62.90 ExpeditorsIntl EXPD 1.3 21 74.54 0.17 42.26 179.50 101.50 lululemon LULU ... 48 173.00 -3.80 1.62 74.09 41.50 SINOPEC SHI 8.5 8 43.86 -0.82 23.00 141.60 64.15 Xilinx XLNX 1.4 30 104.76 -1.37
10.66 59.59 41.38 CBS B CBS 1.5 6 48.38 0.02 17.14 108.20 83.70 ExtraSpaceSt EXR 3.2 32 105.99 -0.26 ... 88.60 47.17 Lyft LYFT ... dd 53.79 -1.81 -10.34 28.56 22.66 SK Telecom SKM ... ... 24.03 -0.13 12.74 84.41 60.65 Xylem XYL 1.3 25 75.22 -1.04
7.73 67.97 44.01 CDK Global CDK 1.2 18 51.58 -0.71 11.32 87.36 64.65 ExxonMobil XOM 4.6 17 75.91 -0.45 -3.62 119.39 77.52 LyondellBasell LYB 5.0 7 80.15 -1.65 9.86 106.53 76.77 SLGreenRealty SLG 3.9 43 86.88 0.31 14.79 20.25 11.98 YPF YPF 1.0 8 15.37 -0.14
28.74 111.59 74.32 CDW CDW 1.1 24 104.34 -1.49 t -13.46 199.71 139.85 F5Networks FFIV ... 17 140.22 -2.39 30.28 67.73 40.96 SS&C Tech SSNC 0.7120 58.77 -0.68 38.17 39.70 24.90 Yandex YNDX ... 16 37.79 0.52
-2.39 56.51 38.90 CF Industries
18.55 73.56 57.35 CGI
CF 2.8 31 42.47 -0.28
GIB ... 22 72.54 0.17
17.38 81.80 60.11 FMC
41.35 218.62 123.02 Facebook
FMC
FB
2.1
...
22 75.23
28 185.30
-0.54
-1.69
MN 20.38 34.27 25.37 StoreCapital
20.98 333.74 177.70 SVB Fin
STOR
SIVB
3.9 38 34.08
... 12 229.77
-0.03
-2.53
10.20 104.47 77.09 YumBrands
23.56 48.27 30.10 YumChina
YUM
YUMC
1.7 24 101.30
1.2 25 41.43
0.43
-1.27
-2.22 101.20 77.72 CH Robinson CHRW 2.4 17 82.22 -0.69 39.12 284.32 188.31 FactSet FDS 0.9 35 278.42 -0.17 14.43 185.61 133.78 M&T Bank MTB 2.4 12 163.78 -0.12 75.35 177.05 79.88 SageTherap SAGE ... dd 167.97 -2.35 ... 18.20 10.30 Yunji YJ ... ... 11.01 -0.01
-2.27 197.08 157.21 CME Group CME 1.6 34 183.85 1.06 56.07 296.49 170.26 FairIsaac FICO 0.0 57 291.85 -2.40 6.72 32.88 21.61 MGM Resorts MGM 2.0 54 25.89 -0.64 12.85 167.56 113.60 Salesforce.com CRM ...107 154.57 -3.91 13.27 22.67 14.69 ZTO Express ZTO ... 20 17.93 -1.61
s 13.72 56.81 42.52 CMS Energy CMS 2.7 25 56.46 0.24 28.12 32.40 15.98 Farfetch FTCH ... dd 22.69 0.04 3.63 39.01 28.32 MPLX MPLX 8.4 14 31.40 -0.33 -3.48 45.62 37.67 Sanofi SNY 4.2 21 41.90 0.24 43.17 39.66 20.27 ZayoGroup ZAYO ... 60 32.70 -0.11
4.19 49.76 41.49 CNA Fin CNA 3.0 15 46.00 -0.10 22.72 71.88 47.37 Fastenal FAST 2.7 24 64.17 -0.44 52.49 230.44 134.28 MSCI MSCI 1.0 35 224.81 -1.26 18.19 22.91 16.10 SantanderCons SC 3.8 8 20.79 -0.10 12.49 237.15 136.16 ZebraTech ZBRA ... 23 179.12 -10.90
-2.71 13.02 8.41 CNH Indl CNHI 2.3 11 8.96 -0.23 11.07 139.29 113.68 FederalRealty FRT 3.1 43 131.11 0.63 -3.56 60.95 39.71 Macerich MAC 7.2 60 41.74 -0.22 11.49 176.50 86.55 SareptaTherap SRPT ... dd 121.67 -0.95 50.69 90.00 45.60 Zendesk ZEN ... dd 87.96 -1.04
11.84 202.38 142.94 CNOOC CEO 6.0 10 170.50 -4.11 5.32 266.67 150.94 FedEx FDX 1.5 13 169.92 -5.85 -26.90 41.99 21.08 Macy's M 6.9 6 21.77 0.27 1.26 39.73 27.40 Sasol SSL 2.8 16 29.66 -0.81 27.45 65.70 26.38 Zillow C Z ... dd 40.25 1.12
-5.00 18.17 10.36 CPFLEnergia CPL 3.5 13 14.06 -0.35 43.18 149.85 93.85 Ferrari RACE 0.8 29 142.38 -1.28 12.60 330.00 240.33 MadisonSquGarden MSG ...188 301.43 -3.06 8.15 75.25 34.99 Schlumberger SLB 5.1 27 39.02 -0.84 26.57 65.42 26.20 Zillow A ZG ... dd 39.78 0.95
21.33 38.46 24.62 CRH CRH 3.7 24 31.97 -0.42 2.56 23.29 14.01 FiatChrysler FCAU 5.0 6 14.83 0.02 8.03 72.90 54.25 MagellanMid MMP 6.5 11 61.64 -0.01 4.05 60.22 37.83 SchwabC SCHW 1.6 17 43.21 -0.53 12.24 134.55 96.99 ZimmerBiomet ZBH 0.8 dd 116.42 -1.66
26.19 80.73 58.47 CSX CSX 1.2 19 78.40 0.18 25.03 41.41 29.50 FidNatlFin FNF 3.2 15 39.31 -0.08 -2.05 67.47 42.88 MagnaIntl MGA 3.0 5 44.52 -0.07 135.60 27.20 10.52 Sea SE ... dd 26.67 -0.26 10.70 59.19 38.08 ZionsBancorp ZION 2.7 11 45.10 -0.47
t -19.29 82.15 51.72 CVS Health CVS 3.8 dd 52.88 0.58 15.78 119.78 94.53 FidNatlInfo FIS 1.2 48 118.73 -0.37 21.85 19.62 13.33 ManulifeFin MFC 4.3 8 17.29 -0.27 17.18 59.93 35.38 Seagate STX 5.6 9 45.22 -0.46 19.21 103.97 78.90 Zoetis ZTS 0.6 36 101.97 -0.96
s 38.93 1146.32 640.40 CableOne CABO 0.7 40 1139.38 11.60 15.94 34.27 22.12 FifthThirdBncp FITB 3.2 9 27.28 0.04 7.88 24.20 12.57 MarathonOil MRO 1.3 14 15.47 -0.24 19.63 47.13 30.22 SealedAir SEE 1.5 16 41.68 -0.42 s ... 90.28 59.94 ZoomVideo ZM ...3082 89.98 6.58
17.09 27.64 20.95 CabotOil COG 1.4 16 26.17 -0.10 13.21 86.20 50.30 58.com WUBA ... 31 61.37 -1.37 -11.96 88.45 50.19 MarathonPetrol MPC 4.1 10 51.95 -0.91 17.23 84.37 50.71 SeattleGenetics SGEN ... dd 66.42 0.40 s 100.94 80.38 24.76 Zscaler ZS ... dd 78.79 0.13
57.91 70.49 39.08 CadenceDesign CDNS ... 49 68.66 -1.19 22.87 58.29 41.96 FirstAmerFin FAF 3.1 12 54.85 -0.33 2.21 1228.32 950.16 Markel MKL ... 28 1060.99 0.76 20.57 131.77 100.48 SempraEnergy SRE 3.0 37 130.45 -0.27 57.51 6.31 3.32 Zynga ZNGA ... dd 6.19 -0.04

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
Stock 185.68 -0.83 11.6 GrowCoK 19.15 -0.22 19.5 CapApInst 73.24 -0.86 18.2 TotalReturnBond 14.39 +0.01 4.8 Stock r 32.03 -0.27 11.3 TotIntBdIdxAdm 22.40 +0.01 3.6 TotIntBdIxInv 11.20 ... 3.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds InvGrBd 11.21 ... 4.3 Harding Loevner PIMCO Fds Instl Schwab Funds TotIntlAdmIdx r 27.46 -0.23 8.6 WellsI 26.06 -0.02 7.5
CoreFxdIncmI 10.88 ... 3.7 LowP r 47.74 -0.23 10.0 IntlEq NA ... NA AllAsset 11.35 -0.04 4.2 S&P Sel 44.04 -0.26 15.0 TotStAdml 71.18 -0.48 15.3 Welltn 40.53 -0.10 9.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
TotRetBdI 10.56 ... 2.6 Magin 10.32 -0.07 16.3 Invesco Funds A ShortT 9.81 ... 1.5 TSM Sel r 50.22 -0.34 15.2 TxMCapAdml147.39 -0.94 15.4 WndsrII 35.25 -0.20 13.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti EqIncA 10.09 -0.03 11.1 TotRt
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r OTC 11.91 -0.13 19.7 10.16 ... 3.7 VANGUARD ADMIRAL TxMIn r 13.07 -0.07 9.7 VANGUARD INDEX FDS
EdgewoodGrInst 34.09 -0.27 18.4 Puritn 21.55 -0.11 10.3 JPMorgan Funds PIMCO Funds A 500Adml 264.63 -1.53 15.0 ValAdml 42.22 -0.18 11.4 500 264.59 -1.54 14.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MdCpVal L 38.27 -0.20
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
Fidelity SrsEmrgMkt 17.70 -0.29 7.8 16.0 IncomeFd NA ... NA BalAdml 36.24 -0.14 10.5 WdsrllAdml 62.55 -0.36 13.3 ExtndIstPl 217.12 -2.56 16.6
500IdxInstPrem 99.58 -0.58 15.0 SrsGroCoRetail 16.91 -0.20 19.7 JPMorgan R Class PIMCO Funds I2 CAITAdml 11.93 ... 3.8 WellsIAdml 63.14 -0.05 7.5 SmValAdml 55.37 -0.66 13.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. ExtMktIdxInstPre 60.93 -0.72 16.5 CoreBond
SrsIntlGrw 15.49 -0.08 15.6 11.57 +0.01 3.6 Income NA ... NA CapOpAdml r147.49 -1.69 11.7 WelltnAdml 69.99 -0.18 9.9 TotBd2 10.67 +0.01 3.5
IntlIdxInstPrem 39.96 -0.19 10.2 SrsIntlVal 9.33 -0.04 8.5 CorePlusBd 8.26 ... 4.2 PIMCO Funds Instl EMAdmr 33.39 -0.63 5.3 WndsrAdml 69.07 -0.53 12.7 TotIntl 16.42 -0.13 8.6
Friday, May 17, 2019 MidCpInxInstPrem 21.87 -0.17 17.4 TotalBond 10.59 ... 4.7 Lord Abbett A IncomeFd NA ... NA EqIncAdml 73.74 -0.30 11.8 VANGUARD FDS TotSt 71.15 -0.48 15.2
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 15.38 -0.09 14.9 Fidelity SAI ShtDurIncmA p 4.19 ... 2.7 Price Funds ExplrAdml 91.55 -1.26 17.7 DivdGro 28.48 -0.08 16.5 VANGUARD INSTL FDS
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SerLTTreBdIdx 8.85 +0.02 4.9 TotalBd 10.37 ... 4.6 Lord Abbett F
BlChip 113.13 -1.04 17.8 ExtndAdml 87.98 -1.04 16.5 INSTTRF2020 22.75 -0.08 8.2 BalInst 36.24 -0.15 10.5
TMktIdxF r NA ... NA First Eagle Funds ShtDurIncm 4.19 ... 2.7
EmMktS 40.34 -1.00 7.7 GNMAAdml 10.38 ... 2.5 INSTTRF2025 23.10 -0.09 9.1 DevMktsIndInst 13.08 -0.08 9.7
American Century Inv Baird Funds 5GlbFxdInc 10.78 ... 2.2 TMktIdxInstPrem 80.98 -0.55 15.2 Metropolitan West GrwthAdml 82.04 -0.62 19.1 DevMktsInxInst 20.45 -0.11 9.7
Ultra 47.54 -0.44 17.6 AggBdInst 10.85 ... 4.0 DFARlEst 38.70 -0.06 18.9 GlbA 55.58 -0.34 9.2 EqInc 30.71 -0.09 13.1 INSTTRF2030 23.32 -0.11 9.8
USBdIdxInstPrem 11.55 ... 3.5 TotRetBd 10.67 ... 3.8 HlthCareAdml r 78.02 -0.14 1.5 ExtndInst 87.98 -1.04 16.6
American Funds Cl A CorBdInst 11.18 ... 4.4 EmgMktVa 26.89 -0.30 0.1 FPA Funds EqIndex 76.34 -0.44 14.9 INSTTRF2035 23.53 -0.13 10.5
Fidelity Advisor I TotRetBdI 10.67 ... 3.9 HYCorAdml r 5.77 ... 8.5 GrwthInst 82.04 -0.63 19.1
AmcpA p 31.53 -0.27 13.0 BlackRock Funds EmMktCorEq 19.58 -0.31 1.8 FPACres 33.18 -0.36 12.4 Growth 67.05 -0.56 17.4 INSTTRF2040 23.75 -0.14 11.1
NwInsghtI 31.71 -0.26 17.5 TRBdPlan 10.04 ... 3.8 InfProAd 25.38 -0.03 3.7 InPrSeIn 10.34 -0.01 3.7
AMutlA p 40.85 -0.13 9.4 HiYldBd Inst 7.56 -0.01 8.2 IntlCoreEq 12.75 -0.07 9.2 Franklin A1 HelSci 73.35 -0.29 9.5
IntlGrAdml 90.28 -1.54 INSTTRF2045 23.90 -0.15 11.6
Fidelity Freedom MFS Funds Class I 14.0 InstIdx 259.37 -1.49 15.0
BalA p 26.88 -0.07 8.4 BlackRock Funds A IntlVal 16.95 -0.12 6.7 CA TF A1 p 7.52 -0.01 5.3
ValueI 40.55 -0.18 14.6 InstlCapG 41.25 -0.33 15.5 INSTTRF2050 23.93 -0.16 11.6
FF2020 15.43 -0.06 8.1 ITBondAdml 11.40 ... 4.6 InstPlus 259.39 -1.49 15.0
BondA p 12.89 ... 3.5 GlblAlloc p 18.62 ... 7.6 IntSmCo 17.42 -0.07 9.4 FF2025 IncomeA1 p 2.30 ... 9.9 MFS Funds Instl IntlStk 16.70 -0.16 11.6 ITIGradeAdml 9.72 4.8 IntlVal 34.72 -0.28 8.2
13.46 -0.06 8.7 ... InstTStPlus 61.84 -0.42 15.3
FrankTemp/Frank Adv 13.6 MCapVal
CapIBA p 60.31 -0.21 8.0 BlackRock Funds III IntSmVa 17.75 -0.09 6.6 FF2030 16.64 -0.09 9.8 IntlEq 25.43 -0.19 26.66 -0.21 9.3 LTGradeAdml 10.15 +0.01 7.7 LifeCon 19.91 -0.05 7.1 MidCpInst 44.33 -0.31 17.7
CapWGrA 47.64 -0.27 11.8 iShS&P500IdxK342.20 ... 15.6 LgCo 22.11 -0.12 15.0 Freedom2020 K 15.41 -0.06 8.1 IncomeAdv 2.28 ... 10.0 Nuveen Cl I MidCap 89.85 -0.71 17.6 MidCpAdml 200.69 -1.39 17.7 LifeGro 33.28 -0.19 10.7 MidCpIstPl 218.64 -1.52 17.7
EupacA p 50.55 -0.31 12.1 BlackRock Funds Inst TAUSCoreEq2 18.31 -0.15 14.3 Freedom2025 K 13.44 -0.06 8.8 FrankTemp/Franklin A HYMunBd 17.70 ... 7.0 N Inc 9.41 ... 4.0 MuHYAdml 11.58 ... 5.2 LifeMod 27.01 -0.11 8.9 SmCapInst 73.26 -0.89 16.3
FdInvA p 58.54 -0.40 12.3 EqtyDivd 20.84 -0.07 12.1 US CoreEq1 23.48 -0.19 14.7 Freedom2030 K 16.62 -0.09 9.9 Growth A p 105.34 -0.87 17.1 Oakmark Funds Invest NHoriz 60.01 -0.42 24.5 MuIntAdml 14.30 ... 3.9 PrmcpCor 25.94 -0.21 10.9 STIGradeInst 10.61 ... 2.8
GwthA p 49.17 -0.39 15.0 GlblAlloc 18.75 ... 7.8 US CoreEq2 21.59 -0.19 14.2 Freedom2035 K 13.86 -0.08 11.1 RisDv A p 63.54 -0.40 15.2 EqtyInc r 29.67 -0.10 10.4 OverS SF r 10.09 -0.09 8.5 MuLTAdml 11.77 -0.01 4.8 STAR 26.13 -0.16 10.1 TotBdInst 10.70 ... 3.5
HI TrA p 10.15 ... 8.3 MultiAstIncome 10.72 -0.01 7.8 US Small 33.31 -0.50 12.2 Freedom2040 K 9.67 -0.06 11.6 FrankTemp/Franklin C Oakmark 77.77 -0.77 13.9 R2020 21.33 -0.10 9.2 MuLtdAdml 11.00 ... 2.1 TgtRe2015 14.81 -0.04 6.9 TotBdInst2 10.67 +0.01 3.5
ICAA p 37.76 -0.19 11.8 StratIncOpptyIns 9.75 -0.01 2.8 US SmCpVal 32.96 -0.54 10.0 Fidelity Invest Income C t 2.33 ... 9.5 OakmrkInt 22.38 -0.24 9.4 R2025 NA ... NA MuShtAdml 15.80 ... 1.1 TgtRe2020 30.97 -0.11 8.2 TotBdInstPl 10.70 ... 3.5
IncoA p 22.11 -0.08 8.0 Bridge Builder Trust US TgdVal 22.09 -0.35 11.7 Balanc 23.05 -0.11 12.1 FrankTemp/Temp A Old Westbury Fds R2030 24.74 -0.15 10.9 PrmcpAdml r133.34 -1.33 10.2 TgtRe2025 18.56 -0.07 9.1 TotIntBdIdxInst 33.62 +0.02 3.7
N PerA p 43.02 -0.39 14.2 CoreBond 10.14 +0.01 3.7 USLgVa 35.31 -0.24 10.4 BluCh 98.63 -1.13 17.4 Growth A p 21.77 -0.14 5.0 LrgCpStr 14.16 -0.08 11.9 R2035 NA ... NA RealEstatAdml124.60 -0.29 18.7 TgtRe2030 33.84 -0.16 9.8 TotIntlInstIdx r109.82 -0.90 8.6
NEcoA p 44.12 -0.46 13.6 CorePlusBond 10.06 ... 4.1 Dodge & Cox Contra 12.75 -0.12 16.8 FrankTemp/Temp Adv Oppenheimer Y R2040 25.84 -0.17 12.2 SmCapAdml 73.26 -0.89 16.2 TgtRe2035 20.78 -0.11 10.4 TotItlInstPlId r109.85 -0.89 8.6
NwWrldA 64.05 -0.57 11.7 Intl Eq 10.99 -0.09 10.3 Balanced 98.66 -0.28 8.9 ContraK 12.76 -0.11 16.9 GlBondAdv p 11.20 -0.03 2.1 DevMktY NA ... NA Value 34.94 -0.12 14.3 SmGthAdml 63.14 -0.79 19.4 TgtRe2040 35.90 -0.21 11.1 TotStInst 71.20 -0.48 15.3
SmCpA p 54.75 -0.45 16.7 Del Invest Instl GblStock 12.09 -0.11 9.6 CpInc r 9.96 -0.02 11.5 Guggenheim Funds Tru Parnassus Fds PRIMECAP Odyssey Fds STBondAdml 10.44 ... 2.1 TgtRe2045 22.55 -0.15 11.6 ValueInst 42.22 -0.18 11.4
TxExA p 13.15 -0.01 4.1 Value 21.14 -0.07 8.5 Income 13.74 ... 4.5 DivIntl 35.66 -0.20 12.7 TotRtnBdFdClInst 26.87 +0.01 2.1 ParnEqFd 45.09 -0.27 15.9 AggGrowth r 43.81 -0.35 14.4 STIGradeAdml 10.61 ... 2.8 TgtRe2050 36.30 -0.23 11.6 Western Asset
WshA p 45.61 -0.16 11.5 Dimensional Fds Intl Stk 39.91 -0.47 8.1 GroCo 19.13 -0.22 19.4 Harbor Funds PGIM Funds Cl Z Growth r 38.49 -0.41 10.8 TotBdAdml 10.70 ... 3.5 TgtRetInc 13.46 -0.02 6.0 CorePlusBdI 11.56 -0.01 4.5
B14 | Saturday/Sunday, May 18 - 19, 2019
Mine Closures, Supply Woes Lift Iron Ore
Prices hit five-year
high as hot property
market in China juices
demand for steel
BY RHIANNON HOYLE
The price of iron ore surged
to a five-year high, buoyed by
mine closures in Brazil and
unexpectedly strong demand
for steel in China.
Supplies of the ore, the
main ingredient in steel, have
been crimped by a dam disas-
ter in January at a mine
owned by Brazil’s Vale SA.
Fears of a prolonged shortfall
intensified as Vale warned an-
other of its mine-waste dams
is at risk of collapsing.
Meanwhile, China’s steel
market is booming. Analysts
and traders say this is thanks
to a hot property market and
demand for infrastructure
such as subways and sewer
systems—suggesting China’s
drive to shore up growth is
feeding into the real economy.
China is the biggest buyer of
iron ore and produces more
than half the world’s steel.
The benchmark price for
cargoes of iron ore sold into
northern China jumped 2.4%
on Friday to $100.40 a metric
ton, according to S&P Global
Platts. It quotes one such price
for every trading day.
That level is the highest
since May 2014, and up 38%
this year. Chinese iron-ore fu-
tures, dominated by specula-
tors and short-term individual
investors, have also rallied.
China’s crude output of
steel, an alloy that is used in
everything from bridges to ap-
Oil Slips as Saudi Boost Weighed
BY AMRITH RAMKUMAR
Oil prices inched lower Fri-
day, halting a three-session
winning streak, as OPEC and
Russia prepared to debate
over the weekend a potential
boost in Saudi
COMMODITIES Arabia’s out-
put. Prices
also slipped as some analysts
were still wary that trade ten-
sions will slow global growth
and commodity demand.
West Texas Intermediate
futures, the U.S. price bench-
mark, closed down 0.2% at
$62.76 a barrel on the New
York Mercantile Exchange. The
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
 
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE NEWS
High Jump
The benchmark iron-ore price
has surged to a five-year high.
Iron-ore spot prices
$100 a metric ton
90
80
70
60
50
40
30
2015 ’16 ’17 ’18 ’19
Note: price for 62% iron ore imported to ports
in northern China.
AGENCE FRANCE-PRESSE/GETTY IMAGE
Source: S&P Global Platts
demand is good,” said Wood
Mackenzie analyst Ming He.
He forecasts China’s steel pro-
duction will remain strong, at
least until summer’s heat
brings its usual seasonal slow-
down.
Should Chinese steel prices
An excavator moves iron ore in China’s eastern Shandong province earlier this past week. China is the world’s biggest iron-ore buyer. remain high too, that could
help arrest falling prices else-
pliances, climbed roughly 10% shifted toward services and to their lowest since 2017, and during winter, which typically where, such as the U.S.
on year-ago levels during the away from big-ticket infra- weak demand has weighed on curb output, also aided the China’s sustained steel
first four months of the year, structure. Its annual economic European steel. year-to-date record. boom has been a boon to in-
according to the latest official expansion has also slackened In China, government mea- Some data do give reasons ternational miners such as Rio
data. At 85 million metric tons to its slowest pace in nearly sures, including loosening ac- for caution. Tinto PLC and BHP Group
in April, the country is for the three decades. cess to financing, has pro- Investment in fixed assets Ltd., which rely on iron ore for
first time producing steel at Rising Chinese steel prices, pelled new building projects. such as infrastructure and a large chunk of profits.
an annualized rate of more even with booming produc- Housing, a big steel consumer, property during the first four Australia’s Fortescue Met-
than one billion tons. Its year- tion, illustrate strong demand is now a bright spot in an oth- months of this year rose 6.1% als Group Ltd., the fourth-big-
to-date production total is at a at home and firm exports, erwise challenged economy. from a year ago, slower than gest exporter of iron ore, this
record high. traders and analysts say. Meantime, spending on steel- the 6.3% pace this year month declared a surprise 1.85
Record Chinese steel pro- Prices for hot-rolled coil intensive infrastructure, such through March. billion Australian dollar
duction has surprised analysts. steel in China are up 9% this as railways, is sharply higher. But if steel producers can (US$1.28 billion) dividend, cit-
Some had forecast a peak in year, even as oversupply has Looser environmental re- raise prices even as they raise ing high prices and strong Chi-
2018 as China’s economy pushed U.S. steel prices down strictions on steel furnaces production, “that means the nese steel production.
price is up 38% for the year, Iran and Venezuela are al-
though it is down 5.3% from ready hit by U.S. sanctions,
its April peak. while a battle for control in
Brent crude, the global Libya potentially leads to
price gauge, fell 0.6% to $72.21 lower supply.
a barrel on London’s Intercon- Those three countries were
tinental Exchange. exempt from production cuts
Tensions between the U.S. by the Organization of the Pe-
and Iran ratcheted up this troleum Exporting Countries
week, boosting oil as analysts that are in place through June
braced for the possibility of and have also lifted prices.
even lower supply from the Analysts are waiting to see
sanctions-hit Islamic Republic. whether Saudi Arabia and
Earlier this week, a U.S. offi- other large exporters will con-
cial said Iran was likely behind tinue curbing output beyond
recent attacks on oil tankers June. OPEC and its allies are
off the coast of the United set to debate a possible in-
Arab Emirates, which Tehran crease in output Sunday in
has strongly denied. Saudi Arabia.
ADVERTISEMENT
ROBERT FLAHERTY
BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE A worker installs a valve station at a WaterBridge wastewater-handling system in West Texas.

 

 
 

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Napa River Realty
is reaching out to investors looking for
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Singapore Invests in Texas
  
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as one of the hottest real estate markets in
Shale-Wastewater Company

   the U.S. & recently was able to secure six
“Economic Opportunity Zone” designations:

 

 

    
  

For more info on investment BY RYAN DEZEMBER Frack Water into so-called disposal wells or
opportunities with us, visit: recycled and used again to hy-
     https://bit.ly/3049te1 Water-management expenses
Singapore sovereign-wealth draulically fracture new oil
 
 CAREERS or contact: are expected to rise for U.S. oil
Timothy (TK) Moore, DRE #00994652, fund GIC bought a stake in and gas wells. WaterBridge
 
   
!" Tmoore@NapaRiverRealty.com, WaterBridge Resources LLC and gas producers. bought its first wastewater-
 
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Tim Hiemstra, DRE #01243256, in a deal that values the Hous- $25 billion handling assets in the Permian


 
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!!
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!  
$  
% 
 $
 

  
  
 
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  including debt. ity by drilling disposal wells in


#     20

      !     GIC bought a 20% interest the desert, building pipelines
$ RESIDENTIAL REAL ESTATE
  
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 $    #$   in WaterBridge, according to a and water-recycling facilities
   %       person familiar with the deal’s and buying infrastructure
""+       #$" &$# terms. Five Point Energy, a 15 from energy producers looking

  
  
    
   Texas investment firm that to raise cash and outsource
   % %   
 '
 ( 
)            *(
started WaterBridge in 2016 their water work.
 
   %   %  
 %  with $200 million of seed 10 It now has both the largest
      +  $    money, said in a statement system of wastewater pipe-
   
     
         
     *(    that it and some of the com- lines and disposal-well capac-
   
      #,    ))- (     

     .  /  
 
 
 % 
pany’s executives sold GIC the 5 ity, according to Bluefield Re-
   
     ! "# stake. search, a firm that studies
          
    
 ) ) !* " +# ,       !0            The deal—and the lofty val- water use and infrastructure.
!#+,$$$%&"'!"      0  %       uation for the three-year-old WaterBridge typically
    0  %  

    company—highlights the ris- 0 strikes long-term deals to han-
%  12  "   
 
  
   $ #$ %& & ing importance of businesses 2015 ’20 ’25 dle wastewater for drillers



  
   #'" %(  that handle the lakes worth of from which it acquires infra-
Note: Figures after 2018 are estimates
    
  / 
    
  briny, polluted water that en- Source: Bluefield Research structure. In January, for in-
 
 
 
  )     345678  3194657
ergy producers extract along stance, WaterBridge said it
'
 ( 3:4;91 319971;
       with oil and gas when they hy- than 1,000 Olympic-size swim- had agreed to a multiyear pact
 
     
 
                   
  
draulically fracture shale and ming pools, which has stoked to handle water produced
     #$&$#,  <    
    !      other rock formations. While concerns about the potential within an 800,000-acre area
%+ ) =>  &$?,   big investors have flocked to environmental damage of where Concho Resources Inc.
 
    
 

 $  # 
@ % - 6; 651;

      
  West Texas for its prolific oil fracking. drills or may in the future, as
 
  

  
    A #    wells, they are now scrambling Some wells can produce as part of a deal to purchase
  !    0!   
  
   

       to manage the water spewing many as 10 barrels of water about 44 miles of pipeline and
 !" #$ %&
&&  '" out of the wells at much for every barrel of oil, though three disposal wells from the
('!) *+!+,+-  &.
 / greater volumes than crude. it is more commonly four to big oil producer. The company
0 "12(/)3+) COMMERCIAL REAL ESTATE TRAVEL
WaterBridge is the largest six. The water is a combina- says Concho is one of 13 pro-
4,, ,, 5556786%% of several companies that have tion of the huge volumes of ducers it works with.
sprung up to help drillers with the fresh water that drillers WaterBridge said in June
one of the most vexing prob- force down into wells to crack that it had filed paperwork
  

  
  

  
lems of the process, known as open energy-bearing rocks and with U.S. securities regulators

  
 fracking. In the Permian Basin water that has been trapped in for a potential initial public
 
       
         
in West Texas, the problem is the same geologic formations stock offering. The company’s


    

   

     
  
 
  
   !
 " # 
$      
 particularly acute. Drillers in as the hydrocarbons drillers IPO plans were scrapped with
     
 
   %     
  the country’s most prolific oil are seeking. the GIC investment, though,
  


    field generate enough waste- Wastewater is either people familiar with the mat-
water each day to fill more pumped back underground ter said.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 18 - 19, 2019 | B15

MARKETS NEWS

Treasurys
Edge Up
Blue Chips Sink for Fourth Week
BY JESSICA MENTON

On Trade The Dow Jones Industrial

Average slumped for a fourth

Tensions consecutive week, with some

BY SAM GOLDFARB
U.S. government-bond prices
ticked higher Friday as con-
tinuing trade tensions offset
strong consumer-sentiment
data.
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 2.396%, compared with
2.407% Thursday.
CREDIT Yields, which fall
MARKETS when bond prices
rise, drifted lower
overnight along with most ma-
jor stock indexes.
analysts saying stocks could
face continued pressure as the
trade dispute between Wash-
ington and Beijing drags on.
All three indexes
FRIDAY’S notched weekly de-
MARKETS clines, with the
blue-chip index
posting its longest losing streak
since May 2016, while the S&P
500 and Nasdaq recorded two
straight weeks of losses.
Major averages have re-
treated from records amid
heightened tensions between
the world’s two biggest econo-
mies. Stocks bounced back
midweek, after the Dow and

QILAI SHEN/BLOOMBERG NEWS

Analysts attributed the
move at least in part to com-
mentary in Chinese media in-
dicating Chinese officials are
hesitant to resume trade talks
with the U.S. That reinforced
concerns that the U.S.-China
trade feud could last longer
than investors had expected.
Yields, though, picked up
near the start of U.S. trading
after the University of Michi-
gan said its consumer-senti-
ment index rose to the highest
level in 15 years in early May,
a sign American consumers
may keep supporting the U.S.
economy.
Yields generally rise on pos-
itive economic data. Faster
economic growth can drive up
inflation, which is a main
threat to government bonds
because it erodes the purchas-
ing power of their fixed re-
turns. It can also push the Fed-
eral Reserve to increase, or at
least not lower, interest rates
that help set a floor for yields
on short-term Treasury debt.
In recent days, Treasury
yields had failed to rebound as
much as U.S. stocks, after both
fell sharply on Monday. While
stocks have been buoyed by
positive corporate earnings
and news the Trump adminis-
tration is postponing a deci-
sion on whether to impose tar-
iffs on autos, Treasury yields
have been weighed down by a
variety of factors, including
weak economic data out of the
U.S. and China and political
uncertainty in Europe.
Heightened trade tensions
S&P 500 on Monday posted
their biggest one-day losses
since Jan. 3. But the rebound
didn’t hold Friday.
The Dow industrials fell
98.68 points, or 0.4%, to
25764.00. The S&P 500 slipped
16.79 points, or 0.6%, to
2859.53. Ten of the 11 sectors in Stalled trade talks between the U.S. and China have heightened investor anxiety and weighed on stock markets; above, a port in Shanghai.
the broad index declined, led by
losses in trade-sensitive indus- meeting in Japan that could Trade Troubles $134.82, after the company
trial shares. The technology- give them a chance to arrange lowered its guidance for profit
heavy Nasdaq Composite lost another summit. The S&P 500 posted two consecutive weeks of and equipment sales for the
81.76 points, or 1%, to 7816.28. The spat also has raised in- losses Friday, as declines in trade-sensitive current fiscal year as its cus-
Trade talks between the U.S. vestor anxiety over global industrial stocks weighed on the broader market. tomers continue to face head-
and China have stalled this growth. Investors pulled $19.5 Index performance this week winds in the agricultural sector.
month, with Washington on billion out of global mutual The yield on the benchmark
May 10 raising tariffs on $200 and exchange-traded funds in 0% 10-year Treasury note fell to
billion of Chinese goods to 25% the week ended May 15, while 2.396% from 2.407%.
from 10%. The new escalation bonds added $5.1 billion for The WSJ Dollar Index, which
in trade tensions has upended their 19th week of inflows, ac- –1 tracks the dollar against a bas-
investors’ hopes that the dis- cording to a Bank of America ket of currencies, rose 0.3%.
pute would be swiftly resolved. Merrill Lynch analysis of data The British pound fell
“It’s been really challenging from fund tracker EPFR Global. Dow Jones against the dollar for a sixth
–2
Industrial
as an investor to try and fig- Stocks had pared losses in Average straight session amid growing
ure out which direction things early trading Friday, after the Brexit uncertainty. The cur-
are headed with the U.S.-China Trump administration said it S&P 500 rency declined 0.7% to $1.2711.
–3
trade conflict,” said Timothy would put off for 180 days a Nasdaq Trade tensions also prompted a
Chubb, chief investment offi- final decision on whether to Composite slide in the Chinese yuan, which
cer at Girard. “There’s a lot of impose broad tariffs on cars –4
fell 0.5% against the dollar.
confusion. A lot of investors at produced by major trading In commodities markets,
this point are sitting on their partners including the Euro- Monday Tuesday Wednesday Thursday Friday Brent crude oil fell 0.6% to set-
hands looking to take some pean Union and Japan, citing Source: SIX tle at $72.21 a barrel, while gold
profits or rebalance their port- national-security concerns. lost 0.8% at $1274.50 an ounce.
folios but aren’t making a “The fact that we got this the stalemate.” sentiment also helped boost Elsewhere, the Stoxx Eu-
[convincing] move in one di- flexibility on auto tariffs is Meanwhile, the Trump ad- investor confidence about the rope 600 fell 0.4%. Chinese in-
rection or another.” crucial because the market is ministration reached a deal health of the U.S. economy. dexes led Asian markets lower,
Still, all three major aver- trying to determine if both with Canada and Mexico that Household sentiment in May with the Shanghai Composite
ages are each within 4.3% of sides are taking a hard-line would end U.S.-imposed tariffs rose to the highest level since falling 2.5% and Hong Kong’s
the closing records. Investors approach,” said Jeff Sica, chief on steel and aluminum im- 2004, driven by a brighter Hang Seng falling 1.1%. Japan’s
are looking ahead to next executive at Circle Squared Al- ports, removing a major bar- outlook for the economy, the Nikkei bucked the trend with a
month, when President Trump ternative Investments. “Some rier to the three countries’ University of Michigan said. rise of 0.9%.
and Chinese President Xi Jin- investors are viewing these new trade pact. In Friday’s action, shares of --Will Horner contributed to
ping attend a Group of 20 concessions as a breaking of A jump in U.S. consumer Deere fell $11.17, or 7.7%, to this article.

High-Speed Traders to Back New Exchange

may also have increased the
chances that the Fed will cut
interest rates, in the view of
some investors.
In a note to clients Friday,
analysts at NatWest Markets
said that Fed Chairman Je-
rome Powell had pointed to
improvement in Chinese data
in a May 1 news conference
Along with Mr. Powell’s
suggestion that recent weak-
ness in inflation could be tran-
sitory, investors interpreted
the comments on China as one
of two major “‘hawkish’ points
of emphasis,” the NatWest an-
alysts wrote.
Now, one of those causes
for optimism may have been
undermined, pushing the Fed
to rethink its policy stance,
the analysts added.
BY ALEXANDER OSIPOVICH many exchanges.
Miami International, which
Some large high-speed runs three options exchanges,
trading firms are teaming up said in a news release it ex-
with options-exchange opera- pected its new MIAX Pearl Eq-
tor Miami International uities platform to launch in
Holdings Inc. to create next the second quarter of 2020,
year what could be the 15th subject to Securities and Ex-
U.S. stock exchange. change Commission approval.
The deal, announced Friday Electronic trading firms
by Miami International, comes Hudson River Trading,
just one week after the 14th Susquehanna Securities and
stock exchange won regulatory Two Sigma Securities agreed
approval. The proliferation of to take part in an equity-
new equities-trading platforms rights deal to support the
could fuel longstanding com- new exchange, according to
plaints by brokers that the the news release. The deal
stock market is overly complex would give them an equity
and fragmented between too stake in Miami International
in return for bringing a cer-
tain amount of trading vol-
ume to MIAX Pearl Equities.
Other firms taking part in
the deal are CTC Trading
Group, IMC and Simplex
Trading.
Similar deals have helped
Miami International rapidly
gain market share in options
in recent years. The company
handled 9.7% of the volume in
U.S.-listed options as of April,
up from less than 1% six years
ago, Options Clearing Corp.
data show.
MIAX Pearl Equities is the
company’s first foray into eq-
uities. The new exchange aims
to disrupt the New York Stock
Exchange and Nasdaq Inc. by
charging lower fees, Miami In-
ternational Chief Executive
Thomas Gallagher said in an
interview.
The SEC approved an appli-
cation last week by Long-Term
Stock Exchange to become a
national securities exchange.
San Francisco-based LTSE is
backed by some of Silicon Val-
ley’s biggest venture-capital
firms and aims to attract ini-
tial public offerings by start-
ups, particularly in technology.
Another venture in the
works is Members Exchange,
also envisioned as a low-cost
stock exchange meant to un-
dercut the NYSE and Nasdaq.
New York-based MEMX is
backed by electronic-trading
giants Citadel Securities LLC
and Virtu Financial Inc., as
well as a number of Wall
Street banks and retail broker-
ages. It plans to apply for
stock-exchange status to the
SEC soon, potentially putting
it on track for a 2020 launch.
Miami International was
founded in 2007, and its first
options exchange commenced
operations in 2012. Despite its
name, it is based in New Jersey.
—Gunjan Banerji
contributed to this article.

Trian, Strengthening U.S. Currency Dims Gold Dollar Rises

Legg Near BY AMRITH RAMKUMAR tariffs in the U.S.-China trade
To Two-Year
High on U.S.
PATRICK HERTZOG/AGENCE FRANCE-PRESSE/GETTY IMAGES

dispute escalate. That belief

Settlement Gold prices slid Friday, drop-

Continued from page B1
The current size of Trian’s
stake isn’t clear.
The firm believes Legg Ma-
son, which has been hurt by
the rise of low-cost mutual
and exchange-traded funds,
may want to make acquisitions
following a number of other
deals in the asset-management
industry.
Legg Mason owns a portfo-
lio of investment managers
that operate under their own
brands, including bond inves-
tor Western Asset Manage-
ment, stock-picker ClearBridge
Investments and hedge-fund
investor EnTrust Global. Sev-
eral of Legg Mason’s invest-
ment-manager affiliates would
welcome Trian’s involvement,
believing the firm would bene-
fit from outside input, one of
the people said.
The company said in a fil-
ing Friday afternoon that
board member Kurt Schmoke,
its longest-serving director,
won’t stand for re-election at
its coming annual meeting. In
addition, Directors Barry Huff
and Margaret Richardson have
reached mandatory-retirement
age and won’t stand for re-
election.
ping for the second consecutive
session with the dollar surging.
has generally supported the
dollar and limited gains in
gold, analysts said. Prospects
Front-month gold for May Elsewhere in precious metals
delivery fell 0.8% to $1,274.50 a Friday, most-active silver fu- BY GUNJAN BANERJI
troy ounce on tures fell 1% to $14.388 a troy
COMMODITIES the Comex di- ounce. Platinum dropped 1.6% The U.S. dollar climbed to
vision of the to $820.30, while palladium de- its highest closing level in
New York Mercantile Exchange. clined 1.4% to $1,305.80. more than two years as fresh
Prices are roughly flat on Among base metals, most- data showed that consumer
the year and in May, sup- active Comex copper futures sentiment among Americans
ported at times by safe-haven fell 0.3% to $2.7385 a pound. remained strong.
buying amid stock-market vol- On the London Metal Ex- The WSJ Dollar Index,
atility and trade tensions but change, aluminum for delivery which measures
hurt by strength in the dollar. The precious metal’s price is roughly flat on the year and in May. in three months fell 1.2% to CURRENCIES the currency
A stronger dollar makes $1,837 a metric ton. Zinc against a basket
commodities denominated in Dollar Index, which tracks the nomic data from the U.S. re- dropped 1.4% to $2,600, tin of 16 others, increased 0.3% to
the U.S. currency more expen- dollar against a basket of 16 cently, many analysts expect edged up 0.1% to $19,500, nickel 91.26, capping a five-session
sive for overseas buyers. After others, advanced 0.3% Friday. the U.S. economy to fare bet- slipped 1.3% to $12,013 and lead winning streak. The dollar has
surging Thursday, the WSJ Despite some weak eco- ter than growth overseas as declined 0.6% to $1,826.50. advanced about 1.8% this year,
hitting on Friday its highest
close since March 2017.
NJOY’s Value Hits $2 Billion After Funding New data Friday showed
that U.S. consumer sentiment
rose to its highest level in 15
years, a sign Americans re-
BY JENNIFER MALONEY ing to raise $300 million at a million in the latest round, York, is gaining market share main confident about the do-
AND JULIET CHUNG valuation as high as $5 billion, bringing the total the com- with a new vaping device mestic economy.
but investors balked at that pany has raised this year to called NJOY Ace, which like Investors have also turned
E-cigarette maker NJOY figure, according to people fa- more than $200 million, peo- Juul’s vaporizer heats flavored to the dollar amid trade ten-
Holdings Inc., setting aside miliar with the matter. The e- ple familiar with the matter nicotine-laced liquids. sion and Mideast turmoil.
the lofty $5 billion valuation it cigarette maker decided to ac- said. A round that closed in John Griffin, who told his “The U.S. is the best hope
had been seeking, has closed a cept an offer by investors who February valued the company clients in 2017 he was closing for growth,” said Sal Bruno,
funding round at a valuation approached the company say- at $1.2 billion. his hedge-fund firm Blue Ridge chief investment officer of In-
of about $2 billion. The devel- ing they could close sooner at A surge in e-cigarette sales Capital, and hedge fund Fal- dexIQ, a subsidiary of New
opment nevertheless marks a a lower valuation, the people spurred by market leader Juul con Edge Capital were among York Life Investments.
turnaround for a vaping pio- said. The company has no fur- Labs Inc. over the past two investors in the round, one of The euro fell 0.7% against
neer that filed for bankruptcy ther fundraising plans at the years has renewed investor in- the people said. Falcon Edge the dollar this past week. The
protection three years ago. moment. terest in cigarette alternatives. was started by Rick Gerson, a dollar gained 2.3% versus the
The company had been aim- NJOY raised about $130 NJOY, which is based in New Blue Ridge founding partner. British pound this week.
 B16 | Saturday/Sunday, May 18 - 19, 2019
Millennial
Homesick Blues
The idea was that the depressed housing market would
get a boost from the generation that came of age during
the recession. That boost may never come.
BY JUSTIN LAHART
More than a decade has passed
since the financial crisis hit, yet
the housing market remains in a
deep funk. Fear not: A wave of
millennial buyers is about to hit
the scene.
Right?
One of the weirder things about
the current economic recovery is
how little housing has contributed
to it. Unlike past expansions,
which have tended to start with a
flurry of home buying, the hous-
ing market remains deeply de-
pressed. Last year, there were a
combined 5.4 million new and
existing homes sold. That
was about even with 1998’s
tally, when there were 50
million fewer people living in
the U.S. The lasting slump is a re-
minder of just how severe the fi-
nancial crisis was and how hous-
ing itself was at its epicenter.
Now the millennial generation
of Americans born from 1981 to
1995 have reached the age when
people tend to buy homes. They
could buy a lot of them. As of last
year, there were 67.7 million mil-
lennials, according to the Census
Bureau. At the same age, the mem-
bership of Generation X—the prior
demographic cohort—was about
3.7 million people shy of that total.
But people have been talking
for a while now about how mil-
lennials are going to reinvigorate
the housing market, and so far
they haven’t. The homeownership
rate among households headed by
ROB WILSON
someone under 35 was 35.4% as
of the first quarter, according to
the Census Bureau. In 1999 that
From Google: WhatYou
Didn’t Know to Look For
Ads on its Discover feed could be a game-changer
BY LAURA FORMAN
First, there was Google search, a
blank canvas you used to find ex-
actly what you already knew you
wanted. Today, Google is serving
users pages of goods before they
can even think to look for them.
Google’s move to monetize
its visual Discover feed in
addition to traditional
searches is a valuable
new instrument in its
virtual toolbox. The
initiative comes at an
opportune time; ad-
revenue growth has
languished lately. It even
could pose a threat to im-
age-heavy social-media com-
panies competing with Google
for advertising.
Google rolled out a news feed of
suggested content in 2017 and re-
named it Discover last year. The
feed appears under the search box
in the Google mobile app, as well as
in Gmail and YouTube. This week, at
its annual Google Marketing Live
conference in San Francisco, Google
said it would monetize its Discover
feed with clickable image and text
ads. It said it also would bring Gal-
lery Ads, or carousels of swipeable
images, to search pages.
Google dominates the online ad
market. Its business is projected to
bring in more than $135 billion in
revenue in 2019, just about double
Facebook’s expected ad revenue
over the period. But in April that
supremacy seemed to falter after
Google reported a surprising decel-
eration in its core ad business. That
came on the heels of Facebook
posting 26% growth in first-quarter
ad revenue. Shares of Google’s par-
ent company, Alphabet Inc., fell 8%
the following session—their worst
performance in six years.
But the sheer revenue potential
within Discover surprised many an-
BLOOMBERG NEWS
alysts, who raised estimates for the
stock in earnest after the an-
nouncement of new ads. Deutsche
Bank’s Lloyd Walmsley projected
that Discover could bring in up to
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
level was about 40%.
A case can be made that the
millennial wave has merely been
delayed. The recession that ended
in 2009 was unusually severe, and
it hit millennials particularly hard,
just as many of them were enter-
ing the workforce. The unemploy-
ment rate among workers age 20
One weird thing about
the economic recovery is
how little housing has
contributed to it.
to 24 shot as high as 17% in 2010.
It would have been even higher if
more young people hadn’t opted to
continue schooling instead of join-
ing the labor force or simply
stopped looking for work.
As a result of millennials’ de-
$7.5 billion in revenue annually.
That would amount to roughly 6%
of Google’s total projected ad reve-
nue for 2019.
Digital-marketing firm Kenshoo
estimates Facebook darling Insta-
gram’s main feed still accounts for
the vast majority of all ad spending
on that platform, though the
company has prioritized
monetizing its Stories
format. Google’s carousel
ads are already used
heavily by brands to ad-
vertise on Instagram.
Kenshoo estimated ad-
vertisers spent 44% more
year-over-year in the first
quarter, well above the 27%
rise across all social apps in
that period.
Meanwhile, Pinterest’s
value proposition hinges on its abil-
ity to use image discovery to sell
customers goods while they remain
brand agnostic. Pinterest’s initial-
public-offering filing lists online
brand advertising as its No. 1 mar-
ket opportunity. Google’s new plans,
therefore, could overshadow Pinter-
est’s key differentiator.
Still, in the rapidly expanding on-
line ad market, there may be room
for all platforms to thrive by chan-
neling the same
ad type. Users
aren’t likely to
turn to Google to
connect with friends
the way they would
on Facebook or Insta-
gram. Instead, Google’s
new enterprise will pri-
marily provide an opportu-
nity for advertisers to ex-
tend their reach.
Google’s evolution from nar-
row pursuit to broad discovery
isn’t a new phenomenon—social-
media companies have been there
and profited in spades. But now
Google is betting you’ll buy even be-
fore you think to search.
As Steve Jobs said more than
two decades ago, “People don’t
know what they want until you
show them.”
EXCHANGE
ON
THE
layed entry into the workforce, it
is probably taking them longer to
develop the financial wherewithal
to buy a home. Many also are sad-
dled with higher levels of student
debt than previous generations,
making mortgage approvals more
daunting. Moreover, the tough la-
bor market they faced early in
their careers may have delayed
other life events that often coin-
cide with the decision to own a
home. Compared with previous
generations, for example, millenni-
als have been getting married and
having children later.
Some of the scars left by the fi-
nancial crisis may never fully fade,
though, limiting the number of
millennials who achieve home-
ownership at any point in their
lives. Take, for instance, the belief
widely held until the bust that
houses were a great investment
because home prices never fall.
Millennials learned during the cri-
OVERHEARD
Patrick Byrne felt a great dis-
turbance among his sharehold-
ers, as if millions of voices sud-
denly cried out for an
explanation. This compelled the
chief executive officer of Over-
stock.com to write one of the
more bizarre news releases in
recent memory about his rea-
sons for selling 900,000
“founder’s shares” of the retailer.
“Frankly, I had no idea that
shareholders would demand ex-
planations of why and how I
might want to use my cash de-
rived from my labor and my
property to pursue my ends in
life,” he wrote.
Mr. Byrne detailed a number
of personal projects, including
charitable causes, for which he
needed the cash. Even after all
these years, he is most famous
for a different, “Star Wars”-
tinged rant about an alleged
conspiracy to damage Over-
stock’s share price involving a
“Sith Lord.” Mr. Byrne backed ef-
forts to expose and punish alleg-
edly manipulative short sellers.
Despite some spikes in the
share price, the short sellers
were basically right. Since the
2005 “Sith Lord” speech, the
stock has dropped by 77%
compared with a 133% gain for
the S&P 500.
Perhaps Mr. Byrne should
have directed more energy to
running the company. Do or do
not. There is no try.
Probably
not a short
seller.
* ***
sis that this simply isn’t true.
Like members of previous
generations that came of
age during hard economic
times, millennials may be
less willing to take on fi-
nancial risks than peo-
ple born in more pros-
perous periods.
Changes in the regu-
latory and financial en-
vironment have also
made homeownership less
enticing, according to Bank
of America Merrill Lynch
economist Michelle Meyer. Up
until the crisis, government offi-
cials considered increased home-
ownership desirable, claiming it
helped Americans accumulate
wealth and build healthy commu-
nities. That notion has lost some
currency, and the 2017 tax cuts ac-
tually reduced the financial incen-
tives for homeownership. Further-
more, banks have become more
risk-averse since the crisis. Many
have become more eager to extend
pricey mortgages to wealthier cli-
ents than to lend to those seeking
smaller home loans, as do many
first-time buyers.
A greater preference for urban
living also could make millennials
less likely to become homeowners
than previous generations. Econo-
mists at JPMorgan point out that a
greater share of millennials live in
the central city of a metropolitan
area with a population of at least
500,000 than did Generation X at
the same age. Moreover, fewer ur-
ban millennials have decamped to
the suburbs in their 30s than pre-
A combine harvester from Deere, which posted mixed results Friday.
Easier Tilling Should
Be Ahead for Deere
Trade and weather aren’t structural issues after all
BY LAUREN SILVA LAUGHLIN
Winter is coming early on the
farm. The same goes for Deere & Co.
The Moline, Ill.-based farm-sup-
ply company released mixed fiscal
second-quarter results Friday and
warned profits for the current fis-
cal year wouldn’t be as high as
previously expected because of
poor weather and the U.S. trade
dispute with China. Its shares fell
nearly 8% in Friday trading.
Deere’s issues should ultimately
prove temporary, though.
The company’s main business is
supplying farmers of corn, soybeans
and other agricultural products
with expensive equipment to help
sow, grow and reap their crops.
Weather is a big factor affecting its
earnings. This year Midwest floods
delayed the planting season for
many farmers, making them more
tentative about stumping up for
big-ticket items.
Adding pain is disputes
with China, a big importer of
U.S. soybeans and other agri-
cultural products. A halt to
trading has caused a huge
downturn in the farming
economy. Though the U.S.
Department of Agricul-
ture is putting together a
THE WALL STREET JOURNAL.
vious generations.
Home prices are, of
course, substantially
higher in many cities
than in outlying areas,
and while the higher
incomes offered by ur-
ban jobs help mitigate
that, for many people
they remain out of
reach. Only 33% of
New York City homes
are owner-occupied, for
example, compared with
64% nationally.
It still seems likely
that, as they age,
many millennials
will catch up with
their predecessors and finally buy
a place of their own. But when it
comes to the housing market, the
millennial buying wave may end
up being little more than a ripple.
Homeownership rate for
households headed by someone
under age 35, quarterly
45%
40
35
30
1995 2000 ’10 ’19
Single-family U.S. home sales
8 million units
New
Existing
6
4
2
0
1995 2000 ’10 ’18
Sources: Census Bureau; FactSet (existing home sales)
DANIEL ACKER/BLOOMBERG NEWS; VADER: ZUMA PRESS
relief package for farmers, it may
not be enough. The S&P GSCI Agri-
cultural Commodities this week hit
its lowest level in more than 10
years.
The 182-year-old company has
weathered its fair share of poor
planting seasons. But because farm
equipment takes some time to
make, it has longer-dated con-
tracts. With the trade dispute pick-
ing up in recent weeks, the second
half of the year could be even
worse than expected. Deere has
cut its production voluntarily,
which signals it is unsure about
when things will turn around.
What works in Deere’s favor is
that it isn’t suffering from secular
issues. Its stock has shown that it
can still hold its value when crop
prices aren’t that strong, like in
2013 and 2014 when corn prices
fell dramatically. Though smaller
tractor sales fall when Main Street
pockets are squeezed, food sales
generally stay resilient, which pro-
tects its main business somewhat.
That differs from other indus-
trial conglomerates like General
Electric, whose recent problems
were a result of long-term decline
in its core businesses. Deere may
be plowing hard ground, but easier
tilling is ahead.
 CULTURE | SCIENCE |
‘Dead-Cat Bounce’
How a morbid term came
to signify a tricky
market turn C3

POLITICS | HUMOR
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The Impeachers
The U.S. Congress vs.
President Andrew Johnson
Books C7

Saturday/Sunday, May 18 - 19, 2019 | C1

ILLUSTRATION BY ROBERTO PARADA

The Global not government by the people—as the way forward in difficult times.
Until recently, U.S. resolve had helped to hold back today’s main foes of
democracy: an ambitious and rising China, a resentful and declining Russia,

Crisis of
and a new wave of populist authoritarians from Hungary to the Philippines.
Now, however, America’s own political decay is increasingly advanced.
President Donald Trump has insulted U.S. allies, befriended Vladimir Putin,
excused a grim list of other dictators, embraced nativist politics and move-
ments, and shaken the post-World War II liberal order.

Democracy “
But the problem also includes cynical politicians in
both parties, calcified systems that don’t deliver pub-
lic goods and complacent citizens who cannot bestir
themselves to vote.
All of this is tarnishing the overall luster of democ-
We have seen
racy—and pulling America away from the world. If we 12 consecutive
do not soon reverse this U.S. retreat, democracy years of
world-wide will be at risk.
As China and Russia attack free governments As the late Harvard political scientist Samuel Hun- erosion in
and push strongman rule, the U.S. has gone silent—and tington explained, democratic change doesn’t happen global levels
in isolation. Rather, it surges forward and retreats in
a new tide of authoritarianism is gathering. waves, across regions and the whole globe. In a demo- of political
By Larry Diamond cratic wave, the number of countries making the tran- rights and
sition to democracy greatly exceeds the number mov-
ing away from it, and overall levels of liberty rise. In
civil liberties.
a reverse wave, the opposite is true: Democracy
shrinks, and so does human freedom.

T
here is nothing inevitable about the expansion of democracy. Among countries with
populations above one million, there were only 11 democracies in 1900, 20 in 1920
and 29 in 1974. Only for the past quarter of a century has democracy been the
world’s predominant form of government. By 1993, the number of democracies had
exploded to 77—representing, for the first time in history, a majority of countries
with at least one million people. By 2006, the number of democracies had ticked up to 86.
But we are now at a precarious moment. Democracy faces a global crisis. We have seen 12 con-
secutive years of erosion in global levels of political rights and civil liberties, with many more coun-
tries declining than gaining each year, according to the nonprofit group Freedom House. Over the
past decade, one in six democracies has failed. Today only a bare majority of the world’s larger
states remain democracies.
Nor do the numbers capture the full extent of the danger. Behind the statistics is a steady,
palpable corrosion of democratic institutions and norms in a range of countries. China, Russia
and their admirers are making headway with a new global narrative, hailing strongman rule—
Huntington argued that the first wave of global democratization began
with the democratization of the U.S., which he dates (disputably) to 1828,
when more than half of all white American males became eligible to vote.
Gradually, the first wave engulfed most of Western Europe as well as a few
countries in Eastern Europe (such as Poland), Canada, Australia, New Zea-
land and four South American countries. A century later, more than 30
countries (some quite small) had “established at least minimal national
democratic institutions,” Huntington wrote.
Please turn to the next page
Prof. Diamond is a senior fellow at the Hoover Institution and at
Stanford University’s Freeman Spogli Institute for International Studies.
This essay is adapted from his forthcoming book “Ill Winds: Saving
Democracy From Russian Rage, Chinese Ambition, and American
Complacency,” which will be published June 11 by Penguin Press.

Inside
HISTORY
Michael JASON GAY PARENTING

Turkey destroyed its

Christian communities Lewis
in a rolling campaign The bestselling
of genocide that began author turns to
podcasting to explore
in 1894, two Middle the fate of fairness
East scholars write. C4 in the U.S. C6
Jeff Bezos has wild
visions of living in
outer space, but
Grad and Dad
A pre-college
Earth still has the trip around the
edge in takeout world had long
food and discount flights, yet end-
pharmacies. C6 ed too soon. C3
C2 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

The U.K. that Britons are

more satisfied
force companies
to hand over 10%
European Parliament elections
next week. Mr. Farage’s new cre-

Is Riding with their lives

than they have
been at any time
of their equity to
workers—were
well within the
ation looks likely to win, deliver-
ing a shock to the Tory party
with the message: Get out of the
High—in since the 1970s.
Ninety-three per-
political main-
stream.
EU, or get out of here.
Which brings us to the third
EDITOR AT
LARGE All but cent described
themselves as
The Rising Red
Dawn of Mr. Mc-
unlikely feature—the upward
trajectory of Boris Johnson. The
GERARD
BAKER Its Politics “fairly” or
“mostly” satisfied
with their lives.
Donnell and Mr.
Corbyn is not the
only unusual fea-
former mayor of London and im-
probable populist (educated at
Eton; full name, Boris de Pfeffel
All of which ture on a land- Johnson) has twice been dis-
makes the current scape once domi- patched from the political stage
Jeremy WHAT IS IT with the Brits? condition of Brit- nated by in the past three years—once
Never known for their cheerful ish politics espe- Former U.K. In any case, with the Margaret Thatcher and Winston when his bid to replace David
Corbyn’s disposition at the best of times, cially mystifying: Foreign Secretary rising probability of a Churchill. From the right, Nigel Cameron as prime minister in
crypto- they seem to be laughing off Brexit-induced Boris Johnson. radical socialist govern- Farage is back with a vengeance. the wake of the referendum col-
Marxism their current woes. hysteria in much ment around the cor- Shunned by the political estab- lapsed, and again last year when
Today there is a rare self-con- of the establishment, political ner, the affable Mr. McDonnell lishment, Mr. Farage has once he quit as a controversial foreign
meets fidence about the U.K. that paralysis in Westminster under a has been on a charm offensive, again seized British politics by secretary.
the seems oddly ill at ease with the zombie prime minister, and a taking tea with British capitalist the throat and yanked it in a But now, with Theresa May
Brexit panic. Perhaps it is the rising flirtation with the most leaders, trying to convince them new direction. on the brink, he’s the talk of the
return of onset of spring, with its profu- left-wing political agenda in the that Labour wouldn’t actually Last month, the man who town. On Thursday, he an-
Nigel sion of lilacs and cherry blos- nation’s history. have them stripped naked and gets much of the credit—or nounced that he was definitely
Farage soms in London’s peerless parks At The Journal’s annual CEO marched through the streets of blame—for forcing the Tories to in, and a bunch of Conservative
and gardens, the long evenings Council meeting in London this some grim industrial city in the hold the 2016 Brexit referendum MPs and others I spoke to this
and that propel even the pastiest week, I spoke with John McDon- heartland. founded a new party, called, week seem convinced that he is
Boris residents outside—at least onto nell, the opposition Labour On the strength of his appear- simply, Brexit. It is a vehicle for the next prime minister—and in
Johnson. the pavements outside the pubs. Party’s leading economics ance before The Journal’s gath- protest against the failure of a matter of months.
Perhaps it is the stunning suc- spokesperson and longtime ally ering of CEOs, I’m not sure he’s Parliament to deliver on the re- Much of London’s sanctimo-
cess of English soccer in the of Jeremy Corbyn, the crypto- succeeding. He did his best to sult of the referendum. nious metropolitan elite is up in
pan-European tournaments. For Marxist who leads the party. clothe his radicalism in good A few weeks ago, it looked as arms about President Trump’s

the first time ever, all four teams
in the two major Europe-wide
competition finals will be from
the same country: England.
But it may go deeper than
these ephemeral joys. A recent
survey by something called the
Resolution Foundation found
There is nothing crypto about
Mr. McDonnell’s socialism: In his
Who’s Who entry, he lists among
his hobbies “fermenting the
overthrow of capitalism.” He
says the verb wasn’t a mistake
but a pun on his taste for good
beer.
old-fashioned common sense.
But one questioner from the au-
dience asked him to name five
countries under Marxist govern-
ments that have been successful.
He couldn’t, and merely insisted
that his party’s eye-popping pro-
posals—among them a plan to
though the inability of Parlia-
ment to do anything would defer
Brexit—the event, not the
party—indefinitely. But since the
U.K. is still hanging around the
EU like an uncertain teenager on
the fringes of a prom, it must
take part in the quinquennial
NEIL HALL/EPA-EFE/SHUTTERSTOCK
state visit there next month.
They are alarmed by the presi-
dent’s rhetoric and record. But
lined up alongside the Marxist
Mr. Corbyn, the agent provoca-
teur Mr. Farage and the mop-
headed babbler Mr. Johnson, he
looks decidedly mainstream.

A Retreat From held. In 1994, the white-supremacist minority re-

gime in South Africa gave way to a robust democ-

The Cause of Liberty

Continued from the prior page
As this first wave was cresting, a reverse wave began gathering
in 1922, when the Italian fascist Benito Mussolini marched on Rome
and quickly disposed of Italy’s fragile democracy. Democratic rever-
sals soon followed in Portugal, Poland and the Baltics. The crucial
turning point came in 1933, when the Nazis took power in Germany.
As liberal societies struggled with the prolonged economic depres-
sion of the 1930s, doubts about democracy’s viability grew, even in
Britain and the U.S.
It took the defeat of the Axis powers in World War II to halt this
momentum and launch the second wave of democratization. That
second wave restored democracy to most of Western Europe, intro-
duced the first real democracies in Japan and Turkey, and spread de-
mocracy further into Latin America. But this wave was short-lived,
ending in 1962. With the exception of Costa Rica, Venezuela and Co-
lombia, most of the new and restored Latin American democracies
fell in a spree of military coups.
The second wave also saw the birth of many new democracies
through decolonization, as the European empires in Africa, Asia and
the Middle East collapsed after World War
II. These burgeoning democracies were
mainly former British colonies that had
some experience with elections and the rule
of law, including India, Sri Lanka, Jamaica,
Botswana, Ghana, Nigeria and Burma. The
first four of these democracies have survived
(except a brief period of emergency rule in
India in 1975-77 and a more recent interrup-
tion in Sri Lanka), but most multiparty sys-
tems in the Third World—including Turkey,
South Korea, Indonesia and many African
countries—ultimately gave way to military,
one-party or one-man rule.
The third wave of democratization began
in 1974, when a cabal of young, left-wing
military officers in Portugal overthrew its
dictatorship, one of the longest-surviving in
Europe. Later that year, Greece—the birth-
place of democracy—restored it after a
seven-year-old military dictatorship col-
lapsed following a defeat by Turkey in Cy-
prus. In 1978, Spain became Europe’s third
new democracy, under a young conservative
prime minister determined to overcome the
Franco dictatorship. Aspirations for freedom
were also stirring in Asia and Latin America.
In 1977, a new U.S. president of deeply
Christian faith, Jimmy Carter, began to
change U.S. foreign policy. He elevated hu-
man rights through strong public denunciations of atrocities, foreign-
aid cuts for some abusive regimes and the creation of a new human-
rights bureau at the State Department.
Not everyone approved of this new idealism; in 1980, William F.
Buckley Jr. sighed that Mr. Carter was mixing “business with displea-
sure.” But U.S. pressure spared the lives of political prisoners, gave
hope to democratic movements world-wide and undermined the le-
gitimacy of military autocrats. In 1978, for instance, Mr. Carter sent
financial support to vote moni-
tors, and the Reagan adminis-
tration sent a delegation (led
by the late Republican Sen.
Richard Lugar) to monitor the
balloting. As evidence mounted
that Marcos had brazenly tried
to steal the election, Reagan
threatened to cut off military
aid if the strongman used force
and agreed to recognize the op-
position candidate, Corazon
Aquino, as president. A U.S. Air
Force plane flew the Marcoses
to exile in Hawaii, with 12 bags
full of gold, jewelry, clothing
and cash valued at $15 million.
A third democratic wave was
breaking across Asia. Under
pressure from the U.S. Con-
gress, Taiwan lifted martial law.
In 1987, South Korea inaugu-
rated its own democracy with a
free election. Not every free-
dom movement succeeded. In
1989, China’s Communist Party
launched a deadly military as-
sault on pro-democracy protest-
ers in Tiananmen Square, kill-
Top, ing what a recently declassified British cable
President estimated at more than 10,000 people. With them
Reagan died the hope for democratic change in China for
addresses more than a generation.
the British Still, by 1989, the proportion of democracies in
Parliament, the world had risen to 40% of all countries. Auto-
London, cratic holdouts in Latin America were giving way,
June 8, 1982. including Chile, where pressure from
racy led by a freely elected President Nelson Man-
dela. In the early years of the 21st century, three
so-called color revolutions brought freedom to
Serbia, Georgia and Ukraine. For the first time in
history, most of the countries on Earth were de-
mocracies. Every region on the planet, except the
Middle East, had a critical mass of democracies.
It was inevitable that democracy’s rapid march
during the 1980s and ’90s would slow. By 2000,
most of the countries with the socioeconomic condi-
tions favorable for democracy had already adopted
it. But the world’s sole superpower, the U.S., was
joined with Europe in promoting democracy as the
only legitimate form of government. There seemed
no reason to believe that a third reverse wave was
likely. Even in the five years after the shock of 9/11,
the world added seven more democracies.
But after 2006, three decades of progress
ground to a halt—and began to reverse. The key el-
ements of this alarming deterioration have been
the rise of illiberal, anti-immigrant populist move-
ments in Europe and the U.S.; the steady decline in
the quality of American democracy; and the surge
in global power of Russia and China, which are av-
idly undermining democratic and liberal values
around the world.
In earlier reverse waves, military coups were the
main method of the democratic recession. Not to-
day. The death of democracy is now typically ad-
ministered in a thousand cuts. In one country after
another, elected leaders have gradually attacked the
deep tissues of democracy—the independence of
the courts, the business community, the media, civil
society, universities and sensitive state institutions
like the civil service, the intelligence agencies and
the police. Whether the agent of destruction is a
right-wing nationalist like Vladimir Putin in Russia
or a left-wing “Bolivarian” socialist like Hugo
Chávez in Venezuela, the effect is the same: The
structures and norms of democracy are eviscerated,
one by one, until all that is left is a hollow shell.
The global trend is sour. Religious intolerance
is on the rise in the huge democracies of Indonesia
and India. Surveys show that most Africans still
passionately want democratic and accountable
government, but the combination of Chinese bold-
ness, European distraction and American retreat
are increasingly enabling African autocrats to have
their way. In the Middle East, Tunisia—the lone
Arab democracy still standing after the 2011 Arab
Spring—is facing a reeling economy, powerful Gulf
autocrats who want democracy to wither and op-
portunistic survivors from the old dictatorship.
The problem is not just that democracies are de-
clining; it is that autocracies are becoming steadily
more repressive and aggressive. When the Cold War
ended, authoritarians like Hun Sen in Cambodia and
Yoweri Museveni in Uganda felt compelled—even as
they rigged elections and arrested critics—to toler-
ate opposition parties, presidential challengers, a
nettlesome press and a vigilant civil

“
stern warnings and U.S. warships to the Dominican Republic after its Above, the Reagan administration helped to society. But as the global climate has
military stopped a vote count to thwart an opposition victory; the people tip the balance against Pinochet’s changed, those restraints have evapo-
FROM TOP: DAVID HUME KENNERLY/GETTY IMAGES; THE ASAHI SHIMBUN/GETTY IMAGES

country’s strongman, Joaquin Balaguer, was defeated, and a new (al- celebrate junta. Nicaragua’s far-left Sandinista rated. Inspired by the new swagger of
beit tentative) democracy emerged. dictator dictator, Daniel Ortega, was defeated Xi Jinping’s China and Vladimir Pu-
When Ronald Reagan defeated Mr. Carter in 1980, few expected Ferdinand at the polls after U.S. economic and Elected tin’s Russia, and emboldened by the
a new world-wide eruption of freedom. The new president and his Marcos’s diplomatic pressure got him to agree leaders are silence from Mr. Trump’s America, to-
U.N. ambassador, Jeane Kirkpatrick, had condemned Mr. Carter for ouster, to international election monitoring. day’s autocrats tyrannize their oppo-
naively ignoring communist tyrannies while pressuring authoritarian Feb. 25, 1986, The most historic changes oc- attacking nents openly and without apology.
U.S. allies like the shah of Iran to liberalize. Reagan vowed in his 1981 Manila, the curred in Europe. Decades of biparti- the deep Slow descents have a way of lulling
inaugural address to “match loyalty with loyalty,” which seemed to Philippines. san U.S. containment of the Soviet us into complacency. Things aren’t so
portend renewed support for such autocratic friends of the U.S. as Union, from Harry Truman to George tissues of bad, we tell ourselves; they’re just
Augusto Pinochet’s Chile, Ferdinand Marcos’s Philippines, a coup- H.W. Bush, had helped to produce an democracy. slipping a bit. In Ernest Hemingway’s
prone South Korea and apartheid South Africa. But by the time Rea- internal reform movement that came “The Sun Also Rises,” the freewheel-
gan left office in 1989, all four regimes were gone or fading—fol- to be led by Mikhail Gorbachev. Un- ing, hard-drinking Mike Campbell is
lowed in short order by the Soviet Union itself. like his predecessors, who crushed asked how he went bankrupt. “Two
In June 1982, Reagan delivered a historic speech at the British Hungary’s 1956 uprising and Czechoslovakia’s 1968 ways,” he says. “Gradually and then suddenly.” The
Parliament in which he became among the first to recognize that a “Prague Spring,” Mr. Gorbachev let democratiza- demise of democracy is often like that too.
“democratic revolution” was sweeping the world—and that it de- tion sweep across the region, with Soviet puppet We can still reverse these ill winds. We can even
served U.S. support. The next year, with unusually bipartisan sup- states falling from East Germany to Romania. In help generate a new burst of freedom in the world.
port, Congress established the National Endowment for Democracy 1991, the Soviet Union itself collapsed. But it will not happen without vigorous American
(where I have long served as an adviser). That produced global shock waves. In Africa, leadership—to support democrats, pressure auto-
Reagan’s personal commitment was soon apparent. Take the Phil- opposition parties were legalized, personal free- crats and counter the malign expansion of Russian
ippines: In 1986, amid an election there, the new endowment gave doms were widened, and multiparty elections were and Chinese power.
 THE WALL STREET JOURNAL.
MIKEL CASAL
BY LIAM CALLANAN
M
y oldest child just finished her first year
of college, and I don’t have much advice
about how we all survived it, other than
some basics for parents: Learn to use
Snapchat and to text Starbucks gift cer-
tificates—and don’t ask why your child needs Starbucks
gift certificates when you’re already paying for a full
meal plan. Caffeine is important.
But for that last summer before college, I do have ad-
vice. Or at least, my daughter Mary has this advice for
her fellow students: When your dad offers to buy you a
laptop as a high-school graduation gift, politely de-
cline—and ask to circumnavigate the globe instead.
When Dad says that the trip costs more than he had
budgeted, show him—click, click, click—how to find
round-the-world tickets cheaper than a laptop. Finally,
when he’s teetering, play your trump card: Invite him
along.
Weeks later, when you watch the sunset together
from atop Table Mountain, high over Cape Town, South
Africa, don’t mistake his distant look for sadness. He’s
never been so happy in his life.
Or in such pain. Table Mountain was a steep climb,
especially after flying almost continuously for 24 hours,
every minute of which I spent in an economy-class mid-
dle seat. My credit card went through contortions, too:
Our lap-the-world-for-less-than-a-laptop budget did
cover some incredibly cheap tickets, but it didn’t leave
a ton of room for life’s little luxuries, like eating.
There’s no denying that taking this trip was a privi-
lege, an extravagance hard to justify with tuition bills
looming. But I’d happily sell my over-mileage, carpool-
trashed Kia Sorento to do it all again.
As we pulled out of the driveway for the airport, my
wife—who travels more than enough for work and con-
sidered a quiet stretch at home an ideal vacation—
waved bemusedly from the driveway. The plan was sim-
ple: Chicago to Amsterdam to Cape Town to Hong Kong
to home; five flights, four continents, three oceans, two
weeks. I know there are plenty of parents and daughters
who would sell their own cars not to have to spend 336
A Morbid
Metaphor
For a Brief
WORD ON
THE STREET Market
BEN
ZIMMER Rally
IT’S BEEN A VOLATILE WEEK
for the stock markets. On Mon-
day, the Dow Jones Industrial
Average and the other major
indexes posted their biggest
drop in months, fueled by fears
[Dead-Cat Bounce]
over a tariff war between the
U.S. and China. But since then,
stocks have climbed, offsetting
the earlier losses.
“Was this a dead-cat
bounce?” asked Jim Giaquinto
of Zacks Investment Research
after the markets brightened
on Tuesday. “We’ll find out
* * * *
REVIEW
A Dad and
His Grad Take
The Longer
Way Home
Even an around-the-world tour seems too short a
send-off to mark the journey from high school to college.
consecutive hours in each other’s company. And there
were certainly mornings and nights and overnight
flights when the earbuds went in and our conversation
“
ceased.
But I’m a lucky dad. Apart from requisite eye-rolling,
my daughter still gives me the time of day and did so on
this trip, no matter how jet-lagged we were. We cut each
other some slack because we both knew time would The personand take the longer way home. Watch the world
soon stretch taut. We agreed to agree. Yes to talking on the trip
about politics and baseball; yes to not talking about
post-college careers. who had
And yes to rushing out of the airline terminal to seethe most
Amsterdam during a three-hour layover. No! shouted the
woman at the airport information desk as we ran for the to teach you’ve got all the time in the world.
train. But 20 minutes later, we were dodging bikes, was not me
vaulting canals, taking pictures and then racing back.
Ha! I thought, as we re-cleared security.
but my
My wife’s take: Hmm, after my smartphone conspired daughter. is a professor of English at the University of
with GPS to auto-generate a slide show and share it with
soon enough.” on the Street columnist Spen-
A “dead-cat bounce,” for cer Jakab wrote that the latest
those not versed in Wall market pullback “threatens to
Street-ese, is “a brief market expose the rally in risk assets
rally that takes place in the since Christmas Eve as a dead-
midst of a significant, long- cat bounce.” And a writer on
the financial website Seek-
ing Alpha argued last year
that market gains going all
the way back to 2009 are
“nothing but an extended
dead-cat bounce.”
Regardless of how long
market-watchers think a
lived decline and occurs before dead cat can bounce, it’s worth
prices return to their down- asking how we ended up with
ward trajectory,” according to a such a morbid metaphor in the
glossary of stock-market lingo first place.
compiled last year by staff of The earliest known example
The Wall Street Journal. of the expression comes from a
How brief such a rally might Sept. 22, 1981, article in the
be is not so well-defined. On British newspaper the Guard-
Monday, The Journal’s Heard ian. Financial editor Victor
Saturday/Sunday, May 18 - 19, 2019 | C3
everyone back home, captioned: “Liam
visits Amsterdam’s Red Light District.”
Who knew? Not us. We were already
on our way to the next stop, the next
train, tram, ferry, cable car, plane—all
of it side-by-side, all of it giving us an
opportunity to do something the fre-
netic high-school years had hardly per-
mitted, which was talk.
We talked about what it means to be
far from home. We talked about life
lessons and lifelines. We talked about
being strong and being scared. We
talked about why the woman up ahead
of us on a lonely street one night sped
up from a walk to a jog. I broke into a
half-trot myself and told Mary to
hurry: Clearly, the woman was scared
of something. Probably you, my daugh-
ter said, and told me to slow down.
And that is how the fastest trip of
our lives became the slowest, and how
I came to realize that the person on
the trip who had the most to teach was
not me but my daughter. Such as:
When offered a laptop, take a lap
around the world instead. When walk-
ing down a street, be aware—of your-
self. And when hiking a hidden Hong
Kong peak, leave the summit before
sunset, or at least bring a flashlight. I
did neither, which left us stumbling
down through a tropical forest in utter
darkness, chased by mosquitoes and
then monkeys.
Suddenly we found ourselves
against a chain-link barrier. Ha! Here’s
how you hop a fence, I said, and fell.
Hmm, Mary said, en route to another
lesson—how to find a lower section of
the fence—and the rest of our trip.
We climbed 268 steps to reach an
11-story Buddha. We journeyed down
an alley to eat pancakes studded with
oysters, into an unheated garage to eat
burgers and over to the docks to eat
fish caught an hour before.
We sat with a man in Cape Town
who’d had his home, his entire neigh-
borhood, stolen from him in the forced
removal of inhabitants during apart-
heid, and who now led visitors through
an exhibition in a former Methodist
Church that told his community’s story.
We listened to him, and to everyone
else who sat beside us, walked with us,
fed us and led us all around the world.
It was exhausting. It was exhilarat-
ing. We wet our feet, like Magellan, in
the Atlantic, Indian and Pacific oceans.
We flew across every longitudinal line
on the planet. We flew counter-clock-
wise. We outran time.
Almost. Crossing the International
Date Line, we gained a day but some-
how lost one, too. It felt like my daugh-
ter’s childhood, the days ever acceler-
ating, disappearing. High school lasted
roughly 15 minutes. College already feels shorter. Such
are the physics of parenthood. Like flying west to east,
the future comes much faster than the past recedes.
The gift of travel, then, is to make the pres-
ent last. Like our final transoceanic flight—that
took forever. And if I do have one piece of ad-
vice, it’s that: Take forever. Take a long flight
outside curve into night and don’t fret if conver-
sation fades into sleep. College, adulthood,
that’s all miles away.
Take it from a dad who this time last year
learned the lesson of a lifetime: Until you land,
Mr. Callanan is the author of three novels, in-
cluding most recently “Paris by the Book.” He
Wisconsin–Milwaukee.
Keegan wrote that there was
no rally after a recent drop in
market: “‘This is what we call
a dead-cat bounce,’ one broker
share prices on the London
market. “In fact the market
continued its free fall with
said flatly.” Two years later, it
was recorded in more prover-
bial form, when the magazine
hardly any reaction at all,” Mr.
Keegan wrote. “This is known
Aviation Week quoted an ana-
lyst as saying of gains in aero-
in the trade as a ‘dead cat
bounce.’” At the time, the ex-
space stock prices, “If dropped
far enough, even a dead cat
act nature of a “dead-cat
bounce” must have been in
flux, since the term would
will bounce.”
Despite the fact that the ex-
pression was circulating in
later come to describe at least stock-market circles through-
a modest rally. out the early ’80s, one analyst
As pointed out by the word in particular became associ-
sleuth Barry Popik, this bizarre ated with it: Raymond F. De-
image may have been inspired Voe Jr., who edited the popu-
by a macabre book of cartoons lar financial newsletter the
published earlier in 1981 by the DeVoe Report beginning in
British illustrator Simon Bond, 1979. According to a 1986 As-
“101 Uses for a Dead Cat” (and sociated Press article, DeVoe
in the U.K. under a slightly dif- suggested printing bumper
ferent original title, “A Hundred stickers reading “Beware the
and One Uses of a Dead Cat”). Dead Cat Bounce.” Extending
The darkly humorous collection the graphic metaphor, he told
was a surprise best-seller at a the AP, “If you threw a dead
time when more innocuous fe- cat off a 50-story building, it
line fare was all the rage, such might bounce when it hit the
as in the comic strips “Gar- sidewalk. But don’t confuse
field” and “Heathcliff,” as well that bounce with renewed life.
as the musical “Cats,” which It is still a dead cat.”
opened in London’s West End When DeVoe died in 2014,
in the summer of 1981. some obituaries gave him credit
ROBERT NEUBECKER
By 1985, the expression was for coining the phrase “dead-
entrenched enough that it ap- cat bounce.” While he may not
peared in a Financial Times ar- have been the originator, he
ticle about a “modest recov- certainly gave life to a pecu-
ery” on the Singapore stock liarly death-inspired analogy.
 C4 | Saturday/Sunday, May 18 - 19, 2019
EVERYDAY PHYSICS
HELEN CZERSKI
The Calm of
The Underwater
Soundscape
IN THE MIDDLE of my
busiest days, I crave es-
cape, preferably to an-
other world. It sounds
like science fiction, but
even in central London it is possible
to step through a boundary to an-
other realm and be back before the
end of lunch break. The trick is to go
swimming, because diving into the
water means crossing a sharp acous-
tical line. On the other side is the
alien world of underwater sound.
The French ocean explorer
Jacques Cousteau named his famous
1956 documentary about the oceans
“The Silent World,” and I’ve always
wondered why. There’s plenty of
sound in the ocean and also in your
average swimming pool. But we can
barely hear underwater sound when
we’re standing in the air, because
the water surface acts like an acous-
tical mirror from both sides. The
dense, strongly bonded molecules in
water can’t push efficiently on the
loose, freely travelling molecules in
air, so very little sound travels
across the boundary.
What I love most about diving
into the world of underwater sound
is the sharp transition. As I push off
from the side of the pool and glide
along below the waterline, all I can
hear is this new world.
But I’m not using my ears, or at
least not the part of my ear that’s on
the outside of my head. Normally,
sound passes through an air-filled cav-
ity on its way to the inner ear, where
sound is detected. When you are un-
derwater, this path through your outer
ear is blocked; however, underwater
sound will travel into the soft tissue
of your head and your bones.
This is known as bone conduction,
and it provides a different path to
the inner ear through your jaw and
skull. There is still some scientific
debate about the exact route, but
this is one of the reasons why the
underwater world sounds distinctive:
The sounds are filtered differently
on their way through your head.
Research conducted by the U.S.
Navy suggests that our ability to
hear high-pitched sounds is signifi-
cantly better underwater, and it’s
certainly true that tapping and clink-
ing sounds are strikingly sharp. As I
glide along in the pool, I can hear a
low rumbling that is probably com-
ing through the floor from the local
road, the sharp squeaking of the lane
ropes and the babbling bubbles that
are formed as my fellow swimmers
kick. I’m isolated from the busy
noisy world above, and it feels beau-
tifully calm.
When you think about diving un-
derwater, perhaps the first thing you
imagine is a scene in a film as the
camera plunges dramatically below
the waterline. But these movie
soundscapes often don’t match real-
ity. When the first underwater mov-
ies were made, including “The Silent
World,” filmmakers had to make a
decision about how to add sound to
the pictures. Early underwater mi-
crophones weren’t very good, so
they chose to remove the strikingly
clear high-pitched sounds and muffle
the rest. Once audiences were
trained to expect a muffled underwa-
ter soundscape, with few sounds
from fish or other wildlife, other
filmmakers followed suit and often
still do today.
So it may be that part of the rea-
son we don’t appreciate underwater
sound is that we’ve been schooled
not to, as an accidental consequence
of early film technology. I think that
this is an astonishing loss to our cul-
ture. Plenty of fish and underwater
mammals generate and use sound,
and every breaking wave makes a
musical addition to its environment.
There really is a whole different
acoustical world down there, but we
landlubbers aren’t listening.
TOMASZ WALENTA
REVIEW
When Turkey
BY BENNY MORRIS AND
DROR ZE’EVI
B
etween 1894
and 1924, the
number of
Christians in
Asia Minor
fell from some 3-4 million
Destroyed
to just tens of thou-
sands—from 20% of the
area’s population to under
2%. Turkey has long attri-
buted this decline to wars
Its Christians
and the general chaos of
the period, which claimed The 1915-16 Armenian genocide was part of a larger
many Muslim lives as spree of elimination that lasted some 30 years.
well. But the descendants
of Turkey’s Christians,
many of them dispersed around the world
since the 1920s, maintain that the Turks mur-
dered about half of their forebears and ex-
pelled the rest.
The Christians are correct. Our research
verifies their claims: Turkey’s Armenian, Greek ticularly horrific aspect alongside each bout of On July 27, a German engineer on the Baghdad
and Assyrian (or Syriac) communities disap-
peared as a result of a staggered campaign of
genocide beginning in 1894, perpetrated
against them by their Muslim neighbors. By
1924, the Christian communities of Turkey and
its adjacent territories had been destroyed.
Over the past decade, we have sifted
through the Turkish, U.S., British and French
archives, as well as some Greek materials and
the papers of the German and Austro-Hungar-
ian foreign ministries. This research has made
it possible to document a strikingly consistent massacres against the Ottoman Empire’s Ar-
pattern of ethno-religious atrocity
over three decades, perpetrated by
the Turkish government, army, po-
lice and populace.
The concentrated slaughter of
Turkey’s Armenians in 1915-16,
commonly known as the Armenian
genocide, is well documented and
acknowledged (outside of Turkey,
which still bitterly objects to the
charge). But the Armenian genocide
was only a part, albeit the center-
piece, of a larger span of elimina-
tion that lasted some 30 years. Our
work provides the first detailed de-
scription and analysis of the
1894-96 massacres and the destruc-
tion of the region’s Greek and re-
maining Armenian communities in
1919-24 by Mustafa Kemal Atatürk,
the founder of the Turkish republic.
The bloodshed was importantly
fueled throughout by religious ani-
mus. Muslim Turks—aided by fel-
low Muslims, including Kurds, Cir-
cassians, Chechens and Arabs—
murdered about two million
Christians in bouts of slaughter im-
mediately before, during and after
World War I. These massacres
were organized by three successive
governments, those of the Ottoman
Sultan Abdulhamid II, the Young
Turks and, finally, Atatürk. These
governments also expelled between
1.5 and 2 million Christians, mostly to Greece.
The U.N.’s Genocide Convention defines it as
a series of acts committed “with intent to de-
stroy, in whole or in part, a national, ethnic,
racial or religious group.” Such acts include
killing, causing bodily or mental harm, inflict- menian minority, fearing that they threatened
ing conditions calculated to bring about physi- the integrity of his realm. Some 200,000 peo-
cal destruction, imposing measures intended
to prevent births and “forcibly transferring
children of the group to another group.” The
events of 1894-1924 meet this test.
The official Turkish position denies any in- side the pillage and murder, many thousands
tent or policy of systematic elimination. Just
last month, President Recep Tayyip Erdogan
wrote to the Armenian patriarch of Turkey to
“offer my sincere condolences” to the grand-
children of “the Ottoman Armenians who lost
their lives under [the] harsh conditions of the
First World War” and to urge him “to avoid
helping those who seek to create hatred,
* ***
grudge and hostility by distorting our com-
mon history.”
The slaughter that we describe and analyze
doesn’t conform to any narrative attributing
the deaths to the “exigencies of war.” One par- dren…butchered and the women carried away.”
killing was the mass rape of tens of thousands
of Christian women and their forced conver-
sion—together with their children and thou-
sands of children whose parents had been
murdered—to Islam. Indeed, so pervasive was
the sexual violence and kidnapping that many
of today’s Turks, whether they know it or not,
can trace at least part of their ancestry to
these abducted Christians.
The tragedy began during 1894-96, when
Sultan Abdulhamid II unleashed a series of
Top, Armenian and Syrian refugees at
a Red Cross camp outside Jerusalem, circa
1917-19. Above, a young Greek refugee
on the streets of Salonica, October 1919.
ple, almost all Armenians, were killed; many
thousands of Turkish villagers, townspeople,
officials, policemen and soldiers took part, as people—has continued to deny the painful his-
well as Kurdish tribesmen. At each site, along- tory we have uncovered.
of Armenian women were raped or abducted.
Some would eventually be killed; many more
were forced into Muslim households and con-
verted, serving for the rest of their lives as
wives, concubines or servants.
In January 1896, in the southern Turkish
town of Palu, an American missionary reported
that the Turks “continue to carry off girls and lished by Harvard University Press.
THE WALL STREET JOURNAL.
LIBRARY OF CONGRESS (2)
women, keeping them a
few days and then return-
ing them with their lives
blasted.” His meaning
was made clear in an Au-
gust 1896 report by an-
other missionary in Mar-
din: “We saw girls not a
few who returned from
the hands of their captors
weeping bitterly, shriek-
ing and crying: ‘We are
defiled! No one will take
us in marriage.’”
Turkey and Germany
were allies in World War
I, but on July 7, 1915, the
German ambassador in
Constantinople, Baron
Hans von Wangenheim, reported that deporta-
tion columns of Armenians from the eastern
city of Erzurum were being ambushed by
Kurdish bands, with “the men and chil-
railway reported that a Turkish sergeant “ab-
ducted 18 women and girls and sold them to
Arabs and Kurds for 2-3 Mejidiehs,” a coin that
was a fifth of a Turkish pound.
During the war, slave markets emerged in
Aleppo, Damascus and several Anatolian
towns in which Armenian girls who had been
corralled by Turkish troops were sold for a
pittance. Officials of the Ottoman Interior
Ministry seem to have encouraged abduction
and conversion. In December 1915, a telegram
from the ministry decreed it “necessary for
young Armenian girls to be mar-
ried with Muslims.”
During 1919-22, amid a war
against invading Greek forces in
western Anatolia, Turkish national-
ist forces commanded by Atatürk
mounted a campaign of ethnic
cleansing against Turkish Greek
communities, concentrated along
the Black Sea and the Aegean coast.
Claiming that Ottoman Greeks were
assisting the invading Greek army,
the Turks took the opportunity to
murder hundreds of thousands of
them, as well as expelling more than
a million Ottoman Greeks to Greece.
After the defeat of the Greek
army, many thousands (and possibly
tens of thousands) of the Greek and
Armenian inhabitants of Smyrna
(now known as Izmir) were mur-
dered. The American consul general
in the town, George Horton, re-
ported that one of the “outstanding
features of the Smyrna horror” was
the “wholesale violation of women
and girls.” In 1924, the British For-
eign Office assessed that “not less
than 80,000 Christians, half of them
Armenians, and probably more”
were still being detained in Turkish
houses, “many of them in slavery.”
In all, we found that tens of
thousands of Christian women suf-
fered rape, abduction and forced
conversion during this period, along with the
mass murder and expulsion of their husbands,
sons and fathers.
The German people and government have
long acknowledged the genocidal horrors of
the Third Reich, made financial reparations,
expressed profound remorse and worked to
abjure racism. But every Turkish government
since 1924—together with most of the Turkish
Dr. Morris is a professor emeritus of Middle
Eastern studies at Ben Gurion University of
the Negev in Israel, at which Dr. Ze’evi is a
professor of Middle Eastern studies. This es-
say is adapted from their new book, “The
Thirty-Year Genocide: Turkey’s Destruction
of Its Christian Minorities, 1894-1924,” pub-
 THE WALL STREET JOURNAL.
BY SUSAN HOCKFIELD
W
hen materials en-
gineer Angela
Belcher submitted
her first post-
doctoral
proposal in 1999, one professional
grant
reviewer declared it “insane.” Dr.
Belcher wanted to engineer viruses
to “grow” electronic circuits to make
batteries. She got the idea while
studying for her Ph.D at the Univer-
sity of California at Santa Barbara,
where she collected abalone shells
on the beach. How, she wondered,
did the mollusks make such a strong,
lightweight case?
Abalone are natural engineers.
They use proteins to interlace crystals
of calcium carbonate into their shells.
Dr. Belcher thought humans could fol-
low that example. Viruses bind natu-
rally to organic materials, but what if
they could be reprogrammed to bind
to inorganic materials, such as met-
als? Now a professor at MIT, Dr.
Belcher has produced strains of a vi-
rus that organize metals into anodes
and cathodes for coin-cell lithium-ion
batteries, like those in watches. Scaled
up to an industrial level—she’s work-
ing on that—they could provide bat-
tery power without needing heat or
creating toxic byproducts.
As the first biologist to serve as
the president of MIT, from 2004 to
2012, I’ve had the privilege to spend
Machines Built
much of the last couple of decades
looking over the scientific horizon at
the exciting new partnership between
biology and engineering. During the
From Living Matter
late 19th and 20th centuries, the con-
vergence of physics and engineering
used discoveries about the elemen-
tary particles of the atom to help cre-
ate a series of almost magical new
devices: telephones, radios and tele-
visions, and then computers, satel-
lites and smartphones. Biologists In
have now paved the way for a second
convergence by identifying the com-
ponents that underlie the behavior of
the biological world: proteins, DNA, genes, cells,
viruses and more. Engineers are increasingly us-
ing these living materials to create tools for con-
fronting a range of pressing human problems.
For instance, only 5% of the planet’s water is
freshwater, and almost all of that is inaccessible
in ice sheets, the soil and the atmosphere. More
than one billion people lack access to potable
water, and the main techniques we’ve devised
for producing it—filtration and distillation—are
too slow, expensive and inefficient. But the new
convergence offers a solution: biologically based
water filters, which incorporate an exquisitely
designed protein complex known as aquaporin.
Discovered in 1992 by Peter Agre at Johns
Hopkins University, aquaporin forms channels in
the membranes of cells, where it serves as a
conduit for pure water. Its discovery prompted
scientists, engineers and entrepreneurs to try to
harness its power to filter water beyond the cell.
Today, Aquaporin A/S, a Danish start-up, has
developed aquaporin-based water filtration
units for homes. Using manufacturing tech-
niques like those used by the biopharmaceutical
industry to make drugs, the company deploys
the bacterium E. coli to produce enormous
quantities of aquaporin, which it incorporates
into filtration membranes. The company’s fil-
ters are already being used in homes in Asia.
Medicine has also benefited from the new
convergence. In 2016, the MIT bionic engineer
Hugh Herr teamed up with the orthopedic sur-
geon Matthew J. Carty of Brigham and Women’s
Hospital to give a patient named Jim Ewing a
new prosthetic lower leg. Dr. Herr had developed
MELINDA BECK
a prosthesis with a computer-driven ankle that
mimics a normal ankle’s movements in response
to changes in gait or terrain But it could not re-
GIFT OF LONDON UNDERGROUND RAILWAY
* * * *
REVIEW
a convergence of biology and engineering, scientists are looking
to the organic world to create new tools and materials.
spond to the wearer’s intent.
To remedy that problem, Dr. Carty
performed what he now calls the
“Ewing amputation.” Instead of the
standard procedure that leaves the
leg muscles without effective connec-
tions, he uses a transplanted tendon
to re-create pairs of the muscles to
extend and flex the ankle. The neural
connections between the leg muscles
“
and the spinal cord remain intact,
and electrodes over the muscles de-
tect neural activity and transmit sig-
nals to the computerized ankle. Just
by thinking about flexing or extend- Viruses bind
ing his ankle, Mr. Ewing can make to organic
the computerized ankle move. He can
even feel the position of his foot materials,
For their part, cancer researchers but what if
are combining organic and inorganic
materials at the microscopic level to they could
develop more accurate, less costly di- bind to
agnostic tools. Nanoparticles can be
fabricated from a variety of materials
metals?
and are often used in electrical engi-
neering, in sizes less than one-thou-
sandth the width of a strand of hair.
In Dr. Sangeeta Bhatia’s lab at MIT,
they are coated with protein frag-
ments designed as targets for en-
zymes in the body that signal the
presence of cancer. A simple urine
test can detect micro-fragments re-
leased by the cancer enzymes, indi-
cating the presence of tumors long
before they grow bigger and spread
to other parts of the body. Clinical
trials start later this year.
EXHIBIT
Tunnel Visions
ADS FOR SUBWAYS rarely
make it into a museum, but the
Art Institute of Chicago will
display 100 of them in the ex-
hibition “Everyone’s Art Gal-
lery: Posters of the London Un-
derground,” opening May 25.
Starting in 1908, the company
that ran London’s “tube,” buses
and trams commissioned art-
ists famous and obscure to cre-
ate advertisements, hoping to
encourage customers to visit
new stations. One contributing
artist was Edward McKnight
Kauffer, born in Montana in
1890, who created his first Un-
derground poster at age 25; his
1923 advertisement for the
Museum of Natural History
(right) features a mammoth
haloed by sunlight. The influ-
ence of Japanese woodcuts can
be seen in the dazzling line of
shoppers’ umbrellas in the
1925 poster “Summer Sales Quickly Reached by Underground” (left) by
Mary Koop. The need for umbrellas even in summer could be taken as
the artist’s sly comment on British weather. —Peter Saenger
Posters advertising the London Underground by Mary Koop (left,
from 1925) and Edward McKnight Kauffer (above, from 1923).
Saturday/Sunday, May 18 - 19, 2019 | C5
And more is on the on the way. 3-D
printing with biological and chemical
materials can build products faster
and more flexibly, including artificial
tissue. “Organs-on-chips”—microchips
made of polymers lined with living hu-
man cells—promise to speed the de-
velopment of drugs by providing a
more effective testing ground that can
reduce reliance on animal and human
subjects. And we may soon
be able to enlist viruses to
help address climate change
by turning methane waste
into ethylene products
(such as plastic bottles) and
catalyzing the fixation of ni-
trogen (an energy-intensive
step in the production of
fertilizer).
All of these tools and
technologies are under de-
velopment, but none of
them is inevitable. Like the
physics-engineering con-
vergence of the previous
century, this one will re-
quire not only funding and institu-
tional support but, more fundamen-
tally, a commitment to collaboration
among unlikely partners.
Dr. Hockfield is the president emer-
ita of MIT and the author of “The
Age of Living Machines: How Biol-
ogy Will Build the Next Technology
Revolution” (W.W. Norton), from
which this essay is adapted.
HISTORICALLY SPEAKING
AMANDA FOREMAN
The Pleasures
And Pains
Of Retirement
THE NEW FILM “All Is
True,” directed by and
starring Kenneth
Branagh, imagines how
William Shakespeare
might have lived after he stopped
writing plays. Alas for poor Shake-
speare, in this version of his life re-
tirement is hell. By day he putters
in his garden, waging a feeble bat-
tle against Mother Nature; by night
he is equally ineffectual against the
verbal onslaughts of his resentful
family.
In real life, people have been ar-
guing the case for and against retire-
ment since antiquity. The Roman
statesman Marcus Tullius Cicero was
thoroughly against the idea. In his
essay “Cato the Elder on Aging,” Ci-
cero argued that the best antidote to
old age was a purposeful life. “I am
in my eighty-fourth year,” he wrote,
“yet, as you see, old age has not
quite unnerved or shattered me. The
senate and the popular assembly
never find my vigor wanting.” Cicero
lived by the pen—he was the great-
est speechwriter in history—but he
died by the sword, murdered on the
orders of Mark Antony for his sup-
port of the waning Roman Republic.
Knowing when to exit from public
life is a difficult art. The Roman Em-
peror Diocletian (ca. 245-316) retired
to his palace in Split, in modern Cro-
atia, after ruling for 21 years. Ac-
cording to Edward Gibbon, Diocle-
tian was so content for the last six
of years of his life that when emis-
saries from Rome tried to persuade
him to return, he replied that he
couldn’t possibly leave his cabbages.
For most of history, of course,
the average person had no choice
but to carry on working until they
died. But in the 18th century, longer
lifespans created a dilemma: The
old were outliving their usefulness.
Not realizing that he had two more
productive decades left, the 60-
SONY PICTURES/EVERETT COLLECTION
Kenneth Branagh as William
Shakespeare in ‘All Is True.’
year-old Voltaire told his friend Ma-
dame du Deffand: “I advise you to
go on living solely to enrage those
who are paying your annuities…. It
is the only pleasure I have left.”
By the end of the 19th century, it
had become possible for at least
some ordinary people to spend their
last years in retirement. In 1883, the
German Chancellor Otto von Bis-
marck bowed to popular opinion
and announced that all retirees over
65 would receive pensions. With
that, 65 became the official age of
retirement.
But some critics argued that this
was the thin end of the wedge. If
people could be forced out of ca-
reers and jobs on the basis of an ar-
bitrary age limit, what else could be
done to them? Troubled by what he
regarded as ageism, the novelist An-
thony Trollope published “The Fixed
Period,” a dystopian novel about a
society where anyone over the age
is 67 is euthanized for his or her
own good. The naysayers against
any form of government retirement
plan held sway in the U.S. until
President Franklin Roosevelt signed
the Social Security Act in 1935, by
which time half of America’s elderly
were living in poverty.
Today, the era of leisurely retire-
ments may be passing into history.
Whether driven by financial need or
personal preference, for many people
retirement simply means changing
their occupation. According to the
AARP, the number of adults working
past age 65 has doubled since 1985.
Even the rich and famous aren’t
retiring: President George W. Bush is
a painter; the Oscar-nominated actor
Gene Hackman is a novelist; and Mi-
crosoft founder Bill Gates is saving
the planet. In this day and age, flush
from his success on Broadway, a re-
tired Shakespeare might start his
own podcast.
 C6 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

REVIEW
DREW KELLY FOR THE WALL STREET JOURNAL

WEEKEND CONFIDENTIAL | RICHARD TURNER Lewis. So why, when video replay is making the refs’

Michael Lewis
calls more accurate, have the fans gotten even more
angry and abusive? One reason: They are imitating
their heroes, the big stars who were accustomed to
preferential treatment under the old system.
When he was writing “The Big Short” (2010),
Mr. Lewis says, he kept seeing failures of referee-
ing. “There was no referee at the interface be-
A bestselling author turns podcaster tween Wall Street and the consumers—consumer
finance. I saw the birth of that, when Wall Street

M
ichael Lewis doesn’t really need this gig. His new
podcast, “Against the Rules,” doesn’t pay anything
close to his book-writing day job. It’s unlikely to turn
into a movie. Plus, the podcast’s subject is pretty ab-
stract: Who are the referees in our society? Who de-
termines what is fair and even what is true? Is our whole system
rigged from stem to stern, as everyone from President Donald Trump
to sports fans to the Black Lives Matter movement insists?
The idea, Mr. Lewis says from his family’s perch amid Craftsman
houses and bungalows in the hills above Berkeley, Calif., is to exam-
ine “what’s happened to fairness” in an age when America’s arbiters
are no longer trusted. The Walter Cronkites of the world are gone,
and those assigned to make the tough calls are reviled, threatened
and assumed (sometimes correctly) to be corrupt.
“It’s a big problem for democracy if people don’t have a shared re-
ality,” Mr. Lewis says. “It’s difficult to establish a referee in an in-
creasingly unequal environment” like today’s U.S., “when there are
powerful parties and not-so powerful ones. You have a different kind
of problem than if you’re in Norway.”
Mr. Lewis’s skills turn out to be well-suited to the podcast me-
dium. His calling card, echoed by untold critics and readers, is this:
He makes boring stuff interesting. He collects disparate ingredients,
whips them up with character and narrative, and distills human sto-
ries into engrossing big-picture explainers.
Mr. Lewis, 58, grew up in leafy Uptown New Orleans, the son of a
lawyer father and an activist mother. He studied art history at Prince-
ton, then went on to the London School of Economics. His writing ca-
reer took off with “Liar’s Poker” (1989), a funny, scathing inside look
at his time as a bond salesman at Salomon Brothers. Wall Street
shocked him with its 1980s “Masters of the Universe” culture, dollar-
sign suspenders and big swinging ethics. His interest in finance and
penchant for moral outrage run through more than a dozen books, with
more than 10 million copies sold. Three became high-profile movies:
“Moneyball,” “The Big Short” and “The Blind Side.”
Between books, Mr. Lewis has dabbled in differ-
ent formats. “I’m a failed TV and movie writer,” he
says, with several original scripts that never got
‘It’s a big made. He had done some radio work, but podcasts
problem for were new for him. He teamed up with his friends,
democracy the writer Malcolm Gladwell and former Slate edi-
if people tor Jacob Weisberg, whose fledgling podcast com-
don’t have pany is called Pushkin Industries.
a shared Mr. Lewis seems faintly embarrassed at having
reality.’ to read his own ad spots on the podcast, “like
when Ronald Reagan was selling GE on TV.” But he
knows that the business model requires it, and
when he plugs Quip toothbrushes, any cheesiness
is masked by a genteel NPR veneer.
Mr. Lewis had long been keeping files on refer-
ees, his podcast’s subject. His interest was
sparked, in part, by his three children: He has two
daughters and a 12-year-old son, Walker (named
for the Louisiana novelist Walker Percy), with his
wife, Tabitha Soren, a photojournalist and former
MTV veejay.
Walker makes several contributions to the pod-
cast, including on the opening episode, entitled
“Ref, You Suck!” He talks about becoming outraged
when the refs at his basketball game called a bad
foul on him, just like the stars of his beloved Golden
State Warriors. He concludes, “Don’t pick sides un-
less it’s my side.” Grown-up sports fans take it fur-
ther, Mr. Lewis says. “It’s just bizarre the way they
treat referees….They assume the ref is looking to do
something bad to them. It’s just not true. They may
make mistakes, but there’s no malice involved.”
NBA referees don’t do these jobs for money or
fun. “It’s a 100% negative business,” one told Mr.
hit segments of society it had never touched,
through subprime mortgages, for car loans,
through asset-backed securities. There was no one
saying, ‘That’s fair and that’s not.’”
Mr. Lewis also has harsh words for the ratings
firms that endorsed shady securities—sold by the
people who were paying them—before the big-bank
meltdown. “I’d have thought for sure they’d reform
it somehow, change the incentives. It’s so obvious,
and [former Sen.] Al Franken tried, but all this
Wall Street money flowed into the process to pre-
vent him from doing that, and it drove him crazy.”
Mr. Lewis doesn’t blame Wall Street and dereg-
ulation for everything. He has also faulted home
buyers for their role in the crash, for example. “To
blame the people who lent the money for the real
estate boom is like blaming the crack dealers for
creating addicts,” he wrote in a 2008 article on the
lure of home ownership.
The seven installments of the podcast (the final
one dropped this week) are full of surprises. Mr.
Lewis will dart down alleyways, leave the listener
wondering where he is, then wind up back on Main
Street. Among his topics: correct English usage,
judges, used cars, identity theft, credit-card compa-
nies, student-loan abuses, Cambridge Analytica,
King Solomon and the famed mediator Kenneth
Feinberg, who handled victim compensation for 9/11
families and those affected by the 2010 BP oil spill.
Listeners can imagine myriad future topics re-
lated to fairness: expanding the Supreme Court,
machines calling balls and strikes, cable-news cov-
erage of the Trump presidency and so on. Mr.
Lewis, however, says that this particular podcast
has run its course. Why? “I don’t see a book in it.”

Enjoy Outer Space! other countries have figured

out trains—maybe we should

I’ll Stay on Earth. let them handle that part. No-

JASON ARE WE REALLY all going to
GAY go live in outer space? Budding
space Wonka Jeff Bezos had a
big event last week to say it’s
In Jeff coming, that his rocket com-
Bezos’s pany Blue Origin will help make
it possible, but—not to sound
vision of like an intergalactic wet blan-
an other- ket—I’m on the fence about
worldly abandoning Earth, and schlep-
ping off to the stars.
future, Yes, I know I may not have a
there’s choice: that overpopulation, cli-
no word mate change and cable news
may eventually make our cur-
on the rent planet an impossible place
laundry to live.
What I’m asking is: What if
situation. it’s optional? What if living in
outer space is a choice? I’m not
sure I need to go.
For starters, I have no idea
what to pack. How much under-
wear do I need in outer space?
What is the laundry situation?
body wants Amtrak in Space.
Amtrak can barely get me to
Baltimore.
tle down vest I I think we’re underestimat-
bought a couple of ing the happy conveniences of
years ago. That little life on Earth. Yes, we may be
down vest rocks, wantonly polluting our skies
and I can fold it up and seas, but we have really
into a bunchy ball figured out food delivery and
and stuff it in my discount pharmacies. Is there
pocket. anything in outer space that’s
I’m only taking a A Blue Origin I don’t know if winding river, there’s a water- going to top the feeling of
carry-on. I don’t artist’s rendering the kids want to fall, there’s a deer…all that’s walking into a Target in the
care what anyone of a habitable live in outer space, missing is a 7-Eleven selling morning, before it’s crowded?
says about checking space environment. either. I asked microwavable pizza. I’m sure they’re planning a Tar-
bags, I don’t trust them and they It’s a brochure for Space get for outer space, but I bet
anyone on that spaceship. seem excited, but you know Xanadu. The truth is probably a that Target will be crowded as
Imagine getting to outer space kids. What if they get there and little less exciting. You’re going hell.
and they’ve lost your luggage. decide that outer space is “so to get to outer space and real- I don’t want to sound like
It’s not like you can just go to boring”? What if they’d rather ize the pictures were deceiving. I’m pooh-poohing the future. I
The Gap. be at Chuck E. Cheese? The waterfall is a lot smaller in believe in ambition and ingenu-
What if I get to outer space See: Jeff Bezos is working on real life. The mountains are ity, and I love that our dream-
and realize I’ve forgotten some- the big details, but this is how I closed for repair. The deer quit. ers are dreaming big. Jeff Bezos
thing? What if I forget my fa- can be helpful. I think of these It’s not really Space Xanadu. It’s made it possible for me to or-
vorite T-shirt, the one with the sorts of questions. more like Space Connecticut. der a toothbrush and a stuffed
hole in the armpit I pretend no I saw the renderings that Mr. There’s a train in one of the turtle and get them both deliv-
one can see? What if I’m in Bezos unveiled last week, of renderings Mr. Bezos pre- ered tomorrow. I’m not going
such a rush I forget one of my what our life in space could sented. Uh-oh. That’s trouble. to doubt his ability to make cit-
BLUE ORIGIN

Is it going to rain? Is it going to kids? I’m going to be despon- look like. It looks like somebody Have you taken the train in the ies in space. I’m just saying it
be cold or just a “little chilly”? dent. I really love that T-shirt. ate six marijuana brownies. United States? It’s like riding a should be optional. I’m not
I should probably bring that lit- The kids are OK, too. There’s mountains, there’s a donkey, but slower. I know even close to packed.

Endeavour
Capt. James Cook &
the ship that changed
the world C9
READ ONLINE AT WSJ.COM/BOOKSHELF
DAVID J. & JANICE L. FRENT/CORBIS VIA GETTY IMAGES; PRINT COLLECTOR/GETTY IMAGES
Tickets to Johnson’s impeachment trial were color-coded by day. Below, Johnson as photographed by Mathew Brady in 1865.
No One Said It’d Be Easy
No president deserved removal more than Andrew Johnson. He advocated racism, fought
Reconstruction and refused to enforce federal laws. He survived impeachment by one vote.
The Impeachers
By Brenda Wineapple
Random House, 543 pages, $32
BY MICHAEL O’DONNELL
I
N 1865, Andrew Johnson as-
cended to the presidency in the
aftermath of Abraham Lincoln’s
assassination and embarked on a
perverse campaign to roll back the
Union’s achievements during the Civil
War. Racist mobs marauded unchecked
through the South, killing African-Ameri-
cans. Factions debated the terms of re-
admission for states that had seceded.
Basic issues about citizenship, the right to
vote and the direction of the country were
up for grabs. Amid this turmoil, Johnson
articulated a crabbed and unworkable
vision for the future: “This is a country for
white men,” he declared, “and, by God, as
long as I am president it shall be a gov-
ernment for white men.”
Most fatefully Johnson, a Tennessee
Democrat who had run on the National
Union ticket with the Republican Lincoln,
would veto important pieces of Recon-
struction legislation passed by the Repub-
lican Congress. When Congress overrode
his vetoes, he refused to execute the laws.
Eventually congressional Republicans
sought—and failed—to remove the presi-
dent from office.
In “The Impeachers: The Trial of
Andrew Johnson and the Dream of a
Just Nation,” the historian Brenda Wine-
apple does not once mention current
political debates about impeaching the
president. But the timing of the book’s
publication seems to offer a lesson: Be-
fore taking sides on whether Congress
should impeach Donald Trump, consider
what that process meant at another sig-
nificant moment in our history. Impeach-
ment, Ms. Wineapple writes, is “the
democratic equivalent of regicide,” im-
plying “a failure of government of the
people to function, and leaders to lead.”
Only two presidents—Johnson and Bill
Clinton—have been impeached, and nei-
ther was removed from office. (Richard
Nixon resigned under a threat of im-
peachment in 1974.) Before impeachment
became a ready tool of politics in the
past 50 years, its infrequency made it
more like a taboo.
BOOKS
THE WALL STREET JOURNAL.
The first instruction to draw from “The
Impeachers” is the importance of stakes.
They could not have been higher during
Johnson’s presidency. “In 1868,” Ms.
Wineapple writes, “the situation was far
more serious, the consequences more far-
reaching, than those of Richard Nixon’s
bungled burglary or of Clinton’s pecca-
dillos. The country had been broken apart,
men and women lay dead.” Southern
states began to pass codes that denied Af-
rican-Americans the right to vote or own
property. Lincoln’s visionary leadership
and genius for compromise were replaced
by a political vacuum.
Into it stepped Andrew Johnson, a for-
mer tailor with no formal schooling; a man
who once used a political opponent’s hat
for his spittoon; a demagogue who arrived
drunk at his own vice-presidential inaugu-
ration and openly pined for the murder of
his foes. Johnson, a son of the South, had
demonstrated true courage barnstorming
Tennessee in 1861 giving speeches in favor
of the Union. He also held the distinction
of being the only senator from a state that
had seceded to remain in the U.S. Senate.
The South never forgave him for this, de-
Moderate
Republicans
gradually came
to feel that
removing Johnson
near his term’s
end was unwise.
Better, they
argued, to wait
and elect
their popular
standard-bearer,
Ulysses S. Grant,
in the fall.
spite the revanchist program he brought
to the White House.
As president, Johnson tallied up an un-
enviable record of vetoes overridden. The
Freedmen’s Bureau Act, the Civil Rights
Act and four Reconstruction Acts all
passed into law over his formal objection.
He then tried to prevent their enforce-
ment. The Reconstruction Acts empow-
ered military governors to take charge
and restore order in the South; Johnson
directed these forces to stand aside in
favor of the civilian governments. He
inflamed tensions with racist hate speech.
In a telling rejection of the era’s most
noble ideals, he made a particular target
of the 14th Amendment, which would
eventually grant citizenship and equal
protection to black Americans.
Johnson’s refusal to compromise with
Republicans in Congress confounded
many. William Tecumseh Sherman com-
pared him to King Lear, “roaring at the
wild storm, bareheaded and helpless.” But
Johnson believed he was holding the line
for the white workers in both North and
South. “He offered his stubbornness as
evidence that he was a man of principle
when, in fact, he was simply afraid to be
Tweet This!
A poetics of birding
in the digital age
* * * *
wrong,” the historian Annette Gordon-
Reed would write.
Ms. Wineapple, too, faults Johnson’s
character, perceiving a martyr complex
and even an eagerness for the ordeal of
impeachment: “The man had a penchant
for martyrdom. It allowed him to cling to
his belief that he was cruelly beset, deeply
unappreciated, wholly persecuted, and
denied the respect he rightfully deserved.”
This is not an entirely convincing judg-
ment and seems shaded to draw a parallel
with our current president. Historian Eric
Foner, in his indispensable study
“Reconstruction: America’s Unfinished
Revolution, 1863-1877,” suggests that
Johnson was no martyr: He simply mis-
calculated. After Republicans won super-
majorities in the 1866 midterm elections,
the impeachment process began.
This book’s strongest feature, Ms.
Wineapple’s gift for portraiture, is on
display as she sets out her cast of charac-
ters. She quotes contemporaries as she
sketches the likes of Benjamin Wade, the
president pro tempore of the Senate, who
stood to inherit the presidency if Johnson
were to be removed. (There was no vice
president; the rules for vice-presidential
succession were not established until the
25th Amendment took effect in 1967.) One
journalist said that Sen. Wade possessed
“a certain bulldog obduracy truly master-
ful,” while Southerners decried him as
“that vicious old agrarian.”
The author likewise reminds readers of
Thaddeus Stevens, the great Radical Re-
publican congressman whom Lincoln once
described as having a bleak face that was
always “set Zionward.” One of Johnson’s
defenders, New York Republican William
Evarts, was cold and calculating—“an
economist of morals,” in Henry Adams’s
words. And who can forget Gen. Winfield
Scott Hancock—“Hancock the Superb”?
The Republicans had a strong moral
case and could fairly argue the president
was frustrating the will of the people. But
they made a tactical blunder by latching
onto a technicality. Then as now, the
question arose: If a president may be
impeached only for treason, bribery or
other high crimes or misdemeanors, must
he actually have broken the law in order
for Congress to trigger the process?
Rather than resolve this knotty consti-
tutional problem, Congress seized on a
transgression whose illegality was hardly
certain: Johnson’s firing of Secretary of
War Edwin Stanton. Johnson had not con-
sulted Congress before dismissing Stanton
in February 1868; at the time this violated
the Tenure of Office Act, which required
congressional approval for such decisions.
That law was, arguably, an unconstitu-
tional infringement on the separation of
powers, and Congress would later repeal
it. But it gave Republicans in the House
their toehold, and eight of their 11 articles
of impeachment concerned Stanton’s
removal. Abolitionist Wendell Phillips
cried foul: “My wish to impeach [Johnson]
tonight is not technical, but because the
man, by either his conscience or perverse-
ness had set himself up systematically to
save the South from the verdict of the war,
and the necessity of the epoch in which
we live.” He envisioned a political basis for
impeachment rather than a legal one.
Politics would, in any case, soon engulf
the process. Chief Justice Salmon Chase,
Please turn to page C8
C12
Saturday/Sunday, May 18 - 19, 2019 | C7
Riddles
Of the
Sphinx
Henrik Ibsen:
The Man and the Mask
By Ivo de Figueiredo
Yale, 694 pages, $40
BY BRAD LEITHAUSER
H
E’S SEEN as a, some-
times as the, father of
modern drama. But a
look at Henrik Ibsen’s life
reveals an existence
surprisingly distant from our own. It’s
hard to say which stage of post-
modernism we’ve currently attained.
(Are we post-postmodernists? Post-
post-post?) Wherever we are, modern-
ism’s forebears often stand at some
remove from us. Today the Norwegian
autodidact who reconfigured Western
theater in the mid- and late 19th century
appears at once larger than life and
blurredly remote.
Perhaps the most helpful way to view
Ibsen is as a great man who was always,
by both circumstance and temperament,
a remote figure. Born in 1828, he spent
his childhood in the bustling port town
of Skien, some 60 miles from Christi-
ania. In the 20th century Christiania
became Oslo, and travel by steamship
yielded to motorcar. But in young
Henrik’s day it would have been a sub-
stantial journey to that small capital city
of 20,000-plus inhabitants. Some 300
miles to the
south lay
gleaming How did this
Copenhagen,
where the
gruff, taciturn,
monopolizing intensely private
Danes held man pick up the
culture in
habit of writing
their hands,
much as they masterpieces?
had often
held, over the
centuries,
colonial sway over Norway itself. It was
to Denmark that Ibsen would eventually
look for both a publisher and a language
to write in.
Son of a well-to-do merchant who
eventually went bankrupt, Henrik was
one of five children. His earliest years
are ill-documented, and it seems fitting
that his mother’s image survives only as
a shadow: a silhouette cut in black card-
board. In later life, both in his struggling
20s and 30s and in his flourishing 40s
and 50s, he showed little inclination to
preserve ties with parents or siblings.
He left Skien at 15 and, strikingly, chose
never to return. While still a teenager,
he fathered a son with a housemaid and,
so far as we know, showed no concern
about the boy’s fate. Clearly, he was
uninterested in any physical link to his
past. What he was interested in, and
pursued with a singlemindedness at
once admirable and slightly unnerving,
was a career in the theater.
Apprenticed to an apothecary, he
began writing plays in his early 20s and
soon found a job as writer/director/
factotum at a theater in Bergen. He
graduated to creative director of the
Christiania Theater at the age of 29,
but ease and security eluded him.
Norwegian theater was in its infancy.
Ibsen was always intensely private,
leaving scanty records of his doings and
goings. Today, he encourages endless
scholarly guesswork. The established
facts of his life, as well as some fruitful
speculations, are responsibly laid out in
Ivo de Figueiredo’s mammoth “Henrik
Ibsen: The Man and the Mask,” a conden-
sation by the author of his two-volume
biography of 2006-07. (The translation,
from the Norwegian, is by Robert
Ferguson, the British-born biographer of
Knut Hamsun and author of “Scandina-
vians: In Search of the Soul of the North.”)
Young Ibsen thrashed about in
becoming something novel on the Nor-
wegian landscape: the self-sufficient
man of letters. His was a hardscrabble
existence. The nation, poor and under-
populated, had little tradition of public
support for the arts. No obvious way
forward presented itself to Ibsen.
He was a man of dramatic depar-
tures—from family, hometown, out-of-
wedlock child—but nothing in his life
was so dramatic a leave-taking as his
departure for Italy at the age of 36. He
was by then a family man, father to a
young son and husband to a woman as
private as he. The three of them came to
form an enduring, loyal triangle that
served in their many travels to keep
others at bay. Shuttling his family
through Italy and Switzerland and
Germany, Ibsen did not resettle in his
homeland for 27 years. When the
prodigal at last returned, it was as one
of the world’s most famous artists.
Please turn to page C8
C8 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘No occupying power can break the spirit and blunt the retaliatory power of a patriotic and proud people.’ —M. J. BUCKMASTER , FORMER HEAD OF SOE FRANCE, 1952

FIVE BEST BOOKS ON THE ALLIED RESISTANCE

The U.S. Congress
Vs. President
Sonia Purnell Andrew Johnson
The author, most recently, of ‘A Woman of No Importance:
The Untold Story of the American Spy Who Helped Win World War II’ Continued from page C7
who presided over the trial in the Senate, had
presidential aspirations of his own, and proceeded
Rake’s Progress accordingly. Gradually, moderate Republicans
By Denis Rake (1968) would come to realize that removing Johnson near

1
the end of his term was less wise than simply wait-
Winston Churchill set up ing until November and directly electing Ulysses S.
the Special Operations Grant, their party’s popular standard-bearer.
Executive in 1940 to launch The House voted to impeach, and the case
an onslaught of sabotage moved to the Senate for trial. Those proceedings
and spying activities in Nazi- take up nearly a third of Ms. Wineapple’s book.
occupied Europe. Since finding But where Washington expected a riveting drama,
secret agents for these near- with printed tickets in high demand, what it got
suicidal missions proved instead was a snoozer that bogged down in
unsurprisingly difficult, SOE had procedure. It was the nation’s first impeachment
to cast its net wide. In so doing trial of a president. What were the rules of
it enlisted the former music-hall evidence? What was the standard of proof? The
artiste and child circus chief justice, the senators who sat in judgment,
performer Denis Rake, who was the defense and the prosecution had to wing it.
“scared to death” of loud bangs Their histrionics occasionally provided relief from
and refused to handle a gun yet the tedium, as when the defense sought a
emerged as one of the most continuance of 40 days to prepare. “Forty days,”
“coldly courageous” of all SOE cried lead prosecutor Benjamin Butler in objection,
field officers. His account of his “as long as it took God to destroy the world by a
adventures in wartime France— flood!” At the trial’s conclusion Johnson was
hiding in the fusebox of an acquitted by a single vote.
electric train, escaping from Washington descended into claims of bad faith
prison in a stinking garbage pail, and congressional investigations, and charges of
living in domestic bliss, in Paris, corruption followed the seven Republicans who
with an aristocratic German voted to acquit, especially Kansas Sen. Edmund
officer—rarely falters. Facing Ross. “There goes the rascal to get his pay,”
ALAMY

imminent arrest by German muttered one colleague as Ross rushed to the

troops, he tells of trying to flush CODE NAME: MICHEL Photo of Peter Churchill on display at the Resistance Museum in Castellane, France. White House after the vote—and indeed, Ross
incriminating papers down the later extracted an unseemly number of patronage
lavatory; when that failed, he over a slight mistake made as intensive training in London, Duel of Wits appointments from Johnson. The Radical Repub-
had to scoop them up “with a “zero hour” approached on one Vomécourt became an adept By Peter Churchill (1953) licans who had led the impeachment charge saw

silent prayer” and eat them.
Rake was, unusually for the time,
openly gay. When a heavily
perfumed fille de joie offered the
war hero her services for free,
he explained that neither she nor
any woman was qualified to
“console” him. After the war,
of his missions. Cowburn takes
the reader with him through the
night, past the patrols and, later,
in a rare quiet moment, for a
drink at the bar.
An Army of Amateurs
saboteur. He proudly recalls
that “from D-Day onward the
Resistance gave the Germans
no respite.”
No Banners
By Jack Thomas (1955)
5
In this rollicking memoir
Peter Churchill (no
relation to Winston)
refers to himself by one of
his field names, Michel. “Duel of
Wits” leaves us with a rich and
compelling idea of what the
their position weakened. Johnson, who had no
base of support in either party, finished out his
term and returned to Tennessee, later finding
redemption as a U.S. senator.
What can Johnson’s impeachment teach us
today? Perhaps less about the law than about
politics. Fatefully, the Tenure of Office Act was a
sideshow that became the main event. Johnson

4
when Rake could find no work, By Philippe de Vomécourt (1961) clandestine life was like under should have been impeached not for violating it

Douglas Fairbanks Jr. took him
on as his butler-valet.
No Cloak, No Dagger
By Benjamin Cowburn (1960)
3
Philippe de Vomécourt
was one of three
aristocratic French
brothers who left the
splendors of their châteaux to
A spy adventure that
skewers the glamour of
war, this gut-wrenching
history concerns two
brothers, Henry and Alfred
Newton—former acrobats known
the Nazi heel, when bravado was
beaten out of even the toughest
agents. On the everyday task of
alighting from a train under the
aggressive glare of the Gestapo:
“Michel felt as though he were
but for impeding Reconstruction. By allowing the
debate to proceed on such narrow terms, the
impeachers lost the initiative. A hint for future
impeachers: Don’t dodge a tricky issue (whether
impeachment requires an illegal act) if it means
derailing your case.

2
A burly engineer from
the north of England,
Benjamin Cowburn cut a
conspicuous figure on his
four SOE missions into wartime
France. He took part in an
astonishingly risky operation to
exfiltrate a dangerous double
agent—a notoriously sex-mad
Frenchwoman—though all
concerned knew the Germans
were watching. Afterward,
Cowburn gave his pursuers the
slip during five nail-biting days
and nights traveling the length
of France. This exemplary agent
(rated by the renowned spy
Virginia Hall as SOE’s best in
France) is modest about his
prowess. He’s also candid—
cursing himself as a “clumsy ass”
become early recruits in the
Resistance. Vomécourt’s scruffy
appearance did little to conceal
his attitude of superiority
toward most people—especially,
at first, Anglo-Saxons who
presumed to think they were the
ones who would free his country
of the Nazi occupiers. His
manifest resentment reflected a
widespread feeling of shame
among his compatriots after
France’s capitulation to Hitler.
Vomécourt recalls how national
pride was restored. “Our
amateurism developed into
‘expertise,’ ” he writes, “under
the compulsion of fear and
danger.” Over time he also
realized that the war could only
be won by working closely with
the British and Americans. After
as the Boorn Brothers.
Consumed by their hatred for
the Third Reich following the
loss of their wives, children and
parents on a passenger liner
torpedoed by a German U-boat,
the brothers signed up with SOE.
Their own luck ran out when
they were captured before D-Day
by agents of a local Gestapo
chief, Klaus Barbie. Known
infamously as the Butcher of
Lyon, Barbie tortured the
brothers without mercy before
dispatching them to a Nazi
death camp. By some miracle
they survived. The last we read
of them, they’re in a London pub
raising a drink to their fallen
comrades. Both, however, died
relatively young. In the end the
war killed them, too.
advancing to his doom, like a
bullock in one of the Chicago
meat-packing yards. There was a
deadly pause as the man
immediately in front of him was
stopped . . . the wretched man
was led off in terror and Michel’s
heart sank into his boots.” Both
Churchill and the agent who
would become his wife, Odette
Sansom, were captured by the
German counterespionage ace
Hugo Bleicher and handed over
to the Gestapo to be tortured.
Incredibly, the Churchills later
invited Bleicher—who had
apparently recused himself from
the violence—on holiday with
them in France. For the
Churchills, at least, the desire for
reconciliation after long years of
war proved overwhelming.
The broader question from Johnson’s impeach-
ment is whether it was a mistake. Many historians
have concluded that it was, no doubt partly due to
its incompetent execution. Ms. Wineapple joins a
group of historians who disagree. “It had not
succeeded, but it had worked,” she asserts.
Impeachment served its purpose by undermining
Johnson as he debased the nation’s most
cherished principles during its weakest hour.
There is much to recommend Ms. Wineapple’s
argument. “The impeachers,” she writes, “had
reduced the seventeenth President to a shadow—a
shadow President; that is, a President who did not
cast a long shadow.” Scholars of Reconstruction
might feel differently about the length of
Johnson’s shadow, but his case does suggest that
it is possible to constrain a president through
impeachment without removing him.
Mr. O’Donnell is a lawyer in the Chicago area. His
writing has appeared in the New York Times, the
Atlantic and the Nation, among other publications.

succumbed. Ibsen was hampered of a two-year period in which we “don’t

Henrik Ibsen: throughout by a lack of competent
translators and—a still more formidable
know the names of any women in Ib-
sen’s life . . . although we do know that

The Man obstacle—by busy, outraged censors. He

And the Mask
Continued from page C7
Indomitable though Ibsen may ap-
pear, there are many junctures in Mr.
de Figueiredo’s chronicle where it
seems life could have shipwrecked him,
irremediably. A proud soul, whose
once described himself as having “en-
he had asked a young woman to dance
the year before.” A cagey fella, Henrik.
ergy enough to kill a bear.” He persisted. Ibsen’s correspondence has been
Play after play, Ibsen brewed up a
scandal: “A Doll’s House” (respectable
printed extensively in Scandinavia,
sparingly in America. I can’t say I feel
woman abandoning husband and chil- the lack. Though some were helpful,
dren), “Ghosts” (syphilis poisoning the none of the letters excerpted in Mr. de
lives of the well-to-do), “Hedda Gabler” Figueiredo’s volume seemed an enticing
(infidelity, drunkenness, suicide). It’s jewel. I’d take Ibsen at his word: “I am
amusing to read how flamingly reviled a man whose chief passion is certainly
Ibsen was in the press (“A loathsome not correspondence.” In his gruff way,
sore unbandaged”—Daily Telegraph). there’s something endlessly endearing
ALAMY

amour-propre yielded to vainglory in
his later days (he was a great one for
wearing his decorations and medals in
public), Ibsen as a young man nearly
wound up in debtors’ prison and forced
labor. One can imagine how such public
shame might have crushed someone so
guarded and intense, so prone to “ner-
vous fever.” His plays are haunted by
portrayals of thwarted promise, of
squandered brilliance. Perhaps the
most celebrated is Ejlert Løvborg in
“Hedda Gabler,” who instead of shep-
herding to publication his visionary
work on the “future course of civiliza-
tion” ends his life in a brothel, a victim
of drunken misadventure, perishing
from a gunshot wound to the groin.
Ibsen’s characters rarely end well.
The playwright rode charismatic,
doomed losers like Løvborg to fame and
glory. Triumph sprang from failure. Mr.
de Figueiredo does a fine job of chroni-
cling how, in their differing ways, coun-
try after country fell under Ibsen’s spell,
beginning in Scandinavia and Germany.
(During one week in 1877, “The Pillars of
Society” was simultaneously performed
in five different Berlin theaters.) Eventu-
ally, France, Russia, England, America
His rebellious ascent was vertiginous.
“A Doll’s House” is arguably the world’s
most successful theatrical work. It has
been called the most-produced play
ever written.
“Henrik Ibsen: The Man and the
Mask” has its longueurs. It presupposes
familiarity with Norwegian events and
figures obscure to most American read-
ers, and much of what it posits must
be taken on faith—including, notably,
Ibsen’s comic gifts. Over the years, I’ve
heard various Scandinavians insist on
Ibsen’s genius for comedy, which to me
remains mostly undetectable. Yes, his
plays abound in clownishness, in ob-
tuse stumbles over social niceties in
those upright parlors that many of his
characters call home. Yes, his Peer Gynt
is—like Don Quixote or Lemuel Gulliver
or Wilkins Micawber—one of the im-
mortal cartoons, a stumblebum Odys-
seus who loses all his battles, who
crashes into every site except the tem-
ple of wisdom, but who’s also an un-
conquerable life force who, audiences
feel, deserves his fifth-act prize: the
love of a good woman. But where is the
keen, jubilating wit, where the bright,
bobbing buoys of humor in those cold
NORTHERN SPHINX Ibsen as depicted by Edvard Munch in 1898.
gray seas his characters would navigate?
Admittedly, the wittiest of all modern
English-language playwrights, George
Bernard Shaw, was galvanized by Ibsen.
Shaw, too, struggled with the censors,
and Shaw, too, yearned to open up the
theater to challenging ideas and disputa-
tion. When Ibsen observed of “Ghosts”
that it would likely “cause alarm in cer-
tain quarters,” and added, “If it did not,
then it would not have been necessary
to write it,” he sounds a lot like Shaw,
that lifelong battler against convention
and complacency.
The two master playwrights make a
fertile pair, alike in many ways and sig-
nificantly opposed in others. Typically,
Shaw’s plays intend to convince you;
Ibsen’s, to confound you. With Shaw,
you feel yourself in the presence of an
artist who—subtly, ingeniously—means
to bend your thinking to his point of
view. But Ibsen wasn’t nicknamed the
Northern Sphinx for nothing: His plays
provide more riddles than solutions.
This seems especially true of some of
his later “symbolist” plays like “Ros-
mersholm” and “When We Dead
Awaken.” High drama, few answers.
Indeterminacy is one source of
Ibsen’s enduring strength and fascina-
tion. The plays alter, adapt themselves
over time. How sympathetic can we
feel today toward Nora Helmer in “A
Doll’s House,” who concludes the play
by slamming the door on both husband
and audience, forsaking her beloved
children? More so now, surely, than
when the play opened. And what of
Hedda Gabler, who nudges her ex-lover
toward suicide and, when he botches
the job, explosively extinguishes her-
self? Hemmed in, married to a clueless
scholar, manipulated by a scheming
family friend, Hedda surely seems more
pitiable today, if no less horrifying,
than she did 130 years ago.
Ibsen remains a stubborn puzzle. In
particular, his romantic life, his dealings
with women as both stage creatures
and workaday beings, is obscure—
sometimes amusingly so. In a book
short on humor, Mr. de Figueiredo un-
wittingly made me laugh when he spoke
to this exaggerated figure: an uncom-
municative man who somehow picked
up the habit of composing master-
pieces. By the time of his death—in
1906, at the age of 78—he had pub-
lished some two dozen plays, about
half of which remain part of the West’s
dramatic repertoire.
“Henrik Ibsen: The Man and the
Mask” offers one utterly mesmerizing
photograph. Its caption reads: “The
sculptor Stephan Sinding beside the
sculpture that formed the basis for
the bronze statue of Ibsen outside the
National Theatre in Kristiania, unveiled
on 1 September 1899.” Ibsen was a
diminutive man and the white statue is
magnificently, monstrously huge. On a
low table beside the hem of the great
man’s greatcoat stands an effigy, less
than a foot tall, a miniature model of
the sculpture—and, seemingly, a distil-
late of the man himself. A totem? A
troll figurine? Genie? Hellion? An imp
of the perverse? An inner demon? The
answer is anybody’s guess.
Mr. Leithauser, a former drama critic
for Time, is the author, most recently,
of the novel “The Promise of Elsewhere.”
THE WALL STREET JOURNAL.
‘Paradoxically [a ship] is a tool by which the user is held. It will serve him only in proportion to his service to it.’
The Floating Laboratory
Endeavour
By Peter Moore
Farrar, Straus & Giroux,
420 pages, $28
BY A. ROGER EKIRCH
L
ONG AFTER carrying
Capt. James Cook to the
far side of the world, the
naval vessel HM Bark
Endeavour continues to
inspire adulation, most of all in Great
Britain, Australia and New Zealand.
In 1768, joined by nearly 100 crew-
members in addition to the promi-
nent naturalist Joseph Banks, Cook,
just shy of 40 years old, embarked
from London for the South Seas in
the first of three storied expeditions.
Following a short, inhospitable stay
in Rio de Janeiro, he spent months
exploring Tahiti and mapping the
coastlines of New Zealand’s North
and South islands. Besides returning
with innumerable botanical speci-
mens and a small menagerie of
animals, Cook became the first Euro-
pean explorer to chart the eastern
coast of Australia, a place he
claimed for Britain upon going
ashore at Botany Bay near the pres-
ent site of Sydney.
To the unknowing eye, Endeavour
had no business plying the open seas,
much less traversing the globe. In her
first life, as the Earl of Pembroke
(launched 1764), she had been a collier,
ALAMY
with a burden of 368 tons, carrying
coal to London in convoys from
Whitby, a major shipbuilding center on
England’s northeastern coast. A flat-
bottomed barque with no pretense to
elegance, she bore a rounded bow and
a flush, or continuous, deck from stem
to stern, with an ample hold. None-
theless, barques, with their reinforced
hulls, were built “to last rather than to
dazzle.” Acquired by the Royal Navy
for research and exploration at the
urging of London’s Royal Society, the
ship was newly named Endeavour
and fitted out with an extra deck, a
sheathed hull and 22 guns. There was
no shortage of sophisticated scientific
instruments, from sextants to azimuth
compasses, and of course the tele-
scopes needed to observe the 1769
transit of Venus across the sun, which
was one of the expedition’s goals. Of
her mission, Cook, a reserved naval
officer of enormous dignity, reflected,
“A better ship for such a Service I
never would wish for.”
The outward voyage was not with-
out risk. Scurvy, now known to be
caused by vitamin C deficiency, could
literally cripple a seaborne crew.
Cook, who doggedly experimented
with myriad remedies, found a solu-
tion in fermented cabbage—sauer-
A Vigorous,
Brilliant
Young Man
Socrates in Love
By Armand D’Angour
Bloomsbury, 247 pages, $28
BY JAMIE JAMES
I
F THERE IS one philosophical
nugget most people know by
heart, it is “The unexamined
life is not worth living.” Socra-
tes, who coined the phrase, is
often called the founder of Western
philosophy, his name the byword for
wisdom, in a dead heat with Confucius.
Yet the life of Socrates himself has
remained largely unexamined.
There’s a good reason for that:
Socrates never wrote a book. Every-
thing we know about him survives in
the reports of other ancient authors,
primarily Plato, who makes his teacher
the protagonist of most of his dramatic
dialogues. Quizzical, feigning confusion
about matters that he understands
perfectly well, Plato’s Socrates is a
portrait as crisply drawn and subtly
modulated as a portrait by Velázquez.
Yet like the painted portrait, it is a
work of the imagination, reflecting the
vision of the artist as much as the
personality of the sitter. Plato’s Socra-
tes is a fictional creation, intended to
captivate the reader’s interest and
express the author’s own ideas.
It isn’t quite true that the life of
Socrates has not been examined; at any
rate his death, a court-ordered suicide
by drinking poisonous hemlock, has
been studied more thoroughly and
often than any apart from that of Jesus
Christ, to whom Socrates has fre-
quently been likened (by Ben Franklin
and Percy Bysshe Shelley, among
* * * *
SPIRIT OF ENTERPRISE Since the 1990s a replica of James Cook’s Endeavour has toured the coasts of Australia, Britain and other locales.
kraut—which he routinely required
every sailor to consume. But that was
not the worst. Endeavour subse-
quently ran aground on the Great
Barrier Reef, forcing the crew in an
act of desperation to heave all of her
guns overboard. After repeated false
starts, she was luckily drawn off by
high tide, badly leaking but able to lie
up on the coast. Only after extensive
repairs did the ship pursue a west-
ward route home, reaching the port
of Dover on July 12, 1771, to wide-
spread jubilation.
In writing the biography of an
insentient object, Peter Moore, au-
thor of “Endeavour: The Ship That
Changed the World,” set himself a
challenging task. But in the early
chapters Mr. Moore, whose last book
chronicled Britain’s early atmo-
spheric scientists, draws the reader
in with lively prose. He estimates
that Endeavour’s construction in
Whitby required 200 mature oak
trees. “To look at a tree was not just
to study its form and colours,” Mr.
Moore writes. “It was also to con-
sider its past. The more a tree is
forced to withstand, the stronger it
others). Periodically, scholars under-
take to solve what is known as the
Socratic problem, shorthand for the
attempt to disentangle an accurate,
verifiable narrative of the life of the
historical Socrates from the available
sources. Plato is by far the most influ-
ential of those sources, but other con-
temporary reports have survived, an
ill-assorted lot, frequently in con-
flict, that usually reveal more about
the reporter than the subject. As a
result, most attempts to establish a
coherent narrative of Socrates’ life
end in failure, a learned version of
the Indian parable of the blind men
and the elephant.
Armand D’Angour, a classics
professor at Oxford, has under-
taken a comprehensive study of
the Socratic problem and distilled
a biography of the life entire.
Its provocative title, “Socrates
in Love,” emphasizes that Mr.
D’Angour intends to reconstruct
the philosopher’s early life. It is a
tour de force of scholarship, and he
sifts through his vast reading with
judicious care. Open-minded but not
credulous, he accomplishes what was
long thought to be impossible: a reli-
able, consistent account of the man
who forged the matrix of Western phi-
losophy.
Plato’s principal weakness as a
biographical source is that he did not
meet Socrates until his mentor was a
middle-aged man with an established
reputation as Athens’s most distin-
guished philosopher. Plato created the
enduring image of him as a saintly
bum, wandering the streets barefoot,
wrapped in a tattered cloak, too ab-
sorbed in his ceaseless contemplation
of virtue and justice to take any inter-
est in worldly affairs.
Mr. D’Angour pieces together a con-
vincing portrayal of Socrates as a
vigorous, brilliant youth who made a
deliberate choice to renounce a role in
public affairs. Only one line of Socrates’
writing survives, a verse from a poem
BOOKS
becomes, which is why withered oaks
standing in an isolated ground sur-
vive gale after gale,” especially on the
moorlands of northern Yorkshire.
At times, Endeavour itself all but
fades from the text. When temporarily
moored in a London dockyard, she
serves as a vessel, so to speak, for the
author to recount historical events
and personalities elsewhere in the
capital. We are treated to a detailed
portrait of the rabble-rousing radical
John Wilkes during his battles with
the political establishment. But
Wilkes, like parliamentary legislation
to tax the colonies (among other
controversies that catch the author’s
eye), has no relationship to Endeavour
apart from a “chronological conver-
gence” in London.
To be fair, Mr. Moore contends
that Endeavour exemplified the spirit
of enterprise—the “endeavouring
culture”—also evident in other ambi-
tious projects during the second half
of the 18th century, including
Wilkes’s campaign to advance de-
mocracy. Endeavour, the author
writes, “was a fundamental compo-
nent of the Enlightenment approach
written in youth: “Those who honor
the gods best in dancing are also best
at fighting.” Mr. D’Angour enlarges on
these themes and portrays Socrates as
a man of action, a robust soldier and
G. DAGLI ORTI/DE AGOSTINI/
GETTY IMAGES
Socrates was eccentric
and famously ugly. But
in youth he had been an
active soldier, celebrated
dancer and avid lover.
celebrated dancer, pursued by older
men in his adolescence and in adult-
hood himself a pursuer, of women as
well as good-looking young men, nota-
bly Alcibiades, the ward of Pericles,
“first citizen” of democratic Athens.
Yet by every account, the philoso-
pher was exceptionally ugly, his mien
marred by monstrous bulging eyes, in
Saturday/Sunday, May 18 - 19, 2019 | C9
and it was in the years 1750-80 that
the impulse was at its strongest.”
Would that this theme had been
thoroughly developed. While Mr.
Moore has written an engaging, well-
researched narrative, little else of
substance is fresh, including the
extravagant claim of its subtitle—that
Endeavour “changed the world.” No
She was outfitted with
22 guns and cutting-edge
instruments: sextants,
azimuth compasses and
telescopes to observe
the 1769 transit of Venus.
less a figure than Charles Darwin as-
serted that the ship had helped “add
a hemisphere to the civilised world.”
Yet since the early 16th century the
Dutch East India Co. had engaged in
a lively trade transporting spices and
other commodities to Europe. The
claim, ironically, is more on the mark
for eastern Australia, which would be
a society that prized manly beauty as a
virtue partaking of the divine. Byron’s
thumbnail sketch of Socrates as a “low,
swarthy, short-nosed, round-eyed sa-
tyr” is typical; in a shallow moment,
Nietzsche declared, “Socrates was rab-
ble,” his repellent aspect “the sign of a
thwarted development.” Mr. D’Angour
cites modern research suggesting that
Socrates’ protruding eyeballs may
have resulted from the onset of hy-
perthyroidism in middle age; more-
over, some of his eccentricities,
such as his habit of standing stock
still for hours, oblivious to his sur-
roundings, may have been symp-
tomatic of advancing catalepsy.
The earliest incident of Soc-
rates’ life recounted by Plato is
his rescue of Alcibiades after the
dashing young aristocrat fell
wounded in the thick of battle.
Alcibiades’ telling of the story is the
dramatic high point of the “Sympo-
sium,” probably Plato’s most well-
known work, which reads more
like a lively philosophical novella
than a dialogue. In it, Socrates
propounds his theory of love, in-
troducing the concept of Platonic
love, which formed the basis of his
theory of ideal forms.
Mr. D’Angour saves his most excit-
ing discovery for last. As usual, Socra-
tes is Plato’s mouthpiece in the “Sym-
posium.” He says that the concept of
ideal love was taught to him in his
youth by a woman named Diotima, his
instructor in the arts of love. Diotima
has always been identified as a fic-
tional character, a narrative device that
Plato’s Socrates uses from time to time.
Mr. D’Angour, however, proposes that
Diotima was a real person, Aspasia of
Miletus, the beloved of Pericles, who
was a brilliant intellectual in her own
right, reputed to have ghostwritten
Pericles’ famous funeral oration, re-
corded in Thucydides’ history of the
Peloponnesian War.
A non-Athenian, and thus probably
barred from entering into a legal mar-
—RAY PARK IN
rapidly transformed once Britain es-
tablished a series of penal colonies,
beginning in 1788 near Botany Bay, to
which thousands of convicts would
be banished.
After having traveled some 70,000
miles over eight years, Endeavour
went back to less glamorous service.
She was used not only, once again, as
a collier but also as a transport
(newly renamed the Lord Sandwich)
for carrying Hessian troops during
the British invasion of New York in
1776. She was then a prison ship
moored in Newport, R.I., an equally
dismal fate for both the ship and her
American inmates.
What little remains of Endeavor,
save for her guns, lies submerged off
Newport, where she was scuttled in
1778. Just one year later, during his
third voyage to the Pacific, Capt.
Cook would die at the hands of a
native tribe in Hawaii.
Mr. Ekirch is a professor at
Virginia Tech and the author, most
recently, of “American Sanctuary:
Mutiny, Martyrdom, and National
Identity in the Age of Revolution.”
riage with Pericles, Aspasia was the
butt of scurrilous abuse, particularly
by the comic playwrights, who por-
trayed her as a scheming courtesan.
These slanders were accepted by
classical scholars and reinforced by the
misogyny of their own times. Mr.
D’Angour rehabilitates Aspasia’s repu-
tation and ingeniously argues that she
originated the concept of Platonic love,
one of the first principles of Western
philosophy. Moreover, he moots the
“attractive and compelling possibility
that the advent of Aspasia into the
young Socrates’ life” may present “an
appealing and credible image of Soc-
rates in love.”
The book occasionally suffers from
a fault common among scholars writ-
ing for a lay readership: Mr. D’Angour
explains what doesn’t need explaining,
both in the sense of underestimating
his readers (locating the Peloponnesian
peninsula, defining “battering ram”)
and making trivial distinctions, such as
disambiguating one obscure historical
figure from another equally obscure
with the same name. When he ventures
outside his field of expertise, he falls
flat. In one little disaster, he quotes one
of the most famous lines in English
poetry, “The child is father of the
man,” and calls it a “saying,” then mis-
interprets Wordsworth’s meaning.
The book’s haphazard structure, or
lack of one, is an almost endearing
flaw: The author is equally excited by
all his material and can’t wait to move
on to the next point. Yet he writes
clearly and well, and the reader happily
follows him on his enthusiastic intel-
lectual tour. In a satisfying conclusion,
Mr. D’Angour pulls together his find-
ings in a concise 15-page biography of
Socrates, from his birth to the cup of
hemlock, which sparkles with vivacity
and does not overtax the scholarship
that sets it up.
Mr. James is the author of “Pagan
Light: Dreams of Freedom and
Beauty in Capri.”
C10 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘Such things happen . . . lives are thus ruined . . . wrong turnings are taken . . . and those who make one mistake wreck all the rest.’ —IRIS MU RD O C H

TheWrong Sort of People

MYSTERIES
TOM NOLAN

After the Party

Silvery Canines
By Cressida Connolly
Pegasus, 261 pages, $25.95
And Surgical
BY ANNA MUNDOW Scalpels

C
RESSIDA Connolly’s
flawless new novel IN THE WATER-LOGGED under-
“After the Party,” ground chamber of an empty
for all its darkness, Miami Beach mansion once owned
seems suffused with by drug lord Pablo Escobar sits a
the “soft, buttery” light of an Eng- booby-trapped steel safe holding
lish summer afternoon. Here fruit some $25 million of gold. This
ripens in walled gardens, women semi-buried treasure is the urgent
stroll on pliant lawns and roses focus of two separate gangs of
scent the air. But in June of 1938, thieves in Thomas Harris’s “Cari
infernal shadows lengthen. The Mora” (Grand Central, 311 pages, $29), the
world is facing war and in drowsy author’s first book in 13 years.
Sussex, as elsewhere, homegrown Mr. Harris introduced the world to Dr. Hannibal
fascists have been galvanized by Lecter in “Red Dragon” (1981). “The Silence of the
Oswald Mosley, the real-life Lambs” (1988) made the serial-killer cannibal
PAUL POPPER/POPPERFOTO/GETTY IMAGES

founder of the British Union of famous. His new book also features a ghoulish
Fascists party. “There was some- figure: Heading one of the gangs in “Cari Mora” is
thing tawny, a bird-of-prey glint,” Hans-Peter Schneider, a German with “rather long”
one character observes of “the and silvery canine teeth who earns an obscene
Leader” when he visits her village, living trafficking in body parts and selling women
“almost as if he were a military to a sex club in Mauritania. In the grotesque Hans-
official surveying the troops.” Or a Peter—with his demonic sense of humor and surgi-
philanderer, which Mosley notori- cal scalpels—Mr. Harris has created an indelible
ously was, eyeing his next female rival to his iconic fava-bean-savoring villain.
conquest, which Phyllis Forrester The other gang on the scent of Pablo’s gold is
decidedly is not. The youngest and SUSPECT Diana Mitford and Oswald Mosley in 1943. Mitford inspired Cressida Connolly’s protagonist. infinitely more sympathetic, a crew of Miami Beach
mildest of three privileged sis- fishermen allied with an organization bossed by a
ters—they vaguely resemble the fesses. “Had it not been for my they were children,” she muses, re- her and all illusions have vanished. don in Colombia. Sympathetic to their quest,
Mitford girls, one of whom became weakness, someone who is now membering Nina’s “endless bossy “I was softer when I was young,” though not a gang member herself, is the 25-year-
Mosley’s second wife—Phyllis is dead could still be alive.” Then we lists” and “little rule books she she concedes. “Experience hardens old Cari Mora—the empty mansion’s housekeeper.
“used to not choosing for herself” return to the summer of 1938. made by hand.” Ms. Connolly is a you. If it didn’t, life could break a Cari, a former child soldier for the FARC rebel
in matters of marriage, mother- Arriving home after years master of such exquisite asides and person.” Time and loss do indeed group, is now a wildlife-sanctuary worker. Her pas-
hood or, indeed, politics. But she abroad, Phyllis, accompanied by deploys them unerringly through- sharpen the vision and coarsen the sion is saving wounded animals, but she can still
knows her own strength. “People her self-important husband and out the novel, revealing character tongue of this elusive and complex assemble an AK-47 in 45 seconds.
tended to tell me things,” she says, three sweet children, first notices (“Eric had always aspired to play- character, finally exiled from all she THIS “Cari knew how to do many
reflecting on secrets closely held. that “from the boat the cliffs at ing golf, he was that sort of man”) once loved. “Back in the old days WEEK things,” Mr. Harris writes.
“I think they thought I was a safe Dover had looked so dingy, like the while sustaining an effect of light- they used to love calling him Tom,” She knows Hans-Peter for what
bet, not because they were so in- cut side of a stale loaf of bread,” ness and ease. Phyllis says, mocking her family’s Cari Mora he is when he shows up to rent
terested in me, but because they but later she thrills to sense that We follow Phyllis through an infatuation with Mosley, “but after- By Thomas Pablo’s mansion, ostensibly to
were so interested in themselves.” “outside in the velvety darkness all indolent prewar season beautifully wards they went on as if they’d Harris shoot a film: “She caught a whiff
Phyllis’s steady gaze takes in ev- around lay England. In the still air conjured, often in heady, sensual never met him. . . . ‘We knew him of brimstone off him. Like the
erything: the countryside she and in meadows and marshes and detail. More resigned than happy, a little, socially, yes. But we were smell of a burning village with
loves, the social class she inhabits country towns; in smooth rivers she humors her husband and her never members.’” dead inside the houses.” Cari spurns his offer to be
and the family around which the and deep woods.” Here, surely, sisters, re-encounters a childhood Yet bitterness is not the emo- the live-in housekeeper for his phony film crew,
novel revolves. The family that will order and rightness prevail. Each friend who once loved her (wrong tion that lingers here. Like the but her friendship with the fishing-gang members
betray her to her own government. morning, Patricia, the eldest sister, class, unfortunately), and grows writers who have inspired her, soon brings her into more hair-raising contact with
Before entering Phyllis’s world, writes letters and household lists close to Sarita, the enigmatic most notably in this case Elizabeth Hans-Peter’s bunch.
however, we hear her aged voice, “on cards as smooth and stiff as a foreign wife of a local cad. A seed Bowen, Ms. Connolly is too astute The two gangs, meanwhile, in order to get their
confiding and clear. “Someone starched collar,” while Nina, living of unease, planted early, grows and compassionate a novelist to hands on the treasure, are trying to get technical
said to me once, when I was nearby, organizes a summer camp stealthily. There will be an infi- provide neat conclusions. And information being sold piecemeal to the highest
young, that my hair was as glossy to advance the “peace work” of delity, a shameful public moment, a “After the Party,” her American bidder by another nefarious presence: a former
as the flank of a well-stabled Mosley’s fascist party. Lots of tragic death: muffled shocks that debut, is too delicate a creation to Escobar associate lying in a hospital bed in
horse,” she recalls in 1979, when it marching around, then time for disturb but never disrupt the curdle into sourness. The novel Colombia. “What you want is sitting on fifteen
has turned “yellowing white.” By tea. Soon Phyllis’s children are artfully constructed narrative as it leaves us instead with the myste- kilos of” explosives, this ailing man reminds Hans-
then, she has been incarcerated reveling in games and campfires shuttles back and forth between rious sense of having inhabited a Peter. “If you find it without my help you will be
for years, we don’t yet know why. while their father hobnobs with 1979 and the critical years of 1938 time and a life whose emotional splattered on the moon.” Sooner or later this
Her children, when she is released, Mosleyite bigwigs and Phyllis duti- to 1943. The latter period and the gravity holds us still. “What makes insouciant fellow must fall prey to one of the larger
shrink from her embrace and Phyl- fully attends meetings and lec- heyday of British fascism have people unique is what they don’t predators he taunts; such is the unforgiving nature
lis can hardly blame them. “Here tures. “It’s abundantly clear that been well documented and drama- tell,” Ms. Connolly wrote in of the food chain in Mr. Harris’s savage world.
was this haggish-looking old per- the Jews and their financiers have tized, but Ms. Connolly’s portrait of “Greengages,” a short story from The action in this novel shuttles back and
son instead of their mother. My a vested concern in trying to goad Mosley and his followers, in their “The Happiest Days” (1999), and forth in time and between Florida and Colombia.
clothes must have seemed very us into another war against Ger- chumminess, seems freshly chill- here, as in her previous novel, “My A less accomplished or ambitious writer might
drab, too. And then of course pris- many,” Nina informs her younger ing. Almost as shocking, however, Former Heart” (2011), she gently have crafted a worthy thriller with only one or
ons smell awful.” In a few plain sister, who, like many Britons, in this muted drama is the Phyllis infiltrates that private realm to two of the story strands that Mr. Harris weaves;
sentences, the novel’s intimate, “couldn’t stand the thought of an- we come to know—and to hear— reveal those innermost secrets. but the several plot elements in “Cari Mora” are
understated tone is set, and a other war.” But Phyllis can’t take over the course of time, when always in fine balance, as befits the work of a
hook is cunningly baited: “What I Nina seriously either. “She’d al- Holloway Prison’s stench and “fat Ms. Mundow is a writer in unique master still at the top of his strange and
did was terrible,” Phyllis con- ways been inventing clubs, when eels of black dust” have marked central Massachusetts. chilling form.

Tales of History and Imagination

‘THE MOST PREPOSTEROUS dwindle and pushed him to the unravel into separate loose vince the risk-averse high com- unique perception of the
things in this narrative are brink of insolvency. threads. Tidy endings belong to mand to venture it in the first celestial spheres by virtue of his
true,” writes Roxana Robinson Dawson’s tragedy is to be out the province of fiction, Ms. place. On one hand, Tubman “astral tube,” a custom-made
in an endnote to “Dawson’s of step with the times. His Robinson seems to tell us. was famous in her day, idolized telescope.
Fall” (Sarah Crichton/FSG, belief in the steady, civilized American history rarely offers by Union officers like Thomas As the men await the fore-
332 pages, $27), her potent march of progress is over- such consolations. Wentworth Higginson and told eclipse and Leibniz
amalgam of fiction, genealogy whelmed by the delirium of A more hopeful passage of James Montgomery, the former attempts to discern whether his
and archival transcripts. Ms. racial animosity. “It has been history is brought to life in confidant of John Brown. On host is insane, the astronomer
Robinson’s central character, one hundred years since the Elizabeth Cobbs’s novel “The the other, she is a black woman unfolds the labyrinthine tale of
the newspaperman Francis Declaration of Independence, Tubman Command” (Arcade, in 1863, prone to being dis- his upbringing, his trials as the
FICTION Dawson, is also her great- and the Constitution is played 326 pages, $25.99). During the missed, insulted, scapegoated Imperial Astronomer of the
SAM SACKS grandfather, and by envisioning out now, and every man can do Civil War, Harriet Tubman, the and worse. In one ludicrous but Habsburg Empire and the
his life and death she conjures just as he pleases,” says a white all too believable twist, the op- circumstances of his blinding.
the conditions of post-Recon- farmer on the eve of a mass THIS WEEK eration is nearly scuttled when For all its ornamentation, “The
struction South Carolina, a lynching. Ms. Robinson comple- she’s falsely accused of stealing Organs of Sense” is an exten-
place defined by its “twinned ments her hair-raising depic- Dawson’s Fall sugar from the commissary. sion of Mr. Sachs’s 2016 book
tendencies toward violence: one tions of such crimes with lurid, By Roxana Robinson Ultimately, the novel depicts “Inherited Disorders,” a
from seven hundred years of real-life clippings from the a heroine as willing to out-argue wincingly funny collection of
Novels savage border fighting, and one News and Courier. The fester- The Tubman Command a room of grizzled white offi- sketches and parables about the
about from two hundred years of that ing, vengeful hatreds of the era By Elizabeth Cobbs cers as to sail into battle at the manifold ways fathers and
peculiar institution, slavery.” are palpable, and beside them bow of a gunship. For reasons children drive each other to
Harriet Dawson is the kingmaking Dawson’s dignified appeals for The Organs of Sense unknown, the U.S. Treasury despair. The astronomer’s luck-
Tubman, editor in chief of Charleston’s “absolute justice between man By Adam Ehrlich Sachs appears to have shelved plans less father, a court sculptor, is
a leading daily paper, the News and man, or race and race,” to put Tubman on the $20 bill. the foil in his rise to fame, and
crusading and Courier. After a brisk trot seem increasingly futile. For those responsible for the his son is central to his collapse.
through the highlights of his Because Ms. Robinson is con- legendary conductor of the decision, this book ought to be “It is in dealing with the non-
Southern youth—his immigration from strained by biographical fidelity, Underground Railroad, served assigned reading. sensical . . . that we must be
journalist England to fight for the Confed- to portray Dawson’s downfall as a scout and occasional spy Adam Ehrlich Sachs carries most rigorous,” the astronomer
and a eracy, his marriage to a Louisi- she has to introduce a com- for the Union Army. The out a delightful perversion of notes, and his story is stuffed
ana blueblood—Ms. Robinson pletely new story line in the narrative—which, like “Daw- history in “The Organs of with scrupulously detailed
teenage homes in on the year 1889, second half of the book, this son’s Fall,” is accompanied by Sense” (Farrar, Straus & balderdash, from poker-faced
Gottfried when the primacy of the News involving an illicit affair striking excerpts from original Giroux, 227 pages, $26), a musings about Aristotelian
Leibniz. and Courier is being threatened between the family governess documents—finds her amid mock fable set in Bohemia in notions of the cosmos to a love
by a rival newspaper operated and a murderous confidence Union ranks in South Carolina’s 1666. The account, which para- story between an ailing Habs-
by a venomously racist “fire- man. Atmospherically, the Port Royal Island, where she phrases a fabricated text in the burg princeling and the daugh-
eater.” Dawson has shrugged off scenes are of a piece with the spearheads a “bushwhacking metafictional manner of a ter of the Imperial Bloodletter.
countless death threats for his rest of the novel, building on operation” up the Combahee Borges story, relates the teen- A tangent about a royal collec-
editorials against duels and the almost film-noir climate of River to destroy Southern crops age polymath G.W. Leibniz’s tion of glockenspiels is included,
lynch mobs (though his hedging depravity and madness. But the and liberate “contraband”—that visit to a remote observatory on I’m pretty sure, only because
in the matter of racial equality subplot stymies the sense of is, more than 750 enslaved men, the day that an astronomer has “glockenspiel” is a funny word.
has found critics as well), but drama. There’s no meaningful women and children. predicted a solar eclipse. The After the zingers of “Inherited
the establishment of Jim Crow connection between the con Ms. Cobbs is a capable rub is that the astronomer is Disorders,” the novel reads like
and the resurgence of white- artist and the rising racial chronicler of the operation, but blind—his eyes have literally an elaborate shaggy dog joke.
supremacist movements have violence, so “Dawson’s Fall” the real struggle, as she tells it, been plucked from his head— But the punch line is a good
caused his subscriber rolls to doesn’t conclude so much as is in Tubman’s efforts to con- yet he continues to assert one, if you can hold out for it.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | C11

BOOKS
‘We are mighty in spirit, though our bodies be trampled— / Shame, shame, shame to you, tyrants!’ —REVOLUTIONARY SONG, FROM SHOSTAKOVICH’S ‘ YEAR 1905’

Music and Madness

SCIENCE FICTION
TOM SHIPPEY

How Shostakovich
The New
Changed My Mind
By Stephen Johnson
Off-World
Notting Hill, 155 pages, $18.95
BY NORMAN LEBRECHT
Economy

I
N AUGUST 1942, with EVER SINCERobert Heinlein
emaciated corpses litter- published “The Man Who Sold
ing the streets and Ger- the Moon,” back in 1950, sci-fi
man guns booming all has held to two tenets. First,
night long, Joseph Stalin space exploration is bound to be
decided that what Leningrad made commercial: The romance
needed most was to hear the sev- of exploration alone isn’t
enth symphony of Dmitri Shosta- enough. Second, governments
kovich. The thunderous work had are the wrong kind of institu-
been premiered a few months be- tion for space anyway. They’re too risk-averse,
fore in Kubyshev, a city in Russia’s too penny-pinching, and—as famously pointed
interior to which the composer out by Richard Feynman after the Challenger
had been evacuated. The sym- shuttle disaster—too reliant on managers, not
phony had already been heard in engineers.
Britain and the U.S. in broadcast That looks prescient now, with swaggering
performances conducted by Henry space barons like Elon Musk and Jeff Bezos using
Wood and Arturo Toscanini. their own billions to go into orbit. Daniel Suarez’s
Bringing it to Leningrad under hugely impressive “Delta-V” (Dutton, 448 pages,
German siege would be both an $28) fuses the real world with sci-fi, giving the
act of defiance and a triumph of space genre a new boost and new hope.
UIG VIA GETTY IMAGES

propaganda. The problems, of course, remain formidable,

The city’s radio orchestra filled
out its ranks with music teachers,
ex-players and amateurs. The
concert, conducted by Karl Elias-
berg on Aug. 9—the day Hitler
had designated for Leningrad’s
surrender—was beamed at the
German army through giant loud-
speakers. Hearing the music, a
German officer is supposed to
have muttered: “We’ll never beat
these people.” Although the siege
lasted another 18 months, Lenin-
grad held out until the Germans
were pushed back.
Roughly 60 years later, Stephen
Johnson, a BBC journalist, inter-
views the clarinet player in that
Leningrad performance, Viktor
Kozlov, asking him what he felt
when he heard the Leningrad sym-
phony today. Kozlov, with his wife
alongside him, bursts into tears.
“It’s not possible to say,” he sobs.
That admission sets Mr. John-
son off on a deeply personal ex-
amination of how a work of music
can save the lives and minds of
those who play and hear it. Mr.
Johnson, we learn from his book,
suffers from a bipolar condition.
He grew up in a dysfunctional
family with a depressive father
and a violent mother with a se-
vere personality disorder. As a
boy, he recalls, “I had to lock my-
self away to avoid destabilising
Mother. . . . If I could have voiced
the commandment I unconsciously
repeated to myself during that
AUGUST 1942 A billboard advertises the premiere of Shostakovich’s seventh symphony in Leningrad.
period, it would have been: ‘I must
not feel, I must not feel.’ ”
Music, he says, was the only
space where he could indulge feel-
ing. In his early teens, Mr. John-
son discovered Shostakovich’s
fourth symphony, the one the
composer shelved for 25 years af-
ter Stalin took against his opera
“Lady Macbeth of the Mtsensk
District.” Memorizing the sym-
phony—and reveling in its “terri-
fying mood-swings” and explicit
existential threats—Mr. Johnson
ran it through his head as a kind
of soundtrack as he cycled home
from school. “Living with your
mother,” his therapist-wife would
volunteer, “must have been like
that symphony.”
Shostakovich had composed the
fourth symphony during Stalin’s
Great Terror to save his own
sanity and to report covertly the
mass arrests and murders—
achieving, as Mr. Johnson puts it,
“a degree or two of distance from
the emotions he is articulating.”
As Shakespeare writes in “Hamlet”
(which Shostakovich set to music):
“Though this be madness, yet
there is method in ’t.” The com-
poser had found a means for mak-
ing sense of madness. “If Shosta-
kovich could find the ‘method,’”
thinks the teenage Mr. Johnson,
“then perhaps I could too.”
What follows is an intensely
readable, highly personal analysis
of the major works of a composer
who, Mr. Johnson decides, has
recorded a collective experience
for an all-inclusive listenership.
Streaks of black humor in the
music relieve the toll of tragedy.
A piccolo solo in the eighth sym-
phony pinpoints the absurdity of
individuality in tragic times. The
10th symphony, written as Stalin
lay on his deathbed, contains in
its signature theme hints of the
composer’s defiance and relief:
“I’m still here!”
When his mother is finally
taken to an asylum, Mr. Johnson
writes as if he were Shostakovich
when Stalin died: “The case
against me had collapsed. It could
now be seen what I’d had to con-
tend with all those years. Even I
could no longer accuse myself of
make-believe.” Anyone who has
survived an abusive childhood will
recognize this as the moment
when redemption seems possible
and life can at last be lived.
There is a theory in modern
psychology that refers to the “in-
ternal totalitarian object,” a device
by which the psyche uses an ex-
ternal evil to bludgeon the self
into compliance. Such an object
lives on in Russians as a sneaking
admiration for mighty Stalin; Mr.
Johnson feels both love and awe
for his maniacal mother.
“When I look back at the
strange ordeal of my early home
life,” he writes, reflecting on
Shostakovich’s eighth symphony,
“I seem to hear this music saying,
‘It is nobody’s fault.’ Blame is one
way of giving meaning to life, but
it keeps us prisoner.” In the eighth
string quartet he hears intima-
tions that the composer is con-
templating suicide while somehow
throwing a lifeline to Mr. Johnson
in the same dark place.
All great music teeters on the
edge of madness. This troubled
writer makes a convincing case
that the music of Dmitri Shosta-
kovich helped to save his mind. In
life’s crises, he suggests, each of
us comes up against an internal
siege of Leningrad, and music
comes to our relief.
Mr. Lebrecht’s next book,
“Genius and Anxiety,” will be
published in September.
especially the financial ones. If it costs $2,000-
plus to boost a kilogram into low earth orbit,
what’s the price of putting a many-thousand-ton
hotel/space base up there? On the other hand,
once humanity has a foothold outside Earth’s
gravity well, the cost of
THIS WEEK moving materials there
from deep space—mined
Delta-V from asteroids, say—
By Daniel Suarez becomes almost trifling.
An asteroid like Ryugu
Waste Tide (reached by the Hayabusa2
By Chen Qiufan probe while Mr. Suarez was
finishing his book) contains
iron, nickel, cobalt and
nitrogen estimated at some $80 billion.
Big costs, big profits, big future. But not
reachable the big-government way. The philoso-
phy of Nathan Joyce, Mr. Suarez’s financier-hero,
is to send humans up to solve problems on the
spot that pre-programmed AIs couldn’t. The risks
they run provide the narrative excitement: tech-
nical failures and rival billionaire-projects in
space, creditor takeovers and angry governments
back on earth.
Even more exciting, though, is the sense of
what could and can be done. Gaseous carbonyl
extraction to process metal from planetary dust.
Chemical vapor deposition to mold machine
parts. Both are needed, in the end, to make a
lifeboat after the mined materials have been
launched back—because, unlike NASA, billionaire-
funded projects send you up there but leave it to
you to get home.
At least you can pick where you land. There’s a
final comic scene as surviving crew members
touch down and are greeted by frowning officials
with a list of offenses and fines payable. “Will
this cover our fine?” asks an astronaut holding a
space diamond (its nature and origin already
explained as carefully as all other details).
“Welcome to Kazakhstan!” is the answer. It’s not
what they’d say at Cape Canaveral, that’s for sure.
Mr. Suarez concludes with a dozen-item read-

High School as High Art ing list, to make the point that he’s not just free-
wheeling and the issues aren’t all technological.
Space exploration is not just romance; it’s not
even just to keep the human species from having
CREATIVE IDEAS have a Damian, even as she’s word that “Shakespeare’s izer factories that will all its eggs in one basket. It’s also there, he
wonderful way of traveling, drawn into the thrall of the female characters were never displace the villagers and suggests, to save our economies from the day the
twisting, fizzing, disappear- Plastics, the glamorous as strong as those of Tina destroy the fishing grounds debt-bubble bursts. This is the High Frontier for
ing from view and then ruling clique consisting of Fey’s creation.” To which one they ply with their little financiers and politicians as well as for fans.
popping up again in un- three girls: Karen, Gretchen can only say: Faugh! boats. Straitened at home Chen Qiufan’s “Waste Tide” (Tor, 347 pages,
expected forms. Consider and the ruthless, charis- India in the early 1980s and disoriented by the $26.99), translated by Ken Liu, centers on a
this example: In Elizabethan matic Regina. Mystified by was nothing like the eco- impending changes, Hari different kind of mineral extraction. Silicon Isle is
England, William Shake- the many rules of this brave nomic power- slips away to a vast waste-reclamation center on the shore of
speare wrote plays in new “Girl World,” Cady has house it has THIS WEEK Bombay, where the South China Sea. It’s also a vision of Hell.
iambic pentameter. In the to learn fast. Here she since become. he tries to find a There, “waste girls” sit all day picking endlessly
CHILDREN’S United States in 2002, adapts to the expectations The city of William way to make through buckets of trash, sorting the plastic
BOOKS Rosalind Wiseman published of the humblebrag: Bombay had Shakespeare’s money. Alone, according to type. If there’s any doubt, the test is
MEGHAN “Queen Bees & Wannabes,” begun to sprawl, Much Ado About Lila struggles to to set fire to the scrap and sniff—not a proce-
COX GURDON a self-help book for girls CADY [aside:] Methought, but industrial- Mean Girls keep the family dure that ensures long life.
navigating high-school fac- once, there were two ization and pol- By Ian Doescher afloat. Both The real money, moreover, comes from
tions. Two years later, Tina forms: slim and fat. lution had not children, in their reclaiming rare-earth metals, vital for military
Fey adapted Ms. Wiseman’s Herein I better learn: there yet spread up The Village by resourcefulness, technology and for consumer goods. China
book to make the cult- is no end and down the the Sea earn the respect controls 95% of world production, but fortunately
favorite movie “Mean Of how the female form coastline, swal- By Anita Desai of adults who about 80% of the rare earths in consumer e-waste
Girls.” And now Ian may errant turn. lowing the fish- will help them can be recycled—at vast cost in pollution,
A cult- Doescher has mashed all GRETCHEN My hairline is ing villages with to adapt. naturally, so it makes economic sense to send it
classic these pieces together for bizarre. their little temples, coconut Ms. Desai, the Indian- somewhere where the operatives don’t have to be
“William Shakespeare’s REGINA —My pores are groves, and flowering hibis- born author of such cele- provided with health insurance.
film Much Ado About Mean craters! cus and frangipani. It is to brated novels for adults as The waste is hellish in more than one sense.
redone Girls” (Quirk, 176 pages, KAREN My nail beds are this vanished seaside realm “Clear Light of Day” and Much of it, in Mr. Chen’s horrifying vision, will
in the $12.99), a hilarious closet disastrous. that Anita Desai takes us in “Fasting, Feasting,” evokes come in the near future from prosthetic implants,
blank- drama composed in the REGINA [to Cady:] —What “The Village by the Sea” Lila and Hari’s world with artificial cochleas, breast implants and the other
style of the Bard. What Mr. of thee? (NYRB Kids, 260 pages, vivid, eloquent description. self-enhancements of the developed world. The
verse Doescher in his prologue CADY My breath is noisome $12.99), a beautifully writ- Pariah kites wheel in the microbatteries in discarded prosthetics live on,
style of slyly calls a “fey story” in the morningtide. ten and in some respects sky, “up in the very dome the limbs twitch, dead but microchipped guard
the Bard. recasts each scene of the KAREN Eww. old-fashioned story of chil- of it, looking down on the dogs wag their tails, the boundary between life
film as it might have been dren who find a way to sur- crawling sea and the little and death isn’t clear any more.
staged at the Globe Theatre, At once repelled by and vive in hard circumstances. creatures on earth from The discarded prosthetics contain body fluids
with pratfalls, murmured attracted to the back- First published in 1982, their great height and dis- too. And viruses, which aren’t dead at all. Just to
asides, and entrances and stabbing Plastics, Cady the book tells of Lila and tance.” At the village pond, add to the sense of horror, Silicon Isle has not
exeunts galore. As devotees briefly rises to stardom her brother, Hari, family women laugh and shout as abandoned its old ways while dealing with new
of “Mean Girls” can tell you, before tasting social death. breadwinners at 13 and 12, they wash clothing while materials. The clans of Luo, Lin and Chen jockey
the story follows 16-year- In an afterword, Mr. respectively. Their father is “dressed in bright pink and for power. The waste people consult witches and
old Cady Heron, hitherto Doescher explains that he forever drunk on toddy and orange and lime-green saris pursue their old and horrible habit of “palirro-
homeschooled by her zoolo- paired each principal female either off running up debts which they had tucked up mancy,” predicting the future by observing the
gist parents in Africa, as character from “Mean Girls” or passing out on the floor at their waists so that they struggles of tied and drowning animals, so similar
she enters the bewildering with a character from Shake- of their palm-thatched could wade into the water to the twitching guard dogs of the e-world.
hierarchies of junior year at speare. The part of Cady, for earthen hut. Their mother and stand in the mud.” We follow Mimi, a virus-infected waste girl
North Shore High in Evan- instance, draws on Miranda’s is too frail to rise, too sick When “The Village by the who becomes, in the end, a kind of cybergoddess;
ston, Ill. Or, as Cady puts it: lines in “The Tempest,” that to work. Lila and Hari can Sea” first came out, it won and, much more ironically, Scott Brandle, a Mr.
“Farewell said I to Afric and of “vile Regina” from Kate’s barely afford the school the Guardian Children’s Nice Guy working for ever-so-eco-friendly Terra-
its plains, / And bid hello to in “The Taming of the Shrew.” fees for their two little Fiction Prize. With any luck Green Recycling. But those who export the waste
high school and its pains.” There is only one clunker in sisters. Meanwhile, the this reprint will introduce a are just as involved as those who process it.
In short order, Cady this otherwise sparkling children hear rumors that fresh cohort of readers age That’s what globalization means. Mr. Chen
makes friends with two book, and that is the author’s the provincial government 9 and older to Ms. Desai’s quotes an old proverb: “God comes with leaden
semi-outcasts, Janis and wild assertion in the after- is planning to build fertil- superb work. feet, but strikes with iron hands.”
C12 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘It is nature sympathy, the growth of the heart, not nature study, the training of the brain, that does most for us.’ — N E LTJE B L A N C H A N

BY LAURA JACOBS
Why Birders Flock Together
I
BEGAN BIRDING in 1994. Not
birdwatching—birding. At that
time there was still a debate
about what you called it. “Bird-
watching” sounded passive
(“What are the birds up to today?”),
more in tune with Keats’s notion of
negative capability, of “being in uncer-
tainties, mysteries, doubts.” “Birding,”
meanwhile, was active, out-there, with
a premium on the swift identification
of species and long lists of “gets.” This
was a false dichotomy, of course—all
birders deal with uncertainties, and
most keep (or once kept) lists. But the
elision of bird-birder-birding somehow
touched the beyond, and birding is now
the word of choice. In the 25 years
since I began doing it, however, the
thing has changed utterly.
I call it a thing because birding is
multivalent: a science, a sport, a poet-
ics, a passion, a discipline, a lark, a
never-ending test and a selfless plea-
sure. After 1918, when the shooting of
migratory birds was formally outlawed
in the U.S., there was but one way to
bird—and that way was Luddite, if not
Edenic. Into the field you carried bin-
oculars, pencil and paper, maybe a field
guide (frowned upon, because it took
your eyes off the bird) and perhaps a
spotting scope. It was a world without PERCHED Silver-
intellectual fig leaves, for what you
ALAMY

didn’t know was laid bare for all to see.
Setting aside walks and workshops
with experts, birding was solitary study
in the field and solitary study of books
at home. It was eyes, ears and air.
Then came the information super-
highway, the smartphone and the app.
“Far from killing nature study,” Ted
Floyd tells us in “How to Know the
Birds” (National Geographic, 303
pages, $28), an ebullient initiation for
next-generation birders, the internet
“has rehabilitated it. Birding in the
20th century was practiced by experts
and steeped in tradition, but birding
today is more inclusive and extempo-
raneous . . . accessible to anybody with
a Wi-Fi connection.”
Mr. Floyd, who is the editor of Bird-
ing magazine, the flagship publication
of the American Birding Association,
makes a very important distinction. His
line about experts and tradition refers
back to a tectonic shift in the history of
birding: the 1934 publication of Roger
Tory Peterson’s “A Field Guide to the
Birds.” This was the book that forever
changed species identification by pin-
pointing diagnostic marks (if you see
this—then it’s that). According to Mr.
Floyd, it also flattened the focus of
birding. The anthropomorphizing of
the Victorians; the cozy, “watchy” inti-
macy of the farmer, hunter and back-
yard birder; the depth of the biologist;
the breadth of the conservationist—
after Peterson it was all about identifi-
cation, the quicker the call the better.
Modern technology, Mr. Floyd ar-
gues, has returned us to a pre-Peterson
approach, more rounded and multi-
dimensional. Now, he writes, “we have
retained the rigor—the elegance, the
precision, and, I would say, the
beauty—that Peterson brought to bear
on nature study, even as we have re-
claimed and repurposed the holism and
experientialism that he discarded.” On
Facebook and Instagram, birders share
their outdoor sightings and personal
insights with anyone and everyone.
Nest cams bring hatchling owls, hawks
In the age of Facebook,
Instagram and 24-hour
nest-cams, birding
has become a truly
communal endeavor.
and falcons to one’s desktop. The
advent of the online checklist eBird,
which contains up-to-the-minute data
on what’s happening birdwise in the
Western Hemisphere, means that there
is always support at hand during one’s
search for a species. Birding has indeed
become communal.
So after years of celebrated field
guides, books that embody “holism and
experientialism” are coming to the
fore. Mr. Floyd, for instance, demysti-
fies birding in a short-essay format
that is accessible and fun. Enlisting
200 species, he uses a single page of
text for each bird to make a point, or
impart a truth, about vocabulary, tax-
onomy, controversies, cutting-edge
websites, common abbreviations, vo-
calization, migration, puzzles of plum-
age and much more. Still, he punctu-
ates his pieces with the primal. Recall
your first sighting of any species, he
writes: “It was, it still is, it forever shall
be, a part of who you are and what
you’re all about.”
Noah Strycker’s “Birding Without
Borders” (Mariner, 326 pages,
$15.99) covers similar ground but in a
heightened, dream-quest context. This
book is about the record-breaking
number of species Mr. Strycker
“ticked” in his Big Year of 2015. Count-
less birders take up the challenge of a
Big Year, usually within the boundaries
of a state or country. Mr. Strycker took
on the world. He was 28 when he
began, a phenom in the field but new
to many of the 41 countries on seven
continents that his itinerary covered.
(In preparation he scanned more than
50 field guides and saved them on his
smartphone.) To save time and money,
he put together an intricate logistical
plan that saw him meeting and birding
with local experts, and sleeping on
their couches when he could.
“A decade ago, such a concept
would have been difficult to pull off,”
Mr. Strycker writes, “but technology
has shrunk the world.” Moreover, he
adds, “the Internet has revolutionized
birding: what was once a leisure
pursuit for the First World has sud-
denly become a truly international
pastime.” This is a vital development
for birds, for the Earth that sustains
them and for us.
Mr. Strycker’s first bird was a cape
petrel, spotted from a ship in Antarc-
tica at 3 a.m. on New Year’s Day. His
last—No. 6,042—came in India just
before sunset on Dec. 31: a silver-
breasted broadbill. Persimmon, silver
and sapphire, this is a dandy little
David Bowie of a bird. Indeed, you will
read this book with your smartphone
at hand, because the fetchingly named
treasures of the cloud forest and the
jungle—golden-backed mountain tana-
ger, pearled treerunner, resplendent
queztal—demand that you look at
them.
Hold onto that phone. In Victor
Emanuel’s “One More Warbler: A Life
With Birds” (Texas, 273 pages,
$29.95), written with S. Kirk Walsh,
we meet the man who pioneered eco-
tourism in Alaska, Africa, Asia and
Central and South America: the leg-
endary ambassador for birds, Victor
Emanuel. Founded in the 1970s, Victor
Emanuel Nature Tours set the stan-
dard. This was before the world
shrank. Geopolitically sensitive and
savvy, and already looking ahead to
habitat preservation, Mr. Emanuel was
holistic from the very beginning. With
distinguished writers (Peter Matthies-
sen, George Plimpton) and scholars
(Robert Paxton, Paul Woodruff) among
his birding buddies, Mr. Emanuel’s
passion for birds was always placed
within a larger philosophical frame-
work. Yet even as he quotes one of the
maxims at Delphi—“nothing in ex-
cess”—he can’t help pushing to see, on
a spring evening before a dinner party,
“just one more warbler.” Such love of
discovery is the hum under the magi-
cal stories Mr. Emanuel tells.
You may have noticed that these
three books were written by men. That
breasted broadbills.
too is changing. Female birders are
coming on strong. The all-girl teams
now taking part in competitive Big
Days—events like New Jersey Audu-
bon’s annual “World Series of Bird-
ing”—are thrilling. The scholar Mary-
beth Lima, a professor of biological
and agricultural engineering who
counts herself a decent birder, brack-
ets “Adventures of a Louisiana
Birder” (LSU, 256 pages, $39.95)
between two Louisiana state Big
Years—2012 and 2016—while walking
the line between two drives: the desire
to beat her own (and, she hopes,
someone else’s) record, and the need
to find emotional succor in nature.
Ms. Lima is sometimes behind the
beat. Her first Big Day of competitive
birding—“wondrous,” she calls it—trig-
gers her journey “into bird nerddom.”
This sounds old-fashioned. Birding has
grown young. It holds the future in
its heart, with nothing nerdy about it.
Nevertheless, Ms. Lima’s delineation of
how modern birding fits into modern
life—as an antidote to pressure or
distress—is gripping. The engine that
drives her second Big Year, which was
beset by tragedy, is the same hum,
almost an Om, that we heard before:
one more, one more, one more. The
birder’s fight for every species is a
metaphor of possibility and plenty.
Human beings want more, not less. So
why haven’t we united to save it all?
Ms. Jacobs writes about culture and
fashion for the Journal and is a
member of the Seaside Sparrows, a
World Series of Birding team.

Best-Selling Books | Week Ended May 11

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommore than16,000locationsacrossthe U.S.,
representing about85%ofthe nation’sbook sales.
The Pioneers 1 New It’s the Manager 6 New Where the Crawdads Sing 1 2 Redemption 6 5 Print-bookdata providersincludeallmajor booksellers,
David McCullough/Simon & Schuster Jim Clifton & Jim Harter/Gallup Delia Owens/Putnam David Baldacci/Grand Central webretailers andfoodstores. E-bookdataproviders
includeall majore-book retailers. Freee-books and
Becoming 2 1 The Moment of Lift 7 4 Oh, the Places You’ll Go! 2 4 Sunset Beach 7 New those sellingforless than99centsareexcluded.The
Michelle Obama/Crown Melinda Gates/Flatiron Dr. Seuss/Random House Books for Young Readers Mary Kay Andrews/St. Martin’s fiction andnonfictioncombined listsinclude
aggregatedsales forall bookformats(except audio
The Skinnytaste Air Fryer Cookbook 3 New Girl, Wash Your Face 8 5 Diary of an Awesome Friendly Kid 3 3 The Big Kahuna 8 New books, bundles,boxedsets andforeign
Gina Homolka/Clarkson Potter Rachel Hollis/Thomas Nelson Jeff Kinney/Amulet Janet Evanovich & Peter Evanovich/Putnam language editions) andfeaturea
combination ofadult, youngadultand
Educated: A Memoir 4 3 The Rational Bible: Genesis 9 New The 18th Abduction 4 1 Storm Cursed 9 New juveniletitles. The hardcoverfiction and
Tara Westover/Random House Dennis Prager/Regnery Faith James Patterson & Maxine Paetro/Little, Brown Patricia Briggs/Ace nonfiction listsalso encompassamixof
adult,young adultandjuveniletitleswhile thebusiness
Girl, Stop Apologizing 5 2 Magnolia Table 10 — Blessing in Disguise 5 New Finale 10 New list featuresonlyadulthardcover titles.Refer
Rachel Hollis/HarperCollins Leadership Joanna Gaines/William Morrow Danielle Steel/Delacorte Stephanie Garber/Flatiron questionstoTeresa.Vozzo@wsj.com.

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

The Pioneers 1 New The Pioneers 1 New Storm Cursed 1 New Where the Crawdads Sing 1 2 It’s the Manager 1 New
David McCullough/Simon & Schuster David McCullough/Simon & Schuster Patricia Briggs/Ace Delia Owens/Putnam Jim Clifton & Jim Harter/Gallup
Educated: A Memoir 2 1 Becoming 2 4 The Big Kahuna 2 New Storm Cursed 2 New The Latte Factor 2 New
Tara Westover/Random House Michelle Obama/Crown Janet Evanovich & Peter Evanovich/Putnam Patricia Briggs/Ace David Bach & John David Mann/Atria
Searching for Sunday 3 — The Mueller Report 3 2 Where the Crawdads Sing 3 2 Blessing in Disguise 3 New StrengthsFinder 2.0 3 2
Rachel Held Evans/Thomas Nelson The Washington Post/Scribner Delia Owens/Putnam Danielle Steel/Delacorte Tom Rath/Gallup
Medical Medium Life-Changing Foods 4 — Educated: A Memoir 4 3 Blessing in Disguise 4 New Oh, the Places You’ll Go! 4 4 Dare to Lead 4 3
Anthony William/Hay House Tara Westover/Random House Danielle Steel/Dell Dr. Seuss/Random House Books for Young Readers Brené Brown/Random House
Enlightenment Now 5 — The Mueller Report 5 1 The 18th Abduction 5 1 The 18th Abduction 5 1 The Total Money Makeover Classic Ed. 5 4
Steven Pinker/Viking Robert S. Mueller III/Melville House James Patterson & Maxine Paetro/Hachette James Patterson & Maxine Paetro/Little, Brown Dave Ramsey/Thomas Nelson
The Mueller Report 6 2 The Skinnytaste Air Fryer Cookbook 6 New Sunset Beach 6 New The Big Kahuna 6 New Emotional Intelligence 2.0 6 5
The Washington Post/Scribner Gina Homolka/Clarkson Potter Mary Kay Andrews/St. Martin’s Janet Evanovich & Peter Evanovich/Putnam Travis Bradberry & Jean Greaves/TalentSmart
Furious Hours 7 New Girl, Stop Apologizing 7 — Redemption 7 4 Diary of an Awesome Friendly Kid 7 5 Learning to Lead 7 New
Casey Cep/Knopf Rachel Hollis/HarperCollins Leadership David Baldacci/Hachette Jeff Kinney/Amulet Ron Williams & Karl Weber/Greenleaf
Faith Unraveled 8 — The Moment of Lift 8 7 Tightrope 8 New The Mister 8 3 Trillion Dollar Coach 8 1
Rachel Held Evans/Zondervan Melinda Gates/Flatiron Amanda Quick/Berkley E.L. James/Vintage Eric Schmidt et al./Harper Business
Becoming 9 4 Summer Bridge Activities, Grades K-1 9 — Dance With Me 9 New Sunset Beach 9 New Atomic Habits 9 6
Michelle Obama/Crown Summer Bridge Activities/Summer Bridge Activities Kristen Proby/Ampersand Mary Kay Andrews/St. Martin’s James Clear/Avery
Bushcraft 101 10 — It’s the Manager 10 New Cleaning the Gold 10 New Past Tense 10 8 Extreme Ownership 10 7
Dave Canterbury/Adams Media Jim Clifton & Jim Harter/Gallup Karin Slaughter & Lee Child/William Morrow Lee Child/Dell Jocko Willink & Leif Babin/St. Martin’s
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | C13

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

1. Doris
C. A new car 1. HHHHI 3. HHHII

Day, communications system that How many The tower is made of orange
one of competes with OnStar outlines of and red blocks. Which is bigger,
America’s
D. A video start-up triangles of all the total volume of the orange
biggest that showcases aspiring sizes can you blocks or the total volume of
midcentury entertainment industry talent trace in the the red blocks?
stars, died figure?
at 97. Which of
5. The general fertility rate
these films got her an Oscar
in the U.S. fell to 59.0, the
nomination for best actress?
lowest since the start of
federal record-keeping.

A. “Send Me No Flowers”
But what do we mean by

B. “Lover Come Back”
“general fertility rate?”

C. “Pillow Talk”

D. “The Man Who Knew Too

A. The rate at which the
Much”
nation’s generals reproduce

B. The number of births per
2. Newly wealthy Chinese 100 women ages 16 to 39
are swooping in to buy prized
C. The number of births per
homing pigeons for racing— 1,000 women ages 15 to 44
from which traditional source
D. The number of births per
of top-flight birds? 1,000 households

A. Sichuan 2. HHHHH
6. Word of a monster bug Using two

B. Fujian
emerged this week. Explain, segments, divide

C. Liaoning
please. the fox shape into

D. Belgium
two parts of the

A. Microsoft patched a
same area. Each
3. Alabama adopted the Windows bug, fearing it
segment is as
most restrictive antiabortion could be massively exploited
measure in the country, by hackers. long as each
effectively outlawing the
B. The Amazonian Titan side of the shape.
procedure. Name the governor beetle, which can exceed six Note that you
who signed the legislation inches, was found in Florida. should not overlap
into law.
C. Siberian leaf canker the segments.
infested a stand of Louisiana

A. Kate Brown pine.

B. Kay Ivey
D. Harvard librarians battled

C. Kim Reynolds the Burmese paper moth, SOLUTIONS TO LAST WEEK'S PUZZLES WSJ Brain Games

D. Kristi Noem which consumes the cotton
fiber in documents. Branded Content Belt Line
4. R-star was in C A P S C H I T N A D A B AM B I
P R O C R A S
A C R O R E N O I S L E T L I A R S
the news. What 7. Jeff Koons’s metallic T H E T H I R D M A N W I C H E L K I N F
I L T E R B R O O K B R E S
T
in the world is it? sculpture of a balloon-animal, C O O A B O U T U S L A GS E M T R E T AWL E U D E D O R E
H O R N S C O D Y M I N US E S T P A T E O P P O N E N T S
“Rabbit,” sold for $91 million F I
FROM TOP: EVERETT COLLECTION; CHRISTIE’S

D O U B L E M I N T I N D EM N I T Y
S H A M P O O S C E N E SE T T E E E L E P I W S E L O R S I R

A. The level of at Christie’s, setting a P O I T Y P O A S S E T E B A N
O
L A H A V E A B A B Y C A A
N
A N N I E H A L L MA R K D I A R I S T C Y R R E H C E M I T O WT
short-term interest record for a living artist M E S S Y L O G I C P U N T G E L
A G E C H E E S EW I L D E
P E C T A X C O D E G I N T A
rates that’s neutral in at auction. Which artist R I P T O P S R U I N G L O T T A T O C H T A P T R A C D E S
I S O T O P E S T A R B U R S T WA R S S A N T E D A T E S A V E S
economic influence previously held the F A R R P R O N E S P I T B E E I T
B B A R L I C E C T N E D U

B. The proportion record? F
S
A
C
C
H
A
I
D E
N D
V
L E
A S E
R S L
S M
I S T E
I D
R I
D L E C
N E O R R I S E S S N E E R S P
of an investment T E
S T A T U R E I MH O O S C A R S O P M I R E T I L T A R E
S O W T O D S C O A R S E R L E O
fund’s gains or losses
A. Brice Marden T A R E A S E S S A Y D E R
O X I D E WE S T I N S I D E S T O R Y U N
F E N D S I L O S T T E A L O T I C O D E S S O R C S N E E WT
explained
B. Jack Whitten A N G S T G L U E A S K S WH E E P T N O D W O
by movements in a
C. Gulley Jimson
benchmark index
D. David Hockney
For previous weeks’ puzzles, and to discuss strategies
with other solvers, go to WSJ.com/puzzle.
Answers are listed below the crossword solutions at right.

Answers to News Quiz: 1.C, 2.D, 3.B, 4.A, 5.C, 6.A, 7.D

THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 38 Gave a
post-workout 3
18 19 20 21 massage to
22 23 24 39 Pos. counterpart
40 To an annoying
25 26 27 28 29
degree
30 31 32 33 34 35 41 Penn of
“Designated
36 37 38 39 40 41 Survivor”
42 43 44 45 46 47 45 Very loud, to
Verdi
48 49 50 51 52 53 54
46 Uncool fellows
55 56 57 58 59 47 Go-ahead 1

60 61 62 63 64 65
49 Central theme
50 Mayo masses 2
66 67 68 69 70 51 Stinging jellyfish
71 72 73 74 75 53 “Phooey!”
54 “Street Dreams”
76 77 78 79
rapper
80 81 82 83 84 85 86 87 88 89 56 Principal
57 Edda author
90 91 92 93 94
Sturluson
95 96 97 98 99 60 Bertie’s aunt in
P.G. Wodehouse
100 101 102 103 104
stories
105 106 107 108 109 110 111 112 113 61 Donald Trump’s
youngest son
114 115 116 117 118 119
63 Clear, in a
120 121 122 cafeteria Three Trains Running | a cryptic puzzle by Emily Cox & Henry Rathvon
64 Diploma word
123 124 125
65 Crimson rivals A train of words, one following Track 2 3 Doctor Dan is the best at
68 R&D site another, leaves from the square 1 Send out second of trains fixing things around the
Ditty Don’ts | by Paul Coulter 69 Each marked 1 and follows a spiraling in station (6) house (8)
Across 55 Covers with mud 90 Abby’s twin 3 Florida 72 Tabloid track ending in the grid’s southeast
representative abductors corner. Another train leaves from 2 Hype sort of skirt and 4 Wild grouse loners away
1 You can dig it 58 ___ Na Na sister
91 Jump on the ice Darren 79 Intense dislikes square 2 and ends in the northwest small confections (8) from the main group (6)
7 Low points 59 He rewards
courage on 92 “Stay” singer 4 They breed in 81 “Wiseguy” star corner. From that corner, marked 3, 3 Provider of 5 O’s having pulled back
13 Baby bird?
both sides in Lisa arctic Canada Ken a third train departs on a winding identification from the ahead (7)
18 Endurance
the “Iliad” 94 Audition tapes 5 Trade-promoting 82 Lionize inward journey that ends in the
experts
U.N. agcy. square marked 2; but unlike the
right Elizabethan poet 6 Explosive stuff reflected in
20 Sky lights 60 Grampa 95 Bill Haley & His 83 “A rat!”
Simpson, 6 Gave, as by a others this train frequently (9) reporting (5)
21 Ho Chi Minh Comets song 84 Bit
familiarly that would be a bequest switches tracks by shifting across 4 Israel moved those 7 Cats are jumping around
Museum site 85 Prepared
62 Thai or poor choice for 7 Van ___, heavy lines left, right, up, or down suffering (6) youngster’s perch (3,4)
22 Stones song that 88 Chat room
Taiwanese, e.g. use in a U-Haul California (never diagonally), thereby cross-
would be a poor chuckle 5 Ancient text of story
choice for use in 63 Employee ad? 8 Parenthesis, checking most of the letters in 8 Silent one in diplomacy
89 Immigrant’s mostly scandalous stuff
an IBM ad? incentive 100 Whistler’s essentially
night sch. class tracks 1 and 2. The circled letters, (5)
24 Wax lyrical about 65 Cosmetician Massachusetts 9 U.S. currency
93 Out of focus column by column, suggest a line (6) 9 Homegrown green outside
Lauder birthplace 10 2004 Will Smith
25 Plodding 94 1950s political for railroad passengers. 6 Arranged to invite a Central Station (6)
26 Massenet opera 66 Wander (about) 103 Attorney’s org. sci-fi film
67 Tom Jones 104 Spots 11 Julia of
monogram
Track 1 trainee (9) 10 Professor in a game
27 Be indiscreet 95 Novak Djokovic’s
29 Go for song that would 105 Antiquing “Presumed
homeland 1 End of tramline undergoing 7 Cut lines in front of provides clothing for
be a poor choice substance Innocent” shopping center (5) dancing nude swinger (8)
30 Boarding school for use in a 96 Chain owned by repairs (8)
detention 106 Suspended ride 12 Jon of “Chicago
Christie’s auction P.D.” Wyndham 2 French article held by its 8 Bale’s makeup 11 Passes for school’s last
32 “Well, look at 109 No-frills
house ad? 13 That woman 97 Being, to Brutus popular player (6) imperfections set back recesses (6)
that!” 110 Doctrines
70 Son of, in Arabic 14 Campaign 98 Beelike show’s opening (6)
34 Flares up, as names 114 The great 3 Look up to creeps changing 12 Study again about field
promise 99 Whinny
fighting
71 Mary ___
unwashed temperature (7) 9 Egyptian city was nurse (7)
36 Twisted Sister 15 Leading 100 Run out, as a
(Shakespeare’s 116 Elvis Presley profitable collecting scraps
song that would song that would 16 Fowl place membership 4 Game where you hide, 13 Rake containing metal bit
mother) 101 Skeevy looks (4,4) (7)
be a poor choice
73 Start of a toast
be a poor choice 17 Bagpipers’ garb disguised in a dress (8)
for use in a for use in a 19 Like a perfect 102 Blubbers 10 Those who seek pleasure 14 Through wickedness,
FedEx ad? 74 Adagio and Sheraton ad? 107 PPP, to
5 Marsh plant in three
allegro game in dishonest maneuvering caging a pet cat (7)
42 What are you 120 Brown shade Pythagoras dimensions (4)
75 Former Atl. 20 Compadres (9)
looking at? 121 Hospital staffer 23 Dracula feature 108 Sleek, in brand 6 Guy who recorded ambient 15 Naysayer checked in the
43 Caught in the act crosser
122 Recent delivery 28 Like many a frat names music—yuck, no more! (6) Track 3 mirror? (6)
44 “Shoot!” 76 Horseback ride
123 English exam party 109 OPEC amts. 1 Off course, train parked 16 Believer in spirits returned
45 Org. that 77 ___-80 (old
part, often 111 “Now!” 7 Sinister fellows passing
computer) 31 Solution: Abbr. outside a yard (8) in a fog (7)
regulates dietary
124 Italian white 112 Parcel (out) with ease (8)
supplements 78 Indian turnovers 32 Count Basie’s
wines “___’Clock Jump” 113 Winter racer 8 Cap with cryptic Yule mark 2 Bob chilled dessert— 17 Rugged Rose of baseball in
48 Has a bawl 80 Marvin Gaye
song that would 125 Concluded a case 33 Practical, as 115 “Come to think (8) forget about it (2,4) Topps collectible (8)
49 PX patrons
52 Beach Boys be a poor choice Down experience of it...”
9 Academic paper’s first Get the solutions to this week’s Journal Weekend Puzzles in next
s

song that would for use in a 1 Turkish harvest 35 Lemieux milieu 117 Gun, as an engine
ReaLemon ad? 36 Heads abroad? 118 Due-quattro
editor, like Marx? (8) Saturday’s Wall Street Journal. Solve crosswords and acrostics
be a poor choice 2 Cy Young
for use in a 86 Auto graph? Award winner 37 “Hold On Tight” go-between 10 Movie maker time traveling online, get pointers on solving cryptic puzzles and discuss all of the
Google ad? 87 Foul Hershiser band 119 Clod chopper on a train (9) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

ICONS museum’s founder himself—as

its impetus. Dominated by por-

Surprises
traits of powerful men and,
when the building was Frick’s
residence, used exclusively by
the collector and his male

Made of guests, “the Living Hall is in

some sense the epicenter of the
Frick,” said Mr. de Waal. It was

Porcelain
a place where he felt Frick’s
presence keenly, in both his
passion for art and his ruthless-
ness in business—he was one of

And Gold the founders of U.S. Steel. With

that in mind, most of the works
in “Elective Affinities” include
an assertively industrial ele-
ment. “All these installations,
The artist Edmund de Waal they’re full of beautiful, lam-
transforms bent gold and porcelain and
marble,” said Mr. de Waal. “But
the Frick Collection. they also, dammit, have steel.”
In “Sub Silentio,” Mr. de
Waal leans pieces of black steel
BY SUSAN DELSON against fragile black porcelain,

I
encasing the compositions in a
t isn’t hard to find porcelain, gold or set of black vitrines. Sited on
marble in Manhattan’s Frick Collec- the imposing desk at the center
tion—in fact, given how prominently of the room, they temporarily
they figured in the collecting tastes replace the dark Renaissance
of its founder, steel magnate Henry bronzes that are usually seen
Clay Frick (1849-1919), it would be hard to there. Against the room’s dark
avoid them. But it is rare to encounter these paneling, amid its ebony furni-
luxurious materials in the forms they take in ture, lacquerware and other ob-
“Elective Affinities: Edmund de Waal at The jects, the installation pieces—
Frick Collection.” despite their size—can almost
Opening May 30, the exhibition presents disappear. “At the same time,”
nine installations by Mr. de Waal, an artist said Ms. Vignon, “they make
and the author of the award-winning 2010 you much more aware of the
memoir “The Hare with Amber Eyes.” Cre- other elements in the room.”
ated in response to specific spaces in the Perhaps the subtlest work in
Frick and works in the collection, the instal- “Elective Affinities”—and its
lations are intended to add “another conver- slyest joke—is the installation
sation, another dimension” to the experi- in the Library. “I’m convinced
ence of the museum, said exhibition that Frick never read a book,
organizer Charlotte Vignon, curator of deco- and that the Library is a kind of
rative arts at the Frick. The exhibition, she ersatz English library,” said Mr.
hopes, will serve as “a new lens for looking de Waal. To create space for his

FROM TOP: EDMUND DE WAAL/THE FRICK COLLECTION/CHRISTOPHER BURKE; EDMUND DE WAAL/THE FRICK COLLECTION/MIKE BRUCE
at the spaces that we all love so much.” work there, he removed the
In most cases, Mr. de Waal’s installations “The Book of Wealth,” a monu-
will be hard to miss. Groupings of porcelain mental, ten-volume work writ-
cylinders, gilded sheets, shards and other ten by historian Hubert Howe
forms arranged in precise relation to each Bancroft and published in 1896,
other—often in angular vitrines that can reach almost 3 feet high— Above, replacing it with an installation
stand in austere contrast to the voluptuous lines and figurative imag- Edmund de he dubbed “An Alchemy”—an
ery of the art and objects around them. “That movement—from rich Waal’s allusion to that substitution,
figuration and symbolic imagery, into my thinking about the relation- installation perhaps, or to Frick’s trans-
ship of volume to light,” said Mr. de Waal, “is me responding in an ‘That Pause forming steel into his personal
abstract way” to the Frick and its treasures. “They’re deeply emo- of Space’ sits fortune. A compact composition
tional works, the things I’ve made,” he said. “They just don’t happen below a of black-glazed porcelain cylin-
to have imagery.” portrait by ders, black and gold porcelain
Like other works in the museum, the installations in “Elective Af- Ingres at the shards and stacked steel blocks,
finities” have no wall labels or dramatic lighting. Visitors will re- Frick it is contained in three black
ceive a brochure about the show, which includes a map, optional au- Collection. vitrines. “I’m convinced that no
dio stops and not much else. “It’s a little hunt,” said Ms. Vignon. Right, Mr. de one is actually going to find it,
“The effect of surprise was a fundamental element of display in Waal’s that it is going to be hidden
16th- and 17th-century Europe, and I think it’s not bad for our public installation there for all the months of the
today to get this effect again.” While searching for Mr. de Waal’s in- ‘Sub Silentio.’ exhibition,” said Mr. de Waal.
stallations, she said, visitors might come across an item in the “That’s my personal hope.”
Frick’s collection, “a Chinese porcelain pot or a clock they didn’t no- and how light changes.” The work is composed of “Elective Affinities” is slated to run through
tice before. And just look at things differently.” two groupings of white porcelain vessels with Nov. 17. “It’s a really long exhibition for us,” said
Mr. de Waal’s installations respond to some of the most famous sheets of gilded porcelain standing among them, Ms. Vignon. “That will give people time to come
works in the museum, which he first visited as a teenager. Among presented in a floating, gold-framed vitrine al- and go, and to think and reflect about these galler-
them is Ingres’s “Comtesse d’Haussonville” (1845), an ethereal por- most two feet high. With it in place, said Ms. Vi- ies, more than just seeing a piece by a contempo-
trait that hangs in the North Hall. Mr. de Waal’s work, “That Pause gnon, “there is this play of line and colors that rary artist in the space.” Ultimately, she said,
of Space,” sits directly below it on an ornate 18th-century table— makes the three pieces”—portrait, table and in- “Elective Affinities” is “about the Frick. It’s about
“one of the greatest pieces of gilded sculpture in the world,” he stallation—“suddenly much more connected.” our spaces, it is about our collection. We have
said. “To put something on that table, underneath the Ingres, obvi- By contrast, “Sub Silentio,” the installation in been lucky to partner with a generous and ex-
ously I wanted to think about gold. I wanted to think about aura, the Living Hall, takes the entire space—and the tremely sensitive artist, who has lent us his eyes.”

MASTERPIECE | ‘VENUS RISING FROM THE SEA—A DECEPTION’ (C. 1822), BY RAPHAELLE PEALE

A Deception ist, James Barry, but obscures most of that

with a linen napkin (some have said hand-

Made Beautiful kerchief) hung in front of it. He could have

BY JOHN WILMERDING
THE NELSON-ATKINS MUSEUM OF ART in
Kansas City, Mo., owns the startling and mes-
merizing still-life painting “Venus Rising From
the Sea—A Deception” (c. 1822), possibly the
first of its type to appear in the young Ameri-
can republic. The artist, Raphaelle Peale
(1774-1825), was a member of a prodigious
painting family in Philadelphia, headed by his
father, the multitalented Charles Willson Peale
(1741-1827).
This patriarch painted almost all of the new
nation’s patriots and heroes, established the
first museum devoted to the country’s art, and
fathered nine children, whom he named with
the highest aspirations after old master paint-
ers (Rembrandt, Angelica Kauffman, Titian,
Rubens) and famous scientists (Linnaeus,
Franklin). More than a dozen other relatives
over the next two generations would also be-
come artists or scientists, including some of
America’s first female painters.
Raphaelle was the oldest and ultimately the
most talented. Taught largely by his father, he
soon emerged as the family’s best and most
prolific still-life artist. The relationship between
For several years it was listed
as “After the Bath,” because of
an early exhibition record of
that title. Raphaelle painted it
to show in his father’s museum.
Both Peale’s illusory images of
tabletop food arrangements and
deception pieces were radical for
their time. During the 18th cen-
tury a clear hierarchy of art sub-
jects was established in England
and the Continent. These ranged
from religion, history and my-
thology as the most significant,
descending through landscape,
portraiture and genre painting,
to still life as the least substan-
tial and worthy.
Therefore, for Raphaelle Peale
to make still life the primary call-
ing of his career was a revolu-
tionary choice. It was his decla-
ration of artistic independence to
elevate this common subject as a
democratic art.
His food still lifes encompass
every phase of a meal, from fish
known the curtain device from copies of
Dutch 17th-century genre painting.
Given the resentments between father
and son, effacement of the elder’s hand is
understandable. One historian has sug-
gested that Charles allowed his son to be
poisoned slowly by arsenic in his taxidermy
work at the museum. Raphaelle’s gesture
shows reciprocal malice.
The last visual cover-up was the hanging
napkin, really the principal subject here.
Below, only the bare foot of Venus is visi-
ble, surrounded with flowers, while above
she seductively stretches her arm and holds
her wet hair. Though the work is the size of
a still life, we can’t help thinking of this as
a life-size nude obscured by a sheet—the
ultimate deception. One observer thought
that Peale did this to taunt his wife, Patty.
Peale has two artistic concerns, one of
form and one of content. The white cloth is
a blank rectangle, playing off the near
square of the frame. Within, he subdivides
the linen into further squares with folds
and creases across its surface, a grid play
of pure geometric forms.
The illusory ture. The cloth is gauzy and thin enough This area is empty, compared to the paint-
image was to see the fruit beneath. Like “Venus Ris- ings it covers. Raphaelle did not place his signa-
radical then, ing From the Sea,” it teases us with re- ture along the traditional canvas edge, but
paying close vealing and concealing. Both involve a rather on the lower corner of the white cloth, as
NELSON-ATKINS MEDIA SERVICES / JAMISON MILLER

the two was fraught and created a lifelong artis-
tic rivalry. From exhibition records scholars es-
timate the son produced about 100 paintings
between 1812 and 1822, of which only about half
have been identified today. Almost all were food
still-lifes, consisting of solid geometries meticu-
lously rendered, balanced in design, and often
marvels of illusion. Peale suffered from alcohol-
ism and gout, and his quiet constructs may have
given him serenity and order.
“Venus Rising From the Sea” is the only one
described as a “deception” that is known today.
and steak, various vegetables attention to form cover-up as well as attention to pure if it were a separate canvas ready to receive a
and fruits, notably peaches and and imbuing it forms. future image by the artist. It will be his work
oranges, to wine and nuts, with mystery. Peale’s canvas of “Venus Rising” is alone.
cheese and cakes, in a culinary deceiving on several levels. He gives us Peale took the humble deception and made it
voyage of life. They take us several overlaid images to consider, complex and clever. With his visual trickery he
from the garden to the kitchen to the dining- some we can see and some not. First there is made still life his own form of portraiture and
room table. the original canvas, which we know was a por- narrative painting.
An additional interest for Peale was formal trait of Raphaelle. In a provocative recent dis-
order, as he looked at single peaches, then covery, conservation study has established that Mr. Wilmerding’s anthology of Masterpiece
pairs, and multiple groupings. One, “Fruit Piece his father painted this. columns, “American Masterpieces: Singular
With Peaches Covered by a Handkerchief” (c. Raphaelle covers the portrait with a copy of Expressions of National Genius” (David R. Go-
1819), has a connection with the deception pic- the Venus subject originally by an English art- dine), will be published next month.
 OFF DUTY
‘No More Hear! Hear!
Boring This new rival
Toyotas’ to Apple
Does the Supra AirPods clearly
fulfill the brand’s outperforms
manifesto? D10 them D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | D1

Treat
Your
Windows
D
is for
Drama Right
An A-to-Z guide to shades,
drapes, swags and valances—
all the tips you need to see
your way clear to truly dapper
window decorating

BY KATHRYN O’SHEA-EVANS

M
Y WINDOW treatments give
me—to use the patois of the
internet—the Sads. The thick,
faux-wood blinds evoke side-
walk grates when they’re
Q open and an armadillo’s flinty hide when
is for shut. They came with the midcentury house
Quaint my husband and I purchased last year in sub-
urban Denver and, on the long to-do list I’ve
been working through, replacing them ranks
pretty much last. Only one thing softens my
shame: We’re clearly not the only folks who
don’t see any treat in window treatments.
“People don’t think they’re that impor-
tant,” said Ellen Fisher, dean of the New York
School of Interior Design and author of
“Home: The Foundations of Enduring
Spaces” (Clarkson Potter). Unlike a fireplace
mantel, which most people see as a decorat-
ing opportunity, windows aren’t perceived as
a place “where a room comes alive,” Ms.
Fisher said. But they can be.
For tutelage in constructing this A-to-Z
guide, we turned to design pros, who fell into
two camps. The first champions simplicity:
These designers might install sheer Roman
R shades that merely soften light and obscure
is for subpar views. They might even leave windows
Roman bald, especially those that look out on balming
nature. “Often light is the magic ingredient in
an interior,” said Ray Booth, a principal at
Nashville-based architecture and design firm
McAlpine. “We strive to keep drapery gauzy
and fresh. Heavy drapery treatment is like a
person in need of a eyelid lift.” Some design-
ers even discreetly hide curtain hardware in
the ceiling or behind woodwork. Worth not-
ing: Simplicity needn’t look meager. Some in
this cohort approve of elegantly pleated pan-
els that cascade from ceiling to floor, as pol-
ished as Jackie Kennedy in a shift dress.
The opposing, maximalist camp embraces
pattern, layers and ornament. “We used to
only do single-fabric, French-pleated draperies
or simple Roman shades,” said New York de-
signer Kati Curtis, who recently finished off an
interior by installing teal cashmere sheers be-
T decked in embroidered trim and pompom
is for
fringe. “We haven’t done things like this since
Tiebacks
the 1980s and ’90s.” Designer Kirill Istomin,
who splits his time between New York and
Moscow, extols the over-the-top and considers
window treatments “an opportunity to frame
a room with something unique and fun.” One
of his tricks: topping a window with a
squared-off, mirrored “pelmet” (a valance
variant) to conceal drapery hardware, an idea
he stole from a 1920s room created by Rose
Cumming, Marlene Dietrich’s decorator.
Both sides of the curtain divide, however,
value innovation. Blackout roller shades, once
grimly plain and dense, can now be printed
with patterns so charming you’d never guess
the material was brawny enough to block
light. Curtain panels that absorb sound now
come in implausibly gossamer sheers. And
motorized shades and drapes bring wizardry
to décor. Said Chicago designer Christopher
Kent, “It’s almost like a ‘mini reveal’ every
morning.”
Here’s an alphabetical compendium of
JOHN W. TOMAC

methods and products that designers press

into the service of dressing windows.

 For the full A-to-Z guide, turn to D8

Inside

THE CARGO QUANDARY A NEW KIND OF SPRING ROLL PHONE HOME WHEN IN PRAGUE, PERAMBULATE
Our love/hate relationship with Don’t confine cabbage rolls to winter. Come Tired of extricating huge phones from This walking tour through the resurgent
pointlessly pocketed pants D3 May, sub in radicchio and goat cheese D7 jeans? These bags house gadgets nicely D2 Holesovice hood isn’t pedestrian D4
 D2 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Prada Dior Men Palm Angels Our Phone-Bag Picks
Fall 2018 Fall 2019 Spring 2019 They may lack the
ease of a plastic case,
but they’re a lot
less nerdy
GETTY IMAGES (MODELS); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (BAGS)

The
Sporty
One
This affordable zip-up
case comes in a zippy
orange nylon.
Basic Cellphone Case, $18,
zara.com

ON TREND / JACOB GALLAGHER

Hang With the In-Crowd: Wear

Your Phone Round Your Neck
BEEP, BEEP, BEEP. Throughout the
1990s, doctors, businessmen and the
coolest of high-schoolers bopped
along to the cutesy little chirps
emitted by the pagers they had
strapped to themselves at all times.
Clipped to a belt or front pocket,
pagers helped popularize wearable
tech. You merely had to glance down
to see who was buzzing you about
the patient flatlining in the ER, or
the latest food-court scandal.
While smartphones have mostly
supplanted those now-laughably
simple pagers, they’ve never been
as accessible as beepers. Most men
have made do by stashing their
phones in a trouser pocket, but as
the gadgets get larger (hello, iPhone
X) some are looking for alternatives
to the brick-sized bulge.
Hence the increasingly rationaliz-
able phone bag, a case you hang lan-
yard-style around your neck—some
with windowed fronts, making texts
all the easier to glance at. Brands
like Milan’s Palm Angels, Paris lux-
ury house Dior Men and high-
streetwear label Off-White are sell-
ing these. Some men might prefer a
slingy, shoulder-strapped phone
pouch—think a micro-micro-mes-
senger bag—like those from brands
such as Bottega Veneta (in its signa-
ture woven leather) and 1017 Alyx
9SM. For the most part, these bags
seem limited to carting around a
phone, but Zara and Our Legacy
make zip-top pouches that could
also accommodate a lip balm and a
couple of credit cards.
These bags reflect the reality
that even as phones gain weight
and girth, they’ve become a can’t-
live-without-it essential. A Nielsen
These tiny bags, which
hold so little, are
inherently kind of silly.
study found that in the first quarter
of 2018, American adults spent an
average of about two hours and 22
minutes using apps and the web on
smartphones. “You can’t even count
[a phone] as an accessory; it’s an
integral part of our being now,” said
Adam Derry, the CCO of six-year-old
Los Angeles accessories brand Ban-
dolier, which claims to have origi-
nated the cross-body iPhone case.
(Though the company has marketed
it largely to women, this year it will
introduce products for men like lan-
yard-style holders.) In an email,
Francesco Ragazzi, the designer of
Palm Angels, explained that his
brand’s necklace-like case was con-
ceived to be part of a man’s outfit,
as indispensable as our phones. You
may think it absurd to rope yourself
with a neck-strung phone, but it
sure could be convenient the next
time your boss hits you with an all-
caps, double-urgent email.
Wearing a dedicated phone bag
makes you, for better or worse,
slightly more reachable and obvi-
ates the need to fumblingly ex-
tract a bulging 5.5-inch device
from a snug pair of jeans.
“These days I’ve been trying
to carry less [in my pock-
ets],” said Taylor Okata, 32,
a freelance stylist in New
York who often keeps his
phone around his neck in a
Prada pouch.
“I really hated having
items and wallets in my front
pocket,” said Chris Wong, 30,
a behavior interventionist in
Rialto, Calif., who’s developed a
sideline sewing mini-sling-bags.
While Mr. Wong uses his to
haul around his MP3 player, head- The
phones and a ChapStick, he’s sold Sleek
his bags to people who wanted a One
phone satchel. In grained leather, this
These tiny bags, which hold so low-key case can secure a
little, are inherently silly, a sight phone and then some.
gag that could easily be mistaken Delay Mini Bag, $393,
for satire in The Onion (imagine ourlegacy.se
the headline: “Millennials Are So
Tethered to Their Phones They’re
Now Literally Tethered to Their
Phones”). Whitney Yando, 32, a
copywriter for a New York ad
agency, has taken the phone-bag
idea into even tinier territory: She
has a wee case for her Air-
Pods. “Everyone asks me
about it,” said Ms. Yando,
who bought the wearable
pouch in Japan. But she
finds it legitimately useful.
“Digging for [AirPods] in
a huge bag is really an-
noying,” she explained.
The case is so handy that The
she’s considered buying a Superluxe
crossbody phone holster to One
go along with it. “I can dou- In woven leather, this is
ble up, Lara Croft style.” the one that your female
friend will steal (beware).
NEO-CELL An Italian railroad Tech Case, $890, Bottega
worker wears a phone-bag Veneta, 212-371-5511
antecedent around 1935

ROUTINELY VS. RARELY

Don’t Be Wary of Terry
Despite its toilet-ish associations, terry-cloth can transcend towelling. Ask 007
Trevor Noah
In their closets, most
people have everyday
workhorses and seldom-
worn stars. The South
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

African host of ‘The

Daily Show’ shares his

Routinely I frequently wear a

Ralph Lauren zip-up hoodie. It’s
black and cut right—not baggy,
but also not too tight. You can
throw it on anything and it can
be part of any look: for a more
dressed-up look or for when you
just want to go out for a little
walk. I like functional clothing
that isn’t necessarily tied to one-
off usage. I probably have three
of these. Hoodie, $98.50,
ralphlauren.com

Rarely All of the Off-White pieces
that Virgil [Abloh] has created are
like beautiful pieces of art. These
sneakers are limited and really
pricey, and I don’t take any of that
for granted. I haven’t been in a
world where I could afford any
type of shoe for all that long.
When I was growing up, I couldn’t
MATTHEW COOK
that kind of shoe, if ever.
Air Jordan & Off-White Shoes,
starting at $2,079, stockx.com
—Edited from an interview
by Ha Duong
THINK THAT ALL things terry-cloth should be rele-
gated to the bathroom towel rack? Tell that to Sean
Connery, aka James Bond, who sported a fuzzy play-
suit (yes, a playsuit) in 1964’s classic film “Goldfin-
ger.” Granted, 007 was en route to a swimming pool,
but he cut a surprisingly pulled-together figure in his
collared, sky-blue, short-shorted one-piece. First pop-
ularized as clothing in the 1960s and ’70s, terry was
worn in the form of polos and leisure suits by groovy
suburban teens and their fathers. This spring, the cot-
BATH AND BEYOND
Z Zegna Cotton Shirt, $445, 212-421-4488;
Relaxed Fit Towelling Polo, $145, sunspel.com; Ryder
Dr No Towelling Polo, $245, orlebarbrown.com
Brown, which offers 32 terry pieces in a section of its
website called the “Towelling Collection.” A terry polo
shirt is an easy weekend starter piece for a novice
who might balk at a full-on playsuit. Bonus: It won’t
show sweat like a standard piqué polo. David Telfer,

even afford Nikes—my mom was ton looped fabric has looped back into fashion. head of design at British heritage brand Sunspel, said
buying fakes. So I’m still really Terry is “not only stylish, classic, masculine, fun, that the fabric’s fast-drying practicality is its biggest
careful about how often I wear versatile and timeless, but it keeps your skin free of draw: “It just makes complete sense in high summer.”
moisture,” said Adam Brown, founder of Orlebar —Steve Garbarino
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | D3

STYLE & FASHION

LOVE/HATE RELATIONSHIP

Cargo or No Go?

ANDRES OYUELA FOR THE WALL STREET JOURNAL, STYLING BY REBECCA MALINSKY, HAIR BY BRITT WHITE, MAKEUP BY TIFFANY PATTON MODEL: VIOLET THRELFALL/HEROES NEW YORK
Side-pocketed pants are no longer solely
the territory of frumpy frat boys. Yet our
ambivalence persists

WHY WE LOVE THEM

LET’S GET ONE thing straight: Cargo
pants, the full-length trousers fur-
nished with pockets down the leg, are
not cargo shorts. The former was in-
troduced around WWII and has heroic,
military roots. The latter is a cropped,
’90s faux-pas popularized by Old Navy
and Abercrombie & Fitch and favored
by over-imbibing Sigma Chis.
Proper cargo pants slowly evolved
from a baggy combat staple to a ’70s
protest garment, to a grunge rebel’s
garb in the ’90s, to a pop-princess es-
sential by that decade’s end (see:
Britney Spears). On runways, they’ve
been continually reinterpreted, and in
recent seasons, both high-fashion
brands including Dries Van Noten and
Louis Vuitton, and mass retailers like
Zara and ASOS, have updated them
with luxe materials and more flatter-
ing silhouettes.
Sander Lak, the 36-year-old de-
signer behind New York label Sies
Marjan, proposed decidedly icono-
clastic iterations for spring 2019. In-
spired by a double dose of nostalgia
(he fondly recalls his coed high-
school classmates’ reliance on cargos,
and his engineer father wore them on
oil platforms in the ’90s), Mr. Lak’s
cargos are wide-legged, utilitarian
and garnished with buckled straps.
However, in billowing navy or mus-
tard satin viscose, they exude an ir-
reverent femininity. “There is some-
thing very functional about [cargo
pants]…but by elevating the fabric or
color…you can almost wear them as
you would a cocktail dress,” he said.
Women really gravitate toward
cargo pants, said Marina Larroude, the
fashion director of Barneys New York:
“They love to wear something that’s
practical for their everyday life but
still fashion-y. It’s pretty much part of
the New York City uniform at this
point—if you go to Madison Avenue
during the day, it’s mind-blowing how
many you’ll see.” Barneys currently
counts women’s cargo pants among its
hottest items, with over 30 styles
available on its website. The slim cuts
sell best, and Ms. Larroude touts their
versatility, suggesting you pair them, a
la model Gigi Hadid, with a crop top, a
simple sweater, or even a floral shirt.
“You can wear them with a bootie or
sneakers if you’re walking around, and
then if you do it with a sandal and a
beautiful top, you’re ready for cocktail
hour.” Pants that can make it from ur-
ban combat to Coconut Bellinis? No
wonder women are stockpiling them.

WHY WE HATE THEM

I CHALLENGE YOU to name a garment
that inspires more vitriol than cargo
pants. At the mere mention of the
style, French designer Johanna Senyk
audibly gagged. “I hate them,” she
cried. “Not even for my son. Having
pockets everywhere is…a lack of ele-
gance that I cannot understand. It cre-
ates the wrong proportions.”
But it’s not just cargo pants’ unfor-
tunate shape—awkward and bulky in
all the wrong places—that arouses
such fury. British cultural historian
Benjamin Wild also laments that the
pants’ original wartime connotations—
an association with gritty work—have
been so perverted. As he explained, af-
ter their 1990s mainstream resurgence,
cargos have become “a garment associ-
ated with extreme leisure in the sense
of downtime, ‘chilling,’ and not really
seeking to make an effort for anyone.”
Beyond the backyard barbecue, car-
gos also have a place on the trail. “If
you need to wear a cargo pant, you
need to take a hike. Literally,” opined
Noreen Khalid Ahmad, the 37-year-old
director of communications and mar-
keting at New York’s Morgan Library
and Museum. The only time this pol-
ished mother of two has zipped into a
pair of pocket-laden trousers was
when she climbed Mount Kilimanjaro.
“They have a function, they have a
place, and it is not the workplace, and
it is not the party, and it’s not even
the urban environment, unless you’re
a police officer.”
Ms. Senyk, whose clothing line Fran-
çoise evokes the glamour of St. Tropez,
chafes at the intermittently trendy car-
gos’ lack of timelessness. “What lasts is
having style, not following a trend,” she
said. “If you look back [at] pictures of
women who have strong style, you will
never find pictures of a cargo pant.”
Ms. Senyk also scoffed at claims that
cargos’ pockets add convenience: “So
you have pockets and you put what in PICK YOUR POCKETS
there, the [baby’s bottle]? Your keys? Top: Blazer, $2,690, Pants,
It’s a stupid argument.” Even cargo lover $1,350, Belt, $690, Givenchy,
Ms. Larroude admits that women aren’t 212-650-0180; Sandals,
loading up their legs. “It’s more just a $520, Bottega Veneta, 212-
detail,” she conceded. So let’s get an- 371-5511; Above: Top, $275,
other thing straight: Those bulbous, Pants, $345, theory.com;
“functional” pouches padding your Sandals, $475, hermes.com;
thighs serve no function at all. Not that Necklace, $690, Marni, 212-
all useless designs are bad (those new 343-3912; Left: Dries Van
Tic-Tac-sized handbags by French brand Noten Shirt, $1,560, Saks
Jacquemus are hilariously frivolous). But Fifth Avenue, 212-753-4000;
cargo pockets aren’t funny, or flattering, Dries Van Noten Pants,
or visually interesting. If anything, $890, barneys.com; Sandals,
they’re painfully ordinary. Why waste $1,145, Valentino,
the fabric? —Katharine K. Zarrella 212-355-5811
D4 | Saturday/Sunday, May 18 - 19, 2019
Once seedy, now sceney, the Holesovice quarter of Prague offers visitors plenty of diversions, from a rooftop zeppelin
to a sneakerhead haven—all within an easy stroll of one another
BY EVAN RAIL
W
HEN SIMON Bra-
bec and Eliska
Slamova decided
to open a visitor-
friendly factory
and showroom for their backpack
company, Braasi, they knew pre-
cisely where it should be: in Holes-
ovice, a formerly rundown neigh-
borhood in the Prague 7 district,
northeast of Old Town. Bisected
and partially cut off by railway
lines and bordered on three other
sides by a loop of the Vitava River,
Holesovice (pronounced hoh-lesh-
oh-vit-seh) was long overlooked in
favor of Prague’s picturesque,
easy-to-love Old Town and Malá
Strana areas just nearby. “A hun-
dred years ago it was a low-cost
labor district, because of the
slaughterhouses and the brewery
here,” said Mr. Brabec of the
warehouse-heavy hood. “After the
Velvet Revolution [in 1989] it was
a mostly empty and dirty place.
But that made good soil for cre-
ative businesses.”
It took some time to seed that
soil, but in the last few years, arty
new arrivals have transformed
Holešovice into a hub of trendy
design as well as a beckoning food
and drink scene. It’s not all con-
crete and old rail tracks—two of
Prague’s best parks, Stromovka
and Letná, border the area, offer-
ing a little greenery with all that
industrial chic. Here, our favorite
Holesovice highlights.
STAY
Mama Shelter Communist Czecho-
slovakia gave rise to some surpris-
ingly forward-thinking architecture,
including the 1967 Mies van der
Rohe-inspired building that houses
this hotel. Last summer, after a com-
plete renovation, it emerged as the
eighth property in the Mama Shelter
chain, which is known for rakish dé-
cor. Don’t be alarmed by the ground
floor’s pool tables, foosball, free-to-
play videogames and raucous cock-
tail bar—the 238 rooms and suites
are surprisingly quiet and comfort-
able. From about $90 a night, ma-
mashelter.com
Absolutum Owned by painter Juraj
Malik, this small 50-room hotel fea-
tures artwork and décor from local
designers, as well as a spa and well-
ness center with a full-size sauna im-
ported from Finland. From about $80
a night, absolutumhotel.cz.
EAT AND DRINK
Ca Phe Long home to a sizable
community of Vietnamese expats,
Prague has only recently started to
embrace their native cuisine. The
stylish, year-old Ca Phe serves
grilled pork, rice noodles, spring rolls
and other aromatic Vietnamese
classics for lunch and dinner. Feeling
peckish but not famished? Drop in
for coffee and homemade cakes. 9 U
Pruhonu, ca-phe.cz.
Phill’s Corner Part cafe, part bou-
tique, this airy spot offers urbane
breakfasts like acai bowls and chia
puddings backed up by third-wave
coffee and traditional deli sand-
wiches. If you’re thinking of taking a
picnic lunch to one of the nearby
parks, the shop sells pre-packed
meals 32 Komunardu,
phillscorner.cz.
Pipca One of the most popular new
arrivals of 2018, Pipca takes its
name from a Czech slang word for
“chicken,” serving succulent rotis-
serie bird as well as pulled-pork
sandwiches and Caesar salads. 28
Milady Horakove, pipca.cz.
Cobra With the help of local design
studio Edit, this old slot-machine
hangout was reborn in 2017 as a hip
cafe-bar and hopping brunch spot. In
a nod to its previous life, Cobra re-
mains open until 2 a.m. most nights,
with DJs playing house and techno
sets Thursday through Saturday. 8
Milady Horakove, barcobra.cz.
Bistro 8 A neighborhood stalwart as
pared-down as the name suggests,
* *** THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
WALKING & GAWKING
Czech Me Out
Bistro 8 ladles
up simple, old-
school Czech
fare, such as
bramboracka (a
lusty potato
soup), and some
less expected
dishes, such as
a Moroccan-
style vegetable
tagine. 8
Veverkova, bistro8.cz.
SHOP
Braasi The Czech backpack brand
Braasi is stocked in boutiques in 11
countries, but there are no U.S. out-
lets save the occasional Brooklyn
pop-up. Stop by Braasi’s combination
showroom and workshop, which
opened in a former machine shop in
Holesovice in 2017, and spring for the
brand’s signature “wicker” backpack
(about $205). 67a Delnicka,
braasi.com.
PageFive You’ll find bilingual art and
design titles and Anglophile reads at
this intimate bookshop close to
Letná park. Other cool souvenirs in-
clude the shop’s own illustrated book,
”Special Circumstances,” dedicated to
the bizarre public art of Czechoslo-
vakia’s “normalization” era, as well as
offbeat posters from local artists. 5
Veverkova, pagefive.com.
Papírna Anyone who finds corre-
sponding by text hopelessly unro-
mantic should prioritize an outing to
this tiny stationer. Choose one of 30
shades of recycled paper, then cus-
tomize it with free-to-use stamps and
ink at the DIY workbench. 8 Frantiska
Krizka, papirna.cz.
Footshop In 2016, yet another indus-
trial-remnant warehouse reopened as
Vnitroblock, a mixed-use space with
street-food stands, a dance studio, an
art-house cinema and assorted other
outlets. For sneakerheads, the main
draw is Footshop, home to the city’s
biggest collection of limited-edition
athletic shoes, including “The City of
a Hundred Spires,” the store’s own
Prague-inspired collaboration with
Kangaroos (about $305). 31 Tusa-
rova, footshop.com.
SEE
Dox Centre for Contemporary Art
Ten years ago, the opening of this
defunct sheet-metal plant as a
30,000-square-foot art museum ce-
mented the idea of Holesovice as a
dedicated arts district. Since then
Dox has continued to grow, adding a
Zeppelin-like ”Airship” on its roof in
2016 and hosting influential exhibi-
tions and competitions. 1 Poupetova,
dox.cz.
Veletrzní Palac This former exhibi-
tion hall with an amusingly grandiose
name—it translates to “Trade Fair
Palace”—houses the Czech National
Gallery’s largest collection of 19th,
20th and 21st century Czech art. Seek
out esteemed works by Alphonse
Mucha and Jakub Schikaneder. But
the building itself, a 1928 Functional-
ist standout with soaring interiors, is
reason enough to loiter. 47 Dukel-
skych hrdinu, ngprague.cz.
WINNING ROUND
Clockwise from top:
Cobra, a former slot-
machine bar is now one
of the go-to spots in
Holesovice; inside the
STEFAN FÜRTBAUER FOR THE WALL STREET JOURNAL; JAMES GULLIVER HANCOCK (MAP)
‘Airship’ installation on
the rooftop at the Dox
Centre for Contemporary
Art; Katarina
Kratochvílova at Papirna;
outside Mama Shelter
hotel; the cafe at Dox.
Inset above: a ’Supper
Martini’ at Cobra. Below:
a latte at Ca Phe.
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, May 18 - 19, 2019 | D4A

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 THE WALL STREET JOURNAL.
A Melting Pot On
The Mediterranean
The Israeli seaport of Acre, harboring a
mix of culinary traditions, serves up
memorable meals with zero fanfare
YADID LEVY FOR THE WALL STREET JOURNAL; JASON LEE (MAP)
BY DEBRA KAMIN
I
T’S A STRETCH to call
Maadali, a postage-
stamp-size eatery in
the northern Israeli
city of Acre, a restau-
rant. This little stall, tucked
inside the city’s Old Turkish
Bazaar and featuring a sin-
gle stovetop and three
tightly packed tables, is no
bigger than many home
kitchens. You won’t find a
set menu, or set operating
hours, either.
But Adnan Daher,
Maadali’s chef and owner,
shrugs off the limitations of
space and scope. A trip to
Maadali is a trip to a
mouthwatering one-man
show, and Mr. Daher, who
also serves as waiter, man-
ager and short-order cook,
turns out his own spins on
hraime (spicy fish cooked in
a simmering pickled mango
sauce); fresh calamari with
hyssop and tangy home-
made yogurt; and roasted
eggplant with smoky tahini
and harissa.
Producing such big fla-
vors in such a tiny space
seems unlikely, but he does
it. And in Acre (or Akko in
Hebrew and pronounced Ah-
koh), a 5,000-year-old port
city that serves as the capi-
HOLY
MACKEREL
From top: Uri
Jeremias, owner
of Uri Buri, a
much-loved
seafood
restaurant in
Acre; spices in
the Old City’s
market, where
you can also find
the freshest fish
in the Holy Land.
* * * *
tal of Israel’s fertile Western
Galilee, he is just one culi-
nary magician among many.
Some of the best seafood
in the Holy Land hides in-
side this creaking ancient
town, where frothy, fish-
packed waves beat against
original Crusader-built sea
walls and a Technicolor
market teems with produce
and spices. There’s Uri Buri,
the now world-famous sea-
In this creaking
ancient town, fish-
packed waves beat
against Crusader-
built sea walls.
food restaurant beloved by
Phil Rosenthal from the Net-
flix food series “Somebody
Feed Phil”; there’s El Marsa,
where homegrown chef Alaa
Musa combines his Palestin-
ian recipes with techniques
he picked up in Sweden’s
Michelin-starred kitchens;
and there are endless hum-
mus stands, fresh grills and
salad bars. All anonymous
and humble, they serve
enough hyperlocal, slow
food to wake up even the
most jaded foodies.
ADVENTURE & TRAVEL
But Acre, with its mixed
population of Muslims, Jews
and Christians, rarely ap-
pears on tourist itineraries
for the Israel-bound. Despite
its riches of both cuisine
and culture, it’s a blue-collar
city that’s shabby around
the edges and largely ig-
nored in favor of bigger
draws like Tel Aviv, Jerusa-
lem and the Red Sea resort
city of Eilat. Uri Jeremias,
the white-bearded bon vi-
vant who runs Uri Buri,
finds this scandalous. “Acre
is like a diamond that has
one face polished, and you
can see that it has a lot of
light in it but nobody both-
ered to polish the other
faces,” he said.
The city’s blend of cul-
tures, and its long history as
an impoverished trading
hub relying on the sea, have
produced varied culinary
traditions. Jewish residents
cook dishes their grandpar-
ents brought from Kurdis-
tan, Iraq and Yemen. Those
preparing traditional Pales-
tinian recipes, meanwhile,
employ the Acre twist—sub-
bing in cheaper and more
readily available seafood on
meat-heavy plates. A dish
like maqluba (meat, rice and
vegetables fried in a pot and
then flipped upside-down
before serving) will feature
octopus or calamari instead
of beef or chicken.
To make it in Acre, chefs
agree, you don’t need a
fancy culinary degree or a
buzzy menu. You just need
to serve the kind of food
that speaks to the local ap-
petite. “The only criticism I
ever get [at Maadali] is
whether the food tastes
good or not,” said Mr. Da-
her. “No one can criticize
my authenticity because I
was born to this. I’ve always
lived with it. Cooking is in
me, and I consider it like
breathing.”
Maadali has earned a
small but loyal following.
Saturday/Sunday, May 18 - 19, 2019 | D5
So too have the dueling shimi with wasabi sorbet
hummus shops of Hummus and raw shrimp served on a
Said and Hummus Issa, “bruschetta” of persimmon
where patrons queue early with caviar topping.
and often to dip hot pita His food is elevated, but
bread into steaming bowls served without fanfare, on
of creamy masabacha (a bare tables in a restaurant
hummus variant in which with crumbling walls.
most of the chickpeas re- To Mr. Jeremias,
main whole) and hummus anything else ACRE
ful (covered with fava would be a Haifa
beans). On the upscale end, disservice to ISRAEL
Mediterranean
don’t expect white table- both the food
cloths: Acre just isn’t that and the city’s
West
kind of city. At El Marsa lack of pre- Tel Bank
Aviv
and Doniana, both of which tension.
Jerusalem
offer panoramic views of “We don’t
the ancient port and heap- have Gucci
ing plates of mussels, clams Shmucci or any of
and hand-rolled pasta, the those fashion shops [in
dress code is jeans and T- Acre]. In fact, you won’t find
shirts and families gather one fashionable shop in the
for boisterous meals with whole Old City market, be-
babies in tow. cause it’s just meant for all
At Uri Buri, Mr. Jeremias the locals who still come
still personally greets the here to buy,” he said. “It’s all
guests who gather every local food, with none of the
evening to feast on the plastic fantastic of the major
omakase-style menu of am- global chains. And this is
berjack ceviche, salmon sa- what makes Acre special.”
Pearl, childhood cancer survivor; and Arnold, leukemia survivor.
MARVEL STUDIOS’
AVENGERS: ENDGAME, MASTERCARD, AND STAND UP TO CANCER
ARE JOINING TOGETHER TODAY TO HELP TAKE DOWN
ONE OF THE BIGGEST VILLAINS OF ALL: CANCER.
JOIN US NOW AT STANDUPTOCANCER.ORG/MASTERCARD.
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MISSION TO MAKE EVERY PERSON DIAGNOSED WITH CANCER A LONG-TERM SURVIVOR.
Pictured: Heroes from Marvel Studios’ Avengers: Endgame.
Survivor photos by Kevin Lynch.
STAND UP TO CANCER IS A DIVISION OF THE ENTERTAINMENT INDUSTRY FOUNDATION, A 501(C)(3) CHARITABLE ORGANIZATION.
MASTERCARD IS A REGISTERED TRADEMARK, AND THE CIRCLES DESIGN IS A TRADEMARK, OF MASTERCARD INTERNATIONAL INCORPORATED.
ALL RIGHTS RESERVED. AVENGERS: ENDGAME ONLY IN THEATERS APRIL © 2019 MARVEL
TOP TABLES From far left:
Doniana restaurant; signature
dishes at Hummus Issa in
Acre’s Old City.
In 2013, Mr. Jeremias
doubled down on Acre and
poured his life savings into
transforming two crumbling
19th-century villas into the
now spectacular Efendi Ho-
tel, a 12-room boutique
property with a 400-year-
old Turkish hammam and
wine tastings housed in a
12th-century Crusader cellar.
At breakfast, he joins his
guests to dine family-style
around a massive wooden
table off the lobby; in the
afternoons, he’s over at En-
domela, his ice-cream parlor
where he scoops up flavors
including halvah (sesame
paste), arak (Acre’s favorite
anise-flavored liquor) and
apricot sorbet, all made
from scratch.
“What I love most about
Acre and the rest of the
Western Galilee is how the
products are all real and lo-
cal, and how obvious it is to
everyone here that they’d be
part of the kitchen,” said
Michal Shiloah, the CEO of
Western Galiliee Now, a
small tourist association
working to convince the 3.6
million people who
visit Israel every
Sea of
year to include
Galilee Acre and its
surrounding
villages on
JORDAN their itinerar-
ies.
She points to
the olive oil that
sits in every
kitchen here, pressed
and purchased locally and
stored in recycled soda bot-
tles, as an example. “Every-
one uses the most exquisite
extra-virgin olive oil, but
it’s not labeled,” said Ms.
Shiloah. “All the fish is sea-
sonal and so fresh—what
you in America call farm-to-
table, for us is just a way of
life here.”
Lori, breast cancer survivor.
D6 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

1
3

2 5

4 6

F. MARTIN RAMIN/THE WALL STREET JOURNAL

Beach Blanket Buzz
Canned cocktails are better than you think. A new wave brings a splash of craft to summer sipping

BY KARA NEWMAN of Beverage Studies at New York

S
TAG PARTY shooters,
flavored-malt-liquor “al-
copops,” weird sangrias
that never tasted quite
right: For decades, the
category of premixed cocktails
known in the beverage industry as
“ready-to-drink,” or RTD, wasn’t
exactly well-respected.
But that’s changed, driven by
new offerings from bartenders,
spirits producers and others who
have a history of caring about the
craft of drinkmaking. Portable, ca-
sual cocktails packaged in cans
and bottles have arrived, and
many are at least as good as
drinks you can make yourself.
At craft distillery Cardinal Spir-
its, based in Bloomington, Ind.,
well-made drinks at the tasting-
room bar led to a surprising side-
line in RTD cocktails. According to
Cardinal CEO Adam Quirk, people
consistently requested carryout.
“We’ve had so many customers ask
us over the years to put the cock-
tails in a bottle so they could take
it out to the park, or on a boat in
Lake Monroe,” he said.
As these drinks have gotten bet-
ter, consumers have responded:
The IWSR, a drinks-market re-
search firm, proclaimed RTD “the
most buoyant category within bev-
erage alcohol in the U.S.,” tracking
a 6.1% rise by volume during 2018.
They anticipate the category will
grow another 1.2% in the U.S. from
2018 to 2022.
Another sign that RTDs are ready
for prime time: In February 2019,
brewing giant Anheuser-Busch In-
Bev signed a deal to buy San Diego-
DOWN WITH RTD / 6 WELL-MADE READY-TO-DRINK COCKTAILS
1. Cutwater Bloody Mary ($13 for
a pack of four 12-ounce cans; 10%
ABV) Made with Cutwater’s Fugu
Vodka, this premixed Bloody
comes in two versions: Spicy
(plenty of peppery zest) and Mild
(leans more on the vegetable-juice
component). Cutwater also offers
a Margarita (pictured) and an ex-
tensive line of other RTDs.
2. Ramona Sicilian Lemon ($20
for a pack of four 8.4-ounce cans;
7.5% ABV) Somewhere between a
Spritz and a wine cooler, the new-
est addition to sommelier Jordan
Salcito’s line is made with organic
white wine and Sicilian lemon
juice—no distilled spirits. It is
based Cutwater Spirits for an undis-
closed sum—specifically for their
extensive line of 14 canned cocktails.
So what’s in these bottles and
cans? Most often, it’s a highball-
style cocktail, meaning it includes
a spirit plus a sparkling compo-
nent like tonic or ginger beer, and
other flavorings. These easy-drink-
ing, relatively low-alcohol drinks,
often riffs on classic templates like
the Moscow Mule or Whiskey Gin-
ger, have found favor in bars in re-
cent years and made their way
into the retail market.
The strong-and-stirred category
of classic cocktails, which contain
no citrus and are therefore rela-
tively easy to make shelf-stable,
are another popular option. Wan-
dering Barman, a company co-
owned by Brooklyn bartender Dar-
pale-yellow in the glass, with a subtle
mix of floral and fruity notes.
3. Kahlúa Espresso Style Martini
($12 for a pack of four 6.8-ounce
cans; 4.5% ABV) Though it won’t
quite match the complexity of an
Espresso Martini prepared by an ex-
pert bartender, this can provides a
serviceable alternative for coffee lov-
ers, with the requisite espresso fresh-
ness and caffeine buzz.
4. Greenhook Ginsmiths Gin & Tonic
($22 for pack of four 6.8-ounce cans;
12% ABV) Hits all the right notes for
G&T lovers: refreshing, bracing and
bright, with a nuanced juniper note.
Pair with tennis whites.
ren Grenia, offers two variations
on the Old Fashioned—one sweet-
ened with dates, the other with
“burnt maple”—in single-serve
flask-shaped bottles.
‘People are doing more
drinking at home, and
throwing more parties
without a high level of
formality.’
The current generation of drink-
ers is already familiar with nitro
cold-brew coffee, charged with ni-
trogen to give it a cappuccino-like
creamy head and often packaged in
cans or bottles. Not surprisingly, ni-
5. Dulce Vida Sparkling Marga-
rita ($14 for pack of four 6.8-
ounce cans; 12.5% ABV) Margs
aren’t usually fizzy, but a little
sparkle lends a festive vibe to this
citrusy sipper. The Sparkling Pal-
oma is worth a try too, though
proceed with caution: It goes
down as easy as a grapefruit soda
but packs a boozy wallop.
6. Cardinal Spirits Maui Mule
($13 for pack of four 12-ounce
cans; 6.5% ABV) This mix of
vodka, passion fruit juice and
ginger has a rosy hue and a
pleasing tropical-fruity flavor. All
that’s missing are the palm trees
and the waves.
tro coffee technology has inspired a
handful of coffee-spiked RTDs, such
as Kahlua’s espresso-Martini-in-
spired offering, released in spring
2019, and Cutwater’s canned Cold
Brew Cocktail.
Of course, not all premixed
drinks are created equal. In tast-
ings, I found that the most enjoy-
able drinks were those that started
with a well-made spirit as the foun-
dation, rather than generic neutral-
grain spirits. I particularly liked a
canned Gin & Tonic from Brooklyn’s
Greenhook Ginsmiths, made with
the distillery’s zippy gin.
While better-quality drinks cer-
tainly helped drive the trend,
evolving consumer attitudes and
habits have played a role, too, said
Eamon Rockey, founder of
Rockey’s Milk Punch and director
City’s Institute of Culinary Educa-
tion. “People are doing more
drinking at home, and throwing
more parties without a high level
of formality behind them,” he said.
Bartenders are also seeing a
backlash against the fussy speak-
easy-style bar culture that pre-
vailed a decade ago. Millennial
consumers in particular are look-
ing for fun, non-intimidating
drinking experiences. And though
beer consumption is lower in this
demographic than in preceding
generations, a cocktail as effortless
as cracking open a beer appears to
be a welcome option.
“It was a shock, actually, how
quickly those things started taking
off,” said Cardinal’s Mr. Quirk. The
company started selling bottled
spirits four years ago, but it wasn’t
until June 2018, when Cardinal in-
troduced two canned vodka
drinks—the Maui Mule, made with
passion fruit, and the Bramble Mule,
which includes a raspberry-hibiscus
infusion—that RTDs really took off
for Cardinal, quickly eclipsing sales
of their standard spirits. “Within
about three months, they were the
best-selling product we’ve ever
made, by volume,” said Mr. Quirk.
Last year, Cardinal sold 7,000
cases of the canned Mules, Mr. Quirk
estimated. This year, he projects
sales of over 20,000 cases, including
a newly launched Vodka Soda can.
Mr. Quirk is also eyeing canned
cocktails with cold-weather ap-
peal. If easy-to-serve, high-quality
RTDs make an appealing addition
to a beach day or barbecue, imag-
ine what they could bring to an
autumn tailgater.

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

Farrotto With Gouda, Sunflower Seeds and Seared Romaine

RISOTTO IS NOTORIOUSLY easy to over-
cook. But not this one. The third Slow
Food Fast recipe from Montreal chef Me-
hdi Brunet-Benkritly is actually a farrotto,
made from the whole grain farro. Aged
gouda, browned butter and toasted sun-
flower seeds complement the nutty flavor.
The Chef Mehdi Stirred constantly throughout cooking
along with ladlefuls of stock, sautéed shal-
their starch, thicken and go all creamy.
Over the course of cooking, the flavor
develops, too. “Farro has great depth,”
said Mr. Brunet-Benkritly. “It pairs super-
well with sharp cheeses.” Hence the gouda.
A final flourish of seared Romaine makes a
fresh counterpoint, and Sherry vinegar
brings a hit of acidity to balance the rich-
ness of the farrotto. The toasted sunflower
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY NORA SINGLEY, PROP STYLING BY SUZIE MYERS

Brunet-Benkritly
lots and a splash of white wine, this dish is seeds make each bite compelling.
His Restaurant every bit as lush and warming as any ri- “I like to create contrast. Otherwise
Marconi, in sotto. But the farro holds its structure bet- you’re just eating porridge, and that gets
Montreal ter than the traditional Arborio rice. Be res- boring,” said the chef. “Texture is what
olute in your stirring, Mr. Brunet-Benkritly makes us go back for more.”
What He’s Known advised, to ensure that the grains release —Kitty Greenwald
For An intimate,
family-owned res-
taurant anchored Total Time 35 minutes 1. In a medium pot over me- 2. While farrotto cooks, set a
around an open Serves 4 dium heat., combine 1 table- small pan over medium heat.
kitchen. Ambitious 6 tablespoons butter spoon butter, 2 tablespoons Melt 3 tablespoons butter
yet approachable 3 tablespoons olive oil oil and shallots. Sweat shal- and cook, stirring, until it be-
cooking prepared 1 shallot, minced lots until translucent, 2 min- gins to brown lightly and
with a light touch. 1 1/2 cups farro, rinsed utes. Stir in farro and wine. smell nutty, about 3 minutes.
2/
3 cup dry white wine Once alcohol cooks off, after 3. Heat 1 tablespoon oil in a
6 cups vegetable or chicken 4 minutes, stir in 1/2 cup stock medium skillet over high heat.
stock and cook, stirring constantly. Once very hot, add romaine
1/
2 pound aged gouda, Once most of liquid is incor- and sear on cut sides until
grated, plus more to porated, repeat, adding 1/2 cup browned and tender, 1 minute
garnish stock at a time, cooking and per side. Pour in vinegar and
Kosher salt and freshly stirring until all stock is incor- allow it to cook off, about 30
ground black pepper porated, farro grains are ten- seconds. Season with salt.
1/
3 cup toasted sunflower der with some bite and con- 4. To serve, spoon hot far-
seeds sistency is that of a loose rotto into bowls and add a ro-
1 romaine heart, quartered risotto, about 25 minutes. Stir maine wedge to each. Spoon
lengthwise, dark outer in cheese and 2 tablespoons sunflower seeds and browned
leaves removed butter, and cook 1 minute butter over top. Garnish with HAVE IT YOUR WAY Use vegetable stock if you want to make this
1 tablespoon Sherryvinegar more. Season with salt. more cheese. dish vegetarian. Otherwise, chicken stock will lend savory depth.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 18 - 19, 2019 | D7

EATING & DRINKING

Time How To Roll

Whatever sort of leaf you’re
using, follow these four simple

To Get
steps to wrap the filling.

Rolling
Cabbage rolls aren’t just for

1
winter. Spring brings so many At base of leaf, remove thickest part
of rib to create a V shape. Use your
other tasty leaves to stuff hands to shape filling into an
oblong and place at base of V.

BY ELEANORE PARK

W
HEN CHEF Tomasz Skow-
ronski visited family in War-
saw each summer as a child,
his grandmother would wel-
come him with cabbage rolls
napped in a bright tomato sauce. “Most people
would say it’s a wintery, comfort-food dish,”
he said. “But stuffed cabbage in summer
makes sense to me because that’s when the

2
best tomatoes are happening.”
Mr. Skowronski and his co-chef and partner, Fold edges of leaf inward so
Kate Lasky, serve their own take on Polish that they overlap one another,
gołąbki at Apteka, in Pittsburgh. Filled with a ensuring that all filling is
mix of mushrooms, some of which they forage completely enclosed.
themselves, as well as buckwheat and roasted
vegetables, their vegan version comes in a to-
mato broth infused with smoked paprika. Sat-
isfying and also surprisingly light, it’s a deli-
cious delivery system for seasonal produce
that makes at least as much sense in spring or
summer as it does in winter or fall.
Remarkably meaty for a meatless dish, the
filling presents a range of pleasing textures.

3
Taking a cue from Mr. Skowronski’s grand-
mother, before they stuff and roll the cabbage Roll folded leaf tightly over filling,
leaves, the chefs pan-roast the mushrooms, toward opposite end of work sur-
onions, fennel and thin-sliced cabbage for the face. Keep edges of leaf tucked in-
filling until they’re deeply caramelized. “Those ward as you go.
roasty, kind of tacky bits that stick to the pan
are the best part,” said Mr. Skowronski.
Once you embrace the multi-seasonal ver-
satility of this dish, you’ll find yourself scoping
out all manner of leaves at the market. At
Achilles Heel in the Greenpoint section of
Brooklyn, N.Y., chef Desiree Tuttle wraps a fill-
ing of brown rice, onions and mushrooms in A NEW LEAF

4
delicate chard. “Something about being in this Stuffed Radicchio With Cabbage isn’t the only vegetable
neighborhood, which is very Polish and East- Preserved-Lemon Yogurt fit for stuffing. Here, radicchio Finish roll seam-side down to se-
ern European, made it feel right to put this on Total Time 35 minutes Makes 14 rolls makes a tasty wrapper for a cure it into a tidy, cylindrical parcel
the menu,” she said. Ms. Tuttle calls the small filling of spiced lamb, goat cheese, that will remain intact through
chard packets “love letters.” For the filling: pine nuts, golden raisins and herbs. oven braising or searing.
Because chard is more tender than cabbage, ½ cup pine nuts
these rolls are quick to cook, minus the tradi- 1 large egg, beaten
tional oven-braising step. Ms. Tuttle just gives 1 clove garlic, minced
the leaves a quick blanch before tucking in the ¼ cup chopped parsley
filling and rolling, then browns the rolls in a ¼ cup chopped mint
cast-iron skillet. She serves them with a grat- ⅓ cup crumbled goat cheese
ing of Parmesan and a spicy, garlicky tomato ¼ teaspoon ground coriander
sauce that brings a nice edge to the dish. “The ¼ teaspoon ground cumin


sauce is important to help you get through the ½ teaspoon red chile flakes
unctuous filling,” said the chef. ¼ cup chopped golden raisins
1 tablespoon Sherry vinegar
2 tablespoons extra-virgin olive oil
1½ teaspoons kosher salt
It’s a delicious delivery system 1 pound ground lamb
for seasonal produce that
makes sense in spring. For assembly and yogurt sauce:
Kosher salt
1 large head radicchio, cored and outer
layers removed
Ms. Tuttle also suggested brawny greens 2 tablespoons extra-virgin olive oil, plus
such as collards and even romaine as wrap- more for drizzling
pers. For me, at this time of year, radicchio is 1 cup Greek yogurt
the obvious choice. At its peak in spring and 1 tablespoon chopped preserved lemon
fall, the bitter chicory stands up well to a Zest and juice of 1/2 lemon
stuffing of ground lamb spiced with cumin and Kosher salt
coriander, plus a handful of bracing parsley ¼ cup torn mint leaves
and mint. Studded with pine nuts and raisins, 1 teaspoon sumac
enriched with goat cheese and a splash of
Sherry vinegar, these radicchio rolls skew sort 1. Preheat oven to 400 degrees. Toast pine
of Sicilian. Roasting sweetens the radicchio, nuts until golden brown, about 6 minutes.
but the leaves retain enough bite to balance Set aside and let cool slightly. In a large
the lamb. A yogurt sauce spiked with pre- bowl, combine all ingredients for filling.
served lemon and sumac tastes like sunshine. Use your hands to mix until ingredients
All of these rolls can be prepared ahead are evenly distributed.
of time and heated before serving, making 2. Bring a medium pot of salted water to a
them a highly accommodating dinner-party boil over medium-high heat. Prepare an "
#$ %  "
&     
%
 ' () $
dish. They also travel well, whether you’re ice-water bath. Carefully add whole radic- * $
+

 %", 
*
    - 
 $   
toting them to a potluck or a picnic, so they chio head to boiling water and blanch until
suit a wide range of occasions as well as leaves soften, 1-2 minutes. Transfer radic-
 *  - 
$    *
    ..   /

BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY SARAH VASIL

seasons. “You’re stuffing a vegetable with chio to ice-water bath to halt cooking. 
/ 
0
 $ 0  $$    1-$
  0  

more vegetables,” said Ms. Tuttle. “That’s 3. Cover work surface with a few layers of
 / 
*$ - /  $

 0


2 0/ $ 
just really comforting, and there’s never not paper towels. Peel radicchio leaves and
$$  


  ) %"  03 -



$* 
a time for that.” place on paper towels to drain. Layer more
paper towels between leaves as you go. If   ) 0  
  
inner leaves seem tough, blanch further in
boiling water until softened and flexible

.$0 -)   
 0 $$ 4 *


$
0/ 
and transfer to ice-water bath. Continue
until you have about 15 leaves. )

3
 )

 *$ 
 #3    $ 
 5
4. Use your hands to gently roll about ¼  0
 
 *



$
  
 +


'
cup filling into an oblong cylinder. Place
filling just above base of leaf. Fold all sides
of leaf in on each other, ensuring all filling
is enclosed, and roll tightly to secure. Issue:   | Close Date: Ma  | Section: MANSION
Transfer roll to a baking dish and repeat
with remaining filling and radicchio leaves.
Lightly drizzle olive oil all over and cover For more information on advertising opportunities, please contact
tightly with foil. Bake until radicchio leaves


@wsj.com |  !
appear glossy, about 10 minutes. Remove
foil and continue to bake until a cake tes-
ter inserted into middle of a roll feels
warm, indicating that lamb is cooked
through, 8 minutes. Remove from oven
and let cool slightly.
5. Make the yogurt sauce: In a medium
bowl, combine 2 tablespoons olive oil, yo-
gurt, preserved lemon and lemon juice and
zest. Season with salt to taste. Sprinkle
Source:  
 


   
 Find recipes for stuffed cabbage and
stuffed chard at wsj.com/food.
with mint leaves and sumac. Serve stuffed © 2019 Dow Jones & Company, Inc. All Rights Reserved.
radicchio rolls with sauce on the side.
—Developed by Eleanore Park
 D8 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

B
A-Z

An End to
Ordinary
Panes Is for Bare
Go nude where you
like the view and don’t
need privacy. “Curtains
An alphabet’s worth of
window-dressing options,
A
Is for Acoustic
would have hampered
the connection to out-
side, which is what
plus designer advice on how Once curtains heavy enough to muffle this space is about,”
sound were dense as a coffin lining. said Bunny Williams of
best to put them to use Carnegie fabrics says its diaphanous sheers this room, featured in
reduce incoming and outgoing racket by up her new book “Love
to 65%. Alphacoustic Sheers, from $79 a Affairs with Houses”
yard, carnegiefabrics.com (Abrams).

G
Is for Integrated
For a fuss-free look, create the illusion that
drapes come from the ceiling. Christopher
Kent goes further, dyeing curtains to match

J
walls, as seen here, which “allows the mate-
rial to recede into the background and gives
architectural details permission to speak.”

Is for Green
Thanks to chemical-
free vegetable dyes,
these organic-cotton
panels come in 10
earthy hues. Direct-to-
consumer company
H
Is for Hand-Painted Is for Jabots
Barn & Willow delivers Artisanal textiles bring a human touch to a Linen swags and jabots, the fabric that falls
custom orders within room, said Tulsa, Okla., designer Mel Bean. vertically, gave the large space above these
10 days. From $189 for Use high-contrast designs for drama and windows an architectural quality, said de-
50-inches by 84- softly variegated ones for subtlety. Black Silk signer Thomas Jayne. “They provide swag-
inches, barnandwil- Taffeta with Hand Painted Flowers, from ger, lightness and maybe a bit of humor,
low.com $310 a yard, bandjfabrics.com since they are so out of style,” he said.
F. MARTIN RAMIN/THE WALL STREET JOURNAL (A, C, F, G, H, K, L, M, N, O, S, W, X, Y, Z); MELANIE ACEVEDO (B); KELLY MARSHALL (D); ANGIE SECKINGER (E); ANDREW MILLER (I); DON FREEMAN (J); KEVIN WELDON (P); KATIE CRANE (Q); REBECCA POLLAK (R); MIKE SCHWARTZ (U); SIMON UPTON (V); ILLUSTRATIONS BY JESSIE KANELOS WEINER

P
Is for Pleats
Pleats drape fabric in an elegant, tailored
manner—unlike more-casual ways to attach
curtains to rods, like grommets. Designer

O
Kevin Weldon installed these goblet pleats
when clients in Latham, N.Y., asked for a
“fancy look,” he said.

N Q
Is for Quaint
Is for Netting Is for Ornamentation This granny-chic combination of shutters
Of this translucent linen, wool and polyes- Designer Kati Curtis recently layered cash- and a relaxed Roman blind has its perks,
ter option, Charleston designer Cortney mere sheers trimmed in patterned tape un- said Philip Mitchell, designer of this
Bishop said, “It’s a fresh twist on the tradi- der a set of embroidered linen curtains Chester, Nova Scotia, powder room. “It’s
tional sheer, providing another layer of tex- edged in pompom fringe: “We can’t seem to great for privacy, lets light in and you
tural warmth.” Bamako, from $172 a yard, layer in enough details these days.” Gypsy can still be creative with fabric
ZAK + FOX, 212-924-0199 Fringe, $12 a yard, lingerlongertextiles.com and trim,” he said.

V W Is for Woven Wood

“I love how matchstick
shades stipple light,”
said Brooklyn designer
Lilse McKenna. Said
L.A.’s Kate Lester,
Is for Valance “They add texture and
Valances, usually made of fabric, box off the dimension and can be
messy tops of drapes. Cornices or pelmets, mounted inside or out-
of upholstered wood like this Kirill Istomin side the casing.” Indian
design, are more structured. Mr. Istomin ‘Chik’ Blinds, from
finds them “a clever way to create the per- about $14 a square
ception of interior architecture in a room.” foot, jossgraham.com
X
Is for X-tra Large Prints
Ms. Bean calls in large-scale motifs for
rooms with otherwise simple forms and
patterns. She’s taken with the fabric of
Lindsay Cowles, of Richmond, Va., whose
large repeats are digital interpretations of
her abstract paintings. 71417 Rust Fabric,
$168 a yard, lindsaycowles.store

RECIPES FOR DRESSING / FOUR INTERIOR DESIGNERS SHOW YOU HOW TO COMBINE THE A-TO-Z ELEMENTS FOR WINNING WINDOWS

Acoustic + Sheer +
Motorized + Contrast +
Integrated Tieback
GET TECHY If you’re eager to enjoy the full ACCESSORIZE WITH GUSTO Marika
Jetsons lifestyle, employ every high-tech Meyer, a Washington, D.C., designer, be-
treatment in our A-to-Z guide. Chicago de- lieves window treatments are to rooms
signer Christopher Kent recommends using what the perfect handbag is to an outfit,
Carnegie’s Alphacoustics acoustic sheers in a and treats them sartorially. “But you want
blue gray shade called 32, motorized and in- to pick your place to create moments,” she
tegrated into the ceiling. You needn’t recon- warned, adding that the master bedroom
figure your ceiling to hide the workings, he and dining room are ideal stages for a bit
said. He’d hang a cornice of drywall covered of theater. One relatively achievable for-
with the same fabric, then paint the room in mula: sheer drapes that are edged in line-
Farrow & Ball’s Dix Blue, “for a very clean defining contrast tape and held in place
look,” he said. with a pair of grand tiebacks.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 18 - 19, 2019 | D9

DESIGN & DECORATING

D
Is for Drama
“Drama can be anywhere—even a house in
the suburbs,” said New York designer Sarah
Magness. The trick: balance. Here she light-

F
ened the effect of grand velvet drapes by
Paris interior designer Josephus Thimister
with clean-lined Louis Cane furniture.

C
Is for Contrast Tape
E
Is for En Suite Is for French Return Rods
Trim, designed to edge a drape, “is like a Using the same pattern—like this print by This hardware guides drapes into a curve
statement necklace with a little black Ann McGuire Studio—on both walls and that hugs the wall, blocking light and adding
dress,” said Washington, D.C., designer window treatments envelops you, said Ms. polish. “I let fine, lush fabrics take center
Marika Meyer. Here, Acanthus Tape by Cel- Meyer, who underlined her earthy palette stage by avoiding ornate finials,” said Hous-
erie Kemble for Schumacher, $59 a yard, with brass fixtures. “Consistent pattern ton’s Marie Flanigan. French Return Hard-
decoratorsbest.com helps to keep the eye calm and focused.” ware Set, from $45, ballarddesigns.com

K Is for Kinship
KnollTextiles’s Contour Collection includes
this drapery fabric, a polyester sheer that
purloined its big-circle motif from a Chris-
tian Dior couture coat in the Spring 2018
collection. Bounce, $56 a linear yard,
knoll.com
L
Is for Linen
“I love linen because it naturally creases and infuses texture,” said Los Angeles
designer Kate Lester. “There is a lived-in, effortless feel.” Annie Selke’s new line of
M
Is for Motorization
Window treatments can obey voice and
app commands. One of the design indus-
try’s go-tos for shade gizmos: Hunter
Douglas’s PowerView Motorization, which
ready-made linen panels come in happy prints and pastels. Pine Cone Hill Lush Linen Curtain in March became compatible with Apple
Panel, from $112 for a 55-inch-by-63-inch panel, annieselke.com Home Kit. From $850, hunterdouglas.com

R
Is for Roman
When there’s zilch room for fabric below a

T
window, go for Roman shades. To work
around a radiator, New York’s Brittany Ma-
rom used a modified form here, softly gath-
ering just the lower edge. “It’s still warm and
billowy, but without a big belly,” she said.

S
Is for Sheers
Good for obscuring ugly views while still
letting in light, sheers now come in printed
and patterned versions. These poly panels
provide graphic energy. Semi-Sheer Clipped
Jacquard Curtain in Ivory, from $69 per 84-
inch long panel, westelm.com
Is for Tiebacks
Thomas Jayne once had scarab tiebacks
made for a room lined with beetle-patterned
wallpaper: “It’s a little design surprise.” Ed-
ward Harpley carves and paints tiebacks by
hand in Suffolk, England. Vitruvian Tiebacks,
from about $194 each, edwardharpley.com
U
Is for Unexpected
“We opted for a graphic and bold drapery in
this study to add life and lightness to a
more subdued space,” said Chicago architect
Steve Kadlec of this textile by Dedar Mi-
lano. “The effect is bright and sophisticated
without feeling whimsical or feminine.”

It’s Curtains for

These Common Gaffes
The decorating mistakes designers see
again and again—and how to avoid them

Hanging Drapes floor. Otherwise,

Too Low People of- said San Francisco
ten install panels designer Heather

Y
flush with the top of Hilliard, “it’s like
windows, said At- seeing a man
lanta designer Vern whose pants are
Yip, author of “Vaca- too short and don’t
tion at Home” (Run- break at the shoes.”
ning Press, August).
Draperies hung well Skimping on Width
above them can “People hang pan-

Z
Is for ZZZZZZ
make a low ceiling
look higher. “That
area tends to be
els that clearly
would never be
able to close,” said
Alexa Hampton’s new collection of blackout dead space anyway,” Mr. Yip. Get enough
shades for the Shade Store—in perky colors he said. fabric and use a
Is for Yours Alone and lively motifs—defy the notion that only wider bar to create
Danish company Kvadrat’s customizable Ready Made Curtain systems are newly available at De- heavy, murky materials can guarantee total Skimping on the illusion that a
sign Within Reach. An online Configurator helps you choose colors for the hanging mechanism, darkness. Alexa Hampton Blackout Roller Length Be sure narrow window
pegs, cords, and 16 hues of fabric. From $495 for a 78-inch-by-114-inch curtain, dwr.com Shades, from $410, theshadestore.com curtains graze the isn’t so small.

Knockoff + Quaint +
Valance + Linen +
Woven Wood Ornamental
MIX MEDIA Portland, Ore., designer Max GO TO CHARM SCHOOL “You’re not going to
Humphrey would create a set of drapes with put a quaint look in a modern space,” said
the knockoff fabric, tuck them under a val- Kenneth Boyer of Atelier K in Los Angeles,
ance or cornice and, for a collage of textures, but the look singularly suits architectural
layer the woven-wood shades behind. The genres like cottage, new-farmhouse and shin-
two materials complement each other with- gle-style. Mr. Boyer suggested edging a Ro-
out introducing too much of a pattern mix, he man shade of ivory-hued linen with blue
said. If one of them were just a solid, it would fringe. The ornamental trim is one way to
be too boring. “A valance or cornice that add a bit of fun if you’re hesitant to commit
matches the drapes can help create the effect to bold prints, he said. Painting the shutters
of a taller ceiling,” he added, and can give a the same color as the casing that frames the
humdrum room an extra push architecturally. window creates “a unifying design.”
 D10 | Saturday/Sunday, May 18 - 19, 2019 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

DON’T CALL IT DULL

After a roughly 20-year hiatus,
the sporty Supra is designed to
TOYOTA

reinvigorate Toyota’s street cred.

2020 TOYOTA GR SUPRA

RUMBLE SEAT / DAN NEIL
Base Price $49,990
Price, as Tested $55,185

2020 Supra: Toyota’s New

Powertrain Twin-scroll turbocharged
DOHC 24-valve 3.0-liter inline six with
variable valve timing; eight-speed auto-
matic with manual-shift mode; rear-wheel

Bid To Overcome Banality

TO DISPENSE WITH the boring details first:
The 2020 Toyota GR Supra (front-engine,
rear-drive two-seat berlinetta) emerges out of
a joint project between Toyota and BMW.
Most of the heavy bits are the same or quite
similar to those of the new BMW Z4, includ-
ing its 3.0-liter, turbo inline-six and the eight-
speed ZF transmission. Both are built at
Magna Steyr’s campus in Austria, where they
really know how to knock them together. I’d
be unreasonably proud of owning either.
The Why is equally dull: money. Building a
low-volume luxury sports car ($55,185, as
tested) on its own would have been uneco-
nomic, said Ed Laukes, group vice president,
Toyota Division Marketing, at an event in Vir-
ginia last week. Platform sharing only makes
it less so. In any case, when Mr. Laukes says,
“We didn’t build Supra for the money,” be-
lieve him. That’s the Maya Angelou principle.
Now it starts to get interesting. Toyota
management has calculated that whatever the
company loses bringing back Supra on the
front end will be worth it on the mysterious
and incomputable back end: marketing,
brand-building, street cred and licensing.
What the hell is that anyway, and in what
coinage is it kept? While unappreciated in its
time, the fourth-generation Supra (1993-1998)
became a global megastar thanks to “The Fast
and the Furious” franchise. When car makers
use the word “icon” what they really mean is
“trademarked intellectual property.”
But the new GR Supra (it stands for Toy-
ota’s Gazoo Racing team, if that helps)
serves many masters, including the “master
driver” himself, president Akio Toyoda. A
certified company test-pilot and an amateur
racer, the Boss had privately complained of
having to race a “used car” while all the
other captains of industry had new sports
cars. That sounds like a pretty heavy thumb
on the scales in favor of reviving Supra.
Toyoda-san was also the man who issued
the famous decree to his troops, “No more
boring cars.” Thus began the current High Ba-
roque period of Toyota and Lexus design, a
generation of cars with machine butterflies
splattered across their noses and sheet metal
forms raised to a geometric froth, all correla-
tives of the shake-up in the design studio.
The GR Supra’s slingback posture, tumes-
cent volumes and sharkish nose all descend
from the Future Toyota 1 (FT-1) concept car
that debuted in Detroit in 2014, at the height
Toyota’s famous degree—‘No
more boring cars’—triggered a
High Baroque period of design.
of Toyota’s excitable phase. But, alas, the For-
mula One-inspired nose cone didn’t make it
through homologation. As Toyota Calty De-
sign Research’s Tom Matsumoto explained, to
pass federal crash and safety, the bumper-
strike area has to be more or less flat and
continuous under the bumper cover. The
same rule accounts for the car’s unlovely rear
bumper cover. I’m sure some aftermarket
tuner can help you with that.
The production Supra does retain the
FT-1’s fangs, at least the illusion of a lower
canard suspended by struts. The roof is
fluted, with helmet blisters over driver and
passenger position. (The cabin is very spa-
cious for a sports car, lots of elbow room. Big
people will love it.) The feature lines sweep
back over the car’s broad hips into what
amounts to a coiffure, an integrated spoiler
combed into a rockabilly DA. Cheeky monkey.
The GR Supra has another cosmetic issue:
Pimples. To accommodate the bumper-level
ultrasonic sensors, the designers set them
into tiny nacelles on the downward struts.
They look a bit inflamed. But not boring.
The doors are a bit of a well-intended di-
saster. Those curving cutlines allow the lower
door sections to be easily upgraded with
larger, aero-functional intakes, either factory
or aftermarket kits. It is one of several ways
the GR Supra is pre-drilled for aftermarket
tuners (including provisioning for front strut
braces under the hood). But the stock door
panels are unsatisfying to touch and see, al-
most vestigial. Some assembly desired.
The GR Supra’s chief engineer, Tetsuya
Tada, spent a lovely hour explaining how the
BMW and Toyota teams first came together
over the fundamentals of the shared architec-
ture. I was rapt, anyway. To paraphrase: Both
sides wanted to build a much harder car than
either the previous Z4 or any Supra, and a
car born with the capacity to get a lot harder.
Yup. I haven’t had a go at the BMW Z4 yet,
but I did some tire-shredding in the GR Supra
on the Shenandoah Circuit of Summit Point
Motorsports Park in West Virginia. The out-of-
the-box tune feels a bit heavy (3,397 pounds)
and a tiny bit underpowered (335 hp and 365
lb-ft), but fabulous—very refined, precisely
and impeccably balanced. With the car’s com-
puter-stability features turned way down for
track time, it was also easy to pitch around
corners, sliding sideways, with a lot of steer-
ing input and tire squawling. Confirmed: The
GR Supra can do a hero drift out of the box.
However, after a couple of laps paddle-
shifting from second to fourth gears—thud-
bwwingggAHH, thud-bwwingggAHH—it be-
drive with active differential
Power/Torque 335 hp at 5,000-6,500
rpm/365 lb-ft at 1,600-4,500 rpm
Curb Weight 3,397 pounds
0-60 mph 4.1 seconds
Length/Width/Height/Wheelbase
172.5/73.0/50.9/97.2 inches
EPA Fuel Economy 24/31/26 mpg, city/
highway/combined (premium fuel)
came obvious how much car lay underneath
the factory’s civilian settings. Put some tires
on and take some weight out and this car
would make an excellent sports racer.
Maybe the only other, bigger Why than
money: History. The famous, fourth-genera-
tion Supra was powered by an inline six-cyl-
inder engine. A straight-six was considered
nonnegotiable, which I found surprising but
I’m not total nutcase for “FnF.” As it happens
only one auto maker makes a proper inline-
six and that’s our friends in Munich.
And if the GR Supra retains a thick Bavar-
ian accent, with a hint of Austrian, it’s no bad
thing: a warm warble under light throttle
pressure, a friendly blatty-splatty, and then a
quick arpeggio to more than 6,000 rpm, noise
with thrust and rpm rising together.
Then, shutting it down at the end of a
quick straight, a prolonged, guttering over-
run, a sound just like Fritz used to make. It’s
Executive Time at the Nürburgring.

LEAN IN
The FuelCell’s
periments into performance materi-
als and design. Its lightweight, Powerbeats Pro (and Con)
aggressive 40- breathable “Trace Fiber” jacquard
degree toe angle saddle binds the sneaker to your The best and worst
helps propel you foot, giving it a custom feel and of Beats By Dre’s
to faster finishes. keeping your heel from lifting off Powerbeats
the platform for more efficient latest buds—a rival Pro; $250,
steps. The tight ankle collar made to their iconic cousin: apple.com
them a pain to pull on, even with its
tab—but oh-so-lovely to run in. Apple AirPods
Meanwhile, the brand’s Innova-
F. MARTIN RAMIN/THE WALL STREET JOURNAL

tion Design Studio used biomechan- Pro Powerbeats Pro’s adjust-

ics and high-speed footage of pro
runners to shape its futuristic sole.
It’s crafted of uber-light, comfort-
able foam that supports your foot,
with a toe that bends upward to a
surprisingly aggressive 40-degree
angle, pitching you forward and
helping you to adopt better running
form. Inside the top-end “5280” ver-
sion ($200), carbon plates up front
flex to store energy with each step,
then release it as you push off.
Quicker On THE TERM “HIGH-TECH sneakers”
might conjure kicks that sync to a
“The shoe performed better as I
put more demand on it,” said Olym-
able, surprisingly comfy ear-
hooks stay secure at the gym.
Con Those “adjustable earhooks”
look a lot clunkier than the sleek,
status-ensuring Apple AirPods.
Pro Beats deliver strikingly clear
highs, impressive sonic subtleties,
and 60% less harmonic distortion. Con They achieve this feat via a
huge, heavy charging case!
Con At $250, better sound costs
$90 more than base AirPods. Pro Made for more active life-
styles, Beats are sweat-resistant.

Your Feet smartphone, log miles, relay run-

ning advice or play music to the
beat of your steps. But avid run-
New Balance’s flashy ners can get all that from gadgets
FuelCell sneakers use like an Apple Watch. They’re more
likely to fantasize about footwear
techy weaves and that could speed up their runs.
foam to help trim That’s what I got from New Bal-
ance’s FuelCell Rebel (available June
down your times 5, from $130, newbalance.com),
which leverage the brand’s techy ex-
pic bronze medalist Jenny Simpson,
who rode a 5280 to victory in New
York’s 5th Avenue Mile last year. “It
was really fun to experience.”
After a few weeks with the Rebel
(a step down from the 5280) I was
already enjoying better form and
less pain while pumping out quicker
and quicker miles. My smartphone
did a fine job pumping out stats
and songs. —Matthew Kitchen
Pro Actual volume buttons! And
dual microphones for clear calls.
Con Beats stutter and disconnect
more often than AirPods though
they use the same H1 chip for Siri
voice-activation and Bluetooth.
Pro Beats offer 9 hours of listen-
ing, nearly twice that of AirPods.
Con When co-workers accuse you
of tuning them out, “I have an ac-
tive lifestyle” is a weak defense.
AirPods are more chicly antisocial.
Winner For music nerds and gym
rats, PowerBeats Pros are vastly
superior to ubiquitous AirPods, if
not quite as stylish. —Jeff Slate

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