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The Wall Street Journal — January 13, 2018

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.
The Key to
Success?
Doing
Less
A Spin
Through
Cuba
REVIEW
OFF DUTY
VOL. CCLXXI NO. 11
WEEKEND
* * * * * * *
HHHH $5.00
SATURDAY/SUNDAY, JANUARY 13 - 14, 2018
WSJ.com
In Saudi Arabia, Women Sports Fans Show Their True Colors
What’s
News
World-Wide
T
he Trump administration
vowed to pull out of the
Iran nuclear deal unless
there are substantial
changes and imposed separate sanctions on Tehran. A1
BY EMILY GLAZER
AND PETER RUDEGEAIR
China reported a record
annual trade surplus with
the U.S. for last year. A7
Saudi Arabia is assuming
supervisory control of
Saudi Binladin Group. A9
The current flu season
is one of the worst in nearly
a decade, the CDC said. A3
Kentucky won approval
for a plan to mandate Medicaid work requirements. A4
SCORE! Fans wore green and white to show their support for Al-Ahli, a local soccer team in Jeddah, Saudi Arabia, on Friday. The
kingdom, which has moved to relax some social restrictions, for the first time allowed women to attend a professional soccer match. A9
U.S. Warns Over Iran Deal
tial changes to it, setting the
clock ticking on tough negotiations with Washington’s European allies.
It also imposed punitive
new actions not directly related to Iran’s nuclear program meant to pressure Tehran over ongoing missile tests
and a recent crackdown on
Iranian protesters. After waiving penalties against Tehran
on Friday, Mr. Trump next
faces such a decision in May.
“I have outlined two possible
paths forward,” Mr. Trump said
in a statement. “Either fix the
deal’s disastrous flaws, or the
United States will withdraw.”
While Mr. Trump says the
2015 deal gives Iran too much
Famous Oilman
Calls It Quits
Trump Lawyer Paid Porn Star
Business & Finance
The Trump administration
vowed on Friday to pull out of
the landmark 2015 Iran nuclear accord without substan-
JPMorgan and Wells
Fargo reported results that
were roiled by the tax overhaul but forecast the changes
will bolster future profits. A1
By Ian Talley and
Felicia Schwartz
in Washington and
Laurence Norman
in Brussels
Digital publishers are
reckoning with the potential
impact of Facebook’s planned
changes to its news feed. B1
Pickens is closing the
energy-focused hedge fund he
has run for two decades. B1
Stocks capped the week
with records. The Dow rose
228.46 points to 25803.19. B12
Payment was arranged
in 2016 for actress’s
silence on alleged sexual
encounter with Trump
Visa will stop requiring
customers’ signatures for
card transactions. B1
Facebook COO Sandberg
and Twitter CEO Dorsey are
leaving Disney’s board. B4
Wal-Mart Stores is
planning to cut more than
1,000 corporate jobs. B3
BlackRock took in a record $367.3 billion in 2017, as
assets topped $6 trillion. B10
Inside
Trump, Oprah
And the Art
Of Deflection
A lawyer for President Donald Trump arranged a
$130,000 payment to a former
adult-film star a month before
the 2016 election as part of an
agreement that precluded her
from publicly discussing an alleged sexual encounter with
Mr. Trump, according to peo-
END OF AN ERA: T. Boone
Pickens, above in 1985, is
closing the energy-focused fund
he has run for two decades. B1
i
i
i
‘Rigoletto’ diva’s illness was do-or-die
opportunity for a fill-in from Madrid
Notice to Readers
BY GEORGI KANTCHEV
WSJ.com and WSJ mobile
apps will publish
throughout the weekend.
The Wall Street Journal
print edition won’t appear
Monday, Martin Luther King
Jr. Day, but a daily edition
will be available in WSJ
iPad and Android apps.
Sports....................... A14
Style & Fashion D2-3
Travel...................... D7-8
U.S. News............ A2-5
Weather................... A14
Wknd Investor....... B6
World News............ A6
>
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
BY MICHAEL ROTHFELD
AND JOE PALAZZOLO
An Opera Lost Its Soprano—
It Had 36 Hours to Find Another
NOONAN A13
CONTENTS
Books.................... C5-10
Business News..... B3
Food......................... D5-6
Heard on Street...B12
Obituaries................. A5
Opinion............... A11-13
DAVID BRESLAUER/ASSOCIATED PRESS
Consumer prices posted
a modest rise for December,
while retail sales grew. A2
Royal Opera with a crisis every director dreads. How do
Singer Sabina Puértolas was you find a really good soprano
buying groceries in Madrid on short notice who already
when her agent called with a knows the music and can
question. Would she like to quickly figure out the rest?
A continentwide scramble
perform one of opera’s most
resulted
in
prestigious roles
Ms. Puértolas racon a world-famous stage?
ing to London to
Yes, she said, of
appear with a cocourse, when?
star she had never
Tomorrow, the
met on a set she
agent
replied,
had never seen.
with Ms. Puértolas
All before an audias Gilda in a proence of more than
duction
of
2,000 who had
Giuseppe Verdi’s
paid as much as
“Rigoletto” at the
£185 ($250) to see
Royal
Opera
someone else.
Sabina Puértolas
House in London,
Seated in the
one of the company’s biggest, balcony, opera aficionado John
most popular titles.
Darlington had his doubts as
Last week’s sudden illness soon as he heard the anof the diva originally cast as nouncement of a replacement.
Please see OPERA page A9
the heroine confronted the
in sanctions relief for too few
curbs on its nuclear program,
European
leaders
have
pushed back against major
revisions. That, they fear,
could give Tehran an excuse
to walk away from the deal
entirely, accelerating Iran’s
path to a nuclear weapon.
The EU’s foreign service
unit on Friday said the bloc
would discuss Mr. Trump’s announcement. “We remain committed to the continued full
and effective implementation”
of the Iranian nuclear accord,
ple familiar with the matter.
Michael Cohen, who spent
nearly a decade as a top attorney at the Trump Organization, arranged payment to the
woman, Stephanie Clifford, in
October 2016 after her lawyer
negotiated the nondisclosure
agreement with Mr. Cohen,
these people said.
Ms. Clifford, whose stage
name is Stormy Daniels, has
privately alleged the encounter with Mr. Trump took place
after they met at a July 2006
celebrity golf tournament on
the shore of Lake Tahoe, these
people said. Mr. Trump married Melania Trump in 2005.
a spokeswoman said.
Javad Zarif, Iran’s foreign
minister, said in a Twitter
message after Mr. Trump’s
announcement that the administration’s Iran policy
amounts “to desperate attempts to undermine a solid
multilateral agreement, maliciously violating” its terms.
The deal “is not renegotiable:
Rather than repeating tired
rhetoric, U.S. must bring itself into full compliance—just
like Iran,” he tweeted.
Please see IRAN page A9
Mr. Trump faced other allegations during his campaign of
inappropriate behavior with
women, and vehemently denied them. In this matter,
there is no allegation of a nonconsensual interaction.
“These are old, recycled reports, which were published
and strongly denied prior to
the election,” a White House
official said, responding to the
allegation of a sexual encounter involving Mr. Trump and
Ms. Clifford. The official declined to respond to questions
about an agreement with Ms.
Clifford. It isn’t known
Please see TRUMP page A4
JPMorgan Chase & Co. and
Wells Fargo & Co. posted
fourth-quarter earnings that
were roiled by the recent tax
overhaul but forecast the
changes will bolster future
profits and stoke the broader
U.S. economy.
JPMorgan, the biggest U.S.
bank by assets, said a $2.4 billion charge related to the tax
law caused its profit to fall
37% from a year earlier to
$4.23 billion. Even so, Chief
Executive James Dimon said
the tax law enacted late last
year was “a big, significant
positive and much of it will
fall to our bottom line in 2018
and beyond.”
Other big banks, including
Citigroup Inc. and Goldman
Sachs Group Inc., have said
the tax law will result in billions of dollars in one-time
charges when they report
fourth-quarter results next
week. They, too, have said
those hits will give way to
substantial long-term gains.
That bodes well for banks,
coming at a time when the
economy is showing strength,
unemployment remains low
and interest rates are inching
higher.
“The backdrop is set up
well for these banks: higher
Please see BANKS page A2
Heard on the Street: Bank on
JPMorgan, not Wells........... B12
Taxing Time
Gains and losses related to the
tax overhaul had a mixed impact
on results at JPMorgan and
Wells Fargo.
Reported
Adjusted
Net income, in billions
$4.2
JPMorgan
Chase
Wells
Fargo
$6.7
$6.2
$2.9
Note: Data are reported figures excluding
impact of tax-related gains and charges.
Source: the companies
THE WALL STREET JOURNAL.
Parents’ Dilemma: When to
Give the Children Smartphones
Families in a tug of war with tech companies over time and attention
BY BETSY MORRIS
BOSTON—Gabriel KrauseGrosman, 12 years old, spent
family dinners for the greater
part of a year on a smartphone offensive. He hounded.
He pleaded. All his friends had
one, he prodded. Yet his parents stood firm.
“Who the hell would give a
junior-high schoolchild a gaming platform to walk through
the world with?” said Ellen
Krause-Grosman, his mother.
“It feels a little like trying to
teach your kid how to use cocaine, but in a balanced way.”
She and her husband worried if they could shield their
son from addictive videoPlease see PHONE page A10
Facebook’s planned changes
put publishers on edge......... B1
ADAM GLANZMAN FOR THE WALL STREET JOURNAL
Merkel’s party and the
rival SPD agreed on the
broad lines of a renewed German governing alliance. A6
AGENCE FRANCE-PRESSE/GETTY IMAGES
A Trump lawyer arranged
in 2016 to pay a former adultfilm star in return for her silence about an alleged sexual
encounter with Trump. A1
Prospects dimmed for a
“Dreamers” deal and the odds
of a government shutdown
appeared to be growing. A4
Banks
Upbeat
As Taxes
Muddy
Earnings
Gabriel Krause-Grosman, of Boston, works Snapchat.
.
A2 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Pay It Back: Postholiday Blues for Retailers
cards—exceed $5 trillion annually, they quickly add up.
Aite estimated that U.S.
chargebacks totaled $5.6 billion in 2017, or 0.1% of transactions, down from $5.8 billion the previous year.
As many as five parties are
involved in a chargeback, including the cardholder, card
issuer, card network, merchant processor and merchant.
Card issuers are typically
banks. The networks are Visa,
Mastercard, American Express and Discover. And the
processors, or acquirers, are
banks that handle card transactions for retailers.
A chargeback occurs when
a card issuer or retailer pays
back a cardholder for a disputed transaction. When the
issuer and retailer disagree
over who is liable for the
charge, the network decides.
O
ften, the retailer is left
holding the bag.
A recent study by
economists Fumiko Hayashi
and Richard J. Sullivan and
risk specialist Zach Markiewicz of the Federal Reserve
Bank of Kansas City found
that 70% to 80% of chargebacks resulted in a loss to
merchants.
The data—a sample that
may not be representative of
all transactions—included
20% of signature-based (nonPIN) transactions in the U.S.
from Oct. 1, 2013, to Sept. 30,
2014.
Fraud was the most common explanation for the
chargebacks, accounting for
DANIEL ACKER/BLOOMBERG NEWS
Retailers
score big over
the holidays.
But in late December and
January, when
disputes over purchases
spike, it’s time for payback.
According to one analysis,
U.S. merchants and creditcard issuers can expect to see
$980 million in disputed
charges reversed in consumers’ favor for this past holiday
season.
The volume of these postholiday chargebacks is 25% to
35% higher compared with
other times of the year, according to Aite Group, a research firm focused on the financial-services industry,
which also estimated the
chargeback total.
Several factors contribute
to the bump:
The disputes rise proportionately as holiday spending
increases. Online retailers, eager to cash in on the buying
bonanza, relax security rules
for approving transactions.
And scam artists, using stolen
card numbers, take advantage
of the opportunities, leading
to even more disputes.
Also playing a role is socalled friendly fraud, when
consumers make online purchases with their own cards
and then, after receiving the
goods or services, request
chargebacks without returning the merchandise.
Less than 1% of transactions result in chargebacks,
but given that payment-card
purchases—which include
credit, debit and prepaid
Disputes between consumers and credit-card issuers and merchants rise as holiday spending increases.
40% to 50% of disputes.
Aite puts the total even
higher, attributing 60% to
70% of chargebacks to fraud,
often in transactions when a
consumer doesn’t physically
present a card (as with online
shopping).
“We estimate that for cardnot-present fraud losses,
we’re looking at around $3.3
billion for calendar-year
2017,” said Julie Conroy, the
research director for Aite’s
banking and payments practice.
Other reasons consumers
give for seeking chargebacks
include: The purchased goods
or services were never deliv-
ered; the product quality was
inferior; the charge was for a
subscription or service that
had been canceled; or they
didn’t recognize the purchase.
If a charge is disputed in
error, perhaps because the
vendor name appearing on
the billing statement is unfamiliar, a chargeback won’t be
issued.
“Retail Brand Alliance is a
classic example,” said Craig
Shearman, a spokesman for
the National Retail Federation. “Cardholders don’t recognize that name on their
credit-card bill, but they certainly have heard of Brooks
Brothers, and that’s who Re-
Prices Data Bolster Inflation View
BY BEN LEUBSDORF
AND NICK TIMIRAOS
A modest rise in consumer
prices in December and solid
growth in retail sales bolstered expectations that inflation is firming after a long run
of softness and that U.S. economic growth ended 2017 on a
robust note.
Forecasters on Friday
raised their expectations for
fourth-quarter growth after
the Commerce Department reported sales at U.S. retailers,
restaurants and websites rose
a seasonally adjusted 0.4% in
December from the prior
month.
Macroeconomic Advisers
estimated a 2.7% annual
growth rate for gross domestic product in the final three
months of 2017, up from its
BANKS
Continued from Page One
interest rates, improving GDP
growth that has to help loan
growth,” said Gary Bradshaw,
a portfolio manager at Dallasbased Hodges Capital Management, which owns shares of
Wells Fargo, Citigroup and
Bank of America Corp.
At Wells Fargo, the immediate impact of the tax law was
a gain due to shrinking tax liabilities, which boosted net income by about $3.35 billion.
PNC Financial Services
Group Inc., which also reported earnings Friday, similarly cited a tax-related boost
to net income due to the declining value of tax liabilities.
CEO William Demchak said in
an interview it will take time
to see how the tax-code
changes play out among customers and consumers, or if it
spurs more borrowing.
But overall, “for all the investment decisions that companies make, the U.S. just got
that much more attractive,”
Mr. Demchak said. “It’s going
to win more than it won before in terms of where people
choose to do business activity
and invest."
David James, director of research for Denver-based
James Advantage Funds, said
the tax-overhaul impact is
“music to people’s ears” and is
hopeful higher profits will lead
to increased dividends and
buybacks at banks like JPMorgan. He cautioned, though,
that investors will soon bake
in boosts from the new tax law
into banks’ expectations.
“If this becomes the new
2.3% estimate as of Thursday.
Forecasters also saw signs
of inflation picking up after
the Labor Department reported stronger-than-expected
growth last month in core
prices, which exclude oftenvolatile food and energy. The
consumer-price index rose just
0.1% from November, but core
prices jumped 0.3%, the most
in 11 months.
“We’ve been seeing stronger gains in core inflation, and
I think there are good reasons
to expect core inflation will be
stronger this year as well,”
said Michael Pearce, senior
U.S. economist at Capital Economics.
U.S. inflation has been
largely subdued for the past
half-decade, perplexing Federal Reserve officials who predicted bigger wage and price
normal it may become harder
to impress the markets,” said
Mr. James, whose firm’s James
Balanced:
Golden
Rainbow Fund owns about $11.5
million of JPMorgan shares.
For JPMorgan, the one-time
charge is related to changes in
the value of the bank’s deferred tax assets and the need
to repatriate profits held overseas. Its corporate and investment bank, in particular, felt
the blow.
Wells Fargo and PNC, on
the other hand, had net deferred tax liabilities. The
changes to the tax code caused
them to write down that part
of that liability—taxes payable
in the future—which resulted
in a gain that boosts reported
results.
The varied effects of the tax
law and the complexity it introduced into earnings masked
differences in the underlying
performance of JPMorgan and
Wells Fargo.
JPMorgan’s results were
solid, led by a record profit in
its commercial bank, which
jumped 39% to $957 million
from the year-earlier period.
Profit in its consumer and
community bank unit rose 11%
to $2.63 billion from the
fourth quarter of 2016.
But JPMorgan’s corporate
and investment banking unit
was weighed down by weak
trading, slumping 17% to $3.37
billion after stripping out the
tax-overhaul impact. It also
was hit with losses as high as
$273 million related to client
Steinhoff International Holdings NV, which is dealing with
a wide-ranging accounting
probe that is expected to also
dig into other large banks’ results.
increases as the supply of labor and other economic resources became more scarce.
Many central bankers say
inflation is finally poised to
strengthen a bit.
Investors, too, appear to be
anticipating higher inflation.
The yield on the benchmark
10-year U.S. Treasury note
closed above 2.5% this past
week for the first time since
March. The 10-year breakeven
inflation rate, derived from
Treasury inflation protected
securities, has climbed since
November.
Friday’s report on consumer prices offered the latest
evidence to support the Fed’s
view that decelerating price
pressures last spring would
prove transitory.
On a six-month annualized
basis, core consumer prices
Cost of Business
Wells Fargo’s efficiency ratio,
a measure of costs as a
percentage of revenue
80%
60
40
20
0
2016
’17
Source: the company
THE WALL STREET JOURNAL.
Wells Fargo, meanwhile,
continued to suffer from its
regulatory headaches. While it
gained from the tax changes,
that was offset by $3.25 billion
in new litigation charges. The
bank said this was the result
of “a variety of matters,” including mortgage-related investigations, its sales-practices scandal and other
consumer-banking issues.
The bank’s loan portfolio
shrank in the fourth quarter,
the profitability of its lending
activities declined and businesses like mortgage banking
and investment banking contracted.
The bank hasn’t incorporated much economic impact
from the tax overhaul into its
current forecast, but executives said they thought consumers would likely benefit.
“There have been millions
of employed folks across the
country that have gotten pay
raises and bonuses and the
like and I think that’s a net
rose 2.2% in December, up
from a 0.9% gain in July and
the strongest such increase
since declines in prices for
wireless-phone plans last
March and prescription-drugs
in April led to a string of soft
inflation readings.
At their latest meeting in
December, Fed officials revised
up their forecasts for economic growth this year and
lowered their forecast for the
unemployment rate.
But they didn’t change their
projections for gradually raising interest rates, citing in
part restrained inflation pressures.
Friday’s Labor Department
report didn’t show a broad
breakout for inflation. A 0.4%
rise in shelter costs from the
prior month accounted for
much of December’s uptick.
positive for economic growth,”
Wells Fargo CEO Tim Sloan
said on an analyst call.
JPMorgan’s Mr. Dimon also
was optimistic, noting the
bank expects to have roughly
$3.6 billion in additional net
income as a result of the tax
overhaul.
He cautioned that there are
uncertainties ahead since many
of the business-tax changes will
require new regulations from
the Treasury Department, and
that has yet to happen. But the
bank has ideas on how it can
use the windfall.
JPMorgan finance chief
Marianne Lake said the bank
plans to “continue to lean
into” investment opportunities
such as its own bankers and
offices, potential global expansion, digital capabilities and
payments. JPMorgan’s strategy on dividend increases and
its repurchase programs
“might be a bigger dollar number,” too, she said.
More broadly, Ms. Lake said
she expects small business and
commercial banking will have
new catalysts for spending because of the tax overhaul. “Already very good credit trends
we think will be good for longer," she said.
The new tax code also could
prompt greater competition
for new business among
banks.
“If the economy heats up
because of tax reform and everybody’s got higher loan
growth, then somebody may
very well begin to defend their
deposit franchise in order to
fund it,” said John Shrewsberry, Wells Fargo’s finance
chief.
—Christina Rexrode
contributed to this article.
tail Brand Alliance is.”
To identify suspicious online transactions, retailers use
fraud filters to spot inconsistencies in billing and shipping
information, unusual purchases and other red flags.
Relaxing the settings over the
holidays contributes to the
subsequent surge in chargebacks, but businesses loosen
the controls with a combination of good intentions and
self-interest.
A
t any time of the year,
a portion of legitimate
credit-card transactions are erroneously declined, sometimes because
the transaction occurs at a
location outside a consumer’s normal orbit or the
purchase doesn’t fit with established shopping patterns.
But during the free-spending
holidays, merchants hope to
avoid false declines.
“In 2017 in the U.S. market alone, there were $303
million of false declines on
payment-card transactions,”
Ms. Conroy said. “That’s why
retailers like to loosen up
controls at the holiday season. They want to make sure
they’re not tripping up good
consumers to maximize the
revenue they can get
through the funnel.”
The relaxed settings are
invisible to consumers, but
criminals are aware of the
practice—and merchants
know that, as well.
“A lot of merchants I talk
to, especially larger and
more sophisticated ones, are
more concerned about losing
revenue for false declines
than they are about taking
on more fraud,” Ms. Conroy
said.
Still, chargebacks are a
serious enough issue that an
entire industry—including
companies such as Verifi and
Accertify—is dedicated to reducing and resolving them.
“Chargebacks are the
bane of merchants,” said Susan Herbst-Murphy, a consumer-credit and paymentsindustry expert at the
Federal Reserve Bank of
Philadelphia. “Can they be
misused? They can. But every silver lining has its
cloud.”
U.S. WATCH
NEW YORK
WASHINGTON, D.C.
City Won’t Remove
Columbus Statue
Fight Continues Over
Agency’s Leadership
New York City’s Christopher
Columbus statue will stay where
it is, Mayor Bill de Blasio said.
A commission formed by the
mayor to determine what to do
with monuments some consider
offensive has recommended that
the city move just one statue:
that of J. Marion Sims, a 19th
century doctor who performed
gynecological experiments on
American slaves.
Instead of removing the Columbus statue, de Blasio administration officials said they
would commission a new monument to honor indigenous peoples somewhere in the city.
The mayor’s commission
drew an angry reaction from
some Italian-Americans, who
said the statue of Columbus
was a positive symbol meant to
honor that community’s contribution to New York City and the
nation. Mr. de Blasio said he was
sympathetic to those concerns.
—Mara Gay
An Obama-era official seeking
to remove the Trump-appointed
interim leader of the Consumer
Financial Protection Bureau appealed her case Friday, two days
after a federal judge sided with
the White House for a second
time.
Leandra English, the agency’s
deputy director, has claimed she
is the CFPB’s rightful acting director after being chosen by former Director Richard Cordray
just before he stepped down.
On Wednesday, a district
court denied her motion for a
preliminary injunction in her attempt to unseat Mick Mulvaney,
named by President Donald
Trump in November as the
agency’s interim chief.
Mr. Mulvaney has effectively
controlled the agency since his
appointment, making personnel
appointments and implementing
policy changes. Ms. English
serves as the No. 2 official.
—Yuka Hayashi
CORRECTIONS AMPLIFICATIONS
Chuck Grom, a retail analyst at Gordon Haskett Research Advisors, wrote: “The
$300 million of incremental
labor expenses in 2018 only
represents about 15% of the
potential cash windfall we estimate that [Wal-Mart Stores
Inc.] could enjoy” from the
U.S. tax overhaul. Mr. Grom
also expects Wal-Mart will
dedicate at least as much to
lowering prices and use much
of the money to boost dividends and buy back stock. A
Page One article Friday about
Wal-Mart’s plans to increase
wages incorrectly attributed
Mr. Grom’s remarks to Ray
Young, Gordon Haskett Research Advisors’ public-relations representative, and it incorrectly said Mr. Young is a
retail analyst.
Homeland Security Investigations was misidentified as
Homeland Security Investigators in a U.S. News article on
Thursday about immigration
actions at 7-Eleven stores on
Wednesday.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A3
* * * * * * *
U.S. NEWS
Army Rips Out
Chinese Cameras
At Missouri Base
Flu-virus transmission is likely to remain intense for several more weeks. Above, a medical assistant in Seattle administering a flu shot.
Flu Virus Extends Its Reach
Worst season in years
prompts calls for
vaccinations; full
protection elusive
BY BETSY MCKAY
The flu is widespread
across the entire continental
U.S., in one of the worst seasons of the illness in nearly
the past decade, the Centers
for Disease Control and Prevention said Friday.
The agency urged Americans
to take precautions and get flu
shots, even though the vaccine
might not fully protect them.
Transmission is likely to remain intense for several more
weeks, though it is possible
that it is at its peak, the agency
noted in its latest update Friday. Flu is widespread in 49
states, leaving out only Hawaii.
“The flu season may be
peaking now, but we know
from past experience that it
will take many more weeks for
flu activity to truly slow
down,” said CDC Director
Brenda Fitzgerald.
This season is bad because
the vast majority of flu cases
so far have been caused by a
The Degradation
Of the Vaccinations
The relatively low effectiveness of flu vaccines may be in
part because of the egg-based
system used mostly in the
U.S., according to an article in
the New England Journal of
Medicine.
During that process, the virus makes small changes in a
protein that allow it to grow
better in eggs. But that change
can decrease the vaccine’s effectiveness, according to the article,
by Anthony Fauci, director of
the National Institute of Allergy
and Infectious Diseases, and colleagues at the Peter Doherty In-
stitute for Infection and Immunity in Melbourne, Australia.
Health officials watch flu
season in the Southern Hemisphere to learn what may be
to come as those viruses
spread to the Northern Hemisphere for the winter.
Australia was hit hard by
the H3N2 virus during its most
recent winter, and its vaccine
proved to be only 10%-effective. The CDC says the vaccine
is likely more effective in the
U.S. because more people are
vaccinated here and the sample size measured is larger.
“Vaccination is our main
tool” to prevent the flu, said
Daniel Jernigan, director of the
CDC’s influenza division.
—Betsy McKay
strain known as H3N2, an influenza A virus dreaded by
doctors and public-health officials for the heavy toll it can
take on the elderly and children, with more hospitalizations and deaths than usual.
The virus also has a penchant
for mutating rapidly, making it
difficult to protect people.
The rate of hospitalizations
rose last week to 22.7 per
100,000 people, up from 13.7
the week before, the CDC reported. The highest rates were
among those 65 years old and
older—the population group
that is traditionally hardesthit by the flu. But rates are
high and rising also among 50to 64-year-olds, said Daniel
Jernigan, director of the CDC’s
influenza division.
The hospitalization rate
among children under 5 years
old also nearly doubled, he
said, and seven more pediatric
deaths were reported, bringing
the total to 20.
The high rates of flu illness
make this season one of the
worst since 2009, when a novel
form of the H1N1 flu virus
caused a pandemic, with tens
of millions of cases around the
world. Still, this season isn’t
likely to be as severe in the U.S.
as in 2014-15, when an H3N2
virus caused hundreds of thousands of hospitalizations and
the vaccine protected poorly
against it, Dr. Jernigan said.
“It is looking like our season now seems to be tracking
somewhat worse than 2012-13
but perhaps not as bad as
2014-15,” he said.
In the flu season that began
in 2014, the vaccine was only
13%-effective because in the
months that it was being manufactured, the H3N2 virus underwent mutations that made
it differ from the virus in the
vaccine.
This year, preliminary data
suggest the vaccines are likely
about 30%-effective against
H3N2 and closer to 40%
against all viruses that the vaccines include, Dr. Jernigan said.
The U.S. Army said it removed surveillance cameras
made by a Chinese statebacked manufacturer from a
domestic military base, while a
congressional committee plans
to hold a hearing this month
into whether small businesses
face cybersecurity risks from
using the equipment.
Fort Leonard Wood, an
Army base in Missouri’s
Ozarks, replaced five cameras
on the base branded and made
by Hangzhou Hikvision Digital
Technology Co., said Col.
Christopher Beck, the base’s
chief of staff. He said officials
at the base acted after reading
media reports about the firm.
“We never believed [the
cameras] were a security risk.
They were always on a closed
network,” Col. Beck said. The
decision to replace the cameras was meant to “remove
any negative perception” surrounding them following media reports, he added, without
elaborating.
A Wall Street Journal article in November highlighted
the prevalence in the U.S. of
devices made by Hikvision, the
world’s largest maker of surveillance cameras, which is
42%-owned by the Chinese
government. The Journal reported that some security-system vendors in the U.S. refuse
to carry Hikvision cameras or
place restrictions on their purchase, concerned they could be
used by Beijing to spy on
Americans.
A Hikvision spokeswoman
said the company “believes the
products it builds and distributes around the world must
meet the highest standards of
not only quality, but also security. We stand by our products
and processes.”
Hikvision has repeatedly
said its devices are safe and
secure. The company hasn’t
been accused by authorities of
using its devices to spy.
A Defense Department
spokesman said the Hikvision
cameras at Fort Leonard Wood
weren’t connected to the military network. He said the department is conducting a review of all network-connected
cameras on the base to ensure
they are “in compliance with
all security updates.” The
spokesman declined to comment on whether Hikvision
cameras are in use at other
military facilities.
In another move highlighting concern over Hikvision’s
cameras, the chairman of a
U.S. House committee said he
is calling a hearing that will
look into whether Hikvision
cameras pose potential risks to
businesses as entry ways for
hackers.
Rep. Steve Chabot, an Ohio
Republican and chairman of
the House Committee on Small
Business, said he expects the
committee to focus closely on
potential cybersecurity vulnerabilities in security cameras as
part of a hearing scheduled for
Jan. 30.
ORLIN WAGNER/ASSOCIATED PRESS
TED S. WARREN/ASSOCIATED PRESS
BY DAN STRUMPF
Fort Leonard Wood in Missouri replaced five surveillance cameras.
Push to Recall Judge Clears Hurdle California Grapples
A rare campaign to recall a
California judge who drew
controversy for his handling of
a sexual-assault case involving
a Stanford University swimmer cleared a major hurdle
this week and could be headed
for a June ballot.
Backers submitted nearly
95,000 signatures Thursday to
local officials in support of a recall of Santa Clara County Superior Court Judge Aaron Persky,
a former prosecutor who has
been on the bench since 2003.
In 2016, Judge Persky sentenced former Stanford University swimmer Brock Turner to
six months in jail for sexually
assaulting an unconscious
woman, a punishment many
critics considered too lenient.
Mr. Turner had faced a maximum of 14 years in prison for
the assault, and prosecutors
had sought a six-year sentence.
Judge Persky sued to halt
the signature-gathering effort
last year, citing alleged violations in how the recall was unfolding and saying California’s
secretary of state should be
the one to oversee the process, not local officials.
Elizabeth Pipkin, an attor-
GARY REYES/ASSOCIATED PRESS
BY SARA RANDAZZO
Michele Dauber hands in petitions to recall Judge Aaron Persky.
ney for Judge Persky, said
Thursday that the recall campaign doesn’t comply with the
California constitution. “We
look forward to defending the
constitution and the independence and discretion of superior court judges in the interest of protecting the rights of
all citizens,” Ms. Pipkin said.
The judge switched to overseeing civil cases in August
2016 following his own request to stop hearing criminal
matters, citing the distraction
the Turner case was causing.
In December of that year, a
California judicial disciplinary
panel found no grounds to
sanction Judge Persky, saying
Mr. Turner’s sentence wasn’t
an abuse of judicial discretion.
If roughly two-thirds of the
collected signatures clear a
verification process, a vote
seeking to remove and replace
the judge could occur as soon
as June 5, alongside the gubernatorial primary.
Sitting judges are rarely recalled; the last successful attempt was in 1977 in Wisconsin, according to Joshua Spivak,
an expert on recall elections
and a senior fellow at the Hugh
L. Carey Institute for Government Reform at Wagner College. In California, no judges
have been recalled since 1932.
Michele Dauber, the Stanford Law School professor leading the recall effort, said the
criticisms against the judge extend beyond the Turner case.
She pointed also to a case in
which the judge sentenced a
man convicted of felony child
pornography to four days in jail
in 2015, and to leniency showed
to a college athlete in a domestic-abuse case. “There’s a pattern of bias here,” she said.
Judge Persky has said he
“always tries to be fair and
follow the law without regard
to public opinion,” and said
California judges must consider rehabilitation and probation for first-time offenders,
even if it’s not always popular.
Several dozen law professors spoke out to oppose the
recall effort last summer, writing in a joint letter that it
“threatens the fundamental
principles of judicial independence and fairness.”
Mr. Turner ultimately
served three months of his sixmonth sentence and is appealing his conviction.
Prosecutors Back Change for Convictions
BY JACOB GERSHMAN
Prosecutors in Oregon are
pushing for a state constitutional amendment that could
make it harder for them to win
convictions.
District attorneys want to
repeal an 84-year-old provision that makes it possible for
criminal defendants to be
found guilty or acquitted even
if one or two members of a 12person jury disagree.
Federal law requires jury
verdicts in criminal cases to
be unanimous, following a legal tradition that stretches
back to 14th-century England
and was famously dramatized
in the film “12 Angry Men.”
But the Supreme Court held in
1972 that the U.S. Constitution
doesn’t require jury unanimity
in state courts.
Oregon and Louisiana are
the only states that allow felony convictions on juror votes
of 10-2 or 11-1. Oregon’s rule
makes an exception for guilty
verdicts in first-degree murder
cases, which must be 12-0.
The Oregon District Attorneys Association, consisting of
the state’s 36 county prosecutors, decided to back a repeal
campaign last month. To put
the issue before voters, the association would need to gather
at least 117,000 signatures
from Oregon registered voters.
A 2009 study by the Oregon’s Office of Public Defense
Services, reviewing trial verdicts in 2007 and 2008, estimated that about 40% of them
included a nonunanimous verdict on at least one count.
In the past couple of years,
the state’s policy has come under more scrutiny from advocates of defendants’ rights.
The renewed attention followed a 2017 article by a law
professor who argued that
passage of the 1934 amendment permitting nonunanimous verdicts was motivated
by bigotry and that the provision perpetuates “structural
racism in Oregon’s criminal
justice system.”
Among Oregon’s local prosecutors, support for a repeal
isn’t unanimous. Clatsop
County District Attorney Josh
Marquis, a Democrat in Northwest Oregon, said the current
system helps to avoid a hung
jury. “It contributes to more
cases being resolved in both
directions,” he said.
With Rescue Effort
BY NOUR MALAS
AND MIRANDA GREEN
MONTECITO, Calif.—Four
days after a rainstorm unleashed mudslides here, sending
house-sized boulders crashing
into communities already worn
down by a season of severe
wildfires, officials and residents
are still struggling to size up the
scope of this new tragedy.
Search-and-rescue
teams
combed through debris looking
for survivors and hundreds of
officials fielded calls about the
missing, in what many workers
describe as among the most
challenging rescue efforts they
have faced. Parts of Montecito,
where canyons weave in and out
of rugged foothills, haven’t yet
been reached.
The chaos, officials say, has
created a disjointed process and
caused the number of missing
to swing wildly—from 48, to
five, and back up to 43 within a
24-hour period. By Friday evening, officials said, the number
was back down to five missing.
“We know that number is all
over the place. It’s entirely possible it’s going to change again,”
said Chris Elms, a spokesman
for the California Department of
Forestry and Fire Protection, who described the aftermath of the mudslides as similar to wreckage after a tsunami.
The number of dead is, for
now, 18. Some of the bodies recovered had been swept for
miles by the rush of mud.
“Some of the victims were
very far from where they were
first affected by this storm,” Pat
McElroy, fire chief for the city of
Santa Barbara, said Thursday.
Firefighters, dressed in yellow protective suits and rubber
boots, used bulldozers and diggers to pull back giant piles of
debris. Urban search-and-rescue
teams in navy balloon suits
pried their way into homes
filled halfway or more with
mud, guided by search dogs
who, in some cases, were on
second tours to make sure no
ground is left unchecked. On the
U.S. 101 freeway, the main artery
between California’s central
coast and Los Angeles, frontend loaders lowered firefighters
into a river of mud.
“We don’t want to leave anybody behind,” said Larry Collins,
special operations deputy fire
chief at the California Governor’s Office of Emergency Services. “There are such huge debris piles, and homes still full of
mud, we have to physically dismantle those along the flood
‘There are such
huge debris piles,
and homes still
full of mud.’
path.”
Law-enforcement officials,
meanwhile, have been investigating the huge number of calls
from family members and
friends reporting missing loved
ones, tracking social media and
fielding reports from rescuers.
Homages to those killed revealed a tightknit community.
Among messages of shock
and grief came notes of admiration and thanks for victims, including Mark Montgomery, an
esteemed hand surgeon who
died alongside his daughter,
Caroline; and Rebecca Riskin, a
partner in a real-estate firm
that called her “Montecito’s beloved and respected luxury real
estate maven.” Montecito’s
youth grieved and prayed for
the Corey sisters: Sawyer, 12
years old, was announced dead
while twin sister, Summer, and
their mother were hospitalized.
The twin’s older sister, Morgan,
25, is still missing.
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THE WALL STREET JOURNAL.
U.S. NEWS
President’s rejection
of bipartisan plan, slur
about African nations
cast a pall over talks
BY LAURA MECKLER
AND SIOBHAN HUGHES
WASHINGTON—The fate of
young undocumented immigrants was in doubt and the
odds of a government shutdown appeared to be growing
in the wake of President Donald Trump’s dismissal of “shithole countries” in Africa and
his rejection of a bipartisan
proposal to aid the so-called
Dreamers.
On Friday, two senators—
one Democratic, one Republican—confirmed that Mr.
Trump made the incendiary
comments during a private
meeting on Thursday to discuss legislation to replace the
Deferred Action for Childhood
Arrivals program, or DACA,
which protects young people
brought illegally to the U.S. as
children.
Mr. Trump questioned why
the U.S. would want to admit
people from Africa. “Why do
we want all these people from
these shithole countries here?
We should have people from
places like Norway,” he said
Thursday, according to people
at the meeting.
Mr. Trump also said he opposed granting a legal status,
in particular, to immigrants
from Haiti. “Haitians? Do we
need more Haitians?” he said,
according to Senate Minority
Leader Dick Durbin (D., Ill.),
who was at the meeting.
Those comments drew bipartisan condemnation in the
U.S. and scorn across the
globe. The State Department
directed U.S. envoys to listen
to countries’ concerns and reiterate the respect the U.S. has
for them.
On Friday morning, Mr.
Trump pushed back. “The language used by me at the DACA
meeting was tough, but this
was not the language used,” he
wrote on Twitter.
But the initial reports were
confirmed on Friday by Sens.
Durbin and Lindsey Graham
(R., S.C.), who were both at the
meeting.
“In the course of his com-
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Prospects
Dim for Deal
On Dreamers
Donald Trump, center, met several times with lawmakers on immigration this week. He denounced the Graham-Durbin plan on Friday.
ments [Mr. Trump] said things
that were hate-filled, vile and
racist,” Mr. Durbin told reporters in Chicago.
Thursday’s meeting was
convened to discuss a bipartisan agreement devised by
Messrs. Durbin and Graham
and four other senators to extend a path to citizenship for
the Dreamers; provide $1.6 billion for Mr. Trump’s promised
wall, or fence, along the southern border; and overhaul the
diversity visa lottery program,
which admits immigrants from
underrepresented countries,
among other changes.
Mr. Trump’s reference to
“shithole countries” came in
response to the senators’ explanation of how they would
reshape the visa lottery. Under
current law, applicants are
chosen at random; the proposal would reallocate some
visas to a merit-based system
for underrepresented nations.
Democrats view the Graham-Durbin agreement as the
most promising option for legislation to help the Dreamers,
as Democrats want, and to bolster immigration enforcement,
as Republicans want.
But Mr. Trump rejected it
wholesale on Friday, calling
the framework a “big step
backward.”
Other Republicans said the
solution should come from a
different, more recently convened group. That group consists of each party’s No. 2 leaders in the House and Senate:
Reps. Kevin McCarthy (R., Calif.) and Steny Hoyer (D., Md.)
in the House, and Mr. Durbin
and Sen. John Cornyn (R.,
Texas) from the Senate.
The group of the No. 2 leaders began meeting only recently and have a long way to
go to reach agreement, aides
said Friday.
GOP leaders say they view
the deadline for acting on
Dreamers as March, but Democrats want to use leverage they
have over spending bills to
force action next week. Congress must pass a new funding
measure by Friday to keep the
government running.
Arizona Lawmaker Joins GOP Senate Race Pence
TUCSON, Ariz.—Rep. Martha
McSally said Friday she would
enter the race for the Arizona
Senate seat opened up by the
retirement of Sen. Jeff Flake.
Ms. McSally, a Republican,
enters a contest upended earlier this past week when Joe
Arpaio, a former sheriff known
for his hard-line immigration
policies, joined the race. His entry ensures the fight for Arizona’s GOP Senate nomination
would be anything but a humdrum campaign focused on policy differences with the Democrats.
Ms. McSally, who didn’t endorse President Donald Trump
during the 2016 campaign,
sought to align herself with him
in a series of speeches across
Arizona Friday.
“I will gladly work with our
president” on issues including
defense and immigration, she
said, pledging to never use “the
droning, empty platitudes of
the politically correct.”
Ms. McSally, an Air Force
MATT YORK/ASSOCIATED PRESS
BY KRISTINA PETERSON
Rep. Martha McSally waved from a World War II plane as she left a rally Friday in Phoenix.
veteran who was the first female fighter pilot to fly in combat, enters the race as the clear
favorite of mainstream Republicans. A general election featuring her against Democratic Rep.
Kyrsten Sinema, the front-runner for her party’s nomination,
would be one of the most competitive Senate races of the
year.
But Ms. McSally will first
spend the next seven months
locked in a fight against two
conservatives who were both
early allies of Mr. Trump’s: Kelli
Ward, a former state senator
who won 40% of the vote in a
2016 primary challenge to Sen.
John McCain, and Mr. Arpaio,
the former sheriff of Maricopa
County who was convicted of
criminal contempt for defying a
2011 court order to halt immigration raids. Mr. Trump pardoned him last year.
On the first official day of
her campaign, Ms. McSally
avoided directly criticizing Mr.
Trump over his comments
Thursday about not wanting to
admit people from “shithole
countries” in Africa, and his
preferring people from Norway.
“I am a fighter pilot, I have
used salty language myself so I
won’t throw the first stone,”
Ms. McSally said. But she also
noted “I’ve been fighting generalized stereotypes about people
for my whole life, so it’s not
something I would do.”
Arizona is seen by Democrats as a top pickup opportunity in a year in which they
need a net two seats to win a
majority but must defend many
more seats than the GOP.
In an indication of the challenge posed by the primary, Ms.
McSally has tacked right on immigration, an issue likely to
dominate debate in Arizona
through November.
Ms. McSally retired from the
Air Force in 2010 after 26 years
of service. While in the Air
Force, she challenged a Pentagon policy that required female
service members in Saudi Arabia to wear headscarfs off-base,
becoming the named plaintiff in
a lawsuit against Defense Secretary Donald Rumsfeld. Congress
later ended that policy.
The Trump administration
approved a plan by Kentucky
that will require many of the
state’s Medicaid recipients to
participate in work or related
activities to get or keep coverage, launching what conservatives hope is a broad transformation of a safety-net program
that covers almost one in five
people.
The approval Friday from
the federal Centers for Medicare and Medicaid Services is
expected to face swift legal op-
TRUMP
Continued from Page One
whether Mr. Trump was aware
of any agreement or payment
involving her.
In a statement, Mr. Cohen
didn’t address the $130,000
payment but said of the alleged sexual encounter that
“President Trump once again
vehemently denies any such
occurrence as has Ms. Daniels.”
Mr. Cohen added in the
statement, addressed to The
Wall Street Journal: “This is
now the second time that you
are raising outlandish allegations against my client. You
have attempted to perpetuate
this false narrative for over a
year; a narrative that has been
consistently denied by all parties since at least 2011.”
The Journal previously reported that Ms. Clifford, 38
years old, had been in talks
with ABC’s “Good Morning
America” in the fall of 2016
position from consumer groups
whose leaders say work requirements violate the guarantee that people will get health
coverage if they meet certain
income criteria. Republicans
said this first-ever work mandate is a way to promote jobs
and self-sufficiency and reduce
what they have said is a mushrooming dependence on the
federal-state program.
Other states seeking to impose work-related requirements
include Arizona, Arkansas, Indiana, Kansas, Maine, New Hampshire, North Carolina, Utah and
about an appearance to discuss Mr. Trump, according to
people familiar with the matter. In that article, the Journal
reported the company that
owns the National Enquirer
agreed to pay $150,000 to a
former Playboy centerfold
model three months before the
election for her story of an affair a decade earlier with the
Republican presidential nominee, which the tabloid newspaper didn’t publish.
The company said she was
paid to write fitness columns
and appear on magazine covers.
Mr. Cohen also sent a twoparagraph statement by email
addressed “TO WHOM IT MAY
CONCERN” and signed by
“Stormy Daniels” denying that
she had a “sexual and/or romantic affair” with Mr. Trump.
“Rumors that I have received hush money from Donald Trump are completely
false,” the statement said.
Ms. Clifford didn’t respond
to multiple emails seeking
comment.
Wisconsin. States are also seeking approval to add drug testing, lifetime limits on benefits,
required premiums and a lockout of coverage for people who
don’t update their eligibility information.
On Thursday, the administration released guidance to
states on how to request approval for Medicaid work requirements, a move expected to
spur more applications. Under
the guidelines, states can’t impose such requirements on the
elderly or disabled.
Kentucky will be the test
case. The state’s Medicaid program covers more than two
million people, and many of the
new rules proposed by Gov.
Matt Bevin, a Republican, will
apply to people covered by the
state’s Medicaid expansion under the Affordable Care Act as
well as those who were covered
before the expansion.
Under Kentucky’s plan,
many will be required weekly
to meet at least 20 hours of
job-related activities, which can
include job training and caregiving.
The waiver will impose slid-
Donald Trump with Stephanie Clifford, whose stage name is
Stormy Daniels, in a 2006 photo from her Myspace.com account.
After the agreement, Ms. Clifford’s camp complained the payment wasn’t being made quickly
enough and threatened to cancel
the deal, some of the people familiar with the matter said.
The payment was made to
Ms. Clifford through her lawyer in the matter, Keith Davidson, with funds sent to Mr. Davidson’s client-trust account at
City National Bank in Los Angeles, according to the people.
“I previously represented
Ms. Daniels,” Mr. Davidson
said, referring to Ms. Clifford’s
stage name. “Attorney-client
privilege prohibits me from
commenting on my clients’ legal matters.”
A spokeswoman for City
National Bank declined to
BY PETER NICHOLAS
ing-scale monthly premiums
ranging from $1 to $15 on many
beneficiaries. Some people may
be locked out of coverage for
failing to pay premiums or failing to report income changes,
unless they take a financial or
health-literacy course and pay
any owed money.
State officials project the
changes will cause a drop in
Medicaid enrollment of about
95,000 people after five years,
largely due to noncompliance.
They also expect the requirements will move people into
jobs.
Congressional Democrats
want Vice President Mike Pence
to testify about what he knows
about contacts between aides
to President Donald Trump’s
transition team and Russia, but
he isn’t likely to comply because he sees no precedent for
such an appearance, an administration official said.
Mr. Pence headed Mr.
Trump’s transition team, a
role that Democrats believe
put him in a position to know
about former national security
adviser Michael Flynn’s dealings with Russia and other
foreign governments.
Mr. Flynn is a central figure
in the Russia investigation,
having pleaded guilty last
month to lying to the Federal
Bureau of Investigation about
his contacts with Russia’s ambassador to the U.S. during
the transition.
Federal prosecutors are investigating Russia’s role in the
2016 presidential race, whether
associates of Mr. Trump colluded with Russia to influence
the election and whether Mr.
Trump obstructed justice in firing former FBI Director James
Comey, among other issues.
Mr. Trump has dismissed
the probe as a “witch hunt”
and denied any collusion with
Russian officials. Russia has denied meddling in the election.
Democratic lawmakers and
congressional investigators said
they would like to hear from Mr.
Pence directly about what he
knew about Mr. Flynn’s actions.
comment.
The agreement with Ms.
Clifford came as the Trump
campaign confronted allegations from numerous women
who described unwanted sexual advances and alleged assaults by Mr. Trump.
In October 2016, the Washington Post published a videotape made, but never aired, by
NBC’s “Access Hollywood” in
which Mr. Trump spoke of
groping women.
Mr. Trump denied all allegations of inappropriate sexual conduct and apologized at
the time for his remarks, calling them locker-room banter.
Mr. Cohen worked at the
Trump Organization from
2007 until after the election.
As Mr. Trump took office, Mr.
Cohen said he would work in
private practice and act as
Mr. Trump’s personal attorney. “I am the fix-it guy,” he
said in an interview in January 2017 before Mr. Trump’s
inauguration.
Ms. Clifford has appeared in
about 150 adult films, and was
considered among the industry’s biggest stars when the
then-27-year-old met Mr.
Trump at the American Century Championship in 2006,
held at Edgewood Tahoe golf
course in Nevada.
Another adult-film star,
Jessica Drake, later alleged in
an October 2016 news conference that Mr. Trump kissed
her and two other women
without permission in a hotel
suite after the same 2006
golf event.
“I did not sign [a nondisclosure agreement], nor have I
received any money for coming forward,” Ms. Drake said
this week in an emailed statement. “I spoke out because it
was the right thing to do.”
A White House official responded to questions about Ms.
Drake by referring to a previous
statement by the Trump campaign, which called her account
“totally false and ridiculous.”
—Alexandra Berzon
contributed to this article.
Kentucky to Impose Medicaid Work Provisos
BY STEPHANIE ARMOUR
Is Unlikely
To Testify
On Russia
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A5
* * * *
OBITUARIES
PETER SUTHERLAND
1946 — 2018
JOA N LU N T Z
1922 — 2017
Global Trade Czar Cajoled
Nations Into Creating WTO
Designer Put Style
Into Plastic Dinnerware
BY JAMES R. HAGERTY
W
hen Peter Sutherland became the world’s top
trade official in July 1993,
negotiators had been bickering for
nearly seven years in what seemed
like a futile quest to reduce tariffs
and other barriers to international
commerce. Mr. Sutherland, a gregarious Irish lawyer who had broken his nose nine times playing
rugby, declared it was no longer
enough for national leaders to
“mouth good intentions.”
Within six months, as director
general of the General Agreement
on Tariffs and Trade, he had badgered and shamed 117 nations into
accepting the market-opening accord that created the World Trade
Organization, an engine for globalization that later helped lift China
out of poverty and transformed industries world-wide.
By the time Mr. Sutherland died
on Jan. 7 at age 71, the backlash
against globalization was in full
swing. Even so, he remained committed to global rule-making. The
alternative, he argued, was a return to nationalism and conflict
that could impoverish billions. He
described Britain’s plan to withdraw from the European Union as
“insanity.”
Mr. Sutherland found his calling
as a globalist in 1985 when the
Irish government sent him to
Brussels as a commissioner of
what was then the European Community. He pushed for freer competition between airlines and telecom companies, cracked down on
government subsidies propping up
dying industries and helped lead
the way to the European Union
and its single market.
His experience as a Eurocrat
and global trade czar made him irresistible to corporate recruiters.
A chance 1980s meeting with a
Goldman Sachs Group executive in
an airport lounge eventually led to
a partnership in that investment
bank that made him rich. He also
served as chairman of BP PLC. In
his later years, he advised the
United Nations on migration and
the Vatican on its finances.
One regret was he never was appointed president of the European
Commission, the administrative
body of the EU. “I would have
given my right arm and leg” for
that, he said in a 2010 interview.
P
eter Denis Sutherland was
born April 25, 1946, in Dublin, where his father was an
insurance broker. At a Jesuit-run
boys school, he relished rugby and
debate. After graduating from University College Dublin, he qualified
as a lawyer. He married Maruja
Cabria Valcarcel, a Spanish woman
he met while she was working as
an au pair in Ireland.
In his mid-20s, he ran for a seat
in the Irish Parliament but was
trounced. Instead, he became a
close adviser to Garret FitzGerald,
a leader of the Fine Gael party.
When he became prime minister,
Mr. FitzGerald named Mr. Suther-
A
fter graduating from Vassar
College in 1944 with a degree in European history,
Joan Luntz married George Goulder and started a family that
would eventually make her the
mother of six children in the upscale Cleveland suburb of Shaker
Heights. She didn’t seem destined
for a career.
Then Mr. Goulder, who owned a
plastic-molding company, decided
in the late 1940s to make a line of
melamine dinnerware for household use. He asked his wife for
help with designs and colors.
At the time, plastic plates were
mostly for hospitals and prisons.
Could they look good enough for
the home? Ms. Luntz selected
hues including chartreuse, bur-
land attorney general, a position
that thrust him into tricky battles
over abortion and the Irish Republican Army.
After he was sent to Brussels,
he was given the European Community’s competition portfolio and
used it to crack down on cartels
and subsidies. He fined 15 chemical
companies for fixing prices of
polypropylene.
After leaving Brussels in 1989,
he became chairman of Allied Irish
Banks. When the global trade talks
were bogged down in 1993, he was
the choice of both U.S. and European politicians to head the global
trade bureaucracy in Geneva.
Using a combination of charm
and threats, he herded trade negotiators into line. His pitch was that
freer trade would create millions
of jobs. In December 1993, he
banged down a gavel to signal
agreement on a 22,000-page trade
agreement. Delegates to the Geneva trade talks gave him a standing ovation.
Mr. Sutherland’s involvement
with Goldman Sachs began in the
1980s when Eugene Fife, an executive of the investment bank, spotted the Irishman as the two prepared to board a Concorde flight
across the Atlantic. Mr. Fife was
impressed by Mr. Sutherland’s insights into politics and economics.
“It was very hard to find anybody
who didn’t like him,” Mr. Fife said.
The Irishman first served on an
international advisory panel for
Goldman and later was chairman
of the arm of the bank responsible
for Europe, the Middle East and
Africa. Colleagues discreetly advised the rumpled Mr. Sutherland
that, as a Goldman partner, he
could afford to upgrade his suits.
He is survived by his wife, three
children and 10 grandchildren.
gundy and pearl gray for what became the Brookpark brand. She
sketched plates in square shapes
with rounded corners.
One magazine ad showed a
smiling housewife: “If dishes were
wishes, she’d wish for Brookpark.”
An infomercial touted the dishes
as so durable they could be
cleaned in a clothes washer.
New York’s Museum of Modern
Art included her dinnerware in a
“Good Design” exhibition for
household products in 1950.
Among the other items selected
were chairs and other furniture
by the eminent Charles Eames.
Ms. Luntz died Dec. 25 at a
nursing home in Cleveland. She
was 95.
—James R. Hagerty
GERHARD ANDLINGER
1931 — 2017
Essay-Writing Contest
Launched Entrepreneur
A
s a boy in Austria during
World War II, Gerhard Andlinger was hungry enough
to steal sweet potatoes and cold
enough to scavenge for coal along
railroad tracks. He found a way
out when the New York Herald
Tribune ran a contest in 1948, inviting high-school students in Europe to write essays titled “The
Kind of World I Would Like to
Live In.”
Young Gerhard was among the
winners, earning a trip to the U.S.
with other students. They met
President Harry Truman and
dined at the Waldorf Astoria hotel in New York. He was particularly impressed with Princeton
University and won a scholarship
to study there. He then earned an
Read a collection of in-depth
profiles at WSJ.com/Obituaries
M.B.A. degree from Harvard University.
Mr. Andlinger worked for
McKinsey & Co. and International
Telephone & Telegraph Corp. before creating his own investment
firm to buy struggling companies
and whip them into shape. When
a colleague listed the risks of one
deal, Mr. Andlinger said: “You see
problems. I see opportunity.”
Tall, trim and dapper, he did
well enough to own an 8,300square-foot apartment overlooking Manhattan’s Central Park, buy
an airplane and hire a yacht-racing crew.
Mr. Andlinger died in his sleep
Dec. 22 at his home in Manhattan. He was 86.
—James R. Hagerty
U.S. NEWS
BOBBY YIP/REUTERS
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Counterfeit products displayed at the Hong Kong Customs headquarters in Hong Kong in 2015.
U.S. Cites China, Russia
For ‘Notorious Markets’
BY WILLIAM MAULDIN
The Trump administration
targeted markets in Russia,
China and other countries—including a Chinese mall in Canada—for allegedly turning a
blind eye to the sale of counterfeit goods and other intellectual-property violations.
The “notorious markets”
list, published Friday by the
U.S. Trade Representative’s office, names online or physical
marketplaces believed to facilitate the sale of pirated goods.
The latest version again
blames Russian social-media
network VKontakte.com for allegedly allowing the exchange
of Hollywood movies, as well
as naming six physical markets
in China blamed for allowing
counterfeit goods to be sold or
not making enough progress to
defend intellectual property.
The annual U.S. review, released for the first time by the
Trump administration, once
again included the Taobao online platform of Alibaba Group
Holding Ltd.
The Obama administration a
year ago had reinstated Taobao on the list, provoking protests from Alibaba, which says
it has taken efforts to prevent
the sale of counterfeit goods.
“As a result of the rise of
trade protectionism, Alibaba
has been turned into a scapegoat by the USTR to win points
in a highly politicized environment,” an Alibaba spokesman said on Friday.
“Alibaba reiterates our
point of view: We will continue
to strengthen our IP protection
system with world-leading
technology,” he said.
A spokesman for VKontakte
said the company “continues
active work on licensing audio
and video content through the
social network” and is also
helping to limit access to disputed content when copyright
holders show ownership.
Alibaba has formed an alliance with foreign brands including Louis Vuitton to leverage the Chinese company’s
data-analysis capability to
fight fakes on its online retail
platforms.
The list typically focuses on
emerging markets with lax enforcement of copyright and
trademarks, but this year’s
version included a marketplace
outside Toronto, from a developed economy, a U.S. neighbor
and top trading partner that is
currently in tense negotiations
with the U.S. and Mexico to rewrite the North American Free
Trade Agreement.
A spokeswoman for the Canadian government didn’t immediately comment.
The list names and shames
companies and countries that
allegedly don’t take steps to
stop
counterfeiters,
but
doesn’t set official U.S. policy.
Still, the prominence of the list
can bring significant pressure
in Washington’s international
negotiations and interactions
with companies, and U.S. lawmakers frequently cite the
markets included on the list.
The latest version targets
the Pacific Mall in Markham,
Ontario, which U.S. officials
call a “well-known market for
the sale of counterfeit and pirate goods for over a decade.”
The mall’s website bills the facility, opened in 1997, as the
“largest Chinese shopping mall
in North America.”
A representative from the
mall didn’t immediately reply
to requests to comment on the
U.S. accusations.
—Liza Lin in Shanghai
contributed to this article.
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A6 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Germans Engineer Faulty Warship
Navy’s new frigate,
Germany's Main Warship Puts On Weight but Loses Punch
with buggy software
German's next-generation F-125 frigate is supposed to replace the F-122, but naval experts say it lacks
and uncertain mission, the firepower to defend Baltic sea lanes against the Russian navy or to counter well-armed terrorists.
failed its sea trials
F-122
F-125
(Older)
(Newer)
BY WILLIAM WILKES
BERLIN—Germany’s naval
brass in 2005 dreamed up a
warship that could ferry marines into combat anywhere in
the world, go up against enemy ships and stay away from
home ports for two years with
half its predecessor’s crew.
First delivered for sea trials
in 2016 after a series of delays, the 7,000-ton BadenWürttemberg frigate was determined last month to have
an unexpected design flaw: It
doesn’t really work.
Defense experts cite the
warship’s buggy software and
ill-considered arsenal—as well
as what was until recently its
noticeable list to starboard—
as symptoms of deeper, more
intractable problems: Shrinking military expertise and
growing confusion among German leaders about what the
country’s armed forces are for.
A litany of bungled infrastructure projects has tarred
Germany’s reputation for engineering prowess. There is still
no opening date for Berlin’s
new €6 billion ($7.2 billion)
airport, which is already 10
years behind schedule, and the
redesign of Stuttgart’s railway
station remains stalled more
than a decade after work on
the project started. Observers
have blamed these mishaps on
poor planning and project
management, which also figured in major setbacks for
several big military projects.
But experts say military efforts have also been hampered
by the lack of a strategic vision for Germany’s armed
forces, resulting in vague,
hard-to-execute briefs. Before
the frigate project foundered,
a contract to build a new helicopter hit snags, costs for a
new rifle overran and an am-
1982 (First commissioned)
(Likely first commission date) 2018
€260 million
€650 million
Estimated cost per unit
8 (Peak number in service)
(Planned) 4
3,860
7,000
Weight in metric tons
219
120
Crew
= 10
30 knots
35 knots
Top speed
2
Harpoon anti-ship missile batteries
2
2
RAM anti-aircraft missile batteries
2
16
Sea Sparrow anti-aircraft missiles
0
4
Torpedo tubes
0
76 mm
127 mm
Main naval gun (diameter)
12
24
Maximum deployment time (months)
Sources: staff reports; German Defense Ministry (cost estimates)
Photos: Ann-Kathrin Fischer/Bundeswehr (F-122); Carsten Vennemann/Bundeswehr (F-125)
bitious drone project simply
failed to get off the ground.
German military procurement is “one hell of a complete disaster,” said Christian
Mölling, a defense-industry
expert at the German Council
on Foreign Relations in Berlin.
“It will take years to sort this
problem out.”
The naval fiasco, on a project with a €3 billion price tag,
is particularly startling since
Europe’s largest exporter relies
on open and secure shipping
lanes.
The F-125 frigate program
was supposed to deliver Germany’s four largest military
ships of the postwar era, fitted
with cutting-edge software allowing high operability with a
skeleton crew.
But after the ship failed sea
trials last month, naval officials refused to commission it.
The German Navy said the
Baden-Württemberg’s central
computer system—the design
centerpiece allowing it to sail
with a smaller crew—didn’t
pass necessary tests. The
THE WALL STREET JOURNAL.
Kieler Nachrichten, a daily in
the German Baltic fleet’s home
port of Kiel, has reported
problems with its radar, electronics and the flameproof
coating on its fuel tanks. The
vessel was also found to list to
the starboard, a flaw a project
spokesman says has been corrected. The Baden-Württemberg is now set to return to
port next week for an “extended period,” the navy said.
A spokesman for Thyssenkrupp, the lead company on the
project, said it still planned to
deliver the ship this year. “The
frigate-class 125 is a newly designed, technically sophisticated ship with highly complex
new developments—including
new technologies,” the spokesman said. “Delays can never
be completely ruled out.”
A spokesman for the military-procurement office said it
was levying financial penalties
on Thyssenkrupp for late delivery.
Even if the ship can be
fixed, however, some naval experts worry it would struggle
to defend itself against terrorist groups supplied with antiship missiles. And in the face
of a Russian naval buildup in
the Baltic Sea, it lacks its predecessor’s sonar and torpedo
tubes, making it a sitting duck
for submarines.
Those failings, they say, result from Germany’s military
brass never settling on a defined brief for the vessel.
When planning began in
2003, naval staff wanted an
all-rounder that could tangle
with Russian destroyers in the
Baltic and serve as a base for
humanitarian missions in tropical waters. Then, in 2005,
they decided the ship didn’t
need all of its predecessor’s
heavy weaponry and should
focus more on attacking enemies on land, including by ferrying marines into combat.
Given Russia’s aggressive
stance in the Baltic Sea, naval
experts say that now appears
to have been a miscalculation.
The ship’s weight—almost
twice that of the frigate model
it is replacing—makes adding
further weapons very difficult.
“These problems stem from
Germany not having a strategic vision for its military,” said
Ronja Kempin, defense-industry expert at the German Institute for International and Security Affairs in Berlin.
Defense experts say the frigate fiasco also shows the navy,
military engineers and the defense-procurement body have
lost the expertise to bring big
projects to fruition.
World
Bank: Our
Rankings
Were Off
BY JOSH ZUMBRUN
AND IAN TALLEY
The World Bank repeatedly
changed the methodology of
one of its flagship economic
reports over several years in
ways it says were unfair and
misleading.
The World Bank’s chief
economist, Paul Romer, told
The Wall Street Journal on Friday he would correct and recalculate national rankings of
business competitiveness in the
report called “Doing Business”
going back at least four years.
The revisions could be particularly relevant to Chile,
whose standings have been
volatile in recent years—and
potentially tainted by political
motivations of World Bank
staff, Mr. Romer said.
The report is one of the
most visible World Bank initiatives, ranking countries by
the competitiveness of their
business environment. Countries compete to improve their
standings, and the report
draws extensive international
media coverage.
Augusto Lopez-Claros, former director of the group responsible for the report,
didn’t immediately respond to
requests to comment sent to
email addresses listed on his
personal website.
The focus of the World
Bank’s corrections will be
methodology changes that had
the effect of sharply penalizing Chile’s ranking under the
recent term of Chile’s outgoing
president, Michelle Bachelet.
"I want to make a personal
apology to Chile, and to any
other country where we conveyed the wrong impression,"
Mr. Romer said. He said he
couldn’t defend “the integrity”
of the process that led to the
methodology changes.
KRISZTIAN BOCSI/BLOOMBERG NEWS
DEFY
Your Age.
Horst Seehofer, head of Bavaria’s CSU, left, with Ms. Merkel and SPD leader Martin Schulz on Friday.
Merkel Edges a Step Closer
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BERLIN—Angela
Merkel
took a big step toward clinching a fourth term as Germany’s chancellor after her
conservative party and its center-left rivals agreed Friday on
the broad lines of a renewed
governing alliance.
After six days of talks covering areas ranging from taxation to immigration, Ms.
Merkel’s Christian Democrats
and the Social Democrats, or
SPD, said they had enough of a
basis to begin detailed, formal
coalition negotiations.
The agreement, reached after
negotiators
worked
through the night, makes a
new government under Ms.
Merkel more likely by late
March, some six months after
last year’s inconclusive election. But the effort could still
fail, which would likely lead to
elections in the spring.
Ms. Merkel’s fate will now
depend on whether the policy
menu hammered out by the
two parties proves palatable
to lower-ranking functionaries
and grass-roots members, who
in the case of the SPD have the
final say on whether their
party should enter a coalition.
Friday’s agreement is heavy
on extra spending. It foresees
some €46 billion ($55.4 billion) in new expenditures,
mainly benefit increases, and
includes a €10 billion tax cut
over four years—smaller than
anticipated and benefiting
only lower earners. Not included in this figure are additional but still unquantified
payments to pensioners.
While conservatives in Ms.
Merkel’s camp will lament the
scale of the tax cuts, they will
likely welcome a decision to
limit the number of new refu-
Christian Democrats
and Social Democrats
agreed on a basis for
formal coalition talks.
gees entering the country to
220,000 a year.
The agreement was a “give
and take,” Ms. Merkel told
journalists Friday. SPD Chairman Martin Schulz called the
deal an “excellent” outcome.
The euro jumped to a threeyear high against the dollar on
the news, and was up 0.9%
late Friday afternoon.
The accord is a boost for
Ms. Merkel after her unimpressive election victory and
the collapse of earlier coalition talks late last year tarnished her reputation at home
and abroad as one of the
West’s most experienced leaders and an astute pragmatist.
The parties signaled openness to spending more on the
European Union budget and
making funds available for investments. But they said they
would encourage economic
overhauls to make members
more competitive, a long-established German position.
The progress was welcomed
by French President Emmanuel
Macron, who has been anxious
to start talks with a new German government on reforming
the eurozone and the EU.
“I am happy and entirely
satisfied that the German
Chancellor Merkel can progress favorably toward the formation of a coalition government which will be useful and
is awaited by Europe and particularly France,” he said.
The agreement is only one
step in a complicated process.
The text will require approval
from skeptical Social Democrats at a party convention on
Jan. 21 before actual coalition
negotiations can take place.
SPD members would then
have to approve whatever coalition agreement emerges
from the detailed negotiations,
making any alliance’s last-minute collapse a possibility.
—William Horobin in Paris
contributed to this article.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A7
* * * *
WORLD NEWS
BY LINGLING WEI
BEIJING—China reported
its largest-ever annual trade
surplus with the U.S. last year
while its overall imbalance
with the world shrank, potentially strengthening the Trump
administration’s case for
tougher penalties and other
trade actions against Beijing.
A global recovery led by the
U.S. provided a shot in the
arm for Chinese exporters,
boosting China’s economy. Rising American demand, in particular, pushed up Chinese
shipments, expanding China’s
trade surplus in goods with
the U.S. by 10% to $275.8 billion in 2017, according to Chinese customs data released
Friday.
That figure, a record for the
nearly five decades for which
such data exist, marks the
U.S.’s largest trade deficit with
any trading partner. By comparison, China’s overall foreign trade surplus contracted
17% as higher prices of oil,
iron ore and other commodities raised the value of inbound shipments from countries like Russia, Australia and
Saudi Arabia.
The widening of the ChinaU.S. trade imbalance comes as
U.S. and Chinese officials and
business groups warn of
sharper clashes over trade between the world’s largest
economies.
“The risks of growing U.S.China trade conflicts are
high,” said Zhang Ming, a senior economist at the Chinese
Academy of Social Sciences, a
government think tank in Beijing.
President Donald Trump
has promised sterner measures to curb the U.S.’s chronic
trade imbalance with China. In
a turnabout in tactics, Trump
administration officials have
set aside the longstanding
practice of eking out piecemeal concessions from Beijing
on trade and market access.
Instead, U.S. officials are pre-
paring sanctions or other enforcement actions against
China to try to challenge practices that the administration
says favor Chinese companies
and restrict U.S. ones.
The Trump administration
faces a series of decisions in
the coming weeks and months
on whether to enact penalties
on imports of Chinese products such as steel, aluminum,
washing machines and solar
equipment. An investigation is
proceeding on whether China
is forcing American companies
to turn over proprietary technologies and information in
exchange for access to the Chinese market.
Mr. Trump savaged China
as a predatory trader during
his presidential campaign,
though he has toned down his
rhetoric. In an interview with
The Wall Street Journal on
Thursday, before the latest
trade figures were published,
Mr. Trump suggested he would
have resorted to stricter measures to correct the trade imbalance if it weren’t for Beijing’s help in pressuring North
Korea over its nuclear-weapons development.
—Liyan Qi
contributed to this article.
Made in China
China’s long-expanding trade
surplus with the U.S. hit its
widest level in 2017.
2017
$275.8 billion
$300 billion
250
200
150
100
50
0
1995
2000
2010
Source: Sources: Wind Information; General
Administration of Customs
THE WALL STREET JOURNAL.
Russia Shadows Czech Vote
BY DREW HINSHAW
AND PHILIP HEIJMANS
PRAGUE—Czechs were voting in the first round of presidential elections Friday and
Saturday and a world power
was on the ballot: Russia.
President Miloš Zeman is
seeking a second term and has
cast himself as Vladimir Putin’s partner in Europe.
Prague’s relationship with
Moscow is “10 times” more
important than with neighbors
like France, he told the Russian president in November,
chitchatting in Russian in
front of journalists who he berated for their inability to
speak the language.
The 73-year-old also has
proposed a referendum asking
Czechs if they want to leave the
European Union and the North
Atlantic Treaty Organization.
His praise for Mr. Putin—
which extends to approval of
Russia’s annexation of Crimea
and its airstrikes on Syrian cities—has bewildered the roughly
45% of Czechs that disapprove
of the president in polls.
The close elections, which
will likely go to a Jan. 26 runoff, are seen as a clarifying
moment.
“Where do we belong?”
said Michal Horáček, a popjazz songwriter among the
nine competing candidates.
“Do we really take seriously
our commitments to NATO
and the EU? Or are we going
to become a Trojan horse of
other powers?”
Fifty years ago this August,
Soviet tanks rolled through
Prague, killing more than 100
dissidents and cementing in
many Czechs a generational
desire to escape Russian influence and join the West. Now,
those memories are bygones
for some Czechs who see their
country as dominated by
Washington and the EU.
Mr. Zeman is the face of a
reckoning among the small
states of Central and Eastern
Europe over their place on the
Continent.
An EU decision to settle
thousands of refugees in for-
HYENA BERAN/CTK/ASSOCIATED PRESS
China Reports
Big U.S. Surplus
Czech President Miloš Zeman was taken away by security officers while a naked woman in the
background shouted at him as he cast his vote Friday in Prague.
mer Communists states like the
Czech Republic has intensified
a feeling that these nations
lack a voice in Europe’s biggest
club. While Czechs overwhelmingly poll positively on the EU,
a majority objects to getting
more deeply involved in the
union, for example, by adopting
the euro or allowing the EU to
settle refugees in the country.
An influential minority—
tiny in Poland, but growing
elsewhere—has come to see
better relations with Russia as
a way to counterbalance Europe’s old world powers.
Hungary’s Prime Minister
Viktor Orbán has permitted
Russia to build a nuclearpower plant in his country,
meets Mr. Putin often and has
called Russian democracy a
model for Europe.
“Memories fade and there is
no imminent threat [from Russia],” said Dalibor Rohac, a research fellow at American Enterprise Institute, who sees Mr.
Zeman as a slight favorite to
win the Czech vote. “If people
associate Russia with anything,
it’s the Russian wealth that’s
hidden in the Czech Republic.”
Mr. Zeman is leading a country once famous for the dissident and theater-company activists who led this country into
Western-style democracy. Mr.
Falling Short
The Russia-leaning incumbent is
polling below a majority to avert
a second round.
Percentage of support
Milos Zeman
Incumbent, Russia-friendly, skeptical
toward EU and NATO
42.5%
Jiri Drahos
Former chemist, pro-European,
pro-NATO
27.5
Michal Horacek
Songwriter, pro-European
12.5
Mirek Topolanek
Ex-prime minister, euroskeptic,
anti-immigration
6
Others/Don’t know
Note: Figures don't sum to
12
100 pct. due to rounding.
Source: TNS Kantar & Media poll of 1,504
recipients, conducted between Jan. 3-7
Zeman, prime minister from
1998 to 2002, was among them.
Mr. Zeman has soured on
the West’s vision for Europe
and his country’s democratic
institutions have become tarnished by scandals and fraud
investigations. The Czech Re-
public has had nine governments in 15 years and there is
no government now in place.
In October, billionaire media mogul Andrej Babiš and
his party won legislative elections, promising to dismantle
the constitutional order, abolish the senate and make the
prime minister’s role more
powerful. Three months later,
Mr. Babiš, who won one-third
of the vote, is still unable to
form a government from the
parliament’s nine feuding parties. This week, he postponed
yet another vote to form one.
Czech presidents share similar powers to the U.S. presidency, and can veto legislation, nominate judges to high
courts, serve as commanderin-chief and as the nation’s
highest representative abroad.
A victory by Mr. Zeman, who
likes Mr. Babiš, would help keep
the billionaire as a kind of caretaker prime minister. But Mr.
Babiš’s aides are divided on
whether they want to be led by
their current president.
“This country needs a president in the next term who is
pro-EU and for westernization,” said Dita Charanzová, an
adviser to Mr. Babiš and the
head of his party’s delegation
to the EU Parliament. “There
is quite a lot at stake.”
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A8 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
WORLD NEWS
WORLD WATCH
Signal Lost Before Ships Collided
Hours before their deadly
crash last weekend off the
coast of China, an Iranian oil
tanker and Chinese freighter
stopped transmitting their locations to naval tracking systems.
“We don’t know whether
[the tracking system] on the
ships was shut down, malfunctioned or could not be picked
up,” said one of the investigators seeking to piece together
what caused the two large vessels to collide.
The operators of the Sanchi
oil tanker, which is still on fire
with 31 of its crew missing, and
the CF Crystal freighter say
they can’t comment on whether
the Automatic Identification
System, or AIS, equipment on
the two ships was turned on or
operating properly.
AIS is used in conjunction
with a ship’s onboard radar to
navigate and prevent collisions. It transmits a ship’s
type, name and coordinates,
along with its course and
speed in real time. The AIS is
also essential in collision
probes as investigators can
use it to retrace movements.
The industry’s global regulator, the International Maritime Organization, requires
that oceangoing ships be
TRANSPORT MINISTRY OF CHINA/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY COSTAS PARIS
A Chinese supply ship sprayed foam on the burning oil tanker off the coast of eastern China Friday.
equipped with AIS transmitters and that they broadcast
data while sailing.
But the system’s performance in the busy shipping
lanes of the East China Sea
isn’t always reliable, according
to ship captains, insurers and
tracking companies. “The area
where the collision happened
is one of few areas in the
world that AIS coverage is especially difficult,” said Demitris Memos, chief executive of
MarineTraffic, a provider of
ship-tracking data.
Mr. Memos said the seaway
is beyond the range of shorebased AIS receivers, and shiptracking providers must rely
on satellites for coverage.
INDONESIA
Facebook Protest
Draws Islamists
“Satellite-AIS is suboptimal in
high traffic areas because of
signal collisions,” he said.
The accident took place
around 8 p.m. on Saturday,
Jan. 5, according to Mohsen
Bahrami, a spokesman for the
National Iranian Tanker Co.,
which owns the Sanchi. Shiptracking websites show the
Sanchi’s last AIS signal at
10:46 a.m. and the CF Crystal’s
at 3:58 p.m. on the same day.
Mr. Bahrami said the NITC
received a routine email from
the Sanchi “about three hours
before the crash, but we won’t
know anything about its navigation safety systems until we
get on the ship.”
The badly damaged Sanchi
on Friday drifted toward Japanese waters. The Crystal, which
suffered minor damaged, is
now in port in Zhoushan, a city
south of Shanghai.
The CP Crystal is operated
by CP International Ship
Management & Broker Co., a
business connected to a large
Sino-Polish shipping group.
The company didn’t respond
to questions about the vessel.
The 899-foot-long Sanchi
was carrying about one million
barrels of light crude from Iran
to South Korea, and the 738foot long Crystal was carrying
grains from the U.S. to China.
Hundreds of hard-line Muslims rallied outside Facebook’s
office in Indonesia’s capital Friday, accusing it of blocking accounts and threatening to lobby
for its ouster from the world’s
largest Muslim-majority nation.
Islamic Defenders Front, which
helped engineer the defeat of Jakarta’s Christian governor, said
Facebook had suspended more
than 70 accounts of members of
groups at the rally. A Facebook
representative didn’t confirm the
suspensions, but said the company removes content that promotes hatred and violence.
—Ben Otto
EUROZ0NE
Growth Rate Flirts
With 2007 High
The eurozone economy grew
more rapidly in the three
months through September than
previously estimated, putting it
firmly on track for its best year
since 2007.
The European Union’s statistics agency Friday said the eurozone’s gross domestic product
was 0.7% higher than in the
three months through June, up
from a previous estimate of
0.6% and well placed to reach a
2.4% growth rate for 2017.
—Paul Hannon
Syria Regime Forces Claw Back Rebel Territory
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with waning political and military support, they face steep
challenges maintaining any
significant territory.
Airstrikes on oppositionheld territory so far this year
have killed at least 155 civilians,
with schools, hospitals and rescue centers being targeted, according to the independent Syrian Network for Human Rights.
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faces challenges in Idlib, which
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“It’s not just a simple airstrike,” Turkish Foreign Minister Mevlut Cavusoglu said
Wednesday. “The regime is
moving in Idlib. The intent
here is different.”
There has been no progress
in peace talks while President
Bashar al-Assad’s regime tries
to consolidate control over the
country. In addition to Idlib, the
regime has launched airstrikes
on the rebel-held Damascus
suburb of Eastern Ghouta.
Rebels have lost a sizable
amount of territory since Russia intervened militarily on be-
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Children looked at destruction in Hamoria, Syria, earlier this week.
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government offensive to capture parts of the country’s last
opposition strongholds.
The
military
moves
threaten to torpedo cease-fire
agreements in place since May
and derail peace efforts. Over
the past two weeks, about
100,000 people have been displaced in rebel-held Idlib province and neighboring areas in
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Shiite militias have captured
more than a dozen towns and
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base that is under opposition
control, according to antigovernment activist group Idlib24.
This week, U.N. officials
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France. Turkey summoned the
ambassadors of Iran and Russia to convey “discomfort”
over the regime’s violations of
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THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A9
* * * * * * *
WORLD NEWS
Saudi Women Cheer a Cause at Stadium
Soccer arena opened
to female spectators
in latest step to
expand freedoms
More than 60 years after
the establishment of the Saudi
Arabian Football Federation,
the gates of a soccer stadium
opened to female spectators in
the kingdom for the first time
on Friday, in one of the first
concrete measures aimed at
relaxing strict social rules.
A Saudi woman watching a soccer match between two local teams, Al Batin and Al Ahli, in Jeddah on Friday from the ‘family section.'
Riyadh
IRAN
Shakes Up
Binladin
Group
BY NICOLAS PARASIE
DUBAI—Saudi Arabia is assuming supervisory control of
the Saudi Binladin Group and
could take a stake in the construction giant, people familiar with the matter said, a sign
of Crown Prince Mohammed
bin Salman’s willingness to
disrupt the established corporate order in the kingdom.
The move further upends a
decades-old alliance with the
country’s rulers that made the
bin Ladens one of the kingdom’s wealthiest families. It
comes as the company’s septuagenarian chairman, Bakr bin
Laden, remains detained after
his arrest in November with
several other family members
in a wide-ranging crackdown
on alleged corruption in the
kingdom. Mr. bin Laden and
other detained family couldn’t
be reached and haven’t issued
comment on the arrests.
The Saudi government has
appointed a five-person committee—two bin Laden family
members and three Saudi industry leaders—to take on the
duties of a supervisory board
at the family-owned company,
the people said.
It wasn’t clear if the appointment of the supervisory
board was part of a possible
deal to release Mr. bin Laden,
who is a major shareholder in
the privately held Saudi Binladin Group, and other family
members.
Several of those detained
by the government have been
released in recent weeks, in
some cases following cash settlements, people familiar with
the matter have said.
But negotiations involving
the transfer of assets such as
shares of companies to the
government have taken longer
due to the legalities involved,
they added.
“The government is taking
control,” said one of the people familiar with the Binladin
Group matter. “So far, it has
not taken ownership, but the
chance that will happen is
highly likely, sooner or later.”
The Saudi government
didn’t respond to requests for
comment.
For more than half a century, the bin Ladens cultivated
business ties with Saudi Arabia’s rulers, and the Saudi Binladin Group has played a vital
part in the kingdom’s petrodollar-financed infrastructure
development.
Tasked with handling many
of the kingdom’s most prestigious and complex projects,
such as the Holy Mosque expansion in Mecca and the financial district in Riyadh, the
company over time built an unrivaled position as the ruling
family’s preferred contractor.
Continued from Page One
China and Russia, which
were part of the international
group that negotiated the 2015
deal, also have strongly
backed the accord and have
dismissed the possibility of
changing it.
Senior administration officials said the White House
would consider remaining
party to a nuclear deal with
Iran, but only if it was modified. Any new deal requires no
expiration on the threat that
the U.S. and its European partners could snap stringent
sanctions back into place if
Iran ramps up its nuclear activities, these people said.
Mr. Trump said any new
agreement
also
must
strengthen the ability of international inspectors to investigate all sites in Iran, cover the
country’s long-range missile
program and allow an escalation of punitive measures if
Iran gets close to developing a
nuclear weapon.
The United Nations Atomic
Agency says it has access to
all sites in Iran but Tehran has
warned it won’t allow inspectors access to sensitive military sites. Washington says
world’s most conservative societies, influenced by tribal customs and an austere interpretation of Islam. Women have long
been subject to strict rules.
They are required to have a
male guardian—typically their
husband or father—whose perthe U.N. inspectors need to be
more aggressive in overseeing
what U.S. officials have called
suspicious sites.
U.S. Secretary of State Rex
Tillerson has backed European
and U.N. contentions that Iran
is currently in compliance
with the deal.
“My policy is to deny Iran
all paths to a nuclear
weapon—not just for 10 years,
but forever,” Mr. Trump said.
“If Iran does not comply with
any of these provisions, American nuclear sanctions would
automatically resume.”
Administration
officials
have been urging Mr. Trump
to keep the deal in place for
now while they work to address some of his concerns.
When it was forged in 2015,
officials from the Obama administration and European
Union said the goal was to narrowly focus on Iran’s nuclear
program. They say Iran committed to the most robust ever
inspections and major limits
on its program. The agreement
committed Iran to never pursuing a nuclear weapon.
Under the deal, the U.S.
agreed to waive sanctions
against Iran that are contained in a series of American
laws. The waivers for each
law must be renewed periodically to extend the sanctions
mission they need to marry or
travel abroad. Women must
wear floor-length gowns known
as abayas outside their homes
and many restaurants and cafes
are open to men only.
Even the new opening in
sports stadiums has its limita-
tions. As is the case in most
public places, women are restricted to “family sections”
reserved for women and their
male relatives that are separate from the men-only, or
“singles” sections.
Friday’s game, which took
JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
nomic reform plan focused on
ending the dependence on oil
revenue. Liberalizing the country’s ultraconservative society—such as by including more
women in the workforce—is an
important component.
Saudi Arabia one of the
Javad Zarif, Iran’s foreign minister, said the deal ‘is not renegotiable.’
relief. Beginning this week,
Mr. Trump faced a series of
waiver deadlines and needed
to approve them to keep the
U.S. commitments in place under the accord.
They were the first such
deadlines since he declined in
October to certify to Congress
that Iran was complying with
the accord. Mr. Trump said at
that time that he would exit
from it if European allies and
U.S. lawmakers failed to take
steps to fix it, but didn’t set a
deadline.
But the president said Friday’s decision to extend relief
was intended to buy more
time to secure European support for the changes the ad-
ministration is seeking.
The administration is also
negotiating with Congress to
reimpose certain penalties if
Iran takes certain actions.
Although lawmakers are
still at odds over the extent of
the changes Congress is willing to make, there has been
some progress in negotiations
between the White House and
Sens. Bob Corker (R., Tenn.),
Tom Cotton (R., Ark.) and Ben
Cardin (D., Md.) on an amendment to 2015 legislation that
allows for congressional oversight over the deal. The
amendment would address
some of Mr. Trump’s concerns
about the deal, including limits on nuclear behavior that
OPERA
Continued from Page One
“My heart sank,” he says.
Ms. Puértolas, a rising
Spanish soprano, got her
make-or-break opportunity after the Royal Opera House
learned Jan. 3 that Lucy
Crowe, a well-known British
soprano, was unable to perform. Her exact health problems weren’t disclosed, but no
stand-in was available.
When conductor Alexander
Joel arrived at the 19th-century London opera house for
an afternoon rehearsal, the
first thing he heard was, “we
don’t have a Gilda,” he recalls.
He began calling singers he
knows all across Europe.
Some didn’t have the visa
to work in Britain. Others
were booked. Mr. Joel says at
least a dozen calls were made,
though the Royal Opera says
only that a number of possible
fill-ins were discussed.
The predicament isn’t unheard of in the opera world. In
2006, tenor Roberto Alagna
left the stage of the storied
Teatro alla Scala in Milan in
the middle of “Aida” after being booed. A representative
says he was feeling unwell.
The tenor’s stand-in finished
the opera while wearing jeans.
Last June, Ioan Hotea was
in the audience at Gaetano
Donizetti’s “L’Elisir D’Amore”
in London when the lead tenor
dropped out during the first
act. Mr. Hotea, the tenor’s
stand-in, had 10 minutes to
put on his costume. “I didn’t
know any of the movements,
and when I got out on stage, I
was completely lost,” he says.
“Rigoletto” is a 19th-cen-
PATRICIO MELO
“I’m so excited! I can’t believe this day has finally come,”
said May Mahdi, a soccer fan
from Jeddah. “I literally
thought of dressing like a guy
to sneak into a game a couple
of times before. Thank God
now we don’t need to do that.”
Lifting the ban is part of
the kingdom’s effort to loosen
social rules. The Saudi government said last year that
women would be allowed to
drive from June. Cinemas are
planned to reopen soon after a
35-year-old ban.
The changes are spearheaded by Crown Prince Mohammed bin Salman, who is
overseeing a long-term eco-
REEM BAESHEN/REUTERS
By Donna Abdulaziz in
Jeddah, Saudi Arabia,
and Margherita
Stancati in Beirut
Sabina Puértolas as Gilda in a lower-pressure performance of ‘Rigoletto’ in Santiago, Chile, last July.
tury thriller about cursed love,
kidnapping and murder, and
features arias such as “La
donna è mobile,” also known
as advertising music for Doritos and tomato paste.
Theatrical agent Alex Fernandez was in a hotel room in
Córdoba, Spain, when the
Royal Opera called at about 5
p.m. He immediately called
Ms. Puértolas, who was shopping with her 12-year old son.
“Are you sick?” Mr. Fernandez asked. She answered: “No,
why?” The agent said: “Are
you sure you’re fine?” She replied: “Yes, but why?”
Mr. Fernandez got to the
point. “OK, you’re flying to
London tomorrow morning to
sing Gilda at the Royal Opera
House,” the agent recalls telling his client. She was so
shocked that she shoved her
shopping cart away.
Born and raised in Pam-
plona in northern Spain, Ms.
Puértolas has been singing opera since she was 15. She was
Gilda several times in smaller
opera houses around Europe.
Her two previous Royal Opera
‘The opera must
always go on,’ tenor
Michael Fabiano said
about the fill-in star.
House appearances were in
minor roles. “I know Gilda. But
this was the Royal Opera
House,” she says.
First, though, she had to
deal with problems closer to
home. Her husband, an airplane pilot, was flying to Bolivia that day. Her mother was
on vacation.
Once a babysitter was on
the way, Ms. Puértolas tried
but failed to get some sleep
before a London-bound flight
at 8:25 a.m. on Jan. 4. She
reached the opera house
shortly after 11 a.m. and was
rushed into a rehearsal room.
Mr. Joel, the conductor, had
to explain how to navigate the
set, a palatial facade that revolves to reveal the interior of
Rigoletto’s home. “I had to
show her pictures and videos,”
he says.
At 6 p.m., or 90 minutes before the opera’s start, Ms.
Puértolas was getting her
makeup and wig adjusted.
Gloom set in. She worried the
performance might go so
badly she would never sing at
the Royal Opera House again.
Greek baritone Dimitri Platanias, who was playing Rigoletto, walked into Ms. Puértolas’s dressing room. They had
place in the coastal city of
Jeddah, was played by two local teams—Al Batin and the favorite, Al Ahli, which won 5-0.
“This is great. I always
wanted my daughter to join
us—and the time has finally
come,” said 40-year-old Thamer
Hassan, who attended the match
with his four children.
The government’s announcement in October that stadiums
would soon open to women has
ignited a debate that has focused less on sport and more
on women’s place in society.
Many turned to Twitter to
voice their opposition, calling
the decision immoral and
against religion. “It is good for
women to do sport for their
physical fitness. But as for
women
attending
sport
matches, I am the most opposed of all, and I do not see
how it is permissible,” Sheikh
Mohammed Al Arefe, an influential cleric with 20 million
Twitter followers, said after
the October announcement.
The opposition may have
been a factor in sparse attendance at Jeddah’s King Abdullah Sports City Stadium on
Friday night. Of the roughly
10,000 seats reserved for families, around 4,400 were taken,
according to official figures.
Overall, around 24,000 spectators attended the game, far
short of the stadium’s capacity
of 60,000.
expire over time.
However, Mr. Trump’s announcement likely has harmed
negotiations with Congress,
Mr. Cardin said.
“Instead of leading an international negotiation on the
agreement himself, however,
the president’s statement
making threats and dictating
final terms of potential negotiations with Congress and Europe makes it more challenging to achieve this objective.”
European officials have
largely been digging in their
heels, resisting any changes to
the deal, putting the U.S. and
Europe potentially far apart
and raising questions about
the fate of the agreement.
Antigovernment protests in
Iran this month have added
additional uncertainty to Mr.
Trump’s deliberations, particularly after more than 20 people died and the government
arrested over 4,000 people.
In a bid to show support for
Iranian protesters, Treasury
officials sanctioned the prison
where officials say political
prisoners suffer human rights
abuses and several government agencies responsible for
censorship in the country.
The new sanctions also
name the head of Iran’s judiciary, Sadegh Larijani, as one
target.
never met. “We will help each
other, right?” she asked. “Yes,
we will,” he replied.
As the audience took its
seats, the program still featured Ms. Crowe in the role of
Gilda, though the Royal Opera
printed the casting change on
paper slips. The lights
dimmed. Instead of the conductor stepping out, an opera’s traditional start, an official took the stage to
announce Ms. Puértolas.
“I thought it can’t be good.
I had no idea who the replacement was,” says Clémence Rebourg, who had been late settling into her seat.
Ms. Puértolas says her
heart was racing. Then she recalls telling herself: “I am
Gilda. I am not Sabina. Sabina
is back at the hotel.” She
walked onto the set for the
first time.
Near the end of the first
act, Ms. Puértolas stepped up
to deliver the opera’s most
challenging aria, “Caro nome.”
When she finished, the crowd
erupted. “It was absolutely
wonderful,” Ms. Rebourg says.
Near the end of the three-hour
opera, the curtains fell. Ms.
Puértolas got a standing ovation, leaving her in tears.
After expecting so little
from his balcony seat when
the substitute was announced,
Mr. Darlington was moved by
her “splendid” performance.
“Knowing about her ordeal
made it even more poignant.”
With two days until the
next performance, Ms. Crowe
recovered and retook her leading role. Ms. Puértolas stayed
in London for two more nights
in case she was needed. She
wasn’t. On Sunday, she flew
home to her son, husband and
dog.
.
A10 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
IN DEPTH
PHONE
Friendly fire
ILANA PANICH-LINSMAN FOR THE WALL STREET JOURNAL
“I was like, ‘Oh yeah. We’ve got this. It’s fine.’ Well, it’s not fine.”
Kristin Braun after learning the complications of giving iPhones to her daughters, now ages 9 and 11
letter to offer more choices and
tools for parents to control and
limit iPhone use.
“Many parents feel they cannot keep up with technology
and are looking for more control,” said Antigone Davis, Facebook’s global head of safety.
For children and teens, mobile devices are a social lifeline,
and many wage a relentless lobbying campaign at home for
permission to join the crowd. It
turned out to be the pitch that
delivered Gabriel his smartphone.
‘You think you’re buying a piece of
technology. Now it’s like oxygen to her.’
Tina Shepardson, Payton’s mother
Out for ice cream after the
school play last spring, Gabriel’s
father, Michael, saw some of his
son’s friends use their phones
to make plans to meet. “I knew
how I would feel if I were left
out,” said Mr. Krause-Grosman,
an accountant.
He and his wife performed
their due diligence in advance
of the arrival of Gabriel’s new
smartphone. They completed an
online course for parents and
downloaded sample contracts.
The family hammered out policy agreements on hours of use,
location of use, as well as for
sleepovers and homework.
The parents found an app to
monitor the time Gabriel spent
on his phone and the sites he
visited. Ms. Krause-Grosman
said she told Gabriel and his 10year-old sister, Rachel, that everyone was “under surveillance
by big companies that are mining big data. Everything we do
can be seen.”
Gabriel now has Instagram,
Snapchat and a one-hour daily
limit for the online multiplayer
videogame Clash Royale. His
parents denied his request for
an Amazon debit card. “I am
not monitoring your online
shopping,” Ms. Krause-Grosman
told him.
In a few instances, Gabriel
has blown past his allowed
screen time. The boy, who turns
13 at the end of January, said he
sometimes wished the phone
wasn’t quite so tempting.
Gone astray
In November, Agnes Ho
joined more than 100 parents in
an auditorium at Palo Alto High
School in Palo Alto, Calif., the
ADAM GLANZMAN FOR THE WALL STREET JOURNAL
book. A child can understand
the business model: The more
screen time, the more revenue.
“Average time spent” is a
tech-industry metric that helps
drive advertising rates and
stock prices. Snapchat users 25
and younger, for example, were
spending 40 minutes a day on
the app, Chief Executive Evan
Spiegel said in August. Alphabet
boasted to investors recently
that YouTube’s 1.5 billion users
were spending an average 60
minutes a day on mobile.
Departing from that message
can be costly. Facebook’s stock
slid 4.5% to close at $179 Friday
after CEO Mark Zuckerberg announced plans Thursday to
overhaul the Facebook news
feed in a way that could reduce
the time users spend.
Tech companies are working
to instill viewing habits earlier
than ever. The number of users
of YouTube Kids is soaring.
Facebook recently launched
Messenger Kids, a messaging
app for children as young as 6.
Apple said its mobile software includes parental controls
to govern content and applications. Devices powered by
Google’s Android software allow parents, in effect, to monitor and limit screen time until
age 13, reflecting government
regulations that say that is old
enough. A Google spokesperson
says the company provides help
for parents seeking to navigate
its offerings.
Hoping to forestall a looming
social backlash, Jana Partners
LLC and the California State
Teachers’ Retirement System,
which together control about
$2 billion of Apple shares,
urged the company in a Jan. 6
city where the late Apple Inc.
CEO Steve Jobs raised his children, and where Mr. Zuckerberg
is raising his.
The parents gathered to hear
advice from Devorah Heitner, a
consultant and author, about
how to raise children with
smartphones. She warned that
trying to micromanage use of
the devices can prompt children
to become more deceptive, especially in a fast-shifting digital
environment where young people often maintain the upper
hand.
Ms. Ho’s 16-year-old son,
Brian is an Eagle Scout and chorister, who at times finds it
hard to break away from online
videogames, even at 3 a.m. The
teen recently told his mother he
thinks he is addicted. Ms. Ho’s
daughter, Samantha, 14, also is
glued to her device, in conversations with friends.
Ms. Ho, a registered nurse,
and her husband, Philip Ho, an
otolaryngologist, are trying to
teach their children self-control.
Brian volunteered to give up
gaming until after final exams.
Meantime, Ms. Ho said, “He
can’t sleep. He can’t sit still.”
Four years ago, Kristin
Braun, of Austin, Texas, got
iPhones for her daughters, Ella
and Clare, now ages 9 and 11.
Her husband works in tech, and
the couple were gung-ho about
mobile devices, Ms. Braun said.
As babies, the girls had iPod
shuffles pinned to their crib
blankets.
Ms. Braun planned to teach
her daughters to use their
iPhones gradually, with a short
contact list and a few apps. “I
was like, ‘Oh yeah. We’ve got
this. It’s fine,’” she said. “Well,
it’s not fine.”
Right away, Clare received a
barrage of unsolicited texts. She
was included in a group text
from a friend’s soccer team that
connected her to a circle of children she didn’t know. Ms. Braun
believed it was too much, too
fast.
Then Clare received an email
chain letter, decorated with
heart-shaped emojis, that
threatened bad luck if she
didn’t forward it to 15 friends.
Ms. Braun said her first response was to take away the
phones for good.
Instead, she took a deep
breath, figuring the devices
were a part of life, and she
asked her daughters to share
with her any disturbing content
or messages. She started a class
to tell other parents what she
‘Who the hell would give a junior-high schoolchild a gaming
platform to walk through the world with? It feels a little like trying
to teach your kid how to use cocaine, but in a balanced way.’
Ellen Krause-Grosman, the mother of Gabriel, right, before she and her husband,
left, gave in to their son’s smartphone request
learned so far.
Tina Shepardson, a sixthgrade teacher in Syracuse, N.Y.,
said the attention span of students has shrunk in the years
smartphone habits have grown.
She saw it at home with her
daughter, Payton, 15.
When Payton was in seventh
grade, she asked to join Instagram. “As nervous as you are,
you have to jump in,” Ms. Shepardson said.
The next year, Payton
wanted Snapchat, which features disappearing messages
that defy parental monitoring.
“I had to trust her,” Ms. Shepardson said.
Now a high-school sophomore, Payton wants to keep her
smartphone through the night,
a common teen plea. When Pay-
her son’s online activities.
When she asks about pornography, she said, “They vehemently
deny looking at any,” which she
doubts.
“I go back and forth,” Ms.
Dady said. “I worry about it,
and then I think that I’ve let it
go on so long, can I really do
anything about it now?”
Many parents are thrilled
with the benefits technology
delivers for their children. Programs and games teach arithmetic, foreign languages and
logic. Online books are nearly
limitless.
Smartphones offer children
greater independence, with
apps that allow parents to locate them instantly. They also
make it easy to keep parents at
bay.
Social media can boost selfesteem, research shows, as well
as trigger a sense of inadequacy. Social media users can
experience conviviality or hostility, popularity or disfavor—
feelings easily amplified by adolescence.
Gretchen Tolbert recalled
feeling helpless in the fall of
2016 when her daughter Haley
was a freshman at a new high
school in McKinney, Texas.
Haley joined the soccer team
and attracted followers on
Snapchat and Instagram. Then,
some classmates turned on Haley, taunting her and circulating
disparaging texts and snaps,
Ms. Tolbert said.
By Thanksgiving, Haley, normally headstrong and sure of
herself, had a hard time getting
out of bed. “I’d never seen her
so lethargic and hurt,” her
mother said. “It was gutwrenching.” Haley saw a counselor, took medication for anxiety and tightened her socialmedia circle.
As a sophomore, Haley is
much stronger, but she no longer plays soccer and plans to
finish high school as soon as
she can, Ms. Tolbert said: “It
changed the course of her life.”
About 16% of the nation’s
high-school students were bullied online in 2015, according to
the U.S. Centers for Disease
Control and Prevention. Children who are cyberbullied are
three times more likely to contemplate suicide, according to a
study in JAMA Pediatrics in
2014.
Tony Prophet, chief equality
officer at Salesforce.com Inc.,
the San Francisco-based business software company, limits
screen time for his secondgrader, Falco. Mr. Prophet,
whose two college-age sons
played videogames growing up,
worries what today’s fast-paced
video
on
high-resolution
screens does to the attention
JASON HENRY FOR THE WALL STREET JOURNAL
Continued from Page One
games, pornography, online bullying or predatory strangers.
Then they folded. Gabriel got
an LG Aristo and has since bent
to its demands, sometimes at
the expense of playing violin or
going outside. “I spend way too
much time on it,” the boy said.
When to allow children a
smartphone has become among
the most pivotal of parental decisions in the decade since Apple Inc.’s iPhone remade daily
habits. For many families, the
choice is as significant as when
to hand over the car keys. It
pits parents and teachers
against some of the largest and
most advanced companies in
the world—a fight as lopsided
as it sounds.
Experience has already
shown parents that ceding control over the devices has reshaped their children’s lives, allowing an outside influence on
school work, friendships, recreation, sleep, romance, sex and
free time.
Nearly 75% of teenagers had
access to smartphones, concluded a 2015 study by Pew Research Center—unlocking the
devices about 95 times a day on
average, according to research
firm Verto Analytics. They
spent, on average, close to nine
hours a day tethered to screens
large and small outside of
school, according to Common
Sense Media, a nonprofit that
promotes safe media use for
children.
The goal of Facebook Inc.,
Alphabet Inc.’s Google, Snap
Inc. and their peers is to create
or host captivating experiences
that keep users glued to their
screens, whether for Instagram,
YouTube, Snapchat or Face-
“competing with sleep on the
margins.”
“I don’t care what the other moms think of me.
We’re happy to be different.”
Felice Ahn, who doesn’t plan to give her daughters smartphones
ton has to turn over her phone
at 10 p.m., she resists.
“You think you’re buying a
piece of technology,” Ms. Shepardson said. “Now it’s like oxygen to her.”
Psychologists say social media creates anxiety among children when they are away from
their phones—what they call
“fear of missing out,” whether
on social plans, conversations
or damaging gossip teens worry
could be about themselves.
Ms. Shepardson said nighttime texting hurts grades and
digital screens impede sleep,
according to what she has read.
Payton gets the phone overnight on weekends and while
doing her homework. She does
well in school, her mother said,
so “you pick your battles.”
About half the teens in a survey of 620 families in 2016 said
they felt addicted to their
smartphones. Nearly 80% said
they checked the phones more
than hourly and felt the need to
respond instantly to messages,
according to Common Sense
Media, which sponsored the research.
Children set up Instagram
accounts under pseudonyms
that friends but not parents
recognize. Some teens keep several of these so-called Finsta accounts without their parents
knowing.
An app called Secret Calculator looks and works like an
iPhone calculator but doubles
as a private vault to hide files,
photos and videos. For homework, point an iPhone camera
at an algebra problem and Photomath solves it.
Serious troubles also loom:
from the exchange of sexually
explicit photographs or messages—which Dr. Heitner called
modern-day flirting—to what
the American Psychiatric Association calls “Internet Gaming
Disorder” among gamers unable to pull away from their
screens.
Apple iPhones allow parents
Either or
to control their children’s
downloads and temporarily disable distracting programs. Apple and other tech companies
offer ways for parents to monitor their children’s travels. Most
have parent instructions online,
though they are often difficult
to find or follow.
Mr. Zuckerberg told investors late last year that Facebook
planned to boost video offerings, noting that live video generates 10 times as many user interactions. Netflix Inc. chief
executive Reed Hastings, said in
April about the addictiveness of
its shows that the company was
“I have no idea how much inappropriate stuff they watch,”
Allison Dady said of her sons,
Reed, 18, a high-school senior,
and Lane, 15, a freshman. Each
boy received a smartphone in
sixth grade.
Ms. Dady, a real-estate agent
in Austin, took a tough stand
against nighttime use. Once, after she caught Reed sneaking
into her room to retrieve his device from her night stand, she
slept with it under her pillow
for two weeks.
Yet she doesn’t set limits on
span of children.
How can children learn to
solve problems in an age when
smartphones provide instant
answers? he said. Falco recently
asked what God looked like.
When Mr. Prophet said nobody knows, Falco asked without irony: “Why don’t we just
go on God’s Facebook page and
see?”
Felice Ahn, 43, of Palo Alto,
doesn’t plan to give smartphones to her daughters, ages 9
and 10, even when they reach
high school, an unusual restriction in this affluent corner of
Silicon Valley.
Ms. Ahn and her husband listen to music and podcasts on
their smartphones, but they
worry the devices might hobble
their daughters’ development
or create unnecessary social
pressures. Instead, Ms. Ahn got
the girls LG GizmoGadget
‘I have no idea how much inappropriate
stuff they watch.’
Allison Dady said of her teenage sons
watches, which allow calls with
a few family members.
“Maybe the pendulum will
begin to swing,” Ms. Ahn said.
“Maybe this approach won’t be
so much like a fish swimming
upstream.”
For now, she said, “I don’t
care what the other moms think
of me. We’re happy to be different.”
Smartphones “bring the outside in,” said Ms. Ahn, whose
husband works for a major tech
company. “We want the family
to be the center of gravity.”
—Stephanie Stamm
contributed to this article.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A11
* * * *
OPINION
Black Protest Has Lost Its Power
T
he recent protests by
black players in the National Football League
were rather sad for
their fruitlessness. They
may point to the end of an era for
black America, and for the country generally—an era in which
protest has been the primary
means of black advancement in
American life.
There was a forced and unconvincing solemnity on the faces of
these players as they refused to
stand for the national anthem.
They seemed more dutiful than
passionate, as if they were mimicking the courage of earlier black
athletes who had protested: Tommie Smith and John Carlos, fists
in the air at the 1968 Olympics;
Muhammad Ali, fearlessly raging
against the Vietnam War; Jackie
Robinson, defiantly running the
bases in the face of racist taunts.
The NFL protesters seemed to
hope for a little ennoblement by
association.
Have whites finally found
the courage to judge
African-Americans fairly
by universal standards?
And protest has long been an
ennobling tradition in black American life. From the Montgomery bus
boycott to the march on Selma,
from lunch-counter sit-ins and
Freedom Rides to the 1963 March
on Washington, only protest could
open the way to freedom and the
acknowledgment of full humanity.
So it was a high calling in black
life. It required great sacrifice and
entailed great risk. Martin Luther
King Jr., the archetypal black protester, made his sacrifices, ennobled all of America, and was then
shot dead.
For the NFL players there was
no real sacrifice, no risk and no
achievement. Still, in black America there remains a great reverence for protest. Through protest—especially in the 1950s and
’60s—we, as a people, touched
greatness. Protest, not immigration, was our way into the American Dream. Freedom in this country had always been relative to
race, and it was black
protest that made
freedom an absolute.
It is not surprising,
then, that these black
football players would
don the mantle of
protest. The surprise
was that it didn’t
work. They had misread the historic moment. They were not
speaking truth to
power. Rather, they
were figures of pathos, mindlessly loyal
to a black identity
that had run its
course.
What they missed
is a simple truth that
is both obvious and
unutterable: The oppression of black people is over with. This
is politically incorrect news, but it is
San Francisco 49ers protest before playing the Redskins in Washington, Oct. 15.
true nonetheless. We
blacks are, today, a
narratives insist that blacks are
free people. It is as if freedom
ways, and within the world’s most
still victims of racism, and that
sneaked up and caught us by
highly developed society. When
freedom’s accountability is an insurprise.
freedom expanded, we became
justice.
Of course this does not mean
more accountable for that underWe end up giving victimization
there is no racism left in Ameridevelopment. So freedom put
the charisma of black authenticcan life. Racism is endemic to the
blacks at risk of being judged inity. Suffering, poverty and underhuman condition, just as stupidity
ferior, the very libel that had aldevelopment are the things that
is. We will always have to be on
ways been used against us.
make you “truly black.” Success
guard against it. But now it is
o hear, for example, that
and achievement throw your aurecognized as a scourge, as the
more than 4,000 people
thenticity into question.
crowning immorality of our age
were shot in Chicago in
The NFL protests were not reand our history.
2016 embarrasses us because this
ally about injustice. Instead such
Protest always tries to make a
level of largely black-on-black
protests are usually genuflections
point. But what happens when
crime cannot be blamed simply on to today’s victim-focused black
that point already has been
white racism.
identity. Protest is the action arm
made—when, in this case, racism
We can say that past oppresof this identity. It is not seeking a
has become anathema and freesion left us unprepared for freenew and better world; it merely
dom has expanded?
dom. This is certainly true. But it wants documentation that the old
What happened was that black
is no consolation. Freedom is
racist world still exists. It wants
America was confronted with a
just freedom. It is a condition,
an excuse.
new problem: the shock of freenot an agent of change. It does
For any formerly oppressed
dom. This is what replaced racism
not develop or uplift those who
group, there will be an expectaas our primary difficulty. Blacks
win it. Freedom holds us action that the past will somehow
had survived every form of hucountable no matter the disadbe an excuse for difficulties in the
man debasement with ingenuity,
vantages we inherit from the
present. This is the expectation
self-reliance, a deep and ironic
behind the NFL protests and the
humor, a capacity for self-reinven- past. The tragedy in Chicago—
rightly or wrongly—reflects on
many protests of groups like Black
tion and a heroic fortitude. But
black America.
Lives Matter. The near-hysteria
we had no experience of wideThat’s why, in the face of freearound the deaths of Trayvon
open freedom.
dom’s unsparing judgmentalism,
Martin, Michael Brown, Freddie
Watch out that you get what
we reflexively claim that freedom
Gray and others is also a hunger
you ask for, the saying goes. Freeis a lie. We conjure elaborate narfor the excuse of racial victimizadom came to blacks with an overtion, a determination to keep it
lay of cruelty because it meant we ratives that give white racism
new life in the present: “sysalive. To a degree, black America’s
had to look at ourselves without
temic” and “structural” racism,
self-esteem is invested in the illuthe excuse of oppression. Four
racist “microaggressions,” “white
sion that we live under a cloud of
centuries of dehumanization had
privilege,” and so on. All these
continuing injustice.
left us underdeveloped in many
PATRICK SMITH/GETTY IMAGES
By Shelby Steele
T
When you don’t
know how to go forward, you never just
sit there; you go backward into what you
know, into what is familiar and comfortable and, most of all,
exonerating. You rebuild in your own
mind the oppression
that is fading from
the world. And you
feel this abstract, fabricated oppression as
if it were your personal truth, the truth
around which your
character is formed.
Watching the antics
of Black Lives Matter
is like watching people literally aspiring
to black victimization,
longing for it as for a
consummation.
But the NFL protests may be a harbinger of change. They
elicited considerable resentment.
There have been counterprotests.
TV viewership has gone down.
Ticket sales have dropped. What
is remarkable about this response
is that it may foretell a new fearlessness in white America—a new
willingness in whites (and blacks
outside the victim-focused identity) to say to blacks what they
really think and feel, to judge
blacks fairly by standards that are
universal.
W
e blacks have lived in a
bubble since the 1960s
because whites have been
deferential for fear of being seen
as racist. The NFL protests reveal
the fundamental obsolescence—
for both blacks and whites—of a
victim-focused approach to racial
inequality. It causes whites to retreat into deference and blacks to
become nothing more than victims. It makes engaging as human
beings and as citizens impermissible, a betrayal of the sacred group
identity. Black victimization is not
much with us any more as a reality, but it remains all too powerful as a hegemony.
Mr. Steele, a senior fellow at
Stanford University’s Hoover Institution, is author of “Shame: How
America’s Past Sins Have Polarized
Our Country” (Basic Books, 2015).
Studying Western Civilization in the South Bronx
The Bronx, N.Y.
On her first day of
English class at
Hostos Community
College during the
fall 2017 semester,
Maria Diaz glared at
CROSS
COUNTRY the reading handout, a Plato excerpt
By Jillian
on the trial of SocKay Melchior
rates. “I used to be
like, ‘Prof, why are
we reading this? It’s so boring and
confusing,” she recalls. But only
months later, Ms. Diaz would gush
about the merits of the Western
canon, quoting Socrates’ claim that
“the unexamined life is not worth
living.”
While much of academia continues its progressive and postmodern
lurch, these courses at Hostos, first
offered in 2016, represent a move in
the opposite direction. One of the
classes even was designed especially for students who score a
“high fail” on their literacy tests.
Profs. Andrea Fabrizio and Gregory
Marks, along with their colleagues
in the English Department, created
the courses in collaboration with
Columbia University. They borrowed heavily from the Ivy League
school’s core curriculum for liberalarts undergraduates.
So far about 1,300 students at
Hostos, which is part of the City
University of New York, have taken
these Western Civ classes. “We’re
trying to make them good writers,
good thinkers and ultimately good
citizens by talking about these
deeply humane questions,” Mr.
Marks says.
Studying the classics has become
an anomaly on many campuses, as
once-foundational texts have come
under attack. The faculty at Oregon’s Reed College recently bumped
up their decennial review of a required humanities course that student activists claimed was “Eurocentric,” “Caucasoid” and “oppressive.” Yale’s English Department
voted in March to change its curriculum after more than 150 students
signed a petition claiming “a year
spent around a seminar table where
the literary contributions of women,
people of color and queer folk are
absent actively harms all students.”
It’s now fathomable that a student
could get a Yale English degree
without studying Chaucer, Shakespeare or Milton.
And in 2016, Seattle University
students held a weekslong sit-in to
protest the classical emphasis in
the humanities college, ultimately
prompting the dean’s departure.
One student, Zeena Rivera, complained to reporters that “the only
thing they’re teaching us is dead
white dudes.”
Based on demographics alone,
Hostos Community College might
seem like a probable place for similar protests. Hostos is in the South
Bronx, in a congressional district
Hostos Community College
overcomes students’
resistance to learning
about ‘dead white dudes.’
that has repeatedly ranked the
poorest in the nation. People of
color account for more than 98% of
the student body. Many are immigrants. In one Western Civ class,
the 25 students spoke 10 foreign
languages.
Like their counterparts at other
colleges, Hostos students are focused on oppression and injustice.
During a recent class I sat in on,
slavery came up several times, and
one student suggested that because
of economic disparities and discrimination, “we’re still not really
free.” Several students talked about
how they suffered from racism and
sexism.
“These students’ interest in
rights and equality is just burning,”
Mr. Marks says. He and Ms. Fabrizio
draw on that interest with readings
like the Declaration of Independence and excerpts from the Federalist Papers. Students also are given
Frederick Douglass’s 1852 Fourth of
July oration, which venerates America’s founding principles but notes
that they are “flagrantly inconsistent” with slavery.
Students at other schools often
cite this mismatch as a reason to
reject the Western canon wholesale.
Mr. Marks and Ms. Fabrizio say one
of their goals is to cultivate critical
thinking, so they encourage classroom debate—as long as students
first demonstrate they’ve understood the writings and have
weighed the merits of the author’s
arguments.
After that, “when we see students ripping apart a classical text,
we’re like, ‘Great,’ ” Mr. Marks says.
But Ms. Fabrizio adds that by the
end of the semester, “I think the
students appreciate how revolutionary these texts actually are.”
In some cases, at least, that
seems to be true. “These are books
that should be taught,” says
Reynaldo Martinez, a freshman
studying chemical engineering. “I
think the hypocrisy is not behind
the papers, the writing. It’s the
people. These works open your
eyes to the way morality and education and equality are still needed
in our society. These books don’t
focus on power, because power is
misleading for the purpose of a
perfect life.”
Ms. Diaz, the student who was initially so skeptical, says that the class
has been “really important, and not
just because of language.” The 32year-old is adjusting to civilian life
after nearly seven years in the Navy.
There, Ms. Diaz says, she learned to
take orders unquestioningly; in Western Civ class, she’s weighing virtues
and values and thinking about what
it means to live well.
“First, you need to know the concept of what freedom means to be
hungry for it,” Ms. Diaz says. She
adds that these books “are for everyone. They were different people
in different centuries, but at the
end, they’re thinking about the
same problems. And if we’re talking
about this, it’s because we’re not
where we need to be.”
Ms. Melchior is a Journal editorial page writer.
EPA Bureaucrats Go Rogue on ‘Glider Truck’ Emissions
By Steve Milloy
T
ommy Fitzgerald Sr. was an
experienced mechanic and
truck driver with his own
one-bay Tennessee service center in
1989, when a customer who
couldn’t afford a new truck asked
Mr. Fitzgerald to salvage, rebuild
and transplant the drivetrain from
a wrecked truck into a new cabchassis. His innovation—the “glider
kit truck”—took off. Selling for
about 25% less than the cost of a
new truck, gliders have proved a
godsend to smaller trucking companies. Fitzgerald Truck Sales is now
a $700 million company.
Success has enabled Mr. Fitzgerald to become an angel investor for
local businesses in rural Kentucky
and Tennessee. But instead of encouraging—or even celebrating—his
accomplishments, the Obama administration’s environmental regulators
tried to kill the glider-truck industry, along with the thousands of
jobs it has created nationwide.
The glider market is tiny—only
about 5,000 are sold annually, compared with 300,000 new trucks—yet
some in the new truck industry see
If you put a rebuilt engine
in a fresh chassis, does it
become a ‘new’ vehicle
subject to tighter rules?
gliders as a threat. Volvo urged the
Environmental Protection Agency in
2016 to regulate gliders for their
greenhouse-gas emissions. But the
Clean Air Act authorizes EPA to
regulate only emissions from new
trucks. Old engines don’t have to
meet new standards.
Most gliders are not, technically
speaking, new. Their cab-chassis
are new, but their engines aren’t.
The EPA nevertheless claimed gliders could be considered new vehicles because Mr. Fitzgerald had
once placed an ad in a trade magazine offering customers the opportunity “to purchase a brand new
2016 tractor.” (The EPA conveniently omitted the ad’s next sentence, which read: “The end result
is a brand new glider with an engine and transmission that has
been completely rebuilt from the
ground up.”)
In October 2016, the agency issued its rule classifying gliders as
new trucks, effectively signing the
glider industry’s death warrant.
While gliders can outperform new
trucks on some emissions tests,
they underperform on others. Most
would violate the strict new EPA
standards.
In July 2017, Mr. Fitzgerald and
other glider-truck manufacturers
petitioned the Trump EPA to reverse the Obama-era rule. This
prompted a new round of lobbying
by anti-glider forces, including
Volvo. By October an EPA laboratory in Ann Arbor, Mich., was running two glider trucks through an
emissions testing protocol. The resulting report concluded the
tested gliders exceeded new truck
emissions of nitrogen oxide, particulate and other conventional
pollutants.
Staff at EPA headquarters told
me that administrator Scott Pruitt
had no knowledge of these tests
and never authorized them. The
renegade report that the tests produced wasn’t peer-reviewed, as is
customary. It also wasn’t printed
on official EPA letterhead or assigned an internal EPA document
number. It is not even available on
the EPA lab’s website. Yet it mysteriously found its way into the
hands of glider opponents at the
early December public hearing on
the proposed rollback.
The effort to destroy the glidertruck industry is a shining example
of the regulatory state gone rogue.
One hopes the Trump administration’s commitment to deregulation
will check the impulses of federal
bureaucrats who think they are
above the law.
“In the business world, employees who actively seek to undermine
are usually terminated for insubordination,” Mr. Fitzgerald told me in
December. “Why should it be different for government?”
Mr. Milloy was on the Trump
EPA Transition Team and is the author of “Scare Pollution: Why and
How to Fix the EPA” (Bench Press,
2016).
.
A12 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
OPINION
P
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Trump’s Iran Gamble
When Even ‘Clean Meat’ Isn’t Clean Enough
resident Trump said Friday that he’s cluding our friends in Europe.
waiving sanctions related to the ObamaSome fear Iran would use reimposed U.S.
era Iran nuclear deal—for the last time. In sanctions as an excuse to walk away from the
essence he issued an ultimatum
deal and rush to build a bomb,
He issues a red line to but we doubt it. The more
to Congress and Europe to revise the agreement or the U.S.
scenario is that Iran will
rewrite the nuclear deal likely
will reimpose sanctions and
continue to court European
or reimpose sanctions. business and try to divide the
walk away. His distaste for the
nuclear deal is right, but the
U.S. from its allies and block a
risk is that Mr. Trump is boxing
new antinuclear coalition. The
himself in more than he is the Iranians.
mullahs will claim to be abiding by the deal even
Mr. Trump said in a statement that he is as the U.S. has walked away.
waving sanctions, “but only in order to secure
On Friday Mr. Trump also challenged Conour European allies’ agreement to fix the terri- gress to strengthen the nuclear deal’s terms unble flaws of the Iran nuclear deal.” He added: der U.S. law, most likely by amending the 2015
“This is a last chance. In the absence of such an Iran Nuclear Agreement Review Act. This will reagreement, the United States will not again quire 60 votes in the Senate, which means Demowaive sanctions in order to stay in the Iran nu- cratic support. This will test the sincerity of Miclear deal. And if at any time I judge that such nority Leader Chuck Schumer, who opposed the
an agreement is not within reach, I will with- deal. But in today’s polarized Washington, partidraw from the deal immediately. No one should sanship no longer stops at the water’s edge. Mr.
doubt my word.”
Trump won’t persuade Europe if he can’t perThat’s called a red line, and it means that if suade Congress.
his terms aren’t met within 120 days, Mr. Trump
The question all of this raises, as British Forwill have to follow through or damage his global eign Minister Boris Johnson put it Thursday, is
credibility. Presidents should be careful about what is the policy alternative policy to the nuputting themselves in box canyons unless they clear deal. The answer is containment with a
have a clear idea of a way out and what his next goal of regime change. The people of Iran have
steps are.
again showed their displeasure with the regime,
Does Mr. Trump know? It isn’t obvious. Mr. and the world should support them. We’d back
Trump rightly focuses on the core faults of the such a strategy, but it isn’t clear that this is Mr.
accord: major provisions start sunsetting after Trump’s emerging policy, or that he and his ad2023; the failure to include Iran’s ballistic-mis- visers know how to go about it.
sile programs; and inadequate inspections. He
The Treasury Department is moving ahead
wants the European allies that also negotiated with sanctions against Iran for its ballistic misthe deal—France, Germany and the United King- siles, including 14 more individuals and entities
dom—to rewrite it with the U.S.
“in connection with serious human rights abuses
But Iran is sure to resist, and so will China and and censorship in Iran.” The targets include the
Russia. French, British and German companies head of Iran’s judiciary and the cyber units tryalready have billions in business deals invested ing to prevent protesters from organizing and
or being negotiated with Iran, and their political accessing reliable news. But Mr. Trump has been
leaders will be loathe to jeopardize them. Euro- reluctant to counteract Iran’s adventurism in
pean leaders have been embarrassingly quiet Syria or Iraq, and a policy of regime change can’t
amid the anti-regime protests in Iran. European be half-baked.
Union foreign-policy chief Federica Mogherini
All of this is an enormous undertaking for an
hosted the foreign ministers of Britain, Germany, Administration already coping with the nuclear
France and Iran this week. They expressed sup- and ballistic threat from North Korea. The safer
port for the deal and said little about Tehran’s strategy would have been to keep waiving sancprotest crackdown.
tions and let the nuclear deal continue while
If the Europeans resist a nuclear renegotia- building support to contain and undermine Iran
tion, Mr. Trump would then have to act alone on other fronts. Mr. Trump can now say he has
with U.S. sanctions. While those are potent, followed through on his campaign vow on Iran,
to be effective they will have to target non- but building a better strategy will take discipline
U.S. companies that do business with Iran, in- and much harder work.
R
Good News You Haven’t Heard
epublicans have had a hard time selling
tax reform, and no wonder. Donald
Trump keeps talking over any good economic news.
This week more companies announced new
bonuses as a result of tax reform, and two stories
stand out. Fiat Chrysler announced it is relocating a heavy-duty truck factory from Saltillo,
Mexico to Warren, Mich., creating 2,500 American jobs. It also announced $2,000 in bonuses
for workers, which it attributed in part to the
new Republican tax bill that Mr. Trump signed
before Christmas. Also this week, Wal-Mart announced bonuses of up to $1,000 for its employees, while raising its minimum starting wage to
$11 an hour from $9. American’s largest private
M
employer says the bonuses and higher pay were
also made possible by tax reform.
In a normal week these stories might have
dominated headlines. But Mr. Trump has a habit
of stepping on his own successes by ensuring
that he becomes the story. Though he did tweet
about Fiat Chrysler’s decision, both stories were
swamped by the media coverage of Mr. Trump’s
use of an expletive to describe some foreign
countries in a White House meeting. Mr. Trump
denies making the remark, but Sen. Dick Durbin
insists he used the language several times. No
matter who you believe, this isn’t an argument
that works to the President’s advantage. If Mr.
Trump wants Americans to appreciate his policies, he needs to get out of his own way.
California’s Political Charity
uch has changed in Donald Trump’s erage $462,500 in 2015 compared to $6,940 for
first year as President, including individuals making between $50,000 and
some progressive principles. Lo, Cali- $100,000. Few California middle-class taxpayfornia Democrats in 2016 camers will be harmed by the
Democrats propose a
paigned to extend a tax hike
$10,000 deduction cap since
on the rich. Now they’re prothe standard deduction has
gimmick to help the
moting a gimmick to help redoubled to $12,000.
duce their wealthy residents’ rich avoid federal taxes.
Neither the IRS nor federal
tax burden.
courts are likely to allow this
State Senate President
charity dodge. The IRS disalKevin de Leon, who is challenging U.S. Senator lows deductions for charitable contributions to
Dianne Feinstein in the June primary, com- the extent that a taxpayer benefits—for examplained last week that the new GOP tax law “of- ple, paying $10,000 at a charity auction for an
fers corporations and hedge fund managers artwork valued at $8,000 would only yield a
massive tax breaks and expects California tax- $2,000 deduction. In 1989 the Supreme Court
payers to pick up the costs.” It’s the “worst tax ruled that contributions “made to such recipipolicy in the history of this country. Perhaps ents with some expectation of a quid pro quo”
the world.”
are not deductible.
In fact, some California taxpayers are among
The one reform Mr. de Leon isn’t proposing
the law’s biggest beneficiaries—to wit, Silicon is a cut in California’s top marginal tax rate of
Valley titans such as Apple, Facebook and 13.3%, including the three percentage-point inGoogle. California tech companies are sitting crease that Democrats pushed in a 2012 referon more than $500 billion in cash overseas, endum. Rates on individuals making more than
which they will now be able to repatriate at a $250,000 also increased. Democrats successdiscounted tax rate.
fully pushed to extend the tax hikes through
But speaking of bad tax policies, Mr. de Leon 2030 in November 2016. The federal GOP tax rehas proposed legislation to help high earners form means that the effective top state and fedavoid the new $10,000 state-and-local tax de- eral combined marginal rate for Californians induction limit. Taxpayers would receive a dollar- creases by 2.7-percentage points in 2018—to
for-dollar tax credit for contributions to a new 50.3% from 47.6%.
California Excellence Fund, which they could
Revenues are soaring due to strong income
then deduct as charity. Taxpayers can deduct and capital-gains growth. Gov. Jerry Brown on
up to 60% of their income for charitable contri- Wednesday proposed a $132 billion budget that
butions under the new federal reform.
forecasts a $6 billion surplus. While the GoverThe Senate leader cites as his model private- nor wants to add some revenue to the state’s
school scholarship tax-credit programs in other $8 billion rainy day fund, this will quickly vanstates that function like vouchers. However, ish in the next recession—unless Democrats
these charitable contributions help nonprofits raid it first after he leaves office. State tax reveor parents who want to send children to private nues fell cumulatively by more than $70 billion
schools. Mr. de Leon’s “excellence fund” would following each of the past two recessions.
exist within the General Fund, and donations
California’s steeply progressive tax code has
would be appropriated by the legislature. The encouraged a boom-bust revenue and spending
only beneficiaries of this “charity” would be the cycle. Reducing taxes on high earners would imdonating taxpayer—and politicians.
pose spending discipline and ameliorate the efIn other words, Democrats in Sacramento fects of the limitation of the state-and-local tax
want to help the rich dodge federal taxes. Ac- deduction. Alas, Democrats in Sacramento seem
cording to IRS data, California’s 71,000 taxpay- mainly interested in boosting their favorite
ers with million-dollar incomes deducted on av- charity—themselves.
Regarding Matthew Scully’s review
of Paul Shapiro’s “Clean Meat”
(Books, Jan. 6): I’m afraid I cannot
agree with my fellow activists’ enthusiasm about so-called clean meat.
The new technology may relieve animal suffering to some extent in the
short term by using donor herds,
which would suffer and be enslaved
to provide cells out of which meat is
then laboratory grown. Though this
may end factory farming, which
would be a blessing, it will do nothing to end the public’s identification
of animals with food. Indeed, it will
likely confirm this.
The object is not to end factory
farming; the object is to end animal
farming as such. The promoting of
meat of this sort is thus a pernicious
undermining of animal liberation.
According to psychology professor
and animal activist Bill Crain, experiments show that people eating the
flesh of animals generally perceive
animals in a negative light in contrast to people who don’t. Is this
something we really wish to encourage? What about flesh emerging
from a bioreactor? Why not promote
Monsanto’s GMOs? And what about
developing meat from human cells?
If the latter is repulsive to you, and
clean meat from cows, pigs, chickens
and lambs nevertheless seems okay,
you are still under the sway of speciesism, the evils of which are well
known. A simpler solution is available, though it’ll take some time, one
that is consistent with and would facilitate the liberating of animals
both nonhuman and human: adopting a plant-based diet. It’s already
happening.
JOAN HARRISON
New York
Many of us did not become vegan
because we did not like the taste of
meat, but because we did not like
what subsidizing torturing animals
did to our own hearts and souls.
The concept of being able to eat
meat without being a party to the
inherent and institutionalized
abuses to animals in today’s factory
farms and slaughterhouses is a winwin for us all.
JAYN MEINHARDT
Cincinnati
Trump Was Being Forthright About the Button
Like so many others in media,
Peggy Noonan has failed to comprehend the Donald Trump phenomenon, as is evident in “‘Button’ It, Mr.
President” (Declarations, Jan. 6). A
comparison of the president’s tweets
with speeches made by John F. Kennedy or Ronald Reagan is a comparison of apples to oranges. JFK and
Reagan were speaking to an audience
of leaders in the U.S.S.R. and the
world when they so elegantly expressed America’s resolve to face every threat head on without flinching,
no matter the danger.
Donald Trump’s Twitter audience is
not the world’s leaders; his audience
is Joe Six Pack. Joe understands the
president. Mr. Trump has reiterated
time and again that he will not telegraph his true intentions publicly, unlike his predecessor. When he claimed
to have a bigger button that works,
North Korea’s Kim Jong Un already
knew that, as did America’s rank-andfile citizens. But sometimes folks like
to hear plain talk, which is what the
president gives them. Too bad it offends Ms. Noonan’s sensibilities, but
surely she can differentiate between
the different styles and intended effects if she takes a second look.
JAMES G. BURKE
Melbourne, Fla.
The key phrase in President
Trump’s tweet isn’t about buttons. It
is: “Will someone from his depleted
and food starved regime please inform him [Kim Jong Un].” He is addressing the North Korean people directly, separating them rhetorically
from the young leader, informing
them that if they continue to follow
him blindly it is them, not us, who
face the existential dilemma. If regime
change is one option, perhaps that is
the kind of message an oppressed
people will understand.
SCOT MCCONACHIE
Ft. Myers, Fla.
As a former ballistic missile submarine officer, I couldn’t agree more with
Peggy Noonan’s statement that the
term “nuclear” should not be used
cavalierly. But to lay blame on President Trump is to disingenuously ignore that for decades Washington and
the media have bandied about the
phrase “nuclear option” to describe a
parliamentary procedure. It speaks of
their smug self-importance to consider the distinction between 51 and
60 votes on a nomination confirmation as somehow semantically equivalent to the death of millions.
GERARD WEATHERBY
Windsor Locks, Conn.
Your Anesthesia Really Shouldn’t Be a Worry
Regarding Mike Jay’s review of
Kate Cole-Adams’s “Anesthesia: The
Gift of Oblivion and the Mystery of
Consciousness” (Books, Dec. 30):
Surgery and anesthesia are inherently risky, but anesthesia is safer
today than ever before.
Ms. Cole-Adams’s focus on anesthesia awareness isn’t unique. This
rare phenomenon is obviously
frightening to many patients. However, the latest medical literature
cites its occurrence as uncommon—
only one or two in 10,000 procedures. And while her book, television shows and movies have
focused on awareness, let me reassure every patient who undergoes
anesthesia that physician anesthesiologists customize an anesthesia
plan for each patient, taking into
consideration health conditions,
previous problems with anesthesia,
medications being taken and other
Oil and Gas Drilling Need
More Safety, Not Fewer Rules
“Drilling Plan Eases Rules” (page
one, Dec. 26) describes the Trump
administration’s proposal to decrease the so-called regulatory burden on the oil and gas industry by
modifying a highly technical regulation designed to prevent offshorewell blowouts like the 2010 BP Deepwater Horizon tragedy that killed 11
workers and spewed approximately
200 million gallons of oil. A topdown, administration-wide approach
to reduce regulations and/or postpone implementation dates inevitably will result in preventable injuries, fatalities and adverse
environmental impacts. It’s time for
those in the oil and gas industry
working to improve safety—and the
environmental protection that often
results from these efforts—to speak
out against the Trump administration’s approach to regulatory
changes.
LOIS EPSTEIN, P.E.
The Wilderness Society
Anchorage, Alaska
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
critical factors. The physician anesthesiologist’s ultimate goal is to
protect the life of the patient and
make the patient as comfortable as
possible. There are some procedures, because of either urgency or
unstable patient conditions, that
warrant using lower doses of drugs
which could place patients at a
higher risk for awareness. Under
such circumstances, the literature
suggests a potential increase in the
likelihood of awareness, albeit still
rare.
The ASA encourages patients who
may have concerns about awareness
to talk to their physician anesthesiologist.
JAMES D. GRANT, M.D., M.B.A.
President
American Society of
Anesthesiologists
Schaumburg, Ill.
The author’s friend was no doubt
“paralyzed” and completely awake
during her C-section because that’s
the way we do it for more than 95%
of our patients. A spinal or epidural
is safest for the newborn and
mother. It allows immediate
mother-child bonding, and breastfeeding if desired, with the spouse
present. It also is one of the most
common surgical procedures performed in the U.S., over a million
every year.
MARK A. KLAPPERICH, CRNA
Greenville, S.C.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“I’ll bet there’s a story there.”
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | A13
* * * *
OPINION
DECLARATIONS
By Peggy Noonan
D
eflection as a media strategy has become an art
form. Its purpose is to
avoid answering a charge
by misdirecting it and
confusing the issue. It’s often used
during crisis.
There are classics of the genre. After Princess Diana died in August
1997, the British press came under
severe pressure, accused of literally
driving the poor half-mad woman to
her death. The paparazzi had chased
her like jackals, raced after her car in
the tunnel, surrounded it, and taken
pictures after the crash. Fleet Street
hunkered down in confusion, perhaps
even some guilt. Then some genius
noticed Buckingham Palace wasn’t
Will American politics
return to normalcy
in 2021 or 2025?
I’m not betting on it.
flying a flag at half-staff. The tabloids rushed to front-page it: The
cold Windsors, disrespecting Diana
in death as they had in life. They
shifted the focus of public ire. Suddenly there was no more talk of
grubby hacks. Everyone was mad at
the queen.
Another: In the run-up to the 2016
presidential election, Monica Lewinsky had a problem. Hillary Clinton
was running, which meant the Monica
story would be regularly resurrected.
If she took a step wrong she’d be targeted by ferocious Clinton staffers. In
any case she’d be hounded by the
press: Monica, how do you feel now
about being slimed as a stalker? Have
you forgiven Hillary for calling you a
“narcissistic Looney Tune”?
Ms. Lewinsky had gone into virtual
hiding in 2008, when Hillary last ran,
and didn’t want to do it again. So in
2014, just before the cycle got serious,
she rather brilliantly wrote a piece for
Vanity Fair in which she announced
yes, she’d been a victim in a national
scandal and the true culprit was . . .
the press, the internet and the “feedback loop of defame and shame.”
In fact she was the Clintons’ victim, but she successfully deflected
your gaze. Once Mrs. Clinton’s people
understood Monica would be taking
shots not at Hillary but at Matt
Drudge, Ms. Lewinsky’s problem went
away.
The best deflection has some truth
in it. The Windsors were a chilly lot,
and the internet does amplify a personal humiliation.
I thought of all this last weekend as
I watched the Golden Globes. Hollywood has known forever about abuse,
harassment and rape within its ranks.
All the true powers in the industry—
the agencies, the studios—have one
way or another been complicit. And
so, in the first awards show after the
watershed revelations of 2017, they
understood they would not be able to
dodge the subject. They seized it and
redirected it. They boldly declared
themselves the heroes of the saga.
They were the real leaders in the fight
against sexual abuse. They dressed in
black to show solidarity, they spoke
truth to power.
They went so far, a viewer would
be forgiven for thinking that they
were not upset because they found
out about Harvey Weinstein and
Kevin Spacey, et al. They were upset,
as Glenn Reynolds noted on Twitter,
that you found out, and thought less
of them. Anyway, they painted themselves as heroes of the struggle.
Deflection is brilliant, wicked, and
tends to work.
When something works you’ll be
seeing more of it, in entertainment
and politics. Keep your eyes sharp.
When Oprah Winfrey spoke, she
brought the crowd to their feet,
which gave rise to a new wave of
speculation about whether she will
run for president. I would be surprised if she did. She has what looks
like a richly enjoyable life. She’s
never been brutalized in the way
BARBARA KELLEY
Trump, Oprah and the Art of Deflection
that national contenders are. If in the
past few decades she’s been insulted
to her face, or even rudely interrupted,
it has gone unrecorded. But to run for
president is to be insulted every day. I
think sometimes of what Gov. Chris
Christie said to debate moderator
John Harwood in 2015: “Even in New
Jersey, what you’re doing is called
rude.”
But could she win? Absolutely.
Oprah is stable. Oprah is smart.
Oprah is truly self-made. She has a
moving personal story. She has dignity and, more important, sees the
dignity in others. She is fully wired
into modern media; she helped invent
modern media. Reporters and editors
are awed by her. People experience
her not as radical but moderate. She
has been a living-room presence for
two generations and is enormously
popular. The first poll, published
Wednesday, had her leading President Trump 48% to 38%.
It would all depend on what she
wants and, if she decides she wants
it, whether she could accept what
goes with it.
But it freaks you out, doesn’t it?
Not that American presidents now
don’t have to have the traditional
credentials and governmental experience, but that maybe they can’t be
fully accomplished and appropriate
because that’s boring. History has
been turned on its head. In falling in
love with celebrity and personality,
we are acting not like a tough and
grounded country but a frivolous,
shallow one.
And yes, of course Donald Trump
changed it all. When he walked
through the door he blew out the
jambs. He left a jagged opening big
enough that anyone could walk
through after him. He was like a cartoon character that bursts through a
wall leaving a him-shaped hole. Last
April I had a disagreement with a
friend, a brilliant journalist who said
when the Trump era is over, we will
turn for safety to the old ways. We
will return to normalcy. Suddenly
we’ll see the mystique of the solid
two-term governor in the gray suit,
the veteran senator with the bad
haircut. After all the drama of Mr.
Trump, normality will have a new
charisma.
No I said, I see just the opposite.
We will not go back for a long time,
maybe ever. We are in the age of celebrity and the next one will and can be
anything—Nobel laureate, movie star,
professional wrestler, talk-show host,
charismatic corporate executive.
The political class can bemoan
this—the veteran journalists, the senators and governors, the administrators of the federal government. But
this is a good time to remind ourselves that it was the failures of the
political class that brought our circumstances about.
When at least half the country no
longer trusts its political leaders,
when people see the detached, cynical
and uncaring refusal to handle such
problems as illegal immigration, when
those leaders commit a great nation
to wars they blithely assume will be
quickly won because we’re good and
they’re bad and we’re the Jetsons and
they’re the Flintstones, and while they
were doing that they neglected to notice there was something hinky going
on with the financial sector, something to do with mortgages, and then
the courts decide to direct the culture,
and the IRS abuses its power, and a
bunch of nuns have to file a lawsuit
because the government orders them
to violate their conscience . . .
Why wouldn’t people look elsewhere for leadership? Maybe the TV
star’s policies won’t always please
you, but at least he’ll distract and entertain you every day. The other ones
didn’t manage that!
The idea that a lot had to go
wrong before we had a President
Trump, and the celebrity who follows
him, has gotten lost in time, as if
someone wanted to bury it.
Sometimes I see a congressman or
senator shrug and say, in explanation
of something outlandish, “It’s
Trump.” And I think: Buddy, you’ve
been on the Hill 20 years, and we
didn’t get to this pass only because of
him. That’s a deflection.
Railbirds Are All the Same, Even Long-Lost Russian Counts
By Alan Pell Crawford
I
t was along the rail at Maryland’s
Laurel Park that I first met Sergei
Tolstoy, a great-grandson of the
man who wrote “War and Peace.” A
count, he had a distinguished—if thinning—bloodline. Silver-haired and
spry, he was tiny. At least he appeared
so next to a forbiddingly colossal sidekick he referred to only as “my driver.”
Sergei’s companion might have been
Samoan but didn’t say so. He didn’t
say much of anything, while Sergei
was always eager to tell you which
horse would win the next race.
I wish I had spent more time with
Sergei, his driver and the other characters around the paddock. Nowhere
will you meet more companionable
people than at a racetrack’s rail. These
spaces might be the most democratic
patches of ground left in America.
Here class and status—not to mention
race, gender or sexual preference—
mean nothing. If you want the real diversity, come to a racetrack.
I got to know Sergei in the early
1980s, when there were still three
thoroughbred racetracks in Maryland.
(Laurel and Pimlico remain open,
while Bowie stopped hosting races in
1985.) I would still go to the track if
there were one in Virginia, where I
now live. Virginia’s last track, Colonial
Downs, closed in 2014, after only 17
years of operation. It is stupefying
that there isn’t a track in my state,
given the Old Dominion’s contributions to equine culture.
Tracks all over America have been
struggling since the 1970s, and the
country is worse for it. A 2011 McKinsey study for the Jockey Club found
that racing has failed “to keep up with
rising competition from other forms
of gambling, sports, and entertainment.” Some tracks have responded to
changing demographics by turning
themselves into quasi-casinos with
videogames. This was predictable:
Kentucky’s Churchill Downs apparently gets only 25% of its profits from
the four tracks it owns. Much more
money comes from its five casinos.
Online race-betting appeals to a segment of young males but is unlikely to
make railbirds out of them.
I lose no sleep fretting about the
owners of these tracks. They can take
care of themselves. But I am concerned for what all this means for
American society. The U.S. is a republic but also a democracy. The decline
of the racetrack subculture—and its
inherently democratic nature—does
not portend well for a country shaken
with social tensions.
Sociologist Kate Fox’s “The Racing
Tribe: Portrait of a British Subculture” (1999) looks at one of the few
places where good-natured conviviality and a genuine sense of community
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Racetracks may be the
most democratic places
in America, even if there
are fewer of them now.
make our cousins across the pond
loosen up, it says a lot about their democratizing effect.
Along the rail, Ms. Fox found, “it is
quite meaningless to classify members
of the Racing Tribe according to their
age, sex, occupation or other market
research categories.” The groups in
which racegoers can be subdivided
“cut across all the usual demographic
boundaries.” Racing enthusiasts don’t
behave “like a normal crowd.” Rather,
racegoers “seem happy to make eye
contact with each other. And when obvious strangers made eye contact,
they did not immediately glance away,
in accordance with the normal laws of
crowd behaviour. Instead, the standard response seems to be a smile.”
The sociologist noted that goodwill
consistently prevailed in railbirds’
chats.
“This is very un-British behaviour,”
she observes. It is increasingly unAmerican behavior, too. The disappearance of places where this kind of
mixing and mingling feels natural
should trouble any civic-minded
American. I am not suggesting the
racing industry needs a bailout. Nor
should tracks receive any special
treatment from local governments.
These kinds of initiatives are only
misguided attempts at fixing the problem. But that doesn’t mean the problem isn’t worth recognizing.
I’ve lost contact with Sergei. Last I
heard, he was entertaining guests at
what the Washington Post in 2010
called a “low-income assisted living
facility in Foggy Bottom.” He was 87
then, getting by on a $213 monthly
Social Security check. “I’m living like
a bohemian,” he told the Post. “I beg,
borrow and steal.” If you know where
he is, tell him to call me. I have good
information on who will win the
Smarty Jones Stakes at Oaklawn Park
on Monday. We’ll make a fortune.
Mr. Crawford is author of “How
Not to Get Rich: The Financial Misadventures of Mark Twain” (Houghton
Mifflin Harcourt, 2017).
Dossiers and Disinformation
Glenn Simpson, in
the now-released
transcript of last
summer’s interview
with congressional
investigators on the
Trump
dossier,
BUSINESS
mentions his forWORLD
mer employment
By Holman W.
with The Wall
Jenkins, Jr.
Street Journal and
Roll Call, the Capitol Hill newspaper.
He doesn’t mention the Unification
Church-owned (i.e., Moonies) Insight
magazine in the mid-1980s. I know
because I worked there too. As did
others: Malcolm Gladwell was one—I
got his desk when he left for the
Washington Post. John Podhoretz, a
columnist for the New York Post and
editor of Commentary magazine, was
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Robert Thomson
Executive Chairman, News Corp
Chief Executive Officer, News Corp
Gerard Baker
Editor in Chief
remain the rule and not the exception.
That it’s England she writes about
only underscores the point. Brits, after all, tend to be a stuffier people
than Americans. If racetracks can
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
Kristin Heitmann, Transformation;
Nancy McNeill, Advertising & Corporate Sales;
Christina Van Tassell, Chief Financial Officer;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
one of my editors. David Brooks, of
the New York Times, worked downstairs at our sister publication, the
Washington Times. David Brock, who
gained fame for his Bill Clinton
Troopergate reporting and then for
becoming a powerful pro-Clinton activist in Washington, was yet another
colleague.
I could go on, though I imagine
some would prefer I didn’t. It was
one of the best jobs I ever had.
Which brings me to today’s subject. The essence of journalism is assessing the validity of statements.
Democrats hired Mr. Simpson to
look into Donald Trump’s background. He hired Christopher
Steele, the former British agent, to
look into Trump-Russia connections. Mr. Steele, from his base in
London, reached out to contacts in
Russia. A few new things, though,
become apparent through Mr. Simpson’s testimony.
He has no real idea whether the
info was trustworthy.
He won’t say whether he knows
who Mr. Steele’s sources were.
He’s completely at sea on the
question of whether he and his firm,
Fusion GPS, were victims of Russian
disinformation.
“What he [Steele] said was, ‘Disinformation is an issue in my profession, that is a central concern, and
that we are trained to spot disinformation, and if I believed this was disinformation or I had concerns about
that I would tell you that and I’m not
telling you that.’ ”
It ain’t that easy—ask James Angleton. Ask the FBI and CIA, with all
their resources, trying to sort out
whether the dossier or the Loretta
Lynch-related email are deliberate
Russian plants. Read Stalin biographer
Stephen Kotkin on the Soviet leader’s
inability to discern a pending Nazi invasion: “When Stalin damned his intelligence as contaminated by disinformation, therefore, he was right.
But the despot had no idea which
parts were disinformation.”
If you’re a history buff, 10 other
examples have occurred to you.
How a former reporter
helped a foreign national
inject dubious allegations
into the presidential race.
Mr. Simpson’s blithe assertion
that Mr. Steele was on the lookout
for disinformation is a joke, worthless. I wasn’t kidding when I wrote
several weeks ago that Democrats
who tried to inject this material into
the 2016 race would be in a better
position ethically if they found the
Trump dossier on the sidewalk—i.e.,
had no knowledge of its untrustworthy antecedents.
In this light, it’s odd that Mr.
Simpson would, as he testified, let a
foreign national (Mr. Steele), whose
information Mr. Simpson could not
vouch for, evaluate or defend, talk
him into trying to introduce it into
the presidential race via the FBI.
There is a time-honored method
by which reporters make fools of
themselves. They have a narrative
that says (for instance), look for Russian connections. Any they find, however desultory and unrelated to the
central premise, become proof of the
premise, in this case the premise of a
conspiracy between Donald Trump
and the Russian government.
Felix Sater, an ex-Russian criminal, was long known to be a business
associate of Mr. Trump (Mr. Trump
walked out of a BBC interview in
2013 when his name came up). A
seller of luxury properties, Mr.
Trump sold some to Russian émigrés.
See, these involve Russia, and the
document is all about Russia.
Mr. Trump has claimed for years
that Vladimir Putin walks all over the
U.S. because we have weak leaders.
We’d have better relations under a
strong leader. Lacking connections to
the GOP policy establishment, he attracts helpers and hangers-on who
are keen to promote better ties with
Russia. Of course, opportunists come
out of the woodwork, like a Maltese
professor claiming to have Kremlin
contacts.
You can almost read the New York
Times editorial now. Every specific
claim in the dossier may be false, but
it points to a “larger truth.” Read further, and the larger truth is that Mr.
Trump is sleazy, so it doesn’t matter
if particular allegations against him
are real or made-up.
Here’s another truth: Our industry
has its share of Dan Rathers, capable
in some respects but deficient in
judgment. Where there’s smoke,
there’s fire, is their favorite metaphor. The world is smoke, they forget. The challenge is interpreting it
accurately, rigorously.
One final point: If the Trump dossier is Russian disinformation, it’s
only the second way Russian disinformation roiled U.S. politics. The
first would be the fake Russian “intelligence” referring to a nonexistent
email between liberal operatives
concerning Obama Attorney General
Loretta Lynch that was reportedly a
key factor in James Comey’s decision
to intervene in the Hillary Clinton
email matter in the run-up to Election Day.
.
A14 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
SPORTS
TENNIS
Sloane Stephens’s Puzzling Slump
The tennis star hasn’t won a match since taking the U.S. Open. The nutty streak makes for a wide-open Australian Open.
BY TOM PERROTTA
STEVE CHRISTO/CORBIS/GETTY IMAGES
In her seven matches
since winning the U.S.
Open, Sloane Stephens
has lost every time.
Weather
THE COUNT
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
20s
Vancouver
V
Calgary
0s
40s
Helena
l
40s
Bismarckk
Ottawa
30s
Montreal
40s
Augusta
A
l /St P
Mpls./St.
Paul
Toronto
T
Albany
Ab y
50s
t
Boston
60s
Hartford
tford
k
Milwaukee
Detroit
Buffalo
New
Yorkk
ew Y
Cleveland
Cl l d
Cleve
Ch g
Chic
Chicago
60s Reno 40s
Lake
Salt La
Lake C
City
Des
es Moines
Cheyenne
Cheyen
h
Philadelphia
Ph
hil d lphi
h
h
Omaha
h
Pittsburgh
Pit
b gh
Indianapolis
di p
Sacramento
p
10s Springfield
20s Denver
hington
gton D.C.
D.C
DC
Washington
an
n Francisco
i
San
Kansas
Ch l t
Charles
20s Charleston
Topeka
k
Colorado
C
d
C
City
Richmond
h
d
LLas
Springs
Lou
L
St.. Louis
LLouisville
Lou
ill
hit
Wichita
Vega
Vegas
50s
Raleigh
l igh
h
Nashville
h
ill
50s
80s Lo
Charlotte
Ch
h l
Santa
anta Fe
os A
Angeles
Los
phi
30s Memphis
Columbia
C
b
Albuquerque
Ab q q
Ph
Phoenix
Oklahoma
City
k
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Warm
70s
San Diego
Atl
t
Atlanta
LLittlee Rockk
Tucson
T c
Birmingham
h
El P
Paso
Dallas
D
ll
Jackson
J
k
Ft. Worth
Cold
50s
30s
Sioux
oux FFalls
ll
Pierre
P
0s
10s
20s Anchorage
A h g
30s
40s
t
Houston
ew Orleans
New
San
an Antonio
A t i
80s
Honolulu
70s
U.S. Forecasts
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
37 35 sn 38 26 c
Atlanta
40 23 pc 40 26 s
Austin
51 24 s
55 34 pc
Baltimore
37 14 pc 28 12 s
Boise
43 29 s
43 29 s
Boston
54 15 r
23 16 s
Burlington
19 -7 sn
6 -11 s
Charlotte
47 23 pc 39 22 pc
Chicago
17 3 pc 21 19 pc
Cleveland
18 6 sf 19 9 pc
Dallas
43 27 s
52 35 s
Denver
49 28 s
54 27 pc
Detroit
19 10 c
21 16 s
Honolulu
83 66 s
84 69 s
Houston
51 30 s
53 36 s
Indianapolis
22 5 c
21 15 s
Kansas City
19 10 pc 31 21 sf
Las Vegas
64 45 pc 63 45 s
Little Rock
35 20 pc 35 25 pc
Los Angeles
81 57 pc 80 54 pc
Miami
75 52 s
69 55 pc
Milwaukee
16 3 pc 20 18 pc
Minneapolis
5 -7 s
15 -5 sn
Nashville
28 16 c
32 24 pc
New Orleans
45 30 s
46 34 s
New York City
45 14 pc 25 13 s
Oklahoma City
31 20 s
46 26 s
60s
70s
80s
90s
100+
Rain
T-storms
Jacksonville
Mobile
bil
A ti
Austin
l d
Orlando
Tampa
p
60s
70s
Stationary
Snow
Showers
Flurries
Miami
Ice
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Hi
16
61
45
78
20
43
59
58
24
45
60
47
55
10
43
Today
Lo W
9 c
37 pc
15 pc
51 pc
4 sn
7 i
40 pc
39 c
10 pc
27 s
48 pc
21 s
41 pc
5 pc
18 c
Tomorrow
Hi Lo W
31 10 sn
60 42 pc
27 14 s
76 49 pc
17 2 pc
20 2 s
55 41 s
56 42 pc
27 25 sf
41 26 pc
63 50 pc
52 23 s
55 43 s
26 -3 sn
29 19 s
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
42
57
70
80
38
33
43
83
75
47
42
Today
Lo W
31 c
46 t
43 c
63 pc
16 s
26 c
31 c
62 t
62 s
39 r
35 c
THIS JAGUARS DEFENSE HAS SERIOUS BITE
20s
-0s
Billings
g
i
Boise
10s
Winnipeg
ip
0s
Seattle
Por
P
Portlandd
Eugene
g
<0
d
Edmonton
Tomorrow
Hi Lo W
39 32 pc
51 40 sh
72 45 s
83 68 s
45 18 s
32 25 s
42 34 s
70 63 r
75 61 s
47 42 c
44 41 c
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
42
43
76
61
48
90
61
89
44
44
83
67
68
49
20
91
44
90
76
56
83
36
44
81
85
62
45
14
47
31
39
Today
Lo W
33 c
31 s
54 pc
55 s
41 r
76 c
44 pc
58 s
36 c
34 r
74 pc
54 t
33 pc
34 s
15 c
70 pc
33 c
77 c
43 s
41 pc
74 sh
23 pc
35 s
74 r
61 t
54 pc
33 s
5 pc
38 r
17 pc
27 s
Tomorrow
Hi Lo W
39 28 s
43 32 pc
68 56 pc
65 60 s
44 37 sn
88 76 sh
54 45 pc
90 62 s
42 38 pc
44 30 sh
83 75 c
66 56 pc
64 34 pc
44 35 c
22 20 sf
91 68 pc
46 37 pc
92 78 t
78 46 s
54 42 c
83 73 pc
41 30 c
55 42 pc
81 74 sh
73 62 sh
72 57 s
46 35 s
19 9 pc
48 37 pc
28 15 s
37 27 s
When discussion comes up about the
NFL’s greatest defenses, the 1985 Chicago
Bears, the 1986 New York Giants and the
2000 Baltimore Ravens are often mentioned.
But the 2017 Jacksonville Jaguars have made
a strong case for being included in the mix.
The Jaguars led the league in fewest yards
allowed per game, fewest yards allowed per
play and fewest yards allowed per pass and
were second-best in sack rate, points per
game and turnovers. In fact, among the alltime best defenses, only the 2017 Jaguars
ranked first or second in all these key defensive categories.
The question for the Jaguars heading into
their showdown with the Pittsburgh Steelers
in Sunday’s AFC Divisional playoffs is whether
they are as good as their statistics make
them seem. They have padded their numbers
by playing a bevy of weak offenses led by
shaky quarterbacks, including Tom Savage, Jacoby Brissett (twice), DeShone Kizer, Blaine
Gabbert and T.J. Yates. Even in their 10-3 AFC
Wild Card playoff win over the Buffalo Bills,
they were facing a quarterback, Tyrod Taylor,
who had been benched earlier in the season.
On Sunday, the Jaguars will be facing one
of the game’s most feared passers: two-time
Super Bowl winning quarterback Ben Roethlisberger. But Roethlisberger is actually the best
evidence that the Jaguars defense is legitimately great. In October, the Jaguars held the
Steelers without a touchdown and forced Roethlisberger to throw five interceptions—the
most he has ever tossed in a game. Jacksonville won 30-9.
The Jaguars remain underdogs this weekend. If the oddsmakers turn out to be right
and the Steelers win, it doesn’t necessarily
mean the Jaguars aren’t really good. The 1985
Bears were eliminated by the eventual Super
Bowl champion 49ers in the 1984 season, before winning Super Bowl XX. In that season,
the Bears knocked off the Giants in the Divisional round, before New York won Super
Bowl XXI.
—Michael Salfino
Tenacious D
How the 2017 Jaguars compare to all-time defenses based on
ranking during their league year in key defensive statistics.
TEAM
2017 Jaguars
1985 Bears
2002 Buccaneers
2015 Broncos
1972 Dolphins
2013 Seahawks
1976 Steelers
1986 Giants
2000 Ravens
YPG
YPP
1
1
1
1
1
1
1
2
2
1
2
1
1
3
1
1
7
2
Y/A SACK % PPG TO TOTAL
1
2
1
1
3
1
6
4
7
2
4
6
1
9
5
12
7
22
2
1
1
4
1
1
1
3
1
2
1
3
8
2
16
5
4
1
9
11
13
16
19
25
26
27
35
YPG=Yards per game; YPP=Yards per play; Y/A=Yards per pass; PPG=Points
per game; TO=Turnovers; Total=Lowest total is best
Source: Pro-Football-Reference
MICHAEL JOHNSON/ZUMA PRESS
AMERICAN Sloane Stephens defied expectations last season with a strong summer
capped by the U.S. Open title, the first
Grand Slam championship of her career.
She won tight matches. She won a third-set
tiebreaker. And in the final, she dominated,
losing just three games.
It’s tennis season again and for the
women, the outcomes continue to be improbable. Take Stephens, who is currently
staging one of the most disastrous encores
to a major title in memory.
In her seven matches since winning the
U.S. Open, she has lost every time. In her
season-ending Fed Cup, the 24-year-old Stephens lost both matches she played. Many
of the others were blowouts, like her 6-2,
6-2 loss to Wang Qiang, ranked No. 55 at the
time. Or her 6-3, 6-0 defeat against fellow
American Christina McHale, who was ranked
No. 71.
“Considering how amazing she played at
the Open and in the summer, it’s one of the
strangest four months,” said Brad Gilbert,
the former pro and coach of Andre Agassi.
“It makes no sense.”
In tennis, champions often slump after
their first Grand Slam titles. Ana Ivanovic,
now retired, went from winning the French
Open to being unable to toss the ball on her
serves. She fell in the rankings and never
won another major title.
Stephens’s downfall is more incredible
because of how consistent she was, and how
high she rose last year. At one point her
ranking dropped to 957, largely because of
playing time lost to injuries. Instead of
slowly coming back, she made the semifinals of two tough events before moving on
to the Open. Among her victims: Angelique
Kerber and Petra Kvitova (twice). At the U.S.
Open, Stephens won a quartet of three-set
matches, including a semifinal against Venus
Williams.
The Stephens camp is calling for calm
amid her fall. Her agent, John Tobias of TLA
Worldwide, said Stephens simply needed
some practice and a few matches to rebuild
her confidence. “I’m not concerned in the
least,” he said.
Stephens’s stumble tells you all you need
to know about women’s tennis as 2018 begins: Like last year, anything can happen,
and happen quickly.
Without Serena Williams playing—she’s
still out with her new child—anyone can
beat anyone, and have no fear no matter the
opponent. No one knows who will win. The
game is so unpredictable that Stephens
could rebound. Or another young star could
emerge, like Jelena Ostapenko, last year’s
French Open winner. Maria Sharapova could
rise again, or Venus Williams, who lost in
two Slam finals last season, could finally
win her first since 2008.
Williams is 37 years old and, somehow,
performing as well as she did a decade ago.
Williams lost to her sister in last year’s Australian Open final and has never won this
event.
“You have 20 players who can win a
Grand Slam,” said Chris Evert, the former
No. 1 and ESPN announcer. “It’s unbeliev-
able, the depth.”
Two women who have never won a Slam
are looking in top form leading up to the
tournament next week: Simona Halep,
ranked No. 1 in the world, and Caroline
Wozniacki, now ranked No. 2.
Halep, 26 years old, won her first title of
the year in China. She had a disappointing
tournament at the U.S. Open, where she lost
in the first round to Sharapova. Right now,
though, she looks recovered and confident.
She has twice reached the quarterfinals in
Australia and has made two Grand Slam finals in her career, the most recent being the
heartbreaker in last year’s French Open
against Ostapenko.
“I feel she is determined to turn that
around,” Evert said. “I just feel like she’s
playing the best tennis right now, playing
the most solid tennis.”
Wozniacki, 27 years old, has had a remarkable comeback in the last year. In the
two years before that she seemed to be
fading away, but since then she has become
a bit more aggressive while keeping her
consistency.
The woman off to the fastest start this
year appears to be Elina Svitolina, who
won the tournament in Brisbane last week,
the 10th title of her career. She’s now
ranked fourth and, at age 23, has well-polished strokes and movement. Svitolina has
reached the quarterfinal in a Grand Slam
twice in her career, both times at the
French Open.
If you’re thinking of a comeback more
than a new champion, Angelique Kerber
suddenly seems possible. After a miserable
season she has split with her coach and,
seemingly, is swinging freely again. She just
beat Venus Williams in three sets in this
week’s Sydney International event, a sign
that she’s moving more and missing less.
Kerber won the Australian Open in 2016.
Looking for youth?
Keep your eye on Madison Keys, the 22year-old American who lost to Stephens in
last year’s U.S. Open final. Keys has often
suffered from injuries, but when healthy,
she’s among the most powerful players in
the game. Her first big success at a Slam
came at the Australian Open in 2015, when
she reached the semifinals before losing to
Serena Williams.
And yes, there are even more contenders.
Three to consider: Garbiñe Muguruza, Karolina Pliskova and Julia Goerges.
Muguruza has the most talent, but her
status is unclear because she just defaulted
from a tournament in Sydney because of a
right thigh injury. Pliskova, 25, played in the
2016 U.S. Open final, where she lost to Kerber in a tense three-set match. Last year she
reached the quarterfinal of the Australian
Open. As for Goerges, 29, she has never
made it passed the fourth round at a Slam,
but is playing well enough to do it, having
won her last 14 matches.
Want a true miracle at the Open?
No, that’s not Stephens recovering from
her losing streak. Kristina Mladenovic has
lost 14 consecutive matches since last summer, a seemingly impossible feat for such a
talented—and highly ranked—player.
“It’s insane,” Gilbert said. “And she’s still
ranked 11!”
.
BRENDAN MCDERMID/REUTERS
WEEKEND INVESTOR B6 | MARKETS DIGEST B7 | HEARD ON THE STREET B12
BUSINESS DELAYS IN SPACE B2
FINANCE ROLLING IN CASH B10
© 2018 Dow Jones & Company. All Rights Reserved.
DJIA 25803.19 À 228.46 0.9%
NASDAQ 7261.06 À 0.7%
Saturday/Sunday, January 13 - 14, 2018 | B1
THE WALL STREET JOURNAL.
* * * * * * * *
STOXX 600 398.49 À 0.3%
10-YR. TREAS. g 6/32 , yield 2.551%
OIL $64.30 À $0.50
GOLD $1,333.40 À $12.80
Changes to news feed
likely to choke traffic;
some see apocalypse,
others say ‘chill out’
BY BENJAMIN MULLIN
Digital publishers are reckoning with the potential impact of Facebook’s planned
changes to its news feed, with
Cast Changes
Sheryl Sandberg, Jack Dorsey
to leave Disney board........... B4
reactions ranging from trepidation to confidence to reflection on the folly of depending
on the social network for web
T. Boone
Pickens
Closes
A Chapter
T. Boone Pickens, a famous
oilman and investment manager, said he is closing the energy-focused hedge fund he
has run for the last two decades as his health declines.
The move closes a chapter
in a nearly seven-decade career that has included stints
as a wildcatter, corporate
By Alison Sider,
Ryan Dezember
and Juliet Chung
raider, cattle trader and cleanenergy evangelist.
The 89-year-old Oklahoma
native cited both his deteriorating health and weak financial performance as reasons
for closing the fund in a letter
that he published Friday. Mr.
Pickens said he is recovering
from a series of strokes last
year and a bad fall.
“It’s no secret the past year
has not been good to me, from
a health perspective or a financial one,” he wrote in the
letter. “If you are lucky enough
to make it to 89 years of age
like I have, those things tend
to put life in perspective.”
“Trading oil is not as intriguing to me as it once was,”
he added.
A spokesman for Mr. Pickens declined to comment on
the fund’s size or returns. The
fund managed more than $2
billion a decade ago, The Wall
Street Journal reported at the
time.
In recent years, the firm’s
assets, including a private-equity fund and some mutual
funds that will continue running, totaled about $1 billion,
according to a person familiar
with the matter.
The letter said his firm, BP
Capital, would move toward a
family-office structure. Family
offices manage the fortunes of
the wealthy and are able to
sidestep much of the regulatory scrutiny experienced by
firms that handle outside clients’ money.
Two of Mr. Pickens’s top
lieutenants, Brian Bradshaw
and David Meaney, have already left Mr. Pickens’s firm
and will jointly launch an energy fund, Assert Capital
Management, in the coming
week. Mr. Pickens will be an
investor, Mr. Meaney said.
The fund closure is the latest move by Mr. Pickens to
disencumber himself from his
business empire. Late last
year, Mr. Pickens listed his
huge Mesa Vista ranch in the
Texas panhandle for sale, asking $250 million. He pieced together the 100-square-mile
ranch through multiple purchases starting in 1971. There
he has explored for oil, entertained oil magnates and politicians and hosted epic quail
Please see PICKENS page B2
traffic in the first place.
Facebook on Thursday said
it would introduce changes to
the feed in coming months to
promote content shared by
friends and family that provokes conversation among users, and in the process would
de-emphasize content pushed
into feeds from news publishers, brands, nonprofits and
others.
Even before Facebook’s latest announcement, the company already had tweaked the
news feed in ways publishers
blamed for reducing the traffic they receive through the
social network. The percentage of publishers’ online traffic coming from Facebook fell
from an average of 40% at the
end of 2016 to 24% as of last
month, according to analytics
DOMINIC LIPINSKI/GETTY IMAGES
Facebook Puts Publishers on Edge
Publishers get about a quarter of their web traffic from Facebook.
firm Parse.ly.
The latest change could have
an even more pronounced effect over time, some media ex-
ecutives say. Some are viewing
Facebook’s move as a wake-up
call for publishers to wean
themselves off their depen-
dence on Facebook and build
businesses—even if smaller
ones—that can thrive and grow
in other ways.
Turning to Facebook and its
two billion users to find readers
is tempting. But it shouldn’t be
Facebook’s job, they say, to
prop up a publishing industry
that has struggled to find the
right formula to build online
businesses.
“People should chill out:
Facebook is a public company
that controls its own decisions
and destiny,” said Jim VandeHei, co-founder and chief executive of Axios. “Publishers
should do the same damn
thing.”
It isn’t clear which types of
content and sites Facebook’s
change will hit the hardest,
Please see PUB page B4
Butcher’s Bounty: The U.S. Produces and Eats Meat Like Never Before
Annual U.S. meat production
2018 projection
103.6B
100 billion pounds
Poultry
80
2018 projection
222.8 pounds
250 pounds per capita
200
150
40
Beef and Pork
100
Beef and Pork
20
50
0
0
1965
’75
’85
’95
’05
’15
1965
’75
’85
Futures prices, change since 2012
’95
’05
’15
Consumer price index*
60%
15%
40
Change from previous year
10
20
Meats
Poultry
5
0
Soybeans
0
–20
–5
–40
Corn
–60
2012
2013
2014
2015
2016
Sources: USDA (production, consumption); FactSet (futures); Labor Dept. (prices) *Seasonally adjusted
–10
2012
2017
YEN 111.04
In the Cards
U.S. credit and debit cards
in circulation
Visa
835 million
Mastercard
405 million
Discover
51 million
AmEx
50 million
Note: As of 3Q 2017
Source: Nilson Report
THE WALL STREET JOURNAL.
Visa Joins
Its Peers,
Jettisons
Signatures
BY ANNAMARIA ANDRIOTIS
Consumption
Poultry
60
EURO $1.2200
’13
’14
’15
’16
’17
Graphic by Luis A. Santiago/THE WALL STREET JOURNAL.
CHICKEN FEED: Cheap grain as a result of bumper crops is fueling a livestock and poultry boom in the U.S., with consumers world-wide
demanding more protein. However, some analysts say consumption is unlikely to keep up with the meat industry’s rapid expansion. B3
Visa Inc. is ditching the signature.
The largest U.S. card network by many measures
said Friday that merchants,
starting in April, will no longer be required to make consumers sign for debitand credit-card purchases, signaling the demise for a procedure that was once a linchpin
of keeping transactions secure.
The other major U.S. networks,
Mastercard
Inc.,
American Express Co. and
Discover Financial Services,
in recent months said they
would take the same step. The
signature will still be used by
merchants who choose to keep
it and, in Visa’s case, will still
be required at merchants that
don’t accept the security chips
that are installed in newer
cards.
The companies say improved security features, in
particular the embedded chips,
outweigh the security provided by signatures.
Some say a written name
scrawled on a slip of paper or
electronic pad fails to provide
much protection these days.
Removing the signature will
also speed up in-store checkout for many consumers, they
add.
Many consumers have
caught on, signing their names
Please see VISA page B2
THE INTELLIGENT INVESTOR | By Jason Zweig
China Warns Foreign Firms
The
Stock
Market
On Listing Disputed Areas
BY WAYNE MA
More foreign companies
came into Beijing’s crosshairs
Friday for including regions such
as Tibet and Taiwan in a list of
independent countries on their
Chinese websites, a day after authorities ordered hotel giant
Marriott International Inc. to
suspend its online operations in
the country for a similar offense.
Delta Air Lines Inc., the Zara
apparel chain and Irish medicalequipment maker Medtronic
PLC all came under fire. The
Civil Aviation Administration of
China said it had met with a
Delta representative to demand
a public apology and “immediate
rectification” after the airline
listed Tibet and Taiwan as countries on a destinations page.
In a statement on its website,
the aviation regulator asked
other foreign airlines to review
their websites and mobile apps
to prevent similar incidents.
Delta posted an apology on
its Chinese website. The Atlantabased airline “recognizes the seriousness of this issue, and we
took immediate steps to resolve
it,” a company spokeswoman
said in an email. “It was an inadvertent error with no business
or political intention, and we
apologize deeply for the mistake.”
Separately, the Shanghai
branch of the Cyber Administration of China said Friday that it
had ordered Spanish retail giant
Inditex SA—which runs the popular Zara chain—and Medtronic
to correct their websites. Both
included Taiwan in a list of
countries on their websites, the
regulator said in a statement on
an official social-media account.
“Cyberspace isn’t outside the
law, and multinational corporations should abide by the relevant laws and regulations of the
Internet in China,” it added.
Inditex and Medtronic didn’t
The companies agreed
to fix their website
references to Taiwan,
Macau and Tibet.
immediately respond to requests
for comment. Late Friday,
Medtronic posted an apology on
its Chinese-language website,
saying the listing was a mistake
and the website had been corrected.
China’s foreign ministry also
weighed in, saying foreign companies operating in the country
must “respect China’s sovereignty, integrity of territory, follow China’s law and respect Chinese people’s national feelings.”
A ministry spokesman called
it “the basic line for any company to invest, operate and co-
operate in other countries.”
Late Friday, Chinese news organizations reported that several other companies had made
similar missteps on their websites.
The government crackdown
on how companies define areas
of China began earlier in the
week after Marriott emailed a
global survey to its loyalty members that included Hong Kong,
Taiwan, Macau and Tibet in a
drop-down list of countries.
Hong Kong and Macau are
both part of China, but they are
governed under the “one country, two systems” formula,
which allows them to maintain
certain measures of independence. Tibet has been under
China’s control for decades,
though some Tibetans advocate
its independence. Taiwan is a
democracy that split from China
nearly seven decades ago, but it
is still claimed by Beijing as its
territory.
Responding to Marriott’s definition of these areas, the Shanghai branch of the Cyber Administration of China on Thursday
ordered the hotel chain to fix the
issue and shut its website and
mobile app to Chinese residents
for one week.
“Marriott International respects and supports the sovereignty and territorial integrity of
China,” Marriott Chief Executive
Arne Sorenson said in a statement on Thursday.
Is Clawing the Bears
Imagine
losing 80% or
more while,
all around
you, investors
are basking in
the glory of one of the biggest bull markets in history.
Imagine racking up year after year of losses while
stocks are going up nearly
400%.
That’s what it’s like to run
a short-selling fund that
hedges against the risk of a
falling stock market.
If you’re a contrarian who
is naturally attracted to
parts of the market that
have been losing money on
the grounds that they are
ripe for recovery, bear this in
mind about these funds: On
average, in the long run, you
will lose money if you hold
them.
Over time, stocks tend to
go up more, and more often,
than they go down. “So one
would not expect an investor to be permanently short
and, in fact, most should be
permanently long,” says
Mohsen Fahmi, co-manager
of the $2.1 billion Pimco
StocksPlus Short Fund.
“I’m pretty sure that
99.9% of our investors understand that the fund is designed to make money when
the market goes down,” he
says. “Perhaps, after nine
years of a bull market, if any
didn’t know what they were
getting into, they do now.”
The S&P 500 hasn’t had a
down year since 2008, when
Taylor Swift was 19 years
old.
Ever since stocks began
trading in Amsterdam
around the beginning of the
17th century, some investors
have sought to profit when
the market falls. Bears, or
short sellers, typically seek
to borrow stock, sell it and
then buy it back at a lower
price, locking in the difference as profit.
That works brilliantly
when stocks drop. In 2008,
the average bear-market
fund gained 30%, according
to research firm Morningstar Inc., even as the S&P
500 stock index fell 37%.
If you had invested in the
average bear fund on Sept.
15, 2008, the day Lehman
Brothers collapsed, and then
sold your position on March
9, 2009, the absolute bottom
of the financial crisis, you
would have gained 59%.
Meanwhile, the S&P 500 lost
45%.
What if you had hung on?
From March 9, 2009, through
Please see INVEST page B6
.
B2 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
BUSINESS & FINANCE
NASA’s Private-Spacecraft Plan Bogs Down CVS Will
Keep Aetna
In Hartford
After Deal
BY ANDY PASZTOR
Continued from the prior page
with
speed
rather
than with legibility in mind.
The increasing number of card
transactions in recent years
has made something that
seemed official more mundane.
Some consider it more of a
frill and long ago stopped taking it seriously. Colby Gergen,
a 28-year-old software product manager in Phoenix, says
he signs almost every creditcard receipt using two triangles. At times, he has used a
smiley face.
Mr. Gergen used to sign his
full name, then switched to
signing only C and G until his
signature began to look like
two halves of a triangle. One
day about three years ago, he
figured he’d draw two triangles on a card receipt and see
if any store would reject it.
No one did. The new ap-
CVS Health Corp. has decided to keep Aetna Inc. in
Hartford, Conn., reversing the
insurer’s plan announced last
year to move its corporate
headquarters to New York
City.
“We have no plans to relocate Aetna’s operations from
Hartford,” CVS spokesman David Palombi said, adding that
the company had met with
Connecticut Gov. Dannel Malloy and Hartford Mayor Luke
Bronin on Thursday.
The planned move was put
on hold after CVS’s December
announcement that it would
buy Aetna for $69 billion.
Aetna said at the time the
merger was announced that all
of its locations would be evaluated as part of its integration
with CVS.
Once the merger is complete, Hartford will be considered the “corporate hub” for
the insurance business, rather
than Aetna’s headquarters, Mr.
Palombi said. CVS will maintain its corporate headquarters in Rhode Island.
The reversal is a win for
Connecticut, which has lost
other corporations in recent
years and has been struggling
with budget shortfalls and declining population. The city of
Hartford is in its own financial
straits, relying on state aid to
balance its budget.
“I’m thrilled that CVS has
confirmed that Aetna will continue to call Hartford home,”
Mr. Malloy said.
At the time that Aetna announced its decision to leave
Hartford, where it has been
based since 1853, the insurer
said it chose to move to New
York to tap a more robust pool
of talent as it sought to reposition itself as a consumer-oriented health company.
An Aetna spokesman said
Friday that the company is
still reviewing which locations
it will keep, and whether it
will open some sort of office
in New York.
Manned test flights in the program are facing delays. Astronaut Scott Kelly outside the international space station in late 2015.
definitive answers are essential
before the Falcon 9 can be
cleared to carry astronauts.
Boeing has told NASA it expects to launch its first crewed
test flight in November, though
company officials previously
indicated that could slip to
2019. Hours before the safety
report was posted on NASA’s
website, the agency revealed
that SpaceX’s initial manned
flight had been pushed back to
December from the summer.
A Boeing spokeswoman had
no comment on the report. A
SpaceX spokeswoman said
that, along with NASA, it is revising a fuel-system component and methodically demonstrating the safety of its
overall fueling process.
Regarding its latest delay,
SpaceX said the combination of
Falcon 9 rockets and its
Dragon capsules constitutes
“one of the safest and most advanced human spaceflight systems ever built—and we are
set to meet the additional
milestones needed to launch
our demonstration missions
this year.”
Before releasing the report,
NASA said commercial spacecraft would provide “reliable
and cost-effective access to
low-earth orbit on systems
that meet our safety and mis-
A safety panel
singled out SpaceX
features as needing
further attention.
proach is “a combination of
speed, laziness and knowing
the signature didn’t really
matter,” Mr. Gergen says.
Others are showing off on
social media more creative
signatures they’ve offered to
merchants,
including
stick figures, whale drawings
and phone numbers asking cashiers or waiters to call
them.
Sadie Morrison, co-owner
of Portland, Ore.-based Peruvian restaurant Las Primas,
takes screenshots of some of
the more interesting signatures that customers leave on
receipts.
Among her favorites: A signature that consisted of two
stars, two swirly circles and a
stick-figure face with a unibrow and earrings.
Another one read: “You’re
my favorite Las Primas!”
Some merchants say consumers who play around with
signatures aren’t the ones who
are likely trying to pay with a
stolen credit card.
“Someone paying with a
stolen credit card isn’t likely
to spend a lot of time drawing
attention to themselves,” Ms.
Morrison said.
As more commerce has migrated online and to mobile
phones, signatures have been
replaced by passwords, fingerprint recognition and other
biometrics.
Many gas stations require
entering a ZIP Code instead of
a signature when paying with
a credit card.
In many countries outside
the U.S., debate about signatures long ago became anachronistic. In most of Europe,
consumers have used chip
credit cards for decades and
have had to validate a transaction using a personal identification number, or PIN. The
method has also been adopted
in Australia and Canada.
In the U.S., chip cards came
into mainstream use in 2015.
But the credit cards didn’t feature the PIN as some card
companies feared this would
sion requirements.”
But the strongly worded,
38-page independent analysis
illustrates the difficulties faced
by both companies in meeting
ambitious deadlines amid nagging safety threats, while pivotal decisions loom about authorizing the initial liftoffs.
Emphasizing that NASA is
“at a critical juncture in human
spaceflight development,” the
nine-member advisory panel
urged NASA managers to
“maintain a sense of urgency
while not giving in to schedule
pressure.”
The primary theme of the
document—which also delved
into NASA’s other human exploration initiatives and unrelated programs—generally was
positive. So far, it said, “there
is no indication across NASA
that schedule pressures are
driving decisions that will adversely affect safety.” But in
the same paragraph, the panel
PICKENS
Continued from the prior page
hunts. It includes its own air
strip, an 11,000-square-foot
kennel for his 40 bird dogs
and a chapel where he once
married.
His decision to wind down
the fund follows closures of
several other commodities
funds that have struggled with
low returns and redemptions
amid plummeting prices. Even
as oil prices started to recover
last year from a rout that began in 2014, trading conditions were harsh for funds
that specialize in energy.
Prominent oil trader Andrew Hall said last summer
that he would wind down the
main hedge fund at Astenbeck
Capital Management. Madava
Asset Management, led by veteran energy trader George
“Beau” Taylor, is also shutting.
In recent years, Mr. Pickens
ran his financial firm from a
conference room in its Dallas
office. His investing positions
were projected onto one wall
while maps showing the drilling projects scheduled for his
warned that certifying manned
vehicles will require “careful
weighing of all the technical
and operational aspects” of
risk-benefit trade-offs.
For SpaceX, the upshot is
that the panel determined that
more work needs to be done to
understand hazards posed by
helium tanks used to maintain
pressure of supercooled liquid
oxygen inside the second stage
of the Falcon 9. Various problems with those carbon-fiberwrapped helium containers
were identified as the cause of
catastrophic explosions of two
of the rockets over a two-year
span.
The panel determined that
“adequate understanding of
the [tanks] behavior” is an
“absolutely essential precursor
to potential certification for
human space flight.” The company is working on an alternate tank design if it fails to
persuade NASA the original
hardware is safe to fly astronauts.
In addition, the outside experts urged additional study of
SpaceX’s plans to load propellants into the rocket with the
crew already strapped into the
capsule. Such fueling procedures, sharply criticized by
many industry experts, former
astronauts and current agency
officials, run counter to the
traditional practice of loading
fuel first and only then putting
astronauts on top of the rocket
waiting for blastoff.
In a statement Friday, the
company said once testing of a
new pressurized helium tank is
complete, it plans to start flying
the new hardware as early as
this spring. The statement also
said that its fueling procedure
with astronauts on board envisions hazard controls that “will
be implemented and carefully
verified prior to certification.”
Congress is stepping up
scrutiny of the program, with
members of a House science
panel scheduled to interrogate
representatives of both companies and the head of NASA’s
manned-exploration office at a
hearing on Wednesday.
Despite recurring delays,
NASA’s initiative enjoys strong
support among many lawmakers, industry officials and scientists.
“Compared to any other
NASA program,“ this is ”providing taxpayers with more
bang for the buck,” said Phillip
Larson, a former SpaceX official who also worked in President Barack Obama’s administration and now is an assistant
dean at the University of Colorado at Boulder.
slow transactions. Signatures
were largely left in place instead of instituting PINs.
Card companies say chip
cards have helped to reduce
fraud and that new measures
under way, including biometric
identification like fingerprints
and
facial
recognition,
will provide additional security in the future.
Visa, which processed $836
billion in U.S. transactions in
the third quarter, is requiring
chip cards for the signature
change in part to give incentive to more merchants to accept chip cards. Card companies say that some types of
fraud have declined due to
chip
cards,
because chip transactions gener-
ate a unique one-time code
that is needed for the transaction to be approved, a feature
that is difficult to replicate in
a counterfeit card. But some
merchants have stuck to accepting the magnetic strips on
cards that consumers swipe in
part due to the costs of installing the technology to accept the new cards.
Card networks have required signatures for decades,
though changes implemented
over the years loosened that
requirement depending on the
dollar amount of the transaction. Roughly 75% of Visa’s
U.S.-based debit- and creditcard transactions don’t require
a signature because they are
below certain dollar amounts.
Even so, the fact that signatures have held on for so long
amazes some. When Mastercard in October said that it
was ditching signatures, a consumer wrote on its message
board: “Congrats on catching
up with the rest of the world,
America. About time.”
ranch hung on another. Visitors, including reporters,
would find him with a bowl of
bite-size Butterfinger candy
bars by his side and a small
dog at his feet.
He tended to focus on commodities bets, while others at
the small firm picked stocks.
The firm’s recent securities filings detail a portfolio loaded
with pipeline operators, Permian Basin oil drillers and the
odd chemical company and
airline.
Mr. Pickens’s convictions
often resulted in volatile returns, but the fund delivered
what it promised, which was
exposure to energy, according
to people familiar with the
fund’s performance.
“I’m surprised he didn’t
quit a decade ago,” said John
Trammell, a former investor
with Mr. Pickens. “All of us
can hope to be that engaged at
his age.”
Mr. Trammell said that the
volatility in returns was a reason his former fund-of-hedgefunds firm had invested with
Mr. Pickens, but that his clients became uncomfortable
with mounting losses around
2010.
Still, he said he considers
Mr. Pickens one of the most
informed energy traders in the
hedge-fund industry.
“He had a very good model
for global oil flows, and he
had a very good understanding of the decision-making
process in the Middle East,”
Mr. Trammell said.
Mr. Pickens trained as a geologist and started his career
at Phillips Petroleum. In the
1950s, he started the company
that would become Mesa Petroleum Corp., which went on
to make a string of unsolicited
bids for much larger rivals.
He became a corporate
raider in the 1980s and made
his share of enemies. In 1983,
Mesa made a bid for Gulf
Corp., one of the country’s
largest companies. Even
though it wasn’t successful,
Mr. Pickens’s run at Gulf
forced the oil titan into the
arms of Chevron Corp. and a
Pickens-led investment group
earned $760 million when the
shares it bought in Mesa appreciated during the takeover
attempt.
Mesa met with trouble in
the mid-1990s, when low natural-gas prices sapped its profitability. Mr. Pickens was
ousted from the company, and
it was merged with a company
that eventually became the giant shale driller Pioneer Natural Resources Co. He launched
BP Capital in 1996 after leaving Mesa.
In recent years, Mr. Pickens
reinvented himself as a promoter for the domestic energy
industry, arguing that the U.S.
needed to wean itself from
foreign oil with more natural
gas and wind power.
But the energy renaissance
he championed, fueled by
shale drilling, helped produce
a glut of oil and natural gas
that sent prices tumbling.
Mr. Pickens described himself as “a victim of [his] own
success,” as the U.S. energy industry’s output helped damp
volatility and made it harder
to eke out profits from trading.
“I’m ecstatic that I’ve hung
on long enough to see it all
unfold,” Mr. Pickens wrote in
his letter.
—Lynn Cook
contributed to this article.
PATRICK T. FALLON/BLOOMBERG NEWS
VISA
BY JOSEPH DE AVILA
REUTERS
NASA’s plan to routinely
ferry astronauts into orbit using private spacecraft—initially slated to start last year—
has now slipped until at least
the spring of 2019, and unresolved hazards threaten further delays.
New questions about the
high-profile program, known as
commercial crew transportation, emerged Thursday, with
the National Aeronautics and
Space Administration’s top
outside safety panel flagging
persistent dangers. Under the
program, NASA would rely on
capsules developed and operated on a commercial basis by
Boeing Co. and Elon Musk’s
SpaceX.
Potential problems identified in the group’s annual report range from unconventional rocket-fuel systems to
the bombardment of aircraft in
orbit by tiny meteor fragments
and other space debris.
NASA has stipulated a statistical probability of no more
than one fatal accident per 270
flights. SpaceX and Boeing are
developing separate fleets of
capsules but neither is likely to
meet that longstanding safety
standard, despite years of testing, re-engineering and highlevel government concern
about what are called micrometeoroids, according to the
report.
Even with mandated on-orbit inspections to detect collision damage, the independent
watchdogs concluded “the likelihood remains that the providers will not meet all” of the
previously agreed-to requirements. NASA managers will
then have to determine if the
statistical risk—including significant statistical uncertainties—is acceptable, according
to the panel.
In addition, the document
singled out Space Exploration
Technologies Corp.—the formal name for Mr. Musk’s company—for two specific, potentially high-risk design and
operational features related to
fueling practices and internal
tank structures of its Falcon 9
rockets. Both of the issues have
been extensively studied by
company and agency experts,
but the report highlights that
they remain unsettled and that
Roughly 75% of Visa’s U.S. transactions don’t require a signature.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | B3
* * * * * *
BUSINESS NEWS
Meats Are on a Roll in U.S.
Age-Old U.K. Firm
Rebuffs Suitor,
Plans a Split-Up
BY JACOB BUNGE
AND BENJAMIN PARKIN
BY ROBERT WALL
DANIEL ACKER/BLOOMBERG NEWS
America is producing more
meat than ever.
Farmers and meatpackers
produced a record 99.7 billion
pounds of red meat and poultry in 2017, the U.S. Department of Agriculture estimates.
They are on track for an even
bigger slaughter this year.
Tyson Foods Inc., Sanderson Farms Inc. and other meat
companies are building new
plants that are expected to
push U.S. meat production up
3.8% in 2018, the biggest increase in more than 20 years.
“We have a world that has a
growing middle class that’s
demanding protein,” said Dean
Meyer, a farmer near Rock
Rapids, Iowa, who built a new
hog barn and cattle feedlot to
increase his sales to nearby
slaughterhouses. “We think
that’s a great opportunity.”
The U.S. beef-cattle herd
has expanded by 12% over the
past four years. Meat companies produced a record 47.7
billion pounds of poultry in
2017, and slaughtered hogs at
a faster pace than ever before.
Growing flocks and herds
have meant lower costs and
fatter profits.
Tyson in November said its
earnings per share hit a record
in fiscal 2017, while Hormel
Foods Corp. achieved its highest-ever annual profit margin.
Sanderson said it sold a record
4.2 billion pounds of poultry
in 2017.
Cheap grain is fueling the
livestock and poultry boom.
Five consecutive years of bumper U.S. crops have pushed
down corn and soybean prices,
making animal feed cheaper.
Robust demand domestically
and abroad encouraged meat-
Meat processing at a Missouri plant owned by Smithfield Foods, the world’s largest pork producer.
packers to build more and bigger plants to slaughter the
added animals.
The production boom could
mean lower meat prices at restaurants and grocery stores
this year, analysts said. Meanwhile, Americans are also on
course to eat more meat than
ever in 2018, thanks in part to
a strengthening economy.
Americans will consume 222.8
pounds of meat per capita in
2018, the USDA projects, a
sharp uptick from 2017.
Meat exports are also expected to grow as increasingly
affluent consumers in Southeast Asia, Latin America and
elsewhere eat more protein.
About 15% of U.S. meat production is exported.
The buildup could backfire
for farmers and meatpackers if
supplies outpace demand, or
trade disputes disrupt U.S. exports. Some analysts say consumption is unlikely to keep
up with the meat industry’s
rapid expansion. “I think the
increase in supply is going to
outpace demand growth for
the next two to three years,”
said Heather Jones, an analyst
with financial firm Vertical
Group.
The Trump administration
is renegotiating the North
American Free Trade Agreement, or Nafta, and other pacts
with countries that buy U.S.
meat. Last year, the U.S. withdrew from the Trans-Pacific
Partnership trade deal, which
some meat industry executives
hoped would boost exports to
countries where meat demand
is growing rapidly.
That was a blow to Prestage Farms Inc., a familyowned pork-and-poultry producer that is building a
slaughterhouse in Eagle Grove,
Iowa. The plant, capable of
producing 10,000 hogs a day,
was designed to produce pork
for export to markets including those that had joined the
TPP. “I’m frustrated that we’re
not at the table,” said Ron Prestage, the company’s president.
There are signs the big
buildup in U.S. meat production is already eroding profits
for some meatpackers, which
have a record of booms and
busts.
Take turkey. U.S. turkey
flocks have rebounded from a
2015 avian influenza outbreak
that led to the culling of millions of birds. Now a ballooning number of birds has
pushed turkey prices to their
lowest level in seven years.
Still, meat company executives are upbeat that both
U.S. diners and foreign customers will buy more of their
meat. “Our demand has been
outstanding,” Tyson Chief
Executive Tom Hayes said in
November.
Wal-Mart
To Shed
Corporate
Positions
A day after promising to
give its store workers raises
and bonuses, Wal-Mart Stores
Inc. is preparing to hand out
pink slips at its headquarters.
The giant retailer, which is
based in Bentonville, Ark., and
employs more than 1.5 million
people in the U.S., plans to cut
more than 1,000 corporate
jobs, according to people familiar with the matter.
The job cuts are expected to
be broad-based, focused on
workers primarily at the company’s headquarters, the people said. The cuts are expected
to be completed by the end of
the company’s fiscal year on
Jan. 31, they added.
“We’ve been looking at our
structure for some time as we
explore ways to operate more
effectively,”
a
Wal-Mart
spokesman said, without confirming that job cuts are
planned this month.
The expected corporate job
cuts add to around 10,000
store jobs being eliminated
this month as Wal-Mart closes
63 Sam’s Club locations, about
10% of the warehouse club’s
U.S. stores. The company disclosed the Sam’s Club closings
on Thursday, the same day it
said it would raise starting
wages for U.S. store workers,
hand out one-time bonuses
and enhance parental benefits.
The retailer has been cutting costs and pruning stores
as it frees up money to invest
in an e-commerce push to fend
off Amazon.com Inc. It closed
154 U.S. Wal-Mart stores in
2016 and has since slowed
openings, while buying a series of online retailers including Jet.com.
Wal-Mart is also reviewing
the structure of its store management, adding more assistant managers that will focus
on new activities happening in
stores like online order pickup,
while eliminating other manager positions, said one of the
people familiar with the plans.
The retailer is adjusting an
existing position called comanager to be more clearly a
steppingstone to become a
store manager, said this person. Some of the co-managers
whose jobs are eliminated will
move into the new assistant
manager positions or other
roles, said this person.
BEN PAUL, CLASSIC FORD BRONCOS
BY SARAH NASSAUER
Restoring vintage Ford Broncos in Columbus, Ohio. Auto makers are reintroducing old names.
Retired Truck Brands Return
BY MIKE COLIAS
AND CHRISTINA ROGERS
While Americans have been
promised a future of electric
cars that can drive themselves,
dealer showrooms are going
back in time, as auto makers
launch a slate of roomy offroaders with nostalgia-inducing
names.
Ford’s Bronco, the bulky
sport-utility vehicle, is returning to the market in 2020, ending a nearly quarter-century hiatus. It is part of a parade for
throwback-mobiles including
the Chevrolet Blazer, Mitsubishi Eclipse, Land Rover Defender and Ford Ranger. Jeep is
resurrecting the Wagoneer and
the Scrambler, while Volkswagen is toying with getting
the Microbus back on the road.
The retro trend comes during a renaissance in the U.S.
truck market sparked by low
gasoline prices, more efficient
designs and a willingness
among buyers to pay record
prices for automobiles. About
two-thirds of the 17.2 million
vehicles sold in the U.S. last
year were pickups or SUVs.
Auto executives have a soft
spot for historic brands, and
nameplates like Taurus and Camaro, 350Z and Charger have
gone in and out of retirement
in recent decades. Bringing
back old truck names that succumbed to portfolio cycles, or
in the case of GM’s Hummer its
gas-guzzling reputation, points
to a belief that American consumers are forever drawn to
heftier vehicles.
“This off-road, rough-andtough imagery is still very attractive to a large population of
SUV buyers,” said Joe Hinrichs,
global operations chief at Ford
Motor Co., who lobbied for
years inside Ford to revive the
Bronco and the Ranger. “We
saw a lot of value sitting there
on the shelf not being used.”
Analysts say auto makers
save tens of millions of dollars
by reusing iconic names. Jim
Sanfilippo, a marketing consultant, said names like Bronco
are “golden” because millennial
buyers are familiar with their
Welcome Back
Some old truck brands are making a comeback as Americans buy more
pickups and SUVs.
Brand
Projected
sale date
Jeep Scrambler
2019
Jeep Wagoneer
2019
Chevy Blazer
2019
Ford Bronco
2020
Land Rover Defender
2019
Ford Ranger
2019
Mitsubishi Eclipse
2018
Number of years since last sold in the U.S.*
*Some models have remained in overseas markets
Sources: the companies; staff reports
36 years
28
25
24
22
8
7
THE WALL STREET JOURNAL.
heritage.
Today’s pickups and SUVs,
by whatever name, have more
sway than did their predecessors over auto makers’ financial well-being. In the 1970s
and ’80s, SUVs like Range
Rover and Toyota Land Cruiser
were largely niche products,
suited for rumbling through
rugged terrain. They surged in
popularity through the 1990s as
they became stylish alternatives to station wagons and
minivans.
Today, the bulk of profits
earned at Ford, General Motors
Co. and Fiat Chrysler Automobiles NV come from pickups
and SUVs. Fiat Chrysler’s move
to revive the Wagoneer, the
roomy wagon that sported
wood panels, or the Scrambler
pickup based on the Wrangler,
could send margins even
higher.
While the Hummer remains
mothballed, other familiar faces
are coming out of storage.
Ford’s Ranger, once popular
among buyers seeking a cheap
truck, goes on sale in 2019,
eight years after Ford killed the
U.S. version. The auto maker is
reintroducing Ranger after GM’s
success with the 2014 reintroduction of two smaller trucks.
One person excited about
throwback trucks is Bryan
Rood, the 37-year-old owner of
a small business in Columbus,
Ohio, that restores old Broncos
with modern-day interiors and
Ford Mustang engines. He has a
waiting list of nearly 50 buyers,
even with some vehicles priced
at $225,000, he said.
“People want the vintage
SUVs,” Mr. Rood said. “But they
aren’t buying them to show off
at car shows. They’re driving
them.” He plans to offer customization packages for the
next-generation Bronco.
LONDON—GKN PLC, one of
Britain’s oldest companies, has
survived more than 250 years
by constantly reinventing itself.
On Friday, the car- and
plane-parts maker unveiled its
latest big shift—splitting up the
business—as it disclosed that it
had rejected an unsolicited $9.5
billion takeover approach. GKN
said the offer, by British turnaround specialist Melrose Industries PLC, undervalued the
company.
Instead, it said it would embark on a two-year program to
boost profit and cash generation. The company also said
former Ford Motor Co. executive Anne Stevens, who has
been serving as interim chief
executive, would take the top
job on a permanent basis to
lead the restructuring.
As part of the effort, GKN
plans to split itself into two
companies—separating its aerospace and automotive businesses. It currently counts General Motors Co., Fiat Chrysler
Automobiles NV, Boeing Co.
and Airbus SE as customers.
The move would be the firm’s
biggest shift since it agreed to
sell its industrial services business in 2001.
GKN, which traces its roots
to 1759, has maintained its status as a giant of British industry through a series of reinventions and changes in focus. At
one time or another, the company once known as Guest,
Keen and Nettlefolds has made
products as diverse as cannonballs, skillets, troop carriers and
scaffolding. More recently, it
has invested heavily in making
plane parts, capitalizing on a
boom in demand for commercial airliners.
For 2016, GKN recorded £9.4
billion ($12.9 billion) in sales.
The company, which is based in
Redditch, England, has about
58,200 employees.
GKN shares slumped last
year after the company issued
profit warnings and said its
chief executive designate, Kevin
Cummings, wouldn’t assume
the top job and instead would
leave the company amid problems in the aerospace division,
which he ran. Ms. Stevens, already a board member, became
interim CEO with the departure
of her predecessor on Dec. 31.
“We have been working extensively over the past few
months to develop detailed
cash and profit improvement
plans,” Ms. Stevens said.
GKN said Melrose made an
unsolicited preliminary offer on
Monday of £4.05 ($5.47) a
share, comprising 20% in cash
and the remainder in the firm’s
own stock. GKN said “the pro-
posal is entirely opportunistic
and that the terms fundamentally undervalue the company
and its prospects.”
GKN said it would provide
details on how it plans to split
the company at a later date,
with the timing of the move determined, in part, by associated
costs. GKN has a pension deficit
that could complicate a split-up
financially.
The company had previously
considered a breakup of its
aerospace and automotive businesses. The latest step in that
direction came as recent management changes led to an increased focus on shareholder
returns, said a person familiar
with the discussions. The decision wasn’t linked to Melrose’s
overture, the person said,
though the bid accelerated
GKN’s public disclosure of the
split-up plan.
The company would be open
to various methods to achieve
GKN had previously
considered a breakup
of its aerospace and
automotive businesses.
the split, the person said, including possibly a sale. An attractive purchase offer for one
of the businesses could hasten
the separation, the person said.
Shares in GKN surged 26% to
£4.20 on Friday.
Melrose said on Friday that
it could improve GKN’s profitability beyond the company’s
own targets. The improvement
would be the equivalent of
more than £300 million on top
of analysts’ profit expectations
for 2017, it said. The split being
proposed by GKN, Melrose said,
should be undertaken only after
improvements are made to the
business to generate higher return to shareholders. Under
Melrose’s proposal, GKN shareholders would retain a 57%
stake in the company.
Melrose has until Feb. 9 to
make a formal offer or give up
its pursuit under U.K. takeover
rules.
GKN said it expects its pretax profit for 2017 to come in
above the £678 million it posted
the prior year. GKN warned,
though, that a write-off on its
North American aerospace business would be near the top end
of a previously cited range of
£80 million to £130 million.
That business would also face a
“significant” noncash impairment over the carrying value of
goodwill and other fixed assets.
—Ian Walker
contributed to this article.
.
B4 | Saturday/Sunday, January 13 - 14, 2018
* *******
THE WALL STREET JOURNAL.
BUSINESS & TECHNOLOGY
BY SARA GERMANO
To market women’s sportswear, industry executives grapple with a perennial debate: Are
celebrities or sports stars more
effective endorsers?
In the case of German brand
Puma SE, its 2014 decision to
sign pop star Rihanna as a creative director appears to have
paid off.
Annual sales have grown
from €3 billion ($3.6 billion) to
nearly €4 billion, the brand has
expanded distribution in major
retailers like Foot Locker Inc.,
and parent company Kering SA
on Thursday announced a plan
to distribute 70% of Puma’s
shares to Kering shareholders,
praising the business’s recent
turnaround.
In Puma’s most recent annual report, the company credited Rihanna and “the fantastic
development of our women’s
category” as contributing to a
7% sales jump in 2016.
Puma Chief Executive Bjorn
Gulden said fundamental differences between how men and
women buy sportswear led to
the decision to enlist Rihanna, a
move that at the time was criticized by industry analysts as a
marketing ploy.
“It’s unfortunately very difficult to find a female athlete
that means something in China,
in Norway, in the U.S., and in
Germany. If you do, it’s coming
from someone in entertainment,” the Norway native said.
“On the men’s side, it’s very different. You can probably name
10 basketball players who mean
something all over the world,
same with soccer.”
Puma also outfits a range of
prominent athletes, including
members of English soccer club
Arsenal and Olympic champion
sprinter Usain Bolt, as well as
some female athletes, like U.S.
sprinter Jenna Prandini. But it
has expanded its roster of female celebrities since Rihanna
to include reality-TV star Kylie
Jenner and singer Selena
Gomez.
The celebrity marketing
playbook hasn’t always been effective for sports brands. In the
early 2000s, Reebok signed
rappers Jay-Z and 50 Cent to
GETTY IMAGES
Celebrity
Route Pays
Off for Puma
Rihanna at a show for her clothing line with Puma last year in Paris. Women’s wear has sold well for the German sports-apparel company.
help expand its appeal at a time
when it was known for outfitting the National Football
League and its shoe contract
with basketball star Allen Iverson. Reebok was acquired by rival Adidas AG in 2006 and
struggled to define its identity,
eventually abandoning its teamsports focus.
Yoga gear maker Lululemon
Athletica Inc. ushered in the
“athleisure” era over the past
decade with its high-price leggings and strappy bras, all
without splashy celebrity marketing. In a 2016 interview,
Chief Executive Laurent Potdevin said the company takes a
decidedly different approach to
marketing, using affiliations
with community fitness instructors.
“Those are the local superheros that you know in your
communities and you go to
their studios,” he said. “So we
don’t do endorsements the way
big athletic brands do.”
To be sure, industry titans
Nike Inc. and Adidas have done
their share of celebrity marketing, including partnerships with
rappers Kendrick Lamar and
Kanye West, respectively. But
they have traditionally focused
their marketing dollars on
prominent athletes, including
women like sprinter Allyson Felix and tennis player Caroline
Wozniacki. Puma endorsed tennis star Serena Williams early
in her career, but Nike picked
up her contract in 2003.
The big brands still have
room to build their women’s
businesses, and have faced
competition from upstarts.
Nike said it would expand a
line of Jordan footwear for
women this spring and partner
with online apparel seller Stitch
Fix to better reach female consumers.
Meanwhile, Under Armour
Inc. lost the head of its
women’s business last fall, and
said it would focus on performance gear as it combats a
streak of slowing sales.
Top Court To Review Web Sales Taxes InChina,FishHeads
Bezos Offers
School Aid
For Dreamers
BY LAURA STEVENS
Amazon.com Inc. Chief Executive Jeff Bezos is granting
$33 million in college scholarships for undocumented immigrant high-school graduates in
the U.S., according to TheDream.US, a nonprofit education group.
The grant, made by Mr. Bezos and his wife, MacKenzie
Bezos, will fund 1,000 scholarships for students with Deferred Action for Childhood
Arrivals, or DACA, status, the
group said in a press release.
Each recipient would receive a total of $33,000 in
scholarship aid over four years
to cover the costs of their education. Nearly 3,000 students
currently are part of the
group’s program for assisting
the young immigrants known
as Dreamers.
Mr. Bezos, 54 years old, said
in a press release that his father came to the U.S. from
Cuba at age 16 unable to speak
English. “With a lot of grit and
determination—and the help
of some remarkable organizations in Delaware—my dad became an outstanding citizen,
and he continues to give back
to the country that he feels
blessed him in so many ways.”
The donation comes as
President Donald Trump said
this week he was pursuing a
deal with lawmakers that
would shield hundreds of thousands of DACA immigrants
from deportation in exchange
for an expansion of a border
wall and an end to the visa lottery program. Mr. Trump previously rescinded the program
in September.
South Dakota has
been pushing a test
case to reflect
changes in retail.
hasn’t gone unnoticed by the
justices.
Justice Anthony Kennedy,
for example, said in a 2015
opinion that the court in a future case should revisit its earlier decisions, “given these
changes in technology and consumer sophistication.”
The justices on Friday took
up that call, explicitly agreeing
to consider whether the earlier
high-court precedent should be
overruled.
The high court could hear
oral argument in the case as
soon as April. If the court does
schedule the case for the
spring, a decision would be expected by the end of June.
South Dakota, in its petition
to the Supreme Court, said tax
collection is now uncomplicated for large internet retailers. “Asking today’s companies
to undertake it when they do
substantial business with a
state’s citizens imposes no undue burden,” the state wrote.
A group of 35 other states
urged the court to hear the
case, saying the inability to require online merchants to collect sales tax was costing them
billions of dollars and straining
state budgets. Taxpayers are
technically liable for the taxes
even if an online retailer
doesn’t impose them, but such
direct collections by state tax-
AreOnlyaClickAway
ing authorities are rare.
Also joining the push for
Supreme Court review were
brick-and-mortar retailers who
say it undermines fair competition that they have to collect
sales taxes but their online rivals don’t.
South Dakota passed legislation in 2016 to require merchants to collect and remit the
taxes. It then sued a handful of
large online retailers to set its
test case in motion. Courts in
South Dakota blocked the law,
saying they were bound by
U.S. Supreme Court precedent.
Other states have been pursuing similar laws in a bid to
get the issue in front of the
high court.
The current defendants in
the South Dakota case are Wayfair Inc., Overstock.com Inc.
and Newegg Inc. The companies argued the court should
decline to review the case, saying the question of online
sales-tax collection was a policy
matter best left to Congress.
BY ALYSSA ABKOWITZ
BEIJING—Most Chinese consumers go to JD.com to buy
electronic gadgets and other
items. Restaurant operator
Zhang Zong uses China’s No. 2 ecommerce company to deliver
400 million pounds of carp
heads.
By outsourcing delivery of the
fish heads and other kitchen essentials to JD.com, Ms. Zhang
said she no longer has to rely on
200 different suppliers for the
33-outlet restaurant chain she
runs. She added that she was
also saving on delivery expenses.
As one of China’s fastestgrowing online retailers, JD.com
built an in-house delivery and logistics operation to serve its primary business. It is now turning
that know-how into a business
delivering goods to restaurants
and other merchants.
“The tough part was building
our huge logistics capabilities for
our own use,” said Song Chunzheng, vice president of JD.com’s
enterprise department. “Implementing them to help other industries is the easy part. That’s
what we’re doing now.”
JD.com has been adding new
lines of business to capture
growth in China’s e-commerce
market. Adding a food-procurement business is one way to gain
an edge over the country’s largest online retailer Alibaba Group
Holding Ltd., which doesn’t have
an in-house delivery operation.
If successful, JD.com’s move
could provide a blueprint for a
company in the U.S., where the
restaurant food-supply business
remains fragmented. While
many U.S. procurement companies use technology to help restaurants find the freshest food,
some consultants said it would
take a player such as Amazon.com Inc. to fundamentally
change how restaurants are supplied.
Tech Leaders to Depart From Disney’s Board
BY BEN FRITZ
AND MARIA ARMENTAL
Two tech titans are leaving
Walt Disney Co.’s board of directors as the media giant
moves into their territory, creating conflicts.
Facebook Inc. Chief Operating Officer Sheryl Sandberg
and Twitter Inc. Chief Executive Jack Dorsey aren’t standing for re-election at Disney’s
annual meeting March 8, the
company disclosed in a regulatory filing Friday.
“Given our evolving business
and the businesses Ms. Sandberg and Mr. Dorsey are in, it
has become increasingly difficult for them to avoid conflicts
relating to board matters,” a
Disney spokeswoman said in a
statement.
The company is developing a
new ESPN streaming video service it will launch this year and
a Disney-branded one sched-
PUB
Continued from page B1
since those sparking what Facebook determines are “meaningful interactions” among users
will apparently be in a better
position.
Several publishers said the
change would create a survivalof-the-fittest contest that would
weed out low-quality content.
Ben Lerer, chief executive of
Group Nine Media, owner of
sites like NowThis and The
Dodo that rely on distribution
via Facebook and Instagram,
said in an interview that the
company can thrive under the
new Facebook approach.
“There will be adjustment,
but we aren’t the folks that lead
uled to debut in 2019. Facebook
and Twitter, meanwhile, are expanding their own video products, and Facebook has begun
buying and streaming original
programming.
In addition, Disney’s longtime lead independent director,
Orin C. Smith, is stepping down
because he has hit the company’s retirement age of 74.
Disney’s board will elect a
new lead independent director
when it meets after the annual
meeting, the spokeswoman
said.
One more board member,
Robert Matschullat, is stepping
down because he has served
for 15 years, the maximum tenure.
Disney already said that Sa-
fra Catz, Oracle Corp.’s co-chief
executive, and Illumina Inc.
CEO Francis deSouza will join
the board starting Feb. 1.
If they, along with eight incumbent members, are elected
at the annual meeting, Disney
will end up with 10 directors.
CEO Robert Iger will remain
chairman. Mr. Iger’s total compensation in fiscal 2017 fell 17%
from the year earlier on lower
bonus pay, the company also
revealed in its proxy statement.
Mr. Iger’s total compensation
was $36.3 million for the year
ended Sept. 30, down from
$43.9 million the prior year.
While Mr. Iger’s base pay
stayed unchanged at $2.5 million, he received $15.2 million
in performance-based cash bonus, above the $12 million target but substantially down
from the $20 million he received in fiscal 2016.
“Despite strong performance
in the face of known compara-
to people having bad experiences on Facebook,” Mr. Lerer
said in note to staff. “To the
contrary, we are the most optimistic and beloved publishers
on the platform.”
Facebook’s changes also have
major implications for advertisers, who may have to spend
more money to get their messages in front of Facebook users
as the media content available
in the news feed shrinks and
content published directly by
brands free of charge is pushed
down in the pecking order.
Despite the public expressions of confidence by some
media executives, others privately expressed frustration at
Facebook’s decision after having spent considerable time and
money to gear their businesses
toward attracting its users. One
media executive expressed dismay with a perceived lack of
transparency on the part of the
social network.
“Facebook says: ‘If you don’t
have meaningful interactions,
you’re going to be downranked,’ ” the executive said.
“So we ask Facebook, ‘explain
what a meaningful interaction
is.’ And they say, ‘we can’t tell
you that.’ ”
Adam Mosseri, the executive
who oversees Facebook’s news
feed, explained on Twitter
Thursday evening that Facebook has a multipronged approach to determine what constitutes
a
meaningful
interaction on the social network. The company studies
how users interact with one another on the platform and then
listens to what they say about
those reactions.
Facebook declined to comment. In a post announcing the
change, Facebook Chief Executive Mark Zuckerberg noted
that “some news helps start
conversations on important issues.”
Other publishers sought to
seize the moment by directing
readers to platforms they own.
BuzzFeed News published an
ad on Facebook directing readers to download its app with
the caption “Facebook is breaking up with news.” BuzzFeed
also released a statement saying the algorithm change is in
line with trends the company
was already beginning to anticipate.
“BuzzFeed’s mission from
day one has been to create
shareable content that enables
DAVID PAUL MORRIS/BLOOMBERG NEWS
WASHINGTON—The
Supreme Court said it would consider whether states can
broadly require online retailers
to collect sales taxes even if
they lack a physical presence in
the state, a case that could
have a major impact on online
commerce.
The justices agreed to hear
an appeal by the state of South
Dakota, which has been pushing a test case with the goal of
overturning past high-court
precedent, dating from before
the explosion of modern internet retailing, that limited state
sales-tax collection.
The Supreme Court, in cases
from 1967 and 1992 involving
mail-order businesses, said
states can require merchants to
collect sales tax only if they are
physically located in the state.
The court said states would impermissibly burden interstate
commerce if they required out-
of-state retailers to collect
sales tax.
The retail landscape, however, has changed dramatically
since then because of the
growth of online-only companies, who have undercut
prices—and hurt state coffers—
with tax-free sales. That shift
ALEX BRANDON/ASSOCIATED PRESS
BY BRENT KENDALL
AND RICHARD RUBIN
Facebook’s Sheryl Sandberg and Twitter’s Jack Dorsey.
bility challenges and Mr. Iger’s
ongoing strategic leadership,
the absence of growth in fiscal
2017 led to a decline of $4.8
million in Mr. Iger’s bonus
compared to fiscal 2016,” the
company said in a securities filing on Friday.
It was bumped to $3 million
on Jan. 1 under a new agreement signed last month as Disney agreed to acquire some assets of 21st Century Fox.
Fox and Wall Street Journal
parent News Corp share common ownership.
Under the new agreement,
Disney extended Mr. Iger’s contract through 2021, from July
of 2019, should the Fox deal
close.
Disney’s net income fell 4%
last fiscal year to $8.98 billion
and revenue declined 1% to
$55.14 billion.
The company’s stock closed
Friday at $112.47, up 4% over
the past 12 months.
meaningful interaction among
families and friends; meaningful
social content is our sweet
spot,” the statement said.
No publishing executives can
say for sure what the impact
will be on their traffic. Sites
specializing on hard global and
business news may have a
tougher time than those with
lifestyle content under the new
algorithm, depending on what
users engage with.
Neil Vogel, CEO of the media
company Dotdash, said the situation is reminiscent of when
Google
made
algorithm
changes that deprioritized lowquality content designed to
game its search results. Then as
now, he said, a major source of
traffic was acting in its best interest to the detriment of some
publishers.
.
* * * *
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WEEKEND INVESTOR
RETIREMENT REPORT | By Anne Tergesen
Building a Nest Egg, One Strategy at a Time
After November’s column on using
health-savings
accounts to
build a pot of
tax-free retirement money,
some readers asked about
other ways to save more and
reduce taxes for retirement.
So, I polled retirement specialists for ideas, and here
are four of the best.
Save for a nonworking
spouse: To contribute to an
individual retirement account, you have to earn income. But there is an exception for nonworking spouses:
a spousal IRA.
Provided one spouse has
wages, self-employment
earnings or other forms of
income, he or she can set up
a spousal IRA and contribute
up to $5,500 a year on behalf of a spouse. (IRA owners
50 or older can make $1,000
of additional catch-up contributions, for a total of $6,500
a year.) A couple must file a
joint tax return to qualify.
A nonworking spouse in a
couple that earns less than
$199,000 can opt for a Roth
IRA; above that, he or she is
restricted to a traditional
IRA. With a traditional IRA,
the nonworking spouse must
be younger than 70½ years
old when the contributions
are made.
Also, if the working
spouse is covered by a
INVEST
Continued from page B1
this past week, the average
bear fund lost 93%, according
to Morningstar. Over that period, the S&P 500 is up 390%,
including dividends.
On average, bear funds have
lost money nine straight years,
exactly as they should have in
a rising market. Every single
one of the 148 such funds with
assets of at least $2 million
had negative returns in 2017,
401(k)-type plan, both
spouses can still contribute
to an IRA. But the working
spouse can’t take a tax deduction for contributions to
a traditional IRA if his or her
income is above $121,000.
The nonworking spouse loses
the deduction when household income is above
$199,000. Those with incomes above those thresholds can contribute after-tax
money.
“Backdoor” Roth contribution: Individuals who
earn $135,000 or more and
couples with incomes above
$199,000 can’t contribute to
a Roth IRA. But there is a
way around this rule.
The key is to put money
you already paid taxes on
into a traditional IRA and
convert it to a Roth IRA. Because you already paid income tax on the contribution, you will owe tax only
on the appreciation your investments have earned when
you do the Roth conversion.
If you do the conversion
quickly, your investments
won’t have much time to appreciate and you won’t owe
much tax on the conversion,
says Ed Slott, an IRA specialist from Rockville Centre,
N.Y.
One potential hurdle: Tax
rules prevent those with traditional IRAs that contain
both pretax and after-tax
money from converting only
the after-tax money.
“Megabackdoor” Roth
conversion: With this strategy, some employees can potentially convert larger sums
to a Roth IRA while minimizing the tax consequences.
After contributing the
$18,500 maximum—or
$24,500 if you are 50 or
older—to a traditional pretax
401(k) or a Roth 401(k), ask
if your plan permits after-tax
contributions. About half do,
according to 401(k) recordkeeper Alight Solutions LLC.
In total, the IRS allows
employees to set aside up to
$55,000 a year in pretax, after-tax and employer contributions.
The number rises to
$61,000 if you are 50 or
older.
Once employees are 59½
or older, many 401(k) plans
allow them to roll over their
savings tax-free to an IRA.
Some plans permit younger
employees to do the same,
but only with after-tax contributions. That gives those
younger employees an opportunity to withdraw just
their after-tax money, pay
income tax on the earnings,
and convert the withdrawal
to a Roth IRA, where it can
increase tax-free.
People who are 59½ or
older can withdraw all of
their 401(k) money and funnel the pretax portion into a
traditional IRA, while converting the after-tax portion
to a Roth IRA.
Fund another IRA: If
you work a side job, you can
save more than double the
amount you are allowed to
set side in a 401(k) plan.
The trick is to put $18,500
a year into a 401(k) at your
primary employer and
$5,500 into an IRA and then
save even more by putting
some of your self-employment income into a SEP IRA,
a Simple IRA or a Solo
401(k).
Many brokerage firms and
banks offer these plans. The
simplest is the SEP IRA,
which has little to no administrative costs or annual filing requirements, says De-
according to Thomson Reuters
Lipper.
Mr. Fahmi’s Pimco StocksPlus Short Fund seeks to improve performance by using
the money left over after it
bets against stocks to forage
across the bond and currency
markets. As of now, the fund
should benefit if 10-year U.S.
Treasury inflation-protected
securities appreciate and if
emerging-market currencies
rise against the dollar and
other currencies issued by developed nations.
Is Mr. Fahmi bothered that
Pimco StocksPlus Short has
lost money nine years in a
row? “Sorry to disappoint
you,” he laughs. “It doesn’t
cause [me] any sleepless
nights. I’m very proud of our
performance.”
The fund has done its job
and then some.
It lost 14% last year, even as
the S&P 500 went up 22%. A
direct bet against the S&P
should lose as much as 22% in
a year when the market goes
up by that amount, so a loss of
only 14% is impressive. Pimco
StocksPlus Short gained 49%
in 2008, the last time the S&P
had a down year.
Another bear-market portfolio, the $190 million Grizzly
Short Fund, gained 74% in
2008 but has lost money in
eight of the nine years since.
“We recognize the market
goes up more than it goes
down,” says Greg Swenson, the
fund’s co-manager at Leuthold
Weeden Capital Management
in Minneapolis. “As long as clients know that and we know
that, it takes a lot of the stress
out of it.”
Mr. Swenson isn’t predicting
an imminent crash. However,
high profits, low unemployment and bullish sentiment
suggest “things are so good,
they can’t get much better, and
they could turn very quickly.”
As the market has kept
surging, he says, minimizing
losses “has been the battle for
the past couple of years.” The
fund gained 3.8% in 2015 but
lost 14% in 2016 and 20% last
year.
His fund, unlike the Pimco
portfolio, doesn’t short the
S&P 500. Rather, it bets
against specific companies
Fast-Track Retirement Savings
Four growth scenarios if you have $200,000
in an IRA account at age 50...
0.5
At age 65:
$923,417
$800,055
$639,683
$615,012
...or contribute $5,500
a year thereafter
*Catch-up contributions allow those 50 and
older to deposit an additional $1,000 a year.
Note: Assumes 6% annual pretax growth
with contributions made in January.
0
Age 50
65
70
THE WALL STREET JOURNAL.
Source: WSJ analysis
Open
Open
interest
632
159,306
220
331,752
127,850
46,643
17,929
27,733
3
36,238
2,606
2
99
77,940
71
145,364
Settle
March
May
1,926
1,939
1,944
1,955
1,914
1,928
1,894
1,910
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Open
interest
Chg
–14 136,411
–12 52,514
t 120.90
122.25
–.55
t 123.40
124.70
–.55
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
14.25
14.29
t
13.96
14.18
…
May
14.37
14.40
t
14.10
14.32
…
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March
26.90
26.98
26.80
26.81
.01
May
27.10
27.10
26.90
26.87
–.05
Cotton (ICE-US)-50,000 lbs.; cents per lb.
March
82.85
84.65 s
80.30
81.68
–.97
May
83.01
84.45 s
80.41
81.96 –1.00
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March
135.90
137.65
135.35
136.20
–.30
May
136.40
138.00
t 136.00
136.95
.05
March
May
122.80
125.25
123.25
125.65
117,976
54,885
353,459
188,982
3,574
2,233
112,969
128,232
81,775
126,143
178,648
350,250
171,993
147,710
70,630
97,362
150-050 150-190
149-020 149-120
149-170
148-250
150-160
149-140
2.0 796,969
2.0
325
March
June
122-315 123-020
122-190 122-200
122-200
122-090
122-300
122-175
–6.0 3,341,772
–6.0 14,882
March
June
115-192 115-202
115-105 115-105
115-117
115-052
115-170
115-097
–4.7 3,176,227
–5.2
3,878
March
106-280 106-282
106-255
106-270
–1.7 1,850,111
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
–2.50 823,433
–2.25 248,557
–1.00
–.75
4,348
1,929
3.50
112
10.50 368,914
.20
61
3.90 175,025
–.04
46
–.02 212,958
6.00
8.00
10
8,954
–16.25
–14.75
37,211
13,653
.525
1.275
5,097
25,408
.300 82,644
.575 127,156
.600
.500
49,415
90,086
–22.40
2.30
4
5,677
–.05
–.14
3,300
3,783
1.831
2.408
1.177
2.360
2.037 t
2.732 s
l
2.044
1.833
1.831
3.5
7.5
l
2.712
2.531
2.676
18.2
17.4
31.7
France 2 -0.420 s
10 0.864 t
l
-0.430
-0.588
-239.8
-177.8
l
0.872
0.642
-0.601 -242.2
0.770
-168.7
-166.6
-159.0
Germany 2 -0.562 t
10 0.515 t
l
-0.558
-0.731
-252.7
-189.6
l
0.517
0.316
-0.719 -256.4
0.244 -203.5
-202.1
-211.6
Italy 2 -0.177 t
10 1.987 t
l
-0.160
-0.317
-0.159
-217.9
-212.8
-133.6
l
2.058
1.705
1.889
-56.3
-48.0
-47.1
Japan 2 -0.134 t
10 0.075 s
l
-0.133
-0.152
-0.223
-140.0
l
0.069
0.045
-213.6
0.042 -247.5
-210.2
0.100
2.750
-247.0
-231.8
Spain 2 -0.379 s
10 1.507 t
l
-0.392
-0.371
-236.1
-148.2
l
1.548
1.458
-0.305 -238.1
1.403
-104.3
1.450
0.572 s
1.338 s
l
0.560
0.470
0.159
l
1.312
1.225
1.396
1.750
U.K. 2
4.250
10
98.585
98.390
98.588
98.390
t
t
98.585
98.370
98.588
98.370
… 248,925
–.020 205,951
96.969
97.000
t
in that same company’s share price.
March
96.578
96.953
–.156
Investment-grade spreads that tightened the most…
Jan
...
...
98.2800
98.1750
97.9950
97.7650
98.2800
98.1800
97.9950
97.7650
...
98.4425
…
8,178
98.2750
98.1500
97.9550
97.7200
98.2775
98.1600
97.9700
97.7400
–.0025
–.0150
–.0250
–.0350
222,895
1,424,023
1,338,306
1,622,856
Eurodollar (CME)-$1,000,000; pts of 100%
Jan
March
June
Dec
t
t
t
t
25,749
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan
March
.8979
.9019
.9004 s
.9046 s
.8948
.8982
.8977 –.0027
2,221
.9035 .0001 239,166
Jan
March
.7992
.7993
.8012
.8033
.7972
.7964
.8010
.8015
.0025
1,142
.0024 147,080
Jan
March
1.3550
1.3570
1.3680 s
1.3773 s
1.3550
1.3565
1.3672
1.3764
.0133
2,083
.0198 192,475
March
June
1.0296
1.0417
1.0391 s
1.0437 s
1.0281
1.0356
1.0370
1.0446
.0077
.0078
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
69,099
148
s
.7856
.7879 –.0014
306
s
.7854
.7911 .0019
578
s
.7846
.7910 .0019 119,010
s
.7854
.7910 .0019
118
s
.7852
.7910 .0019
751
st
.7833
.7914 .0021
284
Mexican Peso (CME)-MXN 500,000; $ per MXN
March
.05131
.05209 s
.05131
.05196 .00054 186,255
June
.05099
.05125 s
.05055
.05113 .00053
1,169
Euro (CME)-€125,000; $ per €
Jan
1.2035
1.2145 s
1.2035
1.2145 .0105
5,676
March
1.2083
1.2266 s
1.2077
1.2229 .0144 535,641
Jan
Feb
March
April
June
Dec
.7888
.7887
.7888
.7878
.7902
.7833
.7896
.7910
.7922
.7910
.7910
.7856
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
March
June
25539
25560
25804
25816
25531
25552
S&P 500 Index (CME)-$250 x index
March
2769.20
2789.60 s
2767.00
2790.00 s
2792.75 s
2766.75
2769.75
1969.70
1959.40
Mini S&P 500 (CME)-$50 x index
March
June
2768.75
2772.00
25801
25821
246 150,335
247
236
2788.70
19.20
2788.75
2791.75
19.25 3,198,069
19.50 38,471
56,032
Mini S&P Midcap 400 (CME)-$100 x index
March
1961.80
Mini Nasdaq 100 (CME)-$20 x index
March
June
6725.5
6744.0
6777.8 s
6797.3 s
6703.3
6726.5
1602.00 s
1585.30
1543.40 s
1534.60
Mini Russell 2000 (ICE-US)-$100 x index
March
1586.70
Mini Russell 1000 (ICE-US)-$100 x index
March
1534.60
U.S. Dollar Index (ICE-US)-$1,000 x index
March
June
91.51
91.17
91.63
91.24
t
t
90.53
90.26
1966.90
6775.3
6796.3
4.70
90,988
48.8 261,698
47.8
1,067
1596.10
8.10
23,048
1543.10
9.70
279
90.74
90.38
–.87
–.87
49,101
1,157
Source: SIX Financial Information
-121.2
Corporate Debt
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
1 Month Libor (CME)-$3,000,000; pts of 100%
-143.0
65.3
-99.0
-95.6
-140.9
-101.9
-122.6
-96.4
Source: Tullett Prebon
Jan
April
–12.75 278,949
–12.50 100,496
–14.00 168,963
–14.00 62,160
0.100
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.969
2.538
10
0.050
Year ago
l
Australia 2
0.000
Month ago
l
4.500
1.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
U.S. 2 2.002 s
10 2.550 s
2.750
2.050
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures
1.875
2.250
0.500
March
June
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Country/
Coupon (%) Maturity, in years
8,493
1,535
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
based on such factors as how
much stock management is
selling, whether the supply of
shares outstanding is increasing, and the extent to which
other short sellers are angling
for the price to fall.
Investors looking for cheap
companies nowadays might
as well be opening hens’
mouths looking for teeth. But
bears seeking to profit when
overpriced stocks collapse
need at least as much patience, or uncanny clairvoyance, along with a high tolerance for pain.
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
0.750
Interest Rate Futures
nise Appleby, of Appleby
Retirement Consulting Inc.
in Grayson, Ga.
With a Simple IRA, you
can save as much as $12,500
a year pretax—or $15,500 for
those who are 50 or older—
plus a deductible matching
contribution of up to 3% of
pay that comes from you, because you’re the employer.
Both the SEP IRA and Solo
401(k) allow you to save as
much as 25% of your selfemployment compensation.
With the Solo 401(k) you can
set aside an additional
$18,500 a year, or $24,500
for those 50 or older. (That
extra $18,500 or $24,500 is
reduced by any salary contributions you make to other
401(k)-style plans, says Ms.
Appleby.)
The SEP IRA and Solo
401(k) both cap total annual
contributions at $55,000, a
number that rises to $61,000
for people 50 or older in a
Solo 401(k). (An employer’s
matching or profit-sharing
contributions—which you, as
the employer, can make—are
counted toward that $55,000
limit, as are employee contributions.)
Because the $55,000 limit
generally applies to each employer’s plan you participate
in, those with two jobs can
theoretically save up to
$110,000 a year, not to mention the $5,500 allowed in an
IRA.
Global Government Bonds: Mapping Yields
168,863
63,408
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
272,351
511,535
183,695
145,907
295,441
242,552
Corn (CBT)-5,000 bu.; cents per bu.
t 345.50
346.25
t 353.75
354.75
Oats (CBT)-5,000 bu.; cents per bu.
March
250.00
252.00
248.75
249.50
May
250.75
252.75
250.75
251.25
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan
940.25
943.75
t 937.25
944.00
March
948.25
962.75
t 944.50
960.50
Soybean Meal (CBT)-100 tons; $ per ton.
Jan
309.60
309.90
t 308.10
309.80
March
312.60
317.70
t 310.30
317.00
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
33.32
33.32
33.32
32.93
Jan
March
33.08
33.40
t
32.83
33.13
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
...
...
... 1158.00
Jan
March
1175.00 1183.00
1170.50 1181.00
Wheat (CBT)-5,000 bu.; cents per bu.
March
433.25
436.00
t 418.75
420.50
May
446.75
448.75
t 432.25
434.25
Wheat (KC)-5,000 bu.; cents per bu.
March
440.25
443.00 s t 424.00
426.25
May
453.75
456.50 s t 437.25
439.75
Wheat (MPLS)-5,000 bu.; cents per bu.
March
629.00
630.00
t 612.00
612.75
May
635.00
636.50
t 620.00
620.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
143.850 144.750
143.100 144.350
Jan
March
141.475 142.800
140.650 142.650
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Feb
117.100 117.500
116.550 117.375
April
118.900 119.625
118.475 119.450
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Feb
71.000
71.825
70.950
71.575
April
73.825
74.550
73.825
74.325
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
494.00
494.70
472.00
472.00
Jan
March
464.80
469.20 s
462.80
466.10
Milk (CME)-200,000 lbs., cents per lb.
Jan
13.85
13.88
t
13.75
13.76
Feb
13.23
13.30
t
13.04
13.07
Contract
High hilo
Low
Cocoa (ICE-US)-10 metric tons; $ per ton.
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Jan
3.2000
3.2000
3.2000
3.2000 –0.0135
March
3.2255
3.2490
3.2160
3.2185 –0.0145
Gold (CMX)-100 troy oz.; $ per troy oz.
Jan
1327.80 1338.20 s
1327.80 1333.40 12.80
Feb
1323.60 1340.00 s
1320.80 1334.90 12.40
April
1327.90 1344.80 s
1326.00 1339.80 12.50
June
1332.30 1349.90 s
1332.00 1345.00 12.70
Aug
1344.00 1355.10 s
1340.40 1350.40 13.10
Dec
1351.90 1365.40 s
1350.80 1361.00 13.70
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Jan
...
...
... 1108.00 29.10
March
1080.25 1124.30 s
1080.00 1105.35 29.10
June
1076.50 1114.10 s
1074.65 1097.70 29.30
Dec
1080.00 1080.00 s t 1080.00 1086.65 28.45
Platinum (NYM)-50 troy oz.; $ per troy oz.
Jan
992.00
993.50 s
991.50
991.20
4.30
April
989.60 1004.20 s
987.60
996.20
5.40
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.925
17.120
16.920
17.069 0.175
Jan
March
17.000
17.300
16.995
17.141 0.175
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Feb
63.57
64.50
63.06
64.30
0.50
March
63.50
64.41
62.98
64.23
0.55
April
63.29
64.19
62.80
64.03
0.57
May
63.10
63.90 s
62.56
63.77
0.57
June
62.79
63.56 s
62.28
63.44
0.55
Dec
60.44
60.93 s
60.00
60.89
0.41
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
2.0770
2.0883
2.0616
2.0850 .0083
Feb
March
2.0688
2.0805
2.0536
2.0778 .0103
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Feb
1.8354
1.8525
1.8204
1.8495 .0125
March
1.8541
1.8686
1.8388
1.8656 .0115
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Feb
3.137
3.224 s
3.070
3.200
.116
March
2.954
2.996
2.911
2.993
.068
April
2.780
2.802
2.745
2.789
.019
May
2.761
2.780
2.731
2.773
.014
July
2.835
2.853
2.807
2.850
.015
Oct
2.821
2.845
2.801
2.843
.011
350.00
358.00
$894,880
$855,890
...or contribute $6,500 a year
thereafter while also contributing
$6,500 a year to a spousal IRA for a
nonworking spouse age 50 or older
...or make ‘catch-up’
contributions of $6,500
a year thereafter
Metal & Petroleum Futures
348.75
357.00
$1,148,333
...and make catch-up* and spousal IRA
contributions while also contributing
$5,000 a year of self-employment
income from a side job to a SEP IRA
$1.0 million
Futures Contracts
March
May
At age 70:
$1,343,296
Maturity
Last week
Stock Performance
Close ($)
% chg
Symbol Coupon (%)
Select Income REIT*
Omega Healthcare Investors
Viacom
JPMorgan Chase
SIR
OHI
VIA
JPM
4.250 May 15, ’24
4.750 Jan. 15, ’28
4.375 March 15, ’43
7.900 April 30, ’49
185
225
227
–70
–23
–17
–16
–14
211
243
247
n.a.
23.09
26.12
39.10
112.67
–1.54
–1.80
9.68
1.65
Morgan Stanley
Teva Pharmaceutical Fin Netherlands III
Energy Transfer
Valero Energy
MS
TEVA
ETP
VLO
2.800
2.200
6.500
6.625
54
215
250
127
–14
–13
–12
–10
54
268
n.a.
145
55.12
…
20.01
96.75
1.70
…
1.16
2.33
80
342
n.a.
n.a.
185.04
32.77
84.94
50.13
1.69
2.86
–7.36
0.66
75
46
51
47
…
...
…
…
June 16, ’20
July 21, ’21
Feb. 1, ’42
June 15, ’37
Current
Spread*, in basis points
One-day change
Issuer
…And spreads that widened the most
Amgen
Xerox
AFLAC
Air Lease
AMGN
XRX
AFL
AL
3.200
Nov. 2, ’27
6.750 Dec. 15, ’39
4.000 Oct. 15, ’46
2.500 March 1, ’21
Credit Suisse Funding
BMW US Capital
Capital One NA
American Express Credit
CS
BMW
COF
AXP
3.125
2.000
2.350
2.375
Dec. 10, ’20
April 11, ’21
Jan. 31, ’20
May 26, ’20
76
285
99
64
11
9
8
7
77
45
59
45
7
6
6
5
…
...
…
…
High-yield issues with the biggest price increases…
Coupon (%)
Maturity
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
Monitronics International
CHS/Community Health Systems
Frontier Communications
R.R. Donnelley & Sons
MONINT
CYH
FTR
RRD
9.125
6.875
8.500
6.500
April 1, ’20
Feb. 1, ’22
April 15, ’20
Nov. 15, ’23
88.125
66.000
88.500
98.250
McDermott International
Targa Resources Partners
Noble Holding International
Altice Luxembourg S.A.
MDR
NGLS
NE
ATCNA
8.000
May 1, ’21
5.125
Feb. 1, ’25
5.250 March 15, ’42
7.625 Feb. 15, ’25
103.500
103.250
68.750
94.000
Last week
Stock Performance
Close ($)
% chg
83.875
59.500
87.500
97.250
...
…
8.30
9.64
...
…
7.51
0.21
n.a.
103.000
65.500
98.000
7.79
...
…
...
1.17
...
…
...
–1.00
–0.88
–0.81
n.a.
89.250
85.750
105.500
…
...
21.94
135.89
…
...
1.81
0.84
–0.75
–0.75
–0.75
–0.75
103.875
75.938
104.375
95.000
...
...
29.69
...
...
...
0.61
...
2.88
2.13
1.59
1.00
0.88
0.81
0.78
0.75
…And with the biggest price decreases
Global Marine
MEG Energy
California Resources
MSCI
RIG
MEGCN
CRC
MSCI
7.000
6.375
8.000
5.250
June 1, ’28
Jan. 30, ’23
Dec. 15, ’22
Nov. 15, ’24
Harland Clarke Holdings
Iheartcommunications
Pilgrims Pride
Valeant Pharmaceuticals International
HARCLA
IHRT
PPC
VRXCN
8.375 Aug. 15, ’22
9.000 Dec. 15, ’19
5.750 March 15, ’25
5.875 May 15, ’23
100.500 –3.50
90.000
87.375
104.780
104.000
74.500
103.000
92.750
*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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | B7
* * * *
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
25803.19 s 228.46, or 0.89%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 23.14 21.68
P/E estimate *
20.36 18.62
Dividend yield
2.03
2.41
All-time high 25803.19, 01/12/18
Nasdaq Composite Index
Last
2786.24 s 18.68, or 0.67%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 22.37 24.97
P/E estimate *
18.82 17.55
Dividend yield
1.84
2.06
All-time high: 2786.24, 01/12/18
Last Year ago
7261.06 s 49.28, or 0.68%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 27.83
25.05
P/E estimate *
21.00
18.88
Dividend yield
1.01
1.20
All-time high: 7261.06, 01/12/18
Current divisor 0.14523396877348
25800
2750
7200
25000
2700
7050
24200
2650
6900
23400
2600
6750
22600
2550
6600
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
65-day moving average
65-day moving average
65-day moving average
21800
6450
2500
Bars measure the point change from session's open
Nov.
Dec.
6300
2450
21000
Oct.
Oct.
Jan.
Nov.
Dec.
Oct.
Jan.
Nov.
Dec.
Jan.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
25810.43 25633.08 25803.19 228.46
Transportation Avg 11380.32 11281.76 11373.38
690.10
Utility Average
Total Stock Market
Barron's 400
682.98
683.91
0.89 25803.19 19732.40
89.06
0.79
-6.66 -0.96
28820.45 28655.15 28806.69 173.87
745.23
740.71
3.81
743.94
Nasdaq Stock Market
Nasdaq Composite
7265.26
Nasdaq 100
6763.98
7205.18
6695.52
7261.06
6758.54
0.61
0.51
49.28
50.05
0.68
0.75
S&P
500 Index
2787.85
2769.64
2786.24
18.68
MidCap 400
SmallCap 600
1967.46
973.85
1959.79
966.01
1965.97
969.17
5.29
3.56
0.27
Other Indexes
Russell 2000
1598.18
1587.12
1591.97
5.18
13299.19 13237.55 13294.34
8.9
774.47
654.98
4.1
-5.5
3.2
28806.69 23526.88
743.94
600.24
21.7
21.9
4.1
4.6
10.9
12.0
7261.06
6758.54
5538.73
5044.65
5.2
5.7
30.3
33.6
15.9
17.5
4.2
11.2
0.37
1965.97
969.17
1667.44
815.62
16.5
15.4
3.4
3.5
11.1
12.7
0.33
1591.97
1345.24
16.0
3.7
10.5
83.57
0.63
2.87
0.49
NYSE Arca Biotech
4496.84
4437.83
4489.75
47.94
NYSE Arca Pharma
565.66
561.42
564.50
4.05
KBW Bank
113.10
112.23
0.91
PHLX§ Gold/Silver
113.05
89.11
87.28
PHLX§ Oil Service
89.11
164.61
162.39
1324.24
10.31
1310.78
9.54
18.4
3.8
7.7
582.89
503.24
13.4
3.7
5.9
1.08 4489.75
3134.03
38.1
6.3
7.9
0.72
564.50
469.13
16.2
3.6
1.1
0.81
113.05
88.02
21.4
5.9
17.6
2.06
2.37
96.72
76.42
2.4
4.5
4.1
164.17
0.98
0.60
191.34
117.79
-11.5
9.8
-4.7
1322.10
10.16
7.76
0.28
0.59
1341.69
16.04
2.83
909.48
9.14
43.0
-9.5
Nasdaq PHLX
13294.34 11148.85
5.5 25.3
-8.0 -19.7
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
Volume, Advancers, Decliners
Region/Country Index
Close
Most-active issues in late trading
Company
Volume
(000)
Symbol
SPDR S&P 500
SPY
Last
Net chg
16,720.6 277.99
After Hours
% chg
High
0.07
Net chg
YTD
% chg
23.45
2.59
1.77
0.73
0.63
0.64
4.5
3.9
3.6
DJ Americas
667.81
Sao Paulo Bovespa 79349.12
S&P/TSX Comp
16308.18
S&P/BMV IPC
49135.91
Santiago IPSA
4337.73
4.08
–16.32
21.24
336.52
11.87
0.62
4.0
3.9
0.6
–0.4
3.0
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
IBEX 35
SX All Share
Swiss Market
FTSE 100
398.49
398.86
4164.12
5517.06
13245.03
1531.65
23429.83
561.10
1261.07
10462.40
589.59
9546.61
7778.64
1.24
1.52
8.81
28.51
42.13
…
124.57
2.21
12.32
27.20
–0.26
42.76
15.70
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
6070.10
Shanghai Composite 3428.94
Hang Seng
31412.54
S&P BSE Sensex
34592.39
Nikkei Stock Avg
23653.82
Straits Times
3520.56
Kospi
2496.42
Weighted
10883.96
2.50
3.60
292.15
88.90
–56.61
7.88
8.51
73.90
7,702.2
62.15
…
unch.
62.17
62.08
VanEck Vectors Gold Miner GDX
6,978.8
24.04
0.03
0.12
24.05
23.74
iShares MSCI Japan ETF EWJ
4,557.7
63.46
…
unch.
63.50
63.46
Ford Motor
F
4,534.2
13.25
0.02
0.15
13.25
13.19
General Electric
GE
4,287.4
18.79
0.03
0.16
19.31
18.70
Colony NorthStar
CLNS
3,639.1
10.36
…
unch.
10.41
10.28
3,244.4 158.12
-0.04
iShares Russell 2000 ETF IWM
-0.03 158.31 157.91
Percentage gainers…
USCF SummerHaven SHPEN BUYN
5.0
27.92
0.71
2.60
27.92
27.92
WildHorse Resource Devt WRD
5.6
20.53
0.49
2.45
20.53
20.04
Atara Biotherapeutics ATRA
109.7
28.85
0.60
2.12
28.90
27.32
Atlantic Power
AT
7.6
2.45
0.05
2.08
2.45
2.40
Textron
TXT
8.3
61.00
0.85
1.41
62.24
60.15
Community Health Systems CYH
...And losers
141.3
4.90
-0.25
-4.85
5.15
4.90
Kadmon Holdings
KDMN
22.3
4.05
-0.18
-4.26
4.23
3.96
DPW Holdings
DPW
25.4
2.62
-0.11
-4.03
2.71
2.60
Liberty Formula One C FWONK
5.3
33.64
-1.10
-3.16
34.74
33.64
DexCom
6.5
54.99
-1.76
-3.10
56.75
54.99
DXCM
–0.02
0.13
0.69
0.27
0.31
0.38
0.21
0.52
0.32
Closed
0.53
0.40
0.99
0.26
–0.04
0.45
0.20
0.04
0.10
0.94
0.26
–0.24
0.22
0.34
0.68
2.4
3.5
4.7
3.8
2.5
1.4
7.2
3.0
9.2
4.2
3.7
1.8
1.2
0.1
3.7
5.0
1.6
3.9
3.5
1.2
2.3
Company
Symbol
Liberty Oilfield Services
Atara Biotherapeutics
Ossen Innovation ADR
Aytu BioScience
Tintri
LBRT
Astronics
Ocular Therapeutix
Apricus Biosciences
Arrowhead Pharmaceuticals
Synaptics
ATRO
arGEN-X ADR
Kala Pharmaceuticals
Tuniu ADR
AVEO Pharmaceuticals
CounterPath
ARGX
ATRA
OSN
AYTU
TNTR
OCUL
APRI
ARWR
SYNA
KALA
TOUR
AVEO
CPAH
52-Week
Low
% chg
High
Symbol
General Electric
Facebook Cl A
SPDR S&P 500
iShares MSCI Emg Markets
Bank of America
GE
Rite Aid
Ford Motor
VanEck Vectors Gold Miner
Advanced Micro Devices
Finl Select Sector SPDR
RAD
FB
SPY
EEM
BAC
F
GDX
AMD
XLF
27.94
27.54
19.03
17.08
16.01
...
...
30.40 11.80
4.49 1.50
6.82 0.17
7.75 2.78
...
90.9
85.7
155.4
...
AquaBounty Technologies
Aradigm
Xunlei ADR
Concert Pharmaceuticals
ChinaNet Online Holdings
AQB
47.35
5.60
2.74
5.72
49.76
6.38
0.69
0.33
0.68
5.86
15.57
14.05
13.50
13.49
13.35
48.50 23.95
11.79 3.30
4.07 0.86
6.25 1.42
64.54 33.73
37.7
-30.8
81.8
177.7
-7.3
ADOMANI
Ameri Holdings
Wheeler Real Est Invt Tr
Dragon Victory Intl
Invitae
ADOM
70.52
15.60
8.54
3.10
6.66
8.13
1.75
0.93
0.33
0.68
13.03
12.64
12.22
11.91
11.37
71.40 17.33
26.75 11.81
9.88 6.69
4.24 0.50
7.00 1.75
...
...
-6.5
404.1
167.5
Energous Corp.
Sharing Economy Intl
Videocon d2h ADR
Wins Finance Holdings
ClearSign Combustion
WATT
Volume % chg from Latest Session
(000) 65-day avg Close % chg
82,742
76,439
73,747
68,038
64,254
3.9
391.0
4.6
36.9
-3.5
18.76 -1.37
179.37 -4.47
277.92 0.65
49.51 0.96
31.19 1.73
57,956
52,436
48,592
46,564
43,995
123.7
58.8
48.2
-12.5
-22.7
2.39 2.14
13.23 0.53
24.01 2.69
12.02 -0.99
29.23 0.90
52-Week
High
Low
31.45 17.25
188.90 126.78
278.11 225.27
49.54 36.20
31.20 22.01
8.77
13.29
25.71
15.65
29.25
1.38
10.47
20.89
9.42
22.00
5-year CDs
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
2.00%
Five-year CD yields
t
1.50
t
Federal-funds
target rate
0.50
0.00
F MAM J J A S O N D J
2017
Capital One 360
Glen Allen, VA
2.45%
800-289-1992
EverBank
Jacksonville, FL
2.45%
855-228-6755
Live Oak Bank
Wilmington, NC
2.45%
866-518-0286
Goldman Sachs Bank USA
2.50%
New York, NY
855-730-7283
Third Federal Savings and Loan
2.50%
Cleveland, OH
888-274-7952
Euro
10
2.25
5
1.50
One year ago
0.75
0
–5
0.00
–10
Friday
t
1
3 6
month(s)
15%
3.00
t
1.00
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
1.52%
1 2 3 5 710
years
maturity
30
Yen
WSJ Dollar index
2017
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
1.25-1.50 1.25-1.50
Prime rate*
4.50
4.50
Libor, 3-month
1.70
1.72
Money market, annual yield
0.30
0.30
Five-year CD, annual yield
1.50
1.52
30-year mortgage, fixed†
3.92
4.03
15-year mortgage, fixed†
3.37
3.46
Jumbo mortgages, $424,100-plus† 4.47
4.32
Five-year adj mortgage (ARM)† 4.07
4.07
New-car loan, 48-month
3.23
3.22
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.50 l
l
3.75
l
1.02
0.25 l
1.20 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.50
4.50
1.72
0.36
1.53
4.33
3.47
4.87
4.10
3.36
1.25
1.25
1.47
-0.12
0.02
0.21
0.37
0.07
0.70
0.33
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1450.311
2.392
2.332
2.392
1.818
1.352 0.588
10-yr Treasury, Ryan ALM 1709.782
DJ Corporate
380.711
Aggregate, Barclays Capital 1936.140
High Yield 100, Merrill Lynch 2881.716
Fixed-Rate MBS, Barclays 1982.020
Muni Master, Merrill
520.596
2.551
3.217
2.820
5.469
3.010
2.232
2.476
3.194
2.780
5.422
2.950
2.179
2.609
3.390
2.820
5.890
3.120
2.281
2.058
2.879
2.380
4.948
2.660
1.736
0.727
4.996
2.524
6.338
1.804
3.269
808.360
5.560
5.507
5.951
5.279
7.840 7.177
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
–0.015
3.108
1.693
4.856
1.608
2.092
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
XNET
CNCE
CNET
Latest Session
Close Net chg % chg
High
52-Week
Low
% chg
3.02
2.26
16.63
20.15
4.80
-1.84
-1.16
-6.27
-7.53
-1.58
-37.86
-33.92
-27.38
-27.20
-24.76
24.78
7.35
27.00
30.71
11.90
2.96
0.78
3.11
8.61
0.90
-80.6
18.9
283.2
92.5
366.0
2.16
4.12
7.16
5.34
7.58
-0.68
-0.78
-1.31
-0.94
-1.33
-23.94
-15.92
-15.47
-14.97
-14.93
18.31
13.50
14.64
14.99
11.88
2.06
1.27
7.05
3.70
7.50
...
-37.1
-47.4
...
-14.0
33.50 6.91
12.40 0.66
11.74 7.85
465.00 19.80
4.70 1.75
5.4
822.7
-4.3
-33.6
-31.5
AMRH
WHLR
LYL
NVTA
20.00 -3.02 -13.12
6.92 -1.01 -12.74
VDTH
8.58 -1.24 -12.63
WINS 155.01 -22.34 -12.60
CLIR
2.50 -0.35 -12.28
SEII
Ranked by change from 65-day average*
Company
Symbol
iSh Edge MSCI Intl Mom
Taylor Devices
Orrstown Financial
Concert Pharmaceuticals
Richardson Electronics
IMTM
Atara Biotherapeutics
Aflac
Travelport Worldwide
Direxion FTSE Eur Bull 3x
PwrShs Dynamic Inds Sec
ATRA
Country/currency
TAYD
ORRF
CNCE
RELL
AFL
TVPT
EURL
PRN
in US$
Volume % chg from Latest Session
(000) 65-day avg Close % chg
486
79
129
3,408
178
1329
1229
987
844
835
3,583
13,731
10,490
304
67
824
807
767
732
725
32.07 0.88
13.00 -7.14
24.80 0.40
20.15 -27.20
8.16 2.64
27.54
-7.36
6.53
3.79
1.07
28.25
84.94
13.70
43.25
63.91
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Fri
per US$ (%)
Country/currency
in US$
Americas
Europe
Argentina peso
.0536 18.6605 0.3
Brazil real
.3120 3.2056 –3.2
Canada dollar
.8025 1.2462 –0.9
Chile peso
.001656 603.70 –1.9
Ecuador US dollar
1
1 unch
Mexico peso
.0525 19.0347 –3.2
Uruguay peso
.03489 28.6600 –0.5
Venezuela b. fuerte .099109 10.0900 –2.4
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
Asia-Pacific
Australian dollar
.7916 1.2633
China yuan
.1550 6.4518
Hong Kong dollar
.1278 7.8222
India rupee
.01574 63.544
Indonesia rupiah .0000752 13302
Japan yen
.009006 111.04
Kazakhstan tenge .003036 329.36
Macau pataca
.1241 8.0571
Malaysia ringgit
.2514 3.9775
New Zealand dollar
.7248 1.3797
Pakistan rupee
.00903 110.725
Philippines peso
.0198 50.429
Singapore dollar
.7560 1.3227
South Korea won .0009440 1059.30
Sri Lanka rupee
.0064960 153.94
Taiwan dollar
.03378 29.603
Thailand baht
.03130 31.950
Vietnam dong
.00004403 22710
Commodities
52-Week
High
Low
32.07 25.49
15.14 10.62
26.95 19.05
30.71 8.61
8.34 5.31
30.40
91.73
16.17
43.27
63.94
11.80
66.50
11.38
20.78
49.73
–1.4
–0.8
0.1
–0.5
–1.3
–1.5
–1.0
0.1
–2.1
–2.1
0.1
0.9
–1.1
–0.7
0.3
–0.2
–2.0
...
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
.04781 20.914
.1638 6.1054
1.2200 .8197
.003951 253.07
.009723 102.85
.1262 7.9248
.2925 3.4191
.01766 56.622
.1242 8.0509
1.0336 .9675
.2667 3.7490
.0351 28.4555
1.3727 .7285
–1.7
–1.6
–1.6
–2.3
–0.7
–3.4
–1.7
–1.8
–1.6
–0.7
–1.2
1.1
–1.6
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6519 .3771
...
.0565 17.6845 –0.5
.2946 3.3945 –2.4
3.3178 .3014 –0.01
2.5977 .3850 unch
.2746 3.641 –0.2
.2666 3.7504 unch
.0809 12.3634 0.02
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 84.77 –0.66–0.77 –1.40
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
U.S.-dollar foreign-exchange rates in late New York trading
Forex Race
notes and bonds
Bankrate.com avg†:
NYSE Arca
Currencies
s
A consumer rate against its
benchmark over the past year
Nasdaq
Total volume*1,962,669,025 275,778,675
Adv. volume*1,110,915,732 229,401,687
Decl. volume* 814,188,355 39,922,860
Issues traded
3,084
1,357
Advances
1,779
1,036
Declines
1,156
300
Unchanged
149
21
New highs
423
641
New lows
17
75
Closing tick
435
57
Closing Arms†
1.13
0.74
Block trades*
7,729
1,491
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
* Volumes of 100,000 shares or more are rounded to the nearest thousand
s
Selected rates
ARDM
Volume Movers
s
U.S. consumer rates
Symbol
4.75
6.10
0.61
0.41
0.94
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Company
21.75
28.25
3.84
2.81
6.81
Most Active Stocks
Company
Total volume* 872,983,951 12,155,680
Adv. volume* 556,053,686 6,495,459
Decl. volume* 308,565,807 5,064,694
Issues traded
3,067
330
Advances
1,588
161
Declines
1,370
150
Unchanged
109
19
New highs
396
8
New lows
57
2
Closing tick
162
18
Closing Arms†
0.65
0.97
Block trades*
7,269
141
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
0.03 278.26 276.08
WisdomTree Japan Hdg Eqty DXJ
Percentage Gainers...
Latest
% chg
3224.51
412.59
276.38
The Global Dow
DJ Global Index
DJ Global ex U.S.
Interest rate
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Americas
Brazil
Canada
Mexico
Chile
7.2
22.5
582.89
World
13.5
23.6
2263.69
580.02
PHLX§ Semiconductor
Cboe Volatility
4.4
8783.74
2786.24
0.67
583.27
NYSE Composite
Value Line
29.8
11373.38
Late Trading
631.23
2.56
196.06
64.30
3.200
1333.40
0.90
0.50
0.116
12.80
0.41
% Chg
YTD
% chg
631.23
532.01
9.13
0.94
0.46 196.06
64.30
0.78
3.42
3.76
0.97 1346.00
166.50
42.53
2.56
1188.10
0.78
22.78
-6.41
11.55
1.13
6.42
8.36
2.07
.
B8 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities.
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE.
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading
volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was
$2 or higher.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Friday, January 12, 2018
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
ABC
s 4.74 28.12 22.04 ABB
ABB 2.7 26 28.09 0.37
ACM ... 18 39.07 0.13
5.17 39.50 30.15 AECOM
AES 4.7 dd 11.04 0.08
1.94 12.06 10.00 AES
-3.24 91.73 66.50 Aflac
AFL 2.1 12 84.94 -6.75
-2.97 22.34 18.41 AGNC Invt AGNC 11.0 5 19.59 -0.17
23.42 13.74 10.24 ANGI Homesvcs ANGI ... dd 12.91 0.15
ANSS ... 48 154.22 2.01
4.49 156.14 92.33 Ansys
ASML 0.7 ... 180.87 2.32
4.06 186.37 114.75 ASML
T 5.4 18 36.90 0.42
-5.09 42.70 32.55 AT&T
3.10 59.60 39.25 AbbottLabs ABT 1.9 46 58.84 -0.11
ABBV 2.8 24 100.34 1.07
3.75 101.28 59.27 AbbVie
s 14.78 216.15 103.53 Abiomed
ABMD ...106 215.11 4.96
s 4.59 160.63 112.31 Accenture ACN 1.7 28 160.11 1.00
s 11.12 70.71 38.38 ActivisionBliz ATVI 0.4159 70.36 1.12
-9.81 225.36 153.28 AcuityBrands AYI 0.3 21 158.74 -1.11
ADNT 1.3 9 82.69 -0.90
5.07 86.42 59.10 Adient
s 11.30 195.50 107.06 AdobeSystems ADBE ... 58 195.05 6.13
16.30 177.50 78.81 AdvanceAuto AAP 0.2 24 115.94 2.99
16.93 15.65 9.42 AdvMicroDevices AMD ... dd 12.02 -0.12
2.78 7.52 5.19 AdvSemiEngg ASX 3.4 15 6.66 0.01
s 9.21 6.91 4.73 Aegon
AEG 4.4 8 6.88 0.09
s 3.08 54.59 41.54 AerCap
AER ... 9 54.23 0.13
AET 1.1 34 184.20 -0.01
2.11 192.37 116.04 Aetna
-1.19 207.67 139.52 AffiliatedMgrs AMG 0.4 22 202.80 2.08
7.11 72.33 47.05 AgilentTechs A 0.8 34 71.73 0.93
2.27 51.86 39.30 AgnicoEagle AEM 0.9 40 47.23 0.93
3.70 170.53 133.63 AirProducts APD 2.2 31 170.15 0.18
0.74 71.34 44.65 AkamaiTech AKAM ... 39 65.52 0.31
ALK 1.6 12 73.52 -1.29
0.01 101.43 61.10 AlaskaAir
4.40 144.99 90.35 Albemarle ALB 1.0 31 133.52 -1.17
s 5.36 57.50 29.55 Alcoa
AA ... 37 56.76 -0.15
-4.19 134.37 106.89 AlexandriaRlEst ARE 2.9142 125.12 0.02
2.61 149.34 96.18 AlexionPharm ALXN ... 55 122.71 0.23
BABA ... 54 187.79 -0.96
8.91 192.49 95.00 Alibaba
ALGN ... 78 258.43 5.52
16.31 266.41 88.56 AlignTech
ALKS ... dd 58.71 -0.26
7.27 63.40 46.42 Alkermes
Y
... dd 584.92 -0.93
-1.87 667.19 521.07 Alleghany
ALLE 0.8 24 85.04 0.66
6.89 89.81 64.62 Allegion
AGN 1.6 dd 176.05 -1.07
7.62 256.80 160.07 Allergan
s 9.03 278.33 209.00 AllianceData ADS 0.8 29 276.37 2.75
-7.23 45.55 36.56 AlliantEnergy LNT 3.2 21 39.53 -0.31
3.06 45.69 32.93 AllisonTransm ALSN 1.4 20 44.39 -0.37
ALL 1.4 15 102.11 1.33
-2.48 105.36 73.39 Allstate
4.70 30.65 18.11 AllyFinancial ALLY 1.6 14 30.53 0.03
1.59 147.63 35.98 AlnylamPharm ALNY ... dd 129.07 1.02
s 7.25 1123.95 790.52 Alphabet C GOOG ... 38 1122.26 16.74
s 7.33 1131.30 812.05 Alphabet A GOOGL ... 38 1130.65 18.60
AABA ... ... 75.85 -0.29
8.59 77.23 41.80 Altaba
9.61 35.29 17.80 AlticeUSA ATUS ... ... 23.27 0.14
MO 3.8 9 69.61 -0.68
-2.52 77.79 60.01 Altria
3.68 23.54 10.97 AlumofChina ACH ... 46 18.59 0.46
s 11.61 1305.76 803.00 Amazon.com AMZN ...331 1305.20 28.52
ABEV ... 38 6.67 -0.10
3.25 7.03 5.18 Ambev
DOX 1.3 24 67.59 0.60
3.22 67.98 56.10 Amdocs
UHAL ... 22 373.38 -4.16
-1.20 400.99 338.30 Amerco
AEE 3.3 22 55.52 -0.63
-5.88 64.89 51.35 Ameren
0.76 19.50 12.00 AmericaMovil AMX 1.8 32 17.28 0.35
0.03 19.11 11.85 AmericaMovil A AMOV 1.8 31 17.01 0.15
s 12.38 58.73 39.21 AmerAirlines AAL 0.7 15 58.47 2.05
-8.31 78.07 62.14 AEP
AEP 3.7 18 67.46 -1.27
1.67 101.65 75.39 AmerExpress AXP 1.4 19 100.97 0.24
0.57 109.42 85.57 AmericanFin AFG 1.3 14 109.16 0.82
AIG 2.1 dd 60.97 -0.18
2.33 67.45 57.85 AIG
-6.78 155.28 102.73 AmerTowerREIT AMT 2.1 51 133.00 -1.97
-11.65 92.37 70.40 AmerWaterWorks AWK 2.1 31 80.83 -3.91
s 7.42 182.37 110.75 Ameriprise AMP 1.8 17 182.04 3.06
s 7.82 99.00 71.90 AmerisourceBrgn ABC 1.5 54 99.00 0.86
s 3.77 75.42 49.93 Ametek
AME 0.5 32 75.20 0.63
AMGN 2.9 17 185.04 3.08
6.41 191.10 150.38 Amgen
s 4.59 91.94 66.00 Amphenol APH 0.8 29 91.83 1.04
9.96 71.97 39.96 AnadarkoPetrol APC 0.3 dd 58.98 0.48
3.36 93.99 71.85 AnalogDevices ADI 2.0 44 92.02 0.83
s 4.19 119.33 75.11 Andeavor
ANDV 2.0 24 119.13 1.70
17.47 60.14 42.18 AndeavorLog ANDX 7.3 23 54.26 0.62
2.99 126.50 103.55 AB InBev
BUD 3.3 58 114.90 0.70
-4.96 12.73 10.08 AnnalyCap NLY 10.6 5 11.30 -0.14
4.58 26.60 17.59 AnteroResources AR ... dd 19.87 0.29
s 6.58 240.40 144.44 Anthem
ANTM 1.2 22 239.82 4.82
AON 1.1 ... 136.55 1.28
1.90 152.78 109.82 Aon
APA 2.1 27 47.16 1.16
11.70 63.92 38.14 Apache
t -7.07 46.85 40.38 ApartmtInv AIV 3.5129 40.62 -0.33
s 8.13 36.39 20.38 ApolloGlbMgmt APO 4.3 12 36.19 0.30
s 4.64 177.36 118.22 Apple
AAPL 1.4 19 177.09 1.81
4.56 60.89 33.09 ApplMaterials AMAT 0.7 17 53.45 0.25
APTV 0.9 18 92.91 0.85
9.52 93.69 57.83 Aptiv
-10.48 39.55 29.41 AquaAmerica WTR 2.3 26 35.12 -1.25
s 3.11 44.28 32.87 Aramark
ARMK 1.0 30 44.07 0.04
s 15.01 37.32 19.59 ArcelorMittal MT ... 6 37.16 0.29
-0.09 102.60 86.46 ArchCapital ACGL ... 29 90.69 1.82
1.05 47.44 38.59 ArcherDaniels ADM 3.2 19 40.50 -0.06
s 13.17 30.90 20.57 Arconic
ARNC 0.8 dd 30.84 0.44
s 9.95 262.84 87.33 AristaNetworks ANET ... 54 259.03 -1.76
4.05 84.60 68.55 ArrowElec ARW ... 15 83.67 0.38
2.74 35.92 26.51 AstraZeneca AZN 2.5 27 35.65 0.25
ATH ... 7 51.04 -0.33
-1.30 55.22 45.15 Athene
TEAM ... dd 52.57 0.53
15.49 53.45 26.43 Atlassian
-7.04 93.56 72.58 AtmosEnergy ATO 2.4 21 79.84 -0.16
ADSK ... dd 115.91 2.65
10.57 131.10 78.29 Autodesk
20.49 81.09 27.75 Autohome ATHM ... ... 77.92 1.03
s 7.25 136.30 96.08 Autoliv
ALV 1.8 23 136.29 1.27
ADP 2.1 30 118.47 1.29
1.09 121.77 94.11 ADP
10.76 793.30 491.13 AutoZone AZO ... 18 787.93 14.62
t -5.71 199.52 167.51 Avalonbay AVB 3.4 26 168.23 -1.54
AGR 3.6 23 48.52 -0.30
-4.07 53.46 37.42 Avangrid
s 3.91 120.32 71.71 AveryDennison AVY 1.5 27 119.35 -0.22
0.25 38.20 27.77 AxaltaCoating AXTA ...135 32.44 -0.28
s 6.88 53.91 41.17 BB&T
BBT 2.5 20 53.14 -0.02
BCE 4.8 19 46.45 -0.23
-3.25 49.06 42.44 BCE
s 10.22 50.79 33.37 BHPBilliton BHP 3.4 23 50.69 1.02
s 12.36 45.30 28.73 BHPBilliton BBL 3.8 21 45.28 1.03
s 3.72 96.75 73.44 BOK Fin
BOKF 1.9 20 95.75 -0.49
s 4.47 43.99 33.10 BP
BP 5.5 37 43.91 0.64
BRFS ... dd 12.30 0.08
9.24 15.50 10.60 BRF
BT 3.4 19 18.91 0.49
3.79 24.44 16.15 BT Group
s 3.97 63.12 40.22 BWX Tech BWXT 0.7 32 62.89 0.66
BIDU ... 33 253.04 2.82
8.04 274.97 166.00 Baidu
17.57 40.82 29.62 BakerHughes BHGE 1.9 dd 37.20 0.70
BLL 1.1 59 37.90 -0.48
0.13 43.24 35.65 Ball
7.06 9.35 6.34 BancoBilbaoViz BBVA 4.7 13 9.10 0.20
s 6.40 103.58 67.68 BancodeChile BCH 2.5 20 102.71 -0.36
-1.19 136.10 71.14 BancoMacro BMA 0.7 14 114.50 0.79
s 7.87 33.76 21.21 BcoSantChile BSAC 3.1 19 33.73 0.12
s 9.63 7.20 5.25 BancoSantander SAN 2.6 15 7.17 0.06
7.54 48.74 36.15 BanColombia CIB 3.0 11 42.65 0.51
s 5.66 31.20 22.01 BankofAmerica BAC 1.5 18 31.19 0.53
2.59 82.68 66.75 BankofMontreal BMO 3.5 14 82.09 0.35
s 8.47 58.68 43.85 BankNY Mellon BK 1.6 17 58.42 0.59
1.98 66.78 53.86 BkNovaScotia BNS 3.8 13 65.81 -0.01
8.30 56.86 40.15 BankofOzarks OZRK 1.4 18 52.47 -0.03
BCS 2.0 dd 10.75 0.07
-1.38 11.96 9.29 Barclays
4.49 20.78 13.28 BarrickGold ABX 0.8 8 15.12 0.47
BAX 0.9 37 68.34 -0.12
5.72 69.65 45.47 BaxterIntl
6.38 229.69 169.19 BectonDicknsn BDX 1.3 49 227.71 1.89
WRB 0.8 16 69.44 0.83
-3.08 73.17 62.00 Berkley
s 6.02 210.39 158.61 BerkHathwy B BRK.B ... 28 210.16 3.47
s 5.92 315390 237983 BerkHathwy A BRK.A ... 28 315225 5275.00
2.66 61.71 47.19 BerryGlobal BERY ... 24 60.23 -0.50
s 6.98 73.45 41.67 BestBuy
BBY 1.9 19 73.25 1.54
4.06 273.87 183.43 Bio-RadLab A BIO ...314 248.37 -2.84
BIIB ... 21 335.95 2.88
5.46 348.84 244.28 Biogen
1.18 100.51 80.10 BioMarinPharm BMRN ... dd 90.22 0.24
s 18.23 64.67 40.99 Bioverativ BIVV ... 16 63.75 1.04
s 12.80 49.95 41.10 BlackKnight BKI ... 74 49.80 0.20
22.20 14.55 6.65 BlackBerry BB ... 17 13.65 0.20
s 8.14 556.37 365.83 BlackRock BLK 1.8 26 555.53 17.61
s 10.52 35.58 28.45 Blackstone BX 5.0 15 35.39 0.86
2.10 33.63 21.51 BlueBuffaloPet BUFF ... 38 33.48 0.26
-4.15 222.03 63.90 bluebirdbio BLUE ... dd 170.70 -0.95
s 14.00 336.88 156.75 Boeing
BA 2.0 31 336.21 8.09
s 12.02 57.89 37.54 BorgWarner BWA 1.2 41 57.23 1.32
-5.92 140.13 116.77 BostonProps BXP 2.6 38 122.33 -1.53
10.77 29.93 23.29 BostonSci BSX ... 45 27.46 0.03
BAK 2.6 61 29.14 0.20
10.97 33.73 17.44 Braskem
s 1.53 95.91 65.00 BrightHorizons BFAM ... 47 95.44 0.01
11.46 75.00 52.75 BrighthouseFin BHF ... ... 65.36 0.11
2.50 66.10 46.01 Bristol-Myers BMY 2.5 25 62.81 0.34
1.19 73.41 56.38 BritishAmTob BTI 1.7 12 67.79 -0.36
2.88 285.68 177.56 Broadcom AVGO 2.6 64 264.29 0.79
s 3.82 94.31 65.35 BroadridgeFinl BR 1.6 33 94.04 0.59
-1.81 44.33 33.51 BrookfieldMgt BAM 1.3 95 42.75 0.24
-2.54 46.88 34.26 BrookfieldInfr BIP 4.0162 43.67 0.46
1.87 52.86 41.10 Brown&Brown BRO 1.1 28 52.42 0.22
-3.82 69.15 43.72 Brown-Forman B BF.B 1.2 34 66.05 -0.56
-2.96 68.22 45.17 Brown-Forman A BF.A 1.2 34 65.25 -0.57
9.10 73.01 43.90 BuckeyePtrs BPL 9.3 17 54.06 0.55
BG 2.6 22 69.74 -0.70
3.97 83.75 63.87 Bunge
s 2.32 126.69 79.07 BurlingtonStrs BURL ... 33 125.88 3.58
CA 3.0 20 34.09 0.27
2.43 36.54 30.45 CA
CBD ... 68 23.35 0.16
-0.93 25.90 16.93 CBD Pao
3.65 45.50 29.69 CBRE Group CBG ... 19 44.89 -0.23
CBS 1.2 82 58.83 1.05
-0.29 70.09 52.75 CBS B
CBS.A 1.2 82 59.32 1.34
-0.77 71.07 53.00 CBS A
s 6.30 75.83 59.33 CDK Global CDK 0.8 37 75.77 1.76
CDW 1.2 27 72.88 0.15
4.88 74.01 50.49 CDW
2.30 43.98 25.04 CF Industries CF 2.8 dd 43.52 -0.20
-1.23 54.99 45.81 CGI Group GIB ... 21 53.66 0.56
s 5.83 94.51 63.41 CH Robinson CHRW 2.0 28 94.28 0.36
s 8.08 53.48 39.48 CIT Group
CIT 1.2 dd 53.21 0.59
4.57 155.29 114.82 CME Group CME 1.7 35 152.73 -0.08
-6.96 50.85 41.58 CMS Energy CMS 3.0 23 44.01 -0.38
CNA 2.2 16 53.74 0.68
1.30 55.62 40.41 CNA Fin
s 12.32 161.35 108.05 CNOOC
CEO 3.2 20 161.25 4.00
8.09 17.69 10.63 CPFLEnergia CPL 2.2 24 12.43 -0.35
CRH 1.2 21 37.32 0.18
3.41 38.06 32.82 CRH
CSX 1.4 31 59.25 0.56
7.71 59.76 36.21 CSX
8.66 84.72 66.45 CVS Health CVS 2.5 16 78.78 -0.24
COG 0.8 dd 28.88 0.48
0.98 29.57 20.55 CabotOil
7.77 45.64 25.42 CadenceDesign CDNS ... 48 45.07 0.20
3.16 13.60 8.50 CaesarsEnt CZR ... dd 13.05 -0.10
9.86 63.06 32.47 CalAtlantic CAA 0.3 18 61.95 -0.32
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
-7.92 96.39 78.38 CamdenProperty CPT 3.5 51 84.77
-5.40 64.23 44.99 CampbellSoup CPB 3.1 16 45.51
CM 4.1 11 98.62
1.24 100.01 77.20 CIBC
-1.87 85.73 68.27 CanNtlRlwy CNI 1.6 23 80.96
3.98 37.38 27.52 CanNaturalRes CNQ 2.3 22 37.14
0.14 187.42 143.20 CanPacRlwy CP 1.0 19 183.02
CAJ 3.6 20 38.90
4.01 39.15 28.77 Canon
s 5.87 106.40 76.05 CapitalOne COF 1.5 15 105.43
16.68 84.88 54.66 CardinalHealth CAH 2.6 21 71.49
CSL 1.3 23 116.96
2.91 119.21 92.09 Carlisle
s 10.48 25.50 15.45 Carlyle
CG 8.9 14 25.30
KMX ... 19 72.33
12.79 77.64 54.29 CarMax
CCL 2.6 19 69.69
5.00 69.89 52.65 Carnival
CUK 2.6 20 70.01
5.63 70.56 51.44 Carnival
s 8.07 170.67 90.34 Caterpillar CAT 1.8119 170.30
s 7.35 90.83 56.96 Cavium
CAVM ... dd 89.99
5.55 133.31 73.56 CboeGlobalMkts CBOE 0.8 71 131.51
s 3.98 112.44 81.01 Celanese A CE 1.7 19 111.34
CELG ... 25 106.00
1.57 147.17 94.55 Celgene
CX ... 11 8.03
7.07 10.37 7.09 Cemex
19.50 15.11 6.76 CenovusEnergy CVE 1.4 5 10.91
s 8.52 109.70 61.37 Centene
CNC ... 22 109.48
-3.49 30.45 25.25 CenterPointEner CNP 4.1 20 27.37
-8.07 7.38 3.49 CentraisElBras EBR ... 3 5.24
4.08 27.61 13.16 CenturyLink CTL 12.4 30 17.36
CERN ... 36 72.90
8.18 73.86 50.33 Cerner
5.37 408.83 292.84 CharterComms CHTR ...120 354.00
-0.60 119.20 88.91 CheckPoint CHKP ... 22 103.00
4.81 58.08 23.92 Chemours CC 1.3 36 52.47
1.65 56.14 40.36 CheniereEnergy LNG ... dd 54.73
3.10 33.47 26.41 CheniereEnerPtrs CQP 5.8 dd 30.56
1.66 28.76 22.31 CheniereEnHldgs CQH 6.4352 28.15
s 6.72 133.85 102.55 Chevron
CVX 3.2 39 133.60
s 16.13 41.97 23.81 ChinaEastrnAir CEA ... 14 41.97
2.82 17.85 13.54 ChinaLifeIns LFC 1.1 19 16.05
7.35 159.35 48.09 ChinaLodging HTHT ... 67 155.04
-1.37 58.83 48.70 ChinaMobile CHL 4.2 13 49.85
14.58 84.88 69.60 ChinaPetrol SNP 3.6 13 84.07
s 12.60 58.35 27.70 ChinaSoAirlines ZNH 1.3 14 58.35
1.37 53.77 45.90 ChinaTelecom CHA 2.8 14 48.12
2.29 16.55 11.28 ChinaUnicom CHU ...137 13.84
CMG ... 63 327.34
13.25 499.00 263.00 Chipotle
CB 2.0 17 145.64
-0.34 156.00 127.15 Chubb
s 3.50 37.53 31.28 ChunghwaTel CHT 4.5 24 36.68
-2.29 54.18 43.21 Church&Dwight CHD 1.6 28 49.02
s 5.07 213.72 133.52 Cigna
CI 0.0 23 213.39
4.20 142.88 89.49 CimarexEnergy XEC 0.3 32 127.14
-1.25 81.98 68.24 CincinnatiFin CINF 2.7 25 74.03
CTAS 1.0 36 160.46
2.97 163.45 112.96 Cintas
s 6.71 40.93 29.84 CiscoSystems CSCO 2.8 21 40.87
C 1.7 15 76.84
3.27 77.92 55.23 Citigroup
s 8.43 45.79 31.51 CitizensFin CFG 1.6 18 45.52
2.32 91.83 70.24 CitrixSystems CTXS ... 31 90.04
CLX 2.4 26 140.96
-5.23 150.40 118.82 Clorox
KO 3.2 44 46.15
0.59 47.48 40.22 Coca-Cola
-2.66 44.75 31.95 Coca-Cola Euro CCE 2.5 25 38.79
2.93 91.84 59.44 Coca-Cola Femsa KOF 2.4 19 71.66
CGNX 0.5 50 67.91
11.04 72.99 32.05 Cognex
4.98 76.51 51.52 CognizantTech CTSH 0.8 23 74.56
COHR ... 36 301.57
6.86 320.73 143.74 Coherent
-1.10 77.27 63.43 ColgatePalm CL 2.1 29 74.62
s 5.97 42.71 34.78 Comcast A CMCSA 1.5 20 42.44
s 7.18 93.54 64.04 Comerica
CMA 1.3 21 93.04
s 3.78 58.66 49.43 CommerceBcshrs CBSH 1.6 22 57.95
3.01 42.75 30.95 CommScope COMM ... 39 38.97
SBS ... 9 10.51
0.57 11.33 8.15 SABESP
-2.55 41.68 32.16 ConagraBrands CAG 2.3 22 36.71
5.90 159.52 106.73 ConchoRscs CXO ... 42 159.09
s 9.40 60.24 42.27 ConocoPhillips COP 1.8 dd 60.05
ED 3.5 20 79.49
-6.43 89.70 72.13 ConEd
-4.83 229.50 146.99 ConstBrands A STZ 1.0 26 217.52
8.85 58.89 29.08 ContinentalRscs CLR ... dd 57.66
COO 0.0 31 230.84
5.95 256.39 177.06 Cooper
s 3.84 44.87 27.74 Copart
CPRT ... 35 44.85
s 8.35 34.69 24.13 Corning
GLW 1.8 15 34.66
s 8.44 322.65 197.18 CoStar
CSGP ... 97 322.02
COST 1.0 30 191.84
3.07 195.35 150.00 Costco
COTY 2.4 dd 20.78
4.47 20.88 14.24 Coty
s 7.45 224.36 150.71 Credicorp
BAP 2.2 15 222.88
s 5.41 344.21 182.50 CreditAcceptance CACC ... 18 340.99
s 6.22 18.96 13.28 CreditSuisse CS 3.8 dd 18.96
-6.70 114.97 85.16 CrownCastle CCI 4.1 86 103.57
3.29 62.27 51.76 CrownHoldings CCK ... 17 58.10
CTRP ... 83 47.66
8.07 60.65 42.53 Ctrip.com
6.60 103.37 81.09 Cullen/Frost CFR 2.3 19 100.90
s 4.27 185.10 138.16 Cummins
CMI 2.3 19 184.18
-0.78
-0.24
0.41
-0.43
0.41
-0.55
-0.21
1.01
2.38
-1.32
0.60
0.42
0.89
0.79
1.10
1.50
-0.68
0.07
1.42
0.09
-0.03
2.70
-0.06
-0.23
-0.11
0.26
-1.27
0.06
-0.52
0.29
0.30
0.29
1.03
2.07
0.30
2.80
-0.02
1.76
3.15
0.29
-0.22
1.84
1.14
0.18
-0.35
2.50
-0.51
1.26
-1.59
0.77
1.28
0.22
0.23
-1.03
0.11
0.16
0.82
0.87
0.55
4.41
0.07
-0.16
0.52
-0.11
0.13
0.06
-0.05
1.23
0.87
-0.90
-1.53
-0.67
2.20
0.35
0.90
4.71
2.46
0.26
2.69
1.49
0.21
-0.12
0.63
-0.05
-0.23
0.28
DEF
14.59 42.45 29.70 DCP Midstream DCP 7.5 59 41.63
3.62 66.50 46.07 DISH Network DISH ... 23 49.48
-5.06 116.74 96.56 DTE Energy DTE 3.4 19 103.92
DXC 0.7172 101.29
6.73 102.71 64.06 DXC Tech
s 7.08 99.66 78.97 Danaher
DHR 0.6 29 99.39
DRI 2.6 25 98.02
2.08 100.11 71.43 Darden
DVA ... 30 79.13
9.52 80.71 52.51 DaVita
s 8.17 170.73 104.10 Deere
DE 1.4 25 169.30
s 6.73 87.33 57.50 DellTechs
DVMT ... dd 86.75
s 6.84 60.50 43.81 DeltaAir
DAL 2.0 12 59.83
-0.06 68.98 52.53 DentsplySirona XRAY 0.5 dd 65.79
-1.73 20.23 15.59 DeutscheBank DB 1.1 dd 18.70
6.38 47.82 28.79 DevonEnergy DVN 0.5 15 44.04
DEO 2.8 27 144.72
-0.90 147.06 106.34 Diageo
3.08 132.07 82.77 DiamondbkEner FANG ... 32 130.14
-7.13 127.23 101.70 DigitalRealty DLR 3.5 85 105.78
s 4.67 81.00 57.50 DiscoverFinSvcs DFS 1.7 14 80.51
8.64 29.18 14.99 DiscovComm C DISCK ... 12 23.00
8.71 30.25 15.99 DiscovComm A DISCA ... 13 24.33
DIS 1.5 20 112.47
4.61 116.10 96.20 Disney
s 5.40 65.56 47.19 DolbyLab
DLB 1.0 34 65.35
s 6.55 99.69 65.97 DollarGeneral DG 1.0 22 99.10
s 7.02 115.05 65.63 DollarTree DLTR ... 27 114.84
-6.32 85.30 70.87 DominionEner D 4.1 22 75.94
DPZ 0.9 40 211.15
11.74 221.58 164.32 Domino's
s 4.66 51.38 41.46 Donaldson DCI 1.4 29 51.23
-6.58 41.59 36.60 DouglasEmmett DEI 2.6 72 38.36
s 3.12 104.56 75.51 Dover
DOV 1.8 24 104.14
5.88 76.34 64.01 DowDuPont DWDP ... 41 75.41
-1.88 99.47 83.23 DrPepperSnap DPS 2.4 24 95.24
1.70 46.95 29.83 DrReddy'sLab RDY 0.8 37 38.20
-6.19 91.80 76.28 DukeEnergy DUK 4.5 26 78.90
-5.51 30.14 23.93 DukeRealty DRE 3.1 35 25.71
s 8.56 36.05 29.44 ENI
E 5.3 35 36.03
s 7.22 116.47 81.99 EOG Rscs
EOG 0.611570 115.70
EQT 0.2278 58.46
2.71 67.84 49.63 EQT
5.38 82.99 64.42 EQT Midstream EQM 5.1 15 77.03
s 8.82 54.00 32.25 E*TRADE
ETFC ... 25 53.94
0.15 63.60 16.95 EXACT Sci EXAS ... dd 52.62
s 10.67 67.61 48.07 EastWestBncp EWBC 1.2 18 67.32
5.17 98.24 74.78 EastmanChem EMN 2.3 14 97.43
s 6.62 84.35 66.98 Eaton
ETN 1.8 13 84.24
s 7.20 60.85 41.40 EatonVance EV 2.1 25 60.45
EBAY ... 6 38.02
0.74 40.13 29.70 eBay
s 2.61 138.12 117.55 Ecolab
ECL 1.2 31 137.68
EC ... 30 16.87
15.31 18.04 8.44 Ecopetrol
t -2.88 83.38 61.25 EdisonInt
EIX 3.9 14 61.42
7.20 121.45 86.55 EdwardsLife EW ... 35 120.83
7.68 122.79 78.89 ElectronicArts EA ... 30 113.13
s 6.06 74.45 56.00 EmersonElec EMR 2.6 34 73.91
10.14 26.06 12.25 EnbridgeEnPtrs EEP 9.2 25 15.21
ENB 5.3 27 39.74
1.61 44.52 34.39 Enbridge
ECA 0.4 18 13.98
4.88 14.31 8.01 Encana
0.98 11.44 8.55 EnelAmericas ENIA 0.9 31 11.28
5.81 6.31 4.61 EnelChile
ENIC 2.0 12 6.01
s 2.97 27.77 18.36 EnelGenChile EOCC 6.9 14 27.71
4.46 19.85 15.03 EnergyTransferEq ETE 6.5 22 18.03
11.66 26.73 15.25 EnergyTransfer ETP 11.3 10 20.01
15.09 19.59 14.43 EnLinkMidPtrs ENLK 8.8 dd 17.69
ETR 4.6 dd 78.22
-3.89 87.95 69.63 Entergy
8.94 30.25 23.59 EnterpriseProd EPD 5.9 23 28.88
EFX 1.3 28 122.85
4.18 147.02 89.59 Equifax
-3.81 495.35 361.90 Equinix
EQIX 1.8143 435.95
-5.80 91.94 72.19 EquityLife ELS 2.3 40 83.86
-5.25 70.45 59.49 EquityResdntl EQR 3.3 53 60.42
ERIC 1.6 dd 7.02
5.09 7.47 5.52 Ericsson
-5.91 270.04 218.41 EssexProp ESS 3.1 28 227.10
1.01 132.49 78.36 EsteeLauder EL 1.2 35 128.53
1.33 277.17 208.81 EverestRe RE 2.3 35 224.20
-2.90 66.15 54.10 EversourceEner ES 3.1 20 61.35
EXEL ... 62 30.38
-0.07 32.50 16.72 Exelixis
EXC 3.4 17 38.39
-2.59 42.67 33.30 Exelon
EXPE 0.9 52 132.36
10.51 161.00 115.55 Expedia
s 3.15 66.83 51.57 ExpeditorsIntl EXPD 1.3 28 66.73
s 8.35 81.75 55.80 ExpressScripts ESRX ... 13 80.87
-5.95 88.56 71.34 ExtraSpaceSt EXR 3.8 31 82.25
s 4.64 87.99 76.05 ExxonMobil XOM 3.5 29 87.52
8.07 149.50 114.63 F5Networks FFIV ... 22 141.81
s 3.40 98.70 56.53 FMC
FMC 0.7684 97.88
1.65 188.90 126.78 Facebook
FB ... 35 179.37
FDS 1.1 30 197.75
2.59 207.25 155.09 FactSet
FAST 2.3 30 55.59
1.65 55.91 39.79 Fastenal
-7.53 143.79 119.37 FederalRealty FRT 3.3 39 122.81
s 8.94 271.90 182.89 FedEx
FDX 0.7 25 271.85
RACE ... 39 117.84
12.40 121.14 59.52 Ferrari
s 31.11 23.80 9.42 FiatChrysler FCAU ... 11 23.39
6.73 17.21 7.98 FibriaCelulose FBR ... 38 15.69
3.87 41.54 24.27 FidNatlFin FNF 2.6 18 40.76
s 3.74 97.99 75.52 FidNatlInfo FIS 1.2 60 97.61
s 6.62 32.36 23.20 FifthThirdBncp FITB 2.0 12 32.35
WUBA ... 96 81.98
14.55 85.04 27.58 58.com
6.05 61.29 36.62 FirstAmerFin FAF 2.6 23 59.43
FDC ... 23 17.66
5.69 19.23 14.67 FirstData
2.95 20.86 15.84 FirstHorizonNatl FHN 1.7 18 20.58
5.10 105.52 84.56 FirstRepBank FRC 0.7 21 91.06
FSLR ... dd 73.41
8.72 76.61 25.56 FirstSolar
-1.80 35.22 27.93 FirstEnergy FE 4.8 dd 30.07
s 4.64 138.07 104.51 Fiserv
FISV ... 33 137.22
s 5.63 203.85 121.52 FleetCorTech FLT ... 35 203.27
s 6.39 19.28 14.40 Flex
FLEX ... 19 19.14
7.85 50.48 33.75 FlirSystems FLIR 1.2 32 50.28
FLR 1.5 40 57.07
10.49 58.37 37.04 Fluor
1.52 103.82 74.01 FomentoEconMex FMX 1.4 13 95.33
s 5.92 13.29 10.47 FordMotor F 4.5 12 13.23
-2.41 26.30 21.09 ForestCIty A FCE.A 2.4 71 23.52
0.07
0.23
-0.01
0.20
0.80
0.42
-0.90
1.84
-0.08
1.31
1.54
0.14
0.97
0.73
0.24
-2.16
0.15
0.29
0.32
1.48
1.06
0.91
3.49
-0.27
1.30
0.80
-0.21
0.63
0.19
-0.40
0.13
-0.38
0.08
0.82
0.56
-0.24
-0.45
0.98
-2.44
0.18
-0.07
0.25
0.46
0.21
0.65
-0.33
-0.90
0.84
1.13
0.03
0.12
0.25
-0.06
0.05
-0.05
0.19
0.20
0.23
-0.07
-0.95
0.27
1.36
0.56
-1.15
-0.54
0.13
-5.34
-0.56
1.39
-0.17
0.30
-0.02
2.95
0.34
0.78
...
0.59
2.04
...
-8.40
0.75
0.50
-0.40
0.66
0.68
-0.03
0.24
-0.08
-0.17
0.49
0.11
-0.08
-0.20
-0.03
-1.25
-2.86
-0.17
-0.61
0.69
0.38
0.02
0.92
1.91
0.07
-0.26
YTD 52-Week
% Chg Hi Lo Stock
2.86
-4.75
2.93
3.19
-2.20
2.77
s 4.17
3.77
45.64
38.24
75.69
71.73
86.06
47.65
20.07
55.30
Yld
Net
Sym % PE Last Chg
FTNT ... 94
31.36 Fortinet
FTS 3.8 18
30.93 Fortis
FTV 0.4 28
53.59 Fortive
53.68 FortBrandsHome FBHS 1.1 25
60.10 Franco-Nevada FNV 1.2 99
39.38 FranklinRscs BEN 2.1 15
11.05 FreeportMcM FCX ... 28
40.02 FreseniusMed FMS 1.0 25
44.94
34.93
74.47
70.62
78.19
44.53
19.75
54.53
0.68
-0.09
0.76
0.84
0.89
0.59
-0.13
-0.11
GGP 3.8 33 23.19
-0.86 25.91 18.83 GGP
AJG 2.4 26 63.88
0.95 67.32 52.14 Gallagher
-2.68 39.32 30.22 Gaming&Leisure GLPI 7.0 20 36.01
GPS 2.7 16 33.87
-0.56 35.24 21.02 Gap
1.86 35.41 19.91 GardnerDenver GDI ... dd 34.56
GRMN 3.3 17 61.96
4.01 63.15 47.03 Garmin
IT ... dd 130.13
5.67 130.55 95.40 Gartner
3.02 11.00 9.01 Gazit-Globe GZT 3.6 4 10.85
3.51 214.81 172.43 GeneralDynamics GD 1.6 21 210.59
7.51 31.45 17.25 GeneralElec GE 2.6 23 18.76
-2.43 63.73 49.65 GeneralMills GIS 3.4 21 57.85
7.51 46.76 31.92 GeneralMotors GM 3.4 10 44.07
G 0.7 24 33.12
4.35 33.75 23.34 Genpact
s 9.79 23.14 16.59 Gentex
GNTX 1.7 18 23.00
s 8.70 103.39 79.86 GenuineParts GPC 2.6 23 103.28
s 25.27 4.79 2.60 Gerdau
GGB 0.8 dd 4.66
GIL 1.1 19 32.57
0.84 32.83 23.55 Gildan
10.30 86.27 63.76 GileadSciences GILD 2.6 9 79.02
GSK 5.5 31 37.50
5.72 44.53 34.52 GSK
3.01 106.52 75.88 GlobalPayments GPN 0.0 57 103.26
s 2.29 51.70 34.42 GoDaddy
GDDY ... dd 51.43
GG 0.6 24 14.35
12.37 17.87 11.64 Goldcorp
0.89 262.14 209.62 GoldmanSachs GS 1.2 13 257.03
GT 1.7 9 33.91
4.95 37.20 28.81 Goodyear
GGG 1.1 76 46.92
3.76 47.44 28.39 Graco
GWW 2.2 28 235.67
-0.25 262.71 155.00 Grainger
-5.92 34.72 26.72 GreatPlainsEner GXP 3.6 29 30.33
s 8.03 24.85 16.55 Grifols
GRFS 1.7 ... 24.76
GRUB ...104 70.61
-1.66 74.81 32.43 GrubHub
5.06 9.38 7.42 GpoAvalAcc AVAL 4.5 14 8.93
s 7.06 70.92 30.51 GpoFinGalicia GGAL 0.0 20 70.50
5.20 10.82 6.89 GpFinSantMex BSMX 4.5 11 7.69
2.20 27.37 17.24 GrupoTelevisa TV 0.5 49 19.08
1.09 91.03 71.18 HCA Healthcare HCA ... 13 88.80
t -9.36 33.67 23.61 HCP
HCP 6.3 16 23.64
0.75 102.77 63.37 HDFC Bank HDB 0.5 ... 102.43
-2.00 44.73 28.97 HD Supply HDS ...133 39.23
s 9.09 22.97 14.41 HP
HPQ 2.4 15 22.92
s 6.18 54.88 39.63 HSBC
HSBC 3.6 83 54.83
8.74 58.78 38.18 Halliburton HAL 1.4221 53.14
7.22 25.73 18.90 Hanesbrands HBI 2.7 14 22.42
6.94 63.40 44.52 HarleyDavidson HOG 2.7 17 54.41
s 3.93 147.33 99.13 Harris
HRS 1.5 33 147.21
-1.76 58.61 46.35 HartfordFinl HIG 1.8 42 55.29
HAS 2.5 20 92.45
1.72 116.20 80.22 Hasbro
HEI 0.2 45 97.10
2.91 101.40 60.00 Heico
HEI.A 0.2 37 79.45
0.51 83.80 51.28 Heico A
8.69 81.20 42.16 Helm&Payne HP 4.0 dd 70.26
7.10 93.50 65.28 HenrySchein HSIC ... 22 74.84
HLF 1.7 16 70.22
3.69 79.64 50.03 Herbalife
HSY 2.4 33 109.27
-3.74 116.49 101.61 Hershey
HES 1.8 dd 54.54
14.89 60.13 37.25 Hess
s 10.10 15.87 12.70 HewlettPackard HPE 1.9 75 15.81
s 5.12 84.71 55.48 Hilton
HLT 0.7887 83.95
s 2.52 52.65 23.46 HollyFrontier HFC 2.5 28 52.51
HOLX ... 17 43.71
2.25 46.80 35.76 Hologic
s 3.64 199.42 134.60 HomeDepot HD 1.8 27 196.42
5.43 36.52 27.05 HondaMotor HMC ... 11 35.93
s 3.72 159.49 116.98 Honeywell HON 1.9 24 159.07
-5.06 38.00 29.75 HormelFoods HRL 2.2 22 34.55
1.64 53.32 27.97 DR Horton DHI 1.0 19 51.91
2.57 20.82 17.26 HostHotels HST 3.9 25 20.36
5.52 31.85 24.40 HuanengPower HNP 6.4 29 26.38
s 2.22 141.67 109.31 Hubbell
HUBB 2.2 27 138.34
s 8.04 271.99 186.25 Humana
HUM 0.6 21 268.02
s 5.29 121.51 83.35 JBHunt
JBHT 0.8 32 121.06
s 8.86 15.85 12.14 HuntingtonBcshs HBAN 2.8 19 15.85
4.98 253.44 183.42 HuntingIngalls HII 1.2 19 247.43
3.81 35.00 19.52 Huntsman HUN 1.4 16 34.56
s 7.33 79.20 50.21 HyattHotels H
... 48 78.93
10.16 137.86 66.35 IAC/InterActive IAC ... 34 134.70
s 2.57 9.99 6.82 ICICI Bank
IBN 0.8 23 9.98
s 10.78 173.82 116.54 IdexxLab
IDXX ... 56 173.24
5.98 48.53 36.73 IHSMarkit INFO ... 50 47.85
s 10.02 20.33 13.63 ING Groep ING 2.8 ... 20.31
s 3.61 37.88 28.75 Invesco
IVZ 3.1 17 37.86
20.61 260.33 98.05 IPG Photonics IPGP ... 38 258.27
IQV ...345 100.04
2.19 110.67 74.80 IQVIA
5.45 61.17 47.06 IcahnEnterprises IEP 10.7 5 55.89
ICLR ... 22 113.27
1.00 124.48 76.45 Icon
IEX 1.1 35 136.81
3.67 137.41 88.29 IDEX
s 2.20 171.52 122.25 IllinoisToolWks ITW 1.8 26 170.52
s 12.01 245.96 156.50 Illumina
ILMN ... 46 244.72
-0.06 34.77 27.59 ImperialOil IMO 1.6 17 31.17
INCY ... dd 94.07
-0.68 153.15 92.52 Incyte
INFY 2.4 17 16.81
3.64 17.37 13.42 Infosys
2.14 96.23 76.31 Ingersoll-Rand IR 2.0 23 91.10
INGR 1.8 19 135.96
-2.75 142.64 113.07 Ingredion
INTC 2.5 15 43.24
-6.33 47.64 33.23 Intel
s 6.57 63.16 33.01 InteractiveBrkrs IBKR 0.6 54 63.10
s 5.98 75.01 56.17 ICE
ICE 1.1 27 74.78
s 3.39 65.69 47.19 InterContinentl IHG ... 31 65.66
IBM 3.7 14 163.14
6.34 182.79 139.13 IBM
0.71 157.22 114.81 IntlFlavors IFF 1.8 29 153.70
IP 3.1 29 62.26
7.46 62.44 49.60 IntlPaper
7.84 25.71 18.30 Interpublic IPG 3.3 15 21.74
INTU 0.9 44 164.51
4.27 165.13 111.90 Intuit
14.82 426.98 217.19 IntuitiveSurgical ISRG ... 54 419.04
-3.65 24.30 19.80 InvitatHomes INVH 1.4 ... 22.71
5.81 65.51 37.26 IonisPharma IONS ...363 53.22
-4.00 41.53 32.53 IronMountain IRM 6.5 46 36.22
8.66 4.95 3.85 IsraelChemicals ICL ... 6 4.39
8.62 14.59 10.02 ItauUnibanco ITUB 0.4 13 14.12
-0.04
0.48
-0.57
0.68
-0.33
0.54
0.52
0.02
5.08
-0.26
-0.24
-0.12
-0.18
0.34
1.38
0.03
0.20
-0.04
0.66
-0.74
0.13
0.45
1.90
0.32
-0.10
-2.05
-0.39
0.11
2.39
0.03
1.53
0.14
0.19
1.83
-0.53
1.08
0.27
0.51
0.53
-0.19
0.08
0.78
1.91
0.20
0.04
0.98
-0.10
0.22
1.54
0.87
-0.82
-0.18
0.36
0.88
1.01
0.16
1.74
-0.16
1.15
0.21
-0.13
-0.21
0.34
3.05
2.81
0.13
0.22
8.16
-0.03
0.51
1.02
0.22
1.73
0.39
0.26
0.56
-0.06
0.18
-0.44
-1.44
0.07
1.52
4.68
-0.23
1.01
-0.46
-0.89
-2.02
-0.17
0.66
0.40
0.99
-1.06
0.17
0.03
0.28
1.51
-2.33
-0.16
0.05
-0.36
0.06
-0.02
GHI
JKL
JD ... dd 46.40
12.02 48.99 26.52 JD.com
s 5.36 112.85 81.64 JPMorganChase JPM 2.0 16 112.67
s 5.49 123.56 88.11 JackHenry JKHY 1.0 39 123.38
s 5.46 69.86 49.31 JacobsEngg JEC 0.9 29 69.56
-2.90 17.95 13.55 JamesHardie JHX 1.2 29 17.10
s 5.96 40.74 30.24 JanusHenderson JHG 3.2 ... 40.54
11.54 163.75 113.85 JazzPharma JAZZ ... 25 150.19
JBLU ... 12 22.93
2.64 24.13 18.05 JetBlue
s 4.32 146.42 110.76 J&J
JNJ 2.3 25 145.76
4.43 44.70 34.51 JohnsonControls JCI 2.6 23 39.80
3.32 155.89 97.60 JonesLang JLL 0.5 21 153.87
1.37 30.96 23.87 JuniperNetworks JNPR 1.4 17 28.89
s 5.46 53.34 40.27 KAR Auction KAR 2.6 31 53.27
s 8.90 63.96 37.10 KB Fin
KB ... 9 63.72
KKR 2.9 12 23.08
9.59 23.32 16.77 KKR
2.11 114.43 79.20 KLA Tencor KLAC 2.2 18 107.29
KT ... 13 15.88
1.73 18.82 13.74 KT
4.92 114.85 81.54 KSCitySouthern KSU 1.3 22 110.40
K 3.3 29 64.69
-4.84 76.69 58.76 Kellogg
s 6.20 21.46 16.28 KeyCorp
KEY 2.0 22 21.42
7.74 45.78 35.05 KeysightTechs KEYS ... 75 44.82
-4.15 78.33 67.00 KilroyRealty KRC 2.4 47 71.55
-6.36 136.21 109.67 KimberlyClark KMB 3.4 19 112.98
t -7.66 25.70 16.68 KimcoRealty KIM 6.7 32 16.76
8.02 23.01 16.68 KinderMorgan KMI 2.6 35 19.52
2.93 45.60 26.68 Knight-Swift KNX ... 47 45.00
s 17.78 65.06 35.16 Kohl's
KSS 3.4 16 63.87
7.51 42.35 28.71 KoninklijkePhil PHG 2.2 24 40.64
-3.11 21.59 16.51 KoreaElcPwr KEP ... 8 17.16
-0.53 97.77 75.21 KraftHeinz KHC 3.2 25 77.35
KR 1.8 17 28.14
2.51 34.99 19.69 Kroger
KYO ... 22 68.81
5.04 71.92 49.53 Kyocera
s 15.90 16.16 8.95 LATAMAirlines LTM 0.4 63 16.11
LB 4.8 15 49.67
-17.52 63.10 35.00 L Brands
0.15 17.05 11.91 LG Display LPL ... 4 13.78
LN ... 88 44.61
8.83 47.40 30.90 LINE
s 6.88 43.65 27.85 LKQ
LKQ ... 27 43.47
s 5.87 209.98 145.54 L3 Tech
LLL 1.4 29 209.46
s 7.60 172.38 128.00 LabCpAm
LH ... 24 171.64
2.41 219.70 108.46 LamResearch LRCX 1.1 17 188.51
-3.79 79.17 62.45 LamarAdv LAMR 4.6 23 71.43
3.24 58.70 35.81 LambWeston LW 1.3 27 58.28
2.20 72.20 51.35 LasVegasSands LVS 4.1 27 71.02
s 9.92 58.39 40.37 Lazard
LAZ 2.8 16 57.71
LEA 1.1 12 189.14
7.06 192.13 132.01 Lear
2.24 54.97 43.16 Leggett&Platt LEG 3.0 20 48.80
s 3.81 67.51 47.81 Leidos
LDOS 1.9 33 67.03
LEN.B 0.3 17 55.84
8.05 56.71 34.41 Lennar B
LEN 0.2 20 69.26
9.52 70.40 42.71 Lennar A
1.16 214.70 147.68 LennoxIntl LII 1.0 30 210.68
s 5.44 28.30 22.23 LeucadiaNatl LUK 1.4 18 27.93
6.51 104.66 75.48 LibertyBroadbandC LBRDK ...534 90.70
6.17 104.35 74.28 LibertyBroadbandA LBRDA ...531 90.30
3.10 37.00 27.36 LibertyGlobal C LBTYK ...107 34.89
2.87 37.69 28.17 LibertyGlobal A LBTYA ...113 36.87
s 9.61 26.91 17.62 LibertyQVC B QVCB ... 11 26.91
9.95 26.93 17.24 LibertyQVC A QVCA ... 11 26.85
6.90 62.41 39.62 LibertyVenturesA LVNTA ... 24 57.98
1.47 39.37 27.63 LibertyFormOne A FWONA ... ... 33.20
1.70 41.14 27.55 LibertyFormOne C FWONK ... ... 34.74
4.81 26.52 19.30 LibertyBraves A BATRA ... dd 23.11
4.91 26.20 19.30 LibertyBraves C BATRK ... dd 23.31
3.28 46.24 34.10 LibertySirius C LSXMK ... 25 40.96
3.53 46.43 34.44 LibertySirius A LSXMA ... 25 41.06
-5.32 45.40 37.21 LibertyProperty LPT 3.9 17 40.72
LLY 2.6 42 86.98
2.98 89.09 74.00 EliLilly
6.87 99.59 77.68 LincolnElectric LECO 1.6 24 97.87
s 9.76 84.75 61.45 LincolnNational LNC 1.6 13 84.37
-0.30 34.75 24.27 LionsGate A LGF.A ... 35 33.71
-0.91 33.10 22.50 LionsGate B LGF.B ... 33 31.45
4.37 46.99 27.17 LiveNationEnt LYV ...2222 44.43
s 5.60 3.96 3.15 LloydsBanking LYG 2.7 21 3.96
s 4.73 336.35 248.00 LockheedMartin LMT 2.4 27 336.25
s 5.50 52.81 45.01 Loews
L 0.5 18 52.78
6.48 40.82 24.99 LogitechIntl LOGI 1.8 28 35.82
LOGM 0.81100 121.00
5.68 129.51 90.35 LogMeIn
s 8.52 102.28 70.76 Lowe's
LOW 1.6 24 100.86
LULU ... 39 78.84
0.32 81.92 47.26 lululemon
s 6.67 118.00 78.01 LyondellBasell LYB 3.1 13 117.68
-0.21
1.83
0.70
0.06
-0.13
0.51
1.69
0.59
0.97
0.24
-0.58
0.13
0.26
0.34
0.05
1.05
0.08
2.75
-1.29
0.23
-0.10
-0.25
0.28
-0.25
0.32
-0.29
2.75
0.72
-0.09
0.22
0.06
-0.94
0.57
-0.34
-0.30
-0.01
0.48
2.99
1.36
-0.61
-1.14
0.28
0.39
0.44
4.23
0.23
-0.41
-0.26
-0.31
1.73
-0.05
0.40
0.37
0.24
0.28
0.20
0.20
0.21
0.63
1.00
0.39
0.42
-0.02
-0.04
-0.34
0.59
0.40
0.47
0.43
0.48
0.67
0.09
5.12
1.27
0.81
1.30
5.12
-0.15
-0.02
MN
s 4.40 179.49 141.12 M&T Bank MTB 1.7 21 178.52
s 4.91 35.18 25.15 MGM Resorts MGM 1.3 34 35.03
MPLX 6.1 42 38.78
9.33 39.43 30.88 MPLX
s 7.39 136.93 80.38 MSCI
MSCI 1.1 41 135.89
MAC 4.7 73 62.97
-4.13 70.95 52.12 Macerich
M 5.6 12 26.89
6.75 34.37 17.41 Macy's
5.19 81.77 63.55 MagellanMid MMP 4.9 20 74.62
5.24 59.71 39.50 MagnaIntl MGA 1.8 11 59.64
2.89 131.99 91.13 Manpower MAN 1.4 19 129.75
s 4.55 21.82 16.62 ManulifeFin MFC 2.9 16 21.81
s 11.16 18.96 10.55 MarathonOil MRO 1.1 dd 18.82
s 8.24 71.50 46.88 MarathonPetrol MPC 2.2 22 71.42
MKL ...250 1123.37
-1.38 1157.30 887.40 Markel
0.98 211.06 153.95 MarketAxess MKTX 0.6 52 203.72
s 2.98 140.25 81.93 Marriott
MAR 0.9 38 139.78
0.53
-0.08
0.35
1.13
-0.13
0.59
0.87
1.88
-0.15
0.13
0.22
1.17
18.20
2.20
0.35
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
0.43 86.54 67.16 Marsh&McLen MMC 1.8 22 81.74
4.40 244.32 191.09 MartinMarietta MLM 0.8 34 230.76
11.04 24.22 13.83 MarvellTech MRVL 1.0 40 23.84
s 4.14 46.01 31.29 Masco
MAS 0.9 27 45.76
s 7.25 162.52 104.01 Mastercard MA 0.6 38 162.33
4.25 33.08 15.42 MatchGroup MTCH ... 22 32.64
5.30 55.43 40.44 MaximIntProducts MXIM 2.6 27 55.05
-0.88 106.50 90.25 McCormick MKC 2.1 28 101.01
0.84 175.78 119.82 McDonalds MCD 2.3 25 173.57
6.60 169.29 133.82 McKesson MCK 0.8 8 166.25
5.82 89.72 73.59 Medtronic MDT 2.2 23 85.45
-6.99 29.60 16.00 MelcoResorts MLCO 1.3 43 27.01
s 8.84 344.52 172.85 MercadoLibre MELI 0.2114 342.47
MRK 3.3 57 58.66
4.25 66.80 53.63 Merck
MET 3.0 dd 53.33
5.48 55.91 44.17 MetLife
5.02 694.48 408.97 MettlerToledo MTD ... 39 650.60
s 3.64 65.25 32.38 MichaelKors KORS ... 18 65.24
-6.46 36.21 27.86 MicroFocus MFGP ... 49 31.42
6.33 95.92 64.68 MicrochipTech MCHP 1.6 37 93.44
4.11 49.89 21.49 MicronTech MU ... 7 42.81
s 12.55 58.33 46.09 Microsemi MSCC ... 38 58.13
s 4.75 89.78 62.03 Microsoft
MSFT 1.9 30 89.60
t -9.19 110.95 90.88 MidAmApt MAA 4.0 43 91.32
MIDD ... 26 135.73
0.58 150.87 107.53 Middleby
s 9.49 7.98 5.94 MitsubishiUFJ MTU ... 11 7.96
s 8.24 3.95 3.37 MizuhoFin MFG ... 10 3.94
7.46 11.59 7.76 MobileTeleSys MBT 6.5 13 10.95
-0.66 286.85 200.74 MohawkInds MHK ... 21 274.07
3.42 102.14 76.25 MolsonCoors B TAP 1.9 8 84.88
MDLZ 2.1 29 42.47
-0.77 47.23 39.19 Mondelez
2.50 122.80 106.97 Monsanto MON 1.8 22 119.70
0.76 66.16 41.02 MonsterBev MNST ... 46 63.77
s 6.53 157.56 96.70 Moody's
MCO 1.0 57 157.25
s 5.05 55.14 40.06 MorganStanley MS 1.8 15 55.12
MOS 0.4 28 27.22
6.08 34.36 19.23 Mosaic
s 6.90 97.18 76.92 MotorolaSol MSI 2.2 25 96.57
11.47 35.00 22.21 MurphyOil MUR 2.9 dd 34.61
s 10.85 47.19 29.39 Mylan
MYL ... 29 46.90
0.77 29.78 14.30 NRG Energy NRG 0.4 dd 28.70
1.60 26.14 22.58 NTTDoCoMo DCM ... 16 24.15
NVR ... 26 3558.23
1.43 3677.10 1662.30 NVR
s 2.13 119.70 96.00 NXP Semi
NXPI ... 26 119.58
s 5.99 81.55 65.98 Nasdaq
NDAQ 1.9 54 81.43
-2.09 75.24 56.63 NationalGrid NGG 3.5 12 57.58
8.66 41.90 29.90 NatlOilwell NOV 0.5 dd 39.14
-7.37 46.34 36.45 NatlRetailProp NNN 4.8 33 39.95
20.56 73.95 11.41 NektarTherap NKTR ... dd 72.00
s 13.47 62.80 35.41 NetApp
NTAP 1.3 27 62.77
NTES 0.9 23 328.83
-4.71 377.64 233.50 Netease
s 15.25 222.55 130.58 Netflix
NFLX ...223 221.23
4.87 83.84 38.43 Neurocrine NBIX ... dd 81.37
s 11.62 105.50 46.35 NewOrientalEduc EDU ... 57 104.92
4.76 16.18 11.67 NY CmntyBcp NYCB 5.0 16 13.64
4.40 55.08 27.45 NewellBrands NWL 2.9 12 32.26
10.21 43.74 24.41 NewfieldExpln NFX ... 20 34.75
s 6.05 39.84 31.42 NewmontMin NEM 0.8204 39.79
5.72 17.60 12.30 NewsCorp B NWS 1.1 dd 17.55
5.80 17.22 11.88 NewsCorp A NWSA 1.2 dd 17.15
-3.76 159.40 117.88 NextEraEnergy NEE 2.6 17 150.32
2.91 45.73 34.22 NielsenHoldings NLSN 3.6 26 37.46
NKE 1.2 28 64.67
3.39 65.19 50.35 Nike
NI 2.9 29 24.07
-6.23 27.76 21.65 NiSource
10.60 40.89 22.98 NobleEnergy NBL 1.2 dd 32.23
NOK 3.9 dd 4.87
4.51 6.65 4.50 Nokia
13.23 6.80 5.28 NomuraHoldings NMR ... 11 6.59
NDSN 0.8 29 148.46
1.41 151.84 107.16 Nordson
s 9.37 53.00 37.79 Nordstrom JWN 2.9 18 51.82
s 6.51 156.08 105.89 NorfolkSouthern NSC 1.6 24 154.34
s 7.38 107.56 81.92 NorthernTrust NTRS 1.6 24 107.26
s 2.68 315.71 223.88 NorthropGrum NOC 1.3 23 315.15
s 8.64 58.04 53.20 NorwegCruise NCLH ... 18 57.85
NVS 3.1 31 86.65
3.20 86.90 69.53 Novartis
s 2.55 55.11 32.83 NovoNordisk NVO 0.9 24 55.04
s 8.56 70.48 51.67 Nucor
NUE 2.2 20 69.02
NTNX ... dd 37.84
7.26 38.80 14.38 Nutanix
NVDA 0.3 55 222.98
15.24 226.27 95.17 NVIDIA
0.72
1.12
0.69
0.03
1.41
0.34
0.46
0.01
0.18
3.95
-0.28
-0.21
0.45
1.06
-0.16
11.34
0.80
0.63
1.33
-0.01
0.55
1.52
-0.75
2.02
0.02
0.02
0.19
2.35
0.39
-0.04
0.16
-0.19
1.53
0.92
0.15
3.02
0.34
0.19
0.09
0.03
7.34
0.33
0.97
0.47
0.30
-0.46
2.12
0.96
1.43
3.99
2.37
3.00
-0.14
0.35
0.15
0.95
0.05
0.07
-0.18
1.16
0.38
-0.06
0.09
0.05
0.03
1.03
1.73
0.31
1.31
5.60
1.69
0.98
0.08
-1.16
-0.11
-1.10
OPQ
t -6.59 37.41 30.70 OGE Energy OGE 4.3 16 30.74
OKE 5.1 37 58.67
9.77 59.30 47.14 ONEOK
7.51 282.83 169.43 OReillyAuto ORLY ... 22 258.60
s 3.90 76.76 57.20 OccidentalPetrol OXY 4.0589 76.53
s 8.38 142.74 80.56 OldDomFreight ODFL 0.3 35 142.58
OLN 2.1 85 38.07
7.00 38.84 25.60 Olin
OMC 3.2 15 75.92
4.24 87.43 65.32 Omnicom
s 12.56 23.66 13.02 ON Semi
ON ... 26 23.57
OTEX 1.6 59 33.81
-5.21 35.80 30.88 OpenText
ORCL 1.5 21 49.51
4.72 53.14 38.88 Oracle
ORAN 3.3 94 17.58
1.03 17.65 14.94 Orange
0.39 134.59 85.51 OrbitalATK OA 1.0 25 132.01
s 13.35 96.30 73.70 Orix
IX ... 9 96.10
OSK 1.0 25 92.29
1.54 94.16 61.74 Oshkosh
s 4.33 95.99 52.48 OwensCorning OC 0.9 29 95.92
PCG ... 10 43.82
-2.25 71.57 41.61 PG&E
PHI 6.6 12 28.47
-5.35 38.54 27.60 PLDT
s 5.23 153.50 113.66 PNC Fin
PNC 2.0 19 151.84
s 15.63 90.56 52.88 POSCO
PKX ... 14 90.34
PPG 1.5 22 118.17
1.16 119.85 94.62 PPG Ind
PPL 5.1 14 31.08
0.42 40.20 30.44 PPL
PTC ...1319 65.93
8.49 67.12 46.87 PTC
s 4.68 144.83 84.53 PVH
PVH 0.1 21 143.63
s 7.48 76.60 61.93 Paccar
PCAR 1.3 20 76.40
6.45 130.19 85.36 PackagingCpAm PKG 2.0 24 128.32
5.18 57.53 43.08 PacWestBancorp PACW 3.8 18 53.01
5.92 157.65 107.31 PaloAltoNtwks PANW ... dd 153.52
0.70 29.90 24.65 ParkHotels PK 7.6 2 28.95
s 5.24 210.35 141.06 ParkerHannifin PH 1.3 27 210.04
-1.12 37.72 22.98 ParsleyEnergy PE ...364 29.11
PAYX 3.0 29 67.66
-0.62 70.39 54.20 Paychex
s 9.40 80.77 39.02 PayPal
PYPL ... 62 80.54
PSO 1.4 dd 9.90
0.81 10.01 7.04 Pearson
-2.07 36.99 30.32 PembinaPipeline PBA 4.9 37 35.43
s 4.45 74.47 57.44 Pentair
PNR 1.9 33 73.76
4.17 19.85 15.96 People'sUtdFin PBCT 3.5 21 19.48
PEP 2.7 24 117.38
-2.12 120.57 101.06 PepsiCo
s 7.89 79.02 50.59 PerkinElmer PKI 0.4 40 78.89
s 5.32 92.75 63.68 Perrigo
PRGO 0.7 dd 91.80
9.87 81.80 60.69 PetroChina PTR 2.7 41 76.84
11.47 11.50 7.61 PetroleoBrasil PBR ... 32 11.47
s 10.07 10.86 6.96 PetroleoBrasilA PBR.A ... 30 10.82
PFE 3.7 23 36.54
0.88 37.35 30.90 Pfizer
-1.09 123.55 89.97 PhilipMorris PM 4.1 23 104.50
s 3.78 105.09 75.14 Phillips66
PSX 2.7 26 104.97
-4.41 38.39 18.10 PilgrimPride PPC ... 12 29.69
-0.54 66.67 52.51 PinnacleFoods PF 2.2 40 59.15
-7.00 92.48 75.79 PinnacleWest PNW 3.5 17 79.22
7.69 199.83 125.46 PioneerNatRscs PXD 0.0260 186.15
16.09 33.01 18.38 PlainsAllAmPipe PAA 5.0 26 23.96
PAGP 5.0 dd 24.14
9.98 34.63 18.98 PlainsGP
4.87 134.66 77.91 PolarisIndustries PII 1.8 41 130.03
PX 1.9 29 164.15
6.12 166.08 115.53 Praxair
PCLN ... 27 1919.40
10.45 2067.99 1528.01 Priceline
s 5.17 74.40 56.12 PrincipalFin PFG 2.6 12 74.21
-2.47 94.67 83.44 Procter&Gamble PG 3.1 24 89.61
-0.67 57.18 35.85 Progressive PGR 1.2 23 55.94
PLD 2.8 19 61.85
-4.12 67.53 48.33 Prologis
s 7.95 125.00 97.88 PrudentialFin PRU 2.4 12 124.12
s 6.89 54.31 38.17 Prudential PUK 1.4 20 54.28
-2.72 53.28 41.67 PublicServiceEnt PEG 3.4 57 50.10
-7.39 232.21 192.15 PublicStorage PSA 4.1 28 193.55
3.70 35.01 18.87 PulteGroup PHM 1.0 17 34.48
QGEN ... 94 32.65
5.56 36.34 27.51 Qiagen
QRVO ... dd 71.04
6.67 81.20 56.63 Qorvo
2.12 69.28 48.92 Qualcomm QCOM 3.5 25 65.38
0.84 40.10 30.23 QuantaServices PWR ... 21 39.44
3.19 112.97 90.10 QuestDiag DGX 1.8 21 101.63
-0.51
0.31
-1.15
0.71
1.78
0.12
1.60
0.49
0.02
0.56
0.33
0.04
2.52
1.14
0.43
-0.06
-0.34
0.35
2.77
0.60
0.20
0.14
1.05
0.83
-0.92
0.37
-0.64
-0.14
1.69
-0.01
0.80
0.79
0.10
0.08
-0.37
...
0.50
1.27
-0.19
0.57
0.09
0.07
-0.02
-0.36
2.60
0.18
0.14
-0.70
1.98
0.38
0.16
0.47
0.34
26.30
0.33
-0.54
0.28
0.20
0.40
0.76
0.10
-2.57
-0.04
0.46
2.16
-0.05
0.37
0.61
RS
RENX 1.4 28 22.55
-2.25 23.30 16.30 RELX
RELX 1.3 29 23.21
-2.07 24.03 17.64 RELX
RPM 2.4 21 53.29
1.66 56.69 47.87 RPM
3.47 44.11 28.76 RSP Permian RSPP ... 70 42.09
s 2.99 106.92 66.06 RalphLauren RL 1.9110 106.79
1.58 108.29 80.34 RandgoldRscs GOLD 1.0 34 100.45
s 8.39 96.79 70.74 RaymondJames RJF 1.0 22 96.79
s 5.12 198.06 141.28 Raytheon
RTN 1.6 27 197.46
t -7.54 63.60 52.63 RealtyIncome O 4.8 43 52.72
RHT ... 69 125.95
4.87 130.93 72.60 RedHat
-7.40 72.05 58.63 RegencyCtrs REG 3.3100 64.06
-2.39 543.55 340.09 RegenPharm REGN ... 33 366.96
s 5.79 18.37 13.00 RegionsFin RF 2.0 19 18.28
RGA 1.2 13 163.98
5.16 165.12 121.92 ReinsGrp
s 5.43 91.24 68.46 RelianceSteel RS 2.0 18 90.45
1.14 69.12 56.83 RepublicSvcs RSG 2.0 29 68.38
RMD 1.6 36 87.78
3.65 88.49 62.64 ResMed
-0.42 68.89 47.75 RestaurantBrands QSR 1.4 42 61.22
s 8.96 57.78 37.66 RioTinto
RIO 3.8 17 57.67
1.48 57.67 42.92 RobertHalf RHI 1.7 22 56.36
ROK 1.6 33 207.92
5.89 210.72 139.38 Rockwell
s 1.63 138.14 88.80 RockwellCollins COL 1.0 29 137.83
-1.75 54.95 38.80 RogersComm B RCI 3.1 26 50.04
ROL 1.0 57 47.62
2.34 48.29 33.00 Rollins
s 6.29 275.52 185.10 RoperTech ROP 0.6 40 275.28
s 4.15 83.93 52.85 RossStores ROST 0.8 27 83.58
3.31 84.70 66.66 RoyalBkCanada RY 3.4 15 84.35
s 10.47 8.44 5.37 RoyalBkScotland RBS ... dd 8.44
6.92 133.75 84.03 RoyalCaribbean RCL 1.9 17 127.53
s 6.25 70.94 50.32 RoyalDutchA RDS.A 5.3 28 70.88
s 6.46 72.77 53.10 RoyalDutchB RDS.B 5.2 28 72.70
RYAAY ... 17 115.44
10.80 127.35 78.34 Ryanair
-1.98 116.90 88.80 SAP
SAP 1.2 32 110.13
4.86 178.50 111.94 S&P Global SPGI 0.9 26 177.64
-4.54 173.97 102.29 SBA Comm SBAC ...186 155.94
s 6.67 76.76 47.88 SEI Investments SEIC 0.8 33 76.65
SINA ... 64 113.00
12.65 119.20 61.27 Sina
SHI 6.0 8 61.32
7.58 64.80 50.67 SINOPEC
-0.39 28.76 20.94 SK Telecom SKM ... 8 27.80
-5.41 115.34 93.92 SLGreenRealty SLG 3.4 93 95.47
22.21 51.39 30.82 SS&C Tech SSNC 0.6 47 49.47
SIVB ... 28 253.18
8.30 254.10 159.44 SVB Fin
6.77 180.83 44.55 SageTherap SAGE ... dd 175.86
s 7.84 110.71 74.37 Salesforce.com CRM ...11024 110.24
SNY 3.7 22 44.78
4.14 50.65 39.42 Sanofi
s 0.91 19.02 11.12 SantanderCons SC 0.6 10 18.79
s 5.82 36.21 26.92 Sasol
SSL 3.3 16 36.20
SCG 5.6 14 44.05
10.73 72.89 37.09 Scana
15.70 87.84 61.02 Schlumberger SLB 2.6200 77.97
s 7.83 55.52 37.16 SchwabC
SCHW 0.6 36 55.39
s 0.95 110.12 81.48 ScottsMiracleGro SMG 2.0 35 108.01
2.92 88.45 64.87 ScrippsNetworks SNI 1.4 19 87.87
s 22.51 51.88 30.60 Seagate
STX 4.9 19 51.26
SEE 1.3 32 48.86
-0.89 50.62 41.22 SealedAir
-2.13 71.31 45.31 SeattleGenetics SGEN ... dd 52.36
-6.54 9.14 4.49 SemicondctrMfg SMI ... 34 8.00
-0.03 122.97 99.71 SempraEnergy SRE 3.1 24 106.89
s 5.97 54.21 38.71 SensataTech ST ... 30 54.16
2.01 38.62 28.67 ServiceCorp SCI 1.6 20 38.07
s 3.80 53.79 36.34 ServiceMaster SERV ... 31 53.22
s 5.98 139.06 81.29 ServiceNow NOW ... dd 138.19
-4.60 23.44 20.13 ShawComm B SJR 4.4 27 21.78
s 5.56 433.90 280.14 SherwinWilliams SHW 0.8 38 432.84
0.24
0.30
-0.30
0.07
0.85
2.40
1.62
4.11
-0.56
-0.21
-0.31
-1.30
0.08
0.32
-0.38
0.12
0.74
0.02
0.43
-0.23
1.78
0.04
0.26
-0.07
2.78
1.02
0.47
0.26
2.12
1.04
0.97
2.62
0.49
1.24
-1.56
1.07
0.17
1.24
0.08
-0.26
-0.87
2.53
1.26
1.14
0.77
0.24
0.85
-0.46
0.92
1.22
-1.46
0.19
2.25
0.21
0.58
-0.02
0.19
0.81
0.22
0.05
0.61
0.21
7.48
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
s 7.78 50.01 37.58 ShinhanFin SHG ... 8 50.01
SHPG 0.2 29 147.55
-4.88 192.15 137.17 Shire
SHOP ... dd 112.80
11.68 123.94 48.02 Shopify
7.85 164.23 116.68 SignatureBank SBNY ... 21 148.03
-3.63 187.35 150.15 SimonProperty SPG 4.5 29 165.51
SIRI 0.8 30 5.48
2.24 5.89 4.54 SiriusXM
1.88 39.71 22.30 SkechersUSA SKX ... 24 38.55
SWKS 1.3 19 101.21
6.59 117.65 76.48 Skyworks
s 6.59 65.37 46.44 SmithAO
AOS 0.9 32 65.32
0.46 40.43 29.76 Smith&Nephew SNN 1.4 19 35.17
SJM 2.5 25 123.43
-0.65 143.68 99.56 Smucker
SNAP ... dd 14.11
-3.42 29.44 11.28 Snap
s 5.33 185.47 140.83 SnapOn
SNA 1.8 19 183.59
s 5.66 64.20 30.30 SOQUIMICH SQM 1.4 48 62.73
s 11.30 50.82 29.16 Sony
SNE ... 28 50.03
t -6.76 53.51 44.44 Southern
SO 5.2 82 44.84
s 5.23 50.32 32.63 SoCopper
SCCO 2.0 32 49.93
-0.14 66.98 48.71 SouthwestAir LUV 0.8 19 65.36
10.47 46.72 38.42 SpectraEnerPtrs SEP 6.7 15 43.68
7.19 146.09 98.11 SpectrumBrands SPB 1.4 24 120.48
s 10.66 96.70 51.85 SpiritAeroSys SPR 0.4 34 96.55
SPLK ... dd 89.64
8.21 90.69 52.89 Splunk
S
-3.40 9.65 5.42 Sprint
... dd 5.69
SQ ... dd 41.25
18.98 49.56 13.84 Square
2.20 174.87 117.42 StanleyBlackDck SWK 1.5 22 173.42
5.17 64.87 52.58 Starbucks SBUX 2.0 31 60.40
s 9.87 107.57 74.45 StateStreet STT 1.6 19 107.24
s 9.80 23.54 16.18 Statoil
STO ... dd 23.52
s 9.00 47.39 32.15 SteelDynamics STLD 1.3 22 47.01
SRCL ... dd 71.60
5.31 88.00 61.25 Stericycle
STE 1.4 55 91.67
4.80 93.39 65.27 Steris
10.94 24.80 11.36 STMicroelec STM 1.0 35 24.23
SYK 1.2 34 158.23
2.19 164.20 119.17 Stryker
s 9.55 9.53 6.93 SumitomoMits SMFG ... 10 9.52
-6.03 96.08 77.12 SunComms SUI 3.1118 87.19
s 1.67 42.11 32.22 SunLifeFinancial SLF 3.4 13 41.95
3.40 38.39 27.96 SuncorEnergy SU 2.7 23 37.97
s 6.66 68.95 51.96 SunTrustBanks STI 2.3 18 68.89
2.71 34.20 25.64 Symantec SYMC 1.0 dd 28.82
1.97 40.17 26.01 SynchronyFin SYF 1.5 15 39.37
SNPS ...106 90.37
6.02 94.80 60.41 Synopsys
s 6.30 51.18 37.95 SynovusFin SNV 1.2 21 50.96
SYY 2.3 28 61.38
1.07 62.79 48.85 Sysco
0.81
-0.86
1.67
0.51
0.68
-0.02
-0.14
1.29
0.57
0.39
0.28
-0.49
-0.17
-1.17
-0.25
-0.41
-0.17
0.52
0.87
-0.14
2.40
0.19
...
-1.05
0.89
0.40
1.46
0.32
-0.11
0.02
1.24
0.21
-0.37
0.04
-0.94
0.42
0.38
1.03
0.05
-0.39
0.66
0.40
0.16
TUV
4.61 36.16 12.34 TAL Education TAL ...130 31.08
s 6.59 54.59 36.12 TD Ameritrade AMTD 1.5 33 54.50
s 5.40 100.70 68.82 TE Connectivity TEL 1.6 21 100.17
TU 4.2 23 37.72
-0.40 38.50 31.28 Telus
s 8.80 34.46 22.17 Ternium
TX 2.9 9 34.37
TSU ... 31 19.96
3.37 20.48 12.93 TIM Part
TJX 1.6 21 78.28
2.38 80.92 66.44 TJX
0.27 68.88 54.60 T-MobileUS TMUS ... 25 63.68
s 9.93 115.62 65.33 TRowePrice TROW 2.0 19 115.35
3.88 43.02 29.22 TaiwanSemi TSM 2.8 19 41.19
6.85 120.62 50.51 TakeTwoSoftware TTWO ...108 117.30
TPR 2.9 28 45.78
3.50 48.85 34.33 Tapestry
6.24 61.83 39.59 TargaResources TRGP 7.1 dd 51.44
s 17.70 77.00 48.56 Target
TGT 3.2 16 76.80
3.78 40.34 28.96 TataMotors TTM 0.0 15 34.32
11.15 36.14 24.53 TechnipFMC FTI 1.5 ... 34.80
s 17.08 30.79 14.56 TeckRscsB TECK 0.5 10 30.64
5.84 40.19 18.71 TelecomArgentina TEO 2.9 20 38.77
6.26 10.53 7.50 TelecomItalia TI 2.8 ... 9.17
6.80 8.66 6.27 TelecomItalia A TI.A 4.0 ... 7.70
s 6.70 193.62 119.67 TeledyneTech TDY ... 33 193.28
TFX 0.5 48 263.18
5.77 271.23 162.79 Teleflex
6.00 16.85 13.06 TelefonicaBras VIV ... 19 15.72
2.79 11.64 9.37 Telefonica TEF 4.7 18 9.95
-2.73 36.19 28.10 TelekmIndonesia TLK 2.3 18 31.34
TS 1.5137 34.54
8.41 37.21 25.91 Tenaris
TER 0.6 21 44.60
6.52 46.48 25.80 Teradyne
TSLA ... dd 336.22
7.99 389.61 229.59 Tesla
16.46 37.94 10.85 TevaPharm TEVA 1.5 dd 22.07
s 7.93 113.00 73.87 TexasInstruments TXN 2.2 26 112.72
s 6.29 60.19 43.66 Textron
TXT 0.1 26 60.15
s 10.69 211.54 140.00 ThermoFisherSci TMO 0.3 36 210.17
... 48.61 42.22 ThomsonReuters TRI 3.2 30 43.59
s 3.83 159.17 87.96 ThorIndustries THO 0.9 19 156.50
s 3.87 246.00 173.55 3M
MMM 1.9 27 244.47
s 4.34 108.90 77.15 Tiffany
TIF 1.8 29 108.46
0.63 103.90 85.88 TimeWarner TWX 1.7 18 92.05
TOL 0.6 16 51.58
7.41 52.41 30.67 Toll Bros
1.70 93.34 72.59 Torchmark TMK 0.7 20 92.25
TTC 1.2 28 66.98
2.68 73.86 57.17 Toro
0.48 60.54 45.18 TorontoDomBk TD 3.2 14 58.86
s 7.33 59.41 48.15 Total
TOT 4.9 17 59.33
s 3.68 82.57 49.98 TotalSystem TSS 0.6 36 82.00
7.89 137.29 103.62 ToyotaMotor TM ... 12 137.20
s 6.50 79.85 49.87 TractorSupply TSCO 1.4 24 79.61
-1.60 51.85 45.07 TransCanada TRP 4.1 31 47.86
6.51 295.00 203.72 TransDigm TDG ... 37 292.50
s 3.80 57.38 31.38 TransUnion TRU ... 44 57.05
TRV 2.1 16 134.73
-0.67 137.95 113.76 Travelers
TRMB ... 57 43.39
6.77 43.97 28.61 Trimble
-5.10 10.39 6.88 TurkcellIletism TKC 3.1 14 9.68
4.08 3.80 2.44 TurquoiseHill TRQ ... 32 3.57
6.37 36.96 24.81 21stCenturyFoxA FOXA 1.0 23 36.73
s 6.59 36.48 24.30 21stCenturyFoxB FOX 1.0 23 36.37
s 5.83 25.85 14.12 Twitter
TWTR ... dd 25.41
s 6.16 188.65 143.38 TylerTech
TYL ... 55 187.95
-1.44 84.65 57.20 TysonFoods TSN 1.5 16 79.90
s 6.53 19.61 15.10 UBS Group UBS 3.1 18 19.59
UDR 3.5115 35.70
-7.32 40.71 34.41 UDR
UGI 2.1 19 47.34
0.83 52.00 45.04 UGI
USFD ... 28 32.45
1.63 32.96 25.43 US Foods
6.11 314.86 187.96 UltaBeauty ULTA ... 30 237.32
3.69 233.42 181.59 UltSoftware ULTI ...233 226.28
5.81 25.39 20.09 UltraparPart UGP 2.2 26 24.05
4.78 30.58 11.40 UnderArmour A UAA ... 47 15.12
6.16 26.92 10.36 UnderArmour C UA ... 44 14.14
UN ... 25 55.49
-1.47 61.62 40.06 Unilever
UL 3.1 25 54.52
-1.48 60.13 40.31 Unilever
s 5.27 141.81 101.06 UnionPacific UNP 1.9 25 141.17
16.32 83.04 56.51 UnitedContinental UAL ... 12 78.40
0.42 2.73 1.76 UnitedMicro UMC 3.4 19 2.40
s 12.54 134.33 102.12 UPS B
UPS 2.5 33 134.09
s 5.22 182.86 100.62 UnitedRentals URI ... 26 180.89
s 6.35 57.12 49.53 US Bancorp USB 2.1 17 56.98
X 0.5 58 39.14
11.22 41.83 18.55 US Steel
s 7.06 136.58 106.85 UnitedTech UTX 2.1 21 136.58
-4.52 169.89 112.01 UnitedTherap UTHR ... 12 141.27
3.71 231.77 156.09 UnitedHealth UNH 1.3 25 228.64
s 13.87 203.30 56.15 UnivDisplay OLED 0.1 96 196.60
2.91 129.74 95.26 UniversalHealthB UHS 0.3 16 116.65
s 6.74 58.73 43.55 UnumGroup UNM 1.6 14 58.59
VEON 2.8 4 3.92
2.08 4.50 3.67 VEON
t -4.75 9.12 7.39 VEREIT
VER 7.4 dd 7.42
VFC 2.4 32 77.80
5.14 78.70 48.05 VF
V 0.6 44 120.09
5.32 120.48 80.76 Visa
4.63 237.77 159.98 VailResorts MTN 1.9 38 222.31
s 10.63 13.57 7.47 Vale
VALE ... 13 13.53
14.73 24.43 8.31 ValeantPharm VRX ... 6 23.84
s 5.27 97.00 60.69 ValeroEnergy VLO 2.9 21 96.75
5.51 78.25 59.10 Vantiv
VNTV ... 54 77.60
-2.39 114.09 76.29 VarianMed VAR ... 40 108.49
VEDL 10.1 18 21.67
4.03 21.88 13.78 Vedanta
5.59 68.07 41.30 VeevaSystems VEEV ... 64 58.37
t -8.63 72.36 54.77 Ventas
VTR 5.8 33 54.83
VRSN ... 31 113.61
-0.73 118.28 79.21 VeriSign
1.56 98.60 75.60 VeriskAnalytics VRSK ... 36 97.50
VZ 4.6 13 51.86
-2.02 53.69 42.80 Verizon
5.39 167.85 79.78 VertxPharm VRTX ...202 157.93
9.57 46.72 22.13 Viacom B
VIAB 2.4 7 33.76
12.03 49.00 28.20 Viacom A
VIA 2.0 8 39.10
23.81 15.49 7.79 Vipshop
VIPS ... 43 14.51
1.36 21.20 14.50 VistraEnergy VST ... 0 18.57
VMW ... 38 132.53
5.75 133.33 81.11 VMware
VOD 3.5 dd 31.93
0.09 32.75 24.31 Vodafone
t -8.01 90.29 71.87 VornadoRealty VNO 3.3 17 71.92
9.48 54.63 33.53 VoyaFinancial VOYA 0.1 dd 54.16
4.36 136.82 108.95 VulcanMatls VMC 0.7 47 133.97
-1.32
0.76
0.91
0.39
0.88
0.09
1.40
-0.16
2.29
0.16
0.32
0.26
0.62
2.80
0.03
0.79
0.41
-0.38
0.06
0.04
4.58
2.52
0.38
0.14
0.22
0.46
0.07
-1.73
0.33
2.05
1.06
1.51
0.25
-0.25
2.16
1.00
0.16
-0.23
-0.61
-0.17
0.04
1.45
-0.18
0.29
1.12
0.10
4.99
-0.09
2.39
0.40
-0.02
0.06
0.53
0.57
1.06
0.06
-0.06
0.29
-0.38
-0.26
0.35
4.17
-0.88
0.07
-0.18
0.01
0.51
0.50
0.82
1.95
0.02
0.63
0.90
0.30
-0.38
1.59
-1.66
3.25
-1.20
1.72
0.37
0.04
-0.09
0.61
0.25
3.37
0.08
0.03
2.20
1.94
-3.04
0.30
0.31
-1.40
1.38
0.83
-0.25
-0.47
2.95
3.45
0.89
0.03
-0.74
0.49
-0.96
0.66
-1.21
WXYZ
WBC ... 28 155.02
8.03 156.08 103.40 WABCO
-4.21 70.09 56.05 WEC Energy WEC 3.5 21 63.63
WEX ... 73 144.80
2.53 146.74 97.26 WEX
-5.73 72.41 59.41 W.P.Carey WPC 6.2 43 64.95
WPP 3.2 11 93.05
2.75 119.12 82.44 WPP
s 7.11 15.13 8.39 WPX Energy WPX ... dd 15.07
WAB 0.6 32 85.20
4.63 93.81 69.20 Wabtec
WMT 2.0 27 100.87
2.15 102.35 65.28 Wal-Mart
4.75 88.00 63.82 WalgreensBoots WBA 2.1 21 76.07
-0.04 74.20 52.29 WasteConnections WCN 0.8 54 70.91
s 2.28 88.66 69.00 WasteMgt WM 1.9 28 88.27
WAT ... 31 209.75
8.57 210.08 137.72 Waters
WSO 2.9 32 174.24
2.47 175.16 134.08 Watsco
s 6.62 88.06 35.36 Wayfair
W ... dd 85.58
WB ...103 121.44
17.38 123.00 45.40 Weibo
5.15 213.97 136.23 WellCareHealth WCG ... 27 211.47
3.10 63.67 49.27 WellsFargo WFC 2.5 16 62.55
t -7.23 78.17 58.98 Welltower HCN 5.9 52 59.16
-0.94 103.36 77.97 WestPharmSvcs WST 0.6 39 97.74
-4.75 57.32 49.20 WestarEnergy WR 3.2 21 50.29
4.59 60.25 44.64 WestAllianceBcp WAL ... 20 59.22
4.51 95.77 70.59 WesternDigital WDC 2.4 17 83.12
13.35 47.82 33.92 WesternGasEquity WGP 5.1 26 42.12
12.00 67.44 42.68 WesternGasPtrs WES 6.7 41 53.86
11.10 22.23 18.39 WesternUnion WU 3.3 46 21.12
s 6.96 114.34 58.97 WestlakeChem WLK 0.7 25 113.94
1.89 27.05 22.17 WestpacBanking WBK 5.8 14 24.84
s 9.48 69.29 49.23 WestRock WRK 2.5 25 69.20
... 36.92 29.88 Weyerhaeuser WY 3.6 75 35.26
-1.04 23.06 18.32 WheatonPrecMet WPM 1.6 48 21.90
WHR 2.5 16 172.75
2.44 202.99 158.80 Whirlpool
s 8.92 33.38 26.82 Williams
WMB 3.6 58 33.21
s 11.37 43.32 34.74 WilliamsPartners WPZ 5.6 28 43.19
3.17 165.00 120.87 WillisTowers WLTW 1.4 46 155.46
WIT 0.5 28 5.68
3.84 6.40 4.50 Wipro
9.73 53.50 32.25 WooriBank WF 2.6 9 49.04
WDAY ... dd 112.90
10.97 116.89 79.11 Workday
s 1.78 117.96 75.80 Wyndham WYN 2.0 21 117.93
-1.81 171.06 89.60 WynnResorts WYNN 1.2 46 165.54
s 3.73 95.35 42.07 XPO Logistics XPO ... 79 95.01
-6.15 52.22 40.43 XcelEnergy XEL 3.2 19 45.15
XRX 3.1 dd 32.77
12.42 34.13 26.48 Xerox
XLNX 1.9 32 74.66
10.74 75.29 54.99 Xilinx
s 3.31 70.79 46.67 Xylem
XYL 1.0 41 70.46
YPF 0.8 75 25.05
9.34 26.48 18.41 YPF
s 19.61 135.46 40.17 YY
YY ... 23 135.23
YNDX ... 85 34.60
5.65 35.32 21.30 Yandex
2.46 84.29 62.36 YumBrands YUM 1.4 26 83.62
s 14.59 46.15 25.53 YumChina YUMC ... 31 45.86
-0.57 18.08 11.14 ZTO Express ZTO ... 29 15.76
-0.92 37.26 29.73 ZayoGroup ZAYO ... 99 36.46
s 18.64 123.66 81.02 ZebraTech ZBRA ...218 123.15
ZG ... dd 44.37
8.91 50.91 32.63 Zillow A
Z
8.82 51.23 32.56 Zillow C
... dd 44.53
1.19 133.49 108.03 ZimmerBiomet ZBH 0.8 38 122.10
s 4.82 53.77 38.43 ZionsBancorp ZION 1.2 20 53.28
s 4.65 75.69 52.00 Zoetis
ZTS 0.7 43 75.39
2.31
0.05
-0.20
-0.48
2.98
0.12
1.18
0.85
0.69
...
0.09
2.02
0.42
0.19
1.51
5.58
-0.46
-1.01
-1.35
-0.38
0.07
0.87
0.08
0.01
-0.06
0.69
-0.04
0.94
0.27
0.77
3.72
0.11
0.33
0.70
-0.04
0.91
-1.34
1.04
3.04
0.19
-0.37
0.91
0.32
0.49
0.32
7.59
0.02
1.13
2.06
-0.12
-0.06
1.98
0.14
...
-0.19
0.17
0.80
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | B9
* * * *
MUTUAL FUNDS
Mutual Funds | WSJ.com/fundresearch
Net YTD
NAV Chg %Ret Fund
Fund
USLgVa
Explanatory Notes
Dodge & Cox
Data provided by
Balanced
Income
Intl Stk
Stock
Fund
Friday, January 12, 2018
Net YTD
American Century Inv
45.84 +0.33
Ultra
American Funds Cl A
33.07 +0.30
AmcpA p
AMutlA p 42.04 +0.24
27.74 +0.12
BalA p
12.82 -0.01
BondA p
63.85 +0.31
CapIBA p
CapWGrA 53.12 +0.46
58.52 +0.47
EupacA p
65.00 +0.51
FdInvA p
52.08 +0.42
GwthA p
10.43
...
HI TrA p
41.94 +0.30
ICAA p
23.85 +0.11
IncoA p
5.6
5.0
3.0
2.2
-0.5
1.6
3.9
4.1
4.5
5.1
0.7
3.8
2.1
Net YTD
NAV Chg %Ret
NAV Chg %Ret Fund
N PerA p
NEcoA p
NwWrldA
SmCpA p
TxExA p
WshA p
45.18 +0.39
46.85 +0.43
69.36 +0.51
57.86 +0.29
12.97
...
47.45 +0.36
4.7
5.0
3.6
3.7
-0.4
3.9
Baird Funds
AggBdInst
CorBdInst
10.82
...
11.18
...
BlackRock Funds A
...
GlblAlloc p 20.17
BlackRock Funds Inst
23.40
...
EqtyDivd
20.29
...
GlblAlloc
StratIncOpptyIns 10.04 +0.01
-0.5
-0.4
2.4
2.8
2.4
0.9
Bridge Builder Trust
NA
...
CoreBond
Dimensional Fds
5GlbFxdInc 10.84 -0.01
EmgMktVa 32.98 +0.31
EmMktCorEq 24.13 +0.17
IntlCoreEq 15.22 +0.14
21.81 +0.21
IntlVal
22.15 +0.22
IntSmCo
23.96 +0.21
IntSmVa
US CoreEq1 23.78 +0.15
US CoreEq2 22.51 +0.13
37.36 +0.15
US Small
US SmCpVal 39.65 +0.18
US TgdVal 26.08 +0.13
NA
-0.3
5.6
3.9
4.7
6.4
4.1
4.3
4.4
4.4
4.0
4.6
4.8
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Friday, January 12, 2018
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazil
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShShortTreaBd
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
SHV
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
11.76
105.03
56.65
77.42
29.23
104.88
86.82
80.17
108.93
104.45
69.11
59.79
65.95
279.91
196.31
79.56
63.60
108.74
100.37
74.56
53.53
12.86
120.83
87.58
116.13
106.16
75.20
43.23
73.50
67.34
49.51
45.70
63.46
111.98
110.05
141.21
154.67
128.35
193.88
158.16
130.13
164.50
215.46
91.44
224.78
159.90
118.32
38.12
110.26
113.38
83.74
104.57
124.52
126.31
101.61
164.49
47.91
23.11
1.12
1.29
0.04
0.97
0.90
0.64
0.77
0.93
–0.03
–0.02
0.99
1.00
0.93
0.65
0.29
0.45
0.68
–0.02
0.39
0.55
0.30
1.34
0.02
–0.17
0.15
–0.02
0.76
0.30
1.00
1.19
0.96
1.43
0.32
0.67
–0.15
0.67
0.64
0.58
0.39
0.42
0.30
0.60
0.46
0.47
0.39
0.72
0.59
–0.18
0.01
0.10
–0.01
–0.07
0.17
0.53
0.02
0.73
0.19
0.04
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS Div
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFinls
9.0
6.4
–0.4
7.1
4.7
3.8
5.0
5.9
–0.3
–0.1
4.6
5.1
4.5
4.1
3.4
3.6
4.0
–0.5
1.8
2.2
1.4
2.8
–0.6
0.4
0.0
–0.4
4.3
6.9
4.5
4.4
5.1
5.4
5.9
4.9
–0.6
4.8
4.1
3.2
3.8
3.7
3.5
4.0
3.5
2.6
4.1
4.7
3.6
0.1
0.0
–0.6
–0.1
–0.9
–1.8
4.7
0.0
5.6
0.4
0.3
JNK
GLD
SCHF
SCHB
SCHD
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VFH
36.86
126.96
35.53
67.14
52.69
66.41
257.91
357.20
277.92
95.72
66.81
50.26
24.01
173.43
136.95
105.57
46.80
48.47
61.77
73.19
–0.16
1.21
0.91
0.60
0.57
0.65
0.90
0.25
0.65
0.26
0.59
–0.57
2.69
0.57
0.29
0.69
0.95
1.06
1.28
0.80
0.4
2.7
4.3
4.1
3.0
4.1
4.3
3.4
4.1
1.3
4.5
–4.6
3.3
5.3
3.1
3.5
4.3
5.6
4.4
4.5
Inflation
Dec. index
level
Chg From (%)
Nov. '17 Dec. '16
U.S. consumer price index
–0.06
0.03
246.524
253.558
All items
Core
2.1
1.8
International rates
28.13 1.3
ABB
ABB
13.75 1.6
AC Immune
ACIU
19.60 0.1
Abercrombie&Fitch ANF
Abiomed
ABMD 216.15 2.4
45.52 2.8
AcceleronPharma XLRN
160.64 0.6
Accenture
ACN
70.71 1.6
ActivisionBliz
ATVI
AdobeSystems ADBE 195.50 3.2
46.55 0.1
AdtalemGlbEduc ATGE
6.91 1.3
Aegon
AEG
54.59 0.2
AerCap
AER
76.02
3.5
AgiosPharm
AGIO
50.21 0.7
AirLease
AL
57.50 -0.3
Alcoa
AA
29.39 -1.5
AlleghenyTechs ATI
278.33 1.0
AllianceData
ADS
16.13 0.6
AllscriptsHlthcr MDRX
18.55 1.3
AlonUSAPartners ALDW
Alphabet C
GOOG 1123.95 1.5
57.17
147.46
161.84
88.20
83.25
86.98
127.71
160.57
115.64
78.61
255.41
78.98
79.26
152.71
81.03
54.19
59.41
142.75
77.44
110.05
65.75
62.15
0.94
0.58
0.70
0.56
–0.11
–0.03
0.68
0.54
0.56
–0.81
0.66
–0.04
–0.01
0.32
–0.01
–0.06
0.97
0.58
0.79
0.72
0.15
0.44
3.0
–0.7
–0.5
4.2
3.7
3.6
–5.3
4.1
–0.2
–0.1
3.3
–0.7
–0.3
4.6
4.0
4.3
3.5
3.2
4.8
Latest
Week
ago
52-Week
High
Low
Prime rates
4.50 4.50 4.50 3.75
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
U.S.
Canada
Japan
Policy Rates
Euro zone
Switzerland
0.00
0.50
0.00
0.50
52-Wk %
Sym Hi/Lo Chg Stock
Alphabet A
GOOGL
AltraIndlMotion AIMC
Amazon.com
AMZN
AmerAirlines
AAL
AmEqtyLf
AEL
Ameriprise
AMP
AmerisBancorp ABCB
AmerisourceBrgn ABC
Ametek
AME
Amphenol
APH
Andeavor
ANDV
Anthem
ANTM
AnthemUn
ANTX
ApolloGlbMgmt APO
Apple
AAPL
ApproachRscs
AREX
Aramark
ARMK
ArborRealtyNts21 ABRN
ArcelorMittal
MT
Arconic
ARNC
arGEN-X
ARGX
0.00
0.50
0.00
0.50
52-Wk %
Sym Hi/Lo Chg
1131.30 1.7 AristaNetworks
51.75 0.7 ArrowheadPharm
1305.76 2.2 AsburyAutomotive
58.73 3.6 AspenGroup
34.46 -1.2 AspenTech
182.37 1.7 Astronics
53.45 1.6 AtHomeGroup
99.00 0.9 AtaraBiotherap
75.42 0.8 AtlanticCoastFin
91.94 1.1 Autoliv
119.33 1.4 AutoNation
240.40 2.1 AveryDennison
58.41 1.8 AveXis
36.39 0.8 AvisBudget
177.36 1.0 BB&T
4.21 -0.5 BBVABancoFr
44.28 0.1 BBX CapitalA
25.85 0.1 BHPBilliton
37.32 0.8 BHPBilliton
30.90 1.4 BOK Fin
71.40 13.0 BP
ANET
ARWR
ABG
ASPU
AZPN
ATRO
HOME
ATRA
ACFC
ALV
AN
AVY
AVXS
CAR
BBT
BFR
BBX
BHP
BBL
BOKF
BP
262.84
6.25
76.15
9.61
75.54
48.50
32.75
30.40
10.33
136.30
58.44
120.32
119.00
49.41
53.91
26.08
9.26
50.79
45.30
96.75
43.99
-0.7
13.5
0.9
-0.1
1.6
15.6
1.8
27.5
1.9
0.9
0.5
-0.2
1.0
2.4
...
1.7
-0.3
2.1
2.3
-0.5
1.5
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
gained 507.32 points, or 2.01%, on the week. A $1 change in the price
of any DJIA stock = 6.89-point change in the average. To date, a
$1,000 investment on Dec. 31 in each current DJIA stock component
would have returned $31,131, or a gain of 3.77%, on the $30,000
investment, including reinvested dividends.
Symbol Close
$1,000 Invested(year-end '17)
$1,000
8.86
5.15
4.46
4.00
3.81
27.37
8.34
5.70
4.33
5.01
188.45
57.42
39.25
29.81
34.50
Boeing
Caterpillar
Chevron
J.P. Morgan Chase
United Technologies
BA
CAT
CVX
JPM
UTX
$336.21
170.30
133.60
112.67
136.58
$1,140
1,081
1,067
1,059
3.39
2.93
2.86
2.04
1.94
1.34
1.67
4.05
3.92
2.57
9.23
11.50
27.89
26.99
17.70
Cisco Systems
Merck
Johnson & Johnson
Home Depot
Travelers
CSCO 40.87
MRK 58.66
JNJ 145.76
HD 196.42
TRV 134.73
1,075
1,042
1,043
1,036
1.62
1.60
1.19
1.19
1.08
3.90
1.41
2.09
0.22
0.69
26.85
9.71
14.39
1.51
4.75
3M
Microsoft
Apple
General Electric
Nike
MMM 244.47
MSFT 89.60
AAPL 177.09
GE
18.76
NKE 64.67
1,039
1,047
1,046
1,075
1.03
0.89
0.76
0.74
0.59
1.23
0.77
0.85
0.74
1.51
8.47
5.30
5.85
5.10
10.40
Visa
Exxon Mobil
Walt Disney
Wal-Mart Stores
Goldman Sachs
V
XOM
DIS
WMT
GS
120.09
87.52
112.47
100.87
257.03
1,053
1,046
1,046
1,021
0.40
0.17
–0.01
–0.04
–0.11
0.65
0.08
–0.01
–0.09
–0.11
4.48
0.55
–0.07
–0.62
–0.76
IBM
IBM 163.14
Coca-Cola
KO
46.15
DowDuPont
DWDP 75.41
UnitedHealth Group UNH 228.64
American Express AXP 100.97
1,063
1,006
1,059
1,037
–0.28
–0.87
–1.18
–1.79
–3.35
–0.48
–0.32
–0.62
–1.63
–1.50
–3.31
–2.20
–4.27
–11.22
–10.33
MCD 173.57
PFE 36.54
VZ
51.86
PG
89.61
INTC 43.24
1,008
1,009
991
975
McDonald’s
Pfizer
Verizon
Procter & Gamble
Intel
0.50
1.50
Britain
Australia
0.50
1.50
—52-WEEK—
High Low
0.50
1.50
0.25
1.50
Fannie Mae
30 days
60 days
1,071
993
1,034
1,009
1,020
937
*Based on Composite price. DJIA is calculated on primary-market price.
Source: WSJ Market Data Group; FactSet.
3.604 3.506 3.865 3.253
3.634 3.542 3.899 3.281
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective December 14, 2017.
Other prime rates aren’t directly comparable;
lending practices vary widely by location.
Complete Money Rates table appears Monday
through Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
52-Wk %
Sym Hi/Lo Chg Stock
BWX Tech
BWXT
BancodeChile
BCH
BcoSantChile
BSAC
BancoSantander SAN
Bancorp34
BCTF
BancorpSouth
BXS
BankMutual
BKMU
BankofAmWtA BAC.WS.A
BankofAmWtB BAC.WS.B
BankofAmerica BAC
BankofButterfield NTB
BankNY Mellon BK
BankUnited
BKU
Barington/HilcoWt BHACW
BerkHathwy A BRK.A
BerkHathwy B BRK.B
BestBuy
BBY
Bio-Techne
TECH
Bioverativ
BIVV
BlackKnight
BKI
BlackRock
BLK
Blackstone
BX
BloominBrands BLMN
Boeing
BA
BoiseCascade
BCC
BootBarn
BOOT
BorgWarner
BWA
BrightHorizons BFAM
Brink's
BCO
BroadridgeFinl
BR
BrynMawrBank BMTC
BuildersFirstSrc BLDR
BurlingtonStrs
BURL
CDK Global
CDK
CH Robinson
CHRW
CIT Group
CIT
CNH Indl
CNHI
CNO Financial
CNO
CNOOC
CEO
CRA Intl
CRAI
CRISPR Therap CRSP
Curo
CURO
CVR Refining
CVRR
Cabot
CBT
CadenceBancorp CADE
CantelMedical
CMD
CapitalOne
COF
CapitalOneWt
COF.WS
Carlyle
CG
Carters
CRI
CasaSystems
CASA
CasellaWaste
CWST
CaseysGenStores CASY
Caterpillar
CAT
Cavium
CAVM
Celanese A
CE
Centene
CNC
CenturyAluminum CENX
ChartIndustries GTLS
Chemed
CHE
Chevron
CVX
Children'sPlace PLCE
ChinaEastrnAir CEA
ChinaSoAirlines ZNH
ChoiceHotels
CHH
ChunghwaTel
CHT
ChurchillDowns CHDN
Cigna
CI
CiscoSystems
CSCO
CitizensFin
CFG
CollegiumPharm COLL
Comcast A
CMCSA
Comerica
CMA
ComericaWt
CMA.WS
CommerceBcshrs CBSH
Conmed
CNMD
ConnectOneBncp CNOB
ConocoPhillips
COP
ConstellAlphaRt CNACR
Cooper-Standard CPS
Copa
CPA
Copart
CPRT
CorceptTherap
CORT
Corning
GLW
Cosan
CZZ
CoStar
CSGP
CounterPath
CPAH
CrackerBarrel
CBRL
Crane
CR
Credicorp
BAP
CreditAcceptance CACC
CreditSuisse
CS
Cummins
CMI
CurtissWright
CW
Cutera
CUTR
Cytosorbents
CTSO
DASAN Zhone DZSI
Dana
DAN
Danaher
DHR
DaqoNewEnergy DQ
DarlingIngred
DAR
DeckersOutdoor DECK
Deere
DE
DellTechs
DVMT
DeltaAir
DAL
Deluxe
DLX
Denny's
DENN
DiamondOffshore DO
63.12
103.58
33.76
7.20
15.17
34.55
11.30
19.20
2.87
31.20
40.83
58.68
43.22
0.26
315390
210.39
73.45
140.66
64.68
49.95
556.37
35.58
22.96
336.88
42.40
19.66
57.89
95.91
87.90
94.31
46.70
22.91
126.69
75.83
94.51
53.48
15.02
26.47
161.35
49.31
30.79
15.76
17.43
67.45
28.45
110.74
106.40
63.74
25.50
119.45
20.51
23.86
125.55
170.67
90.83
112.44
109.70
22.30
54.95
266.31
133.85
161.05
41.97
58.35
81.10
37.53
254.75
213.73
40.93
45.79
21.38
42.71
93.54
64.10
58.66
56.51
29.00
60.24
0.40
133.43
141.34
44.87
21.00
34.69
10.55
322.65
7.00
176.01
92.71
224.36
344.21
18.96
185.10
129.39
50.50
7.85
9.99
35.00
99.66
69.76
19.16
83.10
170.73
87.33
60.50
78.24
15.10
20.41
1.1
-0.3
0.4
0.8
0.3
1.6
-0.4
2.8
12.2
1.7
-0.3
1.0
1.4
7.4
1.7
1.7
2.1
1.3
1.7
0.4
3.3
2.5
0.1
2.5
1.0
1.3
2.4
...
-3.6
0.6
0.2
1.5
2.9
2.4
0.4
1.1
2.5
-1.1
2.5
-1.1
0.3
4.8
3.9
1.3
-0.3
1.7
1.0
1.2
2.4
0.4
4.2
1.1
1.7
0.7
1.7
0.1
2.5
3.5
0.6
-0.7
0.8
0.6
5.2
5.7
1.0
0.5
-0.3
1.2
1.9
0.5
-1.3
-0.4
0.6
1.6
-0.2
0.6
-0.3
1.5
2.7
1.0
2.4
0.8
-1.0
2.7
0.4
1.5
11.4
-1.5
0.8
1.2
0.4
1.1
0.2
0.9
2.0
2.6
3.1
1.8
0.8
6.6
2.2
1.5
1.1
-0.1
2.2
0.1
3.2
0.9
MFS Funds Instl
-0.6 IntlEq
26.38 +0.29
2.5 Mutual Series
4.1 GlbDiscA
33.10 +0.16
Oakmark Funds Invest
2.5 EqtyInc r
33.21 +0.17
88.91 +0.49
Oakmark
1.3 OakmrkInt 30.12 +0.46
5.4 Old Westbury Fds
15.00 +0.13
LrgCpStr
1.3 Oppenheimer Y
44.99 +0.42
DevMktY
6.5
45.13 +0.51
IntGrowY
4.7
Parnassus Fds
44.18 +0.19
ParnEqFd
NA
PIMCO Fds Instl
NA
...
AllAsset
3.3
NA
...
TotRt
PIMCO Funds A
2.5
NA
...
IncomeFd
3.4
PIMCO Funds D
NA
...
3.9 IncomeFd
PIMCO Funds Instl
NA
...
2.6 IncomeFd
PIMCO Funds P
NA
...
-0.4 IncomeP
Price Funds
102.67 +0.82
2.7 BlChip
28.91 +0.09
CapApp
34.70 +0.23
1.2 EqInc
74.77 +0.50
EqIndex
-0.1 Growth
66.14 +0.45
73.94 +0.48
HelSci
-0.1 InstlCapG
39.24 +0.30
19.39 +0.14
IntlStk
-0.4 IntlValEq
15.83 +0.16
-0.4 MCapGro
91.04 +0.58
-0.4 MCapVal
31.54 +0.19
54.96 +0.31
N Horiz
3.8 N Inc
9.45
...
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
OverS SF r 11.83 +0.12 4.6 MuHYAdml 11.37
...
23.10 +0.11 2.5 MuIntAdml 14.07
...
18.09 +0.09 2.8 MuLTAdml 11.60
R2025
...
26.74 +0.15 3.2 MuLtdAdml 10.89
R2030
...
19.63 +0.12 3.5 MuShtAdml 15.72
R2035
...
28.24 +0.18 3.7 PrmcpAdml r141.62 +1.50
R2040
38.64 +0.26 3.5 REITAdml r 111.45 -0.90
Value
PRIMECAP Odyssey Fds
SmCapAdml 73.14 +0.21
AggGrowth r 47.90 +0.47 8.1 STBondAdml 10.35 -0.01
39.93 +0.45 7.2 STIGradeAdml 10.61
Growth r
...
Principal Investors
...
TotBdAdml 10.69
DivIntlInst 14.55 +0.13 4.7 TotIntBdIdxAdm 21.64 +0.01
Prudential Cl Z & I
TotIntlAdmIdx r 31.85 +0.27
NA
... NA
TRBdZ
TotStAdml 69.49 +0.42
Schwab Funds
15.02 +0.13
TxMIn r
42.95 +0.29 4.3
S&P Sel
42.94 +0.31
ValAdml
TIAA/CREF Funds
WdsrllAdml 70.21 +0.60
20.47 +0.13 4.2
EqIdxInst
IntlEqIdxInst 21.09 +0.18 4.6 WellsIAdml 65.72 +0.15
WelltnAdml 74.40 +0.40
Tweedy Browne Fds
29.36 +0.16 3.1 WndsrAdml 82.38 +0.58
GblValue
3.6 R2020
4.1
3.2
5.4
5.4
3.7
4.8
3.5
3.5
NA
NA
NA
NA
NA
NA
6.6
2.2
4.1
4.3
5.6
5.1
6.3
3.9
4.7
4.6
3.8
4.5
-0.3
-0.5
-0.3
-0.5
0.1
0.1
6.0
-5.2
3.3
-0.2
-0.1
-0.5
-0.3
4.4
4.2
4.2
3.7
4.6
0.6
2.5
4.3
VANGUARD FDS
VANGUARD ADMIRAL
500Adml 257.38 +1.72
35.51 +0.13
BalAdml
...
CAITAdml 11.73
CapOpAdml r163.66 +1.71
40.07 +0.33
EMAdmr
EqIncAdml 80.19 +0.46
ExplrAdml 92.32 +0.55
ExtndAdml 87.80 +0.27
...
GNMAAdml 10.42
GrwthAdml 75.93 +0.45
HlthCareAdml r 90.51 +0.55
...
HYCorAdml r 5.94
25.44 +0.01
InfProAd
IntlGrAdml 101.82 +1.31
ITBondAdml 11.27 -0.01
ITIGradeAdml 9.69 -0.01
LTGradeAdml 10.51 +0.01
MidCpAdml 198.86 +1.10
MorgAdml 96.07 +0.67
4.3
2.3
-0.3
6.5
5.0
2.9
4.4
3.6
-0.3
4.9
4.4
0.5
-0.6
6.5
-0.7
-0.5
-1.2
3.8
5.9
27.49 +0.22
DivdGro
HlthCare r 214.61 +1.29
INSTTRF2020 23.00 +0.09
INSTTRF2025 23.44 +0.10
INSTTRF2030 23.78 +0.12
INSTTRF2035 24.12 +0.13
INSTTRF2040 24.47 +0.15
INSTTRF2045 24.69 +0.15
41.67 +0.36
IntlVal
20.24 +0.05
LifeCon
34.78 +0.19
LifeGro
27.78 +0.11
LifeMod
28.42 +0.30
PrmcpCor
32.46 +0.27
SelValu r
27.60 +0.15
STAR
10.61
...
STIGrade
TgtRe2015 15.57 +0.05
TgtRe2020 32.04 +0.12
TgtRe2025 18.96 +0.08
3.5
4.4
2.1
2.5
2.9
3.2
3.6
3.7
4.5
1.4
3.3
2.4
5.7
3.8
3.0
-0.1
1.6
2.1
2.5
Net YTD
NAV Chg %Ret
TgtRe2030
TgtRe2035
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
34.59 +0.17
21.35 +0.12
37.05 +0.22
23.34 +0.14
37.57 +0.24
13.69 +0.03
10.82
...
27.13 +0.06
43.08 +0.23
39.57 +0.34
VANGUARD INDEX FDS
257.37 +1.72
500
ExtndIstPl 216.66 +0.65
SmValAdml 58.85 +0.17
10.65 -0.01
TotBd2
19.04 +0.16
TotIntl
69.46 +0.42
TotSt
VANGUARD INSTL FDS
35.52 +0.13
BalInst
DevMktsIndInst 15.04 +0.13
DevMktsInxInst 23.51 +0.20
87.79 +0.26
ExtndInst
GrwthInst 75.93 +0.45
10.36
...
InPrSeIn
253.88 +1.70
InstIdx
253.90 +1.71
InstPlus
InstTStPlus 61.94 +0.38
MidCpInst 43.93 +0.24
MidCpIstPl 216.65 +1.19
SmCapInst 73.14 +0.21
...
STIGradeInst 10.61
10.69
...
TotBdInst
TotBdInst2 10.65 -0.01
...
TotBdInstPl 10.69
TotIntBdIdxInst 32.47 +0.01
TotIntlInstIdx r127.36 +1.08
TotItlInstPlId r127.39 +1.09
69.50 +0.42
TotStInst
42.93 +0.30
ValueInst
Western Asset
CorePlusBdI 11.80 +0.01
2.9
3.2
3.6
3.7
3.8
1.0
-0.3
0.7
2.5
4.6
4.3
3.6
3.2
-0.6
4.4
4.1
2.3
4.2
4.2
3.6
4.9
-0.7
4.3
4.3
4.2
3.8
3.8
3.3
-0.1
-0.5
-0.6
-0.5
-0.3
4.4
4.4
4.2
3.7
-0.2
Cash Prices | WSJ.com/commodities
Friday, January 12, 2018
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Friday
Friday
12878
Coins,wholesale $1,000 face-a
Energy
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Gold, per troy oz
Secondary market
Stock
A Week in the Life of the DJIA
The Week’s Action
Pct Stock price Point chg
chg (%) change in average* Company
Week
Latest ago
Net YTD
NAV Chg %Ret Fund
0.9102
1.0077
4.000
4.200
17.900
3.220
2.940
3.180
3.720
58.500
12.250
Other metals
LBMA Platinum Price PM
*981.0
Platinum,Engelhard industrial
940.0
Platinum,Engelhard fabricated
1040.0
Palladium,Engelhard industrial
1103.0
Palladium,Engelhard fabricated
1203.0
Aluminum, LME, $ per metric ton
*2179.0
Copper,Comex spot
3.2000
Iron Ore, 62% Fe CFR China-s
78.3
Shredded Scrap, US Midwest-s,m
339
Steel, HRC USA, FOB Midwest Mill-s
679
Fibers and Textiles
Metals
30-year mortgage yields
Friday, January 12, 2018
Highs
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
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
don’t always represent actual transactions.
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session.
Stock
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
3.4 FrankTemp/Franklin A
7.42
...
3.9 CA TF A p
2.43 +0.01
4.0 IncomeA p
RisDv A p 63.66 +0.28
3.2 FrankTemp/Franklin C
2.46 +0.01
5.9 Income C t
5.6 FrankTemp/Temp A
12.04
-0.02
GlBond
A
p
5.6
1.7 Growth A p 28.72 +0.32
3.8 FrankTemp/Temp Adv
6.0 GlBondAdv p 12.00 -0.01
Harbor Funds
6.0
CapApInst 73.92 +0.54
-0.4
70.66 +0.54
IntlInst r
-0.5
Harding Loevner
4.1
NA
...
IntlEq
4.1
Invesco Funds A
5.4
11.32 +0.08
EqIncA
5.8 John Hancock Class 1
3.2 LSBalncd
15.57 +0.06
5.0 LSGwth
16.63 +0.09
6.1 John Hancock Instl
3.7 DispValMCI 24.23 +0.16
5.6 JPMorgan Funds
-0.3 MdCpVal L 41.33 +0.22
JPMorgan R Class
3.4 CoreBond
11.54
...
Lazard Instl
3.4 EmgMktEq 20.57 +0.16
Loomis Sayles Fds
13.92 +0.02
2.6 LSBondI
Lord Abbett A
...
ShtDurIncmA p 4.24
Lord Abbett F
...
ShtDurIncm 4.24
Metropolitan West
YTD TotRetBd
10.61
...
(%) TotRetBdI 10.61
...
9.98
...
4.5 TRBdPlan
4.8 MFS Funds Class I
5.0 ValueI
42.33 +0.27
Borrowing Benchmarks | WSJ.com/bonds
January 12, 2018
Money Rates
New Highs and Lows | WSJ.com/newhighs
52-Wk %
Sym Hi/Lo Chg Stock
Closing Chg
Symbol Price (%)
ETF
Closing Chg YTD
Symbol Price (%) (%)
ETF
Net YTD
NAV Chg %Ret Fund
40.83 +0.26 4.4 Freedom2030 K 18.64 +0.10
Freedom2035 K 15.81 +0.10
Freedom2040 K 11.12 +0.08
Fidelity Invest
24.49 +0.13
Balanc
92.95 +0.66
BluCh
129.33 +0.88
Contra
129.26 +0.89
ContraK
10.46 +0.01
CpInc r
41.54 +0.37
DivIntl
189.31 +1.18
GroCo
GrowCoK 189.29 +1.18
7.88
...
InvGB
11.18 -0.01
InvGrBd
56.75 +0.43
LowP r
LowPriStkK r 56.70 +0.44
110.22 +0.94
MagIn
116.20 +0.72
OTC
24.16 +0.12
Puritn
SrsEmrgMkt 22.49 +0.19
SrsGroCoRetail 17.64 +0.11
SrsIntlGrw 16.74 +0.14
11.29 +0.11
SrsIntlVal
...
TotalBond 10.60
First Eagle Funds
61.09 +0.40
GlbA
FPA Funds
35.86 +0.20
FPACres
FrankTemp/Frank Adv
IncomeAdv 2.41 +0.01
110.93 +0.72 3.7
13.74
... -0.1
48.87 +0.56 5.5
215.58 +2.09 5.9
DoubleLine Funds
NA
... NA
TotRetBdI
Edgewood Growth Instituti
EdgewoodGrInst 31.45 +0.16 6.4
Federated Instl
StraValDivIS 6.12 +0.02 -0.5
Fidelity
500IdxInst 97.45 +0.65 4.3
500IdxInstPrem 97.45 +0.66 4.3
500IdxPrem 97.45 +0.66 4.3
ExtMktIdxPrem r 64.27 +0.19 3.6
IntlIdxPrem r 45.09 +0.43 4.4
SAIUSLgCpIndxFd 14.89 +0.10 4.3
TMktIdxF r 79.54 +0.48 4.2
TMktIdxPrem 79.54 +0.48 4.2
... -0.5
USBdIdxInstPrem 11.52
Fidelity Advisor I
NwInsghtI 33.70 +0.23 5.2
Fidelity Freedom
16.98 +0.07 2.5
FF2020
14.80 +0.07 2.8
FF2025
18.67 +0.11 3.4
FF2030
Freedom2020 K 16.96 +0.07 2.5
Freedom2025 K 14.78 +0.07 2.8
Top 250 mutual-funds listings based on total net assets for Nasdaq-published share
classes. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses.
Figures don’t reflect sales charges (“loads”) or redemption fees. NET CHG is change
in NAV from previous trading day. YTD%RET is year-to-date return. f-Previous day’s
quotation. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. tFootnotes p and r apply. NA-Not available due to incomplete price, performance or
cost data. NE-Not released by Lipper; data under review. NN-Fund not tracked. NSFund didn’t exist at start of period.
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
1330.91
1430.73
1326.80
1472.74
*1319.85
*1323.05
1387.78
1401.12
1401.12
1616.89
1310.98
1401.12
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
17.1000
20.5200
17.0800
21.3500
£12.5600
17.1200
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.6400
0.8068
*90.35
72.000
n.a.
Grains and Feeds
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
4.85
118
3.2150
99.2
470.3
238
94
228
2.8200
25.00
7.9700
313.00
Friday
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
9.2200
7.2775
4.2500
4.1625
5.2675
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
188.60
179.86
0.9609
2.1600
121.75
145.50
66.75
n.a.
1.2223
1.4193
1.0350
15.20
0.63
69.80
n.a.
0.8086
n.a.
169.00
Fats and Oils
30.2900
0.2250
n.a.
0.3171
0.2650
n.a.
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 1/11
Source: WSJ Market Data Group
52-Wk %
Sym Hi/Lo Chg Stock
DiplomatPharmacy DPLO
DiscoverFinSvcs DFS
DolbyLab
DLB
DollarGeneral
DG
DollarTree
DLTR
Donaldson
DCI
Dover
DOV
DoverDowns
DDE
DycomInds
DY
EMCOR
EME
ENI
E
EOG Rscs
EOG
E*TRADE
ETFC
EagleMaterials EXP
EastWestBncp EWBC
Eaton
ETN
EatonVance
EV
Ebix
EBIX
EchoGlobalLog ECHO
Ecolab
ECL
EigerBioPharma EIGR
8x8
EGHT
ElectrumSpecWt ELECW
EllsworthPfdA
ECFpA
EmersonElec
EMR
EmpresaDisCom EDN
EnantaPharma ENTA
EncoreWire
WIRE
EnelGenChile
EOCC
Enerplus
ERF
EnterpriseFinSvcs EFSC
EsperionTherap ESPR
EssentGroup
ESNT
Everbridge
EVBG
EvercoreA
EVR
ExpeditorsIntl
EXPD
ExpressScripts ESRX
ExxonMobil
XOM
FB Financial
FBK
FCB Financial
FCB
FMC
FMC
FairIsaac
FICO
FedAgriMtg C
AGM
FedEx
FDX
FiatChrysler
FCAU
FidNatlInfo
FIS
FifthThirdBncp FITB
FirstCitizBcshA FCNCA
FirstInternetBncp INBK
FirstMidwestBncp FMBI
FirstCash
FCFS
FirsthandTechVal SVVC
Fiserv
FISV
Flagstar
FBC
FleetCorTech
FLT
Flex
FLEX
FordMotor
F
ForescoutTechs FSCT
ForwardAir
FWRD
FranklinCovey
FC
FreeportMcM
FCX
GATX
GATX
GCPAppliedTechs GCP
Galapagos
GLPG
GalectinTherap GALT
Gentex
GNTX
GenuineParts
GPC
Gerdau
GGB
GIIIApparel
GIII
GoDaddy
GDDY
GraniteConstr
GVA
GraphicPkg
GPK
GrayTelevision A GTN.A
GriffinIndlRealty GRIF
Grifols
GRFS
GpoFinGalicia
GGAL
GpoSupervielle SUPV
H&E Equipment HEES
HP
HPQ
HSBC
HSBC
Haemonetic
HAE
HancockHolding HBHC
HanoverIns
THG
Hardinge
HDNG
Harris
HRS
HeritageCommerce HTBK
HeritageCrystal HCCI
HeronTherap
HRTX
HewlettPackard HPE
Hexcel
HXL
Hilton
HLT
Histogenics
HSGX
HollyFrontier
HFC
HomeDepot
HD
HomeStreet
HMST
Honeywell
HON
HopFedBancorp HFBC
HoulihanLokey
HLI
Hubbell
HUBB
HudbayMinerals HBM
Humana
HUM
JBHunt
JBHT
HuntingtonBcshs HBAN
HyattHotels
H
ICICI Bank
IBN
IdexxLab
IDXX
ING Groep
ING
Invesco
IVZ
26.17
81.00
65.56
99.69
115.05
51.38
104.56
1.79
118.68
85.08
36.05
116.47
54.00
121.13
67.61
84.35
60.85
82.00
29.15
138.12
16.20
15.33
0.67
26.20
74.45
54.49
61.76
51.15
27.77
10.96
47.60
74.95
48.52
32.25
98.40
66.83
81.76
87.99
45.43
56.55
98.70
162.94
81.12
271.90
23.80
97.99
32.36
459.27
42.40
26.16
70.90
10.14
138.07
39.50
203.85
19.28
13.29
34.19
60.93
31.10
20.07
66.89
34.55
108.47
6.15
23.14
103.39
4.79
40.87
51.70
67.90
16.73
14.50
37.44
24.85
70.92
31.88
41.32
22.97
54.88
64.99
54.55
111.07
18.78
147.33
16.74
24.45
22.00
15.87
65.01
84.71
3.13
52.65
199.42
32.55
159.49
16.29
50.71
141.67
9.95
271.99
121.51
15.85
79.20
9.99
173.82
20.33
37.88
3.6
0.2
1.6
0.9
3.1
1.6
0.6
8.9
1.9
1.1
2.3
0.5
1.9
0.6
0.3
0.3
0.8
0.7
0.5
0.5
4.2
2.0
13.1
0.7
...
2.2
1.2
0.7
0.7
2.5
0.4
4.8
0.5
1.5
2.1
0.5
1.0
0.7
0.2
0.7
...
-0.4
1.7
0.2
-0.1
-0.2
1.5
0.6
0.7
1.6
-0.1
2.6
-0.4
-1.2
0.3
2.0
0.5
3.3
0.1
...
-0.7
2.2
-1.2
3.8
6.7
1.5
1.4
0.6
0.8
0.3
0.1
-0.5
0.7
1.0
0.4
2.2
3.4
-0.2
2.3
1.0
-1.0
-0.3
0.7
-0.2
1.3
2.5
4.1
-1.2
2.3
0.9
1.1
-4.8
2.0
0.9
3.2
0.7
0.6
1.3
2.3
-0.5
1.1
0.1
1.4
0.7
2.3
1.0
1.3
1.5
52-Wk %
Sym Hi/Lo Chg Stock
IONGeophysical IO
IllinoisToolWks ITW
Illumina
ILMN
IndependentBank IBTX
IntelligentSys
INS
InteractiveBrkrs IBKR
ICE
ICE
InterContinentl IHG
Intricon
IIN
Investar
ISTR
iRhythmTechs
IRTC
JPMorganWt
JPM.WS
JPMorganChase JPM
JackHenry
JKHY
JacobsEngg
JEC
JanusHenderson JHG
J&J
JNJ
KAR Auction
KAR
KB Fin
KB
KLX
KLXI
KaiserAlum
KALU
Kaman
KAMN
KapStonePaper KS
Kennametal
KMT
KeyCorp
KEY
Kirby
KEX
Kohl's
KSS
LATAMAirlines LTM
LKQ
LKQ
L3 Tech
LLL
LabCpAm
LH
LandstarSystem LSTR
Lazard
LAZ
LegacyTexasFin LTXB
LeggMason
LM
Leidos
LDOS
LeisureAcqnWt LACQW
LeucadiaNatl
LUK
LibertyQVC B
QVCB
LincolnNatlWt
LNC.WS
LincolnNational LNC
LithiaMotors
LAD
LloydsBanking
LYG
LockheedMartin LMT
Loews
L
LomaNegra
LOMA
Lowe's
LOW
LutherBurbank LBC
LyondellBasell
LYB
M&T Bank
MTB
MGM Resorts
MGM
MSCI
MSCI
MadrigalPharm MDGL
ManhattanAssoc MANH
ManulifeFin
MFC
MarathonOil
MRO
MarathonPetrol MPC
Marriott
MAR
Masco
MAS
MasTec
MTZ
Mastercard
MA
Materion
MTRN
Maximus
MMS
McGrathRentCorp MGRC
MedallionFin
MFIN
MellanoxTech
MLNX
MercadoLibre
MELI
MeridianBancorp EBSB
MesabiTrust
MSB
MichaelKors
KORS
Michaels
MIK
Microsemi
MSCC
Microsoft
MSFT
MidPennBancorp MPB
MiratiTherap
MRTX
MitsubishiUFJ
MTU
MizuhoFin
MFG
MobileMini
MINI
MolecularTemp MTEM
Moody's
MCO
MorganStanley MS
MotorolaSol
MSI
Mylan
MYL
MyoKardia
MYOK
NMI Holdings
NMIH
NXP Semi
NXPI
Nasdaq
NDAQ
NationalVision
EYE
Neenah
NP
NetApp
NTAP
Netflix
NFLX
Netgear
NTGR
NewOrientalEduc EDU
NYTimes A
NYT
NewmontMin
NEM
NexeoSolutionsUn NXEOU
NobleMidstream NBLX
Nordstrom
JWN
NorfolkSouthern NSC
NorthernTrust
NTRS
NorthropGrum
NOC
NorwegCruise
NCLH
NovoNordisk
NVO
Nucor
NUE
OM AssetMgmt OMAM
OccidentalPetrol OXY
OldDomFreight ODFL
Old2ndBcp
OSBC
24.20
171.52
245.96
73.50
5.09
63.16
75.01
65.69
22.30
24.85
62.95
72.43
112.85
123.56
69.86
40.74
146.42
53.34
63.96
71.20
113.99
60.60
26.47
52.35
21.47
75.10
65.06
16.17
43.65
209.98
172.38
108.55
58.39
46.03
43.76
67.51
0.70
28.30
26.91
82.24
84.75
124.96
3.96
336.35
52.81
25.28
102.28
12.90
118.00
179.49
35.18
136.93
109.97
52.85
21.82
18.96
71.50
140.26
46.01
52.65
162.52
53.65
72.71
50.09
5.55
66.70
344.52
21.65
28.85
65.25
25.25
58.33
89.78
37.80
25.20
7.98
3.95
38.00
13.18
157.56
55.14
97.18
47.19
53.25
19.00
119.70
81.55
41.36
93.45
62.80
222.55
65.55
105.50
20.35
39.84
10.70
56.88
53.00
156.08
107.56
315.71
58.04
55.11
70.48
18.37
76.76
142.74
15.00
-11.2
0.9
1.9
1.2
-2.5
1.1
0.5
1.5
3.6
0.2
3.3
2.7
1.7
0.6
0.1
1.3
0.7
0.5
0.5
-0.1
-0.8
1.1
-1.0
1.1
1.1
1.0
4.5
3.7
1.1
1.4
0.8
0.5
0.8
...
2.1
-0.6
37.3
-0.2
0.7
0.3
0.6
1.2
2.3
1.5
2.5
1.5
5.3
-0.2
...
0.3
-0.2
0.8
8.3
0.9
0.6
1.2
1.7
0.3
0.1
1.7
0.9
-0.5
-0.2
1.5
...
2.1
0.1
-0.2
0.3
1.2
1.0
1.0
1.7
10.8
6.7
0.3
0.5
-0.4
7.2
1.0
1.7
3.2
0.4
6.7
2.4
0.3
1.2
2.8
-0.5
1.6
1.8
3.1
2.9
4.1
2.4
1.3
2.7
3.5
0.2
1.2
1.8
3.0
0.1
-1.7
2.8
0.9
1.3
-0.3
52-Wk %
Sym Hi/Lo Chg Stock
Ollie'sBargain
OLLI
ON Semi
ON
1-800-FLOWERS FLWS
OptiNose
OPTN
OpusBank
OPB
Orix
IX
OssenInnovation OSN
OwensCorning
OC
OxfordIndustries OXM
PNC Fin Wt
PNC.WS
PNC Fin
PNC
POSCO
PKX
PSBusParksPfdU PSBpU
PTC Therap
PTCT
PVH
PVH
Paccar
PCAR
PacificCoastOil ROYT
PampaEnergia
PAM
ParkElectrochem PKE
ParkerHannifin PH
PartnerComms PTNR
PaycomSoftware PAYC
PayPal
PYPL
PeabodyEnergy BTU
PeapackGladFinl PGC
PennNational
PENN
Pentair
PNR
PerformantFin
PFMT
PerkinElmer
PKI
Perrigo
PRGO
PetMedExpress PETS
PetroleoBrasilA PBR.A
Phillips66
PSX
PiperJaffray
PJC
Plexus
PLXS
PrincipalFin
PFG
ProgressSoftware PRGS
Proofpoint
PFPT
ProtoLabs
PRLB
ProvidenceService PRSC
PrudentialFin
PRU
Prudential
PUK
RMR Group
RMR
RadianGroup
RDN
RalphLauren
RL
Rapid7
RPD
RaymondJames RJF
Rayonier
RYN
Raytheon
RTN
RealPage
RP
RegionalMgmt RM
RegionsFin
RF
RelianceSteel
RS
ResoluteForest RFP
RexnordPfdA
RXNpA
RichardsonElec RELL
RingEnergy
REI
RingCentral
RNG
RioTinto
RIO
RockwellCollins COL
RoperTech
ROP
RossStores
ROST
RoyalBkScotland RBS
RoyalDutchA
RDS.A
RoyalDutchB
RDS.B
RushEnt A
RUSHA
RushEnt B
RUSHB
RyderSystem
R
RymanHospitality RHP
SB Financial PfA SBFGP
Seacor
CKH
SEI Investments SEIC
SPAR Group
SGRP
SPX FLOW
FLOW
Saia
SAIA
SailPointTechs
SAIL
Salesforce.com CRM
SantanderCons SC
SareptaTherap SRPT
Sasol
SSL
SchwabC
SCHW
SchweitzerMaud SWM
ScottsMiracleGro SMG
SeacoastBkgFL SBCF
Seagate
STX
SelectEnergySvcs WTTR
SensataTech
ST
ServiceMaster
SERV
ServiceNow
NOW
56.65
23.66
11.90
21.50
29.35
96.30
4.49
95.99
82.90
87.09
153.50
90.56
25.76
23.71
144.83
76.60
2.47
72.03
22.19
210.35
6.60
89.37
80.77
40.92
37.30
32.35
74.47
3.52
79.02
92.75
53.32
10.86
105.09
92.30
65.88
74.40
51.99
99.80
110.10
65.47
125.00
54.31
63.30
22.82
106.92
22.58
96.79
32.47
198.07
48.60
28.30
18.37
91.24
11.75
63.37
8.34
15.92
52.60
57.78
138.14
275.52
83.93
8.44
70.94
72.77
54.35
51.83
90.01
74.45
21.10
50.36
76.76
3.75
48.75
77.00
16.50
110.71
19.02
61.89
36.21
55.52
48.06
110.12
27.50
51.88
20.97
54.21
53.79
139.06
2.8
2.1
...
1.0
1.2
2.7
19.0
0.5
0.1
-0.3
0.2
3.2
...
7.3
0.7
1.1
6.2
0.6
1.6
0.8
0.6
5.0
1.0
0.8
1.5
-0.3
-0.5
19.1
1.6
-0.2
2.4
0.7
2.5
1.2
2.0
0.4
0.3
-0.6
1.9
0.4
0.3
1.4
0.1
-1.2
0.8
4.6
1.7
1.1
2.1
1.4
2.5
0.4
-0.4
-1.3
-1.8
2.6
2.5
1.5
0.8
...
1.0
1.2
3.2
1.5
1.4
-0.9
-1.8
0.6
0.7
14.7
0.1
1.4
59.7
1.1
0.1
2.2
1.0
1.3
4.3
2.4
2.3
-1.3
-1.3
-1.1
4.6
5.8
1.5
0.1
0.4
52-Wk %
Sym Hi/Lo Chg Stock
SherwinWilliams SHW
ShinhanFin
SHG
ShoreBancshares SHBI
SilverRunII
SRUN
SixFlags
SIX
SkyWest
SKYW
SleepNumber
SNBR
SmithAO
AOS
SnapOn
SNA
SOQUIMICH
SQM
Sony
SNE
SoCopper
SCCO
SouthernFirstBcsh SFST
SpiritAeroSys
SPR
StateStreet
STT
Statoil
STO
SteelDynamics STLD
StifelFinancial
SF
SumitomoMits SMFG
SunHydraulics
SNHY
SunLifeFinancial SLF
SunTrustBanksWtB STI.WS.B
SunTrustBanks STI
SynovusFin
SNV
TD Ameritrade AMTD
TE Connectivity TEL
Ternium
TX
TRowePrice
TROW
Target
TGT
TechTarget
TTGT
TeckRscsB
TECK
TeekayLNG un
TGP
TeledyneTech
TDY
TexasCapBcshs TCBI
TexasInstruments TXN
TexasRoadhouse TXRH
Textainer
TGH
Textron
TXT
TheBancorp
TBBK
ThermoFisherSci TMO
ThorIndustries
THO
3M
MMM
Tiffany
TIF
TiGenix
TIG
TitanMachinery TITN
Total
TOT
TotalSystem
TSS
TractorSupply
TSCO
TransUnion
TRU
TrilogyMetals
TMQ
Trinseo
TSE
TriumphBancorp TBK
tronc
TRNC
Trupanion
TRUP
21stCenturyFoxB FOX
Twitter
TWTR
2U
TWOU
TylerTech
TYL
UBS Group
UBS
US Energy
USEG
UnionPacific
UNP
UtdCmtyBks
UCBI
UnitedInsurance UIHC
UPS B
UPS
UnitedRentals
URI
UnitedSecBcshrs UBFO
US Bancorp
USB
US12moOilFd
USL
UnitedTech
UTX
UnivDisplay
OLED
UnivInsurance
UVE
UnivLogistics
ULH
UnumGroup
UNM
Vale
VALE
ValeroEnergy
VLO
ViaSat
VSAT
VirtuFinancial
VIRT
VirtusInvtPtrs
VRTS
VirtusInvtPfdD VRTSP
Vonage
VG
W&T Offshore WTI
WD-40
WDFC
WPX Energy
WPX
Waddell&ReedFin WDR
WasteMgt
WM
WattsWater
WTS
Wayfair
W
WebsterFin
WBS
433.90
50.01
19.10
10.70
68.07
55.15
39.07
65.37
185.47
64.20
50.82
50.32
43.25
96.70
107.57
23.54
47.39
68.72
9.53
68.47
42.11
24.75
68.95
51.18
54.59
100.70
34.46
115.62
77.00
14.74
30.79
21.40
193.62
99.35
113.00
58.59
24.75
60.19
10.96
211.54
159.17
246.00
108.90
41.69
23.95
59.41
82.57
79.85
57.38
1.64
80.25
36.13
18.97
35.07
36.48
25.85
69.47
188.65
19.61
1.79
141.81
31.37
18.86
134.33
182.86
11.45
57.12
22.17
136.58
203.30
29.45
25.65
58.73
13.57
97.00
76.69
19.20
132.85
111.91
11.00
5.10
127.15
15.13
23.13
88.66
79.25
88.06
59.76
1.8
1.6
0.1
0.3
1.2
2.8
1.3
0.9
-0.1
-1.8
-0.5
-0.3
0.2
2.5
1.4
1.4
-0.2
0.7
0.4
0.5
1.0
4.4
1.5
0.8
1.4
0.9
2.6
2.0
3.8
5.0
1.4
2.9
2.4
0.6
1.9
1.4
3.8
1.8
0.6
0.7
-0.2
0.9
0.9
0.8
0.5
2.5
-0.2
1.4
-0.2
-2.6
-1.0
-1.1
-0.2
-1.9
1.6
4.4
2.4
...
1.5
10.1
0.6
0.2
1.2
0.5
0.5
1.8
0.5
0.9
1.2
-0.6
-0.3
0.2
0.6
0.6
2.3
0.8
1.1
1.2
1.0
3.3
1.7
-2.0
0.8
1.9
0.1
1.5
0.2
1.0
52-Wk %
Sym Hi/Lo Chg
WeightWatchers WTW
WestlakeChem WLK
WestRock
WRK
WildHorseResource WRD
Williams
WMB
WilliamsPartners WPZ
Wingstop
WING
WintrustFin
WTFC
WisdomTreeInvs WETF
Woodward
WWD
Wyndham
WYN
XPO Logistics
XPO
Xylem
XYL
YRC Worldwide YRCW
YY
YY
YumChina
YUMC
Zafgen
ZFGN
ZebraTech
ZBRA
Zendesk
ZEN
ZionsBancorpWt ZIONW
ZionsBancorp
ZION
ZionsBancorpWt ZIONZ
Zoetis
ZTS
59.70 4.3
114.34 0.6
69.29 1.4
21.43 0.5
33.38 0.3
43.32 0.8
45.14 1.9
88.54
...
13.41 0.3
84.23 0.9
117.96 0.9
95.35 0.2
70.79 0.7
15.80 -1.1
135.46 5.9
46.15 4.7
5.75 -0.7
123.66 1.6
37.71 4.1
20.88 1.8
53.77 0.3
17.48 3.1
75.69 1.1
Lows
2.06 -23.9
ADOMANI
ADOM
25.35 -1.2
AcadiaRealty
AKR
38.77 -0.7
AmCampus
ACC
20.37 -0.4
AmerHomes4Rent AMH
AmTrustFinPfdD AFSIpD 20.78 -4.7
AmTrustFinPfdA AFSIpA 19.02 -5.9
40.38 -0.8
ApartmtInv
AIV
AquaBountyTech AQB
2.96 -37.9
167.51
-0.9
Avalonbay
AVB
2.06 -7.9
AxovantSciences AXON
3.10 -2.9
AxsomeTherap AXSM
58.35 -3.4
BlackHillsUn
BKHU
16.75 -0.6
BrixmorProp
BRX
CBL AssocPfdD CBLpD
20.78 -1.4
19.58 -1.4
CBL AssocPfdE CBLpE
24.12 -0.9
CedarRealtyPfC CDRpC
10.35 -3.1
ColonyNorthStar CLNS
CompassPfdA
CODIpA 24.26 -0.1
27.10 -2.3
CorpOfficeProp OFC
50.43 -4.3
DTE EnergyUn DTV
24.66 -1.5
DTE EnergyDeb77 DTW
DigitalRealtyPfH DLRpH 26.31 -0.2
61.25 -1.4
EdisonInt
EIX
33.02 -1.2
EducationRealty EDR
18.85 -0.8
EmpireStateRealES ESBA
18.92 -0.8
EmpireStateRealty ESRT
22.58 -1.4
GEO Group
GEO
19.29 -1.2
GlobalNetLease GNL
23.61 -2.2
HCP
HCP
27.09 -1.1
HealthcareAmer HTA
25.05 0.2
HerculesCapNts24 HTGX
47.63 -0.9
HighwoodsProp HIW
16.68 -1.5
KimcoRealty
KIM
40.29 -1.6
LTC Properties LTC
58.50 -1.2
MGE Energy
MGEE
20.71 -0.7
Mack-Cali
CLI
23.57 -1.6
MaidenHldgsPfdC MHpC
90.88 -0.8
MidAmApt
MAA
55.33 -1.2
Northwestern
NWE
OFGBancorpPfA OFGpA 21.41 -1.5
OFGBancorpPfD OFGpD 21.90 0.4
OGE Energy
30.70 -1.6
OGE
24.95 1.1
OaktreeSpecNts24 OSLE
0.31 2.3
OhrPharm
OHRP
26.06 -1.8
OmegaHealthcare OHI
7.84 -2.1
OrchidIslandCap ORC
15.03 0.1
ParamountGroup PGRE
PhysiciansRealty DOC
16.31 -1.5
42.38 -0.3
PortlandGenElec POR
52.63 -1.1
RealtyIncome
O
17.82 -2.0
SabraHealthcare SBRA
17.64 -0.7
SeniorHousing
SNH
23.20 -0.9
SoCA Ed pfC
SCEpC
24.60 -0.6
SouthernNts77 SOJC
44.44 -0.9
Southern
SO
69.38 -2.9
TESARO
TSRO
7.39 -1.2
VEREIT
VER
54.77 -2.5
Ventas
VTR
71.87 -1.3
VornadoRealty VNO
58.98 -1.7
Welltower
HCN
57.60 -1.1
WelltowerPfdI
HCNpI
7.05 -15.5
WheelerREIT
WHLR
834.50 -0.4
WhiteMtnIns
WTM
Dividend Changes
Dividend announcements from January 12.
Company
Symbol
Yld %
Amount
New/Old
Frq
Payable /
Record
Increased
Genesis Energy
GEL
8.0
.51 /.50
Q
Feb14 /Jan31
SIG
2.2
.31
Q
Mar02 /Feb02
Foreign
Signet Jewelers
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
spin-off.
.
B10 | Saturday/Sunday, January 13 - 14, 2018
NY
* ***
THE WALL STREET JOURNAL.
BANKING & FINANCE
A Pension-Fund Tussle
BlackRock
Takes In
A Record
Cash Haul
North Carolina treasurer cut fees but missed potential gains
Dale Folwell promised a
fight with Wall Street if he
became North Carolina’s
treasurer. Now, the elected
official is clashing with employees as he rethinks how
one of the largest U.S. public
retirement funds should invest its $96 billion.
His decision in 2017 to
shift more than $7 billion
from outside equity managers
into cash and bonds put him
at odds with his
WEEKEND staff, people faPROFILE
miliar with the
matter said.
Employees worried the action would throw
the fund’s investment mix out
of balance, two of these people said. The move reduced
fees but cost the fund potential gains in a year the stock
market rallied to records.
Investments with other
managers slowed because of
Mr. Folwell’s skepticism of
hedge funds and other illiquid bets, upending staff
plans for 2017, three of these
people said.
Mr. Folwell, 59 years old,
said the changes were
needed to give the state fund
more control over its money
while he reassesses past
bets. “It’s hard to come into
a culture where no one
thinks anything is wrong,”
Mr. Folwell said.
The tussle in North Carolina is part of a larger debate
in the pension world about
the best way to ensure that
enough assets are on hand to
cover all future obligations
to firefighters, police officers, teachers and other public workers.
Mr. Folwell has widereaching power over how he
invests and doesn’t need a
board to bless his investment decisions. North Carolina is one of four states
where one person wields final authority over publicpension assets, according to
research by consulting firm
Funston Advisory Services.
“He’s his own person,”
said Dee Stewart, a Republican political strategist in
North Carolina who has
known Mr. Folwell for years.
Growing up in Winston-Salem, N.C., Mr. Folwell was
raised for much of his childhood by a single mother who
operated a hospital switchboard. He fixed motorcycles
and collected trash to pay his
way through the University of
North Carolina at Greensboro.
As a four-term state Republican lawmaker from
2005, Mr. Folwell supported
raising the minimum number
of years some employees had
to work before qualifying for
retirement checks. While
running the state’s unemployment agency, he pushed
to curb fraudulent claims.
When he ran for treasurer,
Mr. Folwell toured the state
in 2016 on a motorcycle and
promised voters he
would save North Carolina
$100 million. He vowed
to cut complex bets and reduce unnecessary moneymanagement fees.
The pension fund’s performance over the past decade—5.1% on an annualized
basis—is below its current
return target of 7.2%. At the
end of 2016, it was more
than $8 billion short of the
assets needed to fund all future retiree obligations.
Many state funds are in an
even deeper hole.
During his first weeks in
office a year ago, Mr. Folwell
set up calls with most of the
fund’s outside money managers, asking how much in savings they would contribute, people with knowledge
of the conversations said. Internally, he asked to be included earlier in decisions, a
departure from his predecessor, who delegated more authority to staff.
As he began examining
the pension’s investments,
he noticed the state had
more than $11 billion committed to managers that it
still needed to fund at the
start of 2017. Mr. Folwell
said it was his fiduciary duty
to understand the investment portfolio.
The pension made one new
commitment to an outside
manager in 2017—$250 million in real estate—compared
with more than $7 billion in
new pledges to outside investment firms in 2016.
The fund’s then-investment chief, Kevin SigRist, and
staffers asked the treasurer
where he wanted to take the
overall investment mix but
they didn’t receive a clear answer, three people familiar
with the matter said. Mr. Folwell said the fund’s allocation
policy hasn’t changed.
“When I got frustrated
while working on a motorcycle, I didn’t go ahead and cut
wires,” Mr. Folwell said. “You
listen, and then you act and
then you ultimately fix it.”
One former official is concerned the fund could lose
access to top managers. “Simply turning off the tap isn’t
the way to go,” said ex-North
Carolina pension investment
chief Andrew Silton.
The most dramatic move
was Mr. Folwell’s decision
to shift roughly $7.2 billion
in money from equity funds
into cash and bonds managed internally. The shift,
which took several months,
required a suspension of risk
controls. A spokeswoman for
the treasurer’s office said
Mr. Folwell was acting within
his statutory authority in
overriding these controls.
He also rejected a recommendation from staff that
some of that money go into
BY SARAH KROUSE
JEREMY M. LANGE FOR THE WALL STREET JOURNAL
BY DAWN LIM
Dale Folwell wants the fund to have more control over its money.
passively managed stock-index funds. Staffers said in a
memo they were “uncomfortable” with moving the
fund outside its established
investment mix, according
to two people familiar with
the matter and a copy of the
memo reviewed by The Wall
Street Journal.
The treasurer’s office was
able to reduce fees during
2017, but it also missed out
on a stock-market rally. The
changes contributed to
roughly $60 million in fee
savings from firing managers
or renegotiating terms, the
spokeswoman said. Deviating
from the fund’s targeted investment mix, though,
meant it missed out on more
than $400 million in potential gains during the 11
months ended Nov. 30, ac-
cording to an estimate from
the treasurer’s office.
Mr. Folwell said he takes
responsibility for the decision
and is comfortable with how
the portfolio is positioned.
Investing the proceeds inhouse will give the pension
more control over its portfolio, he said. The spokeswoman said how the pension
fund will deploy its cash has
yet to be determined.
At least 10 investment
employees have left since
Mr. Folwell took office, according to two people and
state records. Not all of the
departures were the result of
differences of opinion with
the treasurer’s approach, the
spokeswoman said. The highest-profile departure came in
July, when Mr. SigRist
handed in his resignation.
Court to Review SEC Judges
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All Rights Reserved.
BY BRENT KENDALL
AND DAVE MICHAELS
WASHINGTON—The
Supreme Court said it would review the Securities and Exchange Commission’s in-house
judicial system, agreeing to
decide whether the commission’s judges were selected in
a way that violates the Constitution.
The high court, in a brief
written order on Friday, said
that it would hear an appeal by
a former investment adviser
and media personality, Raymond Lucia, who is fighting an
SEC judge’s 2013 decision to
bar him from the industry. The
SEC alleged that Mr. Lucia
hyped how much research and
backtesting he put into his
“Buckets of Money” strategy
that he promoted through two
books. The SEC said Mr. Lucia
used data that made his results
look better, such as omitting
the impact of advisory fees on
returns.
Mr. Lucia argued the judge
was improperly installed at
the SEC, in violation of a
clause in the Constitution that
addresses the president’s
power over executive-branch
officials. The SEC argued that
its in-house judges are commission employees with limited powers who don’t need to
be formally appointed the way
top government officials do.
Instead, the judges were historically selected through a
process managed by humanresources officials.
An SEC spokesman declined
to comment.
A federal appeals court,
with 10 judges participating,
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
ADVERTISEMENT
An investment adviser argues the SEC process is unconstitutional.
deadlocked in the case last
year. The split left the SEC’s
decision against Mr. Lucia in
place.
The case could have ramifications beyond the SEC, as a
handful of other government
agencies, including the Federal
Energy Regulatory Commission and the Environmental
Protection Agency, use administrative law judges to referee
civil enforcement cases.
The SEC’s in-house courts
generated little controversy
for decades, but a 2014 decision to lean on them more
heavily sparked a backlash.
Lawyers defending clients
challenged how the judges
were hired, arguing their
sweeping powers mean they
should be more formally accountable to presidential appointees.
A ruling by the Supreme
Court could affect about eight
other appeals nationwide in
which defendants objected to
how the SEC judges were
hired.
Two major recent twists in
the case have left the matter
in flux. In late November, the
Justice Department, now under Trump administration
leadership, reversed its position and abandoned defense of
the SEC’s system. The switch
came in a Supreme Court filing in which the Justice Department urged the justices to
hear Mr. Lucia’s case.
A day later, the SEC said it
was changing how its judges
were put in place. The commission voted to formally ratify the appointments of current administrative law judges.
The change, however, didn’t
help Mr. Lucia because his
case had already concluded.
He argues that the SEC’s ratification effort didn’t fix legal
problems with the way judges
were selected in the first
place.
Oral arguments in the case
could take place as soon as
April.
The world’s largest money
manager by assets reached another milestone in 2017: the
equivalent of $1 billion of new
client cash every day.
The annual net inflow of
$367.3 billion helped BlackRock
Inc. pass $6 trillion in assets for
the first time, up more than $1
trillion from the end of 2016.
The record infusion during 2017
amounted to more than
$698,000 a minute.
Most of BlackRock’s new
money, or 67%, went to its
iShares exchange-traded fund
business as investors continue
to embrace lower-cost products
tied to indexes. The iShares
unit finished 2017 with more
assets than BlackRock’s actively
managed products for the first
time.
The pace of new investor
cash into BlackRock puts it in
the same league as rival Vanguard Group, which attracted a
net $369.3 billion in new money
last year. The two managers
now oversee a combined $11.2
trillion, higher than the gross
domestic product of China in
2016.
“They’re neck and neck,”
said Kyle Sanders, an analyst at
Edward Jones, of BlackRock
and Vanguard, which ended
2017 with $4.9 trillion in assets.
“It’s those two and then it’s everyone else fighting for scraps.”
Both firms are benefiting
from a confluence of factors: a
stock-market boom, recent regulatory changes and investor
preference for cheaper ETFs,
which are funds for all types of
investors that trade on exchanges.
“It’s hard for me to see active flows being as strong as
what we predict for ETF flows”
in the next two years, BlackRock Chief Executive Laurence
Fink said in an interview. He
cited regulatory changes in the
U.S. and Europe that have led to
broader adoption of the funds.
Mr. Fink told employees in
the firm’s town hall earnings
meeting that BlackRock had
proved it can compete with
Vanguard while making money
for shareholders, people familiar with the matter said.
BlackRock reported $2.3 billion in profit for the fourth
quarter of 2017, or $14.07 a
share, compared with $851 million, or $5.13 a share a year earlier. Revenue rose 20%, to $3.47
billion.
On Friday, BlackRock’s
shares rose 3.3%, to $555.53.
ETFs account for an increasing proportion of BlackRock’s
fees as well as assets. iShares
brought in 39% of BlackRock’s
base fees at the end of 2017, up
from 36% a year earlier.
BlackRock has boosted its
ETF flows with fee cuts on
some funds, particularly those
that offer exposure to broad
swaths of the stock and bond
markets. It has also used its
Aladdin technology to connect
more closely with wealth advisers and created model portfolios of its funds to sell.
While BlackRock’s ETF unit
has attracted the majority of its
new assets, there are signs the
firm’s efforts to improve the
performance of its actively
managed stock funds are paying
off. The firm said 30% of assets
in fundamental equity products
underperformed their benchmark or peer medium over one
year, compared with 52% a year
ago. For systematic equity
products, its name for quantitatively managed stock funds, 17%
of assets underperformed compared with 57% a year ago.
—Allison Prang
contributed to this article.
Fed Fines Five Large Banks
Go With the Flow
BY RYAN TRACY
$400 billion
WASHINGTON—The Federal
Reserve fined five big banks a
total of $35.1 million for issues
related to financial-crisis-era
mortgage servicing and foreclosures, while also moving
them out of the penalty box
for what it said was a “substantial improvement” in their
practices.
The fines relate to deficiencies that regulators saw in the
wake of a meltdown in the U.S.
housing market around the
2008-09 financial crisis.
Goldman Sachs Group Inc.
was fined $14 million; Morgan
Stanley, $8 million; CIT
Group Inc., $5.2 million; U.S.
Bancorp, $4.4 million, and
PNC Financial Services
Group Inc., $3.5 million.
The five firms had been
slapped with enforcement actions in 2011 and 2012 for
what the Fed said were “deficiencies in residential mortgage loan servicing and foreclosure processing.”
The Fed said the firms have
made “substantial improvement” in their practices.
The central bank didn’t provide an explanation for the
timing of the penalties. Banks
can be subject to enforcement
orders for years before they remediate regulators’ concerns.
Separately, the Fed penalized Goldman Sachs $90,000
for violations related to the
National Flood Insurance Act.
Representatives of U.S. Bancorp, CIT and PNC said they
were pleased the matter has
been resolved. Morgan Stanley
declined to comment. Goldman
Sachs didn’t reply to a request
to comment.
BlackRock has pulled in record
cash in the past two years
Net flows
Other
iShares
300
200
100
0
2013
’14
’15
’16
Source: the company
THE WALL STREET JOURNAL.
’17
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | B11
* * * *
MARKETS
Dollar Drops to 3-Year Low
ALY SONG/REUTERS
BY IRA IOSEBASHVILI
Strong investor demand allowed the internet company to lock in low long-term interest rates.
Tencent Joins Debt Wave
BY MANJU DALAL
Chinese internet company
Tencent Holdings Ltd.’s visit
to the bond market this past
week marked the latest in a
string of Asian technology
firms that have been issuing
more debt as their market values have swelled.
Tencent, which owns the
popular messaging service
WeChat and is one of the
world’s largest videogame publishers, on Thursday priced $5
billion in U.S.-dollar bonds that
mature in five, 10 and 20 years,
its largest-ever bond sale.
The Shenzhen-based company last issued bonds about
three years ago. At that time, it
priced its 10-year bonds at 2.05
percentage points above U.S.
Treasury yields, or 3.8%. This
time it paid lower rates to borrow: Its 10-year bonds were
priced at 1.05 percentage
points above Treasury yields,
or 3.595%.
Strong investor demand also
allowed Tencent to price its
20-year bonds to yield under
4% a year, locking in low longterm interest rates. The offering also included five-year
floating-rate notes that were
priced at 0.6 percentage point
above the three-month London
interbank offered rate, or Libor, according to a banker on
the deal. That Libor benchmark
was recently 1.7%.
Bond markets have been on
a tear in the past year as investors have rushed to buy
debt issued by companies, particularly those in Asia. Thanks
to this strong demand, the cost
of borrowing money is now
around its lowest in many
years.
In the past few years, Asian
tech companies have seen a
meteoric rise in their market
capitalization. At the same
time, their debt levels have remained relatively low, giving
them room to raise more funds
from bond markets.
In doing so, Chinese tech
firms are following the lead of
Apple Inc., the world’s largest
tech company by market value,
which has issued billions of
dollars of bonds in recent
years despite having a sizable
cash hoard.
“These companies seem to
be taking advantage of the
strong [bond] markets at the
moment,” said Luther Chai, a
research analyst from CreditSights in Singapore.
Tencent’s debt sale came
about a month after Chinese ecommerce company Alibaba
Group Holding Ltd. issued $7
billion in bonds with maturities ranging from 5.5 to 40
years. Other Asian tech issuers
in the past year included Baidu
Inc. and Lenovo Group Ltd., ac-
cording to data provider Dealogic.
Chinese tech companies issued $12.1 billion in dollar
bonds in 2017, more than four
times as much as the year before, according to Dealogic.
Outside of the banking sector,
only real-estate companies and
holding companies issued more
debt from China.
Chinese real-estate companies issued $27 billion in bonds
last year, nearly three times as
much as a year earlier, while
conglomerates raised about
$13 billion, nearly 2.5 times
their 2016 fundraising. Overall,
Chinese companies raised $118
billion in bonds last year.
Like its Asian peers, Tencent is likely to use the funds
raised to partially repay its
existing debt and for future
acquisitions. The company
has $3 billion of debt maturing during the first three
quarters of 2018, Mr. Chai
said in a research note this
past week. Tencent owns
stakes in overseas companies
including Snap Inc., Tesla Inc.
and Spotify AB.
As with Alibaba’s offering,
Tencent’s bond issue received a
positive response from investors in the U.S. who placed
nearly half of the roughly $42
billion in orders for the deal,
according to a person familiar
with the matter.
Bill Would Aid Small Lenders
BY YUKA HAYASHI
WASHINGTON—The House
is expected to vote this coming week on a bill aimed at
easing mortgage-disclosure requirements for smaller lenders.
The legislation would allow
a significant proportion of
community banks and credit
unions to escape reporting requirements that came into effect this month. The new requirements fall under the
Home Mortgage Disclosure
Act, a law enacted in 1975 to
curb discrimination against
minority borrowers.
The bill, introduced by Rep.
Tom Emmer (R., Minn.), has a
good chance of becoming law
because a broad Senate financial-deregulation bill, introduced in November with bipartisan support, includes a
similar provision. Mr. Emmer
said he expected a few House
Democrats to support his bill.
The bill is expected to cover
roughly a quarter of the U.S.
mortgage market, Mr. Emmer
said in an interview.
“These thresholds will still
require the Wells Fargos, Bank
of Americas and JPMorgans of
the world to report data but it
will provide relief to little
guys, community banks and
credit unions,” he said.
Financial institutions, particularly community banks and
credit unions, have complained about new disclosure
requirements, citing compliance costs and data-security
concerns.
The requirements that went
into effect this month are part
of a 2015 rule from the Consumer Financial Protection Bureau that requires lenders to
collect significantly more data,
such as borrowers’ credit
scores and debt-to-income ratios, as well as loan-origination costs.
The dollar fell to its lowest
level in more than three years
as expectations of accelerating
growth abroad spurred investors to sell
CURRENCIES the currency
and pile into
the euro.
The ICE Dollar Index, which
measures the U.S. currency
against a basket of six others,
was down more than 1% late
Friday at 90.90, its lowest level
since December 2014.
At the same time, the euro
gained 1.4% to $1.22, its highest level in a little more than
three years.
The European Central Bank
on Thursday said it might
move sooner than investors
had expected to phase out its
bond-buying program, sending
the euro and eurozone government-bond yields higher.
Expectations of monetary
tightening outside the U.S.
tend to make the dollar less attractive to yield-seeking investors, who for years had gravitated to the U.S. currency
because it offered yields that
were high compared with
those found in other developed
markets.
Investors were also cheered
by encouraging European political news. Angela Merkel
took a big step toward clinching a fourth term as Germany’s
chancellor on Friday after her
Revival
Friday
$1.22
s1.4%
this week
How many dollars one euro buys
$1.25
1.20
1.15
1.10
1.05
1.00
2015
’16
’17
’18
THE WALL STREET JOURNAL.
Source: WSJ Market Data Group
conservative party and its center-left rivals agreed on the
broad lines of a renewed ruling
alliance.
“The euro is looking perky,”
said Mark McCormick, North
American head of FX Strategy
at TD Securities, in a note to
clients. “The tone of the ECB
minutes was hawkish and puts
more emphasis on upcoming
data.”
The bank’s forecast calls for
the euro to finish the year at
“a touch below” $1.30.
Evidence of a modest rise in
U.S. consumer prices and solid
growth in U.S. retail sales did
little to stem the dollar’s de-
cline. Forecasters on Friday
raised their expectations for
fourth-quarter growth after
the Commerce Department reported sales at U.S. retailers,
restaurants and websites rose
a seasonally adjusted 0.4% in
December from the prior
month.
“The situation in Europe is
overshadowing even positive
economic numbers in the U.S.,”
said Joe Manimbo, a strategist
at Western Union. “The dollar
is looking tired after a multiyear rally, while the euro
stands to gain as the market
brings forward the time frame
of a potential ECB rate hike.”
Two-Year Yield Edges Past 2%
BY AKANE OTANI
U.S.
government-bond
prices fell, pushing the yield
on the two-year note above
2%, its first settlement over
that level since 2008, after inflation data beat expectations.
The yield on
CREDIT
the
two-year
MARKETS note, which is
especially sensitive to interestrate increases from the Federal Reserve, settled at
2.001%, compared with 1.972%
Thursday.
The yield on the 10-year
Treasury note settled at
2.551%, compared with 2.531%
Thursday and 2.476% at the
end of last week.
Bond yields jumped after
Labor
Department
data
showed the consumer-price
index,
which
measures
changes in the prices Americans pay for everything from
breakfast cereal to airline
fares, ticked up 0.1% in December from the prior month.
The gain was even more
pronounced when excluding
the often-volatile categories
of food and energy. Core
prices increased 0.3% in December, marking the biggest
one-month jump since January 2017.
Separately, Commerce Department data showed U.S.
retailers posting their strongest year of sales growth
since 2014 for the year just
ended.
The reports put pressure
on bond prices, which tend to
suffer when inflation and economic growth pick up.
Inflation chips away at the
purchasing power of bonds’
fixed returns and firming in-
flation could make it easier
for the Fed to raise interest
rates.
“One of the big questions
going into today was whether
the [consumer-price index]
would strengthen or weaken
the case for as many as three
interest-rate increases this
year,” said Bill Northey, chief
investment officer at the private client group at U.S. Bank.
“In our view, it underscored
the thesis that inflation is
starting to move into the
zone the Fed is calling for.”
Federal-funds futures, used
by investors to place bets on
the Fed’s rate-policy outlook,
showed late Friday a 49%
chance that the Fed will raise
rates at least three times this
year, up from 44% Thursday
and 36% at the end of last
year, according to CME Group
Inc. data.
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All Rights Reserved.
.
B12 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
MARKETS
Stocks Extend This Year’s Weekly Gains
Bank shares post
some of day’s biggest
increases as earnings
season kicks off
U.S. stocks set fresh records as the corporate-earnings season kicked off and shares of oil and gas companies rallied.
2.0%
Dow Jones Industrial
Average
Nasdaq Composite
1.5
S&P 500
BY MICHAEL WURSTHORN
AND JON SINDREU
Major U.S. indexes notched
a trifecta of records Friday to
cap off another meteoric week
for stocks.
Stocks mostly rose over the
past week, as surging optimism around a steadily expanding U.S. economy and expectations that companies will
report strong corporate profits for the fourth quarter powered indexes to new heights.
The Dow Jones Industrial
Average added more than 500
points for a second consecutive week, a first for the bluechip index in nearly 18 years,
as the S&P 500 logged its second straight week of morethan 1% gains.
Some investors say the extension of last year’s rally into
2018 is a sign the bull market
can continue, especially with
the start of the corporate-earnings season Friday, which began with JPMorgan Chase and
Wells Fargo releasing results
for the most recent quarter.
S&P 500 companies are expected to expand earnings by
about 10% from the year-earlier period, an improvement
from the single-digit growth
those businesses saw in the
third quarter, according to
FactSet estimates.
“People will be looking for
that double-digit growth, as
well as what comes through
with tax reform,” said Yousef
Abbasi, a global market strategist at JonesTrading. “We
should be able to live up to
the hype.”
The Dow industrials added
228.46 points, or 0.9%, Friday
to 25803.19. The S&P 500
gained 18.68 points, or 0.7%, to
2786.24, and the Nasdaq Composite rose 49.28 points, or
1.0
0.5
0.0
–0.5
Monday
Tuesday
Wednesday
Thursday
Friday
The S&P 500 energy sector, one of the biggest laggards
in 2017, climbed along with commodities prices.
U.S. crude rose to a three-year high, boosted by concerns
of a supply disruption and signs of rising demand.
570
$65 a barrel
565
64
560
63
555
62
550
Nymex crude-oil*
61
Monday
Tuesday
Wednesday
Government-bond yields
rose as investors
contended with signs
of a pickup in inflation.
Thursday
Friday
Monday
Tuesday
Utilities stocks, considered bondlike
by some investors because of their
hefty dividends, entered correction
territory this past week.
Wednesday
10-year Treasury yield
S&P 500 utilities sector
WSJ Dollar Index
264
86.00
2.50
2.45
262
85.70
260
85.40
258
85.10
256
84.80
84.50
254
Mon.
Tues.
Wed.
Thurs.
Fri.
Mon.
Tues.
Wed.
Thurs.
Mon.
Fri.
*Front-month contract
Sources: FactSet (S&P 500, S&P sectors, Nasdaq, Dow industrials); Thomson Reuters (crude, Treasurys); WSJ Market Data Group (dollar index)
0.7%, to 7261.06. All three indexes closed at records.
For the week, the Dow was
up 2%; the S&P 500, up 1.6%,
and the Nasdaq up 1.7%.
Bank stocks were among
Friday’s biggest gainers following a flurry of earnings reports.
Shares of JPMorgan Chase,
the top U.S. bank by assets
and a Dow component, rose
$1.83, or 1.7%, to $112.67 after
reporting lower-than-expected
profit because of one-time
changes tied to the recently
passed tax overhaul. Excluding
the charge, which was widely
expected among investors,
per-share earnings grew
nearly 3% from a year earlier.
Wells Fargo fell 46 cents, or
0.7%, to 62.55 after it reported
a higher profit, as one-time
impacts related to the tax law
helped mask weakness in some
of the bank’s main businesses.
Financial shares also have
been benefiting from a rise in
U.S. Treasury yields in recent
sessions. Higher interest rates
Tues.
Wed.
Thurs.
Fri.
THE WALL STREET JOURNAL.
typically widen the spread between what banks charge on
loans and what they pay on
deposits, which should boost
their earnings.
The yield on the benchmark
10-year U.S. Treasury rose to
2.551%, from 2.531% Thursday.
Yields rise as bond prices fall.
Stocks that struggled last
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Bank on JPMorgan, Not Wells
Fourth-quarter results for
two of America’s largest
banks highlight JPMorgan
Chase’s resilience and Wells
Fargo’s continued befuddlement.
Accounting adjustments
due to the new tax law obscured the picture somewhat. JPMorgan took a $2.4
billion write-down, while
Wells Fargo booked a $3.4
billion tax gain. But it isn’t
hard to look past these oneoff items to underlying business trends, which were
mostly positive at JPMorgan
but not at Wells.
JPMorgan reported decent
overall loan growth, with total loans outstanding rising
4% from a year earlier at the
end of the fourth quarter.
That is down from a 7% pace
in 2016, in line with the industry trend of slowing loan
growth. JPMorgan continued
to see strong performance in
certain businesses, with
commercial and industrial
loan balances up 6% in the
fourth quarter, and average
credit-card loan balances up
5%.
Wells Fargo, by contrast,
Friday
The dollar fell against a basket of 16
currencies for a fifth consecutive
week, pressured by a strengthening
euro.
2.60%
2.55
Thursday
Closing the Gap
Net interest margin
JPMorgan Chase
3.00%
Wells Fargo
2.50
2.00
1.50
1.00
0.50
0
4Q 2016
1Q 2017
Source: the companies
saw total loans decline 1%
from a year earlier. A deliberate pullback from auto
lending contributed to the
fall, but weakness was
broad-based, with domestic
commercial and industrial
loan balances falling 1% and
credit-card loans rising 3%.
It seems likely that Wells
Fargo’s tarnished brand from
sales-practice scandals is at
least partly to blame. Certainly the bank is having a
hard time attracting new re-
2Q
3Q
4Q
THE WALL STREET JOURNAL.
tail customers. The number
of consumer checking account customers was up just
0.2% from a year earlier, and
the number of active consumer credit-card accounts
was unchanged.
JPMorgan also was hit by
$273 million of combined
trading and credit losses related to a single client, South
Africa-based Steinhoff International Holdings. JPMorgan also saw a 34% decline in fourth-quarter fixed-
OVERHEARD
income trading revenue.
The bank still managed to
post a respectable 10% return on equity for the full
year, a testament to its welldiversified business model.
Increased debt and equity
underwriting, for instance,
helped make up for some of
the lost trading revenue.
Like most banks, JPMorgan is also getting substantial help from higher interest
rates. Incredibly, though,
Wells Fargo still is failing to
benefit from this. Its net interest margins fell, both
from a year earlier and the
prior quarter. The bank’s
strategy of holding more
long-term assets is ill-suited
to the current environment,
in which short-term rates
are rising but long-term
rates have barely budged.
The combination of bad
past practices and bad past
decisions are weighing down
Wells Fargo. Investors feeling bullish on the economy
and rates have plenty of
other banks to bet on, JPMorgan being among the
strongest.
—Aaron Back
The State Department
isn’t the only one relocating
its London headquarters to
what President Donald
Trump called an “off location.” Apple and about
20,000 households are, too.
Called Nine Elms, the area
across the Thames from posh
Chelsea used to be scarred
by a disused power station.
Now, it has upmarket pretensions.
The deal that kick-started
it was the one criticized in
Mr. Trump’s tweet: the decision in 2008 to move the
U.S. Embassy there. Investors
later bought and started to
redevelop the power station.
The old industrial land
bought by the U.S. is likely to
be worth far more once a
new subway stop opens in
2020 and the world’s most
valuable company by market
cap moves in.
Selling the old U.S. Embassy at the bottom of the
real-estate cycle might have
been badly timed, but building the new one has been a
fantastic deal for U.S. taxpayers.
Europe Is a Place Where Stocks Still Have Reason to Rally
The breadth of the global
economic growth pickup is
lifting even longstanding laggards. European stocks are a
case in point, but the potential for catch-up remains appealing.
Even as U.S. stock indexes
have set record after record,
Europe has missed out. A
vast gap has opened up between the performance of
the S&P 500 and the Euro
Stoxx, both in price and valuation terms.
Indeed, on a forward
price/earnings basis, the gap
between the two is at a level
not seen for more than a decade.
But things seem to be
changing. In 2018, the Italian
benchmark index is up 6.9%
and Southern Europe is
broadly outperforming the
North: Greek stocks are up
about 5.5%; Portuguese
shares, 4.5%.
Breadth of growth is turning into breadth of performance, and eurozone
stocks—or exchange-traded
funds that give U.S. investors
exposure, like the iShares
MSCI Eurozone ETF—are
benefiting.
In part, that may be because a key trade after the
euro crisis has finally begun
to run out of steam. Investors
eyed the huge rally in bonds
from Southern Europe rather
than stocks: Once the sovereign-debt turmoil was tamed,
there was a big opportunity
in beaten-up eurozone bond
markets as yields fell.
Now, stock markets are
where greater opportunities
may lie.
The Euro Stoxx forward
dividend yield of 3.2% is far
in excess of German government bond yields and European investment-grade corporate bond yields. By
contrast, the S&P 500 dividend yield, at 1.91%, is now
below the two-year U.S.
Treasury yield and far below
corporate bond yields and
this week touched its lowest
since 2007, according to
FactSet data.
There are reasons to think
carefully about European
Parting Ways
Forward price/earnings multiple
20 times
15
10
5
S&P 500
Euro Stoxx
0
2003
’10
Source: FactSet
stocks. The euro for one
might still pose a problem,
as its rise in 2017 weighed
on European stocks, although
it gave dollar-based investors
a big boost. Thursday’s ac-
count of the European Central Bank’s December meeting suggested a gradual shift
in policy guidance could be
coming. Politics matters, too;
Friday’s news of a potential
breakthrough by Angela
Merkel in forming a government in Germany lifted the
euro to a three-year high
above $1.21. But Italy will
also face a test in coming
elections.
Set against that is strong
growth momentum and the
way recent European stock
gains have been driven by
earnings, not multiple expansion like in the U.S. Even laggards can put on a burst of
speed.
—Richard Barley
year, such as retailers and energy companies, continued to
outperform in the first weeks
of the year, a sign that investors appear to be rotating into
economically sensitive stocks
and out of slower-growing defensive ones, such as utilities
and real estate.
“We’re starting to see investors’ sentiment overall get
more constructive,” said Rob
Haworth, a senior investment
strategist at U.S. Bank Wealth
Management. He added that
signs of a continuing global
expansion and robust corporate earnings are underpinning the optimism.
Shares of consumer-discretionary stocks in the S&P 500
gained 1.3%, led by retail
stocks that continue to benefit
from a strong holiday sales
season.
Energy stocks, which are
expected to lead the S&P 500
in earnings growth, also were
up, while real-estate and utilities stocks declined.
Still, while analysts say investors’ optimistic outlook is
justified, it is also a cautionary sign that valuations could
be overheating, opening the
market to the possibility of a
pullback.
“Sometimes the market
feels so resilient, it’s willing to
look the other way” and grind
higher regardless of the news,
Mr. Abbasi of JonesTrading
said. “There will be a time and
a place to jump off the train,
but it’s not yet. This has room
to run.”
Elsewhere, the Stoxx Europe 600 rose 0.3% Friday to
finish its second consecutive
week higher.
In Asia, Hong Kong’s Hang
Seng rose 0.9% to extend its
weekly gain to 1.9%, while the
Shanghai Composite added
0.1% and notched its fourth
straight week of gains. Japan’s
Nikkei, meanwhile, edged
lower Friday to finish the
week down 0.3%.
—Akane Otani
contributed to this article.
WSJ.com/Heard
The Inflation
Picture Is
Clearing Up
Janet Yellen can take a
victory lap on her way out as
Federal Reserve chairwoman.
She has been saying the
weakness in last year’s inflation readings was transitory,
and she was right.
That clears the way for
the Fed to raise rates at
least the three times it expects to this year. That
would surprise investors
who have been skeptical of
inflation and higher rates.
The Labor Department on
Friday reported that overall
consumer prices rose 0.1% in
December from the previous
month, but the real news
was the 0.3% rise in prices
excluding food and energy
items, the core reading that
economists watch to gauge
inflation’s trend. Core prices
rose 1.8% versus a year ago.
Even if inflation moderates,
the annual figure should be
more than 2% by April.
The Fed would hardly
count such a pickup in inflation as dangerous. What is
important is that any doubts
among Fed policy makers
about inflation are in the
past. Friday’s report should
make them a lot more comfortable with raising rates.
The numbers also set a
higher starting point for inflation at a time when wage
growth should accelerate,
something that seems likely
with all the raises and bonuses companies are doling
out. There is a strong possibility for four quarter-point
rate increases this year.
Investors are starting to
get it. Two-year Treasury
yields are now at their highest level since 2008. But interest-rate futures imply investors expected only 2½
rate increases. You aren’t
supposed to fight the Fed,
but that is exactly what
some people are doing.
—Justin Lahart
.
A young woman
turns filmmaker
to document her
little-understood
disease
American
prodigies, their
early dazzle and
later struggles:
A new book
C11
C6
BOOKS
|
CULTURE
|
SCIENCE
COMMERCE
* * * *
|
HUMOR
|
POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
|
TECHNOLOGY
|
ART
|
IDEAS
Saturday/Sunday, January 13 - 14, 2018 | C1
ILLUSTRATION BY BRIAN STAUFFER
© 2018 Dow Jones & Company. All Rights Reserved.
|
The Key to Success?
Doing Less
Talent and hard work are important, but most top performers in business have
one thing in common: They accept fewer tasks and then obsess over them.
BY MORTEN T. HANSEN
M
ost Americans work impossibly hard. We put in long hours
and maximum effort, but better performance often eludes
us. I’m no exception. I remember being in my 20s and landing my dream job as a management consultant at the
posh London office of the U.S.-based Boston Consulting Group. I strode through the front doors on my
first day wearing an elegant new blue suit and
equipped with what I thought was a brilliant strategy
for impressing my bosses: I would work crazy hours.
Over the next three years, I toiled for 60, 70, 80,
even 90 hours a week. I drank an endless stream of
weak British coffee and survived on a supply of chocolate bars I kept in my top drawer. One day, as I
struggled through an intense project, I happened
upon some slides created by a teammate I’ll call Natalie. Paging through her analysis, I confronted an uncomfortable truth: Natalie’s work was better than
mine. Her analysis contained crisper insights, more
compelling ideas.
One evening in the office, I went to look for her,
but she wasn’t there. I asked a guy sitting near her
desk where she was, and he replied that she’d gone
home for the night. He explained that Natalie never
stayed late—she worked from 8 a.m. to 6 p.m., no
nights, no weekends.
That upset me. We had similar education and experience and had been selected for our skills by the
same rigorous screening process, but she did better
while working less. The “Natalie Question,” as I came
to call it, bothered me for decades. Answering it became the aim of my work when I left management
consulting to study workplace performance as an academic. Why had Natalie performed better in fewer
hours? More generally, why do some people perform
better than others?
Natalie bested me at
work—and went home
each day at 6 p.m.
The knee-jerk answer to what distinguishes great
performers from others is simple: talent. Social scientists and management experts explain performance
at work by pointing to people’s innate gifts and natural strengths. How often have you heard phrases such
as “She’s a natural at sales” or “He’s a brilliant engineer”? These talent-based explanations deeply influence our perceptions of what makes for success.
Are they right? Some experts say no, arguing that
an individual’s sustained effort is just as critical as
talent or even more so in determining success. According to this view, people perform well because
they work hard and put in long hours. They end up
doing more, taking on many assignments and running to lots of meetings.
But neither of these arguments accounted for why
Natalie performed better than I did, nor did they explain the performance differences I had observed between equally hardworking and talented people.
In 2011, I decided to try to answer the question of
why some people outperform others. I recruited a
team of researchers with expertise in statistical analysis and began generating a set of hypotheses about
which specific behaviors lead to high performance.
We then conducted a five-year survey of 5,000 managers and employees, including sales reps, lawyers,
actuaries, brokers, medical doctors, software programmers, engineers, store managers, plant foremen,
nurses and even a Las Vegas casino dealer.
The common practice we found among the highest-ranked performers in our study wasn’t at all
what we expected. It wasn’t a better ability to orgaPlease turn to the next page
Mr. Hansen is a professor of management at the
University of California, Berkeley. This essay is
adapted from his new book, “Great at Work: How
Top Performers Do Less, Work Better, and Achieve
More,” which will be published by Simon & Schuster on Jan. 30.
INSIDE
MOVING TARGETS
Good Grieg!
Joe Queenan loves
lutefisk, Jo Nesbo and
all things Norwegian.
C11
ESSAY
Yes, dammit, a little
swearing can be
surprisingly beneficial.
C3
BETTMANN ARCHIVE/GETTY IMAGES (BOOKS)
ESSAY
The weather in 2017 was
sometimes frightful, but not
a reason for climate alarm.
C3
ESSAY
Our fixation on metrics in
every field wastes time
and distorts our behavior.
C4
BOOKS
A famed architect, a young
beauty and a madman:
a combustible true-crime mix.
C9
.
C2 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
REVIEW
High Performers Do Less
If the Dinosaurs
Had Become
Physicists
THIS CHRISTMAS HOLIDAY, four
generations of my family converged at the American Museum of
Natural History in New York. I’d
been there just a handful of times
since childhood, so it seemed familiar, but fresh. Various parts of the museum
juxtapose different species, places or cultures.
But I’ve been thinking a lot about time recently,
so what especially resonated for me there was
experiencing different moments of time simultaneously—natural history, embodied.
Nothing else brings the strangeness and
contingency of history home as viscerally as
strolling through the dinosaur halls. What
might the dinosaurs have become if Earth’s
chance collision with an asteroid hadn’t
brought them down 66 million years ago?
Right to the end, their top species were becoming more complex and capable—while our
own mammalian ancestors were a race of
quivering, nocturnal proto-mice.
If the great dinosaurs had been spared,
would they have produced beings of superhuman intelligence much earlier than human intelligence actually emerged? (Ravens and some
other modern birds, all dinosaur descendants,
are clever indeed.) What brilliant works of art
and technology might they have created by
now? The bones, in their silence, echo the poet
John Greenleaf Whittier: “For of all sad words
of tongue or pen, / The saddest are these: ‘It
might have been!’”
In my usual scientific stomping grounds, a
main theme is the seeming absence of history.
In physics (and its offshoot, chemistry) we find
the same range of basic substances everywhere,
and we find that their properties don’t change
with time. It is easy to take that fact for
granted. But two of the greatest physicists,
Isaac Newton and James Clerk Maxwell, fully
realized how singular it is. While neither knew
much about atoms and their structure, their basic question was this: How did all the atoms of,
say, gold get to be precisely the same, and then
stay that way? If they can’t change, how can
they have originated?
Both Newton and Maxwell, who were
deeply religious men,
appealed to God. In
an 1873 speech, Maxwell said that because of this strange
unchangeability, “we
are therefore unable
to ascribe either the
existence of the molecules or the identity
of their properties to
any of the causes which we call natural.” Here
Maxwell identified a classic, and once convincing, argument for natural religion.
Within the last hundred years, however,
quantum mechanics solved the problem in a
different way. To change an atom, generally you
must supply a certain minimum quantity of energy. (Natural radioactivity is an exception.)
Atomic nuclei can fuse or react when large energies are available, as in the Big Bang, supernova explosions or nuclear reactors, while in
calmer conditions their structure is basically
fixed and stable. It’s the same principle as digital computer memory: There, we imprint bits
using bursts of voltage or current, but between
bursts they’re fixed and stable.
Biology feels the long arm of history, which
injects chance into its products. Physics appears detached from history. Between those extremes is modern cosmology. In today’s picture,
the universe has a history but a remarkably
simple and chance-free one. We start with
near-perfect uniformity of matter in the Big
Bang, and physics takes it from there.
In that picture, the future is a passive receptacle. It’s what results from a simple past.
In principle, you can also run the equations of
physics backward, from future to past. But we
don’t know if the fundamental simplicities
that seem to mark the past have any analog in
the future.
And what about the here and now? Could
both past simplicity and distinctive features of
the future have a say in constructing the present? Partly inspired by my visit to the museum,
I’ve been working on precisely that issue. It
seems consistent with what we know, as a
mathematical possibility. But the imprints of
the future might be subtle, and we don’t yet
know what to look for. Latter-day dinosaurs
might have solved the problem already. As for
us mammals…time will tell.
TOMASZ WALENTA
A museum
visit spurs
thoughts
on time.
than on the time frame that mattered to his customers.
Many people mistakenly obsess over goals such as the number
of sales calls made, patients seen, hours logged, customers visited, and so on. The best performers instead ask a crucial question before they draft their goals: What value can I create? And
by value, they mean the key benefits they bring to customers and
others, not themselves.
Many people never question whether their work produces
value. When I conducted research at Hewlett-Packard some years
ago, I visited an engineer at the company’s Colorado Springs office. He said that he was too busy to talk: He
had to complete his goal for the week as specified in his job description, namely, submitting
a quarterly report about the status of a certain
project. He sent off the report in time, as he
had in every previous quarter. Goal accomplished, right?
What I knew—and he didn’t—was that the
corporate research and development division
in Palo Alto no longer used those quarterly reports. His dispatches sank to the depths of an
email box that no one bothered to check. He
had met his goal according to his job description, but he had
contributed zero value.
How to add value? Our study found that people sometimes do
it by simply changing something to help colleagues do their work
better, downstream or upstream. A production technician at a
food-processing plant reported, for instance, that his bosses measured him on “throughput”—the number of boxes he processed
with the help of a packing and labeling machine. His throughput
was fine, but he found out that when his boxes
reached the warehouse, they weren’t “square”
enough to fit neatly on pallets for shipment and required extra handling time. He took the initiative to
adjust his packing process and straighten up any tilt
in his boxes, which made the work flow smoother
for his colleagues down the line. This effort placed
him in the top bracket of performers in our study.
Attending to what’s valuable often highlights
ways to redesign work to make it smarter. At the
multinational shipping company Maersk, manager
Hartmut Goeritz told me, in the course of our
study, how he focused on just one pivotal activity
at his terminal in Tangier, Morocco: moving containers on and off ships.
One day in 2011, as Mr. Goeritz strolled around
the shipping yard, he noticed that some of the
trucks were puttering around empty. “They picked
up the container at the side of a ship,” he recounted
of the dock workers, “then drove to the back of the
giant yard to set it down, then drove back to the
ship empty-handed to pick up the next one.” That’s
how it had been done for years.
What would happen, Mr. Goeritz wondered, if
trucks unloading one ship dropped off their containers in the yard and then carried back other containers destined for nearby ships that were loading? He
tried out the idea, encouraging the truckers heading
back to the ships to ask their colleagues if they
could pick up any waiting containers. Soon team
members began using walkie-talkies to coordinate
this work, so that they could find more containers
ready to ship out. The motto became “never drive
empty.” This simple redesign nearly doubled efficiency.
Such redesigns aren’t just the purview of managers. Our study
found that successful junior people also challenged and changed
their ways of working. Those with a tenure of less than three
years carried out redesigns as much as people with a tenure of 10
years or more (in both categories, just under 20% of our subjects
made such efforts). Employees at large companies were almost as
likely to innovate at work as those at small companies, despite
more bureaucracy to overcome.
One useful way to simplify work is to confront a “pain point,”
a thorny problem plaguing a set of people. A business analyst for
a Minneapolis-based life insurance company in our study processed payroll for the company’s agents scattered across the country. For years she noticed that she got the most calls for help for
one particularly labyrinthine part of the online filing process. She
reached out to the company’s software coders and worked with
them to turn it into a single computer screen’s worth of simple,
quick clicks. She thus made it possible for a large group of her co-
When others
at work pile on,
have the courage
to cut back
and simplify.
fewest metrics, fewest goals and so on, while retaining what is
truly necessary to do a great job. I usually put it this way: As few
as you can, as many as you must. The French writer Antoine de
Saint-Exupéry neatly formulated the same idea in his memoir:
“Perfection is finally attained not when there is no longer anything to add, but when there is no longer anything to take away.”
Sometimes “the fewest” means just one. I used to labor
through too many slides in my presentations. More, I thought,
was better. Then, before a meeting I had with the CEO of a large
European company, I was asked to present a proposal for executive education in just one slide. “One slide?” I asked in disbelief.
I labored to reduce my 15 slides to four, and then to shrink them
down some more. After some struggle, I thought, “What is the
key issue here?” Applying Occam’s razor, I discarded all of my
slides except one: a color-coded, hourly calendar of our program
that I obsessed over to get just right. When you present one
slide, it needs to be excellent.
And it worked. Since I didn’t have to take the time to present
15 slides, the CEO and I were able to spend our 45
minutes discussing the program in greater depth.
When we finished, he remarked on how productive
the meeting had been.
Once you’ve cut the clutter in an attempt to be
more selective, it’s tempting to add new items
back in, often in response to outside pressures. In
our study, a full 24% of people blamed their inability to focus on bosses who set too many priorities.
The top performers we studied combated this by
following a second key practice: They said no to
their bosses.
Of course, how you say no makes all the difference. The most astute performers explain that their
overriding goal is to deliver great work. They are
prioritizing, they say, not to slack off but to go all
out and excel in a few key areas.
The next time your boss piles on new work, enforcing an old-fashioned “work harder” mentality,
try asking if he or she would like you to re-prioritize, giving less attention to previously discussed
tasks. Put the decision back on their shoulders. In
our data, people who focused on a narrow scope of
work, and said no to maintain that strategy, outperformed others who didn’t. They placed an impressive 25 percentage points higher in the performance
ranking—the difference between being a middling
and an excellent performer.
That number should interest managers. If you
can set fewer priorities for your team, they will
likely perform far better. But there’s also a caution
here for team members. Some tasks truly don’t
need to get done, or can wait, or can be delegated.
But be careful not to say “no” too often or to focus too narrowly
in your work. Doing one small task well doesn’t amount to strong
overall performance.
The experience of one participant in our study, a customer-order
handler, pointed me to a third simplifying practice: reorienting
work around its actual value rather than internal goals. The order
handler reported that his shipments reached corporate customers
on schedule 99% of the time. That’s pretty impressive—except for
one thing. When his boss surveyed the customers, a full 35% complained that their shipments were arriving later than they required.
And why was that? The order handler was focusing on whether the
shipments left the warehouse according to his own targets rather
BRIAN STAUFFER (2)
WILCZEK’S UNIVERSE:
FRANK WILCZEK
Continued from the prior page
nize or delegate. Instead, top performers mastered selectivity.
Whenever they could, they carefully selected which priorities,
tasks, meetings, customers, ideas or steps to undertake and which
to let go. They then applied intense, targeted effort on those few
priorities in order to excel. We found that just a few key work
practices related to such selectivity accounted for two-thirds of
the variation in performance among our subjects. Talent, effort
and luck undoubtedly mattered as well, but not nearly as much.
The research makes clear that we should change our individual
work habits if we wish to perform better, but
the implications are much more far-reaching.
We also need to change how we manage and reward work, how we measure economic productivity and perhaps most important, how our culture recognizes hard work. We should no longer
take it as an automatic compliment to hear that
we’re “hard working.” Hard work isn’t always
the best work. The key is to work smarter.
How did the best performers in our study do
this? Rather than simply piling on more hours,
tasks or assignments, they cut back. They unknowingly applied a dictum invented 700 years ago by William of
Ockham, a European friar, philosopher and theologian. Ockham is
famous for a principle that came to be called (in a Latinized spelling of his name) Occam’s razor. It stipulates that the best explanation in matters of philosophy, science and other areas is usually
the simplest one.
At work, this principle means that we should seek the simplest
solutions—that is, the fewest steps in a process, fewest meetings,
workers to devote less time and energy to a task secondary to
their real work.
So much in our workplaces is premised on the conventional
wisdom that hard work is the road to success, and that working
the hardest makes you a star. Our analysis suggests the opposite.
Yes, the best performers work hard (about 50 hours a week in our
data, like Natalie), but they don’t outperform because they work
longer hours. They outperform because they have the courage to
cut back and simplify when others pile on, to say “no” when others say “yes,” to pursue value when others just meet internal
goals, and to change how they do their jobs when others stick
with the status quo. They’re innovators of work.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C3
* * * *
Bad Weather Is
No Reason for
Climate Alarm
A WOMAN and child in
Caibarién, Cuba, Sept. 8,
as Hurricane Irma
battered the island.
Events such as hurricanes and wildfires are too often
blamed on our slowly warming, slightly wetter planet
BY BENNY PEISER
AND MATT RIDLEY
TWO WEEKS AGO, President Donald Trump
greeted the cold snap that was gripping much of
the U.S. by tweeting, “Perhaps we could use a
little bit of that good old Global Warming.” He
was criticized for confusing weather with climate. But he’s hardly alone in making this mistake, as we have seen in coverage of the most
destructive weather-related events of 2017.
The past year was filled with bad weather
news, much of it tragic, with whole communities even now still struggling to recover. Hurricane Harvey hit Texas, and Hurricane Irma
struck Florida and Puerto Rico after devastating other Caribbean islands. Wildfires torched
the dry expanses of Napa and Ventura counties in California, and Australia experienced
severe heat waves.
It has become routine for the media, politicians and activists to link such awful events
with climate change. The basic claim is that
the accumulation of greenhouse gases in the
atmosphere is causing more extreme weather
of every kind—more droughts, floods and hurricanes. This comes in addition to concerns
that a rise in global temperatures will have potentially dire effects in the long term on polar
ice and sea levels.
By looking at the world as a whole, however,
and at long-term trends (climate) rather than
at short-term events (weather), we can better
test the claims that 2017 was an unusual
weather year and that weather is getting more
extreme as the world warms. This global and
long-term view also puts other possible threats
from climate change in perspective.
While the U.S. witnessed record damages in
2017, the rest of the world was actually hit by
far fewer natural disasters than usual. On average, the globe suffers some 325 catastrophic
natural disasters a year, but last year (through
November) they were down to around 250, ac-
cording to the Centre for Research on the Epidemiology of Disasters at the University of Leuven in Belgium. A third fewer people were
killed by climate-related hazards, according to
the Centre’s International Disaster Database.
As for major weather events and the most
prominent indicators of long-term climate
trends, here is a rough scorecard for 2017:
Temperature: The past three years have
set global records for high temperatures,
partly thanks to the recurring warm-water El
Niño cycle in the Pacific Ocean. Moreover,
temperatures have been at historic highs since
2000, with 16 of the 17 warmest years on record. But average surface
temperatures have dropped
by a half degree Celsius since
the El Niño peak in 2016, according to the U.K.’s Met Office, and are now almost back
to pre-El Niño levels.
Though temperatures have
increased, the rise is not accelerating and has fallen short of
the most authoritative projections. In 1990, the first assessment report of the U.N.’s Intergovernmental
Panel on Climate Change predicted that temperatures would rise at the rate of 0.3 degree
Celsius per decade, equivalent to 3 degrees Celsius (or 5.4 degrees Fahrenheit) a century. In
fact, temperatures have risen since 1990 at between 0.121 and 0.198 degrees Celsius per decade, depending on which of the best data sets
is used—that is, at a third to two-thirds of the
rate projected by the IPCC.
Hurricanes: In August, Harvey made landfall
near Corpus Christi as a Category 4 storm, ending a record 12-year period without a major
U.S. hurricanes. Last year’s Atlantic hurricane
season was particularly hyperactive, ranking as
the seventh most intense Atlantic season since
records began in 1851.
But cyclones (as hurricanes are known elsewhere) are found in all three tropical oceans,
and globally the Accumulated Cyclone Energy
index—which measures the combined intensity
and duration of these storms—is currently running 20% below its long-term average. In fact,
the index for 2017 was less than half of normal
cyclone activity for the Southern Hemisphere.
Fires and droughts: More than 9,000 wildfires burned some 1.4 million acres across
California this year. But the number of wildfires in California has actually been declining
for 40 years, according to UCLA’s Jon Keeley,
a leading researcher on the subject. A review
published in 2016 by Britain’s Royal Society
documented that the global area burned by
wildfires has also declined in
recent decades.
As for drought, a comprehensive database published in
2014 in the journal Nature
found that the proportion of
the world suffering from abnormally low rainfall has
slightly declined since the
1980s.
Floods: In 2017, California
had its second wettest rainy
season since record-keeping began more than a
century ago, setting off massive floods. But a
study published last year in the Journal of Hydrology by Glenn A. Hodgkins of the U.S. Geological Survey and colleagues concluded that
the number of major floods in natural rivers
across Europe and North America has not increased in 80 years. Globally, too, floods have
decreased in recent years.
Monsoons: For many years climate scientists have warned that the South Asian summer monsoon, which supplies much needed
rain to the region’s agriculture, may be weakening as a result of rising temperatures. A
study published in 2017 by Qinjian Jin and
Chien Wang of MIT in the journal Nature Climate Change reported, however, that the Indian summer monsoon has strengthened in the
last 15 years and that since 2002 monsoon
The world
has been no
stormier
or more
flood-prone.
rainfall has increased significantly.
Sea ice: According to the U.S. National Snow
and Ice Data Center, the total extent of sea ice
at the world’s poles has slightly recovered from
last year’s El Niño-driven low, to 21.2 million
square kilometers in December, up from 19.65
million at the end of 2016.
The overall trend in recent decades clearly
points, however, to a retreat of sea ice.
Though Antarctic sea ice has been growing by
0.15 million square kilometers (1.3%) per decade since 1979, according to the U.S. National Oceanic and Atmospheric Administration, Arctic sea ice has been declining by 0.55
million square kilometers (5%) per decade
over that period. The loss of sea ice has no effect on sea level, however, and the rate of decline has been fairly gradual.
Sea level: According to NASA, global average sea level has changed little since July 2015.
The average rise since 1993 has been 3.2 millimeters a year, but there is no obvious sign of
acceleration since satellites started measuring
sea level 25 years ago. That rate amounts to 32
centimeters a century, or just over a foot in
100 years.
Short-term weather fluctuations often carry
a terrible human cost, and these extreme
events rightly catch the headlines. But they
don’t capture the reality of the planet’s climate.
Over the past several decades, the world has
been getting slowly warmer, slightly wetter and
less icy. It has also been no stormier, no more
flood-prone and a touch less drought-prone.
And sea level continues to creep slowly upward.
There is little excitement here for those who
expect cataclysms—and little comfort for those
who say nothing is changing.
Mr. Peiser is the director of the Londonbased Global Warming Policy Forum. Mr.
Ridley is a member of the House of Lords
and the author of many books, including
most recently, “The Evolution of Everything:
How New Ideas Emerge.”
THE MANY BENEFITS OF THE OCCASIONAL SWEAR WORD
BY EMMA BYRNE
”BAD WORDS” appear in every
language and take many forms.
Some are impious, copulatory or
excretory; others are slurs of one
sort of another. Most of us were
raised to think of cursing as a vice
to be cured. But there’s a reason
that swearing is such a universal
practice, across time and place. It
actually has many benefits.
Swearing has a power that
other words lack. Consider the capacity of curse words to help us
withstand pain. Researchers led by
the psychologist Richard Stephens
at Keele University in Staffordshire, England, have investigated
this effect for years. They found that
people can keep their hands submerged in ice water about 50% longer when they swear as compared to
when they use a neutral word.
Which words did the trick? Participants were asked to use the imprecations they would utter if they
dropped a hammer on their thumb.
The volunteers also reported that
the water actually felt less cold when
they were swearing. Strong language
apparently makes us stronger.
Swearing seems to have this effect,
moreover, across personality types. It
ISTOCK
DESMOND BOYLAN/ASSOCIATED PRESS
REVIEW
helps both those who freely express
their displeasure (“anger-out” people,
as psychologists call them) and those
who tend contain it (“anger-in” people). In 2011, Dr. Stephens conducted
a version of his ice-water experiment
in which he first asked people to rate
how likely they were to swear when
they were angry. He found that
swearing eased the pain equally well
for everyone, whether they were inclined to swear or not.
We know that swearing does
something to our physiology. When
you hear or use swearing, your heart
rate accelerates, your palms become
sweaty and your emotional state,
whatever it may be, intensifies.
Though researchers don’t know the
exact mechanism by which swearing
eases pain, it would seem to work
through our emotions, heightening
confidence, increasing aggression and
making us more resilient.
And not just any swear words will
do, Dr. Stephens has found. They
need to be genuinely taboo words.
Euphemisms such as “fudge” or
“sugar” don’t cut it: They provide no
benefit when it comes to withstand-
ing pain, and they leave our heart
rates and our emotions unchanged.
Using curse words can serve not
just to inure us to pain but also,
apparently, to improve our capability at physically demanding activities. A study published recently in
the journal Psychology of Sport
and Exercise showed that swearing
increased strength and stamina.
Fifty-two volunteers squeezed a
measuring device as hard as they
could for two minutes. Those who
were instructed to swear during
this difficult task were able to exert
significantly more
force for longer.
Swearing can also
help to relieve social pain—feelings of
being rejected or excluded. In 2012, researchers at the University of Queensland,
Australia, asked 70 volunteers, just
over half of them male, to remember an experience of being excluded
from a group or included in a group.
They found that swearing after being made to recall a hurtful event
reduced the pain associated with
the memory.
This finding is consistent with
other research showing that a therapeutic dose of acetaminophen or can-
nabis also reduces social pain. Here,
as in the ice-water experiment,
swearing acts like an analgesic.
Some research has shown that
swearing can be a valuable tool for
social bonding, too. Studies from
Australia and New Zealand, in the IT
and manufacturing sectors, show that
risking a swear word of frustration,
amusement or sympathy among
members of a new social group is an
important barometer of how much
we believe that our good intentions
are accepted. We tend to swear
among those we trust, and it can help
to create trust.
Even when used aggressively, swearing
has some benefits. It is
an escalation signal, a
warning to give someone space before violence ensues. Without
swearing, we might experience more physical conflict at
times of great pressure.
The problem, of course, lies in the
shock value of curse words: Without
the shock, there is no emotional impact. Swearing is powerful stuff. A
little can go a long way.
Cursing
can help
ease pain.
Dr. Byrne is the author of “Swearing Is Good for You,” to be published on Jan. 23 by W. W. Norton.
.
C4 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
REVIEW
WORD ON
THE STREET:
BEN ZIMMER
JAMES STEINBERG (2)
A ‘Do-It-All’
Becomes
A Lackey
A Cure for Our
Fixation on Metrics
Measuring results is all the rage in organizations,
but it is often wrongheaded and counterproductive
BY JERRY Z. MULLER
IN RECENT DECADES, what I call “metric fixation” has engulfed an ever-widening range of
institutions: businesses, government, health
care, K-12 education, colleges and universities, and nonprofit organizations. It comes
with its own vocabulary and master terms. It
affects the way that people talk and think
about the world and how they act in it. And
it is often profoundly wrongheaded and counterproductive.
Metric fixation consists of a set of interconnected beliefs. The first is that it is possible and desirable to replace judgment with
numerical indicators of comparative performance based on standardized data. The second is that making such metrics public (transparency) assures that institutions are actually
carrying out their purposes (accountability).
Finally, there is the belief that people are best
motivated by attaching rewards and penalties
to their measured performance, rewards that
are either monetary (pay for performance) or
reputational (rankings).
But not everything that is important is
measurable, and much that is measurable is
unimportant. Most organizations have multiple purposes, and that which is measured and
rewarded tends to become the focus of attention, at the expense of other essential goals.
Similarly, many jobs have multiple facets, and
measuring only a few of them creates incentives to neglect the rest. Almost inevitably,
people become adept at manipulating performance indicators. They fudge the data. They
deal only with cases that will improve performance indicators. In extreme cases, they fabricate the evidence.
It’s not that measurement is useless or intrinsically pernicious. The challenge is to specify when performance metrics are genuinely
useful—that is, how to have metrics without
the malady of metric fixation.
Should you find yourself in a
position to set policy, here are
some questions that you should
ask, and the factors that you
should keep in mind, in considering whether to use measured performance, and if so, how to use it.
What kind of information do
you wish to measure? The more
the object to be measured resembles inanimate matter, the more
likely it is to be measurable: that
is why measurement is indispensable in the natural sciences and in engineering. When the objects to be measured are influenced by the process of measurement,
measurement becomes less reliable. Measurement becomes much less reliable the more its
object is human activity, since the objects—
people—are self-conscious and are capable of
reacting to the process of being measured. The
more rewards and punishments are involved,
the more people are likely to react in a way
that skews the measurement’s validity.
How useful is the information? The fact
that some activity is measurable does not
make it worth measuring. Indeed, the ease of
measuring may be inversely proportionate to
the significance of what is measured. To put
it another way, ask yourself, is what you are
measuring a proxy for what you really want
to know? If the information is not very useful
or not a good proxy for what you’re really
aiming at, you’re probably better off not measuring it.
Are alternative measurements available?
Are there other sources of information about
performance, based on the judgment and experience of clients, patients or parents of students? In a school setting, for example, the de-
gree to which parents request a particular
teacher for their children is probably a useful
indicator that the teacher is doing something
right, whether or not the results show up on
standardized tests. In the case of charities, it
may be most useful to allow the beneficiaries
to judge the results.
What is the metric for? It’s crucial to distinguish between data used for purposes of internal monitoring of performance
by the practitioners themselves—
say, teachers who want to know
how much their students seem to
absorbing—versus data to be
used by external parties for reward and punishment, such as
government agencies. It’s the difference between crime data used
to discover where the police
ought to deploy more squad cars
versus data used to decide
whether the precinct commander
will get a promotion.
Tools of measurement are most useful for
internal analysis by practitioners rather than
for external evaluation by the public, which
may fail to understand their limits. Such measurement can be used to inform practitioners
of their performance relative to their peers,
offering recognition to those who have excelled and offering assistance to those who
have fallen behind. To the extent that they are
used to determine continuing employment and
pay, they will be subject to gaming the statistics or outright fraud.
People
quickly
learn to
game any
system of
metrics.
What are the costs of getting the data?
Information is never free, and often it is expensive in ways that rarely occur to those who
demand more of it. Collecting, processing and
analyzing data take time, and a large part of
their expense lies in the opportunity costs of
the time put into them. Every moment that
you or your colleagues or employees devote to
producing metrics is time not devoted to the
activities being measured. If you’re a data analyst, of course, producing metrics is your primary activity. For everyone else, it’s a distraction. Even if the performance measurements
are worth having, their worth may be less than
the costs of obtaining them.
Who develops the measurement? Accountability metrics are less likely to be effective
when they are imposed from above, using
standardized formulas developed by those far
from active engagement with the activity being measured. Measurements are more likely
to be meaningful when they are developed
from the bottom up, with input from teachers,
nurses and the cop on the beat.
This means asking those with the tacit
knowledge that comes from direct experience
to provide suggestions about how to develop
appropriate performance standards. Try to involve a representative group of
those who will
have a stake in
the outcomes. In
the best case, they
should continue to
be part of the process of evaluating
the
measured
data. A system of
measured performance will work
to the extent that
the people being
measured believe
in its worth.
Does the measurement create
perverse incentives? Insofar as
individuals are agents out to maximize their
own interests, there are inevitable drawbacks
to all schemes of measured reward. If doctors
are remunerated based on the procedures they
perform, it creates an incentive for them to
perform too many procedures that have high
costs but may produce low benefits. If doctors
are paid based on the number of patients they
see, they have an incentive to see as many patients as possible and to skimp on procedures
that are time-consuming but potentially useful. If they are compensated based on successful patient outcomes, they are more likely to
take the easiest cases, avoiding problematic
patients.
Just because performance measures often
have some negative outcomes doesn’t mean
that they should be abandoned. They may still
be worth using, despite their anticipatable
problems. It’s a matter of trade-offs, and that
too is a matter of judgment.
With measurement as with everything else,
recognizing limits is often the beginning of
wisdom. Not all problems are soluble, and
even fewer are soluble by metrics. It’s not
true, as too many people now believe, that everything can be improved by measurement, or
that everything that can be measured can be
improved.
Dr. Muller is a professor of history at the
Catholic University of America in Washington, D.C. This essay is adapted from his new
book, “The Tyranny of Metrics,” published
by Princeton University Press.
A SELDOM-USED WORD for a dutiful servant is enjoying wider employment these days: “factotum.”
On Sunday, CNN’s Jake Tapper
had a contentious interview with
White House senior adviser Stephen Miller on the show “State of
the Union.” Just before Mr. Tapper
abruptly ended the interview, he
implied that Mr. Miller was only
trying to impress his boss, President Donald Trump. “I get it,” Mr.
Tapper said. “There is one viewer
that you care about right now. And
you’re being obsequious, you’re being a factotum to please him.”
As the video of the interview
went viral, Dictionary.com reported a more-than-tenfold spike
in online searches for the word.
Merriam-Webster similarly noted
that “factotum” had rocketed to
the top of its lookups (along with
“obsequious”).
“Factotum” dates back to the
16th century and derives from two
Latin words: “fac,” the imperative
form of the verb “facere,” meaning
“do,” and “totum,” meaning “all.”
The combined word referred to
someone who could do everything—or at least someone who
claimed to. The term entered other
languages, like Italian: A famous
aria from Rossini’s “The Barber of
Seville” is “Largo al Factotum”—
“Make Way for the Factotum.”
Early on, “factotum” was often
paired with another word to make
it seem like a person’s name.
“Dominus Factotum” was used for
a ruler who controls everything,
while “Magister Factotum” was a
master of all. In the first known
mention of William Shakespeare,
in a 1592 pamphlet, the writer
A journalist
called a key
Trump aide
a ‘factotum.’
Robert Greene dismissed the Bard
as “Johannes Factotum,” or
roughly “Johnny Do-It-All.”
Over time, “factotum” declined
in status, becoming chiefly applied
to a domestic servant who was expected to perform all sorts of
household tasks. When the term
makes an appearance in modern
times, it typically gets used for an
employee who obediently carries
out whatever jobs the boss requires. In politics the word has
taken on a more disparaging tone,
something like “lackey.”
The avant-garde writer Charles
Bukowski titled his second novel
“Factotum” in 1975. The loosely autobiographical tale revolves around
Bukowski’s down-on-his-luck alter
ego Henry Chinaski, a jack-of-alltrades who will take on any menial
work. Matt Dillon starred in the
2005 movie adaptation.
One contemporary writer particularly enjoys the word “factotum”:
Michael Wolff, author of the blockbuster new book “Fire and Fury:
Inside the Trump White House.”
“Factotum,” in fact, appears three
times in the book. Communications
director Hope Hicks, for instance,
is termed “a kind of Stepford factotum.” And in a Hollywood Reporter piece published in advance
of the book, Mr. Wolff refers to
“Donald Trump’s small staff of factotums, advisors and family.”
I ran into Mr. Wolff during his
marathon book tour this week and
asked him about “factotum.” He
told me he has long been a fan of
the word, noting that it featured
prominently in his 1998 book,
“Burn Rate: How I Survived the
Gold Rush Years on the Internet.”
An ever-present assistant to an investment banker and venture capitalist is known in the book only as
“the factotum.” (The factotum, in
turn, has his own factotum.)
Reached by email, Mr. Tapper
acknowledged other influences
beyond Mr. Wolff’s predilection
for the word. “I would credit
Charles Bukowski and SAT prep,
in that order, for introducing the
word into my lexicon,” he said.
Answers
to the News Quiz on page C13
1.D, 2.C, 3.D, 4.A, 5.B, 6.A, 7.D,
8.B
.
LIVES OF THE CHILD PRODIGIES C6 | A STOWAWAY TO ANTARCTICA C7 | THE MURDER OF STANFORD WHITE C9 | BEST SELLERS C10
© 2018 Dow Jones & Company. All Rights Reserved.
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BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C5
The Great and the Good
Unless their decisions are rooted in ethics, neither governments nor corporations will be trusted
The Square and the Tower
By Niall Ferguson
Penguin Press, 563 pages, $30
NIALL FERGUSON has again written a
brilliant book, this time in defense of
traditional top-down principles of governing the wild market and the wilder
international order. “The Square and
the Tower” raises the question of just
how much the unruly world should be
governed—and by whom. Not everyone will agree, but everyone will be
charmed and educated.
The Tower of his title is the hierarchy of kings and parliaments and other
“legitimate institutions” ruling from
above. The British Empire. The United
Nations. The masterful corporation in
its midtown high rise. The Square, by
contrast, is the network of markets,
languages, friends, enemies and other
enterprising individuals playing a
game with no referee in sight, creating
willy-nilly what the classical liberal
Friedrich Hayek called a spontaneous
order. The Tower is vertical, the
Square horizontal. The Tower is the
visible hand of order, the Square the
invisible one of disruption.
The author writes against the classical liberal assumption that spontaneous orders are often beneficent. Let’s
get organized, he cries. “The lesson of
history is that trusting in networks to
run the world is a recipe for anarchy:
at best, power ends up in the hands of
the Illuminati, but more likely it ends
up in the hands of the Jacobins,” and
we bring out the guillotines. “It is better to impose some kind of hierarchical
order on the world and to give it some
legitimacy,” he contends. He also declares himself against “the confident
assumptions . . . that there is something inherently benign in network
disruption of hierarchical order.”
Mr. Ferguson’s book studies in fascinating detail how the Square undermines the Tower, for good or ill—regularly ill, he says. In Siena, Italy, Mr.
Ferguson notes, the tower for the city
hall overshadows the central square
(once the central market) where the
famous and un-refereed Palio horse
race plays out twice yearly, as if the
rulers were saying, “Play on, mere
populo, in spontaneously agreed-upon
bets on horses or on business deals.
But remember that it’s the hierarchy in
the tower that runs the show.” Until a
new network undermines it.
We see this happening today, with
social media and 24-hour news, fake
and genuine. But, as Mr. Ferguson
shows, it has happened many times
before. His short chapters are lucid
snapshots of a world history of Towers
and Squares, filled with gracefully deployed learning on, say, the challenges
to Towers after 1492 and 1517. It was
the time of Columbus and Magellan
out of Iberia and Luther and Calvin out
of the printing press. Horizontal networks were created by new world
trade and accidental conquest and by
“a religious virus that came to be
known as Protestantism.” The age top-
GETTY IMAGES
BY DEIRDRE N. MCCLOSKEY
RULE FROM ABOVE The Piazza del Campo in Siena, Italy, where the city hall’s tower looms over the central public square.
pled many a top-down Tower, from the
Incas’ mountain palaces to the primacy
of the pope.
“The Square and the Tower” is always readable, intelligent, original.
You can swallow a chapter a night before sleep and your dreams will overflow with scenes of Stendhal’s “The
Red and the Black,” Napoleon, Kissinger. In 400 pages you will have restocked your mind. Do it. True, the
book would have been even better
with a deeper understanding of economics and a greater emphasis on ethics—economics and ethics, those supposed opposites. But no one knows
everything, even though Mr. Ferguson
comes close.
Among Mr. Ferguson’s astonishing
scholarly books is a multivolume collective biography (the official word is
prosopography) of a family, the Rothschilds, and Chapter 25 in the present
book summarizes and diagrams their
connections. Good. But wait. In his account of the Rothschilds, Mr. Ferguson
portrays their amazing flow of funds.
Yet he quotes Byron writing that,
alongside Nathan Rothschild “his
fellow” Sir Francis Baring was on the
European scene, as indeed were
thousands of other bankers. The flow
of funds is not the crux. What matters
is how the system behaved in response
to potential entry—what would
happen, say, if Baring fails? Other
sources would fill the gap. Mr. Ferguson often ascribes undue importance
to particular nodes of the network,
rather than recognizing the power of
the network itself.
Another chapter traces the numerous relatives of the Duke of Saxe-
Coburg Saalfeld, whose son became, in
1830, Leopold I of the new kingdom of
Belgium. (You may inspect Leopold’s
handwork in the early episodes of the
PBS series “Victoria.”) “They were all
related,” Mr. Ferguson writes wonderingly, of these European royals. Yet he
leaves out the end of the story: The
duke’s network was no more successful in stopping the guns of August 1914
than the numerous royal descendants
of Queen Victoria, the duke’s grand-
economics, and it usually works out to
no one’s good.
Merely by learning about the network of triangular trade from the
colonial era—of rum, slaves, sugar
and trade goods between Europe, the
Americas and Africa—students may
feel they understand the Atlantic
economy in the 18th century. But the
economist replies: “Consider that the
map depends on profit and loss, and
that it shifts constantly. Consider
Ferguson distrusts the classical liberal assumption that
unplanned activity is often beneficent. Anything not
ordered consciously he views as dangerous disorder.
daughter. The diagram of the network
of treaties doesn’t tell how Sir Edward
Grey worked the system.
Networks are easily diagramed, and
armies of sociologists do diagram
them. But after diagraming the networks, horizontal or vertical, what
have we learned? Mr. Ferguson notes
that the official hierarchy in Japan has
put the Emperor of the Chrysanthemum Throne at the top for more than
1,000 years. But the continuity in the
vertical network diagram has by no
means meant that the emperor has always been the boss.
The problem is the same with
geographical models of the economy. A
map of commodity flows or monetary
connections is easy to grasp and
charming to economic innocents. We
can map the flow of oil and be induced
thereby to enter into great games to
“control” the supply. But this is not
potential substitutes for rum or
slaves. Consider the moving picture.”
Mapping economic flows or political
connections or networks of friends or
family and then putting down one’s
pen is un-economics. To give quite
another instance, the bigness-is-bad
ideology of American antitrust enforcement looks at networks the way
Mr. Ferguson does, focusing on structure rather than potential, snapshots
of existing firms rather than movies
of unpredictable entry. The Tower sits
there, glowering. The Square brims
with life.
Mr. Ferguson unintentionally provides dozens of examples of how
merely looking at the org chart, so to
speak, doesn’t tell the story. He claims,
in an engaging half-chapter on Paul
Revere and his connections to every
Middlesex village and farm, that “network analysis shows that Revere and
[another connector Joseph] Warren
were the most important revolutionaries in Boston.” No, it doesn’t. The
claim mixes the message with the messenger. When Thoreau was told that
the new telegraph allowed Maine to
speak to Texas, he replied, “But does
Maine have anything to say to Texas?”
A “connectography” sounds delightful
and profound but does not tell how
markets and especially human innovation work, which is with meaning.
The mapping of club memberships
and friendships and correspondence
tells where the telegraph wires are
strung. But it doesn’t tell whether they
transmit anything worth saying. In the
case of the American Revolution, what
was more important than the messenger was the persuasive eloquence of
the message sent. The Patriot party,
including Paine and Madison, went
against the Loyalists, such as Ben
Franklin’s son, and because they were
the better rhetoricians won every battle of the pamphlets.
Mr. Ferguson declares that “the Industrial Revolution was the product of
networks.” No, it was not, not in the
static sense of the diagramed connections he has in mind. He then goes on
somewhat strangely to declare that the
“great divergence” is the most important story in the modern world—that
is, the lead Europe took at first, beginning around 1700. But surely the
slowly spreading enrichment of the entire world, down even to the present
day, is the big story of the age, not the
temporary lag of India and China, now
rapidly catching up after their nightmares of socialism from the Tower.
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* ***
THE WALL STREET JOURNAL.
BOOKS
‘Everybody hates a prodigy, detests an old head on young shoulders.’ —Erasmus
Niall
Ferguson
Trial by Talent
Off the Charts
KING OR PAWN Bobby Fischer
in New York, 1962.
By Ann Hulbert
Knopf, 372 pages, $27.95
IN THE LATE 1950s, only a few years
after a preternaturally talented 13year-old named Bobby Fischer burst
onto the U.S. chess scene, the board of
governors of the influential Marshall
Chess Club gathered in their lower
Manhattan headquarters to address
the quandary of the young phenomenon’s personality.
It was this: The boy whose prodigious intelligence made him a walking
promotion for their game was, in fact,
a most unpleasant person to encounter—arrogant, indifferent to social
niceties, insulting to his elders and
sometimes, seemingly, just cruel. During the meeting, someone suggested
that he see a psychiatrist to address
his “emotional problems.”
The proposal died on the spot, as
those gathered immediately spotted
the risk it represented. What if the
thing driving young Bobby Fischer’s
coarse behavior was also the source of
his talent? And what if exposing him
to therapy caused the talent to vanish?
That, the game’s guardians decided,
wasn’t worth the gamble.
This anecdote of wrong-on-somany-levels thinking about young
genius gets only a brief mention in
“Off the Charts,” Ann Hulbert’s
engaging and insightful account of
American childhood prodigies. But
it’s enough to give a fair flavor of
what the book sets out to explore: the
ways in which extreme talent in children has been understood over the
past 100 years and the effects of such
understanding—or misunderstanding—on the kids themselves, especially when they get famous. Of
course, the sample size of supertalented children who achieve mass
recognition is vanishingly small, so
“Off the Charts” could never be a
data-driven book. That is fortunate,
however, because Ms. Hulbert
approaches her dozen or so subjects
not as a social scientist but as biographer and essayist, where her skills
are superlative.
Her cast includes some easily recognized names. There is the chessplaying Fischer along with 1930s child
film star Shirley Temple. The youngest
in the group, the pianist and cellist
Marc Yu, born in 1999, was performing
on “Oprah” and “The Ellen Degeneres
Show” by the time he was 7. Other
erstwhile “young marvels,” once in the
public spotlight, may be less familiar
today: Norbert Wiener, a whiz at math
who entered Tufts as an 11-year-old in
1906; Barbara Newhall Follett, who
was 12 when she published the first of
two critically acclaimed novels in 1927;
THE LIFE PREMIUM COLLECTION/GETTY IMAGES
BY JOHN DONVAN
and Philippa Schuyler, a Depressionera musical prodigy and the only African American in the lineup, who was
reading at 2 and composing at 5. The
list is rounded out by some precocious
teenage computer programmers, a few
more musicians, assorted scholars and
another child writer of the 1920s.
Readers hoping that Ms. Hulbert’s
examination of these lives will settle
the nurture-versus-nature argument,
or extract a secret code for super high
achievement, will be disappointed.
Indeed, she explicitly disavows the
code-breaking impetus. Each child’s
talent appears inseparable from his
personality and upbringing, and by
such criteria these kids are too meaningfully unalike to yield up the single
formula for extreme talent.
Beyond that, Ms. Hulbert sees the
urge to dissect as one among many
misguided responses to these children and their talent. Never did the
simple thought arise to let these kids
be kids. Instead, the rare talent each
exhibited came to be seen, by parents
and various kinds of experts, as the
most important thing about them,
demanding investigation, promotion,
and, most of all, intensive care and
feeding, all tied together by an
assumed moral imperative: Such
talent should not be wasted but must
be developed to the full.
Thus Shirley Temple was put to
work as a 3-year-old (not so incidentally, serving as her family’s main
breadwinner), and Bobby Fischer,
whose later life suggested profound
mental disintegration, was kept away
from meaningful help in childhood—
not that he would have cooperated.
The 13- and 14-year-old math whizzes,
meanwhile, had massive amounts of
advanced schoolwork thrown at them,
in places like Harvard and Johns Hopkins, ensuring that life was never
going to be about growing up with
friends their own age. As for the
musical prodigies, since practice
makes perfect, that is what their days
were scheduled around. They were 5,
6, 7 years old and spending hours and
hours at the instrument. Both the
media and their mentors raised the
stakes further, extolling such commitment as a virtue.
It’s not that the children, in the moment, experienced the work as a hardship. Indeed, to the extent that Ms.
Hulbert breaks her own rule on code-
The most positive thing
one prodigy could say was
that his childhood gave him
a ‘reasonably thick skin.’
cracking, it is to suggest that most of
these boys and girls were good at certain things because they were obsessive about them and drew satisfaction
from putting in the hours required to
get very, very good at them. She cites
social-science investigators who have
labeled this quality the “rage to
master” or, more prosaically, “grit.”
This quality, it seems, is different from
inborn talent but is part of the package with kids who dazzle.
But then the kids grow up. That’s
when it becomes evident that prodigy status comes with an expiration
date. A kind of existential disorientation sets in—what Ms. Hulbert calls
“the midlife crisis” that “awaits
nearly every prodigy at or near
puberty.” With it comes a resentment
about what was sacrificed along the
way, a feeling that can linger for a
lifetime. Ms. Hulbert cites a letter
from Philippa Schuyler, the musical
prodigy, to her mother: “Are you
aware of the pressures you put me
under? Are you aware of the impossibilities you ask of me? To be a great
pianist. To be a great composer. . . .
To always be a great beauty. This is
beyond human capability.”
Schuyler was almost 30 when she
wrote that and was soon to give up
performing for good. Likewise, most of
the rest of Ms. Hulbert’s group failed
to stand out as grown-ups in the fields
where they were stars as children.
Fischer, of course, became a recluse.
Shirley Temple aged out of the cuteness that had made her a star though
later made a transition into politics
and diplomacy. A few died young.
Others simply lost the focus needed to
hold onto world-class standing and
settled into the middle ranks of
academia, outliers turned teachers,
experiencing “ordinary” at last.
If material success is a measure of
potential reached, then at least some
of the programmers did well, thanks
not only to their talent but to good
timing as the information age took off.
And Norbert Wiener, the boy who
went to Tufts at 11, became known as
the founder of the field of cybernetics.
But even he seemed, in the end, less
than nostalgic about his time in the
limelight. As Ms. Hulbert reports, the
most positive conclusion he could
reach about the child-prodigy experience was that it provided the “chance
to develop a reasonably thick skin
against the pressures which will
certainly be made.”
Wiener titled his 1953 autobiography “Ex-Prodigy,” as if in relief that
the most trying part of his life was
over—the part when he was what we
today would call “gifted.” “Off the
Charts” leaves one thinking that, all
things considered, we might want to
come up with a different term.
Mr. Donvan is the co-author of “In a
Different Key: The Story of Autism.”
Continued from page C5
The changes in China happened in
the Square. The bourgeois era after
1800 had seen a global rise of real income per head by literally 3,000%. Airplanes. Containerization. Antibiotics.
Universities. The story is of a spontaneous and shifting network that
yielded not a zero sum like a footrace
but a positive sum—like square dancing. Mr. Ferguson tends to view anything not ordered consciously as dangerous disorder. His book needs more
stories of spontaneous orders, not
merely orders from the top.
It was the lesson that such order
can—and often does—emerge that inspired the liberal revolution of Adam
Smith and Richard Cobden, which liberated and enriched the world. No
wonder “some commentators” today,
as Mr. Ferguson puts it—for instance,
your reviewer—see something “inherently benign” in letting people alone to
interact as they please: Adam Smith’s
“liberal plan of (social) equality, (economic) liberty and (legal) justice.”
The people in the Tower run a Tory
utopia, in which the great and good
tell the rest of us what to do. Sometimes it works out—as in Singapore,
for the time being, or, in Mr. Ferguson’s view, in the great and good British and now American empires. Yet relying on the Tower means depending
on the great and good being great and
good. A dopey nationalism can make
protecting the American solar-panel
industry or the Whirlpool Corp. look
legitimate. The great and good gave us
Vietnam and the second Iraq war.
No, the Tower needs to be
grounded in ethics—and so, too, does
the Square. Admittedly, that is obvious. But today, as Orwell said, we have
sunk to a depth at which the restatement of the obvious is the first duty of
intelligent people.
Inside the Palazzo Pubblico in Siena
topped by the Tower, in the room in
which the Council met, are murals by
Ambrogio Lorenzetti depicting a society of good government and bad, a
heaven and a hell. Do hierarchies assure us of good government? No. As
the murals imply, good councilors do.
Good U.S. senators do, such as Lindsey
Graham or even, bless her, Elizabeth
Warren, despite their evident faults. Or
for that matter the founding brothers
on their better days, despite their Tory
faults. Ethics matters, well beyond
connections and influence. And invisible hands get directed by the supplies
and demands in the Square.
But Mr. Ferguson knows that, too.
Ms. McCloskey is a distinguished
professor emerita at the University
of Illinois at Chicago and the author, most recently, of “Bourgeois
Equality: How Ideas, Not Capital or
Institutions, Enriched the World.”
Plotting for England
By Bruce Berkowitz
George Mason, 477 pages, $34.95
BY RICHARD DAVENPORT-HINES
‘PLAYFAIR IS THE MOST famous
man you have never heard of,” Bruce
Berkowitz declares of the subject of
his biography. After 10 years delving
into archives on both sides of the
Atlantic, Mr. Berkowitz pictures
William Playfair almost as a caped
crusader who “appears everywhere,”
“knows everyone” and materializes
almost incredibly amid “the Industrial Revolution, the French Revolution, the founding of the United
States, the birth of modern economics, the Age of Napoleon.”
In addition to being a draftsman,
inventor, company promoter, land
speculator, economist, patriotic pamphleteer and bank-note counterfeiter,
Playfair was a secret agent and international conspirator. He used his network of contacts to become a pioneer
provider of “all-source” intelligence.
He was adept at ducking and weaving
from the truth, covering his tracks,
mystifying his motives, and protecting
his sources. Mr. Berkowitz’s “Playfair”
is above all a work of ingenious detection and reconstruction.
Playfair was born in Scotland in
1759. He began his swerving trajectory
through life as a constructor of steam
engines for the famous English engineering firm of Boulton & Watt, in
Birmingham. He moved to London and
in 1785 started the Eldorado Manufactory, which produced silver tableware,
buckles, windows and skylights. He
was not merely ambitious: He believed
that he was an exceptional man and
hankered for greatness.
In 1785, he published a monograph
titled “The Increase of Manufactures,
Commerce, and Finance, With the Extension of Civil Liberty.” This propounded innovative notions about
what is now called venture capitalism
and discussed the best ways to assess
chances of gain or risks of loss in
investment decisions. His next book,
“The Commercial and Political Atlas,”
pioneered the use of graphics to ex-
William Playfair was a
spy, speculator, inventor,
pamphleteer—and
pioneer of the pie chart.
plain statistics and chart economic
variables over time. Mr. Berkowitz’s
fascinating visuals show how pie
charts, bar graphs, trend lines and
suchlike were developed and popularized by Playfair.
In 1789, Playfair was living in Paris.
Although he did not claim to have participated in the storming of the Bastille, of which he wrote a vivid account, Mr. Berkowitz thinks it likely
that he did. He turned against the
French revolutionaries after seeing
them impale, behead and dismember
their fellow citizens—“scenes of rage
and horror, which I shall never forget.”
He published polemics against French
Jacobin revolutionaries and proved
himself a master of invective.
Playfair was a culpable figure in the
first great American political scandal,
the Scioto Affair of 1790. The Scioto
Co. printed maps, pamphlets and
handbills, issued bogus land deeds,
marooned hundreds of French settlers
in Ohio’s wilderness and ruined Wall
Street financiers. Mr. Berkowitz’s account of the Scioto scam, its protagonists and collateral damage is sometimes hard to follow: There are so
France used to pay for its wars with
England. At a time when paper was
still handmade, one sheet at a time,
from discarded cloth, 90 reams of paper a week were used to print counterfeit French bank notes in a remote
castle in Northumberland, near the
Scottish border.
Mr. Berkowitz gives a fascinating
and clear account of this secret operation, which ran until 1796 and was “the
GEORGE MASON UNIVERSITY PRESS
Playfair
BEAUTIFUL EVIDENCE A chart drawn by Playfair in 1786 showing
England’s trade balance with Denmark and Norway from 1700 to 1780.
many obscure names, links, lies and
technicalities that one would need to
be a corporate lawyer to understand
the shenanigans.
In the mid-1790s, after war had
been declared between England and
revolutionary France, Playfair persuaded the London government to
back his attempt to wreck the French
economy by counterfeiting vast numbers of assignats, the paper currency
first designed to destroy the economy
of a rival nation.” Playfair’s memorandum proposing the scheme has only
recently been found, after nearly 225
years. Mr. Berkowitz adduces other
telling evidence, including a letter
from Playfair to a former prime minister advising him how to avoid incriminating questions about the plot.
When, as a result of decisions by
the Bank of England, coins became
scarce in 1797, Playfair founded the
Original Security Bank. His plan was to
issue IOU tickets to replace metal currency in what was essentially an Anglicized version of revolutionary France’s
assignats. “Calling the Bank’s organization byzantine would be unfair to Byzantium,” Mr. Berkowitz says. It went
bankrupt after less than a year.
Mr. Berkowitz is a mostly clear,
lively writer, who sometimes hits the
page with an excessive zip and zap
that can leave his reader reeling. He
tries to offset the technicalities in his
book with an overload of anachronistic slang. London’s Newgate prison is
“designed to scare the bejeezus out
of [its inmates],” for example. The
overall effect is of enthusiasm for
getting a tortuous story straight. Mr.
Berkowitz’s precision extends to his
punctuation, which will delight oldstyle grammarians who like to see
commas and colons used plentifully,
and also correctly.
“I am,” Playfair said, “in point of
religion and politics, a very old-fashioned man.” But in money matters he
was an innovator who pushed his luck,
had poor judgment in associates, and
spiraled downward in entrepreneurial
improvisations before his death in
1823. Mr. Berkowitz compares Playfair
to Forrest Gump, but this frenetic optimist, both crafty and unlucky, who
although constantly ambushed and
battered by events, irrepressibly
sprang back from his bad breaks, is
more likely a cartoon character. He
was the Wile E. Coyote of his age.
Mr. Davenport-Hines’s most
recent book is “Edward VII:
The Cosmopolitan King.”
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C7
* * * *
BOOKS
‘Few men during their lifetime come anywhere near exhausting the resources dwelling within them. There are deep wells of strength that are never used.’—Richard Byrd
South Pole or Bust!
The Stowaway
By Laurie Gwen Shapiro
Simon & Schuster, 239 pages, $26
IN 1928 Billy Gawronski, the hero of
Laurie Gwen Shapiro’s all-true boy’s
adventure story, was a teenager on a
mission—to join Cmdr. Richard Byrd’s
expedition to Antarctica whatever the
obstacles. They were formidable. Billy
was only 17 with no skills to offer an
expedition attracting huge interest
and thousands of applicants.
Byrd was already a national hero.
In 1926 President Coolidge had
awarded him the Medal of Honor for
being the first to overfly the North
Pole (despite rumors his flight had
fallen some way short). The following
year, after Charles Lindbergh pipped
him to being first to fly non-stop from
New York to Paris, Byrd announced
his intention to lead the first American expedition to Antarctica since
1840 and to be the first to overfly the
South Pole.
Byrd would not be the first to take
to the skies in Antarctica. In 1902, on
his Discovery expedition, the British
adventurer Robert Scott had experimented with a hot-air balloon nicknamed Eva, shooting high into the air
after jettisoning too much ballast and
saved only by the balloon’s secure
mooring. Undeterred, a few minutes
later Third Officer Ernest Shackleton
ascended to photograph the pale vastness below.
Ms. Shapiro, a documentary filmmaker and columnist for the Forward,
nicely evokes the mood of a Jazz Age
America obsessed by celebrity, exploration, and the possibilities of flight,
and how Byrd’s plans gripped the
imagination of Billy, the only child of
a Polish Catholic immigrant couple
living in Lower Manhattan. The parents’ ambitions for Billy were conventional—that he should join their
home-decorating firm as an upholsterer. Wisely, he told them nothing of
his plan to stow away on one of Byrd’s
ships, the City of New York.
On the night of Aug. 24, 1928, Billy
plunged into the Hudson and struck
out for the vessel. Scrambling aboard
and hiding himself in the dark recess
of the fo’c’sle, to his amazement he discovered two other stowaways already
in occupation—Jack Solowitz, a 16year-old from Brooklyn, and Bob Lanier, a young black man. Soon after the
City of New York departed, sailors discovered all three. Billy and Jack were
hastily put ashore, where newspapers
seized on their story. Bob Lanier was
luckier, taken on as a dishwasher.
Three weeks later Billy Gawronski
stowed away again. Jumping from his
OHIO STATE UNIVERSITY; GIZELA GAWRONSKI & JÓZEF PIŁSUDSKI INSTITUTE OF AMERICA
BY DIANA PRESTON
POLAR EXPOSURE Byrd’s ship the City of New York in the ice in Antarctica; Billy Gawronski (inset) aboard the Eleanor Bolling in 1928 or 1929.
bedroom window he hurried to where
Byrd’s supply ship, the Eleanor
Bolling, was moored, again swam out
and clambered aboard. Quickly discovered and put ashore, he tried a
third time, only to be thrown off once
more. The Bolling sailed from New
York without him. A few days later,
however, when she docked in Norfolk,
Va., Billy was on the dockside. Impressed by his pleadings and tenacity,
the cook offered him a job cleaning
dishes—but then the police arrested
him as a truant.
When his father arrived from New
York to collect him, Billy persuaded
him to relent and let him pursue his
dream. The question now was, Would
Byrd take him? Byrd did, offering him
a job as “our mess boy,” suspecting
Billy would be “good copy” for an expedition short of funding. He was
right. Headlines such as “Byrd Gives
Job to Stowaway!” soon appeared,
followed by regular reports on Billy’s
progress, quoting from his wires to
his parents. Readers learned that
when the Bolling reached Tahiti,
where naked women swam out to
greet the ship, Billy one night
“danced with one of the fair beauties
to holy hell.”
Reaching New Zealand, Billy found
himself famous there too. “Adventure
seems to be the very breath of life to
this boy,” one paper wrote. Byrd soon
announced that all those aboard his
vessels would continue to Antarctica
to help build the expedition’s base,
which Byrd named Little America.
Stowaway Bob Lanier was no longer on the City of New York. He had
suffered persistent racial abuse before being sent home from Panama
for allegedly having no “sea legs.”
Billy Gawronski, however, luxuriated
in Antarctica’s teeming penguin colonies, which were as pungent, Ms. Shapiro rightly says, as “cow dung laced
with digested and decomposed fish.”
Upon arrival at the Bay of Whales,
the natural harbor on the Ross Ice
Shelf where Byrd intended to build
his base, Billy unloaded supplies—
braving sub-zero temperatures to
save the aluminum wing of a plane
about to slide from the ice into the
sea—and labored on the huts of Little
America. However, he was not among
those Byrd selected to winterover
there. After just four weeks Billy was
sailing back to New Zealand.
Before he departed, Byrd told Billy
his role henceforth would be to publicize the expedition. Billy did just
that, capitalizing on his fame as the
unstoppable stowaway. He was permitted to return to Antarctica on the
ship sent to collect Byrd’s party. During Billy’s absence, on Nov. 29, 1929,
Byrd had indeed overflown the South
Pole, a feat for which he would reap
most of the glory, although, as Ms.
Shapiro points out, he was not at the
plane’s controls. The pilot was Bernt
Balchen, a Norwegian.
Cmdr. Richard Byrd took
a teenage stowaway to
Antarctica, knowing it
would make good press.
When the expedition returned to
America, Billy participated in the lavish celebrations, even finding himself
a guest at the White House. Despite
being one of the lauded “Byrd Men”
and never losing his hankering for exploration, Billy never joined another
expedition. Eventually he joined the
U.S. Merchant Marine. During World
War II he sailed on the dangerous but
vital Arctic supply convoys to northern Russia, something about which it
would have been good to learn more.
He married in late middle age and
retired to Northport, Long Island,
where, on his captain’s pension, he
and his Polish wife ran a combination
nursery, greenhouse and antiques
shop. He died, in 1981, at age 70.
“The Stowaway” is an engaging
story, engagingly told, that makes
the reader root for Billy. It is no
fault of the author that the reader
may find it anticlimactic to discover
some two-thirds of the way through
that for all Billy’s striving, Byrd dispatched him from Antarctica after
such a short time. Consequently this
is no visceral, Shackletonian tale of
endurance and survival in “the great
white” but rather an account of a
young man’s pursuit of his dreams
against all odds.
Billy’s determined optimism shines
through Ms. Shapiro’s pacey if occasionally breathless narrative. She is
clear-sighted about Byrd, acknowledging his charm and generosity but
also his “huge ego.” Her counterpointing of Billy’s story with that of
other young hopefuls like Paul Siple,
the 19-year-old Eagle Scout selected
for the expedition who had none of
Billy’s battles to fight, and Billy’s fellow stowaway Bob Lanier, who never
made it to Antarctica, is effective and
poignant. Like much of the book it
prompts one to ponder the effects of
social class on fate, and the special
qualities that make some people push
themselves to the limit.
Ms. Preston is the author of “A
First-Rate Tragedy: Robert Falcon
Scott and the Race to the South
Pole” and, most recently, “Paradise
in Chains: The Bounty Mutiny and
the Founding of Australia.”
A Radical Critique of Modernity
By Patrick J. Deneen
Yale, 225 pages, $30
BY TOD LINDBERG
FIRST, A POINT about the title of
Patrick J. Deneen’s “Why Liberalism
Failed”: While the failure he alleges
does indeed encompass the progressive element in American politics,
Mr. Deneen’s target is much bigger.
The “liberalism” that has failed, in his
telling, is the very project of modernity itself, whose origins date to the
16th and 17th centuries and whose
signal political achievement, arriving
in the 18th century, was the founding
of the United States. Yes, that “failure”—and that liberalism.
Liberalism went wrong from the
beginning, in Mr. Deneen’s view. Its
fundamental innovation was to
define politics around the liberty of
the individual, the protection of
whose rights is the purpose of government. Thomas Hobbes reasoned
about a “state of nature” in which
human beings stand weak and afraid,
their lives “solitary, poor, nasty,
brutish and short.” They band
together to create an all-powerful
state—“Leviathan,” as he called it—
to provide relief from this condition
and from the fear of violent death
that goes with it. But the human
quest to use politics to improve on
natural conditions only begins here.
Building as well on Machiavelli and
Francis Bacon, liberalism seeks not
an accommodation with nature and
human convention but mastery over
nature and liberation from convention. By way of John Locke, who saw
human beings as naturally reasonable and tolerant and saw politics as
a way of securing their individual
liberty, it’s a short step to the American Founders and the Bill of Rights.
Modern-day American progressives
and conservatives are thus two sides
of the same coin: Politically, they are
both concerned with the protection of
rights, the difference being the kind
of rights they emphasize. For conservatives, it’s property rights: the idea
that one is entitled to the fruits of
one’s labor. For progressives, it’s
rights of self-actualization: the idea
that as an individual you are free to
ordinary human beings, the “culture”
into which they were born—their
ties to a particular place with local
habits, customs and standards of
conduct—fulfilled a similar function,
instructing them collectively in how
they should live.
In short, the older view of liberty
included a vision of how to live a
good life that modern liberalism has
decided human beings can do with-
Rather he argues that, as liberalism
succeeds and becomes more fully
itself, it “generates endemic pathologies more rapidly and pervasively
than it is able to produce Band-Aids
and veils to cover them.”
He sees evidence of liberalism’s
failure in the 2008 financial crisis; the
new extremes in economic inequality;
the reckoning due human beings from
climate change; and the collapse of
out. Mr. Deneen thinks that this shift
has been a disaster, both for the
human beings forced to hew to liberalism’s rudderless individualist ethos
and for civilization.
But, one may say, hasn’t liberalism
in the classical sense been rather successful? Hasn’t it managed to improve
living conditions for, well, billions of
people—to give them unprecedented
say in their government and control
over their lives? In fact, hasn’t it
achieved a certain global dominance?
Mr. Deneen doesn’t dispute this.
public confidence in self-government.
All result, he says, from the rampant
unchaining of human appetite as a
matter of individual right. Liberalism
fails, Mr. Deneen says, because “at the
end of the path of liberation lies
enslavement. Such liberation from all
obstacles is finally illusory, for two
simple reasons: human appetite is
insatiable and the world is limited.”
Mr. Deneen has written a serious
book offering a radical critique of
modernity, and he has taken the
trouble to do so both concisely and
Liberalism’s breakdown
of social norms has been
a boon to individuals but a
bust for the shared culture.
“follow your bliss,” in Joseph Campbell’s famous phrase.
The “liberty” that makes up our
modern liberalism, in Mr. Deneen’s
telling, is a bastardization of a far
superior conception of liberty with
roots in the ancient world: In classical
philosophy, liberty was the overcoming of passions that, unchecked,
render humans slaves to the worst in
their nature. True freedom wasn’t
license to do as one wishes but the
cultivation of the best possibilities of
the human condition.
At a relatively high level—say, the
sort of person Aristotle was addressing in his “Nicomachean Ethics”—
the cultivation of virtue could produce a true gentleman and refine the
impulses of a potential tyrant. For
GETTY IMAGES
Why Liberalism Failed
engagingly. His insights as well as
his crotchets in pursuit of his argument are often arresting. He writes
compellingly on the growth of government in tandem with the spread
of liberal market principles, for
example, noting that a supposed
preference for “limited government”
has been no match for the demand
for expanding government enforcement of individual rights. And how
much more cranky could one be than
to challenge Great Books programs
on campus on the grounds that
“many of these books were the
source of the very forces displacing
the study of old books”?
Mr. Deneen makes a point of saying that he doesn’t want to try to go
back to pre-liberal times, in which
hierarchical authority imposed absolute limits on human possibility—the
dark side of “culture” shaping people’s pursuit of a “good life.” He
argues instead for a practical effort
to recultivate, within liberal society,
the local sense of community and
culture, household and family, that
once shaped human fulfillment and
that liberalism has disrupted. That
sounds like a desirable choice for
many people, but it is indeed a
choice: a voluntary arrangement—in
short, a liberal arrangement.
It’s also noteworthy that Mr.
Deneen does not have to propose sailing off to some undiscovered country
to pursue his vision. That’s because
his community would readily find the
security and freedom it requires
within liberalism’s horizon.
Mr. Lindberg is a senior fellow at
the Hudson Institute and the author,
most recently, of “The Heroic Heart:
Greatness Ancient and Modern.”
.
C8 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
BOOKS
‘We regard the agreement signed last night . . . as symbolic of the desire of our two peoples never to go to war with one another again.’ —Neville Chamberlain
SCIENCE FICTION: TOM SHIPPEY
THE LIFE PICTURE COLLECTION/GETTY IMAGES
Buzz Feat
AT THE BRINK OF WAR French Prime Minister Édouard Daladier (far left) and his envoy, with Adolf Hitler and his envoy, at the Führerbau on Sept. 29, 1938.
Appeasing the Masses
Munich
By Robert Harris
Knopf, 303 pages, $27.95
BY D.J. TAYLOR
THE DOWNSIDE to being an internationally best-selling novelist, most
internationally best-selling novelists
will usually concede, lies in the
weight of reader expectation. Or
rather, in the myriad and sometimes
contradictory forms that this expectation can take. Strike out in a bold new
direction, and half of your fans will
instantly complain that they liked your
books the way they were. Stick to the
same formula, on the other hand, and
the same percentage will take to the
Amazon review pages to lament your
decline into stasis and inertia. There is
no getting around this dilemma, and it
is thrown into the sharpest of reliefs
by Robert Harris’s highly entertaining
new novel, “Munich.”
Mr. Harris, a former political
columnist for the London Sunday
Times, has been bringing his historical
novels—this is the 12th—to the
market for more than a quarter of a
century. Densely researched (the current offering boasts a 53-item reading
list), tightly constructed and deftly
written, they are set in a variety of locales and time periods while exhibiting a mild predilection for ancient
Rome (“Pompeii,” 2003, and his trilogy of novels about Cicero) as well as
World War II (“Fatherland,” 1992,
“Enigma,” 1995). Authenticity is all in
such historical re-creations, and my
World War II veteran father always
reckoned “Fatherland,” in which a defeated Britain has become a satellite
state of the Third Reich, to be the
most plausible counterfactual novel he
had ever read.
“Munich,” set in the fateful autumn
week of 1938 in which Hitler, the British Prime Minister Neville Chamberlain and their French counterpart,
Édouard Daladier, delayed the war’s
outbreak by a twelvemonth, promises
similar satisfactions. Like many an
excursion in Harris-land, its plot runs
in parallel, with two interconnected
lives busily at work on either side of
the channel eventually meeting in a
single point. On the British side, we
have Hugh Legat, a Foreign Office
recruit to Chamberlain’s staff whose
professional troubles are compounded
by a faithless wife; on the German
side, Hugh’s old Oxford friend Paul von
Hartmann, whose Nazi-party membership is a front for his involvement in a
conspiracy to topple the Führer before
he can do any more damage.
What follows is a brisk little exercise in alternate history, in which
Hugh becomes a last-minute addition
to Chamberlain’s entourage as he sets
out for Germany, while Paul and his
co-conspirators try to find a way of
pressing into the British prime minister’s hand a secret document that outlines Hitler’s true intentions for beleaguered central Europe. Not the least
of the ironies that Mr. Harris coaxes
into life is the fact that Hartmann’s
anti-Hitler faction are desperate for
the Munich talks to fail. By their own
calculation, only a breakdown in negotiations and the prospect of immediate war would be enough of an excuse
for the German army to rise up and
overthrow the deranged ex-corporal
plotting in the Führerbau.
If any of the ingredients of a
successful historical thriller have gone
missing in “Munich,” then I failed to
spot their absence. To particularize,
Mr. Harris’s re-arrangement of the
pre-World War II chessboard has
drama (the Gestapo’s pursuit of Hartmann); it has determinism (as when
Hugh reflects that “he had always
known Munich was not done with
him; that however far he might travel
from that place and time he was
forever caught in its gravitational
pull”); it has celebrity walk-ons
(Chamberlain, Winston Churchill, the
British Foreign Secretary Lord Halifax) and it has period doppelgängers
Two old Oxford chums
meet again on opposing
sides of Chamberlain’s
fateful 1938 negotiation.
(Hartmann, in particular, looks as if
he is based on the “good German,”
Adam von Trott zu Solz, executed by
the Nazis in 1944). The novel also
plays some amusing twitches on the
historical thread, the funniest of these
coming when somebody predicts that
an innocuous diplomatic attendee
named Lord Dunglass, the future 14th
Earl of Home, will eventually become
British prime minister: The prophecy
is dismissed on the grounds that it
was “inconceivable that in the modern age a premier could sit in the
House of Lords.”
This novel also harbors a light
dusting of cliché (of Hartmann’s glacial mistress, Frau Winter, we learn
that “the skin of her feet, of her stomach and between her breasts was alabaster-white”). But here and there,
the reader detects a faint sense of
something more interesting quietly
astir beneath the derring-do and the
sight of Chamberlain and his wife
companionably tucking into their
breakfasts at 10 Downing Street. Not
very often, but regularly enough to
make the reader sit up and take notice, Mr. Harris will try a flourish. He
does it when Chamberlain sets off for
the airport in the rain and the forest
of raised umbrellas is said to resemble
“a bulbous black fungus,” and he does
it again when Hugh is dragged off on
a small-hours visit to Hartmann’s exgirlfriend Leyna, now confined to an
asylum after being viciously assaulted
by Nazi thugs. “Her head was propped
up on the pillow,” Mr. Harris writes,
“a thick white nightgown buttoned to
her throat. Legat would never have
recognised her. Her hair was cut mannishly short, her face was much fatter,
her skin waxy. But it was the lack of
animation in her features, in her dark
brown eyes especially, which rendered
her a stranger.”
Such passages suggest there is a
kind of buried aesthetic side to Mr.
Harris’s writing, which every so often
clambers its way above the surface
and that, if he cared to, could help him
give the le Carrés of this world a run
for their money. If “Munich” has a
fault, it is the novel’s slightly frictionless air, the sense of anything really
tricky or arresting being quietly
avoided, so that the time-honored patterns of historical fiction can run true.
But as Mr. Harris would probably retort, if this criticism were brought to
him: Why change a winning formula?
Mr. Taylor is the author of “The
Windsor Faction” and “The New
Book of Snobs,” among other works.
JAMES ROLLINS’S
riveting “The Demon
Crown” (Morrow,
441 pages, $28.99) is
a mix of biology,
techno-thriller and
archaeology. You have to hope that
what you’re reading is fiction.
Much of it isn’t. The biology element centers on insects, the most
dangerous creatures on earth—
especially one group of them that
seriously bothered Darwin—and on
venomics, the study of toxins. The
techno-thriller part involves, of
course, a plot to take over the
world by unleashing “a biological
Pearl Harbor.” But it may be the archaeology which is most factual and
most fascinating.
This strand of the story centers
on the Smithsonian Institution,
which was founded by an English
chemist and mineralogist, who endowed it with a sum equal, back
then, to 2% of the federal budget.
Given the size of his donation, it’s
perhaps natural that the Smithsonian should have reverently exhumed his bones from Italy, where
he died in 1829, and brought them
to Washington in 1904. Or was there
something else in the coffin that
they knew about?
Elite military scientists
race to stop killer insects,
following clues laid by
Alexander Graham Bell.
Not only was Smithson himself
brought to America, so was his Italian tomb, with its strange carvings.
And his tombstone, which, even
more strangely, is 11 years off about
his age. They must be clues, Mr. Rollins’s characters suspect. As in real
life, the person who conducted the
exhumation was none other than Alexander Bell, the man who invented
the telephone. Just the guy you
would ask to solve a problem, and to
leave a warning.
In Mr. Rollins’s novel, those in
charge of solving the problem now
that things have erupted are the
members of Sigma Force, a team of
scientifically trained special-forces
vets. The author has them chasing
around the planet, from Snake Island
(with its population of ultra-venomous lancehead pit vipers) to Hawaii
(for the Pearl Harbor re-run) to the
salt mines of Poland, not forgetting
Washington, D.C., and Genoa.
The nuggets of hard information,
often accompanied by illustrations,
are what make the story, but plot
revelations keep coming and the
pace never slows. Just the thing for
a post-holiday booster shot.
FICTION CHRONICLE: SAM SACKS
Twists in the Flow of Life
while listening without judgment as at his retirement party “made a speech
others—his rogue’s gallery of fallen and was given a plaque and then
characters—shared their own.
toured the room holding the plaque in
“The Largesse of the Sea Maiden” the crook of his arm, filling the premis Johnson’s second story collection, ises with his big, onrushing face, his
which comes as a surprise only be- bush of brown hair floating above his
cause he’s so closely associated with head and following it around.” “The
his first, “Jesus’ Son,” one of the few Starlight on Idaho” follows the disorworks of fiction from the 1990s whose dered memories of an alcoholic in
canonization seems guaranteed. There detox whose isolation and drug regiare direct connections between the
books—Dundun, a
heroin-addled killer
in “Jesus’ Son,” appears as a nihilistic
young jailbird in
“Strangler
Bob,”
where a ghoulish inmate foretells the
murders he’ll one
day commit. Other
affinities are thematic: Hospitals are
a frequent setting,
as are rehab facilities. Some charac- CONFESSOR Denis Johnson, 1949-2017.
ters possess an
almost demonic clairvoyance about men take him to the brink of madness.
approaching catastrophes; others find His problems run in the family. Recalla form of peace in God. And though ing that his brother once mailed him
these are longer, fuller, rangier stories the newspaper article about his arrest,
than the strobing fever dreams of as though it were a badge of honor, he
“Jesus’ Son,” they possess the same notes that the clipping had been torn
incredible emotional density. They feel out by hand: “My oldest brother is
squeezed, to borrow Johnson’s phrase, somebody who the state of Texas
“in the almighty grip of the truth.”
won’t let him possess scissors.”
A slanted, poetic voice gives them
Sanity is mostly a ruse in Johnson’s
their offbeat humor. In “Doppelgänger, universe, and the masquerade is steepPoltergeist,” a pompous literary editor est in the story about Bill Whitman,
R.N. JOHNSON
HERE’S WHAT Bill
Whitman, a 62-yearold advertising agent,
says about his wife in
the title story of
Denis Johnson’s collection “The Largesse of the Sea
Maiden” (Random House, 207 pages,
$27): “She’s petite, lithe, quite smart;
short gray hair, no makeup. A good
companion. At any moment—the very
next second—she could be dead.”
The swerve in that description hints
at the powerful instability of Johnson’s
writing. Death is never far from its
mind. Likewise, Johnson’s stories tread
a crooked path through illness, addiction, criminality, mania and simple
existential confusion. His gift is to
extract the beauty in all that brokenness, like the painters who pulled holy
light out of the wounds of martyrs.
The collection takes on an extra, if
painfully unwanted, level of meaning
for being published posthumously.
Johnson’s death in May of last year—
he was 67, and the cause was liver cancer—prompted a remarkable outpouring of tributes. He was prolific but
attention-shy, so most of his eulogizers knew him only through his writing.
But that was clearly enough to forge a
feeling of kinship. His story “Doppelgänger, Poltergeist” plays on the twin
meanings of the word “confessor,” being the person who hears confessions
and the person who gives them. To his
readers, Johnson seemed to occupy
both roles, revealing his darkest sins
and wildest obsessions on the page
the adman rusticating in sunny San
Diego. It’s a mark of Johnson’s flexibility that the work could be mistaken for
something of John Cheever’s. In brief,
accumulating episodes, this American
Prufrock relates his encounters with
the ineffable and the uncanny, the moments when “the flow of life twists
and untwists, all in a blink—think of a
taut ribbon flashing.”
In one recollected scene at a dinner
party, a colleague shows off a small oil
painting by Marsden Hartley and
drunkenly insists that the work is his
Denis Johnson pulled
beauty from brokenness
in stories of addiction,
criminality and confusion.
to destroy if he feels like it. It sounds
like bluster, but seconds later the canvas is smoldering in the fireplace. Et
in Arcadia ego. Grace and oblivion are
inextricably yoked in these transcendent stories, the testament of a writer
who lived and worked on unusually
close terms with death, until that
great mystery finally stole him.
English author Luke Kennard’s
debut, “The Transition” (Farrar,
Straus & Giroux, 328 pages, $27),
returns us to the earthbound woes of
economic anxiety. In a near future
marked by ever sharper financial inequality, an online content producer
named Karl Temperley gets into hot
water for credit card fraud and tax
evasion. To avoid jail, he and his
wife, Genevieve, sign up for an enigmatic program called The Transition,
whose stated aim is to rehabilitate
“middle-class underachievers” and
train them for the realities of the
modern work force.
At first the indoctrination seems
easy. Karl and Genevieve are encouraged to improve their oral hygiene
and learn a foreign language. But it
soon becomes apparent that The
Transition is a massive social engineering project that acts as “a winnowing fan, sifting the best candidates
out and chucking the rest on the
heap.” Because The Transition views
Genevieve as a far more promising
candidate than Karl, it sets about
undermining their marriage.
The story has much in common
with Margaret Atwood’s 2015 novel
“The Heart Goes Last,” which, like
“The Transition,” mines the disturbingly plausible prospect of corporate
totalitarianism for absurdist comedy.
The two books suggest a new category
of futurist fiction: the neoliberal
dystopia, in which human value is
determined exclusively by workplace
efficiency and earning power. Karl
emerges as a resistance leader by virtue of his stalwart mediocrity. He’s a
kindly, loving layabout who’d rather
read books and dawdle on the internet
than do anything innovative—not the
hero we think we want, but perhaps
the hero that we need.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C9
* * * *
BOOKS
‘The tragedy wasn’t that Stanford White died, but that I lived.’ —Evelyn Nesbit
The Architect, the Beauty & the Madman
sive use. Moments later, Thaw made
his way to White’s table and, drawing
a .22-caliber pistol from beneath his
coat, pointed the muzzle at the architect’s face and fired three times. While
the audience broke into a panicked
flight for the exit, Thaw calmly told
the on-duty fireman, the first person
to reach him, “I did it because he
ruined my wife.”
With its unbeatably titillating combination of sex, scandal, celebrity and
sudden, violent death, the murder of
Stanford White became the first of the
various “Crimes of the Century” that
would keep the American public riv-
The Girl on the Velvet Swing
By Simon Baatz
Mulholland, 392 pages, $29
BY HAROLD SCHECHTER
The trials of Harry Thaw,
who murdered his wife’s
rapist, set the pattern for a
century of media circuses.
GETTY IMAGES
I FEEL REASONABLY certain that
when he set out to write his truecrime page-turner “The Girl on the
Velvet Swing,” Simon Baatz had no
inkling of how relevant it would be
upon publication. At a moment when
the relationship between an artist’s
moral character and the value of his
work has become a subject of heated
debate, this vivid retelling of the
1906 murder of Stanford White
couldn’t be timelier.
Celebrated as New York’s leading
architect, White was responsible for
some of the city’s most elegant buildings and monuments, among them
the Washington Square Arch, the
Century Club, the Tiffany Building,
and the Fifth Avenue mansions of
such Gilded Age nabobs as the Astors
and the Vanderbilts. He was also a
notorious voluptuary whose longstanding marriage did not impede his
tireless pursuit of nubile showgirls.
His multi-story apartment on West
24th Street functioned largely as an
opulent lair for the seduction of his
underage conquests. Adorned with
mirrored ceilings, animal-skin rugs
and heavy tapestries that blocked out
all natural light, its most salient feature was a red velvet swing, upon
which White’s girlfriends would disport themselves in various states of
undress for his enjoyment.
In September 1901, White, then 47
years old, set his libertine sights on
the city’s most celebrated beauty. Her
name was Evelyn Nesbit, and she was
16 years old.
Born in a small town outside of
Pittsburgh, she, with her younger
brother and her mother, was plunged
into penury when her lawyer father
died at the age of 40. After several
hardscrabble years, their fortunes
began to turn when Evelyn—already a
ravishing beauty at the age of 14—
became a sought-after model, posing
for some of the most famous American artists of the time, including
Charles Dana Gibson and Frederick S.
Church. Swiftly achieving iconic status, she was pictured on everything
from magazine covers to Coca-Cola
calendars, toothpaste ads to cigar
boxes. In 1901, she joined the cast of a
popular Broadway musical, “Florodora.” It was during her stint as a
chorus girl that she caught the salacious eye of Stanford White.
Following their introduction at a
lunch arranged by one of Evelyn’s
showgirl friends, White exerted his
considerable charm to ingratiate
himself with her mother. In short
order, he contrived to get Mrs. Nesbit
out of town, promising to keep a
watchful eye on her little girl. Within
GIBSON GIRL Evelyn Nesbit, the celebrated model and Gilded Age icon, in 1902, the year after she met Stanford White.
days of Mrs. Nesbit’s departure, White
brought Evelyn to his apartment, plied
her with champagne and then took her
virginity while she lay unconscious on
his canopied four-poster.
Though White may have set about
seducing Evelyn with the cold calculation of the practiced roué, he soon
found himself in amorous thrall to the
adolescent beauty. Evelyn, after recovering from the shock of her violation,
began to enjoy the power she wielded
over her famous lover. For months,
they pursued their illicit affair.
For all his genuine feelings for
Evelyn, White was incapable of staying faithful to her. Even as he went
back to bedding other teenaged
chorines, however, he remained
fiercely possessive of his former plaything. There was one obsessed admirer that White could not protect
her from: Harry K. Thaw of Pittsburgh, a deeply unstable young playboy who had shown signs of mental
disturbance from earliest childhood
and been expelled from Harvard for
moral turpitude.
Attempting to buy his way into
New York City’s most exclusive social
clubs, Thaw was rebuffed at every
turn. Though these rejections had everything to do with his own bizarre
behavior, he took it into his disordered
head to lay the blame on Stanford
White, who became his bête noire.
Driven as much by his hatred of White
as by his infatuation with Evelyn,
Thaw—who had become fixated on the
porcelain-skinned beauty during her
stint on Broadway—embarked on a
relentless courtship. Though initially
put off by his weird intensity and
puffy-faced looks, she slowly came to
appreciate his flashes of charm, cultivated conversation and solicitous attentions. That he was heir to a $40million industrial fortune did nothing
to detract from his appeal.
During a trip to Europe, Harry repeatedly and unavailingly proposed
marriage to Evelyn, who eventually
confessed that she could not become
his wife because she was not a virgin.
An anguished Thaw—cursing the
loathsome creature who had debauched his angel—forced her to reveal every sordid detail of her deflowering by White. Back in New York City,
feeling abandoned by White and concerned about her own financial future,
Evelyn managed to persuade herself
that Harry, despite his oddness, was at
bottom a kind, sweet, generous man.
In April 1905, the former chorus girl,
now all of 20, became his wife.
Far from subsiding, Thaw’s obsession with his detested rival grew more
intense following the marriage. His
long-simmering madness finally boiled
over on June 25, 1906. That evening,
Harry and Evelyn visited the rooftop
theater of Madison Square Garden, the
spectacular entertainment center at
26th Street and Madison Avenue designed by White. At 11 o’clock, White
himself suddenly appeared and took a
seat at the table reserved for his exclu-
eted for the next nine decades. Harry
Thaw’s two trials—the first ending in
a hung jury, the second in a verdict of
not guilty by reason of insanity—
would set the pattern for every such
media circus to follow, from the Leopold and Loeb proceedings to the O.J.
Simpson trial. After stints in two mental asylums, interrupted by an escape,
Harry died of a heart attack in 1947 at
the age of 76.
Divorced from Thaw and left almost
penniless, Evelyn managed to survive
for a while by capitalizing on her notoriety: singing in cabarets, acting in lowbudget movies, writing a pair of tell-all
memoirs. Descending into alcoholism
and morphine addiction, she made a
failed suicide attempt in the mid-1920s.
Following her recovery, she resumed
her increasingly pathetic performing
career and then moved to Los Angeles,
where she spent the remainder of her
life in obscurity. She died in January
1967 at the age of 82.
The murder of Stanford White has
been the subject of many other books,
including, most famously, Charles
Samuels’s “The Girl in the Red Velvet
Swing” (1953) and E.L. Doctorow’s
novel “Ragtime” (1975). Mr. Baatz’s
gripping, deeply researched retelling is
certain to stand as the definitive version. Like his best-selling book on the
Leopold and Loeb case, “For the Thrill
of It” (2008), it is a terrifically entertaining work of popular history:
swiftly paced, richly evocative, engrossing from the first page. In our
post-Weinstein present, it is also likely
to leave readers, particularly New
Yorkers, with complicated feelings
about beloved landmarks like the
Washington Square Arch, knowing that
the artist who created them was a sexual predator with pedophiliac tastes.
Mr. Schechter’s latest true-crime
narrative, “Hell’s Princess: The
Mystery of Belle Gunness, Butcher
of Men,” will be published in April.
MYSTERIES: TOM NOLAN
The World Through the Screen
A troubled psychologist
begins to confuse film
and fact while spying
on her neighbors.
Separated from her husband and
daughter—and suffering from severe
agoraphobia—Anna lives alone in a
townhouse in gentrifying Harlem, too
frightened even to walk outside. “Agoraphobia hasn’t ravaged my life,” she
notes, “so much as become it.” Her
consolations include prescribed medications, nightly conversations with
the family she can no longer see, and
DVDs of the noir films she has loved
since adolescence (one of which lends
its title, in part, to this book).
Anna also likes to spy on the
neighbors, à la Jimmy Stewart in
Hitchcock’s “Rear Window.” But when
she sees a woman murdered in the
house opposite her own, her world
turns to chaos. The police don’t believe her. There’s no supporting evidence. “A freak to the neighbors,”
Anna describes herself. “A joke to the
cops. A special case to her doctor. A
pity case to her physical therapist.”
“It isn’t paranoia if it’s really happening,” Anna insists to the
cops and her caregivers. But is
it really happening? Her perceptions altered by the pills
she gobbles and the wine she
swills, Anna starts to confuse
reality with dreams and old
movies: “I feel as though I’m
falling through my own mind.”
Yet she retains the tools of her
trade and a wealth of dark insights from a lifetime’s viewing
of crime cinema. Will this be
enough to make sense of her
terror, real or imagined? As
Anna well knows, although
noir films have sudden twists
and big surprises, few have
happy endings.
Alice Vega, the fierce and
focused private investigator in
Louisa Luna’s sensational “Two
Girls Down” (Doubleday, 304 pages,
$25.95), works hard to avoid sad endings. Her well-paid specialty is finding
missing persons. She is asked: How
many such has she been hired to locate in her career? “Eighteen,” she
says. And how many has she actually
found? “Eighteen.”
Her 19th and 20th assignments are
two sisters, 8 and 10 years old, taken
one Saturday from a mini mall in the
town of Denville, Pa., on their way to
a birthday party. When the understaffed local police force makes no
progress in the case, an aunt of the
girls’ mother calls on Vega. The patronizing cop in charge dismisses
Vega as “a girl with a gun who’s
GETTY IMAGES
IT’S AN injunction
as old as the Gospels:
“Physician, heal thyself.” But following
that axiom proves
difficult for the emotionally wounded Dr. Anna Fox, the
former child psychologist who narrates “The Woman in the Window”
(Morrow, 427 pages, $26.99), the
thrilling debut novel from A.J. Finn (a
pseudonym for Daniel Mallory, an
executive editor at William Morrow).
watched too much Buffy.” To help her
navigate these unfriendly waters, she
turns to Max Caplan, a P.I. and ex-cop
who had retired from the Denville
force under a cloud of suspicion.
Forty-one years old and divorced,
the decent but beleaguered Caplan
makes his current living chasing down
deadbeats and adulterers, work he
finds depressing and unrewarding. The
no-nonsense Vega, clad in black, appears exotic and intriguing to Caplan:
“He watched her eyes cover the room
like headlights. . . . There was something a little hypnotic in [her] voice.”
One of the book’s great pleasures
is seeing Caplan and Vega’s initially
testy entanglement develop into a
true partnership. But there are
many other aspects in Ms.
Luna’s story to savor as well: a
host of sharply sketched characters, from spaced-out dopers
to distraught parents and
grandparents; action sequences startling in their sudden violence; and quick psychological revelations that
pierce the heart. Affecting, too,
is the book’s denouement,
when the fate of the missing
girls appears to be, at last, in
the hands of their two persistent champions.
When it comes to damaged
and depression-prone crimefiction heroes, Louisianan
Dave Robicheaux takes the
Mardi Gras king cake. The
“semi-retired” sheriff’s detective from Iberia Parish returns in
James Lee Burke’s compelling
“Robicheaux” (Simon & Schuster,
445 pages, $27.99), and his prospects look grim. “My home was cavernous with silence,” Dave reflects.
“My wife was gone, and so were my
pets and most of my relatives. With
each day that passed, I felt as
though the world I had known was
being airbrushed out of a painting.”
The world presents events that
Dave finds hard to process—for instance, the rise of local tycoon and
golden boy Jimmy Nightingale. He is
“a patrician and an elitist,” Dave
notes, “but among common people,
he was kind and humble. . . . Jimmy
was a star, a populist in whom everyone could find something to like.”
Nightingale is about to run for the
U.S. Senate and turns to Dave for a
favor. But the detective is soon
embroiled in matters that may make
him an undesirable acquaintance for
anyone in public life.
The man responsible for the caraccident death of Dave’s wife is found
fatally beaten on the highway, and
Dave’s fingerprints are on the victim’s
vehicle. Dave was blackout drunk the
night of the crime and can’t say for
sure he didn’t do it. Pending further
developments, he goes about his police
business: investigating a spreading
web of felonies and possible conspiracies including Nightingale’s alleged
rape of a famous novelist’s wife and a
series of killings committed by a bizarre hitman who speaks like a child
and acts like a psychopath.
Events and characters proliferate
until the reader is fully embedded in
Dave’s world, sharing in his physical
and psychic battles while marveling
at the lush scenery and extreme
weather of his homeland. Solutions,
when they come, seem almost irrelevant. As Dave says: “I’ll take weird
over rational any day of the week.”
.
C10 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Wealth is the slave of the wise man, the master of the fool.’ —Seneca
CHILDREN’S BOOKS: MEGHAN COX GURDON
FIVE BEST: A PERSONAL CHOICE
William C. Rempel
on American moguls
breed of moguls—the celebrity
businessman. In this absorbing
American tale, Ford preaches the
merits of hard work even as his
assembly lines are replacing workers. With all his flaws—he was an
anti-Semite, an unfaithful husband
and a difficult father—Ford and his
homespun brand of Midwest
country wisdom connected with the
public. He helped ease its fears
throughout America’s unsettling
shift from a mostly agrarian nation
to a booming industrial giant. “At
the very moment he was transforming the world,” Mr. Watts writes,
“he made new ideas and practices
palatable by maintaining a conspicuous reverence toward the past.”
Andrew Carnegie
By David Nasaw (2006)
Verses & Visionaries
THIS SPRING marks
50 years since an assassin’s bullet felled
the Rev. Martin
Luther King Jr.
American children
learn every year about the civil-rights
movement—the subject is a lodestar
of school curricula—so there might
seem to be little to add, for them, to
the well-known story of King’s role in
the nonviolent campaign. Yet Brian
Pinkney and Andrea Davis Pinkney
have done it. With “Martin Rising:
Requiem for a King” (Scholastic, 127
pages, $19.99), this husband-and-wife
team (he the illustrator, she the
author) have created a fresh appreciation of the life and significance of the
movement’s most eloquent and
charismatic leader.
Ms. Pinkney concentrates her poetic narrative on the months leading
up to King’s murder, at a time when
sanitation workers in Memphis, Tenn.,
were going on strike and persistent
foul weather seemed an augury of
things to come. In her short “docupoems,” as the author calls them,
young readers will find King depicted
as a father, a friend, a mortal who
celebrates his birthday and catches
cold like any other person; but also as
a man of profound faith and intellect,
“the Bible, his beacon.”
Ms. Pinkney writes: “Lincoln, /
Thoreau, / Tolstoy— / and Gandhi,
(whose heart was warmed / by the
wisdom woven / in the Sermon on
the Mount.) / These greats were Martin’s North Star. / The compass / that
led him to the mountaintop.” Mr.
Pinkney’s lovely swooping artwork in
bright watercolor, gouache and India
ink owes a great (and acknowledged)
debt to the swirls and loops and
winged creatures of Marc Chagall.
Wings are an affecting motif here: In
an image near the end, a mule-drawn
hearse rolls through the streets of
Atlanta, golden wings sprouting from
the martyr it’s carrying.
Jean-Michel Basquiat’s fierce,
tumultuous paintings (see above)
exude terrific power—and a measure
of unexpected humor—when paired
with Maya Angelou’s verse in the picture book “Life Doesn’t Frighten Me”
(Abrams, 40 pages, $19.95). First
published in 1993, this arresting volume, edited by Sara Jane Boyers, uses
a high-impact typeface to convey its
message of defiance. “Shadows on the
wall / Noises down the hall / Life /
Doesn’t / Frighten / Me / at all,”
writes Angelou (1928-2014). A skeletal
man and dog splashed with red and
orange paint, a monstrous bear-man,
and other images by Basquiat
A requiem for Dr. King,
a visit with Lewis Carroll
and a sassy call to bravery
from Maya Angelou.
Titan
By Ron Chernow (1998)
3
THE HARSH stereotype of
John D. Rockefeller Sr. as a
ruthless robber baron gets a
makeover in Ron Chernow’s evenhanded portrait of the oil magnate
widely considered the world’s first
billionaire. The son of a charming
but often absent snake-oil salesman
father and a pious and frugal
mother, Rockefeller grew up surrounded by economic uncertainties.
After landing his first job as an assistant bookkeeper in Cleveland, he
celebrated Sept. 26 as “Job Day” for
the rest of his life. An early investment with friends in a chemical process to refine kerosene launched 24year-old Rockefeller into oil refining.
And that would lead to the creation
of the energy giant Standard Oil.
Always an advocate for capitalism,
he nonetheless found it messy and
often inefficient. He favored monopolistic controls and engaged in predatory pricing, collusion with the railroads, and industrial espionage to
crush his rivals. This did not prevent
him from considering himself
divinely favored. “God gave me my
money,” he said, because “the Lord
knew that I was going to turn
around and give it back.” His charitable giving began in his youth, tithing pennies at the Baptist church.
Mr. Chernow offers a compelling
insight: “It might well be that his
early commitment to charity gave
him some inner license needed to
pursue wealth with unparalleled—
and at times unprincipled—vigor.”
The People’s Tycoon
(1960-88) express wild feelings and
even terrors. We see two inchoate figures battle with boxing gloves, their
teeth bared, and read: “Tough guys in
a fight / All alone at night / Life
doesn’t / Frighten me / At all.” It’s a
refrain that children ages 6-10 may
want to chant to themselves long after
they’ve put down the book.
As a concept, there is everything to
love about the zestful adventure “One
Fun Day With Lewis Carroll”
(Houghton Mifflin Harcourt, 32
pages, $17.99). Kathleen Krull’s “celebration of wordplay” introduces 6- to
9-year-olds to Lewis Carroll’s life and
to the Jubjubs and Jabberwocks, the
slithy toves and vorpal blades, of his
“Alice” books. Júlia Sardà’s implish
and colorful artwork carries just
enough menace to evoke the borderline madness of Wonderland. Yet as a
real thing, a story to be read, this
attractive volume runs into a difficulty
common to literary picture-book biographies. Why would any child be interested in a writer whose work he hasn’t
read yet? Carroll may have made Alice,
but it is she who secures his place in
history, so this book works best as a
jolly sequel to be opened only after
children have read (or better yet, have
been read) “Alice in Wonderland” and
“Through the Looking-Glass.” Then
they’ll have the fun of greeting his
eccentric words and characters again
as old friends: “Callooh! Callay!”
By Steven Watts (2005)
2
BY THE 1920S, Henry Ford’s
Model T had made him one of
the richest and best-known
manufacturers in the world. Half of
all cars on America’s rapidly
expanding roadways were Fords. He
had introduced the assembly line
and the $5 day, doubling the standard wage of auto workers. Steven
Watts’s sweeping research charts
Ford’s colorful rise among a new
The First Tycoon
By T.J. Stiles (2009)
GETTY IMAGES
ABRAMS
1
SCOTSMAN Andrew Carnegie
entered the U.S. in the mid-19th
century, age 12, penniless and
undereducated but bristling with
ambition. David Nasaw captures in
fine detail Carnegie’s transformation from precocious office assistant and telegraph operator at the
Pennsylvania Railroad to richest
man in the world—and America’s
happy tycoon. Fully grown, the
capitalist giant stood barely 5 feet
tall, for which he compensated by
wearing high-heeled boots and a
top hat. A self-confident optimist,
he preached a “Gospel of Wealth”
that saw rich men as “chosen” to
serve the public good. One New
York headline called Carnegie a
“millionaire socialist.” “My business
is to do as much good in the world
as I can,” he once said. Carnegie
strongly advocated that the rich
bequeath their vast estates to
charity rather than to heirs. By his
death, Carnegie had donated or
arranged to give away his entire
fortune, valued today in the tens of
billions of dollars.
GREAT SCOT Andrew Carnegie, 1910.
4
CORNELIUS VANDERBILT
was a scrappy, poorly educated boatman from Staten
Island who grew up to dominate the
MR. REMPEL is the author of 'The
Gambler: How Penniless Dropout
Kirk Kerkorian Became the Greatest
Deal Maker in Capitalist History.’
nation’s steam shipping and railroads and became one of the richest
Americans who ever lived. When he
died in 1877, his estate was valued at
about one-20th of the entire U.S.
economy. T.J. Stiles colorfully details
how his influence extended far
beyond that wealth. Indeed, it lingers to this day. As America’s transportation king, Vanderbilt fostered
long-distance trade and helped open
California to development during the
Gold Rush. Along the way, he consolidated regional rail lines into an efficient national network. The first corporate tycoon, Vanderbilt pioneered
the giant corporation. Mr. Stiles
describes Vanderbilt as an elbowsout competitor. And that’s meant as
a compliment. In the biographer’s
view, the Commodore, as he was
known, contributed to the creation
of an American business culture in
which competition is “a personal,
economic, and political virtue.”
Empire
By Donald L. Barlett & James B.
Steele (1979)
5
TWO INVESTIGATIVE reporters produced this definitive
biography of billionaire Howard Hughes, the aviation pioneer
and Hollywood playboy with a penchant for secrecy. The Hughes story
has long been tangled in myth and
fantasy. But rigorous research and
lively storytelling bring to life the
substance of this throwback tycoon
who set international aviation
records and once pocketed a check
for more than a half-billion dollars
after selling TWA. He viewed himself, we learn, as “a corporate
superman blessed with the Midas
touch and Napoleonic daring.” The
writers, however, portray the obsessive Hughes as a man more in the
line of a gifted self-promoter on the
edge of madness than as a business
genius, a man with “an overpowering urge to become a legend in his
own lifetime.”
Best-Selling Books | Week Ended Jan. 7
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Hardcover Fiction
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Fire and Fury
1
Michael Wolff/Henry Holt & Company
New
Judgment Detox
Gabrielle Bernstein/North Star Way
2
New
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
3
5
Your Best Year Ever
Michael S. Hyatt/Baker Books
4
New
The Whole30: The 30-Day Guide
Melissa Hartwig/Houghton Mifflin
5
–
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
Fire and Fury
1
Michael Wolff/Henry Holt & Company
THIS
WEEK
LAST
WEEK
The Wisdom of Sundays
Oprah Winfrey/Flatiron Books
6
2
Dog Man and Cat Kid (Dog Man 4)
Dav Pilkey/Graphix
The Whole30 Fast & Easy Cookbook
Melissa Hartwig/Houghton Mifflin
7
4
The Woman in the Window
2
A. J. Finn/William Morrow & Company
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
8
1
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
8
Wonder
4
5
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Astrophysics for People in a Hurry 9
Neil deGrasse Tyson/W. W. Norton & Company
TITLE
AUTHOR / PUBLISHER
Methodology
Let Trump Be Trump
10
–
Corey R. Lewandowski & David N. Bossie/Center Street
Origin
Dan Brown/Doubleday Books
Nonfiction Combined
Fiction E-Books
THIS
WEEK
THIS
WEEK
LAST
WEEK
1
1
3
New
2
5
3
THIS
WEEK
LAST
WEEK
THIS
WEEK
LAST
WEEK
The Rooster Bar
John Grisham/Doubleday Books
6
4
Little Fires Everywhere
Celeste Ng/Penguin Press
7
–
Turtles All the Way Down
8
John Green/Dutton Books for Young Readers
6
Robicheaux
James Lee Burke/Simon & Schuster
9
New
Unbound
Stuart Woods/G.P. Putnam’s Sons
10
New
THIS
WEEK
LAST
WEEK
Fiction Combined
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Fire and Fury
1
Michael Wolff/Henry Holt & Company
New
End Game
1
David Baldacci/Grand Central Publishing
The Woman in the Window
A.J. Finn/HarperCollins Publishers
–
2
–
Judgment Detox
Gabrielle Bernstein/North Star Way
2
New
Lost City of the Monkey God
3
Douglas Preston/Grand Central Publishing
–
Tribe of Mentors
Timothy Ferriss/Houghton Mifflin
3
–
Dust (Scarpetta)
3
Patricia Cornwell/Penguin Publishing Group
–
Home Sweet Murder
4
James Patterson/Grand Central Publishing
New
The Sun and Her Flowers
4
Rupi Kaur/Andrews McMeel Publishing
2
Unbound
4
Stuart Woods/Penguin Publishing Group
New
Tribe of Mentors
Timothy Ferriss/Houghton Mifflin
TITLE
AUTHOR / PUBLISHER
2
New
TITLE
AUTHOR / PUBLISHER
NNPD BookScan gathers point-of-sale book data
from more than 16,000 locations across the U.S.,
representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
to Peter.Saenger@wsj.com.
Hardcover Business
End Game
1
David Baldacci/Grand Central Publishing
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
–
Your Best Year Ever
Michael S. Hyatt/Baker Books
1
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
2
2
The Woman in the Window
A.J. Finn/William Morrow & Company
2
New
Origin
Dan Brown/Doubleday Books
3
4
StrengthsFinder 2.0
Tom Rath/Gallup Press
3
–
Dog Man and Cat Kid (Dog Man 4)
Dav Pilkey/Graphix
4
1
Tribe of Mentors: Short Life Advice
Tim Ferriss /Houghton Mifflin
4
1
Unbound
Stuart Woods/G.P. Putnam’s Sons
5
New
Total Money Makeover
Dave Ramsey/Thomas Nelson
5
4
Robicheaux
James Lee Burke/Simon & Schuster
6
New
Extreme Ownership
Jocko Willink/St. Martin’s Press
6
5
The Miracle of Dunkirk
Walter Lord/Open Road Media
5
–
The Subtle Art of Not Giving A F*ck
Mark Manson/HarperOne
5
7
The House at the Edge of Night
5
–
Catherine Banner/Random House Publishing Group
Man’s Search for Meaning
Viktor E. Frankl/Beacon Press
6
–
Scout Elf Express Delivers
Chanda A. Bell /CCA & B
6
3
A Will & A Way
Nora Roberts/Silhouette
6
–
Judgment Detox
Gabrielle Bernstein/North Star Way
7
New
Milk And Honey
7
Rupi Kaur/Andrews McMeel Publishing
4
Robicheaux
James Lee Burke/Simon & Schuster
7
New
Little Fires Everywhere
Celeste Ng/Penguin Press
7
–
Emotional Intelligence 2.0
7
Travis Bradberry & Jean Greaves/TalentSmart
6
365 Days With Self-Discipline
Martin Meadows/Martin Meadows
8
New
You Are A Badass
8
Jen Sincero/Running Press Book Publishers
10
Promise Not to Tell
8
Jayne Ann Krentz/Penguin Publishing Group
New
The Rooster Bar
John Grisham/Doubleday Books
8
9
The Energy Bus
Jon Gordon/Wiley
8
–
9
7
The Five Dysfunctions of a Team
Patrick Lencioni/Jossey-Bass
9
–
The Subtle Art of Not Giving A F*ck 9
Mark Manson/HarperCollins Publishers
–
The Whole30: The 30-Day Guide
9
–
Dallas Hartwig & Melissa Hartwig/Houghton Mifflin
Astrophysics for People in a Hurry 10
Neil deGrasse Tyson/W. W. Norton & Company
3
Astrophysics for People in a Hurry 10
Neil deGrasse Tyson/W. W. Norton & Company
5
Origin
9
Dan Brown/Knopf Doubleday Publishing Group
9
Darker: Fifty Shades Darker
E.L. James/Vintage
Beneath a Scarlet Sky
Mark Sullivan/Lake Union Publishing
–
Wonder
10
–
R. J. Palacio/Alfred A. Knopf Books for Young Readers
10
The Daily Stoic
10
Ryan Holiday & Stephen Hanselman/Portfolio
10
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C11
* * * *
REVIEW
SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL
‘I would write an
email and pass
out for the next
five hours.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Jennifer Brea
A documentary filmmaker chronicles her
own struggles with a
debilitating syndrome
SEVEN YEARS AGO, Jennifer Brea
was working toward a Ph.D. in political science at Harvard University,
looking ahead to a career in journalism or academia. After a trip to
Kenya, she came down with a 104.7degree fever. She recovered from
the fever but kept falling ill. She
had recurring infections, experienced dizzy spells and grew sensitive to sound and light. Increasingly, she wasn’t able to get out of
bed. Sometimes she couldn’t even
muster the energy to speak.
For more than a year, doctors
weren’t able to give her a diagnosis.
Some told her she was depressed,
stressed out or dehydrated. One
neurologist said that she had conversion disorder, a psychological
condition in which a patient has
neurological symptoms that can’t
be explained by a medical condition—in her case, the doctor said,
possibly caused by some distant,
forgotten trauma.
Finally, a doctor diagnosed her
with chronic fatigue syndrome, also
known as myalgic encephalomyelitis—a little-understood disorder
with symptoms including extreme
exhaustion, an inability to get refreshing sleep and cognitive impairment. Now 35, Ms. Brea still struggles with the illness and has created
a powerful account of her experience in a new film, “Unrest,” which
has made the Oscar shortlist for
best documentary.
She raised more than $210,000
through Kickstarter to make the
film, in which she talks about her
own illness and interviews other
CFS patients over Skype from her
bed. The documentary is streaming
on PBS’s Independent Lens website
through Jan. 22 and premieres on
Netflix on Jan. 15.
Growing up in Orlando, Fla., Ms.
Brea was an active, adventurous
child. “I was playing outside from
the moment I got home to pitchblack dark, then on the weekend my
mom and I would go spend hours in
bookstores” and at the movies, she
says. Ms. Brea went to Princeton
University, where she majored in
politics, then enrolled at Harvard.
She never completed her Ph.D.
After she fell ill, she began taking
home videos of herself, thinking
that she might write about the experience later. She ended up showing the footage to her doctors so
they could see how serious her condition was. She was diagnosed with
CFS in the summer of 2012. In the
film, some shots show her crawling
up stairs—too weak to walk up
them—and lying on her front porch
after a trip outside, crying in pain
and unable to speak.
An estimated 836,000 to 2.5 million Americans have CFS, though
most haven’t been diagnosed, according to the Centers for Disease
Control and Prevention. It’s more
commonly found in women. Ms.
Brea thinks that is one of the reasons doctors haven’t taken the condition seriously. “We tend to blame
the patient or psychologize them,”
she says. “I think that’s especially
true for women.”
There are no commercial lab
tests for CFS, making it difficult to
diagnose, and its origin is a mystery.
Scientists are investigating a number of potential causes, including infections, immune system changes
and genetics. Patients who have had
the illness for more than five years
are unlikely to completely recover.
Once Ms. Brea decided to make a
documentary, the filming process
took a toll, especially during the
early days. “I would write an email
and pass out for the next five
hours,” she says. At one point, she
could only film one day a month.
From her bed, she started reaching
out to other patients on online message boards to interview them.
She now takes a range of medications, including antiviral and antiinflammatory drugs, which have improved her condition. These days,
she’s able to work from home or
bed for much of the day. Ms. Brea
says she can read articles but not
novels, and can talk on the phone
only sparingly. She still needs a
wheelchair when she goes out. “I
still have a lot of physical disabilities…and my brain is not what it
used to be,” she says. She is thankful that she keeps getting better. “I
try to do as much as I can with the
life that I have,” she says.
Interviewing others, including
teenagers and people who have
been sick for decades, both inspired
her and made her angry about the
state of health care and the way
doctors often dismiss CFS patients.
“That really helped me frame it as a
social-justice issue,” she says. Her
film highlights campaigns to fund
research to better diagnose and
treat chronic fatigue syndrome.
It also captures personal moments, such as conversations between her and her husband, Princeton University professor Omar
Wasow, about the strain that her illness has put on their lives.
Ms. Brea hopes to direct another
film, though she’s not sure what the
topic will be. She never expected to
end up in the movie business. “I
think growing up in Orlando, most
people who were successful were
orthodontists,” she says. “I didn’t
know anybody who was an artist.”
Making “Unrest” gave Ms. Brea
hope during the worst phases of
her illness. “I think for me that type
of pain felt totally useless, but when
the camera was there, that moment
could mean something and help
other people,” she says. “I have
found a new purpose in life that is
far more valuable and meaningful
than the path I might have taken
had this not happened.”
MOVING TARGETS: JOE QUEENAN
YESTERDAY I read that more than
half the cars sold in Norway last
year were either electric or hybrid.
I was so excited that I tipped over
my glass of Voss, the classy Norwegian designer water. In doing
so, I drenched my copy of “Cockroaches,” Norwegian Jo Nesbo’s
thriller that my younger sister
gave me last Christmas, along with
10 other Nesbo classics.
I’m not sure when Norway
started to take over my life. I was
always a big fan of Edvard Grieg,
particularly the peerless orchestral
piece “In the Hall of the Mountain
King.” And in college I fell under
the spell of the Norwegian Nobelist
Knut Hamsun, whose most famous
novel is “Hunger.” I devoured it. In
my 30s, I became pretty friendly
with a hair stylist who pined for
the fiords. But that was pretty
much it for me and Norway.
In recent years, Norse culture
has begun to extend complete hegemony over my consciousness.
First I became addicted to the
Norse whodunit wizard Karin Fossum. Then I began watching brilliant TV series like “Lilyhammer”
and cult-classic films like ”Trollhunter.” And after I saw the awardwinning play “Oslo”—which, admittedly, was about Mideast peace
talks and was written by an American—I developed an insatiable appetite for gravlax, the piquant
salmon dish from Norway.
From that point on, I embraced The Full Norway. I ate
loin of reindeer three times a
week. I began to smear
brown cheese all over my
waffles. I put on 35 pounds
slamming away Norwegian
sweater cookies and dried
mollusks. And, just like
Norwegians, I stopped sitting next to people on the
subway out of profound respect for their personal space.
Last year, a U.N.-commissioned
group officially named Norway
Pile up the
brown cheese
and the dark
crime novels.
the happiest country on Earth. I
found the report a bit puzzling, because it didn’t square with the
bleak image of Norway I was getting from books and movies and
from eating dried mollusks.
Frankly, if you’re in the market for
a self-inflicted nervous breakdown,
take a crack at Karl Ove Knausgaard’s six-volume autobiographical series “My Struggle.” And
chowing down on that classic delicacy of cod “tongues” isn’t nearly
as much fun as eating Twinkies.
Lately I’ve been trying to take a
break from Norse culture, cutting
down on the lutefisk and putting
the rollerskis away for the winter.
No dice. When I visited New
York's Museum of Modern Art,
staring out at me was a typically creepy work by the great
Norwegian painter Edvard
Munch. It made me want to
scream. Later, I took in the
film version of Nesbo’s “The
Snowman.” It was abominable.
Soon afterward, I watched the
film “Downsizing,” which stars
Kristen Wiig—who, wouldn’t you
know it, is of part-Norwegian descent. So was my favorite IrishAmerican actor Jimmy Cagney.
(Still not 100% sure about Antonio
Banderas.) And then my sister sent
me a trilogy of brilliant mysteries
about the brutal murder of a nude
Norwegian canoeist. Yup, author
Vidar Sundstol could be the next
Arnaldur Indridason. Seriously.
Yesterday, a good friend told me
that I absolutely, positively had to
start watching the Norwegian TV
series “Valkyrien,” which stars
Sven Nordin as a brilliant, angry,
disenchanted, risk-taking specialist
who sets up an illicit medical lab
under the streets of Oslo. I said
nope, I’m going to swear off Norway for the rest of the month and
watch the NFL playoffs instead.
This Sunday, it’s the Saints against
the…Vikings.
Oofta.
NISHANT CHOKSI
Good Grieg! I’ve Gotten Addicted to Norway
.
C12 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
REVIEW
EXHIBIT
Iron-Curtain
Curiosities
From 1949 to 1990, East Germany was almost
completely closed off to foreigners. “The East
German Handbook” (Taschen, $40), by Justinian
Jampol, brings to light some 2,000 objects from
the now defunct country. The items come from
the collection of the Wende Museum, a Culver
City, Calif., institution focused on Eastern Europe and the Soviet Union in the Cold War era.
They go beyond propaganda and include symbols
of everyday life, from children’s toys to mail-order catalogs. “Taken all together, they suggest that
life in [East Germany] was represented by more
than dissidence and repression,” writes Dr. Jampol. —Alexandra Wolfe
Right: State-owned airline Interflug wasn’t allowed to fly over the
border to West Germany. Left: An East
German state-owned
company bought the
production rights to this
Garden Egg chair, designed in West Germany, in 1971. When the
Berlin Wall fell, the original designer reacquired
the rights.
THE WENDE MUSEUM/TASCHEN
Below: The Leipzig
Trade Fair aimed to
showcase the industrial prowess of
Eastern bloc nations. Here, the
fair’s 1964 mascot.
Near right: ‘The Sky Calls,’ a 1959 Soviet sciencefiction film about a mission to Mars, was popular in
East Germany. Middle right: A 1960 ad from the
beverage company Margon, whose sodas and juices
were commonly mixed with alcohol. Alcoholism was
a problem in the country, writes Dr. Jampol.
PLAYLIST: NATHAN ENGLANDER
A New-Wave Escape
‘This Is the Day,’ by The The, encouraged
a young writer who wanted to leave home
Novelist Nathan Englander, 47,
holds the post of distinguished
writer in residence at New York
University. He is the author of
“Dinner at the Center of the
Earth” (Knopf). He spoke with
Marc Myers.
man, I went crazy for the second
song, “THIS IS THE DAY.” It has a
bouncy beat and a zydeco-like accordion.
The song is about nostalgia, but
it’s oddly forward-looking as well,
promising that your life will turn
out great: “And all your friends
and family / think that you’re lucky
/ But the side of you they’ll never
see / is when you’re left alone with
the memories / that hold your life /
together like / glue.”
The chorus though had the most
meaning for me: “This
is the day / your life
will surely change.”
Man, did I want to
change.
My wife, Rachel,
and I have been together for 10 years,
but I never told her about the
song. She heard it for the first time
recently when I blasted it while
dancing with our 2-year-old, Olivia.
I don’t know if Olivia would put
the song up there with Elmo, but
she definitely got the point.
I grew up in an orthodox Jewish
community in West Hempstead,
N.Y. I always wanted to be a
writer, but I didn’t really have a
reference point. No one’s cousin
was a writer, and becoming a
writer wasn’t on my
family’s approved list of
dreams.
I felt trapped and
wanted to get out of my
house, which won’t offend my mother in the
least. As she has said,
nobody was happier to show up at
college than me.
In 1983, when I was 13, I was
studying at a yeshiva. But it
wasn’t the right fit for me. Instead
of smoking pot, I became intellectually naughty, challenging the
rabbis with theological
questions—a truly pitiful rebellion.
At the time, my
older sister was commuting to Adelphi University, a mile from our
house. One day she
brought home a DJ
friend, Chris, who
drove a van filled with
crates of albums. Chris
was gentle and cool,
and my family loved
him. On one of his visits, he handed me a
cassette of The The’s
album “Soul Mining.”
He sensed I was a hungry little New Waver.
When I listened to
MATT JOHNSON of The The in 2000.
the tape on my WalkPA IMAGES/GETTY IMAGES
‘Man, did I
want to
change.’
HISTORICALLY SPEAKING: AMANDA FOREMAN
Tales of the First Fixer-Upper
THIS YEAR marks the bicentennial of the
public reopening of the White House after the
War of 1812, when the British burned the executive mansion and sent President James Madison fleeing. Though the grand house has legions of devotees today, its occupants haven’t
always loved the place.
The problems began in the 1790s, as the
Founding Fathers struggled with the question
of how grand such a residence should be for
an elected president in a popular government.
Was the building to be a government office
with sleeping arrangements, a private home,
the people’s palace or all of the above? Frequent name changes reflected the confusion:
President’s Palace, President’s House and Executive Mansion. The president made its official name the White House only in 1901.
As President James Monroe discovered after Congress appropriated $20,000 in 1817 for
White House furniture, decorating the executive mansion is never cheap or without controversy. The entire budget was used up just
in furnishing the oval saloon (now called the
Blue Room). Monroe offered his own furniture,
but disputes over his claims for reimbursement led to
a series of congressional investigations.
As American politics became more open and
democratic, some voters felt that they should enjoy
certain rights to the house. During the presidency
of Andrew Jackson (1829-37), souvenir hunters
once cut up some curtains as keepsakes.
As a visitor during the administration of
John Tyler (1841-45), Charles Dickens
saw people spitting (presumably tobacco) on the carpets.
After decades of use, the Monroe-era
chairs became so shabby that a journalist
in the 1840s said they would “disgrace a
house of shame.” In 1861, Mary Todd Lincoln started a badly needed renovation—and was viciously attacked in the press for exceeding the
$20,000 refurbishing budget by almost $7,000.
But the building’s problems remained. Four decades later, Theodore Roosevelt authorized the famed
architectural firm of McKim, Mead & White to remake
the White House’s interior structure. Their work included moving the president’s office to a newly built
west wing. For décor, Roosevelt favored the Roman
imperial style, including classical columns, as well as
moose and elk heads.
Years of neglect and careless alterations came to
THOMAS FUCHS
a head in 1948. Harry Truman’s daughter, Margaret,
was playing the piano in her room when a piano leg
broke through the rickety floor. Some structural engineers declared the only remedy was a complete rebuild, but a compromise left the four outside walls
intact. Besides the expanded parts of the building,
what visitors see today is a 1950s version
of architect James Hoban’s original 18thcentury blueprints.
Truman deserves credit for not abandoning the White House’s iconic architecture, and in 1952 conducted a celebratory
television tour of the makeover. But he
had filled many of the empty rooms with
fake antiques from the upscale New York
department store B. Altman.
In 1960, Jackie Kennedy burst into tears while
touring the run-down family quarters before her
husband’s inauguration. But she soon set about restoring the house’s historic integrity, along with
many of its lost objects. She played a key role in
making the executive mansion a living museum, now
overseen by the Committee for the Preservation of
the White House and supported by a trust.
Yet for all its quirks and foibles, the house has retained its understated grandeur. There’s still no better
address in America than 1600 Pennsylvania Avenue.
In 1952,
fake
antiques.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. At the
Golden
Globe
Awards,
dominated by a
reckoning
over sexual
harassment and a speech by
Oprah Winfrey, which movie
swept best drama, best actress,
best supporting actor and best
screenplay?
Provided by the
National
Museum of
Mathematics
B. A British pop singer known
for her sensitive duets with
Donovan
C. A drug used to treat the
inability to change
D. Marge’s hippie half-sister in
the Simpsons
5. What company just set a
higher new minimum starting pay
of $11 an hour for its employees?
A. Goldman Sachs
B. Wal-Mart
C. Sears
D. Wells Fargo
A. “The Shape of Water”
B. “Darkest Hour”
C. “The Disaster Artist”
D. “Three Billboards Outside
Ebbing, Missouri”
6. What’s left of a Texas ranch
owned by former President
Lyndon B. Johnson is coming on
the market for $2.8 million. It’s
just a few miles from where?
2. Democrats have to gain 24
seats to retake the House of
Representatives. Since the Civil
War, when a president’s approval
rating is sub-50% (as Donald
Trump’s is), what’s the average
outcome for his party in midterm
elections?
A problem
in spatial
visualization
and another
related to
tennis have
come to the
coach’s
attention.
Rolling Circles
Two circular disks have radii of 12 and 14. The larger disk is held fixed while the
smaller disk is allowed to roll around the outside of the larger disk without slipping.
In their starting positions, point P on the smaller disk coincides with point Q on the
larger disk.
How many rotations of the smaller disk must occur before points P and Q coincide
again?
A. Johnson City
B. El Paso
C. Amarillo
D. Arlen
A. A gain of 20 House seats
B. A loss of 20 House seats
C. A loss of 40 House seats
D. A loss of 60 House seats
FROM TOP: JORDAN STRAUSS/INVISION/ASSOCIATED PRESS; ISTOCK
VARSITY MATH
From this week’s
Wall Street Journal
7. Hurricane-induced production
problems have contributed to a
shortage of what key item used
by hospitals?
Minimum Racket Wear
Having won the first set of a singles match at the Australian Open, Rafael Nadal is just starting the second set.
What is the least number of times his racket could have hit the ball during the first set? You will need to
know that if a player, in two attempts to serve on a point, swings and misses both times, that player loses
the point. No tricks are involved here.
3. After boldly inserting freshman
Tua Tagovailoa as quarterback,
Alabama came from behind to
win the national college football
championship—over which team?
A. Paperwork
B. Disposable syringes
C. Nylon surgical sutures
D. Intravenous bags
A. Bard
B. Auburn
C. Clemson
D. Georgia
8. Canada filed a complaint with
the World Trade Organization
against the U.S. to defend
exports—of what?
SOLUTIONS TO LAST
WEEK’S PUZZLES
A. Maple syrup
B. Softwood lumber
C. Winter wheat
D. Newsprint
In Tennis Exhibition, Rafa and
Roger played in set number 13.
The answer to Losing Streak
is 52 points.
4. Amorphia is discussed in a
new book. Who or what is it?
A. A group that advocated
legal marijuana before merging
with NORML
ILLUSTRATION BY LUCI GUTIÉRREZ
+
Learn more about the National Museum of Mathematics (MoMath) at momath.org
Resolutions
P
A
S
A
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E
U
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E
C A R
P I E
O L D
Varsity Math
L
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T
turn to page C4.
A
C
R
E
P R
R E
OM
O
P R
A S
N E
For previous weeks’ puzzles,
and to discuss strategies
with other solvers, go to
WSJ.com/puzzle.
To see answers, please
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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
1
2
3
4
5
17
6
7
9
18
22
32
28
33
34
37
41
11
45
49
52
53
59
60
30
35
36
39
44
47
51
54
61
66
55
71
68
73
77
80
84
86
94
99
107
82
88
93
103
81
85
87
92
58
69
72
79
83
57
63
76
78
98
56
62
67
75
16
21
29
50
70
74
15
20
46
48
14
25
43
65
13
38
42
64
12
24
27
31
10
19
23
26
40
8
100
89
95
101
96
90
91
97
102
104
105
106
108
109
110
Weld Done! | by Daniel Hamm
Across
45 Stone used for
some pendants
46 Brings in
47 Banks
48 Makes a sacrifice,
perhaps
49 Sage fellows
51 Wasn’t well
52 Like some
Chardonnays
53 Jazz trumpeter
Baker
54 Snowdrift?
59 Mathematician’s
multiplicative
identity
60 Prospectors’ finds
62 Elbow, say
63 Green prefix
64 Feature of a
Renaissance
Faire costumer’s
manual?
68 Clears out
69 Large number
70 Undersized
71 Jackson Hole
backdrop
73 Sign of life
74 Oar fulcra
76 Some skirts
77 No longer
sleeping
78 Howitzer ammo
79 Roughly 15 feet
by 6 feet by 5
feet, for the
Focus?
83 Dabbling ducks
84 Easy on the eye
85 Chew the
scenery
86 Miniature
maelstrom
87 Carmine’s cousin
88 Claim while
cuffed
89 Tiny terror
92 Uru. neighbor
93 Self-possession
94 Comte’s superior
96 Party favorite
98 Period when
honeyed drinks
were popular?
101 Art gallery owner,
on occasion?
103 “Cradle of
Polynesia”
104 Cockeyed
105 Swift specialty
106 Betray surprise
107 1969 World
Series champs
108 Cargo hauler
109 Delicacy
110 Carries a balance
Down
1 Cuckoo
2 Big Island “Bye!”
3 Vivien’s “Gone
With the Wind”
co-star
4 Homicidal alter
ego
5 Produces on a
press
6 Protractor
measure
7 Satisfies
8 Cancún coin
9 Crunch target
10 They know the
score
11 Typical
sixth-grader
12 Ceremonial
dinners
13 London lockup
14 ___ Dhabi
15 Winner of
eight Best
Choreography
Tonys
16 Late deliveries?
18 Con quest
21 Conical quarters
23 Uses a key on, in
a way
25 Work period
28 Like some yoga
33 Parapsychology
powers
35 Spoils, in a way
36 Back-to-back
move
37 “All the Money
in the World”
figure
38 King Mongkut’s
realm
39 Derby patron’s
quaff
1
B2
Q
3
21 W 22
V4
T 23 D 24 O 25
42
I
43 W 44
62
J
63
99
J 100 G 101 R 102 Y
81
G 82
D5
J 45 A 46
K 64 N 65
J6
B 26
M
L 27
T
67
E 86
138 X 139 J 140 V
N
9
Z
J 30 N 31
L 49 Y 50 M 51
87
F 88 H
178 A
179 D 180 Y 181 K
196 Y 197 W 198 C 199 H
164 B 165 N
32 M 33
F
R
T 73
72
C 90
L 91
K 13
Z 14
E 34 Q 35
H 15
E 16
R
36
54 V 55 O 56 U
J 74
S 92 Q 93
108 X 109 F 110 L
C 75 W
P
P
17
F 37
57
U 19
V 20 X
S 38 B 39 D 40 Z 41
K
C 58 X 59
D
76 M 77 D 78
94 G 95
A 18
P 79
F 96 B
E 60 T 61
X
80 U
97 H 98 O
111 V 112 N 113 K 114 T 115 C 116
I 117 E 118 W
127 P 128 G 129 N 130 T 131 H 132 M 133 A
134 U 135 K
147 S 148 M 149 A
153 C 154 F 155 U 156 H 157 X
150 R 151 E 152 O
166 Z 167 W 168 F 169 O
182 W 183 O 184 E 185 Z 186 H 187 P
200 E 201 I
Y 12
Q 52 N 53
89
141 T 142 I 143 L 144 N 145 B 146 H
159 V 160 Z 161 P 162 Y 163 I
S 11
I
106 O 107 U
124 R 125 S 126 O
158 G
C 10
S 68 B 69 Y 70 Q 71
103 Z 104 D 105 P
119 B 120 Z 121 A 122 Q 123 F
R8
C 28 Y 29
47 G 48
I 66 G
I 83 V 84 A 85
7
202 G 203 A 204 D 205 K
136 D 137 W
170 Q 171 S 172 C 173 X 174 V 175 R 176 T 177 L
188 X 189 U
190 M 191 K 192 S 193 A 194 L
206 L 207 P
208 B 209 U 210 Q 211 J 212 M
195 R
Acrostic | by Mike Shenk
To solve, write the answers to the clues on the
numbered dashes. Then transfer each letter to the
correspondingly numbered square in the grid to spell
a quotation reading from left to right. Black squares
separate words in the quotation. Work back and
forth between the word list and the grid to complete
the puzzle. When you’re finished, the initial letters of
the answers in the word list will spell the author’s
name and the source of the quotation.
A. Charity with roots
in an 1887 campaign
by a Denver woman,
priest, rabbi and two
ministers (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
B. Musical study of
beats and
movement
____ ____ ____ ____ ____ ____ ____ ____ ____
C. A sonic boom is
the result of one
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
D. Complete
consensus
____ ____ ____ ____ ____ ____ ____ ____ ____
E. Individual entry in
a fiscal budget
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
F. Original title of
“Oklahoma!” during
out-of-town tryouts
(3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
G. Complains
chronically
____ ____ ____ ____ ____ ____ ____ ____
H. Kayaker’s wear
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
I. Beak protuberance
of a baby bird
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
J. Sorcerer’s manual
for summoning
demons
____ ____ ____ ____ ____ ____ ____ ____
K. Too big to function
well, as a
bureaucracy
____ ____ ____ ____ ____ ____ ____ ____
L. Worldwide agency
whose logo includes
a globe, sword, olive
branches and scales
____ ____ ____ ____ ____ ____ ____ ____
84 133 203 45 193 149 17 121 178
25 145 68 96 164
172 115
9
1
38 119 208
153 89 74 27 198 57
136 61 179 104 77 204 4
117 151 200 15
33
39
23
M. Magazine that
discontinued its
print edition in 2012
after 80 years of
publication
____ ____ ____ ____ ____ ____ ____ ____
N. Bird that’s too
young to fly
____ ____ ____ ____ ____ ____ ____ ____
O. Miscellaneous
items
____ ____ ____ ____ ____ ____ ____ ____
P. Young Brit of the
1950s and ’60s
who adopted a
neo-Edwardian
style (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
Q. Nervously confused
or excited (3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
R. State divided by the
Straits of Mackinac
____ ____ ____ ____ ____ ____ ____ ____
S. External acoustic
meatus, familiarly
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
T. Miserly sort
____ ____ ____ ____ ____ ____ ____ ____
U. Period of four years,
by which the Greeks
computed time
____ ____ ____ ____ ____ ____ ____ ____
V. Reliably loyal and
hardworking
____ ____ ____ ____ ____ ____ ____ ____
W. Deep-dish apple
dessert
____ ____ ____ ____ ____ ____ ____ ____
X. Danny & the
Juniors song that
hit #1 on January 6,
1958 (3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
Y. Where Patrick
Henry delivered his
“Liberty or Death”
speech
____ ____ ____ ____ ____ ____ ____ ____
Z. Quotation at the
start of a book,
suggesting its
theme
____ ____ ____ ____ ____ ____ ____ ____
148 132 76 190 32 212
52 165
8
6
50
129 112 64 30 144
98 152 24 106 183 55 126 169
78 161 16 105 187 127 207 93
51
150
70 210 34 170 92 122
7
2
124 35 195 71 101 175
192 147 37
10 125 171 91
176 60 114 46 141 130 22
67
72
59 184 85
189 155 107 134 209 18 80 56
95 109 154 123 36 168 53 87
94
81 128 202 47 66 100 158
186 14
163 42
88 131 156 199 146 97
31 116 201 82 65 142
62 99 44
12
41
5
73
29 211 139
63 113 205 191 181 135
143 110 206 26 90 194 48 177
111
3
174 83 159 54 140 19
137 197 75
21 167 43 182 118
58 173 188 20 157 79 108 138
162 69
11 196 28 49 180 102
86 185 40 166 120 103 13 160
Get the solutions to this week’s Journal Weekend
Puzzles in next Saturday’s Wall Street Journal.
Solve crosswords and acrostics online, get pointers
on solving cryptic puzzles and discuss all of the
puzzles online at WSJ.com/Puzzles.
s
1 “The Art of the
Fugue” composer
5 It’s inclined to
move up and
down
9 Band’s boomers
13 Phillies manager
Kapler
17 Confederate
18 Thick soup,
perhaps
19 Unadorned
20 In the vicinity
22 Sock hops that
are really
hopping?
24 Clone of a
kernel?
26 Elementary
curriculum
27 Nursery occupant
29 Great buy
30 Fastidious
dresser
31 Tibetan transport
32 Poultry pens
34 Major route
36 Venetian
magistrate
37 Plays a round
38 Catches
39 Ashleigh Murray’s
“Riverdale” role
40 “The skin of an
animal, especially
when tanned”?
44 Dishevels
40 Violent
sandstorm of
north Africa
41 Spiny pet
42 More
unpleasantly
soggy
43 Making less mess
44 Chaotic
skirmishes
47 Corduroy feature
49 Piglets
50 Like the Ferrari
Testarossa
51 Architect’s
afterthought
53 Singers Maggie
and Patsy
55 “Plan 9 from
Outer Space” star
56 Have as a
customer
57 Shuts down, as a
harbor
58 Lookouts’ sites
61 Swift works
65 With tongue in
cheek
66 Blunts
67 Was a buttinsky
69 “Calvin and
Hobbes” girl
72 Substantial, as a
sum
73 Recreational
activity
74 Rousseau
painting set in a
jungle
75 Bit of
psychological
manipulation
76 The film industry
78 Ticks off
79 On the block
80 Danny’s “Lethal
Weapon” co-star
81 Illustrious
82 Unimportant
person
84 Some SLRs
87 Defensive tackle
Rodney
88 Honda’s luxury
marque
89 Wedding
reception guest
90 1980s attorney
general
91 Cops’ collars
93 Smartphone
precursors
95 Knot, e.g.
97 Shakespearean
schemer
99 URL bit
100 Adrenaline,
informally
102 Clinic address
.
C14 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
REVIEW
THOMAS COLE’S ‘The Course of Empire: Destruction’ (1836), one of a series of five depictions of human civilization, will be on view at the Met.
ICONS
Thomas Cole, Repictured
A career retrospective
unveils an international and
politically minded artist
BY ALEXANDRA WOLFE
THE CURATORS of a new Metropolitan Museum of Art exhibition might have titled it, “Everything You Never Knew About Thomas Cole.”
Cole is known as the father of the Hudson
River School, a group of American artists who
painted dramatic outdoor panoramas. But
“Thomas Cole’s Journey: Atlantic Crossings”
posits an artist with an international background and interests—and one who had political beliefs very different from the other painters
in the group, such as Frederic E. Church.
The name of the Hudson River School itself
was originally pejorative. “Put about by younger artists and critics who found the work of
Cole and his followers old-fashioned, this term,
now a badge of honor, was originally intended
to mock their provincialism,” write co-curators
Elizabeth Mankin Kornhauser and Tim Barringer in the exhibition catalog.
The Cole in this exhibition—which runs in
New York from Jan. 30 to May 13 and celebrates
the 200th anniversary of his first Atlantic crossing from England—comes across as an artist inspired as much by his visits to England and the
European continent as by the Catskill Mountains north of New York City.
The show will have six chronological sections, starting with Cole’s youth in northern
England. Born in 1801, he grew up in the Lancashire town where workers known as Luddites
protested the rise of factories by smashing machinery. Cole himself worked at a calico-print
factory as a teenager. Dr. Kornhauser, a curator
of American paintings and sculpture at the Met,
says that these experiences helped to shape
Cole’s opposition to technological progress and
eventually drew him to paint
scenes of nature. After his father
lost his job in England, his family moved to America in 1818 to
find work.
Cole, who had no formal art
training, learned about his craft
from a portrait painter—although he first drew trees. He
visited the Catskills in 1825. “He
was the first artist to take on
the subject of pure wilderness,”
Dr. Kornhauser says. Cole also
painted landscapes rooted in
American literature. James Fenimore Cooper’s 1826 novel, “The Last of the Mohicans,” inspired an 1827 painting, on view in
the exhibition’s second section and showing
Cora, the daughter of a British colonel, kneeling
before Tamenund, a wise Native American chief,
on a mountain precipice.
By 1829, Cole had achieved enough success
to be able to return to Europe. He visited English Romantic artist John Constable in London
and admired the way that he painted dramatic
cloud formations in his plein-air, or on-site,
cloud studies. The third section includes Constable’s works.
government—its destruction will be a death
blow to Freedom.”
The fifth section, “Consummation,” features
Cole’s seminal work, popularly known as “The
Oxbow,” an 1835-36 oil painting showing deforestation on a mountainside and a bend of the
Connecticut River.
The section also includes a handful of later
works, such as “Study for ‘The Hunter’s Return’” (1845), a landscape of trees and mountains, with a small cabin nearly camouflaged in
the lower right-hand corner. His aim was to
show how humans could live in harmony with
nature, says Dr. Kornhauser.
Cole died suddenly at age 47 of pleurisy and
lung congestion. The last part of the exhibit,
“Cole’s Legacy,” showcases works by his students, namely Church and Asher B. Durand.
The show highlights how they took a different perspective from Cole. For example, in Durand’s 1853 “Progress (The Advance of Civilization),” railroads and telegraph cables fit
seamlessly into the landscape as smoke mingles
with sun rays. Durand’s painting “celebrates
without a hint of doubt the triumph of civilization over the wilderness,” Dr. Barringer writes
in the catalog. He adds that Durand and Church
absorbed Cole’s aesthetic lessons but embraced
Manifest Destiny, the concept that settlers had
a mission to expand across North America. It
was a theory that “Cole abhorred.”
Cole’s “Oxbow” painting, in which the river
makes the shape of a question mark, raises
questions that still apply today. As Dr. Barringer
writes, “Cole asks us: Will the ruinous fate of
past empires befall modern America?”
Then Cole headed for Italy, where he used
the plein-air technique himself, as seen in the
fourth section, “Italy: The Grand Tour.” There,
Cole studied Titian and other earlier masters
and created studies of Italian ruins on view in
the exhibition, such as his 1832 “Campagna di
Roma,” a close-up depiction of an aqueduct,
with mountains in the background.
In France and Italy, according
to the curators, Cole became
fascinated by how great civilizations rose and fell and felt
that industry would be responsible for the decline of his own.
Increasingly, “Cole foresaw inevitable doom for the republic,
as with Rome before it,” Dr.
Barringer, an art history professor at Yale University, writes in
the catalog.
On that trip, from 1829 to
1831, Cole conceptualized one of
his best-known series of paintings, “The Course of Empire.” The series, which
he began in 1834, offers five depictions of human civilization, from idealized nature-steeped
scenes to the rise of empire and subsequent decay. The exhibition includes all five paintings.
That same year, Cole became an American
citizen, despite his dislike of President Andrew
Jackson, who backed imperial and commercial
expansion. After Jackson was elected, Cole
wrote in his journal, “It appears to me that
the moral principle of the nation is much
lower than formerly…it is with sorrow that I
anticipated the downfall of pure republican
Cole thought
that
industry
would bring
about
American
decline.
NEW-YORK HISTORICAL SOCIETY/OPPENHEIMER EDITIONS
MASTERPIECE: ‘PORTRAIT OF ARCHBISHOP
FILIPPO ARCHINTO’ (1558), BY TITIAN
BY TOM L. FREUDENHEIM
TITIAN’S ENIGMATIC “Portrait of Archbishop
Filippo Archinto” (1558), one of many stars in
“Old Masters Now: Celebrating The Johnson
Collection” (through Feb. 19), a glittering special
exhibition at the Philadelphia Museum of Art,
makes you want to rip away the filmy curtain
that both defines and partially obscures the
dour fellow being portrayed.
That’s because Filippo Archinto (1500-1558)
was such an interesting man—a
talented young scholar who
gained the favor of Pope Paul III,
who named him to several important posts. Also known to be an
advocate of Ignatius of Loyola and
the Jesuits, Archinto subsequently
was embroiled in church controversies under Pope Paul IV, and served a contentious stint as Archbishop of Milan before
dying in exile.
The Philadelphian John G. Johnson
(1841-1917), considered the greatest lawyer of
his day, was an avid art collector and bequeathed to the city of Philadelphia over
1,400 works of art that were eventually
placed at the Philadelphia Museum of Art.
Starting with Archinto’s family, over the centuries the painting had passed through many
hands, and was acquired by Johnson in 1909
on the recommendation of the celebrated Renaissance art historian, connoisseur and art
adviser Bernard Berenson.
Titian shows Archinto in a chair and from a
three-quarter angle—the so-called seated-bishop
position first seen in Raphael’s “Portrait of Julius II” (1511-12), now in London’s National Gallery—depicted seated and dressed in his clerical
vestments. The curtain divides the picture in
half vertically, but stops short of the bottom.
This is one of two almost identical Titian
portraits of Archinto—the other
is on view at the Metropolitan
Museum of Art—and it isn’t even
Titian’s best work. There are
quite a number of more splendid
portraits by him at, for example,
the National Gallery of Art in
Washington and New York’s Frick
Collection. And Titian painted over a half-dozen
portraits of this type, several with far more interesting faces, glances, hands and robes than
we see in the Archinto image. But this is the
only one in which a fictive curtain separates sitter from viewer. And this gauzy suggestion of
mystery is what draws us to it.
Although the painting’s attribution to Titian
has not always been secure, current scholarship ascribes it to him. Teresa Lignelli, senior
conservator of paintings at the Philadelphia
The painter
flaunts his
skills.
PHOTOGRAPH COURTESY OF THE PHILADELPHIA MUSEUM OF ART, 2018
SPLIT PERSONALITY
ASSERTING his virtuosity in a manner
different from many of his other works.
Museum of Art, who supervised the work’s recent cleaning in preparation for the exhibition,
is persuaded that Titian’s hand is evident in
the painting’s brushstrokes.
However, none of this gets at the utter
magic Titian has created in the Philadelphia
portrait. The uncanny manner in which the
curtain bisects the composition is an astounding, if inexplicable, formal device, accentuated
by the manner in which the diaphanous screen
runs through the sitter’s right eye, where a
pair of minuscule white dots suggest that he
might be trying to look at us.
If that’s the case, we still have no clue as to
why he’s partially obscured by a gossamer
textile. I’ll go with the unromantic suggestion
that maybe Titian wanted to assert his
painter’s virtuosity in a manner somewhat
different from so many of his other extraordinary works. The delicacy of the curtain is extraordinary in how it forces the artist to develop ways of differentiating between covered
and uncovered hands and face almost, but not
quite, obscuring or blurring their features behind the sheer fabric. The play of light on the
surface of the curtain and the change of texture behind its slightly heavier horizontal
stripes, as well as all we can still see behind
this faint cover, are a testament to Titian’s
spectacular, even seductive, painting skills.
Admittedly, it’s also difficult to erase one’s
atavistic visual memory of Francis Bacon’s
1953 riff on the great Velázquez “Portrait of
Pope Innocent X” (1650). The Bacon—itself inspired by Raphael and Titian papal portraits—
adds yet another dimension to the magic exuded
by the Philadelphia painting and makes it feel
somehow modern. To have “Portrait of Archbishop Filippo Archinto” newly considered
within the context of the thoughtful and intelligent exhibition now celebrating the centennial
of the bequest of the John G. Johnson Collection
to Philadelphia adds an important perspective to
our understanding of Titian’s painterly prowess.
Mr. Freudenheim, a former art-museum director, served as the assistant secretary for
museums at the Smithsonian.
.
‘Star Wars’
director Rian
Johnson on his
favorite gadgets
The first Jeep
Grand Cherokee
that doubles as
a muscle car
D9
D10
EATING
|
DRINKING
|
STYLE
© 2018 Dow Jones & Company. All Rights Reserved.
|
FASHION
* * * *
|
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
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GADGETS
Saturday/Sunday, January 13 - 14, 2018 | D1
Talk About a
Revolution
ROSE MARIE CROMWELL FOR THE WALL STREET JOURNAL
An American traveler, returning to Cuba after a 20-year
absence, sets out on his own to explore the countryside by
bicycle—bumps in the road be damned
ROLL CALL Clockwise from top: A home in Viñales National Park; a rum tasting in the park; salsa at Cayo Jutías; wheels on offer at Bike Rental & Tours Havana; a cowboy at Viñales National Park.
BY ROBERT P. WALZER
M
Y LAST TRIP to Cuba had been in
1997 when the country was still enduring the periodo especial—the euphemistically dubbed “special period”
of deprivation after the Soviet Union’s
collapse. At that time, traveling under a journalist visa, I
noted roads devoid of cars and bare store shelves. Despair and paranoia pervaded the air, with Cubans miming a long beard when criticizing Fidel Castro rather
than speaking his name out loud.
I found things distinctly different during my trip to
Cuba two months ago, nearly two years into the U.S.
government’s easing of travel restrictions. Cars
abounded (new Japanese and Chinese models among
the more common ’50s Chevys and Fords). Small private
businesses were ubiquitous, especially the B&Bs called
casas particulares and restaurants called paladares.
Most Cubans were still struggling, though many had accumulated some wealth as capitalism made strides.
For weeks, I had planned a cycling trip in Cuba with
my old friend Rob from London. We would meet in Havana and ride about 120 miles west on rented bicycles
through small towns until we reached Viñales, a rural
tobacco-cum-tourist town surrounded by farms and
limestone outcroppings. Upon our arrival, it took Tito
Servitje, the Spanish-Catalan owner of Bike Rental &
Tours Havana, five minutes to talk us out of our plan.
“You’ll waste a lot of time riding there,” he said. “Grab a
bus to Viñales and then take day trips from there. It’s
gorgeous.” After taking one look at the “good” bikes
Tito had promised us by email—actually old, heavy, steel
clunkers with worn tires—we decided this was sage advice. (Newer models have since arrived, I’m told.)
We rode our bulky rentals to Havana’s Viazul Bus
Station, a microcosm of Cuba’s unpredictability and underdeveloped infrastructure. The experience involved
waits on multiple lines, a broken computer and indifferent staff. Cuba has long had unique rules of engagement. But personal relations and humor helped grease
the wheels of cooperation. So, Rob and I, who are both
fluent Spanish speakers, chatted up various agents,
Please turn to page D8
[ INSIDE ]
THE HOUSE OF WORTH
Who knew Edith Wharton was also a sage
of interior design? Her tips D4
CHICKEN SALAD, HOLD THE BOREDOM
This mayo-free version of the classic will
renew your appetite D6
THE BELL-BOTTOM LINE
Flared pants: appealing or appalling? Two
writers take sides D2
GO LONG
With more men growing out their hair,
shagginess is losing its stigma D3
.
D2 | Saturday/Sunday, January 13 - 14, 2018
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
LOVE/HATE RELATIONSHIP
A Flare-Up Over Flares
Bell-bottom pants return—and the differences between the pro and con camps are wide
WHY I LOVE THEM
ALLOW ME to be candid: The best
thing about flared pants is that, in
all of their loose, swishy glory, they
feel like pajama pants—but look incalculably more elegant. The exaggerated shape of flares helps you
appear dressed up without resorting to a dress, especially valuable in
the frigid winter months. Instead of
wearing a frock to my friend’s holiday party, I chose the warmth of
burgundy corduroy flares from
Acne. Paired with heeled boots and
a swingy top, they were more than
festive enough for the occasion.
Contrary to belief, flares aren’t
just for the tall. The key is finding
the right ratio between the width at
the knee and the leg opening, according to Catherine Holstein,
whose label Khaite offers a number
of bell-bottom styles. For shorter
sorts, an excessive jump in width
“can take away from the elegance,”
she said. Another rule? Flares
should always be worn with a heel.
Flared trousers are versatile.
These days, you can wear them
cropped or baggy, flouting the con-
WHY I HATE THEM
ventional wisdom that flares must
be hemmed to one specific shoe
height. They are a true day-to-night
style, complementing almost every
type of top. In the 1970s, Jane Birkin, a founding mother of flares, alternated between T-shirts, billowing
blouses and skinny turtlenecks.
They make the monochrome trend
easy to pull off, too—I add a navy
sweater to my second-favorite
flares, a pinstriped navy wool pair
from the J.W. Anderson and Uniqlo
collaboration, and voilà, a chic, cohesive outfit is born.
The one variety I’ve yet to embrace is the super-flare, the type
that balloons out recklessly from a
tight knee. To style this more challenging cut, said Ms. Holstein,
“you’ll never go wrong with looking
to history to predict the future.”
She recommends turning to images
of Birkin or Françoise Hardy for
guidance. And if your New Year’s
fashion resolution is to embrace
bolder style, the super-flare might
just be the way to go.
—Lane Florsheim
FLARED PANTS scare me. Not in
the spine-tingling way a horror
flick does; it’s more a feeling of
“how do I sensibly walk in pant
legs as voluminous as a wedding
gown?” Truth be told, I’m prone to
tripping, especially when fabric
pools around my feet, but that’s
exactly how designers at brands
such as Chloé, Sonia Rykiel and
Prabal Gurung tailored their pants
for this resort season. I envision
myself mincing anxiously down the
subway stairs, excess fabric jutting
out below my knees, jostled by
commuters annoyed by my tortoise-like pace. That’s not my idea
of fashion success.
Tailor Malisa Bowman, owner of
In-House Atelier in New York, has a
solution for the flare-averse:
cropped ones, which hit about 4-6”
above the ankle, so that extra fabric
won’t trip you up. And I’ve been
told that if you hem longer pairs
correctly and choose the right
shoes, unintentional pratfalls
shouldn’t be a problem. New Yorkbased tailor Michael Velasquez,
who’s worked with Madonna and
Lady Gaga, suggested wedges.
“They give you height with stability,” he said. When getting pants
hemmed, bring the shoes you plan
to wear along, so your tailor can
abbreviate the trousers accordingly.
(Downside: You’ll always have to
wear that pair with them!) Also, ask
your tailor for a ¼” hem allowance
(rather than the usual 2-3”) as anything wider can snag a heel and
send you sprawling.
On that note, let’s just say that
this new breed of flared pants
won’t be bringing me down, since
I won’t be wearing them. To fully
disclose why I dislike them, I’d
have to dredge up whiny childhood
resentments toward my older sisters, who looked bitchin’ (a compliment in the ’70s) in bell-bottoms. My sisters, so self-assured
and worldly, seemed as sleek as
Cher in their hip-huggers and
pleather car coats. Me, I couldn’t
strut my stuff like that, especially
in those wide-legged pants.
—Donna Bulseco
From top: Argyle Flares,
$1,300, gucci.com; Derek
Lam 10 Crosby Flares, $385,
dereklam.com; Khaite Flares,
$780, stylebop.com; Demitria
Flares, $285, theory.com
FÊTE ACCOMPLI A GOOD-LOOKS GUIDE TO RECENT EVENTS
Dark Victories
The stars donned black at the Golden
Globes—but, in a sea of noir, some still
stood out. We hand out our own awards
Most Targeted
Use of Color
Most Fashiony
Statement
Claire Foy
advocated for gender
equality in a stylish
Stella McCartney
tuxedo. An orange-andwhite beaded bull’s-eye
on Allison Williams’s
Armani Privé gown
was a brighter
touch.
Caitriona Balfe’s offthe-shoulder gown,
complete with a built-in
choker, puff sleeves and
a peplum worked
because…it’s Chanel!
Most Likely to Invest
In Corgis
Classiest
Classic Tux
In this regal Christian Dior Couture
number, Jessica Biel appeared
to be auditioning for season
three of ‘The Crown.’ Daniel Kaluuya’s simple
Gucci shawl collar and
patent-leather dress
shoes argued against
trying too hard. Best Throwback
GETTY IMAGES
Best Victor/Victoria
Moment
The hair! The velvet! The
plentiful diamonds! Viola
Davis oozed old-school
glamour in her Brandon
Maxwell gown.
Best Head-To-Toe
Black
Most Likely to Attend
A Funeral in Capri
Most
Tinker Bell-esque
Justin Timberlake in
Dior Homme, one of the many
men who committed to
a total blackout.
Tracee Ellis Ross turned
heads in a Marc Jacobs gown
and turban, not to mention
the perfect red lip.
With its lace ruffles floating
down the back, Nicole
Kidman’s Givenchy gown
gave her wings.
Most Fervent
Modest Mention
Oprah, in Atelier Versace,
accepted the Cecil B. DeMille
Award with a fiery speech that
prompted manic speculation
about a 2020 presidential run.
In an elegantly conservative
Victorian-style gown by Louis
Vuitton, Alicia Vikander
evoked a social-butterfly
version of Jane Eyre.
GETTY IMAGES (COELHO); F. MARTIN RAMIN/THE WALL STREET JOURNAL (DEREK LAM, DEMETRIA); DAVID CHOW FOR THE WALL STREET JOURNAL (2); STYLING BY JILL TELESNICKI
BELL EPOCH
Flares have strode back
into style, as demonstrated
by blogger Camila Coelho,
in Louis Vuitton, outside
the spring 2018 Paris
Fashion Week shows.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | D3
* * * *
STYLE & FASHION
Pumped Doesn’t Rule
A lot of guys despise amped-up, neon workout gear splattered with logos. Luckily, quieter, minimalist garb is trending
BY SCOTT CHRISTIAN
GETTY IMAGES (SCHWARZENEGGER); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (TOPS, SHORTS); DAVID CHOW FOR THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (JACKET)
F
OR SOME TIME now, dressing
for a workout has meant confronting a sartorial dilemma:
You either head out in dowdy
sweats a la Rocky Balboa, or you
parade around in garishly logo’d workout
gear like some human Nascar speedster. The
latter might tempt an athlete eager to maintain a seven-figure sponsorship deal. But the
average Joe who just wants to burn some
calories might welcome a more aesthetically
restrained option—especially if it features
the latest in fabric technology and has a
higher style quotient than Rocky’s sweatpants. Fortunately, a few upstart brands are
providing just that.
“When I moved to New York, wearing a
big Swoosh or Under Armour’s [slogan]
‘Protect This House’ was not speaking to
me,” said Gregg Cohenca. And given the
minimalism of most Manhattanites, he wagered that other guys were equally turned
off. So Mr. Cohenca founded Jacques, a new
performance-wear brand that prioritizes
sharp, low-key style; it features no outwardfacing logos and a muted color palette inspired by natural materials. It’s an antidote
to the garishness of most workout clothes,
with their neon colors and logos visible
from Mars.
Other players in this market find maximalism downright ugly. “You feel like you’re
lit up like a Christmas tree when you are
out running,” said Tim Soar, founder of London-based brand Soar Running, which
makes monochromatic windbreakers and
tops. And it’s not much of a leap to think
that feeling comfortable with your look
could boost your confidence at the gym.
Of course, streamlined style is only one
part of the equation—men also want activewear with moisture wicking, four-way
stretch and odor control, three things
Jacques’s performance fabrics offer, said Mr.
Cohenca. For his part, Mr. Soar sources laminated fabrics from Japan, woven fabrics
from Italy and technical fabrics from Switzerland. Gabriella Kelly, head of marketing
for Satisfy, another scrupulously subdued
running-apparel brand, points to its Justice
fabric, a lightweight and breathable material
inspired by medical bandaging that it says
is 35% lighter than industry-standard sports
fabrics and dries twice as fast.
One final benefit: Stripped of the noisy,
blatant graphics, these minimalist clothes
can be worn away from the gym. We might
try strolling into a Sunday brunch in them.
But don’t get carried away. Unless your office has Excessively Casual Fridays, steer
clear of work.
SHINY HAPPY PERSON
This 1985 Arnold
Schwarzenegger look
exemplifies what’s out.
SWEAT-SHOPPING // LOW-KEY WORKOUT APPAREL THAT WON’T DISTRACT FROM YOUR STRIDE
Understated Pullover
Just Enough Zip
Quiet Duo
And Wander Top, $240, mrporter.com
Jacket, $225, soarrunning.com
Top, $95, and Shorts, $135, jacquesnyc.com
Let’s All Get Along
Attitude check: How you view today’s generation of long-haired men says more about you than them
SEAN MCCABE
BY JACOB GALLAGHER
LENGTH IN NUMBERS The new hair club for men. Clockwise from top left: Kit Harington, Bradley Cooper, Dev
Patel, Jared Leto, Chris Hemsworth, River Phoenix, Brad Pitt, Orlando Bloom, Timothée Chalamet, Keanu Reeves.
JOSEPH KEEFER’S hair is longer
than his girlfriend’s. Falling well
past his shoulders, his mane outflows that of many members of
the opposite sex. Yet the Los Angeles-based men’s fashion consultant wouldn’t think of chopping it
off anytime soon. “At some point
I’ll cut it when I’m older,” he said,
“but I’m 34 and I’ve gotten this
far, so I’ll hold onto it for a while.”
That Mr. Keefer has managed to
“get this far” without incident
shows just how acceptable long hair
on men has become. Turn on “Game
of Thrones” and you’ll spot Jon
Snow (Kit Harington) tossing his
trademark mop around militantly.
Attend a New York Mets game and
watch pitcher Noah Syndergaard
throw fastballs, his blonde ’do
streaming out from beneath his cap.
Walk through an airport as I did recently, and 20-something men
sporting Farrah Fawcett waves will
have you doing double takes.
Of course, historically, it’s not as
if crew cuts were the only option.
In the 1968 Rolling Stones documentary “Sympathy for the Devil,”
Mick Jagger and Keith Richards’s
shaggy coifs are on full display. In
the 1990s, the late actor River
Phoenix was a Rapunzel-haired
heartthrob. And if you want to get
biblical, there’s always Samson’s
abundant hair.
Though long-haired men are
still not the norm, their ranks are,
yes, growing, and while there are
still critics who find the look unacceptable, they’re starting to seem
out of touch. Even Samson is enjoying a renaissance: An action-
movie reboot of the tale is coming
in February, its hero sporting the
requisite down-the-back hairdo.
As a Sikh, New York architectural designer Harry Chadha, 24,
lets his hair grow naturally for religious reasons. It’s only recently
that he’s noticed so many other
adopters. “I joke that I’m the original,” said Mr. Chadha. When asked
why he thinks others are resisting a
clip, he cited a loosening of standards when it comes to the male
image. “People seem freer about
their appearance,” he said. Though
it may sound implausible, Mr.
Keefer has found long locks easier
to maintain than a cropped cut. “I’ll
condition my hair, but I mostly just
run a brush through it before I
shower and wash it,” he said.
There are complicating factors,
however. Some guys think long hair
has an expiration date. “Once it has
a lot of gray, your hair might not
look as good,” conceded Charles
Mangan, a marketing director for
Bravado, a New York merchandise
and brand management company.
Like others quoted, he is under 35
and feels that, trendy as it may be,
long hair works better on those
who haven’t yet encountered the
scourge of gray hair and bald spots.
Men like Colin Farrell and Brad
Pitt—once long-haired icons—have
shorn their locks as they have gotten older.
Still, it is worth noting that in
many workplaces (if not, say, the
Senate), long hair is no longer verboten; none of the men I talked to
had faced any censure at work. So if
you look askance at a guy for his
shag, ask yourself whether you
want an outlook that’s increasingly
out of fashion.
.
D4 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
DESIGN & DECORATING
“If proportion
is the good
breeding of
architecture,
symmetry...may
be defined
as the sanity
of decoration.”
PIETER ESTERSOHN (BEDROOMS); DON FREEMAN (3)
UNBALANCING ACT
In this New York apartment
library designed by Mr.
Jayne, an Italian mosaic
fireplace provides a focal
point, which he flanked
symmetrically with mirrors,
sconces and built-in oak
bookcases. Further establishing a strong architectural
balance in the Wharton tradition: a grid-like coffered
ceiling with a light fixture
dead center. The asymmetrical upholstered seating—a
pair of sofas might have
been more predictable—deliberately upsets the order,
creating a pleasant tension.
“I admire symmetry,” said
Mr. Jayne, “but you can’t
maintain it absolutely without looking foolish. It is
particularly wonderful when
you break it....The genius is
having a symmetrical frame
so it all looks at ease.”
Edith Wharton’s
Words of Wisdom
Decorating advice more than a century old
doesn’t seem fusty to designer Thomas Jayne
BY MIEKE TEN HAVE
I
N THE EARLY 20th century, the American author
Edith Wharton wrote of
her stately home and garden in the Massachusetts
Berkshires, “…this place, every line
of which is my own work, far surpasses ‘The House of Mirth.’”
Best known for prose that illuminated the complexities and
yearnings of the American elite
into which she was born, Wharton
was also an authority on classical
design. An autodidact, she modeled her estate, the Mount, after
an English 17th-century Restoration-style house. Open to the public, it now draws thousands of visitors a year.
In 1897, five years before the
publication of her first novel,
Wharton co-wrote “The Decoration
“Since bedrooms are no
longer used as salons, there is
no reason for decorating
them in an elaborate manner;
...in this part of the
house simplicity is the
most fitting.”
A KIND OF HUSH When applying Wharton’s dictate to simplify bedrooms, said Mr. Jayne, “the trick is to make an interesting quiet room as opposed to a cop-out quiet room.” In
this Pennsylvania space, he enlisted various textures—a cashmere throw, silk curtains and wallcovering, striéd wool carpet—in muted shades of gray, cream, white and pale blue.
“What bolsters the seeming simplicity is many colors so close
in value they all blend together,” he said. The moody paintings, by Gerhard Richter, play against the otherwise neutral
room but are still serene. “The bold colors of, say, Andy Warhol’s Soup Cans wouldn’t work,” said Mr. Jayne.
of Houses” with architect Ogden
Codman, Jr. This treatise on residential design remains of lasting
interest to contemporary designers, including Thomas Jayne,
known for interiors that artfully
embrace and refresh historical tradition.
“‘The Decoration of Houses’ was
a remarkably practical book that
explains not just how but why you
do something,” said the New Yorkbased Mr. Jayne, also a chair for
that city’s Winter Antiques Show
later this month. “And then of
course there’s the whole literary
quality of it.”
He has revisited the book’s maxims in a new guide of his own,
“Classical Principles for Modern
Design” (Monacelli). In it, as here,
he illustrates Wharton and Codman, Jr.’s dictums through the lens
of his own designs—taking the odd
liberty in modernizing their spirit.
“It should be borne in
mind of entrances...that,
while the main purpose of
a door is to admit,
its secondary purpose
is to exclude.”
“Architectural features...are part of the organism
of every house, inside as well as out.”
FOYER CONSIDERATION Ms. Wharton
believed homes should have distinct public
and private spheres. “A vestibule signals you
are entering into a private, protected space,”
said Mr. Jayne, who created one in this Montana lodge. After surrounding a fir and metal
front door with glass sidelights and a transom, he delineated a type of antechamber by
erecting a second frame with its own glass
sidelights and transom. “It lets in the light
but doesn’t show too much to the outside
world.” Mr. Jayne selected a slate floor that
also marks the entrance space as separate
from the home’s wood-floored main areas.
“In decorating the walls of a room,
the first point to be considered
is whether they are to form a background for its contents, or to
be in themselves chief decoration.”
STAR PLAYER The immersive landscape wallpaper by Gracie
Studio established the agenda for this Manhattan bedroom. White,
cream and violet hues subjugate the textiles to the wallcovering’s
palette. “You don’t see any one thing first when you walk in,” said
Mr. Jayne. “We used curved forms for the upholstery and chairs to
treat the room holistically.” This room, he added, adheres to Wharton and Codman’s rule, though in an unpredictable manner, that
rooms have a cornice and base for visual harmony. Mr. Jayne
added base molding, “but the way the paper’s painted, the sky
acts as a cornice,” he said. “It was a kind of accidental genius.”
STRONG BONES
Wharton believed that
architecture, both interior
and exterior, was key to
successful decorating. In its
absence, Mr. Jayne creates
it. When he found a series
of original 18th-century
Chinoiserie panels at Christie’s Auction House in London, he turned to architect
Peter Pennoyer to create a
framework to showcase
them in this Manhattan
dining room. He also silverleafed the cornice and
moldings to boost the
room’s architectural gravitas. The vertical pilasters
and wall paneling serve the
classical imperative that the
base and cornice be visually
connected. Furthermore, the
cornice moldings extended
past the wall and onto the
ceiling. “It’s a good trick,”
said Mr. Jayne. “It makes a
short room seem taller.”
.
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D4B | Saturday/Sunday, January 13 - 14, 2018
NY
* ***
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THE WALL STREET JOURNAL.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | D5
* * * *
EATING & DRINKING
ON WINE LETTIE TEAGUE
THE RED WINES OF RIOJA, Spain,
are some of the most reliable
wines in the world. They are also
some of the most affordable: A
five- or six-year-old Reserva wine
can cost less than $20 a bottle.
But what do we lose in the name
of reliability? Can Rioja be a bit
too predictable sometimes?
Even fans talk about Rioja in
more practical than rhapsodic
terms. “I like Rioja. You can get
something okay for a cheap price,”
said my friend Allison, who buys
red Rioja quite often. She added a
few more complimentary words,
such as “fruity,” “soft” and “bold.”
Rioja is one of the best-known
wine regions in Spain with vineyards dating back thousands of
years. It’s dominated by high-profile bodegas and familiar brands
that are widely distributed and
easily found in stores, thanks in
part to collective marketing efforts
over the past several decades. According to New York-based North
American trade director of the
DOC Wines of Rioja, Ana Fabiano,
there have been Rioja campaigns
of one kind or another in the U.S.
for over three decades.
Though the Romans were the
first to plant vines in Rioja, the region really owes its modern reputation to 19th-century winemakers
from Bordeaux. In the mid-1800s,
when the dreaded vineyard louse
phylloxera decimated Bordeaux
vineyards, their winemakers traveled to Rioja in search of phylloxera-free vines.
Bordeaux producers brought advanced winemaking techniques to
the region. Bodegas founded back
then and still prominent today include La Rioja Alta, Marqués de
Riscal, R. López de Heredia and
Marqués de Murrieta. These
brands are among the top 20 that
account for 70% of Rioja wine imports in the U.S. today, according
to Ms. Fabiano.
Although the region has strong
historical ties with Bordeaux,
many wine professionals have
compared Rioja reds’ soft, approachable character to that of
their counterparts in Burgundy.
Extended aging in barrel and bottle softens the wines’ tannins. In
fact, aging is so important in Rioja
PEP MONTSERRAT; F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLES)
Pour On the Oak: Rioja’s Reliably Aged Reds
that the region’s wines are classified according to how long they’ve
been aged.
The youngest reds, aged just a
few months before they’re released,
are simply labeled Rioja (sometimes
called Joven) and sport a dark
Gran Reservas, the
top wines made only in
the best vintages, are
aged at least five years
in oak barrels and bottle.
green “trust seal” on the back label.
The next-youngest wines, designated as Criazna, are aged at least
two years in barrel and bottle and
marked with a bright red seal.
Reserva wines are aged at least
three years in barrel and bottle
(and often longer), and sport a dark
Burgundy-colored seal. Finally, Gran
Reservas, the top wines made only
in the best vintages, are aged at
least five years in barrel and bottle
and often much longer; their seal is
royal blue.
The star grape of Rioja is Tempranillo. Some wines are produced
entirely from that grape, but most
are a blend of Tempranillo and several other red grapes, including
Garnacha, Graciano, Maturana Tinta
and Mazuelo. Often likened to Cabernet Sauvignon thanks to its dark
color, its aromas of black cherry,
spice and leather, and its often tannic nature (softened by that time in
oak), Rioja has also been compared
to Pinot Noir, the red wine of Burgundy, on account of notes of earth
and red fruit. (I’d say the Cabernet
comparison is more apt.)
Of course, the use of oak barrels
in fermentation and aging will influence the character of any wine,
and Rioja wines are practically ambassadors of oak. Traditionally the
wines are aged in American oak
barrels whose sweet vanilla notes
are a Rioja trademark—though today more Rioja producers age their
wines in a combination of French
and American wood, and some
modern producers even opt for an
all-French-oak treatment, resulting
in wines that are bigger and more
deeply colored and tannic.
Traditional producers dominate
in Rioja, and their wines are still
made very much as they always
have been, save, perhaps, for the
length of time spent in oak. Victor
Urrutia, CEO of Bodegas CVNE,
noted his winery once kept its top
wines in oak barrels for up to 20
years. “Now it’s more like 10
years,” he said—though he added
that their aim is to “make wines as
good as the very best that we did
in the past.”
CVNE (Compañía Vinícola del
Norte de España) is one of the oldest wineries in Rioja, founded in
1879 by two brothers whose descendants are still running it today. Each of its four different wineries has a separate brand or label;
two of its Cune label wines were
among the 15 Riojas I purchased
for my tasting. The wines ranged
from an $11 bottle of 2013 Marqués de Caceres Crianza to a $60
bottle of 2009 Bodegas Muga
Prado Enea Gran Reserva, though
most were priced between $15 and
$25. The selection spanned the full
range of aging categories too, from
Joven to Gran Reserva.
Many of the wines fit my friend
Allison’s description—soft, approachable, easy to drink and well
priced—though a few really stood
out. At the lower end of the price/
complexity scale, the 2014 Cune
Crianza ($12) was simply fun to
drink, a fresh and fruity, delicious,
juicy wine a bit like a Beaujolais
and a terrific deal. The 2008 La
Rioja Alta Viña Ardanza Reserva
Rioja ($25), fully mature and
marked by notes of red fruit and
leather, was also a great wine for
the price, as was the 2012 Marques
de Murrieta Finca Ygay Reserva
($20), a well-made, richly flavored
red with a dominant notes of oak.
It was more concentrated than its
counterpart from the same vintage,
the 2012 Marqués de Riscal
Reserva ($17), which was softer
and more approachable but lacking
in acidity.
Further up the scales of price
and complexity, the 2010 Cune Imperial Reserva Rioja ($40) was a
densely concentrated wine that
still needed some time to unwind.
Two other wines were immediately
drinkable and showcased classic
Rioja style: The 2005 R. López de
Heredia Rioja Reserva Viña Bosconia ($30), a plush, earthy, lightly
rustic red, was my favorite of the
entire tasting. The 2009 Bodegas
Muga Prado Enea Gran Reserva
Rioja ($60) was the priciest of the
group but also a truly exceptional
wine, full-bodied, richly layered
and beguiling with aromas and flavors that continued to unfold over
time in the glass. It’s a wine only
made in great vintages; there was
no Prado Enea produced in 2007
or 2008 nor in 2012 or 2013.
Maybe some of the Riojas had
been a little predictable. But when
wineries like Muga only produce
wines like Prado Enea in truly
great vintages, that’s Rioja reliability at its best.
Email Lettie at wine@wsj.com.
OENOFILE // RIOJAS THAT OFFER MORE THAN MERE PREDICTABILITY
2014 Cune Crianza
$12
This lively and juicy red
is what Victor Urrutia,
the CEO of CVNE, calls
a “lunchtime wine.” It’s
light and flexible, a
pleasure to drink in a
decidedly non-taxing
way—Rioja’s answer to
Beaujolais.
2012 Marqués de
Murrieta Finca Ygay
Reserva $20
A dense ripe red marked
by red fruit and spice,
soft tannins and toasty
oak, this Tempranillodominant red spent almost two years in
American oak, including
some new oak barrels.
2008 La Rioja Alta
Vin a Ardanza
Reserva Rioja $25
A medium-bodied blend
of Tempranillo and Garnacha, this savory wine
marked by fine tannins
and an earthy/tobacco
note is an exemplar of
old-school Rioja winemaking at a good price.
2005 R. López de Heredia Rioja Reserva
Viña Bosconia $30
This legendary winery
once blended Tempranillo
from its El Bosque vineyard with French Pinot
Noir. It no longer does,
but the wine remains
Burgundy-like: full-bodied,
slightly rustic, yet elegant.
2009 Bodegas Muga
Prado Enea Gran
Reserva Rioja $60
Made only in exceptional
vintages, this blend of
Tempranillo, Garnacha,
Mazeulo and Graciano is
aged over six years in
barrel and bottle. It’s
wonderfully rich and vibrant with silken tannins.
Chile-Rubbed Trout With Tomato-Kale Sauté
GROWING UP in the state of Veracruz,
about an hour inland from Mexico’s Gulf
coast, chef Gonzalo Guzmán got used to
home cooking full of flavor. “Everyone in
my family is a really good cook,” he said.
His first Slow Food Fast recipe—a chilerubbed, seared trout fillet served with a
spicy tomato-kale sauté—may not be
strictly traditional. But it delivers a vivid
taste of where he’s from nonetheless.
TOTAL TIME: 25 minutes SERVES: 4
The Chef
Gonzalo Guzmán
His Restaurants
Nopalito, two
locations in San
Francisco
What He’s
Known For
Real-deal regionalMexican cooking
that makes
the most of
San Francisco’s
market produce.
The dish also draws on what he learned
working at top San Francisco restaurants—
in particular, a respect for local produce. “I
cook the greens 75% of the way, until they
just wilt and become al dente,” he said. The
jalapeños, onions and tomatoes in the
sauté mirror the colors of the Mexican flag.
“We call this ‘a la Mexicana,’ ” Mr. Guzmán
said. “The combination of flavors really
works.” —Kitty Greenwald
2 dried chiles de árbol,
stemmed
2 cloves garlic, thinly
sliced
Kosher salt
3/
4 cup canola or other
neutral oil
4 (6-ounce) trout fillets,
skin-on and about
1/
2 -inch thick
1 small onion, thinly sliced
1 jalapeño, stemmed
1. Make chile oil: In a small skillet over medium heat, toast chiles on both sides until
darkened and aromatic, about 2 minutes. Use
a mortar and pestle or heavy knife to smash 1
garlic clove with a pinch of salt to form a
paste. Add chiles and smash to incorporate.
Mix paste into ¼ cup oil. Season with salt.
2. Rub ¾ of chile oil into fillets. Set remaining
chile-oil aside for later use. Marinate trout at
room temperature at least 5 minutes.
3. Pour 3 tablespoons canola oil into a large
sauté pan over medium heat. Add onions, remaining garlic and jalapeños. Cook until onions
soften, about 5 minutes. Add tomatoes and
cook until reduced by a third, about 5 minutes.
and diced
2 bunches kale, stems
removed, leaves cut into
ribbons about 1 inch wide
2 cups canned diced
tomatoes
4. Meanwhile, heat 2 tablespoons oil in another large sauté pan over medium heat. Add
kale and sauté until wilted, about 3 minutes.
Stir kale into tomato sauce, increase heat to
high and cook until flavors meld, about 1 minute more. Season with salt. Wipe clean pan
used for kale.
5. Set cleaned pan over medium-high heat.
Add remaining oil. Once oil is hot, add fish,
skin-side down. Reduce heat to medium and
sear until skin crisps, about 4 minutes. Flip
and sear until flesh is just cooked through and
flakes when pressed, about 3 minutes more.
6. Serve fillets over kale sauté and drizzle reserved chile oil over top. Serve immediately.
PEPPER-UPPER Quickly toasting the chiles de árbol before adding them to
the dish brings out their complex, smoky, floral notes.
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY SUZIE MYERS; ILLUSTRATION BY MICHAEL HOEWELER
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
.
D6 | Saturday/Sunday, January 13 - 14, 2018
NY
* ***
THE WALL STREET JOURNAL.
EATING & DRINKING
Don’t Be
A Chicken
When it comes to chicken salad, that is.
Trade the mayonnaisey version for this
bold, fresh take from southwest China
BY MARI UYEHARA
For brining:
2 tablespoons kosher salt
4 cups water
3 medium chicken breasts
For the pickled onions:
1 cup rice vinegar
1/
4 teaspoon dried tarragon
1/
4 teaspoon dried thyme
1/
2 teaspoon dried basil
1/
2 small stick cinnamon,
broken into pieces
1 medium-large red
onion, slice into 1/2 -inch
rings
2 tablespoons sugar
2 teaspoons salt
For the pickled mustard
seeds:
1/
4 cup yellow mustard seeds
1/
4 cup water
21/2 tablespoons rice vinegar
1 tablespoon plus
3/
4 teaspoon sugar
¼ teaspoon kosher salt
For poaching chicken and
assembling salad:
3 tablespoons Shaoxing
cooking wine or sake
4 scallions, white part only
3 (4-inch) pieces ginger,
thinly sliced
2 tablespoons fish sauce
2 tablespoons red chile
sauce, such as
sambal oelek
1 tablespoon chopped
shiso leaves, plus whole
leaves for garnish
1 tablespoon chopped
culantro or cilantro,
plus whole sprigs for
garnish
1 teaspoon chopped Thai
basil, plus whole leaves
for garnish
1 teaspoon chopped
fresh laksa leaves or
mint leaves, plus
more whole leaves
for garnish
Zest of 1 lime and 1 lemon,
plus juice of 1/2 lime and
1/
2 lemon
No mayonnaise here.
Brining then gently
poaching the
chicken makes it more
than moist enough.
Fish sauce and lemon
and lime juices provide
layers of umami flavor
and bright acidity.
Copious fresh herbs
and pickled onions
and mustard seeds
give the salad crunch
and texture.
SET A NEW SALAD COURSE The ghost chicken at Little Tong in Manhattan.
1. In a medium pot, combine
kosher salt and cold water. Set
over low heat and stir just until
salt dissolves. Remove from
heat and cool to room temperature. Add chicken breasts to
cooled brine, cover and refrigerate 6-8 hours or overnight.
2. Make pickled red onions: Mix
rice vinegar, dried tarragon,
dried thyme, dried basil and cinnamon in a bowl and set aside.
In a separate bowl, mix sugar
and salt. Add onions to sugarsalt mixture, stirring to coat
evenly. Cover and let onions rest
and sweat 1 hour. Add vinegar
mixture to onions. (This can be
done up to 1 month ahead.)
Roughly chop 3 tablespoons
pickled onions and set aside.
Reserve the rest for garnish.
3. Make pickled mustard
seeds: Mix mustard seeds,
1/
4 cup water, rice vinegar, sugar
and kosher salt in a small pot.
Set over medium-high heat
and bring to a boil. Reduce
heat to low and simmer until
the mixture becomes syrupy,
about 8 minutes. Let cool,
then refrigerate until ready to
use. (Pickled mustard seeds
will keep up to one month in
an airtight container in the refrigerator.)
4. Drain chicken breasts and
discard brine. Fill a large pot
halfway with water and bring
to a boil over medium-high
heat. Add Shaoxing wine, scallions and ginger. Add chicken
breasts and let water come
back to a simmer. Once sim-
mering, turn off heat, cover
and set aside for 25 minutes.
Remove chicken breasts and
place in a bowl of ice water to
cool. Once cool, use your fingers to tear chicken breasts
into large shreds.
5. Toss chicken with fish
sauce, 3 tablespoons pickled
red onions, 2 tablespoons pickled mustard seeds, red chile
sauce, shiso, culantro, Thai
basil, laksa leaves and lemon
and lime zests. Let everything
marinate 15-30 minutes in the
refrigerator. To serve, drizzle in
lime and lemon juices, and garnish with additional whole
herbs and pickled onions.
—Adapted from Simone Tong
of Little Tong Noodle Shop,
New York City
BITS & BITES NEWS YOU CAN EAT
THE DRINK
UPGRADE YOUR
SEAT ASSIGNMENT.
Paradise is just a short flight away.
Now, Palm Beach’s best is even more enticing. In addition to our private beachfront,
world-class amenities, gracious service, and unparalleled seaside glamour, experience
our newest enhancements like the ultra-luxurious Flagler Club—a boutique hotel atop
The Breakers, and the newly transformed Seafood Bar—a bespoke dining destination
featuring a magnificent aquarium bar and breathtaking, panoramic ocean views.
A Mighty Mug
Combine the toasty richness of hot cocoa
and the nuance of the finest tea, and you
get this satisfying blend from Rodrick
Markus, master tea blender and
owner of Rare Tea Cellar in
Chicago. To craft his 2012
Vintage Barrel-Aged Hot
Chocolate Pu’erh, Mr.
Markus ages pu’erh, a
Chinese tea prized for
its fermented funk, in an
oak barrel for 5-6 years
to mellow the tannins.
He then adds fresh-roasted
cacao nibs to mingle with the
tea, imparting a chocolaty warmth.
The final touch: Madagascar vanilla
beans for a soft, baked-good sweetness. The dark earthiness of the
pu’erh picks up where the intensity
of the cacao leaves off. It’s the
power couple of hot beverages.
$55 for ¼ pound at rareteacellar.com
THE INGREDIENT
Something Nutty
THE SWEET
Open Sesame
To learn more, visit thebreakers.com, call 855-318-0628
or consult your travel professional.
Halva, the Middle Eastern
sesame-paste confection,
was for the longest time relegated to international food
stores and the kosher aisle
of the supermarket. Now it’s
enjoying a renaissance. One
shining example: the handmade halva from Hebel &
Co., a Los Angeles-based,
husband-and-wife operation
run by Katie Gurvin, 35, and
Scott Hebel, 41. Mr. Hebel,
who grew up eating his fair
share of halva when visiting
family in Israel, became obsessed with the idea of cre-
ating a better version here
in the U.S. Ms. Gurvin
brought her experience
working in restaurants to
the collaboration. Their
halva, made using organic
tahini from Philadelphiabased Soom Foods, is the
genuine article: a firm block
that breaks into shards,
crackles between your teeth
and dissolves into a creamy
mouthful. Choose from a
range of flavors including
best-selling nigella-pistachio,
a peppery chai and rich
Madagascar vanilla—if
you can. $12 for a block at
hebelco.com
The hazelnuts grown in Cravanzana, a tiny town tucked away in
the mountainous Alta Langa region
of Italy’s Piedmont, possess a remarkable depth of flavor. High altitude makes for cool nights and
slow ripening, while the sea breeze
from bordering Liguria lends a
complex minerality. The ones pictured below come from trees
tended by a trio of childhood
friends—Giorgio Rosso, Marco Sobrero and Marco Torrero—who
gather the hazelnuts by hand and
cure them in the sun before shelling, roasting and vacuum sealing
them. They’ll make an impression
wherever you put them, whether in
cookies, in tarts or directly in your
mouth. $18 for 250 grams at gustiamo.com —Gabriella Gershenson
F. MARTIN RAMIN/THE WALL STREET JOURNAL
I
NEVER HARBORED
any hard feelings toward chicken salad.
But it always struck
me as extraordinarily
blah: parched chicken slicked
over with mayonnaise, bits of
celery or sweet raisins doing
the dish no favors.
Then I visited Little Tong
Noodle Shop, a newish Chinese restaurant in Manhattan’s East Village. There, chef
Simone Tong serves a fresh
version in which tender
chicken tangles with Thai
basil, mint and other herbs,
as well as pickled red onions
and fermented chilies—not a
lick of mayonnaise in sight.
Ms. Tong’s salad bears no
resemblance to the AmericanChinese chicken salad, that
1960s-vintage jumble of cabbage, Mandarin oranges and
deep-fried wontons. Instead,
this chicken salad sets its
compass by the cooking of
Yunnan in southwest China.
Yunnan is the country’s most
culturally diverse province,
and this dish comes courtesy
of the Dai people. They call it
“ghost chicken” and serve it
for the Hungry Ghost festival.
“Once a year, everyone
comes home from other cities,” said Ms. Tong of the celebration, which she was lucky
enough to catch on a trip to
Yunnan. A chicken is boiled
and offered to the ancestors,
along with duck, fruits and
wine, in the hope of securing
peace, prosperity and health.
After the ceremony, the
chicken is shredded and
mixed with ginger, garlic and
herbs, and shared among the
revelers.
In Ms. Tong’s take, the
meat is much more tender,
poached ever so lightly with
Shaoxing wine, ginger and
scallions. She mixes in fish
sauce and both lemon and
lime juices, as well as plenty
of herbs: shiso, mint and Thai
basil, plus culantro and laksa
leaves, which can be swapped
out for easier-to-find cilantro
and mint. She also folds in
tongue-tickling crunch with a
few non-traditional additions:
fermented chilies (chili sauce
substitutes in the recipe at
right), pickled red onions and
pickled mustard seeds that
pop in your mouth like caviar.
Served as an appetizer at
Little Tong, this light, lovely
chicken salad makes a nice
lunch or dinner with a side of
rice noodles. The pickled
mustard seeds and red onions
can be used to enliven a taco
or sandwich, too, so be sure
to make a double batch. You’ll
want them around anyway—
this salad has a tendency to
become a habit.
Yunnan Poached
Chicken Salad
With Cilantro,
Mint and Citrus
ACTIVE TIME: 1 hour
TOTAL TIME: 71/2 hours
(includes brining chicken)
SERVES: 6
DAVID CHOW FOR THE WALL STREET JOURNAL
RECONSIDER
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | D7
* * * *
ADVENTURE & TRAVEL
So Far, So Good
Five pampering wellness resorts in far-flung
locales that make swell landing pads
W
HO SAYS you have to hit the ground running? It’s
natural to want to maximize your travel time, but
that doesn’t mean you have to plunge straight from
every grueling long-haul flight into a museum marathon or street-food binge. The next time you’re
headed to a faraway spot, consider reserving the first few days for recovery—from jet lag, cramped muscles and life generally. Destination
spas and wellness-focused resorts offer Ayurvedic treatments, meditation sessions and soaks in natural hot springs that are a potent antidote
to travel weariness.
And you don’t even have to choose between indulgence and adventure—the best properties let you dabble in cultural and wilderness experiences while unwinding, too. —Sara Clemence
OM TURF
The Oberoi Sukhvilas
Resort & Spa, India
Oberoi hotels are known for their palatial
feel and hyper-attentive service, but the
year-old Sukhvilas Resort & Spa, in the
forested foothills of the outer Himalayas,
puts an extra emphasis on wellness. At
the new spa, guests can take advantage
of an infrared sauna for intensive muscular relaxation, a Turkish hammam and
a Roman tepidarium (where heated
walls and floors gently relax the body).
More ambitious health-seekers can sign
up for one of the intensive programs—
for stress, weight management, detoxing or rejuvenation—which last for 7 to
28 days and are personalized by an
Ayurvedic doctor. The plans might involve Ayurvedic treatments, yoga, dietary
changes or mindfulness activities like gardening and forest bathing—meditative
guided walks in the woods. Several of the 60 guest villas and tents come with a
private pool, and the three eateries source their ingredients from local growers and
the on-site farm. From about $375 a night, oberoihotels.com
CREATURE COMFORTS
Bushman’s Kloof, South Africa
If you’re eager to look your very best when staring down wildlife, you’re in luck.
Set in an 18,530-acre game reserve a few hours outside of Cape Town, this Relais
& Châteaux property has four spa treatment rooms plus a stand-alone treatment
gazebo with views over the Boontjes River. Many offerings incorporate indigenous
ingredients, such as rooibos, Cape aloe and baobab tree oil. The foot ritual is especially geared toward tired travelers. Guests can go on hikes, fishing expeditions,
mountain bike outings or game drives in search of the resident zebras, lynx and
antelope, then sample the seasonal cuisine at the property’s three restaurants.
From about $273 a night, including meals and activities, karkloofsafarispa.com
Aro Ha Wellness Retreat,
New Zealand
Aro Ha, a 40-minute drive from
New Zealand’s adventure hub of
Queensland, offers a more rigorous
approach to wellness. Here the
rooms are comfortable but simple,
featuring recycled wood and organic
cotton linens, and the bathrooms
are shared (though only between
two rooms). Aro Ha’s signature
health program, which lasts for at
least four nights, includes daily yoga
sessions, hiking, interval training and
massage; the food is entirely plant-
TIME TO SHRINE
Amanemu, Japan
FJORD FOCUS
Puyuhuapi Lodge, Chile
Bid your Insta feed goodbye. On the edge of a fjord in
northern Patagonia, this lodge doesn’t have cell service,
Wi-Fi or TVs. What it does have are mineral springs, views
to the snow-capped Andes and an escape from digital inundation. The spa focuses on water-based therapy, with
indoor and outdoor thermal pools; treatments include an
algae wrap, in-water massages and varied baths (including
a wine soak). Opened in 1990, Puyuhuapi has serious ecocred: It was originally built from fallen trees, the springs
provide bathing water and heat, and the resort generates
shockingly little nonorganic waste. Off-property you can go
kayaking, hiking or boating—or just enjoy the fresh-as-canbe air. From $130 a night, puyuhuapilodge.com
Set among natural hot springs and sacred sites on
Japan’s southwestern coast, Amanemu is a modern
and luxurious take on traditional Japanese homes,
with pale-wood interiors and broad blue-tiled roofs.
The nearly two-year-old resort, the Aman group’s
second in Japan, offers digestive health, stress relief
and antiaging programs that last from 3 to 14 nights
and are customized for guests. Offerings involve everything from acupuncture to movement sessions,
macrobiotic meals to healing baths, in the 21,500square-foot spa. When you’re not engaged in selfcare, you can venture out to nearby attractions
around the surrounding Ago Bay, including one of
Shinto’s holiest sites, the centuries-old Ise Grand
Shrine, or go fishing
for catch that the hotel chef will later fry
up, tempura-style.
The property accommodates 24 suites
and four villas, each
with a private onsen
(hot-spring bath).
From about $987 a
night, aman.com
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based and gluten-free, to cleanse
and restore the body. The resort is
environmentally friendly—solar- and
hydro-powered, with the food kept
cool in cellars—and intimate, maxing
out at 18 guests per retreat. From
about $3,250 for a four-night retreat, aro-ha.com
CLOCKWISE FROM TOP: ARO HA; AMAN; AUGUSTO DOMINGUEZ; OBEROI HOTELS & RESORTS
HIMALAYAN HALE AND HEARTY
.
D8 | Saturday/Sunday, January 13 - 14, 2018
* ***
THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
A SPIN THROUGH NEWLY OPEN CUBA
ROSE MARIE CROMWELL FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
BRANCHING OUT
Cayo Jutías, on Cuba’s northwest
coast, a 40-mile bike ride from
the tourist town of Viñales.
The Cuba Quandary
Dissected
Visiting the island nation is simpler
than most American travelers realize.
Here, the essential intel
Is it legal to travel to Cuba on your
own? Yes. New Trump-era rules allow
individuals to visit Cuba in “support for
the Cuban people”—one of 12 categories of travel that require no special
authorization.
Continued from page D1
baggage handlers and a bus
driver for intel. We snagged two
handwritten tickets, finessed our
bikes into the bus’s hold and
hopped on.
Alighting from the bus in Viñales we were swarmed by business-card-thrusting owners of casas particulares eager to host us.
We took one of their offers and
headed to Villa El Croto in a
quiet spot outside the bustling
center, where our affable host
Tita rented us her two rooms for
$19 a day, including full breakfasts. The rooms, typical of a Cuban B&B, were basic (mine lacked
a toilet seat) but bright and
clean, with air conditioning.
The next day, Tita contacted a
friend to guide us on a walking
tour in Viñales National Park.
Cuba bans motorized farm equipment in the park’s Unesco-protected valley, where farmers guide
oxen-pulled tillers through rustred soil. The guide, 30-year-old
Maikel Valdez, comes from generations of tobacco farmers but now
works in tourism. He led us along
a tree-shaded path past fields and
fruit trees to a tobacco-processing
facility, where we sampled cigars
with the tips dipped in honey, as
is local custom. Mr. Valdez
praised Cuba’s universal health
care and education, but frankly
discussed the contradictions of
farm life. His family owns their
land, but must give the government 90% of their crops’ yield.
They also own cattle and horses,
but can’t slaughter them for food.
“This is the only country where
you can’t eat the animals you
own,” Mr. Valdez said. “If you kill
an ox you can go to jail for more
years than if you kill a human.”
My journey from New York to
Viñales, via Havana, was surprisingly easy. In the ’90s, as an
American, I could only travel on a
journalist visa through third-
Giant potholes forced
us to perform a new
sport: bike slalom.
world countries with the help of
foreign travel agents. This time, I
booked my Delta ticket online,
paying $480 for the four-hour
trip. On the Delta site, I ticked
the “people to people” education
category and paid $50 for a visa.
No questions asked. The week we
were in Cuba, the U.S. rules
changed (see “The Cuba Quandary Dissected”) but independent
travelers are still permitted.
A few years ago, President Barack Obama began to normalize
How can I arrange such a trip? Simply visit the website of any airline that
flies to Cuba, including American, Delta
and JetBlue, and make a reservation just
as you would with any other flight—then
choose “support for the Cuban people”
when the airline website prompts you.
Does Cuba require a visa? Yes. It’ll
cost $50 at your U.S. airport check-in.
Be sure to hang onto it. Cuban immigration authorities will require you to show
the visa when you leave the country.
PUFF ALONG From left: A cigar
demo at the tobacco-processing
center in Viñales National Park;
cyclists at the Mural of Prehistory.
relations between the U.S. and
Cuba, culminating in the renewal
of diplomatic ties in 2015 after a
54-year schism. President Donald
Trump’s new rules and rhetoric
against the Cuban government
sparked angst in Cuba, where erratic internet and media censorship often give way to conspiracy
theories and misperceptions.
Many locals worry about the loss
of dollar-toting Americans, hundreds of thousands of which have
visited Cuba in the past two
years. “People were starting to
get more money and make more
political demands,” said the
owner of a casa particular in Havana. “Now we’re going back to
the Dark Ages.”
Three days into our weeklong
Cuba cycling trip, having barely
mounted our bikes, we set off on
a 40-mile ride northwest to the
beach at Cayo Jutías. Several
people warned us about the poor
conditions of the road. But nothing prepared us for the giant potholes that forced us to perform a
new sport: bike slalom. Yet the
rural route’s scenery was sublime,
with jagged mountains covered
by fat-bellied palm trees and turkey vultures soaring gracefully
above. We passed two farmers on
a horse-drawn carriage enthusiastically belting out a song about
“life as a vaquero,” and oxen
dragging a lumber-filled sled.
Arriving hot and tired in the
town of Santa Lucia, we rejoiced
at the discovery of a shack where
a man was pressing sugar cane
stalks into juice called guarapo,
with an old iron contraption, and
serving it with crushed ice. Some
time later we rolled up to the
white sands of Cayo Jutías,
stripped off our sweaty gear and
plunged into the warm, clear waters. On a fall weekday, the beach
hosted only a handful of people—
mainly Europeans. We sat at a
seafront food shack and enjoyed
cold beers and fresh snapper as a
live salsa band serenaded us.
The next day we set off from
Viñales southwest by bike with
two destinations in mind, the
Caves of St. Thomas and the Mural of Prehistory. The color-saturated mural—painted in 1959 on
a massive rock face by Leovigildo
González Morillo, a Cuban disciple of the Mexican muralist Diego
Rivera—depicts natural history
up until the age of humans. We
found it garish, and viewed it
briefly from a distance without
paying the $2 entrance fee before
moving on. Further outside Viñales, about 11 miles from the
town, we arrived at the Caves of
St. Thomas, the largest cave system in Cuba. We joined a group
of Germans and Norwegians for a
guided tour, donning helmets
with headlamps, then walking up
a steep forested path to the cave
opening. Inside we saw unusually
shaped stalagmites and stalactites, bats, blind crickets and underground pools. Deep in the
cave, the guide instructed us to
shut off our headlights for a few
seconds of delicious darkness.
Biking back to Viñales, we
stopped and chatted with a man
roasting two pigs on a wood fire
alongside the road. He invited us
for lunch at his family-run paladar, Finca Emilio, and we spent
the next couple of hours chatting,
drinking Bucanero beer and eating a farm-to-table feast of
beans, yucca, rice and a wild pig
that was reared on the area’s
nuts and herbs. Rosa García Martínez served us the food and a
tea made from local herbs. We
sat on a wooden deck looking
over the spectacular Viñales Valley where Ms. Martinez’s husband toiled in the fields just below our perch. It began to rain
and a rainbow arrayed across the
valley. “We are simple people,
not educated,” she said. “We do
what we can to survive.”
Her words lingered the next
day as Rob and I crammed, along
with several others and our
bikes, into a ’50s-era Cadillac
hearse converted into a taxi for
our journey back to Havana.
Cycling There Reserve wheels
ahead with Tito Servitje at Bike
Rental & Tours Havana (about $15 a
day, bikerentalhavana.com) or try
one of several small, informal bike
rental outfits in Viñales for about
the same price.
Traveling There For help with reservations or an organized tour to
Cuba, try Cuba Education Travel
with offices in Miami. cubaeducationaltravel.com
How can I avoid running afoul of
those rules? It’s easy. Still permitted are
the private B&Bs, known as casas particulares, and restaurants, called paladares,
among many other businesses. Not on
the banned list, for example: The Sheraton Four Points Hotel and Hotel Inglaterra
as well as the Gran Teatro de la Habana
and the famed Havana ice cream parlor
Coppelia. The rules require American visitors to have meaningful interactions with
residents, a policy aimed at spurring
democratic change in the communist
country. Visitors must keep proof of their
interactions with Cubans for five years.
Receipts count, as do selfies with locals.
“You’ll be ok if you just make sure you
stay in private lodging and eat at private
restaurants, or visit a gallery or a community project,” said Collin Laverty, owner of
Miami-based Cuba Educational Travel.
So, why are some people worried
about traveling to Cuba now? After
Trump first issued threats and later
acted to modify the Obama-era policies,
many Americans, confused about the
new rules, canceled or postponed trips.
It didn’t help that, in September 2017,
the State Department issued a travel
warning after U.S. officials said American diplomats in Havana were attacked
with sonic weapons, and then reduced
the American Embassy staff in Cuba.
What remains of the Obama-era détente with Cuba? Most everything. The
U.S. and Cuba retain diplomatic ties.
Airbnb still operates there. U.S. airlines
still fly to Cuba, albeit on more limited
schedules since reservations have fallen
in recent months. Still, locals worry. One
B&B owner in Havana told me, “It’s like
a Michael Jackson dance: Sometimes
it’s hard to say whether we’re stepping
forward or stepping backwards.”
THE LOWDOWN // A SELF-GUIDED CYCLING TRIP IN CUBA
Staying There To see how a typical
Havana family lives, try Casa Jorge
Coalla Potts, a simple B&B on a residential street in the centrally located
Vedado section. From about $45 a
night, havanaroomrental.com. For
more luxury, book the Iberostar
Parque Central in Old Havana. From
about $448 a night, iberostar.com. In
Viñales, Villa El Croto, a few blocks
from the main drag, provides basic
accommodations. From about $19 a
night, 53-048695979
What did the Trump administration
change? In November 2017, the administration tweaked the policies established
by the Obama government. The new
rules bar independent travel under the
“people-to-people educational travel”
category, now requiring people who
choose that category to travel in guided
tours booked through U.S. agents. But
you can still travel as an individual under
the above-mentioned “support” category. “It’s a misunderstanding that you
must only travel to Cuba with a U.S.
company or representative accompanying you during your travels,” said Manny
Kopstein of California-based Cuba Travel
Adventures Group.
The Trump government also banned
Americans from patronizing about 180
Cuban military-associated entities, including hotels and some products (check
the Cuba Restricted List at state.gov).
Among the better known are the luxury
Gran Hotel Manzana Kempinski and the
former Ernest Hemingway haunt Hotel
Ambos Mundos, two state-owned lodgings in Old Havana. Certain products
such as the rum brands Ron Carney and
Ron Varadero also are banned.
What’s the risk that a sudden U.S.
policy change will ruin my trip?
“Changes in policy rarely take effect
overnight,” said Michael Baney of iJET
International, a risk management firm.
“And there isn’t significant desire, momentum or even ability in Washington
to effect an immediate change.”—R.P.W.
Visitors touring the Caves of St. Thomas, the island’s largest cave system.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, January 13 - 14, 2018 | D9
NY
* * * *
GEAR & GADGETS
From Zero to
Guitar Hero
BY JESSE WILL
MASTERING THE GUITAR is
a classic fantasy. But if you’re
wary of hiring a teacher
who’ll only show you the simplest chords while reminiscing about the time he opened
for Sugar Ray, consider going
digital. This might be the best
time in history to learn (or
relearn) the instrument from
home. Whether you’re a
rookie or a rusty old hand,
new online tools and apps
could fast track you to guitar
demigod status, provided you
put in the practice.
Dave Isaacs, a 20-year music veteran who instructs students in Nashville and across
the internet via Skype, said
much has changed since he
first picked up a guitar as a
cash-starved teen. “To learn a
song, I used to have to go to a
music store, open a book and
sneakily write the chords
down on my palm,” he said.
Now you can scour sites like
ultimate-guitar.com for
chords of more than a million
songs—even indie obscurities
like Ween’s “Spinal Meningitis Got Me Down”—and find
countless tutorials on YouTube, all free.
But there’s a catch. Most of
that information is created by
amateurs, for amateurs, so
your melodic rendition of that
Bon Iver anthem might not
ring true with the real ver-
sion. “Since anyone can post
anything, there are a lot of
inaccuracies,” Mr. Isaacs said,
warning that beginners can
get lost in an online maze of
data and quickly lose interest.
To introduce a more credible method—and maybe
hook prospective pros on its
brand—guitar maker Fender
recently launched Fender
Play ($9.99/month,
fender.com), a subscriptionbased app with polished,
professional videos that
touch on basic skills and emphasize contemporary music.
Unlike most grainy YouTube
tutorials, Fender’s videos are
filmed in 4K and edited with
footage from five cameras
angles that can be accessed
on your smartphone or tablet. An overhead view even
shows the fretboard from
the player’s perspective,
helping quash the struggle
to mirror fingerings of
someone sitting across from
you. The Fender program’s
strength is its quality and
consistency, great if you’re a
beginner with limited time.
You first choose a “pathway”—Rock, Folk, Blues,
Country or Pop—and are led
through a structured course
that alternates between mini
skill-building lessons and actual song challenges. Fender
Play currently hosts tutorials
for nearly 300 tunes, including the Ramones’s “I Wanna
be Sedated” and Lucinda Wil-
KATIE CAREY
The latest in music apps and online
tools will help you learn to shred like
Slash, no teacher necessary
liams’s “Car Wheels on a
Gravel Road.”
“We’re trying to get more
people to the ‘aha moment’
quicker—a recognizable riff
that’s really just two chords
and some strumming,” said
Ethan Kaplan, chief officer of
digital product at Fender. For
now, it’s one-sided: You learn
only through watching and
mimicking the instructor.
For real-time feedback,
albeit virtual, the app Yousician (free, or $9.99 to upgrade, yousician.com) turns
learning the instrument into
a videogame. Like the midaughts hit Guitar Hero, you
follow along with an animated fretboard as it scrolls
across the screen like a conveyor belt, playing each
note as a bouncing cursor
lands on it. But instead of
mashing colorful plastic but-
tons, you play on your real
acoustic or electric guitar
while the app rates you on
accuracy and timing, listening through your smartphone, tablet or laptop’s microphone. As each strum is
These apps turn
learning the guitar
into a videogame.
scored “Late,” “Too Early!”
or “Perfect!” you earn higher
star ratings and unlock new
levels, challenges, songs and
lessons.
For those who can’t get no
satisfaction playing a guitar
game, the Berklee College of
Music’s digital arm began offering live-streamed online
classes in 2016 that can even
earn you a bachelor’s of professional studies in guitar.
The 120-credit program includes core music curriculum, harmony and ear training, and offers one-on-ones
with skilled teachers from
Berklee’s Boston campus via
WebEx videoconferencing.
But the vast majority of
Berklee Online’s more than
8,000 pupils take 12-week á la
carte courses ranging from
Chords 101 to Advanced Blues
Guitar. Students include active military stationed overseas and touring pros like
Stefan Lessard, bassist for the
Dave Matthews Band, who
hones his skills with songwriting, music theory and
production coursework.
Newbies, though, may
want to start with Berklee’s
MOOC (massive open online
course) called “Introduction
to Guitar.” The class offers
hours of instruction videos
from faculty, as well as quizzes and an interactive online
forum. But unlike the bachelor’s degree ($59,160) or the á
la carte classes ($1,229 each),
this one is free.
As technology advances,
the next generation of rock
stars may even learn to
shred in augmented and virtual reality, noted Carin Nuernberg, Berklee’s VP of Online Education. “It’s going to
have a tremendous effect on
the online-lesson experience,” she said. “Soon you
could be seeing your instructor’s hand superimposed
over yours on the neck of
the guitar. We’re on the
verge of a huge shift.”
The Stairway to Heaven, it
seems, will be paved in pixels.
MY TECH ESSENTIALS
RIAN JOHNSON
The writer/director of ‘Star Wars: The Last Jedi’ on topsecret screenplays, killing time between takes and the eerie
similarities between Rome and a galaxy far, far away
I’ve racked up an embarrassing amount of time
playing Desert Golfing on
my iPhone X. It’s a lovely
little app. It’s so stupid.
Some horrible friend recommended it. I can’t remember who, but if I ever
do, I need to punch that
person in the face. The
most humiliating thing is I
think I have played more
than 1,500 holes on it.
THE NEW GENERATION
OF LUXURY
One thing I had with me on set and used every single day
was my Leica M6 35mm film camera from the 1980s. I
bought a ton of very high-speed, black-and-white film, had
the camera on my shoulder at all times and just snapped
away. By the end of the shoot I had a couple thousand film
stills. It kind of keeps your eye fresh on set because you’re
always looking for interesting stuff to shoot.
I typed Episode VIII out on a MacBook Air. For security it
was “air-gapped”—never connected to the internet. I carried it
around and used it for nothing except writing the script. I
kept it in a safe at Pinewood Studios. I think my producer
was constantly horrified I would leave it in a coffee shop.
LEICA (CAMERA); OMEGA (WATCH)
I draw my storyboards by hand in Moleskine A4-size soft
cover sketchbooks. I filled about seven or eight for the
film. My drawings look like stick figures, ridiculous little
chicken-scratch drawings. But Steve Yedlin, my director of
photography, really likes them because it boils shots down
to absolute basics. My storyboards are a wire hanger on
which to hang a conversation that actually describes a shot.
When I was writing Episode VIII, I was listening
to “The History of
Rome” podcast (hosted
by Mike Duncan). The
stories have a lot of similarities. They’re about
family dynamics and
family politics. They’re
about war and the mechanisms of war. You’ve got characters like Nero who are
these insane, larger-than-life, operatic madmen driving
their country to ruin. It’s very timely.
—Edited from an interview by Chris Kornelis
I’ve got a 1960s-era
Omega Speedmaster Pro
(similar model shown) that
was kind of a pre-shoot
present to myself. I wore it
through pretty much the
whole production. It’s nice
because it’s got a chronograph that I could use for
timing out some moments
on set. But it’s mostly just
a beautiful thing.
2901 COLLINS AVENUE
MIAMI BEACH, FLORIDA 33140
RESERVATIONS +800 466 9695
WWW.EDITIONHOTELS.COM
.
D10 | Saturday/Sunday, January 13 - 14, 2018
NY
* ***
THE WALL STREET JOURNAL.
GEAR & GADGETS
FCA US LLC
BEAST IN SHOW
With a 707-hp Hellcat
engine under the hood,
this muscle-car take on
an SUV can hit 180 mph.
RUMBLE SEAT DAN NEIL
2018JeepTrackhawk:TheMostPowerful SUVEver?
quate—adequacy being key
here. But, mostly, nah.
The Trackhawk (great
name, by the way) joins an
elite group of braggy, bratty
SUVs including the Range
Rover Sport SVR, Porsche
Cayenne Turbo S, and Alfa
Romeo Stelvio Quadrifoglio.
Jeep enters this realm of nobles and promptly sets the
tapestries ablaze. With its
torque-loading launch control engaged, it can, in the
right conditions, crack off an
11.6-second quarter-mile
time, including 0-60 mph in
3.5 seconds, officially. This is
the quickest and most powerful SUV you can buy from
a major car maker. For now.
The Hellcat’s V8
sounds like a tornado
trapped in an elevator.
But here in the last days
of Rome, all glory is fleeting:
Lamborghini claims its new
Urus is now the world’s fastest truck, with a 190-mph
top speed, besting the Bentley Bentayga’s 187 mph. Aston Martin and Ferrari are
also crowding into the Chelsea tractor segment.
My running buddy Ezra
Dyer and I took our loaner
to Rockingham Dragway in
North Carolina on a recent
cold afternoon. Unlike the
Hellcat, which can stand in
the burnout box and disintegrate tires as long as it likes,
the Trackhawk tends to drag
itself forward against the
locked brakes, even as the
rear tires are fogging for
2018 JEEP GRAND CHEROKEE TRACKHAWK
Base Price $86,995
Price, as Tested $100,960
Powertrain supercharged
6.2-liter pushrod V8; eightspeed automatic
transmission with manualshift mode; all-wheel drive
Power/Torque 707 hp at
6,000 rpm/645 pound-feet
at 4,800 rpm
Length/Height/Width/
Wheelbase
189.8/67.9/76.5/114.7 inches
Curb Weight 5,363 pounds
0-60 mph 3.5 seconds
Top Speed 180 mph
Cargo Capacity 36.3/68.3
cu. feet, rear seat up/folded
mosquitoes. I listened from
the staging area as Ezra
hauled off and disappeared
down the quarter-mile. The
sonic chaos—the V8’s bawling, the supercharger’s
blooming screech, like a
mining sump-pump hitting a
dry hole—dwindled in pitch
and volume until all I could
hear was a low “dude…” The
numbers flashed: 11.9 seconds. That’ll do, pig.
The starting point for the
Trackhawk was the alreadyracy Grand Cherokee SRT
($67,395) with 475 hp and a
highly evolved sport suspension. Trackhawk gets speedrated rubber (295/45ZR20s);
its front brakes have grown
a bit (15.75-inch rotors); and
the spring rates have been
stiffened against the weight
of the Hellcat power plant.
It’s effectively two air
pumps: the iron-block, 16valve pushrod V8, by God;
and on top, the 2.4-liter
blower, cramming cooled air
down the engine’s gullet at
up to 11.6 psi of boost, its
twin scrolls gnashing together at up to 14,600 rpm.
The V8 is a magnificent
anachronism, up-armored
with a forged-steel crankshaft and conrods, and aluminum pistons, raging
against aluminum cylinder
heads trilling sodium-filled
valves. Like the Challenger
SRT Demon, the Jeep requires two high-flow fuel
pumps to supply an excess
of 91 octane. And like the
Demon, this Jeep burns gas
like a hillbilly bonfire.
The steel-splintering effects of 645 pound-feet of
torque being what they are,
the Trackhawk’s all-wheeldrive powertrain required a
thorough hardening, from
transmission to half-shafts.
Crucially, the rear differential housing gets an additional supporting mount,
from three to four, to help
contain the wrenching
forces of holeshot launches.
The quad-mounted rear
differential contributes to
this car’s weird aplomb.
Even at wide-open throttle,
with four wheels digging
and tailpipes frapping, there
is virtually no drama imparted to the frame. Simply
lift your foot from the brake
and the Trackhawk bursts
from the line with barely
any wheelslip, nailing upshifts, pulling like a hooked
marlin. Every pass is inevitable perfection.
It could get boring, provided you’re aiming straight.
Cornering at speed with the
Trackhawk requires some
planning, mostly due to the
675-pound hunk of iron
ahead of the firewall. If
you’re hot on the brakes—
which are stupendous—the
Trackhawk’s rear will start
to feel light. While the cornering limits are seriously
high, the Jeep tends to push
in and out of tight corners,
as would you if you had an
anvil as a nose-piercing.
The Trackhawk would be
easier to hate if it wasn’t
such a rock-solid beast, the
credit for which I mostly as-
sign to the fourth-generation
redesign (2011). Begun as a
joint project of then-partners Daimler and Chrysler
and completed in the dark
days postbankruptcy, the
Grand Cherokee was overengineered—my theory being the project managers figured they would be out of
business soon anyway, so
why not shoot the moon?
However it happened, the
Grand Cherokee’s steel handshake is the first thing I notice when I open the door.
This thing feels like field artillery and weighs like it too:
5,363 pounds. I believe I am
right in saying the Trackhawk is the only vehicle in
the world to combine
Lambo-like acceleration with
a 7,200-pound tow rating.
Don’t kid yourself. You’ll
never tow anything, either.
Loving
HoW
You
Live.
You dream it.
We design and build it.
Make every space your own.
TRIBECA & BROOKLYN UPPER EAST SIDE NASSAU & QUEENS
WESTCHESTER & HUDSON VALLEY ROCKLAND
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IN THE FIAT Chrysler Automobiles (FCA) family, the
Jeep Grand Cherokee
($31,690-$86,995) is the
good son: a fine and thoroughly fastened midsize premium SUV, beloved in North
America and quite profitable.
The Dodge Challenger SRT
Hellcat ($67,090) is the bad
seed: a muscle car, a time
capsule of entitled masculinity putting its smoldering
rubber boots on the dinner
table while people are still
eating. The Hellcat’s Alphaness comes courtesy of its
supercharged 6.2-liter pushrod V8, producing 707 hp
and a sound like a tornado
trapped in an elevator.
While the Hellcat brand
has been a masterstroke for
FCA, the company doesn’t
make a ton of revenue on the
low-volume, high-content
Hellcat cars like Charger and
Challenger. So the decision
to put this engine under the
hood of a Grand Cherokee
should be first understood as
amortization—FCA’s product
planners getting more work
out of its exotic V8.
That was the last rational
thought to be associated
with the program.
Can we just confront the
naked absurdity before us?
What FCA has done is to
compound the uselessness
inherent in two product categories: Not only is the
Trackhawk an SUV no one
will ever take off road; it’s
also a track-focused machine
that will almost never see a
racecourse. Yes, there will be
exceptions and exceptional
owners. For them, 707 hp
and a 180-mph top speed are
not too much but barely ade-
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The Wall Street Journal, newspaper
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