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The Wall Street Journal - March 17, 2018

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.
Fast Fashion
for the
TimePressed
Our
Moment
Of
Truth
REVIEW
OFF DUTY
VOL. CCLXXI NO. 63
WEEKEND
* * * * * * * *
HHHH $5.00
WSJ.com
SATURDAY/SUNDAY, MARCH 17 - 18, 2018
Young Russians Back the Only Leader They Have Ever Known
What’s
News
Many say they are better off than their parents under President Vladimir Putin and intend to vote for him Sunday. A8
essions fired former
Deputy FBI Director
McCabe, alleging he made
an unauthorized disclosure
to the media and “lacked
candor” in speaking to an
internal watchdog. A1
S
Trump and Kelly have
reached a truce to keep the
chief of staff in place as the
White House grapples with
personnel changes. A4
Hong Kong has become
a hub for North Korean
front companies that help
Pyongyang defy sanctions. A1
North Korea’s export of
power to China rose 91% last
year, as sanctions shut off
other sources of income. A6
ARTHUR BONDAR FOR THE WALL STREET JOURNAL (PHOTOS)
World-Wide
BY EMILY GLAZER
Anastasia Kuklina, age 20
Nikita Ivlev, age 18
Darya Yershova, age 18
Young people are the president's biggest supporters and have a more positive view of Russia's direction than older generations do.
Do you approve the activities of Mr. Putin
as the president/prime minister of Russia?
A project engineer called
a Florida transportation official to report cracks in a
pedestrian bridge two days
before a deadly collapse. A3
Approve
Britain’s top diplomat
accused Putin or ordering
the poisoning of an ex-spy,
as police probed the death
of another Russian exile. A8
Disapprove
18-24
86%
25-39
81%
40-54
Trump’s personal lawyer
said a former adult-film star
could be liable for damages of
at least $20 million for breaching a nondisclosure deal. A3
Is Russia moving in the right direction
or this course is a dead end?
No answer
In the right direction
13%
18%
78%
21%
18-24
67%
25-39
55%
40-54
56%
On the wrong track
55 and over 82%
17%
55 and over 53%
Source: Levada-Center poll of 1,605 adults conducted Dec. 1–5, 2017
Note: Figures may not total to 100 due to rounding.
BY ARUNA VISWANATHA
removed from his deputy post
in January.
Mr. Sessions said he terminated Mr. McCabe’s employment “effective immediately,”
and said he came to that determination after an “extensive
and fair investigation.”
Both the inspector general
and the FBI’s Office of Professional Responsibility concluded
that Mr. McCabe made an unauthorized disclosure and
Attorney General Jeff Sessions fired former Deputy FBI
Director Andrew McCabe on
Friday, alleging he made an
unauthorized disclosure to the
media and “lacked candor” in
speaking to an internal watchdog.
The move comes two days
before Mr. McCabe’s expected
retirement on Sunday. He was
Business & Finance
Wells Fargo’s wealthmanagement business is
being investigated, as a
federal probe of the bank’s
sales practices widens. A1
Qualcomm removed
former Chairman and CEO
Jacobs from its board after
he broached a long-shot
bid for the chip maker. B1
lacked candor when he spoke
under oath on “multiple occasions,” Mr. Sessions said.
In a lengthy statement, Mr.
McCabe strongly disputed the
allegations, saying he had the
authority to share the information with a reporter, and that
he “answered questions truthfully and as accurately” as he
could “amidst the chaos that
surrounded” him. His lawyer
said the disciplinary process
Cracks Reported Before Florida Bridge Collapse
Billionaire Li Ka-shing
said he will step down in May
as chairman of CK Hutchison,
marking the end of an era. B1
Saudi Arabia’s sovereignwealth fund is moving to buy
a stake in Endeavor, a firm
that includes the world’s
largest talent agency. B1
The Dow rose 72.85 points
to 24946.51 Friday but declined 1.5% for the week. B11
An obscure clause in a
bond document is adding to
Wynn Resorts’ headaches. B11
Inside
Deliverance
From
Hillary Clinton
CONTENTS
Books.................... C5-10
Business News. B2-3
Food......................... D6-8
Heard on Street...B12
Obituaries................. A9
Opinion............... A11-13
Sports....................... A14
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-4
Weather................... A14
Wknd Investor....... B5
World News....... A6-8
>
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
A project engineer called a Florida transportation official to report cracks in a new pedestrian bridge in
Miami two days before it collapsed, killing at least six people, but the voice-mail message wasn’t heard. A3
BlackBerry Loyalists Endure
Odd Looks and Questions
i
NOONAN A13
30%
26%
32%
14%
16%
17%
15%
THE WALL STREET JOURNAL.
was rushed and completed “in
a little over a week.”
The move is a striking end
to Mr. McCabe’s decadeslong
career at the Federal Bureau of
Investigation after he became a
lightning rod for criticism from
President Donald Trump and
other Republicans.
Please see MCCABE page A4
President, chief of staff Kelly
settle on a truce...................... A4
i
i
Once-popular device still has devoted
fan base; ‘built like a tank’
BY VIPAL MONGA
AND KIM MACKRAEL
was ubiquitous, and
now is almost an endangered species: the
BlackBerry.
Magnus Jern was
After he explained
sitting around with
it to the group in
some programmers at
Mountain View, CaGoogle headquarters
lif.—“the younger peowhen he remembered
ple truly didn’t know
he needed to answer
what it was,” he
an email. But when he
says—some of the
pulled out his phone
older iPhone and Anand started tapping,
the room grew silent. So many keys droid users among
them began to grow
“What is that?” one
nostalgic, admitting they kind of
woman asked.
The reaction was no surprise missed the BlackBerry and its
to Mr. Jern, part of a die-hard physical keyboard.
“There was agreement that
band devoted to a device that
Please see PHONE page A10
was once a status symbol, then
A federal investigation into
sales practices at Wells Fargo
& Co. now includes the bank’s
wealth-management business,
extending the probe beyond
the firm’s retail-banking unit
where the problems originated, people familiar with the
matter said.
The Justice Department and
Securities and Exchange Commission are conducting the investigation into the wealthmanagement business, these
people said. Agents from the
Federal Bureau of Investigation have been interviewing
some wealth-management employees in the Phoenix area as
recently as this week, some of
these people said.
Wells Fargo declined to
comment. Officials at the Justice Department and SEC also
declined to comment.
Several U.S. attorney’s offices, as well as a bevy of federal and state regulators, have
been investigating Wells Fargo
since the fall of 2016 when the
bank disclosed widespread
sales-practices
problems.
Those included bank employees
opening as many as 3.5 million
accounts without customers’
knowledge or authorization.
Wells Fargo has said it is cooperating with the investigations.
Arizona was one epicenter
of Wells Fargo’s retail-banking
problems. Some employees in
that region created fake email
addresses using customers’
phone numbers to open banking accounts or opened two
accounts for each customer, a
practice known as a “double
Please see WELLS page A2
North Korea Uses
Hong Kong as Hub
By Niharika Mandhana
in Hong Kong, James T.
Areddy in Yaoxing,
China, and Michael R.
Gordon in Washington
JOE RAEDLE/GETTY IMAGES
A Goldman filing shows
that women working at the
firm’s main U.K. arm make
36% less than men. B10
19%
In late February, Japan’s
government released photographs of a tanker it said it
strongly suspects was trans-
A second Nike executive
is leaving after complaints
about inappropriate workplace behavior. B3
An appeals court ruled that
federal regulators had overreached in their effort to curb
telemarketing abuses. B2
Difficult to answer
FBI’s McCabe Is Dismissed
Died: Louise Slaughter,
88, Democratic lawmaker. A2
Another
Wells Unit
Is Drawn
Into Probe
ferring oil to a North Korean
ship in violation of international sanctions.
The tanker’s owner, Ha Fa
Trade International Co., is registered to an address in Hong
Kong’s Wan Chai district. But
the company can’t be found
there. Instead, the cluttered
23rd-floor office belongs to an
agency that helps businesses
register with the authorities,
with scant information on
their ultimate owners.
This isn’t an accident or an
oversight: Hong Kong has positioned itself as one of the
world’s easiest places to do
business, allowing companies
to register with minimal documentation in as little as a day.
U.S. and United Nations experts say this is making the
city a hub for North Korean
front companies—and the U.S.
Please see FRONT page A7
Pyongyang pulls in money
selling electricity to China... A6
Slowdown in HIV/AIDS Progress
Puts Focus on Young Women
In sub-Saharan Africa, infection rates are high, triggering warnings
BY BETSY MCKAY
VULINDLELA, South Africa—Public-health
leaders in the fight against HIV/AIDS have
come to an ominous realization: Progress in
cutting new infections has slowed, in part because of a persistent cycle of transmission
among young women in sub-Saharan Africa.
New HIV infections have been reduced
around the world since the late 1990s by diligent efforts at education, the rollout of antiretroviral drugs and other factors. But declines
have lost momentum, for the first time since
infections began coming down. Today, the
numbers are far from targets set by the United
Nations, which call for them to fall to about a
quarter of their current level by 2020.
Teenage girls and young women in parts of
sub-Saharan Africa, a growing and vulnerable
population, continue to be infected at high
rates. At the same time, the rapid expansion of
the continent’s youth population means greater
numbers of young women are at risk every
year.
The slowdown has alarmed public-health experts, who warn that infections could start rising again. A reversal would erase progress
against one of the most significant infectious
disease epidemics of modern times, costing
lives, economic prosperity and billions more
dollars than governments and organizations
have already spent to fight it over decades.
More public-health officials and researchers
say breaking the cycle of infection for young
women is critical to keeping the virus in check.
Please see HIV page A10
.
A2 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* *******
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Speed-Limit Boosts Show No Sign of Slowing
Nebraskans
who want to
put the pedal
to the metal
may soon be
able to floor
it—at least on some roads—
with the blessing of the state
legislature.
A bill introduced in January, and backed by Gov. Pete
Ricketts, would raise the
state’s maximum speed limit
to 80 mph, up from 75. Six
other states have an 80-mph
maximum. A seventh, Texas,
has a top limit of 85.
Safety advocates warn
that more people die when
speed limits rise, but drivers
covet faster travel times. In
a battle of aphorisms, the
Need for Speed seems to be
trumping Speed Kills.
For the most part, speed
limits in the U.S. have gone in
a single direction—up. An exception is Montana, which
had no daytime limit for cars
for several years in the 1990s
but later set the limit at 75.
Nebraska’s proposed law
would permit the speed limit
on certain roadways to increase by 5 mph. In some
cases, that would raise the
top speed to 65 or 70 mph.
But on parts of Interstate 80,
including a 50-mile stretch
from Omaha to Lincoln, the
limit could rise to 80 mph.
Although cutting down on
travel time is the major reason given for supporting
faster speeds, the savings
don’t amount to much on
most daily trips.
Drivers who maintain a
speed of 80 mph over 50
miles would arrive at their
destination 2½ minutes
sooner than if they drove 75
mph the whole way.
Those willing to break the
limit and hurtle down the
highway at, say, 89 mph
without slowing down would
shave around 6 minutes off
the trip compared with
someone driving 75.
In reality, the savings
would likely be less.
M
aintaining any rate of
speed is harder than
it sounds because
faster and slower drivers
must adjust to one another,
and the mix is reflected in average highway speeds.
“For every 5 mph increase
in the speed limit, operating
speed goes up 1 to 2 mph on
average,” said Ivan Cheung,
a research analyst at the National Transportation Safety
Board.
Saving a few minutes here
and there could add up, but
it’s not as if the minutes accrue into a usable block of
time, like deferred vacation
days.
So, in the absence of substantial time savings, why
raise the limit?
“One excuse is that people
go that fast anyway,” said
Chuck Farmer, vice president
of research for the Insurance
Institute for Highway Safety.
Traditionally, speed limits
are set within 5 mph of the
speed at which 85% of vehicles travel along a roadway
in free-flowing traffic.
That guideline dates to the
1940s and is endorsed by the
Federal Highway Administration, but the NTSB advocates
requiring the use of crash statistics and other factors to
set speed limits.
In part, that’s because the
operating speed of the 85th
percentile is a moving target: It increases as speed
limits climb.
THE WALL STREET JOURNAL.
According to estimates by
the IIHS, each 5 mph increase
in speed limit results in an
8% increase in fatalities on
interstates and other freeways.
The most convincing evidence is the 55 mph National
Maximum Speed Limit set in
1973. Before that, speed limits
on rural interstates typically
ranged from 65 to 75 mph.
The lower speed limit was
implemented to save fuel, not
lives, but in the first year, the
National Research Council
found that 9,100 fewer people
died in motor-vehicle accidents. The council attributed
some of the decrease to economic factors that kept drivers off the road but concluded that 3,000 to 5,000
fewer highway deaths occurred because of the lower
speed.
In response, some states
choose to go with the flow—
again and again.
In 2011, Texas raised the
speed limit on a segment of
State Highway 130 to 75 mph.
The next year, it raised it to
80 mph. Soon after, it lifted a
portion of the road to 85 mph.
n later years, the trend
hasn’t been as easy to
discern.
After the national limit
was fully repealed in 1995,
speed limits began to increase, but traffic fatalities
did not. Comparing those before-and-after numbers has
Warning Signs
While traffic fatalities have
fallen, the Insurance Institute for
Highway Safety estimates there
were nearly 27,000 vehicle
fatalities from 2000 to 2013
because of higher speed limits.
50,000
Expected fatalities if no
speed limits increased
40,000
Additional fatalities due
to raised speed limits
30,000
20,000
10,000
0
2000
’05
’10
Source: Insurance Institute for Highway Safety
I
U.S. WATCH
St. Patrick’s Day Brings Out the Irish
CONGRESS
ALAN WARREN/THE MESSENGER-INQUIRER/ASSOCIATED PRESS
New York Democrat
Slaughter Dies at 88
ERIN GO BRAGH: Flag bearers prepared for the annual Our Lady of Lourdes Daycare St. Patrick’s Day Parade in Owensboro, Ky., on Friday.
‘Doors-Off’ Helicopter Flights Curbed
BY PAUL BERGER
The Federal Aviation Administration has ordered helicopter operators to suspend
“doors off” flights that require
passengers to wear difficultto-release harnesses.
The order comes days after
a crash in New York City when
a helicopter on such a flight
made an emergency landing
on the East River and rolled
over. The five passengers who
WELLS
Continued from Page One
pack.” Some top executives
from that region have since
been fired by the bank.
Prosecutors’ and regulators’
inquiries have largely centered
on Wells Fargo’s retail-banking
business, one of the largest in
the U.S. by deposits. Late last
year, though, the Justice Department told the bank to conduct an independent investigation
into
its
wealthmanagement business after it
received reports of problems
there from whistleblowers,
The Wall Street Journal reported earlier this month.
The investigation by the
Justice Department and SEC is
separate from the bank’s own
inquiry, one of the people familiar with the matter said.
The bank now faces state and
federal investigations into its
practices in auto-lending,
mortgages, wealth and investment management and foreign
exchange.
The widening of the salespractices investigation has occurred despite Wells Fargo’s at-
were
wearing
harnesses
drowned. Only the pilot escaped.
“Operators, pilots, and consumers should be aware of the
hazard presented by supplemental restraint devices in the
event of an emergency evacuation during ‘doors off’ flights,”
the FAA said Friday.
The FAA said that helicopter operators must suspend
the use of such harnesses until
ways can be found to mitigate
risks posed by restraints that
can’t be released quickly in an
emergency. The agency also
said it would review its policies on such flights to see if
there are other “safety gaps”
for passengers.
Doors-off flights, which
have gained in popularity, offer unencumbered views and
are popular for photography,
but they require the complicated safety harnesses.
The parents of one victim,
26-year-old Trevor Cadigan,
have filed a suit against Liberty Helicopters, of Kearny,
N.J., saying it was “grossly
negligent” for placing him in a
harness from which it was difficult to escape.
The National Transportation Safety Board is investigating the harnesses. It is also
probing why the helicopter
was forced to land on the river
and why its pontoons didn’t
keep it from rolling over.
tempts to put the problems
behind it by restructuring different businesses, firing executives and refunding customers.
Wells Fargo also has faced regulatory censure for failing to
address risk-management issues that led to improper customer charges in its auto-lending and mortgage businesses.
In early February, the Federal Reserve sanctioned Wells
Fargo for failing to put proper
said it is assessing “whether
there have been inappropriate
referrals or recommendations,
including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of
brokerage customers to the
company’s investment and fiduciary services business.”
The bank’s filing also disclosed that it is reviewing fee
calculations within certain fiduciary and custody accounts.
The bank has found instances
of incorrect fees applied to certain assets and accounts that
resulted in overcharging customers, according to the filing.
Chief Executive Timothy
Sloan said at that time in a release that the bank is “committed to a thorough review of
many processes” and reiterated “when we discover a
problem, we are moving to
find the root cause and fix it.”
Issues flagged to the Justice Department by bank employees involved, among other
things, proprietary bank investment products, the people
familiar with the matter said.
These tend to bring in more
fees for the bank because they
don’t involve third parties.
Other banks have previously run into problems related to proprietary products.
In 2015, JPMorgan Chase & Co.
paid a $307 million settlement
to regulators, including the
SEC and Commodity Futures
Trading Commission, over
charges two of its units failed
to disclose conflicts of interest
to wealth-management customers related in part to such
products.
Wells Fargo’s wealth and investment management business includes advisory, brokerage and financial services
under Wells Fargo Advisers.
Customers in that business include around three million
mass-affluent
households,
while its private bank has
around 80,000 clients typically
investing more than $2.5 million, according to the bank.
The bank has around 16,500
advisers, with the majority in
its retail brokerage. Wells
Fargo doesn’t break out financial metrics for its brokerage
division or the private bank,
but the wealth and investment
management unit brings in
around 10% of overall bank
profits, or $659 million in the
fourth quarter of 2017.
The current
investigation is
separate from the
bank’s own inquiry
risk controls in place, barring
the bank from growing past
the $1.95 trillion in assets it
had at the end of 2017. The
Fed cited “widespread consumer abuses” in its unprecedented rebuke.
Earlier this month, Wells
Fargo disclosed in a securities
filing its independent review
into the wealth-management
business. At the time, the bank
led some analysts to conclude
that higher speeds don’t contribute to more traffic
deaths—a finding the IIHS
and NTSB reject.
“That’s not the comparison
you should make,” Dr. Farmer
said. “You need to compare
states that raised the speed
limit to states that did not.”
Safety agencies say safer
cars, improved roadways and
stricter drunken-driving laws
are behind the overall decrease in deaths and that
even fewer people would have
died if speed limits hadn’t increased.
In its latest study, the IIHS
compared the effect of all
speed-limit increases from
1993 through 2013 in 41
states and found that 33,000
fewer fatalities would have
occurred if there had been no
increases.
Nationwide, about 10,000
people die annually in speedrelated crashes, yet most
drivers seem willing to risk it.
Why?
Maybe it’s because, as Dan
Rather once observed, Americans will put up with anything provided it doesn’t
block traffic.
Rep. Louise Slaughter, a New
York Democrat who advocated
for women’s rights and helped
push her party’s priorities through
the House of Representatives as
chairwoman of the Rules Committee from 2007 to 2011, died
Friday. She was 88.
The 16-term congresswoman
had suffered injuries from a fall
in her home last week, her office
said, and had been hospitalized
at George Washington University Hospital since then.
The Rochester, N.Y., area lawmaker was the oldest member
of the current Congress and one
of the most senior women in
the House.
In 2007, Ms. Slaughter became the first woman to chair
the Rules panel, where she
helped shepherd Democratic bills
through the House, including the
Affordable Care Act. She wrote
an early version of the Stock
Act, which banned members
from trading stocks based on
nonpublic, market-moving information they learned while serving in Congress.
“She made it her mission to
help every man and woman
chase their American Dream,”
House Minority Leader Nancy
Pelosi (D., Calif.) said.
Ms. Slaughter was a champion for women’s access to
health care and abortion rights.
She was a co-author of the Violence Against Women Act.
—Natalie Andrews
HOUSING
Fresh Home Building
Declined in February
U.S. housing starts declined in
February, returning to a longterm trend of modest improvement in single-family construction and a slowdown in
apartment building.
Total housing starts fell 7% in
February from the previous month
to a seasonally adjusted annual
rate of 1.236 million, the Commerce Department said Friday.
Multifamily construction plummeted 26.1% in February after increasing in January. Single-family
starts, meanwhile, rose 2.9%
compared with a month earlier.
Residential building permits,
which can signal how much construction is in the pipeline, declined 5.7% to an annual pace of
1.298 million last month.
Housing-starts data are volatile from month to month and
can be subject to large revisions.
Friday’s 7% fall for starts came
with a margin of error of 16.7
percentage points.
—Laura Kusisto
and Sarah Chaney
MANUFACTURING
Factory Production
Rose Last Month
American factories revved up
in February, a sign of manufacturing-sector strength supported
by businesses investing in new
equipment.
Industrial production—a measure of total output at U.S. factories, mines and utilities—increased a seasonally adjusted
1.1% in February from the prior
month, the Federal Reserve said
Friday. The gain was the largest
in four months, since production
rebounded following several hurricanes last summer, and came
after output declined 0.3% in
January.
Rising factory production, including automotive and businessequipment manufacturing—and
more oil and gas extraction—last
month offset a weather-related
decline in utilities output. Compared with a year earlier, total
production rose 4.4% in February,
the strongest annual growth in
seven years.
—Ben Leubsdorf
CORRECTIONS AMPLIFICATIONS
David Solomon, the heir
apparent to Goldman Sachs
Group Inc. CEO Lloyd Blankfein, grew up in Hartsdale, N.Y.
A Business & Finance article
on Friday about Mr. Solomon
incorrectly said he grew up in
Scarsdale.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A3
* * * * * * * *
U.S. NEWS
BY SCOTT CALVERT
AND VALERIE BAUERLEIN
Two days before a new pedestrian bridge collapsed in
Miami, killing at least six people, one of the project engineers called a Florida transportation official to report cracks
in the structure.
The official didn’t hear that
call until after the bridge collapsed.
The Florida Department of
Transportation released on Friday a transcript of a Tuesday
voice-mail message from an
engineer with FIGG Bridge Engineers Inc., the Tallahassee,
Fla., company that designed
the bridge for Florida International University over an eightlane road.
“Calling to, uh, share with
you some information about
the FIU pedestrian bridge and
U.S. Issues
Guidelines
On Tariff
Exclusions
BY WILLIAM MAULDIN
U.S. companies looking to
bypass
President
Donald
Trump’s import tariffs on steel
and aluminum will have a limited chance to win exclusions
for their products under a set
of guidelines issued Friday.
Mr. Trump said this month
he would impose tariffs of 25%
on steel products and 10% on
aluminum, citing national-security considerations.
Domestic steel and aluminum producers applauded the
tariffs, but users of the metals
have complained the duties will
raise prices. Foreign governments have threatened to retaliate against other U.S. industries and challenge the tariffs at
the World Trade Organization.
Canada and Mexico are exempted from the tariffs for now,
and other U.S. allies and trading
partners are seeking to gain exemptions before the tariffs are
imposed in as little as a week.
Meanwhile, companies that
buy imported steel and aluminum are looking for exceptions
for the products they use, too.
Mr. Trump’s trade advisers have
signaled they want to limit the
amount of metal products excluded from the tariffs in hopes
of persuading U.S. firms to ramp
up production of those goods.
(Related article on page A4.)
The Commerce Department
said Friday only U.S.-based individuals and organizations
could apply for the exclusions,
in a process that will take 90
days or longer.
“An exclusion will only be
granted if an article is not produced in the United States in a
sufficient and reasonably available amount, is not produced in
the United States in a satisfactory quality, or for a specific
national security consideration,” the Commerce Department said in rules set to be
published in the Federal Register on Monday.
After metal-consuming firms
apply for exclusions, other companies—including
domestic
steel and aluminum producers—have 30 days to post an
objection to the original request. Companies including
auto-parts producers worried
about rising steel costs and
brewers concerned about aluminum for cans are expected to
seek exclusions.
Tariff exclusions, if granted,
would last only one year. Supporters of Mr. Trump’s tariffs
say a required renewal on a set
schedule allows domestic producers the chance to start making a largely imported type of
steel or aluminum in sufficient
quantities to supply domestic
users.
—Emre Peker in Brussels
contributed to this article.
some cracking that’s been observed on the north end of the
span,” the engineer said, according to a transcript of the
call. “Obviously some repairs
or whatever will have to be
done but from a safety perspective we don’t see that
there’s any issue there so we’re
not concerned about it from
that perspective although obviously the cracking is not good.”
The transportation agency
said the state employee whom
the engineer tried to reach was
on assignment and didn’t hear
the message until he returned
to the office Friday, a day after
the bridge collapsed.
“The responsibility to identify and address life-safety issues and properly communicate them is the sole
responsibility of the FIU design
build team,” Florida Department of Transportation said in
a statement, adding that at no
point was the department
alerted to any life-safety issues.
FIGG said in a statement
that “the evaluation was based
on the best available information at that time and indicated
Officials investigated on Friday how a new pedestrian bridge in Miami crumbled just five days after it was lowered into place.
that there were no safety issues.”
The $14.2 million bridge
suddenly collapsed Thursday
afternoon crushing eight cars
underneath more than 900
tons of concrete. Its main 174foot span had been lifted into
place on March 10 in a matter
of hours, after being built
alongside the thoroughfare
over the course of months.
Florida’s Transportation De-
partment said one of its consultants met with members of
the bridge engineering team
Thursday midday at which
point no concerns were raised
about life-safety issues, the
need for additional road closures or requests for any other
assistance.
Lawmakers have provided
differing accounts of what was
happening on the bridge when
it collapsed. U.S. Sen. Marco
Rubio (R., Fla.) wrote on Twitter that the engineering firm
building the bridge at Florida
International University ordered on Thursday that the cables be tightened. “They were
being tightened when it collapsed,” he wrote late Thursday.
Other elected officials, including the Miami-Dade County
mayor, said they had been informed that a stress test was
being conducted at the time of
the collapse. University officials didn’t respond to a request to comment.
The state Transportation
Department said it never received a request to close the
entire road. The department
said it also wasn’t made aware
by the FIU design build team of
any scheduled “stress testing”
of the bridge following installation.
President’s Lawyer Says Actress Broke Deal
BY JOE PALAZZOLO
AND MICHAEL ROTHFELD
President Donald Trump’s
personal lawyer said former
adult-film actress Stephanie
Clifford could be liable for
damages of at least $20 million for breaching a nondisclosure agreement that barred
her from discussing an alleged
extramarital affair with Mr.
Trump.
The allegation came in a filing Friday in federal court in
Los Angeles that accused Ms.
Clifford of at least 20 violations
of a 2016 contract reached between Ms. Clifford, known professionally as Stormy Daniels,
and Michael Cohen, Mr.
Trump’s personal attorney.
Mr. Cohen paid Ms. Clifford
$130,000 weeks before the
2016 presidential election in
return for keeping silent about
the alleged affair between her
and Mr. Trump in 2006.
The contract was signed between Mr. Cohen and Ms. Clifford in October 2016 and used
pseudonyms to mask the identities of those involved. It states
that she would be obligated to
pay Mr. Trump directly—not
Essential Consultants LLC, the
limited liability company Mr.
Cohen used as a conduit to pay
her—for damages if she
breached the contract.
Ms. Clifford sued Mr.
Trump and Essential Consultants in Los Angeles County
Superior Court earlier this
month in an attempt to invalidate the agreement.
Her complaint asked a California judge to declare the
contract “null and void” because Mr. Trump didn’t sign it.
The lawsuit also alleged that
Mr. Cohen breached the agreement when he publicly acknowledged the payment to
Ms. Clifford in a Feb. 13 statement provided to news media.
The federal filing Friday, by
a lawyer for Mr. Cohen and Essential Consultants, moved the
dispute from state court to the
federal court in Los Angeles.
The notice didn’t provide specific instances of alleged violations.
The filing said Ms. Clifford
could owe damages either to
Mr. Trump or Essential Consultants. The nondisclosure
agreement signed by Ms. Clifford gave only Mr. Trump the
right to pursue damages of $1
million per violation.
“The fact that a sitting
president is pursuing over $20
million in bogus ‘damages’
against a private citizen, who
is only trying to tell the public
what really happened, is truly
remarkable,” Ms. Clifford’s
lawyer, Michael Avenatti, said
in a statement. “We are not
going away and we will not be
intimidated by these threats.”
Mr. Cohen’s attorney, Brent
Blakely, filed the notice of removal on behalf of Essential
Consultants. Another attorney,
Charles Harder, who has represented Melania Trump in the
past, was listed on the federal
docket as a lawyer for Mr.
Trump.
“Mr. Trump intends to pursue his rights to the fullest extent permitted by law,” Mr.
Harder wrote in an accompa-
nying filing Friday in U.S. District Court for the Central District of California.
The dispute over the nondisclosure agreement arose after
The Wall Street Journal reported in January that Mr. Cohen had paid Ms. Clifford and
signed the contract preventing
her from discussing her allegations of a sexual encounter
with Mr. Trump a decade earlier. After that report, Ms. Clifford issued two public statements denying she had had a
sexual encounter with Mr.
GABE GINSBERG/GETTY IMAGES
Engineer left message
about problems two
days before collapse,
but it wasn’t heard
JOE RAEDLE/GETTY IMAGES
Cracks Were
Reported in
Miami Bridge
Stephanie Clifford, known professionally as Stormy Daniels
Trump. But she reversed
course in her lawsuit against
Mr. Trump and Essential Consultants, in which she said she
had been “forced” by Mr. Cohen into denying the encounter.
The lawsuit followed a Feb.
27 emergency order from an
arbitrator temporarily restraining Ms. Clifford from
discussing her relationship
with Mr. Trump or the nondisclosure agreement she reached
with Mr. Cohen, Mr. Trump’s
longtime fixer.
Mr. Cohen, with the help of
an assistant general counsel for
the Trump Organization, had
asked the arbitrator for the order under a provision in the
agreement with Ms. Clifford.
Lawyers for Mr. Trump and
Essential Consultants said in
court filings Friday that they
intended to ask a federal judge
to move the entire dispute
into arbitration.
Ms. Clifford’s attorney, Mr.
Avenatti, has disputed the legitimacy of the arbitration order,
saying the underlying nondisclosure agreement isn’t valid.
Mr. Avenatti called the
move to federal court “bullying tactics from the president
and Mr. Cohen.”
Messrs. Blakely, Harder and
Cohen didn’t immediately respond to requests for comment.
Targeting China, Trump Could Hit Big U.S. Export
BY JOSH MITCHELL
AND MELISSA KORN
WASHINGTON—The Trump
administration’s
proposed
crackdown on China’s trade
practices could hit one sector
where the U.S. runs a big trade
surplus: higher education.
The White House is considering limiting visas to Chinese
students as part of a broad
package of measures targeting
Beijing, which the U.S. accuses
of violating intellectual-property laws and other misdeeds. A
White House official said the
package, including tariffs, could
be unveiled this month.
The U.S. has long run a
large trade deficit in goods
and services with China and
the rest of the world. In the
education industry, the U.S.
runs a global trade surplus—in
no small part due to China.
China sends more students
to the U.S. than any other nation, accounting for roughly
one-third of the 1.1 million international students enrolled
at U.S. universities in the
2016-17 academic year. China
has long valued access to U.S.
Trade Tally
Foreign students paying U.S. tuition have made schools one of
America’s most successful export industries, with the largest share
of international students coming from China.
U.S. education exports and
imports
Students studying in the U.S.
by country
$40 billion
400,000
Exports
China
30
300,000
20
200,000
10
India
South
Korea
Saudi
Arabia
Canada
100,000
Imports
0
1999
0
’05
’10
’15
2006
’10
’15
Note: Enrollment data is for school years.
Sources: Commerce Department (imports, exports);
Institute of International Education (students)
THE WALL STREET JOURNAL.
colleges, which consistently
rank among the world’s best.
When international students and their families spend
money at American colleges, it
is considered an export for the
U.S. because money flows from
a foreign country to the U.S.
Foreign students attending
U.S. educational institutions
accounted for $39.4 billion in
U.S. exports in 2016, Commerce Department data show.
That figure mainly reflects the
tuition students pay and excludes spending on many other
goods and services, such as
Higher Education
Racks Up a Surplus
Higher education has been
an especially successful U.S. export. Since 2008, inflation-adjusted exports have grown
26%, while education exports
have risen about 80%.
Dick Startz, an economics
professor at the University of
California, Santa Barbara, estimates overall annual spending
from international students—including room and board and
other areas—is near $50 billion.
That estimate puts higher education on par with some of
America’s biggest traditional
manufacturing industries.
In 2017, the U.S. exported
$52 billion of cars, $56 billion
rent, clothing or food.
By contrast, Americans
studying abroad bought $7.6
billion in education imports
that year. That means the U.S.
ran a trade surplus of nearly
$32 billion in education, one of
the largest of any industry. It
is close to the U.S. civilian aircraft industry’s $43 billion
surplus in trade last year.
The anti-China package is
part of a broader push by President Donald Trump to reduce
the nation’s overall trade deficit, which reached $568.4 billion in 2017. Some economists
of civilian aircraft and $48 billion of semiconductors.
While some international
students have their education
paid for as teaching assistants
working on federal grants,
about 60% primarily pay for
their education themselves, according to the nonprofit Institute of International Education.
The number of visas
awarded to foreign students
fell 17% in the year through
September and were down
40% from a fiscal 2015 peak,
State Department data show.
Visas for Chinese students fell
24% in the past fiscal year, but
much of that can be traced to
a change in visa terms. Their
visas are now good for five
years, instead of one, meaning
there are fewer renewals but
not necessarily fewer students.
say the effort to crack down on
China—along with a separate
U.S. push to reduce immigration—could inadvertently hurt
the U.S. where it has a comparative trade advantage.
“I’m mind-boggled,” said
Dick Startz, an economics professor at the University of California, Santa Barbara. “Higher
education is a place where we
have a major trade surplus with
the world. Doing something to
hurt that is obviously going to
make our trade balance worse.”
Reducing student visas
would also likely hurt American
students. International students have become a big source
of cash for U.S. colleges, since
they generally pay full tuition,
with no discounts, Mr. Startz
said. They often pay two or
three times what American students pay at many public colleges. If colleges lose that income, they could be tempted to
offset losses by raising prices
on American students, he said.
The threat of limiting visas
to Chinese students could be a
negotiating tactic—a way to
apply political pressure on Beijing to change its trade practices, said David Dollar of the
nonprofit Brookings Institution. Many Chinese students
come from influential families,
Mr. Dollar said. The daughter
of China’s President Xi Jinping,
Xi Mingze, graduated from
Harvard University in 2015.
—Josh Zumbrun
contributed to this article.
.
A4 | Saturday/Sunday, March 17 - 18, 2018
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THE WALL STREET JOURNAL.
U.S. NEWS
President, Chief of Staff Reach a Truce
BY MICHAEL C. BENDER
AND REBECCA BALLHAUS
WASHINGTON—President
Donald Trump and John Kelly
have settled on a truce, at
least temporarily, to keep the
chief of staff in place as the
White House grapples with the
turbulence of several senior
departures and the prospect of
further changes to come.
In a rare move, White House
officials said there would be
no major personnel changes
Friday after a week when staff
was distracted by reports that
other senior officials, including
national security adviser Lt.
Gen. H.R. McMaster, may soon
be heading for the exit.
But officials cautioned that
the president will continue to
make changes as his priorities
evolve. Mr. Trump is dealing
with several controversies
among his cabinet members,
and the West Wing’s political
operation has come under
fresh scrutiny following the
apparent Republican loss
Tuesday in a Pennsylvania
House special election.
West Wing departures have
punctuated the administration’s policy priorities almost
since the beginning of President Trump’s term, with the
departure of Mike Flynn, his
first national security adviser.
The latest tumult began this
week when Mr. Trump announced he had replaced Secretary of State Rex Tillerson
with Central Intelligence
Agency Director Mike Pompeo.
Soon after, Mr. Kelly left
the impression with colleagues
that he may be the next to be
pushed out. Mr. Kelly’s cryptic
comments left several White
House aides thinking that the
chief of staff would force the
issue with the president, and
that they should start looking
for new jobs, too.
Mr. Kelly flew with the president to California on Tuesday,
but returned alone and was
working in his West Wing office Wednesday morning,
prompting further departure
speculation, although Mr.
Kelly’s allies said he had always planned on making a bicoastal day trip.
On Thursday, Messrs. Trump
and Kelly had a productive
meeting that left both men reassured, according to White
House officials. Mr. Trump told
advisers afterward that Mr.
Kelly was “100% safe.” Mr. Kelly
told his associates that, at least
for the moment, he and the
president had patched things
up. “I’m in,” Mr. Kelly told staff.
Asked about Mr. Kelly’s
comments earlier in the week,
and the meeting between the
president and his staff chief
on Thursday, White House
Officials said Trump
will continue to make
changes as his
priorities evolve.
press secretary Sarah Huckabee Sanders issued a five-word
statement: “Kelly is not going
anywhere.”
The back-and-forth between
Mr. Trump and the chief of
staff suggested that the easing
of tensions may be more of a
temporary detente than an
ironclad peace agreement.
The president and Mr. Kelly
are well known around the
White House for engaging in
tense arguments, and Mr.
Trump has repeatedly made
public comments that manage
to underscore his satisfaction
with Mr. Kelly, while also raising doubts about how long the
two will continue to work together.
“He likes what you do better
than what he does,” Mr. Trump
told a group of Marines in San
Diego about Mr. Kelly, a retired
four-star general in the Marines. “But he’s doing a great
job. He misses you.”
Jared Kushner and Ivanka
Trump, the president’s son-inlaw and daughter, who serve as
senior White House advisers,
have continued to clash with
Mr. Kelly and have sought to
undercut him in recent weeks.
At the root of the tension
between the president’s family
members and the staff chief is
Mr. Kelly’s monthslong efforts
to reorganize the West Wing,
which has restricted the couple’s access to Mr. Trump.
The recent exchange between the chief of staff and the
prime-time TV star-turned
president was just one story
line playing out in a particularly trying week.
The president has also told
his team that he wants to replace Gen. McMaster as his national security adviser. But the
timing of that departure was
unclear, with one official saying
it could happen “imminently”
and another saying it could be
weeks, even months.
Trump Advisers
Have Close Ties
To Steel Industry
Democratic Rep. Dan Lipinski, left, campaigning for re-election at a commuter-rail station in Chicago Ridge, Ill., in late January.
Democrats Tussle in Illinois
Veteran Rep. Lipinski
faces a challenge from
the left, while the party
eyes gains elsewhere
BY NATALIE ANDREWS
OAK LAWN, Ill.—Fissures in
the Democratic Party will play
out in Tuesday’s primary in
this Chicago suburb where
seven-term Rep. Dan Lipinski
is facing a primary challenger
backed by liberal activists and
prominent lawmakers from his
own party.
Mr. Lipinski, who has the
support of numerous labor
unions and local mayors, is
highlighting his constituent
services, including projects he
has pushed through Congress
to improve commutes to Chicago. But his opposition to
abortion rights and his vote
against the Affordable Care
Act has run afoul of liberals,
and his opponent in the primary, Marie Newman, has won
the backing of national groups
and fellow Reps. Jan Schakowsky and Luis Gutierrez,
from nearby districts.
“It’s a safe Democratic district where there’s a real
choice this time among the
MCCABE
Continued from Page One
“For the last year and a half,
my family and I have been the
targets of an unrelenting assault on our reputation and my
service to this country,” Mr.
McCabe said. “The president’s
tweets have amplified and exacerbated it….all along we have
said nothing, never wanting to
distract from the mission of
the FBI by addressing the lies
told and repeated about us.”
The findings into Mr. McCabe’s alleged misconduct deal
with an October 30, 2016, Wall
Street Journal report about an
investigation into the Clinton
Foundation, the Journal previously reported.
The 2016 report, citing a
person close to Mr. McCabe,
showed Mr. McCabe pushing
back on Justice Department
two candidates,” Ms. Schakowsky said. Mr. Lipinski faced
no primary or general-election
challenge in the safe Democratic district in 2016.
Other more centrist Democrats see the Lipinski challenge
as a sign the party’s ascendant
left wing risks turning off
other voters.
“This is a test of whether
we have a big tent or if the
tent is narrowing on us,” said
Wisconsin Rep. Ron Kind, who
represents a district that President Donald Trump won by
4.5 points.
Polling is scarce, though
both campaigns acknowledge
it will be close. “It is a highly
competitive race and either
candidate could win,” said David Wasserman, who analyzes
House races for the Cook Political Report.
It is Mr. Lipinski’s toughest
race since he was elected to
the seat formerly held by his
father. The district in the 2016
Democratic presidential primary backed Sen. Bernie Sanders of Vermont, who has endorsed Ms. Newman.
“We need a voice, we need
someone who will represent us
in a way that’s aligned with
our values,” Ms. Newman said,
sipping coffee in Chicago’s im-
migrant-founded Back of the
Yards neighborhood. “I’m running with the district because
we’re in alignment. Lipinski is
completely out of alignment
with the district.”
Mr. Lipinski sees a party
that left people like him behind for an emphasis on social
issues instead of talking about
how Democrats could help the
economy.
“We didn’t focus on those
bread and butter issues,” Mr.
Lipinski said about Hillary
Clinton’s unsuccessful 2016
campaign. Pausing while passing out campaign fliers outside the Metra Station in the
Village of Worth, he added: “In
states and across the Midwest,
people felt that the Democratic Party was not addressing their needs.”
Democrat Conor Lamb’s upset victory in a special House
race in Pennsylvania this past
week has the party hopeful it
can win the net 23 Republican-held seats in November to
take the House majority. Mr.
Lamb took a centrist tone on
some issues, and Democrats
are banking on similar candidates to emerge from Illinois
primaries on Tuesday to take
on Republicans in other parts
of the state.
The Cook Political Report, a
nonpartisan group that analyzes House races, rates districts held by GOP Reps. Mike
Bost and Peter Roskam as
toss-ups, and those held by
GOP Reps. Randy Hultgren and
Rodney Davis as “likely Republican,” meaning the race could
be competitive depending on
the challenger.
Just north of Mr. Lipinski’s
Chicago district, Democratic
candidate Kelly Mazeski, a
breast-cancer survivor and former executive, is endorsed by
several Midwest lawmakers as
the best candidate to take on
Mr. Roskam in the fall. “People
are paying attention to elections at an unprecedented
level right now,” she said.
Mr. Bost could face St. Clair
County State’s Attorney Brendan Kelly, a candidate who
promotes a more centrist position and who has outfundraised two other Democratic
challengers. The president’s
proposed metal tariffs are resonating in the district, which
is home to an idle steel mill.
Though Mr. Bost is chairman of the bipartisan Congressional Steel Caucus, United
Steelworkers endorsed Mr.
Kelly, citing Mr. Bost’s past
voting record on trade.
displeasure that the FBI was
continuing to pursue the investigation.
Mr. Sessions’ statement
doesn’t describe the alleged
wrongdoing in detail.
The initial allegations stem
from a review by the Justice
Department’s inspector general, an internal watchdog, of
the FBI’s handling of the investigation into Democrat Hillary
Clinton’s email server and
other matters. That report isn’t
yet public, but a section dealing with Mr. McCabe was
shared with the FBI and
prompted a separate internal
review that led to his dismissal.
Mr. McCabe’s firing comes
as the FBI faces an array of
criticisms, most recently from
Republicans, for its handling of
investigations into the 2016
presidential candidates. The inspector general is expected to
issue within weeks a hard-hitting report on the FBI’s pre-
election handling of those investigations, a document that
is likely to criticize other officials and cause further turmoil
in the Bureau.
“The FBI was portrayed as
caving under [political] pressure, and making decisions for
deputy director, putting him at
the center of highly charged
investigations into Mrs. Clinton and Mr. Trump. Investigators have been looking into alleged Russian meddling in the
2016
election,
including
whether associates of Mr.
Trump colluded with Moscow,
an allegation both Mr. Trump
and the Russian government
have denied.
Mr. McCabe’s wife, Dr. Jill
McCabe, had run for state office in Virginia the prior year
as a Democrat with the financial help of then-Virginia Gov.
Terry McAuliffe, an ally of the
Clintons, leading to criticism
that he should have recused
himself from the probes.
The FBI has said Mr. McCabe played no role in his
wife’s campaign, and Mr. McCabe received clearance from
the FBI’s ethics office to oversee the investigation into Mrs.
Clinton.
Andrew McCabe
disputes the
claims, saying
there has been
a steady
assault on his
reputation.
political rather than law enforcement purposes. Nothing
was further from the truth,”
Mr. McCabe said.
Mr. McCabe rose swiftly
through the ranks at the
agency and was tapped by former FBI Director James Comey
in January 2016 to serve as his
WASHINGTON—When Peter
Navarro needed financing in
2011 for a documentary film on
the dangers to the U.S. of
China’s trade policy, he sought
out American steel company
Nucor Corp.
Nucor made payments to
fund the film through a San Diego nonprofit then led by a
friend of Mr. Navarro. The arrangement was examined as
part of a broader 2012 FBI investigation of the nonprofit’s finances, according to three former employees of the nonprofit.
No charges were filed.
Mr. Navarro is now a top
White House trade adviser, with
a growing public profile for his
get-tough views on trade. His
connection with Nucor underscores the wide-ranging, historic ties between President
Donald Trump’s top trade advisers and the U.S. steel industry, which stands to benefit
from the Trump administration’s recently imposed tariffs.
Commerce Secretary Wilbur
Ross, a Wall Street veteran,
paid more than $1 billion for
distressed steel firms and assembled them into International Steel Group Inc., which
he sold for $4.5 billion to the
London-based Mittal family in
2004. He served on ArcelorMittal’s board until becoming commerce secretary last year.
Gilbert Kaplan, Mr. Trump’s
nominee as undersecretary for
international trade, is a former
steel-industry lobbyist. U.S.
Trade Representative Robert
Lighthizer represented American steel companies as a lawyer
in private practice before becoming the government’s top
trade negotiator. The USTR’s
nominated deputy, Jeffrey Gerrish, and his general counsel,
Stephen Vaughn, lobbied on
trade laws for U.S. Steel Corp.
Legal experts said the presence of U.S. officials with industry ties doesn’t on its face violate federal ethics rules, but
some experts questioned the
appearance.
Compared with previous administrations, “the Trump administration seems to have far
more individuals in key government positions regulating industries that those individuals
got rich working in,” said Paul
Ryan, vice president for policy
and litigation at Common
Cause, an advocacy group that
supports greater transparency
in politics.
A White House spokeswoman said Mr. Trump’s position on trade has been clear for
decades.
Nucor paid $1 million in 2011
to the Utility Consumers’ Action
Network, a nonprofit that advocates on behalf of utility customers in San Diego County, Calif., which in turn paid Mr.
Navarro’s production company
to make the film, according to
documents reviewed by The
Wall Street Journal.
UCAN received a federal
grand-jury subpoena as part of
a broader investigation into its
finances, according to three former employees of the nonprofit
who said they were interviewed
by investigators or asked to
provide documents. A spokeswoman for the Federal Bureau
of Investigation field office in
San Diego didn’t respond to in-
quiries about the investigation.
Nucor’s funding helped Mr.
Navarro produce the documentary, “Death by China.” The
movie chronicles the erosion of
the U.S. manufacturing base
and China’s rise as an industrial
power since the 1990s. Mr. Navarro co-wrote a book by the
same name that was published
in 2011. In the movie, Tom Danjczek, then-president of the
Steel Manufacturers Association, points to the problem of
Chinese steel overproduction
due to government subsidies.
Dan DiMicco, chief executive
of Nucor from 2000 to 2012,
said the company paid for the
film through the San Diego nonprofit at Mr. Navarro’s request.
“Peter asked and we agreed.
Peter directed us where to
make payment,” said Mr.
DiMicco. “We had no part in
that decision nor did we try to
camouflage our support.”
Nucor entered into a contract with the Southern California utility watchdog, according
to the documents, which was
led by Michael Shames, a friend
ANDREW HARRER/BLOOMBERG NEWS
KAMIL KRZACZYNSKI/REUTERS
BY NICK TIMIRAOS
AND REBECCA BALLHAUS
Peter Navarro asked
Nucor to fund a
documentary earlier
in this decade.
of Mr. Navarro.
Mr. Navarro said the financial arrangement helped ensure
his independence and that he
never took steps to hide it.
“It was important for me
personally and for the integrity
of the film project that I have
complete creative control over
the process,” Mr. Navarro said
in a statement to the Journal.
“This financing arrangement
was done in a completely transparent way.”
The payments became public
after one of the nonprofit’s attorneys alleged in a 2011 letter
to the board improper financial
behavior by UCAN. Many of the
allegations were unrelated to
the Nucor payment, such as improper bonus payments and a
failure to conduct timely audits.
The allegations in 2012 led
UCAN to file for court-supervised dissolution—the equivalent of bankruptcy protection—
in the Superior Court for the
County of San Diego.
A whistleblower suit filed by
two then-employees of the nonprofit was settled out of court
and the dissolution petition was
withdrawn, but an FBI investigation resulted from the allegations.
The nonprofit said no
charges were issued in that investigation. UCAN’s executive
director didn’t respond to requests for comment.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A5
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A6 | Saturday/Sunday, March 17 - 18, 2018
* *****
THE WALL STREET JOURNAL.
WORLD NEWS
North Korea Nets Income From Electricity
Pyongyang’s exports
of power to China rise
as Beijing tightens
sanctions enforcement
Balance of Power
North Korea earns hard currency
from its electricity trade surplus
with China but has less power
for its own people.
North Korea's power trade
balance with China
BY JEREMY PAGE
$10 million
8
6
North
Korea
surplus
4
2
0
–2
2007
SEBASTIEN BERGER/AFP/GETTY IMAGES
BEIJING—North Korea almost doubled its electricity
exports to China last year despite its own chronic power
shortages, drawing in more
revenue as other sources of income were shut off by international sanctions.
At the same time, China has
been helping to boost North
Korea’s power supplies by
building two new joint-venture
hydropower plants on the Yalu
River that forms their common border, according to notices on Chinese government
and procurement websites.
United Nations sanctions on
North Korea don’t ban electricity trade. Beijing already
operates at least four jointventure hydropower plants
with Pyongyang, power from
which is usually split between
the countries, with the bulk
going to China.
But the balance shifted dramatically last year, when
North Korea’s power-trade
surplus with China grew to
$10.8 million from $2.6 million
in 2016, Chinese customs figures show.
China’s imports of North
Korean power rose 91% to
319,681 megawatt-hours, or $11
million, the highest since relevant records began in 2000,
the customs figures show. Chinese electricity exports to
North Korea dropped around
96% to 942 megawatt-hours,
or $132,000, the lowest since
2005. That means North Korea
earned more hard currency
but had less power for its people, potentially exacerbating
shortages.
The two new plants, to be
completed in 2019, will “benefit both China and North Korea,” said a notice posted last
year on the local government
Deficit
’10
’15
’17
Sources: Chinese customs, UN Comtrade
THE WALL STREET JOURNAL.
Portraits of late leaders Kim Il Sung and Kim Jong Il were illuminated in Pyongyang in 2016. North Korea experiences chronic power shortages.
U.S. to Coordinate
With Seoul on Talks
SEOUL—South Korean President Moon Jae-in and President
Donald Trump agreed to closely
coordinate policies “at every
stage” of the coming denuclearization talks with North Korea
during a 35-minute phone conversation, Seoul’s presidential
office said.
The phone call, conducted
late Friday evening in Seoul and
early Friday morning in Washington, comes just weeks before
Mr. Moon is expected to meet
North Korean leader Kim Jong
Un in the first inter-Korean summit since 2007, to discuss North
Korea’s possible dismantling of
its nuclear arms.
Mr. Trump has agreed to
meet Mr. Kim, after the inter-Korean summit, at an undetermined place “by the end of May.”
“President Moon told President Trump that South Korea
would create a favorable atmosphere at the summit with
North Korea, so that the following summit between the U.S.
and North Korea could succeed,”
said Seoul’s presidential spokesman Yoon Young-chan.
The White House said both
Messrs. Trump and Moon expressed cautious optimism
about their coming engagements
with Pyongyang, but vowed to
maintain economic and diplomatic pressure on North Korea.
“The two leaders agreed that
concrete actions, not words, will
be the key to achieving permanent denuclearization of the Korean Peninsula,” the White
House statement said.
The leaders’ conversation
comes as the two allies have
struggled to iron out muted disagreements over North Korea
policy, with Seoul pursuing a
strategy stressing engagement
with the North, while Washington has appeared to agree to
talks only reluctantly.
—Andrew Jeong
website of Ji’an, a Chinese
border city. In January, a tender was issued online for work
on transmission lines, to be
done by October.
Local and central government officials declined to comment.
The trade data and construction work show how Bei-
jing continues to support
Pyongyang in key ways even
as it steps up enforcement of
U.N. sanctions on its border,
leading to a steep decline in
overall bilateral trade last
year.
North Korea’s electricity
supplies are closely watched
by the U.S. and other coun-
tries as they try to gauge the
impact of sanctions that they
hope will prompt its leader,
Kim Jong Un, to give ground
ahead of or during his planned
talks with President Donald
Trump in May.
Beijing has also been
alarmed by Mr. Kim’s nuclear
and missile tests since 2016,
but is wary that collapse of his
regime through economic crisis
or U.S. military action could
bring U.S. troops up to the Chinese border, trigger a flood of
refugees into northeast China,
and create a unified, democratic, pro-Western Korea.
When a ban on joint ventures with North Korea was
added to U.N. sanctions in
September, China negotiated
inclusion of a line saying the
provision wouldn’t apply to
existing China-North Korea hydroelectric power infrastructure projects.
No other country officially
trades electricity with North
Korea, according to U.N. trade
data.
North Korea, which appears
in nighttime satellite photos
as shrouded almost entirely in
darkness, can ill afford to lose
the power from its joint-venture plants with China.
Regular visitors to North
Korea say power supplies improved in recent years, but
brownouts have become more
regular since U.N. bans on coal
and other major North Korean
exports were introduced last
year.
As those sanctions bite,
Pyongyang may be “looking
into any ways it can find to
boost revenues, including selling electricity that it might
otherwise find a way to use locally,” said David von Hippel, a
senior associate at the Nautilus Institute for Security and
Sustainability.
—Xiao Xiao
contributed to this article.
every
one
deserves a decent
place to live.
Learn more at habitat.org.
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THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A7
* * * * * *
WORLD NEWS
BY LAURENCE NORMAN
BY MEGUMI FUJIKAWA
TOKYO—Haruhiko Kuroda,
confirmed Friday for a new fiveyear term as Bank of Japan governor, faces pressure to end his
experiment with radical monetary easing even though he says
the nation isn’t ready yet.
The Japanese economy has
changed considerably since Mr.
Kuroda took over the central
bank five years ago as the key
player in Prime Minister Shinzo
Abe’s revival plan. Growth has
continued for the past eight
quarters, the longest streak in
28 years; the Nikkei Stock Average has risen more than 70%
during Mr. Kuroda’s term; and
the job market is tight.
Many economists give some
of the credit to Mr. Kuroda’s
core policy of keeping interest
rates low—or negative in the
case of one BOJ rate—and
flooding the banking system
with cash by buying govern-
ment bonds and stocks.
But the governor has yet to
achieve the one goal he advertised most loudly at the start of
his term: 2% inflation. Core inflation remains less than 1%.
That is why Mr. Kuroda has repeatedly told parliament that he
will “persistently continue current powerful monetary easing.”
With few signs of an overheating economy, there would
seem little reason for Mr.
Kuroda to abandon his main
policy benchmark, a zero target for the yield on 10-year
Japanese government bonds.
Yet concerns persist among
commercial bankers and some
politicians about the side effects of ultralow rates.
“The past year has been
tougher for the banking industry due to the cumulative effects of prolonged low rates,”
Nobuyuki Hirano, chairman of
the Japanese Bankers Association and president of Mitsubi-
shi UFJ Financial Group Inc.,
said Thursday.
Mr. Kuroda himself has wavered recently: sometimes acknowledging the concerns and
suggesting he was ready to accommodate them and other
times declaring that his current policy needed to stay.
Opposition parties largely
voted against Mr. Kuroda on
Friday, with parliament’s upper house confirming him by a
161-73 vote.
Syria Assault Creates New Dilemma for Civilians
BY RAJA ABDULRAHIM
The Syrian regime’s assault
on a rebel-held enclave near the
capital has left civilians with
the stark choice of joining thousands who are fleeing across
frontlines or hunkering down in
basements with little food and
uncertainty about their fate.
Airstrikes on Friday killed
at least 57 people, including
nine children, in Kafar Batna,
a town in Eastern Ghouta, as
Syrian regime forces advanced
deeper into the Damascus suburb, according to local doctors
and activists. The ground advance spurred an unplanned
exodus of at least 10,000 people on foot a day earlier. On
Friday, hundreds more followed, according to United Nations and Syrian Observatory
for Human Rights estimates.
“People just want to get out
of this hell,” said Amer Almohibany, a local activist in Ghouta.
Despite the largest displacement of civilians since
the Syrian government and its
allied forces first laid siege to
Ghouta in 2013, nearly
400,000 people are still left
inside the enclave amid a
worsening humanitarian crisis.
People
escaping
their
homes fear being forced as
part of a rebel surrender deal
to be displaced to other parts
of the country. But staying behind could mean being arrested and tortured, many of
those left behind worry.
People evacuated from Eastern Ghouta were transported to shelters Friday, as the regime pressed its strikes on the rebel-held enclave.
For the regime of President
Bashar al-Assad, which is
backed by Russia and Iran, capturing Ghouta would eliminate
one of the last opposition
strongholds. Mr. Assad has long
said these offensives are a battle against terrorists—a term
the regime uses to describe
much of the opposition—and an
attempt to re-establish stability
and security. It has characterized past surrender deals as
reconciliations.
“We have prepared 100
buses that on a daily basis are
transporting those leaving
Eastern Ghouta from the
crossing point to the shelters
that have been provided by
the state,” Damascus Gov. Alaa
Ibrahim told Russia’s Sputnik
news agency.
Despite those assurances,
people in cities under siege remain worried. “They are fleeing
from death to the unknown,”
said Faiz Orabi, spokesman for
Ghouta’s health directorate.
—Nour Alakraa
and Nazih Osseiran
contributed to this article.
MINISTRY OF DEFENSE, JAPAN
BRUSSELS—European foreign ministers, anxious to salvage the nuclear deal with
Iran, on Monday plan to
sketch out new measures to
increase pressure on the country over its ballistic missile
program and regional actions,
European Union officials said.
The talks come as time
shrinks for the EU and the U.S.
to agree on steps aimed at
meeting President Donald
Trump’s demands to strengthen
the 2015 nuclear deal and crack
down on Iran’s other activities.
Some diplomats believe the
EU could move quickly after
Monday to draw up concrete
measures against Iran, although differences remain
within the bloc, diplomats
said. All 28 EU countries must
agree on any new sanctions.
On Friday, the U.K., France
and Germany circulated a letter calling for work to start on
drawing up specific sanctions
targets over Iran’s ballistic
weapons and senior people
and entities involved in fighting in Syria, according to a
person familiar with the issue.
Mr. Trump has threatened
not to sign an extension of
sanctions waivers on May 12, a
move that could lead to the unraveling of the deal. The agreement saw most international
sanctions on Iran lifted in exchange for strict but temporary
restraints on its nuclear work.
Talks
among
Britain,
France, Germany and the U.S.
on joint steps to pressure Iran
are continuing, most recently
in Berlin on Thursday. Senior
European and U.S. officials, including the State Department’s
point person, Brian Hook, also
met in Vienna on Friday for
broader talks with Iran, Russia
and China on the nuclear deal.
—Julian E. Barnes
contributed to this article.
Japan Central Banker Faces Test on Rates
YOUSSEF BADAWI/EPA/SHUTTERSTOCK
EU Will
Explore
Bid to Save
Iran Deal
Japan says the Xin Yuan 18, owned by a Hong Kong-registered firm, transferred goods to North Korea.
FRONT
Continued from Page One
wants Hong Kong to crack
down. A U.N. Panel of Experts
report made public on Friday
describes registration middlemen like Hong Kong’s as a
“key vulnerability” allowing
North Koreans to defy sanctions intended to starve the
country’s nuclear and missile
programs of funds.
Of the nine companies outside North Korea that the U.S.
sanctioned in February for
working on Pyongyang’s behalf, two are based in China,
one each in Panama and Singapore—and five in Hong Kong.
Attempts to track down three
of those five firms led to a
maze of secretarial agencies.
Experts say front companies allow North Koreans and
their agents, many of whom
are in China, to obfuscate
their identities and operate
without revealing their Pyongyang ties.
“Those who start front
companies are very skilled at
taking advantage of Hong
Kong’s business-friendly regulatory and financial environment,” said Wendy Wysong,
who heads law firm Clifford
Chance’s anticorruption and
trade-controls practice in Asia.
Hong Kong put new regulations into effect this month
that aim to make money laundering more difficult, including stricter client-verification
guidelines.
The city “has a robust and
efficient supervision system in
place,” a Hong Kong government spokesman said, and was
“looking into cases in which
Hong Kong-registered companies are alleged to be involved” in evading sanctions.
Lawyers in Hong Kong who
advise banks on sanctions enforcement say that while the
new regulations are a step in
the right direction, they won’t
solve many of the problems
the U.N. panel identified.
Even under the new rules,
registering a company in Hong
Kong typically requires merely
filling in a form with such basic information as founding
shareholders’ addresses and
the director’s national-identity-document numbers. The
company’s listed director can
be its sole shareholder, and
needn’t live in Hong Kong.
Corporate-service agencies
take care of the rest, and the
process can be done online.
Many of the agencies operate one-room, one-person offices in Hong Kong to serve as
postal addresses for dozens of
client companies. The episode
of the oil tanker cited by Japan
last month shows how hard it
The shipowner’s
address leads to a
farmhouse in a remote
Chinese village.
is to peel back the layers.
The tanker, the Xin Yuan 18,
was spotted by a Japanese military aircraft alongside a sanctioned North Korean vessel,
the Chon Ma San, in the East
China Sea late one February
night. A “comprehensive assessment” led Japan to suspect
that a ship-to-ship transfer of
cargo had occurred, according
to Japan’s foreign ministry.
The 23rd-floor office where
Ha Fa Trade is registered belongs to an agency called
Yirenjiaren Registration Secretary Ltd. A woman working
there said she couldn’t confirm whether Ha Fa Trade is a
client. A representative at the
agency’s main office in Shenzhen, China, said Ha Fa Trade
didn’t come to the agency directly and is a client of a different agency that uses the
same Hong Kong office as its
address.
A representative for that
agency, Fei Long International
Business Co., said it had been
approached to register Ha Fa
Trade in Hong Kong by yet another company-service agent
identified only as Liao. There
was no response to repeated
requests to comment left for
that agent through Fei Long.
Documents obtained from
Hong Kong’s company registry
list Tang Yun Hui as Ha Fa
Trade’s director and only
shareholder. The documents
show the company’s address in
the remote village of Yaoxing
in China’s Hubei province, but
provide no phone number or
email address.
The address corresponds to
a two-story house—empty on
a recent visit—with broken
glass and overripe cabbages in
the yard. Reached by phone,
using a mobile-phone number
provided by another village
resident, Mr. Tang said he is
an “ordinary sailor” and
knows nothing about Ha Fa
Trade or Xin Yuan 18.
“I’ve worked on so many
ships and never heard of that
one,” he said. Told of the company documents, he expressed
surprise: “How could they
have my signature?”
The Chinese identificationcard number on the documents is his, the 32-year-old
Mr. Tang said, and the address
is that of the farmhouse where
he grew up.
Mr. Tang said he earns
$8,000 to $9,500 a year as a
sailor on Chinese ships and
has never owned a ship, visited Hong Kong or been associated with North Korean
trade.
It wouldn’t be convenient to
meet in person, he added: “I’m
in the middle of the sea.”
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A8 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ******
WORLD NEWS
Britain’s top diplomat accused Russian President Vladimir Putin of ordering a nerveagent attack that left an exdouble agent and his daughter
fighting for their lives, as police launched a murder investigation into the death of another Russian exile in the U.K.
Police said on Friday that
By Jenny Gross in
London and Thomas
Grove in Moscow
an autopsy showed businessman Nikolai Glushkov, a 68year-old Kremlin critic and
former top executive of Russian state airline Aeroflot, was
found dead from “compression
to the neck” at his home
March 12, about a week after
the poisoning on British soil.
Mr. Glushkov’s death didn’t
appear to be related, police
said. But the nerve-agent attack has renewed scrutiny of
the deaths of a series of
wealthy Russians. British
Home Secretary Amber Rudd
this week ordered British police and intelligence agencies
to re-investigate 14 deaths in
the U.K.
The announcement of the
murder probe came after U.K.
Foreign Secretary Boris Johnson for the first time directly
accused Mr. Putin of ordering
the nerve-agent attack. Russia
has called the claim it is involved nonsense.
“Our quarrel is with Putin’s
Kremlin and with his decision,” Mr. Johnson said. “And
we think it overwhelmingly
likely that it was his decision
to direct the use of a nerve
agent on the streets of the
U.K., on the streets of Europe,
for the first time since the
Second World War.”
In
response,
Kremlin
spokesman Dmitry Peskov said
it was offensive to suggest that
Mr. Putin was personally responsible. “Any reference or
mention of our president is
nothing less than shocking or
unforgivable from the point of
view of diplomatic behavior,”
he said.
Russia said it would hit
back at punitive measures
from the U.S. and U.K., announcing plans to expand a
blacklist of Americans and to
kick out British diplomats.
Mr. Putin, who is expected
to win a presidential election
on Sunday, has played the increasing tensions with the
West to his advantage at
home, presenting himself as a
TOBY MELVILLE/REUTERS
U.K. Police Probe Death
Amid Scrutiny on Moscow
Police launched a murder investigation into the death of Nikolai Glushkov, a Russian exile in the U.K.
leader who can stand up to Europe and the U.S.
The U.K., which hosts an investor program that grants
residency in return for bond
purchases of at least £2 million and whose courts have
consistently refused to comply
with Russian extradition requests, has become a hub for
wealthy Kremlin critics.
Mr. Glushkov was an associate and friend of Boris Berezovsky, once one of Russia’s
richest men, who was found
dead in 2013 in Britain on his
bathroom floor with part of a
scarf around his neck.
—Jason Douglas and Anatoly
Kurmanaev in London
contributed to this article.
Russian Youth Accept Putin’s Rule as a Given France,
Shaping a Future in
A Changed Country
Nikita Ivlev doesn’t really follow politics. But the high-school
student says he is sure that only
President Vladimir Putin can
manage a country as big as Russia. Anastasia Kuklina, who is
studying law, values the “peace
and stability” of Mr. Putin’s rule
and is thrilled with new shopping malls in her hometown.
IRINA MELNIKOVA, 20
years old, moved to Tyumen to
learn how to train and handle
dogs. She keeps a demanding
daily rhythm to accommodate
all her interests, from dogs to
singing to volunteer work. Seeing helping others as the most
important thing in life, she volunteers regularly and has collected gloves, scarves and hats
for the elderly and needy. She
says she wishes more foreigners would come to Russia to
see its natural beauty and
wants to travel around the
world and visit as many countries as she can. Ms. Melnikova
says she wants to train dogs
for rescue teams or to work
with them in military conflicts.
“I’d like to see what it’s like,
even just as an experience,”
she says.
Darya Yershova says Russian
life is better and freer than in
the past. “When we talk with
our parents, they are sometimes
shocked by the numerous opportunities we have today,” she
says.
The three young people, like
all Russians of their generation, have known no leader
other than the former KGB colonel, who is on track to win
another six-year term in presidential elections on Sunday.
Over the course of their
lives, Mr. Putin has transformed
Russia from an at-times chaotic
democracy to an authoritarian
state. He has written a new social contract that offers citizens
far better living standards and
restored swagger on the world
stage, while limiting political
freedoms. Polls, sociological research and interviews with
more than a dozen young Russians in four cities reveal a generation largely at ease with that
trade-off, though there are
some browbeaten but committed dissenters.
Russia’s young adults are
mostly disengaged from politics, broadly supportive of Mr.
Putin and primarily focused on
their own lives.
“No one’s bothering me, no
one is confiscating my apartment, my bread, so everything’s
fine,” said Mr. Ivlev, who lives
in the industrial city of Chelyabinsk east of the Ural mountains. “Politics doesn’t interest
me.”
Mr. Putin’s approval rating
among those in their late teens
and early 20s is 86%—higher
than in any other age group, according to a December survey
by independent pollster LevadaCenter. That youthful support
underlines the durability of Mr.
Putin’s political model.
“Young people are more satisfied with life. They are better
educated, have more opportunities, support from parents,”
said Denis Volkov, a LevadaCenter sociologist.
Stagnating oil prices have
caused living standards to drop
since 2014, but they remain
considerably higher than when
Mr. Putin came to power. A further deterioration of the economy, burdened by U.S. sanc-
ARTHUR BONDAR FOR THE WALL STREET JOURNAL (3)
By James Marson
in Chelyabinsk, Russia,
and Thomas Grove
in Tyumen, Russia
tions, could undermine Mr.
Putin’s bargain and fuel support
for opposition figures.
Many say their lives are better than their parents’. At
around the same age in the
1990s after the collapse of the
Soviet Union, Mr. Ivlev’s mom
has told him she would rise at 6
a.m. to stand in line at food
stores trying to procure milk
and bread.
Now, Chelyabinsk’s supermarkets and shopping malls are
packed, and he spends his time
watching films, hanging out
with friends or listening to music on his smartphone.
In Vladivostok, a port city in
Russia’s Far East, the opportunities are often linked with
nearby China. Ms. Yershova is
studying Chinese and plans to
ALEKSANDR BELYAYEV,
an 18-year-old advertising student, is a supporter of opposition blogger Alexei Navalny. He
became interested in the opposition when he was 15 years
old and wrote an online message to anti-Kremlin leader Boris Nemtsov, but didn’t receive
a reply as Mr. Nemtsov was
gunned down in Moscow. Mr.
Belyayev made new friends at
Mr. Navalny’s office in Chelyabinsk, where they make plans
and posters for anticorruption
rallies. After efforts to register
a political youth organization
came to naught, he and his
friends founded a religion
called “The Grand Church of
the Deification of Information,”
in part to poke fun at the authorities. Prosecutors summoned him for questioning and
now he worries he may face a
fine, or worse.
travel there this summer, and
later take part in a student-exchange program.
Ms. Yershova says her generation has much more freedom
to develop and express itself
than her forebears.
For example, she is part of a
group that organizes discussions about literature and publishes a cultural magazine. “In
their time it was impossible to
imagine,” she said.
Many young Russians say
they see problems—primarily
corruption and its effects—but
are either resigned to them or
busy with their own affairs.
Mr. Ivlev wants to be a
sound engineer and intends to
move to St. Petersburg. He
would like to start his own
company but worries that as a
IVAN MIKHAILOV, 22 years old, spends most of the time at
his university in Tyumen studying to become a drilling engineer. He
came to the affluent western Siberian city with the hope of entering the oil-and-gas sector. Whenever he can, Mr. Mikhailov makes
the two-day train journey to his hometown near Lake Baikal to see
his girlfriend and his mother. He says his father, who died when he
was 5, is “the person I compare myself to. He knew how to work.”
He says Western sanctions on Russia have worked in his favor as
oil firms are hiring fewer foreigners and more locals.
business owner in Russia, “you
are a billionaire one day, and
the next day everything goes
belly up and you are cleaning
the floor in a food store.”
Young people tend not to
watch state television channels,
but many of them hold to the
narratives frequently found
there. Ms. Kuklina, a 20-yearold law student in Chelyabinsk,
says there is no obvious alternative to Mr. Putin, whom she
sees as a bulwark against violent upheaval.
Opposition politics is often
seen as at best futile or distasteful and at worst dangerous.
Ms. Kuklina runs clubs to teach
youngsters about their civic
rights and responsibilities, and
says any changes should come
slowly without risking turmoil.
Living Better
A huge rise in living standards
lifted people out of poverty,
although they slipped recently.
Russia’s real disposable income
Change from previous year
15%
10
5
0
–5
–10
’00
’05
’10
’15
Source: Federal State Statistics Service
THE WALL STREET JOURNAL.
Germany
Seek Plan
For Bloc
BY WILLIAM HOROBIN
PARIS—The road to eurozone renewal envisioned by
French President Emmanuel
Macron won’t be a speedy autobahn.
At
meetings
between
French and German officials in
Paris as German Chancellor
Angela Merkel visited for the
first time since her re-election,
officials stated their differences on key planks for rebuilding the eurozone’s architecture. They pledged to come
up with a “road map” for overhauling the currency bloc in
June.
“We are not always of the
same opinion, but Germany
and France have already
achieved many things together,” Ms. Merkel said.
“Today it is vital that we
are able to build this new ambition together,” Mr. Macron
said standing alongside Ms.
Merkel.
Mr. Macron has called for a
deep overhaul of the European Union and demanded
greater sharing of resources
and liabilities in the eurozone,
which he says is necessary to
shelter the currency bloc from
future crises. In the longer
term, he says the currency
bloc should have a shared
budget administered by a single finance minister.
But during a long period of
political uncertainty in Berlin,
Mr. Macron’s plans have stagnated. French officials said the
Friday visit would kick-start
negotiations ahead of a summit of eurozone leaders next
week, and in time to agree a
road map for reforms by June.
The new German government, however, has shown little inclination to revise Berlin’s traditional opposition to
pooling resources in a bloc
where many members have
deficits and high debt burdens.
Instead, officials in Berlin
have indicated that they would
like to shift the focus from fiscal matters and burden-sharing to discussing migration
and strengthening the EU’s external borders.
After a meeting earlier Friday with his new German
counterpart, Olaf Scholz,
French finance minister Bruno
Le Maire said the two sides
have stumbled in recent weeks
on new rules for capital markets in the eurozone and how
to structure the banking
union.
WORLD WATCH
CANADA
Manufacturing Sales
Declined in January
Canadian manufacturing sales
fell in January as unusual factory shutdowns led to a sharp
decline in motor vehicle production.
Factory sales fell 1.0% in January from the previous month to
a seasonally adjusted 54.92 billion Canadian dollars (US$42.14
billion), Statistics Canada said
Friday. The expectation among
traders was for a decline of
0.9%, according to economists
from Royal Bank of Canada.
Factory sales in the previous
month slipped a revised 0.1%,
Statistics Canada said.
On a volume or price-adjusted
basis, manufacturing sales declined 1.1% in January.
CIBC World Markets economist Royce Mendes said January’s drop in factory sales
marked a rough start to the
year, which could be reflected in
gross domestic product data
when it comes out later this
month.
“Factory shipments could feel
some benefit as U.S. tax cuts
make their way through the
American economy,” Mr. Mendes
said. “But already elevated inventory levels and capacity constraints could limit the gains.”
After rising for two straight
months, sales of motor vehicles
fell 8.0% in January to C$4.88
billion. Statistics Canada said the
drop mainly reflected lower production because of assembly
plant shutdowns.
Sales in the aerospace product and parts industry dropped
9.5% in January, to C$1.59 billion,
and sales in the primary metal
industry fell 2.8% to C$4.12 billion.
—Kim Mackrael
UNITED NATIONS
Appeal Made to Aid
Rohingya Refugees
The United Nations is appealing for nearly $1 billion for the
humanitarian crisis sparked by
the flight of about 700,000 Rohingya Muslims from Myanmar to
Bangladesh since August.
U.N. deputy spokesman Farhan Haq told reporters Friday
that “urgent funding is required
to meet lifesaving and acute humanitarian needs of refugees, as
well as affected host communities.”
He said the appeal for $951
million aims to assist 1.3 million
people, including 884,000 Rohingya refugees, tens of thousands of others who fled to
Bangladesh previously and
336,000 Bangladeshis until the
end of this year.
—Associated Press
SOUTHEAST ASIA
Australia Champions
Antiterrorism Effort
Australia has urged Southeast Asian nations to strengthen
their counterterrorism coopera-
tion, warning encrypted message
systems on mobile phones and
the internet’s dark web are
heightening the risks of terrorist
attacks in the region.
Opening a counterterrorism
conference with nine regional leaders in Sydney, Australia’s Home
Affairs Minister Peter Dutton said
the use of digital messaging systems by terrorists and criminal
groups had triggered “the most
significant degradation of intelligence capability in modern times.”
“Advances in communication
have given terrorists a truly
global reach,” he said.
—Rob Taylor
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A9
* * * *
OBITUARIES
JOHN NASSEFF
1924 — 2018
JOHN SULSTON
1942 — 2018
High-School Dropout
Became Philanthropist
Exhaustive Study of a Worm
Ended in Nobel Prize
J
ohn Nasseff didn’t know his
place. He was a ninth-grade
dropout and had been hired
shortly after World War II to unload rolls of printing paper from
boxcars in St. Paul, Minn. Within
weeks, the son of poor Lebanese
immigrants was pestering his
bosses about how the job could be
done more efficiently.
Over time, his employer, West
Publishing Co., a publisher of legal information, began to rely
more on Mr. Nasseff’s mechanical
and organizational skills. He
joined the board of directors and
was a vice president responsible
for engineering and facilities. He
regularly bought shares in the
company through an employee
stock-purchase program.
Thomson Corp., now Thomson
Reuters Corp., bought West in
1996 for $3.43 billion. Mr. Nasseff’s share of the proceeds was
about $175 million, according to
the St. Paul Pioneer Press.
Mr. Nasseff donated tens of
millions of dollars to hospitals
and schools in Minnesota, orphanages in several countries and a
dental clinic in his parents’ native
Lebanon, among other causes. He
was known for a dramatic wardrobe that included berets.
He died at home in St. Paul on
Feb. 21, his 94th birthday.
“God knows what you do,” Mr.
Nasseff often remarked. He
learned the saying from his
mother.
—James R. Hagerty
ORIN SMITH
1942 — 2018
CEO of Starbucks
Was Called ‘Tortoise’
W
hen Starbucks Corp. was
expanding so fast it
seemed to pop up on every other street corner, Orin
Smith’s role was to keep his overcaffeinated colleagues from getting carried away.
He insisted on thinking things
over and discussing alternatives
before making decisions—a habit
that earned him the nickname of
“tortoise.”
Mr. Smith joined the coffee
company in 1990 as chief financial officer and oversaw its initial
public offering in 1992. He was
promoted to president and chief
operating officer in 1994 and
served as chief executive from
2000 until his retirement in 2005,
when the company had more than
9,200 stores globally, up from 45
when he arrived in 1990.
“Orin was a constant calming
influence in the company and always had a very clear strategic
lens,” said Howard Schultz, a former Starbucks CEO who is now
executive chairman.
Howard Behar, a former Starbucks executive and board member, said Mr. Schultz was “the
dreamer,” while “Orin was the
guy who had to make it work.”
Though known for his composure, Mr. Smith drank four or five
cups of coffee a day. “I’m always
wired,” he assured The Wall
Street Journal in 2003.
Mr. Smith died March 1 of pancreatic cancer at age 75.
—James R. Hagerty
BY JAMES R. HAGERTY
T
he nematode worm known
as C. elegans is only a millimeter long and leads what
appears to be a fairly dull existence. It eats bacteria, wriggles
around and reaches adulthood in
three days. “It consists basically of
two tubes, one inside the other,”
the English biologist John Sulston
wrote in a memoir.
Although some colleagues
thought he was wasting time, Dr.
Sulston for years spent up to eight
hours a day peering through microscopes at these worms. His
findings on the genetics of worms
won him a Nobel Prize for physiology in 2002.
His dogged work also helped
prepare the scientific world for the
more glamorous project of mapping the human genome, in which
Dr. Sulston played a large role. He
fought successfully to keep data
from the Human Genome Project in
the public domain rather than letting any single company own it.
Detailed mapping of the genome, the genetic coding needed
to make a human being, was one of
the most celebrated scientific triumphs of the 20th century, offering pathways toward treatments
for myriad diseases. Announcing
completion of the genomic survey
in 2000, President Bill Clinton declared: “We are learning the language in which God created life.”
Dr. Sulston described the feat in
more modest terms: “What we’ve
done is to read the language of
evolution,” he said in a 2002 interview. “We have the hieroglyph…and now we’re working on
its interpretation.”
Dr. Sulston died of stomach cancer March 6. He was 75.
He was happiest working in a
lab and only reluctantly took on
the role of overseeing Britain’s
contribution to the genome proj-
ect. His work didn’t involve “bold
theories or sudden leaps of understanding,” he wrote in a 2002
memoir, “The Common Thread.”
Instead, he saw his role as “gathering data for the sake of seeing the
whole picture.”
John Edward Sulston was born
March 27, 1942, and grew up near
London. His father, a Church of
England minister, helped administer a missionary society. His
mother taught English.
As a child, John toyed with microscopes, partially resurrected a
broken TV set and dissected a dead
bird. He considered himself hopeless at sports. In 1960, he enrolled
at Cambridge University and studied organic chemistry. He enjoyed
doing lighting work for a theater
company but was bored by his
textbooks and scraped by with a
second-class degree.
Feeling scant talent for academic life, he decided to work
overseas in a volunteer program.
When his volunteer project fell
through, he slunk back to Cambridge as a chemistry research student. He completed a Ph.D. in 1966.
The same year, he married
Daphne Bate, who later worked as
an academic librarian. They moved
to La Jolla, Calif., where he did research work at the Salk Institute
for 2½ years, before returning to
Cambridge and joining the Laboratory of Molecular Biology. There,
he worked under Sydney Brenner, a
future Nobel laureate who studied
the genetics of worms.
“There were lots of jokes about
Sydney’s worm, and general skepticism about its chances of coming
to anything,” Dr. Sulston wrote
later. “This seemed a pretty good
recommendation to me: There’s little point in doing what everybody
else is doing.”
After 10 years at the lab, he
grew despondent, convinced he had
achieved little. Then he resolved to
complete the grinding task of documenting how the nematode worm
developed from a single cell to the
959 cells of adulthood. He became
a notable member of what he
called the “worm community,” 200
or so scientists from around the
world who submitted articles to
the Worm Breeder’s Gazette and
met periodically to share insights.
His experience of mapping a
worm genome made him a natural
choice to lead the British scientists
contributing to the Human Genome
Project in the 1990s.
He is survived by his wife, a sister, two children and two grandchildren.
In his memoir, he described himself as a child of the 1960s but not
a hippie: “It was nothing to do with
rock concerts and dropping out. It
was a matter of not living lavishly
but enjoying what you had, growing things with your hands, working hard but not being tied to a
nine-to-five job, and generally feeling that there’s more to life than
money.”
Read a collection of in-depth
profiles at WSJ.com/Obituaries
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The Penal Laws and Protestant Ascendancy
Ireland at the Turn of the 19th Century
Daniel O’Connell and the Great Famine
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Shaw and Wilde: Irish Wit, London Stage
W. B. Yeats and the Irish Renaissance
Yeats in the 1890s
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J. M. Synge and the Aran Islands
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Michael Collins and the War of Independence
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Life and Legacy of Lady Gregory
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A10 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
IN DEPTH
HIV
Siphile Madlola, 22, is HIV negative. She takes part in a research
study in Vulindlela, South Africa, a community with high HIV rates.
rica and 14 other countries.
South Africa’s government introduced a similar program in
2016 called “She Conquers” to
expand services to young
women throughout the country.
The U.S. President’s Emergency Plan for AIDS Relief,
which Dr. Birx oversees, said in
December that new HIV diagnoses in women ages 15 to 24 have
declined at least 25% since 2015
in 65% of the communities
where its Dreams programs
were initially implemented.
Dr. Quarraisha Abdool Karim
saw the first signs of the transmission cycle in 1989 when she
conducted a study in KwaZuluNatal that found HIV to be 3.2
times more common in women
than in men. She also found that
women were infected at younger ages than men. “It was very
clear when you looked at the
prevalence data that young boys
were not infecting” the girls
their own age, but rather older
men were, she said.
“What that told us was if we
were going to slow the HIV epidemic we needed to find some
way to lower the incidence rate
in young girls,” said Dr. Salim
Abdool Karim.
AIDS deaths began to decline
across Africa in the mid-2000s,
after international donors and
local governments began providing antiretroviral drugs,
which allow infected people to
live nearly normal lives by beating the virus back to a level at
which it doesn’t damage the
body.
HIV/AIDS attracts more donations from governments and organizations than any other infectious disease. UNAIDS said
$19.1 billion was dedicated to
HIV/AIDS in 2016 and that $26.2
billion will be needed by 2020.
The funds include paying for
drugs as well as for prevention
tools.
Scientists are developing and
testing new prevention methods
BlackBerrys, says Andrew
Stivelman, a technical writer in
Toronto, are “built like a tank.”
Mr. Stivelman’s ardor for the
phones has withstood a former
employer’s policy barring workers from using BlackBerrys because they were outdated. At his
current employer, he keeps
quiet about his BlackBerry, lest
IT folks take it away because
BlackBerry no longer provides
monthly security updates for it.
Kady O’Malley named her
Boston terrier for her BlackBerry. “I actually had the name
before I had the dog,” says Ms.
O’Malley, who works for Canadian news site iPolitics. She tags
her emails with “sent from a
phone with a real keyboard.”
Although the company, now
named BlackBerry Ltd., no longer makes the phones, they live
on through licensing agree-
ments with companies that
make and sell BlackBerrybranded hardware with Android
operating systems. BlackBerry
Ltd. says it will support phones
that use its own operating system until at least 2020.
The Canadian government
remains a supporter of the native-born device. Some 125,000
BlackBerrys are in use by government employees, according
to the department that manages
the government’s IT services.
A spokeswoman for BlackBerry, Sarah McKinney, said its
software is still widely used by
governments and businesses to
handle email, calendars and
other tasks on iPhone and Android devices. The firm has refocused on its software, including
driverless-car technology.
Fans of BlackBerrys wax lyrical about features like a curved
shape that fits the hand, writing
in forums such as “There’s
magic in BlackBerry 10” on
Crackberry.com. A bonus, wrote
one person last year, is reduced
theft risk, “because thieves
don’t know what they are.”
Until recently, devotees could
gain affirmation from a website
called
celebritiesblackberry.wordpress.com, showing
sightings of users such as Kim
Kardashian West, who tweeted
in 2016 that her beloved BlackBerry Bold had died and she
was looking for a new phone.
The last posting from the
moderator is from August 2016:
Dear Guys,
I received tons of mails that
ask me to update the blog with
new posts.
Unfortunately, all the celebrities now own an iPhone, this is
so sad. :(
MIORA RAJAONARY FOR THE WALL STREET JOURNAL (PHOTOS)
Continued from Page One
Successful prevention methods,
including circumcision and condom use, have been geared
mainly to men. Now, researchers are working to develop new
ways to protect women, including education programs, drug
regimens and other prevention
tools.
“They are the key to global
epidemic control of HIV,” said
Salim Abdool Karim, director of
the Center for the AIDS Program of Research in South Africa, known as Caprisa, a consortium of South African and
North American scientists that
researches HIV in young
women.
Sizeni Soni said she wasn’t
surprised to learn at the age of
23 that she had HIV. Ms. Soni,
who lives in Vulindlela, an impoverished community in the
hills of South Africa’s KwaZuluNatal province with some of the
highest HIV rates in the world,
believes she contracted the virus from her former boyfriend,
a migrant worker four years her
senior.
“It has become normal—you
test, you test positive,” Ms. Soni
said on a visit to her local
health clinic for a refill of the
antiretroviral drugs she takes
daily.
Young women ages 15 to 24
accounted for 20% of the 1.8
million people globally who
were newly infected in 2016,
more than any other age group
of men or women, according to
the Joint United Nations Program on HIV/AIDS.
In sub-Saharan Africa, where
nearly two-thirds of all new HIV
infections in 2016 occurred,
more than twice as many young
women were infected as young
men. In the rest of the world,
more young men were infected
than young women.
In a unique cycle of transmission, researchers say young
women in parts of eastern and
southern Africa are often infected by older men, whom
many date because the men
help them financially. When
those women reach their late
20s and 30s, they become involved with men closer to their
own ages, passing the virus onto
them, according to Caprisa and
other researchers. As those men
date younger women, they can
transmit HIV to the next wave.
It is less common in other parts
of the world for different generations to infect each other,
which helps limit transmission.
“You’ve got this ongoing cycle” of transmission fed by a
constant supply of girls reaching teenhood, said Quarraisha
Abdool Karim, Caprisa’s associate scientific director, who
founded the consortium with
her husband, Salim Abdool Karim, and other institutions in
2002.
In a 2016 study, she and
other researchers at Caprisa
found that women ages 15 to 24
in Vulindlela and a nearby community were infected by men an
average of 8.7 years older. Re-
that women can control and
that they hope will be easy to
use. Caprisa researchers are
also studying possible biological
factors, such as the makeup of
the vaginal microbiome, that
may affect a woman’s risk of
HIV infection.
Researchers are working at
the same time on ways to reduce the number of infections in
men in their 20s and early 30s
and to get more HIV-positive
men tested and in drug treatment.
A landmark 2010 study,
which included women from Vulindlela, showed that a vaginal
gel made with the drug tenofovir could protect women. But
subsequent trials showed that
women didn’t use it regularly.
“We learned it is really difficult to get women to use this
gel,” Dr. Salim Abdool Karim
said. The gel had to be applied
before and after sex, which involved planning. Persuading
healthy people to use any preventive drug is a challenge, he
said.
The National Institute of Allergy and Infectious Diseases in
the U.S. is funding research and
several clinical trials in eastern
and southern Africa, including
at Caprisa, to test long-acting
drugs and HIV antibodies that
could involve getting injections
just a few times a year. “If that’s
the case, wow—that to me is
something that is going to have
a major impact,” said Anthony
Fauci, the institute’s director.
“We really have to address this
cycle of infection because we’re
never going to turn around the
epidemic in South Africa unless
we do that.”
Researchers are also studying the use of a vaginal ring that
gradually releases an antiretroviral drug, and the use of daily
drug regimens to prevent infection. Nomonde Langa enrolled
in a trial last year of oral pre-exposure prophylaxis, which is
available in the U.S. for people
who are at high risk of HIV infection. The 20-year-old, who
lives in the Durban area and is
HIV negative, is supposed to
take an antiretroviral drug daily.
Her longtime boyfriend, who
is six years older than she is,
doesn’t use a condom every
time they have sex, she said.
She also caught him cheating on
her with another woman. “I decided to get involved to protect
myself,” said Ms. Langa, who is
studying to be a primary-school
teacher.
But Ms. Langa sometimes
forgets to take her daily pill—a
risky omission. “I try my best
not to forget,” she said. “It’s
hard.”
Mbali Yonela Peter is also
taking a drug to prevent HIV infection. The 19-year-old travels
an hour and a half each way
from her home in Soweto to a
research clinic in the center of
Johannesburg for her three
months’ supply of medication.
She worries that workers at her
local clinic would spread a rumor that she has HIV—stigma
about the virus persists in South
Africa, particularly for women,
who can be at risk of abuse and
blame if they are infected. “The
people who work at the clinic
live in the area,” she said.
Ms. Peter had to dispel
doubts that her boyfriend at the
time had when he wondered if
she was taking the drug because
she was HIV positive. “I got an
HIV test in front of him,” she
said. “He didn’t trust me.”
Yet the boyfriend wouldn’t
take the drug himself, she said.
And getting men to use condoms all the time isn’t easy, she
said.
She now dates two other
men, one of whom is 29.
“They’re more mature than the
guys my age,” she said. She
doesn’t know their HIV status.
She lost both parents and a
grandmother to HIV when she
was young. “HIV was in my family and I’m really afraid I might
get it,” she said.
Girls near Durban, South Africa, talk about sexuality and role-play relationship skills at a workshop designed to teach HIV prevention.
searchers cite both consensual
sex and rape as sources of infection. The dramatic results
showed that 60% of the women
in the next age group, from 25
to 40, were infected, revealing
the area to be one of the most
HIV infected in the world.
Because Africa’s youth population is booming—improvements in general health care
now allow millions more to survive childhood—the at-risk population is expanding. Approximately 60% of the continent’s
population is under age 25.
That population bubble has
affected the fight against HIV
infection. Globally, new HIV infections declined 15.6% between
2010 and 2016. The number of
new infections would have
dropped more, by 18.5%, if subSaharan Africa’s 15- to 24-yearold population hadn’t expanded
during those years, according to
a UNAIDS analysis.
“You have to really push
down new infections at a much
higher rate” to make up for the
increasing population, said Deborah Birx, the U.S. global AIDS
coordinator.
‘It has become
normal—you test,
you test positive,’ one
young woman said.
HIV is prevalent in the general population in eastern and
southern Africa, unlike most
other parts of the world, and
reaching everyone at risk with
preventive tools or drug treatment is more challenging and
costly.
Ms. Soni, the Vulindlela resident, learned her HIV status
when she was offered a test on
a visit with her son to a health
clinic in her community of
At Risk
Women between 15 and 24 years old made up the biggest portion of
new HIV infections world-wide in 2016…
Female
Male
Rest of
world
29.6%
0-14
15-24
25-34
12.0%
17.6%
45-54
55-64
65+
0
5
10
15
20%
THE WALL STREET JOURNAL.
Source: UNAIDS
mostly Zulu-speaking people. “I
was afraid because I thought I
was still too young,” the thin,
soft-spoken young woman recalled, her close-cropped hair
covered in a boyish gray hoodie.
She and her boyfriend had
been together since she was 18.
He is the father of her son and
helps pay for care of the boy,
who lives with him now because
Ms. Soni’s income from a twoday-a-week job isn’t enough to
support them.
Like many in Vulindlela, her
boyfriend had to go far from
home to find work—a job grading roads a four-hour drive
away. He came home only every
couple of months.
She was faithful to him, she
said. The two didn’t use condoms regularly, and she later
learned he hadn’t been monogamous when he brought home
another woman who was pregnant with his child.
Now 29, Ms. Soni takes her
medication daily, she said. She
has a new boyfriend, who is 37
and is also HIV positive.
Another young woman who
comes to the Caprisa clinic said
she worries about contracting
HIV. The 21-year-old dates two
older men who help pay for her
groceries, clothes and cellphone—a common pattern
among many young women in
South Africa, who become involved with “blessers,” or older
men who help them financially
in exchange for sexual relationships. She lives with a sister and
brother and doesn’t have a regular job. She wants to pursue a
teaching degree.
Both men use condoms only
sporadically, she said. The younger of the two, who is in his mid
20s, tested negative for HIV a
few months ago, but she doesn’t
know the HIV status of the older
man, who is married and in his
40s. “Because I give you money,
you can’t dictate whether I use a
condom,” she said he told her.
Dr. Birx, the U.S. global AIDS
coordinator, launched an initiative in 2015 called Dreams that
has spent $523 million in U.S.
and private money on HIV testing and counseling, subsidies to
help girls stay in school and
other programs for teenage girls
and young women in South Af-
3.0 million
2.5
2.0
1.5
2020 goal
Less than
500,000
0.0
1990
’95
2000
Source: UNAIDS
PHONE
Continued from Page One
for typing, in particular, it’s a
better device,” says Mr. Jern,
who works in Barcelona, Spain,
for consulting firm Digital Management LLC.
The BlackBerry began life as
a text pager, created in 1996 by
Canadian company Research in
Motion Ltd. The founders made
technical breakthroughs that
popularized world-wide phone
texting and mobile email.
It transformed the way people worked. Before, “when you
got off an airplane, the first
thing you did was head to a pay
phone with a pile of quarters
and stand there for 20 minutes
with a broken pencil in your
hand writing down all of your
’05
’10
’15
2030 goal
Less than
200,000
THE WALL STREET JOURNAL.
messages,” says Hugh MacKinnon, chairman of Canadian law
firm Bennett Jones LLP. “Then,
all of a sudden you had a BlackBerry, and all of your messages,
all your voice mails, were right
there in your hand.”
But in 2007 Apple Inc. introduced the iPhone, and Android
smartphones, also with touch
screens, came soon after. Today
BlackBerry has a global smartphone share of less than 1%.
At a rugby tournament in
Vancouver in early March, Tim
Powers, an Ottawa executive,
says he was “chastised” for using his BlackBerry. Standing
near the field, he spotted actor
Chris Hemsworth, known for his
role as Thor in the Marvel Cinematic Universe films.
“I was trying to get some
pictures of Hemsworth with my
BlackBerry, and people are
Females
47.1%
Males
23.3%
New HIV infections around the world have fallen but are still far from
targets set by the United Nations.
0.5
Sub-Saharan
Africa
70.5%
35-44
Slower Progress
1.0
…and women in sub-Saharan
Africa made up nearly half of all
new cases among 15- to
24-year-olds in 2016.
laughing at me, saying ‘Oh, good
luck with that, you can hardly
get a picture on that thing,’”
says Mr. Powers, who says his
camera takes longer to get up
and running than he’d like.
“They were right. I’ve got
some great behind-the-head
shots of Chris Hemsworth.
BlackBerry doesn’t necessarily
win when it comes to photos.”
Mr. Powers, vice chairman of
consulting firm Summa Strategies Canada Inc. and chairman
of Rugby Canada, also faced ridicule when he tried to download
the tournament schedule. “Basically, every time I hauled it out,
I was abused,” he says.
But the BlackBerry keyboard
suits “an old rugby player with
some beaten-up hands,” he says.
Also, “I am not gentle. I almost
feel like I could shoot it and it
would still work.”
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A11
* * * *
OPINION
Populism’s Challenge to Democracy
By William A. Galston
It’s crucial to recognize
the distinction between
genuine threats to liberal
institutions and mere
differences over policy.
Threats to core liberal institutions—the free press, independent
civil society, constitutional courts
and the rule of law—are another
matter altogether. Yet many alarmists conflate policies they abhor
with threats to the republic. Their
effort to place these controversies
beyond legitimate debate itself
weakens liberal democracy.
In its early stages, the populist
revolt appeared to be motivated
by economics. Competition from
developing countries eroded manufacturing throughout the West.
The modern knowledge-based
economy thrives on the density
and diversity found in larger cities, and the resulting urbanization
of opportunity intensified inequality. A globalized, urban economy,
it turns out, serves the interests
of elites everywhere and of most
people in developing countries,
but leaves behind the working
RYAN INZANA
F
rom Mitteleuropa to the
English Midlands to the
American Midwest, a
populist revolt has
arisen against long-established political arrangements.
It seemed to peak in 2016, with
Brexit and then Donald Trump’s
victory. After last spring’s French
elections, in which Emmanuel Macron decisively defeated Marine Le
Pen and the National Front, it appeared the wave might have
crested. But that hope has been
dashed by subsequent events: the
rise of the Alternative for Germany, the strong electoral performance of Austria’s Freedom Party,
the re-election of Czech President
Milos Zeman, and the emergence
of the virulently anti-immigrant
League as the dominant force on
the Italian right.
Hungary’s Prime Minister Viktor Orban is committed to what he
calls “illiberal democracy,” a
model that neighboring countries
are only too eager to follow. Mr.
Orban is trying to shut down Budapest’s independent Central European University and has vituperatively attacked its founder,
George Soros. Poland has criminalized public discussion of its
role in the Holocaust. Majorities
in both countries increasingly define their national identity in exclusionary ethnic and religious
terms. The Czech Republic, Slovakia and even Austria are moving
in the same direction.
These developments have triggered understandable concerns
about the future of liberal democracy. But we need to distinguish
between the aspects of populism
that pose a fundamental threat
and mere policy disputes that do
not. The Brexit vote did not
weaken democracy in the U.K.;
nor would Mr. Trump’s wall along
the Mexican border make the U.S.
illiberal.
and middle classes in developed
economies.
The Great Recession that began
in 2007 represented a colossal
failure of economic stewardship,
which leaders compounded with
their inability to restore vigorous
growth. As economies struggled to
recover and unemployment persisted, the hardest-hit groups and
regions lost confidence in mainstream parties and established institutions, fueling populism.
This narrative was valid as far
as it went. But a purely economic
explanation obscures the more
complex reality, which includes
fears about immigration, concerns
about culture, and frustration with
politics itself.
Throughout the West, public
worries about immigration have
intensified. To some extent that reflects anxiety over jobs and wages.
Concerns about the increased demand for social services also play
a part: Americans complain about
state and local tax burdens, while
the British say their cherished National Health Service is being overwhelmed. But darker fears are also
at work. The threat of terrorism
has made Western populations less
willing to absorb Muslim immigrants or even refugees. Many citizens fear that Islam and liberal democracy are incompatible.
The shift toward knowledge-intensive urban economies has also
catalyzed the rise of an elite that
dominates government, the media
and other cultural institutions. Its
emergence has left less-educated
citizens in outlying towns and rural areas feeling devalued. These
trends deepen social divisions: between long-established groups and
newer entrants; between those
who benefit from technological
change and those who are threatened by it; between more and less
educated citizens.
Elites’ enthusiasm for open societies is running up against public demands for economic, cultural
and political stability. Battered by
economic dislocation, demographic change, and challenges to
traditional values, many less-educated citizens came to feel that
their lives were outside their control. National and international
governing institutions seemed frozen or indifferent. Many people
lost confidence in the future and
longed for an idealized past, which
insurgent politicians promised to
restore.
I
n the U.S., partisan polarization created gridlock, preventing progress on problems that
demanded concerted action. In Europe, an opposite form of dysfunction—a center-left/center-right
duopoly that kept important issues
off the public agenda—had much
the same effect. Impatience with
governmental lethargy grew into a
demand for strong leaders willing
to break rules to get things done.
The populist surge features strident rhetoric and emotional appeals by charismatic leaders. But
populism is more than this. Even
if it lacks the kind of theories or
canonical texts that defined the
great isms of the 20th century, it
has a coherent philosophical
structure.
Populism accepts the principles
of popular sovereignty and majoritarian democracy. But it is skeptical about constitutionalism inasmuch as formal, bounded
institutions and procedures impede majorities from working
their will. It takes an even dimmer
view of liberal protections for individuals and minority groups.
While liberal democrats typically
understand “we the people” in
civic terms—fellow citizens regardless of religion, customs, race,
ethnicity and national origin—populists distinguish between “real”
people and others, often on ethnic
and religious lines, and between
“the people” and the elites. “The
people” have one set of interests
and values; minorities and the
elites that protect them have another set, fundamentally opposed.
This construction is inherently divisive. Within the context of popular sovereignty, dividing a country’s citizens this way implies that
some of them are enemies of the
people.
The populist conception of “the
people” as a homogeneous population is contrary to fact. In circumstances of even partial liberty, different social groups will
have different interests, values
and origins. Imposing an assumption of uniformity on the reality
of diversity elevates some groups
over others. No form of identity
politics can serve as the basis for
a modern democracy, which
stands or falls with the protection
of pluralism.
The presumption that “the people” have a monopoly on virtue
also undermines democratic practice. Decision-making in circumstances of diversity requires compromise, which is hard to achieve
if one side believes the other is
evil or illegitimate.
Populism requires constant
combat with these enemies and
endless struggle against the forces
they represent. It plunges democratic societies into an endless series of moralized zero-sum conflicts; threatens the rights of
minorities; and enables strong
leaders to dismantle the safeguards that keep society off the
road to autocracy.
Defenders of liberal democracy
must respond when populists
move to undermine freedom of the
press, weaken constitutional
courts, concentrate power in the
executive, or marginalize groups
of citizens based on ethnicity, religion or national origin. This requires a three-part plan of battle:
First, focus relentlessly on identifying and countering genuine
threats to liberal institutions,
while at the same time working
for political reforms to restore
their ability to act effectively.
Gridlock and limits on political debate frustrate citizens and make
them more open to leaders willing
to break the rules to get things
done.
Second, make peace with national sovereignty. Nations can put
their interests first without threatening liberal democratic institutions and norms. Defenders of liberal democracy should
acknowledge that controlling borders is a legitimate exercise of sovereignty, and that the appropriate
number and type of immigrants is
a legitimate subject for debate. Denouncing citizens concerned about
immigration as bigots ameliorates
neither the substance nor the politics of the problem. There’s nothing illiberal about the view that
too many immigrants stress a
country’s capacity to absorb them,
so that a reduction or even a
pause may be in order. No issue
has done more than immigration
to feed populism, and finding a
sustainable compromise would
drain much of the bile from today’s
politics.
Third, pursue inclusive economic
growth—that is, policies to improve
well-being across demographic
lines, including class and geography. Allowing the highest strata of
society to commandeer most of the
gains from growth is a formula for
endless conflict. So is allowing
growth and dynamism to concentrate in fewer and fewer places.
Public policy cannot eliminate the
rural-urban gap, but it can at least
slow the divergence.
T
he events of the past quarter-century have challenged
the view that history moves
inexorably in one direction. Liberal
democracy is not the “end of history”—nothing is. The enduring
incompleteness of life in liberal societies, which ask citizens to embrace an abstract concept of equal
citizenship and humanity, will always be a vulnerability. The tribalism at the heart of the populist vision draws strength by appealing
to those who crave more unity and
solidarity than liberalism offers.
For now, democratic publics
want policy changes that give
them hope for a better future. Left
unmet, their demands could evolve
into pressure for regime change. It
is up to the partisans of liberal democracy to do all we can to prevent that from happening. Historical inevitability will not determine
liberal democracy’s fate. Our political choices will.
Mr. Galston is senior fellow in
governance studies at the Brookings Institution and the author of
“Anti-Pluralism: The Populist
Threat to Liberal Democracy”
(Yale University Press, 2018), from
which this article is adapted. He
writes the Journal’s Politics &
Ideas column.
New Jersey Lawmakers Try to Fool the Federal Taxman
Since enacting tax
reform last December, many congressional Republicans
have toured their
home states to celebrate its success. But
CROSS
COUNTRY for the New Jersey
Legislature, federal
By Mene
tax reform has creUkueberuwa
ated work of an unexpected kind, as
Democratic lawmakers labor to shield
constituents from the state-tax costs
they’ve spent decades creating.
The issue is the reduction in the
deduction for state and local taxes, or
SALT. Starting this year, the annual
deduction is capped at $10,000, a major hit to residents of high-tax states
like New Jersey. The Garden State has
the nation’s highest effective property-tax rates, and they’ve risen an
average of more than 2% a year since
2004. Since Democrats controlled the
Legislature that whole time, there’s
little doubt whom voters will blame
for the increased bite.
This looming political crisis might
have presented an opportunity to begin controlling costs and returning
the savings to taxpayers, but New
Jersey’s Democrats have taken a different tack. Shortly after President
Trump signed the tax reform into law,
Rep. Josh Gottheimer concocted a
nullification plan. The proposal would
allow municipalities to create charitable funds to pay for public projects
currently financed by state taxes.
Residents would be invited to give to
these funds and would in return receive a 90% credit on their property
taxes. Because the federal cap on deductions for charitable contributions
is much higher than for SALT—generally 50% of adjusted gross income—
most “donors” would regain the ability to deduct almost all their property
taxes.
The state Senate passed the proposal Feb. 26, and the Assembly will
take it up this month. Gov. Phil Murphy, a newly elected Democrat, has
pledged to sign the bill, underscoring
his party’s commitment to nullify
rather than take advantage of the circumstances brought about by federal
tax reform.
Will the Internal Revenue Service
accept the scheme? Treasury Secretary Steven Mnuchin has already
called it “ridiculous.” New Jersey
Democrats are preparing a defense.
Six law professors released a report
the day before the state Senate vote,
pointing out that 33 states grant tax
credits for donations to charities, and
that the IRS treats those contributions as charity rather than taxes. “I
think this puts the IRS in a pickle,”
says Mr. Gottheimer.
But there’s one major difference: In
the other state programs, private
charities like scholarship funds, soup
kitchens and park-restoration groups
are included in the list of beneficiaries
for which donors can earn tax credits.
That is consistent the Internal Revenue Code’s requirement that charitable contributions benefit someone
other than the donor. By contrast, the
New Jersey plan would fund exactly
the same programs currently paid for
by existing property taxes. That
means the only benefit of the donations would be federal deductions for
the donors themselves—a purely selfserving contribution.
‘Charity’ begins at home,
but the IRS is likely to
look askance at a scheme
to avoid a deduction cap.
Jared Walczak, a senior policy analyst at the Tax Foundation, points
out that the 2010 memo in which the
IRS allowed deductibility for some
state charitable tax credits reserved
the authority to distinguish goodfaith programs from avoidance
schemes. “The Legislature here is
helping to establish the fact pattern,” Mr. Walczak says. “They are
pursuing the change explicitly as a
workaround.”
New Jersey isn’t alone in trying to
shield its citizens from the full impact of state and local taxes. California and Connecticut have formulated
similar plans to replace property
taxes with charitable contributions,
while New York’s version would create a new optional payroll tax employers could adopt in place of the
state income tax. Mr. Walczak believes these workarounds are a
Catch-22—the feasible ones like New
Jersey’s won’t pass muster with the
IRS, while permissible approaches
like New York’s would be impossible
to implement as companies would
struggle to adjust employee pay to
accommodate the new tax.
The SALT deduction cap is allowing New Jersey Democrats to have it
both ways—to pose as tax cutters
without cutting taxes: Mr. Gottheimer
announced his plan while standing in
front of a giant banner reading “Tax
Cut Plan.” Meanwhile, the 2019 budget Gov. Murphy announced this
week would raise $1.3 billion through
an income-tax surcharge on the same
high earners his party is claiming to
help.
But the IRS is likely to put an end
to the workaround charade. Which
leaves the Occam’s razor approach to
tax relief: Simply reduce taxes.
Mr. Ukueberuwa is an assistant editorial features editor at the Journal.
Notable & Quotable: A Conformist Rebellion
From “The School Walkout: A Conformist Rebellion” by Barton Swaim,
WeeklyStandard.com, March 16:
All day social media were abuzz
with hats-off testimonials from journalists and politicians to the principled resolve of these young idealists;
the evening news hailed them for reinvigorating the gun debate with
“fresh passion”; and at least 311 public and private colleges vowed not to
penalize future applicants for participating in these peaceful protests.
But a walkout is supposed to be an
act of rebellion, of resistance. It involves risk. Like a strike at a factory—if you participate, you might
get what you want or you might lose
your job. The Enough! walkout was a
safe gesture, honored by our governmental and cultural authorities. The
national news media—consider the
lavish coverage in the New York
Times—practically begged the kids to
go through with it and heaped praise
on them when they did.
A more conformist rebellion
would be difficult to imagine. These
woke revolutionaries simply did
what they were told, when they
were told, by faraway professional
agitators. Most school districts managed the whole affair into orderly
compliance. . . .
Modern American high schools are
places of intense conformity. Fear of
exclusion cripples and terrorizes its
young victims; often you can see it
on their faces. They do and think
what they’re told. They even protest
as they’re told. Some rebellion.
.
A12 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
OPINION
LETTERS TO THE EDITOR
The Art of a Banking Compromise
California Needs a Better Approach to Water
fter passing a bipartisan banking bill House passed the Choice Act that traded fewer
67-31 that would remedy some of the regulatory rules for higher capital standards.
Dodd-Frank Act’s flaws, many Senators While that was too bold for most Senate Demowant to call it a wrap. But Concrats, Finance Chairman Jeb
On fixing Dodd-Frank, Hensarling has broken the bill
gress is a bicameral legislature, and the House deserves
into dozens of bite-size pieces
the House shouldn’t
an opportunity to improve on
that have passed with huge
be a potted plant.
the Senate’s work.
majorities.
The crux of Banking ChairConsider the Halos Act,
man Mike Crapo’s bill would
which the House passed by a
raise the asset threshold for banks that must 344-73 vote and would allow startups to inforcomply with “enhanced prudential standards”— mally pitch angel investors at “demo days” withjargon for stringent stress tests and liquidity re- out violating securities laws. Another bill
quirements—to $250 billion from $50 billion. (426-0) would exempt merger and acquisition
The bill also eases myriad regulatory require- brokers involved in the sale of small, private
ments on small banks.
firms from federal registration.
Elizabeth Warren has berated her Democratic
The Financial Institution Living Will Imcolleagues for shining shoes on Wall Street, but provement Act (414-0) would require the Fedthe biggest banks for the most part wouldn’t eral Reserve and Federal Deposit Insurance Corbenefit from this reprieve. The regional and poration to disclose publicly how they assess
community banks that would be helped don’t “living wills.” Democrats also backed a bill
present a systemic risk. Most maintain much (395-2) to prevent regulators from choking off
bigger capital cushions than the global giants politically disfavored businesses from the banksince they don’t have a federal backstop.
ing system as the Obama Administration did
Yet small banks have had to divert human with payday lenders and gun dealers.
and financial capital to regulatory compliance.
The Senate incorporated some House bills
The Bank of Commerce in Idaho Falls had to stop but left out these and two dozen others with
offering consumer mortgages due to the cost of broad bipartisan backing. House Republicans
hiring new compliance staff. When regional should be able to attach several of these withbanks get squeezed, the giants sweep up more out endangering Democratic support in the
business, which concentrates more risk in the Senate.
banking system.
They also ought to strike a Senate provision
As Democrat Heidi Heitkamp of North Dakota that gives custody banks, which safeguard asput it, “Dodd-Frank was supposed to have sets for pension funds and institutional invesstopped too big to fail, but the net result has tors, special treatment under the Federal Rebeen too small to succeed. The big banks have serve’s capital standards. This would let them
gotten bigger since the passage of Dodd-Frank, increase their leverage. Citibank and J.P. Morgan
and the small banks have disappeared.”
may also qualify for the exception since they
The 16 Democrats who voted for the bill’s provide custodial services, which could result
common-sense reforms are getting flogged by in a slow erosion of the banking system’s capital
Ms. Warren and ranking Banking Committee firewall. Big banks need more capital to withDemocrat Sherrod Brown, who is aggrieved that stand a major financial panic.
he was excluded from negotiations. He excluded
Minority Leader Chuck Schumer has given
himself. Senate Republicans now worry these Democrats latitude to vote for the Senate bill beDemocrats will get cold feet if they have to vote cause they want a bipartisan achievement to run
again, so they want the House to pass the bill on. But House Republicans also need accomstraight up.
plishments to trumpet beyond tax reform. SenBut the impetus for Dodd-Frank reform orig- ate Republicans should be as willing to accominated in the House, and Members there de- modate their GOP colleagues as they are
serve to shape the final product. Last year the Democrats.
T
Elizabeth Warren’s Boomerang
witter is often the intellectual equiva- know, Ms. Warren designed the CFPB as an inlent of a tavern at 2 a.m., but it has illu- dependent agency like no other precisely so it
minating moments. An example came could ignore Congress. The bureau is funded
Friday when Senator Elizanot with an annual appropriaShe designed the CFPB tion like the rest of the govbeth Warren, the Harvard
populist, offered a hilarious
ernment, but by the Federal
to be unaccountable.
commentary on her proudest
Reserve based on a request
political accomplishment—the Now she’s upset about it. from the head of the CFPB.
Consumer Financial ProtecCongress thus can’t use its
tion Bureau.
constitutional power of the
“I’m giving @MickMulvaneyOMB one last purse to enforce public accountability.
chance to answer my questions about his acUnlike other so-called independent agencies
tions at the @CFPB. If he won’t, he should be like the Securities and Exchange Commission,
called immediately to testify under oath before the CFPB also isn’t composed of a bipartisan set
my colleagues and me on the Senate Banking of commissioners. It’s a one man show whose
Committee,” the Senator thundered to her 4.3 five-year term transcends elections and thus
million Twitter followers. Mick Mulvaney is the Administrations.
acting head of the CFPB, and it seems he is not
This worked fine for Ms. Warren when the
suitably attentive to Ms. Warren’s demands.
bureau was run by her hand-picked successor,
Like Donald Trump, Ms. Warren might want Richard Cordray. But when he left to run for
to let an editor see her tweets before she sends Governor of Ohio, the path was open for Presithem. Iain Murray of the Competitive Enter- dent Trump to put Mr. Mulvaney in charge. And
prise Institute quickly responded to Ms. Warren he is systematically reorienting the CFPB toby tweeting, “If only the CFPB had any mean- ward genuine consumer protection instead of
ingful accountability to Congress . . .”
business harassment and trial-lawyer enrichSomeone get the smelling salts because Ms. ment. Now, if Ms. Warren wants to put the CFPB
Warren is down for the count.
on a proper constitutional footing, we’ll be
As Mr. Murray and readers of these columns happy to offer suggestions.
A
The Trump Tariff Layoffs Begin
merican Keg Company is the only re- seeing that we’re getting priced out of the marmaining U.S. manufacturer of stainless ket with our U.S. kegs,” Mr. Czachor said.
steel beer kegs. Despite competition “We’re very concerned that this could put us
from German and Chinese
out of business.”
firms, American Keg has only A keg manufacturer lays
One week after the Comused domestic steel. But now
merce
recomoff workers as domestic mendedDepartment
it’s being punished for this doheavy tariffs on steel
steel prices rise.
mestic sourcing as Donald
and aluminum in February,
Trump’s steel tariffs have
Mr. Czachor gathered 10 of his
forced the business to lay off
30 workers in a conference
a third of its workforce.
room at work and broke the news that they
Since it began manufacturing kegs in 2015, were being laid off. Mark Foster, 55, was among
the Pottstown, Pennsylvania-based American those who lost a job.
Keg has operated on a narrow margin. The 15.5“I had to hold back tears, and it was kind of
gallon keg is a staple in bars and fraternities, embarrassing,” Mr. Foster told us in an interand the American-made version currently re- view this week. “I took it hard. I really took it
tails for $115 while a German or Chinese keg hard. American Keg was my ticket. I was making
costs about $95. American Keg has survived by my own money. It was a place where I could get
selling to craft breweries that want to support my independence. Now that’s blown. It’s just a
U.S. workers and American steel, even at a small real hardship because where before, the money
premium. “But there’s a limit to what people was coming in, and there was more food in the
would pay to have an American product,” says refrigerator, now my wife and I are trying to get
CEO Paul Czachor.
the government to give us food stamps until
Mr. Trump has imposed the tariffs in the work picks up. Why would you do that, Mr. Presname of national security. But in practice they ident, when we would rather work than be on
punish American steel users by giving the welfare?”
American metal industry the opportunity to
Good question. The Trump tariffs are supraise prices while still undercutting foreign posed to protect the 140,000 workers employed
steel and aluminum.
by steel makers. But even if they do that for a
Tariffs were one of Donald Trump’s cam- while, until companies like American Keg suffer
paign promises, and steel makers have already and stop buying steel, the tariffs punish the 6.5
raised prices in anticipation. Since Mr. Trump million workers in steel-dependent industries.
took office, the price for American hot-rolled Many of those newly vulnerable workers are
steel coil has increased by more than 35%, ris- blue-collar guys like Mr. Foster who crave the
ing about $222 a ton, according to price data dignity of a day’s work.
from S&P Global Platts. When the President
Mr. Trump will pay a political price for his
signed orders imposing the tariffs on March 8, rotten policy, and he should. But far worse is
prices increased by more than 4% in a day.
the arbitrary damage to businesses and workers
American Keg is bracing for even higher do- like Mark Foster who are being punished not by
mestic steel prices this year. “We’re already competition but by their own government.
Your editorial “California’s Water
Hole” (March 7) touches the tip of the
iceberg of the political problem with
water in California. In addition to the
California Water Commission and the
Water Resources Control Board, you
must consider the California Department of Health Services, which develops and enforces regulations for contaminants in drinking water; the U.S.
Bureau of Reclamation, which operates federal water projects throughout
the West, including California’s Central Valley Project; the U.S. Environmental Protection Agency, which enforces federal water pollution and
drinking-water laws; the U.S. Fish and
Wildlife Service, which protects endangered species, and the U.S. Geological Survey, which conducts scientific
research into the quality and quantity
of streams, lakes and aquifers. There
may be others exerting control on water. With this bureaucratic
nightmare, is it any wonder
that the Lost River sucker,
the humpback sucker, the
shortnose sucker and the
Modoc sucker are more important in California than
the real sucker—I mean
voter.
MICHAEL P. CARTER
Savannah, Ga.
Stanford University study.
Managed aquifer recharge has been
proven as an increasingly viable
method for water storage with projects in the U.S. storing over 600 billion gallons of water in 2015 alone. It
is part of the solution and should be
mentioned in the context of flood-water storage in California.
SIMON JANKOWSKI
Sacramento, Calif.
The California Water Commission is
thwarting the will of the voters as expressed in Proposition 1 (2014). The
$2.7 billion should be invested in
dams, reservoirs and other water-storage systems, yet the commission can’t
seem to find enough “public benefit”
to move forward on these projects.
The commission misses these public benefits: Increased water capture
means increased hydroelectric power
Don’t trust the experts
who manage the Oroville
Dam to put a million acreShasta Dam stores water and generates electricity.
feet uphill of Fresno or to
save endangered fish. Free-flowing
(clean energy); sufficient water for agrivers and healthy estuaries benefit
riculture brings in millions of dollars
tourism, recreation and commercial
and jobs; tens of millions of Califorfisheries. Inland agriculture is a small nians can stop paying shockingly high
piece of the economy, yet the biggest
water bills; these same residents can
water hog. We have seen where subsi- get relief from all the sacrifices redized, surplus water goes, for the alquired during droughts.
Perhaps the commissioners could
falfa exported to Chinese dairies and
put a dollar figure on these benefits
to our half-empty golf courses.
JOHN HUNT and carry on with the people’s work.
San Francisco
PATSY KAHL
Woodside, Calif.
The most prominent and cost-effecDemocrats in the state legislature
tive solution moving forward is diduped the public by putting the $7.5
verting the flood water to fill up the
available storage in depleted aquifers. billion water-bond measure on the
ballot but insisted that none of the alThis is called managed aquifer relocation for dams could pay for incharge (MAR) and moves the burden
creased water storage—only other
of water storage from reservoir to
benefits such as environmental ones.
aquifers beneath our feet.
The Proposition 1 ballot arguments,
These aquifers have become deco-authored by Gov. Jerry Brown, inpleted during the previous six-year
clude: “Proposition 1 ensures a relidrought and are ripe for filling. Infilable water supply for farms and busitrating water into these aquifers pronesses during severe drought” and
vides more water for agricultural
“Yes on 1 stores water when we have
pumping, limiting the impacts of
it.” Voters obviously were victims of
ground subsidence and buffering
the ultimate bait and switch. If Gov.
streamflow for the endangered ChiBrown is sincere, he would fire all the
nook salmon that you mention.
Reservoir construction isn’t just en- California Water Commission members (whom he appoints) and replace
vironmentally problematic but ecothem with responsible officials who
nomically impractical for capturing
will get these water-storage projects
floodwaters. Reservoir costs to capture flood water have been calculated done. We all know how likely it is that
at around $1,700-$2,800 per acre-foot this will happen.
OLIVER WATSON
compared with MAR costs of around
Orange, Calif.
$400 per acre-foot according to a
Depression Is All Too Real for Many Teens
I am glad to see the new guidelines
for diagnosis spelled out clearly, and
appreciate that stressors outside of
academic pressure were recognized.
While I certainly agree that pressure
to succeed is more intense than ever
and I support creating environments
that eliminate the fear of failure, I believe that simply tackling academic
stressors won’t solve this epidemic.
There are a plethora of other factors,
including social and familial pressures that contribute to the development of depression.
We may live in the 21st century,
but there still exists a pervasive
mind-set that mental illnesses are
due to a lack of morals or self-discipline. But science has shown that
“The Smartest Ways to Use Email
at Work” (Business, March 12) misses mental illnesses are the product of
the main problem with email: There’s neurological and physiological
changes. We need to provide adesimply too much of it.
quate services to those with mentalIn business we use email for everyhealth issues, but that starts with acthing, but it’s only truly useful for a
cepting and recognizing the severity
few purposes: getting the same mesof and impairment caused by these
sage to a lot of people, transmitting
disorders.
documents, setting something on reWe still have far to go in tackling
cord and asking or answering really
simple, nonurgent questions—examples the mental-health epidemic, but we
of which are surprisingly rare (even the are taking steps in the right direction.
CHRISTINE LIN
question of where to have lunch is ofPalo Alto, Calif.
ten best handled with a conversation).
There’s too much email because too
many people behave perfectly rationally: With a click on the “send” button
they get something off their desk and
onto someone else’s under the illusion
that they’ve accomplished something.
THE WALL STREET JOURNAL
A manager might save his employees a lot of time and stress if he
would encourage them to originate
email only for the few purposes for
which it’s ideally suited—and, when
responding to someone who hasn’t
been so encouraged, to pick up the
phone instead of hitting “reply.”
CRAIG EDEL
Houston
Regarding the updated guidelines
for diagnosing adolescent depression
(“Is Your Teen Depressed?,” Life &
Arts, March 6): As someone who went
to a high school plagued with hidden
depression that eventually manifested
in the form of suicide clusters, I believe developmental psychopathology
is a field that should receive more attention. I thus find it imperative that
there exist increased awareness regarding the signs of depression, particularly during adolescence.
Less Would Be More As Far
As Work Email Is Concerned
Pepper ...
And Salt
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.
“Have you tried turning him off
and turning him back on again?”
GREG BARNETTE/RECORD SEARCHLIGHT VIA AP
A
REVIEW & OUTLOOK
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | A13
* * * *
OPINION
Deliverance From Hillary Clinton
By Peggy Noonan
I
t takes a long time for candidates to get over losing the
American presidency. Some
never do. It’s not just personal
anger—“I will not be denied
my destiny!”—it’s something more
poignant. It’s that the greatest prize
was there, beautiful and within your
grasp and then—dust. You’re holding
nothing.
You’re rocked, concussed, and as
months pass even your adrenal
glands don’t know what to do. Once
you had to be up and ready every day
to make crucial, far-ranging decisions.
Now you’re wondering which channel
If Democrats want to solve
their condescension
problem, Conor Lamb
has some good ideas.
is Bravo. Once they cheered as you
walked in the room; now some avert
their eyes. Once you were surrounded
by top staff; now it’s the B team. Once
you depended on loyalty; now you
hope for discretion.
A perpetual low-grade mourning
ensues. You were rejected by a nation. In time the ego rebels: Stupid
nation!
Which is where Hillary Clinton is,
still. She can’t get over it and can’t
keep it inside. But by articulating
the Democrats’ central national
weakness this week, she did them a
service. She reminded them: It’s
real, the weakness, and must be
remedied.
In Mumbai, at a conference sponsored by India Today, Mrs. Clinton was
interviewed onstage by the newspaper’s founder, the slavishly admiring
Aroon Purie—“May I take the liberty
EVERETT COLLECTION
DECLARATIONS
of giving you a title: Should Be
President!”—who made her way
too comfortable.
Why, he asked, did she lose
to the outlandish Donald
Trump?
“If you look at the map of
the United States,” she said,
“there’s all that red in the middle where Trump won. I win the
coasts. . . . But what the map
doesn’t show you is that I won
the places that represent twothirds of America’s gross domestic product. So I won the
places that are optimistic, diverse, dynamic, moving forward.” Mr. Trump’s campaign
“was looking backwards. You
know, you didn’t like black peo- Ned
ple getting rights, you don’t like
women getting jobs, you don’t wanna
see that Indian-American succeeding
more than you are.”
Why did 52% of white women support Mr. Trump? Because the Democratic Party doesn’t do well with
white men and married white
women. “Part of that is an identification with the Republican Party, and a
sort of ongoing pressure to vote the
way that your husband, your boss,
your son, whoever, believes you
should.” James Comey announced
that he had reopened the investigation of her State Department emails,
and “white women who were going
to vote for me, and frankly standing
up to the men in their lives and the
men in their workplaces, were being
told, ‘She’s going to jail. You don’t
want to vote for her.’ ”
So, to recap: Trump supporters
were racist, narrow and ignorant,
and Trump women are not tough and
modern but fearful, cowering and
easily led. They live in a big mass of
red in the middle (like an ugly
wound, or an inflammation!) while
we have the coasts—better real estate. And better people.
During the campaign Mrs. Clinton
was often urged to speak her heart,
show us what’s inside. It turns out it
is rather dark in there. This is not precisely news—she had famously labeled
Beatty in ‘Deliverance’ (1972).
half of Trump supporters “the basket
of deplorables.” Barack Obama in
2008 betrayed a similarly crude, uninformed class bias and snobbery when
he said of working-class voters, “They
get bitter, they cling to guns or religion or antipathy to people who aren’t
like them.”
But it was instructive this week to
see some Democrats push back.
Many did so not for attribution, but
some went on the record. Sen. Claire
McCaskill of Missouri told the Washington Post: “Those are kind of fighting words for me. . . . I don’t think
that’s the way you should talk to any
voter.” Sen. Sherrod Brown of Ohio
told Huffington Post: “I don’t really
care what she said, I just think that’s
not helpful.” Ms. McCaskill and Mr.
Brown are both up for re-election in
states Mr. Trump carried.
It was as if they realized: People
don’t want to be led by a party that
looks down on them.
Mrs. Clinton’s comments prompt
an essential question: To the extent
those in the deindustrialized Midwest
need help and support, isn’t that
what the Democratic Party is for?
Doesn’t it exist to help the little guy,
the marginalized, the left-behind?
That’s what it always said!
This isn’t help, it’s condescension.
It is “Deliverance” politics. The
blockbuster movie version of James
Dickey’s novel came out in 1972,
when the Clintons and I were young,
and made a vivid impression on a
rising tide of baby boomers. It satisfied all their biases. A group of cool,
modern, rational urban professionals
journeyed into the backwoods, only
to meet the rest of America—the
cross-eyed rapist banjo players. That
movie did more to shape the preconceptions of a generation of young
Democrats than any other, except
“To Kill a Mockingbird.”
Also we’re all our first ZIP Codes.
Mrs. Clinton’s was upper-middleclass suburbia and on to Wellesley.
She wasn’t surrounded by workingclass folk and had little reported affinity for the rustics she met as first
lady of Arkansas. Her weakness is
that of too many in her party: They
don’t seem to like a lot of the people
of the nation they wish to lead.
And those people can tell.
A path forward? Reckon with your
biases and attempt to be more generous, which is the job of all of us,
always.
There is probably something to
learn from Conor Lamb’s victory this
week in Pennsylvania’s 18th Congressional District. Tuesday night voters
chose a man who won’t cut entitlements, supports tariffs to protect the
steel industry, opposes a ban
on assault weapons, supports
union members, opposes Nancy
Pelosi, and allows no criticism
of Donald Trump.
Which sounds like they
elected Donald Trump.
Mr. Lamb, however, is a 33year-old former prosecutor and
marine—cool, tall, with a
watchful, Tom Cotton-like gaze.
It isn’t hard to imagine voters
saw him pretty much as Trump
without the bother of Trump.
His victory says several things.
The president’s style, approach
and nature have given offense.
The Democrats came to play.
They were businesslike: Keep
local races local, run with the
district, not away from it, and
you can win.
Mr. Lamb has been called pro-life.
He is not. He effectively obscured
the issue by saying he personally opposed abortion but would do nothing
to change the law, including ban
late-term abortions.
Saying you are personally opposed
but support the law is the longtime,
agreed-upon position of Catholic
Democrats, who’ve been saying it for
40 years. But from Mr. Lamb it
sounded new. The Democratic Party
now depends so heavily on pro-abortion groups for money and other support that on-the-ground Democrats
increasingly fear even to admit their
personal opposition. They just say
they’re for “reproductive freedom”—
next question.
It will be interesting to see how
that plays out nationally. I suspect it
will become an impediment: You don’t
squelch views in such an extreme way
without paying a price.
But the larger point. Democrats
can continue to act as if they see
America as “Deliverance” writ large,
or they can be more generous in their
judgments, and more human.
If they go the former route, their
future national candidates will likely
wind up selling books in Mumbai to
audiences who love them in part because they don’t know them.
You Can’t Work Your Way Through College Anymore
By Richard R. West
T
he cost of college has risen at
more than twice the rate of
inflation for decades, and the
increasing availability of federal
student loans is a principal cause.
But even as demands grow daily to
do something about student debt
and loan defaults, hardly anyone laments the demise of a once-proud
American aspiration: working your
way through college.
In 1956, as a freshman at Yale, I
waited tables in a student dorm for
about $1 an hour, 10 hours a week,
over the 30-week academic year. I
received a full scholarship, but even
if it had ended, I recall that Yale’s
“all in” price—including tuition,
room and board—was $1,800 a year.
My work during the term could have
covered one-sixth of that.
Today tuition, room and board at
Yale run $66,900. Working the same
amount as I did—even at, say, $12
an hour, an increase of roughly onethird after inflation—produces income of $3,600, or slightly more
than 5% of the total. To earn
enough to pay for one-sixth of a
Yale education would require an
hourly wage of more than $37!
Yale’s own literature, by the by, lists
the amount that a freshman on
scholarship can expect to contribute
during the school year at $2,850.
The same basic economics applies
to summer employment.
Yale’s experience closely tracks
what has happened at virtually all
of America’s elite private colleges
and universities. The situation in
public schools is little better. A
half-century ago, the tuition and
fees at many such institutions were
barely above zero. Fully working
your way through college was a real
possibility. Now a year’s education
at a typical state university, even
for in-state students, can easily exceed $25,000, well beyond what can
be earned while studying full-time.
That is why so many students at
public institutions are now leaving
college, whether or not they graduate, with mountains of debt.
To reduce their need to borrow,
increasing numbers of students are
attending community colleges for
their first two years while continuing to live at home. Admittedly this
helps, although at the cost of
greatly diminishing the college experience. But it doesn’t change the
financial realities once these students then transfer to four-year institutions.
Meanwhile, some students decide
to borrow more than they minimally
require in lieu of working at all during the academic year, or as a means
to accept a challenging but unpaid
summer internship. Given how little
of their education they can pay for
by working after class, this decision
can hardly be dismissed as frivolous
or extravagant. But it still adds to
the massive debt.
Matthew J. Murray
Executive Editor
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In 1956, I waited tables
for $1 an hour. That was
enough to pay for onesixth of my Yale education.
this policy. The group’s leader says
its objective is “to create a more equitable experience,” arguing that the
work requirement is unfair to lowincome students and students of
color.
The university has not acceded
to this demand, and Yale president
Peter Salovey told the student
newspaper last month that working was a “valuable part” of his
own education. The article continued: “In an ideal world, Salovey
added, he would want all Yale students to have work-study experience. But, he noted, no one is
forced to work since students can
take out loans.”
What would it take to graduate
truly debt-free? A student who is
willing to go to a community college, live at home, and work his way
through college over seven or eight
years could pull it off. But statistics
indicate that taking this route
greatly increases the likelihood of
never earning a degree. It also
means postponing things like getting married, having children and
buying a house. The National Association of Home Builders describes
this phenomenon among millennials
as “The Great Delay.”
Yet trying to graduate in four
years by taking on substantial debt
also frequently means pushing back
postcollege milestones. This is one of
the reasons there is so much concern
about the consequences of student
debt for the overall economy.
The idea of working your way
through college has become an
anachronism, akin to pay telephones and black-and-white televisions—and the last two, of course,
have been replaced by much better
things. Today massive student debt
is the norm, sometimes in addition
to a job on campus and work during
the summer.
Alas, a similar tale could be told
about how rising college costs have
affected another bedrock of American aspirations—the idea that a
hardworking, thrifty family can save
enough to make a significant contribution to their children’s higher education. But that is another sad
story for another time.
Mr. West is dean emeritus of
New York University’s Stern School
of Business.
Putin’s Key Oligarch Escapes Sanctions
Hitting upon a potent response to
Vladimir Putin were
Obama sanctions
targeted at his top
cronies, later adopted and extended
BUSINESS
in last year’s biparWORLD
tisan
legislation
By Holman W.
signed by Donald
Jenkins, Jr.
Trump.
Sanctions aimed
at key individuals can be surprisingly
effective, it turns out. They help to
undermine internal support for the
regime or at least its most unattractive policies.
One oligarch, though, remains overlooked. Arguably he is the most important of all. That’s former German
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
At Yale, undergraduates on scholarship have traditionally been required to provide what is known as
“the student effort” by working
about 10 hours a week during the
academic year. A campus group
called Students Unite Now is demanding that the university abandon
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
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Edward Roussel, Innovation & Communications;
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Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
Chancellor Gerhard Schroeder.
Mr. Putin has worked with astonishing success to reorganize energy
logistics in Europe to isolate,
threaten and intimidate strategic
countries, especially Ukraine, Poland
and the Baltic nations. Mr. Schroeder
has been his vital helpmate at every
step.
One of Mr. Schroeder’s last acts
before being turned out of office in
2005 was authorizing Nord Stream, a
pipeline bypassing key territories and
controlled by Russia’s Gazprom.
Weeks later, at Mr. Putin’s arrangement, he took up Nord Stream’s lucrative chairmanship.
He has since added the chairmanship of Nord Stream 2, a second proposed pipeline that Germany’s nowresurrected coalition government
previously approved, though with
great reluctance, at the urging of Mr.
Schroeder’s former party, the Social
Democrats. He added a third, impressive title in September, chairman of Rosneft, the state-owned
Russian oil giant at the heart of the
Putin kleptocracy.
Mr. Schroeder has been a one-man
Trojan horse against every European
Union commitment to curb Russian
energy leverage and improve the
competitiveness of its gas market.
Notice that the alternative was never
to shut Russian gas out of Germany.
It was simply for Germany, at every
step, to stop lending itself to the enhancement of Russia’s energy power,
with Mr. Schroeder leading the influence brigades.
He has also been the most reliable, quotable excuser of Kremlin
misbehavior. Days after Moscow’s
seizure of Crimea, he rushed off to
St. Petersburg to be conspicuously
photographed hugging Mr. Putin.
Last year’s revelation of the Rosneft
job, six weeks before September’s
German national elections, was an
equally calculated gesture.
His bright young successor as
head of the Social Democrats let it be
known that he viewed the decision as
“wrong” and counseled Mr. Schroeder: “You don’t have to take every job
that comes along.”
Germany’s recently retired president, not known for seeking out the
press, sought out the press to express disapproval of Mr. Schroeder’s
promotion.
Angela Merkel publicly called the
decision “not acceptable” (and then
accepted it).
Thus Mr. Schroeder makes himself
merely debatable, rather than intolerable. This is how “normalization”
really works.
Mr. Schroeder is everything Donald Trump was supposed to be in the
fevered dreams of Rep. Adam Schiff—
a luxury-loving, paid-up, swaggering
instrument of Vladimir Putin. Except
there’s no secret about it. He can
even boast of being two wives ahead
of Mr. Trump. Mr. Schroeder has been
down the aisle so many times that the
German press dwells on his reputation as the “lord of the rings” more
than it does his Putin captivity.
By now, too many Germans have
apologized for him for too long to
think about reversing themselves,
even when Mr. Putin’s missiles shot
down a Malaysian airliner. Germany’s
allies and its European Union partners, including the quietly frantic
Poles and Balts, can’t quite refer to
Mr. Schroeder as a Putin agent nestled in the heart of Germany’s political and business elite. His name
doesn’t appear on any U.S. government list. Section 241 of last summer’s sanctions law required the U.S.
Treasury to identify the “most significant senior foreign political figures
and oligarchs” behind the Putin regime. These descriptors would seem
to apply to Mr. Schroeder, but it remains diplomatically impermissible
to say so.
A term has even been coined by
students of European geopolitics:
“Schroederization.” Witness the Robert Mueller indictment of Paul
Manafort, with its allusions to the recruitment of retired heads of state as
paid lobbyists for Russia, understood
to include former prime ministers of
Italy, Finland and Austria.
As a general matter, can targeting
sanctions at a few well-placed individuals really help with a problem
like Mr. Putin, last seen using a
banned nerve agent to kill an inconvenient person on British soil?
Yes. “While Europe’s economic
sanctions are having little effect on
Russia, those applied by the United
States dramatically affect the country
and its dealings with Europe,” Germany’s prestigious Handelsblatt
newspaper reported in January, referring to U.S. sanctions against Putin cronies.
By making it hard for Putin associates to do business or travel in the
West, or use its financial system to
protect their wealth, the West can
seize up the machine that sustains
Mr. Putin’s power.
A kleptocracy can’t function if its
beneficiaries can’t secure and enjoy
their wealth. Among those currently
unimpinged in their enjoyment is former German Chancellor Gerhard
Schroeder.
.
A14 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
SPORTS
SOCCER
A League Without Job Security
Nine of the 20 English Premier League clubs have made a change in the dugout this season. The firings might not be over.
CLOCKWISE FROM TOP: PAUL HARDING/ZUMA PRESS; DANNY LAWSON/PA/ASSOCIATED PRESS; ANDREW MATTHEWS/PA WIRE/ZUMA PRESS
BY JOSHUA ROBINSON
Chelsea’s Antonio Conte, top, won a title last
season. He still might lose his job. Mauricio
Pellegrino (Southampton), left, and Marco Silva
(Watford), right, were fired this season.
rency that counts—as Southampton’s Mauricio Pellegrino found out this week.
Pellegrino had arrived in England last summer as an unknown quantity at a mid-table
club. The only thing that saved him from being a completely anonymous hire for the Premier League was the fact that his name
sounded a little like two other managers, Tottenham’s Mauricio Pochettino and former
Manchester City coach Manuel Pellegrini. In
any event, Pellegrino never approached either
of their levels and won just eight of his first
34 games before being terminated on Monday.
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
<0
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s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
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70 48 sh 65 47 pc
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46 27 pc 55 33 pc
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Dallas
82 65 pc 81 60 pc
Denver
64 32 s
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47 27 s
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85 73 pc 83 71 pc
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86 67 t
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45 26 sh 55 35 pc
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51 36 c
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Miami
82 65 s
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77 46 sh 65 51 c
New Orleans
77 64 t
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48 28 s
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100+
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50s
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Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Hi
47
84
50
70
42
27
54
56
53
49
57
60
55
38
45
Today
Lo W
31 c
59 pc
29 s
51 pc
23 pc
9 sf
40 c
36 c
38 c
33 sh
43 c
30 pc
40 c
26 c
31 c
Tomorrow
Hi Lo W
56 39 c
85 62 s
50 28 s
67 47 pc
51 26 s
30 12 s
54 39 c
60 37 pc
57 43 c
47 32 c
58 45 pc
48 22 pc
54 38 c
44 32 c
56 34 pc
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
33
69
73
92
40
30
34
80
86
38
36
Today
Lo W
24 sf
60 pc
51 s
78 s
32 c
20 c
25 sf
66 t
71 pc
28 c
28 sn
Tomorrow
Hi Lo W
35 24 s
67 55 sh
78 55 s
91 79 t
58 35 pc
34 20 s
34 23 s
75 49 sh
83 68 s
35 32 sf
36 32 sf
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 City
Tokyo
Toronto
Vancouver
Warsaw
Zurich
THE COUNT
COUSINS MAKES THE VIKINGS TOP HEAVY
20s
40s
Pau
Mpls./St.. Pa
Paul
30s
Sacramento
20s
Bismarckk
40s
Reno
10s
10s
50s
Eugene
0s
0s
20s
He lasted just nine months.
But compared to the man who kicked off
this season’s wave of unemployment, Pellegrino’s reign feels like it lasted a century.
At Crystal Palace, American owners Josh
Harris and David Blitzer had hoped to enact
a top-to-bottom philosophical overhaul in
the model of the great Dutch teams by hiring Dutch playing great Frank de Boer in the
offseason. They hardly had time to spell the
word overhaul before de Boer lost his first
four games. He had to go.
It was the shortest tenure in Premier
League history. The firings had begun and it
was barely September.
One after another, the teams that flirted
with the relegation spots did what they felt
was necessary to placate the fans and for
their owners to preserve their investments.
Leicester City, Everton and West Ham all
took turns in 18th place and booted their
managers. Then it was West Brom’s turn, before Swansea, Stoke and Watford. All were
17th or worse when they pulled the trigger.
And yet, in all of this carnage, one manager remains forcefully, immovably not
fired: Arsenal’s Arsene Wenger, the graying
67-year-old Frenchman whose tenure is almost as old as the league itself.
A decade past his prime, Wenger will
likely guide Arsenal to its worst Premier
League finish since 1995. Fans have pleaded
publicly with the club’s American owner, Stan
Kroenke, who also owns the NFL’s Los Angeles Rams, to bring in some fresh ideas, but
the man they call “Silent Stan” isn’t having it.
Instead, through the supporters’ cries of
“Wenger Out,” the Gunners rewarded the
manager’s success in last season’s FA Cup
with a new two-year contract running through
the 2018-19 campaign. Wenger intends to
honor it. And the club appears content to
leave any decision on his future up to him.
“I would like to remind you I said no to
all the biggest clubs in the world to respect
my contract,” Wenger said last month, “so
that’s always what I try to do.”
So does pretty much every other manager
in the league. The difference between
Wenger and them, however, is that the others are rarely given the option.
Hi
37
45
86
75
66
90
64
69
37
52
91
90
80
52
18
92
47
85
86
57
85
53
59
89
86
72
51
37
50
28
45
Today
Lo W
26 sf
38 r
64 s
68 pc
57 pc
77 t
48 s
53 sh
31 sn
38 sh
77 s
69 pc
55 pc
45 t
1 pc
79 pc
32 sh
77 t
60 s
47 t
74 pc
38 pc
51 pc
79 t
72 s
65 c
45 s
21 s
36 pc
15 c
30 sh
Tomorrow
Hi Lo W
34 23 c
46 35 sf
87 65 s
76 67 pc
68 52 pc
88 76 c
74 54 pc
74 58 c
34 30 sf
54 37 pc
91 76 s
74 54 sh
82 54 pc
51 42 sh
25 15 s
92 81 s
39 29 sf
86 77 pc
81 60 s
55 44 sh
85 72 pc
50 41 c
67 54 r
90 78 pc
97 72 s
83 65 s
60 52 c
44 18 pc
49 35 pc
30 18 pc
37 27 sf
The Minnesota Vikings made their Super
Bowl intentions clear,
The percentage of salary-cap
with the signing of freeroom that the 10 highest-paid
agent quarterback Kirk
players took on the 2017
Cousins. But the win-now
division winners:
move brings urgency to
the 2018 season since
TEAM
% OF TOP 10
their salary-cap crunch
Saints
42.4
goes from bad to worse
Jaguars
45.4
in a hurry.
Patriots
46.0
Cousins’s $84 million
Eagles
52.8
guaranteed contract
spread out over the next
Vikings
52.8
three years makes the ViChiefs
56.2
kings unusually top heavy
Steelers
58.4
in 2018, with their top 10
Vikings 2018*
58.7
highest-paid players accounting for about $112
Rams
63.1
million. Last season when
*Projected as of March 15
they won 13 games with
Note: Cousins’s cap hit the next
quarterback Case Keenum
three years is $24 million, $29
million and $31 million.
earning just $1.9 million
Source: Spotrac; WSJ
against the cap, the ViKirk Cousins
kings’ top-10 players cost
just $81 million, according
to Spotrac. That’s right around the $84 million
Quinn and linebacker Alec Ogletree.
that was the average for the eight teams that
Next offseason, the Vikings risk losing imwon division titles in 2017.
pending free agent receiver Stefon Diggs and
Due to an increase in the salary cap this
linebackers Anthony Barr and Eric Kendricks.
year plus the ability to tap into unspent
Defensive end Danielle Hunter and cornerback
money, the Vikings—after the Cousins signTrae Waynes also are slated for hefty raises.
ing—are spending 59% of their total cap on
Keeping them would force the Vikings to
their 10 highest-paid players. (Last season, the
spend upwards of 70% of their cap on the top
Vikings were at 52%.)
20% of their roster.
The Los Angeles Rams had last year’s
The gold standard for salary cap balance
most unbalanced roster among the division
continues to be the New England Patriots.
winners, with 63% spent on their top 10. But
New England allocated just 46% of their 2017
salary cap gravity can’t be defied for long. The
cap on their top 10 highest-paid players. Of
Rams were forced to restructure the core of
course it helps that quarterback Tom Brady
their team, losing receiver Sammy Watkins
plays for well below market value, just $20.5
and cornerback Trumaine Johnson to free
million on average—or 73% of what Cousins is
agency and trading defensive end Robert
slated to make.
—Michael Salfino
A Cap Crunch
JIM MONE/ASSOCIATED PRESS
London
TEN MONTHS AGO, Chelsea manager Antonio Conte capped his first season in English
soccer by winning a championship. In nearly
every league in every sport in the world, that
usually would be enough to buy him at least
one more year of employment.
But this is the Premier League, where
managers have roughly the job security of
movie extras and Christmas tree salesmen.
With the title now out of Chelsea’s reach and
its elimination from the Champions League
at the hands of Barcelona this week, it would
surprise no one if Conte were fired any day
by the club’s trigger-happy owner from Russia, Roman Abramovich. This is a man who
has burned through 12 managers in 14 years.
“For the manager of this club, it’s normal
to have this type of situation,” Conte said
recently. “This is the history of this club.”
Conte was talking only about Chelsea, but
he might as well have been shaking his head
at the sad employment prospects of the
whole division. Because even by the wild
standards of the Premier League, where the
average managerial tenure is around 14
months, this season is historically bloody.
Nine of the 20 who started the season in
August have now been fired, just one short of
the Premier League’s record of 10, set in
2013-14. Never before have so many met their
demise by mid-March. Which means, with the
two most stressful months of the season
ahead of us, there’s still time for more carnage. In fact, it has become a topic of weekly
discussion in post-match news conferences.
“Before you even ask me the question,
will I speak to those upstairs? Yes I will, of
course I will because it’s getting difficult,”
said Alan Pardew, manager of last-place
West Brom, after his most recent defeat.
How the situation spun out of control
across the league has to do with more than
just the whims of temperamental billionaire
owners. This season’s rash of firings is in
fact the result of unique factors at both
ends of the standings.
At the bottom, an unusually close relegation battle has seen at least 10 different
teams flirt with the relegation places this
year, turning up the heat on half the managers in the league—only 10 points now separate ninth place from 18th.
At the top, meanwhile, things were already
tense with six clubs legitimately gunning for
four spots in next season’s Champions
League. And that was before Pep Guardiola’s
era-defining Manchester City side came
along. By running away with the title so convincingly this season, City hasn’t just mauled
the rest of the Big Six. Guardiola’s men have
thoroughly embarrassed them. And if there’s
one thing billionaire owners like Chelsea’s
Abramovich don’t like, it’s being embarrassed
by clubs with more money.
None of the Big Six managers have lost
their jobs yet this season, but the discontent
at some of their clubs is palpable.
“I continue my work aware that I am doing good work,” Conte told Italian television
this week. “We can do better in every aspect.
I am not seeking confirmation in victories.”
Unfortunately for him and every other
soccer manager, victories are the only cur-
.
NEIL HALL/REUTERS
BUSINESS NEWS B2,B3 | WEEKEND INVESTOR B5 | MARKETS DIGEST B7 | MARKETS B11
ONLINE BAD ROMANCE B4
© 2018 Dow Jones & Company. All Rights Reserved.
DJIA 24946.51 À 72.85 0.3%
NASDAQ 7481.99 À 0.003%
HEARD THE RIGHT GIN MIX B12
* * * * **
THE WALL STREET JOURNAL.
STOXX 600 377.71 À 0.2%
10-YR. TREAS. g 7/32 , yield 2.848%
Saturday/Sunday, March 17 - 18, 2018 | B1
OIL $62.34 À $1.15
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EURO $1.2291
YEN 105.98
Board decides fate
of Paul Jacobs, former
chairman considering
bid for chip maker
Qualcomm Inc. took the extraordinary step of removing
former Chairman and Chief Executive Paul Jacobs from its
By Dana Cimilluca,
David Benoit
and Dana Mattioli
board after he broached a longshot bid for the chip-making giant.
The decision to oust Mr. Ja-
cobs was made at a board meeting Friday, according to people
familiar with the matter. At the
meeting, he reiterated his desire
to pursue a potential buyout after raising the issue in a letter
to the board Tuesday, according
to a person familiar with the
events.
Several directors tried to talk
Mr. Jacobs out of the idea,
which they regard as farfetched, this person said. When
he persisted, the rest of the
board asked him to step down
because they don’t believe he
can be a director and work on a
bid at the same time. Mr. Jacobs
disagreed. The board took a
vote and he lost, this person
said.
It has also told him he cannot
use insider information for work
on any bid.
In a statement late Friday announcing the move, the possibility of which was earlier reported by The Wall Street
Journal, Qualcomm said Mr. Jacobs won’t be re-nominated to
the board at the annual meeting
next week.
“Following the withdrawal of
Broadcom’s takeover proposal,
Qualcomm is focused on executing its business plan and maximizing value for shareholders as
an independent company,” it
said. “There can be no assurance that Dr. Jacobs can or will
make a proposal, but, if he does,
the board will of course evaluate
it consistent with its fiduciary
duties to shareholders.”
Mr. Jacobs released a statement saying: “There are real opportunities to accelerate Qualcomm’s innovation success and
strengthen its position in the
global marketplace. These opportunities are challenging as a
standalone public company, and
there are clear merits to exploring a path to take the company
private.”
He added: “It is unfortunate
and disappointing they are attempting to remove me from
the board at this time.”
Please see JACOBS page B2
JASON LEE/REUTERS
As Chinese Pamper Pets More, Food Suppliers Salivate
YEAR OF THE DOG AND THE CAT: Rising spending power of China consumers has pet-food companies investing in the country. New
brands have to navigate a market rife with counterfeits and illegal imports and overcome safety concerns with domestic products. B3
Saudis Seek Talent-Agency Stake
Saudi Arabia’s sovereignwealth fund is moving to buy a
stake in Endeavor LLC, a company that includes the world’s
By Benoit Faucon in
London, Summer Said
in Dubai and
Erich Schwartzel
in Los Angeles
largest talent agency, Saudi officials said, as the kingdom
builds an entertainment industry with a once-unthinkable
partner: Hollywood.
Saudi Crown Prince Mohammed bin Salman wants to
complete the $400 million
purchase of less than 10% of
Endeavor—where co-CEO Ari
Emanuel was once President
Donald Trump’s celebrity
agent—during his two-week
visit to the U.S., which begins
Monday, the officials said.
The deal would give the
kingdom a foothold in the firm
with the most clients, one that
represents American talent
across film, music, sports and
media, including Oprah Win-
frey, Dwayne Johnson and Serena Williams.
Details were still being
hashed out and could change.
A spokesman for Endeavor declined to comment.
The Endeavor stake would
represent a down payment on
Prince Mohammed’s ambitions
to create a sports and entertainment sector in a conservative Muslim country where until now cinemas were banned
and Hollywood creations such
as Mickey Mouse were denounced as un-Islamic. The
32-year-old prince is loosening
restrictions on movie theaters
this year, wants to create a domestic film industry and authorized the construction of a
giant theme-park complex outside the capital of Riyadh.
Saudi officials said Prince
Mohammed was trying to
make business deals he can
announce during a tour
through the U.S. Mr. Trump
and Prince Mohammed, his
kingdom’s day-to-day ruler,
have tried to strengthen U.S.Please see SAUDI page B2
JEROME FAVRE/EPA/SHUTTERSTOCK
Qualcomm Director Is Out
CK Hutchison’s Li Ka-shing with son and successor Victor Li on Friday.
Hong Kong Icon
Passes the Baton
BY CHESTER YUNG
AND WAYNE MA
Hong Kong billionaire Li
Ka-shing said Friday he will
step down as chairman of his
flagship conglomerate in May,
marking the end of an era in
which he rode China’s economic boom to turn a plasticflower maker into a global empire.
Mr. Li, who turns 90 years
old in July, said his elder son
and deputy chairman, Victor
Li, will succeed him at the
helm of CK Hutchison Holdings Ltd. The younger Mr. Li
inherits a sprawling group
whose retail operations in
mainland China and Hong
Kong are facing pressure from
e-commerce, while its telecommunications businesses
there are also confronting
challenges.
The elder Mr. Li, who
founded his business 68 years
ago, plans to step down after
CK Hutchison’s annual general
meeting. He will continue to
serve as senior adviser for the
clnglomerate. His retirement
plan was first reported by The
Wall Street Journal in June
2017.
Mr. Li, who has been
dubbed “Asia’s Warren Buffett” for his investment acumen and nicknamed “Superman” in Hong Kong, enjoys
celebrity status both inside
and outside the group, which
spans ports, telecoms, retail
and property. After a press
conference in which the tycoon revealed his intention to
step down, reporters lined up
to take selfies with him.
He said it was “his honor”
to have founded the company
and expressed confidence in
his son to take on his duties.
Forbes ranked the Chineseborn Mr. Li 23rd in its 2018
list of the world’s leading billionaires, with a net worth of
$34.9 billion.
Over the years, Mr. Li has
extended his reach beyond
Greater China into U.K. mobile
networks and Australian utilities.
Stanford-educated Victor Li,
53, was anointed as the
group’s future leader in 2012,
though no timetable for succession was provided. A younger son, Richard, 51, left the
family business in the 1990s to
branch out on his own, using
family money to buy and run
media and telecommunications
companies, with varying degrees of success.
While the elder Mr. Li is
known as a charismatic, politically savvy deal maker, Victor
is seen as a more detail-oriented businessman who spent
more than three decades shadowing his father, according to
people familiar with the situation.
Victor Li said at Friday’s
press conference that “the
company’s direction will remain the same.”
In 2015, the elder Mr. Li restructured his companies to
increase their appeal to investors and pave the way for his
retirement, splitting his Hong
Kong property assets from his
internationally focused conglomerate.
Last year, Mr. Li sold a
stake held by his CK Asset
Holdings Ltd. in Hong Kong
The conglomerate’s
‘direction will remain
the same,’ elder son
Victor Li says.
skyscraper the Center for 40.2
billion Hong Kong dollars
(US$5.15 billion).
Mr. Li’s retirement may create some uncertainty among
shareholders over the conglomerate’s future. In recent
years it has failed in separate
bids for mobile-phone and energy assets in the U.K. and
Australia, while homegrown
Chinese billionaires are challenging its real-estate and
ports businesses.
One of Mr. Li’s key lieutenants, Canning Fok, said that
because Victor Li has shadowed his father for 33 years,
there would be little change in
how the company operates.
CK Hutchison on Friday reported a 6.3% gain in net profit
in 2017. With operations in
more than 50 countries, the
company said its profit rose
HK$35.10 billion from HK$33.01
billion a year earlier, falling
slightly short of the average
forecast of HK$35.31 billion by
11 analysts in a FactSet poll.
—John Lyons
contributed to this article.
THE INTELLIGENT INVESTOR | By Jason Zweig
Ten Years On, Loss of Trust Still Hangs Over Wall Street
Of all the
losses triggered by the
meltdown of
Bear Stearns
Cos. a decade
ago this past week and the
crisis that followed, perhaps
the biggest was the public’s
loss of trust in markets
themselves.
No wonder so many investors have cowered on the
sidelines of the bull market
for the past nine years. Their
faith in the ability of stock
pickers to outperform has
vaporized, saving for retirement often seems like a lost
cause, and speculative temp-
tations like bitcoin and other
digital currencies can feel almost irresistible.
“The banks got away a
hell of a lot better than millions of Americans who lost
their savings and their
homes and had to find new
jobs,” says Lee Hiller, a 76year-old retired retailing executive who lives in southeast Florida. “I have zero
control over the financial engineering and greed that
could lead to another crisis. I
keep at least 10% of my
money in cash because you
never know what’s going to
happen.”
In the decade since the
Bear Stearns bailout, dozens
of readers have emailed,
called or written me, all
echoing the same belief:
Rash and feckless risk-takers
got rescued by the government with tax dollars collected from prudent, disciplined savers. While former
executives of Wall Street
firms that crashed and
burned are living lavishly in
retirement, the people who
bailed them out are earning
0.2% on a savings account.
In the wake of the financial crisis, Main Street views
Wall Street as a place where
good things happen to bad
people and bad things to
good people.
That has shattered what
psychologists call “belief in a
just world,” the notion that,
on average, we get what we
deserve. It is one of several
positive illusions, or intuitions including overconfidence, unrealistic optimism
and the illusion of control,
that give us comfort we can
thrive in what would otherwise feel like an unbearably
risky and capricious world.
“Evidence that others receive what they deserve confirms that this shared world
is just,” the psychologists
Carolyn Hafer and Alicia
Rubel have written. That
gives people “the confidence
they need to sacrifice immediate pleasures for long-term
rewards.”
If you can’t believe honesty is rewarded and rulebreaking punished, how can
you feel comfortable handing
your money over to strangers?
“People need to be able to
trust something or someone,” says Luigi Zingales, a
finance professor at the University of Chicago’s Booth
School of Business. “The less
you trust formal institutions
and experts, the more you
tend to trust your family and
friends, or just anybody who
sounds right.” Is it any surprise then that some investors have gotten wiped out
playing wildly risky hunches
on market volatility?
Experiments have shown
that people are much less
willing to wait for a reward,
and more willing to gamble,
when they believe that those
who run the system can’t be
trusted.
And almost nobody thinks
justice was served in the
wake of the bailouts and failures of 2008 and 2009.
In an online survey conducted in the U.S. and a halfdozen countries in Europe,
Please see INVEST page B5
.
B2 | Saturday/Sunday, March 17 - 18, 2018
* *****
THE WALL STREET JOURNAL.
BUSINESS NEWS
BY ERICA E. PHILLIPS
Deutsche Post AG’s DHL is
tiptoeing back into the domestic parcel delivery in the U.S.,
drawn in by the strong growth
in e-commerce, bringing new
competition to a market that’s
been dominated by United
Parcel Service Inc. and FedEx
Corp. for a decade.
DHL said Thursday it is
launching a new same-day and
next-day delivery service for
online retailers in Chicago,
The company pulled
back its U.S. expressdelivery unit in 2008
after investing heavily.
New York and Los Angeles.
The service will expand to Dallas, Atlanta, San Francisco and
Washington, D.C., by the end
of the year, and will rapidly
add more cities over the next
few years.
“We pay a lot of attention
to what consumers are demanding of the online marketplaces and retailers they’re
buying from,” said Lee Spratt,
chief executive of DHL eCom-
merce’s Americas division.
“Faster, cost-effective delivery
is going to be a future requirement to play in this space.”
The firm has been testing
its new delivery service,
dubbed Parcel Metro, in select
cities over the last two years.
The service engages drivers
through crowd-sourced applications for deliveries within a
few hours and taps into local
couriers and delivery companies for one- and two-day deliveries, using DHL eCommerce’s warehouse facilities to
consolidate orders.
DHL’s move to launch some
U.S. delivery services again
could increase competition for
both UPS and FedEx, currently
the dominant players in
speedy e-commerce deliveries
in the U.S.
Both companies have been
raising prices aggressively to
help cover the costs of surging
residential deliveries, which
are more expensive than traditional business-to-business
stops. A new, low-cost entrant
to the market could make that
more difficult.
“We need another smallparcel provider here,” said
Cathy Roberson, a logistics industry analyst. “The shipping
rates need to come down
they’re getting a little ridicu-
DANIEL ACKER/BLOOMBERG NEWS
DHL Tests
Deliveries
Within U.S.
A DHL Worldwide Express facility in Chicago. The Deutsche Post unit will be competing against delivery giants UPS and FedEx.
lous, so bring it on.”
Representatives for FedEx
and UPS didn’t respond to requests for comment.
The move by DHL appears
to be just a steppingstone for
now and it could be several
years before the firm’s network is big enough to compete
with UPS and FedEx, Ms. Roberson added. “This sounds like
a very cautious but logical approach” to re-entering the
market, she said.
DHL pulled back its U.S. express-delivery unit in 2008 af-
ter investing billions of dollars
to challenge UPS and FedEx,
an effort that included the acquisition of the delivery services of smaller operator Airborne
Express
and
a
regulatory battle over the German-owned company’s right to
fly cargo aircraft in the U.S.
Since then, the firm has focused on international parcel
shipments, handing off domestic deliveries from its warehouses to the U.S. Postal Service.
DHL
eCommerce
currently operates 21 ware-
houses in the U.S.
The decision to launch delivery services in more populous urban markets also
echoes a strategy employed by
Amazon.com Inc., which has
been handling deliveries from
its own fulfillment centers in
at least 37 U.S. cities, as well
as through its Prime Now oneand two-hour offering in more
than 50 markets globally. Amazon is also rolling out a delivery service for third-parties,
“Shipping with Amazon,”
where the online retail giant
will pick up packages from
businesses and ship them to
consumers.
Under DHL’s new Parcel
Metro service, vehicles and
drivers will not display the
DHL brand, Mr. Spratt said.
But consumers will be able to
see a picture of their driver
and follow deliveries to their
doorsteps on a map, similar to
the functions in the Uber
Technologies Inc. ride-sharing
app.
—Laura Stevens
contributed to this article.
Court Reins In 2015 Order on Telemarketing Abuses
WASHINGTON—A federal
appeals court ruled Friday
that federal regulators had
overreached in their effort to
curb telemarketing abuses, a
decision welcomed by businesses who said the rules led
to an epidemic of lawsuits
against them.
A 2015 order by the
Obama-era Federal Communications Commission encouraged a jump in such suits,
business groups say, by
broadly defining what constitutes telemarketing abuses,
particularly robocalls.
Some businesses complain
that as a result, they have
been sued over routine calls
to their customers. Banks, for
example, have been subject to
such suits when they make
collection calls.
The U.S. Chamber of Commerce has estimated that
lawsuits involving telemar-
YVES HERMAN/REUTERS
BY JOHN D. MCKINNON
Some businesses have complained of an epidemic of lawsuits.
keting abuses jumped by almost 50% in the 17 months
following the FCC order, to
more than 3,000, compared
with just over 2,000 in the 17
months before the FCC order.
The FCC order was based
on a 1991 federal statute, the
Telephone Consumer Protection Act, which was aimed in
part at curbing the use of
robocalls by banning them for
most telemarketing purposes.
In its ruling Friday, the
U.S. Circuit Court of Appeals
for the D.C. Circuit concluded
that the FCC had overstepped
its authority.
The FCC order defined the
equipment used to make ille-
gal robocalls—known as automated dialing equipment—too
broadly, the court held.
The court held that the
FCC’s interpretation of the
law “would appear to subject
ordinary calls from any conventional smartphone to the
act’s coverage, an unreasonably expansive interpretation
of the statute,” according to
the opinion by Judge Sri
Srinivasan.
Current FCC Chairman Ajit
Pai, who had dissented from
the 2015 order, praised the
court’s decision. He said he
would continue to focus on
finding other ways to combat
illegal robocalls.
Mr. Pai has already
stepped up FCC enforcement
against improper telemarketing. He has also targeted
spoofing—the practice of using fake phone numbers to
make illegal robocalls look
they come from nearby, increasing the odds a recipient
will answer. Many illegal robocalls actually originate overseas.
Helgi Walker, an attorney
who represented the U.S.
Chamber in the case, described
the decision as “a huge win”
that will “help to avoid increasingly onerous class-action
liability under the TCPA for…legitimate communications.” The
appeal was brought by ACA International, an association representing collection agencies,
among others.
A Democratic member of
the FCC said the problem of
robocalls would continue to
worsen unless the agency
does more to address it. “One
thing is clear in the wake of
today’s court decision: robocalls…will continue to increase unless the FCC does
something about it,” said
Commissioner Jessica Rosenworcel. She approved in part
and disapproved in part in
the 2015 vote on the FCC
rule.
The number of robocalls as
well as consumer complaints
about them have been increasing. Robocalls are placed
at a rate of more than 2.5 billion a month, according to
some recent estimates, despite several efforts by the
FCC and Congress over the
years to stop them.
Consumer complaints to
the Federal Trade Commission also have been increasing in recent years.
One big problem is that
technology has made illegal
robocalls cheap and easy to
place, increasing their appeal
to unscrupulous marketers.
Spoofing boosts the odds that
a consumer will answer.
The FCC is exploring ways
that phone companies can authenticate calls to prevent
spoofing. But even that is
tricky. And constant reassignment of phone numbers adds
to the problems.
JACOBS
Continued from the prior page
Saudi economic ties and security relationships.
The trip follows the
roundup of hundreds of prominent Saudis, including some
of the country’s richest businessmen, on corruption allegations that weren’t publicly disclosed, sparking concerns
among Western investors
about the rule of law. Saudi
officials have said the crackdown was necessary to root
out corruption as the prince
overhauls the economy.
U.S. entertainment executives have been hurrying toward Saudi Arabia this year.
The world’s No. 1 exhibitor,
AMC Entertainment Holdings
Inc., has said it plans to build
theaters in the country, along
with European theater chain
Vue Entertainment and the
luxury chain iPic Entertainment.
Saudi officials have told entertainment executives in the
U.S. that they want to have a
$1 billion box office within five
years—an annual gross that
would put it in the top 10
world-wide and on par with
Germany. U.S. executives say
the goal is lofty but achievable, considering Saudi Arabia’s population of 33 million
is mostly under age 25 with a
sizable group of expatriates.
For Endeavor and other
parts of Hollywood, Saudi Arabia is a market that appeared
seemingly out of nowhere following Prince Mohammed’s
changes. The country is a new
potential destination for the
agency’s sports and fashion
events, and offers millions of
Continued from the prior page
Mr. Jacobs couldn’t be
reached for further comment.
On Monday, President Donald
Trump blocked Broadcom Ltd.’s
$117 billion hostile bid for Qualcomm, reflecting officials’ concerns about an intensifying
arms race between the U.S. and
China over advanced technologies.
The latest round of drama at
Qualcomm comes a week after
Mr. Jacobs was stripped of the
title of executive chairman
against his will after some investors complained about his
pay and argued that having separate roles of executive chairman and chief executive causes
confusion about who is in
charge, according to another
person.
Mr. Jacobs was replaced with
an independent director and the
move was widely seen as an effort by Qualcomm to enhance its
governance and bolster its case
against Singapore-based Broadcom. According to people familiar with the matter, Mr. Jacobs
was unhappy about the move.
At an annual meeting that
was scheduled to occur earlier
this month, Qualcomm shareholders were to vote on whether
to oust current board members
in favor of directors nominated
by Broadcom. The meeting was
delayed at the behest of the
Committee on Foreign Investment in the U.S. before the deal
was blocked by Mr. Trump.
It is now scheduled to take
place next Friday and Qualcomm directors are expected to
be re-elected unopposed.
—Ted Greenwald
contributed to this article.
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
SAUDI
Saudi Crown Prince Mohammed bin Salman wants to create a sports-and-entertainment sector in his conservative Muslim country.
potential new audience members.
For Hollywood, Saudi Arabia is a sequel of sorts to its
business entanglement with
China, whose nascent entertainment industry suddenly
boomed after government officials decided they wanted to
get into show business. More
than five years ago, Chinese
billionaires and conglomerates
began pouring money into
Hollywood studios and production companies. Chinese
companies now own AMC En-
tertainment Holdings and Legendary Entertainment. The
major talent agencies, including Endeavor, have all established Chinese outposts.
It is also an example of the
rising ambitions of Saudi Arabia’s sovereign-wealth fund,
which Prince Mohammed
wants to build into the world’s
largest.
Once a sleepy investor in
Saudi infrastructure, the Public Investment Fund has broken out in recent years, using
the country’s oil wealth to
spend $45 billion in a joint
tech fund with SoftBank Group
Corp. and hunt for deals
across the world. PIF is expected to be the recipient of
money raised by the planned
public listing of Saudi Arabian
Oil Co., known as Aramco.
Prince Mohammed initiated
the stake-purchase talks in
June last year when Mr.
Emanuel visited Riyadh, said a
person familiar with the talks.
Mr. Emanuel comes with highpowered political connections.
He is the son of an Israeli war
hero, brother of Chicago
Mayor Rahm Emanuel and an
inspiration for the Entourage
TV series. He bought the Miss
Universe Organization from
Mr. Trump, a former client, in
2015.
The deal would mark the
latest cash infusion in recent
years for the rapidly expanding talent agency. Endeavor’s
other investors include SoftBank Group, Singapore’s sovereign-wealth fund and the
Canada Pension Plan Investment Board.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | B3
* * * * * *
BUSINESS NEWS
A second veteran executive
is leaving Nike Inc. after internal complaints about inappropriate workplace behavior at
the sneaker and sportswear
giant, according to people familiar with the matter.
Jayme Martin, a vice president and general manager of
global categories for Nike, was
forced out of the company and
is no longer an employee, the
people said. He joined Nike in
1997 and, in his latest role,
oversaw several of Nike’s major business units, including
women’s, running, training,
and basketball.
A Nike spokesman said the
company doesn’t discuss personnel moves. Mr. Martin
didn’t respond to a request to
comment.
Mr. Martin was a top lieutenant to Trevor Edwards, the
Nike brand president, who resigned his position Thursday,
the day Chief Executive Mark
Parker told employees the
company had received recent
complaints about inappropriate workplace behavior and
was revamping its leadership
team.
The departures mark the
latest fallout from a wave of
misconduct allegations against
high-profile executives, including former Wynn Resorts Ltd.
Chairman and CEO Steve
Wynn and senior Ford Motor
Co. executive Raj Nair. Last
month, Nike rival Lululemon
Athletica Inc. said its CEO
Laurent Potdevin was leaving
the company for unspecified
inappropriate behavior.
A number of companies
have said they are encouraging employees to come forward with complaints related
to sexual harassment or other
misconduct. Some companies
also are examining their internal procedures for handling
such issues. Nike encouraged
employees Thursday to use an
internal hotline to raise concerns and promised to improve how it handled such
matters.
Nike has received complaints pertaining to Mr. Martin but no direct complaints
about Mr. Edwards, one person said. Mr. Martin has already left the company, while
Mr. Edwards will remain on
the payroll as a consultant and
retire as a Nike employee in
August. Both men spent decades at the company and
climbed its leadership ranks.
Messrs. Martin and Edwards protected male subordinates who engaged in behavior
that was demeaning to female
colleagues, according to another person. Their lieutenants bullied people who
weren’t in their group, this
person said, such as women
and individuals from foreign
countries.
Mr. Edwards didn’t respond
to requests to comment. Another Nike spokesman said
Thursday the company hadn’t
received specific complaints
about Mr. Edwards. Mr. Parker
didn’t provide details about
the alleged behavior or say
whether the complaints included Mr. Edwards or other
executives.
Pet-Food Firms Vie
For China Market
BY WAYNE MA
BEIJING—Dinner for many
of China’s cats and dogs is still
a lot of fish heads and table
scraps. But private-equity
firms are hoping more Chinese
consumers will use rising
spending power to fill their
pets’ bellies with pricier packaged food.
U.S. private-equity giant
KKR & Co. is among the investors betting that sales of packaged food and treats will be
the next business opportunity
in the pet boom in China,
where some doting owners are
buying complete wardrobes for
their poodles and Shih Tzus.
To succeed in China, emerging brands with names such as
Kitchen Flavor and Wanpy will
have to topple U.S. food giant
Mars Inc., which has been in
China for more than two decades and dominates store
shelves with brands including
Royal Canin, Whiskas and
Pedigree. The new brands also
will have to navigate a market
rife with counterfeits and illegal imports, apparent attempts
to get around China’s relatively strict regulations on imported pet food.
Most of all, new Chinese
brands will need to convince
pet owners that Chinese-made
pet food is as safe as its foreign counterparts. “In China,
even people don’t feel safe eating locally produced food,”
said 36-year-old Xue Jiayi,
who cares for stray cats in her
Beijing home.
Those attitudes may be
Chowing Down
Pet-food sales in China are
expected to more than triple in
the next five years as owners
shift from feeding table scraps.
Pet-food sales
40 billion yuan
Forecasts
30
20
10
0
2012
’15
’17
’20
’22
Market share, 2016
Foreign brands
Mars
42%
Local brands
Tianjin
Nestlé Ken-Canpo: 1.7
11 6.5
36
Shanghai Shanghai Others
Navarch: 2.8
Bridge
Note: 10 billion yuan = $1.58 billion
Source: Euromonitor
THE WALL STREET JOURNAL.
changing, however. Spending
on pet food has more than
quadrupled since 2012 to an
expected 13 billion yuan ($2.1
billion) this year, and could
top 34.8 billion yuan by 2022,
according to Euromonitor International.
A KKR-commissioned survey in 2016 found just 12% of
China’s urban dog owners feed
their dogs packaged food, said
Chris Sun, director at KKR
China. He said that data
helped sway KKR’s decision to
invest in Gambol Pet Group,
based in China’s eastern Shandong province, which began as
a contract manufacturer for
U.S. brands before expanding
and developing its own brand.
Privately held Mars had
42% of Chinese pet-food sales
in 2016, Euromonitor says.
Mars and other foreign providers sell more of their products
in brick-and-mortar stores
rather than online, which
would make it easier for Chinese companies to eventually
surpass them in e-commerce,
Mr. Sun said. Mars declined to
comment.
Pet ownership, once concentrated in rural areas, expanded to cities in the early
2000s with the growth of
China’s consumer economy, industry observers say. Demand
for higher-quality products
spurred last year’s investment
in Australia’s second-largest
pet-food maker, Real Pet Food
Co., by Beijing-based Hosen
Capital, which led an investor
group to take control, said
Alex Zhang, a Hosen partner.
Hosen aims to bring the
Real brands to China this year,
believing its line of premiumpriced fresh and chilled products will be a hit with China’s
well-heeled pet owners.
China’s black market for pet
food is unusually large, and
consumers are worried about
health risks to their pets, said
Mary Peng, who runs an animal clinic in Beijing. “Almost
every month, pet owners contact us very upset, mainly
about food- or drug-safety issues related to things they
purchase off the internet,” she
said.
Public perception of Chinese pet food was seriously
damaged by a 2007 scandal in
which Chinese-made pet food
tainted by melamine was
blamed for deaths of thousands of dogs and cats in the
U.S. The tainted food was
traced to one supplier, which
is no longer in business.
—Chunying Zhang
contributed to this article.
The Spanish-language broadcaster has improved its ratings with edgy narconovelas aimed at a new generation of bilingual Latinos.
Telemundo Gains Ground
BY KEACH HAGEY
Five years ago, Telemundo
had less than half the audience
of rival Univision and was
headquartered in a former shoe
warehouse in a neighborhood
that flooded each time a hurricane blew through Miami.
Today, the Spanish-language
broadcaster owned by Comcast
Corp. is nipping at long-dominant Univision’s heels in the
ratings, consistently beating it
in the 10 p.m. time slot with
edgy narconovelas—soap operas about Mexican drug
lords—aimed at a new generation of bilingual Latinos. Next
month, Telemundo employees
from six scattered offices will
move into a new $250 million
headquarters as the broadcaster gears up to air the 2018
FIFA World Cup for the first
time, after decades of the soccer competition airing on Univision.
Meanwhile, Univision Communications Inc.’s finances
have come under strain, and
people close to Univision say
one contributing factor has
been the growth of Telemundo.
Recently, Univision scratched
plans for an initial public offering and announced Chief Executive Randy Falco would depart
earlier than planned, at the end
of this year. The New Yorkbased company is also weighing cost cuts.
Hispanic media haven’t been
spared the ratings declines that
competition from streaming
services has brought to the entire television industry. But
Telemundo, backed by the firepower of its corporate parent,
has seized on shifting preferences among the U.S. Hispanic
population to claim market
share from its closest competitor.
“Hispanic media today is no
longer about habit. It’s about
choice,” said Cesar Conde,
chairman of NBCUniversal International Group and NBCUniversal Telemundo Enterprises,
units of Comcast. Mr. Conde, a
44-year-old Harvard graduate
of Peruvian-Cuban descent, is
himself a picture of the viewer
that Telemundo is targeting—
young, ambitious and fluent in
both Spanish and English.
Comcast began heavily investing in Telemundo soon after it acquired the broadcaster
through its 2011 purchase of
NBCUniversal, snapping up
Spanish-language World Cup
rights for 2018 and 2022 for
$600 million. It also helped
Telemundo spend more on
pricier productions—filming
scenes outdoors, blowing up
cars and throwing people off
bridges—to appeal to viewers
just as likely to watch “The
Walking Dead” as Spanish TV.
Long-dominant
Univision recently
scratched plans for an
initial public offering.
“We at NBCU and Comcast
have put our money where our
mouth is because we believe
there’s a tremendous opportunity,” said Mr. Conde, whom
Comcast hired from Univision
in 2013.
The investment is paying
off. The Telemundo network is
on track to nearly double its
net operating revenue since
2014 to $844 million this year,
according to estimates from
Kagan, a media research group
within S&P Global Market Intelligence. During that period,
the Univision network’s revenue dropped 6% to $949 million, according to Kagan.
Comcast doesn’t break out
Telemundo’s financials. Univision says its media networks,
which include the broadcast
network and other properties,
had $2.75 billion in revenue
last year.
The ratings gap between the
Closing the Gap
While Univision has lost more
than half its viewers in the last
five years, Telemundo's declines
have been modest.
networks has narrowed considerably over the past five years,
largely because Univision lost
more than half of its primetime audience in the key 18to-49 demographic, while Telemundo retained most of its
viewers. For the yearlong television season ended in September, Telemundo averaged
751,000 viewers, compared
with Univision’s 789,000, according to Nielsen data.
As Latino immigration has
slowed over the last decade—
especially from Mexico, where
the flow has actually reversed—the American Hispanic
population has become increasingly dominated by U.S.-born
Hispanics, who easily toggle
between cultures.
In response, Telemundo has
made its shows look more like
English-language TV, with
shorter, recurring series on
themes that were ripped from
the headlines and largely produced in the U.S. Univision’s
telenovelas, produced by Mexican TV giant Grupo Televisa
SAB, have tended to feature
more fairy-tale themes.
“Telemundo has developed a
more dynamic content that is
more attuned with U.S.-based
Latinos than is the case with
Univision content, which has
been more traditional, with an
emphasis on the values of traditional Mexico,” said Federico
Subervi, a Latino media consultant.
While Comcast’s backing has
strengthened Telemundo, Univision’s private-equity owners
have been searching for an exit
and paying down debt left over
from an ill-timed leveraged
buyout more than a decade
ago. Univision notes that it has
launched new cable channels,
which helped the company capture a 67% share of Spanishlanguage prime-time viewing
among adults 18 to 49 across
its portfolio of networks during
the February “sweeps” period.
The broadcaster has also
been modernizing its content,
Telemundo
Univision
Viewers by season*
2.0 million
1.5
1.0
0.5
0.0
’12-13
’14-15
’17-18†
Telemundo is also catching up to
Univision financially.
Net operating revenue**
$1.00 billion
0.75
0.50
0.25
0.00
2014
2016
2018
*Average prime-time viewers aged 18 to 49.
Full seasons are Sept.-Sept. †Season to
date: Sept. 25, 2017-Feb. 25, 2018
**2018 figures are projections. Estimates for
the broadcast networks include net ad
revenue, payments from affiliated TV
stations and other digital revenue.
Sources: Nielsen (viewers); Kagan, a media
research unit of S&P Global Market
Intelligence (revenue)
THE WALL STREET JOURNAL
making shorter series and
launching its first pilot season
this year in an effort to boost
quality. It has had success with
what it calls “inspirational series” at 8 p.m., including a
string of biblical miniseries,
and lighthearted telenovelas at
9 p.m. Those moves have
helped it slow ratings declines
and widen its prime-time lead
over Telemundo in the 18-to-49
demographic this season.
“At the end of the day, audiences just need to feel good,
and that’s what we are here to
do,” said Jessica Rodriguez,
president and chief operating
officer of the Univision Networks division.
BUSINESS WATCH
FIAT CHRYSLER AUTOMOBILES
CATERPILLAR
Suit Over Emission
Tests to Proceed
Company to Close
Factory in Texas
Fiat Chrysler Automobiles
NV lost a bid to dismiss a lawsuit accusing it of rigging dieselpowered vehicles to dupe emissions tests, keeping the ItalianU.S. auto maker in the legal
crosshairs over alleged environmental violations that have
drawn comparisons to longstanding fraud at Volkswagen AG.
A federal judge late Thursday
denied Fiat Chrysler’s motion to
dismiss a civil case in California,
ruling that owners of more than
100,000 2014-2016 Ram pickup
trucks and Jeep Grand Cherokee
sport-utility vehicles with diesel
engines can proceed to trial on
claims the company cheated U.S.
emissions tests and allowed its
automobiles to pollute more
than 20 times beyond legal limits. Vehicle owners allege they
paid thousands of dollars above
gasoline-powered models for
Fiat Chrysler diesel vehicles that
were improperly deemed environmentally friendly.
Fiat Chrysler didn’t immediately respond to a request for
comment. The auto maker has
denied cheating on emissions
tests, and Chief Executive Sergio
Marchionne has previously rejected comparisons to Volkswagen’s fraud.
—Mike Spector
Caterpillar Inc. will close a
parts factory in Texas and may
close an engine plant near Chicago as the machinery giant
continues to pare back its manufacturing footprint.
The company told workers in
Waco, Texas, last month that
the Tool Works plant will close
by the end of 2018, eliminating
200 jobs. That work will shift to
a plant in Wamego, Kan., and to
outside suppliers.
Caterpillar also said it would
decide by the end of the year
whether to close the plant in
health-products company said.
The unit, LifeScan, sells OneTouch glucose meters and other
diabetes products and had revenue of around $1.5 billion last
year. J&J’s total revenue was
about $76.5 billion.
J&J has been streamlining its
business as part of a strategic
review and previously said it
was looking at selling the unit.
Last year, it exited from the insulin-pump business and
stopped selling its Animas Vibe
and OneTouch Ping pumps in
the U.S. and Canada, citing increased competition.
The New Brunswick, N.J.,
company has until June 15 to
accept Platinum Equity’s offer.
—Cara Lombardo
LaGrange, Ill., where about 600
people make diesel engines for
railroad locomotives.
Caterpillar has been shrinking
its roster of factories since 2015,
when executives said they
would eliminate 10,000 jobs and
reduce manufacturing capacity
by 10% by 2018.
—Bob Tita
JOHNSON & JOHNSON
Blood-Monitor Unit
Gets Binding Offer
Johnson & Johnson Inc. received a $2.1 billion binding offer
for its blood glucose monitoring
business from private-equity
firm Platinum Equity, the
UNITED TECHNOLOGIES
Update Provided
On Possible Split-Up
REUTERS
BY SARA GERMANO
AND JOANN S. LUBLIN
BERENICE BAUTISTA/ASSOCIATED PRESS
Complaints Lead
To 2nd Nike Exit
Caterpillar has been shrinking its roster of factories since 2015.
United Technologies Corp. on
Friday detailed potential one-time
costs of $2 billion to $3 billion for
splitting into three units and said
such a process would take as
long as 24 months to complete.
The company previously had
said the separate divisions
would probably spend about
$200 million a year each to be
independent. The review, with
the board of directors, will begin
this summer and produce a decision by year-end.
—Thomas Gryta
.
B4 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
Avoiding a Bad Date Takes Some Work
Beware, scammers
use all sorts of tricks
to hook victims via
online dating services
come see you. Lies. Lies. Lies.
Avoid Giving Money
When asking for money,
scammers might want iTunes
gift cards—either the physical
cards or a picture of the code
on the back. Don’t fall for that
or any other shady-sounding
forms of payment.
Assistance can take a variety of forms. A scammer
might ask you to accept a
shipment and send it elsewhere or to accept money into
your own account and then
wire it somewhere else.
“Sometimes they don’t actually ask you for money,” says
Katherine Hutt, communications director at the Better
Business Bureau. “They get
the romance scam victim to be
their money mule.”
Where Scammers Lurk
Scammers don’t limit their
hunting grounds to old-school
dating sites like Match.com.
They’re trolling for victims on
any number of apps, even ones
that aren’t associated with
dating, such as the Scrabblelike online social game Words
With Friends, according to the
Better Business Bureau’s Scam
Tracker.
Amy Nofziger, a director
with the AARP Fraud Watch
Network, says it has received
complaints about seniors defrauded by people they met on
the dating app Tinder, but also
through Facebook.
Ms. Nofziger says seniors
might join Facebook at the
Last year, more than 15,000 victims lost some $210 million in ‘confidence frauds’ and romance scams, according to the FBI.
urging of a family member,
without a full understanding
of who can see their profiles
or send friend requests.
“When you sign up, it’s not
like someone comes up and
pops out of a box and says,
‘Hey, there might be scammers
on here,’ ” she says.
Last fall, Facebook published a blog post outlining
what users should be looking
out for when it comes to
scams, which often begin with
messages from an unfamiliar
person claiming to be divorced
or widowed and seeking to
start a conversation.
A Match.com spokeswoman
said the company patrols for
fraud and reviews member
profiles, looking for “red-flag
language” and activity from
“high-alert countries.” It also
asks members to pledge not to
send money or financial information to others on Match.
Tinder has a similar warning
for users.
Keep Your Profile Safe
It’s understandable to want
to be open and honest in your
dating profile, but remember
that scammers look for ways
to exploit whatever information is available. If you lost
your husband to cancer, they
might say their wife died of
cancer. If you are religious,
they might quote Scripture or
suggest praying together.
Think about whether pieces
of your profile could be used
against you. AARP’s Ms.
Nofziger says to leave out anything that someone might
“glom onto in the initial
stages,” including details like
being financially independent.
Most important: Check your
Facebook privacy settings.
Make sure only friends can see
your posts. You may feel comfortable sharing certain things,
but just know that even
“friends of friends” is a massive population of people that
could easily include scammers.
Also, don’t accept friend requests from people you don’t
know, even if they try to explain why you should recall
them. You could put your
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whole friend network at risk.
Verify, Verify, Verify
Once you’ve matched with a
person, start googling—hard.
“Do some cyberstalking,” Ms.
Nofziger says.
Use reverse Google image
search to see if your match’s
photos have been recycled
from other websites. Look up
employer names and any other
details you can search for. Be
aware that anyone can create
a LinkedIn, Facebook or Twitter profile, even if names and
titles look legitimate.
“It doesn’t 100% validate
authenticity of the person,”
she says. “That’s just another
piece of the puzzle for you.”
you get any hits: Scammers
sometimes repeat the same
lines. A previous target may
have posted the information
online.
Recognize the Script
Scammers often say they
live in the U.S. but their work
takes them overseas. Or they
do mission work abroad. Or
they’re in the military—the
U.S. Army has a guide on what
to look for if you suspect a
Go through their social-media pages. See how much of
their information is public.
Try to get details about their
previous matches and do some
verifying of your own.
AARP has a fraud watch
section on their website and a
number you can call for help.
If you are trying to warn a
family member, be prepared to
be disbelieved.
People can be hesitant to
believe something negative
about someone they’re falling
for—especially if they’re hearing things like “You’re beautiful” or “I’m in love with you”
for the first time in years.
Been Scammed?
Chat Smarter
Scammers try to move their
targets off the platform where
they met as soon as possible,
says Patti Poss, a senior attorney with the Federal Trade
Commission. Someone may
say their subscription is ending, or that they don’t use the
site much. That may be an excuse to start using standard
text messages, email—or the
phone.
Remember that a phone call
doesn’t mean someone is legit.
Scammers can and do call
their targets; sometimes they
even send gifts.
Another red flag? Professing love superfast. “Slow
down,” Ms. Poss says. “Don’t
let them rush you.”
Look out for grammar and
spelling errors. (English often
isn’t a scammer’s first language.) Paste portions of messages into Google, and see if
Protect Your Loved Ones
scammer is impersonating a
serviceman.
When they keep saying they
want to meet but can’t, that’s
another flag. These circumstances make for an easy
cover.
What often happens before
a planned meeting is suddenly
they have to travel internationally. Then it’s emergency
time: Their child is sick. They
were injured in an accident. A
business deal went south.
Something bad happened, and
they can’t access their money.
Or maybe they just need
money for a plane ticket to
Don’t continue communicating with your suspected
scammers under any circumstances, even if you’re hoping
to bust them. If they know
you’re onto them, they might
threaten to release information or pictures that could be
embarrassing if you don’t give
them more money. Victims can
also be the targets of secondary scams, where people pretend to help get their money
back.
Just cut them off cold turkey and start filing complaints.
“File complaints with anyone you think might be working on this,” says the FTC’s
Ms. Poss. “Get it in front of
your state attorney general,
the federal folks, the criminal
folks, the payment processor
and the FTC.” She also recommends the BBB’s Scam
Tracker.
If you sent money to a scammer through Western Union
between Jan. 1, 2004, and Jan.
17, 2017, you might be eligible
for a refund as the result of a
$586 million settlement. You
have until May 31 to file.
PATRICK T. FALLON/BLOOMBERG NEWS
More and more people are
looking for love online. A large
chunk are those age 50 to 64,
and dating services aimed at
baby boomers are expected to
grow the most over the next
five years.
You know who else is
prowling around websites and
apps, looking to score? Scammers.
Last year, more than 15,000
victims lost some $210 million
in “confidence frauds” and romance scams, according to the
Federal Bureau of Investigation. The lesson: Meeting people online comes with risks.
And the way to protect yourself or someone you love isn’t
as simple as “Don’t be foolish.” Smart people fall prey to
scams.
Scammers are really good
at what they do. They’ve got
crafty ways to make you believe their stories and a range
of places to find targets these
days. So you must know the
warning signs, recognize the
script, learn to sleuth and
adopt some defensive rules.
Here’s how:
JASON SCHNEIDER (2)
BY KATHERINE BINDLEY
Electronic Arts had planned to sell randomized packs of virtual goods for a ‘Star Wars’ game.
Game Drops ‘Loot Boxes’
BY SARAH E. NEEDLEMAN
Electronic Arts Inc. nixed
its plan to sell randomized
packs of virtual goods—commonly known as “loot
boxes”—in the sequel to its
“Star Wars Battlefront” game,
the company said Friday, the
latest twist in a monthslong
struggle between appeasing
customers and maximizing
revenue for one of its marquee
franchises.
In a blog post, Electronic
Arts said players would still be
able to acquire the virtual
goods—contained in what it
calls “crates”—to help them
quickly progress in the game
simply by playing it, but they
won’t be able to purchase
them with real money. Such
in-game sales had yet to begin,
and the company hadn’t disclosed how much the loot
boxes would have cost. Starting next month, players will be
able to purchase only cosmetic
items that won’t affect how
they progress.
Electronic Arts has faced a
number of challenges in its efforts to monetize the highprofile sequel.
On the eve of the game’s
launch in November, the company decided not to sell the
virtual goods after executives
at Walt Disney Co., which
owns the rights to the Star
Wars franchise, grew upset, a
person familiar with the matter said at the time. The executives were concerned that
online outrage over the loot
boxes would reflect poorly on
their property, this person
said.
The outrage was sparked by
people who complained about
the spending feature on social
media after testing an early
version of the game, which
retails for about $60.
Some lawmakers, including
Hawaii state Rep. Chris Lee,
likened the crates—which can
also be found in other
games—to casino slot machines, and proposed prohibiting sales of games with them
to minors.
In December, Apple Inc. issued new App Store guidelines
requiring developers to disclose the odds consumers face
in receiving specific items before they purchase loot boxes.
“Star Wars Battlefront II”
was Electronic Arts’s biggest
holiday release and was considered one of the company’s
most important games of 2017
outside its stable of sports titles.
—Ben Fritz
contributed to this article.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | B5
* * * *
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
Do You Trade Bitcoin? The IRS Is Coming
INVEST
Continued from page B1
Asia and Africa during late
2009, nearly 800 people
weighed in on whether the
financial crisis was a “punishment” for “those who
misbehaved.” Only 4%
strongly agreed, and 7%
somewhat agreed, says David
Leiser, a professor of economic psychology at Ben-Gurion University of the Negev
in Beer Sheva, Israel, who
worked on the study.
The latest round of the
Financial Trust Index, a
survey conducted by the
Booth School and Northwestern University’s Kellogg School of Management,
shows that 31% of investors
remain angry or very angry
about their economic situation.
True, that’s down from
63% in March 2009 and
nearly as high in 2011. “But
in order to fully recover
trust a lot more still needs
past tax lapses to avoid potential criminal prosecution.
Bryan Skarlatos, a lawyer
with Kostelanetz & Fink with
several such cases, reminds
cryptocurrency investors of
the IRS’s success in piercing
the veil of Swiss bank secrecy. Since 2009, more than
56,000 Americans who hid
money in offshore accounts
13,000
Number of account holders at
Coinbase whom IRS is examining
have paid more than $11 billion to resolve tax issues.
“Digital currency holders
shouldn’t think they can hide
from the IRS,” he says.
To be sure, the IRS hasn’t
clarified important issues on
digital currencies, and these
gaps leave room for favorable interpretations.
But the gaps don’t leave
room for hiding income.
With the April tax date approaching, here is important
information.
Asset type: In 2014, the
IRS issued a notice declaring
that cryptocurrencies are
property, not currencies like
dollars or Swiss francs. Often they are investment
property akin to stock shares
or real estate.
So if an investor sells a
cryptocurrency after holding
it longer than a year, then
the profits are typically long-term capital gains.
The tax rate is 0%, 15%, or
20%, plus a 3.8% surtax in
some cases, depending on
the owner’s total income.
Short-term gains on cryptocurrencies held a year or
less are typically taxable at
higher, ordinary-income
rates. Capital losses can offset capital gains and up to
$3,000 of other income a
year, and unused losses can
be carried forward for future
use.
If digital currencies are
held for personal use, as a
home is, rather than primarily as an investment, then
profits are taxable but losses
aren’t deductible. The IRS
hasn’t issued guidance in
this area.
gize.
Research even suggests
the stock market prefers
companies whose executives
sincerely apologize for their
mistakes. Incentive pay
could be retooled to include
rewards for treating investors right and penalties for
harming them, Mr. Klement
says.
“A fairer fee structure is a
very important part of making sure people can trust asset managers and the financial industry,” says Inigo
Fraser-Jenkins, global quantitative strategist at Sanford
Bernstein in London. Fees
should be tied to outcomes:
Managers shouldn’t collect
high pay for low perfor-
mance.
Like fine porcelain, trust
is easy to break and hard to
repair. In many ways, far too
little has changed since Bear
Stearns drove the first
cracks through the illusion
of trust. If Wall Street
wanted to do the repair
work, however, it could. And
everybody would benefit.
Total market value
of cryptocurrencies
$800 billion
600
400
200
0
2017
’18
Source: CoinMarketCap
THE WALL STREET JOURNAL.
A decade after the crisis, investors still trust financial institutions far
less than they do other people in general.
Financial Trust Index, yearly
More
trust
3.5%
Other people
3.0
Mutual funds
Bankers
Stock market
2.5
Brokers
Less
trust
2.0
2008 ’09
’10
’11
’12
’13
’14
’15
’16
’17
Note: Data are as of December of each year. Index is based on a 5-point scale, with 5 being
complete trust and 1 a complete lack of trust.
Source: FinancialTrustIndex.org
THE WALL STREET JOURNAL.
to be done,” says Joachim
Klement, head of investment
research at Fidante Partners,
an asset-management firm in
London.
If financial executives
looked back and sincerely
took responsibility for what
happened, pledged not to vi-
crafted to meet the rule’s requirements, while potential
actions by other regulators
and state government may become more important.
“It’s not easy to turn on a
dime,” said Charles Goldman,
head of AssetMark, a group
that supports financial advisers. “I don’t think this changes
a whole lot of anything,” he
said of the latest court ruling.
Mr. Goldman and others say
the fiduciary rule has been
around long enough now that
firms recognize it will survive
in some form. “Most are on
the path towards a fiduciary
standard and are not going
back. That’s too shortsighted,”
he said.
The fiduciary rule, unveiled
in 2016, requires those handling retirement savings to
put their clients’ interests before their own. It went into
partial effect in June, holding
brokers to a best-interest
standard.
The Labor Department last
CHRISTOPHER DILTS/BLOOMBERG NEWS
The fight over a fiduciary
rule for the financial-services
industry is far from over.
Late Thursday, a panel of
the Fifth U.S. Circuit Court of
Appeals ruled in a 2-1 decision
that the Labor Department
overreached by requiring brokers and others handling investors’ retirement savings to
act in their clients’ best interest. The court, which is based
in New Orleans and covers
Texas, Louisiana and Mississippi, found fault with the
government’s broadening standard of what is considered financial advice, who provides it
and that the Labor Department would regulate it.
Another circuit court decision has taken an opposite
tack, though, meaning the
fight over the rule could be
headed to the Supreme Court.
Given the legal uncertainty, financial firms are unlikely to
change current practices
reported on IRS Form 8824.
He notes that when the
ether is sold, the investor’s
“basis” in the ether would be
$100, because it carried over
from the bitcoin. Basis is the
starting point for measuring
taxable gains.
Lot identification: If
an investor bought bitcoin at
$100, $2,000 and $15,000
and sold some of it for
$14,000 last year, what was
the investor’s basis?
The rules aren’t clear. Deloitte Tax CPA Jim Calvin advises investors selling partial
lots to identify them specifically and get third-party
confirmation before the sale.
“Ideally, there would be a
time stamp,” he says.
Account disclosure:
Good news: According to a
Treasury unit, investors
aren’t required to report
cryptocurrency holdings on
FinCen Form 114, known as
the Fbar, which is often required for foreign accounts
greater than $10,000.
Chain-splits: These occur when a cryptocurrency
branches into two or more
versions, as bitcoin and Bitcoin Cash did last year. Investors are often entitled to
new coins as a result.
Does this right generate
taxable income? After much
study, Mr. Calvin believes it
isn’t taxable until the investor claims the new coins.
Statutes of limitations:
In general, the IRS has until
three years after a return’s
due date to assess a deficiency, but that expands to
six years if income is understated by more than 25%.
Towering
Easy to Break, Hard to Repair
olate the trust of investors
again, and expressed a willingness to change their conduct to reduce the chances
of similar mistakes in the future, that would be a welcome step. As anyone with a
spouse or a partner knows,
it’s never too late to apolo-
Decision Clouds Fiduciary Rule
BY LISA BEILFUSS
Tax triggers: Selling a
cryptocurrency for cash typically triggers capital gains or
losses. Using it to buy something like a meal or a car
also counts as a sale by the
buyer, even if the recipient
accepts the cryptocurrency.
Recipients of these payments often have taxable income as well. If a worker is
paid in bitcoin, payroll or
self-employment taxes could
also be due.
Cryptocurrency
trades: An exchange of one
digital currency for another—say, bitcoin for
ether—is taxable, beginning
Jan. 1, 2018, because of the
tax overhaul.
What about earlier swaps?
The IRS hasn’t said, but
some specialists think these
could qualify as nontaxable
“like-kind” exchanges.
Say that an investor
bought some bitcoin for
$100 several years ago and
exchanged it for ether last
year. Ryan Losi, a certified
public accountant with Piascik in Glen Allen, Va., says
the taxpayer could reasonably treat it as a nontaxable
exchange. If so, it should be
CHRISTOPHE VORLET
Pay your
taxes on bitcoin…or else.
Late last
year, the Internal Revenue Service persuaded a federal judge to require
Coinbase, a San Franciscobased digital-currency wallet
and platform with about 20
million customers, to turn
over customer information.
Driving the IRS’s decision was its belief that few
bitcoin investors appear to
be paying taxes due on sales.
By Friday, the IRS was expected to have data on about
13,000 Coinbase account
holders who bought, sold,
sent or received digital currency valued at $20,000 or
more between 2013 and
2015. The data include the
customer’s name, taxpayer
identification number, birth
date and address, plus account statements and the
names of counterparties.
Criminal tax lawyers expect the IRS will act on the
information and high-profile
cases will follow.
Some cryptocurrency
holders are now disclosing
The SEC is writing its own version of a standard for brokers.
year launched a review of the
regulation at the direction of
President Donald Trump and
delayed full compliance until
mid-2019. Since then, the fiduciary rule hasn’t been enforced
at the federal level.
Opposition to the Obamaera rule, especially from the financial industry, has been
fierce, playing out in courts
across the country, in a host of
states and before the Securities and Exchange Commission.
Industry executives and
consumer advocates alike say
the Fifth Circuit’s decision
puts more focus on the SEC,
which has said it is writing its
own version of a best-interest
standard for brokers. Some
observers said the SEC’s rule
would likely try to raise the
standard of care that brokers
must meet, for all accounts,
while preserving their ability
to charge sales commissions
and sell in-house products.
The decision also puts more
attention on state regulators
and legislators, who have in
recent months stepped up efforts to protect consumers
from conflicted financial advice. Some have said they are
watching more closely for
cases of improper conduct as
the federal rule’s fate is uncertain.
Massachusetts Secretary of
the Commonwealth William
Galvin said Friday that regardless of the court’s decision to
strike down the Labor Department’s regulation, he and
other state securities regulators will continue to pursue
cases against those violating
state rules around financial
advice. “We always have the
opportunity to bring a case if
there are unethical practices,”
he said. Mr. Galvin last month
took action against Scottrade,
a unit of TD Ameritrade Holding Corp., for violating fiduciary policies. Scottrade has
declined to comment.
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BMW
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B6 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
OPEC price impact by date
of quota reduction.
Crude oil implied volatility (VIX-equivalent) hit a multi-year low, as OPEC provides the market with what is effectively
a put option.
Natural gas has overtaken
coal as the dominant fuel
for electricity production.
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.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | B7
* * * *
MARKETS DIGEST
Nasdaq Composite Index
Dow Jones Industrial Average S&P 500 Index
Last Year ago
24946.51
s 72.85
or 0.29%
Trailing P/E ratio 26.11
P/E estimate *
16.90
Dividend yield
2.14
All-time high
26616.71, 01/26/18
21.36
17.92
2.33
Current divisor
0.14523396877348
Last
2752.01
s 4.68
or 0.17%
Trailing P/E ratio *
P/E estimate *
Dividend yield
Year ago
25.68
17.60
1.86
Last Year ago
7481.99
s 0.25
or 0.003%
24.89
18.35
1.97
Trailing P/E ratio * 26.84
P/E estimate *
21.10
Dividend yield
0.98
26.02
20.32
1.12
All-time high:
7588.32, 03/12/18
All-time high
2872.87, 01/26/18
Track the Markets: Winners and Losers
A look at how selected global stock indexes, bond ETFs, currencies and
commodities performed around the world for the week.
Stock
Index
Currency,
vs U.S. dollar
S&P 500 Utilities
Nymex Rbob Gasoline
Soybeans
Hang Seng
iSh 20+ Treasury
Kospi Composite
Nymex ULSD
S&P 500 Real Estate
Nikkei 225
S&P/TSX Comp
Norwegian Krone
Japan yen
IBEX 35
UK pound
iShiBoxx$InvGrdCp
FTSE MIB
Nymex Crude
iSh 7-10 Treasury
VangdTotIntlBd
DAX
VangdTotalBd
iShNatlMuniBd
WSJ Dollar Index
iSh TIPS Bond
CAC-40
Indonesian Rupiah
S&P GSCI GFI
Euro Stoxx
iSh 1-3 Treasury
Chinese Yuan
Session high
t
DOWN
Session open
t
Close
UP
Close
27300
2900
7500
Open
26500
2825
7300
25700
2750
7100
24900
2675
Session low
6900
65-day moving average
65-day moving average
24100
2600
65-day moving average
6700
23300
2525
6500
Bars measure the point change from session's open
22500
Jan.
Feb.
6300
2450
Mar.
Jan.
Feb.
Jan.
Mar.
Feb.
Mar.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Trading Diary
Net chg
% chg
52-Week
Low
High
% chg
% chg
YTD 3-yr. ann.
Dow Jones
0.29
25031.00 24857.09 24946.51
72.85
26616.71 20404.49
19.3
0.9
Transportation Avg 10738.66 10598.05 10683.82
91.81
0.87
11373.38
8783.74
16.8
0.7
5.5
691.82
7.59
1.11
774.47
647.90
-0.7
-4.4
5.9
28592.21 28471.10 28505.36
738.38
732.38
735.91
67.28
3.94
29630.47 24125.20
757.37
610.89
15.6
16.9
3.0
3.5
9.4
9.3
Industrial Average
692.67
Utility Average
Total Stock Market
Barron's 400
683.91
0.24
0.54
Nasdaq Stock Market
Nasdaq Composite
7514.21
Nasdaq 100
7061.67
7473.68
7011.69
0.25
7481.99
7019.95 -11.02
S&P
500 Index
2761.85
2749.97
2752.01
4.68
MidCap 400
SmallCap 600
1940.04
970.36
1924.21
960.46
1935.65
969.45
13.41
8.24
1588.92
1575.41
1586.05
9.43
0.60
12821.86 12752.69 12784.39
40.78
0.32
Other Indexes
Russell 2000
NYSE Composite
565.49
560.88
NYSE Arca Biotech
4829.51
4788.64
NYSE Arca Pharma
549.52
545.87
548.48
KBW Bank
Value Line
564.37
-0.16
0.17
0.70
0.86
0.62
3.49
4792.11 -11.12
114.06
112.67
112.92
0.39
79.27
78.12
-0.11
PHLX§ Oil Service
78.70
138.18
134.73
137.43
2.60
1430.57
16.72
1419.93
15.23
1422.54
15.80
2872.87
2328.95
15.7
2.9
9.8
1995.23
979.57
1681.04
815.62
11.8
14.1
1.8
3.5
8.7
10.9
1610.71
1345.24
14.0
3.3
8.6
13637.02 11324.53
10.3
-0.2
5.5
3.6
8.2
0.4
34.2
13.5
4.7
0.59
593.12
498.46
6.7
0.7
-1.2
0.35
116.52
88.02
18.4
5.8
15.2
93.26
76.42
-4.7
-7.7
6.3
171.55
117.79
-18.2
-8.1
-9.2
1445.90
37.32
960.01
9.14
41.6
40.1
13.5
43.1
25.6
0.4
0.03
Close
Nasdaq
Net chg
YTD
% chg
0.05
1.2
1.8
0.6
1.50
–0.07
–0.67
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
658.23
Sao Paulo Bovespa 84886.49
S&P/TSX Comp
15711.33
S&P/BMV IPC
47477.58
Santiago IPSA
4228.16
1.22
–41.71
40.71
–339.47
7.20
EMEA
Eurozone
Belgium
Denmark
France
Germany
Israel
Italy
Netherlands
Russia
South Africa
Spain
Sweden
Switzerland
Turkey
U.K.
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
OMX Copenhagen
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
FTSE/JSE All-Share
IBEX 35
SX All Share
Swiss Market
BIST 100
FTSE 100
FTSE 250
377.71
381.60
3961.55
901.90
5282.75
12389.58
1504.95
22857.69
536.92
1254.29
58101.02
9761.00
571.55
8882.53
117216.28
7164.14
19804.90
0.22
0.83
0.32
1.23
0.27
10.77
–0.35
–3.14
0.29
15.49
0.36
44.02
Closed
…
0.63
144.22
0.68
3.62
0.56
7.01
–0.18
–102.75
0.79
76.80
–5.94 –1.03
0.04
3.55
0.01
14.74
0.34
24.38
–0.12
–23.51
–2.9
–1.0
–0.4
–2.7
–0.6
–4.1
–0.3
4.6
–1.4
8.7
–2.4
–2.8
0.5
–5.3
1.6
–6.8
–4.4
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
Thailand
S&P/ASX 200
5949.40
Shanghai Composite 3269.88
Hang Seng
31501.97
S&P BSE Sensex
33176.00
Nikkei Stock Avg
21676.51
Straits Times
3512.14
Kospi
2493.97
Weighted
11027.70
SET
1811.76
0.48
28.60
–21.23 –0.65
–0.12
–39.13
–509.54 –1.51
–127.44 –0.58
–0.16
–5.59
0.06
1.59
0.08
9.25
–0.24
–4.32
–1.9
–1.1
5.3
–2.6
–4.8
3.2
1.1
3.6
3.3
–0.02
–0.25
0.19
–0.05
0.26
–0.71
0.17
2.5
11.1
–3.1
–3.8
0.4
Sources: SIX Financial Information; WSJ Market Data Group
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
Consumer Rates and Returns to Investor
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
30-year mortgage, Rate
4.00%
t
30-year fixed-rate
mortgage
3.00
t
2.00
10-year Treasury
note yield
1.00
0.00
AM J J A S ON D J FM
2017
2018
NYSE Arca
* 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.
Zscaler
Senmiao Technology
Qualstar
NextDecade
Teligent
ZS
Aeglea BioTherapeutics
Revlon Cl A
LongFin Cl A
Chicken Soup Soul Ent A
Amyris
AGLE
Good Times Restaurants
JetPay Corp.
Proteon Therapeutics
Citi Trends
Eastman Kodak
GTIM
AIHS
QBAK
NEXT
TLGT
REV
LFIN
CSSE
AMRS
JTPY
PRTO
CTRN
KODK
Latest Session
Close Net chg % chg
High
33.00 17.00 106.25
5.65 1.65 41.25
11.47 2.29 24.95
4.93 0.87 21.43
3.00 0.52 20.97
33.47 16.00
...
...
13.50 3.89
10.99 3.95
9.54 2.43
...
...
57.3
-51.8
-60.4
1.59
3.65
6.93
1.04
0.82
17.57
16.98
15.91
15.05
14.70
10.97 2.81
30.50 15.60
142.82 4.69
13.26 6.79
10.71 1.86
37.5
-15.7
...
...
-11.1
3.20
2.40
2.45
26.47
5.60
0.40
0.30
0.30
3.10
0.65
14.29
14.29
13.95
13.26
13.13
3.78 2.25
4.90 1.45
2.85 1.10
28.12 15.54
13.28 2.95
8.5
-2.0
44.1
42.0
-51.3
Company
Symbol
Purple Innovation
Energy XXI Gulf Coast
Synacor
SecureWorks Cl A
KBS Fashion Group
PRPL
Sundance Energy ADR
RISE Education Cayman ADR
ShiftPixy
Everspin Technologies
Astrotech
SNDE
Profire Energy
Novume Solutions
ACM Research Cl A
Bitauto Holdings ADR
Kratos Defense Sec Sols
PFIE
Latest Session
Close Net chg % chg
Farmers Merchants Bank
4.38%
Tomah, WI
608-374-5520
52-Week
Low
% chg
13.90
30.42
4.25
12.99
15.00
9.00
3.85
1.70
7.86
1.41
-7.3
-85.0
-47.8
-28.4
25.1
See an expanded daily list of selected global stock indexes, bond ETFs, currencies
and commodities at WSJ.com/TrackTheMarkets
4.94
14.34
PIXY
3.10
MRAM
7.92
ASTC
2.61
-0.76
-2.00
-0.43
-1.09
-0.35
-13.33
-12.24
-12.18
-12.10
-11.82
10.66
18.60
11.64
25.39
7.20
3.61
9.50
2.00
6.40
2.24
-46.9
...
...
-2.1
-61.6
Speed Read the Markets
2.61
3.40
12.44
24.47
9.28
-0.34
-0.44
-1.59
-3.09
-1.17
-11.53
-11.46
-11.33
-11.21
-11.20
3.00 1.11
5.50 0.51
15.60 4.74
54.42 23.22
13.93 7.37
63.1
...
...
-3.2
12.3
With 30-plus charts and concise analysis,
The Daily Shot morning newsletter delivers an
overview of the trends impacting global markets.
Sign up now at WSJ.com/DailyShot
SCWX
KBSF
REDU
NVMM
ACMR
BITA
KTOS
Company
Symbol
Chesapeake Energy
Neovasc
General Electric
SPDR S&P 500
Bank of America
CHK
NVCN
BAC
Volume % chg from Latest Session
(000) 65-day avg Close % chg
117,430
104,363
92,501
80,535
71,065
236.7
3.06 1.32
1089.0
0.13 20.25
6.2 14.31 -0.35
-26.3 274.20 0.11
-1.0 32.17 0.22
52-Week
High
Low
6.59
2.12
30.54
286.63
33.05
2.53
0.10
13.95
231.61
22.07
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
3.00
Friday
t
1.50
0
0.75
–5
1 2 3 5 710
years
maturity
–10
30
s
Euro
s
Yen
s
WSJ Dollar index
2017
2018
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Interest rate
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
2.09
2.20
Money market, annual yield
0.30
0.34
Five-year CD, annual yield
1.62
1.64
30-year mortgage, fixed†
4.46
4.41
15-year mortgage, fixed†
3.90
3.88
Jumbo mortgages, $424,100-plus† 4.71
4.74
Five-year adj mortgage (ARM)† 4.20
4.35
New-car loan, 48-month
3.54
3.55
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
l
0.75
l
4.00
l
1.15
0.25 l
l
1.27
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.50
4.50
2.20
0.36
1.64
4.48
3.94
4.96
4.38
3.60
1.25
1.25
1.93
-0.08
0.14
0.41
0.68
0.27
0.44
0.51
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1428.892
2.683
2.704
2.736
1.818
0.402 0.422
10-yr Treasury, Ryan ALM 1672.196
DJ Corporate
370.839
Aggregate, Barclays Capital 1905.490
High Yield 100, Merrill Lynch 2833.840
Fixed-Rate MBS, Barclays 1955.010
Muni Master, Merrill
515.155
2.848
3.746
3.170
6.105
3.340
2.488
2.894
3.747
3.180
6.059
3.380
2.480
2.943
3.747
3.180
6.319
3.400
2.494
2.058
2.879
2.380
4.948
2.660
1.736
1.374
2.532
1.437
3.758
1.007
2.564
791.298
6.001
5.997
6.077
5.279
3.704 6.221
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
Country/currency
in US$
US$vs,
YTDchg
Fri
per US$ (%)
–0.305
2.357
1.309
3.794
1.140
1.929
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Country/currency
in US$
Americas
Europe
Argentina peso
.0495 20.1847 8.5
Brazil real
.3049 3.2798 –1.0
Canada dollar
.7636 1.3097 4.2
Chile peso
.001644 608.20 –1.2
Ecuador US dollar
1
1 unch
Mexico peso
.0535 18.6915 –5.0
Uruguay peso
.03525 28.3700 –1.5
Venezuela b. fuerte .00002736650.0001 354285.3
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
10
5
0.00
1
3 6
month(s)
15%
2.25
One year ago
t
THE WALL STREET JOURNAL
-28.52
-24.58
-14.63
-14.30
-13.93
Most Active Stocks
4.25%
309-537-3176
4.38%
800-226-5228
High
*Continuous front-month contracts
Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), WSJ Market
Data Group (bond ETFs, commodities).
-3.73
-1.33
-0.30
-1.39
-1.01
SYNC
SPY
-3.21
-3.54
9.35
4.08
1.75
8.33
6.24
EXXI
GE
iShJPMUSEmgBd
Swiss Franc
Corn
S&P SmallCap 600
Euro area euro
Stoxx Europe 600
Indian Rupee
S&P/ASX 200
iShiBoxx$HYCp
S&P BSE Sensex
Mexico peso
South Korean Won
Dow Jones Transportation Average
S&P 500 Telecom Svcs
S&P MidCap 400
Russell 2000
S&P 500 Consumer Discr
Comex Copper
FTSE 100
Comex Gold
S&P 500 Energy
S&P 500 Health Care
S&P 500 Information Tech
Nasdaq Composite
Shanghai Composite
Nasdaq 100
S&P 500
South African Rand
Dow Jones Industrial Average
Nymex Natural Gas
Russian Ruble
Sao Paulo Bovespa
Australian dollar
S&P 500 Industrials
Comex Silver
S&P 500 Consumer Staples
Canada dollar
IPC All-Share
S&P 500 Financials Sector
S&P 500 Materials
Lean Hogs
Wheat
-4.35
Percentage Losers
notes and bonds
Garden State Home Loans
4.25%
Cherry Hill, NJ
609-216-7912
52-Week
Low
% chg
10.64
25.15
50.50
7.95
6.40
Benchmark
Yields
Treasury
yield
curve
and
Yield toRates
maturity of current bills,
Easthampton Savings Bank
4.25%
Easthampton, MA
413-527-4111
BB&T
Bristol, TN
Symbol
4.41%
Bankrate.com avg†:
CBI Bank Trust
Muscatine, IA
Company
ETF
2.56%
2.18
1.97
1.63
1.61
1.40
1.34
1.28
0.97
0.86
0.80
0.79
0.77
0.69
0.58
0.49
0.48
0.44
0.42
0.35
0.26
0.17
0.16
0.16
0.16
0.12
0.06
0.03
0.02
unch.
-0.04
-0.06
-0.07
-0.08
-0.13
-0.14
-0.20
-0.23
-0.31
-0.39
-0.42
-0.48
-0.52
-0.66
-0.69
-0.69
-0.71
-0.74
-0.84
-0.84
-0.85
-0.95
-0.97
-1.04
-1.13
-1.14
-1.24
-1.42
-1.54
-1.61
-1.65
-1.72
-1.95
-1.98
-2.08
-2.12
-2.19
-2.22
-2.40
Percentage Gainers...
Latest
% chg
3122.20
404.34
268.35
The Global Dow
DJ Global Index
DJ Global ex U.S.
NYSE NYSE Amer.
Total volume*2,935,135,097 211,524,048
Adv. volume*1,798,709,638 115,671,341
Decl. volume*1,082,075,062 94,531,377
Issues traded
3,047
1,333
Advances
1,812
755
Declines
1,085
551
Unchanged
150
27
New highs
109
1
New lows
41
11
Closing tick
284
28
Closing Arms†
1.00
0.96
Block trades*
10,512
1,222
Sources: SIX Financial Information; WSJ Market Data Group
Region/Country Index
WSJ
.COM
14.9
17.1
503.24
International Stock Indexes
World
8.4
9.7
26.8
29.8
3449.61
1.93
Nasdaq PHLX
5793.83
5332.53
589.69
-0.14
0.47
-0.79 -4.76
7588.32
7131.12
4939.86
-0.23
3.22
PHLX§ Gold/Silver
PHLX§ Semiconductor
Cboe Volatility
0.003
Volume, Advancers, Decliners
Total volume*2,526,642,438 46,990,218
Adv. volume*1,818,387,364 22,531,967
Decl. volume* 666,162,166 21,945,586
Issues traded
3,055
339
Advances
1,975
180
Declines
973
134
Unchanged
107
25
New highs
40
5
New lows
90
17
Closing tick
363
58
Closing Arms†
0.81
1.03
Block trades*
8,370
237
11.5
Commodity,
traded in U.S*
Australian dollar
.7694 1.2997 1.5
China yuan
.1579 6.3346 –2.6
Hong Kong dollar
.1275 7.8432 0.4
India rupee
.01537 65.075 1.9
Indonesia rupiah .0000727 13754 2.0
Japan yen
.009436 105.98 –6.0
Kazakhstan tenge .003106 322.00 –3.2
Macau pataca
.1237 8.0811 0.4
Malaysia ringgit
.2558 3.9090 –3.8
New Zealand dollar
.7191 1.3906 –1.4
Pakistan rupee
.00904 110.625 –0.02
Philippines peso
.0193 51.921 3.9
Singapore dollar
.7590 1.3175 –1.5
South Korea won .0009341 1070.53 0.3
Sri Lanka rupee
.0064086 156.04 1.7
Taiwan dollar
.03433 29.128 –1.8
Thailand baht
.03201 31.240 –4.1
Vietnam dong
.00004394 22760 0.2
Commodities
.04836 20.680
.1650 6.0613
1.2291 .8136
.003953 252.99
.010033 99.67
.1296 7.7154
.2913 3.4325
.01736 57.609
.1220 8.1941
1.0506 .9518
.2551 3.9206
.0382 26.1816
1.3944 .7172
DJ Commodity
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6527 .3770 –0.03
.0569 17.5835 –1.1
.2892 3.4576 –0.6
3.3344 .2999 –0.5
2.5976 .3850
...
.2747 3.640 –0.2
.2667 3.7502 –0.01
.0835 11.9766 –3.1
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 83.96
628.83
1.12
0.57
1.15
0.007
-5.50
0.11 0.13 –2.35
Sources: Tullett Prebon, WSJ Market Data Group
Friday
194.46
62.34
2.688
1311.30
–2.8
–2.3
–2.3
–2.3
–3.7
–6.0
–1.3
–0.1
0.1
–2.3
3.3
–7.0
–3.1
Middle East/Africa
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
0.18
% Chg
YTD
% chg
645.87
532.01
11.42
0.55
0.29 200.52
66.14
1.88
3.63
0.26
-0.42 1362.40
166.50
42.53
2.55
1208.60
5.41
27.80
-8.82
6.63
0.30
3.18
-8.97
0.38
.
B8 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
BIGGEST 1,000 STOCKS
YTD 52-Week
% Chg Hi Lo Stock
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities.
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX
BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS.
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.
Footnotes:
h-Does not meet continued listing
v-Trading halted on primary market.
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
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, March 16, 2018
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
ABC
ABB 3.4 23 24.25 0.12
-9.58 28.67 22.04 ABB
... 13.02 8.70 ADT
ADT ... ... 8.73 -0.20
AES 4.8 dd 10.84 0.15
0.09 12.05 9.87 AES
AFL 2.3 8 90.49 0.47
3.09 91.76 70.64 Aflac
AGNC 11.4 10 18.92 0.18
-6.29 22.34 17.84 AGNC Invt
43.59 15.77 10.24 ANGI Homesvcs ANGI ... dd 15.02 -0.26
ANSS ... 56 166.31 -1.05
12.68 171.92 104.55 Ansys
ASML 0.8 ... 214.06 -0.38
23.15 215.48 126.03 ASML
T
5.4 8 37.00 -0.04
-4.84 42.70 32.55 AT&T
ABT 1.8235 63.18 0.59
10.71 64.60 42.31 AbbottLabs
ABBV 3.4 35 113.71 -1.22
17.58 125.86 63.12 AbbVie
ABMD ...148 293.05 -1.52
56.37 304.28 117.36 Abiomed
ACN 1.7 28 160.89 -1.97
5.10 165.58 114.82 Accenture
ATVI 0.5162 71.68 -1.70
13.20 79.63 47.80 ActivisionBliz
AYI 0.3 20 150.13 0.29
-14.70 210.00 141.68 AcuityBrands
s 28.71 228.88 124.51 AdobeSystems ADBE ... 67 225.55 6.68
16.99 154.23 78.81 AdvanceAuto AAP 0.2 18 116.63 -0.47
11.58 15.65 9.70 AdvMicroDevices AMD ...382 11.47 0.01
11.42 7.52 5.86 AdvSemiEngg ASX 3.2 17 7.22 -0.03
AEG 5.1 8 6.89
9.37 7.03 4.73 Aegon
...
AER ... 9 50.51 0.21
-3.99 55.66 42.35 AerCap
AET 1.2 30 173.91 -0.68
-3.59 194.40 124.84 Aetna
-6.26 217.00 148.81 AffiliatedMgrs AMG 0.6 16 192.40 1.94
A
0.9118 69.90 -0.28
4.38 75.00 52.26 AgilentTechs
AEM 1.1 38 39.45 0.38
-14.57 51.86 37.35 AgnicoEagle
APD 2.6 36 169.56 0.48
3.34 175.17 133.63 AirProducts
AKAM ... 59 74.02 -0.69
13.81 78.28 44.65 AkamaiTech
ALK 1.9 8 66.51 0.59
-9.52 97.06 59.25 AlaskaAir
ALB 1.4 23 98.37 0.30
-23.08 144.99 90.49 Albemarle
AA
-12.33 57.50 29.55 Alcoa
... 41 47.23 0.30
-1.80 134.37 108.98 AlexandriaRlEst ARE 2.8 81 128.24 1.16
5.99 149.34 96.18 AlexionPharm ALXN ... 65 126.75 -0.08
BABA ... 52 200.28 1.22
16.15 206.20 103.98 Alibaba
ALGN ... 95 270.41 -2.46
21.70 287.32 110.25 AlignTech
ALKS ... dd 61.25 -0.38
11.91 71.22 46.42 Alkermes
Y
...118 628.20 5.12
5.39 640.31 521.07 Alleghany
ALLE 1.0 30 85.88 0.40
7.94 89.81 73.93 Allegion
AGN 1.7 dd 168.96 2.84
3.29 256.80 142.81 Allergan
ADS 1.0 16 229.09 0.85
-9.62 278.33 209.00 AllianceData
-5.82 45.55 36.84 AlliantEnergy
LNT 3.3 20 40.13 0.47
ALL 1.9 12 97.53 0.72
-6.86 105.36 79.09 Allstate
ALLY 1.9 14 27.69 0.22
-5.04 31.29 18.11 AllyFinancial
14.18 152.75 46.90 AlnylamPharm ALNY ... dd 145.06 3.68
GOOGL ... 63 1134.42 -16.19
7.69 1198.00 824.30 Alphabet A
GOOG ... 63 1135.73 -13.85
8.54 1186.89 803.37 Alphabet C
AABA ... 3 79.90 0.48
14.39 80.56 45.60 Altaba
ATUS ... 10 20.50 0.74
-3.44 35.29 17.80 AlticeUSA
MO 4.4 12 63.19 -0.62
-11.51 77.79 60.01 Altria
ACH ... 36 14.43 -0.13
-19.52 23.54 11.01 AlumofChina
AMZN ...256 1571.68 -10.64
34.39 1617.54 833.50 Amazon.com
ABEV ... 49 7.13 -0.07
10.37 7.43 5.30 Ambev
DOX 1.3 22 68.25 0.34
4.23 71.37 60.30 Amdocs
UHAL ... 9 343.95 3.39
-8.99 400.99 326.30 Amerco
AEE 3.3 26 55.49 0.72
-5.93 64.89 51.89 Ameren
10.73 19.52 13.64 AmericaMovil AMX 1.6 45 18.99 -0.24
10.85 19.46 13.64 AmericaMovil A AMOV 1.7 44 18.85 -0.33
AAL 0.7 14 55.40 0.23
6.48 59.08 39.21 AmerAirlines
AEP 3.7 18 67.81 0.82
-7.83 78.07 63.32 AEP
AXP 1.5 33 95.61 1.22
-3.73 102.39 75.51 AmerExpress
4.15 121.69 92.45 AmericanFin
AFG 1.2 21 113.04 0.42
t -8.86 67.30 54.03 AIG
AIG 2.4 dd 54.30 -0.36
2.72 155.28 115.07 AmerTowerREIT AMT 2.0 55 146.55 -0.10
-10.20 92.37 74.63 AmerWaterWorks AWK 2.0 35 82.16 0.69
AMP 2.1 17 157.10 1.71
-7.30 183.90 118.84 Ameriprise
5.22 106.27 71.90 AmerisourceBrgn ABC 1.6 21 96.61 -0.75
AME 0.7 27 78.68 0.72
8.57 79.32 52.42 Ametek
8.25 201.23 152.16 Amgen
AMGN 2.8 73 188.24 -1.51
APH 0.8 45 92.00 0.24
4.78 93.62 68.56 Amphenol
9.12 64.15 39.96 AnadarkoPetrol APC 1.7 dd 58.53 0.62
5.75 98.38 74.65 AnalogDevices ADI 2.0 45 94.15 0.21
ANDV 2.4 10 99.20 1.96
-13.24 121.71 75.11 Andeavor
ANDX 8.8 20 45.45 0.88
-1.60 55.79 42.17 AndeavorLog
1.30 126.50 101.21 AB InBev
BUD 3.3 28 113.01 0.14
NLY 11.3 8 10.62 0.13
-10.68 12.73 10.00 AnnalyCap
... 11 20.40 0.16
7.37 23.85 16.31 AnteroResources AR
ANTM 1.3 16 228.11 -1.89
1.38 267.95 158.66 Anthem
AON 1.0 ... 145.97 1.00
8.93 152.78 116.05 Aon
APA 2.8 11 36.14 0.80
-14.40 54.64 33.60 Apache
AIV 3.7885 40.69 0.43
-6.91 46.72 37.97 ApartmtInv
-4.24 37.35 22.91 ApolloGlbMgmt APO 8.2 10 32.05 -0.32
AAPL 1.4 18 178.02 -0.63
5.19 183.50 138.62 Apple
16.28 62.40 37.41 ApplMaterials AMAT 1.3 22 59.44 -0.84
APTV 1.0 18 89.32 0.36
5.29 96.91 61.53 Aptiv
-13.56 39.55 31.18 AquaAmerica WTR 2.4 25 33.91 0.44
ARMK 1.0 19 41.07 0.07
-3.91 46.09 36.06 Aramark
MT
0.77 37.50 19.59 ArcelorMittal
... 5 32.56 0.06
ACGL ... 21 85.04 0.77
-6.31 102.60 83.86 ArchCapital
8.53 46.39 38.59 ArcherDaniels ADM 3.1 16 43.50 0.24
ARNC 1.0 dd 24.56 0.32
-9.87 31.17 21.75 Arconic
24.68 311.67 126.80 AristaNetworks ANET ... 55 293.72 -2.18
ARW ... 18 81.80 1.16
1.73 87.26 69.67 ArrowElec
AZPN ... 37 80.86 -0.09
22.15 84.40 53.51 AspenTech
AZN 5.5 29 34.59 0.77
-0.32 36.70 28.43 AstraZeneca
ATH ... 7 49.99
...
-3.33 55.22 45.15 Athene
TEAM ... dd 59.26 -0.30
30.18 62.25 28.75 Atlassian
-3.53 93.56 76.46 AtmosEnergy ATO 2.3 15 82.86 1.39
ADSK ... dd 135.75 -0.97
29.50 141.26 82.70 Autodesk
ATHM ... ... 86.20 -1.91
33.29 91.80 28.63 Autohome
ALV 1.7 31 150.09 0.38
18.11 152.57 96.08 Autoliv
ADP 2.2 30 117.16 0.68
-0.03 125.24 95.50 ADP
AZO ... 14 648.49 -0.44
-8.84 797.89 491.13 AutoZone
AVB 3.5 26 165.75 2.08
-7.10 199.52 152.65 Avalonbay
-1.44 53.46 41.86 Avangrid
AGR 3.5 41 49.85 -0.07
-2.81 123.67 78.47 AveryDennison AVY 1.6 36 111.63 -2.52
-4.23 38.20 27.77 AxaltaCoating AXTA ...238 30.99 0.44
BBT 2.4 20 55.04 0.43
10.70 56.31 41.17 BB&T
BCE 5.6 18 43.11 -0.04
-10.21 49.06 42.95 BCE
BHP 4.8 26 45.42 0.21
-1.24 50.79 33.37 BHPBilliton
BBL 5.5 23 40.28 0.10
-0.05 45.43 28.73 BHPBilliton
9.22 101.92 73.44 BOK Fin
BOKF 1.8 20 100.83 0.96
BP 6.1 38 39.48 0.45
-6.07 44.62 33.57 BP
t -32.15 15.50 7.26 BRF
BRFS ... dd 7.64 -0.02
-11.80 21.16 15.79 BT Group
BT 4.2 15 16.07 0.17
BWXT 1.0 43 63.50 0.13
4.98 65.82 45.79 BWX Tech
BIDU ... 34 262.39 -0.32
12.03 274.97 166.00 Baidu
BHGE 2.3 dd 30.92 1.03
-2.28 40.82 25.53 BakerHughes
BLL 1.0 36 40.60 -0.37
7.27 43.24 35.60 Ball
-4.35 9.54 7.22 BancoBilbaoViz BBVA 5.2 14 8.13 0.12
5.82 106.50 68.30 BancodeChile
BCH 2.5 19 102.15 0.50
BMA 0.7 13 108.89 -0.11
-6.03 136.10 82.62 BancoMacro
BSAC 3.1 19 33.20 0.07
6.17 34.98 23.16 BcoSantChile
t -6.43 10.82 6.81 BcoSantMex
BSMX ... 10 6.84 -0.20
1.99 7.57 5.74 BancoSantander SAN 4.5 14 6.67 0.10
CIB 2.9 11 43.41 0.55
9.46 48.74 36.38 BanColombia
8.98 33.05 22.07 BankofAmerica BAC 1.5 21 32.17 0.07
-5.76 84.71 66.75 BankofMontreal BMO 3.9 14 75.41 -0.12
2.12 58.99 45.12 BankNY Mellon BK 1.7 15 55.00 0.15
-2.60 66.78 53.86 BkNovaScotia BNS 4.1 12 62.85 -0.04
7.29 54.78 40.15 BankofOzarks OZRK 1.5 18 51.98 0.47
BCS 1.9 dd 11.76 0.10
7.89 12.02 9.29 Barclays
ABX 1.0 10 12.32 0.11
-14.86 20.36 11.07 BarrickGold
BAX 0.9 53 67.89 0.30
5.03 72.58 51.03 BaxterIntl
4.30 248.39 175.66 BectonDicknsn BDX 1.3170 223.27 -0.88
61.84 164.15 34.36 BeiGene
BGNE ... dd 158.15 1.62
WRB 0.8 17 71.34 0.15
-0.43 74.43 62.00 Berkley
4.38 326350 242180 BerkHathwy A BRK.A ... 11 310630 -971.00
4.41 217.62 160.93 BerkHathwy B BRK.B ... 11 206.96 -0.86
BERY ... 17 56.04 0.06
-4.48 61.71 47.19 BerryGlobal
BBY 2.6 21 69.73 0.74
1.84 78.59 43.72 BestBuy
BIO ... 69 263.00 -5.58
10.19 279.59 194.01 Bio-RadLab A
BIIB ... 24 287.62 0.92
-9.72 370.57 244.28 Biogen
-5.69 100.51 77.05 BioMarinPharm BMRN ... dd 84.10 0.53
BKI ... 33 48.70 0.60
10.31 53.00 41.10 BlackKnight
BB
... 16 12.95 -0.30
15.94 14.55 6.83 BlackBerry
BLK 2.0 19 563.66 5.73
9.72 594.52 368.00 BlackRock
BX 10.1 16 33.79 0.11
5.53 37.52 28.85 Blackstone
...
21.38 40.15 21.51 BlueBuffaloPet BUFF ... 41 39.80
12.18 236.17 74.45 bluebirdbio
BLUE ... dd 199.80 -14.85
BA 2.1 25 330.47 0.49
12.06 371.60 173.75 Boeing
24.96 2228.99 1630.56 BookingHldgs BKNG ... 47 2171.49 -16.28
BWA 1.3 25 51.44 0.76
0.69 58.22 37.54 BorgWarner
BXP 2.5 43 127.16 1.25
-2.21 137.35 111.57 BostonProps
BSX ...399 27.93 0.09
12.67 29.93 24.02 BostonSci
BAK 2.6 ... 29.31 0.61
11.61 33.73 17.44 Braskem
s 7.63 101.47 68.53 BrightHorizons BFAM ... 39 101.17 1.07
-6.67 75.00 50.76 BrighthouseFin BHF ... dd 54.73 2.22
8.68 70.05 51.56 Bristol-Myers BMY 2.4113 66.60 0.35
t -13.52 73.41 57.89 BritishAmTob BTI 4.7 1 57.93 -0.64
-0.79 285.68 208.44 Broadcom
AVGO 2.7 62 254.87 -12.89
18.44 109.13 66.49 BroadridgeFinl BR 1.4 34 107.28 0.16
-7.95 44.33 35.30 BrookfieldMgt BAM 1.5 30 40.08 -0.06
-8.50 46.88 36.51 BrookfieldInfr BIP 4.6 dd 41.00 0.50
2.51 53.87 41.10 Brown&Brown BRO 1.1 19 52.75 0.21
0.23 56.81 36.33 Brown-Forman B BF.B 1.1 35 55.06 -0.26
9.77 56.10 34.34 Brown-Forman A BF.A 1.2 28 54.87 0.48
BPL 11.7 13 43.07 0.84
-13.08 69.95 39.29 BuckeyePtrs
BG 2.5 83 73.43 -0.31
9.47 83.75 63.87 Bunge
3.22 130.00 79.07 BurlingtonStrs BURL ... 33 126.99 -1.06
CA 2.8 36 35.79 0.10
7.54 37.25 30.45 CA
CBD ... 24 20.17 0.16
-14.43 25.90 17.98 CBD Pao
CBG ... 23 47.42 0.02
9.49 48.27 32.30 CBRE Group
CBS.A 1.4 46 51.37 0.25
-14.07 71.07 50.67 CBS A
CBS 1.4 45 50.95 -0.09
-13.64 70.09 50.54 CBS B
CDK 0.9 31 69.54 0.08
-2.44 76.04 59.33 CDK Global
CDW 1.1 23 75.83 1.21
9.13 76.73 55.80 CDW
CF 3.1 25 38.33 -0.66
-9.90 45.00 25.04 CF Industries
GIB ... 22 58.26 -0.49
7.23 59.89 46.27 CGI Group
CHRW 2.0 26 92.14 1.86
3.42 100.18 63.41 CH Robinson
CIT 1.2 32 54.41 0.41
10.52 56.14 39.48 CIT Group
13.06 171.71 114.82 CME Group
CME 1.7 14 165.12 -0.27
-6.38 50.85 40.48 CMS Energy
CMS 3.2 27 44.28 0.57
CNA 2.3 16 51.95 -0.22
-2.07 55.62 42.34 CNA Fin
CEO 3.5 18 144.31 0.90
0.52 166.23 108.05 CNOOC
CPL 1.9 28 14.62 0.09
27.13 17.69 10.63 CPFLEnergia
CRH 3.5 13 34.72 -0.05
-3.80 39.32 32.47 CRH
CSRA 1.0 18 40.65 -0.02
35.86 40.84 27.38 CSRA
CSX 1.5 9 56.92 0.17
3.47 60.04 45.41 CSX
t -9.45 84.00 65.65 CVS Health
CVS 3.0 10 65.65 -0.21
COG 1.0114 24.99 -0.06
-12.62 29.57 21.40 CabotOil
t
YTD 52-Week
% Chg Hi Lo Stock
Stock
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.
Friday, March 16, 2018
Stock
Highs
ACI Worldwide ACIW
Acushnet
GOLF
Acxiom
ACXM
AdobeSystems ADBE
AegleaBioTherap AGLE
Aemetis
AMTX
AeroCentury
ACY
AkceaTherap AKCA
AllegianceBcshs ABTX
AlliedMotionTech AMOT
AmericoldRealty COLD
ArQule
ARQL
AssurantPfdD AIZP
Avaya
AVYA
AvisBudget
CAR
AxoGen
AXGN
BBX CapitalA BBX
26.25 -0.7
24.10 1.9
32.93 0.3
228.88 3.1
10.97 17.6
3.12 118.8
17.20 -1.8
32.47 10.9
42.60 0.4
39.36 2.8
18.67 1.9
2.48 8.2
102.98 1.3
22.98 3.5
49.91 0.4
37.70 1.5
9.30 ...
-0.49
0.35
0.69
0.27
-0.65
-0.08
0.47
1.01
-0.20
1.31
0.25
0.21
-0.05
0.70
0.18
0.32
1.89
0.20
0.61
1.00
-0.30
-0.19
0.35
0.37
0.23
0.06
0.16
-0.52
2.62
-0.98
0.53
0.68
0.05
0.95
-0.18
0.80
-0.03
0.31
0.46
0.96
-0.30
0.99
0.19
1.29
-0.08
0.42
0.47
1.77
0.34
0.83
-0.02
-0.32
0.13
-0.09
-0.35
1.35
-0.21
-0.02
-0.84
0.87
-0.23
0.06
-0.32
0.89
0.35
0.44
0.07
0.23
0.23
0.90
0.87
1.65
0.71
1.68
0.74
-0.03
4.21
0.36
0.25
0.52
4.80
0.13
-0.53
0.10
1.49
0.41
2.41
1.80
0.19
DEF
-14.64 66.50 39.92 DISH Network DISH ... 10 40.76
-6.57 116.74 97.66 DTE Energy
DTE 3.5 16 102.27
DXC 0.7 34 104.51
10.13 107.60 64.06 DXC Tech
DHR 0.6 29 101.93
9.81 104.82 78.97 Danaher
DRI 2.7 24 94.55
-1.53 100.11 75.20 Darden
DVA ... 20 68.53
-5.15 80.71 52.51 DaVita
DE 1.5 38 163.88
4.71 175.26 106.93 Deere
DVMT ... dd 77.96
-4.08 92.40 59.92 DellTechs
DAL 2.2 11 56.69
1.23 60.79 43.81 DeltaAir
-14.43 68.98 52.53 DentsplySirona XRAY 0.6 dd 56.33
-16.87 20.23 15.06 DeutscheBank DB 1.3 dd 15.82
DVN 1.0 12 31.96
-22.80 45.16 28.79 DevonEnergy
DEO 2.1 21 135.89
-6.94 147.62 113.67 Diageo
-0.59 134.52 82.77 DiamondbkEner FANG ... 25 125.51
DLR 3.8105 106.37
-6.61 127.23 96.56 DigitalRealty
-0.49 81.93 57.50 DiscoverFinSvcs DFS 1.8 14 76.54
1.94 29.18 14.99 DiscovComm C DISCK ... dd 21.58
3.71 30.25 15.99 DiscovComm A DISCA ... dd 23.21
DIS 1.6 15 102.87
-4.32 116.10 96.20 Disney
DLB 0.9108 67.79
9.34 74.29 48.00 DolbyLab
DG 1.2 21 95.43
2.60 105.82 65.97 DollarGeneral
DLTR ... 13 95.75
-10.77 116.65 65.63 DollarTree
t -12.89 85.30 69.94 DominionEner D
4.7 14 70.61
DPZ 1.0 39 229.79
21.61 236.00 166.74 Domino's
DCI 1.6 45 45.26
-7.54 52.20 42.59 Donaldson
-7.55 41.59 34.72 DouglasEmmett DEI 2.6 66 37.96
DOV 1.9 19 100.08
-0.90 109.06 76.23 Dover
-4.58 77.08 64.01 DowDuPont
DWDP 2.2 43 67.96
21.16 126.65 83.23 DrPepperSnap DPS 2.0 20 117.60
DUK 4.6 18 77.59
-7.75 91.80 72.93 DukeEnergy
DRE 3.1 34 26.13
-3.97 30.14 24.30 DukeRealty
E
4.52 37.48 29.44 ENI
... 16 34.69
EOG 0.7 23 100.45
-6.91 119.00 81.99 EOG Rscs
10.83 125.88 71.58 EPAM Systems EPAM ... 91 119.07
EQT 0.2 7 50.45
-11.37 67.84 43.70 EQT
ETFC ... 27 57.29
15.57 58.45 32.25 E*TRADE
EXAS ... dd 52.57
0.06 63.60 19.91 EXACT Sci
7.94 69.25 48.07 EastWestBncp EWBC 1.2 19 65.66
16.35 112.45 76.02 EastmanChem EMN 2.1 11 107.79
ETN 1.9 12 80.98
2.49 89.85 69.82 Eaton
EV 2.2 23 57.10
1.26 60.95 42.20 EatonVance
EBAY ... dd 42.46
12.51 46.99 31.89 eBay
ECL 1.2 27 138.08
2.91 140.50 122.58 Ecolab
EC
23.79 20.55 8.61 Ecopetrol
... 17 18.11
3.02 83.38 57.63 EdisonInt
EIX 3.7 38 65.15
s 26.29 143.22 91.30 EdwardsLife
EW ... 53 142.34
ESLT ... 25 137.14
2.89 153.13 110.12 ElbitSystems
s 22.33 131.13 87.90 ElectronicArts EA
... 40 128.52
3.86 74.45 56.77 EmersonElec
EMR 2.7 30 72.38
t -27.66 19.64 9.78 EnbridgeEnPtrs EEP 14.0 20 9.99
-19.36 42.92 30.63 Enbridge
ENB 6.7 24 31.54
ECA 0.5 13 11.16
-16.28 14.31 8.01 Encana
2.15 12.11 9.07 EnelAmericas ENIA 0.9 18 11.41
ENIC 2.0 12 6.36
11.97 6.53 5.03 EnelChile
5.31 29.41 21.17 EnelGenChile
EOCC 1.7 12 28.34
-13.90 19.82 12.80 EnergyTransferEq ETE 8.2 17 14.86
-5.30 24.71 15.06 EnergyTransfer ETP 13.3 8 16.97
-3.08 87.95 71.95 Entergy
ETR 4.5 35 78.88
-4.19 29.51 23.10 EnterpriseProd EPD 6.7 20 25.40
EFX 1.3 26 123.46
4.70 147.02 89.59 Equifax
EQIX 2.2140 419.89
-7.35 495.35 370.79 Equinix
ELS 2.6 40 85.95
-3.45 91.94 75.91 EquityLife
-5.55 70.45 54.97 EquityResdntl EQR 3.6 52 60.23
ERIC 1.9 dd 6.73
0.75 7.47 5.52 Ericsson
ESS 3.1 37 243.67
0.95 270.04 214.03 EssexProp
s 14.96 146.57 83.34 EsteeLauder
EL 1.0 51 146.27
RE 2.0 23 261.40
18.14 277.17 208.81 EverestRe
-7.79 66.15 55.93 EversourceEner ES 3.5 19 58.26
EXEL ... 50 24.64
-18.95 32.50 18.03 Exelixis
EXC 3.6 10 38.38
-2.61 42.67 33.30 Exelon
EXPE 1.1 48 113.20
-5.49 161.00 98.52 Expedia
-0.94 67.63 51.96 ExpeditorsIntl EXPD 1.3 24 64.08
1.85 85.07 55.80 ExpressScripts ESRX ... 10 76.02
-1.68 88.56 71.34 ExtraSpaceSt EXR 3.6 23 85.98
XOM 4.1 16 75.12
-10.19 89.30 73.53 ExxonMobil
FFIV ... 23 148.18
12.92 153.91 114.63 F5Networks
FMC 0.8 21 82.29
-13.07 98.70 59.26 FMC
FB
... 34 185.09
4.89 195.32 137.60 Facebook
s 11.32 215.61 155.09 FactSet
FDS 1.0 32 214.58
s 6.71 58.73 39.79 Fastenal
FAST 2.5 29 58.36
-11.23 138.12 106.41 FederalRealty FRT 3.4 41 117.89
FDX 0.8 23 252.03
1.00 274.66 182.89 FedEx
RACE ... 38 121.94
16.31 131.20 67.07 Ferrari
FCAU ... 8 21.08
18.16 24.95 9.56 FiatChrysler
32.45 22.05 8.57 FibriaCelulose FBR ... 31 19.47
FNF 3.1 16 39.22
-0.05 41.99 27.47 FidNatlFin
FIS 1.3 26 100.64
6.96 103.65 78.89 FidNatlInfo
11.14 34.57 23.20 FifthThirdBncp FITB 1.9 12 33.72
17.27 87.65 34.55 58.com
WUBA ... 65 83.93
FAF 2.6 16 59.46
6.10 62.71 37.80 FirstAmerFin
FDC ... 11 16.65
-0.36 19.23 14.67 FirstData
-0.25 20.86 15.84 FirstHorizonNatl FHN 2.4 29 19.94
11.54 105.52 84.56 FirstRepBank FRC 0.7 23 96.64
FSLR ... dd 69.87
3.48 76.61 25.56 FirstSolar
FE 4.2 dd 33.89
10.68 35.22 27.93 FirstEnergy
s 13.20 148.91 113.29 Fiserv
FISV ... 26 148.44
FLT ... 26 209.01
8.62 213.74 121.52 FleetCorTech
FLEX ... 19 18.33
1.89 19.71 14.70 Flex
FLIR 1.3 64 49.93
7.10 52.88 33.95 FlirSystems
FLR 1.5 42 57.64
11.60 62.09 37.04 Fluor
-4.19 103.82 84.32 FomentoEconMex FMX 1.5 13 89.97
F
5.4 6 11.15
-10.73 13.48 10.14 FordMotor
New Highs and Lows | WSJ.com/newhighs
52-Wk %
Sym Hi/Lo Chg Stock
Yld
Net
Sym % PE Last Chg
-7.72 46.00 30.35 CadenceDesign CDNS ... 52 38.59
CZR ... dd 12.75
0.79 14.50 9.00 CaesarsEnt
-7.93 96.39 78.19 CamdenProperty CPT 3.6 40 84.76
-9.42 59.34 41.78 CampbellSoup CPB 3.2 13 43.58
CM 4.7 11 89.56
-8.06 100.01 77.20 CIBC
CNI 2.0 21 73.56
-10.84 85.73 71.02 CanNtlRlwy
-15.01 37.63 27.52 CanNaturalRes CNQ 3.5 20 30.36
CP 1.0 14 177.81
-2.71 188.80 143.20 CanPacRlwy
CAJ 3.8 19 37.03
-0.99 40.67 30.79 Canon
COF 1.6 29 99.36
-0.22 106.50 76.05 CapitalOne
15.80 83.22 54.66 CardinalHealth CAH 2.6 12 70.95
CSL 1.4 18 105.41
-7.25 119.21 92.09 Carlisle
CG 5.9 9 22.45
-1.97 25.90 15.45 Carlyle
KMX ... 17 62.87
-1.96 77.64 54.29 CarMax
CCL 2.7 19 66.91
0.81 72.70 57.09 Carnival
CUK 2.7 19 66.55
0.41 72.29 56.03 Carnival
CAT 2.0125 156.46
-0.71 173.24 90.34 Caterpillar
CAVM ... dd 86.95
3.72 92.66 56.96 Cavium
-4.31 138.54 78.31 CboeGlobalMkts CBOE 0.9 34 119.22
CE 1.7 17 106.73
-0.33 114.00 83.34 Celanese A
CELG ... 25 89.61
-14.13 147.17 86.55 Celgene
CX
-7.47 10.37 6.45 Cemex
... 13 6.94
-7.56 13.32 6.76 CenovusEnergy CVE 1.9 5 8.44
CNC ... 23 105.61
4.69 112.42 65.03 Centene
-4.27 30.45 25.84 CenterPointEner CNP 4.1 7 27.15
21.75 7.86 3.49 CentraisElBras EBR ... dd 6.94
2.70 27.61 13.16 CenturyLink
CTL 12.6 10 17.13
CERN ... 24 61.26
-9.10 73.86 56.13 Cerner
1.85 408.83 308.30 CharterComms CHTR ... 9 342.17
CHKP ... 22 103.59
-0.03 119.20 95.03 CheckPoint
CC 1.4 13 49.80
-0.52 58.08 32.31 Chemours
0.89 60.22 40.36 CheniereEnergy LNG ... dd 54.32
-0.98 33.47 26.41 CheniereEnerPtrs CQP 6.8 dd 29.35
4.15 29.73 23.34 CheniereEnHldgs CQH 7.1 57 28.84
CVX 3.9 24 115.40
-7.82 133.88 102.55 Chevron
16.21 45.33 24.44 ChinaEastrnAir CEA ... 14 42.00
LFC 1.2 17 14.72
-5.70 17.85 14.30 ChinaLifeIns
HTHT ... 53 135.01
-6.52 166.19 57.89 ChinaLodging
CHL 4.5 12 46.22
-8.55 58.83 45.09 ChinaMobile
SNP 3.6 12 82.77
12.81 89.68 69.60 ChinaPetrol
24.10 70.52 32.14 ChinaSoAirlines ZNH 1.1 15 64.31
-8.03 53.77 42.49 ChinaTelecom CHA 3.1 13 43.66
CHU ...123 12.39
-8.43 16.55 11.94 ChinaUnicom
CMG ... 52 320.20
10.78 499.00 247.51 Chipotle
CB 2.0 17 140.98
-3.52 157.50 133.82 Chubb
5.81 37.68 33.00 ChunghwaTel CHT 4.4 24 37.50
-0.32 54.18 43.21 Church&Dwight CHD 1.7 17 50.01
CI
-16.95 227.13 143.85 Cigna
0.0 19 168.67
-24.20 130.16 89.49 CimarexEnergy XEC 0.7 18 92.48
0.21 81.98 68.49 CincinnatiFin
CINF 2.8 12 75.13
CTAS 0.9 39 173.28
11.20 178.34 119.54 Cintas
17.52 46.16 30.36 CiscoSystems CSCO 2.9 dd 45.01
C
-1.26 80.70 56.55 Citigroup
1.7 dd 73.47
CFG 2.0 14 44.87
6.88 48.23 31.51 CitizensFin
8.10 96.96 73.33 CitrixSystems CTXS ... dd 95.13
CLX 3.0 21 128.49
-13.61 150.40 124.09 Clorox
KO 3.6161 43.46
-5.27 48.62 41.91 Coca-Cola
2.28 44.75 35.77 Coca-Cola Euro CCE 3.1 29 40.76
-4.32 91.84 65.91 Coca-Cola Femsa KOF 2.6 dd 66.61
CGNX 0.3 56 55.30
-9.58 72.99 38.67 Cognex
19.12 85.10 57.50 CognizantTech CTSH 0.9 33 84.60
CL 2.4 31 69.62
-7.73 77.91 68.19 ColgatePalm
CMCSA 2.1 8 35.83
-10.54 44.00 34.78 Comcast A
CMA 1.2 24 98.94
13.97 102.66 64.04 Comerica
s 10.12 61.83 49.43 CommerceBcshrs CBSH 1.5 21 61.49
COMM ... 42 40.91
8.14 42.75 30.95 CommScope
10.43 11.96 8.15 SABESP
SBS ... 10 11.54
-2.81 41.63 32.16 ConagraBrands CAG 2.3 22 36.61
CXO ... 23 148.49
-1.15 162.91 106.73 ConchoRscs
0.07 61.31 42.27 ConocoPhillips COP 2.1 dd 54.93
ED 3.7 16 77.45
-8.83 89.70 73.73 ConEd
-0.01 231.83 160.53 ConstBrands A STZ 0.9 27 228.54
0.19 58.89 29.08 ContinentalRscs CLR ... 25 53.07
COO 0.0 68 235.69
8.17 260.26 194.01 Cooper
CPRT ... 36 51.04
18.18 51.51 28.89 Copart
GLW 2.4 dd 29.50
-7.78 35.10 26.32 Corning
s 23.86 369.91 197.55 CoStar
CSGP ...102 367.80
COST 1.1 28 185.87
-0.13 199.88 150.00 Costco
COTY 2.7 dd 18.82
-5.38 21.68 14.24 Coty
BAP 2.2 14 216.00
4.13 237.99 150.71 Credicorp
4.10 377.82 182.50 CreditAcceptance CACC ... 14 336.74
CS 3.9 dd 18.25
2.24 19.98 13.28 CreditSuisse
CCI 3.9107 109.08
-1.74 114.97 89.53 CrownCastle
-8.78 62.27 48.86 CrownHoldings CCK ... 22 51.31
11.72 60.65 42.65 Ctrip.com
CTRP ... 86 49.27
CFR 2.1 20 109.60
15.80 111.10 81.09 Cullen/Frost
-7.97 194.18 143.83 Cummins
CMI 2.7 27 162.57
12.65 140.07 82.77 CurtissWright CW 0.4 29 137.26
22.05 18.87 12.50 CypressSemi
CY 2.4 dd 18.60
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
BerkshireHills BHLB 40.10 -0.4 ComputerTask CTG
Bio-Techne
TECH 148.87 1.1 CoStar
CSGP
BlueBird
BLBD 24.20 0.4 Crocs
CROX
21.76 3.0 Cutera
BluegreenVac BXG
CUTR
42.48 -0.6 EducDev
BofI
BOFI
EDUC
BrightHorizons BFAM 101.47 1.1 EdwardsLife
EW
BrooklineBcp BRKL 17.20 0.9 ElectronicArts EA
CNB FinPA
CCNE 31.14 1.7 EncoreWire
WIRE
28.75 2.7 EnphaseEnergy ENPH
CTS
CTS
CambiumLearning ABCD 10.31 4.7 EquityBcshs
EQBK
CapitalCityBank CCBG 26.49 1.8 EsteeLauder
EL
Carbonite
CARB 33.55 9.9 Exponent
EXPO
CasaSystems CASA 34.21 -6.1 FactSet
FDS
CentralGarden CENT 42.45 2.0 Fastenal
FAST
5.77 9.5 FireEye
Cerus
CERS
FEYE
CharterFin
CHFN 21.82 2.4 FirstCapital
FCAP
4.17 -4.7 FirstDefiance FDEF
Civeo
CVEO
ColonyBankcorp CBAN 16.95 6.7 FirstCash
FCFS
CommerceBcshrs CBSH 61.83 0.6 FirsthandTechVal SVVC
8.62 5.2
369.91 1.2
14.98 3.9
54.85 1.3
23.00 2.9
143.22 0.9
131.13 -0.5
58.00 2.9
4.74 7.0
39.13 0.4
146.57 1.5
81.15 1.1
215.61 0.9
58.74 1.3
18.84 -2.0
43.02 2.4
59.55 0.2
82.10 1.2
12.74 1.5
0.68
1.44
0.07
-0.29
0.93
-0.92
4.28
0.34
0.35
-0.62
0.12
0.25
0.19
0.91
1.04
1.17
-0.03
-0.19
-0.37
0.06
1.99
1.59
-0.63
2.97
0.25
0.64
0.96
0.08
0.33
0.85
0.28
0.62
1.80
-2.68
0.72
0.55
0.48
0.52
0.82
0.71
0.59
-0.13
1.38
0.23
1.15
1.24
0.15
-0.60
1.45
-0.84
0.08
0.36
0.01
0.12
0.18
0.32
0.36
1.35
0.46
-0.19
4.66
-0.08
0.51
-0.11
1.96
2.15
2.03
0.68
-0.11
0.51
0.75
0.38
-0.31
-0.25
0.70
0.03
1.22
1.23
1.89
0.75
0.72
4.63
-0.85
-0.06
-2.17
0.70
0.54
0.15
0.53
0.86
0.13
0.05
1.05
1.13
0.21
0.77
2.23
0.15
-0.48
0.33
-2.45
0.08
23.60
-10.42
8.13
-9.29
-14.05
-10.02
-3.16
-3.92
148.91
17.55
118.94
37.70
17.95
70.08
56.40
31.90
31.59
31.14
7.80
61.75
207.14
256.64
12.38
12.44
33.30
76.35
24.50
85.72
58.35
57.61
49.30
179.30
26.55
174.56
12.80
0.5
0.6
-0.2
0.7
2.9
0.2
0.6
2.9
6.2
-0.2
5.2
0.3
0.7
0.9
3.3
7.1
5.1
0.8
0.2
0.7
1.6
1.9
1.3
0.4
2.8
0.8
-2.8
FTNT
35.44 Fortinet
FTS
31.41 Fortis
FTV
58.15 Fortive
59.11 FortBrandsHome FBHS
63.57 Franco-Nevada FNV
BEN
37.01 FranklinRscs
11.05 FreeportMcM FCX
41.18 FreseniusMed FMS
54.00
32.85
78.23
62.08
68.72
38.99
18.36
50.49
-0.18
-0.13
0.13
0.42
0.49
0.33
-0.05
-0.27
GGP 4.1 32 21.72
-7.14 24.37 18.83 GGP
AJG 2.3 28 71.01
12.22 72.77 54.50 Gallagher
-7.95 39.32 31.12 Gaming&Leisure GLPI 7.4 19 34.06
GPS 3.1 15 31.74
-6.81 35.68 21.02 Gap
-2.86 38.00 19.91 GardnerDenver GDI ... dd 32.96
0.91 65.96 48.50 Garmin
GRMN 3.4 16 60.11
IT
...4134 124.02
0.71 142.16 107.00 Gartner
GZT 4.2 4 9.48
-9.97 11.00 9.01 Gazit-Globe
9.48 230.00 183.72 GeneralDynamics GD 1.7 23 222.74
GE 3.4 dd 14.31
-17.99 30.54 13.95 GeneralElec
GIS 3.9 18 50.49
-14.84 61.15 49.65 GeneralMills
-7.44 46.76 31.92 GeneralMotors GM 4.0 dd 37.94
G
0.7 24 32.60
2.71 34.79 23.34 Genpact
GNTX 1.9 17 23.50
12.17 24.07 16.59 Gentex
-4.45 107.75 79.86 GenuineParts
GPC 3.2 22 90.78
GGB 0.8 dd 4.69
26.08 5.32 2.60 Gerdau
GIL 1.5 18 29.53
-8.58 34.19 25.38 Gildan
11.31 89.54 63.76 GileadSciences GILD 2.9 23 79.74
GSK 6.9 48 37.28
5.10 44.53 34.52 GSK
s 17.73 118.94 76.47 GlobalPayments GPN 0.0 40 118.01
GDDY ...163 62.42
24.14 64.49 35.74 GoDaddy
GG 0.6 17 13.36
4.62 16.38 11.64 Goldcorp
5.04 275.31 209.62 GoldmanSachs GS 1.1 31 267.60
GT 2.0 21 28.51
-11.76 36.88 27.82 Goodyear
GGG 1.1 32 46.59
3.03 49.69 30.59 Graco
GWW 1.8 29 288.75
22.22 298.14 155.00 Grainger
-4.68 34.72 27.60 GreatPlainsEner GXP 3.6 dd 30.73
GRFS 2.0 23 21.25
-7.29 25.18 17.28 Grifols
GRUB ... 99 110.53
53.94 112.41 32.43 GrubHub
AVAL 4.8 13 8.48
-0.24 9.51 7.46 GpoAvalAcc
-0.82 73.45 35.06 GpoFinGalicia GGAL 0.0 18 65.31
t -15.96 27.37 15.65 GrupoTelevisa TV 0.6 40 15.69
GWRE ... dd 84.93
14.37 92.65 54.74 Guidewire
17.00 106.84 71.18 HCA Healthcare HCA 1.4 17 102.77
HCP 6.4 27 23.19
-11.08 33.67 21.48 HCP
HDB 0.5 ... 97.96
-3.65 110.77 72.02 HDFC Bank
HDS ... dd 39.19
-2.10 42.25 28.97 HD Supply
HPQ 2.4 10 23.51
11.90 24.75 17.03 HP
HSBC 8.5 20 49.59
-3.97 55.89 39.63 HSBC
HAL 1.6 dd 45.91
-6.06 57.86 38.18 Halliburton
HBI 3.0131 19.70
-5.79 25.73 18.57 Hanesbrands
-13.25 62.95 43.30 HarleyDavidson HOG 3.4 15 44.14
10.49 161.04 106.18 Harris
HRS 1.5 37 156.51
HIG 1.9192 53.93
-4.18 59.20 46.35 HartfordFinl
HAS 2.9 28 87.74
-3.47 116.20 87.30 Hasbro
HEI.A 0.2 36 70.30
11.16 75.55 45.50 Heico A
17.01 90.81 53.43 Heico
HEI 0.2 45 88.32
-0.12 75.02 42.16 Helm&Payne
HP 4.3 18 64.56
HSIC ... 26 68.05
-2.62 93.50 62.56 HenrySchein
HLF 1.2 41 97.12
43.41 100.45 55.51 Herbalife
HSY 2.6 28 101.02
-11.00 116.49 95.21 Hershey
HES 2.0 dd 48.98
3.18 55.48 37.25 Hess
30.85 19.48 12.70 HewlettPackard HPE 1.6 20 18.79
HXL 0.7 22 66.81
8.02 69.52 49.20 Hexcel
HLT 0.7 21 81.51
2.07 88.11 55.91 Hilton
HFC 2.8 10 46.51
-9.20 53.21 23.46 HollyFrontier
HOLX ... 10 38.46
-10.04 46.80 35.33 Hologic
HD 2.3 25 178.96
-5.58 207.60 144.25 HomeDepot
HMC ... 7 34.76
2.00 37.29 27.05 HondaMotor
HON 2.0 73 151.78
-1.03 165.13 122.40 Honeywell
HRL 2.2 20 33.50
-7.94 38.00 29.75 HormelFoods
DHI 1.1 16 43.76
-14.31 53.32 31.98 DR Horton
HST 4.2 26 19.18
-3.38 21.53 17.26 HostHotels
5.08 139.50 113.64 HowardHughes HHC ... 35 137.94
3.04 31.85 23.64 HuanengPower HNP 6.5 40 25.76
-6.64 149.03 109.31 Hubbell
HUBB 2.4 29 126.36
HUM 0.7 16 272.73
9.94 293.35 203.48 Humana
JBHT 0.8 19 120.30
4.63 126.49 83.35 JBHunt
10.37 16.60 12.14 HuntingtonBcshs HBAN 2.7 16 16.07
7.80 276.69 183.42 HuntingIngalls HII 1.1 24 254.09
HUN 2.1 12 31.14
-6.46 36.09 21.92 Huntsman
H
... 41 79.98
8.76 83.02 51.62 HyattHotels
34.63 166.64 72.00 IAC/InterActive IAC
... 52 164.63
IBN 0.8 22 9.21
-5.34 11.26 7.35 ICICI Bank
s 30.92 207.14 146.09 IdexxLab
IDXX ... 70 204.73
INFO ... 48 48.78
8.04 49.49 37.82 IHSMarkit
ING 6.1 12 17.62
-4.55 20.58 14.55 ING Groep
-9.14 38.43 29.36 Invesco
IVZ 3.5 12 33.20
15.30 264.11 116.80 IPG Photonics IPGP ... 39 246.90
IQV ... 17 105.69
7.96 110.67 76.80 IQVIA
IRCP 5.5 12 44.47
-21.29 64.68 41.51 IRSA Prop
9.91 62.79 47.06 IcahnEnterprises IEP 12.0 4 58.25
ICLR ... 24 122.21
8.97 124.65 76.45 Icon
IEX 1.0 34 147.72
11.93 148.32 89.69 IDEX
2.46 179.07 129.17 IllinoisToolWks ITW 1.8 35 170.96
s 16.21 256.64 158.64 Illumina
ILMN ... 52 253.91
-15.20 32.81 26.03 ImperialOil
IMO 2.0 58 26.45
INCY ... dd 90.03
-4.94 149.27 80.85 Incyte
INFY 2.2 17 18.30
12.82 18.71 13.88 Infosys
2.0 18 89.48
0.33 97.67 77.26 Ingersoll-Rand IR
INGR 1.8 19 131.82
-5.71 146.28 113.42 Ingredion
INTC 2.3 26 51.17
10.85 53.78 33.23 Intel
20.03 74.11 33.01 InteractiveBrkrs IBKR 0.6 66 71.07
5.63 76.30 57.91 ICE
ICE 1.3 18 74.53
-0.47 69.23 49.03 InterContinentl IHG 2.2 20 63.21
IBM 3.7 26 160.26
4.46 176.79 139.13 IBM
IFF 2.0 37 138.74
-9.09 157.40 128.42 IntlFlavors
13.13 30.82 17.25 IntlGameTech IGT 2.7 dd 29.99
IP
3.5 11 54.57
-5.82 66.94 49.60 IntlPaper
16.96 26.01 18.30 Interpublic
IPG 3.6 16 23.58
s 13.19 179.30 114.80 Intuit
INTU 0.9 49 178.59
19.43 452.00 247.50 IntuitiveSurgical ISRG ... 77 435.86
-3.35 24.30 20.25 InvitatHomes INVH 1.9 dd 22.78
IONS ... dd 51.69
2.76 65.51 37.26 IonisPharma
IRM 7.2 47 32.52
-13.81 41.53 30.95 IronMountain
12.87 4.95 3.85 IsraelChemicals ICL
... 4 4.56
ITUB ... 14 15.56
19.69 16.98 10.02 ItauUnibanco
...318
4.1 19
0.4 26
1.3 20
1.3 65
2.4 33
... 15
1.1 22
0.09
0.27
0.13
-0.09
0.30
0.43
0.87
-0.18
0.14
-0.05
-0.44
0.09
0.62
0.20
0.53
0.02
0.58
0.23
0.36
-0.20
-0.79
0.09
0.99
0.48
0.21
7.47
0.46
-0.16
-0.36
-0.08
-0.04
-0.24
-0.67
-0.38
0.24
-1.89
0.96
0.03
0.34
0.62
0.27
0.72
-1.67
0.12
-0.41
-0.60
-0.73
1.92
0.06
-0.43
0.08
0.37
-0.04
-0.60
-0.38
0.92
-0.02
0.89
0.03
0.71
0.20
0.31
0.13
1.40
-0.80
1.39
1.64
0.53
0.14
0.22
-0.22
-0.99
-1.40
-0.18
1.36
-0.13
0.15
0.28
-2.29
0.35
0.42
0.01
0.72
0.82
0.78
2.30
0.31
1.34
...
-0.74
0.72
0.29
0.40
0.27
-0.24
0.65
-0.29
-0.20
0.15
0.02
0.66
-6.09
0.15
-0.49
-0.37
-0.01
-0.11
GHI
JKL
JD
8.57 50.68 29.88 JD.com
... dd 44.97
7.95 119.33 81.64 JPMorganChase JPM 1.9 18 115.44
JKHY 1.2 28 125.25
7.09 127.31 91.50 JackHenry
JEC 1.0 31 60.95
-7.60 72.18 49.31 JacobsEngg
JHX 1.1 30 17.68
0.40 18.79 13.55 JamesHardie
-8.36 41.64 30.24 JanusHenderson JHG 3.7 11 35.06
JAZZ ... 19 154.09
14.44 163.75 128.58 JazzPharma
JBLU ... 6 22.59
1.12 24.13 18.05 JetBlue
JNJ 2.5343 133.68
-4.32 148.32 120.95 J&J
-3.70 44.37 34.51 JohnsonControls JCI 2.8 23 36.70
s 16.88 174.56 101.83 JonesLang
JLL 0.4 31 174.07
-7.75 30.96 23.87 JuniperNetworks JNPR 2.7 34 26.29
KAR 2.5 21 55.87
10.61 56.75 40.27 KAR Auction
KB
... 8 58.31
-0.34 63.96 41.10 KB Fin
KKR 3.1 11 21.97
4.32 24.50 16.77 KKR
KLAC 2.0 29 120.62
14.80 123.96 87.93 KLA Tencor
KT
... 16 13.60
-12.88 18.82 12.70 KT
0.28 114.85 81.54 KSCitySouthern KSU 1.4 11 105.51
-2.27 75.31 58.76 Kellogg
K
3.3 18 66.44
KEY 2.0 19 20.96
3.92 22.40 16.28 KeyCorp
28.34 55.21 35.05 KeysightTechs KEYS ...114 53.39
KRC 2.4 48 72.01
-3.54 77.70 62.91 KilroyRealty
-7.16 135.13 109.51 KimberlyClark KMB 3.6 17 112.02
KIM 7.7 29 14.54
-19.89 23.03 13.70 KimcoRealty
-9.19 21.91 15.07 KinderMorgan KMI 3.01641 16.41
KNX 0.5 18 49.76
13.82 51.94 26.68 Knight-Swift
KSS 3.9 12 63.13
16.41 69.48 35.16 Kohl's
6.38 42.35 31.16 KoninklijkePhil PHG 2.5 20 40.21
t -16.60 21.59 14.68 KoreaElcPwr
KEP ... 7 14.77
t -15.95 93.88 64.94 KraftHeinz
KHC 3.8 7 65.36
KR 2.1 11 23.69
-13.70 31.45 19.69 Kroger
KYO ... 19 56.66
-13.51 71.92 53.86 Kyocera
12.88 17.39 10.53 LATAMAirlines LTM 0.4 32 15.69
LB 5.9 12 40.56
-32.65 63.10 35.00 L Brands
LPL ... 6 13.07
-5.01 17.05 12.29 LG Display
LN
-2.51 47.81 32.69 LINE
...136 39.96
LKQ ... 23 39.55
-2.75 43.86 27.85 LKQ
LLL 1.6 24 205.36
3.80 218.71 159.43 L3 Tech
LH
... 14 173.83
8.98 181.72 134.19 LabCpAm
20.56 234.88 123.96 LamResearch LRCX 0.9 24 221.92
LAMR 5.6 20 65.37
-11.95 79.17 62.45 LamarAdv
-1.40 60.85 40.61 LambWeston LW 1.4 26 55.66
8.00 79.84 54.71 LasVegasSands LVS 4.0 21 75.05
6.88 60.00 40.50 Lazard
LAZ 12.2 30 56.11
LEA 1.5 10 190.73
7.96 202.42 132.01 Lear
-3.08 54.97 41.25 Leggett&Platt LEG 3.1 22 46.26
LDOS 1.9 28 67.71
4.86 70.11 49.84 Leidos
LEN 0.3 17 59.21
-6.37 72.17 48.50 Lennar A
LEN.B 0.3 14 47.37
-8.34 58.65 39.01 Lennar B
LII 1.0 30 212.11
1.85 223.05 160.18 LennoxIntl
LUK 1.6 57 24.65
-6.95 28.30 22.23 LeucadiaNatl
4.54 104.66 80.41 LibertyBroadbandC LBRDK ... 8 89.03
3.62 104.35 80.39 LibertyBroadbandA LBRDA ... 8 88.13
-5.20 37.86 27.36 LibertyGlobal C LBTYK ... dd 32.08
-7.48 39.73 28.17 LibertyGlobal A LBTYA ... dd 33.16
12.30 28.90 19.30 LibertyQVC B
QRTEB ... 6 27.57
QRTEA ... 6 27.52
12.69 29.11 18.91 LibertyQVC A
-4.39 41.14 30.73 LibertyFormOne C FWONK ... 35 32.66
-5.59 39.37 29.84 LibertyFormOne A FWONA ... 33 30.89
5.58 26.52 21.35 LibertyBraves A BATRA ...388 23.28
5.45 26.20 21.53 LibertyBraves C BATRK ...390 23.43
6.61 46.24 36.11 LibertySirius C LSXMK ... 13 42.28
7.11 46.43 36.33 LibertySirius A LSXMA ... 13 42.48
-6.53 45.40 37.53 LibertyProperty LPT 4.0 21 40.20
LLY 2.8 dd 80.49
-4.70 89.09 73.69 EliLilly
1.89 101.34 81.85 LincolnElectric LECO 1.7 25 93.31
-0.66 86.68 61.45 LincolnNational LNC 1.7 8 76.36
LGF.B 1.4 13 26.24
-17.33 34.41 22.50 LionsGate B
LGF.A 1.3 14 28.10
-16.89 36.48 24.27 LionsGate A
5.57 49.11 28.59 LiveNationEnt LYV ... dd 44.94
1.60 4.21 3.15 LloydsBanking LYG 6.0 17 3.81
3.22 363.00 264.04 LockheedMartin LMT 2.4 49 331.40
L
2.26 53.59 45.01 Loews
0.5 15 51.16
17.36 43.54 30.64 LogitechIntl
LOGI 1.6 33 39.48
LOGM 0.9 71 126.45
10.44 134.80 92.72 LogMeIn
LOW 1.9 21 87.00
-6.39 108.98 70.76 Lowe's
LULU ... 40 80.76
2.76 83.98 47.26 lululemon
-2.85 121.95 78.01 LyondellBasell LYB 3.7 9 107.18
0.03
0.20
0.24
1.01
-0.02
-0.25
5.39
0.33
0.62
-0.09
1.42
0.06
0.19
0.80
0.21
-0.19
0.12
-0.79
-0.55
0.05
0.01
1.05
1.08
0.10
0.10
0.37
1.64
1.21
-0.16
-0.10
0.06
-0.97
0.09
-0.48
...
-0.15
0.50
1.61
...
-1.16
-0.20
0.04
0.28
0.72
1.56
0.25
-0.31
0.32
0.30
0.67
0.34
1.09
0.89
0.28
-0.01
0.57
0.37
0.05
-0.12
0.27
0.32
0.19
0.23
0.12
1.74
1.10
-0.13
-0.42
-0.38
-0.41
0.04
-1.83
0.22
-0.45
-1.50
1.46
1.15
-0.29
MN
11.33 197.37 141.12 M&T Bank
7.79 38.41 25.21 MGM Resorts
30.74 128.28 64.75 MKS Instrum
-3.19 39.38 30.88 MPLX
s 22.48 155.94 95.01 MSCI
-10.28 69.73 52.12 Macerich
14.73 31.04 17.41 Macy's
-11.91 78.48 57.29 MagellanMid
-1.82 59.99 39.50 MagnaIntl
-3.01 136.93 97.15 Manpower
-10.50 22.16 16.62 ManulifeFin
-10.69 19.52 10.55 MarathonOil
52-Wk %
Sym Hi/Lo Chg Stock
Fiserv
FISV
Gaia
GAIA
GlobalPayments GPN
GreeneCnty
GCBC
HMG Court
HMG
HailiangEduc
HLG
HancockHolding HBHC
Heidrick&Strug HSII
HomeFedBncpLA HFBL
HorizonBancorp HBNC
HoustonWire HWCC
ICF Intl
ICFI
IdexxLab
IDXX
Illumina
ILMN
Immunogen
IMGN
IncomeOppRealty IOR
Independence IHC
IndependentBank INDB
IndepBankMI IBCP
Insulet
PODD
IntegerHoldings ITGR
IntegraLifeSci IART
InterParfums IPAR
Intuit
INTU
Investar
ISTR
JonesLang
JLL
JuniperPharm JNP
54.97
38.24
80.31
73.62
86.06
47.65
20.25
57.94
Yld
Net
Sym % PE Last Chg
MTB
MGM
MKSI
MPLX
MSCI
MAC
M
MMP
MGA
MAN
MFC
MRO
52-Wk %
Sym Hi/Lo Chg Stock
KewauneeSci KEQU 31.50
51.34
KornFerry
KFY
KrystalBiotech KRYS 12.00
LawsonProducts LAWS 28.00
28.85
LiveOakBcshs LOB
MI Acqns
MACQ 11.41
MI Acqns Wt MACQW 0.95
MSCI
MSCI 155.94
6.50
ManhattanBridge LOAN
Markel
MKL 1164.70
MastechDigital MHH 15.25
MatchGroup
MTCH 46.95
Materion
MTRN 55.35
McGrathRentCorp MGRC 54.26
1.32
MechelPfd
MTLp
MellanoxTech MLNX 74.50
NationalCommerce NCOM 46.50
NatlGeneral
NGHC 24.86
Navistar pfD NAVpD 20.70
Neogen
NEOG 64.57
NewMediaInvt NEWM 17.70
NexeoSolutionsUn NXEOU 13.00
NextEraEnergy NEE 161.68
7.70
Noodles
NDLS
5.45
NAmerEnergyPtr NOA
2.85
ONE GroupHosp STKS
OnAssignment ASGN 85.93
6.8
1.9
6.7
5.1
2.0
-0.2
-1.0
...
0.1
1.8
2.6
-0.5
1.7
0.1
4.9
1.8
0.9
1.5
10.7
0.8
0.8
20.9
1.8
10.1
1.9
4.5
2.1
1.6
1.3
0.6
7.1
1.0
5.0
5.2
5.9
2.4
1.5
3.8
1.3
22 190.37 0.04
11 35.99 0.31
20 123.55 0.30
23 34.34 0.51
47 154.98 0.03
81 58.93 -0.18
6 28.90 0.10
16 62.49 1.24
9 55.64 -0.89
15 122.32 1.50
26 18.67
...
dd 15.12 0.21
YTD 52-Week
% Chg Hi Lo Stock
5.61 73.53 47.78 MarathonPetrol MPC
MKL
1.77 1164.70 936.95 Markel
MKTX
11.32 227.06 171.45 MarketAxess
MAR
3.93 149.21 87.89 Marriott
3.61 86.54 71.79 Marsh&McLen MMC
-6.26 244.32 191.09 MartinMarietta MLM
MRVL
7.96 25.18 14.58 MarvellTech
MAS
-5.39 46.45 32.97 Masco
MA
20.61 183.73 110.33 Mastercard
s 48.42 46.95 15.42 MatchGroup
MTCH
19.78 74.94 43.35 MaximIntProducts MXIM
6.18 112.92 90.60 McCormickVtg MKC.V
MKC
5.79 111.46 90.25 McCormick
-5.67 178.70 128.18 McDonalds
MCD
MCK
-2.32 178.86 133.82 McKesson
MDT
0.67 89.72 76.52 Medtronic
-5.48 30.49 17.83 MelcoResorts MLCO
20.27 417.91 203.36 MercadoLibre MELI
MRK
-1.07 66.41 53.12 Merck
MET
-6.41 55.91 43.38 MetLife
-0.91 697.26 471.14 MettlerToledo MTD
KORS
-2.22 69.95 32.38 MichaelKors
t -21.97 36.21 26.16 MicroFocus
MFGP
11.72 101.48 71.40 MicrochipTech MCHP
MU
47.32 63.42 25.40 MicronTech
MSCC
28.19 67.52 46.09 Microsemi
MSFT
10.59 97.24 64.12 Microsoft
MAA
-8.61 110.95 85.16 MidAmApt
MIDD
-3.68 142.00 107.53 Middleby
-6.74 8.11 5.94 MitsubishiUFJ MTU
MFG
1.37 4.00 3.37 MizuhoFin
15.90 12.80 7.76 MobileTeleSys MBT
MHK
-10.15 286.85 223.84 MohawkInds
-2.29 99.65 72.71 MolsonCoors B TAP
-1.77 99.25 78.90 MolsonCoors A TAP.A
MOMO
51.96 46.69 22.49 Momo
MDLZ
0.91 47.23 39.19 Mondelez
MON
0.85 124.20 111.92 Monsanto
MNST
-7.35 70.22 44.35 MonsterBev
MCO
13.34 171.68 110.11 Moody's
9.61 59.38 40.06 MorganStanley MS
MOS
1.71 29.80 19.23 Mosaic
MSI
20.47 110.29 79.63 MotorolaSol
MYL
-1.37 47.82 29.39 Mylan
NICE
5.56 98.48 66.22 NICE
NRG
6.39 30.84 14.52 NRG Energy
DCM
9.51 26.14 22.58 NTTDoCoMo
NVR
-12.76 3700.00 1995.51 NVR
NXPI
4.41 125.93 102.60 NXP Semi
NDAQ
9.29 87.00 65.98 Nasdaq
NGG
-6.95 75.24 51.44 NationalGrid
26.47 53.57 31.39 NatlInstruments NATI
NOV
2.42 40.90 29.90 NatlOilwell
-10.06 45.63 36.25 NatlRetailProp NNN
72.47 111.36 14.96 NektarTherap NKTR
NTAP
15.56 65.58 37.43 NetApp
NTES
-5.25 377.64 253.20 Netease
NFLX
65.89 333.98 138.66 Netflix
NBIX
13.31 92.98 39.21 Neurocrine
-3.72 108.40 53.56 NewOrientalEduc EDU
8.37 14.53 11.67 NY CmntyBcp NYCB
-7.25 55.08 23.85 NewellBrands NWL
-0.35 42.04 31.42 NewmontMin NEM
NWSA
2.41 17.29 12.19 NewsCorp A
NWS
2.41 17.70 12.60 NewsCorp B
s 3.11 161.68 127.09 NextEraEnergy NEE
NKE
5.37 70.25 50.35 Nike
-8.73 27.76 22.44 NiSource
NI
NBL
0.89 35.74 22.98 NobleEnergy
NOK
22.96 6.65 4.51 Nokia
2.92 6.83 5.28 NomuraHoldings NMR
NDSN
-4.87 151.84 107.16 Nordson
JWN
4.09 54.00 37.79 Nordstrom
-4.35 157.15 109.27 NorfolkSouthern NSC
7.33 110.81 83.17 NorthernTrust NTRS
10.34 359.43 233.19 NorthropGrum NOC
5.39 61.18 53.20 NorwegCruise NCLH
NVS
-2.26 94.19 72.67 Novartis
NVO
-6.02 58.37 33.09 NovoNordisk
NUE
4.73 70.48 51.67 Nucor
NTNX
52.32 55.10 14.38 Nutanix
NTR
... 56.18 40.41 Nutrien
NVDA
29.45 254.50 95.49 NVIDIA
s
13.10 0.8
29.99 0.2
61.00 0.6
21.24 1.5
10.77 0.9
127.40 -0.6
22.50 -0.6
22.00 1.4
3.00 -11.5
62.14 0.6
20.17 -1.0
5.24 3.0
17.48 4.6
68.85 0.4
9.70 2.9
45.44 4.9
52.67 1.0
44.44 1.5
24.07 -0.5
3.00 -1.2
60.65 2.7
92.31 1.3
55.75 -0.5
37.42 2.9
19.46 1.4
24.49 1.7
82.01 1.8
YTD 52-Week
% Chg Hi Lo Stock
-0.98 55.36 36.34 ServiceMaster SERV
NOW
30.36 176.56 83.42 ServiceNow
-17.39 23.44 18.76 ShawComm B SJR
-0.25 435.15 305.70 SherwinWilliams SHW
SHG
-9.16 50.37 40.02 ShinhanFin
SHPG
-13.97 192.15 123.73 Shire
SHOP
45.76 150.47 64.75 Shopify
13.38 161.92 116.68 SignatureBank SBNY
-8.51 176.17 150.15 SimonProperty SPG
SIRI
20.90 6.62 4.73 SiriusXM
6.92 42.73 22.64 SkechersUSA SKX
SWKS
16.51 117.65 93.05 Skyworks
AOS
7.11 68.39 49.48 SmithAO
7.74 40.43 30.73 Smith&Nephew SNN
SJM
1.29 139.39 99.56 Smucker
SNAP
16.43 24.40 11.28 Snap
SNA
-12.28 185.47 140.83 SnapOn
SQM
-18.04 64.20 32.38 SOQUIMICH
SNE
12.66 53.91 31.32 Sony
SO
-8.11 53.51 42.38 Southern
SCCO
15.19 55.52 32.63 SoCopper
-6.95 66.98 49.76 SouthwestAir LUV
-8.30 46.47 33.53 SpectraEnerPtrs SEP
-2.04 105.20 51.85 SpiritAeroSys SPR
SPLK
28.95 109.88 54.17 Splunk
S
-9.00 9.22 4.91 Sprint
SQ
58.32 55.54 16.11 Square
-6.28 176.62 128.08 StanleyBlackDck SWK
SBUX
2.73 64.87 52.58 Starbucks
STT
9.49 114.27 75.27 StateStreet
STO
8.50 24.47 16.18 Statoil
8.86 50.70 32.15 SteelDynamics STLD
STM
12.23 25.30 14.07 STMicroelec
SYK
8.18 170.00 129.82 Stryker
-0.58 9.67 6.93 SumitomoMits SMFG
SUI
-2.66 96.08 78.78 SunComms
2.38 44.50 32.22 SunLifeFinancial SLF
-10.89 38.39 27.96 SuncorEnergy SU
10.74 73.37 51.96 SunTrustBanks STI
SYMC
-2.46 34.20 24.94 Symantec
-8.83 40.59 26.01 SynchronyFin SYF
SNPS
3.39 94.80 70.37 Synopsys
10.01 53.14 37.95 SynovusFin
SNV
SYY
-1.00 64.27 48.85 Sysco
1.05
19.95
0.50
-0.67
0.47
1.75
-0.01
-0.04
1.60
-0.24
0.25
-3.75
-1.16
0.75
-1.63
-0.74
-0.39
-8.67
0.42
0.36
0.05
0.71
-0.54
0.65
1.74
-0.04
0.42
1.05
1.02
-0.04
-0.01
-0.17
1.50
-1.22
0.50
-0.65
-0.20
0.57
0.45
0.82
0.29
-0.29
0.03
0.06
-0.03
-0.47
0.11
33.21
0.37
-0.11
0.50
0.35
0.63
0.55
0.99
0.26
1.36
-2.64
-3.81
-3.28
-0.06
-0.23
0.08
0.18
0.25
2.90
-0.48
0.04
0.07
-0.03
-0.02
0.25
0.40
0.96
1.11
-2.19
0.78
0.25
0.05
0.41
-0.67
-0.43
1.14
4.2 10 32.00
5.3 43 57.81
... 20 251.16
4.8 38 64.45
0.4 26 147.08
3.2 16 73.98
... 14 25.87
1.5 51 36.31
1.5 22 52.27
3.4 25 17.34
1.0 25 131.90
... 8 88.52
1.2 19 79.32
1.0 32 81.01
... 14 45.08
6.5 23 28.85
1.9 15 160.07
... ... 80.60
1.6 18 114.93
5.8 17 28.12
...322 80.38
0.1 21 143.77
1.5 14 67.74
2.1 17 118.51
3.8 18 52.96
... ... 34.62
... dd 187.46
1.4 29 182.71
... 59 26.57
3.0 28 66.15
... 97 109.98
... 56 82.16
3.1 16 10.71
5.3 23 31.38
1.9 27 72.74
3.5 20 19.80
2.9 33 111.64
0.4 72 77.34
0.9100 84.23
3.0 36 68.45
... 39 14.10
... 36 13.02
3.7 10 36.78
4.1 27 103.46
2.9 10 95.79
... 9 25.43
2.4 12 55.12
3.6 18 77.97
0.2 35 169.34
5.5 23 21.96
5.3 dd 22.64
1.9 46 123.13
2.1 36 154.32
3.3 8 62.11
3.5 21 78.97
1.8 23 61.92
3.0 21 63.83
... dd 118.69
3.3 6 108.65
3.4 22 53.33
3.7 16 49.29
4.0 29 198.01
1.2 20 29.38
...219 34.00
...404 80.75
3.8 dd 60.62
1.9 19 104.35
0.38
1.17
2.32
0.54
-0.04
0.10
0.11
0.07
-0.10
0.11
0.23
-0.43
1.23
-0.25
0.91
-0.12
2.20
1.07
0.65
0.28
0.21
1.39
0.92
0.92
0.64
-0.57
-1.55
2.63
0.42
-0.25
0.16
-0.41
0.10
0.22
0.61
0.03
-0.35
-0.26
-0.22
0.20
0.03
0.06
0.20
-1.53
1.33
0.58
-0.04
0.92
2.77
0.45
0.82
5.34
-1.35
0.14
0.30
0.34
0.39
-1.32
0.16
-0.62
0.64
2.84
0.41
0.40
1.75
0.73
-0.37
28.98 39.28 15.92 TAL Education TAL
19.54 63.01 36.12 TD Ameritrade AMTD
9.89 108.23 71.93 TE Connectivity TEL
-6.34 38.50 31.77 Telus
TU
TX
3.26 39.48 22.78 Ternium
TSU
15.17 22.73 13.63 TIM Part
TJX
6.47 84.79 66.44 TJX
TMUS
1.97 68.88 54.60 T-MobileUS
10.11 120.07 66.70 TRowePrice
TROW
20.42 87.60 47.30 TableauSftwr DATA
TSM
13.42 46.57 31.49 TaiwanSemi
-2.27 129.25 56.50 TakeTwoSoftware TTWO
TPR
19.31 53.40 37.92 Tapestry
-1.43 60.62 39.59 TargaResources TRGP
TGT
8.80 78.70 48.56 Target
t -20.05 37.62 26.21 TataMotors
TTM
FTI
-4.76 35.00 24.53 TechnipFMC
TECK
4.55 30.80 14.56 TeckRscsB
-7.64 40.19 21.20 TelecomArgentina TEO
TI
15.41 10.83 7.57 TelecomItalia
19.00 8.87 6.27 TelecomItalia A TI.A
5.19 201.40 121.58 TeledyneTech TDY
6.41 288.78 191.04 Teleflex
TFX
1.75 17.33 13.06 TelefonicaBras VIV
TEF
3.41 11.64 8.99 Telefonica
t -12.66 36.19 28.01 TelekmIndonesia TLK
TS
11.36 37.48 25.91 Tenaris
TER
17.58 50.68 29.68 Teradyne
TSLA
3.21 389.61 250.24 Tesla
TEVA
-3.06 34.09 10.85 TevaPharm
5.29 120.75 75.92 TexasInstruments TXN
TXT
3.96 62.19 45.00 Textron
10.83 226.44 151.74 ThermoFisherSci TMO
-9.84 48.61 38.71 ThomsonReuters TRI
-16.47 161.48 87.96 ThorIndustries THO
MMM
0.79 259.77 188.62 3M
-6.20 111.44 84.15 Tiffany
TIF
TWX
5.26 103.90 85.88 TimeWarner
TOL
-6.73 52.73 34.99 Toll Bros
TMK
-5.64 93.59 73.99 Torchmark
TTC
-3.30 73.86 58.39 Toro
-0.94 61.06 45.18 TorontoDomBk TD
TOT
4.52 59.57 48.15 Total
TSS
13.76 90.74 50.96 TotalSystem
TM
2.15 140.99 103.62 ToyotaMotor
-13.87 82.68 49.87 TractorSupply TSCO
TRP
-12.17 51.85 41.11 TransCanada
TDG
8.96 321.38 203.72 TransDigm
TRU
7.71 61.42 36.95 TransUnion
TRV
4.19 150.55 113.76 Travelers
TRMB
-5.66 45.70 30.45 Trimble
TRIP
27.02 50.95 29.50 TripAdvisor
-4.90 11.29 7.79 TurkcellIletism TKC
TRQ
-3.79 3.59 2.44 TurquoiseHill
7.56 39.13 24.81 21stCenturyFoxA FOXA
7.33 38.56 24.30 21stCenturyFoxB FOX
TWTR
48.19 36.80 14.12 Twitter
TYL
17.87 213.38 152.00 TylerTech
TSN
-8.39 84.65 57.20 TysonFoods
UBS
0.33 20.89 15.10 UBS Group
UDR
-6.65 40.71 32.88 UDR
UGI
-5.94 52.00 42.51 UGI
USFD
7.39 35.10 25.43 US Foods
-0.80 314.86 187.96 UltaBeauty
ULTA
ULTI
13.89 257.93 181.59 UltSoftware
UGP
-4.27 26.48 20.91 UltraparPart
12.20 23.46 11.40 UnderArmour A UAA
5.71 21.80 10.36 UnderArmour C UA
UN
-5.84 61.62 49.27 Unilever
UL
-5.06 60.13 48.91 Unilever
UNP
2.28 143.05 101.06 UnionPacific
5.16 83.04 56.51 UnitedContinental UAL
8.37 2.73 1.89 UnitedMicro
UMC
UPS
-6.92 135.53 102.12 UPS B
8.36 190.74 100.62 UnitedRentals URI
USB
-0.60 58.50 49.53 US Bancorp
X
13.55 47.64 18.55 US Steel
UTX
0.60 139.24 109.10 UnitedTech
UNH
3.36 250.79 162.74 UnitedHealth
8.96 128.49 95.26 UniversalHealthB UHS
UNM
-8.40 58.73 43.55 UnumGroup
VER
-9.50 8.94 6.62 VEREIT
1.97 84.38 51.22 VF
VFC
-5.27 22.99 18.00 VICI Prop
VICI
V
9.22 126.88 87.85 Visa
MTN
6.79 237.77 183.84 VailResorts
VALE
4.66 14.67 7.47 Vale
-19.49 24.43 8.31 ValeantPharm VRX
VLO
2.05 99.95 60.69 ValeroEnergy
VAR
12.32 130.29 87.49 VarianMed
VEDL
-7.39 21.99 13.78 Vedanta
38.19 78.28 47.58 VeevaSystems VEEV
VTR
-16.43 72.36 47.97 Ventas
s 10.03 127.24 86.16 VeriSign
VRSN
9.14 106.07 75.60 VeriskAnalytics VRSK
VZ
-8.26 54.77 42.80 Verizon
VRTX
17.22 178.25 88.90 VertxPharm
VIA
11.32 49.00 28.20 Viacom A
VIAB
2.73 46.72 22.13 Viacom B
VIPS
54.95 19.14 7.79 Vipshop
77.32 34.00 13.10 VirtuFinancial VIRT
VST
11.52 21.20 14.50 VistraEnergy
VMW
-0.68 165.00 85.45 VMware
VOD
-10.66 32.75 25.54 Vodafone
-11.09 85.58 65.16 VornadoRealty VNO
8.17 54.87 33.53 VoyaFinancial VOYA
VMC
-8.76 141.20 108.95 VulcanMatls
3.8 26 20.62
3.7 26 20.95
2.6 19 49.63
... 26 39.05
1.8 dd 109.15
2.4 28 83.24
1.0 24 97.57
1.5 30 210.08
5.1 47 51.47
... 84 154.17
3.8 82 58.27
... 33 343.30
1.8 20 19.63
1.2 6 160.17
2.2 11 90.76
2.0 18 68.76
1.4 49 98.19
3.1 36 57.69
6.8 11 52.58
1.9 26 59.44
1.8 65 183.98
1.0 25 135.87
3.4 18 44.89
1.1 63 51.46
0.6 31 286.67
1.2 22 76.75
3.8 13 78.09
... 47 7.37
1.9 17 124.75
6.0 20 62.17
5.9 20 63.44
... 18 125.00
1.3 28 107.52
1.0 33 192.51
...196 168.69
0.8 31 76.62
... 56 116.80
6.0 8 61.31
... 7 24.70
3.3112 98.94
0.5 34 52.59
... 29 263.80
2.5 25 22.15
... dd 172.22
...741 125.97
4.5 24 40.96
1.2 5 17.26
2.5 16 33.70
3.0 dd 66.10
0.7 35 55.71
4.2 27 60.09
1.5 54 44.10
... dd 57.70
... 37 6.91
3.2113 113.02
... 23 53.48
1.8 14 38.84
-0.10
-0.03
-0.76
0.25
0.71
0.28
2.15
1.50
0.33
-0.26
0.01
8.37
0.26
0.02
0.88
0.19
0.08
0.26
-0.02
0.72
2.22
0.37
-0.13
0.13
3.81
0.16
-0.21
0.08
0.10
0.28
0.44
1.21
-0.97
-0.20
-1.11
1.09
-1.76
-0.03
0.47
0.56
0.51
4.03
0.12
-1.83
-1.25
0.41
0.49
0.16
0.75
0.12
0.52
0.05
0.02
-0.08
0.82
0.61
0.17
WBC
-1.53 162.20 111.68 WABCO
-5.99 70.09 58.92 WEC Energy
WEC
WEX
12.86 161.06 97.26 WEX
WPC
-9.38 72.41 59.23 W.P.Carey
WPP
-10.40 113.51 80.26 WPP
WAB
1.24 93.81 69.20 Wabtec
-6.95 87.79 63.82 WalgreensBoots WBA
-9.70 109.98 69.33 Walmart
WMT
3.62 74.59 56.81 WasteConnections WCN
WM
0.10 89.73 70.08 WasteMgt
WAT
10.35 220.20 153.04 Waters
6.00 183.84 134.08 Watsco
WSO
W
-1.64 100.14 36.93 Wayfair
WB
28.58 142.12 47.52 Weibo
-3.16 221.75 136.23 WellCareHealth WCG
WFC
-7.86 66.31 49.27 WellsFargo
WELL
-15.32 78.17 51.63 Welltower
-7.79 103.36 77.97 WestPharmSvcs WST
-3.22 57.32 47.06 WestarEnergy WR
7.22 62.49 44.64 WestAllianceBcp WAL
s 33.85 106.96 71.38 WesternDigital WDC
-4.47 47.40 33.92 WesternGasEquity WGP
-3.06 61.78 42.68 WesternGasPtrs WES
5.42 22.21 18.39 WesternUnion WU
8.77 121.30 59.58 WestlakeChem WLK
-6.36 27.05 22.17 WestpacBanking WBK
WRK
5.00 71.55 49.23 WestRock
1.59 37.89 30.95 Weyerhaeuser WY
-10.89 22.72 18.32 WheatonPrecMet WPM
WHR
-5.23 202.99 156.37 Whirlpool
WMB
-10.76 33.67 24.76 Williams
-6.68 44.06 32.74 WilliamsPartners WPZ
WLTW
8.04 165.00 125.66 WillisTowers
WIT
1.83 6.40 4.75 Wipro
WF
-1.10 53.50 35.01 WooriBank
WDAY
33.02 140.00 80.61 Workday
WP
13.50 85.53 59.10 Worldpay
WYN
0.34 127.96 82.14 Wyndham
9.59 203.63 106.70 WynnResorts WYNN
14.28 106.20 44.51 XPO Logistics XPO
XEL
-8.27 52.22 41.51 XcelEnergy
XRX
6.69 37.42 26.64 Xerox
XLNX
12.77 78.02 54.99 Xilinx
XYL
15.03 79.67 47.92 Xylem
YPF
-5.98 26.70 18.41 YPF
YY
4.10 142.97 42.90 YY
YNDX
29.16 44.49 21.40 Yandex
YUM
2.32 86.93 62.85 YumBrands
YUMC
3.77 48.75 26.07 YumChina
ZTO
-2.59 18.08 11.91 ZTO Express
ZAYO
-2.17 37.95 29.73 ZayoGroup
ZBRA
38.09 148.71 84.32 ZebraTech
ZG
43.35 59.73 32.63 Zillow A
Z
43.23 59.99 32.56 Zillow C
-3.18 133.49 108.03 ZimmerBiomet ZBH
9.23 57.29 38.43 ZionsBancorp ZION
ZTS
17.43 85.54 52.25 Zoetis
52-Wk %
Sym Hi/Lo Chg Stock
TrinityBiotech TRIB
TuesdayMorning TUES
Ultralife
ULBI
UnionBankshares UBSH
UsanaHealth USNA
UtahMedProducts UTMD
VeriSign
VRSN
Veritex
VBTX
VirtusInvtPfdD VRTSP
WMIH
WMIH
WesBanco
WSBC
WesternDigital WDC
Williams-Sonoma WSM
WintrustFin
WTFC
XO Group
XOXO
Xcerra
XCRA
Zscaler
ZS
Lows
ADT
AclarisTherap
ActiniumPharm
Adecoagro
Amedica
AmElecTch
AIG
ADT
ACRS
ATNM
AGRO
AMDA
AETI
AIG
... 13 50.77
... dd 169.98
5.1 22 18.86
0.8 22 409.03
... 7 42.15
... 9 133.45
... dd 147.22
... 22 155.62
5.0 25 157.13
0.7 50 6.48
... 35 40.46
1.2 25 110.63
1.1 39 65.64
2.4 21 37.72
2.5 11 125.84
... dd 17.01
2.1 16 152.90
1.8 29 48.66
... 14 50.64
5.3 53 44.19
2.2 58 54.66
0.8 10 60.90
8.1 46 36.26
0.5 28 85.47
... dd 106.82
... 3 5.36
... dd 54.89
1.6 20 159.04
2.0 19 59.00
1.6 20 106.87
3.8 17 23.24
1.6 14 46.95
1.0 26 24.51
1.1 63 167.51
... 8 8.64
3.1106 90.31
3.4 16 42.24
3.5 16 32.72
2.2 16 71.53
1.1 18 27.37
1.7 15 35.20
...326 88.13
1.9 24 52.74
2.4 27 60.12
0.52
-3.85
-0.19
-1.24
0.14
1.67
-0.19
1.16
0.53
0.08
0.35
-0.66
0.40
0.06
0.99
-0.19
0.76
-0.15
-0.70
0.26
0.16
0.96
0.77
-0.83
-1.22
0.10
0.05
1.23
-0.37
0.97
0.23
0.52
0.16
1.06
-0.05
0.50
-0.05
0.40
0.40
-0.17
0.53
0.30
0.60
0.74
...136 38.32
1.4 35 61.12
1.5 30 104.44
4.6 19 35.47
3.4 8 32.62
... 28 22.24
1.5 20 81.41
... 12 64.76
2.4 19 115.54
... dd 83.33
2.6 21 44.97
... 66 107.29
2.6 47 52.77
7.6 dd 47.73
3.5 13 70.99
0.1 11 26.44
1.7 46 29.82
0.6 8 27.36
2.3 14 33.83
2.6 ... 9.96
3.6 ... 8.58
... 31 190.55
0.5 82 264.76
... 17 15.09
4.7 15 10.01
2.6 17 28.14
1.5 58 35.48
0.7 39 49.23
... dd 321.35
1.9 dd 18.37
2.3 31 109.97
0.1 52 58.83
0.3 38 210.44
3.5 20 39.30
1.2 15 125.89
2.3 30 237.22
2.1 26 97.51
1.7 15 96.28
1.0 12 44.79
0.7 7 85.59
1.3 29 63.08
3.7 14 58.03
5.3 16 57.78
0.6 28 89.97
... 9 129.91
1.7 20 64.38
5.1 16 42.72
... 25 299.23
... 26 59.20
2.0 19 141.32
... 82 38.34
... dd 43.77
1.3 15 9.70
... 30 3.30
1.0 17 37.14
1.0 17 36.62
... dd 35.58
... 50 208.68
1.6 10 74.27
3.7 64 18.45
3.4130 35.96
2.3 14 44.16
... 17 34.29
... 28 221.88
...518 248.54
2.5 24 21.76
... dd 16.19
... dd 14.08
... 22 53.03
3.4 21 52.54
2.1 10 137.16
... 10 70.88
3.2 21 2.59
3.3 20 110.91
... 12 186.29
2.3 15 53.26
0.5 18 39.96
2.2 23 128.33
1.3 21 227.86
0.3 16 123.51
1.8 11 50.28
7.8 dd 7.05
2.4 47 75.46
... ... 19.42
0.7 43 124.53
2.6 29 226.90
... 12 12.80
... 2 16.73
3.4 10 93.79
...100 124.84
6.8 15 19.29
... 82 76.39
6.3 28 50.15
... 34 125.92
... 32 104.77
4.9 7 48.56
...169 175.66
2.1 8 38.85
2.5 6 31.65
... 38 18.16
3.0148 32.45
... dd 20.43
... 92 124.47
4.2 dd 28.50
3.6 83 69.51
0.1 dd 53.51
1.0 26 117.12
-0.65
0.74
-0.07
-0.41
-0.13
-0.09
0.07
0.05
0.13
-1.21
-0.34
-1.61
0.40
1.38
0.36
-0.59
0.64
0.16
0.08
0.02
-0.05
-0.40
-1.17
-0.03
0.14
-0.67
0.47
0.09
-4.25
0.32
0.26
-0.17
-2.01
-0.23
5.15
1.35
-5.20
-0.60
0.94
0.05
0.47
-0.25
0.55
0.21
-0.48
1.40
-0.10
3.23
0.55
0.85
0.11
0.03
-0.15
0.05
-0.01
-0.08
-0.22
-0.36
0.54
0.06
0.29
0.74
0.78
15.74
0.48
...
0.29
0.25
0.22
0.30
0.90
0.74
-0.02
1.19
3.38
-0.10
1.53
-0.92
-1.62
-0.32
0.47
0.09
0.74
...
1.12
1.33
-0.05
-0.05
1.46
-0.54
-0.13
-0.75
0.69
0.61
0.51
0.27
1.69
-1.20
-1.18
0.25
-0.55
-0.26
-1.04
0.06
0.89
-0.59
-0.80
... 19 141.30
3.5 16 62.45
... 43 159.39
6.5 37 62.44
6.3 9 81.14
0.6 30 82.44
2.4 19 67.57
2.3 27 89.17
0.8 34 73.51
2.2 20 86.39
...1122 213.18
2.8 32 180.25
... dd 78.95
... 84 133.03
... 23 194.75
2.8 14 55.90
6.4165 54.00
0.6 46 90.98
3.1 23 51.10
... 20 60.71
1.9 88 106.45
6.2 21 35.50
7.9 32 46.62
3.8 dd 20.04
0.7 12 115.87
6.3 13 22.83
2.6 10 66.37
3.6 47 35.82
1.8 43 19.72
2.8 35 159.82
5.0 10 27.21
6.6 39 36.19
1.5 39 162.80
0.6 24 5.57
2.9 8 44.20
... dd 135.33
...106 83.48
2.3 14 116.26
1.1 25 184.76
... 44 104.67
3.4 20 44.13
3.2 53 31.10
1.8 40 76.03
1.1 43 78.45
0.9 12 21.54
... 19 117.69
...105 42.30
1.7 22 83.50
1.0 41 41.53
... 30 15.44
...106 36.00
...461 143.34
... dd 58.40
... dd 58.61
0.8 13 116.83
1.4 21 55.52
0.6 48 84.60
2.53
0.48
1.16
0.51
-0.05
0.56
0.19
1.66
-0.36
0.14
0.84
-1.13
-5.01
-0.69
1.18
-0.93
0.25
-0.33
0.99
0.53
4.22
0.66
1.07
0.02
0.35
-0.35
-0.14
0.20
0.11
-0.66
0.52
1.09
0.52
-0.08
-0.13
-1.09
-0.34
0.11
-1.45
0.92
0.48
0.05
0.20
0.81
-0.09
0.65
0.03
0.62
0.25
0.11
-0.38
-1.06
0.41
0.41
0.91
0.77
-0.09
TUV
RS
-10.62 23.30 17.89 RELX
RENX
RELX
-11.60 24.03 19.15 RELX
-5.32 56.69 46.80 RPM
RPM
RSPP
-4.01 43.35 28.76 RSP Permian
RL
5.27 119.33 66.06 RalphLauren
-15.83 108.29 79.17 RandgoldRscs GOLD
9.26 99.26 71.35 RaymondJames RJF
RTN
11.83 222.82 148.65 Raytheon
-9.73 62.31 47.25 RealtyIncome O
RHT
28.37 157.22 81.06 RedHat
REG
-15.77 70.64 54.87 RegencyCtrs
REGN
-8.69 543.55 313.53 RegenPharm
RF
13.60 20.21 13.00 RegionsFin
RGA
2.72 165.12 121.92 ReinsGrp
RS
5.79 95.97 68.46 RelianceSteel
RSG
1.70 69.40 60.26 RepublicSvcs
RMD
15.94 104.78 67.04 ResMed
-6.16 68.89 53.54 RestaurantBrands QSR
RIO
-0.66 59.25 37.66 RioTinto
RHI
7.02 60.59 42.92 RobertHalf
ROK
-6.30 210.72 148.31 Rockwell
0.18 139.63 95.62 RockwellCollins COL
-11.86 54.95 41.73 RogersComm B RCI
ROL
10.60 53.00 35.51 Rollins
ROP
10.68 290.42 203.50 RoperTech
ROST
-4.36 85.66 52.85 RossStores
-4.36 87.10 66.66 RoyalBkCanada RY
-3.53 8.74 5.66 RoyalBkScotland RBS
4.59 135.65 93.86 RoyalCaribbean RCL
RDS.A
-6.81 72.43 51.08 RoyalDutchA
RDS.B
-7.10 74.60 53.10 RoyalDutchB
RYAAY
19.97 127.35 81.51 Ryanair
SAP
-4.31 116.90 96.04 SAP
SPGI
13.64 197.76 127.28 S&P Global
SBAC
3.26 177.67 115.40 SBA Comm
6.62 78.00 49.26 SEI Investments SEIC
SINA
16.44 124.60 63.05 Sina
SHI
7.56 64.43 50.67 SINOPEC
-11.50 28.97 23.01 SK Telecom
SKM
-1.97 110.08 89.46 SLGreenRealty SLG
s 29.92 52.67 34.75 SS&C Tech
SSNC
12.85 271.79 159.44 SVB Fin
SIVB
SABR
8.05 25.01 17.30 Sabre
SAGE
4.56 195.97 59.57 SageTherap
23.22 128.87 80.50 Salesforce.com CRM
SNY
-4.74 50.65 38.14 Sanofi
-7.30 19.02 11.12 SantanderCons SC
SSL
-1.49 38.75 26.92 Sasol
-1.91 80.89 61.02 Schlumberger SLB
SCHW
8.45 58.11 37.16 SchwabC
STX
43.62 61.19 30.60 Seagate
SEE
-10.55 49.94 40.76 SealedAir
7.85 71.31 45.31 SeattleGenetics SGEN
-19.28 9.14 4.49 SemicondctrMfg SMI
5.71 122.97 100.63 SempraEnergy SRE
ST
4.64 57.40 38.71 SensataTech
SCI
4.07 40.28 30.02 ServiceCorp
Yld
Net
Sym % PE Last Chg
2.6 10 69.68
... 45 1159.31
0.7 58 224.59
0.9 39 141.06
1.8 29 84.33
0.8 18 207.20
1.0 27 23.18
1.0 25 41.57
0.5 50 182.55
... 39 46.47
2.7 47 62.62
1.9 29 106.71
1.9 29 107.81
2.5 26 162.36
0.9 7 152.33
2.3 40 81.29
2.0 39 27.45
0.21183 378.44
3.4 65 55.67
3.4 13 47.32
... 43 613.88
... 18 61.55
... 41 26.21
1.5101 98.18
... 10 60.58
... 38 66.21
1.8 65 94.60
4.0 32 91.90
... 25 129.99
... 10 6.78
... 9 3.69
6.0 14 11.81
... 19 247.90
2.0 12 80.19
2.0 13 82.50
... 24 37.20
2.0 23 43.19
1.8 22 117.77
... 41 58.64
1.1 32 167.30
1.7 19 57.51
0.4 dd 26.10
1.9 dd 108.83
... 32 41.73
0.7 41 97.02
0.4 dd 30.30
... 15 26.03
... 24 3060.45
... 19 122.25
1.8 19 83.97
3.7 11 54.72
1.7135 52.65
0.5 dd 36.89
4.9 32 38.79
... dd 103.00
1.3 dd 63.93
0.5 28 326.94
...255 318.45
... dd 87.92
... 50 90.50
4.8 16 14.11
3.2 5 28.66
1.5 dd 37.39
1.2 dd 16.60
1.2 dd 17.00
2.8 14 161.04
1.2 29 65.91
3.3 60 23.43
1.4 dd 29.40
3.3 dd 5.73
... 9 5.99
0.9 23 139.27
3.0 19 49.32
2.1 7 138.59
1.6 22 107.21
1.3 30 338.63
... 17 56.12
3.6 25 82.06
1.6 21 50.44
2.3 16 66.59
... dd 53.74
... ... 49.57
0.2 52 250.48
OPQ
-2.77 37.32 29.59 OGE Energy
OGE
8.16 61.36 47.14 ONEOK
OKE
ORLY
4.42 279.23 169.43 OReillyAuto
-12.50 78.09 57.20 OccidentalPetrol OXY
11.81 150.53 80.56 OldDomFreight ODFL
OMC
1.58 86.71 65.32 Omnicom
ON
23.54 27.10 13.65 ON Semi
OTEX
1.79 40.31 30.88 OpenText
ORCL
10.55 53.48 43.60 Oracle
ORAN
-0.34 18.57 14.94 Orange
OA
0.30 134.59 93.50 OrbitalATK
IX
4.41 100.03 73.70 Orix
OSK
-12.73 100.26 61.74 Oshkosh
-11.89 96.52 59.26 OwensCorning OC
PCG
0.56 71.57 37.30 PG&E
PHI
-4.09 38.54 27.82 PLDT
PNC
10.94 163.59 115.25 PNC Fin
PKX
3.16 93.12 56.48 POSCO
PPG
-1.62 122.07 100.45 PPG Ind
-9.14 40.20 27.12 PPL
PPL
PTC
32.27 81.72 50.68 PTC
PVH
4.78 157.96 89.52 PVH
-4.70 79.69 61.93 Paccar
PCAR
-1.69 131.13 88.47 PackagingCpAm PKG
5.08 55.91 43.08 PacWestBancorp PACW
... 37.75 26.78 PagSeguroDig PAGS
29.34 191.53 107.31 PaloAltoNtwks PANW
-8.45 212.80 151.17 ParkerHannifin PH
-9.75 33.07 21.12 ParsleyEnergy PE
PAYX
-2.83 73.10 54.20 Paychex
36.91 112.20 53.70 PaycomSoftware PAYC
PYPL
11.60 86.32 42.06 PayPal
s 9.06 10.77 7.62 Pearson
PSO
-13.27 36.99 30.17 PembinaPipeline PBA
PNR
3.00 74.84 59.13 Pentair
5.88 20.26 15.96 People'sUtdFin PBCT
PEP
-6.90 122.51 106.19 PepsiCo
PKI
5.77 84.49 56.07 PerkinElmer
PRGO
-3.36 95.93 63.68 Perrigo
PTR
-2.13 82.33 60.69 PetroChina
37.03 14.93 7.61 PetroleoBrasil PBR
32.45 13.92 6.96 PetroleoBrasilA PBR.A
PFE
1.55 39.43 31.67 Pfizer
PM
-2.07 123.55 96.66 PhilipMorris
PSX
-5.30 107.47 75.14 Phillips66
PPC
-18.13 38.39 20.28 PilgrimPride
-7.31 66.67 52.81 PinnacleFoods PF
-8.46 92.48 73.81 PinnacleWest PNW
-2.03 192.93 125.46 PioneerNatRscs PXD
6.40 31.93 18.38 PlainsAllAmPipe PAA
PAGP
3.14 32.24 18.98 PlainsGP
-0.69 137.66 77.91 PolarisIndustries PII
PX
-0.23 166.95 115.67 Praxair
PFG
-11.98 75.58 59.25 PrincipalFin
-14.05 94.67 77.90 Procter&Gamble PG
s 9.94 62.14 38.61 Progressive
PGR
PLD
-1.05 67.53 49.44 Prologis
PFPT
33.64 123.87 70.30 Proofpoint
PRU
-5.51 127.14 97.88 PrudentialFin
PUK
5.02 55.36 41.12 Prudential
-4.29 53.28 41.67 PublicServiceEnt PEG
-5.26 232.21 180.48 PublicStorage PSA
PHM
-11.64 35.21 21.41 PulteGroup
QGEN
9.93 36.34 27.74 Qiagen
QRVO
21.25 86.84 62.68 Qorvo
QCOM
-5.31 69.28 48.92 Qualcomm
DGX
5.95 112.97 90.10 QuestDiag
52-Wk %
Sym Hi/Lo Chg Stock
1-800-FLOWERS FLWS
OpusBank
OPB
OrthofixIntl
OFIX
PCSB Fin
PCSB
Pearson
PSO
Penumbra
PEN
PlayAGS
AGS
PPlus GSC-2
PYT
ProfireEnergy PFIE
Progressive
PGR
QualityCareProp QCP
RLJ Ent
RLJE
Reading A
RDI
RingCentral
RNG
RiverviewBncp RVSB
SMART Global SGH
SS&C Tech
SSNC
ServisFirstBcshs SFBS
ShotSpotter
SSTI
SierraMetals
SMTS
SkyWest
SKYW
SodaStream
SODA
SolarEdgeTech SEDG
Surmodics
SRDX
TechTarget
TTGT
TejonRanch
TRC
TopBuild
BLD
Yld
Net
Sym % PE Last Chg
WXYZ
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
0.38 -7.0
4.72 5.2
3.39 3.2
7.26 -0.3
6.81 -2.8
3.97 ...
57.89 -1.1
2.30 -5.8
18.01 0.8
65.65 -0.3
0.80 -12.0
3.64 ...
0.29 2.0
7.31 0.9
1.50 -6.3
22.95 -0.3
0.21 0.2
0.96 2.0
10.90 -3.4
1.81 2.7
25.96 0.2
69.94 -0.9
47.50 -0.7
21.25 -10.2
0.14 -0.1
1.42 ...
9.30 -9.3
9.78 -7.8
3.85 -24.6
4.95 3.0
25.10 -4.6
3.21 -5.6
15.82 -1.5
50.01 ...
9.18 -1.8
2.65 -2.9
0.70 8.9
15.75 ...
15.65 -1.5
22.59 -3.1
20.50 -1.1
5.35 -1.5
4.62 12.0
0.33 -9.6
4.42 -7.7
4.10 -3.5
14.68 -1.1
64.94 -0.2
12.05 -2.8
6.47 2.1
6.85 1.4
42.11 -1.7
3.94 -1.7
26.16 -2.0
6.54 4.5 AntheraPharm ANTH
4.05 ... AscentCapital A ASCMA
AUTO
9.60 4.5 AutoWeb
BRFS
39.80 0.8 BRF
BSMX
83.05 0.5 BcoSantMex
Boxlight
BOXL
96.41 0.6
127.24 0.5 BritishAmTob BTI
BVSN
29.43 0.2 Broadvision
113.53 0.6 CSS Industries CSS
CVS
Health
CVS
1.61 11.8
44.72 0.7 CamberEnergy CEI
CDR
106.96 4.1 CedarRealty
CELGZ
56.38 0.5 Celgene Rt
CellcomIsrael
CEL
91.67 0.9
ChesapeakeGranite CHKR
22.54 -0.4
CompassPfdA CODIpA
11.55 1.6
ContraVirPharm CTRV
33.47 106.3
DareBioscience DARE
DelTaco
TACO
Digirad
DRAD
8.70 -2.2 DigitalRealtyPfH DLRpH
18.30 -0.9 DominionEner D
0.36 -13.3 DominionEnerUn DCUD
8.07 -1.5 DominionEnerMid DM
1.37 -8.1 EV Energy
EVEP
1.19 4.2 EclipseResources ECR
54.03 -0.7 EnbridgeEnergy EEQ
EnbridgeEnPtrs EEP
EnergyXXIGulfCoast EXXI
Entravision
EVC
EnvivaPartners EVA
Ferrellgas
FGP
FivePrimeTherap FPRX
GDL Fund Pfd GDLpB
GeospaceTech GEOS
GigaMedia
GIGM
Globalstar
GSAT
GreenlightCapRe GLRE
GrupoTelevisa TV
HamiltonBeach HBB
HavertyFurn A HVT.A
HudsonTech
HDSN
iFresh
IFMK
iPass
IPAS
J.Jill
JILL
KingswayFin
KFS
KoreaElcPwr
KEP
KraftHeinz
KHC
LifetimeBrands LCUT
LifewayFoods LWAY
MarinSoftware MRIN
MaxarTech
MAXR
MedleyCapital MCC
MicroFocus
MFGP
52-Wk %
Sym Hi/Lo Chg
MoneyGram
MGI
MudrickCapA MUDS
Neovasc
NVCN
NewGold
NGD
OrmatTech
ORA
OsiskoGoldRoyal OR
PerionNetwork PERI
PetroQuestEner PQ
PurpleInnovation PRPL
REV
REVG
RangerEnergySvcs RNGR
resTORbio
TORC
RibbonComms RBBN
SellasLifeSci
SLS
SanchezEnergy SN
SapiensInt
SPNS
ScrippsEW
SSP
SecureWorks SCWX
Sibanye-Stillwater SBGL
SteelPartners SPLP
Synacor
SYNC
TC PipeLines TCP
TataMotors
TTM
TelekmIndonesia TLK
Tellurian
TELL
TootsieRoll
TR
VascularBiogenics VBLT
9.46 -5.1
9.55 -0.5
0.10 20.3
2.30 -3.0
53.45 -0.3
9.47 -1.2
0.80 -2.6
1.02 1.0
9.00 -28.5
20.95 -3.0
7.91 0.2
14.12 0.2
5.06 ...
4.62 -1.4
2.82 0.7
9.07 -0.1
12.79 -0.3
7.86 -14.3
3.76 -1.8
17.75 -2.7
1.70 -14.6
35.66 -10.8
26.21 -2.2
28.01 -2.3
7.05 -1.2
30.20 -1.8
2.20 -4.2
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | B9
* * * *
MARKET DATA
WSJMarkets.com
Futures Contracts
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
March
3.1230
3.1260
3.0760
3.0930 –0.0180
May
3.1245
3.1495
3.0900
3.1075 –0.0200
Gold (CMX)-100 troy oz.; $ per troy oz.
March
...
...
... 1311.30 –5.50
April
1316.50 1321.80
1309.50 1312.30 –5.50
June
1322.40 1327.40
1315.30 1318.00 –5.50
Aug
1327.50 1333.20
1321.10 1323.90 –5.50
Oct
1332.60 1338.60
1328.20 1329.70 –5.50
Dec
1340.30 1345.20
1333.10 1335.80 –5.50
Palladium (NYM) - 50 troy oz.; $ per troy oz.
983.00
992.75
976.75
988.55
7.55
June
Sept
981.40
985.95
974.00
983.55
7.15
Platinum (NYM)-50 troy oz.; $ per troy oz.
April
955.30
960.00
945.80
950.20 –6.70
July
960.00
965.00
951.00
955.40 –6.70
Silver (CMX)-5,000 troy oz.; $ per troy oz.
March
16.335
16.405
16.185
16.202 –0.151
May
16.395
16.495
16.205
16.272 –0.150
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
61.18
62.54
61.08
62.34
1.15
April
May
61.22
62.60
61.14
62.41
1.16
June
61.09
62.44
61.01
62.25
1.12
July
60.80
62.10
60.74
61.94
1.09
Sept
60.05
61.12
59.91
61.03
0.99
Dec
58.77
59.83
58.62
59.70
0.82
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
April
1.8951
1.9190
1.8835
1.9118 .0189
May
1.8990
1.9238
1.8881
1.9172 .0195
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
April
1.9233
1.9542
1.9081
1.9459 .0211
May
1.9338
1.9650
1.9199
1.9573 .0228
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.683
2.701
2.667
2.688
.007
April
May
2.714
2.729
2.698
2.716
.004
June
2.770
2.781
2.751
2.770
.005
July
2.821
2.833
2.805
2.823
.006
Sept
2.819
2.831
2.807
2.824
.005
Oct
2.831
2.844
2.818
2.836
.005
386.25
394.00
387.50
395.25
Oats (CBT)-5,000 bu.; cents per bu.
382.50
390.50
382.75
391.00
t 241.75
242.25
t 249.00
249.25
Soybeans (CBT)-5,000 bu.; cents per bu.
1042.00 1050.00
1040.75 1049.50
May
July
1052.50 1060.50
1051.50 1060.25
Soybean Meal (CBT)-100 tons; $ per ton.
372.20
374.90
371.10
372.90
May
July
373.30
376.50
372.90
374.60
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
May
32.08
32.28
31.85
31.98
July
32.32
32.50
32.08
32.22
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
May
1241.00 1250.00
1231.00 1246.00
July
1263.00 1263.50
1261.50 1261.00
Wheat (CBT)-5,000 bu.; cents per bu.
May
478.75
482.25
467.00
467.75
July
496.25
499.75
484.00
485.00
Wheat (KC)-5,000 bu.; cents per bu.
512.25
515.50
498.75
499.50
May
July
530.50
532.25
515.75
516.50
Wheat (MPLS)-5,000 bu.; cents per bu.
615.50
618.50
610.50
611.75
May
July
622.00
624.75
t 617.50
618.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March
140.550 141.050
t 139.800 139.975
May
141.400 142.000
140.325 140.950
Cattle-Live (CME)-40,000 lbs.; cents per lb.
April
121.925 122.150
120.875 121.250
June
111.950 112.275
111.325 111.750
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
April
65.700
66.525
t 65.375
65.450
June
78.925
79.600
77.775
79.125
May
July
253.50
255.50
1,841
142,282
Chg
4,239
3,568
S&P 500 Index (CME)-$250 x index
14.26
14.06
14.28
14.33
–.02
.21
May
July
2,536
2,557
2,546
2,567
2,514
2,541
2,522
2,547
–14 122,170
–10 71,886
117.25
116.90
116.95
118.05
–.70
3
–.70 141,518
12.60
12.82
12.65
12.85
–.09 429,206
–.10 215,261
117.25
119.20
12.73
12.96
12.74
12.96
t
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May
July
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
t
24.50
24.60
t
25.12
25.25
Cotton (ICE-US)-50,000 lbs.; cents per lb.
83.70
83.70
82.42
82.85
May
Dec
78.04
78.30
77.69
78.28
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
138.90
139.95
137.40
138.30
May
July
139.75
140.25
137.85
138.55
24.51
25.38
May
July
53,968
25,563
166
148,408
91,067
476,611
343,133
129,987
142,373
239,638
24.87
25.38
–.650
–.650
4,987
15,481
–.275
–.050
ETF
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
1.54
–0.10
0.03
0.89
0.09
0.41
–0.00
0.53
0.02
–0.04
–0.08
–0.21
–0.22
–0.13
0.09
0.62
0.75
0.10
–0.06
0.65
9.89
105.18
53.25
67.31
28.87
102.44
85.39
76.58
106.96
103.66
120.13
66.48
59.34
63.82
277.30
193.70
79.71
63.05
106.70
97.53
–8.3
6.6
–6.4
–6.9
3.4
1.4
3.3
1.2
–2.1
–0.8
–1.7
0.6
4.3
1.2
3.1
2.1
3.8
3.1
–2.4
–1.0
Chg From (%)
Jan. '18 Feb. '17
U.S. consumer price index
0.45
0.45
248.991
255.783
All items
Core
2.2
1.8
Latest
Week
ago
52-Week
High
Low
Prime rates
4.50 4.50 4.50 4.00
3.45 3.45 3.45 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
0.00
0.50
0.00
0.50
114-100
114-005
–3.5 17,693
–3.7 3,318,986
0.000
March
June
106-162 106-172
106-075 106-087
106-157
106-070
106-160
106-072
–.7 29,292
–.5 1,915,905
98.503
98.335
.9406
.9468
.9471
.9531
.9403
.9463
.9427
.9487
.7660
.7678
70,953
85,346
80,818
135,512
29,582
38,296
43,978
861
426
80,895
518
314
36,307
166,468
155,384
427,076
EFAV
USMV
MTUM
FLOT
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
74.09
...
1.5
53.26
0.28
0.9
111.59
0.12
8.2
50.93
0.06
0.2
12.61
–0.24
0.8
116.76
0.11
–3.9
85.80
0.21
–1.7
112.23
–0.01
–3.3
104.21
–0.14
–2.2
73.65
–0.04
2.2
44.61
–0.11
10.3
70.47
–0.07
0.2
65.97
–0.63
2.3
49.21
–0.22
4.4
44.04
0.09
1.5
60.69
–0.44
1.3
112.74
0.06
5.6
108.51
0.08
–2.0
143.10
0.01
6.3
153.39
0.17
3.2
124.38
0.29
0.0
0.50
1.50
—52-WEEK—
High Low
0.50
1.50
Data provided by
Fund
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Net YTD
NAV Chg %Ret Fund
American Century Inv
47.08 -0.04
Ultra
American Funds Cl A
33.86
...
AmcpA p
AMutlA p 40.87 -0.13
BalA p
27.16 -0.03
BondA p
12.59 -0.01
61.51 -0.02
CapIBA p
CapWGrA 52.71 -0.03
58.11 -0.10
EupacA p
63.88 -0.19
FdInvA p
53.26 -0.09
GwthA p
HI TrA p
10.25
...
ICAA p
41.33 -0.20
23.02 +0.03
IncoA p
45.73 -0.11
N PerA p
49.19 -0.19
NEcoA p
NwWrldA 69.37 -0.19
57.91 -0.07
SmCpA p
12.79 +0.01
TxExA p
46.03 -0.13
WshA p
Baird Funds
AggBdInst
8.4 CorBdInst
7.5
0.6
0.4
-1.9
-1.3
3.5
3.4
2.9
7.5
...
2.7
-0.8
6.0
10.2
3.7
3.8
-1.3
1.3
0.25
1.50
4.034 4.048 4.087 3.253
4.063 4.085 4.123 3.281
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
at least $500 million each.
Fund
NAV Chg %Ret Fund
10.61 -0.01
NA
...
BlackRock Funds A
GlblAlloc p 19.89 -0.01
BlackRock Funds Inst
EqtyDivd
22.89 +0.06
20.01 -0.01
GlblAlloc
7.69
...
HiYldBd
StratIncOpptyIns 9.95 +0.01
Bridge Builder Trust
NA
...
CoreBond
Dimensional Fds
...
5GlbFxdInc 10.80
EmgMktVa 32.38 +0.01
EmMktCorEq 24.04 -0.02
IntlCoreEq 14.57 -0.03
20.41 +0.05
IntlVal
21.46 -0.09
IntSmCo
IntSmVa
22.73 -0.11
US CoreEq1 23.52 +0.08
US CoreEq2 22.14 +0.10
36.68 +0.30
US Small
Closing Chg YTD
Symbol Price (%) (%)
Net YTD
NAV Chg %Ret
-2.0 US SmCpVal 38.43 +0.37 1.3
NA US TgdVal 25.20 +0.24 1.2
39.59 +0.14 1.2
USLgVa
1.0 Dodge & Cox
Balanced 108.42 +0.21 1.3
14.07
... 1.5
0.5 GblStock
13.60 -0.01 -1.2
1.0 Income
46.87 -0.04 1.2
-0.3 Intl Stk
209.44 +0.68 2.9
0.6 Stock
DoubleLine Funds
NA
... NA
NA TotRetBdI
Edgewood Growth Instituti
-0.6 EdgewoodGrInst 33.06 -0.02 11.8
3.7 Federated Instl
3.5 StraValDivIS 5.78 +0.02 -5.6
0.2 Fidelity
-0.4 500IdxInst 96.60 +0.17 3.4
0.9 500IdxInstPrem 96.60 +0.17 3.4
-1.0 500IdxPrem 96.60 +0.17 3.4
3.2 ExtMktIdxPrem r 64.30 +0.36 3.6
... 0.3
2.7 IntlIdxPrem r 43.31
2.1 SAIUSLgCpIndxFd 14.76 +0.02 3.4
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShShortTreaBd
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShSrLoanPtf
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
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFinls
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdRealEst
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrJapanHdg
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
SHV
TIP
SHY
IEF
IWP
MINT
QQQ
BKLN
JNK
GLD
SCHF
SCHB
SCHD
SCHX
DIA
MDY
SPY
SDY
XLK
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VFH
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
DXJ
198.21
157.80
126.37
163.17
213.27
88.97
225.25
163.47
113.23
37.67
110.27
112.19
83.41
102.37
127.66
101.51
171.02
23.17
35.97
124.60
34.04
66.35
50.39
65.62
249.10
351.57
274.20
93.16
69.61
21.43
182.21
133.58
169.42
103.93
44.89
47.85
59.17
72.59
55.22
149.29
161.05
85.75
81.40
84.58
126.67
159.64
112.81
76.56
252.99
78.30
78.31
151.77
79.53
54.43
57.39
141.66
75.86
107.22
55.99
Net YTD
NAV Chg %Ret Fund
0.32
0.56
0.74
0.18
0.50
0.66
0.53
–0.02
0.25
0.03
0.03
–0.17
–0.05
–0.12
0.34
...
–0.30
–0.04
0.14
–0.24
–0.09
0.15
0.38
0.09
0.23
0.66
0.11
0.59
–0.10
–0.09
–0.12
0.72
0.27
0.26
–0.13
–0.31
...
0.19
–0.20
–0.07
0.02
0.28
–0.05
0.07
0.09
0.46
0.56
0.70
0.10
–0.06
0.01
0.50
–0.09
0.06
–0.19
0.17
0.01
0.24
–0.74
6.2
3.5
0.5
3.2
2.5
–0.2
4.4
7.0
–0.9
–1.1
0.0
–1.7
–0.5
–3.0
5.8
–0.0
9.8
0.6
–2.0
0.8
–0.1
2.8
–1.5
2.9
0.7
1.8
2.8
–1.4
8.9
–7.8
10.6
0.6
5.3
1.9
0.1
4.2
0.0
3.6
0.9
6.1
4.5
0.1
–2.9
–3.2
3.3
3.1
1.1
–7.7
3.1
–1.0
–1.2
2.7
–2.5
0.1
1.0
3.2
2.2
0.8
–5.6
2.7
8.7
9.0
9.0
0.7
0.4
11.5
11.6
-1.9
-1.8
1.2
5.4
9.7
2.5
5.4
11.9
2.4
0.4
-1.6
2.750
0.000
11,425
79,355
l
l
0.816 t
l
l
0.572 t
l
Italy 2 -0.256 t
l
1.979 t
10
2.291
l
2.700 t
10
Yield (%)
3 4 Previous
2
l
Germany 2 -0.590 t
7052.6
7044.0
FrankTemp/Temp Adv
GlBondAdv p 11.82 +0.03
Harbor Funds
CapApInst
IntlInst r
… 84,535
–26.5 220,577
Mini Russell 2000 (ICE-US)-$100 x index
1581.30
1585.10
March
June
1583.90
1594.70
1576.70
1579.00
1576.82
1590.90
–2.28
8.40
21,314
7,493
1527.50
2.40
32
90.21
89.80
.09
.12
9,329
24,813
Mini Russell 1000 (ICE-US)-$100 x index
1531.80
June
1532.70
1527.90
U.S. Dollar Index (ICE-US)-$1,000 x index
90.12
89.69
March
June
90.38
89.95
89.88
89.45
Source: SIX Financial Information
l
Month ago
Year ago
2.198
1.336
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
2.830
2.875
2.540
1.972
2.029
1.826
-32.3
-31.9
2.716
2.913
2.827
-14.4
-11.4
28.7
-0.481
-0.428
-277.1
-181.9
0.824
0.954
-200.6
-145.4
-0.585
-0.565
0.579
0.711
0.450
-0.243
-0.211
-0.030
1.988
1.989
2.352
-0.257
-0.482 -278.1
1.087
-202.9
-0.794 -288.5
76.92 -0.03
68.16 -0.07
Harding Loevner
NA
...
IntlEq
Invesco Funds A
11.04 +0.01
EqIncA
John Hancock Class 1
LSBalncd
15.40 +0.01
16.44 +0.01
LSGwth
John Hancock Instl
DispValMCI 23.93 +0.17
JPMorgan Funds
MdCpVal L 40.55 +0.22
JPMorgan R Class
11.35 -0.01
CoreBond
Lazard Instl
48.9
-287.5
-213.1
-225.2
-209.1
-255.1
-253.4
-136.7
-86.6
-84.2
-18.8
-244.3
-243.2
-159.3
-278.5
-246.1
-255.1
-149.1
-227.3
Japan 2 -0.148 t
l
-0.141
-0.152
0.035 t
l
0.045
0.059
-0.261
-0.378
-0.155
1.371
1.459
1.879
-147.7
-146.0
-66.1
0.814
0.656
0.094
-148.2
-147.7
-124.3
1.441
1.583
1.251
-141.3
-138.9
-128.9
10
0.100
1.400
1
1.972
10
2.000
0.100
0
l
France 2 -0.486 t
0.500
0.050
Latest(l)-2 -1
U.S. 2 2.295 s
10 2.845 s
0.750
Spain 2 -0.271 t
1.400
10
1.368 t
2.000
U.K. 2
0.813 t
4.250
10
1.432 t
l
l
l
l
0.080 -281.0
-256.6
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Ford Motor Credit
Bank of America
JPMorgan Chase
Cigna
F
Johnson & Johnson
Kinder Morgan
Allergan Funding SCS*
Buckeye Partners
JNJ
BAC
JPM
CI
KMI
AGN
BPL
Maturity
Spread*, in basis points
One-day change
Current
3.815
3.875
3.900
5.125
Nov. 2, ’27
Aug. 1, ’25
July 15, ’25
June 15, ’20
145 –40
79 –24
79 –17
–16
75
1.950
5.050
4.850
4.125
Nov. 10, ’20
Feb. 15, ’46
June 15, ’44
Dec. 1, ’27
18
213
191
185
Last week
–16
–14
–13
–13
Stock Performance
Close ($)
% chg
186
n.a.
87
n.a.
…
32.17
115.44
168.67
…
0.22
0.17
1.06
30
210
181
177
133.68
16.41
…
43.07
0.47
0.61
…
1.99
…And spreads that widened the most
Berkshire Hathaway
Qualcomm
Williams Partners
General Electric
BRK
Solvay Finance America
Apple
Boston Properties
Energy Transfer
SOLBBB
QCOM
WPZ
GE
AAPL
BXP
ETP
3.125 March 15, ’26
4.800 May 20, ’45
5.400 March 4, ’44
4.625
Jan. 7, ’21
73
150
198
83
12
12
8
21
69
154
n.a.
78
...
60.62
36.19
14.31
...
1.22
3.11
–0.35
4.450
Dec. 3, ’25
2.100 Sept. 12, ’22
3.125 Sept. 1, ’23
3.600
Feb. 1, ’23
112
41
85
143
8
7
7
7
n.a.
n.a.
n.a.
130
...
178.02
127.16
16.97
...
–0.35
0.99
2.17
High-yield issues with the biggest price increases…
Symbol
Coupon (%)
Exela Intermediate
SFR S.A.
Altice Finco S.A.
Endo Dac
EXLINT
10.000
6.000
7.625
6.000
July 15, ’23
May 15, ’22
Feb. 15, ’25
July 15, ’23
102.875
98.063
99.750
76.140
Mattel
Tallgrass Energy Partners
Penske Automotive
Seagate HDD Cayman*
MAT
6.750
5.500
5.375
4.750
Dec. 31, ’25
Jan. 15, ’28
Dec. 1, ’24
June 1, ’23
98.375
99.500
101.184
100.984
SFRFP
ALTICE
ENDP
TEP
PAG
STX
Maturity
Bond Price as % of face value
Current
One-day change
Issuer
Last week
3.13
2.92
99.750
96.250
n.a.
75.780
...
...
...
…
98.813
100.625
100.040
100.450
13.86
39.13
46.13
…
0.14
0.62
0.72
…
n.a.
87.125
n.a.
98.000
...
...
...
3.12
...
...
...
2.97
96.500
61.000
98.750
103.260
8.85
...
...
...
1.14
...
...
...
1.50
1.39
1.13
1.00
0.93
0.86
Stock Performance
Close ($)
% chg
...
...
...
…
…And with the biggest price decreases
Acosta
Altice Luxembourg S.A.
P.F. Chang's China Bistro
J. C. Penney
ACOSTA
Dean Foods
PetSmart
Radiate Holdco
Rackspace Hosting
DF
ATCNA
PFCB
JCP
PETM
RADIAT
RAX
7.750
7.625
10.250
5.875
Oct. 1, ’22
Feb. 15, ’25
June 30, ’20
July 1, ’23
68.750
87.000
80.250
95.500
6.500 March 15, ’23
7.125 March 15, ’23
6.875 Feb. 15, ’23
8.625 Nov. 15, ’24
95.313
57.250
97.750
102.640
–3.00
–1.75
–1.75
–1.50
–1.31
–1.25
–1.25
–0.86
*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
Dividend Changes
Dividend announcements from March 16.
Company
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Increased
Equity Residential
Independent Bank
Paramount Group
Umpqua Holdings
W. P. Carey Inc.
EQR
INDB
PGRE
UMPQ
WPC
3.6 .54 /.50375
2.0 .38 /.32
2.7 .10 /.095
3.6 .20 /.18
6.5 1.015 /1.01
Q
Q
Q
Q
Q
Apr13 /Mar26
Apr06 /Mar26
Apr13 /Mar29
Apr13 /Apr02
Apr16 /Mar29
Reduced
MS Non-Cum. pfd.Ser A
MSpA
4.4 .25 /.25556 Q
Apr16 /Mar29
Initial
Americold Realty Trust
COLD
.13958
Apr16 /Mar30
Company
Symbol
Assurant Pfd. Series D
Saul Centers Pfd. D
VICI Properties
AIZP
Amount
Yld % New/Old Frq
6.3
1.6792
.28924
.16
1.2
4.0
3.7
2.5
3.4
4.3
Q
.10
.02336 M
.64443 SA
.63311 A
.90682 SA
A
.40
BFSpD
VICI
Payable /
Record
Jun15 /Jun01
Apr16 /Apr02
Apr13 /Mar29
Foreign
ArcelorMittal ADR
Crescent Point Energy
ENI ADR
Huaneng Power ADR
Prudential ADR
Yintech Invt Holdings ADR
MT
CPG
E
HNP
PUK
YIN
Jun13 /May18
Apr16 /Mar31
Jun07 /May22
/May09
May25 /Apr03
Apr09 /Mar27
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
Net YTD
NAV Chg %Ret Fund
TMktIdxF r 78.98 +0.19 3.4 First Eagle Funds
59.16 +0.05
TMktIdxPrem 78.97 +0.18 3.4 GlbA
USBdIdxInstPrem 11.29 -0.02 -2.1 FPA Funds
35.39 +0.05
FPACres
Fidelity Advisor I
NwInsghtI 33.58 +0.03 7.1 FrankTemp/Frank Adv
IncomeAdv 2.30
...
Fidelity Freedom
16.78 +0.01 1.3 FrankTemp/Franklin A
FF2020
7.28 +0.01
14.62 +0.01 1.5 CA TF A p
FF2025
2.32
...
18.42 +0.01 2.0 IncomeA p
FF2030
61.40
+0.11
RisDv
A
p
Freedom2020 K 16.76 +0.01 1.3
... 1.5 FrankTemp/Franklin C
Freedom2025 K 14.59
2.35
...
Freedom2030 K 18.39
... 2.0 Income C t
Freedom2035 K 15.60 +0.01 2.6 FrankTemp/Temp A
Freedom2040 K 10.97 +0.01 2.6 GlBond A p 11.87 +0.03
Growth A p 27.49 +0.11
Fidelity Invest
Balanc
24.38 +0.04
95.43 -0.12
BluCh
Contra
131.47 -0.07
131.41 -0.07
ContraK
10.29
...
CpInc r
40.20 -0.09
DivIntl
199.26 -0.29
GroCo
GrowCoK 199.26 -0.29
7.73 -0.01
InvGB
10.98 -0.01
InvGrBd
55.18 +0.10
LowP r
MagIn
110.25 +0.07
120.53 -0.45
OTC
24.00 +0.02
Puritn
SrsEmrgMkt 22.56 -0.05
SrsGroCoRetail 18.61 -0.03
SrsIntlGrw 16.54 -0.05
SrsIntlVal
10.73 +0.02
TotalBond 10.41 -0.01
…
12.70
7031.0
7033.0
.0013 164,903
.0013 138,725
.7665
.7680
ETF
27,404
25
7059.3 s
7084.8 s
7050.5
7072.8
March
June
Bonds | WSJ.com/bonds
114-095
113-315
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
Friday, March 16, 2018
Net YTD
1924.83
1939.40
114-150 114-150
114-035 114-057
Fannie Mae
Mutual Funds
1921.50
1924.80
March
June
Secondary market
30 days
60 days
1927.80
1944.90
10
30-year mortgage yields
International rates
1921.90
1930.90
Mini S&P Midcap 400 (CME)-$100 x index
2.250
t
.7633
.7636 –.0023
t
.7645
.7650 –.0023
British Pound (CME)-£62,500; $ per £
1.3937
1.3981
1.3888
1.3940 .0007
March
June
1.3996
1.4040
1.3945
1.3996 .0004
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.0511
1.0543
1.0475
1.0497 –.0093
March
June
1.0596
1.0628
1.0558
1.0581 –.0013
Australian Dollar (CME)-AUD 100,000; $ per AUD
.7788
.7804
t
.7709
.7713 –.0085
March
April
.7788
.7804
t
.7715
.7714 –.0086
May
.7787
.7803
t
.7718
.7715 –.0085
June
.7792
.7807
t
.7712
.7716 –.0085
Sept
.7792
.7810
t
.7730
.7722 –.0086
Dec
.7807
.7810
.7735
.7730 –.0085
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05345
.05352
.05329
.05345 –.00034
March
June
.05272
.05281
.05255
.05271 .00009
Euro (CME)-€125,000; $ per €
1.2304
1.2337
1.2260
1.2286 –.0019
March
June
1.2392
1.2424
1.2347
1.2371 –.0022
0.50
1.50
March
June
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Week
Latest ago
Britain
Australia
… 956,689
0.50 2,665,457
Australia 2
Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
don’t always represent actual transactions.
Inflation
2751.83
2756.00
4.500
Borrowing Benchmarks | WSJ.com/bonds
March 16, 2018
Money Rates
Feb. index
level
2747.00
2750.25
–4.0 17,180
–5.0 3,388,487
Closing Chg YTD
Symbol Price (%) (%)
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShEdgeMSCIUSAMom
iShFloatingRateBd
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazil
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
2757.00
2766.25
120-310
120-110
Largest 100 exchange-traded funds, latest session
ETF
2753.75
2757.50
Country/
Coupon (%) Maturity, in years
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Friday, March 16, 2018
Closing Chg YTD
Symbol Price (%) (%)
March
June
120-290
120-085
March
June
36,903
84,831
0.30
0.70
121-025 121-060
120-145 120-195
March
June
–.600 69,011
–.550 154,777
2755.90
2762.90
March
June
Canadian Dollar (CME)-CAD 100,000; $ per CAD
32,605
10,778
2750.60
...
2.250
–.08 242,041
–.08 109,737
41,425
41 104,993
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
9,410
1,782
Currency Futures
–14.00 124,447
–14.00 75,448
2766.00
2771.20
–12.0
1,562
–12.0 815,692
Japanese Yen (CME)-¥12,500,000; $ per 100¥
–11.00 230,938
–11.00 128,407
2757.90
...
145-140
144-140
1.90 210,075
2.00 114,089
Open
interest
–.50
–.45
t 98.498
98.500 –.002 114,422
t 98.325
98.330
… 399,012
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
94.219
94.219
93.984
94.016 –.250
8,381
March
June
94.016
94.016
93.766
93.828 –.234 27,206
1 Month Libor (CME)-$3,000,000; pts of 100%
98.1600 98.1600
98.1600 98.1625 –.0050
1,499
March
May
98.0650 98.0650
98.0650 98.0625 –.0150
1,408
Eurodollar (CME)-$1,000,000; pts of 100%
97.7850 97.7925
t 97.7750 97.7750 –.0200 1,208,347
March
June
97.6900 97.7000
t 97.6650 97.6700 –.0300 1,764,198
Dec
97.4750 97.4850
97.4450 97.4550 –.0250 2,061,816
Dec'19
97.1350 97.1600
97.1050 97.1100 –.0350 2,251,339
5,958
1,220
June
Sept
145-150
144-080
98.503
98.330
Chg
Global Government Bonds: Mapping Yields
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
8.75 388,620
9.00 216,191
24879
24965
145-280 145-280
144-270 145-110
March
April
4,308
839
24823
24848
Mini S&P 500 (CME)-$50 x index
Settle
–.68 126,255
.09 70,156
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
158,713
313,075
82,500
129,745
81,713
130,035
24948
25050
March
June
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
73,728
141,166
–3.75
–3.75
3,203
2,682
Interest Rate Futures
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
66,287
95,949
5.00
5.00
–.02
.10
24921
24944
March
June
Contract
High hilo
Low
Open
Mini Nasdaq 100 (CME)-$20 x index
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
14.31
14.34 s
Open
interest
Chg
5,321
697
14.30
14.16
117.25
119.05
Settle
–5.30
–6.20
March
April
March
May
Contract
High hilo
Low
Open
489.10
477.20
Coffee (ICE-US)-37,500 lbs.; cents per lb.
23,684
1,045
Open
interest
487.50
475.00
Cocoa (ICE-US)-10 metric tons; $ per ton.
528
255,216
186,811
41,258
5,746
40,560
–8.75
–6.75
496.00
483.10
Milk (CME)-200,000 lbs., cents per lb.
–4.00 718,283
–3.50 491,294
253.50
256.00
493.30
482.00
May
July
Open
interest
Agriculture Futures
May
July
Settle
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Metal & Petroleum Futures
Corn (CBT)-5,000 bu.; cents per bu.
Contract
High hilo
Low
Open
Net YTD
NAV Chg %Ret Fund
EmgMktEq 20.83 -0.03
0.2 Lord Abbett A
...
ShtDurIncmA p 4.21
2.0 Lord Abbett F
ShtDurIncm 4.20
...
-1.3 Metropolitan West
10.41 -0.02
TotRetBd
10.41 -0.01
-1.9 TotRetBdI
9.80 -0.01
-1.3 TRBdPlan
0.4 MFS Funds Class I
40.94 +0.04
ValueI
-1.4 MFS Funds Instl
IntlEq
25.45 -0.04
0.5 Mutual Series
31.87 +0.08
0.8 GlbDiscA
Oakmark Funds Invest
32.54 +0.06
EqtyInc
r
0.5
87.32 +0.26
Oakmark
OakmrkInt 28.63 +0.06
10.8
Old Westbury Fds
0.9
14.80 -0.01
LrgCpStr
Oppenheimer Y
NA
44.85 -0.14
DevMktY
IntGrowY
44.57 -0.09
0.7
Parnassus Fds
43.86 +0.09
ParnEqFd
1.4
PIMCO Fds Instl
2.2
NA
...
AllAsset
10.05 -0.02
TotRt
2.7 PIMCO Funds A
12.17 -0.01
IncomeFd
0.7 PIMCO Funds D
12.17 -0.01
IncomeFd
-1.6 PIMCO Funds Instl
IncomeFd
12.17 -0.01
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
4.0 PIMCO Funds P
IntlEqIdxInst 20.25 -0.01
12.17 -0.01 -0.8 Tweedy Browne Fds
IncomeP
28.44 -0.04
GblValue
107.81 -0.12 11.9 VANGUARD ADMIRAL
BlChip
-0.4 CapApp
28.89 +0.03 2.2 500Adml 255.13 +0.44
35.17 +0.04
33.58 +0.12 0.7 BalAdml
EqInc
-1.9 EqIndex
11.57
...
74.10 +0.13 3.3 CAITAdml
-1.9 Growth
164.97
+0.79
CapOpAdml
r
68.74 -0.09 9.7
-1.8 HelSci
EMAdmr
39.96
-0.08
74.72 -0.16 6.2
40.89 -0.07 10.8 EqIncAdml 77.53 +0.26
InstlCapG
0.4 IntlStk
18.93 -0.04 1.4 ExplrAdml 94.84 +0.43
15.11
... -0.1 ExtndAdml 87.82 +0.48
IntlValEq
...
93.14 +0.26 7.0 GNMAAdml 10.23 -0.01
MCapGro
...
30.69 +0.13 1.0 GrwthAdml 76.89
MCapVal
0.2
57.32 +0.10 9.0 HlthCareAdml r 89.61 +0.36
N Horiz
...
9.26 -0.01 -1.9 HYCorAdml r 5.78
N Inc
1.1
25.10 -0.05
OverS SF r 11.48 -0.01 1.5 InfProAd
3.5
IntlGrAdml 102.48 -0.19
22.87 +0.01 1.5
R2020
0.2
ITBondAdml 11.02 -0.01
17.92 +0.01 1.9
R2025
ITIGradeAdml 9.47 -0.02
26.51 +0.01 2.3
R2030
2.4
LTGradeAdml 10.01 -0.02
19.46
... 2.6
R2035
MidCpAdml 197.72 +0.94
28.02 +0.01 2.9
4.4 R2040
...
MuHYAdml 11.19
37.67 +0.06 0.9
2.2 Value
MuIntAdml 13.87 +0.01
PRIMECAP Odyssey Fds
...
MuLTAdml 11.38
2.8 AggGrowth r 52.04 +0.22 17.4 MuLtdAdml 10.83
...
42.21 +0.16 13.3
Growth r
...
MuShtAdml 15.71
NA Principal Investors
PrmcpAdml r142.59 +0.67
-1.7 DivIntlInst 14.00 -0.04 0.7 RealEstatAdml108.52 +0.78
Prudential Cl Z & I
SmCapAdml 72.75 +0.41
14.19 -0.02 -2.1 STBondAdml 10.27
-0.9 TRBdZ
...
Schwab Funds
...
STIGradeAdml 10.50
42.58 +0.08 3.4 TotBdAdml 10.48 -0.01
-0.9 S&P Sel
TIAA/CREF Funds
TotIntBdIdxAdm 21.74 +0.01
-0.8 EqIdxInst
20.31 +0.05 3.4 TotIntlAdmIdx r 30.83 -0.02
-0.2 Price Funds
0.4 TotStAdml
69.00 +0.17
14.42 -0.01
41.86 +0.15
WdsrllAdml 67.41 +0.11
WellsIAdml 63.66 +0.03
WelltnAdml 72.06 +0.10
WndsrAdml 81.41 +0.32
VANGUARD FDS
26.88 +0.03
DivdGro
HlthCare r 212.46 +0.85
INSTTRF2020 22.72 +0.01
INSTTRF2025 23.12 +0.01
INSTTRF2030 23.45 +0.02
INSTTRF2035 23.77 +0.02
INSTTRF2040 24.08 +0.02
INSTTRF2045 24.30 +0.03
40.43 +0.05
IntlVal
19.94
...
LifeCon
34.26 +0.03
LifeGro
27.42 +0.02
LifeMod
28.22 +0.10
PrmcpCor
30.99 +0.19
SelValu r
STAR
27.32 +0.02
10.50
...
STIGrade
TgtRe2015 15.40
...
TgtRe2020 31.65 +0.01
TgtRe2025 18.71 +0.01
TgtRe2030 34.10 +0.02
TgtRe2035 21.03 +0.01
TgtRe2040 36.47 +0.03
TgtRe2045 22.97 +0.03
TgtRe2050 36.96 +0.04
13.52
...
TgtRetInc
...
TotIntBdIxInv 10.87
TxMIn r
-0.2 ValAdml
3.4
1.3
-1.2
7.4
4.7
...
7.3
3.6
-1.6
6.3
3.4
-1.3
-1.6
7.2
-2.5
-2.3
-5.2
3.2
-1.4
-1.3
-1.8
-0.2
0.3
6.7
-7.7
2.8
-0.7
-0.7
-2.0
0.4
1.0
Net YTD
NAV Chg %Ret Fund
3.4
0.1
1.1
0.4
-1.9
-0.1
3.1
1.2
3.4
0.8
1.1
1.4
1.7
1.9
2.1
1.4
0.3
1.8
1.0
4.9
-0.9
1.9
-0.7
0.5
0.9
1.1
1.4
1.6
2.0
2.1
2.1
0.1
0.4
WellsI
Welltn
WndsrII
Net YTD
NAV Chg %Ret
26.28 +0.01
41.73 +0.06
37.99 +0.06
VANGUARD INDEX FDS
500
255.08 +0.44
ExtndIstPl 216.74 +1.19
SmValAdml 57.42 +0.45
10.45 -0.01
TotBd2
TotIntl
18.43 -0.01
68.96 +0.16
TotSt
VANGUARD INSTL FDS
35.17 +0.03
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87.82 +0.48
...
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250.66 +0.44
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250.67 +0.43
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MidCpInst 43.68 +0.21
MidCpIstPl 215.42 +1.03
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TotBdInst2 10.45 -0.01
TotBdInstPl 10.48 -0.01
TotIntBdIdxInst 32.62 +0.02
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41.86 +0.15
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Western Asset
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CorePlusBdI NA
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.
B10 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
BANKING & FINANCE
U.S. Activist Takes On Europe
Elliott Management
ramps up campaign
to shake up firms;
Telecom Italia is latest
ALESSIA PIERDOMENICO/BLOOMBERG NEWS
Elliott Management Corp.,
an American activist fund, is
on a tear in Europe.
Capping a series of big inBy Eric Sylvers
in Milan and Ben
Dummett in London
vestments in the Continent
over the past two years, Elliott
this past week launched a
proxy fight at Telecom Italia
SpA, the one-time state-owned
telecommunications giant. It
has disclosed a 3% holding and
nominated a slate of directors
to replace six current board
members, including the company’s chairman. It wants the
carrier to simplify its shareholder structure, start paying
a dividend and sell or spin off
two of its businesses.
Elliott has also inserted itself in the chess match playing
out between 21st Century Fox
Inc., Walt Disney Co. and Comcast Corp. over British TV giant Sky PLC. Rupert Murdoch’s
Fox is trying to consolidate
ownership of Sky. Disney has
separately agreed to buy a big
Elliott launched a proxy fight at Telecom Italia this past week to
replace six directors. One of the telecom giant’s control units.
chunk of Fox assets, including
Sky. Comcast joined the fray in
February, promising a higher
price for Sky in its own preliminary offer.
Amid all that deal making,
Elliott quietly swooped in,
building about a 2.5% stake in
Sky. It joined a group of hedge
funds that have flooded in
amid signs a bidding war was
emerging. Elliott hasn’t commented on the stake but in the
past has used such invest-
ments to agitate for a higher
price from suitors.
In the Netherlands, Elliott
has built a big stake in paint giant Akzo Nobel NV, pushing it
in 2017 to consider marrying up
with U.S. rival PPG Industries
Inc. Akzo ultimately resisted
the effort, but agreed to a number of Elliott demands in the
process—including shedding its
specialty-chemicals business.
Elliott is also pushing mining giant BHP Billiton Ltd.,
listed in both London and Australia, to shed assets and restructure. BHP agreed to sell
its U.S. shale business and
more recently signaled its willing to consider changes to the
company’s structure that Elliott has demanded.
Activist investors aren’t a
new thing in Europe, but they
ratcheted up campaigns drastically in 2017, according to Katherine Moir, a mergers and acquisitions partner at global law
firm Clifford Chance. Elliott has
stood out as “a key player and
at the more disruptive end of
the spectrum,” she said.
Elliott’s European forays
have been largely led by Gordon Singer, the son of Elliott
founder Paul Singer, and a
group of managers based in
London. Elliott has been active
overseas for years, but recently ramped up its public
campaigning in Europe. Its approach—often backing up demands for change with threats
to oust management and directors—contrasts with what has
typically been quieter campaigns by many peers on the
Continent.
It declined to comment specifically about its strategy.
Though it ultimately lost in
its effort to force Akzo Nobel
into PPG hands, Akzo agreed
to appoint two board members
backed by Elliott. It won two
board seats at British investment manager Alliance Trust
PLC in 2015. The same year,
the hedge fund won three
board seats at Ansaldo STS, an
Italian maker of railway signaling equipment. That move is
part of an effort to push Hitachi Ltd. to raise the price it
has offered Ansaldo to consolidate its ownership.
Elliott has gone after Telecom Italia before. Back in 2001,
it successfully blocked the
company’s bid to buy back
nonvoting shares at a discount.
This past week, Elliott
struck again. In a letter made
public Friday and addressed to
all Telecom Italia shareholders,
the fund proposed the ouster
of several directors, including
its chairman, Arnaud de Puyfontaine. Mr. de Puyfontaine is
also chief executive of Vivendi
SA, which owns 24% of Telecom Italia. Elliott is asking the
company to sell or spin off its
Italian network business and
its undersea cable unit.
Vivendi said it would examine Elliott’s demands “with an
open mind.” But the company
also said “it is not sure that
the plan to dismantle the
Group and destabilize the
teams will create value.”
Telecom Italia declined to
comment.
BY MICHAEL RAPOPORT
PricewaterhouseCoopers
LLP wants to validate the validators.
The Big Four accounting
firm on Friday unveiled a new
offering that will provide an
independent verification of clients’ use of blockchain, the
technology that underpins bitcoin and other digital currencies. It said the service would
ensure companies are properly
implementing and using it.
The move will facilitate and
encourage companies’ use of
the new technology, PwC says.
Attesting that all is going as
planned will help ease any internal concerns about blockchain and get people to feel
more comfortable with its use,
it said.
“There’s a natural predilection for people with new technology to be distrustful of it,”
said A. Michael Smith, a PwC
partner in charge of internal
technology audit solutions, in
an interview with The Wall
Street Journal. “There’s going
to have to be some kind of independent validation that the
technology is functioning as
intended.”
Blockchain provides an unchangeable record of transactions by using decentralized
digital ledgers. So far, it’s
most closely associated with
the rise of cryptocurrencies,
but the technology can be
used in online identity verification, supply-chain manage-
ment and many other ways. To
the extent it’s used to verify
the accuracy of a company’s
financial transactions, it can
handle part of an auditor’s job.
But the nascent technology
faces a host of obstacles to
adoption, PwC says: legal and
compliance concerns within
companies and other organizations, issues of corporate controls and risk management.
Blockchain itself is often billed
as tamper-proof, but adopting
it poses the same kind of challenges a company faces with
any implementation of information technology.
“The compliance teams
don’t know what to do with
it,” said Vicki Huff, PwC’s
global innovation leader.
Those sorts of concerns at
PwC clients starting to use
blockchain led the firm to formulate its new offering. As
transactions occur on the
blockchain, PwC logs them and
applies controls and testing
criteria, and allows users
within a company to monitor,
view and test transactions in
near real time.
Among the initial customers using the product, PwC
says, is a major stock exchange that needs to verify its
blockchain-based
payment
process is working as intended. Another customer: a
digital-wallet provider, which
is using the PwC product to
verify the processing of its
transactions. PwC declined to
name the companies.
JEON HEON-KYUN/EPA/SHUTTERSTOCK
PwC Has an Answer for Blockchain: Audit It
Bonuses are surging back at
Deutsche Bank AG, except for
its top bosses.
After three consecutive
years without a profit, the
German lender disclosed Friday that employees would get
€2.2 billion ($2.71 billion) in
variable pay for 2017, in addition to their fixed salaries.
That is more than quadruple
the previous year’s bonus
pool.
Top executives are again
mostly abstaining from bonuses—it is year No. 3 on that
front—as the German lender
tries to battle back to profitability.
Deutsche Bank also on Friday reported a widened 2017
net loss of €735 million, adjusted from a net loss of €497
million reported in preliminary results in February. The
lower result mostly stemmed
from adjusted valuations of
U.K. deferred tax assets, the
lender said in conjunction
with the release of its annual
report Friday.
Deutsche Bank said it would
recommend a dividend of €0.11
a share ahead of the annual
shareholder meeting in May.
That compares to €0.19 a
share paid for 2015 and 2016
combined.
Deutsche Bank’s shares rose
0.5%, to €12.84, on Friday.
They’ve fallen about 19% this
year.
Already this year, Deutsche
Bank reported a fourth-quarter €1.4 billion charge from
deferred tax asset values tied
to the U.S. tax overhaul. That
Bank’s bonus pool in 2017,
quadrupled from the year before
A digital currency exchange in Seoul. The government is grappling with how to regulate the sector.
South Korea Raids
Crypto Exchanges
SEOUL—Prosecutors last
month raided three cryptocurrency exchanges in South Korea’s capital, after a January
government investigation found
that a portion of customers’ assets had been transferred to
private bank accounts belonging to top managers at the exchanges.
They carried out the threeday raid and confiscated items
including computer hard disks,
financial-transaction records,
mobile phones and accounting
records, Jeong Dae-jeong, the
case’s head prosecutor, said Friday. The raid comes as the
government grapples with how
to regulate virtual currencies.
“It’s unclear yet whether the
transactions can be seen as
embezzlement,” Mr. Jeong said.
He didn’t disclose the total
amount of the transferred
funds or specify which exchanges were under investigation. One, he added, is located
in the Seoul neighborhood of
Yeouido, home to Coinone, one
of the country’s largest crypto-
currency exchanges.
Investigations have since
the raid found that customers’
assets were used by at least
one of the exchanges to purchase bitcoin from competitors.
The Korea Blockchain Association, an industry group involving more than 30 domestic
exchanges, didn’t respond to requests for comment.
The South Korean won
was last year’s fourth mostused currency in bitcoin trading
after the U.S. dollar, the Japanese yen and the euro, according to CryptoCompare.
—Eun-Young Jeong
that typically carry big bonuses. That point is borne out
by the makeup of Goldman’s
partnership, a status symbol
unmatched on Wall Street and
bestowed every two years to a
select few.
Women make up just 15% of
Goldman’s 450 or so partners,
and they are more than twice
as represented in back-office
jobs such as compliance, legal
and human resources than
they are in profit-making businesses like trading, according
to a Wall Street Journal review of the pool.
Of the four women with a
seat on Goldman’s management committee, only one
runs a business that makes
money for the firm. There are
27 men on the panel.
That is progress from 1996,
when just seven of Goldman’s
173 partners were women. But
JUSTIN TALLIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
Women working at the
main U.K. arm of Goldman
Sachs Group Inc. make 36%
less than men, reflecting a
dearth of women in the bank’s
senior ranks and laying bare a
continuing challenge for Wall
Street as a whole.
A filing by the firm Friday,
which followed ones in recent
weeks by Barclays PLC, UBS
Group AG and others, shows
the financial industry is out of
step with the broader economy as women graduate college at higher rates than men
and make gains elsewhere.
The numbers come at a
time of intense focus on how
women are treated at work.
Companies including banks
have been rocked in recent
months by allegations of sexual harassment and discrimination.
They also put gender parity
squarely on the agenda inside
Goldman, which has held itself
out as a leader in Wall Street
workplace practices. President
David Solomon, who emerged
this week as the likely successor to Chief Executive Lloyd
Blankfein, has worked in recent years to promote and recruit more women while acknowledging that the firm
must do better.
The data—only a snapshot
of pay for about 5,000 people,
13% of Goldman’s global workforce—was released Friday as
part of a gender-pay disclosure mandated by the U.K.
Similar disclosures aren’t required in the U.S.
The issue appears to be less
that Goldman and other companies deliberately underpay
women, rather that women are
underrepresented in the senior, revenue-driving roles
BY JENNY STRASBURG
$2.71B
Goldman’s Gender Pay Gap Reflects Wider Issue
BY LIZ HOFFMAN
AND MARGOT PATRICK
Deutsche
Bonuses
Bypass
The Top
Women at Goldman’s U.K. arm make 36% less than men, reflecting fewer females in senior roles.
it is still out of step with current workplace trends.
“We have made some progress, but we have significant
work to do” in helping women
“rise to the highest levels of
our firm,” Messrs. Blankfein
and Solomon said in a memo
to staff.
That starts with bolstering
the firm’s recruiting pipeline.
Goldman aims to have women
make up 50% of its incoming
analyst classes by 2021. Already, Goldman has changed
the way it recruits junior
bankers, looking beyond the
Ivy League to attract a more
diverse pool of candidates.
Two years ago, the firm began closely tracking its summer interns, who account for
about 75% of its incoming analyst class, with the goal of retaining nontraditional candidates who might fall behind.
But it typically takes a decade or more to become a
managing director at Goldman, meaning initiatives will
take years to pay off.
“Even though we’ve moved
the ball forward, it’s not easy
to move it forward as quickly
as we would like,” Mr. Solomon said on a podcast in October.
Among Goldman’s highest
quartile of earners, 83% are
men. Nearly two-thirds of the
lowest quartile of earners are
women.
accounting
charge
put
Deutsche Bank in the red for
2017. The bank also was hurt
by double-digit-percentage
revenue declines in all three of
the bank’s business units.
Bonus-free Chief Executive
John Cryan received €3.4 million in salary for 2017, according to the annual report. Garth
Ritchie, the investment-banking co-head who runs global
markets, made the secondhighest salary of the 12-member management board, with
€3 million. The remaining top
executives received salaries
ranging from €800,000 to €2.9
million.
Deutsche Bank’s senior
managers unanimously waived
their bonuses for a third
straight year, a move designed
“to send a clear signal and ensure its own remuneration remains aligned to the bank’s
net results,” Mr. Cryan said in
a letter accompanying the annual report.
But two executives—Mr.
Ritchie and Stuart Lewis, the
chief risk officer—got a new
kind of bonus-like payment
the bank called a “functional
allowance,” of €250,000 and
€300,000, respectively. Mr.
Lewis earned his allowance for
responsibilities tied to “further improving the relationship with U.S. regulators,”
Deutsche Bank said. Mr.
Ritchie had “an additional responsibility in connection with
the implications of Brexit,” the
bank said.
The new allowance is optional for top executives assigned additional tasks beyond
their usual jobs and can be repeated at the discretion of the
supervisory board, according
to the annual report.
Deutsche Bank’s move back
to a big bankwide bonus pool
after a steep decline in variable pay for 2016 was “highly
contentious for many,” Mr.
Cryan said in his letter, a nod
to criticism from some investors and German politicians.
But Deutsche Bank has no
choice but to return to normal
bonuses if it wants to hold its
competitive ground, he said.
“We have to invest in our
employees so that we can continue to provide the best solutions for our clients,” he
wrote.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | B11
* * * *
MARKETS
Turmoil Could Benefit Wynn Bondholders
An obscure clause in a bond
document is adding to Wynn
Resorts Ltd.’s recent headaches.
Wynn Resorts acquiesced to
bondholders’ demands on
Thursday, raising an offer to
pay investors holding one of
its notes due in 2023. The
company is offering the payout
because it needs bondholders'
consent to amend an unusual
covenant in the bond that
could hurt the company if
founder Steve Wynn and his
ex-wife, Elaine Wynn, reduce
their ownership stakes.
The company is seeking to
adjust a “change-of-control”
covenant that would be
tripped if any investor came to
own more voting shares than
Mr. Wynn and Ms. Wynn hold
between them, which currently
amounts to a roughly 21%
stake in the company.
Mr. Wynn resigned as chairman and chief executive of
Wynn Resorts last month following sexual-misconduct allegations against him detailed in
a Wall Street Journal investigation. Recent developments
in a separate legal case suggest he and Ms. Wynn may be
looking to sell shares, making
the terms of its bonds suddenly relevant.
A Wynn Resorts spokesman
declined to comment on the
reasons for the offering to
bondholders. He also declined
to say whether the company
knows if Mr. Wynn plans to
sell his shares. Contacted
Thursday, a lawyer for Mr.
Wynn said Mr. Wynn is declining to participate in any reporting by the Journal because
he doesn’t believe the newspaper will treat him fairly.
Amending the bond is especially important for Wynn Resorts because the covenant in
question also applies to two
other bonds issued by its
Wynn Las Vegas subsidiary as
long as the 2023 bond remains
outstanding. Violating the
terms would mean that holders of all three bonds, which
total more than $3 billion,
could immediately demand re-
Back in Favor
The price on Wynn Resorts’ 4.25%
bond due 2023 has rebounded
as the company neared a deal to
amend terms on the debt.
103 cents on the dollar
102
101
BILLY H.C. KWOK/BLOOMBERG NEWS
BY SAM GOLDFARB
100
99
98
97
January
February
March
Source: MarketAxess
THE WALL STREET JOURNAL.
Wynn Resorts needs bondholders' consent to amend a covenant.
payment from Wynn Resorts
at a premium of 101 cents on
the dollar.
The company is now offering holders a total of $25 million, or 5% of the bond’s $500
million principal, to rewrite
the terms so the covenant
would be breached only if a
person or entity assumed a
majority ownership in the
company. That is up from its
initial offer of $10 million
made last month, as well as a
second offer that promised as
much as $25 million but guaranteed only $12.5 million.
From the outset, some of
the largest holders figured it
didn’t make sense to amend
the 2023 bond for anything
less than $25 million, according to two people familiar with
the matter.
That figure roughly reflects
the extra cash that Wynn Resorts would need to pay holders if it were to redeem the
2023 bond ahead of schedule—
a step the company, if it didn’t
Stocks
Advance
But Lose
For Week
Geopolitics
Bolsters
Oil Price
BY ALISON SIDER
AND NEANDA SALVATERRA
$62.34
Price a barrel for U.S. crude, up
1.9% on Friday
U.S. crude futures rose
$1.15, or 1.9%, Friday to $62.34
a barrel on the New York Mercantile Exchange. It gained
0.5% for the week. Brent, the
global benchmark, rose $1.09,
or 1.7%, to $66.21 a barrel on
ICE Futures Europe and was
up 1.1% for the week.
The International Energy
Agency bolstered crude on
Thursday with data showing
that supply from the Organization of the Petroleum Exporting Countries flagged in February on a drop in production
from Venezuela.
The agency also forecast an
increase in global oil demand,
sufficient to soak up any surplus crude in the market. Military confrontations in Syria
also raised expectations of further outages in the Mideast.
Still, some analysts said
there are looming risks for oil
prices.
“The sentiment is still very
bullish,” said Eugen Weinberg,
head of commodities research
at Commerzbank. “But actually I think the environment is
quite bad. It’s not only the rising production in the U.S. but
also the fact that Saudi
Aramco is not going to be
listed this year.”
Analysts at Bank of America
Merrill Lynch said Friday that
investors who have amassed
huge bullish positions on
crude prices may be ignoring
potential pitfalls, including
ramped up hedging by North
American producers, a possibly messy unwinding of
OPEC’s production cut agreement, and the growing risk of
a trade war.
BY AKANE OTANI AND MIKE BIRD
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES
Oil futures rose sharply to
end the week higher as investors focused on escalating
geopolitical risk as President
Donald Trump shuffled his
cabinet.
Talk about the fate of the
nuclear deal that allowed Iran
to boost its oil production
ramped up
COMMODITIES this
past
week after
Mr. Trump
fired Secretary of State Rex
Tillerson, who had advocated
for the U.S. to stick by the
agreement even as Mr. Trump
has attacked it. Analysts said a
return in U.S. sanctions would
likely curb foreign investment
in Iran’s oil sector and could
force refineries to buy less of
the country’s oil.
Comments Thursday by
Saudi Arabia Crown Prince Mohammed bin Salman added fuel
to the fire. He indicated Saudi
Arabia would seek to acquire a
nuclear bomb if Iran did.
“It creates this geopolitical
backdrop,” said Mark Benigno,
co-director of energy trading
at INTL FCStone.
reach a deal, could ultimately
be forced to take to avoid also
repaying the two other Las Vegas bonds.
In a sign that investors
think a deal is likely, the 2023
bonds traded Wednesday at
102.313 cents on the dollar, up
from 98.625 cents at the start
of February, according to MarketAxess.
The tough negotiating by
bond investors marks a notable shift from recent history,
when Mr. Wynn openly delighted in the attractive terms
he was able to extract from the
debt market.
In a 2013 conference call,
Mr. Wynn referred to Matt
Maddox, the company’s thenchief financial officer and current chief executive, as “Dr.
Maddox” for the “skilled surgery” he had performed on the
company’s balance sheet.
“It’s a wonderful time to
borrow money,” Mr. Wynn said
at the time. “It’s a shame that
we’re all done doing it.”
—Chris Kirkham
contributed to this article.
The 85% rally by Boeing’s shares in the past year accounted for a quarter of the Dow industrials’ gain. Boeing fell 6.8% this week.
Boeing Leaves Dow Without Leader
BY CHELSEY DULANEY
Worries about trade friction
are leaving the Dow Jones Industrial Average with something of a leadership void.
The blue-chip index declined 1.5% this past week,
weighed down by a 6.8% slide
in the shares of Boeing Co.
That is a reversal of one of the
most commented-on trends of
the past year, as a roaring
market rally and strengthening earnings sent Boeing
shares soaring.
But now, investors are
showing concerns about how
U.S. trade policy will affect the
aviation giant, whose 85%
stock rally over the past year
has been a crucial driver of
the blue-chip index. Boeing’s
1,046-point contribution accounts for a quarter of the
Dow industrials’ overall gain
and is more than double that
of the second-biggest contributor, Caterpillar Inc., which
has added 437 points.
Boeing’s outsize impact on
the index is due in part to the
Dow industrials’ unusual
Industrial Slump
Boeing shares weighed down the Dow Jones Industrial Average this
past week, as investors worried about the impact of U.S. trade policy.
2%
Performance, in five-minute intervals
0
Dow industrials
–2
–4
–6
–8
Boeing
–10
Monday
Tuesday
Wednesday
Source: WSJ Market Data Group
weighting method. Unlike other
indexes such as the S&P 500,
which weights components by
market value, the Dow continues to be weighted by the
share prices of its components.
As the highest-priced stock
in the Dow industrials, Boeing
receives the largest weighting
Thursday
Friday
THE WALL STREET JOURNAL.
of around 9%, according to The
Wall Street Journal’s Market
Data Group. That gives Boeing
a weighting nearly twice that
of Apple Inc., even though it is
valued at about $700 billion
less than the iPhone maker.
Still, this past week’s decline illustrates investors’ con-
MARKET WATCH
cerns that U.S. protectionism
could start the world down a
path that in the worst scenario could threaten the sanguine global economic backdrop that has supported
companies such as Boeing and
Caterpillar.
Investors fear that U.S.
steel and aluminum tariffs
could raise costs for those
manufacturing giants, while
the prospect of retaliatory action from trade partners such
as China could hurt their overseas businesses.
With Boeing taking a back
seat, it is unclear which of the
30 Dow components will
emerge as the new leader. Of
the eight Dow industrials companies that notched gains this
past week, only two added
more
than
10
points:
McDonald’s Corp., which
added 35 points, and UnitedHealth Group Inc., which contributed 17.
Despite being less dependent on Boeing, the S&P 500
has fared only slightly better
than the Dow, falling 1.2% during the week.
U.S. stocks gained Friday
but notched weekly losses, after a shaky stretch of trading
renewed many investors’ fears
over the course of trade policy.
Stocks struggled for traction
throughout the week as investors weighed fresh rebukes to
the Trump adFRIDAY’S
ministration’s
MARKETS p r o t e c t i o n i s t
trade agenda. Investors dumped
shares of materials and industrial companies, which some
fear could suffer if U.S. tariffs
drive up costs for manufacturers. Bank shares also slid earlier
in the week, hurt by a strengthening of U.S. government bonds
that drove yields lower.
With investors facing a relatively quiet period in between earnings seasons, many
say it isn’t surprising that
trade jitters and staff reshuffling in the White House appear to weigh on the market.
Still, even as stocks have
lost some momentum in recent sessions, analysts maintain that the earnings outlook
for U.S. companies looks solid.
Data have also pointed to a
strong labor market, still-subdued inflation and a ramp-up
in production at U.S. factories,
reassuring investors that the
economy remains strong.
The Dow Jones Industrial
Average rose 72.85 points, or
0.3%, to 24946.51, but fell 1.5%
for the week. The S&P 500 advanced 4.68 points, or 0.2%, to
2752.01 but sank 1.2% for the
week, while the Nasdaq Composite edged up 0.25 point, or
less than 0.1%, to 7481.99 and
fell 1% for the week.
Stock gains were broad Friday, helping some of the
worst-performing sectors of
the week recoup their losses
from earlier in the week.
The S&P 500 industrial sector added 0.5%, chipping away
at its weekly loss.
ADVERTISEMENT
CREDIT MARKETS
CURRENCIES
NATURAL GAS
Treasurys Decline
With Fed in Focus
Dollar Gains Ground
For Fourth Week
Muted Demand
Keeps Lid on Prices
Treasury prices pulled back
ahead of next week’s Federal
Reserve meeting.
The yield on the 10-year
Treasury note rose Friday to
2.848%, compared with 2.824%
Thursday.
Yields moved higher even before a new report from the Fed
showed a surprisingly large increase in industrial production
last month. That data helped
further soften demand for Treasurys, as it suggested the U.S.
economy remains on solid footing.
Positive economic news often
weighs on Treasurys because it
can portend a pickup in inflation,
which hurts government bonds
by eroding the purchasing power
of their fixed payments.
—Sam Goldfarb
The U.S. dollar rose, supported by rising short-term bond
yields and an increase in government debt issuance.
Late Friday in New York, the
WSJ Dollar Index, which measures the currency against a
basket of 16 others, rose 0.1% to
83.96. The dollar rose for the
fourth consecutive week, and
has gained 1.1% during that time.
The dollar was up 0.1%
against the euro to $1.2291 and
declined 0.3% versus the yen to
¥105.98.
Demand for dollars has been
bolstered by an increase in issuance by the Treasury Department of short-term bills and
notes, which has absorbed some
of the currency from overseas
holders.
—Daniel Kruger
Natural-gas prices edged
higher but ended the week
down as relatively muted demand and rising production
weighed on prices.
Natural gas for April delivery
rose 0.3%, to $2.688 per million
British thermal units on the New
York Mercantile Exchange. Gas
ended the week down 1.6%.
Prices fell nearly 2% Thursday
after a smaller-than-anticipated
withdrawal of natural gas from
storage.
A blast of cold weather late
in the winter season has helped
lift the market recently. But high
levels of production have kept a
lid on price rallies, analysts said.
And the approaching end of winter is limiting the influence of
cold temperatures on prices.
—Alison Sider
The Mart
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B12 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
MARKETS
Profitless Companies Flood IPO Market
Share of firms making
debuts last year while
posting losses was
the highest since 2000
MongoDB
Trading began: 10/18/17
Deal size: $220.8 million
EPS*: -$2.14
250
200
BY BEN EISEN
Dropbox Inc. and Spotify
Technology SA are poised to
join a growing list of newly
public companies that aren’t
making money, signaling an increasing tolerance for lossmakers when investors believe
there is potential.
More than three-quarters of
the 108 companies that completed IPOs in 2017 reported
per share losses in the 12
months leading up to their debuts, according to data tracked
by Jay Ritter, a finance professor at the University of Florida.
The share of loss-makers in
the IPO market has been rising.
Last year, it reached the highest percentage since the peak
of the dot-com boom in 2000.
By contrast, data spanning
nearly four decades shows 38%
of companies are typically unprofitable when they go public.
The shift suggests investors
are comfortable giving companies more space to grow their
businesses, often by sacrificing
immediate profitability for
higher spending on marketing
or research and development,
according to Mr. Ritter.
That is particularly true in
the tech sector, where 17% were
profitable last year, barely
higher than 14% in 2000. Recent tech fervor has fueled concerns in some corners that the
hot sector is once again getting
frothy. Many of those dot-com
era firms, such as e-commerce
retailer Pets.com Inc. and online
grocery business Webvan Group
Inc., later failed spectacularly.
The data “instantly evokes
parallels to the dot-com mania,”
said Callum Thomas, of macro
research firm Topdown Charts,
in a blog post this past week.
“Certainly, this is the sort of
thing you typically see toward
300%
Percentage change in
share price since IPO
150
Snap
Trading began: 3/2/17
Deal size: $3.91 billion
EPS*: -$0.51
Roku
Trading began: 9/28/17
Deal size: $252.25 million
EPS*: -$0.39
Okta
Trading began: 4/7/17
Deal size: $215.05 million
EPS*: -$1.06
Blue Apron
Trading began: 6/29/17
Deal size: $300 million
EPS*: -$0.34
Roku: 156%
100
0kta: 127%
MongoDB: 64%
50
Cloudera: 31%
0
Snap: 0.1%
Cloudera
Trading began: 4/24/17
Deal size: $258.75 million
EPS*: -$1.65
–50
Blue Apron: 79%
–100
March ’17 April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. ’18
Share of companies completing
IPOs with negative EPS†
Median revenue among tech
companies completing IPOs†
Tech/biotech share of total IPOs
80%
$200 million
80%
Tech
70
175
70
60
150
60
50
125
50
40
100
40
30
75
30
20
50
20
10
25
10
0
0
2000
’05
2010
’15 ’17
Biotech
’05
2010
’15 ’17
and often choose to forgo profitability to grow their businesses
and compete with larger rivals.
“A lot of the companies are
reporting losses but could report profits if they wanted to,”
Mr. Ritter said.
U.S.-listed technology companies that went public over
the past 12 months are trading
about 50% above their IPO
prices on average, according to
10 biggest IPOs, past 12 months
Altice USA Inc.
Deal size
$2.61 billion
2.15 billion
ADT Inc.
2000
’05
2010
’15 ’17
*Fully diluted pro forma EPS during the 12 months leading up to the IPO
†Over the 12 months leading up to the IPO
Sources: Jay Ritter, University of Florida; Dealogic (biggest IPOs); FactSet (stock prices)
the end of a market cycle.”
Tech companies, new and
old, have been a key pillar of the
long bull market. The techheavy Nasdaq Composite Index
has climbed 27% over the past
12 months, versus the broader
S&P 500’s 16% rise. But experts
are quick to point out that today’s tech firms that pursue
IPOs generate more revenue
than they did two decades ago
March
PagSeguro Digital Ltd.
0
2000
Feb.
Dealogic data through Thursday. Some loss-making IPOs are
doing even better. Zscaler Inc.,
a cloud security company that
began trading Friday, finished
the day at more than double its
IPO price of $16 a share.
Dropbox, a web storage and
collaboration company that is
set to start trading in the coming week, said in financial disclosures that it had a net loss
1.47 billion
Loma Negra CIASA
1.10 billion
Silver Run Acquisition Corp II
1.04 billion
Qudian Inc.
1.04 billion
Sea Ltd.
989 million
Gardner Denver Holdings Inc.
950 million
Antero Midstream GP LP
875 million
BP Midstream Partners LP
860 million
THE WALL STREET JOURNAL.
of $111.7 million last year, or 57
cents a share. That loss has
narrowed in the past few years
from $325.9 million, or $1.77 a
share, in 2015.
Spotify, the music-streaming
company that begins trading
early next month, had a loss of
€1.24 billion ($1.53 billion) in
2017, wider than a loss of €230
million in 2015. Spotify’s chief financial officer, Barry McCarthy,
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
The Right Mix for the Gin Craze Is Tonic
It’s party time in the gin
industry, but buying a gin
producer might not be the
best way for investors to
join the fun.
People are drinking more
of the juniper-flavored liquor. Global distiller Diageo,
which owns the Gordon’s
and Tanqueray brands, sold
18% more cases in the six
months through December
2017 than in the comparable
period of 2016, more than
double the growth rate for
the year through June.
Not so long ago, gin was
associated with a dwindling
cohort of aging drinkers.
This decade, however, sales
have picked up, particularly
at the top end of the market.
Over the five years through
2016, the last year for which
full data are available, annual growth in the number
of premium bottles sold averaged 9.3%, according to
data provider IWSR. For
even pricier bottles, growth
has been close to 30%.
Europe is at the forefront
Top Shelf, Please
Bottles of gin sold, compound annual growth rate by price point, 2012-16
29.2%
Super Premium
27.8
Ultra Premium
9.3
Premium
2.8
Standard
1.8
All Gin
0.8
Low-Price
Value
–3.3
Source: IWSR
THE WALL STREET JOURNAL.
of the revival, particularly
Spain and the U.K.
Small brands have proliferated, typically selling at a
premium. Like vodka, gin is
easy to make, requiring no
aging or geographic stamp
as Scotch, cognac and tequila do. In time, this could
become a problem for the
major producers. The recent
decline of vodka amid fierce
competition is an ominous
sign.
For now, however, Diageo’s numbers suggest the
trend is benefiting at least
some big brands. Incumbents
also have the option of buying insurgents. In early 2016,
Diageo’s Paris-based peer
Pernod Ricard bought a
trendy German label called
Monkey 47. Beefeater, Per-
Don’t Be Fooled by Tiffany’s Slowdown
If Holly Golightly were to
drop by a Tiffany store to
see the diamonds, she might
be surprised, and pleasantly
so. The luxury jeweler has
struggled with years of declining sales, but new products, including a home-goods
collection featuring items
like $350 gold crazy straws
and $9,000 sterling silver
balls of yarn, are clicking
with customers.
In January, the company
reported that its world-wide
same-store sales for the holiday season increased 5%.
Then growth slowed in January, leading the company to
miss estimates when it reported fourth-quarter earnings on Friday.
Same-store sales for the
quarter rose only 1%, missing
estimates of 2.8%. The com-
Turnaround
Tiffany’s same-store sales, quarterly
2%
0
0
–2
–4
–6
–8
–10
2016
’17
Source: the company
pany forecast profit for 2018
between $4.25 and $4.45 a
share, disappointing analysts
who expected $4.37 a share.
Yet the company still earned
$1.67 a share for the quarter,
topping estimates of $1.64 a
share.
The stock fell 5.1% Friday.
Tiffany’s strong holiday
performance is certainly
more significant than its
January slump, when jewelers are hardly expected to
see much growth anyway.
The turnaround appears to
be real. Though engagement
rings were down for the
year, part of a larger industry trend, the home-goods
collection of shiny straws,
yarn and other “everyday objects” saw double-digit-percentage growth.
In a call with analysts,
Chief Executive Alessandro
Bogliolo promised “more distinctive newness” from Tiffany. Those investments will
weigh on earnings growth
for now, but the company
has shown reason to believe
they may pay off.
—Elizabeth Winkler
nod’s flagship gin brand, reported a slowdown for the
half through December, with
on-the-year sales growth of
just 3%.
But diversified liquor giants aren’t the best plays on
the gin renaissance. The liquor still only accounts for
4% of Diageo’s sales; for Pernod, the proportion is probably similar. Bacardi, which
makes Bombay Sapphire, is
privately owned.
Investors, then, should
look to the mixers. Fevertree
Drinks, a British producer of
expensive tonic water, offers
much more concentrated exposure. The company’s 66%
sales growth last year can be
only partly attributed to the
blooming taste for gin and
tonic. More important, Fevertree is a disruption story:
It is taking market share
from incumbent tonic brand
Schweppes, owned by Dr
Pepper Snapple Group.
The company’s shares
have risen almost 20-fold
since the 2014 initial public
offering and now trade at almost 60 times earnings forecasts. Yet for long-term investors this could be
justified by the growth potential. In its most developed
market, the U.K., Fevertree
almost doubled sales last
year. If it can replicate anything like that success elsewhere, profit will easily exceed analysts’ cautious
forecasts. With a market
value of $4.1 billion, excluding cash, Fevertree is also an
obvious takeout candidate
for a growth-challenged consumer group.
Perhaps the biggest question for Fevertree, and the
gin industry, concerns the
U.S. Gin and tonic has yet to
take center stage in the
world’s largest liquor market, which has been more excited about tequila, whiskey
and cocktails. Fevertree set
up a U.S. base in December.
If the European gin craze
does cross the Atlantic, the
party really would get wild.
—Stephen Wilmot
told potential investors Thursday that the company will continue to invest in growth and,
because of that, won’t focus on
profit. He said the company expects such growth will ultimately raise its enterprise value.
Both companies look a lot
different than the tech IPOs
from around the year 2000,
particularly in terms of how
much revenue they generate.
Dropbox reported sales of $1.1
billion in 2017, up from $603.8
million in 2015. On top of that,
Dropbox generated $305 million in free cash flow last year.
Spotify posted €4.1 billion
of revenue in 2017, up nearly
39% from the prior year.
Tech companies that go public these days tend to be more
mature. Last year, such firms
had median sales of $181.5 million over the 12 months leading
up to their public offerings, well
above the median of $16.6 million in 2000, according to Mr.
Ritter’s inflation-adjusted data.
Still, the losses among newly
public companies concerns
some analysts. Snapchat parent
Snap Inc., which went public a
year ago, reported losses in the
final three months of 2017 that
doubled from a year earlier.
Less than a fifth of the 36 analysts tracking Snap have a “buy”
rating on the stock, according
to FactSet. But losses narrowed
from the prior quarter, and
some believe the company is
moving toward profitability.
Another reason for the drop
in profitability among newly
public companies is that nearly
30% are biotechnology firms
that come to market before
they have an approved drug.
Some of the successful ones will
sell themselves to large pharmaceutical companies while
others will fail, Mr. Ritter said.
When they go public, they
typically aren’t generating
much revenue. The median
sales among the 32 biotech
companies that went public last
year was less than $1 million.
—Maureen Farrell
contributed to this article.
WSJ.com/Heard
OVERHEARD
It’s well known on Wall
Street that popular trades
can sometimes backfire spectacularly. Men’s college basketball fans now understand
that lesson.
March sadness came
quickly for those betting on
the Arizona Wildcats to go
far in the NCAA tournament.
Fourth-seeded Arizona, which
lost by 21 points to 13-seeded
University of Buffalo, had
been an unusually popular
choice for success among
fans.
ESPN said that 90% of the
17.3 million brackets submitted on its website had picked
Arizona to win its first-round
game, and more than onesixth of those brackets selected Arizona to advance to
the Final Four. Instead, Arizona fell victim to the biggest
upset of the tournament so
far. Talk about a busted trade.
Away from sports, one can
only hope that fans who bet
on Arizona have their retirement money in index funds.
A Profitable Plan to Carve Rump of Yahoo
The $76 billion Alibaba
Group Holding stake owned
by the rump of Yahoo could
finally be unwound. Recent
corporate tax cuts may end
up being the catalyst to
close one of the hedge-fund
industry’s highest-profile
trades.
Activist hedge fund TCI
Fund Management openly
called Thursday for a liquidation of Altaba—the name
Yahoo adopted on the sale of
its operating businesses to
Verizon Communications in
June. Altaba now consists of
huge stakes in publicly listed
Alibaba and Yahoo Japan.
TCI is Altaba’s top shareholder, though its $6.7 billion stake is probably inflated by debt and covered
by undisclosed short positions in the underlying secu-
rities. A popular trade involves buying Altaba’s stock
and selling short Alibaba’s,
and sometimes also Yahoo
Japan’s. It is a bet that the
gap closes between Altaba’s
market value and those of its
stakes in Alibaba and Yahoo
Japan.
That gap, or discount, is
26%. TCI estimates the effective tax rate it would need to
pay at 17% to 18%. This implies an 11% to 12% return in
the event of a liquidation.
The fund’s boss, Chris Hohn,
points to December’s tax
cuts, which reduced the tax
liability.
A more likely reason is
that calling for a straight divestment could create pressure for an even more lucrative trade: getting Alibaba to
buy Altaba in stock. This
would sidestep the tax liability, allowing Alibaba to reduce its share count while
paying a premium over Altaba’s stock price. The return
on the trade could blossom
into something approaching
20%. Another change in the
tax law passed in December
regarding treatment of dividends makes such a transaction simpler to accomplish.
Alibaba isn’t likely to bid
for Altaba until it is a pure
play on its own stock. On
that front, Altaba’s management announced last month
its intention to sell the $9.8
billion Yahoo Japan stake.
But it could take time.
An immediate resolution
isn’t here yet, but the endgame for Altaba is drawing
closer.
—Stephen Wilmot
.
Will video replay
ruin soccer?
In praise of
the melodrama
of the game
Two big new
biographies
succeed in
explaining why
we liked Ike
C3
C5
BOOKS
|
CULTURE
|
SCIENCE
© 2018 Dow Jones & Company. All Rights Reserved.
|
COMMERCE
|
HUMOR
|
POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
* * * *
|
TECHNOLOGY
|
ART
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IDEAS
Saturday/Sunday, March 17 - 18, 2018 | C1
Our
Moment
of
Truth
T
BY REBECCA NEWBERGER GOLDSTEIN
HE TERM “POST-TRUTH” has
been around for decades,
but its big moment came in
2016, with the Brexit vote in
the U.K. and the presidential
candidacy of Donald Trump.
Usage of post-truth shot up
twentyfold, according to the
Oxford Dictionaries, which
chose it as the “word of the year” for 2016. Since
then, the term has become a commonplace in political commentary. It is not applied approvingly. To dub
ours the era of post-truth is not to praise it.
The editor of the Oxford Dictionaries noted that,
in this context, “post” doesn’t mean a time after a
specified event, as in “postwar” or “postgame,” but
rather signifies “a time in which the specified concept has become unimportant or irrelevant.”
Truth as unimportant or irrelevant? How are we
to understand such a claim? It can’t mean that
truth is simply passe, since that claim, like a snake
swallowing its own tail, would subvert itself. If it’s
true that we no longer regard anything as true,
then we won’t regard that very claim as true—
making it a self-defeating conclusion.
But that isn’t what people intend when they use
the term post-truth to characterize our present
moment. What they mean is not that our entire relationship with the truth has changed, but rather
Politics has warped facts
since the days of ancient
Athens, but our ‘post-truth’
era offers a destructive
new twist: defying facts as
a badge of tribal allegiance.
that there is something radically screwy going on
in one specific domain, namely politics. It’s in our
public life that truth is taking hard knocks, with
our warring political tribes determining their own
facts or (to quote the Trump adviser Kellyanne
Conway) their own “alternative facts.”
President Trump is certainly a special and aggravating case in this regard, but is our current
moment really so distinctive? Caught up in it as we
are, it’s perhaps natural to exaggerate its uniqueness. Political tribalism, however, has been around
for as long as there has been politics—which is to
say, going all the way back to the ancient Greeks.
And it has always shaped the way that people see
and report the facts.
The political life of ancient Athens was ceaselessly roiled by strife between the democrats, committed to the principle of government by the people, and the oligarchs, holding out for government
by the few. The language of the oligarchs reflected
their partisanship: For them, democracy was “mob
rule,” and the celebrated democratic orators, including Pericles, were “rabble rousers.” At the
same time, they attributed all the truth-abusing
rhetoric to the other side.
In one of his dialogues, Plato (who was no admirer of Athenian democracy) has his character
Socrates sardonically describe how the oratory of
men like Pericles transforms the facts, right down
to Socrates’ own self-image: “Each time, as I listen
and fall under their spell I become a different
man—I’m convinced that I have become taller and
nobler and better looking all of a sudden.... The
speaker’s words and the sound of his voice sink
into my ears with so much resonance that it is only
with difficulty that on the third or fourth day I recover myself and realize where I am.”
Demosthenes, one of the city-state’s greatest
democratic orators, denounced the political dishonesty he saw as a form of treason. In the two-tier
system of Athenian democracy, a small council of
citizens framed the proposals that would then be
debated and voted upon by the full citizen body.
Demosthenes charged that the proposals emanating from the council were founded on deliberate
falsehoods: “In a political system based on
Please turn to the next page
The most recent of Dr. Goldstein’s many books is
“Plato at the Googleplex: Why Philosophy Won’t
Go Away.”
ILLUSTRATION BY NISHANT CHOKSI
INSIDE
TABLE TALK
The internet has sold us on
visions of perfect cooking, but
what about the food?
C3
WILCZEK’S UNIVERSE
Remembering sunny England,
breakneck thinking and the joy
of knowing Stephen Hawking.
C2
BOOKS
Lit cigarettes, smoking dances:
The hit-filled Broadway life of
choreographer Bob Fosse.
C9
ESSAY
Bags for
survivalists,
birthday presents
for pets. Spotting
‘microtrends’ now
can pay off later in
a big way.
C4
WEEKEND CONFIDENTIAL
Milton Glaser has given us
‘I NY’ and other famed logos
--and decades of poster art too.
C11
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C2 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
REVIEW
The Trouble With Tribal Truths
THOMAS FUCHS
Continued from the prior page
does seem like a genuinely new phenomenon. How did this hapspeeches, how can it be safely administered if the speeches are
pen? How have propositions easily tested by evidence become
not true?”
retooled as oaths of tribal loyalty, not only impervious to counHis accusation occurred in the course of an attack against a
ter-evidence but positively reveling in it?
rival orator whom Demosthenes accused of being in the paid
Some might blame the truth-disparaging theories that have
employ of a foreign tyrant, Philip of Macedon. It was Philip, he
long been incubating in certain corners of the academy, which
charged, who was manipulating Athenian democracy from afar,
go by the names of relativism and postmodernism. Relativists
determining which proposals the council sent for the considerdeny that there is any truth that holds objectively for all.
ation of the people at large. The only thing missing in this af“Truth,” on this view, is just a matter of perspectives, whether
fair—a secret dossier by an ancient counterpart to Christopher
of individuals or cultures; it can make no universal claim.
Steele.
Postmodernists take this relativism to its logical conclusion,
Almost all of the familiar ingredients of political intrigue
asserting that the discourse of “truth” is a subterfuge concealwere present in ancient Athens: conspiracies and coverups, lies
ing the structures of power. After all, once we cease with all the
and misinformation—not to mention powerful oratory that, by
bother about objective truth, what is left but a zero-sum contest
appealing to irrational emotions, transformed the very sense of
among rival interests? For postmodernists, the relations of domthe facts.
inance and subordination constitute all that is human—not only
Has our own tense historical moment contributed anything new
our social and political milieus but also our various “disto the ways in which politics warps the truth? I think it has. It’s
courses,” including that of science. As they see it, the use by scia phenomenon both linguistically interesting and politically disentists of terms such as “evidence” and “scientific method” are
tressing, and it has erupted across the ideological spectrum. It’s
mere bids for power.
what I’d call pseudo-asserting: It has the appearance of an asserThough postmodernism would seem to be a challenge to evtion of truth, but it’s a different form of utterance altogether.
ery sort of truth claim, postmodernists are, in practice, almost
Genuine assertions have the concept of truth baked into
invariably on the political left. They don’t just describe the
them. No one has to say, “The statement that the Eagles won the
structures of power they have supposedly discovered—they defiSuper Bowl is true,” or “The statement that the statement that
antly oppose them. How this normative imperative arises out of
the Eagles won the Super Bowl is true is true,” ad infinitum.
the theory isn’t clear, but it may be that leftist politics comes
They just say, “The Eagles won the Super Bowl.” Of course they
first for postmodernists and their theory dutifully follows after.
are asserting it’s true; that’s what it means to assert anything
As a political matter, the difficulty with the postmodernist viabout anything.
sion—of truth supplanted by power struggles—is that it can just
It’s also why we give a hearing to what people asas easily fit with any right-wing view. If truth has
sert: because we have something to gain from learnno deeper basis than power, who’s to say that the
ing the truth and know that others might know
assertions of Trump supporters are wrong? They
what we don’t. It is among the reasons that we
won, after all, and isn’t that what truth, ultievolved the capacity for language in the first place.
mately, is about?
Even though asserting may be the most basic
I’m no fan of postmodernism, but I somehow
act that we perform with language, there are
doubt that this obscure academic ideology is remany other things that we do with words—other
sponsible in any meaningful way for our post“language games” we play, as the philosopher
truth woes. For one thing, the writings of postLudwig Wittgenstein put it. We use words to
modernists are so opaque and filled with jargon
emote, to command, to make promises. We even
that I’ve often wondered whether the authors
get ourselves hitched by uttering “I do” under the
themselves have any idea what they’re trying to
appropriate circumstances.
say. It’s hard to see how they could exert much inOne of the things that we sometimes do with
fluence outside of their own small coterie.
words is to pledge our allegiance—which has evI would say instead that the downgrading of
erything to do with the phenomena of post-truth.
truth, both within the academy and without, share
In today’s political discourse, we have
a common cause—namely, the promotion
taken to repurposing certain propositions
of political ends above all else. We have
so that pronouncing them is not so much
lost the capacity to limit the reach of our
an assertion of truth as a pledge of alleideologies and the identities that go with
giance to our political tribe. In these acts
them. Perhaps modern life has so unsetof pseudo-assertion, the information betled traditional identities that many of us
ing conveyed isn’t about the topic of the
have nothing better to fall back upon than
proposition at all; it’s about the political
the crude claims of politics. And it is cerloyalties of the speaker.
tainly the case that new media bear some
Consider two different propositions,
of the blame, with their unprecedented
from opposite ends of American politics:
capacity to distort and heighten every
(1) “The only way to stop violent crime is
point of ideological disagreement and to
to allow citizens to arm themselves,” and
disseminate it far and wide.
(2) “For a person of privilege to make creBut having such differences, as all sociative use of the culture of the underprivieties do, does not demand that we give up
leged is an act of aggression and abuse.”
on the truth as a thing apart, as a possible
The information that we can glean from
common ground on which to meet. We
these statements isn’t about the putative
simply have to check our tribal reflexes as
topics—gun control or cultural “appropriabest as we can and confront each other as
tion,” respectively. It’s about the political
citizens—each of us with some part to
identity of the speaker. Such assertions are
play, some evidence to contribute, in the
tribal banners, and offering counter-evigood-faith effort to govern ourselves.
PLATO, above, decried the oratory of
dence isn’t likely to get you very far.
In Plato’s most famous dialogue, the
leaders like Pericles for distorting reality.
Indeed, a pledge of political allegiance
Republic, Socrates falls into conversation
achieves greater authenticity if it flies in
with the bold and intimidating Thrasymathe face of counter-evidence, especially if that evidence comes
chus, who is a sophist—that is, one who offers instructions on
from “so-called experts.” My insistence that “Human actions
how to argue a case, no matter its merit. Sophistry was a rehave no impact on global warming” gains immeasurably, as a
spected profession in Plato’s Athens. It is partly due to Plato’s
pledge, from the fact that 97% of climate scientists disagree
writings that the term eventually took on its pejorative meanwith me; it highlights the depth of my commitment to the cause.
ing.
Similarly, to show my solidarity with others who wish to ban
Like many sophists, Thrasymachus is dismissive of the whole
“Frankenstein” foods, I can insist that “Genetically engineered
idea of objective truth, most especially when it comes to quescrops are unsafe for humans and animals,” even as I’m pretions of right and wrong—that is, justice. Like some ancient
sented with an exhaustive study by the National Academies of
postmodernist, Thrasymachus believes that truth is just a cover
Science concluding that there is no such evidence.
for pursuing one’s own interests, but as a privileged son of
These pseudo-assertions aren’t just tribal markers, of course.
power, he’s perfectly content with this arrangement. As he inThey also purport to say what is and isn’t true. And that’s where
sists to Socrates, “Justice is nothing other than what is advantawe get into trouble—in the very fact that their persuasive pogeous for the stronger”—in his mind, a good thing.
tency, as pledges, is often a function of how far they depart
In the famously long and winding conversation that follows,
from the best available evidence.
Socrates guides Thrasymachus and his other interlocutors
Democratic debate is never a strict weighing of evidence;
through many difficult philosophical questions. His answer to
emotional appeals to party, cause and country are always part
the challenge of Thrasymachus ultimately consists of this: That
of the mix. But our readiness today to proudly defy evidence is
none can maintain the justice of their commitments, whether in
very troubling. It undermines our commitment to the truth—and
philosophy or politics, without also committing firmly to the
our capacity to reach any sort of middle ground or consensus.
pursuit of truth.
The repurposing of truth-valued propositions for political
Giving up on the truth, then as now, means that we’re left
ends isn’t exactly new under the sun, but its prevalence today
with nothing but sophistry.
WILCZEK’S UNIVERSE:
FRANK WILCZEK
With Hawking
And the Cosmos
In Sunny England
WHEN I HEARD that Stephen
Hawking had passed away on
March 14, my thoughts immediately flew back to 1982, when
I first got to know him well.
That was long before his bestselling “A Brief History of Time” made
him a big celebrity.
Hawking had already been confined to a
wheelchair for several years, but he still
had enough strength to control it electrically with his hands. He could also still
speak, though it was very difficult to understand him, because his voice was soft
and his articulation slurred. He was usually accompanied by a “translator”—a
graduate student or postdoc who was accustomed to Hawking’s speech patterns
and would repeat what he said.
We were at a workshop on cosmology at
Cambridge University. Stephen had co-organized the workshop and chosen a group
of about 15 people, mostly in their 30s, to
attend. Many of us later became leaders in
the field, but at the time we were certainly not.
In fact, most of us were outsiders to cosmology, doing our main work in the fields
of particle physics and quantum-field
theory. We felt as though we were a band of
insurgents, hungry to seize some territory.
It was remarkable that Hawking, already a
leading figure in classical cosmology, not
only welcomed us in but led the charge.
It was a very unusual conference, lasting
over a week, with a loose schedule of formal talks and lots of time for informal discussions. Cambridge was at its glorious
best, lush and green and fair, so we spent a
lot of time outdoors.
That conference has approached legendary status in the scientific community, as
the moment when the “inflationary universe” model came of age and began to be
predictive. The central realization that
emerged has its roots in Hawking’s famous
earlier discovery—that black holes emit
what came to be known as Hawking radiation or, as he liked to put it, that “black
holes ain’t so black.”
Back in 1972,
Hawking had
showed that the
distortions in
space-time accompanying the formation of a black hole
cause particles to
be produced. When
space-time is rapidly expanding—as occurred during the
early moments of the big bang—a similar
process causes the universe to fill with various exotic forms of matter.
People came into the workshop with different ideas about the amount of such matter and how uniformly it would be distributed. The answers to those questions are
central to cosmology, because all the structure in today’s universe grows from those
initial seeds of non-uniformity.
Going into the conference, estimates of
the size of the effect ranged from essentially zero to values too large to describe
our universe. By the end, a consensus had
emerged. It is consistent with observations
and has held up to this day.
At the same conference, axion cosmology
was born. Axions are a hypothetical particle
whose existence would explain why the laws
of physics look almost the same if you run
events backward in time. At the conference,
we realized that the early universe can produce axions abundantly. They might provide
the universe’s “dark matter,” which astronomers have observed but not yet identified.
I spent a lot of time with Hawking during
the conference. Soon I could understand his
speech without an interpreter. It was a joy
to probe his deep knowledge and opinions
and to share family experiences and jokes.
One day, my very young daughter
crawled up and started playing with his
shoelaces. He watched her succeed in untying them and then told her, with a gleam in
his eye, “Good work.” And then, turning to
me: “Now, about the universe….”
It was a magical time, when the universe,
channeled through Hawking, paid a visit to
Cambridge.
We must
check our
partisan
reflexes and
try to
confront
each other
as fellow
citizens.
FROM TOP: DE AGOSTINI/GETTY IMAGES; MARCUS YAM/LOS ANGELES TIMES/GETTY IMAGES
‘It was a joy
to probe
his deep
knowledge.’
PROTESTERS and counterprotesters argue during President Trump’s visit to San Diego on March 13.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C3
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REVIEW
FRANCE’S ZINEDINE ZIDANE, left, ended his career during the 2006 men’s World Cup final by head-butting an Italian defender in the chest in response to
a series of muttered insults; his dramatic blow spurred a swirling global conversation.
Soccer Without
The Melodrama?
No Thank You
The arrival of video replay may fix referees’ botched calls,
but it could ruin cherished aspects of the game
BY LAURENT DUBOIS
SOCCER IS the most popular sport on the
planet and one of the most widely shared
forms of human culture. Yet in the U.S., even
after decades of growing success as a youth
activity, the game still doesn’t feel fully at
home. Its greatest chronicler, the Uruguayan
writer Edouardo Galeano, once quipped that in
the U.S. “soccer is the sport of the future and
always will be.”
Now soccer is about to adopt a technology
that has been central to big-time American
sports for years: video replay. For the first
time, referees at this summer’s World Cup—
soccer’s quadrennial international championship tournament—will be able to halt play and
point to a video booth for a ruling on certain
disputed calls. Fallible spur-of-the-moment
rulings will give way to careful frame-byframe analysis, and players won’t be able to
rely as much on their own theatrics to draw
down penalties on their opponents.
Americans who are skeptical of soccer may
be inclined to celebrate any effort to impose
some rationality on the game. But I worry
about this encroachment of technology, because it’s likely to dilute what makes the sport
so absorbing to me and millions of other fans
around the world. What soccer’s detractors
tend to hate about the game are not flaws, but
rather fundamental and cherished aspects of
the language of the game.
Soccer can be beautiful. I feel captivated
when I watch an unexpected play come together, a series of passes coalescing into
something magnificent, the players connected
intricately through movement and position.
“Behind every kick of the ball there has to be
a thought,” declared the Dutch soccer player
Dennis Bergkamp.
In certain moments, you see what players
have imagined take form in front of your eyes,
and the abstract becomes real. Such plays are
part of the mesmerizing ebb and flow of the
game, but they very rarely produce a goal.
When they do we fans become a shouting,
cheering, joyous collective.
But as much as I thrill at watching a wellexecuted play unfold, I also love the unpredictable drama of the game, its capacity to
draw out the full spectrum of emotions. People in so many different cultures love soccer
precisely because its structure allows the play
to mirror the contradictions of the human
condition itself. Soccer becomes infinitely
more fascinating once you learn to appreciate,
rather than lament, its theatrical dimensions.
Tellingly, many of the most remembered
and discussed events in the history of soccer
are moments of transgression. During a 1986
Men’s World Cup game against England, Diego
Maradona famously scored a goal with his
hand, a complete violation of
the rules that he got away
with because the referee
didn’t see it. Argentine fans
still delight in this “hand of
God” goal.
In 2006, the great French
player Zinedine Zidane
ended his career during the
men’s World Cup final by
head-butting an Italian defender in the chest in response to a series of muttered insults. He got a red card and probably
condemned his team to defeat, but his dramatic blow spurred a swirling global conversation, generating songs, poems and even
philosophical treatises. It ultimately helped to
cement his status as one of the great players
in the game.
Yes, soccer also can be boring, unfair and
deeply frustrating. The game takes away one
of our most basic evolutionary triumphs—the
ability to use our opposable thumbs to hold
things—and reserves it for just one player, the
goalie, and only in a confined space. The other
players must use the rest of their bodies to
manipulate the ball through space,
which demands endless creativity and
makes it devilishly difficult to score.
A 0-0 draw is not that uncommon,
but soccer is not just low-scoring; it is
the most unstable of team sports. The
game is tied more often and for longer
than in any other sport, and it often
feels as if the final result doesn’t reflect which team played better. One
side can dominate possession and play
exquisitely—and then lose the match in
a moment of disarray. Worse, a team
often loses because of a decision by the
referee.
Soccer referees are not so much objective arbiters of justice as they are
dynamic actors in the drama. The rules
that they are asked to enforce guarantee that they will often fail. Though
aided from the sidelines, they are alone
on a giant field. Calling offside, where
the movement of an advancing player is
governed by a series of complicated
rules, requires eyes to see in two directions at once.
Referees have to be diplomats, psychologists and expert negotiators all at
once in order to keep control of a game,
and their interplay with the players
who try to trick and control them is an
intricate dance. Soccer fans talk as
much about calls made by the referees
as they do about goals, remembering
and arguing about them for years,
sometimes lifetimes.
It’s possible that video replay may
just provide more data for fans to point
to as they argue with each other about
calls on the field. In many cases, a referee’s decision about a foul depends on
his determination of the player’s intent—and you can’t see into someone’s
mind, no matter how many times, or
how slowly, you replay the tape.
The fundamental, if uncomfortable,
truth about soccer is that the ambiguities and
unfairness are what allow the game to flourish
as a spectacle. We suffer philosophically
through the frustrations because we know
th(as used in the story) ere will be moments
when the game opens up and miracles will
happen, and we cherish those moments all the
more because they represent a triumph of
beauty over ugliness.
This back and forth, the weaving together
of the absurd and the glorious, allows soccer
to condense the human experience. That is
why many of the writers who have reflected
on the sport insist that what is most valuable
about it is not the pursuit of victory but the
insights it yields about ourselves. “How shall
we play the game?” the French journalist Jean
Eskenazi once asked. “As though we are making love or as though we are
catching the bus?”
Despite the sport’s troubles in the U.S.—the men’s
national team failed even to
qualify for the World Cup—it
is increasingly a part of our
daily lives, thanks to steadily
rising numbers of young
people and women playing
the game. In a Gallup poll in
January, soccer came in
fourth overall as America’s
favorite sport, but it tied for second among
adults under 35. It is gaining larger television
audiences, and the most-watched games in
U.S. history involved the women’s World Cup
team in 2011 and 2015.
For these devoted American fans, as for
other fans around the world, the language of
the game is just fine as it is.
Many of the
sport’s most
remembered
events are
moments of
transgression.
Dr. Dubois is a professor of history and romance studies at Duke University and the
author of “The Language of the Game: How
to Understand Soccer,” to be published by
Basic Books on March 27.
TABLE TALK: BEE WILSON
IT LOOKED LIKE a perfectly
healthy modern breakfast. In January, a vegan blogger in San Francisco posted on Instagram a fruity
pink pudding made from chia seeds,
garnished with blueberries and gorgeous white flowers: paperwhite
narcissus. The chia pudding quickly
attracted more than 2,000 likes.
“Top with almond butter and coconut and enjoy!” the post advised.
There was just one snag. Paperwhite narcissus isn’t edible. As British botanist James Wong remarked
on Twitter, the flower contains the
alkaloid lycorine, which, when consumed, can cause unpleasant symptoms including “itching, swelling,
(and in quantity) nausea, vomiting
and convulsions.”
The Instagram post did say that
the flowers were not to be eaten.
Still, it’s odd to put something poisonous on your breakfast just for
the look of it.
We humans have always eaten
with our eyes—but only in our
screen-filled era have we become so
fixated on the look of food at the
expense of everything else. From
açaí bowls to rainbow bagels, Instagram cuisine sells us the strange
notion that the way food looks is
more important than the taste.
Charles Spence, a psychology professor at the University of Oxford,
spends his days researching the
multisensory aspect of eating. He
told me recently that he is sad that
we have reduced food to what he
calls “eye-appeal.”
The more we stare at lovely images of perfect dishes online, the
further we seem to get from the
true meaning of cooking and eating.
Forget flavor or texture or nutrition. Forget an ugly-but-good
brown stew enjoyed with family.
What matters most is whether
your dinner is visually “shareable.”
A 20-something student tells
me that her friends will cross
town to photograph themselves
eating a “wellness bowl” at a
particular cafe—it comes in a
stylish ceramic dish with photogenic spiralized beetroot. “It
doesn’t even taste great,” she
complains.
The digital age reveals us to be
even more obsessed with food than
we ever realized. In 2015, the digital
publisher BuzzFeed launched Tasty,
which features overhead videos of
hands doing speeded-up cooking—
dishes like chicken fajita party ring
The internet has
sold us a vision of
perfect food.
and five-layer cookie “box” brownie
cheesecake. By June 2017, its videos
had racked up a total of one billion
hits.
In some ways, it is heartening
that so many people around the
world choose to spend their idle
moments watching hands chop onions, whip eggs or slather honey
and butter over carrots. I take it as
a sign that we modern humans are
more innocent than we sometimes
give ourselves credit for. In our secret moments, we aren’t all vicious
egomaniacs. Millions of us, it
seems, desire nothing more
than to see mac and cheese
bubbling in a pan or bread
rising and browning in an
oven.
The question is whether
watching all these cooking
videos actually makes us any
better at feeding ourselves.
Tasty recently launched its first
cooking appliance, the Tasty One
Top, a $149 “smart induction cooktop” that connects with an app to
automatically cook recipes such as
fried chicken. (It changes the tem-
perature and power settings on its
own and has an internal thermometer.) It is featured in Tasty videos
and marketed as being “perfect for
Instagram.” Reviewers have complained about slow, uneven cooking.
But the pentagon shape of the
burner looks sharp in overhead
photos.
The internet has sold us a vision
of perfect food that is far from perfect. In his 2017 book “Gastrophysics,” Dr. Spence explains that he has
found that after people have been
exposed to an excess of deliciouslooking food images, they find it
more difficult to resist eating sugary snacks afterward. It is as if the
virtual food messes with our ability
to respond normally to real food.
There’s something poignant and
ironic about our addiction to all
these highly curated online meals. I
can’t help feeling we wouldn’t stare
so hungrily at cooking videos were
it not for the fact that our screendominated routines make it even
harder for us to sit down and enjoy
the messy pleasures of real edible
food. Remember food?
CHRISTOPHER SILAS NEAL
The Unappetizing Reality of Online Food Videos
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WORD ON
THE STREET:
BEN ZIMMER
Small
The Many
Faces of Being
Blindsided
Trends
Can Be
BIG
‘Go’ bags for survivalists, scary Korean cosmetics masks, birthday presents for pets:
Cultural shifts just beginning to show themselves can be big business tomorrow
BY MARK PENN
WHEN MOST PEOPLE think of trends, they
think of huge economic and social changes,
such as the shift to cloud computing or the
migration of people away from rural areas to
cities. But many of the most surprising and
influential developments in modern society
involve smaller numbers of people, as few as
1% of the population. I call these microtrends, and they are having an outsized
effect on our economy, culture and politics.
Microtrends are all around—and spotting
them early can give you a clearer sense of
what the future holds. Here are several
unfolding now, and the potential
opportunities and impacts they
bring with them:
NONAGENARIANS
For Americans, the odds
of living past 90 are
going up. Today,
if you reach 80,
there’s a 30%
chance of getting to 90. The
number of nonagenarians in the U.S. has more than
tripled since 1980, to 2.5 million,
according to the Census Bureau,
which projects that there will be
8 million in that age group by 2050.
Less smoking, more exercise
and better cancer treatments account for a substantial part of
this demographic shift, which is
prompting efforts for more progress. Dollars are flowing into research on diseases suffered primarily in old
age, such as Alzheimer’s. Home health aides
are in huge and rising demand. The growing
need for elder care has prompted some
breakthrough ideas in robotics, and driverless cars stand to increase mobility for an
expanding elderly population.
People living into their nineties will be eligible for about double the retirement benefits of those who
live the average life expectancy. As the nonagenarian share of senior
citizens increases, it
will sharpen the debate over the retirement age.
ILLUSTRATIONS BY SERGE BLOCH
Developed nations that need to support populations this old will need some combination
of longer working careers, more immigration
of younger workers, and sharp jumps in labor productivity—or face severe budget
crunches. At least there will be a lot more
grandparents.
UPTOWN STONERS
A 2016 survey of marijuana users by the
branding consultant Miner & Co. Studio
found that more than 80% had full-time
jobs, more than 60% had household incomes
of at least $75,000 and were married or living with a partner, and more than 40% were
parents of children under 18. As smoking
marijuana becomes legal in many parts of
the country, the grunge that has long surrounded pot culture will be replaced by pri-
vate clubs, spas, marijuana bars and highend baked goods. Discriminating consumers
with money will look for new ways to cut
loose safely.
The weed industry is just in its infancy,
about $7.2 billion in annual revenue in the
U.S. as compared to over $200 billion for the
liquor industry, but it is growing at 17% a
year, according to the analytics firm New
Frontier Data. The growth is largely fueled
by a surge in recreational use, which increased by an astounding 184% just from
2014 to 2015.
The biggest profits
will come from the
top-earning 25% of
consumers, who will
increasingly seek
luxury drug experiences. In Las Vegas,
where recreational use
became legal last July,
limousine companies are
offering “cannabis tours”
complete with pickup from
the airport. High-style products are already popping up,
such as Beboe’s $25 tins of
low-potency marijuana-infused
pastilles, available in California
dispensaries.
Arrests for marijuana purchase have
dropped significantly, though Attorney
General Jeff Sessions has injected new
uncertainty by revoking the Obama’s administration’s no-prosecute policy in
states that have legalized. Nationally, 64%
of Americans are now in favor of legalizing
marijuana for recreational
use, according to an October
Gallup poll, about double the
support in 2000. The trend,
and the taxes and profits that
follow, appear to have unstoppable momentum.
clean and natural products with masks designed to create “glass skin”—an Asian ideal
that American women find increasingly appealing. These beauty products went viral in
early 2017 when the actress Drew Barrymore
posted an image on Instagram showing her
results from trying a $110 facial mask made
by the cosmetics company Hanacure. The
product turns your face into what looks like
cracked stone, but it left Ms. Barrymore looking 10 years younger.
Korean cosmetics have become a $7.3 billion global industry, with more than $4 billion
in exports, and are projected to grow 10% a
year through 2020. You can find a mini-Korean beauty department in many high-end
stores, including Neiman Marcus and London’s Selfridges, and Target even created its
own line of products. CVS and Costco are carrying them, too.
ARMCHAIR PREPPERS
Americans are more worried than ever before about being prepared for sudden disasters. This used to be the province of a few
who built bunkers and stocked it with survival rations, but a new, more mainstream industry is growing. Some 3.7 million Americans are investing in caches of guns, gold,
protein bars and the like, up from 3 million a
few years ago. They sleep better at night
knowing that they are ready for the big one,
whatever it might be.
The first requirement is a “go bag,” to be
grabbed and put to immediate use. A New
York-based startup called Preppi sells consciously stylish ones, with prices starting at
$175 and topping out at $4,995. The high-end
version includes night-vision
goggles, a scented candle and
caviar. A kid’s backpack survival kit for $275 comes
stocked with “all of the necessary supplies such as food,
water and first-aid items—as
well as plenty of fun.” Los Angeles-based Stealth Angel offers more utilitarian packages
meant to help a family survive
for 72 hours for under $200.
Americans are also seeking
out isolated retreats. At least
two realty companies. Survivalrealty.com
and United Country Real Estate in Kansas
City, Mo., are selling survival plots and “offgrid” retreat homes around the U.S. and
elsewhere, some specifically outfitted with
two sources of water and solar energy panels. Preppers are especially buying up properties in what they call the “American Redoubt” in Idaho, Montana, Wyoming and
inland areas of Washington and Oregon—as
well as in New Zealand.
Behind each of these microtrends is a
group of people passionate about their peculiar preferences. For businesses large and
small, that’s an opportunity to satisfy new
needs in the marketplace. For the rest of us,
it’s a look at developments that may come to
include us one day.
In Las Vegas,
legalized pot
has spawned
cannabis
tours by
limousine.
SINGLE WITH PET
Young adults are getting
married, on average, five years
later than their peers of the
1970s, which roughly doubles
the time they have between
graduating from high school and starting
families. Many are reveling in their extended
freedom, but others are taking on a new responsibility: They are becoming pet owners.
Seventy percent of millennials—those
born after 1980—have a pet, according to
the Harris Poll. They spend more on their
pets than their elders do and dote on them
in other ways: They are the most likely to
have pet insurance and to lavish their pets
with birthday presents, according
to the poll.
But their busy, workfilled lives translate into
some bored cats and
dogs who sit at home all
day, waiting. More and more
office buildings are catering to pet
owners by allowing pets to come to
work, something that 16% of millennials surveyed in 2015 say they do
frequently or occasionally. Upscale
condos are offering dog runs and in-house
walking services.
This is all fodder for dog walkers, pet hotels and the overall pet industry, which already has grown to roughly $70 billion in annual revenue from just
$17 billion two decades ago, according
to market research by
the industry. Millennials alone are estimated to spend more
than $6 billion a year
on pet services.
KOREAN BEAUTY
South Korea has successfully tapped into
the demand for simple,
Mr. Penn is the author of “Microtrends
Squared” (with Meredith Fineman), to be
published by Simon & Schuster on March
20. He is a former adviser to President Bill
Clinton and Hillary Clinton
and president of the
Stagwell Group.
WHEN REX TILLERSON was dismissed as secretary of state earlier
this week, he learned the news from
President Donald Trump’s Twitter
feed. Or as the Voice of America reported the news, “Tillerson Blindsided, Fired by Trump as U.S. Top
Diplomat.” Mr. Tillerson wasn’t the
only one who was reportedly caught
unawares. CNN carried the headline,
“Republicans in Congress Blindsided
by Tillerson Firing.”
This is hardly the first time that
Mr. Trump’s abrupt decision-making has been described this way.
Just last week, when he accepted
an invitation to meet with North
Korean leader Kim Jong Un without consulting first with the State
Department, the Washington Post’s
headline read, “Trump’s North Korea Gambit Blindsides U.S. Diplomats.”
The verb “blindside” means to
catch someone off guard, a metaphor that comes from the football
field. But the roots of the expression go all the way back to medieval times.
Will
‘Tillersoned’
take its place?
Starting in Middle English,
“blind side” could refer to a direction in which a person is not looking—appearing in the phrase “upon
the blind side” as early as 1390 in
John Gower’s extended poem,
“Confessio Amantis” (“The Lover’s
Confession”). By approaching from
the “blind side,” an assailant might
find a vulnerable angle of attack.
The term was already moving in
a more figurative direction when it
appeared in the earliest known dictionary of English slang, published
in 1699. In “A New Dictionary of
the Canting Crew,” detailing the
lingo of London’s criminal underworld, “blind side” was defined as
“every man’s weak part.” Later, in
an 1821 essay, the English writer
Charles Lamb observed, “All people
have their blind side—their superstitions.”
“Blind side” first entered the
world of sports via the game of
rugby. An 1899 history of the game
explained that “to make use of the
blind side of the scrummage” could
often lead to a successful play.
American football soon adopted it
as well. In his 1952 autobiography
“My Kind of Football,” New York
Giants coach Steve Owen recalled
getting tackled by the great Jim
Thorpe, who then dispensed some
advice: “Son, never take your eyes
off their wingback, because he can
hit you from the blind side something awful.”
Michael Lewis’s 2006 book, “The
Blind Side: Evolution of a Game,”
detailed how the position of left
tackle became highly prized in
football, seen as the key to protecting the quarterback’s vulnerable
“blind side.” (The movie adaptation
focused on the story of a skillful
young left tackle, Michael Oher.)
Football players began turning
“blindside” into a verb, meaning to
strike on the blind side, as early as
1955, when an aging linebacker
named John Rapacz related how he
got injured on a play: “He blindsided me, and there went the
knee.” From the gridiron, the word
got extended for all sorts of unpleasant surprises. It became popular in politics in the 1970s, as when
Oregon Gov. Tom McCall, in the
midst of the Watergate scandal,
sought reassurance from President
Richard Nixon that Republicans
would not be “blindsided by any
more bombs.” Nixon responded, “If
there are any more bombs, I’m not
aware of them.”
Mr. Tillerson’s unceremonious
dismissal might provide a new addition to the lexicon. Rather than
saying someone has been blindsided, some online wags have suggested using “Tillersoned” instead—especially to describe
getting dumped via social media.
Answers
to the News Quiz on page C13:
1.B, 2.D, 3.A, 4.D, 5.C, 6.C, 7.B,
8.C
.
THE MEANING OF QUANTUM PHYSICS C6 | WHO WAS IBN KHALDUN? C7 | BOB FOSSE & AMERICAN DANCE C9 | BEST SELLERS C10
© 2018 Dow Jones & Company. All Rights Reserved.
* * * *
BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C5
An Artist in Iron
Why we liked Ike, the American hero of World War II who presided over the early Atomic Age
Stalin’s increasing frustration, that
was the strategy he applied on a
massive scale to invade Europe across
the Normandy beaches in June 1944,
landing some 156,000 troops against
fierce German resistance. It was the
largest seaborne invasion in history
but organizing it had delayed ituntil
more than a year after the Red Army
had broken the German advance on
the Eastern Front at Stalingrad, the
turning point of the war.
Young Ike aspired to no military
future when he applied to West Point
in 1910; he simply wanted a college education, and the U.S. Army’s academy
was free. He was a middling student,
graduating 61st in a class of 164, and a
troublesome one at that, given to chal-
The Age of Eisenhower
By William I. Hitchcock
Simon & Schuster, 648 pages, $35
Eisenhower
By Louis Galambos
Johns Hopkins, 280 pages, $26.95
BY RICHARD RHODES
His latest biographers
agree: The man from
Abilene was one of our
most effective presidents.
THE WHITE HOUSE HISTORICAL ASSOCIATION
DWIGHT D. EISENHOWER, a smalltown Kansas boy who became the
Supreme Allied Commander Europe
and a two-term president of the
United States, once explained that his
German family name translated as
“iron-hewer.” An Eisenhauer was no
mere blacksmith, though, the president added: He was “something of an
artist in iron, a man who literally
hewed metal into useful and ornamental shapes, such as armor, weapons,
etc.” Characteristically, Eisenhower
tucked this nominal predestination
away in a footnote on page 56 of his
serene post-presidential memoir “At
Ease: Stories I Tell to Friends” (1967).
He knew his abilities. Preparing to deal
with him, you would do well to look
past the big Eisenhower smile.
And in truth, Dwight Eisenhower
was a mystery to many of those who
favored and most of those who opposed him. Louis Galambos, a professor of history at Johns Hopkins and
editor of the Eisenhower papers, resolves some of that mystery in his succinct, insightful portrait, “Eisenhower:
Becoming the Leader of the Free
World,” while the fundamental purpose of William I. Hitchcock’s expansive new biography, “The Age of Eisenhower: America and the World in the
1950s,” is to demystify the 34th president. In doing so, Mr. Hitchcock, a
professor of history at the University
of Virginia, hopes to convince any remaining skeptics that “Ike” was not
the lackluster, golf-playing mediocrity
his critics believed him to be, but one
of our most effective and consequential commanders in chief.
Though both of Ike’s parents had
attended college, a rarity in post-Civil
War America, the Eisenhowers of
Abilene lived in near-poverty on the
wrong side of the tracks. David, Ike’s
father, had escaped farming into business, but his dry goods store had
failed when drought impoverished its
rural customers. David tried again in
SWORDS TO PLOUGHSHARES White House portrait of Dwight D. Eisenhower, painted by J. Anthony Wills in 1966.
Denison, Texas, where Ike was born in
1890, the third of seven Eisenhower
sons (one died in infancy), but after
struggling in Denison as well, he returned his family to Abilene in 1891
and settled into working as a mechanic at a large dairy, a bitter man.
Ida, Ike’s mother, a cheerful and
deeply religious Virginia woman,
worked to keep the peace in her house
full of quarrelsome males. David was a
brutal disciplinarian. Ike remembered
all his life one confrontation with his
father, when David was beating Ike’s
older brother Edgar relentlessly with
a harness strap for skipping school.
Only 12 years old, Ike lept onto his
father’s back to restrain him. No one
should be whipped like that, he told
him, “not even a dog.”
The distinctive temperaments of
Eisenhower’s father and mother became his firm guideposts—war and
peace, attack and supply, masculine
and feminine, sternness and serenity.
Their son would wage war as his
father would have waged it, with a
cold and unrelenting ferocity. He
would wage peace as his mother would
have waged it, shrewdly, but with
patience and remarkable good will.
And no one messed with the Eisenhower brothers, six strong. Did that
sanguinary brotherhood teach Ike to
delay until he could attack in overwhelming force? To Churchill’s and
lenging authority. As a young officer,
quickly identified as a talented trainer
and football coach (he’d played football at West Point until a knee injury
benched him), he missed service in the
Great War training men to drive tanks.
Afterward, for too many years, he was
shuffled from base to base filling staff
duties and coaching football.
But older and wiser officers saw
something special, even unique, in
Eisenhower, believed another world
war was coming, and singled him out
for tutoring and mentoring. He paid
tribute in “At Ease” to the most memorable among them, Gen. Fox Conner,
the commander of Camp Gaillard in
the Canal Zone, whom he served as
executive officer and studied under for
three years, from 1922 to 1925. Conner
fed Ike books, which they discussed by
firelight while on extended horseback
reconnaissance. He also drilled him in
tactics, debated him in philosophy,
speculated with him on the nature of
man. After Conner’s tutorials, Ike was
always number one in his class.
Eisenhower suffered under the devious, imperious Douglas MacArthur
in the Philippines in the 1930s. But
Army Chief of Staff George Marshall
had been watching his progress. Marshall pulled Ike up through the ranks
Please turn to page C6
Return to the Street of Crocodiles
By Bruno Schulz
Northwestern, 269 pages, $17.95
BY RUTH FRANKLIN
IN THE EARLY 1930S, Bruno Schulz
was a high-school teacher of art and
handicrafts in Drohobycz, a modest
town in what was then eastern Poland. To get his students’ attention,
he sometimes told fables in which a
pencil, a water jug or a stove turned
into an animate object. On his own
time, using broad, thick lines of pencil
or charcoal, he drew scenes of women
and men engaged in sadomasochistic
activities, and had them bound under
the title “The Booke of Idolatry,”
which he gave out to his friends. He
also wrote letters in which, apparently as an afterthought, he included
lengthy postscripts describing, in
phantasmagorical language, scenes
and stories from his childhood. “Loneliness is the catalyst that makes reality ferment, precipitates its surface
layer of figures and colors,” he wrote.
On Easter Sunday 1933, Schulz
packed up copies of his postscripts in
a suitcase and traveled to Warsaw. He
had decided to present them to Zofia
Nałkowska, an influential author and
playwright, and to ask her to help him
find a publisher. Somehow, through
an intermediary, this inconsequentialseeming figure finagled an appointment. Nalkowska listened to him read
the first page aloud; then she asked to
see the rest. By evening, she had
come to a verdict: Schulz was the
most important discovery in recent
Polish literature. The postscripts were
published in 1934 as “Cinnamon
Shops”; another volume, “Sanatorium
Under the Sign of the Hourglass,”
followed in 1937. Schulz was said to Complete Fiction of Bruno Schulz”
be working on a novel called “The (1989) brought together both volumes
Messiah” when the Nazis occupied of Schulz’s stories in Wieniewska’s
Drohobycz in 1941. He died the fol- translations, illustrated with his own
lowing year in a Gestapo shooting drawings, but it has long been out of
spree; the novel, along with nearly all print.
of his other papers, has been lost.
Now, with the appearance of this
In the decades since Nalkowska finely realized new translation by
first read his manuscript, Schulz has been
discovered anew by
readers and writers in
each generation. Isaac
Bashevis Singer called
him “a surrealist, a
symbolist, an expressionist, a modernist”
and compared him to
both Kafka and Proust,
but said he went
further. Cynthia Ozick
counts him “among
those writers who
break our eyes with
torches.” His life story
inspired parts of David
Grossman’s “See Under:
Love” (1986); novelists
Nicole Krauss and
Jonathan Safran Foer
both cite him as an
influence. But despite
the enthusiasm of his
illustrious admirers,
Schulz’s work has been
strangely difficult to
find in English. The VISIONARY Self-portrait by Bruno Schulz.
stories in “Cinnamon
Shops,” translated from the Polish by Madeline G. Levine, Schulz is poised
Celina Wieniewska, appeared in Amer- for rediscovery by a new generation
ica (under the title “The Street of of readers. Ms. Levine sticks closely
Crocodiles”) in 1977 as part of the to the syntax of the original while
influential “Writers From the Other giving free rein to the wildness of
Europe” series, edited by Philip Roth Schulz’s imagery and the often nonfor Penguin in the 1970s and 1980s, sensical sequences of events. Wallwhich also introduced the English- paper trees, detaching from the wall,
speaking world to the work of Milan drop their leaves and flowers; a man’s
Kundera, Danilo Kiš and others. “The face dissolves into “the knots and
rings of an old board from which all
recollections have been planed away”;
a garden, “turned surly and careless,
let itself go wild and unkempt” until it
finally “lost all measure and fell into
a rage.” Picture the dreamscapes of
Chagall come to life, but perceived
through a dark veil, the boundary
between imagination
and reality shimmering
and porous.
As a graduate student in Polish literature,
I was tasked with translating a few of Schulz’s
stories: a fiendish
exercise for a language
learner, since little
meaning can be deduced
from context. In the title
story of “Cinnamon
Shops,” the narrator—a
stand-in for the young
Bruno—is
walking
through the town alone
at night on an errand
for his parents, deviates
from his route and finds
himself outside a part of
the school building he
has never before seen.
Wandering inside, the
boy discovers a luxurious apartment, furnished with tapestries
and mirrors; outside, a
droshky driver invites
him for a ride and then
abruptly jumps out, leaving him the
reins. He and the horse continue on
their own through snowy woods and
hills until the horse collapses with a
wound on its belly. “My dear one, it’s
for you,” the horse tells him, and
shrinks to the size of a toy. All this is
presented not as a dream sequence, as
it might be in a Singer story, but as an
alternate way of existing in the world.
LEBRECHT
Collected Stories
The world of Schulz’s stories is the
world of his childhood, filtered
through the broken stained-glass window of his mad, visionary imagination.
He was born in Drohobycz in 1892 and
grew up in an apartment on the town
square, where his father ran a dry
goods shop. Even before he could talk,
he later recalled, he “covered any piece
of paper and the edges of newspapers
with scribbles that caught the attention of those around me.” He was a
soft-spoken, frail and neurasthenic
child; his father, who was already 46
when Bruno was born, also suffered
from poor health. Schulz initially tried
to study architecture in Lviv (then
Schulz published just two
books before the Gestapo
shot him, but his surreal
stories remain influential.
Lwów), but he had to take time off for
illness, and the outbreak of war in 1914
forced him to abandon his studies.
When his father died the following
year, Schulz saw the “happy epoch” of
his life as irretrievably over. The
family business was liquidated, and
the destruction of the war obliterated
the building in which he had grown up.
“Even before a new apartment building stood on the site of the old Schulz
house, Bruno Schulz began his own
reconstruction of it—in a literary
mythology,” writes Jerzy Ficowski in
“Regions of the Great Heresy” (1975),
a fragmentary biography of the writer.
Schulz himself called the stories a
“spiritual genealogy.”
Only a few characters regularly appear in Schulz’s stories—the narrator,
Please turn to page C8
.
C6 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
BOOKS
‘The soundest fact may fail or prevail in the style of its telling.’ —Ursula K. Le Guin
Quarks and Quandaries
What Is Real?
By Adam Becker
Basic, 370 pages, $32
IF QUANTUM MECHANICS can be
said to have a capital city it is surely
Copenhagen, birthplace of the physicist Niels Bohr (1885-1962) and of the
formalism he and others developed to
make sense of the subatomic realm.
Their approach, the “Copenhagen
Interpretation,” is expounded in every
textbook. Yet it has been questioned
many times, and in “What Is Real?”
Adam Becker tells a fascinating if
complex story of quantum dissidents.
Two of the most important not only
displeased Bohr, they also attracted
the attention of the FBI.
Bohr’s mumbled utterances were
famously obscure, adding to his sagelike status, but his views were clarified in part by debates with Einstein,
whose remark that “God does not
play dice with the universe” encapsulated the key issue. Each face of a die
has a 1-in-6 chance of landing uppermost when the cube is rolled; but if
we knew enough about the forces on
its atoms, we could predict exactly
which number would come up. Quantum odds are instead governed by
“wave functions,” and the question
was whether the waves they describe
arise from deeper “hidden variables”—analogous to the atoms of a
die—or whether (as Bohr believed)
probability itself is a fundamental
feature of reality. Einstein thought the
former; the idea of unexplained
randomness horrified him.
A further issue was that wave
functions are spread out over space,
and particles aren’t. When an electron
hits a detector, does its wave instantaneously collapse to a point? Bohr
proposed a principle that he called
“complementarity”; the fundamental
units of matter or light were neither
wave nor particle but could be considered either. An alternative theory
imagined particles riding on “pilot
waves” as physically real as dice.
Then in the 1930s it was proved
mathematically that under very general assumptions, hidden variables
could not exist. This “no-go theorem”
killed much of the opposition to Bohr,
and few questioned its validity. One
who did was the German mathematician Grete Hermann. “But nobody
listened to her,” Mr. Becker writes,
“partly because she was an outsider
to the physics community—and partly
because she was a woman.”
Another critic was David Bohm. A
protégé of Robert Oppenheimer on
the Manhattan Project, Bohm revived
ALAMY
BY ANDREW CRUMEY
GREAT DANE The controls for Niels Bohr’s own cyclotron (an early form of particle accelerator) at the University of Copenhagen.
pilot-wave theory in a 1952 paper.
That, and his left-wing political activism, made him an outsider in two
senses. He was suspended from his
post at Princeton—despite Einstein’s
intervention—and moved to Brazil,
where he found himself having to
surrender his U.S. passport. Eventually he settled in London, pursuing
his own kind of physics until his death
in 1992.
Bohm’s pilot waves circumvented
the no-go theorem at the cost of allowing what Einstein had called
“spooky action at a distance,” in which
a measurement in one place seems to
influence what could instead have
been measured elsewhere. This idea—
“non-locality”—was taken up by John
Bell, a young Northern Irish physicist
working at the CERN laboratory in
Switzerland, now the home of the
Large Hadron Collider. Bell showed
how the spooky non-locality might
perhaps be tested experimentally.
Bohm and Bell play two of the
starring roles in Mr. Becker’s book.
The third is Hugh Everett, whose
answer to the problem of wavefunctions collapsing was that they
don’t: The universe instead branches
into every possible outcome. After
presenting the theory in his Ph.D.
dissertation, Everett worked as a
defense analyst and consultant, thus
able to fund the hedonistic lifestyle he
favored: “fine food, cocktails, cigarettes, travel—and women.” On one
occasion, seeing what were clearly
government agents on a flight, he
took photographs of them, saying that
the photos were “for my files.” Visited
later by the FBI, he assured the officers that it was a joke, not mentioning that his own security clearance
was probably far higher than theirs.
The three rebels make intriguing
heroes in Mr. Becker’s informative
and enjoyable book. Their stories
illustrate how personality, prestige
and prejudice can play a role in
elevating or marginalizing ideas in
physics, as in any other branch of
academic life. Mr. Becker takes a
frankly partisan view, and while he
acknowledges technical problems on
all sides of the debate, his reasonable
desire for a coherent narrative somewhat elevates the claims of the dissidents against the mighty Bohr. At
times Copenhagen almost seems like
the heart of an evil empire.
Moreover, it’s not entirely clear
what the “Copenhagen Interpretation”
really is. The term was coined by
Werner Heisenberg, possibly as part
of his own postwar rehabilitation
strategy. Having led the Nazi atomic-
bomb project, he was eager to be back
in the right club and played up the
idea of a solid consensus among physicists. The success of quantum theory
as a predictive tool led many to take
the pragmatic approach of “shut up
and calculate,” a phrase often attributed to Richard Feynman but origi-
Many physicists sidestep
the philosophical puzzles
altogether, preferring to
‘shut up and calculate.’
nating, Mr. Becker says, from an article by David Mermin. Philosophical
questions could be laid aside in favor
of investigating experimental results.
Mr. Becker argues that the strategic
and economic significance of physics
in the U.S. after World War II helped
reinforce this attitude, strengthening
resistance to alternative views.
Doubtless there is some truth in
that claim, but while Mr. Becker’s
admirably thorough research has
included interviews with numerous
notable physicists, his tales of young
researchers committing career suicide
by challenging Copenhagen orthodoxy
should be taken with a grain of salt.
There are many reasons why a presentation can go badly or a career can
stall; it’s not always because the world
is out to get you. The theories of
Bohm, Bell and Everett all had problems of their own, and gray areas of
contention are often presented here as
settled issues, painted in overly sharp
contrast. Bell’s tricky experiment was
perfected and successfully performed
by Alain Aspect in 1982. For Mr.
Becker, it stands as a blow against
Copenhagen—“one of the final cracks
in the edifice of silence.” For many
physicists it was the exact opposite, a
posthumous victory for Bohr over
Einstein.
History is written by the victors,
and journalism is the first draft of
history. Since the quantum contest is
still being fought, we should perhaps
consider “What Is Real?” to be
journalism rather than history. That is
in no way meant pejoratively: Adam
Becker has written an excellent,
accessible account of an intricate
story. Whether he has chosen to wear
the right uniform will be for future
readers to judge.
Mr. Crumey is the author, most
recently, of “The Great Chain of
Unbeing.”
The Age of Eisenhower
understand how anyone could imagine nuclear brink against Mao’s China on not only military preparedness but
Dwight Eisenhower to have been lazy, Taiwan’s behalf over the disputed also intelligence, covert action, techunimaginative or stupid.
islands of Quemoy and Matsu (a threat nological supremacy and what Mr.
The curiosity of his election as which “deeply alarmed the European Hitchcock calls “the full mobilization
president is how much his relationship allies,” Mr. Hitchcock writes, “who of American society”: “elaborate secuwith the Republican Party prefigured now feared more than ever that the rity measures to combat domestic
Donald Trump’s. (I see no other paral- United States might trigger a global spying,” “a nationwide manpower prolels between the two men, I hasten to nuclear war”), untangling the mess gram, emphasizing scientific and techadd.) The party was hidenical training to serve military
bound in 1952, when Eisenneeds,” “stockpiling and securhower ran, dominated by
ing of vital raw materials and
far-right conservatives to
key industrial plants,” “huge
whom the war hero was
continental defense systems,
anathema. Republicans had
with early-warning radar and a
been 12 years out of power,
large air force that could meet
however, and were suffiSoviet intruders,” “longer
ciently hungry to return to
tours of duty for draftees, inoffice to shoulder even a
clusion of women into the
moderate, as Eisenhower
armed services” and “a better
was. (He had debated which
public effort to explain to the
party to join; both wanted
American people why such a
him for a candidate.) He
militaristic mobilization of
threw them a bone—young
their society was needed.”
Red-baiter Richard Nixon as
The U.S. nuclear arsenal
his choice for vice presiwas to be the backbone of
dent—and, tucking their
Eisenhower’s strategy for
tails, they nominated him.
restraining the Soviet Union.
America liked Ike: He beat
He affirmed that strategy in a
Adlai Stevenson by an elecsecret October 1953 National
toral margin of 442-89,
Security Council report, NSC
which meant everywhere ex162/2, which asserted, “In the
cept in the South, still solidly
event of hostilities, the United
Democratic. “The right wing
States will consider nuclear
of the party would never forweapons to be as available for
give Eisenhower,” Mr. Hitchuse as other munitions.” His
cock observes, “or be recon- GRAND OLD CANDIDATE Eisenhower campaigning
secretary of state, John Foster
in Lubbock, Texas, in 1952.
ciled to his leadership.”
Dulles, made that dangerous
Mr. Hitchcock discusses
policy public in a speech in
the full range of challenges that occu- that the British, French and Israelis January 1954, speaking of “a deterrent
pied Eisenhower across the eight years inflicted on themselves when they of massive retaliatory power”—masof his presidency (1953-1961), from invaded Egypt in 1956 and seized the sive retaliation, as it came to be called.
school desegregation to building the Suez Canal.
With relatively inexpensive nukes,
interstate highway system to presidenThe 1950s saw the full elaboration Eisenhower could contain conventional
tial heart attacks. Like Eisenhower of the Cold War between the United military expenditures and balance the
himself, however, he devotes the ma- States and the Soviet Union. More federal budget. But the U.S. stockpile
jority of his attention to foreign af- than any other Western leader, Eisen- when Ike took office was limited, 841
fairs: ending the Korean War, unleash- hower set the terms. He conceived the atomic bombs and not yet any hydroing CIA covert action, pushing to the conflict comprehensively as involving gen bombs, the first of which had been
GETTY IMAGES
Continued from page C5
of geriatric generals to plan the war
that began catastrophically for the
United States when the Japanese
destroyed most of the nation’s Pacific
fleet at Hawaii’s Pearl Harbor, on Dec.
7, 1941. Germany declared war four
days later.
In May 1942, Marshall sent Eisenhower, now a general, to England to
assess command operations there. Ike
reported them lacking. By July he had
won appointment as commanding
general of the entire European theater
of operations. By November he became supreme allied commander of
the impending allied invasion of North
Africa as well, a sideshow that British
Prime Minister Winston Churchill
convinced President Franklin Roosevelt to support and both Eisenhower
and Marshall deplored. They fought
and won it anyway. The invasion of
Sicily followed. In December 1943
Roosevelt appointed Eisenhower
supreme allied commander of the
combined American, British and
French forces in Europe. It was after
that appointment that he planned and
executed the D-Day invasion across the
English Channel at Normandy.
Unlike his flamboyant longtime
friend Gen. George S. Patton, who
commanded the U.S. Third Army and
whom he commanded in Europe,
Eisenhower was no war lover. Victory
in Europe, the defeat of Nazi Germany
and the culmination of a vast enterprise of hard work, heroism and unspeakable tragedy, he announced this
way: “The mission of this Allied force
was fulfilled at 0241, local time, May 7,
1945.” Recalling the moment later, he
wrote, “We had no local victory celebrations of any kind, then or later.”
After all that—Mr. Galambos calls
him “the leading American military
hero of World War II”—it’s difficult to
tested only days before his election. Yet
increasing the nuclear stockpile, threatening to use nukes in a conventional
conflict, and a new policy of sharing
them with NATO allies might make the
U.S. look like a warmonger.
To counter that impression, Eisenhower announced a new program he
called Atoms for Peace. In a speech to
the United Nations General Assembly
in late 1953, he offered to contribute
“normal uranium and fissionable
materials” to an international atomicenergy agency and invited others—
meaning the Soviet Union—to match
the U.S. effort. The most important responsibility of the new agency, he said,
would be to devise methods for applying atomic energy in agriculture and
medicine, and “to provide abundant
electrical energy in the power-starved
areas of the world.”
Under Atoms for Peace, the U.S.
donated more than 40,000 kilograms
of uranium to nuclear research reactors all over the world. But secretly, at
the same time, Eisenhower sponsored
the production of an arsenal of some
19,000 nuclear weapons totaling
30,000 megatons of explosive force,
the equivalent of 10 tons of TNT for
every person on earth.
Throughout his rich narrative, Mr.
Hitchcock wrestles with the question
of who gave us the military-industrial
complex that Eisenhower famously
warned against in his farewell address. On the evidence, a leading miscreant was Eisenhower himself, striving to protect his cherished country
with overwhelming force, an artist in
iron. He survived six heart attacks before congestive heart failure finally
took him, at 78, on March 28, 1969.
Iron indeed.
Mr. Rhodes’s next book, “Energy: A
Human History,” will appear in May.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C7
* * * *
BOOKS
‘The past resembles the future more than one drop of water resembles another.’ —Ibn Khaldun
Why History Goes in Circles
successful and offered a job by the conqueror (again he prudently declined).
Ibn Khaldun suffered all the ups
and downs of a courtier close to
power. He was elevated to high position only to find himself discarded and
even imprisoned. Ibn Khaldun was
only able to write his “Muqaddimah”
when he took a kind of sabbatical for
four years at a remote castle in Algeria, where, he tells us in his “Autobiography,” he wrote “with words and
ideas pouring into my head like cream
into a churn.”
Though he impressed his contemporaries, Ibn Khaldun
had no great following
in the Muslim
BY ERIC ORMSBY
IBN KHALDUN pops up in the most
unexpected places. This late medieval
Tunisian-born thinker (1332-1406) has
been celebrated by historians, economists, sociologists and ethnographers,
not to mention scholars of Islamic
thought, often rather vaguely and
without any precise understanding of
the nature of his ideas. He has been
called “the father of sociology” or the
first “philosopher of history,” among
other honorifics. In 1935 the popular
English historian Arnold Toynbee, the
author of “A Study of History” in 12
volumes, waxed rhapsodical over Ibn
Khaldun’s accomplishments, claiming
that his “Muqaddimah” (“Introduction” in Arabic) was “undoubtedly the
greatest work of its kind that has ever
been created by any mind in any time
or place.” It doesn’t detract from Ibn
Khaldun’s genuine originality to note
that this claim is the sheerest hyperbole. Yet it had the happy effect of
putting Ibn Khaldun back on the intellectual map, and it contains an element of truth: His speculations on
history were unprecedented, his
theories both novel and persuasive.
As Robert Irwin notes in his excellent “Ibn Khaldun: An Intellectual Biography” (Princeton, 243
pages, $29.95), his subject’s influence has also been pervasive, if
often subterranean. To take one
surprising example: On Oct. 1, 1981,
President Ronald Reagan alluded to
him in a press conference when he
invoked “a principle that goes back
at least, I know, as far as the 14th
century, when a Muslim philosopher
named Ibn Khaldun said, ‘In the beginning of the dynasty, great tax revenues
were gained from small assessments.
At the end of the dynasty, small tax
revenues were gained from large assessments.” (The president added—O
forlorn hope!—“And we’re trying to
get down to the small assessments and
the great revenues.”) As Mr. Irwin
shows, Ibn Khaldun’s cyclical notion of
history also underlies classic works of
science fiction, such as Isaac Asimov’s
“Foundation” trilogy and Frank Herbert’s “Dune.” No other Muslim author,
let alone one writing in high-flown
classical Arabic, has had comparable
influence on thinkers and scholars in
both the Islamic world and the West.
Mr. Irwin, a novelist as well as a
scholar of medieval Islam, traces the
vicissitudes of Ibn Khaldun’s tumultuous career in a vivid narrative. Ibn
Khaldun was both a thinker and a man
of action who observed the workings of
courts and rulers up close. Under the
Merinids and the Nasrids of North
Africa and Spain, he served variously
as an official secretary, a chancellor, a
judge and a diplomat. He was a trusted
negotiator: In 1364 he was sent on a
mission to Pedro of Castile, a Christian
potentate known as “Pedro the Cruel,”
who ended up offering him a position
(he prudently declined). When Damascus was besieged by the Mongols under Tamerlane, Ibn Khaldun was lowered from the city walls in a basket to
conduct negotiations. Again he was
ography, his introduction gleefully
lambastes them.
Dynasties rise and fall in stages, he
argues in the “Muqaddima”: They go
through identifiable phases of triumph
and decline, and there are discernible
causes for these cycles. This is perhaps
Ibn Khaldun’s most original insight:
The course of human history follows
certain patterns, even laws, that can
be discovered and named; it is not
merely a sequence of unrelated events,
as earlier Muslim historians had seen
group toward power and “royal
authority,” another key term in Ibn
Khaldun’s thought. Yet that same impulse drives it toward civilization, an
ultimately fatal destination.
For Ibn Khaldun, the world is
divided between the civilized urban
dwellers and the outsiders—the nomadic unsettled tribes, barbarians,
desert Arabs or Bedouin. Those outsiders are self-reliant and self-sufficient;
though plagued by illness and malnutrition, they are healthier in spirit;
they possess little in goods but have
‘asabiyya in spades. By contrast,
the civilized are addicted
to luxury; they depend on others
WHO’S IN, WHO’S OUT A table of
contents listing kings and rulers, from a
15th-century Ibn Khaldun manuscript.
a kind of memento mori for the living:
We too will pass away, as our predecessors did. And even though Ibn
Khaldun’s cyclical view might be seen
as a tragic vision, with the seeds of
decline hidden in the very impulse
toward civilization, he notes the persistence of crafts and trades and social
traditions. These survive the collapse
of kingdoms as “habits” of being. The
baker, iron worker and scholar endure
while the king and his minions perish.
Mr. Irwin is especially good at
pointing out the apparent contradictions in Ibn Khaldun’s thought. His rationalism must be seen within a wider
context. He was as interested in magic
and the occult as he was in the laws of
history. His piety is as conspicuous as
his rationalism. Scholars like Stephen
Frederic Dale, author of the insightful
2015 “The Orange Trees of Marrakesh: Ibn Khaldun and the Science of
Man” (Harvard, 383 pages, $31),
Ibn Khaldun’s insight:
Dynasties rise and fall
for predictable reasons.
Thus history can be
studied as a science.
BRIDGEMAN IMAGES
world. Only in
the 19th century,
when his great work
was edited and translated by
French scholars, did he begin to be
more widely known, even by Muslim
readers. Then, with the 1958 publication of a magisterial English translation of the “Muqaddimah” by Yale
orientalist Franz Rosenthal in three
massive volumes, Ibn Khaldun’s
thought was revealed in all its intricacy to Western scholars. Rosenthal’s
translation incorporated readings from
at least four original manuscripts as a
way of correcting the often unreliable
Arabic editions and remains authoritative. An abridged one-volume translation is available as “The Muqaddimah: An Introduction to History”
(Princeton, 465 pages, $24.95).
The “Muqaddima” was written as
an introduction to Ibn Khaldun’s huge
history of the Berbers and Arabs in
North Africa, titled “The Book of
Lessons” (“Kitab al-’Ibar”), which runs
to seven dense tomes in the standard
edition. Though in the actual history
he adheres to the centuries-old, rather
stodgy conventions of Arabic histori-
it. History is, in fact, a science whose
underlying principles are constant, and
there are factors that determine it,
from the geographical and environmental to the political and social. At
the same time, it is God who establishes these patterns, and history
stands as a series of lessons and
admonitions for the living.
What mechanisms govern how
dynasties rise and fall? The question
preoccupied Ibn Khaldun rather obsessively. A dynasty comes to power only
if it possesses an intense feeling of
solidarity within its founding group, he
suggests. This is his famous concept of
‘asabiyya, that fierce cohesion that
unites a clan or tribe in unbreakable
bonds of loyalty and common purpose.
When this “group feeling” (as Rosenthal renders it) is allied with religious
zeal, its adherents are virtually unbeatable. ‘Asabiyya has as a corollary
an ambition for dominance; it impels a
for their health
and well-being; the
appearance of doctors
and lawyers is a sign of
decline, for these pampered souls
no longer trust themselves to settle
disputes or heal themselves.
When outsiders full of ‘asabiyya
seize control, they enjoy an initial period of triumph. Group feeling remains
strong, and the charisma of the leader
is still intact. In a second generation,
the original leader’s charisma persists
but has begun to weaken. In a third
generation, internal difficulties appear:
The army becomes disaffected, taxes
rise, the love of comfort grows. By the
fourth generation, everything falls into
disarray: The ruler is weak, the army
revolts. The time is ripe for a new
group, united by ‘asabiyya and religious fervor, to seize royal authority.
Mr. Irwin calls Ibn Khaldun’s
thought “pessimistic,” and indeed his
perspective is grim. To others, however, he may appear an unusually
clear-sighted realist. The study of history serves as a reminder that we and
our civilizations are ultimately transient. History, properly understood, is
have treated Ibn Khaldun primarily
as a philosopher. Mr. Irwin disagrees, pointing out that he disparaged Aristotle, the dominant figure in
the Islamic philosophical tradition,
and was contemptuous of earlier
Muslim philosophers. And the author’s
discussions of Ibn Khaldun’s involvement in Sufism, on which he wrote his
first known work, are inconclusive but
serve to show that this strange and
ambiguous thinker was far more complex than has been assumed.
More than a mere intellectual biography, Mr. Irwin’s work has a personal
element for the author, whose “Memoirs of a Dervish” (2011) was a delightful account of his own experiences as
a novice in a North African Sufi convent. There he showed a remarkable
ability to view Islam from the inside
without sacrificing objectivity—or a
sense of humor. Here he likewise retains a healthy sense of perspective
about his ambitious project. “I have
spent most of my life,” he writes,
“communing with a man who has been
dead for over six hundred years, a man
whose ways of thinking are very different from my own. It has been a kind of
séance and, as is so often the case
with séances, it has sometimes been
difficult to interpret the messages
coming across the centuries.” In
Robert Irwin, Ibn Khaldun has finally
found a biographer and interpreter
almost as versatile and learned as he
was himself.
Mr. Ormsby is the author of
“Theodicy in Islamic Thought,”
recently re-issued in the Princeton
Legacy Library.
Do Not Speak, Memory
Never Remember
By Masha Gessen
Columbia Global Reports, 158 pages, $27.99
IMAGINE A GERMANY where the
Third Reich’s monuments abound but
memorials to the Holocaust are scarce.
Hitler is venerated by millions and his
dictatorship given a positive spin by
an authoritarian state that never
definitively broke with the Nazi past.
Replace Germany with Russia, Hitler
with Stalin, and the Third Reich with
the Soviet Union and that is pretty
much the situation that prevails in
Russia today.
The unbroken connection to the Soviet era is key to understanding “Never
Remember,” a short, haunting and
beautifully written book by Masha
Gessen, the Russian-American journalist who is one of Vladimir Putin’s most
trenchant critics. About halfway
through, Ms. Gessen tells how Irina
Flige, an activist who spent decades
trying to restore to public view memories of what occurred under communism, has concluded it is wrong to see
the problem as forgetfulness because,
as Ms. Gessen summarizes it, “forgetting presupposes remembering—and
remembering had not happened . . .”
In Ms. Flige’s words, “historical mem-
MICHAEL FRIEDMAN
BY ANDREW STUTTAFORD
MAMA The only image Elizaveta Delibash found of her mother (above), executed in 1937, came from a Soviet case file.
ory can exist only when there is a clear
line separating the present from the
past. . . . But we don’t have that
break—there is no past, only a continuous present.” In contrast to Germany,
there was no reckoning. There was no
Soviet Nuremberg.
Ms. Gessen offers up various explanations for this, including the long duration of Communist rule and the ways
in which the categories of victim and
perpetrator overlapped. The trauma
was something that Russians inflicted
on one another. In a sense they still do.
Ms. Gessen is evidently saddened and
frustrated by the spectacle of a people—her people—wandering through a
manufactured reality unbothered by,
or oblivious to, the obscenities or in-
congruities that surround them. Some
of the old regime’s statues were, in the
false democratic dawn of the 1990s,
defaced and toppled or—in the case of
one statue of Stalin—dug up and exiled
to a sculpture park of shame in central
Moscow. Now, however, the statues
stand in the same place proudly,
cleaned up but unexplained, sharing
space with a rare commemoration of
the Soviet regime’s victims as well as
statues of poets, writers, and—why
not?—Adam and Eve.
The melancholy that saturates Ms.
Gessen’s prose is reinforced by pages
filled with Misha Friedman’s bleakly
evocative photographs, images that
convey unease, absence and loss. The
huts and barracks of the Gulag, ram-
shackle to start with, and often designed to be temporary, have often
just rotted away—“only the barbed
Russians wander through
a manufactured reality,
prevented from coming to
terms with their own past.
wire remained,” Ms. Gessen writes.
Other, sturdier structures survive, either ignored—one of Mr. Friedman’s
photographs is of a ruined prison on
the edge of a housing complex—or
inaccessible, swallowed up in the
vastness of Siberia. One camp—just
one—not far from the Urals has been
restored, a project begun, tellingly,
on the private initiative of two local
historians but now taken over by the
state. While, as Ms. Gessen notes, it
has not been turned into some defense of the Gulag, its message has
been muffled, shrouded in a deceptive neutrality. Ms. Gessen herself is
no neutral (she describes the “distinguishing characteristic of the Putinera historiography of Soviet terror
as . . . [saying] in effect, that it just
happened, whatever”).
This is an angry book. Ms. Gessen
makes her case with a series of vignettes ranging from the discovery of
a mass grave in northwestern Russia
to a trip to the region of Kolyma in
the country’s far east. (“If the Gulag
was anywhere, it was in Kolyma.”)
The years of glasnost and Boris
Yeltsin finally provided pitifully small
scraps of comfort to the descendants
of the disappeared—a photograph, a
death certificate, something—yet the
Gulag’s poison continues to seep
through the generations. When Ms.
Gessen visits Kolyma’s “capital” in
2017, all the people with whom she
has contact are later visited by the
FSB, the successor to the KGB.
Mr. Stuttaford, who writes frequently for the Journal, works in
the international financial markets.
.
C8 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
BOOKS
‘For us, the best time is always yesterday.’ —Tatyana Tolstaya
FICTION CHRONICLE: SAM SACKS
SCIENCE FICTION: TOM SHIPPEY
The Fire
This Time
TATYANA TOLSTAYA
opens her story collection “Aetherial
Worlds”
(Knopf,
241 pages, $25.95)
by addressing the
elephant in the room, the question
of her loaded last name: “My grandfather Aleksey Tolstoy, a famous
Russian writer, attended the Saint
Petersburg Technological Institute in
his youth, starting in 1901, thinking
he would like to become an engineer.” Aleksey was a distant relative
of Leo Tolstoy (Ms. Tolstaya’s greatgranduncle) as well as one of Russia’s earliest science-fiction novelists. His imagination proved to be
too vivid for engineering—a family
trait, Ms. Tolstaya notes in a mischievous little humblebrag, that has
passed down to her, too.
But if you were expecting writing
in the grand and portentous manner
of “War and Peace,” think again. Ms.
Tolstaya seems wonderfully unintimidated by her ancestry. “Aetherial
Worlds,” in a high-spirited translation by Anya Migdal, is playful and
poetic, with a lightness that verges
on flippancy. Even when Ms. Tolstaya writes about adulthood her
setting is the world of children,
which outwardly resembles ordinary
life yet is touched by fantasies,
ghosts and magic.
A fine example of the book’s quotidian mysteries is in “Passing
Through,” about the secret world
where socks go when they disappear
from the dryer. In “A Young Lady in
Bloom,” drawn from Ms. Tolstaya’s
university years working for the
Leningrad post office, the telegrams
she delivers conjure daydreams
about their recipients, extravagant
melodramas spawned from “bits and
pieces of other people’s stories.” The
title story springs in part from Ms.
Tolstaya’s decision to have a patio
built behind a new house, an imposition of the solid and factual
upon the “green abyss” of the empty
back yard.
Mingling memoir with flights of
fancy, many of the stories follow Ms.
Tolstaya’s extended travels to the
U.S., France and Italy. (In “See the
Reverse” she goes to Ravenna to
recapture the scene on a postcard
her beloved late father once sent
her.) A sense of permanent impermanence, both forlorn and liberating, inflects her reveries, and never
is Ms. Tolstaya more luxuriantly
homesick than when she recalls her
childhood. The resplendent story
“The Invisible Maiden” describes her
charmed summers in the family
dacha and it shows this foxy, original
writer at her most sublime, when
memory fuses with wonder, and
wonder with worship:
GETTY IMAGES
Life Will Deceive You Later
POSTCARD PERFECT A clock tower on a hill in Ravenna, Italy.
and no one is sleeping, and there
is no death, and the sky seems
full of music, it feels right to go
stand on this portico, hugging a
stucco-covered column, watching
the sea of lilac bushes cascading
down the steps, and breathing in
the scent of its white misty foam,
the scent of your own pure flesh,
the scent of your hair. Life will
deceive you later, but not just yet.
Tom Rachman’s third novel, “The
Italian Teacher” (Viking, 341
pages, $27), presents a far darker
view of what it’s like to descend
from genius. The story centers on
Charlie “Pinch” Bavinsky, the son of
the famed postwar expressionist
painter Bear Bavinsky. Bear is a
charismatic, singleminded, controlling, egomaniacal, philoprogenitive, philandering absentee
father—someone who cares more
about his art than his “actual creations,” as one of Charlie’s numerous
half-siblings complains. Like his
discarded mother, Natalie, Charlie is
tormented by the sensation that he’ll
always be an afterthought, a footnote to his own life story.
In brief, punctuated episodes spanning six decades, from 1955 to the
present year, Mr. Rachman dramatizes
Charlie’s painfully earnest efforts to
gain his father’s approval, or at least
hold his attention. He tries his hand at
painting (he quits when Bear tells him
he’s no good), then at art history. Finally, having settled into a quiet career as a language instructor, he aims
his sights on managing his father’s estate. It’s a long, unbroken run of humiliations and you can’t help wishing
that Mr. Rachman had refreshed the
stale air of rejection by getting outside
If you’re a young lady with a
braid, of an age of yearning and
expectation, and it’s a white night
June evening of unfading light,
of Charlie’s point of view from time to
time. Instead, the book’s emotional
range is restricted to self-loathing and
regret, and it would take a genius (or
a Joseph Heller) to work successfully
with such a limited palette.
Unexpectedly, relief does arrive in
the novel’s curveball final act, about
Charlie’s role in shaping Bear’s post-
In her new collection,
Tatyana Tolstaya mingles
memoir with flights of
fancy, wonder with worship.
humous legacy. With these spoilersensitive twists the book seems to
change from a sulky character study
to a wicked satire of artistic arrogance and the accidental nature of
immortality. I think the shift should
have come sooner—though I’m conscious of Bear’s pronouncement that
“it used to be, when a guy couldn’t
paint, he ended up a critic.”
John Edgar Wideman, a writer
shaped by his hometown, Pittsburgh,
returns to fiction for the first time
since 2010 with the story collection
“American Histories” (Scribner, 227
pages, $26). The “histories” of the
title are both national and personal.
With the scrupulous intelligence and
meditative intensity that define all
this author’s work, the stories move
from subjects like the Civil War and
Nat Turner’s rebellion to Mr. Wideman’s family’s tribulations, the two
threads twining so intricately that
they’re impossible to separate.
The collection’s theme is set in
the opening story, “JB & FD,” an
imaginary dialogue between John
Brown and Frederick Douglass.
Though both men were united in
their hatred of slavery, they disagreed about the methods to end it.
Brown chose wrath and martyrdom,
while Douglass’s tools were reason,
eloquence and decency. “I shall continue my work here in the North,”
he tells Brown. “Offer my life, not
my death, to my people.” The argument is re-enacted in the autobiographical story “Maps and Ledgers,” which details the shocking
epidemic of violence that has infected the author’s family: his
brother and son have each committed a murder, and his nephew
was killed in cold blood. Mr. Wideman took Douglass’s path, fleeing
the circumstances of his birth and
becoming successful and respected
within “an empire ruled by and run
for the benefit of a group to which
I did not belong.” But the persistence of catastrophe makes him
dream of Brown’s bloody revolt.
Mr. Wideman’s explicit subject is
racial injustice but his treatment of
it quietly deepens into existential
horror. “Writing Teacher,” about his
difficulties helping a student who
tries to write optimistically about
oppression, runs up against “the
sadness of wanting things not to be
the way they indisputably are.”
“Williamsburg Bridge” relates the
cold-eyed contemplations of a man
preparing to jump to his death in the
East River. There is perhaps no more
frightening emotion than despair,
especially when felt with clarity and
intellectual rigor. This, then, is not a
book for the unwary. Mr. Wideman
possesses a true and terrible vision
of the tragic.
OTHERWORLDLY
cities modeled on
real ones have been a
standby of fantasy,
from
Superman’s
Metropolis through
China Miéville’s Un Lun Dun to
Michael Swanwick’s Babel, with its
haints and kobolds, ethnic politics
and human ward-heelers. In “The Sky
Is Yours” (Hogarth, 457 pages, $27),
Chandler Klang Smith gives us
another one with Empire Island,
which looks very like the chief city of
our Empire State. It even has a Metropolitan Library with stone griffins,
instead of lions, flanking the steps.
Empire Island hasn’t been the
same since the dragons appeared in
the sky. They torched the towers, and
remain a constant threat. Some say
the city isn’t fit for human occupancy
any more. But where could the inhabitants go? To them, the rest of the
world consists of Upstate, the Sprawl
and the Inhospitable West, none of
them viable choices.
Not that this matters to the families at the top, like the Ripples and
the Dahlbergs. Duncan, the Ripple
scion, has his own show on the Toob
and a marriage contract with the
Baroness Swan Lenore Dahlberg. But
then his HowFly malfunctions and
ejects him on to the garbage island
out in the bay, where he meets Abby,
a waif. She is everything Baroness
Swanny isn’t: trusting, thin and sexually dynamic.
Baroness Swanny also has too
many teeth, growing in rows like a
shark’s. Some of them are not where
you expect teeth to be, which makes
Dunk and Swanny’s wedding night a
memorable disaster. Soon all three of
them are on the run, exploring Empire Island’s many underworlds, like
the criminal realm of Eisenhower
Sharkey, who controls the market in
“chaw,” the cheap drug of choice. Do
they have a future? Does the city?
If they do, it depends on the dragons. Can anyone figure out the patterns in their behavior, and work out
what they want? That requires someone who can talk to magic animals,
like Dunk’s loyal apehound Hooligan,
the intelligent “lab rats” who infest
the city, and the vultures out on
Abby’s Hoover Island.
It’s a mesmeric world, comic in the
way teenage voyages of self-discovery
inevitably are, but with an undertone
of menace, horror, even hints of allegory. Satire, too. Dunk’s mother,
Katya, a former stripper now a trophy
wife, is a product of the National
Modeling Bureau on a far continent.
Swanny’s mother, Pippi, teaches
courses for affluent daughters in
Reproductive Health, Gemstones of
the World and, of course, Prenups and
Divorce.
Fantasy, sure, but recognitions
flare. Ms. Smith’s imagination is inexhaustible. “The Sky Is Yours” is a
great and disturbing debut, which colonizes a new realm of the magic city.
Collected Stories of Bruno Schulz
tion of the brain that in certain instances grew out of the mouth of a
sleeping person into an entire table
and filled an entire room, like a lushly
expanding tissue, an astral dough on
the border between body and soul.”
In “Cockroaches,” the little boy is un-
rage, shrinks to the size of an insect
and scuttles off, using two splinters
for crutches.) “Reality takes on certain shapes merely for the sake of appearance, as a joke or form of play,”
he once wrote in a letter. “One person
is a human, another is a cockroach,
ALAMY
Continued from page C5
often called Józef; his father, Jakub;
the housemaid, Adela; rarely, his
mother. The deceptively ordinary settings, usually the family apartment or
the streets around it, give way to a
world in which people and animals
can shape-shift and the known world
becomes radically defamiliarized. In
“The Windstorm,” Schulz’s language—
nicely echoed by Ms. Levine’s translation—mimics the chaos of the world
outside: “Attics [are] attacking each
other,” “Buckets, barrels, and bottles
bunched up, potters’ clay pots dangerously dangled.” It’s intentionally overwhelming, a proliferation of style that
transports the reader. In “The Night
of the Great Season,” which begins
with the premise that “every once in
a while eccentric time brings forth
from its womb different years, peculiar years, degenerate years onto
which, like a sixth little finger on a
hand, grows a thirteenth false
month,” a nighttime visit from another cloth merchant ends with the
bales of cloth “vomiting violently”
from the shelves.
Jakub, the dominant figure of
these stories, is strange, mercurial
and often frightening. A series of
stories about mannequins imagines
him as a kind of God capable of recreating man in a new mold. He is
“fascinated by boundary forms . . .
like the ectoplasm of somnambulists,
pseudomatter, the cataleptic emana-
STRANGEWAYS Bruno Schulz’s painting ‘Spotkanie’ (‘The Meeting’), 1920.
certain whether his father has metamorphosed into a condor or a cockroach. (Schulz, who admired Kafka
enough to help his fiancée translate
“The Trial” into Polish, seems to have
loved this image: In another story an
ancient aunt, suffering a paroxysm of
but shape does not penetrate essence,
is only a role adopted for the moment, an outer skin soon to be shed.”
Schulz’s stories won him recognition among Poland’s elite, including a
major award from the Polish academy
of literature, but the last years of his
life were overshadowed by anxiety.
His nerves, he told one friend, were
“spread like a network throughout the
entire handicraft workroom, stretched
out across the floor, papering over the
walls and wrapped around the worktable and anvil in a thick braid. . . .
Everything that happens on the workbenches takes place to some degree
on my skin.” He broke off his engagement out of fear that he would not be
able to support both himself and his
wife. As war approached, he wrote to
an acquaintance that he would “most
willingly retire with some one person
into complete quiet and, like Proust,
set about the ultimate formulation of
my world.” It’s hard not to read
Schulz’s fate back into his work, in
which beauty alternates suddenly with
violence, the landscape itself can
deceive and disorient, and chaos is
always a breath away.
Poland was invaded by the Nazis
on Sept. 1, 1939, prompting Soviet
counter-aggression; the Soviets took
Drohobycz a few weeks later. Schulz
was unable to publish under the new
regime but could earn money through
“craft painting,” work that included a
portrait of Stalin for the town hall. (It
was destroyed by jackdaws, to
Schulz’s satisfaction.) When the Nazis
took over in June 1941, Schulz, denied
any means of earning a living, submitted artwork to the Judenrat so as
to earn the status of a “necessary
Jew.” His art caught the eye of Felix
Landau, the Nazi commandant, who
commissioned Schulz to paint murals
depicting fairy tales in the bedroom
of his young son. In November 1941,
when Schulz, together with the rest
of Drohobycz’s Jews, was forced to
move to the ghetto, he entrusted his
manuscripts to Catholic friends. His
biographer searched for them for
more than 50 years, and found
almost nothing.
When 50 million lives are lost in a
war, it feels secondary to mourn the
disappearance of paintings and
poems. Yet whenever people die, art
becomes a casualty, too. Among the
works of Schulz’s believed to have
been lost are a book of four long stories; the unfinished novel “The Messiah,” which Schulz read parts of to
friends; another novella in German;
and various other tales, unfinished
works, fragments and diaries, as well
as notes made in the ghetto for what
Schulz called “a work about the most
awful martyrdom in history.” In 2001,
the murals in what used to be Landau’s villa, covered by a coat of whitewash, were discovered by a German
documentary filmmaker. If our world
is truly as open to possibility as
Schulz believed, it is still conceivable—if just barely—that other works
might turn up. Until then, the “Collected Stories” is a remarkable legacy.
Ms. Franklin is the author of “Shirley
Jackson: A Rather Haunted Life.”
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C9
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BOOKS
‘I think Balanchine and Robbins talk to God, and when I call, he’s out to lunch.’ —Bob Fosse
That Fosse Flair
important women in [Fosse’s] adult
life.” The most significant of these
was Gwen Verdon, his third wife. It
was Verdon who was responsible for
originating the title role in Fosse’s
1966 musical, “Sweet Charity.” Later,
to help with the 1969 film version, she
gave up the chance to make her
Broadway debut as a dramatic lead in
Tennessee Williams’s “The Seven
Descents of Myrtle”; Verdon even
coached Shirley MacLaine, who would
play Charity in the film, and Debbie
Allen, when Ms. Allen was cast in that
role for the 1986 stage revival. Verdon
remained, until her death in 2000, a
“living repository for Fosse’s work.”
Big Deal
By Kevin Winkler
Oxford, 350 pages, $29.95
BY JOHN CHECK
As a young dancer, Fosse
performed at burlesque
houses—an experience
that would stay with
him the rest of his life.
GETTY IMAGES
ALL THEIR WORK had come to nothing: The show would not go on. The
cast of “Pleasures and Palaces” had
endured a disappointing tryout in
Detroit, their work buffeted by negative reviews. There had been talk of
another tryout in Boston before opening on Broadway, but now neither
would happen: The producer decided
to close the show. Nevertheless, at the
last rehearsal, the cast put on a special performance for an audience of
one, the show’s director and choreographer, Bob Fosse. Fosse had been
working on a new version of “Tears of
Joy,” a number that had given him
fits, and the cast wanted to demonstrate that they had learned his intricate moves. Afterward, they sang and
danced numbers from other Fosse
shows. “That’s the kind of loyalty the
man inspired,” remembered Kathryn
Doby, one of the dancers present at
the rehearsal.
Their loyalty was understandable,
as Kevin Winkler makes clear in “Big
Deal: Bob Fosse and Dance in the
American Musical,” a biography that
views the choreographer’s art through
the lens of his life. To start with,
Fosse was very successful. By 1965—
when “Pleasures and Palaces” foundered—he had already won Tony
Awards for choreographing “The
Pajama Game” (1954), “Damn
Yankees” (1955), “Redhead” (1959)
and “Little Me” (1962). His musical
staging of “How to Succeed in Business Without Really Trying” (1961)
contributed heavily to the show’s long
run on Broadway. As a dancer, he had
the goods, as demonstrated by his
performance in the 1953 film “Kiss Me
Kate” or the 1958 Hollywood adaptation of “Damn Yankees.”
The foundation of Fosse’s success
was laid in his early years. Born in
Chicago in 1927, he began taking
dancing lessons at the age of 9. By
the time he was 13, he and another
boy had teamed up to form the Riff
Brothers, a tap-dancing act that performed at nightclubs, theaters and
beer gardens. They performed at burlesque houses too, and it was there
that Fosse was exposed to the seamier side of show business. The impressions of those early years stayed
with him, as he readily acknowledged,
and he drew on them all throughout
his life. After spending a year in the
Navy, he moved to New York, worked
as a dancer, and met Mary Ann Niles,
who became his professional partner
and, in time, his first wife.
STEPPING OUT Dancers perform Fosse’s choreography in a scene from the 1969 film ‘Sweet Charity.’
Two traits were apparent from
early in Fosse’s career: He was
extraordinarily ambitious and he
possessed nearly limitless energy.
About his ambition, Mr. Winkler
relates an account from the filming
of “Kiss Me Kate.” Hired for the
supporting role of Hortensio, Fosse
approached the show’s choreographer, Hermes Pan, about the possibility of choreographing a number of
his own. Pan, impressed by Fosse’s
dancing skill no less than his pluck,
told him to go ahead. The payoff was
“From This Moment On,” and it is a
joy to behold. “The number’s highlight,” writes Mr. Winkler, “arrives
when the lights drop and the tempo
downsizes to a big band fanfare. The
cheerful musical comedy dancing of
the preceding hour and forty-five
minutes is forgotten as a blast of
jazz adrenaline jumps off the screen”
as Fosse dances a duet with Carol
Haney. Mr. Winkler analyzes their
gestures, some of them small (their
cool finger snaps, for instance) and
others large (such as Fosse’s virtuosic backflip), arguing that the number introduces nothing less than “a
new dance vocabulary.”
The discussion of “From This
Moment On” illustrates a difference
between “Big Deal” and “Fosse,” Sam
Wasson’s fine biography from five
years ago. Mr. Wasson’s book concentrates more on Fosse’s life than on his
art. Mr. Winkler takes something of
the opposite approach. Not only was
he a professional dancer, he also took
part in the 1982 Broadway revival of
“Little Me,” and thereby had the
chance to work for Fosse, who had
been brought in to stage one of the
numbers. Writing with authority and
economy, Mr. Winkler helps readers
see more deeply into the movements
that pass brilliantly before their eyes.
The energy Fosse expended in pursuit of his ambition came at a cost.
Ever the perfectionist, he labored incessantly over all his projects; 16-hour
days were common. “Cigarettes,” he
claimed, “were identified with work,”
and seldom was he seen without one
depending from his lips. (In his 1979
film, the autobiographical “All That
Jazz,” the Fosse character even
smokes in the shower.) For years, he
employed a round of amphetamines to
wake him up in the morning and
barbiturates to help him fall asleep at
night. A heart attack at the age of 47
put him out of commission for a few
months, but before long he resumed
his arduous schedule, making a minimum of concessions to his mortality.
He died of a heart attack at the age of
60. Fittingly, he spent the last day of
his life in rehearsal.
One of Mr. Winkler’s stated goals is
to examine the impact of “each of the
The high point of Fosse’s career
came in 1973 when he won an Academy Award for “Cabaret,” a work
depicting an aspiring nightclub
singer in Weimar Germany as the
Nazis came to power. That same year
he also won three Emmy Awards for
his contributions to “Liza with a
‘Z,’ ” a variety program starring Liza
Minnelli, and two Tony Awards for
“Pippin,” a musical about a young
prince’s quest for meaning and adventure. Further accomplishments
awaited him, but never again would
Fosse’s star shine so bright.
Mr. Winkler is a fan of Fosse’s
work, but not uncritically so. The 1975
musical “Chicago,” he argues, would
have had a longer run had it not been
in direct competition with that musical theater colossus, “A Chorus Line.”
By contrast, he holds that “Big Deal”
(1986) suffered from a weak book
(written by Fosse) and that it needed
the help of a veteran writer who
“could have brightened the characters
and quickened its pace.”
“To have worked with Bob Fosse
is to have had your hand directly on
the pulse of life,” Ben Vereen once
wrote. Fosse’s dancers and actors
saw firsthand that he poured his life
and energy into his work. More
important, he had the gift of inspiring them to achieve more than
they thought imaginable. This is why
the cast of “Pleasures and Palaces”
rallied around him that bleak day in
Detroit, singing and dancing for him
one last time: It was, as Mr. Winkler
writes, “the purest, most meaningful
way for them to say ‘thank you.’ ”
Mr. Check is a professor of music at
the University of Central Missouri.
MYSTERIES: TOM NOLAN
A Killing in Texas
covert investigation that must not be
jeopardized. Neither Cherry nor
Harper, though, is quite able to obey
this order to stand down.
“High White Sun” is the sequel to
Mr. Scott’s “The Far Empty” (2016), in
which many of this book’s characters
first appeared. The author, a real-life
DEA agent, gives you everything you
could want in a West Texas crime
saga: generational conflicts; the sights
and smells of an exotic landscape; the
ghosts of monsters and loved ones
past. And a dose of well-earned wisdom: “No matter what people said,”
he gets them. “Can you do anything?”
she asks. Not much, thinks the Commissario. But he’s moved by the
woman’s distress and decides to take
the Professoressa’s case.
His private mission soon becomes
more of an official matter when the
woman’s husband—an accountant—
falls (is pushed?) off a bridge late one
night and ends up in a coma. As
allows her access to databases where
no ordinary officer would dare to
tread. Complicating his job, though,
are changing social attitudes and
shifting notions of right and wrong.
“People cared if the state cheated
them,” Brunetti notes, “not if someone cheated the state.” His wife observes: “Stealing and cheating have
become so normal that we’re ready
Brunetti makes his tactful way
through a Venetian maze of office
politics, family connections and moral
conundrums, his focus switches from
school children procuring narcotics to
old people victimized by greedy and
unethical medical professionals.
The Commissario receives essential help putting these pieces
together from a pair of colleagues—
one who is able to alter her accent,
behavior and empathy to accommodate any witness or suspect, and
another whose computer wizardry
to dismiss anything that seems to be
a small crime.”
Brunetti, too, is tempted, out of
kindness, to let his ultimate culprit at
least partly off the hook. But then—
inspired in part by the Greek tragedies he reads and ponders in the
evenings—he allows fate the freedom
to play out its hand.
“Hiroshima Boy” (Prospect Park,
212 pages, $16), the final book in Naomi Hirahara’s compelling series featuring Mas Arai, a retired JapaneseAmerican gardener living in Los
Investigating a murder, the
young sheriff of Big Bend
County obeys his instincts
and defies his superiors.
reflects the widower Harper, “dying
was easy. . . . It was living that was
twice as hard.”
“Easy answers, easy answers,” bemoans Commissario Guido Brunetti,
the Italian police-detective featured in
Donna Leon’s droll and intelligent
series of Venetian procedural novels,
“why did people always want easy answers?” A visit from a school teacher
(“the Professoressa”) near the start of
Ms. Leon’s latest book, “The Temptation of Forgiveness” (Atlantic
Monthly Press, 300 pages, $26),
prompts Brunetti’s silent rhetorical
question. The woman, a colleague of
the detective’s wife, thinks that her
teenage son is on drugs—but she
doesn’t know which drugs or where
API IMAGES
CHRIS CHERRY, the
26-year-old sheriff of
Big Bend County,
Texas, has a formidable beat to cover in J.
Todd Scott’s “High
White Sun” (Putnam, 466 pages,
$26). In Mr. Scott’s exciting and
roughly lyrical thriller, Cherry and his
cohort of deputies confront some
8,000 square miles of Trans-Pecos
terrain. “As far as the eye can see,
that’s my responsibility,” the young
lawman is wont to say from his base
in the border town of Murfee.
It’s a charge that weighs heavy on
the recently elected sheriff, ever conscious of his need to protect the “kids
I’m putting out there to get hurt.”
Level-headed caution is his preferred
operative setting—in contrast to his
veteran deputy, Ben Harper, who
argues for a more aggressive form of
policing: “There are wolves in the
world, Chris. These criminals . . . outlaws . . . bad men. . . . Sometimes we
gotta be the wolves.”
One such bad man is John Wesley
Earl, an ex-convict and a leader of a
white-supremacist gang who has
taken up residence, along with his
thuggish clan, in the nearby (and ominously named) ghost town of Killing,
“where the rocks were the color of
long-dried blood and the sand was as
pale as bleached bone.”
When a well-liked local is found
beaten to death, evidence and common sense point to Earl’s gang. But
higher authorities are quick to
demand that Sheriff Cherry suspend
his efforts to connect the Killing crew
to this homicide. Earl and his outfit,
an FBI man explains, are subjects of a
Angeles, begins with this startling
sentence: “Mas Arai was worried that
the customs officer at Kansai Airport
would find his best friend, Haruo
Mukai, inside his suitcase.”
Admirers of this semireluctant amateur sleuth, now 85 years old, need
not be concerned: Mas has not been
transformed into a gruesome killer.
His friend’s body is in the form of
ashes, which Mas is transporting for
burial to an island off their boyhood
city of Hiroshima, where he has not
set foot in 50 years.
Yet Mas (a survivor, like his late
friend, of the 1945 atomic-bomb
blast) is in Japan only a day when he
finds the corpse of a teenage boy
floating just off the shore. Mas had
seen this lad on the island ferry,
being bullied by other kids. The
police at first put forward the notion
that the lonely, introverted youngster committed suicide—a theory
that Mas angrily rejects: “Whether
or not the islanders believed it, this
was about murder.”
After seeking out the boy’s mother,
Mas decides to investigate the facts
behind the victim’s death (while also
looking for his friend’s ashes, which
have somehow gone astray). Along
the way, he uncovers other sorts of
truths: how Japanese and Americans
are not so different after all, and how
a person (be it the dead boy, his
single-parent mother or his own
deceased friend) can be judged in any
number of ways depending on one’s
perspective. As big a revelation as any
to Mas is learning that, to his Japanese kin, he is far from the “ordinary
man” that, in California, he has
always seen himself to be.
.
C10 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Presidents come and go, but the Supreme Court goes on forever.’ —William Howard Taft
CHILDREN’S BOOKS: MEGHAN COX GURDON
FIVE BEST: A PERSONAL CHOICE
Jeffrey Rosen
on presidents and the Constitution
share in law-making.” But the presidency of Grover Cleveland, who cast
a record number of vetoes in his
first term, changed Wilson’s mind
and led him to reject the “Whig”
view that the presidency was essentially a ministerial office designed to
implement the will of Congress. In
this 1908 revision, Wilson praised
Alexander Hamilton, adding that the
next president should be “a
man . . . who has the personality and
the initiative to enforce his views
both upon the people and upon
Congress.” Despite this transparent
plug for his forthcoming presidential
campaign, Wilson once again
assailed the Madisonian separation
of powers. “We must think less of
checks and balances and more of
coordinated power,” he concluded,
“less of separation of functions and
more of the synthesis of action.” His
vision of the constitutionally unconstrained presidency didn’t end well.
Our Chief Magistrate
and His Powers
By William Howard Taft (1916)
CHRONICLE
1
Of Every Stripe
remotely threatening. With her
rounded body and googly eyes, for
instance, the jaguar who walks on
hind legs through Ms. Varon’s bright
cartoon panels seems just as amiable as the story’s hero, a donkey
(and shoemaker) named Francis.
And she is.
When Francis meets the jaguar,
Harriet, deep in the Amazonian jungle, she points to the exotic plants
around her little house and confesses,
“I’m a bit of an amateur botanist.”
She also turns out to have created a
special hybrid grass. Francis has been
The animal world in all
its beauty and variety,
from tigers to trilobites
to hippy-hoppy toads.
Untrodden Ground
By Harold H. Bruff (2015)
3
HAROLD H. BRUFF makes
clear how much the modern
presidency has evolved from
the Framers’ conception of the office
as a ministerial check on the legislative supremacy of Congress. Presidents in the Founding era refused to
exercise their implicit constitutional
power to recommend legislation out
of a fear of corrupting the legislators. The presidential veto, too, was
dormant until Andrew Jackson made
it the central weapon in his war
against the Bank of the United
States, which he claimed violated the
Constitution. Mr. Bruff emphasizes
how many of the struggles over
presidential powers have focused on
the president’s right to fire executive-branch officials, including the
battle that culminated in the failed
impeachment of Andrew Johnson for
firing his secretary of war. In an
opinion by Chief Justice Taft, the
Supreme Court later held that the
law restricting Johnson’s power was
an unconstitutional restriction on
the president’s ability to remove his
subordinates. But during the Reagan
administration, the court upheld
Congress’s power to restrict the
president from firing independent
prosecutors, over the lone dissent of
Justice Antonin Scalia. This question
may be back before the court soon.
Constitutional Government
in the United States
By Woodrow Wilson (1908)
using the grass to weave the uppers
for the shoes he makes, little realizing that the middleman who brings
him the stuff, a monkey named Nigel,
has been stealing it. Ms. Varon smuggles neat little facts about the flora
and fauna of Guyana into this goodnatured tale of adventure and comity
for readers ages 6 to 10.
“In the middle of a puddle / in the
middle of a road / on a teeter-totter
twig / sat a teeny-tiny toad,” begins
Peggy Archer in the lolloping picture
book “A Hippy-Hoppy Toad”
(Schwartz & Wade, 40 pages,
$16.99), illustrated by Anne Wilsdorf.
Snap goes the twig, flinging the tiny
toad onto the limb of a tree, where
he’s startled by a bird. Down he jumps
into a flower, only to be strafed by a
passing bumblebee. Each change in
location, and each new creature he
meets, occasions another verse of
what feels like a traveling song.
“Chirp! went the cricket. / Treeeee!
went the toad. / And he chased the
chirpy cricket to the gravel down the
road.” Ms. Wilsdorf’s ink-and-watercolor pictures capture both the
comedy and peril of the little toad’s
adventures in this wonderful readaloud for children ages 3-7.
2
IN 1885, Woodrow Wilson’s
book “Congressional Government” criticized the Framers’
system of checks and balances and
advocated instead a parliamentary
system on the British model, in
which the majority party would have
complete power to legislate, with
“no effort . . . to give the minority a
The Forgotten Presidents
GETTY IMAGES
BRENDAN WENZEL’S
2016 picture-book
debut, “They All Saw
a Cat,” was so
poised, fresh and
accomplished that it
couldn’t help raising hopes of more
good things to come. Isn’t it nice
when hopes are justified? With “Hello
Hello” (Chronicle, 52 pages, $17.99),
Mr. Wenzel shows the same confident
lightness of touch in creating effects
that are surprisingly substantial.
At one level, the book introduces
2- to 5-year-olds to a cavalcade of
wild creatures rendered in jolly collage, each animal linked to the next
by a common trait. A striped tiger
salamander is followed by a tiger,
then a cheetah and then a spotted
yellow boxfish as we read: “Hello
Stripes / Hello Spots.” At another
level, the book is a subtle exhortation
to notice the beauty and variety of
animals, especially rare and endangered ones. This is a demand that
arises a lot in picture books and can
easily shade into dreariness or didacticism, but Mr. Wenzel manages to
avoid both with his ebullient artwork
(see above) and optimistic tone.
All but one of the prehistoric
creatures stalking through “In the
Past” (Candlewick, 48 pages,
$17.99) have long since gone extinct.
Large and small, they spring to thrilling new life in Matthew Trueman’s
dramatic mixed-media illustrations.
In this terrific picture book for 3- to
7-year-olds, we see the coiled terror
of the snaky Titanoboa, a mist of
blood around his attacking jaws. And
here is the nightmarish Yutyrannus,
feathered like a chicken and built like
a T. rex. David Elliott has written
captivating odes, at turns jaunty and
wise, for each animal. Of the tiny
trilobite, ancient ancestor of the
modern tick, Mr. Elliott writes: “So
many of you. / So long ago. / So much
above you. / Little below. / Now you
lie hidden / deep in a clock, /
uncountable ticks / silenced by rock.”
The South American predators in
Sara Varon’s endearing graphic novel
“New Shoes” (First Second Books,
208 pages, $17.99) don’t look
THE ONLY PRESIDENT who
also served as chief justice, Taft
delivered this lively collection of
lectures while teaching constitutional law at Yale. In the book, he
attacks Theodore Roosevelt’s theory
that the president was a “steward of
the people” who could do anything
that the Constitution or the laws
didn’t specifically forbid. On the
contrary, Taft insists, the president
can only exercise those powers that
the Constitution and the laws specifically allow. In addition to defending
the Framers’ vision of a constitutionally constrained presidency
against new populist threats, Taft
offers an invaluable (and still relevant) primer on the constitutional
scope of the president’s power to
pardon, fire executive officers and
make war without congressional
approval. To top it off, he tells some
good jokes on himself: When Taft
informs a mother that her son can
join West Point despite his physical
shortcomings, she exclaims gratefully: “Mr. Secretary, you are not
nearly so fat as they say you are.”
CHIEF William H. Taft, 1923.
By Michael J. Gerhardt (2013)
4
BY FOCUSING on presidents
widely viewed as ineffective,
such as Van Buren, Tyler,
MR. ROSEN is president and CEO of
the National Constitution Center. His
latest book is ‘William Howard Taft.’
Arthur and Cleveland, Michael J.
Gerhardt challenges the myth that,
except for Lincoln and Jackson, 19thcentury presidents were weak. On
the contrary, he argues: Their
“strong assertions of their prerogatives” alienated critical consistencies
and often placed them on the losing
side of history. Still, there is much to
learn from the constitutional arguments of the forgotten presidents,
including William Henry Harrison’s
Whig view that the veto should be
used to protect “the people from the
effects of hasty legislation where
their will has probably been disregarded or not well understood.”
Although this view is the opposite of
the modern conception of presidential power, Harrison was channeling
Madison’s view that the role of the
president is to promote thoughtful,
reasoned deliberation over time.
James Madison: Writings
Edited by Jack Rakove (1999)
5
THE LIBRARY of America’s
collection of Madison’s writings is the best introduction to
the Father of the Constitution’s limited conception of executive (as well
as legislative and judicial) power.
Madison repeatedly insisted that the
Constitution created not a direct
democracy but a representative
republic and that large assemblies,
such as the unchecked democracies
in Greece and Rome, led inevitably to
the rule of demagogues and the mob.
Madison believed that the president
should defer to the supremacy of
Congress and that Congress should
have a veto over hastily passed state
laws, so as to give the people a
chance for sober second thoughts.
He thought also that the large size of
the Republic would make it hard for
factions to mobilize based on
passion rather than reason and to
elect demagogic leaders. Social
media, the internet and the rise of
other populist, balkanizing technologies are now calling Madison’s
constitutional vision into question.
Best-Selling Books | Week Ended March 11
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
I’ve Been Thinking . . .
Maria Shriver/Pamela Dorman Books
Hardcover Fiction
THIS
WEEK
LAST
WEEK
1
2
4
12 Rules for Life
2
Jordan B. Peterson/Random House Canada
The Rock, the Road, and the Rabbi 3
New
Kathie Lee Gifford & Rabbi Jason Sobel/Thomas Nelson
Food: What the Heck Should I Eat? 4
Mark Hyman/Little, Brown and Company
1
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
She Persisted Around the World
Chelsea Clinton/Philomel Books
6
New
Green Eggs and Ham
1
1
Dr. Seuss/Random House Books for Young Readers
Box of Butterflies
Roma Downey/Howard Books
7
New
I’ve Loved You Since Forever
Hoda Kotb/HarperCollins
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
8
7
Oh Say Can You Say Di-no-saur?
9
5
Bonnie Worth/Random House Books for Young Readers
There’s No Place Like Space
5
3
Tish Rabe/Random House Books for Young Readers
Fire and Fury
10
Michael Wolff/Henry Holt & Company
Nonfiction E-Books
Nonfiction Combined
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
Weekends at Bellevue
1
Julie Holland/Random House Publishing Group
Stop Complaining
2
Gwen Rich & Adam Rich/Cranberry Press
I’ll Be Gone in the Dark
3
Michelle McNamara/HarperCollins Publishers
LAST
WEEK
–
New
1
Bachelor Nation
4
Amy Kaufman/Penguin Publishing Group
New
12 Rules for Life
5
Jordan B. Peterson/Random House Canada
4
Methodology
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
6
LAST
WEEK
THIS
WEEK
2
LAST
WEEK
New
One Fish Two Fish Red Fish Blue Fish 3
2
Dr. Seuss/Random House Books for Young Readers
Dog Man and Cat Kid (Dog Man 4)
Dav Pilkey/Graphix
4
5
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
The Great Alone
Kristin Hannah/St. Martin’s Press
6
7
Mother Bruce
Ryan T. Higgins/Disney-Hyperion
7
–
Fox in Socks
8
4
Dr. Seuss/Random House Books for Young Readers
Wonder
9
–
R. J. Palacio/Alfred A. Knopf Books for Young Readers
The Cat in the Hat
5
3
Dr. Seuss/Random House Books for Young Readers
The Last Jedi: Expanded Edition
Jason Fry/Del Rey Books
Fiction E-Books
Fiction Combined
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
10
New
THIS
WEEK
LAST
WEEK
NPD 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
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
1
2
12 Rules for Life
1
Jordan B. Peterson/Random House Canada
3
Burn Bright
1
Patricia Briggs/Penguin Publishing Group
New
A Wrinkle in Time
Madeleine L’Engle/Square Fish
1
–
I’ve Been Thinking . . .
Maria Shriver/Pamela Dorman Books
2
The Escape Artist
2
Brad Meltzer/Grand Central Publishing
New
Burn Bright
Patricia Briggs/Ace Books
2
New
Emotional Intelligence 2.0
2
Travis Bradberry & Jean Greaves/TalentSmart
4
The Woman Left Behind
3
Linda Howard/HarperCollins Publishers
New
The Escape Artist
3
Brad Meltzer/Grand Central Publishing
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
3
5
2
The Rock, the Road, and the Rabbi 3
New
Kathie Lee Gifford & Rabbi Jason Sobel/Thomas Nelson
Food: What the Heck Should I Eat? 4
Mark Hyman/Little, Brown and Company
1
A Wrinkle in Time
4
Madeleine L’Engle/Farrar, Straus and Giroux
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
5
10
High Voltage
5
New
Karen Marie Moning/Random House Publishing Group
Educated
6
5
Tara Westover/Random House Publishing Group
You Are A Badass
Jen Sincero/Running Press
6
–
The Great Alone
Kristin Hannah/St. Martin’s Press
6
2
The Rock, the Road, and the Rabbi 7
New
Kathie Lee Gifford & Rabbi Jason Sobel/Thomas Nelson, Inc.
The Sun and Her Flowers
7
Rupi Kaur/Andrews McMeel Publishing
–
Marriage of Inconvenience
Penny Reid/Cipher-Naught
7
New
8
Red Sparrow
Jason Matthews/Scribner
8
The Nazi Officer’s Wife
8
Edith Hahn Beer/HarperCollins Publishers
–
Educated
Tara Westover/Random House
The Subtle Art of Not Giving A F*ck 9
Mark Manson/HarperCollins Publishers
8
There’s No Place Like Space
9
5
Tish Rabe/Random House Books for Young Readers
Food52 Mighty Salads
10
Editors of Food52/Potter/TenSpeed/Harmony
–
Fire and Fury
10
Michael Wolff/Henry Holt & Company
8
9
Until Harmony
9
Aurora Rose Reynolds/Aurora Rose Reynolds
Not Quite Crazy
Catherine Bybee/Montlake Romance
10
–
StrengthsFinder 2.0
Tom Rath/Gallup Press
Red Sparrow
Jason Matthews/Pocket Books
4
7
Crushing It!
Gary Vaynerchuk/HarperBusiness
4
3
The Great Alone
Kristin Hannah/St. Martin’s Press
5
4
Total Money Makeover
Dave Ramsey/Thomas Nelson
5
7
The Five Dysfunctions of a Team
Patrick Lencioni/Jossey-Bass
6
10
Extreme Ownership
Jocko Willink/St. Martin’s Press
7
6
Green Eggs and Ham
6
2
Dr. Seuss/Random House Books for Young Readers
I’ve Loved You Since Forever
Hoda Kotb/HarperCollins
7
New
6
Camino Island
John Grisham/Dell
8
–
Radical Inclusion
8
Martin Dempsey & Ori Brafman /Missionday
–
Little Fires Everywhere
Celeste Ng/Penguin Press
9
–
Skin in the Game
9
Nassim Nicholas Taleb/Random House
1
When
Daniel H. Pink/Riverhead Books
–
New
The Woman Left Behind
10
Linda Howard/William Morrow & Company
New
10
New
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C11
* * * *
REVIEW
has no plans to retire; he prefers
to work. “The act of making something, seeing something that has
never been materialized, is as
deeply pleasurable…as any other
thing I do,” he says.
Early in his career, he cofounded a firm with three other
designers. To make a living, he
also taught at the School of Visual
Arts, where he still teaches a design class every fall. He did illustrations for magazines and eventually became involved in designing,
or redesigning, the look of publications. He co-founded New York
magazine with Clay Felker in 1968
and in 1973 redesigned Paris
Match magazine (which, he notes,
he did in just three days, at the
owner’s request).
In 1977 he created the classic
logo for DC Comics: concentric circles with DC in the middle and
four stars in the outer ring. In the
1980s, he designed Brooklyn Brewery’s logo—a flamboyant cursive
“B” inside a circle, with the brewery’s name written in capital letters in an outer ring. Mr. Glaser
thought the circle called to mind a
beer coaster
and the ‘B’
evoked the
look and
shape of
foam.
More recently, Mr.
Glaser has
branched out
into making
products.
Many, including his wall clocks
and watches, have a colorful, bold,
minimalist aesthetic. He doesn’t
see physical objects as a departure. “I don’t consider design a
limited activity,” he says. “Design
is intent, intent to communicate
something to somebody so they
move to action, and that includes
practically everything in the
world, from making a lunch date
to designing an office building.”
Can the sort of commercial design for which he’s famous be considered art? He argues that it can
be: He defines art as any form of
communication that changes how
a viewer or listener perceives the
world. “If it doesn’t do that,” he
says, “it’s not art, no matter how
decorative it is, no matter how
amusing it is, and no matter how
expensive it is.”
Mr. Glaser lives in New York
City with his wife, Shirley. They
spend a few months a year north
of the city, in Nyack. He says that
he prefers spending his time working rather than doing hobbies. “I
used to go to movies as a kid,” he
says. “In recent years I find I don’t
have the time to go to particularly
mediocre movies.”
He’s more selective about his
projects lately. His recent work includes the logo for the Bread
Alone bakery, a marketing campaign for Jet Blue’s New York hub
and the logo and interior details
for the Rubin Museum of Art. “I
don’t want to take any work that
I’m not interested in doing, and
one of the consequences of having
a large operation is that you’re always taking work to cover the
staff costs,” he says.
These days, he has just one assistant. “I want to see how good I
can get until I die,” he says. “So
I’m still trying.”
AXEL DUPEUX FOR THE WALL STREET JOURNAL
‘I don’t
consider
design a
limited
activity.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Milton Glaser
IN 1977, graphic designer Milton
Glaser was sitting in the back of a
taxi on his way to a meeting with
New York state officials who were
looking for ways to drum up tourism. New York City was in the
midst of a crime wave, and the
state needed help. An idea came to
him: four simple characters, which
he scrawled on the back of a spare
envelope with a red crayon. That
drawing was an early draft of his
now-famous “I NY” logo.
His sketch had the four characters straight across. He later
stacked the first two above the NY.
(He now says he may have been
subliminally influenced by Robert
Indiana’s “Love” artwork, which
has “LO” on top of “VE.”)
“I thought that logo was going
to last a month, and now you can’t
go anywhere without seeing it 10
times a day,” Mr. Glaser says. He
didn’t charge the state for the design. The logo, which is owned by
the state’s economic development
agency, still generates about $1
million a year in licensing fees.
Mr. Glaser, 88, says that the
logo is important to him “because
it transformed the way people
see things, and it also helped the
city at a time when it was des-
The graphic designer on his long
career—and his famed ‘I NY’ logo
perate for a shift of consciousness,” he says.
He has applied that same exacting simplicity—as well as his philosophy that design can change
how people see the world—to
countless logos, posters, newspaper and magazine designs, and
more recently, to home products.
His new book, “Milton Glaser Posters,” includes 427 works from the
past six decades—including his
1967 Bob Dylan poster for Columbia Records, a profile view of the
singer with wild, swirling, multicolored hair against a white background.
For the Dylan poster, Mr. Glaser
says that he was influenced by a
series of self-portraits by Marcel
Duchamp, started in 1957, in which
the artist’s profile appears as a
black silhouette on different colored backgrounds. Only he didn’t
realize it at the time. “When I first
encountered the Duchamp selfportrait…I filed it away in my
brain to use at some future time,”
he writes in the book. “The difference between influence and plagiarism is not always clear.”
Growing up in New York City, he
discovered he had a knack for
drawing at an early age. Today, he
MOVING TARGETS: JOE QUEENAN
PEOPLE CAN TEACH themselves
to like just about anything. If you
really put your mind to it, you can
teach yourself to like broccoli or
marzipan or “Cats” or Ed
Sheeran—simply because you
don’t want to feel cut off from everybody else who seems to be enjoying these things.
This is the way I feel about
March Madness, the three-week
NCAA tournament that began this
week. I know that I can teach myself to get excited about college
basketball. I know it.
Under duress, I have taught
myself to enjoy amateur photography, sixth-grade student recitals, short stories by Ann Beattie
and the banjo. I developed a
vague interest in Lithuanian history because I thought it might
get me a raise from my first boss,
he being of the Baltic persuasion.
It worked. I taught myself to enjoy movies about hobbits and
English boarding-school child magicians because I knew it would
please my kids. Now I am ready
to climb the steepest, most
daunting mountain of all.
For too long I have estranged
myself from my countrymen every spring because of a pathological and undeniably unpatriotic
aversion to college hoops. I have
ridiculed the pathetic shooting,
the media hype, the matador defense, the pathetic shooting, the
crooked coaches, the hyperventilating announcers, the lying,
thieving athletic directors, the
moronic sideline reporters, the
annoying, self-involved mascots
and the pathetic shooting. In my
defense, I have never ridiculed
the hardworking referees or
the ebullient cheerleaders.
Like everyone else in America, I will fill out a bracket. I
will place bets. I will wax philosophic about ancient, storied rivalries that stir the echoes every
time North Carolina’s Tar Heels
and Duke’s Blue Devils take the
floor. Maybe it’s not the echoes.
I will give in and
stop ridiculing
the pathetic
shooting.
Maybe it’s the embers. Whatever.
Of course I will need someone
to root for. Because my alma
mater St. Joe’s didn’t make the
tournament, I will root for Penn,
the only Philly team invited to
“the dance” that is actually located within the city limits. I will
do this despite the fact that Ivy
League basketball is even more
inept than regular college
basketball. Sorry, that just
slipped out.
I have vowed to stay up
all night watching Wichita
State duke it out with Marshall, Purdue lock horns
with Cal State Fullerton,
Gonzaga go toe to toe with
UNC Greensboro. I swore
to be right there screaming my support for both
Lipscomb and Radford, institutions of higher learning of whose existence I
was previously unaware.
Such is the madness of March.
I will do everything in my
power to revel in the glories of
the tourney. I will watch every
game, every shot, every interview.
I will not ridicule the uniforms. I
will not ridicule the coaches’ hair.
I will not ridicule the pathetic
shooting. And I will pray that by
some miraculous turn of events
Radford gets to play for the national championship on April 2.
Against Lipscomb.
There is only one thing I will
not do. I will not root for Villanova, an accursed crosstown rival of my alma mater and all the
other schools in Philadelphia and
indeed of all humanity. If Villanova gets to the finals, I will either smash the television or root
for Kansas or Kentucky, perhaps
even South Dakota State. I will do
so while wearing my well-worn
“Friends Don’t Let Friends Go to
Villanova” shirt.
It is possible to stop hating college basketball. It is not possible
to stop hating Villanova. Don’t
ask—it’s a Philly thing.
NISHANT CHOKSI
My Plan to Stop Hating March Madness
.
C12 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
REVIEW
Want to experience Burning
Man without the Nevada desert? Starting March 30, visitors to the Renwick Gallery of
the Smithsonian American
Art Museum in Washington,
D.C., can view actual and reimagined works from the
event. Part of the show is inside the museum, the rest is
outdoors, across the neighborhood. Some of the art is
interactive, such as a wooden
temple where visitors can
leave notes. “It’s really trying
to break out of the box of being a museum where people
just come in and look,” says
curator Nora Atkinson.
—Alexandra Wolfe
EXHIBIT
Burning Man
WITHOUT THE BURN
Three of
these mushrooms, which
first appeared
at Burning
Man in 2016
as ‘Shrumen
Lumen,’ will be
featured in the
show. Artist
collective Foldhaus used an
origami fold
pattern to create shapes
that could
withstand
desert winds
and weather.
This large-scale metal
sculpture, from 2010, is called
‘Future’s Past.’ As artist Kate
Raudenbush describes it: ‘A
monument to man’s technological advancement has been
mysteriously abandoned to
time and left to seed. In its
place, a monument to nature
grows out of its fertile ground.’
Artists Michael Garlington
and Natalia Bertotti created ‘Totem of Confessions’ at Burning
Man in 2015. This photo plus a
new work by the artists will be
included in the Renwick’s exhibition.
Marco Cochrane exhibited this 55-foot-tall sculpture, ‘Truth Is Beauty,’ at Burning
Man in 2013. The Renwick will feature a smaller version, about a third as high, in
the gallery. At the base of the original, in several languages, was text asking: ‘What
Would the World Be Like If Women Were Safe?’
CLOCKWISE FROM TOP: RENE SMITH; KATE RAUDENBUSH; DANIEL L HAYES; ELEANOR PREGER
ASK ARIELY: DAN ARIELY
No Bribes for Behaving
The Fallen Idol
A painter hero-worshipped Lou Reed...
but then he met the singer
Duncan Hannah, 65, is a painter
whose work is in the collections of
the Metropolitan Museum of Art and
Minneapolis Art Institute. He is the
author of “Twentieth-Century Boy:
Notebooks of the Seventies” (Knopf).
He spoke with Marc Myers.
I kept getting into trouble in early 1971.
It was my last semester of high school,
and I was feeling hedonistic. We lived
in Hopkins, Minn., a suburb of Minneapolis, and I
wanted out. That fall I’d
be studying art at Bard
College, a train ride away
from New York City. I
couldn’t wait.
I was determined to
become a painter, though
I didn’t actually know
one. I had self-published several underground comic books. Painting in New
York had long been a romantic ideal.
Driving home alone one night from a
party in my mother’s Buick station
wagon, I was listening to FM radio. At
some point, the DJ said in his flat voice,
“This is a new cut off ‘Loaded’ by the
Velvet Underground—‘ROCK & ROLL.’”
I already knew the music of Lou
Reed and the Velvets. Much of it was
dark and difficult. But “Rock & Roll”
was user-friendly and accessible, al-
most playful. Reed sang a sweet story:
“Jenny said when she was just 5
years old / There was nothing happening at all /… Then one fine mornin’ she
puts on a New York station /…. You
know her life was saved by rock ’n’ roll,
yes rock ’n’ roll.”
My hair stood on end. I was euphoric. The guitar solo was trance-y,
and Reed’s phrasing was so New York.
He sounded like the mayor of the
place. I couldn’t wait to
get there.
In 1973, I was sitting
in the back of Max’s
Kansas City in New York
with a friend who had
managed the Velvets.
Lou came in very drunk,
and my friend called him
over. Lou sat down next
to me in the booth and ordered two
tequilas.
He and my friend began talking, and
I kept trying to jump into the conversation. That was a mistake. I pissed off
Lou, who became menacing and cruel
before finally leaving.
I was 20 then and knew all about
great artists acting badly, but it was
a drag. I still listen to the Velvets today, but Lou Reed’s solo albums
didn’t survive that night. I wish I’d
never met him.
MICHAEL OCHS/GETTY IMAGES
‘I knew all
about great
artists acting
badly.’
Hi, Dan.
I’m raising two teenagers and have discovered
just how hard it is to teach them to be polite,
to clean up after themselves and to leave the
house on time. Would it make sense for me to
pay them for better behavior? —Billy
Simple rewards might
seem like a good idea,
but they often have
unintended consequences. Consider
the case of Kelly the
dolphin, who lived
in a marine institute in Mississippi. To teach
her to keep her
pool clean, her
trainers started trading her fish for any litter she collected.
Kelly soon
learned that litter of any size
would win her a
treat. So when a
visitor dropped
paper into the
pool, she would
hide it under a
rock and tear off
one piece at a
time to get more fish.
Her response was logical
but not exactly desirable.
Something similar can happen with children.
In studies conducted in the 1980s, psychologist
Barry Schwartz had a teacher pay children for
every book they finished. The children started
choosing shorter books with large print in order to get more rewards—and they reported
liking reading less. I think it’s best to teach
your children how to act, not how to maximize
their pay.
Hello, Dan.
FROM LEFT, Doug Yule, Lou Reed, Maureen ‘Moe’ Tucker and Sterling Morrison of the
Velvet Underground, photographed in 1970. The band formed in the mid-1960s.
I recently bought a DNA
test to learn about my ancestors’ roots. The test
had an option to let me
find out if I carry DNA
mutations that increase
Have a
dilemma
for Dan?
Email
AskAriely
@wsj.com
the chances of Parkinson’s, Alzheimer’s and
other diseases. I chose to include those tests,
but now I can’t help feeling anxious about
getting the results. What would you have
done? —Natalia
Genetic information is becoming more and
more available, for good and ill. Though medications exist for the diseases you mention,
scientists think that Parkinson’s and most
Alzheimer’s cases are not preventable, so if I were you,
I would stick
my head in the
virtual sand
and not find out
about the DNA
mutations. A
bad result
would cause you
needless stress
and might
weaken your immune system.
We all stand a
chance of getting
these diseases, and
the best way to deal
with that prospect is to take
better care of
our bodies and
minds in preparation for old age. We also should be kinder to
our significant others and children, because
they’re likely to be our eventual caretakers.
Dear Dan,
The state of the world is depressing me. It
feels that whatever good I do is a small drop
in the bucket compared with a daily flood of
illogical, ignorant and evil actions. How can I
keep going and find hope? —Stacy
Over the past few years I’ve spent time with
people who had suffered very complex injuries and were trying to regain their drive and
sense of purpose. One thing they did was to
set achievable goals and measure their progress toward them—the classic idea of “light
at the end of the tunnel.” If you can focus on
positive changes that you can make in the
near term, it should help your motivation—
and make you happier. Good luck.
RUTH GWILY
PLAYLIST: DUNCAN HANNAH
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
D. All of the above
1. President
Donald
Trump
chose
Gina
Haspel as
the first
woman to
run this federal
agency. Which one?
Knight Trap
A knight is placed on an
infinite chessboard.
If it cannot move to a
square previously visited, how
can it be moved in as few
moves as possible so that it
has no more moves available?
6. “The constituencies who have
been beating us up for months
will all live to regret what’s happening here.” Who said that?
A. Republican Rick Saccone
after apparently losing a close
House election near Pittsburgh
B. Germany’s Angela Merkel,
starting her fourth term as
chancellor, about recent policy
compromises
C. The CEO of Toys “R” Us,
which will sell or close U.S.
stores
D. Coach Joe Ascasio of the
Southern North Carolina
Lemurs, after losing a March
Madness game
A. A Quebecois bread
avoided by the health-conscious
B. A mysterious dental
ailment
C. An internet company
keeping alive telnet, FTP and
other hoary protocols
D. A brand of Swiss watch
3. Gun maker Remington plans
to file for bankruptcy protection.
Who owns the enterprise?
7. David Solomon
became the
CEO heir-apparent at
Goldman
Sachs.
What’s his
hobby?
A. Cerberus Capital
Management
B. Pegasus Capital Advisors
C. Centaur Private Equity
D. Seventh Generation
4. Theranos Inc. founder and
chief executive Elizabeth Holmes
settled civil fraud charges filed
by the SEC. Which of these did
she agree to?
A. Detroit
B. New Jersey
C. Puerto Rico
D. California
turn to page C4.
My Number is 136
Ana and Boris play a logic game. They both know
that possibly identical positive integers, a and b,
are chosen by a third party. Their product is
written on Ana’s forehead and their sum is
written on Boris’s forehead. Each can see the
other’s number but not his or her own. After each
sees the number on the other’s forehead, one says
to the other, “There is no way you can know your
number.” The other responds, “I now know my
number is 136.”
What number is on Ana and what number is
on Boris?
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST WEEK’S PUZZLES
8. What’s the top bond
investment so far this year?
To see answers, please
For previous weeks’
puzzles, and to
discuss strategies
with other solvers, go
to WSJ.com/puzzle.
LUCI GUTIÉRREZ
+
A. Collateralized debt
obligations
B. DJing
C. Karate
D. Knitting
A. A $500,000 penalty
B. A 10-year ban from being
an officer or director of a public
company
C. Giving up voting control
of Theranos
National
Museum of
Mathematics
logic is in store for the math
team.
A. Yemen
B. São Paulo
C. Chicago
D. Hollywood
2. Blancpain persists despite
changing times. What is it?
Provided by the
Another workout in
5. Where do some Navy and
Marine medics go for experience
with battlefield-type wounds?
A. The FBI
B. The CIA
C. The NSA
D. The United States Board
on Geographic Names
FROM TOP: CIA/ASSOCIATED PRESS; ANDREW HARRER/BLOOMBERG NEWS
VARSITY MATH
From this week’s
Wall Street Journal
Varsity Math
Extra Helpings
The thickness of
the shell in The
Size of Humanity
would be about
9.1395 tenthousandths of a
millimeter. This is
less than a micron
(= one millionth of
a meter). In Fish
Pond, the water
level is 8 inches
above the platform.
S T U N
L E G I
R A G G
H
P V T
L A O S
O U C H
A L A I
F A B F
T
E F T
M I R A
C R U S
E S T H
E T H E
S
B I B
A C E D
S A F E
I M I N
L E T T
T
R
E
E
M
O
D
E
S
L
U
N
C
H
C
H
O
R
A
L
E
R
I
S
I
B
L
E
M
E
T
E
O
R
A N
N S
Y C A
S
U S A
N A P
D R
A T
U R
N E D
T
E
E
L
D R I
A V
S V E
P E R
A L E
D
E T
V E
E D
D
A
N
K
N
E
S
S
D
E
C
A
L
S
R
T
E
S
Acrostic
R
O
D
I
N
S
R
K
E
Y
M
E R
A S
AM P
Y R I A
O AM I
U R A N
MA L
A T E
D
K A
E
M
I L
B
T E
E
MA R
MO S S
A N O
R A F F
N D
T
E E
C
E B I R
V A P E
O S H P
H O O
P E N
E R E S
N
S A
B
I UMO
T R O T
E G O
R E E M
A D D A
T O
D
I N
A
V
G
E S
A
O U S
I C S C
R A D A
A L O R
T
R
I
P
E
H
O
T
E
L
S
N
A
R
K
C
A
R
T
S
K
N
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S
S
C
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N
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A
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H
Y
D
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A
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A
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O N E
B L E
I E S
D(avid) Prerau, “Seize the Daylight”—“Churchill
delivered an eloquent and powerful speech of
support. ‘An extra yawn one morning in the
springtime, an extra snooze one night in autumn is
all that we ask.... We borrow an hour one night late
in April; we pay it back with golden interest five
months later.’”
A. Drivel; B. Pinch-run; C. “Rear Window”; D. Entwine;
E. Romulan; F. Astringent; G. “Unforgettable”;
H. Salt-N-Pepa; I. Europa; J. Intrinsic; K. Zebulon Pike;
L. Entrapment; M. Trefoil; N. Howard Hawks;
O. Exchequer; P. Denali; Q. Athlete’s foot; R. “You
Sexy Thing”; S. Liaison; T. In hog heaven; U. Game
plan; V. “Hamilton”; W. Two cents’ worth
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
1
2
3
4
5
6
19
7
8
22
12
30
31
32
33
34
27
35
36
41
45
47
48
54
60
46
49
55
50
56
62
66
71
67
72
57
63
68
69
73
76
74
77
80
78
81
82
89
94
108
83
90
79
84
91
95
96
98
102
37
42
61
65
13
24
26
44
93
11
23
40
59
10
21
25
29
9
20
99
100
103
104
109 110
101
105
111
118
119
121
122
106 107
112 113
Little Green Men | by Martin Leechman
Across
54 Odometer
increment
56 Get a pool
workout
58 Vote predictor
59 Far from demure
62 Rat
64 ___ Park, New
Jersey
65 Fantasy flyer
66 Stadium guards
in Foxborough?
70 Japan’s prime
minister
71 Clarifying words
73 Dewy quality
74 Mascara target
76 Dudley often
rescued her from
Snidely
77 More frilly
78 Sullen
80 Colonel Sanders
feature
82 Unmatched
83 Iron production
85 Fair
89 Scheming
91 “Old Blood and
Guts,” before his
growth spurt?
93 Vegetable
garden in
Savannah?
97 Classic Chevy
98 Futuristic Capek
play
99 Sometime in
the past
100 Copland ballet
101 Savory pastry
102 Part of QED
104 Prettify
106 Break in the
action
108 Turn in
111 Stoner beat cop?
118 Run
119 Regretted thirds,
perhaps
120 Bête ___
121 Forwards, say
122 Composed
123 March 17
honoree, as well
as this puzzle’s
honoree
Down
1 Expert with IRS
rules
2 2013 Joaquin
Phoenix film
3 Curving path
4 Put a spot on,
say
5 Language in
which “success”
is “Qapla’”
6 Pre-Pythagorean
belief
7 Back muscle,
briefly
8 Northern
neighbor of Mich.
15
16
17
18
1
2
3
4
5
6
7
8
9 10 11 12
1
2
3
4
5
6
7
8
9
10
11
12
Turning Points | by Patrick Berry
A series of clues is provided for
each numbered Row and Column.
Answers to Row clues should be
entered into the correspondingly
numbered Row in order, but be
warned: At some point within the
grid’s unshaded area, each series of
Row answers will turn downward
and finish out one of the grid’s
Columns. Likewise, each series of
Column answers will turn
rightward, reusing the same
turning point as one of the Rows,
and finish out that Row. For
example, if the intersection of Row
5 and Column 3 were a turning
point, the paths of those two
answer sequences would be as
shown below.
Column 3
start
Row 5
start
Column 3
end
Row 5
end
The exact locations of the twelve
turning points are for you to
discover. When the grid is
complete, the letters in the turning
points (read from left to right by
Column) will spell a category of
sorts, and the shaded spaces will
contain eight words that fit the
category.
Rows
Columns
1 Author whose stories were the
basis of “Guys and Dolls”
Unhurried gait
Simon with three Tonys
In order
Surroundings
2 Set a price of
Chomsky of linguistics
Soufflé ingredient
Broadway show set in
NYC’s East Village
3 Pet in Bedrock
Frame job
Strike down
“The Simpsons” character
Disco ___
4 Touchscreen graphic
Skipper’s crime?
Trifling sum
5 Tech support caller
Lode-bearing group?
6 Weigh station vehicle
Tidies one’s bed, perhaps
Not fatty
7 For the taking
House player?
8 “That’s good to hear” (2 wds.)
Gershwin hit from “Girl Crazy”
(3 wds.)
9 Extremely popular
Creator of Mr. Darcy and
Mr. Knightley
Street urchin
10 Less easy to babysit
11 Most wary
Not ready for battle?
12 Schwarzenegger, to his fans
Positron’s place
1 “A higher revelation than all
wisdom and philosophy”:
Beethoven
Revenue-generating
department
“Please explain,” archaically
(2 wds.)
2 ___ monitor (parolee’s wear)
They’re exchanged at the altar
Muhammad Ali’s daughter
3 Parachute fabric
Feudal lord
Martin ___ (former aerospace
company)
4 Buck’s mate
One-pot meal
France’s Charles de ___
Win over
Piniella who managed five
MLB teams
5 Direct opposites
Michelangelo rival
6 Three sheets to the wind
Small bay
7 Like some light cigarettes
(Hyph.)
Uncontainable anger
Silent sufferer
Patch up
8 Printer manufacturer owned
by Seiko Group
Brother of Moses
Slow to flow
9 Extend the permit on
10 Nonsensical
Another name for a vacuum
flask
11 Voicemail sound
12 2009 Tennis Hall of Fame
inductee
Oscar winner for “Dallas
Buyers Club”
Monk’s hood
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 It’s on the
school board
6 Plants
12 Galoots
19 Imminent danger
20 Colombian
cowboy
21 Insect in a
column
22 Model of polar
weather?
24 Easing of
tensions
25 Hatching spot
26 Polite denial
28 Man o’ War, to
War Admiral
29 Illusory oasis, e.g.
33 Drain
36 Badgers
39 Homer’s
neighbor
40 Bolivian bud
41 Burgers served
in the dining car?
44 Opener of an
inventor’s
documentation
lockbox?
46 Badger
47 Check the price
of, in a way
48 Paid for a hand
49 All the rage
50 Text
enhancements
52 “Imagine that!”
53 Tart fruits
55 “Around the
Horn” network
28
56 New grandparent,
often
38
39
57 100-year-old
43
architect
59 Fetch at auction
60 “O, I am fortune’s
51 52 53
fool!” speaker
58
61 Washington-to64
Boston speedster
62 Languish
70
63 Buff
75
64 Chuck, e.g.
67 Stratoliner flyer,
85 86 87 88
in the past
68
Got
back
92
69
Compacted
mass
97
72 Bridal destination
75 Gambler’s
strategy
77 Admit
114 115 116 117
78 Brew, in a way
120
79 Bleeped word
123
81 Conclusion
lead-in
83 Roe source
9 Tense time for
84 Pledge drive
an astronaut
prize
10 Deep gully
86 Swimmer Kristin
who won six gold
11 Long times
medals in the
12 Undeserved
Seoul Olympics
accusations
87 They never pass
13 Furious feeling
the bar
14 Zero longitude
88
Fit
to serve
standard: Abbr.
90
Deceptive
15 Supporters’ calls
appearances
16 Grilled sandwich
91 Freeloader
17 Starter follower
92 Toyota sedans
18 Spirited horses
93 Geneticist
20 Hi-fi platters
Mendel
23 Bee follower
94 Grand Tour
setting
27 Thoroughly
95 Waxes eloquent
29 War room aids
96 Get in
30 It comes with a
Magic Mouse
101 Camera type,
initially
31 Singer Ora
103 Went fast
32 Call center staff
105 Discoverers’ cries
34 Donald’s veep
107 Beehive State
35 Made a case
athlete
37 Airport areas
109 Outlaw
38 Pipe part
110 Flight board
41 Monopoly deed
posting, briefly
number
112
Charlemagne’s
42 Handsome hunks
realm: Abbr.
43 Figure of speech
113 He has pipes and
45 “Delta Dawn”
horns
singer Tucker
114 Auction buy
49 Court sport
115 Pertness
51 “The Lord had
116
Historian’s focus
prepared a great
117 No longer in
fish to swallow”
active serv.
him
14
.
C14 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
REVIEW
MASTERPIECE: ‘THE THREE MUSKETEERS’ (1844) BY ALEXANDRE DUMAS
LESS THAN
PERFECT HEROES
WHERE ART MET CLUBS: New York’s Palladium nightclub in 1985, with a mural by Keith Haring.
ICONS
Save the Last
Design for Me
An exhibit of nightclub fashion, furniture, architecture and art
BY J.S. MARCUS
ple), disco itself (think Donna Summer), house (featuring
a track from Frankie Knuckles, the innovative Bronx-born
DJ), and techno tracks, from the likes of Germany’s
THE BEAT GOES ON from now through September at
Kraftwerk. A light installation created for the exhibition by
“Night Fever,” a new German exhibit where visitors who
Matthias Singer, a Munich-based lighting designer with
may never have made it past the velvet ropes will get to
club events to his credit, will surround listeners.
rummage through several decades of nightclub design—
After Italy, the exhibition makes a stopover in lower
complete with vintage fliers, techno-inspired fashion, nightManhattan in the 1980s, where club culture and the art
club furniture and dance-club inspired artworks.
scene overlapped. The show features graphic art by Keith
Subtitled “Designing Club Culture 1960–Today,” the exhiHaring, who first attracted attention for his chalk-based
bition at the Vitra Design Museum in Weil am Rhein, just
graffiti art in the New York subway. The exhibition inoutside the Swiss city of Basel, uses everything from
cludes Haring’s 1983 drawing of a
whimsical Italian club decorations of the 1960s to a
DJ, possibly at Paradise Garage,
scale rendering in cork of Berghain, Berlin’s longwhose resident DJ Larry Levan
standing techno temple housed in an old East Gerpaved the way for “house music,”
man power plant.
and a 1985 Haring invitation to a
The French created the discothèque, as its name
party in honor of Mr. Levan. That
implies, says Jochen Eisenbrand, the museum’s
year, Haring painted a giant canvas
chief curator and co-curator of the new show. The
mural that presided over the dance
first discos of the postwar years combined live mufloor at the Palladium, one of New
sic with records. In the 1960s, a group of iconoclasYork’s top clubs during the 1980s.
tic Italian architects, collectively known as the
The show has a photo of the PallaRadical Design movement, gave the format a dradium interior, whose signature mumatic makeover. Often disdainful of creatral is now part of the collection of
ing ordinary buildings, the architects
the Keith Haring Foundation.
jumped at the chance to design
The exhibition then moves back
nightclub spaces.
to Europe—in particular to Berlin,
The show features plenty of phowhere 1990s nightlife took over cavernous
tos documenting Italian clubs launched
spaces in the urban wilderness that still marked
in the 1960s, like Rome’s Piper and Florence’s
the edges of East Berlin. One was Tresor, the go-to
Space Electronic, and includes surviving pieces of furtechno spot of the early 1990s, created out of the
niture, like a pink chair with a doughnut-shaped seat
vaults of a former department store on a spot near
from a Bolzano club, Il Grifoncino, by Radical Design
the former Berlin Wall.
architect Cesare Casati.
Next comes a pit stop in Antwerp, BelThese Italian clubs had distinctive interiors,
gium, where an ascendant fashion
marked by bright colors and sleek
scene held sway in local nightclubs.
shapes, and the recovery of their hisTechno music is associated with Flemtory is “the most exciting part of the
ish designer Walter Van Beirendonck,
exhibition” for Konstantin Grcic, the
who says his collections in the late
celebrated German furniture and
ROGER TALLON’S Swivel Chair Module
product designer who also designed 400 for an unbuilt Paris nightclub (1965). 1980s and ’90s “fit the atmosphere,
look, vibe and energy” of the techno
the layout of the new Vitra show.
club scene. Three of Mr. Van Beirendonck’s designs are on
The architects “invented the typology of the club,” he says,
view in “Night Fever,” including his thigh-covering “Hardbeat”
adding that their approaches to overall club design “are
boots from his 1989-90 fall and winter collection. He went on
still valid today.”
to design the costumes for U2’s 1997-98 “PopMart Tour.”
Some of Mr. Grcic’s designs are produced by Vitra, the
As the music got harsher, nightclubs spawned more ausSwiss-owned furniture company that specializes in midcentere and even alienating works of art. “I’ve Never Been to
tury modern masters like Charles and Ray Eames and DenBerghain,” by 38-year-old Berlin artist Philip Topolovac, upmark’s Verner Panton along with contemporary figures like
dates 18th-century architecture cork models of Italian landFrance’s Ronan and Erwan Bouroullec. Over the years, Vitra
marks that travelers brought home from a Grand Tour. The
has moved from furniture into architecture, commissioning
2016 work, which the artist calls conceptual sculpture, renFrank Gehry to create a design museum in 1989 on its Weil
ders the club complex, built as a power plant in a monumenam Rhein campus. In the 1990s, British architect Zaha
tal Stalinist style, as an uncanny ocher monolith. (Actually,
Hadid designed the campus fire station, topped by what
Mr. Topolovac says, he has been to Berghain a few times.)
looks like a giant shard.
The show winds down with recent photographs by VinAn opening party at that fire station will be as close as
cent Rosenblatt showing phantasmagoric scenes from a
the show comes to a real disco. “I was against re-creating
club in northern Brazil in 2016 and 2017. As for “Night Fea club experience in the exhibition,” says Mr. Grcic. Instead
ver,” it ends its run Sept. 9, then parties down at the ADAMhe has equipped a gallery with headphones playing four
Brussels Design Museum on Nov. 23 for the start of an intypes of music one might have heard in the clubs evoked
ternational tour.
by the exhibition. There’s pre-disco (Barry White, for exam-
ALEXANDRE DUMAS was 18 when he first discovered Shakespeare. It was a bowdlerized version of “Hamlet” that a traveling
French troupe performed not far from where Dumas grew up. Its
impact on his future career was immediate and irreversible:
“Imagine a blind man whose sight is restored! Imagine Adam
opening his eyes on creation!” wrote Dumas in his memoirs.
What humanizes Shakespeare’s play is the unconditional
friendship between Hamlet and Horatio. However rash and irregular Hamlet’s behavior becomes, his friend’s support never
wavers. When Dumas wrote “The Three Musketeers” in 1844
he upped Shakespeare’s ante by creating a band of four, not
two, “inseparables” who remain fiercely loyal to one another
in spite of their individual shortcomings.
Today, when foibles are quick to be frowned upon and
stones fast to be thrown, Dumas’s novel offers a welcome respite in its celebration of masculine imperfection. Originally
published as a newspaper serial, “The Three Musketeers” dynamited the codes of staid bourgeois drama. The author’s
mold-breaking use of short paragraphs and abundant dialogue
provided a template for the modern page-turner. Though Dumas was accused of playing fast and loose with history, he actually brought it thrillingly alive. “What he invents seems
true,” Jean Cocteau wrote, “while the truth of other [writers]
seems false and it no doubt is.”
The novel begins with an impudent young Gascon, d’Artagnan, heading to Paris in search of fame and fortune. He initially makes enemies of Athos, Porthos and Aramis, three of
King Louis XIII’s best musketeers, and several challenges to a
duel ensue. But the contests never actually occur, because the
musketeers divine in d’Artagnan a man who is willing to risk
his life and can assist them in their sallies against Cardinal
Richelieu’s belligerent guards. A
rip-snorting new translation of
“The Three Musketeers” by the
American Lawrence Ellsworth
captures all the excitement and
flair of Dumas’s great historical
adventure that spawned several
sequels and numerous films, TV
series and cartoons.
Far from setting up the musketeers as paragons of virtue, Dumas’s first description of them is as “drunk, disorderly and insolent.” He continues in a similar vein: They “lounged around
the taverns, the public squares, and the sporting greens, making loud remarks, twirling their mustaches, rattling their
swords and taking great pleasure in provoking the Cardinal’s
Guards whenever they encountered them.”
The three that d’Artagnan gets to know and befriend are
variously described as “vain and indiscreet” (Porthos), “taciturn to a fault” (Athos) and “the most unsocial, least funloving musketeer one could ever hope to see” (Aramis). Even
d’Artagnan, though more in the heroic Walter Scott mode,
has his failings, especially when he masquerades as another
man to seduce the novel’s arch-villainess, Milady. He is upbraided for this by Athos, who places chivalry above all else.
But does the older man hold a grudge against him? You can
bet he doesn’t.
Of course the musketeers and d’Artagnan, who dreams of
becoming one of them, also have their share of gentlemanly
and stouthearted qualities, but Dumas is more interested in
using their shortcomings to propel his plot. When d’Artagnan
quite literally runs into Porthos for the first time, he discovers that the resplendent baldric the musketeer is wearing is
a counterfeit. The normally imperturbable Porthos is so embarrassed by d’Artagnan’s discovery that he feels honorbound to challenge him to a duel.
But again, no grudge is held, and the novel’s theme that
there can be no loyalty without tolerance endures. Although
the musketeers’ famous motto “All for one and one for all” appears only once in the book, it has persisted in the public
imagination. In 1980 the French playwright André Roussin
gave a speech to the Académie Française in which he spoke
of “The Three Musketeers” in relation to the French Resistance during the Nazi Occupation and all the young people
who had been tortured to death for not revealing the names
of their comrades. “A lot of them,” he said, “had perhaps read
‘The Three Musketeers’ when they were 12 years old and took
away from it this sense of a sacred brotherhood.”
Mr. Ellsworth does a wonderful job of communicating the
energy, humor and warmth of Dumas’s work. This was not always the case with the translations of the 1840s and 1850s—
still the ones most likely to be found in American bookstores
and libraries—which mimic the rather stiff, elevated diction
of writers like Scott and James Fenimore Cooper. Mr. Ellsworth’s snappier approach, which included putting back all
the racier scenes elided from the Victorian translations, suits
Dumas much better.
It also helps to put an end to the lie, persistent in the English-speaking world, that Dumas’s brand of popular fiction
does not deserve the same attention as more “serious” works.
It was not something that Robert Louis Stevenson, who knew
a thing or two about writing romantic adventures, would have
ever subscribed to. “I do not say there is no character as welldrawn in Shakespeare,” he wrote of d’Artagnan. “I do say
there is none that I love so wholly.”
There can
be no
loyalty
without
tolerance.
Mr. Grey is a writer and critic living in Paris.
RYAN INZANA
FROM TOP: TIMOTHY HURSLEY, GARVEY|SIMON GALLERY NEW YORK; VITRA DESIGN MUSEUM/THOMAS DIX
BY TOBIAS GREY
.
David Byrne
finds himself all
over the world.
A travelminded Q&A
Dan Neil on
Alfa Romeo’s
new SUV—
possibly the
fastest ever
D4
D11
EATING
|
DRINKING
|
STYLE
|
© 2018 Dow Jones & Company. All Rights Reserved.
FASHION
* * * *
|
DESIGN
|
DECORATING
|
ADVENTURE
|
THE WALL STREET JOURNAL.
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, March 17 - 18, 2018 | D1
8:00 a.m.
RENTZ
7:42 a.m.
Rise and Conquer
From applying mascara on the subway to hiding gym clothes under dressy statement coats, how
super-busy fashion insiders speed up the morning routine without sacrificing style
BY MICHELLE RUIZ
J
ESSICA PALLAY, co-founder of the
pregnancy and parenting website Well
Rounded, puts her eyeliner on in the
subway. “I do everything I have to do for
the kids first,” said the 39-year-old
Brooklyn mom of two. “I get whatever time’s left.”
And stylist Nicole Chapoteau isn’t above sartorial trickery to streamline her routine. After dropping off her 7-year-old daughter at school in
Queens, and squeezing in a boxing class, she hides
her workout leggings beneath a cotton-candy-pink
and black-striped Bottega Veneta statement coat
and heads straight to an appointment with a designer. “No one notices,” said Ms. Chapoteau, 39.
“They’re all like, ‘Wow, that’s such a great coat.’”
“Rise and grind” is no longer just a culty CrossFit mantra but a way of life for super-busy working parents and people everywhere with packed
schedules. Time hacks—from meal services like
Sakara Life for fast, healthy eating to Lyft for
speedy transit—have infiltrated our lives, and yet
the daily morning dilemma remains: How can you
get ready as quickly and efficiently as possible,
without sacrificing style and sophistication?
In the quest for professional—and, in some
cases, parental—perfection, we race against the
clock to squeeze in breakfast meetings, workouts
and frenzied school drop-offs, typically within a
window of two hours, max. It all puts a premium
on establishing a swift, Beyoncé-style, “I woke up
like this” strategy.
“How we start the morning has a big effect
on how the rest of the day goes,” said productivity expert Laura Vanderkam, author of the forthcoming book “Off the Clock: Feel Less Busy
While Getting More Done.” A lot of people, she
said, “wind up in some sort of frenzy in the
morning that doesn’t serve them well for every
other thing they’re trying to do in life”—
whether that’s launching a startup or being that
rare Zen working parent.
I can relate. Show me an “American Ninja Warrior” obstacle course and I’ll tell you it looks
downright relaxing compared with the daily rush
with my toddlers in Manhattan. Most mornings
involve a flurry of frozen waffles and tense negotiations over teeth-brushing. After foisting the
kids upon my husband (er, lovingly kissing them
goodbye) for school drop-off, I’m lucky to speedshower, throw on ripped Rag & Bone jeans and
power-walk to my co-working space with soaking
wet hair.
Apparently my slapdash efforts are on trend.
“With everything that’s happening in this amazing
woman’s movement right now, I believe it’s more
about your spirit, as opposed to being perfectly
polished and coiffed,” said New York City-based
hairstylist Matt Fugate.
Indeed, the smartest women take advantage of a
zeitgeist that is endorsing ease, while they develop
specific get-ready strategies of their own.
On dismal days, I tell myself that model Gigi
Please turn to page D2
[ INSIDE ]
WE’LL ALWAYS HAVE SCHVITZING
Soak in the steamier side of Paris by
visiting its Turkish baths D5
JUST GOING THROUGH A FEZ
Detour from dinner-as-usual with recipes
from the Julia Childs of Morocco D7
TOUGH ACTS TO FOLLOW
Five impressive Instagram accounts
for lovers of design D9
THE KING OF STYLE
How to co-opt Elvis’s love of
bowling shirts D3
.
D2 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
MAXMARA.COM
STYLE & FASHION
FASTER FASHION
Continued from page D1
Hadid is also known to go out with slick,
damp locks, and that Chanel sent messy
topknots down the recent Fashion Week
runway in Paris. Fresh, dewy, “nomakeup makeup”—as if you just
splashed Evian on your face—is the new
gold standard in beauty, thanks to buzzy
brands like Glossier and Supergoop.
(The latter makes a CC cream that handles SPF, moisturizer and coverage all in
one.) And, despite its flirtations with absurdist runway excesses, fashion is
locked in a long-term relationship with
easy, decidedly adult neutral basics.
Think: oversize trench coats and gray
suits from the Row. Or the noguesswork white turtleneck
dress created by Phoebe Philo
for Céline this spring. Ms. Philo
may have exited the brand recently, but her positive impact on
our morning routines will continue.
“I basically wear the same thing—a
black T-shirt and black trousers—every
day. It takes no thought and no time,”
said Josh Goot, who co-founded Wardrobe.NYC, a new company that creates
mini-wardrobes of four or eight “forever
pieces,” like black blazers and white tees.
Adopting a work uniform is one way to
end the angst, and time suck, of getting
dressed. With the Wardrobe.NYC line,
“you could be out of the shower and into
an outfit in two minutes,” predicted his
Still, in the incessant timehacking of modern life,
some things remain sacred.
4-Season Sporting Club and Residences
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fellow co-founder, Christine Centenera, a
stylist and fashion director at Vogue
Australia. A four-piece set (including a
blazer, T-shirt, skirt and button-down
shirt) from Wardrobe.NYC is $1,500. If
that’s too much, simplicity seekers can
approximate the strategy with great,
versatile basics from COS or Everlane.
Other stylish and savvy insiders
stock their closets with multiples of
their favorite pieces, then build outfits
around them. Katherine Salyi, a 39year-old real-estate broker at Sotheby’s
International in New York and mother
of a 5-year-old daughter, cycles through
several uncomplicated black J. Crew
“Tippi” sweaters, a fitted crew neck
style. “It eliminates the drama of getting dressed in the morning,” she said.
“Whether I’m working with a client
looking for a million-dollar property or
a $15 million property, I’m always going
to look prepared.”
Ms. Chapoteau’s other secret
weapon is Uniqlo’s sleek Heattech turtleneck. “I wear one almost every single day in winter,” she said, pairing
them with floral Marni maxi skirts or
wide, pleated Tibi pants.
To further streamline the gettingdressed process, one can always make
like Cher, the protagonist of the 1995
movie “Clueless,” who famously had a
computer program filled with wardrobe options. “Take a picture on your
phone of 10 work outfits that you can
pick from,” suggested our productivity
expert Ms. Vanderkam. “By not spending 10 minutes debating outfit choices
every morning, in a week, you’ve already bought back an hour.”
Some resort to manic night-before
prep, showering and laying out outfits
before bedtime, but “I would be very
careful about pushing too much to the
night before,” Ms. Vanderkam said.
“Then you lose sleep or you lose leisure time, which will make you unhappy in the morning regardless.” Better, she said, to approach the morning
dash more as: “What can I not do?”
For one: Stop flat-ironing or curling
your natural hair. “Trying to bend your
hair to somebody else’s will is
over,” said Mr. Fugate, whose clients include Allison Williams and
“A Wrinkle in Time” actress
Gugu Mbatha-Raw. Women
should feel free, he said, to “embrace the catty-wampas.”
Woke up with unruly bangs? “Twist
and clip them up,” Mr. Fugate advised.
Instead of bemoaning bedhead, “use
the texture to create a messy topknot”
or an unexpected double-ponytail
(with the top of your hair in one elastic and the bottom in another).
To cut down on daily primping, busy
women invest in long-lasting beauty
treatments. Luisana Mendoza Roccia, 37,
co-founder and COO of children’s etailer Maisonette and a mother of three
in Washington, D.C., gets Keratin treatments that smooth her hair for up to 4
months. “It’s a huge time-save,” she
said. “I let my hair dry naturally, and my
Latina curls are totally under control.”
Carol Han, 37, founder of digital and
social media agency CA Creative (who
is also busy planning a September wedding and decorating a Brooklyn apartment) has her thin brows microbladed
to spare her the tedious task of filling
them in with pencil every day. And she
springs for an annual Fraxel laser treatment to help her get bright, healthy
skin—so that, in the day-to-day, “I don’t
have to put anything else on my face,”
she said—except for Josh Rosebrook
sunscreen. “It definitely makes the
makeup process quicker when you’ve
got a glowing canvas to start with,”
said makeup artist Diane Kendal.
Still, in the incessant time-hacking of
modern life, some things remain sacred.
For Ms. Han, it’s 15 minutes of morning
meditation to start crazy days on a
peaceful note. For Alexandra Macon, 36,
co-founder of the wedding website Over
The Moon, it’s the simple act of bathing—even if it means bringing her 3and 5-year-old daughters into the
shower with her. “That way my shower
isn’t cut short by someone screaming
for me mid-leg-shaving,” she said.
My own nonnegotiable self-care ritual (in addition to Pinot Noir in the
evening) is a magical tube in my
makeup bag that does triple duty to
make me look human: I quickly dab
Glossier Cloud Paint on my cheeks, my
lips and, sometimes, my eyelids, too.
As for my perpetual dark under-eye
circles, there’s Laura Mercier concealer—and blind confidence.
“I’m a big fan of working with who
you are,” said Ms. Vanderkam. “It
takes time to look like somebody else.”
Le Chic C’est Quick
The spring runway was rife with
inspiration for effective shortcuts
The
Jumpsuit
A grownup
onesie by Max
Mara that
requires zero
decisionmaking. With
office-worthy
pinstripes, no
less.
The AnkleLength Coat Working out
after school
drop-off? No
problem: A
long, elegant
coat like this
Erdem one
hides leggings.
The Jacket
With Flair
Opt for a
statement piece
like this
intriguingly
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THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | D3
* * * *
STYLE & FASHION
STRIKE A POSE
Elvis Presley backstage at
‘The Milton Berle Show’ in
Burbank, Calif., in 1956.
COPY CAT
The Kingpin
BY JACOB GALLAGHER
O
NE DAY IN 1952, in
Memphis, Tenn., Elvis
Presley walked into
the Lansky Bros.
clothing store, where
Bernard Lansky was tending the
till. Elvis, then a 17-year-old usher
at the Loews movie theater around
the corner, confidently declared,
“Mr. Lansky, I don’t have any
money, but one of these days I’m
going to come in and buy you out.”
Amused, Mr. Lansky countered,
“Don’t buy me out, just buy from
me.” With that, a lifelong collaboration took root. Even as Elvis became a global phenomenon, Lansky
Bros. kept him in blue suede shoes
and collar-popping shirts. When the
controversially gyrating star was
invited to perform on “The Milton
Berle Show” in 1956, Mr. Lansky
outfitted him in the pink and black
bowling shirt he wore on air. At the
time, lots of men wore bowling
shirts on their off days whether
they bowled or not, but Elvis took
the shirts to the next level with his
electric color combinations.
“In the mid-50s when he broke
into the scene, Elvis really liberated
menswear,” said Zoey Goto, a London-based writer and author of the
book “Elvis Style: From Zoot Suits
to Jumpsuits.” Six decades later,
fashion has adopted a brash Elvisish sensibility and designers are
whipping up their own unconservative bowling shirts. Most notably,
Prada and Ami brought them to the
European runways in candy-color
schemes that might have met with
Mr. Lansky’s approval. “My dad
used to call them his ‘lifesaver col-
ors,’” said Hal Lansky, who became
president of Lansky Bros. after the
passing of his father in 2012. “My
dad loved to put those loud colors
in the window, and that’s probably
what drew Elvis to our front door.”
The sort of brightly colored
open-collared shirts Elvis helped
popularize played a role in defining
the breezy style of California and
Hawaii, too. “It’s a very surfer look,
like in the ’60s when surfers would
wear nice suits and camp-collared
shirts before changing into their
boardshorts to go surfing,” noted
Kurt Narmore, the designer of Los
Angeles-based label Noon Goons.
Bowling shirts walk the line nicely
between refined and rebellious.
Their straight hem and boxy cut
create a crisp silhouette, and striking colors and textures make them
more interesting than whatever
you’re probably wearing right now.
“It’s not your normal oxford shirt
or something that’s just a regular
shirt. It has more flavor, style and
flair,” said Mr. Narmore.
While Noon Goons does sell a
solid black iteration, which would
look subtly cool with light-wash
jeans, bowling shirts score highest
when done up in startling shades
and Elvis-friendly patterns. Visvim
and Stussy offer shirts in flamingo
pink and cornflower blue, while
Topman is hyping stripes. Hecho
embellished its patchworked bowling shirt with screenprinted characters for an added wink.
The more experimental you get,
the more prudent it is to wear solid
chinos below (in neutral navy or
khaki, please) so you don’t look excessively eccentric. Whether you
pop the collar like the King is entirely up to you.
WILD THINGS
WENJIA TANG
Unfortunately, men generally avoid eyebrow
grooming. We say: Wax away
GETTY IMAGES (PRESLEY); F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHIRTS)
No one will ever look cooler than Elvis in a
bowling shirt, but these new versions will put
you roughly in the same league
For the pattern-averse man:
Pharcyde Shirt, $239, noongoons.com
CHARLES BARKLEY’S
co-anchors on TNT have
been teasing the NBA Hall
of Famer about his shapely
eyebrows for years. When
Shaquille O’Neal asked him
on air if he’d had them
spruced up before last
month’s All-Star Weekend
in Los Angeles, Mr. Barkley
tartly replied, “No, I haven’t had them waxed in a
while.” Nonetheless, Sir
Charles’s eyebrows looked
good—tidy, neatly arched
and glaringly expressive.
“It’s entirely acceptable
for men to talk about
grooming, thanks to those
who track every minuscule
change on social media,”
said Jodi Shays, CEO and
founder of West Coastbased Queen Bee Salon
and Spa. But it’s possible
to go too far with eyebrow
shaping, cautions Ms.
Shays: “No guy wants to
walk out of a salon with
Kim Kardashian brows.”
When done well, however, brow maintenance
can ensure “a groomed,
yet natural appearance,”
said Steve Sole, an L.A. finance consultant in his
mid-40s, who has his
brows waxed monthly. A
few pointers to tame those
caterpillars:
For the extravagant man: Leather
Shirt, $2,760, Prada, 212-664-0010
Easily the most popular
method for guys, waxing is
“efficient, quick and less
painful than plucking,” said
Ms. Shays. Sticky wax
strips are pressed onto the
skin, then peeled off, removing unwanted hairs between arches, to clean up
a uni-brow, or below the
arch, an effect that “gives
you a kind of eyelift,”
claimed Ms. Shays. At a
salon, expect to pay from
$10 to clean up stragglers
to $35 for a uni-brow fix.
Mr. Sole, who started
having his “thick, out-ofcontrol” brows waxed five
years ago to look good for
For the hip-but-thrifty man:
Stripe Shirt, $55, topman.com
his wedding, hit a salon on
his wife’s advice, instead of
a barbershop, where the
comb-and-scissors brow
trim rarely yields the best
aesthetic results.
Waxing isn’t the only
route. Sabah Feroz, a brow
specialist for Blink Brow
Bar London at New York’s
Saks Fifth Avenue salon,
finds threading offers
“more control in shaping
the brow.” During threading, the groomer tightly
twists a cotton thread onto
a hair to pluck it from the
follicle. “It does pinch,”
said Tyler Williams, 30, a
beauty communications
specialist in New York,
who has his brows shaped
every six weeks or so at
$32 a go.
One caveat: Let the salon know if you’re taking
any medication, such as
Retin-A, that might make
your skin sensitive to waxing. “In that case, we
would clean up the brows
using tweezers,” said Andre Nemitz, an educator
and Cincinnati-based senior stylist for 18/8, a national men’s salon. Sometimes old-school plucking,
however scream-inducing,
is the only choice.
—Donna Bulseco
.
D4 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
ADVENTURE & TRAVEL
20 ODD QUESTIONS
David Byrne
The globe-trotting musician on his penchant for
two-wheeled exploration, losing his way in a
Swedish forest and his devotion to leftovers
On tour, we mostly travel by: bus.
It’s actually more efficient than flying,
unless you own your own plane. You
often arrive in a town in the morning,
having slept on the bus. So you’ve kind
of gotten a full night’s sleep. On European tours, some bands would often
travel with their own cooks. Often two
people, who would have a stove and an
oven inside a road case. Maybe a little
fridge in a road case. And within, like,
half an hour, boom, boom, boom,
boom: They’ve set it up and made a
whole kitchen.
When I go on tour I always bring:
Tupperware. Takeout containers. It
probably wouldn’t work for traditional travelers, but because there’s a
microwave on the bus and a little
fridge, I can take leftovers from dinner. I put it in the little containers to
stash in the fridge and in the mornings zap it up for a nice breakfast.
A Tern
Node D8:
Mr. Byrne’s
preferred
mode of
transport.
TWO-WHEELED TOURIST
Clockwise from top: David
Byrne; petri dishes at
Amsterdam’s Micropia
museum; Mr. Byrne’s
2009 book about urban
cycling; Tupperware, one of
his travel essentials while
on tour; his camera of
choice, the Sony DSCRX100; Astana, the capital
of Kazakhstan.
I love re-living the dinner from the
day before.
The other thing I always bring is: a
bicycle. The bike I’m taking with me on
tour is a Tern Node D8, which is pretty
much a full-size bike but folds in half.
Some of the other people on the tour
will have similar ones. We slot them in
the bus where the luggage goes.
One side effect of traveling a lot
is: waking up and not remembering
exactly where you are. Which can be
really funny sometimes. I remember
one night at a hotel in Brussels the
bed was really high. I woke up in the
middle of the night and rolled out of
the bed, and boom—onto the floor.
Rude awakening.
When I have down time while traveling: I’ll explore the town on the bicycle. Maybe go to a museum, or do
other things. Maybe just wander
aimlessly. I love it. I see
things from street level
that are different from
just reading the papers. I
remember riding a bike
around all sorts of towns
before the housing crisis,
and just seeing all
these houses being built—developments just
mushrooming
out, everywhere.
A lot of them
empty. Not all of
them, but a lot of them, and then
thinking to myself, people here can’t
afford this. It doesn’t make sense.
Something’s gone wrong here. You
could just see it.
If I don’t have my bike: I’ll try a
city’s bike-share program, to test
whether it works or not. Milan had
two competing versions of the Chinese park-anywhere bike startups
(Mobike and OFO). They work really
well, I have to say. You can find them
on your phone and go, oh, there’s one
right there and just unlock it with
your phone. I’m sure [the companies]
know how they’re going to solve
these issues—like the way everybody’s
going to dump them at the train station at 5:00 p.m.
Some of the most cyclist-friendly
cities are: Amsterdam or Copenhagen, where everyone’s on bikes. But
it’s when you’re in other places that
you have a sense of freedom you realize is unique to cyclists. In Rome,
where hardly anybody is riding a bike,
you realize, “This is perfect!” There’s
all these twisty little streets (and a
couple of hills) and you realize the
traffic is all snarled, but you can just
zoom through and get around. The
same thing happened in Istanbul,
where traffic is atrocious. There’s a
thrill of being able to say “Ha-ha! I
beat the system here!”
My formative travel memories are:
with my parents. We’d go on little
road trips, usually in Canada, to parks
and things like that. I remember mosquitoes. And when I was in art school,
RISD [Rhode Island School of Design],
you could still hitchhike around and
explore the country that way.
A favorite recent discovery was:
Micropia, in Amsterdam. It’s a microbe museum. It’s the world’s only
microbe museum, they’re proud to
tell you. Everything’s in jars, and
there’s microscopes with screens, so
you can see little things crawling
around. And they had this jar with a
tuna salad that had been in there for
a good six, seven months. It had
completely liquefied. Luckily you
couldn’t smell it.
I take photos with: both [a phone
and a] Sony-DSC RX100. It’s not a
cheapie camera, but it does fit in the
pocket. There’s more depth to the image. There’s a real lens.
I’ve never been to: much of West
Africa or Central Africa. They’re on
my list. I feel like I might need a way
in—somebody not just to help me
navigate the roads but to figure out
how to behave in a sensible way
there. Also, I don’t know if I’ll ever
get there, but I’m fascinated by Central Asia. Uzbekistan, Turkmenistan,
Kazakhstan—all the Stans.
I remember getting completely lost:
while on tour with Talking Heads quite
a while ago. We traveled across Sweden and stopped to visit the trumpet
player Don Cherry and his wife, Moki.
There was a lovely forest across the
street [from their house], and I thought
I’ll go for a walk in the forest. I think it
was a planted forest; the trees were all
very straight and orderly. After a while I
looked around and thought, “Oh, it all
looks exactly the same in every direction. How do I get out of here?”
—Edited from an interview by
Matthew Kronsberg
Gold Cup Haven Sneaker
Available at Nordstrom and Sperry.com
JODY ROGAC (BYRNE); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK, TUPPERWARE); MAARTEN VAN DER WAL/MICROPIA (PETRI DISHES); SONY (CAMERA); GETTY IMAGES (KAZAKHSTAN)
T
HIS SPRING and summer, you may notice a familiar-looking
figure pedaling along your local cycling path, and you may ask
yourself: “Is that David Byrne, the former frontman of Talking
Heads?” It could well be. Mr. Byrne has just embarked on a
world tour—taking him to more than 90 cities, from Santiago,
Chile, this Friday, to Brooklyn, N.Y., on Sept. 17—to promote his new album,
“American Utopia,” and he’s bringing his bike.
Though this is his first solo record since 2004, these last 14 years haven’t been idle ones. Mr. Byrne has racked up countless miles, and he has
the projects to show for it. His cycling habit led to his 2009 book “Bicycle
Diaries,” a collection of essays drawn from his two-wheeled excursions in
cities such as Istanbul, Buenos Aires, Pittsburgh and New York, where he
lives, as well as Manila, in the Philippines, where he found inspiration for
“Here Lies Love,” the 2010 disco-musical about Imelda Marcos he created
in collaboration with Fatboy Slim. Mr. Byrne’s worldly expeditions informed
another recent project, called “Reasons to be Cheerful,” a collection of pioneering initiatives in wide-ranging fields, from transportation to energy
production, all cataloged on a website of the same name. His observations
on these initiatives gave rise to a TED Talk-like presentation, which he’s
given recently in New York, London, Amsterdam and Berlin.
Travel of a more allegorical nature is a recurring motif on the new album. In the lead single, “Everybody’s Coming to My House,” Mr. Byrne
sings, “We’re only tourists in this life. Only tourists, but the view is nice,”
which sums up his engaged approach to life and travel. In other words, Mr.
Byrne said, “Life is fleeting. One hopes we participate, and that we don’t
just watch from the hotel balcony—that we’re part of it.”
.
THE WALL STREET JOURNAL.
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THE WALL STREET JOURNAL.
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.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | D5
* * * *
ADVENTURE & TRAVEL
Paris When It Steams
More accustomed to dining her way through the French capital, a visitor seeks out the
city’s hammams—spas with ancient roots—where indulgence takes another form
THE SANCTUARY
O’Kari
Karima Lasfar, a native of Algeria, opened O’Kari in 2009. “All
over North Africa, [hammams
are] in the culture,” she said.
“Women take their kids. They go
home and then the men come,
to talk about science, learning—
it’s like a library.” Though the
hammam is traditionally a social
space, O’Kari—by far the most
tranquil I visited, with its soothing sandstone décor—also
makes a comfortable outing for
a solo traveler. Outfitted in the
odd yet surprisingly comfortable
paper thong dispensed at reception, I easily lost track of time,
melting in the steam room and
floating in the tepid pool. The
welcoming staff delivered water
infused with detoxifying citron
and gently nudged me in the direction of my various spa treatments—the best I found at any
hammam. I could see making
O’Kari a habit. “In Algeria, we do
the hammam once a week,” said
Ms. Lasfar. “It’s about quality of
life.” 22 rue Dussoubs, o-kari.com
BY BETH KRACKLAUER
WHO KNOWS how many
bottles of wine were consumed? On a rainy Paris
night, I hunkered down with
a group of friends for a dinner party of roast chickens
with potatoes drenched in
the drippings. We ate like
people younger than we are.
Corks continued popping.
Dancing ensued.
Wisely, the women in the
group agreed to gather the
next day at the Grand
Mosque of Paris, a Latin
Quarter fixture since the
1920s. We wanted to sweat
out the residue of the previous night’s decisions, and
we’d heard the Mosque had a
spectacular hammam, or
Turkish bath, inside.
Famously a capital of
overindulgence, Paris is also
a remarkably good place to
recover with a good, cleansing schvitz. Public bathing
was once a necessity for Parisians with no means of doing so at home. Jews as well
as Muslims established baths
for ritual cleansing. In the
late 19th century, a faddish
commitment to hydrotherapy
and a fascination with the exotic Near East prompted the
construction of Turkish
baths, or fanciful approximations thereof, in a number of
European capitals. Even today, Paris has its big, theatrical, emphatically orientalized
hammams. But France is also
home to Europe’s largest
Muslim population, and its
capital boasts a proportional
number of smaller neighborhood hammams that cater to
them and to anyone else in-
terested in retreating from
the clamor of the city into a
cloud of fragrant steam.
While some Paris hammams admit men and women
on alternating days, the one
at the Grand Mosque currently serves only women.
We showered, then sprawled
on heated marble slabs in the
“hot” room, a colonnaded
space more accurately described as pleasantly warm,
and let our muscles loosen
and our pores dilate. When
we’d absorbed enough heat,
we strolled over to a pool of
cold water and splashed our
rosy skin or boldly plunged
in. I’d been lectured by a few
Parisian friends that wearing
my bikini top would be a major faux pas, but the women
lounging around this hammam were topped and topless in equal measure. All
around us, they rubbed
themselves with “black
soap,” a sticky tar of olive oil
and herbs meant to help exfoliate the skin. After a while,
a powerfully built attendant
came in and examined the
bracelets we’d been given at
reception, tagged with the
treatments we’d paid for. It
was time for the gommage.
This vigorous scrubbing is
THE PEDI CURE
Hammam Pacha
If you’re traveling with a
group torn between seeking
luxury and wanting something a little cozier, this Left
Bank stalwart makes a good
compromise. The facility contains both a Turkish-style
steam room and a Nordic
sauna, as well as a pleasant
floating pool. While the quality of spa treatments varies
drastically from hammam to
hammam, here an air of quiet
professionalism reigns. Pro
tip: Whatever package you
choose, add a 15-minute
massage plantaire, a footand-calf-focused treatment
that is a footsore tourist’s
dream come true. 17 rue
Mayet, hammampacha.com
CÉLINE CLANET FOR THE WALL STREET JOURNAL
THE CLASSIC
The Grand Mosque of Paris
Built by the government after World War I as a tribute to
North African soldiers who fought for France, the Grand
Mosque has a hammam that’s big and majestic, but not luxe.
The vibe is very YMCA, and the prices are reasonable (about
$22 for entry and $44 for a 30-minute massage). The minareted Mosque complex, a community hub, also offers a lively
restaurant serving couscous and tagines, a nice shop stocking
colorful leather babouches (slippers) and other souvenirs of the
Maghreb, and a pleasant courtyard where you can pause before heading back out into the city, nurse a mint tea and a
pastry sticky with honey, and bask in the equanimity a couple
of hours in the hammam will invariably confer. 39 rue SaintHilaire, restaurantauxportesdelorient.com
THE CULTURAL
IMMERSION
Les Bains d’Orient at
the Institute of Islamic
Cultures
In December, Tunisian actress
Rim (Riahi) Belaid, owner of
Les Bains d’Orient in Place
Stalingrad, opened a second
location inside the Institute of
Islamic Cultures. It offers the
added benefit of the Institute’s exhibitions, which help
to situate the hammam in its
contemporary cultural context. The surrounding Goutte
d’Or neighborhood is full of
North African and West African shops selling everything
from spices to healing potions for hair and skin, to
help prolong that hammam
glow. 56 rue Stephenson, lesbainsdorient.com
For two additional
hammams in Paris, see
wsj.com/travel.
central to the hammam experience. The attendant invited
me onto her table and set to
work on my steam-softened
body with a rough mitt, gleefully pointing out the shocking amount of dead, gray
skin she sloughed away. After
a thorough rinse-off, I
headed into the domed salle
de repos, paneled in intricately painted wood. Women
wrapped in towels lolled on
cushions, sipping mint tea
from tiny glasses, waiting
their turn on the massage tables. The masseuses chatted
in Arabic as they casually
manipulated shoulders and
limbs—a gentle sort of massage aimed at encouraging
circulation. Between the
gommage and the massage, I
felt like a baby at bath time,
capably handled and swaddled, clean and soft and
smelling of orange blossoms.
As I visited more hammams, I came to see them
less as antidotes to overindulgence and more as portals
to a Paris I’d never known. I
was steamed, scrubbed,
kneaded, nurtured, fed baklava, and even bathed in donkey milk. I paid as little as
$22 for entry and as much as
$250 for a 3-hour spa pack-
age treating every inch of me
with organic plant-based
products. Some hammams
were over-the-top luxurious;
at the other end of the scale,
Belleville’s tiny Les Bains de
Saadia felt like a modest
apartment. I went on the recommendation of Aude Leriche, a music-industry executive who is a regular there.
“Going to the hammam, I isolate myself from the intense
city rhythm and noise,” she
said. “But it’s also interesting
to encounter people I may
have seen outside or in the
metro with all their clothes,
simply sharing themselves.”
.
D6 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
Chicken Sauce
Piquant
TOTAL TIME: 11/2 hours
SERVES: 4-6
One-Pot Melting Pot
In Cajun country, they smother everything from chicken to venison to alligator meat
in a spicy red sauce piquant. The recipe reads like a history of immigration to Louisiana
BY KEITH PANDOLFI
G
ROWING UP in St.
Martinville, La., Marcelle Bienvenu enjoyed regular helpings
of turtle and alligator
meat, frog legs and rabbit, courtesy
of her father’s hunting and fishing
trips. He’d brown the meat in an
iron skillet, make a nice roux of fat
and flour, then simmer that with
tomatoes, peppers and hot sauce,
among other ingredients, to create
a punchy red sauce piquant. “It’s
something Louisiana hunters did a
lot back then, whether they were in
their camps or at home,” said Ms.
Bienvenu, a former Times-Picayune
food columnist who now teaches
classes on Louisiana cuisine at
Nicholls State University. “And it’s
something they still do.”
Louisiana’s sauce piquant is as
beloved by Cajun home cooks as it
is by the Creole gourmands of New
Orleans. The name piquant (pronounced PE-KAWNT) is French for
tangy or spicy—both signature
characteristics of a sauce that chef
Paul Prudhomme once suggested
should “hover between pleasure
and pain when you eat it.”
The problem is, the piquants I
tasted while living in New Orleans
a decade and a half ago hovered
somewhere between basic and boring. But recently, after eyeing an
enticing photo of a chicken sauce
piquant in my beat-to-hell copy of
Donald Link’s 2009 cookbook “Real
Cajun,” I wondered what I’d been
missing. Like gumbo, sauce piquant
is one of Louisiana’s polyglot
dishes, combining elements of Cajun, Creole, Italian, French and
Spanish cuisines. Surely there must
be greater depths to tease out.
Consulting experts in Louisiana,
I quickly learned that one seldom
finds good sauce piquant in restaurants. It’s more of a homecooked thing, requiring time and
attention and—dare I say?—love.
Sauce piquant is a natural byproduct of an afternoon spent watching
the Saints game or talking about
the old times with hunting buddies
over a case of Abita Amber. The
dish follows some of the basic
eral Cajun chefs that they wouldn’t
be caught dead cooking with a tomato, since that was mostly a New
Orleans (i.e., Creole) thing. So how
did it find its way into this iconic
Cajun dish?
“That’s a good question,” Mr.
Link said when I pressed him on
the issue. “I guess it’s just a Cajun
deviation of Creole food.” A native
of Acadiana fluent in both cuisines, Mr. Link then launched into
a history of tomatoes in the region. Though native to the New
World, this fruit didn’t begin making inroads into Louisiana’s re-
Sauce piquant is a natural byproduct of an afternoon
spent watching the Saints game or talking about the old
times with hunting buddies over a case of Abita Amber.
techniques of gumbo-making: Start
with a roux, add the ubiquitous
Louisiana trinity of onions, celery
and peppers, and stew it all with
stock and protein and tomatoes
(canned or fresh).
Paging through regional cookbooks, I learned that, also like
gumbo, a sauce piquant can cloak
most any protein under the Louisiana sun, from alligator to venison
and all manner of fowl; I even
found a recipe calling for blackbear meat. None of those sounded
off-key in a cuisine I know to be an
equal-opportunity appropriator of
whatever is at hand, but I was confused by the inclusion of tomato.
Years ago, while researching a
story on gumbo, I was told by sev-
gional dishes until the late 19th
and early 20th centuries, when
thousands of Sicilians immigrated
to the Port of New Orleans to work
on nearby sugar plantations. Some
of these newcomers remained in
the city and opened restaurants
and groceries that served or sold
tomatoes. Before long, like African
okra and Choctaw Indian file powder, this “Italian” ingredient made
its way into Creole cooking.
Sauce piquant carries echoes of
other cuisines, too, that have intermingled in Louisiana’s kitchens.
Cooks of French descent must have
appreciated piquant’s similarities to
their espagnole, made with beef
broth. In a collection of recipes
compiled by the Los Islenos Heri-
tage and Cultural Society, which
documents Louisiana immigrants
from Spain’s Canary Islands, I came
across a recipe for guiso de conejo
(rabbit stew) that, aside from an
added splash of Sherry, was almost
identical to sauce piquant.
Getting to work in my kitchen, I
carefully followed Mr. Link’s instructions, coating the chicken in a
mixture of flour, chili powder, paprika and other spices. I fried the
meat in vegetable oil, and I
whisked flour into the same oil to
make a peanut-butter-colored roux.
Then I added my trinity—which immediately made my Brooklyn apartment smell like Acadiana itself—
and stirred in chicken stock, fresh
and canned tomatoes, and several
enthusiastic shakes of hot sauce.
Having commanded Alexa to
cue up some Mamou Playboys, I
plated my chicken sauce piquant
with white rice and inhaled it
standing at my kitchen counter. It
was, no doubt, a rich, rustic, truly
Cajun-style stew—honestly, among
the tastiest one-pot dishes I’d ever
made—but the Italian in me
longed for more tangy tomato.
And so I did what real Cajun
cooks do: I improvised, doubling
the chopped tomatoes and adding
a tablespoon of tomato paste. I
also upped my starch game, opening up a bag of Ellis Stansel’s
Gourmet Rice (arguably the best
in Louisiana).
This time, I served my chicken
piquant to family and friends for
Sunday supper. And after years of
underestimating this time-honored
Cajun dish, I finally understood
what the fuss was about.
1. In a large bowl, whisk together salt, black pepper,
white pepper, cayenne, chili
powder and paprika. Add
chicken and toss to coat. Add
flour and toss to coat.
2. Line a plate with paper
towels. Heat oil in a large pot
or Dutch oven over mediumhigh heat until it begins to
smoke slightly. Shaking off
excess flour into bowl, transfer chicken pieces to hot oil
and fry in a single layer, turning occasionally, until golden
brown all over, 5-7 minutes.
(If necessary, fry in batches
as to not overcrowd the pan.)
Use a slotted spoon to transfer chicken to paper towellined plate. Reserve leftover
flour in bowl and oil in pot.
4. Add reserved flour to reserved hot oil and cook over
low-medium heat, whisking
constantly, to make a peanutbutter-colored roux, about 5
minutes. (If it seems the
chicken has absorbed too
much of the oil, add another
tablespoon or two.) Add onions, celery, jalapeño and garlic, and cook 5 minutes more.
5. Add tomato paste, chicken,
tomatoes, broth, thyme, bay
leaves and hot sauce. Simmer
over low heat, stirring occasionally, until liquid thickens
to a light gravy and chicken is
fork tender, 45 minutes.
6. Serve over rice, garnished
with scallions.
—Adapted from “Real Cajun”
by Donald Link
ILLUSTRATION BY LISEL ASHLOCK
UNITED PLATES
A Field Guide to Regional Dishes
1 tablespoon salt
2 tablespoons freshly
ground black pepper
½ teaspoon white pepper
2 teaspoons cayenne
pepper
2 teaspoons chili powder
1 teaspoon paprika
2 boneless, skinless
chicken breasts, and 4
boneless skinless thighs,
cut into 1-inch cubes
1 cup all-purpose flour
1 cup vegetable oil
2 small onions, diced
3 celery stalks, diced
1 tablespoon jalapeño
chile, diced
1 tablespoon minced garlic
1 tablespoon tomato paste
5 plum tomatoes, diced
1 (28-ounce) can crushed
tomatoes
5 cups chicken broth
1 tablespoon dried thyme
4 bay leaves
4 dashes hot sauce
4 cups cooked white rice
1 small bunch scallions,
thinly sliced
GAMECHANGER
Braise meat
Use sour beer in
place of red wine in
your favorite recipe
for pot roast or
coq au vin.
CRACK OPEN A COOL INGREDIENT
Sour beers are all the rage at bars and bottle shops. It’s time they bubbled over into the kitchen
Make sorbet
Let 24 ounces Kriek
beer get slightly flat. Dissolve 1/2 cup sugar in beer.
Churn in an ice cream
maker according to
manufacturer’s instructions.
CONSIDERING HOW MUCH Americans love beer,
we’re rather unimaginative when it comes to cooking
with it. We add it to batter or chili, maybe, and that’s
about it. But a budding love affair with sour beers—
U.S. sales jumped nearly 20% in 2016—could change
that. “These are not big, hoppy IPAs,” said Washington, D.C., chef Peter Smith, who mines the world-class
Belgian beer list at his restaurant, the Sovereign, for
many of his dishes. “They’re more comparable to
wine or even Champagne.”
Traditionally made in Belgium and Germany, sour
beers come in a variety of styles: aged and blended
gueuzes, cherry-steeped krieks, raspberry framboises
and citrus-scented, wheat-based Berliner weisses.
Each has a distinct character and history, but they all
share a refreshing sour funk. That flavor comes from
two sources. Wild yeast collected from the skin of
fruit—commonly Brettanomyces or “Brett,” as the
beer geeks like to call it—brings on the funk, along
with spicy and fruity notes, when used to ferment
beer. And helpful bacteria such as Lactobacillius and
Pediococcus convert sugar in the brew to acids that
lend a tart edge.
Europeans learned centuries ago that a good sour
beer can be a boon to cooking. The classic Flemish
beef stew carbonnade flamande draws body and rich
flavor from the ale it braises in, and there’s probably
not a seafood joint in the Low Countries that doesn’t
serve mussels braised in fruity lambic. At Sovereign,
Mr. Smith has concentrated the flavors of rare sours
in a gelée to pair with pâté, and he’s churned ice
cream with apricot sour ale. At left, a few ways you
can use these bracing brews in your own kitchen.
—Jane Black
Where to buy There’s no need to purchase a pricey sour beer for cooking. But do choose a solid one with no sugar
added, such as Oud Beersel’s Gueuze (aged lambic) or Kriek (cherry-steeped lambic), or Gueuzerie Tiquin’s Oude Gueuze
Tilquin à l’Ancienne, all frequently available at Whole Foods (prices vary depending on location). Or ask for recommendations at your local bottle shop.
F. MARTIN RAMIN/THE WALL STREET JOURNAL
Steam mussels
Sauté garlic and
onions in a large pan
over medium heat. Add 2
pounds cleaned mussels
and cook 2 minutes. Add
½ cup sour beer, cover,
and cook until mussels
pop. (Discard any
mussels that do
not open.)
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | D7
* * * *
EATING & DRINKING
Fresh Forward
The future of Moroccan cuisine is female. These chefs are
serving up light, bright fare with a distinctly cosmopolitan bent
BY ALEXANDER LOBRANO
than ever before.”
If Ms. Chafay is a proud
advocate of her country’s
gastronomic traditions and
distinctive regional kitchens,
she also advocates what she
describes as “intelligent evolution.” “Our kitchen is like a
mosaic, or a reflection of our
history, the different ethnic
groups that live in our country and its location between
Europe and Africa and the
Atlantic and the Mediterranean,” she said. As she sees
it, Morocco has been absorbing new foods and techniques into its cooking for
centuries, and is starting to
do so again.
Two other top Moroccan
chefs, Meryem Cherkaoui and
Najat Kaanache, share this
cosmopolitan outlook. Both
women had extensive experience training and working
overseas before they decided
to return to Morocco. “I
wanted to bring home what
I’d learned in France and apply it to Moroccan cooking,”
said Ms. Cherkaoui.
Similar sentiments
brought Ms. Kaanache to Fez.
“I decided to buy a little
FIRE STARTER Chef Meryem Cherkaoui, one of the women
bringing a fresh perspective to Moroccan cooking today.
Lobster Couscous
A garnish of caramelized onions with preserved lemon, known as
tfaya, lends savory flavor and bright acidity to this couscous. You
can find preserved lemons at many supermarkets, or
online at foodsofnations.com.
TOTAL TIME: 11/4 hours SERVES: 4
1 pound couscous,
preferably
whole-grain
2 (1½-pound)
whole lobsters
For the bouillon:
1 stalk celery,
chopped
1 leek, white part
only, chopped
1 carrot, chopped
¼ bunch fresh
thyme
2 tablespoons
tomato paste
Salt and freshly
ground black
pepper
2 tablespoons
olive oil
For the tfaya:
2 medium white
onions, chopped
1 pickled lemon,
1. Prepare couscous according to
instructions on package and
keep warm.
2. In a large pot, bring 3 gallons
salted water to a boil over high
heat. Kill each lobster by plunging a knife in at base of head.
Separate claws and tails from
body. Place claws and tails in
pot, cooking claws 5 minutes
and tails 7 minutes. Immediately
transfer cooked lobster pieces to
a bowl of ice water. Remove lobster tail and claw meat (preferably whole). Slice lobster tails into
½-inch-thick medallions and set
aside. Chop shells and carcasses
into large pieces.
3. In a large pot or Dutch oven,
sauté celery, leeks and carrots in
seeded and
finely chopped
1/
2 bunch cilantro,
finely chopped
½ teaspoon
ground cumin
½ teaspoon
ground piment
d’Espelette or
hot paprika
2 tablespoons
olive oil
olive oil for 2 minutes. Add lobster carcasses and shells, thyme
and tomato paste. Cover with
water, bring to a boil, then lower
heat and simmer 30 minutes.
Pour bouillon through a strainer
and discard solids. Return bouillon to pot and simmer 30 minutes more. Season with salt and
pepper to taste. Cover and turn
off heat.
4. In a saucepan over medium
heat, sauté onions in olive oil
until lightly caramelized, 15 minutes. Stir in chopped pickled
lemon, cilantro, cumin and piment d’Espelette. Season with
salt and pepper to taste. Let
cool to lukewarm, then mix into
cooked couscous.
5. To serve make a small circle
of couscous on each plate and
add a portion of lobster meat to
center. Drizzle a tablespoon of
lobster bouillon over couscous
circle and another over lobster.
Serve remaining lobster bouillon
in small bowls on the side.
—Adapted from Meryem
Cherkaoui
INGRID PULLAR FOR THE WALL STREET JOURNAL (KAANACHE, POTATO PUREE, COCKTAIL
R
IGHT NOW, a
few impressive
women are redefining Moroccan cooking. All
in their 40s and well versed
in their country’s culinary
heritage, they’re offering
contemporary takes on a cuisine the late French chef Paul
Bocuse dubbed one of the
world’s three greatest.
Cooking has historically
been women’s work in Morocco, but these restaurant
chefs and culinary celebrities
have moved beyond domestic
anonymity. Their work respects Morocco’s traditions
by pushing them into the
21st century.
“Any kitchen must evolve
or it will die,” said Choumicha Chafay, a Casablanca native who has become the
country’s first TV-star chef
with two hugely popular
cooking shows. Cookbook author Paula Wolfert, the reigning American expert on Moroccan cooking, has aptly
compared Ms. Chafay to Julia
Child. Like Ms. Child, the
Moroccan chef inspired and
instructed the first generation of young people in her
country who weren’t taught
to cook by their mothers,
aunts or grandmothers.
“The internet and television have changed the way
cooking is perceived in Morocco,” said Ms. Chafay. “In
the past, people became
cooks because they failed
their studies. Now kitchen
work has become prestigious,
and Moroccans are more interested in food and cooking
TOP TOQUE Najat
Kaanache of Nur in Fez,
Morocco. Left, her potato
purée with saffron and black
olives and strawberry-lemoncinnamon mocktail. Find the
recipes at wsj.com/food.
place in the Medina. I aspire
to create the best modern
Moroccan restaurant in the
world,” she said. When I visited the year-old restaurant,
Nur, I found her draped in a
vibrant cyclamen shawl,
tending a stockpot in the
kitchen off the dramatic
black-and-white dining room.
“This town has such great
bones,” she said. “We make
our stocks fresh every single
day, since they’re the basis of
everything we do. The bones
are really important to me.”
Though Morocco is the
homeland of her parents, Ms.
Kaanache grew up mostly in
Spain. She left home as a rebellious teenager, later
starred on a Basque-language soap opera and pursued a swashbuckling gastronomic career cooking with
everyone from Grant Achatz
at Alinea in Chicago to Rene
Redzepi at Noma in Copenhagen. When a contentious
restaurant project flamed
out in Miami, she and
Charles Accivatti, her Michigan-born life and business
partner, regrouped in Mexico
City, where they own and
run Cus, a Moroccan grill
restaurant.
Through it all, her paradise lost remained the wheat
fields and olive groves of the
Moroccan village where she
spent childhood summers. “I
wanted to re-create the
tastes I had been craving all
these years, but to do it in
my own way,” she said.
“That’s what my cooking is
all about at Nur: bringing
back those taste memories
and making them modern.”
For this chef, cooking is no
mere exercise in nostalgia.
“My secret weapon is acidity,
mostly from citrus. It creates
small mysteries and lets me
riff on the spectrum of sweet
to savory in ways that surprise,” said Ms. Kaanache.
“The other thing I’m fascinated by right now is what I
call South to South, or the
common threads between
Mexican and Moroccan cooking. It may sound surprising,
but there’s actually a lot of
Moorish DNA in Mexican
food, brought by the Spaniards.” She has opened a
Mexican restaurant in the
Medina called Nacho Mama.
Ms. Kaanache interrupted
herself to chase after a man
with a trotting donkey piled
high with fresh mint that she
wanted for her dinner service. An old man sitting on a
stool nearby, smoking a cigarette, watched her run off.
“She’s a curious little bird,
pretty and brightly colored
with strong wings,” he said.
The culinary career of the
Casablanca-based Ms. Cherkaoui exemplifies a worldly
Franco-Moroccan elegance.
After running Mes’Lalla, the
critically acclaimed restaurant
at the Mandarin Oriental ho-
tel in Marrakesh, and La Maison du Gourmet, a popular
restaurant of her own in Casablanca, Ms. Cherkaoui has a
variety of other projects simmering.
“I am very committed to
the idea of finding larger
markets, domestic and foreign, for Moroccan produce,
because it really is spectacular,” she said. Born in Rabat,
she studied cooking at the
Institut Paul Bocuse in Lyon,
France. She then worked in a
variety of celebrated French
kitchens, including the Hotel
de Crillon in Paris and the
Hotel Majestic in Cannes, before returning to Morocco.
She created a women’s cooperative in southern Morocco to commercialize the
flavorful dried vegetables of
the region, as a way of generating income and employment there. It led her to
source and sell similar food
products from all over Morocco under the Toujours
Terroir label.
“This is one of the biggest
differences between the
French and Moroccan kitchens: We don’t use butter and
cream to bind a sauce, we use
onion,” said Ms. Cherkaoui.
“And condiments are the
most common vehicles of
added flavor. Pickled lemons,
orange-flower water, saffron,
purple olives and capers.” She
describes her cooking style as
a “marriage between French
rigor and technique and Moroccan produce and flavors.”
Her vision for the future
of her country’s cuisine is
clear. “We must continue to
question tradition,” she said.
“I think Moroccan cooking
can be made more vivid
without losing any of its exquisite subtlety.”
.
D8 | Saturday/Sunday, March 17 - 18, 2018
* ***
THE WALL STREET JOURNAL.
EATING & DRINKING
ON WINE LETTIE TEAGUE
MANAGE UP A vineyard in California’s Napa Valley. Below: Oscar Renteria, one of the vineyard managers responsible for the region’s celebrated grapes.
but they are universally acknowledged to produce more intense and
flavorful fruit—and much more expensive wine thanks to the greater
cost of maintaining and harvesting
fruit from hillside plots. For example, the 2013 Hundred Acre Ark
Vineyard Cabernet Sauvignon,
which has won much critical praise,
costs a cool $500 a bottle retail.
Mr. Barbour not only produced
the fruit for that Cabernet but also
assessed it during various stages;
he regularly tastes wines in barrel
that are made from the vineyards
he oversees. This is a fairly new development: Mr. Barbour said he
rarely tasted wines with winemakers a few decades ago. As a result
of those tastings, he might make
certain adjustments in the vineyard—perhaps tweak the way that
the vines are pruned.
A vineyard manager makes small
and large decisions throughout the
year that can, separately and collectively, determine the quality of the
fruit. The first big decision has to
do with pruning the vines, when
workers remove the old canes and
cut others to encourage new
growth. In Napa, pruning season
starts in January—the time of my
visit—and often continues into
March. It’s Mr. Barbour’s favorite
time of year. “It’s meditative,” he
said. “You just hear the wind and
the birds.”
It’s vineyard manager Mark
Neal’s favorite time, too. When I
caught up with him he was checking on the whereabouts of his prun-
ing crew. Mr. Neal, a second-generation vineyard manager whose father
started Jack Neal & Son Vineyard
Management company in 1968, has
spent pretty much all his life in the
business, bicycling from school to
work in the vineyards. He bought
his own vineyard when he was 20
years old.
These vineyard managers
may be largely unknown
to the public, but they’re
absolutely crucial to the
production of great wine.
“I’m a field guy,” said Mr. Neal,
who has 60 clients all over the valley, in vineyards from Calistoga to
Carneros that range in size from 4
to 400 acres. Mr. Neal puts 40,000
miles a year on his truck visiting
those vineyards. In our short time
together, he probably added another 60 to the odometer visiting
the vineyards where his teams were
working, with each man probably
pruning 30-45 vines an hour.
It had been unusually cold in
Napa that week—a worrisome fact
after an earlier warm spell had
caused the sap in the vines to rise.
“With the amount of sap that’s in
the wood, we could have winter
kill,” he said. But there is a little
more leeway with pruning than
with other types of vineyard work.
“Things like suckering or green harvest: You have to be right on the
nose,” said Mr. Neal. (Suckering is
the term for the removal of unnecessary vine shoots, resulting in
fewer but more flavorful grapes.
This takes place in the spring.)
There were other worries besides
weather. A big one for Mr. Neal was
pest management. “Pests are mutating faster than schools like UC Davis can do the research to implement the solution,” he said, citing
viruses like red blotch among his
concerns. Mr. Neal farms organically, so chemicals are not a solution; instead Mr. Neal might plant
cover crops attractive to parasitic
wasps, or remove extra vine leaves
after flowers give way to fruit, to
foil leaf-hopper pests.
Aside from weather and pests,
another top concern of most vineyard managers is labor cost. Oscar
Renteria called it his “most significant” expenditure. Mr. Renteria
owns the successful Renteria Vineyard Management company, managing 54 vineyards (almost 2,000
acres) for 33 clients all over Napa
and Sonoma. Labor accounts for
60-65% of his costs, and the expense continues to climb.
Like Mr. Neal, Mr. Renteria was
born in Napa and followed in his father’s footsteps. But he was raised
in a labor camp and thus has firsthand knowledge of the challenges
facing his workers. Mr. Renteria is
particularly focused on making sure
his workers are paid as much as, if
not more than, the workers at other
vineyard companies. He was planning to raise the hourly wage to $17
very soon. It was necessary, he said,
to retain top talent all the way
through until harvest.
Of course hourly rates don’t apply at harvest time, when workers
work on a “piece rate” that’s
around $150 per ton. “Really good
crews can pick 1-2 tons an hour,”
said Mr. Renteria. Last year his
crew was so efficient he paid workers an average of $170 a ton (a cost
he passes on to his clients). But he
worries that, even with the promise
of good wages, some workers might
return to Mexico, ahead of the ICE
raids that are already happening.
Obtaining permits from planning
boards and battling frost while
keeping workers safe and well are
all part of a vineyard manager’s
job—in addition to the quotidian
but crucial challenge of growing
and harvesting grapes that are
healthy and ripe. Not merely where
the wine is made, the vineyard is a
manager’s whole life.
Email Lettie at wine@wsj.com.
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Black Beans With Smoked Ham Hocks
The Chef
Mashama Bailey
Her restaurant
The Grey, in
Savannah, Ga.
What She’s
Known For
Carrying the legacy
of the great
Southern cook
Edna Lewis into the
21st century, with a
focus on regional
ingredients. Elevating
comfort food in a
way that it remains
rooted in tradition.
EATING BEANS AND rice is a cross-cultural phenomenon for a reason. This
smoky black-bean braise, for instance, is
the sort of ur-comfort food a person from
most anywhere would happily lay claim to.
The recipe, from chef Mashama Bailey,
dates back to a time before she garnered
acclaim at the Grey in Savannah, Ga. She
was working in Manhattan restaurants
and living with her grandmother. Some
black beans and a ham hock she found in
the kitchen inspired her to whip up something hearty and warming. “It was cold
the day I first made this,” Ms. Bailey recalled. “My grandmother really enjoyed it.
She said, ‘You’d think a little old Cuban
lady was in here cooking these beans.’ ”
Simple as the dish is, it’s important to
start with a solid flavor base. “Bloom the
aromatics gently in butter,” Ms. Bailey
said. “Once the garlic stops smelling raw,
add the liquids. If the garlic is still raw, or
cooked too hard, I taste it.”
If you have time, let this stew an hour
or more and skip the puréeing; the beans
will break down and thicken the broth on
their own. And it’s wise to double the
batch. “This is really good left over,” Ms.
Bailey said. It’s enough to make you hope
for more cold weather. —Kitty Greenwald
TOTAL TIME: 35 minutes SERVES: 4
1 smoked ham hock
6 cups chicken stock
2 tablespoons butter
1 large yellow onion, diced
2 cloves garlic, minced
1 bay leaf
1 teaspoon chile flakes
1 green pepper, diced
2 (16-ounce) cans lowsodium black beans,
1. Set a medium pot over high heat and add
ham hock and stock. Bring to a boil, then reduce to a simmer. In another medium pot over
medium heat, melt butter. Stir in onions, garlic, bay leaf, chile flakes and green pepper.
Sauté until garlic is fragrant, 3-5 minutes.
2. Pour hot stock and ham hock into pot with
sautéed aromatics. Add extra water if hock is
not covered at least ¾ of the way. Add half
drained and rinsed well
Kosher salt
Olive oil, optional, to
finish
Cooked rice, to serve
the black beans to the pot. In a blender, purée
remaining beans until smooth. Stir bean puree
into pot and simmer until flavors meld, at
least 25 minutes. Loosen with splashes of water or extra broth if necessary.
3. Before serving, season beans with salt
and olive oil to taste, and simmer until salt
dissolves, about 2 minutes more. Serve
beans with ham sliced from hock, over rice.
GOLD RUSH A generous glug of olive oil stirred in at the end of cooking
helps give this stew a luxurious consistency.
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY CAITLIN HAUGHT BROWN, PROP STYLING BY SUZIE MYERS; PORTRAIT BY MICHAEL HOEWELER
ALTHOUGH WINEMAKERS are
(overly) fond of proclaiming that
“wine is made in the vineyard,”
none of the professionals whose job
actually requires them to be in
vineyards every day ever said this
to me. Perhaps they consider it a
self-evident fact, or perhaps it’s because vineyard managers don’t tend
to speak in sound bites.
Instead, vineyard managers talk
about pruning and pest management, the difficulty of obtaining
permits to plant vineyards and the
ever-spiraling labor costs—not to
mention a fear that their workers
might be picked up by ICE. These
are just a few things I learned during visits with three top Napa vineyard managers last month.
These men—most owners of
vineyard-management companies
in Napa are indeed male—manage
some of the Valley’s most important vineyards, small and large.
The grapes from the vineyards
they manage might go into a solid
$20 bottle of Chardonnay or some
of Napa’s priciest Cabernets, costing hundreds, sometimes even
thousands, of dollars. These vineyard managers may be largely unknown to the public, but they’re
absolutely crucial to the production of great wine.
Longtime vineyard manager Jim
Barbour is highly regarded by winemakers in Napa, and he manages
vineyards for some of the best, including Celia Welch, Thomas
Brown, Philippe Melka and Heidi
Barrett as well Jayson Woodbridge,
the owner of Hundred Acre winery
and Ark Vineyard, where Mr. Barbour and I met.
The 14-acre Ark Vineyard, located at the base of Howell Mountain, might as well have been
named “Big Rock Vineyard” after
the massive stones that surround
it. They’re the stones that Mr. Barbour and his team had to excavate
in order to plant Cabernet Sauvignon in 2003. While most of the
boulders were moved to the side,
some remained in the vineyard.
When the five-foot-ten Mr. Barbour
stood next to one of the rocks, he
was easily dwarfed.
Few vineyard managers wanted
to plant hillside vineyards just a
few decades ago; Mr. Barbour specializes in them. “It’s pretty much
all I do,” he said. Hillside vineyards
are expensive to create and much
more difficult to plant. Mr. Barbour
has a client who has spent over
$500,000 in fees and surveys, and
yet “we’re not even close to getting
the vineyard planted,” said Mr. Barbour. He lamented that it’s getting
harder and harder to win approval
from the county. (It might get even
harder if the Oak Woodland Protection Initiative—a bill aimed at reducing deforestation and protecting
the watershed—is approved by
Napa voters in June, curtailing most
hillside vineyard development.)
Hillside vineyards may be more
difficult to create and to maintain,
GETTY IMAGES (VINEYARD)
Where Napa’s Best Wines Are Really Made
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | D9
* * * *
DESIGN & DECORATING
ALAMY (INTERIORS)
GLASS DISTINCTION
In Vienna’s Austrian Postal
Savings Bank, architect Otto
Wagner maximized and
manipulated daylight.
PILGRIMAGE
Post Office Modernism
ON THE GRID // FURNISHINGS INSPIRED BY WAGNER’S P.O.
Feeling obliged to visit a historic, early-20th-century building in Vienna,
a dubious design writer comes away wowed by its industrial chic
BY JANELLE ZARA
DURING A SWELTERING summer
in Vienna last year, I found the city
has a way of testing the limits of
your sweet tooth. In the heat, I
found all the sachertortes and strudel cloying. A less-foreseeable overload: the saccharine details that relentlessly embellish the city’s wellpreserved churches. From the 17th
century on, Vienna took an all-frills
approach to architecture.
That is, until the turn of the 20th
century, when Otto Wagner introduced a palate cleanser in the form
of the Austrian Postal Savings Bank
building, the last site on my architecture tour. The urban planner and
architect, I’d been told by fan after
fan, brought a lightness to construction by capitalizing on the transparency of glass and sheen of aluminum, then a newly formulated metal
prized for its resistance to corrosion, its light weight and its gloss.
While his peers focused on reviving classical Greek and Renaissance
styles, “Wagner almost single-handedly overthrew historicism and
found a new way of building,” said
MAK Austrian Museum of Applied
Arts curator Sebastian Hackenschmidt, whose exhibition, “Post
Otto Wagner: From the Postal Savings Bank to Post-Modernism,”
opens May 30.
Given its much-heralded historical import, I felt obliged to visit the
post office/bank, which looked nice
enough in photos. But to be honest,
every time a designer gushingly described Wagner as an influential
force in his or her practice, I
couldn’t quite fathom the awe.
So imagine my surprise when I
A futuristic aluminum heating column
stepped into the breath-taking
lobby. No longer home to a functioning operation, the 6,000-squarefoot main hall, though open to visitors, was peacefully absent of
people. Diffused sunlight floating
through Wagner’s barrel-vaulted
glass ceiling cut through the layers
of frippery fresh in my memory.
Ironically, the building, with its
steel-ribbed ceiling soaring to what
resembles a nave, feels much like a
church, one in which orderly, rational grids serve as the decoration.
The “nave” frames the one-time
branch manager’s wooden vestibule
in lieu of an altar. Tidy right angles
abound, from the white metal struts
that form a procession of columns,
to the rectangular teller windows
lining the room’s perimeter.
Wagner wasn’t a pure minimalist, however. “Wagner had said that
for art’s sake, let’s stick with ornamentation,” Mr. Hackenschmidt
noted, “but it needs to come from
functionality”—a radical notion to a
generation of architects who built
first and tacked on decoration later.
Wagner’s floor of glass bricks
framed by stripes of linoleum allows light from the ceiling to illuminate the level below the atrium. The
rhythmically spaced rivets hold aluminum panels. The 7½-foot-tall, robot-like cylinders that stand like
sentinels, a 20th-century answer to
saintly icons, provide heat.
“It’s industrial but hangs on to
the tradition of ornament and
craft,” Christian Swafford said of
the building’s ethos. The co-founder
(with Lauren Larson) of Manhattan
design studio Material Lust recalled
their own pilgrimage in 2014, when
they spent two full hours in the
postal savings bank in awe of the
details. The lighting fixtures of their
brand Orphan Work recall the grids
of Wagner’s edifice, in a similar palette of black, white, glass and metal.
One hundred years after Wagner’s death, the influence of his
post office remains: Aluminum, as
seen in Piet Hein Eek’s sleek suspended lamp and Ramona Metal’s
side table, is a household material.
Gridded glass, akin to Wagner’s tile
floors, gives Louise Roe’s votive
holders additional play of light.
Back in Los Angeles, I’ve taken
an approach to my own home that’s
a bit Otto Wagner, a bit Marie
Kondo—tossing not only the items
that don’t bring me joy but the
ones that don’t serve a function.
The remaining essentials have style:
Black-lacquer book shelves form an
elegant grid. The arc of a glossy
aluminum desk lamp adds grace.
And white curtains, hung for privacy, diffuse the harsh sunlight.
Piet Hein Eek
TL Aluminum
Suspension
Light, from
$1,800,
thefutureperfect.
com
Orphan Work 003
Pendant, $4,850,
orphanwork.com
Piero Lissoni
Commodore
Cabinet,
$5,544.00,
glasitalia.com
Angelo Cortesi
Waterfall Glass Side
Table by Fiam, $895,
1stdibs.com
Ramona Metal
Standby Console
Table, $420,
ramonametal.com
Louise Roe City
Light 3 Votive, about
$46, royaldesign.co.uk
’GRAM SLAM
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
Five Instagram accounts with transportingly quirky takes on design and architecture
WORLD VIEWS From left: @weliveherenow_ imagines fictional back stories for Oregon houses;
@ihaveathingforwalls applies an artist’s eye to vertical surfaces we take for granted;
@accidentallywesanderson streams photos that evoke director Wes Anderson’s distinctive aesthetic.
STATUS UPDATES
For @mansionsofthegildedage, Gary Lawrance digs up,
and annotates, archival photos of opulent interiors and
imposing exteriors of 19thand early 20th-century
homes built by Vanderbilts
and Astors. A living chess
game (humans in Middle Age
regalia serve as pieces) at
George “Jay” Gould’s estate
epitomizes “the luxury and
excess great wealth provided,” writes the Long Island architect and historian.
habitants at @weliveherenow_. Of a house sporting a
rooftop gargoyle, she writes,
“My brother gifted him to
me, for protection, but we all
knew it was mostly a gag.”
ONE-STORY HOUSES
Realtor Sharlyn Anderson
photographs long-in-thetooth houses in her home
state of Oregon, then writes
dreamy first-person captions
in the voice of fictional in-
FILM STILLS
Enough people recognize the
outré aesthetic of filmmaker
Wes Anderson to supply
Brooklynite Wally Koval photos from around the world to
feed @accidentallywesander-
ENTRANCEMENTS
For @doortraits, German
poster Pamuk Akkaya edits
worldwide submissions to
find arresting entryways.
Then she pairs them with eerily apt ruminations on life
and art from philosophers
and painters, among others.
son. A pastel pink neo-renaissance hotel against a pale
blue Prague sky recalls 2014’s
“Grand Budapest Hotel,”
while a red-doored bungalow
against snow-covered Canadian Rockies evokes 2012’s
otherworldly “Moonrise
Kingdom.” Explained Mr.
Koval, “We look for images
that embody a level of symmetry and a touch of color,
whether a bold pop or an
overall palette.”
GREAT BARRIERS
For @ihaveathingforwalls,
photographers Martha Reyes
and Katie Smith remind followers to look around, filtering global submissions of exterior walls that have been
painted, graffitied or oddly
weathered. —Allison Duncan
.
D10 | Saturday/Sunday, March 17 - 18, 2018
THE WALL STREET JOURNAL.
* ***
TOBY LEIGH
GEAR & GADGETS
THAT’S DEBATABLE
Should I Mount My TV
Like a Work of Art?
Wall-mounting a TV can help turn a cluttered living room into something
approaching a high-tech museum. But not everyone agrees it’s worth the effort
WHEN PHILLIPS DEBUTED its wallmounted plasma TV in 1997, it was a
minimalist’s dream come to life: Neatly elevated off a cluttered console, the $15,000
widescreen display convincingly simulated a
painting in a gallery, albeit one depicting
“Dharma & Greg.” The wealthy quickly adopted the style, using electronics as design
elements rather than mere machines.
But as prices fell and less-affluent interior-design and electronics nuts aspired to
mount their own screens, it became clear
how absurdly difficult it was to achieve
those idealized results. Where did the wires
go? How did that heavy TV become weightless on a wall? Where do you hide your cable
boxes and DVD players? We were duped!
Convincing a TV to cling to a vertical
surface looks incredibly appealing, but it
can be an expensive and limiting ordeal.
Pricy professionals must be summoned and,
once you commit to a TV position, flexibly
rearranging your furniture is no longer an
option. When you weigh all this, that glowing 4K TV sitting humbly on a handsome
credenza acquires a new appeal.
Charles Marshall, design director of Parc
Office, a Manhattan consultancy that creates
exhibition and residential spaces, loves the
way wall-mounted displays clean up a room
but admits hanging one is less straightforward than it looks: “Those photos Best Buy
shows of mounted TVs magically powered
and connected? It’s not that simple.”
He’s helped numerous clients mount
their TVs, but in his own home Mr. Mar-
NO
shall chose to simply plop his on the stand
it came with and set it atop a nice console.
It’s all about convenience, he said: “A TV on
a stand allows flexibility and a place to
hide cables.” It’s also much easier: Just
plug it in and you’re done.
When you wall-mount a TV, you have to
consider a few factors. First, to hang it
properly, you’ll need to run cables inside
the wall. If that alone gives you the cold
sweats, this is your exit.
Second, you need to commit to a particular room layout. If you’re given to redesigning spaces on a whim—twisting the couch by
45 degrees or moving the bed from the window in summer—you’d be wise to choose a
stand-mounted TV. With wall-mounted displays, even minor reconfigurations can become massive projects, complete with patching and repainting walls. You may require
the divine intervention of an electrician.
With the cash you save using the TV’s included stand-mount, invest in a new console. Finished in black glass, the Salamander
Designs Oslo ($1,999, salamanderdesigns.com) not only gets high points for aesthetics, it’s crafted to keep high-tech gear
well-ventilated while hiding wires and—crucially—provides easy access to both the
front and back of your equipment.
Smart cable-management solutions, even
ones as rudimentary as zip-ties, will also
keep the spaghetti nightmares to a minimum and make changing configuration a
breeze, leaving you plenty of time to actually enjoy your TV.
MOUNTING YOUR TV is no longer
just the prerogative of the rich or of
professional engineers. New products and
lighter sets are making this elegant effect a
cinch for anyone with a barren wall.
Admittedly, you can’t avoid some construction. You (or your contractor cousin)
will have to find wall studs to support the
television’s weight, drill holes, level the
bracket, and possibly install a new outlet behind your TV to help power it. But if you’re
not about to reconfigure your room capriciously come fall, this is a one-time nuisance
that takes an afternoon.
Once you’ve grappled with the fear of cutting into your dry wall, consider where you'll
place the TV. Tempted to mount it over your
fireplace as seen in design magazines? Don’t,
or you’ll end up with a literal pain in the
neck. Ever sit in the front row of a movie
theater? Imagine craning your neck like that
as you binge Netflix. Not chill.
Instead you’ll want to mount the TV about
25 to 30 inches off the ground; with larger
sets, this positions the center of the screen
at about eye level when you're seated.
Invest time in finding a bracket that’s
strong enough for your set and allows for a
little movement. With the Sanus Premium
Advanced Tilt Wall Mount ($130, sanus.com),
most TVs up to 90 inches can be safely,
soundly and flexibly suspended. This hinged
bracket allows for tilt adjustments—pivoting
the screen up or down—to help cut down on
glare from windows and lights. It also makes
moving your TV easy when you need access
YES
to the outlet, connections or wall behind it.
If you’re coupling anything to your TV, be
it a streaming device, gaming console, etc.,
you will likely want to route the wires inside
your wall. You’ll also need a place to hide
the electronics, either in a chic console underneath or, for more professional installs,
to a tucked-away cabinet that keeps devices
concealed. Regardless, cable management is
critical to ensuring your mounting is functional and inconspicuous. Why go through
the hassle if you’re just going to create an
unsightly plait of cables hanging down?
You can use simple in-wall gadgets to help
you power these devices, said Romier Silva,
technical support leader at Legrand, which
helps create wiring solutions for everything
from homes to massive data centers. “Less
eyesore equals a cleaner installation.”
Mr. Silva is adamant that installation be
done safely. For instance, running power
cables in your wall can create a hazard and
may even void some home-insurance policies. He recommends you hire an electrician to properly install something like the
Legrand In-Wall Power Kit ($140,
legrand.us). This recessed wall plate creates a hidden power outlet behind your TV
and has a discreet opening that lets you
slide other cables down in the wall to keep
them out of sight and safeguard your home.
When done right, wall-mounting a TV
creates a beautiful sense of weightlessness,
making what is normally the heaviest thing
in the room feel like a floating piece of art,
nary a wire in sight. —Joshua Fruhlinger
IF YOU WANT IT DONE RIGHT...
These apps help you find the right handyman for any project, big or small
For Prompt Help
I first browsed Homee, a new
app focused on electrical, HVAC
and plumbing tasks that promises assistance will arrive in
about 30 minutes. With the
handymen, whose backgrounds
are checked, Homee lets you
specify a range of experience (in
years) before you search, and
lets you pay by the minute, not
the hour, with an in-app timer
you control. It all seemed ideal,
but Homee’s service is slowly
rolling out and was as yet unavailable in my area. Still I persist. (homeeonedemand.com)
For Intense Response
Hoping to be “the Uber of”
handyman apps, Thumbtack
locks in on your location, asks a
detailed list of questions to help
narrow down exactly what you
need and matches you with
those best equipped to do the
job. Pick a skill level (or price)
with which you’re comfortable
and your savior can often assist
you that day. However, Thumbtack left me confronting an onslaught of would-be aides, as if
nine Uber cars showed up before
I’d even confirmed a ride. Thirty
minutes after I signed up, workers were emailing to offer me a
“good deal” if I called them di-
rectly—not the model for me,
but great if you see eagerness
as a virtue. (thumbtack.com)
For the Most Options
Next I opened TaskRabbit, selected “plumbing” from a dropdown menu and was then annoyingly forced to write a little
essay detailing my issue—which
didn’t seem to matter since I
was given an immediate list of
candidates. I soon found Joe Dzwill, a Bronx-based handyman
who, judging from his photo, appeared to have as many tattoos
as he did positive reviews. TaskRabbit displayed his skills, work
history, rating, rate and schedule.
I picked a time, we exchanged
emails, and soon he was shaking
my hand and fixing my shower.
He was done in about 30 minutes (it was a simpler task than
I imagined), but TaskRabbit
charged me the full hour. Still,
since I hadn’t washed up in
three days it felt like a small
price. (taskrabbit.com)
—Matthew Kitchen
ALAMY
THEY SAY ANY job worth doing is worth doing well. They
don’t say, however, that you
must personally undertake all
that tedious doing. I’d call myself
handy, which is to say I can construct IKEA furniture, install a
shelf and hang a painting. I once
ambitiously swapped a shower
head. But if a wall has to be
opened up, I call the pros. So
when I realized after a recent
move that my shower’s water
lines were installed backward on
the knob—hot as it dribbled out
and colder as the pressure increased—I signed up for three of
the new-breed apps that make it
easier to find fix-it men or
women who will solve your
problems at a fair price. Here,
the respective pros and cons.
WHAT A DUMP Tom Hanks’s character was in over his head in ‘Money Pit,’ but you don’t have
to be. It takes only about five minutes to hire the right person for the task.
.
THE WALL STREET JOURNAL.
Saturday/Sunday, March 17 - 18, 2018 | D11
* * * *
GEAR & GADGETS
FCA US LLC
LAPPING THE FIELD
Columnist Dan Neil took the
505-hp Alfa Romeo for a spin
around the Circuit of the
Americas in Austin, Texas
RUMBLE SEAT DAN NEIL
Alfa Romeo’s Sports Utility Vrooooooom!
boot, Alfa returned to the United
States in force with the 2017 Giulia
sedan, the first of a family of new
vehicles built on the Giorgio architecture (front-longitudinal engine,
rear or all-wheel drive, majoritysteel unit-body). The Quadrifoglio
sedan notched its own Nürburgring record (7:32) and earned
fawning reviews, including mine,
but received merely polite applause sales-wise.
The SUV version, named for a
winding pass in the Italian Alps,
could outsell its sedan sibling
three-to-one. At least Alfa hopes.
As with the Giulia, the Stelvio’s
prices start modestly and then
take a flying leap into the Chasm
of Insanity. The base-model Stelvio
AWD, with a 2.0-liter, 280-hp fourcylinder, starts at $41,995. The
prices then rise through four trim
packages to a maximum additional
$4,500. Our anabolically enhanced,
leather-gutted Quadrifoglio model
costs another $33,500, a jump of
72%, putting it in the same ballpark as heavy-hitters such the
Maserati Levante S and Porsche
Macan Turbo. Too bad for them.
This SUV is shockingly
quick and troublingly
fast: 0-60 mph in 3.6
seconds—like a supple
leather kidney punch.
Alas, the price does not include
the $300 million racetrack upon
which to fully enjoy it. That is
where you would have found me
two weeks ago, boogying around
the track at the Circuit of the
Americas, in Austin, Texas., in one
of three track-prepped cars Alfa
offered up for sacrifice.
Behind the fetching scudetto
grille lies a 2.9-liter twin-turbo 90degree V6, generating 443 poundfeet of torque, 505 hp at 6,500
rpm and a howl like a saw mill.
Basically it’s ¾ of a Ferrari V8. No
surprise, the Stelvio Quadrifoglio
presents as very horsepower-forward, with lots of toe-able torque
(443 lb-ft between 2,500 and 5,500
rpm) and big-league rpm lashing
between breathy automated gearshifts.
From trackside the Stelvio
Quadrifoglio isn’t particularly loud
(thanks, EU noise regulations!), but
the in-cabin soundscape—the baying of the V6, the rattling coastdown, like birdshot ricocheting on a
tin roof—practically bursts through
the French-stitched seams.
While typically operating in
rear-drive mode, the AWD box can
flash up to 60% of engine torque
to the front wheels, if you manage
to break loose the rears. Back in
the stern, the torque-vectoring
rear differential spools torque left
or right across the axle, depending, helping to push the car in the
direction the driver asks, no matter how ridiculous.
The sport-tuned suspension is
tougher than a starfish sandwich. I
took advantage of the SUV’s raised
ride height to amputate many of
the track’s corners, sending the
truck bounding and bouncing over
the raised red-white gator strips,
where sports cars cannot go. Upon
landing, the suspension recomposed itself instantly. The Texas
track also has several fast doubleapex, constant-radius sections,
where the truck undramatically
edged up to 1+g of lateral load.
The multi-mode vehicle dynamics software, called DNA Pro, pro-
vides Dynamic, Natural, Advanced
Efficiency, and—exclusive to the
Quadifoglio models—Race mode.
You can set the adaptive suspension damping separately, hard and
harder. I’m particularly enamored
of the Alfa’s fast and reactive
steering (12:1 steering ratio) and
the thin-rimmed wheel to wield it.
Very pointable. No bad manners.
For extra ridiculousness, Alfa
equipped the track cars with the
optional carbon-ceramic binders
($8,000) and eraser-soft Pirelli P
Zero Asimmetrico 2 tires (60 treadwear rating). Seeing as how I was
blowing past the recommended
braking points, I wouldn’t have had
it any other way. But these trackday consumables are a bit deceiving. You could put these brakes and
tires on a rickety bed frame and it
would be fast for 10 laps.
The wisdom of spending nearly
six figures on a hyperbaric sports
truck can, of course, be debated.
Just ask the spouses of Jeep Trackhawk owners. Never mind the Alfa
Romeo part. But in its twisted way,
the Stelvio Quadrifoglio is an
amazing value. From the Ferrariesque engine to its carbon-fiber
drive shaft, it represents a lot of
beef on the hoof, stomping over
cars costing many thousands more.
Never in my wildest imagination.
2018 ALFA ROMEO STELVIO QUADRIFOGLIO
Base Price $79,995
Price, as Tested: $92,290
Powertrain twin-turbocharged and
intercooled, direct-injection 90-degree DOHC 2.9-liter V6 with intake
and exhaust cam phasing; eightspeed automatic transmission with
manual-shift paddles; rear-biased
AWD with rear torque vectoring.
Power/torque 505 hp at 6,500
rpm/443 lb-ft at 2,500-5,500 rpm
Length/Width/Height/Wheelbase
185.1/77.0/66.3/111.0 inches
Curb Weight 4,360 pounds
0-60 mph 3.6 seconds
Top Speed 176 mph
EPA Fuel Economy: 17/23/19 mpg,
city/highway/combined
Cargo Capacity:18.5/56.5 cubic feet
(second row seats up/folded)
MY TECH ESSENTIALS
BARRY SONNENFELD
The director and showrunner of Netflix’s ‘A Series of
Unfortunate Events’ on wearing two watches, carrying three
smartphones and zooming around set on a horse saddle
I carry three
phones at all
times: a Google
Pixel 2 with a
Canadian number because we
shoot “A Series
of Unfortunate
Events” in Vancouver. It’s incredibly fast.
The iPhone X
has the best operating system, and
because my family uses it, it’s easy
to trade images. And my Samsung
Galaxy 8, which has a fantastic
screen. I really should get rid of one.
I’m one of only five people I
know who wears two
watches. On my left wrist
is a Breitling Emergency II. It has a 6-foot
coiled antenna that can
signal to first responders, like EMT. If
I’m in an earthquake,
a building collapses,
or I get lost in the
woods, I can unscrew
the crown and they will
find me. I never take this
watch off—if I do, surely
the earth will open up in
front of me.
I’ve always been a fountain-pen guy. I have one called a
Pilot Vanishing Point that’s fantastic. It has a retractable nib, so you won’t ruin your shirt. I also like that it
has a broad nib because I have a big personality and I
like to sign my name with a bold exclamation at the end.
I direct from a horse saddle on an apple
box, which sits on a platform that has 12
wheels. So I can scoot up to an actor and
say, “OK that was great, let’s just do one
more”—and then I roll back to the camera
and we do another take. Everyone who
visits my set wants to sit on the saddle.
I have a collection of
audiobooks about
volcanoes that I listen
to on my iPhone to
fall asleep. One’s
called “Krakatoa: The
Day the World Exploded: August 27,
1883.” I’m fascinated
by ways the Earth is
going to end horribly.
I always have a pocket full of One
Wipe Charlies flushables. There are
certain people that will come up to me
and whisper, “Are you packing?” and I
will discreetly hand them one. —Edited
from an interview by Chris Kornelis
GOULET PENS (PEN); AUDIBLE (BOOK); F. MARTIN RAMIN/THE WALL STREET JOURNAL (WIPES); GOOGLE (PHONE); BREITLING (WATCH)
I WAS AN IMAGINATIVE child but
never dreamed there would ever
be such a beast as the Alfa Romeo
Stelvio Quadrifoglio—and I was
locked in my room a lot.
This hot-rodded version of the
brand’s urbane Stelvio SUV comes
fully loaded with hyphens: a Ferrari-derived, 505-hp twin-turbo V6,
blink-quick eight-speed transmission, carbon-fiber drive shaft,
torque-vectoring all-wheel drive,
four-mode vehicle-control software,
dedicated-design Pirelli tires and
available carbon-ceramic brakes.
The Quadrifoglio also goes through
intense lightweighting, with aluminum front and rear subframes and
suspension components, and aluminum hood, doors, and roof.
The result is shockingly quick
and troublingly fast: 0-60 mph in
3.6 seconds—like a supple leather
kidney punch—and a top speed of
176 mph. In September Alfa set a
Nürburgring record for production
SUVs (7:51.7 seconds), topping the
Porsche Cayenne Turbo S by eight
seconds. That’s putting the “oof”
in Zuffenhausen.
Alfa Romeo is of course the historic Italian sports and racing
marque, the lyric forge that produced the 8C 2900, the Tipo 33
Stradale and Dustin Hoffman’s
1600 Spider Duetto in “The Graduate.” Along the way they also made
a mountain of crappy cars. In those
days the company motto was Que
sera, sera.
Now owned by Fiat Chrysler Automobiles, Alfa Romeo’s IP includes
the Quadrifoglio badge, the fourleaf clover in the white triangle denoting high-performance models.
This lucky charm was first painted
on the race cars in 1921 by driver
Ugo Sivocci, who was killed soon
after. So much for metaphysics.
Fresh from a $6.25 billion re-
.
* ***
THE WALL STREET JOURNAL.
866 . VUITTON louisvuitton.com
D12 | Saturday/Sunday, March 17 - 18, 2018
The Spirit of Travel
The new luggage.
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