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The Wall Street Journal - October 14 2017

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China
Takes On
The Tycoons
Leaders of the
Packs
REVIEW
OFF DUTY
VOL. CCLXX NO. 89
WEEKEND
* * * * * * * *
HHHH $5.00
WSJ.com
SATURDAY/SUNDAY, OCTOBER 14 - 15, 2017
Trump Threatens to End Iran Deal
What’s
News
President tells Congress
to get tough on Tehran
or he’ll act alone to end
pact, restore sanctions
World-Wide
sures targeting Tehran’s missile
program, its support for regional militant groups, and any
future nuclear activities.
As a first step, Mr. Trump refused to certify to Congress under a U.S. law that Iran was
complying with its obligations
under the nuclear agreement,
charging that the country had
violated the terms of the deal.
Going further, Mr. Trump said if
efforts to address his concerns
fall short, he would terminate
the accord.
“It is under continuous re-
BY FELICIA SCHWARTZ
rump refused to certify
that Iran is complying
with the nuclear pact and
threatened to end the deal
unless Congress and U.S. allies deliver on punitive measures against Tehran. A1
Iran’s president condemned Trump’s move
and said Tehran won’t alter the nuclear accord. A6
T
WASHINGTON—President
Donald Trump took aim Friday
at the 2015 Iran nuclear agreement, vowing to end U.S. participation in the landmark deal unless Congress and U.S. allies are
able to deliver on punitive mea-
view, and our participation can
be canceled by me, as president,
at any time,” he said.
As U.S. president, Mr. Trump
has wide, long-term latitude
over the fate of the agreement,
but lacks the ability under the
accord’s complicated terms to
immediately abolish it.
Mr. Trump announced his decision after issuing a lengthy denunciation of what he called a
“rogue regime” run by radicals.
“Iran is under the control of
a fanatical regime,” Mr. Trump
said in a speech at the White
House, adding it has “spread
death, destruction and chaos all
around the globe.”
Detailing grievances against
Iran going back to 1979, the year
of the country’s Islamic revolution, Mr. Trump broadly condemned the country’s rulers.
“Iranian aggression continues
to this day,” he said. “The regime remains the world’s leading state sponsor of terrorism.”
In his threat, the president
applied a well-practiced tactic of
pressing for changes in pre-existing arrangements and aban-
Northern Californians
searched for missing family members as fires ravaged the region. The death
toll rose to at least 34. A3
BY BEN FRITZ
AND ERICH SCHWARTZEL
Business & Finance
Weinstein Co. is exploring a sale or shutdown of
the studio as it weighs options after firing co-chairman Harvey Weinstein. A1
Aramco may drop its
plan for an international
listing and offer shares only
on the Saudi exchange. A1
Wells Fargo’s profit slid
19% on fallout from its salespractices scandal and legal issues. Bank of America had its
best quarter in six years. B1
Social Security payments
will rise 2% next year, but
the gains may be offset by
higher health-care costs. A2
A Samsung CEO’s decision to resign highlights a
leadership vacuum at the
South Korean company. B1
Two Facebook accounts
with apparent ties to Russia amassed over half a
million followers. B1
The Dow rose 30.71 to
22871.72 and the Nasdaq hit
a new high, with U.S. stocks
notching weekly gains. B12
Kobe Steel said its data
falsification affected many
more customers, as the scandal continued to spiral. B3
Bayer agreed to sell parts
of its crop-science business
to BASF for $6.98 billion. B2
Inside
NOONAN A13
What
Bob Corker
Sees in Trump
CONTENTS
Books.................... C5-10
Food......................... D6-8
Heard on Street...B12
Markets.................... B12
Obituaries................. A9
Opinion............... A11-13
Sports....................... A14
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-5
Weather................... A14
Wknd Investor....... B5
World News....... A6-8
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
JOHN TAGGART FOR THE WALL STREET JOURNAL
Iraqi forces advanced toward Kirkuk as Baghdad
seeks to restore control
over Kurdish-held areas. A7
Police again changed a
key piece of their timeline
detailing the Oct. 1 mass
shooting in Las Vegas. A3
Iran condemns U.S. shift..... A6
Firms put plans on hold...... A6
EU leaders weigh in............... A6
Weinstein
Firm Eyes
Sale or
Shutdown
Several insurers said they
intend to offer ACA health
plans this year and next despite Trump’s cancellation
of cost-sharing payments. A4
Republicans were split
over whether to reverse
the president’s decision. A4
Priebus spoke with Mueller’s team as part of the special counsel probe of possible collusion between Trump
associates and Moscow. A4
doning them if he doesn’t succeed. He has taken a similar
approach to the Paris climate
accord and the North American
Free Trade Agreement, as well
as to domestic programs such as
the Deferred Action for Childhood Arrivals, or DACA, program.
Mr. Trump’s move on Friday
touches off high-pressure negoPlease see PACT page A6
Sonia Negrón Bell’s 71-year-old mother, Herminia González, has been living for weeks without electricity since Hurricane Maria hit.
After Hurricane, a Daughter’s Quest
Her ailing father begged her not to come to Puerto Rico. Luckily, she didn’t listen.
BY ARIAN CAMPO-FLORES
AGUADA, Puerto Rico—The evening
before Hurricane Maria tore across
Puerto Rico, Sonia Negrón Bell called her
elderly parents on the island’s northwestern coast, seeking reassurance they
were ready to face the storm.
Her father has heart disease, high
blood pressure and glaucoma. Her
mother, who suffers from osteoporosis,
has difficulty walking and is largely
homebound. Ms. Negrón Bell, a 44-yearold graduate student who lives in Chicago, felt her parents hadn’t prepared
enough amid dire warnings that power
could be out for months.
California Inferno
Desperate drama unfolds as families
search for missing loved ones.............. A3
Once Maria passed with the strongest
winds to hit the island in almost a century, Ms. Negrón Bell dialed her parents
over and over, and couldn’t get through.
Seeing broadcasts of apocalyptic scenes
from the island, she feared the worst.
Her husband heard about two police officers in her parents’ town of Aguada
who died when a river flooded and engulfed their vehicles.
It’s Lizard vs. Oil Magnate
In the Latest Fracking Fight
i
i
Share-price and index performance since the U.S. election
Return on equity,
third quarter
50%
2017 8.1%
2016 7.3%
Bank
of America
i
Special sand used in Texas oil drilling
is also beloved by picky desert reptile
BY CHRISTOPHER M. MATTHEWS
On Oct. 2, 12 days after Maria’s landfall, her brother in New York received a
text message from her dad. All it said
was, “Things are bad here.”
What followed was a rescue mission
that has become all too common on this
still-reeling U.S. territory.
Hundreds of anxious friends and relatives from the mainland have set out for
remote reaches of the island to provide
aid that has been slow coming from official sources. The American Red Cross
says it has received more than 800
emergency welfare inquiries, involving
people trying to make contact with loved
ones, and has used trucks with mobile
Please see QUEST page A10
Texas sand is more economical
than sand from mines in WisThe dunes sagebrush lizard consin and the Midwest that
is a picky reptile. The 3-inch- has to be hauled by rail to the
long, tan-skinned animal lives shale sites.
only in windblown hollows near
Environmental groups say
the shrublike shinnery oaks the mining rush is a threat to
scattered among the dunes of the dunes denizen. If miners reWest Texas and Southeastern fuse to change their practices,
New Mexico. It even prefers a they want to add the lizard to
specific grade of
the federal endangered
species
sand—small
list—which could
grained, and not
throw a wrench in
too coarse.
the new business.
Turns out the
Texas oil magfrackers powering
nates
aren’t
Texas’ oil boom
known to back
are just as picky.
This is exactly the Dunes sagebrush lizard down from a chalsame sand miners
lenge. Environare digging up to help supply mental groups “are motivated
the drillers in the Permian Ba- to hype up the threat,” said Ben
sin, which produces more than “Bud” Brigham, who has made
20% of U.S. crude.
hundreds of millions of dollars
A wave of entrepreneurial as an oilman in the Bakken
diggers have moved into the liz- Shale, in the Northern Plains,
ard’s tiny range of a handful of and in Texas’ Permian Basin.
Please see LIZARD page A10
counties to fill the demand.
Weinstein Co. is exploring a
sale or shutdown and is unlikely to continue as an independent entity, a person close
to the company said.
The film and television studio’s board of directors and
other people close to the company have been approached by
possible buyers, people with
knowledge of the talks said.
The talks come as Weinstein Co. mulls how to move
forward after firing co-chairman Harvey Weinstein Sunday
amid more than a dozen accusations against him of sexual
assault and harassment.
The board had previously
been considering appointing
co-chairman Bob Weinstein,
Harvey Weinstein’s brother,
and President David Glasser to
lead Weinstein Co. under a
new name. That plan is no longer on the table, according to
the person with knowledge of
the potential sale.
In a statement, Bob Weinstein, whose title remains cochairman despite his brother’s
exit, said, “Our banks, partners and shareholders are
fully supportive of our company and it is untrue that the
company or board is exploring
a sale or shutdown of the
company.”
Four members of the Weinstein Co. board have quit in
the past week. Bob Weinstein
is one of three directors who
remain, a person close to the
Please see STUDIO page A5
40
Citigroup
30
J.P. Morgan
20
10
Wells Fargo
KBW Nasdaq Bank Index
7.3%
6.8%
11.0%
10.0%
9.1%
11.6%
Sources: WSJ Market Data Group
(stocks, index); company filings (return)
0
2016
2017
THE WALL STREET JOURNAL.
Banks’
Earnings
Show Mix
Of Fortune
DIVERGENCE: Wells
Fargo shares slid on
its report Friday,
continuing their
underperformance.
Bank of America
rose. Wells also
showed a decline in
a key performance
measure—return on
equity—the only big
bank to do so. B1
Aramco’s Hopes Sink for Global IPO
Saudi Arabia is considering
giving up on its plan to list its
state-owned oil company in
New York, London or any other
international stock exchange,
and may instead offer shares
only on the kingdom’s exchange
in Riyadh, according to people
familiar with the matter.
Saudi Arabia is also mulling
an offer from a Chinese investor interested in privately acquiring a stake in Saudi Ara-
By Summer Said in
Dubai and Justin Scheck
and Maureen Farrell in
New York
bian Oil Co., better known as
Aramco, according to one of
the people familiar with the
matter.
Another option the company
is considering is to do the IPO
in two stages, with a listing on
Riyadh’s Tadawul exchange in
2019 and an international listing a year later, that person
said. An international listing
had long been planned for
2018, with New York and London as the leading candidates.
Saudi Arabia’s leaders are
weighing these options as they
confront the monumental challenge of untangling the world’s
biggest oil company from a
Please see IPO page A2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, October 14 - 15, 2017
* ******
THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Leave It to the Heat to Dull Autumn’s Glory
It’s autumn.
Somebody tell
the trees.
Ordinarily,
two signals
alert deciduous trees that it’s time to relinquish the green hues of
summer in favor of autumn’s
yellows, oranges and reds.
First, the days begin to
grow shorter. Second, the
temperature begins to drop.
But this year, unseasonably warm weather across
most of the U.S. has tricked
trees into delaying the onset
of fall’s color extravaganza.
Temperatures in the eastern half of the country have
been as much as 15 degrees
above normal since mid-September, and the warmth is
expected to persist through
the end of October.
The unfortunate result
for leaf peepers is a lackluster fall.
Two kinds of pigments
produce the season’s liveliest foliage.
Carotenoid, responsible
for yellows and oranges, is
always present in leaves but
is usually masked by chlorophyll. The initial trigger for
its appearance is shorter
days.
Anthocyanin, responsible
for reds and deep purples, is
different. Not all deciduous
trees have this pigment,
and those that do manufacture it from scratch in the
fall. The primary trigger for
its appearance is lower temperatures.
Without that signal, the
colors of maple and other
species that generally ignite
New England with brilliant
reds this time of year are
likely to fizzle.
Off-Color
Above-normal temperatures in the eastern U.S. are affecting the
ability of tree foliage to change color, a process triggered in part by
cooler weather.
Departure from normal temperature in 2017 (degrees Fahrenheit)
For the period of Sept. 11 - Oct. 10
-6°
-4°
-2°
0
2°
4°
6°
8°
10°
I
n Vermont, 71% of the
northern hardwood forest cover is dominated by
beech, birch and maple trees,
with sugar maples making up
nearly 20% of the stock.
“The low temperature
cues that usually trigger the
fading of the green and the
expression of red across the
landscape have not been
common,” said Paul Schaberg, a plant physiologist
with the U.S. Forest Service
who works at the University
of Vermont.
Other parts of New England are also experiencing
warmer weather and lesser
color.
“Much of the comment
from folks in southern New
England is that the season is
appearing very dull,” said
ability to transport the sugars to other parts of the
plant. To buy time, some
trees make red pigments to
extend the life of the leaves.
“They want to keep leaves
long enough to absorb the
backlog of sugars,” Dr.
Schaberg said. “It’s how
trees feed themselves.”
To test the effect, he and
colleagues cooled the
branches of a sugar maple
tree at the end of the growing season to a temperature
just above freezing.
he amount of sucrose
in the leaves approximately doubled as the
tree’s ability to absorb the
sugars slowed down, and the
level of red pigments increased nearly fourfold.
In nature, the period
from mid-September to the
second week of October is
critical to the color shift. If
it’s too warm, trees stay
green longer.
In central Pennsylvania,
where Penn State meteorologist Jon M. Nese works, the
second half of September—
the beginning of the critical
period—was about 9 degrees
warmer than average, while
Virginia to Maine was 4 to 6
degrees warmer.
Weather is chaotic by na-
T
Note: ‘Normal temperature’ refers to the 1981-2010 average.
Source: High Plains Regional Climate Center
John O’Keefe, emeritus museum coordinator at Harvard
Forest, a 4,000-acre ecological research site in Petersham, Mass., owned by Harvard University.
Ecologists believe red pigments in deciduous trees act
as sunscreen, antioxidants
THE WALL STREET JOURNAL.
and antifreeze so the trees
can hold on to dying leaves
longer while absorbing more
of the nutrients produced by
photosynthesis.
What’s at stake is a glut of
nourishing sugars trapped in
the leaves. When the temperature drops, it slows a tree’s
Social Security Benefits Set to Get 2% Boost
BY ERIC MORATH
AND ANNE TERGESEN
Seniors and other Americans
receiving Social Security are
set to see the largest increase
in benefits in six years, though
for many, it will likely go toward higher health-care costs.
The Social Security Administration unveiled Friday a 2.0%
increase for monthly checks
starting in late December for
disability beneficiaries and in
January for the larger program
covering older Americans. It is
the largest cost-of-living adjustment since a 3.6% increase
in 2012.
The agency also said the
maximum amount of earnings
subject to the Social Security
tax will increase next year by
$1,500 to $128,700, a 1.2% increase. In 2017, the taxable
maximum amount increased
7.3%. The worker’s share of Social Security payroll tax is
6.2% of eligible wages. Employers pay the same rate. A
IPO
Continued from Page One
royal family that has long used
it as a piggybank. The Aramco
team devising the IPO has
struggled to bring international
accounting standards to an oil
company that still has a construction unit overseeing soccer stadiums and camel-beautypageant facilities.
The people familiar with the
matter said nothing had been
decided and the IPO could still
move forward.
In that event, the IPO would
be one of the biggest ever, estimated by Saudi officials to be
as high as $100 billion. Its proceeds have been pegged for
Saudi Arabia’s sovereignwealth fund, which would become the world’s largest and
would drive a transformation
of the kingdom’s economy into
something less oil dependent.
Aramco’s deep ties to the
kingdom and the difficulty of
separating it out into an entity
that could be sold to investors
has long been viewed as an obstacle to the IPO. It also isn’t
worker making at least
$128,700 in 2018 would pay an
additional $93 over the course
of next year.
About 66.7 million people—
about 1 in 5 Americans—will
receive a boost to their income
next year. The average increase
would be about $27.38 a month
for retiree beneficiaries and
$23.44 a month for disability
beneficiaries. But the gains
clear whether public markets
would value Aramco at or close
to the $2 trillion valuation
cited by Crown Prince Mohammed bin Salman, the kingdom’s
heir apparent and champion of
the Aramco IPO plan.
A series of delays, including
in deciding where to list the
shares, have led to discussions
among senior executives about
putting off the listing, according to people familiar with
those discussions.
The Financial Times reported earlier Friday that the
company is considering shelving its IPO plans, and is looking
instead at investment from the
Chinese government.
A spokesman for the company, known as Saudi Aramco,
said the “IPO process remains
on track.” But he said a “range
of options, for the public listing
of Saudi Aramco, continue to
be held under active review.”
The oil company has been
preparing since 2015 to sell 5%
of its shares on international
markets as the centerpiece of a
strategy to overhaul the Saudi
economy and break its reliance
on oil. Prince Mohammed has
said he intends to invest pro-
ceeds from the offering in
other businesses.
Since then Saudi Aramco
has consulted with a global
team of consultants and banks
in an attempt to bring order to
a company that had long operated under different rules than
big international oil companies
like Exxon Mobil Corp. It has
never reported its quarterly or
annual profits and has never
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A series of delays
have led to
discussions about
putting off the listing.
faced the same kind of legal liability risks as other energy
firms.
The process has given outsiders access to Saudi oil operations kept secret for over
three decades since Aramco—
once run by American companies—was nationalized in the
1980s. Changing Aramco’s culture enough to publicly list in a
venue like New York or London
could be mostly offset for many
because a wider swath of Medicare beneficiaries is likely to
pay higher premiums than in
recent years.
Social Security benefits adjust each year based on a consumer-price measure, with the
goal of keeping payments in
line with inflation.
The adjustment “gives some
relief to Social Security beneficiaries,” said AARP Chief Executive Jo Ann Jenkins, head of
the lobbying group for older
Americans. But for many, she
noted, the boosted checks may
not cover expenses rising faster
than overall inflation.
Friday’s announced cost-ofliving adjustment also plays a
major part in determining premiums for Medicare Part B,
which covers doctor visits and
other outpatient care for elderly and disabled Americans.
While the final figure on the
premium increase won’t be announced
immediately—the
Centers for Medicare and Med-
icaid Services last year released it in November—the 2%
bump is likely to result in
higher premiums for some 70%
of Medicare beneficiaries.
The reason is a provision of
the Social Security Act called
hold-harmless. It prevents
Medicare from passing along
any premium increase greater
than the dollar increase in Social Security payments to the
estimated 70% of beneficiaries
who typically qualify for holdharmless treatment.
Because the cost-of-living
adjustment has been low for
the past two years, Medicare
has been forced to spread much
of the projected increase in its
costs across the remaining 30%.
That 30% has seen its base premium rise from $104.90 in 2015
to $134 in 2017, even as premiums for the rest increased less
than $5, on average.
With the larger adjustment
in 2018, Medicare can spread
its costs across a much larger
group of beneficiaries.
has taken longer than expected,
people familiar with the matter
said.
A major stumbling block has
been the location of the listing.
Prince Mohammed has favored
New York for its deep pool of
investors and prestige, while
outside advisers have favored
London, which is considering
changing corporate-governance
rules to attract Aramco. Hong
Kong, Tokyo and Toronto have
also been in the mix.
While finance employees are
still being told to prepare for
the IPO in 2018, a person familiar with their work said so
much remains to be done that
the listing could be pushed
back to 2019.
“There are various aspects
of the IPO you cannot really
work on if you don’t know
where the company wants to
list and the pace has definitely
slowed down,” a senior Saudi
Aramco executive said.
In recent months, Saudi
Aramco has sought private investors in China, India and Russia, which would bring an infusion of capital without the
additional scrutiny of a Western public listing, the people
familiar with the matter said.
They said that sale could coincide with a listing on Riyadh’s
stock exchange, which doesn’t
have the same transparency requirements of New York or
London.
Despite the uncertainty,
Saudi Aramco employees have
continued working on various
aspects of IPO preparation, including developing a financialreporting structure that complies with U.S. Sarbanes-Oxley
rules, says the person familiar
with the matter.
During a daylong meeting
with one group of mostly foreign advisers in mid-August,
senior Aramco executives had
come up with a schedule of
next steps for them to complete within the next few
weeks, the person familiar with
the situation said.
The group of advisers was
told to move forward on that
work and to return to Aramco’s
headquarters within a few
weeks, this person said. But
when they followed up with the
Aramco executives, they were
told not to return to the kingdom and to stand down until
they heard otherwise.
CORRECTIONS AMPLIFICATIONS
Givers must report gifts of
more than $14,000 per person
per year under federal tax law,
but an individual must pay
taxes only after exceeding the
$5.49 million gift-tax exemption, which is a lifetime limit. A
Mansion article Friday about
parents who refinance their
mortgages to help their children buy homes for cash failed
to make clear that an individual
owes this federal gift tax only if
the lifetime limit is exceeded.
Amazon.com Inc.’s first
broadcast of a Thursday Night
Football game had an average of
372,000 viewers who tuned in
for more than 30 seconds. Amazon defines average viewers as
total minutes streamed minus
viewers watching for less than
30 seconds divided by minutes
in the game. A Heard on the
Street article Tuesday about
NFL games streamed on Amazon
didn’t make clear that the number of viewers was an average.
Fifty-eight people were
killed in the Las Vegas mass
shooting on Oct. 1 before the
gunman took his own life. A
graphic of some of the deadliest mass shootings in modern
U.S. history that ran with a
Page One article Oct. 3 about
the killings incorrectly said
that 59 fatalities in the Las
Vegas shooting didn’t include
the shooter, based on information at the time from lawenforcement.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com
or by calling 888-410-2667.
ture, Dr. Nese cautioned, but
at least part of the explanation for the late-season heat
lies with the jet stream.
That area of strong wind
has been located unusually
far to the north in recent
weeks, allowing the warmth
to hang on.
But not everyone is out of
luck.
“In spots where weather
conditions have been running
colder than usual in recent
weeks, color is ahead of this
time last year,” said Tim Bernas, a meteorologist with the
Weather Company. “This includes Montana, Wyoming
and Colorado.”
When other areas of the
country cool off, their leaves
may still brighten up—if
they’re attached.
At the end of summer, an
area of cells gradually builds
up at the base of each leaf’s
petiole, or stem, to weaken
the connection to the tree.
There is some risk that intense rain or heavy wind
could knock off the leaves
before late-breaking fall colors fully emerge.
So for now, with some exceptions, leaf peepers coveting flashier foliage have little
choice: They’re left seeing
green.
U.S. WATCH
NORTH CAROLINA
Failed Prison Escape
Leaves Two Dead
Two prison employees were
killed and three others were critically injured at a rural North Carolina prison, after inmates set
fire to a sewing plant and attempted to escape.
At the specialty sewing plant
affiliated with Pasquotank Correctional Institute in the northeastern part of the state, security officer Justin Smith, 35
years old, and supervisor Veronica Darden, 50, died Thursday,
according to the North Carolina
Department of Public Safety.
Three other employees were
critically injured.
The prison, which houses
more than 700 male inmates,
ranges from minimum security
to maximum security.
—Valerie Bauerlein
ECONOMY
Car Buyers Help Fuel
Consumer Spending
Consumer spending at U.S. retail outlets picked up strongly in
September, advanced in part by
a surge in car purchases to replace vehicles damaged by hurricanes Harvey and Irma and by a
jump in the cost of gasoline also
tied to those storms.
The data showed that U.S.
economic growth is tracking at a
healthy rate, though bad
weather is skewing a range of
measures, including retail sales,
employment and inflation.
Sales at restaurants, retail
stores and online-shopping platforms rose a seasonally adjusted
1.6% in September from the prior
month, the largest one-month
jump in more than two years,
the Commerce Department said.
A spike in gas prices as Harvey disrupted fuel shipments and
refinery operations along the
Gulf Coast translated into stronger sales at gas stations. Motorvehicle sales jumped as consumers replaced storm-damaged cars
and trucks.
—Ben Leubsdorf
NEW ORLEANS
Ex-Mayor Asks Judge
To Void Conviction
Former New Orleans Mayor
Ray Nagin asked a federal judge
to throw out his corruption conviction, citing a recent Supreme
Court decision making it more
difficult to convict public officials
of bribery.
Acting as his own attorney,
Mr. Nagin filed a motion this
week “to vacate, set aside or
correct” his 10-year sentence.
Mr. Nagin, 60, cited the U.S.
Supreme Court’s decision overturning the corruption conviction
of former Virginia Gov. Bob McDonnell and a similar ruling by a
federal appeals court in a case
concerning former New York
state Assembly Speaker Sheldon Silver.
—Associated Press
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THE WALL STREET JOURNAL.
* * * * * *
Saturday/Sunday, October 14 - 15, 2017 | A3
U.S. NEWS
Desperate families
seek loved ones in
California; some fires
are partly contained
SANTA ROSA, Calif.—As
more than a dozen wildfires
ravage Northern California, a
separate drama is playing out
amid the devastation: A frantic
search to find missing loved
By Erin Ailworth,
Alejandro Lazo,
Ian Lovett
and Zusha Elinson
ones.
Family members looking for
clues are sifting through the
rubble of homes in neighborhoods flattened by fire. They
have showed up at evacuation
shelters, posted desperate notes
on Facebook and filed missingperson reports with the sheriff’s office. Investigators comb
burned-out homes with dogs
trained to locate cadavers.
More than 1,300 missingperson reports have been filed
in Sonoma County alone since
the start of the fires—and more
than 1,000 have ended with
happy news so far. But at least
34 people in Northern California had been found dead as of
Friday afternoon, and the toll is
expected to rise. For now, many
families remain in limbo.
“We’ve checked every single
shelter and hospital—I can’t
even count how many,” said
Anna Paseka, who was searching for her boyfriend’s 71-yearold father, Daniel Southard.
Now, they are bracing for the
news that he could be dead.
The searches point to a disaster that spread with such
speed and ferocity that it scattered family members who had
been together just moments
earlier. Shifting winds pushing
the fires in many directions
have forced more than 100,000
people to flee, according to the
Red Cross, and 33,000 homes
remain threatened.
Communications systems
were also temporarily knocked
out, complicating efforts to find
family members.
In Santa Rosa alone, a city of
more than 100,000 residents,
nearly 5% of the housing stock
has been destroyed and damages total more than $1 billion,
Mayor Chris Coursey said.
Officials are investigating the
fires cause, including the possible role of power lines belonging to Pacific Gas and Electric
Co., a PG&E unit. In a filing Friday, the company said it is “currently unknown whether the
utility would have any liability
associated with these fires.”
Containment of some of the
largest fires rose to 25% Friday,
though many areas remained
under evacuation orders.
Jeanette Scroggins, 42, spent
days looking for her aunt, Karen
Aycock, 56, who lived alone in
Coffey Park and hadn’t been
heard from since Sunday.
ERIC KAYNE FOR THE WALL STREET JOURNAL
Burnt Ruins
Are Scoured
For Missing
Little remains standing in the Coffey Park section of Santa Rosa, Calif., a city where the mayor says fire damages exceed $1 billion.
She went to the house, which
her family had owned since
1971. It was gone, and she found
no sign of her aunt. A vinyl record, “Beds are Burning,” lay intact outside.
On Thursday morning, the
Sonoma County sheriff’s office
called; remains had been found
in the ruins of the home. “I
knew she was in the house,” Ms.
Scroggins said. “I just feel terrible, because she died alone.”
In Sonoma County, where at
least 18 bodies have been found
so far, 30 investigators are now
working their way through hundreds of remaining missing-person cases. The demand for information is so great that
probation officers and even interns have been brought into
the search, said Lt. Tim Duke.
In about 80% of cases, Lt.
Duke said, the people have been
found alive.
When they can’t be located,
12-person teams will scour the
person’s home, sometimes using cadaver dogs and anthropologists, who help identify if
any bones or other fragments
found are human.
By Thursday night, Adrianne
Baumunk was in Texas, and still
hadn’t been able to find her
mother, Norma Zarr, who recently moved to Santa Rosa.
The family reported Ms. Zarr,
61, missing on Tuesday. Friends
checked the local shelters, but
didn’t find her.
As more evacuations were
ordered in her neighborhood,
Ms. Zarr, who suffers from
chronic lung disease and heart
arrhythmia, still didn’t answer
her cellphone.
On Friday morning, the family finally tracked her down,
safe, at a local Wal-Mart. “I just
kind of felt like I was sitting
there alone, with the idea that I
didn’t know whether she was
alive or not, and it crushed me,”
said Ms. Baumunk, 35.
By the end of the week, hope
was fading for those who hadn’t
yet found missing loved ones.
Rachael Ingram, 28, said she
has been searching for her
friend Mike Grabow, 40, for
days. She last spoke to
him Sunday night.
Mr. Grabow’s brother and father found his house burned to
the ground. They sifted through
the rubble, but found no sign of
him, she said. Ms. Ingram and
other friends checked local
shelters, where they left him
notes. They posted on Facebook; they called.
On Wednesday night, Ms. Ingram drove south to San Rafael,
where someone said they had
seen Mr. Grabow. She didn’t
find him. Ms. Ingram, too, had
to evacuate that night. She still
doesn’t know where her friend
is. “We’re all sad, we’re crying
and breaking down,” she said.
But “we’re all kind of holding
out hope.”
Ms. Paseka said she wasn’t
optimistic about finding her
boyfriend’s father alive.
“At the moment, we are just
waiting for the property to be
searched,” she said. If he were
alive, she said, “we would have
found him by now.”
Jury Finds Kansas City Executive Guilty in Loan Scheme
BRENDAN MCDERMID/REUTERS
BY REBECCA DAVIS O’BRIEN
Scott Tucker outside a federal court in New York last year. A jury convicted him of all counts Friday.
A federal jury in Manhattan
found Kansas City businessman Scott Tucker guilty on all
counts in a racketeering case
centered on his $2 billion payday-lending business, which
prosecutors had argued was
built on illegal partnerships
and predatory loans.
The jury also convicted
Timothy Muir, a former lawyer
for Mr. Tucker’s company who
was Mr. Tucker’s co-defendant. Both men were convicted
on 14 counts, including money
laundering, wire fraud, and violations of federal racketeering and lending laws. The verdicts followed less than a full
day of deliberations.
In the four-week trial, prosecutors from the Manhattan U.S.
attorney’s office argued that
Mr. Tucker’s company illegally
Concert Industry Rethinks Security
BY ANNE STEELE
PASADENA, Calif.—Camped
out under a tent with her husband hours before Coldplay’s
recent show at the Rose Bowl,
Christine Ortiz was glad to see
police officers circling the
premises.
Still, the 49-year-old automotive consultant, speaking
days after the deadliest shooting in modern U.S. history at a
country music festival in Las
Vegas, said she worried about
being able to escape. She wore
sneakers to the concert, instead of her typical sandals, in
case she needed to run. She
packed her medical-insurance
card.
“I feel like a sitting duck,”
said Ms. Ortiz, who received
an email asking ticket buyers
to arrive early to navigate
tighter security.
Concert promoters are aggressively re-envisioning security provisions at outdoor venues in the wake of Las Vegas.
“Security should always be
evolving with the threat,” said
Mike Downing, security chief
for Prevent Advisors, a new
security
consulting
arm
started late last year by live
entertainment company Oak
View Group.
Mr. Downing, recently retired as deputy chief of the
Los Angeles Police Department
and commanding chief at the
city’s Counter-Terrorism and
Criminal Intelligence Bureau,
said various incidents in re-
cent years have prompted venues and event organizers to
prepare for vehicle ramming,
improvised explosive devices,
active shooters on the ground
and even weaponized drones.
But no one anticipated the
circumstances in Las Vegas.
“It defeated the strategies
and tactics employed at these
outdoor events,” Mr. Downing
said.
Live Nation Entertainment
Inc., the concert promoter for
the Route 91 Harvest music
Police Backpedal
On Key Timeline
Police again changed a key
piece of their account detailing
the massacre that unfolded
when Stephen Paddock fired
on a crowd at a country music
festival from his hotel room on
the Las Vegas Strip.
There wasn’t a substantial
gap between the moment
Paddock shot a hotel security
guard and when he started
shooting concertgoers, Las
Vegas Metropolitan Police
said Friday.
The revelation marks the
second change by police of a
key piece of their timeline for
the Oct. 1 mass shooting.
Police had initially credited
the guard, Jesus Campos, with
distracting Paddock in the
midst of the shooting, saying
festival, was among the defendants named in a lawsuit filed
this week by a victim in the
Las Vegas shooting. The suit
said Live Nation negligently
failed to design proper exits or
train staff on what to do in an
emergency.
Live Nation declined to discuss security or the lawsuit.
In the post-9/11 era, airports and mass-transit systems have fortified security
and become much harder targets, experts say. Events like
he arrived on Paddock’s floor
to check an unrelated alarm.
Paddock fired on the guard
through the door, wounding
him in the leg.
Days later, police changed
that timeline, saying Mr. Campos was shot at 9:59 p.m.,
nearly six minutes before Paddock began firing at the crowd.
On Friday, Sheriff Joseph
Lombardo of the Las Vegas
Metropolitan Police Department said that Mr. Campos
wasn’t shot at 9:59 p.m. Instead, he said, that was when
Mr. Campos discovered the
stairwell door to the 32nd floor
was barricaded. He said Mr.
Campos found another way
onto Paddock’s floor.
Mr. Campos was then shot
by Paddock “in close proximity”
to the time he started firing on
the crowd, Mr. Lombardo said.
—Chris Kirkham
and Tawnell D. Hobbs
concerts have been identified
as easier to hit.
Part of the solution, security experts said, involves positioning security personnel at
higher elevations than the
crowd, sometimes with sniper
gear.
“Anytime someone can get
elevation in a secure spot it’s a
difficult proposition to prevent,” said John Pistole, former administrator of the
Transportation Security Administration and deputy director of the Federal Bureau of
Investigation.
Sniper nests are already
part of security at some festivals in cities, according to a
person familiar with the matter. But those are in place in
anticipation of an active
shooter on the ground.
Many in the concert industry say venue operators and
event organizers have been seriously rethinking perimeter
security, especially after a suicide bomber killed 22 concertgoers leaving an Ariana
Grande show in Manchester,
England, earlier this year.
Some see knowing more
about ticket holders as a way
to add security.
“If we need to know everything about 100 people getting
on an airplane, it seems like
we should know something
about 100,000 people walking
into a stadium,” said Nathan
Hubbard, a former Ticketmaster chief executive. “They are
clearly now soft targets.”
charged as much as 700% interest on short-term loans to
more than 4.5 million people,
hiding the terms of the loans in
deceptive paperwork and using
sham partnerships with Native
American tribes to evade state
laws capping interest rates.
Mr. Tucker’s lawyers argued
the business arrangements with
the tribes were legal, and said
the terms of the loans were laid
out in documents provided to
customers. Mr. Muir took the
witness stand in his own defense, saying the tribes had significant control over the business. Prosecutors and their
witnesses disputed that.
A lawyer for Mr. Tucker said
they “absolutely intend to appeal.” A lawyer for Mr. Muir
didn’t immediately respond to
a request to comment.
Acting Manhattan U.S. Attorney Joon H. Kim said: “The
jury saw through Tucker and
Muir’s lies and saw their business for what it was—an illegal and predatory scheme to
take callous advantage of vulnerable workers living from
paycheck to paycheck.”
The trial shed light on the
payday-lending industry, a controversial area of finance
whose defenders say provides a
vital lifeline to people who
don’t have access to other lines
of credit. Critics say such lenders prey on the very people
they purport to serve, trapping
them in a cycle of fees that
drain their paychecks.
Witnesses at the trial included former employees of Mr.
Tucker’s company, AMG Services Inc., who described how
the company grew from a storefront family shop to a massive
enterprise based in an office
complex outside Kansas City.
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A4 | Saturday/Sunday, October 14 - 15, 2017
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THE WALL STREET JOURNAL.
U.S. NEWS
Insurers Anticipated Subsidy Loss Secretary
Of the VA
BY ANNA WILDE MATHEWS
Inc. and Medica, have generally
been preparing for the federal
money to evaporate. Many
state regulators have granted
companies extra rate increases
to make up for the lost federal
funding, which reimburses insurers for covering health-care
costs of low-income enrollees.
“The bottom line is that we
anticipated this action in our
filings and we are prepared,”
said Medica, a nonprofit offering ACA exchange plans in
states including Iowa and Nebraska. Medica said it didn’t
plan to alter its 2017 offerings
or its 2018 plans.
In states that didn’t grant
the extra rate increases, such as
Maryland, the dynamic will be
different. There, insurers may
face steep potential losses next
year and would likely seek further rate increases, even though
their 2018 rates are supposed
to be completed. Insurers have
already signed contracts agreeing to sell ACA plans in 2018.
Jerry Dworak, chief executive of Montana Health Co-op,
said that when he learned of
the Thursday-night decision by
Mr. Trump’s administration, “I
Several major insurers said
they intend to provide health
plans on the Affordable Care
Act’s exchanges for the rest of
this year and for 2018, despite
a financial blow from President
Donald Trump’s cancellation of
federal cost-sharing payments.
The payments, which had
been expected to total $7 billion this year, will be “discontinued immediately” because
their continuation violates federal law, the Department of
Health and Human Services
said Thursday. Payments due
to go out on Wednesday will be
canceled, the administration
said in a legal filing.
The loss of payments will
take a financial toll on insurers
for the rest of 2017, but it
would be difficult for companies to yank their plans from
the health law’s marketplaces
before the end of the year.
For next year, insurers that
sell exchange plans under the
2010 law known as Obamacare,
including Centene Corp.,
Health Care Service Corp.,
Florida Blue, Molina Healthcare
Cost Comparison
Premiums will increase for customers on the individual insurance
market with the end of cost-sharing reduction subsidies.
Affordable Care Act (current law)
Elimination of CSR payments
Examples of subsidies
in 2026, silver plan
Average
premium
Age $5,100
21
6,400
Total payment for individual
Single, income of $26,500*
Single, income of $68,200
$1,700
$5,100
1,850
6,400
6,500
6,500
1,700
8,200
1,850
Age 15,300
1,700
19,200
1,850
Age
40
64
8,200
15,300
19,200
*Population is eligible for premium subsidies
Source: Congressional Budget Office
THE WALL STREET JOURNAL.
felt gut-shot.”
The nonprofit insurer asked
Montana regulators if it could
refile its 2018 rates for ACA
plans because the approved
ones were based on the assumption the federal payments
would continue.
In a statement, the state’s
insurance commissioner, Matt
Rosendale, said the federal
Centers for Medicare and Medicaid Services told the state
that Montana insurers are “ineligible for a refiling of adjusted insurance rates.”
A spokesman for the Montana regulator said the co-op
couldn’t withdraw its 2018 exchange plans under state law.
Mr. Dworak said if the insurer
is forced to offer plans in Montana next year using the earlier-approved rates, the losses
could push it into receivership.
Caitlin Oakley, spokeswoman
for the Department of Health
and Human Services, said in a
statement that insurers in the
“vast majority” of states that
use the federal HealthCare.gov
exchange assumed in their rate
filings that the cost-sharing
payments wouldn’t be made.
Federal officials are “working
on a case-by-case basis with
those states where regulators
explicitly required insurers to
assume” the payments would
be made, she said.
The chief executive of Maryland’s biggest exchange insurer,
Chet Burrell of CareFirst BlueCross BlueShield, said the company asked the state’s insurance regulator if it can refile
its 2018 exchange rates. If the
request is denied, the company’s projected loss on ACA
plans next year could deepen
by $50 million, on top of a
$100 million loss it is already
expecting, he said.
“That’s a very serious consequence,” Mr. Burrell said.
Still, CareFirst isn’t considering leaving the exchanges
this year or next year. A
spokesman for the Maryland
regulator declined to comment.
GOP Splits Over Decision to End Payments
WASHINGTON—President
Donald Trump’s decision to end
payments to insurers under the
Affordable Care Act triggered
an immediate dispute Friday
among
Republicans
over
whether to reverse the decision
and shore up the nation’s insurance markets or embrace Mr.
Trump’s move.
That fight is likely to intensify upon the announcement of
a bipartisan deal to guarantee
the insurer payments, which is
expected to be released within
days, according to people familiar with the talks. The deal, led
by Sens. Lamar Alexander (R.,
Tenn.) and Patty Murray (D.,
Wash.), would authorize the
payments Mr. Trump is ending,
while also providing states
some flexibility under the ACA.
Republicans were caught
largely by surprise by Mr.
Trump’s double-barreled blow
to the ACA on Thursday, when
he issued an executive order relaxing insurance regulations
followed by the announcement
that he is ending “cost-sharing
reduction” payments to insurers, which help them subsidize
out-of-pocket costs for some
low-income consumers.
GOP lawmakers’ inability to
unify around a plan to repeal
and replace the 2010 health
law, often called Obamacare,
left their path uncertain in reacting to Mr. Trump. Many
conservatives see any move to
authorize the payments as
bolstering the ACA, a law they
promised to repeal. But some
GOP leaders fear that fallout
from ending the payments, including higher premiums for
some consumers, could hand
Democrats a powerful political issue.
“Republicans are the governing party and they own our
health care system, for better
or for worse,” said GOP strategist Alex Conant, a partner at
Firehouse Strategies, which
works with health insurers.
Mr. Trump has signaled he
would be open to an agreement
along the lines being discussed
by Mr. Alexander and Ms. Murray, as long as certain demands
are met. White House aides
have floated the idea of bundling payments with funding
for a border wall, though that
proposal is toxic to Democrats.
Sen. Ron Johnson (R., Wis.)
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
BY KRISTINA PETERSON
AND STEPHANIE ARMOUR
President Trump signed an executive order Thursday in the White House that overhauls regulations of the health insurance market.
Insurers Face Loss
Of Billions of Dollars
The White House said it
would stop making federal payments to insurers known as costsharing reductions, or CSRs. The
payments go to insurers that offer plans on the Affordable Care
Act’s health-insurance exchanges.
pocket costs such as deductibles
for these people, potentially saving them thousands of dollars
when they need health care. Under the ACA, the federal government is supposed to pay for the
subsidies, at a cost estimated at
about $7 billion this year.
on behalf of the low-income enrollees anyway. That money
comes out of the insurers’ pockets and, companies said, could
lead to severe financial losses.
What are cost-sharing reductions?
The payments are for subsidies that help people who buy
health plans through the health
law’s exchanges and whose income is between 100% and
250% of the federal-poverty level.
The federal-poverty level is
around $12,000 for a single person. The subsidies reduce out-of-
Why are the payments such a
big deal for insurers?
The federal cost-sharing payments don’t go directly to the
consumers who benefit from
them. Instead, insurers effectively
advance the money, making sure
that people eligible for the subsidies don’t have to pay their full
deductibles. Then, the insurers
are supposed to be reimbursed
by federal payments. But if the
federal money doesn’t flow, the
law forces the insurers to keep
covering out-of-pocket charges
Will insurers pull back their
ACA exchange plans?
Since the payments stopped
before the end of this year, insurers may try to pull back their exchange plans to head off financial losses, but they face some
barriers to doing so. Under the
contract that many signed with
the federal exchange, HealthCare.gov, they have the right to
pull out if the CSRs stop. But
other laws, both at the federal
and state levels, may slow or
block their exit, said Timothy
S. Jost, an emeritus professor at
Washington and Lee University.
—Anna Wilde Mathews
is expected to introduce his
own legislation next week that
would fund the payments to insurers, but in combination with
more conservative provisions
than those likely to be included
in an Alexander-Murray deal.
Mr. Trump’s decision to end
the payments is seen by some
on Capitol Hill as a negotiating
tactic to pressure Republicans
and Democrats to reach a deal.
“If the Democratic leaders
could come over to the White
House ... we’ll negotiate some
deal that’s good for everybody,”
the president said Friday.
But the emerging AlexanderMurray deal faces opposition
from many House Republicans,
aides said, since most conserva-
tives view the subsidy as an insurance industry bailout.
“We haven’t cut taxes yet.
We haven’t repealed Obamacare
yet,” Rep. Jim Jordan (R.,
Ohio), said in an interview.
But others in Congress support the idea of passing legislation to fund the payments, essentially taking the matter out
of the White House’s hands.
Rep. Leonard Lance (R., N.J.) is
part of a bipartisan House
group with Rep. Josh Gottheimer (D., N.J.) and others
that has proposed legislation
similar to that under discussion
by Sens. Alexander and Murray.
“We should stabilize the situation in the short term,” Mr.
Lance said in an interview.
Democrats said Mr. Trump’s
actions ensured that Republicans would bear the political
consequence of any voter unhappiness with the health care
system. “Their destructive actions, and the actions of the
president, are going to fall on
their backs,” said Senate Minority Leader Chuck Schumer
(D., N.Y.).
—Michelle Hackman
contributed to this article.
BY JANET HOOK
Sen. Susan Collins of
Maine, a centrist Republican
who has been a decisive vote
in thwarting some of President Donald Trump’s legislative agenda, on Friday ended
months of speculation and
said she wouldn’t quit the
Senate to run for governor.
Ms. Collins seriously considered running for governor
in 2018 to succeed two-term
Maine Gov. Paul LePage, who
is barred from running for another term, instead of finishing her Senate term, which
ends in 2020.
“I realized how much remains to be done in a divided
and troubled Washington if we
are to serve the people of our
states,” she said in announcing
her decision to a business
group in Rockport, Maine. “I
am a congenital optimist, and
I continue to believe that Congress can—and will—be more
productive.”
Her decision was a relief to
many of her Senate colleagues,
who see her as an important
bridge builder in a polarized
Senate, and to Republicans who
worried that her seat would
have been be hard for the party
to hold in 2020 if she left.
Her decision to stay may
not be so welcome to Trump
supporters and conservatives.
Ms. Collins has been a vocal
Trump critic and a thorn in
the side of GOP leaders. She
cast one of the deciding votes
that killed GOP legislation to
repeal and replace the Affordable Care Act. She is popular
in Maine, having won re-election to the Senate in 2014 with
68% of the vote.
But running for governor
wouldn’t have been a cakewalk. She faces animosity
from Mr. LePage, who has criticized her for voting against
the GOP health-care bill. And
she would have faced a primary fight against more conservative members of the GOP,
including LePage protégé Mary
Mayhew, former Maine health
commissioner.
JOEL PAGE/REUTERS
Maine’s Collins, a Centrist, Will Stay in Senate
U.S. Sen. Susan Collins (R., Maine), is seen by many of her
colleagues as a bridge builder in a polarized Senate.
Is Weighed
For HHS
David Shulkin, the current
secretary of Veterans Affairs
and a holdover from the
Obama administration, has
been interviewed by the White
House for the top job at Health
and Human Services, according to people familiar with the
meetings.
By Stephanie
Armour, Ben Kesling
and Peter Nicholas
He is one of a number of
leading contenders for the position, which has been vacant
since late September when
former HHS Secretary Tom
Price resigned over criticism
of his use of private and military planes.
Other potential candidates
include Seema Verma, the administrator for the Centers for
Medicare and Medicaid Services, according to a White
House official. Others who also
may be in the running are former Pennsylvania Sen. Rick
Santorum, former Louisiana
Gov. Bobby Jindal, New Jersey
Gov. Chris Christie and John
Fleming, currently HHS’s deputy assistant secretary for
health technology reform.
Representatives from multiple veteran advocacy groups
said rumors of Dr. Shulkin’s interest in switching agencies
has been known among some
in the community. A VA
spokeswoman would neither
confirm nor deny Dr. Shulkin’s
interview, and a spokesman referred all questions about cabinet-level positions to the
White House.
The White House official
said that Dr. Shulkin has
“made his case” for becoming
the next department secretary.
Working against him might be
the success he has had at the
VA, this person said. Both Dr.
Shulkin and Ms. Verma are
considered to have done well
in their present positions—a
reason President Donald
Trump may have no wish to
move them, the official said.
Dr. Shulkin, a physician, was
unanimously confirmed by the
Senate for his current position
and has extensive experience
in health-care management.
The White House interview
indicates that Mr. Trump may
be moving quickly to fill the
position.
Former Aide
To Trump
Quizzed in
Russia Probe
BY REBECCA BALLHAUS
Former White House Chief
of Staff Reince Priebus spoke
with Special Counsel Robert
Mueller’s team on Friday as
part of the special counsel
probe of possible collusion between associates of President
Donald Trump and Moscow in
the 2016 U.S. presidential election, Mr. Priebus’s lawyer said.
William Burck, Mr. Priebus’s
lawyer, said in a statement Friday that the former
chief of staff had “voluntarily
interviewed” with Mr. Mueller’s team on Friday.
“He was happy to answer
all of their questions,” Mr.
Burck said.
The special counsel informed the White House last
month that he would seek to
interview several top administration aides, including Mr.
Priebus, former press secretary Sean Spicer and communications director Hope Hicks.
Mr. Mueller may also seek to
interview White House counsel
Don McGahn and one of his
deputies.
A spokesmen for Mr. Mueller declined to comment. A
White House spokesman didn’t
immediately return a request
for comment.
Ty Cobb, an attorney hired
by the White House to direct
its response to the investigation, said last month that he
was pleased Mr. Mueller’s interviews with current and former administration officials
were beginning.
Russia has denied meddling
in the election and the Trump
campaign has said there was
no collusion.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | A5
* * * * * * * *
U.S. NEWS
The Man on Trump’s Digital Front
WASHINGTON
WIRE
President Defends
Religious Groups
Congressional investigators
are homing in on the connections between the 2016 presidential election and social-media giants Facebook and
Twitter, a nexus that put Brad
Parscale in charge of millions.
Brad Parscale was the Trump
campaign’s digital director and
his San Antonio company was
its highest-paid vendor. GilesParscale drew nearly $88 million for about 18 months of
work, according to Federal Election Commission disclosures, on
top of an additional $4 million
since Election Day, which included millions paid to Facebook and other social-media
companies. As digital director,
Mr. Parscale was responsible
for creating and placing ads on
social-media platforms such as
Facebook, developing the campaign’s website and driving online fundraising efforts.
In July, Mr. Parscale agreed
to an interview with the House
Intelligence Committee, but
later that month the panel
postponed it. The committee
hasn’t yet set a new date, and,
according to a person familiar
with the matter, Mr. Parscale
hasn’t been contacted by the
Senate Intelligence Committee
or special counsel Robert
Mueller, who, in addition to
the congressional panels, is
conducting a criminal probe
into whether the Trump campaign and its associates colluded with Moscow.
Mr. Trump has denied any
collusion by him or any associates, and Russia has said it
didn’t meddle in the election.
Mr. Parscale denies any collusion with Moscow. “I am unaware of any Russian involvement in the digital and data
operations of the 2016 Trump
presidential campaign,” he
said in a July statement.
Mr. Parscale’s work was
prolific. The campaign tested
40,000 to 60,000 Facebook
ads every day, according to a
person familiar with the
spending. A senior GOP campaign aide said the team
President Donald Trump assured a high-profile gathering of
Christian conservatives on Friday
that his administration will defend religious organizations.
The GOP president is promising a return to traditional U.S. values while again subtly stoking the
fire he helped ignite over National
Football League players kneeling
during the national anthem.
Mr. Trump is the first sitting
president to address the Values
Voter Summit. He pledged to
turn back the clock in what he
described as a nation that has
drifted away from its religious
roots. He bemoaned the use of
the phrase “Happy Holidays” as
a secular seasonal greeting and
vowed to return “Merry Christmas” to the national discourse.
He noted, as Christian conservatives often do, that there are
four references to the “creator”
in the Declaration of Independence, saying that “religious liberty is enshrined” in the nation’s
founding documents.
—Associated Press
ADMINISTRATION
Trump Taps Climate
Skeptic to Key Post
President Donald Trump is
tapping a climate-change skeptic
with ties to the fossil-fuel industry to serve as one of his top
environmental advisers.
Kathleen Hartnett White is
slated to serve as chairwoman of
his Council on Environmental
Quality. She previously served as
chairwoman of the Texas Commission on Environmental Quality.
Ms. White is a senior fellow
at the Texas Public Policy Foundation, a conservative think tank
that has received funding from
fossil-fuel interests. In 2014, Ms.
White praised oil for improving
people’s lives while likening
mainstream climate science to
“the dogmatic claims of ideologues and clerics.”
—Associated Press
JOSH BACHMAN FOR THE WALL STREET JOURNAL
BY REBECCA BALLHAUS
AND NATALIE ANDREWS
WHITE HOUSE
As Donald Trump’s digital director, Brad Parscale was in charge of social-media ads and online fundraising.
Facebook Buys
Drew Small Donors
The ads that Brad Parscale,
the digital director for the Trump
campaign, purchased on Facebook were largely focused on
fundraising, showing users images of Mr. Trump or his family
while asking them to donate, said
a person familiar with the matter.
Images and videos of Mr.
Trump’s daughter, Ivanka
Trump, were targeted to mothers. Some contained cartoons
attacking Hillary Clinton as corrupt. The campaign also used
Facebook to draw large crowds
would start each day with 70
ads in each target state, such
as Florida, North Carolina,
Pennsylvania, and buy new ads
every five minutes, based on
what was successful on a
range of metrics. Peak days
reached nearly 200,000 ad
combinations, the person said.
The extent of the Trump
digital operation’s activity was
largely unreported because
there are no federal disclosure
to Mr. Trump’s campaign rallies,
the person said.
Images and videos were
tested in battleground locations, comparing results by
gender, and in rural areas and
urban areas using a range of
metrics. If small ad buys on
certain targets performed well,
the campaign purchased more,
the person said.
The Facebook ads typically
bring in fairly small donations,
and the low rate of financial return on them drew criticism
from both Democrats and Republicans, who questioned the
ads’ effectiveness. Mr. Parscale
pointed to the high number of
small-dollar donors.
“Fundraising small dollars
literally followed two days
ahead of poll data,” Mr.
Parscale said of donations
raked in through Facebook ads,
speaking at a panel hosted by
Google in December.
Mr. Trump’s campaign ultimately drew about 65% of its
funds from donations of $200
or less. Mrs. Clinton’s share of
small-dollar donations: 26%. Mr.
Trump’s fundraising was, however, far outpaced by Mrs. Clinton’s. Over the course of the
2016 election cycle, Mr. Trump
raised $350 million, to Mrs.
Clinton’s $585 million.
—Rebecca Ballhaus
and Natalie Andrews
requirements for online ads.
Now, lawmakers and Mr.
Mueller want to know what role
activity on Facebook and Twitter played in the election interference, and whether any Russian social-media activity was
connected to the Trump campaign. Facebook has estimated
that 10 million people saw ads
on its website that were paid
for by Russia. Mr. Mueller received copies of Russia-backed
Facebook ads last month.
“This was a data crime that
occurred, carried out at least
by Russia, possibly with cooperation with Trump campaign
officials, so any Trump campaign official that worked on
data, I think, would be relevant to talk to,” said Rep. Eric
Swalwell (D., Calif.), of the
House Intelligence Committee.
Spokesmen for Facebook
and Twitter have said they are
looking to bolster transparency and toughen safeguards
against improper use of their
platforms.
Facebook is set to participate in public hearings on Nov.
1 held by the House and Senate committees. Twitter and
Google will take part in the
Senate hearing.
The House panel also has
contacted Cambridge Analytica, a data analytics company
paid $5 million by the Trump
campaign last year that
worked together with Mr.
Parscale’s firm, for information related to the Russia
probe, a Cambridge Analytica
spokesman said.
The House panel referred
questions to the company,
whose spokesman said it would
fully cooperate with the probe
but added that Cambridge Analytica isn’t under investigation.
The White House referred
questions to Mr. Trump’s reelection campaign, which declined to comment.
Candidates have traditionally spent the bulk of their advertising money on television,
which is considered more effective in reaching mass audiences. Through late October
2016, Democratic candidate
Hillary Clinton spent about
$140 million on TV ads to Mr.
Trump’s $60 million.
The Trump campaign devoted nearly half of its ad
spending to digital ads, according to the person familiar with
the spending, much of it for
Facebook ads, which helped the
campaign and the Republican
National Committee build a network of small donors that raised
about $250 million in donations.
By Election Day, the Trump
campaign had spent about $70
million in advertising on Facebook, according to the person
familiar with the spending.
“Facebook was the most
significant way for the GOP to
prospect to find donors,” Mr.
Parscale said in an interview
with The Wall Street Journal
this week.
Accounts suspected of Russian
links scored on Facebook.... B1
Continued from Page One
company said.
In his statement, Bob Weinstein added, “Business is continuing as usual as the company moves ahead.”
It remains to be seen if a
deal can be reached for the
studio to be sold as a whole
and continue operating under
a new owner or owners.
If Weinstein Co. were
bought whole and continued to
operate, suitors might include
hedge funds looking to have a
U.S. entertainment asset, a person close to the company said.
Another possibility is that
Weinstein Co. would be shut
down and its library of movies
and TV shows and other assets
sold in pieces. Still another
scenario is a breakup, where
the company could be sold as
three separate divisions: a
movie studio, a television arm
and a library of older titles that
could be licensed to cable networks and streaming services,
a banker who has worked with
Weinstein Co. said. Of those,
the TV division and the library
are most valuable, that banker
and others said.
The company’s film-production unit, though the bestknown part of the company to
most consumers, has generated uneven returns and was
most associated with Harvey
Weinstein.
Last year, when Weinstein
Co. explored unloading its
television arm, which makes
“Project Runway,” the division
was cash-flow positive and
seeking a sale price in the
hundreds of millions of dollars, according to a person
who advised the company on
the deal. Potential buyers of
the individual units could include a broad list including
major media conglomerates.
A sale or shutdown would
mark an ignominious end for
Weinstein Co. and a shake-up
of the independent film scene,
where the studio has long
been a powerhouse with Academy Award-winning pictures
such as “The King’s Speech”
and “The Artist.”
People close to Weinstein
Co., however, said problems
have been mounting since a
New York Times article last
week reported Harvey Weinstein reached financial settle-
GUILLAUME HORCAJUELO/PRESS POOL
STUDIO
Film and TV studio Weinstein Co. is mulling how to move
forward after firing co-chairman Harvey Weinstein, above.
ments with at least eight
women. Since then, others
have stepped forward to accuse the mogul of misconduct
or assault, including Gwyneth
Paltrow and Angelina Jolie.
Mr. Weinstein in a statement to the Times apologized
for how he had “behaved with
colleagues in the past.” A
spokeswoman for Harvey
Weinstein said in a statement,
“Any allegations of nonconsensual sex are unequivocally denied by Mr. Weinstein.”
Several executives at the
studio are weighing whether
they want to remain amid the
Four members of the
Weinstein Co. board
have quit in the past
week.
continuing drama, a person
close to the company said.
CBS Corp.’s pay-TV channel
Showtime wants out of a drama
that Weinstein Co. is developing called “Guantanamo.” “We
do not intend to move forward
with the current configuration
of the project and are exploring
our options,” a spokeswoman
for the network said.
Apple Inc. this week ended
plans for a series about Elvis
Presley it was developing with
Weinstein Co. as producer.
Amazon.com Inc. said it is “reviewing our options” for two
shows it was set to co-produce
with Weinstein Co. One of the
Amazon projects has already
been canceled. A show set to
star Robert De Niro and Julianne Moore and to be written
and directed by David O. Russell won’t go forward. A
spokesperson for the three
said, “We have decided together that it is best not to
move forward with this show.”
The loss of this show is the
second major blow to Amazon’s video efforts this week.
On Thursday, it suspended the
head of its studio, Roy Price,
after details of a 2015 sexualharassment complaint against
him were revealed.
Weinstein Co. executives
have discussed delaying release
of the one remaining prestige
film on its 2017 slate, “The
Current War,” which would be
released in November. In his
statement, Bob Weinstein said
plans remain on track for the
release of several movies from
Dimension Films, a division he
has long overseen. He didn’t
mention “The Current War,”
and his spokesman didn’t respond to a question about it.
Creators of the musical “In
the Heights,” Lin-Manuel
Miranda and Quiara Alegria
Hudes, said this week they were
asking Weinstein Co. to release
film rights to the show, which
the studio bought last year.
Goldman Sachs Group Inc. is
exploring options for its stake
in Weinstein Co., which is now
valued at less than $1 million,
according to a Goldman Sachs
spokesman. “There is no place
for the inexcusable behavior
that had been reported, and we
strongly condemn it,” he said.
—Keach Hagey Joe Flint,
Sarah Krouse
and Liz Hoffman
contributed to this article.
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A6 | Saturday/Sunday, October 14 - 15, 2017
* *****
THE WALL STREET JOURNAL.
WORLD NEWS
Iran Condemns U.S. Shift on Nuclear Deal
President says pact
won’t be changed, but
some analysts see an
incentive for new talks
Compliance Terms
The agreement's monitor, iaea,
says Iran's nuclear activities are
within the pact's limits, although
the Trump administration says
the deal wasn't broad enough.
Iranian President Hassan
Rouhani condemned U.S. President Donald Trump’s new policy toward his country, calling
it nothing more than a torrent
of abuse that wouldn’t force
Iran to alter its landmark nuclear deal.
Key limits on Iran in the
2015 nuclear agreement
Before deal
Around 19,000
6,104
After deal
By Asa Fitch in Dubai
and Aresu Eqbali
in Tehran, Iran
AGENCE FRANCE-PRESSE/GETTY IMAGES
“The Iranian people will not
bend down before a dictator. It
has never surrendered and will
never,” Mr. Rouhani said in a
televised speech Friday.
It followed a White House
address by Mr. Trump outlining his policy shift and saying
he wouldn’t certify that Iran
was complying with the nuclear deal.
“No paragraph or article or
note will be added” to the nuclear deal to satisfy Mr.
Trump, the Iranian president
said.
Before Mr. Trump’s speech,
Iran had raised warnings of a
tit-for-tat escalation in response to new U.S. actions. But
as the country opens up economically and U.S. and Iran-allied forces fight on the same
battlefields, Tehran may be
willing to talk behind the
scenes, some analysts say.
Mr. Trump on Friday
stopped short of designating
Iran’s Islamic Revolutionary
Guard Corps as a terrorist
group, as some observers had
predicted. But he also said his
administration would authorize the Treasury Department
to impose tough new sanctions
on Iran’s most potent military
force.
Maj. Gen. Mohammad Ali
Uranium enrichment
Reduce the number of centrifuges
to 6,104 for 10 years
Iranian women walked past a portrait of late Iranian supreme leader Ayatollah Ruhollah Khomeini Friday in Tehran.
Jafari, the IRGC’s commander,
said Sunday that any new
sanctions against Iran would
violate the nuclear deal, and
the U.S. “will have to find a
new place for its military
bases 2,000 kilometers [1,243
miles] away, not to fall into the
range of Iranian missiles.”
The U.S. has numerous major bases near Iranian soil, including in Qatar and Bahrain,
two small Persian Gulf countries.
But despite the longstanding antagonism between Iran
and the U.S., there has been an
alignment of interests in certain arenas in recent years.
The U.S. is supporting Iraqi
forces who are close to wrest-
ing control of all Iraqi territory
from Islamic State. And Iran is
helping to fund and train numerous Iraqi militias that have
participated in that effort,
though at a careful distance
from U.S. and regular Iraqi
forces.
The nuclear deal has been
crucial for Iran, removing international sanctions that had
hamstrung trade and business,
leading to new foreign investment and an uptick in oil production.
While Iran has staked out a
defiant public stance, officials
have been contacting European
diplomats to seek assurances
that they remain committed to
the multilateral pact, which in-
volved the U.S., the European
Union, Russia, China, Germany,
the U.K. and France.
Ali Akbar Salehi, the head
of Iran’s Atomic Energy Organization, met with British Foreign Secretary Boris Johnson
this week. After the meeting,
Mr. Johnson tweeted that the
U.K. strove to preserve the nuclear deal, although Iran also
“must play its part [and] curb
[its] disruptive regional role.”
The potential economic impact of a collapse of the nuclear deal might be enough to
get Tehran back to the table,
Iran analysts say.
Such talks could center on
curbs on Iran’s ballistic-missile
program, demands for more
access to military facilities for
inspections, and an extension
of restrictions on nuclear development under the nuclear
deal, according to the observers.
“We’ll get maximalist rhetoric from both sides in the next
weeks, but the fate of the deal
is going to hinge on what the
bottom lines are,” said Cliff
Kupchan, chairman of political
risk consultancy Eurasia
Group.
The IRGC oversees military
activities abroad, including
Iranian involvement in conflicts in Syria and Iraq, and is
accountable only to Supreme
Leader Ayatollah Ali Khamenei.
Decommission
reactor
Remove the core of
its planned Arak
heavy-water reactor
and convert it into a light-water
reactor that produces less
plutonium
Around 15,000 kg
300 kg
Uranium stockpile
Reduce its stockpile of enriched
uranium to a maximum of 300
kilograms for 15 years
Roughly 20%
3.67%
Uranium purity
Reduce the maximum purity of
the enriched uranium Iran
produces to 3.67% for 15 years
2 months
12 months
Breakout time
Increase the amount of time it
would take Iran to produce enough
fuel for one nuclear bomb to 12
months for a period of 10 years
Source: Staff reports
THE WALL STREET JOURNAL.
Western Companies Put Investment Plans on Hold
BY BENOIT FAUCON
AND SARAH KENT
Western firms have piled
into Iran in the two years
since world powers agreed to
lift sanctions. Now, as President Donald Trump deals a
blow to that deal, executives
must decide whether to stay
the course.
The moves stopped short of
pulling the U.S. out of the deal.
But they send the clearest signal yet that the Trump administration is serious about considering reimposing sanctions,
raising the risk for companies
doing business in Iran of falling foul of such restrictions.
U.S. Secretary of State Rex Tillerson said the steps shouldn’t
affect American firms that
have applied for special licenses to do business authorized under the nuclear deal.
Boeing Co. has such a license, after agreeing last year
to sell dozens of commercial
planes to Tehran.
Many other companies, particularly European ones,
rushed to take advantage of
Iran’s large market. Since the
election of Mr. Trump, a longtime critic of the deal, and
amid recent rhetoric in Washington that the deal could be
re-evaluated, some of these
companies had already had
second thoughts.
In recent months, France’s
Orange SA put on hold preliminary efforts to buy a piece of
Iran’s largest cellular operator,
Mobile Telecommunications
Co. of Iran, according to people familiar with the matter.
An Orange spokesman declined to comment Friday.
Renault SA has built up capacity to make 200,000 vehicles a year in Iran. It said in
August it would invest in a
factory that would produce an
additional 150,000 vehicles a
year within 18 months, in a
joint venture with a stateowned Iranian conglomerate.
Speaking to reporters in
Paris this month, Carlos
Ghosn, head of the RenaultNissan Alliance, said that reimposing the sanctions may
“put off some investments
that we firmly intend to do.”
Still, he said any investment halt would be temporary.
“I do not think that this situation can last forever,” he said.
Amid the uncertainty, Western companies already work-
PACT
French oil giant Total SA’s $1
billion agreement to develop
an Iranian gas field in July.
The deal gave it access to
South Pars—a gas field that is
one of the world’s largest.
Boeing and Airbus SE have
been among the highest-profile deal makers in Iran. Boeing
has committed to supplying 80
commercial jets, at a list price
of about $17 billion, to Iran
Air, the state-owned airline.
“We continue to follow the
U.S. government’s lead in all
our dealings with approved
Iranian airlines,” a Boeing
spokesman said Friday.
European Leaders Vow
To Preserve Agreement
BY LAURENCE NORMAN
JIM LO SCALZO/EPA/SHUTTERSTOCK
Continued from Page One
tiations in Washington and European capitals over the future
of the accord, and his action
drew intensive world-wide attention. Iran’s president Hassan
Rouhani denounced Mr. Trump’s
comments in a televised speech,
saying: “The Iranian people will
not bend down before a dictator.”
Israeli Prime Minister Benjamin Netanyahu called Mr.
Trump’s move to deny Iran’s
compliance with the deal courageous, saying the U.S. leader
had “boldly confronted Iran’s
terrorist regime.”
Saudi Arabia, a leading Sunni
Muslim power and Shiite-majority Iran’s main rival in the Middle East, also threw its support
behind Mr. Trump’s stance.
European officials pushed
back, however, on his threat to
scuttle the deal if his terms
can’t be satisfied.
“It is not a bilateral agreement. It does not belong to any
single country and it is not up
to any single country to terminate,” the European Union’s Foreign Policy Chief Federica
Mogherini told reporters. German Chancellor Angela Merkel,
French President Emmanuel
Macron, and British Prime Minister Theresa May, whose countries are parties to the accord,
said in a joint statement they
remained committed to the
agreement “and its full implementation by all sides.”
A law passed in 2015 to give
Congress oversight of the nuclear deal requires the president
to tell Congress every 90 days
whether Iran is complying. If
the president doesn’t do so, it
ing in Iran are likely to sit
tight. Firms long tempted by
Iran but waiting for clearer direction from the Trump administration are likely to take
further pause.
Energy companies like Royal
Dutch Shell PLC, Eni SpA of Italy and Norway’s Statoil ASA
have told advisers they are unlikely to strike deals in Iran if
Mr. Trump’s actions suggest an
eventual move toward reimposing sanctions, people familiar with the matter said.
Mr. Trump’s move is unlikely to affect energy deals already in place in Iran, such as
Mr. Trump fielding questions Friday about his Iran stance, on the White House lawn with Mrs. Trump.
triggers a 60-day process for
lawmakers to weigh whether to
reimpose sanctions under expedited consideration.
However, Mr. Trump didn’t
call on Congress to reimpose
sanctions immediately, and instead said he supported efforts
of Republicans in Congress to
craft legislation that would
amend the 2015 U.S. oversight
bill to reimpose sanctions on
Iran if it violates enhanced and
existing restrictions on its nuclear program.
Sen. Bob Corker (R., Tenn.),
the chairman of the Senate Foreign Relations Committee, has
been working with Secretary of
State Rex Tillerson on amending
the oversight law, the Iran Nuclear Agreement Review Act,
known in Washington as INARA.
Sens. Tom Cotton (R., Ark.) and
Marco Rubio (R., Fla.) have also
been involved in crafting the
legislation.
Mr. Corker, despite a public
feud with Mr. Trump that has
spilled into Twitter posts, said
on Friday that he expects to introduce the legislation in the
next week or two.
Mr. Trump highlighted concerns with “sunset clauses” in
the deal that allow nuclear restrictions to expire. Mr. Tillerson, briefing reporters, said the
U.S. envisions a “successor deal”
to address those concerns.
A current draft of the bill
also would change the frequency
of presidential certification required from every quarter to
twice a year.
The legislative process is
likely to require time and painstaking negotiations. Mr. Tillerson said he hoped Congress
would amend the legislation before Mr. Trump next faces another certification deadline in
January, but admitted the process won’t be a “slam dunk.”
Sen. Ben Cardin (D., Md.), the
top Democrat on the Senate Foreign Relations Committee, said
he disagreed with Mr. Trump’s
“reckless political decision and
his subsequent threat to Congress.” Mr. Cardin voted against
the deal in 2015 but said Friday
he backed staying in it and rigorously enforcing it.
Mr. Corker’s measure would
contain what Mr. Tillerson
called “trigger points” that
would reimpose sanctions if Iran
violates restrictions spelled out
in the legislation. Mr. Corker’s
office said the bill would be “effectively ridding the JCPOA of
its sunset provisions as they apply to U.S. sanctions.”
—Laurence Norman, Ian
Talley, Asa Fitch and Rory
Jones contributed to this
article.
BRUSSELS—European leaders Friday urged Washington
not to reimpose U.S. sanctions
on Iran, saying they were determined to preserve the Iranian nuclear accord but ready
to work outside the agreement
to address Washington’s concerns over Iran’s behavior.
Reacting to President Donald Trump’s announcement
that he was pulling the administration’s backing for the nuclear deal and asking Congress
to increase pressure on Iran
over its nuclear program and
regional actions, the leaders of
France, Britain and Germany
warned of security implications of unraveling the deal.
“We stand committed to the
JCPOA and its full implementation by all sides,” German
Chancellor Angela Merkel,
British Prime Minister Theresa
May and French President Emmanuel Macron said in a joint
statement, referring to the formal name of the Iran deal, the
Joint Comprehensive Plan of
Action.
“Therefore, we encourage
the U.S. administration and
Congress to consider the implications to the security of
the U.S. and its allies before
taking any steps that might
undermine the JCPOA, such as
reimposing sanctions on Iran
lifted under the agreement,”
they said.
The three countries worked
alongside Russia, China and
the U.S. in negotiating the nuclear accord, which lifted most
international sanctions on Iran
in exchange for a scaling back
of Tehran’s nuclear activities.
Privately, several European
diplomats expressed relief that
Mr. Trump didn’t ask Congress
to immediately reimpose U.S.
sanctions suspended in 2015.
They also noted Washington
seemed willing to engage in diplomacy over U.S. concerns.
U.S. Secretary of State Rex
Tillerson has said he hopes
Congress will, by January,
amend U.S. domestic law to set
tougher conditions for Iran to
meet if they are to avoid a reimposition of U.S. sanctions.
Mr. Tillerson said he would
then work with U.S. allies to
U.K., Germany and
France warn of
consequences of
unraveling the accord.
secure a “successor deal” to
the nuclear accord that would
crack down on Iran’s ballisticmissile program and ensure
that Iran can’t gradually expand its nuclear activities over
time, as the current deal allows it to do.
European officials made
clear they would still abide by
the accord and maintain the
suspension of sanctions agreed
in 2015. Since those sanctions
were lifted, in January 2016,
European trade with Iran has
grown sharply.
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | A7
* * * * * *
WORLD NEWS
MARWAN IBRAHIM/AGENCE FRANCE-PRESSE/GETTY IMAGES
ERBIL, Iraq—Iraqi forces
advanced toward the oil-rich
city of Kirkuk, the first concrete step to restore federal
government control over disputed territories seized by the
Kurds during the war against
Islamic State.
Friday’s move follows a
controversial referendum in
which the Kurds, who run their
own semiautonomous region
in northern Iraq, voted overwhelmingly in favor of independence in defiance of Baghdad, regional powers and the
U.S., which warned it would
distract from the final battles
to defeat Islamic State.
In the wake of the Sept. 25
vote, Iraq’s parliament authorized Prime Minister Haider alAbadi to deploy troops to retake disputed territories,
including Kirkuk and its oil
wells, controlled by the Kurds
since 2014.
Iraqi officials didn’t comment on their plans, but Mr.
Abadi on Thursday reiterated
that he doesn’t want conflict
between Arabs and Kurds.
Iraqi Kurds have sent reinforcements to the Kirkuk area
and vow they won’t relinquish
the city, which is crucial to the
state they dream of declaring.
“Heavily armed Peshmerga
units deployed in and around
Kirkuk, ready very strongly to
respond to any possible military attacks...No escalation
from our side. Just defend and
roll them back if they attack,”
tweeted an adviser to Kurdish
President Masoud Barzani.
Kurdish officials in Kirkuk
are in negotiations with the
Iraqi government. Kurdish security sources and local officials in Kirkuk familiar with
the talks said the Iraqi forces’
target was to regain control
over oil wells and installations
in the province rather than enter the city of Kirkuk itself,
which would likely spark a
wider conflict.
An elite unit of the interior
ministry entered the Taza district some 10 miles south of
Kirkuk early Friday, facing no
resistance as it took over a
Kurdish military base there,
according to commanders on
the ground and a statement.
Kurdish Peshmerga forces
and the Iraqi military had until
recently cooperated in the
fight against Islamic State, setting aside disputes over land
and resources. Now that their
common enemy is on the verge
of defeat in Iraq, those disputes are re-emerging.
—Ghassan Adnan
contributed to this article.
Iraqi forces at a retaken Kurdish military position in northern Iraq.
BY RAJA ABDULRAHIM
Civilian casualties have
surged in the frenzied battles
to drive Islamic State from its
stronghold in the oil-rich Syrian province of Deir Ezzour,
where U.S.-led forces and the
Russian-backed regime are
conducting separate campaigns against the extremists,
according to activists and human-rights groups.
As both sides race to make
territorial gains in Deir Ezzour, the International Committee of the Red Cross, the
United Nations and activists
have called for greater measures to protect civilians
caught in the middle of the
fighting there and elsewhere.
“While we all recognize that
the fighting against ISIL is important, we need to remember
that the civilians cannot be
punished twice,” U.N. Special
Envoy for Syria Staffan de Mistura told the U.N. Security
Council late last month, using
an acronym for Islamic State.
More than 231 civilian
deaths have been documented
in Deir Ezzour province since
Sept. 28, said Omar Abu Leila,
who heads the monitoring
group Deir Ezzour24, which
opposes both Islamic State and
the regime of Bashar al-Assad.
With Islamic State clinging
to a fast-shrinking swath of
territory in Syria, the battlefield against the terror group
has become more congested.
On Thursday, the regime,
backed by Russian airstrikes,
said it was advancing deeper
into the western neighborhoods of the strategic city of
Mayadeen in Deir Ezzour.
Islamic State has ushered
its leadership and most valued
equipment into Mayadeen as it
has been routed from other areas. The city sits near Syria’s
most important oil fields,
which Islamic State controls
and uses to fund operations.
With so much strategic importance, the militants are expected to put up a stiff fight
for Mayadeen. Deir Ezzour24
estimates there are about
100,000 civilians still stuck in
the city and living under in-
BULENT KILIC/AFP/GETTY IMAGES
BY ISABEL COLES
AND ALI NABHAN
Syrians Caught as Fight Heats Up
Syrians displaced from the capital of Deir Ezzour province, the site of intense efforts to oust ISIS.
50 miles
TURKEY
50 km
Aleppo
Med. Sea
Iraqi Forces Move
On Kurd-Held Areas
Qamishli
Hasakah
Euphrates
River
Raqqa
SYRIA
Mayadeen
Tartus
Homs
Palmyra
DEIR EZZOUR
PROVINCE
LEBANON
IRAQ
Deir Ezzour
al-Omar
al-Tanak
al-Ward
al-Bukamal
Damascus
Oil and natural-gas
pipelines
JORDAN
Oil fields
THE WALL STREET JOURNAL.
Source: U.S. Energy Information Administration
tense airstrikes. About 20 people were killed on Oct. 6 in
Russian airstrikes on the outskirts of Mayadeen and their
bodies haven’t yet been retrieved because of the bombardment, Mr. Abu Leila said.
The Russian military Tuesday confirmed that heavy aerial bombardment was continuing in the Deir Ezzour region.
Russia consistently denies
targeting civilians, and often
criticizes monitoring groups
for being Western propagandists or militant sympathizers.
Since the battles against Islamic State kicked off in Deir
Ezzour last month, thousands
of civilians have fled the fighting. Western diplomats say the
U.S.-led coalition fighting Islamic State was caught offguard by how quickly the regime advanced and rushed to
start its own offensive there.
“The biggest danger for civilians is from above,” said
Sarmad al-Jilani, an activist
with Sound and Picture, a
group documenting humanrights violations in eastern
Syria. “The Russian and Syrian
planes are carrying out airstrikes to enable the advance
for the regime army. And the
coalition is carrying out airstrikes to enable the advance”
of their allied ground forces.
The Syrian regime has consistently denied that its warplanes target civilians.
The U.S.-led coalition said
there has been no change to its
rules of engagement in Deir
Ezzour, despite the accelerated
battle plan there. It said it
takes every practical measure
into consideration to ensure
that civilians aren’t harmed.
“The battlespace in and
around [Deir Ezzour] is complex and congested, with multiple actors operating on both
sides of the Euphrates River to
defeat our common enemy,
ISIS,” the U.S. coalition said.
“Ultimately, the coalition believes that ISIS is the root
cause of the death and destruction.”
—Nazih Osseiran
and Nathan Hodge
contributed to this article.
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A8 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* *****
WORLD NEWS
Cycle of Risky Housing Debt Dogs China
BENGBU, China—A push by
the Chinese government to ease
local housing gluts and fill
empty apartments is creating a
different headache by driving
indebted cities deeper into the
red.
Under Beijing’s direction,
more than 200 cities across
China for the last three years
have been buying surplus apartments from property developers
and moving in families from
condemned city blocks and
nearby villages. China’s Housing
Ministry, which is behind the
purchases, said it plans to continue the program through
2020.
The strategy, supported by
central-government bank lending, has rescued housing developers and lifted the property
Beijing-backed effort
for cities to buy
developers’ surplus
properties lifts market.
market, which accounts for a
third of China’s economic
growth, according to Moody’s
Investors Service.
It is a sharp illustration of
China’s economy under President Xi Jinping and the economic challenges he will face as
he renews his five-year term at
a twice-a-decade Communist
Party Congress that opens
Wednesday.
“The government’s creativity
in coming up with new ways of
supporting the housing market
is impressive—but it’s also an
indication that it still depends
on housing for growth,” wrote
Rosealea Yao, an analyst at Beijing research firm Gavekal Dragonomics.
China’s government used to
build homes for families who
lost theirs to development or
decay. But last year, local governments, from the northeast
rust belt to this city of 3.7 million amid the croplands of central Anhui province, spent more
than $100 billion to buy housing
from developers or subsidize
purchases, according to Gavekal
Dragonomics.
Underpinning the strategy is
a cycle of debt. Cities borrow
from state banks for purchases
and subsidies, then sell more
land to developers to repay the
loans. As developers build more
housing, they, too, accrue more
debt, setting up the state to bail
them out again. The burden on
the state rises, as does the risk
of collapse.
The government has tried
other ways of filling apartments, such as offering cash
subsidies to encourage rural migrants to buy in urban areas,
but the program is the first
large-scale case of the government becoming a home buyer itself.
In May, Lu Kehua, China’s
deputy housing minister, said
the program has “played a positive role in steady economic
growth,” and called for a push
to clear housing inventory as
early as possible, according to
an article by the official Xinhua
News Agency.
The Ministry of Housing and
Urban-Rural Development didn’t
respond to questions about the
program sent this week.
Three years ago, Bengbu’s
housing prices were falling.
Housing inventory in 2014
would have taken almost five
years to fill at the pace of sales
at the time, said Shanghai-based
research firm E-House China
R&D Institute.
Around the same time, the
Bengbu government began to
gobble up homes, and it has
continued to do so. The city said
it bought nearly 6,000 apartments from developers last year.
Housing stock in Bengbu was
down to four months in September, a city official overseeing the
government program said in
September. Home prices had increased by 15% in August from a
year earlier. That exceeded the
8.2% growth across a benchmark of 70 cities compiled by
the national statistics agency.
Beijing and Shanghai residents are used to such price
surges, but it is unusual in a
smaller Chinese city lacking any
particular tourism or job-market appeal.
Bengbu was once known for
freshwater pearls, but its oyster
Trade Picks Up, but
U.S. Surplus Widens
A construction site in Bengbu, Anhui province, where the city bought nearly 6,000 apartments last year.
Bailing Out Builders
For the past three years, smaller cities in China like Bengbu have borrowed to take empty
homes off developers’ hands. In Bengbu, the result has been a property boom that now
exceeds China’s benchmark 70-city average and even megacities like Beijing.
Local government debt
China Development Bank
loans for the program
Housing units
Government-built
Government-bought/subsidized
6 million
¥1,000 billion
5
750
Home price, monthly
Change from previous year
Bengbu
30%
Beijing
Average*
20
4
500
10
3
2
250
0
1
0
–10
0
2012 ’13
’14
’15
’16
2012
’13
’14
’15
’16
2012 ’13
’14
’15
’16
’17
*Average across 70 big and small cities, compiled by the National Bureau of Statistics
Note: 1 yuan = 15¢
Sources: E-House China R&D Institute (debt); CEIC, UBS compilation from government documents (housing units); NBS, CEIC (price)
THE WALL STREET JOURNAL.
markets are long gone and its
economy now centers on grain,
peanuts, cotton—and the housing blocks that now encroach on
the farmland surrounding the
city. For nightlife, an official
from the city’s propaganda department pointed to a square
where a group of middle-aged
women were dancing to Chinese
pop and techno beats. “This is
it,” he said.
In smaller cities, letting
housing developments gather
moss or fail could have serious
consequences. Oversupply discourages developers from starting new projects and depresses
prices, making families more
wary about spending. Accelerated buying, however, ramps up
debt and leaves the financial
system vulnerable if prices suddenly fall.
Bengbu officials are wary
about publicizing its hand in the
market for fear of driving up
prices and speculative buying.
Thailand Marks a Year of Mourning for Late King
“We don’t mention it as much
now as in the past two years,”
the city official in charge of the
program said. “Prices have been
fluctuating a lot, and it’s a little
bit out of control.”
The Oriental Metropolis
housing project on Bengbu’s
outskirts broke ground during a
building boom four years ago.
But excess building dragged
down prices and discouraged
buyers. The developer was stuck
with a large amount of unsold
SEAN EDISON/ZUMA PRESS
TRIBUTE TO THE THRONE: A Buddhist monk walks past a portrait of Bhumibol Adulyadej, the country’s revered king who died a year ago
after a 70-year reign and has lain in state since then. The king’s body will be cremated on Oct. 26 as part of a five-day funeral event.
WORLD WATCH
German Bank Chief
Backs Tighter Policy
The European Central Bank
should start reducing its bond
purchases as the eurozone economy picks up, German centralbank president Jens Weidmann
argued Friday, two weeks ahead
of a policy meeting where the
ECB is expected to lay out its
next steps.
“I don’t see the need to continually push on the gas,” Mr.
Weidmann said in Washington,
pointing to a recent upgrade in
growth forecasts for the 19-nation currency bloc.
Mr. Weidmann, who is a
member of the ECB’s governing
council, argued that the ECB’s
policies will continue to stimulate the eurozone economy even
if net bond purchases are cut to
zero, because the bank will still
hold a large stock of QE bonds
on its balance sheet.
ECB President Mario Draghi
on Friday, however, warned inflation remains too weak despite an
uptick in growth, suggesting he
favors a cautious approach as
the bank scales down its bondbuying program. “A very substantial degree of monetary accommodation is still needed,” he said.
—Tom Fairless
SOUTH AFRICA
Court Allows Zuma
Cases to Proceed
A South African court dealt a
legal blow to President Jacob
Zuma, opening the way to the reinstatement of 783 charges of
corruption and fraud against him.
The Supreme Court of Appeal
upheld a lower court’s ruling that
a 2009 decision by state prosecutors to drop the charges against
Mr. Zuma was irrational. The
president, who has faced calls for
his resignation because of a series of scandals, and the National
Prosecuting Authority had appealed the lower court’s ruling.
The charges are partly linked
to alleged bribes that Mr. Zuma
received in connection with a
South African arms deal while
he was deputy president.
Mr. Zuma’s office described
the appeals court ruling as “disappointing” and indicated that it
would continue to argue that he
should not be prosecuted.
The Democratic Alliance,
South Africa’s main opposition
party, said it would write to the
chief state prosecutor to demand that Mr. Zuma appears in
court as soon as possible to face
the charges.
—Associated Press
apartments.
In 2015, groups of families on
government-organized apartment tours started showing up,
said Ding Qian, a planner at the
developer, Bengbu Mingyuan
Real Estate Development. By October 2016, the developer had
sold 20 blocks of finished apartments, about 10% of them paid
for with government funds, Ms.
Ding said.
“We have run out of apartments to sell,” she said.
Seoul Reviews Reliance
On Chinese, U.S. Trade
BY JONATHAN CHENG
EUROZONE
BEIJING—China reported a
strong rise in exports and imports last month, underlining
the resilience of the world’s
second-largest economy before
a Communist Party congress
that starts in the coming week.
China’s exports grew 8.1%
in September from a year
ago, the General Administration of Customs said Friday. It
was the seventh straight
month of higher exports.
The improvement in exports has been a significant
factor in China’s stronger-thanexpected economic growth in
the first half of 2017.
Imports climbed 18.7% in
September. They have been
growing at a double-digit pace
since January, the result of
rising commodity prices and
improving domestic demand.
China’s trade surplus narrowed to $28.47 billion in September from nearly $42 billion
the previous month. However,
China’s trade surplus with the
U.S. expanded to $28.08 billion, the highest monthly surplus on record, according to
official data and Wind Information, a local database that
tracks the data to 1995.
The widening surplus with
the U.S. may prompt the
Trump administration, which
in August launched a probe
into Chinese intellectual-property theft, to take further retaliatory steps. President
Donald Trump is set to visit
China in early November.
—Grace Zhu and Liyan Qi
YAWEN CHEN/REUTERS
BY DOMINIQUE FONG
NIGERIA
Mass Trial Convicts
Forty-Five Extremists
A Nigerian court convicted 45
Boko Haram members in the
largest mass trial in the Islamic
extremist group’s history.
The closed-door proceedings
have raised the concerns of human-rights groups about
whether the trials of the 1,669
people will be fair.
These are the first results of
the mass trials that began early
this week at a military barracks in
northern Nigeria. The 45 people
were sentenced to between 3 and
31 years in prison, the information
minister said. An additional 468
suspects were released.
The extremist group has
killed more than 20,000 people
during its eight-year insurgency.
—Associated Press
WASHINGTON—South Korea’s finance minister said
Seoul should lessen its trade
reliance on the U.S. and China
as it seeks to resolve spats with
its two largest trading partners.
Kim Dong-yeon said in an interview Thursday that geopolitical factors had highlighted the
need for Seoul to hedge its
bets. He also argued that the
U.S. should focus less on its
trade deficit in goods with
South Korea, while emphasizing Seoul’s role in shrinking
that deficit by about 30% since
the beginning of the year.
“We had a high reliance on
trade with the U.S., and now
we have a big reliance on trade
with China,” Mr. Kim said.
“Given the ongoing situation
and the geopolitical risks today, there has been an amplification of the need to diversify.”
Mr. Kim’s remarks come as
the U.S. and South Korea
struggle to find common
ground as they renegotiate a
bilateral free-trade pact that
President Donald Trump has
excoriated as a “horrible” deal.
Mr. Kim’s comments also
come ahead of a planned summit between Mr. Trump and
his South Korean counterpart
next month that could highlight policy differences on
North Korea. Last month, Mr.
Trump characterized South Korean President Moon Jae-in’s
policy toward Pyongyang as
one of “appeasement.”
In recent years, China has
emerged as South Korea’s
most important trade partner.
But starting last year, Beijing
began what is seen as a campaign of economic retaliation
against its neighbor for installing a U.S. missile-defense
battery that China considers a
threat to its strategic interests. China hasn’t officially acknowledged waging such economic warfare, but the impact
has been widely documented.
China takes about 20% of
South Korea’s exports, while
the U.S. accounts for about
12%, according to official data.
Mr. Kim, however, expressed hopes that the relationships with Beijing and
Washington would improve. In
particular, he suggested that
the worst would soon be over
with China, following a coming
event on the political calendar—an apparent reference to
this month’s Communist Party
congress in Beijing.
In the meantime, he said,
South Korea is pushing its
companies to expand business
ties with India and countries
in Southeast Asia and Latin
America. Mr. Kim pointed to at
least one major South Korean
company, which he declined to
identify, that he said had begun to shift its strategy following the trade dispute with
China
Trade Winds
China long ago passed the U.S. as South Korea's top trading partner,
but Seoul wants to diversify its economic relationships.
$250 billion
CHINA
U.S.
200
150
Imports from
Exports to
100
50
0
2007 ’09
’11
’13
’15
’17*
*As of August
Source: The Korea International Trade Association
2007 ’09
’11
’13
’15
’17*
THE WALL STREET JOURNAL.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | A9
* * * *
OBITUARIES
R O B E R T M C K AY
1930 — 2017
A RT H U R JA N OV
1924 — 2017
Architect Made Daring
Leap Into Fast Food
Psychologist Saw ‘Scream’
As Cure for Early Hurts
R
obert McKay, an architect,
got an assignment in 1962
to design a building for a
new Mexican fast-food restaurant
in Downey, Calif. He liked the
business plan so much that he
agreed to join the management.
The owner initially couldn’t afford to pay Mr. McKay but promised to make his efforts worthwhile. His reward was stock in
Taco Bell, where he was put on
the payroll after six months and
promoted to president in 1967.
When PepsiCo Inc. bought the
chain in 1978, Mr. McKay’s 10%
stake was valued at $13 million.
Glen Bell, the founder of Taco
Bell, was an entrepreneur with
little interest in day-to-day operations, according to “Taco Titan,”
a 1999 biography of him by Debra
Lee Baldwin.
He noticed that many employees presented him with problems
and asked what they should do;
Mr. McKay offered ways to solve
problems. One of those was educating customers: Some thought
the signature product was pronounced “tay-co.”
After PepsiCo bought the business, Mr. McKay stayed on as
president of Taco Bell for three
years. He then became a philanthropist and helped found companies including National Bank of
Southern California.
Mr. McKay died Sept. 29 of
cancer at home in Santa Ana, Calif. He was 86.
—James R. Hagerty
JOSEPH SCHMITT
1916 — 2017
Technician Suited Up
Astronauts for Flights
J
oseph Schmitt was the valet
of the space race.
He made a career of helping astronauts into space suits
and tucking them into their capsules before blastoff. He suited
up astronauts including Alan
Shepard, John Glenn and Neil
Armstrong for their space flights,
making sure they were connected
to oxygen and communications.
Norman Rockwell depicted Mr.
Schmitt in two paintings of preparations for takeoff.
It wasn’t the sort of future he
could have imagined when he
graduated from a small-town Illinois high school with few job
prospects during the Great Depression. At the suggestion of his
high-school principal, he signed
up for the Army Air Corps and
learned aircraft mechanics. During a lull, he volunteered to take
a course in the repair of aircraft
clothing, a skill that proved useful for his later work.
As a mechanic for the National
Advisory Committee for Aeronautics, a forerunner of the National
Aeronautics and Space Administration, he helped install flight
instruments and was among the
support staff when Chuck Yeager
broke the sound barrier in 1947.
“I never became famous in this
world but I sure have worked
with a lot of famous people,” he
said in a NASA oral history.
Mr. Schmitt died at age 101 on
Sept. 25 in Friendswood, Texas.
—James R. Hagerty
BY JAMES R. HAGERTY
stage and shouted “Mommy!” and
“Daddy!”
On a whim, Dr. Janov suggested
that the student try calling out for
his mom and dad. The student refused at first, then gave it a try.
“Suddenly,” Dr. Janov wrote, “he
was writhing on the floor in agony.
His breathing was rapid, spasmodic; “Mommy! Daddy!” came out
of his mouth almost involuntarily
in loud screeches. He appeared to
be in a coma or hypnotic state. The
writhing gave way to small convulsions, and finally he released a
piercing, deathlike scream that rattled the walls of my office.”
Most patients had to travel to
California for treatment by Dr.
Janov. He made an exception in
1970, traveling to England to work
with John Lennon. “It went very,
very well,” Dr. Janov recalled in an
interview posted on the website of
his Janov Primal Center in Santa
Monica, Calif. “John had about as
much pain as I’ve ever seen in my
life.”
The therapy may have influenced Mr. Lennon’s songwriting. In
the 1970 song “Mother,” the exBeatle wailed: “I wanted you. You
didn’t want me.” Yet, Dr. Janov
said he didn’t get enough time with
Mr. Lennon: “We had opened him
up, and we didn’t have time to put
him back together again.”
Though Mr. Lennon’s embrace of
the treatment yielded invaluable
publicity, Dr. Janov said his therapy was “far more important than
the Beatles in the long run of history, and I think it’s got to stand on
its own.”
Dr. Janov’s survivors include his
French-born wife, the former
France Daunic, and two sons. A
daughter died in a fire in 1976. A
previous marriage, to the former
Vivian Glickstein, ended in divorce.
L
ike Philip Larkin, Arthur
Janov proclaimed that it was
our parents who messed us
up. Unlike the British poet, Dr.
Janov promised a cure: his “primal
therapy,” a way to go back to the
cradle and confront those early
traumas.
Though it never gained mainstream acceptance among psychotherapists, his method attracted
celebrity adherents—most famously John Lennon and Yoko
Ono—and created an enduring
catch phrase: the primal scream.
The author of “The Primal
Scream,” a 1970 best seller, later
insisted that it wasn’t all about
screaming.
“The scream is what some people do when they hurt. Others simply sob or cry. It was the hurt we
were after, not mechanical exercises such as pounding walls and
yelling, ‘mama,’ ” he wrote in a
1991 follow-up, “The New Primal
Scream.”
Dr. Janov argued that neuroses
arose from painful episodes in infancy or early childhood, such as
feelings of being unloved. That
pain, he said in a 2008 video interview, was often suppressed, leading to anxiety, depression and
other ills. The answer was therapy
to “relive the pain and get it out of
your system,” he said. “Instead of
tranquilizing feelings, we’re liberating them.”
Dr. Janov died Oct. 1 at his home
in Malibu, Calif. He was 93.
In 1971, Newsweek quoted him as
calling his therapy “the most important discovery of the 20th century” and describing it as a cure for
such scourges as bad skin, psoriasis,
ulcers and menstrual cramps, as
well as psychological ailments.
The need for his services was
vast, he believed. “The world is
having a nervous breakdown,” he
told People magazine in 1978, “and
Valium is the only glue that holds
it together.”
In the late 1970s, his therapy cost
$6,600 (equivalent to about $24,700
in today’s terms), according to the
People article. Patients started with
three weeks of individual sessions,
stripping away their emotional inhibitions and re-enacting their earliest agonies. Later, they shared their
pain in groups.
Arthur Janov was born to Russian immigrants Aug. 21, 1924, in
Los Angeles. He served in the U.S.
Navy during World War II, then
earned bachelor’s and master’s degrees at the University of California, Los Angeles. In 1960, he received a doctorate in psychology
from what is now Claremont Graduate University.
F
or the first 17 years of his career, Dr. Janov worked as a
psychiatric social worker and
psychologist. In his 1970 book, he
recalled the origins of the technique that would make him famous. In one therapy session, a
troubled college student mentioned
a comedian who wore a diaper on
Read a collection of in-depth
profiles at WSJ.com/Obituaries
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A10 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
IN DEPTH
QUEST
tions, she stiffened. “It’s scary,”
she said.
Around 8 p.m., Ms. Negrón
Bell and her husband approached Aguada, crossing the
Culebrinas River on a barely
raised highway. It was here the
flooding river swallowed the
two police officers’ vehicles.
They drove through the narrow streets of Aguada’s center,
which was shrouded in darkness save an occasional home
illuminated by a generator. The
outlines of demolished trees
and power poles were visible in
the moonlight. Ms. Negrón Bell
turned right and drove up a
steep hill to her parents’ street.
Continued from Page One
satellites to help 5,000 people
reconnect with family.
With 91% of Puerto Rico still
lacking power three weeks after
the hurricane struck and 76% of
cell sites inoperable, the communications breakdown on the
island of 3.4 million is widespread. Local officials in areas
that remain isolated continue to
sound alarms about shortages
of food, water and medication.
The death toll has climbed to 45
and more than 5,000 people remain in shelters. Swaths of the
island look like they were
thrashed by a wrecking ball.
President Donald Trump
praised the federal relief effort
in a series of early-morning
tweets Thursday but said it
wouldn’t continue “forever.” He
also appeared to shift blame for
some of the problems to the
territory’s leaders, writing,
“Electric and all infrastructure
was disaster before hurricanes.”
The destruction left Aguada
cut off from the outside world.
Ms. Negrón Bell’s parents, Alberto Negrón and Herminia
González, moved to Aguada, a
town of about 40,000 people
with tranquil beaches and a colorful central square, 20 years
ago, after raising a family in
Long Island, N.Y. Mr. Negrón, 67,
had worked at a bakery, and
Ms. González, 71, at a toy plant.
They dreamed of returning to
their native Puerto Rico and
eventually bought a plot of land
in a hilly neighborhood. Mr. Negrón built a house where his
daughter periodically visited.
Days after the storm, Ms.
Negrón Bell began planning her
trip.
Dark house
LIZARD
Continued from Page One
Concern about the threat to the
lizard’s habitat is “overstated,”
he said.
Back in 2012, he beat a
charge from the Justice Department against one of his companies, Brigham Oil and Gas, in
North Dakota related to the Migratory Bird Treaty Act that had
threatened him with fines and
up to six months of jail time.
In the Texas imbroglio, his
plan is to create a new habitat.
He said he has biologists researching methods to grow
shinnery oaks in a lab in the
hopes of replicating the lizard’s
ecosystem, so it can be expanded away from where the
drillers want to target moneymaking sand.
“We believe we will actually
provide a net [lizard] habitat increase over time,” he said.
Mr. Brigham invested some
of the proceeds from his recent
$2.55 billion sale of drilling and
pipelines firm Brigham Resources to Diamondback Energy
Inc. to fund his sand mining
company, Atlas Sand—named
Sonia Negrón Bell found an airline that let her bring a generator to San Juan, Puerto Rico, above,
but conditions remain harsh in Aguada, where her elderly parents, including Alberto Negrón, 67,
live. Getting water is a daily struggle, and many have to travel to a spring to fill bottles.
visit to Puerto Rico last year,
she contracted dengue fever, a
mosquito-borne disease, and
she was determined to avoid
that fate again.
On Oct. 2, four days before
her scheduled departure, Ms.
Negrón Bell’s brother received
the “things are bad” text from
their father. Alarmed, they tried
texting and calling him, unsuccessfully. Concerned about her
safety on the trip, her husband,
Jeff Bell, a 51-year-old information-technology director, decided to join her.
Two days before her flight,
Ms. Negrón Bell received a call
from her father at around 2
a.m. They spoke only briefly because the signal was poor and
he wanted to preserve cellphone battery.
“Things are bad here,” he
said again. “There’s no water,
no electricity, no food.” When
she told him she was going
there to help, he urged her not
to come—four times.
Mr. Negrón is tough and resourceful, and rarely complains,
after Libertarian touchstone
“Atlas Shrugged.”
He said the amount of attention given to the issue has
caught him off-guard. “Am I
surprised that we’re investing in
growing shinnery oak, yeah, I
am,” he said.
Over the past year, around 16
mining companies, some backed
by Wall Street investors, have
been buying up swaths of West
Texas desert to gear up to provide the sand to the Texas oil
and gas drillers. The shale producers use millions of pounds of
sand in each well to prop open
the rocks cracked during hydraulic fracturing, to help oil
and gas seep out. So far only
one, Hi-Crush Partners LP, has a
mine in operation.
The lizard threat is already
weighing down miners’ shares.
“The stock market has been
struggling over how to evaluate
the true worst-case scenario,”
said Joseph Triepke, founder of
Infill Thinking LLC, an oil-field
research firm. “They just don’t
know what’s going to happen to
the industry at large.”
In New Mexico alone, the
species’ habitat has shrunk by
more than 40% since 1982, according to the U.S. Fish and
Ms. Negrón Bell said. “The fact
that he said that meant it was
really bad,” she said.
Ms. Negrón Bell and her husband arrived in San Juan at
about 1 p.m. on Friday, bearing
the 55-pound generator and a
suitcase and duffel bag full of
supplies. They retrieved a
rental car with a full tank of
gas. They loaded up the Chrysler 300 and headed out, trailed
by a reporter and photographer
from The Wall Street Journal.
Traffic on the highway heading west was bumper-to-bumper for about 15 miles. Cars
pulled over and crowded roadsides near cell towers, as drivers searched for a signal. The
landscape looked scorched, with
once lush-green hillsides now
brown and denuded.
“It just does not look like the
Puerto Rico I knew,” Ms. Negrón Bell said as she drove. “It
doesn’t even look like a tropical
island anymore.”
As night fell, the couple
neared Quebradillas, a town on
the northern coast that borders
the Guajataca Dam, which suffered extensive damage. Water
rushed into the reservoir with
such force that it ripped away
large concrete slabs from an
emergency spillway, imperiling
the dam.
‘Huge jeopardy’
The U.S. Army Corps of Engineers is trying to reinforce the
spillway temporarily by dropping 5,000-pound concrete barriers and huge sandbags from
helicopters day after day, said
Col. James DeLapp, commander
of the agency’s recovery field
office. Because a dam rupture
would inundate the Guajataca
River valley below, officials ordered residents of about 150
homes to clear out.
“This is an emergency,” Col.
DeLapp said in an interview.
“You have a dam in huge jeopardy.”
Ms. Negrón Bell was nervous
about driving through the area.
As she neared the Guajataca
River, the scene of the evacua-
JAMES DURBIN FOR THE WALL STREET JOURNAL
Intent on taking her parents
a generator, she called various
airlines to check on their policies and found that many didn’t
allow it.
She emailed Chief Executive
Robin Hayes of JetBlue Airways
Corp.—which normally has
flights to Aguadilla, near
Aguada—asking for an exception to the airline’s prohibition
on checking a generator. The
three-hour drive from San Juan,
the capital, by contrast, “currently, consists of going
through felled trees, flooding
and a dam that is about to
breach,” Ms. Negrón Bell wrote.
She received a response five
days later from a JetBlue representative, replying on behalf of
Mr. Hayes, who politely declined, citing a rule that says
generators “are considered hazardous materials.”
A JetBlue spokeswoman says
the airline is helping customers
deliver critical supplies to
Puerto Rico by offering reduced
fares and waiving checked luggage fees.
Ultimately, Ms. Negrón Bell,
who is interning at the Chicago
Council on Global Affairs, figured out that Spirit Airlines Inc.
allows passengers to transport
generators as long as they are
new and sealed in a retail box.
Because the airline’s flights to
Aguadilla hadn’t resumed, she
would need to fly into San Juan.
Ms. Negrón Bell spent more
than a week gathering additional supplies for her parents:
solar lamps and panels, a portable shower, a water filter and
scores of canned and dried
foods, including lasagna and
pepper steak. She also packed a
mosquito net for herself. On a
JOHN TAGGART FOR THE WALL STREET JOURNAL (PHOTOS)
‘Hazardous’ cargo
Texas officials want sand miners to move operations out of the
lizard’s habitat. Above, the Hi-Crush mine near Kermit last month.
Wildlife Service, due to ranchers’ destruction of shinnery
oaks and oil drilling.
The earlier entanglements
put the lizard on environmentalist watch lists. The Fish and
Wildlife Service proposed to list
the species as endangered in
2010, just as fracking technology sparked a drilling bonanza
in the Permian, prompting
heated town hall meetings
where residents and drillers
warned of lost jobs.
The Texas Comptroller’s office in 2012 helped broker a
deal with oil and gas drillers
and the Fish and Wildlife Service in which the companies
staved off a listing by agreeing
to limit how much habitat was
disturbed and by funding conservation efforts.
That was before the era of
sand miners. Now, Comptroller
Glenn Hegar is trying to get
sand miners to voluntarily move
operations out of the lizard’s
habitat to other parts of the
Texas desert.
“The Permian Basin is an important economic engine for
She felt a pang when she
saw her parents’ pitch-black
two-story house. The homes on
either side had light from generators. She feared she would
find her parents starving or
bedridden—or worse.
As soon as Ms. Negrón Bell
pulled up, her father appeared
in the driveway.
Mr. Bell got out and hugged
him. Her mother shuffled
slowly out to the porch. “I love
you,” she said to Ms. Negrón
Bell, who replied, “I love you
too.”
Her parents appeared to be
holding up—just. It was sweltering inside the house. Pedestal fans stood idle. The refrigerator door was open and inside,
it was bare. On the floor were a
few buckets partially filled with
water.
Ms. Negrón Bell and her husband opened their luggage and
began pulling out supplies.
They turned on solar-powered
lamps and several battery-operated fans. Ms. Negrón Bell made
her mother a plate of Vienna
sausages and crackers.
“Thank you, Sonia,” Ms.
González said. “Thank you.”
Ms. Negrón Bell eyed her father. “You look skinnier,” she
said. “Did you lose weight?” He
smiled and didn’t respond.
Gradually, the parents described Maria and its aftermath. The storm was fiercer
than they expected. Though
their house withstood the assault, winds ripped the roofs off
nearby homes and toppled
power poles, including one that
landed on a neighbor’s car.
Aguada lies in a coastal plain
that makes it vulnerable to inundation. Maria triggered
flooding as high as 6 feet in
some neighborhoods and destroyed or damaged some 8,000
homes, said Mayor Manuel Santiago.
Aguada hadn’t received any
aid seven days after Maria hit,
so he and other city workers
drove two buses to the San
Juan convention center, the
headquarters of the relief effort. After he told officials there
he wasn’t leaving until they
gave him provisions, they complied, he said.
Five days later, regular truck
shipments began, Mr. Santiago
said. But “not enough is arriving,” he said. “There is hunger
in the streets.”
Alejandro De La Campa, the
Federal Emergency Management Agency’s federal coordinating officer in Puerto Rico,
said the collapse of communication systemsmade coordination
with mayors difficult and some
didn’t know they were supposed to retrieve food and water from regional distribution
centers. But “things are improving significantly,” he said.
Ms. Negrón Bell’s parents
said they saw few signs of govTexas and the nation, and the
last thing that any of [the companies] want to happen is a potential listing,” he said.
Miners have disturbed more
than 271 acres of the lizard’s
habitat, and their proposed
mining sites include at least
20,000 acres where the lizard
might be found, according to
the comptroller.
Defenders of Wildlife, an environmental group, said it isn’t
aiming to shut down mining or
oil production. Ya-Wei Li, an environmental lawyer and the
group’s vice president, said the
lizard’s habitat can instead be
avoided by sand miners.
“We aren’t doing this work
because we have an ax to grind
with oil and gas developers or
sand mining companies,” Mr. Li
said. “Our work…is driven entirely by our concern for the
species.”
If companies don’t comply,
he said, the group plans to petition the Fish and Wildlife Service to list the lizard as endangered, possibly before year’s
end. “We’re not going to wait
around forever,” Mr. Li said.
That process can take a year
or longer if litigation is involved. Mining and drilling are
ernment aid in town. Mr. Negrón couldn’t leave the neighborhood because trees blocked
roadways. After city workers
cleared debris several days after the storm, he drove to a supermarket but found no water
or nonperishable food. The couple ate mostly rice cooked on a
gas stove and an occasional egg
from one of the chickens in the
backyard.
The biggest challenge has
been the hunt for water—to
drink, clean clothes and bathe
themselves with a cup and pail.
Each day, Mr. Negrón drives
across town to a spring on a
hillside, where long lines of
people wait to fill buckets and
lug them home.
Nearly two weeks after the
storm hit, Mr. Negrón drove
past a stadium in town and saw
officials distributing provisions
for the first time. He retrieved a
case of water and a box of military-style meals, which he sampled and liked. Ms. González
couldn’t stomach them and instead feeds parts of them to her
chickens. “They are horribly
bad,” she said.
Last Saturday morning, Ms.
Negrón Bell set out with her
husband to find water and ice
to cool her father’s glaucoma
medication, which must be
chilled. They stopped by a supermarket, without luck. A
while later, they discovered a
large water tank that had been
deposited by a truck on the side
of a road, and got in line to fill
three buckets.
Back home, Mr. Negrón and
Mr. Bell unpacked the generator, filled it with gas and
cranked it up. They ran a power
cord into a downstairs room
and connected a refrigerator,
where Mr. Negrón could cool
his medication, and a TV. When
both turned on, Mr. Negrón
raised his arms in victory. “Hahay!” he exclaimed with a big
smile. “This is good!”
The generator faltered Saturday night. The following day,
Mr. Negrón and his daughter
and son-in-law headed to a
Home Depot in Mayagüez, down
the coast, to buy a voltmeter to
test the device and to look for
‘There is hunger in
the streets,’ warned
Aguada’s mayor,
Manuel Santiago.
another generator. A sign at the
store said there were no generators in stock, and none expected soon.
On the way home, a torrential rain began to fall and waterways in Aguada started to
flood. The family became
trapped on a road near the
house, unable to advance or retreat because of rising floodwaters. The only alternative was
to drive up a steep road where
they faced a threat of mudslides. They decided to take a
chance, and after a whiteknuckle drive, made it home.
“I don’t know how anybody
can tolerate this,” said Ms. Negrón Bell. She wants to bring
her parents to the mainland
U.S. until conditions improve,
but her father ruled it out and
her mother remains reluctant,
despite her discomfort.
“I’m firm in my ways,” Ms.
González said. “I don’t want to
leave.”
—Daniela Hernandez in San
Juan contributed to this
article
unlikely to be halted during
such a process, analysts said.
Four sand mining companies
have agreed to the comptroller’s
plan, but others have highlighted another twist in the
case: The lizard is hard to find.
The animal spends much of
its two-year lifespan underground to regulate its body
temperature and hide from coyotes and snakes. It lays eggs in
its burrows and feeds on a diet
of beetles, ants and other insects. “It’s a rather cryptic creature,” said Taylor Jones, a conservation biologist at WildEarth
Guardians, an environmental
group.
Mr. Brigham of Atlas said he
has spent hundreds of thousands of dollars for an environmental firm to scour his property for the lizard and its
habitat and has found no traces.
Hi-Crush hired biologists to survey its property and published a
white paper contending the land
doesn’t contain the lizards or its
habitat.
But the issue isn’t going
away, said Laura Fulton, HiCrush’s chief financial officer.
“It’s come up in about every investor meeting we have,” she
said.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | A11
OPINION
Is ‘Classical Liberalism’ Conservative?
By Yoram Hazony
Trump didn’t divide
the right. Centuries-old
philosophical divisions
have re-emerged.
There are two principal causes:
first, the increasingly rigid ideology conservative intellectuals have
promoted since the end of the
Cold War; second, a series of
events—from the failed attempt to
bring democracy to Iraq to the implosion of Wall Street—that have
made the prevailing conservative
ideology seem naive and reckless
to the broader conservative public.
A good place to start thinking
about this is a 1989 essay in the
National Interest by Charles Krauthammer. The Cold War was coming to an end, and Mr. Krauthammer proposed it should be
supplanted by what he called “Universal Dominion” (the title of the
essay): America was going to create a Western “super-sovereign”
that would establish peace and
prosperity throughout the world.
The cost would be “the conscious
depreciation not only of American
sovereignty, but of the notion of
sovereignty in general.”
William Kristol and Robert Kagan presented a similar view in
their 1996 essay “Toward a NeoReaganite Foreign Policy” in Foreign Affairs, which proposed an
American “benevolent global hegemony” that would have “preponderant influence and authority
over all others in its domain.”
Then, as now, conservative commentators insisted that the world
should want such an arrangement
because the U.S. knows best: The
American way of politics, based on
individual liberties and free markets, is the right way for human
beings to live everywhere. Japan
and Germany, after all, were oncehostile authoritarian nations that
DAVID GOTHARD
A
merican conservatism
is having something
of an identity crisis.
Most conservatives
supported Donald
Trump last November. But
many prominent conservative
intellectuals—journalists, academics and think-tank personalities—have entrenched themselves in bitter opposition.
Some have left the Republican
Party, while others are waging
guerrilla warfare against a Republican administration. Longtime friendships have been
ended and resignations tendered. Talk of establishing a
new political party alternates
with declarations that Mr.
Trump will be denied the GOP
nomination in 2020.
Those in the “Never Trump”
camp say the cause of the split is
the president—that he’s mentally
unstable, morally unspeakable, a
leftist populist, a rightist authoritarian, a danger to the republic.
One prominent Republican told me
he is praying for Mr. Trump to
have a brain aneurysm so the
nightmare can end.
But the conservative unity that
Never Trumpers seek won’t be
coming back, even if the president
leaves office prematurely. An apparently unbridgeable ideological
chasm is opening between two
camps that were once closely allied. Mr. Trump’s rise is the effect,
not the cause, of this rift.
had flourished after being conquered and acquiescing in American political principles. With the
collapse of communism, dozens of
countries—from Eastern Europe to
East Asia to Latin America—
seemed to need, and in differing
degrees to be open to, American
tutelage of this kind. As the bearer
of universal political truth, the
U.S. was said to have an obligation
to ensure that every nation was
coaxed, maybe even coerced, into
adopting its principles.
Any foreign policy aimed at establishing American universal dominion faces considerable practical
challenges, not least because many
nations don’t want to live under
U.S. authority. But the conservative intellectuals who have set out
to promote this Hegelian world
revolution must also contend with
a problem of different kind: Their
aim cannot be squared with the
political tradition for which they
are ostensibly the spokesmen.
For centuries, Anglo-American
conservatism has favored individual liberty and economic freedom.
But as the Oxford historian of conservatism Anthony Quinton emphasized, this tradition is empiricist and regards successful
political arrangements as developing through an unceasing process
of trial and error. As such, it is
deeply skeptical of claims about
universal political truths. The
most important conservative figures—including John Fortescue,
John Selden, Montesquieu, Edmund Burke and Alexander Hamilton—believed that different political arrangements would be fitting
for different nations, each in keeping with the specific conditions it
faces and traditions it inherits.
What works in one country can’t
easily be transplanted.
On that view, the U.S. Constitution worked so well because it
preserved principles the American
colonists had brought with them
from England. The framework—
the balance between the executive
and legislative branches, the bicameral legislature, the jury trial
and due process, the bill of
rights—was already familiar from
the English constitution. Attempts
to transplant Anglo-American political institutions in places such
as Mexico, Nigeria, Russia and Iraq
have collapsed time and again, because the political traditions
needed to maintain them did not
exist. Even in France, Germany
and Italy, representative government failed repeatedly into the
mid-20th century (recall the collapse of France’s Fourth Republic
in 1958), and has now been
shunted aside by a European
Union whose notorious “democracy deficit” reflects a continuing
inability to adopt Anglo-American
constitutional norms.
The “universal dominion”
agenda is flatly contradicted by
centuries of Anglo-American conservative political thought. This
may be one reason that some postCold War conservative intellectuals have shifted to calling themselves “classical liberals.” Last year
Paul Ryan insisted: “I really call
myself a classical liberal more than
a conservative.” Mr. Kristol
tweeted in August: “Conservatives
could ‘rebrand’ as liberals. Seriously. We’re for liberal democracy,
liberal world order, liberal economy, liberal education.”
What is “classical liberalism,”
and how does it differ from conservatism? As Quinton pointed out,
the liberal tradition descends from
Hobbes and Locke, who were not
empiricists but rationalists: Their
aim was to deduce universally
valid political principles from selfevident axioms, as in mathematics.
In his “Second Treatise on Government” (1689), Locke asserts
that universal reason teaches the
same political truths to all human
beings; that all individuals are by
nature “perfectly free” and “perfectly equal”; and that obligation
to political institutions arises only
from the consent of the individual.
From these assumptions, Locke deduces a political doctrine that he
supposes must hold good in all
times and places.
T
he term “classical liberal”
came into use in 20th-century America to distinguish
the supporters of old-school laissez-faire from the welfare-state
liberalism of figures such as
Franklin D. Roosevelt. Modern
classical liberals, inheriting the rationalism of Hobbes and Locke, believe they can speak authoritatively to the political needs of
every human society, everywhere.
In his seminal work, “Liberalism”
(1927), the great classical-liberal
economist Ludwig von Mises thus
advocates a “world super-state really deserving of the name,” which
will arise if we “succeed in creating throughout the world . . . nothing less than unqualified, unconditional acceptance of liberalism.
Liberal thinking must permeate all
nations, liberal principles must
pervade all political institutions.”
Friedrich Hayek, the leading
classical-liberal theorist of the
20th century, likewise argued, in a
1939 essay, for replacing independent nations with a world-wide
federation: “The abrogation of national sovereignties and the creation of an effective international
order of law is a necessary complement and the logical consummation of the liberal program.”
Classical liberalism thus offers
ground for imposing a single doctrine on all nations for their own
good. It provides an ideological
basis for an American universal
dominion.
By contrast, Anglo-American
conservatism historically has had
little interest in putatively self-evident political axioms. Conservatives want to learn from experience what actually holds societies
together, benefits them and destroys them. That empiricism has
persuaded most Anglo-American
conservative thinkers of the importance of traditional Protestant
institutions such as the independent national state, biblical religion and the family.
As an English Protestant, Locke
could have endorsed these institutions as well. But his rationalist
theory provides little basis for understanding their role in political
life. Even today liberals are
plagued by this failing: The rigidly
Lockean assumptions of classicalliberal writers such as Hayek, Milton Friedman, Robert Nozick and
Ayn Rand place the nation, the
family and religion outside the
scope of what is essential to know
about politics and government.
Students who grow up reading
these brilliant writers develop an
excellent grasp of how an economy
works. But they are often marvelously ignorant about much else,
having no clue why a flourishing
state requires a cohesive nation, or
how such bonds are established
through family and religious ties.
The differences between the
classical-liberal and conservative
traditions have immense consequences for policy. Establishing democracy in Egypt or Iraq looks doable to classical liberals because
they assume that human reason is
everywhere the same, and that a
commitment to individual liberties
and free markets will arise rapidly
once the benefits have been demonstrated and the impediments removed. Conservatives, on the other
hand, see foreign civilizations as
powerfully motivated—for bad reasons as well as good ones—to fight
the dissolution of their way of life
and the imposition of American
values.
Integrating millions of immigrants from the Middle East also
looks easy to classical liberals, because they believe virtually everyone will quickly see the advantages of American (or European)
ways and accept them upon arrival. Conservatives recognize that
large-scale assimilation can happen only when both sides are
highly motivated to see it through.
When that motivation is weak or
absent, conservatives see an unassimilated migration, resulting in
chronic mutual hatred and violence, as a perfectly plausible
outcome.
Since classical liberals assume reason is everywhere the
same, they see no great danger in “depreciating” national
independence and outsourcing
power to foreign bodies.
American and British conservatives see such schemes as
destroying the unique political
foundation upon which their
traditional freedoms are built.
Liberalism and conservatism had been opposed political positions since the day liberal theorizing first appeared
in England in the 17th century. During the 20th-century
battles against totalitarianism, necessity brought their
adherents into close alliance.
Classical liberals and conservatives fought together, along with
communists, against Nazism. After 1945 they remained allies
against communism. Over many
decades of joint struggle, their
differences were relegated to a
back burner, creating a “fusionist”
movement (as William F. Buckley’s
National Review called it) in
which one and all saw themselves
as “conservatives.”
But since the fall of the Berlin
Wall, circumstances have changed.
Margaret Thatcher’s ouster from
power in 1990 marked the end of
serious resistance in Britain to the
coming European “super-sovereign.” Within a few years the classical liberals’ agenda of universal
dominion was the only game in
town—ascendant not only among
American Republicans and British
Tories but even among center-left
politicians such as Bill Clinton and
Tony Blair.
O
nly it didn’t work. China,
Russia and large portions of
the Muslim world resisted a
“new world order” whose express
purpose was to bring liberalism
to their countries. The attempt to
impose a classical-liberal regime
in Iraq by force, followed by
strong-arm tactics aimed at
bringing democracy to Egypt and
Libya, led to the meltdown of political order in these states as
well as in Syria and Yemen.
Meanwhile, the world banking crisis made a mockery of classical
liberals’ claim to know how to
govern a world-wide market and
bring prosperity to all. The shockingly rapid disintegration of the
American family once again
raised the question of whether
classical liberalism has the resources to answer any political
question outside the economic
sphere.
Brexit and Mr. Trump’s rise are
the direct result of a quarter-century of classical-liberal hegemony
over the parties of the right. Neither Mr. Trump nor the Brexiteers
were necessarily seeking a conservative revival. But in placing a
renewed nationalism at the center
of their politics, they shattered
classical liberalism’s grip, paving
the way for a return to empiricist
conservatism. Once you start trying to understand politics by
learning from experience rather
than by deducing your views from
17th-century rationalist dogma,
you never know what you may
end up discovering.
Mr. Hazony is president of the
Jerusalem-based Herzl Institute.
His book “The Virtue of Nationalism” will be published next year
by Basic.
Does New Jersey’s Next Governor Want to Live in Connecticut?
No matter what this
year’s gubernatorial
candidates may say,
painless solutions to
New Jersey’s fiscal
challenges don’t exist. The state’s budCROSS
COUNTRY get may be balanced
on a “cash” basis,
By Regina
but a massive strucEgea and
Stephen Eide tural deficit lurks
beneath. New Jersey’s property taxes,
already the highest in the nation, are
being driven up further by the state’s
pension burden and escalating
health-care costs for government
workers.
Some politicians seem to think
New Jersey can tax its way to budgetary stability. At a debate this week in
Newark, the Democratic gubernatorial
nominee, Phil Murphy, pledged to
spend more on education and to “fully
fund our pension obligations.” But he
refused to say whether he would extend a soon-to-expire 2% cap on raises
for firefighters and police, even
though it is credited with keeping
property taxes in check. Polls show
Mr. Murphy is leading his Republican
opponent, Lt. Gov. Kim Guadagno, by
double digits. But just taxing more
would risk making New Jersey’s fiscal
woes even worse.
A useful comparison is Connecticut, which has tried to tax its way
out of a similar set of problems. The
two states have much in common: a
relatively low poverty rate, high levels of personal income, a dependence
on New York City, and unsustainable
pension costs. The Pew Charitable
Trusts ranks New Jersey and Connecticut as having among the worstfunded pensions in the nation.
The difference is that while New
Jersey has held the line on taxes
lately, Connecticut has enacted three
substantial tax increases since 2009.
They haven’t solved the state’s problems. Deficits have continued to recur, and Connecticut lawmakers are
arguing even now about how to close
a $3.5 billion gap for the next two
fiscal years.
But the tax increases do appear to
have dampened Connecticut’s economy. Only this past June did the state
finally regain the private-sector jobs
it lost during the Great Recession,
more than three years after the nation as a whole did, and over a year
after New Jersey. Still, big business is
fleeing Connecticut: General Electric
and Aetna are moving their corporate
headquarters elsewhere. The latter
was an especially hard blow, given
that Aetna was founded in Hartford
more than 150 years ago and helped
turn the city into an insurance hub.
“The state’s persistent financial woes
The Garden State should
learn from Hartford’s bad
example: You can’t tax
your way to prosperity.
and refusal to recalibrate to 21st-century realities have been pushing out
people and businesses for years,” the
Hartford Courant lamented.
Although Connecticut has gotten
more responsible in recent years
about making its pension payments,
officials have had to resort to questionable fiscal maneuvers. Early this
year, Connecticut restructured the
long-term payment schedule for its
State Employees Retirement System
in a way that added at least $14 billion in costs after 2032. As for the
other major pension system, which
covers teachers, Gov. Dannel Malloy
has proposed shifting onto cities and
towns hundreds of millions in annual
costs that today are borne by the
state.
Connecticut has found that taxing
wealthy residents has limits. Although the top income-tax rate has
risen from 5% to 6.99% since 2009,
the state has also found it necessary
to tap the middle class. Lawmakers
raised income taxes on filers making
as little as $50,000. Property taxes
are already the second highest in the
nation, but they’ll go even higher if
Mr. Malloy’s plan to shift teacher
pension costs goes through.
New Jersey is grasping at the
same straws. During the current fiscal year, the state’s pension contribution is $2.5 billion, only about half
the amount actuarially recommended. The so-called millionaire’s
tax, a proposal Gov. Chris Christie
has vetoed several times since taking
office in 2010, will no doubt make a
comeback if Mr. Murphy is elected.
Yet it would bring in only an estimated $600 million a year. Other
ideas for filling the gap, such as taxing marijuana, still fall far short of
what New Jersey needs.
Of course, more revenue is not
New Jersey’s only option. In 2015,
the New Jersey Pension and Health
Benefit Study Commission proposed
bringing health benefits for active
and retired public workers into line
with private-sector norms. Active
workers would shoulder higher outof-pocket expenses, though their premiums would go down. Retirees
would be given reimbursement accounts to purchase insurance on private exchanges. This plan would save
billions a year, which the commission
suggested be dedicated to funding a
reformed pension system.
Connecticut’s experience shows the
folly of taxing the middle class to support platinum benefits for the public
workforce while shifting the burden of
legacy pensions onto future taxpayers.
The result has been a slower economy
and no serious drive to address the
underlying problem, namely the constantly escalating cost of government.
If New Jerseyites think things can’t
get much worse, they ought to look a
little to the northeast.
Ms. Egea is the president of the
Garden State Initiative. Mr. Eide is a
senior fellow at the Manhattan Institute and author of “Connecticut’s Fiscal Crisis Is a Cautionary Tale for
New Jersey,” forthcoming from the
Garden State Initiative.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A12 | Saturday/Sunday, October 14 - 15, 2017
* *****
THE WALL STREET JOURNAL.
OPINION
D
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Trump’s Iran Strategy
Equifax’s Credibility Rating Falls Below 200
onald Trump announced Friday that he on legislation they’ll unveil as early as next
won’t “certify” his predecessor’s nu- week. This will include markers such as limits
clear deal with Iran, but he won’t walk on ballistic missiles and centrifuges and ending
away from it either. This is
the deal’s sunset provisions. If
A nuclear fudge in the Iran crosses those lines, the
something of a political fudge
to satisfy a campaign promise,
pre-deal sanctions would snap
service of a larger
but it is also part of a larger
back on.
containment policy.
and welcome strategic shift
There’s no guarantee this
from Barack Obama’s illusions
can get 60 Senate votes. But
about arms control and the Ismaking Iran’s behavior the
lamic Republic.
trigger for snap-back sanctions is what Mr.
Mr. Trump chose not to withdraw from the Obama also said he favored while he was selling
nuclear deal despite his ferocious criticism dur- the deal in 2015. The difference is that once he
ing the campaign and again on Friday. The deal signed the deal his Administration had no incenitself is a piece of paper that Mr. Obama signed tive to enforce it lest he concede a mistake. The
at the United Nations but never submitted to Senate legislation would make snap-back sancCongress as a treaty. The certification is an ob- tions a more realistic discipline. Senators may
ligation of American law, the Iran Nuclear Re- also want to act to deter Mr. Trump from totally
view Act of 2015, that requires a President to withdrawing sometime in the future—as he
report every 90 days whether Iran is complying threatened Friday if Congress fails.
with the deal. Mr. Trump said Iran isn’t “living
The most promising part of Mr. Trump’s
up to the spirit of the deal” and he listed “multi- strategy is its vow to deter Iranian imperialism
ple violations.”
in the Middle East. The President laid out a long
The President can thus say he’s honoring his history of Iran’s depredations—such as backing
campaign opposition to the pact, without taking for Syrian dictator Bashar Assad and rebels in
responsibility for blowing it up. This partial Yemen, cyber attacks on the U.S., hostility to Ispunt is a bow to the Europeans and some of his rael, and support for terrorism. Notably, Mr.
own advisers who fear the consequences if the Trump singled out the Islamic Revolutionary
U.S. withdraws. The worry is that Iran could use Guard Corps, the regime’s military vanguard,
that as an excuse to walk away itself, and sprint for new U.S. financial sanctions.
to build a bomb, while the U.S. would be unable
This is a welcome change from President
to reimpose the global sanctions that drove Iran Obama, who was so preoccupied with getting
to negotiate.
his nuclear deal that he ignored Iran’s efforts
This is unlikely because the deal is so advan- to expand the Shiite Islamic revolution. Mr.
tageous for Iran. The ruling mullahs need the Trump is putting the nuclear issue in the proper
foreign investment the deal allows, and there strategic context as merely one part of the
are enough holes to let Iran do research and larger Iranian attempt to dominate the region.
break out once the deal begins phasing out in This will go down well with Israel and the Sunni
2025. Iran will huff and puff about Mr. Trump’s Arab states that were horrified by Mr. Obama’s
decertification, but it wants the deal intact.
tilt toward Tehran.
Yet we can understand why Mr. Trump wants
One question is how this squares with Mr.
to avoid an immediate break with European lead- Trump’s cease-fire deal with Russia in southern
ers who like the deal. This gives the U.S. time to Syria. Russia is allied with Iran in Syria, and the
persuade Europe of ways to strengthen the ac- cease-fire is serving as protection for Revolucord. French President Emmanuel Macron has tionary Guard attempts to control the border retalked publicly about dealing with Iran’s ballistic gion with Israel, which has had to bomb the area
missile threat, and a joint statement by British, repeatedly. Mr. Trump still hasn’t figured out a
German and French leaders Friday left room to strategy for Syria or Russia, and that could unaddress Iranian aggression.
dermine his effort to contain Iran.
Meanwhile, Mr. Trump is asking Congress to
Barack Obama left his successor a world in
rewrite the Nuclear Review Act to set new “red turmoil, with authoritarians on the march in
lines” on Iranian behavior. The Administration China, North Korea, Russia and Iran. Mr. Trump
has been working for months with GOP Sena- needs a strategy for each, and the steps he took
tors Bob Corker (Tenn.) and Tom Cotton (Ark.) Friday are crucial in containing Iran.
T
Our Dumbed-Down Culture
he past several weeks haven’t been par- Currently, the market for “adult” videogames is
ticularly edifying for the health of Amer- dominated by Sony and Microsoft.
ican culture. In Las Vegas, a gambler
We put “adult” in quotation marks, because
filled his hotel suite with artilwe wonder what defines adultThe meaning of
lery and gunned down 58 peohood anymore.
ple. Then came the sordid HarNintendo’s new releases in‘adult’
isn’t
so
easy
vey Weinstein saga. The public
clude “Gal*Gun 2” which lets
to define nowadays.
reels from these events and
shooters fire pheromone shots
wonders what’s gone wrong.
to agitate screens full of young
That’s a big question, but
girls, and “Doom,” noted by one
sometimes the answer suggests itself in small Web reviewer for its “gleeful application of gore.”
revelations, such as a Wall Street Journal story
We don’t mean to single out Nintendo, which
Friday about Nintendo moving into the mature simply is playing catch-up in the “mature” marvideogame market. The overall videogame mar- ket. Nor will we argue that videogames create
ket now exceeds $100 billion annually.
real shooters or real Weinsteins.
“Nintendo,” the Journal reports, “is encourWhat we will say is that it is hard not to noaging some producers of violent or risqué video- tice that the line between what some now call
games to provide content for its Switch console “violative” behavior and what many regard as
in an attempt to shed its image as a maker of de- harmless fun in our culture is becoming blurred
vices just for families, software developers say.” and indistinguishable.
B
The ObamaCare ‘Sabotage’ Meme
y our deadline Friday the world had con- wrecking ball into the American health-care
tinued to spin without interruption— system; killing people. One frequent citation is
planes taking off and landing; men and a Congressional Budget Office report from Auwomen commuting home after
gust that predicted premiums
The solution for illegal would increase if the subsidies
another week at work—and if
you’re reading this then you
ended, which is true.
health subsidies is a
survived the ObamaCare subYet CBO also noted that the
bipartisan trade.
sidy apocalypse of 2017. We’re
added expense would be covreferring to the political meltered by subsidies for individudown over the Trump Adminals that increase with premiistration’s decision to end extralegal payments ums. The market would continue to be stable
to insurers.
by CBO’s report, and the change won’t invite the
The White House leaked Thursday night that ObamaCare death spiral that Democrats would
the government will stop making “cost-sharing” love to pin on Republicans. More generous indipayments, which are ObamaCare subsidies for vidual subsidies mean the insurers now predictinsurers that defray the cost of deductibles or ing Armageddon will still get paid.
co-pays for some folks below 250% of the povBut more uncertainty and turmoil could still
erty line. President Trump unloaded on Friday drive some users from the exchanges, and the
in one of his predawn tweets that “The Demo- solution is straightforward: Congress can apcrats ObamaCare is imploding” and “subsidy propriate the money in a legal fashion. Republipayments to their pet insurance companies has cans have an incentive to compromise, lest they
stopped.” Why he chose to swamp his Thursday have to take responsibility for rising premiums.
health-care executive order with this fresh con- Democrats could in exchange agree to liberalize
troversy is a mystery.
the insurance markets—e.g., by repealing the
In any event, first order of business: The individual or employer mandates, or allowing
payments are illegal. The Affordable Care Act more flexibility on state waivers.
leaves the subsidies contingent on an annual
Republican Senator Lamar Alexander has
appropriation, but since 2014 Congress has de- tried to work a deal with Democratic Senator
clined to dedicate the funding. The Obama Ad- Patty Murray, but Democrats have refused to
ministration wrote the checks anyway, and the allow states any running room to experiment,
House of Representatives sued. Federal Judge aside from de minimis paperwork exemptions.
Rosemary Collyer last year ruled that the Chuck Schumer has said for months that he’d
Obama Administration had violated the Consti- negotiate once repeal was off the table, and now
tution, and an appeal is pending.
we’ll find out. If Democrats really care about the
Mr. Trump continued the payments on the poor—and fixing a problem they helped create
hope that Republican health-care reform would by violating the separation of powers—then
repeal ObamaCare and moot the subsidy dis- they’ll compromise.
pute. That did not happen. Now the AdministraMeantime, the insurers will uphold the great
tion has decided to follow the Constitution, and American tradition of litigation and try to force
fidelity to the law should trump the policy mer- the government to fork over the money. Mr.
its or political risks.
Trump deserves credit for upholding the ConThe left is accusing Mr. Trump of—this is a stitution, but this messy episode is one more
partial list—sabotaging the Affordable Care consequence of the GOP’s failure in Congress
Act; conspiring to harm the poor; sending a to replace the Affordable Care Act.
Regarding your editorial “Hypocrisy and Hacking” (Oct. 7): The business model of credit bureaus ought
to be investigated and reviewed.
Companies are collecting my personal information without my consent, getting some amount of it incorrect or out of date which
influences my ability to borrow.
Then if I discover errors, it’s my responsibility to prove to them that
I’m right. To add insult to injury,
they’re monetizing that information
by selling it to businesses without
my consent, and now even charging
me to have access to it while allowing my information (I’m one of the
143 million victims) to be hacked.
Does anyone else see the lunacy of
this?
Instead of arguing over executive
compensation clawbacks and firing
IT people, neither of which directly
help or benefit me, I suggest that
Equifax be held responsible for the
financial burden now imposed on
those of us affected. For starters, I
just signed up for LifeLock at the
suggestion of one of the financial
institutions where my identity was
used to set up a checking and brokerage account. The premium package is $29.99 a month. Equifax
should be responsible for paying for
the burden laid on consumers for
the rest of our lives That’s roughly
$54 million annually, and it would
benefit those of us impacted more
than all the things being bantered
about by Congress.
If one wanted to be even more
equitable, the government could
saddle Equifax with the filing for
credit freezes and applying for the
LifeLock accounts. But beginning
with footing the immediate makegood responsibility and making it
stick for the life of those of us impacted would be a fair start.
JAMES KOPPENHAVER
Buffalo Grove, Ill.
My question is, why should private concerns such as Equifax, Experian or TransUnion have very private and personal information on
individuals at all?
JOHN SPREITZER
Torrance, Calif.
A real investigation is in order,
not a superficial one. Wells Fargo’s
fake-account scandal was investigated and no charges have been
filed against any executives who
made the decision to create those
accounts.
It appears to me that anything involving money and individual rights
doesn’t get proper attention or follow-through by our government.
Time after time illegal acts are exposed on a grand scale, yet there
are no consequences for those responsible. Why? Money and the people who have it seem to be above
the law. This is one of America’s
biggest problems. The lack of consequences continues to encourage further abuses down the line.
BILL JACKSON
Stuarts Draft, Va.
Smartphones and Decreasingly Smart Users
Nicholas Carr makes a persuasive
argument that constant messages and
alarms from smartphones limit concentration on daily tasks and may diminish understanding (“How Smartphones Hijack Our Minds,” Review,
Oct. 7). These consequences aren’t inevitable. The solution is simple: Turn
off notifications and alarms in email,
Facebook, Twitter, The Wall Street
Journal and all other applications.
Use these valuable new tools “on demand” on your own terms—once or
twice a day or whenever. You will feel
better—and maybe be smarter.
A. ROSS JOHNSON
Vienna, Va.
poor care in an emergency. Not understanding data appropriately when
one hasn’t had experience with real
clinical situations confuses reading
about it with doing something about
it. No big deal, you say? Imagine
what happens in an emergency when
you lose electricity or in an environment without the internet? It then is
no longer a hypothetical question; it
is one of life or death. Devices are adjuncts to, not substitutes for, good
clinical care. Every patient is a final
exam. Know it all.
IRVING KENT LOH, M.D.
Thousand Oaks, Calif.
The “Google effect” has dumbed
down our average young physicians’
abilities to assess and understand
critical medical knowledge. Combine
that with restricted training hours,
and one has the precise recipe for
Conservation and Use: Take
A Lesson From T. Roosevelt
“The Weekend Interview with Ryan
Zinke: A Return to the Conservation
Ethic” by Kimberley A. Strassel (Sept.
30) presents a shockingly unbalanced
idea of the conservation movement
and its heritage. The article suggests
that the whole point of the conservation movement was to use natural reYour Sept. 28 editorial “Tax Resources, presumably with a marketform, If You Can Keep It” misses a
oriented bias. Gifford Pinchot did
key point of agreement between
indeed favor using natural resources,
the Journal and Realtors—we supas your article suggests. But he beport fiscally responsible tax cuts.
lieved “wise use” required federal
Unfortunately, that isn’t what a
management to curb exploitation and
careful read of the recently repromote equity, not simply corporate
leased “framework” for tax reform
profit making. Preservation of scenic
represents.
wonders—and increasingly of ecosysOur research on the House Retems—was equally important to early
publican blueprint earlier this year
20th-century conservationists. Theofound that a tax-reform plan with a
dore Roosevelt set aside, “locked up”
nearly doubled standard deduction,
said his critics, important reserves,
a loss of personal exemptions and
many of which became national
the elimination of deductions like
parks, such as the Grand Canyon. TR
the state and local deduction would
often acted through executive orders.
deliver an average tax increase of
He added 148 million acres to the na$815 on middle-class homeowners.
tional forests. Local interests howled,
Our early read of the “framea prefiguring of the more recent
work” finds that it’s little different,
“sagebrush rebellion.”
but don’t just take our word for it.
I suspect Secretary of the Interior
The Tax Policy Center noted in their Zinke would have loudly denounced
analysis that nearly 30% of earners
“federal overreach” when Roosevelt
between $50,000 and $150,000
and Pinchot enacted their conservawould see their taxes go up. That
tionist agenda. How to determine
wise use and how to strike balances
isn’t Washington spin. It’s calling
out a tax hike for exactly what it is. between conservation for use and
preservation have been the subject of
Defending middle-class homeheated battles for more than 100
owners isn’t “greedy” because
years. Without understanding those
homeownership isn’t a “special” instruggles, the secretary risks wreckterest. It’s a common interest. We
ing the legacy of Roosevelt and Pinintend to defend it.
WILLIAM E. BROWN chot and invading national treasures
President that preserve the majesty and wonder
National Association of Realtors of our great land.
Washington
PROF. CLAYTON KOPPES
Oberlin College
Oberlin, Ohio
Realtors Will Fight for the
Mortgage Interest Deduction
No Problem? Yes, There is a
Big Language-Use Problem
Regarding Gregg Opelka’s “I’ve Got
a Problem: ‘No Problem’” (op-ed,
Sept. 27): Yes, Houston, we have a
problem. “No problem” = “You’re welcome”; “Take a listen” = “Listen”;
“Take a look” = “Look”; and on and on
and on, or, more succinctly, et cetera.
The media, especially television
newscasters, should lead a revolution
in speaking plain, correct English. It
would lift us all.
EVE HARRELL
Houston
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.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“This one’s really scary. It’s about
what’s happening to my 401k.”
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | A13
OPINION
DECLARATIONS
By Peggy Noonan
I
n early March I met with a
dozen Republican U.S. senators
for coffee as part of a series in
which they invite writers, columnists and historians to
share what’s on their mind. The consuming topic was the new president.
I wrote some notes on the train
down, seized by what I felt was the
central challenge Republicans on
Capitol Hill were facing. The meeting
was off the record, but I think I can
share what I said. I said the terrible
irony of the 2016 campaign was that
Donald Trump was the only one of
the 17 GOP primary candidates who
His concerns are widely
shared. The senator
deserves credit for going
on the record with them.
could have gone on to win the presidency. Only he had the uniqueness,
the outside-the-box-ness to win. At
the same time Mr. Trump was probably the only one of the 17 who would
not be able to govern, for reasons of
temperament, political inexperience
and essential nature. It just wouldn’t
work. The challenge for Republicans
was to make legislative progress
within that context.
It was my impression the senators
were not fully receptive to my
thought. Everyone was polite but
things were subdued, and I wondered
later if I’d gone too far, been too
blunt, or was simply wrong. Maybe
they knew things I didn’t. Since then
I have spoken to a few who made it
clear they saw things as I did, or had
come to see them that way.
I jump now to the recent story involving Sen. Bob Corker, Republican
of Tennessee and chairman of the
Foreign Relations Committee. In August he said publicly that Mr. Trump
had not yet demonstrated the “stability” and “competence” to be successful as president. Last weekend Mr.
Trump, in a series of tweets, mocked
the senator, calling him gutless and
“Liddle Bob Corker.” Mr. Corker
tweeted in response: “It’s a shame
the White House has become an adult
day care center. Someone obviously
missed their shift this morning.”
After that he turned serious, in an
interview with Jonathan Martin of
the New York Times.
Mr. Martin asked if Mr. Corker was
trying to “sound some kind of alarm”
about the president. Mr. Corker said
“the president concerns me.” He likes
him, it isn’t personal, but “I know for
a fact that every single day at the
White House it’s a situation of trying
to contain him.” He said there are
“some very good people” around the
president, “and they have been able to
push back against his worst instincts.
. . . But the volatility is, to anyone who
has been around, is to a degree alarming.” In particular, he observed: “The
tweets, especially as it relates to foreign policy issues, I know have been
very damaging to us.”
Mr. Martin asked if Mr. Corker has
Senate colleagues who feel the same
way. “Oh yeah. Are you kidding me?
Oh yeah.”
Mr. Martin asked why they did not
speak out. Mr. Corker didn’t know:
“Look, except for a few people, the
vast majority of our caucus understands what we’re dealing with here.
There will be some—if you write that,
I’m sure there will be some that say,
‘No, no, no I don’t believe that,’ but of
course they understand the volatility
that we are dealing with and the tremendous amount of work that it takes
TOM WILLIAMS/CQ ROLL CALL
What Bob Corker Sees in Trump
Sen. Bob Corker in the Capitol, June 20.
from people around him to keep him
in the middle of the road.”
Among them are Defense Secretary Jim Mattis, Secretary of State
Rex Tillerson and Chief of Staff John
Kelly: “As long as there’s people like
that around him who are able to talk
him down, you know, when he gets
spun up, you know, calm him down
and continue to work with him before a decision is made. I think we’ll
be fine.” He said of the president:
“Sometimes I feel like he’s on a reality show of some kind, you know,
when he’s talking about these big foreign policy issues. And, you know, he
doesn’t realize that, you know, that
we could be heading towards World
War III with the kinds of comments
that he’s making.”
This is all pretty striking from a
sitting senator, even one not running
for re-election.
At roughly the same time, some
sharply critical pieces on the president were coming from the nation’s
newspapers. The Los Angeles Times
had a story on Mr. Trump’s reaction to
Mr. Kelly’s efforts at imposing order
on the White House: “The president
by many accounts has bristled at the
restrictions.” The article quotes allies
of the president describing him as “increasingly unwilling to be managed,
even just a little.” A person close to
the White House claimed Messrs.
Kelly and Trump had recently engaged
in “shouting matches.” In the Washington Post, Anne Gearan described
the president as “livid” this summer
when discussing options for the Iran
nuclear deal with advisers. He was
“incensed” by the arguments of Mr.
Tillerson and others.
Also in the Post, Michael Kranish
interviewed Thomas Barrack Jr., a
billionaire real-estate developer and
one of the president’s most loyal
longtime friends. Mr. Barrack delicately praised the president as
“shrewd” but said he was “shocked”
and “stunned” by things the president has said in public and tweeted.
“In my opinion, he’s better than
this.”
Thursday, Vanity Fair’s Gabe Sherman said he’d spoken to a half-dozen
prominent Republicans and Trump
associates, who all describe “a White
House in crisis as advisers struggle
to contain a president who seems to
be increasingly unfocused and consumed by dark moods.” Mr. Sherman
reported two senior Republican officials said Mr. Kelly is miserable in his
job and is remaining out of a sense of
duty, “to keep Trump from making
some sort of disastrous decision.” An
adviser said of Trump, “He’s lost a
step.” Two sources told Mr. Sherman
that several months ago, former chief
strategist Steve Bannon warned the
president the great risk to his presidency isn’t impeachment but the
25th Amendment, under which the
cabinet can vote to remove a president temporarily for being “unable to
discharge the powers and duties of
his office.”
There are a few things to say about
all this. First, when a theme like this
keeps coming up, something’s going
on. A lot of people appear to be questioning in a new way, or at least talking about, the president’s judgment,
maturity and emotional solidity. We’ll
be hearing more about this subject,
not less, as time goes by.
Mr. Corker deserves credit for going public with his reservations and
warnings. The U.S. is in a challenging
international environment; it’s not unfair or unjust to ask if the president is
up to it and able to lead through it.
But we are a nation divided on the
subject of Donald Trump, as on many
others, and so this is a time to be extremely careful. Unnamed sources
can—and will—say anything. If you
work in the White House or the administration and see what Mr. Corker
sees, and what unnamed sources say
they see, this is the time to speak on
the record, and take the credit or the
blows.
What a delicate time this is. Half
the country does not see what the
journalists, establishment figures and
elites of Washington see. But they do
see it, and they believe they’re seeing
clearly. It’s a little scary. More light is
needed.
What Football Needs Is Another Teddy Roosevelt
By Robert Blecker
L
ost amid the hubbub of President Trump’s comments about
professional football players
kneeling during the national anthem
is his more dangerous accusation
that NFL officials are “ruining the
game” by penalizing players who
“hit too hard.”
Once before, a Republican president involved himself in football’s violence. On Oct. 9, 1905, Theodore
Roosevelt summoned to the White
House coaches and athletic advisers
from Harvard, Yale and Princeton for
an extended discussion. Football
killed 18 young athletes that year—11
of them in high school—and seriously
injured dozens of others, including
After 18 players died
in 1905, TR pushed
rule changes. What a
contrast to Trump.
the president’s son who played football at Harvard. So, at the height of
his popularity and power, Teddy Roosevelt urged the leading football
powers to introduce “radical innovations” and reduce the brutality of the
sport they all loved.
The next month Columbia terminated its football program, while
New York University and Stanford
prepared to follow suit. Roosevelt
strongly resisted this all-or-nothing
approach, urging leading opponents
of football to reform rather than
abolish the sport. Facing an existential threat and a president with a
well-known distaste for boasting and
blustering, representatives from 62
colleges (there was no professional
football league) modified the rules
to diminish football’s brutality and
changed the sport forever.
Offensive players could no longer
lock arms on the field or break
open a hole for the runner by
crushing a single helpless defensive
player under a half ton of concentrated power; a neutral zone separated the offensive and defensive
lines; the offense would have three
downs to gain 10 yards instead of
five—thus encouraging sweeping
end runs rather than battering line
play. Most revolutionary, they legalized the forward pass. For the first
few years, the league discouraged it
by automatically turning over possession of the ball to the defense at
the spot where an untouched incomplete pass hit the ground. But
in 1906, fatalities dropped to 11 and
injuries declined sharply. A few
years later, the fledgling organization that changed the game also
changed its name to the National
College Athletic Association.
While American football became
marginally safer, it continued to take
a toll on athletes’ bodies. I remember
challenging my student Marvin Powell—a New York Jets offensive lineman and five-time Pro Bowler who
spent his off-seasons studying at New
York Law School in the early 1980s—
to justify the players’ high salaries.
“You have to understand, professor,
that when I’m in my 40s or 50s, I’ll
have trouble walking. Every one of us
suffers serious knee damage,” he
said. “We give them our bodies, and
they pay us well for it.”
For years the NFL denied it, acting like the tobacco industry debunking the link between cigarette
smoking and cancer. The league’s
well-paid doctors published papers
in respected journals to challenge
the idea that football could lead to
permanent, irreversible brain damage. Former commissioner Paul Tagliabue blamed the media for hyping
public concern. But too many prominent former players suffered dementia from hard hits. Some committed
suicide to end their agony. Aaron
Hernandez committed murder, then
committed suicide in prison.
In 2009, when Congress held
hearings on the NFL’s longstanding
efforts to conceal the connection
between football and mental illness, commissioner Roger Goodell
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led off by declaring: “Medical considerations must always come
first.” He then detailed recent rule
changes that would make the sport
safer.
But the league rejected one
change in how linemen line up.
Those looking to impose safer rules
wanted linemen to forgo starting in
a three-point stance and crashing
into each other. Instead they would
start by standing and throwing their
opponents aside.
Proponents of this rule change argued that traumatic head injuries
would greatly diminish. Of course it
would change the sport, but also
help preserve the players. The owners would have none of it. Like the
die-hards of 1905, and President
Trump last month, they decided
eliminating the three-point stance
would ruin the game.
Everybody knows and accepts that
by playing football one inevitably
risks serious injury. But there must
be limits, both as to the level of risk
and the nature of that injury. Broken
bones are one thing, but it’s wrong
to tolerate the deterioration and
brain death that too often result
from football’s cumulative subconcussive impacts.
A new study shows that playing
football before age 12 doubles the
risk of long-term “problems with behavioral regulation, apathy, and executive functioning,” and triples the
risk of “clinical depression.” This latest study did not focus on physical
changes in the brain. Until now, we’ve
been unable to observe certain traumatic brain injuries in players who
are still alive. But that too may soon
change, with the recent announcement that researchers have found a
new biomarker that may allow physicians to diagnose chronic traumatic
encephalopathy, a degenerative brain
disease, in living athletes.
When Chicago’s Danny Trevathan
unnecessarily smashed Green Bay’s
Davante Adams into unconsciousness
with a brutal helmet-to-helmet hit a
couple of weeks ago, Mr. Trevathan
was penalized and later suspended
for a game, but still allowed to continue playing. Those of us who witnessed it know that something is
wrong with this sport.
Watching Mr. Trump dismiss the
danger and long-term consequences
of jarring hits made me wonder:
Where is Teddy Roosevelt when this
nation really needs him?
Mr. Blecker is a professor of criminal law and constitutional history
at New York Law School.
The Media and the President It Deserves
The First Amendment exists not
because of any
special merit of
the people and institutions of the
media. If it did,
BUSINESS
Americans would
WORLD
have lost the First
By Holman W.
Amendment long
Jenkins, Jr.
ago.
The late economist Albert O. Hirschman observed
that firms and institutions of all
kinds, even under the lash of competition, do not relentlessly improve. They do what they’ve become comfortable doing, what lets
them get by.
His most memorable work spoke
of “exit, voice and loyalty”—three
ways clients and customers can respond to institutions in decline.
Loyalty—or the capital of past
trust—is a thing that enables institutions to decline: Their customers
don’t abandon them overnight.
Loyalty also allows institutions to
repair themselves, because their
customers don’t abandon them
overnight.
This column advised the GOP
convention to deny Donald Trump
the nomination. Our forecast from
five months before Election Day of
how a Trump administration might
unfold looks pretty good today: “He
could spend four years dragging
the White House press corps to
photo ops at various Trump golf
courses and hotels. He could embroil the entire government apparatus in ‘walking back’ his unbon
mots. He could sit for endless depositions spawned by his illegal attempts to impose the Trump
agenda by decree. He could rail
against a Congress that . . . is likely
to be uncooperative regardless of
party.”
Yet it does not follow that everything Mr. Trump does and says is
illegitimate, false and unreasonable.
This trope is itself a symptom of
institutional decline in the media,
practiced especially on a daily basis
by MSNBC’s “Morning Joe.”
Words are put in Mr. Trump’s
mouth. His tweet, “We cannot keep
FEMA, the Military & the First Responders . . . in P.R. forever!,”
though a statement of the obvious,
is reported as if he’s blaming hurricane victims for their suffering.
This, even as the Trump administration and its nominal Republican allies in Congress are passing
billions in aid for the island, and
as Mr. Trump himself broaches the
unwelcome (by Wall Street) topic
of voiding its debt.
Reason, honesty and
self-discipline don’t come
naturally to humans,
including press humans.
Mr. Trump’s statements about
the advanced decay of the island’s
grid and other public institutions
are likewise statements of fact, not
insults. Puerto Rico is different from
Houston or South Florida not just
because it’s surrounded by water—
utility crews from distant states
can’t just rush down the interstates
to help; good Samaritans and entrepreneurs can’t just fill up their pickups with much-needed supplies
from adjacent unaffected communities. Puerto Rico is also different
because its credit is shot.
Texas and Florida can attract instant capital for relief and rebuilding based on the strength of their
local economies and the solvency of
their citizens. Not so Puerto Rico.
It’s always possible to indulge
happy hopes—its power system will
be built with green energy! But
more likely Puerto Rico will become
even more of a federal welfare island as its remaining able-bodied
and skilled citizens get the hell out.
The territory, some seem to forget,
is already an extraordinary ward of
Congress due to its crippling debts.
Yes, all of this you could find in
the media—just read around the
sentences claiming it’s all Donald’s
Trump’s fault.
Standards of honesty, reason and
self-discipline do not come naturally
to humans, including press humans.
These virtues are in constant battle
against the entropy of our disordered nature. At the same time, the
media are absolutely indispensable
to a modern society’s functioning,
more so than any president. The
quantity of information that must
be circulated and absorbed to fulfill
our roles as consumers, workers,
taxpayers and citizens is almost beyond calculation.
Hysteria notwithstanding, Mr.
Trump is no threat to this functioning. His occasional tweets against
Jeff Bezos or NBC’s “licenses” are
better understood as examples of
his penchant for gadflyism rather
than presidential speech.
But also, put aside even partisan
bias: Notice, in the TV news, the
reliance on relentless exaggeration.
Notice how every statistic is accompanied by superlatives and intonation designed to elicit emotion
instead of judgment. The institutional drift away from intellectual
honesty—and toward “fake news”—
is manifest in ways more quotidian
and telling than the news business’s
periodic anti-Trump fits. Where do
you think Trump modeled his careless dishonesty?
Exit and voice—two ways customers discipline declining institutions—have been working overtime
to reform/punish the traditional
media in the digital age. Hence the
mixed blessing of Breitbart, etc. But
our industry also benefits from a
uniquely institutionalized form of
loyalty in the First Amendment,
which we in the press would do
well sometimes to remember is a
completely unearned grace.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
MICHAEL DWYER/ASSOCIATED PRESS
SPORTS
Houston Astros manager A.J. Hinch, third from left, gives the ball to pitcher Justin Verlander during Game 4 of the American League Division Series. It was Verlander’s first career relief appearance.
MLB PLAYOFFS
Starters Become Bullpen’s Opening Act
The distinction between starter and reliever is becoming murkier as managers appear more willing to give an early hook
dangerment of this species of players isn’t
merely an October phenomenon.
The average start by a pitcher in the regular season lasted just 5.5 innings, a record
low. Now, managers who have quickly grown
accustomed to going to their bullpens earlier
than ever face the added urgency that the
postseason brings. Not surprisingly, their patience this time of year becomes even shorter.
“That’s probably the hardest decision, is
when to take your starter out,” Cleveland Indians manager Terry Francona said, “just be-
YEARS FROM NOW, when baseball teams
deploy cyborgs who throw 150 mph and
pitch when an artificial intelligence bot in
the dugout tells them to, people may remember 2017 as the moment the future of
pitching became clear.
The past looks something like this: A
dominant starting pitcher goes deep into a
game, and before long, the ball is handed to
the closer for the all-important ninth inning.
The present, and very possibly the future,
involves starting pitchers being quickly replaced by relief pitchers, starters being used
as relievers and the distinction between the
two becoming ever murkier.
By the end of the division series, there
had already been 14 instances this postseason of a starting pitcher failing to last four
innings, tying the all-time high. Relievers had
thrown 51% of all postseason innings, which
would be the highest on record if it holds up.
Whatever the new model becomes, the
old one—in which the game is primarily a
starter-versus-starter contest—has been
shattered in this postseason as in no other.
“Except for the exceptional ones, starting
pitchers’ worth is less than it has ever
been,” said former major-league pitcher and
current TBS analyst Ron Darling. “More and
more, teams are figuring out that the way
for them to win is to take guys out early if
they don’t have it.”
The baseball playoffs are notoriously
fluky, making it difficult to extract larger
truths from a handful of games. But the en-
Relievers have thrown 51% of
all postseason innings this year,
which would be the highest on
record if it holds up.
cause during the course of the regular season, I defer to trying to let them find their
rhythm or their footing. You get into games
where they’re so meaningful, have so much
impact, sometimes it is hard to do that.”
Francona showed as much in Game 1 of the
ALDS against the New York Yankees when he
pulled ace Corey Kluber after just 2 2/3 innings;
Kluber made it through 3 2/3 innings in Game 5.
Likewise, Yankees manager Joe Girardi yanked
his ace, Luis Severino, with just one out in the
first inning of the AL wild card game.
He was able to do this because of his personnel. Recognizing the growing value of
the modern bullpen, Yankees general manager Brian Cashman loaded his roster with
top-tier relievers, ending up with no fewer
than four who could be closers on another
team. The Kansas City Royals may have
started the trend, appearing in consecutive
World Series in large part because of a
dominant trio of relief pitchers, success that
has inspired copycats around the league.
Increasingly, the stars of the game are
the pitchers trotting in from beyond the
outfield wall. The starting pitching phase often becomes more a prelude to be endured
than a marquee event to be extended.
“It is hard for starters a lot of times to get
through a lot of innings because there’s
tough at-bats,” Girardi said. “There’s a reason
there’s tough at-bats, because you face good
offenses because they’re good teams, and you
do have to rely on your bullpen a lot.”
Baseball has been moving in this direction
for a while. The St. Louis Cardinals won the
2011 World Series while using their starters
for an average of five innings per postseason
game. If that showed the unnecessity of
workhorse starters, recent years have shown
the irrelevance of traditional roles.
The notion of the ninth inning as the apex
of relief pitching, to be entrusted only to a
team’s best reliever, has been shattered in
large part by Indians left-hander Andrew
Miller. His ability to dominate in virtually
any inning, coupled with Francona’s willingness to use him at various times and for various lengths, has been pivotal for Cleveland.
But this postseason, more than others,
has laid waste to the entire idea of set
pitching roles. The Boston Red Sox beat the
Houston Astros in Game 3 of the ALDS on
Sunday with David Price, their $217 million
starter, starring in a relief role. The follow-
Weather
SOCCER
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
30s
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t
Edmonton
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<0
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an Francisco
San
70s
L
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Vegas
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90s
ttawa
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Billings
Ph
Phoenix
Santaa FFe
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q q
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80s
Tucson
FFt.. Worth
th
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h l tt
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t
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70s
U.S. Forecasts
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
45 33 c
42 30 pc
Atlanta
81 65 pc 84 61 pc
Austin
90 65 pc 76 54 t
Baltimore
77 62 c
83 52 pc
Boise
51 32 s
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Boston
68 62 c
77 58 c
Burlington
69 60 c
76 45 t
Charlotte
81 60 pc 84 63 pc
Chicago
72 56 r
57 41 pc
Cleveland
79 68 pc 75 48 r
Dallas
94 61 s
72 51 c
Denver
56 29 c
63 37 s
Detroit
73 66 c
67 42 r
Honolulu
87 74 sh 87 75 sh
Houston
91 71 pc 87 65 pc
Indianapolis
78 64 pc 65 43 r
Kansas City
77 44 t
59 41 s
Las Vegas
79 53 s
80 57 s
Little Rock
90 67 s
70 48 pc
Los Angeles
88 63 s
92 65 s
Miami
88 78 t
88 77 sh
Milwaukee
68 54 r
57 41 c
Minneapolis
58 40 r
52 39 c
Nashville
86 67 s
78 48 pc
New Orleans
89 74 s
86 70 pc
New York City
71 65 r
80 58 pc
Oklahoma City
87 51 pc 65 39 pc
90s
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Warm
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T-storms
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Showers
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Tampa
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p
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l l
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A
h
80s
Jacksonville
bil
Mobile
New
ew Orleans
80s
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h
Memphis
phi
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Paso
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k
Milwaukee
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homa City
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Oklahoma
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Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Hi
63
85
74
94
78
71
61
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51
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57
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Today
Lo W
40 r
73 t
67 r
66 s
63 pc
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55 pc
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Tomorrow
Hi Lo W
59 38 s
87 72 sh
84 58 pc
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75 46 t
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68 42 s
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International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
66
77
93
89
57
65
69
71
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65
59
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Lo W
54 pc
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66 s
77 t
49 r
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Hi Lo W
71 58 s
75 62 s
95 65 s
89 77 t
63 46 c
68 53 s
74 59 s
74 55 s
96 80 s
65 52 c
64 49 c
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
69
72
88
88
67
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67
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86
65
72
75
45
89
72
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100
75
88
64
70
89
64
87
63
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62
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BY MATTHEW FUTTERMAN
50s
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ARENA OUT AFTER WORLD CUP DEBACLE
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Por
Portlandd
ing day, by the fifth inning, both teams had
brought in their top starters in relief, with
Justin Verlander earning the series-clinching win for Houston.
“It is unreasonable to think that you can
carry this out over six months,” Astros manager A.J. Hinch said. “It is reasonable to
think that when you’re at full strength, you
can utilize a little strategy that helps you.”
There is still a level of prestige that
comes with being a starter. Most relievers
tried to make it as starters at one point or
another and failed. Starters tend to fetch
richer, longer contracts. But many of them
have had to grow comfortable with the idea
of being more like the first runner to carry
the baton in a four-man relay.
“In the postseason, it really doesn’t matter as long as you’re out there keeping your
team in the game,” Chicago Cubs pitcher
Jake Arrieta said. “If you’re out in the fifth
or sixth inning with the lead, or in a tie
game, that’s an ideal situation.”
Even the starters who seem to exemplify
the traditional model also show why it is
changing.
One of the best outings by a starting
pitcher this postseason came from Washington Nationals lefty Max Scherzer in Game 3
of the NLDS against the Cubs. He took a nohitter into the seventh inning, yet still only
lasted 6 1/3 innings, at which point he had
already thrown 98 pitches. The Nationals
still required eight more outs to preserve a
1-0 lead. They lost, 2-1.
“Your identified ace, they only pitch twothirds of the game, and that’s a great game,”
Darling said. “They are becoming a dying
breed.”
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44 pc 70 47 pc
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68 pc 75 68 sh
69 s 100 71 s
53 s
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63 c
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79 c
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61 pc 71 60 pc
80 r
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61 r
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73 40 r
43 c
57 44 c
54 sh 64 51 sh
45 s
70 46 pc
BRUCE ARENA, head coach of the U.S. Men’s
National Soccer Team, resigned Friday, three
days after the team failed to qualify for the
World Cup for the first time in 32 years.
Arena, who previously coached the team
from 1998 to 2006, was recalled for duty last
November, after the U.S. team opened the final qualifying tournament with embarrassing
losses against Mexico and Costa Rica.
“When I took the job last November, I
knew there was a great challenge ahead,
probably more than most people could appreciate,” Arena said in a statement released by U.S. Soccer. “Everyone involved in
the program gave everything they had for
the last 11 months and, in the end, we came
up short. No excuses. We didn’t get the job
done, and I accept responsibility.”
In a conference call Friday, Sunil Gulati,
the president of the U.S. Soccer, said he had
not yet decided whether he will run for reelection in February. Gulati said there was
no timetable for hiring Arena’s replacement
and said an interim coach might take over
the team before a permanent coach is hired.
The most likely internal candidate would
be Tab Ramos, the former U.S. player who
has coached the U.S. under-20 team. Ramos
currently serves as the youth technical director for the federation, focusing on bringing
the top young U.S. players to the next level.
Arena, 66 years old, has won five championships in Major League Soccer. He led the
U.S. team to the quarterfinals in the 2002
World Cup, but then lost his job after the
team failed to win a single World Cup match
in Germany four years later.
Rescuing this year’s team was Arena’s
shot at redemption. But the U.S. men failed
to produce the consistent quality required
to get one of the three automatic qualifying
spots allotted to North and Central America
JOHN DORTON/ISI PHOTOS/ZUMA PRESS
BY BRIAN COSTA AND JARED DIAMOND
Bruce Arena resigned on Friday.
and the Caribbean, or even make next
month’s playoff against Australia. The team
never won two matches in a row throughout
the tournament.
Still, the U.S. team seemed certain to qualify
heading into its final match of the qualifying
tournament Tuesday night on the road against
last place Trinidad & Tobago. But the team
produced a lackluster, uninspired performance
and played with questionable tactics that left
them vulnerable. After falling behind 2-0 in
the first half, the team couldn’t level the score,
when all it needed was a draw to make it to
Russia next summer.
“While this is a difficult time, I maintain
a fierce belief that we are heading in the
right direction,” Arena said. “I believe in the
American player and the American coach,
and with our combined efforts the future remains bright.”
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FEDERICO PARRA/AFP/GETTY IMAGES
TECHNOLOGY B4 | WEEKEND INVESTOR B5 | MARKETS B11,12 | HEARD ON THE STREET B12
KOBE STEEL SCANDAL WIDENS B3
VENEZUELA BONDS TUMBLE B11
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DJIA 22871.72 À 30.71 0.1%
THE WALL STREET JOURNAL.
* * * *
NASDAQ 6605.80 À 0.2%
STOXX 600 391.42 À 0.3%
10-YR. TREAS. À 12/32 , yield 2.280%
Saturday/Sunday, October 14 - 15, 2017 | B1
OIL $51.45 À $0.85
GOLD $1,301.50 À $8.20
Wells Fargo Trips as BofA Cruises
Lender’s profit sinks
19% amid legal issues;
Bank of America’s net
is biggest in six years
BY EMILY GLAZER
AND RACHEL LOUISE ENSIGN
Wells Fargo & Co. and
Bank of America Corp. reported results that benefited
from low unemployment and
gradually rising interest rates.
But their performance diverged from there, marking
the strongest evidence yet
that the two big consumer
lenders have changed places,
with Bank of America emerging as a budding investor darling and Wells Fargo taking
the role of problem child following a series of missteps.
Russian
Accounts
Scored on
Facebook
BY GEORGIA WELLS
AND DEEPA SEETHARAMAN
Two accounts that Facebook
Inc. said appear to have ties to
Russian operatives amassed
more than half a million followers in the past couple of years
with posts, ads and events that
stoked strong emotions over
such issues as race and immigration.
Most followers never suspected that people with possible Russian ties were behind
the accounts.
Some users said the content
from these accounts seemed
like something their peers
would share. “Blacktivist,” an
account that supported causes
in the black community and
used hashtags such as #BlackLivesMatter, frequently posted
videos of police allegedly
shooting unarmed black men.
“Secured Borders” often railed
against illegal immigration,
publishing material such as a
photoshopped image of a
woman holding a sign that said
“Give me more free shit!”
Via several platforms—Facebook and its Messenger and Instagram services, as well as
Twitter Inc. and YouTube, part
of Alphabet Inc.’s Google—470
Russia-backed Facebook accounts including Blacktivist and
Secured Borders quietly infiltrated communities on social
media. The issues they targeted
spanned the U.S. political and
social spectrum, including religion, race, immigration, gun
rights and gay rights. Facebook
said the accounts were created
by Russian entities to exploit
tensions among Americans and
interfere with U.S. elections.
“We were clear that there
was a possibility that less-thanfriendly actors would look for
ways to align with the movement,” said Heber Brown III, a
pastor and activist for racial
Please see USERS page B2
Wells Fargo said Friday that
third-quarter profit tumbled
19% from a year ago, due to
continued fallout from its
sales-practice scandal and
fresh legal issues. The San
Francisco-based bank said revenue also fell from a year earlier, while its loan portfolio
shrank for a third consecutive
quarter. Wells Fargo continued
to struggle with higher expenses in the wake of the
scandal and a newly disclosed
$1 billion litigation charge tied
to investigations into crisis-era
mortgage-market practices.
Wells Fargo’s shares fell
2.8% to $53.69 on Friday.
Bank of America, on the
other hand, is putting once-intractable problems behind it.
The lender reported its highest quarterly profit in six
years. The bank’s revenue
rose, as it did at peers J.P.
Morgan Chase & Co. and Citigroup Inc. earlier in the week.
Even a decline in Bank of
America’s trading revenue
didn’t dent overall results
much, as gains in interest in-
2.8%
The decline in Wells Fargo’s
share price on Friday
come and continued cost-cutting helped offset the weakness. Its shares gained 1.5% to
$25.83.
Wells Fargo, a former investor favorite that once surpassed J.P. Morgan as the
most valuable U.S. bank by
market capitalization, has
slipped behind Bank of America to the No. 3 ranking on this
basis.
While Wells Fargo by some
measures remains the more
profitable bank, the two lenders’ revenues are now about
equal, with Wells Fargo’s
roughly $87 million advantage
down from nearly $900 million in the second quarter of
2016 before the sales problems
emerged.
Led by Chief Executive Timothy Sloan, Wells Fargo reported that net income during
the quarter slipped below $5
billion for the first time in five
years, due in large part to the
$1 billion it accrued for a previously disclosed mortgage
probe over residential mortgage-backed securities. The
bank is likely to settle with the
Justice Department in coming
months, finance chief John
Shrewsberry said in an interview.
While Wells Fargo suffered
a rough quarter, shareholder
Hank Smith said he is optimistic about the banking sector
overall. That, he said, is because of economic growth,
slowly rising interest rates
and the expectation of less
onerous regulations under the
Trump administration.
“While the quarter was disappointing, it wasn’t a dramatic disappointment,” said
Mr. Smith, co-chief investment
officer of Haverford Trust Co.,
which owns 2.7 million Wells
Fargo shares.
The biggest reason for the
shifting fortunes of the two
Please see BANKS page B2
Global Stock Rally Is Spreading to All Corners of the World
Performance, year to date
Several international
benchmark stock indexes 30%
have climbed to
Kospi (South Korea)
multiyear highs, pushing
DAX (Germany)
the MSCI World Index to
Nikkei (Japan)
a record on Friday.
FTSE 100 (U.K.)
20
Helping to fuel the gains:
low government-bond
yields that make stock
investments look more
attractive by comparison. 10
Feb.
March
April
May
June
July
Aug.
MSCI World Index, weekly
Yields on 10-year government bonds
2000
3%
Sept.
Oct.
U.S.
1500
2
1000
U.K.
1
500
Germany
Japan
0
0
2008 ’09
’10
’11
’12
’13
’14
’15
’16
’17
J
F
M
A
M
Sources: FactSet (indexes); Tradeweb (yields for Germany, Japan and U.K.); Ryan ALM (Treasury yield)
J
J
A
S
O
THE WALL STREET JOURNAL.
BOOM: With U.S. indexes at or near records, investors are heading to places with solid growth and where valuations are cheaper. B11
THE INTELLIGENT INVESTOR | By Jason Zweig
Fighting 401(k) Inertia Automatically
“Default” is
normally a
bad word in
finance; ask
anyone who
has ever
owned a bond that missed
an interest payment. But another sort of default can be
good for retirement savers.
Inspired by research from
Richard Thaler, an economist
at the University of Chicago
Booth School of Business,
and other scholars, companies automatically enroll em-
ployees into a 401(k) retirement plan. That way,
workers participate by default, rather than having to
sign up to save. Prof. Thaler
won the Nobel Prize in economics this past week,
partly for studies that led to
such insights.
Defaults can wield huge
influence over human behavior. In countries where people are automatically cleared
to donate organs unless they
register not to, an average of
about 90% end up donating.
In countries where people
must actively choose to donate organs, roughly 15% become donors, on average.
Decisions can function like
adhesives: Whatever hits
first tends to stick.
If you default new workers into a retirement account, meaning they are automatically enrolled to save
unless they opt out, more
than 90% participate, even
though they are free to
choose not to. If you default
them out, so they must make
a deliberate choice to register to participate, less than
half sign up.
There’s a dark side,
though: While defaults lead
more people to save, those
who do save less.
About 40% of new workers at companies that automatically enrolled them in a
401(k) ended up saving less
than they would have if they
had signed up voluntarily,
the nonprofit Employee Benefit Research Institute estiPlease see INVEST page B5
By Dana Mattioli,
Scott Patterson
and Jacob Bunge
hostile bid for Bunge Ltd., according to people familiar
with the matter, raising the
possibility Glencore will renew
its effort to acquire the grain
trader.
Glencore in May confirmed
it had approached Bunge
about a takeover that would
expand the Swiss commodity
trader’s reach in global agri-
cultural markets at a time
when low crop prices have
forced farming concerns to
seek scale through mergers.
Glencore said at the time that
discussions might or might
not ensue.
Since then, investors have
sought clues as to whether
Glencore and its deal-hungry
chief executive, Ivan Glasenberg, would follow through on
the approach, but the companies have said little in public.
Given Bunge’s current market
value, a deal for the company
would likely carry a price tag
well over $10 billion.
Glencore and Bunge had
Please see BUNGE page B2
VINCENT MUNDY/BLOOMBERG NEWS
Glencore Must Bide Its Time in Overtures to Bunge
Glencore PLC has a standstill agreement that temporarily prevents it from making a
YEN 111.82
Higher Calling
Samsung’s operating profit
$12 billion
2Q 2017
$12.4B
9
6
3
0
2013 ’14
’15
’16
’17
Note: Converted from South Korean won
Sources: S&P Global Market Intelligence;
the company
THE WALL STREET JOURNAL.
Exit at
Samsung
Casts
Shadow
BY TIMOTHY W. MARTIN
0
Jan.
EURO $1.1821
A Bunge grain storage facility in Ukraine. Low crop prices have compelled companies to merge.
The decision of a top executive at Samsung Electronics
Co. to resign highlighted a
leadership vacuum at the
South Korean company, while
also casting a shadow over its
growth prospects even as it
racks up record profits.
Kwon Oh-hyun, who as head
of Samsung’s components
business is one of three company CEOs, will relinquish his
vice chairman post by March,
the company said Friday. He
will give up his CEO job after
his successor is named with a
decision likely by year-end, according to people familiar
with the matter.
The surprise move comes
as the company’s de facto
leader, Lee Jae-yong, sits in
jail after he was convicted in
August for bribing South Korea’s former president. The
appeal trial for Mr. Lee, who
has
denied
wrongdoing,
started in the past week.
After Mr. Lee’s bribery conviction, Mr. Kwon wrote
an internal memo, calling the
current times an “unprecedented challenge” and encouraging employees to continue
working hard as they wait for
“the truth to come to light.”
In a statement Friday, Mr.
Kwon, who is 64 years
old, said he believes the company “needs a new leader
more than ever,” including
young leadership, and a fresh
start “to better respond to
challenges arising from the
rapidly changing IT industry.”
And, he added: “We are hard
pressed to find new growth
areas right now from reading
the future trends.”
For now, Samsung, the
world’s largest maker of
smartphones and memory
chips, has delivered record
earnings, allowing it to shake
off Mr. Lee’s legal battle and
the fallout from last year’s
global recall of fire-prone Galaxy Note 7 devices.
On Friday, Samsung said it
expected operating profit of
14.5 trillion South Korean won
($12.8 billion) for the three
months ended Sept. 30, which
would top the previous quarter’s record of 14.1 trillion
won.
The components unit, led
by Mr. Kwon, is a big reason
for the ballooning profits.
Samsung has pumped tens of
billions of dollars into memory
chips and displays, making the
firm a go-to supplier—even to
its fiercest rivals.
The critical question—especially with Mr. Lee behind bars
and Mr. Kwon’s planned departure—is whether Samsung
can identify what’s next.
A key weakness, say industry analysts, is that the South
Korean firm lags behind Silicon Valley in producing popular applications or software. Its new voice-activated
digital assistant, called Bixby,
was beset by numerous delays
Please see CEO page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, October 14 - 15, 2017
* *******
INDEX TO BUSINESSES
THE WALL STREET JOURNAL.
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
B
Baidu ......................... B12
Bank of America.........B1
BASF............................B2
Bayer...........................B2
Berkshire Hathaway...B2
Boeing ......................... B3
Bunge .......................... B1
C
Cargill..........................B2
Carlyle Group............B11
Chevron ....................... B3
China Forestry Holdings
...................................B11
China Metal Recycling
(Holdings)...............B11
Chongqing Casin
Enterprise Group....B10
Chongqing Jintian
Industrial ................ B10
Chongqing Longshang
Decoration...............B10
Nintendo......................B4
D
S
Dean Foods ................. B3
E
Electricidad de Caracas
...................................B11
R
Rokos Capital
Management...........B10
Samsung Electronics..B1
Southern Careers
Institute....................B4
Standard Chartered..B11
F
T
Facebook.........A5,B1,B12
Tencent Holdings......B12
Tianhe Chemicals Group
...................................B11
Tokyo Electric Power..B3
Toshiba........................B1
Toyota Motor..............B3
Twitter ........................ B1
G
General Motors...........B3
Glencore ...................... B1
Goldman Sachs Group
.....................................B2
K
U
Kase Capital
Management...........B12
Kobe Steel...................B3
KPMG ........................ B11
Kroger..........................B3
L
Louis Dreyfus..............B2
M-N
Monsanto....................B2
Morgan Stanley..........B2
Netflix.......................B12
UBS Group.................B11
V
Vanguard Group..........B5
Voya Financial.............B5
W
Wal-Mart Stores.........B3
Weinstein....................A1
Wells Fargo..........B1,B12
West Japan Railway
.....................................B3
Whole Foods Market..B4
INDEX TO PEOPLE
B
Jae-yong, Lee..............B1
Barnes, Michael..........B3
Baumann, Werner.......B2
Benartzi, Shlomo........B5
Beshears, John...........B5
Bock, Kurt...................B2
Buffett, Warren..........B2
K
D
Dias, Jerry...................B3
Dalio, Ray..................C11
G
Glasenberg, Ivan.........A1
Glasser, David.............A1
J
Kwon, Oh-hyun...........B1
M
McCully, Mike ............. B3
Moynihan, Brian ......... B2
Q
Quintenz, Brian.........B10
R
Rainwater, Evan..........B3
Ramthun, Roy.............B5
S
Sandberg, Sheryl ........ B2
Scozzafava, Ralph.......B3
BUNGE
Continued from the prior page
originally been exploring a
smaller deal, a person familiar
with the matter said this
week. In order to gain access
to confidential information,
Glencore agreed to the standstill and then sounded out
Bunge on the idea of a full
takeover. The standstill, which
expires early next year, for
now prevents Glencore from
buying stock in Bunge or from
making any public, unsolicited
approach.
The existence of the agreement—previously
unreported—raises the possibility
After surging on news
of the possible deal,
Bunge shares gave
back all of the gain.
T
Tilson, Whitney........B12
Tripodes, Nick...........B11
W
Weinstein, Bob...........A1
Weinstein, Harvey......A1
Wozniak, Steve...........B4
Y
Young, Jean.................B5
value of about $9.5 billion Friday morning before The Wall
Street Journal reported on the
standstill agreement. The
shares rose 6.8% to close at
$72.49 on the news.
The company, which traces
its roots to a Dutch firm
founded in 1818, went public
in 2001 and expanded on the
back of a commodity boom between 2007 and 2013.
Bunge is among the world’s
biggest dealers in basic foodstuffs such as soybeans, corn
and wheat. Alongside rivals
like Cargill Inc., Archer Daniels
Midland Co. and Louis Dreyfus
Co., Bunge buys crops from
farmers and grain elevators,
sells them to food companies
and livestock operations, and
processes them into products
like vegetable oil and flour.
In May, The Wall Street
Journal reported that Glencore
had approached Bunge about
combining. Glencore later confirmed that its agriculture unit
“made an informal approach
to Bunge…regarding a possible
consensual business combination.”
Bunge’s quarterly profits
subsequently declined and its
shares sank. After surging
nearly 20% on news of the
possible deal, the shares have
given back all the gain and
then some.
Bunge and other grain traders have struggled against low
crop prices that have left
farmers reluctant to sell their
crops—a factor Bunge officials
in August said contributed to
a 33% drop in second-quarter
profit. Agricultural-commodity
prices generally have lingered
at low levels due to a succession of bumper harvests beginning in 2013.
Rising grain stockpiles also
have eased concerns over potential supply shocks, leaving
agricultural markets less volatile. That makes it harder for
companies like Bunge to profit
through trading.
VINCENT MUNDY/BLOOMBERG MEWS
Glencore is biding its time before making another approach,
though it is unclear what, if
any, its plans may be.
In August, an analyst asked
Mr. Glasenberg on a conference call if Glencore would
only pursue an agricultural
deal on friendly terms. “Would
we go friendly or hostile? I
suppose we cannot really comment on that,” Mr. Glasenberg
said.
A deal with Bunge would
bring Glencore one of the
most expansive networks of
grain-shipping and processing
facilities in North and South
America. It would represent a
long-term bet on demand for
crop trading with the global
population expected to hit 9.8
billion by 2050, according to
the United Nations.
Bunge, based in White
Plains, N.Y., had a market
Sharp, Erin..................B3
Shrewsberry, John......B1
Sloan, Timothy ........... B1
Slok, Torsten.............B12
Smith, Hank................B1
A deal for Bunge would likely carry a price tag well over $10 billion.
Bayer Unloads Assets to Aid Deal
BY ANTHONY SHEVLIN
AND NATALIA DROZDIAK
Bayer AG said it has agreed
to sell parts of its crop-science
business to rival BASF SE for
€5.9 billion ($6.98 billion), a
bid to assuage regulators as
the German chemical conglomerate seeks approval for its
$57 billion acquisition of U.S.
seed maker Monsanto Co.
Bayer said it would use the
net proceeds to partially refinance the purchase of Monsanto, a deal struck last year
that would create an industrial
powerhouse and tilt the German company heavily toward
agriculture in a long-range bet
on high-tech crops.
“We are taking an active
approach to address potential
regulatory concerns, with the
goal of facilitating a successful
close of the Monsanto transaction,” said Werner Baumann,
Bayer’s chief executive.
The European Union in August opened an in-depth inves-
Manufacturers to
Cap Herbicide Use
Chemical makers Monsanto
Co. and BASF SA agreed to
new restrictions on the use of a
herbicide blamed for damaging
millions of acres of crops across
the U.S. Farm Belt this year.
Monsanto and BASF over
the past year began marketing
new versions of dicamba to
U.S. soybean and cotton farmers, who for years have struggled to kill weeds that have developed resistance to other
commonly used herbicides.
Monsanto developed new genetically engineered soybean
and cotton seeds to resist dicamba, which would allow
farmers to spray it onto growing crops without damaging
them.
But farmers and crop researchers say dicamba, historically prone to drifting onto
neighboring fields, proved difficult to control as it was applied
to millions more farm acreage
over the summer. Scientists
who study weeds estimate
that dicamba damaged more
than 3 million acres planted
with soybeans that weren’t engineered to resist the chemical.
The U.S. Environmental Protection Agency on Thursday approved proposals from Monsanto and BASF that would
make dicamba a “restricted
use” pesticide. Those products
can only be used by a certified
applicator or someone under direct supervision of a certified
applicator. Some farmers are
themselves certified to apply
such sprays. Stricter recordkeeping on spraying and specialized training will be required,
the agency said.
The new limitations on dicamba use, however, fall short
of curbs some critics believe
are necessary to avoid a repeat
of that damage next year,
when some projections show
spraying of the potent chemical
on U.S. farm fields could
roughly double.
—Jacob Bunge
tigation into the deal, saying it
had “serious doubts” because
it could add pressure on farmers already struggling with
low crop prices. Brazil’s competition authority in early Oc-
tober said it would scrutinize
the transaction. The U.S. is
also carrying out a review.
Bayer’s deal with BASF is
contingent on the successful
completion of the Monsanto
deal, which is expected early
next year. The businesses included in the agreement with
BASF generated about €1.3 billion in net sales for 2016, or
less than 3% of Bayer’s total.
USERS
Continued from page B1
justice in Baltimore who first
noticed the Blacktivist group on
Twitter in April 2016. “But I
had no idea that it would reach
all the way to the Kremlin.”
Russia has denied any interference in the election.
The experiences of Facebook
users illustrate the apparent
sophistication of people who
ran the accounts. The posts
mimicked the tone and topics
of conversations in various
communities well enough that
the accounts largely were believed to be authentic.
In late August, before it was
taken down, Blacktivist had
411,000 followers, according to
cached versions of the page,
surpassing the official “Black
Lives Matter” Facebook account
by more than 100,000 users.
Facebook disclosed last
month that the Internet Research Agency, a Russian outfit
that shares pro-Kremlin views
online, created accounts that
bought $100,000 in ads from
June 2015 to May 2017. At least
some continued to post divisive
content as recently as August.
“Any time there’s abuse on
our system, foreign interference on our system, we are upset,” Facebook Chief Operating
Officer Sheryl Sandberg said at
an event on Thursday. “But
what we really owe the American people is determination.
These are threats. These are
CEO
Continued from the prior page
earlier this year. Tech rivals
have also beat Samsung to
market with home speakers
and artificial-intelligence tech-
BANKS
Continued from the prior page
banks is the declining number
of regulatory issues at Bank of
America and the increasing
tally at Wells Fargo. As recently as 2014, Bank of America’s results were dogged by
tens of billions of dollars in
penalties over financial-crisisera issues. Since then, the
company’s legal problems have
eased and it has made a concerted effort to cut costs and
focus on safer businesses such
as lending to consumers with
good credit.
Wells Fargo didn’t face as
many regulatory fines until
cross-selling abuses by branch
staff erupted in September
2016, with employees creating
potentially 3.5 million fake
accounts. The bank fired 5,300
employees over five years related to the sales problems.
Two months after the bank
settled that case, Donald
Trump’s election as president
raised the prospect of faster
economic growth and higher
interest rates, a combination
that brightened the prospects
for many banks, but especially
Bank of America given its
large
mortgage-securities
portfolio.
The result is that Bank of
America
shares
have
soared more than 63% over
the past year. That move is the
biggest gain among the six big
U.S. banks, four of which reported earnings this past
week.
The last two, Morgan Stan-
MANDEL NGAN/GETTY IMAGES
A
Agri-Mark....................B3
Albertsons...................B3
Alibaba Group Holding
...................................B12
Alphabet .............. B1,B12
Amazon.com
.................. A2,A5,B4,B12
AMC Entertainment
Holdings....................B3
Apple......................A5,B4
Archer Daniels Midland
.....................................B2
A protest mural in Baltimore. A pastor in that city raised concerns about the Blacktivist account.
challenges, but we will do everything we can to defeat them
because our values are worth
defending.” Facebook has declined to say how many users
engaged with the Russian content overall.
The Journal interviewed
about a dozen people who followed the pages to illustrate
how the accounts attracted so
many users. Most of the people
the Journal interviewed said
they don’t believe the content
they absorbed sowed divisions
or influenced their voting
choices. “No Russian ever
called me and said, ‘Who are
you going to vote for?’” said
Wendy Harris, from Frisco,
Texas, who said she thinks she
followed the “Secured Borders”
page around election time.
Facebook removed the 470
accounts last month for violating its policy prohibiting accounts from misrepresenting
their origin. But because they
weren’t identified earlier, and
because of an algorithm that
favors posts that trigger reactions regardless of their authenticity, these groups were
able to operate and amass a
following for the past two years
or longer.
In interviews, Facebook users often said they couldn’t remember the first time they followed one of these pages.
Facebook said the entities used
divisive ads to lure users to
their pages, where the accounts
would then serve up unpaid
content—in the form of posts,
photos and videos—more frequently. Soon the content filled
their newsfeeds, the users said.
One Facebook user in Charlotte, N.C., recalled coming
across the Blacktivist page in
late 2014 after a friend shared
a Blacktivist post about the
FBI’s surveillance of black activists. Soon after, the person,
who declined to be named,
shared a different Blacktivist
post that elicited a flood of
comments from the person’s
friends, potentially drawing
more people into Blacktivist’s
network. “Whoever wrote that
copy definitely had their finger
on the pulse,” the person said.
—Jim Oberman
contributed to this article.
nology. Meanwhile, Samsung
must fend off China’s deeppocketed push into memory
chips.
Samsung’s current advantage
in flexible mobile displays, in
which it holds a 97% market
share, could be punctured once
rivals gain the ability to mass
produce the curved screens.
Mr. Kwon, who joined Samsung in 1985 long before it became a chips heavyweight, has
been a steadying force and
served as Samsung’s public
face while Mr. Lee has been
away.
Samsung’s leadership ranks
are stocked with executives
who have decades of experience, so the firm should be able
to find his replacement internally, said Mark Newman, an
analyst for Sanford C. Bernstein.
“They’ve got a deep bench,”
Mr. Newman said.
ley and Goldman Sachs Group
Inc., are slated to report results Tuesday.
Wells Fargo posted the
worst performance over the
period, with a 20% gain.
Bank of America received
an
additional
boost
when Warren Buffett, whose
Berkshire Hathaway Inc. is the
largest shareholder at both
lenders, discussed the banks in
a late-August television interview.
He said both were “terrific”
but that Wells Fargo likely had
more troubles ahead. “What
you find is there’s never just
one cockroach in the kitchen,”
he said.
He has praised CEO Brian
Moynihan’s leadership and
said he plans to be a Bank of
America shareholder for a
long time.
Bank of America’s thirdquarter profit rose because
the bank continued to cut
costs and got a lift in lending
profits from higher interest
rates. The results put the bank
close to its long-held profitability goals.
Meanwhile, costs at Wells
Fargo jumped 8%, to $14.35
billion, and Mr. Sloan said
they are likely to remain
heightened through year-end
2018. The bank also raised the
target for its efficiency ratio
because of lower-than-expected asset growth and
higher-than-expected
expenses.
The $1 billion litigation
charge at Wells Fargo also cut
into its community-banking
unit results. This is one of the
biggest parts of the bank.
200
is the
new 65…
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and separate accounts spanning the
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before investing. Distributed by Ariel Distributors, LLC, a whollyowned subsidiary of Ariel Investments, LLC. Ariel Distributors, LLC is a
member of the Securities Investor Protection Corporation. WSJ ©2017
Slow and steady wins the race.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | B3
* * * * * * * *
BUSINESS NEWS
BY SEAN MCLAIN
AND CHIEKO TSUNEOKA
TOKYO—The scandal at
Kobe Steel Ltd. involving falsified quality data continued to
spiral Friday as the company
admitted the improprieties affected hundreds more customers and also took place at units
in Malaysia, Thailand and
China.
The Japanese company said
it had discovered several more
instances where products were
sold even though they failed to
meet customer specifications
or lacked proper quality inspections. It said the misreporting occurred with some
products over a decade, and in
some cases involved supplies
for the nuclear-power industry.
The admission was the latest in a string of disclosures
since Sunday that has reverberated around the world and
forced companies that used
Kobe Steel products—such as
General Motors Co., Toyota
GM, Union
Reach
Tentative
Accord
BY MIKE COLIAS
General Motors Co. has
reached a tentative agreement
with the union representing
factory workers who have
been on strike for nearly a
month at a key sport-utility
plant in Canada, the two sides
said Friday night.
GM and Unifor Local 88,
which represents about 2,500
workers at the auto maker’s
CAMI plant in Ingersoll, Ontario, said the deal is subject
to a vote of union members.
Terms weren’t disclosed.
The strike disrupted production of the Chevrolet Equinox, GM’s top-selling SUV in
the U.S. and its second most
popular model. GM also makes
the crossover SUV at two
plants in Mexico, and a union
official said this week that
company negotiators had
warned union officials that the
auto maker would ramp up
Mexican production if employees didn’t return to the CAMI
assembly line.
Workers walked off the job
Sept. 18, after negotiators
failed to reach a deal on a new
four-year contract. Job security was the main sticking
point. Union officials wanted
GM to designate CAMI as the
primary production source for
the Equinox, fearing the auto
maker could divert more production to Mexico.
The strike has played out
amid talks among negotiators
from the U.S., Canada and
Mexico over a potential revamp of the North American
2,500
The number of workers on strike
at the Ingersoll, Ontario, plant
Free Trade Agreement. Unifor
President Jerry Dias in an interview this week called CAMI
“the poster child for what’s
wrong with Nafta.”
The CAMI plant has been
the primary manufacturing
source for the Equinox for
more than a decade. This year,
though, GM equipped two factories in Mexico to produce a
redesigned version of the SUV,
which came out this summer.
GM already laid off several
hundred workers at CAMI this
year after moving production
of another SUV from the plant
to Mexico.
GM has been counting on
strong demand for the revamped Equinox to drive profit
growth in North America this
year, as sales of passenger-car
lines slow. With production
halted at CAMI, dealership
stocks in the U.S. fell to a 41-day
supply as of the end of September, according to WardsAuto.com. Auto makers prefer at
least a 60-day supply.
Motor Corp. and Boeing Co.—
to examine the possible impact.
Since the initial announcement, the number of customers
affected has more than doubled
to 500. The number of countries where Kobe Steel factories falsified data now stands
at four, rather than just Japan,
and the products affected now
include steel, as well as aluminum and copper.
West Japan Railway Co.
said it used a substandard shipment of aluminum for part of
the undercarriage of some bullet trains. It said the aluminum
was out of specification by less
than 10%, which meant it
wasn’t at risk of failing, and
would be replaced during annual safety inspections.
In a newly revealed cases,
subsidiary Shinko Metal Products Co. shipped around 700
tons of copper-alloy piping for
which quality information had
been doctored or quality testing hadn’t been conducted.
Tokyo Electric Power Co. said
it received a shipment of these
pipes for its Fukushima Daini
nuclear-power plant, though
they were spares and never
used. The plant has been shut
down since Japan’s 2011 earthquake and tsunami.
Substandard aluminum went into some Japanese bullet trains, and Kobe Steel said falsification also occurred at some overseas units.
Chevron Drops Australian Offshore Project
BY ROBB M. STEWART
MELBOURNE, Australia—
Chevron Corp. has abandoned
plans for deep-water exploration wells off Australia’s
southern coast, the second oil
major to be squeezed out of
the Great Australian Bight, citing low oil prices.
The U.S. company said its
exploration program in the
Bight lost out to other projects in its global portfolio in
competing for capital. The
withdrawal follows BP PLC’s
decision a year ago to halt its
exploration efforts in the area,
saying the project didn’t stack
up financially.
Nigel Hearne, managing director of Chevron Australia,
said the decision to halt exploration didn’t stem from regulatory, community or environmental concerns. “We are
confident the Great Australian
Bight can be developed safely
and responsibly and we will
work closely with the interested stakeholders to help realize its potential,” he said.
The Bight is seen as one of
the most promising oil frontiers in Australia, possibly rivaling the southeastern Bass
Strait, where Royal Dutch
Shell PLC and BHP Billiton Ltd.
have pumped out more than 4
billion barrels of crude and
some 8 trillion cubic feet of
gas over about 40 years.
Much of the area marked
for exploration in the Bight,
which spans about 1,000 miles
along the coasts of South Australia and Western Australia
states, lies in a marine reserve,
home to whales and sea lions.
It is a rich fishing ground and
lures tourists who come to
view great white sharks from
diving cages. Yet it is known
for extreme weather, and environmental groups have warned
of risks to wildlife and the
coast in the event of a deepsea well blowout.
Greenpeace said Chevron’s
decision was a signal for Norway’s state-owned Statoil
ASA—the remaining energy
major in the Bight, having revived BP’s drilling plans in
June—to abandon the area.
“The coastal communities of
southern
Australia
have
dodged another bullet, but the
The move to halt
exploration was
commercial, the
company said.
threat of Statoil still looms,”
Nathaniel Pelle, a campaigner
for the environmental group,
said Friday.
Like Chevron, BP had
stressed its decision to leave
the Bight was commercial, despite coming weeks after Aus-
tralia’s oil-and-gas regulator
requested more information
on how the British oil giant
planned to manage environmental risks there.
In late 2013, Chevron bought
two exploration licenses in the
Bight, covering a total of more
than 12,000 square miles. The
company said early seismic
surveys had been promising
and it had planned four exploration wells. In a submission to
Canberra this year, Chevron estimated each well could cost
100 million Australian dollars
(US$78.2 million), though in
Australia only 14% of wells
drilled typically lead to production.
Prospects for activity in the
Bight will remain weak until
oil prices and global sentiment
toward frontier, deep-water
exploration recovers, said Saul
Kavonic, an analyst at consultancy Wood Mackenzie. The
remote
location,
harsh
weather and rough seas make
it a challenging place to explore, he said.
Chevron said it remains focused on Western Australia,
where it has invested billions
of dollars in natural-gas operations. Last week, the company took stakes in three offshore exploration blocks in the
Northern Carnarvon Basin,
while its Wheatstone project
began producing liquefied natural gas this week. It also
ramped up LNG output at its
Gorgon project on Barrow Island in March.
The Australian Petroleum
Production and Exploration
Association, an industry lobby
group, said Chevron’s decision
was a reminder that investment in developing Australia’s
energy resources can’t be
taken for granted. It estimates
onshore and offshore oil-andgas exploration in the country
is at 30-year lows, due to difficult market conditions and rising regulatory costs.
Grocers Spoil Milk Processing for Dairy Industry
BY HEATHER HADDON
AND BENJAMIN PARKIN
Food retailers are becoming
big players in the milk processing and bottling business,
a development that threatens
to squeeze a longstanding network of dairy processors and
farmer-owned plants.
Milk is a low-margin commodity, susceptible to price
swings. Americans are drinking less of it, even as demand
rises for cheese, butter and
other dairy products. But grocery executives say ensuring
for themselves a steady supply
of what remains one the most
frequently purchased items in
their stores is worth spending
millions of dollars on manufacturing facilities.
“Virtually every basket that
goes through has milk,” said
Erin Sharp, group vice president for manufacturing at
Kroger Co., the largest U.S.
supermarket chain by revenue
and stores.
Kroger, which built a fully
automated dairy plant three
years ago in Colorado, is now
processing 100% of the fresh
milk it sells. Competitor
Albertsons Cos. opened a
55,000 square-foot plant in
Pennsylvania this summer that
will be able to produce orange
juice, ice tea and other drinks
when milk demand is low or
prices dip.
“We are lot more agile”
than traditional dairy processors, said Evan Rainwater,
Albertsons’s senior vice president for manufacturing. “You
can do a lot more in a dairy
plant than make dairy.”
Wal-Mart Stores Inc. said
it plans to open what would be
one of the country’s biggest
dairy plants in Indiana by next
year.
Some cooperatives say the
new processing plants could
give hard-pressed farmers
dealing with a dairy glut more
places to sell their excess milk.
Grain prices have dropped in
recent years, encouraging
HEATHER AINSWORTH FOR THE WALL STREET JOURNAL
For some products,
doctoring of data on
quality occurred over
more than a decade
ZUMA PRESS
Kobe Steel Discloses More Misreporting
Kroger and Albertsons have entered a business dominated by dairy processors and farmer co-ops.
some farmers to expand their
herds even as milk consumption has dropped.
Chris Galen, spokesman for
the National Milk Producers
Federation, said food retailers’
growing bottling operations
have farmers and executives at
dairy production companies
and cooperatives asking how
grocers will make money in
the low-margin business.
Wal-Mart’s plant will supply milk to more than 600
stores across five Midwest
states that are now supplied
by Dean Foods Co., one of the
world’s largest milk producers. Dean will still supply WalMart stores elsewhere, but the
new plant will cost Dean
roughly 100 million gallons of
annual milk sales out of 2.5
billion total beginning next
year, according to Dean. The
lost business from its biggest
customer could affect earnings
next year, Dean executives
said.
“We’re going to bear with
Dairy Churn
U.S. consumers are eating more butter and cheese while drinking less
milk. Percentage change in per capita consumption:
30%
Butter
s28%
20
Cheese
s20%
10
0
–10
–20
Milk
t22%
–30
2000
’02
’04
’06
’08
Source: USDA
our partners at Wal-Mart and
we’re going to do the best we
can to ensure a smooth transition,” Dean Chief Executive
Ralph Scozzafava told investors recently.
’10
’12
’14
’16
THE WALL STREET JOURNAL.
Dean’s stock has lost more
than half its value this year as
the company contends with
competition and other customer volume losses. A company spokesman declined to
comment ahead of its next
earnings.
With milk prices falling a
third from 2014 to 2016, traditional processors have had little incentive to invest in new
plants that could turn the excess into increasingly popular
cheese and butter, said Mike
McCully, a dairy-industry consultant in New Buffalo, Mich.
Cheese and butter prices have
also dropped despite rising
demand. As a result, some
farmers are dumping excess
milk on their fields. Others
have gone out of business.
“It’s been extremely hard
on the small independent
farmers that have lost their
market in the last year or
two,” said Michael Barnes, a
dairy farmer in central New
York and board member at
Agri-Mark, Inc. dairy cooperative in Massachusetts. Mr.
Barnes expanded his herd sevenfold from 2010 only to see
his profits dry up as prices
fell.
Some dairy farmers are
building or expanding their
own processing plants to keep
up with expanding milk supplies. Dairy Farmers of America, a national cooperative,
has invested more than $750
million in plants in the Northeast and Midwest in the last
five years to increase capacity
there. A group of producers in
New York invested over $100
million to open a facility, Cayuga Milk Ingredients, in
2014.
Cooperatives tend to focus
on processing products like
butter and milk powder rather
than fluid milk. But some
farmers worry the huge new
retailer-owned plants will
speed the gradual consolidation of the dairy industry,
squeezing their cooperativeowned facilities out of business. The U.S. pork and poultry industries are already
organized around large meatpacking companies that control of every segment of production.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
Uber Can Continue Competing With London’s Taxis...for Now
Apple’s
Wozniak
Partners
On Tech
Program
TOBY MELVILLE/REUTERS
BY AUSTEN HUFFORD
LONDON—Uber Technologies
Inc. on Friday formally appealed
the London transportation authority’s decision to revoke its
operating license, a move that allows the ride-hailing company to
continue working in the city for
the time being.
A judge will hear arguments
from Uber and the authority,
Transport for London, before
making a decision. The process
could take months.
Transport for London on Sept.
22 said it wouldn’t renew Uber’s
license, which was set to expire
on Sept. 30. It said Uber’s “approach and conduct demonstrate
a lack of corporate responsibility”
in several areas, such as background checks for drivers and
the reporting of serious crimes.
“While we have today filed
our appeal so that Londoners
can continue using our app, we
hope to continue having constructive discussions with Trans-
port for London,” an Uber
spokesman said Friday. “As our
new CEO has said, we are determined to make things right.”
A Transport for London
spokeswoman said the authority
is aware of the appeal and declined to comment further.
London Mayor Sadiq Khan,
who is also Transport for London’s chairman, said Thursday
that the authority would defend
its decision in court.
London accounts for 5% of
Uber’s active global user base.
Uber says it has 40,000 drivers
in London.
—Stu Woo
Nintendo Reaches Out With Mature Content
TOKYO—Nintendo Co. is
encouraging some producers
of violent or risqué videogames to provide content for
its Switch console in an attempt to shed its image as a
maker of devices just for families, software developers say.
This isn’t the first time
games for mature audiences
have been available on Nintendo systems. Switch predecessors such as the Wii U had
them. But in recent years, the
company has been mostly elbowed out of that market by
Sony Corp.’s PlayStation and
Microsoft Corp.’s Xbox.
Switch has gotten off to a
strong start since its introduction in March and remains a
hot item in the U.S. and Japan,
where Nintendo earns roughly
70% of its total revenue.
While Nintendo plans to stay
loyal to families and casual
game fans, getting more adult
gamers to buy the handheld-hybrid console could be key to
turning the device into a massive hit like the PlayStation 4,
which sold more than 63.3 million units as of June 30 since
the product’s launch in 2013.
KIM KYUNG-HOON/REUTERS
BY TAKASHI MOCHIZUKI
The company, known for such child-friendly characters as Super
Mario, aims to expand the customer base for its Switch console.
The Switch had sold 4.7 million
units as of the end of June.
The software lineup for the
Switch includes “Nights of
Azure 2: Bride of the New
Moon,” an action role-playing
game featuring lightly clothed
female characters; “Shinobi Refle: Senran Kagura,” a game primarily for the Japanese market
that allows players to massage
young women; and “Doom,” a
bloody shoot-’em-up game.
“Nights of Azure 2” is already on sale in Japan. It is set
for U.S. release later this year
along with “Doom.” The Japan
release of “Shinobi Refle” has
been announced; its maker declined to say whether it is
coming to the U.S.
“It was a surprise that the
Nintendo we know so well allowed outside developers to
release such games for the
Switch,” said Kaori Nishioka, a
32-year-old web designer in
Fukuoka, Japan.
Developers say more titles
for mature audiences are coming after Nintendo encouraged
them to publish a wide range of
games for the Switch.
Inti Creates Co. said last
month it would release
“Gal*Gun 2” for the Switch
early next year in the U.S.,
Japan and Europe. The company has released other titles in
the series for PlayStation, Xbox
and personal computers. In the
game, players try to hit young
women with pheromone shots.
Takuya Aizu, chief executive
of Inti Creates, said he initially
assumed Nintendo wouldn’t be
interested in the game, but in
discussions with the company,
it welcomed the idea of bringing it to the Switch. Other
software makers described a
similar message.
Nintendo said games for its
machines covered a variety of
playing styles, genres and ratings. “As with books, television
and movies, different content
is meant for different audiences,” the company said.
Nintendo also said parents
have several ways to ensure
their children don’t play games
aimed at adults.
The Switch is Nintendo’s bid
for a comeback after its previous console, the Wii U, didn’t
gain a wide audience. One reason was the lack of interest from
hard-core adult gamers, which
led software makers interested
in that audience to focus on the
PlayStation and Xbox.
To avoid repeating the pattern, Nintendo, known for such
child-friendly characters as Super Mario, has been remaking
its image since it first started
talking about the Switch a year
ago. When it first revealed the
product, it showed professional-looking gray controllers,
instead of the neon-blue and
neon-red colors that conformed to the traditional Nintendo style. A promotional
video for the Switch featured
young adults and not children.
At a Switch presentation in
January, the venue was given a
nightclub-like
atmosphere.
Shinya Takahashi, a Nintendo
executive, said at the time that
the aim was to attract grownup game players in the West.
“Making a pitch to mature
consumers with a wider range
of games is basically good for
the business, but Nintendo
should do it carefully so that it
doesn’t break the image
among parents that Nintendo
products are safe,” said Atsushi Osanai, a professor at
Waseda Business School.
—Sarah E. Needleman
contributed to this article.
Amazon Bookstores
Offer Peek Into
Whole Foods Plan
Amazon.com Inc. is just
starting to make its mark on
Whole Foods Market Inc.
stores. But for clues to what
Amazon might have in mind
for its new subsidiary, shoppers can look to the retail giant’s walk-in laboratories: its
brick-and-mortar bookstores.
The Seattle-based company
launched its Amazon Books
experiment about two years
ago and has since used the locations to experiment with instore pricing and selection.
At its dozen stores in cities
such as New York, Chicago and
San Jose, Calif., prices aren’t
marked. Instead, employees
instruct shoppers to use their
phones to scan a product for a
price, which is lower for members of Prime, Amazon’s paid
membership service. There are
also kiosks in store to check
prices.
One advantage to Amazon
of no price tags on shelves is
that it has been able to import
its online tool of dynamic pric-
ing, where the price may fluctuate to match other deals.
(Nonmembers pay the list
price.)
For example, the hard-copy
edition of “Notorious RBG: The
Life and Times of Ruth Bader
Ginsburg” by Irin Carmon and
Shana Knizhnik was $10.36 recently, up from $9.72 last
month. “60 Hikes Within 60
Miles, San Francisco” by Jane
Huber was up $1.75 to $18.93
over the same period.
Amazon is encouraging the
practice known as “showrooming,” where consumers pricecompare on their phones while
in store, something that has
punished many traditional retailers. Amazon wants consumers to use their phones instore to see more reviews,
purchase the e-book or order
it to be delivered.
The scanning also allows Amazon a peek at consumer browsing, information retail experts
say it can use to better tailor instore selection and online customer recommendations.
The bookstores are “a huge
way for them to jump ahead and
The launch includes
online programs and
plans to offer courses
in over 30 cities.
customized programs.
Another program will provide school districts with materials to expose younger students to digital engineering
concepts.
In March 2016, Mr. Wozniak
was appointed innovator-inresidence at High Point University, a liberal-arts college in
High Point, N.C. With the title,
he has made visits to the
school to speak with students
and faculty.
Southern Careers Institute
was founded in 1960 and is
based in Austin, Texas.
Retail Spaces
Amazon’s physical store
locations by format
TIMOTHY A. CLARY/GETTY IMAGES
BY LAURA STEVENS
AND JEFFREY A. TRACHTENBERG
Apple Inc. co-founder Steve
Wozniak has formed a relationship with a for-profit university to help people enter
into the technology workforce.
Mr. Wozniak is working
with Southern Careers Institute to launch Woz U, an education program to help people
enter into the tech workforce
quickly and affordably.
It will also provide services
to companies, helping them
connect with potential hires
and provide training resources
to their employees.
“Our goal is to educate and
train people in employable
digital skills without putting
them into years of debt,” Mr.
Wozniak, who invented the
Apple II computer and
founded the company with
Steve Jobs in 1976, said in prepared remarks.
This year, a number of coding boot camps have closed in
a shakeout in the fast-growing
industry.
For-profit education companies and investors poured
funds into coding programs in
recent years as they sought a
foothold in the ballooning demand for a computer-savvy
workforce. The camps aim to
turn people with little or no
programming experience into
entry-level computer programmers over several weeks or
months.
Scottsdale, Ariz.-based Woz
U launched Friday with online
programs and plans to add
campuses in more than 30 cities.
One of the organization’s
programs will work with tech
companies to recruit and train
people through subscriptionbased curriculum and on-site
474
Whole Foods
stores
52
Amazon Pop-Up
mall stores
12
Amazon Books
(more announced)
2
AmazonFresh
Pickup
1
Amazon Go
Source: the company
Customers arrive at the company’s brick-and-mortar store in Manhattan’s Time Warner Center.
THE WALL STREET JOURNAL.
streamline data,” says Elaine
Kwon, founder of e-commerce
management and software firm
Kwontified and a former Amazon manager.
Whole Foods shoppers probably will never have to scan a
cereal box with their phone to
determine that price or any
other. But other changes Amazon has made in-store are more
likely to be applied, like offering
special prices to Prime members
and keeping pricing consistent
between products online and on
stores is as specific as what’s
selling well in the local ZIP
Codes.
Amazon opened its first
brick-and-mortar bookstore in
its hometown of Seattle in
2015, two decades after selling
its first books online. Openings have accelerated in the
past year, and three more—in
Walnut Creek, Calif.; Austin,
Texas; and Washington, D.C.—
are slated.
—Heather Haddon
contributed to this article.
the shelves.
Amazon declined to comment on what lessons it might
carry over. It has previously said
it would add Prime membership
benefits at Whole Foods, but
hasn’t specified what those will
entail.
The stakes are now much
higher than just books: Amazon
spent $13.5 billion in August to
acquire Whole Foods and its
470-plus stores.
Most traditional retailers use
decades of in-store sales data to
inform their selection and pricing. With Amazon, online sales
data drive decisions. Amazon is
beginning to reap information
about Whole Foods sales online
after introducing the grocer’s
private-label goods on the online retail giant’s site immediately after the acquisition.
In its first month, Amazon
sold an estimated $1.6 million in
Whole Foods-branded products
on its site.
The online shopping data
Amazon uses to shape its book-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | B5
WEEKEND INVESTOR
RETIREMENT REPORT | By Anne Tergesen
When my
company
starts its benefits enrollment in a few
weeks, I will
again face a dilemma: Should
I stick with the high-deductible health-insurance plan
I’ve used for the past two
years or return to the conventional plan with its
higher premiums but lower
deductibles?
High-deductible plans
generally charge lower premiums in return for exposing
policyholders to potentially
higher out-of-pocket costs.
Some also offer individuals
and families the chance to
save up to $3,400 or $6,750
a year, respectively, in a
health-savings account, or
HSA. (Those 55 or older can
save $1,000 more.)
High-deductible health
plans generally work well for
people in good health, who
aren’t likely to spend enough
on medical care to fully offset the money they save on
premiums.
But high-deductible plans
also can be the better choice
for some people with higher
medical costs. To get a sense
for your best bet, you will
need to look up some basic
information about your
health-insurance choices and
do some simple math.
For 2016, I decided to
switch to my company’s
high-deductible plan. I funneled the $1,300 or so I
saved on premiums that year
into an HSA I invested
largely in stocks and added
$2,050 more because I
wanted to make the maximum annual contribution allowed, which was $3,350 in
2016.
My family’s medical bills
were low in 2016, so I opted
for the high-deductible plan
again for 2017.
But this year, our costs
soared. Feeling overwhelmed
by medical bills, I decided to
figure out whether to
switch back to the
conventional
Healthy Option
Percentage of workers
enrolled in a high-deductible
health-insurance plan*
30%
25
20
15
10
5
0
2006 ’08
’10
’12
’14
’16
*A plan that’s compatible with either a
health savings arrangement or a
company-funded health reimbursement
account
Source: Kaiser Family Foundation/HRET
Survey of Employer-Sponsored Health
Benefits, 2006-16
THE WALL STREET JOURNAL.
plan, which covers 90% of
costs after a $1,000 deductible, versus 70% after a
$2,800 deductible with the
high-deductible plan.
For help with the analysis,
I called Roy Ramthun, a consultant who specializes in
high-deductible plans and
HSAs. When trying to choose
between two health-insurance plans, Mr. Ramthun recommends starting with a
“worst-case-scenario” analysis. This shows which plan
would be most cost-effective
in the event you spend so
much you hit your plan’s
out-of-pocket spending limit.
Mr. Ramthun told me to
calculate how much I am
spending on premiums this
year ($2,480) and compare
that with the amount I
would have spent had I instead chosen the conventional plan ($3,750). My premium savings under the
high-deductible plan: $1,270.
He also reminded me that
I save on taxes when I contribute to an HSA. Because
my company contributes
$500 a year
to my HSA, I counted that as
savings, too. My total savings on taxes, premiums and
employer contributions under the high-deductible plan:
$2,620.
But given that the highdeductible plan requires me
to pay a greater share of my
medical bills, how much
more could I be forced to
spend?
Assuming my family continues to stick largely with
doctors and hospitals that
accept our insurance, the
high-deductible plan could
theoretically make me responsible for $6,800 in outof-pocket spending, a number that includes the plan’s
$2,800 deductible. That is
$800 more than the $6,000 I
might be forced to spend under the conventional plan.
Since the high-deductible
plan saves me $2,620 on
items including premiums
and taxes, I can spend $800
more and still come out
ahead by $1,820.
Where do I stand if I consider my actual spending?
I have spent $6,450 so far
this year. That’s $1,628 more
than the $4,822.19 I would
have spent under the conventional plan.
The bottom line: My savings under the high deductible plan ($2,620) exceed the
extra $1,628 I have spent on
medical bills by $992. (That
$992 in savings will decline
if my family spends more on
medical bills between now
and Dec. 31. But because I
am $350 away from my
plan’s $6,800 out-of-pocket
spending limit, my additional
spending should be capped
at $350 for in-network providers.)
After having run the numbers, I’m relieved to learn I
didn’t make a mistake by
choosing the high-deductible
plan.
CHRISTOPHE VORLET
Crunching the Numbers
On Health-Plan Choices
INVEST
Continued from page B1
mated in 2011.
Many employers set the
initial contribution rate at
3% of pay, partly to cut
costs, partly out of concern
that a higher rate might
painfully pinch many workers’ take-home pay, discouraging them from participating at all.
Because inertia is one of
the most powerful forces in
financial physics, workers
who are defaulted into saving 3% are inclined to leave
their contribution rate right
there.
Those who make an active
choice, however, tend to
think through the problem of
how much they can afford to
save from scratch. They may
also be more motivated by
receiving the maximum
matching contribution from
the company, which often
applies on the first 6% that
employees set aside.
On average, newly hired
workers who opted in voluntarily to a 401(k) plan chose
to save 5% of their paycheck
in 2016, while those who
were automatically defaulted
in saved 4.1%, according to
Vanguard Group.
Nearly half, 44%, of 401(k)
plans using automatic enrollment default workers in at a
contribution rate of 3%, says
Vanguard. Only about 20% of
such plans default employers
in at saving rates of 6% or
higher, according to Vanguard and the Plan Sponsor
Council of America.
About one-tenth of workers will stop saving regardless of whether the contribution rate is 3% or 6%, says
Jean Young, senior analyst
at the Vanguard Group’s
Center for Investor Research.
Yet many employers remain
worried that workers will
stop saving entirely if 6% or
more comes out of their paycheck.
A new study led by John
Beshears of Harvard Business School and Shlomo Benartzi of the University of
California, Los Angeles,
shows that employers can
probably default workers
into 401(k) plans at rates
above 6% without scaring
them out of saving.
From November 2016
through this past July, the
researchers studied 10,000
employees enrolling in 1,500
retirement plans served by
Voya Financial Inc., the
fifth-largest
401(k) provider by assets in
the U.S.
The employees were randomly selected to view a default saving rate of 6%, 7%,
8%, 9%, 10% or 11%. (They
could reduce the rate in increments all the way down
to zero simply by clicking a
button.)
Were those who saw default saving rates above 6%
significantly more likely to
drop out? No, the study
found: Roughly one in 10
participants quit saving, irrespective of how much would
come out of their paychecks.
Something else happened:
Those with default contribution rates above 6% ended
up saving 0.2 to 0.5 percentage point more.
The difference in saving
6%, versus 6.2% to 6.5%,
might sound trivial, but it
isn’t. Stretch that over decades and it can add up to
tens of thousands of dollars,
as much as an 8% increase in
total retirement savings,
says Prof. Benartzi.
Many Americans aren’t
saving nearly enough and often don’t even realize it. Getting people to save 6.2% instead of 6% “isn’t going to
solve the undersaving crisis
by itself,” says Prof.
Beshears. “But we shouldn’t
let the perfect be the enemy
of the good or the better. Every little bit counts.”
EIGHTY TWO
The Fidelity Retirement Score.℠
Another way we’re making retirement planning clearer.
We introduced the Fidelity Retirement Score to make it easy to know where you stand.
But getting your score is just the beginning. If you move your old 401(k) to a
Fidelity Rollover IRA, you’ll get:
• Clear, transparent language to help you understand your options
• A one-on-one assessment of your plan to help you determine
what to do next, and why
• Simple, straightforward pricing with no fees to open or maintain your account
It’s your retirement. Know where you stand.
800.FIDELITY | Fidelity.com/score
Be sure to consider all your available options, including staying in plan,
and the applicable fees and features of each before moving your retirement assets.
There is no opening cost or annual fee for Fidelity’s traditional, Roth, SEP, and rollover IRAs. A $50 account closeout fee may apply. Fund investments held in your account may be subject to
management, low-balance, and short-term trading fees, as described in the offering materials. For all securities, see Fidelity.com/commissions for trading commission and transaction fee details.
IMPORTANT: The projections or other information generated by the Fidelity Retirement Score regarding the likelihood of various investment outcomes are hypothetical in nature, do
not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time.
The Fidelity Retirement Score is a hypothetical illustration and does not represent your individual situation or the investment results of any particular investment or investment strategy, and is
not a guarantee of future results. Your score does not consider the composition of current savings and other factors.
Guidance provided by Fidelity through the Fidelity Retirement Score is educational in nature, is not individualized, and is not intended to serve as the primary basis for your investment or
tax-planning decisions.
Investing involves risk, including the risk of loss.
The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2016 FMR LLC. All rights reserved. 773775.19.0
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B6 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
22871.72 s 30.71, or 0.13%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.93 20.03
P/E estimate *
19.39 17.46
Dividend yield
2.24
2.59
All-time high 22872.89, 10/11/17
Nasdaq Composite Index
Last
2553.17 s 2.24, or 0.09%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.55 24.33
P/E estimate *
19.39 18.12
Dividend yield
1.95
2.15
All-time high: 2555.24, 10/11/17
Last Year ago
6605.80 s 14.29, or 0.22%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.19
24.15
P/E estimate *
21.15
19.55
Dividend yield
1.10
1.22
All-time high: 6605.80, 10/13/17
Current divisor 0.14523396877348
Session high
2560
6600
22400
2530
6500
22000
2500
6400
21600
2470
6300
21200
2440
UP
Close
t
DOWN
Session open
22800
Open
t
Close
65-day moving average
6200
65-day moving average
65-day moving average
Session low
20800
6100
2410
Bars measure the point change from session's open
20400
July
Aug.
Sept.
6000
2380
Oct.
July
Aug.
Sept.
July
Oct.
Aug.
Sept.
Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
YTD
% chg
3-yr. ann.
Dow Jones
Industrial Average
22905.33 22855.93 22871.72
Transportation Avg 10080.51
9928.58
747.07
735.40
Utility Average
Total Stock Market
Barron's 400
Standard & Poor's
500 Index
22872.89 17888.28
26.1
15.7
10038.13
7967.02
23.6
9.9
8.8
-7.63 -1.02
754.80
625.44
13.1
11.8
9.5
26510.39 21514.15
687.05
521.59
20.1
26.9
13.8
13.9
10.9
12.3
737.25
26538.40 26476.01 26485.98
686.63
684.20
685.13
Nasdaq Stock Market
Nasdaq Composite
6616.58
Nasdaq 100
6100.06
2557.65
30.71
9936.22 -101.91 -1.02
6602.20
6087.03
6605.80
6092.45
2552.09
0.13
15.88
0.03
0.06
0.004
14.29
22.46
2553.17
2.24
MidCap 400
SmallCap 600
1826.23
912.40
1818.15
908.00
1818.82
908.37
-0.91
-1.06
Other Indexes
Russell 2000
1508.22
1502.23
1502.66
-2.51
12377.89 12350.03 12352.02
0.22
0.37
0.09
6605.80
6092.45
2555.24
5046.37
4660.46
26.7
26.7
2085.18
11.9
22.7
25.3
19.7
14.0
16.2
17.0
10.8
-0.12
1819.96
918.72
1476.68
703.64
19.7
23.3
9.5
8.4
12.2
14.2
-0.17
1512.09
1156.89
23.9
10.7
12.7
-0.05
13.28
0.11
544.57
542.41
542.81
0.40
0.07
NYSE Arca Biotech
4277.22
4258.34
4261.55
-8.19
NYSE Arca Pharma
NYSE Composite
12362.06 10289.35
17.4
11.7
6.7
545.78
455.65
15.1
7.2
6.5
-0.19
4304.77
2834.14
40.5
38.6
13.1
555.09
553.13
553.32
-1.58
-0.28
555.86
463.78
11.6
14.9
3.3
KBW Bank
99.46
97.79
-0.48
-0.48
100.76
70.93
38.8
7.7
PHLX§ Gold/Silver
98.88
13.1
87.95
86.81
87.29
0.17
96.72
73.03
7.7
10.7
3.6
1.14
117.79
-16.2
802.88 50.6
9.19 -40.4
PHLX§ Oil Service
PHLX§ Semiconductor
CBOE Volatility
140.36
138.01
138.09
1223.31
9.98
1213.85
9.44
1219.21
9.61
0.19
8.12
-0.30 -3.03
Philadelphia Stock Exchange
0.83
192.66
0.67
1219.21
22.51
Volume, Advancers, Decliners
Region/Country Index
Close
Most-active issues in late trading
Company
Volume
(000)
Symbol
SPDR S&P 500
SPY
Net chg
YTD
% chg
9.30
0.97
1.11
0.32
0.26
0.43
16.8
17.5
21.3
DJ Americas
616.34
Sao Paulo Bovespa 76989.79
S&P/TSX Comp
15807.17
S&P/BMV IPC
49981.94
Santiago IPSA
4145.17
0.66
329.99
64.97
19.15
19.27
0.11
0.43
0.41
0.04
0.47
14.1
27.8
3.4
9.5
28.6
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
IBEX 35
SX All Share
Swiss Market
FTSE 100
391.42
391.00
4069.91
5351.74
12991.87
1441.19
22413.54
546.21
1156.64
10258.00
587.70
9311.69
7535.44
1.14
0.11
–0.77
–9.07
8.98
…
15.03
3.37
12.68
–17.90
0.62
14.35
–20.80
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5814.20
Shanghai Composite 3390.52
Hang Seng
28476.43
S&P BSE Sensex
32432.69
Nikkei Stock Avg
21155.18
Straits Times
3319.11
Kospi
2473.62
Weighted
10724.09
19.70
4.42
17.40
250.47
200.46
16.02
–1.14
12.65
0.29
0.03
–0.02
–0.17
0.07
Closed
0.07
0.62
1.11
–0.17
0.11
0.15
–0.28
0.34
0.13
0.06
0.78
0.96
0.49
–0.05
0.12
8.3
11.6
12.9
10.1
13.2
–2.0
16.5
13.0
0.4
9.7
9.9
13.3
5.5
2.6
9.2
29.4
21.8
10.7
15.2
22.1
15.9
Selected rates
A consumer rate against its
benchmark over the past year
Money market accounts
20.36
-0.01
-0.05
20.37
20.36
26.08
-0.05
-0.19
26.13
26.06
iShares Russell 2000 ETF IWM
2,448.6 149.43
0.06
TRXC
TransEnterix
Verizon Communications VZ
2,281.0
2.59
1.13
77.40
2.72
1.46
1,777.5
47.86
…
unch.
48.11
47.86
Investors Bancorp
ISBC
1,708.3
13.65
…
unch.
13.65
13.65
Jabil
JBL
1,657.0
28.24
…
unch.
28.25
28.24
2,281.0
2.59
1.13
77.40
2.72
1.46
5.0
2.27
0.20
9.66
2.27
1.97
Aratana Therapeutics PETX
42.9
6.80
0.55
8.80
7.42
6.25
VirnetX Holding
11.4
7.30
0.30
4.29
7.50
7.00
36.7
18.00
0.53
3.03
18.00
17.47
0.04 149.54 149.29
Percentage gainers…
TRXC
Proteostasis Therapeutics PTI
VHC
Halozyme Therapeutics HALO
...And losers
9.7
2.60
-0.14
-5.11
2.72
2.50
ETR
14.1
78.37
-3.92
-4.76
82.32
78.37
-24.9 -16.1
NRG Energy
NRG
91.1
25.04
-1.02
-3.91
26.11
25.04
34.5 30.4
-31.6 -26.9
Intuitive Surgical
ISRG
72.5 349.00 -13.29
-3.67 363.18 337.66
California Resources
CRC
19.7
-2.63
Company
Symbol
China Lending
Net Element
Optibase
Remark Holdings
OptiNose
CLDC
Inotek Pharmaceuticals ITEK
10.00
-0.27
10.29
10.00
Secoo Holding ADR
PLx Pharma
China Rapid Finance ADR
Oi ADR
Sohu.com
SECO
Albireo Pharma
Pulse Biosciences
Echelon
Lannett Co
ANI Pharmaceuticals
ALBO
OBAS
MARK
OPTN
PLXP
XRF
OIBR.C
SOHU
PLSE
ELON
LCI
ANIP
High
52-Week
Low
% chg
Symbol
Bank of America
Finl Select Sector SPDR
iShares MSCI Emg Markets
Vale ADR
AT&T
BAC
42.75
29.56
23.61
21.36
18.75
8.30
15.40
10.40
4.87
...
2.00
2.56
6.40
1.93
...
-35.7
-52.5
-1.1
-18.5
...
Antares Pharma
Tandem Diabetes Care
Nuverra Envtl Solutions
CASI Pharmaceuticals
Rexahn Pharmaceuticals
ATRS
8.16
7.50
11.32
9.28
64.50
1.19
0.95
1.42
1.08
7.45
17.07
14.50
14.34
13.17
13.06
12.70 6.61
13.15 1.05
12.30 5.60
9.38 3.11
66.77 32.60
...
-40.8
...
66.6
48.5
Infinity Pharmaceuticals
Voyager Therapeutics
Applied Optoelectronics
Molecular Templates
Celsion
INFI
26.99
24.44
5.31
23.25
60.11
3.00
2.59
0.55
2.35
5.88
12.51
11.85
11.45
11.24
10.84
37.69 14.00
39.50 5.20
7.20 4.17
27.90 14.90
67.67 42.23
60.7
332.6
3.3
-6.4
-7.2
VirnetX Holding
NeoGenomics
CHF Solutions
Roka Bioscience
Del Frisco's Restaurant
VHC
Ford Motor
Comcast Cl A
SPDR S&P 500
General Electric
Advanced Micro Devices
F
Volume % chg from Latest Session
(000) 65-day avg Close % chg
25.83 1.49
26.13 0.04
46.66 0.91
10.45 5.98
35.70 -0.45
43,248
CMCSA 42,681
SPY
40,853
GE
39,967
AMD
37,075
23.3
106.5
-33.6
-3.3
-38.0
12.05 -0.58
36.01 0.17
254.95 0.12
22.98 -0.30
14.22 0.14
VALE
T
0.30
t
–0.30
1.30%
844-878-7359
Barclays
Wilmington, DE
1.30%
888-720-8756
Goldman Sachs Bank USA
1.30%
New York, NY
855-730-7283
Pacific National Bank
Miami, FL
1.30%
305-539-7500
Friday
1
3 6
month(s)
One year ago
1 2 3 5 710
years
maturity
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.35
1.35
Money market, annual yield
0.35
0.32
Five-year CD, annual yield
1.45
1.46
30-year mortgage, fixed†
3.90
3.90
15-year mortgage, fixed†
3.16
3.18
Jumbo mortgages, $424,100-plus† 4.37
4.39
Five-year adj mortgage (ARM)† 3.42
3.39
New-car loan, 48-month
3.06
3.07
HELOC, $30,000
5.23
5.22
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.88 l
0.26 l
1.19 l
l
3.54
l
2.81
l
4.23
l
3.13
l
2.85
l
4.57
1.25
4.25
1.36
0.36
1.47
4.33
3.50
4.88
4.03
3.36
5.30
1.00
1.00
1.12
-0.10
-0.08
-0.17
-0.05
0.11
-0.11
-0.15
0.81
10%
3.00
5
2.25
0
1.50
–5
0.75
–10
0.00
–15
30
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
Close
13.27 10.47
42.18 30.02
255.27 208.38
32.38 22.83
15.65
6.22
* 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.
CLSN
NEO
CHFS
ROKA
DFRG
Latest Session
Close Net chg % chg
High
38.1
-95.7
...
97.1
20.6
2.90 -0.83 -22.25
20.21 -5.67 -21.91
47.01 -11.83 -20.11
9.11 -2.20 -19.45
4.15 -1.00 -19.42
3.84 0.84
25.99 8.10
103.41 18.85
11.88 3.85
16.38 1.24
107.1
82.6
131.7
80.3
-73.8
-15.15
-15.07
-13.96
-12.33
-11.76
8.75 1.70
11.63 6.90
...
...
7.22 0.66
18.80 12.65
88.7
27.2
...
-70.0
-6.1
7.00
9.39
8.26
1.92
12.75
-1.25
-1.67
-1.34
-0.27
-1.70
-37.80
-36.11
-25.60
-25.27
-23.59
52-Week
Low
% chg
1.41
2.86
9.78
0.91
1.27
-1.41
-1.69
-3.87
-0.92
-0.67
4.09
70.70
21.00
4.84
7.10
Ranked by change from 65-day average*
Volume % chg from Latest Session
(000) 65-day avg Close % chg
NEWT
6,738
10,618
1,341
29,176
1,526
2927
2387
1372
1283
1266
27.12 -1.60
13.35 2.30
12.36 -5.21
57.72 -10.51
17.20 -4.39
FT Nasdaq Semiconductor FTXL
SOHU
Sohu.com
Foresight Autonomous ADR FRSX
PAR
Par Technology
Banco Bradesco Ord ADR BBDO
78
3,652
521
563
101
1131
1036
1007
993
936
29.42
64.50
7.13
10.87
11.02
NMIH
CTT
PCG
0.63
13.06
6.74
-5.64
-0.90
52-Week
High
Low
31.60
13.60
13.11
71.57
18.16
23.55
7.50
10.05
56.13
13.76
29.55 19.65
66.77 32.60
11.70 4.21
11.79 4.69
11.79 6.91
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
WSJ Dollar index
s
Euro
s Yen
Country/currency
in US$
US$vs,
YTDchg
Fri
per US$ (%)
Americas
Argentina peso
.0577 17.3395
Brazil real
.3179 3.1458
Canada dollar
.8021 1.2467
Chile peso
.001604 623.30
Colombia peso
.0003408 2934.26
Ecuador US dollar
1
1
Mexico peso
.0529 18.9069
Peru new sol
.3078 3.249
Uruguay peso
.03401 29.4000
Venezuela b. fuerte .100050 9.9951
9.3
–3.4
–7.3
–6.9
–2.3
unch
–8.8
–3.1
0.2
unch
Asia-Pacific
2016 2017
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
2.042
2.100
2.237
1.466 –0.944 2.098
2.280
n.a.
2.540
n.a.
2.810
n.a.
2.370
3.015
2.590
5.106
2.850
1.934
2.609
n.a.
2.790
n.a.
3.120
n.a.
1.740
n.a.
2.050
n.a.
2.170
n.a.
2.423 2.013
n.a.
n.a.
0.825 2.477
n.a.
n.a.
0.651 2.263
n.a.
n.a.
806.049
5.409
5.441
6.290
5.279
5.353 6.012
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.7887 1.2679
China yuan
.1517 6.5901
Hong Kong dollar
.1281 7.8069
India rupee
.01546 64.671
Indonesia rupiah .0000741 13499
Japan yen
.008943 111.82
Kazakhstan tenge .002990 334.44
Macau pataca
.1241 8.0601
Malaysia ringgit
.2372 4.2154
New Zealand dollar
.7178 1.3931
Pakistan rupee
.00950 105.250
Philippines peso
.0195 51.288
Singapore dollar
.7412 1.3492
South Korea won .0008876 1126.67
Sri Lanka rupee
.0065041 153.75
Taiwan dollar
.03320 30.122
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
–8.7
–5.1
0.7
–4.8
–0.2
–4.4
0.2
1.8
–6.0
–3.5
0.8
3.4
–6.8
–6.7
3.6
–7.2
Country/currency
in US$
US$vs,
YTDchg
Fri
per US$ (%)
.03025 33.060 –7.7
.00004401 22720 –0.2
Thailand baht
Vietnam dong
Europe
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
.04580 21.833 –15.0
.1588 6.2988 –10.9
1.1821 .8460 –11.0
.003838 260.56 –11.5
.009514 105.11 –6.9
.1268 7.8881 –8.7
.2783 3.5928 –14.2
.01746 57.273 –6.5
.1234 8.1061 –11.0
1.0262 .9745 –4.4
.2751 3.6349 3.2
.0376 26.5650 –1.9
1.3285 .7527 –7.1
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6508 .3773 0.02
.0567 17.6255 –2.8
.2856 3.5009 –9.0
3.3120 .3019 –1.2
2.5967 .3851 0.04
.2672 3.742 2.8
.2666 3.7504 –0.01
.0754 13.2671 –3.1
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.25 –0.18–0.21 –7.20
Sources: Tullett Prebon, WSJ Market Data Group
Commodities
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
NYSE Arca
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
1465.088
EMBI Global, J.P. Morgan
MTEM
REVG
10-yr Treasury, Ryan ALM 1742.293
DJ Corporate
n.a.
Aggregate, Barclays Capital 1944.680
High Yield 100, Merrill Lynch
n.a.
Fixed-Rate MBS, Barclays 1990.060
Muni Master, Merrill
n.a.
Treasury, Ryan ALM
AAOI
REV Group
NMI Holdings Cl A
CatchMark Timber Trust
PG&E
Newtek Business Services
15.90
19.28
33.94
5.56
35.10
Corporate Borrowing Rates and Yields
Bond total return index
VYGR
26.30
26.46
46.75
11.72
43.03
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
RNN
Symbol
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
t
0.00
BankPurely
Uniondale, NY
CASI
Company
Forex Race
notes and bonds
ableBanking,adivisionofNortheastBank
1.30%
Lewiston, ME
877-505-1933
NES
52-Week
High
Low
* Volumes of 100,000 shares or more are rounded to the nearest thousand
0.32%
Bankrate.com avg†:
Nasdaq
Total volume*1,743,798,872 178,610,012
Adv. volume* 883,056,825 134,529,974
Decl. volume* 825,412,691 42,990,193
Issues traded
3,053
1,282
Advances
1,392
907
Declines
1,507
351
Unchanged
154
24
New highs
237
387
New lows
47
38
Closing tick
191
47
Closing Arms†
0.86
0.93
Block trades*
6,984
1,019
2.32
2.99
11.25
2.72
2.17
TNDM
Volume Movers
59.6
32.3
28.9
107.3
122.9
EEM
Symbol
1.54
1.20
1.70
0.63
3.00
103,251
67,031
61,024
58,936
55,329
XLF
Company
5.14
5.26
8.90
3.58
19.00
Most Active Stocks
Company
Total volume* 767,722,349 9,591,535
Adv. volume* 421,840,682 4,171,481
Decl. volume* 332,884,234 5,108,811
Issues traded
3,055
336
Advances
1,736
183
Declines
1,186
135
Unchanged
133
18
New highs
264
5
New lows
30
4
Closing tick
151
22
Closing Arms†
1.14
2.17
Block trades*
6,799
94
Percentage Losers
Latest Session
Close Net chg % chg
NETE
t
0.90%
0.60
WSJ
.COM
Low
0.05 255.16 254.62
2,509.5
s
U.S. consumer rates
t
0.12
Entergy
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Consumer Rates and Returns to Investor
Interest rate
After Hours
% chg
High
2,779.6
CREDIT MARKETS & CURRENCIES
N D J F MAM J J A S O
2016 2017
Net chg
JBLU
JetBlue Airways
Finl Select Sector SPDR XLF
Sources: SIX Financial Information; WSJ Market Data Group
Money market
account yields
Last
13,780.1 255.07
Percentage Gainers...
Latest
% chg
2955.99
383.12
259.56
The Global Dow
DJ Global Index
DJ Global ex U.S.
Federal-funds
target rate
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Americas
Brazil
Canada
Mexico
Chile
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
TransEnterix
Value Line
World
Late Trading
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
598.83
5.05
184.83
51.45
3.000
1301.50
1.55
0.85
0.011
8.20
0.85
598.83
527.06
0.85 195.14
54.45
1.68
3.93
0.37
0.63 1346.00
166.50
42.53
2.56
1127.80
% Chg
10.25
YTD
% chg
5.57
-2.45 -3.99
2.18 -4.23
-8.68 -19.44
3.86 13.17
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | B7
* * * *
BIGGEST 1,000 STOCKS
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.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Friday, October 13, 2017
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NYSE
ABB 3.0 23 25.14
19.32 25.83 20.26 ABB
AES 4.3 dd 11.25
-3.18 12.47 10.60 AES
s 20.70 84.68 66.50 Aflac
AFL 2.0 13 84.01
23.54 75.58 48.93 AGCO
AGCO 0.8 31 71.48
-16.06 43.03 35.10 AT&T
T 5.5 17 35.70
42.28 55.43 37.38 AbbottLabs ABT 1.9 76 54.65
ABBV 2.8 22 90.67
44.79 92.61 55.06 AbbVie
s 18.84 140.00 112.31 Accenture ACN 1.9 26 139.20
-29.60 261.43 153.28 AcuityBrands AYI 0.3 22 162.53
ADNT 1.3 dd 83.78
42.97 86.42 39.66 Adient
-49.44 177.83 82.21 AdvanceAuto AAP 0.3 17 85.51
26.79 6.70 4.89 AdvSemiEngg ASX 3.6 15 6.39
AEG 5.3 16 5.72
3.44 6.06 4.06 Aegon
s 25.81 52.47 38.69 AerCap
AER ... 9 52.35
AET 1.3 33 153.06
23.43 164.52 104.59 Aetna
33.21 196.77 130.48 AffiliatedMgrs AMG 0.4 21 193.55
s 47.04 67.82 42.92 AgilentTechs A 0.8 35 66.99
11.19 53.17 35.05 AgnicoEagle AEM 0.9 43 46.70
AGU 3.2 26 107.91
7.32 111.88 87.82 Agrium
s 6.70 154.41 129.00 AirProducts APD 2.5 30 153.46
ALK 1.5 13 80.96
-8.76 101.43 69.12 AlaskaAir
61.41 140.10 76.32 Albemarle ALB 0.9 32 138.94
AA ... dd 47.71
69.91 49.30 20.00 Alcoa
s 11.28 124.37 101.73 AlexandriaRealEst ARE 2.8310 123.66
BABA ... 62 178.45
103.22 184.70 86.01 Alibaba
Y
... 18 547.72
-9.93 667.19 510.52 Alleghany
s 37.97 89.81 61.47 Allegion
ALLE 0.7 34 88.30
AGN 1.4 7 205.52
-2.14 256.80 184.50 Allergan
1.03 266.25 197.69 AllianceData ADS 0.9 26 230.86
6.61 26.15 20.40 AllianceBernstein AB 7.8 11 25.00
13.62 43.69 34.88 AlliantEnergy LNT 2.9 25 43.05
ALL 1.6 14 92.34
24.58 95.25 66.55 Allstate
27.02 24.61 16.68 AllyFinancial ALLY 2.0 12 24.16
t-24.85 35.29 24.43 AlticeUSA ATUS ... ... 24.58
MO 4.1 9 65.05
-3.80 77.79 60.01 Altria
121.25 23.54 9.16 AlumofChina ACH ... 89 22.59
s 42.16 7.03 4.70 Ambev
ABEV ... 30 6.98
AEE 2.9 21 60.41
15.15 60.91 46.97 Ameren
43.20 19.05 11.02 AmericaMovil AMX 1.9 25 18.00
44.47 18.89 10.83 AmericaMovil A AMOV 1.9 24 17.77
-9.58 52.53 43.98 AmCampus ACC 3.9 92 45.00
AEP 3.2 63 73.16
16.20 74.59 57.89 AEP
s 25.35 92.92 59.78 AmericanExpress AXP 1.5 19 92.86
18.30 106.44 73.38 AmericanFin AFG 1.3 12 104.25
AIG 2.0 dd 63.16
-3.29 67.47 57.35 AIG
32.45 148.71 99.72 AmerTowerREIT AMT 1.9 68 139.97
s 17.50 85.78 69.41 AmerWaterWorks AWK 2.0 32 85.02
APU 8.5128 44.96
-6.18 50.00 42.00 Amerigas
s 37.83 153.75 86.25 Ameriprise AMP 2.2 17 152.91
1.60 97.85 68.38 AmerisourceBrgn ABC 1.8 21 79.44
s 38.27 67.65 43.98 Ametek
AME 0.5 29 67.20
s 29.76 88.00 62.72 Amphenol APH 0.9 29 87.20
-31.46 73.33 39.96 AnadarkoPetrol APC 0.4 dd 47.79
ANDV 2.2 38 105.37
20.49 107.71 75.11 Andeavor
BUD 3.5 63 125.36
18.89 129.09 98.28 AB InBev
22.57 12.73 9.83 AnnalyCap NLY 9.8 4 12.22
0.74 35.74 27.01 AnteroMidstream AM 4.4 21 31.11
-15.05 28.10 18.23 AnteroResources AR ...402 20.09
27.86 198.98 114.85 Anthem
ANTM 1.5 17 183.83
s 33.94 150.12 107.19 Aon
AON 1.0 37 149.38
APA 2.4 dd 41.60
-34.46 69.00 38.14 Apache
-1.74 46.85 39.66 ApartmtInv AIV 3.2247 44.66
60.80 31.69 17.38 ApolloGlobalMgmt APO 6.7 12 31.13
s 15.88 35.15 28.03 AquaAmerica WTR 2.4 27 34.81
s 18.51 42.52 32.73 Aramark
ARMK 1.0 31 42.33
s 34.02 29.45 18.51 ArcelorMittal MT ... 4 29.35
-3.61 47.88 40.22 ArcherDaniels ADM 2.9 18 44.00
46.49 30.69 16.75 Arconic
ARNC 0.9 dd 27.16
97.52 196.27 79.05 AristaNetworks ANET ... 50 191.14
16.37 84.53 58.52 ArrowElec ARW ... 15 82.97
26.68 35.60 25.55 AstraZeneca AZN 2.6 24 34.61
ATH ... 9 54.58
13.73 55.22 43.25 Athene
16.37 89.00 68.51 AtmosEnergy ATO 2.1 23 86.29
139.16 67.69 22.07 Autohome ATHM ... 40 60.46
ALV 1.9 20 125.97
11.33 127.75 93.31 Autoliv
-24.14 813.70 491.13 AutoZone AZO ... 14 599.16
1.95 199.52 158.32 Avalonbay AVB 3.1 25 180.60
AGR 3.6 22 47.99
26.69 49.04 35.42 Avangrid
s 45.17 102.07 68.55 AveryDennison AVY 1.8 24 101.94
3.93 34.10 24.27 AxaltaCoating AXTA ... dd 28.27
BBT 2.8 17 46.70
-0.68 49.88 37.40 BB&T
BCE 4.9 19 47.35
9.51 48.27 41.83 BCE
0.10
0.03
0.07
-3.17
-0.16
-0.06
-0.75
...
-2.91
-0.47
-1.05
0.01
0.05
0.29
-1.43
-0.21
-0.55
0.35
1.80
0.12
0.56
1.64
0.18
0.04
-2.08
1.72
-1.26
1.44
10.72
-0.20
0.04
-0.20
0.20
-0.57
-0.30
0.32
0.19
0.07
0.14
0.16
0.04
-0.18
1.25
-0.25
0.61
-0.06
-0.08
0.02
0.33
-1.36
0.09
-0.57
0.06
-0.31
0.74
0.05
-0.28
-0.35
-5.91
0.14
0.19
-0.58
0.29
-0.09
0.16
2.27
0.56
-0.40
-0.07
-0.38
0.08
-0.06
-0.50
2.07
-0.31
9.41
-0.36
-0.40
1.14
-0.02
-0.15
0.28
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
17.94 44.62 33.37 BHPBilliton BHP 4.1 19 42.20 1.17
18.56 39.12 28.73 BHPBilliton BBL 4.6 17 37.30 1.00
s 4.60 39.48 32.53 BP
BP 6.1 36 39.10 0.09
BRFS ... dd 14.77 0.05
0.07 17.53 10.60 BRF
BT 7.4 18 18.59 -0.15
-19.28 24.65 18.06 BT Group
49.09 59.80 36.16 BWX Tech BWXT 0.7 31 59.19 0.23
-9.45 40.82 32.43 BakerHughes BHGE 2.0 dd 33.73 -0.19
BLL 0.9 83 42.35 0.10
12.83 43.06 35.65 Ball
28.21 9.35 6.04 BancoBilbaoViz BBVA 4.9 13 8.68 -0.01
35.47 95.80 64.29 BancodeChile BCH 2.8 18 92.97 -1.18
s 97.05 126.94 61.12 BancoMacro BMA 0.6 17 126.80 2.81
s 42.71 31.46 20.39 BcoSantChile BSAC 3.3 19 31.21 0.04
27.03 6.99 4.36 BancoSantander SAN 3.2 13 6.58 -0.06
22.14 48.74 31.98 BanColombia CIB 2.9 11 44.80 0.20
16.88 26.30 15.90 BankofAmerica BAC 1.9 15 25.83 0.38
s 8.63 78.28 62.32 BankofMontreal BMO 3.7 13 78.13 0.21
15.39 55.29 39.19 BankNY Mellon BK 1.8 16 54.67 -0.07
16.02 64.96 51.21 BkNovaScotia BNS 3.9 13 64.60 0.20
BCS 2.1 dd 10.15
...
-7.73 12.05 8.18 Barclays
BCR 0.3 42 323.38 1.08
43.94 324.58 203.63 Bard CR
4.32 20.78 13.80 BarrickGold ABX 0.7 8 16.67 -0.01
BAX 1.0 38 62.82 0.29
41.68 64.75 43.13 BaxterIntl
21.67 206.63 161.29 BectonDickinson BDX 1.4 58 201.43 2.60
WRB 0.8 14 67.41 0.17
1.35 73.17 55.55 Berkley
15.05 282270 213680 BerkHathwy A BRK.A ... 21 280850 1467.00
14.97 188.20 142.35 BerkHathwy B BRK.B ... 21 187.37 1.07
21.20 59.72 42.74 BerryGlobal BERY ... 25 59.06 0.07
BBY 2.5 15 55.10 -0.03
29.13 63.32 37.10 BestBuy
22.40 242.79 154.89 Bio-RadLab A BIO ...446 223.11 -0.78
21.56 240.50 171.50 Bio-RadLab B BIO.B ...445 222.63 -5.38
s 11.43 47.15 41.10 BlackKnight BKI ... 75 46.80 0.15
24.95 485.23 336.84 BlackRock BLK 2.1 22 475.49 -5.10
21.83 35.09 23.33 BlackstoneGroup BX 6.6 15 32.93 -0.07
-13.88 18.95 14.40 BoardwalkPipe BWP 2.7 14 14.95 -0.15
s 67.48 263.79 133.33 Boeing
BA 2.2 23 260.74 -1.17
6.90 39.67 29.66 BoozAllen BAH 1.8 22 38.56 0.23
29.64 52.71 33.09 BorgWarner BWA 1.1 57 51.13 0.21
2.00 140.13 113.69 BostonProperties BXP 2.3 44 128.29 0.29
36.11 29.54 19.67 BostonScientific BSX ... 51 29.44 0.01
s 36.92 29.15 15.26 Braskem
BAK 2.7 61 29.04 0.24
s 11.72 66.10 46.01 Bristol-Myers BMY 2.4 24 65.29 -0.06
14.46 73.41 52.71 BritishAmTob BTI 2.4 11 64.48 0.02
-21.87 27.24 17.35 BrixmorProp BRX 5.5 19 19.08 0.20
s 24.57 82.80 59.86 BroadridgeFinl BR 1.8 30 82.59 0.38
s 28.84 42.64 32.04 BrookfieldMgt BAM 1.3 33 42.53 0.15
28.98 44.91 30.76 BrookfieldInfr BIP 4.0 92 43.17 0.19
s 10.10 49.62 36.05 Brown&Brown BRO 1.2 27 49.39 0.21
21.30 60.28 45.17 Brown-Forman A BF.A 1.3 31 56.10 0.01
23.00 59.71 43.72 Brown-Forman B BF.B 1.3 31 55.25 0.07
-15.46 73.01 54.33 BuckeyePtrs BPL 9.0 15 55.93 -0.79
0.35 83.75 58.49 Bunge
BG 2.5 21 72.49 4.64
5.13 104.07 68.94 BurlingtonStores BURL ... 25 89.10 -1.23
CBD 0.1148 24.61 -0.49
48.70 25.90 14.08 CBD Pao
s 25.72 39.63 25.40 CBRE Group CBG ... 19 39.59 0.31
CBS 1.3173 57.00 0.49
-10.41 70.09 54.93 CBS B
16.90 37.17 22.18 CF Industries CF 3.3 dd 36.80 0.96
10.97 53.65 45.81 CGI Group GIB ... 20 53.30 0.51
CIT 1.2 dd 49.20 -0.40
15.28 50.40 35.14 CIT Group
14.22 49.11 38.78 CMS Energy CMS 2.8 24 47.54 -0.18
CNA 2.4 12 50.69 0.42
22.14 53.67 34.51 CNA Fin
CEO 4.0 16 128.70 1.57
3.82 138.36 108.05 CNOOC
12.60 17.69 13.27 CPFLEnergia CPL 1.6 38 17.34 0.15
CRH 1.3 21 36.46 0.27
6.05 38.06 31.55 CRH
-8.00 88.92 69.30 CVS Health CVS 2.8 14 72.60 -1.18
COG 0.8 dd 26.00
...
11.30 27.14 20.02 CabotOil
11.94 96.39 75.36 CamdenProperty CPT 3.2 21 94.11 -0.04
-23.63 64.23 44.99 CampbellSoup CPB 3.0 16 46.18 0.19
CM 4.6 11 89.94 0.22
10.22 92.22 72.62 CIBC
19.87 84.48 61.72 CanNtlRlwy CNI 1.6 23 80.79 -0.09
3.51 35.28 27.52 CanNaturalRes CNQ 2.7 33 33.00 0.40
18.06 170.60 139.29 CanPacRlwy CP 1.0 20 168.55 -0.40
CAJ 4.0 22 35.76 0.37
27.08 35.91 27.76 Canon
-2.15 96.92 71.23 CapitalOne COF 1.9 12 85.36 0.77
-9.74 84.88 62.70 CardinalHealth CAH 2.8 16 64.96 -1.37
CSL 1.5 28 99.56 0.41
-9.73 116.40 92.09 Carlisle
KMX ... 21 75.44 -0.26
17.16 77.64 47.50 CarMax
CCL 2.4 19 67.94 1.08
30.50 69.89 45.92 Carnival
CUK 2.4 18 67.79 0.96
32.43 70.56 46.07 Carnival
s 40.94 131.41 80.33 Caterpillar CAT 2.4871 130.71 0.72
36.33 109.09 63.02 Celanese A CE 1.7 18 107.35 0.32
CX ... 11 8.02 0.03
3.87 10.37 6.91 Cemex
-35.76 16.82 6.76 CenovusEnergy CVE 1.6 5 9.72 0.15
60.25 98.72 50.00 Centene
CNC ... 20 90.56 -3.12
19.16 30.45 21.91 CenterPointEner CNP 3.6 21 29.36 -0.36
-3.64 7.70 3.49 CentraisElBras EBR ... 4 6.61 0.12
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
-14.84 33.45 18.17 CenturyLink CTL 10.7 29 20.25
s153.69 56.39 14.66 Chemours CC 0.2 38 56.04
s 1.24 120.00 99.87 Chevron
CVX 3.6 39 119.16
13.65 30.90 21.38 ChinaEastrnAir CEA ... 9 25.40
20.75 16.61 12.16 ChinaLifeIns LFC 1.1 30 15.54
-3.49 61.23 50.07 ChinaMobile CHL 4.1 13 50.60
4.87 84.88 67.82 ChinaPetrol SNP 4.0 11 74.48
39.60 43.35 25.60 ChinaSoAirlines ZNH 2.0 10 35.89
15.33 53.77 45.58 ChinaTelecom CHA 2.5 16 53.20
24.85 16.55 10.84 ChinaUnicom CHU 1.8143 14.42
CMG ... 69 326.45
-13.48 499.00 295.11 Chipotle
CB 1.9 13 148.84
12.66 150.28 121.48 Chubb
8.53 36.37 31.28 ChunghwaTelecom CHT 4.8 22 34.24
8.53 54.18 42.55 Church&Dwight CHD 1.6 28 47.96
CI 0.0 21 186.15
39.55 193.00 115.03 Cigna
-15.48 146.96 89.49 CimarexEnergy XEC 0.3 39 114.86
C 1.8 14 72.11
21.34 76.14 47.70 Citigroup
3.79 39.75 24.43 CitizensFin CFG 1.9 16 36.98
CLX 2.6 25 131.29
9.39 141.76 111.24 Clorox
COH 3.4 19 39.57
12.99 48.85 34.07 Coach
KO 3.2 48 46.18
11.38 46.98 39.88 Coca-Cola
33.41 44.75 30.55 Coca-Cola Euro CCE 2.4 26 41.89
13.58 91.84 59.44 Coca-Cola Femsa KOF 2.4 21 72.17
16.12 77.27 63.43 Colgate-Palmolive CL 2.1 28 75.99
-16.15 16.09 12.37 ColonyNorthStar CLNS 8.6 96 12.51
CMA 1.6 19 75.55
10.92 77.95 47.88 Comerica
SBS ... 9 10.26
18.20 11.33 7.75 SABESP
-13.20 41.68 32.16 ConagraBrands CAG 2.5 24 34.33
0.60 147.55 106.73 ConchoRscs CXO ... 32 133.39
-1.48 53.17 40.37 ConocoPhillips COP 2.1 dd 49.40
ED 3.3 20 83.08
12.76 86.16 68.76 ConEd
36.04 213.40 144.00 ConstBrands A STZ 1.0 27 208.56
-27.82 60.30 29.08 ContinentalRscs CLR ... dd 37.20
COO 0.0 34 236.00
34.91 256.39 158.73 Cooper
GLW 2.1 13 29.74
22.54 32.17 22.23 Corning
COTY 2.9 dd 17.06
-6.83 23.74 15.83 Coty
BAP 1.8 15 208.66
32.18 213.82 145.02 Credicorp
10.62 16.17 12.34 CreditSuisse CS 4.5 dd 15.83
-4.89 28.30 18.50 CrestwoodEquity CEQP 9.9 dd 24.30
18.13 108.88 79.38 CrownCastle CCI 3.7 82 102.50
15.47 61.39 51.57 CrownHoldings CCK ... 17 60.70
8.94 99.20 71.27 Cullen/Frost CFR 2.4 19 96.12
s 26.30 174.17 121.22 Cummins
CMI 2.5 19 172.62
11.55 113.71 89.66 DTE Energy DTE 3.0 19 109.89
DXC 0.8 dd 91.04
31.50 93.40 64.06 DXC Tech
DHR 0.6 28 86.84
11.56 88.62 75.71 Danaher
DRI 3.2 21 79.42
9.21 95.22 60.97 Darden
DVA ... 8 54.73
-14.75 70.16 53.58 DaVita
DE 1.9 21 127.91
24.14 132.50 85.27 Deere
s 46.77 80.96 46.64 DellTechnologies DVMT ... dd 80.68
44.74 104.09 60.50 DelphiAutomotive DLPH 1.2 21 97.48
DAL 2.3 11 53.96
9.70 55.75 39.05 DeltaAir
2.60 19.48 11.83 DeutscheBank DB 1.2 dd 16.58
-21.46 50.69 28.79 DevonEnergy DVN 0.7 8 35.87
DEO 3.0 25 135.82
30.67 137.59 99.46 Diageo
23.94 127.23 85.63 DigitalRealty DLR 3.1 49 121.78
-11.39 74.33 54.45 DiscoverFinSvcs DFS 2.2 11 63.88
DIS 1.6 17 97.38
-6.56 116.10 90.56 Disney
DLB 0.9 30 59.36
31.36 59.79 44.98 DolbyLab
s 11.48 83.18 65.97 DollarGeneral DG 1.3 19 82.57
2.65 81.65 69.51 DominionEner D 3.9 23 78.62
21.19 221.58 150.77 Domino's
DPZ 1.0 37 192.98
10.38 48.91 35.85 Donaldson DCI 1.6 27 46.45
s 11.46 40.86 33.78 DouglasEmmett DEI 2.3 70 40.75
s 26.09 95.14 65.50 Dover
DOV 2.0 24 94.48
6.33 71.88 64.01 DowDuPont DWDP ... 33 71.43
-1.57 99.47 81.05 DrPepperSnap DPS 2.6 21 89.25
-20.41 50.10 29.83 DrReddy'sLab RDY 0.9 35 36.04
11.81 88.40 72.34 DukeEnergy DUK 4.1 26 86.79
9.30 30.14 22.96 DukeRealty DRE 2.6 31 29.03
E 5.8 78 32.91
2.08 34.62 26.15 ENI
EOG 0.7 dd 96.62
-4.43 109.37 81.99 EOG Rscs
EQT 0.22100 63.01
-3.65 75.74 49.63 EQT
-2.20 82.99 69.20 EQT Midstream EQM 5.0 15 74.99
17.87 91.39 63.28 EastmanChem EMN 2.3 14 88.65
ETN 1.9 18 78.53
17.05 81.63 59.07 Eaton
s 21.94 51.64 34.44 EatonVance EV 2.4 22 51.07
ECL 1.1 31 134.09
14.39 134.89 110.65 Ecolab
EC ... 23 9.71
7.29 10.36 7.65 Ecopetrol
EIX 2.8 18 77.99
8.33 82.82 67.44 EdisonInt
15.53 121.45 81.12 EdwardsLife EW ... 33 108.25
s 14.74 64.40 49.38 EmersonElectric EMR 3.0 31 63.97
-38.38 26.30 13.87 EnbridgeEnPtrs EEP 8.9 dd 15.70
ENB 4.7 40 41.49
-1.50 45.09 37.37 Enbridge
ECA 0.5 13 11.41
-2.81 13.85 8.01 Encana
29.96 10.85 7.67 EnelAmericas ENIA 3.3 30 10.67
ENIC ... 10 6.10
34.07 6.31 4.25 EnelChile
38.17 27.74 18.35 EnelGenChile EOCC 7.1 12 26.86
-6.78 20.05 13.77 EnergyTrfrEquity ETE 6.3 23 18.00
-23.44 27.99 17.85 EnergyTransfer ETP 12.0 10 18.39
-9.72 19.59 14.43 EnLinkMidPtrs ENLK 9.4 dd 16.63
s 12.00 82.83 66.71 Entergy
ETR 4.2 dd 82.29
-2.40 30.25 24.01 EnterpriseProd EPD 6.4 21 26.39
EFX 1.4 23 109.50
-7.38 147.02 89.59 Equifax
21.80 90.80 65.87 EquityLife ELS 2.2 44 87.82
4.86 68.83 58.28 EquityResdntl EQR 3.0 60 67.49
12.61 270.04 200.01 EssexProp ESS 2.7 34 261.82
s 45.12 111.75 75.30 EsteeLauder EL 1.2 33 111.00
11.14 277.17 191.11 EverestRe RE 2.1 8 240.51
11.62 64.19 50.56 EversourceEner ES 3.1 20 61.65
s 10.57 39.43 29.82 Exelon
EXC 3.3 21 39.24
7.08 83.23 68.09 ExtraSpaceSt EXR 3.8 29 82.71
-8.70 93.22 76.05 ExxonMobil XOM 3.7 30 82.41
s 65.70 94.42 45.91 FMC
FMC 0.7285 93.72
-0.10
0.69
0.02
0.44
0.11
0.21
0.14
0.94
0.81
0.12
12.28
2.26
0.13
0.24
-0.81
0.30
-0.26
-0.18
0.56
0.15
0.07
0.06
-1.02
0.83
0.09
-0.28
-0.24
-0.26
-1.61
-0.15
-0.45
1.16
0.13
-1.67
-0.20
0.30
3.66
0.11
-0.10
-0.60
-0.03
0.06
0.71
-0.78
-0.16
-0.19
0.21
0.33
-0.59
0.39
-0.62
0.85
-0.12
0.26
-0.24
-0.97
0.07
0.45
0.41
0.39
-0.01
-8.05
...
0.30
0.41
0.03
0.19
0.18
-0.18
-0.02
-0.05
-0.03
-0.48
-1.22
0.29
-0.19
0.50
0.18
0.16
-1.67
-1.95
0.05
-0.09
...
-0.02
0.02
-0.03
0.07
-0.20
-0.24
-0.15
0.49
-0.27
0.69
-0.01
0.26
0.72
1.51
13.70
-0.02
0.30
1.10
-0.02
0.79
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
FDS 1.3 27 177.41
8.55 184.20 150.95 FactSet
-8.75 149.38 120.50 FederalRealty FRT 3.1 41 129.68
FDX 0.9 21 222.22
19.34 227.00 168.00 FedEx
RACE ... 41 114.96
97.73 118.10 50.39 Ferrari
94.63 18.10 6.25 FiatChrysler FCAU ... 9 17.75
s 69.82 16.44 7.12 FibriaCelulose FBR ...2205 16.32
38.98 35.64 22.84 FidelityNatlFin FNF 2.1 16 34.07
s 33.21 18.48 11.00 FNFV Group FNFV ... 8 18.25
s 25.54 95.14 73.25 FidelityNtlInfo FIS 1.2 47 94.96
WUBA ...145 67.45
140.89 68.85 27.58 58.com
FDC ... 30 17.62
24.17 19.20 13.01 FirstData
3.07 105.52 72.43 FirstRepBank FRC 0.7 23 94.97
4.91 34.83 27.93 FirstEnergy FE 4.4 dd 32.49
13.50 176.42 121.52 FleetCorTech FLT ... 32 160.62
-7.64 52.10 37.51 Flowserve FLS 1.7 55 44.38
FLR 2.0 54 42.61
-18.87 58.37 37.04 Fluor
23.37 103.82 73.45 FomentoEconMex FMX 1.4 31 94.02
-0.66 13.27 10.47 FordMotor F 5.0 13 12.05
21.98 26.30 17.79 ForestCIty A FCE.A 2.2 dd 25.42
FTS 3.5 21 36.63
18.62 37.67 29.14 Fortis
s 34.91 73.21 46.81 Fortive
FTV 0.4 28 72.35
23.91 67.77 52.05 FortBrandsHome FBHS 1.1 23 66.24
35.16 85.03 53.31 Franco-Nevada FNV 1.1105 80.77
12.78 47.65 33.02 FranklinRscs BEN 1.8 15 44.64
11.83 17.06 9.50 Freeport-McMoRan FCX ... 21 14.75
13.81 50.22 38.05 FreseniusMed FMS 1.1 22 48.04
GGP 4.1 18 21.66
-13.29 27.10 20.31 GGP
s 19.36 62.31 47.16 Gallagher
AJG 2.5 25 62.02
GPS 3.4 13 27.25
21.43 30.74 21.02 Gap
IT ...226 124.24
22.92 130.02 84.54 Gartner
12.15 10.69 8.32 Gazit-Globe GZT 4.1 2 9.69
s 23.56 214.81 148.76 GeneralDynamics GD 1.6 22 213.34
-27.28 32.38 22.83 GeneralElec GE 4.2 26 22.98
-16.58 64.06 50.12 GeneralMills GIS 3.8 18 51.53
s 31.69 46.11 30.21 GeneralMotors GM 3.3 7 45.88
0.33 100.90 79.86 GenuineParts GPC 2.8 21 95.86
GGB 0.7 dd 3.58
14.01 4.39 2.60 Gerdau
GIL 1.2 19 31.01
22.23 31.87 23.55 Gildan
6.49 44.53 37.20 GlaxoSmithKline GSK 4.9 41 41.01
43.55 100.34 64.63 GlobalPayments GPN 0.0 ... 99.64
GDDY ...280 44.23
26.55 45.37 31.63 GoDaddy
GG 0.6 24 13.40
-1.47 17.87 11.91 Goldcorp
-0.38 255.15 168.45 GoldmanSachs GS 1.3 13 238.53
s 50.96 126.19 71.08 Graco
GGG 1.1 83 125.43
GWW 2.8 21 181.05
-22.05 262.71 155.00 Grainger
16.23 32.09 25.85 GreatPlainsEner GXP 3.5 31 31.79
13.60 9.38 7.18 GpoAvalAcciones AVAL 4.4 14 9.02
31.99 10.82 6.73 GpFinSantandMex BSMX 1.8 14 9.49
11.54 27.37 19.69 GrupoTelevisa TV 0.4 61 23.30
58.73 81.46 49.18 GuidewireSoftware GWRE ...280 78.30
0.76 91.03 67.00 HCA Healthcare HCA ... 10 74.58
HCP 5.6 18 26.37
-11.27 34.00 26.26 HCP
62.59 100.26 59.00 HDFC Bank HDB 0.5 ... 98.66
s 46.29 22.00 13.77 HP
HPQ 2.4 16 21.71
HSBC 4.1 85 49.23
22.52 50.86 36.93 HSBC
-17.32 58.78 38.18 Halliburton HAL 1.6 dd 44.72
10.01 27.07 18.91 Hanesbrands HBI 2.5 16 23.73
-20.09 63.40 45.53 HarleyDavidson HOG 3.1 14 46.62
s 33.27 137.16 88.89 Harris
HRS 1.7 30 136.56
17.50 57.16 42.30 HartfordFinl HIG 1.6 31 55.99
2.47 33.00 26.34 HealthcareAmer HTA 4.1142 29.83
HEI 0.2 42 87.11
41.14 91.32 52.71 Heico
HEI.A 0.2 36 73.45
35.22 77.25 46.66 Heico A
61.34 79.64 47.62 Herbalife
HLF 1.5 16 77.67
HSY 2.4 35 110.07
6.42 116.49 94.03 Hershey
HES 2.2 dd 44.99
-27.77 65.56 37.25 Hess
10.63 15.12 12.27 HewlettPackard HPE 1.7213 14.89
s 27.51 71.38 44.73 Hilton
HLT 0.8621 71.16
11.05 37.00 22.63 HollyFrontier HFC 3.6 46 36.38
22.67 166.63 119.20 HomeDepot HD 2.2 24 164.47
3.67 32.17 27.05 HondaMotor HMC ... 9 30.26
23.75 145.30 107.41 Honeywell HON 2.1 22 143.37
-8.50 38.84 30.50 HormelFoods HRL 2.1 20 31.85
51.26 41.57 26.69 DR Horton DHI 1.0 16 41.34
3.56 20.21 14.69 HostHotels HST 4.1 24 19.51
-0.50 31.85 23.70 HuanengPower HNP 6.5 12 25.91
HUBB 2.4 22 118.05
1.16 125.93 101.61 Hubbell
HUM 0.7 19 237.73
16.52 259.76 165.03 Humana
27.26 236.94 146.52 HuntingtonIngalls HII 1.0 19 234.40
s 53.67 29.43 15.62 Huntsman HUN 1.7 17 29.32
... 31 61.42
11.15 62.08 47.96 HyattHotels H
IBN 0.9 18 8.57
25.86 9.85 6.58 ICICI Bank
30.99 18.94 12.33 ING Groep ING 3.1 14 18.47
IVZ 3.2 16 36.15
19.15 36.84 27.46 Invesco
s 38.26 125.59 82.05 IDEX
IEX 1.2 33 124.52
s 24.79 154.38 111.50 IllinoisToolWks ITW 2.0 25 152.82
INFY 3.1 16 14.71
-0.81 16.14 13.42 Infosys
21.70 94.39 63.87 Ingersoll-Rand IR 2.0 23 91.32
INGR 1.9 19 124.25
-0.57 137.62 113.07 Ingredion
ICE 1.2 26 69.39
22.99 71.24 52.27 ICE
18.06 57.80 39.82 InterContinentl IHG ... 25 54.66
IBM 4.1 12 147.10
-11.38 182.79 139.13 IBM
s 25.76 148.71 113.16 IntlFlavors IFF 1.9 30 148.18
IP 3.3 29 57.45
8.27 58.95 43.55 IntlPaper
-11.06 25.71 19.57 Interpublic IPG 3.5 15 20.82
13.15 23.56 19.80 InvitationHomes INVH 1.4 ... 22.63
22.72 40.64 30.75 IronMountain IRM 5.5 56 39.86
8.03 4.95 3.52 IsraelChemicals ICL ... dd 4.44
37.45 14.59 9.10 ItauUnibanco ITUB 0.4 13 14.13
11.09 97.64 66.73 JPMorganChase JPM 2.3 14 95.86
2.72 63.42 49.16 JacobsEngineering JEC 1.0 31 58.55
-11.89 17.28 13.55 JamesHardie JHX 4.0 25 14.01
15.36 36.25 30.24 JanusHenderson JHG ...266 35.30
JNJ 2.5 23 136.43
18.42 137.52 109.32 J&J
Jacob Sanchez
Diagnosed with autism
Lack of speech is a sign of autism. Learn the others at autismspeaks.org/signs.
-0.78
1.17
-2.84
-1.13
0.15
0.42
-0.08
0.15
0.35
2.12
0.08
-7.20
0.04
0.27
0.31
...
-0.81
-0.07
-0.19
-0.01
-0.54
-0.01
0.42
-0.16
0.24
0.05
0.20
-0.02
0.04
0.66
-0.01
-0.38
-0.07
0.26
0.99
...
0.14
...
-0.01
0.58
0.10
0.11
-1.27
0.72
3.50
-0.15
0.05
-0.01
0.13
-1.34
0.36
-0.06
3.94
1.31
...
-0.04
0.05
0.16
-0.06
0.13
-0.15
-1.01
-0.60
0.43
0.10
0.79
0.09
0.78
0.06
-0.12
0.08
0.18
0.05
0.06
0.11
0.41
1.26
-3.71
-1.04
1.10
-0.08
0.28
-0.05
-0.14
0.36
-0.41
0.10
-0.06
0.89
-0.52
0.25
0.07
0.59
0.22
0.47
0.02
0.05
0.02
0.09
-0.13
0.03
0.32
0.11
-0.40
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
1.21 46.17 36.74 JohnsonControls JCI 2.4 dd 41.69
30.18 134.76 86.62 JonesLangLaSalle JLL 0.5 20 131.53
-8.63 30.96 22.41 JuniperNetworks JNPR 1.5 15 25.82
11.45 48.65 38.16 KAR Auction KAR 2.7 29 47.50
KB ... 8 51.19
45.06 54.36 34.25 KB Fin
KKR 3.4 8 19.91
29.37 20.64 13.57 KKR
KT ... 11 14.57
3.41 18.82 13.43 KT
22.77 109.13 79.05 KSCitySouthern KSU 1.4 21 104.17
K 3.5 28 61.96
-15.94 78.37 61.03 Kellogg
KEY 2.1 18 18.19
-0.44 19.53 12.33 KeyCorp
16.82 43.15 31.32 KeysightTechs KEYS ... 32 42.72
-0.64 78.33 66.98 KilroyRealty KRC 2.3 52 72.75
3.89 136.21 111.30 KimberlyClark KMB 3.3 20 118.56
-22.66 28.52 17.02 KimcoRealty KIM 5.5101 19.46
-9.42 23.01 18.23 KinderMorgan KMI 2.7 61 18.76
16.48 44.45 26.68 Knight-Swift KNX ... 41 39.41
KSS 5.2 11 42.14
-14.66 59.67 35.16 Kohl's
33.86 42.25 28.19 KoninklijkePhil PHG 2.2 24 40.92
-6.71 23.50 16.51 KoreaElcPwr KEP ... 6 17.24
KR 2.3 13 21.30
-38.28 36.44 19.69 Kroger
s 32.28 65.97 47.08 Kyocera
KYO ... 22 65.85
69.44 15.06 8.07 LATAMAirlines LTM 0.5 dd 13.86
LB 5.7 12 41.84
-36.45 75.50 35.00 L Brands
-0.78 17.05 11.26 LG Display LPL ... 5 12.75
LN ... 67 37.59
10.53 46.14 30.90 LINE
LLL 1.6 21 187.56
23.31 192.00 132.38 L3 Tech
LH ... 21 149.60
16.53 164.22 119.51 LabCpAm
s 32.10 50.04 28.75 LambWeston LW 1.5 22 50.00
16.10 66.22 51.35 LasVegasSands LVS 4.7 24 62.01
LAZ 3.6 13 45.36
10.39 48.86 34.14 Lazard
LEA 1.2 12 173.37
30.97 177.24 110.77 Lear
-2.48 54.97 43.16 Leggett&Platt LEG 3.0 19 47.67
s 22.72 63.08 40.96 Leidos
LDOS 2.0 27 62.76
LEN 0.3 16 56.02
30.49 56.78 39.68 Lennar A
LEN.B 0.3 14 47.07
36.43 48.43 32.09 Lennar B
18.31 192.58 140.97 LennoxIntl LII 1.1 26 181.21
8.77 27.34 17.87 LeucadiaNatl LUK 1.6 15 25.29
...
...
... Level3Comms LVLT ... 31 55.36
6.13 43.70 36.22 LibertyProperty LPT 3.8 18 41.92
LLY 2.4 38 86.55
17.68 89.09 64.18 EliLilly
12.98 76.10 47.71 LincolnNational LNC 1.5 11 74.87
12.86 33.68 24.27 LionsGate A LGF.A ... 47 30.36
20.21 32.08 22.50 LionsGate B LGF.B ... 34 29.50
57.78 43.85 26.41 LiveNationEnt LYV ... dd 41.97
15.48 3.87 2.60 LloydsBanking LYG 3.0 27 3.58
s 27.79 322.19 228.50 LockheedMartin LMT 2.5 25 319.39
L 0.5 14 48.85
4.31 49.58 40.73 Loews
LOW 2.0 23 82.33
15.76 86.25 64.87 Lowe's
13.87 100.74 76.71 LyondellBasell LYB 3.7 11 97.68
4.33 173.72 113.42 M&T Bank MTB 1.8 19 163.21
3.16 34.65 25.15 MGM Resorts MGM 1.5 18 29.74
MPLX 6.5 41 34.46
-0.46 39.43 30.09 MPLX
s 54.98 123.18 76.52 MSCI
MSCI 1.2 39 122.09
MAC 4.9 66 58.16
-17.90 77.93 52.12 Macerich
-11.08 85.45 71.23 MacquarieInfr MIC 7.6 35 72.65
M 7.5 9 20.20
-43.59 45.41 19.32 Macy's
-7.79 81.77 63.92 MagellanMid MMP 5.1 19 69.74
26.24 55.70 36.77 MagnaIntl MGA 2.0 10 54.79
37.64 123.44 71.47 Manpower MAN 1.5 19 122.32
16.27 20.84 14.14 ManulifeFin MFC 3.1 15 20.72
-20.57 19.28 10.55 MarathonOil MRO 1.5 dd 13.75
11.96 57.02 40.01 MarathonPetrol MPC 2.8 33 56.37
MKL ... 37 1070.98
18.41 1105.23 811.05 Markel
24.13 84.52 62.33 Marsh&McLennan MMC 1.8 23 83.90
-7.66 244.32 172.38 MartinMarietta MLM 0.9 29 204.57
MAS 1.1 24 38.92
23.09 39.62 29.38 Masco
s 42.70 148.45 99.51 Mastercard MA 0.6 36 147.34
5.55 106.50 88.64 McCormick MKC 1.9 27 98.51
5.57 106.58 89.14 McCormickVtg MKC.V 1.9 27 98.29
s 35.86 165.51 110.33 McDonalds MCD 2.4 27 165.37
4.78 169.29 114.53 McKesson MCK 0.9 7 147.17
9.60 89.72 69.35 Medtronic MDT 2.4 26 78.07
MRK 3.0 35 63.39
7.68 66.80 58.29 Merck
MET 2.7586 52.72
9.78 53.30 40.30 MetLife
s 57.36 662.99 395.61 MettlerToledo MTD ... 41 658.65
11.14 52.67 32.38 MichaelKors KORS ... 15 47.77
13.25 33.19 27.86 MicroFocus MFGP ... 47 31.97
11.09 110.95 87.59 MidAmApt MAA 3.2 49 108.78
5.19 7.01 4.86 MitsubishiUFJ MTU ... 9 6.48
-0.56 3.87 3.17 MizuhoFin MFG ... 8 3.57
16.36 11.59 7.09 MobileTeleSys MBT 6.7 12 10.60
27.70 259.91 175.52 MohawkIndustries MHK ... 20 254.99
-14.10 112.19 80.92 MolsonCoors B TAP 2.0 8 83.59
s 16.24 122.80 97.35 Monsanto MON 1.8 24 122.30
s 53.01 144.81 93.51 Moody's
MCO 1.1 59 144.24
14.32 50.14 31.61 MorganStanley MS 2.1 14 48.30
MOS 2.8 52 21.78
-25.74 34.36 19.23 Mosaic
8.49 93.75 71.24 MotorolaSolutions MSI 2.1 24 89.93
112.56 26.25 9.84 NRG Energy NRG 0.5 dd 26.06
2.99 25.42 21.96 NTTDoCoMo DCM ... 15 23.43
NVR ... 23 2939.91
76.15 2968.97 1478.04 NVR
-1.42 75.24 60.08 NationalGrid NGG 6.0 14 62.73
-7.45 43.63 29.90 NatlOilwell NOV 0.6 dd 34.65
-3.62 48.03 36.45 NatlRetailProp NNN 4.5 37 42.60
122.80 94.63 37.16 NewOrientalEduc EDU ... 55 93.80
-19.74 17.68 11.67 NY CmntyBcp NYCB 5.3 14 12.77
-3.47 55.08 40.88 NewellBrands NWL 2.1 17 43.10
-26.79 50.00 24.41 NewfieldExpln NFX ... 19 29.65
13.27 39.62 30.19 NewmontMining NEM 0.8171 38.59
s 26.03 152.27 110.49 NextEraEnergy NEE 2.6 17 150.55
-5.36 54.99 36.96 NielsenHoldings NLSN 3.4 29 39.70
NKE 1.4 22 50.98
0.30 60.53 49.01 Nike
0.30
0.61
0.35
-0.03
-0.27
-0.12
0.14
-1.29
-0.43
-0.05
0.19
-0.46
1.00
0.18
-0.12
-1.24
-0.18
-0.16
0.64
0.30
0.78
0.07
0.41
0.14
0.83
-1.26
-0.66
0.30
0.33
0.40
1.06
-0.22
0.44
-0.03
-0.16
0.13
-0.04
-0.04
-0.13
0.12
0.02
0.28
0.28
-0.22
0.01
-1.76
-0.01
0.76
0.15
0.38
-0.33
-0.27
-0.64
0.61
0.27
-0.04
-0.65
0.39
0.86
0.08
0.13
-0.18
1.19
0.33
-1.41
-0.12
0.60
-0.51
-0.75
1.46
-3.50
0.15
-0.44
-0.01
-1.42
0.12
0.05
0.12
0.07
0.02
0.08
-3.25
-0.76
2.39
0.31
-0.29
0.55
0.13
0.38
0.20
11.80
-0.36
0.27
0.38
3.27
-0.04
0.32
-0.13
0.20
-0.15
-0.17
0.15
Continued on Page B8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B8 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
BIGGEST 1,000 STOCKS
YTD 52-Week
% Chg Hi Lo Stock
Continued From Page B7
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NI 2.6 31 26.60
20.14 27.29 21.17 NiSource
-28.67 42.03 22.98 NobleEnergy NBL 1.5 dd 27.15
NOK 3.2 dd 5.93
23.28 6.65 4.04 Nokia
-2.20 6.80 4.35 NomuraHoldings NMR ... 9 5.77
-11.02 62.82 39.53 Nordstrom JWN 3.5 20 42.65
s 21.82 134.52 89.95 NorfolkSouthern NSC 1.9 21 131.65
s 27.44 299.33 214.59 NorthropGrumman NOC 1.3 23 296.40
NVS 3.2 31 86.13
18.25 86.90 66.93 Novartis
32.54 49.50 30.89 NovoNordisk NVO 1.0 21 47.53
NUE 2.6 17 58.31
-2.03 68.00 45.30 Nucor
-24.00 55.64 37.30 NuSTAREnergy NS 11.6 53 37.85
10.07 37.41 29.57 OGE Energy OGE 3.6 19 36.82
OKE 5.3 35 56.47
-1.64 59.47 45.41 ONEOK
-9.13 75.60 57.20 OccidentalPetrol OXY 4.8498 64.73
Och-Ziff
OZM 2.4 24 3.27
-1.21 3.87 2.15
OLN 2.3142 35.54
38.77 36.84 20.05 Olin
1.38 35.14 28.11 OmegaHealthcare OHI 8.2 17 31.69
OMC 2.9 15 75.14
-11.71 89.66 71.63 Omnicom
ORCL 1.6 21 48.61
26.42 53.14 37.64 Oracle
ORAN 5.5 88 16.35
7.99 17.63 13.98 Orange
52.17 134.59 72.06 OrbitalATK OA 1.0 28 133.50
s 10.73 86.43 69.49 Orix
IX ... 9 86.18
s 34.73 88.20 52.00 Oshkosh
OSK 1.0 26 87.05
53.70 80.12 46.45 OwensCorning OC 1.0 23 79.25
t -5.02 71.57 56.13 PG&E
PCG 3.7 14 57.72
PHI 5.9 14 31.90
15.79 38.54 25.50 PLDT
PNC 2.2 17 133.75
14.36 137.41 87.59 PNC Fin
PKX ... 15 72.85
38.63 77.76 50.37 POSCO
PPG 1.6 51 113.50
19.78 114.15 89.64 PPG Ind
PPL 4.2 16 37.56
10.31 40.20 32.46 PPL
PVH 0.1 24 124.94
38.45 130.75 84.53 PVH
36.39 119.43 78.03 PackagingCpAm PKG 2.2 22 115.69
19.88 165.69 107.31 PaloAltoNtwks PANW ... dd 149.91
-4.08 33.40 24.65 ParkHotels PK 6.0 2 28.68
s 28.86 181.94 118.77 ParkerHannifin PH 1.5 25 180.40
-25.00 39.82 22.98 ParsleyEnergy PE ...240 26.43
PSO 1.6 dd 8.37
-16.22 10.31 7.04 Pearson
9.67 35.63 27.44 PembinaPipeline PBA 5.0 36 34.35
PNR 2.0 30 69.98
24.81 70.51 53.80 Pentair
PEP 2.9 23 112.62
7.64 119.39 98.50 PepsiCo
s 36.89 72.11 45.35 PerkinElmer PKI 0.4 43 71.39
PRGO 0.7 dd 87.78
5.47 92.64 63.68 Perrigo
-12.85 81.80 60.69 PetroChina PTR 3.2 41 64.23
3.76 12.55 7.61 PetroleoBrasil PBR ... dd 10.49
15.66 11.77 6.96 PetroleoBrasilA PBR.A ... dd 10.19
PFE 3.5 27 36.34
11.88 36.60 29.83 Pfizer
24.59 123.55 86.78 PhilipMorris PM 3.8 25 113.99
s 9.28 95.00 75.14 Phillips66
PSX 3.0 28 94.43
6.51 66.67 46.36 PinnacleFoods PF 2.3 37 56.93
11.98 90.92 70.86 PinnacleWest PNW 3.0 19 87.38
-20.08 199.83 125.46 PioneerNatRscs PXD 0.1147 143.92
-34.93 33.95 18.82 PlainsAllAmPipe PAA 5.7 16 21.01
PAGP 5.6 dd 21.32
-38.52 36.16 19.60 PlainsGP
25.08 108.45 73.98 PolarisIndustries PII 2.3 43 103.05
8.09 89.04 68.76 PostHoldings POST ... dd 86.89
POT 2.1 33 19.32
6.80 20.27 15.72 Potash
PX 2.2 27 142.21
21.35 142.97 114.43 Praxair
s 16.16 67.95 52.08 PrincipalFin PFG 2.8 15 67.21
10.66 94.67 81.18 Procter&Gamble PG 3.0 26 93.04
37.10 49.75 30.99 Progressive PGR 1.4 21 48.67
s 23.53 65.63 45.93 Prologis
PLD 2.7 29 65.21
4.85 115.26 82.45 PrudentialFin PRU 2.7 12 109.11
22.02 49.67 32.52 Prudential PUK 1.6 18 48.55
s 10.85 49.33 39.28 PublicServiceEnt PEG 3.5 55 48.64
-2.21 232.21 192.15 PublicStorage PSA 3.7 31 218.56
47.28 27.76 17.69 PulteGroup PHM 1.3 15 27.07
-0.91 112.97 79.12 QuestDiag DGX 2.0 18 91.06
s 31.30 100.00 70.10 QuintilesIMS Q
...137 99.85
RENX 1.4 27 21.88
30.55 21.93 14.92 RELX
RELX 1.3 28 22.74
26.54 22.89 16.19 RELX
RPM 2.5 38 51.76
-3.85 56.48 46.25 RPM
-5.85 114.00 66.06 RalphLauren RL 2.4 dd 85.04
23.18 87.22 57.64 RaymondJames RJF 1.0 20 85.33
s 32.32 189.64 132.89 Raytheon
RTN 1.7 26 187.89
-1.06 63.60 52.72 RealtyIncome O 4.5 49 56.87
s 73.74 122.31 68.54 RedHat
RHT ... 73 121.10
-6.21 75.15 58.63 RegencyCtrs REG 3.3257 64.67
3.27 16.03 9.87 RegionsFin RF 2.4 16 14.83
s 13.53 143.71 106.68 ReinsuranceGrp RGA 1.4 12 142.85
11.01 67.18 49.44 RepublicServices RSG 2.2 32 63.33
RMD 1.8 32 77.63
25.11 81.87 56.59 ResMed
39.05 66.54 42.34 RestaurantBrands QSR 1.2 46 66.27
28.90 29.55 18.30 RiceEnergy RICE ... dd 27.52
s 30.03 50.13 31.67 RioTinto
RIO 4.4 15 50.01
0.47 51.76 34.42 RobertHalf RHI 2.0 19 49.01
s 38.30 186.49 115.36 Rockwell
ROK 1.6 30 185.88
45.22 135.31 78.54 RockwellCollins COL 1.0 27 134.71
s 39.35 53.86 37.03 RogersComm B RCI 2.8 36 53.76
ROL 1.0 57 47.61
40.94 47.92 28.00 Rollins
s 36.61 253.16 167.50 RoperTech ROP 0.6 37 250.10
17.12 79.46 60.92 RoyalBkCanada RY 3.6 14 79.30
33.45 7.44 4.19 RoyalBkScotland RBS ... dd 7.38
s 55.74 128.09 67.53 RoyalCaribbean RCL 1.9 18 127.77
s 12.03 61.42 48.07 RoyalDutchA RDS.A 6.2 33 60.92
8.28 63.12 50.94 RoyalDutchB RDS.B 6.0 34 62.77
s 30.42 113.17 80.93 SAP
SAP 1.2 36 112.72
s 50.47 162.96 107.21 S&P Global SPGI 1.0 19 161.82
16.90 64.80 48.82 SINOPECShanghai SHI 5.8 8 63.28
25.69 28.13 20.44 SK Telecom SKM ... 9 26.27
-3.77 115.34 93.90 SLGreenRealty SLG 3.0108 103.49
41.60 98.22 66.43 Salesforce.com CRM ... dd 96.94
SNY 3.3 13 49.49
22.38 50.65 36.81 Sanofi
SSL 4.1 12 29.05
1.61 32.40 24.91 Sasol
SCG 4.9 12 49.85
-31.97 74.99 47.80 Scana
-19.99 87.84 62.56 Schlumberger SLB 3.0517 67.17
SCHW 0.7 30 44.73
13.33 46.21 30.66 SchwabC
s 4.23 100.23 81.48 ScottsMiracleGro SMG 2.1 27 99.59
SEE 1.4 23 44.55
-1.74 50.62 41.22 SealedAir
14.14 120.17 92.95 SempraEnergy SRE 2.9 17 114.87
s 25.73 49.18 35.10 SensataTech ST ... 29 48.97
20.56 35.89 24.90 ServiceCorp SCI 1.8 19 34.24
25.17 48.48 32.51 ServiceMaster SERV ... 28 47.15
s 64.50 123.13 72.80 ServiceNow NOW ... dd 122.29
8.92 23.31 19.02 ShawComm B SJR 4.1 28 21.85
s 43.57 387.17 239.48 SherwinWilliams SHW 0.9 32 385.84
20.03 48.98 36.06 ShinhanFin SHG ... 8 45.18
SHOP ... dd 94.22
119.78 123.94 37.74 Shopify
-6.39 199.85 150.15 SimonProperty SPG 4.3 31 166.31
s 29.17 61.80 43.66 SmithAO
AOS 0.9 31 61.16
27.99 40.43 26.96 Smith&Nephew SNN 1.3 21 38.50
SJM 3.0 22 105.11
-17.92 143.68 102.73 Smucker
SNAP ... dd 16.50
-32.60 29.44 11.28 Snap
SNA 1.9 16 152.01
-11.25 181.73 140.83 SnapOn
109.08 63.80 26.47 SOQUIMICH SQM 1.3 46 59.90
SNE ... 40 36.82
31.36 41.65 27.72 Sony
SO 4.6 78 50.94
3.56 52.23 46.20 Southern
s 35.13 43.36 25.93 SoCopper
SCCO 1.3 34 43.16
18.62 64.39 36.91 SouthwestAirlines LUV 0.8 18 59.12
-2.53 47.48 40.19 SpectraEnerPtrs SEP 6.4 16 44.68
-13.47 146.09 101.93 SpectrumBrands SPB 1.6 22 105.85
s 36.32 80.20 45.65 SpiritAeroSys SPR 0.5 29 79.54
S
-15.44 9.65 5.83 Sprint
... dd 7.12
s140.72 33.22 10.88 Square
SQ ... dd 32.81
s 38.38 159.79 111.89 StanleyBlackDck SWK 1.6 20 158.71
27.71 99.99 68.54 StateStreet STT 1.7 18 99.26
STO 4.3 dd 20.31
11.35 20.42 15.58 Statoil
STE 1.4 64 89.49
32.79 91.18 63.80 Steris
s 76.04 20.18 7.87 STMicroelec STM 1.2 40 19.98
SYK 1.2 33 146.69
22.44 149.23 106.48 Stryker
2.36 8.30 6.43 SumitomoMits SMFG ... 8 7.82
15.98 91.87 69.90 SunCommunities SUI 3.0127 88.85
3.18 40.57 32.22 SunLifeFinancial SLF 3.5 13 39.63
3.18 35.18 27.96 SuncorEnergy SU 3.0 27 33.73
8.40 61.69 44.45 SunTrustBanks STI 2.7 16 59.46
-15.03 38.05 26.01 SynchronyFin SYF 1.9 12 30.82
SYT ... 41 92.08
16.48 93.61 74.52 Syngenta
13.53 47.32 31.83 SynovusFin SNV 1.3 21 46.64
SYY 2.4 26 54.45
-1.66 57.07 47.15 Sysco
201.07 35.87 11.02 TAL Education TAL ...149 35.20
s 26.65 87.94 60.88 TE Connectivity TEL 1.8 19 87.74
TU 4.3 23 36.03
13.12 36.94 30.31 Telus
TX 3.1 8 32.39
34.12 32.83 19.81 Ternium
TSU ... 33 18.88
60.00 19.20 11.17 TIM Part
TJX 1.7 20 72.07
-4.07 80.92 66.66 TJX
84.27 78.14 41.41 TableauSoftware DATA ... dd 77.67
s 41.98 40.86 28.34 TaiwanSemi TSM 2.8 19 40.82
-15.77 61.83 40.25 TargaResources TRGP 7.7 dd 47.23
TGT 4.1 12 60.85
-15.76 79.33 48.56 Target
-4.65 41.55 28.96 TataMotors TTM 0.0 18 32.79
-24.96 37.09 25.17 TechnipFMC FTI ... ... 26.66
14.48 33.76 14.56 TeckRscsB TECK 0.7 9 22.93
73.09 32.12 17.04 TelecomArgentina TEO 1.4 16 31.45
3.15 10.53 7.10 TelecomItalia TI 2.8 ... 9.17
1.37 8.45 5.85 TelecomItalia A TI.A 4.1 ... 7.39
s 32.50 165.87 102.78 TeledyneTech TDY ... 30 162.97
TFX 0.6 46 238.71
48.13 248.68 136.53 Teleflex
20.48 16.85 11.95 TelefonicaBras VIV ... 23 16.12
17.61 11.64 8.15 Telefonica TEF 4.1 18 10.82
11.59 36.19 27.17 TelekmIndonesia TLK 2.3 16 32.54
TS 4.1108 27.44
-23.16 37.21 26.48 Tenaris
s 52.01 39.05 20.22 Teradyne
TER 0.7 20 38.61
t-58.68 44.49 14.30 TevaPharm TEVA 2.3 dd 14.98
9.68 55.80 37.19 Textron
TXT 0.2 16 53.26
36.37 194.30 139.07 ThermoFisherSci TMO 0.3 34 192.42
6.92 48.57 39.23 ThomsonReuters TRI 2.9 35 46.81
29.11 129.88 74.00 ThorIndustries THO 1.1 18 129.17
s 21.92 219.76 163.85 3M
MMM 2.2 25 217.72
TIF 2.1 26 94.40
21.92 97.29 71.46 Tiffany
4.57 103.90 78.80 TimeWarner TWX 1.6 19 100.94
TOL 0.8 16 42.48
37.03 43.20 26.65 Toll Bros
s 10.64 81.92 62.86 Torchmark TMK 0.7 18 81.61
TTC 1.1 26 62.56
11.81 73.86 46.09 Toro
15.34 57.59 44.22 TorontoDomBk TD 3.4 14 56.91
TOT 5.4 18 53.97
5.89 55.04 45.05 Total
38.04 70.62 46.88 TotalSystem TSS 0.8 33 67.68
5.27 124.18 103.62 ToyotaMotor TM ... 11 123.38
11.12 51.85 42.69 TransCanada TRP 4.0 58 50.17
6.64 295.00 203.72 TransDigm TDG ... 29 265.49
60.49 50.15 28.92 TransUnion TRU ... 43 49.64
TRV 2.3 13 126.67
3.47 130.37 103.45 Travelers
33.91 9.69 6.35 TurkcellIletism TKC ... 16 9.24
3.41 3.80 2.44 TurquoiseHill TRQ ... 56 3.34
TWTR ... dd 18.63
14.29 20.88 14.12 Twitter
TYL ... 59 179.51
25.73 182.49 139.61 TylerTech
13.83 72.88 55.72 TysonFoods TSN 1.3 15 70.21
10.27 18.31 13.28 UBS Group UBS 3.5 16 17.28
UDR 3.2111 39.00
6.91 40.71 32.79 UDR
UGI 2.1 22 47.40
2.86 52.00 41.79 UGI
USFD ... 20 26.96
-1.89 30.73 22.19 US Foods
19.53 25.39 18.38 UltraparPart UGP 2.2 31 24.79
-44.27 39.20 15.92 UnderArmour A UAA ... 33 16.19
-40.60 34.20 14.80 UnderArmour C UA ... 31 14.95
s 49.34 61.62 38.41 Unilever
UN 2.7 28 61.32
s 47.22 60.13 38.58 Unilever
UL 2.8 27 59.92
8.29 116.93 87.06 UnionPacific UNP 2.2 20 112.28
-7.29 83.04 52.21 UnitedContinental UAL ... 9 67.57
51.43 2.73 1.74 UnitedMicro UMC 3.1 22 2.65
UPS 2.8 29 118.36
3.24 120.80 102.12 UPS B
s 36.59 145.56 70.58 UnitedRentals URI ... 21 144.21
0.03
-0.14
0.10
0.01
0.06
-2.04
-2.28
0.14
-1.53
0.89
-0.26
-0.03
0.06
0.51
-0.03
0.03
0.28
0.78
0.38
-0.07
0.08
2.90
-0.25
-0.06
-6.78
-0.08
-1.52
3.11
0.10
-0.81
0.14
0.19
1.67
0.13
0.32
-0.09
0.19
0.05
0.09
0.17
-0.42
0.12
0.48
0.09
0.09
-0.01
-0.54
0.09
-0.12
0.07
-2.32
-0.25
-0.17
-1.32
-0.23
0.30
0.34
-0.12
0.89
-0.08
0.13
-0.24
0.22
-0.38
1.75
-0.02
-0.46
1.40
0.04
-0.08
0.23
-0.22
-1.00
-1.02
0.12
0.19
0.63
-0.08
0.26
-0.34
0.04
0.32
-0.21
1.93
0.11
1.38
-0.23
0.78
0.02
-1.95
0.21
0.07
2.77
0.19
0.37
0.07
0.70
2.42
0.19
-1.34
0.20
-0.25
0.33
0.25
New Highs and Lows | WSJ.com/newhighs
Friday, October 13, 2017
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
EtnVncNatMuniOpp EOT
EXG
NYSE highs - 264 EtnVncTxMnGlDvEq
EtnVncTxMgdEqu ETY
Aflac
AFL
AVX
AVX
AberdeenJapanEqu JEQ
Accenture
ACN
AdamsDivEquityFd ADX
AerCap
AER
AgilentTechs
A
AirLease
AL
AirProducts
APD
AlexandriaRealEst ARE
Allegion
ALLE
AllianzGIDivIncm ACV
AlpnGlblPrProp AWP
Ambev
ABEV
AmEqtyLf
AEL
AmericanExpress AXP
AmHomes4RentPfdG AMHpG
AmerStWater AWR
AmerVanguard AVD
AmerWaterWorks AWK
Ameriprise
AMP
Ametek
AME
Amphenol
APH
AnnalyCapPfdF NLYpF
Aon
AON
AquaAmerica WTR
Aramark
ARMK
ArcelorMittal MT
ArdmoreShipping ASC
ArmstrongWorld AWI
AsiaPacificFund APB
AveryDennison AVY
BBVABancoFr BFR
BP
BP
BancoMacro
BMA
BcoSantChile BSAC
BankofMontreal BMO
BenchmarkElec BHE
Bitauto
BITA
BlackKnight
BKI
BlkRkMuniAssets MUA
BlkRkNY Muni BQH
BlkRkSci&Tech BST
Boeing
BA
BoydGaming
BYD
BrandywineRealty BDN
BrasilAgro
LND
Braskem
BAK
Brink's
BCO
Bristol-Myers BMY
BroadridgeFinl BR
BrookfieldMgt BAM
BrookfieldPropPtr BPY
Brown&Brown BRO
CBIZ
CBZ
CBRE Group
CBG
CNO Financial CNO
CVR Energy
CVI
CampingWorld CWH
CarpenterTech CRS
Caterpillar
CAT
CedarRealty6.5%PfC CDRpC
ChathamLodging CLDT
Chemours
CC
ChesapeakeLodging CHSP
Chevron
CVX
ChinaFund
CHN
ChnStrPfInco RNP
ChnStrOppFd FOF
CoreLogic
CLGX
Cummins
CMI
CurtissWright CW
DCT Industrial DCT
DellTechnologies DVMT
DNB Select
DNP
DollarGeneral DG
DouglasEmmett DEI
Dover
DOV
EPAM Systems EPAM
EastGroup
EGP
EatonVance
EV
EtnVncEqtyInco II EOS
84.68
19.66
8.97
140.00
15.49
52.47
67.82
44.59
154.41
124.37
89.81
22.31
6.84
7.03
30.25
92.92
25.95
53.99
24.00
85.78
153.75
67.65
88.00
26.28
150.12
35.15
42.52
29.45
9.05
54.15
14.45
102.07
21.91
39.48
126.94
31.46
78.28
35.75
53.49
47.15
15.84
15.65
25.80
263.79
28.04
18.17
4.55
29.15
87.00
66.10
82.80
42.64
24.96
49.62
17.00
39.64
24.47
28.45
42.97
50.92
131.41
25.14
22.32
56.39
28.65
120.00
21.30
21.90
13.48
49.21
174.17
113.30
60.21
80.96
11.57
83.18
40.86
95.14
91.23
92.36
51.64
15.31
0.1
0.1
1.0
...
0.1
0.6
-0.8
0.6
0.1
...
-1.4
1.2
0.4
2.8
0.2
1.4
0.2
-0.4
0.6
-0.1
0.2
0.1
-0.6
0.5
0.1
-0.3
0.4
8.4
-0.6
-1.0
0.8
1.1
1.6
0.2
2.3
0.1
0.3
...
2.0
0.3
1.7
0.6
0.7
-0.4
-0.4
-0.1
6.8
0.8
-0.1
-0.1
0.5
0.4
...
0.4
0.3
0.8
0.1
1.0
0.4
0.7
0.6
1.4
0.5
1.2
...
...
0.2
...
-0.4
0.2
0.4
1.0
-0.1
0.5
-0.5
0.5
0.7
0.4
0.4
0.5
1.0
0.1
ElPasoElectric EE
EmbotellAndinaB AKO.B
EmersonElectric EMR
EmployersHldgs EIG
Entergy
ETR
EssentGroup ESNT
EsteeLauder
EL
Exelon
EXC
ExtendedStayAmer STAY
FMC
FMC
FairIsaac
FICO
FederatedInvest FII
Ferro
FOE
FibriaCelulose FBR
FNFV Group
FNFV
FidelityNtlInfo FIS
FT EnhEquity FFA
Forestar
FOR
Fortive
FTV
GabelliDividend GDV
GabelliGlbSmall&MC GGZ
Gallagher
AJG
Generac
GNRC
GenAmInv
GAM
GeneralCable BGC
GeneralDynamics GD
GeneralMotors GM
GeneralMotorsWt19 GM.WS.B
GettyRealty
GTY
Graco
GGG
GramercyProperty GPT
GuggEnhEquFd GPM
HFF
HF
HP
HPQ
Harris
HRS
Harsco
HSC
HawaiianElec HE
Hexcel
HXL
Hilton
HLT
HorizonTechNts22 HTFA
Huntsman
HUN
IDEX
IEX
IllinoisToolWks ITW
IndependenceHldg IHC
Ingevity
NGVT
Intelsat
I
IntlFlavors
IFF
InvescoMtg
IVR
InvescoMtgPfdB IVRpB
InvescoMtg7.5%PfdC IVRpC
JohnBeanTech JBT
KB Home
KBH
Kemet
KEM
Kemper
KMPR
KimcoRealtyPfdL KIMpL
Koppers
KOP
KoreaFund
KF
KronosWorldwide KRO
Kyocera
KYO
LCI Inds
LCII
LaQuinta
LQ
LambWeston LW
LazardGlblFd LGI
CBTCS 04-6
JBK
Leidos
LDOS
LockheedMartin LMT
MGIC Investment MTG
MSCI
MSCI
Mastercard
MA
McDonalds
MCD
Medifast
MED
MeritageHomes MTH
MettlerToledo MTD
ModineMfg
MOD
MonmouthRealEst MNR
Monsanto
MON
Moody's
MCO
MS India
IIF
MS EmMktFd MSF
NamTaiProperty NTP
Navistar pfD NAVpD
23.54
9.50
11.88
58.70
29.88
64.40
47.15
82.83
41.72
111.75
39.43
20.92
94.42
148.26
31.58
23.59
16.44
18.48
95.14
15.25
17.95
73.21
22.76
13.61
62.31
50.58
36.43
21.95
214.81
46.11
28.15
29.71
126.19
31.26
8.75
42.43
22.00
137.16
21.75
34.78
60.41
71.38
25.99
29.43
125.59
154.38
27.05
69.00
7.47
148.71
17.54
25.99
25.28
103.85
27.67
26.77
57.70
25.04
50.00
42.99
25.31
65.97
120.75
18.53
50.04
17.10
26.71
63.08
322.19
12.97
123.18
148.45
165.51
62.90
48.70
662.99
21.15
16.93
122.80
144.81
36.64
18.01
12.35
16.35
-0.1
-0.4
0.4
-0.2
0.5
0.1
0.5
0.6
2.7
1.4
0.8
1.1
0.9
0.2
0.4
1.1
2.6
0.8
0.4
0.3
0.9
-0.7
0.4
-0.6
...
1.4
0.7
0.2
-0.2
2.2
4.0
0.6
0.6
0.4
0.3
1.2
6.4
...
...
-0.1
-0.6
1.1
0.2
3.9
0.3
-0.3
8.2
1.0
-6.9
0.4
0.3
-0.2
0.6
3.6
-1.9
3.9
1.3
0.3
-0.7
0.6
1.3
1.2
0.9
0.8
0.6
0.5
5.0
0.7
-0.5
2.1
-0.5
0.4
0.9
0.3
-0.2
-0.2
-1.0
0.9
2.0
0.2
1.1
0.3
3.3
...
52-Wk %
Sym Hi/Lo Chg
NewGermanyFund GF
NextEraEnergy NEE
NextEraEnergy NEP
NorfolkSouthern NSC
NorthropGrumman NOC
NorthstarRltyEur NRE
NuvCoreEqAlpha JCE
NuvDow30Dyn DIAX
Oi
OIBR.C
OmnovaSol
OMN
Orix
IX
Oshkosh
OSK
ParTechnology PAR
ParkerHannifin PH
PebblebrookHotel PEB
PerkinElmer
PKI
Phillips66
PSX
PolyOne
POL
PrefApartment APTS
Primerica
PRI
PrincipalFin
PFG
Prologis
PLD
PublicServiceEnt PEG
PublicStoragePfdG PSApG
PzenaInvtMgmt PZN
Q2Holdings
QTWO
QuintilesIMS
Q
RH
RH
Rayonier
RYN
Raytheon
RTN
RedHat
RHT
ReinsuranceGrp RGA
RexfordIndlRealty REXR
RexnordPfdA RXNpA
Rexnord
RXN
RioTinto
RIO
RivernorthOppsRt RIVrw
Rockwell
ROK
RogersComm B RCI
RoperTech
ROP
RoyalCaribbean RCL
RoyalDutchA RDS.A
RoyceGlbValueTr RGT
SAP
SAP
S&P Global
SPGI
SJW Group
SJW
SPX FLOW
FLOW
SafeguardSci SFE
ScottsMiracleGro SMG
SeabridgeGold SA
SensataTech
ST
ServiceNow
NOW
SherwinWilliams SHW
SmithAO
AOS
SocialCapHedWt IPOA.WS
SoCopper
SCCO
SpecialOpFd
SPE
SpeedwayMotor TRK
SpiritAeroSys SPR
Square
SQ
StanleyBlackDck SWK
SterlingBncpPfdA STLpA
STMicroelec
STM
Synnex
SNX
TE Connectivity TEL
TaiwanSemi
TSM
TeledyneTech TDY
TemplMktFd
EMF
Teradyne
TER
TexasPacLand TPL
ThirdPointReins TPRE
3M
MMM
Torchmark
TMK
TravelportWorldwd TVPT
Tri-Continental TY
Tronox
TROX
TurningPoint
TPB
TwoHarborsPfdB TWOpB
UMHPropPfdC UMHpC
Unitil
UTL
Unifi
UFI
Unifirst
UNF
Unilever
UN
Unilever
UL
UnitedRentals URI
18.81 0.8
152.27 -0.1
44.00 0.3
134.52 -1.5
299.33 -0.8
13.76 -0.1
15.68 0.4
17.23 0.2
9.38 13.2
11.55 2.2
86.43 3.5
88.20 -0.3
11.79 -5.6
181.94 0.2
37.42 -0.1
72.11 -0.6
95.00 0.1
41.78 1.5
19.99 0.5
88.05 -0.5
67.95 -0.2
65.63 0.2
49.33 -0.8
25.51 0.8
11.98 -0.9
43.03 0.5
100.00 1.4
80.87 3.7
30.18 0.9
189.64 -0.5
122.31 0.2
143.71 0.2
30.66 -0.5
59.10 2.0
26.24 1.9
50.13 4.0
0.37 -16.7
186.49 0.7
53.86 1.5
253.16 -0.8
128.09 2.2
61.42 0.3
10.64 0.9
113.17 0.1
162.96 0.4
62.13 -0.7
41.97 2.1
14.30 1.1
100.23 0.6
13.50 1.9
49.18 0.5
123.13 0.3
387.17 0.6
61.80 -0.5
1.99 -4.7
43.36 1.6
15.97 0.2
23.18 -1.1
80.20 0.4
33.22 ...
159.79 0.3
26.39 0.8
20.18 0.6
133.44 0.1
87.94 0.3
40.86 0.9
165.87 -1.2
17.37 0.6
39.05 -0.1
434.99 0.6
16.52 1.2
219.76 0.1
81.92 0.1
15.94 -1.0
25.99 ...
26.81 2.6
18.82 -0.1
26.36 1.3
28.00 0.7
52.47 -0.4
37.43 0.8
158.05 0.1
61.62 0.9
60.13 1.0
145.56 0.1
UrstadtBiddlePfdH UBPpH
Visa
V
VersumMaterials VSM
VinaConcha
VCO
VMware
VMW
VoyaAsiaPacHiDiv IAE
Wal-Mart
WMT
WestlakeChem WLK
Wyndham
WYN
XeniaHotels
XHR
Xylem
XYL
Yirendai
YRD
YumChina
YUMC
Company
Symbol
Amount
Yld % New/Old Frq
AdvantageOil AAV
AlticeUSA
ATUS
AmericanRenal ARA
BrookdaleSrLiving BKD
Cabco JCP PFH PFH
CapitolInvIV A CIC
CobaltIntlEner CIE
Volaris
VLRS
EastmanKodak KODK
EnvisionHlthcr EVHC
FirstBanCorp FBP
GenesisEnergy GEL
KinderMorganPfdA KMIpA
MBIA
MBI
Mallinckrodt
MNK
NewSeniorInvt SNR
NuSTAR GP
NSH
NuvMN QualMuni NMS
OFGBancorp
OFG
PG&E
PCG
PartyCity
PRTY
RivernorthOppsRt RIVrw
SallyBeauty
SBH
SocialCapHedWt IPOA.WS
TejonRanch
TRC
TenetHealthcare THC
TevaPharm
TEVA
3D Systems
DDD
Vipshop
VIPS
WideOpenWest WOW
Increased
Brown & Brown
Dominion Energy
Eaton Vance
Enterprise Pdts Partners
Omega Hlthcare Investors
PolyOne
Western Gas Partners
BRO
D
EV
EPD
OHI
POL
WES
1.2 .15 /.135
3.9 .77 /.755
2.4 .31 /.28
6.4 .4225 /.42
8.2 .65 /.64
1.7 .175 /.135
7.1 .905 /.89
Q
Q
Q
Q
Q
Q
Q
Nov08 /Oct27
Dec20 /Dec01
Nov15 /Oct31
Nov07 /Oct31
Nov15 /Oct31
Jan10 /Dec15
Nov13 /Nov02
8.2 .50 /.7225 Q
Nov14 /Oct31
Reduced
Genesis Energy
GEL
1.2
0.5
1.9
1.2
0.4
1.2
0.6
-0.1
0.6
-0.1
-0.3
-1.6
...
5.50 -0.9
24.43 -2.3
12.19 -3.0
9.94 -0.1
14.24 -0.5
9.78 -0.2
0.96 -2.8
11.27 -1.1
6.50 -1.5
39.66 -2.2
4.65 -2.5
24.02 -3.0
39.81 0.1
6.62 -0.6
33.19 -4.1
8.63 0.2
19.43 -2.0
15.07 0.3
8.25 ...
56.13 -10.5
12.00 -0.8
0.28 -16.7
17.10 -0.9
1.81 -4.7
18.67 0.2
12.25 -5.1
14.30 -1.1
11.78 -8.8
7.80 -0.3
14.29 -0.1
NYSE Arca highs - 387
ALPS EqSecWgh EQL
ALPSIntlDivDogs IDOG
ALPSSectorDivDogs SDOG
ARKIndlInnovation ARKQ
ARKWebx.0ETF ARKW
AdvShDorseyADR AADR
AdvShKIMKorea KOR
AdvShNewTech FNG
BarcETNFIEnhEur50 FEEU
BarclaysETN FI Enh FLEU
BarcETN+FIEnhGlHY FIGY
BluStrTABIGIIsrael ITEQ
CambriaGlbMomentum GMOM
ClearSharesOCIO OCIO
ColumbiaDivFixed DIAL
ColumbiaEMConsumer ECON
ColumbiaSustGlb ESGW
CS FI LC Grwth FLGE
DeltaShS&P400Mgd DMRM
DeltaShS&PIntMgd DMRI
DiamondHillVal DHVW
DirexAeroBl3 DFEN
DirexCSIChinaInt CWEB
DirexCSI300CnABl2 CHAU
DirexDevMktBl3 DZK
DirexEM Bull3 EDC
DirexFTSEEurBull3x EURL
DirexIndlsBl3 DUSL
DirexJapanBl3 JPNL
DirexMcBull3 MIDU
DirexS&P500Bl3 SPXL
DirexS&P500Bull2X SPUU
DirexS&P500Bl1.25 LLSP
DirexSemiBl3 SOXL
DirexKRBull3 KORU
DirexTechBull3 TECL
Direx iBillionaire IBLN
ETF Exposure TETF
ETFMG PrimeMob IPAY
DJ 2xSelect Div DVYL
S&P2xDivAristoETN SDYL
ETFS PlldmShr PALL
EthoClimateLeader ETHO
FIEnhancedEur50ETN FIEU
FidelityDivRising FDRR
Company
Payable /
Record
26.63
109.26
40.21
37.55
114.18
10.98
86.95
85.86
110.62
22.17
65.42
51.28
43.55
NYSE lows - 30
Dividend Changes
Dividend announcements from October 13.
-0.12
-0.30
0.64
0.41
-1.09
0.22
0.02
-0.06
0.32
-0.19
2.27
0.46
-0.14
1.77
-0.29
0.24
-0.90
-0.05
0.40
1.91
0.50
0.20
0.70
0.31
-0.27
0.74
0.35
-0.02
...
0.43
0.63
0.11
-1.11
0.11
0.13
0.10
0.13
0.16
-0.03
-0.21
0.18
-0.07
-0.22
0.17
0.42
0.30
0.09
1.24
0.09
0.29
0.45
0.38
-0.23
0.66
0.68
0.04
0.08
0.09
0.18
0.26
-2.02
-1.32
-0.03
0.01
0.10
0.40
-0.04
-0.17
-0.29
-0.97
0.38
0.94
0.13
2.32
-0.51
-0.18
0.08
-0.07
-0.04
-0.30
-0.13
0.19
0.08
-0.67
0.05
0.72
0.04
0.05
0.18
0.57
-0.59
0.10
0.07
-0.03
-0.04
0.42
-0.36
-0.27
0.53
0.57
-1.41
0.93
0.05
-1.21
0.20
YTD 52-Week
% Chg Hi Lo Stock
Symbol
67.19
28.40
44.78
32.91
41.92
57.40
30.05
22.41
132.29
158.50
166.73
32.10
26.92
26.11
20.08
28.84
30.46
205.10
51.79
52.29
30.40
42.24
54.75
28.20
79.60
119.80
37.89
31.97
67.69
42.30
40.09
45.52
34.08
130.85
56.19
96.38
31.70
18.08
33.64
69.77
78.66
95.24
32.68
136.19
29.56
0.1
0.4
0.2
...
...
0.6
1.3
0.8
0.3
0.3
0.2
0.1
0.6
0.3
...
1.0
1.1
0.3
0.1
1.5
0.2
-1.1
2.9
1.1
1.3
2.6
0.3
1.2
4.3
-0.1
0.3
0.1
0.3
2.0
2.4
1.3
0.5
-0.2
0.4
0.2
0.4
1.6
0.1
0.8
0.3
Yld
Net
Sym % PE Last Chg
5.37 56.61 42.52 US Bancorp USB 2.2 16 54.13
X 0.7171 27.36
-17.12 41.83 16.32 US Steel
8.30 124.79 97.62 UnitedTech UTX 2.4 18 118.72
20.29 200.76 133.03 UnitedHealth UNH 1.6 23 192.52
-0.78 129.74 99.72 UniversalHealthB UHS 0.4 14 105.55
18.30 52.75 34.83 UnumGroup UNM 1.8 13 51.97
VER 6.5 dd 8.41
-0.59 9.81 7.44 VEREIT
VFC 2.6 24 63.88
19.74 65.71 48.05 VF
s 39.27 109.26 75.17 Visa
V 0.6 42 108.66
34.80 232.71 152.71 VailResorts MTN 1.9 44 217.44
37.14 11.71 5.56 Vale
VALE 5.4 15 10.45
14.29 78.64 53.60 ValeroEnergy VLO 3.6 19 78.08
VNTV ... 54 69.98
17.38 73.14 54.38 Vantiv
29.18 107.87 75.94 VarianMed VAR ... 34 102.70
VEDL 11.0 21 20.05
61.43 20.92 11.36 Vedanta
44.79 68.07 37.34 VeevaSystems VEEV ... 71 58.93
VTR 4.9 38 63.36
1.34 72.36 56.20 Ventas
VZ 4.9 12 47.86
-10.34 54.83 42.80 Verizon
22.58 19.33 13.50 VistraEnergy VST ... 0 19.00
s 44.32 114.18 72.48 VMware
VMW ... 36 113.62
-5.28 90.29 69.78 VornadoRealty VNO 3.0 17 79.89
1.58 42.96 28.96 VoyaFinancial VOYA 0.1 dd 39.84
-7.09 138.18 108.37 VulcanMaterials VMC 0.9 38 116.28
WBC ... 25 149.26
40.61 152.61 96.10 WABCO
11.00 67.20 53.66 WEC Energy WEC 3.2 21 65.10
17.79 70.38 55.77 W.P.Carey WPC 5.8 34 69.60
WAB 0.6 26 74.51
-10.25 93.81 69.20 Wabtec
s 25.32 86.95 65.28 Wal-Mart
WMT 2.4 21 86.62
32.63 70.76 48.78 WasteConnections WCN 0.7 59 69.49
8.62 79.28 61.59 WasteMgt WM 2.2 26 77.02
WAT ... 28 185.79
38.25 190.39 133.35 Waters
WSO 3.1 30 159.56
7.72 163.94 128.60 Watsco
W ... dd 71.42
103.77 84.19 27.60 Wayfair
23.02 184.88 113.34 WellCareHealth WCG ... 30 168.64
-2.58 59.99 44.31 WellsFargo WFC 2.9 13 53.69
1.90 78.17 59.39 Welltower HCN 5.1 48 68.20
12.19 99.91 70.17 WestPharmSvcs WST 0.6 41 95.17
-7.61 57.50 49.20 WestarEnergy WR 3.1 22 52.06
-5.79 47.82 38.71 WesternGasEquity WGP 5.3 24 39.90
-12.70 67.44 48.04 WesternGasPtrs WES 7.1 33 51.30
-8.89 22.70 18.39 WesternUnion WU 3.5 51 19.79
s 50.78 85.86 48.92 WestlakeChem WLK 1.0 24 84.42
10.65 27.05 22.17 WestpacBanking WBK 5.3 16 25.98
15.93 60.36 43.79 WestRock WRK 2.7 36 58.86
15.99 35.50 28.58 Weyerhaeuser WY 3.6 29 34.90
5.18 25.27 16.94 WheatonPrecMetals WPM 2.0 31 20.32
WHR 2.5 18 178.78
-1.64 202.99 145.91 Whirlpool
WMB 4.0 49 29.87
-4.08 32.69 27.35 Williams
3.81 42.32 32.93 WilliamsPartners WPZ 6.1 24 39.48
WIT 0.5 34 5.55
14.67 6.40 4.50 Wipro
44.38 53.50 30.52 WooriBank WF 2.8 8 46.20
s 44.52 110.62 62.60 Wyndham WYN 2.1 21 110.37
55.70 68.96 31.68 XPO Logistics XPO ... 77 67.20
19.43 50.56 38.00 XcelEnergy XEL 3.0 21 48.61
XRX 3.0 dd 33.01
-5.47 39.96 25.84 Xerox
s 30.67 65.42 45.60 Xylem
XYL 1.1 42 64.71
YPF 1.0 dd 22.80
38.18 26.48 15.00 YPF
20.32 78.14 59.57 YumBrands YUM 1.6 21 76.20
s 64.40 43.55 23.79 YumChina YUMC ... 29 42.94
29.49 18.45 11.14 ZTO Express ZTO ... 35 15.63
5.90 35.65 29.30 ZayoGroup ZAYO ...102 34.80
15.99 133.49 95.63 ZimmerBiomet ZBH 0.8 34 119.70
ZTS 0.6 37 65.44
22.25 65.83 46.86 Zoetis
52-Wk %
Sym Hi/Lo Chg Stock
FidelityLowVol FDLO
FidelityMSCIIndls FIDU
FidelityMSCIIT FTEC
FidelityMSCIMatls FMAT
FidelityQualFactor FQAL
FT DJ GlbSelDiv FGD
FT DJ Internet FDN
FT DJ SelMicro FDM
FT FinlsAlpDx FXO
FT GlbEngg
FLM
FTHeitmanPrmRlEst PRME
FT IndlsAlpDx FXR
FT MatAlpDX FXZ
FT TechAlphaDEX FXL
FT USEquityOpp FPX
FT ValDivFd
FVD
FT Water
FIW
FlexGlbQualRealEst GQRE
FlexGlbUpstmNatRsc GUNR
FlexShIntQualDiv IQDE
FlexShIntQuDivDyn IQDY
FlexShIntlQualDiv IQDF
FlexShMDevMktxUS TLTD
FlexShEM FactTilt TLTE
FlexShQualDivDef QDEF
FlexShQualDivDyn QDYN
FlexShQualityDiv QDF
FrankIntlOpps FLIO
FranklinLibEM FLQE
FranklinGlbEquity FLQG
GlbX ChinaEner CHIE
GlbX ChinaFinls CHIX
GlbX FTSE SE Asia ASEA
GlbX MSCINorway NORW
GlbXSciBetaAsiaXJ SCIX
GlbXSciBetaUS SCIU
GlblXSuperDividend SDIV
GSActiveBetaEM GEM
GSActiveBetaIntlEq GSIE
GSActiveBetaJapan GSJY
GSActiveBetaUSLC GSLC
GuggBRIC
EEB
GuggBS2027CorpBd BSCR
GuggChinaTech CQQQ
GuggDefEqty DEF
GuggS&P500EWIndl RGI
GuggS&P500EWMat RTM
GuggS&P500EWTech RYT
GuggS&P500PureGr RPG
GuggInsider
NFO
GuggIntlMltAst HGI
GuggMC Core CZA
GuggS&PGlbl LVL
GuggS&PGlblWtr CGW
GuggS&PSpinOff CSD
GuggTR Bond GTO
HartfordMultiEM ROAM
HartfordMultiGlbSC ROGS
HullTacticalUS HTUS
IQ AustraliaSC KROO
IQ50%HdgFTSEEur HFXE
IQ50%HdgFTSEIntl HFXI
IQ50%HdgFTSEJapan HFXJ
IQGlbAgribusSC CROP
IQGlobalResources GRES
IQ HedMultStra QAI
IQLeadersGTAATrkr QGTA
IndSelSectorSPDR XLI
InnovatorIBD50Fd FFTY
iPathBlmIndMetalTR JJM
iShAggrAllocation AOA
iShConsAllocat AOK
iShCoreDivGrowth DGRO
iShGrwthAllocation AOR
iShCoreMSCIEmgMk IEMG
iShCoreMSCIEurope IEUR
iShMSCIIntlDev IDEV
iShCoreMSCIPacific IPAC
iShModAllocation AOM
iShCoreS&P500ETF IVV
iShCoreS&PMdCp IJH
iShS&PTotlUSStkMkt ITOT
iShCurrHdgNikk400 HJPX
iShCurHdgMSCIEAFE HSCZ
iShCurrHdMSCIJapan HEWJ
iShCurrHdgMSCISK HEWY
iShUSBasicMaterial IYM
iShU.S.Technology IYW
iShEdgeMSCIIntlMom IMTM
iShEdgeMSCIIntQual IQLT
iShEdgeMSCIIntVal IVLU
iShEdgeMSCIMnVlEur EUMV
iShEdgeMSCIMinJapn JPMV
iShEdgeMSCIMultif ACWF
Amount
Yld % New/Old Frq
29.18
37.15
47.61
34.01
30.47
26.10
105.80
47.33
30.18
57.52
20.44
38.26
41.65
49.50
65.61
30.29
46.87
63.34
31.95
25.62
28.21
26.69
68.05
58.39
42.10
42.09
42.96
29.46
32.80
30.06
11.78
17.90
16.00
13.86
25.88
29.98
22.39
35.11
29.54
32.26
50.77
37.89
20.12
60.20
45.03
114.64
106.76
139.34
101.95
60.10
17.27
64.27
11.12
35.28
51.75
52.82
25.26
30.87
27.89
18.69
20.25
21.30
21.49
35.58
27.56
30.15
23.93
72.62
32.92
29.11
54.41
34.71
33.01
45.25
56.27
50.32
57.40
58.12
38.20
257.01
182.14
58.57
28.78
30.26
31.59
31.26
98.80
154.44
30.61
29.47
25.75
25.79
66.03
29.85
0.2
-0.3
0.5
0.6
...
0.2
0.3
0.1
0.1
0.7
0.9
-0.2
0.6
0.2
-0.1
0.1
-0.2
0.3
1.0
0.3
0.6
0.5
0.5
0.8
0.2
0.2
...
1.7
0.8
0.4
0.1
1.1
0.5
0.2
...
-0.1
0.8
0.8
0.7
1.1
0.1
0.9
0.3
1.5
...
-0.1
0.7
0.5
0.2
...
0.5
...
0.3
0.2
...
0.1
1.3
0.6
...
1.6
0.1
0.4
0.9
0.2
0.2
0.2
0.2
-0.2
0.5
0.3
0.4
0.3
...
0.2
0.9
...
0.5
1.3
0.1
0.1
-0.1
...
1.0
0.4
0.9
2.7
0.6
0.6
0.3
0.2
0.5
0.1
1.0
0.4
Payable /
Record
Stocks
CHF Solutions
1:20
CHFS
/Oct13
Foreign
Banco Bradesco Ord ADR
Banco Bradesco Pref ADR
Knot Offshore Partners
KNOP
0.6
0.6
8.8
GAIN
7.9
BBDO
BBD
.00545 M
.00599 M
Q
.52
Dec08 /Nov03
Dec08 /Nov03
Nov15 /Nov02
Special
Gladstone Investment
0.14
1.80
-0.10
-0.40
-0.37
-0.04
0.03
-0.56
0.55
0.47
0.59
0.17
-0.38
0.43
0.36
-0.59
0.28
-0.49
-0.08
0.46
0.32
-0.08
-1.51
0.66
-0.47
0.36
-1.07
0.52
-0.68
0.10
-0.01
0.02
2.24
0.33
-1.52
0.19
0.11
-0.22
-0.21
-0.60
0.05
-0.07
0.42
0.15
0.31
0.08
1.68
-0.30
-0.42
0.03
-1.28
0.70
-0.92
-0.15
0.30
-0.17
0.30
-0.21
...
0.07
-0.53
-0.93
0.53
NASDAQ
20.02 22.34 17.30 AGNC Invt AGNC 9.9 4 21.76
ANSS ... 42 129.94
40.49 132.74 82.28 Ansys
s 57.13 176.87 98.71 ASML
ASML 0.7 ... 176.30
ABMD ...103 173.85
54.29 175.72 95.14 Abiomed
69.15 66.58 35.12 ActivisionBliz ATVI 0.5138 61.08
49.52 157.89 98.00 AdobeSystems ADBE ... 48 153.93
-23.88 71.64 44.65 AkamaiTech AKAM ... 29 50.76
14.92 149.34 96.18 AlexionPharm ALXN ... 61 140.61
ALGN ... 66 192.81
100.57 194.84 83.27 AlignTech
ALKS ... dd 50.29
-9.52 63.40 41.93 Alkermes
228.53 126.16 31.38 AlnylamPharm ALNY ... dd 123.00
s 27.18 1014.76 743.59 Alphabet A GOOGL ... 37 1007.87
s 28.23 997.21 727.54 Alphabet C GOOG ... 36 989.68
AABA ... dd 67.52
74.61 69.51 38.24 Altaba
33.75 1083.31 710.10 Amazon.com AMZN ...255 1002.94
DOX 1.3 23 65.64
12.69 67.98 54.91 Amdocs
UHAL ... 19 368.56
-0.28 398.94 307.80 Amerco
12.87 54.48 38.21 AmericanAirlines AAL 0.8 13 52.70
AMGN 2.5 17 183.01
25.17 191.10 133.64 Amgen
22.64 90.49 60.97 AnalogDevices ADI 2.0 43 89.06
AAPL 1.6 18 156.99
35.55 164.94 104.08 Apple
67.15 54.13 27.74 AppliedMaterials AMAT 0.7 19 53.94
13.96 100.91 76.47 ArchCapital ACGL ... 18 98.34
TEAM ... dd 39.64
64.62 40.95 23.80 Atlassian
ADSK ... dd 119.63
61.64 119.84 67.15 Autodesk
ADP 2.0 30 113.86
10.78 121.77 85.48 ADP
BOKF 2.0 19 88.55
6.64 90.69 68.55 BOK Fin
s 59.77 264.66 159.54 Baidu
BIDU ... 47 262.68
-14.07 56.86 35.53 BankofOzarks OZRK 1.6 15 45.19
s 29.26 338.94 244.28 Biogen
BIIB ... 22 337.64
14.82 100.51 78.42 BioMarinPharm BMRN ... dd 95.12
23.49 64.41 40.00 Bioverativ BIVV ... 14 58.66
s 67.92 11.78 6.65 BlackBerry BBRY ... 14 11.57
113.45 143.50 37.05 bluebirdbio BLUE ... dd 131.70
-13.71 75.00 52.75 BrighthouseFin BHF ... ... 60.40
40.27 259.36 160.62 Broadcom AVGO 1.6242 247.96
CA 3.0 19 33.88
6.64 36.54 30.01 CA
s 49.55 110.67 61.58 CBOE Holdings CBOE 1.0 61 110.50
8.75 67.49 53.46 CDK Global CDK 0.9 32 64.91
CDW 0.9 26 68.08
30.70 71.53 43.64 CDW
52-Wk %
Sym Hi/Lo Chg Stock
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
Stock
Yld
Net
Sym % PE Last Chg
.06
Dec15 /Dec05
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
0.20
0.70
2.69
0.85
-0.97
0.32
0.24
-0.85
0.43
-0.04
-1.20
2.22
1.85
-0.39
2.01
...
3.27
0.05
0.25
0.23
0.99
0.63
-0.21
-0.69
0.64
0.27
-0.59
3.35
-0.51
4.33
-0.01
-0.51
0.08
1.50
-0.03
-0.78
-0.04
0.48
-0.05
-0.87
YTD 52-Week
% Chg Hi Lo Stock
5.46 81.16 63.41 CH Robinson CHRW 2.3 23 77.26
19.04 138.49 98.95 CME Group CME 1.9 28 137.31
CSX 1.5 28 52.83
47.04 55.48 30.01 CSX
66.53 42.20 24.15 CadenceDesign CDNS ... 48 42.00
CG 7.0 18 24.05
57.70 24.85 14.35 Carlyle
CELG ... 43 136.46
17.89 147.17 96.93 Celgene
s 55.31 73.86 47.01 Cerner
CERN ... 37 73.57
24.13 408.83 241.50 CharterComms CHTR ...104 357.40
s 41.05 119.20 75.65 CheckPointSftw CHKP ... 26 119.13
145.72 138.44 41.69 ChinaLodging HTHT ... 69 127.38
0.95 81.98 68.11 CincinnatiFin CINF 2.6 22 76.47
s 31.48 152.48 102.07 Cintas
CTAS 0.9 38 151.94
10.75 34.60 29.12 CiscoSystems CSCO 3.5 18 33.47
14.56 87.99 65.56 CitrixSystems CTXS ... 27 81.47
s 85.93 119.66 49.68 Cognex
CGNX 0.3 54 118.29
s 32.75 74.77 49.35 CognizantTech CTSH 0.8 24 74.38
COHR ... 38 253.73
84.69 281.00 100.01 Coherent
4.30 42.18 30.02 Comcast A CMCSA 1.7 18 36.01
-2.39 60.61 45.37 CommerceBcshrs CBSH 1.6 20 56.43
-13.47 42.75 29.91 CommScope COMM ... 27 32.19
s 31.10 36.43 25.37 Copart
CPRT ... 22 36.32
s 52.27 291.95 179.22 CoStarGroup CSGP ... 96 287.02
COST 1.3 26 159.85
-0.16 183.18 142.11 Costco
CTRP ...192 55.19
37.98 60.65 39.71 Ctrip.com
CONE 2.7 dd 61.78
38.12 65.73 38.80 CyrusOne
t-16.49 66.50 47.48 DISH Network DISH ... 22 48.38
0.85 65.68 52.53 DentsplySirona XRAY 0.6 dd 58.22
0.31 114.00 82.77 DiamondbackEner FANG ... 30 101.37
-25.39 30.80 20.95 DiscoveryComm B DISCB ... 12 21.75
t-29.81 30.25 19.01 DiscoveryComm A DISCA ... 10 19.24
t-31.85 29.18 17.97 DiscoveryComm C DISCK ... 10 18.25
s 18.55 92.15 65.63 DollarTree DLTR ... 23 91.50
ETFC ... 20 43.86
26.58 45.70 27.34 E*TRADE
15.35 60.74 38.12 EastWestBancorp EWBC 1.4 17 58.63
EBAY ... 6 38.35
29.17 39.27 27.28 eBay
47.95 151.74 94.91 ElbitSystems ESLT ... 27 150.75
50.61 122.79 73.74 ElectronicArts EA ... 32 118.62
EQIX 1.7172 462.82
29.49 475.28 314.55 Equinix
ERIC 1.9 dd 5.95
2.06 7.47 4.83 Ericsson
EXEL ...130 24.76
66.06 29.50 10.04 Exelixis
EXPE 0.8 71 150.11
32.51 161.00 111.88 Expedia
s 13.61 60.81 47.23 ExpeditorsIntl EXPD 1.4 26 60.17
t-16.94 77.50 56.82 ExpressScripts ESRX ... 10 57.14
-19.36 149.50 114.63 F5Networks FFIV ... 19 116.70
FB ... 40 173.74
51.01 175.49 113.55 Facebook
FAST 2.7 25 46.58
-0.85 52.74 37.70 Fastenal
4.04 28.97 19.57 FifthThirdBncp FITB 2.3 14 28.06
FISV ... 31 127.08
19.57 129.81 92.81 Fiserv
FLEX ... 28 17.52
21.92 17.76 13.34 Flex
s 18.21 43.41 28.26 FlirSystems FLIR 1.4 27 42.78
FTNT ...106 39.08
29.75 41.56 28.50 Fortinet
20.05 39.32 29.32 Gaming&Leisure GLPI 6.9 21 36.76
GRMN 3.7 16 55.17
13.78 55.74 46.80 Garmin
13.35 86.27 63.76 GileadSciences GILD 2.6 9 81.17
GT 1.7 7 33.01
6.93 37.20 26.82 Goodyear
GRFS 1.5 ... 21.20
31.92 22.82 14.27 Grifols
-15.93 44.73 28.97 HD Supply HDS ... 11 35.74
HAS 2.4 21 96.62
24.21 116.20 76.14 Hasbro
6.69 93.50 73.11 HenrySchein HSIC ... 24 80.93
HOLX ... 14 36.28
-9.57 46.80 35.15 Hologic
7.15 111.98 76.20 JBHunt
JBHT 0.9 27 104.01
3.63 14.74 9.65 HuntingtonBcshs HBAN 2.3 19 13.70
s 93.75 127.28 60.39 IAC/InterActive IAC ... 47 125.53
IDXX ... 55 159.60
36.10 173.01 102.45 IdexxLab
23.98 48.53 34.13 IHSMarkit INFO ... 46 43.90
s100.69 199.02 81.90 IPG Photonics IPGP ... 33 198.10
28.77 61.50 38.01 IRSA Prop IRCP 2.1 16 61.00
-6.97 64.46 45.18 IcahnEnterprises IEP 10.8 7 55.45
ICLR ... 23 113.63
51.10 117.53 73.76 Icon
ILMN ... 41 206.92
61.61 214.34 119.37 Illumina
INCY ... dd 114.31
14.00 153.15 83.01 Incyte
INTC 2.7 15 39.67
9.37 39.95 33.23 Intel
30.48 48.15 31.96 InteractiveBrkrs IBKR 0.8 46 47.64
s 27.08 146.99 103.22 Intuit
INTU 1.1 39 145.65
71.38 367.50 203.57 IntuitiveSurgical ISRG ... 52 362.29
s 23.56 61.08 24.58 IonisPharma IONS ...281 59.10
JD ... dd 38.72
52.20 48.99 23.38 JD.com
18.38 109.67 79.00 JackHenry JKHY 1.2 33 105.10
29.67 163.75 95.80 JazzPharma JAZZ ... 22 141.38
JBLU ... 10 20.37
-9.14 24.13 16.85 JetBlue
33.83 109.59 71.11 KLA Tencor KLAC 2.2 18 105.30
-10.97 97.77 76.76 KraftHeinz KHC 3.2 25 77.74
s 21.60 37.68 27.85 LKQ
LKQ ... 23 37.27
s 79.61 190.31 93.69 LamResearch LRCX 0.9 21 189.90
3.38 79.09 58.68 LamarAdvertising LAMR 4.8 23 69.51
28.97 104.35 61.69 LibertyBroadbandA LBRDA ...550 93.45
27.58 104.66 63.64 LibertyBroadbandC LBRDK ...556 94.50
4.74 37.69 28.17 LibertyGlobal A LBTYA ... 36 32.04
4.31 37.00 27.36 LibertyGlobal C LBTYK ... 35 30.98
6.24 28.11 19.10 LibertyLiLAC A LILA ... 26 23.33
9.73 28.40 19.33 LibertyLiLAC C LILAK ... 26 23.23
11.66 26.00 17.24 LibertyQVC A QVCA ... 9 22.31
57.26 62.41 36.54 LibertyVenturesA LVNTA ... 19 57.98
20.77 39.32 26.95 LibertyFormOne A FWONA ... ... 37.86
26.08 41.13 26.44 LibertyFormOne C FWONK ... ... 39.50
22.65 26.52 16.52 LibertyBraves A BATRA ... dd 25.13
21.47 26.20 16.18 LibertyBraves C BATRK ... dd 25.01
25.87 46.43 31.83 LibertySirius A LSXMA ... 32 43.45
30.25 46.18 32.63 LibertySirius B LSXMB ... 33 45.51
27.71 46.24 32.13 LibertySirius C LSXMK ... 32 43.32
23.16 97.97 61.04 LincolnElectric LECO 1.5 27 94.43
47.40 40.82 21.14 LogitechIntl LOGI 1.7 29 36.51
LOGM 0.9 dd 116.05
20.20 123.95 86.22 LogMeIn
-8.96 72.70 47.26 lululemon
LULU ... 28 59.17
30.19 211.06 145.10 MarketAxess MKTX 0.7 50 191.28
52-Wk %
Sym Hi/Lo Chg Stock
iShEdgeMSCIMultInt INTF
iShEdgeMSCIMlIntSC ISCF
iShEdgeMSCIMultUSA LRGF
iShEdgeMSCIUSASize SIZE
iShEuropeETF IEV
iShGlobal100 IOO
iShiBondsDec2027Cp IBDS
iShJPX-Nikkei400 JPXN
iShACWILowCarbon CRBN
iShMSCIAllPeruCap EPU
iShMSCIAustriaCap EWO
iShMSCIBRICETF BKF
iShMSCIBelgiumCap EWK
iShMSCICanadaETF EWC
iShMSCIChinaSC ECNS
iShMSCI EAFE EFA
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIFrontier100 FM
iShMSCIGermanyETF EWG
iShMSCIGlblAgriPrd VEGI
iShMSCIHongKong EWH
iShMSCIJapanETF EWJ
iShMSCIJapanSC SCJ
iShMSCIKLD400Soc DSI
iShMSCIKokusaiETF TOK
iShMSCINetherlands EWN
iShMSCIPacificxJp EPP
iShMSCIPhilippines EPHE
iShMSCISingapore EWS
iShMSCISouthKorea EWY
iShMSCISwitzerland EWL
iShMSCITaiwanCap EWT
iShMSCIThailandCap THD
iShMSCIUSAESGSelct SUSA
iShMSCIUK
EWU
iShMSCIWorldETF URTH
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShMornMCGrowth JKH
iShRussell1000Gwth IWF
iShRussell1000ETF IWB
iShRussell3000ETF IWV
iShRussellMid-Cap IWR
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShGlobalMaterials MXI
iShGloblIndustrial EXI
iShNorthAmerTech IGM
iShDowJonesUS IYY
iShRussellMCGrowth IWP
HancockDevIntl JHMD
HancockLC
JHML
HancockMatls JHMA
HancockMC
JHMM
HancockTech JHMT
HancockUtils JHMU
JPM DivRetEM JPEM
JPMDivReturnEurope JPEU
JPM DivRetGlEq JPGE
JPM DivRetIntlEq JPIN
JPM DivRetUS Eq JPUS
KnowldgLdrDevWrld KLDW
KraneBoseraChinaA KBA
KraneEMCnsTech KEMQ
MatlsSelSectorSPDR XLB
NationRiskBaseIntl RBIN
NationRiskBasedUS RBUS
NatixisSeeyondIntl MVIN
OShFTSEAsiaPacQlty OASI
OShFTSERussIntl ONTL
OShFTSEUSQuality OUSA
OppGlbESGRevenue ESGF
PIMCO DynMultIn MFDX
PIMCO DynMultUS MFUS
PwrShUsRealEst PSR
PwrShAerospace PPA
PwrShCEF Incm PCEF
PwrShCleantch PZD
PwrShDBBaseMtls DBB
PwrShDynBldg&Con PKB
PwrShDynSemicon PSI
PwrShDynSoftware PSJ
PwrShDynLC Grwth PWB
PwrShAPac xJapan PAF
PwrShDevMkt xUS PXF
PwrShFTSERAFIDevMk PDN
PwrShGlbClEngy PBD
PwrShPrivateEqty PSP
PwrShS&PEM Mom EEMO
PwrShS&PIntlDev IDHQ
PwrShRuss1000EqWt EQAL
PwrShRussTop200G PXLG
PwrShS&P500HiDiv SPHD
PwrShS&P500LoVol SPLV
PwrShS&P500xRate XRLV
PwrShS&P500Qual SPHQ
PwrShS&P400LowVol XMLV
PwrShS&P600LowVol XSLV
PwrShTreaColl CLTL
ProShShtVIXST SVXY
ProShrUlBscMtls UYM
ProShrUltraDow30 DDM
ProShUltMSCIEAFE EFO
ProShUltMSCIEM EET
ProShrUMdCp400 MVV
ProShrUltraQQQ QLD
ProShrUltraS&P SSO
ProShrUlTech ROM
ProShUltDow30 UDOW
ProShUltMC400 UMDD
ProShUltS&P500 UPRO
REXGoldHdgS&P500 GHS
RenaissanceIPOETF IPO
RenaissanceIntlIPO IPOS
SPDRFactSetInnTech XITK
28.57
31.69
30.53
80.56
47.44
90.10
25.05
62.22
114.57
41.37
23.99
44.74
21.73
29.30
53.00
69.66
46.75
51.30
31.98
32.98
28.74
25.26
57.38
75.88
94.77
63.33
31.97
47.37
37.87
25.29
72.95
35.41
37.87
89.15
106.72
35.46
85.53
152.96
149.37
193.47
127.94
142.21
151.63
200.50
69.32
58.64
206.48
146.42
147.39
67.17
90.79
160.48
128.06
115.58
30.03
33.34
34.13
33.03
39.51
28.95
58.33
61.56
60.94
59.30
68.33
32.55
34.45
25.19
58.50
25.49
25.28
46.08
29.91
27.85
30.80
30.53
26.17
26.16
81.59
52.97
24.20
42.45
18.88
32.18
51.76
64.60
39.93
58.49
44.77
33.74
13.15
12.98
21.03
23.88
29.98
43.98
41.82
46.74
32.30
29.40
44.94
46.94
105.96
104.50
69.38
112.90
128.32
90.25
113.68
66.90
99.79
79.64
74.62
102.13
122.07
32.82
27.90
23.52
79.96
0.5
0.7
0.1
0.1
0.2
0.2
0.5
1.3
0.4
0.6
1.2
0.8
...
0.3
1.0
0.5
0.9
0.9
0.4
...
1.7
0.8
1.2
1.2
0.2
-0.1
0.3
1.2
1.2
0.8
0.9
0.3
0.8
0.6
0.3
0.3
0.2
0.1
0.2
0.1
0.2
0.1
0.1
0.1
0.2
0.1
-0.1
0.2
0.6
1.2
...
0.5
0.1
0.2
0.6
0.1
1.6
0.2
0.5
-0.1
0.9
0.3
0.6
0.7
...
0.5
0.7
0.5
0.5
0.4
0.3
0.4
0.5
0.2
0.2
0.8
0.5
0.1
0.4
-0.2
0.1
0.2
-0.1
-0.1
0.7
0.4
0.2
1.3
0.5
0.9
0.5
0.1
1.1
0.6
0.2
0.2
0.2
...
0.1
0.1
...
-0.1
0.1
1.8
1.4
0.3
1.1
1.7
-0.1
0.7
0.3
0.8
0.5
...
0.3
0.5
-0.2
1.3
0.6
Yld
Net
Sym % PE Last Chg
52-Wk %
Sym Hi/Lo Chg Stock
SPDRGlobalDow DGT
SPDRMFSSysGrowth SYG
SPDRMSCIACWIIMI ACIM
SPDRACWILowCarbon LOWC
SPDRMSCICAStrat QCAN
SPDRMSCIEAFEStrat QEFA
SPDRMSCIEMStrat QEMM
SPDRMSCIDEStrat QDEU
SPDRMSCIJapanStrat QJPN
SPDRMSCIUKStrat QGBR
SPDR NYSE Tech XNTK
SPDRRussell1000ETF ONEK
SPDRRussell3000ETF THRK
SPDRRuss1000Mom ONEO
SPDRMomentumTilt MMTM
SPDR S&P500MidGr MDYG
SPDRS&P500Growth SPYG
SPDRS&P500Fossil SPYX
SPDRS&PGlbDividend WDIV
SPDRS&PGlbNatRes GNR
SPDRS&PSft&Svs XSW
SPDRS&PTransport XTN
SPDRGenderDivers SHE
SPDRSSgAGlbAll GAL
SPDRSSgAIncmAllctn INKM
SchwabEM Equity SCHE
SchwabFundEmgLrg FNDE
SchwabFundIntLrgCo FNDF
SchwabFundIntlSmCo FNDC
SchwabIntEquity SCHF
SchwabIntlSC SCHC
Schwab1000Index SCHK
SchwabUS BrdMkt SCHB
SchwabUS Div SCHD
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS LC Val SCHV
SchwabUS MC SCHM
SPDR DJIA Tr DIA
SPDR MSCI exUS CWI
SPDREmMktSmlCp EWX
SPDR S&PMdCpTr MDY
SPDR S&P 500 SPY
SPDR S&P Div SDY
SPDR SP EmAsPac GMF
SPDR SP EmMkt GMM
SPDR IntlSC
GWX
SPDR S&P Semi XSD
SPDR S&P exUS GWL
SPDR STOXX Eu50 FEU
SummitWaterETF WTRX
TechSelectSector XLK
UBS FIEnhGlbHY FIHD
UBS FIEnhLCGrw FBGX
VanEckAgribus MOO
VanEckCSI300 PEK
VanEckSMEChiNxt CNXT
VanEckGlbAltEn GEX
VanEckGlblSpinoff SPUN
VanEckMornIntlMoat MOTI
VanEckNDRCMGLg LFEQ
VanEckNatRscs HAP
VanEckOilRefin CRAK
VanEckRussia RSX
VanEckRussiaSC RSXJ
VanEckSemiconduc SMH
VanEckVietnam VNM
VangdMatrls VAW
VangdInfoTech VGT
VangdDivApp VIG
VangdAWxUSSC VSS
VangdFTSEDevMk VEA
VangdFTSE Europe VGK
VangdFTSE Pac VPL
VangdFTSEAWxUS VEU
VangdGrowth VUG
VangdHiDiv
VYM
VangdIndls
VIS
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMC
VO
VangdMCGrowth VOT
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdS&PMC400 IVOO
VangdS&P400Grwth IVOG
VangdTotalStk VTI
VangdTotlWrld VT
VelocityShVIXShrt XIVH
WBITacticalLCS WBIL
WBITacticalLCV WBIF
WBITacticalRotatn WBIR
WisdTrCBOES&P500 PUTW
WisdTrEMxSOE XSOE
WisdTrEurQualDiv EUDG
WisdTrEuropeSC DFE
WisdTrGlbXMexico XMX
WisdTrGlbxUSQual DNL
WisdTrGlbHiDiv DEW
WisdTrIntlEquity DWM
WisdTrIntlHdgQual IHDG
WisdTrIntlLC Div DOL
WisdTrIntlMC Div DIM
WisdTrIntlSC DLS
WisdTrJpnHdgQuDiv JHDG
WisdTrJapanHdg DXJ
WisdTrJapanSC DFJ
WisdTrUSDivxFin DTN
WisdTrUSHiDiv DHS
WisdTrUSLCDivFd DLN
WisdTrUSMCDivFd DON
WisdTrUSSCDiv DES
WisdTrUSTotalDivFd DTD
WisdTrUSTotalEarn EXT
XtrkrsFTSEDevXus DEEF
XtrkrsHarvCSI300 ASHR
XtrkrsJpnJPXNik400 JPN
82.00
76.69
76.58
87.85
60.65
64.72
63.58
64.29
76.40
53.93
80.98
120.26
190.85
73.66
109.09
150.42
126.52
62.00
69.00
47.00
67.89
61.23
70.70
37.44
33.37
27.96
29.74
30.30
35.48
34.08
36.54
25.13
61.86
48.14
61.01
67.17
52.68
50.88
228.97
38.64
51.12
332.08
255.27
93.10
103.38
74.95
35.51
68.02
31.18
35.95
31.61
60.61
167.10
204.38
60.00
47.30
36.10
62.04
23.98
36.16
25.26
36.12
28.11
22.59
43.72
97.52
15.30
132.51
156.86
96.27
117.43
44.21
59.02
70.32
53.89
135.46
82.60
136.88
117.29
87.67
106.91
149.22
123.84
234.47
131.37
122.93
128.07
131.59
72.10
65.53
25.88
27.19
25.33
29.60
30.78
26.97
70.40
28.70
58.01
47.74
55.20
31.25
50.14
67.58
75.39
27.87
55.80
76.72
86.14
71.15
88.26
101.35
85.55
89.10
90.98
29.26
30.41
28.10
0.6
0.2
0.4
0.3
0.3
0.5
1.1
0.2
0.9
1.4
0.4
0.1
-0.1
0.2
0.4
-0.1
0.2
0.2
0.4
1.2
...
-1.0
...
0.2
0.3
0.9
1.0
0.6
0.7
0.5
0.6
0.1
0.1
0.2
0.1
0.1
0.1
0.1
0.2
0.5
0.9
-0.1
0.1
0.2
0.8
1.1
0.6
0.2
0.6
0.1
1.2
0.5
0.3
0.1
0.8
0.4
1.7
0.5
0.6
0.7
0.2
0.8
2.1
1.2
0.4
0.7
0.7
0.5
0.5
...
0.6
0.5
0.1
1.1
0.6
0.2
...
-0.2
0.1
0.1
0.2
0.2
...
0.1
0.2
...
...
0.1
0.3
1.5
0.2
-0.1
0.1
0.1
0.6
...
0.2
1.0
0.5
0.3
0.3
0.2
0.3
0.5
0.7
0.7
0.7
1.1
0.1
...
...
0.2
0.1
0.1
0.2
0.6
0.5
1.5
0.08
-0.40
-0.75
0.18
0.10
-2.04
1.82
1.69
1.37
1.72
0.54
0.43
0.21
0.17
-0.56
0.29
0.05
0.06
-0.25
...
0.21
-0.22
2.63
0.45
-1.01
-0.65
-0.19
0.25
-0.25
-0.04
0.02
0.13
-0.12
-0.89
0.26
-0.21
1.48
-1.88
0.20
0.03
2.13
-0.27
-0.53
1.01
1.19
0.64
-0.09
-0.09
0.14
0.10
0.57
-0.03
0.47
-0.13
0.30
-0.01
0.15
0.02
0.42
-0.28
-4.34
-0.09
0.72
-2.16
-0.10
1.46
2.50
0.26
-1.22
-1.32
1.58
0.48
...
-0.21
-0.24
1.37
0.21
-0.08
-0.22
0.03
0.48
-0.41
0.10
2.91
0.20
-0.01
0.10
0.10
0.16
0.15
0.30
0.07
0.34
0.03
-0.14
0.32
0.40
-0.40
5.82
-0.45
0.25
0.25
0.60
-1.33
1.11
37.15
27.72
26.61
28.74
31.55
24.22
28.73
41.56
31.19
30.72
19.99
0.6
0.4
0.5
0.4
0.3
0.5
0.1
0.9
0.1
0.2
-0.1
NYSE Arca lows - 38
PathS&P500VIXMT VXZ
iPathS&P500VIXST VXX
DBCommodityShrtETN DDP
DirexCSI300CnA CHAD
DirexDevMktBear3 DPK
DirexEM Bear3 EDZ
DirexMcBear3 MIDZ
DirexRealEstBr3 DRV
DirexRussiaBr3 RUSS
DirexS&P500Br3 SPXS
DirexS&P500Br1 SPDN
DirexSemiBear3 SOXS
DirexTechBear3 TECS
GlbXMSCIPakistan PAK
iPathPBSofts GRWN
iPathSeasNatGas DCNG
ProShShtDow30 DOG
ProShShMSCI EAFE EFZ
ProShShtMSCI EM EUM
ProShShortQQQ PSQ
ProShShtRE
REK
ProShShrtS&P500 SH
ProShUltVIXST UVXY
ProShUltShtDow30 SDOW
ProShShtMC400 SMDD
ProShUltProShS&P SPXU
ProShrUSBscMtls SMN
ProShrUltShFTSEEur EPV
ProShrUSInd SIJ
ProShrUS MSCI Jpn EWV
ProShrUS MSCI EM EEV
ProShUltShtQQQ QID
ProShrUSRlEst SRS
ProShUltShtS&P500 SDS
ProShrUSSemi SSG
ProShrUSTech REW
ProShsVIXMTFut VIXM
ProShsVIXSTFut VIXY
19.73 -1.0
35.03 -1.8
41.93 -15.3
32.26 0.3
13.08 -0.7
9.82 -2.7
15.44 0.1
10.22 -0.7
22.10 -3.3
34.65 -0.3
32.12 -0.1
18.53 -1.9
8.29 -1.2
13.82 -0.6
20.75 -0.9
17.42 -1.5
16.19 -0.1
25.93 -0.3
18.41 -0.9
37.37 -0.3
15.82 -0.2
31.66 -0.1
16.40 -3.7
24.95 -0.5
11.76 -1.6
13.15 -0.3
14.30 -1.2
31.61 -0.3
18.53 -1.2
29.28 -2.4
8.83 -1.8
14.84 -0.7
29.38 -0.3
45.21 -0.2
11.89 -1.0
18.68 -1.1
23.91 -1.0
29.10 -1.8
NYSE American highs - 5
68.47
AINC
26.54
CET
117.50
CCF
11.49
GLO
SEB 4690.00
3.8
0.1
1.7
0.7
-0.7
NYSE American lows - 4
Inuvo
Myomo
NuverraEnvl
Pfenex
INUV
MYO
NES
PFNX
0.85 -7.5
3.63 -1.3
9.78 -25.6
2.71 -10.2
Nasdaq highs - 237
AGNC InvPfdC AGNCN 26.17
ALPS/DorseyMom SWIN 28.92
ASML
ASML 176.87
88.65
AdvEnergyInds AEIS
AdverumBiotech ADVM 4.20
66.10
AeriePharm
AERI
AgiosPharm
AGIO 72.73
Alarm.com
ALRM 48.98
Alphabet A
GOOGL1014.76
Alphabet C
GOOG 997.21
AmerSoftware AMSWA 12.28
AmtechSystems ASYS 13.50
AnikaTherap
ANIK 60.27
ArtesianRscs A ARTNA 43.22
AspenTech
AZPN 65.60
7.42
AudioCodes
AUDC
AveXis
AVXS 106.00
AxoGen
AXGN 19.72
BldrsAsia50ADS ADRA 33.70
BSB Bancorp BLMT 31.10
Baidu
BIDU 264.66
Biogen
BIIB 338.94
BlackBerry
BBRY 11.78
BldrsDev100
ADRD 23.11
BldrsEur100
ADRU 22.70
22.58
BoingoWireless WIFI
Brooks Auto
BRKS 31.75
Bruker
BRKR 30.97
CBOE Holdings CBOE 110.67
CEVA
CEVA 49.50
CabotMicro
CCMP 83.18
16.16
Celcuity
CELC
CentralGarden CENT 40.48
CentralGardenA CENTA 38.81
Cerner
CERN 73.86
ChartIndustries GTLS 43.73
CheckPointSftw CHKP 119.20
ChurchillDowns CHDN 209.65
Cintas
CTAS 152.48
ClearBr AC Grw CACG 26.62
ClearBrDivStrat YLDE 26.72
ClearBrLCGrw LRGE 27.56
7.95
Codexis
CDXS
CodorusValleyBncp CVLY 33.63
Cognex
CGNX 119.66
CognizantTech CTSH 74.77
Copart
CPRT 36.43
Corvel
CRVL 59.90
CoStarGroup CSGP 291.96
DasekeWt
DSKEW 1.96
0.9
0.2
1.5
2.6
-3.8
-2.4
-1.4
-0.5
0.2
0.2
1.2
1.5
-0.3
-0.2
0.8
1.0
0.4
2.9
1.0
0.6
1.3
1.3
0.7
0.1
0.4
0.2
1.4
0.6
0.4
5.2
0.8
7.7
3.6
3.1
2.5
...
1.2
0.2
0.3
0.3
0.6
0.5
-4.5
2.7
-0.5
0.4
0.6
-1.0
-0.1
-6.7
Yld
Net
Sym % PE Last Chg
s 39.22 115.31 65.91 Marriott
MAR 1.1 40 115.11
31.80 18.72 12.30 MarvellTech MRVL 1.3 43 18.28
50.82 26.24 15.08 MatchGroup MTCH ... 36 25.79
27.95 49.70 37.32 MaximIntProducts MXIM 2.9 25 49.35
49.06 24.57 14.88 MelcoResorts MLCO 1.5 47 23.70
56.85 297.95 148.98 MercadoLibre MELI 0.2 75 244.90
s 43.04 92.51 58.42 MicrochipTech MCHP 1.6 49 91.76
84.31 42.07 16.45 MicronTech MU ... 9 40.40
-3.74 57.97 37.30 Microsemi MSCC ... 49 51.95
s 24.70 77.87 56.66 Microsoft
MSFT 2.2 29 77.49
MIDD ... 23 125.17
-2.83 150.87 108.45 Middleby
MOMO ... 32 32.83
78.62 46.69 16.73 Momo
MDLZ 2.1 37 41.68
-5.98 47.23 40.04 Mondelez
25.91 57.25 40.64 MonsterBeverage MNST ... 42 55.83
MYL ... 31 37.95
-0.52 45.87 29.39 Mylan
s 17.51 115.68 95.88 NXP Semi
NXPI ... 25 115.17
NDAQ 2.0 58 74.34
10.76 78.31 63.30 Nasdaq
s 44.87 45.30 27.08 NatlInstruments NATI 1.9 57 44.65
NTAP 1.8 21 43.63
23.70 45.24 30.36 NetApp
NTES 1.2 19 279.65
29.86 337.55 211.11 Netease
s 61.14 200.82 98.38 Netflix
NFLX ...243 199.49
19.37 14.48 10.99 NewsCorp A NWSA 1.5 dd 13.68
19.07 14.90 11.25 NewsCorp B NWS 1.4 dd 14.05
NDSN 1.0 24 122.14
9.00 131.49 95.35 Nordson
4.42 99.30 69.46 NorthernTrust NTRS 1.8 21 92.99
38.11 61.48 35.21 NorwegianCruise NCLH ... 20 58.74
s 82.30 195.00 65.52 NVIDIA
NVDA 0.3 55 194.59
-24.67 286.57 169.43 OReillyAuto ORLY ... 18 209.72
25.28 110.45 68.82 OldDomFreight ODFL 0.4 28 107.48
ON ... 29 19.57
53.37 19.82 10.74 ON Semi
OTEX 1.6 8 33.68
8.98 35.21 29.30 OpenText
PTC ... dd 60.04
29.76 60.22 43.10 PTC
PCAR 1.4 19 72.69
13.76 74.79 53.38 Paccar
-11.90 57.53 41.10 PacWestBancorp PACW 4.2 17 47.96
s 4.71 64.75 52.78 Paychex
PAYX 3.1 28 63.75
s 73.95 69.61 38.06 PayPal
PYPL ... 55 68.66
-5.94 20.13 15.38 People'sUtdFin PBCT 3.8 20 18.21
53.34 30.00 17.15 PilgrimPride PPC ... 15 29.12
PCLN ... 41 1929.06
31.58 2067.99 1422.19 Priceline
QGEN ...106 34.65
19.08 36.34 24.86 Qiagen
QRVO ... dd 72.39
37.28 79.34 48.28 Qorvo
-18.99 71.62 48.92 Qualcomm QCOM 4.3 20 52.82
31.57 108.29 67.54 RandgoldRscs GOLD 1.0 34 100.44
20.67 543.55 325.35 RegenPharm REGN ... 44 442.96
-3.78 69.81 52.85 RossStores ROST 1.0 21 63.12
39.26 94.39 60.21 RoyalGold RGLD 1.1 57 88.22
RYAAY ... 17 107.66
29.31 122.67 68.37 Ryanair
41.87 154.71 102.29 SBA Comm SBAC ...503 150.94
s 28.46 64.08 43.63 SEI Investments SEIC 0.9 29 63.41
SINA ... 39 116.59
107.84 119.20 55.79 Sina
43.25 41.38 28.43 SS&C Tech SSNC 0.7 44 40.97
SIVB ... 22 184.16
7.28 198.83 114.22 SVB Fin
17.44 88.45 60.90 ScrippsNetworks SNI 1.4 17 83.82
STX 7.3 13 34.40
-9.88 50.96 30.60 Seagate
19.39 75.36 45.31 SeattleGenetics SGEN ... dd 63.00
SHPG 0.2 74 154.07
-9.57 192.64 139.36 Shire
-17.77 164.23 113.53 SignatureBank SBNY ... 20 123.51
SIRI 0.8 36 5.71
28.31 5.89 4.07 SiriusXM
SWKS 1.2 20 106.66
42.86 112.11 71.65 Skyworks
SPLK ... dd 63.55
24.24 69.61 50.64 Splunk
0.36 64.87 50.84 Starbucks SBUX 1.8 28 55.72
3.77 40.17 23.52 SteelDynamics STLD 1.7 17 36.92
SRCL ... dd 70.60
-8.36 88.00 68.62 Stericycle
35.45 34.20 22.76 Symantec SYMC 0.9 dd 32.36
s 43.75 85.00 56.03 Synopsys
SNPS ... 40 84.61
8.51 50.72 33.26 TD Ameritrade AMTD 1.5 30 47.31
TSRO ... dd 123.00
-8.54 192.94 106.64 TESARO
6.75 68.88 45.90 T-MobileUS TMUS ... 26 61.39
s 26.15 95.64 62.97 TRowePrice TROW 2.4 16 94.94
112.17 107.53 42.65 TakeTwoSoftware TTWO ... 69 104.58
TSLA ... dd 355.57
66.40 389.61 178.19 Tesla
s 28.26 93.73 66.80 TexasInstruments TXN 2.6 24 93.59
-22.41 78.25 49.87 TractorSupply TSCO 1.8 18 58.82
s 34.76 40.89 25.30 Trimble
TRMB ... 59 40.63
-5.42 32.60 24.55 21stCenturyFoxA FOXA 1.4 17 26.52
-5.21 31.94 24.74 21stCenturyFoxB FOX 1.4 16 25.83
t-22.11 314.86 187.96 UltaBeauty ULTA ... 26 198.58
8.54 233.42 180.29 UltimateSoftware ULTI ...202 197.92
138.37 145.30 49.02 UniversalDisplay OLED 0.1 78 134.20
VEON 2.7 4 4.01
4.16 4.50 3.12 VEON
VRSN ... 29 108.22
42.26 110.82 75.15 VeriSign
3.49 88.17 75.60 VeriskAnalytics VRSK ... 31 84.00
107.56 167.85 71.46 VertxPharm VRTX ...148 152.91
VIA 2.4 9 33.85
-12.08 49.00 30.55 Viacom A
VIAB 3.1 7 26.00
-25.93 46.72 23.45 Viacom B
VOD 8.0 dd 29.12
19.20 30.39 24.17 Vodafone
WPPGY 3.2 11 91.76
-17.08 119.12 89.40 WPP
t-18.37 88.00 67.40 WalgreensBoots WBA 2.4 17 67.56
WB ...117 99.74
145.67 108.30 40.12 Weibo
29.21 95.77 52.10 WesternDigital WDC 2.3 69 87.80
s 28.88 157.84 112.76 WillisTwrsWatson WLTW 1.3 45 157.59
WDAY ... ... 109.36
65.47 111.45 65.79 Workday
64.52 150.40 82.51 WynnResorts WYNN 1.4 53 142.33
s 20.61 73.32 48.97 Xilinx
XLNX 1.9 31 72.81
YNDX ... 80 32.44
61.15 34.27 17.28 Yandex
28.02 112.53 62.91 ZebraTech ZBRA ... dd 109.79
ZG ... dd 41.44
13.69 50.91 31.24 Zillow A
Z
13.93 51.23 31.51 Zillow C
... dd 41.55
8.27 48.33 30.47 ZionsBancorp ZION 1.0 19 46.60
0.65
-0.01
0.05
0.21
-0.36
-1.36
-0.02
-0.18
0.19
0.37
2.40
0.69
-0.13
-0.13
0.19
-0.01
-0.57
-0.22
0.21
7.89
3.63
0.14
0.20
0.21
-0.36
-0.12
3.56
2.71
-1.93
0.33
0.26
0.46
-0.24
-0.66
-0.67
-0.20
-0.07
-0.21
10.11
0.48
0.03
-0.18
1.41
-4.19
-0.16
-0.59
0.98
-1.28
-0.52
1.63
-0.10
-3.27
-0.02
0.78
1.23
1.79
-1.05
...
1.62
0.06
-0.25
0.68
-0.67
0.46
-0.13
-0.79
1.77
0.11
0.48
1.14
-0.11
0.97
0.62
-0.05
0.38
0.34
8.42
2.79
-0.40
0.07
0.22
0.18
-1.07
1.40
1.43
0.06
0.91
-1.44
0.88
2.04
1.16
0.72
1.57
0.34
0.10
-0.30
0.01
-0.16
-0.12
NYSE AMER
13.13
-0.52
13.59
-9.52
52-Wk %
Sym Hi/Lo Chg Stock
XtrkrsMSCIAllChina CN
XtrkrsMSCIAWxUS DBAW
XtrkrsMSCIAWxUSHi HDAW
XtrkrsMSCIAPxJapan DBAP
XtrkrsMSCIEAFE DBEF
XtrkrsMSCIEM DBEM
XtrkrsMSCIEurope DBEU
XtrkrsMSCIJapan DBJP
XtrkrsMSCISKorea DBKO
XtrkrsRussell1000 DEUS
YieldShHiIncome YYY
Ashford
CentralSecs
Chase
CloughGlblOpp
Seaboard
YTD 52-Week
% Chg Hi Lo Stock
51.41
33.47
27.45
36.85
35.07 CheniereEnergy LNG ... dd
25.97 CheniereEnerPtrs CQP 5.9 dd
19.00 CheniereEnHldgs CQH 0.3318
27.59 ImperialOil IMO 1.6 13
52-Wk %
Sym Hi/Lo Chg Stock
Daseke
DSKE
DecipheraPharm DCPH
Diodes
DIOD
DollarTree
DLTR
DraperOakwood DOTA
DraperOakwoodRt DOTAR
8Point3Energy CAFD
EncoreCapital ECPG
ExlService
EXLS
ExpeditorsIntl EXPD
FidelityNasdComp ONEQ
51job
JOBS
FirstConnBncp FBNK
1stSource
SRCE
FT APxJapan FPA
FT BICK
BICK
FT CapStrength FTCS
FT CloudComp SKYY
FT DevIntlEquity RNDM
FT DevMkts
FDT
FT DevMktsXUS FDTS
FT DorseyDyn5 FVC
FT NasdTechDiv TDIV
FT EuropeAlpha FEP
FT GlblAgri
FTAG
FT GlbNatRscs FTRI
FT JapanAlpha FJP
FT LC CoreAlpha FEX
FT LC US Equity RNLC
FT MC US Equity RNMC
FT NasdCleanEdge QCLN
FT NasdGlblAuto CARZ
FT Nasd100Tech QTEC
FT NasdSmartphone FONE
FT NasdSemicon FTXL
FT RBAQualIncm QINC
FT RiverFrDynAP RFAP
FT RiverFrDynDev RFDI
FT RiverFrDynEur RFEU
FT SwitzAlpha FSZ
FT USEquityDiv RNDV
FT UK Alpha FKU
FlirSystems
FLIR
ForwardAir
FWRD
GladstoneInvt GAIN
GlbXConsciousCos KRMA
GlbXFinTech
FINX
GlbXInternetThings SNSR
GlbXMillThematic MILN
GlbX Robotics&AI BOTZ
GlbXSocialMedia SOCL
GlbXSuperDivdREIT SRET
GluMobile
GLUU
GpoFinGalicia GGAL
H&E Equipment HEES
HorizDAXGermany DAX
HorizNasd100 QYLD
IAC/InterActive IAC
IPG Photonics IPGP
Ichor
ICHR
Insulet
PODD
InterParfums IPAR
Intuit
INTU
IonisPharma
IONS
iRhythmTechs IRTC
iSectorsPostMPT PMPT
iShAsia50ETF AIA
iShCoreMSCITotInt IXUS
iShCoreS&PUSGrowth IUSG
iShSelectDividend DVY
iShExponentialTech XT
iShGlbTimber WOOD
iShMSCIACWIETF ACWI
iShMSCIACWIexUSETF ACWX
iShMSCIACxJpn AAXJ
iShMSCIChinaETF MCHI
iShMSCIEAFEESGOpt ESGD
iShMSCIEAFESC SCZ
iShMSCIEMESGOpt ESGE
iShMSCIEmMkAsia EEMA
iShMSCIEMxChina EMXC
iShMSCIEuropeSmCp IEUS
iShMSCIGlbImpact MPCT
iShMSCIUSAESGOpt ESGU
iShMornMCValue JKI
iShPHLXSemicond SOXX
JensynAcqn
JSYN
KaiserAlum
KALU
KimballElec
KE
KingoldJewelry KGJI
KraneCSIChInt KWEB
LKQ
LKQ
LamResearch LRCX
LeadingBrands LBIX
LeggMasonEMDivCore EDBI
MKS Instrum MKSI
MadrigalPharm MDGL
ManTechIntl
MANT
Marriott
MAR
MicrochipTech MCHP
Microsoft
MSFT
Mimecast
MIME
MonolithicPower MPWR
NXP Semi
NXPI
NatlInstruments NATI
NatlWesternLife NWLI
Netflix
NFLX
NuvNasd100Dyn QQQX
NVIDIA
NVDA
OSI Systems OSIS
OtterTail
OTTR
OxfordLanePfd2024 OXLCM
PRA HealthSci PRAH
Paychex
PAYX
PayPal
PYPL
Potlatch
PCH
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
14.28
24.30
33.02
92.15
9.79
0.45
15.79
46.55
60.93
60.81
259.91
65.85
28.50
52.96
34.73
30.12
48.48
42.95
51.25
60.62
42.39
24.90
33.15
38.44
27.43
12.10
56.62
55.83
20.75
20.84
19.79
41.97
70.49
52.10
29.55
24.93
59.94
64.24
65.63
52.13
20.73
39.42
43.41
59.71
9.87
18.52
21.70
19.33
18.49
22.81
32.67
15.71
4.51
54.81
30.45
31.33
24.30
127.28
199.02
33.06
61.09
42.75
146.99
61.08
53.10
26.72
64.16
62.35
51.52
95.43
35.10
69.03
70.07
49.40
75.37
66.06
67.42
63.07
72.37
73.15
53.22
57.23
59.35
55.90
152.89
165.58
10.35
108.99
22.30
2.14
59.55
37.68
190.31
3.75
33.08
98.75
52.35
46.77
115.31
92.51
77.87
30.83
114.27
115.68
45.30
367.99
200.82
23.00
195.00
96.64
45.80
25.59
82.13
64.75
69.61
52.55
27.59
19.92
-4.5
5.8
2.9
0.1
...
17.0
2.9
-1.0
0.4
-0.4
0.2
0.4
...
-1.0
0.7
1.1
0.2
0.6
1.9
0.8
0.5
0.1
0.5
0.2
0.5
0.8
1.2
0.1
0.5
0.6
0.2
0.5
0.8
1.2
0.6
0.2
0.8
0.5
0.4
0.4
0.4
0.5
0.2
-1.0
0.6
0.3
0.1
-0.2
0.4
1.5
0.6
0.3
3.8
1.8
-1.1
...
...
0.6
0.7
4.2
0.1
1.0
-0.1
2.4
0.3
1.5
0.4
0.6
0.2
-0.1
...
0.4
0.2
0.6
0.9
0.7
0.5
0.5
0.8
0.8
2.1
0.3
0.4
0.3
0.3
0.6
0.5
0.2
0.9
...
1.4
0.3
1.6
68.1
0.6
1.0
0.9
0.9
0.6
...
0.5
1.3
0.8
...
-0.5
-0.5
1.9
0.4
1.9
-0.3
-0.3
-0.2
0.8
-1.0
-0.3
1.4
0.4
1.1
46.87
28.67
25.41
31.45
0.06
0.07
0.33
0.38
52-Wk %
Sym Hi/Lo Chg
PwrShDWAMom DWLV
PwrShDWA Mom PDP
PwrShDivAch PFM
PwrShDynBscMatl PYZ
PwrShDynTech PTF
PwrShFTSEIntlLow IDLB
PwrShGlblAgricult PAGG
PwrShGlbWater PIO
PwrShGoldDragon PGJ
PwrShIntlBuyBack IPKW
PwrShIntlDivAch PID
PwrShNasdInternet PNQI
PwrShQQQ 1 QQQ
PwrShS&P SC Fin PSCF
PwrShS&P InfTech PSCT
PwrShS&PSC Util PSCU
PwrShWaterRscs PHO
PreformedLine PLPC
PrincplMillennials GENY
PrincipalUSMega USMC
ProShUltPrQQQ TQQQ
RCI Hospitality RICK
ROBOGlblRobotics ROBO
RichardsonElec RELL
SEI Investments SEIC
SafetyInsurance SAFT
ScanSource
SCSC
SimplyGoodFoodsWt SMPLW
SimulationsPlus SLP
Sohu.com
SOHU
SparkTherap
ONCE
SpartanMotors SPAR
Stamps.com
STMP
StarsGroup
TSG
Synalloy
SYNL
Synopsys
SNPS
TRowePrice
TROW
Teletech
TTEC
TexasInstruments TXN
TradeDesk
TTD
Trimble
TRMB
UFP Tech
UFPT
UltraClean
UCTT
US GlobalInv GROW
UnivStainless USAP
VangdIntlDivApp VIGI
VangdIntlHiDiv VYMI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdTotIntlStk VXUS
VaronisSystems VRNS
VSInverseVIXSTerm XIV
VicShDevEnhVol CIZ
VicShDivAccel VSDA
VicShIntlVolWtd CIL
VicShUSEQIncmEnh CDC
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VicShUSLCHiDivVol CDL
VidentIntlEquityFd VIDI
VikingTheraWt VKTXW
VoyagerTherap VYGR
vTvTherap
VTVT
WillisTwrsWatson WLTW
WisdTrChinaxSOE CXSE
WisdTrEMConGrwth EMCG
WisdTrJapanHdgSC DXJS
Xilinx
XLNX
30.51 0.3
50.03 -0.1
25.11 0.1
67.89 0.6
52.66 0.3
29.41 1.3
27.06 1.4
25.23 0.2
45.23 1.8
35.53 0.8
16.25 0.2
114.69 0.7
148.51 0.4
54.62 -0.1
81.35 -0.1
55.85 -0.4
29.22 -0.1
73.53 0.8
32.53 0.7
25.01 0.2
121.44 1.1
27.75 2.9
39.82 0.8
6.87 -0.7
64.08 -0.8
83.30 0.4
45.00 -0.2
3.05 -1.6
17.45 1.8
66.77 13.1
91.75 -2.3
16.65 4.4
224.64 -1.8
20.70 1.2
14.60 4.7
85.00 -0.2
95.65 0.5
43.65 -0.9
93.73 1.0
67.30 1.8
40.89 -0.1
30.30 5.4
33.90 4.0
2.69 4.8
22.73 3.2
65.35 0.7
66.75 0.5
117.23 ...
131.15 0.2
117.50 ...
56.05 0.7
45.20 -0.1
108.88 1.9
35.98 0.4
26.62 0.3
40.04 0.2
45.15 -0.1
46.41 ...
46.39 ...
43.92 ...
27.92 1.0
1.34 4.8
25.99 -21.9
8.09 9.4
157.84 0.7
82.69 0.6
26.15 1.1
43.44 1.0
73.32 0.5
Nasdaq lows - 47
AccelerateDiag AXDX
ArgosTherap
ARGS
AxovantSciences AXON
AzurRxBioPharma AZRX
Bojangles'
BOJA
CardiomePharma CRME
Cenveo
CVO
ChinaBiologic CBPO
ConstellAlphaRt CNACR
ConstellAlphaWt CNACW
DISH Network DISH
DelFrisco's
DFRG
DepoMed
DEPO
DiscoveryComm A DISCA
DiscoveryComm C DISCK
DraperOakwood DOTA
ExpressScripts ESRX
FTD
FTD
FulgentGenetics FLGT
GenMarkDiagn GNMK
I-AM Capital Rt IAMXR
InsysTherap
INSY
JMU
JMU
LexiconPharm LXRX
MonsterDigitalWt MSDIW
Navient
NAVI
NuCana
NCNA
OpGenWt
OPGNW
OptimumBank OPHC
PensareAcqn WRLS
Popular
BPOP
ProfDiversity IPDN
ProShUltraProShQQQ SQQQ
RennovaHealth RNVA
RitterPharm
RTTR
ShiftPixy
PIXY
TandemDiabetes TNDM
Tecogen
TGEN
UltaBeauty
ULTA
Valeritas
VLRX
VS2xVIXMedTerm TVIZ
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
VistaGenTherap VTGN
Vivus
VVUS
WMIH
WMIH
WalgreensBoots WBA
18.35 1.5
0.17 -0.2
6.08 -3.0
3.06 1.2
11.85 -5.5
1.97 -1.5
2.21 -6.2
79.92 -3.0
0.25 -3.4
0.23 ...
47.48 -1.3
12.65 -11.8
4.93 0.6
19.01 -0.2
17.97 0.1
9.71 ...
56.82 -0.9
12.34 -1.0
4.00 -6.7
8.70 1.1
0.21 ...
7.44 -3.6
1.18 -1.8
10.96 -1.2
0.05 -31.7
11.48 -1.5
14.00 -0.5
0.03 -14.2
1.85 -1.5
9.60 0.2
32.37 -0.8
3.45 2.7
25.18 -1.1
1.51 -10.5
0.34 -5.3
2.54 -6.3
2.86 -36.1
2.90 -2.0
187.96 4.4
2.20 -4.6
11.52 -2.5
9.00 -3.8
14.81 -1.7
1.23 1.5
0.84 0.8
0.88 -3.3
67.40 -2.1
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | B9
* * * *
COMMODITIES
Futures Contracts
Open
Metal & Petroleum Futures
Contract
High hi lo
Low
Open
Copper-High (CMX)-25,000 lbs.; $ per lb.
Oct
Dec
3.1040
3.1220
3.1160
3.1425
3.1040
3.1125
3.1185 0.0145
1,367
3.1335 0.0135 178,765
Gold (CMX)-100 troy oz.; $ per troy oz.
Oct
1293.30 1301.70
1291.70 1301.50
8.20
Dec
1296.00 1306.40
1292.90 1304.60
8.10
Feb'18
1300.20 1310.20
1297.50 1308.90
8.10
April
1305.30 1314.50
1302.50 1313.00
8.10
June
1309.40 1317.10
1306.70 1317.00
8.10
Dec
1323.10 1330.60
1319.80 1329.10
8.10
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Oct
985.00
985.00
t 985.00
986.60 11.80
Dec
971.95
993.75
969.75
985.50 11.80
March'18 965.55 982.00 s
965.55
975.90 12.75
Platinum (NYM)-50 troy oz.; $ per troy oz.
938.80
938.80
937.50
945.20
6.10
Oct
Jan'18
941.30
949.40
938.80
947.90
6.10
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Oct
17.215
17.380
17.215
17.355 0.144
Dec
17.275
17.450
17.200
17.411 0.145
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Nov
50.73
51.72
50.70
51.45
0.85
Dec
51.07
52.03
51.02
51.73
0.80
Jan'18
51.28
52.23
51.25
51.94
0.79
March
51.60
52.48
51.60
52.21
0.74
June
51.71
52.52
51.70
52.23
0.65
Dec
51.36
52.11
51.36
51.77
0.53
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Nov
1.7672
1.8070
1.7666
1.7970 .0315
Dec
1.7671
1.8060
1.7670
1.7961 .0310
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Nov
1.5855
1.6276
1.5840
1.6222 .0390
Dec
1.5651
1.6056
1.5650
1.6008 .0363
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Nov
2.995
3.036
2.984
3.000
.011
Dec
3.149
3.185
3.142
3.160
.016
Jan'18
3.254
3.292
3.249
3.271
.020
Feb
3.261
3.299
3.257
3.279
.020
March
3.222
3.258
3.219
3.241
.022
April
2.949
2.982
2.949
2.971
.017
220
399,883
66,059
13,350
11,512
10,753
31,243
2,530
16
70,505
425
142,081
266,908
496,879
278,770
235,390
196,734
260,515
86,390
100,982
89,237
115,087
191,257
210,380
188,511
77,891
163,617
121,761
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
348.50
353.50
348.25
352.75
3.75 791,704
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Fund
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
at least $500 million each. NAV is net asset value. Percentage performance figures
are total returns, assuming reinvestment of all distributions and after subtracting
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees.
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized.
Net YTD
NAV Chg %Ret Fund
Fund
A
Net YTD
NAV Chg %Ret
NAV Chg %Ret Fund
DoubleLine Funds
NA
TotRetBdI
NA
TotRetBdN
FrankTemp/Franklin C
... NA Income C t
2.42
...
American Century Inv
... NA FrankTemp/Temp A
43.90 +0.08 25.9
Ultra
GlBond A p 12.15 -0.01
American Funds Cl A
Growth A p 27.04 +0.02
31.39 +0.02 17.0 Edgewood Growth Instituti
AmcpA p
FrankTemp/Temp Adv
AMutlA p 40.97 -0.03 12.9 EdgewoodGrInst 29.59 +0.08 33.2 GlBondAdv p 12.10 -0.01
27.23 +0.03 11.4
BalA p
13.00 +0.02 3.6
BondA p
63.17 -0.03 12.3 Federated Instl
CapIBA p
Harbor Funds
CapWGrA 52.02 +0.06 20.5 StraValDivIS 6.48 -0.01 12.6 CapApInst 74.00 +0.11
56.93 +0.20 28.8 Fidelity
EupacA p
70.54 +0.09
IntlInst r
62.60 +0.05 17.2 500IdxInst 89.33 +0.08 15.8 Harding Loevner
FdInvA p
50.40 +0.07 19.9 500IdxInstPrem 89.32 +0.07 15.8 IntlEq
GwthA p
NA
...
10.48
... 6.5 500IdxPrem 89.33 +0.08 15.8
HI TrA p
40.82
... 14.0 ExtMktIdxPrem r 62.52 -0.04 13.9
ICAA p
23.49 +0.01 10.8 IntlIdxPrem r 43.21 +0.14 22.4
IncoA p
Invesco Funds A
44.64 +0.15 26.4 TMktIdxF r 74.21 +0.05 15.5
N PerA p
11.22 +0.01
EqIncA
46.67 +0.02 29.8 TMktIdxPrem 74.20 +0.05 15.5
NEcoA p
NwWrldA 66.28 +0.25 28.8 USBdIdxInstPrem 11.65 +0.01 3.4
56.40 +0.07 22.7 USBdIdxPrem 11.65 +0.01 3.4
SmCpA p
John Hancock Class 1
13.03 +0.02 4.8 Fidelity Advisor I
TxExA p
15.91 +0.02
44.91 -0.04 13.9 NwInsghtI 32.80 +0.06 22.8 LSBalncd
WshA p
17.05 +0.02
LSGwth
Fidelity Freedom
John Hancock Instl
16.67 +0.03 13.0 DispValMCI 23.91
FF2020
...
Baird Funds
14.42 +0.03 13.9 JPMorgan Funds
FF2025
AggBdInst 10.94 +0.02 4.1 FF2030
18.04 +0.03 16.2 MdCpVal L
NA
...
CorBdInst 11.30 +0.03 4.5 Fidelity Invest
JPMorgan I Class
BlackRock Funds A
23.59 -1.21 13.7 CoreBond
Balanc
NA
...
GlblAlloc p 20.27 +0.05 11.5 BluCh
85.78 +0.22 30.0 JPMorgan R Class
BlackRock Funds Inst
123.99 +0.26 26.8 CoreBond
Contra
NA
...
22.75 -0.05 11.4 ContraK
EqtyDivd
123.98 +0.26 26.8
20.40 +0.05 11.7 CpInc r
GlblAlloc
10.29 +0.01 10.3
7.85
... 7.4 DivIntl
HiYldBd
41.47 +0.15 24.5
Lazard Instl
... 4.1 GroCo
StratIncOpptyIns 9.97
179.15 +0.39 31.0
EmgMktEq 19.85 +0.15
Bridge Builder Trust
GrowCoK 179.10 +0.39 31.1
Loomis Sayles Fds
NA
... NA InvGB
CoreBond
7.96 +0.01 3.8
14.26
...
LSBondI
11.33 +0.01 4.2
InvGrBd
Lord Abbett A
52.15 +0.11 13.8
LowP r
4.28
...
ShtDurIncmA
p
Del Invest Instl
LowPriStkK r 52.11 +0.11 13.9
Lord Abbett F
20.99 -0.03 8.0 MagIn
Value
103.84 +0.14 20.3
...
Dimensional Fds
106.37 +0.06 33.5 ShtDurIncm 4.28
OTC
E
7.9
3.4
14.8
3.5
H
F
30.6
20.8
NA
I
7.4
J
B
12.7
16.0
11.4
NA
NA
NA
L
D
5GlbFxdInc
EmgMktVa
EmMktCorEq
IntlCoreEq
IntlVal
IntSmCo
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
11.04 +0.01
30.35 +0.23
22.47 +0.11
14.21 +0.05
19.79 +0.06
21.58 +0.07
23.51 +0.08
21.79 +0.01
20.70
...
36.33 -0.03
38.98
...
24.98 -0.03
38.42 +0.01
2.4
28.5
31.3
24.1
20.8
26.1
24.3
14.4
12.5
8.1
4.7
4.9
11.1
108.91 +0.13
14.02 +0.01
13.85 +0.02
46.97 +0.10
200.94 +0.28
8.8
17.7
4.2
23.3
12.1
Dodge & Cox
Balanced
GblStock
Income
Intl Stk
Stock
Puritn
SrsEmrgMkt
SrsGroCoRetail
SrsIntlGrw
SrsIntlVal
TotalBond
22.86 -0.52
21.37 +0.10
17.59 +0.04
16.25 +0.06
10.83 +0.01
10.71 -0.01
Fidelity Selects
Biotech r 231.35 -2.10
First Eagle Funds
60.29 +0.20
GlbA
FPA Funds
35.17 +0.08
FPACres
FrankTemp/Frank Adv
...
IncomeAdv 2.37
FrankTemp/Franklin A
CA TF A p
NA
...
NA
...
Fed TF A p
2.38 -0.01
IncomeA p
NA
...
RisDv A p
14.6
36.1
31.7
27.0
18.2
4.1
25.0
7.3
2.2
2.5
3.1
3.3
3.4
13.6
26.0
8.7
8.9
O
NA
NA
7.5
NA
Open
interest
Oakmark Funds Invest
33.79 +0.08 11.1
EqtyInc r
83.60 +0.26 15.3
Oakmark
OakmrkInt 29.10 +0.01 28.2
Open
Contract
High hilo
Low
Settle
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
5.00
3.50
Cotton (ICE-US)-50,000 lbs.; cents per lb.
4,582
1,305
8.25 270,019
7.75 204,322
March
27.00
Dec
March'18
67.74
67.30
–6.50
–6.00
6,216
3,594
9.00 256,596
8.50 101,136
10.00 139,197
10.00 81,194
3.75
4.00
35,934
23,794
.500
.450
5,913
18,761
.475 11,295
–.150 150,251
–.300 11,676
.575 119,135
7.10
6.20
4,187
2,048
.03
.02
3,950
4,525
–3 106,526
–3 80,337
.10 113,267
.10 58,296
.13 428,478
.12 124,287
Nov
Jan'18
157.85
157.90
S
V
5.8
2.7
1.4
23.5
5.6
11.7
1.6
2.3
3.5
1.6
24.1
15.5
23.0
10.7
11.0
7.9
10.7
14.3
13.5
19.7
11.5
13.0
14.2
15.4
16.6
17.2
23.6
9.1
15.5
12.2
21.0
14.4
15.1
2.3
9.5
11.5
12.9
14.2
15.4
16.7
17.2
17.1
7.1
1.5
7.8
10.6
10.9
15.7
13.9
7.9
3.5
24.0
15.4
10.6
23.1
23.0
13.9
22.5
2.2
15.8
15.8
15.5
14.3
14.3
11.7
2.4
3.5
3.6
3.5
1.6
24.1
24.1
15.5
10.7
W
NA
68.94
68.37
67.67
67.23
158.85
158.40
150.10
150.15
…
68.62
68.16
151.60
151.55
2,513
.78 123,670
.79 72,361
–7.30
–7.15
3,884
4,005
Interest Rate Futures
153-040 154-050
152-300 154-000
29.0 743,434
Dec
March'18 151-270 152-270
151-270 152-260
29.0
87
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
125-130 125-255
125-100 125-225
10.0 3,132,728
Dec
March'18 125-025 125-145
125-010 125-120
10.0
4,122
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
117-135 117-207
117-110 117-185
5.2 2,969,735
Dec
March'18 117-110 117-110
117-110 117-115
5.5
222
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-242 107-262
107-232 107-252
.7 1,689,929
Dec
March'18 107-200 107-212
107-200 107-207
1.0
807
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.848
98.848
98.845
98.845
… 243,182
Oct
Jan'18
98.655
98.670
98.645
98.660
.005 346,793
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
101.438 101.938
101.438 101.859
.359 28,720
Dec
1 Month Libor (CME)-$3,000,000; pts of 100%
98.7625 98.7625
98.7625 98.7650 .0075
827
Nov
Eurodollar (CME)-$1,000,000; pts of 100%
98.6375 98.6450
98.6350 98.6450 .0100 163,737
Oct
Dec
98.4900 98.5050
98.4850 98.5050 .0150 1,825,145
March'18 98.3650 98.3850
98.3550 98.3750 .0150 1,343,906
Dec
98.1050 98.1400
98.0850 98.1250 .0250 1,626,309
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Oct
Dec
.8909
.8932
.8953
.8979
.8906
.8928
.8939
.8963
Oct
Dec
.8022
.8016
.8028
.8035
.7989
.7990
.8014 –.0012
293
.8017 –.0012 171,887
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract
High hilo
Low
Open
Settle
Chg
Open
interest
British Pound (CME)-£62,500; $ per £
27.00
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
.0027
1,601
.0027 248,114
Oct
Dec
1.3279
1.3286
Dec
March'18
1.0293
1.0396
1.3336
1.3363
1.3253
1.3272
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.0346
1.0406
1.0275
1.0356
1.3294
1.3317
.0019
355
.0018 178,580
1.0306
1.0377
.0013
.0015
51,256
166
Australian Dollar (CME)-AUD 100,000; $ per AUD
.7836
.7823
.7816
.7828
.7816
.7870
Oct
Nov
Dec
Jan'18
March
June
.7896
.7893
.7891
.7888
.7884
.7870
.7822
.7819
.7813
.7814
.7812
.7865
.7883
.7881
.7877
.7876
.7870
.7865
.0055
680
.0055
588
.0055 135,549
.0055
296
.0054
596
.0054
243
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec
.05233
Oct
Dec
1.1831
1.1873
.05254
.05209
.05210 –.00056 186,147
1.1807
1.1845
1.1819 –.0017
1,398
1.1858 –.0017 435,595
Euro (CME)-€125,000; $ per €
1.1875
1.1915
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
22786
22777
22852 s
22842 s
22779
22768
22830
22817
2547.80
2555.30 s
2547.80
2552.80
Dec
March'18
S&P 500 Index (CME)-$250 x index
Dec
Mini S&P 500 (CME)-$50 x index
2548.00 2555.50 s
2547.00 2552.75
Dec
March'18 2549.00 2556.00 s 2547.50 2553.00
Mini S&P Midcap 400 (CME)-$100 x index
1819.20 1826.50 s
1817.80 1818.40
Dec
Mini Nasdaq 100 (CME)-$20 x index
6073.0
6104.0 s
6068.5
6099.8
Dec
March'18 6083.5 6116.0 s
6081.3
6112.0
Mini Russell 2000 (ICE-US)-$100 x index
1507.10 1511.90
1503.00 1506.20
Dec
Mini Russell 1000 (ICE-US)-$100 x index
1416.00 1417.20 s
1414.70 1415.80
Dec
U.S. Dollar Index (ICE-US)-$1,000 x index
92.93
93.09
92.59
92.94
Dec
March'18
92.57
92.81
92.32
92.64
32 155,488
32
1,373
3.40
54,089
3.25 3,051,483
3.25 27,404
–.80
92,536
25.0 279,668
25.0
1,029
–1.60
60,875
3.20
297
.04
.03
42,400
1,764
Source: SIX Financial Information
Cash Prices | WSJ.com/commodities
Friday, October 13, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Friday
Net YTD
NAV Chg %Ret
Old Westbury Fds
MuLTAdml 11.71 +0.03
...
14.87 +0.03 15.9 MuLtdAdml 10.99
LrgCpStr
Oppenheimer Y
...
MuShtAdml 15.80
42.50 +0.25 32.9 PrmcpAdml r134.36 +0.40
DevMktY
43.20 +0.11 24.6 REITAdml r 120.10 +0.28
IntGrowY
SmCapAdml 68.40 -0.03
STBondAdml 10.46 +0.01
STIGradeAdml 10.70 +0.01
Parnassus Fds
43.39 -0.07 11.4 TotBdAdml 10.81 +0.02
ParnEqFd
TotIntBdIdxAdm 21.84 +0.04
PIMCO Fds Instl
NA
... NA TotIntlAdmIdx r 29.98 +0.12
AllAsset
10.34 +0.02 5.3 TotStAdml 63.91 +0.04
TotRt
14.16 +0.05
TxMIn r
PIMCO Funds A
39.37
...
NA
... NA ValAdml
IncomeFd
...
WdsrllAdml 68.50
PIMCO Funds D
65.14
+0.07
WellsIAdml
NA
... NA
IncomeFd
WelltnAdml 73.23 +0.07
PIMCO Funds Instl
...
NA
... NA WndsrAdml 78.46
IncomeFd
VANGUARD FDS
PIMCO Funds P
26.20 -0.02
NA
... NA DivdGro
IncomeP
HlthCare r 215.14 -0.10
Price Funds
95.17 +0.05 31.1 INSTTRF2020 22.46 +0.04
BlChip
29.52 -0.04 12.7 INSTTRF2025 22.72 +0.05
CapApp
34.53 -0.03 11.2 INSTTRF2030 22.90 +0.05
EqInc
68.60 +0.06 15.6 INSTTRF2035 23.08 +0.04
EqIndex
68.64 -0.01 28.9 INSTTRF2040 23.26 +0.05
Growth
74.17 -0.28 25.5 INSTTRF2045 23.40 +0.05
HelSci
39.23 +0.14
38.55 -0.01 31.8 IntlVal
InstlCapG
19.83 +0.05
19.32 +0.08 26.4 LifeCon
IntlStk
33.00 +0.07
15.44 +0.04 20.5 LifeGro
IntlValEq
26.84 +0.05
LifeMod
91.18 -0.08 21.0
MCapGro
26.84 +0.10
PrmcpCor
31.02 +0.14 6.7
MCapVal
32.91 +0.06
54.93 -0.08 26.8 SelValu r
N Horiz
27.08 +0.05
STAR
9.53 +0.01 3.8
N Inc
10.70 +0.01
STIGrade
OverS SF r 11.36 +0.02 25.2
TgtRe2015 15.89 +0.03
23.14 +0.02 13.4
R2020
31.51 +0.06
TgtRe2020
17.83 +0.01 15.0
R2025
TgtRe2025 18.46 +0.04
26.25 +0.02 16.5
R2030
TgtRe2030 33.34 +0.07
19.18 +0.01 17.7
R2035
TgtRe2035 20.47 +0.04
27.54 +0.02 18.7
R2040
TgtRe2040 35.24 +0.08
38.21 -0.09 13.6
Value
TgtRe2045 22.13 +0.05
PRIMECAP Odyssey Fds
TgtRe2050 35.60 +0.07
35.57 +0.10 24.2
Growth r
13.56 +0.03
TgtRetInc
Principal Investors
TotIntBdIxInv 10.92 +0.02
DivIntlInst 14.00 +0.05 27.3
26.89 +0.03
WellsI
Prudential Cl Z & I
42.41 +0.05
Welltn
14.58 +0.04 5.9
TRBdZ
38.60
...
WndsrII
VANGUARD INDEX FDS
235.85 +0.21
500
Schwab Funds
ExtndIstPl 202.70 -0.11
39.87 +0.04 15.8 SmValAdml 55.37 +0.02
S&P Sel
10.78 +0.03
TotBd2
17.92 +0.07
TotIntl
TIAA/CREF Funds
63.89 +0.04
TotSt
19.16 +0.02 15.5 VANGUARD INSTL FDS
EqIdxInst
IntlEqIdxInst 20.28 +0.07 22.5 BalInst
33.91 +0.04
Tweedy Browne Fds
DevMktsIndInst 14.18 +0.05
28.46
... 13.7 DevMktsInxInst 22.16 +0.07
GblValue
82.14 -0.04
ExtndInst
GrwthInst 69.57 +0.11
VANGUARD ADMIRAL
10.51
...
InPrSeIn
500Adml 235.87 +0.22 15.8 InstIdx
232.71 +0.21
33.90 +0.04 10.6 InstPlus
BalAdml
232.72 +0.20
CAITAdml 11.86 +0.02 5.0 InstTStPlus 57.33 +0.03
CapOpAdml r155.67 +0.50 25.3 MidCpInst 40.72 +0.07
37.38 +0.21 28.0 MidCpIstPl 200.83 +0.34
EMAdmr
EqIncAdml 75.80 -0.03 13.1 SmCapInst 68.40 -0.03
ExtndAdml 82.14 -0.05 13.9 STIGradeInst 10.70 +0.01
10.81 +0.02
GNMAAdml 10.56 +0.02 2.3 TotBdInst
GrwthAdml 69.57 +0.12 22.5 TotBdInst2 10.78 +0.03
HlthCareAdml r 90.76 -0.04 19.7 TotBdInstPl 10.81 +0.02
... 7.0 TotIntBdIdxInst 32.78 +0.06
HYCorAdml r 5.98
25.81 +0.01 2.2 TotIntlInstIdx r119.87 +0.48
InfProAd
IntlGrAdml 95.05 +0.31 41.2 TotItlInstPlId r119.89 +0.48
63.92 +0.04
ITBondAdml 11.49 +0.03 4.3 TotStInst
39.37
...
ITIGradeAdml 9.85 +0.02 4.5 ValueInst
LTGradeAdml 10.66 +0.04 9.5
MidCpAdml 184.34 +0.31 14.3
MuHYAdml 11.42 +0.02 6.9 Western Asset
MuIntAdml 14.23 +0.02 4.7 CorePlusBdI NA
...
27.00
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
1.80
66
2.30 152,025
.42
140
.41 173,374
27.00
Open
interest
Chg
3.75 291,705
T
M
Metropolitan West
10.71 +0.02
TotRetBd
TotRetBdI 10.70 +0.02
TRBdPlan 10.07 +0.02
MFS Funds Class I
40.70 -0.04
32.9 ValueI
MFS Funds Instl
25.53 +0.06
11.1 IntlEq
Mutual Series
32.70 +0.01
9.1 GlbDiscA
33.37 +0.01
GlbDiscz
8.1
Net YTD
NAV Chg %Ret Fund
Chg
P
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.
Friday, October 13, 2017
Net YTD
Settle
March'18 362.25 367.25
362.00
366.50
Oats (CBT)-5,000 bu.; cents per bu.
262.00
268.00
262.00
266.75
Dec
March'18 265.25 267.75
265.25
267.25
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov
991.00 1003.25
990.25 1000.25
Jan'18
1001.25 1013.00
1000.50 1010.25
Soybean Meal (CBT)-100 tons; $ per ton.
311.70
324.20
310.50
324.50
Oct
Dec
326.50
329.80
325.10
328.60
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
33.50
33.50
33.50
33.49
Oct
Dec
33.22
33.84
33.22
33.69
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
1223.00 1228.50
1213.50 1218.50
Nov
Jan'18
1252.50 1259.00
1244.00 1248.50
Wheat (CBT)-5,000 bu.; cents per bu.
430.75
440.75
430.50
439.50
Dec
March'18 449.75 459.25
449.25
458.00
Wheat (KC)-5,000 bu.; cents per bu.
426.50
437.00
426.00
436.25
Dec
March'18 445.00 455.00 s
444.50
454.50
Wheat (MPLS)-5,000 bu.; cents per bu.
611.00
615.75
609.50
615.00
Dec
March'18 624.25 629.75
623.50
629.00
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Oct
153.600 154.375
152.725 154.050
Nov
154.625 155.225
153.125 155.000
Cattle-Live (CME)-40,000 lbs.; cents per lb.
112.875 112.925
112.000 112.825
Oct
Dec
117.500 117.575
116.500 117.125
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
60.900
60.975
60.250
60.400
Oct
Dec
61.750
62.400
61.525
62.200
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
422.50
426.30 s
421.00
424.30
Nov
Jan'18
409.00
410.90 s
406.80
410.00
Milk (CME)-200,000 lbs., cents per lb.
16.68
16.75
16.68
16.72
Oct
Nov
16.13
16.15
16.09
16.13
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,113
2,116
2,065
2,087
March'18
2,119
2,128
2,078
2,099
Coffee (ICE-US)-37,500 lbs.; cents per lb.
126.40
127.15
125.45
126.45
Dec
March'18 130.45 130.80
129.30
130.20
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
14.33
14.43
14.09
14.41
March
May
14.39
14.49
14.21
14.48
Open
Chg interest
Settle
Contract
High hilo
Low
WSJ.com/commodities
Friday
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Energy
0.9447
n.a.
3.010
2.950
1.300
2.570
2.600
0.490
2.880
55.500
11.750
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Friday
17.2000
13107
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Other metals
LBMA Platinum Price PM
*936.0
Platinum,Engelhard industrial
943.0
Platinum,Engelhard fabricated
1043.0
Palladium,Engelhard industrial
1000.0
Palladium,Engelhard fabricated
1100.0
Aluminum, LME, $ per metric ton
*2117.5
Copper,Comex spot
3.1185
Iron Ore, 62% Fe CFR China-s
60.0
Shredded Scrap, US Midwest-s,w
286
Steel, HRC USA, FOB Midwest Mill-s
n.a.
Metals
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
Fibers and Textiles
Gold, per troy oz
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
1304.36
1402.19
1299.60
1442.55
*1294.45
*1290.25
1354.70
1367.73
1367.73
1578.54
1279.81
1367.73
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
Grains and Feeds
17.3500
20.8200
17.3300
21.6630
£12.9400
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
0.6150
0.6862
*78.70
61.000
n.a.
n.a.
69
3.1550
81.1
473.2
230
86
255
2.9825
375.00
24.00
7.7725
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
325.60
9.5300
7.3500
4.2750
3.6825
5.2475
175.26
166.58
0.8444
2.3750
167.75
170.00
77.25
2359
1.2439
1.4458
1.2350
14.95
n.a.
59.24
0.9929
0.8718
111.00
158.38
Fats and Oils
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
35.5400
0.2750
n.a.
0.3232
0.2850
0.3300
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data
as of 10/12
Source: WSJ Market Data Group
Bonds | WSJ.com/bonds
Global Government Bonds: Mapping Yields
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
Country/
Coupon (%) Maturity, in years
1.375
2.250
1.517
2.320
1.351
2.190
0.839
1.745
1.938 t
2.803 t
l
1.948
1.899
1.721
43.7
43.1
l
2.812
2.678
2.253
52.5
49.2
50.8
France 2 -0.519 t
10 0.668 t
l
-0.498
-0.507
-201.5
-144.3
l
0.716
0.691
Germany 2 -0.724 t
10 0.405 t
l
-0.701
-0.713
l
0.448
Italy 2 -0.125 t
10 2.065 s
l
10
0.500
0.050
2.050
0.100
0.100
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
Australia 2
1.000
Year ago
l
2.750
0.000
Month ago
U.S. 2 1.501 t
10 2.278 t
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
-0.605 -202.0
0.332
-161.0
88.3
-160.4
-141.3
-221.8
-149.8
0.405
-0.660 -222.5
0.040 -187.3
-187.2
-170.5
-0.101
-0.062
-0.069
-162.6
-161.8
-90.7
l
2.060
2.046
1.387
-21.3
-26.0
-35.7
Japan 2 -0.138 s
10 0.067 t
l
-0.141
-0.144
-0.259
-163.9
-165.8
-109.7
l
0.068
0.026
-0.060 -221.1
-225.2
-180.5
Spain 2 -0.275 s
10 1.580 t
l
-0.283
-0.315
-0.214
-177.6
-180.0
-105.2
l
1.637
1.588
1.043
-69.8
-68.2
-70.2
0.473 t
1.373 t
l
0.476
0.280
0.205
l
1.383
1.146
0.931
1.750
U.K. 2
4.250
10
-102.8
-90.5
-104.1
-63.3
-93.7
-81.4
Source: Tullett Prebon
Corporate Debt
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Friday, October 13, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
AMLP
XLY
XLP
DGP
DZZ
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
11.18
91.22
54.57
25.72
5.34
68.14
26.13
96.54
82.42
72.06
110.19
105.28
123.60
65.23
56.17
62.31
256.63
181.38
74.59
–1.06 –11.3
0.48 12.1
5.5
0.18
1.46 27.8
–2.02 –22.1
–0.06 –9.5
0.04 12.4
0.10 11.4
–0.25 19.6
–0.18 15.8
1.8
0.15
0.3
0.07
0.9
0.17
0.52 21.6
0.90 32.3
0.60 23.4
0.11 14.1
9.7
–0.06
8.5
–0.04
ETF
Closing Chg YTD
Symbol Price (%) (%)
ETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCIEAFESC
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlMuniBdETF
iShRussell1000Gwth
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
58.43
109.86
95.02
72.39
51.03
12.54
121.58
88.33
116.42
107.25
70.00
43.34
69.57
62.96
46.66
43.60
57.38
336.38
111.04
127.71
...
0.25
–0.06
0.36
0.08
0.88
0.40
0.05
0.28
0.17
0.24
1.36
0.52
0.53
0.91
–0.02
1.24
–0.22
0.09
0.24
13.9
1.7
7.3
18.2
12.8
13.2
3.8
2.1
5.6
0.9
18.3
30.0
20.5
26.3
33.3
26.0
17.4
26.8
2.6
21.7
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
October 13, 2017
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.
Week
Latest ago
Inflation
Sept. index
level
Chg From (%)
Aug. '17 Sept. '16
U.S. consumer price index
246.819
252.941
All items
Core
0.53
0.19
2.2
1.7
International rates
Week
Latest ago
52-Week
High
Low
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
Switzerland
0.00
0.50
0.00
0.50
0.00
0.50
0.25
1.50
0.25
1.50
0.25
1.50
Secondary market
Fannie Mae
30-year mortgage yields
Prime rates
U.S.
Canada
Japan
0.25
1.50
Britain
Australia
—52-WEEK—
High Low
0.00
0.50
30 days
60 days
3.432 3.461 3.865 2.960
3.454 3.483 3.899 2.990
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 June 15, 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
Closing Chg YTD
Symbol Price (%) (%)
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500ValueETF
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDRBloomBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
141.99
119.60
180.46
149.37
125.07
151.37
199.90
85.82
205.87
146.21
108.85
38.55
114.13
84.39
106.86
125.85
115.37
101.77
148.34
46.57
23.20
37.18
123.82
34.03
61.74
60.93
228.73
330.73
254.95
92.79
60.50
54.15
23.84
156.53
128.89
96.03
44.15
45.18
58.85
53.84
135.17
153.37
82.36
84.84
88.23
117.11
148.87
106.79
84.79
234.14
79.78
80.11
142.77
82.05
54.69
55.99
131.36
71.99
100.95
65.20
55.77
0.13
0.04
–0.28
–0.18
–0.06
0.09
0.07
0.05
–0.07
0.21
0.05
0.10
0.14
0.06
0.34
0.72
0.16
...
0.39
0.02
–0.09
0.05
0.76
0.47
0.06
0.12
0.18
–0.06
0.12
0.15
0.48
–0.70
0.51
0.46
0.01
0.04
0.50
0.89
0.10
0.60
0.17
–0.32
0.02
0.26
0.32
0.12
0.17
0.36
0.26
0.11
0.08
0.07
–0.06
0.21
0.16
0.67
0.08
0.28
0.02
0.09
0.74
14.1
6.8
17.2
10.8
5.2
13.8
11.8
6.7
13.0
20.1
7.4
3.6
0.8
–0.1
1.9
5.6
18.5
0.4
25.2
12.0
–0.7
2.0
13.0
22.9
14.0
14.4
15.8
9.6
14.1
8.5
25.1
11.5
14.0
28.8
6.5
12.7
20.8
26.3
22.8
21.9
21.3
21.0
8.7
2.1
3.0
14.4
13.1
9.9
2.7
14.0
0.4
0.9
10.7
1.6
0.7
22.0
13.9
18.0
8.5
13.6
12.6
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Harris
Morgan Stanley Finance
Royal Bank of Scotland
AT&T
HRS
MS
RBS
T
Global Logistic Properties Ltd.
Coca–Cola
Pitney Bowes
Amazon.com
GLPSP
KO
PBI
AMZN
Maturity
Current
2.700 April 27, ’20
10.000 Dec. 30, ’36
8.625 Aug. 15, ’49
5.450 March 1, ’47
38
757
239
221
3.875
June 4, ’25
1.875 Oct. 27, ’20
4.625 March 15, ’24
3.800
Dec. 5, ’24
198
12
338
33
Spread*, in basis points
One-day change
Last week
–18
–17
–12
–10
–9
–9
–9
–7
Stock Performance
Close ($)
% chg
n.a.
756
252
213
136.56
…
7.38
35.70
–0.04
…
0.96
–0.45
n.a.
25
360
34
...
46.18
13.88
1002.94
...
0.15
0.22
0.20
324
275
n.a.
–24
33.85
...
…
95.86
4.31
...
…
–0.14
57
65
n.a.
33
51.76
156.99
296.40
47.86
0.45
0.63
–0.76
–1.01
…And spreads that widened the most
Viacom
Societe Generale S.A.
Pacific Gas And Electric
JPMorgan Chase
VIA
SOCGEN
PCG
JPM
6.250
7.875
4.000
7.900
Feb. 28, ’57
Dec. 18, ’49
Dec. 1, ’46
April 30, ’49
375
270
102
–60
RPM International
Apple
Northrop Grumman
Verizon Communications
RPM
AAPL
NOC
VZ
2.250 Dec. 15, ’20
3.350
Feb. 9, ’27
2.550 Oct. 15, ’22
4.500 Sept. 15, ’20
60
65
58
41
32
30
18
16
11
9
8
8
High-yield issues with the biggest price increases…
Issuer
Symbol
Algeco Scotsman Global Finance
United States Steel
Cenovus Energy
Rite Aid
ALGSCO 10.750
X
6.875
CVECN
6.750
RAD
6.125
Resolute Forest Products
EP Energy
Noble Holding International
Weatherford International
RFP
EPENEG
NE
WFT
Coupon (%)
Maturity
Bond Price as % of face value
Current
One-day change
Oct. 15, ’19
Aug. 15, ’25
Nov. 15, ’39
April 1, ’23
80.250
103.750
114.297
94.500
5.875 May 15, ’23
9.375
May 1, ’20
7.750 Jan. 15, ’24
7.000 March 15, ’38
101.000
81.750
89.000
90.000
2.38
1.75
1.56
1.50
1.50
1.25
1.25
1.25
Last week
Stock Performance
Close ($)
% chg
n.a.
103.000
113.520
98.600
...
27.36
...
1.74
...
7.04
...
5.45
99.375
81.625
88.500
n.a.
6.40
...
…
3.89
7.56
...
…
–2.51
105.313
88.595
107.750
97.938
…
…
74.58
41.84
…
…
0.49
0.99
94.000
104.250
98.500
107.000
...
90.56
…
40.74
...
–3.33
…
–2.18
…And with the biggest price decreases
Dish DBS
CHS/Community Health Systems
HCA
L Brands
DISH
CYH
HCA
LB
5.875
7.125
5.875
6.750
Nov. 15, ’24
July 15, ’20
Feb. 15, ’26
July 1, ’36
102.000 –2.69
–2.00
85.250
–1.75
105.500
–1.56
97.250
Surgery Center Holdings
Centene
THC Escrow III
Envision Healthcare
SURCEN
CNC
THC
EVHC
6.750
4.750
5.125
6.250
July 1, ’25
Jan. 15, ’25
May 1, ’25
Dec. 1, ’24
91.750
102.750
97.210
105.500
–1.25
–1.06
–1.04
–1.00
*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
B10 | Saturday/Sunday, October 14 - 15, 2017
NY
* *****
THE WALL STREET JOURNAL.
MONEY & INVESTING
Rokos Capital Star Hits a Bump
Hedge-fund trader Chris
Rokos raised billions by letting his performance do the
talking. A sophomore slump
at his Rokos Capital Management LLP may test that
strategy.
London-based Rokos Capital chalked up a 20% gain in
2016 in one of the hottest
hedge-fund launches of recent
years. But this
WEEKEND year, the fund is
PROFILE
down 1.2%
through September, in common with many peers who
bet on moves in bonds and
currencies. Investors buying
the S&P 500 would have
made more than 14%, including dividends, over that period.
Mr. Rokos made billions of
dollars for investors and a
name for himself as a savvy
risk taker at Brevan Howard
Asset Management LLP. After leaving the hedge-fund
firm in 2012, he has raised
eyebrows for what some in-
dustry insiders perceived as
his unwillingness to speak
with many prospective investors, let alone court them for
his new fund, as many hedgefund managers must at a time
of tepid returns and dissatisfaction with high fees.
Mr. Rokos, 47 years old,
declined a request for an interview. A spokesman said:
“Chris Rokos has never refused to meet an investor in
the fund.”
Investors haven’t pulled
money out of Rokos Capital
this year despite losses, according to a person familiar
with the matter, who said Mr.
Rokos hasn’t changed his investment process.
Rokos Capital is among the
largest funds of its type—socalled macro funds that trade
bonds, currencies and
stocks—globally, managing
$6.8 billion. Blackstone Group
invested more than $500 million in late 2015. A rare $2
billion fundraising round this
year was so oversubscribed
that the fund opened and
then immediately shut to fur-
Chris Rokos’s hedge fund hasn’t
needed publicity to raise assets.
ther investment, and has remained closed since.
Many investors have grown
impatient with poor returns
from active managers, particularly given the lure of cheap
passively managed funds.
Nevertheless, some funds
such as Rokos Capital haven’t
needed publicity in order to
raise assets, instead limiting
access to “only a very select
group of investors,” said Jim
Neumann, partner at Sussex
Partners, which advises institutional clients on hedge-fund
investments.
Potential clients must put
up at least $10 million if they
want to invest, a person familiar with the fund’s terms
said.
Rokos Capital has emerged
at a time when many rivals
have become smaller. Brevan’s
assets have shrunk to around
$11.6 billion from around $40
billion several years ago.
BlueCrest Capital Management LLP, which ran $36 billion in 2012, has returned
outside investors’ money.
Mr. Rokos attended a taxpayer-funded school before
winning a scholarship to
prestigious boys school Eton
College and then attending
Oxford University. After stints
at Goldman Sachs Group Inc.
and Credit Suisse Group AG,
he co-founded Brevan Howard
in 2002—becoming the “R” in
“Brevan,” a name formed
from the names of co-founders, and one of its main stars.
At Brevan’s morning investment meetings, often attended by 30 or more, Mr.
Rokos was one of the few
main voices to be heard, said
a person who was present.
In 2011, he scored what he
regarded as a “perfect year”
in terms of how his trades
performed, making $1.27 billion, according to court filings.
But in 2012, he left after a disagreement over pay. His personal wealth stands at about
£660 million ($875 million),
according to a court filing. Attempts to set up his own
hedge fund were hampered by
a messy legal battle with
Brevan over a noncompete
agreement. A spokesman for
Brevan declined to comment.
Mr. Rokos, who is amiable
and direct in manner, is a
supporter of Britain remaining in the European Union. He
also privately has ambitions—
like hedge-fund billionaire
George Soros—to use his
wealth to reduce state corruption around the world, a
person familiar with Mr.
Rokos’s thinking said.
U.S., EU Reach Pact on Rules for Swaps Trading
BY GABRIEL T. RUBIN
WASHINGTON—U.S. and European Union policy makers
took steps toward harmonizing
postcrisis swap rules with
agreements that will allow firms
to follow home-region regulations while doing business
across the Atlantic.
The Commodity Futures
Trading Commission and the
European Commission reached
an agreement Friday to recognize each other’s collateral rules
and vowed to complete a plan to
do the same for swap trading
venues that operate in each
other’s jurisdictions.
Global regulators have generally sought to harmonize their
approach to these rules, but
progress has been slow, particularly in Europe where the completion of collateral rules was
delayed repeatedly. And now,
with major new market rules,
known as Mifid II, slated to
come into effect in Europe in
2018, U.S. and European regulators needed to reach agreements that would allow firms to
continue operating in each
other’s jurisdictions while not
causing major market disruption and fragmentation.
“These measures are critical
to maintaining the integrity of
our swaps markets,” CFTC
Chairman J. Christopher Giancarlo said at a press conference
with European Commission Vice
President Valdis Dombrovskis.
“It is important that European counterparts can continue
trading in derivatives on authorized U.S. markets,” Mr. Dombrovskis said.
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BUSINESS OPPORTUNITIES
ANNOUNCEMENTS
The agreement on collateral
affects derivatives rules in both
the U.S. and Europe that require
banks to set aside cash as a
cushion against the risk of certain swaps trades going bad.
The cash cushion, or margin,
applies to swaps contracts that
aren’t routed through central
clearinghouses.
The second half of the agreement, on trading venues for uncleared swaps, won’t be finished
until November because the European Commission must vote
on its terms following a period
of consultations. But with Mr.
Dombrovskis’ strong support,
the agreement is likely guaranteed passage.
Under terms of the trading
venue agreement, the CFTC
would provide exemptions for
certain European swap trading
platforms that want to do business in the U.S. After Mifid II
goes into effect in 2018, European regulators will give the
CFTC a list of Mifid-compliant
firms that would be eligible for
exemptions from U.S. rules. The
CFTC will vote on that exemption once Europe has provided
the list of eligible trading platforms, according to Eric Pan,
the CFTC’s director of the Office
of International Affairs.
Mr. Giancarlo said the agreement on trading venues “goes a
long way toward assuaging concerns” about market fragmentation that could result from the
implementation of Mifid II.
The two agreements come as
the European Union and CFTC
are engaged in more tense negotiations over standards for
clearinghouse
supervision.
While an accord was reached in
early 2016, the deal is now at
risk amid the uncertainty of the
U.K.’s exit from the EU.
Chinese Companies
Withdraw From Bid
To Purchase CHX
to file records with the SEC disclosing the investors’ exit as
soon as next week, the people
said. The filing will probably require the SEC to once again
seek public comment on the
ownership change, further delaying a decision on a deal that
was announced 20 months ago.
A ruling from the SEC now
likely won’t be issued before
November.
An SEC spokeswoman declined to comment.
Chinese conglomerate
Chongqing Casin Enterprise
Group Co.—which is seeking to
buy 20% of CHX, with other
Chinese and U.S. investors buying the rest—remains the lead
investor in the deal. It isn’t clear
whether existing U.S. bidders
plan to increase their stakes to
replace the Chinese suitors who
dropped out. Alternately, CHX
could recruit new U.S. investors
to replace the lost funding, the
people said.
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Two of the Chinese investors, Chongqing Jintian Industrial Co. and Chongqing Longshang Decoration Co., withdrew
in the past two weeks, after the
Securities and Exchange Commission sought more details
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the people said. The SEC’s three
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CFTC
BY LAURENCE FLETCHER
LES WILSON
Macro fund started its first year with a 20% gain but is down 1.2% in 2017
CFTC Commissioner Brian
Quintenz says regulators
should focus on ‘true risks.’
New Tack
Urged for
Automated
Trading
BY GABRIEL T. RUBIN
WASHINGTON—The Commodity Futures Trading Commission needs to take a fundamentally different approach to
regulating automated trading
than the course pursued under
the Obama administration, Republican Commissioner Brian
Quintenz said in an interview.
Tighter supervision for automated-trading firms should
focus on the “true risks” in the
marketplace and not target
firms simply for using algo-
Any rule must take
into account if firms
are a significant risk
to financial stability.
rithms as part of their trading
strategy, Mr. Quintenz said.
Under Democratic leadership during the Obama administration, the CFTC sought to
regulate trading algorithms in
an effort to curtail market disruptions, such as flash
crashes, as automated trading
became more popular.
The regulator didn’t complete the rule before the
change in administrations, following industry backlash.
Traders were concerned that
the CFTC would be collecting
too much proprietary information in the form of trading
source code, sparking worries
over the protection of intellectual property.
Mr. Quintenz pointed to the
recently disclosed hack of the
Securities and Exchange Commission’s corporate-filing system as an example of the
risks associated with holding
on to companies’ proprietary
data.
“We need to be very concerned with how we request
data, how it’s transmitted to
us, how we store it when it’s
here, and what we do with it
when we’re finished with it,”
Mr. Quintenz told The Wall
Street Journal this past week
in his freshly painted office at
the CFTC.
The Trump appointee was
confirmed as commissioner
earlier this year.
Any rule covering automated trading would have to
take a broader approach, Mr.
Quintenz said, taking into account whether firms pose a
significant risk to financial
stability.
“If you use algorithms and
they’re entirely automated, if
you trade very quickly, if
you’re introducing something
new to the market, and if you
control a lot of capital, you
probably pose a pretty big risk
that we want to make sure
we’re addressing appropriately,” he said.
If smaller firms that rely on
automated trading are lumped
in with larger firms that might
actually pose a systemic risk,
budding financial-technology
firms might be less willing to
enter the market, Mr. Quintenz
said.
CFTC Chairman J. Christopher Giancarlo, a Republican,
led the opposition to the Democratic proposal when he was
a minority commissioner.
“Before I can just spout and
say, ‘Well, we’re going to do
this about [algorithmic trading],’ or ‘We’re going to do
this about automated trading,’
I really want to understand
what the impact is,” Mr. Giancarlo told a House committee
at a hearing this past week.
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | B11
* * * *
MARKETS
BY RIVA GOLD
AND KENAN MACHADO
The rally that has propelled
U.S. stocks to record levels is
spreading around the world.
The MSCI World Index of
large and midcap stocks from
23 countries hit a high on Friday, while stock benchmarks
in Germany, the U.K., Japan,
Hong Kong, Taiwan and New
Zealand all reached multiyear
In Europe, net profit
margins are rising
more than they
have in seven years.
highs or records this past
week.
Meanwhile, investors poured
a record amount of money into
global stock funds in the week
ended Oct. 11, according to
fund tracker EPFR Global,
brushing off political risks, including a secessionist vote in
Spain’s Catalonia region and
tensions surrounding North
Korea and Iran.
With the U.S. market scaling fresh peaks, investors have
broadened their stockholdings
to places where growth looks
solid, monetary policy looks
supportive and valuations are
cheaper. After some benchmarks paused over the summer, recent economic data
have added to the conviction
that a synchronized pickup in
global growth is under way,
while the third-quarter earnings season has so far pointed
to a healthy corporate sector.
Risks to the rally exist—not
least the withdrawal of the
central bank stimulus that has
helped propel stock markets—
but many investors expect the
prospect of rosy economic
data and earnings to push
shares higher for at least a
few months more.
The most recent leg up in
the market’s postfinancial crisis recovery has been so sharp
that since February 2016 the
market capitalization of global
shares has risen by an amount
that is roughly equivalent to
the entire value of world
stocks in March 2009, during
the peak of that crisis, according to data from FactSet.
John Stopford, multiasset
fund manager at Investec Asset Management in the U.K.,
has been trimming some of his
holdings in U.S. stocks recently in favor of adding to
positions in Europe and Japan,
where he says cheaper valuations come alongside solid
earnings prospects.
“Global growth is actually
quite synchronized, and we
should see positive earnings
FRANCK ROBICHO/EPA/SHUTTERSTOCK
Global Stock Rally Hits a Fever Pitch
A Tokyo stock board. The Nikkei Stock Average on Friday rose above 21000 for first time since 1996.
dynamics more broadly across
economies,” he said.
The world economy’s acceleration this year has been
the broadest since the start of
this decade, the International
Monetary Fund said this week
as it raised its forecast for
growth to 3.6% this year and
3.7% in 2018.
That is already coming
through in earnings and in
measures of consumer and
business confidence and manufacturing.
In Europe, net profit margins are rising more than they
have in seven years as sales
growth recovers, according to
UBS Group AG. And a record
percentage of European companies surveyed by UBS expect
profit margins to expand over
the next 12 months.
The earnings growth rate in
Europe is projected to hit
28.5% in Italy, 12.9% in the
U.K. and 6.9% in Germany over
the third quarter, according to
Thomson Reuters estimates.
That has helped propel Germany’s benchmark DAX index
to records this week, offsetting a roughly 12% climb in the
euro against the dollar this
year, which has hit shares of
the region’s exporters.
The ICE Dollar Index has
fallen about 9% this year, a
headwind to export-oriented
shares across the eurozone
and in Japan, though a relief
to emerging markets with
debts denominated in the
greenback.
Comparatively attractive
valuations are also prompting
some investors to look outside
the U.S.
The forward price/earnings
ratio of the S&P 500 over the
next 12 months has inched up
this year to 18 from 17 in January, while the Stoxx Europe
600’s P/E ratio has edged up
to 15.2 from 14.8, and Japan’s
Nikkei Stock Average has
fallen to 16.8 from 17.8, according to FactSet.
Several Asian benchmarks
have hit milestones in recent
sessions.
“Because economies outside
the U.S. are at an earlier stage
of the recovery, they have a
longer runway for stocks to
rally,” said Brian Nick, chief
investment strategist for TIAA
Investments in New York.
Japan’s Nikkei Stock Average on Friday rose above
21000 for first time since
1996.
Even South Korea’s Kospi
index has notched records despite tensions between the
U.S. and North Korea, helped
by upbeat earnings reports.
U.S. government bonds strengthened during the week, sending the
yield on the 10-year Treasury note lower after it rose for four weeks.
Standard Chartered, UBS Suit Is Dropped
2.38 %
BY JULIE STEINBERG
New Direction
2.36
Inflation data fall
short of expectations.
2.34
2.32
2.30
2.28
2.26
Tues.
Wed.
Note: U.S. bond market was closed Monday.
Source: Thomson Reuters
Thurs.
Fri.
U.S. government bonds
strengthened on Friday as investors responded to softerthan-expected inflation data.
The yield on the benchmark
10-year TreaCREDIT
sury note fell to
MARKETS
2.280%, compared
with
2.323% Thursday and 2.370%
the previous Friday. Yields fall
as bond prices rise.
The consumer-price index,
a measure of what Americans
pay for everything from haircuts to food, recorded its largest monthly gain since January, edging up 0.5% in
September from a month earlier, the Labor Department
said Friday.
Economists surveyed by
The Wall Street Journal had
expected a 0.6% gain.
Treasurys tend to rally on
soft inflation data because inflation is a main threat to government bonds, eroding the
purchasing power of their
fixed payments.
Venezuelan bonds tumbled
again during the week, after
the government fell behind on
debt payments for at least the
third time over the past year.
The country is holding 23
state governor elections on
Sunday, which some investors
worry could bring another
wave of political instability and
market volatility.
Venezuela’s benchmark
bond index fell 7% in the four
days after Monday’s close.
The government didn’t
make interest payments totaling $349 million due this past
week, according to two brokers. Bondholders already were
worried that the economically
ravaged country is teetering on
the edge of default.
Venezuela owes a total of
barred,” a spokesman for the
regulator said. The statute of
limitations for such cases is
generally six years.
Spokesmen for UBS and
Standard Chartered declined
to comment. A spokeswoman
for KPMG couldn’t be reached
to comment.
China Forestry, a company
originally backed by U.S. private-equity firm Carlyle Group,
raised $216 million in its Hong
Kong IPO in late 2009. Its
shares were suspended just
over a year later.
“I think the core CPI numbers were a little disappointing,” said Nick Tripodes, a
portfolio manager at Federated Investors Inc.
Investors are also faced
with uncertainty regarding
how a number of U.S. policies
will play out, which potentially drove investors toward
Treasurys before the weekend, said Kathy Jones, chief
fixed income strategist at the
Schwab Center for Financial
Research.
Friday’s move punctuated a
week of consolidation in the
bond market, which had come
under pressure for the previous four weeks.
There is now a broad consensus that the Federal Reserve will likely raise interest
rates in December, adding stability to the market after weeks
in which investors gradually
came around to that view, according to analysts. Geopolitical risks have also helped increase demand for bonds.
—Sam Goldfarb
contributed to this article.
ADVERTISEMENT
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PORSCHE
$4.4 billion that is due over the
next three weeks, including the
payments due the past week,
a sum many analysts believe
could drain the country’s dwindling foreign-reserve holdings.
“It seems they’re saving every penny for these two big payments,” said Russ Dallen, managing partner at Caracas Capital.
A government spokesman
couldn’t be reached to comment. Venezuela is in a deep
recession and stretched for
cash, with prices for oil, its
main export, still at half the
level of three years ago.
The payments due this
past week included a $28 million coupon payment for an
Electricidad de Caracas bond
maturing in 2018, $81 million for
a Petróleos de Venezuela bond
due in 2027, $41 million for a
PdVSA bond due 2037, $97 million for a Venezuelan sovereign
bond due 2019, and $103 million
for a 2024 Venezuela bond.
—Carolyn Cui, Julie Wernau
FERRARI
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Venezuela’s Missed
Debt Payments
Send Bonds Sliding
been delisted. UBS and Standard Chartered were the socalled sponsors on the deal.
Sponsors on Hong Kong IPOs
manage the listing process and
conduct due diligence on the
companies they take public.
It is unclear whether the
lawsuit against KPMG has also
been dropped. The SFC had
also sued China Forestry and
two of its executives.
“After considering its legal
position, the SFC determined
that its action against certain
parties was probably time-
THE WALL STREET JOURNAL.
U.S. Treasurys Rise
On Soft Inflation
BY GUNJAN BANERJI
Hong Kong’s securities regulator dropped a lawsuit
against UBS Group AG and
Standard Chartered PLC over
the banks’ conduct in a 2009
initial public offering of a Chinese timber firm now in liquidation, according to people familiar with the matter.
The Securities and Futures
Commission isn’t proceeding
with a writ that had alleged
market misconduct against the
two banks and which could have
required them to compensate
investors for losses, the people
said. The move represents a
small victory for the banks, but
they could still face financial
and other penalties from the
regulator, the people added.
The regulator in January
sued UBS, Standard Chartered
and accounting firm KPMG, alleging they mishandled the
2009 IPO of China Forestry
Holdings Co., an operator of
forestry plantations that subsequently disclosed accounting
irregularities and has since
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Stock Indexes Rise; Nasdaq Hits a High
Health-care shares in
the S&P 500 dropped Modest Gains
U.S. stock indexes crept higher during the week, with earnings driving some of the biggest moves.
0.7% for the week
Percentage of Nasdaq Composite components above 50-day moving average
and financials fell 0.9% S&P 500
BY RIVA GOLD
AND CORRIE DRIEBUSCH
U.S. stocks notched weekly
gains and the Nasdaq Composite closed at a record, even
as shares of big banks declined.
A backdrop of improving
global economic growth and
the expectaFRIDAY’S
tion that it
MARKETS
will be another strong
quarter for
corporate earnings has supported stocks, traders say.
The march higher comes
even as there have been some
hiccups in data, from weakerthan-anticipated inflation to
job losses in September, and
as some investors worry
shares look pricey.
“Good data is good, and
bad data is now explained
away because of the hurricanes,” said R.J. Grant, director of equity trading at KBW
Inc., adding that he believes
the “economy seems like it’s
humming along.”
A measure of U.S. consumer
sentiment rose to its highest
level since 2004 in the first
half of October, according to
the University of Michigan on
Friday.
Rising sentiment suggests
increased household spending
could follow.
The Dow Jones Industrial
Average rose 30.71 points, or
0.1%, to 22871.72, on Friday,
finishing the week up 0.4%.
The S&P 500 added 2.24
points, or 0.1%, to 2553.17, a
0.2% rise in the week. Both indexes posted their fifth
straight week of gains.
The Nasdaq Composite rose
14.29 points, or 0.2%, to
6605.80, a fresh record. It
added 0.2% in its third consecutive weekly gain.
2560
80%
2558
70
2556
60
2554
50
2552
2550
40
2548
30
2546
20
2544
10
2542
2540
0
Monday
Tuesday
Wednesday
Thursday
Friday
2014
’15
’16
’17
Wal-Mart jumped after it said it would open
fewer U.S. stores and deepen cost cuts.
An index of large U.S. lenders fell after
the first batch of bank earnings.
Airline stocks were off to a good start in
October, typically a good month for them.
$87 a share
KBW Nasdaq Bank Index
S&P 500 airline-industry index,
October percentage change
86
101.0
85
100.5
84
100.0
83
99.5
82
99.0
81
98.5
80
98.0
79
20%
15
10
5
0
–5
–10
–15
–20
97.5
Mon.
Tues.
Wed.
Thurs.
Fri.
Mon.
Tues.
Wed.
Thurs.
Fri.
1990
’95
2000
Source: FactSet
Shares of financial companies in the S&P 500 declined
for the third day in row. Major
lenders started reporting their
third-quarter earnings this
past week, and while they
have mostly beat expectations, their stocks dropped after the results.
Wells Fargo slid $1.52, or
2.8%, to $53.69, as the bank
reported
weaker-than-expected third-quarter revenue,
while shares of Bank of
America added 38 cents, or
1.5%, to 25.83, after the bank
said its quarterly profit had
risen 13% from a year earlier.
Shares of J.P. Morgan
Chase and Citigroup fell after
reporting their earnings results on Thursday.
A drop in U.S. governmentbond yields also weighed on
banks Friday, after data from
the Labor Department showed
U.S. core inflation rose less
than expected.
The yield on the 10-year
Treasury note edged down to
2.280% from 2.323% Thursday.
The S&P 500 financials sector fell less than 0.1% Friday,
notching a weekly drop of
0.9%. However, the sector remains up more than 5% over
the past month, and it hasn’t
Major lenders started
reporting their thirdquarter results and
their stocks declined.
posted a negative October
since 2009.
Shares of health-care com-
panies came under pressure
Friday following the Trump
administration’s decision to
end billions of dollars in payments to insurers under the
Affordable Care Act.
Health-care companies in
the S&P 500 fell 0.3%, ending
the week down 0.7%.
Wal-Mart Stores rose 52
cents, or 0.6%, to 86.62,
bringing its weekly gain to
9.6%, its best week since
2003. The retailer said Tuesday that it would deepen its
cost-cutting efforts and focus
on existing stores and e-com-
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
China’s Tech Companies Hold Extra Risks
Chinese President Xi Jinping has taken on plenty of
powerful vested interests
during his first five years in
office. The country’s big tech
beasts, though, have
emerged relatively unscathed.
Baidu, Alibaba Group
Holding and Tencent Holdings have each seen their
profits and market dominance rise on Mr. Xi’s watch.
Shares in this tech holy trinity, known as the BATs, have
rocketed to a combined valuation of nearly $1 trillion.
For many overseas investors, these are the Chinese
companies they know, or
think they know, best. Routinely compared with the
U.S.’s FANG stocks—Facebook, Amazon.com, Netflix
and Google parent Alphabet—for their size and clout,
the BATs seem to best embody the Chinese economy’s
hoped-for evolution away
’10
’15 ’17
THE WALL STREET JOURNAL.
Email: heard@wsj.com
Third in a Heard on the
Street series about China
’05
Domination
Market value
Alphabet
$690B
Facebook
$501B
Amazon
$481B
Alibaba
$457B
Tencent
$426B
Baidu
$90B
Netflix
$85B
Source: FactSet
THE WALL STREET JOURNAL.
from reliance on exports and
investment to ever-rising
consumer spending.
The reality is more complex. Tencent is hardly comparable with any FANG. Its
prominence comes from mobile games, including the
popular “Honor of Kings,”
and its omnipresent WeChat
instant messaging app. Alibaba superficially looks like
Amazon, though it outsources much of its distribution among other differences. Its financial arm runs
a money-market fund called
Yu’e Bao that has become the
world’s largest by assets in
just four years.
Arguably, the BATs have
each become more diverse
than their FANG counterparts and more often com-
pete head to head.
And while both the FANGs
and the BATs have become
controversial in their respective countries, there are differences in the challenges
they face. Big U.S. tech companies face privacy concerns
over their extensive data
gathering. Facebook and
Google are under scrutiny
for their roles in U.S. politics.
The BATs face political
pushback, too, but more because of their potential
threat to the government,
from what Beijing might see
as undesirable chat rooms on
Tencent’s WeChat to what it
might deem inappropriate
results on Baidu’s search engine.
There are indications the
government is trying to assert itself more.
In the latest sign of state
encroachment, The Wall
Street Journal reported this
past week that Beijing has
discussed taking an equity
stake in some tech compa-
nies, including Tencent and
the Youku Tudou video platform owned by Alibaba.
The question is whether
investors should factor in
political risk to the BATs.
Shares in each have traded
with a valuation between 25
and 35 times expected earnings in the past few years.
Currently, they each trade
more richly than both Facebook and Alphabet.
Such valuations make
sense given Baidu’s, Alibaba’s and Tencent’s stunning growth rates. And
looked at on the basis of
their businesses and pre-eminent market positions alone,
there is little reason to believe that will change.
But buying into the BATs
at current levels is a bet that
their managements can continue to navigate Chinese
politics without alarm and
that Beijing during Mr. Xi’s
second five years in charge
won’t want to take on these
successful companies.
—Jacky Wong
merce.
Stocks around the world
rose during the week, as
money flowed into global
stock funds. The Stoxx Europe
600 edged up 0.3%, putting its
weekly rise at 0.5%.
Japan’s Nikkei Stock Average posted a weekly advance
of 2.2%, after rising to levels
last seen in 1996 earlier in the
week. The benchmark finished
up 1% on Friday.
South Korea’s Kospi earlier
in the week notched its first
record since July and ended
up 3.3% for the week.
WSJ.com/Heard
OVERHEARD
It is easy to think, given
the strong stock market and
rise of passive investment
strategies, that value investing is dead.
One man begs to differ. Hedge fund personality
Whitney Tilson is launching
a yearlong seminar on value
investing beginning in December.
“I’m looking for people
who are passionate about
value investing and want to
learn with me,” wrote
Mr. Tilson in an email. Interested candidates will need to
supply a résumé, cover letter
and a write-up of their favorite stock idea.
It will surely invite some
snickering. After all, Mr. Tilson is closing his own hedge
fund, Kase Capital Management. The Wall Street Journal reported last month that
the fund was down 8% this
year.
Then again, everyone, except value investors, is a genius in a bull market.
Fed’s Next Rate Decision Just Got Harder Wells Fargo Falls Further Behind Rivals
Low inflation is making the
Federal Reserve’s plan to raise
rates one more time this year
look a bit iffy.
The Labor Department on
Friday said that consumer
prices rose 0.5% in September
from a month earlier, putting
them 2.2% above their yearearlier level. Much of that
gain was due to a temporary
hurricane-related jump in gasoline prices. Core prices,
which exclude food and energy costs, rose just 1.7% on
the year.
Low unemployment and,
lately, signs of wage pressures
suggest minimal slack in the
economy. But inflation has remained lower than the Fed
would like. Arguments that
price pressures are really
there aren’t convincing.
“You just cannot say there
Cooldown
Change in consumer prices,
excluding food and energy items,
from a year earlier
2.50%
2.25
2.00
1.75
1.50
2015
’16
’17
Source: Labor Department
THE WALL STREET JOURNAL.
is a simple reason why this is
all temporary, and inflation
will come back, or with a simple reason that it is not temporary and will not come
back,” says Deutsche Bank Securities economist Torsten
Slok.
Some Fed policy makers
seem worried that waiting on
rates risks leaving them playing catch-up on prices. A vocal minority say it would be
better to wait for clearer signs
of inflation before moving.
Friday’s report gives more
weight to that argument.
Even so, the odds still favor
a rate increase in December.
Minutes from September’s
rate-setting meeting pointed
in that direction, and futures
markets concur.
That may reflect a view
that the low September inflation reading was temporary
and that drops in prices for
items like cars will be fleeting.
If the reading proves to be
more permanent, it could put
the Fed in the tough position
of raising rates amid unclear
data and could surprise skeptical investors.—Justin Lahart
Far from digging itself out
of trouble, Wells Fargo is
making a deeper hole.
As other large banks were
all reporting solid quarterly
earnings this week, Wells
Fargo disappointed. Thirdquarter net income fell 19%
from a year earlier, hit by a
$1 billion charge for a coming mortgage-related regulatory settlement.
Regulatory fines are far
from the only issue dogging
the bank, as revenue fell 2%.
Banks are all contending
with slower loan growth, but
at Wells Fargo total loans actually declined 1% from a
year earlier in the third
quarter. That compares with
total loan growth of 2% to
3% for rivals J.P. Morgan
Chase, Citigroup and Bank of
America.
The bank blamed a host of
factors for the drop, including an earlier pullback in
auto lending, pay downs by
corporate borrowers and
“continued underwriting discipline.” Yet an unstated factor—the company’s tarnished brand from repeated
scandals—probably is playing a role, too. Total consumer loans fell 3% from a
year earlier.
Incredibly, Wells Fargo
even is failing to take advantage of higher interest rates,
the one positive factor
boosting the entire industry.
This is the result of an earlier strategic decision to position itself for lower rates
by holding more long-dated
assets. That is coming back
to bite the bank as shortterm rates are rising faster
than long-term rates.
Following a June rate increase by the Federal Reserve, the bank’s third-quarter net interest margin
nonetheless declined 0.03
percentage point from the
prior quarter to 2.87%. Net
interest margins were up at
J.P. Morgan and Bank of
America and flat at Citigroup.
Despite all this, Wells
Fargo still trades at a lofty
1.53 times book value, compared with an average of 1.1
times book for its three large
peers. Its shares have lagged
behind rivals this year and
performance doesn’t seem
poised to improve. For investors, as well as many consumers, Wells Fargo remains
a name to avoid.
—Aaron Back
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Jefferson
and Adams
reconciled after
a bitter political
feud. Can we?
Two new books
look at Leonardo,
the prototypical
Renaissance
man
C3
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BOOKS
|
CULTURE
|
SCIENCE
© 2017 Dow Jones & Company. All Rights Reserved.
|
COMMERCE
HUMOR
|
POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
* * * *
|
TECHNOLOGY
|
ART
|
IDEAS
Saturday/Sunday, October 14 - 15, 2017 | C1
China
BY RICHARD MCGREGOR
ON THE EVE of his anointment by the Chinese Communist Party for a second five-year term as China’s
leader, Xi Jinping seems to be the master of all he
surveys. He has centralized economic and national-security policy in his office. The military and the police
are firmly under control. Legions of corrupt officials—some of them political rivals, others caught
brazenly on the take—are in jail. Dissidents and activists have been sidelined or locked up.
But Mr. Xi’s most consequential political battle today has received little attention. As he has tightened
his grip on the party and the military, he now faces
only one potential set of genuine rivals: China’s new
class of wealthy entrepreneurs. China’s communist
leaders have long been known to dread a Soviet-style
collapse, but Mr. Xi and his senior colleagues are
equally worried about replicating what came in its aftermath: the rise of the Russian oligarchs, who
snatched control of state assets and turned themselves into billionaires and pushy political players. Mr.
Xi is determined not to let that happen in China.
Some of China’s new tycoons have challenged the
state; others have acquiesced after clashes with the authorities; most have kept their heads down and concentrated on making money. But whether or not the entrepreneurs are taking on Mr. Xi, Mr. Xi has decided to
pre-empt any threat by taking the fight to them first.
Mr. Xi’s campaign to corral the private sector
|
Takes On
The
Tycoons
Xi Jinping has tightened his
grip on the party and the
military. Now he is
determined to prevent the
rise of Russia-style oligarchs.
seems to have begun in earnest in June, with the disappearance of the swashbuckling businessman who
had become a standard-bearer for local tycoons leading a new wave of aggressive deal-making overseas.
Wu Xiaohui, the chairman of Anbang Insurance Group,
went the way that communist members who fall afoul
of the system do, vanishing without official explana-
tion into the party’s extralegal detention system.
Only months earlier, Mr. Wu had been leading negotiations to spend $14 billion buying Starwood Hotels & Resorts Worldwide Inc. before the deal collapsed. Mr. Wu hasn’t been heard from since his
detention; no charges have been filed.
From a near-standing start in the 1990s, entrepreneurs now account for three-quarters of China’s economic output and employ more than 80% of workers in
its cities, according to Andy Rothman, an investment
strategist with Matthews Asia in San Francisco. “The
Chinese economy has been for the last decade—and
will be forever into the future—driven by the private
sector. That’s not in dispute,” said Mr. Rothman.
“There’s more people in Berkeley, where I live, who believe in Marxist-Leninist theory than in Beijing.”
But while China’s new entrepreneurial class may not
believe in Marx, its leaders have other ideas. “If we deviate from or abandon Marxism, our party would lose
its soul and direction,” Mr. Xi told a meeting of senior
party officials in September. That same week, the party
and the government issued a joint statement defining
for the first time the essential qualities of “Chinese entrepreneurship.” At the top was “patriotism.”
As this year’s party congress, which opens Oct. 18 in
Please turn to the next page
Mr. McGregor is the author, most recently, of
“Asia’s Reckoning: China, Japan, and the Fate of
U.S. Power in the Pacific Century” (Viking).
ILLUSTRATION BY PEP MONTSERRAT
INSIDE
MOVING TARGETS
Joe Queenan’s fun tip: ride in
the commuters’ quiet car
and wait for the fireworks.
C11
ESSAY
Why is it that the older you
get, the harder it is to sleep?
A doctor explains.
C3
HULTON ARCHIVE/GETTY IMAGES (LEONARDO)
EXHIBIT
Letter perfect. A celebration of
vintage typewriters (like this
one in vivid 1950s color).
C12
ESSAY
Capitalism on the kibbutz: The
socialist farms from Israel’s
youth now focus more on profit.
C4
BOOKS
John Green tackles mental
illness in a long-awaited
young-adult novel.
C9
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C2 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
The Corralling of China’s Tycoons
EVERYDAY MATH:
EUGENIA CHENG
A Sweeter Drink
Turns Into an
Elegant Problem
I LIKE drinking juice diluted with three parts water. Plain juice is too sweet
for me, but without a bit
of flavor I find myself
avoiding the plain water I
need to stay hydrated. If I happen to be
out with a bottle of juice and a bottle
of water, I drink a little of the water
and then pour some juice into the gap.
How many times will I have to pour
back and forth to achieve the 1-to-3 ratio I want?
My guess—without a single mathematical calculation—was five pours. But
a fairly simple everyday action turned
out to be tricky to express mathematically. Finally, I devised an algebra problem involving 2-by-2 matrices, those
grids of numbers (two on top and two
on the bottom) enclosed in brackets
that might give you a frisson of horror
from high-school math classes.
For someone like me, though, this
was the fun part. In high school, “algebra” seems to be about equations with
mysterious “x’s” floating around. For
no apparent reason, we’re being asked
to work out what “x” is. But algebra at
the college undergraduate level and
beyond is a completely different subject: It’s all about the ways in which
quantities transform into one another,
and how the relationships between
those processes form mathematical
structures somewhat in the way that
the interactions between bricks and
mortar work together to form houses.
In this case, I needed to study the
relationships of the juice, the water
and the fixed volume of my bottles.
To make things a little easier, I made
both bottles the same size.
This is the process I tried to model
on paper: I start by drinking a 10th of
the bottle of water. I then pour a 10th
of the juice into the water. Next I pour a
10th of that mix (mostly water) into the
juice, and then a 10th of the resulting
mix (mostly juice) back into the water. I
want to know when the water bottle
will contain one quarter of the juice.
I designed a matrix encapsulating
the relationship between the quantities of juice in each bottle before and
after a stage of pouring. The matrix
had four entries
because we need
to know, in the
process of pouring 1) how much
juice from Bottle
A is now in Bottle
A, 2) how much
juice from Bottle
B is now in Bottle
A, 3) how much
juice from Bottle
A is now in Bottle B, and 4) how
much juice from Bottle B is now in
Bottle B. Expressing this in words or
equations is tedious, but a single 2by-2 matrix sums it up neatly.
Once I had my matrix, solving the
problem required multiplying the matrix by itself until the amount of juice
in bottle A came out to be one quarter.
A couple of centuries ago—the word
matrix in mathematics was coined
around 1850—I would have had to plod
through this calculation by hand. But
now all I have to do is make a few entries into a computer.
My initial intuitive guess, without
the fancy matrix, was about right:
five pours.
After getting the results, as it was a
lovely fall day, I sat outside for a while
thinking about the usefulness of math.
For the engineers and scientists of,
say, Google, matrices can solve real-life
problems such as how to rank websites
in search results. In that case, the entries weigh up the links between different sites; the matrix is huge because
there is one row and column for every
website in existence. For the rest of us,
the usefulness of math is really less
about solving problems than about understanding them and being able to
double-check our intuition—without
pouring juice into bottles.
TOMASZ WALNETA
Algebra
isn’t just
about
strange
x’s.
‘The party has
been trying
to figure out
just how long
the leash
should be.’
FROM TOP: THOMAS PETER/REUTERS; LI XUEREN/XINHUA/ZUMA PRESS
THE AUTHOR’S 2-by-2 matrix for
pouring juice between two bottles.
Continued from the prior page
stronger political footing. “Entrepreneurs are all builders of socialBeijing, draws near, the conventional wisdom holds that Mr. Xi’s cenism with Chinese characteristics,” Mr. Jiang declared.
tral economic challenge is energizing China’s sprawling and declining
Even so, China’s leaders remain wary about unbound capitalism.
state-owned enterprises, which are clustered in heavy industry and
Over the past decade, Chinese officials at all ranks have been forced
utilities. But this view gets this issue upside down. Unproductive state
to attend study sessions about the collapse of the Soviet Union—and
ventures are hard to reform, but they have always been part of the
about its aftermath, with the rise of a new class of Russian oligarchs
Chinese system, with their top executives hired and fired by the party.
enriched by their virtual theft of state assets.
The private sector, however, was born outside of the party’s conChinese leaders watched in horror as the Soviet Union disintetrol. To borrow an analogy from the popular geopolitical theory
grated and its assets were privatized. Having seen business threaten
known as the “Thucydides trap,” China’s entrepreneurs are the risto take over the state in Russia, officials in China decided to do the
ing power destined to battle the established power of the party and
reverse. Over the past two decades, Beijing has tried to colonize the
the state. “It’s been clear from before Xi’s time that if entrepreprivate sector to make sure entrepreneurs stay under control.
neurs try to use their business networks for political power, the
“The party has been trying to figure out just how long the leash
party will quickly cut them down,” said Ding Xueliang of the Hong
should be,” said Jude Blanchette of the Conference Board’s China
Kong University of Science and Technology. “But the party cannot
Center for Economics and Business. “Too short, and you stifle
control everyone in China in the private sector forever.”
growth. Too long, and you lose control.”
As China’s private sector has blossomed, the state has hardened
Entrepreneurs were encouraged to join the party, which had
its Leninist core, which dictates that the communist party should face
long styled itself as a home for workers, soldiers and peasants. In
no rival centers of power. Mr. Wu’s detention—and the harassment
2016, amid a sharp rise in entrepreneurs’ membership, businessof other rich entrepreneurs—seems to be a taste of the struggles to
men and women made up more than 8% of the party’s 89.5 million
come between the party and the business class.
members, according to its own figures. A 2015 study by Curtis MilA former auto dealer who married the granddaughter of the forhaupt of Columbia Law School and Wentong Zheng of the Univermer Chinese leader Deng Xiaoping, Mr. Wu had pulled off some big
sity of Florida College of Law found that 95 of the founders or de
offshore acquisitions, including the 2014 purchase of New York’s
facto controllers of China’s top 100 private firms and eight of the
famed Waldorf Astoria Hotel. In the 18 months before his fall from
heads of its top 10 internet companies were or had been members
grace, his company had outlaid more than $20 bilof party-led political organizations.
lion. His high profile, deep connections and audaThe party “has figured out a way to incorporate
cious deal-making seem to have helped make him a
the private sector fairly effectively,” said Yasheng
target for a leadership looking to remind China’s
Huang, a China specialist at MIT. As one lever, he
newly minted CEO class who was really in charge.
cited the state sector’s control of such areas as fiSeveral other tycoons running large private
nance, steel and electricity to exert strong pricing
companies fell under clouds around the same
power over business. “There are many economic intime. In July, Mr. Xi blocked Chinese state-owned
struments they can exercise over the private sector.”
banks from giving the Dalian Wanda Group,
The party’s targeting of tycoons hasn’t just been
which owns AMC Theatres, new loans for expanover alleged corruption. As tens of billions of dolsion abroad. Wang Jianlin, the company’s billionlars have headed offshore in recent years in search
aire chairman, backed out of major offshore deals
of foreign assets, Beijing has feared that a plunge in
under government pressure and, after the comforeign-exchange reserves would destabilize China’s
pany’s stock price plunged on rumors that he had been banned
currency. Senior officials also worried that the deal-making frenzy
from leaving China, issued a statement denying the travel ban.
would end the same way that Japan’s did in the early 1990s, with
Similarly, the billionaire Guo Guangchang—whose Fosun Group
huge sums wasted on inflated assets.
in Shanghai bought the resort operator Club Méditerranée and
Beijing has taken particular pains to keep the titans of China’s ina stake in Cirque du Soleil—has been forced more than once to
ternet industry in line, including Robin Li at Baidu and especially
deny that he was in detention after rumors circulated online and
Jack Ma at Alibaba and Pony Ma at Tencent. The three companies—
the local press. At one point in 2015, Mr. Guo traveled to New
respectively China’s dominant search engine, e-commerce platform
York, pointedly posting a photo of himself online to prove he was
and messaging and social-media service—are often known collecstill at liberty—and in business.
tively in China by their initials, BAT. In just a few years, thanks to onAhead of the party congress, Mr. Xi has had a bruising firsthand
line searches and electronic payments, the companies have become
experience with what can happen when an entrepreneur goes rogue.
an efficient, real-time storehouse of data that China’s pervasive state
From his luxurious apartment in Manhattan, Guo Wengui, a onetime
security apparatus could only have dreamed of obtaining.
Beijing property developer, has been bombarding Beijing with lurid
China’s tech giants are world leaders in mobile payments, and they
disclosures—in widely discussed video interviews and Twitter posts—
are also working with the government on artificial intelligence, handabout alleged top-level corruption and Poing China’s surveillance state more tools,
litburo members who have children out of
including face recognition. Chinese compawedlock. Not all of his sometimes outlandnies are using AI to try to plan and predict
ish claims about China’s leaders can be inconsumer behavior; the government wants
dependently confirmed, but the exiled ento use the same tools to anticipate dissent
trepreneur’s ties to former high officials—
and head it off. The elimination of cash is
notably Ma Jian, a onetime spy chief who
making it easier for the government to
is now in jail after a bribery and abuse-oftrack payments—and citizens.
power probe—lend him some authority.
Baidu and Tencent have both felt the
Mr. Guo, who is fleeing charges of
government’s wrath recently. In 2016, Baidu
corruption in China, had promised furwas investigated for selling rankings on its
ther revelations—contained, he has said
search engine; Tencent was driven to put
on YouTube, in “91 folders and 18 videotime limits on its top-grossing mobile game
tapes” that he had spirited out of China
after state-media criticism that it was
when he left in 2015. In October, Faceharmfully addictive. Both companies have
WU XIAOHUI, the chairman of Anbang
book blocked his online profile, saying
also been investigated for alleged cyberseInsurance Group, in Beijing, March 18.
that it had included someone else’s percurity violations.
sonal information without their consent.
Jack Ma, the most outspoken and highThen the Hudson Institute, a Washington think tank, postponed
profile of the tech-company CEOs, has mostly stayed out of trouble
an event featuring Mr. Guo, who said that he suspected pressure
with the authorities. The Alibaba founder likes to say that in China,
from the Chinese government. (A Hudson Institute spokesman
entrepreneurs should avoid doing business with government officials.
said that the Chinese embassy to the U.S. had complained about
“Love them. But don’t marry them,” he says.
the event with Mr. Guo but said that it was canceled because of
Not satisfied with threatening the tech companies, the government
“poor planning” on the institute’s part.)
is now pushing companies like Alibaba and Tencent to sell Beijing
For now, Mr. Guo is an outlier. Few of China’s big business
shares in the companies and provide a seat at the table when busileaders—who range from robber barons to genuine visionaries—
ness decisions are made. The government would presumably also get
have dared to challenge the party’s leadership head on. For many,
a steady flow of dividends from its stake.
their party membership and connections have become paths to
Despite Mr. Xi’s concerns about tycoons, his career should
cheap bank loans, advancement and enrichment.
have helped him appreciate the role that business could play in
“The private companies were presented with a very clear choice:
making China—and the party—great again. Between 1985 and
You can make money, but you must acknowledge the communist
2007, he was posted in Fujian and Zhejiang, two coastal provparty’s ascendancy,” said Barry Naughton, an expert on the Chinese
inces south of Shanghai that are among the most entrepreneurial
economy at the University of California, San Diego.
in China. “I think it is assumed, based on where he has served,
The Chinese Communist Party took a long time to declare its
that he should have a very good idea of how the private sector
love for business. In the early 1980s, a few years after Deng
works and its importance, but it’s hard to see that,” said Nicholas
launched his transformational market reforms, the party’s constiLardy of the Peterson Institute for International Economics, a
tution still boasted of socialism’s “incomparable superiority over
Washington think tank.
the capitalist system.” Local officials, nervous about discovering
Mr. Xi’s vision hardly seems to be one of unfettered entreprethriving private businesses in their midst, often checked with
neurship. Speaking recently about China’s private sector, he deDeng before allowing them to stay open.
clared that entrepreneurs owed their country a political duty.
The party didn’t cross the ideological Rubicon until early in the
Business leaders, he said, should “strengthen self-study, self-edu21st century, when Chinese leaders realized that they badly needed
cation and self-improvement.”
private business to provide more jobs as the state sector shrank.
“They should not feel uncomfortable with this requirement,”
Jiang Zemin, who led the party from 1989 to 2002, fashioned
Mr. Xi added. “The communist party has similar and stricter reamendments to party documents to put private business on a
quirements on its leaders.”
CHINESE LEADERS, including President Xi Jinping (center), at a top-level Chinese Communist Party conclave, Beijing, Oct. 27, 2016.
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Saturday/Sunday, October 14 - 15, 2017 | C3
REVIEW
GETTY IMAGES (2)
THOMAS JEFFERSON, left,
exchanged more than 150
letters with John Adams,
right, after the two reconciled.
Founding Liberal,
Founding Conservative
A historic friendship
offers a lesson in
overcoming divisions
BY GORDON S. WOOD
DURING THE FIRST DECADE of our nation’s
history, the presidential contests of 1796 and
1800 were as clearly and coherently expressive of conservatism and liberalism as any
elections since. The conservative and liberal
parties—the Federalists and the Jeffersonian
Republicans, respectively—were led by two
distinguished patriots, John Adams and
Thomas Jefferson, and the partisan campaigns waged by their parties were bitter and
scurrilous. Adams and Jefferson started as
friends, grew apart over their differences and
then reconciled—demonstrating to their
countrymen that the most extreme partisan
passions could be moderated. That lesson is
worth remembering today.
Adams and Jefferson met in the Continental Congress in 1775 and found that they
shared an enthusiasm for declaring independence from Great Britain. In the 1780s, the
two patriots were thrown together as ministers in Europe, where they and their families
further cemented the bonds of friendship.
They returned to the States, and after George
Washington’s two terms as president, they
ended up as the presidential candidates of
the two emerging political parties.
Although the Federalist Adams squeaked into
the presidency in 1796 by three electoral votes,
he lost much more decisively to the Republican
Jefferson in 1800. Adams, who had taken for
granted his re-election as president, was deeply
humiliated by his loss. The break between the
two former friends seemed irreparable.
The two patriots were as different from one
another as could be imagined. Jefferson was a
radical 18th-century-style liberal who was as
extreme in his views as a popularly elected official could be. In his attitude
toward government, he didn’t
resemble a modern liberal. He
believed in minimal government, which was the progressive position at the time. Instead of the strong fiscalmilitary state that Alexander
Hamilton and other Federalists
wanted, Jefferson sought only
“a wise and frugal government,”
as he said in his inaugural address as president—one that kept its citizens
from injuring one another but otherwise left
them “free to regulate their own pursuits of industry and improvement.”
Like most liberals at the time, Jefferson had
a magnanimous view of human nature. He believed literally in what he wrote in the Declaration of Independence, that all men are created
equal (in his case, only all white men) and that
the obvious differences among individuals
were due to the effects of the environment. In
other words, nurture, not nature, was all-important. Consequently, like most Americans to-
day, especially progressives, he put an enormous emphasis on education.
Like other liberals, Jefferson was optimistic and confident of the future. He thought
that the educated American electorate would
choose as its leaders only natural aristocrats,
virtuous and talented men like himself. He believed that the world was getting better, becoming freer and more democratic, and that
the new republic of the United States had a
special role to play in fulfilling that future.
America, he said, was “a chosen country” and “the world’s
best hope.” Jefferson invented
the idea of American exceptionalism. Despising monarchy,
he became a true believer in
the republican revolutions that
he hoped would spread everywhere in the world. His support for the French Revolution
was unbounded.
The Federalist Adams was a
conservative, perhaps the most conservative
president we have ever had. But Adams was
anything but a Ronald Reagan-type conservative. He had a sour and cynical view of human
nature. He was pessimistic about the future
and a severe critic of the Jeffersonian conception of American exceptionalism. Adams said
over and over that America was no different
from other countries. Americans were just as
vicious, just as sinful, just as corrupt as other
nations. There was, he said, no special providence for the United States.
Indeed, Adams was the ultimate realist,
If Jefferson
and Adams
could
reconcile,
so can we.
committed to “stubborn facts.” He
challenged every American dream and
myth, especially the belief that all men
are created equal. He believed that we
were all born unequal and that education couldn’t do much about the inherent differences among people. He
didn’t know about genes and DNA, but
he certainly was convinced that nature,
not nurture, mattered most.
Society, Adams said, was inherently
unequal, and unlike Jefferson, he believed that the aristocrats who would inevitably rise to the top in republican
America wouldn’t necessarily be the
best and wisest men. They were more
apt to be the richest, the most attractive, the most ambitious and the wiliest.
In contrast to Jefferson, Adams didn’t
disparage big government, but he did
fear the unrestrained power of government. In perhaps the most profound
statement he ever made, and surely his
greatest contribution to American constitutionalism, he declared “that power
must never be trusted without a check.”
Adams had little confidence in democracy and the virtue of people, and
consequently he was willing to borrow
some of the elements of the English
monarchy to offset the populism of
American republicanism. He thought
that sooner or later America’s elections
would become so partisan and so corrupt that we would have to turn to having officeholders serve for life. Eventually, Adams said, we would have to make
the president and the Senate hereditary.
Despite these obvious differences between
the two political opponents, their bonds of
friendship ultimately made their reconciliation
possible. In 1812, their fellow Founding Father
Benjamin Rush encouraged the two men to
write to one another and become friends
again, appealing to the importance of their
reconciliation to the nation. “Posterity will revere the friendship of two ex-presidents that
were once opposed to each other,” Rush wrote
to Jefferson.
Over the next 14 years, Adams and Jefferson
exchanged more than 150 letters, with Adams
writing three times as many as Jefferson. Jefferson’s characteristic courtesy and politeness,
and his aversion to any sort of confrontation,
saved the relationship.
Although James Madison could never understand what his closest friend Jefferson saw
in Adams, Jefferson realized that Adams was
a man of “rigorous honesty” and realistic judgment. Jefferson claimed that under Adams’s
crusty surface, the irascible Yankee was as
warm and amiable as a person could be. Jefferson tolerated better than most Adams’s facetious and teasing manner.
The two men valued their correspondence
too much to endanger it, so they tended to
avoid controversial topics, especially slavery.
But in their exchange of letters, the two men
came to realize that they both equally and
deeply loved their country. They had always
been polite to one another, and that civility
made their reconciliation possible. They knew
that their combination of idealism and realism
had helped create the country, and that realization was enough to sustain the revival of
their friendship. It is a good lesson for our
constitutional government, in any age.
Dr. Wood is a professor of history emeritus at
Brown University. His latest book, “Friends
Divided: John Adams and Thomas Jefferson,”
will be published Oct. 24 by Penguin Press.
THE OLDER YOU ARE, THE WORSE YOU SLEEP
AS YOU MAY painfully know: Sleep gets more
difficult the older you get. Older adults are less
able, on average, to obtain as much sleep, or as
restorative a sleep, as young adults. The problem gets so bad that by our 80s, the lack of
sleep can have major health ramifications,
though we don’t always notice.
Older adults face a number of challenges.
The first is a reduction in the quantity and
quality of deep sleep—the stage that beneficially overhauls your cardiovascular, immune
and metabolic systems and refreshes learning
and memory abilities. As you enter your 30s
and 40s, your deep-sleep brain waves become
smaller, less powerful and fewer in number.
Reductions in deep-sleep quality increase your
risk of heart attacks, obesity and stroke, as
well as the buildup of a toxic brain protein—
called beta amyloid—that is linked to Alzheimer’s disease.
Passing into your mid- to late-40s, age will
have stripped you of 60% to 70% of the deep
sleep you were enjoying as a teen. By the time
you reach age 70, you will have lost 80% to
90% of your youthful, restorative deep sleep.
The second hallmark of altered sleep as we
age is fragmentation. The older we get, the
more frequently we wake up throughout the
night. Causes include body pain and a weakened bladder. Reducing fluid intake in the evening can help the latter, but it isn’t a cure-all.
Because of sleep fragmentation, older people will suffer a reduction in sleep efficiency,
defined as the percent of time you were asleep
while in bed.
ROBERT NEUBECKER
BY MATTHEW WALKER
Most sleep doctors consider good-quality
sleep to involve a sleep efficiency of 90% or
above. By the time we reach our 80s, sleep efficiency has often dropped below 80%. That
means that, within an eight-hour period in
bed, you will spend upward of 1½ hours awake.
Inefficient sleep is no small thing. The
lower an older individual’s sleep-efficiency
score, the higher their mortality risk, the
worse their physical health and the lower their
cognitive function, typified by forgetfulness.
The third sleep change with advanced age is
that of circadian timing—the body’s internal
clock that times our sleep-wake rhythms. Seniors commonly experience a regression in circadian timing, leading to earlier bedtimes. The
cause is an early release and peak of melatonin
in older adults in the evening, instructing an
earlier start time for sleep, in part because of
an early drop in core body temperature.
Changes in circadian timing with advancing
age may appear harmless, but they can be the
cause of numerous sleeping (and waking) problems in the elderly. Older adults often want to
stay awake later into the evening but find themselves inadvertently falling asleep. Accidental
evening snoozes release otherwise healthy sleep
pressure that builds in the daytime. Irrespective
of how old you are, those unplanned naps will
make it harder to sleep at night.
A compounding problem arrives in the
morning. In many elderly individuals, their circadian rhythm will start to rise around 4 or 5
a.m., even if they had trouble falling asleep the
night before. A self-perpetuating cycle ensues
wherein many seniors are battling a sleep debt.
Some methods can help push the circadian
rhythm in older adults somewhat later, and
strengthen the rhythm. Exposure to nighttime
light suppresses the normal rise in melatonin,
a sleep-delaying effect that can be put to good
use in seniors.
Older adults may also wish to consult with
their doctor about taking melatonin in the evening. Prescription melatonin can help boost
the otherwise blunted circadian and associated
melatonin rhythm in the elderly, improving
sleep regularity and thus quality.
Many seniors progress through their later
years not realizing how much their sleep has
degraded. This means that elderly individuals
fail to connect their deterioration in health
with their deterioration in sleep. Not all medical problems of aging are attributable to poor
sleep. But far more of our physical and mental
health ailments are related to sleep impairment than either we, or many doctors, truly
realize or treat seriously.
Dr. Walker is director of the Center for Human Sleep Science at the University of California, Berkeley. This essay is adapted from
his new book, “Why We Sleep” (Scribner).
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
REVIEW
WORD ON
THE STREET:
BEN ZIMMER
HEIDI LEVINE FOR THE WALL STREET JOURNAL
Hollywood
And the
‘Open Secret’
TSVIA BARNEA, 64, holds a medical marijuana plant on Thursday outside greenhouses on Kibbutz Beit HaEmek, Israel.
according to the Kibbutz Movement. That year,
the kibbutzim signed an agreement to restructure their arrears.
Facing a bleak financial future, young people abandoned the kibbutzim in the 1990s.
Meanwhile, Israel’s vibrant technology sector
took off, providing an additional pull away
from the communes.
To reverse the exodus, Israel’s kibbutzim dismantled much of their socialist model. In 1995,
Kibbutz Merom HaGolan became the first to go
through a so-called privatization process, paying members salaries on a scale.
Today, most kibbutzim have undergone some
form of privatization. Many members now earn
salaries outside the kibbutz but pay taxes for
the community’s upkeep. New members can
open to global imports. Tech entrepreneurs and
take out mortgages with banks and buy land on
millionaires are more widely celebrated than the
the kibbutz for their homes.
collective success of any kibbutz. Israel now exKibbutzim remain a communal enterprise,
ports roughly $22.5 billion a year of high-tech
with unusual social benefits for pensions and
related goods, compared with $1.2 billion in ageducation. Members whose jobs prove redunriculture, according to 2015 figures from Israel’s
dant or who fall on hard times can rely on the
economy ministry.
kibbutz for an allowance. And everyone knows
Ms. Barnea has lived these changes. She was
each other’s name.
born on Kibbutz Beit HaEmek a few years after
Some young Israelis are now again drawn to
it was founded in 1949 and remembers that her
the kibbutzim—some to secure cheaper housing
parents had to seek permission from their feloutside hot markets like Tel Aviv and Jerusalem,
low members to travel abroad, a privilege alothers to find a
sense of community that can feel
absent in impersonal cities. The
population of the
kibbutzim has increased by nearly
50,000 over the
past 10 years, according to the Kibbutz Movement,
and the average
age of the movement’s members
has started falling.
Only about 40
kibbutzim
still
share resources
and give equal alKINDERGARTEN children at play on Kibbutz Degania Alef, Israel, Feb. 8.
lowances as envisioned in the original model. Most of these communities had
lowed only every seven years. Members were
created successful businesses that helped them
given small allowances to buy things outside the
maintain the communal way of living.
kibbutz.
One such community is Kibbutz Sdot Yam, on
As Israel developed, many kibbutzim
Israel’s central coast between Tel Aviv and
branched out from farming into low-tech busiHaifa. In the 1980s, the kibbutz opened a factory
nesses, hoping that the money they earned
that constructed quartz surfaces for tables and
could be reinvested to provide jobs for kibbutz
floors. Despite that venture’s success, the kibmembers. Some kibbutzim took out bank loans
butz is now considering whether to allow memto build factories for plastics, tiling
bers—most of whom work outside the commuand clothing. They thrived, in part,
nity—to earn their own salaries, rather than
because successive Labor-led govsharing them with the commune, said Doron
ernments helped to subsidize such
Stansill, a 47-year-old member.
costs as water and land. By 1977,
Mr. Stansill is also leading a project encoursome 75% of kibbutzim had at
aging his community to join others in the budleast one industrial enterprise unding field of medical marijuana. Some 40 kibrelated to agriculture.
butzim have applied for licenses to research,
That year, the Likud came to
grow or distribute the drug medically, according
power for the first time, ushering
to Israel’s health ministry. Israeli firms and kibin a new era of free-market capibutzim hope to make inroads into the nascent
talism. The governments that folmarket for regulated and mass-produced medilowed—including national-unity
cal cannabis products.
governments that contained both Labor and the
Kibbutz Beit HaEmek is one of eight farms
Likud—“broke the socialist” system with polithat already have licenses for such activities, in
cies that opened up Israel’s economy to imports,
a joint venture with Canndoc Ltd. It’s a shift, yet
says Nir Meir, the head of the Kibbutz MoveMs. Barnea retains a sense of optimism about
ment, an umbrella group for the communities.
the kibbutz movement’s prospects. Three of her
A financial crisis in the 1980s sharpened the
four children have returned to Kibbutz Beit
budget difficulties facing many overstretched
HaEmek in recent years, attracted to the proskibbutzim. Israel’s central bank increased interpect of living close to family and leading a
est rates to fight triple-digit inflation, leaving
quasi-socialist lifestyle, she said.
many kibbutzim struggling to pay their loans.
“People changed,” Ms. Barnea said. “The
The kibbutzim’s collective debt reached some $5
world changed.”
billion, or more than 10% of Israel’s 1989 GDP,
The Kibbutz in a
Capitalist Israel
BY RORY JONES
GROWING UP in Israel in the 1950s on Kibbutz
Beit HaEmek, Tsvia Barnea used to receive
dresses in the mail from family abroad. But she
had to share them with other girls on the communal farm.
The kibbutz was responsible for raising children, so Ms. Barnea lived in a separate house
from her parents. When she was a teenager, she
ate meals in the communal dining hall and
helped out with the farming that supported the
largely self-sufficient community.
Today, in a break with that communal past,
Ms. Barnea’s kibbutz is farming for profit, and
its main cash crop is medical marijuana. She recently retired from managing the greenhouse
that grows the drug.
The shift at Kibbutz Beit HaEmek is just the
latest sign of how much Israel’s kibbutzim are
changing, as both Israel and the kibbutz movement move away from their socialist roots to
become more entrepreneurial and profit-driven.
“We have to survive,” said Ms. Barnea, now
64, walking around the greenhouse as the smell
of marijuana wafted past. “It’s different now
than it was when I was a child. Today I think:
How did we do it?”
The kibbutz movement was always small, but
it came to symbolize the idealism of Israel’s
founding era. The kibbutzim became Israel’s
breadbasket, and their members played outsize
roles in the newly founded Jewish state’s military and in the left-leaning Labor Party governments that dominated the country’s first decades. In 1948, when Israel declared its
independence, more than 5% of the population
were kibbutzniks; today, they make up less than
2% of Israel’s population of 8.3 million. There
are roughly 165,000 of them, living in roughly
270 kibbutzim.
The collectives also promoted
the idea of a new type of Jew. Israelis proudly compared the kibbutzniks—brawny, sun-kissed from
work in the fields and ready to
fight for their nation—with the images of the pallid, defenseless
Diaspora Jews who fell prey to the
horrors of the Holocaust.
Israeli and Jewish identity has
always been more complex than
those aging stereotypes, of course,
but today, the image of the pioneering kibbutznik is fading. So are the country’s socialist roots. Fewer than 13% of Israelis
now consider themselves left-wing, according to
the Israel Democracy Institute, a Jerusalem
think tank. The country’s politics are dominated
by a staunchly capitalist prime minister, Benjamin Netanyahu, whose right-wing Likud Party
has long shunned the kibbutzim and aligned itself with the burgeoning settlement movement
in the West Bank.
Meanwhile, Israel’s economy has grown less
dependent on agricultural kibbutzim and more
Many
members
now earn
salaries
outside the
kibbutz.
HEIDI LEVINE/SIPA PRESS
A communal farming movement
with socialist roots grows more profit-driven
AS ALLEGATIONS of sexual harassment and assault have piled
up against the Hollywood producer Harvey Weinstein, a common refrain has been that the
latest media accounts about Mr.
Weinstein are simply revealing
what has long been an “open secret” in show-business circles.
Rumors about Mr. Weinstein’s
behavior have “been an open secret to many in Hollywood and
beyond,” wrote Ronan Farrow in
his exposé in the New Yorker,
which followed similar reports
in the New York Times. The accusations from multiple women
led Weinstein Co.’s board to remove Mr. Weinstein as the company’s co-chairman earlier this
week.
The ugly nature of the subject
matter aside, an “open secret” is
a peculiar oxymoron. How can
something secretive be simultaneously “open”? The idiom suggests that information that has
supposedly been kept secret is,
in fact, widely known, at least
among a particular group—such
as the movie industry, in the
case of Mr. Weinstein’s alleged
misconduct.
The expression “open secret”
dates back to the 1820s in English, but similar turns of phrase
go back even earlier in other European languages, with a distinguished literary pedigree.
Around 1640, the Spanish
dramatist Pedro Calderón de la
Barca (“Life Is a Dream”) wrote
the courtly comedy “El Secreto
a Voces,” which has been translated into English as “The Loud
Secret” or “The Secret Spoken
In the Harvey
Weinstein
scandal, an
1820s phrase.
Aloud.” The play tells the story
of lovers who keep their affair
secret but still find a way to
declare their feelings openly by
means of a code. An Italian
playwright named Carlo Gozzi
rewrote the comedy in 1769
with the title “Il Pubblico Segreto,” which was in turn translated into German as “Das
Öffentliche Geheimnis” (“The
Public Secret”).
The play attracted the attention of the German writer Johann Wolfgang von Goethe, and
he included the contradictory
phrase in his 1821 novel, “Wilhelm Meisters Wanderjahre”
(“Wilhelm Meister’s Journeyman Years”). Three years later,
when Thomas Carlyle translated
Goethe’s novel into English, he
rendered the expression as
“open secret.”
Carlyle, also a historian famous for “The French Revolution,” followed Goethe by using
“open secret” in a highly poetic
fashion: For the protagonist Wilhelm, during a trip to Italy, “Nature unfolded the open secret of
her beauty.” In an 1828 essay on
Goethe, Carlyle expanded on the
lyrical phrase: “The ‘open secret’
is no longer a secret” to the
poet, who “knows that the Universe is full of goodness; that
whatever has being has beauty.”
And in an 1840 lecture on the
poet as hero, Carlyle describes
the “open secret” as “open to all,
seen by almost none.”
As the phrase entered wider
use in English, Carlyle’s rhapsodic treatment faded away, and
“open secret” came to refer to
something that simply has the
patina of secretiveness even
though it is widely shared, like a
much-whispered bit of gossip. As
Megan Garber observes in the
Atlantic, that tawdry usage—
brought to life yet again by the
Weinstein scandal—is “a far cry
from Thomas Carlyle and ‘open
secrets’ that suggested the sparklingly poetic truths that lay just
beyond our fleshy grasp.”
Answers
to the News Quiz on page C13:
1.B, 2.A, 3.C, 4.C, 5.D, 6.D, 7.B,
8.A
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WORLD WAR II IN MOROCCO C7 | JAMES WRIGHT’S LIFE IN POETRY C8 | JOHN GREEN’S TEEN SCENE C9 | BEST SELLERS C10
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BOOKS
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Saturday/Sunday, October 14 - 15, 2017 | C5
There Will Never Be Another
Inventor, painter, polymath: Leonardo won fame for his works but left even more unfinished
Leonardo da Vinci
By Walter Isaacson
Simon & Schuster, 599 pages, $35
Becoming Leonardo
By Mike Lankford
Melville House, 289 pages, $28.99
HOW SHOULD WE define genius?
Perhaps it’s being able to see things
that others don’t: the hidden hand of
evolution, the invisible glow of radium,
the representational angularity of cubism. But that’s not quite right. Hamlet
saw the ghost of his father while
Queen Gertrude could not. That
doesn’t mean ghost-seers are geniuses
(although surely Shakespeare was
one). So maybe we should refine the
definition: Genius is being able to see
things others don’t see, yet acknowledge as being true. And it involves not
just literal seeing but vision in its
broadest sense—artistic, moral or
scientific (as in Rosalind Franklin,
James Watson and Francis Crick’s vision of the helical structure of DNA).
All this has to occur in a domain
we care about. I can become the
world expert in folding my own arms,
but that doesn’t make me a genius. On
the other hand, if someone writes a
play that people are still excited about
400 years later, that puts us closer to
genius. In Western culture, the things
we care about include the arts, sciences, medicine, athletics and other
areas, such as chess or philosophy. We
value Anna Pavlova’s and Steph
Curry’s physicality (and acknowledge
there is an intellectual component to
what they do as well). We value the
emotional skills of Meryl Streep to
move us to tears of joy, sorrow, laughter and rage. But other societies, and
the same culture in other times,
might value these areas differently.
The Thermians from the film “Galaxy
Quest” (one of my favorites) lacked
theater and literature, and perhaps all
art, and yet they excelled, geniuslike,
in technology.
This highlights the role of culture,
and—just as important—time: Is
genius a product of a particular era,
or does it transcend it? Do great
geniuses simply happen to be in the
right place at the right time? If John
Lennon had been born 20 years earlier, would he have been able to find
a way to make his mark in the music
of the 1940s? Or was his genius
uniquely suited to shaping rock ’n’
roll? If he had been born 20 years
later, would he have had the impact
on the music of the 1980s that someone like Prince did? Or, finding himself in a world where the pioneering
work of rock ’n’ roll had already been
done, would he have found nothing
left to do? Perhaps there are geniuses
like this among us, whose talent is
sadly not synchronized with their circumstance: “mute inglorious Miltons,”
as Thomas Gray wrote.
And so we come to Leonardo, “history’s most creative genius,” according
to a book about him by Walter Isaac-
BRIDGEMAN IMAGES
BY DANIEL J. LEVITIN
LARGER THAN LIFE Sketch for Leonardo’s never-completed bronze monument for Ludovico Sforza, meant to be 24 feet tall. ‘His mind, being so surpassingly
great, was often brought to a stand because it was too adventuresome,’ wrote Giorgio Vasari. A review of a new Vasari biography appears on page C9.
son. I’d be more cautious about such a
claim, reserving it for people who dramatically changed the lives of billions
of people (and you’ve got a long list
there: Moses, Jesus, Buddha, Aristotle,
not to mention the inventors of the
wheel, farming and written language).
But Leonardo is still a fascinating subject, and one worth study: inventor,
painter, polymath.
The opening of “Leonardo da
Vinci” makes clear its author’s unalloyed admiration for the prototypical
Renaissance man. “His scientific
explorations informed his art,” Mr.
Isaacson writes. “He peeled flesh off
the faces of cadavers, delineated the
muscles that move the lips, and then
painted the world’s most memorable
smile. He studied human skulls, made
layered drawings of the bones and
teeth, and conveyed the skeletal
agony of Saint Jerome in the Wilderness. He explored the mathematics of
optics, showed how light rays strike
the cornea, and produced magical
illusions of changing visual perspectives in The Last Supper.”
Mr. Isaacson is most insightful
about the connections between Leonardo’s art and his scientific research.
Looking at that painting of St. Je-
rome, he notes that Leonardo “began
work on the painting around 1480, yet
it seems to accurately reflect the anatomical knowledge that he gleaned
later, including from dissections he
made in 1510. Most notable is the
neck.” As scholars have noted, over
time Leonardo changed the way he
rendered the sternocleidomastoid,
prove on past works if he could. Perhaps this perfectionism contributed
to his being among the least productive of the major artists we know,
leaving behind a great many unfinished projects: “Adoration of the
Magi,” “The Virgin and Child With St.
Anne,” his great sculpture for
Ludovico Sforza, “Gran Cavallo.” Leo-
At 15 Leonardo was unable to properly write or even
sign his name. Today he might be called a ‘problem child.’
“which goes from the collarbone up
the side of the neck.” In a sketch for
“The Last Supper” made around 1495,
he renders it as a single muscle. “But
in his 1510 drawings based on human
dissections . . . he would get it right,”
showing it as two different muscles.
So how did a painting from 1480
include a detail he hadn’t discovered
until 1510? Mr. Isaacson suggests Leonardo went back over the drawing 30
years after first painting it. Like Nat
King Cole and his many recorded versions of “Route 66,” or Van Gogh and
his many irises, Leonardo seemed to
follow an artistic imperative to im-
nardo, Mr. Isaacson concludes, “was a
genius undisciplined by diligence.”
Every creator—artist, builder, artisan—has grappled with the gap between concept and implementation.
Faced with this, some creators find
themselves paralyzed with frustration
and can’t move forward because the
thing-in-the-world is such a poor representation of that thing-in-theirbrain. But others manage a compromise with their inner perfectionism
and get their work done. As one of
Mr. Isaacson’s previous subjects, Steve
Jobs, put it: “Great artists ship.”
Here Mr. Isaacson fruitfully con-
trasts the painting and inventions
that we think of as the artist’s life
work with what we might think of as
Leonardo’s “day jobs”—engineering
projects for military leaders and
wealthy patrons. “Leonardo’s work
producing theatrical pageants was enjoyable and remunerative, but it also
served a larger purpose,” he writes.
“It required him to execute his fantasies. Unlike paintings, performances
had real deadlines. They had to be
ready when the curtains parted. He
could not cling to them and seek to
perfect them indefinitely.”
And then there are the notebooks
that were integral to his life’s work.
They contain an awesome diversity of
sketches he drew for contraptions
both practical and purely fantastical,
flying machines, anatomical drawings,
studies of birds in flight, alongside
other thoughts and lab notes, taking
up more than 7,000 pages. Mr. Isaacson concludes that perfectionism was
Leonardo’s undoing: Who among us
hasn’t turned to doodling, sketching
and fantasizing when faced with an
intractable problem at work? Maybe
Leonardo was just one of the greatest
procrastinators of all time.
Please turn to page C7
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BOOKS
‘Thou canst hardly conceive what a high degree of enjoyment I am experiencing in this bloody and butchering department of the healing art.’ —Joseph Lister to his father
First, Do No Harm
The Butchering Art
By Lindsey Fitzharris
Farrar, Straus & Giroux, 286 pages, $27
WHAT WAS THE most dangerous
place in the vast territories of the
British Empire in the 19th century?
Was it the savage savannas of Zululand? Perhaps the frozen wastes of
the Northwest Passage, or the
treacherous high passes of the
Hindu Kush?
To judge from “The Butchering
Art,” a fine and long overdue biography of the great physician Joseph
Lister by Lindsey Fitzharris, the answer might be a much more domestic
corner of empire: the Victorian teaching hospital.
Hospitals of the era were factories
of death, where patients came in with
trauma and were brought out for
burial after developing what was
called “hospital gangrene.” Modern
notions of hygiene were unknown.
The eminent surgeon Sir Frederick
Treves recalled that “there was one
sponge to a ward. With this putrid article and a basin of once-clear water
all the wounds in the ward were
washed in turn twice a day. By this
ritual any chance that a patient had
of recovery was eliminated.”
Filth and squalor were taken for
granted. Hospitals reeked with “the
unmistakable smell of rotting flesh,”
Ms. Fitzharris writes, “which those
in the profession cheerfully referred
to as ‘good old hospital stink.’ ”
Wound infection was so universal
that it was considered part of
normal healing, and even beneficial.
In the lucky few, “laudable pus”
drained out and survival was possible. In the unlucky, the wound turned
black, and death was nigh.
The death rate after amputations at
urban teaching hospitals was 41%,
compared with only 11% for rural
patients who had surgery and post-op
care at home. Some doctors thought
that hospitals were a ghastly menace
to public health and called for them to
be demolished.
Enter Joseph Lister. He was born
in 1827, the middle child in a large
Quaker family. His father was a wine
merchant and an accomplished amateur scientist. Wine dealing was unusual for Quakers, who tended to be
teetotalers, but the pursuit of science was not. Quakers scorned the
recreations of the English ruling
class as wicked frivolities but encouraged the study of nature, which
they believed revealed the magnificence of divine providence.
Although his youthful dissections of
dead animals might have tipped them
off, Lister’s family was surprised and
perhaps dismayed when he decided to
GETTY IMAGE/BETTMAN ARCHIVE
BY JOHN J. ROSS
CLEAN ROOM Operating on a patient ca. 1880. The man at right is using the carbolic-acid sprayer popularized by Lister.
become a surgeon. Surgery was still a
low, mechanical profession. Prestige
and earning potential were attached to
Oxbridge-educated practitioners of
internal medicine, who rarely cured
anyone but were able to quote Hippocrates in the original Greek.
Lister, tall and serious, commanded the respect of his peers. According to Ms. Fitzharris, “those who
knew him often commented on his
striking stature and the gracefulness
with which he moved. He was classically handsome [and] . . . had a nervous energy about him that became
more pronounced in the company of
others.” To combat a mild stammer,
he threw himself into debate at the
local medical society, attacking homeopathy and defending the value of the
microscope in clinical medicine.
(Lister’s fellow students saw his microscope obsession as a harmless if
useless eccentricity, like trainspotting
or pigeon-fancying.)
Lister had a nervous breakdown as
a student. This seems to have been
brought on by a mild case of smallpox, as well as by the usual hazards
of overwork and encounters with
mortality in the dissecting room. He
took a year off and immersed himself
in research upon his return, writing
dense papers on the anatomy of the
iris and the tiny muscles responsible
for goose bumps.
In 1851, Lister was named one of
the four resident physicians for John
Eric Erichsen, chief of surgery at
London’s University College Hospital. Erichsen believed the prevalent
theory that infections came from miasma, or poisons in the air that
arose from rot and decay. Lister was
not so sure. Gangrenous wounds
often healed when he scoured out
the rotten tissue and applied mercury pernitrate to the healthy tissue
that remained. If miasma were the
problem, wouldn’t the wounds have
become immediately reinfected in
the fetid hospital air? This was the
beginning of Lister’s lifelong interest
in the cause and prevention of hospital infection.
Lister excelled at surgery. While
still a student, he saved the life of a
woman who had been stabbed in the
Some Victorians believed
hospital infections came
from poisonous air.
Lister argued otherwise.
belly by her abusive husband. He meticulously sewed up a loop of lacerated
bowel, replaced it within the abdominal cavity, and helped nurse her
through the inevitable peritonitis that
followed. The case was so unusual that
the Lancet reported on it twice.
After passing his examinations for
the Royal College of Surgeons in 1852,
he spent most of the next 25 years in
Scotland. He served as the right-hand
man of James Syme, the churlish but
technically superb professor of surgery
at the University of Edinburgh, and
married Syme’s daughter Agnes, who
would play a major role in his research
into inflammation.
Lister’s reputation rose quickly, and
he became the Regius Professor in
Clinical Surgery at the University of
Glasgow in 1860. The surgical wing of
that city’s Royal Infirmary was a tremendous disappointment to Lister.
Although it was almost new, “everything was veneered with grime.” The
male ward was immediately adjacent
to a graveyard, where an overflow of
fresh corpses from a cholera epidemic
moldered inches below the ground.
The infirmary was beset with the usual
epidemics of hospital gangrene. The
problem was not miasma but the lack
of basic cleanliness.
In the 1860s, Louis Pasteur carried
out a series of experiments that suggested that germs, rather than bad air,
were the cause of infection. Lister was
quick to see the implications: Treatment with chemical agents that killed
germs could not only be used to treat
infections but might even be able to
prevent them altogether.
Lister hit on carbolic acid, a derivative of coal tar that the sewage engineers of Glasgow used to decrease the
stench of the human waste that they
recycled for fertilizer. Lister first
studied its use in compound fractures, in which the bone protruded
from the skin. These were common in
Glasgow, where people were often run
over by carriages or mangled in
machinery. Patients inevitably developed massive infections and required
amputations. Lister found that cleansing the wound with carbolic acid cut
the amputation rate to 9%.
Infection rates plummeted when
Lister used carbolic acid to wash
hands and scalpels, to dress wounds,
and to sterilize sutures. He even
sprayed it into the air of the operating room. But other physicians were
skeptical and bitterly resisted the
notion that their sloppy and unhygienic practices were the cause of so
many deaths.
Lister went on the road, traveling
Europe to push his gospel of antisepsis. One contemporary commentator
noted that antisepsis was “eagerly
adopted by the scientific Germans,
and a little grudgingly by the semiscientific Scotch,” but only much
later by the “plodding and practical
English surgeon.” Eventually, Ms.
Fitzharris writes, only “one nation
remained unconvinced of the merits
of Lister’s methods: the United
States,” where Harvard’s Henry
Jacob Bigelow derided antisepsis as
“medical hocus-pocus.”
Lister won over his opponents,
not with bile and rhetoric but with a
relentless focus on data and results,
coupled with his innate amiability.
He paid particular attention to audiences of medical students, perhaps
anticipating Max Planck’s observation that bitter disciples of old
dogmas are never won over by new
theories, they simply die off and are
replaced by a new generation.
The modesty and compassion of
Lister would have been remarkable in
any man, let alone a surgeon. His
patients and students adored him.
Lister taught his residents that “every
patient, even the most degraded,
should be treated with the same care
and regard as though he were the
Prince of Wales himself.” After he
drained a young girl’s knee abscess,
the girl showed him her doll, which
was missing a leg. As Ms. Fitzharris
writes, “The girl fumbled around
under her pillow and—much to Lister’s
amusement—produced the severed
limb.” Lister called for needle and
thread and “stitched the limb back
onto the doll and with quiet delight
handed it back to the little girl.”
Ms. Fitzharris, a historian of medicine, is occasionally fuzzy on clinical
matters. Hodgkin’s disease is said to
be a “very rare form of lymphoma,” a
description that might surprise the
estimated 200,000 Americans living
with it. And she avoids the more
problematic aspects of Lister’s career,
most notably his opposition to female
medical students, who he believed
would be soiled by exposure to nasty
dissecting rooms and brutish hospital
wards. But her biography of Lister
restores this neglected champion of
evidence-based medicine to a central
place in the history of medicine. “The
Butchering Art” is a formidable
achievement—a rousing tale told with
brio, featuring a real-life hero worthy
of the ages and jolts of Victorian
horror to rival the most lurid moments of Wilkie Collins.
Dr. Ross, a physician, is the
author of “Shakespeare’s
Tremor and Orwell’s Cough.”
POLITICS: BARTON SWAIM
A Country on the Verge of a Crackup
Do psychiatrists really
need to ‘warn’ us about
the most-talked-about
phenomenon in America?
remember the “Goldwater rule,” a
1973 amendment to the American
Psychiatric Association’s Principles of
Medical Ethics; the rule states that
psychiatrists should not comment on
the mental health of individuals
whom they have not personally
examined. It came about as a result
of Fact magazine’s claim, in 1964,
that more than a thousand psychiatrists believed Sen. Barry Goldwater
to be mentally unfit for the job of
president. All these discussions occurred simultaneously with a postKennedy debate over what to do with
an incapacitated president, which led
to the passage of the 25th Amend-
ment—now pointed to by some as an that are obviously untrue or flatly founder of the “Duty to Warn” group,
alternative to impeachment for re- contradict his own previous state- “all who are not part of the in-group
moving Trump from power.
ments; that he is a conspiracy theo- or who fail to kiss the leader’s ring are
Dr. Lee is part of the “Duty to rist; and that he interprets phenom- enemies who must be destroyed.” Tell
Warn” movement. Its advocates dis- ena that have nothing to do with me, Mr. Gartner, about these people
miss or sidestep the Goldwater rule on him as if they had exclusively to do who want to destroy you. . . .
the grounds that mental-health profes- with him. We learn from the essays
Allen Frances, an accomplished psysionals can and should “warn” Ameri- collected here that these behaviors chiatrist and professor emeritus at
cans about Mr. Trump’s mental unfit- may be manifestations of various Duke University, takes a very different
ness for the presidency. The “public neuroses: severe character pathol- approach in “Twilight of American
trust,” Dr. Lee explains, is “violated if ogy, suggests Howard Covitz; delu- Sanity” (Morrow, 326 pages, $27.99).
the profession fails
He dismisses the
in its duty to alert
idea
that
Mr.
the public when a
Trump suffers from
person who holds
a disorder, for the
the power of life
simple reason that
and death over us
disorders prevent
all shows signs of
sufferers from funcclear, dangerous
tioning, and Mr.
mental
impairTrump functions
ment.” But surely
fine. The president
it’s a touch delu“causes great dissional to believe
tress in others,” Dr.
you’re “warning”
Frances
writes,
Americans about
“but shows no
the single most
signs himself of extalked about pheperiencing great
nomenon in condistress.”
temporary AmerBut this initial
ica? Even Mr.
discussion of the
Trump’s supporters
president’s mental
understand, I sus- THEY NEED THE EGGS Donald Trump in 2004 with Amy Poehler,
state is, it turns
pect, that there is Kenan Thompson, Seth Meyers and Maya Rudolph.
out, just a set-up.
something strange,
“Trump
isn’t
even unsound, about the mental state sional disorder, thinks Michael crazy,” he writes, “but our society
of this hyperactive agitator; many Tansey; and so on. That the authors is.” The book isn’t about sanity or
voted for him not because they differ in their diagnoses does not insanity except in a metaphorical
thought he’d be a steady pair of hands give one great confidence in the sense. Dr. Frances uses his psychiatin a troubled time but precisely field of psychiatry or, indeed, in the ric credentials as a kind of rhetorical
because they felt our political culture book’s value.
tool with which to rail against certain
needed a shock.
It’s striking, in any case, how many features of American life as proof of
Every reader of this book (and of these authors sound a little—how to our collective craziness or “societal
this review) will already know that say it nicely?—paranoid. “With such a insanity”: “our inability to respond
Mr. Trump sometimes says things leader,” writes John D. Gartner, meaningfully to the increasingly
GETTY IMAGES
MANY AMERICANS
have spent two years
diagnosing the mental state of Donald J.
Trump. It’s a favorite
topic around dinner
tables and water coolers. Why does he
say these things? What’s he doing? Is
he, you know . . . all there?
Members of the mental-health profession would like to remind us that
this is their job, not ours. Consider
“The Dangerous Case of Donald
Trump: 27 Psychiatrists and Mental
Health Experts Assess a President”
(Thomas Dunne, 360 pages, $27.99),
edited by Bandy X. Lee. Readers may
urgent dangers that threaten human
survival—overpopulation,
global
warming, resource depletion, and
environmental degradation.”
What’s most surprising about Dr.
Frances’s tirade is how uncareful he is
as a writer. “Einstein famously defined
insanity,” he writes in the next paragraph, “as ‘doing the same thing over
and over again and expecting different
results.’ ” Einstein said no such thing,
as a Google search would have confirmed and as a professor of psychiatry ought to have known.
Dr. Frances shows no interest in
convincing anyone who’s not already
fully convinced. The most haphazard
anecdotal evidence is good enough:
The “Trump effect” has increased tribalism, he observes, based on a story
told him by a friend whose 5-year-old’s
peers get in fights about Mr. Trump on
the schoolyard. On almost every page,
Dr. Frances levels wildly one-sided
charges without exhibiting the slightest awareness that there may be counterarguments or that his claims
require citation or some form of corroboration. Taking one at random:
“The United States already provides
the most meager social and economic
safety net of any developed country;
the GOP would like to cut it altogether
in order to give the rich yet another
tax break.” Full stop, no endnote, on to
the next claim.
I assume Dr. Frances would never
be this careless in his academic work.
Surely the widely used “Essentials of
Psychiatric Diagnosis,” which he
authored, isn’t riddled with this sort of
slipshod pontification. If there is
indeed a “Trump effect,” maybe this is
it: The sane go mad.
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BOOKS
‘When I am right, I get angry. Churchill gets angry when he is wrong. We are angry at each other much of the time.’ —Charles de Gaulle
A Roundup of the Usual Suspects
Destination Casablanca
By Meredith Hindley
PublicAffairs, 491 pages, $30
EARLY IN 1943, eager to capitalize
on the recent Allied landings in
North Africa, Warner Bros. rushed to
release the motion picture “Casablanca.” Its tale of collaborators,
spies, black marketeers and refugees
soon won mass audiences, not least
because of the memorable performances by Ingrid Bergman and
Humphrey Bogart, and before long
the film became one of the bestloved and most-watched of all time.
As Meredith Hindley shows in
“Destination Casablanca,” the image
painted by the movie was not far
from the truth. “The morality play
that unfolds,” she writes, “perfectly
captures the real choices that real
people faced.”
Casablanca was indeed a hotbed of
intrigue. But it would be a mistake to
confuse Ms. Hindley’s book with the
film. What she has produced is a
detailed account of the war years in
Morocco, the country’s feuds between
pro- and anti-Vichy officials, its diplomatic deals and stand-offs, and the
setbacks and successes of the Allied
landings. This is a book for historians, not film buffs.
Morocco fended off colonial
conquest until relatively late, but it
succumbed to German, French and
Spanish advances and was carved up
for economic spoliation not long
before World War I. Three-quarters
of it went to France, which added to
the bloc of countries across North
Africa under French control.
Morocco’s first French resident general, Hubert Lyautey, was not only an
able administrator but deeply
respectful of Islam. The French
brought roads, trains, schools and
power plants but left the benign sultan to run religious and cultural
affairs. Casablanca, a picturesque but
ramshackle little port, became an elegant and modern international city.
By 1939, one-third of its 350,000 inhabitants were European.
Under the terms of the June 1940
armistice signed by Marshal HenriPhilippe Pétain, the Germans agreed
to leave France’s colonies under
Vichy control. But there was considerable disagreement among the
senior French officials on the ground
over the extent to which the North
African colonies should toe the
German line. Casablanca quickly attracted a disparate array of people:
repatriated French and Moroccan
soldiers, evacuees from Gibraltar,
deserters from the Foreign Legion as
well as spies from the Allied secret
GETTY IMAGES
BY CAROLINE MOOREHEAD
PERIOD PIECE From the Feb. 1, 1943, issue of Life magazine, which followed a U.S. Navy flier and a ‘pretty, wellborn
refugee’ on a date. Casablanca was ‘safe enough during the day,’ the article said, ‘but all whites quit the streets at sundown.’
services masquerading as consular
officials and eager to support a
resistance army opposed to Vichy.
Two hundred ships carrying Jews
from
across
German-occupied
Europe docked in the port, all of
them desperate to obtain visas for
the U.S. or South America, easy prey
for predatory agents and touts. In
the overcrammed, uneasy city, the
Jews found help from a number of
small, altruistic groups that helped
them escape from internment.
Ms. Hindley is good at evoking
these adventurers, schemers and
idealists. Accounts of the progress in
diplomatic horse-trading and in the
war across Europe alternate with
vignettes on the main players, as
well as some of those caught up and
buffeted by unfolding events. There
is an engaging portrait of Josephine
Baker, champion of the Free French,
who arrived in Casablanca from
Paris in January 1941 with a Great
Morocco during the war
was a hotbed of intrigue,
with political feuds and
diplomatic deal-making.
Dane, three monkeys (of varying
degrees of viciousness), two white
mice, 28 pieces of luggage—and
secret messages for the Allies she
had gathered from the resistance
and while traveling around North
Africa that she kept pinned inside
her bra or written in invisible ink on
the back of her sheet music.
In 1942, fearing a German takeover and needing Morocco as a base
for the war in North Africa as well
as a launchpad for the liberation of
Europe, the Allies put together Operation Torch, and in November prepared to land at various spots along
the coast. They needed 74 hours to
take Casablanca, in what became
World War II’s only full-scale naval
battle in the European theater as the
Americans and the French pounded
each other from both sea and land.
On mainland France, with the Americans now at war with the Axis powers, Vichy broke off relations with
the U.S. while the Germans and Italians swept across France and overran the country. The last illusions of
a free France were finally dispelled.
But with Casablanca captured, the
Allies now had airfields from which
to launch attacks on occupied
Europe. American troops poured into
Morocco. Vichy France was allowed
to hold on to much of the daily
administration, but since it was
steered by men of differing and
often concealed loyalties—to Pétain,
to Charles de Gaulle or to other
French generals and factions—the
situation on the ground remained as
murky and ambiguous as ever.
Digging deep into military
archives in Britain, France and the
U.S., Ms. Hindley has produced a
scholarly narrative, weaving her way
deftly among a large cast of characters, both familiar and unfamiliar.
Roosevelt and Churchill, arriving in
Casablanca in January 1943 to discuss strategy, feature prominently, as
does De Gaulle, whose stubbornness
maddened both the Americans and
the British and who, after a “stony”
meeting with Churchill, stalked his
way “out of the villa and down the
little garden with his head high in the
air.” The parts played by the French
generals, Henri Giraud, Charles
Noguès and Maxime Weygand, as
well as Adm. Jean-François Darlan—
who signed the armistice with the
Allies and was assassinated on
Christmas Eve, 1942—are all dissected, as are the roles of the American generals who took part in the
landings and who would later go on
to victories across France and Germany. Clark, Eisenhower and Patton
were all present in Casablanca, as
was Robert Murphy, Roosevelt’s
secret envoy to North Africa. The
many archives consulted, however, do
not include German ones.
Though the Americans and the
British never succeeded in brokering
peace between the warring French
generals, Casablanca was the place
where the controversial demand of
“unconditional surrender”—of the
Germans, the Italians and the Japanese—was later first spelled out as the
ultimate goal at war’s end. Another
two and a half terrible years would
pass before that was achieved.
By the late spring of 1943, the war
moved on from Casablanca. The interned refugees were released and
once again desperately seeking ways
to reach the U.S. The American and
British spies, for the most part, left
to spy elsewhere. Plans were under
way for the Sicily landings, the long
war in Italy and the Normandy
campaign. But, as Ms. Hindley shows
in her authoritative and entertaining
book, French Morocco remained, in
the words of one journalist, a
“confused, dizzy country.”
Ms. Moorehead is the author of
“A Bold and Dangerous Family:
The Remarkable Story of an
Italian Mother, Her Two Sons,
and Their Fight Against Fascism.”
Two Lives of Leonardo da Vinci
Continued from page C5
We tend to romanticize genius and
inspiration, failing to appreciate
stick-to-it-iveness. Yet researchers
will tell you that diligence and conscientiousness are the human qualities most highly associated with a
number of measures of success,
including longevity and health. Mr.
Isaacson’s account of genius implies
we should teach our children their
proper value. How many Frida Kahlos or Albert Einsteins live among us,
yet lack the willpower to finish or
even to start something?
growing up wild in the country
today, fifteen years old and unable to
properly write or even sign his name
[as was true of Leonardo], is what
social welfare workers would call ‘a
problem.’ ” His is a slightly more forgiving analysis than Mr. Isaacson’s:
Maybe Leonardo was dilatory not
because he was a perfectionist, but
merely because he was distractible,
or his ambition ebbed and flowed;
maybe he suffered from depression.
Mr. Lankford fills in helpfully, and at
times magnificently, the context missing to the modern reader. “Leonardo
was headed for Mantua, ninety miles
away . . . a journey like that would take
at least four or five days on horseback,
longer if people were walking . . . [That] would mean three or four
nights spent somewhere along the way.
Vacancies at the inn? Scarce, I’d
think. . . . The average temperature during that time of year was thirty-four
edge. He tells us that the “Mona Lisa”
is “the greatest psychological portrait
in history” and that the “two most famous paintings in history” are “The
Last Supper” and the “Mona Lisa.”
Well, OK, but merely saying something doesn’t make it so.
More commonly, Mr. Isaacson
makes bald assertions such as: “Leonardo’s genius was a human one,
wrought by his own will and ambition. It did not come from being the
Mr. Isaacson’s book suggests an
answer to one of my questions:
What made Leonardo a genius? We
might say it was his ability to see,
before anyone else had, the way
scientific curiosity could inform the
realistic portrayal of art. But would
he have been such a genius at any
other time? For that answer, we
need to turn to another recent book,
Mike Lankford’s eloquent “Becoming
Leonardo.” And the answer, he suggests, is no. Leonardo was in the
right place at the right time.
“Why are there no more Leonardos?” Mr. Lankford asks. “I think the
truth is there are potential Leonardos everywhere in the world but
they rarely survive or succeed in our
regimented social order, and they
don’t do at all well on tests. A kid
BRIDGEMAN IMAGES
Lankford writes about
Leonardo as a man
of his time; Isaacson,
as a man for all time.
TAKING A SPIN Leonardo’s design for an ‘aerial screw,’ which some consider a precursor to the modern helicopter.
When we look back into history,
Mr. Lankford writes, we imagine a
version of ourselves in historical situations, but “what we fail to appreciate
is how genuinely different we’ve
become in the last five hundred
years.” He suggests that if a person
from Leonardo’s time were transported to ours, “what he or she would
most likely notice first are all the old
people hopping around and being
lively. And second, that they all still
had their teeth.” His book vividly and
beautifully reminds us just how different Leonardo’s world was from ours.
degrees Fahrenheit, and the low at
night well below freezing. What shape
Leonardo was in when he arrived we
can only guess. Sleepless, dusty, chilled
to his bones. . . . Coffee would not be
served for another hundred years.”
Apart from the authors’ different
approaches to their subject—Mr.
Lankford writing of Leonardo as a
man of his time, Mr. Isaacson as a
man for all time—the differences between these two books couldn’t be
more striking. With Mr. Isaacson,
opinions are presented as facts, and
conjecture masquerades as knowl-
divine recipient, like Newton or
Einstein, of a mind with so much processing power that we mere mortals
cannot fathom it.” (There is so much
wrong with this sentence I don’t know
where to start.) Many other passages
left me similarly flummoxed.
Mr. Lankford is more circumspect,
more transparent about what are
assumptions and what are facts, and
therefore more convincing. With Mr.
Lankford, it’s clear that he thought
deeply about what he read and the
contradictions he found, and he proposes a great many insights into what
might have happened and how Leonardo might have experienced it.
“How did children grow up in the
fifteenth century?” Mr. Lankford
writes. “Mostly, I’d say, thanks to a
certain amount of luck. . . . a stranger
passing through and sneezing could
result in you breaking out in pustules.
The average lifespan was a bit under
forty, but you had to survive childhood
first. Leonardo knew people who died
young. Everyone did.” Throughout
most of their books, I found Mr. Lankford’s writing thought-provoking and
Mr. Isaacson’s thought-stifling.
Most of all, Mr. Isaacson’s book
feels cobbled together, as if written
on deadline, while Mr. Lankford
seems to have taken all the time he
needed. His account is not just coherent, but poetic, from his own opening
lines: “Most of him is lost to us, of
course. The timbre of the voice, the
thoughts visible in his eyes, the physical gestures when happy or sad, the
way he walked, his smell, his hands,
the habitual grimace his friends
knew all too well but no one bothered to record—all that is lost. When
he was young there was no reason to
write any of it down, and when he
was old he became too hard to describe, too strange. What to do with
Leonardo?”
I’ve read and reread this passage
20 times and marvel at it each time I
do. With immediacy and grace, “Becoming Leonardo” starts on a high
note and gets better to the very end.
Mr. Levitin is founding dean
of arts and humanities at the
Minerva Schools at Keck Graduate
Institute, and distinguished
faculty fellow at the Haas
School of Business at UC Berkeley.
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THE WALL STREET JOURNAL.
BOOKS
‘We choose exile as a vantage point; from exile we look backward at the rejected . . . to make our poems both out of it and against it.’ —Donald Hall
A Poet of the Pure Clear Word
James Wright: A Life in Poetry
By Jonathan Blunk
Farrar, Straus & Giroux, 496 pages, $40
A PURE PRODUCT of the American
Midwest, the poet James Wright
(1927-80) wanted desperately to
escape his hometown of Martins
Ferry, Ohio, but his Rust Belt upbringing just wouldn’t leave him
alone. Even after moving to New
York and garnering a Pulitzer Prize
for his “Collected Poems” (1971),
Wright still feared that the place
might somehow reclaim him. As
Jonathan Blunk recounts in his fluent
biography, it was in Martins Ferry, in
the wake of the Great Depression,
that work at the nearby Hazel-Atlas
Glass Co. circumscribed his father’s
life. Wright blamed what he called a
“pitiless and unforgiving hatred” of
“that unspeakable rat-hole” for his
nervous breakdown in 1943, the first
of several hospitalizations for mental
illness. In 1946, at the age of 18,
Wright secured his exit by enlisting
in the U.S. Army.
Following an early discharge
from the occupying forces in Japan,
Wright studied on the GI Bill with
John Crowe Ransom at Kenyon
College and published poems in the
Kenyon Review. Though he subsequently spent a Fulbright year in
Vienna and earned a Ph.D. at the
University of Washington (where he
befriended Theodore Roethke), it
was the landscapes and rivers of
his childhood that continued to
exert the greatest emotional pressure on him.
What Wright’s early idol Edwin
Arlington
Robinson
did
for
Gardiner, Maine, Wright did for the
Ohio River Valley and the dispossessed working poor he knew there.
Set in a high-school football stadium, “Autumn Begins in Martins
Ferry, Ohio” expresses the desperation and strangeness of the world
he fled: “Their sons grow suicidally
beautiful / At the beginning of October, / And gallop terribly against
each other’s bodies.”
While Wright became known for
imagistic free verse (later dubbed
“deep image”), he began as a more
traditionally formal poet. Robert Bly
encouraged him to jettison iambic
meters, though Wright never entirely abandoned metrical verse.
Wright wrote gushingly to Mr. Bly in
1958, praising his new journal The
Fifties, co-edited with William Duffy.
Their subsequent meeting led to an
enduring friendship, and Wright
became a regular guest at the Blys’
Minnesota farm. The two shared a
fascination with the poems of Georg
Trakl and Spanish-language surrealists like Federico García Lorca and
César Vallejo. Wright’s groundbreaking volume “The Branch Will Not
Break” (1963) shows these influences
in mysterious phrases like “the
THOMAS VICTOR
BY DAVID YEZZI
MIDWESTERNER James Wright memorialized the Ohio River Valley in his verse.
branch of your green voice,” “the
cathedral of the wind” and “the
ashes of the moon,” all from the
short poem “Spring Images.”
One of Wright’s best-known
poems from this time, “A Blessing,”
closes with the sort of exuberant
transformation for which he became famous, marked by a power of
direct utterance that exploded the
staid murmurings of what Robert
Lowell called “the tranquilized
Fifties.” Stopped at a roadside in
Minnesota, Wright encounters a
grazing pony. Caressing her delicate
ear, he exclaims: “Suddenly I realize
/ That if I stepped out of my body I
would break / Into blossom.” Such
tender shocks seem incongruous
coming from a barrel-chested man
in a blue work shirt who could
dominate a room with lengthy recitations from Dickens.
Wright’s extreme emotional sensitivity distinguished his art but
made difficult his life. Given to wild
expansiveness, he was as likely to
alienate friends with endless monologues on poetry as to threaten a
heckler at a reading with physical
violence. Drinking only heightened
such incidents of agitation. Appearing the day before his formal obituary, a poignant death notice in the
New York Times suggested, in lieu
of flowers, donations to Alcoholics
Anonymous. The poet Donald Hall
recalled an instance of Wright’s
seriously jangled nerves: During one
abortive visit to Mr. Hall, Wright
stood outside in the cold alone, not
speaking for hours and chainsmoking Pall Malls. Wright’s successful second marriage, to Annie
Runk, lent some relief—as did periodic psychiatric treatments, including electroshock, though they never
supplied a cure.
Wright’s critics, and even some
admirers, lamented a “mannerism of
sentimental toughness” in his
poems. His critical prose, likewise,
Wright’s extreme
emotional sensitivity
distinguished his art
but made difficult his life.
could lapse into soft focus, as in this
description of “Verfall” (“Decay”), by
Trakl: “The poet, at a sign from the
evening bells, followed the wings of
birds that became a train of pious
pilgrims who were continually
vanishing into the clear autumn of
distances; beyond the distances
there were black horses leaping in
red maple trees.” As Wright’s friend
the poet Anthony Hecht points out,
curiously there are no horses in the
original German.
It was important to Wright to be
regarded as “a poet,” not merely a
writer of poems. His deep-seated
romanticism marks one of the most
fascinating episodes in the biography: an epistolary love affair with
his onetime student at the Univer-
sity of Washington, Sonjia Urseth.
Begun as mentoring missives in the
vein of Rilke’s “Letters to a Young
Poet,” Wright’s letters to her grew
increasingly intimate and confidential, like “journal entries.” Wright,
who was in the throes of a “doomed”
first marriage to Liberty Kardules,
was relieved to have some distance
between himself and Sonjia when he
took a post at the University of
Minnesota, where John Berryman
and Allen Tate were also teaching.
As Mr. Blunk has it, “Wright deliberately set about confusing the
twenty-year-old college student
Sonjia with a Muse figure of his own
creation.” (By contrast, his brief
affair with Anne Sexton—“an intricate knot of desire, instability, alcohol, and fantasy”—proved all too
real.) Wright began wistfully addressing Sonjia as “Jenny,” after
which she signed her letters that
way. Wright’s fourth collection,
“Shall We Gather at the River”
(1968), is dedicated to her, and,
when Sonjia became engaged,
Wright was disconsolate.
Wright found peace in the end.
Finally sober and married to Annie,
who weathered their marital storms,
they found a home in Manhattan in
the mid-1960s. Wright loved his
adopted city, particularly its vast
array of classical music and painting, and he enjoyed stays on Lake
Minnewaska and long trips to Italy.
In his final, posthumously published
collection, “The Journey” (1982), he
thanks the Italian city of Fano,
where he and Annie “got well.”
Throughout his career, Wright ventured onto new ground, developing
in the 1970s a lyric prose style with
which to capture the landscapes and
incidents of his Italian journeys. As
in the operas he loved, it was in this
time of peak happiness that tragedy
struck: What appeared at first a
nagging sore throat was diagnosed
as cancer of the tongue in December
1979. In four months he was dead,
aged 52.
Adopting a clear, novelistic style,
Mr. Blunk’s narrative is both cogent
and thoroughly informed. On
Wright’s trail for three decades, he
wears his research lightly. There are,
inevitably, minor glitches: A photo
labeled “Philip Blair Rice” is of the
poet Yvor Winters, and it might have
been good to have more of Wright’s
ecstatic and occasionally catty voice
in his letters. But these are quibbles.
With his lucid portrait of Wright, Mr.
Blunk has performed a major service. Wright holds an honored place
in mid-20th-century poetry. His best
poems—marked by “the pure clear
word” and an ability to convey gutpunching emotion—are now fortunately lodged (in Robert Frost’s
phrase) where they will be hard to
get rid of.
Mr. Yezzi teaches in the Writing
Seminars at Johns Hopkins. His
latest book of poems, “Black Sea,”
will be out next year.
MYSTERIES: TOM NOLAN
A Cold Case
To Warm
The Soul
FATHER ANSELM—
the English monk and
former lawyer featured in William Brodrick’s exceptional series of semi-historical
books—specializes in investigating what
might be termed existential cold cases.
“A Whispered Name” (Overlook,
346 pages, $27.95), first published in
England in 2008 and now appearing
in the U.S., begins when a middle-aged
woman and an older man visit Larkwood Priory, the Suffolk monastery
where Anselm (à la Sherlock Holmes)
is the official beekeeper. The couple
seek information about the late Father
Herbert, one of the founders of Larkwood and a priest “revered . . . for the
largeness of his heart.”
‘To keep quiet about
something so important
. . . well, it’s almost a
lie, wouldn’t you say?’
But these visitors tell of a younger
Herbert, who, as an officer in World
War I, sat as a judge in a 1917 courtmartial that condemned Pvt. Joseph
Flanagan to death for desertion.
Most such offenders then were
spared execution—yet there’s no official confirmation either of Flanagan’s
death or a grant of clemency. What
really happened in 1917? Did it
prompt a cover-up?
“This was no ordinary trial,” the
woman visitor insists. “It had a meaning, a special meaning among so much
that was meaningless.” And, she suggests, Herbert must have played a role
obscuring that meaning. “Over sixty
years. . . . To keep quiet about something so important . . . well, it’s almost
a lie, wouldn’t you say?”
Father Herbert did speak of that
trial, however, to Larkwood’s prior,
who now instructs Anselm to investigate these old matters for the sake of
Herbert’s reputation and the repose of
his soul, and for the consolation of
Flanagan’s family. At least half the
book takes place via flashbacks to
1917, while the rest centers on
Anselm’s investigation decades later.
Mr. Brodrick’s chronicle shifts with
ease between these eras.
“A Whispered Name” holds its
own—in moral purpose and expressive prose—with the best of Graham
Greene. Yet at a time when many a
mystery claims the noun “novel,” Mr.
Brodrick’s book declares itself a
“thriller.” The author himself describes his tale as “a parable of how a
man found meaning in death, and how
another—on seeing that—found faith
in life.” What could be more thrilling?
FICTION CHRONICLE: SAM SACKS
Music From a Broken Past
center is a sonata in three movements that was purchased in turnof-the-century Prague by an antiquities dealer who passed it down to
his daughter, Otylie Bartošová.
Otylie fled Czechoslovakia at the
start of World War II, but before
she left she broke up the score to
make it worthless to the Nazis.
Almost 60 years later in New York,
Otylie’s childhood friend seeks out
An engrossing intellectual
mystery whose prose
won’t leave you feeling
ashamed in the morning.
the
pianist-turned-musicologist
Meta Taverner and gives her the
remarkable second movement—
passionate and experimental, “like a
wildfire in a crosswind.” With the
gift comes an entreaty: to track
down the remaining movements
and, if possible, put them again in
Otylie’s hands.
The quest to reconstruct the
“sonorous temple” of the sonata takes
Meta to Prague to trawl its archives
and knock on doors. Mr. Morrow likewise journeys far afield through time,
portraying the city during occupation
and following the sprawling migra-
tory paths taken by Otylie and her
fellow refugees. Serious questions lie
behind Meta’s treasure hunt. Who
rightfully owns a great work of
music? Can music be stolen or misused? In Prague, Meta’s adversary is a scheming Czech musicologist who tries to claim the
sonata on behalf of the state, or
perhaps just wants to line his
pockets by selling it.
At the heart of the adventure
story is a sensitive exploration
of music’s strange power to
encode memories into its
themes and progressions. In an
epigraph, Mr. Morrow quotes a
line by Werner Herzog: “Eternity depends on whether people
are willing to take care of something.” His captivating, hopeful
book presents a vision of the
broken past, restored.
The Australian writer Hannah
Kent based her ruggedly atmospheric debut, “Burial Rites”
(2013), on an 1828 double murder on a farm in northern Iceland. She repeats the formula in
her new novel, “The Good
People” (Little, Brown, 388
pages, $27), which is inspired
by newspaper accounts of infanticide
in rural Ireland in 1826. Following the
sudden deaths of her daughter and
husband, Nóra Leahy is left alone on
her County Kerry farm to raise her
grandson, Micheál. The 4-year-old is
an “ill-thriven thing.” Though born
healthy, he suffered some illness that
has left him paralytic and unable to
talk. That would be the medical
GETTY IMAGES
AN ANONYMOUS
18th-century manuscript on weathered, fraying pages.
A complex system
of notation containing clues to the document’s origins
and, perhaps, revealing a lost historical wonder. The stage is set for
the astounding elucidations of Dan
Brown’s debonair symbologist,
Robert Langdon. But instead, in
Bradford Morrow’s “The Prague
Sonata” (Atlantic Monthly Press,
519 pages, $27), the manuscript is
a partial music score and the code
breakers are a pair of musicologists.
“Haydn’s too polite for a lot of this,”
deduces Columbia professor Paul
Mandelbaum. “And that flurry of
demisemiquavers, if you’ll pardon
my Latin—not that Haydn didn’t use
them, just that there’s a bit of the
barbaric yawp going on through a
few of those initial measures.”
“What about C.P.E. Bach?” suggests
his protégée Meta Taverner.
“C.P.E.,” muses Mandelbaum. “Isn’t
that a tantalizing idea.”
Twining music history with the
political tumults of the 20th century, “The Prague Sonata” is a
sophisticated, engrossing intellectual mystery. And unlike Mr.
Brown’s potboilers, its prose won’t
leave you feeling ashamed in the
morning. The esoteric text at its
explanation, at least. But as misfortunes strike her village, Nóra and her
gossiping neighbors grow convinced
that the crippled child is a “changeling” possessed by malevolent fairies.
To save him she seeks out Nance
Roche, the local bean feasa, or
medicine woman, who embarks on a
treatment of bizarre herbal remedies
and occult rituals that make the
activities in “The Exorcist”
seem sensible.
As with “Burial Rites,” “The
Good People” concerns the
collision of ancient customs
with the forces of modernization, in medicine, local government and the law. Ms. Kent
has a knack for conjuring the
unsettled spirit world through
deft stylistic flourishes. We
read of a storm that has “infuriated the current” of a river.
Micheál, as though controlled
by a power outside himself, is
described as “a clutch of bones
rippling with the movement of
wind on water.” “There’s queer
things happening up the
mountains if you believe half
of what goes round,” Nóra’s
neighbor comments. “And
they’re after finding patterns
in it all. They’re after finding
reason for it.”
“The Good People” is far
from a high-handed condemnation of superstitious belief. It makes
the terrors of the past feel palpable
and imminent. It makes you reach for
whatever good luck charms you carry
with you.
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BOOKS
‘The thing about a spiral is, if you follow it inward, it never actually ends. It just keeps tightening, infinitely.’ —John Green
CHILDREN’S BOOKS: MEGHAN COX GURDON
The Tightening Gyre
with secondary plotlines involving
astronomy, “Star Wars” fan fiction,
guerrilla art happenings and the
pharmaceutical promise of a primitive creature known as the tuatara.
And of course, there is the steady
mystery of Davis’s missing father:
Where can he be?
Having wept through “The Fault
in Our Stars” in both its book and
movie versions, enthusiasts will
want to know: Does “Turtles All the
Way Down” offer the same sort of
cathartic transport? It doesn’t, but
perhaps it couldn’t. While there is
tenderness and wisdom here, and a
Green’s narrator, a superarticulate teen, gives a real
sense of how exhausting it
must be to live with OCD.
high quotient of big ideas, too, the
stakes are lower, and so the drama
is somewhat diminished. Mr. Green
writes from personal experience of
mental illness, so he is able to give
us a real sense of how exhausting it
must be to live with OCD and anxiety. We’re stuck inside Aza’s head
and suffocating in the tightening
gyre along with her to such a degree
that, as the novel progresses, we
become no more observant of the
characters around her than she is.
Our shared inward gaze gets
smashed, however, when Daisy at
last holds up a mirror to her friend’s
self-absorption. It is a bravura takedown, hurtful and heartfelt, that
comes as a surprising relief to the
reader, if not to Aza.
There is arduous and unhappy
turmoil aplenty in “Turtles All the
Way Down,” but by the end readers
ages 14 and older will find themselves, like Davis and Aza, in a place
of hopeful ambiguity. For the moment, at least, Aza even finds herself
wryly reconciled to her multifarious
self. “I, a singular proper noun,
would go on,” she tells us, “if always
in a conditional tense.”
JOHN JAY CABUAY
WHEN WALT Whitman wrote the
words “I am large, I
contain multitudes,”
he was embracing a
truism: Even the
dullest among us have a multiplicity
of selves. We house contradictions.
We are more than the span between
our hats and our boots. This idea, so
exhilarating to the poet, is a goad
and a torment to the teenage narrator of John Green’s long-awaited
young-adult novel “Turtles All the
Way Down” (Dutton, 286 pages,
$19.99). The book is Mr. Green’s
first since “The Fault in Our Stars”
(2012), a work that enraptured adolescent readers and many adults,
too, with its sensitive, stylish, heartbreaking portrait of a doomed love
affair between two teens with cancer. In “Turtles All the Way Down,”
Mr. Green shows the same writerly
panache, but there is a bruised weariness in his principal characters
that creates a more subdued experience for the reader.
Sixteen-year-old Aza Holmes
struggles with mental illness. Anxiety and obsessive-compulsive disorder fill her mind with relentless,
insidious questions about free will
and agency. Her morbid thoughts
spiral inward, “turning and turning
in the tightening gyre,” Mr. Green
writes, inverting the line from Yeats.
Poor Aza is fixated and horrified by
the thought that roughly half the
cells in the human body consist of
bacterial microbes. Knowing that she
carries them makes her feel filthy,
colonized, even possessed: “Not a
person so much as a swarm. Not a
bee, but the hive.” She has a doctor,
and she’s on medication, but Aza
also relieves her feelings by pressing
her right thumbnail into the ball of
her middle finger. Time and torment
have produced a wound in the spot
that she keeps covered with a BandAid, but in her restless terror of
pathogens she feels compelled to
reopen the injury again and again, to
check for infection.
For all Aza’s private agonies, she
can pass most of the time as an
ordinary Indianapolis high-schooler.
She does well academically, gets
along with her mom, has a car
(which once belonged to her dad)
and has a loyal best friend, the
bossy and brassy Daisy Ramirez. In
fact, Daisy propels the story almost
from the first page. It is her idea for
Aza to reconnect with a boy she had
known a few years before at a summer camp for grieving children: Aza
had been mourning her father; Davis
Pickett his mother. The two had felt
a rapport but over time lost touch.
Now the boy’s billionaire father has
vanished amid bribery accusations,
and there’s a tempting $100,000
reward for information leading to
his discovery.
At Daisy’s instigation, the two
girls decide to investigate. They
slip down the White River by canoe
and manage to insinuate themselves onto the Pickett estate, a
place “silent, sterile and endless—
like a newly built housing subdivision before actual people move into
it.” In short order, Aza and Davis
have picked up where they left off
at the age of 11. They like each
other—a lot, actually—but barriers
keep arising.
Davis carries hidden scars from
an affluent life of emotional depri-
vation; Aza can’t kiss him for more
than a moment without feeling panicked and overwhelmed by the exchange of microbes. This being a
John Green book, the dialogue is
snappy and sophisticated, and the
characters invested with a sensibility, articulateness and aspirational
range of reference that are so appealing to intelligent young readers.
He gives us moments of quotable
epiphany (“Welcome to the future.
. . . It’s not about hacking computers anymore; it’s about hacking human souls”) and passages of literary
evocation (Emily Dickinson, James
Joyce, William Shakespeare), along
The Man Who Invented Art History
By Ingrid Rowland & Noah Charney
Norton, 420 pages, $29.95
BY CAMMY BROTHERS
FILIPPO BRUNELLESCHI demonstrated his radical idea for building
the dome of Florence Cathedral by
cracking an egg so it would stand on
its end. Paolo Uccello was so
obsessed with his experiments on
perspective that, for months at a
time, he barely left his house; his wife
could not even induce him to come to
bed. Fra Filippo Lippi, a friar and religious painter, fell in love and ran off
with a young nun. (The son she bore
him, Filippino Lippi, would also
become an accomplished painter.)
Michelangelo hacked away at his
We usually talk about art
by talking about the artist.
For good or ill, we learned
this habit from Vasari.
sculptures deep into the night, fashioning a cap with a candle so he could
see, slept in his clothes so as not to
waste time putting them on again and
spoke to almost no one.
These and many other stories—of
the exploits and adventures, eccentricities and foibles, of the most
prominent and successful artists of
the Renaissance—feature in Giorgio
Vasari’s “Lives of the Artists,” which
gave us the Renaissance as we know
it today. Art historians continue to
learn much from Vasari’s “Lives,” a
page turner that blends history,
description, criticism and biography.
The artists Vasari championed, such
as Leonardo da Vinci, remain our
cultural heroes. Those he neglected,
Mantegna and Francesco di Giorgio
among them, never recovered the
reputation they once enjoyed.
Despite being first published in
1550, with a second edition following
in 1568, Vasari and his book have
over the past few decades received
renewed academic attention as part
of a broad scholarly turn toward the
study of primary texts. Scholars such
as Paul Barolsky, Andrew Ladis and
Patricia Rubin have emphasized the
literary virtues of Vasari’s text, its
rhetoric and wit. Building on these
excellent studies, Ingrid Rowland,
from the University of Notre Dame,
Rome, and Noah Charney, the author
of several books about art crime,
have written a brisk account of
Vasari’s achievements, complete
with gossipy details from the original text and snippets from the latest
scholarship. “The Collector of Lives”
focuses on the cultural politics of
the 16th century and the vicissitudes
of fortune, both Vasari’s and those of
the artists he describes.
Writing was not even Vasari’s day
job. Born in Arezzo, Italy, in 1511, he
was a prolific artist at the Medici
court and an accomplished architect—of the Uffizi Gallery in Florence, no less. His architecture demonstrated to his contemporaries how
to use Michelangelo’s idiosyncratic
buildings as models, pulling out particular details and reproducing them
in a more regular, disciplined way.
But his greatest legacy among his
varied achievements is as the author
of the “Lives.”
Ms. Rowland and Mr. Charney’s
book opens in the Palazzo Vecchio
with a tantalizing, Dan Brown-style
tale of the hunt for Leonardo’s lost
painting depicting the Battle of
Anghiari, which some believe to be
hidden under one of Vasari’s own
frescoes. The story centers around
the recent efforts of Maurizio
Seracini, a self-described “diagnostician of art” with a background in
bioengineering and medicine, who
has courted publicity and controversy in his efforts to uncover
Leonardo’s painting. The media love
Mr. Seracini; scholars, however, have
been more skeptical, and not just for
reasons of tribalism. Some think the
painting may be in another position
altogether; others doubt it was ever
executed at all. The authors use this
unsolved puzzle to show that even
after 500 years of continuous study
initiated by Vasari, mysteries in
Renaissance art remain.
Barely discussed by the authors
are the problems that have most
preoccupied scholars: the distinctions between the two editions, the
question of who among Vasari’s
collaborators wrote what and how
to define the volume’s authorship
overall. Writing in the New York
Review of Books in 1995, Charles
specifics, but the broader idea—that
it is a work of collaboration—has
been generally accepted.
These are far from idle or pedantic questions, but the authors are
more interested in demonstrating
Vasari’s continued relevance. This is
a case that hardly needs making;
Vasari remains on the lips of every
GETTY IMAGES
The Collector of Lives
LIFE WRITER Bust of Vasari (1511-74) by his young contemporary Giulio Mazzoni.
Hope, the former director of the
Warburg Institute in London, suggested that while Vasari was largely
responsible for “Lives,” the prefaces
(which are hardly mentioned in Ms.
Rowland and Mr. Charney’s book)
were written by others. Since then,
other scholars have debated the
Renaissance art historian. Nonetheless, Ms. Rowland and Mr. Charney
make frequent reference to contemporary culture and art. These comparisons reach their height (or
nadir) toward the end of the book,
when the authors speculate what
Vasari would have made of Marina
Abramović, Damien Hirst, Jeff
Koons and other such conceptual
artists of our day.
As the authors rightly claim,
Vasari merits all this attention because without him there would be no
art history as it is practiced and
taught today. Through his example,
we talk about art by talking about
the artist—we aim to know the work
by knowing its maker. We owe the
idea of the artist as a tormented genius, for instance, to Vasari’s account
of Michelangelo: solitary, misanthropic and devoted to his art to the
point of obsession. This is one reason
art historians have struggled with
non-Western traditions, and why
medieval art often gets short shrift.
Biography has its pitfalls, among
them the way it diminishes significant questions such as the nature of
collaboration. It also casts many
otherwise interesting paintings and
drawings into the dustbin when their
author cannot be identified.
Vasari raises further problems for
the contemporary reader. How can
we think beyond his many intrinsic
biases: his idea of the steady march
of progress and the improvement of
art over time, and his belief in the
superiority of Tuscan artists over
everyone else. For a sense of Vasari’s
influence, just look at the outsize
attention Florentine artists receive
in Renaissance textbooks today.
Readers curious about the making
of Renaissance art, its cast of characters and political intrigue, will find
much to relish in these pages. This is
a lively, highly readable point of
entry into an important and fascinating text. Yet Vasari needs no introduction. A faithful translation of the
“Lives” by Gaston du C. de Vere has
been in print since 1912 and is now
available in an unabridged edition
from Everyman’s Library. The immediacy and charm of Vasari’s writing is
undiminished half a millennium later.
One could do worse than to pick up a
copy of the “Lives” and start reading.
Ms. Brothers is an associate professor at Northeastern University
and the author of “Michelangelo,
Drawing, and the Invention of
Architecture.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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C10 | Saturday/Sunday, October 14 - 15, 2017
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BOOKS
‘Is ours a government of the people, by the people, for the people, or a kakistocracy rather, for the benefit of knaves at the cost of fools?’ —Thomas Love Peacock
SCIENCE FICTION: TOM SHIPPEY
FIVE BEST: A PERSONAL CHOICE
Richard White
on failed presidents
administration into a litany of
scandals, Grant stuck with them
because to admit their faults was to
question his own judgment. Mr.
McFeely’s Grant thrives on the
comparative simplicities of war and
dwindles with the complexities of
peace. When the Civil War ends, he
grasps the presidency largely
“because there was nothing else he
was prepared for.”
Democracy
By Henry Adams (1880)
GETTY IMAGES
1
A Fungus Among Us
dangerous than artificial intelligence.
He sees his father trying to escape
the brain-control of the fungus by
tapping out messages in Morse code,
as if his personality is still there, but
cut off from his speech center. In any
case the “genius plague” has spread
into politics, as the fungus sides with
the drug barons and revolutionaries
who hide out in the rainforest, not
the city-dwellers who want to exploit
it, and their American backers.
It’s a war, but it’s also a battlefield
of opinions. Darwin was wrong, declares Paul. The real engine of evolution is not competition, but symbio-
By Evan Thomas (2015)
3
RICHARD NIXON, the most
able of the failed presidents,
remains a polarizing figure,
but Evan Thomas resists taking
sides. He uses Nixon’s relentless
self-documentation to create a
dialogue between the president and
his enemies. Believing the worst of
others, Nixon recorded his own
aspirations to ideal behavior in rules
for himself. “Dignity, command,
faith, head high, no fear . . . act like
a President.” His enemies saw a
vindictive crook and liar. This was a
president who placed the highest
value on being tough but feared
confrontation and was given to selfpity. Still, Mr. Thomas makes even a
reader like me, raised in a family of
Nixon haters, commiserate with
Nixon. But the author also refuses to
rehabilitate him. Nixon, he writes,
exited the office “bold, foolish,
defiant and blind.”
Grant: A Biography
By William S. McFeely (1981)
A rainforest fungus—the
largest, most adaptive living
thing on Earth—eliminates
all threats to its existence.
sis. Like lichen, which is a
partnership of fungus and algae.
That’s the way to tap into solar
power, he argues, not burning eons
of fossil fuel accumulation in a few
centuries, like people blowing their
trust funds in a weekend.
Give in to the fungus, says Neil in
reply, and you have perfect thought
control and an end to humanity. Robert Heinlein’s “Puppet Masters,” only
this fungoid master is almost unkillable, by bullet, bomb—even radiation.
The fungus has no fear of nukes.
This is great sci-fi, constantly
pushing new facts and new thoughts
at you, and—most important—weaving them into a plot as well. The way
messages are encrypted and decrypted, the use of whistle languages, the thrill of feeling one’s suddenly enhanced intelligence, the
horror of realizing that you’ve become a puppet: Mr. Walton keeps the
ideas, sensations and plot twists
coming. Twenty pages from the end,
you still don’t know who will win—or
who deserves to. With this book and
his earlier “quantum” stories, Mr.
Walton has brought hard sci-fi roaring back to life.
2
WILLIAM MCFEELY recognizes the complexity of the
man Henry Adams reduced to
caricature. Ulysses S. Grant could
seem a minor figure in his own
administration, but Mr. McFeely
depicts an adroit politician with “a
genius for survival,” who lacked
neither talent nor empathy. Mr.
McFeely takes Grant’s great
strength as a general—his faith in
his own judgment—and makes it
the curse of his presidency. When
corrupt and greedy friends, relatives and appointees turned his
BUCHANAN Scapegoat for the Civil War.
MR. WHITE is the author of ‘The
Republic for Which It Stands: The
United States During Reconstruction
and the Gilded Age, 1865-1896.’
Being Nixon
The Tormented President
By Robert E. Gilbert (2003)
4
GETTY IMAGES
WHAT IS the largest
living thing on
Earth? Not the California
redwood,
says David Walton
in “The Genius
Plague” (Pyr, 384 pages, $14.95),
nor the blue whale. It’s the fungus
that underlies millions of acres of
the Amazon rainforest. A gigantic
network of nodes and tendrils, it
forms the bloodstream of the whole
ecosystem. And it’s aware. Every
time you tread on it, it sniffs your
DNA. It manages the whole forest,
“culling and shaping” the inhabitants through the spores and
enzymes it emits.
Is the fungus intelligent? Not exactly, but it is adaptive. What might
happen if it adapts in such a way as
to eliminate threats to itself, like loggers, and the outsiders who threaten
both it and the native peoples who
live in symbiosis with it? The first
thing it can do is ensure that its
spores are inhaled, so the brains of
those infected start to network like
the fungus, working toward a joint
purpose with maximum efficiency.
“The spores find the stalks of plants,
are inhaled into the lungs of animals,” Mr. Walton writes. “There they
implant and grow. . . . They sift, taste,
adapt, and ultimately, control.” The
second tactic is to affect the emotions so as to create intense hostility
to the “gringos” and the governments
who co-operate with them.
Is that a plague, or a blessing? Mr.
Walton presents the two views
through two brothers. Paul is a mycologist, one of the first to be infected while he is doing fieldwork in
the Amazon. Suddenly he can’t be
beaten at Scrabble, even by his
brother Neil, a cryptographer working for the National Security Agency.
Moreover, Paul passes the spores on
to their father, whose Alzheimer’s
disease suddenly relents. It’s no surprise, then, that Paul declares, in a
phrase that is a kind of sci-fi mantra,
“If we can improve ourselves, we
should do it.”
Neil doesn’t see it that way. To
him the fungus is a threat far more
HENRY ADAMS based his
portrait of the president in this
anonymously published roman à
clef on Ulysses Grant, with a touch
of Rutherford B. Hayes. Adams’s
hero, Mrs. Madeleine Lee, remarks
that an equally good president
“could be picked up in any cornergrocery between the Lakes and the
Ohio.” Sen. Silas Ratcliffe, who
aspires to be president, hears
reports “that it was only with
difficulty his [the president’s]
Cabinet and friends could prevent
him from making a fool of himself
fifty times a day.” Adams’s ear for
Washington gossip is keen and
captures the era’s baseness.
Ratcliffe “talked about virtue and
vice as a man who is color-blind
talks about red and green.” As
Adams later wrote, “The progress
of evolution from President Washington to President Grant was alone
evidence enough to upset Darwin.”
HIS POLITICAL sympathizers
have portrayed Calvin
Coolidge’s chronic inactivity
as president as no more than the
expression of his belief in limited
government. Others saw it differently. One acid observer described
Coolidge as “distinguishable from
the furniture only when he moved.”
Robert E. Gilbert’s psychobiography
argues that the cause was depression. In 1924, Coolidge’s younger
son developed a blister after a tennis game at the White House that
became so gravely infected that he
could not be saved. Mr. Gilbert describes the impact on the president,
already scarred by the death of his
mother and sister during his childhood, who now blamed himself for
his son’s death. Previously active,
he became, the author notes, “more
tempestuous, his personal conduct
more peculiar, and his health more
precarious.” Comments from the
White House physician provide telling details. He demanded that the
doctor drip cocaine in his ear as a
cure for seasickness. He exercised
by riding a mechanical horse while
dressed in evening clothes. Silent
Cal sweating in a tuxedo atop a
mechanical horse may prove to be
among history’s most arresting
images of a presidency in trouble.
Coolidge raged at the idea of federal aid even for disasters like the
Great Mississippi Flood of 1927, in
which tens of thousands were made
homeless. He was a president who
would be remembered above all for
his inclination to believe that few
national problems, however dire,
required his attention, much less
government action.
Memories
of the Ford Administration
By John Updike (1992)
5
DESPITE ITS TITLE, “Memories of the Ford Administration” barely mentions Gerald
Ford. The narrator, Alfred Clayton,
a failed historian and bad husband,
is in fact preoccupied with another
president—James Buchanan, like
Updike a WASP from small-town
Pennsylvania. Clayton is determined
to redeem the “unlovable”
Buchanan. As his biography of Buchanan crashes down around him,
Clayton proclaims, “I hate history!
Nothing is simple, nothing is consecutive, the record is corrupt.” He
reverts to literature to imagine “a
single fatal moment” that decided
Buchanan’s fate. But there is no
moment, and Updike the novelist
recognizes that there is something
obdurate about the historical
record. It could have been different,
but it wasn’t. Buchanan, who
greased the skids for the descent
into the Civil War, was in over his
head, Clayton suggests. And if
Buchanan had done better, it would
not have mattered. The Union blundered on. Not mattering all that
much becomes, in the world imagined by Updike’s historian, the perverse redemption available to bad
presidents as well as bad husbands.
Best-Selling Books | Week Ended Oct. 8
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Hardcover Fiction
THIS
WEEK
LAST
WEEK
THIS
WEEK
LAST
WEEK
Principles: Life and Work
Ray Dalio/Simon & Schuster
6
–
2
Strengths Finder 2.0
Tom Rath/Gallup Press
7
8
Killing England
1
1
Bill O’Reilly & Martin Dugard/Henry Holt & Company
What Happened
2
Hillary Rodham Clinton/Simon & Schuster
TITLE
AUTHOR / PUBLISHER
We Were Eight Years in Power
Ta-Nehisi Coates/One World
3
New
The Paradigm
Jonathan Cahn/Frontline
A Life Beyond Amazing
David Jeremiah/Thomas Nelson
4
New
Daring to Hope
9
Katie Davis Majors/Multnomah Books
Braving the Wilderness
Brené Brown/Random House
5
3
THIS
WEEK
LAST
WEEK
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Origin
Dan Brown/Doubleday Books
1
New
Wonder
6
3
R. J. Palacio/Alfred A. Knopf Books For Young Readers
–
Harry Potter...Prisoner/Illustrated
J.K. Rowling/Arthur A. Levine Books
2
New
A Column of Fire
Ken Follett/Viking
7
4
6
The Ship of The Dead
Rick Riordan/Disney-Hyperion
3
New
Don’t Let Go
Harlan Coben/Dutton Books
8
2
Merry and Bright
Debbie Macomber/Ballantine Books
9
New
Manhattan Beach
10
Jennifer Egan/Scribner Book Company
New
–
Killing England
2
1
Bill O’Reilly & Martin Dugard/Henry Holt & Company, Inc.
3
New
We Were Eight Years in Power
4
New
Ta-Nehisi Coates/Random House Publishing Group
TITLE
AUTHOR / PUBLISHER
9
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
Origin
1
New
Dan Brown/Knopf Doubleday Publishing Group
Dog Man: A Tale of Two Kitties
Dav Pilkey/Graphix
5
5
THIS
WEEK
LAST
WEEK
Fiction E-Books
The Sun and Her Flowers
1
Rupi Kaur/Andrews McMeel Publishing
Killing England
2
1
Bill O’Reilly & Martin Dugard/Henry Holt & Company
We Were Eight Years in Power
Ta-Nehisi Coates/One World
Sleeping Beauties: A Novel
4
1
Stephen King and Owen King/Scribner Book Company
10
Nonfiction Combined
Clara’s War
1
Clara Kramer/HarperCollins Publishers
TheDangerousCaseofDonaldTrump
Brandy X. Lee/St. Martin’s Press
The Subtle Art of Not Giving A F*ck
Mark Manson/HarperOne
THIS
WEEK
New
TITLE
AUTHOR / PUBLISHER
Methodology
3
New
2
New
The Cuban Affair
Nelson DeMille/Simon & Schuster
3
7
4
New
2
Without Merit
Colleen Hoover/Atria Books
LAST
WEEK
Fiction Combined
The Ship of The Dead
Rick Riordan/Disney Press
What Happened
4
Hillary Rodham Clinton/Simon & Schuster
THIS
WEEK
TITLE
AUTHOR / PUBLISHER
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 Wal-Mart) 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
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
Origin
Dan Brown/Doubleday Books
1
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
1
3
The Ship of The Dead
Rick Riordan/Disney-Hyperion
2
New
Strengths Finder 2.0
Tom Rath/Gallup Press
2
2
Harry Potter...Prisoner/Illustrated
J.K. Rowling/Arthur A. Levine Books
3
New
The Power of Moments
3
Chip Heath and Dan Heath/Simon & Schuster
New
High Performance Habits
Brendon Burchard/Hay House
New
Sleeping Beauties: A Novel
4
1
Stephen King and Owen King/Scribner Book Company
4
5
–
Milk And Honey
5
Rupi Kaur/Andrews McMeel Publishing
9
Don’t Let Go
5
Harlan Coben/Penguin Publishing Group
1
It
5
Stephen King/Scribner Book Company
3
Blue Ocean Shift: Beyond Competing 5
1
W. Chan Kim and Renée Mauborgne/Hachette Books
What Happened
6
Hillary Rodham Clinton/Simon & Schuster
2
Braving the Wilderness
Brené Brown/Random House
6
3
Mind Over Matter
Nora Roberts/Silhouette
–
Don’t Let Go
Harlan Coben/Dutton Books
6
2
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
Catholicism
7
Robert E. Barron/The Crown Publishing Group
–
A Life Beyond Amazing
David Jeremiah/Thomas Nelson
7
New
Before We Were Yours
7
Lisa Wingate/Random House Publishing Group
6
A Column of Fire
Ken Follett/Viking
7
4
The Digital Helix
7
New
Michael Gale&Chris Aarons/Greenleaf Book Group Press
Blindsided
8
James L. Ferraro/Gildan Media Corporation
–
The Keto Reset Diet
Mark Sisson/Harmony
8
New
Manhattan Beach
Jennifer Egan/Scribner
Merry and Bright
Debbie Macomber/Ballantine Books
8
New
Fantasyland
Kurt Andersen/Random House
The Keto Reset Diet
9
Mark Sisson/Potter/TenSpeed/Harmony
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
9
–
Merry and Bright
9
New
Debbie Macomber/Random House Publishing Group
Manhattan Beach
9
Jennifer Egan/Scribner Book Company
New
Emotional Intelligence 2.0
9
Travis Bradberry & Jean Greaves/TalentSmart
5
The Daily Stoic
10
Ryan Holiday/Penguin Publishing Group
–
The Subtle Art of Not Giving A F*ck
Mark Manson/HarperOne
10
8
A Column of Fire
10
Ken Follett/Penguin Publishing Group
Total Money Makeover
Dave Ramsey/Thomas Nelson
9
Lessons From a Third Grade Dropout
Rick Rigsby/Thomas Nelson, Inc.
6
8
New
8
The Cuban Affair
Nelson DeMille/Simon & Schuster
10
7
6
8
10
7
8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | C11
REVIEW
MATT FURMAN FOR THE WALL STREET JOURNAL
‘Money has
diminishing
returns.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Ray Dalio
RAY DALIO says he believes in radical truthfulness. The founder of
Bridgewater Associates, the world’s
largest hedge fund, lives by a mélange of maxims about being transparent and embracing reality.
“Don’t filter.” “Don’t treat all opinions as equally valuable.” “Don’t
‘pick your battles.’ Fight them all.”
Mr. Dalio, 68, explains his philosophy in “Principles: Life and Work,”
a new 592-page tome about how to
succeed. Truth is “the essential
foundation for producing good outcomes.” He says it’s also the foundation on which he built Bridgewater, which manages $160 billion.
His principles have attracted attention and controversy for creating
an unusually critical work environment. The company has a “baseball
cards” app that lists each employee’s strengths and weaknesses
for all to see. The Journal has reported that the firm’s employees
sometimes vote on interoffice conflicts, such as last year when Mr.
Dalio and his then-co-chief executive, Greg Jensen, called for votes
on each other’s conduct.
Bridgewater employees are required to give each other ratings
throughout the day, called dots.
Staffers can rate their colleagues
The founder of the world’s largest hedge fund
now wants to show others how to succeed
on more than 100 different attributes such as their open-mindedness and willingness to bring up a
sensitive topic via an app developed for the company called the
dot collector. Everyone’s rankings
are visible to all. Mr. Dalio hopes
to advance the firm’s algorithms
enough to create a machine that
will automate management decisions, such as matching people’s
strengths with open positions.
Mr. Dalio, who stepped down as
co-CEO this year after a series of
management clashes (he remains
chairman and co-chief investment
officer), says he now wants to help
other people become successful.
That led him to write the book,
which is based on a 123-page PDF
Mr. Dalio put online in 2011. The
document has since been downloaded more than three million
times. The book adds further detail,
as well as a narrative section about
Mr. Dalio’s background and career.
“Everything I really have that’s of
value about life and about work is
in that book,” he says, and he hopes
that passing along his principles
will help Bridgewater outlast him.
The firm has faced persistent
management turnover as Mr. Dalio
tries to position Bridgewater to run
without him at the helm; the company is on its fifth CEO since the
beginning of 2016.
Mr. Dalio founded Bridgewater in
a two-bedroom apartment in New
York in 1975 after what he calls an
ordinary childhood—despite being,
at least at first, a “worse-than-ordinary” student, as he puts it.
Growing up on Long Island, Mr.
Dalio didn’t like school, but he did
like having spending money. At age
12, he started caddying at a golf
course, where the adults told him
about the rising stock market. That
led him to invest. His first stock
was Northeast Airlines, which he
picked because it was the only company he had heard of that traded
for less than $5. (His initial investment tripled when another company acquired the airline.)
Mr. Dalio went on to graduate
from C.W. Post (now LIU Post, part
of Long Island University) and earn
an M.B.A. at Harvard Business
School. During summers before and
during business school, he worked
on the New York Stock Exchange
and at Merrill Lynch. He started
Bridgewater after working briefly at
a securities firm. Mr. Dalio now lives
in Connecticut with his wife, with
whom he has four adult children.
In conversation and in his book,
Mr. Dalio focuses on how to get
what one wants out of life. He
doesn’t get people’s preoccupation
with personality and prefers not to
discuss himself. What if readers are
interested? “I don’t care what people want to know,” he says. “I care
what I want to give.” He prefers
discussing his recipes for success
than his leisure activities, which include scuba diving and traveling.
Mr. Dalio does find value in
learning about Bridgewater’s
roughly 1,500 employees through
methods like the dot collector. “I’m
not saying it’s for everyone,” he
says. “I think people have to understand the concept of tough love.”
One principle states, “Evaluate accurately, not kindly.” In the book, he
grants that especially with new employees, an honest assessment can
feel like “an attack.” Another principle says, “Recognize that while
most people prefer compliments,
accurate criticism is more valuable.”
Mr. Dalio says that he welcomes
honest criticism, even from underlings. In a TED Talk earlier this
year, Mr. Dalio related how a 24year-old employee gave him a rating of 3 out of 10 on a presentation, telling him he didn’t show a
balance of open-mindedness and
assertiveness. “Isn’t that great?”
he asked the audience, which responded with laughter.
Although he’s left his day-to-day
management role, Mr. Dalio doesn’t
plan to leave the hedge-fund world
soon. “I’ll be able to give more time
to the economy and markets, because that’s my game,” he says. He
also plans to spend time with his
family and on hobbies such as
oceanographic research. In recent
years, he has lent his yacht to
teams of scientific researchers who
have documented footage of giant
squids and helped search for remains of an airplane at the bottom
of the sea. Occasionally he goes out
with the researchers and descends
underwater with them on a submarine attached to the boat.
Mainly, he wants to focus on
passing the reins. His goal beyond
that? He says that he’ll see. “Believe
me, if it was success, I would’ve
stopped many years ago,” he says.
“Money has diminishing returns.”
MOVING TARGETS: JOE QUEENAN
I USED TO HATE traveling by
train until I discovered the delights of the quiet car. Whether
riding on Amtrak to Washington or
taking the commuter local into
New York City, nothing is more entertaining than watching the epic
confrontations that break out involving those seeking complete
and utter silence.
Quiet cars, found from Southern
California to Chicago and up and
down the East Coast, were originally designed to shield the public
from slobs yakking away on their
cellphones. But then the suzerainty of the silent began. As the
hegemony of hysterical hushers
expanded, passengers were warned
in no uncertain terms that they
could speak only in low tones, had
to keep the volume on their headphones low and must mute the
clicking sound on their phones.
Woe betide those who tried hammering away on their laptops!
As time went by, the quiet car
was repurposed as a full-scale social-engineering laboratory. Quiet
cars became the arena in which
the Forces of Good were arrayed
against the Forces of Evil. Poised
like cormorants, quiet-car denizens
would lie in wait for their prey,
hoping that some hapless salesman would stride into the Sanctum of the Soundless while speaking on a cellphone.
“At long last, have you no sense
of decency?” quiet-car vigilantes
would demand of tearful passengers using their phones to announce that they would be 10 minutes late for the funeral. “Have you
no respect for those trying to read
Real Simple in peace?”
Watching people make fools of
themselves in public has been my
hobby for years. Today, I can think
of nothing more sidesplitting than
watching the quiet-car commissars
pounce upon their victims. Ask a
Don’t even think
about making
noise in the
Sanctum of the
Soundless.
fellow traveler for the time? Shh!
It’s the quiet car! Rip a page out of
a newspaper? Shhh!! Sneeze?
Hum? Whistle? Snore? Chortle?
Suck too obstreperously on a
mint? SHHHH!!! (This shushing is
always accompanied by furious
jabbing toward the relevant sign.)
A few weeks ago, I sat in the
quiet car waiting for the fireworks
to begin. At the first two stations,
everyone piously observed the
quiet-car interdiction. But then, as
we pulled into a station three towns
south, 150 high-school students
poured into the two quiet cars.
One apoplectic patron confronted the train conductor, demanding that he order the youths
to be silent. The conductor wearily
said that he didn’t think he could
do that. He explained that extraordinary circumstances demanded
extraordinary measures. For that
day, and that day only, the quietcar rule was…suspended.
The patron raged, but the conductor would not relent.
“If the worst thing that happens
to you today is that you have to
ride on a train filled with noisy
high-school kids, then you’ve had a
pretty good day,” he said. It was a
classic case of farce majeure.
The next time I rode into the
city, I noticed that the usual quietcar placards were missing. The
conductor explained that for some
reason the railroad had run short
of quiet-car signs.
I’m not buying it. I think the
conductors have had enough of the
quiet-car enforcers. I think ordinary passengers are ripping down
the quiet-car signs. Quiet cars are
a profoundly misguided attempt by
the pathologically antisocial to
create a hermetically sealed universe in which everyone willingly
impersonates a corpse.
Some people are better at this
than others.
NISHANT CHOKSI
Quiet Cars, Always Good for a Laugh
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
EXHIBIT
Users of the Hammond Multiplex (1913)
included President
Woodrow Wilson, who
used his to write up
speeches.
The handle on the right side of the
dial controls character selection on the
unusual Columbia Index (1885).
The first commercially successful model was the $125
Sholes & Glidden Type Writer
(1874), which could only type uppercase letters.
The Bar-Lock No. 4 (1895) has a
double keyboard, one for uppercase
and for lowercase—designed to avoid
infringing on patents for using the shift
key to type uppercase letters.
Gold scrollwork, painted flowers and
inlaid mother-of-pearl decorate the
Crandall New Model (1887), considered
by some to be one of the most beautiful typewriters ever made.
TO THE LETTERS
The Royal Quiet Deluxe
(1955) was available in bright
pastel colors—a symbol of the
optimistic postwar environment.
In addition to cast iron, the ornate
Ford (1895) was available in aluminum—making it the first typewriter to
be made in the lightweight material.
THE NEW BOOK “TYPEWRITERS” by Anthony Casillo
(Chronicle Books, $40) showcases 80 vintage machines,
from quirky 19th-century models to electric 1960s versions. While their legacy lives on today, the feeling of
a modern keyboard just isn’t the same as the old clacking of a typewriter. As actor (and typewriter enthusiast) Tom Hanks describes it in the book’s forward: “the
sound, the physical quality of touch, the report and
action of type-bell-return, the carriage, and the satisfaction of pulling a completed page out of the
machine, raaappp!” —Lisa Kalis
PHOTOGRAPHS BY BRUCE CURTIS
AND ANTHONY CASILLO
PLAYLIST: ROBERT PINSKY
ASK ARIELY: DAN ARIELY
The Poetry of Jazz
A former poet laureate recalls a short
but joyous career playing the sax
Robert Pinsky, 76, is a former
U.S. Poet Laureate and author of
several books of poetry, including “The Inferno of Dante” and
his latest, “At the Foundling Hospital” (Farrar, Straus and Giroux). He spoke with Marc Myers.
part of my dream life on the Jersey Shore. I had been playing
saxophone in school since the
sixth grade. Listening to the
song made me feel that one day I
would live in that Manhattan
world as a musician.
I played a few paid gigs, but
years later, at Rutgers University,
I found myself practicing the saxophone less and less. One memorable night, possibly
my last paid work on
the horn, I played
many choruses of
“Jumpin’ With Symphony Sid” in a
pickup band at a fraternity party. I felt capable of art.
A few weeks later, I drove
back to the Jersey Shore to audition with some players I had
worked with in high school. I
foolishly played the clarinet and
stunk up the place.
On the hour’s drive back to
Rutgers, my daydreams of becoming a jazz musician were replaced by the fantasy of becoming a poet.
The decaying resort town of
Long Branch, N.J., was a great
place to grow up and dream in
the early 1950s. In
warm weather, you
went to the beach
during the day and
to the boardwalk at
night. Music fed my
imagination.
Late one night in 1953, when I
was 12, I was in bed listening to
the radio when “Symphony Sid”
Torin’s jazz show came on the
radio in New York. His opening
theme was King Pleasure’s
“JUMPIN’ WITH SYMPHONY
SID.”
The theme was a hip vocal
version of Lester Young’s saxophone solo on a 1947 record of
the same name. King Pleasure
had come up with the
words: “Jumpin’ with
my boy, Sid, in the city
/ Mr. President of the
DJ committee / We’re
gonna be up all night
gettin’ with it.”
King Pleasure’s voice
had a knowing, upbeat
quality that conjured
up an imaginary, glamorous club world in
New York with Count
Basie, Charlie Parker
and Dizzy Gillespie. In
the middle there was a
tenor saxophone solo
by Charlie Ferguson
that mimicked Lester
Young’s cool, relaxed
tone.
KING PLEASURE in the early 1950s.
The song became
GILLES PETARD/REDFERNS/GETTY IMAGES
A dream of
Manhattan.
Psst: Gossip Can Be Good
Dear Dan,
I’ve read that gossip represents a huge proportion
of people’s communication with each other. Why
do you think gossip is so pervasive? —Shelly
The short answer is that it’s titillating. But there
is a deeper reason for
why people dish
about other people: It
is society’s way of
regulating behavior.
We usually disdain
gossip, but the fear of
being gossiped about
can be beneficial.
A 2011 study by Bianca Beersma and
Gerben A. Van Kleef
about how gossip
keeps people in line illustrated this. They
gave 147 participants
lottery tickets and
told them to allocate
as many as they
wanted to themselves
or to others. Some of
the participants were
led to believe that the
group would gossip
about their decision.
These subjects acted
more charitably: They kept fewer tickets for themselves and gave more to the group.
While gossip isn’t fun for the person being
talked about, it may be an effective way to check
people’s behavior.
it, ask who does. Send everyone an email asking
them to contact you to stay on the Bloody Mary
list. And if you want to further control the number of bottles you make, tell them that you can
only make 20, meaning that if they don’t really
want your Bloody
Marys, they would be
taking one from a
friend who does.
Dear Dan,
I’m starting a neighborhood book club, but
I want to make sure
that only the most
committed individuals
join. So I considered
having the club meet a
bit outside of our
neighborhood, or on
Saturday morning.
Would these methods
ensure that I will only
get the most dedicated
readers? —Dylan
I faced a similar
problem when I
started teaching. I
RUTH GWILY
wanted to get only
the most dedicated
students, so I decided to hold the class at 8 a.m.
My logic was that only the most motivated students would sign up for such an early class. Two
weeks in, though, I realized that I was wrong.
About half of the students weren’t showing up;
many others were sleeping in class.
Dear Dan,
My well-intentioned approach had backfired.
For 40-plus years, I’ve given homemade Bloody
Instead of getting dedicated students, I got the
Marys to friends over the holidays. Newer friends
ones who couldn’t wake up in time to register
hear about them, so the list gets longer each year.
for classes that took place at a more reasonable
I now make more than 60 one-liter bottles annuhour.
ally. I enjoy making them, but I’m sure that some
This general problem is what is called adverse
recipients would prefer not to keep getting them.
selection, where the process causes the people
How can I separate those who really enjoy
who join to be the ones that we
them from those who don’t? —Bill
want the least. So while you think
that your approach will recruit the
Have a
Giving people an easy way out is helpful in
most dedicated readers, consider
dilemma
matters like this. If you’re too direct—that
that your method may instead land
for Dan?
is, if you ask people directly if they don’t
you people who have no friends or
Email
want the gift—no one will want to hurt
nothing else to do on the weekend.
AskAriely
your feelings.
If you go ahead with this, let me
@wsj.com
So, instead of asking who doesn’t want
know how it works out.
.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. Which of these is going
co-ed?
B. Russia banned this movie
version of the “ALF” TV series.
C. A new book on Alf Landon says aides used the term
for his presidential campaign.
D. It’s the Australian code
name for a cyberattack that
snared U.S. weapons data.
A. The Green Bay Packers
B. The Boy Scouts
C. The Girl Scouts
D. Smith College
2. Richard Thaler won
the Nobel Prize in
Economics. In
what school or
department
of the
University
of Chicago
is his
academic
appointment?
A. MIT
B. Technion
C. DeVry University
D. A KGB technical school
7. Wildfires spread death
and destruction across
parts of Northern California.
Which of these is a hard-hit
neighborhood of Santa Rosa?
3. The Coach brand will live on,
but Coach Inc. is changing its
name—to what?
FROM TOP: KAMIL KRZACZYNSKI/REUTERS; JIN LANG/ZUMA PRESS
National
Museum of
Mathematics
The coach can take several
different routes to school each
morning, and challenges the team to
find the most efficient path.
Commuters’ Dilemma
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.
Construction Conundrum
A. Walnut Hills
B. Coffey Park
C. Marmalade District
D. Fishtown
A. Quirt
B. Damask
C. Tapestry
D. First Class
Provided by the
The road network shown
below right
accommodates
19,000 cars during
eastbound rushhour traffic each
morning, with
each driver
trying to get
from the area
where the coach
lives (home, or H), to the
vicinity of the school (S) in the least amount of time.
Any individual driver will change routes if the new route
reduces total travel time. The driving time for each leg is
shown in minutes. Note that the driving times for legs
HA and BS depend on the number of cars, N (out of
19,000), electing to take that leg. When the system is in
equilibrium, what is the commuting time from H to S?
6. Russia used popular
antivirus software from
Kaspersky Lab to search
computers world-wide for
U.S. secrets. Where was the
company’s founder trained?
A. Business
B. Psychology
C. Economics
D. Architecture
VARSITY MATH
From this week’s
Wall Street Journal
Suppose that during one week, because of
construction on the connector road from A to B, there
is a predictable delay so that the time on that leg
becomes 20 minutes (instead of 10). Now what does
the equilibrium driving time become for the commute
from S to F?
ILLUSTRATION BY LUCI GUTIÉRREZ
+
8. Chinese hairy crabs are at
the center of a battle—about
what?
4. President Donald Trump
chose Kirstjen Nielsen for what
government post?
SOLUTIONS TO LAST WEEK’S PUZZLES
A. Which rival online freshfood delivery service can win
more crab customers
B. Whether the crabs can
be taught to move forward, not
sideways
C. Whether American fastfood outlets should sell them
D. What Chinese character
should be used for them
A. Postmaster general
B. FBI director
C. Secretary of homeland security
D. Commissioner of
television ratings
5. “Alf’s Mystery Happy Fun
Time” made headlines. Why?
Learn more about the National Museum of Mathematics (MoMath) at momath.org
A. It’s the first cartoon
series made with computergenerated voices.
Birds of a Feather
Riddle Me This
M
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A
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N WE E
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P A R T R
U R K E Y
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M I L O R
I S H T A
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R O U S
I D G E
WA L
N A
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A L L M
AMA
D
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I L
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R E B E
SWA N
E
S
P
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S
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B
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SWF
T I T
L A R K
WR E N
A S K T O
L
L A X
O L Y P
T S
A B B A
T E R N
A U K
G U L L
G A T E E
E V Y E
N E
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U R B I A
S E A T S
B E S T S
A D E L E
R Y D E R
Varsity Math
In Nine Coins, two
weighings get the
job done. In Five
Questionable
Coins, Ethan can
label the coins A
to F, with F being
the true coin. First
weigh B+F against
C+E; then D+F
against B+E.
The grid is shot full of HOLEs.
ACROSS 1. MELB(L)A + NC 6. PEELS (rev.) 10. OLE + ATE 11. ASH + ORE 12. NITROGEN (anag.) 13. mATt + pLANs + sTAy
15. SEA LEGS (anag.) 18. LENT + O 20. HECTOR (anag.) 24. RE + CENT 27. RU(L)ER 28. S(TROP)HE (“port” rev.) 30. PRO(S)PER
32. STAGHOUND (anag.) 33. TO + GAS 34. TYP(H)O + ON 35. S(HE)ET 36. SUMMERS (2 defs.)
DOWN 1. MOR(AS)Se 2. HOLSTEIN (anag.) 3. BELL (2 defs.) 4. AT + INGLE 5. CAR(A + F)E 7. ELEGANTLY (anag.) 8. H(OR)EB
9. SENSORY (hid.) 14. S(H)OCKER 16. HOSIER + Y (“hero is” anag.) 19. ANCHO + RAGE 21. AR(RES)TS 22. ANTONY + M
23. EM(PER)OR (“Rome” rev.) 25. NAPLESS (2 defs.) 26. F(LO + R)INS 29. S + TOOL 31. PELE + E
To see answers, please
turn to page C4.
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
41 Feature of the
jack of spades
18
19
20
21
22
43 Email message
23
24
25
26
option
44 Provides some
27
28
29 30
field support
31
32
33
34
46 Sound from a
steakhouse
35 36 37
38
39
40 41
48 Dullea of “2001:
42
43
44
45
46
47
48 49
A Space
Odyssey”
50
51
52
53 54
49 Sound upstairs?
55
56
57
58
59
52 Above, to odists
60
61
62
63
64
54 Academic inst.
56 Co-star of Wilder,
65 66 67
68
Boyle and
69 70 71
72 73
74
75 76 77
Feldman
78
79
80
81
82 83
84
57 Calls the shots
61 Chipmunk or
85
86
87
88
chinchilla
89
90 91 92
93
94
63 Postal district
64 Donnie played
95
96
97
98
99
100
by Depp
101
102 103
104
105
66 “Totally!”
106
107
108
109
110 111
67 App in the
testing phase
112
113 114
115
116
69 Tempo
117
118
119
120
70 USPS items
121
122
123
124
71 March Madness
stage
Living in the Past | by Zhouqin Burnikel
72 Solemn words
73 “My Cup
45 Some Korean
4 Excite
89 Lauder of scents
Across
Runneth Over”
smartphones
5 “Going my way?”
90 “Cake Boss”
1 Brushes off
singer
and TVs
network
6 Che’s gig, briefly
7 Joint rooms?
76 Tropical diving
47 Spots for
93 Shtick from a
bird
7 Capital on the
12 Actor Cage,
mufflers
little sucker?
Merrimack River
casually
77
Orphan
on
50 Slows down
95 Concludes
Broadway
8 “Enigma
15 Rankle
51 Treat older than
Variations”
97 Crude carrier
81 “Are you ___
18 Glossy gown
sliced bread
composer
out?”
fabric
99 Gomer Pyle’s org.
53 Summer cooler
9 Jaunty tune
82 Injures badly
19 Antipasto item
100 “Absolutely!”
55 Brand on a
10 VII times VIII
83 Oscar winner
20 He raised Cain
101 Filmmaker
NutRageous
for “Harry and
11 Volleyball
Anderson
22 Catch some rays
wrapper
Tonto”
position
102 Time out
23 Twain’s “The
56 Excessively
84 Minds the
12 Conference
Innocents
104 Golf’s cousin
overcharged
moppets
pin-on
Abroad,”
106 Timid
58 Saldana of
notably?
86
All-around
good
13
State
with
a
government
“Avatar”
guy
northern
25 Filing job,
agent?
59 Innocent’s lack
panhandle
perhaps
88 Marine mollusk
108 Attendance
60 Underground
14 Church decrees
27 Mic drop sound
91 Casual shoes
response
band?
15 “Sounds about
28 “Get out, kitty!”
92 Use as a source
109
Place
for
a
fork
61 Syndicate singer
right”
29 Consecrated
94 ABBA, e.g.
112 Swell time?
62 Dull fellow with
16 Like most of
carpentry tool?
96 Aussie lassie
113 What a Yankee is
gray whiskers?
Montana
31 Room for
doing during the
98 Philosopher
65
Gomer
Pyle’
s
17 Had down cold
receptions
Subway Series?
Wittgenstein
portrayer
21 “Cool” amount
33 First American
117
Cuban
leftover
101 Batter blender
68 Brush alternative
woman to win
24 Keys on maps
103 River through
69 Herd of fraternity 118 Disparaging
the all-around
26 Followed a
remark
Kashmir
hopefuls?
gold in Olympic
recurring
119 Prince song
gymnastics
104 Trattoria topping
74 Hydrocarbon
sequence
“___ U”
suffix
34 Sgt.’s
105 Frat party garb
30 Underpinning of
120
Chewed
(out)
subordinate
75 Org. for case
106 Make small talk
WWW pages
121 B’way purchase
workers
35 Many SAT takers
107 Jumping chess
32 Deceptive ploys
122 Cart puller
78 Braves, on
38 Contrite person
pieces: Abbr.
33
Steak
tartare
scoreboards
123 Theatrical
39 Italian city
108 Take charge of
ingredient
no-show
famous for its
79 Numbered hwy.
110 Rifle rounds
35 Move in circles?
prosciutto
124 Forum admins
80 “Fat chance!”
111 Tough to fathom
36 “I dreamt a
40 Flounder’s cousin 82 Layers of bricks
Down
dream tonight”
114 P look-alike
42 Photo caption of
1 Old JFK flyer
85 Like many Tatars
speaker
115 Treasury dept.
Barrymore
2 Audition goal
87 Long for
37 Capital
branch
vacationing in
3 Jazz home
88 Radio pioneer
39 Inca Trail location 116 Six-pt. plays
Paris?
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
34
29
38
39
24
25
20
14
35 15
33
10
9
21
30
5
11
6
19
1
2
40
3
26
16
4
36
8
28
13
7
12
23
17
18
41
22
27
32
37
31
Spell Weaving | by Mike Shenk
The answers to this puzzle’s clues
form a continuous thread that is
interwoven like a tapestry. Enter
one letter per space, beginning in
the square at the left edge and
proceeding to the right. When you
reach an edge, make a right-angle
turn in the direction of the arrow
next to the grid. Each answer
begins in the correspondingly
numbered space and immediately
follows the previous answer in
the thread.
25 Stone’s co-star in “Battle
of the Sexes”
26 Polynesian island
northwest of Tahiti
(2 wds.)
27 Browbeats
28 Made out
29 A decloaking Romulan
warbird might trigger one
(2 wds.)
30 Person who dines in a lot
31 Close-knit group
32 Merged into a single body
33 Long
34 Mechanic’s specialty
35 Herr Sacher created one
36 Paying no attention,
perhaps
37 Bulbs with a sweet, mild
flavor (2 wds.)
38 No longer on the board
39 Act the heckler
40 UPS Store buy
41 Reflect
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 Writer of “What a tangled
web we weave when first
we practice to deceive”
(2 wds.)
2 “You sure got that right!”
(2 wds.)
3 Bench-clearing event
4 Classic Napoleonic
palindrome (7 wds.)
5 System with a lot of
ductwork (2 wds.)
6 House speaker Paul
7 Milestone for a new pilot
8 Tomahawk or Patriot, e.g.
(2 wds.)
9 Arrested (2 wds.)
10 Verdi opera set on Cyprus
11 Unbleached sweetener
(2 wds.)
12 Declares invalid
13 Statutes with built-in
expiration dates (2 wds.)
14 Go on the wagon (2 wds.)
15 Creeper keeper
16 Activity record on a server
17 Object of detestation
18 Call for
19 Street feature that may
have a No Standing sign
(2 wds.)
20 Recount
21 2016 film that didn’t win the
Best Picture Oscar (though
for two minutes everyone
thought it had) (3 wds.)
22 Borscht veggie, in Britain
23 Gypsy loved by
Quasimodo
24 Critter, humorously
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
ICONS
FROM TOP: OTTAWA, NATIONAL GALLERY OF CANADA/SUCCESSION MARCEL DUCHAMP/ADAGP, PARIS AND DACS, LONDON 2017; SALVADOR DALÍ, FUNDACIÓ GALA-SALVADOR DALÍ, DACS 2017
Duchamp
And Dalí:
Dizzy Duo
secretly created from 1946
to 1966. On permanent display at the Philadelphia Museum of Art and viewable
only through peepholes, the
multimedia “Étant Donnés”
is an erotically charged diorama that includes a motorized waterfall, an oldfashioned
lamp,
a
hyperrealist landscape and
a model of a nude woman
made of molded parchment.
After meeting in the
1930s, Duchamp and Dalí
caught up with each other
in Cadaqués, the Catalan
beach resort near the
French border, where Dalí
had a house for over 50
years. Duchamp spent his summers there during
the last decade of his life. They also met up in
the U.S., where they both lived during World
War II and where Duchamp spent much of his
time after the war ended.
Duchamp was “cool, reserved and meditative,” while Dalí was more passionate and excited, Ms. Adès says. They shared a fascination
with scientific subjects and imagery and had a
similar sense of humor. They both read historical treatises on perspective theory and played
with perspective in their works, such as Dalí’s
1951 painting “Christ of St. John of the Cross,”
which is in the show.
They also both had an eye for gender play.
The London exhibition includes a 1921 photo by
Man Ray of Duchamp dressed
as his female alter ego, Rrose
Sélavy, and Duchamp’s 1919
defacement of a postcard version of the “Mona Lisa,” who
is a given a thin mustache
that now seems downright
Dalí-like. The androgyny in
those works finds an echo in
Dalí’s own gender-bending
turn in a 1943 portrait by German fashion photographer Horst. Dalí’s closed eyes, long eyelashes and smooth skin are nearly ladylike,
with his telltale mustache looking almost
drawn-on.
While Dalí was famous for most of his life,
Duchamp had what could be called bouts of infamy. This year marks the 100th anniversary of
his attempt to exhibit a Manhattan urinal as an
artwork at a New York exhibition. Named
“Fountain,” the work anticipated later 20thcentury milestones like Joseph Beuys’s fat-covered chair to Tracey Emin’s stained mattress.
The story of this “readymade”—one of more
than a dozen manufactured objects that Duchamp presented as artworks—is commemorated
in a separate exhibition at the Philadelphia Museum of Art, which runs through Dec. 1. No one
knows what happened to that urinal, says Philadelphia curator Matthew Affron, but Duchamp’s
replica urinal from the 1960s, also titled “Fountain,” is on display in London. Its counterpart,
arguably, is Dalí’s own 1938 surrealist tweak on
a readymade, commissioned by poet and Dalí
patron Edward James and on view in the London exhibition: a dial telephone with a red plaster lobster sitting on top of it.
The American version of the London exhibition runs from Feb. 10 to May 27 at the Salvador Dalí Museum in St. Petersburg.
An exhibition in London depicts
longtime friends with shared interests
BY J.S. MARCUS
FRENCH-AMERICAN Marcel Duchamp and
Spanish surrealist Salvador Dalí were the odd
couple of 20th-century art. Their unlikely
friendship is the subject of a new exhibition
that opened this month in London and moves
to St. Petersburg, Fla., on Feb. 10.
By making art that took just about any form
but conventional painting and sculpture, Duchamp (1887-1968) paved the way for generations
of conceptual and installation artists, but his
sparse and cerebral output has never found a
wide public following.
Salvador Dalí (1904-89) was also a pioneer,
but in self-promotion and modern celebrity as well. For much of his career,
he was as famous for his upturned,
pencil-thin mustache as for his disturbing, dream-filled images, a few of
which—like the melted pocket watch
of his 1931 painting “The Persistence
of Memory”—are among the most
recognizable of the 20th century.
The 163 objects in “Dalí/Duchamp”
at London’s Royal Academy of Arts include
some of the artists’ best-known works, as well
as snapshots of their four decades of paldom,
such as postcards and vacation photos. The two
most likely met in Paris in 1930, when they
were both part of the city’s Surrealist circle of
writers, artists and filmmakers. Their friendship, which hasn’t been examined before in an
exhibition, is documented in private photos, letters and third-party accounts.
“I hadn’t put the two together,” says the
show’s co-curator, Dawn Adès, who had been
writing about both artists for a few decades before she saw the connection. She says that she
first became interested in the friendship some
15 years ago, when she discovered, in the bathroom of Dalí’s widow, a 1960 photo of the duo.
The two artists are in New York, standing in
front of Dalí’s outrageously erotic 1933 painting
“The Enigma of William Tell.” In the photo, the
older, bespectacled Duchamp is smiling placidly,
nearly disappearing inside his dark overcoat,
while the younger, more famous and more
flamboyant Dalí is extravagantly gesturing in an
eye-catching pinstripe suit.
The London show includes the photo and a
number of Dalí works related to “William Tell,”
as well as Duchamp’s own studies related to his
mysterious masterpiece, “Étant Donnés,”
roughly translated as “Given,” which Duchamp
A publicity
hound and
a cerebral
master.
MARCEL DUCHAMP’S ‘Bicycle Wheel,’ top, a ‘readymade’ found object,
was first created in 1913; this is a 1964 version. Above, ‘Lobster Telephone’
(1938) by Salvador Dalí in collaboration with poet Edward James.
MASTERPIECE: ’ELVIRA MADIGAN’ (1967), BY BO WIDERBERG
INTIMATE BLISS THAT FLIRTS WITH TABOOS
lines about three minutes prior to
shooting, so as to endow them with
an immediacy, if not spontaneity. The
FIFTY YEARS AGO this October a
17-year-old Degermark won the Best
Swedish film, not signed by Ingmar
Actress prize at Cannes that year.
Bergman, captured the heart of audiAn admirer of Jean-Luc Godard’s
ences around the world. “Elvira Madetached, cerebral cinema, Widerdigan” was directed by Bo Widerberg seems in retrospect to have had
berg, a full-blown romantic despite
more in common with the humanism
his trenchant essays on society and
of François Truffaut. Manifestly incinema, who by his mid-30s had esspired by the painter Pierre-Auguste
tablished himself as a counterweight
Renoir, he said that he wanted to
to Bergman’s massive influence in
dwell on the things of life so dear to
Swedish cinema. Widerberg had dehim—grass, wine, crusty bread,
livered a waspish attack on the Mascheese, Elvira’s skin and
ter’s metaphysical cinema, in which
dresses. Like Bonnard’s
man is either humbled or exalted,
canvases, “Elvira Madiand which Widerberg judged out of
gan” communicates an
touch with the everyday reality of a
intimate bliss, a sensual
Sweden struggling to assert itself as
affection for natural
a modern democracy, an “experiment
light and objects. Perin welfare” as he termed it.
haps even more vivid is
“Elvira Madigan” was the most
the evocation of pastoral
commercially successful film of Witragedy shown in the
derberg’s early career, especially in
paintings of the Prethe U.S. (where, under the banner of
Raphaelites, such as John Everett
Don Rugoff’s prestigious Cinema V,
Millais’s “Ophelia.”
it earned more than $10 million at
At first look, “Elvira Madigan” apthe box office). It appeared first at
pears a mere wisp of romantic agthe New York Film Festival, and
ony, its tale too trite to bear the
only a couple of months after the
weight of analysis. But in terms of
release of “Bonnie and Clyde”; audisound and imagery, it’s an abiding
ences saw in these doomed Scandiclassic. Jörgen Persson’s cinematognavian lovers something of the deraphy catches the breath with its
PIA DEGERMARK as the lead in Widerberg’s film. Widerberg
terminist individualism of Bonnie
gorgeous, shimmering palette deprovided a counterpoint to Bergman’s metaphysical cinema.
Parker and Clyde Barrow.
rived from a Swedish summer. Its
The true story of Sixten Sparre
textural grace is tinged with Scandiand Hedvig Jensen, with embellishment their stricken affair proved stillborn, for Sixten navian premonitions of death—the raspberries
through the years, had become almost legend was married and the gulf between their social and cream signaling the intensity of happiness,
in Denmark. She, a tightrope artist performing classes unbridgeable. They committed suicide the gurgle of spilled wine prefiguring the final
with her stepfather’s circus, had met the together on the Danish island of Tåsinge.
loss of blood and vitality. Silence is used to
Swedish nobleman Count Sparre while on tour
Widerberg worked from a mere 25-page great effect, and natural sounds, such as the
in southern Sweden during the late 19th cen- script, without dialogue. He gave his actors buzz of bees or the soughing of wind in the
tury. Both succumbed to a coup de foudre, but Thommy Berggren and Pia Degermark their trees, give the film an extra dimension. WiderBY PETER COWIE
berg’s use of the Andante from Mozart’s Piano
Concerto No. 21 in C Major matched the
dreamlike melancholy of Sixten and Elvira’s illfated journey.
“Elvira Madigan” is utterly emblematic of
its time—1967, a year that produced both the
Beatles’ album “Sgt. Pepper’s Lonely Hearts
Club Band” and “I Am Curious—Yellow,” the
“other” Swedish film that assaulted social and
sexual taboos. The tenderness of “Elvira Madigan” seemed in accord with the Flower Power
movement and 1967’s “Summer of Love,” while
Sixten’s desertion from the army struck a
chord with younger audiences opposing the
Vietnam War. So too did its approach to suicide. For example,
Agnès Varda’s “Le bonheur” had
appeared two years earlier, tackling a similar theme (but using a
different Mozart theme—from the
Clarinet Quintet).
Sixten’s friend from the army
tries in vain to deter him from
pursuing his doomed and hedonistic infatuation: “If you look at a
blade of grass that’s close to your eye, that
blade is clear but nothing else is. Everything
else is blurred. We must make choices, Sixten.”
To which, undeterred, Sixten replies: “I believe
one blade of grass can be the whole world. You
have to see things up close.”
Widerberg’s period gem thrives on tenderness and intensity of feeling, on the foolhardy
courage of its lovers, and on its unwavering
confrontation with death. Perhaps Ernest Hemingway really was right when he wrote in
“Death in the Afternoon”: “If two people love
each other, there can be no happy end to it…”
EUROPA FILM/KOBAL/REX/SHUTTERSTOCK
It pivots
on the
foolhardy
courage of
its lovers.
Mr. Cowie is a film historian who has written extensively about European cinema, and
the work of Ingmar Bergman and Swedish
film in particular.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Three ways to
embolden your
cooking with
Calabrian chiles
Dan Neil on the
Mazda MX-5’s
never-ending
success story
D6
D10
|
DRINKING
|
STYLE
|
© 2017 Dow Jones & Company. All Rights Reserved.
FASHION
* * * *
|
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, October 14 - 15, 2017 | D1
The
Backpacks
Are Coming
The collegiate carry-all is storming corporate
America, with luxurious versions elbowing out
old-school briefcases and messenger bags
BY JACOB GALLAGHER
T
HOUGH HE HASN’T been in the
workplace for long, 26-year-old
Miguel Osio has already seen it undergo a strange transformation.
Men—businessmen—are carrying
backpacks, not briefcases. The New York-based
marketing consultant has been startled both by
the sheer number of toters as well as their demographic range. “I even see a few older guys,
men in their 50s and 60s, commuting, getting
off the subway in their suits and ties with their
black Tumi backpacks,” said Mr. Osio, who car-
ries a brown Tumi backpack himself. A briefcase,
he mused, used to confer legitimacy on its
owner, but that staid symbol of corporate success seems to have lost its mojo. “I’ve worked in
very traditional, conservative companies, and
the formality [of a briefcase] seems impractical,” said Mr. Osio. Once, a snooty receptionist
would have presumptuously redirected a backpack wearer to the mailroom, declining to buzz
him in. But there’s been a shift in what constitutes a boardroom-worthy bag, and backpacks
are assuredly in the game.
Enter an office elevator in any city, and you’ll
spot nearly as many backpacks as tightly gripped
Starbucks cups. While besuited businessmen ha-
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (BACKPACKS); GETTY IMAGES (GUARDS); PHOTO ILLUSTRATION BY JOHN KUCZALA
EATING
ven’t entirely abandoned briefcases and messenger bags, the backpack is gaining ground. According to NPD, Inc., which tracks retail trends, sales
of adult men’s backpacks have grown steadily in
the past two years. Sales of that segment increased 5% to $864 million between August 2016
and this past August, representing 48% of the entire U.S. backpack market.
Driving that uptick, in part, is the backpack’s
evolution into a higher species of bag. “Men’s
backpacks have gotten more executive,” explained NPD analyst Marshal Cohen. That means
fewer sad-sack shapes in cheap polyester and
more finely crafted designs in sumptuous
Please turn to page D2
[ INSIDE ]
NON-DUTCH
TREATS
The growing appeal
of delicate, petite,
wild Turkish
tulips D9
IN THIS CORNER,
CORDUROY
Why women are
in conflict with
the fabric of the
moment D3
RARE FINDS
In search of the standout steaks
in Buenos Aires D4
A BIGGER TO-DO
How to get the most out of
task-checklist apps D11
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D2 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
STYLE & FASHION
Continued from page D1
leather. “Backpacks have evolved
from utilitarian and technical versions, from brands like Oakley or
Victorinox, to ones that are [more
upscale] in leather, or a mix of
fabrication,” said Mr. Cohen.
Many are as dignified as the
Swaine Adeney Brigg attaché that
Sean Connery carried in 1963’s
“From Russia With Love,” but unlike 007’s boxy briefcase, they won’t
spritz tear gas into your adversaries’ eyes. Across the board, labels
are crafting backpacks built for the
C-suite: supple suede rucksacks
from Brunello Cucinelli; fashionable
yet functional flip-tops from Milan’s
Bottega Veneta; and safari-styled
leather-trimmed bags from Ghurka.
At Saks Fifth Avenue in New
York, white-collar shoppers are
scrutinizing backpacks in much the
same way men must have studied
briefcases in the 1950s and ’60s,
and messenger bags in the 2000s.
“The backpack has exploded as the
go-to accessory in the man’s wardrobe,” said Roopal Patel, the senior
vice president at Saks.
Sure, she said, some of this
growth can be traced to the rise
of dress-code-allergic startups and
a more casual attitude about business attire overall. But whether
you’re an executive or an intern, a
Patrizia’s pat response: Sling-bags
“no longer look the part.”
Evidently, the backpack does.
What’s more, innovations in construction have made it a lighter,
more comfortable option to carry.
New companies, such as Denmark’s
Mismo, New York’s Stuart & Lau,
and Portland’s Tanner Goods, use
waterproof materials, lightweight
strap designs and soft anatomical
panels to ensure carrying ease.
During their former lives as investment bankers at Lazard in
London, Sam Bail and his friend
Abel Samet had the idea for Troubadour, a six-year-old British backpack label. “Guys would come into
work in a nice bespoke suit with a
backpack that was in stark contrast to their suit in its look and
quality,” said Mr. Bail.
They developed a waterproof
Italian-leather model—strategic
since backpacks often jut out from
men’s backs beyond umbrella range.
Contact points, the spots where the
backpack hits the body, are cushioned by a molded back panel and
memory foam straps that rest cozily on the shoulders.
When you’re picking out a boardroom-appropriate backpack, common sense should prevail: Avoid
loud color schemes or cartoonish
emblems that will lead your coworkers to think you grabbed your
toddler’s bag for the day. Sophisticated minimalism should rule.
Consider, too, the way you wield
your new corporate accessory when
entering the office or a meeting.
Rather than lugging his backpack in
as if he’d just exited the Appalachian trail, Mr. Osio takes it off and
holds it by the straps. That way he
avoids the ungainly flailing of his
arms on the dismount.
The same advice applies when
you’re in an elevator, or any other
close quarters where, whipping
around, you might take out a bystander’s eye with an errant toggle. Trust us, your fellow journeymen will thank you. Just before
they compliment you on that great
new backpack.
Rated G for Grown-Up
“It’s no longer about black or
brown leather backpacks,” said
Saks’s Roopal Patel. “Men have so
many options to choose from.”
Here, eight handsome choices.
Clockwise from top left:
Backpack, $2,250, Bottega Veneta,
800-845-6790; Backpack, $3,695,
brunellocucinelli.com; Backpack,
$1,150, us.burberry.com; Backpack,
$645, haerfest.com; Backpack,
$540, mismo.dk; Backpack, $995,
shinola.com; Backpack, $595, troubadourgoods.com; Backpack,
$1,095, ghurka.com
A backpack schleps your
stuff and leaves your
hands free to multitask.
backpack suits the densely stacked
schedule many men now face. “We
think about how a man is living
his everyday life,” Ms. Patel said,
describing the thought process behind the store’s selection of bags.
“We look at functionality: Does it
fit his laptop and workout gear—
how about a water bottle?” A
briefcase can get you to the office
and back, but what if you have
tennis at 8 a.m., meetings all afternoon and ceramics class at 7
p.m.? A backpack, she added, better targets a modern man’s needs.
And while carrying a briefcase
leaves you with a single free hand—
a hand unable to simultaneously
text and funnel caffeine down your
throat—a backpack schleps all your
stuff and equips you to furiously
multitask. “I need my hands free to
be able to communicate,” said Adam
Patrizia, 38, a New York-based chief
innovation officer at a hospitality
startup who converted to the backpack faith five years ago. His current olive-and-black number from
Colorado’s Topo Designs allows him
to fire back an email—unlike the
Want Les Essentiels tote he used to
carry. And what of shoulder bags,
such as Filson’s tobacco-tan messenger, which once sat alongside
raw-denim jeans and flannel shirts
at the apex of Americana cool? Mr.
5 REASONS I’LL NEVER, EVER, EVER, EVER WEAR A BACKPACK
A HOLDOUT—AND DEVOTEE OF CROSS-BODY BAGS—VENTS
1. A backpack is incredibly awkward to access
when you’re on the move.
Need a cough drop halfway
through your subway commute? No problem: It only
takes five short minutes to
wriggle out of your practical
fashion accessory and unzip
it. The two or three professional contortionists I know
swear by their backpacks,
but then they’ve always
been showoffs. It’s as if
someone decided men
should store their wallets on
the bottom of their shoes.
2. Wearing one is like
being nine-months pregnant, only backward. The
massive growth extending
from your shoulder blades
will not, however, grow up
to be your pride and joy and
graduate from an obscure
liberal arts college with a
daring student film called
“Resonances” under its belt
and a mere $139,000 in
student debt. It’s just, you
know, a backpack. Unwieldy.
Protuberant. Given to knocking children’s milkshakes off
Dairy Queen counters when
you spin around abruptly.
guys I see with backpacks
just sling them over one
shoulder like a supposedly
unhealthy bag. So much for
the design’s ergonomically
superior weight distribution.
3. It costs more than you’d
think to buy a decent replacement milkshake—or
rather dozens of them.
Money better spent on a
nice, discreet, graceful crossbody bag.
5. I’m Canadian. Which
means Americans look at
me weirdly when I reflexively
call a backpack a “knapsack” as I did back in Canada in eighth grade when I
studied “Industrial Arts” or,
as you call it, “Shop.”
—Dale Hrabi
4. I prefer to come by my
muscle strain and poor
posture honestly. Half the
FURLA.COM
ITALY 1927
5th AVENUE & 51st STREET, NEW YORK
212 572 9945
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI; ILLUSTRATION BY LAUREN TAMAKI
LEADERS OF THE PACKS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | D3
STYLE & FASHION
LOVE/HATE RELATIONSHIP
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY REBECCA MALINSKY, HAIR & MAKEUP BY REBECCA ALEXANDER, MODEL: CLAUDIA LIBEROVA/NEXT MODEL MANAGEMENT
WHY WE HATE IT
I HAVE NEVER been a fan of
wide-wale corduroy, that
thickly ribbed version of the
velvety napped fabric that is
currently in full comeback
mode. The term itself is a
turnoff: I generally avoid
wearing anything described
as “wide,” wary that my body
might appear to widen in said
garment. And ‘wale’—while
spelled differently than the
word for the gargantuan
aquatic creature—contributes
to my concerns.
But designer Rachel Comey
pushed aside my pudgy-girl
fallacies. “If you try to make
it body-con, corduroy isn’t
slimming,” she said. “But with
the right silhouette, like a
great coat that gives it a
wider sweep, you get a proportion that makes it easy to
wear.” I thought I spied such
a piece in her capacious caramel cord overcoat. But I was
still suspicious.
Katie Baron, author of
“Fashion & Music: Fashion
Creatives Shaping Pop Culture,” made a hard sell: “Corduroy ticks a lot of boxes. You
can wear it to work and not
look corporate,” she said.
“Corduroy is nerdy in that
ugly-beautiful-luxe way that
Miuccia Prada does so well.”
Ugly? Nerdy? While I admire Ms. Prada, somehow I
think my attempts to pull off
exquisite nerdy-ugliness
would make me look like an
extra on “The Big Bang
Theory,” say, a visiting physicist from a country still living
in the shadow of communism.
WHY WE LOVE IT
Cord
Discord?
Though fashion is spotlighting cozy
corduroy this fall, women often have a
conflicted relationship with it
PLUSH HOUR Sweater, $640, Prada, 212-334-8888; Dries Van Noten Trousers, $475, bergdorfgoodman.com; Rosetta Getty
Shoes, $595, farfetch.com; Elizabeth Locke Chain Necklace, $14,600, Carnelian Seal Charm, $4,550, and Pearl Charm, $3,900,
Neiman Marcus, 800-937-9146; Thom Browne for The Rug Company Rug, from $4,632, The Rug Company, 212-274-0444
THEN AGAIN, I’m torn. If you
look at the chic, decidedly
non-ugly versions from designers such as Dries Van Noten, Marc Jacobs and Tory
Burch, it’s easy to see why
corduroy is called the “poor
man’s velvet.” The menswearinspired tailoring of Mr. Van
Noten’s wide-wale caramelcolored cords in stretchy cotton (left) seems polished, not
plump-making. Ms. Baron, her
enthusiasm undimmed, made
a convincing case that they
would be ideal for the office,
paired with a silky blouse and
cashmere cardigan.
Though I’m personally not
sentimental about corduroy, it
evokes fuzzy memories in
people who wore it in childhood, said Omar Varts, CEO
of the Stockholm clothing
brand, the Cords & Co., opening a New York store soon. He
credits strong sales of the label’s 5-pocket pinwale pants
partly to that “familiarity,” as
well as the luxurious feel of
the ribbed textile.
Ms. Burch’s associations
are very specific: “Cords were
my weekend uniform,” she
said. ”When I was 10 and running around my parents’ farm
with my brothers, I wasn’t
thinking about style. I just
needed something comfortable for climbing trees.”
Ms. Burch’s pinwale pants
and cord-trimmed canvas
jackets seem polished enough
for a weekend brunch, though
it’s likely her fans no longer
yearn to shinny up elms.
—Donna Bulseco
FRESH PICK
INVITATION TO
PARTY
Jacket, $2,990,
Carolina Herrera,
212-249-6552
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI
A new holiday collection by Carolina Herrera
arrives fashionably early
IT MIGHT SEEM bizarrely early to think about the holidays, but
designer Carolina Herrera—who’s about to launch a special, 30piece collection of festive wear—thinks America particularly needs
diversion this year. “I’m in the mood for fun,” explained Ms. Herrera. “We need to be optimistic about the world. This was the
time to do it.”
Known for her restrained, elegant gowns and crisp white shirts,
Ms. Herrera decided to cast restraint aside with these kick-upyour-kitten-heels looks: She emboldens a short ladylike dress with
emphatic black and white stripes, and encourages a mink jacket to
flirt its way through a room, equipping it with flamboyant bell
sleeves. A white silk faille jacket with black-satin bows, one of her
favorite pieces, would pair convivially with any dark satiny separates in a woman’s closet.
But none of these are day-to-evening wear, cautioned Ms. Herrera. “I always say, take some time to change!”
—Rebecca Malinsky
Dress,
$2,490
Jacket,
$12,990
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D4 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
ADVENTURE & TRAVEL
IN SEARCH OF
Prime Time in Buenos Aires
Argentina’s capital specializes in succulent steaks that won’t break the bank. A few pointers to chew on
BY NICHOLAS M. GALLAGHER
Order the mixed grill
and you’ll be presented
with massive hunks of
meat clinging to bones as
long as your forearm.
A parrilla, or steakhouse, offers
familiar cuts of steak: bife de ojo
(rib-eye), bife de chorizo (sirloin)
and bife de lomo (filet). These are
served in relatively modest lunchtime portions of a third to a half a
pound and belt-busting dinnertime portions, from 1 to 2 pounds.
But Argentines also serve steak in
ways you won’t find anywhere
else: You can’t eat a pound of
steak every other day or so without mixing it up a bit. Consider lomito, a smaller filet covered in
ham, cheese and an egg. Asado de
tire, which is often translated as
“ribs,” is actually a cut along the
bone (you’ll get about a halfdozen to a dozen round ends of
the rib). And if you order the parrillada, or mixed grill, don’t count
on receiving beef tidily trimmed
into a steak. Instead, you’ll be presented with massive hunks of
meat, fat and sinew, clinging to
bones as long as your forearm.
The Argentines season their
grass-fed, Pampas-raised beef only
with a bit of salt—so whereas
cornfed, butter-slathered American steak smacks you over the
head with flavor, the Argentine
variety usually takes a while to
build on the taste buds as the
meal goes on. (And often lingers,
in a pleasant and non-fatty way.)
Another key difference between
a nice, juicy filet in Buenos Aires
versus one in, say, New York City:
the price. Even at the pre-eminent
restaurants in Buenos Aires, a
steak usually runs no more than
$20 to $35, and a bottle of Malbec, usually under $25. In other
JAVIER PIERINI FOR THE WALL STREET JOURNAL
S
TEAK BEARS the same
relationship to other
types of food that the
lion bears to the jungle,
or Louis XIV bore to the
French: It is indisputably king. But
the question of where to find the
best steak—the king of kings—kindles considerable debate. Within
the U.S., both Chicago and Texas
make strong claims. Internationally, Argentina is one of America’s
fiercest competitors. So, braving
gout and inadvisable cholesterol
levels, I headed down to the Argentine capital of Buenos Aires to
judge for myself.
To a meat-loving outsider, it
might seem like all of Argentina is
devoted to the art of raising and
eating cows. The Pampas, fertile
lowlands optimal for ranching
grass-fed beef, cover vast swaths
of the country. The gauchos, the
horsemen of the Pampas, hold the
same exalted cultural status that
cowboys once did in the U.S.
Along with their neighbors in Uruguay, Argentines consume the
most beef of anyone in the world.
Estimates vary, but as of 2013, the
average Argentine consumed 120
pounds of beef in a given year—
twice that of gluttonous Americans (57.5 lbs.).
“This is a country where everybody cooks steak and everybody
eats steak,” said Maciej Ceglowski,
a web developer and food blogger,
and the author of the online essay,
“Argentina on Two Steaks a Day.”
“They’ve done it since they were
small, they’ll do it ‘til they die, and
they do it really well.”
As you might expect in a land
where steak forms a major food
group, Argentina has pioneered a
multitude of ways to butcher and
prepare meat. Usually, beef is
placed over a mixture of wood and
charcoal that produces relatively
little smoke and cooks the meat
very slowly.
This is done in two main ways—
al asador, in which meat is cooked
on cruciform spits over an open
fire pit, and a la parrilla, in which
cooking is done in a covered grill,
usually via indirect heat and with a
higher amount of charcoal involved
(though the exact formula is of
course a trade secret of each grillmaster).
LIKE A BACKYARD BBQ, INSIDE
El Ferroviario
Meet me under the highway on the outskirts of
town, by the rusted-out locomotive, and bring cash.
No, it isn’t a drug deal—it’s El Ferroviario, once the
staff cafeteria of the Liniers football stadium and
words, you can eat and drink
pretty darn well in the Argentine
capital for less than you’d pay for
a single New York Sirloin at
Keen’s Steakhouse.
I did, however, discover one
dreadful downside: a tendency to
overcook the meat. With larger,
thicker steaks (cuts in restaurants
can be up to 3”) this is perhaps an
understandable technique—sear
the outside, so as to leave the inside pink. But with more modestly
sized slices, it becomes a real
problem. The terms jugoso (medium-rare) and vuelta y vuelta
(rare) should come in handy.
As for accompaniments, expect
chimichurri, the omnipresent parsley-based steak sauce, and lots and
lots of sides. Chorizo sausage (mild,
unlike its Spanish cousin) shows up
often, but my personal favorite is
the proveleta, a slice from a wheel
of provolone cheese, covered in
oregano and grilled. (Imagine a
pizza made entirely of cheese—this
is a dish whose time has come.)
Others required a palate more adventurous than mine. Among them:
the morcilla (a truly bloody blood
sausage), chinchulines (small intestine) or criadillas (testicles). Vegetables rarely made an appearance.
When you’re consuming meat
on this level, it becomes more a
way of life than simply a meal, insisted Mr. Ceglowski. Take, for example, the average Argentine’s
fondness for the asado, or backyard barbecue. As Mr. Ceglowski
put it, the asado plays a social
role for which Americans lack an
equivalent. “We have the suburban dad around the backyard
grill,” he said, “but it doesn’t hold
a candle to the cultural resonance
of the asado…Argentines’ gregariousness comes through in their
food culture.”
Allie Lazar, the food writer behind the online guide to Buenos
Aires’ restaurants “Pick Up the
Fork,” sees the carnivorous conviviality of Porteños (natives of
Buenos Aires) as uniquely democratic. “No matter the socioeconomic status, neighborhood or upbringing, Argentines of all
backgrounds are probably eating
steak for dinner,” said Ms. Lazar.
“There’s a parrilla on pretty much
every city block, and unlike the
steakhouse in the U.S., here steak
is an everyday food. You may walk
into some parrillas and see men
dressed in ties, but just next door
another filled with people in
workout gear—or even shirtless.
The parrilla is inclusive, welcoming for everyone.”
now a bustling popular, the Argentine word for a
people’s steakhouse. The cafeteria’s rafters hang
with hams and cheeses, and span a vast space filled
with big circular tables that seat about a dozen family or friends each. Demand has outstripped supply,
and so there’s a tent for spillover, where football
matches play on TVs. Come very hungry, bring
friends if you can, and order the mixed grill, the parrillada. The table will be stacked with plates of proveleta, sweetmeats and chorizo before the main
event—giant, savory slabs of beef, clinging to the
bone—even arrives. Av. Reservistas Argentinos 219
CLUB GRUB
La Cabrera
Along with its twin across the
street, La Cabrera Norte, this chic
steakhouse shares the same part
of Palermo as many of the city’s
liveliest night spots. From 10 p.m.
on, you’ll usually find a young
crowd of carnivores packed inside
the dining room, nibbling away at
expertly butchered cuts of meat.
Order your rib-eye rare, as I did,
and you’ll get a 3-inch-thick slice
perfectly purple at its center. A
bottle of Malbec from the extensive, reasonably priced wine list
makes a fine complement to the
meal—or the foundation for a
longer night out. Cabrera 5099,
lacabrera.com.ar
THE LOCAL
FAVORITE
Parrilla
Peña
At this unpretentious, two-story
eatery in the
Centro district—
near the courts
and the opera
house—you’ll reliably find more
Porteños than
tourists. They
stream in day
and night for
succulent bife de
chorizo and ribeye, and steak fries, the house specialty, all cooked up in the semi-open
kitchen and served on aluminum platters. Even more so than the other
steakhouses I visited around town, most of the other patrons spoke
Spanish, but the waiters (as with many restaurants in Buenos Aires
I found) were happy to offer explanations and suggestions in English.
Rodriguez Peña 682, parrillapenia.url.ph
THE CLASSIC
Fervor
Leave it to the city’s ritzy, old-world
Recoleta neighborhood to be home
to this cinematically elegant steakhouse. Glide past the globe lanterns
and floor-to-ceiling velvet curtains
at Fervor’s entrance, past the bar to
the split-level dining room, with its
black-and-white checkerboard
floors and cherry-red-leather
booths. It feels a bit like an all-day
brasserie, where, during the lunch
hours, old Argentine men sit lingering over their newspapers; at night,
things heat up, as stylish patrons
flood in and the wait extends to
hours. Fervor uses a charcoal that
gives the meat a bit more char, resulting in a steak with a notable
crust on the outside, yet tender and
smoky inside. Posadas 1519, fervorbrasas.com.ar
THE POWER LUNCH
El Mirasol del Puerto
Beside the quay in Puerto Madero,
where glass-and-steel skyscrapers
and redeveloped warehouses overlook
a gleaming row of yachts, El Mirasol
del Puerto (the Sunflower of the Port)
fills at lunchtime with sharply dressed
businessmen. An Argentine power
lunch is no quick affair—expect
rounds of beef empanadas, salads,
chorizo big enough to be a meal in its
own right—and then the steak. You
can order a 1½ pounder or the
(slightly) more modest, one-pounder,
both still veined with enough fat that
they’re served sizzling on the plate
Av. Alicia Moreau de Justo 202, elmirasol.com.ar
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | D5
* * * *
WHEN IN ROMANIA The
grounds of Transylvania’s 7-yearold Inn on Balaban, modeled
after a traditional country house.
Transylvania Doesn’t Bite
The Romanian region made famous by a Gothic ghoul is far more inviting than many necks of the woods
BY DYAN MACHAN
MY HUSBAND and I shifted
our locally built Dacia into
gear at dusk, setting out on a
two-hour drive north from
Bucharest, Romania’s capital,
to Transylvania, a mountainous region in the center of
the country. A mist turned
into ravaging rain just as the
road turned twisty and
treacherous near the Carpathian Mountain pass.
Romanian friends told us
this area of medieval villages
and fortified churches had little to do with the fiction of
“Dracula,” yet the night was
turning into a vampirish cliché. In his 1897 novel, the
Irish writer Bram Stoker described the Carpathian pass
as “an imaginative whirlpool”
where every known superstition gathered. I saw how he
might get that idea.
Our windshield wipers at
max, we soldiered on toward
our hotel in Bran, a small
town that’s also home to Bran
Castle, otherwise known as
Dracula’s Castle. Though it remains the country’s largest
tourist attraction, the castle
might disappoint true fans of
the famous bloodsucker: Yes,
it fits Stoker’s description of
the fictitious count’s humble
abode, but Vlad the Impaler,
the 15th-century prince who
some scholars say inspired
the character, lived in another
principality. More interested
in the real Transylvania, past
and present, we had planned
to spend a few days driving
around the region, where several picturesque villages lie
within easy driving distance
from one another.
Exhausted and relieved, we
finally pulled up to our first
hotel eager for a glass of
plum brandy we heard Romanian hoteliers often provide
arriving guests. But the proprietor behind the counter
wore a thin smile. I had confused one of the dates of our
stay and he was displeased.
We were brusquely shown to
an available room; no brandy
was offered.
In the morning, after deciding to save the obligatory
visit to Bran Castle for another day, we set out to explore Brasov, a neighboring
town to Bran and one of the
seven citadel cities established by Teutonic knights in
1211. Transylvania, an autonomous principality long ago,
adheres to it own history distinct from Romania’s; for centuries, it was yanked back and
forth by the Hungarians, Austrians and Romanians. Germans too, or Saxons as they
BRAN IDENTITY Bran Castle, aka Dracula’s Castle.
are known here, settled in the
region, dominating its wellto-do merchant class. They
built the most striking houses
with ornate carving, pastelwashed facades and windows
flanked by wood shutters.
These dwellings stand out like
orchids in the field of more
practically built Romanianstyle homes encircling the
wide Brasov square. We
THE LOWDOWN // TRAIPSING THROUGH TRANSYLVANIA
strolled over to the drippingly
Gothic Black Church, where a
GETTING THERE Most flights from New York to home-cooked meals; non-guests can arrange to
life-size statue of a boy peers
the Romanian capital of Bucharest make a stop in stop by for lunch. The proprietress also arranges eerily above the entrance. On
Western Europe. The drive from Bucharest to
food-themed tours (from about $83 a night;
the edge of Brasov sit squat
Brasov is 100 miles. Several airlines also fly from
40-740-090-987). The Cincsor Guest House, in
Communist-built apartment
European cities directly to Sibiu in Transylvathe tiny town of Cinsor, has 13 rooms, all
buildings, and just beyond we
nia. Either way, you’ll want to rent
decorated with a stylish airiness (from
passed horse-driven wagons,
wheels to explore. The local bespoke
about $70 a night, transilvania-cincfields dotted with haystack
travel company Beyond Dracula can
sor.ro/en)
domes and sheep tended by
help with arrangements and sugshepherds on cellphones.
gestions (beyonddracula.com).
CASTLES, COUNTS AND
At the suggestion of Alex
A PRINCE Though its connection Priscu, the personable marSTAYING THERE With 360-deto Stoker’s Count Dracula is dubi- keting manager for Bran Casgree views of the Carpathian
ous, Bran Castle remains a trippy
tle and our volunteer guide
Mountains and plenty of room to
adventure through ancient times
for the day, we planned to
roam, the Inn on Balaban, near Bra(bran-castle.com). Peles Castle, in Si- stop for lunch at the Country
sov, is as good a place as any to unnaia, has a shorter timeline but more
Hotel, in the neighboring
plug (from about $177 a night, including
storybook grandeur (peles.ro). In northern
town of Harman. Feeling
breakfast and dinner, gobtf.com/innonbalaban/
Transylvania, the U.K.’s Prince Charles, a descenpeckish, I suggested we drop
home. The Country Hotel, once a Saxon estate in dant of Vlad the Impaler, adopted and lovingly
in early. But Mr. Priscu was
Harman, offers charmingly furnished rooms and
preserved the village of Viscri (viscri125.ro).
firm: “We may not appear
prior to 1:30 because the chef
was cooking us slow food.” It
was grown slowly and
cooked slowly and we would
appear slowly.
At the appointed time, we
crossed the front porch of the
Country Hotel, past piles of
autumn squash and sprawls
of overgrown grape vines,
and straight into the kitchen
We crossed the front
porch, past piles of
autumn squash.
to meet our hostess, the chefinnkeeper, Marcela Cosnean.
Pots of herbs and dainty antiques lined the windowsills
as Ms. Cosnean dished out
portions from a porcelain tureen full of root vegetable
soup glistening with pumpkin
seed oil. After she served us
the soup in the adjoining dining room, Ms. Cosnean, who
lived in the U.S. but returned
home to open this abundantly
charming guesthouse and res-
taurant, brought out pork loin
with home-harvested peppers
and tomatoes, dishes of
cooked cabbage and a cauliflower gratin bursting with
flavor. “Give love to your vegetables, they love you back,”
she said. Quaffing local blackberry-scented wine stoked us
for exploring Harman in the
afternoon.
The town highlight is a
13th-century fortified church
built by German settlers leery
of Tatar raiders. Something of
a local specialty, 150 such fortresses are found throughout
Transylvania. Rather than
erect walls around the entire
village, settlers fortified
churches where townspeople
and their livestock could huddle for safety. Harman’s
church had an iron-toothed
gate that could dispel, one
imagines, any fire-breathing
dragon that might find its
way there.
Back on the highway, on
our way to the Inn on Balaban, a guesthouse near Bran
that was situated down a
dirt road, our Dacia nearly
disappeared into a pothole
the size of a goat. The inn,
built in 2010 but modeled on
a traditional Romanian peasant house down to its
wooden pegs, is filled with
folk-style hand-painted furniture and surrounded by
mountain views. A large,
wooden pen on the property
harbors livestock, protecting
them from bears and wolves.
When we asked the hotel
manager about the bumps on
the road, she was nonplussed. “What bumps?” she
said, conjuring the scene
from the film “Young Frankenstein” in which the disfigured Igor is asked about
his obvious hump and deadpans: “What hump?”
Guesthouses, we know
now, are the way to go in
Transylvania. At Cincsor
Guest House in the tiny village of Cincsor, our next
overnight stay, owners Michael and Carmen Schuster
artfully renovated a former
parish house and religious
school in 2008. A stone’s
throw away is a 1421 fortified Romanesque church that
still holds services.
When, on our last day, we
finally made it to Bran Castle, tour buses mobbed the
parking lot. But inside, hidden passageways, cavernous
rooms and age-old bearing
justified its popularity. An
enormous bear rug sprawled
across the floor of the music
room; its eyes followed us as
we snaked through.
We learned little about
Dracula as we toured the
house, but picked up several
other colorful tales about
Bran Castle. One is how its
one-time inhabitant Queen
Marie of Romania so adored
the castle she had her heart
cut out to remain there. Her
heart was put in a jeweled
case and buried in the castle
grounds. The box with her
heart has since been moved,
but the story was testimony
to a deeply romantic act of a
time gone by. To my taste,
that beats a vampire tale
any day.
FLYING UNDER
THE RADAR
These lesser-known airlines let you jet across
the Atlantic for a song, but buyer beware
ANYONE WHO’S been hunting for fares to Europe
lately may have stumbled across a few strange new
names in their searches. Inspired by the success of upstart Norwegian Air, the basic formula goes like this:
small, ambitious airline buys big planes and launches
flights across the pond with prices so low they look
like typos. The newest one debuts next spring: Danish
carrier Primera Air plans to launch flights from Newark and Boston to London Stansted, Birmingham and
Paris; recently it was hawking one-way fares of $99.
Too good to be true? Like Norwegian, Primera will
charge for everything that isn’t nailed down—in this
case, $45 each way for a checked bag, $40 for a meal
and $45 for an advance seat assignment.
But not all of Europe’s alternative airlines follow
this draconian model. Some, like Germany’s Condor,
throw in a free meal and checked bag. Others offer a
premium cabin at well below typical business-class
prices. “Few of these carriers hew to the same rules
about anything,” said Joe Brancatelli, who runs the
business travel website joesentme.com. Here, some
noteworthy players in this budget-airline bazaar:
1 Level
2 La Compagnie
Call it an ersatz startup—
it’s really owned by one of
Europe’s largest airline
companies, IAG, parent of
British Airways, Iberia and
Aer Lingus. Last June, it
launched with flights from
Los Angeles and Oakland,
Calif. to Barcelona, on Airbus A330s whose premium-economy sections
offer wider seats and more
legroom.
The Hook Premium-economy offers free hot meals,
movies and a checked bag.
The Hitch The cheapest
fares don’t include seat selection.
Sample Economy Fare
$462 round-trip for Oakland-Barcelona,
flylevel.com
The anti-upstart: La Compagnie is a budget allbusiness-class airline. And
it further bucks the trend
by sticking to a single
route—flying twice daily
from Newark to Paris, using a Boeing 757 with 74
seats. (After a merger last
year, it’s now part of
France’s XL Airways, a
former charter line.)
The Hook Angled lie-flat
seats (just shy of fully
flat), French food and
wines, and airport lounge
access.
The Hitch Limited frequencies; one route.
Sample Business-Class
Fare $1,500 round-trip for
Newark-Paris, lacompagnie.com
3 Condor/Thomas
Cook
These brands might seem
like new players, but
they’re not: Condor was
formerly a German charter
line, and Thomas Cook is
best known for leading
group tours. Now they’re
one airline company with a
growing fleet of wide-body
jets, adding flights to the
U.S. from their bases in
Germany and the U.K.
The Hook Free checked
bag and hot meals, plus
business-class sections.
The Hitch Cheapest fares
don’t include seat selection.
Sample Economy Fare
$619 round-trip for San
Diego-Frankfurt,
condor.com
4 WOW
5 Norwegian Air
This Icelandic line burst on
the scene a few years ago
with an extreme low-fare,
no-frills strategy. It now
flies to Reykjavik from 13
U.S. airports, connecting
to dozens of European cities and beyond.
The Hook Hard-to-beat
fares on long-haul flights
like from the U.S. to Tel
Aviv; a stopover program
allows for a few extra days
in Iceland.
The Hitch With an eyepopping $50 one-way bag
check fee, Wow’s aggressive a la carte pricing can
quickly raise the tab.
Sample Economy Fare
$349 round-trip for Boston-Tel Aviv (via Reykjavik), wowair.us
The quintessential Northern invader keeps pumping
out new routes that have
little connection with its
brand name (L.A. to Rome
nonstops start next
month). Fueling its rise:
teaser fares, like a $65
one-way from Newburgh,
New York to Dublin.
The Hook Most long-distance flights operate on
new Boeing 787 Dreamliners, with a premium class
that offers free meals.
The Hitch Many fees;
some flights are on singleclass, single-aisle 737s.
Sample Economy Fare
$338 round-trip for Fort
Lauderdale-Barcelona,
norwegian.com
—Barbara Peterson
HOLLY WALES
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL; MAP: JASON LEE
ADVENTURE & TRAVEL
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, October 14 - 15, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
For the Birds
No Longer
BY BETSY ANDREWS
T
HE TALL, blonde sunflower may be a timeless symbol of summer,
but its seeds have long
seemed stuck in the
Summer of Love. Lately, though,
chefs have been taking another look
at this versatile ingredient and finding uses for it year-round.
Sunflower seeds have swung in
and out of fashion for millennia.
Native Americans ate them out of
hand and ground them for flour and
oil. Settlers exported them to Europe, where they were adopted with
particular enthusiasm in Russia; by
the late 19th century, sunflower
seeds were advertised in garden
catalogs as “Mammoth Russian.”
‘I just started to go
off, branching out to
see how I could use
this often-overlooked,
simple ingredient.’
The name stuck into the 1970s,
when seed-encrusted health breads
were the rage. Rich in antioxidants,
sunflower seeds have stayed current with nutritional trends into the
21st century.
Now these nutty little nuggets
are transcending their health-food
associations. The seeds you used to
find only in co-op bulk bins or in
plastic packets at the convenience
store are acquiring culinary cachet.
At Union in Pasadena, Calif., chef
Bruce Kalman toasts raw, hulled
Find a recipe for sunflower seed
risotto at wsj.com/food.
kernels and uses them to boost the
excitement of a fresh cauliflower
salad. “Cauliflower flavor has to be
coaxed out,” said the chef. “The
earthiness of the sunflower seeds
does that. And the crunch they have
is beautiful with a bite of cauliflower, so it’s also about texture.”
Mr. Kalman finds that the way to
get the nuttiest, richest taste is to
roast the raw kernels slowly so the
heat draws their natural oils to the
forefront. Tossed in a little olive oil
and salt and treated to a 20-minute
bake in a 200-degree oven, the
seeds “come out nicely, especially
for salads,” where their salty bite is
most welcome.
Beyond salads, too, sunflower
seeds are muscling in on pine nuts’
role as a garnish and even going so
far as to replace the Arborio rice in
risotto. At St. Louis’ Sidney Street
Cafe, chef-owner Kevin Nashan’s
sunflower seed risotto made with
Sherry and mascarpone cheese gets
a bracing boost from lime zest and
fresh horseradish. Ingeniously, Mr.
Nashan makes the broth for his risotto by simmering salted sunflower seeds in their shells. He
cooks pan-toasted kernels in this
briny, earthy liquid until their bite
softens. Since the seeds don’t release starch the way rice does, he
purées half the batch and adds it
back to the pot to replicate risotto’s
creamy consistency.
When it comes to experimentation, though, pastry chefs are leading the pack. At Georgia’s Ritz-Carlton Reynolds, Lake Oconee,
executive pastry chef David Campbell takes a mad scientist’s approach. He’s folded the kernels into
cornbread batter, deep-fried them
in olive oil, ground them for cake
glazes and made sunflower-seed
praline for a caramelized whitechocolate bonbon.
“I just started to go off,” Mr.
Campbell said, “branching out to
see how I could use this often overlooked, simple ingredient.” His
greatest success has been with a financier, the French tea cake made
with browned butter. In place of the
typical almond or hazelnut flour,
Mr. Campbell uses ground sunflower seeds. With their high fat
content, the lightly pan-toasted kernels yield a rich, soft meal. Dotted
with blueberries and baked in a
BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY VANESSA VAZQUEZ
Sunflower seeds are breaking out of the backyard
feeder and the health-food store, as chefs use
them to bring nutty nuance to all kinds of dishes
Sunflower Seed Financier
ACTIVE TIME: 20 minutes TOTAL TIME: 1 hour MAKES: about 36 financiers or mini muffins
¾ cups unsalted butter,
plus more for greasing
11/3 cups raw, hulled
sunflower seeds
1¾ cups powdered sugar
½ cup all-purpose flour
1. Arrange rack in middle of oven and
preheat oven to 350 degrees. Grease
the cups of a mini-muffin tin or financier mold. (Depending on size of
tin, you may bake in batches.)
2. In a large skillet, toast raw, hulled
sunflower seeds over medium heat until lightly browned and fragrant, about
3 minutes. Remove from heat and cool
slightly. Transfer to a blender or food
½ teaspoon sea salt
5 egg whites
2 tablespoons orange-
processor, and pulse to pulverize.
3. Melt butter in a saucepan over medium heat. Cook, swirling continuously,
until golden brown and aromatic, about
5 minutes. Pour into a heat-safe bowl.
Cool to room temperature.
4. In a medium bowl, whisk together
sunflower seeds, sugar, flour and
salt. Fold in egg whites, honey, vanilla and brown butter. Mix to form a
blossom honey
1 teaspoon vanilla extract
1 cup blueberries
smooth batter.
5. Divide batter evenly among muffin
cups. Top with blueberries. Bake until
golden around the edges and firm in
the center, 15–18 minutes.
6. Cool financiers in pan 5 minutes.
Turn out onto a rack to cool completely.
Repeat with remaining batter.
—Adapted from David Campbell of the
Ritz-Carlton Reynolds, Lake Oconee, Ga.
metal muffin tin so the edges crisp,
the golden cakes have a fluffy interior and a flavor reminiscent of
peanut butter and jelly, only far
more elegant.
Mr. Campbell has been trying out
his tea cakes during the hotel’s
club-level happy hour. Judging by
the guests’ response, the new age of
the sunflower seed is upon us.
“They’re eating the sandwiches and
potato chips,” said Mr. Cameron,
“but they’re killing the financiers.”
Cauliflower and Sunflower Seed Salad
ACTIVE TIME: 15 minutes. TOTAL TIME: 40 minutes SERVES: 4–6
1 cup raw, hulled
sunflower seeds
5 tablespoons olive oil,
divided
1 teaspoon salt, plus more
to taste
6 cups cauliflower—core,
leaves and all—thinly
sliced on a mandolin
1 cup grated Pecorino
Romano
1 cup bread crumbs
Juice of 2 Meyer lemons
Freshly ground black
pepper
1. Arrange rack in middle of
oven and preheat oven to
200 degrees. In a medium
bowl, combine sunflower
seeds, 1 tablespoon olive oil
and salt. Toss to coat seeds.
Transfer to a baking sheet.
Roast until fragrant and
crunchy but not browned,
about 25 minutes. Cool to
room temperature.
2. In a large bowl, combine
sunflower seeds, remaining
oil, cauliflower, Pecorino,
bread crumbs and Meyer
lemon juice. Toss well. Season with salt and pepper.
—Adapted from Bruce Kalman of Union, Pasadena,
Calif.
GAMECHANGER
PEPPER RALLY
Calabrian chiles bring measured heat and mega flavor to marinara and much more
F. MARTIN RAMIN/THE WALL STREET JOURNAL
Improve
your red sauce.
Finely chop the
chiles and add to a
marinara sauce
for pasta or
pizza.
Make a
vinaigrette. Slice
the chiles into thin rings
and mix with lemon juice,
olive oil and herbs. This
is especially good over
roasted broccoli or
fennel.
Spice up
your Bloody
Mary. Swap in the
chiles for the usual
Tabasco sauce.
Add one as a
garnish.
CALABRIANS LOVE their chiles. In the toe of
Italy’s boot, you’ll find them dried in wreaths,
as a condiment on the table and in dishes
dubbed “diavolo” or “infernale.” The Calabrians are not, however, so good at marketing
them. The label on my imported jar of peppers states their purpose thus: “to make any
recipe hot.” What an understatement.
Yes, there’s heat, a slow, gorgeous burn on
the finish. But these chiles also pack fruitiness and a welcome wallop of acidity.
What we call Calabrian chiles comprise
some dozen varieties. There’s the classic long
pepper, which resembles cayenne; the shorter
Diavoletto (little devil); and the heart-shaped
Amorino. What makes them so good is Calabria’s rich soil, proximity to the water and
seemingly endless sun, as well as the way
they’re processed. The peppers are salted to
pull the water out and mildly ferment them,
then washed in vinegar and packed in oil.
As you’d expect, they add oomph to Southern Italian classics like marinara sauce and
pizza, but their aromatic punch can go further. Seattle chef Renée Erickson uses
chopped peppers to take steamed mussels or
clams from good to fantastic. With preserved
lemon, the chiles fire up a compound butter
great on steak or chicken. But Ms. Erickson’s
favorite way to eat these beauties is in a dish
she first had on the Italian coast: chile-marinated anchovies, served with Saltines and
curls of cold butter. One bite may be all the
marketing Calabrian chiles need. —Jane Black
Where to buy: Tutto Calabria Hot Long Chili Peppers, packed in sunflower oil, are widely available. Find
them online at Taylor’s Market ($8.99 for 10.2-ounce jar, taylorsmarket.com), or at Supermarket Italy
($7.79 for 10.2-ounce jar, supermarketitaly.com). (Shipping costs vary.) Italian Harvest offers Magnifici del
Mezzogiorno’s cherry peppers packed in extra-virgin olive oil ($12.50 for 6.7-ounce jar, italianharvest.com).
And while they’re not technically from Calabria, the chopped hot peppers from Ittica Alimentare Salerno
are deliciously spicy ($6 for 3.5-ounce jar. markethallfoods.com).
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | D7
* * * *
EATING & DRINKING
IN MY KITCHEN
MAXIMUM COOL
Jeni Britton Bauer in
her Columbus, Ohio,
kitchen. Below, from
left: ice cream scoops;
a selection from
North Market Spices
in Columbus.
Jeni Britton
Bauer
The ice-cream maven dishes on the power
of scent, the best-ever potatoes (from a
can!) and strategies for dining on the road
A
The thing most people notice first
about my kitchen is: the green Corian
counters. For all the ’90s fashion making its way back, a ’90s kitchen still
isn’t stylish. The counters have built-in
planter basins filled with dirt and fake
plants! It’s so bad that it’s sort of
great—though I dream of a remodel
someday. My strategy with guests is to
keep the lighting low and have good
music and a large floral arrangement to
take your eye off the kitchen.
The best feature of my kitchen is:
my almost-30-year-old flat-top stove
and its two ovens—the height of modernity when it was installed, I’m sure.
It looks a little worn now, but I have really come to appreciate a flat top from
both a cooking and a cleaning perspective.
My pantry is always stocked with:
sea salt, peppercorns, oil, Ohio maple
syrup and a good apple-cider vinegar.
Caraway is another go-to. I like to cook
with the fewest ingredients I can. You
can put those on almost anything and
it comes out great. On pork and apples, or cabbage—cooked in winter, raw
in summer.
My refrigerator is always stocked
with: butter, mustards, sausages, an
embarrassing amount of pickles—the
Midwestern diet—and Hellman’s mayo.
The ingredients I’m most excited
about right now are: super-fragrant,
just-picked local apples. I am deeply
connected to my sense of smell, and I
remember reading somewhere that
smoky scents—like vanilla—make you
Hot Fudge
TOTAL TIME: 5 minutes SERVES: 4
“This hot fudge is like magic,” said Jeni
Britton Bauer of her go-to recipe. “You take
dry ingredients and melt them together, and
they become a shiny, amazing warm sauce
for ice cream.”
¼ cup Dutch-process cocoa
¼ cup sugar
¼ cup finely chopped bittersweet
chocolate, preferably 70% cacao
¼ cup boiling water
Combine the first 3 ingredients, then
add the boiling water. Let sit 2 minutes,
then stir until combined, and serve
immediately over ice cream.
MADDIE MCGARVEY FOR THE WALL STREET JOURNAL
CONVERSATION with Jeni Britton Bauer, founder of
Jeni’s Splendid Ice Creams, tends to come in many flavors. In a recent chat, she started off extolling the virtues of osmanthus flowers—a key ingredient in her Osmanthus and Blackberry Crackle ice cream—only to
ricochet to F. Scott Fitzgerald, fabric patterns (an inspiration for her
ice creams’ colors) and the farmers who supply her fruit. Her ice
creams are as electric, and eclectic, as her mind. Some conjure collective memories, such as her Orange Blossom Buttermilk Frozen Yogurt, which tastes like a grown-up orange push-pop. Others take inspiration from books, politics or simply a flight of the imagination.
Ms. Britton Bauer started her company in Columbus, Ohio, in
2002, with a focus on pasture-raised dairy and essential oils that no
one else had thought to add to frozen confections. “I had an idea
that ice cream was all about scent, and that American ice cream
could be so much better,” she said. Jeni’s Splendid Ice Creams now
has Scoop Shops in Columbus, Cleveland, Nashville, Chicago, Atlanta,
Charleston, Los Angeles and St. Louis. This month, Ms. Britton Bauer
opens her first East Coast shop, a 3,000-square-foot duplex in Washington, D.C.’s bustling 14th Street neighborhood. We caught her at
home in Columbus, where she shares a “Brady Bunch modern” house
with her husband, Charly Bauer, and two children, Greta, 10, and
Dashiell, 8.
feel like you are in a tighter space. Or,
to put it emotionally, in a warm embrace. When my babies were born, they
got pacifiers loaded with a real vanilla
scent. But the opposite of this is the
scent of a fresh apple. It will make you
feel like you are in a bigger space.
On weekends, I like to cook: Parker
House Rolls. Bobby Flay’s recipe is perfect every single time, not much work
but super high-impact. I like historic
dishes, too. A poached egg over
creamed corn, like Sara Murphy did on
the French Riviera in the 1920s for Picasso and F. Scott Fitzgerald. I have a
1947 Pennsylvania Railroad kitchen
manual, a printed hand-bound book I
picked up in an antique store years
ago. It feels like time travel. There are
such fun recipes and plating ideas in
there—if you like crustless sandwiches
and curly parsley as much as I do.
Many of the recipes depend on fresh
ingredients picked up at various stops
along the route. The strawberry pie
with zwieback crust is amazing.
A typical breakfast for me is: nothing, during the week. On weekends, if
Formula One is on, I’ll make a glamorous spread of many pretty fruits, yogurt with poppy seeds, maybe some
brioche toast and jam and a silver carafe of coffee, and pretend I’m at a
five-star international hotel or a yacht.
When I entertain, I like to: make a
simple meal, like roast chicken, potatoes and salad. I love the potatoes you
can buy at the farmers market in
France that have been sitting under the
rotisserie chickens all morning. One day
I saw how they do them, and it has
become my technique at home. I heat
a cast iron pan in the oven first, then
roast the heavily salted and peppered
chicken at 425 degrees for one hour.
Then I remove it and let it rest uncovered on a plate. Then I pour a large
can—yes, can—of drained whole potatoes into the fat in the pan and put it
back in oven for about 20 minutes. I
like to tell everyone I used a can of potatoes, a technique learned in a French
farmers market. Everyone always loves
them. Then a salad of greens, lemon
juice, olive oil and salt.
I love it when my dinner guests
bring: Belgian beer, honey from their
travels or cocktail garnishes. And also,
not to be cheesy, but I love it when a
person brings their whole self to my
table, whether it’s a dinner party or a
meeting at work. And good grief, we
don’t need to engage in too much
small talk.
A cocktail I love is: Vermouth spritzer
on ice, three extra-large green olives
and a big hunk of orange. I’ve never
been to Spain, but my friend turned
me on to this after she went.
When I travel, I like to eat: with
someone. I travel alone and often,
but I never eat alone. I invite a person
I met on Instagram or a person I admire. I also find a dish I love and get
it each time I visit. It makes the city
feel like home. The chicken with
cukes at Trois Familia or the pesto
rice bowl at Sqirl in L.A. The shrimp
po’boy at Star Provisions in Atlanta.
Pozole at Dove’s Luncheonette in
Chicago. The Oyster Slider at the Ordinary or Crab Louie salad at Little
Jacks in Charleston.
My approach to cooking is a lot like
my approach to: life. Make it so. Own
it. No excuses. Get better next time.
—Edited from an interview by
Aleksandra Crapanzana
BITS & BITES NEWS YOU CAN EAT
THE COOKIES
Slammin’ Dunkers
F. MARTIN RAMIN/ THE WALL STREET JOURNAL
New York baker Mai Warshafsky jokingly describes herself as an 80year-old woman in a 35-year-old’s body. Her line of shortbreads supports her claim. There is something wonderfully old-fashioned about the
cookies, salty-sweet, crisp and crumbly, with glossy tops and scalloped
edges. “I’m the person who can’t just drink a cup of coffee—I have to
have a cookie to dip into it,” said Ms. Warshafsky. She formulated her
collection to fill that need, inspired by the tins of Royal Danish butter
biscuits of her youth. The shortbread studded with dried black currants and scented with anise oil is a standout, and the rosewater, orange blossom-sesame, and lavender-coconut flavors are all so good
you should really go for the Sampler Package, so you get those too.
The selection also includes an Earl Grey cookie that goes as well
with tea as it does with coffee. $20 for Sampler Package of 10 cookies, cafewarshafsky.com
THE STAPLE
THE CAVIAR
Big Red
Light a Fire
Alice Waters, Suzanne Goin
and other ingredient-conscious chefs stock their pantries with the canned tomatoes that Chris Bianco, chefowner of the beloved Pizzeria
Bianco in Phoenix, and thirdgeneration canner Rob DiNapoli sell under their Bianco
DiNapoli label. Grown organically in Meridian, Calif., they’re
picked at peak ripeness and
sealed in their cans, along
with sea salt and basil, less
than six hours later. Grower
Scott Park lays on 12 tons of
organic mulch per acre of land and uses crop rotations of rice, beans, barley and wheat to nourish the soil and thereby produce more flavorful tomatoes. “His philosophy is you grow the soil, and the soil will grow the plant,”
said Mr. DiNapoli. The payoff: tomatoes with complexity, concentrated
sweetness and a remarkably meaty, silky texture. $5.50 for 28 ounces,
baiapasta.com
If you’re a fan of smoked fish, imagine what
smoking can do for caviar. The smoked wild
Arctic char roe from Seattle specialty-food purveyor Mikuni Wild Harvest brings on the smoke
subtly to balance the burst of brine. Harvested
from Arctic char caught in Ontario’s Great
Lakes, the eggs are salted with fleur de sel infused over burning cherry and alder woods, and
packed in 4- and 8-ounce tins. Sprinkle over
deviled eggs, creamy soups, lox-and-creamcheese sandwiches, potato
chips dipped in sour
cream or even a simple slice of buttered
bread. The tiny
golden globes bring a
smoky, salty pop much
bigger than their size
would suggest. $80 for 4
ounces, mikuniwildharvest.com
—Gabriella Gershenson
the
Poet
Great chefs use
great knives.
Hear their stories at wusthof.com
Camas Davis, Butcher
Portland, OR
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
EATING & DRINKING
ON WINE LETTIE TEAGUE
The Battle for Long Island’s North Fork
OENOFILE // AGAINST ALL ODDS:
EXCELLENT WINES FROM THE
NORTH FORK OF LONG ISLAND
DAVID CHOW FOR THE WALL STREET JOURNAL (2); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLES)
A LOT CAN HAPPEN in six years.
That’s how long it’s been since I
wrote about the wines of Long Island’s North Fork, and just as harvest was beginning this fall I decided to have another look.
I found good wines and gifted
winemakers. But I also learned that
no new wineries had been established in the interim and several
long-established ones are up for
sale. The kind of growth I’d expected
to find just wasn’t there.
Some talented winemakers have
left as well. Regan Meador, who
made some very good wines under
his Southold Farm + Cellar label, decamped last spring. He blamed his
exodus on the Southold town zoning
board, which refused to grant him a
permit to build a winery, citing the
local requirement of a two-acre minimum for a winery site. Mr. Meador
had two adjacent parcels, a one-acre
site where the winery was to be located and 22 acres of vineyards. The
zoning board refused to make an exception.
Southold town attorney William
M. Duffy confirmed that acreage
was a reason for the board’s refusal,
though he noted there were other
contributing factors, such as the fact
that the proposed winery was in “a
residential neighborhood.”
Without his own winery, Mr. Meador had to make his wine at a
shared custom crush facility miles
away. Establishing a winery alongside his vineyards would have allowed him a crucial degree of control that he and other qualityminded producers deem necessary
for producing first-class wines.
In the end Mr. Meador transplanted operations to Fredericksburg, Texas. Upon arrival he was visited by a local official from the
health department who wanted to
help ensure he was in compliance
with Texas laws. There is no use
permit for a winery in that part of
Texas, merely a license, which took
about a month for Mr. Meador to
obtain.
On the North Fork, there is a
good bit of contention surrounding
wineries that focus on uses unrelated to winemaking. Anthony
Nappa, winemaker at Raphael Winery and his own brand, Anthony
Nappa Wines, who’s been making
wine on the North Fork for 10 years,
said some wineries in the region
were less interested in producing
quality wines and more focused on
“agri-tainment”—karaoke nights,
bachelorette parties and the like. “I
feel like the gap is getting wider between the people who are focusing
on quality and the people who are
pandering to crowds,” he said. Just
last week, the state liquor authority
temporarily suspended the liquor license of Vineyard 48 winery after a
late-night brawl broke out among
intoxicated clientele. The winemak-
2012 Lenz North
Fork Cuvée $40
This soft, creamy
and seductive 100%Pinot-Noir sparkling
wine is made via
Champagne’s méthode traditionelle. A
truly terrific wine every bit as good as
Champagne, from
sparkling wine master Eric Fry.
CONTESTED TERRITORY Paumanok Vineyards on the North Fork of Long
Island. Left: David Shanks at Surrey Lane Vineyard Orchard Farm.
ers focused on producing quality
wines fear that such incidents color
the perception of their business.
Mr. Nappa’s neighbor Eric Fry, of
Lenz Winery, plans to retire next
year, after 30 years of making wine
on the North Fork. Mr. Fry is regarded as one of the area’s most talented—and outspoken—winemakers. He railed against Southold’s
“obstructionist” policies as the reason there are “far fewer wineries
than there should be” in the region
today. “They fight whatever we
want to do,” said Mr. Fry. Southold
town supervisor Scott Russell disputed that charge, noting that the
town had, in fact recently granted
winery permits to One Woman
Wines and Vineyards and Sannino
Bella Vita Vineyard, both long-established producers.
Meanwhile, David Shanks, a retired publishing executive and the
owner of Surrey Lane Vineyard Orchard Farm with his wife, Liz, has
been trying to secure a permit to
build a winery. In 2016 he received a
farm winery license from the New
York State Liquor Authority; he’s
since produced a few hundred cases
of very good Surrey Lane Vineyard
Cabernet Franc and Sauvignon
Blanc, made by Roman Roth, also
the winemaker at Wölffer Estate on
Long Island’s South Fork. Like Mr.
Meador, Mr. Shanks would like to
make wine at his own facility.
The farm winery license only allows Mr. Shanks to sell his wine at a
tiny stand near his vineyard; he cannot allow buyers to sample there. A
winery and tasting room would enable them to have a full tasting experience and enjoy the beauty of his
land.
But Mr. Shanks can’t obtain a permit to build a winery until he has a
site plan, issued by the town planning board, which is requiring him
to produce a traffic study on how his
winery might effect the immediate
neighborhood.
‘We were able to buy a
farm and create a winery.
Now you have to jump
through so many hoops
it’s almost impossible.’
“The site plan process is designed
to consider all impacts, regardless of
the approval sought,” said town supervisor Russell when I asked about
Mr. Shanks’s situation.
Gilles Martin, senior winemaker
at Sparkling Pointe Vineyards &
Winery and consulting winemaker
at Sherwood House Vineyards, McCall Wines, Del Vino Vineyard and
Kontokosta Winery, has been mak-
ing wine on the North Fork for two
decades. Though Sparkling Pointe,
the North Fork’s only all-sparkling
winery, was recently able to expand
acreage and production, Mr. Martin
acknowledged it was harder for producers newer to the region to grow
their businesses.
The Macari family of Macari
Vineyards and the Massouds of Paumanok Vineyards are among the
most established producers on the
North Fork, and both have substantial vineyard holdings. The Massouds recently added acreage and
will double production of their
highly regarded Chenin Blanc by
2019. The Macaris are among the region’s largest landholders, with an
emphasis on quality wines; their
Cabernet Franc and Sauvignon Blanc
are two of my favorites.
When these producers were
starting out, it was far easier to
open a winery in the area, according
to Louisa Hargrave. In 1973 Ms. Hargrave founded the first winery on
the North Fork with her former husband, Alex Hargrave. (They sold to
the Borghese family in 1999.) “We
were able to buy a farm, plant some
grapes and create a winery. Now
you have to jump through so many
hoops it’s almost impossible,” she
said. Ms. Hargrave has joined
Southold’s new farm alcohol group,
where she hopes to promote more
flexibility in the code as it is being
written. After nearly half a century
of winemaking on the North Fork,
the region’s founding producer is
still working hard to pave the way.
Email Lettie at wine@wsj.com.
2016 Paumanok
Chenin Blanc $28
Every time I taste
the Massoud family’s Paumanok
Chenin Blanc, I
wonder why no one
else is producing
Chenin on the North
Fork. This is a
fresh, juicy white
with decidedly tropical aromas.
2016 Anthony
Nappa White Pinot
Noir $20
Fruit from New
York’s Finger Lakes
region vinified on
Long Island’s North
Fork, this very dry,
rather zingy Pinot
Noir is a rosé produced like a white
wine (that is, with no
skin contact).
2014 Sparkling
Pointe Brut $35
Frenchman Gilles
Martin has made
wine on the North
Fork for two decades. At Sparkling
Pointe he makes
high-quality méthode
traditionelle sparkling
wines like this rich,
fruity Pinot NoirChardonnay blend.
2015 Bedell Cabernet Franc $45
Cabernet Franc is one
of the signature red
grapes of the North
Fork, and this powerful but polished example from longtime
Bedell Cellars winemaker Rich OlsenHarbich showcases
the grape’s potential
beautifully.
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Butter-Roasted Cod With Fennel-Arugula Salad
Her Restaurant
The Lost Kitchen,
in Freedom, Maine
What She’s
Known For
Making her tiny
town a dining
destination.
Forthright New
England cooking
punctuated with
fresh surprises.
If the butter doesn’t brown by the time
the cod is cooked, remove the fillets from
the pan to prevent overcooking and continue cooking the sauce until it takes on a
beautiful nutty color and aroma. “You
want the fish a little underdone on the inside so it flakes when pressed gently on
its sides,” the chef advised.
It’s all ready in 20 minutes, with minimal fuss. “I’m not trying to outsmart the
ingredients,” said Ms. French. “I want to
celebrate them.” —Kitty Greenwald
BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY VANESSA VAZQUEZ
The Chef
Erin French
FALL IS NOT the time to be stingy with
the butter. At the Lost Kitchen, Erin
French’s restaurant tucked into a converted gristmill in central Maine, with cool
weather comes hearty, indulgent cooking.
This seared cod doused in a sauce of
brown butter and capers fits the bill.
A salad of arugula, toasted bread and
shaved fennel makes a crunchy, refreshing
complement. “The bread soaks up the
juices on the plate, and it makes everything better,” said Ms. French.
TOTAL TIME: 20 minutes SERVES: 4
2 tablespoons minced
shallots
2 tablespoons rice vinegar
½ cup olive oil
2 fennel bulbs, tough
outer layers removed
and fronds reserved
Kosher salt and freshly
ground black pepper
2 cups rustic bread, cut
into 1-inch cubes
4 (6-ounce) skin-on cod
fillets
4 tablespoons unsalted
1. In a large bowl, combine shallots and vinegar.
Let shallots sit until lightly pickled, about 7
minutes. Halve fennel bulbs and use a mandolin or sharp knife to shave crosswise. Whisk
1/
4 cup olive oil into pickled shallots. Add fennel
and toss to combine. Season with salt and
pepper.
2. In a large heavy skillet, heat 2 tablespoons
olive oil over medium heat. Add bread and
toast, stirring often, until golden brown all over,
about 5 minutes. Add bread to bowl with fennel and shallots, and toss to combine.
3. Wipe skillet clean. Pat cod fillets dry with a
paper towel and season liberally with salt and
butter
2 tablespoons capers,
drained and roughly
chopped
2 handfuls arugula
2 tablespoons minced
fennel fronds
pepper. Heat remaining olive oil in skillet over
medium-high heat. Once skillet is very hot and
oil begins to shimmer, add fish fillets, skin-side
down, making sure not to overcrowd skillet.
Cook until skin is crisp and golden brown,
about 3 minutes. Add butter and capers to
pan. Turn fish and continue cooking until just
short of cooked through, 2-4 minutes more.
Remove from heat.
4. Add arugula and fennel fronds to fennelbread salad, and toss to combine. Season with
salt and pepper. Divide salad among 4 plates
and arrange fish alongside or on top of salad.
Spoon buttery pan juices and capers over fish.
IN THE MIX This dish really comes together on the plate, where the fish’s
buttery sauce mingles with the salad’s bright vinaigrette.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, October 14 - 15, 2017 | D9
* * * *
DESIGN & DECORATING
THE MEDIATOR
Home-Office Politics
The Conflict A woman has sprung for a material-defying, ultramodern glass desk, and her wife
won’t part with an Art Deco figure lamp. Three designers offer style-bridging solutions
Left: Carlier French Art
Deco 1930s Figure Lamp,
$1,670, pamono.com
Right: Yabu Pushelberg
Glas Italia Folio Desk,
$4,156, ddc,
212-685-2146
Solution 2
Hang equally
unexpected
wallpaper.
“These pieces all
break the rules,” said Los Angeles designer Kenneth
Brown of the desk, lamp and
the metallic wall covering he
chose. “Glass isn’t supposed
to bend like that desk leg,
woman weren’t showing
that much leg in the 1930s
and I’m sure royalty never
imagined their portraits
would be used as wallpaper.” August 004 Wallpaper,
$18 a square foot, troveline.com
Solution 3
Choose art
that’s both linear and curvy.
These silk
screens’ serpentine designs
resonate with the sinuous
lamp, and the clear acrylic
boxes in which they float
mimic the desk’s hard edges
and transparency, said San
Francisco interior designer
Nick Domitrovich. Also, the
art’s gold-leafed surfaces
link to the lamp figure’s
gilded form. Huntzinger Abstract I and II Wall Art,
$1,395 each, mgbwhome.com
Pull up a contemporary
chair with
Art Deco lines.
“I wanted the vignette to be
clean and modern, to let the
lamp be an accent,” said
Catherine Davin, a Pittsburgh designer. While the
chair she chose is cleanly
designed, its Deco feel nods
to the lamp. Its dark finish
grounds the desk, and picks
up on the black in the
lamp’s base. Latour Chair,
$2,970, kravet.com
—Catherine Romano
F. MARTIN RAMIN/THE WALL STREET JOURNAL (WALLPAPER)
Solution 1
Turkish tulips, the petite precursors to the big Dutch hybrids,
are gaining popularity stateside fast. Order yours now
BY CYNTHIA KLING
M
ENTION TULIPS,
and few of us
think of scimitars
and Suleiman the
Magnificent. But
before the Dutch began breeding
the flower as the zaftig blossoms
we know today, the tulip was a tiny
gemlike bloom that filled gardens of
the Ottoman empire, its likeness
woven into rugs and fired into ceramics. Travelers to Turkey still
find mosques graced with their effigy, and flower beds along the Bosporus are full of them.
American gardeners are increasingly succumbing to the charm of
these demure flowers, variously referred to as species, wild or botanical tulips. “People want a naturalistic look now, not the formality of
5,000 stiff tulips lined up like little
soldiers,” said Tim Schipper, owner
of Colorblends, a bulb purveyor in
Bridgeport, Conn. He has seen his
wild-tulip orders grow by nearly
50% over the last 10 years.
Small and delicate-looking, species tulips appeal to gardeners not
only because they’re more subtle
than their boisterous Dutch cousins
but because they boast practical advantages. White Flower Farms, in
Morris, Conn., has been adding
them to display gardens and their
catalog because they appreciate the
way the bulbs perennialize and multiply. And because these tulips originated in arid regions of Central
Asia and the Middle East, head gardener Cheryl Whalen places them in
spots that dry out in summer—in
meadows and other areas that don’t
get hit by the sprinkler.
Ms. Whalen also matches them
to foliage that’s emerging in spring,
when these tulips come up, planting
deep-coppery orange T. whittallii
under purple-leaved peonies or
pairing others with ferns that politely wait to grow so as not to upstage the dainty tulips.
“They’re tough, tiny and elegant,” said Lisa Roper, horticulturist in charge of the Gravel Garden at
Chanticleer Garden in Wayne, Penn.,
And they’re neat. After a tulip
SPIKED PUNCH Pointy petals and vibrant hues distinguish the rare T. acuminata. Below: a 16th-century Turkish dish.
spends its bloom, leaves should be
left for weeks to nourish next year’s
bulbs, and wide-leaved Dutch varieties produce a lot of ugly dieback.
Ms. Roper noted that the slender
foliage of Turkish tulips “doesn’t
look messy later.” She pairs T. praetins ‘Shogun,’ which sports Creamsicle-orange petals and a deep-orange interior, with purple Muscari
STELLAR SPECIES TULIPS // FOUR OF OUR FAVORITE WILD BULBS
Painted Lady
Hold the Mellow
The dark-pink exterior petals of T. clusiana ‘Lady
Jane’ open into wide white
stars. It also reseeds at
varying heights for a different show every year. $17 for
50, vanengelen.com
Grand Center
Prized for its colors, the
pricey crocus-like bloom of
T. humilis ‘Alba Coerulea
Oculata’ shows a steel-blue
center under strong sun.
$55 for 24, whiteflowerfarm.com
Often found in woodlands,
this sweet-smelling charmer
is a tiny thug to some, as it
multiplies madly in the right
locations—like Jefferson’s
Monticello. T. Sylvestris, $39
for 25, oldhousegardens.com
Flame Thrower
Happiest during dry summers in well-drained soil,
the blood-orange T. whittallii looks like it’s on fire
when hit by sun. Perfect for
a rock garden. $19 for 25,
brentandbeckysbulbs.com
(grape hyacinths) or elfin, yellow
‘Hawera’ daffodils.
Species tulips carry the characteristics of their ancestors: single
layers of pointy petals, unusual colorations, interesting habits. Mr.
Schipper is partial to T. linifolia,
whose brilliant carmine face opens
so wide in the sun the petals bend
back toward the stem, revealing
gray-purple anthers (the little weiner-shaped parts of the stamen that
hold pollen).
Gardeners prize the historic
resonance of the tulips.
During the reign of Suleiman the Magnificent (1520-1566), the
sultan’s court painter
stylized the tulip in
an elongated form
with scimitar-like petals. According to Walter Denny, a professor at
the University of Massachusetts and senior consultant in the
Metropolitan Museum of Art’s department of Islamic art, the sultan’s
son-in-law seized upon the design
to create “an Ottoman brand”; he
was unhappy with the Turkish
elite’s penchant for Italian silks. The
shy tulip soon decorated everything
from robes to buildings.
The Austrian Ambassador to the
empire received a gift of bulbs at
that time, which may be how the
tulip arrived in Europe, said Mr.
Denny. Some 400 years later, VitaSackville West, the author, poet and
garden designer, clip-clopped
through a Near East desert on a
camel to source wild tulips for her
English garden at Sissinghurst.
As cut flowers, Dutch tulips
work well because their lollipop
blooms catch the eye from across a
room. Wild tulips require
more intimacy. Try a few
T. humilis ‘Persian
Pearl’ (magenta with
a touch of silvergray) in a mercury
goblet on a counter,
or T. sylvestris (buttercup-yellow and
green-striped) in a
powder room, so you can
appreciate both their color
and sweet scent.
Ms. Roper sows 200 bulbs in a
few square feet to get big drifts of
flowers. (You have until before the
ground freezes to bury bulbs.) They
bloom and naturalize for years if
planted well: Thomas Jefferson’s T.
sylvestris still spread throughout
his Monticello meadows today.
GETTY IMAGES (T. ACUMINATA); VICTORIA & ALBERT MUSEUM/ART RESOURCE (PLATE); WHITE FLOWER FARM (T. HUMILIS); VAN ENGELEN BULBS (T. CLUSIANA); WHITE FLOWER FARM (T. WHITTALLII); OLD HOUSE GARDENS (T. SYLVESTRIS)
OTTOMAN POWER
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, October 14 - 15, 2017
* ***
THE WALL STREET JOURNAL.
TOP UP OR TOP OFF The
Mazda MX-5 RF is a frontengine, rear-drive, two-seat
retractable hardtop convertible.
MAZDA
GEAR & GADGETS
RUMBLE SEAT DAN NEIL
Mazda MX-5 RF: A Peter-Pan Car Grows Up
heavy significations for a car on a
90.9-inch wheelbase.
Meanwhile, the Mazda’s goodluck happy-cat smile with electric
whiskers is what Lionel Trilling
would have called adorbs.
Fiat’s sin was to monkey with a
masterpiece. So what’s that make
the 2017 MX-5 Miata RF (“retractable fastback”)? When in previous
model years the retractable roof
closely followed the contours of
the cloth-top in order to minimize
the visual difference, the RF maximalizes, with a pair of sweeping
roof pillars integrated into the
power-retractable deck lid. This
flowing form, with fixed rear window, rises like a levitating Calatrava building while the roof panel
tucks in, then snugs down again.
They might have called it RT for
“retractable targa” except for
Porsche’s Wehrmacht of copyright
litigators.
The Miata belongs
in the canon of great
cars—inimitable,
essential and timeless,
a Hall of Famer.
The Mazda’s power-roof cycle
takes about 13 seconds but, because it’s such a small car, the
speed at which the top can be
lowered is limited to 6 mph, to
avoid blowing hair being caught in
the mechanism. This is the Isadora
Duncan protocol.
Flying buttresses have a glorious history of obscuring drivers’
rear three-quarter view, to which
the RF amply contributes. Its forebears include the Ferrari Dino GT,
Chevrolet Corvette C3, Jaguar XJS,
Toyota MR2 and Honda del Sol. I
couldn’t see out of them either.
MY TECH ESSENTIALS
MIMI LIEN
The Tony Award-winning set designer
on the merits of Japanese glue, dull
pencils and tape with snot-like qualities
I used to use a craft and fabric
glue called Sobo. Then one day,
the formula seemed to change. It
was clumpy, didn’t dry the same
way, and was unusable. The best
thing I’ve found to replace it is a
Japanese glue called Konishi. It’s
tacky enough, not too thick, and
the perfect consistency. I can’t
find a way to order it
online, so when I go to
Japan, I stock up. I
had trouble getting
through customs
once because I
put it in my
suitcase, and it
was more than
three ounces.
They let me
check my bag.
I would distinguish between
these examples, for which the roof
buttresses were primarily stylistic,
and the latest generation of buttressed supercars like the Ford GT,
McLaren 720S or Ferrari 812 Superfast, which use detached roof
pillars scientifically, as aerodynamic elements. That is cool.
And despite the self-identifying,
the RF isn’t a fastback. On a fastback, like a mid-1960s Dodge
Charger or AMC Marlin or Jaguar
E-Type or Lamborghini Espada,
the backlight, or rear window, is
steeply raked. The MX-5’s small
rear window is vertical. This car
only looks like a fastback from
270 degrees, thanks to the twin
hypotenuse of roof pillars. This
design conserves precious trunk
space, which at 4.48 cubic feet is a
bit smaller than the soft-top’s
boot.
There is yet more hocus-pocus
in the car’s faux rear-quarter
lights, the apparently tinted-out
windows behind the driver. Those
are just black plastic panels, not
windows at all. I suppose the designers were concerned the RF
would look too awesome without
them.
The retractable roof mechanism
adds 113 pounds to the RF, for a
total of 2,445 pounds with the sixspeed manual. A six-speed automatic is optional, for burn-in-hell
heretics. The RF’s life force derives from a blatty, chatty 2.0-liter
twin cam (155hp/148 lb-ft), full of
beans, torquey and flexible, with
max torque and power at 4,600
and 6,000 rpm, respectively. At its
6,800-rpm redline, the Miata
blares like a four-cylinder trombone.
The gun-oil slickness of the
gear shifter, the heel-and-toe footies, all that jazz… As a British and
Italian sports-car veteran, I feel
confident saying nothing in the
British Leyland or Fiat catalogue
was ever this good, or even this
dry. The RF feels to me like an
idealized film biography of a
great star who in real life was a
bit of a shite.
Here we arrive at one of the
more elusive notions in automobiles. The RF isn’t really a fast
car—any Ford Mustang from the
rental lot would eat it alive in a
straight line—but it feels fast.
The bandy RF swamps your
senses and musses up your hair, if
you have any. In the RF’s open
cockpit at interstate speeds, the
noise and wind buffeting are like
kissing a running leaf blower.
Put it all together, paint it the
color of Dorothy’s slippers, and
park it at intersection of good
taste and moderate means. The
RF draws a crowd. A few admirers
2017 MAZDA MX-5 MIATA GRAND TOURING RF
Price as tested $34,310
Powertrain Naturally aspirated direct-injection 2.0-liter DOHC twincam four cylinder with variable
valve timing; six-speed manual
transmission.
Power/weight 155 hp @6,000
rpm/2,445 lbs.
One of the most important things I used on the set of
“Natasha, Pierre & The Great Comet of 1812” [which
earned her the Tony] is double-sided tape. I use Blick
Transfer Tape, also affectionately known as “booger
tape” because you can ball it up and it looks like...well,
boogers. We laser-cut the platforms out of chipboard,
and then attached colors and textures, which were
printed out on paper and affixed with double-sided tape.
I always do my first sketches with pencil and tracing paper. I print out the
floor plan of the theater, then I put Pro Art tracing paper on top and draw a
sketch of the set. There’s something about putting pencil on paper and making a mark. I can feel the space more if I literally trace it as opposed to clicking
a mouse. I use tracing paper so I can add layers and embellish. I like to use
Prismacolor Ebony graphite pencils. I leave the tip a little bit blunt because
this is my rough sketching. Too fine a point forces you to get too specific.
guessed it was Italian—not unreasonable, given the car’s Bertonelike shoulder line and Alfa-esque
stance. I didn’t hear anyone quibble about the falsity of the fastback styling or trompe l’oeil windows.
For all its GT looks, the RF is
not a long-distance tourer, he said
with thunderous understatement.
Cubby holes are small and scarce.
The cupholders are madness, especially the one at driver’s right
elbow, which will send a beverage
flying with a 1-2 upshift. With the
seat back slam-up against the
rear bulkhead the rake was tolerable for an hour or so. Then I
started yearning for a macchiato
with Advil.
But for that hour, as per Irving
Berlin, Heaven.
For me the most important part of the set-design process is building
the physical model.
That’s usually where the
bulk of the creation happens. I build it and look
at it, and immediately
know what to do next. Or
I realize, “Oh, that’s
wrong.” One of the first
things I do is think:
“What do the people look
like in this world?” I find
pictures of people who
look like they belong
there, then I Photoshop
them and print them out.
I also use Photoshop to
create wallpaper patterns
at scale for the models.
Weight-to-power 15.77 pounds/hp
Length/width/height/wheelbase
154.1/68.3/49.0/90.9
0-60 mph 6.1 seconds
Top speed 130 mph (est.)
EPA fuel economy 29/26/33
mpg, combined/city/highway
Luggage capacity 4.48 cubic feet
When I’m building a model and I
want to make an abstract space, I
use Utrecht Chipboard. The
cardboard color and sculptural
material are useful for thinking
about volumes of space. If I’m
making a realistic room with walls
and doors, I use Elmer’s Foamboard in white or black. The material feels like it represents
Sheetrock walls, and I can put the
pieces together quickly with pins.
I am constantly going back and
forth between the art and the
practical. To see if my sketches
will fit in the theater, I use a computer-drafting program called
Vectorworks Spotlight. It translates my sketches into digital.
This throne is a good example.
—Edited from an interview
by Chris Kornelis
F. MARTIN RAMIN/THE WALL STREET JOURNAL (GLUE, PENCILS, PAPER, TAPE); MIMI LIEN (THRONE DESIGN)
ABOUT A DECADE ago I had
hoped that auto makers would relent in their abuse of the word
“icon.” Instead it got worse. Ladies and gentlemen, the iconic
Lincoln Navigator, and so forth.
The word they grope for is canonical. The Mazda MX-5 Miata
roadster, now nearly three decades in production, belongs to
the canon of great cars—inimitable, essential and timeless, a Hall
of Famer. And every time I take
delivery of one I’m reminded what
an outlier it is. There are no other
cars quite like the MX-5—a wee
four-cylinder roadster with a sixspeed manual and a rear axle that
feels bolted to your sacroiliac—
and there haven’t been since the
days of MGBs, Triumph Spitfires
and Lotus Elans. The elixir in this
bottle is as British as mead.
There is one car that’s sort of
like it: The Fiat 124 Spider, a
brand-transsexual built by Mazda
for Fiat Chrysler Automobiles. The
Fiat shares many of the mechanicals of the fourth-generation MX-5
but not nearly enough. The Fiat
supplants Mazda’s pitch-perfect
powerplant—a naturally aspirated
2.0-liter twin cam—with the turbocharged 1.4-liter MultiAir four,
which makes more power and
torque (164 hp /184 lb-ft),
eventually.
But the engine character is all
wrong—the desert of torque at
low revs, the peaky power band,
the pernicious waste-gate flatulence—and the turbo lag is shattering. Tantric sex doesn’t have as
much delay.
Also, in a case of what critic
Harold Bloom would call anxiety
of influence, the 124 Spider’s exterior design strains to depart from
the donor Mazda, to the Fiat’s disadvantage. The visual quotes from
the Tom Tjaarda-designed original
of the 1960s—a two-plus-two convertible with a big boot—are too-
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, October 14 - 15, 2017 | D11
GEAR & GADGETS
A Bigger
To-Do About
Everything
BY CHRIS KORNELIS
O
NCE, PakistaniAmerican immigrant Misha Euceph had a
dream. The host
of a podcast called “Beginner,”
which chronicles her life as a
24-year-old transplant in Los
Angeles, she had her heart set
on covering her apartment
walls with white boards or
chalkboard paint—the better
to keep track of her multiple
to-do lists.
I can relate: Facing my
writing desk is a corkboard
wall covered in to-do-list note
cards.
But a couple years ago, Ms.
Euceph’s story deviated from
mine: A friend showed her
Evernote, an organizational
app that includes a myriad todo list capabilities and she
gradually started dispensing
with conventional written
lists. “Slowly, I started actually using all of the features of
Evernote,” she said, “and it
kind of just became an integral part of my life.”
Everything Ms. Euceph
now does for “Beginner” lives
in the app. She uses it to create digital to-do lists inside of
to-do lists. “Evernote allows
me to organize my life within
the context of the world that I
live in, which is mostly on the
internet and on my computer,” she said. “And there’s
just no way I can do that
physically.”
In the experience of David
Allen, the creator of the Getting Things Done (GTD) to-do
list methodology—which
made him a demigod among
life-hacking hyper-obsessives
in the early aughts—my disin-
clination to use a to-do list
app makes me the exception.
In his world, Ms. Euceph is
the rule.
“Most people out there
have some sort of a list manager that they’re using now,”
said Mr. Allen, who estimates
that today there are “hundreds” of apps that use elements of his GTD system.
“When I first got into this
game, if you even had a
pocket Day-timer, you were a
geek.”
Of course, we all can’t be as
organized as Ms. Euceph, but
Mr. Allen and his professional
productivity peers note that
app users can certainly try to
improve how they use their
list-making tech. It just takes
some simple best practices.
Empty Your Human Brain Into
Your Digital Brain
“Your brain did not evolve to
remember, remind and prioritize beyond about four
things,” Mr. Allen said. “Your
head is for having ideas but
not for holding them. So get
all the ideas out, not just part
of them. Otherwise, you won’t
trust your head and you won’t
trust your list.”
The Things 3 app is
uniquely set up in this regard:
The app, a complete overhaul
of which was released last
spring, has an “Inbox” specifically designed for a brain
dump.
Put any idea or task into
the Inbox—or even direct Siri
to put a thought in the Inbox—and leave the item there.
When you’re ready to get organized, mouse-click each Inbox idea or task and drag it to
the specific list where it belongs, or schedule a time to
complete the task.
JOSH MCKENNA (6)
Everyone is using to-do list apps. But
experts say we can use them better
Detail the Whole Task
“Most people’s to-do lists don’t
work very well,” Mr. Allen said,
because they don’t specify an
action to be taken for each
item. He recommends putting
actionable items into your
app—input “Make a reservation at The Cheesecake Factory
for Mom’s birthday,” rather
than something that requires
even 10 seconds of analysis,
such as “Mom’s Birthday.”
Trello, an app that allows
users to drag-and-drop digital
cards onto various vertical
boards, makes it easy to visualize every one of your to-dos
at a glance and make sure
each is actionable. But the
onus is on you to do so.
Write Down When and Where
You’re Going to Complete
the Task
E.J. Masicampo, an associate
professor of psychology at
Wake Forest and co-author of
a paper exuberantly titled
“Consider It Done!: Plan Making Can Eliminate the Cognitive Effects of Unfulfilled
Goals,” says one of the biggest
to-do list mistakes people
make is failing to commit to a
time frame to accomplish
each of the tasks on their lists.
“If your strategy is to go to
the list and pick something to
do,” he said, “eventually your
list becomes a graveyard of
things that you never felt like
doing.”
‘Your head is for
having ideas but not
for holding them. So
get all the ideas out,
not just part of them.’
Apps can help with this
better than pen and paper.
Santiago Merea, CEO of
Raised Real, a San Franciscobased meal delivery service
for babies, says one of his favorite features on Google
Keep is the ability to have it
send him to-do list reminders
according to his location—
pushing alerts when his phone
reaches a certain address. For
example, when he recently arrived at a packaging conference, Google Keep reminded
him to consult some notes
he’d made about customer reactions to Raised Real’s packaging.
“I push everything for a
certain time or certain place
so I don’t have to look at my
phone and see this crazy
backlog of things that I have
to do,” he said.
Embrace Anxiety and
Satisfaction
Merely writing down a to-do
task can give you a feeling of
having made progress. But Mr.
Masicampo cautions against
letting that give you a false
sense of completion. “There’s
a balance,” he said. “You want
to have some anxiety, otherwise you won’t work at all.”
And, of course, it’s far more
satisfying to cross a finished
task off a list.
Michael Chu, the CEO of KMotion, a San Francisco-based
company that makes training
tech for athletes, said he and
his colleagues use Dropbox
Paper. When someone completes a task on a project, everyone gets a notice. (Something those of us who feel
overwhelmed by alerts might
not welcome.) “It’s very childish in a way,” he said. “Like,
when you’re a kid and you’re
like: Hey, class, I’m done. And
everyone knows that you’ve
finished and gives you a pat
on the back. It’s kind of that
feeling.”
It Could Come to This:
Delete the App
Earlier this year when I was
interviewing Steve Ballmer, I
recalled that the former Microsoft CEO is a notorious advocate of going paperless. As
we talked, I took notes in a
large Moleskine notebook.
“Does it bother you that
I’m using a notebook?” I
asked. He answered sincerely:
“Yeah, it does, actually.” (He’d
better not see my office.)
I’m not ready to give up paper, and unlike Mr. Ballmer,
Mr. Allen says that’s OK: “I
know a bunch of tech people
who are going back to paper
because there are fewer clicks.
It’s easy input and output. You
don’t need to slow yourself
down too much to use it. Tech
sort of pretends that it’s going
to speed things up, but it
doesn’t.”
BELLS AND WHISTLES NIFTY IDEAS FOR MAXING OUT POPULAR TO-DO LIST APPS
Evernote
We all know that Evernote is essentially a
cross-platform digital
notebook, but it can
also be used for project
note-taking, organizing,
and archiving. Try attaching various mediums—audio, links, photos, text—to your to-do
lists, and don’t miss out
on integrating checklists
into each note within
your notebook. evernote.com
Google Keep
People like Google Keep
for its simplicity: It’s like a
digital bulletin board. Setting alerts by location
helps with one of life’s
biggest challenges: the
grocery list. If you create a
shopping list for, say, Target, anytime you are at or
near the store, Google
Keep will send an alert
with the list of items you
need to pick up. Bonus: It
syncs with Google Home.
google.com/keep
Trello
Visually appealing, Trello
allows you to create
boards for different to-do
lists, and within each
board you can create
multiple lists. Each list
has a movable card that
can be augmented with
checklists or due dates.
Trello’s special power: It
can be integrated with
endless other productivity
tools, from Google calendar to Evernote to Slack.
trello.com
Wunderlist
A lot of people say their
lives were changed when
Wunderlist introduced
shared lists and the ability to assign tasks to
people—which, several
significant others say, is a
relationship-saver. Friends
have been known to use
the app to share lists like
talking points for their
next phone call or planning who should bring
what on a camping trip.
wunderlist.com
Things 3
The intuitive app makes it
easy to create lists by areas of your life—work,
family, friends, etc. Go
through your lists in the
morning and mark to-dos
you want to accomplish
“Today” or “This Evening.” Designating a to-do
as such will put the items
in a separate “Today” list.
Calendar events display
with your to-dos, giving
an outline of your schedule. culturedcode.com
HOME-CINEMA ADVANTAGE
STUART BRADFORD
Finally, a movie projector that’s worthy of a theater but costs less than a small car
GREAT NEWS for hometheater geeks: While the
name of the new Sony VPLVW285ES 4K projector may
not exactly roll off the
tongue, it casts an excellent
high-dynamic-range picture
and, at $5,000, it’s not exceedingly expensive relative
to similar units. Just two
years ago, the cheapest 4K
Sony projector cost twice
that amount.
For the non-techies among
us, 4K offers nearly four
times the pixels as a Full HD
(1080p) high-definition signal that’s been common to TVs,
projectors, videogames and cable providers for a decade. Theaters started projecting in 4K in 2011. Analysts predict that
over 40% of TVs sold in 2017 will be 4K-capable.
While flat-panel 4K TVs have gotten cheaper—you can
nab a good 65-inch one for less than $1,000—larger panels,
say 75 inches, often command five figures. Sony’s new pro-
jector can produce a 200inch image, almost three
times as large as 75 inches.
To test it, we decided to
let “Wonder Woman” loom
large. We used a Samsung
Ultra HD 4K Blu-ray player
and 4K Ultra HD Blu-ray
disc (note: Both player and
disc must be 4K-compatible). Setup consisted of wiring an HDMI cable to the
Blu-ray player and cable to
an existing sound system.
The image, projected onto a
portable screen, was wondrous, womanly, high-contrast and bright, even in an imperfectly dark room.
It’s easier to find 4K content as more 4K streaming methods become available. There’s Apple’s new Apple TV 4K. Roku
and Amazon also make 4K streaming devices. But until your
4K library builds up, why not work on getting that popcorn
up to Cineplex quality? Hint: Flavacol seasoning. —Jesse Will
The Ultimate Gift for Him
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