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The Wall Street Journal December 02 2017

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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
50 Truly
Unique
Gifts
Is Workplace Romance
Still Allowed?
REVIEW
OFF DUTY
VOL. CCLXX NO. 130
WEEKEND
* * * * * * * **
HHHH $5.00
WSJ.com
SATURDAY/SUNDAY, DECEMBER 2 - 3, 2017
Flynn Plea Escalates Russia Probe
What’s
News
Ex-national security
adviser admits lying
about Moscow talks;
cooperates with Mueller
Trump rejected speculation that the White House
is trying to oust Secretary
of State Tillerson. A3
Conservative Republicans
in the House balked at a
short-term spending bill. A3
Zimbabwe’s new leader
unveiled a cabinet with no
opposition members. A8
North Korea missed a
deadline to register its figure skaters for the Winter
Olympics in South Korea. A6
The FDA approved for
sale a monthly injection to
treat opioid addition. B4
Islamist militants killed
12 people at a research facility in northwest Pakistan. A7
Former national security
adviser Mike Flynn is cooperating with the probe of Russian meddling in the 2016 election, pleading guilty Friday to
lying about calls with Moscow’s ambassador a month before President Donald Trump’s
inauguration, contacts that
prosecutors said were coordinated with senior members of
the president’s transition
team.
Jared Kushner, the president’s son-in-law, was one of
those advisers who spoke with
Mr. Flynn about at least one of
the calls, said people familiar
with the matter, bringing the
long-simmering investigation
closer to the president and his
family.
In a 45-minute hearing in
Washington federal court, Mr.
Flynn admitted he misled FBI
agents about a series of calls
he had last December with the
ambassador, Sergey Kislyak,
about sanctions imposed on
Russia by the Obama administration and about a United Nations resolution critical of Israel.
Prosecutors said Mr. Flynn
consulted several times with
Please see PROBE page A4
Guilty Plea
Business & Finance
U.S. car makers are on
pace to finish the year with
the lowest market share since
2009, but Detroit is proving it pays to be smaller. A1
Michael Flynn, former national security adviser to President Donald Trump, left the courthouse Friday after his plea hearing in Washington.
GOP Falls in Line Behind Tax Bill
WASHINGTON—The Senate
was poised to pass sweeping revisions to the U.S. tax code
early Saturday after Republicans navigated a thicket of internal divisions over deficits
and other issues to place their
imprint on the economy.
The bill, which included
about $1.4 trillion in tax cuts,
would lower the corporate tax
rate from 35% to 20%, reshape
international business tax rules
Precipitous fall comes
after rapid rise................. A4
Deal gives details on work
for Turkey.......................... A4
On a big day, Flynn grabs
the spotlight..................... A4
Stocks posted modest
losses in the most turbulent
day of 2017 for the Dow.
The blue chips closed down
40.76 points at 24231.59. B1
Markets Swing, Then Stabilize
Tencent’s music group
and Spotify are in talks to
swap stakes of up to 10%
in their businesses. B1
24300
24200
24100
CME and Cboe were
cleared by the CFTC to
launch bitcoin futures. B10
An iHeart creditor group
rejected the radio network’s
debt-restructuring plan. B3
Carlyle agreed to sell a
stake in bond manager
TCW to Nippon Life. B11
PayPal said user data was
potentially compromised at
a firm it bought this year. B11
Fidelity offered clients
reparations after an outage
blocked account access. B11
Friday close
24231.59
NOONAN A13
John Paul II’s
Prescient 1995
Letter to Women
CONTENTS
Books.................... C5-10
Business News..... B3
Food............................ D14
Heard on Street...B12
Obituaries................. A9
Off Duty 50...... D1-11
Opinion............... A11-13
Sports....................... A14
Markets............. B11-12
U.S. News............ A2-5
Weather................... A14
Wknd Investor....... B5
World News....... A6-8
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
Domestic auto makers are
stumbling toward the finish
line in 2017, on pace to finish
the year with the lowest market share since 2009, when
two U.S. auto giants declared
bankruptcy.
But even as Detroit approaches another nadir, it is
proving it pays to be smaller.
General Motors Co., Fiat
Chrysler Automobiles NV and
Ford Motor Co. lost ground to
Japanese competitors in November, as the domestic brands
returned mixed results. GM
said November sales slid 2.9%
compared with the same
month in 2016, primarily due
to a planned reduction of sales
10
2
3
4
Thursday close
Friday close
11.43
10 11
a.m.
12 1
p.m.
2
3
4
Sources: FactSet (Dow); Thomson Reuters (VIX)
Students Almost Won Honor for
Salamander, Then Got Schooled
i
i
i
Powerful Pennsylvania lawmaker blocks
bid to make snot otter state’s amphibian
A group of Pennsylvania
high-school students who championed a type of salamander
nicknamed the snot otter are
getting a real-life civics lesson—
and it’s a sticky situation.
The teenagers set out last
year to get the Pennsylvania
General Assembly to designate
the Eastern hellbender as the
state’s official amphibian. They
helped write the bill, introduced
in May, that praised the coldwater vertebrate as a “positive
symbol for water quality efforts
in the state.” They went to the
state capital for meetings with
lawmakers, then waited as the
gears of government creaked.
Their quest went smoothly
until about two weeks ago,
when it ran smack into the kind
of hardball usually reserved for
political whoppers like the budget and health policy. The day
after the state Senate approved
the hellbender bill by a 47-2
vote, the House’s powerful majority leader unexpectedly
backed a different critter called
Wehrle’s salamander.
“We always joked: ‘What is
going to happen that is going to
derail our bill?’ ” says Abby Hebenton, 17 years old, of Fairfield,
Pa., and one of the hellbender
campaign’s leaders.
John Somonick is what happened. The retired telephonecompany technician and outdoorsman
says
Wehrle’s
salamander is much better
suited to be official amphibian.
It was named after R.W.
Wehrle, a jeweler and naturalist
who lived in Indiana, Pa., and
spotted the creature in 1911. Indiana, best known as actor
Jimmy Stewart’s hometown,
could use the boost, says Mr.
Somonick, 75, who has spent his
whole life in Indiana County.
Mr. Somonick was so hellPlease see LESSON page A10
in the 2010 Affordable Care Act.
But some goals, like repealing
the alternative minimum tax,
fell by the wayside in last-minute wrangling.
“In the end it all came together and we’re pretty excited
about what we’ve been able to
accomplish for the American
people,” Senate Majority Leader
Mitch McConnell (R., Ky.) said
in an interview Friday. “We’ve
got a corporate rate at 20% that
we think makes us competitive
in the world again and provided
substantial middle income tax
relief.”
The GOP was expected to deliver 51 votes in support of the
measure, with one Republican,
Sen. Bob Corker of Tennessee,
expected to move against the
Please see TAXES page A5
Deficit hawks falter............... A5
Outlook for multinationals... A5
For U.S. Car Makers, Smaller
Share Drives Bigger Profit
12
23900
12 1
p.m.
and temporarily lower individual rates. It also touched other
Republican goals, including
opening the Arctic National
Wildlife Refuge to oil drilling
and repealing the mandate that
individuals purchase health insurance, punching a sizable hole
BY ADRIENNE ROBERTS
AND JOHN D. STOLL
11
10 11
a.m.
By Richard Rubin,
Siobhan Hughes
and Kristina Peterson
13
24000
BY SCOTT CALVERT
Inside
14
Thursday close
no
A top Fed official said he
sees a “reasonable case” to
raise rates in December. A5
Developments in the Russia probe and progress on the GOP tax plan
buffeted markets a day after the Dow industrials broke 24000. B1
CBOE Volatility Index
Dow Jones Industrial Average
n-
NBC News is reviewing
whether there had been
unreported concerns
about Lauer’s behavior. B1
CHIP SOMODEVILLA/GETTY IMAGES
The Senate was poised to
pass sweeping revisions to
the U.S. tax code after Republicans navigated a
thicket of internal divisions
over deficits and other issues to place their imprint
on the economy. A1, A5
BY ARUNA VISWANATHA
AND SHANE HARRIS
ly
.
lynn is cooperating with
Mueller’s probe of Russian meddling in the 2016
election, pleading guilty to
lying to the FBI about calls
with Moscow’s ambassador a month before Trump’s
inauguration. A1, A4
F
co Fo
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m e
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ci on
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us l,
e
on
World-Wide
to rental companies such as
Enterprise Rent-A-Car or Avis
Budget Group. Fiat Chrysler reported a 4% decrease last
month, continuing a string of
sales declines it is weathering
after discontinuing the Chrysler 200 and Dodge Dart, two
cars that were money losers
and largely sold to rental lots.
Detroit’s once-dominant
market share has dwindled
below 44%, according to
WardsAuto.com, mostly due to
a critical decision to cut back
sales to rental fleets, which
has lessened their need to
produce low-margin compact
cars and sedans that are out
of favor amid low gasoline
prices.
The strategy is workable
Please see AUTOS page A2
Leaner but Meaner
Deep restructuring has led to
consistent North American profits
at the Detroit Three.
Profit per car for the Big Three†
$3,000
2,000
1,000
0
–1,000
–2,000
–3,000
–4,000
–5,000
2005 ’07 ’09 ’11 ’13 ’15 ’17
Source: †2005-2009 rely on GM and Ford
production numbers and reported losses.
Source: WardsAuto.com
THE WALL STREET JOURNAL.
Cashews: The Snack
Built by Globalization
India owned the trade—until Vietnam muscled in
BY BILL SPINDLE
AND VIBHUTI AGARWAL
KOLLAM, India—Behold the humble cashew
nut. Turns out it isn’t so humble, or even a
nut.
Dangling from the bottom of the cashew
apple, a rare example of a seed that grows
outside its own fruit, the cashew embodies
globalization—and some of its discontents.
How global?
Cashew trees were transported to India by
Portuguese explorers sailing from Brazil in the
16th century. The trees soon found their way
to Kollam, an Indian Ocean port on trade
routes once plied by the Italian wanderer
Marco Polo and the Muslim adventurer Ibn
Battuta.
The crescent-shaped kernels made it into
the world market from there starting in the
late 1920s, when executives from a subsidiary
of the former General Foods Co. contracted
with local Indian entrepreneurs to collect raw
cashews and remove them from their hard
shells. General Foods shipped the kernels to
Hoboken, N.J., using a patented vacuum packing process. From there they were roasted,
packaged and sold across the U.S. under the
brand name Baker’s Vitapack Cashews.
This was the beginning of what is now a
rapidly growing $6.5 billion global business. In
the U.S., the largest export market, cashews
are pitched as healthy snacks and have made
Please see CASHEW page A10
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Early Christmas Shoppers’ Gripes Ring Hollow
J’accuse,
consumers.
You love to
complain
when Christmas merchandise rolls out before Thanksgiving, but it’s time to come
clean. You say you hate it.
But the data suggest otherwise.
By October, around 40% of
you start shopping for the
holidays. By November, more
than 80% are buying. And
rather than holding out till
later in the season, fewer of
you than ever wait until December to begin hunting for
gifts. In 2004, nearly a quarter of consumers delayed
holiday shopping until the
12th month. Now, only 17%
wait that long.
The figures, for online and
in-store shopping, are from
the National Retail Federation and Prosper Insights &
Analytics, which ask early
holiday shoppers why they
do it.
The No. 1 reason, given by
64% of early shoppers, is to
spread out gift spending to
make it easier on the budget.
Other top reasons are to
avoid the stress of last-minute shopping (49%), escape
the traditional crowds associated with November and
December (48%) and take advantage of sales or promotions (43%). The total is
greater than 100% because
consumers can select more
than one answer.
“I seriously start thinking
about it when Halloween is
done,” said Rebecca Stearns,
a mother of three boys who
lives in central Massachusetts and completed most of
her shopping before Thanksgiving. “I like to focus the
holiday on my family, not on
shopping, so I’m really happy
to do it early.”
A
lthough stores encourage early shopping by
putting up decorations, piping in holiday music
and luring in potential buyers with sales, the phenomenon isn’t necessarily beneficial to merchants.
If early shoppers buy more
stuff, retailers reap the rewards. But if consumers simply chase sales without becoming loyal customers, or if
early purchases merely supplant later buys, it may be a
wash for retailers or perhaps
a loss, since other merchandise must be cleared out to
make way for holiday goods.
Even if retailers don’t expect to make an extra buck
on early sales, they may feel
pressured into pushing out
holiday merchandise early to
vie for consumer dollars that
otherwise may be spent elsewhere.
“A lot of retailers have
held the belief for a long period of time that there is a
fixed budget” for a holiday
shopper, said Eric T. Anderson, who teaches marketing
at Northwestern University’s
Kellogg School of Management. “If we can get her to
spend $300 with us, that’s
$300 our competitors can’t
get.”
Because of that, many retailers want to be the first
midnight. Now, a few dozen
stores, including Macy’s, Target and Wal-Mart, start Black
Friday on Thursday—and
competitors may feel compelled to follow suit.
T
one out there.
Black Friday is a prime example of Christmas creep. It
used to start in stores on Friday during normal business
hours. Then some merchants
moved up the start time to
his Thanksgiving Day
through the following
Monday, 174 million
Americans shopped in stores
or online, spending around
$43 billion on gifts, according to the National Retail
Federation.
“This is a classic prisoner’s
dilemma,” said Lakshman
Krishnamurthi, who also
teaches marketing at Northwestern’s Kellogg School. “If
one starts, the other is forced
to follow.”
Holiday-sales data including early shoppers were not
available from the National
Retail Federation, but the accounting firm Deloitte has
examined figures for another
retail season: back-to-school
shopping.
About 71% of back-toschool shopping also occurs
early, during an eight-week
period from early July
through late August, with
60% happening before August, Deloitte found—and the
early shoppers spend 16%
more than the late shoppers.
Marketing to drive those
sales may start even earlier.
According to Gary Foster,
who teaches at DeVry University, the purchasing process
begins when consumers recognize they have a need and
begin to assess their options.
“The information search
and evaluation of alternative
back-to-school purchase
choices begins in June,” he
said, “which is why we start
seeing marketing activities
so early.”
In the case of holiday
shopping, an additional and
rather unusual dynamic may
be at work.
Just over 27% of early holiday shoppers confessed to
the National Retail Federation that they now tend to
shop for the holidays yearround.
Now that’s something to
complain about.
STANFORD UNIVERSITY
ly
.
U.S. WATCH
Back on Duty
Error Exposes Data
Of 10,000 Workers
Fund Used to Settle
Sex-Harassment Suit
Confidential data covering
about 10,000 current and former
Stanford University employees
was left on a shared drive for
six months, accessible to all students, faculty and staff at the
campus’s business school, the
university said.
Officials notified faculty and
staff Friday about the lapse, the
third time in two weeks that the
prestigious Northern California
university had acknowledged
data-privacy errors.
The data in the newly discovered breach included Social Security numbers and salaries for
all nonfaculty employees who
worked at Stanford in August
2008. It was uncovered last
week as privacy and IT officials
reviewed the shared drive for
additional exposures after an
earlier data-security issue.
—Melissa Korn
Rep. Blake Farenthold, a Texas
Republican, used $84,00 from a
taxpayer fund to settle a sexual
harassment claim by an employee
three years ago, court documents
and congressional data show.
The settlement stems from a
court complaint by Lauren Greene,
the lawmaker’s former communications director, who sued Mr. Farenthold’s office in December 2014
alleging wrongful termination.
Mr. Farenthold said on Friday
that confidentiality rules prevented him from confirming or
denying a payout.
A statement agreed to by lawyers for the lawmaker and his former employee said that Mr. Farenthold disagrees strongly with
the allegations and “adamantly
denies that he engaged in any
wrongdoing,” and that Ms. Greene
disagrees with his denial.
—Byron Tau
co Fo
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MATT ROURKE/ASSOCIATED PRESS
CONGRESS
CORRECTIONS AMPLIFICATIONS
HIGH FLIER: The historic Budd BB1 Pioneer aircraft returned to its perch in front of the Franklin Institute in Philadelphia on Friday,
following a yearlong restoration; the 1930 all-welded stainless-steel plane flew demonstrations throughout the U.S. and Europe until 1935.
AUTOS
Monthly Vehicle Sales Over the Past Year
t2.9%
Ford
n-
GM
no
Continued from Page One
only because the domestic
auto makers addressed financial problems that had been a
thorn for decades leading to
the industry’s collapse in the
financial crisis. Even in 2007,
when Detroit built more than
half the vehicles sold in a sizzling U.S. car market, domestic players were losing approximately
$326
per
car
produced.
Fast forward a decade, and
GM, Ford and Fiat Chrysler
earned $20 billion in North
American profits through nine
months of 2017, equivalent to
$2,500 for every car made in
the region during the period. A
broad shift to bulky pickups and
SUVs has padded margins, with
Ford’s best-selling F-Series selling for $47,100 in November,
$3,800 higher than a year earlier and far more than it costs to
build a truck designed to haul
boats or carry lumber.
Detroit’s car companies
have worked for several years
to break the boom-and-bust
business cycle that returned
big profits during good years
but led to deep losses when
demand dried up. Wall Street
appears to believe domestic
brands have turned a corner,
even if their grip on a softening market is loosening.
Shares of GM, Ford and Fiat
Chrysler have collectively
gained 29% of their value in
2017, a year when overall auto
sales are slumping modestly
and spending on sales incentives has skyrocketed.
Investors have been impressed by future technology
bets, including driverless cars,
but the companies’ ability to
keep profits afloat as the market weakens is underpinning
optimism.
Nov. 245,387
210,205
s7%
Toyota
191,617
t3%
FCA
154,919
Detroit car makers
have had a collective
3% decline in sales
through November
tic brands needed to keep
plants going to meet high labor costs and avoid slowing
assembly lines, but the practice cheapened once-strong
brands like Chevy and Dodge,
requiring higher discounts on
vehicles that already offered
minimal margins.
Ford reported a surprise 7%
sales increase, mostly due to
an abnormally high level of
fleet sales, even though overall it has dialed back on rental
cars in 2017.
Toyota Motor Corp. reported a 3% sales decline, but
s8.3%
133,156
THE WALL STREET JOURNAL.
Sources: the companies
“Domestic auto makers
have greater flexibility now,”
said Mark Wakefield, the
leader of AlixPartners LLP’s
automotive practice in Southfield, Mich. “They’re accepting
market-share losses if they’re
still profitable.”
Rental cars had been a lifeline for Detroit, providing a
ready dumping ground for vehicles that Americans had limited or no appetite for. Domes-
t4%
Honda
other Japanese brands offset
that weakness. Honda Motor
Co. gained 8%, thriving amid
redesigns of its Civic small car
and CR-V, and Nissan Motor
Co. grew an estimated 14% (it
reports official numbers Monday).
Domestic auto makers, excluding Tesla Inc., have posted
a collective 3% decline in sales
through November, opening
the door for a growing number of small but aggressive
players to stake out considerable positions.
Subaru, for instance, had
2.2% market share when GM
sought bankruptcy in 2009
and annual auto sales collapsed to 10.4 million vehicles.
In 2017, its share of the more
than 17-million-vehicle market
is nearly 4%—larger than GM’s
rugged GMC brand or Fiat
Chrysler’s Dodge unit.
Volkswagen AG, including
its Audi and Porsche brands,
as well as Mazda Motor Corp.
and Volvo Car, are gaining
ground by adding bigger SUVs
to their lineups along with
subsidized leases. Nissan, once
a bit player in the U.S., is
nearing 10% market share as it
ramps up sales to rental car
companies.
Many analysts say that if
many of Detroit’s well-known
nameplates want to regain
ground, executives will need
to rely more heavily either on
sales incentives or fleet buyers. Cadillac and Lincoln, once
luxury car powerhouses, are
on track to sell fewer combined vehicles this year than
BMW AG or Lexus on their
own. A further erosion of
those domestic brands could
force executives to trim domestic production capacity.
Domestic market-share declines come as analysts are
souring on near-term prospects for the U.S. vehicle market, with the National Automobile Dealers Association
saying Friday that 2018 sales
will recede by 2.5% compared
with 2017.
The association projects
16.7 million deliveries for next
year, well below the record
17.5 million sold in 2016, representing several factories’
worth of production.
Steeper discounts will be
needed to keep sales volumes
within shouting distance of
the record pace set in recent
years.
Autodata Corp. said overall
market sales are estimated to
be up 1% in November compared with the prior year. Incentive spending reached a record at $4,124 per unit, far
exceeding 10% of the average
initial asking price.
—Mike Colias contributed to
this article.
Patrick Daugherty paid his
former employer Highland
Capital Management a jury
award from past litigation and
is suing Highland to recover
money the jury awarded him.
A Business & Finance article
Monday about Highland incorrectly said both parties were
still litigating to recover the
awarded funds. Separately, arbitrators found that a Highland affiliate owed former employee Josh Terry $5.7 million.
The article incorrectly said arbitrators found that Highland
owed the money. Additionally,
Highland’s founder, James
Dondero, instructed Mr. Terry
in 2016 to lend money from an
investment fund Mr. Terry
managed to a company Highland owned, according to the
arbitrators. The article incorrectly said the arbitrators determined that Mr. Dondero instructed the money be lent to
another Highland fund.
ment from Amgen Inc. and
Novartis AG that is under review for approval by the Food
and Drug Administration. A
graphic on Thursday with a
Business News article about
migraine treatments incorrectly said that atogepant and
ubrogepant are injections in
testing from Amgen/Novartis
and that the FDA is reviewing
pills from Allergan.
Among drugs in development to treat migraines are Allergan PLC’s atogepant and
ubrogepant, which are pills in
phase 2 and 3 testing, respectively, and an injection treat-
A Markets chart Friday of
the change in global oil demand showed that change in
millions of barrels a day. The
chart was incorrectly labeled
in billions.
German grocers Aldi and
Lidl are expanding their U.S.
presence. A Heard on the
Street article Friday about
Kroger Co.’s stock incorrectly
said Aldi and Lidl have opened
their first U.S. stores.
Alvarez & Marsal Taxand
LLC, a tax-advisory firm, was
incorrectly called a law firm in
a Business News article Friday
about how U.S. tax-overhaul
proposals affect foreign companies.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
THE WALL STREET JOURNAL
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(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A3
* * * *
U.S. NEWS
No Tannenbaum! Trees Run Short
Many buyers pine for a
classic Douglas fir, but
weather, agriculture
conspire to disappoint
Trump:
Immigrant
Verdict Is
A Travesty
BY ZUSHA ELINSON
It’s barely December and it
may already be too late to get a
Christmas tree.
Jessica Kuchinski found out
Tuesday that her months-old
order for a 6-foot, $159 fir tree
was canceled. Julie Prather’s favorite choose-and-cut lot in the
mountains of North Carolina
sold out last weekend. Christina
Doerfel of Kirkland, Wash., and
her family plan to get a $10 permit at an outdoor store and
chop down their own tree this
weekend in a federal forest, after getting sticker shock over
high prices and few choices at
local lots.
Ms. Kuchinski dragged a
plastic tree out of the basement
and went in search of an evergreen-scented candle to fill her
family’s suburban Denver home.
Ms. Prather called a half-dozen
more cut-your-own lots in
North Carolina and all had low
or no inventory.
So she was planning to drive
five hours from Savannah, Ga.,
on Friday in search of a tree
with no certainty she will find
one.
“I’m really disappointed,”
Ms. Prather said.
This Christmas, supplies of
live trees are tight. Some
Christmas tree lots are closing
almost as soon as they open,
citing a shortage of trees and
presaging a potential national
run on firs this weekend, traditionally the busiest of the treebuying season.
Some suppliers blame extreme weather this past year.
Some blame changes to agriculture, like small farmers in Oregon, the biggest tree-producing
state, turning to grapes and
cannabis instead.
But most growers blame the
Great Recession.
It takes seven years to 10
years to grow a tree. Many
farmers planted fewer seedlings
or went out of business altogether in the years after the
housing bust, when consumers
pulled back spending.
At the same time, total acreage in production declined 30%
between 2002 and 2012, according to the latest federal
data available.
The ensuing tightening of
supply started last year and
live-tree buyers spent an average of $74.70, more than double
the average in 2011, according
to the National Christmas Tree
Association, a trade association
for the live-tree industry. To
meet 2016 contracts, some
growers cut trees from this
year’s crop early, making the
2017 supply even leaner.
The lack of supply is being
felt most acutely in states including Florida, Arizona and Il-
SAN FRANCISCO—The not
guilty verdict in a murder case
involving an illegal immigrant
here continued to draw criticism from the White House
and politicians around the
country Friday.
A jury late Thursday acquitted Jose Ines Garcia
Zarate—a repeat felon who had
been deported five times—of
murder and manslaughter in
the fatal shooting of 32-yearold Kate Steinle in 2015.
“The Kate Steinle killer
came back and back over the
weakly protected Obama border,” President Donald Trump
tweeted Friday. “His exoneration is a complete travesty of
justice. BUILD THE WALL!”
Mr. Garcia Zarate had been
freed from San Francisco
County jail on an old drug
charge months before the
shooting, despite a request
from federal immigration officials to the sheriff’s department that would have enabled
the federal agency to take him
into custody. The city doesn’t
honor requests to hold suspects for federal immigration
officials after they have been
released from jail.
San Francisco Mayor Ed Lee
didn’t make any public comments about the verdict Friday.
A spokeswoman for the mayor
said, “San Francisco is and will
remain a sanctuary city.”
Jurors declined to speak to
the media after the verdict,
and the court has sealed their
names.
Some San Franciscans came
by the pier where Ms. Steinle
was killed to pay their respects Friday. Alexandra Elvitsky, 64, who works at a
nearby law firm, said she was
upset by the verdict. “It’s a sad
day,” she said. “I think it’s a
travesty.”
Ms. Elvitsky, a Democrat,
said she was upset that Mr.
Garcia Zarate had been able to
slip through the system.
Mr. Garcia Zarate was convicted of illegally possessing a
firearm. But the jury returned
not guilty verdicts on first and
second degree murder, as well
as involuntary manslaughter.
A murder conviction was
difficult because the bullet
that hit Ms. Steinle ricocheted
off the ground some 80 feet
away, said retired San Francisco prosecutor Russ Giuntini.
He added that he believed the
jury might have returned a
guilty verdict on the lesser involuntary manslaughter charge
that required prosecutors to
prove only that Mr. Garcia
Zarate was negligent with the
gun and not that he had any
intent to kill.
EVE EDELHEIT FOR THE WALL STREET JOURNAL
BY VALERIE BAUERLEIN
Melissa Clark shopped with her daughter, Charlotte, 4, at Gallagher’s Pumpkins & Christmas Trees in St. Petersburg, Fla., on Thursday.
cited as I am,” she said. “But I
think it’s super fun. Just slap a
tree on a sled and drag it
back.”
She is trying to adjust expectations for her children,
ages 4 to 18, who are used to
picking a Christmas-card worthy tree at a lot with hot cocoa
and tractor rides.
“What’s that kind of tree
that’s a lot more thin, where
the branches are more spread
out, a ‘Charlie Brown’ tree?”
she said. “I’m going into it
knowing it’s not going to be
picture-perfect.”
n-
linois—those farther from Oregon and North Carolina, which
account for 37% and 25%, respectively, of Christmas tree
production.
Customers are likely to pay
at least 10% more than last year
for a 5-foot to 7-foot tree, and
up to 20% more for a taller tree,
said Steve Troxler, agricultural
commissioner for North Carolina.
Buyers might have to visit
more than one vendor, especially if they are seeking a popular height or a popular variety
like Noble or Fraser fir, said Angie Smith, executive director of
the Pacific Northwest Christmas
Tree Association, which represents growers in Oregon and
Washington.
Retailers like Home Depot
Inc. and Lowe’s Cos. have longstanding contracts with tree
growers and should have ample
trees for weeks to come, she
said.
“What people will see are
the small retail lots, especially
where churches and schools
have fundraisers, their supplies
EVE EDELHEIT FOR THE WALL STREET JOURNAL
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The artificial tree industry is
saying traditionalists should
see the shortage as a sign to
try alternatives.
Christmas trees can be “tall,
short, thin, fat, green, silver,
white, ombré, rainbow, upside
down, real or artificial,” according to a Facebook post by the
American Christmas Tree Association, a trade group for artificial-tree producers.
“Don’t be discouraged,” the
association said. “That ‘perfect’
Christmas tree is any type of
Christmas tree that fits your
personality and your lifestyle.”
The prospect of higher
prices sent Christina Doerfel, of
Kirkland, Wash., in search of alternatives.
She and her husband have
five children, so the holidays
are expensive already and she
is hesitant to spend more than
$60 on a tree. That is how she
came up with the idea of going
to the forest to find one.
“My husband is not as ex-
Prices of live trees are up this Christmas because supply is tight.
are tight,” Ms. Smith said.
The industry is sensitive to
saying there is a shortage, as it
implies there aren’t enough live
trees to meet demand, said Tim
O’Connor, spokesman for the
national association.
“There is a tree for everybody that wants one,” he said,
it may just require choosing a
different vendor or type of tree.
David Gallagher, who has run
Gallagher’s Pumpkins & Christ-
mas Trees lot in St. Petersburg,
Fla., for 30 years, is telling customers that he could be closed
for the season within two
weeks.
“I have people that always
want to wait until a week before Christmas, but I wouldn’t
wait,” he said. “Supply is super,
super tight.”
He said he is holding price
increases to 5% to avoid sending people to the competition—
WASHINGTON—Conservative House Republicans balked
Friday at a proposal to keep
the government running for
two weeks beyond the expiration of its current funding, a
sign that battles over avoiding
a government shutdown are
likely to intensify this month.
House GOP leaders pitched
to their rank-and-file Friday a
spending bill that would avoid
a shutdown next weekend by
keeping the government
funded through Dec. 22. But
many conservatives objected
to the proposal. The government’s funding expires at 12:01
a.m. on Dec. 9.
“This is a lack of leadership
on the part of the House and
the Senate,” said Rep. Ken
Buck (R., Colo.), who said he
would vote against the twoweek spending bill. The GOPcontrolled House has passed
spending bills that reflect Republican priorities, but they
have not gone anywhere in the
Senate, where bipartisan support is needed.
Part of conservatives’ concern is that GOP leaders will
seek to attach other measures
that they dislike to the shortterm spending bill. They note
that Sen. Susan Collins (R.,
Maine) said this week that her
support for the Senate GOP
tax-overhaul bill—which repeals the Affordable Care Act
requirement that most people
have health insurance or pay a
penalty—depended on secur-
MICHAEL REYNOLDS/EPA-EFE/REX/SHUTTERSTOCK
no
GOP Spending Bill Hits Resistance President
Backs
Tillerson
BY KRISTINA PETERSON
ly
.
’Tis the Season
For Branching Out
BY FELICIA SCHWARTZ
GOP leaders and conservatives bicker over a short-term spending bill.
ing an agreement to vote on a
bipartisan health-care bill
aimed at offsetting any resulting increases in premiums.
Ms. Collins said that bipartisan bill, which would extend
for two years payments to insurers to offset the cost of
subsidies for low-income consumers, would likely be folded
into the short-term spending
bill. But conservatives view it
as a bailout for insurers.
Conservatives often balk at
spending bills, forcing GOP
leaders to rely on Democratic
votes in the House. In the Senate, spending bills require 60
votes, so the bill will need bipartisan support.
Some House Democrats will
likely oppose any spending bill
that doesn’t include protections for illegal immigrants
brought to the country as children by their parents, known
as Dreamers. But others may
opt to support the short-term
patch.
Democrats believed they
had struck a deal earlier this
year with President Donald
Trump to pass some version of
a measure known as the Dream
Act, which would provide a
path to citizenship for Dreamers, but Mr. Trump said no
deal had been reached.
“The deal was very simple,
when [House Minority Leader
Nancy Pelosi] and [Sen.] Chuck
Schumer met at the White
House, that we were going to
have a Dream Act fix by the
end of the year, and if they did
not have a Dream Act fix, they
need to get their own votes,”
Rep. Ruben Gallego (D., Ariz.)
said Friday of Republicans. “If
they want to keep the government open, they have to get
their own votes for it.”
President Donald Trump rejected speculation that the
White House is trying to force
out Secretary of State Rex Tillerson, saying Friday that he is
not leaving and that the pair
works well together.
Mr. Trump and Mr. Tillerson have disagreed publicly
and privately on a number of
key policy areas, including the
Paris climate accord, Iran, a
feud between Gulf Arab nations, North Korea and others.
But that, the president said,
didn’t indicate a rupture.
“He’s not leaving and while
we disagree on certain subjects, (I call the final shots) we
work well together and America is highly respected again!”
Mr. Trump said on Twitter.
Mr. Trump called new reports
that Mr. Tillerson would soon
leave his post “fake news.”
Earlier in the day, Mr. Tillerson described reports that
the White House wants him
out as “laughable.”
John Kelly, Mr. Trump’s
chief of staff, called Mr. Tillerson’s chief of staff Margaret
Peterlin to deny reports that
he had engineered a plan to
oust Mr. Tillerson, officials
said. Mr. Tillerson is close to
Mr. Kelly and the two speak
frequently, officials said.
what the natural-tree business
calls fake trees.
Karen Van Buskirk of southern Illinois went tree shopping
last weekend with hopes of
staying close to her traditional
budget of $15. Normally it is
sufficient for a Douglas fir.
The tree she and her husband chose had green paint
sprayed on its branches to keep
it looking fresh. They paid $39,
more than twice her budget.
She is hosting her 28-yearold daughter and extended family this weekend for tree-trimming, homemade cookies and
the traditional placement of a
Precious Moments angel on the
top of the tree.
“I’ll make sloppy joes and
she and I will put the lights on,”
Ms. Van Buskirk said.
“It’s having family together,
without their phones, and
there’s this pride in it,” she
added. “You can say, ‘Look at
what we’ve done.’ ”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, December 2 - 3, 2017
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THE WALL STREET JOURNAL.
THE FLYNN GUILTY PLEA
Precipitous Fall Comes After Rapid Rise
The Next Steps
For Mueller Inquiry
WASHINGTON—When retired U.S. Army Lt. Gen. Michael Flynn joined President
Donald Trump’s campaign, he
electrified audiences with his
fury at the Washington national security establishment
and jettisoned military decorum, describing Islam as a
cancer and leading chants for
Democratic rival Hillary Clinton to be locked up.
The former Defense Intelligence Agency director’s brassy
behavior fit seamlessly with
Mr. Trump’s unorthodox campaign and it paid off, ultimately vaulting him into the
White House as national security adviser.
But the speed of Mr. Flynn’s
ascent was matched by the
swiftness of his undoing. On
Friday, he admitted to lying to
federal agents about two
phone calls in December 2016
with then Russian Ambassador
Sergey Kislyak and cut a plea
deal with Special Counsel Robert Mueller that could include
prison time. He had served
just 23 days on the job in the
West Wing before being
forced to resign in February
amid allegations he had also
lied to Vice President Mike
Pence.
Mr. Flynn’s story is a rare
one of rising and falling in
Washington, only to rise
Documents disclosed Friday
in connection with Mike Flynn’s
guilty plea leave many unanswered questions about the direction of Special Counsel Robert Mueller’s probe and Mr.
Flynn’s role in it going forward.
What does the guilty plea
mean for the inquiry?
Under the plea, Mr. Flynn is
cooperating with Mr. Mueller’s
investigation of Russia’s alleged
meddling in the 2016 election
and any possible ties between
Russia and Donald Trump’s
campaign. Mr. Trump denies
any collusion with Russia.
As a campaign adviser and
top White House aide to Mr.
Trump, Mr. Flynn could provide
Mr. Mueller and his team a
window into matters involving
Russia they might otherwise
have no way of seeing.
Mr. Flynn’s plea deal states
he must cooperate “fully, truthfully, completely and forthrightly” with Mr. Mueller. He
must produce “any and all evidence” of crimes he knows
about and waives his right to
have his lawyer present when
interviewed by prosecutors.
Mr. Flynn also would have
to testify, if asked, before a
grand jury or at trials of anyone charged in the inquiry.
Can Mr. Trump pardon Mr.
Flynn?
Yes. He can pardon any federal offense, regardless of
whether a charge has been
filed or a conviction obtained.
That means he could pardon alleged crimes involving Mr.
Flynn the FBI is still investigating, as well as the charge to
which he pleaded guilty.
Will Mr. Flynn go to jail?
It’s unclear. Under the federal sentencing guidelines, Mr.
Flynn’s punishment would be
zero to six months in prison. A
judge will ultimately decide.
—Joe Palazzolo
BRENNAN LINSLEY/ASSOCIATED PRESS
BY PAUL SONNE
AND REBECCA BALLHAUS
Michael Flynn campaigning for candidate Donald Trump last year.
proach to Afghanistan and the
evolving al Qaeda threat. He
eventually was forced out and
into early retirement in 2014.
The following year, Mr.
Trump’s unlikely campaign became his ticket to redemption.
The president met Mr.
Flynn shortly after launching
his campaign in June 2015. Mr.
Trump became enamored with
the military man after watching him on Fox News, and
later that summer, had him
called in for a meeting, the
former national security adviser said in a Washington
Post interview last year.
During their first meeting,
Messrs. Trump and Flynn
were joined by the candidate’s
son, Eric, and the rest of Mr.
Trump’s family quickly took a
liking to Mr. Flynn. Jared
Kushner, the president’s sonin-law who is now a senior
White House adviser, pushed
for Mr. Flynn to join the campaign, according to people familiar with the matter. Ivanka
ly
.
higher and fall harder.
For more than three decades in the U.S. Army, he
built a decorated career as an
intelligence officer. While
serving as DIA director, however, he fell out with his superiors in the Obama administration, in part for pushing a
harder line on the U.S.’s ap-
Trump, the president’s daughter, would later be among the
early backers of naming him
national security adviser.
Harboring grudges against
the Obama administration, Mr.
Flynn took to the campaign
trail and railed at the U.S. national security apparatus. He
sharpened some of the arguments he made during his
Pentagon days, injecting an
extra measure of emotion and
political vitriol that made
them resonate with Mr.
Trump’s base. His early campaign-trail presence also gave
Mr. Trump the foreign policy
and national security bona fides the New York real-estate
developer lacked.
Mr. Flynn’s involvement
with the Trump campaign
reached its public climax at
the Republican convention in
Cleveland in July 2016. There
he delivered a fiery speech
calling for Mrs. Clinton to be
jailed for what he called her
careless use of a private email
server as secretary of state,
and egging on the crowd’s
chants of “Lock her up!”
“If I—a guy who knows this
business—if I did a tenth of
what she did, I would be in jail
today,” he said. “Lock her up,
that’s right,” he added as the
crowd chanted.
As Mr. Flynn left a federal
courthouse Friday, a crowd of
protesters outside began
chanting: “Lock him up!”
co Fo
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On a Big Day, Flynn Grabs Spotlight Deal Gives Details
BY PETER NICHOLAS
AND BYRON TAU
LARRY DOWNING/REUTERS
It looked to be a triumphant day for President Donald Trump, with the Senate
poised Friday to take another
big step toward passing a tax
bill.
But Friday’s events took an
ominous turn for the White
House
when
ANALYSIS
former national
security
adviser Michael
Flynn pleaded guilty to lying
to federal agents. He is cooperating with prosecutors who
are investigating alleged Russia meddling in the 2016 presidential election.
A statement released by
Special Counsel Robert Mueller referred to Mr. Flynn’s
dealings on foreign policy issues with a “senior official”
and a “very senior official”
working on Mr. Trump’s transition team last year, a sign
that prosecutors are scrutinizing the actions of several of
the GOP president’s closest
confidants. The “very senior”
official is Jared Kushner, the
president’s son-in-law and
White House adviser, according to two people familiar with
the matter.
Veterans of past adminis-
Special Counsel Robert Mueller is leading the Russia probe.
no
n-
trations that have faced legal
problems said it would be difficult for White House officials
to compartmentalize the investigation so that Mr. Trump
can focus on his policy agenda.
Craig Fuller, an adviser in
the GOP administration of former President Ronald Reagan,
said Mr. Flynn’s guilty plea
“creates a serious attention
deficit for many inside the
White House.”
The dueling story lines on
Friday—what is shaping up to
be a big legislative win and a
major advance in the Russia
probe—created a split-screen
moment for a White House ea-
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ger to celebrate progress on
one of the president’s top campaign promises: cutting taxes.
The president has spent
weeks making private calls,
hosting meetings and using
rounds of golf to generate support for the proposal that provides both corporate and individual tax reductions for many.
Early Friday, Senate Majority
Leader Mitch McConnell (R.,
Ky.) said the GOP had the 50
votes needed to pass the bill.
Mr. Trump and Republican
congressional leaders, who
suffered a significant loss
when they failed to repeal the
Affordable Care Act this sum-
PROBE
Continued from Page One
top Trump transition officials
on his contacts with Russia,
suggesting special counsel
Robert Mueller is closely scrutinizing other prominent
Trump associates. But his ultimate targets, and the exact nature of any potential wrongdoing, remain unclear.
Mr. Flynn also acknowledged in court documents filed
Friday that a “very senior
member” of the transition
team had directed his contacts
over the U.N. issue. The people
familiar with the matter said
the “very senior member” was
Mr. Kushner.
Abbe Lowell, a lawyer for
Mr. Kushner, did not return
multiple requests for comment.
Mr. Mueller is six months
into a wide-ranging investigation into Russia’s efforts to
meddle in the election and potential links between those efforts and the Trump campaign,
which both Russia and Mr.
Trump have denied. In court
documents, Mr. Mueller’s office said Mr. Flynn’s lies to the
FBI impeded that investigation.
When asked by U.S. District
Judge Rudolph Contreras how
he pleads, Mr. Flynn, flanked
by his two lawyers, said softly,
“Guilty, Your Honor.”
Given his cooperation, Mr.
Flynn is expected to face at
most six months in prison, depending on his “substantial assistance in the investigation or
mer, are banking on victory
with the tax bill to provide
momentum heading into next
year’s midterm elections.
Now, Mr. Mueller’s probe
presents a wild card as the final negotiations between
House and Senate Republicans
on the tax bill play out against
a backdrop of an investigation
that is reaching into the president’s inner circle.
Sen. John Cornyn of Texas,
the chamber’s second-ranking
Republican, demurred when
asked about Mr. Flynn’s guilty
plea.
“I haven’t really given it
much thought. I’ve been busy
with taxes. I’ll leave that to
the courts,” he said.
On Friday, Democrats, all of
whom oppose the tax bill,
turned the focus to Mr. Flynn’s
guilty plea. Rep. Nancy Pelosi
of California, the House Democratic leader, called it a dark
moment for the country, saying people should be “alarmed
by reports of President
Trump’s consistent efforts to
obstruct” the probe.
A White House lawyer, Ty
Cobb, said in a statement that
no one was implicated other
than Mr. Flynn, who was
forced to resign. The investigation, he said, was heading
toward a prompt conclusion.
prosecution of another person
who has committed an offense,” according to his plea
agreement.
Prosecutors didn’t elaborate
Friday on who else they may
be looking at. Mr. Flynn
pleaded guilty to one count of
lying to the FBI, but a “statement of the offense” filed in
connection with his plea detailed additional wrongdoing,
including lying on a regulatory
form about his private work
directed by Turkish government officials. Mr. Mueller’s
decision not to file more serious charges against Mr. Flynn
led many legal experts to infer
that Mr. Flynn is providing significant information.
“Mueller would not have accepted an agreement to plead
to a single charge absent an
arrangement of some sort, and
presumably that is Flynn’s
truthful testimony about other
matters within Mueller’s jurisdiction,” said Paul Rosenzweig,
a former federal prosecutor
who was a deputy to special
counsel Kenneth Starr during
his investigation of President
Bill Clinton.
In a statement Friday, Mr.
Flynn said, “My guilty plea and
agreement to cooperate with
the Special Counsel’s Office reflect a decision I made in the
best interests of my family and
of our country. I accept full responsibility for my actions.”
Documents filed in federal
court Friday detail Mr. Flynn’s
misstatements to the FBI during an interview last January
and depict a group of incoming
Trump officials concerned
about the Obama administra-
On Work for Turkey
BY DION NISSENBAUM
WASHINGTON—Former national security adviser Mike
Flynn revealed Friday that private consulting work he undertook while advising Donald
Trump’s presidential campaign
was directed and supervised
by Turkish government officials, something people involved in the project have denied for months.
The revelation came as part
of Mr. Flynn’s agreement to
plead guilty to lying to the
Federal Bureau of Investigation about his talks with the
Russian ambassador to the
U.S. Along with admitting he
lied to the FBI, Mr. Flynn acknowledged in court papers
that the Turkish government
“provided supervision and direction over” a $530,000 consulting contract he had with a
Turkish businessman last year.
For months, those involved
in the effort denied the Turkish government played any
role in hiring Mr. Flynn to promote Ankara’s interests in the
U.S. by attacking a Muslim
cleric living in the U.S. whom
Turkey has accused of trying
to overthrow President Recep
tion’s new sanctions on Russia
and trying to figure out how to
react to them.
Mr. Flynn “falsely stated” to
the FBI that he hadn’t asked
the Russian ambassador to refrain from escalating a response to the sanctions, a senior prosecutor in Mr.
Mueller’s office, Brandon Van
Grack, said in court. In fact,
Mr. Flynn had called a senior
official of the Trump transition
team on Dec. 29—the day the
sanctions were announced—to
discuss “what, if anything, to
communicate to the Russian
Prosecutors didn’t
elaborate Friday on
who else they may be
looking at.
ambassador,” according to a
statement filed in connection
with Mr. Flynn’s plea.
A person familiar with the
matter identified that senior
transition official as K.T. McFarland, who was Mr. Flynn’s
deputy at the time. A second
person said that Ms. McFarland discussed with Mr. Flynn
his conversation with the Russian ambassador.
The unnamed senior official
was with “other senior members” of the transition team at
Mar-a-Lago, Mr. Trump’s golf
club in Florida, the document
said. The official and Mr. Flynn
discussed the fact that members of the transition team at
Mar-a-Lago “did not want Rus-
Tayyip Erdogan.
Mr. Flynn didn’t publicly
detail his consulting work until March, when he filed paperwork about his work for Turkish interests. At the time, Mr.
Flynn’s attorney and Ekim
Alptekin, the Turkish businessman who signed the contract, denied that Ankara financed the project.
On Friday, Mr. Flynn admitted that Turkey played a much
more significant role in overseeing the project than previously admitted.
While Mr. Flynn admitted in
documents to making “materially false statements and omissions” in forms filed with the
federal government about the
work for Turkey, he doesn’t
face charges on the matter.
Mr. Alptekin has repeatedly
denied that the Turkish government was behind the project. He didn’t respond to requests for comment on Friday,
but a representative said Mr.
Alptekin stands by his denials.
“He’s pretty blown away”
by Mr. Flynn’s statements on
Turkey, the person said.
Turkish government officials didn’t respond to requests for comment.
sia to escalate the situation,”
the document said.
The next day, Dec. 30, Russian President Vladimir Putin
released a statement that Russia wouldn’t take retaliatory
measures, and Mr. Kislyak
called Mr. Flynn on Dec. 31 to
tell him Russia had “chosen
not to retaliate in response to
Flynn’s request.”
In addition to the sanctions
issue, Mr. Flynn also lied about
calls he made to “Russia and
several other countries” about
a U.N. resolution submitted by
Egypt on Dec. 21, which criticized Israel’s construction of
settlements in disputed territories.
The document also said Mr.
Flynn made “materially false
statements” in a regulatory filing about his separate work
for Turkish interests.
Former Trump campaign
chairman Paul Manafort and
his longtime associate who
also worked with the campaign, Richard Gates, were indicted in October for prior
work they did in Ukraine, unrelated to the Trump campaign. Another adviser, George
Papadopoulos, has pleaded
guilty to lying to the FBI about
his contacts with Russian gobetweens.
A statement from White
House lawyer Ty Cobb played
down the guilty plea, noting
that Mr. Flynn was in the job
less than a month and had “entered a guilty plea to a single
count.”
—Rebecca Ballhaus,
Ben Kesling and
Del Quentin Wilber
contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A5
* * * * * * * * *
THE SENATE TAX BILL
Keeping Score
Outside estimates show Republican tax plans will add to budget
deficits, even when accounting for the boost tax cuts will give to
economic growth. Cumulative cost over 10 years:
House
bill
Finance-passed Senate bill
Includes estimated benefits
of added economic growth
$0
–0.5
–1.0
Without
estimated
benefits of
added
economic
growth
–1.5
–2.0 trillion
Tax
Policy
Center
Penn
Tax
Penn
Wharton Foundation Wharton
Budget
Budget
Model
Model
Tax
Joint
Foundation Committee
on Taxation
Note: The Penn Wharton model included an alternative measure that showed
slightly higher deficit estimates.
THE WALL STREET JOURNAL.
Source: Committee for a Responsible Federal Budget
no
Continued from Page One
bill because of worries it will
expand budget deficits. No
Democrat was expected to vote
for the bill.
Senators began voting on
amendments late Friday night
and that continued into early
Saturday. They defeated, 29-71,
an attempt by Sen. Marco Rubio
(R., Fla.) and Mike Lee (R.,
Utah) to expand the child tax
credit for low-income families,
which would have been paid for
by setting the corporate tax
rate at 20.94%.
The bill’s passage, should it
occur, would mark a legislative
victory for Republicans and
President Donald Trump. He
has made the tax overhaul a
centerpiece of his economic policy goals, particularly a rewrite
of business taxes, which he has
argued make the U.S. uncompetitive internationally. The bill
could also give lawmakers
something to stump on in 2018
midterm elections.
The House and Senate would
still need to reconcile competing versions of the bills, something they hope to do by Christmas. The House and Senate bills
overlap in many ways, and lawmakers expressed optimism
about getting a final deal done.
“The bills are not all that different,” Mr. McConnell said.
“We tried to move ours somewhat in the House direction.”
Senate Republicans called
their bill an economic booster
shot, their best chance to create
faster sustained growth and
higher wages. But it comes with
risks. Congress’s own nonpartisan analysis found that the economic benefits would be modest and fade over time. The
Joint Committee on Taxation
determined that the tax cuts
wouldn’t pay for themselves, as
Republicans have long promised. Instead the analysis found
they would increase deficits by
$1 trillion over a decade.
Investors for now are more
excited about the prospect of
lower corporate taxes than
about the risks associated with
larger government deficits. The
Dow Jones Industrial Average
rose 673.60 points for the week,
or 2.86%, to 24231.59. Yields on
10-year Treasury notes, which
might be expected to rise if
bond investors were worried
about deficits, remain comfortably low, below 2.5%.
The vote approached after a
week of long hours and frantic
rewriting and deal-making. The
GOP tax effort wobbled late
Thursday after the JCT analysis
raised concerns about deficits
and an attempt to add deficit
countermeasures in the bill
failed to clear parliamentary
rules. Mr. McConnell and his
team salvaged the measure with
a series of last-minute deals.
Sens. Steve Daines (R.,
Mont.) and Ron Johnson (R.,
Wis.) won bigger tax breaks for
pass-through businesses such
as partnerships and S corporations. Sen. Jeff Flake (R., Ariz.)
secured more aggressive depreciation rules to encourage business investment after 2022.
Sen. Susan Collins (R.,
Maine) scored a $10,000 deduction for property taxes, an expanded but temporary deduction for people with large
medical expenses and a promise
of future bipartisan health-care
legislation to mitigate the effects of repealing the individual
health insurance mandate. “This
bill will provide much-needed
tax relief and simplification for
lower- and middle-income families, while spurring the creation
of good jobs and greater economic growth,” Ms. Collins said.
To help pay for some of
those changes, Republicans increased a planned new tax on
companies’ stockpiled foreign
profits to 14.5% for cash and
7.5% for illiquid assets, up from
10% and 5% in the previous ver-
n-
TAXES
Future foreign profits of drug firms such as Merck, shown above, would go largely untaxed by the U.S. under a territorial tax system.
shores. Both House and Senate
proposals would impose a onetime levy on the fruits of those
profits—whether assets are repatriated or not—at 14% on
liquid assets under the House
proposal and 10% under the
Senate’s. The payoff for companies: Future foreign profits
would go largely untaxed by
Uncle Sam, under what is
called a territorial tax system.
Intellectual
property:
Much of the profits tied up off-
shore were generated with intellectual property that had
been shifted to low-tax jurisdictions. The Senate bill offers
incentives to move that intellectual property back to U.S.
parent firms: no tax on the
transfer for three years, and
then a lower 12.5% tax rate on
future income it generates, rising to 15.6% in 2025.
Still, for some firms, keeping even lower tax rates in foreign jurisdictions could prove
worthwhile. And low-tax jurisdictions could seek to counter
the move by offering bigger incentives to stay, or even by imposing penalties on outbound
transfers, said Robert Willens,
a New York tax consultant.
Global minimum tax: If
lower rates and a territorial
system are the carrots, the
House and Senate bills also include sticks—provisions intended to discourage tax-law
arbitrage by large companies.
One such measure, in both
bills, would impose a global
minimum tax of 10% on most
companies. That would narrow
the advantage for firms operating in low-tax countries such
as Ireland, Luxembourg or various island tax havens.
Base erosion measures:
Another suite of measures
seeks to rein in payments from
U.S. companies to foreign parents that policy makers see as
eroding the U.S. tax base.
ly
.
Multinational corporations
have a lot to like in both the
House and Senate tax-overhaul
proposals. Depending on a
company’s structure and operations, there could be a lot to
worry about as well.
Companies with bigger U.S.
operations, big capital budgets
and less debt stand to benefit
more, tax experts say. Those
that have spent years shifting
intellectual property and profits overseas are likely to see
less benefit.
“For the majority of the
economy, I think companies
will net out better,” said Stefanie Miller, senior tax analyst
with Height Securities LLC.
Here are five broad provisions likely to make a significant impact on multinationals.
Lower corporate rate: Both
House and Senate proposals
cut the top corporate tax rate
to 20% from 35%, a particular
boon for companies with predominantly U.S. income and
high effective tax rates, including banks and retailers. Companies are likely to benefit less
if they already generate much
of their profits in low-tax
countries—whether through
local operations or, as in the
case of some technology and
drug firms, after years of aggressive tax management.
To pay for the cut, Congress
would eliminate a variety of
tax breaks, including one
aimed at domestic manufacturers that tends to reduce effective tax rates by about 3
percentage points for firms
that can claim it, Ms. Miller estimates. But the overall rate
reduction would more than
offset the loss, she said.
The bill proposes limiting
tax deductions for interest
payments and the use of net
operating losses to offset taxable income, which could be a
problem for firms with high
debt levels or significant accumulated losses. But for most
companies, these limits likely
aren’t severe enough to change
the overall tax benefit that
firms ultimately receive.
Repatriated profits: U.S.
companies have accumulated
more than $2 trillion in overseas profits that, under the
current system would incur a
hefty tax bill if returned to U.S.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY THEO FRANCIS
MEL EVANS/ASSOCIATED PRESS
Multinationals
Likely to See
More Benefits
Deficit Hawks Take a Back Seat
BY NICK TIMIRAOS
AND KATE DAVIDSON
Deficit hawks emerged
among the losers in the GOP
effort to pass a tax overhaul.
The Senate prepared Friday
to pass a tax bill that would
reduce the government’s revenue by about $1.4 trillion over
a decade. The House version
of the bill would also reduce
revenue by $1.4 trillion.
President Donald Trump’s
administration and GOP lawmakers have argued the revenue loss would be much less
than that price tag because
cuts would spur economic
growth and boost federal revenue even as tax rates drop.
But a growing number of estimates shows higher growth
wouldn’t fully offset lost revenue from lower tax rates. That
means that budget deficits—already projected to increase in
the years ahead as baby boomers retire and take on benefits
like Medicare and Social Security—could end up even wider
than already projected.
The nonpartisan Joint Committee on Taxation, Congress’s
official scorekeeper on tax
projections, said Thursday the
Senate bill would generate
$458 billion in revenue from
stronger economic growth
while adding $51 billion in
higher interest costs, leaving
the net cost of the bill at $1
trillion over a decade.
That estimate was one reason why Sen. Bob Corker of
Tennessee, a self-described
deficit hawk, appeared prepared to defect on the vote
Friday, making him potentially
the lone Republican dissenter.
The Tax Foundation, a
right-leaning think tank, found
a version of the bill that
cleared the Senate Finance
Committee would decrease
government revenue by $1.78
trillion without accounting for
the benefits of economic
growth and about $516 billion
after accounting for stronger
economic growth.
Republicans fought for
years to include scoring estimates that account for economic growth in evaluating
tax legislation. After the JCT
estimate was released, some
doubted the conclusions.
“Our bill will end up reducing the deficit,” Sen. Rob Portman (R., Ohio) said.
After Mr. Trump, a Republican, won the White House last
year, top GOP lawmakers said
any tax proposal needed to be
“revenue neutral”—bringing in
as much revenue by eliminating deductions and other tax
breaks, for example, as it lost
from lower rates.
But the revenue-neutral
commitment proved daunting
to keep as resistance built
against revenue-raising measures meant to offset the cost
of reduced tax rates. House Republican leaders abandoned a
controversial bid earlier this
year to impose a tax on imports
while exempting exports, which
would have raised around $1.5
trillion over a decade and
helped finance other tax cuts.
A key breakthrough came in
September, when Sen. Pat
Toomey (R., Pa.) and Mr. Corker
agreed to a budget blueprint
that allowed for a $1.5 trillion
reduction in revenue over a decade. Some argued the actual
cost would be much smaller
than that when accounting for
the benefits of growth.
“At that moment, you heard
the last squawks from the deficit hawks,” said Steven Bell, a
senior analyst at the Bipartisan Policy Center.
House bill
Senate bill
Top individual rate
39.6%
38.5%
Tax Cuts Could
Affect Fed Plans
Number of individual
tax brackets
Four
Seven
BY NICK TIMIRAOS
Estate tax
Expands exemption
to about $11 million a
person, repeals in 2025
Expands exemption
to about $11 million
a person, no repeal
Corporate rate
20%
20%
Corporate tax rate
reduction starts
2018
2019
Top pass-through rate
25% with significant
caveats
Below 30%
State/local deduction
Preserves for property
tax up to $10,000.
Ends for income tax
Preserves for property
tax up to $10,000.
Ends for income tax
Medical expense
deduction
Eliminates
Expands temporarily
Student-loan interest
rate deduction
Eliminates
Preserves
Personal exemption
Eliminates
Eliminates
Standard deduction
Nearly doubles
Nearly doubles
Individual alternative
minimum tax
Eliminates
Retains with bigger
exemption
Child tax credit
$1,600 a child
$2,000 a child
Expirations
Key credit expires
after 2022
Individual tax cuts
expire after 2025
Business investments
Full expensing,
expires after 2022
Full expensing,
phases out after 2022
Reconcile This
The House and Senate tax bills differ in some important ways which
will need to be sorted out in a conference committee of lawmakers
from both chambers before final passage.
Note: Senate details subject to final changes
Sources: U.S. House and U.S. Senate
sion. Senate Republicans abandoned other goals. They preserved the alternative minimum
tax instead of repealing it. They
backed off a plan to abolish the
estate tax. They retained seven
tax brackets instead of collapsing them into three as planned.
And after years of warning
about the rising national debt
and promising a tax overhaul
that would be revenue-neutral,
they chose to proceed despite
warnings the measure would
add to deficits in the long run.
Democrats blasted the bill,
THE WALL STREET JOURNAL.
calling it an unacceptable giveaway to corporations and the
wealthy. They also criticized
last-minute Republican adjustments. Lawmakers were set to
release the final changes—moving around hundreds of billions
of dollars—hours before the last
vote.
“To quote the president,
what got us here is the worst
of Washington. If you want to
see swamp 101, look at the
process of this tax bill,” Sen.
Mark Warner (D., Va.) said in a
statement.
NEW YORK—A top Federal
Reserve official said that he
sees a “reasonable case” to
raise short-term interest
rates this month and that any
new fiscal stimulus approved
by lawmakers in Washington
could shape the central bank’s
expectations for additional
rate increases next year.
New York Fed President
William Dudley said that any
effort to make the tax code
less complex “makes sense.”
But with the economy expanding solidly and the unemployment rate at a low
level of 4.1%, Fed policy makers will be watching closely
to see whether any tax
changes might cause the
economy to overheat.
“It would be a reasonable
question to ask, is this the
best time to apply fiscal stimulus, when the economy’s already close to full employment?” Mr. Dudley said in an
interview Thursday. “It’s
probably not the best time.”
Both the House and Senate
tax-overhaul bills under consideration would cut taxes for
businesses and many individuals, which could spur households to spend more and
companies to invest more.
The Fed has raised its
benchmark short-term rate
three times this year in quarter-percentage point steps to
a range of between 1% and
1.25%.
Mr. Dudley said he agreed
with an assessment this week
by Fed governor Jerome Powell, President Donald Trump’s
nominee to be the Fed’s next
chairman, that the case for
another such move in December was “coming together.”
At their September meeting, Fed officials penciled in
one more rate increase this
year and three next year, but
that was before Congress
moved closer to an agreement on tax-cut plans of
around $1.4 trillion over 10
years.
Mr. Dudley said it was premature to judge how any fiscal policy changes would influence
interest-rate
decisions. Still, with unemployment at or below the
level many Fed officials believe should spur higher inflation, any tax changes would
be an important development
for them. They want the tight
labor market to drive inflation up to their 2% target, but
The Fed will watch
to see if any tax
change might cause
economy to overheat.
don’t want price pressures to
rise uncontrollably.
“If I were to judge that the
tax-cut package would push
the economy along very rapidly without raising the productive capacity of the economy, then that would
obviously factor into my own
thinking on monetary policy,”
Mr. Dudley said.
More broadly, Mr. Dudley
said the economy is doing
well and the prospects for the
expansion continue to “look
very, very good.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
WORLD NEWS
Japan Firms End Yearslong Price Freezes
Nation once plagued
by deflation has signs
of inflation amid labor
crunch, rising demand
Inching Up
Japanese prices beginning to rise
Change from previous year in
core consumer prices*
1.0 %
BY MEGUMI FUJIKAWA
0.5
0
Dec. 2016
-0.2%
–0.5
2016
2017
*Excludes fresh food
Source: Ministry of Internal Affairs
and Communications
THE WALL STREET JOURNAL.
Competition to secure workers for fast-food restaurants and construction sites in Japan is fierce.
the U.S., where gross domestic
product rose 3.3% in the third
quarter.
The Japanese economy
grew slightly in the latest
quarter, thanks entirely to exports, and makers of products
such as memory chips and battery parts have been revving
up production.
Since the working-age population is shrinking, the overseas
demand is driving a severe labor crunch for employers. In
October, there were 155 jobs
available for every 100 job
seekers, according to data released Friday, the strongest
showing in more than 43 years.
“Upward pressure on prices
stemming from the rise in wage
costs has been mounting,” said
Bank of Japan Gov. Haruhiko
Kuroda in November. Despite
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
showed that core consumer
prices rose 0.8% in October
compared with October 2016, a
faster pace than September’s
0.7%. The figure was negative
as recently as December 2016.
Prices in Japan are one barometer of the global economy
because the nation’s economic
growth has recently relied
heavily on demand from trading partners such as China and
the improvement, prices in
Japan are still growing much
more slowly than Mr. Kuroda’s
longstanding target of 2%,.
Japanese prices have briefly
perked up in the past only to
again wither. But broader improvements in the Japanese
economy and labor market
could make the current increase more durable.
“The key change is that
some of this up shift will be
generated by domestic pressures as the labor market is
now very tight and set to get
tighter,” said Freya Beamish,
chief Asia economist for Pantheon Macroeconomics, who
forecasts Japanese inflation
ly
.
ISSEI KATO/REUTERS
TOKYO—Here is one sign of
how robust the world economy
is getting: Even in deflationracked Japan, some companies
believe conditions are strong
enough to raise prices.
Torikizoku Co., a budget
restaurant chain offering
sticks of yakitori grilled
chicken, lifted prices for the
first time in nearly 30 years in
October. It now charges the
equivalent of $2.65 for a twoskewer plate, up from $2.49
before. It was egged on by a
shortage of part-time staff,
which forced it to pay higher
wages, a spokesman said.
And the beer to wash it
down is getting pricier, too:
Japan’s four major beer companies recently decided to
raise prices for the first time
in a decade.
Making diners pay 8 cents
more for a skewer might not
be news elsewhere, but it could
be a breakthrough for Japan,
which struggled through 15
years of deflation beginning in
the late 1990s. Prime Minister
Shinzo Abe has put defeating
deflation at the center of his
economic revival plan.
Data
released
Friday
Oct. 2017
0.8%
will edge up further in 2018.
After three consecutive
years of growing about 1% or
less, the Japanese economy is
on course to grow 1.5% this
year according to the International Monetary Fund.
Prices may also be perking
up in response to Japan’s central bank continuing its aggressive monetary policies
even while more of the world’s
advanced economies pivot toward higher interest rates and
unwinding of stimulus.
Some economists have cited
the impact of e-commerce and
globalized supply chains as
common factors in the leading
economies.
But in Japan the issue runs
deeper, a legacy of a long period of lethargy that remains
etched in the psyche of companies and consumers.
Torikizoku, the grilledchicken chain, tried everything
to keep prices the same, including
installing
touch
screens at tables so fewer
servers would be needed.
Akiyoshi Koji, president of
Asahi Group Holdings, one of
the four brewers raising
prices, said Japanese consumers wouldn’t pay more unless
they believed price increases
were a last resort. “Companies
need to convince consumers
their prices are fair, while cutting back on excessive servicerelated costs,” Mr. Koji said.
—Joshua Zumbrun
contributed to this article.
South Korean Olympics Lose North’s Only Qualifiers
BY EUN-YOUNG JEONG
SEOUL—North
Korea
missed a deadline to register
its figure skaters for next
year’s Winter Olympics in
South Korea, according to the
International Skating Union,
dealing a blow to Seoul’s efforts to have its neighbor participate in what it has dubbed
the “Peace Olympics.”
The North Koreans’ slot has
been given to Japan, the next
in line to qualify in pairs figure skating, as dictated by the
rules of the ISU. In all, 20
pairs are to compete at the
2018 Winter Games, which will
be held in the ski resort town
of Pyeongchang in February.
In September, the North Korean duo, Ryom Tae Ok and
Kim Ju Sik, performed well
enough at the Nebelhorn Trophy in Germany to earn a
berth—making them the only
North Koreans to qualify for
the Winter Games. South Korean government officials, who
have nurtured hopes that the
North would attend the Olympics, at the time breathed a
sigh of relief and urged the
North to show up in February.
On Friday, Nancy Park, a
no
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spokeswoman for the Pyeongchang Olympics organizing
committee, said the organizing
committee was working with
the International Olympic Committee to find other ways to
have North Korea participate.
Pyongyang’s apparent cold
shoulder to the Games could
damp efforts by Olympic organizers and South Korean officials to ward off concerns
about North Korean provocations during the Games as
they try to attract spectators.
North Korea’s participation
in the Olympics has been seen
as a kind of insurance against
any North Korean actions before or during the Games.
Months before South Korea’s
previous hosting of the Olympics, the 1988 Summer Games
in Seoul, North Korea bombed
a Korean Air jetliner. Pyongyang boycotted those Olympics.
Pyeongchang is located 40
miles from the demilitarized
zone that separates the two
Koreas. Several countries’
Olympic committees have
openly questioned the wisdom
of showing up for the Pyeongchang Games, although all
later confirmed their attendance.
Canada Pivots to China
As Nafta Talks Bog Down
BY PAUL VIEIRA
OTTAWA—Canada is pursuing expanded trade with China
as part of a pivot to Asia that
comes as significant differences cast a shadow over negotiations to overhaul the
North American Free Trade
Agreement.
Prime Minister Justin
Trudeau is scheduled to arrive
in China on Sunday for a trip
that will include stops in Beijing and Guangzhou, and the
two countries are widely expected to announce the start
of talks on a free-trade deal
during his visit. China and
Canada wrapped up the latest
round of exploratory talks in
September.
The trip could help
strengthen Canada’s hand in
Nafta talks by signaling to
Washington there are other
markets where it can seek
freer trade. Still, there are significant hurdles to a far-reaching trade deal with Beijing.
“When it comes to China,
we are still weighing the complexity of the challenge, the
scale of the opportunity to create jobs and the realities presented by this unique market,”
said a spokesman for Canadian
Trade Minister François-Philippe Champagne, who will be
accompanying Mr. Trudeau to
China.
China’s foreign ministry
said Mr. Trudeau’s visit will
help develop a “strategic partnership” with Canada. China’s
chief envoy in Ottawa, Lu
Shaye, said in an October
speech in Edmonton, Alberta,
that the launch of formal freetrade talks was expected in
“the near future.”
Canada has been meeting
this year with U.S. and Mexican officials to discuss changes
Washington is seeking in
Nafta. The Trump administration’s chief trade negotiator,
Robert Lighthizer, recently lamented “a lack of headway” in
those negotiations.
A spokeswoman for Mr.
Lighthizer declined to comment on possible China-Canada free-trade talks.
The Trump administration
Foreign Exchange
The U.S. is Canada’s largest export market by far, but trade with
China has grown rapidly in recent years.
Top destinations for Canada’s
merchandise exports, 2016*
Japan
2%
U.K. 3% China 4% U.S. 76%
others
14%
Canada’s merchandise exports
to China, monthly
2.0 billion Canadian dollars
1.5
1.0
0.5
0
2007
’10
’17
*Does not add to 100% due to rounding Note: 1 Canadian dollar = $0.78
Sources: IMF; Statistics Canada
THE WALL STREET JOURNAL.
Judge Stays Quebec
Full-Face Veil Ban
A Canadian judge put on
hold parts of a new Quebec law
that bans the wearing of fullface veils in the public sector.
The law causes “irreparable
harm” to Marie-Michelle Lacoste,
a Muslim woman who filed suit
against the province, ruled Judge
Babak Barin of the Superior
Court of Quebec in Montreal.
Judge Barin said the part of
the law that bans women from
wearing a veil must be halted
until the provincial government
publishes guidelines on applying
the statute and allows for some
accommodations for Muslim
women who don’t want to bare
their faces in public.
The government of the
French-speaking province of
Quebec in October passed a bill
that prohibits public-sector employees and recipients of public
services from wearing face coverings. The ban in theory prohibits niqab-wearing women
from taking public transit or
signing out books from a library.
The Quebec government
must now decide whether to
appeal. Provincial and federal
governments in Canada have
previously considered veil bans.
—Vipal Monga
has expressed dismay over
what it sees as China unfairly
using Canada and Mexico as a
back door to get Chinese goods
into the U.S. market. That is
one reason the U.S. is pushing
aggressively in Nafta talks for
new rules that would require
half of a North America-built
car to originate in the U.S.
China analysts in Canada
say there is no guarantee a
trade agreement will be
reached, and negotiations
could take years. The Canadian
government
acknowledged
challenges to a China-Canada
trade deal in a report based on
public feedback released Nov.
10.
Nevertheless,
launching
free-trade talks with China
now could serve a strategic
purpose in the Nafta talks, said
Lawrence Herman, a Torontobased trade lawyer and former
official in Canada’s foreign-affairs ministry.
“It will show the White
House that Canada has other
options on trade and investment matters, and isn’t totally
tied to the U.S. orbit,” he said.
—Chun Han Wong
and William Mauldin
contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A7
* * * *
WORLD NEWS
PAUL FAITH/AGENCE FRANCE-PRESSE/GETTY IMAGES
Pope Francis met a group of Rohingya refugees during an interreligious conference at St. Mary’s Cathedral in Dhaka on Friday.
Pope Ends Rohingya Silence
BY FRANCIS X. ROCCA
DHAKA, Bangladesh—Pope
Francis’ trip to Myanmar and
Bangladesh, which ends on
Saturday, has been a historic
event for both countries and
especially for their tiny Catholic communities, which he
came expressly to encourage
and support. In Myanmar’s
case, it was the first visit to
the country by a pope.
But for much of the world,
the pope’s activities in Asia
this week were overshadowed
by the question of whether he
would advocate for Myanmar’s
Muslim Rohingya minority, the
target of a fierce campaign by
the country’s military. The
pope disappointed many by
not publicly discussing their
plight or saying “Rohingya”
while in Myanmar, where their
name is highly controversial.
The pope on Friday finally
said the name, on the eve of
his return to Rome, while
greeting a small group of Rohingya at an interreligious
meeting in Dhaka, the capital
of Bangladesh. He told them
that the “presence of God today is also called Rohingya”
and sought their forgiveness
on behalf of “all those who
persecute you.”
Since late August, a campaign by Myanmar’s military
has driven more than 600,000
of the stateless Muslims
across the border into Bangladesh. The military says it is
chasing down insurgents who
attacked security outposts.
But the United Nations and
the U.S. have called the campaign ethnic cleansing, and
the pope himself has called it
religious persecution.
Catholic leaders in Myanmar
had warned the pope that raising the Rohingya issue there
could provoke a backlash from
Buddhist nationalists against
the Christian community, and
undermine the country’s democratization movement after
half a century of military rule.
On Pope Francis’ last night
in Myanmar, a Vatican spokes-
man denied that the pope had
lost any “moral authority” by
not speaking out there.
But during his silence on
the subject this week, the
pope undercut his own message on two of his signature
themes—advocacy for refugees
and outreach to the Muslim
Ireland fears Brexit will hurt links with Northern Ireland.
and Security Studies in Dhaka.
The focus on the Rohingya
issue was likely inevitable,
given Pope Francis’ long record of statements on it and
the timing of his visit, amid a
full-blown humanitarian and
geopolitical crisis.
What made the pope’s silence especially notable was
that it came from a man with
an extraordinary reputation
for outspokenness.
Pope Francis has held his
tongue on previous trips, for
reasons of international diplomacy or internal church politics or both. This time, his
reputation as a straight talker
clashed with the constraints
inherent in his role.
“At the end of the day, the
pope has to think about the
consequences of his rhetoric
after he’s gone,” said John Allen, president of Crux Catholic
Media and author of numerous
books on the Vatican. “People
were expecting Francis the
maverick, but what they got
was Francis the diplomat.”
ly
.
The Irish government will
have final say on whether the
U.K. government’s proposals
for avoiding customs checks
on the island are acceptable,
the European Union’s president, Donald Tusk, said Friday.
Republic of Ireland officials
fear that Britain’s decision to
leave the European Union,
slated for March 2019, will
cleave Irish business links and
social ties that have deepened
since the end of violence almost two decades ago.
The EU has said that without sufficient progress on the
divorce bill, citizens’ rights
and avoiding a hard border in
Ireland, they won’t start working on a future trade deal with
Britain.
When the U.K. leaves the
EU, it will take Northern Ireland with it. That poses a
problem because Northern Ireland shares a land border with
the Republic of Ireland, an EU
stalwart.
“I will consult the Taoiseach if the U.K. offer is sufficient for the Irish government,” Mr. Tusk said after
meeting with Irish Prime Minister Leo Varadkar in Dublin.
“Let me say very clearly, if the
U.K. offer is unacceptable for
Ireland, it will also be unacceptable for the EU.”
U.K. Prime Minister Theresa
May will travel to Brussels on
Monday for talks with Euro-
pean Commission President
Jean-Claude Juncker and
Michel Barnier, the EU’s chief
Brexit negotiator. EU officials
have said publicly that Monday is a firm deadline for the
British to offer concessions
that can unlock progress in
the talks at the EU leaders
summit in mid-December. Mr.
Tusk is chairman of the meetings of EU leaders.
Mr. Varadkar said he remained hopeful of securing a
firm commitment from the
U.K. government that Brexit
won’t lead to the creation of a
“hard border.” “I’m also prepared to stand firm if the U.K.
offer falls short,” he warned.
Earlier Friday, Ireland’s foreign minister said the U.K.
must avoid “regulatory divergence” between Northern Ireland and the Republic of Ireland. “If there is, then it is
very hard to avoid a checking
system,” Foreign Minister Simon Coveney told the BBC.
Mr. Coveney last month
proposed London give Northern Ireland special status,
modeled on how China handled Hong Kong upon its return from Britain in 1997.
However, that proposal has
been rejected by Northern Ireland’s Democratic Unionist
Party, which doesn’t want the
province to have closer ties to
Ireland and the EU than with
the U.K. Mrs. May’s Conservative Party depends on the DUP
for its parliamentary majority.
Francis at a meeting
said the ‘presence of
God today is also
called Rohingya.’
co Fo
m rp
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ci on
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e
on
BY PAUL HANNON
OSSERVATORE ROMANO/REUTERS
EU Gives Dublin
Brexit Issue Veto
world—epitomized by the Rohingya cause.
“There was a lot of expectation in Bangladesh that he
would voice his concern about
the persecution of the Rohingya community, as the pope
carries a strong moral voice,”
said Shafqat Munir, a security
and political analyst at the
Bangladesh Institute of Peace
WORLD WATCH
Economy Cools Down,
But Recovery Holds
no
Brazil’s economy slowed in the
third quarter amid heightened political turmoil, though increases in
private consumption and investment suggested that a recovery
from the country’s longest recession on record is strengthening.
Gross domestic product expanded 0.1% in the July-September period from the previous
three months, the Brazilian Institute of Geography and Statistics,
said Friday. That was down from
the 1.3% and 0.7% growth registered in the first and second
quarters, respectively.
The third quarter was marked
by a series of corruption-related
scandals that damaged President
Michel Temer’s popularity and undermined his ability to pass
needed overhauls.
—Paul Kiernan
Dutch prosecutors said after an
autopsy was performed Friday.
Preliminary results from a toxicological test revealed “a concentration of potassium cyanide” in
Slobodan Praljak’s blood, the
Hague Public Prosecutor’s Office
said. The cyanide caused heart
failure, the office said.
On Wednesday, Mr. Praljak
drank from a bottle seconds after
an appeals judge at the United
Nations International Criminal Tribunal for the former Yugoslavia
confirmed his 20-year sentence
for crimes in the 1992-95 Bosnian
war. He was pronounced dead
shortly afterward.
The tribunal separately ordered an independent review of
its “internal operations.”
—Associated Press
n-
BRAZIL
THE HAGUE
Dead War Criminal
Took Cyanide Liquid
A former Croatian general who
died after swallowing a liquid at a
war-crimes hearing in the Netherlands had cyanide in his system,
PAKISTAN
Taliban Militants Kill
12 People at Facility
Islamist militants stormed a
provincial government complex
for agricultural research in northwest Pakistan on Friday, killing 12
people including students and
wounding 35 others, police and
rescue officials said.
Police and military troops killed
three attackers during a firefight
and while clearing the complex in
Peshawar, the capital of Khyber
Pakhtunkhwa province, they said.
The main Taliban militant
group, Tehrik-e-Taliban Pakistan,
claimed responsibility saying the
place they attacked was housing
a secret intelligence office.
—Associated Press
NIGER
Pentagon Cleared
To Fly Armed Drones
The Pentagon received permission from the government of Niger to begin flying armed drones
from the capital, Niamey, a U.S.
official said Friday.
The arrangement, which hasn’t
been publicly announced, reflects
an expanding U.S. military campaign against extremists in Africa
and is based on a recently signed
U.S.-Nigerien memorandum of understanding. The U.S. official said
armed drone flights could begin as
early as next week or at least by
the end of December. A Pentagon
spokeswoman said she couldn’t
comment on drone arrangements.
The U.S. has approximately
800 troops in Niger. That presence drew greater U.S. public attention after an Oct. 4 attack by
extremists killed four U.S. and
four Nigerien soldiers.
—Associated Press
SEBASTIAN GABSCH/EPA/SHUTTERSTOCK
German City Center Evacuated After Bomb Scare
TERRORISM ALERT: German police found and defused a suspected bomb near a Christmas market in
Potsdam on Friday. The country remains on high alert one year after a truck rampage killed 12 people
at a Berlin Christmas market, with armed police patrolling markets and SWAT teams kept on standby.
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A8 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* *****
WORLD NEWS
Drones Give Health Care a Lift
Zimbabwe
Military
Gets Posts
In Cabinet
In Rwanda and elsewhere, technology gets medical deliveries quickly to remote areas, saving lives
BY ROBERT LEE HOTZ
Zimbabwe’s new president
unveiled a cabinet that includes two senior officials of
the military, whose intervention in November led to the
exit of longtime leader Robert
Mugabe, but no members of
the opposition.
ROBERT LEE HOTZ/THE WALL STREET JOURNAL (2)
By Gabriele
Steinhauser
in Johannesburg
and Bernard Mpofu
in Harare, Zimbabwe
A Zipline International Inc. flight operator conducted checks in Muhanga, Rwanda, before launching a medical-delivery drone. Right, a
package containing human blood dropped by a drone drifted to the ground near Kabgayi Hospital in central Rwanda.
Some medical experts
worry that a drone delivery
might be too rough for more
fragile medical samples.
“This is not like moving a
pair of shoes or a book,” said
Timothy Amukele, a pathologist at Johns Hopkins University who has tested how well
red blood cells, platelets and
fresh frozen plasma withstand
drone transport.
At a military test range in
Arizona this year, Dr. Amukele
and his colleagues flew human
blood and pathology samples
on drones for up to three
hours and then ran them
through a battery of nine
chemistry and hematology
tests. They found no ill effects.
They reported their universityfunded findings in the American Journal of Clinical Pathology.
“I do think this technology
will improve hospitals,” said Dr.
Amukele.
—Robert Lee Hotz
gestion on the roads can slow
delivery trucks and emergency vehicles to a crawl.
In the U.S., concerns over
the risk to passenger aircraft
and other problems have
blocked drone delivery. A directive from the Trump administration creates pilot programs to expand drone
traffic, and more than 1,400
groups have signed up with
the Federal Aviation Administration in hopes of becoming
part of five drone projects to
be tested during the next
three years.
The Zipline service in
Rwanda operates from a
small base amid bean fields in
the country’s highlands. The
company has logged 2,000
medical flights in the past
year using 15 all-weather un-
manned battery-powered aircraft.
One-third of the flights
have been emergency deliveries of blood for women hemorrhaging after childbirth or
for accident victims, company
and hospital officials say.
“By flight volume, they are
operating one of the busiest
airlines in Africa,” said Zipline
spokesman Justin Hamilton.
Zipline is preparing to
open a second drone base in
Rwanda, bringing its fleet
there to 60 drones. It plans to
open four bases in Tanzania,
where it expects to operate
120 autonomous aircraft to
supply blood, vaccines and
other medical supplies to
1,000 clinics.
“You are innovating in an
African setting something
that would be hard to do in
the West,” said Seth Berkley,
CEO of the nonprofit Gavi Alliance, a multibillion-dollar
program that promotes immunization among children in
developing countries.
Zipline hopes to expand to
the U.S. And Matternet secured permission in March to
open the first autonomous
drone medical delivery network in Switzerland, in partnership with the national
postal system Swiss Post. In a
trial run, the company currently is using a single drone
to ferry supplies between two
hospitals in Lugano. They
plan to link hospitals in Bern,
Zurich and other cities starting later next year.
When operational, the program expects to lease each of
its drones for $2,000 a month
and charge the same rate for
the vehicle’s automated base
station. Company executives
say that would save Swiss
hospital systems up to 40%
over the current cost of ondemand delivery.
“The technology is in its
infancy but already it has
compelling cost and delivery
advantages,” says Matternet
CEO Andreas Raptopoulos.
“We think this will be really
transformational for medical
logistics.”
The 22-member cabinet, announced Thursday, is likely to
be a disappointment to many
Western governments that had
hoped President Emmerson
Mnangagwa would lead a more
inclusive government ahead of
next year’s elections. It also
contrasts with comments
made by Mr. Mnangagwa in
his inauguration speech, which
indicated he would seek to
reach across the aisle.
“The honeymoon is over before it had begun,” Tendai Biti,
an opposition politician who
was Zimbabwe’s finance minister under a government of
national unity from 2009 to
2013, said in a Twitter message. “What a shame. What a
missed opportunity.”
Since Mr. Mnangagwa’s inauguration, there have been
informal talks with prominent
opposition figures, including
Mr. Biti and Movement for
Democratic Change leader
Morgan Tsvangirai. But people
familiar with the talks said the
new president wasn’t ready to
meet some of the opposition’s
key demands.
Zimbabwe’s new foreign
minister is Maj. Gen. Sibusiso
Moyo, a familiar face to most
Zimbabweans since he appeared on their television
screens in the early hours of
Nov. 15, announcing that the
military had taken control of
the government.
ly
.
Fragile Samples
Prove to Be a Test
co Fo
m rp
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MUHANGA, Rwanda—Long
before the drone flew into
view, the nurse standing in
the driveway at Kabgayi Hospital in central Rwanda could
hear its mosquito whine. As it
soared overhead, the small
airship ejected a red cardboard box tethered to a waxpaper parachute that drifted
to the pavement.
Inside were three bags of
human blood platelets the
nurse rushed to the hospital’s
transfusion center, where they
were needed for an emergency. A delivery that hospital
officials say normally takes
three hours or more in local
traffic was done in 15 minutes.
Several drone companies
are using cutting-edge technology to deliver essential
medical supplies to remote
areas where people are isolated by rugged terrain, bad
roads and seasonal flooding—
and, in the process, gaining
experience that could be used
for shipments in more
densely populated places.
“It saves the lives of our
patients,” said Philippe
Nteziryayo, Kabgayi Hospital’s
director general.
A San Francisco-based automated logistics firm called
Zipline International Inc. is
working with the Rwandan
government to deliver blood
and vaccines by drone on demand. The company plans to
expand into Tanzania next
year. Matternet Inc., based in
Menlo Park, Calif., has run pilot projects in Haiti, Bhutan
and Papua New Guinea.
The medical services are
developing as transport companies, e-commerce goliaths
and tech startups world-wide
are testing drone deliveries of
an array of products, from
fast-food orders to consumer
goods. Governments are
wrestling with safety issues
in densely populated urban
areas where there is plenty of
existing air traffic and con-
no
n-
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A9
NY
* * * * * *
OBITUARIES
LILLI HORNIG
1921 — 2017
C. E . M EY E R
1928 — 2017
Refugee Helped
Develop Atomic Bomb
TWA Chief Battled Unions
And Then Carl Icahn
“Oh, yes,” Dr. Hornig recalled saying, “that’s what we heard.”
She went on to head the chemistry department at Trinity College in Washington, D.C., and to
direct an organization pushing
for more opportunities for
women in academia.
Dr. Hornig died Nov. 17 in
Providence, R.I. She was 96.
She had mixed feelings about
the nuclear bombs dropped on
Hiroshima and Nagasaki. It might
have been better, she argued, for
the U.S. to have arranged a demonstration of the bomb’s destructive power to try to bring the
Japanese to the peace table. “But
big boys like big toys,” she said in
a 2015 interview.
—James R. Hagerty
ANTHONY DEERING
1945 — 2017
Rouse CEO Bet On
Las Vegas, and Won
and Southern California. Those
holdings included a 75% stake in
the Fashion Show mall on the Las
Vegas Strip.
Rouse embarked on a $365 million expansion and renovation of
that mall, including $12 million
for a giant canopy dubbed “The
Cloud.” Mr. Deering promised the
effect would be “a big wow!” The
first phase of the expansion
opened in 2002.
Two years later, Mr. Deering
cashed in his chips. Rouse accepted a $7.2 billion takeover bid
from General Growth Properties
Inc.
Mr. Deering died Nov. 17 at
home in Baltimore. He was 72
and suffered from a lung disease.
—James R. Hagerty
T
rans World Airlines had a
glamorous past. Once owned
by Howard Hughes, the airline was known for whisking movie
stars across the U.S. and over the
Atlantic.
By the time C.E. “Ed” Meyer became chief executive in 1976, the
fun was over. Gyrating oil prices
made jet-fuel costs anyone’s guess.
Airline hijackings terrified fliers.
Deregulation of fares spurred vicious competition, and airline executives were at war with unions.
“If we major airlines don’t cut
our costs,” he said in 1981, “we’re
dead.” The airline had been unprofitable since 1979. Mr. Meyer, a
former accountant with a low-key
style, was seeing glimmers of improvement by 1984. The respite
was brief.
Carl Icahn, known then as a corporate raider and later as an activist investor, bought a stake in TWA
and in May 1985 began pushing for
bigger cost savings and asset
sales. In congressional testimony,
Mr. Meyer called Mr. Icahn “one of
the greediest men on earth.” Mr.
Icahn replied that Mr. Meyer was
“putting out a lot of bull.”
In the midst of their squabble,
terrorists in June 1985 hijacked a
TWA jetliner bound to Rome from
Athens with 153 people on board.
One passenger was shot to death
and dumped on the tarmac; some
were held hostage for more than
two weeks. Mr. Meyer and his
aides were locked in crisis mode
around the clock.
Mr. Icahn gained control of
TWA later that year, and Mr.
Meyer departed, but the airline
continued to flounder. It spent
much of the 1990s in bankruptcy
court before being acquired by
American Airlines in 2001.
Mr. Meyer died Nov. 4 at a hospital in Norwalk, Conn., of compli-
cations from a fall during his daily
walk. He was 89.
In a court deposition, Mr. Icahn
described a confrontation with Mr.
Meyer in a hotel bar in May 1985:
“[Mr. Meyer] said, ‘All you want is
a fast buck. That’s all you have
ever done in any of these [corporate raids], go for a fast buck.’ I
said, ‘If we are psychoanalyzing
each other, why don’t you admit…what you really care about is
your job, and you are afraid I am
going to take it away from you.’ ”
Then, Mr. Icahn said, “we just sort
of looked at each other.”
buyer for a department-store
chain. The younger Mr. Meyer, an
Eagle Scout who grew up swimming at Jones Beach and sailing on
Great South Bay, studied history at
Amherst College, where he graduated in 1950. He served in the
Army Reserve and joined the accounting firm of Harris, Kerr, Forster & Co. In 1957, he earned an
M.B.A. degree from New York University.
He joined Eastern Airlines as an
assistant treasurer in 1965 and
hopped to TWA three years later.
At TWA, he struggled with pilots and flight attendants over pay,
but his toughest battles were with
the International Association of
Machinists, representing the airline’s mechanics. He prodded them
to accept more flexible work rules
that would mean fewer jobs but
promised to reduce employment
only through attrition. Union members remained worried about job
losses and voted to strike in December 1982.
Worried that the strike would
cause huge losses, Mr. Meyer capitulated to the union’s demands,
granting pay raises and withdrawing efficiency-related changes in
work rules. Jerry Cosley, TWA’s
vice president for public affairs,
wrote in a memo that the airline
had been “mugged” by union leaders.
After leaving TWA in 1985, Mr.
Meyer became CEO of Hilton International, where he remained until
retiring in 1988. Running a profitable company came as a relief.
In his retirement, Mr. Meyer
lived in New Canaan, Conn., and
spent much of his time golfing,
playing bridge and investing in the
stock market. He is survived by his
wife of 60 years, Ruth, two sons
and four granddaughters.
co Fo
m rp
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er rs
ci on
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us l,
e
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A
nthony Deering inherited a
mixed bag when he became
chief executive of Rouse
Co., a major owner of shopping
malls, in 1995. Rouse had trophy
properties, including the Perimeter Mall in Atlanta and Paramus
Park in New Jersey, but some of
its malls were slowly dying.
“You spend all your time on
the properties that aren’t performing well,” Mr. Deering said in
1996. He was selling some of the
worst laggards to local developers who were expected to convert
them to other uses.
For growth, Mr. Deering bet on
Las Vegas. In 1996, Rouse acquired Howard Hughes Corp. for
$520 million, gaining a hodgepodge of real estate in Nevada
BY JAMES R. HAGERTY
ly
.
E
leven years after her family
fled Nazi Germany, the 23year-old chemist Lilli
Hornig found herself among the
European-born scientists assembled in Los Alamos, N.M., to help
develop a nuclear bomb.
From a perch 110 miles away in
the Sandia Mountains, she and
two friends witnessed the first
test of that bomb on July 16,
1945. In an oral history recorded
by the Atomic Heritage Foundation, she recalled “boiling clouds
and color—vivid colors like violet,
purple, orange, yellow, red, just
everything.”
Then they went to breakfast at
a diner. People were talking about
an explosion; one had heard that
an ammunition dump blew up.
I
n general, Mr. Meyer was
known for a quiet, unassuming
style.
Looking back, he told the Kansas City Star in 1995 that TWA had
been hobbled by its lack of a
strong domestic route network to
complement its lucrative overseas
routes. To save the airline, he said,
“we tried everything but standing
on our head.”
Carl Edwin Meyer Jr. was born
Aug. 6, 1928, in New York City and
grew up in the Great Neck area of
Long Island. His father was a
Read a collection of in-depth
profiles at WSJ.com/Obituaries
WORLD NEWS
I M P O RTA N T J E W E L RY
AUCTION
Saturday, December 9, 10am – 5pm
n-
Sunday, December 10, 12pm – 5pm
Monday, December 11, 10am – 5pm
Tuesday, December 12, 10am – 2pm
no
ABIR SULTAN/EPA/SHUTTERSTOCK
EXHIBITION
Wednesday, December 13 at 10am
Ultra-Orthodox Jews looking out on the Tower of David Museum in Jerusalem’s Old City on Thursday.
Palestinians Feel Helpless
As U.S. Mulls Embassy Move
BY RORY JONES
JERUSALEM—As the White
House considers a proposal to
relocate the U.S. Embassy
from Tel Aviv and recognize
Jerusalem as Israel’s capital,
frustrated Palestinians concede they have few options to
counter the controversial
move.
Palestinians say the White
House plan, still under discussion, has deepened skepticism
that this U.S. administration
can serve as an impartial broker to the peace process. With
Palestinians themselves deeply
divided, and Arab states offering little opposition to White
House proposals, hopes for a
path to Palestinian statehood
in the near term appear extremely dim.
To some, even protests
against the U.S. Embassy move
seem futile now. “Who is going
to protest with us?” Mahdi Hejazi, 71 years old, said outside
Jerusalem’s Al Aqsa mosque
after leaving Friday prayers.
“We are like someone stuck at
the bottom of a well. Even if
we scream, no one hears us.”
U.S. officials this week said
the administration is considering a plan to move the embassy that could play out in
President Donald Trump’s second term, should he be reelected. The U.S. could also
recognize Jerusalem as Israel’s
capital, these officials said.
The plan comes as the
White House deliberates how
to succeed where multiple U.S.
Moving the embassy
to Jerusalem would
fulfill a Trump
campaign promise.
administrations have failed.
The Trump administration is
trying to craft lasting peace
between Israelis and Palestinians, a goal the president has
called “the ultimate deal.”
That aim isn’t just complicated by the steps regarding
Jerusalem. A set of anti-Islam
videos retweeted by Mr.
Trump has stunned Muslims
around the world, including in
countries whose support the
U.S. needs to cement any
peace deal with the Palestinians.
The White House has been
working on a peace plan led by
Mr. Trump’s son-in-law Jared
Kushner and his chief negotiator, Jason Greenblatt. Mr.
Kushner is expected to speak
publicly about that plan at an
event in Washington on Sunday. Palestinian officials have
questioned whether two Orthodox Jews, in addition to
Mr. Trump’s pro-settlement
Jewish ambassador, David
Friedman, can credibly lead
such an effort.
Israeli officials are waiting
to see whether the White
House will follow through on a
move of the embassy—an issue that Mr. Trump talked
about on the campaign trail.
Many Israelis consider Jerusalem the country’s eternal and
undivided capital but that notion isn’t recognized by the international community.
Palestinians want East Jerusalem as the capital of their
future state and don’t think
the U.S. should prejudice such
peace talks by favoring one
side.
L O C AT I O N
175 E 87 Street, New York, NY 10128
C ATA L O G U E
View and bid at Doyle.com
SPECIALIST
Ann Lange
212-427-4141 ext 221, Jewelry@Doyle.com
We invite consignments for future auctions
Van Cleef & Arpels, Pair of Ruby and
Sapphire 'Lawn' Earclips. Est: $3,000-4,000
Van Cleef & Arpels, Ruby and Sapphire
'Lawn' Bombé Ring. Est: $2,000-3,000
Van Cleef & Arpels, Pair of Gold,
Diamond, Ruby and Sapphire 'Lawn'
Bracelets/Necklace Combination.
Est: $15,000-20,000
DOYLE.COM
Principal Auctioneer: Rodney J. Lang No. 0777006
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Saturday/Sunday, December 2 - 3, 2017
* *****
THE WALL STREET JOURNAL.
IN DEPTH
CASHEW
NAVEEN P M FOR THE WALL STREET JOURNAL; VIRGINIE NGUYEN HOANG FOR THE WALL STREET JOURNAL (2)
Continued from Page One
their way into products from
nut bars to substitutes for butter and milk. In India, the largest overall consumer market
for cashews, a growing middle
class is increasingly adding
them to cakes and sweets
served at weddings and births.
For decades, Kollam was the
cashew capital of the world.
The factories that did nearly all
the shelling, peeling and sorting—the guts of the cashew industry—remained in the southern Indian city, exactly where
General Foods executive Lindsay Johnson first nurtured
them in the 1930s.
Today Vietnam is cashew
king, thanks to an ingenious
push to automate the business.
Kollam is reeling, a victim of
misguided government protectionism and its own unwillingness to adapt to the realities of
the freewheeling global economy.
Brutal competition
In Kollam, India, women shell cashews the traditional way, by hand, while in Vietnam, below, machines now do much of the work, leading to greater efficiency.
LESSON
Continued from Page One
bent on seeing his salamander
honored that he persuaded
House majority leader Dave
Reed, a Republican whose district includes Indiana, to get on
board. Mr. Somonick was unmoved that he might dash the
dreams of high-school students.
“What was it that the Rolling
Stones said? You can’t get everything you want?” he asks.
“What about the 75-year-old
guy who’s been pushing for the
salamander for a couple years.
You want to break his heart?”
The maneuvering surprised
even longtime political observers. Legislation to adopt various
state symbols—milk is the state
beverage, whitetail deer the
state animal—usually involve
Shell Shocked
Exports of processed cashew
nuts, in metric tons
ly
.
400 thousand
Vietnam
300
348,000
in 2016
up 100%
since 2011
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ing everywhere. They employed
hundreds of thousands of workers at the peak.
“Kollam was the place where
markets were made,” says
Krishnan G. Nair, who runs KGN
Cashew.
On his desk sit copies of two
books: “The Wealth of Nations,”
Adam Smith’s treatise applauding free markets; and Karl
Marx’s Das Kapital. They capture the competing forces that
have shaped Kollam’s cashew
industry from its beginnings.
Business boomed. But for
workers wages remained low,
benefits few, hours long and
workplace abuse common. Labor politics soon took hold.
From the 1970s, union leaders helped shape the industry
into an engine of community development. Two local communist parties populated local government with pro-labor officials.
To widen employment and
push up wages, the state established two government cashew
processors. Those companies
dominated the local industry.
Minimum wages, even for private producers, were mandated
by the state government.
n-
Cashews are a rare
example of a seed
that grows outside its
own fruit.
200
100
0
India
82,302
in 2016
down 38%
since 2011
2011 ’12 ’13 ’14 ’15 ’16
Sources: India Ministry of Agriculture;
Ministry of Rural and Agricultural
Development, Vietnam
THE WALL STREET JOURNAL.
says N.K. Premachandran, the
local representative to the legislature of Kerala.
For a time, a balance between capitalism and Marxist
ideals seemed to prevail. Indian
exports of cashew kernels
reached 97,000 metric tons in
1999, double what they were at
the beginning of the decade.
They accounted for about 80%
of the global market. Overall,
India processed 173,000 metric
tons of kernels that year, tops
in the world.
In Kollam, pillars of an industry were elevated, literally,
to objects of worship by those
they employed. A portrait of
one founder of a cashew processing facility still sits inside a
small temple out back of the
factory.
‘Our god’
Salaries rose, health care improved, pensions were instituted, workplace abuses addressed. Hard though they
were, cashew processing jobs
kept families out of poverty.
Women were the biggest beneficiaries, along with the children they were better able to
support. Kollam cashew fortunes helped build a local theater, a public library, the city’s
best hotel.
“Almost every establishment, almost every institution
here, is the result of cashews,”
“He is our provider, our
god,” says Bhaiamma, an 80year-old woman with black and
red dots smudged on her forehead as a sign of humility, who
worked in the factory from age
11 to her retirement in 2006.
“Cashews are everything for
people here.”
The visitors from Vietnam
started arriving in Kollam in the
mid-1990s. Producers figured
they represented growers, since
Vietnam was a source of raw cashew nuts for many here. The
producers happily demonstrated
how cashews were processed.
But some of the visitors
were actually engineers who
worked for a very determined
man named Nguyen Van Lang.
As early as the 1980s, Vietnam’s government encouraged
landowners in some of its poor-
“the least salient issues you
could ever have,” says Muhlenberg College political scientist
Chris Borick. “The legislature
can still find a way to turn it
into a classic political mess.”
The lesson the high-school
students thought they were getting—anyone can change a law
through careful planning and
hard work—has turned into a
tougher, more realistic tutorial
on how the political system actually functions.
“It’s definitely been an eyeopener with the political process, both good and bad,” says
Anna Pauletta, 18. She and Ms.
Hebenton helped come up with
the hellbender idea while volunteering at the nonprofit Chesapeake Bay Foundation. “It’s kind
of crazy to me how quickly the
tables can turn with government,” Ms. Pauletta adds.
A spokesman for Mr. Reed,
the House majority leader, casts
the debate as a healthy discussion about competing ideas—or
salamanders, in this case.
Wehrle’s salamander is bluish-black, has large, scattered,
white spots on its back and
grows up to 6 inches long, according to the Indiana County
parks department. It hides during daytime, often in forested
hillsides, venturing out at night
to forage for invertebrates.
The Eastern hellbender is a
heavyweight.
The
largest
aquatic salamander in the U.S.,
it can grow to 29 inches long,
according to the Nature Conservancy. Usually brown and with a
large, flat head, it crawls on the
bottom of cool, clear mountain
streams, absorbing oxygen
through skin folds. The hellbender ranges from Alabama to
New York and emerges from
rocky hideaways at night to
no
It is a parable of the global
age. Globalization creates
sprawling world-wide markets.
International supply chains
crisscross the Earth. The combination can raise communities
up out of dire poverty, and generate brutal competition that
can undercut those communities just as quickly.
Kollam’s cashew tycoons displayed an early entrepreneurial
bent. After a few years visiting
to forge supply contracts for
General Foods, Mr. Johnson and
his wife moved across the
world to Kollam, where he set
up his own cashew processing
outfit with a local partner and
sold to General Foods himself.
He amassed a small fortune
and even named a daughter
born there Kerala, after the
state. After the U.S. entered
World War II and ordered all
American women and children
out of India, Mr. Johnson left,
fully expecting to return. He
never did.
A handful of families came
to dominate. Known locally as
cashew barons, they wrangled
with a local labor force even as
they provided the main source
of jobs.
From the beginning the cashew business turned on cheap
but skilled labor to carry out
the complicated process of removing cashews from their
shells. Almost all of it was done
by women. They earned a
small, often second income for
their families.
“They were sitting in their
homes before that,” says 85year-old K. Ravindranathan
Nair, whose father was among
the first into cashews. “The income was not very big, but for
them it was additional money.”
Mr. Nair took over the family
business at age 24 when his father died. He built it into one of
Kollam’s biggest cashew processors, VijayAlaxmi Cashew
Co.
One generation of workers
taught the next. Experienced
workers who could quickly
shell, peel and cull tens of thousands of kernels each day were
highly valued, though their pay
didn’t reflect it. Especially talented ones could quickly, by
sight and feel, sort kernels into
specific grades that measured
out to exactly the number of
flawless kernels per pound that
demanding international buyers
required.
“This is a skill that only we
know,” says Khadeeja, a 39year-old worker who goes by
only one name and has worked
in Kollam’s cashew facilities
since she was 15.
By the 1960s, Kollam was
dotted with hundreds of small
processors, the acrid smoke
plumes from their roasters ris-
est districts to plant cashew
trees. By the 1990s a few processors had established themselves.
But Western supermarkets
such as Wal-Mart, Carrefour
and Tesco—the biggest buyers
of cashews—were flexing their
growing muscle across a global
web of suppliers, pressing relentlessly for cost cuts.
Mr. Lang, who owned a business packaging food for sale
abroad, was asked by the government in 1995 to explore how
Vietnam might boost cashew
exports.
He’d never seen a cashew.
When he couldn’t get a visa to
visit India, a brother living in
Paris traveled there on Mr.
Lang’s behalf.
Mr. Lang’s critical insight:
Cashew processing was essentially a manufacturing job in
which mechanization might
provide an edge. It wouldn’t be
easy. An Italian company made
a machine that could cut cashew nut shells. The machine
was expensive and damaged
many of the kernels.
He decided to invent his own
machines.
“I spent a lot of my own
money,” says the 73-year-old,
now retired and living in a suburb of Ho Chi Minh City with a
dozen Chihuahuas, a Pit Bull
terrier and a goldfish.
Pham Thi My Le, now 60
years old, started one of Vietnam’s first cashew processing
companies in 1993, after years
of buying up raw nuts in her
home province of Binh Phuoc
and selling them to brokers
who shipped them to processors in India.
Between 2000 and 2007, her
company in verdant hill country rich with cashew trees employed about 2,000 workers
during peak months. Most traveled almost a thousand miles,
temporarily housed in cramped
dormitories.
Ms. My Le was aware of machines like those Mr. Lang was
developing. She didn’t see the
logic of investing in them—until her workforce started drying
up. Foreign companies in the
north were offering year-round
jobs in auto and white-goods
factories they were setting up
as Vietnam opened its borders.
Her workers opted for betterpaying jobs where they lived.
Ms. My Le started buying
the machines and incorporating
them into production. Over
time they greatly improved efficiency.
These days, her machineladen plant employs just 170
workers. They process 66,000
pounds of raw cashew nuts
daily, roughly the same amount
that 2,000 once did.
Today’s workers live in the
same dormitories, but permanently accompanied by their
families, each with several
rooms of their own. Their children attend a nearby day care.
India’s processing of raw
nuts stagnated last year at 1.5
million metric tons, while its
kernel exports fell by 38% to
82,302 metric tons.
Meanwhile, Vietnam processed 1.4 million metric tons
of raw cashews, more than double the amount five years earlier. It doubled exports of kernels over the same period to
348,000 metric tons.
Like Bhaiamma, the retired
worker in Kollam, Vietnamese
But Vietnamese processors
aren’t gloating. As Vietnam’s
wealth grows, farmlands are
being repurposed. Processors
increasingly depend on imports.
They’re automating ever
more aggressively to stay
ahead. But they’re also trying
something else those in Kollam
might recognize: pressing the
government to restrict exports
of the cashew processing machinery Vietnamese companies
have developed.
When Vietnamese cashew
buyers arrive in the up-andcoming growing regions of Africa to buy raw nuts, they say
they increasingly find local officials have one request: They
want to know where they can
get some of those machines
that process them.
“The value chain is always
moving,” says Dang Hoang
Giap, head of Vietnam’s national cashew industry association. “At some point, the African countries will be processing
the nuts for us.”
—Vu Trong Khanh in Vietnam
contributed to this article.
hunt primarily crayfish.
“It does look kind of hellish,”
says Ms. Hebenton, describing
the hellbender as “a big, brown,
weird, wet sock with eyes.” Ms.
Pauletta says the salamander is
“kind of cute in an ugly sort of
way.” They were both on the
habitat loss.
Gene Yaw, the main sponsor
of the hellbender bill in the
state Senate, says the creature
is the perfect choice for state
amphibian because its need for
clean water makes it an ecological canary in the coal mine.
“I think it’s unfortunate the
majority leader didn’t bother to
check or talk to anybody, and instead takes a lizard that was
named after a guy who died
many, many years ago and has
nothing to do with the real issues that we’re involved in with
the hellbender,” says Mr. Yaw, a
Republican.
After Mr. Reed made his surprise announcement, the highschool students got a text message urging them to buck up.
“Does this showdown have you
feeling a bit sticky? Like you’re
wedged between a rock and a
hard place?” wrote Emily
Thorpe, the Chesapeake Bay
Foundation’s student leadership
coordinator in Pennsylvania.
Ms. Thorpe also offered some
tactical suggestions. One of
them: “Don’t sling any mud.”
The House isn’t expected to take
up the issue until sometime in
2018.
Ms. Pauletta, a Penn State
freshman who aspires to become a wildlife-education specialist, says it is “very, very hard
for me to side with one species,
because I like them all so
much.” Still, she says she is
“Team Hellbender all the way.”
But perhaps political compromise isn’t such a rare species
after all. Mr. Somonick said this
week he is open to making the
hellbender the state amphibian
and Wehrle’s salamander the
state salamander. “That way,”
he says, “both parties get what
they want.”
Eastern hellbender
foundation’s student leadership
council in Pennsylvania when
the hellbender campaign began.
While Wehrle’s salamanders
are abundant, the International
Union for Conservation of Nature lists the Eastern hellbender
as “near threatened” due to
worker Nguyen Thi Thinh
deeply appreciates her career
in cashews.
At Ms. My Le’s company in
Vietnam, Ms. Thinh learned to
operate machines that did the
peeling and sorting.
Now she oversees all production at a facility where a
few dozen workers process
more cashews than thousands
once did.
“Thanks to that I became
who I am today,” says Ms. Thinh.
No time to gloat
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A11
* * * *
American exceptionalism
hasn’t come to an end, and
we needn’t settle for 2%
economic growth. What
the U.S. needs is policies
like Reagan’s, not Obama’s.
offsets, for a net tax reduction of
$1.5 trillion. That constraint assumes—as the Congressional Budget Office does—that the economy
will average 1.9% real growth over
the next decade. If instead the
economy grows an average of
2.6%, the Republican tax reform
bill would not raise the deficit. If
the economy grows faster than
2.6%, the deficit would actually
fall.
The question, then, is: How
reasonable it is to assume that
the American economy might actually experience a growth rate of
2.6% or higher over the next decade? From the end of World War
II through 2008—including 10 recessions and the first half of the
11th one—the American economy
lagged as new investment barely
managed to offset depreciation,
and increases in government benefits caused a precipitous decline in
labor-force participation beyond
anything that could have been expected from demographic changes
alone.
N
o one was proclaiming any
secular stagnation when the
CBO, the Office of Management and Budget, and the Federal
Reserve all projected after the recession ended in mid-2009 that a
strong recovery would follow, with
growth averaging between 3.4%
and 4.2% during 2010-13. As
Obama policies shackled the recovery, the growth rate withered to
2%. Even when taxes were raised
in January 2013, the CBO predicted a 3.7% growth rate for the
subsequent three years. The same
Joint Committee on Taxation that
now says the Republican tax reform will not stimulate growth
projected that the Obama tax increase would raise $620 billion in
new revenues over the following
decade. Instead, growth slowed to
a 2.3% average, slicing projected
revenues through the end of Mr.
Obama’s term by $3.2 trillion. Revenue losses due to slower growth
were five times the projected revenue increase that was supposed to
flow from the 2013 tax hike.
When President Reagan claimed
his tax cuts would generate 4.4%
growth for five years, the projection was almost universally derided as a “rosy scenario.” But
even though the economy fell into
a recession before any Reagan tax
cuts took effect, and even though
the tax cuts were phased in over
three years, the economy actually
grew by 4.42% for the six-year period from 1983 to 1988. The Reagan rosy scenario underestimated
economic growth, as the economy
grew 1.3 percentage points faster
than the CBO had projected—a
level of growth that would have
generated an additional $4.4 trillion of revenue over 10 years in
today’s economy.
Similarly the CBO assumed no
economic benefit would flow from
the bipartisan 1986 tax reform,
but the reform actually gave the
strong five-year recovery a second
wind. The economy averaged 3.8%
growth during 1987-89, almost a
full percentage point higher than
the 2.9% growth the CBO projected right after the 1986 tax reform passed.
The policies implemented during the Reagan and Obama presidencies were the polar extremes
of the postwar era, and the results
those policies produced represent
the high and low points in postwar economic achievement. In
both cases, government forecasters predicted that tax cuts would
not significantly help the economy
and that tax increases would not
prove detrimental to the economy.
In both cases, they were wrong.
A
merican exceptionalism exists only when America’s
economic policies are exceptional. When we adopt policies
that follow the European model,
as Mr. Obama did, American exceptionalism fades away. If we can
rebuild the exceptional economy
of the pre-Obama era, prosperity
and growth will follow. Secular
stagnation is a political excuse for
bad policies that we don’t have to
accept. After all, this is America.
ly
.
T
he only sound basis for
gauging the potential impact of public-policy
changes is through the
mirror of historical experience. Economic models may provide insight, but invariably their
predictions tell us more about the
model than about the future. Only
by analyzing what has actually happened in the past can we generate
any meaningful insight into what
will happen in the future.
In their budget providing for tax
reform, Congress has set a hard
$1.5 trillion limit on 10-year revenue losses. That means the roughly
$5.7 trillion total tax-reform program will require $4.2 trillion of
grew on average by 3.4%. In only
one period in the entire postwar
era prior to the Obama presidency
did the economy fail to grow by
at least 2.6% for a decade—during
1973-82, when the economy experienced three recessions, four
years of negative growth, and
only 2.3% average growth. In every other decade from the end of
World War II until the beginning
of the Obama presidency, the
economy grew by more than 2.6%.
Compared with the projected 1.9%
growth, 2.3% growth would generate some $1.3 trillion of extra revenues, enough to cover almost
90% of what’s needed to offset
the static cost of the proposed tax
reform.
Given America’s historical economic strength, there is only one
reason to question the ability of
America’s economy to grow by
2.6% over the next decade: a belief
that in the post-Obama era, America has fallen into what President
Obama’s apologists call “secular
stagnation”—a persistent state of
low growth and investment.
During the Obama era of 1.5%
growth, less than half the historical norm, was American exceptionalism lost forever? The answer to
that question depends on whether
our economic problems came from
the heavens or from the policies
we followed.
If the Obama economic policy
had been similar to the policy
America had followed since the
end of World War II, a case might
be made that external forces
ended American exceptionalism
and ushered in secular stagnation.
But not only did economic policy
change radically during the Obama
era; the U.S. implemented the very
policies generally identified as impeding growth in Europe: high
marginal tax rates, government
domination of key industries, reduced efficiency in the labor and
capital markets, and a weakening
of regulatory certainty and the
rule of law. Labor productivity
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
By Phil Gramm
And Michael Solon
GETTY IMAGES
OPINION
Don’t Be Fooled by ‘Secular Stagnation’
Mr. Gramm, a former chairman
of the Senate Banking Committee,
is a visiting scholar at the American Enterprise Institute. Mr. Solon
is a partner of US Policy Metrics.
What in the Sam Hill Are Cows Doing on Sand Hill Road?
n-
and not only in Menlo Park. In addition to governing how private property can be used, these rules implicitly dictate which special-interest
groups have a say in commercial and
residential development. Building
proposals bring dozens of vested interests out of the woodwork, ranging
from environmentalists, to “not in
my backyard” homeowners, to affordable-housing lobbyists.
The question is what this costs
the larger economy. Many theories
have been raised to explain why the
U.S. has been plagued by weak
growth, which began even before
the 2008 financial crisis. But as
much as 40% of the slowdown may
be due to increasingly severe land
regulations, according to our research, conducted with economist
Kyle Herkenhoff at the University of
Minnesota.
Land regulations add friction to
the economy in that they impede the
flow of workers and capital from regions with poor job opportunities to
places with good ones. Interstate migration rates used to be high. Between 1950 and 1980, California’s
population increased from a little
over 10 million to nearly 24 million,
and its share of the national population rose from about 7% to 10%. This
growth reflected a bounty of new
economic opportunities that created
millions of high-wage jobs in industries ranging from technology and
no
If you stroll down
Sand Hill Road in
Menlo Park, Calif.,
you will find yourself among America’s leading venture
capitalists. The comCROSS
COUNTRY panies on this street
helped bring the
By Lee E.
world
Microsoft,
Ohanian and
Amazon, Facebook,
Edward C.
Google, Tesla, Lyft
Prescott
and other transformative businesses
that have created millions of jobs.
Sand Hill Road also offers some of
the most expensive commercial
property in the U.S., rivaling even
Midtown Manhattan. But despite the
enormous cost of real estate, you
won’t find any high-rise buildings.
What passes for a Sand Hill skyscraper tops out at two stories. Even
stranger, near the end of Sand Hill
Road you can find cows grazing happily on the most expensive grass in
the country.
Why do parts of this area look
more like a gentleman’s farm than a
leading financial center? Land regulations. In a free market, there would
be enormous economic pressure to
develop the property, to move its
cute cows to far less valuable pastures and to construct much taller
buildings. But this kind of development is largely prohibited.
Land regulations have run amok,
aerospace to high-skilled manufacturing and financial services.
California’s boom was facilitated
by exceptionally good state and local
economic policies, which in turn reflected a bipartisan understanding
that the public’s interest was served
by government that helped, not hindered, development. In the 1950s and
1960s, capital spending accounted for
as much as 20% of the state budget.
They’re eating the priciest
grass in America, thanks
to California’s out-ofcontrol land-use rules.
California built schools, roads and
water systems to support its population growth. These public-private
synergies made California into the
most populous state in the country,
and the second most productive, behind only New York.
Despite rapid growth, housing remained relatively affordable. In 1970
California’s home prices were about
36% higher than the national average. But that changed as tightening
land regulations began to constrain
development. By 1990 California
housing was 147% more expensive
than the nation overall.
These regulations have damaged
California and the national economy.
Stratospheric home prices have redirected millions of workers away
from the Golden State’s highly productive industries to states with
more permissive land regulations
and lower housing costs, but also
with fewer high-paying jobs.
Relaxing land regulations could
substantially improve America’s economic performance by making housing and commercial development
more affordable. If California rolled
back its land rules to where they
stood in 1980, our research estimates that the state’s population
could ultimately grow to 18% of the
country. U.S. gross domestic product
could permanently increase by about
2%, or $375 billion. If every state
rolled back land regulations to 1980
levels, GDP could rise by as much as
$1.8 trillion.
Sadly, California’s land regulations seem unlikely to improve. The
state’s leaders recognize the problem of high housing prices but don’t
seem to accept its cause. Recent legislation, including a $3 billion bond
proposal, has focused on giving developers an incentive to build more
low-income housing.
Meanwhile, the burst of public
investment that supported California’s growth in the 1960s has
slowed to a trickle. The state’s capital budget isn’t enough to maintain
its existing infrastructure, much
A Historic Moment That Almost Went Unrecorded
By Oren Rawls
T
his is a story about how easily
history can be lost.
On Feb. 21, 1986, five men
sat around a table in a Mossad safe
house in Paris and spent a good
part of the day talking. Retired military intelligence chief Shlomo Gazit and senior Shin Bet officer
Yossi Ginossar were there representing Israeli Prime Minister Shimon Peres and Defense Minister
Yitzhak Rabin. Across from them,
on behalf of Palestine Liberation
Organization leader Yasser Arafat,
sat political adviser Hani al-Hassan
and the PLO’s ambassador to Cairo,
Saeed Kamal.
The fifth man at the table was
Stephen P. Cohen, who arranged the
meeting after a decade of operating
as a back-channel intermediary between Israeli and Arab leaders. I
worked with Steve on his recently
published memoir, which is how I
got to know the story.
The February 1986 gathering in
Paris was followed by another in
Brussels a month later, and a third
and last one that April in Paris. The
three meetings were the first-ever direct talks between Israel and the PLO.
Though limited in scope to the issue
of prisoners of war and soldiers missing in action, the meetings nonetheless represented a major milestone in
Israeli-Palestinian relations. The talks
testified to a willingness on the part
of Peres, Rabin and Arafat to engage
with the enemy on terms beyond the
battlefield.
A recovered notebook told
the story of a meeting
between Israelis and
Palestinians in 1986.
The 1986 meetings never led to
enduring peace between Israelis and
Palestinians, and the outbreak of the
intifada 18 months later would make
clear just how fleeting the moment
had been. But at the time it was no
small thing for an Israeli prime minister and a Palestinian leader to
send trusted lieutenants to discuss
matters of mutual interest. Consider
that just four months before the Feb.
21 meeting, Israeli F-15s obliterated
Arafat’s headquarters in Tunisia—on
the orders of Peres and Rabin.
When Steve first told me about
the meetings, in late 2012, the details were rather fuzzy. He was battling on multiple health fronts, and
for the most part he remembered
the talks only in general terms.
There was one anecdote, however,
that he would retell with particular
relish, about how he had surreptitiously held on to the sole written
notes taken during the meeting. It
was quite the feat, he would note
with an impish grin, given that he
had been instructed to destroy the
notes by Ginossar, a man of the old
Shin Bet.
It had been at least two decades,
though, since Steve had last seen the
notes, and no one else knew they existed. Then, in the summer of 2013,
Steve’s daughter cleared out a storage container that he had long kept
in Quebec, and brought home a
truck’s worth of papers to sort
through. A fair amount of the material was from Steve’s time working
in Montreal during the mid-1980s,
when his peacemaking efforts were
backed by Canadian businessman
Charles Bronfman. There, among the
boxes of routine office paperwork,
lay Steve’s original notes from the
Feb. 21 meeting—38 handwritten
pages, held together by a rusty paper clip.
The handwriting was mostly illegible, but the names that preceded
each notation were easily recognizable: Shlomo, Hani, Saeed, Yossi.
Steve had lost most of his sight by
then, but he could make out more
than enough to confirm that those
were indeed his notes from the
meeting. Finding those notes propelled Steve to reach out to the two
surviving participants in the meetings, Shlomo Gazit and Saeed Kamal,
and to the last of the leaders who
authorized them, Shimon Peres.
Steve’s correspondence with Gazit,
in turn, led him back to a corroborating account of the meetings he
had given to a French journalist in
the 1990s.
With the details of his story confirmed, Steve ended up devoting a
full chapter of his memoir to the
meetings, preserving his record of a
significant breakthrough in IsraeliPalestinian relations for the history
books. Four months after his memoir was published, in January of this
year, Steve passed away.
Mr. Rawls is a ghostwriter in
New York.
less build anything new. More than
half the state’s schools do not meet
standards for basic maintenance,
according to a 2015 study from the
University of California, Berkeley.
Los Angeles’s leaky water system—
many of the pipes date back at least
75 years—loses an estimated eight
billion gallons of water a year,
enough for 50,000 households. On a
2012 report card from the American
Society of Civil Engineers, California’s levees get a grade of “D.” That
group also identifies more than 650
of the state’s dams as “high hazard,” meaning failure would cause
loss of life.
Overhauling land regulation, in
conjunction with higher capital
spending, would significantly improve
America’s economic performance.
Sand Hill Road in Menlo Park should
be for tech investors, not livestock.
Here’s to hoping that California—and
other states—realize as much and can
overcome the well-organized political
interests to see reform through.
Mr. Ohanian, a senior fellow at the
Hoover Institution, is the associate director of the Center for the Advanced
Study of Economic Efficiency at Arizona State University. Mr. Prescott,
who received the 2004 Nobel Prize in
economics, is the center’s director.
This article relies on research set for
February publication in the Journal of
Monetary Economics.
Notable & Quotable
Ed Yongwriting at TheAtlantic.com,
Dec. 1:
Gregory Holt . . . got a call about
a new patient in the emergency
room. He went down with seven colleagues to find an unconscious 70year-old man with breathing problems and signs of septic shock. . . .
When the doctors peeled back his
shirt, they found a tattoo, running
along his collarbones.
It said: DO NOT RESUSCITATE. . . .
Tattoos are permanent and desires
are fleeting, so the team pondered
whether the words actually represented the man’s desires. And there’s
good reason to be cautious. Back in
2012, Lori Cooper at the California
Pacific Medical Center was preparing
to amputate the leg of a (conscious)
patient when she noticed a “DNR”
tattoo on his chest. The man revealed
that he got the tattoo after losing a
poker bet many years ago, and actually, he would very much like to be
resuscitated if the need arose. “It was
suggested that he consider tattoo removal to circumvent future confusion
about his code status,” Cooper wrote.
“He stated he did not think anyone
would take his tattoo seriously and
declined tattoo removal.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
LETTERS TO THE EDITOR
The Senate’s Tax Advance
How ‘Over’ Is the Sexual Harassment Racket?
Y
The Conyers Standard
Moore, the Republican Senate candidate from
Alabama, and the subject of multiple accusations of sexual misconduct in his past, including against a 14-year-old.
The interests of voters can’t be ignored in
these cases. The individual votes that decide
elections are complicated, with myriad priorities in play. The character of a candidate is one
factor for voters, but not the only one.
This is not to suggest that winning an election is a grant of immunity for these men. If sexual harassment accusations against a Member
of Congress are sufficiently egregious, he can be
investigated by his peers and publicly censured.
If Mr. Moore wins, a trip to the Senate Ethics
Committee seems inevitable, and Senate Republicans will be asked about him almost daily. The
Constitution stipulates that each house can punish Members for bad behavior and expel them
with a two-thirds vote.
The status quo ante on serious sexual harassment—which is to say, a lot of men got away
with it—is over. The new status quo is that it
will not be tolerated. Mr. Conyers knows the
facts of his case. He should weigh them against
the new standards of acceptable conduct, consider how he wants to be remembered, and act
accordingly.
n-
ou knew it would happen eventually: A
man accused of sexual harassment would
fight the pressure to stand down from
his job. That man is Rep. John Conyers, who is
88 and has been in Congress since 1965. Mr. Conyers intends to keep it that way until, as his lawyer said Friday, “the cows come home.”
The Conyers case raises some of the inherent
difficulties of holding elected politicians accountable for accusations of the sort brought
against the Congressman. For starters, there
usually are no witnesses to corroborate such allegations, though in some instances women
have contemporaneously related what happened
to friends, who later supported their accounts.
Mr. Conyers reportedly made a $27,000 settlement with one of his accusers, the sort of agreement that is often standard for workplace-based
disputes involving race or sex.
Some of Mr. Conyers’ defenders have suggested he is the victim of racial bias because
Nancy Pelosi and others have called on him to
resign, though now many Democrats are also
saying the same about Senator Al Franken,
whose list of accusers stands at five. Mr. Franken is also refusing to step down, but in these
cases the race card is a weak hand.
Let us add one more ember to the fire: Roy
The Flynn Information
no
R
Peggy Noonan’s “The Sexual-Harassment Racket is Over” (Declarations, Nov. 25) rightfully recognizes
the excellent journalism that helped
build credible evidence of the patterns of abuse by many powerful
men. This should put predators on
notice because there is a beginning
sea change in women being believed.
We can hope that once that genie is
out of the bottle, it can’t be forced
back in. However, Ms. Noonan is naive to think the “racket” is over. Uncomfortable reckoning is taking place
in some areas, especially vis-a-vis
Bill Clinton. But there remain glaring
exceptions, Donald Trump and Judge
Roy Moore being two of the most
disturbing. President Trump’s threats
to prosecute his accusers is the kind
of abuse of power that fortified the
racket. The support for Mr. Moore’s
Senate race makes a mockery of honest reckoning.
Ms. Noonan’s naiveté looks worse
with the final comments from an aging Catholic priest who bemoans that
“contraception degenerates men” and
Ms. Noonan adds, “as does abortion.”
Really? Women have been sexually
victimized throughout history. Contraception and abortion were irrelevant to the degenerate priests who
preyed on vulnerable children.
Abuses of power are what degenerates humanity.
VICTORIA KELLY
Millsboro, Del.
Two of the most basic foundations
of American democracy are a free
press and a presumption of innocence until proven guilty when
charged with a crime. In today’s atmosphere these two basic building
blocks have been merged into one
general smear campaign. Whether
it’s sexual harassment, Russian collusion or financial irregularities, the
mere allegations, rumors or suggestions of misdeeds get hysterically
magnified by the mostly liberal media, and become the basis for destroying reputations and careers of
those they oppose, and proof is no
longer required.
The substitution of mob rule and
media hysteria for real justice is undermining the traditional American
justice system and, as shown by so
many cases in history, often leads to
chaos, anarchy and regime overthrow.
I think that is precisely what the altleft folks are working toward now,
and we should be alert to their intentions.
MAX WISOTSKY
Highland Park, N.J.
So long as we are conditioned
from an early age to believe that sex
is merely a physical, recreational,
transactional activity, then laws, sensitivity training, organizational policy, even Harvey Weinstein crashand-burn stories won’t deter many
men because they’re convinced they
are different, the women are different, and it isn’t about anything important, just sex. Only a culture in
which the sexual act has transcendent value can make a serious dent
in such predatory behavior.
THOMAS M. DORAN
Plymouth, Mich.
If contraception and abortion have
caused men to rape, slap women
around and pinch their rears, then
why was I raped in 1963 on the campus of the University of Colorado by
a medical student at a frat party?
There was no legal abortion in 1963
and not all that much birth control
available for a college freshman. No
one was smoking dope. All were from
nice homes.
So when will the excuses stop?
JUDITH SHIREMAN
San Francisco
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he Senate was poised to pass its version up billions that had to be paid for by worse polof tax reform as we went to press Friday icy elsewhere.
evening, with likely 51 of 52 Republicans
By the way, Democrats are flogging a Joint
in favor but no Democrats.
Committee on Taxation report
A House-Senate
The last few days of vote-buythis week that the tax bill will
ing weren’t pretty, but the big
increase the deficit even on a
conference can make
picture is that reform has
“dynamic” basis that considers
the final bill better.
taken a giant step forward.
how individuals will respond
The bill won’t include Bob
to incentives. But the real
Corker’s proposed “trigger”
news is that even Joint Tax
that would have revoked some of the tax cuts says the bill is pro-growth, adding 0.8% to the
if revenues failed to materialize as estimated economy, which is miraculous given its historic
by Congress’s budget gnomes. The original biases. Joint Tax models posit a relatively closed
mechanism ran into procedural trouble under U.S. economy rather than an open global capital
Senate budget rules, and the GOP decided not market that could finance U.S. deficits.
to write a tax increase into the bill. This is good
Some Senators in their self-regard will now
sense given that no one knows what the econ- want the House to accept their product whole,
omy will look like in six years.
but there should be a conference committee to
But Senate leaders did have to mollify Ron blend the best of both bills. The Senate’s “baseJohnson (Wisconsin) and Steve Daines (Mon- erosion” rules that prevent corporate tax dodgtana), who demanded a bigger tax break for ing are better, but the House bill’s cap on the
“pass through” businesses that may now have mortgage-interest deduction and elimination of
an advantage over corporate competitors, other carve-outs deserve inclusion. Ditto the rewhich are taxed on income and dividends. The peal of the death tax.
duo were offered a 20% business-income deducWe can also dare to hope that a conference
tion (up from 17.4%) but held out for 23% for a will fix the bill’s biggest flaw, which is a lousy
small group of large companies.
individual tax reform that raises taxes on many
Another winner is Maine’s Susan Collins, Americans in high-tax states. Eliminating the
whose take-home gifts include a maximum state-and-local income tax deduction, as both
$10,000 deduction for state-and-local property bills do, is sound policy. But the bills don’t offtaxes; broadening a medical expense deduction set that with a corresponding reduction in the
that defies the purpose of simplification and top marginal tax rate. This means many produclower rates; and a promise to pass a bipartisan tive people will soon face marginal rates well
health deal to shore up ObamaCare. Did she above 50% in New York and California.
ghost-write “The Art of the Deal”?
The Senate bill merely reduces the top rate
Jeff Flake of Arizona insisted on one point- to 38.5% from 39.6%, and the House even raises
less change, though to his credit he is voting it with a bubble bracket of 45.6% on some earnfor a bill that will benefit the country despite ers. The great irony is that the GOP is raising
his differences with President Trump. The Sen- taxes on some of its most loyal voters if individate and House bills allow for immediate ex- ual rates stay as they are.
pensing on new investments for businesses for
A conference committee needn’t take long
five years, and the assumption is this will be given that the two bills share a basic structure
extended. Mr. Flake thinks this is false deficit and the core virtue of a 20% corporate tax rate.
advertising, and so his change would phase out But the details deserve scrutiny, and making
expensing over time. That won’t bind a future the bill as pro-growth as possible is worth the
Congress, and in the meantime Mr. Flake ate extra political lift.
ly
.
T
REVIEW & OUTLOOK
obert Mueller’s special prosecution maMr. Flynn could still face up to six months
chine grinds on, and on Friday it in prison, and his sentencing will be postponed
crushed former national security ad- and depend on what his plea agreement says
viser Mike Flynn on the everis his “substantial assistance
He pleads guilty to a
ready charge of lying to the
in the investigation or proseFBI. The guilty plea is a trag- charge the FBI once said cution of another person who
edy for the former three-star
has committed an offense.”
it wouldn’t prosecute. Mr. Mueller is known for his
general and head of the Defense Intelligence Agency, but
brutal mercy.
whether it is ominous for the
How this relates to the
Trump Presidency depends on what Mr. Flynn claim of Trump campaign collusion with Russia
is telling Mr. Mueller.
during the 2016 presidential campaign isn’t
Prosecutors signaled Mr. Flynn’s cooperation clear. Mr. Flynn’s meetings with the Russian
by filing an “information,” rather than an in- ambassador occurred after the election. The
dictment, on charges of making false state- press corps is hyperventilating that a statement
ments about his meetings with former Russian filed in connection with Mr. Flynn’s plea says
Ambassador Sergey Kislyak in two December an unnamed senior Trump transition official
2016 meetings. The meetings discussed the U.S. spoke with Mr. Flynn about what he should tell
and Russian responses to sanctions that Presi- the Russian ambassador. News reports Friday
dent Obama had imposed on the Kremlin for identified that official as Jared Kushner, Donald
meddling in the 2016 campaign.
Trump’s son-in-law.
This specific charge is surprising because, as
Yet there is nothing scandalous, or even una seasoned intelligence officer, Mr. Flynn had usual, about a presidential transition meeting
to know that the U.S. would be listening to Mr. with a foreign ambassador. The statement says
Kislyak’s conversations and have transcripts. Mr. Flynn was advised that the transition team
CNN reported on Feb. 17 that “the FBI inter- at Mar-a-Lago “didn’t want Russia to escalate
viewers believed Flynn was cooperative and the situation”—which also isn’t a crime even if
provided truthful answers,” even though he they should have waited until taking office befirst said sanctions were not discussed and later fore conducting foreign policy.
said he couldn’t recall.
For what it’s worth, Mr. Trump’s attorney Ty
A Congressional source also tells us that for- Cobb on Friday portrayed Mr. Flynn’s plea as
mer FBI director James Comey told the House no big deal: “The false statements involved mirIntelligence Committee on March 2 that his ror the false statements to White House offiagents had concluded that Mr. Flynn hadn’t lied cials which resulted in his resignation [as nabut had forgotten what had been discussed. tional security adviser] in February of this year.
Perhaps the FBI changed its view.
Nothing about the guilty plea or the charge imOr perhaps Mr. Flynn felt he was facing more plicates anyone other than Mr. Flynn.”
serious charges that could be mitigated by copNothing in Friday’s documents shed more
ping a plea to a single count and cooperating. light on what happened during the 2016 presiA legal defense would require hundreds of thou- dential campaign. Perhaps Mr. Flynn has more
sands of dollars that a longtime military family secrets to share, and Mr. Mueller seems to be
doesn’t have, and his son, Michael Jr., was also targeting Mr. Kushner for a turn of his screws.
under investigation. News reports Friday said But in today’s hyperpartisan Washington it pays
the son won’t now be prosecuted.
to wait for the evidence.
Will Bill Clinton be welcomed at
the 2018 Democratic National Convention (with prime speaking time,
etc.) or will he be a persona non
grata?
LES GORDAN
Charlotte, N.C.
Trying to Boost Working Families and Growth
It is our understanding that allowing workers to keep more of their
earnings would lower marginal taxes
on labor thus inducing more hours
worked. So imagine our surprise
when your Nov. 30 editorial “The Rubio-Schumer Amendment” claimed
that our amendment to the current
Senate tax bill, which you admit is
functionally a payroll-tax cut, would
be a “disincentive to work.”
Nothing could be further from the
truth. Under our amendment, people
have to work to earn tax relief. By allowing more working families to keep
more of their hard-earned paycheck
we will all enjoy more consumer
spending, more economic growth and
yes, hopefully, larger American families.
We are largely agnostic on how
the Senate bill fits this much-needed
relief into the $1.5 trillion cap imposed by Senate rules. But we do
doubt that a U.S. corporate rate of
22%, two points lower than the 24%
Organization for Economic Cooperation and Development average you
cite, would be quite the economic
cataclysm you claim. Even at this
proposed rate, it would represent a
13% decrease to the current rate of
35%, and still be lower than the 25%
rate many have called for in the past.
That said, we are open to other alternatives.
If you are so concerned that this
amendment “creates a tough vote for
incumbents,” you should take the opportunity to reflect on why their chosen tax policy is so unpopular.
SEN. MIKE LEE (R., UTAH)
SEN. MARCO RUBIO (R., FLA.)
Washington
Carried Interest Should Be for All or for None
Vince Kolber makes a good case
for extending the carried-interest
scam to entrepreneurs, who are indeed more deserving than those
whose snouts are already in that
trough (“A ‘Carried Interest’ Rate
for Everyone,” op-ed, Nov. 20). He
is right to say that the “carried-interest provisions in the tax code
have been a boon to private-equity
managers.” Right about the boon,
that is. This loophole is not, however, in the tax code. It stems from
an 1992 IRS revenue ruling later approved by Treasury, and all the secretary of the Treasury needs to do
is to ask for a new ruling, and he
could have one consistent with the
platforms of both parties in the last
campaign. No one seems to have
gotten around to asking for a new
opinion.
DAVID LEBEDOFF
Minneapolis
Mr. Kolber explains that a key
part of his plan is the elimination of
double taxation, “whereby profits
Control of Body Language
Surely Nicholas Wolfinger could
have found someone willing to play
this game and state that his “hostile
body language” was neurological in
nature and as such is a covered disability, and that if the dean continued to harass him he would sue her
and the university (“Notable &
Quotable: Adventures in Title IX,”
Nov. 25).
DAVID J. GROSS
St. Augustine, Fla.
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.
are first taxed at the corporate rate
and again at the capital-gains rate.”
Pass-throughs that meet the suggested five-employee criterion
would pay a 25% business income
rate, and regular corporations’
shareholders would pay 25% in corporate income taxes but nothing in
capital gains or dividend taxes.
This is a straightforward and fair
proposal, but the fiscal impact
would be enormous. Your editorial
“A Solution for Ron Johnson” (Nov.
17) estimates that double taxation
of C-corp profits under the proposed tax plan would result in a net
rate of 39%, 1400 basis points below
the Kolber rate. With C-corp profits
of about $2 trillion a year, this
would be a yearly revenue loss of
$280 billion. Assuming net corporate rates are about half the statutory rates gives an estimate of $140
billion. Over 10 years, this would be
1.4 trillion dollars, doubling the current estimate of the fiscal impact of
the tax reform plan.
MIKE REITSMA
Burlingame, Calif.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“On the plus side, my back
has never felt better.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | A13
* * * *
OPINION
S
ometimes you have to take
a step back, remove yourself from the moment, and
try to ground yourself in
what is true, elevated, even
eternal. Let’s do that.
The week has lent itself to a feeling of instability. The president has
deliberately added to the rancor and
tension of his nation’s daily life,
lurching in his tweets from mischief
to malice to a kind of psychopathology—personal attacks, insinuations,
videos from a group labeled racist
by the British government. You always want to say he has reached
peak crazy, but you know there’s a
higher peak on the horizon. What
will Everest look like? He has no
idea how to be president.
He wrote of ‘the long and
degrading history . . . of
violence against women
in the area of sexuality.’
More men of the media have
fallen in the reckoning over sexual
abuse, most famously a bright, humorous, ratings-busting veteran anchorman, who reportedly had a
switch on his desk that locked his office door so he could molest the
women he’d trapped inside. He had
no idea how to be a man.
Here is something to ground us
in the good: Pope John Paul II’s
1995 Letter to Women, sent to the
Fourth World Conference on
Women, in Beijing. As a document it
has more or less fallen through history’s cracks. But it’s deeply pertinent to this moment and was written with pronounced warmth by a
man who before he became a priest
Pope John Paul II during a meeting with young people in Turin, Italy.
have contributed to the conditioning; some blame “has belonged to
not just a few members of the
Church.”
Members of the Christian faith
must look both back and forward. To
free women “from every kind of exploitation and domination,” we must
learn from “the attitude of Jesus
Christ himself,” who transcended
“the established norms of his own
culture” and “treated women with
openness, respect, acceptance and
tenderness.”
There is “an urgent need to
achieve real equality in every area;
equal pay for equal work, protection
for working mothers, fairness in career advancements, equality of
spouses with regard to family
rights.”
And listen to this alarm—again,
from 22 years ago: John Paul hit
hard on “the long and degrading
history . . . of violence against
women in the area of sexuality”:
“The time has come to condemn
. . . the types of sexual violence
which frequently have women for
their object, and to pass laws
which effectively defend them from
such violence.”
There is more, and I urge you to
read it, but it is a very modern
document, a feminist statement in
the best sense. When a friend sent
it this week and I reread it, what I
thought was: If all the now-famous
sexual abusers had ever pondered
such thoughts (as opposed to parroting them on the air before flipping the switch and locking the
door) and considered questions of
true equality, they never would
have done what they did. They
wouldn’t have been able to think of
women as things, as mere commodities to be used for imperial pleasure. They would have had to consider their dignity.
At the heart of the current scandals is a simple disrespect and disregard for women, and an inability to
love them.
A few things on my mind as the
scandals progress: Friends, especially of my generation, fear that
things will get carried away—innocent men will be railroaded, the
workplace will be swept with some
crazy new Puritanism. A female journalist wryly reflected: “This is America—what’s worth doing is worth
overdoing.”
This would be bad. America takes
place in the office, and anywhere
ly
.
By Peggy Noonan
America takes place there will be the
drama of men and women. It is not
wrong to fear it will become a dry,
repressed, politically correct zone,
no longer human.
But the way I see it, what’s happening is a housecleaning that’s long
overdue. A big broom is sweeping
away bad behaviors and bad ways of
being. It’s not pleasant. If you’re taking joy in it, there’s something
wrong with you.
The trick is to leave the place
cleaner, not colder.
Common sense will help. Offices
aren’t for 10-year-olds but for adults.
Deep down you know what abuse is:
You can tell when someone’s taking
or demanding what isn’t his. By
adulthood you should also know
what friendliness, appreciation and
attraction are. But it comes down to
whether someone is taking or demanding what isn’t his.
As for unjust accusations, it is
true—they will come. Just accusations used to be ignored; in the future unjust ones will be heard.
Here the press will be more important than ever. They have just
broken a scandal through numbers
and patterns—numbers of accusers
and patterns of behavior. If journalists stick to this while also retaining
their deep skepticism and knowledge
of human agendas, things will stay
pretty straight. So far, American
journalists have been sober and sophisticated, and pursued justice
without looking for scalps. Humanresources departments will have to
operate in the same way—with seriousness and knowledge of human
nature.
My concern is something else. It
is that young women, girls in high
school, young women in college and
just starting out, are going to have
too heightened a sense of danger in
the workplace, too great a sense of
threat.
But there are more good men and
women out there than bad.
There are more good ones than
bad.
Know balance. Have faith.
co Fo
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DECLARATIONS
hoped to be a playwright. Here is
what he said:
You would never be so low as to
abuse women if you knew what they
are and have been in the history of
humanity: “Women have contributed
to that history as much as men and,
more often than not, they did so in
much more difficult conditions. I
think particularly of those women
who loved culture and art, and devoted their lives to them in spite of
the fact that they were frequently at
a disadvantage” in education and opportunity. Women have been “underestimated, ignored and not given
credit for their intellectual contributions.” Only a small part of their
achievements have been documented,
and yet humanity knows that it “owes
a debt” to the “great, immense, feminine ‘tradition.’ ” But, John Paul exclaimed, “how many women have
been and continue to be valued more
for their physical appearance than for
their skill, their professionalism, their
intellectual abilities, their deep sensitivity; in a word, the very dignity of
their being!”
In a highly personal tone—the italics are his—he offers his appreciation:
“Thank you, women who work! You
are present and active in every area of
life—social, economic, cultural, artistic and political.” You “unite reason
and feeling” and establish “economic
and political structures ever more
worthy of humanity.”
He thanked women who are mothers, daughters and wives: “Thank
you, every woman, for the simple
fact of being a woman.”
Women, he observed, have “in every time and place” suffered abuse,
in part because of “cultural conditioning,” which has been “an obstacle” to their progress. “Women’s dignity has often been unacknowledged
and their prerogatives misrepresented; they have often been relegated to the margins of society and
even reduced to servitude. This has
prevented women from truly being
themselves, and it has resulted in a
spiritual impoverishment of humanity.” Poor thinking and cold hearts
GRZEGORZ GALAZKA/MONDADORI PORTFOLIO VIA GETTY IMAGES
John Paul II’s Prescient 1995 Letter to Women
How the Chicago Pile Helped the Manhattan Project Succeed
T
no
his weekend marks the 75th
anniversary of what might be
the 20th century’s greatest
technological achievement. Working
in wartime secrecy at the University
of Chicago, a group of scientists
built the first self-sustaining nuclear reactor out of wood, graphite
and uranium. On Dec. 2, 1942, they
succeeded in triggering the first
sustained man-made nuclear chain
reaction.
The experiment—called Chicago
Pile 1, or CP-1—validated the theoretical ideas of scientists. The experiment was the first step to unleashing the destructive power of
nuclear weapons, while also demonstrating the potential for an entirely new source of energy. It
marked the start of an exciting era
of collaboration and ambition in
American science.
In many ways, CP-1 was a monument to scientific impatience. In the
summer of 1939, Albert Einstein sent
a letter (ghostwritten by fellow
physicist Leo Szilard) to Franklin D.
Roosevelt. The letter warned that
Germany was at work on a new
weapon of almost unimaginable
power and urged the president to
take steps to accelerate America’s
research on nuclear energy.
Roosevelt responded by creating
a modest federal research project.
Following the Pearl Harbor attack,
the project’s efforts accelerated to a
speed that has never been
equaled—not even by the space program a generation later. Roosevelt
targeted massive new funding to
projects already under way at universities and to newly created laboratories across the country. He
charged Nobel physics laureate Arthur Holly Compton with building a
national team at the University of
Chicago to tackle the daunting array
of unsolved problems in physics,
chemistry and engineering. As the
team came together in early 1942,
Compton set a stunning goal: to
achieve the first chain reaction by
January 1943.
Many of the scientists brought together in Chicago were renowned
European physicists who had fled
their homelands as war raged and
fascism spread. They were led by
Enrico Fermi, a Nobel Prize winner
who escaped Italy with his Jewish
wife in 1938.
The Chicago scientists understood
what was at stake when they embarked on a revolutionary approach
to science. They worked around the
clock in collaborative groups that ignored the traditional boundaries of
academic disciplines. Physicists argued with metallurgists, and chemists worked with engineers.
The project succeeded ahead of
schedule, and the rest of the story is
well known: The Manhattan Project
n-
By Eric D. Isaacs
And Robert Rosner
Retired Lt. Gen.
Mike Flynn on Friday pleaded guilty
to lying about a
non-crime. Even
Adam Schiff, the
House Democrat
BUSINESS
most determined
WORLD
to ride the Russia
By Holman W.
collusion story to
Jenkins, Jr.
bigger and better
things, acknowledged that conferring with a representative of Russia about the incoming administration’s Russia policy is
not illegal or improper.
These discussions concerned a
United Nations Security Council
vote on Israel (in effect the Trump
team was asking Moscow for a favor on behalf of a U.S. ally, Israel).
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led to the atomic weapons that ultimately hastened the Allied victory,
and that gave the name to a new and
perilous epoch: the Atomic Age.
In the lifetime that has passed
since that extraordinary moment,
the scientific legacy of CP-1 and the
It’s been 75 years since
scientists triggered the
first sustained man-made
nuclear chain reaction.
Manhattan Project has fueled transformative advances in defense, energy, medicine and humanity’s understanding of the universe. Yet
much of the urgent spirit of discovery that once accelerated America’s
scientific enterprise has faded.
Looking back on the singular
achievement of CP-1, scientists and
policy makers alike should relearn
its lessons about the power of intense research, the fruits of collaboration, and the dynamism of unshackled intellectual curiosity. The
question is whether today’s scientists can recapture the energizing
factors and intellectual impatience
that drove Compton, Fermi and the
hundreds of men and women who
worked beside them.
Today the world certainly faces
challenges that require the level of
resource and intellectual commitment of CP-1. Consider the challenge of providing the energy
needed to raise standards of living
in the developed world. From nuclear energy to more efficient uses
of fossil fuels, opportunities
abound. But the current level of
spending on energy-science research isn’t cutting it.
What if the U.S. approached energy with the same drive and impatience of the CP-1 project? It would
lead to the fundamental transformation of how societies are powered.
Otherwise other countries—think
China, Russia and South Korea—
could take the lead and eventually
dictate the terms by which the U.S.
participates.
In 1942, the U.S. faced a looming
threat, and its leaders acted. Meantime, the potential German bomb
project never came to pass. America’s quick response made it the
dominant economic and military
power in the world. Seventy-five
years later, the U.S. can build on that
legacy—motivated not by fear, but
by a shared acceptance of critical
needs and an insatiable intellectual
appetite.
Mr. Isaacs is executive vice president for research, innovation and national laboratories and a professor of
physics at the University of Chicago,
where Mr. Rosner is a professor of
astronomy, astrophysics and physics.
The Media’s Flynn-sanity
The discussions concerned Russia’s
response to President Obama’s lameduck sanctions for Russian meddling
in the U.S. election.
Such talks, we learn from Robert
Mueller’s investigation, were directed by a “very senior member”
of the transition team. Why
shouldn’t that be President-elect
Donald Trump or somebody directly
conversant with his views—a k a
Jared Kushner? Voters may remember Mr. Trump saying during the
campaign that he wanted improved
relations with Russia. He would be
doing nothing illegal here.
Then why make Mr. Flynn plead
guilty to a crime related to a noncrime, unless Bob Mueller thinks
he’s enlisting Mr. Flynn’s cooperation in pursuit of real crimes?
Well, Mr. Mueller’s job is to get to
the bottom of the Russia question,
and it doesn’t help to have people
lying about even things that are
non-crimes. What’s more, as Mr.
Flynn would have known better
than most, Russian Ambassador
Sergey Kislyak was a prime target
for U.S. surveillance. American voters will remember that Obama officials illegally leaked contents of
some of these conversations to the
press during the transition. Lying
about these very same conversations to the FBI wouldn’t seem to
have made much sense for Mr.
Flynn. But if a key witness and
former high-ranking official persists in a disproven and unnecessary lie, how do you not charge
him?
Let’s recall a couple of things.
For president, the American people
elected a reality TV star and brand
manager who came with a bundle
of impulses but not deep knowledge
of anything other than building
large structures.
His plans/hopes with respect to
Russia may have been unrealistic,
but an incoming administration is
elected to follow its own policies,
not those of its predecessor. Second, unless he was completely unconversant with political reality,
Mr. Trump understood by then that
Democrats had settled on a story of
Russia collusion to excuse Hillary
Clinton’s loss and to discredit the
incoming president.
Diplomacy after the
election is not the
same as collusion
before the election.
Unfortunately, what we learned
on Friday about all this was microscopic in relation to the magnitude
of air time devoted to hyping
events. The scandal has reached “inside the gates of the White House,”
blared multiple news outlets. Uhhuh. Mr. Flynn worked there for 24
days, and none of this is evidence of
any presumed conspiracy between
the Kremlin and the campaign to
put Mr. Trump in the White House.
Wasn’t that the original question?
The crime the media are trying to
make out of these events is the
crime of having diplomatic relations
with Russia.
The talents that outfit somebody to be on TV are not necessarily talents that lend themselves
to instantaneous dissection of
breaking news. Inevitably, time is
filled up with prejudices and
tropes because, you know, time
must be filled up.
This is sad but par for the
course. Take James Comey, the retired FBI head. He could fill in a
great deal of important information.
He knows a lot about a lot of things
that would be useful to hear, including about the Trump dossier and a
Russian role in sparking his intervention in the Hillary Clinton email
matter. Instead of shedding light, he
drops Bible verses on Twitter. A
man who knows so many vital
truths and won’t tell them might do
better to say nothing at all.
Anything is possible, including
some conspiratorial quid pro quo
between somebody in the Trump
campaign and somebody representing Vladimir Putin. If Mr. Putin really wanted Mr. Trump’s election,
then the two were certainly working toward compatible ends—at
least to the extent that Mr. Trump,
in some part of his brain, really did
want to be president. When it
comes to working toward compatible ends, though, this also appears
to be true of Russian intelligence
and the Clinton campaign and, quite
possibly, Russian intelligence and
the FBI in some instances.
At the same time, we would be
stupid not to understand that other
countries have a stake in the outcome of our elections and, by omission or commission, try to advance
their interests. This is reality. After
the Trump election, the direction of
causation in the ensuing Russia
scandal in my judgment seems
fairly clear. The media and bureaucracy reject Mr. Trump not because
they got wind of Russia. They were
determined to reject Mr. Trump
and Russia was handy.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
SPORTS
WORLD CUP
No ‘Group of Death’ for Soccer Giants
The game’s powers—and Russia—win a smooth path in the World Cup draw; few heavyweight clashes set for opening round
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
MOSCOW—By the time the World Cup
kicks off here next summer, Russia will have
spent more than seven years fretting, building, and spending like crazy to welcome soccer’s biggest showcase. It will have outfitted
12 stadiums in 11 cities across four time
zones and recruited thousands of volunteers, all to put on a five-week spectacle for
a planetary TV audience.
And on Friday evening, inside the Kremlin State Palace, the host nation finally
learned that the whole show will begin in
June with a game between the two lowestranked teams at the tournament, Russia and
Saudi Arabia.
The matchup itself may be a damp squib,
but it is not expressly a bad thing for Russia. Quite the opposite, in fact. As FIFA, soccer’s world governing body, drew the 32
World Cup teams into eight groups, Russia
made one of the softest possible landings.
Beyond Saudi Arabia, its first-round opponents are also Uruguay and Egypt.
“I can’t say if the group’s good or bad for
us yes,” Russia coach Stanislav Cherchesov
said. “I haven’t seen Saudi Arabia.”
Cherchesov might have been one of the
few people inside the Kremlin who wasn’t
sure whether he should be pleased with his
lot. This was one of the few World Cup draws
not to produce an obvious “Group of Death.”
There were plenty of potential pitfalls,
from heavyweight matchups early in the
tournament to punishing travel around this
enormous country. But, for the most part,
the likes of Brazil, Spain and Germany all
emerged satisfied that their dreams of winning the World Cup wouldn’t begin with an
uphill battle.
Officials draw from a bowl to determine the groupings for the 2018 World Cup in Russia.
Defending champion Germany
The host nation was among those to get a relatively easy first round of the tournament.
will face Mexico, Sweden and South
Korea in the first round, while fiveThere is no ‘Group of Death’ but pitfalls abound for the favorites.
manager and dentist-by-training who
time winner Brazil landed with
ments. Russia is accused of running a stateGROUP A
GROUP B
GROUP C
GROUP D
has steered Iceland’s progress through sponsored doping program, which could see
Switzerland, Costa Rica and Serbia,
the ranks of international soccer. “It’s,
four years after hosting the tournasome or all of the country’s athletes banned
RUSSIA
PORTUGAL
FRANCE
ARGENTINA
‘Welcome to the World Cup.’”
ment and losing in the semifinals.
from the 2018 Winter Olympics by the InterSAUDI ARABIA SPAIN
AUSTRALIA
ICELAND
Ironically, Iceland reached the
The lack of heavyweight clashes in
national Olympic Committee on Tuesday.
EGYPT
MOROCCO
PERU
CROATIA
tournament more confidently than
the group stage is partly down to a
But whatever the outcome of the IOC’s inURUGUAY
IRAN
DENMARK
NIGERIA
Argentina. The Albiceleste, as the
change FIFA made to the way teams
vestigation, FIFA president Gianni Infantino
team is known, stumbled in several
were seeded. Whereas countries
believes his World Cup can dodge the negaGROUP E
GROUP F
GROUP G
GROUP H
South American qualifying matches
used to be protected in the draw by
tive perception of Russia.
BRAZIL
GERMANY
BELGIUM
POLAND
before recovering in the final games.
geography to avoid too many intra“As far as I’m concerned and as far as
SWITZERLAND MEXICO
PANAMA
SENEGAL
But, as manager Jorge Sampaoli put
continental matchups, they are now
FIFA is concerned, the answer is simple: it
COSTA RICA
SWEDEN
TUNISIA
COLOMBIA
it, the side is difficult to discount
seeded based on their FIFA ranking.
will have no impact. I don’t see why,” he
SERBIA
SOUTH KOREA ENGLAND
JAPAN
come tournament time. “I have the
The upshot was that the elite
said in a tense news conference before the
best player in history,” he said, referteams were largely kept out of each
draw, while sitting next to Russian Deputy
Source: FIFA
ring to Messi. “That’s always a plus.”
other’s way in the group stage. The
Prime Minister Vitaly Mutko. “We are here
Perhaps the trickiest group
other consequence, of course, is
speaking about football, about the World
“The group itself is quite a bit of unknown,” brought together defending European chamthat those teams are more likely to advance
Cup, not about the Olympic Games, and
England manager Gareth Southgate said.
pion Portugal, 2010 the winner Spain, Mosafely, setting up more marquee clashes in
that’s what this is all about.”
Iceland, the smallest ever nation to take
rocco and Iran, although the two Iberian
the knockout rounds. Spain-Argentina, for
Friday’s draw was just as notable for the
part in the tournament with a population of
countries will be heavy favorites to survive.
example, is a possible quarterfinal.
teams that weren’t in it. Four-time World
just 330,000, will open up against Argentina
Lastly, in two of the weaker groups,
Even England, which was at risk of facing
Cup winner Italy is missing out on the tourand Lionel Messi. (Their tricky group that
France emerged from the draw unscathed to
one of the most powerful opponents benament for the first time in half a century,
also includes Croatia and Nigeria.) For the
play Australia, Peru and Denmark, as Poland
cause it wasn’t among the top seeds, will be
because it lost a qualifying playoff to SweScandinavians, it’s simply the latest chapter
drew Senegal, Colombia and Japan.
expected to progress to the second round
den, while the Netherlands’ disastrous form
in a four-year story that has seen them nar“You need things to go your way a little
without too many problems. The Three Lialso cost it a berth. And then there is the
rowly miss out on playing in the 2014 World
bit to win the World Cup,” former France
ons were drawn with Belgium, Panama and
U.S. national team, which crashed out of
Cup, endear itself to fans around the globe
player and manager Laurent Blanc said.
Tunisia. The bigger challenge for them may
qualifying with a shocking defeat in Triniat the 2016 European Championship and fi“And that starts right here, with the draw.”
be the punishing travel around Russia from
dad and Tobago in October.
nally qualify for Russia at the expense of the
The ceremony took place in the presence
Volgograd in the south, to Nizhny Novgorod
Unlike the 32 nations now frantically
Netherlands.
of Russian president Vladimir Putin against
east of Moscow, and Kaliningrad, a detached
scanning maps of the host country, those
“Now we’re at that level, we’re able to play
a backdrop of controversy that was hardly
section of Russia sandwiched between Pothree will be watching the party—if not RusArgentina,” said Heimir Hallgrimsson, the
erased by the event’s multiple dance segland and Lithuania.
sia vs. Saudi Arabia—from home.
KRASILNIKOV STANISLAV/TASS/ZUMA PRESS
BY JOSHUA ROBINSON
n-
The Road to Moscow
NBA
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78 54 pc 75 62 c
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TO UNDERSTAND the way today’s NBA
works, it usually helps to study the Golden
State Warriors.
Let’s start with a game last month
against the Boston Celtics that was closely
scrutinized around the league as a potential
Finals preview. Golden State took a 17-point
lead in the second half. Boston won by ripping off 19 straight points in response.
The exact opposite happened the next
time the Warriors took the court. Philadelphia was up 24 points. Golden State roared
back with a 47-13 run in what turned out to
be the best third quarter in NBA history.
These were some of the most exciting
games of the season with some of the
league’s most compelling players. They were
also the latest evidence of a phenomenon
spreading across the NBA: It has never been
more dangerous to have a big lead.
There are lots of reasons the NBA’s popularity has exploded in recent years, but the
most fundamental one is how the game itself
is played. It’s exhilarating. This pace-andspace era has resulted in more of most
things: more possessions, more points, more
3-pointers and more dramatic twists that
would be impossible to explain to anyone who
doesn’t follow the league as a telenovela—and
more comebacks. “People have to change
their thinking,” Detroit Pistons coach Stan
Van Gundy said. “It’s not the same game.”
It used to be rare when NBA teams rallied
from 15 points in the second half to tie the
score or take the lead. In fact, it happened
in only 6% of games in the 15 seasons before
this one, according to Stats LLC.
But this year? It’s happening in 11% of
games.
If a 15-point second-half rally was once
uncommon, then a 20-point second-half
rally was almost unthinkable. It happened in
MADDIE MEYER/GETTY IMAGES
Weather
Kyrie irving of the Boston Celtics
roughly 12 games over the course of a 1,230game season.
But this year? It has already happened in
11 games.
People around the NBA say the most
likely explanation is the broader shifts in
tempo and shot distribution that have reshaped basketball in recent years.
The pace of games is the fastest it’s been
since 1990, and the number of 3-pointers
has reached a record high for the seventh
consecutive season. The league average is
now 28.9 attempts per game. Teams were
combining on that many not too long ago.
It doesn’t take a deep knowledge of math
to understand that a 15-point lead now isn’t
the same as a 15-point lead then if teams
are seeking out shots worth an extra point.
And the entire league is trying to adjust.
Oklahoma City Thunder coach Billy Donovan
might have given the NBA a mantra when he
told reporters last week why the league suddenly finds itself with an uptick of epic
comebacks. “A lot of things can happen,” he
said, “in a very, very short period of time.”
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SMITH/EPA/SHUTTERSTOCK
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL
BUSINESS NEWS B3,B4 | WEEKEND INVESTOR B5 | MARKETS B11,B12 | HEARD ON THE STREET B12
RETAIL A LID ON SALES B2
PROFILE STILL SHAKING IT UP B10
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DJIA 24231.59 g 40.76 0.2%
THE WALL STREET JOURNAL.
* * * * **
NASDAQ 6847.59 g 0.4%
STOXX 600 383.97 g 0.7%
Saturday/Sunday, December 2 - 3, 2017 | B1
10-YR. TREAS. À 15/32 , yield 2.363%
OIL $58.36 À $0.96
GOLD $1,278.80 À $5.60
EURO $1.1896
YEN 112.25
A Turbulent Day for Markets Music Streamers
chip index’s trading range was
roughly 400 points, the widest
since June 24, 2016, the day
after the Brexit vote.
As Friday’s stock selling accelerated, investors piled into
assets that many consider havens. Gold and governmentbond prices soared, then gave
back some of that ground as
markets stabilized in the afternoon. The Cboe Volatility Index, a gauge of expected
swings in the S&P 500, shot up
29% at one point before nearly
erasing its gain.
The wild price swings came
a day after the Dow industrials
powered past the 24000 mark
for the first time and interrupted what had been a strong
run for stocks. But as has hap-
BY AKANE OTANI
AND IRA IOSEBASHVILI
The Dow Jones Industrial
Average tumbled 350 points
Friday morning before making
most of that back, as investors
grappled with a new development in the Russian investigation and further progress on
the GOP tax plan.
By the end of the day, major
indexes suffered modest losses
in the most turbulent day of
the year for the Dow. The blue-
pened throughout much of the
year, investors jumped on the
early selloff as another buying
opportunity.
“We’ve had one heck of a
recovery, global trade being a
lot more positive than we initially thought it would be and
central banks still remaining
pretty accommodative on the
whole,” said Tom Stringfellow,
chief investment officer of
Frost Investment Advisors.
Volatility picked up around
reports about former nationalsecurity adviser Mike Flynn,
who pleaded guilty Friday to
lying to federal investigators
about his communications
with Russia and said he was
cooperating with the special
counsel’s probe into potential
links between the Trump campaign and the Kremlin during
the 2016 election.
Mohit Bajaj, director of ETF
trading solutions at brokerage
WallachBeth Capital, said he
noticed a rise in trading volumes, particularly among S&P
500 and Treasurys futures. Share prices fell sharply
before midday, with the losses
briefly putting the blue-chip
index on pace for one of its
biggest daily drops of the year.
“People are just trying to
protect themselves right now,”
Mr. Bajaj said as the stock selling accelerated.
Senate Republicans have
also drawn closer to holding a
vote on a tax bill that many
Please see MARKETS page B2
U.S. stocks, government-bond yields and the dollar fell in a volatile session Friday. Gold rose.
0.2%
Index performance
–0.2
–0.4
Dow Jones
Industrial
Average
t0.17%
S&P 500
t0.20%
–0.6
–0.8
–1.0
–1.2
–1.4
–1.6
10
11
noon
1
2
3
4
Yield on the 10-year Treasury note
WSJ Dollar Index
Gold futures
2.42%
86.8
$1,295 a troy ounce
2.40
86.7
2.363%
2.38
86.6
2.36
86.5
2.34
86.4
2.32
86.3
2.30
One-minute intervals
10
11
86.2
1
noon
2
3
1,290
86.49
Most actively
traded contract
1,285
1,280
$1,282.30
1,275
One-minute intervals
10
11
noon
1
2
1,270
3
Sources: WSJ Market Data Group (index performance, WSJ Dollar Index); Thomson Reuters (Treasury note); CQG (gold)
One-minute intervals
9
10
11
noon
1
THE WALL STREET JOURNAL.
Left-Leaning Tech Tries to Play It Straight
By Deepa
Seetharaman,
Yoree Koh
and Georgia Wells
n-
tives.
The feedback reflects the
strains in Silicon Valley as
technology companies seek to
bolster diversity of all kinds
among their hundreds of thousands of employees. For the
mostly left-leaning companies
that includes cultivating ideological variety, just as they are
trying to with underrepresented groups like women and
minorities.
“There is a lot happening in
no
This summer, Twitter Inc.’s
new diversity chief met employees to discuss whether
they felt welcome at work.
Among those who said they
sometimes felt excluded, according to people familiar with
the matter, were conserva-
The music group of Chinese
internet giant Tencent Holdings Ltd. and Sweden’s Spotify AB are in talks to swap
stakes of up to 10% in their
businesses ahead of their exBy Wayne Ma and
Alyssa Abkowitz
in Beijing
pected public listings next
year, according to people familiar with the matter.
The deal would align the
two streaming services in future licensing negotiations
with the major music labels,
and likely bolster returns from
their listings, which are expected to value both in the billions of dollars, these people
said.
As Stockholm-based Spotify
has a higher valuation than
Tencent Music Entertainment
Group, Tencent Holdings
would pay Spotify the difference in cash to allow the two
to own equal stakes in each
other’s music operations, the
people added.
Spotify began courting potential Chinese investors in
pre-listing financing last year,
but didn’t attract much interest because it has no plans to
enter the Chinese market, according to one of the people.
Tencent Holdings, which
briefly surpassed Facebook
Inc. in market capitalization
last week after crossing the
$500 billion mark, is an excep-
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
0
Are Harmonizing
Their Interests
the world, and we need inclusion now more than ever,”
Twitter’s diversity chief, Candi
Castleberry-Singleton, tweeted
in August.
Companies such as Facebook Inc., Google and Pinterest
Inc. say doing so is important
because their billions of users
globally have a broad range of
views and interests. And the
perception that employee biases could seep into their
products could damage their
reputations. Tech executives
who advocate for tolerance of
various views also say it is in
keeping with the industry’s
penchant for robust debate
and transparency.
“I personally believe that if
you want to have a company
that is committed to diversity,
you need to be committed to
all kinds of diversity, including
ideological diversity,” Facebook CEO Mark Zuckerberg
Please see VOTES page B4
tion among possible Chinese
investors because of its record
of investing overseas, the person said.
Spotify declined to comment. Its current valuation
wasn’t immediately clear, but
in 2015 the company was valued at $8.5 billion.
Tencent Music had an estimated value of $6 billion last
year after it acquired a controlling stake in China’s leading music-streaming service.
People familiar with the matter say a recent round of financing valued the company
at $10 billion.
ly
.
Tax plan, plea deal
prompt one of most
volatile trading days;
Treasurys, gold gain
$6B
Estimated value of Tencent
Music last year
Tencent Holdings, best
known for its videogames and
WeChat social-media platform,
plans to take Tencent Music
public next year to monetize
its three music-streaming
apps, other people familiar
with the matter have said.
One person familiar with
the situation said Tencent Music is considering listing in either New York or Hong Kong,
with an initial public offering
possible near the end of the
Please see MUSIC page B2
THE INTELLIGENT INVESTOR
By Jason Zweig
Ignorance Certainly
Isn’t Bliss for Investors
The gravity-defying
rise of bitcoin
has been
drawing in
new money
from people who appear to
know nothing about the
cryptocurrency other than
the fact that its price has
gone up a lot in a hurry.
On Thursday, the fifth-most
popular stock among brokerage customers of Fidelity Investments was Bitcoin Investment Trust, an unregistered
fund that holds bitcoin. It
traded that day at a price almost 70% higher than that of
the digital currency itself,
points out Nicholas Colas, cofounder of DataTrek Research.
Even at that price, buyers outnumbered sellers at Fidelity
by more than 40%.
This sort of speculation is a
reminder of a metaphor Warren Buffett and his business
partner Charlie Munger like to
use: the circle of competence.
The diameter of the circle
you can draw around your
knowledge doesn’t matter
much. It’s OK to know a lot
about only a little; it’s even
OK to know next to nothing,
so long as you realize it.
What does matter is accurately assessing where your
Please see INVEST page B5
BY JOE FLINT
After the firing of “Today”
show co-anchor Matt Lauer for
inappropriate sexual conduct,
NBC News is reviewing whether
there were other concerns
about his behavior toward
women that went unreported,
while taking measures to improve workplace safety.
Mr. Lauer was fired late
Tuesday after a colleague filed
a complaint that NBC News
Chairman Andy Lack said represented “a clear violation of our
company’s standards.”
The alleged incident occurred during the network’s
coverage of the 2014 Winter
Olympics in Sochi, Russia. Since
the first complaint, two other
people have made formal complaints to the network about
Mr. Lauer, a person familiar
with the matter said.
In a memo to staff on Friday,
Mr. Lack said employees have
been asking what is being done
to examine how Mr. Lauer’s
“appalling behavior” was able
to take place and why it wasn’t
reported sooner.
NBC is investigating what
may have kept employees from
coming forward, or whether
concerns that were expressed
didn’t receive proper scrutiny
from managers and get filed as
formal complaints, a person familiar with the situation said.
Mr. Lack said NBCUniversal’s
legal and human-resources executives have started a “thorough and timely review of what
happened and what we can do
to build a culture of greater
transparency, openness and respect for each other.”
He pledged to share what is
learned from the review “no
matter how painful, and act on
it.”
NBC, which is a unit of Comcast Corp., has said there were
no complaints filed about Mr.
Lauer until this past week. The
network was aware in the past
two weeks that some media
outlets were working on stories
about Mr. Lauer or NBC News
that could center on alleged
sexual misconduct, but couldn’t
ascertain details about any specific claims or allegations, a
network staffer familiar with
the situation said.
NBC executives asked Mr.
Lauer on multiple occasions
during that time whether he
could think of any misconduct
he engaged in, the staffer said.
Mr. Lauer said he had no such
recollection, at one point saying, “I’m racking my brain but
can’t come up with anything,”
according to this staffer’s account of the meeting.
Mr. Lauer’s spokesman
couldn’t be reached to comment.
The network is concerned
about rumblings that Mr.
Lauer’s behavior was an “open
secret” at the news unit, a person familiar with the matter
said. On Wednesday, Mr. Lack
said the company was “presented with reason to believe
this may not have been an isolated incident.”
In Friday’s memo, Mr. Lack
said the recent events showed
that when an employee reports
misconduct, the complaint is
quickly assessed and action is
taken. “But we also learned that
we must do a much better job
of making people feel empow-
JOHN BARRETT/GLOBE PHOTOS/ZUMA PRESS
NBC Seeks to Get Handle on Sexual-Misconduct Scandal
Matt Lauer with ‘Today’ co-host Savannah Guthrie before he was fired for inappropriate behavior.
ered to take that crucial first
step of reporting bad behavior.”
On Thursday, Mr. Lauer issued an apology, saying “there
are no words to express my sorrow and regret for the pain I
have caused others by words
and actions.”
A representative for Mr.
Lauer inquired about the possibility of a severance payout, but
NBC has no intention of offer-
ing one, a person close to the
matter said. He will be paid out
through his last day on the air,
the person said. Mr. Lauer’s
agent didn’t respond to requests to comment.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Saturday/Sunday, December 2 - 3, 2017
* *****
INDEX TO BUSINESSES
F-G
P-Q
Fiat Chrysler
Automobiles.............A1
Fidelity Investments..B1
Ford Motor Co ............ A1
Franklin Resources ..... B3
General Motors...........A1
Genesco.......................B2
Panasonic..................B12
Papa John's
International.............B2
PayPal Holdings........B11
Qudian.........................B4
B
Hibbett Sports............B2
Highland Capital
Management ............ A2
iHeartMedia................B3
H-I
C
K
Carlyle Group............B11
Cboe Global Markets B10
Clear Channel Outdoor
Holdings....................B3
CME Group................B10
Contemporary Amperex
Technology..............B12
Cumulus Media...........B3
KLA-Tencor................B12
Kroger..........................A2
L
Lam Research ........... B12
LG Chem....................B12
Lidl...............................A2
M-N
D-E
Micron ....................... B12
Nippon Life
Insurance...............B11
Novartis ...................... A2
Dick's Sporting GoodsB2
Enterprise
Rent-A-Car................A1
Samsung Electronics B12
SK Hynix ................... B12
Spotify.........................B1
Subaru.........................A2
T
TCW Group................B11
Tencent Holdings...B1,B2
Tesla..........................B12
Thomas H. Lee
Partner.....................B3
Toyota Motor..............A2
Turing
Pharmaceuticals....B12
Twitter ........................ B1
V
Vanguard Group........B10
Volkswagen.................A2
Volvo ........................... A2
INDEX TO PEOPLE
B
L
Robinson, David..........B5
Brenner, Andrew.......B11
Lack, Andy...................B1
S
Lee, Debra.................C11
Buffett, Warren........B12
C
Colas, Nicholas ........... B1
D
Lippman, David.........B11
Scotti, Diego...............B3
M
Shkreli, Martin..........B12
MacDonald, Jeff........B11
Spallanzani, John......B10
Melek, Bart...............B11
W
Dennis, Robert............B2
O
Dudley, William..........A5
Oppenheim, Noah.......B1
F
R
Fang Ping .................... B4
Rivelle, Tad ............... B11
Continued from the prior page
first half of the year.
This wouldn’t be the first
time Tencent Holdings has
sought a foothold in a popular
overseas startup. The company recently spent around $2
billion to raise its stake in
Snap Inc. by 12% after purchasing the shares on the open
market. Tencent has said it
sees opportunities to help
Snap expand its advertising
model to include newsfeeds
and mobile games.
Analysts say Tencent could
learn from Spotify, which has
successfully converted more
than 60 million of its 140 million listeners into paid subscribers and has stood out for
Tuned In
Tencent Music has far more
monthly users than Spotify, but
it has fewer paying subscribers.
SPOTIFY*
TENCENT MUSIC*
Monthly
active users
140M
700M
Paying
subscribers
60M
15M
Number of
songs
More than More than
30 million 17 million
The three top music apps in China
are owned by Tencent Music.
Monthly active mobile users,
in millions†
NetEase
Cloud
Music
Xiami
Music
its curation of playlists and
original content. Only a fraction of Tencent Music users
pay for content.
Tencent has had success
spinning off businesses into
publicly traded companies.
Last month, shares of Tencent-backed China Literature
Ltd., an online library and audio books business, jumped
more than 90% during their
first day of trading on the
Hong Kong stock exchange,
giving the company a market
value of about $12 billion.
Analysts say Tencent has
paid steep prices to control
the master Chinese licenses
for the big three record labels:
Universal Music Group, Sony
Music and Warner Music
Group. The value of Tencent’s
licenses, which force local
competitors to go through the
Shenzhen-based company for
the rights, could wane, as
China’s
National
Copyright Administration has urged
streaming services to share licensing deals.
Tencent’s music-streaming
services—QQ Music, Kugou
and Kuwo—have 700 million
monthly active users across
PC and mobile platforms, according to the company. About
530 million of those users are
on mobile phones, according
to data provider QuestMobile.
Its music division also operates karaoke apps and livestreams concerts.
However, analysts estimate
that just between 2% and 3%
of its total users pay for subscriptions, which allow them
to download songs and listen
to them ad-free.
“Right now, the vast majority of users absolutely expect
free, frictionless consumption
of music,” said Alex Taggart,
general manager of Beijingbased music industry services
firm Outdustry.
—Julie Steinberg
in Hong Kong
contributed to this article.
more than a century.
But waning interest in the
NFL, evidenced by declining
viewership of games and
shrinking merchandise sales,
was by far the biggest driver,
he said. “No one in the industry saw the NFL thing coming.”
Mr. Dennis stopped short of
referencing the controversy
surrounding NFL players’ national-anthem protests, which
pizza chain Papa John’s International Inc. said last
month had hurt its sales. Papa
John’s later apologized for its
comments, which it said were
misinterpreted by some as a
criticism of players who
choose to protest inequality
rather than as simply a business observation.
Genesco didn’t respond to a
request for further comment.
Other sportswear retailers,
including Dick’s Sporting
Goods Inc. and Hibbett Sports
Inc., have endured sharp declines in licensed-apparel sales
that they expect to continue.
Genesco executives said
they plan to offer more discounts at Lids stores in the
current quarter to fight competition and keep inventory
from piling up.
Still, they don’t expect a
fast
turnaround,
which
prompted the company to
lower its earnings outlook for
the third time this year.
In all, Genesco posted a loss
of $164.8 million, or $8.56 a
share, for its fiscal third quarter, which ended Oct. 28. A
year earlier, the company recorded a profit of $25.9 million, or $1.30 a share, a year
ago. Revenue rose 0.8% to
$716.8 million.
Excluding one-time items
such as impairment charges
and losses stemming from
Hurricane Maria, Genesco
earned $19.7 million, or $1.02
a share. On that basis, analysts
polled by Thomson Reuters
were expecting earnings of
$1.12 a share.
Shell Strikes Deal for Australian Gas
BY ROBB M. STEWART
MELBOURNE, Australia—
Royal Dutch Shell PLC has
moved finally to unleash a massive natural-gas resource buried in coal deposits in eastern
Australia in a development that
will see fuel flow to its majority-owned liquefied natural gas
venture on the country’s tropical coast.
The energy giant and various partners have agreed to a
27-year sales deal covering 5
trillion cubic feet of gas that
will anchor the staged development of the Arrow fields in
Queensland.
Shell and PetroChina Co
placed a bet on the coal-seam
gas deposits in 2010 with the
joint acquisition of a small energy company they intended
would supply a proposed LNG
plant, but plans remained on
the drawing board and were officially dropped at the start of
2015 with the slump in crudeoil price and as costs for rival
LNG projects soared. Shell had
maintained an LNG-scale outlet
for the gas was needed to justify the cost of developing what
is one of the largest discovered
resources in eastern Australia.
“Onshore gas developed in
Queensland has none of the oil
produced by traditional gas
fields and is expensive to develop, so without the scale of
LNG development it would simply stay in the ground,” Zoe Yujnovich, chairman of Shell’s Australian operations, said Friday.
The gas from the Arrow
fields will feed the US$20 billion QCLNG operation, one of
three big LNG plants that sit
side-by-side on Curtis Island
that was picked up by Shell in
2015 with its acquisition of BG
Group PLC. It will bolster exports from QCLNG, which is
part owned by China’s CNOOC
Ltd. and Tokyo Gas Co., while
also providing Shell and its
partners additional supplies for
a tight local market.
Qian Mingyang, chief executive of the Arrow venture, said
approval by Shell and PetroChina of a binding gas-sales
agreement followed 18 months
of work arranging collaboration
deals for the upstream operations. Development will see
Shell and its partners lean on
existing infrastructure to reduce costs, including gas-compression, processing and transmission equipment and water-
transport
and
treatment
facilities.
Initially, work would focus
on expanding Arrow’s Tipton
field before moving to new areas in 2021, creating 800 construction and another 200 ongoing jobs, Mr. Qian said. He
estimated an additional 240
petajoules a year of gas would
be brought to the Queensland
market at peak output, adding
to current supplies in the state
of about 1,450 petajoules.
Australia is set to overtake
Qatar as the world’s biggest exporter of LNG in the next couple
of years. However, a ramp-up of
LNG shipments from plants
around the country has coincided with a jump in demand
for natural gas to feed power
stations, straining the local
market and driving up prices.
no
QQ
Music
Kuwo
Music
Zuckerberg, Mark ....... B1
‘No one in the industry saw the NFL thing coming,’ the chief executive of Genesco said Friday.
n-
Kugou
Music
Z
Genesco Inc., the parent of
retailers including Journeys
and Johnston & Murphy, said a
downturn in interest for football, baseball and collegesports gear hurt sales at its
Lids stores and the company’s
bottom line for the latest
quarter.
Genesco shares fell 18% to
$25.55 on Friday and are down
almost 60% for the year.
Across the company, comparable sales rose 1% from a
year earlier, driven by a 4% increase at shoe-seller Journeys,
Genesco’s largest brand. But
they dropped 6% at cap-store
Lids, the next-largest brand,
prompting Chief Executive
Robert Dennis to dub the
quarter “a tale of two businesses.”
Mr. Dennis said Friday on
an earnings call that “wellpublicized challenges” facing
the National Football League
have damped demand for licensed team merchandise at
Lids. He called out the Dallas
Cowboys, saying the widely
popular team’s lackluster season has compounded Lids’
sales slump.
“We’re very happy they
won last night,” he said of the
Cowboys’s Thursday victory
over the Washington Redskins.
Mr. Dennis attributed soft
sales of college sports gear to
the fact that key schools are
having disappointing seasons
so far.
Lids also faced a tough
comparison with last year,
when purchases were fueled
by the Chicago Cubs winning
their first World Series in
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
MUSIC
Wong, Tai..................B11
BY CARA LOMBARDO
*Data as of November †Data as of July
Sources: the companies; QuestMobile
THE WALL STREET JOURNAL.
Tencent Shares
Take a Step Back
Shares of Chinese tech giant Tencent Holdings Ltd. have
logged their first correction of
2017, falling more than 10%
from their latest record high
set about a week ago after
briefly surpassing Facebook Inc.
in market value.
The development comes
during a global pullback in tech
stocks, particularly those that
have recorded big gains this
year.
Tencent, the company behind the popular messaging
app WeChat, has been one of
the biggest beneficiaries of the
booming tech sector in Asia. Its
Hong Kong-listed shares have
more than doubled this year,
even with the pullback from
their recent high. Last month, it
became the first Asian tech
company with a market capitalization topping $500 billion.
The surge has fueled concerns that the shares were becoming overheated. Investors
have also worried about
whether Tencent’s string of
strong earnings results is sustainable.
The stock was down 2%
Friday afternoon, trading some
40 times projected earnings for
the next 12 months, according
to FactSet. That is about its
highest forward multiple since
2014.
Tencent is the world’s largest videogame publisher by
revenue. Besides WeChat, it is
also known in China for its QQ
messaging and mobile-payment
apps, which are installed on almost every personal computer
and smartphone in the country.
The company has lifted its
international profile too, with
several big deals in recent
years. It recently purchased a
12% stake in Los Angeles social-media company Snap Inc.,
becoming one of its largest
shareholders. It also bought a
5% stake in Tesla Inc. earlier
this year.
With the company’s emergence, the stock became a
global favorite, with investors
buying every dip this year. The
last time Tencent entered correction territory, defined as a
decline of 10% from a recent
high, was the stock’s 18% drop
from September to December
last year.
—Steven Russolillo
and Kenan Machado
PATRICK HAMILTON/BLOOMBERG NEWS
Bain Capital ................ B3
BYD............................B12
S
Retailer Flags Sports-Gear Woes
WESLEY HITT/GETTY IMAGES
A
Aldi..............................A2
Allergan.......................A2
AlixPartners................A2
Alphabet......................B4
Amgen.........................A2
Applied Materials.....B12
ASML.........................B12
Avis.............................A1
BUSINESS & FINANCE
ly
.
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.
THE WALL STREET JOURNAL.
The Queensland Curtis Liquefied Natural Gas project site, operated by a unit of Royal Dutch Shell Plc, in Gladstone, Australia
MARKETS
Continued from the prior page
analysts say could help boost
corporate profits and keep the
U.S. stock rally going. Reports
on Friday that lawmakers had
enough votes to pass the tax
measure helped spur a recovery in stocks and the dollar after steep losses earlier in the
session, some traders said.
The Dow industrials fell
40.76 points, or 0.2%, to
24231.59. The S&P 500 declined 5.36 points, or 0.2%, to
2642.22 and the Nasdaq Composite lost 26.39 points, or
0.4%, to 6847.59.
As investors snapped up
bonds, the yield on the benchmark 10-year U.S. Treasury
note fell to 2.363% from 2.417%
Thursday. Bond yields fall as
prices rise.
Gold for December delivery
rose 0.4% to $1,278.80 an ounce,
backing off its session high.
The WSJ Dollar Index, a
measure of the dollar against a
basket of 16 currencies, also
fell and then pared declines.
The rise in political uncertainty “will create volatility for
sure,” said Brad Bechtel, managing director at Jefferies. “This
will add an extra later of tension
over the next several weeks.”
The day’s moves interrupted a rally that had brought
major U.S. stock indexes to
fresh highs this past week.
Recent reports have shown
consumer spending, home sales
and business investment picking up, encouraging investors
who have wondered whether
the economy’s nine-year expansion could keep going.
Prospects of a tax overhaul
had helped lift bank stocks and
put pressure on government
bonds during much of the week.
The KBW Nasdaq Bank Index of large U.S. lenders rose
5.8% for the week, notching its
biggest weekly advance of the
year. Banks are expected to be
among the biggest beneficiaries of a corporate tax cut, analysts said, while bond investors say Treasurys could suffer
if the Republican tax plan
spurs a pickup in inflation.
The combination of a
brightening global outlook and
the possibility of lower corporate tax rates has helped provide additional fuel for the U.S.
stock rally, Mr. Stringfellow
said, even as valuations have
risen to levels that some consider stretched. It has also encouraged investors to scoop up
stocks following pullbacks.
“I wouldn’t be surprised if
we saw a bounce later on,”
WallachBeth’s Mr. Bajaj said as
the Dow industrials were trading down about 175 points, noting that investors have often
used selloffs as opportunities to
pick up stocks at lower prices.
Still, some investors said
Friday’s developments left
them uneasy about the sustainability of the U.S. stock rally.
Christopher Stanton, chief
investment officer at Sunrise
Capital LLC, said he sold stocks
Friday morning after seeing
the reports about Mr. Flynn.
“Everyone was wondering
what will stop this rally,” Mr.
Stanton said. “Well, this is it.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | B3
* * * *
BUSINESS NEWS
Verizon Looks
Beyond Consumer
With New Ads
Long considered the crown jewel of iHeartMedia is its controlling stake in billboard advertiser Clear Channel Outdoor.
Radio Network Is Pressed
BY SOMA BISWAS
A key group of creditors rejected iHeartMedia Inc.’s latest debt-restructuring proposal and countered with their
own deal that may involve the
company filing for chapter 11.
The development, disclosed
Thursday, in the long-running
restructuring negotiations at
iHeart—the largest radio network in the U.S. by number of
stations—came a day after Cumulus Media Inc., the secondlargest, filed for bankruptcy,
succumbing to billions of dollars of debt and competitive
pressures from digital platforms.
“The industry’s best days
are behind it, even though it’s
going to be around for years,”
said Lance Vitanza, managing
director and analyst at Cowen
Inc.
A large group of bond and
loan holders led by Franklin
Resources rejected iHeart’s
latest proposal even after the
company increased the cut of
equity offered the group to
more than 87% in both the
iHeart radio business and the
company’s controlling stake in
its Clear Channel Outdoor
Holdings Inc. billboard unit,
the company said in a filing
Thursday. Under the proposal,
iHeart’s private-equity owners,
Bain Capital and Thomas H.
Lee Partners, would retain
12.5% of the shares in both.
Discussions between iHeart
and the Franklin-led group will
continue, however, according
to the filing.
The Franklin-led group, advised by PJT Partners Inc., has
tweaked its initial offer but
largely stuck to its guns, de-
manding the company hand
over 95% of the equity in its
radio network, and all of
iHeart’s equity in Clear Channel, according to several bondholders. They said the group is
offering the private-equity
owners and junior bondholders 5% of the equity in the radio business and warrants in
Clear Channel.
The company’s plan would
cut $7.7 billion of iHeart’s
$15.5 billion in debt, and the
proposal by the Franklin-led
group would cut even more.
The company, which is
based in San Antonio, has
given ground since late October when it disclosed a term
sheet offering the creditor
group over 49% in the radio
business and 70% of the
shares iHeartMedia owns in
publicly traded Clear Channel.
IHeartMedia owns 89.5% of
Clear Channel, long considered
the company’s crown jewel.
In the October negotiations,
the Franklin-led group offered
$300 million in value to the
private-equity owners and junior bondholders. Creditors’
view of the value of the offers
will depend on their outlook
for iHeart’s valuation, noted
the bondholders.
A spokeswoman for PJT
Partners declined to comment.
A representative for Franklin
didn’t return calls.
IHeartMedia has been trying to restructure its debt
since March, when it launched
a public tender for a debt
swap. The debt swap garnered
little interest, and the company started engaging various
creditor groups. It sweetened
its offer in July in a bid to
avoid bankruptcy.
The company has issued repeated “going-concern” warnings. IHeart has small amounts
of debt due this year and next,
but then debt payments ramp
up to a total of $8.4 billion in
debt maturing in 2019.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Major creditors reject
plan of iHeartMedia
to restructure debt;
chapter 11 looms
For years, Verizon Communications Inc. has spent billions of dollars hawking its
wireless network to a broad
consumer base with commercials featuring the “Can you
hear me now?” guy and “Silicon Valley” actor Thomas Middleditch dropping the mic.
But Verizon’s wireless business is now under pressure:
Most Americans have smartphones, and intense competition from rival carriers has
eroded revenue. Even the “Can
you hear me now” actor
switched to Sprint.
Now, Verizon is rethinking
its marketing strategy in an
effort to also promote its technology products to Wall Street
analysts and investors as
much as consumers.
On Sunday, the wireless giant is launching a new ad
campaign,
dubbed
“Humanability,” which tells stories
about how Verizon’s technology products are easing traffic
flow in Sacramento, Calif.,
keeping fish fresh in transit,
and supporting advancements
in virtual surgery and health
care.
As wireless growth stagnates, Verizon is looking to
stand up new businesses that
can grow revenue, such as in
online advertising and adding
chips to everyday objects so
they can be tracked online.
The new businesses are tiny
compared to its wireless unit,
which is the nation’s largest
with more than 115 million
subscribers.
The campaign is designed
to bring more attention to this
diverse set of businesses that
span
business-to-business
technology to media products.
“This is an important step
in our evolution as a brand
and as a business because
we’re setting up not only a
Talked Out
Verizon’s new marketing strategy
will promote its other services
and products as wireless
growth slows.
Net new wireless subscribers*
2.0 million
1.5
1.0
0.5
0
–0.5
2014
’15
’16
THE WALL STREET JOURNAL.
mission for our business, but
also our role in society,” said
Verizon’s marketing chief, Diego Scotti. “We’re expanding
from wireless to smart cities,
the Internet of Things, telematics and now also the media
and ad business.”
Over the past few years, Verizon acquired Aol and Yahoo
to create a new group called
Oath, signaling its ambition to
be a major player in the advertising and media industries. The company this year
announced a contract with
Sacramento, which allows the
city to use its telematics product—sensor technology embedded in the asphalt, in this
case—and its 5G network to
support traffic and pollution
control.
Verizon in 2016 spent $1.39
billion on U.S. media, not including spending on various
digital ad formats, according
to Kantar Media.
—Ryan Knutson
contributed to this article.
An Economic History of
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1. Self-Interest, Human Survival, and History
25. Unions, Strikes, and the Haymarket Affair
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27. Understanding Uneven Economic Development
4. How Black Death Reshaped Town and Field
28. Adam Smith’s Argument for Free Trade
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34. Tariffs, Cartels, and John Maynard Keynes
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37. Colonialism and the Independence Movement
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38. Japan, the Transistor, and Asia’s Tigers
15. 18th-Century Agriculture and Production
39. The Welfare State: From Bismarck to Obama
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41. Middle East: From Pawn to Power Broker
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22. 19th-Century Farm Technology, Land Reform
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B4 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* *****
BUSINESS & TECHNOLOGY
Senate Urged to Act on Ex-Im Bank China
Tightens
Ex-Im allocation of total receipts in excess of credit losses
$1.5 billion
WASHINGTON—U.S. taxpayers could be on the hook starting next year for operating expenses at the Export-Import
Bank, a trade-finance agency
that can’t generate enough
revenue because its leadership
is in limbo due to congressional inaction.
C.J. Hall, the government
agency’s acting chairman, who
is stepping down Saturday,
said in an interview that the
bank could become a drain on
U.S. taxpayers next year if the
Senate doesn’t act to fill its
board, because it has stopped
bringing in enough revenue
through the fees it charges to
guarantee financing deals for
U.S. exporters.
The Senate hasn’t filled
empty board seats at the ExIm Bank due to opposition
from Democrats and some Republicans to President Donald
Trump’s nominee to lead the
agency, Scott Garrett, who has
previously said it should be
shut down. The Ex-Im Bank
needs at least three of its five
board seats filled to be able to
approve financing for deals of
more than $10 million. It currently has two board members
and the number will drop to
Retained funds
Administrative expenses
Cash sent to Treasury
1.0
0.5
0.0
FY2012
’13
’14
’15
’16
Breakdown of the bank’s $37.5 billion portfolio of pending
transactions that can’t move ahead
Manufacturing
$17.3 billion
Oil and gas
13.3
3.3
Transportation
Infrastructure
Technology
2.1
1.4
Note: Fiscal year ends Sept. 30.
Source: Export-Import Bank
one—Scott Schloegel—after
Mr. Hall leaves.
The Ex-Im Bank Bank has
lacked a quorum for more than
two years.
“We’ve been asked repeatedly when we will cease being
a self-sustaining agency,
‘When will we not be able to
cover our administrative expenses?’ ” Mr. Hall said. “If we
don’t get a board, probably
sometime in 2018 I would an-
THE WALL STREET JOURNAL.
ticipate that we would cease
being self-sustaining.”
As of November, the Ex-Im
Bank had $37.5 billion in pending transactions that can’t
move forward because the
board lacks a quorum.
The Ex-Im Bank helps support U.S. exports by guaranteeing loans to foreign buyers
and providing credit insurance.
The bank’s backers say the
agency allows U.S. companies
cally involve lenders paying a
fee to Ex-Im in exchange for a
guarantee on a company’s
loan.
If the Ex-Im board nominees
were approved by Congress,
the bank could move quickly to
implement the stalled deals,
Mr. Hall said, with about $20
billion in transactions that
could be completed within six
months of having a board in
place. The first $8 billion to
$10 billion in deals could be
voted on within a month of the
Ex-Im Bank returning to functionality, he said.
Of the $37.5 billion in pending transactions, about $17 billion would go to manufacturers, $13 billion to oil and gas,
$3 billion to transportation (an
Ex-Im lending category that
largely includes aircraft), $2
billion to infrastructure funding and a little over $1 billion
to technology, which includes
satellite and telecommunications projects.
The bank’s revenue comes
primarily from its largest
deals. If no such new deals are
approved, the bank likely
won’t be able to cover all of its
expenses. Without a quorum,
taxpayers also could lose out
on about $492 million in surplus funds the bank projected
it would otherwise send to
Treasury.
“It’s really the large transactions where we’re able to
charge enough of a fee or interest on those transactions to
exceed the risk reserves,” Mr.
Hall said.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY ANDREW ACKERMAN
AND JOSH ZUMBRUN
to compete on equal footing
with foreign rivals that receive
similar support from their
home governments. But some
Republicans have argued the
bank amounts to corporate
welfare and should be shut
down—a view shared until recently by Mr. Garrett, Mr.
Trump’s pick to lead it.
Mr. Garrett, a New Jersey
Republican who served seven
terms in the House until losing
his re-election bid last year,
reversed his prior opposition
to the agency in Senate testimony in November, pledging
to keep the bank “fully functioning” if confirmed. But at
least two Republicans who sit
on the Senate Banking Committee—Mike Rounds of South
Dakota and Tim Scott of South
Carolina—remain opposed to
his nomination, blocking it
from advancing to the full Senate.
No Democrats on the committee are expected to back
Mr. Garrett, meaning attracting enough Republican support
is crucial to getting his nomination through the banking
panel and advancing it to the
full Senate.
The opposition to Mr. Garrett has held up a handful of
other, noncontroversial nominees to the bank’s governing
board. None of the nominees
are likely to advance through
the Senate in December, congressional aides said.
The lack of a quorum has
left the agency unable to do
any large deals, which typi-
The Food and Drug Administration approved for sale a
monthly injection to treat addiction to heroin and other
opioids, the latest medication
to hit the market to combat
the crisis of opioid abuse and
overdose deaths.
The injection, called Sublocade, contains buprenorphine,
a generic drug that eases cravings for opioids and stops the
painful withdrawal symptoms
that keep many addicts addicted. The product is the first
once-a-month buprenorphine
injection on the market for the
treatment of moderate-to-severe opioid use disorder.
U.K. drugmaker Indivior
PLC and the FDA announced
the approval late Thursday.
Sublocade is expected to be
available in the U.S. in the
first quarter of 2018.
Sublocade is intended to be
administered by health-care
providers and as part of a
treatment program that includes counseling and psychosocial support, Indivior said.
“With the approval today of
a monthly formulation of the
drug buprenorphine for the
treatment of opioid use disorder, patients have access to a
new and longer-acting option
for the treatment of opioid addiction,” FDA Commissioner
Scott Gottlieb said in a statement. He added that the FDA
is “taking a more active role in
supporting wider adoption” of
drugs such as buprenorphine
for the treatment of opioid addiction.
The monthly injection is the
latest version of buprenorphine to hit the market. Buprenorphine is itself an opioid
that partially activates the
same cellular receptors in the
brain that heroin and other
opioids do, thus blocking painful withdrawal symptoms.
Other forms of buprenorphine on the market can be
VOTES
GEORGE FREY/REUTERS
FDA Approves New Treatment for Opioid Addiction
BY AISHA AL-MUSLIM
AND JEANNE WHALEN
A pharmacist holds a bottle of opioid prescription painkiller OcyContin.
taken orally each day as tablets or films that melt in the
mouth. Many patients have
benefited from those drugs,
but they sometimes run out of
doses or skip them. Some also
sell their daily doses on the
black market to other addicts,
a trend that has troubled public-health officials.
A monthly injection would
make such black-market sales
impossible. The FDA last year
also approved a long-acting
implant that, once inserted in
the arm, emits buprenorphine
for six months.
Indivior said the U.S.
wholesale price of the Sublocade injection will be $1,580 a
month. Indivior already sells
an oral version of buprenorphine called Suboxone, which
has a U.S. wholesale price that
can range from about $230 to
about $470 a month, depending on the dose, according to
data provider Elsevier.
Opioid addiction in the U.S.
is a national public health
emergency, with an average of
91 Americans dying every day
from an opioid overdose, according to the Centers for Disease Control and Prevention.
From 2000 to 2015 more than
half a million people died from
drug overdoses.
“The urgency for this new
treatment has never been
greater, as the U.S. opioid crisis has been declared a national public health emergency,”
Indivior
Chief
Executive Shaun Thaxter said
in prepared remarks. “Sublocade’s approval is an important step forward for patients,
families and communities battling the opioid epidemic.”
Liberal Giving
n-
Contributions by employees of major Silicon Valley companies in
the recent presidential campaign show an overwhelming
preference for the Democratic nominee.
Employee contributions (2015-2016)
no
Continued from page B1
told students at North Carolina A&T State University in
March.
That vision can clash with
reality in an industry where
liberal social views dominate
and attitudes have become
more polarized since the election of President Donald
Trump, current and former
tech workers say. In November, for example, Bahtiyar Duysak, a Twitter contract employee, was celebrated by
current and former employees
of the company after he briefly
deactivated the Twitter account of Mr. Trump.
“It didn’t seem like there
was much support for President Trump at Twitter,” said
Mr. Duysak, who deactivated
the account on his last day at
Twitter.
Mr. Duysak praised Mr.
Trump’s ambition and hard
work in an interview, but said
he doesn’t support him politically. He says deactivating Mr.
Trump’s account was an accident.
Aaron Ginn, president of
the Lincoln Network, an advocacy group for conservatives
and libertarians in the tech
sector, said some tech workers
have told him they are uneasy
about expressing views that
are out of step with their liberal colleagues’ because doing
so could offend others, and
hurt their reputation and job
prospects.
The Wall Street Journal
contacted dozens of employees
at major tech companies including Twitter, Facebook,
Google’s Alphabet Inc. and Apple Inc. who donated to Republican causes, but few responded to inquiries.
Alphabet/Google
Hillary for America
$1,547,930
Facebook
$461,604
Twitter
$122,613
MORIAH MARANITCH/ZUMA PRESS
Donald Trump
for President
$24,892
$4,669
$4,060
Total employee political contributions (2015-16)
Alphabet/
Google
$8,501,288
$2,634,732
Facebook
Twitter
$651,234
Google employees demonstrated against President Trump’s travel
ban in January at the company’s headquarters in California.
Source: Federal Election Commission
“I don’t think it would be a
good career move to say you
were a Trump supporter,” said
an employee at a major tech
company.
Military veterans working
at Pinterest have played down
their background in the armed
services because of concerns
that colleagues will assume
they are conservative, said a
person who has heard these
concerns being discussed at
the company. This person
added that not all of the veterans are conservatives.
In interviews, many tech
employees and executives said
they believed conservative
views on issues like tax policy
and government regulation are
welcome in Silicon Valley. But
from the other side,” he said.
Dozens of people from across
the political spectrum signed
up for the more than 45
lunches he has hosted since
the summer, he said.
Tech companies took steps
to cultivate audiences among
decision makers in both political parties even before the
Trump administration.
Twitter, for example, has
long hired Republican strategists in Washington to help
conservative lawmakers use
the platform. Many tech companies, including Facebook and
Twitter, have Republicans or
libertarians in policy roles or
on their board of directors.
Tech firms have limited
tools for cultivating political
conservative views on social
issues like same-sex marriage,
civil rights and immigration
meet more resistance.
Some conservatives have
tried to foster political dialogue at their workplace.
Fosco Marotto, a Facebook employee who works with software developers, said his colleagues didn’t initially believe
him when early in the presidential campaign he declared
himself a Trump supporter.
In June, Mr. Marotto posted
to an internal forum used by
thousands of Facebook employees that he wanted to discuss such issues as employment, taxes and the media
over a “Politics Lunch.” “A lot
of times, people haven’t heard
Lending
Strictures
BY CHAO DENG
BEIJING—Chinese authorities are deepening a crackdown on small online consumer lenders, outlining new
rules and licensing inspections
to try to impose order on an
unruly corner of the financial
system.
The China Banking Regulatory Commission vowed Friday to clean up lax practices
among businesses issuing microloans—small, short-term
loans carrying high interest
rates. Companies found operating without a proper license
will be banned, while regulations being drafted cap interest rates and financing fees,
commission officials said.
While microlenders began
bracing for more stringent
scrutiny after the commission
told local authorities to stop
approving new licenses last
month, the latest moves highlight the government’s concern about a fast-expanding
sector that has been accused
of targeting young and lowerincome people and potentially
adding risk to the financial
system.
Analysts estimate that licensed microlending businesses number about 200, but
nearly 2,700 are thought to be
operating, making microlending a multibillion-dollar industry.
Its rise has symbolized a
sea change in borrowing.
While older consumers once
preferred to turn to friends
and family for money, younger
Chinese are turning to online
finance, swiping their smartphones to borrow.
When 33-year-old Huang
Xuan runs short of cash to run
ly
.
Outgoing head says
deals are being hurt by Stalled Deals
The Export-Import Bank, unable to sign large new deals because its
board vacancies and
board lacks a quorum, is returning less money to the Treasury and has
$37.5 billion in deals stuck in the pipeline.
taxpayers could pay
THE WALL STREET JOURNAL.
diversity in their staff though.
Meanwhile, managing internal debates has proven
difficult.
Political tensions flared in
August when Google fired engineer James Damore for writing a memo saying that the
search giant’s gender gap
could be explained partly by
biological differences, not sexism. He also accused Google of
being an “ideological echo
chamber.”
Harmeet Dhillon, the lawyer
representing Mr. Damore, said
Silicon Valley has been unwelcoming to conservatives for a
long time. Google said Mr.
Damore was fired for violating
its policies on harassment and
discrimination.
Analysts estimate
microlending has
become a multibilliondollar industry.
her online cosmetics store, she
turns to the dozens of online
lending apps on her iPhone.
She remembers a time when
she racked up more than
$10,000 in debt, all from small
loans. “The more you borrow,
the higher borrowing quota
you get next time,” said Ms.
Huang. She said she sometimes uses loans from one
platform to cover payments
due on another.
Analysts say the amount of
outstanding microloans is
likely tiny compared with the
31 trillion yuan ($4.69 trillion)
of total outstanding consumer
loans by Chinese households,
but the practice by some borrowers of stacking up debt
from several lenders raises the
risk of default. That in turn,
analysts said, could affect
banks and other financing
channels that microlenders tap
for funding.
In the U.S., the Consumer
Financial Protection Bureau in
October moved to bring the
industry under federal oversight for the first time.
Like payday lending in the
U.S., microlending in China often serves low-income groups
who sometimes have difficulty
paying back loans. University
students were prime targets
for some microlenders until
authorities began banning the
practice of marketing to them
on campuses late last year.
As part of the measures announced Friday, lenders will
have to cap the sum of their
interest rates and commission
fees at 36%. Lenders can only
claim up to 36% in annualized
interest rates in Chinese
courts.
News of the regulatory
tightening in recent weeks has
pummeled the American depositary receipts of Qudian
Inc., as well as the shares of
some other listed lenders.
Still, executives at the
larger online microlenders
have played down the scrutiny,
saying that they welcome new
provisions to flush out fly-bynight lenders.
“We hope regulators can
give us clear guidelines,” Fang
Ping, a co-founder of Hetrone
Financial, said at a financial
conference in Beijing on Tuesday.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | B5
* * * *
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
House Plan Isn’t Amicable for Those Divorcing
Alimony paid
Alimony received
$12 billion
10
8
6
4
2
0
2011
’12
’13
according to the latest data
from the Centers for Disease
Control and Prevention. In
2015, according to the latest
Internal Revenue Service
data, about 600,000 filers deducted alimony payments.
vesting and personal finance.
Among them: “Imagine
that the interest rate on
your savings account was 1%
per year and inflation was
2% per year. After one year,
how much would you be able
to buy with the money in
this account?”
(The correct answer:
“Less than today.”)
Only 38% of those surveyed got all five questions
correct. Worse, more than
one-third of chief executives,
chief financial officers and
chief operating officers didn’t
get all the answers right.
Worse still: The study
asked people to estimate
how likely their answers
were to be correct. Those
who got no more than two of
the answers right estimated,
on average, that they had
gotten 2.5 correct. Many who
got none right thought they
had nailed every question.
“People who lack financial
literacy are just as likely to
Settle
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Open
Chg interest
Copper-High (CMX)-25,000 lbs.; $ per lb.
6,931
165,116
8,348
377,095
26,316
36,658
10,369
13,619
140
33,635
628
26
65,472
Open
interest
March
May
15.06
15.02
15.21
15.15
14.95
14.92
14.98
14.94
–.10 388,658
–.09 135,223
March
May
27.35
27.14
27.35
27.24
27.35
27.00
27.12
27.24
–.21
–.26
Dec
March'18
75.75
72.81
75.82 s
73.41
75.00
72.66
75.43
73.28
160.45
160.70
162.70
162.60
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan
March
160.45
160.80
164.95
164.45
2,826
2,196
.39
131
.47 169,706
2.60
2.40
7,722
2,321
2,118
148,230
539,699
225,706
306,610
138,514
238,053
263,579
143,596
58,277
174,982
56,617
379,826
142,195
208,131
133,427
113,729
88,560
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
341.75
345.25
341.00
344.75
March'18 355.50 359.50
354.75
358.75
Oats (CBT)-5,000 bu.; cents per bu.
Dec
245.75
245.75
245.75
247.25
March'18 263.00 269.50
260.75
263.25
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan
985.75
995.75
985.50
994.25
March
997.50 1007.25
997.50 1006.00
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
324.00
328.40
323.50
328.20
Jan'18
326.30
330.50
325.30
330.20
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
33.86
33.94
33.56
33.60
Jan'18
33.92
34.05
33.60
33.69
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Jan
1248.50 1254.50
1244.00 1246.00
March
1283.00 1283.00
1273.50 1276.00
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
409.00
414.75
408.00
414.50
March'18 433.00 439.00
432.00
438.50
Wheat (KC)-5,000 bu.; cents per bu.
Dec
414.50
422.00
414.50
420.50
March'18 431.25 438.00
431.00
437.50
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
...
611.25
610.50
610.50
March'18 621.75 632.75
621.50
631.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Jan
154.200 154.200
149.850 150.325
March
152.175 152.175
147.775 148.025
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
120.000 120.000
117.025 117.225
Feb'18
125.050 125.050
121.975 121.975
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
64.600
65.700
64.400
65.275
Feb'18
69.975
71.000
69.375
70.725
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan
432.30
437.70
430.00
435.40
March
420.30
426.70
420.00
425.10
Milk (CME)-200,000 lbs., cents per lb.
Dec
15.35
15.42
15.29
15.32
Jan'18
14.64
14.70
14.46
14.49
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,077
2,077
2,050
2,040
March'18
2,045
2,049
2,013
2,041
Coffee (ICE-US)-37,500 lbs.; cents per lb.
126.95
128.00
126.95
127.55
Dec
March'18 129.00 130.30
127.80
129.55
152-310 155-090
152-280 154-120 1-17.0 51,841
Dec
March'18 151-260 154-060
151-230 153-080 1-17.0 741,373
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
124-110 125-030
124-060 124-215
11.5 201,834
Dec
March'18 124-030 124-275
123-300 124-135
12.0 3,271,530
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
116-190 116-297
116-142 116-217
3.2 248,766
Dec
March'18 116-120 116-227
116-065 116-147
3.7 2,987,342
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-120 107-145
107-100 107-125
.5 81,436
Dec
March'18 107-065 107-092
107-042 107-070
.5 1,666,122
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.710
98.713
98.708
98.710
.002 118,987
Dec
Jan'18
98.600
98.610
t 98.600
98.610
.005 340,824
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
100.766 101.234
100.406 100.922
.422 27,877
Dec
March'18 98.375 98.375
98.344
98.375
.438
32
1 Month Libor (CME)-$3,000,000; pts of 100%
...
...
... 98.5300 –.0025
2,462
Dec
Eurodollar (CME)-$1,000,000; pts of 100%
98.4500 98.4575
98.4450 98.4500
… 1,582,260
Dec
March'18 98.2600 98.2800
98.2450 98.2750 .0200 1,576,159
June
98.1050 98.1400
98.0900 98.1200 .0150 1,326,869
Dec
97.9300 97.9750
97.9000 97.9400 .0150 1,599,926
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec
March'18
.8880
.8929
.8982
.9023
.8865
.8914
.8930
.8976
.0038 227,565
.0038
8,436
Dec
March'18
.7755
.7766
.7887
.7895
.7754
.7764
.7878
.7887
.0126 139,737
.0126
4,784
Dec
March'18
–.50
…
69
5,932
1.3525
1.3566
1.3556
1.3598
1.3450
1.3495
1.3473 –.0057 179,508
1.3516 –.0057 15,694
Dec
March'18
1.0170
1.0256
1.0281
1.0353
1.0139
1.0214
1.0257
1.0330
8.50 299,994
8.25 180,205
3.70
5,048
3.70 136,309
.7556
.7557
.7589
.7556
.7554
.7639
.7636
.7634
.7634
.7620
.7555
.7557
.7555
.7553
.7554
.7610
.7610
.7608
.7607
.7605
–.15
3,634
–.16 164,811
–7.00
–7.00
6,996
3,003
5.25
4,548
5.50 295,738
6.00
1,677
6.00 205,136
9.25
9.75
571
42,608
–3.850
–4.250
25,655
18,020
–2.675 28,958
–3.000 155,220
1.000
.950
24,199
99,486
7.70
7.70
4,765
1,126
–.05
–.19
4,389
3,602
–8
117
–8 134,557
1.25
1,442
1.05 114,870
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05346
.05376
Dec
March'18 .05262 .05293
Euro (CME)-€125,000; $ per €
1.1901
1.1950
Dec
March'18 1.1977 1.2018
.0086
.0086
80,366
708
.0045 129,951
.0046
1,183
.0045
306
.0045
2,355
.0045
256
.05326
.05245
.05352 .00003 173,799
.05269 .00003
927
1.1860
1.1931
1.1903 –.0005 472,364
1.1973 –.0005 14,324
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
24235
24224
24325 s
24330 s
23924
23929
24238
24245
S&P 500 Index (CME)-$250 x index
Dec
2641.90 2650.30 s
2605.00 2643.90
March'18 2647.00 2653.00 s 2617.10 2645.90
Mini S&P 500 (CME)-$50 x index
Dec
2640.75 2650.75 s
2605.00 2644.00
March'18 2643.50 2652.75 s 2606.25 2646.00
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1895.30 1902.20
1854.10 1895.30
March'18 1895.00 1902.70 s 1857.50 1897.30
Mini Nasdaq 100 (CME)-$20 x index
Dec
6353.8
6369.0
6246.0
6346.3
March'18 6374.0 6386.8
6264.5
6364.0
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1540.90 1545.90
1495.20 1537.70
March'18 1537.00 1544.20
1501.50 1540.10
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1466.00 1469.00
1444.00 1465.70
U.S. Dollar Index (ICE-US)-$1,000 x index
92.91
93.21
92.55
92.84
Dec
March'18
92.62
92.90
92.27
92.54
David Dunning, a psychologist at the University of
Michigan, isn’t surprised. He
is the co-author of research
on what has become known
as the Dunning-Kruger effect: the state of being ignorant of your own ignorance.
That seems to be a fundamental part of what it means
to be human. “We don’t have
an index or catalog in our
heads that says, ‘You know
this, you don’t know that,’ ”
says Prof. Dunning. “So
we’re left to guess.”
Sometimes, when you
have precise feedback, those
guesses are good: Thanks to
stopwatches and bathroom
scales, you probably know
quite accurately how fast
you can run a mile or what
you weigh.
Let’s say, though, that you
buy a stock at $10, and it
promptly falls to $9.50: You
were wrong! Then it rises to
$10.50: You are right! In the
financial markets, feedback
can be in constant flux.
As a result, investors can
fall into what Prof. Dunning
calls “the beginner’s bubble.”
New to the task, “they overread the significance of the
first few successes they
have,” he says. “They base
their ideas of their competence on much too little experience.” Not recognizing
that they shouldn’t draw
for the tax deduction.
A
s a result of the proposed change, some
couples who have hammered out agreements are
pushing to finish them by
year-end, says Ms. Karabatos,
who had a client ask her to
work over Thanksgiving to
ready documents for signing.
Some attorneys also are
writing in language to address the potential change in
the law.
If the alimony deduction
is repealed, one beneficiary
would be the IRS. It will no
longer have to police a large
tax gap between what is deducted by alimony payers
and what is reported by alimony recipients.
A 2014 study by the Treasury Inspector General for
Tax Administration, an official
watchdog, found that nearly
half of returns with alimony
payments or income had discrepancies, estimating the
loss of revenue to be more
than $380 million a year.
sweeping conclusions from
only a handful of outcomes,
“they think they got it right
immediately.”
A quick hot streak can
give beginning investors a
jolt of confidence unwarranted by the evidence.
A recent study in the
Journal of Chemical Education found that students got
much higher exam scores if
they first took repeated
practice tests, systematically
estimating how they would
do on each.
Investors can do the
same: Before risking real
money, create a play portfolio in which you execute and
record hypothetical trades.
Estimate how well each will
do and how confident you
are in those estimates.
If you find you consistently
overstate how well your bets
would pay off, you have no
business making bets.
To take the quiz, please
visit WSJ.com
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
1.750
2.250
–36 150,660
–34
3,953
–4.00
–4.10
74,934
5,598
–4.00 3,275,991
–4.00 196,204
–4.70
–4.00
93,356
18
–22.8 297,222
–23.0
4,047
–7.90
–7.90
69,124
234
–2.40
397
–.16
–.16
36,950
4,401
Source: SIX Financial Information
0.050
0.100
0.100
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.782
2.411
1.616
2.373
1.151
2.450
1.773 s
2.544 s
l
1.748
1.846
1.799
l
2.511
2.712
2.790
France 2 -0.591 t
10 0.604 t
l
-0.584
-0.590
l
0.684
0.630
Germany 2 -0.701 t
10 0.309 t
l
-0.680
-0.745
l
0.370
0.375
Italy 2 -0.289 s
10 1.702 t
l
-0.292
-0.209
0.089
l
1.737
1.803
2.041
Japan 2 -0.153 s
10 0.034 t
l
-0.162
-0.162
-0.165
l
0.037
0.061
Spain 2 -0.372 t
10 1.422 t
l
-0.361
-0.363
-0.106
-214.6
l
1.455
1.475
1.593
-93.9
0.473 t
1.235 t
l
0.511
0.484
0.159
l
1.332
1.346
1.358
10
2.050
Year ago
l
Australia 2
0.500
Month ago
l
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
U.S. 2 1.774 t
10 2.361 t
2.750
0.000
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Canadian Dollar (CME)-CAD 100,000; $ per CAD
3.00
9,538
3.00 862,322
I
n justifying its repeal of
the alimony deduction,
the House Ways and
Means Committee said the
change “prevents divorced
couples from reducing income tax through a specific
form of payments unavailable to married couples.”
Elena Karabatos, a matrimonial lawyer in New York,
disagrees with this reasoning, because the tax code
provides favorable treatment
to married couples in which
one spouse earns far more
than the other.
She argues that the alimony deduction offsets the
loss of this favorable treatment for a few years after
divorce, when the lowerearning spouse is adjusting
to a different status.
The alimony deduction especially is important when the
paying spouse doesn’t have
0.750
Interest Rate Futures
no
3.0445
3.0975
3.0445
3.0655 0.0285
Dec
March'18 3.0700 3.1255
3.0670
3.0925 0.0285
Gold (CMX)-100 troy oz.; $ per troy oz.
1274.10 1288.60
1271.00 1278.80
5.60
Dec
Feb'18
1277.90 1292.50
1274.20 1282.30
5.60
April
1281.70 1296.60
1278.60 1286.70
5.60
June
1287.40 1300.90
1283.20 1291.10
5.50
Aug
1291.60 1301.70
1288.50 1295.60
5.50
Dec
1301.60 1313.90
1297.10 1304.80
5.60
Palladium (NYM) - 50 troy oz.; $ per troy oz.
1009.75 1021.15
1008.50 1020.05 13.45
Dec
March'18 1003.40 1018.45
1001.50 1016.25 12.70
June
1001.00 1011.50
995.00 1009.65 12.90
Platinum (NYM)-50 troy oz.; $ per troy oz.
...
...
...
939.40 –1.90
Dec
Jan'18
944.40
946.50
933.00
940.60 –1.90
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.385
16.485
16.200
16.297 –0.085
Dec
March'18 16.455 16.585
16.265
16.388 –0.086
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
57.42
58.88
57.29
58.36
0.96
Jan
Feb
57.38
58.90
57.35
58.38
0.93
March
57.33
58.82 s
57.29
58.31
0.91
April
57.19
58.66 s
57.16
58.17
0.89
June
56.76
58.11 s
56.72
57.66
0.84
Dec
54.87
56.02
54.86
55.62
0.62
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.9025
1.9617
1.9009
1.9413 .0437
Jan
Feb
1.9039
1.9607
1.9023
1.9417 .0427
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.7321
1.7700
1.7315
1.7416 .0116
Jan
March
1.7599
1.7985
1.7599
1.7740 .0170
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
3.032
3.117
3.029
3.061
.036
Jan
Feb
3.035
3.118
3.035
3.063
.031
March
3.003
3.077
3.002
3.025
.026
April
2.868
2.911
2.867
2.878
.011
May
2.860
2.899
2.858
2.869
.008
Oct
2.940
2.972
2.932
2.943
.005
Chg
n-
Settle
be sure of themselves as
those with high financial literacy, but their confidence is
likely to be unfounded,” says
Prof. Robinson.
Investors who overestimate their knowledge are
more likely to agree with the
false belief that past performance is more important
than fees in predicting the
returns of a mutual fund.
Contract
High hilo
Low
Open
Metal & Petroleum Futures
Contract
High hi lo
Low
’15
THE WALL STREET JOURNAL.
Futures Contracts
Open
’14
Source: Internal Revenue Service
liquid assets to fund a settlement or pay support. “The deduction helps with cash flow,”
says Ms. Karabatos.
Ms. Marzano-Lesnevich
says the write-off is also an
important bargaining chip if
couples are considering a
lump-sum settlement. The recipient may want such a settlement to receive money
sooner, and the payer may be
willing to make it because the
forgone tax deduction helps
to shrink the lump sum.
Thus $1 million of alimony
due over 10 years could turn
into a lump-sum payment of
about $500,000 because of
various discounts, including
the one for the forgone alimony deduction.
Without the alimony deduction and tax benefit,
maintenance payments to
the lower-earning spouses
will be smaller, says Ms.
Marzano-Lesnevich. And
higher-earning spouses may
be less willing to agree to
lump-sum settlements because there is not a discount
through the deduction, while
Spouse B—who is in a lower
tax bracket—could owe
$15,000 on the $100,000.
ly
.
Continued from page B1
ignorance begins and not fooling yourself into thinking that
you know more than you do.
Consider a recent nationwide survey by the Pew
Charitable Trusts. Among
more than 1,900 people saving for retirement, 68% said
they were at least somewhat
familiar with the fees their
plan charges. However, only
25% had read and understood their retirement plan’s
disclosures about fees.
That’s the tip of the iceberg of ignorance.
In a just-published study
based on responses from
more than 5,800 LinkedIn
members in 2014, finance
professors Anders Anderson
of the Stockholm School of
Economics and David Robinson of Duke University asked
basic questions testing how
much people knew about in-
The amount of alimony
taxpayers said they paid is
greater than the amount
ex-spouses said they received.
If the alimony deduction
is scrapped, “it would
change the economics of
many divorces,” says Madeline Marzano-Lesnevich, a
New Jersey-based lawyer
and national head of the
American Academy of Matrimonial Lawyers. The group
has declared its opposition
to the provision.
Alimony, also called maintenance, is typically used
when one spouse of a divorcing couple earns far more
than the other. Alimony payments continue for a period
of years and help defray the
expense of splitting one
household into two.
The tax code often provides a benefit to such couples, because the partner
who deducts payments is
typically in a higher tax
bracket than the recipient.
For example, say highearning Spouse A agrees to
make alimony payments of
$100,000 annually for 10
years to Spouse B. Spouse A
might save $40,000 a year
CHRISTOPHE VORLET
INVEST
Mismatch
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Divorcing
couples and
their advisers
are scrambling
to cope with
the possibility
that alimony won’t be tax deductible for divorce agreements signed after Dec. 31.
Under current law, alimony payments are deductible by the payer and count
as income to the recipient.
This is different from the
treatment of property settlements and child support, as
those are neither deductible
nor count as income.
In its version of the taxoverhaul bill, the House included a provision repealing
the current treatment of alimony for divorce agreements
signed after 2017. The
change is projected to raise
$8.3 billion over 10 years.
It is unclear whether the
provision will be enacted, as
the Senate’s tax bill doesn’t
have a similar provision.
In 2014, more than 814,000
couples divorced in the U.S.,
1.750
U.K. 2
4.250
10
-3.5
64.8
10.1
34.0
-0.687 -236.5
0.809
-175.7
-236.6
-183.8
-172.6
-164.1
-0.735 -247.5
0.373 -205.2
-246.2
-188.6
-204.0
-207.7
-206.3
-207.4
-106.2
-65.9
-67.4
-40.9
-192.7
-194.4
-131.6
-0.1
18.3
0.029 -232.7
-130.1
-112.6
-237.3
-242.1
-214.3
-125.7
-95.5
-85.7
-127.1
-99.2
-107.9
-109.2
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
Spread*, in basis points
One-day change
Stock Performance
Close ($)
% chg
Issuer
Symbol Coupon (%)
Teva Pharmaceutical Finance IV
General Electric
Wells Fargo Bank NA
Reynolds American
TEVA
GE
WFC
BATSLN
2.250 March 18, ’20
3.100
Jan. 9, ’23
2.150
Dec. 6, ’19
4.850 Sept. 15, ’23
194
50
26
92
–36
–15
–12
–10
n.a.
63
35
105
…
17.88
…
...
…
–2.24
…
...
Pacific Gas And Electric
Metropolitan Life Global Funding I
Pitney Bowes
Westpac Banking
PCG
MET
PBI
WSTP
6.050 March 1, ’34
1.950 Sept. 15, ’21
3.625 Sept. 15, ’20
2.600 Nov. 23, ’20
109
26
198
36
–10
–9
–9
–9
110
n.a.
241
47
…
…
10.28
...
…
…
–3.66
...
Maturity
Current
Last week
…And spreads that widened the most
ING Groep
Royal Bank of Scotland
Viacom
United Parcel Service
INTNED
RBS
VIA
UPS
6.000
7.500
5.875
3.050
April 16, ’49
Aug. 10, ’49
Feb. 28, ’57
Nov. 15, ’27
183
242
357
73
29
n.a.
219
353
67
...
7.43
34.20
120.31
...
–1.46
0.44
–0.94
Pitney Bowes
BNP Paribas
Energy Transfer
JPMorgan Chase
PBI
BNP
ETP
JPM
4.700
April 1, ’23
5.125 Nov. 15, ’49
4.050 March 15, ’25
7.900 April 30, ’49
423
243
164
59
16
14
10
10
457
232
155
49
10.28
...
16.53
104.79
–3.66
...
–0.48
0.26
Bond Price as % of face value
Current
One-day change
Last week
21
18
17
High-yield issues with the biggest price increases…
Issuer
Symbol
Denbury Resources
Sanchez Energy
California Resources
Mattel
DNR
SN
CRC
MAT
5.500
6.125
8.000
5.450
May 1, ’22
Jan. 15, ’23
Dec. 15, ’22
Nov. 1, ’41
71.250
87.000
76.250
96.147
Chesapeake Energy
Ensco
Charter Communications Operating
Jones Energy Holdings
CHK
ESV
CHTR
JONE
8.000
5.750
5.375
6.750
June 15, ’27
Oct. 1, ’44
May 1, ’47
April 1, ’22
97.375
66.844
102.461
71.250
Coupon (%)
Maturity
3.56
2.13
1.88
1.69
1.67
1.59
1.47
1.25
Stock Performance
Close ($)
% chg
n.a.
85.270
74.063
n.a.
1.91
5.60
17.45
17.26
9.14
8.11
10.93
–5.42
96.000
67.250
n.a.
71.500
4.09
5.82
…
1.06
0.49
8.58
…
6.15
84.300
92.500
96.150
104.875
14.30
1.92
…
...
–1.99
–4.48
…
...
62.250
96.250
59.500
93.094
...
...
…
8.55
...
...
…
0.59
…And with the biggest price decreases
CenturyLink
Rite Aid
Seagate HDD Cayman
Park Aerospace Holdings
CTL
RAD
STX
AVOL
7.650 March 15, ’42
6.125
April 1, ’23
4.875
June 1, ’27
5.500 Feb. 15, ’24
Intelsat Luxembourg
EMC
CHS/Community Health Systems
Frontier Communications
INTEL
DELL
CYH
FTR
7.750
3.375
6.875
8.500
June 1, ’21
June 1, ’23
Feb. 1, ’22
April 15, ’20
84.000
91.063
94.000
100.969
58.250
96.000
59.000
91.750
–1.88
–1.70
–1.55
–1.49
–1.13
–1.06
–1.00
–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
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
24231.59 t 40.76, or 0.17%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.33 20.91
P/E estimate *
19.82 18.02
Dividend yield
2.17
2.51
All-time high 24272.35, 11/30/17
Nasdaq Composite Index
Last
2642.22 t 5.36, or 0.20%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.94 24.22
P/E estimate *
19.72 18.41
Dividend yield
1.90
2.12
All-time high: 2647.58, 11/30/17
Last Year ago
6847.59 t 26.39, or 0.38%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.25
23.45
P/E estimate *
21.01
18.96
Dividend yield
1.07
1.25
All-time high: 6912.36, 11/28/17
Current divisor 0.14523396877348
24000
2640
6900
23500
2600
6750
23000
2560
6600
22500
2520
6450
22000
2480
6300
2440
6150
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
65-day moving average
65-day moving average
65-day moving average
21500
Bars measure the point change from session's open
Sept.
Oct.
Aug.
Nov.
6000
2400
21000
Aug.
Sept.
Oct.
Aug.
Nov.
Sept.
Oct.
Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
24322.06 23921.90 24231.59 -40.76
Transportation Avg 10292.04 10011.95 10186.63 -88.14
773.88
Utility Average
Total Stock Market
Barron's 400
-3.23
-0.42
27456.77 26970.60 27375.90 -57.92
707.75
689.62
705.27 -3.29
-0.21
Nasdaq Stock Market
Nasdaq Composite
6872.17
Nasdaq 100
6365.30
Standard & Poor's
500 Index
2650.62
762.83
-0.17
-0.86
767.16
6737.16
6244.84
6847.59 -26.39
6337.87 -27.69
2605.52
2642.22
-5.36
-0.46
Other Indexes
Russell 2000
1544.92
1498.78
1537.02
-7.12
-0.46
NYSE Arca Biotech
-1.91
4273.51
4154.76
4255.89
7.31
NYSE Arca Pharma
545.50
539.16
543.43
0.61
KBW Bank
105.39
102.01
104.68
0.11
80.69
79.17
79.66
0.24
137.90
4.35
PHLX§ Gold/Silver
PHLX§ Oil Service
PHLX§ Semiconductor
Cboe Volatility
138.39
134.68
1265.49
14.58
1227.32
10.54
Region/Country Index
Close
8.5
27433.82 22782.81
708.56
583.16
20.2
20.9
17.6
17.2
8.8
10.0
5255.65
4739.37
30.3
33.7
2191.95
1624.79
809.35
1314.25
27.2
30.3
20.5
18.0
16.6
15.8
14.1
11.9
17.0
12627.80 10838.58
Most-active issues in late trading
Company
SPDR S&P 500
13.1
13.9
8.8
10.0
12.0
Volume
(000)
Symbol
SPY
Net chg
–0.30
–0.39
–0.58
DJ Americas
634.08
Sao Paulo Bovespa 72264.45
S&P/TSX Comp
16038.97
S&P/BMV IPC
47265.31
Santiago IPSA
3808.61
–0.71
293.46
–28.51
172.87
15.93
–0.11
After Hours
% chg
High
0.28
5,971.1
27.62
0.04
0.15
27.63
27.46
5,743.8
56.08
-0.11
-0.20
56.25
56.08
iShares MSCI Emg Markets EEM
5,636.9
45.89
0.05
0.11
45.92
45.82
Industrial Select Sector XLI
5,460.1
73.59
…
unch.
73.69
73.52
iShares Russell 2000 ETF IWM
4,198.9 153.10
0.08
Bank of America
BAC
3,981.4
28.10
…
NVIDIA
NVDA
3,963.9 197.73
0.05
0.03 199.20 195.55
0.05 153.14 151.80
28.15
unch.
Percentage gainers…
13.3
10.0
27.89
China Yuchai Intl
CYD
5.6
26.36
0.76
2.96
26.36
26.36
Versartis
VSAR
19.2
2.30
0.05
2.22
2.35
2.21
Nokia ADR
NOK
7.0
5.05
0.10
2.02
5.05
4.93
Nabors Industries
NBR
158.4
6.48
0.12
1.89
6.50
6.36
First Solar
FSLR
71.1
61.25
0.95
1.58
61.44
60.30
16.4
14.1
5.0
12.1
10.1
4.1
0.17
4304.77
3075.02
35.1
38.4
7.8
0.11
560.52
463.83
16.4
12.9
-0.4
...And losers
0.10
104.68
88.02
18.6
14.0
13.5
Ophthotech
0.30
96.72
73.03
-3.2
1.0
2.9
117.79
-23.4
3.26
192.66
1341.69
16.04
1.33
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5989.80
Shanghai Composite 3317.62
Hang Seng
29074.24
S&P BSE Sensex
32832.94
Nikkei Stock Avg
22819.03
Straits Times
3449.54
Kospi
2475.41
Weighted
10600.37
–2.72
–4.14
–19.82
–55.90
–162.49
…
–262.19
–4.54
1.77
–126.00
–5.70
–44.22
–26.18
YTD
% chg
18.8
19.5
21.3
0.41
–0.18
0.37
0.42
–0.70
–1.06
–0.50
–1.04
–1.25
Closed
–1.17
–0.84
0.16
–1.23
–0.99
–0.47
–0.36
19.90
0.43
–0.35
–103.11
–316.41 –0.95
94.07
16.00
–0.04
–0.96
39.93
no
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
847.70 48.5
9.14 -19.1
OPHT
16.1
3.00
-0.20
-6.25
3.20
2.99
Dell Technologies Cl V DVMT
240.0
75.00
-4.96
-6.20
79.96
75.00
20.87
20.00
-25.0 -13.4
Appian Cl A
APPN
30.1
20.00
-0.72
-3.47
38.9
-18.6
T Rowe Price Group
TROW
23.6 100.00
-2.79
-2.71 102.82 100.00
WEC Energy Group
WEC
16.9
-1.39
-2.01
23.0
-7.2
67.75
17.3
20.0
4.9
3.6
18.2
6.2
10.1
9.9
9.3
12.0
–1.1
14.9
10.8
–1.6
7.8
6.6
12.8
2.2
0.33
0.01
0.41
0.47
0.38
5.7
6.9
32.2
23.3
19.4
19.7
22.2
14.6
Company
Symbol
Pyxis Tankers
American Woodmark
Contango Oil Gas
Marathon Patent Group
Aeglea BioTherapeutics
PXS
CASI Pharmaceuticals
Stitch Fix Cl A
Foundation Medicine
ClearOne
Ambarella
CASI
69.14
67.75
Titan Machinery
Xunlei ADR
Income Opportunity Realty
Geospace Technologies
New Home
TITN
MCF
MARA
AGLE
High
52-Week
Low
% chg
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
New car loan
70.8
71.6
-69.1
-25.9
-17.0
Eagle Bancorp
Universal Tech Institute
China Rapid Finance ADR
Genesco Inc
KBS Fashion Group
EGBN
t
Prime rate
3.50
2.50
t
2.00
D J FMAM J J A S ON D
2017
1.89%
800-288-3425
UniBank for Savings
Whitinsville, MA
2.24%
800-578-4270
168.7
...
221.9
-25.0
13.9
ReTo Eco-Solutions
Boxlight Cl A
Fuling Global
MER Telemanagement
Helios Matheson Analy
RETO
21.57
XNET
15.43
IOR
10.60
GEOS
16.39
NWHM 12.83
2.57
1.78
1.16
1.75
1.30
13.53
13.04
12.25
11.95
11.27
21.67 11.68
27.00 3.11
12.08 7.08
24.37 13.08
13.05 9.75
54.3
262.2
46.2
-19.9
10.6
R.R. Donnelley Sons
Carver Bancorp
Overstock.com
China Adv Constr Matrl
China TechFaith ADR
RRD
FMI
CLRO
AMBA
Most Active Stocks
Company
Symbol
SPDR S&P 500
Finl Select Sector SPDR
Bank of America
iPath S&P 500 VIX ST Fut
ProSharesUltVIXST
SPY
iShares MSCI Emg Markets
General Electric
Micron Technology
iShares Russell 2000 ETF
PwrShrs QQQ Tr Series 1
EEM
TrustCo Bank
Orlando, FL
2.37%
407-422-7129
De Witt Savings Bank
Clinton, IL
2.45%
217-935-6342
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
Broadway National Bank
San Antonio, TX
2.50%
210-283-6500
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.47
1.49
Money market, annual yield
0.33
0.33
Five-year CD, annual yield
1.49
1.49
30-year mortgage, fixed†
3.89
3.90
15-year mortgage, fixed†
3.29
3.32
Jumbo mortgages, $424,100-plus† 4.30
4.28
Five-year adj mortgage (ARM)† 3.68
3.70
New-car loan, 48-month
3.00
3.18
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.95 l
0.26 l
1.19 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.25
4.25
1.49
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.26
-0.10
-0.09
-0.05
0.16
0.06
0.39
...
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
Symbol
45.84
17.88
41.99
153.02
154.49
-0.56
-2.24
-0.94
-0.41
-0.43
47.93 33.94
32.38 17.46
49.89 18.30
154.55 130.52
156.69 115.22
FundInvGradeCorpBdPort
VanEck Morning Intl Moat
Albireo Pharma
Medpace Holdings
Saban Capital Acquisition
PFIG
IWM
QQQ
NYSE Arca
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
Euro
5
One year ago 0.75
–10
0.00
s
Yen
s
WSJ Dollar index
–15
30
49.95 -16.20 -24.49
2.87 -0.81 -22.01
6.02 -1.40 -18.87
25.55 -5.55 -17.85
4.37 -0.83 -15.96
69.80 46.20
5.38 2.50
12.86 5.60
72.00 20.90
18.00 1.41
-16.8
9.5
...
-60.7
4.0
12.48
9.17
6.00
3.60
38.86
8.30
6.88
2.10
1.31
2.20
...
...
112.5
-38.4
165.6
18.52 7.15
7.95 2.01
65.70 13.75
9.75 1.55
3.60 1.45
-46.9
-31.6
154.1
93.6
26.2
-15.25
-13.78
-11.79
-11.65
-11.45
8.56
6.88
4.68
2.20
12.06
-1.54
-1.10
-0.63
-0.29
-1.56
8.33
3.49
42.30
4.55
2.60
-1.06 -11.29
-0.41 -10.55
-4.80 -10.19
-0.50 -9.90
-0.27 -9.41
52-Week
Low
% chg
TPGE
TPGH
NES
EGBN
MOTI
ALBO
MEDP
SCAC
Volume % chg from Latest Session
(000) 65-day avg Close % chg
1,837
3,949
1,895
260
4,838
28774
9957
6058
3953
3406
589
341
543
2,299
1,100
2875
2561
2016
1849
1742
9.95 2.79
9.72 0.41
9.69 -0.10
9.37 -2.39
49.95 -24.49
0.19
-0.86
-2.52
-2.55
0.61
25.53
35.49
24.39
32.46
9.94
52-Week
High
Low
10.19 9.50
10.25 9.67
9.89 9.67
21.00 9.25
69.80 46.20
26.70
36.16
29.20
39.64
14.29
24.98
27.56
15.31
21.76
9.82
U.S.-dollar foreign-exchange rates in late New York trading
10%
0
High
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
–5
Latest Session
Close Net chg % chg
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
1.50
2017
Corporate Borrowing Rates and Yields
Close
Nasdaq
Total volume*2,269,849,227 443,702,813
Adv. volume* 952,156,027 225,376,031
Decl. volume*1,277,531,012 217,824,054
Issues traded
3,071
1,327
Advances
1,156
534
Declines
1,780
775
Unchanged
135
18
New highs
103
56
New lows
43
22
Closing tick
179
86
Closing Arms†
0.87
0.65
Block trades*
7,081
1,960
Ranked by change from 65-day average*
Company
67.3
9.0
106.2
152.0
100.5
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1462.748
2.197
2.168
2.237
1.818
2.735 1.755
10-yr Treasury, Ryan ALM 1733.366
DJ Corporate
380.344
Aggregate, Barclays Capital 1942.650
High Yield 100, Merrill Lynch
n.a.
Fixed-Rate MBS, Barclays 1985.950
Muni Master, Merrill
n.a.
2.363
3.137
2.690
n.a.
2.940
n.a.
2.342
3.129
2.650
5.520
2.870
2.132
2.609
3.390
2.790
n.a.
3.120
n.a.
2.058
2.879
2.380
n.a.
2.660
n.a.
2.524
6.045
3.898
n.a.
2.664
n.a.
803.757
5.559
5.559
6.280
5.279
1.448
3.798
2.247
n.a.
1.870
n.a.
10.856 5.885
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Country/currency
in US$
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Fri
per US$ (%)
Country/currency
in US$
Americas
Europe
Argentina peso
.0581 17.2110 8.5
Brazil real
.3070 3.2575 0.1
Canada dollar
.7884 1.2684 –5.6
Chile peso
.001543 648.00 –3.3
Ecuador US dollar
1
1 unch
Mexico peso
.0537 18.6270 –10.2
Uruguay peso
.03448 29.0000 –1.2
Venezuela b. fuerte .099934 10.0067 0.1
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
Asia-Pacific
Australian dollar
.7612 1.3137 –5.4
China yuan
.1512 6.6134 –4.8
Hong Kong dollar
.1280 7.8120 0.7
India rupee
.01550 64.508 –5.1
Indonesia rupiah .0000739 13533 0.1
Japan yen
.008909 112.25 –4.1
Kazakhstan tenge .003037 329.25 –1.3
Macau pataca
.1251 7.9941 1.0
Malaysia ringgit
.2445 4.0900 –8.8
New Zealand dollar
.6890 1.4514 0.5
Pakistan rupee
.00949 105.375 1.0
Philippines peso
.0199 50.290 1.4
Singapore dollar
.7431 1.3458 –7.0
South Korea won .0009232 1083.21 –10.3
Sri Lanka rupee
.0065083 153.65 3.5
Taiwan dollar
.03333 30.007 –7.5
Thailand baht
.03067 32.600 –9.0
Vietnam dong
.00004403 22714 –0.3
Commodities
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
.04652 21.496 –16.3
.1598 6.2561 –11.5
1.1896 .8407 –11.6
.003790 263.85 –10.3
.009685 103.25 –8.6
.1207 8.2857 –4.1
.2823 3.5426 –15.4
.01698 58.889 –3.9
.1197 8.3557 –8.3
1.0245 .9761 –4.2
.2555 3.9135 11.1
.0370 27.0070 –0.3
1.3478 .7419 –8.4
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6514 .3772
...
.0566 17.6730 –2.5
.2870 3.4841 –9.5
3.3154 .3016 –1.3
2.5970 .3851 0.03
.2702 3.701 1.7
.2666 3.7505 –0.01
.0728 13.7377 0.3
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.49 –0.17–0.19 –6.93
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
CNTF
82,720
79,031
72,549
58,521
55,651
2.25
EMBI Global, J.P. Morgan
CADC
FMCI
3.00
Treasury, Ryan ALM
OSTK
Forum Merger Cl A
TPG Pace Engy Hldgs Cl A
TPG Pace Holdings Cl A
Nuverra Envtl Solutions
Eagle Bancorp
3.75%
Bond total return index
CARV
266.05 219.26
27.88 22.00
28.72 21.02
117.12 31.05
233.60 12.68
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
HMNY
264.46 -0.21
27.58 0.22
28.10 -0.25
32.83 2.69
14.19 5.50
MU
1 2 3 5 710
years
maturity
MTSL
135.5
163.3
101.7
237.0
271.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand
1
3 6
month(s)
FORK
147,711
142,144
BAC
132,685
VXX
103,880
UVXY
94,509
GE
t
BOXL
Volume Movers
XLF
Friday
KBSF
4.84 0.91
24.89 14.48
67.40 17.10
12.60 6.70
65.39 40.06
t
3.00
Think Mutual Bank
Rochester, MN
GCO
18.24
17.76
17.67
14.89
14.30
s
4.00%
XRF
0.56
3.56
9.40
1.05
7.76
notes and bonds
3.18%
UTI
3.63
23.60
62.60
8.10
62.03
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Bankrate.com avg†:
Symbol
9.20 0.90
136.05 69.65
10.39 2.22
10.03 0.50
8.14 2.81
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Company
2.08 102.75
28.10 28.21
2.96 0.52 21.31
4.95 0.78 18.71
4.73 0.73 18.25
4.10
AMWD 127.70
SFIX
Total volume* 969,744,170 14,246,413
Adv. volume* 536,296,666 9,519,347
Decl. volume* 415,597,090 4,022,292
Issues traded
3,089
331
Advances
1,533
153
Declines
1,448
144
Unchanged
108
34
New highs
151
4
New lows
31
6
Closing tick
199
42
Closing Arms†
0.84
0.52
Block trades*
6,755
136
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
0.11 265.00 263.33
Cnsmr Staples Sel Sector XLP
497.05
n-
383.97
385.54
3964.28
5316.89
12861.49
1455.32
22106.10
535.57
1133.33
10085.00
570.10
9274.55
7300.49
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Interest rate
Net chg
16,202.3 264.74
Percentage Gainers...
–9.10
–1.52
–1.51
New car loan
Last
Finl Select Sector SPDR XLF
559.05
-0.10
-0.34
Latest
% chg
3007.96
389.60
259.51
The Global Dow
DJ Global Index
DJ Global ex U.S.
Americas
Brazil
Canada
Mexico
Chile
16.3
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
21.3
1544.14
1258.65 -13.90 -1.09
0.15
11.43
Philadelphia Stock Exchange
631.38
Volume, Advancers, Decliners
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
-0.60
557.14
4.4
774.47
1899.18
944.10
-4.60
-5.63
547.32
12.6
-0.24
1894.58
937.31
559.19
10.9
12.6
2647.58
1856.25
912.33
12649.28 12463.83 12614.56 -13.23
22.6
8783.74
-0.20
1899.17
943.22
NYSE Composite
26.4
10274.77
6912.36
6422.56
-0.38
-0.43
MidCap 400
SmallCap 600
Value Line
24272.35 19170.42
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.
ly
.
High
Late Trading
613.13
6.21
190.69
58.36
3.061
1278.80
1.51
0.96
0.036
5.60
1.02
616.58
532.01
0.80 195.14
58.95
1.67
3.93
1.19
0.44 1346.00
166.50
42.53
2.56
1127.80
% Chg
8.95
YTD
% chg
8.09
-0.53 -0.95
8.64
12.93
-10.91 -17.80
8.82 11.20
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | B7
* * * *
BIGGEST 1,000 STOCKS
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.
NYSE
Yld
Net
Sym % PE Last Chg
7.60 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 68.37
11.61 77.27 63.43 ColgatePalm CL 2.2 28 73.04
-18.70 16.09 12.05 ColonyNorthStar CLNS 8.9 dd 12.13
CMA 1.4 19 83.78
23.01 85.28 64.04 Comerica
SBS ... 9 9.98
14.98 11.33 7.82 SABESP
-5.26 41.68 32.16 ConagraBrands CAG 2.3 26 37.47
6.68 147.77 106.73 ConchoRscs CXO ... 38 141.46
3.19 54.22 42.27 ConocoPhillips COP 2.0 dd 51.74
ED 3.1 22 88.82
20.55 89.58 68.85 ConEd
42.59 227.20 144.00 ConstBrands A STZ 1.0 31 218.60
-5.96 58.50 29.08 ContinentalRscs CLR ... dd 48.47
COO 0.0 34 238.10
36.11 256.39 159.23 Cooper
GLW 1.9 14 31.85
31.23 32.77 23.52 Corning
COTY 2.9 dd 17.05
-6.88 20.88 14.24 Coty
BAP 2.3 14 211.22
33.80 215.69 150.71 Credicorp
s 19.71 17.16 13.28 CreditSuisse CS 4.2 dd 17.13
29.71 114.97 81.33 CrownCastle CCI 3.7 94 112.55
13.20 61.61 51.57 CrownHoldings CCK ... 17 59.51
10.89 103.37 81.09 Cullen/Frost CFR 2.3 19 97.84
CMI 2.6 17 165.01
20.74 181.79 134.06 Cummins
s 16.95 116.40 93.76 DTE Energy DTE 3.1 21 115.21
DXC 0.8162 95.58
38.06 99.44 64.06 DXC Tech
DHR 0.6 28 93.82
20.53 94.82 76.27 Danaher
DRI 3.0 22 85.04
16.94 95.22 71.02 Darden
DVA ... 24 61.11
-4.81 70.16 52.51 DaVita
DE 1.6 23 149.94
45.52 150.75 100.05 Deere
45.46 83.98 51.02 DellTechs
DVMT ... dd 79.96
53.69 104.99 63.46 DelphiAuto DLPH 1.1 20 103.51
DAL 2.3 10 52.06
5.83 55.75 43.81 DeltaAir
17.45 19.48 13.99 DeutscheBank DB 1.1 dd 18.98
-14.96 50.69 28.79 DevonEnergy DVN 0.6 13 38.84
DEO 2.9 26 139.22
33.94 140.88 99.92 Diageo
20.91 127.23 88.65 DigitalRealty DLR 3.1 96 118.81
-1.35 74.33 57.50 DiscoverFinSvcs DFS 2.0 12 71.12
DIS 1.6 18 105.25
0.99 116.10 96.20 Disney
DLB 1.0 32 62.02
37.24 63.34 44.98 DolbyLab
18.78 89.80 65.97 DollarGeneral DG 1.2 20 87.98
s 9.11 84.47 70.87 DominionEner D 3.7 25 83.57
DPZ 1.0 35 184.62
15.94 221.58 156.26 Domino's
15.04 50.10 41.28 Donaldson DCI 1.5 27 48.41
10.89 41.19 35.27 DouglasEmmett DEI 2.3 76 40.54
DOV 1.9 23 96.88
29.29 98.00 73.61 Dover
5.70 73.85 64.01 DowDuPont DWDP ... 47 71.01
-0.45 99.47 83.23 DrPepperSnap DPS 2.6 23 90.26
-23.21 47.75 29.83 DrReddy'sLab RDY 0.9 34 34.77
14.31 91.80 72.34 DukeEnergy DUK 4.0 29 88.73
6.48 30.14 23.93 DukeRealty DRE 2.8 38 28.28
E 5.8 32 33.02
2.42 34.62 28.63 ENI
EOG 0.710291 102.91
1.79 109.37 81.99 EOG Rscs
EQT 0.2284 59.57
-8.91 75.74 49.63 EQT
22.30 94.96 74.31 EastmanChem EMN 2.2 13 91.98
ETN 2.0 12 77.70
15.81 82.34 66.60 Eaton
s 32.50 55.57 40.00 EatonVance EV 2.2 23 55.49
ECL 1.1 30 134.89
15.07 136.78 116.41 Ecolab
EC ... 21 11.78
30.17 12.30 8.44 Ecopetrol
EIX 2.7 18 80.76
12.18 83.38 68.01 EdisonInt
24.24 121.45 81.25 EdwardsLife EW ... 34 116.41
16.04 67.78 55.40 EmersonElec EMR 3.0 30 64.69
-42.03 26.17 12.25 EnbridgeEnPtrs EEP 9.5 24 14.77
-9.09 44.52 34.39 Enbridge
ENB 5.5 26 38.29
ECA 0.5 15 12.11
3.15 13.85 8.01 Encana
22.41 11.10 7.75 EnelAmericas ENIA 3.5 28 10.05
29.27 27.74 18.36 EnelGenChile EOCC 7.6 13 25.13
-14.97 20.05 15.03 EnergyTransferEq ETE 7.2 20 16.42
-31.18 26.73 15.25 EnergyTransfer ETP 13.7 8 16.53
ETR 4.2 dd 85.52
16.40 87.95 67.84 Entergy
-7.36 30.25 23.59 EnterpriseProd EPD 6.7 20 25.05
EFX 1.4 26 112.93
-4.48 147.02 89.59 Equifax
s 25.10 90.94 68.75 EquityLife ELS 2.2 43 90.20
3.37 70.45 59.49 EquityResdntl EQR 3.0 58 66.53
6.25 270.04 212.41 EssexProp ESS 2.8 31 247.04
63.12 126.99 75.68 EsteeLauder EL 1.2 34 124.77
0.77 277.17 207.93 EverestRe RE 2.4 34 218.06
18.47 66.15 51.04 EversourceEner ES 2.9 21 65.43
EXC 3.1 19 41.83
17.86 42.67 32.67 Exelon
10.31 88.05 68.91 ExtraSpaceSt EXR 3.7 33 85.20
-7.53 93.22 76.05 ExxonMobil XOM 3.7 27 83.46
FMC 0.7656 93.93
66.07 95.25 55.79 FMC
s 23.26 202.24 155.09 FactSet
FDS 1.1 31 201.45
-6.73 145.80 119.37 FederalRealty FRT 3.0 42 132.54
FDX 0.9 22 230.84
23.97 233.89 182.89 FedEx
RACE ... 36 107.47
84.85 121.14 53.94 Ferrari
87.39 18.33 7.58 FiatChrysler FCAU ... 8 17.09
42.04 17.21 7.98 FibriaCelulose FBR ... 33 13.65
65.54 40.72 22.84 FidNatlFin FNF 2.7 18 40.58
23.94 96.67 73.97 FidNatlInfo FIS 1.2 58 93.75
WUBA ... 85 72.41
158.61 79.79 27.58 58.com
51.57 56.40 35.28 FirstAmerFin FAF 2.7 22 55.52
FDC ... 21 16.29
14.80 19.23 13.96 FirstData
3.84 105.52 82.64 FirstRepBank FRC 0.7 23 95.68
9.01 35.22 27.93 FirstEnergy FE 4.3 dd 33.76
27.78 184.06 121.52 FleetCorTech FLT ... 31 180.84
FLR 1.7 34 48.67
-7.33 58.37 37.04 Fluor
21.61 103.82 73.45 FomentoEconMex FMX 1.5 13 92.68
3.71 13.27 10.47 FordMotor F 4.8 11 12.58
16.03 26.30 18.26 ForestCIty A FCE.A 2.3 73 24.18
21.08 38.24 30.00 Fortis
FTS 3.6 20 37.39
s 39.06 75.69 52.99 Fortive
FTV 0.4 28 74.58
s 26.30 69.01 53.15 FortBrandsHome FBHS 1.1 24 67.52
34.96 86.06 53.31 Franco-Nevada FNV 1.1102 80.65
9.85 47.65 38.93 FranklinRscs BEN 1.8 14 43.48
6.97 17.06 11.05 FreeportMcM FCX ... 20 14.11
17.89 50.22 38.42 FreseniusMed FMS 1.1 23 49.76
GGP 3.7 33 23.59
-5.56 26.63 18.83 GGP
AJG 2.3 27 66.57
28.12 67.32 48.97 Gallagher
GPS 2.9 15 31.98
42.51 32.83 21.02 Gap
s 52.04 32.75 19.91 GardnerDenver GDI ... dd 32.08
IT ... dd 119.95
18.68 130.02 90.37 Gartner
20.25 10.69 8.36 Gazit-Globe GZT 3.8 4 10.39
17.36 214.81 168.00 GeneralDynamics GD 1.7 20 202.64
-43.42 32.38 17.46 GeneralElec GE 5.4 22 17.88
-8.60 64.06 49.65 GeneralMills GIS 3.5 20 56.46
22.82 46.76 31.92 GeneralMotors GM 3.6 10 42.79
31.47 32.45 23.34 Genpact
G 0.8 23 32.00
-2.81 100.90 79.86 GenuineParts GPC 2.9 21 92.86
GIL 1.2 19 31.97
26.01 32.15 23.55 Gildan
GSK 5.7 29 35.32
-8.28 44.53 34.72 GSK
45.15 104.90 66.08 GlobalPayments GPN 0.0 ... 100.75
GDDY ... dd 48.00
37.34 51.29 33.06 GoDaddy
GG 0.6 21 12.72
-6.47 17.87 11.91 Goldcorp
3.97 255.15 209.62 GoldmanSachs GS 1.2 13 248.95
GGG 1.1 70 129.46
55.81 134.11 81.36 Graco
GWW 2.3 26 218.23
-6.04 262.71 155.00 Grainger
25.56 34.54 26.13 GreatPlainsEner GXP 3.2 33 34.34
GRUB ... 98 66.60
77.03 69.82 32.43 GrubHub
3.78 9.38 7.42 GpoAvalAcc AVAL 4.9 13 8.24
11.27 10.82 6.77 GpFinSantMex BSMX 2.1 12 8.00
-12.40 27.37 17.24 GrupoTelevisa TV 0.5 47 18.30
13.55 91.03 70.00 HCA Healthcare HCA ... 12 84.05
HCP 5.6 18 26.66
-10.30 33.67 25.09 HCP
58.22 100.26 59.00 HDFC Bank HDB 0.5 ... 96.01
HPQ 2.6 14 21.41
44.27 22.68 14.40 HP
HSBC 4.0 75 49.56
23.34 50.86 39.52 HSBC
-20.39 58.78 38.18 Halliburton HAL 1.7179 43.06
-3.38 25.73 18.90 Hanesbrands HBI 2.9 13 20.84
-14.24 63.40 44.52 HarleyDavidson HOG 2.9 16 50.03
HRS 1.6 32 142.86
39.42 144.94 99.13 Harris
20.52 58.16 46.35 HartfordFinl HIG 1.7 44 57.43
5.63 33.00 27.56 HealthcareAmer HTA 4.0128 30.75
HEI 0.2 43 88.74
43.78 93.00 59.94 Heico
HEI.A 0.2 36 74.40
36.97 78.70 50.72 Heico A
-23.05 85.78 42.16 Helm&Payne HP 4.7 dd 59.56
HLF 1.7 16 69.66
44.70 79.64 47.62 Herbalife
HSY 2.4 33 111.01
7.33 116.49 96.20 Hershey
HES 2.1 dd 47.09
-24.40 65.56 37.25 Hess
7.28 15.12 12.70 HewlettPackard HPE 2.1 69 14.44
s 38.43 77.92 51.52 Hilton
HLT 0.8817 77.25
35.07 45.33 23.46 HollyFrontier HFC 3.0 23 44.25
34.56 180.67 128.68 HomeDepot HD 2.0 25 180.42
14.35 33.75 27.05 HondaMotor HMC ... 10 33.38
33.28 156.70 112.17 Honeywell HON 1.9 23 154.40
5.63 37.97 29.75 HormelFoods HRL 2.0 23 36.77
84.52 51.53 27.14 DR Horton DHI 1.0 18 50.43
3.56 20.23 17.26 HostHotels HST 4.1 24 19.51
-2.07 31.85 24.40 HuanengPower HNP 6.6 28 25.50
HUBB 2.5 24 124.34
6.55 127.45 109.31 Hubbell
HUM 0.6 20 258.53
26.71 264.56 186.25 Humana
28.12 253.44 174.07 HuntingIngalls HII 1.2 18 235.99
66.25 32.59 18.93 Huntsman HUN 1.6 15 31.72
s 31.13 73.14 50.21 HyattHotels H
... 44 72.46
IBN 0.8 21 9.38
37.76 9.93 6.69 ICICI Bank
27.52 19.01 13.32 ING Groep ING 3.1 ... 17.98
IVZ 3.2 16 36.21
19.35 37.75 28.75 Invesco
IQV ...353 102.27
34.48 110.67 71.90 IQVIA
IEX 1.1 34 133.99
48.78 135.70 88.29 IDEX
s 34.63 169.69 120.06 IllinoisToolWks ITW 1.9 25 164.87
INFY 2.7 16 15.06
1.55 16.14 13.42 Infosys
14.89 96.23 74.02 Ingersoll-Rand IR 2.1 21 86.21
INGR 1.7 20 139.71
11.80 140.71 113.07 Ingredion
s 27.74 72.36 55.80 ICE
ICE 1.1 26 72.07
s 27.90 59.48 42.87 InterContinentl IHG ... 28 59.22
IBM 3.9 13 154.76
-6.77 182.79 139.13 IBM
31.29 156.64 113.16 IntlFlavors IFF 1.8 30 154.70
IP 3.4 26 55.63
4.84 58.96 49.37 IntlPaper
-14.18 25.71 18.30 Interpublic IPG 3.6 14 20.09
17.55 23.93 19.80 InvitatHomes INVH 1.4 ... 23.51
25.46 41.53 31.39 IronMountain IRM 5.8 52 40.75
1.46 4.95 3.85 IsraelChemicals ICL ... 6 4.17
22.86 14.59 9.10 ItauUnibanco ITUB 0.4 11 12.63
21.44 106.66 80.90 JPMorganChase JPM 2.1 15 104.79
14.84 66.20 49.31 JacobsEngg JEC 0.9 27 65.46
3.71 17.28 13.55 JamesHardie JHX 1.2 28 16.49
s 20.98 37.42 30.24 JanusHenderson JHG 3.5279 37.02
JNJ 2.4 24 139.98
21.50 144.35 109.32 J&J
-9.15 45.91 34.51 JohnsonControls JCI 2.7 22 37.42
50.49 155.25 97.60 JonesLang JLL 0.5 20 152.06
0.42 30.96 23.87 JuniperNetworks JNPR 1.4 17 28.38
s 17.76 50.69 40.27 KAR Auction KAR 2.8 30 50.19
KB ... 8 53.99
52.99 55.52 34.75 KB Fin
KKR 3.4 10 19.88
29.17 20.77 15.30 KKR
KT ... 13 15.39
9.23 18.82 13.62 KT
no
ABB 3.0 24 25.66 -0.08
21.78 26.48 20.54 ABB
ACM ... 18 37.69 0.19
3.66 40.72 30.15 AECOM
AES 4.5 dd 10.67 0.09
-8.18 12.47 10.00 AES
AFL 2.1 13 87.60 -0.04
25.86 88.10 66.50 Aflac
T 5.4 18 36.50 0.12
-14.18 43.03 32.55 AT&T
45.74 56.69 37.42 AbbottLabs ABT 1.9 44 55.98 -0.39
s 53.82 98.52 58.80 AbbVie
ABBV 2.9 23 96.32 -0.60
25.13 148.60 112.31 Accenture ACN 1.8 27 146.57 -1.44
-27.66 254.55 153.28 AcuityBrands AYI 0.3 22 167.01 -4.41
ADNT 1.4 8 78.40 0.14
33.79 86.42 51.74 Adient
-41.30 177.83 78.81 AdvanceAuto AAP 0.2 21 99.28 -1.72
28.37 7.52 4.89 AdvSemiEngg ASX 3.5 14 6.47 -0.04
AEG 5.0 17 6.14 -0.05
11.03 6.24 4.73 Aegon
AER ... 8 52.14 0.17
25.31 54.50 41.34 AerCap
AET 1.1 34 181.31 1.13
46.21 192.37 116.04 Aetna
36.17 202.09 139.52 AffiliatedMgrs AMG 0.4 21 197.85 -0.82
50.77 70.93 43.27 AgilentTechs A 0.9 33 68.69 -0.55
4.07 51.86 35.05 AgnicoEagle AEM 1.0 37 43.71
...
AGU 3.2 42 109.92 -0.02
9.32 111.88 87.82 Agrium
12.39 164.65 133.63 AirProducts APD 2.4 29 161.64 -1.40
ALK 1.8 11 66.91 -2.26
-24.59 101.43 61.10 AlaskaAir
53.52 144.99 84.37 Albemarle ALB 1.0 31 132.15 -2.17
AA ... 27 41.64 0.13
48.29 50.31 28.01 Alcoa
s 15.80 129.04 105.74 AlexandriaRlEst ARE 2.7146 128.69 1.63
BABA ... 51 174.61 -2.47
98.85 191.75 86.01 Alibaba
Y
... dd 581.02 -3.78
-4.46 667.19 521.07 Alleghany
ALLE 0.8 24 84.58 0.44
32.16 89.81 63.71 Allegion
AGN 1.6 dd 169.94 -3.89
-19.08 256.80 168.43 Allergan
2.42 266.25 209.00 AllianceData ADS 0.9 25 234.03 -5.24
18.32 45.55 35.47 AlliantEnergy LNT 2.8 24 44.83 -0.28
21.61 45.69 32.80 AllisonTransm ALSN 1.5 18 40.97 -0.07
ALL 1.4 15 103.10 0.44
39.10 103.51 70.22 Allstate
s 43.27 27.42 18.11 AllyFinancial ALLY 1.8 13 27.25 0.39
t-43.63 35.29 17.80 AlticeUSA ATUS ... ... 18.44 0.59
MO 3.8 9 68.58 0.75
1.42 77.79 60.01 Altria
58.86 23.54 9.93 AlumofChina ACH ... 40 16.22 -0.42
ABEV ... 35 6.22 0.03
26.68 7.03 4.70 Ambev
AEE 2.9 25 63.75 -0.21
21.52 64.89 48.41 Ameren
35.48 19.50 11.72 AmericaMovil AMX 1.8 31 17.03 -0.07
38.70 19.11 11.57 AmericaMovil A AMOV 1.8 31 17.06 0.01
-14.00 51.70 41.06 AmCampus ACC 4.1104 42.80 0.42
s 22.68 77.97 57.90 AEP
AEP 3.2 20 77.24 -0.39
32.10 98.49 71.43 AmerExpress AXP 1.4 19 97.86 0.15
20.09 106.77 82.07 AmericanFin AFG 1.3 14 105.82 0.76
2.76 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.56 0.08
AIG 2.1 dd 59.88 -0.08
-8.31 67.47 57.90 AIG
35.89 155.28 100.79 AmerTowerREIT AMT 1.8 55 143.61 -0.32
s 26.06 91.97 69.96 AmerWaterWorks AWK 1.8 34 91.22 -0.34
46.45 166.13 109.19 Ameriprise AMP 2.0 15 162.47 -0.76
8.65 97.85 71.90 AmerisourceBrgn ABC 1.8 46 84.95 0.13
AME 0.5 30 72.09 -0.60
48.33 73.06 47.99 Ametek
33.63 91.26 66.00 Amphenol APH 0.8 29 89.80 -0.79
-30.13 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.72 0.63
ANDV 2.3 21 104.43 -1.04
19.42 112.21 75.11 Andeavor
-8.60 60.14 42.18 AndeavorLog ANDX 8.5 20 46.44 1.68
BUD 3.2 58 115.46 0.97
9.50 126.50 99.83 AB InBev
18.36 12.73 9.83 AnnalyCap NLY 10.2 5 11.80 0.13
-18.01 27.23 17.89 AnteroResources AR ... dd 19.39 0.39
s 61.61 236.39 140.50 Anthem
ANTM 1.2 21 232.34 -2.62
AON 1.0 ... 142.24 2.02
27.54 152.78 109.82 Aon
APA 2.3 26 44.22 2.39
-30.33 69.00 38.14 Apache
-3.21 46.85 41.39 ApartmtInv AIV 3.3140 43.99 -0.10
59.87 33.37 18.90 ApolloGlbMgmt APO 5.0 10 30.95 -0.36
s 25.67 38.20 29.24 AquaAmerica WTR 2.2 28 37.75 -0.24
ARMK 1.0 29 43.07 0.47
20.58 44.12 32.87 Aramark
s 39.22 30.88 19.59 ArcelorMittal MT ... 5 30.49 0.24
-10.56 47.44 38.59 ArcherDaniels ADM 3.1 19 40.83 0.95
ARNC 1.0 dd 24.50 -0.11
32.15 30.69 18.47 Arconic
136.28 245.65 87.33 AristaNetworks ANET ... 47 228.65 -4.47
11.08 84.53 67.78 ArrowElec ARW ... 15 79.20 -1.53
20.24 35.60 25.55 AstraZeneca AZN 2.7 25 32.85 -0.02
ATH ... 7 47.31 -0.76
-1.42 55.22 43.25 Athene
s 24.40 92.73 70.27 AtmosEnergy ATO 2.1 25 92.24 -0.05
119.94 67.69 24.71 Autohome ATHM ... 37 55.60 0.23
s 14.55 129.84 96.08 Autoliv
ALV 1.9 22 129.61 1.69
-14.10 813.70 491.13 AutoZone AZO ... 15 678.40 -8.36
...
2.36 199.52 163.27 Avalonbay AVB 3.1 28 181.33
s 39.18 53.46 35.42 Avangrid
AGR 3.3 25 52.72 -0.35
60.40 114.80 69.53 AveryDennison AVY 1.6 25 112.63 -1.49
14.08 38.20 24.72 AxaltaCoating AXTA ...129 31.03 -0.63
5.49 50.12 41.17 BB&T
BBT 2.7 18 49.60 0.18
BCE 4.6 20 48.40 0.59
11.93 48.87 42.44 BCE
17.27 44.62 33.37 BHPBilliton BHP 4.1 19 41.96 0.41
16.56 39.12 28.73 BHPBilliton BBL 4.7 17 36.67 0.30
BP 6.0 34 39.95 -0.12
6.88 41.55 33.10 BP
BRFS ... dd 11.83 0.04
-19.85 15.50 10.60 BRF
BT 3.6 17 17.49 -0.20
-24.06 24.65 16.15 BT Group
55.87 62.49 37.63 BWX Tech BWXT 0.7 32 61.88 -0.57
-17.58 40.82 29.62 BakerHughes BHGE 2.3 dd 30.70 0.97
BLL 1.0 62 39.74 -0.17
5.87 43.24 35.65 Ball
25.41 9.35 6.14 BancoBilbaoViz BBVA 5.0 12 8.49 -0.07
20.96 95.80 65.67 BancodeChile BCH 3.1 16 83.01 0.05
60.31 136.10 61.12 BancoMacro BMA 0.7 13 103.16 1.62
25.51 32.02 21.06 BcoSantChile BSAC 3.8 16 27.45 -0.02
27.22 6.99 4.50 BancoSantander SAN 2.8 14 6.59 -0.10
4.93 48.74 33.97 BanColombia CIB 3.3 10 38.49 -0.12
27.15 28.72 21.02 BankofAmerica BAC 1.7 16 28.10 -0.07
8.97 78.86 66.54 BankofMontreal BMO 3.7 13 78.37 1.36
14.92 55.29 43.85 BankNY Mellon BK 1.8 16 54.45 -0.29
15.75 66.78 53.86 BkNovaScotia BNS 3.9 13 64.45 1.20
BCS 2.1 dd 10.26 -0.09
-6.73 12.05 9.29 Barclays
s 49.59 337.73 206.71 Bard CR
BCR 0.3 44 336.06 0.12
-11.95 20.78 13.46 BarrickGold ABX 0.9 8 14.07 0.29
BAX 1.0 35 65.49 -0.04
47.70 66.18 43.13 BaxterIntl
s 36.71 229.69 161.29 BectonDicknsn BDX 1.3 49 226.33 -1.88
WRB 0.8 16 69.52 0.40
4.53 73.17 61.78 Berkley
s 19.20 292170 237983 BerkHathwy A BRK.A ... 26 291000 -499.80
s 19.38 194.99 158.61 BerkHathwy B BRK.B ... 26 194.56 1.55
23.29 61.19 47.19 BerryGlobal BERY ... 24 60.08 0.31
BBY 2.3 15 60.35 0.74
41.43 63.32 41.67 BestBuy
47.47 273.87 173.50 Bio-RadLab A BIO ...340 268.80 -2.50
7.50 47.55 41.10 BlackKnight BKI ... 67 45.15 0.25
56.60 11.78 6.65 BlackBerry BB ... 9 10.79 0.02
31.94 509.00 365.83 BlackRock BLK 2.0 24 502.08 3.39
16.83 35.09 25.57 Blackstone BX 5.6 14 31.58 -0.14
s 74.32 278.73 150.02 Boeing
BA 2.1 25 271.38 -5.42
39.48 55.86 35.74 BorgWarner BWA 1.2 40 55.01 -0.67
1.07 140.13 116.77 BostonProps BXP 2.4 40 127.13 1.75
20.90 29.93 20.03 BostonSci BSX ... 43 26.15 -0.13
BAK ... 59 27.91 -0.03
31.59 33.73 16.79 Braskem
8.21 66.10 46.01 Bristol-Myers BMY 2.5 25 63.24 0.05
14.92 73.41 54.54 BritishAmTob BTI 2.3 11 64.74 1.11
35.94 91.75 63.28 BroadridgeFinl BR 1.6 31 90.13 -0.13
27.81 43.15 32.41 BrookfieldMgt BAM 1.3 94 42.19 0.69
30.15 44.91 31.59 BrookfieldInfr BIP 4.0161 43.56 0.72
s 15.36 51.79 41.10 Brown&Brown BRO 1.2 27 51.75 0.50
s 32.04 61.08 45.17 Brown-Forman A BF.A 1.3 34 61.07 0.76
s 35.13 60.80 43.72 Brown-Forman B BF.B 1.3 34 60.70 0.90
-29.46 73.01 43.90 BuckeyePtrs BPL 10.8 14 46.67 0.74
BG 2.7 21 67.14 0.23
-7.06 83.75 63.87 Bunge
s 28.35 109.41 79.07 BurlingtonStrs BURL ... 29 108.78 2.41
CBD 0.1 63 21.68 0.41
31.00 25.90 14.08 CBD Pao
37.15 43.55 29.45 CBRE Group CBG ... 19 43.19 -0.17
CBS.A 1.3 78 56.30 -0.75
-13.14 71.07 53.00 CBS A
CBS 1.3 79 57.11 1.05
-10.23 70.09 52.75 CBS B
19.41 39.32 25.04 CF Industries CF 3.2 dd 37.59 0.12
10.49 54.42 45.81 CGI Group GIB ... 20 53.07 0.28
CIT 1.3 dd 49.52 -0.32
16.03 50.51 39.48 CIT Group
19.51 50.85 39.42 CMS Energy CMS 2.7 26 49.74 -0.16
CNA 2.2 16 54.39 0.01
31.06 55.62 37.88 CNA Fin
CEO 3.7 17 137.11 0.27
10.61 143.39 108.05 CNOOC
-21.43 17.69 11.52 CPFLEnergia CPL 2.3 23 12.10 0.14
0.93 38.06 32.44 CRH
CRH 1.3 20 34.70 0.04
-4.80 84.72 66.45 CVS Health CVS 2.7 16 75.12 -1.48
COG 0.7 dd 28.68 -0.27
22.77 29.57 20.55 CabotOil
s 63.72 56.32 31.99 CalAtlantic CAA 0.3 16 55.68 -0.36
9.16 96.39 77.54 CamdenProperty CPT 3.3 56 91.77 0.49
-18.60 64.23 44.99 CampbellSoup CPB 2.8 17 49.22 -0.08
s 17.00 95.73 77.20 CIBC
CM 4.3 11 95.47 3.71
16.72 84.48 66.58 CanNtlRlwy CNI 1.7 22 78.67 0.69
10.54 36.79 27.52 CanNaturalRes CNQ 2.4 21 35.24 1.32
24.76 179.17 141.32 CanPacRlwy CP 1.0 19 178.12 2.94
CAJ 3.7 20 37.96 -0.41
34.90 39.15 27.76 Canon
6.28 96.92 76.05 CapitalOne COF 1.7 13 92.72 0.72
-18.16 84.88 54.66 CardinalHealth CAH 3.1 17 58.90 -0.29
CSL 1.3 22 113.57 -1.40
2.97 116.05 92.09 Carlisle
KMX ... 19 68.38 -0.53
6.20 77.64 54.29 CarMax
CCL 2.7 18 66.00 0.36
26.78 69.89 49.84 Carnival
CUK 2.7 18 66.05 0.09
29.03 70.56 49.60 Carnival
s 52.60 142.40 90.34 Caterpillar CAT 2.2 99 141.52 0.37
35.24 109.11 78.38 Celanese A CE 1.7 19 106.49 -0.75
t -2.73 10.37 7.41 Cemex
CX ... 10 7.51 -0.08
-33.11 16.82 6.76 CenovusEnergy CVE 1.5 4 10.12 0.61
s 78.91 102.99 54.40 Centene
CNC ... 21 101.10 -0.99
19.85 30.45 23.73 CenterPointEner CNP 3.6 22 29.53 -0.48
-16.91 7.38 3.49 CentraisElBras EBR ... 3 5.70 0.04
-39.87 27.61 13.16 CenturyLink CTL 15.1 25 14.30 -0.29
134.68 58.08 20.76 Chemours CC 0.2 36 51.84 0.44
CVX 3.6 35 119.51 0.52
1.54 120.89 102.55 Chevron
29.98 31.73 21.38 ChinaEastrnAir CEA ... 10 29.05 -0.46
25.17 17.85 12.74 ChinaLifeIns LFC 1.1 19 16.11 -0.25
-3.83 58.83 50.00 ChinaMobile CHL 4.1 13 50.42 -0.42
-0.14 84.88 69.86 ChinaPetrol SNP 4.2 11 70.92 -1.18
70.52 50.64 25.60 ChinaSoAirlines ZNH 1.7 10 43.84 -1.13
4.68 53.77 45.58 ChinaTelecom CHA 2.8 14 48.29 -0.20
25.28 16.55 11.28 ChinaUnicom CHU ...143 14.47 -0.09
CMG ... 60 307.59 3.20
-18.48 499.00 263.00 Chipotle
CB 1.9 18 151.64 -0.47
14.77 156.00 127.15 Chubb
9.10 36.37 31.28 ChunghwaTel CHT 4.8 22 34.42 -0.29
6.00 54.18 42.90 Church&Dwight CHD 1.6 27 46.84 -0.25
CI 0.0 23 208.41 -3.32
56.24 212.46 131.03 Cigna
-13.99 146.96 89.49 CimarexEnergy XEC 0.3 29 116.89 0.78
C 1.7 15 75.51 0.01
27.06 76.89 55.23 Citigroup
14.20 41.77 31.51 CitizensFin CFG 1.8 16 40.69 -0.01
CLX 2.4 26 139.64 0.35
16.35 141.76 113.01 Clorox
KO 3.2 44 45.97 0.20
10.88 47.48 40.19 Coca-Cola
26.59 44.75 30.55 Coca-Cola Euro CCE 2.4 25 39.75 0.76
YTD 52-Week
% Chg Hi Lo Stock
-0.09
0.59
-0.06
0.47
0.01
0.14
1.60
0.86
-0.22
1.01
1.14
-3.08
-0.54
-0.18
0.19
0.23
-0.45
-0.22
-0.57
-2.39
-0.36
-0.56
-0.54
0.72
0.05
0.08
1.72
-1.16
-0.86
0.12
0.31
0.75
2.11
0.52
0.43
-0.16
-0.10
-0.56
-1.54
-1.49
0.23
-0.83
-0.95
0.07
-0.25
-0.45
0.15
0.05
0.59
-0.03
-0.39
-0.08
0.21
-1.03
0.18
-0.51
-0.79
-0.13
0.15
0.58
0.27
0.23
0.49
0.22
-0.08
-0.96
0.42
-1.19
-0.11
-0.29
0.05
-0.06
-1.54
0.58
0.12
-0.16
0.17
-0.47
1.57
0.33
-0.62
-1.13
-0.01
-0.24
0.12
-0.58
0.67
-0.07
-0.16
0.14
-0.38
-1.03
0.26
2.71
0.06
0.23
0.59
-0.07
-0.90
-0.50
0.13
0.19
-0.12
0.09
0.74
-0.33
-0.33
-0.94
0.13
-4.52
-0.41
-0.10
-0.30
-0.24
-0.11
0.23
0.26
0.19
-0.65
0.08
1.31
-2.13
-3.08
0.03
-0.96
0.09
-0.13
-0.36
-0.95
0.22
-1.09
-0.04
-0.09
1.28
-0.05
-0.17
-1.64
-0.01
0.16
-1.62
-1.50
0.98
-0.48
0.08
1.21
0.49
-0.31
-0.23
0.60
0.04
-1.56
0.32
-0.57
-0.28
-0.15
-1.45
-2.33
-5.68
-0.24
0.10
-0.16
-0.12
0.04
0.26
-1.58
-4.38
-0.50
-1.41
1.23
0.62
0.56
0.79
-0.74
-0.98
0.31
-0.04
-0.12
0.06
0.08
0.27
-0.17
0.06
-0.25
0.65
-0.22
-0.43
0.62
-0.18
-1.32
-0.04
-0.21
Yld
Net
Sym % PE Last Chg
30.10 112.88 79.05 KSCitySouthern KSU 1.3 22 110.39
K 3.3 29 65.99
-10.47 76.69 58.76 Kellogg
KEY 2.2 17 19.13
4.71 19.53 16.28 KeyCorp
18.84 45.65 35.05 KeysightTechs KEYS ... 33 43.46
3.22 78.33 67.00 KilroyRealty KRC 2.2 50 75.58
5.60 136.21 109.67 KimberlyClark KMB 3.2 20 120.51
-26.47 26.63 17.02 KimcoRealty KIM 6.1 35 18.50
-15.93 23.01 16.68 KinderMorgan KMI 2.9 31 17.41
26.65 44.45 26.68 Knight-Swift KNX ... 75 42.85
KSS 4.6 13 48.05
-2.69 59.67 35.16 Kohl's
24.83 42.35 28.19 KoninklijkePhil PHG 2.4 23 38.16
-4.92 21.59 16.51 KoreaElcPwr KEP ... 9 17.57
KR 1.9 15 25.67
-25.62 36.44 19.69 Kroger
KYO ... 22 69.96
40.54 71.92 47.08 Kyocera
53.79 15.06 8.07 LATAMAirlines LTM 0.5 49 12.58
LB 4.3 16 55.85
-15.17 75.50 35.00 L Brands
5.68 17.05 11.80 LG Display LPL ... 4 13.58
LN ... 83 42.32
24.43 45.30 30.90 LINE
LLL 1.5 27 195.54
28.55 199.97 143.54 L3 Tech
LH ... 22 156.49
21.90 164.22 123.41 LabCpAm
s 44.94 54.93 32.01 LambWeston LW 1.4 25 54.86
s 30.76 70.46 51.35 LasVegasSands LVS 4.2 26 69.84
LAZ 3.3 14 49.18
19.69 49.84 40.22 Lazard
LEA 1.1 11 178.34
34.73 181.38 129.96 Lear
-2.05 54.97 43.16 Leggett&Platt LEG 3.0 19 47.88
LDOS 2.1 31 62.32
21.86 64.20 47.81 Leidos
s 48.25 63.27 41.12 Lennar A
LEN 0.3 18 62.56
s 49.90 51.99 32.74 Lennar B
LEN.B 0.3 15 50.70
36.06 210.88 146.90 LennoxIntl LII 1.0 30 208.40
13.68 27.34 22.23 LeucadiaNatl LUK 1.5 17 26.43
14.13 45.40 37.21 LibertyProperty LPT 3.5 19 45.08
LLY 2.4 41 85.32
16.00 89.09 65.96 EliLilly
15.45 77.95 61.45 LincolnNational LNC 1.7 12 76.51
24.35 34.75 24.27 LionsGate A LGF.A ... 35 33.45
29.34 33.10 22.50 LionsGate B LGF.B ... 33 31.74
68.05 46.99 26.41 LiveNationEnt LYV ...2235 44.70
14.52 3.87 2.90 LloydsBanking LYG 3.0 19 3.55
25.46 322.19 245.50 LockheedMartin LMT 2.6 25 313.57
L 0.5 18 50.49
7.82 50.69 44.68 Loews
LOW 1.9 20 84.23
18.43 86.25 70.49 Lowe's
21.36 107.83 78.01 LyondellBasell LYB 3.5 11 104.10
8.34 173.72 141.12 M&T Bank MTB 1.8 20 169.47
18.00 34.65 25.15 MGM Resorts MGM 1.3 33 34.02
MPLX 6.5 39 36.13
4.36 39.43 30.88 MPLX
MSCI 1.2 38 128.95
63.68 129.97 77.38 MSCI
MAC 4.6 74 64.22
-9.35 73.34 52.12 Macerich
-17.61 83.66 63.08 MacquarieInfr MIC 8.4 32 67.31
M 6.2 11 24.19
-32.45 43.79 17.41 Macy's
-9.98 81.77 63.55 MagellanMid MMP 5.3 18 68.08
s 29.88 56.46 39.50 MagnaIntl MGA 2.0 10 56.37
42.92 131.99 84.98 Manpower MAN 1.5 19 127.01
19.36 21.70 16.62 ManulifeFin MFC 3.0 15 21.27
-12.88 19.28 10.55 MarathonOil MRO 1.3 dd 15.08
24.81 63.41 46.88 MarathonPetrol MPC 2.5 20 62.84
s 22.99 1124.22 873.15 Markel
MKL ...247 1112.41
s 25.85 85.10 66.75 Marsh&McLen MMC 1.8 23 85.06
-8.52 244.32 191.09 MartinMarietta MLM 0.9 30 202.65
s 34.41 43.18 30.08 Masco
MAS 1.0 25 42.50
44.98 154.65 99.82 Mastercard MA 0.6 35 149.69
10.20 106.50 88.79 McCormick MKC 2.0 28 102.85
9.10 106.58 89.15 McCormickVtg MKC.V 2.0 28 101.57
42.02 173.17 117.71 McDonalds MCD 2.3 25 172.87
4.23 169.29 133.82 McKesson MCK 0.9 7 146.39
14.10 89.72 69.35 Medtronic MDT 2.3 22 81.27
MRK 3.4 54 55.87
-5.10 66.80 53.63 Merck
MET 3.0 dd 53.61
11.63 55.91 44.17 MetLife
49.24 694.48 408.12 MettlerToledo MTD ... 38 624.64
34.90 59.27 32.38 MichaelKors KORS ... 16 57.98
16.93 36.21 27.86 MicroFocus MFGP ... 48 33.01
5.02 110.95 87.59 MidAmApt MAA 3.4 49 102.84
14.29 7.14 5.94 MitsubishiUFJ MTU ... 10 7.04
0.84 3.87 3.37 MizuhoFin MFG ... 9 3.62
9.88 11.59 7.76 MobileTeleSys MBT 7.1 12 10.01
s 42.64 286.29 189.44 MohawkInds MHK ... 22 284.82
-18.60 102.14 76.25 MolsonCoors B TAP 2.1 8 79.21
13.04 122.80 103.08 Monsanto MON 1.8 23 118.93
MCO 1.0 55 151.30
60.50 153.41 93.51 Moody's
22.96 52.58 40.06 MorganStanley MS 1.9 14 51.95
MOS 0.4 25 24.28
-17.22 34.36 19.23 Mosaic
12.23 94.96 76.92 MotorolaSol MSI 2.2 24 93.03
127.98 29.78 10.98 NRG Energy NRG 0.4 dd 27.95
12.70 26.14 22.20 NTTDoCoMo DCM ... 17 25.64
s108.51 3509.88 1571.32 NVR
NVR ... 26 3480.00
-5.65 75.24 58.42 NationalGrid NGG 3.4 13 60.04
-8.95 43.63 29.90 NatlOilwell NOV 0.6 dd 34.09
-5.50 46.34 36.45 NatlRetailProp NNN 4.5 34 41.77
100.19 94.63 37.16 NewOrientalEduc EDU ... 46 84.28
-16.66 17.68 11.67 NY CmntyBcp NYCB 5.1 15 13.26
-29.43 55.08 27.45 NewellBrands NWL 2.9 12 31.51
-21.28 50.00 24.41 NewfieldExpln NFX ... 18 31.88
9.16 39.62 30.40 NewmontMin NEM 0.8191 37.19
31.82 159.28 113.18 NextEraEnergy NEE 2.5 18 157.47
-13.64 45.73 34.22 NielsenHoldings NLSN 3.8 26 36.23
NKE 1.3 25 59.88
17.80 61.21 50.10 Nike
NI 2.6 33 27.33
23.44 27.76 21.31 NiSource
-29.06 42.03 22.98 NobleEnergy NBL 1.5 dd 27.00
NOK 3.8 dd 4.95
2.91 6.65 4.20 Nokia
-0.85 6.80 5.28 NomuraHoldings NMR ... 10 5.85
-5.07 61.85 37.79 Nordstrom JWN 3.3 16 45.50
27.23 139.98 105.09 NorfolkSouthern NSC 1.8 22 137.50
28.83 309.76 220.72 NorthropGrum NOC 1.3 22 299.63
NVS 3.2 30 86.05
18.14 86.90 66.93 Novartis
44.98 52.32 32.83 NovoNordisk NVO 0.9 22 51.99
NUE 2.6 17 57.30
-3.73 68.00 51.67 Nucor
5.32 37.41 31.95 OGE Energy OGE 3.8 18 35.23
OKE 5.7 33 52.11
-9.23 59.47 47.14 ONEOK
-1.39 73.51 57.20 OccidentalPetrol OXY 4.4540 70.24
OLN 2.3 78 34.98
36.59 37.52 24.93 Olin
OMC 3.0 15 73.38
-13.78 89.66 65.32 Omnicom
ORCL 1.5 22 49.61
29.02 53.14 37.64 Oracle
ORAN 3.5 91 16.92
11.76 17.63 13.98 Orange
50.78 134.59 82.44 OrbitalATK OA 1.0 25 132.28
IX ... 8 85.60
9.98 89.51 73.70 Orix
OSK 1.1 24 88.89
37.58 94.16 61.74 Oshkosh
70.02 90.15 50.77 OwensCorning OC 0.9 26 87.66
PCG 3.9 12 54.13
-10.93 71.57 49.83 PG&E
PHI 6.5 12 28.96
5.12 38.54 25.50 PLDT
PNC 2.1 17 141.00
20.55 143.16 110.69 PNC Fin
PKX ... 15 75.84
44.32 77.76 50.37 POSCO
PPG 1.6 22 115.93
22.34 119.85 93.80 PPG Ind
PPL 4.4 16 36.27
6.52 40.20 32.69 PPL
PVH 0.1 20 137.31
52.16 139.51 84.53 PVH
38.41 120.75 84.01 PackagingCpAm PKG 2.1 22 117.40
14.97 157.65 107.31 PaloAltoNtwks PANW ... dd 143.77
-3.65 33.40 24.65 ParkHotels PK 6.0 2 28.81
33.61 189.83 139.49 ParkerHannifin PH 1.4 24 187.05
-22.13 39.42 22.98 ParsleyEnergy PE ...343 27.44
PSO 1.4 dd 9.60
-3.90 10.31 7.04 Pearson
12.16 36.30 29.36 PembinaPipeline PBA 4.8 37 35.13
s 25.18 71.76 55.76 Pentair
PNR 2.0 31 70.19
PEP 2.8 24 116.78
11.61 119.39 99.40 PepsiCo
40.21 74.11 50.51 PerkinElmer PKI 0.4 37 73.12
PRGO 0.7 dd 87.00
4.53 91.73 63.68 Perrigo
-8.20 81.80 60.69 PetroChina PTR 3.1 36 67.66
-2.47 11.71 7.61 PetroleoBrasil PBR ... 27 9.86
8.74 10.73 6.96 PetroleoBrasilA PBR.A ... 26 9.58
PFE 3.5 22 36.35
11.92 36.78 30.51 Pfizer
13.36 123.55 87.57 PhilipMorris PM 4.1 23 103.71
s 12.92 98.16 75.14 Phillips66
PSX 2.9 24 97.57
7.50 66.67 48.41 PinnacleFoods PF 2.3 39 57.46
16.63 92.48 72.61 PinnacleWest PNW 3.1 20 91.01
-12.72 199.83 125.46 PioneerNatRscs PXD 0.1220 157.16
-37.57 33.74 18.38 PlainsAllAmPipe PAA 6.0 22 20.16
PAGP 5.8 dd 20.78
-40.08 35.86 18.98 PlainsGP
53.06 134.29 77.91 PolarisIndustries PII 1.8 40 126.11
POT 2.0 36 19.65
8.62 20.27 15.74 Potash
PX 2.1 27 151.87
29.59 156.40 115.00 Praxair
21.88 72.23 56.12 PrincipalFin PFG 2.8 12 70.52
7.47 94.67 82.07 Procter&Gamble PG 3.1 24 90.36
s 50.99 54.00 33.28 Progressive PGR 1.3 22 53.60
PLD 2.7 20 66.19
25.38 67.53 48.33 Prologis
10.90 117.59 97.88 PrudentialFin PRU 2.6 12 115.40
24.20 51.08 38.17 Prudential PUK 1.6 18 49.42
s 20.94 53.28 40.72 PublicServiceEnt PEG 3.2 60 53.07
-5.11 232.21 192.15 PublicStorage PSA 3.8 31 212.07
84.66 34.60 18.18 PulteGroup PHM 1.1 17 33.94
7.29 38.82 30.23 QuantaServices PWR ... 20 37.39
7.95 112.97 87.34 QuestDiag DGX 1.8 21 99.21
RENX 1.4 29 22.93
36.81 23.30 15.80 RELX
RELX 1.3 29 23.62
31.44 24.03 16.95 RELX
RPM 2.4 39 52.44
-2.58 56.48 47.87 RPM
-15.40 46.92 28.76 RSP Permian RSPP ... 62 37.75
5.85 110.42 66.06 RalphLauren RL 2.1 99 95.60
27.39 90.27 68.97 RaymondJames RJF 1.0 20 88.24
s 31.61 191.36 137.70 Raytheon
RTN 1.7 25 186.89
-3.36 63.60 52.85 RealtyIncome O 4.6 46 55.55
RHT ... 75 125.26
79.71 129.61 68.54 RedHat
-1.29 72.05 58.63 RegencyCtrs REG 3.1106 68.06
15.95 16.94 13.00 RegionsFin RF 2.2 17 16.65
RGA 1.2 13 160.71
27.72 165.12 121.92 ReinsGrp
-1.22 88.58 68.46 RelianceSteel RS 2.3 15 78.57
12.57 67.18 55.07 RepublicSvcs RSG 2.1 27 64.22
RMD 1.7 34 84.25
35.78 87.81 58.71 ResMed
32.02 68.89 46.88 RestaurantBrands QSR 1.3 43 62.92
RIO 4.6 14 48.30
25.59 50.77 37.66 RioTinto
14.97 57.53 42.92 RobertHalf RHI 1.7 22 56.08
ROK 1.8 30 190.46
41.71 210.72 133.61 Rockwell
43.27 136.50 88.80 RockwellCollins COL 1.0 28 132.90
35.36 54.95 37.81 RogersComm B RCI 2.9 27 52.22
ROL 1.0 56 46.70
38.25 48.29 32.29 Rollins
42.34 267.83 181.16 RoperTech ROP 0.5 38 260.60
17.87 80.98 65.58 RoyalBkCanada RY 3.6 14 79.81
34.36 7.67 4.87 RoyalBkScotland RBS ... dd 7.43
52.65 133.75 79.10 RoyalCaribbean RCL 1.9 17 125.23
18.00 65.83 50.32 RoyalDutchA RDS.A 5.9 25 64.17
13.46 67.40 53.10 RoyalDutchB RDS.B 5.7 26 65.77
SAP 1.2 33 111.78
29.33 116.90 81.30 SAP
54.52 167.87 107.21 S&P Global SPGI 1.0 24 166.17
SHI 6.3 7 57.88
6.93 64.80 50.67 SINOPEC
31.00 28.13 20.44 SK Telecom SKM ... 8 27.38
-5.13 115.34 93.92 SLGreenRealty SLG 3.0 99 102.03
51.67 109.19 66.43 Salesforce.com CRM ...10383 103.83
SNY 3.7 22 44.62
10.34 50.65 38.45 Sanofi
s 28.67 17.57 11.12 SantanderCons SC 0.7 9 17.37
SSL 3.8 14 31.66
10.74 32.40 25.50 Sasol
SCG 5.5 14 44.26
-39.60 74.99 41.15 Scana
-22.89 87.84 61.02 Schlumberger SLB 3.1166 64.73
s 25.41 49.55 37.16 SchwabC
SCHW 0.6 32 49.50
3.87 102.50 81.48 ScottsMiracleGro SMG 2.1 32 99.25
SEE 1.3 31 47.74
5.29 50.62 41.22 SealedAir
-6.82 9.14 4.49 SemicondctrMfg SMI ... 30 7.10
19.71 122.97 98.12 SempraEnergy SRE 2.7 27 120.48
24.93 50.83 36.94 SensataTech ST ... 27 48.66
s 30.21 37.12 26.43 ServiceCorp SCI 1.6 19 36.98
s 30.61 49.28 36.34 ServiceMaster SERV ... 28 49.20
65.00 130.05 72.80 ServiceNow NOW ... dd 122.66
14.81 23.31 19.55 ShawComm B SJR 4.1 29 23.03
47.01 402.31 261.65 SherwinWilliams SHW 0.9 35 395.07
15.78 48.98 36.69 ShinhanFin SHG ... 7 43.58
-1.75
-0.17
0.15
-0.04
0.20
0.75
-0.02
0.18
0.17
0.08
-0.58
0.12
-0.19
-0.72
-0.07
-0.22
-0.48
-0.51
-3.05
-1.78
0.49
0.55
-0.07
-2.55
-0.36
-1.25
-0.22
-0.62
-1.34
0.12
0.20
0.68
-0.04
0.74
0.70
-0.68
-0.06
-5.55
0.21
0.86
-0.60
0.52
-0.10
0.27
0.25
-0.53
0.53
0.39
1.08
0.37
-1.89
0.23
0.24
0.21
5.51
1.13
-5.74
-0.41
-0.78
0.67
-0.64
0.90
-1.35
-0.86
0.60
-0.07
-4.57
-0.46
-0.49
0.40
-0.09
-0.02
-0.36
2.21
1.11
0.59
-0.52
0.34
-0.01
-1.08
0.30
-0.13
5.00
-0.07
0.54
0.70
-0.58
-0.08
0.54
0.95
0.20
-0.57
-0.49
-0.34
-0.20
0.70
-0.06
-0.13
0.05
-1.13
-6.77
0.25
0.22
-0.20
-0.53
0.21
-0.26
-0.66
1.94
0.55
-0.02
0.34
-0.67
-1.15
-0.69
-0.11
-0.23
0.44
-0.40
-0.92
-0.40
2.76
-1.20
-1.98
-0.39
-0.44
0.58
0.10
0.27
-0.97
0.26
-0.56
-0.21
0.12
0.14
0.20
0.09
0.47
0.01
-0.77
-0.80
1.12
0.66
0.19
-0.90
...
-2.05
0.22
0.37
0.42
-0.04
-0.44
-0.73
0.01
-1.05
-0.19
-0.51
0.75
-0.11
-0.14
-0.53
1.02
0.45
-0.06
-4.26
0.25
-1.50
0.25
0.06
-1.34
-0.04
-0.72
-1.15
0.23
0.40
-0.96
-2.62
0.59
0.36
0.35
-6.61
1.51
-0.11
1.35
0.05
-0.17
-1.57
0.69
-1.39
-0.06
-0.20
-0.49
-1.02
0.13
0.17
1.09
1.88
0.71
0.35
0.03
0.14
-0.51
-1.29
0.03
0.32
-0.34
0.74
-4.35
-1.59
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
SHOP ... dd 103.27
140.89 123.94 38.69 Shopify
-8.62 188.10 150.15 SimonProperty SPG 4.6 29 162.35
AOS 0.9 31 62.81
32.65 63.70 46.44 SmithAO
19.18 40.43 28.41 Smith&Nephew SNN 1.4 19 35.85
SJM 2.7 23 115.61
-9.72 143.68 99.56 Smucker
SNAP ... dd 13.87
-43.34 29.44 11.28 Snap
SNA 1.9 17 168.25
-1.76 181.73 140.83 SnapOn
89.91 63.80 26.68 SOQUIMICH SQM 1.6 41 54.41
62.54 48.33 27.72 Sony
SNE ... 25 45.56
SO 4.5 93 51.11
3.90 53.51 46.23 Southern
SCCO 2.3 28 42.76
33.88 44.69 31.55 SoCopper
20.22 64.39 47.04 SouthwestAir LUV 0.8 17 59.92
-10.34 47.48 38.42 SpectraEnerPtrs SEP 7.1 15 41.10
-6.64 146.09 98.11 SpectrumBrands SPB 1.5 23 114.21
42.19 84.96 51.85 SpiritAeroSys SPR 0.5 29 82.97
S
-29.10 9.65 5.62 Sprint
... dd 5.97
SQ ... dd 38.22
180.41 49.56 12.93 Square
s 47.12 170.33 114.27 StanleyBlackDck SWK 1.5 21 168.73
-1.37 23.01 21.27 StarwoodProp STWD 8.9 13 21.65
22.85 99.99 74.45 StateStreet STT 1.8 17 95.48
STO 4.3 dd 20.25
11.02 21.02 16.18 Statoil
STE 1.4 53 89.65
33.03 93.39 64.46 Steris
8.12 25.85 21.00 SterlingBancorp STL 1.1 20 25.30
95.59 24.80 9.77 STMicroelec STM 1.1 32 22.20
SYK 1.1 33 155.87
30.10 160.62 111.22 Stryker
6.68 8.30 6.93 SumitomoMits SMFG ... 9 8.15
22.35 93.98 71.27 SunComms SUI 2.9127 93.73
5.05 40.57 32.22 SunLifeFinancial SLF 3.5 12 40.35
7.37 36.71 27.96 SuncorEnergy SU 2.9 21 35.10
12.98 62.91 51.81 SunTrustBanks STI 2.6 16 61.97
-0.91 38.05 26.01 SynchronyFin SYF 1.7 14 35.94
16.89 93.61 78.00 Syngenta
SYT ... 41 92.40
20.76 50.50 37.95 SynovusFin SNV 1.2 20 49.61
SYY 2.5 26 57.78
4.35 58.67 48.85 Sysco
139.40 36.16 11.02 TAL Education TAL ...117 27.99
35.29 96.68 66.20 TE Connectivity TEL 1.7 20 93.73
TU 4.2 23 37.58
17.99 38.50 31.23 Telus
TSU ... 28 17.97
52.29 19.50 11.17 TIM Part
TJX 1.7 20 75.35
0.29 80.92 66.44 TJX
38.09 43.02 28.39 TaiwanSemi TSM 2.9 18 39.70
TPR 3.2 26 41.54
18.62 48.85 34.16 Tapestry
-21.17 61.83 39.59 TargaResources TRGP 8.2 dd 44.20
TGT 4.2 12 59.51
-17.61 78.42 48.56 Target
-10.53 40.34 28.96 TataMotors TTM 0.0 14 30.77
-17.68 37.09 24.53 TechnipFMC FTI 1.8 ... 29.25
16.38 33.76 14.56 TeckRscsB TECK 0.7 7 23.31
s 98.57 36.83 17.04 TelecomArgentina TEO 1.2 19 36.08
-7.09 10.53 7.42 TelecomItalia TI 3.1 ... 8.26
-5.90 8.45 5.98 TelecomItalia A TI.A 4.5 ... 6.86
49.18 186.53 119.67 TeledyneTech TDY ... 31 183.49
TFX 0.5 48 265.58
64.80 271.23 145.00 Teleflex
10.91 16.85 11.95 TelefonicaBras VIV ... 21 14.84
11.20 11.64 8.15 Telefonica TEF 4.7 18 10.23
5.08 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.64
TS 1.8117 29.71
-16.80 37.21 25.91 Tenaris
TER 0.7 19 40.11
57.91 44.62 23.45 Teradyne
-57.90 38.31 10.85 TevaPharm TEVA 2.2 dd 15.26
TXT 0.1 24 54.89
13.04 55.83 43.66 Textron
36.22 201.20 139.32 ThermoFisherSci TMO 0.3 33 192.20
1.74 48.61 42.22 ThomsonReuters TRI 3.1 31 44.54
51.51 156.86 87.96 ThorIndustries THO 1.0 19 151.59
s 35.05 243.63 171.09 3M
MMM 1.9 27 241.15
s 25.60 98.58 76.08 Tiffany
TIF 2.1 26 97.25
-5.42 103.90 85.88 TimeWarner TWX 1.8 17 91.30
TOL 0.6 18 49.67
60.23 50.95 29.17 Toll Bros
20.02 90.32 70.59 Torchmark TMK 0.7 19 88.53
TTC 1.1 28 65.48
17.03 73.86 52.60 Toro
17.13 58.76 45.18 TorontoDomBk TD 3.3 14 57.79
TOT 5.2 17 56.58
11.01 57.07 47.38 Total
50.68 74.72 47.46 TotalSystem TSS 0.7 33 73.88
6.11 128.11 103.62 ToyotaMotor TM ... 11 124.36
7.55 51.85 43.71 TransCanada TRP 4.1 31 48.56
12.42 295.00 203.72 TransDigm TDG ... 35 279.87
79.92 56.21 28.99 TransUnion TRU ... 43 55.65
TRV 2.1 16 136.21
11.26 136.48 113.76 Travelers
37.54 9.79 6.36 TurkcellIletism TKC 3.0 14 9.49
-7.12 3.80 2.44 TurquoiseHill TRQ ... 27 3.00
TWTR ... dd 20.71
27.06 22.48 14.12 Twitter
27.33 183.98 139.61 TylerTech
TYL ... 53 181.79
33.58 82.84 56.40 TysonFoods TSN 1.5 17 82.39
11.81 18.31 15.10 UBS Group UBS 3.4 16 17.52
UDR 3.2127 39.22
7.51 40.71 33.35 UDR
UGI 2.1 20 48.62
5.51 52.00 43.92 UGI
USFD ... 25 29.31
6.66 30.73 22.59 US Foods
3.76 25.39 18.99 UltraparPart UGP 2.5 23 21.52
UN ... 26 57.20
39.31 61.62 39.05 Unilever
UL 3.0 25 55.86
37.25 60.13 39.08 Unilever
20.20 127.86 101.06 UnionPacific UNP 2.1 22 124.62
-14.15 83.04 56.51 UnitedContinental UAL ... 10 62.57
47.43 2.73 1.74 UnitedMicro UMC 3.2 20 2.58
UPS 2.8 29 120.31
4.95 122.00 102.12 UPS B
48.79 161.35 100.62 UnitedRentals URI ... 22 157.09
6.87 56.61 49.53 US Bancorp USB 2.2 16 54.90
9.58 124.79 106.85 UnitedTech UTX 2.3 19 120.12
s 41.70 229.22 156.09 UnitedHealth UNH 1.3 25 226.78
1.58 129.74 95.26 UniversalHealthB UHS 0.4 15 108.06
28.57 57.37 42.47 UnumGroup UNM 1.6 13 56.48
VER 7.0 dd 7.88
-6.86 9.12 7.44 VEREIT
VFC 2.6 30 71.79
34.56 74.87 48.05 VF
V 0.7 41 110.73
41.93 113.62 75.17 Visa
38.68 237.77 155.10 VailResorts MTN 1.9 46 223.71
VALE 5.2 11 10.90
43.04 11.71 7.47 Vale
18.80 18.25 8.31 ValeantPharm VRX ... 4 17.25
23.20 85.86 60.41 ValeroEnergy VLO 3.3 18 84.17
VNTV ... 52 75.13
26.01 76.22 55.11 Vantiv
s 41.39 113.19 76.29 VarianMed VAR ... 42 112.41
s 32.16 69.86 48.94 Vectren
VVC 2.6 25 68.92
VEDL 12.4 18 17.70
42.51 21.63 12.36 Vedanta
46.09 68.07 40.50 VeevaSystems VEEV ... 72 59.46
VTR 4.8 39 64.81
3.66 72.36 58.57 Ventas
VZ 4.6 13 51.25
-3.99 54.83 42.80 Verizon
20.84 21.20 13.65 VistraEnergy VST ... 0 18.73
58.06 127.59 76.81 VMware
VMW ... 39 124.44
-7.62 90.29 71.89 VornadoRealty VNO 3.1 19 77.92
13.05 44.64 33.53 VoyaFinancial VOYA 0.1 dd 44.34
-3.15 136.82 108.95 VulcanMatls VMC 0.8 42 121.21
WBC ... 27 147.53
38.98 156.08 99.34 WABCO
17.89 70.09 54.96 WEC Energy WEC 3.0 23 69.14
20.43 72.41 56.41 W.P.Carey WPC 5.6 47 71.16
WPP 3.4 10 88.27
-20.23 119.12 82.44 WPP
WAB 0.6 29 76.30
-8.09 93.81 69.20 Wabtec
WMT 2.1 26 97.35
40.84 100.13 65.28 Wal-Mart
31.52 74.20 50.45 WasteConnections WCN 0.8 52 68.91
15.37 82.97 68.84 WasteMgt WM 2.1 26 81.81
WAT ... 29 198.16
47.45 200.71 133.35 Waters
WSO 3.0 31 165.99
12.06 168.70 134.08 Watsco
W ... dd 70.23
100.37 84.19 34.30 Wayfair
54.18 213.97 133.21 WellCareHealth WCG ... 27 211.35
1.98 59.99 49.27 WellsFargo WFC 2.8 15 56.20
1.54 78.17 61.96 Welltower HCN 5.1 59 67.96
16.83 103.36 77.97 WestPharmSvcs WST 0.6 39 99.11
0.94 57.50 49.20 WestarEnergy WR 2.8 24 56.88
19.48 59.70 44.64 WestAllianceBcp WAL ... 20 58.20
-13.81 47.82 33.92 WesternGasEquity WGP 5.9 22 36.50
-21.78 67.44 42.68 WesternGasPtrs WES 7.9 35 45.96
-9.25 22.70 18.39 WesternUnion WU 3.6 43 19.71
s 76.00 99.40 55.83 WestlakeChem WLK 0.9 21 98.54
2.00 27.05 22.17 WestpacBanking WBK 6.0 14 23.95
22.91 62.61 49.23 WestRock WRK 2.8 23 62.40
17.65 36.92 29.81 Weyerhaeuser WY 3.6 31 35.40
8.59 23.06 16.94 WheatonPrecMet WPM 1.7 46 20.98
WHR 2.6 16 167.46
-7.87 202.99 158.80 Whirlpool
WMB 4.1 51 29.29
-5.94 32.69 26.82 Williams
-2.68 42.32 33.12 WilliamsPartners WPZ 6.5 24 37.01
WIT 0.6 31 5.15
6.40 6.40 4.50 Wipro
38.25 53.50 30.92 WooriBank WF 2.9 8 44.24
s 46.22 113.00 72.27 Wyndham WYN 2.1 20 111.67
s 80.70 80.10 42.07 XPO Logistics XPO ... 65 77.99
26.19 52.22 38.22 XcelEnergy XEL 2.8 22 51.36
XRX 3.4 dd 29.72
-14.89 39.08 25.84 Xerox
XYL 1.0 40 69.01
39.36 69.69 46.67 Xylem
YPF 1.0 69 22.94
39.03 26.48 15.00 YPF
31.69 84.06 62.32 YumBrands YUM 1.4 26 83.40
55.32 43.55 25.53 YumChina YUMC ... 28 40.57
32.56 18.08 11.14 ZTO Express ZTO ... 29 16.00
7.58 36.79 29.30 ZayoGroup ZAYO ... 96 35.35
11.02 133.49 99.59 ZimmerBiomet ZBH 0.8 36 114.57
ZTS 0.6 41 72.30
35.06 72.71 48.55 Zoetis
-0.55
0.60
-0.61
0.01
-1.06
0.09
-1.18
0.09
-1.24
-0.09
0.71
-0.75
0.18
-0.67
-1.28
-0.02
-1.00
-0.90
-0.03
0.13
0.17
-0.31
-0.05
-0.42
-0.13
-0.05
0.67
0.81
0.34
0.34
0.05
-0.02
-0.02
0.05
0.11
-0.71
0.62
0.03
-0.20
0.10
-0.15
0.80
-0.39
-0.42
0.61
0.33
1.29
-0.02
0.03
-2.75
0.06
0.28
0.01
-0.44
0.47
-0.36
0.44
-0.82
-0.56
0.47
-1.96
-1.99
2.75
-0.21
-0.66
-0.32
0.23
0.85
0.03
-0.48
-1.98
0.53
-3.92
0.13
0.64
-0.09
0.05
0.13
-1.13
0.14
0.34
-0.11
-0.39
0.19
0.13
-0.54
-0.62
-1.88
-0.75
0.03
-1.14
-2.39
-0.25
-1.33
-1.39
-0.29
-0.14
0.08
-1.17
-1.86
-1.45
0.20
0.50
-1.45
0.13
0.66
-0.58
-0.52
-0.75
0.80
0.36
-0.17
4.33
0.30
0.14
-4.44
-1.92
-0.35
-0.02
0.33
-0.60
0.12
0.08
-0.44
0.99
-1.51
0.24
-1.64
-0.27
0.50
-0.82
-0.33
0.02
0.80
1.14
0.02
0.61
0.10
-0.01
0.02
0.10
-1.11
0.24
0.31
-0.24
-1.08
-0.72
-1.04
-0.25
0.06
-0.33
0.25
-0.07
-0.26
-0.06
0.01
-2.53
0.01
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
4.51 22.11 14.10 CentennialRsc CDEV ...147 20.61
CERN ... 35 70.17
48.13 73.86 47.01 Cerner
16.79 408.83 265.78 CharterComms CHTR ...114 336.27
23.49 119.20 80.78 CheckPoint CHKP ... 22 104.30
107.43 142.80 45.61 ChinaLodging HTHT ... 46 107.53
-1.62 81.98 68.24 CincinnatiFin CINF 2.7 25 74.52
s 36.29 158.43 112.96 Cintas
CTAS 1.0 36 157.50
24.42 38.02 29.12 CiscoSystems CSCO 3.1 19 37.60
s 24.23 88.96 67.23 CitrixSystems CTXS ... 30 88.35
CGNX 0.3 51 138.49
117.68 145.98 57.42 Cognex
27.36 76.51 51.52 CognizantTech CTSH 0.8 22 71.36
COHR ... 35 289.57
110.77 320.73 125.45 Coherent
11.31 42.18 34.03 Comcast A CMCSA 1.6 19 38.43
2.89 57.72 49.43 CommerceBcshrs CBSH 1.6 22 56.65
-3.04 42.75 30.95 CommScope COMM ... 36 36.07
s 55.24 43.39 27.05 Copart
CPRT ... 34 43.01
CSGP ... 91 302.01
60.23 314.73 179.22 CoStar
s 15.63 185.18 150.00 Costco
COST 1.1 30 185.13
39.89 308.19 182.50 CreditAcceptance CACC ... 16 304.27
CTRP ... 81 46.32
15.80 60.65 39.71 Ctrip.com
-13.14 66.50 46.07 DISH Network DISH ... 24 50.32
14.46 68.98 52.53 DentsplySirona XRAY 0.5 dd 66.08
9.75 114.93 82.77 DiamondbkEner FANG ... 27 110.91
-31.29 29.18 14.99 DiscovComm C DISCK ... 10 18.40
-29.00 30.25 15.99 DiscovComm A DISCA ... 10 19.46
33.47 105.14 65.63 DollarTree DLTR ... 25 103.01
s 41.10 48.94 32.25 E*TRADE
ETFC ... 23 48.89
333.76 63.60 13.05 EXACT Sci EXAS ... dd 57.95
20.66 62.76 48.07 EastWestBncp EWBC 1.3 17 61.33
EBAY ... 5 35.20
18.56 39.27 27.69 eBay
SATS ... 49 60.35
17.44 62.50 49.82 EchoStar
35.79 153.13 98.73 ElbitSystems ESLT ... 25 138.36
34.61 122.79 73.74 ElectronicArts EA ... 28 106.02
EQIX 1.7154 469.16
31.27 495.35 327.37 Equinix
ERIC 1.8 dd 6.25
7.20 7.47 5.13 Ericsson
7.91 129.73 106.76 ErieIndemnity A ERIE 2.6 30 121.34
EXEL ... 57 28.12
88.60 32.50 14.22 Exelixis
EXPE 1.0 48 122.70
8.32 161.00 111.88 Expedia
21.73 65.41 51.57 ExpeditorsIntl EXPD 1.3 27 64.47
-6.37 77.25 55.80 ExpressScripts ESRX ... 11 64.41
-8.30 149.50 114.63 F5Networks FFIV ... 20 132.71
FB ... 34 175.10
52.19 184.25 114.30 Facebook
FAST 2.5 28 52.18
11.07 52.89 39.79 Fastenal
13.79 31.11 23.20 FifthThirdBncp FITB 2.1 12 30.69
FSLR ... dd 60.30
87.91 63.10 25.56 FirstSolar
FISV ... 31 130.41
22.70 131.85 102.60 Fiserv
FLEX ... 18 18.01
25.33 19.11 13.98 Flex
28.30 48.06 33.75 FlirSystems FLIR 1.3 29 46.43
FTNT ... 88 42.19
40.07 42.31 28.50 Fortinet
18.03 39.32 29.32 Gaming&Leisure GLPI 7.0 20 36.14
GRMN 3.3 17 61.23
26.27 63.15 47.03 Garmin
GNTX 1.9 16 20.59
4.57 22.12 16.59 Gentex
5.21 86.27 63.76 GileadSciences GILD 2.8 9 75.34
GT 1.7 8 32.12
4.05 37.20 28.81 Goodyear
GRFS 1.9 ... 22.20
38.15 24.20 14.33 Grifols
s116.34 59.00 23.23 GpoFinGalicia GGAL 0.0 17 58.24
-14.77 44.73 28.97 HD Supply HDS ... 11 36.23
HAS 2.5 20 91.84
18.06 116.20 77.20 Hasbro
-6.85 93.50 65.28 HenrySchein HSIC ... 20 70.66
HOLX ... 15 40.85
1.82 46.80 35.76 Hologic
JBHT 0.8 29 109.01
12.30 111.98 83.35 JBHunt
9.23 14.77 12.14 HuntingtonBcshs HBAN 3.0 17 14.44
91.84 137.86 64.50 IAC/InterActive IAC ... 31 124.29
IDXX ... 50 155.00
32.17 173.01 113.71 IdexxLab
26.26 48.53 34.20 IHSMarkit INFO ... 47 44.71
127.06 248.23 93.38 IPG Photonics IPGP ... 33 224.13
-11.26 64.46 47.06 IcahnEnterprises IEP 11.3 5 52.89
ICLR ... 23 116.55
54.99 124.48 73.76 Icon
ILMN ... 42 225.24
75.91 230.72 119.37 Illumina
INCY ... dd 97.94
-2.32 153.15 94.78 Incyte
INTC 2.4 16 44.68
23.19 47.30 33.23 Intel
s 59.08 58.13 33.01 InteractiveBrkrs IBKR 0.7 50 58.08
INTU 1.0 41 156.44
36.50 158.90 111.48 Intuit
87.64 405.05 203.57 IntuitiveSurgical ISRG ... 51 396.66
19.03 65.51 37.26 IonisPharma IONS ...388 56.93
JD ... dd 37.27
46.50 48.99 25.25 JD.com
28.44 117.47 84.99 JackHenry JKHY 1.1 36 114.03
26.74 163.75 99.28 JazzPharma JAZZ ... 23 138.19
JBLU ... 11 21.31
-4.95 24.13 18.05 JetBlue
200.80 63.45 17.52 JunoTherap JUNO ... dd 56.70
32.02 110.00 74.66 KLA Tencor KLAC 2.3 16 103.87
-7.00 97.77 75.21 KraftHeinz KHC 3.1 25 81.21
s 28.29 39.94 27.85 LKQ
LKQ ... 24 39.32
77.63 219.70 98.35 LamResearch LRCX 1.1 17 187.81
12.75 79.09 62.45 LamarAdv LAMR 4.4 24 75.81
21.20 104.35 67.37 LibertyBroadbandA LBRDA ...517 87.82
19.93 104.66 69.14 LibertyBroadbandC LBRDK ...523 88.83
3.63 37.69 28.17 LibertyGlobal A LBTYA ... 97 31.70
3.67 37.00 27.36 LibertyGlobal C LBTYK ... 95 30.79
-2.05 28.11 19.65 LibertyLiLAC A LILA ... 66 21.51
... 27.82 19.58 LibertyLiLAC C LILAK ... 65 21.17
23.72 26.00 17.24 LibertyQVC A QVCA ... 10 24.72
55.19 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.22
9.22 39.37 27.63 LibertyFormOne A FWONA ... ... 34.24
14.43 41.14 27.55 LibertyFormOne C FWONK ... ... 35.85
9.52 26.52 19.30 LibertyBraves A BATRA ... dd 22.44
8.74 26.20 18.57 LibertyBraves C BATRK ... dd 22.39
24.17 46.24 33.14 LibertySirius C LSXMK ... 26 42.12
22.02 46.43 33.79 LibertySirius A LSXMA ... 26 42.12
17.92 99.59 75.80 LincolnElectric LECO 1.7 22 90.41
38.51 40.82 23.59 LogitechIntl LOGI 1.8 27 34.31
LOGM 0.91061 116.70
20.87 129.51 90.35 LogMeIn
LULU ... 32 67.22
3.43 72.70 47.26 lululemon
32.96 211.06 145.10 MarketAxess MKTX 0.7 50 195.35
MAR 1.0 34 126.86
53.43 128.37 78.79 Marriott
59.91 24.22 13.59 MarvellTech MRVL 1.1 32 22.18
66.14 32.87 15.42 MatchGroup MTCH ... 19 28.41
MAT ... dd 17.26
-37.35 31.60 12.71 Mattel
34.59 55.43 37.32 MaximIntProducts MXIM 2.8 25 51.91
s 67.04 27.47 14.88 MelcoResorts MLCO 1.4 42 26.56
74.79 297.95 150.29 MercadoLibre MELI 0.2 91 272.91
35.62 95.92 60.85 MicrochipTech MCHP 1.7 35 87.00
91.56 49.89 18.30 MicronTech MU ... 10 41.99
-2.54 57.97 46.09 Microsemi MSCC ... 35 52.60
MSFT 2.0 29 84.26
35.60 86.20 58.80 Microsoft
MIDD ... 24 126.59
-1.72 150.87 107.53 Middleby
MDLZ 2.1 30 42.92
-3.18 47.23 39.19 Mondelez
s 41.90 62.94 41.02 MonsterBev MNST ... 46 62.92
MYL ... 24 38.12
-0.08 45.87 29.39 Mylan
NXPI ... 25 114.78
17.11 118.20 96.00 NXP Semi
NDAQ 1.9 52 79.26
18.09 79.85 63.36 Nasdaq
41.92 46.33 29.51 NatlInstruments NATI 1.9 52 43.74
334.72 55.42 11.41 NektarTherap NKTR ... dd 53.34
NTAP 1.4 24 56.41
59.94 57.75 34.72 NetApp
NTES 0.9 22 323.90
50.41 375.10 211.11 Netease
NFLX ...189 186.82
50.90 204.38 116.75 Netflix
90.18 75.98 37.34 Neurocrine NBIX ... dd 73.60
39.41 16.60 11.75 NewsCorp B NWS 1.2 dd 16.45
41.36 16.43 11.41 NewsCorp A NWSA 1.2 dd 16.20
NDSN 0.9 26 128.56
14.73 131.49 103.76 Nordson
9.67 99.30 81.92 NorthernTrust NTRS 1.7 22 97.66
28.87 61.48 38.66 NorwegCruise NCLH ... 17 54.81
NVDA 0.3 49 197.68
85.20 218.67 85.12 NVIDIA
-15.81 286.57 169.43 OReillyAuto ORLY ... 20 234.40
48.51 129.86 80.56 OldDomFreight ODFL 0.3 31 127.41
ON ... 22 19.86
55.64 22.15 10.96 ON Semi
OTEX 1.6 57 32.47
5.06 35.45 29.57 OpenText
PTC ...1253 62.64
35.38 67.12 45.57 PTC
PCAR 1.4 18 69.65
9.00 75.68 61.93 Paccar
-12.56 57.53 43.08 PacWestBancorp PACW 4.2 16 47.60
PAYX 3.0 29 66.87
9.84 67.88 54.20 Paychex
PYPL ... 58 75.30
90.78 79.39 38.06 PayPal
-2.32 20.13 15.96 People'sUtdFin PBCT 3.6 21 18.91
s 96.31 37.38 17.45 PilgrimPride PPC ... 15 37.28
PCLN ... 24 1735.30
18.36 2067.99 1459.49 Priceline
QGEN ... 81 31.67
8.84 36.34 27.51 Qiagen
QRVO ... dd 74.21
40.74 81.20 49.53 Qorvo
0.44 70.24 48.92 Qualcomm QCOM 3.5 25 65.49
20.15 108.29 67.54 RandgoldRscs GOLD 1.1 31 91.72
1.74 543.55 340.09 RegenPharm REGN ... 34 373.47
15.44 77.20 52.85 RossStores ROST 0.8 24 75.73
RYAAY ... 18 120.45
44.67 127.35 78.34 Ryanair
59.00 173.97 102.29 SBA Comm SBAC ...201 169.16
42.20 70.80 46.20 SEI Investments SEIC 0.8 31 70.19
SINA ... 54 95.79
70.76 119.20 55.79 Sina
43.25 42.48 28.43 SS&C Tech SSNC 0.7 39 40.97
SIVB ... 26 228.17
32.92 233.46 158.24 SVB Fin
15.31 88.45 64.87 ScrippsNetworks SNI 1.5 18 82.30
STX 6.4 15 39.11
2.46 50.96 30.60 Seagate
12.66 71.31 45.31 SeattleGenetics SGEN ... dd 59.45
SHPG 0.2 29 148.25
-12.99 192.15 137.17 Shire
-9.29 164.23 116.68 SignatureBank SBNY ... 19 136.24
SIRI 0.8 31 5.54
24.49 5.89 4.22 SiriusXM
SWKS 1.3 19 102.23
36.93 117.65 71.65 Skyworks
SPLK ... dd 79.70
55.82 84.88 50.64 Splunk
3.24 64.87 52.58 Starbucks SBUX 2.1 29 57.32
7.70 40.17 32.15 SteelDynamics STLD 1.6 18 38.32
SRCL ... dd 66.94
-13.11 88.00 61.25 Stericycle
21.85 34.20 23.34 Symantec SYMC 1.0 dd 29.11
SNPS ...106 90.32
53.45 94.80 56.03 Synopsys
18.51 51.80 36.12 TD Ameritrade AMTD 1.6 32 51.67
5.89 68.88 53.83 T-MobileUS TMUS ... 24 60.90
36.58 103.85 65.33 TRowePrice TROW 2.2 17 102.79
124.71 120.62 46.27 TakeTwoSoftware TTWO ...102 110.76
TSLA ... dd 306.53
43.45 389.61 180.00 Tesla
33.18 99.79 69.92 TexasInstruments TXN 2.6 23 97.18
-10.09 78.25 49.87 TractorSupply TSCO 1.6 20 68.16
TRMB ... 55 42.00
39.30 43.97 27.74 Trimble
14.80 32.60 24.81 21stCenturyFoxA FOXA 1.1 20 32.19
15.49 31.94 24.30 21stCenturyFoxB FOX 1.1 20 31.47
-16.62 314.86 187.96 UltaBeauty ULTA ... 27 212.58
14.02 233.42 180.29 UltSoftware ULTI ...214 207.91
213.85 192.75 53.65 UnivDisplay OLED 0.1 87 176.70
VEON 2.7 4 4.01
4.16 4.50 3.35 VEON
VRSN ... 31 114.96
51.12 118.28 75.71 VeriSign
s 17.83 98.60 75.60 VeriskAnalytics VRSK ... 35 95.64
91.11 167.85 71.46 VertxPharm VRTX ...180 140.79
VIAB 2.8 6 28.40
-19.09 46.72 22.13 Viacom B
VIA 2.3 7 34.20
-11.17 49.00 28.20 Viacom A
VOD 3.7 dd 30.73
25.79 31.03 24.30 Vodafone
-13.67 88.00 63.82 WalgreensBoots WBA 2.2 19 71.45
WB ... 89 104.83
158.20 123.00 40.12 Weibo
16.79 95.77 60.78 WesternDigital WDC 2.5 17 79.36
32.44 165.00 119.70 WillisTowers WLTW 1.3 48 161.95
52.10 116.89 65.79 Workday
WDAY ... dd 100.52
s 83.81 160.80 85.57 WynnResorts WYNN 1.3 44 159.01
XLNX 2.1 29 68.24
13.04 75.14 53.09 Xilinx
YY ... 17 100.73
155.53 123.48 37.81 YY
YNDX ... 80 32.53
61.60 35.32 18.32 Yandex
28.68 117.44 75.70 ZebraTech ZBRA ...196 110.36
Z
... dd 40.81
11.90 51.23 32.56 Zillow C
ZG ... dd 40.93
12.29 50.91 32.63 Zillow A
16.36 50.51 38.43 ZionsBancorp ZION 1.3 19 50.08
co Fo
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Yld
Net
Sym % PE Last Chg
n-
Friday, December 1, 2017
YTD 52-Week
% Chg Hi Lo Stock
YTD 52-Week
% Chg Hi Lo Stock
ly
.
How to Read the Stock Tables
NASDAQ
10.42 22.34 17.30 AGNC Invt AGNC 10.8 5 20.02 0.12
ANSS ... 46 146.54 -1.65
58.44 155.14 91.89 Ansys
ASML 0.8 ... 172.43 -3.09
53.68 186.37 98.84 ASML
ABMD ... 96 194.60 -0.24
72.70 200.28 103.53 Abiomed
71.59 67.03 35.12 ActivisionBliz ATVI 0.5140 61.96 -0.44
74.38 186.27 98.00 AdobeSystems ADBE ... 56 179.52 -1.95
-5.38 15.65 8.38 AdvMicroDevices AMD ... dd 10.73 -0.16
-16.33 71.64 44.65 AkamaiTech AKAM ... 34 55.79 0.01
-10.94 149.34 96.18 AlexionPharm ALXN ... 49 108.96 -0.85
ALGN ... 77 254.07 -6.81
164.30 266.41 88.56 AlignTech
ALKS ... dd 53.70 1.41
-3.38 63.40 46.42 Alkermes
266.75 147.63 35.98 AlnylamPharm ALNY ... dd 137.31 2.77
30.88 1062.38 743.10 Alphabet C GOOG ... 34 1010.17 -11.24
29.35 1080.00 759.00 Alphabet A GOOGL ... 34 1025.07 -11.10
81.28 73.25 38.24 Altaba
AABA ... dd 70.10 0.04
55.01 1213.41 736.70 Amazon.com AMZN ...295 1162.35 -14.40
DOX 1.4 22 65.01 -0.28
11.61 67.98 56.10 Amdocs
UHAL ... 23 378.39 7.72
2.38 400.99 338.30 Amerco
4.95 54.48 39.21 AmerAirlines AAL 0.8 12 49.00 -1.49
AMGN 2.6 16 177.20 1.54
21.20 191.10 138.83 Amgen
17.60 93.99 68.42 AnalogDevices ADI 2.1 41 85.40 -0.71
AAPL 1.5 19 171.05 -0.80
47.69 176.24 108.25 Apple
60.86 60.89 30.06 ApplMaterials AMAT 0.8 16 51.91 -0.86
9.93 102.60 82.66 ArchCapital ACGL ... 31 94.86 0.17
TEAM ... dd 47.01 0.32
95.22 53.45 23.80 Atlassian
44.66 131.10 68.06 Autodesk
ADSK ... dd 107.06 -2.64
ADP 2.2 29 113.75 -0.71
10.67 121.77 94.11 ADP
BOKF 2.0 19 88.55 -0.45
6.64 92.08 73.44 BOK Fin
BIDU ... 30 235.07 -3.51
42.98 274.97 160.79 Baidu
-9.36 56.86 40.15 BankofOzarks OZRK 1.6 16 47.67 -0.55
BIIB ... 20 319.35 -2.82
22.26 348.84 244.28 Biogen
2.61 100.51 79.50 BioMarinPharm BMRN ... dd 85.00 -0.80
25.67 30.98 21.51 BlueBuffaloPet BUFF ... 35 30.21 -0.50
s177.31 174.65 60.95 bluebirdbio BLUE ... dd 171.10 -1.70
-16.51 75.00 52.75 BrighthouseFin BHF ... ... 58.44 -0.35
53.62 285.68 160.62 Broadcom AVGO 1.5265 271.56 -6.38
CA 3.1 19 33.19 0.12
4.47 36.54 30.01 CA
15.20 69.86 56.67 CDK Global CDK 0.9 33 68.76 -0.33
CDW 1.2 26 69.14 -0.87
32.73 71.53 50.49 CDW
18.13 87.17 63.41 CH Robinson CHRW 2.1 26 86.54 -0.11
s 30.72 152.14 113.27 CME Group CME 1.8 34 150.79 1.25
s 56.25 56.32 35.59 CSX
CSX 1.4 29 56.14 0.39
73.35 45.64 24.15 CadenceDesign CDNS ... 47 43.72 -0.19
55.88 13.60 7.05 CaesarsEnt CZR ... dd 13.25
...
CG 11.2 11 20.05 -0.05
31.48 24.85 14.85 Carlyle
CAVM ... dd 85.41 -0.07
36.79 88.96 53.90 Cavium
68.16 125.04 69.95 CboeGlobalMkts CBOE 0.9 68 124.25 0.82
CELG ... 24 102.14 1.31
-11.76 147.17 94.55 Celgene
0.32
-0.52
10.06
0.01
1.46
-0.21
0.06
0.30
0.72
-0.08
-0.92
-2.39
0.89
0.03
0.08
-0.15
-2.96
0.70
1.37
0.24
-0.33
-0.93
1.60
0.32
0.44
0.25
0.75
-1.53
-0.21
0.53
0.50
-1.14
-0.33
4.67
...
-2.55
1.04
0.20
-0.31
-0.77
-1.49
-2.08
-0.21
0.18
-1.80
-1.04
-0.06
-0.15
0.13
-0.18
-0.85
0.11
0.56
-0.25
-0.34
1.11
-0.75
-1.18
-0.79
-0.87
-2.13
0.04
-2.98
-1.41
0.09
-4.85
-0.34
-0.26
-4.79
-1.05
-0.16
1.02
-0.78
-3.12
1.44
-0.18
-1.29
-1.55
-0.16
2.08
1.63
-0.16
-0.10
-4.52
0.58
2.11
1.88
-0.06
-0.04
0.71
0.42
0.32
1.41
-0.55
-0.55
-0.18
-0.25
1.31
1.35
-0.73
-0.35
-2.30
0.26
0.08
-0.14
-0.16
-0.99
-0.99
-0.42
0.45
-2.23
0.01
-0.40
-0.25
0.09
-0.93
-0.02
0.25
1.59
1.39
0.10
-0.21
-0.65
-0.10
-4.81
-0.76
1.71
0.05
0.04
0.20
-0.12
0.65
-3.03
-1.81
-1.83
-0.22
-0.14
-1.04
-0.68
-0.06
-0.44
-0.43
-0.11
0.61
-4.41
-0.23
-2.37
-0.85
-0.04
11.61
-0.30
-1.49
-0.59
-0.17
-1.98
-0.32
0.53
0.46
0.55
-1.48
-0.50
-1.04
0.04
-2.51
-0.39
-0.50
-0.18
0.63
0.14
-0.06
0.50
-0.17
-0.13
-0.79
-2.32
-0.11
-0.08
0.01
0.25
0.32
-9.13
-3.12
-4.30
-0.03
-0.14
-0.78
-3.50
0.08
0.15
-0.05
-1.31
-3.73
0.50
1.15
-2.48
0.93
-1.27
-2.46
-0.58
0.04
-0.23
-0.13
0.53
NYSE AMER
17.02
-3.78
19.80
-10.27
51.51
33.47
27.86
36.85
40.36 CheniereEnergy LNG ... dd
26.41 CheniereEnerPtrs CQP 6.3 dd
21.17 CheniereEnHldgs CQH 6.7335
27.59 ImperialOil IMO 1.6 17
48.48
27.73
26.80
31.19
0.16
0.82
-1.06
0.26
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B8 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
NEW HIGHS AND LOWS
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.
98.52
AbbVie
ABBV
129.04
AlexandriaRlEst ARE
80.93
Allete
ALE
27.42
AllyFinancial
ALLY
77.97
AEP
AEP
11.82
AmRltyInv
ARL
91.97
AmerWaterWorks AWK
Anthem
ANTM 236.39
38.20
AquaAmerica
WTR
30.88
ArcelorMittal
MT
60.25
ArmstrongWorld AWI
26.42
AspenInsPfd
AHLpD
28.89
AtHomeGroup
HOME
92.73
AtmosEnergy
ATO
129.84
Autoliv
ALV
53.46
Avangrid
AGR
11.09
BRT Apartments BRT
1.74
BankofAmWtB BAC.WS.B
BankofAmPfdL BACpL 1330.99
40.68
BankofButterfield NTB
337.73
Bard CR
BCR
229.69
BectonDicknsn BDX
BerkHathwy A BRK.A 292170
BerkHathwy B BRK.B 194.99
17.13
BluegreenVac
BXG
278.73
Boeing
BA
183.50
BostonBeer
SAM
10.81
BoulderGrowth BIF
51.79
Brown&Brown
BRO
60.80
Brown-Forman B BF.B
61.08
Brown-Forman A BF.A
109.41
BurlingtonStrs
BURL
22.85
BylineBancorp
BY
56.32
CalAtlantic
CAA
95.73
CIBC
CM
107.38
CantelMedical
CMD
25.38
CapitalOnePfdG COFpG
10.10
CapitolInvIV A
CIC
142.40
Caterpillar
CAT
102.99
Centene
CNC
248.31
Chemed
CHE
29.09
ChesapeakeLodging CHSP
26.62
ChinaYuchai
CYD
9.98
ChnStrsGlbInc
INB
17.66
Cott
COT
17.16
CreditSuisse
CS
19.57
CushingRenaissance SZC
116.40
DTE Energy
DTE
58.49
DaqoNewEnergy DQ
10.88
DE InvDivInco
DDF
84.47
DominionEner
D
48.36
Domtar
UFS
26.45
DriveShackPfdB DSpB
55.57
EatonVance
EV
61.15
ElPasoElectric
EE
7.43
Entravision
EVC
90.94
EquityLife
ELS
202.24
FactSet
FDS
33.81
FederatedInvest FII
67.55
FirstCash
FCFS
22.45
Forestar
FOR
75.69
Fortive
FTV
69.01
FortBrandsHome FBHS
37.96
GMS
GMS
0.67
GabelliGlbSmRt GGZr
32.75
GardnerDenver GDI
GlMedREIT PfdA GMREpA 25.69
-0.6
1.3
-0.4
1.5
-0.5
4.9
-0.4
-1.1
-0.6
0.8
-0.4
1.0
2.2
-0.1
1.3
-0.7
0.1
2.0
0.6
0.3
...
-0.8
-0.2
0.8
0.3
-2.0
1.3
-0.2
1.0
1.5
1.3
2.3
2.7
-0.6
4.0
...
0.6
0.8
0.3
-1.0
0.6
0.1
-2.5
-0.4
2.3
1.4
3.0
-0.3
4.3
0.3
-0.7
-0.3
0.3
0.4
-1.1
5.0
-0.1
0.8
0.5
-1.2
0.4
-0.1
-1.3
0.5
29.3
-1.0
...
-0.7
0.8
-0.4
-0.4
0.1
-0.6
-2.6
-2.6
0.6
0.9
1.0
-0.1
0.7
-0.7
-0.4
-0.7
0.9
8.5
0.8
-0.1
0.6
-1.2
-0.4
0.7
0.5
1.3
-1.0
1.9
2.4
0.8
0.1
0.3
11.3
60.0
3.6
-0.3
0.6
...
1.8
-1.9
-1.4
...
0.8
2.0
...
1.1
-2.2
-1.2
0.8
1.5
0.4
0.1
0.7
0.4
0.3
0.6
-0.3
-0.6
-0.5
0.6
3.4
3.7
-0.7
-0.8
-1.0
2.9
0.4
-0.2
-0.2
0.2
Company
Amount
Yld % New/Old Frq
Payable /
Record
CSWC
CULP
JJSF
ROYT
UG
6.1 .26 /.24 Q
1.1 .09 /.08 Q
1.2 .45 /.42 Q
11.3 .0161 /.01264 M
5.5 .50 /.42 SA
Jan02 /Dec15
Jan16 /Jan02
Jan04 /Dec13
Dec26 /Dec11
Dec18 /Dec11
EVLMC
0.4 .0342 /.0395 M
Dec06 /Dec04
DIAL
MMIN
MMIT
USHY
BIL
UEVM
UIVM
USVM
ULVM
VTC
3.1
.07152
.06137
.03971
.22214
.06551
.0026
.02949
.02536
.08493
.221
M
Dec06 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec11 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec06 /Dec04
Funds and investment companies
ADVERTISEMENT
0.7
0.1
3.7
5.2
2.7
10.9
3.8
3.8
6.1
3.2
6.2
1.5
2.4
4.8
5.2
7.2
7.1
5.8
7.2
5.7
6.9
4.5
1.0
2.9
3.9
5.5
1.9
1.8
2.7
2.2
1.8
1.8
1.8
3.1
.04226
.00576
.07821
.09938
.0548
.45716
.15742
.17014
.12333
.06394
.12951
.0942
.10334
.0724
.0674
.091
.0915
.1235
.0735
.1178
.1227
.18715
.08236
.12023
.08136
.21725
.21176
.15969
.11868
.1065
.09056
.08354
.1021
.12937
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
ArrowDJGlobalYd GYLD
CSAxela3xInvBrent DBRT
DirexPharmBl3X PILL
FlexiBx3YDurTIPS TDTT
FrankFTSEChina FLCH
iSh0-5YTIPSBd STIP
iShiBdsMar18CpxFin IBCC
iShiBondsMar2018Cp IBDB
NuShEnhYd1-5Y NUSA
ProShShtDow30 DOG
ProShUlt3xShCrude OILD
ProShUltBloomCrd SCO
ProShrUSCnsmrGd SZK
SPDRBloomBarc1-10Y TIPX
SchwabSrtTRmUSTrsr SCHO
TeucriumAgricFd TAGS
UBSProSh3xInvCrd WTID
US ShortOilFd
DNO
US3xShrtOilFd USOD
VelocityShLIBOR DLBR
Velocity3xInvCrude DWT
VirtusEnhShrtUS VESH
Dec08 /Dec04
Dec08 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec12 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Symbol
n-
FXA
FXC
EMIH
HYIH
IGIH
IFIX
IGVT
LKOR
TDTT
MBSD
TDTF
RAVI
SKOR
EFAS
SDEM
ALTY
SRET
DIV
SPFF
PFFD
SDIV
GHYB
GBIL
GIGB
HYLV
SHYG
TLH
IEF
QLTA
CMF
ICVT
ICVT
ICVT
IMTB
VGZ
Nasdaq highs - 103
Nasdaq lows - 43
NYSE Arca lows - 22
iSh Core Total USD Bd Mkt
iSh Core US Aggregate Bd
iSh Edge HY Defensive Bd
iSh Edge Inv Grade Enh Bd
iSh Em Mkts Corp Bd Fd
iSh ESG 1-5Y USD Cp Bd
iSh ESG USD Corp Bd
iSh Fallen Angels USD Bd
iSh Glbl Hi Corp Bd Fd
iSh iBds Mar2018 Cp xFin
iSh iBds Mar2020 Cp xFin
iSh iBds Mar2023 Cp xFin
iSh iBonds Dec 2018 Corp
iSh iBonds Dec 2019 Corp
iSh iBonds Dec 2019 Corp
iSh iBonds Dec 2019 Corp
iSh iBonds Dec 2020 Corp
iSh iBonds Dec 2021 Corp
iSh iBonds Dec 2021 Muni
iSh iBonds Dec 2022 Corp
iSh iBonds Dec 2022 Corp
iSh iBonds Dec 2022 Corp
iSh iBonds Dec 2022 Muni
iSh iBonds Dec 2023 Corp
iSh iBonds Dec 2023 Corp
iSh iBonds Dec 2023 Muni
iSh iBonds Dec 2024 Corp
iSh iBonds Dec 2025 Corp
iSh iBonds Dec 2026 Corp
iSh iBonds Dec 2027 Corp
iSh iBonds Mar 2018 Corp
iSh iBonds Mar 2020 Corp
iSh iBonds Mar 2023 Corp
iSh iBonds Sep 2018 Muni
iSh iBonds Sep 2019 Muni
iSh iBonds Sep 2020 Muni
iSh iBoxx $ Invt Gr Cp Bd
iSh Interm Govt/Credit Bd
iSh Intermediate Cred Bd
iSh Intl Aggregate Bd
iSh Intl Preferred Stock
iSh Liquidity Incm
iSh Natl Muni Bd
iSh New York Muni Bd
iSh Short Maturity Bd
iSh Short Maturity Mun Bd
iSh Short Treasury Bd
iSh Short-Tm Natl Muni Bd
iSh Trea Floating Rate Bd
iSh U.S. Credit Bd
iSh U.S. Treasury Bd
iSh US Fixed Incm Bal
iShares $ HY xOil & Gas
iShares 0-5Y Inv Grd Cp
iShares 0-5Y TIPS Bond
iShares 10+Y Credit Bond
iShares 10+Y Invest Cp Bd
iShares 1-3Y Credit Bond
iShares 1-3Y Treasury Bd
iShares 20+Y Treasury Bd
iShares 3-7Y Treasury Bd
no
CurrencyShares AUD Tr
CurrencyShs CDN Dollar Tr
DBX Emerging Markets Bd
DBX High Yield Corp Bd
DBX Investment Grade Bd
Deutsche X Bar Intl Cp Bd
Deutsche X Intl Trea Bd
Flex Credit-Scored US Lg
Flex iBx 3Y Dur TIPS
FlexShares Discip Dur MBS
FlexShares iBoxx 5Y TIPS
FlexShares Ready Access
FlexShs Credit-Scored US
Gl X MSCI SuperDivi
Gl X SuperDiv EM
Gl X SuperDivid Alt
Gl X SuperDividend REIT
Gl X SuperDividend US
Gl X SuperIncome Pfd
Gl X U.S. Preferred
Global X SuperDividend
Goldman Sachs Acc Hi Yd
Goldman Sachs Trea 0-1Y
GS Access Inv Grade Cp Bd
IQ S&P Hi Yd Low Vol Bd
iSh 0-5Y Hi Yd Corp Bd
iSh 10-20Y Treasury Bond
iSh 7-10Y Treasury Bond
iSh AAA-A Rated Corp Bd
iSh California Muni Bd
iSh Convertible Bd
iSh Convertible Bd
iSh Convertible Bd
iSh Core 5-10 Year USD Bd
VistaGold
17.51
58.80
22.03
24.36
24.63
99.84
24.56
25.49
24.84
15.19
11.64
25.80
14.11
18.41
50.07
21.96
16.50
58.17
12.37
22.15
15.18
22.90
49.57
12.08
15.09
1.79
Cash Prices| WSJ.com/commodities Friday, December 01, 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
0.60
0.14
0.35
9.25
3.41
IUSB
AGG
HYDB
IGEB
CEMB
SUSB
SUSC
FALN
GHYG
IBCC
IBCD
IBCE
IBDH
IBDK
IBDK
IBDK
IBDL
IBDM
IBMJ
IBDN
IBDN
IBDN
IBMK
IBDO
IBDO
IBML
IBDP
IBDQ
IBDR
IBDS
IBDB
IBDC
IBDD
IBMG
IBMH
IBMI
LQD
GVI
CIU
IAGG
IPFF
ICSH
MUB
NYF
NEAR
MEAR
SHV
SUB
TFLO
CRED
GOVT
FIBR
HYXE
SLQD
STIP
CLY
LLQD
CSJ
SHY
TLT
IEI
Amount
Yld % New/Old Frq
2.8
2.5
5.6
3.3
4.1
2.1
2.9
7.8
4.2
1.2
1.9
2.7
1.6
1.9
1.9
1.9
2.2
2.5
1.3
2.7
2.7
2.7
1.5
2.9
2.9
1.3
3.2
3.3
3.3
4.7
1.3
2.1
2.9
0.8
1.0
1.2
3.2
1.9
2.6
0.5
3.2
1.5
2.3
2.4
1.7
1.1
1.0
1.0
1.1
3.1
1.7
2.5
5.8
2.1
5.1
4.0
3.9
1.7
1.1
2.4
1.6
.11867
.23088
.23454
.13906
.17654
.04418
.06186
.17793
.17715
.02399
.03799
.0545
.03318
.00494
.0392
.00203
.04577
.05075
.02749
.00486
.0567
.00005
.03138
.01199
.06026
.02748
.06636
.06905
.06651
.09822
.02778
.04503
.06376
.01732
.02196
.02474
.32229
.17554
.23482
.02291
.04936
.06383
.21451
.11138
.07026
.047
.0911
.08827
.04544
.2855
.03525
.20539
.24711
.08899
.42179
.20677
.16484
.15196
.07853
.2547
.16068
Payable /
Record
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Company
Symbol
iShares 5-10Y Invst Cp Bd
iShares Agency Bond ETF
iShares CMBS ETF
iShares Core 10+Y USD Bd
iShares Core 1-5Y USD Bd
iShares Floating Rate Bd
iShares GNMA Bond ETF
iShares Govt/Credit Bond
iShares iBoxx $ HY Cp Bd
iShares JPM USD Emg Bd
iShares MBS ETF
iShares TIPS Bond ETF
iShares US Preferred
iShrs Emg Mkt Hi Yd Bd Fd
Janus Henderson Short Dur
MV EM Inv Grade + BB
Neuberger Berman HYS
NuShares Enh Yd 1-5 Y
NuShares Enh Yield US Bd
NuShares ESG US Agg Bd
PIMCO 0-5 Hi Yd Corp
PIMCO 1-3 US Trea Idx
PIMCO 1-5 Yr US TIPS Idx
PIMCO 15+ Yr US TIPS Idx
PIMCO Active Bond ETF
PIMCO Broad U.S. TIPS Idx
PIMCO Enh Low Duration
PIMCO Enh Shrt Maturity
PIMCO Intermediate Mun Bd
PIMCO Inv Grade Corp Bd
PIMCO Short Term Mun Bd
Principal EDGE Active
Principal Spectrum Pfd
ProSh Short USD Emg Bd
ProShares HY-Interest Rt
ProShares Inv Grade Int
Prud Gl Shrt Dur Hi Yd
Prud Gl Shrt Dur Hi Yd
Prud Gl Shrt Dur Hi Yd
Prudentl Sh Dur Hi Yd Fd
Prudentl Sh Dur Hi Yd Fd
Prudentl Sh Dur Hi Yd Fd
Schwab Intm US Trsr
Schwab Short Trm US Trsr
Schwab U.S. TIPs
Schwab US Aggregate Bond
SPDR Blackstone Sr Loan
SPDR Bloomberg 1-10Y TIPS
SPDR Bloomberg Conv Secs
SPDR Bloomberg EM Loc Bd
SPDR Bloomberg HY Bd
SPDR Bloomberg Int Tr Bd
SPDR Bloomberg Interm Tr
SPDR Bloomberg Intl Cp Bd
SPDR Bloomberg Inv Grd FR
SPDR Bloomberg Mtg Bkd Bd
SPDR Bloomberg Scrd Cp Bd
SPDR Bloomberg ST HY Bd
SPDR Bloomberg ST Int Tr
SPDR Bloomberg TIPS
SPDR Citi Intl Gov Inf Bd
MLQD
AGZ
CMBS
ILTB
ISTB
FLOT
GNMA
GBF
HYG
EMB
MBB
TIP
PFF
EMHY
VNLA
IGEM
NHS
NUSA
NUAG
NUBD
HYS
TUZ
STPZ
LTPZ
BOND
TIPZ
LDUR
MINT
MUNI
CORP
SMMU
YLD
PREF
EMSH
HYHG
IGHG
GHY
GHY
GHY
ISD
ISD
ISD
SCHR
SCHO
SCHP
SCHZ
SRLN
TIPX
CWB
EBND
JNK
BWX
ITE
IBND
FLRN
MBG
CBND
SJNK
BWZ
IPE
WIP
0.9908
1.0432
2.840
2.830
2.470
2.350
2.510
2.100
2.690
59.850
12.100
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
1277.32
1373.12
1275.50
1415.80
*1282.15
*1280.20
1330.99
1343.79
1343.79
1551.05
1257.46
1343.79
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.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
.12296
.15829
.11106
.20828
.09251
.06881
.10733
.22429
.37227
.44896
.23383
.50108
.19248
.24364
.11769
.0696
.0725
.0587
.0638
.0549
.383
.05
.24
.30
.275
.27
.19
.143
.107
.277
.061
.15554
.42533
.18345
.33142
.21909
.09
.09
.09
.0925
.0925
.0925
.0763
.0543
.1433
.1056
.16
.09877
.13085
.10305
.16676
.02664
.07422
.0239
.04344
.06646
.08793
.12689
.00341
.28866
.1765
n.a.
98
3.2700
95.6
477.3
235
88
215
2.8025
392.00
25.00
7.6288
325.20
9.5850
7.5650
4.3850
4.0050
5.1750
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
16.3500
19.6200
16.4100
20.5130
£12.1600
16.4200
12299
Other metals
LBMA Platinum Price PM
*940.0
Platinum,Engelhard industrial
937.0
Platinum,Engelhard fabricated
1037.0
Palladium,Engelhard industrial
1021.0
Palladium,Engelhard fabricated
1121.0
Aluminum, LME, $ per metric ton
*2033.0
Copper,Comex spot
3.0655
Iron Ore, 62% Fe CFR China-s
69.3
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
617
188.39
167.38
0.8590
2.2150
153.50
156.25
72.00
n.a.
1.2507
1.4576
1.7550
15.95
0.76
62.92
n.a.
0.8625
120.93
165.88
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
Fibers and Textiles
0.6200
0.7253
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
*83.70
72.500
n.a.
Grains and Feeds
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
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
Metals
Gold, per troy oz
34.7500
n.a.
0.3800
0.3269
0.2650
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 11/30
Source: WSJ Market Data Group
Amount
Yld % New/Old Frq
3.0
1.7
2.6
3.9
2.2
1.6
2.6
2.4
5.1
4.7
2.6
5.3
6.0
5.9
2.8
3.4
7.4
2.8
3.1
2.6
4.6
1.2
5.5
5.3
4.1
5.6
2.3
1.7
2.4
3.2
1.5
4.5
5.1
2.9
5.9
3.4
7.5
7.5
7.5
7.5
7.5
7.5
1.7
1.3
3.1
2.4
4.1
6.1
3.1
4.2
5.4
1.1
1.5
0.8
1.7
3.1
3.3
5.5
0.1
6.1
3.7
Friday
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Energy
NYSE American lows - 6
Initial
Columbia Div Fixed Income
IQ MacKay Shlds Muni Ins
IQ MacKay Shlds Muni Int
iSh Broad USD HY Cp Bd
SPDR Bloomberg 1-3M TBill
USAA MSCI EM Value Mom
USAA MSCI Intl Value Mom
USAA MSCI USA SC Val Mom
USAA MSCI USA ValUE Mom
Vanguard Total Corp Bd
-1.4
3.3
-1.2
-1.9
1.6
-3.2
-1.1
0.4
1.1
-1.3
1.7
-4.5
2.7
-1.3
-1.1
0.2
0.4
0.8
...
-7.4
-2.8
-1.0
-9.3
0.2
-2.5
-2.3
0.4
-0.1
...
-0.4
-0.2
30.77 0.9
0.60 -8.0 PrincipalUSSCMulti PSC
9.20 102.7
PyxisTankers
PXS
9.96 2.8
RecroPharma
REPH
31.21 0.8
RedRockResorts RRR
23.76 1.7
Ablynx
ABLX
7.50 4.4
Resonant
RESN
AmericanWoodmark AMWD 136.05 28.2
SandersonFarms SAFM 172.66 1.4
88.17 0.4
AnaptysBio
ANAB
17.60 2.2
SangamoTherap SGMO
1.30 -2.5
AndinaAcqnIIWt ANDAW
53.60 0.9
ScientificGames SGMS
31.75 -0.8
ArenaPharm
ARNA
17.40 1.0
scPharm
SCPH
27.60 -1.1
AxoGen
AXGN
3.20 4.3
SierraOncology SRRA
14.76 2.0
Bancorp34
BCTF
3.52 6.6
SimplyGoodFoodsWt SMPLW
23.81 1.7 SimplyGoodFoods SMPL
Bandwidth
BAND
13.69 1.8
2.05 5.7 SodaStream
BellerophonTherap BLPH
71.15
...
SODA
2.57 6.4 StarBulkNts22
BioanalyticalSys BASI
26.00 0.3
SBLKZ
174.65 -1.0 StarsGroup
bluebirdbio
BLUE
23.45 2.4
TSG
77.91 -3.0 StemlineTherap STML
BlueprintMed
BPMC
15.60 1.0
20.52 -2.1 Surmodics
BuildersFirstSrc BLDR
34.15 0.3
SRDX
152.14 0.8 TechTarget
CME Group
CME
14.08 -0.1
TTGT
56.32 0.7 TitanMachinery TITN
CSX
CSX
21.67 13.5
15.50 2.6 TriumphBancorp TBK
CanterburyPark CPHC
33.80 -0.5
4.51 2.3 Tucows
CatalystPharma CPRX
64.50 0.6
TCX
CentralGardenA CENTA 39.19 -0.3 UnivLogistics
24.30 2.4
ULH
53.67 7.0 UtahMedProducts UTMD
ChemungFinl
CHMG
83.15
...
158.43
... VangdLTCorpBd VCLT
Cintas
CTAS
95.42 0.8
88.96 0.8 VeriskAnalytics VRSK
CitrixSystems
CTXS
98.60 -0.8
24.04 5.7 VicShIntlVolWtd CIL
ConcertPharm
CNCE
40.60
...
43.39 -0.3 ViewRay
Copart
CPRT
10.39 2.8
VRAY
185.18 0.4 ViperEnergyPtrs VNOM
Costco
COST
21.97 2.4
23.04 -0.1 WAVE LifeSci
DavisUSEquity DUSA
39.50 5.8
WVE
48.94 1.6 WillScot
E*TRADE
ETFC
12.13 5.7
WSC
30.40 3.5 WynnResorts
EditasMedicine EDIT
WYNN 160.80 0.6
3.85
...
eGain
EGAN
30.90
...
EldoradoResorts ERI
26.50 0.4
EmpireResorts NYNY
0.43 -4.9
Ability
ABIL
65.20 3.9
EsperionTherap ESPR
2.92 -3.2
AchillionPharm ACHN
12.20 0.4
Ezcorp
EZPW
1.78 -0.6
Altimmune
ALT
28.42 0.1
DorseyWrightPeople DWPP
2.81 -4.4
Arcimoto
FUV
47.85 -0.2
FT Nasd100xTech QQXT
1.20 2.2
BIO-key
BKYI
32.38 0.1
FT SSI Strat
FCVT
6.88 -13.8
Boxlight
BOXL
54.56 1.0
FlexShCredScUSLg LKOR
5.12 -3.7
CECO Env
CECE
0.65 100.0
... ForumMergerRt FMCIR
0.88 -7.6
Check-Cap
CHEK
11.00 4.7
-4.7 ForumMergerUn FMCIU
1.95 -8.8
ClearSignComb CLIR
0.68 63.5
0.1 ForumMergerWt FMCIW
1.41 -2.2
Comstock
CHCI
67.40 17.7
0.1 FoundationMed FMI
3.00 -5.3
ConforMIS
CFMS
9.56 6.0
-1.1 Funko
FNKO
0.43 -7.4
ContraVirPharm CTRV
19.28
...
0.1 GlbXConsciousCos KRMA
1.40 -0.7
DarioHealth
DRIO
34.69 -1.3
-0.1 GoldenEnt
GDEN
4.32 -5.3
DragonVictory
LYL
59.00 1.9
... GpoFinGalicia
GGAL
46.20 -24.5
EagleBancorp
EGBN
13.35 -0.8
0.1 GTx
GTXI
4.18 -2.1
EagleBulkShip
EGLE
31.86 -0.5 FTD
0.1 HawaiianTelcom HCOM
6.47 0.1
FTD
58.13 1.8 FibrocellScience FCSC
-5.3 InteractiveBrkrs IBKR
1.32 -6.8
-3.5 iPath2yearBear DTUS
34.46 1.4 FlexShDiscDurMBS MBSD
23.66 -0.1
88.94 -0.3 GoodTimesRest GTIM
1.5 iShMSCIEMESGOpt ESGE
2.25 -7.8
26.67 -0.7 HaymakerAcqWt HYACW
0.1 iShRuss1000PureUS AMCA
0.80 -1.9
71.24 -0.5 HudsonTech
0.1 LGI Homes
LGIH
5.51 -1.4
HDSN
39.94 -0.3 Intellipharm
-1.9 LKQ
LKQ
0.77
...
IPCI
103.60 -0.6 InterlinkElec
-4.8 LandstarSystem LSTR
5.85 -0.3
LINK
32.22 0.4 iSh1-3YTreasuryBd SHY
-2.0 LeggMasonUSDivCore UDBI
83.92
...
307.85 0.8 LindbladExpedWt LINDW
-4.5 LendingTree
TREE
1.37 -2.1
88.49 0.9 MongoDB
-4.1 LivaNova
LIVN
27.52 -2.6
MDB
25.00 1.3 MtnProvDiamonds MPVD
-5.0 MedallionFinNts MFINL
2.45 1.9
27.47 1.7 NewYorkMtgPfdD NYMTN 23.64 1.0
-2.1 MelcoResorts
MLCO
61.35 3.0 OrexigenTherap OREX
MellanoxTech
MLNX
1.53 -3.1
54.33 1.7 OriginAgritech
Methanex
MEOH
1.18 -3.3
SEED
62.94 0.4 PICO
MonsterBev
MNST
12.65
-0.4
PICO
4.2
33.74 0.8 PennantPark
NationalVision
EYE
6.67 -0.6
PNNT
12.3
38.28 9.9 ResearchFrontiers REFR
Nutanix
NTNX
0.97 1.0
2.3
18.50 1.4 SecurityNatFin
OakValleyBncp OVLY
4.80 -1.0
SNFCA
-2.0
12.75 2.4 SummerInfant
Otelco
OTEL
1.37 -6.7
SUMR
101.88 -2.1 TremontMortgage TRMT
PatrickIndustries PATK
14.95
...
37.38 1.7 trivago
PilgrimPride
PPC
6.63 -3.1
TRVG
2.3 Pool
127.00 1.0 USAutoPartsNtwk PRTS
POOL
2.17 -7.2
0.4 PwrShDWA Util PUI
29.97 -0.3 VangdSTGovBd VGSH
60.32 0.1
-6.1 PwrShDynConDis PEZ
49.84 -0.2 VantageEnerA
9.62 -0.2
VEAC
-2.4 PwrShDynHlthcr PTH
71.59 -0.7 Yield10Bioscience YTEN
2.03 -6.1
-1.9 PwrShWaterRscs PHO
30.54 -0.9 Zix
4.25 2.0
ZIXI
0.2
-0.2
0.6
-0.7
-0.6
0.4
0.6
0.4
0.3
5.3
1.6
0.5
-0.4
1.6
1.7
-0.4
-0.1
-0.1
0.8
0.5
...
-0.7
0.3
-1.1
1.4
-0.3
0.9
0.3
...
1.2
...
0.9
0.2
-1.0
-0.7
...
-0.4
NYSE American highs - 4
Reduced
Eaton Vance TABS 5-to-15Y
51.14
17.80
56.20
9.42
12.82
21.30
7.41
24.30
9.01
23.20
0.51
3.10
1.12
68.30
22.30
4.18
17.63
10.03
3.93
0.30
1.75
3.06
11.00
24.95
16.63
1.10
9.66
9.66
1.20
18.61
24.42
30.58 0.5
AdvShStrGlbBW VEGA
27.40 1.8
ArrowQVMEquityFact QVM
31.68 2.0
ColumbiaSustUSEqu ESGS
CSAxela3xLgBrent UBRT 156.42 5.3
DeltaShS&P400Mgd DMRM 53.51 2.5
34.81 -3.2
DirexIndlsBl3
DUSL
35.69 -1.4
DirexS&P500Bl1.25 LLSP
61.62 -1.7
ETRACSMnly2xLevISE HOML
AdamsRes
AE
34.18 -0.6
EthoClimateLeader ETHO
IncomeOppRealty IOR
37.01 -0.4
FidelityMSCIUtils FUTY
RingEnergy
REI
21.68 0.8
FT Dow30EW
EDOW
UQM Tech
UQM
38.97 -0.1
FT Long/Short FTLS
23.68 -0.5
FT ValueLine100 FVL
48.93
...
FlexShSTOXXGlb NFRA
AKG
33.99 -0.5 AsankoGold
GuggDJIA Div
DJD
NSPR
97.84
... InspireMD
GuggS&P500EWCD RCD
THM
91.25 -0.3 IntlTowerHill
GuggS&P500EWUtil RYU
NES
42.84 0.3 NuverraEnvl
GuggRayJamesSB1 RYJ
55.32 -0.6 US Geothermal HTM
GuggS&PSC600EW EWSC
Increased
Capital Southwest
Culp
J&J Snack Foods
Pacific Coast Oil Trust
United-Guardian
-0.6
-0.4
0.6
-0.8
2.3
1.4
-1.4
1.0
0.6
3.8
-1.4
0.9
-0.6
-1.3
NYSE Arca highs - 56
Dividend announcements from December 1.
Symbol
229.22
173.20
113.19
69.86
11.89
10.33
129.38
14.60
99.40
17.25
55.90
28.77
113.00
80.10
NYSE lows - 31
AXIS Capital
AXS
AlticeUSA
ATUS
Argan
AGX
BEST
BSTI
BoardwalkPipe BWP
CONSOL Energy CEIX
Cemex
CX
CompassPfdA
CODIpA
Volaris
VLRS
Despegar.com
DESP
EXCO Res
XCO
EastmanKodak KODK
EldoradoGold
EGO
EsterlineTechs
ESL
GP Strategies
GPX
GenieEnergy
GNE
InvestmentTech ITG
MosaicAcqnUn MOSC.U
NordicAmerTankers NAT
RAIT Financial
RAS
RubiconProject RUBI
ScorpioTankers STNG
Sogou
SOGO
SouthernNts77 SOJC
Switch
SWCH
TPGPaceEnergyWt TPGE.WS
TPGPaceEnergyA TPGE
TPG Pace
TPGH
TPGPaceWt
TPGH.WS
TPG RE Fin
TRTX
TwoHarborsPfdC TWOpC
Dividend Changes
Company
52-Wk %
Sym Hi/Lo Chg
UnitedHealth
UNH
ValmontInds
VMI
VarianMed
VAR
Vectren
VVC
Verso
VRS
Vonage
VG
WEX
WEX
WstAstMgdMuni MMU
WestlakeChem WLK
WildHorseResource WRD
Winnebago
WGO
WW Ent
WWE
Wyndham
WYN
XPO Logistics
XPO
53.11
51.37
26.60
157.55
34.07
33.20
63.00
25.37
52.62
44.00
26.10
26.19
27.39
68.80
9.93
43.58
30.96
38.79
55.37
76.98
70.45
115.79
33.33
66.22
60.89
77.39
28.46
70.26
33.71
31.87
52.10
15.47
36.52
17.10
26.42
72.58
32.50
52-Wk %
Sym Hi/Lo Chg
ly
.
NYSE highs - 151
52-Wk %
Sym Hi/Lo Chg Stock
38.44
HawaiianElec
HE
60.25
HercHoldings
HRI
85.25
Hill-Rom
HRC
77.92
Hilton
HLT
73.14
HyattHotels
H
100.04
IDACORP
IDA
30.86
IRSA
IRS
169.69
IllinoisToolWks ITW
InnovativeIndPfdA IIPRpA 26.51
72.36
ICE
ICE
59.48
InterContinentl IHG
24.99
JMP Nts2027
JMPD
15.52
JaggedPeakEner JAG
37.42
JanusHenderson JHG
50.69
KAR Auction
KAR
131.95
LCI Inds
LCII
54.93
LambWeston
LW
29.50
Lannett
LCI
70.46
LasVegasSands LVS
10.05
LegacyAcqnUn LGC.U
25.73
LeggMasonNts LMHB
51.99
Lennar B
LEN.B
63.27
Lennar A
LEN
56.46
MagnaIntl
MGA
1124.22
Markel
MKL
85.10
Marsh&McLen
MMC
43.18
Masco
MAS
29.76
MatadorResources MTDR
64.65
MaxarTech
MAXR
286.29
MohawkInds
MHK
3509.88
NVR
NVR
19.94
NewGermanyFund GF
NewHome
NWHM 13.05
0.56
NewIrelandFundRt IRLr
48.47
NortelInversora NTL
18.33
NuvDow30Dyn DIAX
17.21
NuvTaxAdDivGr JTD
45.80
PNM Resources PNM
34.37
PeabodyEnergy BTU
38.66
PebblebrookHotel PEB
71.76
Pentair
PNR
98.16
Phillips66
PSX
54.00
Progressive
PGR
19.49
ProPetro
PUMP
53.28
PublicServiceEnt PEG
PublicStoragePfA PSApA 27.77
191.36
Raytheon
RTN
8.75
SanJuanBasin
SJT
17.57
SantanderCons SC
49.55
SchwabC
SCHW
17.37
SelectEnergySvcs WTTR
37.12
ServiceCorp
SCI
49.28
ServiceMaster
SERV
60.33
SimpsonMfg
SSD
75.52
SiteOneLandscape SITE
66.20
SixFlags
SIX
16.05
SpecialOpFd
SPE
82.40
Spire
SR
170.33
StanleyBlackDck SWK
SteelPtrsPfdA
SPLPpT 21.48
58.19
StifelFinancial
SF
36.83
TelecomArgentina TEO
38.20
Teradata
TDC
3M
MMM 243.63
20.17
TierReit
TIER
98.58
Tiffany
TIF
33.15
TrancntlRlty
TCI
26.73
Tri-Continental TY
38.39
USG
USG
164.30
Unifirst
UNF
GuggTR Bond
GTO
HrznsS&P500CovCall HSPX
iShCurrHdgMSCICda HEWC
iShUSHealthcarePrv IHF
iShEdgeMSCIMultif ACWF
iShMSCIFrontier100 FM
iSh10+YCreditBond CLY
JPM US Moment JMOM
MadronaDomestic FWDD
MSMktVectRupee INR
NationwideMaxDivUS MXDU
NationRiskBasedUS RBUS
OShRussSC Qu OUSM
PIMCO15+USTIPSIdx LTPZ
PwrShDBOilFd DBO
PwrShDynLeisure PEJ
PwrShRuss1000EqWt EQAL
PwrShRussTop200Val PXLV
ProShS&P500xEner SPXE
ProShrUlCnsmr UCC
ProShrUltraInd UXI
ProShUltMC400 UMDD
REXGoldHdgS&P500 GHS
SPDRMFSSysValueEqu SYV
SPDRMSCICAStrat QCAN
SPDRMSCIUSAStrat QUS
SPDRPtfLTCorpBd SPLB
SPDRS&PGlbDividend WDIV
SPDRSSgAIncmAllctn INKM
SummitWaterETF WTRX
USAA USA ValMom ULVM
VanEckCoal
KOL
VanEckNatRscs HAP
VanEckVietnam VNM
WBITacticalSMV WBIB
WisdTrUSHiDiv DHS
XtrkrsRussell1000 DEUS
52-Wk %
Sym Hi/Lo Chg Stock
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
52-Wk %
Sym Hi/Lo Chg Stock
Stock
52-Wk %
Sym Hi/Lo Chg Stock
Stock
Friday, December 1, 2017
COMMODITIES
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Payable /
Record
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec29 /Dec15
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec29 /Dec15
Jan08 /Dec29
Feb28 /Feb16
Dec29 /Dec15
Jan08 /Dec29
Feb28 /Feb16
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Company
Symbol
SPDR Dorsey Wright Fixed
SPDR DoubleLine EM Fixed
SPDR DoubleLine Sh Dur TR
SPDR DoubleLine TR Tact
SPDR ICE BofAML Cross
SPDR Nuv S&P Hi Yd Mun Bd
SPDR Nuveen Muni Bd
SPDR Nuveen ST Muni Bd
SPDR Portfolio Agg Bd
SPDR Portfolio LT Corp Bd
SPDR Portfolio LT Trea
SPDR Portfolio ST Corp Bd
SPDR Ptf Interm Corp Bd
SPDR Shrt Term Trea
SPDR SSgA Ultra Shrt
VanEck AMT-Fr Interm Muni
VanEck AMT-Fr Lg Mun
VanEck AMT-Fr Sh Muni
VanEck Fallen Angel HY Bd
VanEck Pre-Refunded Muni
VanEck Vctr JPM EM LC Bd
VanEck Vctr Pfd Secs xFin
VanEck Vectors CEF Muni
VanEck Vectors China Bond
VanEck Vectors EM Agg Bd
VanEck Vectors EM HY Bond
VanEck Vectors Green Bd
VanEck Vectors HY Muni
VanEck Vectors Intl HY Bd
VanEck Vectors Invt Gr FR
VanEck Vectors Sh HY Muni
Vangrd Intermed-Trm Cp Bd
Vangrd Intrmd -Trm Gvt Bd
Vanguard Emg Mkts Govt Bd
Vanguard Intermed-Term Bd
Vanguard Lg-Term Govt Bd
Vanguard Long-Term Bd
Vanguard Long-Trm Crp Bd
Vanguard MBS
Vanguard Short Tm Govt Bd
Vanguard Short-Term Bond
Vanguard Shrt-Trm Crp Bnd
Vanguard Total Bond Mkt
Vanguard Total Intl Bd
Voya Prime Rate Trust
Xtrackers Muni Infra
Xtrackers USD HY Corp Bd
Amount
Yld % New/Old Frq
Payable /
Record
DWFI
EMTL
STOT
TOTL
CJNK
HYMB
TFI
SHM
SPAB
SPLB
SPTL
SPSB
SPIB
SPTS
ULST
ITM
MLN
SMB
ANGL
PRB
EMLC
PFXF
XMPT
CBON
EMAG
HYEM
GRNB
HYD
IHY
FLTR
SHYD
VCIT
VGIT
VWOB
BIV
VGLT
BLV
VCLT
VMBS
VGSH
BSV
VCSH
BND
BNDX
PPR
RVNU
HYLB
3.3
2.3
2.0
2.9
4.0
3.8
2.2
1.1
2.7
4.0
2.5
2.0
2.7
1.3
1.4
2.2
2.9
1.2
4.9
1.2
5.5
6.0
4.7
3.0
4.1
5.7
4.6
4.2
4.2
2.0
3.1
3.3
1.8
4.4
2.6
2.6
3.6
4.0
2.2
1.3
1.7
2.3
2.5
1.0
5.1
2.6
5.1
.0698
.09879
.08429
.1192
.08817
.17823
.08875
.04515
.06438
.09544
.07622
.04963
.07745
.03214
.04754
.0439
.0479
.0178
.1219
.0245
.0852
.10
.1046
.0571
.0745
.1167
.1047
.1102
.0894
.0412
.0623
.238
.095
.293
.17955
.17
.28271
.314
.096
.064
.11078
.153
.16843
.048
.0215
.05725
.21426
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec11 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec07 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec06 /Dec04
Dec22 /Dec11
Dec07 /Dec04
Dec07 /Dec04
CM
GLOPpA
GLNG
TD
4.3
8.2
0.8
3.3
1.01805
.53906
.05
.46987
Q
Q
Q
Q
Jan29 /Dec28
Dec15 /Dec08
Jan04 /Dec14
Jan31 /Jan10
PRA
UG
2.0
5.5
4.69
.50
Foreign
Cdn Imperial Bank Of Comm
GasLog Ptrs Pfd. A
Golar LNG
Toronto-Dominion Bank
Special
ProAssurance
United-Guardian
Jan10 /Dec21
Dec18 /Dec11
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
A Week in the Life of the DJIA
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
AVIATION
AVIATION
BOATING
!! SHOWROOM
!" #
ADVERTISE TODAY
(800) 366-3975
sales.showroom@wsj.com
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
gained 673.60 points, or 2.86%, on the week. A $1 change in the price
of any DJIA stock = 6.89-point change in the average. To date, a
$1,000 investment on Dec. 31 in each current DJIA stock component
would have returned $36,909, or a gain of 23.03%, on the $30,000
investment, including reinvested dividends.
The Week’s Action
Pct Stock price Point chg
chg (%) change in average* Company
Symbol Close
9.02
6.71
6.58
5.51
4.91
4.24
14.27
6.47
13.00
6.38
29.19
98.26
44.55
89.51
43.93
Verizon
UnitedHealth Group
J.P. Morgan Chase
Goldman Sachs
Travelers
VZ
UNH
JPM
GS
TRV
$51.25
226.78
104.79
248.95
136.21
$1,007
1,438
1,242
1,053
1,132
4.69
4.69
4.22
3.04
3.01
4.38
8.09
9.77
1.11
4.13
30.16
55.70
67.27
7.64
28.44
American Express AXP 97.86
Home Depot
HD 180.42
MMM 241.15
3M
Cisco Systems
CSCO 37.60
Caterpillar
CAT 141.52
1,342
1,377
1,382
1,289
1,572
.80
2.75
2.57
2.54
2.51
1.52
3.21
3.00
2.61
2.04
10.47
22.10
20.66
17.97
14.05
Merck
MRK 55.87
United Technologies UTX 120.12
Chevron
CVX 119.51
Walt Disney
DIS 105.25
Exxon Mobil
XOM 83.46
970
1,122
1,056
1,018
960
2.42
2.22
2.16
2.07
1.92
0.86
3.76
1.91
5.50
2.92
5.92
25.89
13.15
37.87
20.11
Pfizer
McDonald’s
Procter & Gamble
Boeing
IBM
PFE 36.35
MCD 172.87
PG
90.36
BA 271.38
IBM 154.76
1,163
1,457
1,108
1,792
969
1.43
1.20
0.94
0.76
0.20
1.97
1.00
0.56
0.73
0.09
13.56
6.89
3.86
5.03
0.62
Johnson & Johnson
Microsoft
Nike
Wal-Mart Stores
Coca-Cola
JNJ 139.98
MSFT 84.26
NKE 59.88
WMT 97.35
KO
45.97
1,246
1,386
1,194
1,437
1,146
–0.16
–0.21
–1.11
–1.70
–2.24
–0.07
–0.15
–1.24
–0.31
–3.92
–0.48
–1.03
–8.54
–2.13
–26.99
Intel
DowDuPont
Visa
General Electric
Apple
INTC 44.68
DWDP 71.01
V 110.73
GE
17.88
AAPL 171.05
1,266
1,275
1,429
581
1,501
$1,000 Invested(year-end '16)
$1,000
*Based on Composite price. DJIA is calculated on primary-market price.
Source: WSJ Market Data Group; FactSet.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | B9
NY
* * * *
MUTUAL FUNDS
ADVERTISEMENT
Explanatory Notes
Data provided by
The Mart
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.
To advertise: 800-366-3975 or WSJ.com/classifieds
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. rRedemption 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, December 1, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
FPA Funds
NA FPACres
35.18 +0.29
FrankTemp/Frank Adv
20.5 IncomeAdv
2.34 -0.01
16.5 FrankTemp/Franklin A
14.0 CA TF A p
7.43 +0.01
3.2 IncomeA p
2.36 -0.01
13.1 RisDv A p
60.32 -1.97
22.3 FrankTemp/Franklin C
28.7 Income C t
2.39 -0.01
20.8 FrankTemp/Temp A
24.2 GlBond A p
12.15 -0.02
6.6 Growth A p
27.16 -0.03
17.5 FrankTemp/Temp Adv
11.6 GlBondAdv p 12.10 -0.02
27.8 Harbor Funds
33.2 CapApInst
76.32 -0.56
29.3 IntlInst r
70.51 -0.06
25.1 Harding Loevner
4.9 IntlEq
NA
...
18.2 Invesco Funds A
11.49 +0.03
EqIncA
4.1 John Hancock Class 1
NA LSBalncd
NA
...
NA
...
LSGwth
12.7 John Hancock Instl
NA
...
DispValMCI
15.7 JPMorgan Funds
12.9 MdCpVal L
NA
...
7.6 JPMorgan R Class
4.3 CoreBond
NA
...
Lazard Instl
NA EmgMktEq
19.47 -0.06
Loomis Sayles Fds
NA LSBondI
14.19 +0.04
NA Lord Abbett A
NA ShtDurIncmA p
NA
...
NA Lord Abbett F
NA ShtDurIncm
NA
...
NA Metropolitan West
NA TotRetBd
10.67 +0.03
NA TotRetBdI
10.67 +0.03
NA TRBdPlan
10.04 +0.03
NA MFS Funds Class I
NA ValueI
41.65 -0.05
NA MFS Funds Instl
NA IntlEq
25.49 -0.11
Mutual Series
11.0 GlbDiscA
32.53 -0.03
18.0 Oakmark Funds Invest
4.2
34.52 -0.02
EqtyInc r
20.7
86.23 +0.05
Oakmark
15.9
28.72 -0.18
OakmrkInt
Old Westbury Fds
NA
15.06 -0.04
LrgCpStr
Oppenheimer Y
34.4
NA
...
DevMktY
NA
...
IntGrowY
14.1
Parnassus Fds
42.61 -0.21
ParnEqFd
20.2
PIMCO Fds Instl
20.2
NA
...
AllAsset
20.2
10.25 +0.02
TotRt
17.3
PIMCO Funds A
23.0
NA
...
IncomeFd
20.2
PIMCO Funds D
19.7
NA
...
19.7 IncomeFd
PIMCO Funds Instl
3.3
NA
...
IncomeFd
27.0 PIMCO Funds P
NA
...
IncomeP
14.4 Price Funds
98.36
-0.78
BlChip
15.4
NA
...
18.1 CapApp
35.86 -0.02
NS EqInc
71.18 -0.14
NS EqIndex
70.89 -0.49
NS Growth
75.52 -0.34
NS HelSci
40.03 -0.29
NS InstlCapG
19.22 -0.02
IntlStk
15.25 -0.06
15.6 IntlValEq
93.88 -0.39
34.3 MCapGro
32.29 +0.03
MCapVal
31.1
56.39 -0.17
31.2 N Horiz
9.49 +0.02
N
Inc
10.9
11.34 -0.05
24.5 OverS SF r
NA
...
35.1 R2020
NA
...
35.2 R2025
NA
...
3.7 R2030
NA
...
R2035
4.2
NA
...
18.3 R2040
39.97 -0.05
18.4 Value
PRIMECAP
Odyssey
Fds
24.7
37.53 -0.13
37.4 Growth r
17.5 Principal Investors
NA
...
35.1 DivIntlInst
35.8 Prudential Cl Z & I
NA
...
27.5 TRBdZ
18.6 Schwab Funds
41.38
-0.08
S&P
Sel
4.1
TIAA/CREF Funds
19.85 -0.04
12.9 EqIdxInst
Net YTD
NAV Chg % Ret
IntlEqIdxInst 20.40 -0.08
9.1 Tweedy Browne Fds
28.45 -0.15
GblValue
7.7 VANGUARD ADMIRAL
244.80 -0.49
500Adml
34.63
...
5.2 BalAdml
11.74 +0.04
7.5 CAITAdml
18.6 CapOpAdml r 158.78 -0.68
36.85 -0.21
EMAdmr
78.34 +0.03
7.3 EqIncAdml
97.57 -0.49
ExplrAdml
84.54 -0.22
3.8 ExtndAdml
10.49 +0.03
15.3 GNMAAdml
71.82 -0.25
GrwthAdml
4.0 HlthCareAdml r 90.42 -0.11
...
HYCorAdml r 5.93
25.87 +0.11
34.7 InfProAd
94.78 -0.68
20.7 IntlGrAdml
ITBondAdml 11.39 +0.03
NA ITIGradeAdml 9.78 +0.02
LTGradeAdml 10.71 +0.09
10.0 MidCpAdml 190.05 -0.51
11.39 +0.05
MuHYAdml
14.09 +0.05
NA MuIntAdml
11.65 +0.06
NA MuLTAdml
10.89 +0.02
MuLtdAdml
15.72 +0.01
NA MuShtAdml
PrmcpAdml r 138.79 -0.55
119.94
+0.30
REITAdml
r
NA
SmCapAdml 70.69 -0.19
10.40
+0.01
STBondAdml
NA
...
STIGradeAdml 10.65
10.76 +0.03
22.6 TotBdAdml
TotIntBdIdxAdm 22.04 +0.07
7.3 TotIntlAdmIdx r 30.08 -0.11
66.24 -0.14
TotStAdml
14.27 -0.04
NA TxMIn r
41.03 -0.02
ValAdml
70.63 -0.06
WdsrllAdml
NA
66.04 +0.17
WellsIAdml
75.12 +0.08
WelltnAdml
3.0
81.00 -0.10
3.3 WndsrAdml
VANGUARD
FDS
3.4
27.08 -0.08
DivdGro
214.33 -0.24
16.2 HlthCare r
INSTTRF2020 22.76 -0.01
25.8 INSTTRF2025 23.07 -0.01
INSTTRF2030 23.28 -0.03
8.2 INSTTRF2035 23.51 -0.03
INSTTRF2040 23.73 -0.04
13.5 INSTTRF2045 23.89 -0.05
39.67 -0.20
19.0 IntlVal
20.04 +0.02
LifeCon
26.5
33.62 -0.05
LifeGro
27.23 -0.01
LifeMod
17.4
27.57 -0.09
PrmcpCor
33.85 -0.05
SelValu r
NA
27.50 -0.03
STAR
NA
10.65
...
STIGrade
16.06 +0.01
TgtRe2015
15.9
31.94
...
TgtRe2020
18.75 -0.01
TgtRe2025
NA
33.90 -0.04
TgtRe2030
4.7
20.85 -0.03
TgtRe2035
35.94 -0.07
TgtRe2040
NA
22.59 -0.05
TgtRe2045
36.34 -0.08
TgtRe2050
NA
13.66 +0.01
TgtRetInc
TotIntBdIxInv 11.03 +0.04
NA WellsI
27.26 +0.07
43.49 +0.04
Welltn
NA WndsrII
39.79 -0.04
VANGUARD INDEX FDS
35.5 500
244.75 -0.49
NA ExtndIstPl
208.63 -0.53
15.5 SmValAdml
56.99 -0.12
20.0 TotBd2
10.72 +0.03
33.1 TotIntl
17.98 -0.06
27.8 TotSt
66.21 -0.14
36.9 VANGUARD INSTL FDS
25.7 BalInst
34.64
...
19.0 DevMktsIndInst 14.29 -0.04
24.6 DevMktsInxInst 22.34 -0.06
11.1 ExtndInst
84.54 -0.21
30.2 GrwthInst
71.82 -0.25
3.8 InPrSeIn
10.54 +0.05
25.0 InstIdx
241.52 -0.48
NA InstPlus
241.54 -0.49
NA InstTStPlus
59.42 -0.12
NA MidCpInst
41.98 -0.12
NA MidCpIstPl
207.06 -0.56
NA SmCapInst
70.69 -0.19
18.8 STIGradeInst 10.65
...
10.76 +0.03
TotBdInst
31.0 TotBdInst2
10.72 +0.03
10.76 +0.03
TotBdInstPl
NA TotIntBdIdxInst 33.08 +0.12
TotIntlInstIdx r 120.29 -0.43
NA TotItlInstPlId r 120.31 -0.43
66.25 -0.14
TotStInst
20.2 ValueInst
41.03 -0.02
Western Asset
19.7 CorePlusBdI
NA
...
23.3
13.6
20.2
13.0
4.3
27.8
26.2
16.9
21.4
17.2
2.0
26.4
19.3
6.8
2.5
40.8
3.8
4.1
10.6
17.8
7.1
4.1
5.8
2.0
1.0
27.5
5.4
15.5
1.2
2.1
3.4
2.7
24.5
19.7
24.0
15.4
14.4
9.4
13.5
18.0
17.4
19.2
13.0
14.7
16.1
17.5
19.0
19.6
24.9
10.2
17.6
13.9
24.3
17.6
16.9
2.0
10.7
13.0
14.7
16.1
17.5
19.0
19.6
19.6
7.9
2.7
9.3
13.4
14.3
ly
.
American Century Inv
NA
...
Ultra
American Funds Cl A
32.33 -0.12
AmcpA p
42.28 +0.01
AMutlA p
27.85 +0.01
BalA p
12.91 +0.03
BondA p
63.62 -0.02
CapIBA p
52.80 -0.22
CapWGrA
56.85 -0.30
EupacA p
64.56 -0.14
FdInvA p
52.23 -0.18
GwthA p
10.41
...
HI TrA p
42.08 -0.04
ICAA p
23.66
...
IncoA p
45.16 -0.20
N PerA p
47.89 -0.37
NEcoA p
66.53 -0.25
NwWrldA
57.51 -0.27
SmCpA p
12.99 +0.05
TxExA p
46.61 -0.03
WshA p
Baird Funds
10.89 +0.04
AggBdInst
NA
...
CorBdInst
BlackRock Funds A
20.48
...
GlblAlloc p
BlackRock Funds Inst
23.62
...
EqtyDivd
20.61
...
GlblAlloc
7.81
...
HiYldBd
...
StratIncOpptyIns 9.93
Bridge Builder Trust
NA
...
CoreBond
Dimensional Fds
NA
...
5GlbFxdInc
NA
...
EmgMktVa
NA
...
EmMktCorEq
NA
...
IntlCoreEq
NA
...
IntlVal
NA
...
IntSmCo
NA
...
IntSmVa
NA
...
US CoreEq1
NA
...
US CoreEq2
NA
...
US Small
NA
...
US SmCpVal
NA
...
US TgdVal
NA
...
USLgVa
Dodge & Cox
111.12 +0.30
Balanced
14.05 -0.02
GblStock
13.85 +0.03
Income
45.97 -0.31
Intl Stk
207.73 +0.72
Stock
DoubleLine Funds
NA
...
TotRetBdI
Edgewood Growth Instituti
EdgewoodGrInst 29.86 -0.18
Federated Instl
6.53 +0.01
StraValDivIS
Fidelity
92.71 -0.19
500IdxInst
500IdxInstPrem 92.71 -0.18
500IdxPrem 92.71 -0.18
ExtMktIdxPrem r 64.36 -0.16
IntlIdxPrem r 43.41 -0.20
SAIUSLgCpIndxFd 14.21 -0.03
76.91 -0.16
TMktIdxF r
TMktIdxPrem 76.90 -0.16
USBdIdxInstPrem 11.59 +0.03
Fidelity Advisor I
33.91 -0.16
NwInsghtI
Fidelity Freedom
16.87 -0.01
FF2020
14.61 -0.01
FF2025
18.34 -0.02
FF2030
...
Freedom2020 K 16.88
...
Freedom2025 K 14.62
Freedom2030 K 18.35 -0.02
Freedom2035 K 15.42 -0.03
Freedom2040 K 10.84 -0.02
Fidelity Invest
23.99 -0.03
Balanc
88.61 -0.44
BluCh
128.24 -0.71
Contra
128.25 -0.71
ContraK
10.29 -0.01
CpInc r
41.45 -0.24
DivIntl
184.74 -0.52
GroCo
184.71 -0.51
GrowCoK
7.93 +0.02
InvGB
11.28 +0.03
InvGrBd
54.23 -0.05
LowP r
LowPriStkK r 54.19 -0.05
103.09 -4.95
MagIn
109.45 -0.34
OTC
23.45 -0.04
Puritn
SrsEmrgMkt 21.21 -0.15
SrsGroCoRetail 18.14 -0.05
16.32 -0.05
SrsIntlGrw
10.86 -0.07
SrsIntlVal
10.67 +0.03
TotalBond
First Eagle Funds
61.24 +0.06
GlbA
BUSINESS OPPORTUNITIES
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Fund
BUSINESS OPPORTUNITIES
20.1
17.3
11.0
3.3
24.4
19.6
13.0
24.0
24.0
17.3
26.5
2.5
20.2
20.2
19.7
17.8
17.8
15.5
2.1
3.4
3.4
3.4
2.7
24.5
24.5
19.7
15.4
NA
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
10.52
96.61
56.19
69.68
27.58
100.05
83.30
73.59
109.35
104.66
122.52
65.61
55.52
62.39
266.26
189.34
77.02
60.62
109.16
98.35
72.72
52.85
12.30
120.72
87.38
115.42
106.41
71.54
39.03
69.83
63.43
45.84
43.42
59.64
105.70
110.14
133.32
147.21
123.11
185.74
153.02
127.40
156.78
206.73
88.54
216.28
151.78
112.77
38.46
1.45 –16.5
–0.04 18.7
8.7
0.25
0.84 –7.5
0.22 18.6
–0.20 15.5
–0.20 20.8
–1.23 18.3
1.1
0.11
0.00 –0.3
0.0
0.15
–0.33 22.3
–0.59 30.8
–0.26 23.6
–0.24 18.3
–0.23 14.5
–0.59 12.0
–0.15 18.2
1.0
0.29
–0.24 11.0
–0.05 18.8
–0.09 16.9
0.41 11.0
3.0
0.32
1.0
–0.03
4.7
0.33
0.1
0.10
–0.25 20.9
0.85 17.1
–0.40 21.0
–0.30 27.3
–0.56 30.9
–0.69 25.5
–0.45 22.1
0.42 19.5
1.8
0.29
–0.35 27.1
–0.15 18.3
9.9
0.07
–0.55 20.7
–0.41 13.5
7.1
–0.30
–0.18 17.9
–0.20 15.6
0.03 10.1
–0.28 18.7
–0.28 24.6
–0.04 11.2
3.4
0.24
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
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
VangdSC Grwth
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
XtrkrsMSCIEAFE
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VBK
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
DBEF
113.61
83.98
105.93
126.55
119.62
101.64
154.49
48.10
23.05
36.75
121.59
34.28
63.98
63.19
242.45
345.02
264.46
96.06
63.51
56.41
22.49
164.10
132.60
160.42
100.58
44.43
44.05
58.33
53.93
139.50
155.29
84.99
84.12
87.40
121.47
153.46
110.12
84.59
242.90
79.25
79.52
147.63
81.56
55.08
56.10
136.07
73.42
105.16
64.17
58.02
31.69
0.39
0.02
0.37
1.35
–0.51
...
–0.43
–0.31
...
–0.06
0.40
–0.17
–0.19
–0.13
–0.16
–0.26
–0.21
–0.27
–0.52
–0.34
0.09
–0.55
–0.28
–0.35
–0.53
–0.29
–0.97
–0.41
–0.28
–0.29
–0.13
–0.02
0.26
0.17
–0.14
–0.24
–0.01
0.24
–0.18
0.00
0.05
–0.19
0.27
0.31
–0.16
–0.20
–0.22
–0.07
–0.67
–1.01
–0.44
0.4
–0.6
1.1
6.2
22.8
0.3
30.4
15.7
–1.3
0.8
10.9
23.8
18.1
18.6
22.8
14.3
18.3
12.3
31.3
16.1
7.5
35.1
9.6
20.5
18.1
21.6
23.1
21.7
22.1
25.1
22.5
12.2
1.3
2.0
18.7
16.6
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18.3
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14.5
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1.5
22.3
18.0
20.4
13.1
11.8
17.1
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n-
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
Closing Chg YTD
Symbol Price (%) (%)
ETF
no
ETF
Friday, December 1, 2017
Closing Chg YTD
Symbol Price (%) (%)
Borrowing Benchmarks | WSJ.com/bonds
December 1, 2017
Money Rates
Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
don’t always represent actual transactions.
Inflation
Oct. index
level
Chg From (%)
Sept. '17 Oct. '16
U.S. consumer price index
246.663
253.638
All items
Core
–0.06
0.28
2.0
1.8
International rates
Latest
Week
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
0.50
1.50
Britain
Australia
0.50
1.50
—52-WEEK—
High Low
0.50
1.50
0.25
1.50
Secondary market
0.00
0.50
BUSINESS FOR SALE
2017 TAX SAVINGS
C CORP FOR SALE
Calif. corp. has $5,600,000
of federal and state loss
carry-forwards expiring 2017.
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Call 203-879-2009
ftownsend@snet.net
Valve Sales & Service Co. Inc.
45 yrs. in bus. - 2+ ac. property - 32K sqft
bldg. - machine shop / testing facility - 6
mil. #s of valve inventory. Large rolling
stock. All lien free. For sale, all or part $1 - 4 mil. By retiring owner. Houston, TX.
(713) 898-0655 § 713-678-4200
howard@houstonvalve.com
Precision Sheet Metal Fabrication
Company For Sale.
Located in SE Connecticut & established in
1984. Business has kept pace with the constant advancements in technology within the
fabricating industry. Equipment includes high
speed Fiber Laser cell and high volume Turret
Punch cell; both are lights out capable. Well established customer base. Excellent cash flow.
PO Box 466-Shelton, CT 06484
30 days
60 days
3.488 3.457 3.865 3.253
3.512 3.477 3.899 3.281
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location. Complete
Money Rates table appears Monday through
Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
PROFESSIONAL SERVICES
! "#$ ! "!#$
BUSINESS FOR SALE
BUSINESS OPPORTUNITIES
High-End Japanese Sushi Restaurant.
$1,000,000 Yearly - $5,000 DAILY
Owner/Operator Medical Equipment
Proprietary Software and Testing
Location and Financing Available
Call Today! 877-670-1134
Greater Alexandria, VA in best possible 100%
downtown retail location. Parking for 100 cars.
Gross sales over $1,000,000. Price $550K. Try
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Contact Harrison Davis, New York Business
Brokers 703-300-9883 or 202-644-0523
CAREERS
THEMART
ADVERTISE TODAY
Fannie Mae
30-year mortgage yields
Prime rates
U.S.
Canada
Japan
Week
Latest ago
AUCTION
Professor of Finance
Endicott College is accepting applications for the
School of Business at the Beverly, MA campus.
Must have extensive work exp in finance - e.g. inv
banking, private equity, consulting, asset mgmt,
etc - in a client facing position. College level
teaching exp desirable. Masters in Finance, MBA
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a PhD in Economics or Finance. Please send CV to:
humanresources@endicott.edu
TRAVEL
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B10 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
MONEY & INVESTING
A Law Professor’s Long, Relentless Drive for Trust
Tamar Frankel, at 92 years old, is still shaking up Wall Street as the intellectual godmother of the fiduciary rule
Boston University School of Law’s faculty from 1972. Tamar Frankel was its first female professor.
joined Boston University. The
field was so male-dominated
that, when she arrived as the
law school’s first female professor, BU relegated her office to the basement of the
library.
“I didn’t have to put the
books back on the shelf!” she
laughs. “The craving for being part of the group, being
accepted, that wasn’t my priority.”
Brooksley Born, head of
the Commodity Futures
Trading Commission from
1996 to 1999, has been a
friend of Ms. Frankel’s since
the 1960s. Ms. Frankel has
always brought “an outsider’s perspective,” Ms.
Born says. “She demonstrated a lot of courage and
persistence in her analysis of
the need for the fiduciary
standard.”
Ms. Frankel learned early
about the importance of
trust.
She recalls her family saying that, at age 2, she
opened their apartment door
and disappeared. Panicking,
Ms. Frankel’s mother
grabbed the manager of the
bank on the ground floor of
their apartment building. He
promptly closed the bank
and led his employees on a
search through the streets
for the missing child. Shortly
thereafter, the neighborhood
expense of clients, so long as
those assets could be
deemed “suitable,” or reasonably appropriate.
So the idea of fiduciary
duty was radical when Ms.
Frankel spelled it out in an
article in 1983, but it slowly
caught on. “Even with no
real public following, she’s
had a lot of influence on
people like me,” says John C.
Bogle, the former chairman
of Vanguard Group, who has
long contended that brokers
should have a fiduciary duty
to their clients.
Phyllis Borzi, the assistant
labor secretary from 2009 to
2017 who led the drive to
impose the fiduciary rule,
says Ms. Frankel’s work provided “the guiding principles” for the regulation.
With the Trump administration putting parts of the
fiduciary rule on hold, Ms.
Frankel counsels patience.
“What the rule has done
is sown the seed, and the
longer it takes the better off
we are, because what we
must change is the culture
and the habits in the financial industry,” she says.
“Habits don’t change in one
day. It takes time.”
After she turns 93 next
July 4, Ms. Frankel says, she
will stop teaching, although
she will continue to research
and write.
What accounts for her
longevity? “Caring less and
less about what other people
think,” she says, “and more
and more about questions
you don’t have answers to.”
ly
.
In 1963, Ms. Frankel came
to study at Harvard Law
School. She wrote her doctoral dissertation on variable
annuities, those mashups of
mutual funds and insurance.
“That was perfect, because I knew very little
about mutual funds and very
little about insurance,” she
says. “There are two ways
you can react to not knowing: one is to feel afraid of
your ignorance, the other is
to be consumed by the desire to understand. I felt almost drunk with how much I
could learn.”
In 1968, as she was still
studying to complete her
dissertation, Ms. Frankel
milkman came down the
sidewalk, holding young Ms.
Frankel by the hand.
“When you live in an environment that poses danger,
then you disregard your differences and focus on
safety,” she says. “You have
to trust and rely on others,
and therefore you have to be
trustworthy and reliable.”
The law, she says, should
recognize the importance of
trust to the functioning of a
civil society and financial
markets.
When Ms. Frankel began
researching fiduciary law in
earnest in the 1970s, she
dwelled on that idea: A fiduciary is someone trusted by
others because he or she has
superior knowledge and expertise. People hire brokers
because the brokers know
what they’re doing and the
clients don’t.
The unconditional trust
that clients place in a fiduciary creates a paradox, argues Ms. Frankel. “When you
get power, you lose the
power you might otherwise
have,” she says.
A fiduciary adviser can’t
abuse the relationship of
trust by collecting unreasonable compensation or harboring avoidable conflicts of
interest. The relationship is
meant to satisfy only the
needs of the client.
Much of the financial industry didn’t function like
that at the time. Brokers
were often free to sell overpriced investments that enriched their own firms at the
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Most people measure patience in hours, weeks or
months. Tamar Frankel measures it in decades.
Ms. Frankel, a law professor at Boston University, is
the intellectual godmother of
the fiduciary rule, a regulation from the
WEEKEND Labor DepartPROFILE
ment requiring
anyone being
paid to provide
investment advice on a retirement account to act in
the best interest of the client. At the age of 92, Ms.
Frankel still commutes to
work five days a week,
teaches two courses, and is
unfazed that the Labor Department announced this
past week that it would delay implementing key parts
of the fiduciary rule until
July 2019.
After all, Ms. Frankel has
been advocating that brokers
should put their clients first
for more than 40 years.
What’s another 18 months?
Born in what was then
Palestine in 1925, Ms. Frankel joined the Haganah, the
paramilitary movement for
Israeli independence, at age
14. Her father was the first
president of Israel’s bar association, and she apprenticed in his practice. In 1949,
she became the first general
counsel of the Israeli Air
Force. Two years later, when
she was 26, her father died,
and she took over his law
practice.
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL
BY JASON ZWEIG
ADVERTISEMENT
no
The U.S. Commodity Futures Trading Commission
said it would allow two major
Chicago exchanges to launch
bitcoin futures.
The Friday announcement
paves the way for the start of
bitcoin futures on CME Group
Inc. and Cboe Global Markets
Inc. in the coming weeks—a
potentially huge step in the
evolution of the digital currency, making trading bitcoin
easier for Wall Street banks
and small investors alike.
CME said its bitcoin futures
would launch Dec. 18. Cboe
said it would shortly announce
the start date for its new bitcoin contract.
After “extensive discussions” in recent weeks, the
two exchanges made significant changes to their proposals at the regulator’s request,
the CFTC said.
Those included steps to reduce the risk of market manipulation. The agency said it expects CME and Cboe to closely
monitor trading in their partner bitcoin exchanges, and to
assist the CFTC in surveillance
of those marketplaces.
Still, CFTC Chairman J.
Christopher Giancarlo warned
investors of bitcoin’s notorious
volatility.
“Market participants should
take note that the relatively
nascent underlying cash markets and exchanges for bitcoin
remain largely unregulated
markets over which the CFTC
has limited statutory authority,” he said in a statement.
“There are concerns about the
price volatility and trading
practices of participants in
these markets.”
CME and Cboe used “selfcertification,” declaring to the
CFTC that the new contracts
are in accordance with relevant laws and regulations.
The agency has the power
to block a self-certified contract, but otherwise it goes
forward.
Both exchanges self-certified their bitcoin futures on
Friday. Under agency rules,
that means trading could start
as soon as Monday.
Bitcoin futures would allow
traders to bet the price of the
digital currency will rise or
fall, as they can with commodities such as oil, corn and gold.
Market proponents argue
n-
BY ALEXANDER OSIPOVICH
MICHAEL NAGLE/BLOOMBERG NEWS
Two Exchanges Are Cleared to Launch Bitcoin Futures
Attendees at CME Group’s booth this week at a New York event.
that this could reduce volatility in the underlying market,
by allowing an easy way to
“short” bitcoin—that is, bet its
price will fall. Futures would
also allow Wall Street banks
and other big financial players
to hedge against a price collapse.
Bitcoin futures could also
clear the way for the eventual
launch of an exchange-traded
fund tied to the digital cur-
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
NOTICE OF SALE
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rency. In March, the Securities
and Exchange Commission rejected a bid to list the first
bitcoin ETF on a U.S. exchange, in part due to concerns that the underlying markets weren’t sufficiently
regulated.
But it could soon be possible to create an ETF based on
bitcoin futures, in the same
way that oil ETFs hold oil futures rather than actual bar-
rels of crude.
“It’s a very helpful step in
the formation of an ETF on
bitcoin,” said Chris Concannon, president and chief operating officer of Cboe.
The CFTC also said on Friday that the tiny Cantor Exchange had self-certified a bitcoin
binary
option—a
derivative that offers a different way to be on bitcoin
prices. The exchange is owned
by Cantor Fitzgerald LP, a
prominent brokerage and investment-banking group. The
Wall Street Journal first reported on Cantor’s plans
Wednesday.
Invented less than a decade
ago, bitcoin has attracted intense investor interest this
year, largely because of an extraordinary price surge. It
cracked
the
$10,000
mark Tuesday, after having
started the year at $968.23,
according to CoinDesk.
Skeptics call it a bubble,
and bitcoin remains tarnished
by its lingering association
with money laundering and
other illicit activity.
The “cash exchanges”
where bitcoin is traded—not
to be confused with futures
exchanges like CME—have also
suffered repeated hacks, outages and flash crashes.
The CFTC said CME agreed
to tighten a key requirement
for its bitcoin futures, reining
in the ability of traders to
magnify their wins or losses.
To buy or sell futures, traders must open a margin account with their brokerage
and put down cash to partly
cover the value of the contracts. Initially, CME had
floated a minimum margin requirement of 25% to 30%. But
on Friday CME said it was
raising that to 35%—a move
that could dial back some of
the riskiness of trading bitcoin
futures.
CME is the world’s largest
exchange company, with a
market capitalization of more
than $50 billion. Its announcement in October that it would
aim to introduce bitcoin futures was a major vote of confidence in the digital currency.
After that announcement
came out, CME “fielded hundreds of calls and emails”
from various customers interested in trading bitcoin futures, it said in a regulatory
filing on Friday.
‘Virtual’ Spenders Are Rare
BY GEORGI KANTCHEV
AND STEVEN RUSSOLILLO
The owner of a three-bedroom house in south London, a
vineyard and a “fully vegan”
tattoo parlor are among a rush
of prospective sellers offering
to accept bitcoin as payment.
But so far, few are buying,
in a dearth that may have
been made worse by the currency’s recent surge and could
hamper its development as a
regular currency.
In September, Daniel Roy
advertised his three-bedroom
home in Peckham, south London, for sale for £1.65 million
($2.2 million) or offers of over
500 bitcoin. Because the value
of bitcoin has more than doubled since September, anyone
offering 500 bitcoin now
would be spending more than
£3.5 million.
“I’ll be honest, we haven’t
had anyone approach us to
buy it in bitcoin,” said Becky
Munday, managing director of
the real-estate broker marketing the property.
The lack of bitcoin offers
underscores a conundrum that
buyers and sellers in the virtual currency have faced for
years, one that has been exacerbated after its 1,000% rise in
value this year and by its high
volatility.
Bitcoin’s increased use as a
tradable security makes it
harder for it to take off as the
payment system of the future
it was designed to be.
As bitcoin powered through
$11,000 this week, analysts
questioned why anyone would
pay for something in bitcoin
now, when it could be worth
10% or 20% more within days.
“Right now I’m really just
seeing people put a small
amount of discretionary
money into bitcoin, take a flier
on it, ride it out and hope for
the best rather than use it in
the real world,” said John
Spallanzani, chief macroeconomic strategist at GFI Securities LLC.
That raises the question of
whether bitcoin and other
cryptocurrencies will be
widely used in payments and
transactions soon, or if they
will merely exist as trading vehicles for investors.
Bitcoin’s success has also
increased the cost of using the
currency, swelling the number
of trades on a network that
can process only several transactions a second. That has created bottlenecks, and users
who want to expedite orders
have to offer a higher fee to
the “miners” who get paid to
maintain the network.
Alden Wicker, a 31-year-old
freelance journalist in New
York, said that she had pur-
chased 0.008 bitcoin from a bitcoin ATM at a local bodega in
Brooklyn. But she has no plans
to use it to buy anything and
just wanted to get in on the action after “being unable to
avoid news about it,” she said.
Around 2013, when bitcoin
was having its first flirtation
with the mainstream, a number of businesses, including
Microsoft Corp., and Dell Inc.,
experimented with accepting
the virtual currency. For most,
bitcoin sales never made up
more than 1% of overall sales.
Bitcoin’s use as a transactional currency may even be
falling. In the third quarter of
this year, Bitcoin was accepted
at just three of the top 500
global online merchants, down
from five last year, according
to an October report by Morgan Stanley.
The lack of spending may
be sapping enthusiasm.
Shannon Idzikowska, owner
of Fifth Dimension Tattoo and
Piercing, which describes itself
as London’s “premier fully vegan studio,” said she was
pitched the idea of accepting
bitcoin by a representative of
a startup company who
dropped into the parlor one
day. But she has yet to be paid
in bitcoin to apply any ink.
“It sounds like a good idea,”
she said. “But it all depends
on other people as well.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | B11
* * * * * *
MARKETS & FINANCE
Information for
roughly 1.6 million
users has potentially
been compromised.
ZUMA PRESS
Nippon Life offices in Tokyo. The company is the latest Asian financial powerhouse to push into the U.S. asset-management industry.
crimped profits across the industry, fixed-income managers
haven’t yet faced the same exodus of client money as their
stock-picking peers partly because it is easier for them to
beat the benchmark bond indexes.
Carlyle this year ratcheted
up efforts to exit from all or
part of the TCW investment, The Wall Street Journal previously reported. TCW’s
executives had told the private-equity firm that they
would veto any deal that
would encroach on their autonomy—all but ruling out an
acquisition by an asset manager eager to integrate the
firm into its existing business. The managers also re-
sisted a potential initial public
offering of shares.
The transaction addresses
questions on Carlyle’s plans
for the stake. Clients, industry
executives and investment
bankers had long speculated
when and how the private-equity firm would cash out.
“It does help stabilize the
horizon of equity ownership,”
Mr. Rivelle told the Journal.
Carlyle and TCW had held
discussions with other potential bidders, including Mitsubishi UFJ Financial, before zeroing in on a deal with Nippon,
the Journal reported in September.
TCW Chief Executive David
Lippman said the talks with
Nippon Life began some 2½
years ago.
As an investor, the insurer
could be tapped to seed new
ventures for the firm, including new investment funds, he
said.
Managers at TCW view Nippon Life, one of Japan’s largest insurers, as a long-term investor that would likely give
them more control over the
firm’s future than other possible buyers, the Journal reported. With the deal, those
executives become TCW’s biggest shareholder.
Nippon Life’s Nissay Asset
Management sells TCW funds
to its clients.
Founded in 1971, TCW earlier in its history overcame the
losses of star managers How-
Gold Prices Gain on Flynn Report
BY AMRITH RAMKUMAR
AND DAVID HODARI
Gold prices increased Friday
following a report that former
national-security adviser Michael Flynn is prepared to testify against President Donald
Trump in the continuing Russia investiCOMMODITIES gation.
Gold for
February
delivery settled up 0.4% at
$1,282.30 a troy ounce on the
Comex division of the New
York Mercantile Exchange,
paring gains slightly after rising as high as $1,292.50 earlier
in the session. The gains came
after reports that Mr. Flynn is
ready to testify that Mr.
Trump, as a candidate, “directed him to make contact
with the Russians.”
Analysts said the direct
mention of Mr. Trump
prompted buying of the haven
assets such as gold that investors favor when markets turn
rocky.
“Anything that directly implicates the president is a big
deal,” said Tai Wong, head of
metals trading at BMO Capital
Markets. “That’s what this pop
is all about.”
The dollar’s fall also supported gold and other dollardenominated commodities by
making them cheaper for overseas buyers.
The WSJ Dollar Index,
which tracks the U.S. currency
against a basket of 16 others,
finished 0.2% lower, slightly
paring earlier losses.
Investors were also monitoring progress on the Sen-
Investors flocked to haven assets such as gold on Friday. A gold store in Istanbul, Turkey.
ate’s tax-overhaul bill.
Gold prices were still
roughly 5% lower than their
year-to-date highs from early
September even with Friday’s
rally, as interest-rate concerns
have weighed on the precious
metal in recent sessions.
This past week’s economic
data, which analysts said
should leave the Federal Reserve on track to raise interest
rates in December and multiple times in 2018, has pulled
prices back below $1,300. Gold
struggles to compete with
yield-bearing assets such as
Treasury bonds when borrowing costs rise.
Among base metals, copper
ended a four-session losing
streak after data was released
showing stable growth in
China’s manufacturing sector
in November.
Copper futures for March
delivery rose 0.9% to $3.0925 a
pound.
The industrial metal pulled
back from nearly three-year
highs during the past week,
with some investors concerned
that an economic slowdown in
China, which is the world’s
largest consumer of base metals, will weigh on prices moving forward.
Data released Thursday
showed that activity in China’s
critical manufacturing sector
picked up in November, according to the National Bureau
of Statistics. Although a private gauge of manufacturing
activity showed a slowdown
Friday, the data overall illus-
trated continued stability,
some analysts said.
Better-than-expected demand from China has supported metals prices throughout the year, though some
analysts caution that a slowdown is expected as Beijing
tries to slow credit growth, reduce fiscal support and cool
the property market.
“Going forward, chances are
any surprises may be on the
downside or steady state,” said
Bart Melek, head of commodity
strategy at TD Securities. “We’re
not going to get these surprises
to the upside anymore.”
Investors will be closely
monitoring readings on the
Chinese economy moving forward, with copper prices up
about 23% for the year.
Fidelity Seeks to Make Amends for Website Glitch
BY SARAH KROUSE
Fidelity Investments offered reparations to some clients after a website outage
that lasted more than two
hours on Wednesday blocked
millions of customers from accessing their online accounts.
The Boston firm’s offers to
clients included waiving commissions on some trades attempted during the outage and
offering several free trades.
Fidelity also offered to review
and potentially adjust the
pricing on some trades.
“Customer service is a top
priority at Fidelity. We will review each situation on a caseby-case basis,” a company
spokesman said in an email.
Fidelity attributed the outage Wednesday to a “technical
error” that was later resolved.
“That’s a big deal—it was a
couple of hours during market
hours,” with little other client
communication, said Mark Winkler, a Fidelity customer who
runs Omaha, Neb.-based serverparts company Global One
Technology.
The error message that appeared online was “vague and
unhelpful,” he said.
“If I’ve learned anything after six years of marriage, it’s
better to err on the side of
‘overcommunication,’ ”
Mr.
Winkler said.
Fidelity gave Mr. Winkler 10
free trades when he contacted
the firm on Thursday, he said.
Fidelity had the largest
market share by client assets
among the discount- and online-brokerage firms that are
tracked by consulting firm
Aite Group. It had 41% of the
market at the end of 2016, according to the most recent research available from Aite, followed by Charles Schwab,
which had 27%.
Vik Patel, chief operating
officer at a data center in
Michigan, who invests primarily in technology companies,
struggled to log in Wednesday
morning as technology stocks
declined.
It was “a bad day not to be
able to trade,” he said.
When he called Fidelity’s
customer service on Wednesday, a representative offered
to execute trades for him over
the phone, but Mr. Patel, 32
years old, couldn’t see his full
holdings.
“I absolutely would have
ard Marks and Jeffrey Gundlach, each of whom set off on
their own.
After the firm fired Mr.
Gundlach in 2009, it acquired another sSouthern California bond manager, Metropolitan
West
Asset
Management.
The MetWest team’s bond
funds have grown sharply in
recent years, thanks in part to
the client money that exited from Pimco following star
manager Bill Gross’s 2014 departure.
MetWest alumni now hold
many of the key posts at TCW.
They include Mr. Lippman and
Mr. Rivelle, who manages
more than $160 billion of
TCW’s assets.
ly
.
Carlyle Group LP said
it agreed to sell a stake in
bond manager TCW Group
Inc. to Japan’s Nippon Life Insurance Co.
The private-equity firm,
which bought 60% of TCW
from French bank Société Générale SA in 2013, will pare its
position in the asset manager
to 31%.
Nippon Life will own just
under 25% of the firm. TCW
executives, including fixed-income investment chief Tad
Rivelle, will boost their holdings to 44%, the companies
said. Terms weren’t disclosed.
Carlyle will receive hundreds of millions of dollars
from the sale, people familiar
with the matter said.
Carlyle’s stake grew more
valuable as TCW emerged as
one of the bond market’s bestknown managers. The firm
now oversees about $200 billion in assets, and last year its
MetWest Total Return Bond
Fund briefly overtook Pacific
Investment Management Co.
as the world’s largest actively
managed bond fund.
Nippon Life joins other
Asian financial powerhouses
in tapping into the U.S. assetmanagement industry, a market known for its profit margins
and
steady
revenue. Japan’s SoftBank
Group recently agreed to
buy Fortress Investment
Group LLC, while Chinese conglomerate HNA Group is pursuing the purchases of hedgefund
firm
SkyBridge
Capital and a stake in OM Asset Management PLC.
While the appetite for exchange-traded funds and other
low-cost investments has
no
Pal users aren’t affected by
the security vulnerabilities at
TIO.
How much of a given user’s
data was potentially compromised depends on whether he
or she used TIO’s smartphone
apps, web tools or kiosks, the
spokesman said. He added
that no one TIO service had
the full range of customer data
exposed and that PayPal hasn’t
found any evidence the information was taken out of TIO.
Following PayPal’s announcement, the New York Department of Financial Services
said that is working with the
company, which it regulates,
to “investigate and address issues related to cybersecurity
vulnerabilities.”
The disclosure of potential
data-security issues at TIO
comes nearly three months after credit-reporting firm Equifax Inc. said that hackers had
taken vital personal information belonging to potentially
145.5 million Americans.
PayPal paid roughly $238
million to acquire TIO in a
deal that closed in July. When
the transaction was announced in February, PayPal
Chief Operating Officer Bill
Ready told The Wall Street
Journal that TIO would help
the company reach more consumers who lack traditional financial accounts.
At the time of the announcement, TIO served 14
million consumer accounts
and 10,000 billers through a
network of retail locations
across the U.S.
PayPal will offer affected
TIO consumers free creditmonitoring services through
Experian PLC, the spokesman
said.
Last month, Equifax said
third-quarter earnings tumbled 27% from a year ago as
costs mounted in the wake of
the hack at the company that
led customers to take business
elsewhere.
BY JUSTIN BAER
CHRIS MCGRATH/GETTY IMAGES
PayPal Holdings Inc. said
personally identifiable information for roughly 1.6 million
users has potentially been
compromised at a company it
acquired this year.
Last month, the payments
firm suspended operations,
pending a security review, of
its TIO Networks unit. That
company makes digital billpayment tools for utilities and
other firms and operates a
network of kiosks in retail
stores.
PayPal said Friday that an
investigation into security vulnerabilities at TIO had found
users’ information was potentially compromised.
Among customer information possibly affected, according to a PayPal spokesman,
were names, addresses, bankaccount details, Social Security numbers and login details
of consumers who used TIO to
pay bills.
PayPal hasn’t integrated
TIO with its platform, so Pay-
Sale of part of holding
will be to Nippon Life,
which will own nearly
25% of bond manager
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY PETER RUDEGEAIR
Carlyle to Pare TCW Group Stake
n-
PayPal
Discloses
Breach
At Its
TIO Unit
made some trades when
stocks were going down in the
tech sector,” he said.
In Shaker Heights, Ohio,
Gregory Harmon tried to log
in Wednesday around 10 a.m.
to check on accounts for himself and his wife.
“We were seeing this major
shift out of technology stocks.
I was planning to look and see
if I needed to buy and sell,”
said Mr. Harmon, who is president of Dragonfly Capital, a
firm that manages money for
high-net-worth individuals. He
didn’t seek compensation from
Fidelity after the outage.
Treasury
Yield Posts
Big Drop
BY DANIEL KRUGER
AND GUNJAN BANERJI
Government-bond prices
rose, sending the yield on the
benchmark 10-year U.S. Treasury note to its largest one-day
fall in almost three months.
The 10-year yield closed at
2.363%, down
CREDIT
from 2.417% on
MARKETS
T h u r s d a y.
Yields fall as
prices rise.
Yields declined early Friday
after signs of a stall in Republican tax-overhaul efforts.
Bonds then stabilized after reports that the plan was set to
pass the Senate.
Yields fell again after reports former national security
adviser Michael Flynn is cooperating with an investigation
into possible links between the
Trump campaign and Russia.
Some analysts said it could
threaten Republican efforts to
overhaul the tax code.
Still, investor enthusiasm
quickly deflated as U.S. stocks
fell and a measure of equity
volatility jumped. Several investors observed that differing
House and Senate versions
still must be reconciled.
The market “is likely going
to trade on every whiff, every
headline, every piece of information that comes out of
those negotiations,” said Jeff
MacDonald, head of fixed-income strategies at Fiduciary
Trust Co. International.
Friday’s rally came a day after investors drove major U.S.
stock indexes to records and
sold Treasurys in anticipation
of the tax bill’s passage.
Government-bond yields
closed higher for the week,
snapping two straight weekly
declines.
Yields had climbed in recent
sessions along with the prospects for the tax bill’s passage.
That momentum “was vulnerable to begin with” because investors’ sharp move toward
riskier assets led them to sell
Treasury bonds, said Andrew
Brenner, head of global fixed
income at National Alliance
Capital Markets. “All of a sudden you’ve had to reverse
course in the middle of a
trade,” and it produced an extreme reaction, he said.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Crude-Oil Prices Keep Churning Higher
Extension of
production cutbacks
raises hopes market
can maintain footing
OPEC and other major oil producers agreed Thursday to keep limiting their output, sending crude prices higher. Since U.S. shale producers, thwarting OPEC’s efforts.
a deal was first struck last year, oil prices have rebounded, global stockpiles have fallen, and near-term prices have
Investors remained doubtclimbed above future ones, a bullish signal.
ful for much of the year. Be-
BY ALISON SIDER
AND DAVID HODARI
$70 a barrel
Oil stockpiles, change from a
month earlier
Brent prices
Nov. 30, 2017
OPEC extends cuts
through end of 2018
1
0
–1
–2
60
–3
2017
Near-term oil prices are now
higher than future ones.*
$65 a barrel
50
60
Nov. 30, 2016
OPEC and allies first
reach agreement for cuts
55
40
50
2016
2020
’17
Saudi Arabia and Russia have cut production, while U.S. output has climbed.
Change from a month earlier
Saudi Arabia
4%
Russia†
4%
2
2
2
0
0
0
–2
–2
–2
–4
–4
–4
–6
–6
–6
–8
–8
2017
United States
ly
.
4%
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Oil prices rose a day after
the Organization of the Petroleum Exporting Countries and
other big producers agreed to
continue limiting output for
an additional nine months.
The move raises hopes that
crude prices will continue to
climb out from a three-year
slump.
U.S. crude prices on Friday
gained 96 cents, or 1.7%, to
$58.36 a barrel on the New
York Mercantile Exchange,
their second-highest settlement of the year. Brent, the
global benchmark, rose $1.10,
or 1.8%, to $63.73 a barrel on
ICE Futures Europe.
Oil prices nudged only
slightly after the extension
was first announced Thursday.
While most expected that the
output limits would be kept in
place, doubts crept into the
market in the final days before
the meeting amid signs that
Russia was reluctant to commit to such a long extension.
“I think we have a little bit
of a relief rally,” Lila Murphy,
portfolio manager at Federated Investors, said of Friday’s
trading.
U.S. data showing that oil
output jumped 3% from August to September may have
also damped enthusiasm.
In Vienna on Thursday,
OPEC and its allies, a coalition
of other major producers led
by Russia, agreed to continue
holding oil off the market
through the end of 2018. The
group first agreed a year ago
to reduce global supply by
nearly 2% in an effort to rein
in a glut that has weighed on
the market since 2014. The accord had been set to expire in
March.
3%
2
–8
2017
2017
*Prices for monthly futures contracts †Russia figures include natural-gas liquids.
Sources: WSJ Market Data Group (Brent prices); IEA (stockpiles, Saudi Arabia and Russia output); Thomson Reuters (future prices); EIA (U.S. output)
The extension was widely
anticipated, and the market’s
reaction has been tepid compared with a year ago, when
the announcement of production cuts pushed prices up
about 9%. “It’s pretty much
what was expected, a rollover
until the end of the year,” said
Thomas Pugh, commodities
economist at Capital Economics. “Anything more than that
and they would have risked
bringing on more U.S. supply,
anything less and prices would
have collapsed.”
Sentiment in the oil market
has shifted significantly in recent months, and oil prices
have climbed to their highest
levels since 2015.
When the deal was first announced in 2016, many were
skeptical that it would bring a
THE WALL STREET JOURNAL.
meaningful supply reduction,
pointing to OPEC members’
history of cheating and exceeding production quotas.
Many feared that even if
higher prices materialized,
they would just spur an onslaught of production from
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
A Fully Charged IPO in China
One-year forward price/earnings ratio for battery makers
40
BYD
(H shares)
n-
30
20
10
no
China has the world’s
largest market for electric
cars and wants its companies to dominate globally
when it comes to the batteries that power these vehicles. That makes the initial
public offering of a turbocharged player at the center
of that effort well worth
watching.
Closely held Contemporary Amperex Technology
is one of China’s largest
manufacturers of batteries
for electric vehicles. It plans
to raise about $2 billion in
an IPO in coming months in
China, valuing the company
at up to $20 billion and putting it in the big leagues of
listed battery makers.
The company, based in
coastal Fujian province,
holds about a quarter of the
electric-vehicle battery market in China, according to its
prospectus. Globally, it lags
behind only fellow Chinese
company BYD, partly owned
by Warren Buffett and Panasonic, Tesla’s sole power
supplier. Unlike BYD, which
produces its own cars and
buses, Amperex is more of a
Panasonic
Guoxuan
LG Chem
0
2016
2017
pure-play battery maker.
Its rise is partly because it
landed on the right side of
China’s constantly evolving
“new-energy” policies. The
subsidies incentivize higherend cars that have longer
ranges and batteries with
higher energy density, in
which it excels. Also helping:
Foreign battery makers such
as Samsung SDI and Panasonic have been effectively
pushed out.
In 2016, Amperex pro-
duced batteries equivalent to
6.8 gigawatt-hours, triple
from two years earlier. The
money raised from the IPO
will go to building two factories, expanding capacity by
24 GWh.
On the cost front, it has
benefited from falling prices
of raw materials such as the
electrolyte and separator.
Yet it more than doubled
revenue in 2016, grabbing
market share from BYD. Despite the lower average sell-
ing prices for its battery
packs, gross margins are
high, at 38%. That compares
with 15% to 20% for Korean
peers such as LG Chem and
Samsung SDI.
Such heady margins will
be hard to maintain. Beijing
has set battery makers bold
targets to catch up with
Japan for battery technology,
like more than doubling traveling distance and energy
density. To keep up with
these ambitions, major investments will be needed to
meet high-end capacity. At
the implied IPO price of 60.4
yuan ($9.13) a share, Amperex trades at more than 40
times earnings. That is well
above its Chinese and Korean peers that average between 15 times and 20 times.
It trades at 9 times 2016
sales, compared with no
more than 4.5 times sales for
any of its peers.
Fat margins may be less
important to Amperex than
capturing market share. For
the other big battery makers,
this rival could be a major
source of pain.
—Anjani Trivedi
OVERHEARD
Crime, it turns out, really
doesn’t pay.
Federal prosecutors said in
a court filing Friday that notorious pharmaceutical executive Martin Shkreli owes the
government $7.4 million as a
result of his conviction on securities fraud and conspiracy
charges over the summer.
The prosecutors have
some suggestions for how
Uncle Sam can be repaid. Assets that could be seized to
satisfy the judgment include
a brokerage account valued at
$5 million, as well as a singlecopy album recorded by the
Wu-Tang Clan, for which Mr.
Shkreli paid $2 million back in
2015.
Prosecutors also flagged
Mr. Shkreli’s stake in closely
held Turing Pharmaceuticals.
It was that company’s drugpricing practices that made
Mr. Shkreli famous in the first
place.
Of course, the financial
losses are far from his biggest problem: Mr. Shkreli’s
sentencing for those convictions is scheduled for next
month.
Fresh Off a Rally, Semiconductor Stocks Appear Vulnerable
Chip companies regularly
bend the laws of physics, but
the law of gravity still applies.
That was painfully apparent this past week when a
wave of selling swept across
the tech sector and slammed
chip stocks in particular.
Many of the year’s star performers were hit hard. Micron Technology, Applied
Materials and Lam Research all lost more than 8%
of their value. The PHLX
Semiconductor Index, which
had run up 46% for the year
up to that point on Wednesday, shed more than 4% by
the close.
What the biggest losers
had in common was large ex-
Flash Burn
Average memory spot prices
per month
$8
6
NAND
4
2
DRAM
0
2016
2017
Source: DRAMeXchange
THE WALL STREET JOURNAL.
posure to the soaring memory-chip business. The average spot price for DRAM in
November was nearly double
from a year ago, while average NAND Flash spot prices
were up 41% for the period,
according to DRAMeXchange.
That has boosted revenue
and profit for producers
such as Micron as well as
Korean chip companies Samsung Electronics and SK
Hynix. It also has spurred
efforts to increase production, which in turn drives demand for chip-making equipment sold by companies like
Applied Materials, Lam,
KLA-Tencor and ASML
Holding.
The selloff was another
reminder of the chip sector’s
volatility.
Morgan Stanley issued a
downgrade of Samsung earlier in the week on the belief
that NAND prices in particu-
lar are poised to decline. J.P.
Morgan Chase analysts aired
a similar view on NAND
prices the week before.
DRAM prices are expected to
remain more stable, at least
through the first half of the
year. Memory production
will likely see a strong boost
next year, thanks in part to
an unprecedented surge of
capital spending by Samsung. The Chinese government also is driving a strong
boost in domestic chip-making capacity. And much of
the memory business remains closely tied to cyclical
businesses like PCs and
smartphones.
Offsetting that is the longrunning trend of packing
tween February and June, oil
prices tumbled more than
20%.
But compliance with the
deal has been stronger than
many expected. At the same
time, global economic growth
has lifted demand, while escalating tensions in the Middle
East have raised the prospect
of supply disruptions. The
price of oil for delivery in the
near future has risen above
prices further out, which indicates that the market has
tightened and discourages
market participants from
socking away more oil and allowing the glut to rebuild.
“OPEC’s decision comes
against a backdrop of an oil
market that has already rebalanced,” analysts at Morgan
Stanley said.
Investors have become
more confident that the restraint by OPEC and its allies
is helping to keep prices at a
level that both energy companies and producing nations
can live with.
The prospect that U.S. producers will flood the market
with crude continues to linger
over the market. Saudi Arabia
Energy Minister Khalid al-Falih described shale growth this
year as manageable and moderate, and said he expects
2018 to be similar.
Some analysts say that the
Saudis have underestimated
shale’s threat. U.S. oil production jumped by 290,000 barrels a day in September, an increase of 3% from August, a
sign that companies were
quick to respond when U.S.
prices climbed back above $50
a barrel.
“We think that Khalid al-Falih’s comments today suggest
he may misunderstand what
U.S. producers are capable of
at current price levels,” Barclays analysts wrote in a note
late Thursday.
more computing horsepower
into everything from cars to
phones to data centers. Chip
makers are investing in new
production processes like
3-D scaling that improve the
performance of chips and
could increase pricing power
over time.
That means future price
swings in memory should be
less drastic, but they won’t
vanish completely. And while
most chip stocks aren’t that
expensive—the PHLX index
is averaging about 16 times
forward earnings—prices in
the group are still largely at
decade highs. At that level, it
doesn’t take much of a swing
to get woozy.
—Dan Gallagher
WSJ.com/Heard
Economists
Are Proving
Too Glum
“Don’t worry, be happy”
has been hard advice to follow since the global financial
crisis. The current bout of
synchronized growth around
the world is offering more
reasons to be cheerful. But
old habits are hard to shake.
Surprisingly, good news is
still proving surprising. That
can be seen in Citigroup’s
economic surprise indexes,
or CESI, which look at
whether data are coming in
better or worse than forecast by economists. Take the
eurozone index, which in November hit its highest level
since 2010.
The remarkable thing is
that economists have had
over a year of positive surprises but still haven’t been
optimistic enough. The eurozone CESI has been above
zero since late September
2016, the longest run in positive territory on record in
FactSet data going back to
2003.
Indeed, the index’s good
run has persisted even
though forecasts and expectations have already risen a
good deal. The International
Monetary Fund’s forecast for
2017 eurozone growth, for
instance, stood in January at
1.6% but is now 2.1%. The
broader picture is encouraging, too, as the CESIs for the
U.S. and developed markets
overall have been climbing
since the summer.
Markets can hit rocky territory when overinflated expectations collide with an
underwhelming reality. This
looks more like a case in
which economists getting
their forecasts wrong is good
news. If the postcrisis history of shocks and disappointment means overoptimism is in short supply, then
there is a chance the pleasant surprises can continue.
—Richard Barley
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BET’s Debra Lee
on acquiring
‘Soul Train’ and
keeping a whole
network on track
A trove of letters
deepens the
colors of a life of
Pierre-Auguste
Renoir
C11
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CULTURE
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SCIENCE
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Saturday/Sunday, December 2 - 3, 2017 | C1
HANNA BARCZYK
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
* * * *
|
Is Office Romance
Still Allowed?
Today’s sexual-harassment scandals don’t tell us much about how ordinary men
and women should interact at work. It may be time to rethink the rules.
I
BY CATHY YOUNG
no
n-
t has been nearly two months since the
first allegations surfaced of Hollywood
mogul Harvey Weinstein’s sordid history
of sexual harassment and payoffs to accusers. Since then, the accusations leveled
at Mr. Weinstein and other powerful men
have snowballed, prompted in part by aggressive journalistic investigations and by
the #MeToo Twitter hashtag, which has encouraged
disclosures of sexual misconduct.
The “Weinstein effect” has swept through the entertainment and media industries, leaving wrecked
careers in its wake: actor Kevin Spacey, comedian
Louis C.K., political journalist Mark Halperin, veteran
TV talk-show host Charlie Rose and now “Today
Show” co-host Matt Lauer and the author and radio
personality Garrison Keillor.
What these high-profile cases mean for the rest of
us is hard to say. Celebrity scandals involving gross
abuse don’t offer obvious guidance for how ordinary
men and women should interact at work. Will the disgrace of these prominent men translate into tougher
policies or changed attitudes in offices across the U.S.?
Will it advance gender equity and mutual respect—or
promote polarization and paranoia?
One thing can be said with certainty: Any notion of
simply banishing romantic or sexual interactions at
work will fail. Too many of us find lovers, partners and
spouses in the setting where we spend most of our
waking hours. To move forward from this moment, we
must acknowledge not just the awful impact of sexual
harassment on women but the reality that the modern
workplace is, among other things, a place where romantic overtures are not always unwelcome.
The Weinstein story, and those that followed,
struck a chord not just for the sheer scope of the alle-
It’s no surprise that many
of us find lovers and
spouses where we spend
most of our waking hours.
gations. It was unsettling and infuriating to learn that
so many sexual predators had apparently enjoyed impunity because of their status and power and that so
many victims had apparently kept silent.
Even commentators who have previously criticized
how some institutions handle charges of sexual
abuse have welcomed today’s cultural reckoning.
Northwestern University professor Laura Kipnis,
whose book “Unwanted Advances: Sexual Paranoia
Comes to Campus” was published earlier this year,
said, “What’s shocking about a lot of these revelations is the extent to which men in power have felt
they have free access to the bodies of women who
work for them, or aspire to. Did they think they were
feudal lords and these women were their vassals?”
She nonetheless sounds a note of caution: “We need
to be careful about a rush to judgment and conflating
different kinds of accusations.”
In some recent cases, however, we have seen just
that. Though many of the men brought down by the
scandals have been accused of egregious sexual impositions, from indecent exposure to rape, others have
been implicated in less flagrant misconduct.
Leon Wieseltier, who had served as literary editor
at the New Republic for many years, reportedly engaged in what one former colleague, writing in the
Atlantic, called “low-level lechery” toward women at
the magazine—from sexual innuendo and compliments to hugs and kisses, mostly on the cheek but occasionally on the lips. Michael Oreskes, National Public Radio’s senior vice president for news, resigned
after two women accused him of one-time unwelcome
advances two decades ago when he worked at the
New York Times—in addition to two recent complaints about taking work-related conversations with
female NPR staffers in an uncomfortably personal direction. Mr. Keillor asserts that his only offense was
to place his hand on a female co-worker’s bare back
while comforting her, not realizing that her shirt was
open (though other details may yet emerge).
Please turn to the next page
Ms. Young is a contributing editor at Reason
magazine and an opinion columnist for Newsday.
INSIDE
ESSAY
Worried by hostility in Trump
country, elite schools look for
more small-town students.
C4
ESSAY
Brazil’s billionaires avoid
big-time philanthropy, and one
man is trying to change that.
C3
EXHIBIT
Things are looking up—and
sideways. The Comedy Wildlife
Photography Awards.
C12
HISTORICALLY SPEAKING
What do Kylo and Huck have
in common? Amanda Foreman’s
brief history of sequels.
C12
BOOKS
Julius Caesar gets the
‘Landmark’ treatment—packed
with explanatory features.
C5
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C2 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
Real Offenses, Ambiguous Overtures, Clumsy Jokes
MARK LENNIHAN/ASSOCIATED PRESS
Continued from the prior page
diaries, which corroborated some of
These and other cases raise
the incidents.
many thorny questions. Should
Yet the 1990s also brought muchvastly different degrees of mispublicized stories of overreaction to
conduct be punishable in the
mostly innocuous behavior: a cresame way—by disgrace and caative writing instructor fined and
reer death? Should interaction besuspended for using sexual metatween colleagues in social setphors in class; a county official fired
tings outside the office be subject
for emailing a female employee a
to the same norms of propriety as
mildly ribald piece of internet huworkplace behavior? When, if
mor, even though she had given her
ever, is sexualized or romantic inOK to receiving it; an insurance
teraction appropriate at work?
company manager demoted and
Even in this age of online dattransferred for sending sexually huing, there is ample evidence that
morous greeting cards to a female
many Americans continue to find
office administrator, even though
love (or sex) at work. In a survey
the cards had been mutually exof 500 single, divorced, and widchanged. Such episodes fostered the
owed adults released last Februperception that the new rules on haary by the data company Rerassment had become a double stanportLinker, 27% mentioned work
dard favoring women, and they
as a way to meet partners, while
helped to create a backlash against
only 20% said they used a dating
efforts to combat the problem.
NEW YORK MAYOR Bill de Blasio and his wife Chirlane McCray
app or website. Millennials were
At the end of the decade, the
met while working together at City Hall in 1991.
actually more likely than older
scandals stemming from President
singles (33%) to view the workBill Clinton’s relationship with
place as a dating pool. In another informal sur- spectful.” Yet such judgments can be very much
White House intern Monica Lewinsky changed
vey of 2,373 Americans ages 18 to 34, con- in the eye of the beholder.
the cultural tide. Some commentators, such as
ducted by the online magazine Mic in 2015,
Ms. Kipnis stresses the distinction between
the Atlantic writer Caitlin Flanagan, have
nearly one in five said they had met their cur- enjoyable flirting and humiliating or oblivious
blamed the feminists who backed Mr. Clinton
rent spouse or partner through work.
behavior: “Flirtation is mutual, innuendo is onefor stalling the momentum of the fight against
Such on-the-job romances have become way.” But while that distinction is often obvious,
harassment, but it is also true that, by then,
riskier, however, in our age of heightened sen- the lines can be blurred. Seeming mutuality can
much of the public was ready for a rebellion
sitivity to harassment and discrimination. A be the result of a less powerful person “playing
against “sexual correctness.”
recent tweet by the singer-songwriter Marian along” to placate an abuser.
The revelations that have
Call telling men “how happy women would be
It is true as well, however, that a fully conemerged over the past two
if strangers & co-workers never ‘flirted’ with sensual dynamic can later be reinterpreted as
months are a potent reminder
us again” went viral with thousands of abusive for a variety of reasons, from a soured
that workplace sexual harassretweets and “likes” (though it also sparked romance to work troubles to a change in perment remains a real problem—
some heated debate). Even workplace relation- spective because of “#MeToo”-style consciousand not just in the precincts of
ship stories with happy endings can look like ness-raising. As far back as the 1980s, federal
media and entertainment. In
they were one wrong turn away from sexual- courts have ruled that a woman who willingly
an NBC/Wall Street Journal
harassment horror tales.
participates in and even initiates raunchy behavpoll of 900 American adults
Four years ago, when the New York Times ior at work can still successfully sue for sexual
conducted in October, 48% of
published a profile of Chirlane McCray, the wife harassment over similar conduct if she did not
employed women said they
of New York City mayor-elect Bill de Blasio, welcome it in those specific instances.
had personally experienced
some were scandalized by the account of how
The country’s previous “national teach-in” on
sexual harassment in the workplace. Nearly 79%
the couple met in 1991 while working at city sexual harassment took place after the 1991 Suof women, and 63% of men, disagreed with the
hall. Ms. McCray, who had long identified as a preme Court confirmation hearings for Clarence
idea that harassment reports are overblown.
lesbian, “had zero interest in dating a man”— Thomas, where his former employee Anita Hill
A more nuanced picture emerges from polls
but Mr. de Blasio was undaunted and “flirted accused him of several instances of misconduct
that distinguish among kinds of offenses. A 2016
with her mercilessly … calling nonstop and try- (Mr. Thomas denied the allegations). The new
U.S. Merit Systems Protection Board survey of
ing to steal an unwelcome kiss.”
sensitivity to these issues had salutary results,
over 42,000 federal employees suggests that
In a follow-up piece published in Slate to ad- including the resignation in 1997 of Sen. Bob
more extreme violations are fairly rare. While
dress concerns that the story of the de Blasio/ Packwood, after reports that he had made un18% of women and 6% of men said that they had
McCray courtship sounded too much like sexual wanted advances to 19 former staffers and lobbeen sexually harassed in the previous year, only
harassment, Ms. McCray was quoted as saying byists. He initially denied the charges but
1%—for both sexes—reported being pressured
that he was “sweetly persistent, but…always re- stepped down after the exposure of his personal
for sexual favors, with a similar figure for re-
ports of sexual assault. The rest of the reported
behavior consisted of unwelcome jokes or comments, suggestive looks or gestures and “invasions of personal space.” These numbers showed
a sharp decline, however, from a similar survey
of federal workers in 1994, when 44% of women
and 19% of men reported some form of unwanted sexual attention in the past year.
The lesser forms of misconduct recorded by
these surveys are not necessarily harmless. It is
hard to know how many represent cases in
which behavior was so offensive or persistent
that it rose to toxic levels. That possibility is
magnified when someone in a position of power
is being inappropriate with a subordinate.
In a recent discussion at King’s College in
London, the feminist scholar Martha Nussbaum
offered a partial defense of Mr. Wieseltier, saying she had always perceived his conduct at the
New Republic as “ridiculously theatrical [and] a
little gross, but not threatening or malign.” Yet,
even as Ms. Nussbaum expressed regret over his
potentially permanent exile from the magazine
world, she acknowledged that her experience
“may well be different from that of vulnerable
employees,” for whom the same behavior may
have created a “hostile work environment.”
That high-level abuses of power can now be
easily exposed to the public eye is an unquestioned gain for equality in the workplace. But
whether the #MeToo moment will have a positive impact on the advancement of women, and
the quality of everyone’s work lives, depends on
what we do with it.
Liana Kerzner, a Canadian
television host, writer and
producer, has seen her share
of workplace sexism over the
course of her career, but she
has mixed feelings about the
current climate. “The huge
uproar over every new headline is having negative effects
on some survivors of abuse,”
she told me. “Some feel like
treating groping as equivalent to more serious, Weinstein-level assaults
trivializes violent attacks.” Ms. Kerzner believes that “we need to be able to use judgment and separate men who are just awkward
from men who use their power to intimidate.”
There is a real need for cultural change and
for conversations on sexual respect, Ms. Kerzner
says, but “making workplaces too uptight will
backfire.” As she sees it, “When hours are long
and there’s a lot of stress, the humor can get ‘inappropriate,’ but it’s just a coping mechanism.
If you can’t joke around at work, your workplace
doesn’t have the trust necessary for people to
give the company their best.”
Instead of formal rules, Ms. Kerzner argues, it is much more important to have
strong workplace communication and responsive management, so that employees bothered
by a co-worker’s behavior can complain without fearing retaliation or overreaction. For
their part, managers should try to notice and
defuse tensions before someone complains.
Unfortunately, today’s workplace policies
often encourage a rigid and punitive approach
in such cases. If an employee complains to a
supervisor of sexually inappropriate behavior,
the supervisor usually cannot simply talk to
the offender but has to take the matter to human resources—and the offender cannot try
to resolve the issue by apologizing. Often, he
or she is forbidden to have any contact with
the complainant.
These protocols can exacerbate problems
stemming from low-level misconduct or workplace romances gone awry—and we can do
better. Relaxing such rules would make room
for managers to deal with such issues in a
more flexible, humane way. At the very least,
it should be possible to give the parties to
such disputes a chance to talk to each other.
The answer, in the end, is to ensure dignity
and respect in the workplace for women and
men, whether accusers or accused. Finding
the right balance may not be easy, but it is the
only way forward if we are to accept the human—and sometimes sexual or romantic—reality of our working lives.
HANNAH BARCZYK
no
n-
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
‘Flirtation
is mutual,
innuendo is
one-way.’
WHY MANY HARASSED WOMEN REMAIN SILENT
MARIANNE LAFRANCE
TODAY’S ALLEGATIONS of sexual harassment
show little sign of abating. Each day brings
news of one more male media star or mogul,
politician or professor, comedian or coach who
has been accused of sexually, and often serially,
harassing women or girls.
Since a good deal of time has often transpired between the alleged sexual misconduct
and a woman’s coming forward, a question
frequently voiced in these cases is: “What
took her so long?” Courts have denied the legitimacy of some claims of sexual harassment
when too much time is thought to have
passed between the alleged wrong and the filing of a case. The assumption is that a reasonable person with a credible charge would
have acted sooner.
As a social psychologist, I know something
about why there is a gap between how “reasonable” people believe they would respond
to inappropriate sexual behavior and what
people in the actual situation do. It stems
from our very imperfect ability to appraise
other people’s circumstances.
Some years ago, my research collaborator
Julie Woodzicka and I developed an experimental scenario to demonstrate this gap. We
published the results in the Journal of Social
Issues back in 2001. We wanted to compare
what women thought they would
feel and do in response to sexual
harassment with how they reacted to the real thing.
Our first group of subjects consisted of 197 undergraduate
women. They were told to imagine
themselves in a job interview for a
research assistant position and
were given a script to follow. A
smaller group of subjects (25
women, ages 18 to 50) were interviewed by a man in his 30s in a person-to-person session, which they believed to be real.
Most of the questions in the identical interview scripts were of the usual sort, about past
work experience and current aspirations. But
the interview also included three other questions: “Do you have a boyfriend?” “Do people
find you desirable?” “Do you think women
should be required to wear bras at work?”
The respondents who were just imagining
they were participating in the interview reported considerable anger and little fear. As to
whether they would take action, more than
two-thirds reported that they would refuse to
answer at least one of the inappropriate questions. Sixteen of the 197
said they would get up and leave.
Six said they would report the interviewer to a superior.
But something very different
emerged with the 25 young women
who experienced the harassment
in person. Their predominant feeling in the actual situation was fear.
Unlike some of the subjects in the
imagined interview, no one in the
actual interview refused to answer a question,
left the interview midstream or tried to report
the interviewer to his supervisor.
Faced with real sexual harassment, participants tried instead to reset the direction of
the interview. Do people find me “desirable”?
“Well, yes, fellow workers find me desirable
as a member of a team.”
In-person
offenses
versus
imagined
ones.
Our research revealed an emotional chasm
between what real participants experienced
and what onlookers believed someone would
feel. In a hypothetical context, people tend to
give stereotyped or socially desirable answers.
Anger is a reasonable and stock reaction to
someone’s imagined bad behavior. In the actual situation, however, fear predominated because the interviewer’s all too real behavior
was perplexing and potentially threatening.
We also saw how easy it is to overlook critical aspects of another person’s situation. Actual interviewees were motivated to do their
best and appear their best. The sexually harassing interviewer put them in a bind that
they could not easily interpret or resolve.
From the outside, dealing with harassment
seems straightforward; from the inside it is
trickier. It is easy to criticize women who are
and were silent in response to sexual misconduct, but it turns out to be a lot harder and
more complicated than we think to say or do
something about it.
Dr. LaFrance is a professor of psychology at
Yale University.
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C3
* * * *
PATRÍCIA MONTEIRO FOR THE WALL STREET JOURNAL
REVIEW
ELIE HORN, seen in his office in São Paulo, made his fortune in real estate and now says, of his philanthropy, ‘I’m being tested, like everyone else, and I’m doing all I can to pass.’
Why are Brazil’s billionaires so reluctant
to pledge some of their fortunes to charity?
BY JEFFREY T. LEWIS
AND LUCIANA MAGALHAES
and a decline in the share price of their company, Cyrela Brazil Realty, during Brazil’s
2015-2016 recession.)
Brazil should be fertile ground for high-profile charitable giving: Eighth in the world in
the number of billionaires, it has been minting
new ones at a world-beating pace over the last
30 years, going from just one in 1987 to 43
now—nearly half of the Latin American total.
Brazil’s torrid growth has made fortunes for
construction executives, bankers, hedge-fund
managers and agribusiness leaders.
Their combined net worth is $172
billion, about the size of oil-rich
Qatar’s economy.
With the help of a Brazilian
group called the Institute for the
Development of Social Investment,
or IDIS, Mr. and Mrs. Horn started
networking in early 2017 and
sought to sign up a dozen billionaires by the end of the year. They
even suggested a lower threshold
for entry: just 20% of a giver’s wealth, instead
of half or more. But to no avail; they have just
one real prospect, to date, and no pledges.
History may help to explain why Latin America’s rich are so reluctant to give. In colonial
times, the Spanish and Portuguese crowns and
the Catholic Church were seen as the institutions in charge of helping the poor. To this day,
many in Latin America view the government
and Church as solely responsible for social welfare. “We’re still missing a culture of individual
responsibility,” says Jorge Villalobos, the head
no
n-
AT THE AGE OF 73, Elie Horn has a lot to be
proud of. A devout Jew born in Aleppo, Syria, he
migrated to Brazil as a boy and turned a small
São Paulo real-estate company into an empire,
building sleek skyscrapers and amassing a fortune that at one point reached some $2 billion.
In recent years, as he has begun to give away
most of his money to charity, his ambitions have
taken a different turn: He wants to get other rich
Brazilians to pledge to follow suit. It has proved
to be a difficult task. So far, he has no takers.
“You come into this world to do good, to be
tested” by God, said Mr. Horn, who immigrated
in the 1950s with his father, who was a fabric
importer, and the rest of his family. “I’m being
tested, like everyone else, and I’m doing all I
can to pass.”
Mr. Horn and his wife, Susy, are the only
members of Latin America’s ultrarich to sign the
Giving Pledge, a charitable drive launched in
2010 to get billionaires to give away more than
half their wealth to philanthropy. Created by Bill
and Melinda Gates and Warren Buffett, it has
gathered pledges from more than 100 billionaires in more than 20 countries.
Forbes’s current count of world billionaires
shows 87 Latin Americans. By contrast, Africa,
with just 25 on the Forbes list, has three Giving
Pledge signers. (The Horns themselves have
dropped off the billionaires’ list since signing the
pledge in 2015, as a result of their philanthropy
ly
.
He has relented in recent years, amid charges
that his companies dominate markets in a way
that hurts consumers, and has started to raise
his philanthropic profile, endowing his own
charities with several billion dollars.
Manuel Arango, the former head of Mexico’s
biggest retailer, has been a philanthropic pioneer in his country. In 2015 he helped to lead a
campaign to get Mexican companies to donate
1% of their pretax profits to charitable causes.
Some 117 companies have now joined the effort
by making nonbinding pledges. “We felt if we
made it binding, people wouldn’t sign up,” he
said. “We have a long way to go, but we are
getting there.”
Mr. Horn believes that one reason Brazil’s billionaires don’t give is that they want to avoid
drawing attention to themselves and their fortunes. The country has a very high rate of violent crime, and the rich are still sometimes kidnapped and held for ransom.
For now, Mr. Horn can only look on wistfully
at philanthropists in the rest of the world, whom
he calls “giant heroes”—meaning Mr. Gates, Mr.
Buffett and their biggest pledge takers. “Compared with them,” he said, “we are dwarfs.”
Mr. Horn and his Chilean-born wife had
planned almost 20 years ago to give away all of
their wealth, but their three grown children interceded. “They convinced me that it was too
much, that I needed to leave some,” Mr. Horn
said. Mrs. Horn said that she and her husband
instead decided to give away almost two-thirds.
“I’m glad,” she said, “because in the end what
counts is the good you do.”
Mr. Horn says that his faith guides his giving: “You have to think about your eternal salvation. It’s more important than savings in this
world.” His charitable habits, he recalled, go
back to his early teens, when he raised money
from his classmates at the French-language
school that he attended in São Paulo to help
impoverished street people.
He described the immense satisfaction he got
when, decades ago, he met a girl whose lifesaving cancer surgery he had helped to fund. “It
was like I was floating above the Earth,” he said.
“It gave great meaning to my life.”
co Fo
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on
A Quixotic Quest
For Givers
of the Mexican Center for Philanthropy, a nonprofit that tries to promote giving.
Entrenched corruption in Brazilian government and business is another possible factor. A
2015 study by the Hauser Institute at Harvard
University featured interviews with 67 highnet-worth Latin Americans and 25 experts in
philanthropy and social investment from the
region. The report found a high correlation between the charitable giving of individuals and
their trust in institutions and people beyond
their immediate circle. In a society “that is
characterized by trust for only family and
friends,” the authors wrote, “philanthropic support for institutions and initiatives led by
strangers will presumably be limited.”
Alex Cuadros, author of “Brazillionaires,” a
2016 book exploring the world of Brazil’s superrich, notes the very different tax codes in Brazil
and the U.S. and their likely effect on charitable
giving. Unlike Americans, Brazilians get tax deductions only when they give to governmentapproved efforts or government funds. “I doubt
Warren Buffett or Bill Gates would have signed
up nearly as many people if donations were not
tax-deductible,” said Mr. Cuadros. An inheritance tax ranging from just 4% to
8% in most Brazilian states can also
reduce the incentive to give away
fortunes rather than to hold on to
them for the next generation.
As Mr. Cuadros points out, there
is also a long history of grand philanthropy in the U.S. that is lacking
in Brazil. In the words of the steel
magnate Andrew Carnegie, who
gave away his vast fortune by the
early 1900s, “The man who dies
thus rich, dies disgraced.”
In Latin America, leadership by charitable
example has been scant. Mexico’s telecommunications magnate Carlos Slim, at one point
ranked as the world’s wealthiest man, has publicly expressed his skepticism about the usefulness of philanthropy. In 2007, he questioned
Mr. Gates’s efforts and said that he had no intention of becoming a “Santa Claus.”
Mr. Slim long insisted that his companies, by
employing Mexicans, did more to alleviate poverty than he could do by giving away his money.
So far,
Elie Horn
is setting
a lonely
example.
David Luhnow contributed to this article.
WILCZEK’S UNIVERSE: FRANK WILCZEK
“ART IS LONG, life is
short.” That ancient
quote from Hippocrates
often crosses my mind
when I read reports
from experimental physicists who
have been seeking, but not finding,
evidence for beautiful
yet unproven ideas proposed by theoretical
physicists like me. Science, too, can be awfully long.
In those discouraging
moments, history sustains me. Scientific
questions can simmer
for ages—until, suddenly, they
come to a boil.
Almost exactly 100 years passed
between Albert Einstein’s 1916 prediction of the existence of gravitational waves—a clear implication of
his theory of general relativity—and
the first experimental detection of
those waves, announced in 2016.
For the subatomic particle
known as the Higgs boson, the gap
was “only” about 50 years. In the
early 1960s, theorists proposed that
filling space with unseen particles,
melded into a uniform material,
could give us a more consistent and
beautiful account of the observed
particles. But it was only in 2012
that people managed to break chips
from that material—Higgs bosons—
and recognize them for
what they are.
Or consider the cosmic microwave background radiation, our
richest messenger from
the Big Bang. As early
as 1948 scientists theorized that photons
from the early universe, their energy sapped by its
expansion, would fill the sky today
as microwave radiation. Researchers began to detect that radiation,
but only as a featureless haze. It
took until 1992 for them to detect
the imprints of embryonic structure in the universe.
In each of those cases, searches
involving hundreds of experimental
physicists were afoot for many
years. People like me got treated to
frequent “progress reports” of non-
A bit of
hope
from
history.
observations. The happy endings may seem inevitable in
retrospect, but until they happened they were anything but.
Many people lost hope.
What are today’s sleepers in
physics, ready to awake? I
have my hopes and suspicions.
One involves proton decay.
To understand why there are
so many fundamental particles, we posit physical processes that can transform any
fundamental particle into any
other. In particular, the
quarks that make up protons
should be able to turn into
lighter particles, rendering
protons unstable. Sadly, proton decay, sought since the 1970s, hasn’t
showed up yet. But attractive theories suggest the discovery could
be around the corner, awaiting a
new generation of more sensitive
detectors.
Another sleeper, a particle called
the axion, is especially close to my
heart. We need it to make sense of
an amazing, seemingly gratuitous
feature of the basic laws of nature,
namely that they look almost the
same if you run them backward in
time. Ordinary life, of course, does
not. If you run a movie backward, it
looks very wrong.
In 1977, when I first proposed
axions (along with Steven Weinberg, building on work of Roberto
Peccei and Helen Quinn), I named
them after a laundry detergent,
since they cleaned up our understanding of time’s reversibility. I
thought then that axions would
be discovered within a few
months. It was the most exciting episode in my career. Dozens of experimentalists all over
the world raced for discovery.
Alas, they came up empty.
But a more general version of
axion theory has gained wide
adherence, not least because it
offers an elegant solution to the
problem posed by what cosmologists call “dark matter”—the
elusive stuff that judging from
its gravity, makes up a big fraction of the universe. Axions have
just the right properties to be
that mysterious substance.
Things are getting exciting again, as
a new generation of experimenters
crafts the tools we’ll need to observe the particles.
As we seek to answer these questions, it’s tempting to envy the hero
of Woody Allen’s movie “Sleepers,”
who slept for years and awoke to
see the distant future. But you don’t
get the most from a good mystery if
you skip to the end. Rewards grow
sweeter through long anticipation.
TOMASZ WALENTA
The Struggle to Solve Long-Lived Physics Puzzles
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C4 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
WORD ON THE
STREET:
BEN ZIMMER
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EMILY RITCHEY, from a tiny
town in Pennsylvania, felt
out of place on arrival at
Franklin & Marshall College
Spooked by rising hostility in Trump country,
elite schools are seeking small-town students
no
n-
EMILY RITCHEY grew up in Dry Run, Pa., population 345, the daughter of a cashier and a
mechanic. The halls of her high school were
filled with boys wearing camouflage. Two couples arrived at prom in tractors. Then she
went off to college, 90 miles away.
Walking the manicured campus of Franklin
& Marshall College, a selective private school
in Lancaster, Pa., with total costs per year of
some $65,000, she encountered a different
world. “I looked around at all these kids wearing Patagonia and Vineyard Vines, clothes I’d
never seen before, and I just felt way out of my
league,” she says. Classmates sometimes refer
to her as coming from Pennsyltucky. “It’s kind
of like I’m from nowheresville.”
That dislocation reflects the
widening gulf between white,
working-class, rural America and
the nation’s more selective institutions of higher education. Elite
colleges have tried for years to
address a proportional decline of
students arriving from areas beyond big cities and suburbs, but
their worries have sharpened
since the election of Donald
Trump. Recent surveys show
mounting skepticism, especially among Mr.
Trump’s constituents, about the cost and
worth of college. Republican lawmakers have
also proposed cuts to federal funding and tax
breaks for higher education.
In response, some institutions are redoubling
their efforts to court students from rural—and
politically conservative—areas, much as they
have long sought out minority students from inner cities. “These predominantly white students
from low-income and working-class families
have been overlooked for a long time,” said Bob
Freund, who runs a nonprofit program based at
Franklin & Marshall that has helped place rural
students in Pennsylvania colleges, including Ms.
Richey. “It’s just beginning to change.”
This year Swarthmore College created a recruiting program targeting rural students called
Small Town Swarthmore, which helps fund candidates’ visits to the campus. In January, the
North Carolina university system approved a
plan to increase enrollment of rural students by
11% by 2021. Princeton University has expanded
its ROTC class and this year is reinstating a
transfer program that includes community colleges—both of which disproportionately help
students from rural backgrounds.
Previous efforts have yielded upticks in rural recruiting at Georgia Tech, the University
of North Carolina, Chapel Hill, and Columbia
University, which sends its students to rural
high schools as ambassadors. At Carleton Col-
lege in Minnesota, a scholarship aimed at rural
students boosted their numbers to 12% of the
student body this year, up from 8% in 2013
when it was initiated.
“I’m sorry we missed a lot of these kids in
the past,” said Stephen Farmer, the vice provost
of enrollment at UNC Chapel Hill. “But I’m glad
we’re getting them now.”
The education gap between rural and urban
residents has been growing for decades. Though
college attendance has risen for both groups,
the rural rise has been smaller, and the gap has
more than doubled—from seven points in 1980
to 16 points by 2015. Meanwhile, multiple studies have shown admissions biases against rural
students with financial needs.
In 2009, two Princeton sociologists analyzed
eight selective colleges and universities and
found that for minority applicants,
the lower a family’s socioeconomic
class, the more likely they were to
gain admission. For white applicants, the opposite was true.
Wealthier white applicants were
three times as likely to be admitted as poor white applicants with
similar qualifications. Many admissions directors acknowledge
that is partly because colleges
have sought racial and economic
diversity from the same students,
and poorer white students don’t fulfill that goal.
The same study found that leadership roles
in organizations popular in rural communities,
such as 4-H clubs, Future Farmers of America
and ROTC worked against the students who
claimed them on their applications. Leadership
in such groups “is associated with 60 or 65 percent lower odds of admission,” the study found.
In 2013, in a report that spurred a wave of
outreach, Stanford University economist Caroline Hoxby used large data sets to show that
there are thousands of poor rural kids with high
GPA’s and high SATs that were being overlooked. If they went to college, they tended to
go to state schools or community colleges.
Why the divide? Many guidance counselors
at rural high schools favor community colleges
and vocational programs because they don’t
have good pipelines to more selective schools
and don’t view them as realistic options, says
Nicole Hurd, the CEO of College Advising
Corps., which places recent college graduates
in rural and inner-city high schools to help demystify the process. Rural schools frequently
offer fewer advanced placement classes and
less access to the sort of activities that selective colleges value. Many rural students also
come from communities where few jobs traditionally called for a college degree.
Meanwhile, rural Americans’ faith in higher
education is waning. Fewer than one-third now
believe a four-year degree is worth the cost, ac-
‘I’m sorry
we missed
a lot of
these kids
in the past.’
cording to a Wall Street Journal/NBC poll in August, compared to more than half of urban and
suburban residents. A poll for CNBC four years
ago found much more confidence in higher education, across all groups. Skepticism has risen
most since then among working-class whites,
Republicans and those without college degrees.
Some colleges say they want not only geographic diversity, but political diversity as
well. Lynn Morton, president of Warren Wilson
College outside of Asheville, N.C., jump-started
the school’s rural outreach in July when she
was sworn in. She had seen a poll of students
at hundreds of colleges by the Indiana University-based National Survey of Student Engagement, which found that less than a quarter of
seniors often spoke with people whose political views differed from their own. “We need to
be intentional about providing balance in the
classroom,” she said.
A survey of admissions officers published by
the website Inside Higher Education in September asked if the 2016 presidential election indicated that colleges—especially elite colleges—
should recruit more rural students. Among
public colleges, 42% of admissions officers said
yes, as did 32% from private colleges. Smaller
numbers endorsed recruiting more low-income
white students and conservative students for
the same reason. “A lot of schools woke up the
day after the election a little stunned that all
these surrounding counties voted for Trump,”
said Scott Jaschik, the website’s editor. “They’re
asking themselves, ‘Why are we so disliked?”
One challenge in recruiting more rural students is efficiency. Selective universities try to
get the biggest bang for their buck by visiting
larger high schools in well-to-do school districts, where recruiters can meet dozens of
candidates in a day. According to the 2013
Hoxby study, 70% of well-to-do high achieving
students come from 15 metropolitan regions.
Small, far-flung rural schools may only have
one or two candidates.
“If you’re a star at a particular rural high
school that is very difficult to visit in Kansas or
name your state, you might get overlooked,”
said Greg Roberts, University of Virginia admissions director. “So what we’re trying to do now
is figure out where these students are and how
to communicate with them.”
When rural white students do arrive on
campus, many face culture shock. Some schools
connect them to support groups aimed at students who are the first in their family to go to
college, which have traditionally been aimed at
racial minorities. Sometimes they encounter
subtle bias. Working-class white students are
called “doids” at Union College in Schenectady,
N.Y., “nards” at some schools in Maine.
At Franklin & Marshall, Ms. Ritchey says she
doesn’t take offense at classmates’ views of her
origins. The valedictorian of her high school,
she is on a nearly full scholarship, part of it
aimed specifically at rural students. After her
junior year in high school, she was able to attend a summer preparatory program on campus,
also thanks to a scholarship for rural students.
“My family asks me all the time if I’m just
learning liberal rhetoric. They keep telling me
it’s important to learn something practical,” she
says. She is majoring in American studies and
may get a master’s degree, with thoughts of becoming a minister—or a high school guidance
counselor. “I’m here to open myself to new experiences,” she says. “I’m here to learn.”
Paul Overberg contributed to this article.
From Newman
and Redford
to Roy Moore.
“Metropolitan police and FBI
agents, pulling off an operation they
dubbed ‘The Sting,’ arrested 108 people, including a federal prosecutor,”
read a front-page story in the Washington Post in March 1976. The Post
confirmed that the ploy—in which
agents posed as mafia bosses running
a “fencing” racket of stolen goods
—was named after the movie.
A few years later, an even higherprofile sting came with the Abscam
scandal, the federal corruption case
that ensnared politicians, including
seven members of Congress, who
were videotaped accepting bribes
from FBI agents posing as Arab
sheikhs. That strange-but-true tale
served as the basis for the 2013
movie “American Hustle.”
EVERETT COLLECTION
For Colleges,
A Rural Reckoning
BY DOUGLAS BELKIN
THE WASHINGTON POST reported
earlier this week that it was the target
of a botched “undercover sting operation,” in which a woman falsely
claimed to have been impregnated by
Republican Alabama Senate candidate
Roy Moore. The Post said that the
woman had connections to the conservative muckraking group Project Veritas, which has set up a number of attempted “stings” of mainstream media
outlets in past years.
The word “sting” goes back to Old
English as a noun and a verb for the
painful piercing of a sharp-pointed
weapon, or the similarly sharp (and
sometimes poisonous) stinger of a
plant or animal. “Sting” entered
American underworld slang in the
early 20th century to describe a robbery carefully planned and executed
quickly, metaphorically suggesting
that such a scheme could be carried
out as swiftly as an insect’s sting.
In 1930, a racketeer who ran a
speakeasy in Ohio boasted to Liberty
Magazine, “The hustlers would sit
around planning their stings, and I
guess about half of the jobs pulled in
southern Ohio that year started in my
parlor.” A glossary of “crook jargon”
accompanying the article defined a
“sting” as a “criminal coup.”
David Maurer, a linguist at the University of Louisville who became an
expert in criminal rackets and their attendant slang, documented an elaborate sting in his 1940 book, “The Big
Con: The Story of the Confidence
Man.” He described a confidence game
known as “the wire,” in which a fake
betting parlor is set up to hoodwink a
victim into thinking he is wagering on
a horse race. “When the time comes to
make the big bet, the sting is put in a
little differently,” he wrote.
Maurer’s book inspired George Roy
Hill’s Oscar-winning 1973 movie, “The
Sting,” with Paul Newman and Robert
Redford playing con men in the ’30s
pulling off the “wire” scam. The huge
success of the film brought the criminal meaning of “sting” to a wide audience—and even encouraged law-enforcement officials to start using the
term for undercover operations.
ly
.
WILL FIGG FOR THE WALL STREET JOURNAL
A Hit Movie
Gave New Life
To ‘Sting’
ROBERT REDFORD and Paul Newman
as con men in ‘The Sting’ (1973).
Thanks to such real-life and fictionalized undercover policework, the popular view of a “sting” has come to involve tactics like deceptive role-play
and the surreptitious videotaping of
targets. James O’Keefe of Project Veritas has engaged in similar hidden-camera ventures over the years, but this
time “he was stung by his own sting,”
CNN media analyst Brian Stelter said
in his “Reliable Sources” newsletter.
Answers
to the News Quiz on page C13
1.D, 2.B, 3.C, 4.C, 5.B, 6.A, 7.D, 8.C
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HENRY FONDA & JIMMY STEWART C6 | WHAT IS A JELLYFISH? C7 | THE INTIMATE RENOIR C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved.
* * * *
BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C5
The Bloody Road to Empire
A definitive edition of the five contemporaneous works that chronicle the military campaigns of Julius Caesar
The Landmark Julius Caesar
Edited by Kurt A. Raaflaub
Pantheon, 793 pages, $50
n-
Subsequent installments in the
Landmark series added new features
and enriched the old, as Mr. Strassler,
with the help of the editors for each
volume (this writer among them),
tackled the major Greek historians in
turn: Herodotus, Arrian and Xenophon. Now, with “The Landmark Julius
Caesar,” the series arrives for the first
time at the gates of Rome and deals
with a figure who is far better
known—in part through his own writings—than any Greek or Macedonian.
The huge volume of evidence surviving from this book’s time span, the
years 58 to 45 B.C., posed a challenge
for the Landmark series. Under the
expert guidance of volume editor Kurt
Raaflaub, with oversight from Mr.
Strassler (who remains series editor),
the challenge has been met with stunning success.
The tireless devotion of both Mr.
Strassler and Mr. Raaflaub, professor
emeritus of classics at Brown University, is evident right from this book’s
table of contents. Caesar’s bestknown work, the “Gallic War,” would
by itself have made up a full and satisfying volume, but “The Landmark
Julius Caesar” also gives us four
other narratives, descriptions of
subsequent campaigns, to make up
the whole of what scholars term the
Corpus Caesarianum, the body of contemporaneous accounts of Caesar’s
wars. These five works, only two of
which are Caesar’s own compositions,
have not appeared together, in English, since the early 18th century, even
though their dovetailing time frames
makes the set a continuous whole. To
see them here between one set of
covers is truly inspiring.
We begin in Gaul, with perhaps the
most famous sentence in Latin literature, Caesar’s marvelously low-key
“All Gaul is divided into three parts.”
The “Gallic War” relates, in Caesar’s
own words, the series of campaigns
(58-52 B.C.) by which Gallic tribes
were either brought over to Rome’s
cause or defeated, one by one, then
finally smashed in the decisive siege
of a collective resistance at Alesia (in
modern-day Burgundy). Aulus Hirtius,
one of Caesar’s officers, composed a
Greece, Caesar put them to rout. The
“Civil War” closes with a cliffhanger
as Caesar, pursuing the defeated
Pompey to Egypt, becomes enmeshed
in a local civil war and besieged in
Alexandria with his new ally and
lover, Cleopatra.
That event marks the endpoint of
Caesar’s own writings, but members
of his staff, their names unknown to
us (and their styles recognizably
poorer), took up the tale. The “Alexandrian War” describes the daring
moves by which Caesar broke the
Egyptian siege, then swept through
Dramatic accounts of Caesar’s wars and rise to power,
composed not by Hollywood screenwriters or modernday novelists attempting to imagine the classical past
but by firsthand participants, including Caesar himself.
final segment to the “Gallic War” that
covers some mopping-up operations
in 51 and 50 B.C., bringing us to the
next work, the “Civil War,” also written by Caesar himself.
The “Civil War” begins at the start
of 49 B.C. with attempts by the
Roman senate to strip away Caesar’s
power and position, by which they
felt increasingly threatened. In
response, Caesar crossed the Rubicon
River with his army, declaring his
intention to march on Rome. The senate opposition fled across the Adriatic
with their champion, Pompey Magnus, Caesar’s great rival in military
brilliance. At Pharsalus, in northern
the eastern Mediterranean, Greece
and Italy in late 48 and 47 B.C., chasing opponents and firming control.
After spending only a few weeks in
Rome, at the end of 47 B.C., Caesar
left for North Africa to deal with the
unreconciled Pompeians Scipio and
Cato, and the narrator of the “African
War” follows him there. Despite the
opposition of a local potentate,
Caesar was again victorious and
returned to Rome in the summer of
46 B.C. to a hero’s welcome and a
grant, by a now compliant senate, of
unprecedented power.
A final campaign, described in the
“Spanish War,” brought Caesar to
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Spain to deal with new foes, Pompey’s
sons Gnaeus and Sextus, in late 46
and 45 B.C. The Corpus Caesarianum
ends abruptly in April of 45 B.C., with
the text of the “Spanish War” breaking off in mid-sentence. But the
Pompeys had by then been defeated
and Caesar’s invincibility made plain
to all.
The denouement of Caesar’s story
was not recounted by any surviving
chronicler, but it is well known today,
thanks to Plutarch and Shakespeare.
Returning to Rome with his fiercely
loyal army, Caesar’s political future
posed a dilemma to what was still, in
name at least, a republic. Some
wanted him made king, but monarchy
stood in ill repute in Rome, so he was
instead appointed dictator for life, a
marginally constitutional office.
Senatorial foes, defeated once in
Caesar’s war against Pompey but
pardoned and restored to office,
disliked the appointment and also
feared the power that Caesar might
accrue from a planned attack on the
Parthians (based in modern Iran).
Just before the launching of that
campaign, in the spring of 44 B.C.,
they assassinated him.
To edit and annotate such a
diverse collection of narratives, produced by several different hands,
describing intricate military maneuvers and spanning three continents in
their ambit, was, by any measure, a
Herculean task. Mr. Raaflaub has
surpassed even the previous high
standards of the Landmark series by
supplying full, expert and wide-rangPlease turn to page C6
GETTY IMAGES
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COLD COMMAND Green schist bust of Caesar, ca. A.D. 1-50, in the collection of the Altes Museum, Berlin.
no
IT’S ASTOUNDING that so few fans
of martial sagas like “The Lord of the
Rings” and “Game of Thrones” have
found their way to the narratives of
the Greek and Roman historians. In
these works, too, one finds apocalyptic battles, ruthless political struggles and bizarre twists of fortune.
They may lack dragons, but their
intensity is amplified by the knowledge that the events they describe
really happened. The story of Julius
Caesar’s rise to power in the 50s and
40s B.C., first through the conquest
of Gaul (modern France) and then by
whirlwind campaigns throughout the
Mediterranean, is as compelling as
any televised drama, and indeed HBO
and the BBC built the first season of
their series “Rome” around exactly
these events.
Who would prefer modern-day
dilutions and screen adaptations to
the surviving firsthand accounts of
such episodes, narrated by great
writers? Just about everyone, it
seems, and perhaps the reasons are
not so hard to find after all. The
chronological gulf that separates us
from the Roman world, and even
more from the Greeks, can render the
primary narratives blurry and
indistinct. Opacities of nomenclature,
geography, units of currency, measurements of distance and a dozen
other pitfalls stand in the modern
reader’s path. As a teacher I am
always dismayed when undergraduates declare themselves bored by the
Greek historian Thucydides, whose
vividness as a reporter of the catastrophic Peloponnesian War ought to
quicken their pulse. Despite my best
efforts, some are simply unable to
part the veil of time.
Similar frustrations in teaching
ancient history to disengaged students led independent scholar and
businessman Robert Strassler to conceive the Landmark Ancient Histories.
Beginning with “The Landmark
Thucydides,” published by the Free
Press in 1996, Mr. Strassler showed
his determination to leave no reader
behind. He supplied detailed maps on
nearly every third page of text and
clear, full annotation that removed
potential stumbling blocks. Headings
kept readers oriented in time and
space, as did brief summaries, running down the book’s generously
wide margins, of each stage of the
action. Well-curated photographs of
objects and sites turned a mere
encounter with the Peloponnesian
War into an immersion in classical
Greece. Appendix essays set new
standards for readability and point.
An opening chronology laid out the
events of the text in sequence, and a
closing index, done in unprecedented
detail, provided a precise means of
finding whatever item one might be
looking for.
ly
.
BY JAMES ROMM
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C6 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Let us be grateful to people who make us happy; they are the charming gardeners who make our souls blossom.’ —Marcel Proust
Hollywood Blood Brothers
The indelible performances given
by Stewart and Fonda in postwar
Alfred Hitchcock films etched new
shadows in their personas. Stewart’s
retired detective in “Vertigo” (1958)
sounds like salt-of-the-earth Jimmy
Stewart when he says, “I don’t want
to get mixed up in this darn thing,”
before falling into a spiral of erotic
obsession, guilt and oblivion. In “The
Wrong Man” (1956)—a story drawn
from life that Mr. Eyman calls “a
strange, haunting picture that cuts
deeper than most Hitchcock”—
Hank & Jim
By Scott Eyman
Simon & Schuster, 367 pages, $29
BY KRISTIN JONES
An absorbing dual
portrait of two riveting,
contrasting performers
who were best friends
for more than 50 years.
The five works making up
the Landmark Caesar
are collected in English for
the first time in 300 years.
co Fo
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SET ‘EM UP Henry Fonda and James Stewart palling around in 1937.
Fonda’s jazz musician falsely accused
of robbery submits with unnerving
docility when questioned by detectives, his face stricken. Fonda’s gaze
was never more tormented, his
understated approach to acting never
more heartbreaking.
These tall, riveting stars also left
their mark on Westerns. Fonda, having witnessed a lynching when he
was 14—an experience Mr. Eyman
says instilled a “fierce hatred of
bigotry and intolerance”—was eager
to make William Wellman’s devastating tale of vigilantism “The Ox-Bow
Incident” (1943). His Westerns for
Ford included the elegiac “My Darling Clementine” (1946), in which his
gentle, implacable Wyatt Earp navigates between light and shadow.
Stewart also evoked haunted Americana in Ford’s melancholy “The Man
Who Shot Liberty Valance” (1962)
and through his traumatized, stubborn characters in movies by
Anthony Mann.
Mr. Eyman deftly captures the two
men’s differing feelings about Hollywood. Fonda spent more time in New
York performing on stage, but eventually settled again in California,
where he maintained his close relationship with Stewart. Their affection
endured through career setbacks and
deeper sorrows. While Stewart was
grieving his stepson Ronald’s death
in Vietnam, Fonda made him a painting of a beloved horse Stewart rode
in numerous Westerns. When Fonda
died, Mr. Eyman writes, “Jim told a
reporter, ‘I’ve just lost my best
friend,’ and said nothing else.”
Continued from page C5
ing notes, almost all containing his
own elucidations rather than showy
scholarly references. This achievement is amplified by more than 40
appendix essays, all commissioned by
Mr. Raaflaub and several written by
him, addressing all sorts of literary,
military and biographical questions.
The amplitude of these essays is such
that the volume prints only four
essential ones and directs the reader
to a website for the others. The
dimensions of the book simply could
not accommodate all the knowledge it
seeks to convey.
It’s rare for a scholar of Mr.
Raaflaub’s standing to annotate an
ancient text translated for Latinless
readers, and still more rare for him to
translate it himself, as Mr. Raaflaub
has done here. As its holiday-season
debut implies, “The Landmark Julius
Caesar” is his gift, and Mr. Strassler’s,
to history readers everywhere and
even to professional historians, who
will find much original research
between its covers. Among his other
devoted efforts, Mr. Raaflaub,
ly
.
SHUTTERSTOCK
SOME MOVIE STARS become so beloved that audiences think of them as
friends. Film historian Scott Eyman
has pursued the happy idea of writing about two such figures, Henry
Fonda and James Stewart, who were
in fact friends themselves. They lived
together in New York when they
were struggling actors and remained
close for decades. Despite differences
in their personalities and political
views (Fonda was a Democrat, Stewart a Republican), the friendship
lasted until Fonda’s death in 1982,
partly because they bonded over
more essential matters: They respected each other’s work, loved animals, collaborated on practical jokes,
built and flew model airplanes
together. Later in life they shared an
interest in gardening.
In “Hank & Jim: The Fifty-Year
Friendship of Henry Fonda and
James Stewart,” Mr. Eyman movingly
chronicles the relationship between
these gifted performers, while also
offering perceptive observations on
their acting styles and work on stage
and screen. This absorbing dual portrait deepens our appreciation for
each man’s achievements. “Beneath
his placid surface, Stewart’s emotions churned,” Mr. Eyman writes,
“while Fonda had the stillest center
of any American actor—as eloquent
in his isolation as a painting by
Edward Hopper.”
Fonda was raised in Omaha, Neb.,
and began acting there, encouraged
by Dorothy Brando (Marlon’s
mother), after he studied journalism
for a couple of years at the University of Minnesota. When he met
Fonda, Stewart, from Indiana, Pa.,
was an architecture student at
Princeton, where he performed with
the Triangle Club. During the Depression, they roomed together in New
York, making their way as stage performers. Later, they lived together in
California. It’s hard not to wish one
could witness the scene Mr. Eyman
describes when Fonda moved West—
Stewart seeing him off at Grand
Central Terminal, Fonda wearing
several hats on his head and smuggling on board a kitten he’d adopted.
When Stewart traveled to California
soon afterward, he brought a model
bomber he and Fonda had built.
Fonda’s talent and austere good
looks made him compelling on
Caesar’s
Wars
screen, and he excelled in roles for
John Ford, conveying an unconquerable spirit in “Young Mr. Lincoln”
(1939) and “The Grapes of Wrath”
(1940). Stewart made his breakthrough in pictures by Frank Capra,
including “Mr. Smith Goes to Washington” (1939), in which his openhearted Jefferson Smith—drawling
and
astonishingly
natural—is
dragged into the muck of D.C. politics, before taking an epic stand
against corruption. For his role in
George Cukor’s “The Philadelphia
Story” (1940), he won an Academy
Award, winning the laurel over Fonda
and his performance in “Grapes.”
“Hank & Jim” incorporates a cast
of other friends and colleagues. One
key figure is Margaret Sullavan—a
magnetic actress with quicksilver
instincts and a husky, otherworldly
voice—with whom both men performed and to whom Fonda was
briefly married. In Ernst Lubitsch’s
sublime “The Shop Around the Corner” (1940), Stewart and Sullavan are
delicately captivating as Budapest
sales clerks who squabble at work
while unknowingly romancing each
other by post. “In years to come,” Mr.
Eyman writes, “Stewart would play
all manner of neuroses, through
bitterness and into madness. But the
audience willingly followed him into
the darkness, because they understood that this was a man whose natural personality was centered around
tenderness, never more nakedly than
in The Shop Around the Corner. ”
World War II brought both men’s
acting careers to a standstill. Stewart
became a bomber pilot in the Army
Air Corps, while Fonda served in the
Navy. The effects of the war are
evident from Stewart’s performance
in the first film he made after he
returned, Capra’s “It’s a Wonderful
Life” (1946). After his combat experiences and time away, he doubted his
ability and the importance of acting
as profession, but he found his footing with the aid of Lionel Barrymore,
who played Mr. Potter. Stewart unleashes raw despair and terror as the
suicidal George Bailey, shown by a
wingless angel how dark the world
would have been without him.
Ms. Jones writes about film
and culture for the Journal.
together with University of Illinois
classicist John Ramsey, has made
painstaking calculations of the distances and rates of travel involved in
Caesar’s movements, such that the
dates accompanying the narrative
could be given not just by season (as
in Caesar’s own reportage) but by
month and, in some cases, by day.
Such precision, if not something that
readers would demand, adds to the
steadying sense of authority and
factuality that is the trademark virtue
of the Landmark series.
History buffs, classicists, fans of
television’s “Rome”: Do not pass up
this gift. Whether you revere Caesar
as a military genius or despise him as
a butcher and a tyrant, “The Landmark Julius Caesar” is an indispensable way to read his writings and
understand his rise to power.
Mr. Romm is the editor of
“The Landmark Arrian:
The Campaigns of Alexander”
and the author of “How to Die:
An Ancient Guide to the End of
Life,” to be published next month.
The Fatal Fog
the point of anomie, still managed a particular weather pattern and ill- much dirtier to burn”—that disto get in trouble with the law and advised government policies. The charged copious amounts of soot
was sentenced to prison at least Gulf Stream “was spewing warm, and pernicious sulfur dioxide and nithree times (theft, assault) by the moist air toward London—misty trogen dioxide into the air. The noxmid-1930s. Ms. Dawson observes stuff that hovered, lingered above ious coal was widely used in London
that “women could be so
because many residents
loathsome, he thought, uncouldn’t afford higher
less he was paying them—or
grades of coal and the
they were dying.” He came
Conservative governto prefer the latter, and durment, with the nation
ing World War II (Christie,
still reeling economiastonishingly, served as a
cally from the war, was
special constable) he killed
selling much of Brittwo women and buried them
ain’s best coal abroad.
in his tiny backyard. In midLondon’s usual fog
December 1952, he killed
became nightmarishly
Ethel. Soon after, he raped
tenebrous—and fatal.
and murdered at least three
The
government
other women (all of his
reported at the time
victims were strangled to
that 4,000 people died
death)—even Christie wasn’t
from respiratory ailsure if he had killed more
ments in those five
people. Among those he
days in December. But
might have murdered were a
the real figure—which
neighbor and her young
also encompasses fogdaughter. The neighbor’s
related deaths during
husband was arrested for
the three subsequent
the crimes and hanged for
months—was 12,000 (a
murdering his child, but Ms.
number not publicly
Dawson spends much space
disclosed until 2001).
pondering the evidence for
Ms. Dawson cogently
and against the possibility
argues that the Conserthat Christie killed his
vative government’s
neighbors,
though
she
response to the crisis
doesn’t reach a verdict.
was shameful: It did
“There is no conclusion to
everything it could,
THE BIG SMOKE Strolling in London, December 1952.
this case,” she states.
seemingly, to cover up
In March 1953, Christie
the extent of the catasfled his home. A week later six bod- the city, and waited, patiently, for its trophe and avoid addressing the
ies were discovered hidden within deadly companion,” Ms. Dawson emergency. The author’s villain is
its seedy precincts. He was swiftly writes. Complementing that incur- Harold Macmillan, the minister of
arrested, tried for his wife’s murder, sion was a wind that “whirled in a housing and local government (and
convicted and hanged in July. To clockwise motion around an eye future prime minister), but his boss,
this day, his motivations seem im- filled with high atmospheric pres- the prime minister, was Winston
penetrable and will likely remain so. sure.” In combination, the meteoro- Churchill, whose apparent inaction
The other subject of Ms. Dawson’s logical phenomena trapped particu- makes him culpable as well. Ms.
book is the smog that devastated lates in the air above the city. Dawson’s hero is Norman Dodds, a
London from Dec. 5 to Dec. 9, 1952. Londoners utilized a cheap coal Labour member of Parliament who
It was the result of the confluence of called nutty slack—“inefficient and was outraged by the havoc that the
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Death in the Air
BY HOWARD SCHNEIDER
WHILE READING ABOUT the profoundly drab murderer John
Reginald Christie in Kate Winkler
Dawson’s “Death in the Air,” I was
inevitably reminded of Hannah
Arendt’s resonant coinage “the banality of evil.” But when I finished
reading Ms. Dawson’s narrative, I
realized that her second subject, a
lethal smog that suffused London at
the end of 1952, touched on another
In 1952, Londoners were
menaced by a serial
strangler and a stagnant
cloud of sooty smog.
of the major themes of Arendt’s
“Eichmann in Jerusalem”: the capacity of bureaucrats to inflict shocking
harm. Juxtaposing the stories of the
fog and Christie’s crimes, Ms. Dawson maintains, offers a flavor of
postwar life in Britain and illuminates “the way in which humans
experience fear.”
Christie was born in the north of
England in 1899. From childhood,
Ms. Dawson writes, he “had always
been absolutely entranced by dead
bodies.” He married in 1920, deserted his wife, Ethel, after three
years, and relocated to London. She
rejoined him 10 years later, which
proved to be the worst mistake of
her hapless life. Her husband,
socially awkward and unassertive to
GETTY IMAGES
no
By Kate Winkler Dawson
Hachette, 341 pages, $27
smog wrought in London as well as
by the Conservatives’ apathy and
duplicity. He badgered the Conservatives in parliamentary debates until
they grudgingly appointed a blueribbon committee to study the
calamity and suggest ways to avoid
future similar tribulations.
Ms. Dawson, a journalist and
documentary producer, is an assiduous researcher. She resists, for the
most part, exploiting the Grand
Guignol aspects of her narrative,
and her portraits of the ordinary
people confronted by the depredations of the fog and Christie are
moving. But the book can be frustrating. Its paired subjects are unrelated—Christie’s main killing spree
didn’t begin until after the fog had
ceased—and hence don’t illuminate
each other. The endnotes aren’t
keyed to page numbers, which is
perplexing and peeving. The book’s
phrasing is sometimes maladroit to
the point of confusion. For instance,
Ms. Dawson writes that after Harold
Macmillan was wounded in World
War I “he joined Churchill’s wartime administration.” Churchill
didn’t become prime minister until
World War II; that’s when Macmillan joined his wartime administration. Finally, there are puzzling
omissions. A psychiatrist was retained by Christie’s barrister to
testify that his client was insane.
Why isn’t the psychiatrist’s testimony included in the book? Why
isn’t the prosecutor’s cross-examination of Christie detailed?
London’s ghastly 1952 fog was a
catalyst for Britain’s landmark 1956
Clean Air Act. Christie, for his part,
eventually earned a niche in Madame
Tussaud’s Chamber of Horrors.
Mr. Schneider reviews books
for newspapers and magazines.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C7
* * * *
BOOKS
‘Those crystal globes pulsating with life and gleaming with all the colours of the rainbow [are] the most delicately lovely creatures in the world.’ —George J. Romanes
Beautiful, Brainless and Dangerous
Spineless
By Juli Berwald
Riverhead, 336 pages, $27
mon, though Ms. Berwald’s own
attempts to keep three jellyfish—
endearingly named Peanut, Butter and
Jelly by her daughter—ultimately
ended in drain-clogging disaster.
Anyone who has seen jellyfish in
the open ocean or in an aquarium has
noticed that many species can produce light, sometimes in captivating
rhythms along the sides of the bell.
But the glow of jellyfish is more than
an attractive happenstance. In the
mid-20th century, a Japanese scientist
named Osamu Shimomura figured out
how the light was produced, and in
the 1970s he described a protein
called green fluorescent protein, GFP,
partly responsible for making jellyfish
glow. This protein has played a pivotal
role in understanding how cells in
many different kinds of organisms
operate. It can be inserted into a
worm, a cancer cell or a mouse to (literally) illuminate their inner workings.
Mr. Shimomura, with two other scientists, was awarded the Nobel Prize in
chemistry in 2008 for the discovery
and development of GFP, a tribute to
both science and the jellyfish.
Are jellyfish simple creatures? Yes
and no. They lack a brain and the associated nervous system, of course, and
they have a single opening in their
ly
.
friends with Frank Zappa to an irascible American who grabs her notebook
and calls her an “evil journalist.” The
book’s subtitle refers to “the art of
growing a backbone,” but of course
jellyfish are unrepentant invertebrates,
with nary a spinal column among
them. The backbone that emerges in
“Spineless” is Ms. Berwald’s own, as
she speaks for the jellyfish and the
people affected by them with increasing knowledge and authority.
Jellyfish, Ms. Berwald notes, are
eaten by many Asians and an increasing number of people in other parts of
the world, mainly as crunchy, largely
flavorless additions to salads and the
like, though one company makes jellyfish ice cream. Jellyfishing, the capture
of large numbers of the creatures for
sale to Asian markets, has become
popular in places such as the state of
Georgia, where a good fisherman can
bring in more than 60,000 pounds in a
day. Preparation for eating jellyfish is
considerably more labor-intensive than
the collection, involving many water
changes, treatment with alum (the
same substance used to make pickles
crisp), and removal of the tougher
parts. And home aquariums to house
jellyfish (usually moon jellies, Aurelia
aurita) are also becoming more com-
body cavities; what goes in comes out
the same way, so to speak, an unsettling thought for those of us who are
used to more of a directional passageway. But their reproduction is oddly
byzantine, with life stages that all have
poetic names: planula, polyp, strobila,
ephyra, medusa. Some of those stages
are spent fixed to a rock or other stationary object, others are free-floating,
least for the moment, but the debate
underscores how difficult it is to understand how simple components gave
rise to the tissues and organs in modern animals, including ourselves.
Maybe jellyfish are complex in ways
that do not seem obvious to us.
Readers interested in biological
superlatives can find them here: the
largest jellyfish, the deadliest, the
one that occurs in the highest numbers. Ms. Berwald goes to Japan in
search of the largest but finds only a
250-pounder perhaps 3 to 4 feet in
diameter; they can grow to nearly
twice that size, a feat enabled by prodigious growth during their juvenile
stage, when they can increase their
weight by 11% a day. But the physical
size of jellyfish is dwarfed by their
importance. Jellyfish may well be
what biologists call a keystone species, one that plays such an essential
role in an ecosystem that its absence
would cause the system to collapse.
Yet their world is being destroyed by
humans. Juli Berwald calls on us to
rescue the jellyfish and, in so doing,
perhaps rescue ourselves.
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JELLYFISH HOLD a peculiar position
in the hierarchy of animal charisma.
On the one hand, they have a hypnotic
elegance as they pulsate through the
sea, bringing to mind ballerinas with
tentacle tutus, mesmerizing in their
repetitive motion. Many species are
beautiful, with colorful appendages
that dangle in the water like deadly
strings of beads. On the other hand,
they are basically blobs of glup, as
James Thurber characterized the
villainous jellyfish Todal in his book
“The 13 Clocks.” Jellyfish lack the intelligent curiosity of octopuses and the
graceful body integrity of snails. Also,
they sting. In keeping with this gelatinous set of contradictions, they can be
either food or pets. In Juli Berwald’s
fascinating “Spineless: The Science of
Jellyfish and the Art of Growing a
Backbone,” jellyfish become a metaphor for what ails us, a kind of watery
canary in the oceanic coal mine, and a
guide to how little we know about the
ocean’s common inhabitants.
Biological details about virtually
every aspect of jellyfish—their ability
to luminesce, the inexplicable
“blooms” that can render beaches
uninhabitable and overwhelm other
forms of marine life, the way their life
cycle allows some species to be essentially immortal—are interwoven with
the author’s story of being a wife,
mother and science writer. Ms. Berwald has a Ph.D. in ocean science and
a talent for computer programming
but eventually decided against a scientific career in either academics or
industry. Her ambivalence about that
choice, and the turning points that led
her to an obsession with jellyfish, are
elegantly juxtaposed against stories of
the adventures of being a science
journalist among sometimes suspicious researchers and of the lives of
the jellyfish themselves. This combination of insider and outsider perspective is uniquely suited to a book on
creatures whose internal organs are
visible through transparent outer layers. (When Ms. Berwald asks a researcher why jellyfish are transparent,
he replies: “The question is, why isn’t
everything transparent?” Being invisible against the backdrop of open water
has obvious advantages.)
The scientists who study jellyfish
are as idiosyncratic and in some cases
as enigmatic as their subjects, and Ms.
Berwald provides often bemused profiles of them, from an Italian who was
GETTY IMAGES
BY MARLENE ZUK
The author’s attempt to
keep three pet jellyfish—
named Peanut, Butter and
Jelly—ended in disaster.
and the rules for exactly how and
when each develops into another are
still poorly understood. “Complexity
isn’t such a simple thing,” Ms. Berwald
quips. This complexity, or lack thereof,
matters because the jellyfish (or more
accurately, a jellyfish relative called
the comb jelly) was recently hypothesized as the creature most similar to
the ancestor of all animal life, supplanting sponges. This conclusion was
challenged, and the sponges are back
at the base of the evolutionary tree, at
Ms. Zuk is a professor of ecology,
evolution and behavior at the
University of Minnesota.
n-
What Darwin Learned From Dorset
BY SANDRA HERBERT
‘WHY WRITE about Victorian geologists?” asks Brenda Maddox. “For me,
the simple answer was ‘George Eliot.’
Having accepted an invitation to write
a biography of the Victorian novelist, I
was intrigued to learn that Mary Ann
Evans (her real name) had been an
ardent geologist. She was introduced
to the young science by her life partner, George Henry Lewes. Their enthusiasm for hammering the rocks on hol-
The ‘curiosities’ Anning
collected in her bonnet
turned out to be fossils
from prehistoric animals.
idays at Tenby and the Isle of Wight
brought alive to me the excitement of
the mid-nineteenth century, when
geology was new, as in many ways was
investigative science itself.”
Another of the many delightful
characters that populate Ms. Maddox’s
“Reading the Rocks: How Victorian
Geologists Discovered the Secret of
Life” is Mary Anning of Lyme Regis in
Dorset, England. “Born in 1799,” Ms.
Maddox writes, “from youth to middle
age Anning was a familiar figure on
the Lyme shoreline in her long skirt,
shawl, bonnet and basket, endlessly
toiling to find the treasures she knew
were buried in the unstable rocks and
in the sands uncovered at low tide.”
The fossils Anning discovered she sold
for profit to geologists, including
GETTY IMAGES
By Brenda Maddox
Bloomsbury, 254 pages, $28
Henry De la Beche, who would become victories. When Louis Agassiz on the planet are sufficient to explain
the first head of the Geological Survey introduced the concept of Ice Ages to geological phenomena. “Principles”
of Great Britain. Purchasers of Anning’s Britain, he and Buckland formed a suc- greatly influenced a young Charles
“curiosities” gave the fossils she un- cessful alliance to identify glacial re- Darwin, even though its second volearthed such now-familiar names as mains in the British Isles. Meanwhile ume argued against evolution. Eventuichthyosaur and plesiosaur. In 1830 De Lyell thoroughly rejected any pairing ally Lyell came around to Darwin’s
la Beche created a large watercolor of a catastrophic flood, as described in view, for which Ms. Maddox gives him
painting—“Duria Antiquior,”
great and proper credit. She
meaning “a more ancient Doralso considers Darwin’s “On
set,” now at the National
the Origin of Species” (1859)
Museum of Wales—depicting
the key document of the 19th
the creatures swimming in the
century, with Lyell’s “Princiregion’s ancient waters.
ples” its primary forerunner.
Ms. Maddox traces the
The geology-Lyell-Darwin
emergence of geology in Britlink is the golden thread that
ain during the 19th century
runs through “Reading the
with an emphasis on the instiRocks.” My own interest also
tutional side of the science’s
lies in this area, but in truth
development. With the crethe question of the origin of
ation of the Geological Society
species was not the primary
of London in 1807, she tells us,
concern of most practicing
the nascent discipline gained
geologists at the time. The
a parliamentary-style forum
dominant research program
that would help trigger its
in mid-19th-century British
astonishingly rapid progress.
geology was the effort to
Ms. Maddox highlights here—
determine the planet’s geologand she is not alone in this
ical strata, based on the signal
interpretation—the value of
achievements
of
Adam
strenuous debate: DisagreeSedgwick (identifier of the
ments were raised, fiercely
Cambrian) and Roderick
argued, then resolved. One of
Murchison (identifier of the
the keenest such debates was
Silurian). These two men,
between “uniformitarians”
along with other stratigraand “catastrophists,” terms
phers, initiated a new era in
coined in 1832 by the philosothe fledgling science. This did
pher of science William Whe- TIME & TIDE Ammonite fossil embedded into a rock face. not occur without controwell. According to Whewell,
versy, and led their contemthe catastrophists, of which William Genesis, with any actual geological porary Joseph Henry, the first secreBuckland was a key figure, believed event. His argument carried the day, tary of the Smithsonian Institution, to
that “epochs of paroxysmal and cata- and by 1840 there was no place for complain that stratigraphers “look
strophic action” have been “interposed Noah’s flood in British geology.
apparently upon different strata of
between periods of comparative tranLyell is also the Geological Society rocks with as much feeling of personal
quility.” Uniformitarians, among them member Ms. Maddox admires most. property as an Englishman does on
most prominently Charles Lyell, be- His three-volume “Principles of Geol- the broad acres which have descended
lieved that “the changes which lead us ogy,” published from 1830 to 1833, to him through a long line of ancesfrom one geological state to another made the convincing case that the tors.” Whatever their personal faults,
have been, on long average, uniform in earth was much older than traditional stratigraphers had by the mid-19th
their intensity.” Both sides had their dating, and that presently active forces century established the outlines of
no
Reading the Rocks
what today is called the geological
column. This in turn allowed for a
description of the history of life on our
planet as summarized by John Phillips
in “Life on the Earth: Its Origin and
Succession” (1860). Ms. Maddox discusses both Sedgwick and Murchison,
though not with the emphasis that I
believe their work deserves. She does
not mention Phillips.
Instead, Ms. Maddox places too
much emphasis on Lyell’s relationship
to Darwin. She is correct that the
latter owed an enormous intellectual
debt to the former, and to geology
generally. Darwin realized as early as
1837, however, that geology alone, with
its many gaps in the fossil record,
could not do the job. To understand
the process of the formation of new
species, Darwin had to compare the
distribution of species over time (geology) with the distribution of species
over space (botany and zoology).
Using a series of engagingly written
biographical sketches, Ms. Maddox has
produced a short but absorbing book
for the general reader that presupposes no prior knowledge of geology.
She is scholarly in her method and, as
a former journalist, keenly inquisitive.
She has given us a fine introduction to
the subject, drawing on the writings of
current historians of science as well as
the work of current geologists, and
deserves applause for showing how
the science of geology animated the
intellectual life of many Victorian men
and women, including George Eliot
and George Henry Lewes who, as Ms.
Maddox notes, read their way through
Darwin’s “Origin” just two days after
its publication.
Ms. Herbert is the author of
“Charles Darwin, Geologist” and
a past president of the History
of Earth Sciences Society.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C8 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘I was really there; alone . . . on the move, advancing into Europe, surrounded by all this emptiness and change, with a thousand wonders waiting.’ —Patrick Leigh Fermor
The Pleasures of Places and People
Patrick Leigh Fermor:
A Life in Letters
Edited by Adam Sisman
New York Review Books, 469 pages, $19.95
ly
.
WELL MET BY SUNLIGHT Patrick Leigh Fermor in Corfu, Greece, in 1946.
70 of Leigh Fermor’s 96 years. Like his
travel books, it amounts largely to a
gushing expression of pleasure in art,
history, places and people, but it also
gives glimpses of his battles with indolence and the toll they took.
Addressed mainly to friends, lovers
and Leigh Fermor’s longtime partner,
Joan Rayner (whom he married in
1968), the letters are notable for, if
nothing else, the variety of their postmarks. Even after he got a place of his
own—a house in the Peloponnese that
he and Joan built in the early ’60s—
Leigh Fermor spent half his life as a
wandering guest, and from age 18 to
almost 50 he hopped constantly between dwellings, most of them romantic, secluded, and either dirt cheap or
free. A 1953 letter contains a typical
update: “I am established in a damp
and ruined Aragonese fortress on the
edge of the Tuscan Maremma, a sort of
Zenda, really.”
Though he often sought isolation in
order to work, Leigh Fermor’s gregariousness and polyglotism made him a
poor hermit. Ensconced in a French
monastery in 1948, he wrote that its
chatty abbot had befriended him.
“Occasionally he lapses into Latin. . . . It
is the first time I have ever heard it
spoken as a living language, and . . . I
flog my brains to construct a sentence,
feverishly trying to get the syntax
right, usually a question that at last I
enunciate with as much nonchalance as
passages is in a 1961 letter to Huston’s
wife, Ricki, with whom Leigh Fermor
had been sleeping. “I say,” the passage
begins, “what gloomy tidings about the
CRABS! Could it be me?” Riffing on
pubic lice and their crafty ways, he
conjectures that, during a recent romp
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I can muster, to keep going the flow of
this silvery monologue.”
Odd encounters were routine for
Leigh Fermor. In a 1975 letter he
describes one three decades in the
making. After he accidentally killed a
Cretan guerrilla during the war, the
man’s hothead nephew, Yorgo, refused
to forgive him. Revisiting “old haunts
in Crete” in the 1950s, he was warned
that Yorgo, a crack shot, planned to
assassinate
him.
Intermediaries
pleaded fruitlessly with Yorgo for years
after that. Then, out of the blue, Yorgo
asked Leigh Fermor to be his infant
daughter’s godfather. (“This is the classical and only happy ending to a Cretan
blood feud.”) The very next week he
flew to Crete for the baptism. At the
drunken banquet for 300 that followed,
Yorgo hugged him and offered to eliminate “anyone you want got rid of.” “I
hastened to say that there was no one,
absolutely no one!”
Not surprisingly, Leigh Fermor’s sex
life was robust: With Joan’s consent,
he enjoyed flings, affairs and the low
delights of the brothel. This activity
rarely makes it into his letters, but the
exceptions can be piquant. Writing in
1958 from Cameroon, where he was on
the set of a John Huston movie, he told
a (male) friend: “Errol Flynn and I
. . . sally forth into dark lanes of the
town together on guilty excursions that
remind me rather of old Greek days
with you.” One of the book’s zaniest
no
FICTION CHRONICLE: SAM SACKS
Leigh Fermor sought
isolation in order to work,
but his gregariousness
made him a poor hermit.
with an “old pal” in Paris, a force
“must have landed” on him “and then
lain up, seeing me merely as a stepping
stone or a springboard to better
things”—to Mrs. Huston, that is. As
comic apologies for venereal infection
go, the passage is surely a classic.
If high spirits dominate the letters,
pain often throbs at their edges. What
Leigh Fermor termed “neurotic literary
paralysis” led to spells of depression,
and the pattern worsened with age.
“My reaction to any demand for writing,” he confessed to his long-suffering
editor and publisher, Jock Murray, in
1965, was “to dig an enormous bog and
flounder in it.” The acute phase began
after the publication, in 1986, of the
second volume of his trilogy. Istanbul
in sight, he hoped his sails would fill
Mr. Downing is the author
of “Queen Bee of Tuscany:
The Redoubtable Janet Ross.”
n-
IN A 1958 DIARY ENTRY, the writer
and Bloomsbury Group member
Frances Partridge recalled a dinner
during which “the conversation
turned to present-day pessimism, or
cafard. Where can one look to find
enthusiasm for living? I could only
think of Paddy Leigh Fermor.” Called
Paddy by his legion of friends,
Patrick Leigh Fermor (1915-2011)
struck many as a paragon of zest, a
man on whom scarcely a crumb of
life’s banquet was wasted. Prodigiously smart, charming, funny and
handsome as well, he dazzled most
who met him. His social gifts, however, threatened his literary ones:
Why struggle to write at a lonely
desk when you can swill whiskey on
the terrace all night and talk like a
Roman candle?
Fortunately, Leigh Fermor did struggle, some of the time. The result is a
body of prose—travel books, mostly—
radiant with his brilliance and unique
experience but also with his exuberance
and warmth. Especially in his magnum
opus, a three-volume account of walking as a teenager from Holland to Istanbul, his erudition and descriptive skill
are balanced by simple likability—
never, one feels, has so much riveting
detail been so beautifully served up by
such an irresistible person.
Leigh Fermor published little during his last decades, but the years
since his death have yielded several
books by or about him. All rewarding,
at least to fans, were Artemis Cooper’s
biography, Wes Davis’s account of
Leigh Fermor’s most celebrated military exploit (the abduction of a Nazi
general on Crete) and Nick Hunt’s book
about retracing his route across
Europe. The real treat, though, was a
book few expected ever to see: the last
part of his trilogy, posthumously published as “The Broken Road.” Leigh
Fermor’s inability to finish it, despite a
quarter-century of fitful labor, was the
great frustration and sorrow of his life,
yet the manuscript his executors assembled was nearly complete and full
of his usual panache.
Nor was that the last of the manna.
The publication, in 2008, of Leigh
Fermor’s correspondence with Deborah
Devonshire (the youngest Mitford
sister) had shown his letters to have
many of the virtues of his books,
including a more casual version of
their tumbling, gloriously idiosyncratic
style. But the bulk of his letters—
untold thousands of them—remained
unseen. Then, last year, a selection,
edited and introduced by the outstanding biographer Adam Sisman, appeared
in Britain. Now available here, it spans
NATIONAL LIBRARY OF SCOTLAND
BY BEN DOWNING
with steady wind but instead found
himself largely becalmed.
Full of self-deprecation (“I can be a
terrible gasbag”) and profuse apology
(most often for his slowness as a correspondent), Leigh Fermor’s letters are
remarkably free of backbiting, bellyaching and other standard epistolary
vices. When referring to the Oxford
don Maurice Bowra, he cannot resist
the mocking anagram “Eroica Rawbum.” And in 1974 he rants, ever so
briefly, about the decline of Greek civilization: “I can’t help feeling there has
been a serious break since the times of
Theocritus.” That’s about it, though.
However appealing, Leigh Fermor’s
sunny disposition somewhat constrains
his letters, which lack variety of tone
and the kind of frank, piercing comment on human behavior and emotion
one looks for in the genre. (An exception is the handful of psychologically
astute letters about his troubled
mother.) It is this that makes me not
quite agree with Adam Sisman’s assertion that the best ones are “as good as
any in the language.” What’s more, to
fully appreciate Leigh Fermor’s letters
you need to be familiar with, or at
least curious about, the circles he
moved in. If names like Lady Diana
Cooper mean nothing and you couldn’t
care less about the half-bohemian, halfaristocratic world of footloose Brits in
the Mediterranean (dating back to
Byron and Shelley), this might not be
the book for you.
Then again, it might. For all their
beau monde glitter, Leigh Fermor’s
letters are touching in a universally
appreciable way. Writing to, among
others, the widowed Diana Cooper and
his former lover Balasha Cantacuzène,
a Romanian princess and painter who
endured many hardships under communism, he displayed a tender solicitude and eagerness to raise spirits that
must have brought both laughter and
tears and that are, in the best sense,
chivalrous. (When he was knighted in
2004, it seemed appropriate not just to
his achievements but his character.)
Most moving of all is to watch
Leigh Fermor maintain his gallantry,
verve and humor to the end. (He was
nearly 95 when he wrote the last
letter in Mr. Sisman’s selection.) Having gotten to know him in 2001, I
received a few of these late letters.
Embellished with drawings of clouds
and birds, they seemed at first sight
to be written in Linear A, but as I
slowly deciphered their scrawl I found
jokes, flights of fancy, extravagant
mea culpas, deep learning worn
lightly as silk. Thanks to Mr. Sisman,
readers everywhere can have (minus
the furrowed brows and headaches) a
similar experience, discovering how
this wonderful man made sheets of
stationery, like the pages of his
incomparable travelogues, glow.
Voices in the American Desert
The critic Michael Feingold observed
that Shepard was a man with “the
mind of a Kafka trapped in the body of
a Jimmy Stewart.” On the screen he
was an icon, the chiseled avatar of the
modern-day cowboy; on the page he
was a restless student of New York’s
experimental theater scene, influenced
by Beckett and Brecht and deeply distrustful of conventional representations of the American frontier.
Shepard’s plays have received their
share of accolades (he won the Pulitzer Prize for “Buried Child” in 1979),
but he produced a larger body of prose
His nameless characters exist in a similar state of drift. One finds himself
“crisscrossing the country for reasons
he’d long lost track of.” Men chase
after women, or run away from
others. Sons grow estranged from
their fathers. Actors lose their true
Shepard’s rootless
protagonists are on
solitary journeys without
departure or destination.
than many may realize. Two early miscellanies, “Hawk Moon” and “Motel
Chronicles,” are scrapbook arrangements of vignettes and poems. In the
later collections “Cruising Paradise,”
“Great Dream of Heaven” and “Day
Out of Days,” he fleshed out his explorations of solitude, transience and the
persistence of memory into stories of
lean but concentrated power.
In an anecdote from “Motel Chronicles,” Shepard recalls pretending to
sleepwalk when he was a child, “for
the thrill of having a relationship with
[his parents] outside the ordinary.”
GRANT DELIN
IN MOST of the art of
the American West,
size
matters.
It
aspires to match the
epic scale of the natural world: The big sky,
the Great Plains, the Grand Canyon.
Sam Shepard saw it differently. “I,
myself, was never a huge Ansel Adams
fan,” says one of his characters. “Too
precious about the landscape for my
taste. I mean I respect the landscape
as much as the next guy, don’t get me
wrong, but I’m not going down on my
hands and knees to it. I’m more into
faces—people; Robert Frank, Douglas
Kent Hall, guys like that.”
Shepard, who died last July of complications from Lou Gehrig’s disease
and whose final work of fiction, “Spy
of the First Person” (Knopf, 82
pages, $18), has just been published,
was into people. He favored the extreme close-up over the wide shot, the
portrait over the panorama. His writing is terse, distilled and fragmentary.
You won’t find much natural splendor
in it. “I couldn’t see beyond the motel
room and the desert and highway,” he
once said. His stories are strangely,
eerily claustrophobic, often confined
to cars or small rented rooms. His
characters have been afforded the infinite space of the West, but they’re
bound inside the nutshell of the self.
All this is at odds with the figure
famous for his star turns in films like
Philip Kaufman’s “The Right Stuff,”
where he brought an irresistible cool
to the role of test pilot Chuck Yeager.
TRUE WEST Sam Shepard (1943-2017).
selves amid a succession of personas.
The ticklish, and ultimately unanswerable, question of how much is
autobiography and how much is imagined adheres to all of Shepard’s
fiction. His stories are not exact
reflections of memory but more like
portraits in a convex mirror—realistic
depictions of a distorted version of
the truth, in which an unrelenting
loneliness is stretched and elongated
all out of proportion to his protagonists’ other attributes.
With “The One Inside,” published
earlier this year, Shepard brought out
his first novel. He was 73. The book is
another strange and prismatic report
from the interior of a figure much like
Shepard, an aging actor worn down by
a lifetime of playing different parts:
“They’ve come and gone, these characters, like brief, violent love affairs.”
But love affairs themselves are the
subject of the book’s loosely linked
episodes recounting the actor’s thorny
interactions with his ex-wife, the illfated girl who seduced him when he
was 13 and a social-climbing young
woman who mostly reminds him of
his approaching mortality.
In “Spy of the First Person,” two
narrative voices wind together in
beguiling fashion. One is of a speaker
who has taken to spying on an old,
infirm man sitting in a rocking chair
on a porch across the street. The other
is of the ailing man—“a lost twin”—
who has the haunting sensation that
someone is looking at him: “Why is he
watching me? I can’t understand that.
Nothing seems to be working now.
Hands. Arms. Legs. Nothing.”
So “Spy of the First Person” returns
to the uncanny experience evoked in
all of Shepard’s fiction of being both
the observer and the observed. In the
midst of that standoff, fragments of
the past resurface. Shepard has always
been a spare and oblique writer, creat-
ing a sense of dreamy discomfort by
starving his prose of basic identifying
details like years or proper names.
Here the memories rush back in a
cloud of uncertainty: “Sometimes
something sweeps across me. I’m not
sure what it is. Sometimes swooping
like the wind. Sometimes toenails or
just the toes in the surf. Sometimes
color. . . . Sometimes sentences with
the word ‘sometimes.’ ”
In glancing fashion, the sketches
jump to northern California, the
Alcatraz prison, a doctor’s office in
Arizona and even the squats of the
Lower East Side in the 1970s. But as
always, the itinerancy masks a profound feeling of imprisonment, as the
scenes inevitably circle back to the old
man on the porch, who has been rendered so immobile that he has to ask
for help to scratch an itch on his face.
Yet that appeal for help marks a
small but significant change. Shepard’s
wanderers have usually been on
unaccompanied journeys with no
departure or destination, only an everrepeating present instant. But “Spy of
the First Person” ends with a scene of
family solidarity. The old man watches
himself being pushed in a wheelchair
to a crowded Mexican restaurant. With
him is a “little band” of his sisters, his
children and their friends. “The thing
I remember most,” he thinks, “is being
more or less helpless and the strength
of my sons.” At last he has no choice
but to accept the company of others as
he travels through the great wide
American somewhere.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C9
* * * *
BOOKS
‘I am so lucky to have painting, which even very late in life still furnishes illusions and sometimes joy.’ —Pierre-Auguste Renoir
Beauty in the Face of Adversity
Renoir: An Intimate Biography
By Barbara Ehrlich White
Thames & Hudson, 432 pages, $39.95
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BRIDGEMAN IMAGES
IMPRESSIONIST Self-portrait by Renoir, painted 1875-79.
widened to include Edgar Degas,
Berthe Morisot, Mary Cassatt and
their undisputed leader, Édouard
Manet. During the 1860s, Renoir
leaned on the embryonic group for
fellowship, commissions and lodgings.
In September 1869, Renoir and
Monet experimented side by side on
the banks of the Seine. The resulting
oils, Ms. White writes, introduced
“characteristics now defined as
Impressionist”—namely, “vibrant and
varied hues as well as pervasive light
tones . . . tiny,
moving,
brightly
coloured strokes that suggest indistinct forms; blurred details; dissolved
edges and lines; and eroded mass.”
“Renoir: An Intimate Biography” is
Ms. White’s second study of the
painter, drawing on an additional
2,000 letters made available since her
“Renoir: His Life, Art, and Letters”
appeared in 1984. Through Ms.
White’s command of Renoir’s correspondence we get vivid glimpses of
his inner life. Like Monet and Sisley,
he fathered illegitimate children—in
Renoir’s case, with Lise Tréhot, his
principal model from 1866 to 1872.
Unlike Monet and Sisley—who ultimately married their mistresses and
legitimized their sons—Renoir “was
too dependent on his friends’ support
to feel enabled to have a wife and
Three decades of poverty
informed Renoir’s
character. Three more of
infirmity tested his will.
child.” He gave away his first-born,
Pierre, while the existence of his
daughter, Jeanne, was kept from all
but his closest confidants. Even so, his
commitment was unwavering. In one
of the book’s more affecting passages,
the ailing artist commiserates with
Jeanne on her husband’s passing: “I
have never abandoned you. I am doing what I can. . . . Never despair.”
Lise left Renoir for an architect
with superior prospects in 1872.
Around this time, Renoir connected
with Paul Durand-Ruel, who would be
his friend and dealer for almost 50
years, and contributed to the first
Impressionist exhibition (1874) and
auction (1875). Critical and commercial scorn prompted Renoir to refine
the looseness and immediacy of his
brushwork into “a variant, Realistic
Impressionism” marked by heightened contrasts and an exquisite photographic effect. He produced “Mme
Charpentier and her Children” (1878),
which launched Renoir’s fashionable
portrait practice; “Luncheon of the
Boating Party” (1881), now the pride
of the Phillips Collection in Washington, D.C.; and his magnificent trio of
full-length dance panels (1883).
These expressions of maternal, social
and physical love are among his most
lyrical and assured.
An unfamiliar prosperity emboldened Renoir to court his favorite
model, Aline Charigot. Characteristically, he proceeded with caution,
fathering another illegitimate child
(curiously also named Pierre) before
wedding Aline in 1890. They would
have two more sons, the future filmmaker Jean, whose “Renoir, My
Mr. Carter is the head of the
Impressionist and modern art
department at Christie’s in New York.
n-
WHO WAS Pierre-Auguste Renoir? A
groundbreaking Impressionist or hidebound classicist? Outsider or establishment? Family man or heel? In 1904,
C.L. de Moncade interviewed the 63year-old artist, whose break with convention in the 1870s provoked outrage,
for the opening of the Salon
d’Automne. Moncade’s “stupefaction”
was “complete”: “I thought I was going
to meet an ardent, impetuous man,
pacing feverishly the width and length
of his studio, delivering indictments,
demolishing established reputations,
vindictive, if not full of hatred. . . .
[Instead] he is a sweet old
man, . . . who welcomes me with the
most amiable cordiality.” Renoir’s
peers shared Moncade’s bewilderment.
Nearly 20 years earlier, Camille
Pissarro wondered, “who can fathom
that most inconsistent of men?” In her
exhaustive biography, Barbara Ehrlich
White takes up Pissarro’s challenge.
Renoir’s career was bookended by
three decades of penurious struggle
and another three of crippling infirmity. The first period informed his
character, by turns bold and generous,
guarded and practical; the latter tested
his will.
His beginnings were nothing if not
humble. In 1773, Renoir’s grandfather
François had been abandoned on the
steps of the Limoges cathedral, receiving his surname, Renouard, from the
couple that adopted him. (Renouard
became “Renoir” when François, an
illiterate shoemaker, married in 1796.)
Renoir was born in 1841. At age 4, his
family moved to Paris.
Straitened circumstances forced
Renoir to give up school at 12 or 13
and serve an apprenticeship with the
Lévy Frères porcelain-painting workshop, where he copied rococo designs
influenced by Jean-Antoine Watteau,
Jean-Honoré Fragonard and François
Boucher. His chief inspiration,
however, was Peter Paul Rubens. (Coworkers jeeringly dubbed him “M.
Rubens.”) Industrialization cost him
his job in 1858; for the next several
years, he earned money painting
images on blinds and screens for
apartments, shops and steamboats.
Eventually, in November 1861, Renoir
ceased paid artisan work and entered
the popular teaching studio of the
Swiss academician Charles Gleyre.
There he met Alfred Sisley, Frédéric
Bazille and Claude Monet, and, shortly
after, Paul Cézanne and Pissarro, who
trained at the nearby Académie Suisse.
“Renoir’s charming, gregarious nature
allowed him to make friendships
despite his lower-class origins,” Ms.
White observes. His artistic circle soon
ly
.
BY MAXWELL CARTER
Father” (1958) has long been the bestloved book about the artist, and
Claude (or “Coco”). Durand-Ruel’s
lucrative diversification in the American market smoothed the way for
Renoir’s newfound stability. DurandRuel recalled, “Oh! Without America, I
would have been lost, ruined, to have
bought so many Monets and Renoirs.”
Renoir’s brief, unloved turn to an
Impressionist style modeled on
Ingres (1884-89), which juxtaposed
precisely drawn figures and warm,
feathery backdrops—the titular
“Large Bathers” (1887) seem practically grafted onto their idyllic surroundings—gave way to an abiding
classicism of thinly applied pigment
and timeless, idealized forms. Guided
by Rubens’s example, he depicted
well-nourished nudes, deities and
youths, paying tribute to the Flemish
master in his 1908 and 1913 interpretations of “The Judgment of Paris.”
By then, Renoir was one of the Grand
Old Men of French painting, having
won once-unimaginable official
honors and public approval.
Those who dismiss or disparage
these later works as sickly daubs
should read Ms. White’s moving
account of their making. Late Renoir
acquires an undeniable grandeur set
against the artist’s diminished health
(emaciation, facial paralysis, extracted
teeth, debilitating arthritis, gangrenous extremities) and private grief
(the untimely deaths of Bazille, Manet,
Morisot and Gustave Caillebotte). Ms.
White, whose portrayal of Renoir in
decline is neither cloying nor gratuitous, accentuates the inverted relationship between the painter’s dismal
reality and his life-affirming subjects.
Compared with Jean Renoir’s
tender reminiscence, Ms. White’s
approach may appear dry and workmanlike. Although her narrative sometimes drags (see the lumbering enumeration of the “four factors”
responsible for Renoir’s use of antiSemitic language: “First . . . Second . . . Third . . . ”), the contrast isn’t
entirely unwelcome. As she stresses,
the younger Renoir’s rose-tinted memoir is “historical fiction.” At any rate,
Ms. White is reliably content to let
Renoir speak for himself, allowing his
grounded aims (“originality within tradition”), temperament (“you know
what it is to be popular—it always
starts well and always ends badly”)
and wit (“if I only sold good things I’d
die of hunger”) to shine through.
In 1918, Henri Matisse visited
Renoir’s studio. “Monsieur,” Matisse
began, “you cannot know the great
pleasure you have given me.” Renoir
replied with typical modesty: “You
know, the person you are speaking to
may not have done great things, but he
did something all his own.”
CHILDREN’S BOOKS: MEGHAN COX GURDON
CYNTHIA RYLANT
tells the story of the
first Christmas with
eloquent simplicity
in “Nativity” (Beach
Lane, 30 pages,
$17.99). Setting scant phrases from
the King James Bible against her
bright, spare paintings, Ms. Rylant
evokes feelings of calm and awe.
“And there were shepherds abiding
in the field, keeping watch over their
flock by night,” the book begins, as
small figures of men and sheep move
under a wide, starry sky. “And lo, the
angel of the Lord came upon them.” A
few pages on, the heavenly host
appears, a breathtaking “multitude of
angels,” like a pattern of white fleursde-lis against a sunrise of pink, yellow
and orange. In an interesting shift, Ms.
Rylant completes the story of the
nativity with the Beatitudes, ending
the book: “Blessed are the pure in
heart . . . for they shall see God.”
Exquisite paintings from the collection of the Metropolitan Museum of
Art fill the pages of a more visually
complex rendering of the same
events, “The Christmas Story”
(Abrams, 32 pages, $19.95). In this
picture book, the full King James
account unfurls alongside a dozen
sensitive and delicate 15th- and 16thcentury pictures, most from Italy and
the Netherlands. No abstracted fleursde-lis here: These angles wear diadems and jeweled brooches to secure
their tapestry robes.
Festive floral borders bring a feeling of fun and abundance to Emma
Randall’s illustrations (see right) for
a favorite English carol in the picture
book “The Twelve Days of Christmas” (Penguin Workshop, 28 pages,
$16.99). The song’s “story” opens
with an auburn-haired girl emerging
from a snow-covered cottage to find
a beribboned surprise: “On the first
day of Christmas, my true love gave
to me a partridge in a pear tree.” As
the days progress and the pages fill
with gifts, a multiracial throng of
beaming maids a-milking, pipers
Picture-book adaptations
of the nativity story,
‘The Nutcracker’ and
classic Christmas carols.
piping and lords a-leaping dance
around the child before skedaddling
so that she can meet her true love, a
boy from the village. Pretty flowerpatterned endpapers add charm to
these traditional verses.
“In the front yard of a little house,
on the branches of a mighty evergreen, there lived a happy pair of cardinals.” So begins “Red & Lulu” (Candlewick, 40 pages, $17.99), a joyful
and affecting picture book written
and illustrated by Matt Tavares.
Through the seasons, the cardinals
are content in their tree. In wintertime, people string lights around its
lowest boughs, and sometimes they
gather to sing: “O Christmas tree, O
Christmas tree, / Thy leaves are so
unchanging.” One late autumn day,
when Red returns with food for Lulu,
he is stunned to find their great home
felled and stretched out on the back
of a flatbed truck. Young readers ages
3-8 will know to what end the tree is
destined, but they’ll be worried about Lulu, who’s hidden inside it, and worried
more about poor Red, who
tries to keep the vehicle in
sight as it zooms away. In
his watercolor and gouache
paintings, Mr. Tavares takes
advantage of the contrast
between Red’s scarlet brilliance and the dull browns
and grays of New York City
as the bird hunts for the
tree and his missing mate.
And then one night, as snow
falls—oh, joy!—Red hears a
familiar song. Vibrant color
floods the pages as the cardinals reunite amid the
lights of Rockefeller Center
at Christmastime.
Martha Brockenbrough’s
tender picture book “Love, Santa”
(Arthur A. Levine, 24 pages, $17.99)
comes wrapped in a shiny green banner, as if to warn that its contents are
not suitable for children of all ages.
And it’s true, they aren’t. Illustrated by
Lee White with atmospheric watercolors, the story is told partly through
pictures and text and partly through a
series of letters—real ones, that children can remove from envelopes fixed
to the pages—that a girl named Lucy
exchanges with Santa Claus at Christmas from the time she’s 5 until she’s 8.
The letters reflect first her ardent belief, then her growing doubt (“Why
does your handwriting look like my
mom’s?”), and then—well, one hesitates to say outright what she discov-
PENGUIN WORKSHOP
no
Christmas in Harlem, Wales—and Bethlehem
ers. The reply that Lucy gets to her final letter is wise, truthful and lovely.
T.E. McMorrow relocates a famous
Christmas Eve story and ballet to the
1920s milieu of the Harlem Renaissance in “The Nutcracker in Harlem”
(Harper, 32 pages, $17.99), a picture
book for 4- to 8-year-olds. James
Ransome uses deep shades of blue
throughout his paintings of a shy girl
named Marie, who receives a drummer-boy nutcracker from her Uncle
Cab at a crowded Christmas party. We
see Marie later that evening cradling
the nutcracker, her pink dress and ribbons glowing against the blues of the
room and the dark green of the Christmas tree. Soon she’s asleep. Is it a
dream? What happens next? Nutcracker, toy soldiers and
ornaments come to life and
do battle with an army of
mice until Marie can summon the courage to drum the
rodents out into the snow.
E.T.A. Hoffmann’s original
1816 Nutcracker story returns
with sumptuous, detailed
illustrations by Roberto Innocenti in “Nutcracker” (Creative Editions, 136 pages,
$29.99), a heavy, elegant volume first published in 1996.
It may come as a surprise to
many readers that there’s
much more to the story than
the Tchaikovsky ballet would
suggest. The nutcracker, for
instance, here resembling a
toothy, saturnine gnome, has
a complicated history of his
own (there’s a reason he’s ugly). And
young Marie does not end her adventures by waking to reality but by entering enchantment.
Another classic returns with Dylan
Thomas’s 1954 memoir, “A Child’s
Christmas in Wales” (Holiday House,
47 pages, $14.95), with tender, observant illustrations by Trina Schart
Hyman. First published in 1985, this
pretty volume is just small enough to
slip into a Christmas stocking.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C10 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘War is a game that is played with a smile. If you can’t smile, grin. If you can’t grin, keep out of the way till you can.’ —Winston Churchill
Be Careful
Out There
GETTY IMAGES
I still loved hunting. It was hunting,
after all, that had helped me make
sense of my true circumstances. But
I had to admit that, like life, hunting
was turning out to be a lot more
complicated than I’d thought.”
Mr. Heavey’s essays, too, are
more complicated than they first
appear. The title of his book evokes
the knee-slapping comedy of the
campfire, a promise that his peculiar brand of farce frequently fulfills. But he
also displays a gift
for the sublime, as
in “Faced with an
Anti,” in which
he’s confronted
by a woman
who
finds
hunting cruel.
In a response
that should be
a primer for
our politically
polarized age,
Mr. Heavey answers respectfully, not
demonizing his critic. He admits his
own conflicts about the ethics of
the sport, but notes that hunting
“also brings home the fact that all
life—from frog to man, robin to
alligator—sustains itself at the cost
of other life. And that there aren’t
any easy answers as to what’s right
and what’s wrong.”
In the face of such mysteries, Mr.
Heavey suggests that a prudent
sense of limits is the ideal response.
“At its best, my writing makes people whom the world often judges as
failures feel better about themselves,” he tells readers. “I think
there’s a certain nobility in that.
Introduction by Nigel West (1998)
1
BRITISH Security Coordination
was the deceptively dull name
given to a fantastic organization
of spies. Starting in 1940 from
offices in New York’s Rockefeller
Center, BSC worked toward a single
goal: encouraging America’s entry
into the war by any means necessary, including forgery and sex. This
official history of BSC, written anonymously by former BSC officers,
describes its work with surprising
candor and wit. We discover that
certain pro-Britain columns published by the powerful newspaperman Walter Winchell were actually
written by BSC agents, and we learn
about the exploits of “Cynthia,” a
woman spy with a gift for seducing
European officials stationed in the
U.S., enabling her to steal vital telegrams and naval ciphers. The book is
packed with wry, often savage observations on American politics and
figures like J. Edgar Hoover, disliked
by BSC for his egotism: “Hoover is a
man of great singleness of purpose,
and his purpose is the welfare of the
Federal Bureau of Investigation.”
Pawns in a Greater Game
By Justin Corfield (2015)
3
ON THE DAY Germany
invaded Poland, the best
chess players in the world
were competing at a tournament in
Buenos Aires. Each game suddenly
took on new meaning. In the final
round, the Germans prevailed
against the Polish team. “The few
Germans in the crowd clapped
sedately,” Mr. Corfield writes, but it
was clear that “the Germans were
the only ones applauding.” Three of
the British players would soon be at
Bletchley Park, the center for
British codebreaking. The Jewish
chess genius Miguel Najdorf, in
anguish over the fate of his wife,
child and parents, trapped in Nazioccupied territory, later staged a
spectacular chess demonstration in
Brazil in the hope that news coverage would cause his family to get in
touch. While blindfolded, he played
45 opponents simultaneously and
beat 39. But no word would ever
come from Najdorf’s family. Meanwhile, the Russo-French chess
champion Alexander Alekhine went
on to aid the Nazi propaganda machine, publishing articles attacking
“Jewish chess” and its supposedly
inferior nature. The top female
player at the Buenos Aires tournament, Britain’s Vera Menchik, was
killed in a German V-1 attack on
London in June 1944.
MR. FAGONE is the author of “The
Woman Who Smashed Codes,” a life
of cryptanalyst Elizebeth Friedman.
Nazi sympathies in South American
government agencies. Everywhere he
goes, Frank encounters “a spawn of
little nazi and nationalist papers”
that attack him as “the Yankee-Jew
Frank.” After delivering a fiery
speech in Buenos Aires in which he
describes Argentina as a country
“stricken by a virulent disease,”
Frank is declared persona non grata
by the government and beaten by
police. But the attack only widens
his audience. During his recovery
from the police beating, when hundreds of Argentinian well-wishers
visit him in the hospital, he learns
that provincial newspapers have
published the full text of his speech.
The journey had not been in vain.
ly
.
From Field & Stream’s
‘professional amateur,’
a guide to the outdoors
for guys with more
passion than proficiency.
messages that were then solved and
read. For a time, the American codebreaker Herbert O. Yardley plied his
trade in Canada, having been banished from U.S. intelligence circles
for publishing a best-selling book
about a secret State Department
codebreaking unit that he had commanded and that was eventually shut
down, leaving him jobless and wanting revenge. Historians have portrayed Yardley as a talented rogue,
but in Mr. Bryden’s study of Canadian intelligence during World War II
he’s a sad figure struggling to adjust
to the taste of Canadian cigarettes.
British Security Coordination
DANA BAUER
IN COLUMNS for Field & Stream, as
well as essays for the Washington
Post and other publications, Bill
Heavey has offered himself as a
poster boy for personal incompetence. Mr. Heavey is an avid hunter
and fisherman, although, as he tells
it, not an especially good one. His
stories chronicle the comic and
sometimes perilous consequences of
one man’s reach routinely and recklessly exceeding its grasp.
In mining his mediocrity for
material, Mr. Heavey has risked the
chance that his outdoor skills might
improve, depriving him of fresh inspiration. But as “Should the Tent
Be Burning Like That?” makes clear,
Mr. Heavey has continued to elude
excellence with rod and gun as consistently as the fish and game that
slip away from him, time and again.
“My fly-fishing skill peaked about
twenty years ago,” he confesses.
“Since then, a graph of my improvement closely resembles that
of Abraham Lincoln’s pulse.” He
does no better
with deer, failing to bag a
buck so grand
that “he looked
like a small cow
with no neck and
half a picket fence
on his head.”
Readers
don’t
have to hunt or fish to
appreciate Mr. Heavey’s
essays, which are more
broadly about the bruising
limits of middle age. With middle
age comes liberation, too—the
increasing freedom to defy convention without embarrassment. In the
book’s funniest essay, “What the
Horse Saw,” Mr. Heavey takes the
advice of a fellow outdoorsman and
wears pantyhose to avoid chafing
during a horseback ride. “I’m
strongly opposed to physical discomfort,” he writes. “If the choice is
between five hours of pain and feeling silly, my priorities are clear.” It
wasn’t the first time Mr. Heavey had
embraced an expedient from the
women’s department. Shivering in a
duck blind and lacking balm for his
chapped lips, he’d once borrowed
lipstick from the wife of a fellow
hunter. It soothed his kisser, and “I
think I looked like the kind of bald,
outdoorsy transvestite that any guy
would be happy to introduce to his
parents,” Mr. Heavey recalls.
on battles of wits in World War II
Best-Kept Secret
By John Bryden (1993)
2
THE EXAMINATION UNIT was
the name given to a secret
Canadian codebreaking team
working with British intelligence to
intercept and decrypt enemy messages. Canadians also helped build
“Camp X,” a school for forgers and
saboteurs outside Toronto, where a
powerful radio transmitter linked
Canada with Britain, making it possible to share raw intercepts of Axis
South American Journey
By Waldo Frank (1943)
4
Mr. Heitman, a columnist for the
Advocate newspaper in Louisiana,
is the author of “A Summer of
Birds: John James Audubon
at Oakley House.”
GETTY IMAGES
BY DANNY HEITMAN
Mr. Heavey’s essays bend gender
stereotypes in subtler ways, employing the kind of emotional disclosure
not typically associated with the
largely masculine sensibility of outdoor writing. In “Not the Same,” he
downs a deer with his arrow, confronting the prospect of his own
mortality in the bargain. “My arc on
this earth,” he writes, “would end as
irrevocably as the deer’s had. . . It
hadn’t been wrong to kill this deer.
co Fo
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By Bill Heavey
Atlantic Monthly Press, 263 pages, $25
Jason Fagone
CHAMPION Chess player Vera Menchik.
n-
Should the Tent
Be Burning Like That?
FIVE BEST: A PERSONAL CHOICE
IN THE SUMMER of 1942,
American novelist Waldo
Frank traveled across South
America lecturing on the menace of
global fascism. Frank’s vivid account
of his journey through Brazil,
Argentina and Chile becomes a sort
of travelogue of fascist corrosion.
Between passages about the urgency
of democracy and the beauty of the
landscape, he chronicles widespread
The Zimmermann Telegram
By Barbara W. Tuchman (1958)
5
THE INTELLIGENCE battles of
the future haunt Barbara Tuchman’s meticulous and powerful
narrative of the plot that dragged
the U.S. into World War I. In January
1917, the German foreign secretary,
Arthur Zimmermann, dispatched a
coded telegram to Germany’s ambassador to Mexico. “We intend to begin
unrestricted submarine warfare on
the first of February,” the telegram
began. It went on to propose that
Mexico and Germany form a secret
alliance against America. And,
Zimmermann continued, there would
be “an understanding on our part
that Mexico is to reconquer the lost
territory in Texas, New Mexico and
Arizona.” The message was intercepted en route by a secret British
unit of codebreakers known as
“Room 40.” Tuchman captures the
drama as the message makes its way
to President Wilson, then explodes
across newspaper front pages. The
effect on America was profound. The
telegram, Tuchman writes, “was
clear as a knife in the back and near
as next door. Everybody understood
it in an instant.” That included
Wilson. A month later, Congress
declared war on Germany.
no
Best-Selling Books | Week Ended Nov. 26
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
Xanathar’s Guide to Everything
1
Wizards RPG Team/Wizards of the Coast
The Pioneer Woman Cooks
2
Ree Drummond/William Morrow & Company
Tribe of Mentors: Short Life Advice
Tim Ferriss /Houghton Mifflin
3
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
3
New
Hardcover Fiction
THIS
WEEK
LAST
WEEK
Capital Gaines
Chip Gaines /Thomas Nelson
6
—
Promise Me, Dad
Joe Biden/Flatiron Books
7
1
Guinness World Records 2018
8
6
Guinness World Records Limited/Guinness World Records
THIS
WEEK
LAST
WEEK
THIS
WEEK
LAST
WEEK
TheGetaway(DWK#12)
Jeff Kinney/Harry N. Abrams
1
1
5-Minute Disney Pixar
Disney/Disney Press
6
—
Pete the Cat: 5-Minute Pete
James Dean/HarperFestival
2
—
5-Minute Disney Avengers
Disney/Marvel Press
7
—
5-Minute Snuggle Stories
Disney/Disney Press
3
—
Wonder
8
4
R. J. Palacio/Alfred A. Knopf Books For Young Readers
5-Minute Princess Stories
Disney/Disney Press
4
—
Little Critter: 5-Minute Little Critter
Mercer Mayer /HarperFestival
9
—
5
—
Curious George’s 5-Minute Stories 10
H. A. Rey/HMH Books for Young Readers
—
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
Obama: An Intimate Portrait
4
Pete Souza/Little, Brown and Company
2
Jesus Calling
9
Sarah Young/Thomas Nelson Publishers
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
5
4
Killing England
10
8
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Five-Minute Peppa Stories
Neville Astley /Scholastic Inc.
Nonfiction Combined
Fiction E-Books
THIS
WEEK
LAST
WEEK
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
Astrophysics for People in a Hurry 1
–
Neil deGrasse Tyson/W. W. Norton & Company, Inc.
Sisters First
2
Jenna Bush Hager/Grand Central Publishing
–
Tribe of Mentors: Short Life Advice
3
Tim Ferriss/Houghton Mifflin Harcourt
New
Liar, Temptress, Soldier, Spy
4
Karen Abbott/HarperCollins Publishers
–
Just Mercy
5
–
Bryan Stevenson/Random House Publishing Group
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
—
TITLE
AUTHOR / PUBLISHER
Methodology
TITLE
AUTHOR / PUBLISHER
Fiction Combined
Hardcover Business
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Xanathar’s Guide to Everything
1
Wizards RPG Team/Wizards of the Coast
New
The People vs. Alex Cross
1
James Patterson/Little, Brown and Company
Tribe of Mentors
Timothy Ferriss/Houghton Mifflin
New
The Midnight Line
2
Lee Child/Random House Publishing Group
4
Wonder
2
6
R. J. Palacio/Alfred A. Knopf Books For Young Readers
The Pioneer Woman Cooks
3
Ree Drummond/William Morrow & Company
3
End Game
3
David Baldacci/Grand Central Publishing
2
Pete the Cat: 5-Minute Pete the Cat
James Dean/HarperFestival
The Sun and Her Flowers
4
Rupi Kaur/Andrews McMeel Publishing
5
The Rooster Bar
4
6
John Grisham/Knopf Doubleday Publishing Group
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
5
4
Origin
5
Dan Brown/Knopf Doubleday Publishing Group
9
5 Minute Disney Snuggle Stories
Disney/Disney Press
5
2
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.
THIS
WEEK
LAST
WEEK
1
1
3
The People vs. Alex Cross
4
James Patterson/Little, Brown and Company
THIS
WEEK
LAST
WEEK
Tribe of Mentors: Short Life Advice
Tim Ferriss /Houghton Mifflin
1
New
Extreme Ownership
Jocko Willink/St. Martin’s Press
2
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
3
2
Strengths Finder 2.0
Tom Rath/Gallup Press
4
1
–
Total Money Makeover
Dave Ramsey/Thomas Nelson
5
4
–
New
TITLE
AUTHOR / PUBLISHER
6
–
Obama: An Intimate Portrait
6
Pete Souza/Little, Brown and Company
2
Hardcore Twenty-Four
6
Janet Evanovich/Penguin Publishing Group
1
5 Minute Disney Princess
Disney/Disney Press
6
–
Emotional Intelligence 2.0
6
Travis Bradberry & Jean Greaves/TalentSmart
7
Elon Musk
7
Ashlee Vance/HarperCollins Publishers
–
Milk And Honey
7
Rupi Kaur/Andrews McMeel Publishing
6
Two Kinds of Truth
7
Michael Connelly/Little, Brown and Company
7
Five-Minute Peppa Stories
Neville Astley/Scholastic, Inc.
7
–
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
7
6
The Radium Girls
Kate Moore/Sourcebooks
8
–
The Elf on the Shelf
8
Carol Aebersold & Chanda Bell/CCA & B
–
Wonder
8
R. J. Palacio/Random House Children’s Books
–
5 Minute Disney Pixar
Disney/Disney Press
8
–
The Energy Bus
Jon Gordon/Wiley
8
8
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
9
4
Promise Me, Dad
Joe Biden/Flatiron Books
1
The Last Anniversary
9
Liane Moriarty/HarperCollins Publishers
–
5 Minute Disney Avengers
Disney/Marvel Press
9
–
The Four: The Hidden DNA
Scott Galloway/Portfolio
9
—
Little Critter: 5-Minute Little Critter
Mercer Mayer/HarperFestival
10
–
The Power of Moments
Chip Heath/Simon & Schuster
10
—
Such Good Girls
R. D. Rosen/HarperCollins Publishers
The Girl with Seven Names
10
6
Hyeonseo Lee & David John /HarperCollins Publishers
9
Astrophysics for People in a Hurry 10
–
Neil deGrasse Tyson/W. W. Norton & Company, Inc.
The Whispering Room
10
New
Dean Koontz/Random House Publishing Group
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C11
* * * *
REVIEW
WEEKEND CONFIDENTIAL:
ALEXANDRA WOLFE
Debra
Lee
no
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father, a U.S. Army major, was set on her going to an Ivy League college. “I was sort of
raised to believe that’s what I should do,” she
recalls. She went to Brown University, where
she studied communism in China as a political
science major. “People, especially black students, were still trying to find their way, especially when you’re in a predominantly white
environment, so I thought communism was
interesting, and I thought the idea of communes was interesting,” she says.
Ms. Lee went on to Harvard Law School
and added a degree from the John F. Kennedy
School of Government. She then served as a
law clerk to a district court judge in Washington before joining a D.C. law firm that counted
BET as a client. In 1986, she left to start BET’s
in-house legal department.
At the time, few in Washington had ever
heard of the network; cable wasn’t available in
the city. “It was a little bit risky,” she remembers. “People were like, ‘Where?’”
In 1996, Ms. Lee was promoted to president
and chief operating officer and became more
involved in the company’s creative agenda.
She phased out music videos because viewers
had started watching them online instead, and
sought to steer content toward family-oriented programming with positive messages.
“We try to give uplifting moments,” she says.
She grants that her network’s space is getting more crowded, with shows centered on
black characters multiplying across other networks, including “black-ish,” “How to Get
SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL; HAIR AND MAKEUP BY LAVONNE @ THE REX AGENCY
‘We want
to show
the world
as it is.’
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AS A TEENAGER in Greensboro, N.C., in the
early 1970s, Debra Lee rushed to get her
chores done before “Soul Train” came on every Saturday. Back then, the brand-new television program “was the only kind of social network the black community had,” she
remembers. “Anytime the Supremes or the
Temptations or the Jackson 5 came on ‘Ed
Sullivan,’ you’d call your friends and say, ‘Hey,
there’s someone black!’”
Now Ms. Lee, 63, is chief executive of Black
Entertainment Television, and last year she
bought the Soul Train brand and its 1,100 episodes to add to the network’s offerings of
news, awards shows, stand-up comedy and
original series. Last Sunday night, 2.4 million
people watched the Soul Train Awards.
BET, co-founded by the cable industry lobbyist Robert Johnson and his then-wife Sheila
in 1979, reached 10 million viewers when Ms.
Lee joined seven years later; now it reaches
83 million in the U.S. Viacom bought the network in 2000. Since Ms. Lee became CEO in
2005, she has overseen the development of
original series including such ratings hits as
“Real Husbands of Hollywood,” a reality television satire cocreated by comedian Kevin
Hart, and “The New Edition Story,” a miniseries about the music group. Last year’s BET
Awards went viral,
generating over 3
million tweets and 50
million plays of BET
Awards GIFs.
Ms. Lee shuttered
the network’s D.C.
headquarters in July
and moved them to
New York, where
other major Viacom brands reside (and where
she is president of the Alvin Ailey American
Dance Theater). So much of her programming
is filmed in Atlanta and Los Angeles, she says,
that the need for a Washington presence diminished. “Over time, D.C. just became a lot
less relevant to what we’re doing.”
BET hosted events for both of President
Barack Obama’s inaugurations, and Ms. Lee
sat on Mr. Obama’s management advisory
board with other CEOs. Does the move from
the capital have anything to do with the
Trump administration? “Not at all. It was
purely a business decision,” she says. “We’ve
been through a lot of administrations.”
Ms. Lee says that she keeps her personal
beliefs out of BET’s content. “Our audience is
not monolithic, so we try to show different
viewpoints,” she says. Still, “we try to hold
Trump accountable.” Musicians and celebrities have been outspoken on her network
about racial issues, including NFL players’
protests, the Black Lives Matter movement,
and the white supremacist violence in Charlottesville, Va. In October, a video of an antiTrump rap by Eminem from BET’s Hip Hop
Awards got 66.5 million views. Host Erykah
Badu took a knee in homage to the NFL protests during last week’s Soul Train Awards.
Growing up in Greensboro, Ms. Lee attended an-all black high school. “But we had
amazing teachers, and we had doctors and
lawyers” among the parents of fellow students, “so we never felt being segregated was
a negative thing.” Instead, they thought, “It’s
just the way it is.”
Her mother was a hospital clerk, and her
ly
.
The chief of Black
Entertainment Television
navigates a new landscape
Away with Murder,” and “Empire.” “They’ve
discovered what we’ve known for a long time,
which is that black people watch a lot of television,” she says. “We have more competition
than ever before.”
BET meanwhile has increased its nonblack
viewers, scoring big gains among Latinos and
white males in the coveted 18-to-49 age
group. “We want all people to watch BET and
to understand more about our culture,” Ms.
Lee says. But she seeks to ensure the casts of
BET shows aren’t exclusively black. “We don’t
want to do to the television industry what the
television did to us,” she says. “You look at a
show like ‘Friends’ and you’re like, ‘Why are
there no black people in New York?’ We want
to show the world as it is.”
MOVING TARGETS: JOE QUEENAN
First Drafts of Famous Maxims and Law
Pondering Kranzberg’s laws set
me off on a quest to uncover the
history of famous rules. As it turns
out, they rarely began in the form
we know today. The Hippocratic
Oath, for example, did not begin
life as “First, do no harm.” Though
this is the basic concept the ancient Greek physician was trying
to get across, those words never
appear in his writings. (Honest—
check it out.)
In a precious, crumbling volume,
stored deep in the basement stacks
of the New York Public Library, I
found what Hippocrates originally
said: “Whatever you do, don’t kill
the patient. His father is connected.” Then, according to this
unimpeachable source, the oath
morphed into “First, don’t amputate anything that might not need
to be amputated,” then “First, get
them liquored up,” and then “Physician: Stay away from hemlock.”
It was only after media-savvy
types interceded that the phrase
Occam’s Razor
started out as
Occam’s Fork.
was reduced to the pithy words we
know today. Another thing: The
Hippocratic Oath didn’t start out
as an oath. It started out as the
Hippocratic Tip.
Many laws followed a similar
path. Pascal’s Wager was originally
Pascal’s Vig. Occam didn’t start out
with a razor when he argued that
the correct explanation for a phenomenon was usually the simpler
one. The law was originally testmarketed as Occam’s Fork, Occam’s
Pants and even Occam’s Hunch. It
wasn’t until he took his wife’s advice (“The razor, stupid!”) that the
law made any headway.
Scientific laws changed too,
my volume reports. Isaac Newton’s Second Law of Motion
originally read: “A body at rest
is a body at rest is a body at rest.
No idea why.” Colleagues told him
that if he wanted to break into
the top ranks of famous scientists,
he was going to have to come up
with something a bit catchier.
Which he did.
Similarly, Einstein’s E=mc2 began life as
Niels Bohr told Einstein to
shorten it, and the rest is history.
Murphy’s Law, as is well known,
declares that if anything can go
wrong, it will. But that seemingly
straightforward theory was the result of extensive trial and error on
the inventor’s part. When Murphy
first started working on his law,
the wording was:
“Why me?
What am I, a potted plant?
Go ahead. Kick me.”
Finally, laws sometimes failed to
become famous because the creator’s name wasn’t catchy enough.
It’s a safe bet that if Melvin Kranzberg’s Six Laws of Technology had
been dreamed up by Peter or Murphy or Fermat or Fibonacci, everyone would know them. It’s the Law
of the Jungle.
NISHANT CHOKSI
THE OTHER DAY, the Journal ran
a column about Melvin Kranzberg’s
Six Laws of Innovation, insights
revered by techies but basically
unknown to the general public.
Kranzberg, a historian at Georgia
Tech who died in 1995, made a
sextet of assertions like “Technology is neither good nor bad; nor is
it neutral” and “Although technology might be a prime element in
many public issues, nontechnical
factors take precedence in technology-policy decisions.”
The Journal’s Christopher Mims
urged readers to take a look at
Kranzberg’s Six Laws, which have
proved to be prescient, but it’s not
hard to see why they didn’t catch
on in the first place. We’re not
talking here about the crisp elegance of the Hippocratic Oath or
Murphy’s Law or the Peter Principle. The Six Laws are clunky, alas,
and one of them even includes a
semicolon—a big no-no for a memorable bromide or aphorism.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C12 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
Things are looking up, and
sideways, for this red ghost
crab, photographed cleaning
sand out of an eye by
Arkaprava Ghosh of India.
Melissa Usrey captured two burrowing owlets nuzzling, with the
third discreetly looking away. No ruffled feathers here.
EXHIBIT
South Georgia Island on their minds: Three elephant seals harmonize on this remote South Atlantic isle, in a photo by Roie Galitz.
WildLaughter
A snack on the fly? A giraffe
in Kenya seems to be nibbling
on a propeller plane in flight
in this shot by photographer
Graeme Guy.
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WHAT DOES IT TAKE for judges to
pick a finalist in the Comedy Wildlife
Photography Awards? “You laugh out
loud when you look at a picture,”
says contest co-founder Tom Sullam.
The Comedy Wildlife Photography
Awards, in their third year, are given
in partnership with the Born Free
Foundation, a nonprofit that aims to
promote wildlife conservation. Mr.
Sullam thinks funnybone-tickling images resonate with viewers more easily than photos of animals in danger
do. Category winners among the 40
finalists will be announced in London
Dec. 13. All winners get trophies, but
the top prize is a Kenyan safari for
two. In these pictures, anthropomorphism can run wild. Mr. Sullam says,
“You completely see the human element of what these animals do.”
—Alexandra Wolfe
CLOCKWISE FROM TOP LEFT: MELISSA USREY; ARKAPRAVA GHOSH; GRAEME GUY; ROIE GALITZ
PLAYLIST: JOY MANGANO
The Inventor’s Dance
A newly divorced mom hears a Patti LaBelle
song and develops a mop
I’ve got a new attitude.”
Just then, I had an epiphany.
I was going to push forward
with the self-wringing mop concept I had developed. For
months, I worked on it in my
spare time in the back of my father’s auto-body shop, where I
did some accounting.
On my Walkman cassette
player was “New Attitude.” Even
when I learned that an Australian company had a
patent for a similar
mop idea, I refused to
quit. I worked out a
royalty deal that let me
move forward with my
design.
A year later, my
first batch of Miracle
Mops arrived in a box.
I placed them on my round bed
and just stared. That’s where
Patti’s song got us dancing and
changed my outlook. The kids
and I tried out the mops. Then,
to celebrate, we went out for
ice cream.
n-
Joy Mangano, 61, is the inventor
of Huggable Hangers, My Little
Steamer and Miracle Mop,
among many other products. She
is the author of the memoir “Inventing Joy” (Simon & Schuster).
She spoke with Marc Myers.
no
In the winter of 1989, I hadn’t
invented anything big yet. My
divorce had just been finalized,
and I was a struggling mom
who worked as a hostess at a nearby restaurant. I was afraid.
One night I was in
my bedroom with my
three kids watching on
the big round bed I had
inherited from my parents. All I could think
was, “What are you doing? You’re not going to succeed.
You’re a divorced mom with
three kids.” Fear and doubt were
real obstacles.
At some point, Patti LaBelle’s
“NEW ATTITUDE” video came
on. The song was from the 1984
film “Beverly Hills Cop.”
Though we had watched the
movie countless times as a
family, I never really listened carefully to the
words.
“New Attitude” is a
dance song that begins with
a synthesizer and drum
sample, a sound that dominated pop music back then.
The kids immediately
jumped up on the bed and
began dancing to it. I
danced with them—on the
floor. One of the bed’s legs
broke, but it didn’t matter.
We just kept dancing.
At some point, Patti
sang, “I’m feeling good
from my hat to my shoe /
Know where I am going and
I know what to do / I’ve tiPATTI LABELLE in the mid-1980s.
died up my point of view /
GETTY IMAGES
A vow, a
broken
bed.
HISTORICALLY SPEAKING: AMANDA FOREMAN
Kylo Ren, Meet Huck Finn
“STAR WARS: THE LAST JEDI” may end
up being the most successful movie sequel
in the biggest sequel-driven franchise in the
history of entertainment. That’s saying
something, given Hollywood’s obsession
with sequels, prequels, reboots and remakes.
Although this year’s “Guardians of the Galaxy 2” was arguably better than the first,
plenty of people—from critics to stand-up
comedians—have wondered why in the
world we needed a 29th “Godzilla,” an 11th
“Pink Panther” or “The Godfather Part III.”
But sequels aren’t simply about chasing
the money. They have a distinguished pedigree, as old as storytelling itself. Homer gets
credit for popularizing the trend in the
eighth century B.C., when he followed up
“The Iliad” with “The Odyssey,” in which
one of the relatively minor characters in the
original story triumphs over sexy immortals,
scary monsters and evil suitors of his faithful wife. Presumably with an eye to drawing
in fans of the “Iliad,” Homer was sure to
throw in a flashback about the Trojan horse.
Homer’s successors knew a good thing
when they saw it. In 458 B.C., Aeschylus, the first of
the great Greek dramatists, wrote his own sequel to
“The Iliad,” a trilogy called “The Oresteia” that follows the often-bloody fates of the royal house of Agamemnon. More than 400 years later, the Latin poet
Virgil penned a Roman-themed “Iliad” sequel, “The
Aeneid,” which takes up the story from the
point of view of the defeated Trojans.
By the Middle Ages, sequel activity had
shifted focus. With “The Iliad” (like most
of ancient Greek culture) virtually forgotten in Europe, tales about doomed lovers
and Christian heroes, such as the legends
of King Arthur and the Knights of the
Round Table, took the place of Homeric epics in the public imagination. A whole industry of
Camelot sequels grew up around major and even minor characters of the story.
The advent of printing in the 15th century made it
easier to capitalize on a popular work. Roughly two decades after Shakespeare wrote “The Taming of the
Shrew” around 1591, John Fletcher penned “The
Woman’s Prize, or The Tamer Tam’d,” which reversed
genders—with the women taming men. Shakespeare
himself wrote sequels to some of his works, carrying
his fat, irrepressible knight Falstaff through three plays.
Eight hundred miles away in Madrid, Miguel de Cervantes Saavedra countered an unauthorized sequel to
RUTH GWILY
his “Don Quixote” with his own sequel. In it, many of
the characters have read Cervantes’ first part, Don Quixote himself is outraged by the plot of the fake sequel
and Cervantes frequently ridicules the sequel writer.
Other authors had less success defending their creations. Jonathan Swift, author of “Gulliver’s Travels”
(1726), was helpless when his own publisher
immediately cashed in on the book’s success with several anonymous sequels, including “Memoirs of the Court of Lilliput.”
European audiences were not the only
ones to yearn for sequels to favorite
books. The oldest of China’s four classical
novels, “Water Margin,” concerning a
group of heroic outlaws, was completed
sometime before the 17th century and spawned sequels that became classics in themselves. In late 19thcentury America, Mark Twain struck gold twice with
“The Adventures of Tom Sawyer,” followed by “The
Adventures of Huckleberry Finn.” But few people have
heard of the second or third sequels: “Tom Sawyer
Abroad” and “Tom Sawyer, Detective.”
For its part, Hollywood knows that a sequel to
even the most beloved story is no sure thing. Although “The Last Jedi” is set to break records, this
summer’s “King Arthur: Legend of the Sword” went
down as a major flop. Sometimes it’s good to know
when to stop.
The grand
tradition
of sequels.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
Provided by the
National Museum of Mathematics
nickname for such securities issued outside China?
1. T. Boone Pickens
is asking $250
million for his
Texas ranch.
Which of these
does it feature?
A. Hot and sours
B. Dim-sum bonds
C. Dumpling debt
D. General Tsos
A. A private
airport
B. More than 100 square
miles of land
C. An 11,000-square-foot
kennel with 40 bird dogs and a
veterinary lab
D. All of the above
On a road trip to the
West, the teammates use
their down time to hone
their geometric and
visualization skills.
6. A Bosnian Croat convicted of
war crimes died after drinking
poison in front of a United Nations tribunal in The Hague.
Name him.
A. Slobodan Praljak
B. Slobodan Milošević
C. Janko Bobetko
D. Miroslav Bralo
2. Banks are going back to the
future—with what revived trend?
A. Yellow power ties and
suspenders
B. “Repos,” or repurchase
agreements
C. Making a lot of really bad
loans requiring no money down
D. Getting most of their
profits from trading instead of
lending
Divide by Three
Team member Carolyn spots a mesa
with a silhouette that she models on paper
as half of a regular hexagon, as shown here.
She challenges the others to cut it into three
pieces of the same shape, where no two are of the
same size. (The pieces do not have to be the same shape
as the original.) Carolyn states that she has found two
solutions. Pieces may be turned over.
How does Carolyn do it?
7. What do the chiefs of Aetna,
Williams-Sonoma and Whole
Foods have in common?
A. They all run companies
founded in Canada.
B. They are all divinity-school
graduates.
C. They were all born overseas.
D. They meditate.
3. Buffalo Wild Wings agreed to
be acquired—by whom?
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzles.
Cutting the Domino
4. Bali’s airport reopened after
being closed by volcanic ash.
What’s the name of Indonesia’s
biggest airline?
A. CEO of StarKist
B. Mayor of Pago Pago
C. American Samoa’s nonvoting representative to Congress
D. Washington lobbyist for a
fishing-boat maker
pieces are triangular.
2. Christy asks what is the smallest length
possible for the cuts that accomplish Brad’s task.
She knows it’s one of several solutions where the
pieces have an L shape.
Team member Brad has some pieces of paper in the
shape of 1-by-2 rectangles, and cuts each into three
pieces. The three pieces have the same shape but
may be different sizes. Pieces may be turned over.
1. Find the two ways he did this where the
ly
.
8. Aumua Amata Radewagen is
pushing for a $10 million tax
break for a StarKist tuna plant in
Pago Pago. What’s her job?
ILLUSTRATION BY LUCI GUTIÉRREZ
+
Learn more about the National Museum of Mathematics (MoMath) at momath.org
co Fo
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A. Pritikin
B. Burger King
C. Arby’s
D. McDonalds
A. Batik Air
B. Citilink
C. Garuda Indonesia
D. Ngurah Rai
SOLUTIONS TO LAST
WEEK’S PUZZLES
What Have You
B A N G
U S E R
C H E A
B
S P A
S C O T
O H S
L O S E
A L E X
C A T T
E R S
A
G A S
P A C K
A L A S
Y E P
P E
OM E L
M I L L
E L L E
N E A R
Varsity Math
In Thanksgiving Split, Bob
can force Joe to take 3/4 of
the cake. In Easy as Pie,
Alice cuts the pie into pieces
of sizes 1/5 and 4/5. Beth
then cuts to leave pieces of
sizes 1/5, 2/5 and 2/5. Alice
then leaves pieces of sizes
1/5, 1/5, 1/5 and 2/5, and
gets 3/5 of the pie.
5. For the first time, Russia is
about to offer bonds denominated in yuan. What’s the
To see answers,
please turn to page C4.
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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
1
2
3
4
5
6
7
8
17
9
18
19
23
11
12
26
30
31
37
38
32
33
27
34
45
46
53
61
62
68
76
84
47
64
69
77
85
59
63
70
78
86
102
98
103
108
104
109
118
115
119
127
72
73
74
81
88
89
94
99
90
106
111
116
120
121
75
82
91
100
105
110
113 114
50
55
n-
97
43
66
80
93
96
49
42
60
71
87
92
48
65
79
16
22
41
54
58
15
36
40
52
57
14
29
35
44
67
28
39
51
56
13
21
24
25
83
10
20
no
FROM TOP: TAYLOR HILL/FILMMAGIC/GETTY IMAGES; ISTOCK
VARSITY MATH
From this week’s
Wall Street Journal
95
101
107
112
117
122 123 124 125
126
128
129
130
131
Flight Club | by Matthew Sewell
102 Minuteman III, e.g.
104 Means of flight
for 70-Down
107 Bad cholesterol,
in brief
108 Dizzy Gillespie
specialty
110 Glover of
“Atlanta”
111 Mrs., in Madrid
112 Be overdrawn
113 Toaster’s vessel
115 Place for mil.
mail
116 Item in a coffee
shop stack
117 Pitchfork-shaped
letter
118 Yellow tape
words
121 Medium
relatives
127 Diagon Alley
shopkeeper in
“...the Cursed
Child”
128 Means of flight
for 75-Down
129 Ant.’s ant.
130 Fen flora
131 Kerfuffle
Down
1 Bluetooth band,
initially
2 Sometime
resident of
Number 17
Cherry Tree Lane
3 Tense court
situations
4 Smell skunky
5 Guyliner wearer’s
genre
6 ICU worker
7 Burner setting
8 Funny Gasteyer
9 Zebra’s kin
10 Sought
restoration,
maybe
11 Like papal bulls
12 Order to an intern
13 Bear the expense
of
14 Means of flight
for 20-Across
15 Heck
16 Sought redress
from
18 Campbell-Martin
of “Dr. Ken”
19 More hazardous
for driving,
perhaps
21 Key in many
shortcuts
22 “Part of the
Way with LBJ”
protest org.
27 San Gabriel
Valley city
30 Take things the
wrong way?
31 Passing easily
32 Comic strip
centered on
senior citizen
Sonya Hobbs
33 Emily Dickinson
Museum location
35 Roman god of
trade
1
2
3
4
5
7
9
6
8
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
G
D
C
I
J
F
B
K
D
H
E
C
I
J
A
M
L
H
K
F
B
A
L
E
G
M
Wrap Session | a cryptic puzzle by Emily Cox & Henry Rathvon
Each clue a–m defines two words,
one of which must have its
wrapping (first and last letters)
removed to produce the other. For
example, “Flower of the Orient
(7,5)” would yield EASTERN and
ASTER. (Either the longer or the
shorter word may be defined first.)
The 13 unwrapped words fit into
the grid (along with the normal
Across and Down answers)—you’ll
need to determine where each one
fits. But don’t throw away those
wrapping letters; reuse them, one
per box below the grid, to spell a
six-word cryptic clue for the grid’s
central answer. Beneath each box
is the label (a–m) from which a
wrapping letter is taken. (It’s up to
you to determine which of the two
wrapping letters from each pair
goes in which of the two
correspondingly labeled boxes.)
Wrapped & Unwrapped
a Circle circumference (6,4)
b Pueblo Indian composer
(6,4)
c Chess piece close at hand
(6,4)
d African river thrill (6,4)
e Pay recluse (7,5)
f Sing like a bird painter of
France (7,5)
g Comparison in math
speech (7,5)
h Stole Mad (7,5)
i Conspicuous stranger (7,5)
j Fruit decoration on a
Christmas tree (7,5)
k Brandy cocktail hue (7,5)
26 Egg on expert debater’s
Fork-tailed swallow in
face (4)
some pain (8,6)
m A case of humiliating
Down
defensive ballplayers (9,7)
1 Plastic plate—a pub fixture
(3,3)
Across
4 Almost luxurious sign of a
2 Possible Sundance film’s
summer? (4)
popular end (5)
7 Instantly reformed half a
3 Served raw, pie is for you?
sin (2,1,5)
(7)
9 Lily goes crazy (4)
4 New sleep aid for
daughters who’d be stars
10 Rate Delaware not quite
(8)
eco-friendly (6)
5 Noon event including a big
11 Sole order for record holder
NASA moment (6)
ahead of time (5)
6 Quiet old English loafer
12 Tree giving good cover for
(4)
guy taking pee? (5)
8 Glimpse timeless pine (4)
14 A sketchy-sounding
military helicopter (6)
11 Say, Kansas, Florida, and
outside of Atlanta (8)
17 Get cozy with some
dishonest legislation (6)
13 I see a name for a woman
(7)
19 Colorado Plateau features
area in jumble (5)
15 Next Guinness mostly
spilled (7)
21 Kings of Spain regarding
one answer to a proposal
16 Where you’ll see the
(5)
majority of people go for
cheese (6)
22 Tarzan’s mother captured
by a writer (3,3)
18 First name among
23 Indian flatbread roasted in
humorists in better
France (4)
magazines (4)
24 Playing games in a
19 I’m exiting limo after guys
compound (8)
park in New Jersey (5)
25 Drink like a cat in rabbit
20 Pack most of a Florida hub
fur (5)
(4)
l
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
53 SASE, often
54 Designed for
1 Means of flight
publication
for 2-Down
56 Steak sauce
9 Sambuca
ingredient
flavoring
58 Pianist Schnabel
14 D and C, in D.C.
60 Primordial
17 Baggy wear
entities in H.P.
20 Pole star?
Lovecraft’s
23 Out, conditionally
stories
24 Like many a
61 Beechbone and
painter’s smock
Treebeard
25 Himalayan grazer 62 Lotion letters
26 “It’s like this...”
64 Remarkable
times
28 Suitable
66 Sign before Virgo
29 Orange coats
67 Mach 2 flyers,
30 Toll rd.
once
31 Bloc for a doc
69 “Until next time!”
34 Means of flight
71 Surrealist Tanguy
for 35-Down
73 Online qualifier
36 Alternative to
JFK
76 Was blessed
with
37 Quick flight
78 “Let me think...”
38 Person who
might give a
80 Shearling she
general
81 Imprisoner of
anesthetic
Brynhildr
41 URL opener
83 Headed toward
44 2017 event for
87 Silk substitute
Snap Inc.
89 Prophetic sign
45 Online qualifier
92 “Oh, you betcha!”
46 End for super
93 R&B’s ___ Hill
47 Chris of “The
94 Luxury hotel
Good Wife”
chain
50 Rancor
95 Sanctions
51 Anaphylaxis
96 LBJ or JFK
treatment, for
97 Follicle filler
short
99 Morse code tap
52 White Sands
Natl. Monument 100 CT scan units
site
101 Land
Across
39 Go a round
40 Mesa Verde Natl.
Park site
42 Faithful
43 Some are
microchipped
48 Starbucks order
49 TV spec
55 Genre for the
Penguins and
the Flamingos
57 Queen celebrated
at Purim
58 Seeking
59 “Grim, ungainly,
ghastly, gaunt
and ominous
bird of yore”
63 Mutt mitt
65 Hem, perhaps
68 Longest-serving
correspondent
on “60 Minutes”
70 Foe of Jafar
72 Navigator’s
charts
74 Invented
language, often
between twins
75 Dream analogue
of Almira Gulch
77 Organizer of a
Wonderland
caucus race
79 Like bel canto
singing
82 Settle snugly
83 Modest skirt
84 “Wait ___!”
85 Doofus
86 Inn offering
88 Beat to the
summit
90 Reporting to
91 Queen Latifah
album “Nature
of a ___”
94 Legendary Bruin
98 Frogman trainee,
in slang
103 Supreme
authority?
105 Spurred on
106 “The wily ___,
blithe and glad”:
“Paradise Lost”
109 Tennis star
Sampras
113 N.Y. governor
following Al
Smith
114 Pub
conveniences
115 British bum
117 Essence
119 Means of flight
for 127-Across
120 Network: Abbr.
122 Cribbage jack
123 Rocky outcrop
124 “I love,” 11-Down
125 Shaq’s alma
mater
126 Rocksteady’s kin
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C14 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
ICONS
The Sounds of Ancient China
In Phoenix, instruments include bell chimes for social order—and for wild parties
and other possessions of a dead nobleman to
be buried with him for his journey through the
afterlife—often along with the musicians and
other members of his household.
Two sets of bronze bells from the late Zhou
dynasty (1046–256 B.C.) reflect very different
sides of the civilization of the time—and of the
thinking of the great philosopher-statesman
Confucius (551–479 B.C.). The first set of nine
bells might have won the old sage’s heart.
They would have been part of a nobleman’s
court orchestra, used for playing a highly ritualized system of music called yayue. Confucius
saw musical harmony as a potent metaphor for
social harmony, and for him, the tightly limited
yayue system was a form of perfection.
But he would likely have objected to the
second set—called bianzhong or “ordered
bells.” Made for a flashier system of music
called zhengsheng, it boasts an extravagant 24
bells. “They had more notes available in their
bells,” said Mr. Pearson, “so we think they
could play in several different scales.”
From descriptions of performances at the
time, it appears that zhengsheng music was
played at decadent banquets, which Confucius
considered a threat to the social harmony of his
day. “Too many notes,” Mr. Pearson said wryly.
The exhibition also includes samples of historical music. Video performances by the
Henan Museum’s own ancient-music ensemble
are found throughout the show, with music
played on replica instruments—including a
modern-day bone flute.
Artworks in the second half range from a
Han dynasty ceramic of musicians and dancers
in a three-story tower to a silver necklace,
circa 1912, depicting scenes from a Chinese opera. The dancers and musicians portrayed in
performance “have this wonderful energy and
life to them, even some humor,” said Mr. Pearson. “They give us a glimpse of what musical
life was like for people.”
ly
.
“ANCIENT MUSICAL TREASURES From Central China” features an instrument stand resembling a divine beast, a zither in the form
of a banana leaf and bell chimes made for wild
parties. But visitors should also be sure to see
the bird bone.
Tucked into a corner of the exhibition at the
Musical Instrument Museum in Phoenix, the
hollow bone, which was made into a flute, may
be the most important object in
the show. It is one of China’s
earliest known musical instruments, dating from 7,000
to 9,000 years ago, and was unearthed in the 1980s.
“Before we found these flutes,
early Chinese histories reported
that music began during the Yellow
Emperor’s time,” around 2700 B.C.,
said Li Hong, former deputy director
of the Henan Museum, in a translated video interview included in
the show. “Finding these flutes
pushed our music history back
3,000 years.”
The exhibition includes 61 objects and sets of objects dating from
the Neolithic era to the last imperial dynasty, which ended in 1912. The Musical Instrument Museum—which opened in 2010 and
claims to be the largest of its kind in the
world, with more than 13,000 items—is the
only venue for the show. (Objects in its own
collection include one of Elvis Presley’s guitars
and the piano on which John Lennon composed “Imagine.”)
The Henan Museum, from whose collection
the exhibition is drawn, is located in the city of Zhengzhou in
Henan province—a region about
400 miles southwest of Beijing
that is known for its archaeological discoveries.
For Colin Pearson, the show’s
curator and the museum’s curator for Asia, Oceania and the
Middle East, the flute demonstrates the interconnection of
musical, cultural, and social harmony. Attributed to the Peiligang culture, China’s earliest
known agricultural society, the instrument has
more holes than other Peiligang flutes, suggesting that it was a reference pipe for making
and tuning others. “That implies a high level of
sophistication and standardization,” said Mr.
Pearson, and also that musicians played together. Even in Neolithic times, it seems, harmony was integral to music in China.
Experts who have analyzed these flutes and
their tunings found the ancient musical scales
strikingly similar to those still used today. “That
kind of continuity of a musical culture appears
to be unique” in music history, Mr. Pearson said.
The exhibition is organized chronologically,
and its first half includes many very old instruments. The second half of the show, by
contrast, is dominated by artworks depicting
the musical instruments of those eras. There’s
a reason for the divide: While many ancient instruments were made of stone or bronze,
which survived to be discovered by archeologists, later instrument makers switched to
wood, which is less durable. Also, before the
Han dynasty (206 B.C. to A.D. 220), it was
customary for the musical instruments
co Fo
m rp
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ci on
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BY SUSAN DELSON
A Chinese
museum
sends its
treasures.
AN INSTRUMENT STAND in the form of a
divine beast, made between 770 and 476 B.C.
HENAN MUSEUM
n-
MASTERPIECE: ‘THE ADAMS MEMORIAL’ (1891) BY AUGUSTUS SAINT-GAUDENS
A GRAVE MARKER BOTH SINGULAR AND UNIVERSAL
ROCK CREEK CEMETERY is in the northern
corner of the District of Columbia. Within it sits
an enigmatic and unmarked sculpture once hidden by a surrounding wall of high foliage. Commemorating an untimely death, it is the work of
America’s greatest sculptor of the 19th century,
Augustus Saint-Gaudens (1848-1907).
We know him best for his powerful
public monuments devoted to prominent
heroes of the Civil War, like Col. Robert
Gould Shaw and Gen. William Tecumseh
Sherman. But his most original and moving work was “The Adams Memorial,” a
private commission from the historian
Henry Adams (1838-1918).
The circumstances were unusual and
challenging, but the results were
equally distinctive and original. Marion
Hooper “Clover” Adams, five years
younger than Henry, committed suicide
in 1885. Although she had experienced
some nervous disorder on their honeymoon in 1872, and periodically fell into
depression thereafter, her death seemed
inexplicable.
Friends described her as bright and
lively, recognized as an accomplished
amateur photographer. She took her life
by swallowing photographic chemicals.
Adams’s response seems just as extreme:
He destroyed all correspondence between
them and made no reference to her in his
autobiography, “The Education of Henry
Adams.” His narrative says nothing of the
20 years following her death.
Saint-Gaudens and Adams had met in
Boston when the sculptor was working
with John La Farge on decorations for
Trinity Church in the early 1870s. La
Farge became an informal adviser, and
CLOVER ADAMS had committed suicide in 1885.
soon after Clover’s death, he set off with
Saint-Gaudens was born in Dublin to an
Irish mother and French father, and brought to
the U.S. as an infant. In his youth he was apprenticed to a cameo cutter, which importantly
trained him to work in relief. He traveled to
Paris in 1867, and three years later visited the
great civic sculptures of ancient classicism and
the Renaissance in the public squares of Rome
and other Italian cities.
When Saint-Gaudens undertook the
Adams commission, he drew on the precedents of both Eastern and Western art.
Because of its cloak and flowing drapery,
we presume the statue to
be female, but Adams wrote
that he wanted an expression of “universality and
anonymity.” The sculptor
achieved this by making the
figure just over life-size and
generalizing the features.
Adams also intended the site to be his
own final resting place, insisting that
there be “no inscription, date, letters”
anywhere on the memorial. In the seated
form Saint-Gaudens fused a meditating
Buddhist deity with the images of sibyls
and prophets from Michelangelo’s Sistine
Ceiling. In Isaiah and Jeremiah he found
the cascading drapery and gesture of the
hand raised to the chin.
For the setting Saint-Gaudens worked
with his longtime collaborator, the architect Stanford White, who conceived the
elongated hexagonal space, the platform
and stone slab of light-red granite behind
the bronze. Opposite the figure at the far
end of the hexagon is an exedra that
frames the viewer; its stone bench invites
one to sit in dialogue with the bronze.
The architect sought to enclose the
plot with walls of holly, to create an “arboreal room,” a place of privacy and
contemplation. (In recent years vandal-
ism and petty crime have necessitated partial
removal of the foliage.) Entrance to the area is
at the far corner, such that one’s initial view of
the memorial is oblique and incremental. The
mystery of the space matches the abstraction
of the bronze.
Adams himself on first visiting the cemetery
after his time in Japan immediately grasped
what Saint-Gaudens had achieved, and wrote
in his chapter “Twenty Years After” (the void
following Clover’s death): “The interest of the
figure was not in its meaning, but in the response of the observer.” A few sentences later
he added, “Like all great artists,
St. Gaudens held up the mirror
and no more.”
In almost all his major commemorative monuments SaintGaudens gave attention to how his
figures related to their settings
and to the viewer. His bronze heroes always engaged the visitor. In both his
standing and equestrian figures the sculptor
melded meticulous realism with symbolic form
and ideal generalization. But the Adams Memorial was something different, a work that transcended its sources and was singular without
being specific. It invited one to contemplate
mortality and the hereafter.
Saint-Gaudens was largely responsible for
carrying American sculpture into the industrial
era of metal. His work approached modernism
in its abstract and psychological elements.
Here he took one other unusual step: to orient
the bronze not toward the east, as would have
been common, but to the west. Thus, as the
sun descends each afternoon, only then does
the light gradually reach up under the hood to
illuminate the figure’s face.
The work
transcends
its sources.
RUBENS ALARCON / ALAMY STOCK PHOTO
Adams on a several-month trip to Japan.
The travelers looked at monumental carvings in Japan and the South Seas. Traditional
religious symbolism seemed inappropriate.
They talked about Buddhist writings and
looked at photographs of sculpture. These inspired Saint-Gaudens to aim for a work that
would convey “philosophic calm” and a “ blissful existence” beyond this world.
no
BY JOHN WILMERDING
Mr. Wilmerding last wrote about this artist
in his introduction to John Dryfhout’s “The
Work of Augustus Saint-Gaudens” (1982).
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
Lettie Teague
singles out
winning wines
in Missouri
Dan Neil pays his
respects to a
most uncommon
roadster
D14
D15
EATING
|
DRINKING
|
STYLE
© 2017 Dow Jones & Company. All Rights Reserved.
|
FASHION
* * * *
|
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, December 2 - 3, 2017 | D1
THE OFF DUTY 50 GIFT GUIDE
Rare Finds
LISEL ASHLOCK
no
n-
co Fo
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ci on
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ly
.
No one desperately wants to unwrap sad,
ordinary socks. Or a ballpoint pen. This holiday,
we’ve hunted down 50 true unicorn presents—
from one-of-a-kind buys to handmade
originals, rich with idiosyncrasy
[ INSIDE ]
A BRAND
NEW-OLD
BAG
Hermès
reaches
back into its
design
archives
D2
PROUDLY WEIRD
Someone out there wants
to paper a wall with
peacock feathers, right?
D2
PIN
NUMBERS
A Noah’s
Ark of luxe
animal
brooches—
but only
a few
kangaroos
D11
GIVE THE
GIFT OF
ISOLATION
And make it
chilly. And
add dogs. A
Greenland
getaway for
a loved
one with
wanderlust
D3
D.I.Y. DELICACY
Don’t hand out unwanted
fruitcakes. Whip up this
coriander brittle instead
D5
UNBLAND
BUDS
Apple
AirPods
come in
white and...
white.
Unless you
customize
them (for a
friend)
D11
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D2 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
THE OFF DUTY 50: HOLIDAY GIFTS
1
1
Growth
Incentives
JEWELS
Make a picky horticulturist
happy with these Dutch
gardening tools from Sneeboer, available in only six
brick-and-mortar stores in
the U.S. Cockily guaranteed
for life, each implement is
hand-forged of stainless
steel (they’re really sharp),
finished with cherry or ash
handles and balanced so
wrists don’t get achy. Landscape rock stars such as
the Netherlands’ Piet Oudolf, who designed New
York’s High Line park, call
them the best tools in the
world. “It’s the craftsmanship,” he said. Garden Hand
Tools, from $29, sneeboerusa.com
—Cynthia Kling
2
3
2
3
Grade-A Eggs
FEATHERS THAT MOVE
EARRINGS. 18K YELLOW GOLD
WITH
D I A M O N D S . $9 , 5 0 0
998 MADISON AVENUE, NEW YORK, NY 10075
212 274 11 1 1
118 EAST DELAWARE PLACE, CHICAGO, IL 60611
312 944 5225
SIDNEYGARBER.COM
no
n-
E - C O N C I E R G E : 800 8 4 3 3 2 6 9
There are chefs who raise
their own honey, mill their
own flour, make their own
cheese—and now, harvest
their own caviar. Chef Matthew Accarrino of SPQR in
San Francisco handpicks,
cures and cans his ACCA
sturgeon caviar in partnership with Deborah Keane
of California Caviar Company. The nutty roe is
equal parts custardy and
firm, and deftly seasoned,
as one would expect from a
chef. $110 for 1 ounce, californiacaviar.com
—Gabriella Gershenson
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
Any Hermès handbag is already pretty rarefied, but
this one has a particularly
singular feature: a clasp
whose silvery enclosed-ina-circle H design was
drawn from deep within the
brand’s archives: It was inspired by a print on silky
shirtdresses in Hermès’
spring 1970 collection. The
purse—a new, small, elegant daybag known as the
2002—is itself a reissue of
a style from 1972. The ideal
recipient: A woman who
wants a design that’s less
showy than the bold-andboxy Kelly bag and more ladylike than the uber-cool
Birkin and who secretly
wishes she could travel
back in time, say to D.C.’s
Watergate Hotel in its highglam, early-’70s heyday.
$10,800, Hermès,
212-751-3181
co Fo
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ci on
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(540) 837-3088 or www.elizabethlockejewels.com
ly
.
AVAILABLE AT NEIMAN MARCUS
P R E C I O U S J E W E L S S A LO N S 8 0 0 - 9 3 7- 9 1 4 6
Throwback
Bag
4
The Walls
Have Eyes
Peacocks have always relied on colorful plumage to
impress special someones,
and now you can, too, albeit for a price that
reaches heights a flightless
bird never could. This wallpaper from Schumacher is
bedecked with dozens of
shimmering eye-spotted
peacock feathers—all naturally shed but not exactly
found in bulk. Giving a
loved one enough to cover
a feature wall would make
for an undeniably bold gifting move, once you’ve ensured your intended is receptive. Peacock Ore
Wallcovering, 38-inchby-10-foot panel, $18,000
made to order, fschumacher.com
—Tim Gavan
4
BARNEYS.COM
NE W YORK
CHICAGO
B E V E R LY H I L L S
BOSTON
LAS VEGAS
SAN FRANCISCO
PHILADELPHIA
S E AT T L E
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
SHARON KHAZZAM
#HA ASRULES
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D3
* * * *
THE OFF DUTY 50: HOLIDAY GIFTS
Two Can Play
At This Game
In the Cold War era, attaché
cases concealed spies’ secrets. This more frivolous valise—of which only 50 are
available—discreetly hides a
private videogame arcade for
two. Swedish designer Love
Hulten’s portable console is
handcrafted of American walnut, features old-school buttons and comes preloaded
with 100 classic games—including Contra, Gauntlet and
Street Fighter II. (You can
add up to 10,000 more.) Each
collectible unit can be customized with a mother-ofpearl inlay design. About
$3,000, lovehulten.com
6
MY FAVORITE ENTIRELY
COMMON THING
My cupboard is never
without multiple cans of
Goya black beans. I love
the combination of convenience and comfort—in
a soulful soup, or a side
dish to spoon over rice
customized with different
spices, even a touch of
grated dark chocolate.
Dog Days
tracks down unique objects to
star in her compositions. For
this 9-piece charm necklace, a
Victorian pearl button with
delicate turquoise inlay (one
of only 5 available) served as
the centerpiece. Her trove of
curiosities is admirably curious, but you can also supply
her with mementos to make a
customized gift. $830, grainnemorton.co.uk —L.I.
If Iceland seems too commonplace for the adventurer in
your life, consider still-rawas-can-be Greenland. Better
yet, book an overnight excursion to its mountainous
northern hinterlands in
March or April. Guests arrive
by sled, pulled by huskies,
near the town of Sisimiut,
and bed down in the cabin of
an amiable hunter named
Henning Frisk. Those who
wish to can join Mr. Frisk
hunting for grouse, snow hare
and musk ox—but bundle up.
Temperatures can drop to minus 25. From $790 per person
for a two-day tour; from
$1,190 for a two-day hunting
trip; greenland-guide.dk/sisimiut —Debbie Pappyn
8
Charm
Schooled
n-
There’s an allure to the antique buttons, earthy stones
and oceanic keepsakes on
Irish designer Grainne Morton’s jewelry. A collector of
wee treasures, Ms. Morton
9
Power Serve
Is it a sculpture or a serving
tray? One thing is sure: Even
the most elaborately outfitted
host won’t have anything remotely like it already stashed
in the sideboard. The threetier bronze base by Los Angeles sculptor Chuck Moffit
comes topped with a removable wooden board crafted by
the late master woodworker
Arthur Espenet—a dramatic
perch for a cheese plate during the holidays or some
other, duller month. Mr. Moffit explained that each casting
produces a unique form that
“kind of elevates the tray to a
trophy you can use.” Offering
Serving Tray, $1,850, Fair Design, 212-352-9615
—Eleanore Park
7
no
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (6,8,9); DAVID CHOW FOR THE WALL STREET JOURNAL (5); DAVID DE VLEESCHAUWER (7); LETTERING BY ANGELA SOUTHERN
Anya von
Bremzen Author of
’Paladares: Recipes
From the Private
Restaurants,
Home Kitchens
and Streets of
Cuba’ (Harry
N. Abrams)
7
co Fo
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In the icy waters of the Arctic lives the narwhal, a mysterious creature both mythic
and entirely real. First
dubbed a “sea unicorn” by
medieval travelers, the behemoth with a spiral tusk is no
ordinary swimmer. Enchanted by the narwhal’s
whimsical form, Tamar
Mogendorff captured it in
soft hanging sculptures of
silky linen—a stuffed animal
for the little one who’s totally over teddy bears. $320,
modaoperandi.com
—Lauren Ingram
ly
.
To the Point
8
9
6
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D4 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
THE OFF DUTY 50: HOLIDAY GIFTS
10
A Fine
Speckle
Jeans are jeans are jeans, except at A.P.C., the Parisian
label helmed by Jean
Touitou, where they’re occasionally something akin to a
Jackson Pollock canvas. The
talented Mr. Touitou and his
design team personally
splash, drip and spray pairs
of the brand’s raw denim
Butler jeans with acrylic
paints—the drippier, the better. What began as a splashy
way to mark A.P.C.’s 30th anniversary has become a coveted item—put it on your
wish list or snag one for a
gift—as Mr. Touitou will only
make a few each year. $370,
A.P.C., 212-966-9685
—Jacob Gallagher
11
A Brit Too Far
Tristan da Cunha, a green
speck in the South Atlantic,
is sure to impress even jaded
globe-trotters. The British
territory is said to be Earth’s
most remote inhabited place,
nearly a week away by sea
from either Africa or South
America. To stay a spell,
you’ll need to charter a
yacht for you and your lucky
travel buddy, or hitch a ride
aboard a cargo ship, then ask
permission from island officials to stay in a guesthouse
(tristandc.com). Easier: Drop
in for a late-January day trip
via a shore excursion from
luxury liner Seabourn’s Rio
to Cape Town voyage (seabourn.com).
—Matthew Kronsberg
co Fo
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ly
.
Once this Geode Puzzle is unwrapped, your giftee can grab
some cocoa and cozy up with
it for some divertingly vexing
fun. Formulated from unique,
computer-generated algorithms using laser printing,
its 180 intricate birch-plywood pieces form an 8.5-inch
image of a dazzling geode
slice. New versions, from
mint green to magenta and
pink, are released each week.
With almost no straight
edges and some pieces enveloped by others, it may take
more than a holiday afternoon to complete. $60, n-e-rv-o-u-s.com —Priya Krishna
14
Really Rare Books
15 imaginary volumes
that would be ideal for
uncommon readers
12
Never a Pedal
Moment
11
• In Cold Type-O Blood
• The Prime Numbers of
Miss Jean Brodie
Two things city dwellers desire: a low-effort commute
and a bit more space to
themselves. Tern’s Vektron
S10—one of the world’s most
compact electric bikes—is an
expeditious way to give them
both. Its German-engineered
Bosch drivetrain sends riders
more than 60 miles on a single charge, and the bike can
be folded in about 10 seconds to fit under a desk. If
the weather turns malevolent, its lightweight frame is
semi-painlessly carried home
on the subway. $3,400,
store.ternbicycles.com
12
• Goodnight, Eclipse
• A Room With an
Unobstructed Ocean View
• Atlas Shrugged While
Juggling
• I Know Why the Caged Bird
Harmonizes With Beyoncé
• One Flew First-Class Over
the Cuckoo’s Nest
• Alfa Romeo Veloce Duetto
Spider 1750 and Juliet
• The Old Pope and the Sea
• Uppermiddlemarch
• The Great Gatsby
Septuplets
• Bleak Mies van der
Rohe House
13
Whiff of
Genius
• Little Triple-Jointed Women
• Tinker, Tailor, Soldier, Spy,
Mensa Member
In this bottle no bigger than
a wine cork, the self-professed “perfume nerds” at
14
n-
13
• The Scarlet Certified Letter
—Dale Hrabi
no
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (10, 11, 13); BERNARD PRONOST (14); LETTERING BY ANGELA SOUTHERN (NUMBER ‘10’); BOOK ILLUSTRATION BY PETE GAMLEN
Golly Geode
Régime des Fleurs have mixed
more than a hundred ingredients into Floralia, an unusually authentic floral scent. Instead of using the synthetic
ingredients found in most fragrances, it features smallbatch extracts of iris, tuberose, gardenia absolute and
fleeting cherry essence. The
Roman goddess Flora would
approve. $515, regimedesfleurs.com —Lauren Ingram
Words to
the Wise
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18
27
C
O
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29
S
40
R
S W O
33
S
37
48
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32
36
Boost your brainpower. Get the mental workout
you need to stay sharp with the Journal’s addictive
daily crossword.
R
31
D
34
38
J
41
43
11
22
24
30
10
19
21
26
27 Across, 29 Down
9
16
20
47
8
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Activity that gives you
the best mental workout.
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Play now: wsj.com/puzzles
© 2017 Dow Jones & Co. Inc. All rights reserved. 6DJ5420
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D5
* * * *
THE OFF DUTY 50: HOLIDAY GIFTS
16
15
15
17
20
Get an Edge
Spare Ribs
19
man-style cut and a creamy
hue. $1,790, bergdorfgoodman.com —Rebecca Malinsky
18
17
Most drinking vessels are like
lackluster first dates: boring
to look at with little to say.
Far more engaging are these
flame-worked 10-ounce
prosecco glasses from Malfatti (Italian for “misshapen”).
“People respond to their gestural quality,” said co-founder
Jill Reynolds. Their irregular,
billowing lines (no two are
alike) resemble the flames
that reshape the borosilicate
tubes from which they’re
forged. Use a pair to toast unexpected conversations and
relationships between quirky
individuals. $72 per pair, malfattiglass.com —Tim Gavin
Crunchtime
A homemade gift always
stands out, and no one will
guess how easy it is to make
this anything-but-trite spice
brittle from chef Justin Severino. (He calls it “a savory
cook’s bastardization of a
sweet.”) Just toast 1 tablespoon coriander or fennel
seeds in a dry skillet or
sauce pan until fragrant.
Add 1/2 cup sugar and melt to
a deep golden caramel.
Spread onto a parchmentlined baking sheet and
sprinkle with flaky sea salt.
Let cool completely, then
break into small shards. Mr.
Severino serves it with the
award-winning charcuterie
at his restaurant Cure, in
Pittsburgh. This zippy brittle makes a festive addition
to a cheese plate, too.
n-
Practical people like practical
presents, but here’s one way
to satisfy a no-nonsense type
in a subtly radical way: Give
her a wear-with-everything
top that has horizontal ribbing. If you’d seen as many
vertically ribbed sweaters as
we have, you’d appreciate
how rare this heretical, soft
wool knit from The Row is.
The ribs are flat, fine-gauge
ones, which means they retain
their shape as they skim the
body’s curves. Adding to this
top’s simple luxury: A dol-
bow when you can gift
someone sundry sports
cars? Porsche’s exclusive
new auto club lets members
use a smartphone app to set
themselves up with a Cayman, Boxster, Macan or Cayenne model and swap one
vehicle for another at anytime for any reason. Need a
roomy SUV for a road trip?
Just want the same coupe in
green? Done and done. Upgrade to the “Accelerate”
package for 911s and Panameras. Insurance and maintenance are included. From
$2,000/month, porschepassport.com
Knife maker Galen Garretson
of Town Cutler works with
customers in the same way a
coach might examine a runner’s form to recommend the
right shoe. Once he’s made
his assessment, he handforges the knife, customizing
the weight and flexibility to
fit the individual cook’s
needs. From the type of steel
and bevel of the blade to the
variety of foraged petrified
wood used to make the handle, each of Mr. Garretson’s
knives is unique, just like the
hand that will wield it. From
$340, towncutler.com
—Eleanore Park
co Fo
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16
no
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (15, 16, 18, 20); DAVID CHOW FOR THE WALL STREET JOURNAL (17)
Surprise your baseball-mad
dad with a new mitt that’s
good enough for the pros but
made just for him. Every
inch and element of this
Rawlings glove can be tailored, from the position style
to the leather, shell, strap,
webbing, color, lacing, embroidery and more. Once
you’ve updated the look and
feel of Dad’s old mitt, get
one for yourself so he can
hear the snap of his fastball
again and enjoy the chance
to humble you. From $230,
customgloves.rawlings.com
Clear Winner
19
Porsches
Galore
Why top one Lexus with a
cartoonishly enormous red
18
ly
.
No Ordinary
Glove
20
MY FAVORITE ENTIRELY
COMMON THING
“Lego. I want the Lego
Star Wars Millennium
Falcon first and foremost.
Unfortunately, I don’t
know if I’ll have the
shelf space for it once
I’m finished.”
Hideo Kojima
Designer of
the influential
‘Metal Gear’
videogame
series
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D6 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
THE OFF DUTY 50: HOLIDAY GIFTS
22
Wax Poetic
Flight Club
“Birds lend themselves to
design beautifully,” ceramicist Jerome Ackerman
said of the lovebird candleholders he designed in 1953.
He and Evelyn Ackerman
(1924-2012), his partner in
work and life, pioneered
post-WWII California crafts
with ceramics branded Jenev (an amalgam of their
first names), which have become prized among collectors. Design Within Reach
recently reissued six Jenev
classics. But the indefatigable Mr. Ackerman himself,
now 97, hand-cast these
black satin-glazed porcelain
candleholders in an extremely limited edition of
only three pairs for the holidays. Jenev Bird Candleholders, $250 per pair, ackermanmodern.com
—David A. Keeps
Thierry Teyssier, the genie
behind a desert palace-hotel
in Morocco, is now trying to
bottle travel’s ephemeral nature. His 700,000 Hours, a
members-only pop-up-hotel
experience (more substantial
than our artist’s conception),
will move every six months to
destinations as diverse as
Japan and Jamaica. The project launches next September
in the Italian wine-growing region of Salento, taking over a
historic palazzo. For about
$1,700 a night for two, guests
get all meals (by Institute Paul
Bocuse-certified chefs), vineyard tours, cooking and art
lessons, and fishing trips. To
join the club, spring for an entrance fee starting at $2,900
per person. 700000heures.com
—Susan Hack
23
Spirit Guide
24
23
coste and the Parisian art collective M/M (Paris), collectible? Peer closely at the
limited-edition logo, a cheeky
typographic stand-in for
the iconic croc—the L in Lacoste represents the beast’s
tail; the E, its open maw.
“It looks like an optical illusion,” said Lacoste creative
director Felipe Oliveira Baptista about the whimsical
logo. Result: A new, idiosyncratic unisex classic that your
recipient can use to unnerve
more conventional preppies.
$145, lacoste.com
—Kiana Cornish
25
Krilling It!
Whether the outdoors person
on your list wants to fish for
trout or compliments, this
Richard Wheatley tackle box
should reliably lure him or
her in. The 10 limited-edition
boxes of black anodized aluminum feature 96 flies handtied by the Dette Fly Shop in
Roscoe, N.Y., for these sets. In
case your giftee battles selfdoubt, the lid is engraved
with the phrase “Be Optimistic.” $598, bestmadeco.com
no
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Naturally, we wanted to include a rare whiskey in our
guide to anti-generic gifts.
And we settled on this one, as
wild as it is smooth, that
must be tasted to be believed—if you can find a bottle. Straight out of Alameda,
Calif., St. George Single Malt
Whiskey is a category
changer. This year, the distillery’s 35th, a mere 771 bottles
made their way into the
world. The blend includes
whiskeys aged 6-18 years, fin-
MY FAVORITE ENTIRELY
COMMON THING
“I collect brass candlesticks
and Brasso Metal Polish
makes darkened brass
look super shiny again.
The smell always reminds
me of the holidays: My
grandparents introduced
Brasso to us kids to keep
us occupied.”
Jonathan
Anderson
Creative director
and founder
of J.W.
Anderson and
creative
director
of Loewe
ished in barrels formerly used
for everything from bourbon
to dessert wines. $500, specialty spirit retailers
—Eleanore Park
24
Later, Gator
In 1933, the world was introduced to a polo shirt by René
Lacoste with a cute reptilian
logo on it. Not much has
changed about “the Crocodile”—as the ubiquitous shirt
and the French tennis star are
both known—until this year.
What makes this version, a
collaboration between La-
CRAFTED
BY
MASTER
KNIFE
MAKERS
SINCE
1814.
25
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award-winning Forbes Five-Star Eau Spa at the intimate,
oceanfront retreat of Eau Palm Beach.
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F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (23, 24, 25); DAVID CHOW FOR THE WALL STREET JOURNAL (21); ILLUSTRATION BY SAM PIERPOINT
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D7
NY
* * * *
THE OFF DUTY 50: HOLIDAY GIFTS
27
We could name numerous
sought-after, tiny-production,
superstar Cabernets from California’s Napa Valley. But the
2014 MacDonald Oakville
Cabernet Sauvignon is produced in truly minute quantities. The MacDonald family
sources grapes for this sumptuously styled wine from
their parcel of the famed To
Kalon vineyard. A mere 345
cases were produced. And
there’s a waiting list of 3,000
just to get on the MacDonald
Vineyards mailing list—the
prerequisite for buying direct
from the winery. $165 a bottle
for mailing list members
(and far more on the resale
market), macdonaldvineyards.com
—Lettie Teague
27
Primordial
Pillow
“When I first laid eyes and
hands on this technique I was
which provides superb heat
retention. Use this pot for everything from steaming to
stir-frying; you can set it directly on the heating element, and it’s handsome
enough to go from stove to
table. The deep lid even doubles as a serving bowl. $130,
toirokitchen.com
—E.P.
28
Hot Item
Your brother-in-law, the avid
cook, doesn’t need another
skillet. How about a cooking
vessel that will really raise
his temperature? The Fukkura-san by Toiro Kitchen is
a cross between a Moroccan
tagine and a donabe, the Japanese all-purpose ceramic
pot. Each one is handmade, a
two-week process, with clay
from Japan’s Iga region,
29
To Dine For
Increasingly rare? Dinner
parties. “One of the main
reasons to throw [one] is to
make a typical week atypical,” write Rico Gagliano and
Brendan Francis Newnam In
their new book “Brunch is
Hell.” The authors—familiar
to fans of the podcast and
public radio show the Dinner
Party Download—further assert that by following their
advice (and eschewing that
tedious non-meal, brunch),
you can save the world. This
hosting handbook offers advice on everything from how
to stock a bar and prepare an
irreproachable peperonata to
rules of engagement for the
main course: conversation.
“It’s kind of like a U.N. summit,” they maintain, “if the
agenda included both Middle
East crisis management and
the social value of superhero
movies. And if a couple of
diplomats made out in the
bathroom.” $25, Little, Brown
and Company
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (27, 28, 29, 30); DAVID CHOW FOR THE WALL STREET JOURNAL (26)
no
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.
Hail the Cab
instantly reminded of
parched desert formations
and prehistoric fossil patterns,” said Annie Selke of
the hand-pleated, -stitched
and -appliquéd rosettes she
incorporated into this pillow
design. Once embellished, the
textile is dyed and acidwashed to create a distinctive paleolithic appearance.
Give the surprisingly touchable 35-inch cushion to your
friend who gripes that craftsmanship has gone the way of
the dinosaurs. Pilani Natural
Decorative Pillow, $230, annieselke.com
—Tim Gavan
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Coolest Beans
To get to the region of Zamora, near the Amazon rain
forest in Ecuador, you must
take a plane, a car and a
boat. For bean-to-bar chocolate maker Shawn Askinosie,
it’s worth it. People have harvested cacao in this place for
thousands of years, and it’s
the source of the beans for
Askinosie’s latest bar, the
72% single-origin Zamora
Amazonia. The flavor is deep
and dark, with a haunting
hint of black cherry. $9,
askinosie.com
—G.G.
28
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D8 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
THE OFF DUTY 50: HOLIDAY GIFTS
Who said both shoes in a pair
must look exactly alike?
These strappy sandals from
Calvin Klein 205W39NYC
sparkle asymmetrically in a
way the nonconformist on
your list might find kindred.
One strip of crystals emboldens an ankle strap while another glittery row traces a toe
strap. The detailing is impressive: Some 266 shiny stones
are hand-set on python or
suede, in black (shown), white
or burgundy; 4-inch spike
heels let her rise above the
more routinely shod. $1,495,
calvinklein.com
32
A Surfboard
For Sloths
Dasher, Not
Dancer
In 1786, a Danish ship crashed
off the southern coast of
England. On board were
stacks of oil-cured Russian
reindeer leather, a rarity beloved for its cross-grained
texture and deep chestnut
hue. Over a century later, divers discovered the submerged
18th-century brigantine and
its surprisingly well-preserved leather cargo, which
today has been put to good
use in card cases and wallets
by the venerable British shoemaker and accessories company George Cleverly. Each
item is stamped “1786” as a
reminder of its storied past.
Wallet, $500, and Card Case,
$395, georgecleverley.com
—Jacob Gallagher
no
Any thrillseeker chasing that
next adrenaline rush would
love to find a new surfboard
jammed under the tree. And
this one doesn’t even need a
great swell to deliver: The
Mako Slingshot comes
equipped with a 100cc twostroke engine that can propel
riders across waveless water
at up to 34 mph and can be
steered simply with one handle. Each one-of-a-kind board
is custom-made with highgrade carbon fiber. From
$9,800, makoboardsports.com
34
33
Pot Luck
Escargots—bite-size, delectable and very old-schoolFrench, not to mention
33
35
Speaking of
Reindeer
They may not be from the
North Pole (or Russia—see No.
34), but these 12-inch reindeer
can haul plenty of holiday
spirit. The women of Mexico’s
San Juan Chamula use scraps
of wool leftover
from making pillows
and bags to handstitch together “animalitos.” The remote
mountain village is known
for raising sheep for textiles,
and for the furry wool skirts
and pants the indigenous people wear. Collectivo, a group
of Portland women, imports
the fuzzy figurines. $42, ourcollectivo.com
—Abbey Crain
MY FAVORITE ENTIRELY
COMMON THING
Without duct tape or
“scrim-backed pressuresensitive tape” (its official
name), life in space would
be chaos! This distant
cousin to Velcro (also an
accomplished space traveler) keeps tools from
wandering off and holds
our food to our “table”
while we’re eating.
Scott Kelly
Retired astronaut
and author of
’Endurance:
A Year In
Space, a
Lifetime of
Discovery’
(Knopf)
34
35
Extremely Rare
Collectibles
Imagine how valuable these
artifacts would be—if they
actually existed
• Charles Schultz’s
preliminary sketches for
his rejected comic strip
“Almonds”
• Rubik’s Monochromatic
Cube
• Journal belonging to
Jane Austen in which
she collected her favorite
knock-knock jokes
• Napoleon’s stilts
• A set of windup chattering teeth belonging to
Edvard Munch
• Lilly Pulitzer blazer in
a green-parrot-print
fabric once owned by
Johnny Cash
• Mahatma Gandhi’s
sledgehammer collection
• Wood carving of an
uppercase “E” belonging to
e. e. cummings —Dale Hrabi
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (31, 33, 34, 35); MAKO (32); CUBE ILLUSTRATION PETE GAMLEN; LETTERING BY ANGELA SOUTHERN
Unevening
Shoes
highly sustainable—should
be nowhere near as scarce as
they are on today’s tables.
Encourage their revival with
these uniquely adorable vintage stoneware escargot pots
from France. Each one fits a
single snail, along with the
requisite garlic and butter.
The set of 12 comes packed
in a gift box along with a
recipe card for the escargot
initiate. $55, lavierustic.com
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D9
* * * *
THE OFF DUTY 50: HOLIDAY GIFTS
36
36
like the guy who gets it. $125,
post-imperial.com
—J.G.
Novel Knot
Niyi Okuboyejo never makes
the same tie twice. The Nigerian native, who founded
menswear brand Post Imperial, works with artisans in
his homeland who hand-dye
cotton using adire, an ancient
Yoruba dyeing technique. The
result: a cross between Japanese indigo printing and hippie tie-dye. Even the “best
mistakes” (which occur when
the dye goes rogue) look
striking, said Mr. Okuboyejo.
Each tie is an original, just
37
Singular Sip
Ideal for mixologists who
think they have everything:
Mugolio syrup from Primitivizia, a rich concoction that is
crafted from baby pine cones
foraged in the Dolomite Alps.
Barkeeps Jeila Farzaneh and
Nathan Venard of Diamond
Lil in Brooklyn use it for an
evergreen take on the Bramble. In a shaker of ice, they
combine 2 ounces gin, ¾
no
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F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (36, 37, 38 39); ART GRAY (40)
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38
Sole Owner
Italian shoemaker Santoni
customizes dress shoes much
the way Nike ID does sneakers, by letting you specify
the hues of various parts. Get
together with the suave guy
in your life and order a pair
of Santoni’s double-monk
straps, urging him to get creative with color (how about
an emerald toe cap?) or smiling supportively if he stubbornly favors a safer approach (brown is always
nice). You can add his initials
on the insole, so your artist
gets to sign his work. $1,050,
santonishoes.com— J.G.
39
New Plant on
The Block
39
40
ounce lemon juice, ½ ounce
Suze liqueur and ½ ounce
pinecone-bud syrup, then
shake vigorously and strain
into a rocks glass of crushed
ice. They top the drink with
a drizzle of the syrup and
festively garnish it with
fresh red currants and a
sprig of sage. The syrup
makes a worthy mate for
cheese and ice cream, too.
$30, murrayscheese.com.
—G.G.
For indoor-greenery buffs,
how about this new South
African import with a distinctive personality? The
chive-like leaves of Albuca
spiralis (aka Frizzle Sizzle)
look as though their tips
have been wrapped around
hot curlers. In late-spring,
yellow and white star-shaped
blooms appear and smell
subtly of vanilla. “I love to
find unusual plants,” Palm
Beach landscape architect
Keith Williams said. “This
one looks like it was drawn
by Dr. Seuss.” $17, logees.com
—Cynthia Kling
40
Bark-itecture
Think outside the routine
chew-toy stocking stuffer for
your puppy. A circa-1960 cement doghouse by Swiss de-
38
signer Willy Guhl, one of a
handful made, will appeal to
a medium-size mutt’s desire
to escape both you and the
elements. Plus, its mix of ontrend brutalism and skatepark curves is sure to make
your guy feel like the Lord
of Dogtown. $4,500, Inner
Gardens, 310-838-8378
—Tim Gavan
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D10 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (41, 42, 43, 44); JIMENA CARRANZA (45); PETE GAMLEN (CENTAUR); LETTERING BY ANGELA SOUTHERN
THE OFF DUTY 50: HOLIDAY GIFTS
41
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44
42
Puff Piece
pom-trimmed straw hats the
local Berber women create,
are sold—along with other
small-batch Moroccan housewares—by Anajam Home,
which stocks just 20 at any
given time in its showroom
in Fez or the city’s Palais
Amani hotel. Not heading to
Morocco anytime soon? Gift
an IOU and preorder (with
six to eight weeks for delivery). Pete Pom Pom Blanket,
from about $220, anajamhome.com
son’s versions are cut
from 1940s-to-’60sera quilt tops.
Turns out, the
tops were made
from—surprise!—shirts.
“Back then, it was a way of
recycling,” said Ms. Bode,
who continues that madewith-love tradition in reverse.
$445, bodenewyork.com
—Jacob Gallagher
43
Quilty As
Charged
All shirts make a journey—
from cotton field to factory to
store—but Emily Bode’s
patch-worked button-ups
chart an especially winding
path. For her idiosyncratic
shirts, the New York designer
searches the globe for intriguing textiles, and this sea-
44
running shoe—with an innovative carbon-infused nylon
foot plate to guarantee speedier times—vaporized from
stores upon release. Ask a
millennial to help you search
sneaker sites (if you’re willing
to spend big) or check Nike’s
website for info about when
new shipments will drop.
Track down a pair for the
runner in your life and you
can triumphantly flop in an
easy chair. $250, nike.com
Running Out
45
Many of the fleetest of foot
were not quick enough to
grab Nike’s infamously scarce
Vaporfly 4%. The ultralight
Tour de Force
Souvenir seekers in Mexico
City tend to trawl the food
markets and art bazaars. But
if you want to plan a unique
outing for a shrewder
shopaholic, arrange a private “Emerging Design
Scene” tour through Journey Mexico. Highlights include otherwise off-limits
ateliers of elite fashion designers like Carla Fernandez
(pictured) and those of rising artisans like jeweler Jennifer Musi, whose handforged silver rings and
pendants are one-of-a-kind.
Try to nab Alexandra
Peeters, from the University
Museum for Contemporary
Art, as your guide. Full-day
tour, $918 for two people,
journeymexico.com
45
no
More commonly associated
with cheer squads and bunny
slopes, the pompom takes on
a refined mien in these coveted souvenir blankets, handwoven by a family in northern Morocco. The blankets, a
restrained riff on the pom-
43
n-
What if you could give the
gift of summer, bottled?
That’s what the masters at
Huilerie Beaujolaise, a French
maker of oils and vinegars,
manage with this uncanny
sweet-sour strawberry vinegar. Unlike pedestrian
vinegars merely infused
with a flavoring, this one
begins with a base of
strawberry juice, which
gains bright acidity as
it ferments, while its
berry flavor intensifies. Use it as a dressing, or stir it into
seltzer with a splash
of simple syrup for
a cocktail with no
alcohol but lots of
kick. $45, cookingdistrict.com
—Gabriella Gershenson
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Brightness
Calls
Make our holiday
MY FAVORITE ENTIRELY
COMMON THING
“Nails. With three stores
and an apartment, I’m always moving things
around—artwork, mirrors—
always hammering. And
twice a year we exhibit at
the Javits Center gift show,
where we use a billion nails.
At home, I have a bunch in
different sizes in a silver
dish. In a year, I probably
use 450 nails.”
traditions your own.
John Derian
Home-décor
maker and
purveyor
HOLIDAYS AT THE BROADMOOR
Extraordinarily Rare Blends
Infographic proof that rareness is only found in the merest slivers of the population
Attentiongetting Scots
Stubborn
recluses
The Loch Ness Monster
Happy
campers
Melancholy
babies
The Mona Lisa
Creatures
who develop
5 o’clock
shadows
Hoofed
creatures
Centaurs
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D11
* * * *
THE OFF DUTY 50: HOLIDAY GIFTS
47
Though the animals typically
travel two by two in the new
Noah’s Ark-inspired collection of clips from Van Cleef
& Arpels, you get three kangaroos in this bouncy set.
Notice the baby roo poking
out of the pouch of his gemencrusted mother; like her
mate, she’s set in 18k yellow
gold and crafted from diamonds, yellow sapphires,
spessartite garnets and cabochon-cut black spinels. Act
fast (each piece is one-of-akind) or you may end up
with sparkly giraffes or
mere bejeweled monkeys.
Brooch Set, $260,000, Van
Cleef & Arpels, 877-826-2533
—Marshall Heyman
47
Sleep Like
A Raja
48
High Seafood
For a fishy gift of hospitality, serve up seafood as they
do in Spain and Portugal:
straight from the can. La
Brújula of Galicia, Spain, and
Portugal’s José Gourmet offer premium-quality, locally
caught fish in tins, ready to
eat and far more rarefied
than Chicken of the Sea. La
Brújula’s buttery ventresca
(what’s known as toro at the
sushi bar) or José’s mackerel
in olive oil will instantly elevate a Triscuit. La Brújula’s
razor clams make ordinary
garlicky linguine a dinnerparty dish. And the tins are
certainly pretty enough to
stuff stockings with. From
$8, wixtermarket.com —G.G.
no
Is there someone on your
list with royal taste? Consider gifting him or her a
stay at an Indian palace hotel. But don’t settle for just
any opulent pile, overstuffed
with dusty tapestries and
antiques. The 18th-century
Suján Rajmahal in Jaipur, an
erstwhile Maharajah residence, reopened its
doors in 2015
49
Unbeatable
Beetle
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Hop To It
after a playful reboot. Each
of the 14 suites, awash in
fuchsia, violet and royal
blue, as well as countless
wallpaper prints, looks distinct. And many are named
for former pedigreed guests,
including Jackie O. and
Queen Elizabeth. How’s that
for royal cred? From $930 a
night, sujanluxury.com/
raj-mahal —Sarah Khan
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Measuring 3 feet bumper-tobumper, this handmade
1960s wicker Volkswagen
Beetle, one of only a few
made, will make a classy addition to any kid’s room or
rev engines among the gearhead set as a living-room objet. And while your recipient
won’t get pulled over for trying to drive this bug after
that third eggnog, don’t
blame us if the rattan can’t
support his or her winter
weight. Vintage Oversize
Wicker VW Beetle Car, $980,
chairish.com —Tim Gavan
50
Special Buds
Apple’s wireless AirPods
(compatible with iPhone 5
and up, including the new X)
are very in the air. Make a
standard gift standout by creating a unique pair for your
gadget-geek cousin. Each bud
can be custom-painted one of
58 colors in glossy and matte
finishes. Add a custom charging case to cement your status as this season’s favorite relative. From
$299, colorware.com
48
EVERYONE
WANTS SOMETHING
MORE
{ meaningful }
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (46, 48, 50) SUJÁN (47)
49
THE CANYON RANCH GIFT CARD –
one size thrills all.
TUCSON, ARIZONA
LENOX, MASSACHUSETTS
866.284.4846 | canyonranch.com
50
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D12 | Saturday/Sunday, December 2 - 3, 2017
* ***
THE WALL STREET JOURNAL.
Special Advertising Feature
ADVENTURE
AWAITS
an action-packed getaway while also reaping
The Santa Catalina Mountains, bordering the eastern edge of the city, boast
Mount Lemmon, the range’s highest
peak with an elevation of approximately
9,200 feet. Here, you’ll discover the cozy
community of Summerhaven, equipped
with log houses, cabins, a general store
and hiking trails. With a temperature typically 30 to 35 degrees cooler than what
you’ll find at the base, the winter season
is ripe for skiing and snowboarding.
The beauty of the land is so awe-inspiring that a free app was developed
to help educate interested hikers on the
area they’ve set out to explore.
“It’s an hours’ worth of background
in terms of how the mountain ranges
in Tucson were formed,” says Brent
DeRaad, President and CEO of Visit
Tucson. “There are seven different life
zones you go through from the ground
all the way up to the top. It’s perfect for
people wanting to listen to the history as
they go from the floor of the desert all the
way up to the top of the mountain.”
Although the Catalinas may be considered the city’s most popular mountain
Continued on next page
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ucson is a hidden gem for those looking to enjoy
ly
.
Visitors to Tucson can expect the unexpected from a city of natural wonders
the rewards of stunning southwestern vistas.
The Arizona city, well-known for world-class golf cours-
es, has mountain ranges surrounding its metro area that
provide a natural playground for visitors of all ages and
physical skill levels.
no
n-
The Wall Street Journal news organization was not involved in the creation of this content.
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D13
* * * *
Special Advertising Feature
dsert
DELICACIES
And much like the rest of the country, Tucson
is heavily embracing the food truck revolution.
“Just about every vacant lot in town has a food
truck in it on weekends, serving everything from
Tucson’s famous Sonoran hot dogs and tandoori chicken, to pho and Texas barbecue,” says
Pima County Administrator Chuck Huckelberry.
“Many of the most successful trucks have opened
brick-and-mortar restaurants to great acclaim.”
On the subject of casual dining, visitors
to Tucson would be remiss if they didn’t try
the city’s local delicacy — the aforementioned
Sonoran Hot Dog.
“Everything — from the bun to all of the different condiments that go on these bacon-wrapped
hot dogs — is unique,” says Brent DeRaad,
President and CEO of Visit Tucson. “No one
wants to know how many calories are in them,
but they’re incredibly tasty.”
With all of this talk of food, one is bound to
feel parched, and the area has thirsty visitors
covered locally as well.
“One thing that surprises people is that in
southern Arizona we actually have a wine country that’s been very popular,” DeRaad says. “It’s
in a very small community near the Mexican
border called Sonoita.”
Here you’ll find a bevy of wine producers, releasing a wide array of varietals from refreshing
Grenache Rosé to crisp Sauvignon Blanc.
Spirits are also covered with Tucson’s own
local whiskey, an award-winning beverage with
a distinctly southwestern taste.
With outstanding locally sourced food and
drink, perhaps Huckelberry sums it up best:
“Tucson has truly entered a gastronomic golden age.”
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Over the past decade, the Southwest metropolitan gem has experienced a culinary revitalization of sorts, with the rise of Downtown
Tucson as a highly desirable dining destination.
So much so that in December 2015, Tucson was
the first location in America to be designated by
the United Nations Educational, Scientific and
Cultural Organization (UNESCO) as a “Creative
City of Gastronomy.”
The honor was awarded, in large part, for
Tucson’s rich agricultural history, not to mention its inspired food culture and innovative uses
of locally grown fare. The city proudly boasts an
impressive number of locally owned eateries.
The UNESCO distinction isn’t the only aspect
of the area’s culinary scene that sets it apart.
While many cities find their restaurant turnover
steady, with patrons always looking for the next
big thing, Tucson appears to have found a way to
celebrate both the old and the new.
“For some time, there were restaurants that
stood alone, and now whole breeds of restaurant scenes have grown up around them in
the last five to 10 years,” says Carson Mehl, a
Tucson native and Vice President of Cottonwood Properties. “The old-school restaurants
have bred new groups of restaurants and created neat little scenes.”
Tucsonans have welcomed newcomers from
hip pizza joints to Mexican fine-dining restaurants to balance the area’s myriad of familyowned establishments. The area’s local hotels
have also embraced the culinary movement,
with Tucson’s Canyon Ranch serving a menu
of organic and unprocessed food and The RitzCarlton, Dove Mountain offering some of the region’s freshest sushi.
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ucson may be well-known for its stunning desert sunsets, but foodies should take note: the city’s restaurant scene is as colorful and
tantalizing as its breathtaking physical landscape.
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PHIL MOTTA
Sweeping desert views abound at The Residences at The Ritz-Carlton, Dove Mountain.
Continued from previous page
range, locals love the Tortolita Mountains, which means “little turtle dove”
in Spanish.
“What’s cool about hiking in the
Tortolitas is the miles of really neat trails
for every different type of hiker — from
something casual to something strenuous,” says Carson Mehl,
a Tucson native and Vice
President of Cottonwood
Properties. “The best
part about hiking in the
Tortolitas is that you can
bring your dog. That’s
unique as far as hikes
go versus the rest of the
mountains you can hike
in Tucson. There are
amazing boulders, mountains and 360-degree
panoramas.”
If breathtaking views
are your thing, but hiking is not, Tucson
has you covered. The city’s hot air balloon scene is unlike anything you’ll find
elsewhere.
“You can go on these hot air balloon
flights, get a really cool view of the desert and cover a lot of ground,” Mehl says.
“You’re not so high that you can’t see
what’s underneath you.”
Visitors can pair aerial views with
heart-pounding action at one of Tucson’s
zip-line attractions. This unforgettable
experience allows thrill seekers to see the
Sonoran desert scenery and wildlife from
an outrageously different perspective.
Of course, for those who prefer to
keep their feet planted firmly on the
ground, there’s the Arizona-Sonora
Desert Museum.
“It’s a combination of museum and
zoo,” DeRaad says. “You’re going to find
a wide collection of desert
animals there, but also,
in terms of desert plants,
pretty much everything
imaginable. We always
highly encourage people
to check that out, especially if they’re interested in
the Southwest.”
Tucson is also home to
one of the longest urban
multiuse paths in the U.S.,
perfect for runners, pedestrians and cyclists who
want to safely see the city.
“The Loop is 131 miles long, built
atop the soil-cement banks of the valley’s major rivers and streams,” explains
Pima County Administrator Chuck
Huckelberry. “Most of the path dips under roads and highways so you can ride,
run or walk the entire 131 miles — and
cross major streets fewer than five times.”
With so many options for both the adventurous and inquisitive, Tucson will
change your preconceived notions about
the desert. This city, for one, is hardly barren of anything, least of all excitement.
“You can go on
these hot air
balloon flights,
get a really
cool view of the
desert and cover a
lot of ground.”
Golf in Tucson means a break from the average links.
Challenge your game on daring desert layouts or
hit it long on fairways that host the champions.
Whatever your style, Tucson has it in the bag.
Find Your Course at VisitTucson.org/Golf
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D14 | Saturday/Sunday, December 2 - 3, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
ON WINE LETTIE TEAGUE
Midwestern Wines: Ready for Prime Time?
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mind,’ ” said Mr. Frost with a laugh.
If a majority of judges on a panel
rated a wine a gold, it was awarded
a gold medal. The wines each panel
unanimously rated a gold qualified
as double gold, and these would be
re-tasted the following day by the
entire group of judges to determine
if they deserved a Jefferson Cup.
Mr. Frost also provided background and descriptions of the various hybrid grapes we would be tasting, especially as many of the judges
were unfamiliar with how Chambourcin should taste or what a good
example of a Marquette might be.
Furthermore, as Mr. Frost pointed
out, some of the grapes under consideration have only been in existence “for seven or eight years.” I
was particularly looking forward to
this part of the competition, since I
had so little experience tasting good
wines made from hybrid grapes,
which are so important to winemakers in the Midwest.
We tasted only red wines in the
morning and white in the afternoon,
in part because whites are easier to
taste later in the day, when one’s
palate is more fatigued. My fellow
panelist Mr. Belding, who has been a
Jefferson Cup judge for the past 18
years, offered a further reason: “Because Doug likes it that way.”
We delivered our verdicts aloud,
going around the table, pronouncing
a wine “gold,” “silver,” “bronze” or
“none.” As we voiced our opinions,
Ms. Heuser’s was consistently the
most positive voice. Even if she
didn’t like a wine, she imagined
someone else would, and she often
called a wine “gold” when others
said “bronze” or “silver.” She frequently spoke of a wine in terms of
suitability to food: “I think this wine
has a lot of versatility. You could
pair it easily with many things.”
As the morning progressed, our
group awarded more bronze than
gold or silver medals—and I wasn’t
at all sure my wine-drinking friends
would like the wines we awarded
bronzes any more than I did. Our
panel was pretty much in agreement
on most wines, but, listening in on
neighboring tables, I could tell that
other panels weren’t exactly in alliance. I overheard one judge demand
of another, “You’d give this wine a
gold? Seriously?” In an equally spirited exchange, two judges challenged each other’s knowledge of
what constitutes a good rosé.
I tasted a couple of Cabernets I
thought worthy of golds, and a few
Chambourcins I liked just as much.
Chambourcin is a red hybrid particularly popular among growers in the
Midwest thanks to its cold-weather
hardiness. This fairly light-bodied,
high-acid red grape is also great for
making rosé. When I said that the
grape was one of my favorites, Mr.
Belding nodded. “We tend to like
Norton and Chambourcin,” he said,
with all the authority of 18 years of
Jeff Cup judging.
Our panel found a number of
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large group of local volunteers who
kept the bottles hidden behind a
curtained-off portion of the room.
Only the grape varieties were revealed to judges tasting the wines.
Each panel was expected to determine if the wines they were assigned deserved a bronze, silver or
gold medal, or no medal at all. My
panel included Denver-based Ashley
Hausman Vaughters, a young Master
of Wine and wholesale wine salesperson; Katrin Heuser, a restaurateur in Kansas City; and Wayne
Belding, a Master Sommelier and
consultant in Boulder, Colo., who
was our head judge.
golds among the reds, but fewer in
the afternoon, when we judged the
whites. Ms. Hausman Vaughters
commented after an oak-chip Chardonnay, “I wrote down ‘college’ because it was like the cheap Chardonnay I drank in college.” I found the
white wines made from hybrids uniformly more interesting than those
made from vinifera grapes. One
standout was a crisp sparkling Vidal
Blanc, a fruity hybrid particularly
popular in Michigan, Ohio, Missouri
and New York state. I wanted to give
it a gold, but the other judges declared it a silver, so silver it was.
The next morning, when the
judges convened again to taste the
previous day’s double gold medal
winners, I was surprised by the
large number of potential Jeff Cup
recipients: 61 reds and whites from
13 states. Mr. Frost cautioned us to
be especially discriminating in this
final round.
We tasted the reds first, then the
white, sparkling and fortified wines,
raising our hands to indicate
whether we believed a wine deserved a Jefferson Cup. Judges
could publicly defend or criticize
wines, and only a simple majority
could declare a winner. By and large
the group was in agreement, though
one Chambourcin light red proved
controversial. Some thought it too
sweet; others loved it. (It ultimately
won a Jeff Cup.) The unanimous favorite and my personal favorite of
all the finalist reds was the bright,
lithe 2016 Left Foot Charley Michigan Blaufränkisch—an example of
the success growers and winemakers in cool-climate states have had
with this red grape from Austria.
I was impressed not only by the
wines but also by the judging process. My fellow professionals spent a
great deal of time talking about and
evaluating the wines. They approached the proceedings seriously,
as a real job. But I still might hesitate over buying a bronze-medal
wine if I saw one on a store shelf.
That Blaufränkisch was one of
only 16 wines ultimately awarded
the Jefferson Cup this year. (Find a
complete here: thejeffersoncup.com.) A number of hybrids won
the cup, too—a testament to the
high caliber of winemaking in states
like Michigan, Missouri and Kansas.
Before moving on, I’d like to offer
a big thank you to the many, many
readers of The Wall Street Journal
who have responded—in emails, letters, comments and social-media
posts—to this series devoted to
wine in the Midwest. Your stories of
growing up, tasting and learning
about wine in the Heartland have
been truly heartening for this Hoosier wine columnist.
The Jefferson Cup offers
a unique platform for
wines from states other
than California to gain
nationwide recognition.
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Before the panels began tasting,
Mr. Frost outlined the difference between bronze-, silver- and goldmedal wines for all the new judges.
“A bronze wine is a wine you can
imagine someone really liking even
though you might not like it. A silver
wine is ‘I really like this’ wine, and a
gold is ‘If you don’t love this wine
like we love this wine, then you are
out of your [expletive deleted]
Email Lettie at wine@wsj.com.
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I LEARNED A NEW acronym when I
was in Kansas City, Mo., a few weeks
ago for the Jefferson Cup Invitational Wine Competition:
DNPIM, or Do Not Put in Mouth, a
term judges use to describe particularly unpleasant wines. “We used to
get wines like that all the time,” said
Patricia Wamhoff, a Missouri-based
wine wholesaler and Jefferson Cup
judge. “But it’s much rarer now.”
Indeed, winemaking in the heart
of the country has improved dramatically since the competition was
founded 18 years ago. I’d traveled to
Missouri hoping to taste the scope
of that progress, as an observer and
a guest judge. Under the direction of
Doug Frost, a Kansas-based Master
of Wine and Master Sommelier, the
“Jeff Cup” is one of the most prestigious wine competitions in the
country, honoring the best wines
from across the U.S. Past winners
have included quite a few Midwestern wines.
Wineries from 27 states entered
743 wines. Some were made from
vinifera grapes, including classic European varieties such as Pinot Noir,
Merlot and Chardonnay. Other wines
were made from non-vinifera hybrids, the result of crossing one variety with another to create grapes
that will thrive in specific conditions, such as extreme cold, heat
and/or humidity. Hybrids represented at this competition included
St. Vincent, Chambourcin, Marquette and Norton, the signature red
grape of Missouri.
The Jefferson Cup differs from
other national competitions in that
it champions both vinifera and nonvinifera wines as worthy examples
of American winemaking. It offers a
unique platform for wines from
states other than California to gain
nationwide recognition.
The 19 Jeff Cup judges were a
well-qualified group of wine professionals from all over the U.S.—sommeliers, wine merchants, wholesale
sales reps and even research oenologists at universities—though the
majority hailed from the Midwest.
Most had served at previous Jefferson Cup competitions, and quite a
few had judged other wine contests,
too. At dinner the night before the
competition began, I overheard
lively discussions of Jefferson Cups
past. One of my favorite lines: “Remember the time that Gallo box
wine won a double gold?”
The first day of tasting was essentially a series of elimination
rounds, with the judges divided into
small tasting panels assigned different sets of 100 or so red, white,
sparkling and fortified wines. The
wines were poured into glasses by a
HADLEY HOOPER
The last in a three-part series on
wine culture in the Midwest today.
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Spinach and Butter Bean Persian-Style Frittata
Their Restaurants
Madcapra and
Kismet, both in
Los Angeles
What They’re
Known For
Creative cooking
that draws liberally
on California
produce and the
Middle Eastern
pantry
restaurants Kismet and Madcapra, in Los
Angeles. Here they streamline their kuku
for home cooks, swapping in frozen spinach for fresh greens, and canned butter
beans for slow-simmered ones.
Be sure to dry these ingredients thoroughly before adding them, to prevent water leaching out and leaving the dish
soggy. That means actually squeezing the
spinach dry like a sponge. If you want to
use fresh greens instead of frozen, you can
do a little riffing yourself. “Chard and kale
both do well,” Ms. Kramer said. “You want
something sweet and earthy.”
A final dollop of labneh, the strained
Middle Eastern yogurt, provides a nice hit
of acidity. It’s all about the balance of flavors—perhaps not entirely traditional, but
wholly satisfying. —Kitty Greenwald
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY
The Chefs
Sarah Hymanson
and Sara Kramer
YOU MAY THINK of a frittata as primarily
eggs, with other ingredients acting as a
sort of punctuation. In this week’s Slow
Food Fast recipe, chefs Sarah Hymanson
and Sara Kramer flip the ratio. Their inspiration: kuku sabzi, a Persian dish similar
to a frittata in which eggs act as a binder
for prodigious portions of herbs and tasty
additions such as dried barberries.
This riff features spinach and creamy
butter beans. “It’s one-third egg, one-third
bean, one-third greens,” Ms. Hymanson
said. The chefs include barberries, too, as
a tart-sweet counterpoint. Ms. Kramer emphasized, however, that “this recipe isn’t
traditional. It’s just inspired by tradition.”
Loosely referencing Middle Eastern
dishes is a signature of the cooking that’s
earned the chefs a loyal following at their
Total Time: 40 minutes Serves: 4-6
6 eggs
Kosher salt
1 (16-ounce) can butter
beans, drained and
rinsed
11/4 cups heavy cream
2 shallots, peeled
2 bay leaves
2 (10-ounce) packages
frozen spinach, thawed
and thoroughly squeezed
dry
1. Preheat oven to 375 degrees. In a large
bowl, whisk eggs and season with salt.
2. In a saucepan over medium heat, combine
beans, cream, shallots and bay leaves. Bring to
a simmer. Cook, stirring, until cream reduces
by about half, about 5 minutes. Stir spinach
and barberries into cream and cook until liquid
cooks off, about 2 minutes more. Discard shal-
cup dried barberries or
dried cranberries, finely
chopped
1 tablespoon extra-virgin
olive oil
½ cup labneh
1/
3
lots and bay leaves. Let cool slightly. Whisk
mixture into eggs. Season with salt.
3. Grease an 8-inch round pie pan or dish
with oil. Pour in egg mixture. Bake on center
rack until puffed and lightly browned, and a
knife inserted in center comes out clean, about
25 minutes. Serve warm or room-temperature,
sliced into wedges, with labneh on the side.
THE RIGHT STUFF In this riff on a classic Persian dish similar to a frittata,
the ratio of add-ins to eggs is dialed up to make a hearty, flavorful meal.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 2 - 3, 2017 | D15
* * * *
GEAR & GADGETS
RUMBLE SEAT DAN NEIL
Pagani Huayra Roadster: One for the Few
PAGANI
HANDS-ON EXPERIENCE
Each Pagani Huayra is assembled
by man, not machines, making
these 754-hp hypercars some of
the rarest on the road.
In a technical milieu that prizes
repeatability, the cars’ components
are fabricated and assembled by
hand, most particularly the numinous body panels. “There is no
work done mechanically with a
machine or a robot,” said Roberto
Malmusi, Pagani’s composites
manager. “This is not only an indication of quality but also of philosophy. Our customer must feel with
their own hands, with their own
senses, sight, touch, what we offer,
what we do with the car. And this
can only be done by hand, without
the use of machines.”
Want one? Sorry. All of them, a
few score at most, are sold. Hell,
they’ve been sold for some time.
It’s a great big world out there,
with offshore boltholes brimming
with global hyper-wealth. Ever
larger numbers of financial elite
are pursuing exotic cars and they
basically have unlimited funds to
buy them. Carmakers have been
happy to oblige these arch-materialists, with seven-figure, 1,000-hp
science projects like the Bugatti
Veyron and its successor, Chiron;
the McLaren P1; or Ferrari LaFerrari. There are also the stellar
Koenigsegg Agera, built in Sweden,
and the Zenvo TS1GT, built in Denmark. Soon to come are the Aston
Martin Valkyrie and MercedesAMG Project ONE, vehicles that
promise to approximate F1-level
performance in a street car.
Now increase magnification, until at last you are peering into the
fibers of the carbon weave. Here
you will see, barely, the secret to
the whole affair: a millimeter-thin
thread of titanium woven into the
fabric and layered at 90-degree
angles to provide maximum mechanical strength to the component. Pagani spent six years working with a supplier on proprietary
material—some of the strongest,
lightest such materials known.
Alas for many would-be clients,
Atelier Pagani is small and they
like it that way. Production is limited to 40 cars annually. Señor Pagani built his factory in the style
of an Italian piazza, and it moves
on Latin time. “La piazza is a place
where one goes to feel well, to relax, to bring children,” Señor Pagani told me.
If you want such a car, better
hurry up, and wait.
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pattern of carbon fiber draped
across the complex body panels in
absolute alignment. Señor Pagani,
62, moved from Argentina to Italy
as a young man to work in Lamborghini’s then-experimental composites department. Thirty-five
years later the Pagani name is
known to connoisseurs of fast cars
as Vacheron Constantin is to chronophiles. Central to the appeal is
the cars’ stupendous surface luster, the gorgeous landscapes of
carbon weave under a miles-deep,
glassine polymer.
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TO APPRECIATE the Pagani
Huayra Roadster I ask that you use
your imagination like a zoom lens.
At the moment we are standing off
aways, where we can better appreciate the design’s molecular bonding of carnal and sublime. On one
hand the Roadster—the latest
from maestro Horacio Pagani, of
Modena, Italy—is beyond bad-ass:
low, wide and louche, whispering a
filthy argot spoken only in the
brothels of extreme speed.
The $2.4-million Roadster harbors a 6.0-liter, 754-hp biturbo V12
engine and weighs practically
nothing, an astonishing 2,822
pounds dry weight. Aviation-style
ailerons help it stay on the ground.
It’s fast enough for you, partner.
On the other hand, the Roadster
is thoroughly beautiful: immaculate in line, elegant in form, with a
kind of museum-caliber probity
that defies its status as billionaire
killer. It is a weapon pricked with
jeweled fire, a tsarist axe. This
ethereal property, shared with all
Pagani designs, has led some to
talk about the cars as works of art,
which they are not, by theory; but
they are damn close.
“The word art is derived from
the word ‘arto,’ which in Italian
means hand,” said Señor Pagani,
when I interviewed him in Monterey in August. “Therefore it is the
expression of hands. It’s an expression that can be in many disciplines, not only when you make a
painting or a sculpture.”
Zoom in closer. Now you can
see the distinctive herringbone
FEATHERWEIGHT CHAMP Thanks to its exposed carbon-fiber body (note the distinct striped pattern in the photo on left), the Roadster weighs in at only
2,822 pounds dry weight. It might fly away if not for its active aerodynamic system (an overview, right), which keeps it firmly fixed to the road.
TINKERTOY STORY
Brainy blockheads in Europe are developing toys that teach kids creative skills they can build on
BY SARA CLEMENCE
F. MARTIN RAMIN/ THE WALL STREET JOURNAL
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TO THE LIST of things at which Europe bests the U.S.—
public transit, charming accents, life expectancy—we can
now safely add toys. Across the Atlantic, boutique brands
are designing low-fi, high-quality building sets that can
help shape kids’ spatial reasoning, focus, motor skills and
creativity. What’s more, the kits are intricately amusing,
something rarely seen in plastic playthings. “We want children to learn that it’s very satisfying to build something
beautiful which is your own,” said Dutch toy designer Léon
van Geest. But you needn’t endure a cramped economy
flight to pick these up; we found the best kits available online. No blinks, beeps, or batteries. And these deceptively
simple, sturdy sets look pretty good in the living room, too.
Tune Tower
Swiss inventor Samuel Langmeier first created Xyloba to share his passion for music
with his children. Little ones build towers
and ramps using wooden blocks embedded
with xylophone chimes. Arrange them correctly and the included marbles play a song
as they roll their way to the bottom. 3 and
up. Kits from $89, shopxyloba.com
Well-to-Do
A Lego Up
Masonry work might seem like punishment
for kids—until you shrink the bricks to peanut size and throw in a tiny trowel. Germanmade Teifoc sets let kids mix concrete and
build wishing wells, houses, windmills, even
a scaled-down Brandenburg Gate with real
terra-cotta slabs. Older kids can stray from
blueprints and engineer their own structures.
6 and up. From $15. eitechtoys.com
Created by a five-man Dutch cooperative,
Brikkon sets are easily assembled and
designed to work with your child’s Legos,
providing a foundation for your little cutthroat developer to imagine, embellish
and layer on color. The forms are lasercut from sustainably harvested wood.
Kits include a treehouse, spaceship and
castle. 3 and up. From $9.50, brikkon.nl
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV95-S
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* ***
THE WALL STREET JOURNAL.
866 . VUITTON louisvuitton.com
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D16 | Saturday/Sunday, December 2 - 3, 2017
Tambour Horizon
Your journey, connected.
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