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The Wall Street Journal December 09 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.
WSJ.
MAGAZINE
A Rescue Plan
For the
Anxious
Child
eternal st yle
REVIEW
VOL. CCLXX NO. 136
WEEKEND
* * * * * * * *
HHHH $5.00
SATURDAY/SUNDAY, DECEMBER 9 - 10, 2017
Hiring Growth Powers Economy
Employers boosted
payrolls in November,
adding to evidence of
expansion’s strength
World-Wide
B
ritain and the EU
reached a deal on some
contentious Brexit issues,
opening the door to tough
trade negotiations. A1
Record wildfires continued to blaze across
Southern California, raising questions about the
livability of some areas. A1
The Pentagon said it
plans to keep some U.S.
forces in Syria indefinitely,
even after a war against Islamic State formally ends. A6
BY ERIC MORATH
WASHINGTON—The
U.S.
economy is hitting milestones
not seen in more than a decade,
marked by robust hiring that
has led to low unemployment
and a sustained pickup in output.
Labor Department data Friday showed nonfarm payrolls
rose a seasonally adjusted
228,000 in November—the record 86th straight month of expansion—after a 244,000 gain
in October. Steady hiring has in
Trump repeated his support for Republican Senate
candidate Moore of Alabama
at a rally in Florida. A3
Rep. Franks (R., Ariz.)
said he would resign immediately after allegations
he had asked staffers to be
surrogate mothers. A4
A GOP tax bill is all but
certain to cut tax credits designed to spur development of “orphan drugs.” A3
Japan plans to buy its
first missiles that could target North Korean military
bases from long distance. A8
Apple said design chief
Ive is resuming oversight of
its industrial-design and
user-interface teams. B1
Airports and airlines are
fighting over a proposal
that would boost federal
taxes and fees on flights. B1
ETFs pulled in over $600
billion globally in the first 11
months of 2017, already setting an annual record. B10
Putin launched a giant
Arctic gas project that reflects efforts to strengthen
Russia’s ties to China. B3
Logistics firms have gone
on a hiring spree to handle a
surge in online shopping. B2
BY JIM CARLTON
AND ERICA E. PHILLIPS
VENTURA, Calif.—California, its south burning weeks
after blazes charred its north,
is in the midst of the worst
wildfire season on record,
forcing residents to rethink
neighborhoods built on the
West’s drought-parched lands.
On Friday, a half-dozen fires
blazed across Southern California in every direction—San
Diego County in the south; the
San Fernando Valley northwest
NOONAN A13
Al Franken
Departs
Without Grace
Sports....................... A14
Style & Fashion D2-4
Travel...................... D8-9
U.S. News............ A2-4
Weather................... A14
Wknd Investor.. B4-5
World News....... A6-8
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
Your Honor,
The Jury
Rests
i
i
of downtown Los Angeles; and
Ventura County to the north.
The most destructive wildfire, in Ventura County, raged
nearly unchecked for the
fourth straight day, consuming
more than 132,000 acres.
In a new and terrifying dynamic of flames sweeping
through settled neighborhoods
that had rarely or ever burned,
even smaller brush fires
packed the power to paralyze.
In Los Angeles, a fire now
largely under control near BelAir shut down a portion of a
major freeway, contributed to
the closure of hundreds of
schools this week, and set the
city on edge.
With multiple fires still
burning, and nearly 200,000
people chased from their
homes, it is too early to tally
the damages across the southern part of the state.
At least 400 homes were
destroyed in the city of Ventura, north of Los Angeles. Another 15,000 are threatened
near Ventura, and 5,000 more
across Southern California.
Opioids: The Story
That Came Home
i
Judges, lawyers on
complex trials must
battle snoozing
Inside
Employers are steadily adding jobs more than eight years into
the expansion, helping push unemployment to a 17-year low.
Total nonfarm jobs
Change from a month earlier, in thousands of jobs
600
Recession
400
Nov.
228,000
200
0
–200
12-month average
–400
–600
–800
2007 ’08
’09
Source: Labor Department
’10
’11
BY NICOLE HONG
The right to a jury trial is a
pillar of America’s justice system, enshrined in the Constitution from a tradition dating
back more than 1,000 years.
The problem these days is
making sure jurors stay awake.
Last week, federal judges in
two New York trials—one involving charges of sanctions
evasion, the other concerning
allegations of corruption in international soccer—dismissed
jurors who were dozing off.
“From time immemorial, jurors have been falling asleep because from time immemorial,
lawyers have been boring,” says
John Gleeson, who was a fedPlease see JURY page A9
A columnist who covered the heroin epidemic
misses the signs of her own son’s addiction
BY DAN FROSCH
ALBUQUERQUE, N. M.—
Joline Gutierrez Krueger was
with her youngest son at the
dentist when Devin, her oldest, called to remind her to
buy cat litter. “Love you,” he
said, before hanging up.
It was March 8, a day that
would split her life into before and after. Ms. Krueger,
60 years old, was a single
mother who rode the ups
and downs of raising six
children yet had much to be
grateful for: a house, a family and a career as a columnist for New Mexico’s largest
newspaper.
About 45 minutes after
Devin called, the phone rang
again. Ms. Krueger’s 20-yearold son Nik was hyperventi-
lating and struggling to
speak through bursts of
sobs. She could barely understand him, something
about Devin and heroin. “No.
That can’t be real,” she said.
“Oh, god. Oh, god.’”
Ms. Krueger yanked her
youngest from the dentist’s
chair and sped her SUV toward home 30 miles away.
She tried to reach Devin’s father, a medical technician at
nearby University of New
Mexico Hospital. Nik called
again to say Devin was already headed there in an
ambulance.
She arrived at the emergency room, and Devin was
in a coma. As Ms. Krueger
clasped her son’s arm,
Devin’s heart stopped.
Please see OPIOID page A10
’12
’13
’14
’15
’16
’17
THE WALL STREET JOURNAL.
Record Wildfires Ravage California
no
Voya is in talks to sell up
to about $50 billion of retirement-income annuities to
private-equity firm Apollo. B1
E-commerce spurs logistics
hiring............................................... B2
Jobs data lift Dow, S&P to
new heights.............................. B11
Consistent Improvement
Fire crews searched for hot spots Friday among destroyed homes in the Rancho Monserate Country Club community in Fallbrook, Calif.
n-
The first bitcoin futures
in the U.S. are set to start
trading Sunday, with volatile
price swings expected. B1
GREGORY BULL/ASSOCIATED PRESS
Business & Finance
The U.S. economy is hitting milestones not seen in a
decade, marked by sustained
growth and robust hiring
that has driven the jobless
rate to a 17-year low. A1
Stock indexes notched
weekly gains on a strong
jobs report. The Dow rose
117.68 points to 24329.16. B11
while business investment is
accelerating, stocks have hit records, consumer confidence remains strong, and the rest of
the global economy is on an upswing. Economic growth accelerated in Europe during the
summer months and Japan is
experiencing its longest sustained expansion in 16 years.
“Globally everyone is running in the same direction,”
said Gregory Daco, economist
at Oxford Economics. “That sets
up global growth in 2018 to be
the best since the crisis.”
Investors greeted the latest
Please see JOBS page A4
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Violent fallout was limited following Trump’s decision to recognize Jerusalem as Israel’s capital. A6
turn driven the unemployment
rate down to 4.1% for two
straight months, holding at a
17-year low.
That would put economic
output on track for a third
straight quarter of near 3%
growth, a breakout, for now at
least, from a long period of 2%
growth. The economy hasn’t
delivered three straight quarters of growth at or above 3%
since a period from mid-2004
to early 2005.
The economy has stumbled
at other points in the eight
years since the recession ended
and might do so again, but it
appears at the moment to be on
especially firm footing.
Hiring slowed after hurricanes in August and September
but has powered back. Mean-
ly
.
What’s
News
CONTENTS
Books.................... C5-10
Business News...... B3
Food..................... D10-11
Heard on Street....B11
Markets............. B10-11
Opinion............... A11-13
WSJ.com
An estimated $5 billion of
homes in Los Angeles and Ventura counties are at high risk
of damage, while $27.7 billion
of homes are at risk overall,
according to CoreLogic, an analytics firm in Irvine, Calif.
The southern fires come
just weeks after deadly fires in
October
that
raged
through Northern California’s wine country, killing 43
people and leveling more than
8,000 homes and other structures. Already, $9 billion in
Please see FIRES page A2
Brexit
Talks
Move to
Key Trade
Battle
A breakthrough Friday in
grueling divorce talks between
the U.K. and the European Union
opened the door to the next
stage: tough trade negotiations
that will determine Britain’s economic relations with Europe, the
U.S. and the rest of the world.
By Laurence Norman
in Brussels and Jenny
Gross in London
After six months of tense negotiations, the EU and the U.K.
overcame acrimony to make
progress on a handful of contentious issues around Britain’s
planned departure from the bloc
in March 2019, including a financial settlement and the rights of
British and EU citizens to live
and work in one another’s territories after Brexit.
With Friday’s deal, British
Prime Minister Theresa May
gained the EU’s provisional assent to advance negotiations on
post-departure arrangements.
She has vowed to push for an
ambitious pact that secures favorable terms of trade with Britain’s biggest trading partner, but
EU officials have warned any
trade deal could be much more
Please see BREXIT page A7
Heard on the Street: A Brexit
breakthrough that isn’t...... B11
Fight Brews Over Air Travel Fees
A Senate proposal that could bump federal taxes and fees on a
typical round-trip plane ticket to more than $70 has airlines worried
about losing passengers. Airports say they need the money. B1
Sample domestic round-trip ticket from Peoria, Ill., through
Chicago’s O’Hare to Raleigh/Durham, N.C., this year
Security surcharge
Total ticket
$300.00
Flight segment tax
Passenger facility charge
Taxes and fees
$63.35
$5.60
4.10
Peoria to Raleigh/Durham
Peoria to Chicago
4.50* On departing Peoria
4.10
Base
air fare
$236.65
Chicago to Raleigh/Durham
4.50 On departing Chicago
5.60
Raleigh/Durham to Peoria
4.10
Raleigh/Durham to Chicago
4.50* On departing Raleigh/Durham
4.10
Chicago to Peoria
4.50 On departing Chicago
17.75
Federal excise tax
*Could grow to $8.50 if a Senate budget bill passes
Source: Airlines for America
THE WALL STREET JOURNAL.
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* *****
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
The Chicken, the Egg and Making Flu Vaccines
The World Health Organization meets twice a year to
decide which strains the vaccines should include.
The recommendation for
the Southern Hemisphere is
made in September. The recommendation for the Northern Hemisphere is made in
February or March. In each
case, distribution of the flu
vaccine begins about seven
months later.
“You’re having to guess
which strains circulating now
will go on to dominate all of
winter,” said Michael L. Jackson, an epidemiologist who
investigates vaccines and infectious diseases at the Kaiser Permanente Washington
Health Research Institute.
In 2014-15, a rare strain of
H3N2—the same virus that is
predominant this year—overwhelmed the strain that was
selected for the vaccine.
“Less than 10% of the circulating viruses were this virus” when the World Health
Organization made its decision, Dr. Zimmerman said. “It
picked up steam and came to
the U.S.”
the vaccines and the circulating virus strains.
“To make enough vaccine,
the seed strain must be modified to get it to grow well in
eggs,” Dr. Zimmerman said.
“The question is how much of
the imperfections in vaccines
are due to passage in eggs.”
N
By then, the vaccine was
already in production.
The way flu vaccines are
manufactured may also contribute to their effectiveness.
At least 90% are made
from viruses grown in millions of chicken eggs. It’s
cheap and time-tested, but
researchers have come to
suspect the process contributes to mismatches between
SUPREME COURT
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Justices Widen Look
At Redistricting
n-
BEFORE AND AFTER: A screen grab from a Google map of a large home in Ventura, Calif., above,
and then the same home burning out of control, below, in the Thomas Fire on Monday.
than doubled from $701.2 million in 1996 to $1.98 billion in
2016 as the number of fires
has also soared. The threat to
mostly Western cities has
grown as development has
pushed into fire-prone areas.
Nearly a third of U.S. homes
were located in wildland areas
around cities as of 2000, and
the most of any state, 3.8 million, were in California, according to the most recent
study on the subject by the
U.S. Forest Service.
Between 1990 and 2000,
more than one million homes
were added to the wildlands in
California, Oregon and Washington, according to another study.
“By default, that means
there is going to be more fire
exposure” in those cities, said
Tom Jeffery, senior hazard scientist with CoreLogic.
The severity of seasonal
winds, known as Santa Anas,
and the intensity of flames
feeding on massive amounts of
dry vegetation means embers
can be carried miles on gusts,
exchange-traded fund was incorrectly omitted from the
“Tracking Exchange-Traded
Portfolios” table in Monday’s
Journal Report.
The income-tax calculator used by Bobby Hollingsworth, a graduate student, to
estimate his taxes under the
The Supreme Court expanded
its review of partisan redistricting on Friday, adding to its calendar a second case asserting a
constitutional basis to curb the
drawing of political maps to favor the party in power.
The new case involves a challenge by Republican voters over
a U.S. House district in Maryland
that the state legislature allegedly drew to favor a Democratic
candidate. In October, the court
heard arguments over a Wisconsin legislative map that Democratic challengers claim entrenched GOP power far beyond
the party’s share of the vote.
The court’s order Friday, issued without comment, suggests that a majority of the justices may not have found the
Wisconsin challengers’ legal theories sufficient to justify a constitutional limit on partisan gerrymandering.
Justices will likely hear the
new case in the spring and decide on it, along with the Wisconsin challenge, before July.
By taking the Maryland case,
the court underscored that partisan gerrymandering isn’t the
province of one party alone, but
a tool that can be employed by
either Republicans or Democrats
to extend power when they hold
the political advantage.
—Jess Bravin
NEW MEXICO SHOOTING
landing on homes and igniting
neighborhoods.
State officials tried to reduce fire threat by instituting
new building-safety standards
in 2007, including fireproof
siding and doors on top of
laws that already require that
residents clear property of
flammable plant growth. That
hasn’t stopped the destruction,
because many homes predate
those laws including with less
fire-resistant rooftops.
“The roof is the biggest
threat,” said Michele Steinberg, wildfire division manager for the National Fire Protection Association.
In Ventura County, firefighters donned gear in the parking
lot of the county fairgrounds
and drank coffee before heading to the active lines in the
hills above the city. After their
morning briefing, a line of
firetrucks filed out, causing
minor traffic delays.
Officials said 3,000 firefighters were now on the
scene, arriving from all over
California, neighboring states
and as far away as Illinois.
“At this point we’re trying to
play catch-up to get to a point
where we can make sure the fire
isn’t going to be spreading to
more places,” said David Clark, a
spokesman for Cal Fire.
Gary Lang said his home in
the Ojai Valley was partially
damaged as flames whipped
through. Mr. Lang, an artist,
didn’t have time to load up the
hundreds of paintings he keeps
in a warehouse studio, as he
and his daughter managed a
frantic nighttime escape past
burning hillsides.
Mr. Lang, 67, said on Friday
he was awaiting permission
from fire officials to return to
his property, where he said a
friend posted photos showing
his 50 fruit trees destroyed, a
partially burned house—but a
studio appearing to still be intact.
“My life is tied up in those
paintings, and it is hard to
imagine living without them,”
Mr. Lang said.
House GOP tax plan takes
into account the bill’s adjusted tax brackets and a
doubled standard deduction.
A U.S. News article on Dec. 1
about the tax plan’s effects
on tuition waivers for graduate students incorrectly said
that the calculator doesn’t do
that.
Gunman Was Known
To Investigators
A 21-year-old gunman who
disguised himself as a student
to get into a New Mexico high
school where he killed two students had caught the attention
of U.S. investigators more than a
year ago, authorities said Friday.
William Atchison, a former
student at small-town Aztec
High School, had legally purchased a handgun at a local
store a month ago and planned
the attack, authorities said. He
left a message on a thumb drive
found on his body that detailed
his plan to wait until the students got off buses and made
their way to class.
“Work sucks, school sucks,
life sucks. I just want out of this
[expletive],” he wrote.
The shooter didn’t have a
criminal record, much less a traf-
fic ticket, officials said. The only
contact with law enforcement
was what they described as a
generic message on an online
gaming forum in 2016 in which
he talked about what weapons
might be used in a mass shooting.
The FBI said the posting was
flagged and investigators talked
with the gunman at his home in
Aztec, where he lived with his
parents. At the time, he didn’t
own any weapons other than an
airsoft pellet gun and said he
had no plans for an attack and
just liked to troll sites online.
—Associated Press
OKLAHOMA
Officer Not Charged
In Deaf Man’s Killing
An Oklahoma prosecutor said
Friday he won’t file criminal
charges against a police officer
in the September shooting death
of a deaf man who wasn’t following officer commands.
Oklahoma County District Attorney David Prater said his investigation determined the Sept.
19 shooting death of Magdiel
Sanchez outside his south Oklahoma City home was justified.
After reviewing evidence, Mr.
Prater said, the shooting was
“lawful, reasonable and not excessive.” Both officers who responded tried to render aid immediately after the shooting, Mr.
Prater said.
Police have said officers who
responded to a hit-and-run crash
encountered Mr. Sanchez holding
a metal pipe.
—Associated Press
SEXUAL ABUSE
Jerry Sandusky’s Son
Sentenced to Prison
A son of former Penn State
assistant football coach Jerry
Sandusky, serving decades for
child molestation, was himself
sentenced to prison Friday on
child sexual-abuse charges.
Jeffrey Sandusky, 42 years
old, was sentenced to 3½ to 6
years in prison after pleading
guilty to pressuring a teenage
girl to send him naked photos
and asking her teen sister to
perform a sex act.
Jeffrey Sandusky is one of
the six children adopted by Jerry
and Dottie Sandusky.
He will be on probation for a
year after release.
—Associated Press
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices.
CORRECTIONS AMPLIFICATIONS
SPDR S&P 500 ETF Trust
(SPY) had total net assets of
$255.16 billion for the period
ended Nov. 30. Its volume for
the period was 1.253 billion,
and the expense ratio was
0.09. SPY gained 3.05% in November; year to date it was
up 20.37%; and its one-year
performance was 22.72%. The
ew technologies produce viruses that are a
closer match, but manufacturers are geared almost
entirely to egg production.
That may change, but for
now, the U.S. government
considers vaccine production
so important that it contracts with manufacturer
Sanofi Pasteur to guarantee
a year-round supply of eggs
to ensure the U.S. could respond to a pandemic.
There have been four in recent history: the Spanish flu
of 1918; the Asian flu of 1957;
the Hong Kong flu of 1968;
and the 2009 H1N1 outbreak.
According to the latest
contract, which is worth
more than $42 million, the
U.S. egg supply must support
the production of 10 million
single-virus vaccine doses
per week in an emergency.
Assuming four doses per
egg, that’s 2.5 million eggs.
And that’s in addition to the
normal, seasonal production
of multivirus vaccines.
This year, manufacturers
projected up to 166 million
doses of injectable flu vaccine would be available for
flu season, which generally
begins in October or November. By mid-October, about
130 million doses had been
distributed, and so far, 77%
of the circulating H3N2 virus
matches the vaccine.
The CDC recommends that
everyone ages 6 months and
older get a flu shot, even if
the effectiveness is modest
compared with other vaccines, such as the one for
measles, which is about 97%
effective.
“It’s a low-risk thing to
do,” said Emily Martin, an
epidemiologist at the University of Michigan School of
Public Health. “If you can do
this and cut your risk in
about half that you’ll get
sick, it’s not a bad gamble.”
U.S. WATCH
no
Continued from Page One
claims have been reported
from the wine country fires,
according to the California Department of Insurance.
So far, no deaths have been
attributed to the southern
fires, but they are expected to
continue to cause disruptions
and evacuations, especially as
spot fires appear and mushroom suddenly.
The losses in Ventura are
personal: Emily Ayala tried to
assess the damage to her 75acre farm in Ventura County’s
Ojai Valley as she drove through
thick smoke Friday to inspect a
property she and her children
fled when wind-driven flames
bore down earlier this week.
She said she had already received reports that 15% of the
fruit trees—mostly avocados—
were destroyed, and that the
irrigation system partially
melted, preventing work from
starting on a coming harvest.
“It’s crippling,” said Ms. Ayala, 40 years old, co-owner of
the family business.
In downtown Ventura, county
officials said there is major damage to homes and buildings in the fire’s path, but they
wouldn’t quantify the number of
buildings suspected damaged or
destroyed because assessment
teams haven’t been there yet.
Businesses were open for
the most part Friday, though
thick smoke lingered.
“I can’t even express the
level of just…awe at how much
force and destruction that has
happened,” said Jeff Johnston,
a manager at Café Zach, a Ventura establishment near the
beach that touts its steaks as
the best in the county.
Meanwhile, agencies are being hit with soaring costs in
fighting the fires, which have
exploded in number across the
West. California’s fire season
is now nearly 75 days longer
than four decades ago, according to a recent University of
California, Merced study.
The emergency firefighting
expenses for the California Department of Forestry and Fire
Protection, or Cal Fire, jumped
to a record $608 million in 2016
from $60.4 million in 1996.
The state has already spent
$505 million so far this year,
and Cal Fire expects to set a
new spending record in 2017,
said Janet Upton, deputy director of public education and
information. “The cost to keep
California safe just continues
to go up,” Ms. Upton said.
Nationally, federal costs for
fighting fires on mostly Western public lands have more
F
our categories of flu
make people sick—the
“A” viruses H1N1 and
H3N2, and the “B” viruses
Victoria and Yamagata. Flu
vaccines include strains of
both “A” viruses and at least
one “B” virus, but each can
mutate, and to be effective,
vaccines must match the circulating strains.
GOOGLE(BEFORE); HANS GUTKNECHT/LOS ANGELES DAILY NEWS/ZUMA PRESS (FIRE)
FIRES
Last year, it was 42% effective. In 2014-15, it was 19%
effective. During the 2009
pandemic, it was 56% effective, but the virus spread
quickly that year before the
vaccine was available.
“While it’s imperfect, if
you have a common disease
with substantial morbidity
and mortality, you prevent a
lot of cases,” said Richard
Zimmerman, a flu epidemiologist at the University of
Pittsburgh School of Medicine.
The trouble with formulating an effective flu vaccine is
that the virus strains must
be selected months in advance to give manufacturers
time to make the vaccine.
ly
.
Bug alert:
Australia recorded more
flu infections
this year than
ever before,
and the same virus is now
rapidly circulating in the U.S.
Five children have died
here, and around 750,000
people have come down with
flu-like illnesses, according
to the Centers for Disease
Control and Prevention.
Health officials worry
about the flu because it can
lead to pneumonia and other
life-threatening illnesses, and
it’s impossible to predict when
the next pandemic will occur.
The last one erupted in
2009 when an estimated
60.8 million people got sick
in the U.S., 274,000 were
hospitalized and more than
12,000 died.
How many people get the
flu in any given year depends
in part on the effectiveness of
the vaccine. In a good year,
people who get vaccinated
are 60% less likely to get sick,
but in most recent years, the
protection has been worse.
Postmaster: Send address changes to The Wall Street Journal,
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In a graphic published
Dec. 1 with a Page One article
about the U.S. economy, data
for new home sales and personal-consumption expenditures were shown at seasonally adjusted annual rates. In
some editions, the graphic incorrectly said only that the
data were seasonally adjusted.
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | A3
* * * * * * * *
U.S. NEWS
COURTNEY SACCO/CORPUS CHRISTI CALLER-TIMES/ASSOCIATED PRESS
Parts of South Texas Turn Into a Winter Wonderland
Trump Pushes for Moore at Rally
since his inauguration in January. It was also a return to a
city where he had campaigned
in the final week of the 2016
presidential election.
In a speech stretching more
than an hour, Mr. Trump cited
November’s strong jobs numbers, stock-market highs and
manufacturing relocations to the
U.S. during his time in office.
He railed against the same
opponents he criticized on the
campaign trail: television media, a Washington political establishment and the activists
who oppose him under the
slogan “resist.”
Supporters waved images of
Christmas decorations and
“Merry Christmas” campaign
signs bearing Mr. Trump’s
“Make America Great Again”
slogan in green and red, in an
apparent reference to Mr.
no
JOE RAEDLE/GETTY IMAGES
n-
PENSACOLA, Fla.—President
Donald Trump repeated his
support for Roy Moore as a
Senate candidate in neighboring Alabama in a rally at a
hockey arena here, while also
touting U.S. economic gains and
taking on familiar foes.
“We need a Republican in
the Senate, we need Roy
Moore,” Mr. Trump said.
“We can’t afford to have a
liberal Democrat who is completely controlled by Nancy
Pelosi and Chuck Schumer...he’s
their total puppet...he will
never, ever vote for us,” Mr.
Trump said of Mr. Moore’s opponent, Democrat Doug Jones.
Friday’s event capped Mr.
Trump’s weekslong path to formally endorsing Mr. Moore,
who is facing allegations of
sexual impropriety that split
GOP lawmakers and party activists. The 70-year-old former
state judge denies the accusations. The Dec. 12 special election is to fill a seat vacated by
Attorney General Jeff Sessions
and is expected to be an unusually close race in a reliably Republican state.
“We find these allegations
to be troubling, and concerning, and they should be taken
seriously. Roy Moore’s also
maintained that these allegations are not true and that
should also be taken into account,” said White House
spokesman Raj Shah aboard
Air Force One ahead of the
rally. “Ultimately his endorsement is about the issues.”
The event was Mr. Trump’s
ninth campaign-style rally
Trump’s desire to use the phrase
in place of “happy holidays.”
Mr. Trump had backed incumbent GOP Sen. Luther
Strange in the Alabama primary. When Mr. Strange lost, it
made for an awkward embrace
between Mr. Trump and Mr.
Moore even before November
news reports that Mr. Moore
had allegedly pursued teenage
girls while in his 30s.
On a 12-day trip in Asia at
the time that the allegations
surfaced, Mr. Trump ignored
or deflected questions on
whether he believed the
claims. Meanwhile, the National Republican Senatorial
Committee cut off its fundraising agreement with Mr.
Moore. The Republican National Committee soon followed.
“The RNC made a recommendation to the president,
that he accepted, to pull out”
of its relationship with Mr.
Moore, a person familiar with
the White House’s thinking
said, adding the recommendation was made to Mr. Trump,
Chief of Staff John Kelly and
political director Bill Stepien.
After returning to the U.S.
from Asia, Mr. Trump incrementally began reversing his
position: First he noted Mr.
Moore’s denials, then he criticized Mr. Jones, the Democratic Senate nominee, for being a “liberal,” and finally, on
Monday, he tweeted an endorsement of Mr. Moore by
name and telephoned him and
said: “Go get ’em, Roy.”
Once Mr. Trump rallied behind Mr. Moore, the RNC followed his lead.
—Ted Mann
and Julie Bykowicz
contributed to this article.
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BY LOUISE RADNOFSKY
AND JANET HOOK
‘We need a Republican in the Senate, we need Roy Moore,’ President Trump said at the rally in Florida.
Tax Bill Targets ‘Orphan Drug’ Credit
BY THOMAS M. BURTON
A tax overhaul bill being
hammered out by Senate and
House Republicans is all but
certain to cut tax credits designed to encourage development of “orphan drugs” meant
to treat rare diseases afflicting
limited numbers of patients.
Since 1983, a federal law has
allowed fledgling companies to
write off 50% of the cost of human clinical studies to develop
drugs aimed at small markets of
patients who wouldn’t otherwise have access to drugs specifically designed for their ailments. The law was designed to
address crippling diseases afflicting a few thousand, or
fewer, adults and children.
The economics of developing
costly drugs for such small populations are often challenging
without the credits, but the
question now is how much
those credits will be cut as congressional Republicans move to
reconcile separate House and
Senate tax overhaul bills that
their party pushed through both
chambers in recent weeks.
The current House of Representatives version of the tax
legislation would do away with
the orphan-drug tax credit en-
ly
.
LET IT SNOW: Corpus Christi was among parts of south Texas on Friday that saw snow, unusual in the region. Snow also blanketed Atlanta and other Southern states, as the Northeast braced for a winter storm.
tirely. The Senate-passed bill
would cut the credit by nearly
half to 27.5% of research
costs from the current 50%. The
idea is to help offset the cost of
cuts to business taxes, among
other priorities. Over 10 years,
the Senate bill would save $30
billion, while the House version
would save $54 billion.
“We’ve been faced with either a repeal or a dramatic
scaling back” of the tax credit,
50%
Tax credit given to companies for
clinical studies of orphan drugs
said Gregg Haifley, director of
federal relations at the American Cancer Society Cancer Action Network, which has been
fighting to save the tax credit.
“I think the Senate approach of
27.5% is probably the high-water mark” that can be preserved in a final law.
That group, along with the
National Organization for Rare
Disorders, the Biotechnology
Innovation Organization and
some 90 or more patient
groups, have joined forces and
launched a lobbying challenge
to preserve as much of the
credits as they can.
“The FDA had approved
fewer than 40 orphan drugs
prior to 1983,” BIO’s president
and chief executive, James C.
Greenwood, wrote last week to
Rep. Kevin Brady, the Republican chairman of the tax-writing House Committee on Ways
& Means. “Since then, 477 orphan drugs have been granted
FDA approval, resulting in
treatments for 648 different
indications.”
Abbey S. Meyers, president
emeritus and founder of NORD,
said in an essay prepared for
publication that a treatment for
hemophilia would have a potential market of only 10,000 boys
and a treatment for the rare genetic malady Huntington’s disease would go to a maximum of
15,000 people in the U.S.
The rare-disease landscape is
complex. The 1983 law was designed for small companies and
small patient groups, but some
of the world’s biggest drug companies have taken advantage of
the law’s stipulation that credits
be available for markets of up to
200,000 patients. And the tax
legislation currently considered
does nothing to differentiate between the small and big drug
companies.
A 2017 report on the orphan
drug industry from the British
analysis and forecasting group
EvaluatePharma noted, “This
year we again find big pharma
dominating the sector. Seven of
the top 10 companies by orphan drug sales are global industry players, who have won
[orphan drug] approval for
their biggest products in various niche indications.”
The report also found that
the average orphan-drug cost to
patients in the U.S. from 2012
through 2016 was $140,443 a
year. “The image of the plucky
small biotech striving to develop treatments for the rare
diseases largely ignored by big
pharma is long gone,” the report remarked.
The top 10 companies that
EvaluatePharma project to dominate world-wide orphan drug
sales over the next five years include such drug behemoths as
Merck & Co. Inc., Johnson &
Johnson, Novartis AG, BristolMyers Squibb Co. and Pfizer Inc.
Laura Saunders: A tax scourge
that won’t go away................. B5
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A4 | Saturday/Sunday, December 9 - 10, 2017
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THE WALL STREET JOURNAL.
U.S. NEWS
Trump Allies Urge Harder Line on Mueller
Backers want a ‘war
room’ as Russia probe
gets closer to inner
circle and first family
Critics See Missteps
By President’s Team
Suggestions that President
Donald Trump shake up his legal team follow what critics
see as a series of missteps
over recent months.
A tweet sent from Mr.
Trump’s account, which lawyer
John Dowd said he wrote, appeared to overstate what the
president knew about his former national security adviser’s
interactions with the FBI. That
former aide, Michael Flynn,
pleaded guilty this month to lying to federal agents.
Two of Mr. Trump’s lawyers,
Mr. Dowd and Ty Cobb, also
sat at a popular Washington
steakhouse in September and
talked openly about the case
with a reporter in earshot.
Special Counsel Robert Mueller, shown in June, is a Republican and former director of the FBI.
Stone, an adviser to Mr.
Trump’s 2016 campaign whose
dealings with WikiLeaks are
under examination as part of
the Russia investigation. “They
are entirely unrealistic about
the enmity toward the president from the political establishment,” Mr. Stone added.
Jay Sekulow, a member of
the president’s personal legal
team, said: “We’re pleased
with the progress we’ve made.
We remain confident with regard to the outcome.”
Defenders of Mr. Mueller,
who is a Republican and a former longtime FBI director, say
he is conducting an apolitical
investigation into serious allegations of wrongdoing.
Mr. Mueller is investigating
allegations of Russian interference in the 2016 presidential
election and whether the
Trump campaign colluded with
Moscow. Mr. Trump has said
his team did nothing wrong,
and Russia has denied meddling in the election.
Federal law prohibits the
Justice Department—which includes the special counsel’s office—from using political or
ideological affiliations to assess applicants for career positions in the agency.
Employees are also allowed
to express opinions on political subjects privately and publicly, as long as they aren’t in
concert with a political party
or candidate.
Some of the president’s associates say they want the
White House to set up a classic
“war room” to respond to the
probe, hire attorneys more inclined to challenge Mr. Mueller
or to spotlight what they see
as an anti-Trump animus on
the part of the special counsel.
At a House Judiciary Committee hearing on Thursday,
Republicans focused on Mr.
Strzok and Mr. Weissmann,
who sent an email to former
acting Attorney General Sally
Yates the night she was fired
applauding her decision to instruct Justice Department lawyers not to defend Mr. Trump’s
initial travel ban.
At the time, Mr. Weissmann
was running the Justice Department’s fraud section,
which is a senior career post
within the agency.
co Fo
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up complaints that Special
Counsel Robert Mueller’s operation is politically motivated.
The calls for a more aggressive approach have intensified
amid disclosures that a senior
agent on Mr. Mueller’s team,
Peter Strzok, had sent text
messages allegedly critical of
Mr. Trump during the 2016
election. Mr. Mueller subsequently removed Mr. Strzok
from the probe.
Republicans also point to
Andrew Weissmann—a Mueller deputy who had applauded
the Justice Department’s decision not to defend the initial
White House travel ban on
people from majority Muslim
nations—as evidence of bias
on the special counsel team.
The president’s legal team
has largely stayed quiet on the
issue. But with Mr. Mueller’s
investigation appearing to
edge closer to Mr. Trump’s
family and inner circle, the
president is being urged to
drop his team’s mostly cooperative approach to date.
“The president’s lawyers
are sleepwalking their client
into the abyss,” said Roger
ANDREW HARNIK/ASSOCIATED PRESS
By Peter Nicholas,
Aruna Viswanatha
and Erica Orden
Rep. Steve Chabot (R.,
Ohio), a Judiciary Committee
member, called the “depths of
this anti-Trump bias” on the
team “absolutely shocking.”
A spokesman for the special counsel’s office declined
to comment on Mr. Weissmann.
Democrats characterized
the GOP bias allegations as an
effort to discredit a legitimate
investigation.
Mr. Mueller appears to be
mindful of potential conflicts
or appearances of conflicts in
his investigation. He removed
Mr. Strzok “immediately upon
learning of the allegations,”
according to special counsel
spokesman Peter Carr. Mr.
Strzok couldn’t be reached to
comment.
ly
.
The Russia investigation
that Donald Trump’s legal
team predicted would clear the
president by year’s end looks
to stretch into 2018, prompting his supporters to ratchet
Asked earlier this year
whether the president was
happy with his legal team amid
criticism from outside advisers,
press secretary Sarah Huckabee Sanders said, “I’m not sure
how he couldn’t [be].”
While Trump lawyers say
they have at times clashed
among themselves, including
over whether to assert executive privilege on certain documents, their general consensus
has been that cooperation
would help bring the investigation to a rapid close.
Mr. Cobb stands by his
longtime assessment that the
probe is moving at a reasonable clip. “I don’t see this dragging out,” he said in a recent
interview. Special Counsel Robert Mueller’s team is “committed to trying to help the country and get this done quickly,”
Mr. Cobb said.
GOP Lawmaker to Exit Immediately Over Allegation
BY NATALIE ANDREWS
WASHINGTON—Rep. Trent
Franks (R., Ariz.) said Friday
he would resign immediately
rather than in the new year,
just ahead of news reports
that gave more details about
his alleged conversations with
staff members asking them to
bear a child as a surrogate for
him and his wife.
Mr. Franks, 60 years old, a
conservative House member in
JOBS
his eighth term, said in a
statement late Thursday he
would leave Congress in January, after allegations surfaced
that his discussion of surrogacy had made two female
former employees uncomfortable. On Friday, he issued a
new statement saying that his
wife was in the hospital because of an “ongoing ailment”
and that it would be best to
step down right away.
The statement was released
shortly before Politico and the
Associated Press published reports that contained more details on how Mr. Franks allegedly pressured aides to act as
surrogates.
Mr. Franks didn’t immediately respond to a request to
comment on those reports.
In his statement a day earlier, Mr. Franks had addressed
the allegations but didn’t say
whether he had asked any of
his staff to be surrogates.
Waiting on Wages
Minnesota on Thursday said
he planned to resign in the
face of sexual-misconduct allegations. Mr. Franken has
called some of the accusations against him untrue and
has said he remembers other
alleged incidents differently.
He has also apologized and
said he has “let a lot of people down.”
Rep. John Conyers (D.,
Mich.), who had served decades in the House, earlier this
Weak Wage Growth
Could Fluster Fed
The robust November employment report leaves Federal
Reserve officials on track to
raise short-term interest rates
next week but complicates
their decisions on the pace of
increases next year and beyond.
The red-hot labor market
could add to the case for picking up the pace of rate increases, coming on top of solid
economic growth, rising stock
prices and tax cuts on the horizon. But continued modest
wage growth and low inflation
could argue for continuing to
move very gradually, or even
more slowly.
Fed officials are likely to
raise their benchmark shortterm rate next week by a quarter-percentage point to a range
between 1.25% and 1.5%.
In September, they penciled
in three similar moves in 2018,
two in 2019 and one in 2020.
They will release updated projections on Wednesday.
“Weakness in wages is
what catches the eye,” said Michael Feroli, chief U.S. econo-
mist for JPMorgan Chase &
Co., pointing to the 2.5% annual
increase in average hourly earnings. He said he sees about
even odds that Fed officials will
move more aggressively and
raise rates four times next year
due to the economic boost
fueled by tax cuts.
Labor market gains have
produced little acceleration in
wage growth or inflation, underscoring a puzzle that complicates Fed policy decisions.
The Fed targets 2% annual
inflation but has undershot
that goal for the best part of
5½ years. Its preferred inflation
gauge, the price index for personal-consumption expenditures, was 1.6% higher in October than one year earlier, and
just 1.4% higher with volatile
food and energy prices
stripped out.
Market participants are
“reaching a bit of a decision
point” about the expected path
of rates next year, said Aaron
Kohli, a fixed-income strategist
at BMO Capital Markets, adding that investors will be
watching Wednesday’s release
of the November consumer
price index as closely as the
Fed statement and projections.
—Harriet Torry
next policy meeting next week.
Central bankers could become more inclined to push
rates up at a slightly faster
pace next year if the job market
keeps cranking out strong
monthly gains. In September,
Fed officials forecast the unemployment rate would end this
year at 4.3%, and end next year
at 4.1%, meaning the job market
has already hit the milestones
officials thought would take an
additional year to reach.
“The Fed has to be cognizant
of the fact that if we run employment at 4%, inflation could
rise above their 2% target,” said
Gus Faucher, economist at PNC
Financial Services. “If they let
unemployment get too low,
they may have to raise rates
more aggressively, and that
risks causing a recession.”
Another risk is that financial
markets overheat even as the
real economy seems to be on
strong and sustainable footing.
The unemployment rate was
last below 4% in late 2000, just
as a technology bubble was entering its last phases. A recession began in March 2001.
A broad measure of unemployment and underemployment that includes Americans
stuck in part-time jobs or too
discouraged to look for work
ticked up to 8% in November,
but remained near the lowest
level since 2006. Meanwhile,
the share of the population between 25 and 54 years old that
has a job, 79%, touched the
highest level since the recession ended in 2009.
Those figures suggest there
are relatively few Americans
left to be drawn off the sidelines of the labor market.
Unemployment rate
10%
8
Nov.
4.1%
4
2
n-
6
no
Continued from Page One
jobs news as another sign the
economy is advancing at a robust and sustainable pace. The
Dow Jones Industrial Average
closed up 117.68 points Friday,
or 0.49%, at 24329.16.
One gray mark in Friday’s report was wage growth. Average
hourly earnings for private-sector workers increased five cents
last month after declining in
October. Wages were up 2.5%
from a year earlier in November—near the same lackluster
pace maintained since late 2015.
The low jobless rate might
mean workers are finally getting the bargaining power to
start demanding and winning
higher wages, though longerrun forces are helping to hold
wages in check. Well-paid baby
boomers are being replaced by
lower-earning millennials and
the development of a global labor market means factory
workers in Ohio compete with
those in China. And still soft inflation makes it hard for companies to pass along wage increases to customers.
Sparkhound LLC, a Baton
Rouge, La., technology company
that helps clients migrate their
data to cloud storage, is hiring,
including recently doubling the
size of its more-than 50-person
Houston office.
General Manager Dave Baxter said the company is seeing
pressure to raise wages for
workers with technology
skills—but it is having difficulty
passing along cost increases to
clients, especially because its
services are sold as a cost-saving technology.
To respond, Sparkhound focuses most of its hiring on less
experienced workers, who command lower salaries, and partners five or six of those workers with a seasoned veteran.
“Baton Rouge is a tough
market to find experienced
people,” Mr. Baxter said. “We’re
trying to get some folks fresh
out of school.”
It is hard at this point to pinpoint how much of the apparent
The unemployment rate reached 4.1%, the lowest level since 2000.
But wage growth remains subdued.
House Speaker Paul Ryan
(R., Wis.) in a statement
Thursday said he was briefed
on “credible claims of misconduct” on Nov. 29 and then addressed the matter with Mr.
Franks the next day and encouraged him to resign.
Mr. Franks is the third lawmaker to announce plans to
step down this week over allegations of sexual harassment or misconduct. Democratic Sen. Al Franken of
0
2007
Recession
’09
’11
’13
’15
’17
Wage growth, change from a year earlier
6%
Weekly wages
Hourly wages
4
2
0
Inflation rate*
-2
-4
2007
Recession
’09
’11
’13
’15
’17
Note: Seasonally adjusted *Inflation rate is the all-items consumer-price index
Source: Labor Department
economic uptrend can be attributed to policies coming out of
Washington and how much is
due to other factors. The Trump
administration points to its efforts to cut taxes and pare back
business regulation. But other
factors—such as long-delayed
economic recoveries in Japan
and Europe—are also likely independently at play.
Some executives say tax cuts
will help if they happen.
Laurel Highland Total Communications, a cable and phone
company that operates in rural
areas of Pennsylvania, has kept
its staff lean in recent years in
response to a lackluster economy in the region and burdensome regulations, said Chief
Executive Jim Kail. The company is looking to add a few
workers to its 65-person staff.
“If the corporate rates go
THE WALL STREET JOURNAL.
down, that frees up a lot of
cash. We’d be looking to hire
and make investment in equipment,” Chief Executive Jim Kail
said.
Megan Greene, economist at
Manulife Asset Management,
doubts the tax plan will boost
economic growth in the longer
run. Business investment incentives, she notes, phase out after
five years.
“It could be a short-term
sugar hit that will stoke the
stock market, but not set us up
for sustainable growth moving
forward,” she said.
In the near-term, a combination of low unemployment and
modest wage growth and inflation is likely to keep the Federal Reserve on a path of gradually pushing up short-term
interest rates, including another rate increase at the Fed’s
week said he would be immediately leaving Congress after
facing calls to step down over
allegations of inappropriate
behavior toward female staff
members. He denied improper
behavior.
The race will trigger a special election in the district
north of Phoenix, where no
Democrat ran against Mr.
Franks in 2016 and where
President Donald Trump won
58% of the vote.
WASHINGTON
WIRE
WHITE HOUSE
Security Adviser Will
Leave Administration
Deputy national security adviser Dina Powell will leave the
Trump administration early next
year, the White House said Friday,
the first in a series of departures
of senior administration officials
expected in coming weeks.
In a statement, White House
press secretary Sarah Huckabee
Sanders said, “She has always
planned to serve one year before
returning home to New York,
where she will continue to support the President’s agenda and
work on Middle East policy.”
Ms. Powell may remain involved in national-security matters, a senior administration official said. One possibility under
consideration is a position on
the president’s Intelligence Advisory Board, the person said.
—Rebecca Ballhaus
MICHIGAN
Conyers’s House
Seat to Remain Open
Michigan’s governor said
Democrat John Conyers’s congressional seat won’t be filled
until the regularly scheduled November election, leaving it vacant for nearly a year.
Republican Gov. Rick Snyder
said he opted against an earlier
special election, to give potential
candidates ample time to decide
about running, to provide voters
in the mainly Democratic district
more options and to save money.
The 88-year-old Mr. Conyers,
who was facing a House Ethics
Committee investigation over
sexual-harassment claims by former staffers, cited health reasons for his resignation.
Whoever wins an August
special election will serve next
November and December and—if
he or she also wins the regular
race in November—will serve a
two-year term starting in 2019.
—Associated Press
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | A5
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no
n-
98% of
ingredients
are not good
enough for
this bottle.
Our safety assurance process is so stringent,
less than 2% of cosmetic ingredients
pass the test. Parents are picky when
it comes to their babies.
We are too.
Learn more about our commitment to safety at johnsonsbaby.com/safety
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A6 | Saturday/Sunday, December 9 - 10, 2017
NY
* *****
THE WALL STREET JOURNAL.
WORLD NEWS
U.S. to Keep Forces
In Syria Indefinitely
Worshipers held Palestinian flags Friday on the compound known to Muslims as Noble Sanctuary and to Jews as Temple Mount in Jerusalem.
Protests Muted in Jerusalem
BY RORY JONES
JERUSALEM—A splintered
Palestinian leadership and restrained Israeli security measures in Jerusalem limited the
violent fallout on Friday of a
White House decision to recognize the city as Israel’s capital,
easing fears of further unrest.
Clashes broke out between
Israeli forces and protesters in
the West Bank and Gaza Strip,
but thousands of Palestinians
prayed at a holy site in Jerusalem in a largely peaceful gathering peppered with some protests.
“We denounce the American decision. Jerusalem is holy
for all Muslims,” Yousef Abu
Snineh, the imam of Jerusalem
Old City’s Al Aqsa mosque,
said in a midday sermon.
President Donald Trump recognized Jerusalem as Israel’s
capital this week and said he
would relocate the U.S. Embassy there from Tel Aviv, a
move Arab and Muslim leaders
warned could trigger new violence in the region.
Officials from Saudi Arabia,
Egypt, Jordan and Turkey had
tried to dissuade the U.S. president from his decision
Jerusalem’s status is one of
the most sensitive issues in the
decadeslong Israeli-Arab conflict and any change in its status quo risks a violent reaction—especially around the
holy sites in the old city.
Palestinians claim East Jerusalem as the capital of a future
state and the international
community, aside from the U.S.
now, doesn’t recognize Jerusalem as Israel’s capital.
The U.S. suffered a diplomatic rebuke at the United Nations on Friday when 14 of the
15 members of the Security
Council
condemned
Mr.
Trump’s decision on Jerusalem,
saying it was in violation of
U.N. resolutions and international law.
Fears of widespread bloodshed didn’t come to pass,
though there was some violence.
Israeli warplanes struck
Hamas military targets in the
Gaza Strip in response to a
rocket fired from the zone that
Israel’s military said was intercepted by its Iron Dome missile-defense system, the Associated Press reported.
The Palestinian health ministry said at least 15 people were
injured in Friday’s airstrikes.
Also, a 30-year-old Gazan man
was killed by live Israeli fire at
the border of the strip, Palestinian health authorities said.
Some members of Palestinian Authority President Mahmoud Abbas’s Fatah faction,
which administers the West
Bank, called for a peaceful response and didn’t lead protests.
Mr. Abbas has said the U.S.
move disqualified the Trump
administration from a role in
future Israeli-Palestinian negotiations. The more militant Islamist Hamas rulers of Gaza
called for an uprising against
Israel, but were limited in their
influence, as the strip is enclosed by an Israeli security
fence.
The Israeli police also took
steps appeared to contain the
strife. They allowed Muslims of
all ages to pray at Jerusalem’s
holy sites, whereas in past
times of tension, they often
limited access for youths for
fear they would foment unrest.
The largest protests took
place outside of Israel and the
Palestinian territories. In the
Jordanian capital of Amman,
thousands took to the streets in
solidarity with the Palestinians.
Thousands more marched in Istanbul and riot police were
called out in Cairo as Egyptians gathered at Al-Azhar
University.
co Fo
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Violent response had
been feared after U.S.
shift; censures at U.N.
of Trump decision
WASHINGTON—The Pentagon plans to keep some U.S.
forces in Syria indefinitely,
even after a war against the
Islamic State extremist group
formally ends, to take part in
what it describes as ongoing
counterterrorism operations,
officials said.
There are approximately
2,000 U.S. troops in Syria,
along with an unspecified number of contractors supporting
them. Last month, the U.S. military withdrew 400 Marines
from Syria, which U.S. forces
first entered in the fall of 2016.
Officials earlier this week
disclosed the plans for an
open-ended
commitment,
known as a “conditions-based”
presence. That is the same approach the Trump administration is taking in Afghanistan.
“The United States will sustain a conditions-based military presence in Syria to combat the threat of terrorist-led
uncertainty, prevent the resurgence of ISIS, and to stabilize
liberated areas,” Army Col.
Rob Manning, a Pentagon
spokesman, told reporters
Wednesday.
U.S.
defense
officials
stressed there would be no
large, permanent bases in
Syria of the kind the U.S.
maintains in places like Germany and South Korea. Instead, troops will be assigned
to smaller bases and outposts.
In some instances, troops
will deploy temporarily from
other bases in the region for
specific missions, one of the
defense officials said. It isn’t
clear how many forces would
stay in the country.
The Pentagon has said the
forces will target parts of Syria
that aren’t fully governed by either regime or rebel forces. The
military says it has the legal authority to remain there.
“Operating under recognized
international authorities, the
U.S. military will continue to
support local partner forces in
Syria to stabilize liberated territory,” Col. Manning said.
He said stabilization includes restoring basic essential
services, removing explosive
materials and enabling the delivery of humanitarian aid.
The plans outlined this
week are the most specific set
forth to date regarding U.S.
strategy in Syria in the aftermath of the evident collapse of
Islamic State there.
U.S. officials have said they
fear that withdrawing U.S.
forces and walking away from
potentially vulnerable areas
Critics said an openended presence in
parts of Syria doesn’t
guarantee stability.
would allow land that they
and local partners fought to
take from Islamic State to fall
back into extremists’ hands.
Critics said an open-ended
presence in parts of Syria
doesn’t guarantee stability either.
“It seems we are going to
hold in place until we develop
an actual goal for what to do
with this terrain we helped the
[U.S.-backed] Syrian Democratic Forces seize,” said Jennifer Cafarella, a Syria analyst
at the Washington-based Institute for the Study of War.
“Under what conditions
would U.S. forces withdraw?
The U.S. has never defined
what success against Syria
would like, politically,” Ms. Cafarella said.
The Trump administration
first introduced the idea of a
conditions-based withdrawal
process—rather than one that
is calendar-driven—in Afghanistan.
ly
.
AMMAR AWAD/REUTERS
BY NANCY A. YOUSSEF
ANSEL ADAMS
BRIDAL VEIL FALL, YOSEMITE VALLEY, CALIFORNIA, 1927
ROSE AND DRIFTWOOD, 1932
EL CAPITAN FALL, YOSEMITE VALLEY, CALIFORNIA, 1940
ALAIN JOCARD/AGENCE FRANCE-PRESSE/GETTY IMAGES
MOONRISE, HERNANDEZ, NEW MEXICO, 1941
TETONS & SNAKE RIVER, GRAND TETON NATIONAL PARK, WYOMING, 1942
CANYON DE CHELLY, NATIONAL MONUMENT, ARIZONA, 1942
CLEARING STORM, SONOMA COUNTY HILLS, CALIFORNIA, 1951
ASPENS, NORTHERN NEW MEXICO, 1958
MOON AND HALF DOME, YOSEMITE NATIONAL PARK, CALIFORNIA, 1960
no
n-
THE COMPLETE MUSEUM SET
Secretary of State Tillerson, speaking in Paris Friday, called for Saudi Arabia to temper its behavior.
Tillerson Chides Saudis
Over Yemen, Mideast Acts
The Trump administration
delivered an unusually blunt
warning to Saudi Arabia on
Friday, saying the U.S. might
curtail its support for Riyadh’s
military campaign in Yemen
unless the kingdom takes immediate steps to allow more
humanitarian aid into the besieged country.
By Dion Nissenbaum in
Washington, Matthew
Dalton in Paris and
Margherita Stancati in
Riyadh, Saudi Arabia
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In a series of public comments and private conversations in recent weeks, the
Trump administration has
urged the Saudi-led coalition
fighting in Yemen to lift a
blockade on the country to allow food, water, fuel and medicines to reach those in need.
The White House stepped
up that call on Friday, saying
the U.S. is “gravely concerned
by the recent escalation in violence and continued dire humanitarian conditions in Yemen.” A senior administration
official warned that the situation “could constrain the U.S.
if steps aren’t taken” to ease
the conditions.
The warning came amid the
first signs of friction between
Riyadh and President Donald
Trump. The kingdom publicly
criticized the U.S. decision this
past week to recognize Jerusalem as Israel’s capital and to
move the U.S. Embassy there,
calling it an “irresponsible and
unwarranted step.” Saudi Arabia said the announcement
represented a major setback to
shared efforts to revive stalled
peace negotiations between Israelis and Palestinians.
Secretary of State Rex Tillerson called Friday for Saudi
Arabia to temper its military
and diplomatic actions in the
Middle East.
“I did particularly urge
them to be a bit more measured and a bit more thoughtful in those actions, to, I think,
fully consider the consequences,” Mr. Tillerson said
during a news conference in
Paris when asked about Saudi
Arabia.
The Saudi-led coalition,
which is fighting a war against
Iran-aligned Houthi rebels,
eased a blockade imposed a
month ago, but the humanitarian situation remains dire,
with millions of Yemenis on
the brink of starvation.
U.S officials have grown increasingly frustrated with the
Saudi response.
On Wednesday, Mr. Trump
issued a call for the Saudis to
allow more humanitarian aid
into Yemen. Senior administration officials said Friday
that they had warned the Saudis that the U.S. may curtail
its support for the Saudi campaign.
The U.S. provides limited
military support for the Saudiled coalition’s air campaign in
Yemen by refueling jet fighters
that carry out airstrikes and
dispatching military advisers
to provide Riyadh with guidance on reducing civilian casualties, a major concern.
Last month, the U.S. House
approved a nonbinding resolution stating that American
support for the Saudi campaign in Yemen was unauthorized.
“The political environment
could constrain the U.S. if
steps aren’t taken to ease humanitarian conditions in Yemen,” the senior administration official said.
Saudi officials didn’t provide an immediate response.
Saudi Arabia imposed a
tight blockade on aid flowing
into Yemen in early November
after Houthi rebels fired what
U.S. officials said was an Iranian-supplied ballistic missile
that was shot down near the
Saudi’s capital airport.
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 9 - 10, 2017 | A7
* * * *
WORLD NEWS
Shariah Law Poses Dilemma for Greece
A Muslim woman watches her child play on the merry-go-round in the central square of Komotini in Western Thrace, where Shariah law is enforced for Muslim citizens.
When her husband died in
2008, Mrs. Sali inherited his
entire estate under terms of a
will he had drawn up before a
Greek notary. But the deceased’s two sisters disputed
it, saying their brother’s Muslim faith rendered the will invalid and meant Shariah law
should apply. Because the couple had no children, only a
small portion of the inheritance stood to go to the wife
under Shariah.
Greek courts initially dismissed the sisters’ claims, but
the country’s Supreme Court
ruled twice that the inheritance
must be settled under Shariah
law. The case has gone to the
Strasbourg court, which is expected to rule next year that
Greece breached human-rights
standards by allowing Shariah
law to supersede civil law.
Government officials and lo-
as a choice is now considered
their obligation,” said Halil
Mustafa, a local lawyer. “Most
people don’t realize there is a
problem with the current situation until it affects them.”
Indeed, as soon as Greece’s
Supreme Court ruled the application of Shariah as compulsory, a number of Muslims presented legal challenges to wills
considered settled. In one case,
a man successfully challenged
his father’s will that left all his
belongings to his wife.
Shariah law is applied in a
few other Western countries,
but on a voluntary basis.
Ms. Sali’s case pushed the
government to table legislation
this week that makes Shariah
applicable only if both parties
decide to abide by the decision
of a mufti. Otherwise, decisions
by Greek courts prevail.
Mustafa Mustafa, a Muslim
and local parliamentarian with
the ruling Syriza party, hopes
the new bill will be the first
step toward abolishing Shariah
entirely. “The local community
in its vast majority shows…this
is what it wants,” he said.
base that was launched at
nightfall and went on for hours.
U.N. Secretary-General António
Guterres called the attack a war
crime, urging Congolese authorities to swiftly investigate.
A U.N. spokesman said it was
the deadliest attack on a U.N.
peacekeeping mission since June
1993, when 22 Pakistani soldiers
were killed in Somalia’s capital.
The peacekeepers killed Thursday were from Tanzania.
A rebel group called the Allied
Democratic Forces is suspected of
being behind Thursday’s assault.
The base is home to the U.N. mission’s rapid intervention force,
which has a mandate to go on
the offensive against armed
groups in the mineral-rich region.
—Associated Press
ly
.
Molla Sali, a 67-year-old
widow in Thrace, that upended
the decadeslong balancing act
between Greece civil laws and
Shariah in the region.
Under that arrangement,
marriage, divorce, alimony and
child custody are organized under rules set by Shariah. Islamic law doesn’t recognize
wills, instead applying set rules
for what portions of an estate
children and spouses receive.
Sons, who are charged under
Shariah with caring for a family’s women, inherit the majority of an estate.
“Wills bring hatred and discord in the families,” said
Mustafa Imamoglu, secretary
to the mufti who adjudicates
disputes under Shariah law in
Komotini. “It would be like
giving a dead person the opportunity to intervene in the
lives of those still alive.”
co Fo
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KOMOTINI, Greece—In this
sliver of land on the border
with Turkey, about 100,000
Greek citizens live with a relic
of Greece’s historically fraught
relations with its neighbor:
Shariah law.
In Western Thrace, Shariah
law is enforced for Muslim citizens, making Greece the
world’s only non-Muslim country that officially applies laws
grounded in the Islamic faith.
But that situation could
soon be coming to an end,
with the Greek government
having submitted legislation
this week that would make
compliance with Shariah optional in the wake of a clash
between Muslim rules and
Greek laws. Government officials said it would become law
before an international court
rules that the current arrangement breaches Europe’s human-rights standards.
The European Court of Human Rights in Strasbourg,
France, on Wednesday debated
whether to condemn Greece—
where about 2% of the population is Muslim—for applying Shariah rules to family law.
The special status for Shariah law in Greece stretches
back to the 19th century, when
the country regained its independence after more than four
centuries under Ottoman rule.
Under the 1923 Lausanne
Treaty, which said Thrace’s
Muslim minority should be allowed to live under its customs,
Greek legislation enshrined Shariah rules to govern family law
for Muslims there.
Today, three muftis appointed by Greek authorities
act as judges and enforce Shariah. That arrangement persisted even after Turkey abolished Shariah in 1924 as part of
Mustafa Kemal Atatürk’s push
to modernize Turkey.
It was the case of Chatitze
ANDREA DICENZO FOR THE WALL STREET JOURNAL (2)
BY NEKTARIA STAMOULI
Ibrahim Serif, Komotini’s elected mufti, isn’t recognized by the state.
cals say most Muslims in
Thrace have viewed Shariah
law largely as a way to maintain traditions such as the marriage ritual. But following the
Greek Supreme Court decision,
“what was given to the Muslims
WORLD WATCH
Poland’s lower chamber of
parliament approved legislation
on Friday that would retire more
than a third of the Supreme
Court, removing one of the few
checks on the ruling party’s
BREXIT
Mind the Gap
Britain imports more from most EU countries than it exports to them.
The U.K.’s 2015 trade with its top 10 EU partners
Height of each segment reflects trade value in billions
U.K. imports from
Goods
Services
61% (£70.24)
no
Continued from Page One
limited and take years to hammer out.
The agreement significantly
lowered the possibility that Britain, having decided in a close
referendum vote on June 23,
2016, to leave the EU, would do
so without arranging future relations with the bloc.
While it relieved immediate
pressure on Mrs. May, Friday’s
deal was reached in large part
because Britain acceded to many
of the EU’s requirements. The
U.K. agreed to pay the EU a net
bill that British officials said
would come to at least €40 billion ($47 billion) in the coming
years—much more than London’s initial offer—and to go
further than it originally intended to protect the rights of
EU citizens living in the U.K.
The most contentious issue—
how to avoid a hard border between EU member Ireland and
Northern Ireland, which is part
of the U.K.—was left largely unresolved. Border arrangements
on the island have emerged as a
major hurdle in the divorce deal,
and while Britain accepted Ireland’s demand for promises to
resolve the problem, the issue
appears likely to cause more
trouble ahead.
Investor reaction was muted.
The British pound initially
traded 0.2% higher against the
dollar before falling to trade
0.7% lower at $1.3384, while the
U.K.’s blue chip FTSE 100 index
was up 1%.
European Commission President Jean-Claude Juncker, following a brief meeting with Mrs.
May early Friday to complete
the agreement, said his negotiating team was now formally
recommending that the leaders
of EU member states agree to
advance the talks when they
meet next Friday.
“I believe we have now made
the breakthrough we needed,”
Mr. Juncker said.
Mrs. May, who has been under pressure from competing
court of its most senior members, some of whom have also
been vocal opponents of the ruling Law and Justice party. The
second law would allow parliament, where Law and Justice has
a majority, to appoint most of the
members of a judicial body that
would then choose who replaces
those retired judges.
—Drew Hinshaw
Trade balance
Bill Forces Top Court’s
Justices to Retire
growing power.
The pair of bills, likely to sail
through the Senate, escalate a
battle over the future of the
country’s democratic institutions
that involve recurrent protests
from the European Union.
Under the first of two bills
passed Friday, Supreme Court
judges must vacate their seats
at age 65. That would clear the
n-
POLAND
U.K. exports to
39% (£44.76) Germany
54% (£37.32)
46% (£32.07) France
56% (£36.93)
44% (£29.33) Netherlands
40% (£17.66)
60% (£26.09) Ireland
63% (£24.72)
37% (£14.62) Spain
61% (£23.25)
39% (£15.14) Belgium
55% (£20.66)
45% (£16.72) Italy
55% (£10.27)
64% (£10.04)
46% (£4.63)
Source: HMRC (goods); ONS (services)
factions within her party since
losing her parliamentary majority in June, said both sides had
made concessions. “I am optimistic about the discussions
ahead,” she said.
British Foreign Secretary Boris Johnson, who has sparred
with Mrs. May over Brexit,
cheered the prime minister, saying the country would remain
close to the EU while “taking
back control of our laws, money
and borders for the whole of the
U.K.”
Friday’s deal came together
after four days of intensive negotiations. They were sparked
on Monday when Arlene Foster,
the leader of the Democratic
Unionists, a Northern Irish party
that Mrs. May’s Conservatives
relies on for a parliamentary
majority, rejected a draft agreement Mrs. May was finalizing in
Brussels.
45% (£8.54) Sweden
36% (£5.61) Poland
54% (£5.47) Denmark
THE WALL STREET JOURNAL.
As Downing Street staffers
celebrated their annual Christmas party late Thursday, Mrs.
May and her top team were
sweating over final details. After
speaking to Ireland’s leader, Leo
Varadkar, and holding two latenight calls with Mrs. Foster, Mrs.
May got a few hours of sleep before heading to Brussels for predawn meetings.
The agreement includes a
British guarantee that the U.K.
will do what is necessary to
avoid customs checks on the
border between Northern Ireland and the south, but is ambiguous on specifics. It says that
unless other arrangements are
reached to avoid a hard border,
the U.K. will allow Northern Ireland to “maintain full alignment” with EU rules, so that
smooth economic cooperation
between Northern Ireland and
Ireland can continue.
CONGO
Rebel Group Kills
15 U.N. Peacekeepers
In the deadliest single attack
on a United Nations peacekeeping mission in nearly 25 years,
rebels in eastern Congo killed 15
peacekeepers and wounded over
50 others in an assault on their
The U.K.’s plan to quit the EU
single market and customs
union would effectively create
two economies on the island of
Ireland. That division is hard to
square with London’s declared
intention not to erect a physical
border between the U.K. and the
Republic of Ireland.
Anand Menon, professor of
European politics at King’s College London, said the breakthrough marks significant progress, raising the prospects that
the two sides would reach a final deal and making it much less
likely that talks would collapse.
But many of the big questions,
particularly around Ireland, will
test both sides, he said. “We
have no clue how to sort out the
Irish question,” Mr. Menon said.
“The EU knows as well as we do
that this is a holding pattern.”
The dispute over Northern
Ireland and trade foreshadows a
more complicated question at
the heart of negotiations: To
what extent will the U.K. agree
to be a rule-taker versus a rulemaker?
If Britain agrees to abide by
EU trade rules, it will minimize
trade barriers with the bloc. But
that would leave it less scope to
pursue independent trade deals
with other countries, such as the
U.S.
If Britain seeks a more distant relationship with the EU, it
will have more scope to control
its own borders and laws but
create trade barriers with EU
countries, which together constitute its most important trading partner.
EU chief negotiator Michel
Barnier warned that if Britain’s
red lines remain the same—leaving the EU’s single market and
customs union and being fully
independent of EU court rulings—a future trade deal would
likely resemble the EU’s merchandise-focused trade deal
with Canada.
British officials have said
they want a more ambitious
deal that includes the finance
sector and other services.
—Emre Peker in Brussels and
Paul Hannon in London
contributed to this article.
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV95-S
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A8 | Saturday/Sunday, December 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
WORLD NEWS
Sanctions Endanger Drug Maker
WASHINGTON—North Korea’s only World Health Organization-certified manufacturer
of medicines faces closure
within weeks if the United Nations doesn’t give the company
an exemption from new sanctions, the company’s top officials said.
Pyongsu Pharma was already struggling to produce
basic drugs as international
sanctions escalated, but a new
U.N. resolution approved in
September banning foreign
joint ventures with North Korea will force the company to
close if it doesn’t secure a special allowance. Pyongsu officers said the company had
made requests of several U.N.
member states.
“At this stage, no member
state has offered to do so,”
Rémy Lardinois, one of the
firm’s top officials, told The
Wall Street Journal. The U.N.
didn’t respond to a request to
comment.
Pyongsu’s
predicament
shows the challenge world
HOW HWEE YOUNG/EUROPEAN PRESSPHOTO AGENCY
BY IAN TALLEY
North Korean soldiers at a pharmacy. The country faces a shortage of key medicines, experts say.
leaders face in trying to
squeeze North Korea’s ruling
regime without further harming the isolated country’s endangered population.
Human-rights organizations
blame the country’s impoverishment on Kim Jong Un’s government, calling it one of the
world’s most oppressive regimes and criticizing it for prioritizing a nuclear-weapons
program and governing elites
over the care of its people.
“The state of health is terrible,” said Greg Scarlatoiu, executive director of the Committee for Human Rights in
North Korea. “There have been
very serious shortages for a
long time, particularly antibiotics, painkillers and other basic medicines.”
Without antibiotics, he said,
amputations are far more common. Multidrug-resistant tuberculosis has become one of
the country’s most serious
health problems, human-rights
groups and health experts say.
“DPRK faces a critical shortage of essential medicines,”
said Matthew Cochrane, a Red
Cross spokesman, using an acronym for the country’s formal
name. Mr. Cochrane said supply kits the Red Cross had contracted from Pyongsu over the
past decade to distribute in
the country were for medicines such as aspirin, paracetamol and zinc.
Another sign of the extent
of North Korea’s health woes
came in November, when a
North Korean soldier who was
shot while defecting into
South Korea was reported to
have been infested with parasitic worms, including a nearfootlong roundworm found in
his intestines. Besides inadequate health care, Mr. Scarlatoiu said the infestation is
likely the product of trying to
supplement scarce military rations with foraged foods such
as mice, snakes or fish.
Swiss- and Hong Kongbased Parazelsus Group,
through its subsidiary, Northern Development Pharmaceutical Consortium Ltd., started
Pyongsu Pharma with North
Korea’s Ministry of Health
more than a decade ago.
Parazelsus Chief Executive
Peter Zuellig, the former head
of Zuellig Group, an Asian conglomerate, said his firm decided to maintain links to its
joint venture with North Korea
so it could ensure the population maintained access to basic
medicines.
Asked about the sanctions
exemption Pyongsu is seeking,
Mr. Scarlatoiu said, in general,
that his organization supports
humanitarian assistance “that
is adequately monitored and
goes to the most vulnerable.”
Japan Missile Plan Puts North Korea Within Range
Japan plans to make its
first purchase of missiles that
could target North Korean military bases from long distance,
a military upgrade as a rising
nuclear threat from Pyongyang
sparks a regional arms race.
The decision, announced
Friday, includes the potential
purchase of missiles from
Lockheed Martin Corp. and is
likely to be welcomed by President Donald Trump. During a
visit to Tokyo in November,
Mr. Trump called for Japan to
buy “massive” amounts of mil-
itary equipment from the U.S.
Under Mr. Trump, the U.S.
has sought to push Japan to
upgrade its military capabilities and shoulder more of the
burden of its defense. Prime
Minister Shinzo Abe is largely
in agreement as he seeks to
loosen restrictions on the Japanese military.
However, the introduction
of new offensive military hardware may meet political opposition from those in Japan
who object to any change to
the nation’s official pacifism.
Following its defeat in World
War II, Japan renounced war
and has primarily relied on the
U.S. military umbrella for its
defense since then.
Japan’s Defense Ministry
said it would request around
$19 million in the next fiscal
year’s budget to buy the Norwegian-built Joint Strike Missile for Japan’s F-35 jet fighters. The JSM cruise missile
has a maximum range of
around 300 miles.
The ministry will also seek
funding to research how to
modify its F-15 jet fighters to
carry cruise missiles developed by Lockheed Martin, including the extended-range
Joint Air-to-Surface Standoff
Missile. The JASSM-ER has a
maximum range of around 620
miles, meaning Japan would
be able to reach North Korean
land targets with missiles
fired from aircraft flying close
to Japan.
The ability to target North
Korea from long distance
would help avoid danger from
Pyongyang’s antiaircraft missile systems. In May, North
Korea’s Kim Jong Un oversaw
a test of a surface-to-air missile system estimated by security scholars to have a range
of around 90 miles.
In a press conference, Defense Minister Itsunori Onodera
played down the use of the missiles against North Korea, saying Japan would continue to
rely on the U.S. to target Pyongyang’s bases in a conflict.
Japan’s plan to buy cruise
missiles is the latest step in an
arms buildup in Northeast
Asia as North Korea has accelerated its missile and nuclear
development in the past few
years. North Korea has tested
three intercontinental ballistic
missiles this year, as well as
other missiles that could hit
Japan and South Korea.
co Fo
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BY ALASTAIR GALE
BEIJING—China’s exports
and imports showed surprising strength in November, underpinned by a recovering
global economy and resilient
domestic demand.
Exports were up 12.3% from
a year earlier, the General Administration of Customs said,
accelerating from October’s
6.9% pace and well above the
6% economists had expected.
The upswing in global demand has led to nine straight
months of rising exports, a
factor in the country’s higherthan-expected growth in the
first three quarters—after two
years in which weak exports
dragged on growth.
Zhang Ning, a UBS economist, said global demand is expected to support the Chinese
economy in 2018, but he
warned of risks from U.S.-China
tensions, as the trade gap between the two broke $25 billion
for the sixth straight month.
It accounted for nearly 70%
of China’s total trade surplus
with all of its trading partners.
The continued widening is expected to trigger more protectionist moves.
—Grace Zhu
ly
.
North Korean firm
may close without
securing an exemption,
posing new health risk
Global
Demand
Lifts China
Exports
Growth Engine
China's exports, change
from a year earlier
20%
10
0
–10
–20
–30
2015 ’16
’17
Source: Wind Info
THE WALL STREET JOURNAL.
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2. Karate: Fighting Stance and Mobility
3. Karate: Anticipate but Never Strike First
4. Karate: End the Fight with a Single Blow
5. Tai Chi Solo: Find Your Flow
6. Tae Kwon Do: Power Is Speed plus Intensity
7. Tae Kwon Do: Seeking Perfection of Form
8. Tae Kwon Do: One-Step Sparring, Breaking Boards
9. Qigong: Martial Meditation for Energy
10. Kung Fu: Stances and Moving Drills
11. Kung Fu: Building a White Crane Routine
12. Kung Fu: Reaction Training and Combos
13. Kung Fu: Longer Range with Praying Mantis
14. Tai Chi Partnered: From Connect to Merge
15. Judo: How to Take a Fall
16. Judo: Disrupt Balance to Gain Advantage
17. Jujitsu: Pliable Grappling Methods
18. Muay Thai: Kickboxing with Eight Limbs
19. Muay Thai: Kicks and Combos
20. Muay Thai: Working in the Clinch
21. Jeet Kune Do: Why Bruce Lee Rejected Style
22. Jeet Kune Do: A Way to Find Your Own Way
23. Krav Maga: Responding to a Street Attack
24. Krav Maga: The Problem Dictates the Solution
25. Krav Maga: Taking Control of Attack Rhythms
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | A9
* * * *
OBITUARIES
CHARLES E. MERRILL JR.
1920 — 2017
FREDERIC SHARF
1934 — 2017
Merrill Lynch Scion Found
His Calling as an Educator
Entrepreneur Collected
Overlooked Artifacts
T
He finally found his calling in
1958 as the founder and headmaster of a private school in Boston,
where he strove to uphold the classics and bring black and white
teenagers together. He gave financial support to African-American
scholars, including Alice Walker,
the novelist and poet. He later established a home in Poland, where
he was honored by the government
for services to education.
M
r. Merrill died Nov. 29 in
Nowy Sacz, Poland. He was
97.
Charles Edward Merrill Jr. was
born Aug. 17, 1920, and grew up in
the New York area. An early memory was hearing of the 1929 Wall
Street crash and asking, “Where
did all the money go? Who has it
now?”
World War II interrupted his
studies at Harvard. While serving
in Italy, he met Bernat Rosner, 14
years old, a Hungarian Jew whose
entire immediate family had been
killed at Auschwitz. After returning
to the U.S., Mr. Merrill arranged to
bring the Hungarian teenager to
St. Louis to live with his family
BELMIRO DE AZEVEDO
1938 — 2017
Tycoon Kept Close
Tabs on Empire
Even after becoming one of
Portugal’s richest men, Belmiro
de Azevedo liked to keep his employees on their toes, making surprise visits to stores in his Continente retail chain and personally
tracking the evaluations of executives across his conglomerate.
Such attention to detail helped
propel Mr. de Azevedo from humble origins to the billionaire
owner of conglomerate Sonae
SGPS SA, in a career that traversed some of Portugal’s most
turbulent times.
Under Mr. de Azevedo, Sonae
rode a wave of growth in Portugal, which modernized quickly after joining the European Union in
1986. Mr. de Azevedo expanded
Sonae, moving beyond its indus-
trial origins into telecommunications, media and retail, and building it into one of Portugal’s
largest companies.
Despite his fortune, estimated
at $2.1 billion this year by Forbes,
Mr. de Azevedo prided himself on
being a frugal man.
“I often say the difference between being born and dying is a
suit and a pair of shoes,” Mr. de
Azevedo said in 2005. “People
forget that, but they don’t take
anything with them. Only the
Egyptians put jewelry in their
tombs.”
Mr. de Azevedo died Nov. 29 in
Porto, Portugal, of pneumonia. He
was 79.
—Jeannette Neumann
and Patricia Kowsmann
Read a collection of in-depth
profiles at WSJ.com/Obituaries
No one’s napping in this scene from ‘Law & Order True Crime.’
n-
asleep…not just dozing.”
Judge Berman said when the
juror was asked during jury selection what he did in his spare
time, the juror said sleep. “He
seemed like a very nice fellow,”
Judge Berman added.
Judge Berman declined to
comment further on the dismissal.
In Brooklyn federal court last
week, U.S. District Judge Pamela Chen addressed a somnolent juror in the trial of three
former South American soccer
officials accused of corruption.
“And as I am speaking to you,
you are yawning,” Judge Chen
said, telling the juror that he
seemed to be asleep and struggling to stay alert. The juror
collected his backpack, beanie
and glasses and was excused.
A clerk for Judge Chen said
she doesn’t comment on active
trials.
The Sixth Amendment guarantees the right to a speedy trial
before an impartial jury. American colonists adopted the centuries-old English concept of using laypeople to determine guilt
or innocence, partly because
colonists trusted fellow citizens
more than they trusted British
judges, says Valerie Hans, a Cornell Law School professor.
To keep jurors attentive, Ms.
Hans says, more courts could allow jurors to take notes during
testimony—a practice some
states previously banned because judges thought note-taking was distracting.
Veteran attorneys have strategies to combat lethargy: Ask
the judge to take a break before
an important witness; place lessexciting testimony in the morning, not during the post-lunch
food coma; walk close to the jury
box and speak loudly. Judges
may make eye contact with a ju-
no
Continued from Page One
eral judge in Brooklyn for 22
years. “We’re the dullest people
in the world, for Christ’s sake.”
In a typical criminal trial, 12
jurors in a boxed area listen for
hours at a time to testimony,
with a few breaks and a lunch
hour. Some trials last several
months. “Every lawyer thinks
they’re saying the most interesting thing anybody could ever
hear,” says Mr. Gleeson, now a
partner at Debevoise & Plimpton LLP. But trial testimony, he
says, can be “deadly boring.”
Jury consultants say the ennui is exacerbated by shrinking
attention spans of the smartphone era.
During jury selection, the
judge and lawyers interview
prospective jurors to find biases, including questions about
hobbies, news sources and
other topics. Lawyers say they
watch for prospects already
napping during jury selection.
When lawyers see a slumbering juror, “it is a total blow to
the ego,” says Sarah Coyne, a
former federal prosecutor and
now a partner at Weil Gotshal
& Manges LLP.
There are no concrete rules
for when a judge should dismiss a
juror for sleeping. Lawyers say it
depends how long they were napping and whether they snoozed
through crucial testimony.
In one current trial, Manhattan federal prosecutors are seeking to convince a jury that a Turkish banker is guilty of helping
Iran evade U.S. sanctions. The
testimony has focused on emails,
spreadsheets and wiretapped
calls translated from Turkish.
The alleged scheme is so
complex prosecutors asked one
witness to draw the banks and
front companies involved on a
large sheet of paper. By the end,
the witness had drawn a maze
of boxes connected by multicolored lines and arrows to indicate the money flow.
One juror was visibly asleep
throughout the first week, his
head propped in his hand or
rolled into his chest. Occasionally, he awoke to sip water or jot
notes. His eyes were closed during much of the government’s
most important witness testimony. Late last week, U.S. District Judge Richard Berman dismissed the juror, telling the
court he was “really sound
JUSTIN LUBIN/NBCU PHOTO BANK/GETTY IMAGES
JURY
M
co Fo
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he two sons of Charles E.
Merrill, founder of the Merrill Lynch securities firm,
faced the same test: how to
emerge from the shadows of a
domineering father.
James Merrill solved the problem neatly by becoming a poet and
winning a Pulitzer Prize. Charles E.
Merrill Jr., the older half-brother
of James, had a longer struggle before finding his path.
Their father was an All-American success story who helped extend investing to the middle
classes—bringing Wall Street to
Main Street, as he put it—and financed the Safeway grocery chain.
He shuttled between mansions in
Palm Beach and Long Island.
Charles Jr., by contrast, loved
opera and read playwright Henrik
Ibsen instead of attending highschool basketball games. He
branded himself a socialist partly
to annoy his father and wore a Polish military cape at Harvard University. He was apologetic about
what he called the “undeserved”
wealth from his trust fund.
After serving in the Army in Italy and North Africa during World
War II, the younger Mr. Merrill
helped found a private school near
St. Louis and taught there in the
late 1940s and early 1950s. He ran
for a seat on the St. Louis County
Council. Though he won support
from “Jews and Negroes, homosexuals and intellectuals and people
who left rusty lawn furniture in
their driveways,” as he wrote later,
he lost the election.
So, in 1955, he moved his wife
and children to Paris. One goal was
to hang out with intellectuals of
the sort found in Parisian cafes.
They ignored him. Worse, despite
his elegant writing style, he
couldn’t find publishers for his
novels.
and attend high school. Mr. Rosner
became a Harvard-trained lawyer
and spent his career at Safeway.
While struggling with his novels
in Paris in the mid-1950s, Mr. Merrill was interrupted one day by his
eldest daughter, who wanted help
understanding a poem. He enjoyed
that lesson so much that he resolved to return to teaching.
With money from a family foundation, he bought two brownstones
in Boston’s Back Bay section and
converted them into the Commonwealth School. It opened in 1958 as
a private high school. Mr. Merrill
ran the school and taught history
and Bible studies. He provided subsidies to allow children from poor
black families to join.
The student uprisings of the late
1960s tested Mr. Merrill. Though
he sympathized with the protesters, he resisted calls for students
to do whatever they pleased. He
stood by Chaucer and calculus.
“The enthusiasts who believed
in the goodness of human nature
and rejected concepts of sin, authority and punishment had literally no notion of what to do when
human nature proved evil,” he
wrote later.
The school survived and now
has 147 students in grades 9-12.
He is survived by his second
wife, Julie Boudreaux, an American-born teacher in Poland. His
first wife, the former Mary Klohr,
died in 1999. Other survivors include five children, eight grandchildren and six great-grandchildren.
Mr. Merrill didn’t believe in simple solutions to social problems. In
a 1975 letter to new faculty members, he wrote: “We learn to live
with what we have to, and after a
while the situation changes and
something else comes up.”
rigor of a scholar. He wrote dozens of books and catalogs. His
collections were displayed at Boston’s Museum of Fine Arts and
other museums, as well as at hospitals, which Mr. Sharf believed
could use more interesting waiting-area diversions. He donated
many of his collections to the
Museum of Fine Arts and other
institutions.
Mr. Sharf inherited a business
that distributed toys and sporting
goods. He turned the business
into an agency representing professional hockey and tennis players. His first client was the
hockey star Phil Esposito.
Mr. Sharf died Nov. 27 in Palm
Beach, Fla. He was 83.
—James R. Hagerty
ly
.
BY JAMES R. HAGERTY
any collectors become obsessed with a certain
type of object. For Frederic Sharf, one thing led to another.
Starting at age 12, he bought
paintings, notably those of the
Hudson River school and 19th
century New England landscapes.
Over the next seven decades, he
diversified into Japanese woodblock prints, architectural drawings, travel diaries, fashion illustrations, ladies’ scarves, nurse’s
uniforms and model cars and
trains, among many other things.
Mr. Sharf, who lived most of
his life in the Boston area, studied the historical context of the
items he collected with the intensity of an enthusiast and the
ror next to a sleeper and motion
to elbow that person awake.
The government and defense
are generally careful not to call
out a sleeper in open court to
avoid turning the juror against
their side. Former prosecutors
say jurors may suffer shock
when a trial is much slower
paced than trials on shows such
as “Law & Order.”
“On a murder case, if you
have 150 pieces of evidence, you
have to put an officer on the
stand” to testify about each one,
says Vincent Cohen, a Dechert
LLP partner who was once acting U.S. attorney in the District
of Columbia. “They don’t show
that on TV.”
A sleeping juror is often
viewed as negative for the prosecution, because the government has the burden to prove
the defendant’s guilt beyond
reasonable doubt. The situation
gets particularly awkward if a
judge falls asleep. “Everybody
knows, so you just keep going,”
says Steven Feldman, a former
federal prosecutor now working
at Murphy & McGonigle. “When
you really need the judge, you
say ‘objection’ really loudly, so
the judge comes awake.”
Sometimes, there’s reasonable doubt a closed-eyed juror is
asleep. During a recent retrial in
Palm Beach County, Fla., defense
lawyers alleged in court filings
that a juror slept through critical
testimony. After the guilty verdict, they asked Judge Glenn
Kelley to order a new trial.
Judge Kelley said in court he
saw the juror was closing her
eyes while still moving her
hands and thumbs—a sign she
was awake. (A court manager
says the court prohibits judges
from commenting to reporters
on open cases.)
The judge denied the motion.
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A10 | Saturday/Sunday, December 9 - 10, 2017
* ***
THE WALL STREET JOURNAL.
IN DEPTH
‘I heard the word heroin. I remember thinking, no, that can’t be
real...My mom radar was obviously pretty screwed up.’
ly
.
Joline Gutierrez Krueger, newspaper columnist and mother of six
KREUGER FAMILY
Ground zero
Friends and family gathered in the yard of Joline Gutierrez Krueger’s house outside Albuquerque, N.M., where they have a memorial
for Devin Glenn, right, who was Ms. Krueger’s oldest son. He had used heroin while living at home and overdosed in his room.
Parenthood
n-
For five years around the
time Devin was born in 1993,
Ms. Krueger wrote about her
life as a parent in a weekly
newspaper column called “The
Mother Load.” She had been
an editor for the now-defunct
Albuquerque Tribune before
beginning the column, which
documented such milestones
as the day Devin first stood.
“I heard that word I had
waited for for so long.
‘Mama’…My baby son knew me
by name,” she wrote about a
year after he was born.
Ms. Krueger, who had written stories about the state’s
overburdened child welfare
department, felt a special empathy for abandoned children.
Beginning when Devin was 2
years old, she and her thenhusband Mike Glenn started
taking in foster children, eventually adopting five of them.
Donald, David and Chris came
from troubled families, Ms.
Krueger said; Nik and Alicia’s
birth mothers had been addicted to crack cocaine.
The family house, a rustic
one-story off a twisting mountain road above Albuquerque,
was usually hectic. There were
rides to and from school and
Saturdays crammed with
youth soccer games and swim
meets. During spring break,
the family would head to the
Gulf Coast for beach vacations.
The tumult of raising six
children, including two with
special needs, strained the
marriage. Donald and David
each had intellectual disabilities, and Nik also exhibited behavioral problems that Ms.
Krueger chalked up to the
crack habit of his birth
mother. In 2004, with their
children 11 years old and younger, the couple divorced, leaving Ms. Krueger to juggle work
and family.
She stayed on good terms
with her ex-husband, who remarried and lived nearby,
sometimes taking the children
to his house several times a
month. Yet, she said, she often
felt overwhelmed.
no
Long before the tide of opioid addiction overtook the
blue-collar towns of New England and the Rust Belt, New
Mexico had already suffered.
Some public health experts
trace the state’s first uptick in
heroin use to the late-1970s,
among Vietnam veterans who
returned home to the rural
hamlets of Northern New Mexico, as well as the Albuquerque
region’s South Valley
In 1999, New Mexico had
the highest rate of drug overdose deaths in the U.S., a grim
distinction it held for all but
one year until West Virginia
took the top spot in 2010, according to the Centers for Disease Control and Prevention
and state data.
In 2010, Ms. Krueger wrote
a column for the Albuquerque
Journal about a recent graduate of Eldorado High School
who got hooked smoking heroin and died. Two years later,
she wrote about the 16 yearold daughter of a restaurateur,
who developed a heroin habit.
It killed her, too.
As the drug traveled from
the ramshackle adobe houses
of the South Valley to middleand upper-class neighborhoods in the city’s foothills,
Ms. Krueger pleaded with her
children: “Please promise me,
you’ll never try heroin.”
She talked about her columns with Devin, filling in the
gruesome details she had left
out of the newspaper.
“He just would roll his eyes
and say, ‘Mom, don’t worry.
Heroin scares me. That is one
thing I’m not going to try,’”
she recalled him saying. Ms.
Krueger believed him, just as
she always had.
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Continued from Page One
Nurses and doctors swarmed
him. Ms. Krueger marveled at
the medical staff’s focus before jolting back to the horror
that it was her son they surrounded.
Devin’s heartbeat restarted,
but his brain was likely damaged from a lack of oxygen.
While Devin survived on life
support and during the hazy
hours that followed, Ms. Krueger pressed Nik and Devin’s
friends for answers: How long
had Devin been using heroin?
Did they know about it?
Devin, a brawny 6-foot-4,
330 pounds, had seemed fine.
At age 23, he drank, sure, and
smoked pot, she said—but
heroin? How could this have
happened with a son living under her own roof, someone she
saw every day?
Ms. Krueger had written
about the drug’s grip on New
Mexico, and the price paid by
grieving families. She understood more than most the
signs of heroin addiction and
the consequences.
She had told her children,
over and over, Please, whatever you do, don’t go down
that path.
“I was the educational
mom,” Ms. Krueger said, sharing what she learned as a reporter. She knew of stricter
parents who had set rules and
were convinced their children
would never use hard drugs
only to later discover hidden
addictions. In the end, she
fared no better. “My mom radar was obviously pretty
screwed up,” she said.
Even parents who do their
best to know their children
and guide them into adulthood
seldom find the passage simple or easy. Sometimes it is
painful. This account is based
on interviews with family and
friends, as well as medical reports and court records.
CAROLYN VAN HOUTEN FOR THE WALL STREET JOURNAL (2)
OPIOID
Drug-Death Migration
New Mexico had the highest rate
of drug overdose deaths in the
U.S. during the first part of the
21st century, until it was
surpassed by states hard hit by
the opioid crisis.
W.Va.
N.H.
Ky.
Ohio
N.M
50 deaths*
40
30
Wild streak
20
10
0
1999
2005
’14’15
*Per 100,000 total population
Source: National Center for Health Statistics
THE WALL STREET JOURNAL.
Early March 8, Nik was in
his room crying over a
breakup. Devin came in and
threw a giant arm around his
brother to console him. They
decided to play videogames,
Nik said, but first Devin
wanted a shot of heroin. Minutes later, Nik went into
Devin’s room and saw his
brother slumped on the bed.
Nik tried to rouse him. He
reached into his pocket for a
dose of Narcan and shoved the
medication up Devin’s nose.
His brother let out a gasp,
then fell still again. “Devin,
wake up!” Nik shouted. “WAKE
UP!”
Nik ran to the phone in the
kitchen and called 911. The
dispatcher told him to try CPR
while an ambulance was on its
way. Nik got his brother Donald to help haul Devin off the
bed. Donald, 20, was crying.
As Nik tried to resuscitate his
brother, Devin vomited. The
ambulance arrived minutes
later.
At the hospital, friends and
family crowded into Devin’s
room. Nik felt their eyes on
him. “You guys all knew this
and nobody told me?” Ms.
Krueger said. Nik curled into a
ball of grief and guilt on the
floor.
A doctor told Ms. Krueger
that tests showed Devin’s
brain was so damaged that
even if he regained consciousness, he would remain in a
vegetative state.
The medical staff needed
Ms. Krueger and her ex-husband to decide what to do
next. They chose to remove
Devin from life support that
night. He died not long after—
about six hours from the moment he put the last needle in
his arm.
At home, Ms. Krueger
scrolled through Devin’s cellphone and found his text messages with the woman who
had sold him heroin. She
picked through the clutter in
his room, where Nik dug out a
knapsack filled with syringes.
Recollections pieced together a disturbing pattern,
Ms. Krueger said, clues too
late to help: Devin switching
to long-sleeve, button-down
shirts that hid his arms. Paychecks that quickly disappeared. Requests to borrow
money.
She also remembered times
when Devin would call to ask
when she would be home.
“Devin was very good at hiding the fact that while he was
high, I never saw him,” she
said.
Nik blurted out what he
knew, telling his mother that
he feared she would never believe him. She told him he was
probably right.
In a column about her grief,
Ms. Krueger wrote: “I had
missed every sign, a failure of
my motherhood, an egregious
violation of the natural order
of things that I should be alive
while he is dead.”
Ms. Krueger joined a support group of foster mothers,
who jokingly called themselves
the “Insane Mom Posse,” after
a hip-hop duo. She bought
how-to-parent books, hoping
to mine any nugget of childrearing advice.
Devin didn’t have his brothers’ developmental problems.
Death by Drugs
The rate of fatal drug overdoses in the U.S.
16 deaths per 100,000 total population
14
12
10
8
6
4
2
0
2000
’05
’10
’15
Source: National Center for Health Statistics
THE WALL STREET JOURNAL.
But he suffered his share of
bullying in elementary school
over a temporary condition
called encopresis, which
causes children to occasionally
lose control of their bowels.
By high school, Devin grew
more confident, and Ms. Krueger relied on him to care for
his siblings when she was late.
He was interested in chemistry, but his grades fell by the
end of his sophomore year.
Devin turned from schoolwork
and smoked pot with friends,
gravitating to social outcasts.
Ms. Krueger was thrilled
her son had friends but lectured him on ways marijuana
hampered brain development.
By the 11th grade, after
many parent-teacher meetings
and arguments at home, Devin
quit school. He planned to get
a GED certificate and travel.
“I was really mad,” Ms.
Krueger said. “But short of
handcuffing him, there was
nothing I could do with such a
stubborn kid.”
Devin moved to Taos, N.M.,
where he lived and worked on
a goat farm. He and friends
traveled the West in an RV,
busking for money. He learned
to brew beer. Ms. Krueger said
she saw a restiveness she recognized from her own youth.
Devin’s father was worried.
His son seemed depressed and
edgy when he stopped by, and
he drank too much, Mike
Glenn said. Devin would storm
off when he tried to speak
with him about it.
Yet, there were promising
signs. Ms. Krueger helped him
get a $4,000-a-month job with
the state as a caretaker for
Donald and David, his younger
brothers with special needs.
The pay allowed Devin to contribute $500 in rent at home.
Devin cut down on his
drinking and began working
out after a doctor warned him
that an exam revealed signs of
a fatty liver. He also was forg-
ing a new relationship with a
young woman in Texas whom
he had met online.
Ms. Krueger said Devin was
the only one of her children
she could talk to about her
day, usually in the evenings
over craft beers on the porch.
It was Nik who kept Ms.
Krueger up at night. By the
10th grade, he also had
dropped out of school. Nik got
work as a janitor and a dishwasher at Ruth’s Chris Steakhouse. The baby-faced teen
had a temper, usually directed
at his mother—and sometimes
at Devin.
Finding shelter
One night about a year ago,
Nik came home late and saw a
light in his big brother’s room.
He nudged open the door.
Devin’s hulking frame was
stooped over, one hand clutching a syringe. Nik’s heart sank.
Devin had always been Nik’s
protector and confidant. He
had introduced Nik to hiking,
videogames, the Wu-Tang Clan
and Louis Armstrong.
“Are you crazy?” said Nik, a
slight 5-foot-5 teen, to Devin,
a towering, bearded 300-plus
pounds, gripping the syringe
filled with black liquid.
Devin confided in him that
he was deeply unhappy and
cared little about where his
life was headed. His online relationship wasn’t going well,
Nik said, leaving Devin, long
past his teens, still without his
first romantic partner. Devin
said heroin helped him get
over the setback, and that he
knew his limits.
Unable to watch his brother
stick the needle in his arm,
Nik left the room.
Nik agonized whether to
tell their mother. Devin had
been the one to leap to his defense after Ms. Krueger had
threatened to kick Nik out of
the house for smashing a door
in anger. Another time, Nik
called the police on Devin after an argument turned physical. Devin spent the night in
jail. Ms. Krueger was furious
at Nik, but Devin forgave him.
If Nik revealed Devin’s secret, his mother probably
wouldn’t believe it, coming
from the son who couldn’t
seem to steer clear of trouble.
As long as he could remember,
Nik said, Ms. Krueger could
see no wrong in Devin.
Nik said he decided to just
keep a close watch on his
brother. From what he saw,
Devin sometimes went weeks
without using heroin and
didn’t seem to suffer from the
withdrawal. But when Devin
was on heroin, he used a lot,
Nik said, pumping the drug in
his arm and drifting into unconsciousness.
Nik was overwhelmed by
the burden and felt rudderless
in his own life. One night in
January, he was playing videogames with Devin and impulsively asked if he could try
smoking heroin. Devin passed
a black globule of the drug
and, along with a friend there,
showed Nik how to put it on a
strip of aluminum foil and
heat it with a lighter, inhaling
the fumes through a straw.
He soon joined Devin, injecting the drug. Sometimes
the brothers used heroin with
Devin’s friends. One described
the drug like an overpass—
shelter from a rainstorm raging around them. After awhile,
Nik said, he agreed.
By February, Devin’s friends
began having to revive him
with the overdose-reversal
drug Naloxone, spraying the
solution up his nose when
Devin was unresponsive.
Heroin and other opioids
can slow the respiratory system to a standstill, causing
death or a coma. Naloxone,
which blocks the effect, is sold
at pharmacies in New Mexico,
typically under the brand
name Narcan.
Last needle
Nik recalled a time when
Devin, high on heroin, sat listless outside a friend’s house,
an unlit cigarette sagging from
his mouth. When the friend
couldn’t wake him, he squirted
Narcan in Devin’s nose. After
that, he gave Nik five doses of
the antidote to keep handy.
“What if mom has to bury
you?” Nik recalled asking his
brother.
“She’s probably going to,”
Devin said.
Burden of guilt
Ms. Krueger opened her
house to Devin’s friends, who
began sleeping in Devin’s old
room, leaving behind their
empty beer cans and ragtag
belongings. They brought
comfort, she said. Maybe she
could help straighten up their
lives after having failed to
safeguard her son.
Nik blamed himself for not
speaking up earlier. Ms. Krueger assured him that he
couldn’t have saved his
brother. She tried to get him
into therapy.
One night in June, Nik cut
himself with a kitchen knife,
and Ms. Krueger called the police. Nik was committed to a
mental-health facility for a
week. After returning home,
Nik said he felt better. He
tried to take on more of
Devin’s role, helping ferry
Donald and David to school
and to appointments.
Nik didn’t tell his mother
that he had kept using heroin
for several months after his
brother died. He lied to her
when she found needles in an
empty beer bottle. Nik said he
has since quit the drug.
On some days, Ms. Krueger
parks outside a small beige
house that Nik had showed
her. Devin used to buy heroin
there. She watches for anyone
going in or out.
She imagines knocking on
the door and confronting whoever answers: Do you remember selling to a young man
named Devin? He was my son.
And the stuff you sold killed
him. Did you know that?
After sitting in her car a
while, she instead drives
home.
—Adya Beasley
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 9 - 10, 2017 | A11
* * * *
OPINION
THE WEEKEND INTERVIEW with Tom Cotton | By Jason Willick
involvement in what was then Yugoslavia. “You had Cold War
doves”—including the liberal humanitarians of the Clinton administration—“that were beginning to
sound like Teddy Roosevelt, ready
to charge up the hill. That pattern
consistently repeated itself” in
subsequent years.
When it comes to America’s
present challenges—from Iran to
North Korea, China to Russia, Syria
to Ukraine—Mr. Cotton, a conservative Republican, is squarely on
Team Roosevelt. “There is always a
military option,” he says. “That is
the case everywhere in the world.”
But he believes that the lack of a
clear organizing principle for how
and when to use that power has
knocked America’s global strategy
off kilter. It also has created a divide between foreign-policy elites
and what Mr. Cotton calls “Jacksonian America”—heartland voters
who favor a strong national defense but are skeptical of foreign
entanglements and humanitarian
interventions.
“Foreign policy, to be durable
and to be wise, must command
popular support,” Mr. Cotton says.
Statesmen and diplomats “might
craft what they think is a wise
countries into America’s orbit? “I
know that many of the countries in
the Trans-Pacific Partnership who
thought they got a good deal from
the Obama administration have
pitched that line,” Mr. Cotton answers. “I know that Xi Jinping”—
China’s president—“has pitched
that line as well. I’m skeptical.”
Mr. Cotton’s view on TPP seems
less an exercise in antitrade philosophy than a bow to political reality: “Ultimately, the American
people simply did not want to ratify that agreement.” The voters
who swung the 2016 election to
Mr. Trump “believed that we
needed to make fewer economic
and political concessions to allies
than might have been necessary in
the Cold War to defeat the Soviet
Union.”
If Mr. Cotton sounds comfortable accommodating the Trumpist
mood on trade, he rejects the view
that the U.S. might be able to “get
along” with Russia, as Mr. Trump
frequently suggests. “Russia is the
great land power of the Old
World,” he says. “The United
States is the great maritime power
of the New World. Those facts will
never change; those facts will always create tension between our
nations.”
Mr. Cotton points to a book on
his coffee table, “Democracy in
America” by Alexis de Tocqueville.
“I assume you’ve read that book
over there,” he says. Tocqueville,
Mr. Cotton paraphrases, predicted
that Russia’s authoritarian spirit
and America’s democratic spirit
put the two countries on a collision
course. As Tocqueville puts it,
“each seems called by some secret
desire of Providence one day to
hold in its hands the destinies of
half the world.”
In discussing Vladimir Putin, Mr.
Cotton makes clear his prime concern is U.S. interests, not the Russian president’s dictatorial practices
at home. “I condemn Russia for
their atrocious treatment of their
own people,” he says. “But it’s of
graver concern that they are bombing our allies in Syria, or that they
are invading sovereign countries in
ly
.
primarily a naval and air attack
against its nuclear infrastructure.”
Mr. Cotton sees Iran as a greater
long-term challenge than North Korea. But Kim Jong Un’s nuclear
brinkmanship is the more immediate threat. “If I were the leader of
Japan or I were the leader of South
Korea,” he says emphatically, “and
I had any reason to doubt U.S. resolve to extend its nuclear deterrent to me, then I would absolutely
pursue nuclear weapons.”
Mr. Trump has suggested he is
relying on Beijing to help solve the
North Korea problem. Mr. Cotton
thinks that is unlikely: “China is a
rival in every regard. China is not a
partner.” He calls China’s 2001 admission to the World Trade Organization “one of the biggest failures
of post-Cold War foreign policy.” He
is fiercely critical of the view that
integrating China into the global
economy would cause it to liberalize internally. “Those who argue
that position,” he tells me, “should
have their judgment impeached in
future, similar arguments.”
the heart of Europe.” Russia’s various aggressions, he says, “spring
from the common core of Vladimir
Putin being a dictator.”
Mr. Cotton’s hawkish realism is
tinged with idealism. “It simply is a
fact,” he says, “that the American
people have moral aspirations
about America’s role in the world,
and about the Founding principles
of America being universal.”
There’s no contradiction, however,
if favoring democracy also serves
U.S. interests.
“The easiest way to prevent attack is to secure the Western Hemisphere,” he says, and “the easiest
way to secure the Western Hemisphere is to defend forward in the
Old World”—by which he means
the Middle East and Asia as well as
Europe. “In doing so, we would
need to have alliances and those alliances are easier to build with
countries that share our principles.
That doesn’t mean that we can only
work with democratic governments
or with capitalist societies, but
those are longer-lasting, more durable alliances.”
Mr. Cotton does not share liberal internationalists’ alarm over
developments in Poland and Hungary, both of which are consolidating power around populist parties
of the right. “Many of those Central and Eastern European countries are moving towards nationalism. and I think that’s an
understandable trend,” he says. “If
your nation had spent 100 years
being invaded and occupied and
facing genocide you might be
happy with the way you are as
well—which is small and politically, culturally, ethnically, linguistically homogenous. Much of the
turn in these countries . . . is
against the Brussels-driven transnationalist movement in Europe.”
co Fo
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The senator from Arkansas
has a worldview—even a
doctrine—that is hawkish
and realistic, though
tinged with idealism.
foreign policy—something that
Metternich or Bismarck might
draw up in his study,” he continues. “But without the support of
Jacksonian America, the people
who are going to cash the checks
that are written by elites in New
York and Washington”—that is, to
pay the price for intervention—
“no foreign policy can ultimately
be successful.”
On that score, he thinks the Clinton, Bush and Obama administrations all fell short. “Some of the interventions over the last 25 years, I
think, have been plainly unwise and
had very limited popular support,
and they’ve created foreign-policy
disasters,” he says. As a prime example, he cites the desultory 2011
air campaign in Libya, whose aftermath is now “destabilizing Europe
and creating new terrorist breeding
grounds.” President Obama, Mr.
Cotton argues, “probably did the
wrong thing” in helping to oust
Moammar Gadhafi while leaving
Bashar Assad alone. If the U.S. had
intervened in Syria and not Libya,
“we might have had a happier end
in both.”
What about Iraq, where Mr. Cotton served as a U.S. Army infantry
captain? The senator does not say,
as President Trump has, that the
invasion was a mistake—although
neither does he tell me, as he insisted as recently as 2016, that Iraq
was a “necessary, just and noble
war.”
Instead, he observes that the
war’s mismanagement alienated
voters and cost Republicans dearly.
The Bush administration, he adds,
erred in prioritizing democratic
ambitions ahead of the basic task
of securing the country: “There
was a belief in the immediate aftermath of the invasion in 2003
that we could simply fly the flag of
democracy, have an election with
some purple fingers”—the symbol
of proud Iraqi voters in 2005—
“slap a uniform on some people,
call it an army and declare victory.” On the other hand, he calls
the 2007 surge George W. Bush’s
“finest hour.”
For Mr. Cotton, the lesson from
Iraq is not that the U.S. should be
more circumspect about confronting
hostile powers. Rather, it is that security must come first—before “political reconciliation, economic development, democracy promotion,
human rights or anything else.
Without security, there’s nothing
else.” That’s one reason Mr. Cotton’s
hawkish approach to Iran emphasizes strictly military objectives, not
political or ideological ones. “Any
military action against Iran,” he
says, “would look more like Operation Desert Fox from Iraq in December of 1998 or Operation El Dorado
Canyon in Libya in 1986.” Those
were limited bombing campaigns
designed to punish misbehaving regimes. Mr. Cotton insists—controversially—that such an attack on
Iran would not require a sustained
military commitment: “It would be
n-
A
Washington
t 40, Tom Cotton of Arkansas is the youngest
member of the U.S. Senate. He was called a
young man in a hurry
four years ago when he announced,
during his first and only term in
the House, that he would challenge
the incumbent senator, Mark Pryor.
Now there is talk President Trump
may nominate him to lead the Central Intelligence Agency as part of
a national-security shake-up. Admirers have also suggested he is
presidential timber.
I met Mr. Cotton this week in
his Capitol Hill office to explore his
foreign-policy thinking. What
emerged was the outline of a coherent if contentious worldview—
one might even call it a doctrine—
that begins with a sense that U.S.
foreign policy has been adrift for a
quarter-century.
“The coalitions of the Cold War
rapidly began to break down as
soon as the Soviet Union dissolved,” Mr. Cotton says. That first
became clear during the debate
over the Balkan wars of the Clinton years. “You had some Cold
War hawks that were all of a sudden sounding like doves,” Mr. Cotton says, referring to conservatives who’d been staunchly antiSoviet but were wary of U.S.
KEN FALLIN
A Foreign Policy for ‘Jacksonian America’
A
t the same time Beijing is becoming more repressive at
home, it is challenging the
U.S. “in every domain, not just militarily, but politically and economically and diplomatically.” Mr. Cotton worries that China, a rising
power, can afford to play the long
game, and that “in many ways,
they’ve been beating us at that
game.” The U.S. needs to “join the
competition in every way,” including by conducting more freedomof-navigation operations in the disputed South China Sea. Yet in the
very long game, Mr. Cotton says,
America’s market liberalism gives
it a clear advantage: “Nothing in
China’s state-driven economy has
rewritten the basic rules of market-driven economics that have
made the Anglo-Americans the
dominant world power for 400
years.”
Has the Trump administration
undercut this advantage by pulling
out of the Trans-Pacific Partnership trade deal, which had been
designed to draw other Asian
T
his points to the obvious establishmentarian critique of
the Cotton Doctrine: that a
shortsighted focus on security over
values and national interest over
multilateralism risks damaging
American interests in the long run.
But there’s another, more serious
risk: that the impulse to send
American troops to so many chaotic and disorderly places cannot
hold the support of Jacksonian
America. If military intervention
leads to quagmire, it could widen
the gap between elites and the
public that Mr. Cotton says he is
trying to bridge.
If he can navigate around these
treacherous pitfalls, the Republican Party may one day be his. But
even if he can’t, his ambition to
ground America’s long-drifting
foreign policy is serious and valuable. The Cotton Doctrine represents a first draft of the GOP’s effort to rebuild a coalition that
began to fall apart not long after
the Berlin Wall.
Mr. Willick is an assistant editorial features editor at the Journal.
no
A Federalist Faces Down Lincoln’s Powerful Legislature
“I’m a big believer in
stealing other people’s good ideas,” Nebraska’s Gov. Pete
Ricketts tells me on a
visit to Hillsdale College, where I teach.
CROSS
COUNTRY “We have 50 states
that can implement
By John J.
ideas,” the 53-yearMiller
old Republican adds,
and “we’ve got a
great story to tell about some of the
things we’re doing in Nebraska.”
Last year, when raucous protests
and vandalism hit an oil pipeline under construction in North Dakota,
Mr. Ricketts dispatched state troopers “to figure out what North Dakota
learned.” He’s confident Nebraska is
prepared to confront any disruption
of the Keystone XL pipeline, which
cleared its final regulatory hurdle
last month. Another idea he’s thinking about stealing involves the opioid
epidemic. At last month’s meeting of
the Republican Governors Association, Mr. Ricketts learned that Kentucky has limited opioid prescriptions to as little as three days.
Every state has its own challenges,
and one unique to Nebraska is its
powerful Legislature, consisting of a
single chamber with 49 senators.
“When you have two chambers, you
have a natural check and balance on
the system,” Mr. Ricketts says, “but
here I end up being the only check
and balance.” A veto override needs
only a three-fifths vote, or 30 senators, rather than the two-thirds supermajorities required in Washington
and most state capitals.
In 2015, Mr. Ricketts’s first year
in office, the Legislature overrode
his vetoes of bills to raise gasoline
taxes, provide driver’s licenses to
illegal aliens, and abolish the death
penalty. Ten months into his term,
Governing magazine listed him as
“struggling.”
From his early difficulties Mr. Ricketts learned two complementary—or
perhaps paradoxical—lessons. One
was the importance of building ties to
lawmakers. “There’s no shortcut to
establishing those relationships,” he
says. The other: “You also have to
have the right people in the Legislature, people who are going to be philosophically conservative.”
‘I’m a big believer
in stealing other people’s
good ideas,’ says Nebraska
Gov. Pete Ricketts.
Nebraska’s Legislature is officially
nonpartisan, but most lawmakers announce an affiliation. In 2016 the
governor campaigned against five
Republicans who had voted to override his vetoes. Three of them lost to
Ricketts-backed challengers. “It
wasn’t about party. It was about issues,” Mr. Ricketts says. “Not all of
our Republicans are conservatives.
They lost their principled foundation.
We have a more conservative, better
Legislature now.” Meanwhile, voters
reinstated capital punishment by ballot initiative.
His campaigning paid off. This
year Mr. Ricketts used his line-item
veto to remove $56 million from a
spending package, while vetoing a
bill that would have restored voting
rights to felons. Nothing was overridden. The governor looks like a
shoo-in for re-election next year.
Mr. Ricketts was born in Nebraska
City, a town of about 7,000 some 50
miles south of Omaha along the Missouri River. Many people assume he
grew up rich, because his father, Joe
Ricketts, founded the brokerage firm
now known as TD Ameritrade, and
since 2009 his family has owned the
Chicago Cubs. But his father’s company didn’t enjoy breakout success
until after Mr. Ricketts had left home
for the University of Chicago. The future governor and his three siblings
were latchkey kids who went to public schools. He didn’t join the family
business until he was 29, and he
started in the call center before
working his way up to chief operating officer.
Mr. Ricketts says his business experience has served him well in office. He cites “Lean Six Sigma,” a process-improvement methodology he
has adapted from Ameritrade. More
than 12,000 state employees have
trained in it, and the governor’s office
issues jargon-filled press releases
such as this one: “In 2017, agency
process improvement coordinators
have completed 52 projects, eliminating over 1,300 non-value add steps.
This has reduced the lead time for
delivery by 9,200 hours.” To put it in
English: Businesses applying for tax
credits and nurses seeking license renewals have shorter waits.
Looking ahead, the governor says,
“we have set ourselves up tremendously for tax relief.” When commodity prices rebound, so will tax revenues. Mr. Ricketts has supported a
plan under which hitting revenue targets would trigger automatic tax
cuts. He wants to change the way Nebraska calculates property taxes, borrowing an idea from South Dakota
that leaves farmers and ranchers less
vulnerable to sharp fluctuations in
commodity prices.
Nebraska is already the fourthbest state in the country for doing
business, according to recent rankings from Forbes. When Yahoo
sought a $20 million expansion to a
data center near Omaha last year, it
filed an online application for a construction permit. The approval took
two days. Mr. Ricketts was pleased—
he says it would have taken weeks if
not months in California—but he
isn’t satisfied: “It should be less than
two days. It should be a day.”
What does Mr. Ricketts think of
Donald Trump? He was disappointed
when the president abandoned the
Trans-Pacific Partnership trade deal
and says he doesn’t want the North
American Free Trade Agreement to
“go away.” But he hopes Mr. Trump’s
protectionist bombast will deliver results. He recounts a conversation with
Candidate Trump last year. As Mr.
Ricketts made the case for TPP, saying
it would reduce Japanese tariffs on
American frozen beef from 38.5% to
9%, Mr. Trump replied: “Don’t you
want it to be zero?”
Mr. Ricketts credits Mr. Trump for
respecting the prerogatives of states.
“As a governor, I love this administration because the staffers actually
care what we think,” he says. The
federal obstacles blocking the Keystone XL pipeline were removed, and
the Obama administration’s aggressive interpretation of the Clean Water Act was rescinded. “They are true
federalists. They want to push the
power back to the states.”
Mr. Miller is director of the Dow
Journalism Program at Hillsdale
College, a writer for National Review, and the author of “The First
Assassin.”
Notable & Quotable: Strange
Sen. Luther Strange (R., Ala.)
speaking on the Senate floor, Dec. 7:
Across the hall is a space known as
the Marble Room. . . . It was once the
place where Senators of all stripes
would come to catch their breath and
take their armor off. Some would nap,
some would eat lunch, and all would
end up forming bonds that rose above
politics. Today, the Marble Room is
nearly always empty. . . .
What was once an incubator for
collegiality and bipartisanship has
become a glaring reminder of the divisions that we have allowed to distract us from the business of the
American people. . . .
The idea that the chaos and upheaval that we see today are somehow unique falls flat in the face of
monumental history. Pundits and politicians alike are too quick to speak in
superlatives, but chaos and change
are nothing new. . . .
The Senate was designed to accommodate conflict and profound disagreement. It was not . . . designed to
tolerate the entrenched factionalism
that dominates today’s proceedings. . . . As I prepare to leave this esteemed body, I urge my colleagues,
who will face many more challenges
ahead, to take these words to heart.
For the sake of our nation, I urge them
to return to the Marble Room.
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 9 - 10, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
T
The Economy Revs Up
M
Leandra English Hangs On
no
n-
ore than a week ago, a federal judge English is doing all day to earn her paycheck.
denied Leandra English’s request to The CFPB’s general counsel has said Mr. Trump
block President Trump from naming has the right to name an acting director under
someone else to run the Conthe Federal Vacancies Reform
The would-be CFPB
sumer Financial Protection
Act, so Mr. Mulvaney is legally
Bureau, but the George
in charge.
usurper still refuses
Costanza of federal bureauMr. Mulvaney is exercising
to leave the office.
crats still won’t leave. She’s
great patience in not sacking
burrowing in, still claiming to
her, no doubt to avoid giving
be the acting director, and still
her any evidence to assist her
issuing memos to staff that everyone ignores. court claims that she is in danger of “immiThe real acting director, White House budget nent harm” if Mr. Mulvaney is in charge. But
director Mick Mulvaney, is trying to run the given her great dedication to the job and the
place despite this resistance. Since Mr. Mulva- bureau, perhaps Mr. Mulvaney could give her
ney is calling the shots, we wonder what Ms. the Penske File.
T
Land Use Rules and Silicon Valley’s Cattle
Lee E. Ohanian and Edward C.
Prescott (“What in the Sam Hill Are
Cows Doing on Sand Hill Road?,”
Cross Country, Dec. 2) claim that
“land regulations” by local governments add “friction” to the economy,
and since 1980 have cost the economy some $375 billion.
They fail to acknowledge the
unique dynamics of the economy
within 10 miles of Sand Hill Road
over the last five decades: the highest rate of breakthrough patents in
the country and the dramatic displacement of New York as the leader
in total patents; the generation point
of nine firms that are among the 100
firms with the highest revenue in the
U.S. and the extremely dynamic and
successful infrastructure that supports entrepreneurial firms.
And they seem to disrespect one
of the main contributors to this
unique economy—a citizenry that is
active in local government. By voting
to protect their quality of life, these
residents have supported a mobile
work environment where workers
change jobs at twice the rate of any
other metro area, discouraged large
companies that could dominate the
local labor market and provided a
setting where collaboration across
firm boundaries is a natural part of
the workday.
Taking away local democracy (and
a few cows on Sand Hill) would only
undermine the dynamic essence of
Silicon Valley.
GREG SCHMID
Palo Alto, Calif.
Unfortunately I get an excellent
view of the bovines’ meal while sitting in four lanes of bumper-to-bumper traffic on Highway 280. The alternate route given by Waze has
turned into a two-lane disaster for
residents as well. Absent from the
economists’ analysis is any concern
for quality of life in the Bay Area.
The San Francisco Chronicle reports
that a poll by the Bay Area Council at
the end of 1997 found the biggest
problem we faced here was traffic
and transportation. I wistfully recall
the traffic levels of 20 years ago.
Many local school districts are
bursting at the seams while land
costs for new schools is unreachable.
The California approach of having
separate local governments and
school districts off-loads the capacity
problems to school districts which
are left to beg for bond money. As we
hunt for an incremental 2% of GDP,
there are easier and more sustainable
locales than the Bay Area.
JOSEPH BAYLOCK
Burlingame, Calif.
The land on which the cattle graze
is owned by Stanford University. The
property was originally part of Leland Stanford’s farm. It has been
used to graze cattle and horses for
over a century. According to campus
legend, California once had a tax on
land that wasn’t being put to productive use. Since Stanford didn’t and
doesn’t want to completely build out
the campus, it used the property for
its historical purpose, grazing.
Stanford is one of the few employers in Santa Clara County that builds
housing when it adds office space.
Those cattle are there to stay. But
their presence isn’t caused by restrictions on land use planning. It’s Stanford’s land and it can use it as it
pleases—subject, of course, to city
and county zoning and other restrictions.
EM. PROF. TONY LIMA
California State Univ., East Bay
Hayward, Calif.
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he Labor Department reported Friday 2008 recession. Even more striking is the rapid
that the U.S. created 228,000 net new decline in the jobless rate among workers over
jobs in November, in the latest sign that age 25 without a high school diploma. (See the
the American economy is
nearby chart.)
The jobless rate for
growing at a healthier pace.
These folks are supposed to
Could it be that “secular stagbe
the
least employable in our
non-high school
nation” isn’t inevitable and
skills-based,
information
grads is down to 5.2%. economy. Yet in November the
that better policies make a
growth difference?
jobless rate for these workers
There’s little doubt now
fell to 5.2% from 5.7% in Octothat the economy has reached a higher growth ber and 6.5% in September. That is lower than
plane over the past nine or so months. Growth any time since the Bureau of Labor Statistics bein GDP hit 3% in the second and third quarters, gan tracking this figure in 1992.
and all signs point to another in the fourth quarWhy has the economy improved? Faster
ter. That would mark the first such string of 3% growth abroad has helped, and central banks
quarters since 2014, after which growth fell back continue to be accommodating by any historical
to the 2% range.
measure. One of the threats to the expansion
The rising growth is touching most indus- will be when monetary officials raise rates and
tries and parts of the country. Manufacturing is pare back their balance sheets, as the Federal
healthy—note to Donald Trump and Commerce Reserve is beginning to do.
Secretary Wilbur Ross—thanks to growth
But the biggest change has been in U.S. ecoabroad and rising exports. The housing market nomic policy, notably the Trump Administrais doing well overall, and consumer confidence tion’s deregulatory efforts and the boost they
is high.
have given business confidence. Barack Obama’s
The best news may be the surge in small busi- economists dismissed regulation as a minor
ness optimism that began with the election and concern, and even called it a boon to growth, but
has persisted, as meathe costs of compliance
sured by the National
were real and added to
Federation of Indepenuncertainty. Businesses
dent Business. Small
held back because they
business confidence
didn’t know how or
has been depressed
when
government
compared with the typmight strike next,
ical economic expanwhich contributed to
sion, but NFIB’s hiring
historically low levels
index reached an allof capital investment in
time high in November,
this expansion.
and the sentiment is
That has begun to
making a difference in
change, and the main
the labor market.
promise of tax reform
The 228,000 new
is to create the incenjobs in November isn’t
tive to produce an ingangbusters but it is
vestment surge. The
healthy considering the
bet is that this will ingrowing tightness in
crease the pace of
the labor market. The
growth, with new injobless rate stayed at 4.1%, as new people en- vestments in labor productivity that will lift
tered the labor market, but the economy will wages. Wage gains have been modest so
need more workers to keep growing. Unemploy- far—2.5% over the past year—but if labor marment hasn’t been this low since it was 3.9% in kets stay tight that is bound to improve.
December 2000, before the dot-com bubble
There are risks to this growth scenario other
burst.
than monetary policy. One is a burst of trade
Some of our friends, including Stanford’s Ed protectionism from the White House, starting
Lazear on these pages Friday, point to the still- with a U.S. withdrawal from Nafta. Another is
low labor participation rate as a sign of labor a labor shortage exacerbated by a decline in imslack and room to grow. If rapid growth persists, migration that forces companies to hire human
rising wages and more opportunities will pull capital abroad. The latter two would be self-inpeople off disability and out of their parents’ flicted wounds that Mr. Trump has every politibasements.
cal incentive to avoid.
That’s plausible, and we hope it’s true beBut for now U.S. economic portents look as
cause Labor Department statistics show there good as they have in years. If Congress can get
is little slack in the market for current workers. its tax reform over the finish line without waterThe jobless rate among college graduates is ing down its pro-growth elements, “secular
down to 2.1%, which has to be near full employ- stagnation” may go down in history as one more
ment and is close to the lowest since before the failed progressive diagnosis.
LETTERS TO THE EDITOR
ly
.
REVIEW & OUTLOOK
Ethanol Hostages on Capitol Hill
rump Administration’s nominees should party brokers and an unpredictable market for
enjoy an easy path to Senate confirma- the credits.
tion, given GOP control of Congress and
HollyFrontier Corporation, a Dallas-based inthe White House. But the feddependent refiner, now spends
eral government’s warped eth- Energy policy favoritism more than $300 million each
anol policy is pitting cornyear on RINs, roughly the
imperils Trump’s
state Republicans against
equivalent of $10,000 per
nominees—again.
refinery-state Republicans,
month per employee. The exand the conflict has devolved
pense has forced the company
into a hostage crisis involving
to freeze hiring and defer capiseveral Trump nominees.
tal expenditure and investment.
Republican Senators Joni Ernst, Deb Fischer
Enter Sen. Ted Cruz, who wants corn-state Reand Chuck Grassley seized the first captives in Oc- publicans to make concessions to ease the pain
tober. Joining Democrats, they warned Environ- on his refining and manufacturing electorate. To
mental Protection Agency Administrator Scott force the issue, he has also taken a hostage: Bill
Pruitt not to reduce the standards for ethanol use. Northey, the Trump Administration’s nominee for
Unless Mr. Pruitt gave in to their demands, Mr. a senior Department of Agriculture post in which
Grassley threatened to “hold up EPA nominees.” he would control some of the USDA’s grant
Those up for ransom included Bill Wehrum, then money for biofuels infrastructure. Oh, and Mr.
nominated to guide the EPA’s far-reaching actions Northey would give up his post as Iowa’s secreunder the Clean Air Act as head of the Office of tary of agriculture, potentially freeing up the poAir and Radiation.
sition for Mr. Grassley’s grandson, state legislator
The Trump Administration buckled. Mr. Pat Grassley.
Wehrum was confirmed, but the EPA announced
Mr. Cruz’s hostage tactics have secured him
last week that it would increase the 2018 biofu- a meeting with Mr. Trump and Mr. Pruitt. On
els requirements to 19.29 billion gallons. The Thursday Mr. Cruz and a few other refineryagency has also agreed to retain its longstand- state Senators made the case at the White
ing compliance-credit scheme. Under that sys- House for independent refiners and manufactem, most independent refiners can’t blend turers. The RINs regime has imperiled the jobs
enough ethanol into their own fuel to meet the of many blue-collar union voters who swung for
mandate, so they’re forced to buy “renewable Mr. Trump in 2016.
identification numbers,” or RINs.
This Senate hostage-taking is unfortunate,
In creating an artificial market for these not least because it undermines the ability of
credits, the federal government set up a system the executive branch to govern. But this is what
ripe for speculation and abuse. RIN prices have happens when politicians decide to favor cerspiked from a few pennies to as much as $1.40 tain industries like ethanol at the expense of
over the years, and refiners and their blue-collar others. The political and economic damage will
workers remain at the mercy of blenders, third- grow as long as this policy continues.
Reduce Home Prices? Did You Enjoy 2006?
Regarding Edward Pinto’s “To Spur
Homeownership, Stop Subsidizing It”
(op-ed, Dec. 5): The thought that
homeownership can be increased by
devaluing all homes is an idealistic
and completely impractical premise.
With respect to housing, the current
U.S. tax code has existed for 100 years
and as a result has been institutionalized. It is baked into the fabric of the
U.S. economy. Entire industries are
built around the housing market, and
material changes have unintended
consequences.
Mr. Pinto recommends that we devalue housing across the board believing that if something is cheaper, more
people will own it. He fails to mention
the massive disruption such an acrossthe-board devaluation would have on
the U.S. economy. A general decline in
the value of homes, which the National Association of Realtors and others believe would range from 5% to
15%, would be catastrophic. We don’t
have to theorize because we have real
data: the great housing recession of
2006. A second devaluation of all
homes would be massively disruptive
and would likely plunge the U.S. economy into another housing recession.
Academics like Mr. Pinto enjoy classroom theoretical exercises and what-if
planning. What they don’t like are the
facts, as they get in the way of their
good story. Destroying home values
for hardworking U.S. families who still
haven’t fully recovered from the last
recession is a very bad idea.
RICHARD A. SMITH
Chairman and CEO
Realogy Holdings Corp.
Madison, N.J.
That’s a long way of saying if housing is cheaper, more people can buy.
So if the stock market drops 20%, I
guess that’s good too?
ERWIN ESCHERT
Tinton Falls, N.J.
Lois Lerner Can Come Clean; Obama Said So
Regarding your editorial “Lois Lerner’s Secrets” (Dec. 4): Lois Lerner,
former director of the Exempt Organizations unit at the IRS, publicly denied that there was any ideological
targeting in IRS reviews of applications from nonprofit groups. So if
her deposition testimony echoed her
public statements, she should have
no concerns about its release. Her
opposition to deposition transparency only makes sense if she walked
back her denial of IRS bias. As usual,
those on the left are passionate
about transparency unless it is their
private goose that is getting publicly
cooked.
There have been many incidents of
conservative speakers and government officials being harassed and
threatened on college campuses, but
little or no comparable intimidation
of liberals by conservatives.
If Ms. Lerner’s private comments
supported her public statements, she
should have no worry about disclosure or violence, unlike FCC Chairman Ajit Pai. The Journal reported
that activist left-wing protesters
were taking photos through the windows of the house where his wife
and two toddlers live (“The Weekend
Interview with Ajit Pai: Why ‘Net
Neutrality’ Drives the Left Crazy” by
Tunku Varadarajan, May 20).
As a general rule, deplorables in
the tea-party movement have no time
to participate in protests directed at
individuals and most are law-and-order conservatives. It is left-wing deplorables who give all deplorables a
bad name. Fortunately for Ms. Lerner, they love her.
LOU PETERS
Savannah, Ga.
plain why she personally approved
the Barack H. Obama Foundation request for tax-exempt status within a
month of the application. This request was submitted by President
Obama’s half brother who resides in
Kenya and has nothing to do with
President Obama. All the while she
stonewalled requests by Congress.
America demands a truthful answer.
THOMAS SUBLER
Versailles, Ohio
Ms. Lerner is not paying the IRS
settlement for IRS wrongdoing, the
American taxpayers are. The taxpayers have a right to look at her testimony.
STAN VANTIEM
Franklin, Tenn.
Why should Ms. Lerner and Holly
Paz have any reason to be concerned? After all, President Obama
told the American public that there
was “not even a smidgen of corruption” associated with IRS actions
pertaining to conservative organizations.
JIM HERRMANN
Flat Rock, N.C.
Pepper ...
And Salt
THE WALL STREET JOURNAL
Perhaps Ms. Lerner would also exLetters 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.
“Send your idea to my smartphone
and we’ll see if it vibrates.”
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | A13
* * * *
OPINION
A
l Franken has promised under pressure to step down
from the U.S. Senate “in
the coming weeks.” He was
not accused of such grave
crimes as rape or preying on underage children. He was accused instead
of grabbing, fondling, lunging at and
humiliating seven women. If true,
and I think we see a pattern here, this
would make him a pig, a bully and a
hypocrite. His departure, while personally sad, is no loss to American
democracy.
And a reminder for
Alabama voters and
social conservatives
that character is crucial.
It was not mad Puritanism that
chased him from office; it was his
colleagues’ finally, belatedly announcing and establishing standards
of behavior. This is not an unreasonable or unhelpful thing to do.
Journalists and political figures
of my generation have been wryly
remembering what we had to put up
with in the old days—how a woman
couldn’t get on an elevator with Sen.
Strom Thurmond without being
pinched or patted. All true. But even
Thurmond would not have survived
a photo of him leering over a sleeping woman and posing—deliberately,
perhaps sadistically, so the moment
could be memorialized—as he
grabbed or simulated grabbing her
breasts, which is what Mr. Franken
did. The Franken case represents not
a collapse of tolerance for flawed
Al Franken leaves the Capitol Thursday after announcing he plans to resign.
had the full support of his party, the
polls would not be close, and Mr.
Moore’s supporters would not be
daily denouncing Majority Leader
Mitch McConnell and the Republican
establishment.
The bitter tone was odd in a
speech summing up a political life,
but perhaps he means to extend it.
We’ll see. He spent a lot of time lauding the people of Minnesota.
Mr. Franken’s weakness as a political figure was having no sympathy for
those who disagree with him, not
bothering to understand how the
other side thinks, while always claiming for himself the high moral ground.
This now common attitude frays political bonds; once it was considered
poor political comportment.
Mr. Franken is a media master
who has spent his entire adult life in
front of a camera. He will no doubt
go on to write books, teach, go on
television. “I’ll be fine,” he said. Who
would doubt it? In coming years he
may slyly position himself as the victim, long ago, of a mindless moral
backlash. He is talented and this may
come to be believed.
As for the Alabama Senate election,
in a strikingly good New York Times
essay this week, Commentary’s
Sohrab Ahmari told Christian conservatives, especially those who’ll vote
next week, some things they needed
to hear. Mr. Ahmari stated forthrightly what many, including in this
space, have been casting about for
and not quite achieved.
Calling himself “a staunch social
conservative,” Mr. Ahmari addressed
evangelicals and social conservatives—“people I consider allies”—
about their embrace of Mr. Moore,
the subject of credible charges of sexual predation.
The question of how social conservatives “should practice politics in the
age of Trump” has again presented itself, Mr. Ahmari observes. The president offers them “an appealing menu
of policies and judicial nominations,”
and it is understandable that they’d
find them attractive “after a decade
during which the left embraced a new,
aggressive mode of secular progressivism and continued its war against tradition long after it had won most
courtroom and ballot-box battles.”
But “vulgar populists” exact too
high a price, Mr. Ahmari adds—
namely, “complicity in the degradation,
conspiracism, thinly veiled bigotry and
leader-worship that is their stock in
trade.” A public culture “informed by
ly
.
By Peggy Noonan
the Bible and traditional morality is essential to America’s constitutional order,” but the answer is not to accept “a
terrible bargain” by backing men such
as Moore.
Putting conservative judges on the
federal bench “is not the only path to
political success in America.” Mr.
Trump picked Neil Gorsuch, to his
credit. But any of the 2016 GOP contenders would have picked someone
similar. We look to our leaders not
only to enact policies but “to represent
our nation on the global stage with the
dignity that their offices demand.”
American exceptionalism takes a hit
every time the president demeans
someone on Twitter; the Senate will
be harmed if Mr. Moore is seated.
“Idolatry of class, nation, race and
leader is a constant temptation for
people of faith, and too many are succumbing to it today,” Mr. Ahmari
writes. Supporters of Messrs. Trump
and Moore are deeply and understandably pessimistic: “Many fear
that under secularism’s relentless onslaught, Judeo-Christianity will be
banished,” in time, from the public
square. “I feel similar angst.”
But in our time “the Christian idea
bested Soviet Communism, an ideology that was far more hostile to religious faith than America’s Enlightenment liberalism has ever been.” In
America, Christians have “the First
Amendment and freedom of conscience.” And there are other reasons
for optimism. The sexual abuse scandals themselves suggest liberals may
be rethinking “some aspects of the
sexual revolution.”
Noting that “Christians are called
to live in faith, hope and charity,” Mr.
Ahmari urges them not let fear drive
them to tie their fate to insufficient
and inadequate leaders.
It is sound if hard advice: Don’t let
your fears—even wholly legitimate
ones—drive you. Hold on, have faith,
retain standards. In the short term
this can be difficult. In the long run
it’s the only way to win.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
DECLARATIONS
human behavior but a rise of judgment about what is acceptable.
People speak of mixed motives and
say it’s all brute politics. The Democrats are positioning themselves for
the high ground should Republican
Roy Moore be elected. They’re aligning themselves with the passions of
their base, while clearing the way for
a probe into sexual-harassment accusations against the president. New
York’s Sen. Kirsten Gillibrand, who
led the charge that forced Mr. Franken’s departure, hopes to run for
president in 2020 as a champion of
women, so the move was happily onbrand. I don’t doubt all of this is true.
Little in politics comes from wholly
clean hands.
The speech in which Mr. Franken
announced he would leave was too
clever. Rather than a quick, dignified
statement in which he put the scandal on his back and bore it away, he
spoke on the Senate floor for 11 minutes. He milked it. Modesty was
called for, but he wasn’t modest. He
spoke of hard work and sacrifice, said
it often wasn’t fun, asserted he “improved people’s lives.” Of the
charges: “Some of the allegations
against me are simply not true. Others, I remember very differently.” He
seemed to want the female Senators
who’d asked him to step down to feel
guilty. As a senator, “I have used my
power to be a champion of women,
and . . . I’ve earned a reputation as
someone who respects the women I
work alongside every day.”
He named as a key issue fighting
for “kids facing bullying.”
He took a hard shot at President
Trump and Mr. Moore, finding “irony
in the fact that I am leaving while a
man who has bragged on tape about
his history of sexual assaults sits in
the Oval Office, and a man who has
repeatedly preyed on young girls
campaigns for the Senate with the
full support of his party.” The latter is
not true, and a professional like Mr.
Franken would know it. If Mr. Moore
ANDREW HARNIK/ASSOCIATED PRESS
Al Franken Departs Without Grace
Lorde of the Flies: Why College Students Reject Reason
T
he experience of being an outsider is central to the poetry
of Audre Lorde. So it’s curious
that Lorde, who died in 1992, has
posthumously become the ultimate
insider on American campuses, providing an ideological foundation for
today’s social-justice warriors.
It’s hard to overstate Lorde’s influence. Each spring, Tulane hosts a
“diversity and inclusion” event called
Audre Lorde Days. The Ford Foundation’s president, Darren Walker,
Meet the poet who
championed subjectivity
and what is now called
‘intersectionality.’
no
quoted Lorde in his 2017 commencement address at Oberlin, describing
her as “one of my sheroes.” The University of Utah has an Audre Lorde
Student Lounge, as well as LORDE
Scholars, an acronym for Leaders of
Resilience, Diversity and Excellence.
The University of Cincinnati hosts an
Audre Lorde Lecture Series each semester and is working on the Audre
Lorde Social Justice Living-Learning
Community, which will offer “gender
inclusive” housing, activities, collective projects and a supplemental curriculum. The university’s LGBTQ
Center director even has a tattoo of
a Lorde quote on her arm.
Lorde has also popped up in several high-profile campus controversies. The University of Missouri’s
student activists cited her as one of
their inspirations, along with the
Black Liberation Army’s Assata
Shakur. Last December, students at
the University of Pennsylvania took
down a portrait of Shakespeare in
the English Department, replacing it
with a printout photo of Lorde. The
swap was “a way of affirming their
commitment to a more inclusive
mission for the English department,”
its chairman, Jed Esty, explained.
Organizers of Evergreen State College’s infamous “Day of Absence,” in
which white people were urged to
stay away from campus, included
Lorde quotes in its promotions.
More fundamentally, higher education is obsessed with “intersectionality.” Lorde didn’t invent the
idea, but her adherents believe she
embodies it. The theory supposes
that different forms of discrimination act together to compound oppression. Lorde, who was black and
lesbian, claimed to write from the
perspective of “those of us who have
been forged in the crucibles of difference—those of us who are poor,
who are lesbians, who are Black, who
are older.” She described America as
“a country where racism, sexism and
homophobia are inseparable.”
In this hostile environment, she
wrote, “your silence will not protect
you.” For the multiply marginalized,
she added, “survival is not an academic skill. It is learning how to
stand alone, unpopular and sometimes reviled, and how to make
common cause with those others
identified as outside the structures
in order to define and seek a world
in which we can all flourish. It is
learning how to take our differences
and make them strengths. For the
master’s tools will never dismantle
the master’s house.”
Lorde’s campus acolytes see the
university as the “master’s house”
and Western thought as his tools—
which is to say that they espouse an
ideology that rejects the idea of a
classical education. Lorde claims to
offer an alternative. “When we view
living in the european [sic] mode
only as a problem to be solved, we
rely solely upon our ideas to make
us free, for these were what the
white fathers told us were precious,”
Lorde wrote in “Poetry Is Not a Luxury,” a 1977 essay.
She continued: “But as we come
more into touch with our own ancient, non-european consciousness of
n-
By Jillian Kay Melchior
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living as a situation to be experienced and interacted with, we learn
more and more to cherish our feelings, and to respect those hidden
sources of our power from where
true knowledge and, therefore, lasting action comes. . . . The white fathers told us: I think, therefore I am.
The Black mother within each of us—
the poet—whispers in our dreams: I
feel, therefore I can be free.”
In another essay, she asserts, “Beyond the superficial, the considered
phrase, ‘It feels right to me,’ acknowledges the strength of the
erotic into a true knowledge, for
what that means is the first and
most powerful guiding light toward
any understanding.” She defines the
erotic as “a resource within each of
us that lies in a deeply female and
spiritual plane, firmly rooted in the
power of our unexpressed or unrecognized feelings.” If student activists seem irrational, they’re actually
deliberately antirational, rejecting
reason as “white” and “male.”
And if they seem self-absorbed,
that is consistent with Lorde’s encouragement to turn inward. “Our
acts against oppression become integral with self, motivated and empowered from within,” she wrote.
Lorde also claimed that in an oppressive society, “caring for myself
is not self-indulgence, it is self-preservation, and that is an act of political warfare.” Ergo, when students
enjoy crayons and cookies in their
designated safe spaces, it is a revolutionary act.
Moreover, Lorde claims that “in
order to be utilized, our erotic feelings must be recognized”—and, if her
comments in a 1979 interview are
any indication, accepted unquestioningly. Lorde recounts how her interlocutor, the white feminist poetess
Adrienne Rich, had once told her during a conversation, “It’s not enough
to say to me that you intuit it.” Lorde
insists: “Even at the same time that
I understood what you meant, I felt a
total wipeout of my modus, my way
of perceiving and formulating. . . .
I’m used to associating a request for
documentation as a questioning of
my perceptions, an attempt to devalue what I’m in the process of discovering.” Skepticism or demands for
evidence are not only a personal affront but an example of the oppressive system at work.
Earlier this year, this newspaper
examined test scores and discovered
that at more than 100 American colleges, at least one-third of seniors
were incapable of making an argument or weighing evidence, among
other tasks of critical thinking.
Lorde’s influence would seem to
match her popularity.
Ms. Melchior is an editorial page
writer at the Journal.
The Long War on Donald Trump
Pressing in on many
of Donald Trump’s
critics finally is the
unreality of a PutinTrump conspiracy
to put him in the
White House, so
BUSINESS
now the switch has
WORLD
been to accuse him,
By Holman W.
after the election,
Jenkins, Jr.
of violating the Logan Act in demanding concessions from (not granting
concessions to) Russia on behalf of an
ally, Israel.
If that doesn’t work, he can be accused of obstruction of justice—the
crime of interfering in the investigation of noncrimes. His financial history is also ripe. And his sexual history. The Al Franken episode is a
Rubicon. Mr. Franken’s offenses may
be real but have so raised the stakes
that politicians must now live in fear
of even the false allegation.
So apparently closes a chapter in
which to doubt the Putin-Trump
conspiracy theory was a sign of
mental illness, which opened its
own can of worms. “Splitting” is a
mental symptom, all right, especially in borderline personality disorder. Splitting is also a method of
columnists. Example: All true things
about Donald Trump are bad, all
bad things about Donald Trump are
true.
Trump is guilty of something. It’s
Robert Mueller’s job to figure out
what, even if today’s theory of the
crime is the obverse of yesterday’s.
Splitting columns write themselves, and tend toward lists, as if piling up claims is a substitute for examining them. So Christopher Steele is
said to be a “credible” ex-spy, though
unasked is what exactly he was in a
position to be credible about: only
that he faithfully relayed claims made
by his source’s sources to his sources,
and a little bit about how this game of
telephone was set in motion—i.e.,
money was dished out.
Once upon a time, no reputable
paper would print a sensational
claim from a source who won’t
vouch for its truth, who got it from
a source he won’t identify, who got it
from a source he can’t or won’t identify, and all were paid.
Citing Mr. Steele’s credibility is
not even a competent appeal to authority, since his credibility derives
from a profession that specializes
partly in disinformation.
We could go on. Nothing in
George Papadopoulos’s charge sheet
for lying to the FBI suggests the
words “emails of Clinton” referred to
Democratic National Committee
emails. Yet this allowed the press to
assume the Trump campaign was in
touch with Russian intelligence
about a then as-yet-unpublicized real
crime.
You’d be surprised at the papers
that didn’t quote the words “emails
of Clinton” so as not to lend evidence
against their own assumption that
these were DNC emails. An honorable
exception was the Washington Post’s
Matt Zapotosky, who wrote: “But at
that time, it was well known that
Clinton had deleted tens of thousands of emails she deemed personal
from her private server. Those messages were of great interest to Republicans. . . . It was unclear to what
emails the professor was referring or
if he truly had access to any messages damaging to Clinton.”
Let us go now from the psychological motive to the sociological
motive—i.e. from self-deceiving to
others-deceiving: If a particular perception of an event somehow appears to have become the social
norm, people seeking to build or protect their reputations will begin endorsing it through their words and
deeds, regardless of their actual
thoughts.
So-called reputational cascades,
as described here in a 1999 paper by
Timur Kuran and Cass Sunstein, are
particularly powerful. Sean Hannity,
if confronted with proof of Trump
collusion, for the sake of commercial
survival would have to recant. But a
negative can’t be proved, so antiTrump conspiratorialists will never
have to recant, at least not until they
have something equally damning to
lay against Mr. Trump.
Just maybe, though, an intertwined story can start to be noticed.
“He was the top counterintelligence
agent and an asset to the bureau and
America.” Variations on this quote
appeared in several news stories
about Peter Strzok, the high-ranking
FBI official removed from the Mueller task force due to anti-Trump text
messages with his paramour.
But here’s the real question: Why
was the FBI’s No. 2 counterintelligence official so hip-deep in the Hillary Clinton email investigation? Mr.
Strzok, it turns out, conducted the
key interviews. He scripted the exact
words used to chastise Mrs. Clinton
without implying criminal liability.
Think back to now-forgotten reports in the New York Times, Washington Post and CNN that an intelligence intercept, later understood to
be a Russian plant, played a pivotal
role in FBI Chief James Comey’s decision to intervene publicly in the
Clinton email matter.
More than ever, it seems probable
that his intervention was contrived
as a counterintelligence exercise
from the start, not a criminal inquiry
to find out if Mrs. Clinton had committed a crime. Mrs. Clinton would
win. Russia’s plan to discredit her
victory must be foiled. So began a
cascade of incompetent or worse FBI
meddling in U.S. domestic politics,
which will turn out to be the story of
the decade once the Trump collusion
story has given up the ghost.
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
SPORTS
MLB
Japanese Phenom Lands in L.A.
Two-way star Shohei Ohtani surprised the baseball world by signing with the Angels, where he will team with Mike Trout
BY JARED DIAMOND
Weather
just to pitching on less rest than he
did in Japan, where he started once
a week. But if Ohtani meets expectations, the Angels landed a contributor who could alter the course
of their franchise for the foreseeable future. They will control his
rights for the next six seasons at a
below market-value rate, giving
them time to build a roster around
him capable of competing for their
first championship since 2002.
Despite the presence of Trout,
Albert Pujols and Justin Upton, who
inked a five-year, $106 million deal
last month, the Angels have struggled in recent years, qualifying for
the playoffs just once this decade.
They went 80-82 in 2017, good
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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U.S. Forecasts
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
30 28 sn 40 32 sn
Atlanta
43 25 s
42 29 s
Austin
64 28 s
66 33 s
Baltimore
37 23 sn 42 23 s
Boise
35 19 c
35 22 pc
Boston
36 31 sn 39 26 sf
Burlington
36 25 pc 34 24 c
Charlotte
43 24 sn 42 23 s
Chicago
32 19 sf 37 26 pc
Cleveland
35 23 sn 34 27 sf
Dallas
59 33 s
70 40 s
Denver
60 30 s
61 30 s
Detroit
34 20 sn 32 23 pc
Honolulu
83 68 pc 81 68 pc
Houston
59 33 s
61 36 s
Indianapolis
34 18 sn 37 27 s
Kansas City
38 25 s
54 34 s
Las Vegas
64 41 s
64 41 pc
Little Rock
51 24 s
57 33 s
Los Angeles
82 57 pc 81 53 pc
Miami
77 49 r
65 47 s
Milwaukee
32 18 sf 36 25 pc
Minneapolis
24 18 pc 36 27 pc
Nashville
42 22 c
46 31 s
New Orleans
52 37 s
55 37 s
New York City
35 30 sn 39 28 sf
Oklahoma City
53 27 s
64 32 s
Ice
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Hi
37
64
33
75
39
36
49
63
38
39
64
51
50
29
38
Today
Lo W
22 s
37 r
27 sn
51 s
23 c
27 sn
32 pc
34 s
23 pc
22 s
48 s
20 s
35 pc
22 pc
29 sn
Tomorrow
Hi Lo W
53 29 s
56 36 s
41 27 pc
79 53 s
35 27 c
38 20 sn
49 33 pc
64 34 s
51 33 s
39 23 s
66 47 s
51 18 s
51 33 pc
44 29 s
43 30 s
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
40
64
63
89
46
37
37
93
77
37
36
Today
Lo W
30 sh
53 pc
38 s
72 pc
28 pc
29 c
31 c
58 s
66 s
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22 pc
Since the start of last
season, the Seahawks
are 15-5-1 in the 21
games with safety Earl
Thomas in the lineup.
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Hi Lo W
39 34 r
60 45 sh
64 40 s
90 74 s
41 23 s
35 31 sn
44 39 sh
90 56 s
78 65 s
38 27 r
32 25 pc
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Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
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Milan
Moscow
Mumbai
Paris
Rio de Janeiro
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Rome
San Juan
Seoul
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enough for second in the American
League West behind the Houston
Astros, ranking 22nd in MLB in
runs scored and 12th in ERA
Ohtani can help change that and
bring an aura of excitement to this
Anaheim-based franchise that frequently lives in the shadows of the
Los Angeles Dodgers. When news
broke of Ohtani’s choice, Trout
spoke for many by posting on Twitter a simple message: an emoji of a
pair of wide-open eyes.
“We felt a unique connectivity
with him through the process and
are excited he will become an Angel,” the team said in a statement.
“This is a special time for Angels
fans.”
Tomorrow
Hi Lo W
40 38 sn
46 43 sn
70 56 pc
72 60 pc
57 45 r
88 76 c
62 45 pc
80 56 pc
46 35 r
55 44 c
91 78 pc
76 54 s
63 35 pc
38 31 c
35 33 r
87 73 pc
49 44 r
82 70 r
67 38 s
55 53 sh
86 75 s
45 19 sn
53 36 s
85 77 c
79 65 s
70 58 pc
57 50 s
31 15 sf
49 37 pc
35 30 pc
41 35 sn
NFL
FOOTBALL’S MOST UNDERRATED POSITION
BY ANDREW BEATON
AND MICHAEL SALFINO
Seattle
ACCORDING TO EVERY shred of football
wisdom, it would have been completely reasonable for the vaunted Seahawks defense
to completely fall apart this season. Star
cornerback Richard Sherman is out for the
season. So is strong safety Kam Chancellor.
Just like that, the Legion of Boom became the Legion of Whom.
Making sense of how exactly the Seattle
defense—the one that held Carson Wentz
and the Eagles to 10 points in last Sunday’s
win—hasn’t missed a beat begins with the
evolution of NFL offenses in recent years.
Throughout those changes, the most overlooked position on defense has become arguably the most important.
No team explains this like the Seahawks
because no player has kept his team afloat
like free safety Earl Thomas. “He impacts
the game in a special way,” said Seattle defensive backs coach Andre Curtis.
There was a time in NFL history when
common logic said assigning a significant
value to a safety would be considered over
the top. That time was most of NFL history.
This isn’t a slight to Ronnie Lott, Ed Reed
or any other transformational safety. It’s
simply a matter of how teams have valued
these players. And the best way to understand how teams value their players is by
how much they pay them.
Going by that, safeties are given short
shrift. The franchise tag—a designation that
makes a player one of the highest paid players at his position—value for safeties this
past offseason was $10.9 million. Which
made safeties the cheapest among any defensive position—by more than $2 million.
But changes in the game—such as more
athletic tight ends who play more like wide
receivers—may be making safeties the
sport’s biggest market inefficiency.
Since the start of last season, the Seahawks are 15-5-1 in the 21 games with
Thomas. They have held opponents to 17.6
points per game and quarterbacks to a 78.7
passer rating, according to Stats LLC. In the
nine games Thomas has been injured, the
Seahawks are 4-5, giving up 20.8 points per
game and a 98.3 quarterback rating.
Other teams are catching on. Last offseason, the Chiefs named safety Eric Berry the
team’s MVP. Then they made him the richest
safety in the league.
In the last NFL draft, the Jets took LSU
safety Jamal Adams with the sixth pick—making him the highest safety taken since Berry in
2010. Then the Jets took another safety in the
second round.
TOM PENNINGTON/GETTY IMAGES
funds from the Minnesota Twins in
exchange for one of their top-rated
prospects. The Mariners had $3.557
million to offer after completing
multiple trades designed to bolster
their all-out pursuit of Ohtani, but it
apparently didn’t sway him.
“In the end, he felt a strong
connection with the Angels,”
Balelo said.
It stands to reason that in their
presentation to Ohtani, the Angels
outlined a viable plan for how they
would use him as a two-way
threat—a requirement for anybody
hoping to entice him.
How exactly that will look remains unclear at this point, especially since Ohtani will need to ad-
when he would have fully tested
the open market. People in the
game say that as a true free agent,
Ohtani could have commanded a
contract upward of $200 million.
Instead, the Angels will award
Ohtani a signing bonus of just
$2.315 million, a sum taken from a
pool of money usually reserved for
Latin American teenagers. They will
also pay the Fighters, Ohtani’s Japanese team, a $20 million posting fee.
Though salary certainly didn’t
seem like a crucial factor in Ohtani’s
thought process, it didn’t stop the
Angels from trying to entice him
through his wallet. Earlier this
week, the Angels picked up an additional $1 million in international
MASTERPRESS/GETTY IMAGES
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.
Shohei Ohtani will play next year for the Los
Angeles Angels, where he will try to become
the rare two-way star in modern baseball.
n-
SHOHEI OHTANI, the Japanese
two-way sensation whose unusual
talents and inexpensive price tag
sparked an unprecedented recruiting sweepstakes that captivated
baseball, made a surprise decision
Friday to sign with the Los Angeles Angels.
The stunning move means the
23-year-old Ohtani will join forces
with the best player in the sport,
superstar outfielder Mike Trout. It
comes after Ohtani met in person
with seven teams, a crop of finalists he selected from a stack of
written presentations he received
from nearly all 30 franchises. That
group, which included five clubs
located on the West Coast—and,
most notably, not the New York
Yankees—inspired breathless
speculation about Ohtani’s preferences and priorities.
Did he want a place with a large
Japanese population, like Seattle?
Would he rather go to a small
market, like San Diego? How much
would he value his previous relationship with Texas, who scouted
him heavily out of high school?
In the end, none of that mattered—and the Angels defied the
odds to emerge as Ohtani’s ideal
suitor.
“While there has been much
speculation about what would
drive Shohei’s decision, what mattered to him most wasn’t market
size, time zone or league but that
he felt a true bond with the Angels,” Nez Balelo, Ohtani’s agent,
said in a statement Friday. “He
sees this as the best environment
to develop and reach the next level
and attain his career goals.”
Gifted with a fastball that
touches 100 mph and prodigious
home run power, Ohtani will now
attempt to succeed simultaneously
on the mound and at the plate, a
feat barely attempted in major
league history.
In five seasons with the Hokkaido Nippon-Ham Fighters, he
posted a 2.52 ERA in 85 appearances, striking out 624 batters in
543 innings. As a batter, he put up
an .859 on-base-plus-slugging percentage and bashed 48 home runs
in 1,170 plate appearances, earning
him the nickname of “the Japanese
Babe Ruth.” While most experienced in right field, he last played
in the outfield in 2014, more recently serving exclusively as a designated hitter while not pitching.
That unique skill set alone
would attract any general manager,
but Ohtani generated an outsized
amount of attention because of the
low cost associated with acquiring
him. Ohtani sacrificed an enormous
payday by leaving Japan now, instead of waiting until he turned 25,
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.
WEEKEND INVESTOR B4,B5 | MARKETS DIGEST B6 | MARKETS B10,B11 | HEARD ON THE STREET B11
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DJIA 24329.16 À 117.68 0.5%
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NASDAQ 6840.08 À 0.4%
Saturday/Sunday, December 9 - 10, 2017 | B1
THE WALL STREET JOURNAL.
STOXX 600 389.25 À 0.7%
10-YR. TREAS. g 3/32 , yield 2.383%
OIL $57.36 À $0.67
GOLD $1,245.20 g $4.60
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YEN 113.47
Bitcoin Futures Ready to Roll Out Apple
Designer
Intense interest in the
new, risky market
is seen by brokers;
wild rides are likely
through the same electronic
brokerages they use to trade
stocks and options. And futures
will allow people who think
bitcoin is overpriced to “short”
it—bet its price will fall.
“Cryptocurrency is already
so volatile,” said Aitan Goelman,
a former head of enforcement
at the Commodity Futures
Trading Commission. “If you’re
futurizing it, it’s like adding
rocket fuel to the volatility.”
Brokers say retail investors
have shown intense interest in
the new market. The first U.S.
bitcoin futures are set to start
trading Sunday on an exchange
run by Cboe Global Markets
BY ALEXANDER OSIPOVICH
The first U.S. bitcoin futures
are being launched this weekend, a development that will
let risk-loving traders make
leveraged bets on bitcoin, amplifying their wins and losses
in an already volatile asset.
The start of the futures contracts will also let investors
add bitcoin to their portfolios
Inc., while CME Group Inc.
plans to launch a rival contract
on Dec. 18 at its Chicago Mer-
‘If you’re futurizing
[cryptocurrency], it’s
like adding rocket fuel
to the volatility.’
cantile Exchange.
“We’re seeing more calls
coming in and asking for information and confirmation that
we plan to support this prod-
uct than for any futures launch
in recent history,” said Nick LaMaina, a senior vice president
at TradeStation, an online brokerage that plans to support
both exchanges’ products.
Trading bitcoin futures
doesn’t involve holding units
of the digital currency. Instead,
a futures contract is a bet on
what the price of the underlying asset will be when the contract expires. The first bitcoin
futures contract that Cboe
plans to list expires the afternoon of Jan. 17, 2018.
So if you think bitcoin will
rise by mid-January, you can
buy the contract, or go “long.”
If you’re bearish on bitcoin,
you can sell it, or go short.
To do this, you need to set
up a futures brokerage account
and put some cash in it. This is
called margin by futures traders, and it is the key to making
those leveraged bets that can
result in either supersize profits or losses.
Every futures contract has
its own minimum margin requirement. Exchanges demand
greater margin for more volatile contracts, which forces
traders to put more cash down
to place riskier bets.
For instance, to buy or sell
Please see WILD page B10
PHILIP GOSTELOW FOR THE WALL STREET JOURNAL
co Fo
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BY RACHEL PANNETT
Sammy Petrucco, flanked by fellow BHP Billiton workers. The mining company aims to achieve a workforce that is half female by 2025.
THE INTELLIGENT INVESTOR | By Jason Zweig
n-
On the Random Walk,
Collect a Few Orphans
Still, even if you keep
most of your money in index
funds, you may well buy a
few stocks on the side. According to the Federal Reserve, 14% of households directly owned shares in at
least one stock in 2016, up
slightly from three years
earlier.
Even Burton Malkiel, the
Princeton University economist whose 1973 book, “A
Random Walk Down Wall
Street,” spelled out the case
for index funds, has put “a
quarter to a third” of his
money in individual stocks, if
only “because it’s fun.”
An academic study found
in 2008 that wealthier individual investors who directly
owned only one or two
stocks outperformed those
who are more diversified by
about 2 percentage points
annually and up to nearly 6
percentage points when the
stocks weren’t in the S&P
500.
So, instead of just buying
Amazon.com or Apple Inc.,
you might consider putting a
small amount of money into
“orphan stocks” that aren’t
held by index funds.
A company can be orphaned for several reasons,
says Michael Venuto, cofounder of Toroso Investments LLC, a research and
asset-management firm in
New York.
It might no longer have
enough stock outstanding to
accommodate large investors. Some companies’
shares have limited voting
rights. A spinoff, carved out
Please see INVEST page B5
no
When just
about everybody is using
index funds to
invest in the
stock market,
maybe you should think
about thinking differently.
Over the 12 months ended
Oct. 31, investors withdrew
$218 billion from U.S. stock
funds run by active stock
pickers, while adding $273
billion to passive markettracking mutual funds and
exchange-traded funds, according to Morningstar Inc.
With more shares in the
hands of people buying them
regardless of whether they
are cheap, the stock market
feels increasingly unmoored
from the classic bargain
hunter’s credo of “buy low,
sell high.” Many analysts and
fund managers worry that
this automated market could
drive stocks to perilous
heights.
However, the evidence
that index funds are responsible for driving up stock
prices is surprisingly thin.
Active mutual funds own
nearly twice as much of the
shares of hot companies like
Alphabet Inc., Amazon.com
Inc. and Facebook Inc. as
passive funds do, according
to research firm FactSet.
What’s more, bitcoin is up
more than 50% in a week,
and index funds are nowhere
to be found in the explosive
run-up of the digital currency.
So, it’s far from certain
that passive funds are as
dangerous as their critics
contend.
Apple Inc. said Friday that
design chief Jony Ive is resuming oversight of the company’s
industrial-design and user-interface teams, a role that he
stepped away from during the
development of Apple’s new
headquarters.
In the past few years, as Mr.
Ive focused on Apple’s campus,
Richard Howarth, vice president
of industrial design, and Alan
Dye, vice president of user-interface design, reported directly
to Chief Executive Tim Cook.
Employees started moving
into the 2.8-million-square-foot,
ring-shaped building in Cupertino, Calif., in the spring, and
the company held its first event
there in September.
“With the completion of Apple Park, Apple’s design leaders
and teams are again reporting
directly to Jony Ive, who remains focused purely on design,” Apple said in a brief statement. It gave no further reason
for the change and a spokeswoman declined to elaborate.
Mr. Ive returns at a time
when Apple’s stock is at record
levels and the company is projecting its best quarter ever behind strong sales of its new
iPhone X. Still, the company
has faced challenges with some
products, including a delay in
the release of its new smart
speaker, the HomePod. Some
analysts also have questioned
the pace of Apple’s innovation,
for which the design team’s
work is critical.
Mr. Ive has led Apple’s design team since 1996, just before co-founder Steve Jobs returned to the company. A close
confidant of Mr. Jobs, he cemented his leadership role with
the company by shepherding
the design of the first iMac, the
first major product in what became Apple’s revival. The small
design team Mr. Ive oversaw
went on to develop the iPod,
iPhone, iPad and Apple Watch,
devices that helped him accrue
more than 5,000 patents and
establish his reputation as a
pillar of Apple’s success.
In recent years, Mr. Ive has
taken on more projects outside
the design studio, including a
Christmas tree installation last
year in the lobby of Claridge’s,
a London Hotel. He was deeply
involved in the design and development of the company’s
new campus and was named
chancellor at London’s Royal
College of Art.
Apple announced that Mr.
Ive would hand over managerial duties to Messrs. Howarth
and Dye in 2015, when Mr. Ive
was promoted to chief design
officer, making him the company’s third chief-level executive at the time. However, in a
letter to staff at the time, Mr.
Cook said Mr. Ive would “remain responsible for all of our
design, focusing entirely on
current design projects, new
ideas and future initiatives.”
Voya Aims to Shed Annuities
BY LESLIE SCISM
AND MIRIAM GOTTFRIED
Life insurer Voya Financial
Inc. is in advanced negotiations to sell as much as about
$50 billion of retirement-income annuities to private-equity firm Apollo Global Management LLC.
Financial terms couldn’t be
learned.
The annuities being sold, according to people familiar with
the matter, are mostly part of a
product that proved overly generous to consumers and caused
large losses to insurers during
the financial crisis. The transaction is complicated and could
fall apart without a deal being
struck, the people said.
If a deal is reached, it
would follow in the footsteps
of a pact disclosed by Hartford Financial Services
Group Inc. this past week involving total consideration of
Sale Bump
Voya is nearing a deal to sell part
of its annuities business, driving
its stock higher Friday.
$46
45
44
9:30 a.m.
noon
Source: Tullett Prebon
THE WALL STREET JOURNAL.
about $2.05 billion. The Hartford deal involves a roughly
similar dollar amount of annuity assets. A group of privateequity firms teamed up for the
Hartford agreement.
Spokesmen for Voya and
Apollo declined to comment.
Both the Hartford deal and
the potential Voya one are
built around a product known
as a variable annuity, which is
a tax-advantaged form of investing in stock and bond
funds. In the years leading up
to the financial crisis, these
annuities typically were sold
with guarantees of minimum
lifetime income if the funds
perform poorly.
Voya and Hartford were
leading sellers of these type of
guarantees in the last decade,
until the financial crisis
showed the riskiness of the
guarantees to insurers’ own financial health. Hartford had so
many guarantees on its books
when markets plunged in 2008
that it had to take $3.4 billion
in U.S. government aid—since
repaid—to help meet regulatory requirements for backing
up its obligations to contract
holders.
Please see VOYA page B2
Airports and Airlines Battle Over Surcharge
BY SUSAN CAREY
Airports and airlines are
fighting over a proposal that
could boost the federal taxes
and fees on a typical roundtrip ticket to more than $70.
The proposed increase to
the facility charge, included in
the Senate version of budget
legislation that lawmakers
hope to reconcile with a House
version in the coming days,
would be the first in 17 years.
Airports support what
would amount to an $8 increase on domestic round-trip
tickets. They say they need the
extra funds to update aging facilities.
Airlines, which collect taxes
and fees that help fund everything from security to agricultural inspections to the Federal Aviation Administration,
say more fees could deter passengers.
Delta Air Lines Inc., the nation’s No. 2 airline by traffic,
says that for every $1 increase
in the passenger facility
charge, passenger demand declines by more than 1%.
“It’s easy to advocate for a
tax increase when you don’t
have to own it,” said Sharon
Pinkerton, senior vice president of legislative and regulatory policy for the trade association Airlines for America.
On a typical $300 domestic
Please see TICKET page B2
PATRICK SEMANSKY/ASSOCIATED PRESS
PORT HEDLAND, Australia—In this sprawling port in
Western Australia’s remote
Pilbara
region,
Sammy
Petrucco this year swapped
managing a dental practice for
operating a ship loader that
pours tons of iron ore onto
awaiting ships.
Some days, she climbs inside a Ferris-wheel-size scoop
that loads the ore from piles
in the stockyard onto a conveyor belt, to clean out the
chutes.
“I’ve been to some really
nice hotels and day spas in my
life,” Ms. Petrucco said, “but
changing out of head-to-toe
mud and sweat at 3 a.m. and
into a clean uniform—I didn’t
know luxury until that moment.”
Ms. Petrucco is the kind of
worker sought by Anglo-Australian BHP Billiton Ltd., one
of the world’s biggest mining
companies, as it aims to
achieve a 50%-female workforce by 2025, up from just
over 20% now.
A former banker, pharmacist and hairdresser are among
Please see MINE page B2
BY TRIPP MICKLE
ly
.
Australian Mining Picks Away at Gender Gap
Resumes
Duties
The Senate plan would raise total taxes and fees on airplane tickets.
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 9 - 10, 2017
INDEX TO BUSINESSES
G
Q
Grab.............................B4
Qualcomm.................B11
H
R
Halliburton..................B3
Hartford Financial
Services Group ......... B1
Rio Tinto ..................... B2
B
BHP Billiton................B1
BlackRock..................B10
Boeing ......................... B2
BP................................B3
Broadcom .................. B11
C
Cboe Global Markets..B1
China National
Petroleum.................B3
CME Group..................B1
ComfortDelGro............B4
D
Daily Journal...............B5
Delta Air Lines ........... B1
E
ENI...............................B3
Etfgi...........................B10
Exxon Mobil................B3
F
Facebook......................B1
I
ING Groep....................B2
International Game
Technology................B5
L
Lennar ......................... B5
Lockheed Martin...A8,B2
Los Angeles Angels . A14
LVMH Moët Hennessy
Louis Vuitton..........D10
M
Maui Land & Pineapple
.....................................B5
McKinsey...................B10
Morningstar................B1
N
News Corp...................B4
New York Yankees....A14
Northrop Grumman....B2
Novatek.......................B3
S
Sky...............................B4
Southern Copper.........B5
Speedway Motorsports
.....................................B5
Spotify.........................B4
Steinhoff International
Holdings....................B3
T
Tencent Holdings........B4
Total ............................ B3
21st Century Fox........B4
U
Uber Technologies ...... B4
V
Vale..............................B2
Vanguard Group........B10
Viacom.........................B5
Voya Financial.............B1
W
P
Walt Disney................B4
Wells Fargo...............B10
Parazelsus Group........A8
Pilgrim's Pride............B5
Zuellig Group..............A8
Z
INDEX TO PEOPLE
A
J
P
Arnault, Bernard.......D10
Jooste, Markus...........B3
Pinault, François.......D10
Pyle, Brian...................B3
B
K
Belardi, James............B2
Boucherat, Jim............B5
Kroenke, Stan...........D10
R
L
D
LaMaina, Nick.............B1
Loecke, John...............D6
Rasgon, Stacy...........B11
Rusnak, George.........B10
Devine, Colin...............B2
F
Fuhr, Deborah............B10
G
Giangola, Ramya.........D3
Goelman, Aitan...........B1
Gold, Jonathan............B2
M
Malkiel, Burton...........B1
Mazzucca, Matthew...D4
McWilliams, Jelena....B9
Mengers, Sue..............D4
Meyer, William...........B4
Murdoch, Rupert.........B4
T
Tan, Hock .................. B11
Troy, Geoffrey...........D10
V
Venuto, Michael..........B1
W
Wickstead, Emilia.......D3
N
Z
Nixon, Jason Oliver....D6
Zuellig, Peter..............A8
no
Continued from the prior page
trip, the higher passenger facility charge would push the
total for taxes and fees to over
$70 from the current $63.
Fliers would pay $8.50 instead of $4.50 on each departing flight on a round-trip itinerary, bringing the total
increase to $8.
Those taxes and fees also
include a 7.5% excise tax on
fares in North America and a
$5.60 one-way security fee implemented after the Sept. 11
attacks. International passengers encounter even more and
costlier fees.
Kevin Burke, chief executive
of Airports Council International-North America, a trade
group, said U.S. airports have
found funding for just half of
the $100 billion in improvements they need to make in
the next five years. Without
those upgrades, he said, airports will continue to struggle
with congested runways and
crowded terminals. U.S. airports, most of which are
owned by local governments,
are about 40 years old, on average.
“We are not, by any stretch,
sitting on a pile of money,” Mr.
Burke said. He challenged the
airlines’ assertion that the fee
could dissuade people from
flying. “Airline profits are
through the roof and they’re
arguing over $4,” he said.
Most carriers have ramped
up the fees they charge for
checked luggage and ticket
changes. Those two fees alone
raised more than $7 billion
last year, according to the government.
Travelers United, a passenger advocacy group, said fliers
are unfairly penalized because
immigration and security fees
aren’t levied on bus or train
trips, for instance.
All in all, passengers paid a
record $14 billion in taxes and
fees this year, including an estimated $3.4 billion in facilities charges, according to Airlines for America. The facility
charge could bring in an additional $2.6 billion if the increase is approved, the airline
trade group says.
The increased passenger facility revenue would go to airports with approved infrastructure projects under way.
Airports also say they need
the extra help because a type
of bond that local-government
owners sell to finance some
infrastructure projects could
lose tax-exempt status. The
House version of the tax bill
would do away with the tax
break.
n-
TICKET
BY JENNIFER SMITH
Logistics companies went on
a hiring spree in November to
handle the holiday surge in online shopping.
The warehousing and storage sector, which includes the
fulfillment centers where workers pick, pack and ship e-commerce orders, added 8,100 jobs
in November, the most the sector has added in a single month
since December 2015, the Labor
Department reported Friday.
November marked the
eighth straight month of expansion in a sector that has
boomed as more people buy
goods from e-commerce giants
such as Amazon.com Inc.
On Cyber Monday this year,
shoppers spent $6.59 billion
online, nearly a billion dollars
more than last year, making it
the biggest online-shopping day
yet, according to software company Adobe Systems Inc.
Those gains come as the
broader jobs market logged
strong growth across sectors
ranging from manufacturing
and health care to construction.
Nonfarm
payrolls
added
228,000 positions—more than
economists had expected—and
the unemployment rate held at
4.1%, a 17-year low.
Job growth accelerated in
the transportation sector, bolstered by strong manufacturing
activity and increased freight
demand from retailers.
Trucking payrolls grew by
1,800 in November as carriers
A worker stretched inside an Amazon fulfillment center in Robbinsville, N.J., last month.
scrambled to find more drivers
in a tight labor market. In November, average rates for refrigerated transport and for dry
vans, which haul everything
from consumer electronics to
clothes, hit a three-year high on
the spot market, where shippers book transportation on a
daily basis, according to DAT
Solutions LLC.
Many large trucking fleets
are raising driver pay, and expect hiring to get harder as
more truckers retire or leave
for jobs that pay more or keep
them closer to home.
On the delivery side, courier
and messenger firms, including
the parcel carriers that handle
last-mile delivery of online orders, added 2,200 jobs in November. While inventories
slipped last month, factory orders are rising and production
sped up in November, the time
of year when orders typically
drop off, according to the Institute of Supply Management.
Imports are also up at the
nation’s top ports of entry, Los
Angeles-Long Beach and New
York-New Jersey, where combined October cargo volumes
rose 2.5% year-over-year. December imports at major retail
container ports are expected to
increase 1.5% from a year ago,
according to the Global Port
Tracker
report,
released
A
ZIP CODE
SHOULD NOT DETERMINE
A CHILD’S FUTURE.
Many variables can shape a child’s outcome
in life–like the zip code where a child grows
up. That’s because not all neighborhoods
have the same opportunities and resources,
such as quality schools, transportation,
housing, healthcare, food and jobs. The
good news is that there are many ways to
improve our communities so that everyone
has a fair chance to succeed, regardless of
zip code. You can play a vital role in your
local community.
Find out how at: hud.gov/fairhousing
FAIR HOUSING. SHARED
OPPORTUNITY IN EVERY COMMUNITY.
monthly by the National Retail
Federation and research firm
Hackett Associates.
“Retailers are doing lastminute restocking as consumers head toward the finish line
of the shopping season, but the
majority of holiday merchandise is already in the country
and ports are beginning to
quiet down,” said Jonathan
Gold, NRF’s vice president for
supply chain and customs policy.
Companies such as United
Parcel Service Inc. and FedEx
Corp. have been ramping up
hiring, and are also bringing on
tens of thousands of seasonal
staff for the holiday peak.
Lockheed Works on Jet Laser VOYA
co Fo
m rp
m e
er rs
ci on
al a
us l,
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on
H
Hoffmann, André......D10
E-Commerce Spurs Logistics Hiring
LUCAS JACKSON/REUTERS
A
Alphabet......................B1
Amazon.com..........B1,B2
American International
Group.........................B2
Apollo Global
Management.............B1
Apple....................B1,B11
Athene Holding...........B2
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.
* *****
BY DOUG CAMERON
The Pentagon tasked Lockheed Martin Corp. with equipping a fighter jet with a missile-killing laser by 2021, a
challenge that has eluded the
military for over two decades.
Lockheed in November secured a $26 million deal from
the Pentagon to develop a laser for a supersonic F-15 jet
capable of disabling a missile
or drone from a mile or more
away, according to a Defense
Department release and military officials. It is the landmark piece of a Pentagon push
to develop a low-cost way to
outmatch adversaries such as
China that are fielding evermore capable missiles and
drones.
Lasers fired from trucks or
a Navy ship already have been
tested, but military officials
said fitting one to a jet would
be a crucial breakthrough in
providing defenses that can be
employed in large numbers.
Air Force officials have said
MINE
Continued from the prior page
the more than 1,800 women
who have joined BHP in the
past year, many leaving jobs in
air-conditioned buildings for
the dust and heat of the Outback.
At a BHP railcar repair shop
outside Port Hedland, women
make up 30% of the workforce
of about 200, a jump from 5%
in June 2016.
BHP’s rivals, including mining giants Vale SA and Rio
Tinto PLC, also have diversity
hiring programs. At a time
when robots and automation
have transformed many heavylifting jobs into computer-directed tasks, female recruits
with science or engineering
degrees are proving they are
as equipped as men to compete for high-paying mine
jobs.
Politicians, investors and
organizations like the United
Nations have been nudging
companies toward greater
gender diversity. Since 2012,
big companies in Australia
have been required by law to
provide annual updates on
how many women they employ
and their pay.
With more women in the
workforce, mines perform better and with fewer injuries,
said Mike Henry, president of
BHP’s Australian operations.
The company’s 10 most-diverse mines outperformed
other sites by about 15% over
the past three years in output
and meeting maintenance
schedules, he said.
Rio Tinto’s most diverse operation, the Oyu Tolgoi copper
and gold mine in Mongolia, is
one of its safest and has less
wear and tear on mining
equipment, according to a
they want a laser weapon with
an initial 50 kilowatts of
power—some five times that
of the largest industrial lasers.
The Pentagon hopes eventually
to procure lasers with up to
100 or 150 kilowatts or power.
Military leaders working
with Lockheed rivals such as
Boeing Co. and Northrop
Grumman Corp. have spent a
quarter-century and an estimated $8 billion testing lasers
and other directed-energy systems such as microwaves.
None has ever been fielded or
advanced to production.
The Pentagon is now more
confident that technology has
caught up with the promise of
a cheaper alternative to missiles that can be fired multiple
times, military officials said.
Weight and cost issues
stalled previous efforts to install lasers on aircraft. The
Boeing-led Airborne Laser program relied on a 12,000-pound
chemical laser shoehorned into
a jumbo jet. The Pentagon
abandoned the project in 2011
after spending more than $6
billion.
Now, defense companies are
focusing on fiber lasers first
developed for the telecommunications industry that amplify
and focus light from hundreds
of strands into a single beam.
“It’s a significant advancement in the technology from a
size and weight perspective,”
said Rob Afzal, a Lockheed senior fellow in laser weapon
systems.
The lasers have been tested
on missiles, drones and artillery rounds. They burn up a
hostile projectile’s electronic
systems rather than destroy it
like a missile.
The advantage is they don’t
run out of ammunition, so long
as they have a power supply.
The energy cost of $1 to $5 a
shot compares with $100,000
to $200,000 for a defensive
missile.
Northrop is developing
equipment to focus the beam
and Boeing is building the pod
to house the system on a jet.
New Resources
Female workers are gaining a foothold in Australian mining, as
technology makes some jobs more about brain than brawn.
Australian mine workers
Men
Women
300,000
250,000
200,000
150,000
100,000
50,000
0
2000
’05
Source: Australian Bureau of Statistics
2016 company sustainability
report. Just over a quarter of
the mine’s employees are
women. Rio didn’t respond to
requests for comment.
Globally, men continue to
occupy most mining industry
jobs at all levels. Women’s pay
lags behind men’s, and a macho culture persists in many
mining towns. In the industry’s executive ranks, women
in 2016 made up 9% of board
members at the top 30 mining
and metals companies by market capitalization, according to
Ernst & Young. That is well
below the average 22% of
board members at S&P 500
companies found in an analysis of 2017 proxy statements
by Spencer Stuart, an executive-recruitment firm.
Female participation in
mining in Australia, a resources superpower feeding
China’s demand for iron ore,
copper and coal, is around 16%
of roughly 222,000 workers,
up from 14% two years ago.
Overall employment in the industry has fallen amid a down-
’10
’15
’17
THE WALL STREET JOURNAL.
turn in commodity prices.
While women in the industry
earn an average 15% less than
their male counterparts, that
pay gap is narrower than two
years ago when it was 18%,
government data show.
Mining isn’t an easy sell to
many women. But change is
coming to mining camps,
where fly-in, fly-out workers
live for weeks on the outskirts
of dusty Outback towns.
Fences around swimming
pools shield bathers from onlookers, fitness facilities have
been expanded for women,
and companies such as BHP
have introduced yoga areas
and flexible work schedules.
“For me, it was a bit intimidating to start with because
this is, or was, a male environment,” said Crystal Samata, 24
years old, who cared for the
elderly and disabled before
joining a BHP maintenance
crew at Whaleback, the
world’s biggest open-pit ironore mine in the Pilbara region.
Now, she says, her co-workers
are like family.
Continued from the prior page
Voya’s then-parent, ING
Groep NV, took government
assistance in the Netherlands
and divested itself of its U.S.
life-insurance operations to
comply with terms of the aid.
Voya took charges against
earnings tied to the guarantees. It then became an independent publicly traded company.
Voya also is a large provider of retirement-saving
plans, asset-management services and employee benefits.
ING ceased selling variable
annuities with the guarantees
in 2010. Since then, Voya and
others have been winding
down their blocks of business.
Voya’s shares rose 4.5%, to
close at $46.15, after The Wall
Street Journal reported the
talks. Apollo’s stock increased
3.8%, to $31.90.
Voya shareholders find the
potential deal attractive “because it will let Voya extract
some capital from a very lowreturning business,” said Colin
Devine, a consultant at C. Devine & Associates.
Apollo has experience in the
life-insurance industry. After
the financial crisis, it teamed
with James Belardi, a former
senior executive at American
International Group Inc., to
acquire insurers with annuity
businesses.
Mr. Belardi’s focus was
fixed annuities, which are a
more-conservative type of savings product than variable annuities. With fixed annuities,
the insurer promises a specified annual interest rate, or
pays interest according to
market benchmarks, such as
the S&P 500 stock index.
The result of these acquisitions was a company called
Athene Holding Ltd., which
went public in December 2016.
Apollo earns fees overseeing
credit, real estate and other
investments
that
back
Athene’s annuity products.
In a Voya transaction,
Athene could take on a slice of
fixed annuities that would be
part of the overall package, according to people familiar with
the matter. An Athene spokeswoman declined to comment.
Shares of Athene gained
7.5%, to $51.50, on Friday.
Fees from the Athene arrangement have made Apollo’s
earnings more stable. Apollo
shares have climbed 52% over
the past year, outperforming
publicly traded peers.
Industry consultants say
there might be opportunity for
private-equity firms to replicate with variable annuities
what Apollo and Athene did
with fixed annuities, in rolling
up a lot of business into a single firm.
Many big U.S. insurers besides Hartford and Voya have
older variable annuities on
their books with the generous
guarantees. Insurers sell stingier versions these days and
charge higher prices for them.
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 9 - 10, 2017 | B3
* * * * * *
BUSINESS NEWS
Russian Gas
Sets Out
On New Path
MAXIM ZMEYEV/AGENCE FRANCE-PRESSE/GETTY IMAGES
The Yamal plant in the Arctic will send LNG by ship to Asian markets. Traditionally, Russia has exported its gas to Europe via pipelines.
billion in loans from two Chinese state banks, part of a
flurry of Chinese investments
into large Russian energy projects and companies.
The project, which was
aided by large tax breaks and
state infrastructure spending,
has low production costs and
benefits from freezing Arctic
temperatures that facilitate
the cooling of the gas to turn
it into liquid. Novatek plans a
second Arctic LNG plant
nearby.
Mr. Putin was joined at the
launch by Saudi Arabia’s energy minister, Khalid al-Falih.
Angola Loses Allure for Oil Firms
TOBY MELVILLE/REUTERS
Isabel dos Santos
n-
the profitable barrel, the good
barrel,” said Guido Brusco,
managing director for Eni Angola and a member of the
board of the Angolan Exploration and Production Companies Association.
Mr. Brusco said oil companies could still invest in Angola, but only if its leaders
“make the right decision at the
right time” on a series of reforms.
Oil companies have complained privately to the government about money-losing
contracts, a turgid bureaucracy
and slow decision making from
the state oil company, Sonangol.
Angola’s leaders say they
are trying to address the oil
companies’ concerns.
In November Angola’s new
president, Joao Lourenco, dismissed his predecessor’s
daughter, Isabel dos Santos, as
chairwoman of Sonangol. She
is Africa’s richest woman, ac-
no
LUANDA, Angola—Angola
was once a magnet for the
world’s biggest oil companies,
drawing billions of dollars in
investment from BP PLC,
Exxon Mobil Corp. and others
back when crude prices were
rising to $100 a barrel. Now,
foreign companies have all but
given up on new ventures in
the African country.
BP partially pulled out of an
offshore block, taking a $750
million write-down this year.
Halliburton Co. and other oilservice companies blamed falling revenue on declining activity in regions including
Angola. Total SA of France is
reshuffling personnel to cut
costs, while Italy’s Eni SpA is
renegotiating service contracts
for its projects in the country.
Energy companies have reduced capital spending in Angola more than in any other
sub-Saharan African country,
with an estimated $67 billion
in spending cuts for 2015 to
2020, according to the consulting firm Wood Mackenzie.
Angola’s oil-drilling rig count
fell from a peak of 19 in February 2014 to three rigs in October.
In an era of $60-a-barrel
crude, Angola has become a
challenging place for big oil
companies. Because of the high
costs of pumping from the
country’s deepwater reserves,
oil companies need an average
oil price of almost $73 a barrel
for projects to break even.
“Today we are looking for
cording to Forbes. Executives
had complained that Sonangol
became less responsive to industry concerns during her
tenure.
“Sonangol has lost its focus,” said Lago de Carvalho, a
former Sonangol executive.
Ms. dos Santos said in October that she was working to
solve the oil industry’s problems. She couldn’t be reached
to comment.
Angolan officials also have
pledged to provide more flexible contracts and reduce bureaucratic hurdles.
The goal is to achieve “economic balance and satisfy investors as well as the government,” said José Maria Botelho
de Vasconcelos, the country’s
petroleum minister until September. The current oil minister,
Diamantino
Pedro
Azevedo, didn’t respond to requests to comment. Sonangol
declined to comment.
Firms such as Chevron, BP
and Angola’s biggest foreign
oil investor, Total, helped to
build Angola’s oil industry into
a global powerhouse, driving
its production up to 1.7 million
barrels a day in 2016 from
718,000 barrels a day in 2000.
The boom in oil money
helped crown Luanda, Angola’s
seaside capital, as the world’s
most expensive city, as high oil
prices fueled a construction
boom, including droves of skyscrapers. Angola joined the Organization of the Petroleum
Exporting Countries and paid
off billions of dollars owed to
foreign creditors.
Now, some construction
projects have ground to a
halt, symbolized by the unfinished concrete shell of a 3.2
million-square-foot shopping
mall in central Luanda. Angola’s oil projects also nosedived, leading Halliburton to
report that its revenue for regions including Africa was
down 28% last year.
Output is “going to start to
fall off because there haven’t
been any of these big projects
sanctioned in a few years,”
said Adam Pollard, a Wood
Mackenzie analyst.
A handful of new projects
are surfacing as oil prices recover. Next year Total is expected to start producing
from a big offshore oil field
and in December the company agreed to start one new
deepwater project with Sonangol.
But oil companies privately
complain that requirements
that they buy certain supplies
from select domestic firms
drive up costs. They want to
retain more of the petroleum
they produce to cover their
expenses and to make money
from discoveries of natural
gas, which under current Angolan law belongs to the government.
In June, BP took the $750
million
write-down
and
stepped away from part of a
block after it found more gas
than oil. Mr. Vasconcelas said
Angola is working on a revamp of natural-gas ownership laws that should be
ready by the end of this year.
Mexican Producer
Lacks for Partners
co Fo
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BY NEANDA SALVATERRA
Russia and Saudi Arabia, former Cold War enemies that
are the world’s two largest
producers of crude oil, have
formed an alliance over energy
in recent months.
Moscow has been courting
the Saudis as a potential buyer
of Russian gas, which could
Boeing Is Giving Up on a Deal to Sell Super Hornets to Canada
MEXICO CITY—Mexican state
oil company Petróleos Mexicanos said Friday that moderate
oil-price forecasts and competition from Brazil were partly to
blame for the dearth of interest
in teaming up on a deep-water
project in the Gulf of Mexico.
Mexico’s oil regulator on
Thursday said no companies
registered to participate in the
bidding process to join Pemex in
the development of the Nobilis
and Maximino oil and gas fields,
which lie under 3,000 meters of
water close to the Mexican-U.S.
maritime border.
EPA-EFE/REX/SHUTTERSTOCK/EPA/SHUTTERSTOCK
from state subsidies. The Commerce Department sided with
Boeing. It plans to slap tariffs totaling 300% on the Canadian
plane maker’s CSeries aircraft,
which is Bombardier’s attempt to
compete in the 100- to 150-seat
single-aisle market.
A spokeswoman for Canadian
Defense Minister Harjit Sajjan
said Friday the government was
exploring surplus aircraft from
Australia among other options.
Canada denied Bombardier benefited from government subsidies,
calling Boeing’s complaint “unjustifiable.”
Boeing said it was giving up
on a potential deal, unveiled over
a year ago, to sell the Hornets after reading media reports that
Canada was about to spurn Boeing. “Boeing respects the Canadian government’s decision,” the
company said in a statement.
Boeing said it had enough orders
to maintain F/A-18 production
well into the 2020s.
Canadian officials wanted the
Hornets because, they said, the
military’s aging fleet posed challenges toward meeting Canada’s
commitments to the North Atlantic Treaty Organization, or NATO,
and North American defense.
Talks about buying secondhand F/A-18 fighter aircraft have
progressed to the point that a
transaction is set to be completed next week, according to a
person briefed on the matter in
Australia.
The Boeing-Bombardier row is
part of simmering trade tensions
that have emerged this year between the U.S. and Canada, as
President Donald Trump tries to
put his “America First” stamp on
trade policy.
—Paul Vieira
and Doug Cameron
Pemex attributed the lack
of interest to forecasts for oil
to remain between $50 and
$65 a barrel in the mediumand long-term, and recent
competition from Brazil that
has also embarked on an ambitious program of oil block auctions.
“International oil companies
are being very cautious before
committing to complex projects that require big investments and where returns on
investment are very longterm,” the company said in a
statement. Nobilis-Maximino
needs investment in excess of
$10 billion and at least six
years before the first commercial oil is produced, it added.
—Anthony Harrup
Shares of Steinhoff, which operates Tekkie Town, have dropped 82%.
Steinhoff’s Rout
Raises Questions
JOHANNESBURG —The
stock market carnage at Steinhoff International Holdings
NV—its shares are down 82%
since disclosing possible accounting irregularities earlier
this week—is raising fresh
scrutiny over a set of Byzantine transactions between the
global furniture retailer and
related parties.
By Alexandra
Wexler, Gabriele
Steinhauser
and Zeke Turner
Boeing Co. said Friday it believes Canada will follow through
on its threat and abandon plans
to buy 18 F/A-18 Super Hornet
aircraft in a $5.2 billion deal, in
the latest fallout from heightened
trade tensions between Ottawa
and Washington.
Canadian Prime Minister Justin Trudeau warned in recent
months that Canada was prepared to stop doing business with
Boeing, after the Chicago-based
company filed a trade complaint
with the U.S. Commerce Department alleging Montreal-based
Bombardier Inc. unfairly benefited
supplant crude as a fuel for
the kingdom’s domestic energy needs.
“Buy our gas, save oil,” Mr.
Putin told Mr. Falih, according
to the Interfax news agency.
“That’s why I’m here,” the
agency quoted the Saudi minister as saying.
WALDO SWIEGERS/BLOOMBERG NEWS
MOSCOW—President Vladimir Putin launched a giant
Arctic gas project that is a
symbol of Russia’s efforts to
overcome Western sanctions
and strengthen ties with
China.
The $27 billion Yamal LNG
facility on Friday started loading its first tanker, which will
take liquefied natural gas from
an icy Arctic peninsula to the
Asian market. The project took
years to find financing from
China that didn’t violate U.S.
sanctions on Russia over
Ukraine.
Yamal marks a departure
for Russia’s gas exports, which
have long focused on stateowned PAO Gazprom delivering fuel via pipeline into Europe. Mr. Putin granted special
permission to send gas to Yamal, which will use ice-breaking ships to transport LNG
along the northern coast of Si-
beria during the summer
months before heading south
for deliveries to Asia.
In a speech at the LNG
plant, Mr. Putin said its importance went beyond Russia’s
energy sector, saying it would
help “open up the Arctic and
the Northern Sea Route.”
The project is jointly owned
by Russian natural-gas firm
PAO Novatek, France’s Total
SA, China National Petroleum Corp. and a Chinese
state investment fund. Novatek, the project’s majority
owner, is Russia’s second-largest gas company and is coowned by a longtime acquaintance of Mr. Putin’s.
The U.S. barred Novatek
from raising U.S. dollar financing for the project in 2014 as
part of sanctions on Russia,
complicating efforts to source
funds and leading the owners
to look to China for loans.
Yamal LNG eventually secured the equivalent of $12
ly
.
BY JAMES MARSON
Shares in Steinhoff fell another 15% Friday, extending a
rout that has wiped out nearly
$12 billion in market value
since the company said its
chief executive had resigned
and it had identified possible
accounting problems that
could affect some $7 billion in
assets. The company now has
a market capitalization of
about $2.7 billion.
The disclosures have international investors, lenders and
bondholders scrambling to
gauge any exposure to the
firm. As recently as earlier in
the week, Steinhoff was an investment-grade, blue chip heralded as a rare African success
story on the global stage.
The disclosures have also
turned a fresh spotlight on a
set of transactions involving
related entities that critics say
may have hid operational
losses and artificially pumped
up the company’s valuation.
German prosecutors said in
August they had opened a
probe into whether Steinhoff—
owner of retail brands like
Sleepy’s mattresses in the U.S.
and discount chain Poundland
in the U.K.—booked inflated
revenue at subsidiaries.
They have said they suspect
the revenue came from a set
of contracts, each valued in
the hundreds of millions of
dollars, that Steinhoff subsidiaries sold to undisclosed related parties.
Prosecutors haven’t detailed their allegations fully,
and Steinhoff in the past has
repeatedly denied financial
improprieties. Steinhoff didn’t
respond to repeated requests
for comment.
Steinhoff stock, which has
its primary listing in Frankfurt, is widely held by international investors. This week,
analysts scrambled to make
sense of some of the transactions, parts of which are publicly disclosed.
In the past, some transactions had triggered specific
concern by analysts. Despite
those questions and the German probe, investors had
largely been satisfied with
Steinhoff’s public explanations—until now.
“It’s the unknown unknowns that are the big worry
here. You’ve got to ask, ‘Who
knows the whole story?’” said
Brian Pyle, an analyst at Old
Mutual Investment Group, one
of Steinhoff’s top-20 shareholders. “We just don’t know
what else is out there.”
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.
B4 | Saturday/Sunday, December 9 - 10, 2017
THE WALL STREET JOURNAL.
* ******
WEEKEND INVESTOR
Three Questions to Determine
If You’re on the Right Track
Have I saved enough?
With some simple math,
it’s possible to assess retirement readiness without resorting to online calculators
that produce “dramatically
different results,” says Wade
Pfau, a professor of retirement income at the American College of Financial Services in Bryn Mawr, Pa.
The first step is to go to
the Social Security website
to get an estimate of how
much income you will receive. This tells you what
your monthly payout is likely
to be if you claim benefits at
62, 70 and full retirement
age, which is 66 for those
born between 1943 and 1954.
(The benefit will be lower if
you claim before full retirement age and higher if you
claim after.)
Also, ask current and past
employers for an estimate of
any pension you are eligible to
receive. If you suspect you
may have left a pension behind at a previous employer
that’s defunct or changed its
name, free help is available
from sources including the Labor Department and the Pension Benefit Guaranty Corp.
Then figure out your retirement spending needs, including taxes and premiums
for Medicare Parts B and D,
which cover doctor visits and
prescription drugs, respectively.
If you aren’t sure what
you might spend, use the
80% rule. It assumes that retirees can get by on about
80% of what they earned
while working because they
no longer need to commute
or save for retirement and
frequently wind up in a
lower tax bracket. Using the
rule, a couple with a
$100,000 annual income
would need a retirement income of $80,000.
T
he next step is to deduct from that $80,000
your expected Social
Security and pension benefits,
plus guaranteed income from
any annuities you have.
If you are entitled to
$35,000 a year in Social Security but nothing from a
pension or annuity, for example, you would need savings
to supply the remaining
$45,000.
Mr. Pfau suggests dividing
that $45,000 by 4%, which
represents the 4% “safe” inflation-adjusted withdrawal
rate that historically has ensured U.S. retirees a high
probability of never running
out of money. The result,
$1.125 million, is the amount
you will need. (With stocks
at records and bond yields
low, Mr. Pfau says it may be
safer to use a 3% withdrawal
rate.)
When should I claim
Social Security?
You can claim benefits
starting at 62. But because
the payout rises about 5% to
8% for each year in which
you delay until 70, those who
claim early frequently reduce
their lifetime benefits, says
William Meyer, chief executive of SocialSecuritySolutions.com, which identifies
claiming strategies likely to
yield the highest amount
over a beneficiary’s lifespan.
For couples, the claiming
decision can be especially
complicated due to spousal
and survivor benefits. For instance, an individual who is
currently 64 or older and
first claims Social Security at
his full retirement age can
elect to receive a benefit
based on a spouse’s earnings
record first and switch at
some future date to his own
benefit, which will have become larger thanks to his de-
lay in collecting it.
Online tools can help you
figure out how to make the
most of your options. Skip
the free ones in favor of ones
that charge for customized
advice.
Do I have a plan for
drawing down assets?
When spending retirement
savings, the conventional
wisdom calls for draining
taxable brokerage accounts
first, to give the money in
tax-deferred 401(k)s and individual retirement accounts
more time to increase, and
leaving tax-free Roth IRAs or
Roth 401(k)s for last.
A better approach, Mr.
Pfau says, is to tap multiple
accounts simultaneously to
minimize taxes. To make it
work, you will need either a
Roth account or a taxable
brokerage account with assets such as certificates of
deposit or recently purchased bonds that won’t trigger a capital-gains tax when
sold.
The idea is to use tax-free
withdrawals from these accounts to supplement taxable
withdrawals from traditional
IRAs and 401(k)s to stay
within a lower tax bracket,
says Mr. Meyer.
Retirees with significant
balances in traditional IRAs
or 401(k)s may also benefit
from deferring Social Secu-
Have you or your spouse...
Workers
Retirees who answered yes
Thought about how you
will occupy your time?
44%
54
Estimated how much
you will need each month?
38
56
Estimated your
Social Security benefit?
38
62
Thought about moving
or downsizing?
38
34
Estimated your expenses
in retirement?
34
52
Talked with an adviser
about planning?
23
34
Estimated health-care
costs in retirement?
21
39
Prepared a formal
financial plan?
11
19
Note: The survey was conducted from Jan. 6 to Jan. 13, 2017, through online interviews with
1,671 individuals (1,082 workers and 589 retirees) ages 25 and older in the U.S.
Sources: Employee Benefit Research Institute and Greenwald & Associates
THE WALL STREET JOURNAL.
rity—until age 70 if possible—and living on their traditional IRAs and 401(k)s
initially.
The goal is to reduce the
size of those accounts so
that when required distributions begin at age 70½, the
retiree can remain within a
lower tax bracket and escape
the surcharges on Medicare
premiums that kick in above
$85,000 for individuals and
$170,000 for couples.
B
y waiting to claim Social Security, some retirees can reap another
tax benefit.
The formula that determines how much of an individual’s Social Security is
taxable counts traditional
IRA and 401(k) distributions
more heavily than Social Security income. So, by reducing required minimum distri-
co Fo
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on
You’re getting close to
retirement.
You may have
even decided
where you
want to live and what you
want to do with your time.
But do you have a financial
plan to make it work?
Here are three questions
to consider before leaving a
regular paycheck behind.
Gauging Retirement Readiness
butions from these accounts,
retirees may also reduce or
eliminate taxes on their Social Security benefits.
Retirees in their 60s who
expect their tax bracket to be
the same or higher in the future may benefit from deferring Social Security to 70
and living on a taxable brokerage account.
If the brokerage account
can be liquidated without
triggering much in the way
of capital gains, the retiree
will find himself in a low tax
bracket.
To take advantage of that
low rate, he can convert
money from a traditional IRA
or 401(k) to a Roth IRA and
pay income tax to allow the
money to increase tax-free.
The key, Mr. Meyer said, is to
keep the conversions at a
level that won’t push you
into a higher tax bracket.
ly
.
RETIREMENT REPORT | By Anne Tergesen
BUSINESS & TECHNOLOGY
Uber Sells Stake Deal Talks Hearten Sky Investors
In Singapore Unit
no
SINGAPORE—Uber Technologies Inc. is selling a controlling stake in the car-rental
unit in Singapore that came
under scrutiny this year for
knowingly leasing unsafe vehicles to drivers.
The ride-hailing firm is unloading a 51% stake in the business to public-transport operator ComfortDelGro Corp. for
295 million Singapore dollars
(US$218 million). The Uber
unit, Lion City Holdings Pte
Ltd., operates a fleet of about
14,000 vehicles that are hired
by Uber drivers.
The deal takes some pressure off Uber as new CEO Dara
Khosrowshahi looks to cut expenses and restore order to a
business known to flout local
laws in its drive for growth.
Uber had high hopes when it
created Lion City Rentals in
2015. The company was having
trouble bringing drivers onto
its network in Singapore where
the cost of owning a car is
among the highest in the
world. So Uber borrowed
nearly $600 million from banks
including Goldman Sachs
Group Inc. to buy thousands of
new cars and rent them out, a
risky deviation for a business
model based on not owning
major assets.
The Wall Street Journal reported in August that Lion City
Rentals had knowingly rented
Honda Motor Co.’s Vezel model
to drivers in Singapore after
Honda recalled the car in April
2016 for an electrical component that could overheat and
catch fire. One of the Vezels
caught fire this past January,
and while the driver walked
away unhurt, the incident set
off alarm bells at Uber head-
quarters. The car was one of
more than 1,000 defective Vezels rented to Uber drivers at
the time, and the company was
slow to repair them.
Uber said it has since added
safety measures and addressed
the problem.
Mr. Khosrowshahi is on a
mission to get Uber’s financial
house in order after taking
over the post in September
from Travis Kalanick, who was
pushed out in June following
months of legal trouble and
scandal.
Uber in September said it
was shutting down its U.S.
auto-leasing business, months
after it discovered it was losing
18 times more money per vehicle than previously thought.
This summer, Uber also announced a deal to put its unprofitable Russian operations
into a joint venture.
The San Francisco-based
company’s losses widened to
$1.46 billion in the third quarter from $1.06 billion in the second quarter, even as sales grew
more than 20% to $2.01 billion,
according to documents related
to a potential investment by
SoftBank Group Corp. reviewed
by the Journal.
Uber hasn’t disclosed its financials on the same basis for
prior periods.
ComfortDelGro said in August it was in exclusive talks
with Uber for a joint venture as
it faced stiff competition from
ride-hailing apps, including
homegrown rival Grab Inc. The
company also faces margin
pressure on its bus business in
the U.K. and lost a tender to
operate a future train line in
Singapore to a competitor.
—Newley Purnell
and Greg Bensinger
contributed to this article.
n-
BY GAURAV RAGHUVANSHI
LONDON—If Rupert Murdoch’s 21st Century Fox Inc.
sells its international assets to
Walt Disney Co. or any other
suitor, the new owner will undergo regulatory scrutiny in
Europe over Sky PLC.
But investors, at least, think
a buyer might have an easier
time than the Murdoch clan
has had so far in its bid to
take full control of the British
pay-TV giant.
Since The Wall Street Journal reported Dec. 2 that Disney had re-engaged in talks
with Fox about its international assets and other holdings, Sky shares have been on
a tear—shooting up as much
as 9% earlier this week, before
retreating somewhat. Those
talks are now in advanced
stages, according to people familiar with the matter.
Sky shares had languished
for much of the latter last half
of the year, far below the price
Fox offered when it agreed in
December 2016 to pay more
than $15 billion for the 61% of
Sky it didn’t already own. Investors, analysts and bankers
have attributed the stock’s
performance in part to doubts
about whether U.K. regulators
will approve the deal.
The shares closed slightly
lower at £9.93 ($13.30) in London on Friday. Fox’s offer
price is £10.75 a share.
The British government is
probing whether Fox’s full
ownership of Sky, and its Sky
News franchise, would give
one organization too much
power in British media.
The Murdoch family is a big
shareholder in both Fox and
News Corp, which owns newspaper titles such as the Times
SCOTT A. WOODWARD FOR THE WALL STREET JOURNAL
Sky shares jumped a year ago
when Fox made its bid, but
languished below the offer price
before perking up this week.
£11 a share
Offer price: £10.75
10
9
Dec. 9, 2016
Fox offers to
buy the rest
of Sky
8
Friday
Sky shares up
7% this week
7
£1 = $1.35
2016 2017
Source: FactSet
THE WALL STREET JOURNAL.
of London, the Sunday Times
and the Sun, Britain’s bestselling tabloid. News Corp also
owns The Wall Street Journal.
In contrast, Disney doesn’t
have a news presence in the
U.K. Its most notable European asset is a theme park in
France, and it runs a number
of TV channels in the region.
Regulators are also reviewing whether Fox would meet
U.K. broadcasting standards,
saying they would consider
corporate-governance issues
at the company, which could
include actions related to a
sexual-harassment scandal at
its Fox News unit in the U.S.
“I can’t think of any group of
potential owners that would
trigger as much political opposition as the Murdochs,” said Alice Enders, a media analyst with
London-based Enders Analysis.
Fox has said full ownership
of Sky wouldn’t give it too
The U.K. is scrutinizing Fox’s potential ownership of Sky News.
much media influence, and Sky
said it could consider shuttering
Sky News if regulators thought
that it would. Fox has said it is
cooperating with U.S. investigators probing whether it properly disclosed sexual-harassment settlements at Fox News.
All the scrutiny has pushed
back Fox’s estimate of when it
expects to close a deal for Sky,
from the end of this year to
the middle of 2018. Fox and
Sky spokesmen declined to
comment.
Fox has continued to say
publicly it is confident of
eventual approval.
This isn’t the first time Mr.
Murdoch has tried to consolidate ownership of Sky. An attempt in 2011 ended partly because of a political and public
backlash over phone-hacking
at his now-defunct News of
the World. Mr. Murdoch apologized for the hacking and
closed the newspaper.
Disney and Comcast Corp.,
which the Journal reported is
also interested in Fox’s international assets, don’t come
with all that baggage.
U.K. regulators are sched-
uled to send final recommendations in March to the country’s culture minister, who
would have 30 days to decide
whether to reject the deal, approve the deal unconditionally,
or approve it with conditions.
Fox’s talks with potential
buyers aren’t likely to affect
the current British antitrust
review, as the minister’s decision is likely to come before
any asset sale is pinned down.
Meanwhile, Fox is obligated to
continue to pursue approval of
its Sky deal.
Any company that buys a
majority stake or significant
minority stake in Sky would
face U.K. regulatory review.
Such a deal would also be subject to a European Union review in Brussels over media
rights in the bloc.
Fox is also considering selling international assets with
European operations in addition to Sky, people familiar
with the matter said, and
those assets would be under
EU scrutiny.
—Jenny Gross
and Ben Dummett
contributed to this article.
Apple Is Close to Acquiring Shazam App
BY TRIPP MICKLE
An Uber driver in a rented Honda Vezel in August in Singapore.
Under a Cloud
DAN KITWOOD/GETTY IMAGES
BY STU WOO
Apple Inc. is close to acquiring music-identification
company Shazam Entertainment Ltd. in a deal that would
give it ownership of a popular
app with insight into people’s
musical interests, according to
a person familiar with the
matter.
The pending deal comes as
Apple looks to increase subscriptions to its music-streaming service and prepares to
launch its first smart speaker,
the HomePod.
The pending deal was reported Friday by TechCrunch.
The Shazam app made its
debut in 2008 and is now connected to more than 1 billion
people. It allows users who
hear an unfamiliar song to
identify it by absorbing the
audio and running it past a
musical database to find a
match. It then provides users
with the song and artist and
directs them to services such
as Apple Music or Spotify,
where they can purchase or
listen to the music.
Shazam was a top referral
app for iTunes for years and
could help funnel potential
subscribers to Apple Music,
the company’s streaming-music service. Apple Music, which
has about 30 million subscrib-
ers, is trying to boost subscriptions and catch up with
rival Spotify AB, which has
about 60 million paid subscriptions.
Apple also could further integrate Shazam into its voiceand search-assistant Siri. The
voice assistant began using
Shazam in 2014 to allow users
to ask Siri verbally to identify
a song. It could then surface
the song with a “buy” button
that would allow users to purchase the music from Apple.
Meanwhile, Spotify and internet company Tencent Holdings Ltd. of China said they
are making equity investments
in each other’s music-stream-
ing businesses, connecting two
of the world’s largest digital
music platforms.
Under the deal announced
jointly Friday, Tencent Music
Entertainment Group and Spotify will exchange minority
stakes for cash. Parent company Tencent will also buy an
additional stake in Spotify
through existing shares on the
secondary market. Neither
company specified the size of
the stakes or the amount paid.
Tencent is best known for
its videogame, social-media
and mobile payment businesses.
—Wayne Ma and Anne Steele
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 9 - 10, 2017 | B5
* * * *
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
A Taxpayer Scourge That Just Won’t Go Away
INVEST
Continued from page B1
of a larger firm, often hasn’t
yet attracted a following.
At S&P 500 companies, index funds hold an average of
17% of shares outstanding,
according to FactSet; in the
Russell 3000 index, encompassing thousands of smaller
stocks, index funds hold an
average of 16%.
Yet passive funds hold
less than 5% of shares outstanding at 311 companies in
the Russell 3000. Among
those underowned by index
funds: Daily Journal
Corp., International
The Next AMT
I
was hoping never again
to explain that the AMT
is a parallel tax system
imposed by Congress to
deny some or all of the
value of tax breaks Congress
allowed in the first
place. Or the bizarre ways
the AMT’s flat rates interact
with the progressive rates
in the regular tax. Or the
weird AMT triggers, which
include having too many
children. The AMT limits exemptions in this case.
Alas, a late change in the
Senate tax bill kept alive the
AMT for individuals, and it
could survive. This AMT
would raise $133 billion over
10 years, according to estimates by the Joint Committee on Taxation. That is a lot
of revenue, and some lawmakers want to put it to
other uses. A House-Senate
conference committee will
try to hammer out differences in the bills next week.
The updated version of
the levy would pare back
tax-rate cuts for many married couples who are “rich,
but not uber-rich,” according
to the Tax Policy Center, a
nonprofit and nonpartisan
group. That means joint filers earning between
$300,000 and $750,000.
This is a higher income
range than the current AMT,
The Senate has proposed an alternative minimum tax that will hit
many high-earning Americans.
Adjusted gross
income
Percentage of AMT payers
$0-50,000
50,000-100,000
100,000-200,000
200,000-300,000
Current law
Senate bill
0
0
0.4
0
4.4
0.4
42.8
4.4
300,000-400,000
86.1
51.2
79.8
82.5
400,000-500,000
71.8
500,000-600,000
50.7
600,000-700,000
29.8
700,000-800,000
22.3
800,000-900,000
88
64
30.6
18.6
23.3
16.5
16.3
900,000-1 million
More than 1 million
All
86.9
3
1.3
Source: Tax Policy Center
THE WALL STREET JOURNAL.
which tends to hit both joint
and single filers earning between $200,000 and
$600,000.
Overall, fewer filers would
owe the Senate’s AMT. The
Tax Policy Center estimates
that 2.3 million filers would
owe it for 2018, which is less
than half the 5.2 million filers who would owe the current AMT for 2018.
A high percentage of filers
caught in the new AMT net
would be married couples.
As usual with the AMT,
the reason for this is complicated. Len Burman, an
economist with the Tax Policy Center who worked on
the 1986 tax overhaul for the
Reagan administration, said
the Senate bill’s regular tax
rates reduce the marriage
An index fund of stocks
not owned by any other index funds doesn’t appear to
exist, although it probably
wouldn’t be a bad investment idea.
“The companies that
aren’t in the ETFs have absolutely been abandoned,” says
Jim Boucherat, a portfolio
manager at Pacific View Asset Management in New
York, which oversees more
than $70 million in microcap
stocks.
He says many microcaps
are trading close to book
value and often for as little
as four times the cash their
businesses generate, fractions of what the stocks favored by index funds sell for.
Owning microcap stocks is
not for the chicken-hearted.
In 2008, the smallest 10%
of U.S. stocks lost 44%, including dividends, while the
biggest 10th lost 36%, according to data from Dartmouth College finance pro-
“penalty” that raises taxes
on many two-earner couples.
The Senate’s AMT retains
a stiff marriage penalty,
however. As taxpayers have
to pay whichever is higher—
the regular tax or the AMT—
many couples in the
$300,000 to $750,000 income range would owe more
under AMT.
The Senate’s AMT has another strange effect: Couples with plain-vanilla returns who take the standard
deduction instead of breaking out mortgage interest,
charitable gifts and other
write-offs could easily fall
into the AMT’s net.
Mr. Burman estimates that
nearly all married couples
earning between $300,000
and $750,000 would owe the
new AMT, even if they take
the standard deduction.
Here is a simplified example: Say each spouse in a
married couple earns
$200,000. With average
itemized deductions, they
would owe about $94,400
under current law, including
some AMT.
Under the Senate bill’s
rates on regular income, they
would owe $83,800 if they
take the standard deduction,
for a tax cut of more than
$10,000.
But then the AMT would
add about $7,200, so their
federal tax bill would be only
about $3,400 lower than un-
Game Technology PLC, Lennar Corp.’s Class B shares,
Maui Land & Pineapple Co.,
Pilgrim’s Pride Corp.,
Southern Copper Corp.,
Speedway Motorsports Inc.
and Viacom Inc.’s Class A
shares.
What’s more, most index
funds and ETFs shun stocks
with total market values below $100 million; many don’t
touch anything smaller than
$250 million. Such microcap
stocks trade too thinly for
most big funds to own
them.
der the current law, according to the Tax Policy Center.
O
ther couples in the
AMT’s income range
could actually see a
tax increase, said Joe Rosenberg, a specialist at the Tax
Policy Center.
This is “a huge departure
from the origins of the minimum tax, which was de-
A high percentage of
filers caught in the
new AMT net would
be married couples.
signed to clamp down on tax
shelters,” said Mr. Burman.
If the new AMT is enacted, the best strategy for
some potential payers might
be to forgo the standard deduction, which the AMT
would shrink or rescind. Filers could still deduct mortgage interest and charitable
gifts, which aren’t clawed
back by the AMT.
But it would be necessary to try different scenarios. Depending on complex
interactions, a taxpayer who
owes the Senate’s AMT
might get a partial standard
deduction that is still better
than other options. With the
AMT, complexity rules.
ly
.
without running them
through a computer.
co Fo
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We were so
close.
For years, n
early every
Republican
tax-overhaul
plan, framework or list of
talking points has promised
to repeal the alternative
minimum tax. The bill
passed by the House ended
this dreaded surcharge, as
did the Senate’s first version.
But last week, Senate Republicans did an aboutface. They included an AMT
for individuals that will deny
some of them tax breaks and
raise what they owe Uncle
Sam.
Congress first passed the
alternative minimum tax for
individuals in 1969 to ensure
that people who used many
tax breaks paid some tax.
For 2015, according to the
latest Internal Revenue Service data, 4.5 million out of
about 150 million filers paid
a total of $31.2 billion in
AMT. That is an average of
$7,000 each on top of the
regular tax.
Nearly everybody hates
the AMT. I have been a tax
columnist for longer than I
care to say and regularly get
letters from doctors and lawyers, financial advisers and
small-business owners
across the country complaining about it. Tax professionals say the AMT makes it
hard to predict tax effects
fessor Kenneth French. The
next year, the tiniest U.S.
stocks gained 45%, while the
biggest went up 24%.
So far this year, microcaps
have underperformed megacaps by nearly 7.5 percentage
points.
Overall, since 1926, microcaps have outperformed the
biggest stocks by an average
of more than 3 percentage
points annually, although
some of that would have
been eaten up by higher
trading costs.
In a speech
in 1963, the great investor
Benjamin Graham said that
“a minority of investors” can
“get significantly better results than the average.”
Graham added, “Their
method of operation must be
basically different from that
of the majority of security
buyers. They have to cut
themselves off from the general public and put themselves into a special category.”
The bigger and more popular index funds become, the
harder that is. For investors
who can be picky and patient, it might also turn
out to be more lucrative.
Eliminate the guesswork.
no
n-
Get a clear picture of when to claim Social Security.
At Fidelity, we have the tools and expertise to
help you manage Social Security.
• Determine when to claim and how much you may receive
with our Social Security benefits calculator
• See how Social Security fits into your broader retirement
savings goals in the Planning & Guidance Center
It’s your retirement. Know where you stand.
800.FIDELITY | Fidelity.com/SSCalculator
Investing involves risk, including the risk of loss.
This calculator is for illustrative purposes only.
Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should
not be considered financial, legal, or tax advice. Fidelity cannot guarantee that the information herein is accurate,
complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and
disclaims any liability arising out of your use of, or reliance on, such information. Visit www.ssa.gov when you’re ready
to learn more about filing and about your personalized Social Security statement and estimated benefit.
The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2017 FMR LLC. All rights reserved. 812677.1.0
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
24329.16 s 117.68, or 0.49%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.42 21.55
P/E estimate *
19.93 18.43
Dividend yield
2.14
2.44
All-time high 24329.16, 12/08/17
Nasdaq Composite Index
Last
2651.50 s 14.52, or 0.55%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.85 24.87
P/E estimate *
19.78 18.45
Dividend yield
1.90
2.09
All-time high: 2651.50, 12/08/17
Last Year ago
6840.08 s 27.24, or 0.40%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.26
24.02
P/E estimate *
21.05
19.25
Dividend yield
1.06
1.23
All-time high: 6912.36, 11/28/17
Current divisor 0.14523396877348
24600
2640
6900
24000
2600
6750
23400
2560
6600
22800
2520
6450
22200
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
21600
Bars measure the point change from session's open
Oct.
Nov.
6000
2400
21000
Sept.
Sept.
Dec.
Oct.
Nov.
Sept.
Dec.
Oct.
Nov.
Dec.
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
24330.12 24225.50 24329.16 117.68
0.49
24329.16 19732.40
23.1
23.1
10.9
41.12
0.40
10402.51
8783.74
10.6
15.0
4.8
2.51
0.33
774.47
645.05
17.3
14.9
8.0
27447.78 27364.20 27435.24 140.19
706.47
703.63
1.53
704.12
0.51
27435.24 23276.73
708.56
600.24
16.6
15.2
17.9
17.0
8.7
9.6
Transportation Avg 10449.12 10374.57 10402.51
757.72
Utility Average
Total Stock Market
Barron's 400
752.02
Nasdaq Stock Market
Nasdaq Composite
6870.48
Nasdaq 100
6377.55
757.69
6831.61
6335.23
0.22
27.24
28.29
6840.08
6344.57
0.40
0.45
6912.36
6422.56
5383.12
4863.62
25.6
29.6
27.1
30.4
2651.65
2644.10
2651.50
14.52
0.55
2651.50
2238.83
17.3
18.4
8.8
MidCap 400
SmallCap 600
1895.16
933.05
1884.79
927.47
1890.86
928.11
7.36
-0.42
0.39
1899.18
944.10
1660.58
815.62
11.7
8.2
13.9
10.8
9.7
11.2
Other Indexes
Russell 2000
1529.00
1520.88
1521.72
1.26
-0.05
Company
Volume
(000)
Symbol
SPDR S&P 500
NYSE Arca Biotech
12643.12 12587.61 12643.06
553.96
555.99
2.03
4244.61
4206.20
4232.75
50.98
NYSE Arca Pharma
539.63
534.30
539.62
5.68
KBW Bank
106.66
105.68
0.69
PHLX§ Gold/Silver
106.66
77.44
76.62
0.47
PHLX§ Oil Service
76.93
134.72
133.09
134.10
1.45
1259.63
10.06
1237.24
9.43
1238.24
9.58
PHLX§ Semiconductor
Cboe Volatility
0.08
74.08
557.38
1544.14
1345.24
9.6
12643.06 11056.89
12.1
13.0
14.3
5.2
503.24
7.1
9.8
4.1
1.22
4304.77
3075.02
34.5
37.6
6.3
After Hours
% chg
High
-0.04
10,200.4
40.56
...
unch.
40.82
40.56
6,852.6
21.65
-0.03
-0.14
21.71
21.63
INTC
4,480.5
43.30
-0.05
-0.12
43.54
43.16
Finl Select Sector SPDR XLF
4,226.6
28.01
...
unch.
28.02
27.99
Regal Entertainment Grp RGC
3,935.7
22.73
...
unch.
22.73
22.73
Bank of America
BAC
3,132.4
29.02
-0.03
-0.10
29.05
28.95
General Electric
GE
3,107.0
17.71
...
unch.
17.80
17.70
45.57
Percentage gainers…
11.2
54.00
8.43
18.50
54.00
UTStarcom Holdings
UTSI
9.1
5.65
0.40
7.62
5.73
5.32
Overstock.com
OSTK
98.3
48.05
2.98
6.60
48.60
45.05
Golden Ocean Group
GOGL
6.8
8.70
0.43
5.20
8.74
8.27
Verastem
VSTM
38.3
4.49
0.16
3.70
4.50
4.36
26.85
1.06
560.52
469.13
14.2
12.1
-0.8
...And losers
106.84
88.02
14.7
16.2
12.7
Insmed
INSM
5.1
26.85
-2.99
-10.02
29.84
0.62
96.72
73.03
-3.9
-2.4
3.1
Cytokinetics
CYTK
28.4
7.51
-0.50
-6.19
8.25
7.40
192.66
117.79
-29.3
-27.0 -12.6
Dermira
DERM
29.0
24.88
-1.21
-4.63
26.09
24.75
885.46 38.7
9.14 -18.5
36.6 21.3
-31.8 -12.3
Digital Power
DPW
220.6
3.16
-0.14
-4.24
3.35
3.15
Superior Energy Svcs
SPN
5.4
8.99
-0.28
-3.02
9.27
8.99
-0.50
-6.27
-0.58 -5.71
1341.69
16.04
Sources: SIX Financial Information; WSJ Market Data Group
Region/Country Index
Close
Percentage Gainers...
Net chg
Latest
% chg
YTD
% chg
0.52
0.55
0.56
19.1
19.6
21.1
15.69
2.12
1.43
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
635.36
Sao Paulo Bovespa 72731.84
S&P/TSX Comp
16096.07
S&P/BMV IPC
47572.86
Santiago IPSA
3704.57
3.37
244.38
80.39
585.85
…
0.53
0.34
0.50
1.25
Closed
17.6
20.8
5.3
4.2
14.9
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
IBEX 35
SX All Share
Swiss Market
FTSE 100
389.25
391.98
4025.75
5399.09
13153.70
1445.68
22773.80
547.22
1119.54
10321.10
576.14
9319.16
7393.96
2.84
2.21
31.02
15.23
108.55
…
314.29
2.71
0.03
58.50
3.29
48.59
73.21
0.73
0.57
0.78
0.28
0.83
Closed
1.40
0.50
0.003
0.57
0.57
0.52
1.00
7.7
11.9
11.6
11.0
14.6
–1.7
18.4
13.3
–2.8
10.4
7.8
13.4
3.5
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5994.40
Shanghai Composite 3289.99
Hang Seng
28639.85
S&P BSE Sensex
33250.30
Nikkei Stock Avg
22811.08
Straits Times
3424.64
Kospi
2464.00
Weighted
10398.62
16.70
17.94
336.66
301.09
313.05
36.50
2.02
42.86
no
n-
3015.17
389.92
259.18
The Global Dow
DJ Global Index
DJ Global ex U.S.
0.28
0.55
1.19
0.91
1.39
1.08
0.08
0.41
5.8
6.0
30.2
24.9
19.3
18.9
21.6
12.4
Company
Symbol
Pyxis Tankers
Sigma Designs
Checkpoint Therapeutics
Galectin Therapeutics
Forescout Technologies
PXS
Remark Holdings
Contango Oil Gas
Technical Communications
ADOMANI
China Rapid Finance ADR
MARK
Avenue Therapeutics
Qudian ADR
Radius Health
Famous Dave's of America
CVR Partners
ATXI
SIGM
CKPT
GALT
FSCT
12.22 0.90
6.95 5.40
15.00 3.35
3.68 0.88
29.53 21.56
148.4
20.0
...
135.9
...
Erytech Pharma ADR
Aqua Metals
Veeco Instruments
Tellurian
Cancer Genetics
ERYP
8.84
3.09
6.35
3.74
6.00
1.43
0.48
0.95
0.55
0.88
19.30
18.39
17.59
17.24
17.19
9.79
10.39
9.30
18.31
12.86
1.93
2.22
2.15
3.04
4.60
135.1
-68.8
165.1
...
...
La Jolla Pharmaceutical
Johnson Outdoors Cl A
VistaGen Therapeutics
Neuralstem
National Beverage
LJPC
4.70
13.65
31.60
5.30
3.71
0.68
1.82
4.19
0.70
0.46
16.77
15.38
15.29
15.22
14.15
8.58 3.50
35.45 11.33
49.39 24.66
6.60 3.38
6.95 2.58
...
...
-28.1
6.0
-35.3
Xunlei ADR
IES Holdings
American Outdoor Brands
Boxlight Cl A
Marinus Pharmaceuticals
XNET
XRF
UAN
Most Active Stocks
Company
Symbol
SPDR S&P 500
Bank of America
General Electric
Finl Select Sector SPDR
Valeant Pharm Intl
SPY
Micron Technology
iShares MSCI Emg Markets
Teva Pharmaceutical ADR
Advanced Micro Devices
Global Brokerage Cl A
MU
GE
XLF
VRX
Volume % chg from Latest Session
(000) 65-day avg Close % chg
44,166
41,781
36,639
34,058
30,026
EEM
TEVA
AMD
GLBR
-2.9
-14.8
-29.5
-8.5
242.7
265.51 0.55
29.05 0.94
17.71
...
28.01 0.61
19.70 11.74
52-Week
High
Low
266.80 222.73
29.31 21.77
32.38 17.46
28.20 22.00
19.77
8.31
17.8 43.21 0.02
-17.8 45.94 1.17
46.3 16.06 7.07
-40.3 9.94 -1.00
8680.9 1.12 55.56
49.89
47.93
38.31
15.65
9.45
19.49
33.94
10.85
9.42
0.25
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
30-year mortgage, Rate
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
t
30-year fixed-rate
mortgage
3.00
t
10-year Treasury
note yield
1.00
0.00
J FMAM J J A S ON D
2017
Best Rate USA
Newtown Square, PA
3.63%
888-998-2451
Epic Funding
Fort Myers, FL
3.63%
800-530-2680
Fortune Financial, Inc.
Englewood, CO
3.63%
303-706-0920
Garden State Home Loans
3.63%
Cherry Hill, NJ
609-216-7912
Bay State Savings Bank
Worcester, MA
3.75%
508-890-9015
3.00
0
1.50
–5
One year ago 0.75
–10
0.00
–15
Friday
t
1
3 6
month(s)
1 2 3 5 710
years
maturity
Euro
5
30
s
Yen
s
WSJ Dollar index
2017
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.49
1.55
Money market, annual yield
0.33
0.34
Five-year CD, annual yield
1.49
1.49
30-year mortgage, fixed†
3.90
3.88
15-year mortgage, fixed†
3.32
3.29
Jumbo mortgages, $424,100-plus† 4.30
4.30
Five-year adj mortgage (ARM)† 3.71
3.68
New-car loan, 48-month
3.18
3.20
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.96 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
1.55
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.31
-0.09
-0.08
-0.12
0.03
-0.20
0.13
0.04
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1461.446
2.218
2.197
2.237
1.818
3.153 1.795
10-yr Treasury, Ryan ALM 1731.121
DJ Corporate
380.607
Aggregate, Barclays Capital 1941.770
High Yield 100, Merrill Lynch 2854.316
Fixed-Rate MBS, Barclays 1985.320
Muni Master, Merrill
522.699
2.383
3.140
2.690
5.621
2.890
2.107
2.363
3.137
2.680
5.545
2.910
2.212
2.609
3.390
2.790
5.890
3.120
2.419
2.058
2.879
2.380
4.948
2.660
1.736
2.996
6.462
3.444
6.853
2.171
4.965
1.500
3.896
2.302
4.480
1.912
2.633
n.a.
n.a.
5.559
n.a.
n.a.
n.a.
n.a.
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
52-Week
Low
% chg
-21.3
-83.2
-56.1
60.2
25.8
27.25 -4.82 -15.03
61.91 -10.90 -14.97
VTGN
1.80 -0.23 -11.33
CUR
2.00 -0.24 -10.71
FIZZ
100.84 -11.91 -10.56
39.28 16.41
76.18 31.25
3.92 0.69
6.60 0.88
129.82 45.40
45.3
38.0
-53.1
-34.8
94.8
-9.92
-9.84
-9.51
-9.09
-9.03
27.00 3.11
23.00 14.05
24.49 12.46
9.17 6.50
8.90 0.82
180.6
-20.2
-35.9
...
704.1
VECO
TELL
CGIX
19.20
1.98
11.90
9.85
1.95
-8.74
-0.65
-2.75
-2.14
-0.40
JOUT
IESC
AOBC
BOXL
MRNS
11.98
16.95
13.51
6.50
7.86
-1.32
-1.85
-1.42
-0.65
-0.78
Ranked by change from 65-day average*
Symbol
Easterly Acquisition
Sigma Designs
iSh Currency Hdg MSCI UK
iSh iBonds Dec 2017 Corp
Gores Holdings II Cl A
EACQ
iPath MSCI India TR ETN
Glbl X China Consumer
Kayne Anderson Acqn Cl A
USAA MSCI EM Value Mom
Tellurian
INP
SIGM
HEWU
IBDJ
GSHT
in US$
CHIQ
KAAC
UEVM
TELL
Volume % chg from Latest Session
(000) 65-day avg Close % chg
1,252
15,569
171
506
2,000
11372
7029
3215
3002
2795
95
1,743
1,038
251
6,297
1374
1307
1305
1279
1229
52-Week
High
Low
0.25
23.21
1.18
0.05
...
11.85 9.25
6.95 5.40
24.59 22.19
24.96 24.77
11.24 9.30
84.91 1.02
17.59 1.97
9.68 0.31
49.50 0.88
9.85 -17.85
86.95 60.65
18.41 11.09
9.79 9.65
50.89 48.97
21.74 6.03
10.08
6.90
23.91
24.82
9.90
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
.0580 17.2560 8.7
Brazil real
.3038 3.2918 1.1
Canada dollar
.7783 1.2849 –4.4
Chile peso
.001525 655.60 –2.1
Ecuador US dollar
1
1 unch
Mexico peso
.0529 18.9210 –8.7
Uruguay peso
.03447 29.0100 –1.2
Venezuela b. fuerte .093210 10.7285 7.3
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
Asia-Pacific
Australian dollar
.7509 1.3317
China yuan
.1511 6.6179
Hong Kong dollar
.1281 7.8053
India rupee
.01551 64.488
Indonesia rupiah .0000738 13545
Japan yen
.008813 113.47
Kazakhstan tenge .002984 335.11
Macau pataca
.1243 8.0423
Malaysia ringgit
.2450 4.0811
New Zealand dollar
.6835 1.4631
Pakistan rupee
.00945 105.850
Philippines peso
.0198 50.491
Singapore dollar
.7393 1.3527
South Korea won .0009151 1092.75
Sri Lanka rupee
.0065270 153.21
Taiwan dollar
.03331 30.018
Thailand baht
.03066 32.620
Vietnam dong
.00004403 22711
Commodities
–4.1
–4.7
0.6
–5.1
0.1
–3.0
0.4
1.6
–9.0
1.3
1.4
1.8
–6.5
–9.5
3.2
–7.5
–8.9
–0.3
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
.04606 21.711 –15.5
.1582 6.3218 –10.6
1.1774 .8494 –10.7
.003749 266.71 –9.4
.009565 104.55 –7.4
.1205 8.2963 –4.0
.2804 3.5663 –14.8
.01693 59.064 –3.6
.1184 8.4457 –7.3
1.0074 .9927 –2.6
.2607 3.8364 8.9
.0369 27.1160 0.1
1.3384 .7472 –7.8
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6529 .3770 –0.1
.0562 17.7865 –1.9
.2837 3.5248 –8.4
3.3137 .3018 –1.3
2.5976 .3850 unch
.2750 3.636 –0.1
.2667 3.7501 –0.02
.0732 13.6570 –0.3
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.29
0.10 0.12 –6.08
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
High
32.33 19.00
22.75 1.96
34.38 10.85
21.74 6.03
5.30 1.30
Company
Country/currency
10%
2.25
t
2.00
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
Latest Session
Close Net chg % chg
U.S.-dollar foreign-exchange rates in late New York trading
s
4.00%
* 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.
Currencies
Forex Race
notes and bonds
3.88%
Bankrate.com avg†:
NYSE Arca
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
* Volumes of 100,000 shares or more are rounded to the nearest thousand
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Nasdaq
Total volume*1,790,245,943 202,399,032
Adv. volume*1,149,756,628 158,775,915
Decl. volume* 599,234,933 36,502,233
Issues traded
3,078
1,313
Advances
1,609
990
Declines
1,314
297
Unchanged
155
26
New highs
97
31
New lows
49
18
Closing tick
501
69
Closing Arms†
0.64
0.86
Block trades*
6,212
1,000
-31.28
-24.71
-18.77
-17.85
-17.02
AQMS
Volume Movers
62,627
57,812
51,321
50,766
44,666
BAC
Symbol
41.11
23.21
21.26
20.90
20.37
ADOM
DAVE
Company
1.55
1.30
0.98
0.42
4.68
TCCO
RDUS
High
52-Week
Low
% chg
5.32
6.90
5.59
2.43
27.65
MCF
QD
Total volume* 738,919,615 12,780,596
Adv. volume* 521,711,951 4,990,934
Decl. volume* 183,222,774 7,450,290
Issues traded
3,077
332
Advances
1,764
149
Declines
1,170
161
Unchanged
143
22
New highs
111
1
New lows
29
11
Closing tick
39
49
Closing Arms†
0.55
1.09
Block trades*
6,253
115
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
-0.02 265.61 264.03
0.66
1.09
International Stock Indexes
Interest rate
Net chg
CAR
Avis Budget Group
VanEck Vectors Gold Miner GDX
Intel
9.2
559.05
0.59
0.37
Philadelphia Stock Exchange
NYSE NYSE Amer.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Value Line
Last
13,792.0 265.47
SPY
Ultragenyx Pharmaceutical RARE
NYSE Composite
World
Volume, Advancers, Decliners
Most-active issues in late trading
13.0
14.0
Standard & Poor's
500 Index
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
596.18
2.35
185.02
57.36
2.772
1245.20
0.54
0.67
0.009
-4.60
0.40
616.58
532.01
0.30 195.14
58.95
1.18
3.93
0.33
-0.37 1346.00
166.50
42.53
2.56
1127.80
% Chg
4.17
YTD
% chg
5.10
-3.63 -3.89
6.78
11.38
-26.00 -25.56
8.28
7.40
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 9 - 10, 2017 | B7
* * * *
BIGGEST 1,000 STOCKS
We have made some minor changes in our daily listings. The names of companies
listed in the Biggest 1,000 Stocks are listed alphabetically and aren’t separated by
exchange. We also shortened some corporate names and added alphabetical breaks
to make the listing more readable. The New Highs and Lows table focuses on individual
companies and excludes ETFs and Closed End funds. However, these funds are included
in the counts by exchange in the Trading Diary listing on the Markets Digest page.
This chart is unchanged. Finally, we will continue to report on corporate dividends but
will exclude ETFs and Closed End fund dividend changes. This information remains
available free on markets.wsj.com. Please send comments to wsjcontact@wsj.com.
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS.
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading
volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was
$2 or higher.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Yld
Net
Sym % PE Last Chg
ABC
10.97 54.42 45.81 CGI Group GIB ... 21 53.30 0.22
20.64 89.11 63.41 CH Robinson CHRW 2.1 26 88.38 0.96
CIT 1.3 dd 49.84 0.54
16.78 51.19 39.48 CIT Group
32.48 155.29 113.27 CME Group CME 1.7 35 152.82 0.75
19.82 50.85 40.39 CMS Energy CMS 2.7 26 49.87 0.29
CNA 2.2 16 53.51 -0.16
28.94 55.62 39.96 CNA Fin
CEO 3.8 17 135.49 1.20
9.30 143.39 108.05 CNOOC
-26.49 17.69 11.16 CPFLEnergia CPL 2.4 22 11.32 -0.09
3.75 38.06 32.82 CRH
CRH 1.2 21 35.67 0.47
CSX 1.4 29 56.46 0.30
57.14 58.25 35.59 CSX
-7.38 84.72 66.45 CVS Health CVS 2.7 15 73.09 2.00
COG 0.7 dd 27.75 -0.03
18.79 29.57 20.55 CabotOil
72.72 45.64 24.15 CadenceDesign CDNS ... 47 43.56 0.01
48.24 13.60 7.05 CaesarsEnt CZR ... dd 12.60 0.05
62.89 57.04 32.47 CalAtlantic CAA 0.3 16 55.40 0.42
9.62 96.39 78.38 CamdenProperty CPT 3.3 56 92.16 0.22
-19.05 64.23 44.99 CampbellSoup CPB 2.9 17 48.95 -0.33
CM 4.4 11 93.00 -0.01
13.97 96.64 77.20 CIBC
18.80 84.48 66.58 CanNtlRlwy CNI 1.7 23 80.07 0.01
9.32 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.85 0.28
s 26.22 180.44 141.32 CanPacRlwy CP 1.0 19 180.21 3.28
CAJ 3.7 20 38.35 0.15
36.28 39.15 27.76 Canon
9.80 96.92 76.05 CapitalOne COF 1.7 14 95.79 0.72
-18.17 84.88 54.66 CardinalHealth CAH 3.1 17 58.89 0.39
CSL 1.3 23 114.12 -0.49
3.47 116.53 92.09 Carlisle
CG 10.1 13 22.15 0.40
45.25 24.85 14.97 Carlyle
KMX ... 19 67.48 0.51
4.80 77.64 54.29 CarMax
CCL 2.7 18 66.91 0.73
28.52 69.89 50.77 Carnival
CUK 2.7 18 66.95 0.66
30.79 70.56 50.34 Carnival
55.12 145.19 90.34 Caterpillar CAT 2.2100 143.86 0.97
CAVM ... dd 85.57 0.58
37.04 88.96 56.96 Cavium
69.54 127.78 72.54 CboeGlobalMkts CBOE 0.9 68 125.27 1.08
35.31 109.11 78.38 Celanese A CE 1.7 19 106.54 0.69
CELG ... 25 106.09 3.36
-8.35 147.17 94.55 Celgene
CX ... 10 7.47 0.15
-3.25 10.37 7.09 Cemex
-37.61 16.82 6.76 CenovusEnergy CVE 1.7 4 9.44 -0.04
CNC ... 21 101.34 0.44
79.33 103.15 54.40 Centene
17.33 30.45 23.95 CenterPointEner CNP 3.7 21 28.91 0.05
-17.06 7.38 3.49 CentraisElBras EBR ... 3 5.69 -0.11
-38.31 27.61 13.16 CenturyLink CTL 14.7 25 14.67 0.57
CERN ... 35 70.42 0.48
48.66 73.86 47.01 Cerner
12.70 408.83 275.34 CharterComms CHTR ...110 324.50 -0.72
24.06 119.20 84.00 CheckPoint CHKP ... 22 104.78 1.25
115.66 58.08 20.76 Chemours CC 1.4 33 47.64 -0.29
14.41 51.51 40.36 CheniereEnergy LNG ... dd 47.40 0.57
-2.95 33.47 26.41 CheniereEnerPtrs CQP 6.3 dd 27.97 0.41
19.76 27.86 21.25 CheniereEnHldgs CQH 6.7335 26.79 0.23
CVX 3.6 35 119.92 0.29
1.89 122.30 102.55 Chevron
29.49 31.73 21.38 ChinaEastrnAir CEA ... 10 28.94 0.39
23.62 17.85 12.74 ChinaLifeIns LFC 1.1 19 15.91 0.37
138.12 142.80 45.61 ChinaLodging HTHT ... 53 123.44 4.41
t -6.24 58.83 48.80 ChinaMobile CHL 4.2 12 49.16
...
-0.13 84.88 69.60 ChinaPetrol SNP 4.2 11 70.93 0.88
80.86 50.64 25.60 ChinaSoAirlines ZNH 1.6 11 46.50 2.26
4.23 53.77 45.58 ChinaTelecom CHA 2.8 14 48.08 0.23
16.88 16.55 11.28 ChinaUnicom CHU ...134 13.50 -0.16
CMG ... 61 315.90 2.25
-16.28 499.00 263.00 Chipotle
CB 1.9 18 150.05 0.61
13.57 156.00 127.15 Chubb
10.81 36.37 31.28 ChunghwaTel CHT 4.7 23 34.96 0.16
9.53 54.18 43.21 Church&Dwight CHD 1.6 28 48.40 0.27
CI 0.0 23 209.97 3.97
57.41 212.46 131.03 Cigna
-17.66 146.96 89.49 CimarexEnergy XEC 0.3 28 111.90 1.02
-1.78 81.98 68.24 CincinnatiFin CINF 2.7 25 74.40 0.24
CTAS 1.0 37 159.18 1.18
37.75 159.68 112.96 Cintas
24.45 38.02 29.73 CiscoSystems CSCO 3.1 19 37.61 0.21
C 1.7 15 75.71 0.73
27.39 77.92 55.23 Citigroup
17.15 42.52 31.51 CitizensFin CFG 1.7 17 41.74 0.31
23.16 88.96 70.24 CitrixSystems CTXS ... 30 87.59 0.42
CLX 2.3 27 145.23 0.99
21.00 145.32 114.07 Clorox
KO 3.3 43 45.31 -0.47
9.29 47.48 40.22 Coca-Cola
23.47 44.75 31.01 Coca-Cola Euro CCE 2.5 25 38.77 -0.55
7.29 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 68.17 0.32
CGNX 0.6 48 64.38 1.19
102.39 72.99 31.18 Cognex
28.18 76.51 51.52 CognizantTech CTSH 0.8 22 71.82 0.21
COHR ... 35 292.95 3.92
113.23 320.73 129.62 Coherent
12.04 77.27 63.43 ColgatePalm CL 2.2 28 73.32 0.12
t-18.36 16.09 12.02 ColonyNorthStar CLNS 8.9 dd 12.18 0.09
9.92 42.18 34.12 Comcast A CMCSA 1.7 18 37.95 0.06
CMA 1.4 19 85.40 0.97
25.39 86.78 64.04 Comerica
1.15 57.91 49.43 CommerceBcshrs CBSH 1.6 21 55.69 -0.16
1.91 42.75 30.95 CommScope COMM ... 38 37.91 0.50
SBS ... 9 10.06
15.90 11.33 7.82 SABESP
...
-5.82 41.68 32.16 ConagraBrands CAG 2.3 26 37.25
...
5.74 147.77 106.73 ConchoRscs CXO ... 37 140.21 2.00
2.85 54.22 42.27 ConocoPhillips COP 2.1 dd 51.57 1.03
ED 3.1 22 88.92 0.43
20.68 89.58 70.40 ConEd
42.46 221.28 147.95 ConstBrands B STZ.B 0.9 28 218.25 1.65
42.18 227.20 144.00 ConstBrands A STZ 1.0 31 217.98 1.13
-7.00 57.81 29.08 ContinentalRscs CLR ... dd 47.93 0.85
29.51 256.39 168.00 Cooper
COO 0.0 33 226.56 -12.24
s 58.67 44.19 27.46 Copart
CPRT ... 34 43.96 0.08
GLW 1.9 14 32.35 0.62
33.29 32.77 24.12 Corning
CSGP ... 88 292.34 0.52
55.10 314.73 184.86 CoStar
COST 1.1 31 188.07 1.87
17.46 191.22 150.00 Costco
COTY 2.8 dd 17.78 0.18
-2.89 20.88 14.24 Coty
BAP 2.3 14 209.07 2.15
32.44 215.69 150.71 Credicorp
s 46.79 319.87 182.50 CreditAcceptance CACC ... 17 319.28 5.16
s 21.80 17.44 13.28 CreditSuisse CS 4.1 dd 17.43 0.56
26.20 114.97 83.96 CrownCastle CCI 3.8 91 109.50 -0.21
11.85 61.61 51.76 CrownHoldings CCK ... 17 58.80 -0.45
CTRP ... 75 42.98 -0.78
7.45 60.65 39.71 Ctrip.com
7.14 103.37 81.09 Cullen/Frost CFR 2.4 18 94.53 -0.27
CMI 2.5 17 170.88 1.58
25.03 181.79 134.06 Cummins
DEF
-16.12 66.50 46.07 DISH Network DISH ... 23 48.59
17.24 116.74 95.23 DTE Energy DTE 3.1 21 115.49
DXC 0.8163 95.93
38.57 99.44 64.06 DXC Tech
DHR 0.6 28 93.18
19.71 94.82 77.45 Danaher
DRI 2.9 22 86.41
18.83 95.22 71.02 Darden
DVA ... 26 67.71
5.47 70.16 52.51 DaVita
DE 1.6 23 151.58
47.11 152.68 100.05 Deere
DVMT ... dd 77.25
40.53 83.98 53.08 DellTechs
DAL 2.3 11 53.46
8.68 55.75 43.81 DeltaAir
12.42 68.98 52.53 DentsplySirona XRAY 0.5 dd 64.90
19.93 19.48 15.59 DeutscheBank DB 1.0 dd 19.38
-16.68 50.69 28.79 DevonEnergy DVN 0.6 13 38.05
DEO 2.8 26 141.82
36.44 142.63 102.72 Diageo
9.61 114.93 82.77 DiamondbkEner FANG ... 27 110.77
16.84 127.23 93.39 DigitalRealty DLR 3.2 93 114.81
2.37 74.41 57.50 DiscoverFinSvcs DFS 1.9 13 73.80
-31.29 29.18 14.99 DiscovComm C DISCK ... 10 18.40
-28.27 30.25 15.99 DiscovComm A DISCA ... 10 19.66
DIS 1.6 18 104.23
0.01 116.10 96.20 Disney
DLB 1.0 32 61.79
36.73 63.34 44.98 DolbyLab
26.07 96.60 65.97 DollarGeneral DG 1.1 21 93.38
s 40.80 108.90 65.63 DollarTree DLTR ... 26 108.67
9.52 84.47 70.87 DominionEner D 3.7 25 83.88
DPZ 1.0 35 183.91
15.49 221.58 156.26 Domino's
15.99 50.10 41.28 Donaldson DCI 1.5 28 48.81
11.13 41.19 35.27 DouglasEmmett DEI 2.5 76 40.63
s 31.59 99.15 74.53 Dover
DOV 1.9 23 98.60
5.28 73.85 64.01 DowDuPont DWDP ... 47 70.73
3.84 99.47 83.23 DrPepperSnap DPS 2.5 24 94.15
13.44 91.80 74.61 DukeEnergy DUK 4.0 29 88.05
5.08 30.14 23.93 DukeRealty DRE 2.9 38 27.91
E 5.9 32 32.75
1.58 34.62 29.44 ENI
EOG 0.710039 100.39
-0.70 109.37 81.99 EOG Rscs
EQT 0.2268 56.38
-13.79 75.74 49.63 EQT
ETFC ... 24 50.38
45.40 50.90 32.25 E*TRADE
302.92 63.60 13.05 EXACT Sci EXAS ... dd 53.83
18.73 63.92 48.07 EastWestBncp EWBC 1.3 17 60.35
22.56 94.96 74.78 EastmanChem EMN 2.4 13 92.18
ETN 2.0 12 77.29
15.20 82.34 66.60 Eaton
s 35.72 56.87 41.08 EatonVance EV 2.2 23 56.84
EBAY ... 6 37.65
26.81 39.27 29.01 eBay
ECL 1.2 30 135.33
15.45 137.96 116.92 Ecolab
EC ... 22 12.16
34.36 12.30 8.44 Ecopetrol
-0.26 83.38 67.80 EdisonInt
EIX 3.4 16 71.80
25.97 121.45 86.55 EdwardsLife EW ... 34 118.03
32.69 153.13 99.95 ElbitSystems ESLT ... 24 135.20
33.66 122.79 77.81 ElectronicArts EA ... 28 105.27
19.37 67.78 55.40 EmersonElec EMR 2.9 30 66.55
-44.31 26.17 12.25 EnbridgeEnPtrs EEP 9.9 23 14.19
ENB 5.5 26 38.34
-8.97 44.52 34.39 Enbridge
ECA 0.5 15 11.79
0.43 13.85 8.01 Encana
19.49 11.10 7.75 EnelAmericas ENIA 3.6 27 9.81
26.54 27.74 18.36 EnelGenChile EOCC 7.8 13 24.60
-16.78 20.05 15.03 EnergyTransferEq ETE 7.3 20 16.07
-31.43 26.73 15.25 EnergyTransfer ETP 13.7 8 16.47
ETR 4.2 dd 84.04
14.39 87.95 69.63 Entergy
-7.77 30.25 23.59 EnterpriseProd EPD 6.8 20 24.94
EFX 1.3 27 117.40
-0.70 147.02 89.59 Equifax
EQIX 1.8148 452.39
26.57 495.35 343.55 Equinix
s 26.57 91.90 69.03 EquityLife ELS 2.1 44 91.26
2.25 70.45 59.49 EquityResdntl EQR 3.1 58 65.81
ERIC 1.8 dd 6.28
7.72 7.47 5.52 Ericsson
5.08 270.04 216.71 EssexProp ESS 2.9 31 244.31
64.24 126.99 75.83 EsteeLauder EL 1.2 34 125.63
t -1.90 277.17 208.81 EverestRe RE 2.4 34 212.28
18.09 66.15 52.59 EversourceEner ES 2.9 21 65.22
EXEL ... 55 27.11
81.82 32.50 14.22 Exelixis
EXC 3.2 18 41.05
15.67 42.67 33.30 Exelon
EXPE 1.0 46 117.54
3.76 161.00 111.88 Expedia
21.71 66.01 51.57 ExpeditorsIntl EXPD 1.3 27 64.46
-0.93 73.52 55.80 ExpressScripts ESRX ... 11 68.15
11.70 88.05 71.34 ExtraSpaceSt EXR 3.6 33 86.28
-8.42 93.22 76.05 ExxonMobil XOM 3.7 27 82.66
-8.28 149.50 114.63 F5Networks FFIV ... 20 132.74
FMC 0.7620 88.81
57.02 95.25 56.35 FMC
FB ... 35 179.00
55.58 184.25 114.77 Facebook
FDS 1.1 31 202.07
23.64 204.66 155.09 FactSet
FAST 2.4 29 53.78
14.47 55.35 39.79 Fastenal
no
24.35 26.48 20.80 ABB
ABB 2.9 24 26.20 0.39
ACM ... 18 38.57 0.48
6.08 40.72 30.15 AECOM
AES 4.5 dd 10.76 0.06
-7.40 12.47 10.00 AES
AFL 2.0 13 88.16 0.22
26.67 88.74 66.50 Aflac
AGCO 0.8 29 72.46 0.69
25.23 75.58 57.06 AGCO
12.36 22.34 17.30 AGNC Invt AGNC 10.6 5 20.37 -0.03
ANSS ... 46 146.13 -0.18
58.00 155.14 91.89 Ansys
ASML 0.8 ... 171.98 -0.19
53.28 186.37 102.09 ASML
T 5.3 18 36.73 0.56
-13.64 43.03 32.55 AT&T
42.25 56.69 37.90 AbbottLabs ABT 1.9 43 54.64 -0.05
ABBV 3.0 23 95.95 1.71
53.23 98.52 59.27 AbbVie
ABMD ... 94 191.36 3.45
69.83 200.28 103.53 Abiomed
s 28.52 150.59 112.31 Accenture ACN 1.8 28 150.53 1.93
72.89 67.03 35.86 ActivisionBliz ATVI 0.5141 62.43 0.86
-25.65 251.78 153.28 AcuityBrands AYI 0.3 23 171.65 6.30
ADNT 1.4 8 78.88 -0.26
34.61 86.42 51.74 Adient
68.60 186.27 101.91 AdobeSystems ADBE ... 54 173.57 -1.04
-40.69 177.50 78.81 AdvanceAuto AAP 0.2 21 100.31 2.70
-12.35 15.65 9.42 AdvMicroDevices AMD ... dd 9.94 -0.10
26.79 7.52 4.89 AdvSemiEngg ASX 3.6 14 6.39 0.02
AEG 4.9 18 6.19 0.07
11.93 6.24 4.73 Aegon
AER ... 9 52.36 0.06
25.84 54.50 41.34 AerCap
AET 1.1 34 182.73 3.90
47.35 192.37 116.04 Aetna
37.94 202.09 139.52 AffiliatedMgrs AMG 0.4 22 200.43 2.22
47.89 70.93 45.36 AgilentTechs A 0.9 32 67.38 0.67
2.00 51.86 35.05 AgnicoEagle AEM 1.0 37 42.84 0.69
AGU 3.3 41 106.13 0.24
5.55 111.88 87.82 Agrium
11.89 164.65 133.63 AirProducts APD 2.4 29 160.92 -0.06
-15.27 71.64 44.65 AkamaiTech AKAM ... 34 56.50 0.06
ALK 1.7 11 69.74 0.37
-21.40 101.43 61.10 AlaskaAir
51.72 144.99 85.60 Albemarle ALB 1.0 30 130.60 1.52
AA ... 27 41.40 0.80
47.44 50.31 28.01 Alcoa
16.98 130.46 105.74 AlexandriaRlEst ARE 2.8147 130.00 1.83
-6.45 149.34 96.18 AlexionPharm ALXN ... 51 114.46 7.68
BABA ... 51 177.62 3.15
102.28 191.75 86.01 Alibaba
ALGN ... 72 238.43 -2.95
148.03 266.41 88.56 AlignTech
ALKS ... dd 52.88 0.10
-4.86 63.40 46.42 Alkermes
-3.68 667.19 521.07 Alleghany
Y
... dd 585.72 1.31
ALLE 0.8 23 82.46 -0.65
28.84 89.81 63.71 Allegion
AGN 1.7 dd 167.80 2.93
-20.10 256.80 160.07 Allergan
1.99 266.25 209.00 AllianceData ADS 0.9 25 233.05 0.60
18.61 45.55 36.33 AlliantEnergy LNT 2.8 24 44.94 0.30
24.01 45.69 32.80 AllisonTransm ALSN 1.4 18 41.78 0.34
ALL 1.4 15 102.50 0.39
38.29 104.10 71.51 Allstate
s 50.63 28.83 18.11 AllyFinancial ALLY 1.7 13 28.65 0.28
249.60 147.63 35.98 AlnylamPharm ALNY ... dd 130.89 2.16
32.42 1080.00 789.62 Alphabet A GOOGL ... 35 1049.38 4.81
34.36 1062.38 770.41 Alphabet C GOOG ... 35 1037.05 6.12
AABA ... dd 71.25 1.03
84.25 73.25 38.24 Altaba
-41.67 35.29 17.80 AlticeUSA ATUS ... ... 19.08 0.67
MO 3.7 9 71.54 0.04
5.80 77.79 60.01 Altria
53.67 23.54 9.93 AlumofChina ACH ... 39 15.69 0.53
54.96 1213.41 747.70 Amazon.com AMZN ...295 1162.00 2.21
ABEV ... 36 6.35 0.14
29.33 7.03 4.73 Ambev
DOX 1.4 22 65.15 0.75
11.85 67.98 56.10 Amdocs
UHAL ... 23 381.12 2.85
3.12 400.99 338.30 Amerco
AEE 2.9 25 63.19 0.52
20.45 64.89 49.75 Ameren
39.37 19.11 11.85 AmericaMovil A AMOV 1.8 31 17.14 0.24
36.36 19.50 12.00 AmericaMovil AMX 1.8 31 17.14 0.22
9.27 54.48 39.21 AmerAirlines AAL 0.8 13 51.02 0.14
-13.04 51.70 41.06 AmCampus ACC 4.1106 43.28 0.29
AEP 3.2 20 76.93 0.32
22.19 78.07 60.25 AEP
33.03 99.75 73.11 AmerExpress AXP 1.4 19 98.55 -0.03
18.92 106.77 85.07 AmericanFin AFG 1.3 13 104.79 0.46
3.77 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.77 0.35
AIG 2.2 dd 59.51 -0.04
-8.88 67.47 57.90 AIG
34.81 155.28 102.42 AmerTowerREIT AMT 2.0 54 142.47 -1.64
26.48 91.97 69.96 AmerWaterWorks AWK 1.8 35 91.52 0.44
s 53.11 169.94 109.19 Ameriprise AMP 2.0 16 169.86 2.26
10.88 97.85 71.90 AmerisourceBrgn ABC 1.8 47 86.70 0.77
AME 0.5 30 71.74 0.34
47.61 73.06 48.21 Ametek
AMGN 2.6 16 175.41 1.45
19.97 191.10 141.00 Amgen
32.95 91.26 66.00 Amphenol APH 0.9 28 89.34 1.20
-31.28 73.33 39.96 AnadarkoPetrol APC 0.4 dd 47.92 0.60
17.76 93.99 71.00 AnalogDevices ADI 2.1 41 85.52 -0.59
ANDV 2.1 23 111.04 2.12
26.98 112.21 75.11 Andeavor
-11.42 60.14 42.18 AndeavorLog ANDX 8.8 19 45.01 0.24
BUD 3.4 56 111.68 0.42
5.92 126.50 100.90 AB InBev
19.46 12.73 9.83 AnnalyCap NLY 10.1 5 11.91 -0.08
-22.92 27.23 17.89 AnteroResources AR ... dd 18.23 0.03
ANTM 1.2 20 224.85 1.21
56.40 236.39 140.50 Anthem
AON 1.0 ... 138.49 0.03
24.17 152.78 109.82 Aon
APA 2.5 23 40.70 0.07
-35.88 69.00 38.14 Apache
-2.90 46.85 41.87 ApartmtInv AIV 3.3140 44.13 0.28
64.77 33.37 18.90 ApolloGlbMgmt APO 4.9 10 31.90 1.18
AAPL 1.5 18 169.37 0.05
46.24 176.24 112.31 Apple
59.37 60.89 31.66 ApplMaterials AMAT 0.8 16 51.43 -0.87
APTV 1.1 17 85.22 0.84
51.07 89.66 55.80 Aptiv
27.10 38.20 29.41 AquaAmerica WTR 2.1 29 38.18 0.35
ARMK 1.0 29 42.69 0.15
19.51 44.12 32.87 Aramark
s 42.97 31.34 19.59 ArcelorMittal MT ... 5 31.31 0.27
6.63 102.60 84.21 ArchCapital ACGL ... 30 92.01 0.16
-9.07 47.44 38.59 ArcherDaniels ADM 3.1 19 41.51 0.20
ARNC 1.0 dd 24.47 -0.12
31.98 30.69 18.47 Arconic
130.23 245.65 87.33 AristaNetworks ANET ... 46 222.79 2.93
9.23 84.53 68.55 ArrowElec ARW ... 14 77.88 0.38
19.84 35.60 26.51 AstraZeneca AZN 2.7 24 32.74 0.52
7.31 55.22 43.25 Athene
ATH ... 8 51.50 3.61
TEAM ... dd 46.46 0.94
92.94 53.45 23.80 Atlassian
23.80 93.56 72.02 AtmosEnergy ATO 2.1 25 91.80 0.24
ADSK ... dd 107.16 -2.45
44.79 131.10 73.60 Autodesk
123.89 67.69 24.71 Autohome ATHM ... 37 56.60 -2.56
ALV 1.9 22 128.65 0.24
13.70 129.84 96.08 Autoliv
ADP 2.2 29 116.02 0.14
12.88 121.77 94.11 ADP
-8.60 811.59 491.13 AutoZone AZO ... 16 721.89 19.55
2.86 199.52 168.29 Avalonbay AVB 3.1 28 182.22 2.26
AGR 3.3 24 52.13 0.47
37.62 53.46 35.89 Avangrid
61.96 114.80 69.53 AveryDennison AVY 1.6 25 113.73 1.38
19.15 38.20 25.87 AxaltaCoating AXTA ...135 32.41 0.10
BBT 2.7 19 49.81 0.23
5.93 51.11 41.17 BB&T
BCE 4.6 20 48.38 0.17
11.89 48.87 42.44 BCE
14.76 44.62 33.37 BHPBilliton BHP 4.2 19 41.06 0.02
14.30 39.12 28.73 BHPBilliton BBL 4.8 16 35.96 0.15
BOKF 2.0 19 88.35 -0.04
6.39 92.08 73.44 BOK Fin
BP 6.1 34 39.64 0.33
6.05 41.55 33.10 BP
BRFS ... dd 11.16 0.26
-24.39 15.50 10.60 BRF
BT 3.5 18 18.04 0.29
-21.67 24.65 16.15 BT Group
56.12 62.85 37.63 BWX Tech BWXT 0.7 32 61.98 0.22
BIDU ... 30 234.59 1.58
42.69 274.97 162.02 Baidu
-18.77 40.82 29.62 BakerHughes BHGE 2.4 dd 30.26 -0.11
5.50 43.24 35.65 Ball
BLL 1.0 62 39.60 -1.21
25.41 9.35 6.34 BancoBilbaoViz BBVA 5.0 12 8.49 0.04
18.19 95.80 66.36 BancodeChile BCH 3.2 16 81.11 0.47
84.57 136.10 61.12 BancoMacro BMA 0.6 15 118.77 3.87
23.55 32.02 21.21 BcoSantChile BSAC 3.9 15 27.02 0.25
27.61 6.99 5.03 BancoSantander SAN 2.8 14 6.61 0.13
6.30 48.74 35.52 BanColombia CIB 3.3 10 38.99 0.01
31.45 29.31 21.77 BankofAmerica BAC 1.7 17 29.05 0.27
9.05 79.02 66.75 BankofMontreal BMO 3.7 13 78.43 0.15
15.39 55.40 43.85 BankNY Mellon BK 1.8 16 54.67 0.45
16.74 66.78 53.86 BkNovaScotia BNS 3.8 13 65.00 0.57
-11.49 56.86 40.15 BankofOzarks OZRK 1.6 16 46.55 0.12
BCS 2.0 dd 10.51 0.23
-4.45 11.96 9.29 Barclays
BCR 0.3 44 332.80 0.73
48.13 337.73 212.83 Bard CR
-14.58 20.78 13.28 BarrickGold ABX 0.9 7 13.65 -0.01
BAX 1.0 34 64.05 0.53
44.45 66.18 43.81 BaxterIntl
32.70 229.69 161.50 BectonDicknsn BDX 1.4 47 219.68 1.87
WRB 0.8 16 70.40 0.53
5.85 73.17 62.00 Berkley
20.53 199.48 158.61 BerkHathwy B BRK.B ... 26 196.44 0.10
20.59 299080 237983 BerkHathwy A BRK.A ... 26 294385 285.33
23.54 61.36 47.19 BerryGlobal BERY ... 24 60.20 -0.04
s 49.50 64.12 41.67 BestBuy
BBY 2.1 16 63.79 2.30
39.94 273.87 177.68 Bio-RadLab A BIO ...323 255.08 0.11
BIIB ... 20 325.77 6.20
24.72 348.84 244.28 Biogen
-1.03 100.51 80.10 BioMarinPharm BMRN ... dd 81.99 1.09
8.45 47.55 41.10 BlackKnight BKI ... 68 45.55 0.50
48.77 11.78 6.65 BlackBerry BB ... 9 10.25 -0.04
s 35.46 517.30 365.83 BlackRock BLK 1.9 24 515.49 3.08
19.09 35.09 26.65 Blackstone BX 5.5 14 32.19 0.26
HRB 3.5 14 27.22 -0.17
18.40 31.80 19.85 BlockHR
s 32.90 32.48 21.51 BlueBuffaloPet BUFF ... 37 31.95 0.25
s177.39 174.78 60.95 bluebirdbio BLUE ... dd 171.15 3.25
s 83.65 287.32 153.06 Boeing
BA 2.0 26 285.90 3.93
36.31 55.86 37.54 BorgWarner BWA 1.3 39 53.76 0.08
-0.89 140.13 116.77 BostonProps BXP 2.4 39 124.66 0.71
19.14 29.93 20.69 BostonSci BSX ... 42 25.77 0.73
BAK ... 55 26.25 -0.33
23.76 33.73 17.44 Braskem
30.76 93.13 65.00 BrightHorizons BFAM ... 45 91.56 -0.49
-14.00 75.00 52.75 BrighthouseFin BHF ... ... 60.20 1.57
6.81 66.10 46.01 Bristol-Myers BMY 2.6 25 62.42 0.58
18.51 73.41 55.02 BritishAmTob BTI 1.8 12 66.76 0.25
47.03 285.68 173.31 Broadcom AVGO 1.6253 259.91 -3.98
35.04 91.75 64.57 BroadridgeFinl BR 1.6 31 89.53 0.26
s 31.32 43.48 32.65 BrookfieldMgt BAM 1.3 96 43.35 0.38
31.37 44.91 32.04 BrookfieldInfr BIP 4.0163 43.97 -0.02
15.76 52.42 41.10 Brown&Brown BRO 1.2 27 51.93 0.29
42.57 66.41 45.17 Brown-Forman A BF.A 1.2 34 65.94 -0.14
48.00 67.98 43.72 Brown-Forman B BF.B 1.2 35 66.48 0.45
-29.63 73.01 43.90 BuckeyePtrs BPL 10.8 14 46.56 0.07
BG 2.6 22 69.79 0.58
-3.39 83.75 63.87 Bunge
33.20 114.99 79.07 BurlingtonStrs BURL ... 30 112.89 2.39
CA 3.0 19 33.48 0.31
5.38 36.54 30.45 CA
CBD ... 66 22.51 0.05
36.01 25.90 14.83 CBD Pao
38.52 44.04 29.69 CBRE Group CBG ... 19 43.62 -0.20
CBS 1.3 80 57.47 0.45
-9.67 70.09 52.75 CBS B
CBS.A 1.2 80 57.75 0.30
-10.90 71.07 53.00 CBS A
s 18.50 71.31 58.43 CDK Global CDK 0.8 34 70.73 0.78
CDW 1.2 26 69.76 0.74
33.92 71.53 50.49 CDW
s 24.71 39.68 25.04 CF Industries CF 3.1 dd 39.26 1.04
Yld
Net
Sym % PE Last Chg
-8.32 145.80 119.37 FederalRealty FRT 3.1 42 130.29
FDX 0.8 23 240.73
29.29 243.06 182.89 FedEx
RACE ... 35 105.84
82.04 121.14 56.48 Ferrari
93.09 18.33 8.34 FiatChrysler FCAU ... 8 17.61
48.28 17.21 7.98 FibriaCelulose FBR ... 34 14.25
63.50 40.75 24.18 FidNatlFin FNF 2.7 18 40.08
26.72 96.67 74.98 FidNatlInfo FIS 1.2 59 95.85
12.61 31.83 23.20 FifthThirdBncp FITB 2.1 11 30.37
WUBA ... 82 69.48
148.14 79.79 27.58 58.com
52.99 56.40 36.50 FirstAmerFin FAF 2.7 22 56.04
FDC ... 22 16.52
16.42 19.23 13.99 FirstData
0.71 105.52 87.65 FirstRepBank FRC 0.7 22 92.79
s118.20 70.27 25.56 FirstSolar
FSLR ... dd 70.02
6.01 35.22 27.93 FirstEnergy FE 4.4 dd 32.83
FISV ... 31 131.72
23.94 133.11 104.36 Fiserv
31.73 188.85 121.52 FleetCorTech FLT ... 32 186.43
FLEX ... 18 17.84
24.15 19.11 14.22 Flex
28.18 48.06 33.75 FlirSystems FLIR 1.3 29 46.39
FLR 1.7 35 50.38
-4.07 58.37 37.04 Fluor
22.61 103.82 73.45 FomentoEconMex FMX 1.4 13 93.44
3.96 13.27 10.47 FordMotor F 4.8 11 12.61
15.69 26.30 19.93 ForestCIty A FCE.A 2.3 72 24.11
FTNT ... 87 41.95
39.28 42.49 28.50 Fortinet
FTS 3.6 19 36.89
19.46 38.24 30.06 Fortis
FTV 0.4 28 73.69
37.40 75.69 52.99 Fortive
27.61 69.61 53.15 FortBrandsHome FBHS 1.1 24 68.22
30.29 86.06 53.31 Franco-Nevada FNV 1.2 99 77.86
12.86 47.65 38.93 FranklinRscs BEN 1.8 15 44.67
13.50 17.06 11.05 FreeportMcM FCX ... 21 14.97
s 22.36 51.66 39.46 FreseniusMed FMS 1.0 24 51.65
0.45
1.93
1.21
0.51
-0.09
0.32
-0.02
-0.03
-0.80
0.47
0.02
...
1.59
0.11
0.52
0.71
0.09
0.20
0.84
1.96
0.08
0.03
0.53
0.09
0.09
-0.02
0.08
0.17
0.13
0.37
GHI
GGP 3.8 33 23.43
-6.20 26.63 18.83 GGP
AJG 2.4 26 65.69
26.42 67.32 49.93 Gallagher
18.26 39.32 29.32 Gaming&Leisure GLPI 7.0 20 36.21
GPS 2.7 15 33.49
49.24 34.30 21.02 Gap
53.22 32.75 19.91 GardnerDenver GDI ... dd 32.33
GRMN 3.3 17 62.27
28.42 63.15 47.03 Garmin
IT ... dd 120.71
19.43 130.02 90.37 Gartner
17.48 10.82 8.36 Gazit-Globe GZT 3.9 4 10.15
16.45 214.81 168.00 GeneralDynamics GD 1.7 20 201.07
-43.96 32.38 17.46 GeneralElec GE 5.4 22 17.71
-9.60 64.06 49.65 GeneralMills GIS 3.5 20 55.84
20.61 46.76 31.92 GeneralMotors GM 3.6 9 42.02
s 33.73 32.65 23.34 Genpact
G 0.7 24 32.55
GNTX 2.0 16 20.44
3.81 22.12 16.59 Gentex
-0.72 100.90 79.86 GenuineParts GPC 2.8 21 94.85
GIL 1.2 19 32.11
26.57 32.31 23.55 Gildan
3.64 86.27 63.76 GileadSciences GILD 2.8 8 74.22
GSK 5.7 29 35.17
-8.67 44.53 34.52 GSK
43.16 104.90 68.98 GlobalPayments GPN 0.0 ... 99.37
GDDY ... dd 48.88
39.86 51.29 34.27 GoDaddy
GG 0.7 20 11.96
-12.06 17.87 11.91 Goldcorp
4.55 255.15 209.62 GoldmanSachs GS 1.2 13 250.35
GT 1.8 8 31.75
2.85 37.20 28.81 Goodyear
GGG 1.1 70 130.08
56.55 134.11 82.39 Graco
GWW 2.3 27 223.91
-3.59 262.71 155.00 Grainger
s 26.22 34.57 26.72 GreatPlainsEner GXP 3.2 33 34.52
GRFS 1.9 ... 21.90
36.28 24.20 14.52 Grifols
s 81.34 70.15 32.43 GrubHub
GRUB ...100 68.22
25.13 119.87 72.52 GpoAeroportuar PAC 2.9 22 103.26
5.04 9.38 7.42 GpoAvalAcc AVAL 4.8 13 8.34
s141.38 65.47 23.23 GpoFinGalicia GGAL 0.0 18 64.98
8.48 10.82 6.89 GpFinSantMex BSMX 2.1 11 7.80
-10.58 27.37 17.24 GrupoTelevisa TV 0.5 48 18.68
14.62 91.03 71.18 HCA Healthcare HCA ... 12 84.84
HCP 5.5 18 26.78
-9.89 33.67 25.09 HCP
57.55 100.26 59.00 HDFC Bank HDB 0.5 ... 95.60
-7.50 44.73 28.97 HD Supply HDS ...133 39.32
HPQ 2.6 14 21.07
41.98 22.68 14.40 HP
HSBC 4.1 75 49.37
22.87 50.86 39.58 HSBC
-18.67 58.78 38.18 Halliburton HAL 1.6183 43.99
-3.80 25.73 18.90 Hanesbrands HBI 2.9 13 20.75
-12.26 63.40 44.52 HarleyDavidson HOG 2.9 16 51.19
HRS 1.6 32 143.25
39.80 144.94 99.13 Harris
15.78 58.61 46.35 HartfordFinl HIG 1.8 42 55.17
HAS 2.5 20 91.36
17.44 116.20 77.20 Hasbro
4.91 33.00 27.56 HealthcareAmer HTA 4.0127 30.54
HEI.A 0.2 36 74.65
37.43 78.70 50.72 Heico A
HEI 0.2 44 89.88
45.63 93.00 59.94 Heico
-25.05 85.78 42.16 Helm&Payne HP 4.8 dd 58.01
-10.49 93.50 65.28 HenrySchein HSIC ... 20 67.90
HLF 1.7 16 69.57
44.52 79.64 47.91 Herbalife
HSY 2.3 34 113.20
9.45 116.49 98.12 Hershey
HES 2.2 dd 45.49
-26.97 65.56 37.25 Hess
6.54 15.12 12.70 HewlettPackard HPE 2.1 68 14.34
HLT 0.8829 78.38
40.45 78.62 52.78 Hilton
39.47 46.16 23.46 HollyFrontier HFC 2.9 24 45.69
HOLX ... 16 42.69
6.41 46.80 35.76 Hologic
36.79 186.31 131.10 HomeDepot HD 1.9 25 183.41
14.05 33.75 27.05 HondaMotor HMC ... 10 33.29
32.64 156.70 113.60 Honeywell HON 1.9 23 153.66
6.98 38.00 29.75 HormelFoods HRL 2.0 24 37.24
85.80 51.53 27.21 DR Horton DHI 1.0 19 50.78
5.31 20.23 17.26 HostHotels HST 4.0 25 19.84
-3.76 31.85 24.40 HuanengPower HNP 6.7 28 25.06
s 12.04 131.68 109.31 Hubbell
HUBB 2.4 25 130.75
HUM 0.6 20 256.49
25.71 264.56 186.25 Humana
s 15.91 112.99 83.35 JBHunt
JBHT 0.8 30 112.51
12.33 14.93 12.14 HuntingtonBcshs HBAN 3.0 18 14.85
28.68 253.44 174.07 HuntingIngalls HII 1.2 18 237.01
59.59 32.59 18.93 Huntsman HUN 1.6 14 30.45
30.82 73.33 50.21 HyattHotels H
... 44 72.29
91.25 137.86 64.69 IAC/InterActive IAC ... 31 123.91
IBN 0.8 22 9.63
41.43 9.93 6.69 ICICI Bank
IDXX ... 52 160.57
36.92 173.01 113.92 IdexxLab
28.75 48.53 34.20 IHSMarkit INFO ... 47 45.59
31.56 19.01 13.63 ING Groep ING 3.0 ... 18.55
IVZ 3.1 16 37.67
24.16 37.82 28.75 Invesco
107.94 248.23 95.04 IPG Photonics IPGP ... 30 205.26
IQV ...350 101.35
33.27 110.67 74.73 IQVIA
19.86 64.68 40.52 IRSA Prop IRCP 4.3 15 56.78
-11.20 64.46 47.06 IcahnEnterprises IEP 11.3 5 52.93
ICLR ... 22 111.91
48.82 124.48 73.76 Icon
IEX 1.1 34 132.64
47.28 135.70 88.29 IDEX
35.95 169.69 120.06 IllinoisToolWks ITW 1.9 25 166.49
ILMN ... 41 217.65
69.99 230.72 121.47 Illumina
-11.59 36.85 27.59 ImperialOil IMO 1.6 17 30.73
INCY ... dd 96.58
-3.68 153.15 92.91 Incyte
INFY 2.6 16 15.68
5.73 16.14 13.42 Infosys
16.75 96.23 74.35 Ingersoll-Rand IR 2.1 22 87.61
INGR 1.7 20 139.89
11.95 140.85 113.07 Ingredion
INTC 2.5 15 43.35
19.52 47.30 33.23 Intel
s 67.46 61.17 33.01 InteractiveBrkrs IBKR 0.7 53 61.14
ICE 1.1 26 70.93
25.72 72.99 55.80 ICE
29.03 59.94 44.13 InterContinentl IHG ... 28 59.74
IBM 3.9 13 154.81
-6.74 182.79 139.13 IBM
29.88 156.64 113.16 IntlFlavors IFF 1.8 29 153.04
IP 3.3 26 56.91
7.26 58.96 49.60 IntlPaper
-13.63 25.71 18.30 Interpublic IPG 3.6 14 20.22
INTU 1.0 41 155.23
35.44 158.90 111.90 Intuit
79.58 405.05 206.27 IntuitiveSurgical ISRG ... 49 379.61
18.25 23.93 19.80 InvitatHomes INVH 1.4 ... 23.65
14.15 65.51 37.26 IonisPharma IONS ...372 54.60
23.52 41.53 31.39 IronMountain IRM 5.9 51 40.12
-1.95 4.95 3.85 IsraelChemicals ICL ... 6 4.03
25.19 14.59 9.10 ItauUnibanco ITUB 0.4 12 12.87
0.03
0.42
0.18
-0.19
0.15
1.00
0.48
-0.18
0.90
...
-0.85
...
0.22
0.01
1.05
0.50
1.50
0.33
0.18
0.73
-0.06
1.79
0.43
1.31
1.64
0.36
-0.07
-0.72
-0.37
0.01
2.62
0.05
0.09
-0.22
0.01
0.60
0.09
0.10
0.55
0.53
0.17
0.01
0.05
0.40
0.01
0.07
0.30
0.23
0.80
0.33
0.37
-0.36
0.89
0.12
1.10
0.37
1.01
1.41
-0.06
0.38
0.31
0.62
0.19
0.31
-0.04
2.59
0.91
0.14
1.15
-0.03
0.67
-1.33
0.12
0.79
0.03
0.42
0.33
-2.07
0.43
0.78
-0.51
0.77
0.34
...
2.98
-0.15
1.75
0.01
1.31
0.64
0.27
0.94
0.54
0.75
1.24
-0.22
0.11
0.03
-0.33
-4.17
0.41
0.67
0.13
-0.07
0.06
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
s 13.51 74.03 47.26 lululemon
LULU ... 35 73.77 1.76
24.90 107.83 78.01 LyondellBasell LYB 3.4 11 107.14 0.63
MN
9.77 176.62 141.12 M&T Bank MTB 1.7 20 171.72
50.93 15.55 9.68 MGIC Investment MTG ... 13 15.38
15.09 34.65 25.15 MGM Resorts MGM 1.3 33 33.18
MPLX 6.6 39 35.71
3.15 39.43 30.88 MPLX
MSCI 1.2 38 127.71
62.11 130.58 77.75 MSCI
MAC 4.5 76 65.75
-7.19 73.34 52.12 Macerich
M 5.9 11 25.80
-27.95 43.08 17.41 Macy's
-11.28 81.77 63.55 MagellanMid MMP 5.4 18 67.10
29.40 56.82 39.50 MagnaIntl MGA 2.0 10 56.16
43.99 131.99 88.39 Manpower MAN 1.5 19 127.96
17.23 21.70 16.62 ManulifeFin MFC 3.1 15 20.89
-12.48 19.28 10.55 MarathonOil MRO 1.3 dd 15.15
28.60 65.41 46.88 MarathonPetrol MPC 2.5 20 64.75
MKL ...247 1110.94
22.82 1124.22 875.18 Markel
33.41 211.06 145.10 MarketAxess MKTX 0.7 50 196.00
s 56.41 129.99 81.04 Marriott
MAR 1.0 35 129.32
24.47 86.54 66.75 Marsh&McLen MMC 1.8 23 84.13
-3.35 244.32 191.09 MartinMarietta MLM 0.8 31 214.10
58.90 24.22 13.83 MarvellTech MRVL 1.1 37 22.04
MAS 1.0 25 42.72
35.10 43.79 31.29 Masco
45.17 154.65 102.91 Mastercard MA 0.7 35 149.89
71.81 32.87 15.42 MatchGroup MTCH ... 20 29.38
34.53 55.43 38.18 MaximIntProducts MXIM 2.8 25 51.89
8.39 106.50 89.65 McCormick MKC 2.1 28 101.16
42.25 174.44 118.18 McDonalds MCD 2.3 25 173.15
8.63 169.29 133.82 McKesson MCK 0.9 7 152.57
13.81 89.72 69.35 Medtronic MDT 2.3 22 81.07
62.58 27.47 14.88 MelcoResorts MLCO 1.4 41 25.85
77.05 297.95 150.29 MercadoLibre MELI 0.2 92 276.45
MRK 3.5 54 55.57
-5.61 66.80 53.63 Merck
MET 3.0 dd 53.76
11.94 55.91 44.17 MetLife
48.89 694.48 408.97 MettlerToledo MTD ... 38 623.19
s 43.81 62.10 32.38 MichaelKors KORS ... 17 61.81
14.63 36.21 27.86 MicroFocus MFGP ... 47 32.36
36.26 95.92 62.21 MicrochipTech MCHP 1.7 35 87.41
97.13 49.89 19.49 MicronTech MU ... 10 43.21
-5.45 57.97 46.09 Microsemi MSCC ... 34 51.03
MSFT 2.0 29 84.16
35.44 86.20 61.12 Microsoft
5.32 110.95 91.94 MidAmApt MAA 3.6 49 103.13
MIDD ... 24 125.61
-2.48 150.87 107.53 Middleby
12.99 7.15 5.94 MitsubishiUFJ MTU ... 10 6.96
0.84 3.87 3.37 MizuhoFin MFG ... 9 3.62
-4.17 11.59 7.76 MobileTeleSys MBT 8.2 10 8.73
40.51 286.85 196.50 MohawkInds MHK ... 22 280.57
-17.64 102.14 76.25 MolsonCoors B TAP 2.0 8 80.14
MDLZ 2.1 30 42.65
-3.79 47.23 39.19 Mondelez
11.49 122.80 104.08 Monsanto MON 1.8 23 117.30
42.58 63.54 41.02 MonsterBev MNST ... 46 63.22
MCO 1.0 55 152.39
61.65 153.86 93.51 Moody's
25.18 53.37 40.06 MorganStanley MS 1.9 15 52.89
MOS 0.4 25 23.62
-19.47 34.36 19.23 Mosaic
11.62 94.96 76.92 MotorolaSol MSI 2.2 24 92.52
MYL ... 24 38.67
1.36 45.87 29.39 Mylan
130.42 29.78 12.10 NRG Energy NRG 0.4 dd 28.25
11.74 26.14 22.50 NTTDoCoMo DCM ... 17 25.42
NVR ... 25 3392.68
103.28 3509.88 1604.00 NVR
NXPI ... 25 115.29
17.63 118.20 96.00 NXP Semi
NDAQ 1.9 52 78.78
17.37 80.00 65.98 Nasdaq
-6.38 75.24 58.42 NationalGrid NGG 3.4 13 59.57
-12.87 43.63 29.90 NatlOilwell NOV 0.6 dd 32.62
-4.80 46.34 36.45 NatlRetailProp NNN 4.5 34 42.08
339.85 55.42 11.41 NektarTherap NKTR ... dd 53.97
s 65.18 58.63 35.08 NetApp
NTAP 1.4 25 58.26
NTES 0.9 22 321.51
49.30 375.10 211.11 Netease
NFLX ...190 188.54
52.29 204.38 121.73 Netflix
90.57 75.98 37.34 Neurocrine NBIX ... dd 73.75
113.80 94.63 40.01 NewOrientalEduc EDU ... 49 90.01
-16.09 17.68 11.67 NY CmntyBcp NYCB 5.1 15 13.35
-30.66 55.08 27.45 NewellBrands NWL 3.0 12 30.96
-27.43 50.00 24.41 NewfieldExpln NFX ... 17 29.39
3.90 39.62 30.40 NewmontMin NEM 0.8182 35.40
42.37 17.05 11.75 NewsCorp B NWS 1.2 dd 16.80
44.42 16.87 11.41 NewsCorp A NWSA 1.2 dd 16.55
33.12 159.28 114.85 NextEraEnergy NEE 2.5 18 159.03
-9.54 45.73 34.22 NielsenHoldings NLSN 3.6 27 37.95
s 20.60 61.37 50.35 Nike
NKE 1.3 26 61.30
NI 2.6 33 27.14
22.58 27.76 21.60 NiSource
-29.22 42.03 22.98 NobleEnergy NBL 1.5 dd 26.94
NOK 4.1 dd 4.64
-3.53 6.65 4.50 Nokia
-1.02 6.80 5.28 NomuraHoldings NMR ... 10 5.84
NDSN 0.9 25 127.31
13.62 131.49 103.76 Nordson
-4.49 61.77 37.79 Nordstrom JWN 3.2 16 45.78
s 30.30 142.76 105.89 NorfolkSouthern NSC 1.7 22 140.82
9.75 99.66 81.92 NorthernTrust NTRS 1.7 22 97.73
31.43 309.76 220.72 NorthropGrum NOC 1.3 23 305.67
29.39 61.48 42.04 NorwegCruise NCLH ... 17 55.03
NVS 3.2 30 83.96
15.27 86.90 69.01 Novartis
45.37 52.45 32.83 NovoNordisk NVO 0.9 23 52.13
1.09 66.37 51.67 Nucor
NUE 2.5 18 60.17
NVDA 0.3 48 191.49
79.40 218.67 87.54 NVIDIA
0.65
0.06
-0.05
-0.35
-0.50
1.28
0.52
0.12
0.51
2.39
-0.02
0.41
0.75
12.28
0.40
1.47
0.40
5.55
0.04
0.41
0.44
-0.47
-0.27
-0.98
0.24
2.56
0.50
-0.01
3.77
0.80
0.14
3.04
1.86
-0.21
0.02
0.01
-0.80
1.67
0.86
0.25
...
0.02
-0.21
0.25
0.19
-0.03
-0.70
0.92
0.66
0.54
-0.25
-0.28
1.30
0.52
-0.11
4.75
0.16
0.99
-0.11
0.22
0.49
-0.86
0.73
1.16
3.34
1.25
1.12
-0.01
0.15
0.53
-0.52
0.25
0.19
0.85
-0.16
0.70
0.11
1.04
0.01
-0.02
0.09
0.80
-0.21
0.41
2.99
0.69
1.08
0.61
1.58
-0.50
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
14.68 88.45 64.87 ScrippsNetworks SNI 1.5 18 81.85
STX 6.2 15 40.49
6.08 50.96 30.60 Seagate
SEE 1.3 31 47.79
5.40 50.62 41.22 SealedAir
12.30 71.31 45.31 SeattleGenetics SGEN ... dd 59.26
-10.50 9.14 4.49 SemicondctrMfg SMI ... 29 6.82
15.95 122.97 99.48 SempraEnergy SRE 2.8 26 116.69
23.36 50.83 38.71 SensataTech ST ... 27 48.05
s 32.99 37.96 26.69 ServiceCorp SCI 1.6 20 37.77
33.58 50.49 36.34 ServiceMaster SERV ... 29 50.32
63.86 130.05 73.66 ServiceNow NOW ... dd 121.81
13.81 23.31 19.76 ShawComm B SJR 4.1 29 22.83
s 52.14 413.98 265.14 SherwinWilliams SHW 0.8 36 408.85
17.69 48.98 36.77 ShinhanFin SHG ... 7 44.30
SHPG 0.2 29 148.00
-13.14 192.15 137.17 Shire
SHOP ... dd 100.77
135.06 123.94 39.85 Shopify
-8.41 164.23 116.68 SignatureBank SBNY ... 19 137.57
-8.68 188.10 150.15 SimonProperty SPG 4.6 29 162.25
SIRI 0.8 31 5.64
26.74 5.89 4.40 SiriusXM
SWKS 1.3 18 96.28
28.96 117.65 73.94 Skyworks
AOS 0.9 30 62.22
31.40 63.70 46.44 SmithAO
20.11 40.43 29.47 Smith&Nephew SNN 1.4 20 36.13
SJM 2.6 24 118.61
-7.38 143.68 99.56 Smucker
SNAP ... dd 15.07
-38.44 29.44 11.28 Snap
SNA 1.9 18 172.19
0.54 181.73 140.83 SnapOn
77.84 63.80 26.68 SOQUIMICH SQM 1.7 39 50.95
SNE ... 25 45.79
63.36 48.33 27.91 Sony
SO 4.5 93 51.06
3.80 53.51 46.71 Southern
SCCO 2.4 27 41.99
31.47 44.69 31.55 SoCopper
27.07 64.39 48.71 SouthwestAir LUV 0.8 18 63.33
-10.56 47.48 38.42 SpectraEnerPtrs SEP 7.1 14 41.00
-6.43 146.09 98.11 SpectrumBrands SPB 1.5 23 114.47
45.59 84.96 51.85 SpiritAeroSys SPR 0.5 30 84.95
SPLK ... dd 80.42
57.22 84.88 50.64 Splunk
t-35.39 9.65 5.42 Sprint
S
... dd 5.44
SQ ... dd 38.09
179.46 49.56 13.53 Square
46.19 170.90 114.27 StanleyBlackDck SWK 1.5 21 167.66
5.57 64.87 52.58 Starbucks SBUX 2.0 30 58.61
25.67 99.99 74.45 StateStreet STT 1.7 17 97.67
STO 4.4 dd 20.13
10.36 21.02 16.18 Statoil
s 14.39 41.10 32.15 SteelDynamics STLD 1.5 19 40.70
SRCL ... dd 66.58
-13.58 88.00 61.25 Stericycle
STE 1.4 53 88.45
31.25 93.39 65.27 Steris
7.91 26.50 21.00 SterlingBancorp STL 1.1 20 25.25
88.55 24.80 10.41 STMicroelec STM 1.1 31 21.40
SYK 1.1 32 151.93
26.81 160.62 115.75 Stryker
7.72 8.30 6.93 SumitomoMits SMFG ... 8 8.23
24.79 95.81 72.51 SunComms SUI 2.8129 95.60
6.07 41.00 32.22 SunLifeFinancial SLF 3.5 12 40.74
5.29 36.71 27.96 SuncorEnergy SU 2.9 21 34.42
18.87 65.36 51.96 SunTrustBanks STI 2.5 17 65.20
17.12 34.20 23.77 Symantec SYMC 1.1 dd 27.98
3.39 38.05 26.01 SynchronyFin SYF 1.6 14 37.50
SYT ... 41 92.38
16.86 93.61 78.91 Syngenta
SNPS ...106 90.51
53.77 94.80 58.58 Synopsys
19.06 51.09 37.95 SynovusFin SNV 1.2 20 48.91
s 13.13 62.79 48.85 Sysco
SYY 2.3 28 62.64
-0.36
0.42
1.28
0.50
1.13
0.57
0.47
1.36
0.05
-0.09
0.53
0.90
0.46
1.82
0.67
0.35
0.06
0.13
-0.19
0.69
0.01
1.36
0.20
4.40
-0.09
0.35
1.89
-0.64
0.05
0.15
0.13
0.06
0.67
0.58
0.54
-0.61
0.15
0.68
0.03
0.38
0.80
-0.59
0.27
0.03
0.58
-0.32
0.90
0.77
0.05
-0.11
0.11
0.19
0.10
-0.20
-0.15
0.34
0.25
0.57
-3.38
-0.18
0.66
0.03
3.70
0.45
1.92
0.31
0.21
0.24
-1.67
0.28
0.74
1.03
0.11
0.91
0.56
-1.14
2.07
-0.06
JKL
JD ... dd 38.01
49.41 48.99 25.25 JD.com
22.76 108.40 81.64 JPMorganChase JPM 2.1 15 105.93
s 32.11 117.64 88.11 JackHenry JKHY 1.1 37 117.29
20.19 68.97 49.31 JacobsEngg JEC 0.9 28 68.51
4.97 17.28 13.55 JamesHardie JHX 1.2 29 16.69
18.07 37.42 30.24 JanusHenderson JHG 3.5272 36.13
27.46 163.75 101.37 JazzPharma JAZZ ... 23 138.97
JBLU ... 11 22.08
-1.52 24.13 18.05 JetBlue
JNJ 2.4 24 140.59
22.03 144.35 110.76 J&J
-9.18 44.70 34.51 JohnsonControls JCI 2.8 22 37.41
48.55 155.25 97.60 JonesLang JLL 0.5 20 150.09
0.42 30.96 23.87 JuniperNetworks JNPR 1.4 17 28.38
211.14 63.45 17.52 JunoTherap JUNO ... dd 58.65
s 20.25 51.28 40.27 KAR Auction KAR 2.7 30 51.25
KB ... 8 54.64
54.83 55.55 35.11 KB Fin
KKR 3.4 10 19.99
29.89 20.77 15.30 KKR
32.16 110.00 76.56 KLA Tencor KLAC 2.3 16 103.98
KT ... 12 15.31
8.66 18.82 13.63 KT
31.69 114.85 79.05 KSCitySouthern KSU 1.3 22 111.74
K 3.2 30 66.53
-9.74 76.69 58.76 Kellogg
KEY 2.1 17 19.89
8.87 19.93 16.28 KeyCorp
18.54 45.65 35.05 KeysightTechs KEYS ... 72 43.35
2.80 78.33 67.00 KilroyRealty KRC 2.3 50 75.27
5.25 136.21 109.67 KimberlyClark KMB 3.2 20 120.11
-27.31 26.63 17.02 KimcoRealty KIM 6.1 35 18.29
-14.10 23.01 16.68 KinderMorgan KMI 2.8 32 17.79
27.42 44.45 26.68 Knight-Swift KNX ... 76 43.11
KSS 4.4 13 49.78
0.81 59.50 35.16 Kohl's
25.71 42.35 28.71 KoninklijkePhil PHG 2.3 23 38.43
-5.41 21.59 16.51 KoreaElcPwr KEP ... 9 17.48
-10.12 97.77 75.21 KraftHeinz KHC 3.2 24 78.48
KR 1.9 16 26.68
-22.69 36.44 19.69 Kroger
KYO ... 22 69.10
38.81 71.92 49.05 Kyocera
47.68 15.06 8.07 LATAMAirlines LTM 0.6 47 12.08
LB 4.2 17 57.28
-13.00 75.42 35.00 L Brands
5.91 17.05 11.91 LG Display LPL ... 4 13.61
LN ... 86 43.71
28.52 45.30 30.90 LINE
s 31.22 40.26 27.85 LKQ
LKQ ... 25 40.22
LLL 1.5 27 193.85
27.44 199.97 143.54 L3 Tech
LH ... 22 156.26
21.72 164.22 126.36 LabCpAm
76.35 219.70 103.01 LamResearch LRCX 1.1 17 186.46
13.88 79.09 62.45 LamarAdv LAMR 4.3 24 76.57
s 48.48 56.42 34.15 LambWeston LW 1.3 25 56.20
s 31.74 70.84 51.35 LasVegasSands LVS 4.2 27 70.36
LAZ 3.2 15 51.28
24.80 52.22 40.22 Lazard
LEA 1.1 11 177.07
33.77 181.38 131.82 Lear
-5.28 54.97 43.16 Leggett&Platt LEG 3.1 19 46.30
s 25.40 64.24 47.81 Leidos
LDOS 2.0 32 64.13
LEN 0.3 18 62.18
47.35 63.94 41.51 Lennar A
LEN.B 0.3 15 50.06
48.00 52.16 33.27 Lennar B
34.92 213.78 147.54 LennoxIntl LII 1.0 29 206.66
12.26 27.34 22.23 LeucadiaNatl LUK 1.5 17 26.10
15.64 104.35 69.64 LibertyBroadbandA LBRDA ...493 83.79
14.31 104.66 71.52 LibertyBroadbandC LBRDK ...498 84.67
0.57 37.00 27.36 LibertyGlobal C LBTYK ... 92 29.87
0.59 37.69 28.17 LibertyGlobal A LBTYA ... 94 30.77
-3.64 28.11 19.65 LibertyLiLAC A LILA ... 65 21.16
-1.32 27.82 19.58 LibertyLiLAC C LILAK ... 64 20.89
24.07 26.00 17.24 LibertyQVC A QVCA ... 10 24.79
53.19 62.41 36.58 LibertyVenturesA LVNTA ... 24 56.48
10.53 41.14 27.55 LibertyFormOne C FWONK ... ... 34.63
5.45 39.37 27.63 LibertyFormOne A FWONA ... ... 33.06
6.25 26.52 19.30 LibertyBraves A BATRA ... dd 21.77
5.73 26.20 18.57 LibertyBraves C BATRK ... dd 21.77
24.26 46.24 33.14 LibertySirius C LSXMK ... 26 42.15
22.65 46.43 34.04 LibertySirius A LSXMA ... 26 42.34
13.37 45.40 37.21 LibertyProperty LPT 3.6 19 44.78
LLY 2.4 42 86.45
17.54 89.09 67.22 EliLilly
20.50 99.59 75.86 LincolnElectric LECO 1.7 22 92.39
s 18.52 78.73 61.45 LincolnNational LNC 1.7 12 78.54
17.32 34.75 24.27 LionsGate A LGF.A ... 33 31.56
22.09 33.10 22.50 LionsGate B LGF.B ... 31 29.96
62.97 46.99 26.41 LiveNationEnt LYV ...2168 43.35
17.10 3.87 3.06 LloydsBanking LYG 2.9 20 3.63
26.37 322.19 245.50 LockheedMartin LMT 2.5 25 315.85
L 0.5 17 49.84
6.43 51.02 45.01 Loews
33.63 40.82 23.59 LogitechIntl LOGI 1.9 26 33.10
LOGM 0.91064 117.00
21.18 129.51 90.35 LogMeIn
LOW 1.9 21 85.60
20.36 88.55 70.49 Lowe's
-0.12
1.31
0.48
0.82
0.49
0.01
4.14
0.21
0.58
0.05
-2.61
-0.04
1.92
0.76
0.10
0.33
-0.60
-0.35
0.15
-0.74
0.15
0.63
0.16
0.35
0.13
0.43
...
0.90
0.04
-0.31
-0.88
0.15
1.57
-0.07
2.18
0.02
0.19
0.47
0.23
1.00
-2.70
-0.01
1.22
0.76
0.81
1.14
0.13
0.95
0.47
0.10
2.11
0.10
-0.81
-0.86
-0.48
-0.47
-0.15
-0.13
-0.16
0.19
-0.09
-0.09
-0.16
-0.23
-0.07
-0.02
0.18
0.58
1.29
0.95
-0.07
-0.10
-0.24
0.11
1.43
-0.15
0.18
1.75
1.97
OPQ
3.02 37.41 32.56 OGE Energy OGE 3.9 18 34.46
OKE 5.6 33 53.01
-7.66 59.47 47.14 ONEOK
-9.82 286.57 169.43 OReillyAuto ORLY ... 21 251.07
-3.31 73.51 57.20 OccidentalPetrol OXY 4.5530 68.87
s 52.12 131.39 80.56 OldDomFreight ODFL 0.3 32 130.50
OLN 2.3 77 34.79
35.85 37.52 24.93 Olin
OMC 3.3 15 73.48
-13.66 89.66 65.32 Omnicom
ON ... 21 19.42
52.19 22.15 11.85 ON Semi
OTEX 1.6 57 32.53
5.26 35.45 29.57 OpenText
ORCL 1.5 22 49.60
29.00 53.14 38.30 Oracle
ORAN 3.4 93 17.26
14.00 17.63 14.15 Orange
51.09 134.59 82.44 OrbitalATK OA 1.0 25 132.55
IX ... 8 83.99
7.91 89.51 73.70 Orix
OSK 1.1 24 88.78
37.41 94.16 61.74 Oshkosh
71.82 91.40 50.77 OwensCorning OC 0.9 26 88.59
PCG 4.0 12 53.46
-12.03 71.57 49.83 PG&E
PHI 6.3 12 29.91
8.57 38.54 25.80 PLDT
PNC 2.1 18 143.80
22.95 145.66 112.61 PNC Fin
PKX ... 15 76.34
45.27 79.20 50.37 POSCO
PPG 1.6 22 115.92
22.33 119.85 93.80 PPG Ind
1.32 40.20 33.13 PPL
PPL 4.6 16 34.50
PTC ...1234 61.70
33.35 67.12 45.72 PTC
PVH 0.1 20 135.40
50.04 139.51 84.53 PVH
PCAR 1.4 18 71.97
12.63 75.68 61.93 Paccar
39.52 120.75 84.01 PackagingCpAm PKG 2.1 22 118.34
-13.08 57.53 43.08 PacWestBancorp PACW 4.2 16 47.32
15.07 157.65 107.31 PaloAltoNtwks PANW ... dd 143.89
-4.98 33.40 24.65 ParkHotels PK 6.1 2 28.41
s 37.84 193.01 139.49 ParkerHannifin PH 1.4 25 192.98
-25.94 38.18 22.98 ParsleyEnergy PE ...326 26.10
s 13.35 69.14 54.20 Paychex
PAYX 2.9 30 69.01
PYPL ... 57 72.91
84.72 79.39 39.02 PayPal
PSO 1.4 dd 9.87
-1.20 10.31 7.04 Pearson
12.32 36.30 30.32 PembinaPipeline PBA 4.8 37 35.18
PNR 2.0 31 69.95
24.75 71.76 55.76 Pentair
-2.69 20.04 15.96 People'sUtdFin PBCT 3.7 21 18.84
PEP 2.8 24 116.57
11.41 119.39 101.06 PepsiCo
36.20 74.11 50.59 PerkinElmer PKI 0.4 36 71.03
PRGO 0.7 dd 85.60
2.85 91.73 63.68 Perrigo
-10.01 81.80 60.69 PetroChina PTR 3.1 35 66.32
-4.06 11.71 7.61 PetroleoBrasil PBR ... 27 9.70
5.56 10.73 6.96 PetroleoBrasilA PBR.A ... 26 9.30
PFE 3.6 22 35.74
10.04 36.78 30.90 Pfizer
16.50 123.55 88.90 PhilipMorris PM 4.0 24 106.59
s 15.21 99.87 75.14 Phillips66
PSX 2.8 25 99.55
95.63 38.39 17.78 PilgrimPride PPC ... 15 37.15
6.06 66.67 50.27 PinnacleFoods PF 2.3 38 56.69
16.30 92.48 74.46 PinnacleWest PNW 3.1 20 90.75
-13.42 199.83 125.46 PioneerNatRscs PXD 0.1218 155.90
-38.74 33.74 18.38 PlainsAllAmPipe PAA 6.1 22 19.78
PAGP 5.8 dd 20.63
-40.51 35.86 18.98 PlainsGP
62.28 134.29 77.91 PolarisIndustries PII 1.7 42 133.70
POT 2.1 34 18.92
4.59 20.27 15.74 Potash
PX 2.1 27 151.41
29.20 156.40 115.00 Praxair
PCLN ... 24 1719.84
17.31 2067.99 1459.49 Priceline
24.02 72.23 56.12 PrincipalFin PFG 2.7 12 71.76
7.48 94.67 83.24 Procter&Gamble PG 3.1 24 90.37
s 54.90 54.99 33.86 Progressive PGR 1.2 23 54.99
PLD 2.7 20 66.16
25.33 67.53 48.33 Prologis
12.58 117.99 97.88 PrudentialFin PRU 2.6 12 117.15
23.90 51.08 38.17 Prudential PUK 1.6 18 49.30
18.35 53.28 41.67 PublicServiceEnt PEG 3.3 59 51.93
-5.66 232.21 192.15 PublicStorage PSA 3.8 31 210.84
85.53 34.60 18.18 PulteGroup PHM 1.1 17 34.10
QGEN ... 80 31.41
7.95 36.34 27.51 Qiagen
QRVO ... dd 67.88
28.73 81.20 52.05 Qorvo
-1.47 70.24 48.92 Qualcomm QCOM 3.5 25 64.24
s 13.06 39.42 30.23 QuantaServices PWR ... 21 39.40
5.65 112.97 89.45 QuestDiag DGX 1.9 20 97.09
-0.19
0.60
6.21
0.23
0.87
-0.54
0.39
-0.08
0.19
1.08
0.12
0.40
0.75
0.78
0.74
0.50
0.07
0.38
0.03
-0.19
-0.52
-0.61
1.67
0.75
0.38
-0.46
1.06
-0.04
1.65
0.41
0.48
-0.78
0.03
0.11
0.53
-0.05
-0.16
0.92
2.73
0.41
0.05
0.05
0.24
-0.11
1.69
-0.12
-0.27
0.60
1.65
0.05
0.01
2.22
0.03
0.45
0.22
0.77
0.27
0.47
0.34
0.82
0.80
-0.05
2.50
0.51
0.17
-0.84
-0.99
0.95
0.47
RS
RENX 1.4 28 22.75
35.74 23.30 16.14 RELX
RELX 1.3 29 23.40
30.22 24.03 17.39 RELX
RPM 2.4 40 53.56
-0.50 56.48 47.87 RPM
-17.91 46.92 28.76 RSP Permian RSPP ... 61 36.63
13.31 109.74 66.06 RalphLauren RL 2.0106 102.34
20.12 108.29 67.54 RandgoldRscs GOLD 1.1 31 91.70
29.19 91.29 68.97 RaymondJames RJF 1.1 21 89.49
RTN 1.7 25 188.07
32.44 191.36 137.70 Raytheon
-3.31 63.60 52.85 RealtyIncome O 4.6 46 55.58
RHT ... 75 125.29
79.76 129.61 68.54 RedHat
-1.99 72.05 58.63 RegencyCtrs REG 3.1105 67.58
3.73 543.55 340.09 RegenPharm REGN ... 35 380.78
18.94 17.17 13.00 RegionsFin RF 2.1 18 17.08
RGA 1.2 13 161.86
28.63 165.12 121.92 ReinsGrp
4.44 88.58 68.46 RelianceSteel RS 2.2 16 83.07
14.18 67.18 56.01 RepublicSvcs RSG 2.1 28 65.14
RMD 1.6 35 86.37
39.19 87.81 60.13 ResMed
27.38 68.89 46.88 RestaurantBrands QSR 1.4 42 60.71
RIO 4.7 14 47.17
22.65 50.77 37.66 RioTinto
12.10 57.67 42.92 RobertHalf RHI 1.8 21 54.68
ROK 1.7 30 192.86
43.50 210.72 133.61 Rockwell
45.12 136.50 88.80 RockwellCollins COL 1.0 28 134.61
30.69 54.95 37.81 RogersComm B RCI 3.1 26 50.42
ROL 1.0 55 46.00
36.18 48.29 32.82 Rollins
42.33 267.83 182.03 RoperTech ROP 0.5 38 260.58
17.21 78.81 52.85 RossStores ROST 0.8 25 76.89
17.62 80.98 66.66 RoyalBkCanada RY 3.6 14 79.64
38.16 7.67 5.37 RoyalBkScotland RBS ... dd 7.64
52.65 133.75 81.59 RoyalCaribbean RCL 1.9 17 125.23
16.70 65.83 50.32 RoyalDutchA RDS.A 5.9 25 63.46
11.94 67.40 53.10 RoyalDutchB RDS.B 5.8 25 64.89
RYAAY ... 18 120.31
44.50 127.35 78.34 Ryanair
SAP 1.2 33 112.55
30.22 116.90 84.03 SAP
s 59.21 171.21 107.21 S&P Global SPGI 1.0 25 171.21
55.27 173.97 102.29 SBA Comm SBAC ...197 165.19
44.29 71.77 47.88 SEI Investments SEIC 0.8 31 71.22
SINA ... 55 97.02
72.95 119.20 55.79 Sina
SHI 6.3 7 57.99
7.13 64.80 50.67 SINOPEC
31.15 28.13 20.44 SK Telecom SKM ... 8 27.41
-4.60 115.34 93.92 SLGreenRealty SLG 3.2100 102.60
42.06 42.48 28.43 SS&C Tech SSNC 0.7 39 40.63
SIVB ... 26 232.27
35.31 236.18 159.44 SVB Fin
s227.73 173.36 44.55 SageTherap SAGE ... dd 167.34
51.10 109.19 68.23 Salesforce.com CRM ...10344 103.44
SNY 3.8 21 43.24
6.92 50.65 38.45 Sanofi
32.00 18.73 11.12 SantanderCons SC 0.7 10 17.82
SSL 3.9 13 30.80
7.73 32.40 26.92 Sasol
SCG 5.4 15 45.78
-37.53 74.99 41.15 Scana
-24.31 87.84 61.02 Schlumberger SLB 3.1163 63.54
SCHW 0.6 33 51.39
30.20 51.89 37.16 SchwabC
6.21 102.50 81.48 ScottsMiracleGro SMG 2.1 33 101.48
-0.10
-0.11
0.08
0.18
2.37
1.28
1.03
1.93
0.75
1.49
0.13
7.17
0.11
0.98
1.27
-0.10
0.60
-0.37
0.11
1.15
0.60
1.00
-0.35
-0.46
0.10
0.19
0.30
0.15
1.18
0.17
0.03
1.35
0.13
1.68
-1.49
0.52
0.97
1.28
-0.58
0.78
0.07
2.48
11.07
-0.63
-0.05
-0.08
0.14
1.43
1.47
0.31
0.07
0.18
0.91
-0.17
1.99
0.21
0.26
0.36
0.16
0.08
0.81
0.02
2.38
0.08
4.64
0.98
0.33
0.18
0.01
-0.40
0.63
0.31
0.14
0.37
1.26
-0.99
0.04
-0.27
-0.26
0.31
0.17
-1.23
0.79
-0.13
-0.02
-0.64
-0.70
-0.53
0.75
0.18
0.96
-0.37
-0.29
-0.25
0.08
0.78
0.03
0.45
0.13
0.11
0.44
0.42
0.16
...
0.18
-0.07
1.73
TUV
148.38 36.16 11.02 TAL Education TAL ...121 29.04
20.99 54.24 36.12 TD Ameritrade AMTD 1.6 32 52.75
36.86 96.68 66.20 TE Connectivity TEL 1.7 20 94.82
TU 4.3 23 37.40
17.43 38.50 31.23 Telus
TSU ... 29 18.25
54.66 19.50 11.17 TIM Part
TJX 1.7 20 73.88
-1.66 80.92 66.44 TJX
8.75 68.88 54.60 T-MobileUS TMUS ... 25 62.54
36.53 104.40 65.33 TRowePrice TROW 2.2 17 102.75
35.65 43.02 28.50 TaiwanSemi TSM 3.0 18 39.00
116.70 120.62 48.58 TakeTwoSoftware TTWO ... 98 106.81
TPR 3.2 26 42.26
20.67 48.85 34.16 Tapestry
-19.10 61.83 39.59 TargaResources TRGP 8.0 dd 45.36
TGT 4.0 13 61.37
-15.04 78.37 48.56 Target
-8.17 40.34 28.96 TataMotors TTM 0.0 14 31.58
-23.02 37.09 24.53 TechnipFMC FTI 1.9 ... 27.35
14.83 26.45 14.56 TeckRscsB TECK 0.7 7 23.00
106.27 38.54 17.04 TelecomArgentina TEO 1.2 19 37.48
-0.45 10.53 7.50 TelecomItalia TI 2.9 ... 8.85
1.65 8.45 6.27 TelecomItalia A TI.A 4.1 ... 7.41
46.81 186.53 119.67 TeledyneTech TDY ... 31 180.58
TFX 0.5 46 252.76
56.85 271.23 154.32 Teleflex
13.30 16.85 12.32 TelefonicaBras VIV ... 22 15.16
9.46 11.64 8.67 Telefonica TEF 4.7 18 10.07
5.42 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.74
TS 1.7118 29.75
-16.69 37.21 25.91 Tenaris
TER 0.7 19 40.51
59.49 44.62 25.24 Teradyne
TSLA ... dd 315.13
47.47 389.61 190.81 Tesla
-55.70 38.31 10.85 TevaPharm TEVA 2.1 dd 16.06
34.33 99.79 71.19 TexasInstruments TXN 2.5 23 98.02
TXT 0.1 24 54.84
12.93 56.47 43.66 Textron
33.21 201.20 139.88 ThermoFisherSci TMO 0.3 32 187.96
1.10 48.61 42.22 ThomsonReuters TRI 3.1 31 44.26
51.02 156.86 87.96 ThorIndustries THO 1.0 19 151.10
MMM 2.0 27 238.13
33.35 244.23 173.55 3M
TIF 2.1 26 95.75
23.66 98.64 76.08 Tiffany
-6.03 103.90 85.88 TimeWarner TWX 1.8 17 90.71
TOL 0.7 15 47.87
54.42 51.08 30.45 Toll Bros
21.95 90.32 72.59 Torchmark TMK 0.7 19 89.95
TTC 1.2 28 65.93
17.84 73.86 54.78 Toro
14.78 58.76 45.18 TorontoDomBk TD 3.3 13 56.63
9.24 57.07 48.15 Total
TOT 5.3 16 55.68
s 56.19 77.38 48.65 TotalSystem TSS 0.7 34 76.58
6.19 128.11 103.62 ToyotaMotor TM ... 11 124.45
-10.75 78.25 49.87 TractorSupply TSCO 1.6 20 67.66
8.44 51.85 44.48 TransCanada TRP 4.0 32 48.96
10.31 295.00 203.72 TransDigm TDG ... 35 274.62
79.79 56.44 30.39 TransUnion TRU ... 43 55.61
TRV 2.2 16 133.75
9.26 137.95 113.76 Travelers
TRMB ... 54 41.21
36.68 43.97 28.61 Trimble
40.43 9.88 6.36 TurkcellIletism TKC 3.0 14 9.69
-6.81 3.80 2.44 TurquoiseHill TRQ ... 27 3.01
18.76 34.75 24.81 21stCenturyFoxA FOXA 1.1 21 33.30
20.99 34.34 24.30 21stCenturyFoxB FOX 1.1 20 32.97
TWTR ... dd 21.10
29.45 22.48 14.12 Twitter
TYL ... 54 183.65
28.63 188.22 139.61 TylerTech
35.57 84.65 57.20 TysonFoods TSN 1.4 17 83.62
11.55 18.31 15.10 UBS Group UBS 3.4 16 17.48
UDR 3.2126 39.03
6.99 40.71 34.06 UDR
UGI 2.0 20 49.60
7.64 52.00 43.92 UGI
USFD ... 26 31.00
12.81 31.27 24.86 US Foods
-11.92 314.86 187.96 UltaBeauty ULTA ... 29 224.54
17.29 233.42 180.29 UltSoftware ULTI ...220 213.88
3.47 25.39 18.99 UltraparPart UGP 2.5 23 21.46
UN ... 26 57.69
40.50 61.62 39.59 Unilever
UL 3.0 25 56.31
38.35 60.13 39.48 Unilever
24.53 132.00 101.06 UnionPacific UNP 2.1 23 129.11
-12.80 83.04 56.51 UnitedContinental UAL ... 10 63.55
41.14 2.73 1.74 UnitedMicro UMC 3.3 19 2.47
UPS 2.8 29 119.56
4.29 125.16 102.12 UPS B
s 55.33 165.18 100.62 UnitedRentals URI ... 23 164.00
7.77 56.61 49.53 US Bancorp USB 2.2 16 55.36
12.03 124.79 106.85 UnitedTech UTX 2.3 19 122.81
-5.03 169.89 112.01 UnitedTherap UTHR ... 12 136.21
39.91 231.77 156.09 UnitedHealth UNH 1.3 25 223.91
206.75 192.75 55.30 UnivDisplay OLED 0.1 85 172.70
4.87 129.74 95.26 UniversalHealthB UHS 0.4 15 111.56
s 30.87 57.50 42.90 UnumGroup UNM 1.6 13 57.49
VEON 2.9 4 3.75
-2.60 4.50 3.60 VEON
VER 6.9 dd 7.93
-6.26 9.12 7.44 VEREIT
VFC 2.5 31 73.35
37.49 74.87 48.05 VF
V 0.7 42 112.60
44.32 113.62 77.19 Visa
39.79 237.77 158.01 VailResorts MTN 1.9 38 225.49
VALE 5.3 11 10.78
41.47 11.71 7.47 Vale
s 35.67 19.77 8.31 ValeantPharm VRX ... 5 19.70
s 28.22 87.73 60.69 ValeroEnergy VLO 3.2 19 87.60
VNTV ... 52 74.76
25.39 76.22 56.64 Vantiv
40.85 113.58 76.29 VarianMed VAR ... 42 111.98
VVC 2.6 25 69.09
32.48 69.86 50.88 Vectren
VEDL 12.2 18 18.02
45.09 21.63 12.36 Vedanta
37.74 68.07 40.50 VeevaSystems VEEV ... 61 56.06
VTR 4.9 38 63.31
1.26 72.36 58.96 Ventas
VRSN ... 31 112.98
48.52 118.28 75.71 VeriSign
18.47 98.60 75.60 VeriskAnalytics VRSK ... 36 96.16
VZ 4.6 13 51.09
-4.29 54.83 42.80 Verizon
94.94 167.85 71.46 VertxPharm VRTX ...184 143.61
VIAB 2.7 6 29.29
-16.55 46.72 22.13 Viacom B
VIA 2.4 7 34.00
-11.69 49.00 28.20 Viacom A
14.52 21.20 13.96 VistraEnergy VST ... 0 17.75
VMW ... 34 119.57
51.87 127.59 77.94 VMware
s 27.79 31.30 24.31 Vodafone
VOD 3.6 dd 31.22
-8.72 90.29 71.89 VornadoRealty VNO 3.1 19 76.99
s 17.67 46.35 33.53 VoyaFinancial VOYA 0.1 dd 46.15
0.58 136.82 108.95 VulcanMatls VMC 0.8 44 125.88
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
YTD 52-Week
% Chg Hi Lo Stock
YTD 52-Week
% Chg Hi Lo Stock
n-
Friday, December 8, 2017
Yld
Net
Sym % PE Last Chg
ly
.
YTD 52-Week
% Chg Hi Lo Stock
Notice to Readers
-0.71
0.56
0.93
0.01
0.16
0.04
0.62
0.01
-0.01
0.27
0.28
0.35
0.28
0.49
0.17
0.23
0.26
0.12
0.07
0.52
1.57
-0.05
-0.01
-0.15
0.32
0.21
3.89
1.06
0.24
0.05
2.33
0.26
-0.39
-2.17
0.23
0.34
0.87
0.78
0.43
0.11
-0.06
0.65
1.06
1.18
-0.18
-0.53
0.02
0.26
0.34
0.07
0.01
-0.88
-0.80
0.09
-0.46
0.80
0.44
0.20
-0.04
0.38
2.95
2.03
-0.17
0.32
0.35
0.65
0.02
0.01
-0.17
1.62
0.46
0.41
-0.86
3.76
5.35
1.22
0.70
-0.06
0.09
1.44
1.20
-0.01
0.04
2.07
2.01
1.90
0.02
0.18
0.20
0.53
-0.22
0.16
0.72
0.67
4.83
-0.35
-0.25
-0.02
2.35
0.18
0.93
1.99
1.00
WXYZ
WBC ... 26 144.02
35.68 156.08 102.39 WABCO
17.58 70.09 56.05 WEC Energy WEC 3.2 23 68.96
20.00 72.41 57.58 W.P.Carey WPC 5.7 47 70.91
WPP 3.4 10 89.63
-19.00 119.12 82.44 WPP
WAB 0.6 29 76.23
-8.18 93.81 69.20 Wabtec
WMT 2.1 26 96.55
39.68 100.13 65.28 Wal-Mart
-13.55 88.00 63.82 WalgreensBoots WBA 2.2 19 71.55
31.05 74.20 51.07 WasteConnections WCN 0.8 52 68.66
s 19.26 84.57 69.00 WasteMgt WM 2.0 27 84.57
WAT ... 29 199.29
48.29 201.95 133.71 Waters
WSO 3.0 32 169.48
14.42 171.15 134.08 Watsco
W ... dd 73.95
110.98 84.19 34.30 Wayfair
WB ... 85 100.24
146.90 123.00 40.12 Weibo
51.70 213.97 133.21 WellCareHealth WCG ... 26 207.95
7.62 60.00 49.27 WellsFargo WFC 2.6 15 59.31
-0.91 78.17 63.05 Welltower HCN 5.2 58 66.32
17.45 103.36 77.97 WestPharmSvcs WST 0.6 40 99.63
0.73 57.50 49.20 WestarEnergy WR 2.8 24 56.76
21.06 60.25 44.64 WestAllianceBcp WAL ... 20 58.97
19.90 95.77 65.08 WesternDigital WDC 2.5 17 81.47
-13.39 47.82 33.92 WesternGasEquity WGP 5.9 22 36.68
-21.20 67.44 42.68 WesternGasPtrs WES 7.8 35 46.30
-10.73 22.70 18.39 WesternUnion WU 3.6 42 19.39
s 78.21 100.70 55.83 WestlakeChem WLK 0.8 22 99.78
1.15 27.05 22.17 WestpacBanking WBK 6.1 14 23.75
s 26.89 64.76 49.23 WestRock WRK 2.7 23 64.42
17.75 36.92 29.81 Weyerhaeuser WY 3.6 31 35.43
8.64 23.06 16.94 WheatonPrecMet WPM 1.7 46 20.99
WHR 2.6 16 169.70
-6.64 202.99 158.80 Whirlpool
WMB 4.2 50 28.55
-8.32 32.69 26.82 Williams
-3.02 42.32 33.12 WilliamsPartners WPZ 6.5 24 36.88
27.13 165.00 120.87 WillisTowers WLTW 1.4 46 155.46
WIT 0.6 32 5.24
8.26 6.40 4.50 Wipro
35.72 53.50 30.92 WooriBank WF 2.9 8 43.43
WDAY ... dd 104.85
58.65 116.89 65.79 Workday
48.03 114.49 75.36 Wyndham WYN 2.1 20 113.05
84.42 160.97 85.57 WynnResorts WYNN 1.3 44 159.54
79.03 80.10 42.07 XPO Logistics XPO ... 64 77.27
25.80 52.22 39.20 XcelEnergy XEL 2.8 22 51.20
XRX 3.4 dd 29.59
-15.26 38.12 25.84 Xerox
XLNX 2.0 29 68.54
13.53 75.14 54.99 Xilinx
XYL 1.1 40 68.19
37.70 69.88 46.67 Xylem
YPF 1.0 67 22.07
33.76 26.48 15.00 YPF
YY ... 18 105.85
168.52 123.48 37.81 YY
YNDX ... 81 32.89
63.39 35.32 19.75 Yandex
31.56 84.29 62.36 YumBrands YUM 1.4 26 83.32
56.24 43.55 25.53 YumChina YUMC ... 28 40.81
26.59 18.08 11.14 ZTO Express ZTO ... 28 15.28
4.75 36.79 29.30 ZayoGroup ZAYO ... 93 34.42
25.83 117.44 80.61 ZebraTech ZBRA ...191 107.91
ZG ... dd 40.22
10.34 50.91 32.63 Zillow A
Z
... dd 40.18
10.17 51.23 32.56 Zillow C
9.86 133.49 100.81 ZimmerBiomet ZBH 0.8 36 113.38
18.33 52.20 38.43 ZionsBancorp ZION 1.3 19 50.93
ZTS 0.6 41 71.88
34.28 72.79 50.57 Zoetis
1.33
0.24
0.39
0.59
0.76
-0.23
1.94
0.24
0.66
2.82
1.03
-0.97
-0.47
-1.12
-0.05
0.13
0.02
0.35
0.27
3.12
0.34
0.22
-0.13
0.41
0.14
0.86
-0.19
0.09
-0.79
0.08
0.40
0.04
0.07
-0.37
0.65
0.28
0.62
0.56
0.36
...
-0.46
-0.19
-0.22
-3.76
-0.13
0.27
0.63
-0.74
0.01
0.24
-0.75
-0.95
-1.40
0.46
0.24
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
NEW HIGHS AND LOWS
Friday, December 8, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
Highs
Ablynx
ABLX
Accenture
ACN
AdtalemGlbEduc ATGE
AllyFinancial
ALLY
AmHomes4RentPfdE AMHpE
AmRltyInv
ARL
Ameriprise
AMP
AnaptysBio
ANAB
AndinaAcqnIIWt ANDAW
AptevoTherap APVO
ArcelorMittal MT
ArchCapitalPfdE ACGLP
ArenaPharm
ARNA
24.16
150.59
44.73
28.83
27.53
13.90
169.94
90.80
1.50
4.50
31.34
25.25
31.96
1.8
1.3
1.3
1.0
0.2
12.9
1.3
-1.1
-4.5
12.2
0.9
...
0.9
52-Wk %
Sym Hi/Lo Chg Stock
Astronics
ATRO
BB&T Pfd D
BBTpD
BB&T Pfd H
BBTpH
BRT Apartments BRT
BankofAmPfdEE BACpA
BankUnited
BKU
BayBancorp
BYBK
BestBuy
BBY
BigLots
BIG
BigRockPtrsAcqnUn BRPAU
BioanalyticalSys BASI
BlackRock
BLK
BlueBuffaloPet BUFF
bluebirdbio
BLUE
Boeing
BA
44.19
25.79
27.33
11.14
27.16
41.64
16.25
64.12
60.20
10.17
2.90
517.30
32.48
174.78
287.32
-1.4
-0.1
0.3
0.3
-0.1
0.7
-0.2
3.7
1.0
...
-0.7
0.6
0.8
1.9
1.4
52-Wk %
Sym Hi/Lo Chg
BoiseCascade BCC
BostonBeer
SAM
BrookfieldMgt BAM
CDK Global
CDK
CF Industries CF
CONSOL Energy CEIX
CambridgeBncp CATC
CanadaGoose GOOS
CanPacRlwy
CP
CapitalOnePfdH COFpH
CarpenterTech CRS
Carters
CRI
Charles&Colvard CTHR
CitiTrends
CTRN
CoastwayBancorp CWAY
40.30
194.30
43.48
71.31
39.68
26.67
74.70
28.80
180.44
27.18
52.00
112.27
1.55
27.85
21.20
-0.5
2.1
0.9
1.1
2.7
6.4
2.1
0.6
1.9
0.3
2.1
0.7
8.1
3.9
0.7
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Data provided by
Top 250 mutual-funds listings based on total net assets for Nasdaq-published share
classes. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses.
Figures don’t reflect sales charges (“loads”) or redemption fees. NET CHG is change
in NAV from previous trading day. YTD%RET is year-to-date return. f-Previous day’s
quotation. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. tFootnotes p and r apply. NA-Not available due to incomplete price, performance or
cost data. NE-Not released by Lipper; data under review. NN-Fund not tracked. NSFund didn’t exist at start of period.
Net YTD
NAV Chg %Ret Fund
American Century Inv
45.92 +0.31
Ultra
American Funds Cl A
32.34 +0.22
AmcpA p
AMutlA p 42.29 +0.22
27.91 +0.09
BalA p
12.91
...
BondA p
63.61 +0.18
CapIBA p
CapWGrA 52.85 +0.33
56.87 +0.45
EupacA p
64.80 +0.30
FdInvA p
52.27 +0.28
GwthA p
10.40
...
HI TrA p
42.19 +0.24
ICAA p
23.73 +0.08
IncoA p
45.17 +0.23
N PerA p
47.88 +0.42
NEcoA p
NwWrldA 66.56 +0.49
57.09 +0.32
SmCpA p
13.05 -0.04
TxExA p
46.78 +0.31
WshA p
Baird Funds
...
AggBdInst 10.88
...
CorBdInst 11.24
BlackRock Funds A
GlblAlloc p 20.44 +0.07
BlackRock Funds Inst
22.63 +0.14
EqtyDivd
20.58 +0.07
GlblAlloc
7.81
...
HiYldBd
...
StratIncOpptyIns 9.94
Bridge Builder Trust
10.18 -0.01
CoreBond
Dimensional Fds
...
5GlbFxdInc 11.02
EmgMktVa 29.93 +0.11
EmMktCorEq 22.26 +0.16
IntlCoreEq 14.28 +0.09
20.05 +0.15
IntlVal
21.50 +0.09
IntSmCo
23.29 +0.12
IntSmVa
US CoreEq1 22.77 +0.11
US CoreEq2 21.61 +0.10
37.09
...
US Small
US SmCpVal 39.37 -0.01
US TgdVal 25.67 +0.05
40.38 +0.27
USLgVa
Dodge & Cox
Balanced 111.26 +0.38
14.10 +0.10
GblStock
13.86 -0.01
Income
46.10 +0.46
Intl Stk
208.23 +1.21
Stock
DoubleLine Funds
...
TotRetBdI 10.65
31.7
20.5
16.5
14.2
3.2
13.1
22.4
28.7
21.3
24.3
6.6
17.8
11.9
27.9
33.2
29.4
24.2
5.4
18.6
4.0
4.5
12.4
16.0
12.7
7.8
4.5
4.0
2.2
26.7
30.1
24.7
22.4
25.7
23.1
19.5
17.4
10.4
5.8
7.8
16.7
11.2
18.4
4.2
21.0
16.2
3.7
NAV Chg %Ret Fund
Edgewood Growth Instituti
EdgewoodGrInst 29.94 +0.12 34.8
Federated Instl
StraValDivIS 6.11 +0.01 13.9
Fidelity
500IdxInst 93.07 +0.52 20.7
500IdxInstPrem 93.07 +0.52 20.7
500IdxPrem 93.07 +0.52 20.7
ExtMktIdxPrem r 64.10 +0.22 16.8
IntlIdxPrem r 43.41 +0.24 23.0
SAIUSLgCpIndxFd 14.27 +0.08 20.7
TMktIdxF r 77.10 +0.40 20.0
TMktIdxPrem 77.09 +0.40 20.0
USBdIdxInstPrem 11.59 -0.01 3.3
Fidelity Advisor I
NwInsghtI 31.79 -2.04 27.4
Fidelity Freedom
16.88 +0.06 14.4
FF2020
14.62 +0.05 15.5
FF2025
18.35 +0.08 18.2
FF2030
Freedom2020 K 16.88 +0.06 NS
Freedom2025 K 14.62 +0.05 NS
Freedom2030 K 18.36 +0.08 NS
Freedom2035 K 15.43 +0.08 NS
Freedom2040 K 10.85 +0.06 NS
Fidelity Invest
23.58 -0.36 15.8
Balanc
87.13 -1.52 35.1
BluCh
121.93 -6.27 31.7
Contra
121.84 -6.37 31.8
ContraK
10.28 +0.01 10.8
CpInc r
39.37 -1.85 24.6
DivIntl
185.65 +1.05 35.7
GroCo
GrowCoK 185.62 +1.05 35.9
7.93
... 3.8
InvGB
11.27 -0.01 4.1
InvGrBd
53.54 -0.39 18.5
LowP r
LowPriStkK r 53.49 -0.41 18.6
103.56 +0.67 25.3
MagIn
109.58 -0.07 38.3
OTC
23.25 -0.17 17.9
Puritn
SrsEmrgMkt 21.17 +0.26 34.8
SrsGroCoRetail 18.24 +0.10 36.5
SrsIntlGrw 16.36 +0.10 27.8
10.86 +0.07 18.6
SrsIntlVal
TotalBond 10.66 -0.01 4.0
First Eagle Funds
60.87 +0.18 12.2
GlbA
FPA Funds
35.29 +0.16 9.5
FPACres
FrankTemp/Frank Adv
IncomeAdv 2.34 +0.01 7.7
FrankTemp/Franklin A
7.49 -0.03 6.1
CA TF A p
2.36 +0.01 7.5
IncomeA p
Net YTD
NAV Chg %Ret
RisDv A p
60.33 +0.33
FrankTemp/Franklin C
Income C t 2.39 +0.01
FrankTemp/Temp A
GlBond A p 12.23 +0.04
Growth A p 27.21 +0.22
FrankTemp/Temp Adv
GlBondAdv p 12.18 +0.03
Harbor Funds
CapApInst 76.70 +0.60
70.55 +0.42
IntlInst r
Harding Loevner
NA
...
IntlEq
Invesco Funds A
11.48 +0.05
EqIncA
John Hancock Class 1
16.13 +0.05
LSBalncd
17.34 +0.07
LSGwth
John Hancock Instl
DispValMCI 24.65 +0.16
JPMorgan Funds
MdCpVal L 41.25 +0.22
JPMorgan R Class
11.63
...
CoreBond
Lazard Instl
EmgMktEq 19.40 +0.07
Loomis Sayles Fds
14.16
...
LSBondI
Lord Abbett A
...
ShtDurIncmA p 4.26
Lord Abbett F
...
ShtDurIncm 4.25
Metropolitan West
10.66
...
TotRetBd
...
TotRetBdI 10.66
...
TRBdPlan 10.03
MFS Funds Class I
41.87 +0.19
ValueI
MFS Funds Instl
25.47 +0.13
IntlEq
Mutual Series
32.66 +0.24
GlbDiscA
Oakmark Funds Invest
34.64 +0.16
EqtyInc r
86.70 +0.48
Oakmark
OakmrkInt 28.89 +0.28
Old Westbury Fds
15.08 +0.08
LrgCpStr
Oppenheimer Y
NA
...
DevMktY
43.33 +0.17
IntGrowY
Parnassus Fds
42.74 +0.25
ParnEqFd
PIMCO Fds Instl
NA
...
AllAsset
10.26
...
TotRt
18.7
7.3
4.5
15.5
4.7
35.4
20.8
NA
9.9
14.2
18.0
14.8
13.3
3.7
Futures Contracts
30.22 +0.10 15.4 VANGUARD FDS
CapApp
35.95 +0.15 15.8 DivdGro
EqInc
27.23 +0.16
71.45 +0.40 20.5 HlthCare r 213.52 +2.92
EqIndex
71.07 +0.49 33.5 INSTTRF2020 22.77 +0.06
Growth
75.65 +1.09 28.0 INSTTRF2025 23.08 +0.08
HelSci
40.20 +0.29 37.5 INSTTRF2030 23.30 +0.09
InstlCapG
19.22 +0.12 25.7 INSTTRF2035 23.53 +0.11
IntlStk
15.20 +0.08 18.7 INSTTRF2040 23.75 +0.12
IntlValEq
94.04 +0.42 24.8 INSTTRF2045 23.91 +0.13
MCapGro
32.19 +0.15 10.8 IntlVal
MCapVal
39.74 +0.26
56.56 +0.29 30.6 LifeCon
N Horiz
20.05 +0.05
9.49
... 3.8 LifeGro
N Inc
33.64 +0.16
OverS SF r 11.35 +0.08 25.1 LifeMod
27.25 +0.09
23.46 +0.09 14.9 PrmcpCor
R2020
27.71 +0.17
18.11 +0.07 16.8 SelValu r
R2025
33.86 +0.21
26.71 +0.12 18.6 STAR
R2030
27.56 +0.11
19.54 +0.09 20.0 STIGrade
R2035
10.65
...
28.10 +0.15 21.1 TgtRe2015 16.06 +0.03
R2040
40.06 +0.23 19.0 TgtRe2020 31.95 +0.10
Value
PRIMECAP Odyssey Fds
TgtRe2025 18.76 +0.07
37.61 +0.25 31.3 TgtRe2030 33.92 +0.13
Growth r
Principal Investors
TgtRe2035 20.86 +0.09
DivIntlInst 13.89 +0.10 26.3 TgtRe2040 35.97 +0.18
Prudential Cl Z & I
TgtRe2045 22.61 +0.12
NA
... NA TgtRe2050 36.36 +0.18
TRBdZ
Schwab Funds
13.67 +0.02
TgtRetInc
NA
... NA TotIntBdIxInv 11.03 +0.01
S&P Sel
TIAA/CREF Funds
27.30 +0.05
WellsI
NA
... NA Welltn
EqIdxInst
43.57 +0.19
... NA WndsrII
IntlEqIdxInst NA
40.00 +0.25
22.2 Tweedy Browne Fds
28.55 +0.05
GblValue
7.1 VANGUARD ADMIRAL
500Adml 245.75 +1.37
34.69 +0.11
2.3 BalAdml
CAITAdml 11.81 -0.03
2.4 CapOpAdml r159.52 +1.05
36.69 +0.35
EMAdmr
3.0 EqIncAdml 78.64 +0.42
3.3 ExplrAdml 97.25 +0.33
3.3 ExtndAdml 84.20 +0.28
GNMAAdml 10.48 -0.01
16.8 GrwthAdml 72.00 +0.31
HlthCareAdml r 90.08 +1.23
25.7 HYCorAdml r 5.92
...
25.87 -0.01
InfProAd
8.6 IntlGrAdml 94.93 +0.78
...
ITBondAdml 11.39
13.9 ITIGradeAdml 9.78
...
19.6 LTGradeAdml 10.73
...
27.3 MidCpAdml 190.83 +1.25
MuHYAdml 11.46 -0.03
17.5 MuIntAdml 14.16 -0.04
MuLTAdml 11.72 -0.04
NA MuLtdAdml 10.92
...
24.9 MuShtAdml 15.74
...
PrmcpAdml r139.59 +0.85
16.2 REITAdml r 119.13 +0.66
SmCapAdml 70.39 +0.23
NA STBondAdml 10.39
...
4.9 STIGradeAdml 10.65
...
14.0
20.7
13.2
5.0
28.4
25.7
17.3
21.0
16.8
2.0
26.8
18.8
6.8
2.5
41.0
3.8
4.2
10.9
18.3
7.9
4.7
6.5
2.3
1.2
28.3
4.7
15.0
1.2
2.2
VANGUARD INDEX FDS
245.70 +1.37
500
ExtndIstPl 207.79 +0.69
SmValAdml 56.92 +0.19
10.72 -0.01
TotBd2
17.94 +0.12
TotIntl
66.38 +0.35
TotSt
VANGUARD INSTL FDS
34.70 +0.11
BalInst
DevMktsIndInst 14.26 +0.08
DevMktsInxInst 22.29 +0.12
84.20 +0.28
ExtndInst
GrwthInst 72.00 +0.30
10.54
...
InPrSeIn
242.46 +1.35
InstIdx
242.48 +1.35
InstPlus
InstTStPlus 59.58 +0.32
MidCpInst 42.16 +0.28
MidCpIstPl 207.91 +1.36
SmCapInst 70.39 +0.23
...
STIGradeInst 10.65
10.76 -0.01
TotBdInst
TotBdInst2 10.72 -0.01
TotBdInstPl 10.76 -0.01
TotIntBdIdxInst 33.08 +0.01
TotIntlInstIdx r120.00 +0.76
TotItlInstPlId r120.03 +0.77
66.43 +0.35
TotStInst
41.25 +0.29
ValueInst
Western Asset
...
CorePlusBdI NA
Contract
High hilo
Low
Settle
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Open
interest
3,057
146,534
2,167
351,663
27,469
38,171
11,054
15,196
52
33,088
1,142
3
63,091
20.6
16.8
10.9
3.3
24.1
19.9
13.2
23.8
23.8
16.8
26.8
2.5
20.7
20.7
20.0
18.3
18.3
15.0
2.2
3.4
3.4
3.5
2.7
24.2
24.3
20.0
16.0
NA
Open
interest
Chg
422,698
307,655
315,067
160,894
240,639
267,232
115,659
77,498
122,636
75,954
363,930
185,587
231,161
146,770
120,210
83,290
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
338.50
341.25
338.50
340.00
1.25
1,954
Dec
March'18 351.50 354.00
351.25
352.75
1.25 845,595
Oats (CBT)-5,000 bu.; cents per bu.
226.75
226.75
223.25
226.25 –2.75
1
Dec
March'18 245.00 245.00
240.25
242.00 –3.00
5,489
Soybeans (CBT)-5,000 bu.; cents per bu.
991.75
996.50
986.00
989.75 –2.25 255,045
Jan
March
1004.00 1008.75
997.75 1001.50 –2.75 217,070
Soybean Meal (CBT)-100 tons; $ per ton.
333.50
335.10
328.90
330.00 –3.50
1,196
Dec
March'18 338.80 341.50
334.20
335.70 –3.10 142,731
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
33.16
33.49
32.99
33.54
.29
519
Dec
March'18
33.39
33.83
33.24
33.79
.25 147,138
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
1213.50 1214.50
1202.50 1206.50 –6.50
6,310
Jan
March
1243.50 1243.50
1232.00 1236.50 –6.50
3,547
Wheat (CBT)-5,000 bu.; cents per bu.
395.50
395.50
t 391.50
392.00 –2.25
173
Dec
March'18 421.00 424.75
t 417.75
419.00 –2.50 299,671
Wheat (KC)-5,000 bu.; cents per bu.
406.25
406.25
404.00
400.75 –2.25
42
Dec
March'18 420.25 423.75
t 417.00
418.00 –2.75 208,352
Wheat (MPLS)-5,000 bu.; cents per bu.
...
598.75
597.75
597.75 –1.00
89
Dec
March'18 610.75 616.00
608.00
611.25
.25 45,352
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
146.750 147.000
144.950 145.225 –1.100 21,014
Jan
March
144.875 145.050
143.050 143.325 –1.175 18,808
Cattle-Live (CME)-40,000 lbs.; cents per lb.
115.850 116.225
115.325 115.575 –.050 13,259
Dec
Feb'18
118.900 119.150
118.125 118.300 –.375 140,760
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
63.800
64.100
63.550
63.675
.100 14,807
Dec
Feb'18
68.425
68.925
67.850
68.850
.375 100,406
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
424.00
430.70
424.00
429.70
3.80
4,436
Jan
March
415.30
421.10
415.00
419.90
4.40
1,606
Milk (CME)-200,000 lbs., cents per lb.
15.59
15.62
15.53
15.60
.09
4,080
Dec
Jan'18
14.39
14.47
14.30
14.38
–.01
3,842
Cocoa (ICE-US)-10 metric tons; $ per ton.
1,856
1,884
1,856
1,892
7
80
Dec
March'18
1,878
1,917
1,860
1,887
7 131,684
Coffee (ICE-US)-37,500 lbs.; cents per lb.
126.00
126.10
125.00
120.60
–.25
458
Dec
March'18 122.90 123.90
t 121.90
122.60
–.30 119,813
15.10
19.86
43.19
131.68
112.99
28.61
31.83
61.17
18.35
25.95
117.64
51.28
40.26
56.42
107.60
70.84
64.24
319.43
78.73
74.03
14.95
99.25
129.99
67.30
70.83
73.60
63.20
20.79
71.85
62.10
20.35
58.63
2.75
18.64
61.37
142.76
131.39
0.4
3.4
0.7
...
0.8
1.1
7.0
1.6
4.4
0.4
0.4
1.5
1.2
2.2
1.0
1.1
1.5
1.2
1.2
2.4
...
0.2
1.1
-0.3
1.0
2.1
0.4
0.4
0.6
3.1
5.0
1.3
1.1
1.1
1.2
-0.1
0.7
52-Wk %
Sym Hi/Lo Chg Stock
Oppenheimer A OPY
ParkerHannifin PH
Paychex
PAYX
PeabodyEnergy BTU
PeregrinePharmPf PPHMP
PerformanceFood PFGC
Perma-PipeIntl PPIH
Phillips66
PSX
PlumasBancorp PLBC
Progressive
PGR
PublicStoragePfdF PSApF
PublicStoragePfZ PSApZ
PublicStoragePfD PSApD
PublicStoragePfE PSApE
QuantaServices PWR
Quanterix
QTRX
RBB Bancorp RBB
RadianGroup RDN
RayonierAdvPfdA RYAMpA
RedLionHotels RLH
RedRockResorts RRR
RoyalBkCanadaPf RYpT
S&P Global
SPGI
SPX FLOW
FLOW
SabineRoyalty SBR
SageTherap
SAGE
Saia
SAIA
SecondSightWt EYESW
ServiceCorp
SCI
ShakeShack
SHAK
SherwinWilliams SHW
ShoreBancshares SHBI
SigmaDesigns SIGM
Sigmatron
SGMA
SkyWest
SKYW
SteelDynamics STLD
SterlingBancorp SBT
28.85
193.01
69.14
34.74
27.00
31.58
9.35
99.87
22.95
54.99
25.69
27.56
25.40
25.48
39.42
18.75
26.30
22.30
135.43
9.40
32.33
31.70
171.21
46.24
44.89
173.36
69.60
0.65
37.96
46.56
413.98
18.10
6.95
10.84
53.45
41.10
13.49
0.2
0.9
0.7
0.7
-1.6
1.9
-0.5
1.7
3.2
0.9
0.1
0.3
0.1
0.8
2.5
4.1
0.2
1.1
-0.2
1.1
1.6
2.7
1.0
1.1
0.1
7.1
0.7
19.8
0.4
2.7
0.6
0.7
23.2
3.0
1.6
2.4
2.5
52-Wk %
Sym Hi/Lo Chg Stock
44.90
32.59
26.56
25.90
62.79
77.38
23.00
35.45
85.55
23.25
165.18
10.90
57.50
19.77
87.73
4.15
2.69
22.66
31.31
46.35
4.42
84.57
100.70
64.76
40.88
56.45
29.99
StevenMadden SHOO
SummitMaterials SUM
SuperiorUniform SGC
Syntel
SYNT
Sysco
SYY
TotalSystem
TSS
TransportadGas TGS
TriumphBancorp TBK
US Concrete
USCR
UtdCmntyBcp UCBA
UnitedRentals URI
UnitedSecBcshrs UBFO
UnumGroup
UNM
ValeantPharm VRX
ValeroEnergy VLO
VikingTherap VKTX
VikingTheraWt VKTXW
ViperEnergyPtrs VNOM
Vodafone
VOD
VoyaFinancial VOYA
WSIIndustries WSCI
WasteMgt
WM
WestlakeChem WLK
WestRock
WRK
Wingstop
WING
Winnebago
WGO
WolverineWwide WWW
-0.1
3.2
0.1
1.1
2.8
0.9
1.5
-2.0
3.8
1.3
1.0
1.9
1.2
11.7
2.3
10.3
13.6
3.7
0.6
4.5
1.2
0.8
0.4
1.4
2.9
2.5
0.7
Lows
A-MarkPrecMetals AMRK 12.55 -3.8
0.35 -10.4
Ability
ABIL
2.88 ...
AchillionPharm ACHN
Alexanders
ALX 393.00 -0.3
0.71 -4.6
AlmadenMinerals AAU
Amedica
AMDA 2.89 -6.5
AmerOutdoor AOBC 12.46 -9.5
1.96 -24.7
AquaMetals
AQMS
Country/
Coupon (%) Maturity, in years
1.750
2.250
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
Month ago
Year ago
U.S. 2 1.799 s
10 2.383 s
l
l
1.798
2.364
1.657
2.333
1.108
2.409
2.750
Australia 2
1.806 s
l
1.781
1.803
1.744
0.7
-1.7
63.6
10
2.537 s
l
2.520
2.581
2.741
15.3
15.6
33.2
France 2 -0.612 s
l
-0.622
-0.612
-242.0
-176.8
0.625 s
l
0.609
0.559
-175.6
-160.4
Germany 2 -0.740 s
l
-0.763
-0.758
-185.4
l
0.295
0.329
-0.746 -253.9
0.376 -207.5
-256.2
0.309 s
-206.9
-203.3
Italy 2 -0.355 t
l
-0.354
-0.253
-0.073
-215.3
-215.2
-118.1
1.648 t
l
1.678
1.737
2.004
-73.6
-68.7
-40.5
Japan 2 -0.151 t
l
-0.143
-0.206
-0.187
-194.9
-194.1
-129.5
0.000
0.750
0.000
10
0.500
0.050
10
2.050
0.100
10
0.049 t
l
0.055
0.024
Spain 2 -0.370 s
l
-0.376
-0.354
0.100
2.750
10
1.450
10
1.389 t
l
1.409
1.471
1.750
U.K. 2
0.500 t
l
0.509
0.459
-0.660 -241.1
0.805
-175.8
4.250
10
1.281 s
1.255
l
1.540
1.228
-86.9
-129.0
-100.5
-111.0
-115.8
-129.9
-110.3
Source: Tullett Prebon
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Teva Pharma III
Citigroup
Bank of Montreal
BorgWarner
TEVA
Bank of America
Bed Bath & Beyond
JPMorgan Chase
Starbucks
BAC
C
BMO
BWA
BBBY
JPM
SBUX
Maturity
2.200 July 21, ’21
5.875 March 27, ’49
2.100 Dec. 12, ’19
4.625 Sept. 15, ’20
241
98
28
52
5.875
5.165
2.250
2.100
10
345
33
6
Jan. 5, ’21
Aug. 1, ’44
Jan. 23, ’20
Feb. 4, ’21
Spread*, in basis points
One-day change
Current
Last week
Stock Performance
Close ($)
% chg
–17
–11
–11
253
99
n.a.
n.a.
…
75.71
78.43
53.76
…
0.97
0.19
0.15
–10
–10
–9
–7
36
341
37
n.a.
29.05
23.08
105.93
58.61
0.94
2.26
1.25
–0.90
27.91
…
26.78
7.64
0.47
…
0.04
2.00
...
19.38
51.09
259.91
...
2.81
1.33
–1.51
–26
…And spreads that widened the most
Duke Realty
Citibank NA
HCP
Royal Bank of Scotland
DRE
Citadel
Deutsche Bank AG
Verizon Communications
Broadcom
CITADL
C
HCP
RBS
4.375
2.125
2.625
6.125
June 15, ’22
Oct. 20, ’20
Feb. 1, ’20
Dec. 15, ’22
76
50
45
182
8
8
67
48
n.a.
n.a.
5.375
3.300
3.500
3.875
Jan. 17, ’23
Nov. 16, ’22
Nov. 1, ’24
Jan. 15, ’27
251
119
87
161
7
7
7
6
253
120
86
168
26.95
27.09
26.95
27.09
26.95
27.09
…
–.14
March
May
74.10
74.53
74.28
74.68
73.62
74.13
73.72
74.20
–.51 170,924
–.44 42,813
High-yield issues with the biggest price increases…
Jan
March
153.55
153.95
154.70
155.00
151.55
152.10
152.85
153.25
–.60
–.60
Issuer
Symbol
Coupon (%)
Valeant Pharmaceuticals International
Jones Energy Holdings
Nova Chemicals
Frontier Communications
VRXCN
5.875 May 15, ’23
6.750
April 1, ’22
5.250
June 1, ’27
10.500 Sept. 15, ’22
Noble Holding International
Denbury Resources
Revlon Consumer Products
Algeco Scotsman Global Finance
NE
Dec
154-070 154-110
153-220 154-000
1.0 21,458
March'18 153-050 153-090
152-170 152-280
… 761,492
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
124-180 124-225
124-130 124-165
… 91,968
March'18 124-110 124-155
124-050 124-085
–.5 3,212,410
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
116-187 116-230
116-167 116-190
.5 64,975
March'18 116-120 116-160
116-087 116-117
.7 2,903,498
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-105 107-120
107-100 107-115
.7 34,748
March'18 107-050 107-065
107-040 107-055
.7 1,714,870
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec
98.708
98.710
98.708
98.708
… 119,985
Jan'18
98.605
98.605
t 98.600
98.605
… 350,319
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
100.625 100.828
100.531 100.656 –.047 17,062
March'18 98.109 98.281
98.031
98.125 –.047 10,141
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
98.5150 98.5150
98.5100 98.5075 –.0025
2,463
Jan'18
98.4950 98.4950
t 98.4850 98.4875 –.0200
3,033
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
98.4175 98.4200
98.3950 98.4025 –.0125 1,627,008
March'18 98.2450 98.2450
98.2250 98.2350 –.0050 1,534,234
June
98.0950 98.1050
98.0750 98.0900
… 1,341,490
Dec
97.9150 97.9350
97.9000 97.9150
… 1,647,560
-95.5
Corporate Debt
26.95
27.09
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
-131.8
-99.5
1.251
March
May
Interest Rate Futures
-236.4
-217.4
0.103
–.26 382,208
–.27 150,387
5,657
3,465
-230.9
-216.8
0.045 -233.5
-0.209
14.05
13.97
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
2.750
13.97
13.91
Cotton (ICE-US)-50,000 lbs.; cents per lb.
2.00 -4.1
LongIslandIcedTea LTEA
M&TBankPfdA MTBp 1009.50 -2.4
MaidenHldg6.7%PfdD MHpD 22.60 ...
1.40 -1.2
Medigus
MDGS
25.62 -3.2
MongoDB
MDB
MosaicAcqnUn MOSC.U 10.00 -0.1
7.77 -1.4
NewSeniorInvt SNR
4.89 0.2
NewYorkREIT NYRT
7.59 0.6
NicholasFin
NICK
3.35 1.2
NovaGoldRscs NG
Nxt-ID Wt
NXTDW 0.10 -0.1
2.15 2.2
Pfenex
PFNX
0.28 -4.2
PlatinumGrpMtls PLG
15.91 0.8
RangeResources RRC
5.29 -4.5
RestorationRob HAIR
1.60 -1.8
RexEnergy
REXX
RigNet
RNET 14.01 0.3
1.70 -1.7
RubiconProject RUBI
RXiPharmWt RXIIW 0.07 -10.7
0.51 25.6
SPIEnergy
SPI
1.05 -0.9
SandRidgeMS SDT
1.38 -1.7
SearsHometown SHOS
9.85 -0.2
SocialCapHed IPOA
0.54 2.6
SolitarioZinc
XPL
2.21 -0.2
SonicFoundry SOFO
5.42 -0.4
Sprint
S
0.67 0.8
The9
NCTY
TremontMortgage TRMT 14.75 -0.4
0.48 -5.7
TrovaGene
TROV
9.11 -0.2
US12mthNtlGas UNL
48.00 -2.3
UnivElectro
UEIC
2.52 3.1
UnvlTechInst UTI
VeecoInstr
VECO 10.85 -18.8
0.57 -3.4
Vivus
VVUS
1.05 -1.8
WPCS Intl
WPCS
8.81 -2.2
WideOpenWest WOW
1.75 11.2
YingliGreenEner YGE
2.26 -3.0
YogaWorks
YOGA
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
14.39
14.30
2,745
2,258
2.57 -8.8
0.51 -8.6
1.95 -2.4
0.28 -4.4
0.18 7.3
6.50 -9.1
5.31 4.3
4.68 -5.2
5.81 -1.4
48.80 ...
12.02 0.7
1.85 8.2
0.33 -1.7
12.07 1.0
5.85 2.3
1.60 -5.9
3.75 -1.2
15.70 1.0
1.55 -5.5
19.00 -31.3
8.46 -3.8
208.81 0.9
0.67 2.5
6.04 0.2
3.74 -8.4
4.79 -0.6
1.10 -2.7
1.40 -3.4
1.38 -8.6
4.89 1.0
10.28 -4.3
16.44 0.6
0.59 10.5
0.48 -20.0
9.55 -1.0
5.93 -1.7
4.34 -3.8
52-Wk %
Sym Hi/Lo Chg
Global Government Bonds: Mapping Yields
14.35
14.28
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
52-Wk %
Sym Hi/Lo Chg Stock
Arcimoto
FUV
AsankoGold
AKG
AsteriasBiotherap AST
AtossaGenetics ATOS
Bio-Path
BPTH
Boxlight
BOXL
CBL Assoc
CBL
CECO Env
CECE
ChemoCentryx CCXI
ChinaMobile
CHL
ColonyNorthStar CLNS
EngGr-Cmg C CIG.C
ComstockMining LODE
ConsldComm CNSL
CypressEnergy CELP
DHI Group
DHX
DAVIDsTEA
DTEA
DuluthHoldings DLTH
EP Energy
EPE
ErytechPharma ERYP
Essendant
ESND
EverestRe
RE
FibrocellScience FCSC
Francesca's
FRAN
Fred's
FRED
Frontline
FRO
GreatPanthrSlvr GPL
HugotonRoyalty HGT
IconixBrand
ICON
InterlinkElec
LINK
ItauCorpBanca ITCB
K2MGroup
KTWO
KayneAnAcqnWt KAACW
LegacyAcqnWt LGC.WS
LegacyAcqn
LGC
Libbey
LBY
LiquiditySvcs LQDT
March
May
n-
836
154,267
18.0
18.8
13.1
14.8
16.2
17.7
19.1
19.7
25.2
10.3
17.7
13.9
24.9
17.7
17.2
2.1
10.7
13.1
14.7
16.2
17.6
19.1
19.7
19.6
8.0
2.7
9.5
13.6
14.9
no
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
2.9385
2.9665
2.9385
2.9550 0.0145
Dec
March'18 2.9635 2.9915
2.9595
2.9785 0.0140
Gold (CMX)-100 troy oz.; $ per troy oz.
1246.30 1249.30
1241.50 1245.20 –4.60
Dec
Feb'18
1249.50 1254.40
1244.40 1248.40 –4.70
April
1253.80 1258.40
1248.80 1252.80 –4.70
June
1258.40 1263.00
1255.20 1257.10 –4.70
Aug
1262.80 1266.80
1257.60 1261.60 –4.70
Dec
1272.40 1275.80
1269.00 1270.50 –4.60
Palladium (NYM) - 50 troy oz.; $ per troy oz.
1016.30 1016.30
1010.00 1009.75 –6.55
Dec
March'18 1006.15 1009.90
990.45
996.40 –6.55
June
997.90
998.05
986.45
988.40 –5.80
Platinum (NYM)-50 troy oz.; $ per troy oz.
...
...
...
882.80 –10.80
Dec
Jan'18
894.50
899.30
t 882.10
883.70 –10.80
Silver (CMX)-5,000 troy oz.; $ per troy oz.
15.675
15.765
15.655
15.736 0.021
Dec
March'18 15.745 15.910
15.720
15.823 0.021
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
56.65
57.79
56.54
57.36
0.67
Jan
Feb
56.70
57.83
56.61
57.44
0.69
March
56.69
57.81
56.60
57.46
0.70
April
56.64
57.77
56.60
57.46
0.70
June
56.36
57.47
56.32
57.23
0.71
Dec
54.92
55.79
54.91
55.62
0.56
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.8943
1.9444
1.8900
1.9288 .0318
Jan
Feb
1.8971
1.9438
1.8907
1.9280 .0309
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.6980
1.7337
1.6938
1.7166 .0166
Jan
Feb
1.7100
1.7480
1.7081
1.7308 .0160
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.769
2.820
2.757
2.772
.009
Jan
Feb
2.790
2.837
2.774
2.792
.010
March
2.769
2.813
t
2.750
2.767
.006
April
2.713
2.741
t
2.688
2.698 –.007
May
2.723
2.747
t
2.695
2.704 –.009
Oct
2.808
2.835
2.787
2.798 –.009
52-Wk %
Sym Hi/Lo Chg Stock
ConcertPharm CNCE 26.37 0.2 EssentGroup ESNT 46.61 1.8 HVBancorp
HVBC
Copart
CPRT 44.19 0.2 Etsy
ETSY 19.52 1.9 HalozymeTherap HALO
19.00 6.2 EvoquaWater AQUA 23.84 1.9 HiltonGrandVac HGV
CorpCapitalTr CCT
87.38 -0.9 Fanhua
Crane
CR
FANH 24.61 10.6 Hubbell
HUBB
34.91 0.5 JBHunt
CreditAcceptance CACC 319.87 1.6 FederatedInvest FII
JBHT
17.44 3.3 Ferroglobe
16.75 3.0 HuntingtonBcPfD HBANO
CreditSuisse
CS
GSM
29.50 1.2 IRSA
DeckersOutdoor DECK 78.38 1.9 FirstGuarBcshs FGBI
IRS
DollarTree
DLTR 108.90 1.3 FirstRepBkPfdH FRCpH 25.89 ... InteractiveBrkrs IBKR
99.15 2.0 FirstSolar
70.27 2.3 Intricon
Dover
DOV
FSLR
IIN
67.53 0.2 InvestorsRE PfdC IRETpC
EagleMaterials EXP 116.72 1.6 FiveBelow
FIVE
22.00 2.9 FreseniusMed FMS
51.66 0.7 JackHenry
EasterlyGovtProp DEA
JKHY
56.87 0.7 FusionTelecom FSNN
4.05 3.4 KAR Auction
EatonVance
EV
KAR
78.30 -0.1 GAMCO PfdA GNTpA 25.14 0.4 LKQ
Ebix
EBIX
LKQ
4.95 ... Genpact
32.65 0.7 LambWeston LW
eGain
EGAN
G
32.78 2.7 GlbBloodTherap GBT
45.75 4.2 LandstarSystem LSTR
EldoradoResorts ERI
49.97 -1.6 GoldmanSachsPfN GSpN 28.34 0.2 LasVegasSands LVS
EmpresaDisCom EDN
91.00 1.5 GreatPlainsEner GXP
34.57 1.1 Leidos
EnPro
NPO
LDOS
65.60 -1.3 LendingTree
EntellusMedical ENTL 24.40 1.5 Greif A
GEF
TREE
25.17 -0.1 GrubHub
EntergyLA Bds66 ELC
GRUB 70.15 -1.0 LincolnNational LNC
7.75 4.7 GpoFinGalicia GGAL 65.47 4.2 lululemon
Entravision
EVC
LULU
91.90 -0.2 GpoSupervielle SUPV 28.61 2.9 Luxfer
EquityLife
ELS
LXFR
MagellanHealth MGLN
Marriott
MAR
MaxarTech
MAXR
Net YTD
Net YTD Maximus
MMS
Fund
NAV Chg %Ret Fund
NAV Chg %Ret Medifast
MED
PIMCO Funds A
TotBdAdml 10.76 -0.01 3.4 MellanoxTech MLNX
NA
... NA TotIntBdIdxAdm 22.04
IncomeFd
... 2.7 MerchantsBancorp MBIN
MDP
PIMCO Funds D
TotIntlAdmIdx r 30.01 +0.19 24.2 Meredith
KORS
NA
... NA TotStAdml 66.42 +0.35 20.0 MichaelKors
IncomeFd
PIMCO Funds Instl
14.24 +0.08 23.7 NCI BuildingSys NCS
TxMIn r
NetApp
NTAP
NA
... NA ValAdml
IncomeFd
41.25 +0.29 16.0
NevadaGold
UWN
PIMCO Funds P
WdsrllAdml 70.99 +0.44 15.0 NewtekBusSvcs NEWT
NA
... NA WellsIAdml 66.14 +0.13 9.5 Nike
IncomeP
NKE
Price Funds
WelltnAdml 75.25 +0.32 13.7 NorfolkSouthern NSC
98.91 +0.73 36.2 WndsrAdml 81.12 +0.48 18.1 OldDomFreight ODFL
BlChip
Open
Metal & Petroleum Futures
52-Wk %
Sym Hi/Lo Chg Stock
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Fund
Friday, December 8, 2017
Net YTD
52-Wk %
Sym Hi/Lo Chg Stock
Stock
ly
.
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.
|WSJ.com/newhighs
DB
VZ
AVGO
JONE
NCX
FTR
6.200
9.000
REV
6.250
ALGSCO 10.750
DNR
Maturity
Aug. 1, ’40
May 15, ’21
Aug. 1, ’24
Oct. 15, ’19
14
11
Bond Price as % of face value
Current
One-day change
90.500
73.000
102.000
79.750
68.625
100.125
63.800
91.000
1.75
1.25
1.25
1.13
1.13
0.88
0.80
0.75
Last week
Stock Performance
Close ($)
% chg
88.750
71.250
n.a.
79.250
...
0.88
...
9.75
...
–5.13
...
6.56
66.500
98.000
62.500
90.375
…
1.74
…
...
…
1.16
…
...
80.000
104.000
100.720
n.a.
…
47.64
...
...
…
–0.61
...
...
62.512
86.288
73.900
95.750
1.74
14.67
9.75
...
1.16
4.04
6.56
...
…And with the biggest price decreases
Revlon Consumer Products
Chemours
BMC Software Finance
Concordia International
REV
Denbury Resources
CenturyLink
Frontier Communications
Wind Tre SPA
DNR
CC
BMC
CXRCN
CTL
FTR
WINTRE
5.750
5.375
8.125
9.500
Feb. 15, ’21
May 15, ’27
July 15, ’21
Oct. 21, ’22
4.625 July 15, ’23
7.600 Sept. 15, ’39
6.250 Sept. 15, ’21
5.000 Jan. 20, ’26
79.000 –3.50
–1.90
104.500
–1.15
99.875
–1.13
10.000
–1.13
–0.75
–0.75
–0.75
65.875
83.250
74.500
94.000
*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
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec
March'18
.8847
.8894
.8847
.8895
.8807
.8856
.8813 –.0030 191,884
.8861 –.0030 38,640
Dec
March'18
.7780
.7791
.7810
.7821
.7764
.7776
.7773 –.0002 135,427
.7785 –.0001
7,913
Dec
March'18
1.3484
1.3530
1.3524
1.3571
1.3358
1.3406
1.3401 –.0070 180,470
1.3448 –.0070 18,858
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec
March'18
1.0061
1.0132
1.0083
1.0157
1.0027
1.0103
1.0078
1.0154
.7511
.7509
.7509
.7508
.7536
.7533
.7531
.7530
.7529
.7562
.7501
.7502
.7501
.7498
.7526
.7505
.7505
.7503
.7502
.7501
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
t
t
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec
.05270
.05293
March'18 .05188 .05215
Euro (CME)-€125,000; $ per €
Dec
1.1781
1.1782
March'18 1.1856 1.1856
.0016
.0017
75,739
8,345
… 140,519
…
1,056
…
646
…
7,073
…
262
.05264
.05187
.05272 .00003 173,054
.05195 .00003 13,772
1.1735
1.1810
1.1772 –.0007 424,986
1.1847 –.0008 61,743
Cash Prices | WSJ.com/commodities
Friday, December 08, 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
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
24234
24255
24334 s
24351 s
24218
24232
24318
24336
S&P 500 Index (CME)-$250 x index
Dec
2646.50 2651.50 s
2644.50 2651.00
March'18 2645.30 2654.50 s 2640.90 2653.90
Mini S&P 500 (CME)-$50 x index
Dec
2639.50 2652.50 s
2637.75 2651.00
March'18 2642.25 2655.25 s 2640.25 2654.00
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1884.80 1895.50
1884.10 1890.10
March'18 1887.30 1899.50
1887.30 1894.00
Mini Nasdaq 100 (CME)-$20 x index
Dec
6322.3
6379.0
6320.5
6340.0
March'18 6344.5 6398.0
6339.0
6358.5
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1521.70 1529.70
1519.90 1521.00
March'18 1524.40 1532.70
1522.80 1524.20
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1467.10 1468.40
1465.70 1469.40
March'18 1468.10 1469.90 s 1467.00 1470.80
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
93.80
94.08
93.79
93.87
March'18
93.44
93.70
93.41
93.49
87 142,053
90 21,297
11.50
11.70
75,239
13,046
11.50 2,690,236
11.75 861,700
6.50
6.70
81,229
13,772
17.0 269,841
16.8 42,310
.30
.50
66,827
1,824
6.90
6.80
325
12
.10
.08
32,191
10,856
Source: SIX Financial Information
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
1250.77
1344.58
1250.65
1388.22
*1256.80
*1255.00
1296.52
1308.98
1308.98
1511.09
1224.97
1308.98
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
15.8200
11903
Other metals
LBMA Platinum Price PM
*900.0
Platinum,Engelhard industrial
895.0
Platinum,Engelhard fabricated
995.0
Palladium,Engelhard industrial
1014.0
Palladium,Engelhard fabricated
1114.0
Aluminum, LME, $ per metric ton
*1994.0
Copper,Comex spot
2.9550
Iron Ore, 62% Fe CFR China-s
68.4
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
633
Fibers and Textiles
Gold, per troy oz
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
0.9750
1.0400
2.750
2.740
4.170
2.340
2.460
2.130
2.650
59.850
12.100
Metals
Index Futures
Friday
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Energy
15.8000
18.9600
15.7650
19.7060
£11.7600
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.6125
0.7297
*83.20
69.250
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
4.85
103
3.2150
96.3
476.4
233
92
213
2.6700
390.00
25.00
8.0850
Friday
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
326.70
9.5400
7.3125
4.2400
4.0100
5.1900
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
185.80
165.81
0.8568
2.2200
167.00
147.50
68.25
n.a.
1.2035
1.4103
1.7650
15.55
0.78
64.85
n.a.
0.7983
117.00
165.75
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
34.0000
0.2300
0.3800
0.3262
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 12/7
Source: 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.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | B9
* * * * * *
BANKING & FINANCE
From Belgrade to the Pinnacle
Of Washington’s Banking World
Beijing Penalizes Bank
Over Bond Guarantees
Ms. McWilliams, a banking lawyer, has a free-market orientation.
market orientation and an
appreciation for the U.S. as a
place where hard work can
bring success. Friends say
she has long wanted to work
in an appointed position for
an American president.
“We take a lot for
granted, whereas she never
takes it for granted,” said
Sen. Richard Shelby (R.,
Ala.). “She was in a country
with a lot of oppression.”
Ms. McWilliams served as
his chief counsel while he
was chairman of the Senate
Banking Committee.
In his office, Mr. Shelby
keeps a picture given to him
by Ms. McWilliams of St.
George slaying the dragon. It
symbolizes their efforts, Mr.
Shelby said, of “taking down
what we thought were bad
things for the economy,” such
as burdensome regulation.
The former Jelena Obrenic
is originally from Belgrade,
in what is now Serbia. She
watched “Dallas” and “Dynasty” for glimpses of what
the U.S. might be like, and
sensed that she was on the
wrong side of the Iron Curtain. Her family scrimped to
send her on a high-school
exchange program. She arrived in the U.S. with $500
when Yugoslavia was
gripped by violent conflicts
that would break up the
country.
Ms. McWilliams eventually
went to the University of California, Berkeley, paying her
way with minimum-wage
jobs as she studied political
science, then law. John Yoo, a
conservative scholar and a
former top official in the
George W. Bush administration, was one of her professors. She wrote her undergraduate thesis on the war at
home. She passed the bar
while caring for her infant
daughter.
When she graduated, Timothy J. Harris of Morrison &
Foerster LLP recruited her to
do corporate law for technology firms. Mr. Harris de-
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
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
10.40
97.25
56.59
69.28
28.01
100.51
83.01
74.69
109.34
104.64
122.48
65.56
55.46
62.28
267.30
188.98
76.25
60.75
109.19
99.04
72.69
52.85
11.99
120.98
87.35
115.53
106.54
71.61
69.84
63.26
45.94
43.71
59.60
106.07
110.56
133.87
147.76
123.50
184.33
151.41
125.86
157.22
207.39
88.79
215.73
152.22
113.37
38.54
113.69
83.97
105.91
126.69
120.04
101.67
154.70
48.07
23.06
36.76
118.48
34.24
64.16
63.42
... –17.5
0.48 19.5
9.4
0.27
0.92 –8.0
0.61 20.5
0.62 16.0
1.12 20.4
0.43 20.0
1.1
–0.05
–0.01 –0.3
0.01 –0.0
0.61 22.2
1.09 30.6
0.70 23.4
0.55 18.8
0.36 14.3
–0.07 10.9
0.48 18.4
1.0
–0.04
0.66 11.8
0.39 18.7
0.42 16.9
8.2
...
3.2
–0.12
0.9
0.10
4.8
0.02
0.2
–0.02
0.58 21.0
0.53 21.0
0.35 26.9
1.17 31.2
0.53 26.3
0.47 22.0
1.94 19.9
2.2
–0.52
0.51 27.6
0.55 18.7
0.57 10.2
0.19 19.7
0.09 12.3
5.8
...
0.51 18.2
0.57 16.0
0.65 10.4
0.37 18.4
0.50 25.0
0.59 11.8
3.6
...
0.5
–0.04
... –0.6
1.0
–0.08
6.3
0.01
0.49 23.3
0.3
...
0.44 30.6
0.40 15.6
... –1.3
0.9
0.05
8.1
–0.01
0.50 23.7
0.50 18.4
0.54 19.1
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VFH
VEU
VUG
243.62
344.35
265.51
96.63
63.60
55.87
21.68
164.10
132.47
159.19
101.18
44.37
44.14
58.42
70.30
53.88
139.87
0.52
0.37
0.55
0.45
0.47
0.32
0.46
0.38
0.29
0.34
0.58
0.57
1.15
0.59
0.49
0.69
0.42
23.3
14.1
18.8
12.9
31.5
15.0
3.6
35.1
9.5
19.6
18.8
21.4
23.4
21.9
18.4
22.0
25.5
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
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
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
VangdFinls
VangdFTSEAWxUS
VangdGrowth
Inflation
Oct. index
level
246.663
253.638
All items
Core
–0.06
0.28
2.0
1.8
1.12
0.57
–0.10
–0.05
0.57
0.63
0.79
0.51
0.54
0.01
–0.04
0.23
–0.04
0.04
0.61
0.52
0.59
0.68
0.25
0.77
0.69
22.0
12.6
1.2
2.1
19.1
17.0
14.2
1.8
18.8
–0.2
0.1
13.9
1.0
1.6
22.0
18.3
20.5
13.7
12.7
18.2
14.1
Week
ago
52-Week
High
Low
0.00
0.50
0.00
0.50
Amount
Yld % New/Old Frq
Payable /
Record
Increased
2.0 .70 /.66 Q
4.0 .18 /.16 Q
2.6 .40 /.39 Q
2.1 .43 /.41 Q
2.1 .46 /.45 Q
1.4 .17 /.03 Q
3.4 .98 /.90 Q
2.5 .25 /.23 Q
2.4 .56 /.51 Q
1.2 .41 /.37 Q
3.4 .605 /.5425 Q
0.8 .045 /.0425 Q
1.8 .2075 /.205 Q
1.3 .14 /.12 Q
Jan16 /Dec28
Jan23 /Jan09
Feb01 /Jan05
Jan18 /Dec22
Dec29 /Dec18
Mar15 /Feb15
Jan16 /Dec29
Jan15 /Dec29
Jan05 /Dec18
Jan16 /Dec19
Jan31 /Dec29
Jan31 /Dec31
Dec29 /Dec18
Dec29 /Dec18
0.50
1.50
AVIATION
—52-WEEK—
High Low
0.50
1.50
0.25
1.50
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
Policy Rates
0.00
0.50
Another official at the banking regulator said the severity
of the penalty is an indication
that regulators will step up
punishment for risky activities
that they have sought to rein
in with a blitz of fresh regulatory rules earlier this year.
“The regulator feels like it
can’t control so many market
disorders without serious penalties,” he said.
The International Monetary
Fund this past week highlighted the complexities of
risks in China’s financial system and urged small and medium banks, in particular, to
raise additional capital to
weather potential losses.
China regulators say they
are taming the country’s rambunctious online financial marketplace, even as big local players take steps to sell shares and
expand overseas. Regulators
acknowledge they are playing
catch-up to monitor the sector
and coordinate between agencies, amid their concern that
fast growth of the marketplace
has made it a potential source
of financial destabilization.
—Yifan Xie in Shanghai
contributed to this article.
30-year mortgage yields
30 days
3.470 3.488 3.865 3.253
60 days
3.487 3.512 3.899 3.281
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Euro zone
Switzerland
Cosun’s defaults
involved investment
products sold online
via Ant Financial.
To advertise: 800-366-3975 or WSJ.com/classifieds
Fannie Mae
Prime rates
U.S.
Canada
Japan
The China Banking Regulatory Commission said in a
statement Friday that China
Guangfa Bank provided illegal
guarantees to cover up nonperforming assets and operating losses, helping a borrower
cover up bad debt.
The 722 million yuan ($109.1
million) fine stemmed from the
bank’s involvement in a series
of defaults starting late last
year totaling over one billion
yuan by Chinese electronics
maker Cosun Group.
The case reflected “a major
case of collusion” between
bank staff and “outside criminals,” the agency said.
The banking regulator has
ramped up enforcement, meting out 667 million yuan in
fines in the first 10 months of
the year, compared with 270
million yuan in all of 2016 and
6.3 million yuan in 2015.
Until now, the largest fine
imposed by the banking regulator was a 27.5 million yuan
fine this year against China
Minsheng Banking Corp. for
selling what the regulator said
were fake wealth-management
products.
Cosun’s defaults, which exposed risks in China’s booming
internet-finance business, involved investment products
sold via China’s top online
player, Alibaba Group Holding
Ltd. affiliate Ant Financial
Services Group.
Ant Financial had sold Cosun’s debt securities to retail
investors on its internet platform Zhao Cai Bao.
Following the defaults, several firms involved in packaging and selling the debt products pointed blame at others,
including more than one that
claimed it had been duped by
fake documents. Investor
losses were ultimately covered
by a guarantor of the products,
Zhejiang Insurance Co., according to official statements.
Efforts to reach Guangfa
Bank and Cosun late Friday
were unsuccessful. Cosun
hasn’t commented publicly
about the case.
A spokeswoman for Ant Fi-
Showroom
Secondary market
International rates
Latest
0.50
1.50
Britain
Australia
U.S. consumer price index
0.00
0.50
Owens Corning
Toro Co
WEC Energy Group
AMT
BDN
BMY
CPLA
CHRW
CC
COR
DEI
EMN
ECL
EIX
ENSG
HI
HOFT
Week
Latest ago
Chg From (%)
Sept. '17 Oct. '16
Dividend announcements from December 8.
American Tower REIT
Brandywine Realty Trust
Bristol-Myers
Capella Education
CH Robinson Worldwide
Chemours
CoreSite Realty
Douglas Emmett
Eastman Chemical
Ecolab Inc
Edison Intl
Ensign Group
Hillenbrand Inc
Hooker Furniture
154.62
85.33
84.09
87.49
121.96
154.07
110.95
84.03
243.89
79.27
79.47
146.83
81.62
55.18
55.98
136.48
73.49
105.73
64.68
58.57
32.01
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.
Company
Symbol
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
Borrowing Benchmarks | WSJ.com/bonds
December 8, 2017
Money Rates
Dividend Changes
Company
Closing Chg YTD
Symbol Price (%) (%)
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
Closing Chg YTD
Symbol Price (%) (%)
ETF
By Chao Deng in Beijing
and James T. Areddy
in Shanghai
ADVERTISEMENT
ETF
no
ETF
Friday, December 8, 2017
Closing Chg YTD
Symbol Price (%) (%)
scribed her as someone who
listened carefully, took copious notes and presented
thought-out suggestions.
“Sometimes it would need to
be changed, and she always
took that feedback positively,” Mr. Harris said. “It’s
not a trait that all young lawyers have.”
Ms. McWilliams joined the
Federal Reserve in 2007, as
the cracks of the financial
crisis were starting to show.
She worked on consumer-related proposals, including
rules meant to make it easier
for consumers to dispute
mistakes on their credit reports and understand their
mortgages.
Former Fed colleagues
said Ms. McWilliams was
willing to take on unglamorous and time-consuming
tasks that others weren’t,
such as calibrating state
mortgage laws.
Ms. McWilliams moved her
parents to the U.S. as soon as
she could afford to. A single
mom, she is known to cook
dinner almost every night for
them and her daughter.
“She carries a lot on her
shoulders and she does it
with grace, without ever faltering,” said William Duhnke,
who worked with Ms. McWilliams on the banking panel.
When she and other committee Republicans moved
into a new office, she rescued
plants that had been left to
wilt, said Dana Wade, now a
senior official at the Department of Housing and Urban
Development.
“You have this very sophisticated, intelligent person,” Ms. Wade said, “and
she’s watering plants, she’s
taking care of her family,
she’s giving people advice.”
Under Mr. Shelby’s tenure
as Senate Banking Committee
chairman, Ms. McWilliams
worked on his proposal that
would have eased bank regulation and heightened congressional scrutiny of the
Fed, but those proposals
didn’t clear Congress.
This year, another former
boss of Ms. McWilliams—
Senate Banking Committee
Chairman Mike Crapo (R.,
Idaho)—scaled back some of
Mr. Shelby’s proposals to defang Dodd-Frank provisions.
That bipartisan deal is now
moving through the Senate.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Jelena McWilliams, an immigrant born in the former
Yugoslavia who moved to the
U.S. on her 18th birthday,
has been a quiet force for
years in shaping Republican
policy on the banking industry. Her stature is about to
expand greatly.
President Donald Trump,
who has set a broad agenda
to loosen financial regulation,
nominated her
WEEKEND this month to
PROFILE
lead the Federal
Deposit Insurance Corp., one
of the biggest jobs overseeing the U.S. banking sector.
The Senate must vote to confirm her before she can begin.
Ms. McWilliams, a banking lawyer who paid for college by selling cars and
Cutco knives, spent most of
the past decade building a
Washington career as a behind-the-scenes Republican
staffer. She worked on legislation to counter stricter industry rules put in place by
the Obama administration
after the financial crisis—
ideas now charged with new
vigor under a Republican
president.
Currently the top lawyer
at Cincinnati-based Fifth
Third Bancorp, she would
take over an agency that is
one of several regulators involved in Trump administration changes to banking-industry oversight.
Colleagues describe Ms.
McWilliams, 44 years old, as
decisive and direct, with an
encyclopedic knowledge of
banking law, sometimes lugging around a dog-eared
copy of the 2010 Dodd-Frank
Act. Former Democratic colleagues said Ms. McWilliams,
who initially planned to
study astrophysics, earned
their respect for her deep
understanding of issues and
willingness to weigh different options.
“She was someone you
could disagree with, without
her being disagreeable,” said
Dwight Fettig, a former Democratic staff director on the
Senate Banking Committee.
People close to her say her
upbringing in a communist
regime helped shape a free-
FIFTH THIRD BANCORP
BY CHRISTINA REXRODE
AND RYAN TRACY
nancial, in response to a question about the regulator’s fine,
said the company’s internet
platform was for “financial information services.” Ant Financial took the product off its
platform after the default. The
spokeswoman declined to comment further on the firm’s involvement, including whether
it was in communication with
Chinese authorities over its recent scrutiny of the case.
Guangfa Bank’s branch in the
city of Huizhou had issued statements saying the debt instruments were guaranteed because
of the borrower’s good financial
health. Around 10 financial institutions holding the contractual
guarantees later made claims
on the bank, exposing that the
bank had in all provided 12 billion yuan in illegal guarantees,
according to the regulator.
According to an official familiar with the case, Guangfa
Bank was found to have provided the illegal guarantees as
a way to move bad loans off its
balance sheet.
ly
.
Jelena McWilliams has been nominated by Trump to run the FDIC
China’s banking watchdog
fined a midsize bank more
than $100 million for its role
in a bond default last year, one
of the largest penalties levied
on a Chinese bank and a sign
that Beijing is ramping up a
crackdown on the ways banks
have been hiding risks.
Symbol
OC
TTC
WEC
Amount
Yld % New/Old Frq
0.9 .21 /.20 Q
1.2 .20 /.175 Q
3.2 .5525 /.52 Q
Payable /
Record
NYMTN
SWCH
.51111
.014
Jan15 /Jan01
Dec29 /Dec18
.34375 Q
.21408 SA
.05 SA
.33532 Q
Q
.26
.14202 M
Jan16 /Dec29
Jan12 /Dec29
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B10 | Saturday/Sunday, December 9 - 10, 2017
NY
THE WALL STREET JOURNAL.
* ***
MARKETS
WILD
Assets in exchange-traded funds globally surged again in 2017.
Global ETF net flows
Global ETF assets
under management
$600 billion
$5 trillion
500
4
400
3
300
200
2
100
1
0
0
2012 ’13
’14
’15
’16 ’17*
*Through Nov. 30
Source: ETFGI LLP
2012 ’13
’14
’15
’16
’17*
THE WALL STREET JOURNAL.
ETFs Pull In Record
Amount of Money
Investors plowed more
than $600 billion into exchange-traded funds globally
in the first 11 months of the
year, according to new research, already marking an
annual record for one of Wall
Street’s hottest products.
Roughly 54% more cash
flowed into ETFs through November than in all of 2016,
according to London-based
consulting firm ETFGI LLP.
Assets in ETFs world-wide
rose to $4.7 trillion, including
asset appreciation, at the end
of November, up from $3.6
trillion at the end of last year.
ETFs have gathered assets
as many stocks and other
markets
globally
have
marched steadily higher this
year. The products have benefited from a preference
among investors large and
small for funds that track the
performance of broad swaths
of the market at a cheaper
price.
A new rule governing retirement advice in the
U.S. has also resulted in a
shift among some financial
advisers toward fee-based advice, further stoking ETFs’
rise. Advisers are building investment portfolios out of
clusters of low-cost ETFs that
offer exposure to different
corners of the market. The 20
ETFs that have pulled in the
most money this year accounted for 36% of the record
net inflows and included several low-cost stock and bond
funds, said Deborah Fuhr,
managing partner at ETFGI.
While the growth of ETFs
has in some cases come at
the expense of traditional
stock and bond picking, consulting firm McKinsey & Co.
estimates that in the past decade two-thirds of ETF
growth as a share of household financial assets came
from money that was previously invested in individual
securities.
The popularity of the products has been a boon for
large money managers like
BlackRock Inc. and Vanguard
Group, which boast the two
largest lineups of ETFs by assets. BlackRock’s ETFs alone
attracted $239 billion in net
new cash in the first 11
months of the year, according
to ETFGI, while Vanguard’s
ETFs attracted a net $137.1
billion.
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The more volatile a futures contract
is, the more cash traders need to
post upfront. This 'initial margin'
will be much steeper for bitcoin
than for many other commodities.
E-mini S&P
3%
Gold
4%
Soybeans
4%
Corn
4%
Crude oil
4%
Natural gas
8%
Bitcoin
35%
Note: Initial margin is given as a percentage
of notional value, using the Dec. 5 settlement
price for the front-month contract.
Source: CME Group
THE WALL STREET JOURNAL.
23% negative return for you.
If bitcoin futures fell far
enough, you could lose the
whole $4,400 and owe additional money to your broker.
There are some built-in protections. For instance, both CME
and Cboe will have circuitbreakers for their bitcoin futures that freeze the market if it
swings up or down 20% in a day.
—Gabriel T. Rubin
contributed to this article.
France to Widen
Use of Blockchain
France said it would allow
wider use of the record-keeping technology behind bitcoin
in the issuance and trading of
traditional securities, part of a
number of experiments to
speed up trading by decentralizing it.
The change is the latest
seal of mainstream approval
for systems, often called blockchains or distributed ledgers,
that were first developed to allow total strangers on the internet to place faith in virtualcurrency transactions without
the need for a trusted third
party. A blockchain is an electronic record of verified transactions that is maintained not
by a central authority, but by a
network of users on computer
servers and protected by cryptography.
Proponents say blockchains
could speed trades by eliminating the need for transactions
to be centralized, potentially
leading to an array of blockchain-based stock exchanges,
and putting whole classes of
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
brokers and other middlemen
out of business.
France’s tweak to its securities law, which goes into effect
next year, will allow French issuers of some types of securities, like shares in funds or in
private companies, to do so via
blockchains, rather than
through the traditional intermediaries that in some cases
they have been required to
use.
The French legal change,
which it says is the first of its
sort in Europe, excludes some
of the biggest classes of assets, like shares in public companies, because the European
Union requires transactions involving those securities to be
settled through central clearinghouses.
The French treasury says
fund managers, banks and
startups have expressed interest in taking advantage of the
new rules to offer new products to investors.
The country is one of a
number of jurisdictions dabbling with the use of blockchain to underpin the exchange
of traditional securities.
—Sam Schechner
and Patricia Kowsmann
U.K. Banks Await More Clarity
BY MAX COLCHESTER
The U.K. and the European
Union reached a deal on the
opening terms in Brexit negotiations, but London’s finance
industry isn’t celebrating yet.
“It doesn’t do anything concrete,” said Joe Cassidy, a
partner at KPMG. “All this
does is allows us to move onto
the next stage of the discussion.”
But the next stage includes
two important things for the
City of London, its financial
district. First, an agreement
on a transition period that
would maintain regulatory
certainty over several years as
businesses adjust after Brexit,
and, second, a potential EUU.K. free-trade agreement for
financial services.
Both sides think it is a good
idea. In practice, it is complicated. Many EU financial regu-
lations treat banks in the bloc
differently than banks outside.
There isn’t much middle
ground between in and out, so
finance chiefs are struggling
to work out how to craft a
deal that effectively allows the
U.K. to act like it is still in the
EU even after its planned departure in 2019. What’s more,
any transition deal needs to be
legally binding so that businesses are assured it won’t
suddenly be revoked.
The U.K. government has
yet to outline exactly what
kind of future trading relationship it wants with the EU.
Businesses “will have to wait
for a more detailed U.K. proposal on the future relationship,” said Stephen Adams, a
partner at consulting firm
Global Counsel. “This is certainly the case for cross-border services trade.”
It is hard to reach big trade
deals on services. Agreeing to
mutually lowering tariffs on
shoes, for instance, is simpler
than agreeing that a bank licensed in one country can take
deposits in another.
They are continuing to plan
for the worst. Banks are drawing up plans to shuffle businesses so that European customers continue to be served
even if Brexit negotiations collapse and Britain crashes out
of the EU.
Several big banks have said
they need clarity on the transition issue and the future
trade deal by the first quarter
of next year, or they will start
decamping to other European
countries.
The Bank of England expects some 10,000 jobs to
leave the U.K. finance industry
by 2019.
That number could be a lot
smaller if the U.K. does man-
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY SARAH KROUSE
Continued from page B1
CME’s main crude-oil futures
contract, traders must post
about 4% of the value of the
contract. Bitcoin is so volatile
that CME is requiring traders
to post 35%.
Suppose Cboe’s bitcoin futures are trading at $10,000.
Cboe has a minimum initial
margin of 44%, so to buy one
contract—representing one
bitcoin—you would need to
post $4,400 in your brokerage
account. (In fact, you may
need to post a bit more than
that, because brokers can
charge extra margin beyond
the exchange minimums.)
After that, if Cboe bitcoin
futures jumped to $11,000,
your long position would
profit and your broker would
shift $1,000 into your account.
So you would enjoy a 23% return on your initial investment
of $4,400—more than double
the 10% move in the market.
On the flip side, suppose
Cboe’s bitcoin futures fell to
$9,000 instead. Then your broker would take $1,000 from
your account. Thus a 10% drop
in the market would become a
Down Payments
age to strike a free-trade
agreement with the EU that
allows financial companies in
London to continue selling to
European customers.
The key question: To what
extent will the British agree to
EU oversight in exchange for
being allowed to sell their
products in the EU?
No one knows. But an animating reason for leaving in
the first place was to escape
EU oversight, so it could be a
tough sell.
Further complicating matters, EU officials don’t want to
be overly reliant on a non-EU
country for the provision of financial services across the
trading bloc.
So there is an incentive for
them to force a degree of relocation from London to try to
bulk up existing European financial hubs in Frankfurt or
Paris, for instance.
ly
.
Marching Higher
Strong Hiring Keeps Treasurys Down
BY GUNJAN BANERJI
U.S. government bonds
slipped after the monthly jobs
report showed continuing
strength in the labor market
but tepid wage growth.
The yield on the 10-year
Treasury note ticked up to
2.383% from 2.374% on Thursday, capping two consecutive
weeks of yield
CREDIT
gains. Yields rise
MARKETS as bond prices
fall.
Yields swung
briefly then steadied after
data showing that U.S. employers hired workers at a
healthy rate in November and
the unemployment rate maintained its 17-year low.
Nonfarm payrolls rose a
seasonally adjusted 228,000 in
November, higher than what
economists surveyed by The
Wall Street Journal had expected.
Friday’s jobs report likely
doesn’t change investors’ expectations that the central
bank will raise interest rates
at its meeting in the coming
week,
helping
moderate
Steady
The yield on the benchmark 10-year U.S. Treasury note wavered
after Friday's jobs report before stabilizing.
2.39%
2.383%
2.38
2.37
2.36
9
10
11
Source: Thomson Reuters
swings in the market, said
George Rusnak, co-head of
global fixed-income strategy
at Wells Fargo Investment Institute.
Fed officials have signaled
three interest-rate increases in
2018.
Mr. Rusnak said he expects
the central bank to raise rates
ADVERTISEMENT
noon
1
2
3
THE WALL STREET JOURNAL.
this month, but the outlook
for the path of rate increases
next year remains murkier.
While Friday’s employment
data encouraged some analysts, several said wagegrowth figures weren’t as robust, a sign that inflation
remains muted.
Wages improved at a sub-
dued pace of 2.5% from a year
earlier in November.
Average hourly earnings for
private-sector workers ticked
up 5 cents in November to
$26.55, after falling the prior
month.
“You’re not seeing the
pickup in wages that would
lead to more spending and
therefore more inflation,” said
Mr. Rusnak.
Inflation is a threat to government bonds because it
erodes the purchasing power
of the debt’s fixed payments
and can prompt the Fed to
raise interest rates.
Bond yields have moved in
a narrow range in recent
weeks, with investors watching progress on a tax-overhaul
plan in Congress.
Analysts have generally expected that the progress on
tax cuts would lead to higher
bond yields, in part because
legislation that expands the
budget deficit could prompt
the government to issue more
debt, weighing on the prices.
Tax cuts could also spur some
growth and inflation, another
blow to Treasurys.
Trump Criticizes Wells
Legal Notices
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All Rights Reserved.
BY EMILY GLAZER
AND YUKA HAYASHI
President Donald Trump
threw himself into a debate
about the direction of a consumer-finance regulator, pledging punishment for Wells
Fargo & Co. despite his administration’s promise to ease
postcrisis financial regulation.
In a Twitter post Friday
morning, the president wrote
that the bank, which in late
2016 was hit with a sales-practices scandal, should pay fines
for “bad acts against their
customers.” He was responding to a news report about the
regulator, the Consumer Financial Protection Bureau, reviewing whether there should
be fines against the bank for
its mortgage problems. He
wrote strongly in favor of punishing the bank, which besides
the sales-practices scandal has
been beset by problems in its
mortgage business as well as
other divisions.
“Fines and penalties against
Wells Fargo Bank for their bad
acts against their customers
and others will not be
dropped, as has incorrectly
been reported, but will be pursued and, if anything, substantially increased,” the president
tweeted. “I will cut Regs but
make penalties severe when
caught cheating!”
A Wells Fargo spokesman
declined to comment.
“It’s deeply inappropriate
for the president to weigh in
on the actions of an independent financial regulator on a
specific company before action
is taken,” said Aaron Klein,
policy director at Brookings
Institution’s Center on Regulation and Markets.
Others cautioned big banks
that the tweet showed they remain political targets despite a
business-friendly White House.
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 9 - 10, 2017 | B11
* * * *
MARKETS
Jobs Data Lift Dow, S&P to New Heights
Major stock indexes swung during the week as investors parsed tax-overhaul plans
in search of potential winners and losers.
2665
The S&P 500 snapped a four-session losing
streak, its longest since March, on Thursday.
2660
2655
2650
2645
2640
2635
2630
2625
2620
Monday
Tuesday
Wednesday
Thursday
Friday
Tech stocks fell early in the week as investors viewed the sector as less likely to benefit from the Republican tax overhaul.
S&P 500 technology sector
1110
1100
1090
1080
1070
Monday
Tuesday
Wednesday
Thursday
Friday
Shares of financial and industrial companies climbed as the two
sectors tend to pay high corporate taxes.
Shares of major airlines rose after Southwest
Airlines increased its fourth-quarter guidance.
Share-price performance
Share-price performance
2.5%
5%
S&P 500 financials
S&P 500 industrials
2.0
4
1.5
3
1.0
2
0.5
1
ly
.
A stronger-than-expected
pickup in U.S. hiring helped
lift the Dow Jones Industrial
Average and the S&P 500 to
weekly gains on Friday, capping a choppy streak for the
stock market.
Stocks vacillated in the past
week as investors examined
the Republican tax-overhaul
proposals looking for potential
winners and losers. Technology shares initially tumbled as
many analysts viewed the sector as less likely to benefit
from a corporate tax cut. At
the same time, financial companies rose, as they currently
pay a relatively high average
tax rate.
Those moves stabilized as
the week came to a close, and
both sectors rose Friday after
a November jobs report that
suggested economic growth in
the U.S. remains on the upswing, supporting stock prices.
The S&P 500 tech sector
ended the week up less than
0.1%, while financials closed
the week up 1.5%.
The Dow industrials rose
117.68 points, or 0.5%, on Friday to 24329.16. The S&P 500
added 14.52 points, or 0.6%, to
2651.50, and the Nasdaq Composite gained 27.24 points, or
0.4%, to 6840.08, as tech
stocks continued to bounce
back from losses earlier in the
week.
Still, while the Dow industrials and the S&P 500 finished the week up 0.4% at
fresh highs, the tech-heavy
Nasdaq Composite posted a
slight decline of 0.1%, its second week in a row of losses.
Friday’s moves came after
the Labor Department said
U.S. employers added 228,000
jobs in November, while the
unemployment rate remained
at 4.1%. Economists surveyed
by The Wall Street Journal
had expected 195,000 new jobs
last month. Wages, which are
closely watched as a sign of
inflation, gained but remained
relatively subdued.
“It feels like we’ve been
stuck in this pattern for years
now. The job creation has been
good, but you just haven’t
seen the commensurate rise in
wages that you would expect
to see with unemployment so
low,” said Brian Nick, chief investment strategist at Nuveen.
Earlier, an agreement on
Brexit terms helped spur gains
in global stock markets. The
U.K. and the European Union
reached an agreement Friday
after six months of talks,
opening the way for negotiations to advance on a trade
deal and a post-Brexit transitional period.
The Brexit deal could reduce the need for U.K.-based
financial institutions to invest
in contingency plans and could
help clear the way for the
Bank of England to eventually
continue to raise interest
rates, said Karen Ward, chief
market strategist for Europe
and the U.K. at J.P. Morgan Asset & Wealth Management.
The Stoxx Europe 600 rose
0.7%, led by gains in the banking sector, its biggest component. For the week, the index
was up 1.4%, its largest weekly
gain since mid-September.
Shares of U.K.-focused lenders rose, with Barclays adding
2.5% in London trading, outpacing a wider rally in European
banks that followed an agreement on bank-capital rules.
The multinational-companyheavy FTSE 100 index rose 1%.
More domestically oriented
U.K. companies were among
the day’s best performers.
“If you do think that Brexit
will not be substantially detrimental to the U.K. economy,
then you can probably argue
some of these downtrodden
domestic plays like retailers,
real-estate stocks and some
banks are probably the names
you’ll need to look at,” said
Russ Mould, investment director at U.K.-based AJ Bell.
Asian markets rose Friday,
Southwest Airlines
American Airlines
Delta Air Lines
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY RIVA GOLD
AND CORRIE DRIEBUSCH
0
0
–0.5
–1
Monday
Tuesday
Wednesday
Thursday
Friday
Thursday
Source: FactSet
further paring declines earlier
in the week. Japan’s Nikkei
Stock Average led the region
for a second day, rising 1.4%,
as a weakened yen and a
stronger-than-expected up-
ward revision to third-quarter
economic growth helped the
rebound. New figures confirmed that the Japanese
economy extended its growth
streak to seven quarters, its
longest expansion in 16 years.
The gains weren’t enough to
propel the index to weekly
gains, with the Nikkei ending
the week down less than 0.1%.
Hong Kong’s Hang Seng In-
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Email: heard@wsj.com
A Brexit Breakthrough That Isn’t
Long Drag
Performance of British pound since the Brexit referendum
0%
Pound vs. U.S. dollar
–5
n-
Pound vs. euro
–10
–15
no
The U.K. is hailing a Brexit
breakthrough. It is more a
small step toward confronting even bigger political, financial and economic issues.
After six months of talks,
the agreement between the
U.K. and the European Union
struck Friday settled a few
thorny issues largely on the
EU’s terms. The U.K. will pay
for hefty financial obligations to the EU, and the two
sides agreed to respect each
other’s citizens’ rights.
A fudge on the future of
the border between Ireland
and Northern Ireland has
postponed one of Brexit’s
hairiest obstacles.
Now starts the discussion
on even bigger issues related
to the future U.K.-EU relationship.
This is where the consequences are still hard to predict for the economy and financial markets.
A lack of an agreement, of
course, would have been
worse news for markets. The
pound, the key Brexit barometer, gained earlier this past
week as expectations of a
deal built and is now up 9%
–20
2016
’17
THE WALL STREET JOURNAL.
Source: Tullett Prebon
this year against the U.S.
dollar.
U.K. government bond
yields rose Friday, too, as
the risk of a breakdown in
talks and a shock to the
economy has fallen.
Friday’s agreement should
pave the way for the two
sides to negotiate a transitional agreement that buys
time to deal with talks on
trade, rather than leaving
the U.K. facing an abrupt
exit in March 2019.
Brexit uncertainty has
dogged the U.K. economy,
which has missed out on the
strong global growth this
year.
Greater confidence among
businesses and consumers
about Brexit could help the
U.K. benefit more from the
uplift among its biggest
trading partners. But answers to huge questions, especially on London’s status
as a financial hub, remain as
uncertain as ever.
Ultimately, the U.K. has
still to decide what it wants
for the future. Close alignment with the EU will limit
its ability to strike trade
deals elsewhere.
European Council President Donald Tusk proposed
Friday that for the transition
period, the U.K. should be
bound by the EU’s rules
while having no input into
them.
Were that to be the ultimate endpoint for the U.K.
outside the EU, it is a position that is unlikely to please
either those who voted to
leave or to remain.
The Irish border question
is far from being solved, too;
it is likely to return as a key
issue in determining Brexit.
The hard decisions thus lie
ahead. So it is perhaps fitting that the pound, trading
just below $1.35 and €1.15, is
close to where it was in the
immediate aftermath of the
June 2016 vote.
There has been progress,
but not that much progress.
There is still a long way to
go on the road to Brexit.
—Richard Barley
OVERHEARD
Some crime victims lose
twice.
Those taking an exam for
chartered financial analyst in
Brazil learned that lesson this
past week. Bloomberg News
reported a truck carrying
completed tests was hijacked.
As a result, exams for about
140 candidates were lost before they could be scored.
The CFA Institute is offering the students a full refund
of exam fees or the option to
retake the test free. But that
isn’t likely to give the candidates much consolation.
After all, candidates need
to pass three exams that last
six hours each to earn the
coveted designation. Candidates report studying an average of 320 hours for each
test, often taking time off
from work and missing occasions with friends and family.
Topics include valuation
concepts for stocks, bonds
and derivatives, and—especially relevant in this context—ethics.
On that last topic, it
seems the thieves could use
a lesson as well.
Broadcom’s Solid Results Spotlight the Qualcomm Divide
When it comes to its plans
for Qualcomm, Broadcom is
clearly hoping the numbers
will do the talking.
The chip maker posted record earnings and free cash
flow this past week for its
fiscal fourth quarter. But
Broadcom stuck to its own
performance and said nothing about its plans for Qualcomm, which it has proposed
acquiring for $105 billion,
mostly in cash. Qualcomm’s
board has already said no,
leading Broadcom to offer up
an alternative slate of directors to replace the board at
the company’s annual meeting slated for March 6.
The proxy vote will effectively give Qualcomm’s
Diet Plan
Operating expenses as a share of
revenue, trailing 12 months
40%
Xilinx
34
Intel
Qorvo
34
Qualcomm
33
Analog Devices
31
Nvidia
Broadcom
27
23
Source: S&P Capital IQ
shareholders a chance to put
the company into direct talks
with Broadcom. So Broadcom’s financial performance
should carry some influence,
particularly because Qualcomm’s shareholders would
be taking some of their payment in Broadcom’s stock.
Broadcom’s latest results
showed the company playing
to its strengths. It got a
boost from Apple’s new
phones and forecast a strong
current quarter. Free cash
flow for the full year more
than doubled to $5.5 billion,
and the company boosted its
quarterly dividend by 72%.
But the results also illustrated how differently the
two companies run and what
a challenge it will be to combine them. Broadcom’s wellregarded CEO, Hock Tan, has
spent the past four years
cobbling together acquisitions to create the world’s
sixth-largest chip maker by
annual revenue. He has accomplished this by bringing
a sharp eye to costs to maximize cash flows. Broadcom’s
operating expenses, which
include sales, general and
administrative costs along
with research and development, amounted to 23% of
revenue in the fiscal year
ended Oct. 29.
Qualcomm expended
about 33% of revenue on
those same areas in its fiscal
year ended September. Much
of that higher spending
drives a larger R&D budget
that invests in technologies
several years down the road,
which in turn fuels Qualcomm’s patent-licensing
business that generates most
of the company’s profit.
Mr. Tan, who prefers to
invest in more developed
technology that has a closer
payoff, wants to “rationalize
and restructure” the licensing business in a way that
would settle the many legal
challenges Qualcomm is facing. Bernstein analyst Stacy
Rasgon says this likely
means licensing revenue falling to about $3 billion a
year, less than half of what it
generates now. Broadcom’s
big challenge will be making
that up with better sales and
prices on the chip side, while
also not falling behind on investing in key areas for the
future.
—Dan Gallagher
Friday
THE WALL STREET JOURNAL.
dex rose 1.2% after China’s exports and imports showed surprising strength in November.
Still, the index ended the week
down 1.5%, its second consecutive week of declines.
WSJ.com/Heard
Latest Jobs
Report Is
Labor for Fed
A tight labor market is
supposed to act like a check
on the economy. So far, this
one isn’t.
Like so many jobs reports
before it, Friday’s figures
were good, but a bit mystifying. The economy tacked on
a robust 228,000 jobs in November after adding 244,000
in October, and the unemployment rate remained at a
low 4.1%. Despite its
strength, though, the job
market is throwing off little
heat: Average hourly earnings were up just 2.5% from
a year earlier.
Quiescent wage growth
isn’t enough to keep the Federal Reserve from raising
rates when it meets next
week, but it does give succor
to policy makers who think
the central bank ought not
to tighten much next year.
Yet, with the job market
likely to continue to gain
strength, arguing for restraint could become difficult. If the unemployment
rate starts with a 3, it will be
hard for the Fed to sit on its
hands.
Moreover, despite what is
going on with wages, the job
market really is looking
tighter. A broader measure
of unemployment that includes discouraged workers
and other people who say
they would take jobs if given
the opportunity is at its lowest level since before the last
recession, when wage
growth was much faster than
today. And the pace of job
gains, while still strong, has
been trending lower since
2015, an indication that companies really are having a
harder time filling spots.
Surely there is some level
of unemployment that, once
reached, will push up wages
more swiftly. Next year we
will find out what it is.
—Justin Lahart
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* ***
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Trump’s
misplaced hopes
for a grand
realignment with
Putin and Russia
The descent of a
man? A life of
Darwin blasts
him as a thief of
others’ ideas
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CULTURE
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SCIENCE
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LANGUAGE
THE WALL STREET JOURNAL.
TECHNOLOGY
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Saturday/Sunday, December 9 - 10, 2017 | C1
JON KRAUSE
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* * * *
|
A Rescue Plan
For the Anxious Child
Parents naturally want to shield their children from distress, but with
anxiety disorders, that may be the exact opposite of what they should do.
BY ANDREA PETERSEN
A
no
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nita Iacaruso’s 4-year-old daughter,
Ashley, struggled with serious anxiety. When Ms. Iacaruso dropped
her off at school, Ashley would cry
and cling to her. “Someone would
have to peel her off of me,” says
Ms. Iacaruso, who herself was once voted “shyest”
in high school. “It was so painful to watch your child
be in that kind of pain and look so fearful. I usually
came to work and sat at my desk and cried.”
When the family went to church on Sunday, Ashley refused to play with other children during the social hour unless her father joined her. And when the
Iacarusos went to restaurants, Ashley refused to
speak to the waiters.
Ms. Iacaruso, who works in communications at a
government agency in Washington, D.C., says that
she initially tried to push Ashley to play with the
other children on her own at church and order her
own food at restaurants. But Ashley “would cry and
then usually we would give up,” Ms. Iacaruso says.
“We would get so frustrated.”
Anxiety is a normal human emotion, of course,
and a typical part of childhood. Various fears—of
the dark in toddlers, of monsters in 5-year-olds and
of being shunned by friends during the teenage
years—are developmentally appropriate. Children
should be a bit nervous before a big test: It can motivate them to study.
Anxiety becomes a disorder, however, when it im-
pairs a child’s basic functioning—preventing her from
going to school or making friends, for example—or
causes serious distress. Anxious kids also tend to
have physical symptoms, such as headaches and
stomachaches, which don’t have a medical cause.
Anxiety disorders are remarkably common among
children in the U.S.: Nearly one-third of them will
have an anxiety disorder by age 18, according to a
2010 study in the Journal of the American Academy
of Child and Adolescent Psychiatry—and girls are
more at risk.
Treatment now focuses
on how parents can alter
their own behavior to
best help their children.
Many parents naturally want to comfort and protect their distressed children and shield them from
whatever is causing the pain. But this is often the
exact opposite of what they should do, say experts
in the field. Today, psychologists and treatment
programs are increasingly focusing on how parents
can alter their own behavior to best help their anxious children.
Some parents, for example, may be inclined to let
their son skip a birthday party that he’s dreading,
or order for him at a restaurant if he is afraid to
talk to the waiter. But giving anxious kids an out
sends the message that these ordinary situations really are dangerous and that the child can’t cope.
Though the immediate upset may recede, the result
can be an even more anxious child—and overwhelmed and stressed-out parents.
“Letting those kids escape those situations, there
is short-term gain and long-term pain,” says Andrea
Chronis-Tuscano, a professor of psychology at the
University of Maryland. Allowing children to avoid
stressful encounters means that they lose opportunities to develop important skills and to build confidence for handling new challenges. “Other kids are
learning how to navigate those social situations, but
the kids who are avoiding them are also lagging behind. That is going to make them even less comfortable in the future,” she says.
Some anxiety disorders can emerge as early as the
preschool years, but the median age of onset is 11,
according to a 2005 study published in the Archives
of General Psychiatry. By contrast, the median age
for mood disorders such as depression is 30.
The most common disorders in youngsters are separation anxiety, social anxiety and generalized anxiety
disorder. Children with separation anxiety are terrified of being away from their parents and often worry
that something terrible will befall them. Socially anxious children are afraid of interacting with peers and
may be miserable during playdates and birthday parPlease turn to the next page
Ms. Petersen is the author of “On Edge: A Journey
Through Anxiety.”
INSIDE
EXHIBIT
Venus crossing the sun (it’s
the dot on the right) and other
heavenly images from NASA.
C12
ESSAY
How to suppress your inner
Scrooge—and carry through on
plans for charitable giving.
C4
BOOKS
Stunning rise and sudden fall.
The biography of Hollywood’s
single-minded William Fox.
C6
MIKHAIL KLIMENTYEV/AGENCE FRANCE-PRESSE/GETTY IMAGES (RUSSIA)
ESSAY
Thinking about the good old
days can offer some surprising
psychological benefits.
C3
WEEKEND CONFIDENTIAL
The gadget man: Inventor
James Dyson’s plans for retail
stores and electric cars.
C11
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C2 | Saturday/Sunday, December 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
A Head-On Approach to Anxiety
Continued from the prior page
treatment called Supportive Parenting for Anxious Childhood Emoties. Those with generalized anxiety are consumed with worries
tions (SPACE). In it, the only ones who get the therapy are the parand may need constant reassurance about everything from homeents themselves. Therapists teach them to identify the ways in
work and soccer games to taxes and terrorism.
which they accommodate their child’s anxiety and coach them on
There are effective treatments, including therapy, medication or
how to convey support by acknowledging these feelings. Parents
a combination of the two. In cognitive behavioral therapy (CBT),
are taught to express confidence that their children can face fearchildren gradually face the situations that cause them anxiety and
inducing situations and deal with uncomfortable feelings. Finally,
learn to tolerate uncomfortable feelings. Studies have found that
they are instructed in how to gradually take away accommodations.
about half to 70% of children treated with CBT see a decrease in
In a small pilot study of SPACE with the parents of 10 anxious
their symptoms and a significant improvement in their functioning.
children who had refused direct treatment, the children’s sympAntidepressants such as Prozac and Zoloft have also been shown
toms were significantly reduced after the program. Yale researchto alleviate anxiety symptoms in children, though they have come
ers are in the midst of a larger clinical trial involving 120 families
under fire because of some evidence showing an increase in suicomparing the SPACE program to cognitive behavioral therapy,
cidal thoughts among those who take the drugs.
which treats the children directly. Studies that have added a parResearchers say that the parents of anxious children can make
enting component to CBT for children have shown mixed results.
things better—or worse—with their own behavior. They generally
When Kelley Smith brought her 9-year-old daughter, Pearl, to
believe, however, that parenting itself is just one of the many facthe Yale Child Study Center in May 2017, she didn’t think that she
tors that contribute to anxiety. In a 2007 review of the scientific
accommodated her daughter’s anxiety at all. Pearl had a lot of diffiliterature on the subject, published in Clinical Psychology Review,
culty trying new things, such as camp or Sunday school, and speakresearchers found that parenting, on average, explained only about
ing to adults. She would often complain of stomachaches and head4% of the variation in anxiety issues among children (though some
aches. “I would have said I’m very strict with her and I make her
parental behaviors, like overcontrol and failing to grant autonomy,
do difficult things, and her anxiety is her deal,” says Ms. Smith, a
had a greater impact). Genetics play a stronger role. Studies of
teacher from Woodbridge, Conn.
twins have found that genes are responsible for 30% to 40% of the
Through the SPACE program, Ms. Smith realized that she was
variation in the individual risk for anxiety disorders.
spending a lot of time, sometimes hours, answering Pearl’s anxiInstead, many scientists believe that anxious kids elicit an overety-induced questions and providing reassurance about the famprotective response from parents. Parents think that they “are
ily’s schedule. Eventually, she would run out of patience and get
damaging my child by letting them be anxious and crying,” says
angry. “I would get frustrated and say I’m not answering any more
Anne Marie Albano, director of the Columbia University Clinic for
questions, and then she would get upset and cry,” Ms. Smith says.
Anxiety and Related Disorders in New York. “The second thing they
She was also speaking for Pearl at restaurants and the library,
fear is ‘my child is going to hate me’”
partly because her child’s silence
if a parent doesn’t rescue them.
and the ensuing awkwardness
Psychologists take pains to say
sparked her own anxiety, something
that they aren’t blaming parents for
for which she herself got treatment
their children’s anxiety. The field has
in her 30s. Pearl “was getting old
a dark legacy of falsely indicting
enough that this was getting weird,
parents—particularly mothers—for
but I didn’t know how to stop it,”
the psychiatric illnesses of their
Ms. Smith says.
children. In the 1950s, cold, callous
The Yale therapists coached Ms.
“refrigerator” mothers were blamed
Smith to express support for Pearl,
for causing autism and schizophreacknowledging how difficult facing
nia in their children. Even now, it is
scary situations was for her, and
tough to measure the impact of parthen helped her to set up a plan to
enting on the development or mainlimit the accommodations. The famtenance of childhood anxiety. Most
ily told Pearl that she could only ask
of the research is observational, and
questions about the family’s schedscientists can’t assign children ranule for five minutes in the morning
domly to receive certain types of
and the evening. Pearl would also be
CHRIS and Anita Iacaruso with their daughter Ashley.
parenting that could be detrimental,
expected to order for herself at resnotes Daniel Pine, chief of the sectaurants and check out books on her
tion on development and affective
own at the library.
neuroscience in the Intramural ReAt first, Pearl used every second
search Program at the National Inof the five-minute blocks for her
stitute of Mental Health.
questions. But gradually she needed
Anxiety can have a deep developless time, and soon she was able to
mental impact. In a study published
order her own grilled cheese. “I
in 2007 in the journal BMC Public
started to get used to it,” Pearl says.
Health involving 478 school-age
“I just was confident.” Ms. Smith
children, anxiety was linked to
says Pearl’s anxiety is greatly repoorer grades in school. In another
duced, though she still has some isstudy of 140 children age 8 to 14,
sues with big tests and parties.
published in 2011 in the Journal of Anxiety Disorders, subjects
Dr. Albano says that Columbia is introducing a new component
with an anxiety disorder were more likely to have been bullied
to its cognitive behavioral therapy program to specifically address
recently than those who did not.
parents’ own anxious thoughts about their children’s anxiety. ParOther research shows that these children generally have fewer
ents are being taught mindfulness and relaxation techniques and
friends and feel less well liked than their peers. Having an anxiety
“cognitive restructuring,” basically a method of reinterpreting catadisorder as a child also raises the risk of other problems, including
strophic thoughts in a more realistic way.
depression, substance abuse and even suicide. Because of this conJill Ehrenreich-May, an associate professor of psychology at the
stellation of problems, there is a growing push to identify anxious
University of Miami, has developed treatments for childhood anxichildren and treat them early.
ety that teach parents about a range of “problematic parenting beAs for how parenting can help, or hurt, Eli R. Lebowitz, associhaviors” which, she says, reinforce children’s anxiety. Besides overate director of the Anxiety and Mood Disorders program at the
protection and overcontrol, she also includes criticism and
Yale Child Study Center in New Haven, Conn., has been focusing on
inconsistency, which can end up reinforcing a child’s avoidance of
what professionals call “family accommodation,” that is, as he puts
scary situations. Children may keep asking their parents to get out
it, “changes to the parents’ behavior that are aimed at reducing the
of an anxiety-causing event, treating their parents like a slot machild’s anxiety or avoiding it.” This could include sleeping next to
chine, she says, because they know “if I keep pressing on it, evena child with separation anxiety or answering countless questions
tually I’m going to win.”
for a child with generalized anxiety.
Consistency turned out to be important for Ms. Iacaruso and
This kind of behavior is extraordinarily common in families
Ashley. Ms. Iacaruso enrolled her daughter in a program at the Uniwith anxious kids. In a 2013 study in the journal Depression and
versity of Maryland for children who are at a high risk of developAnxiety, involving 75 parents of anxious children, more than 97%
ing social anxiety. The program had Ms. Iacaruso break her goals
reported resorting to accommodations. About 70% of parents
into smaller steps and use rewards for Ashley—like a sticker or a
said that this distressed them. When parents didn’t accommostamp on the arm—to show progress. To tackle the goal of ordering
date the children’s anxiety, however, more than half of kids, 56%,
her own food at restaurants, Ashley was first expected to simply
became angry or abusive.
look at the waiter while her mother ordered for her. Then Ashley
The study found that children whose parents do more accommohad to point to the item she wanted on the menu.
dating had more severe anxiety symptoms (but without concluding
Breaking up the goal into smaller increments made it much easwhether the accommodations were a cause or an effect). In studies
ier for Ashley to be able to accomplish each step—and for Ms. Iacof childhood obsessive-compulsive disorder, greater family accomaruso to stick to the plan and not give up. Eventually Ashley could
modation has been linked to less improvement after treatment.
order her favorites, macaroni and pizza. “I say ‘thank you,’” she
Dr. Lebowitz and his colleagues at Yale have developed a new
says proudly.
MIND & MATTER:
ALISON GOPNIK
Among the discouraged
‘accommodations’:
answering a child’s endless
questions about scheduling.
PHOTOGRAPHS BY RYAN DONNELL FOR THE WALL STREET JOURNAL
TOMASZ WALENTA
no
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Even
animals
with small
brains can
adapt.
co Fo
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WE HUMANS have an exceptionally long childhood, generally bear just one child at
a time and work hard to take
care of our children. Is this
related to our equally distinctive large brains and high intelligence?
Biologists say that, by and large, the
smarter species of primates and even birds
mature later, have fewer babies, and invest
more in those babies than do the dimmer
species.
“Intelligence” is defined, of course, from
a human perspective. Plenty of animals
thrive and adapt without a large brain or
developed learning abilities.
But how far in the animal kingdom does
this relationship between learning and life
history extend? Butterflies are about as different from humans as could be—laying
hundreds of eggs, living for just a few
weeks and possessing brains no bigger than
the tip of a pen. Even by insect standards,
they’re not very bright. A bug-loving biology teacher I know perpetually complains
that foolish humans prefer pretty but vapid
butterflies to her brilliant pet cockroaches.
But entomologist Emilie Snell-Rood at
the University of Minnesota and colleagues
have found a similar relationship of learning to life-history in butterflies. The insects
that are smarter have a longer period of
immaturity and fewer babies. The research
suggests that these humble creatures,
which have existed for roughly 50 million
years, can teach us something about how to
adapt to a quickly changing world.
Climate change or habitat loss drives
some animals to extinction. But others alter the development of their bodies or behavior to suit a changing new environment, demonstrating what scientists call
“developmental plasticity.” Dr. Snell-Rood
wants to understand these fast adaptations, especially those caused by human
influence. She has shown, for example,
how road-salting has altered the development of curbside
butterflies.
Learning is a particularly powerful
kind of plasticity.
Cabbage white butterflies, the nemesis
of the veggie gardener, flit from kale
to cabbage to chard,
in search of the best
host for their eggs
after they hatch and larvae start munching.
In a 2009 paper in the American Naturalist,
Dr. Snell-Rood found that all the bugs start
out with a strong innate bias toward green
plants such as kale. But some adventurous
and intelligent butterflies may accidentally
land on a nutritious red cabbage and learn
that the red leaves are good hosts, too. The
next day those smart insects will be more
likely to seek out red, not just green, plants.
In a 2011 paper in the journal Behavioral Ecology, Dr. Snell-Rood showed that
the butterflies who were better learners
also took longer to reach reproductive maturity, and they produced fewer eggs overall. When she gave the insects a hormone
that sped up their development, so that
they grew up more quickly, they were
worse at learning.
In a paper in the journal Animal Behaviour published this year, Dr. Snell-Rood
looked at another kind of butterfly intelligence. The experimenters presented cabbage whites with a choice between leaves
that had been grown with more or less
fertilizer, and leaves that either did or did
not have a dead, carefully posed cabbage
white pinned to them.
Some of the insects laid eggs all over the
place. But some preferred the leaves that
were especially nutritious. What’s more,
these same butterflies avoided leaves that
were occupied by other butterflies, where
the eggs would face more competition. The
choosier butterflies, like the good learners,
produced fewer eggs overall. There was a
trade-off between simply producing more
young and taking the time and care to
make sure those young survived.
In genetic selection, an organism produces many kinds of offspring, and only the
well-adapted survive. But once you have a
brain that can learn, even a butterfly brain,
you can adapt to a changing environment
in a single generation. That will ensure
more reproductive success in the long run.
ly
.
The Smart
Butterfly’s Guide
To Reproduction
ASHLEY IACARUSO used to cry at school drop-off and refuse to speak to waiters at restaurants.
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | C3
* * * *
CARLOS BARRIA/REUTERS
REVIEW
RUSSIA’S PRESIDENT Vladimir Putin talked to President Donald Trump during their meeting at the G20 summit in Hamburg, Germany, July 7.
Whatever else emerges, the administration ignored history
in thinking that Putin could be recruited as a U.S. ally
nal support in July for new Russia sanctions,
as well as the raft of bad news from the Mueller investigation, have effectively tied his administration’s hands on this front.
Yet none of Mr. Trump’s rhetoric provides a
strategic rationale for why the administration
would work so aggressively to relaunch relations with Moscow. One of the few public statements that does can be found in an October
2016 New York
Times interview
with Michael Flynn,
who would soon (if
only briefly) be Mr.
Trump’s national
security adviser. In
it, Mr. Flynn said
that the U.S. and
Russia were united
by a common enemy: radical Islam.
“We can’t do what we want to do unless we
work with Russia, period,” Mr. Flynn claimed.
Recently revealed documents from the government case against Mr. Flynn indicate that his
ill-fated outreach in late December 2016 to thenRussian Ambassador Sergey Kislyak was part of
a wider diplomatic gambit. Mr. Obama had announced new sanctions and the expulsion of
Russian diplomats as retaliation for Russian interference in the election. In a leaked email
written at the time, Trump transition adviser
K.T. McFarland, a month away from becoming
Mr. Flynn’s deputy, said that Mr. Obama’s move
U.S. and
Russian
interests
diverge too
profoundly.
was intended to “box Trump in diplomatically
with Russia” and curtail the new president’s
freedom to try to maneuver Russia away from
its allies Iran and Syria.
Russia, she wrote, is the “key that unlocks
[the] door.” Ms. McFarland’s message tracks
with other evidence that Mr. Flynn, Jared Kushner and others attempted to persuade the Kremlin to help contain China.
Mr. Flynn’s request to the Kremlin not to
overreact to the imposition of new sanctions by
the Obama administration was a stunning break
with the well-established protocol of not interfering with the actions of a sitting administration. It also raises troubling questions about
what the Trump team might have offered in exchange. Sanctions relief? Reconsideration of U.S.
support for Ukraine and other countries that
have been victims of Russian aggression?
Given widespread reports at the time about
Russian cyber and information operations
seeking to influence the 2016 campaign, these
efforts would have sent an unambiguous message to the Kremlin: The Trump team was relaxed about Russian meddling and eager to get
down to business.
But what exactly could the Trump team hope
to achieve in these efforts, even after demonstrating such an accommodating attitude? The
ostensible strategic aims behind this outreach
reveal, at a minimum, a remarkable naiveté
about Russian foreign-policy objectives.
In Syria, rather than negotiating a Russian-American alliance to fight Islamic State,
ly
.
Mr. Weiss, who worked on Russian affairs in
the George H.W. Bush and Clinton administrations, is the vice president for studies at the
Carnegie Endowment for International Peace.
no
n-
IT’S LIKELY to be some time before we know
the truth about allegations of wrongdoing in the
interactions between Russia and the Trump
team. It may emerge that simple self-interested
deal-making explains much of Donald Trump’s
affinity for Russian president Vladimir Putin, or
that something more troubling was going on.
But another factor is often lost in the swirl of
accusations: Mr. Trump and his advisers seem to
have thought they could orchestrate a major
strategic realignment with the Russians. Seeing
Mr. Putin as a potential ally may have been profoundly naive—I certainly think so—but it was
evidently a key part of their plans.
Mr. Trump’s longstanding fascination with
Russia’s leader is no secret. He has been lavishing praise on Mr. Putin for more than a decade.
In October 2007, for instance, Mr. Trump told
talk-show host Larry King, whether “you like
[Putin] or don’t like him—he’s doing a great
job...in rebuilding the image of Russia and also
rebuilding Russia, period.” As a candidate in the
2016 race, he repeatedly expressed admiration
for Mr. Putin’s tough-guy image.
Since becoming president, Mr. Trump has
taken a more measured stance on Mr. Putin’s
personal qualities, but he has frequently returned to his desire for a stronger bond between
the two countries. “I hope that we do have good
relations with Russia,” he said in August. “I say
it loud and clear. I’ve been saying it for years. I
think it’s a good thing if we have great relationships or at least good relationships with Russia.”
Mr. Trump’s frustration that this shift
hasn’t materialized is palpable. He insists that
the Russia investigations in Congress and by
special counsel Robert Mueller have undermined potential diplomatic cooperation with
the Kremlin on containing North Korea’s nuclear threat, fighting Islamic State and other
issues, which could, in Mr. Trump’s words,
save “millions and millions of lives.” As he now
seems to concede, near-unanimous congressio-
Trump’s team soon had to face up to the reality that Russian and Iranian military intervention had already transformed the war in
favor of the Syrian regime, decimating U.S.backed rebels in the process. The notion that
Mr. Trump could disrupt the Russia-Iran relationship also proved fanciful. Tehran and
Moscow are firmly united in opposing actions
by the administration that threaten not just
the Iran nuclear deal but a balance of power
in the Middle East that serves the interests
of both countries.
As for plans to put distance between Russia
and China, Mr. Trump’s apparent strategy
fared no better. On issues such as North Korea’s nuclear program, Mr. Putin is comfortable
serving as Chinese leader Xi Jinping’s junior
partner; both countries resist what they see as
U.S. agitation for regime change in Pyongyang.
More fundamentally, Mr. Putin is loath to antagonize a wealthier and far bigger neighbor
with whom he shares a 2,600-mile border that
was, not so long ago, heavily militarized.
Nor did Mr. Trump have the leverage to offer meaningful incentives to Mr. Putin beyond
sanctions relief. His national security team
seems to have persuaded him that the war in
Ukraine must be ended in order to achieve his
goal of normalizing relations with Moscow, but
the U.S. has little in the way of diplomatic or
military pressure to apply there.
Against this discouraging backdrop, it’s hard
to imagine a major improvement in U.S.-Russian relations. Mr. Trump may try again, depending on how the various investigations unfold. But his troubled dealings with Russia have
already proved what other administrations
learned over a much longer period: In dealing
with the Kremlin, across so many divergent interests, there are no easy fixes or grand bargains, even for Mr. Putin’s self-declared friends.
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What Was Trump’s
Russia Plan?
BY ANDREW S. WEISS
NOSTALGIA’S POWER TO SHAPE THE PRESENT
BY JENNIFER BREHENY
WALLACE
they miss from their youth—“your
house,” “not having to worry,” “how
society was” or “holidays”—and how
much they miss them.
“The higher the score,” Dr. Batcho
says, “the more nostalgic a person
tends to be.” A growing body of research suggests that those who are
prone to nostalgia also tend to value
relationships more and to be both
more resilient and psychologically
healthier.
In times of transition—when young
adults move out on their own, for example, or when a family is grieving
the loss of a loved one—researchers
questionnaire. To induce nostalgia
this time, some students were asked
to search YouTube for a song that
made them feel nostalgic, while
those in the control group were
asked to find a recently discovered
song that they liked. Both groups
were asked to write about how the
song made them feel.
Participants were then told to
imagine that they’d had a disagreement with a close friend, and that
now there was a
“wedge”
between
them and the friend
was acting “cold and
distant.”
Students
were asked questions
about the likelihood of
saving the friendship
by rating how much
they agreed or disagreed with statements like “I would dedicate myself to
solving this conflict.” Those in the
nostalgic condition reported feeling
more optimistic and responded more
proactively in wanting to resolve the
conflict.
The power of nostalgia, says Dr.
Batcho, lies not just in honoring the
past but in bringing it forward to the
present to make our lives richer and
more meaningful: “It isn’t necessarily
about wanting to go back.”
Memories
can provide
motivation.
LOUISA BERTMAN
THE SMELL of your grandmother’s
cookies, a dog-eared photo of your
children all dressed up in their holiday best, a song that recalls an old
friend—feelings of nostalgia peak at
this time of year. Research suggests
that taking the time to savor such
memories can offer some surprising
psychological benefits, from boosting
self-confidence to buffering against
anxiety and loneliness.
What separates nostalgia from ordinary personal memories is its bittersweet quality. Nostalgia is happy
and comforting but also tinged with a
sense of loss or sadness about a time
that can never be captured again.
That longing does more than evoke a
warm, fuzzy feeling. Psychologists say
that it can inspire us to live fuller
lives by bringing into focus the people
and experiences that have mattered
most to us in the past.
Certain personality types are
more likely than others to experience nostalgia. Krystine Batcho, a
professor of psychology at Le Moyne
College in Syracuse, N.Y., developed
a 20-item survey that has been used
by researchers over the past 20
years to measure proneness to nostalgia as a trait. Using a nine-point
scale, individuals rate the things
published in 2015 in the Journal of
Personality and Social Psychology.
In one study, researchers recruited
338 adults online and randomly assigned some of them to write about
an ordinary or a positive memory,
while others were asked to write
about a moment when they experienced nostalgia (which was defined
for them, as a prompt). The researchers then administered a questionnaire
that assessed relationship goals. Participants were asked to
rate how much they
agreed with statements like “I want to
enhance the bonding
and intimacy in my
close relationships.”
Compared with the
other memory groups,
participants primed with nostalgia
reported stronger intentions to pursue their social goals. Researcher
Clay Routledge, a professor of psychology at North Dakota State University, suggests that such nostalgic
reflection bolsters a person’s confidence about being able to meet future social goals.
If nostalgic yearning motivates us
to make friends, the researchers
wanted to know, could it encourage
us to work harder to keep friendships too? To test this theory, the
researchers recruited nearly 100 college students to complete an online
find that people tend to look back
longingly to the stability and comfort
of the past as a way to regulate their
anxiety about the future. When we’re
sad, cherished memories make us
happier. When we’re lonely, looking
through old photos of fun times with
friends can offer what researchers call
a “social snack”—a quick way to feel
a sense of belonging when real social
interaction isn’t available.
Nostalgic longing offers more than
a coping strategy or temporary fix. It
propels us to want to build and nurture our current social lives too, according to a series of seven studies
Ms. Wallace is a freelance writer
in New York.
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C4 | Saturday/Sunday, December 9 - 10, 2017
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REVIEW
WORD ON
THE STREET:
BEN ZIMMER
Jovial Origins
For a Senate
Voting Ploy
ly
.
ANYONE tuning in to C-SPAN2
last Friday night to see the leadup to the Senate’s passage of
the Republicans’ sweeping tax
bill was treated to a peculiar
sight: one senator after another
standing up and introducing
amendments to the bill, followed immediately by roll-call
votes on those amendments
with no time for debate.
This frenetic process is known
as the “vote-a-rama,” and it is
based on arcane parliamentary
rules for which the Senate is famous. For a budget-reconciliation bill like the one passed in
the wee hours Saturday morning,
the total time for debate is
capped at 20 hours. But a loophole allows for amendments to
continue to be introduced by
both parties, with each side getting 30 seconds of discussion before the roll is called.
Though the Senate’s rules on
budget bills were set out in a
1974 law, the loophole rarely
came into use until the
mid-1990s. Bill Hoagland, staff
director of the Senate Budget
Committee during that time,
told me that the back-to-back
votes on amendments became
an opportunity to score political
points at a time when the chamber’s partisan divide was growing more polarized.
Keith Hennessey, who was
then a Budget Committee staffer
and now lectures at the Stanford Graduate School of Business, recalls seeing “vote-arama” in nightly emails that Mr.
Hoagland sent out to staff while
budget wrangling was going on.
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How to Suppress
Your Inner Scrooge
being happier. To test the proposition that
such spending actually causes happiness, they
conducted an experiment. Forty-six subjects
were given a small sum of money (either $5 or
$20) to spend by 5 p.m. that day. One group,
selected at random, was told to spend the
money on a gift for themselves. A second
group was told to spend the windfall on a gift
for someone else or to give it to charity. At
the end of the day, the “givers” reported being
happier than the “self-gifters.”
How, then, are we to avoid Scrooge-like
impulses that leave us, ultimately, less
happy? The field of behavioral economics oflike a cheapskate, to others and even to ourBY RAYMOND FISMAN
ten deals with such shortsighted behavior
selves. Of course, some of the donation dodgers
AND MICHAEL LUCA
and how to overcome it. Several strategies
may be perfectly generous people who just find
THE HOLIDAY SEASON is upon us—and with
present themselves as ways to nudge ourthe Santas annoying. But that too can be a rait, Salvation Army Santas standing on street
selves to be more generous.
tionalization: Telling ourselves that we’ve docorners, ringing their bells and imploring us to
First, make a plan. Once you set a goal for
nated in the past, or will donate at some future
give. They are a great reminder of the generous
holiday generosity, make a concrete plan to
point, lets us feel generous even while we’re
spirit of the season. But how many of us, if
achieve it, what behavioral economists refer
skirting a chance to give.
we’re honest with ourselves, go out of our way
to as an “implementation intention.” Instead
The economists Stefano DellaVigna, John
to escape from these solicitations, and why?
of just planning to “donate more this year,”
List and Ulrike Malmendier found similar
A growing body of research shows the
set a specific goal for how much to give, who
avoidance strategies in a study published in
lengths to which people will go to avoid beto donate to, and where and when to do it.
2012 in the Quarterly Journal of Economics.
ing asked for donations. Such behavior obviThis strategy has worked in areas ranging
They discovered that if you give households a
ously serves our short-term interest in evadfrom turning out the vote to getting people to
day’s notice of when a door-to-door fundraiser
ing a situation that we find embarrassing or
take their medicine.
will come knocking, they’re about 10% less
awkward, but it may be counterproductive to
Next, precommit to specific donations and
likely to be home than households which aren’t
our long-term well-being.
lock them in at the start of
Most of us would lead hapthe year. It will let you avoid
pier lives, research sugthe in-the-moment temptagests, if we could find ways
tion not to give.
to commit ourselves to beSuch “commitment deing more generous.
vices,” as behavioral econoIn one Christmas-themed
mists call them, have led to
study, published earlier this
better decisions in areas
year in the Journal of Politiranging from going to the
cal Economy, the Salvation
gym to increasing retireArmy teamed up with economent savings. A 2004 study
mists Hannah Trachtman,
by Richard Thaler and ShJames Andreoni and Justin
lomo Benartzi in the Journal
Rao to explore how bellof Political Economy found,
ringers might bring out the
for example, that employees
more generous side of holiwho were allowed to comday shoppers.
mit, in advance, to putting a
The team worked with
fraction of their salary diSantas at one or both main
rectly into savings saw a
entrances to a Boston area
fourfold increase in savings
store at Christmastime. They
rate over a 40-month span.
instructed the Santas to folIn the same way, registerMANY PEOPLE go out of their way to avoid those soliciting donations.
low one of two scripts: They
ing to have monthly donawould either ring their bells
tions deducted from your
silently, avoiding eye contact, or try to make
paycheck will make it more likely that you will
given advance notice.
eye contact with each passerby, along with a
give than if you assume you’ll write a check at
If people are running away from Santa and
greeting: “Hi, how are you? Merry Christmas.
the end of the year. Many charities make a
scheduling errands to avoid an at-home donaPlease give today.”
point of thanking you for each installment, so
tion request, could it be that charities are doPerhaps unsurprisingly, the socially enyou will be reminded of your generosity all
ing more harm than good with their direct sogaged bell ringers were more effective at peryear round.
licitations? Even if the pressure works, should
suading shoppers to donate. Donations went
Finally, make giving into a social activity by
they really be inflicting psychological pain and
up by 50% or more if bell-ringers
letting your friends track your charitable activifrustration on people who aren’t
at both entrances engaged shopties throughout the holiday season. Our actions
inclined to give?
pers rather than just standing by
are highly influenced by how we think we will
Here the story of Scrooge prosilently. A more-notable finding
be perceived by others, and this holds with spevides an instructive backdrop. Just
was what happened when an encial force for those in our closest social circle.
as old Ebenezer’s uncharitable tengaged bell-ringer stood at just
To leverage these pressures within your
dencies didn’t ultimately lead to his
one of the store’s two main engroup of friends, create a spreadsheet for the
happiness and fulfillment, a growtrances: Traffic at the other door
season and share your donations with each
ing body of research suggests that
increased by 7%.
other as you make them. You may be surprised
we consistently underestimate how
More puzzlingly, when bellby how much more you’re inclined to give when
much satisfaction we can derive
ringers asked for donations at
those dearest to you are watching.
from helping others. The pain of
both doors, the combined foot
All of these approaches can help you to get
parting with money by donating
traffic for the doors fell by a whopping 20%. It
caught up in the spirit of giving. And whichmay loom large in the moment, but it may not
turned out that, unbeknown to the researchers,
ever ones you choose, the next time you pass
figure nearly as powerfully in the long-term asthere was a third entrance to the store, signa Salvation Army Santa, go ahead and drop in
sessment of our own happiness, which is afposted only as “recycling area.” Rather than
a few bills. It might just make you happier
fected far more by knowing that others have
deal with the Santas, many shoppers were
than you expect.
benefited from our generosity.
sneaking around to the side entrance.
In a 2008 paper for the journal Science, the
Mr. Fisman is the Slater Family Professor in
Why all the stealth to avoid the Santas? If
psychologists Laura Aknin, Elizabeth Dunn
Behavioral Economics at Boston University.
you’re not going to give, why not just walk
and Mike Norton found that, in their own surMr. Luca is the Lee J. Styslinger III Associon past?
vey of 632 Americans, those who reported
ate Professor of Business Administration at
Evidently, we feel more obligated to give
higher rates of “prosocial spending” (for charHarvard Business School.
when asked, because we want to avoid looking
ity and gifts for others) also tended to report
ROBERT NEUBECKER
More
generosity
is just a
‘nudge’
away.
TORIN HALSEY/WICHITA FALLS TIMES RECORD NEWS/ASSOCIATED PRESS
no
n-
If giving makes us happier, why are we so quick
to dodge chances at charity?
The term
‘vote-athon’
was a
runner-up.
Another droll term, “voteathon,” was also used behind
the scenes, but Mr. Hennessey
encouraged his fellow staffers to
use “vote-a-rama” instead.
The “-athon” suffix in “voteathon” derives from “marathon,”
the long race that owes its origin
to the Greek city of the same
name. The end of “marathon”
has been used since around 1930
in words like “talkathon” and
“walkathon,” suggesting long or
exhausting activities. The ending
of “vote-a-rama,” meanwhile,
goes back to words like “panorama” and “diorama” that contain the Greek root “horama”
meaning “sight, spectacle.”
Merriam-Webster notes that
“-orama” has been used as a jovial suffix for something prolonged or extravagant ever since
a 1927 film was advertised as “a
howling funorama.” In the 1950s,
Hollywood named an ultra-widescreen format Cinerama, which
was a precursor of Imax. “Voterama” was used as early as 1955
to describe a voter registration
drive in Kalamazoo, Mich.
As for the Senate’s “vote-arama,” it first appears in news
databases in a Dow Jones report
from May 24, 1995, on the Republicans’ balanced-budget plan:
“Most of the amendments are
expected to be defeated, but not
before what one Senate staffer
described as the annual budget
‘vote-a-rama.’ ” (Mr. Hoagland
says that he may have been that
unnamed staffer.)
The following year, in the budget battle of May 1996, “vote-arama” got a big boost when
Trent Lott, the Mississippi Republican senator then serving as
majority whip before taking over
for Bob Dole as majority leader,
was quoted in news accounts using the word. “It certainly
seemed like an appropriate
term,” Mr. Lott told me, though
he added that even then, the process struck him as “terribly irresponsible.” But it, and the playful
term that describes it, remain.
Answers
to the News Quiz on page C13
1.A, 2.D, 3.D, 4.A, 5.B, 6.C, 7.C,
8.A
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Saturday/Sunday, December 9 - 10, 2017 | C5
Origin of the Specious?
‘Darwin was wrong,’ writes A.N. Wilson. ‘That was the unlooked-for conclusion to which I was inexorably led.’
Charles Darwin:
Victorian Mythmaker
By A.N. Wilson
Harper, 438 pages, $32.50
n-
is no real evidence that he has familiarized himself with the considerable
body of scholarship on Darwin or evolution, instead deriving his information from popular science books and
the works of familiar anti-Darwinians
such as Michael Denton of the Discovery Institute and the Australian philosopher David Stove.
Most of Mr. Wilson’s reservations
about Darwin are deeply personal. As
Mr. Wilson describes him, Darwin was
motivated by one desire only, to be
the “cock of the walk” of Victorian
science. To achieve that goal, Darwin
borrowed liberally from colleagues
without thanking them for their trouble and coerced friends into defending him in public while settling comfortably into the life of a spoiled
country squire: a grown man who
called his infinitely tolerant wife
“Mammy,” liked to play with his many
children, and readily gave in to a variety of partly real, partly imagined
illnesses. Mr. Wilson’s Darwin was a
navel-gazing, humorless, flatulent
bore, too dumb to learn foreign languages though curiously just smart
enough to recognize good scientific
ideas he could steal from others.
Benign only to those who never
crossed him, Darwin was a schemer
and manipulator intent on asserting
his right to scientific discoveries that
weren’t his.
Mr. Wilson seems most disturbed
by how much money that crafty
grandson of the founder of the Wedgwood pottery company had amassed
without so much as lifting a finger.
Sitting on a pile of unearned cash,
Darwin naturally found it easy to
dream of a world in which the
wealthy prosper and the poor wither
away. How Unpleasant to Meet Mr.
Darwin! “Slithery” is an adjective that
Mr. Wilson likes to associate with that
sinister wizard of evolution. In Mr.
Wilson’s hands, Darwin is the verita-
don’t exist. Let us ignore, for a moment, that evolution doesn’t mean
that animals change shape in two to
three easy steps; such transformations usually happen over many generations and through a series of
chance mutations. Let us also disregard Mr. Wilson’s argument that if
Wilson’s Darwin is a good naturalist but a bad theorist,
whose ideas came from the social world, not nature.
But if so, why has later science validated those ideas?
ble snake in the garden of cultural
history, a corrupter of minds who deserves to be seen clearly for what he
always was: a footnote in the history
of science.
Most of the dirt that Mr. Wilson
has dug up looks awfully familiar. I
will admit, though, that there’s a certain bizarre pleasure in seeing everything negative that anyone has ever
said about Darwin squeezed into one
relentless book. At first I found reading Mr. Wilson’s laundry list of offenses strangely addictive, like studying the “Wanted” posters that hang in
the Post Office. As I carried on, however, pleasure slowly gave way to annoyance. Mr. Wilson’s scientific misunderstandings, of which there are
many, seem to come straight out of
the creationist playbook. Chief among
them is the standard complaint, repeated frequently in Mr. Wilson’s
book, that those transitional fossils
that would prove that species transmute from one into another simply
evolution really takes as much time
as Darwin said it would, predators
would have long gobbled up vulnerable species too preoccupied with
evolving into something better. What
matters is that paleontologists have
indeed identified thousands of these
transitional fossils that Darwin predicted would turn up. Arguably, Mr.
Wilson’s claim would have already
been moot in the early 1860s, when
Archaeopteryx, with its birdlike feathers and reptile-like teeth, was first
described. Some of the more recently
discovered candidates have wonderful
names, too, like the fishapod, which,
among other weird features, apparently had ears that could hear in both
land and water, or my personal favorite, the frogamander, wide-skulled like
a frog but sporting fused ankle bones
like a salamander.
More seriously, some of Mr. Wilson’s criticisms of Darwin are the result of intentional falsification. Take
his summary of the research of Peter
and Rosemary Grant, who have spent
not just “twenty-five summers” but
more than 40 years studying two species of finches on a small island in the
Galápagos. What they have found,
through studying beak morphology,
coloration, song, bird size and crossspecies hybridization, is not that Darwin was wrong, as Mr. Wilson asserts,
but that the process he had discovered
was likely even more powerful than he
had expected. What the Grants had
seen was, according to Nature magazine, “evolution in real time,” in constant flux, not limited to linear pathways. Mr. Wilson’s representation of
their work relies not on the Grants’
easily accessible accounts of what
they have been up to but on a couple
of hasty and obsolete paragraphs in
John Hands’s best-selling survey of
the evolution of everything in the universe, “Cosmosapiens” (2015). As it
happens, Mr. Hands is also a defender
of intelligent design advocate Michael
Behe, another one of Mr. Wilson’s unorthodox sources.
Since Mr. Wilson is a literary man,
I was particularly disappointed by
how unreceptive he is toward Darwin
the writer. Only someone who is tonedeaf to Darwin’s irony will think, as
Mr. Wilson does, that the glorious
final sentence of chapter 3 in “Origin”
sounds like it’s been taken from a
bedtime story told by a father who
feels he has frightened his child too
much: “When we reflect on this struggle, we may console ourselves with
the full belief, that the war of nature
is not incessant, that no fear is felt,
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A CLOSER LOOK ‘When I read more of what the evolutionists had to say,’ writes Wilson, ‘Darwin’s position as the great man of life-sciences looked uncertain.’
no
IN THE SUMMER of 1858, struggling
to finish a book he was reluctant to
call more than a preliminary
“abstract” of his theory, Darwin sent
the manuscript of “On the Origin of
Species” to a friend, the botanist
Joseph Hooker, director of the Royal
Botanic Gardens, Kew. As it turned
out, Hooker’s house was a rather
unsafe destination. “I find that my
children have made away with upwards of ¼ of the MS,” a mortified
Hooker admitted to Thomas Huxley.
Darwin’s precious manuscript, weighing in at nearly two pounds when it
arrived, had “by some screaming accident” been transferred to a drawer
where Mrs. Hooker kept scratch paper
for their steadily growing brood of
children to draw on. And draw they
did, as a “brutified, if not brutalised”
Hooker told Huxley. If only Darwin
had gotten angry at him. But Darwin,
who had kept a copy, was a more than
indulgent father himself, and perhaps
the accidental defacement of his work
seemed oddly appropriate to him. It
presaged further, and worse, trouble
to come. Writing about evolution, he
had told Hooker more than a decade
earlier, felt like “confessing a murder.”
A.N. Wilson would likely agree
with the latter statement. What he
claims that Darwin killed, or had attempted to kill, was not just our belief
in a divinely ordered world but also
our confidence in human distinctiveness: the lovely, comforting idea that
our cultural achievements make us so
much better than the animals. Natural
selection, Darwin’s main contribution
to a theory that Mr. Wilson tells us
others had pretty much put in place
before Darwin came along, has long
been discredited scientifically anyway.
Or so says Mr. Wilson, who seems
hell-bent on exposing Darwin for
what he believes him to be, an emperor who has no clothes. Mr. Wilson,
a novelist by trade, has written biographies before, among them a wellreceived life of Queen Victoria. But his
new book, “Charles Darwin: Victorian
Mythmaker,” is less a biography than
an indictment of a man he finds wanting in so many respects that the
reader wonders how Mr. Wilson could
stand spending so much time writing
about him. Had Mr. Wilson been one
of the Hooker children, Darwin’s manuscript would have been rendered
illegible in no time at all.
Mr. Wilson’s book offers no fresh
information on Darwin’s life—no new
archival research, no new discoveries,
no unexpected insights. It doesn’t even
pretend to capture the full arc of Darwin’s career—there’s no mention of his
glorious first book on corals and only
a glancing reference to his last one, a
wildly successful study of earthworms.
Mr. Wilson’s notes draw mostly on the
published correspondence, and there
ly
.
BY CHRISTOPH IRMSCHER
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* ***
BOOKS
‘A life spent making mistakes is not only more honourable, but more useful than a life spent doing nothing.’ —George Bernard Shaw
A Pioneer and Overreacher
The Man Who Made
The Movies
By Vanda Krefft
Harper, 927 pages, $40
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ON SET In 1917 William Fox bought an orange-grove-covered ranch on Western Avenue in Hollywood. Within a few years, it had become a sprawling fantasy factory
where classics like F.W. Murnau’s ‘Sunrise’ were being filmed (above). Collecting star-filled photos, production stills and rare internal documents, Michael Troyan’s
‘Twentieth Century Fox: A Century of Entertainment’ (Lyons Press, 735 pages, $50) is an exhaustive tour of the studio’s cultural—and physical—legacy.
n-
because I never remember playing.”
When his father died, Fox spat on
the coffin. “You son of a bitch,” he
said to the corpse.
Money and power became Fox’s
primary measurement of worth. “He
didn’t want money for pleasure or
for egotistical display,” Fox’s niece
tells Ms. Krefft. “He wanted money
because he believed it gave him control.” A brief spell in vaudeville as
part of a comedy team called the
Schmaltz Brothers led to investments in arcades and nickelodeons,
which led to further investments in
more lavish movie theaters. That’s
when Fox, in order to supply a reliable product stream, began producing films. But he was always light on
stars, because he did not like or
trust most actors. Instead he bet on
directors. His late 1920s roster of
directorial talents included Frank
Borzage, John Ford, Howard Hawks,
F.W. Murnau and Raoul Walsh—a directorial Murderer’s Row in anybody’s league.
Fox himself always remained a bit
of an enigma, having willfully obliterated the development of anything
resembling a coherent personality in
favor of a single-minded pursuit of
what he categorized as achievement.
As such, “The Man Who Made the
Movies” is more of a chronicle of a
business than a biography of a man,
despite its claims to be about “the
meteoric rise and tragic fall of
William Fox.” This occasionally makes
for dry reading, a problem exacerbated by the loosely edited state of
the book—the six months between the
1929 stock-market crash and Fox’s
loss of his companies seem to take
place in real time.
Still, in the history of the movies
William Fox has been hiding in plain
sight, and Ms. Krefft has done an ex-
Fox cared more about
real estate than film, and
the Depression set off a
crisis that finally cost him
control of his company.
traordinary job of putting him in the
spotlight through exhaustive research
in archives and libraries across America. The book is an immensely valuable resource. Ms. Krefft does not
create an alternate picture of her
subject so much as she deepens the
existing one: a frightening level of
expedience and aggression, with a
touch of megalomania.
In business, Fox spent several
years in the late 1920s manipulating
his company’s share price through
secret trading activity that was still
legal before the Securities Exchange
Act of 1934. Some of this involved
short selling his own companies. He
did the same thing with Fox Theatres,
trading through as many as seven accounts at each of 22 brokerage
houses, with all of the accounts in the
names of relatives or employees. In
his private life, when the marriages of
his daughters broke up, the surnames
of his two grandsons were mysteriously altered to Fox. Neither of them
ever reclaimed their real names.
Ms. Krefft makes a good case for
Fox as the movie industry’s forgotten
man—a forward thinker and an agent
of change. He had the foresight to bet
on sound on film, which became the
industry standard, as opposed to
Warner’s clunkier sound-on-disc
system. A few years later, Fox would
lead the charge for pictures to be
filmed in 70mm widescreen, which
turned out to be a bridge too far until
the 1950s.
But there is a central issue of identity and responsibility that Fox
dodged, as does Ms. Krefft. It’s a mistake to lump Fox with studio heads
such as Louis B. Mayer and Jack
Warner when he was actually much
closer to Paramount Pictures cofounder Adolph Zukor—an entertainment entrepreneur whose predominant passion was real estate. Like
Zukor, Fox spent most of his time in
New York with the financiers instead
of in Hollywood with the moviemakers.
“I only met him to say how do you do,”
said Janet Gaynor, Fox’s biggest female
star of the late 1920s and early 1930s.
“He didn’t seem to have anything to do
with the running of the studio.”
Fox exerted executive control by
sending a steady stream of abusive
letters to Sol Wurtzel, his cringing
Bob Cratchit of a studio manager. Fox
was forever savaging Wurtzel about
lax cost controls and his inability to
rein in actors and directors. In contrast, Mayer and Warner hovered over
the daily process of movie making,
personally manipulating producers
and directors alike in order to make
sure their movies reflected their values and needs. Delegating authority?
Not bloody likely. Authority delegated
was authority dissipated.
After he lost his studio in 1930, Fox
fraudulently filed for personal bankruptcy, then bribed a federal judge to
insure a positive verdict in a lawsuit
he filed over his sound-film patents.
For this, Fox was sent to the Lewisburg
federal penitentiary. After his release,
President Truman gave him a pardon.
Fox died in 1952, simultaneously a
great American success story and a
shudder-provoking cautionary tale.
Mr. Eyman’s latest book is “Hank &
Jim: The Fifty-Year Friendship of
Henry Fonda and James Stewart.”
He teaches film history at the
University of Miami.
no
VANDA KREFFT wisely begins her
biography of William Fox at his professional and personal apogee. It
was March 1929 when Fox announced he had purchased a controlling stake in Loew’s Inc. from the estate of Marcus Loew. He paid $50
million for 400,000 shares, which
had a market value of about $33.6
million. Of the purchase price, $27
million was borrowed.
The acquisition would have made
Fox the unquestioned czar of Hollywood. In addition to his own film studio and theater chain, he would control Loew’s theaters, generally
regarded as the best cinemas on the
best corners in the country. He would
also own MGM, a wholly owned subsidiary of Loew’s and the most successful operation in Hollywood—with
an unparalleled roster of stars, including Joan Crawford, Greta Garbo and
John Gilbert—and the primary reason
for the purchase
It wasn’t Fox’s fault everything
came crashing down. Soon after the
deal was announced, the Justice Department began sniffing around and
eventually instituted a perfectly justified antitrust action. In July, Fox
barely survived a car accident that
killed his chauffeur. That laid him up
for several months, but still he kept
up his buying spree; from August
through early October, he bought
more than 100 theaters in America
and was negotiating to buy the UFA
studios in Germany. Then in October
the stock market crashed. The studio
and theaters Fox had bought with
borrowed money were now worth
much less than he had paid for
them—the value of the Loew’s shares
alone dropped to about $24 million.
The slow-motion collapse of Fox’s
empire had begun.
Fox lost control of Fox Film in
April 1930. The company would continue drifting ever deeper into chaos
until 1935, when Darryl Zanuck took
over in an amalgamation with his
Twentieth Century Pictures, creating
Twentieth Century-Fox. Zanuck’s
placement of his own company first
was an indication of the two companies’ comparative value.
As an example of immigrant daring undone by malevolent fate, you
cannot do better than the story of
William Fox. Born Wilhelm Fuchs in
Tolcsva, Hungary, in 1879, he arrived
in America at the age of 9 months.
Wilhelm adored his mother but
hated his father, who was unfaithful
to Wilhelm’s mother and utterly indifferent to his own children. Wilhelm became the breadwinner of the
family, dropping out of school at the
age of 10. In the midst of his later
success, Fox would say, “I do not
remember anything about play
TWENTIETH CENTURY FOX FILM CORPORATION
BY SCOTT EYMAN
Charles Darwin, Victorian Mythmaker
Wilson calls his book a life
‘not merely of a man, but
of his idea; and not merely
of his idea, but of his age.’
and find the consolation they need
(not in his book, though!). Darwin’s
sarcastic little alliteration of
“healthy” and “happy”—loaded
words, if one remembers that Darwin
was a lifelong invalid—is a nice additional touch.
Even more worryingly, Mr. Wilson
doesn’t get the rationale behind Darwin’s subversive decision to call the
massive book he published in 1871
“The Descent of Man” even though
only the last 50 pages, after some 750
about the mating behaviors of birds
or monkeys, are actually devoted to
humans. Darwin’s point is, precisely,
why “Descent” was so challenging:
human courtship behavior is, in the
mind of the evolutionary theorist, a
mere afterthought to
all the evidence he has
accumulated from the
animal world. This
was bound to shock
Victorian readers—
just as it obviously
shocks Mr. Wilson
today.
A hundred and fifty
years later, the work
of that barnacle-dissecting country squire
from Kent has been
modified, augmented,
superseded and improved upon, as well it
should be. Darwin was
quite wrong about
many things, and of
course he didn’t know
squat about genetics,
as Mr. Wilson never
fails to remind us. And
as a human being, Darwin probably did a few
things he shouldn’t
have done. But the enduring provocation of
Darwin’s thought, for
scientists as well as
humanists, lies in how he envisioned,
more radically than anyone before
him and few after him, a world teeming with life in which humans are not
the main actors: “How fleeting are the
THE GRANGER COLLECTION
Continued from page C5
that death is generally prompt, and
that the vigorous, the healthy, and the
happy survive and multiply.” Mr.
Wilson earnestly objects that anyone
who has seen a zebra mauled by a
lion will question the idea that no
fear is felt in nature. But Darwin’s
sentence is tongue-in-cheek, a fake
concession to readers exactly like Mr.
Wilson who need the comforts of
religion or culture to get on with their
lives—“may” they go, sighs Darwin,
wishes and efforts of man! how short
his time! and consequently how poor
will his products be, compared with
more curious about him than about
Darwin—perhaps not a good sign for
a biography. Somewhere I discovered
that Norman Wilson,
our biographer’s father, used to run the
OPEN SECRET Darwin said
Wedgwood factory.
writing about evolution was
(Those were the good
like ‘confessing a murder.’
old days, when the
company had not yet
deteriorated into a
multinational
purveyor
of
luxury
goods.) Unlike Darwin,
who had sponged off
his grandfather’s fortune, Norman Wilson
reported for work
every day, including
Saturdays, at that
same factory. It is certainly helpful to think
of “Charles Darwin:
Victorian Mythmaker”
as a biographer’s covert attempt to settle
a bit of an old score.
But a degree of uneasiness remains. The
sheer effort Mr. Wilson has put into toppling Darwin from his
pedestal, as if he were
the faded statue of a
those accumulated by nature during Confederate general headed for the
whole geological periods.”
scrapyard, ironically proves that he is
As I was finishing Mr. Wilson’s not obsolete yet. Samuel “Soapy Sam”
book, something rather unexpected Wilberforce, the Bishop of Oxford who
had happened to me: I had become once foolishly asked an elated
Thomas Huxley on which side of his
family he was descended from an ape,
would derive some posthumous pleasure from knowing that someone is
still protesting. Yet the modern
reader will end this book, as this
reviewer certainly did, with the awkward feeling of having been forced
into witnessing a fight that no longer
needed to be fought. The handful of
passages in which Mr. Wilson writes
about his subject with genuine understanding—a notable example is his
description of Charles and Emma
Darwin “clutching at straws” as they
watch their 10-year-old daughter
wither away—reveal him to be a
writer capable of remarkable empathy
and even tenderness. But this is not a
lasting impression. Throughout this
book, Mr. Wilson’s dogged impulse to
unmask Darwin as an ungenerous
bully has, I am afraid, turned him into
a bit of a bully in his own right. If
Darwin once—regrettably, as Mr. Wilson is certainly right to remind us—
congratulated himself on being an
Englishman, many American readers
will congratulate themselves on being
neither English nor famous, so that
they will, presumably, be safe from
Mr. Wilson’s biographical efforts.
Mr. Irmscher, a professor of
English at Indiana University, is
the author of, among other books,
“Louis Agassiz: Creator of
American Science” and “The
Poetics of Natural History.”
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 9 - 10, 2017 | C7
* * * *
BOOKS
‘I thought of a labyrinth of labyrinths, of one sinuous spreading labyrinth that would encompass the past and the future . . .’ —Jorge Luis Borges
Falling in Love With an Idea
The Quantum Labyrinth
By Paul Halpern
Basic, 311 pages, $30
audience that included none other
than Princeton’s most famous resident,
the elderly Albert Einstein, who was,
says Mr. Halpern, “friendly but neutral.” Others, such as the physicist
Wolfgang Pauli, were more hostile, but
Wheeler and Feynman pressed on with
their theory.
They were interrupted by global
events: Feynman’s involvement with
the Manhattan Project and brief marriage to the tragically sickly Arline
Greenbaum provide a compelling interlude in Mr. Halpern’s narrative.
Then, as the war ended, Feynman returned to the absorber theory. Its key
feature was a mixing up of times—past
and future—in contrast to the usual
procedure of modeling systems as a
series of successive instants. This feature proved to be the theory’s strongest point, even when the theory itself
fell foul of experimental results that
contradicted it.
As Mr. Halpern ably explains,
Feynman had developed a calculation
technique well suited to the timedistorting effects of special relativity.
Reversing his previous position, Feynman now insisted that electrons really
do self-interact—and with his new
technique, called a “path integral,” he
could recast quantum theory in a way
that eliminated the previous infinite
results, employing a canceling proce-
dure dubbed “renormalization.” This
was the work that eventually took
him to Stockholm, where, in his Nobel
lecture, he said that as a young man
he had fallen in love with absorber
theory, and, “like falling in love with
a woman, it is only possible if you do
not know much about her, so you cannot see her faults.” He had readily
abandoned the theory when it no
longer served his purpose: the sign of
an excellent theoretician, though not
the branching realities of Jorge Luis
Borges’s famous story “The Garden of
Forking Paths.” Feynman opposed that
interpretation, but it is the Borgesian
labyrinth that Mr. Halpern’s title hints
at; and as his narrative continues we
encounter others among Wheeler’s
students, including Hugh Everett and
Bryce DeWitt, whose “many worlds”
interpretation of quantum mechanics
has further stimulated scientific speculations about multiple histories and
parallel universes.
In fact, as the theorists and theories multiply—reflecting the broad
interests of Wheeler, Feynman and
the generation they mentored or inspired—we almost seem in danger of
another kind of infinite divergence.
Every book, Mr. Halpern writes,
requires an “Ariadne’s thread . . . a
linear narrative that serves as a
guide through the greater labyrinth
of information.” The lives and careers
of Wheeler and Feynman are meant
to be the main thread here, but one
must sometimes look hard to see its
trail through the tempting tangle of
corridors. Their strange theory might
have been thread enough, no less
absorbing or amazing.
ly
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spent years on an incorrect approach.
Suppose there was no electromagnetic field, instead only particles magically influencing one another at a
distance without any intermediary
substance. It would answer the question of self-interaction, but was it possible? Wheeler, Feynman’s thesis supervisor at Princeton, immediately saw
both a problem and a potential solution. Shake an electron and another
one, far off, will shake in response:
This is how our television and phone
networks can function, and the signals
are mathematically described by equations found by James Clerk Maxwell in
the 1860s.
If Feynman’s proposal was correct,
then surely the wiggling of the receiving electron should in turn influence
the sender, leading to the same infinite
circularity that Feynman sought to
avoid. But like the square root of four,
Maxwell’s equations have an extra solution: a signal going backward rather
than forward in time. It had always
been dismissed as an artifact; now
Wheeler suggested it as reality, a way
of canceling the surplus interaction.
He went even further: Dirac’s positron
could likewise be an electron in temporal reverse. Together Wheeler and
Feynman hatched what came to be
called “absorber theory.” A nervous
young Feynman presented it before an
co Fo
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WHAT’S THE SQUARE ROOT of four?
If you said two, you’re half right: The
full answer is plus or minus two. Every
number has two square roots, one positive and one negative, and a similar
doubling can occur in physics equations. When the English physicist Paul
Dirac discovered a mathematical expression for negatively charged electrons traveling close to the speed of
light, he realized that it also implied
“anti-electrons” carrying a positive
charge, which were later found experimentally and dubbed positrons. For a
certain young graduate student and
his supervisor, an analogous trick suggested an even more remarkable reversal: that of time itself. Hence the
subtitle of Paul Halpern’s “The Quantum Labyrinth: How Richard Feynman
and John Wheeler Revolutionized
Time and Reality.”
The “labyrinth” of the main title
aptly signals the problem that Mr.
Halpern faced as author. Should the
book be a dual biography of Wheeler
and Feynman or an exposition of their
ideas? An exploration of their key
early collaboration or a wider survey
of their long careers? In fact, Mr.
Halpern attempts all of these, to differing degrees and with varying levels of
success. He is at his best when explaining concepts of physics, the subject he
teaches at the University of the
Sciences in Philadelphia. Less satisfying is his effort to convey the personalities of the two geniuses, whom he
generally renders by way of simple
contrasts: Wheeler the “quiet, measured and polite” philosopher, Feynman the impish bongo drummer.
Admittedly, much has already been
written about both men, especially
Feynman, whose complexities and
flaws are not explored here. And inevitably it is the colorful Feynman who
tends to steal the show.
As a student in the 1930s, learning
quantum theory from Dirac’s writings,
Feynman asked: Can an electron interact with itself? Standard arguments
said yes: The particle should be affected by its own electromagnetic
field, rather like someone finding difficulty running because of his own
weight. Yet this led to “divergences”:
The calculated self-interaction was
infinite. Curing the issue would eventually win Feynman the Nobel Prize in
Physics in 1965, though only after he
RYAN INZANA
BY ANDREW CRUMEY
Wheeler and Feynman’s
theory treated time not as
a series of instants but
something much stranger.
necessarily the best companion, as
people such as the second of his three
wives, Mary Lou Bell, might have
attested. “I couldn’t talk to him because he would say I was interrupting
his work,” she said upon their divorce
in 1956.
Feynman’s path integral splits
quantum events into a sum of all possible ways they might occur. Wheeler
called it a “sum over histories,” a
notion later likened to the alternatehistory scenarios of Philip K. Dick or
Mr. Crumey’s latest book,
“The Great Chain of Unbeing,”
will be published in February.
The Republic of Plato
By Brian Dear
Pantheon, 613 pages, $40
IT SEEMS OBVIOUS now: People are
the “killer app” for computers. Computers are less about computing and
much more about communication,
connection and community. Facebook,
LinkedIn, YouTube, email, instant
messaging, multiplayer games and
discussion forums—today’s most popular uses of computers are all about
human interaction.
It wasn’t always so, nor was it
always so obvious. In “The Friendly
Orange Glow,” author and technol-
The primitive computer
network was soon used
to organize an attempt to
impeach President Nixon.
ogy entrepreneur Brian Dear tells
the fascinating story of Plato, an
educational computer system developed during the 1960s and 1970s
that was used by tens of thousands
of students. Plato astonishes in multiple ways. Technologically, it was
far ahead of its time, offering its users the flat-panel graphical displays,
touch screens and collaborative apps
we take for granted today. Socially,
its users formed some of the earliest
online communities, dozens of years
before they would become commonplace. Historically, it is virtually
unknown; it is as if, Mr. Dear writes,
“an advanced civilization had once
thrived on earth, dwelled among us,
built a wondrous technology, but
PAUL TENCZAR
no
BY PHIL LAPSLEY
then disappeared as quietly as they bathed their users in a distinctive their own lessons that followed
had arrived.”
orange light that users came to call other theories.”
Mr. Dear traces Plato’s origins to the “Friendly Orange Glow.”
By the early 1970s, Plato was well
the 1950s, starting with the psycholoMr. Bitzer brought a unique man- on its way to achieving its goals, congist B.F. Skinner’s quest for an “auto- agement style, one that welcomed necting thousands of students across
matic teacher” that would allow stu- help from just about any source—in- the country with graphical displays
dents to pace themselves and receive cluding high-school kids. The Plato and touch screens and providing
instant feedback—a quest that picked lab’s openness was legendary, with an online lessons ranging from basic
up steam with the 1957 launch of the ethos that Mr. Dear summarizes as, arithmetic and reading to advanced
Soviet Sputnik satellite and the ensu- “You never knew who was the next subjects like biology and chemistry.
ing U.S. “educational emergency.” Einstein, so encourage everyone to be
It was around this time that somePeople soon realized that this newfan- the next Einstein and increase the thing interesting happened: Its denigled thing called a “computer” might odds that the next Einstein would re- zens began to adapt Plato not just for
be the perfect teacher: While expen- veal himself.” The result was that key education but for communication. A
sive, it might, with the
program called Discuss,
right programming and
for example, allowed users
remote terminals, provide
to post messages of up to
teaching precisely tuned
10 lines of text. It was
to students’ needs.
soon used for organizing
Plato—Programmed
an attempt to impeach
Logic for Automatic TeachPresident Nixon, earning
ing Operations—began its
Mr. Bitzer a call from one
life in 1960 at the Univerof his government funding
sity of Illinois’s Control
agencies. Another proSystems Laboratory, a degram, Talkomatic, allowed
fense lab run by physicists
instant messaging beand engineers. Plato’s
tween users. Discuss was
fathers were the lab’s
supplanted by Notes, a
director, Daniel Alpert, and
more sophisticated discusthe project lead, freshly
sion system that would
minted Ph.D. Don Bitzer.
grow to have hundreds of
Mr. Dear likens them retopics. Notes was quickly
spectively to a “venture
followed by Personal
capitalist” and a “whiz-kid EVOLUTIONARY A Plato program to teach genetics.
Notes, an email system.
start-up founder.”
Plato even boasted its own
Over the next two decades Mr. parts of the Plato system were writ- electronic newspaper.
Bitzer led a crew through numerous ten by users in their late teens and
And then there were the games. So
challenges. How would they build a early 20s—the youngest being a 12- many games: Spacewar, Mazewar,
system capable of supporting multiple year-old who attended school across Moonwar, Dogfight; dungeon advenusers? How would instructors create the street. (The university was unable tures like Avatar, “dnd” and Moria;
lessons without having to become ex- to pay him until he turned 14 due to and Empire, a graphical “Star Trek”
pert computer programmers? How child-labor laws.)
game. Not only did they support mulwould the remote computer terminals
Foreshadowing the philosophy of tiple users who could play with or
work? How could they be made cost- the internet years later, Plato was against one another, they allowed useffectively? Their novel solution to what today we would call an open ers to communicate inside the game
this last problem gives the book its platform. Mr. Dear says: “If you via instant messages—all this as early
title: The Plato team developed the wanted to build a lesson on PLATO as the mid-1970s.
flat-panel plasma display—which at that reflected your own pet theory,
This connectedness yielded what
the time could only produce one you should be able to go right ahead, Mr. Dear accurately terms “the dawn
color. As a result, Plato terminals as long as other authors could create of cyberculture.” Plato’s close-knit
n-
The Friendly Orange Glow
community became a nexus of friendship, romance and feuds. Some users
were driven to great lengths to get
their Plato fix; Mr. Dear describes
students hiding in the walls of a classroom behind loosened partitions so as
to be able to sneak back in and use
Plato terminals undisturbed after
closing time. The community expanded throughout the 1970s and
early 1980s as other institutions installed their own Plato mainframes
and linked them together.
Sensing a business opportunity,
industry giant Control Data Corp.
licensed Plato from the University of
Illinois in the mid-1970s. Sadly, this
initially promising attempt at commercialization foundered because of
bad luck, poor marketing decisions
and a failure to comprehend the onrushing wave of microcomputers such
as the Apple II. In some alternate
universe, Plato might have been AOL,
but 10 years earlier.
By the mid-1980s the system had
become outmoded, and the University
of Illinois’s Plato lab was shut down in
1993. Plato’s echoes can still be heard,
faintly, in such places as “Notes,”
IBM’s collaborative software platform
(which traces its inspiration directly
to Plato), to say nothing of the success of various computer games,
many of which were written by former Plato users and programmers.
Mr. Dear guesses that he spent
about 11 years of solid work on his
book over more than 30 years. His diligence shows. Thanks to his meticulous research and conversational writing style, “The Friendly Orange Glow”
is an enjoyable and authoritative
treatment of an important piece of
our social and technological heritage.
Mr. Lapsley is the author of
“Exploding the Phone: The Untold
Story of the Teenagers and
Outlaws Who Hacked Ma Bell.”
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘For about forty years he had a hand, and a very powerful hand, in most of the best that was written in England.’ —Henry Green on Edward Garnett
The Secret Sharer
An Uncommon Reader
By Helen Smith
Farrar, Straus & Giroux, 440 pages, $35
A Work
Of Genies
ANYONE WHO has
read “The Arabian
Nights” will remember, at least dimly,
that Suleiman the
Wise—the King Solomon of the Bible—had power over
spirits, and imprisoned many of the
most recalcitrant in bottles, or lamps
like Aladdin’s. In the West they are
simply called “genies,” but S.A.
Chakraborty’s “The City of Brass”
(Harper Voyager, 532 pages, $25.99)
makes the mythological situation
clearer, if much more complex.
Elementals come in four types: fire,
water, air and earth. Fire elementals
were once called “daeva,” but those
A striking fantasy debut,
set in a spirit-haunted
version of the Middle
East in the 1800s.
who defied Suleiman and remain at
large are “ifrits.” The rest of the daeva
had their magic sharply curbed, and
“djinn” (which became “genie” in English) is the human word for them.
Ms. Chakraborty’s story opens with
Nahri, a foundling, eking out a precarious living in Cairo market, sometime
after Napoleon’s invasion of Egypt.
She has useful powers, including the
ability to speak all languages and to
heal the sick and the cursed. But during a healing ceremony, she calls up
something, or someone, and her life
changes. As she is taking a short cut
home through the cemetery (bad
idea), the someone appears, and so do
reanimated ghouls.
After that she and the warriorspirit she has called up, the daeva
Dara, are on the run, making for the
City of Brass, the home of the djinn,
far off in central Asia. The city is in
turmoil, centered on Prince Ali, who is
trying to moderate his ruling family’s
restrictive policy on people of mixed
human/djinn blood. Both Nahri and Ali
become involved in court politics,
tribal politics, harem politics and of
course spirit politics.
Meanwhile Nahri finds herself torn
emotionally between Dara, powerful
but dangerous, and Prince Ali, much
nicer but rather overshadowed by his
father and brother. Who will win?
Maybe neither. Nahri has her youthful
experience as market-trickster to add
to her powers as healer and linguist.
This is a great debut novel, with
strikingly different setting and cast—
nary an elf or an orc in sight. Not only
does it open up an imaginative space
we had all but lost, it raises important
issues of inclusion and diversity with
engaging flair.
ly
.
pneumonia, literally finished off
Lawrence’s teaching career: on his
recovery his doctor warned him to
resign his school post or risk becoming consumptive. Instead Lawrence went on, with Garnett’s unflagging encouragement, to write
“Sons and Lovers” (which Garnett
single-handedly cut down by a tenth
from a gargantuan 180,000 words).
When in 1912 Lawrence ran off to
the continent with the married
Frieda Weekley, triggering an acrimonious divorce, Garnett offered the
services of his own brother as
Frieda’s solicitor, enlisted his sisterin-law to type up Lawrence’s manuscripts and continued to arrange
Lawrence’s literary business in England. Small wonder that Lawrence
called Garnett “my friend and protector in love and literature.”
Which is not to say that Garnett
always got it right. He turned down
both H.G. Wells’s “The Time
Machine” (“tiresome”) and Joyce’s
“A Portrait of the Artist as a Young
Man” (“too discursive”), and simply
could not see that what he dismissed as the “tenuous, tortured
subtlety” of the later Henry James
reflected a breakthrough in the representation of human consciousness.
Garnett wanted Henry James to
write like a Russian realist. At times
he even wanted Conrad to write like
one, taking exception to the satirical
portrayal of the revolutionaries in
“Under Western Eyes” (“Not good:
not Russian”); the Russians, as Conrad intuited, were Garnett’s Achilles’ heel. “I suppose,” retaliated
Conrad—whose personal history as
the son of Polish dissidents hounded
to death by the Russian state gave
him a lifelong personal animus
against the country—“one must
make allowances for your position
of Russian Embassador [sic] to the
Republic of Letters.” Virginia Woolf,
the high priestess of the modernist
novel, would later stick the knife
into Garnett’s three most cherished
English realists—Galsworthy, Bennett and Wells—as mere “materialists,” whose close attention to external details fails to capture the
inward essence of life. It’s hard to
disagree with her.
But when Garnett got it right, he
set off a chain reaction that still
reverberates in the novel. Without
Conrad, Lawrence and the other
early modernists whose writing Garnett rescued from the slush pile, the
many works that they in turn influenced—including not only those of
Woolf but also those of Ernest Hemingway, George Orwell, Doris Lessing, Saul Bellow, V.S. Naipaul, Philip
Roth, Thomas Pynchon, Margaret Atwood and J.M. Coetzee, to take an
arbitrary sample—might never have
existed. That’s quite a legacy.
co Fo
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TASTE MAKER Edward Garnett (1868-1937) spotted genius in D.H. Lawrence,
Joseph Conrad and E.M. Forster. But he passed on Henry James and James Joyce.
every day for [Conrad’s] artistic
palate.” One of the most delightful
moments in this beautifully
weighted study is the glimpse we
get of the master mariner and au-
ing Conrad” and “Fishing Out Lawrence” (D.H., not T.E.), but others
could as easily have been named
“Bucking Up Bates” and “Calming
Down O’Flaherty” (who, like Lawrence, could be combustible).
Ms. Smith notes wryly that as an
editor Garnett adapted his approach
“to the temperament of the protégé,
reassuring the timid, cajoling the reluctant and bellowing at the bloodyminded.” Joseph Conrad, whom
Garnett met when the sailor-novelist
submitted the manuscript of his first
book, “Almayer’s Folly,” to Unwin in
1894, needed to be constantly reassured and cajoled. Garnett saw that
the highly strung Conrad, though
still actively seeking a new berth on
a ship, really “desire[d] to be encouraged to write.” He threw himself
into soothing Conrad’s “fluctuating
moods and often agonising selfdoubt,” while his wife, Constance—
the celebrated translator of Tolstoy,
Dostoyevsky and Chekhov—was
“chiefly occupied in providing a sufficiently refined and recherché menu
thor of “Heart of Darkness” sitting
in a laundry basket at the Garnetts’
country house in Kent with their son
David, having “rigged up a sail with
a clean sheet and issued orders to
his young crew.”
Garnett’s efforts on behalf of D.H.
Lawrence went even further; and his
hand in Lawrence’s change of direction was even more dramatic. A
single wet weekend visiting Garnett
in 1911, during which the Nottingham schoolmaster caught double
Ms. Lowry is the author of “The
Bellini Madonna.” Her second
novel, “Dark Water,” will be
released next year.
no
FICTION CHRONICLE: SAM SACKS
Garnett served authors as
their first reader but also
as editor, promoter, agony
uncle and writing coach.
n-
THE HONOR ROLL of truly great
modern literary enablers is a short
one. T.S. Eliot had Ezra Pound, who
cut “The Waste Land” down from a
flabby hodgepodge into the allusively lean masterpiece we know.
Samuel Beckett, teaching English in
Paris, was inspired to try his hand at
non-academic writing by another
Irish iconoclast, James Joyce. William Faulkner had Sherwood Anderson to convince him to stop wasting
time on poetry and start writing
novels about his native Mississippi.
Well before that, though, Joseph
Conrad, D.H. Lawrence, John Galsworthy, May Sinclair, Sarah Orne
Jewett, Edward Thomas, T.E. Lawrence, Arnold Bennett, E.M. Forster,
H.E. Bates, Liam O’Flaherty and Sean
O’Faolain all had Edward Garnett, a
talent scout with an almost unerring
nose for what we now recognize as
the modernist note. Never before or
since has one mentor been so influential in shaping the direction of
English letters—not just for his own
age, but beyond.
In her sparkling biography “An
Uncommon Reader,” Helen Smith
brilliantly brings to life the emerging
aesthetics of contemporary English
letters. Born in 1868 into a bookish
middle-class Victorian family (his
father was a librarian at London’s
British Museum), Garnett had an
extraordinary influence upon the
creation and reception of some key
works of the next century. Though
Garnett started out with his own
literary aspirations—he attempted
both novels and plays, all daringly
experimental and each an unmitigated flop—what allowed him to
make his mark on English literature
was his day job as publisher’s reader,
first at T. Fisher Unwin, and later at
Heinemann, Duckworth and Cape. In
this capacity, Ms. Smith reports, he
assessed about 700 manuscripts submitted for publication each year.
At a time when the novel in England was still regarded as a trivial
genre, he insisted that it was “the
most serious and significant of all
literary forms the modern world has
evolved,” vigorously championing
the Russian realists as models. Garnett had an abiding loathing of
theory, looking always for “new
forms in art, new ideas,” and insisting that literature had to be true to
life, however unpalatable. In the
days before professional literary
agents had become commonplace,
Garnett served many authors as promoter—bullying magazines to take
their work and placing puffs in the
national press—and as agony uncle
and writing coach. Two of Ms.
Smith’s chapters are called “Rescu-
COURTESY OF GARNETT FAMILY PAPERS/ NORTHWESTERN UNIVERSITY LIBRARIES
BY ELIZABETH LOWRY
SCIENCE FICTION: TOM SHIPPEY
The Figure in the Carpet
The book spirals out from the tragedy, dedicating discrete chapters to
Darisse, a struggling single mother in
Virginia who had gotten involved with
Claude during his visits, and Teddy,
the truck driver in the accident, who
can barely outpace his debts. (“Teddy
was living in two worlds, a tidy house
overflowing with abundance and
behind the walls a hidden boneyard of
bills and strained credit.”) Ms. Silber
then shifts her attention to Reyna’s
independent-minded aunt Kiki, mov-
books people bought in America, the
ones about how to gain total confidence and never worry, the secret
advice should be to go break laws,”
thinks Dieter, one of the antiquities
smugglers.
Joan Silber suggests that
our disparate lives are
woven into a tapestry
whose pattern we can’t see.
ing back in time to her brief, unlikely
marriage to a Turkish farmer. From
there we follow a trio of Germans
trawling Anatolia for black-market
antiquities. A chapter about Monika,
a New York museum worker whose
father is one of the Germans and
whose manicurist happens to be
Claude’s sister, closes the circle.
The constellation of characters
share a propensity for petty schemes
and deceits. Everyone has a side hustle, whether it’s selling cigarettes,
Bronze Age amphorae or, in Kiki’s
case, Turkish rugs. “In those self-help
GETTY IMAGES
THE
GORGEOUS
though
damaged
Turkish rug that
adorns the dust
jacket
of
Joan
Silber’s “Improvement” (Counterpoint, 227 pages,
$26) is a fitting symbol for this
exceptional novel, and not just because one of its subplots concerns
carpet dealing. Ms. Silber is a weaver
of disparate lives. The linked stories
in books such as “The Size of the
World” (2008) and “Fools” (2013)
form patterns more colorful and complex than the designs of any single
thread. And with “Improvement” she
has created her most vibrant tapestry
of what she wryly calls “the everexpanding joke of human trouble.”
The event that connects the mixed
cast is a fatal car crash outside a rest
stop in Maryland. We learn of it
through the point of view of Reyna, a
single mother living in Harlem whose
narration bookends the novel. Reyna’s
boyfriend, Boyd, a big jovial man
who’s just gotten out of prison for a
minor drug offense, has banded with
friends to smuggle cigarettes from
Virginia to New York and profit from
the tax difference. Reyna reluctantly
agrees to drive on one of the trips
south, but at the last minute she
thinks better of it. Boyd’s gentle,
slightly lunkheaded friend Claude
takes the wheel in her absence and
promptly drives into an 18-wheeler.
But as much as these recognizably
erring characters are defined by striving and self-interest, Ms. Silber’s generous canvas ensures that we see
each of them in relation to the others,
part of a community they don’t even
know they belong to. Small kind-
nesses ripple out through time and
across continents. A gift Kiki receives
from her husband is paid forward to
Reyna many years later and, in an
extremely moving coup de théâtre,
paid forward again to Claude’s grieving sister. “Improvement” is forthright and funny about the blinkered
muddle humankind makes for itself.
Yet its vibrating web of interconnection is hopeful and beautiful.
The semi-mythic tale Fiona Mozley
conjures for her novel “Elmet”
(Algonquin, 312 pages, $15.95) takes
place in the forests of Yorkshire,
where a man named John Smythe has
built a house for his family. Smythe is
one of the largest and strongest men
in all of Britain, a “bearded giant”
who earned his bread as a debt collector and bare-knuckles boxer, but to
find distance from his violent past
he’s retreated to the woods, where he
lives in contented seclusion with his
teenage children Cathy, a bruiser like
her father, and Daniel, a sensitive
homebody and the book’s narrator.
The problem with Smythe’s plan is
that the land he’s chosen belongs to a
certain Mr. Price, the heartless muckymuck who owns almost all the surrounding property, pays pittances to
the field workers and charges extortionate rent to the nearby villagers.
The destructive confrontation that
Ms. Mozley stages between these two
characters brims with primal, folkloric power. Price, a man with “cut
glass teeth and scarlet gums,” is a
superbly malevolent villain. Smythe,
for whom “the world was about muscle,” is part feral beast, part workingman’s hero, like Paul Bunyan crossed
with Joe Hill.
This being a debut, Ms. Mozley is
eager to showcase her writing chops,
with the result that the prose can become terribly clotted with poeticisms.
Daniel begins one chapter by observing, “The dawn erupted from a bud of
mauve half-light and bloomed bloody
as I woke,” by which he means that
the sun came up. Ms. Mozley has not
yet fully embraced the wisdom of a
character’s remark that “there’s
power in the truth. In saying what
you really mean. In being direct.”
But what she has figured out is far
more important. “Elmet” generates an
intense emotional attachment to
Smythe and his trapped but loyal
children. The scenes in which the
exploited villagers, galvanized by
Smythe’s defiance, rise in concert
against Price and his hoodlums feel
genuinely inspirational. “Bringing a
community back together is easier
than setting people and families at
odds,” says a neighbor. “It’s just that
that’s where all effort’s been this last
ten years and more.” Like Ms. Silber,
Ms. Mozley understands the novel’s
unique ability to depict the collective.
In both of these excellent books, the
stories are greater than the individuals who fill them.
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 9 - 10, 2017 | C9
* * * *
BOOKS
‘Le style c’est l’homme.’ —Georges-Louis Leclerc, Comte de Buffon
An Armful of Glittering Prose
On the Decay of Criticism
By W.M. Spackman
Edited by Steven Moore
Fantagraphics, 320 pages, $29.99
The Complete Fiction
Of W.M. Spackman
Edited by Steven Moore
Dalkey Archive, 634 pages, $16.95
MAKING LETTERS DANCE The 3 Delevines, an English music hall act, photographed in 1897 for the Strand magazine.
‘great,’ this must lie in the how
rather than in the what.”
Given so rigorous an aesthetic,
Spackman faults even the most
eminent writers. “There is, everywhere in Tolstoi, and fundamentally, a kind of insanity of functionless, crammed in, lumbering, and
exasperatingly superfluous detail.”
In Henry James’s late style, “the
heavy sentences take on a megathe-
ly
.
essays Spackman moderates the
verbal razzle-dazzle and favors a
Randall Jarrell-like sardonic humor,
as in this passage about the early
days of the National Endowment for
the Humanities: “The founding report
of its parent body, the Commission
on the Humanities, begins, ‘The
humanities are the study of that
which is most human.’ The report is
not, however, about what this strange
sentence leads one to expect (viz.,
sexual folly, uninterruptible self-pity,
and political feebleness of mind), but
is a collection of sub-reports from
twenty-four learned societies on how
they would like to expand.”
If you were to ask Spackman what
he most valued in art, he would
answer, “aliveness.” Above all, he
views the writer as a fabbro, a
maker, and a poem or novel as a
construction, its subject matter almost irrelevant. A critic’s job should
thus be explicating how the work of
art works.
Unfortunately, most teachers
concentrate largely on content or
meaning to the neglect of diction,
thematic linkings, patterns of imagery, style and structure: “What a
character has to fit is not some scene
dredged up by sociological fatuity
but a writer’s schema, his context.”
After all, if you just look at what a
poem or story says, you will find it
impossible to discriminate “between
what is worth reading and what is
rubbish.” Greatness always lies in a
work’s manner, not its subject
matter: “The topic of the Iliad is a
tantrum; of Lear preposterous and
bloody-minded perversity, of Anna
[Karenina] and Emma Bovary [sic]
sordid adulteries: the action is for
the most part ignoble. If these are
n-
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on
to the seat, onto which she at once
sank, blown.”
In his afterword to “The Complete
Fiction,” Steven Moore, the book’s
editor, points out the velocity of this
passage—“most writers would have
taken a page to convey what Spackman does here in a brief paragraph”—before concluding a superb
overview of Spackman’s life and
career. The short form is: Princeton
class of 1927; Rhodes Scholar specializing in classics; teacher at the
University of Colorado in the 1940s
and early ’50s; an autobiographical
first novel called “Heyday” (1953);
essays and poetry reviews; and then
the four concise masterpieces
brought out when he was, mirabile
dictu, in his 70s: Besides “An Armful
of Warm Girl,” they include “A Presence With Secrets” (1980), “A Difference of Design” (1983) and “A Little
Decorum, For Once” (1985), followed
in 1997 by the posthumously published “As I Sauntered Out, One
Midcentury Morning . . . ”
Virtually all these books focus on
love affairs and the “ballet of
coquetry” among the old-money
WASP elite. To this day, Spackman
sometimes provokes criticism, in part
because his heroes tend to be past 50
but are typically involved with, and
often pursued by, much younger
women, in one case the roommate of
the protagonist’s college-age daughter. What’s more, his sophisticated
sexual comedies sparkle with repartee and the kind of adult knowingness we associate with Congreve’s
“The Way of the World” or the films
of Ernst Lubitsch.
A comparable wit, though more
scathing, can be seen in the collection
“On the Decay of Criticism.” In his
A writer who captured the
‘ballet of coquetry’ in an
elegant style—and was
an opinionated critic, too.
rian life of their own: whatever else
was going on stops, for James as
for his reader, until the thing has
rumbled past.”
While Spackman admires professionalism, he disdains mere productivity. Page after page of Yeats’s
poetry, he contends, reveals a “necessity to write no matter what. . . .
If the Ouija board didn’t turn up the
daily cloudy profundity, what
matter?—his facility simply poured
out any old clutch of language that
occurred to it, he headed it ‘Song’
or ‘He Reproves the Curlew,’ and
he’d done his stint for the day and
could relax.”
“On the Decay of Criticism”
reprints in its entirety “On the Decay
of Humanism,” first published in 1967
and hitherto Spackman’s only collection of essays. (In one of them he
airily remarks of Aristotle: “Of what
earthly use to the critic or the writer
is a dissection of literature by a ma-
Mr. Dirda is the author, most
recently, of “Browsings: A Year
of Reading, Collecting, and Living
With Books.”
no
WHEN I WAS invited to review “On
the Decay of Criticism: The Complete
Essays of W.M. Spackman,” my editor asked if I might include a mention of “The Complete Fiction of
W.M. Spackman” as well. Being an
awed admirer of the four short novels that Spackman (1905-90) brought
out late in life, beginning with “An
Armful of Warm Girl” (1978), I was
more than happy to do so. A copy of
the fiction omnibus, which Dalkey
Archive published in 1997, duly
appeared on my doorstep. After 20
years, it was still available as a first
edition. Apparently the book had
never been reprinted.
That was a surprise. While Spackman’s fiction can be demanding, it
certainly belongs in the same
company as that of Stanley Elkin,
Cormac McCarthy, William Gass and
James Salter, each of them writers
with an unmistakable, unforgettable
voice. After all, style transforms
mere story into art, and Spackman’s
highly idiosyncratic style is his
glory. Consider the verbal luxuriance of the following passage, just
part of a long paragraph in which a
Pennsylvania “county squire” surveys his property:
“In his meadows, in the flash and
dazzle of the morning, his fat black
cattle grazed through the jingleweed,
his white guineas ran huddling. In his
parks of oak and hickory the woods’
high crowns discharged their splintered emeralds of light, the dogwoods
shook out in flower, pink or cream,
their weightless sprays. . . . In his box
maze glittered the fantailed Cytherean
tumbling of his doves.”
At times Spackman’s long, rushing
sentences, his serpentine streams of
consciousness, barely stop for a
breath: “Mrs. Barclay being as it
turned out late and Nicholas early, or
as early anyway as a man in his right
mind waiting for a pretty woman,
he’d sat damn’ near twenty minutes
in Veale’s unrecognizable bar, boltupright and presently glaring, before
with a ripple of high heels in fluttered his angel in this breathless
rush at last, blissfully gasping ‘Oh
Nicholas oh simply now imagine!’ as
he lunged up from the banquette
with a happy bellow to grab her—
though this act she parried, after one
radiant flash of blue eyes, by seizing
and tenderly pressing his hands
while uttering little winded cries of
salutation and reminiscence; and
having let him merely peck at one
heavenly cheek eeled out of his arms
GETTY IMAGES
BY MICHAEL DIRDA
rine biologist?”) The rest of the new
collection gathers scattered reviews
of poetry, ancient and modern, as
well as some curmudgeonly reflections on comedy and the importance
of good manners. Because art is style,
the high-minded Spackman argues
that one can appreciate poetry and
fiction only in their original languages. “A civilized man learns
Latin,” he writes, “so that he can read
for himself some half-dozen poets
who have been part of our culture off
and on for 19 centuries.”
Most of the poets that Spackman
scrutinizes—even Wordsworth and
Robert Lowell—receive a drubbing.
Sometimes he simply shows off:
“This dejecting gabble is even more
pedestrian than the Hesychastic
nullities of [Henri] Michaux.” At
other times, he is wryly dismissive:
“Discriminating among not-reallygood and really-not-bad minor short
lyrics in a not-really-very-lyric-anyway era is beyond the powers of
nearly anybody.” But he knows how
to praise too, describing Helen’s
reply to Paris in Ovid’s “Heroides” as
“one of the key masterpieces of
European literature: its mere 268
lines contain in embryo everything
that has, since, developed into the
novel of dissected motivations that is
one of our glories.”
In his own discursive prose,
Spackman displays a peculiar fondness for the words “nugatory” and
“inelegances” and employs some
truly bizarre coinages, such as “undetumescent” and “less undisabused.” His canon of favorite books
is equally individual and includes
Ovid’s “Amores,” “Ars Amatoria” and
“Heroides”; the novels of Ivy Compton-Burnett and Henry Green; Robert
M. Coates’s “Yesterday’s Burdens”;
Richard Hughes’s “In Hazard” (better, Spackman says, than Conrad’s
“Typhoon”); Edmund Wilson’s “I
Thought of Daisy” and “Memoirs of
Hecate County”; Glenway Wescott’s
“The Pilgrim Hawk”; Tennessee
Williams’s “The Roman Spring of
Mrs. Stone”; Nabokov’s “Speak,
Memory” (no mention of “Lolita”);
Donald Barthelme’s short stories;
and the poetry of A.E. Housman and
W.H. Auden.
If you’re an adventurous reader,
pick up these two Spackman
volumes—Mr. Moore, one of our
finest literary critics, edited both of
them—and you will have treasure
laid up for years to come. Open
either at random and your eye will
light on a striking phrase—“the intricate misgivings of the human
heart”—or a neatly turned quip: “At
parties, people you wouldn’t have in
your house exhort you to call them
by their first names.” Not everyone
will have a taste for W.M. Spackman’s work, but for those who do it
is caviar and champagne.
MYSTERIES: TOM NOLAN
GETTY IMAGES
Publicly Shamed in Promise Falls
BAD THINGS happen
in Promise Falls, the
town in upstate New
York that serves as
the setting for many
of Linwood Barclay’s
suspenseful, darkly comic thrillers. In
“Parting Shot” (Doubleday Canada,
449 pages, $27), Mr. Barclay’s latest,
residents have taken to the internet to
rail at those they deem to have escaped due punishment for misdeeds.
Much of this civic outrage collects at
a website called Just Deserts, which
encourages violence against alleged
wrongdoers. As one character observes, “Just Deserts likes to see bad
people get physically hurt.”
This is of concern to private investigator Cal Weaver, whose new client—a Promise Falls teenager acquitted of killing another teen while
driving drunk—has caught the eye of
the vigilante forum. The offender, 18year-old Jeremy Pilford, got off
thanks to a defense scheme that argued he’d been “so pampered . . . from
ever having to accept responsibility
for any of his actions his entire life,
that he couldn’t imagine that he was
doing anything wrong.” Now revenge
seekers stalk the “Big Baby”—as
Jeremy becomes known nationwide.
“It was like a cancer, all this social
media shaming,” thinks Cal, tasked
with protecting Jeremy from those
who would do him harm.
Meanwhile, cases of more extreme
vigilantism—a child molester mutilated via attack dog, an innocent man
abducted in an instance of mistaken
identity—are being handled by police
detective Barry Duckworth. Barry is a
married man, a reluctant local hero
and the aggrieved house host to his
grown but out-of-work son. Cal,
whose wife and child were both murder victims, lives and works from a
small apartment over a bookstore.
Just Deserts, a website in
an upstate New York
town, encourages violence
against local ‘wrongdoers.’
The two characters’ stories alternate
chapters to good effect, doubling this
twist-filled book’s suspense. While Cal
makes urgent road-trip detours with
his client to keep him out of range of
score settlers, Barry tries to track
down those responsible for the other,
already-committed atrocities. Once
the investigators’ interests intersect,
fate’s hourglass is nearing empty.
Jack Pellum, the 35-year-old ex-cop
and alleged private detective featured
in Harry Dolan’s “The Man in the
Crooked Hat” (Putnam, 354 pages,
$27), is also seeking revenge, though
he tells himself it’s justice he is after.
He has left the Detroit police force to
devote himself to the unsolved case of
his own wife’s murder. His private-eye
business is little more than a front,
made possible by his father—a federal
judge who wishes his son would resume a more practical and respectable
life. “They want to pretend . . . this unpleasantness never happened,” Jack
says of his too-proper parents. “Having a murdered wife is bad form.”
Jack does his best with the only
lead he has, plastering the city
with a sketch of a hatted man
he saw acting suspiciously
near his apartment before his
wife’s death: “Have you seen
him?” Someone has—a fellow
obsessive who thinks that the
man in the crooked hat is linked
to another murder and to several
other past killings. Jack and his
semi-partner expand their inquiries
into neighboring towns and decadesold crimes, drawing other police officers, active and retired, into their
investigations.
Mr. Dolan is a skillful writer. His
well-balanced story is full of tension,
sorrow, suspense and a lingering
sense of uncertainty. Jack comes to
doubt just how related all these
violent occurrences are. Yet of
course he cannot stop, with his
wife’s killer still at large. And that
killer, to whose identity the reader is
privy, is well aware of Jack’s progress. In the course of his gripping
tale, Mr. Dolan makes even his
strangest and most vile characters
understandable—not to excuse but
to explain them, with appropriate
measures of pity and terror.
Alan Hruska’s dialogue-driven “It
Happened at Two in the Morning”
(Prospect Park, 299 pages, $16)
centers on Tom Weldon, an at-looseends young lawyer, and Elena Riles,
the novice-playwright daughter of a
billionaire businessman. The two
“meet cute,” as it were, at 2 a.m. on a
New York street when masked gunmen assassinate Elena’s father and
kidnap her and bystander Tom.
They’re abandoned in rural Pennsylvania, discover they’re being sought
as murder suspects, and take it on the
lam. The mishaps and amusing bickering of this mismatched duo bring to
mind such 1930s romantic film comedies as “It Happened One Night.”
But the mood darkens as the plot
thickens. Interested parties in the
shadowy, shape-shifting conspiracy to
frame Tom and Elena—in the hope of
gaining control of the Riles empire—
may include several scheming relatives, an ugly if dapper private detective to the rich and famous, and
the late Riles’s unscrupulous rival in
an ultra-hostile takeover bid.
Given such a crowded field
of suspects, the New York
district attorney concludes
that the best way to catch
the possible conspirators
is to hire some, and he offers a surrendered Tom and
Elena the chance to prove they’re
not the villains they seem. Mr.
Hruska—himself a former lawyer—is
at his thriller-writing best once Tom
sinks his teeth into the investigation
of, and subsequent legal negotiations
with, these various blackguards. “I
risk very little,” admits the D.A., who
now seems to hold Tom and Elena’s
fate in his hands. “If you run again,
you’re guilty.” “How ’bout if we’re
killed?” asks Tom. “Then we’ll know
you’re innocent.”
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Today is the seed time, now are the hours of work, and tomorrow comes the harvest and the playtime.’ —W.E.B. Du Bois
CHILDREN’S BOOKS: MEGHAN COX GURDON
FIVE BEST: A PERSONAL CHOICE
Edward L. Ayers
dues his own voice in order to present those of the people living
through the end of slavery. A young
white woman, looking from her
window in Richmond, Va., as black
cavalrymen from the United States
Colored Troops sweep into the
burning city, wonders: “Was it to
this end we had fought and starved
and gone naked and cold? . . . To
this end that the wives and children
of many dear and gallant friends
were husbandless and fatherless?”
Even as she wrote those words,
more than a thousand black people
in the same city exulted in a hymn
with the refrain, “this is the way I
long have sought.” Tears covered
their smiling faces with each repetition of the words. Out of hundreds
of such moments, Mr. Litwack
creates an intimate and profoundly
moving portrait of this chapter of
American history.
Jubilee
By Margaret Walker (1966)
Books for Little Hands
Using stylish graphic stencils,
Bastien Contraire tries to trick the
eye with “Vehicles Hide and Sneak”
(Phaidon, 26 pages, $9.95), a matte
board book that challenges small
children to spot the one thing in
each tableau that is “almost like the
others.” A bird of prey almost blends
into a flight of aircraft; an iron for
pressing clothes looks surprisingly
at home amid sea-going vessels.
Two snug, tactile board books by
Suzy Ultman, “Tiny Farm” and
“Tiny Town” (Chronicle, 16 pages,
$7.99 each), all but demand that
A Year in the South: 1865
By Stephen V. Ash (2002)
3
IN HIS compelling book
centered on biographical
portraits of four ordinary
Americans at the end of the Civil
War, the historian Stephen V. Ash
chronicles “a year that began in
war and ended in peace, a year
that saw disunion give way to
reconstruction.” The year is 1865.
Mr. Ash’s subjects are Louis
Hughes, age 32, a slave in a salt
works in Alabama when freedom
came; Cornelia McDonald, a widow
with seven children, whose comfortable life was shattered by the
loss of her husband and her home
and who now struggles for sustenance; John Robertson, an 18-yearold schoolteacher navigating a violent and dangerous east Tennessee
where neighbors warred against
each other as well as the Yankees;
and Mississippi minister Samuel
Agnew, who saw his community
invaded more than 60 times by
Federal forces. Mr. Ash traces
these lives in remarkable detail,
with a skilled novelist’s eye.
MR. AYERS is the author of ‘The Thin
Light of Freedom: The Civil War and
Emancipation in the Heart of America.’
to avoid, as Lee put it, the “useless
effusion of blood,” but both men
also sought advantage and pride in
the terms of surrender. The surrender at Appomattox did not, the
book is at pains to show, resolve
the nation’s struggles cleanly.
Grant, Ms. Varon notes, believed
that “his magnanimity, no less
than his victory, vindicated free
society and the Union’s way of
war.” Lee believed that the Union
victory was one of might over
right, that Southerners had nothing to repent of and “had survived
the war with their honor and principles intact.” He acknowledged
the wrong neither of slavery nor of
secession. Each man would soon
charge that the other had reneged
on his agreement at Appomattox.
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Classic, contemporary
and surprisingly cheeky:
the year in board books
for infants and toddlers.
Been in the Storm So Long
By Leon Litwack (1979)
2
LEON LITWACK’S STUDY depicts the moment the shackles
were cast aside. In it he sub-
Appomattox
By Elizabeth R. Varon (2014)
4
GETTY IMAGES
little hands pick them up. The pages
are thick, with pale and dainty
pictures of sweet little people, places
and animals (see above). In the farm
book, children can “love the lush
llamas” at a petting zoo; in the town
book, the toy store sells tiny faux
moustaches.
First published in 1950, the blaring
artwork and gentle text of “The
Quiet Noisy Book” (Harper Festival,
34 pages, $7.99) more than live up to
the paradoxical title. Leonard Weisgard’s illustrations are bright and
harsh, with sharp angles and edges,
while Margaret Wise Brown’s writing
runs in tender counterpoint: “It was
a very quiet noise. As quiet as someone eating currant jelly. As quiet as a
little kitten lapping milk. Quiet as a
bird’s wing cutting the air.”
David McKee’s brilliant, mordant
riff on a boy and his indifferent
parents, which made its debut in
1980, returns as a board book. “Not
Now, Bernard” (Andersen Press, 26
pages, $9.99) captures the innocence, the perplexity and the rage of
a little boy who cannot get his
parents to pay him the least notice.
If he’s polite, he’s told, “Not now,
Bernard.” And even if he’s monstrous—I mean, what’s a boy got to
do to get a little attention?
n-
THE
CHEEKIEST
and most surprising
board book of 2017,
“What Does Baby
Want?” (Phaidon,
22 pages, $12.95),
by the Japanese design team Tupera
Tupera, is cut in the shape of a disc.
That means that each page is circular and that, when the book is
opened, it creates the shape of two
round objects, side by side. What
might a baby want that takes the
shape of two round objects? Well, if
the baby is hungry . . .
Bobby and June George’s chic
primer “My First Book of Patterns”
(Phaidon, 66 pages, $16.95) offers a
step-up from instruction in basic
shapes. Bright artwork by Boyoun
Kim introduces patterns in a cumulative way, starting with their smallest components, as in: “This is a zigzag. A lot of zigzags make . . .
chevron!” Each pattern, including
plaid and argyle, features in its own
busy, colorful, seek-and-find scene.
No other artist infuses the world
of machinery with the seriousness
and drama of William Low, who
with “Trucks to the Rescue!”
(Godwin Books, 22 pages, $7.99)
brings his gorgeous, realistic style
of painting to the smallest readers.
The pages of this short board book
alternate between problems and
solutions. For instance, an airplane
waits on a dark runway: “Not
cleared for takeoff—missing luggage,” we read. Flip the page, and
here comes help: “BAGGAGE TRUCK
to the rescue!”
Thick, sturdy and springing open
at the touch, “Buildablock”
(Abrams Appleseed, 90 pages,
$16.95) functions as much as a
guessing game as a book about
vehicles and machines. Christopher
Franceschelli’s latest colorful collaboration with the design team
Peskimo begins with the “smash,
crash” of a wrecking ball and pages
that fold out to reveal a construction
site. “So many trucks! So many
workers! But what do they all do?”
The pages that follow introduce
children to the thrill of bulldozers,
graders, skippers, excavators, cranes
and pile drivers.
ly
.
CHRONICLE
1
MARGARET WALKER, WHO
grew up in Alabama, earned a
Ph.D. in Iowa and taught college
in Mississippi, transformed stories
passed down among the women in
her family into the most powerful
novel ever written about the end of
slavery. The book brings home the
hard choices that confronted freed
slaves—among them, whether to
stay on the land of the white people
they knew or look for new lives
among strangers. “Jubilee” revolves
around Vyry, born in slavery and
coming of age in the tumult of the
Civil War and Reconstruction,
scratching the worn-out soil to feed
a family in constant danger of separation. One character, an elderly
woman who was a slave only days
earlier, has piled all she could from
her abandoned master’s house into a
cart pulled by goats. She tells skeptical Union soldiers that she paid for
it all with a lifetime of labor: “I
buyed it with myself. I work for
Marster nigh on to fifty years; ever
since I been big enough to hold the
hoe.” A product of decades of
research into history, folklore and
religion, “Jubilee” succeeds in telling
a universal story of “a people who
have had to develop compassion out
of suffering.” It is unsentimental and
unflinching in its portrayal of the
most profound transformation in the
nation’s history, as seen through the
eyes of its least powerful people.
DIEGO VALDEZ
on the end of the Civil War and slavery
FREE Former slaves, Richmond, 1865.
ELIZABETH R. VARON
means to recast our understanding of one of the pivotal—and, in her view, most romanticized—moments in American
history. She takes us into the respective headquarters of Robert E.
Lee and Ulysses S. Grant while the
war is still on, as the generals
send terse, carefully worded
letters back and forth. Both sought
The Souls of Black Folk
By W.E.B. Du Bois (1903)
5
W.E.B. DU BOIS, a brilliant
historian, sociologist and activist, explored the legacies
of the Civil War and emancipation
in a pioneering suite of essays. As
soon as the Federal armies entered
the South, he writes, “fugitive
slaves appeared within their lines.
They came at night, when the
flickering camp-fires shone like
vast unsteady stars along the black
horizon: old men and thin, with
gray and tufted hair; women with
frightened eyes, dragging whimpering hungry children; men and
girls, stalwart and gaunt,—a horde
of starving vagabonds, homeless,
helpless, and pitiable, in their dark
distress.” The Freedmen’s Bureau
arose to help the former slaves
establish new lives, but the agency
fell victim to white Southern
intransigence and white Northern
abandonment. This “heavy heritage” of injustice, poverty and
disenfranchisement, Du Bois
prophesied, would mean that “the
problem of the Twentieth Century
is the problem of the color line.”
He was proved correct.
no
Best-Selling Books | Week Ended Dec. 3
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
The Pioneer Woman Cooks
1
Ree Drummond/William Morrow & Company
LAST
WEEK
2
TITLE
AUTHOR / PUBLISHER
Audacious
Beth Moore/B&H Books
Hardcover Fiction
THIS
WEEK
LAST
WEEK
6
–
Garth Brooks: Anthology Part 1 LE
Garth Brooks/Pearl Records, Inc.
2
New
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
3
5
Elf on the Shelf
Aebersold / CCA & B
Grant
Ron Chernow/Penguin Press
4
–
Killing England
9
10
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Obama: An Intimate Portrait
5
Pete Souza/Little, Brown and Company
4
Promise Me, Dad
Joe Biden/Flatiron Books
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
Guinness World Records 2018
7
8
Guinness World Records Limited/Guinness World Records
8
–
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
TheGetaway(DWK#12)
Jeff Kinney/Harry N. Abrams
THIS
WEEK
LAST
WEEK
1
1
Wonder
2
8
R. J. Palacio/Alfred A. Knopf Books For Young Readers
LAST
WEEK
The People vs. Alex Cross
6
James Patterson/Little, Brown and Company
–
The Midnight Line
Lee Child/Delacorte Press
7
–
8
New
–
Past Perfect
Danielle Steel/Delacorte Press
Origin
Dan Brown/Doubleday Books
4
–
Wonder (Movie Tie-In Edition)
9
–
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Harry Potter...Prisoner/Illustrated
J.K. Rowling/Arthur A. Levine Books
5
–
Hardcore Twenty-Four
Janet Evanovich/G.P. Putnam’s Sons
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
7
THIS
WEEK
LAST
WEEK
1
–
Darker: Fifty Shades Darker
1
E L James/Knopf Doubleday Publishing Group
New
New
Fiction E-Books
TITLE
AUTHOR / PUBLISHER
The Instant Pot Electric...Cookbook
Laurel Randolph/Rockridge Press
Hillbilly Elegy
J. D. Vance/HarperCollins Publishers
–
The Pioneer Woman Cooks
2
Ree Drummond/William Morrow & Company
3
Tom Clancy Power and Empire
2
Marc Cameron/Penguin Publishing Group
Astrophysics for People in a Hurry 3
1
Neil deGrasse Tyson/W. W. Norton & Company, Inc.
The Sun and Her Flowers
3
Rupi Kaur/Andrews McMeel Publishing
4
Past Perfect
3
New
Danielle Steel/Random House Publishing Group
The Body Keeps the Score
4
–
Bessel van der Kolk MD/Penguin Publishing Group
Garth Brooks: Anthology Part 1 LE
Garth Brooks/Pearl Records, Inc.
The Reason I Jump
5
–
Naoki Higashida/Random House Publishing Group
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.
10
–
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Darker: Fifty Shades Darker
E L James/Vintage
1
New
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
2
1
Fiction Combined
–
Hardcover Business
THIS
WEEK
LAST
WEEK
Tribe of Mentors: Short Life Advice
Tim Ferriss /Houghton Mifflin
1
1
Principles: Life and Work
Ray Dalio/Simon & Schuster
2
3
Total Money Makeover
Dave Ramsey/Thomas Nelson
3
5
–
Strengths Finder 2.0
Tom Rath/Gallup Press
4
4
Wonder
3
2
R. J. Palacio/Alfred A. Knopf Books For Young Readers
New
The Midnight Line
4
Lee Child/Random House Publishing Group
2
The Rooster Bar
John Grisham/Doubleday Books
The Elf on the Shelf
5
Carol Aebersold & Chanda Bell/CCA & B
8
End Game
5
David Baldacci/Grand Central Publishing
3
The People vs. Alex Cross
5
James Patterson/Little, Brown and Company
4
Extreme Ownership
Jocko Willink/St. Martin’s Press
5
2
5
The Hideaway
Lauren K Denton/Thomas Nelson, Inc.
6
–
Origin
Dan Brown/Doubleday Books
6
–
Retire Inspired
Chris Hogan/Ramsey Press
6
–
Whiskey Beach
7
Nora Roberts/Penguin Publishing Group
–
The Midnight Line
Lee Child/Delacorte Press
7
–
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
7
7
4
Of Mess and Moxie
Jen Hatmaker/Thomas Nelson, Inc.
6
–
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
Quiet
Susan Cain/Crown/Archetype
7
–
Astrophysics for People in a Hurry 7
10
Neil deGrasse Tyson/W. W. Norton & Company, Inc.
The Girl with Seven Names
8
10
Hyeonseo Lee & David John/HarperCollins Publishers
THIS
WEEK
3
Sapiens
1
Yuval Noah Harari/HarperCollins Publishers
2
TITLE
AUTHOR / PUBLISHER
The Rooster Bar
John Grisham/Doubleday Books
10
Nonfiction Combined
THIS
WEEK
TITLE
AUTHOR / PUBLISHER
Methodology
6
4
Harry Potter: A Journey...
8
British Library/Arthur A. Levine Books
–
The People vs. Alex Cross
8
James Patterson/Little, Brown and Company
1
Tom Clancy Power and Empire
Marc Cameron/G.P. Putnam’s Sons
8
New
Emotional Intelligence 2.0
8
Travis Bradberry & Jean Greaves/TalentSmart
6
5
Past Perfect
Danielle Steel/Delacorte Press
9
New
The Energy Bus
Jon Gordon/Wiley
9
8
Love Your Life Not Theirs
Rachel Cruze/Ramsey Press
10
–
Capital Gaines
Chip Gaines/Thomas Nelson, Inc.
9
–
Milk And Honey
9
Rupi Kaur/Andrews McMeel Publishing
7
Origin
9
Dan Brown/Knopf Doubleday Publishing Group
Simplify
Joshua Becker/Joshua Becker
10
–
Grant
Ron Chernow/Penguin Press
–
The Rooster Bar
10
4
John Grisham/Knopf Doubleday Publishing Group
10
End Game
10
David Baldacci/Grand Central Publishing
–
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 9 - 10, 2017 | C11
* * * *
REVIEW
‘You can’t ask
your customers
to tell you what
to do next.’
JUDE EDGINTON FOR THE WALL STREET JOURNAL
co Fo
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bagless, cord-free stick vacuum,
which was originally introduced in
2011. Its currently technology is
the result of 134 patents and
188,000 hours in development by a
team of 150 engineers. Price range:
$300 to $700.
Market research at the time said
that customers weren’t especially
interested in cordless vacuums, but
Mr. Dyson decided to ignore it.
“You can’t ask your customers to
tell you what to do next,” he says.
“They don’t know. That’s our job.”
He credits his success to “perseverance, taking risks and having a
willingness to fail.” “Inventors
rarely have ‘eureka’ moments,” he
says. “Developing an idea and making it work takes time and patience.” He adds, “We fail every
day. Failure is the best medicine—
as long as you learn something.”
The company has announced
that it will expand into electric car
production by 2020. Except for the
car body, Mr. Dyson says, his company already makes the components necessary to build the vehicles, such as high-speed motors
and batteries. (He won’t provide
any further details about his
plans.) “It’s a point at which the
motor industry itself is having to
transform itself, so it’s a good time
to come in,” he says.
In addition to the company’s retail expansion in the U.S., Dyson
plans to begin opening stores in
India. It’s “an odd thing to do when
so many people are buying things
online,” Mr. Dyson says. “You
might say it’s counterculture to go
rent a very expensive premises on
Fifth Avenue, but we’re doing it almost precisely because of that.”
Mr. Dyson says that he wants to
use the space to demonstrate how
his products work and to learn
how consumers interact with them.
“It’s very difficult online and certainly in a normal store to explain
what we’re doing.”
Mr. Dyson has been outspoken
in supporting the British decision
to leave the European Union. “I
can’t imagine the United States
wanting another government telling them what to do,” he says. His
involvement in the Brexit issue has
prompted some to speculate that
he might have wider ambitions,
but he insists that he has no desire
to enter politics. “Oh no,” he says
with a laugh. “And any stronger
word in front of that.”
Mr. Dyson plans to spend more
time in the U.S., particularly in
New York, where he and his wife,
Deirdre, recently bought an apartment in Robert A.M. Stern’s new
luxury high-rise at 520 Park Avenue. In his down time, he farms,
gardens and makes wine at a vineyard he owns in France. “I’ve got
quite keen on it, and I’m trying
desperately not to become a wine
bore,” he says.
Given his focus on products that
keep surroundings clean, how tidy
is he? “Sometimes I like to clear
the desk,” he says. But other times,
he likes to surround himself with
books and objects. “I’d say I’m a
variable person,” he says. “It is organized chaos.”
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
James Dyson
n-
rently 33, with plans to grow to
around 200—are paid to work for
the company three days a week.
Two days a week they go to
classes on Dyson’s corporate campus, in subjects such as electronics
and mechanical engineering. (The
company covers tuition.) Students
work toward a bachelor of engineering degree from the University
of Warwick, whose professors
teach the classes.
At the same time, Mr. Dyson,
who has built an empire of hightech, design-centric consumer
products including vacuum cleaners, supersonic hair dryers and airpurifying fans, is opening his com-
no
FOR DECADES, the billionaire inventor James Dyson has been asking officials in Britain what they
planned to do about the paucity of
engineering students in his home
country. Last year, Jo Johnson, the
minister for universities and sciences, introduced reforms that
made it easier for companies and
institutes to get into education,
and he suggested that Mr. Dyson
himself start a university for engineers.
This fall, Mr. Dyson launched
the Dyson Institute of Engineering
and Technology in Malmesbury,
England, where his company is
based. Students—there are cur-
The British inventor wants to recruit
more students into engineering
pany’s first stores in the U.S. One
opened Nov. 30 in San Francisco
and the second, on Manhattan’s
Fifth Avenue, will open Dec. 14.
Mr. Dyson, 70, was born in Norfolk, England. He had no formal engineering training. Instead, he
went to art school and then studied design at the Royal College of
Art. He started inventing early on:
His Ballbarrow, a wheelbarrow that
had a big red ball in the front instead of a wheel, came out in 1974.
After being frustrated with his
own vacuum cleaner, he came up
with his first designs for a bagless
version in the 1970s. He worked on
them for years, while he and his
wife lived on her teaching salary.
Mr. Dyson tried selling the designs
to manufacturers and distributors
in the U.K., but when he couldn’t
find any takers, he worked with a
Japanese company that launched it
in Japanese catalogs.His pink GForce vacuum, which collected dust
into a translucent container rather
than a bag and cost $2,000, won
the 1991 International Design Fair
Prize in Japan. The same year, he
started his company.
Last year, Dyson, which is privately held, brought in more than
$2.5 billion in revenue, and it now
has some 9,000 employees. One of
the company’s top sellers is a
MOVING TARGETS: JOE QUEENAN
WHEN I WAS A KID, the only thing
I wanted out of life was for my dad
to stop bothering me. Whether I was
playing my guitar, reading a book or
phoning my girlfriend, he bothered
me. In his view, the best thing about
being a parent was the opportunity
to ceaselessly annoy smaller people.
I couldn’t wait to leave that house.
American society has now turned
into the house I grew up in. People
never stop invading my mental
space. In a restaurant, the waiter
keeps popping by to ask if everything is all right “so far,” ominously
implying that something is lurking
inside the chicken parm that could
make things go south in a hurry.
On the flight to LAX, the pilot
constantly interrupts the movie to
announce that the plane is cruising
at an altitude of 35,000 feet and
should be able to make up the 15
minutes wasted on the runway.
Bogus outfits constantly call, purporting to raise money for veterans,
cops, political prisoners, rain for-
ests. Telemarketing robots check in
to see if I want to repair my devastated credit-card rating or escape
the clutches of the IRS. Cultural organizations phone to ask if I’m
aware that ticket prices cover only a
fraction of the costs of running the
Philharmonic, the art museum, the
Amazon. “I am aware,” I reply. “You
just called 20 minutes ago.”
The internet, invented to facilitate the flow of information, now
merely facilitates the flow of interruption. The time has come to add
new “freedoms” to the admirable
list of four offered by President
Franklin Delano Roosevelt on Jan. 6,
1941. His were freedom of expression, freedom of religion, freedom
from want, freedom from fear.
To these we must add:
Freedom From Algorithms. Everything about e-commerce is
based on the assumption that if you
like schnauzers, you’ll love
dachshunds. Algorithm-crazed
Amazon will never let me forget
We need a break
from all the
pleas, threats
and reminders.
that in a moment of weakness I
bought Leonard Cohen’s “Live in
Dublin” and so might be interested
in “Leonard Cohen Live Absolutely
Everywhere Else.”
Freedom From People Who
Make Annoying Noises For a Living. Leaf-blowers. Guys who wake
you up at six with electric stonecutters. Jim Cramer.
Freedom From Pop-Ups. I only
need a new sofa once every quarter-century. Stop.
Freedom From Emails Announcing Not-to-Be-Repeated 36-hour
Sales on Dirt-Cheap Flights to Atlanta, Duluth and Houston. Expedia ceaselessly barrages me with
puzzling, un-occasioned queries
like: “Remember Mount Laurel,
New Jersey?” Yes. How can I forget? By the way, don’t you guys
ever offer dirt-cheap flights to
Paris, Tokyo, Beijing?
Freedom From Scams That Insult My Intelligence. Sorry, Mr. Ambassador, but I am not meeting you
at a discreet Lagos hotel with a
teller’s check for $25,000 so that
you can make the necessary payoffs
to liberate that $40 million you
have salted away in a Swiss bank.
Freedom From Follow-up Inquiries by Third-Party Sellers. Stop
asking if my experience purchasing a lightly used copy of “The
Guitar Player’s Handbook” met my
expectations as a consumer. I just
want the book.
Freedom From Wait Staff. See
above, regarding the chicken parm.
Freedom From Disconcerting Error Messages. Stop telling me that
the last time I opened a file I
made a fatal error. Start sending
messages like: “The last time this
file was accessed, someone made a
little boo-boo.”
Freedom From Newsmaking
Tweets. Yeah, you know who
we’re talking about. Just stop.
Take a day off. Let the rest of us
breathe. You’re starting to remind
me of my dad.
NISHANT CHOKSI
Freedoms for an Age of Nonstop Botherers
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
EXHIBIT
This 2010 image captures a
huge sunspot, slightly larger than
the size of Earth. The dark area
is cooler, while the lighter spokes
are hotter.
Heavenly Bodies
This composite
image from 2000
shows the small
moon Io and its
shadow on Jupiter.
Io is about 4.5
billion years old.
Venus’s silhouette is visible in
the top right as the planet
crosses the face of the sun in
2012. The transit of Venus across
the sun won’t be visible from
Earth again until 2117.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
This 2014 image was captured about 2 million miles
from Saturn. Galileo first
observed the planet’s rings,
made up mostly of ice rock
and carbon dust, in 1610.
The massive
circular structure
on the south pole
of the asteroid
Vesta may have
been created after
a collision with
another asteroid.
The crater is 286
miles across; Vesta
itself is 329 miles
across.
WHAT’S OUT THERE? The new book “The Planets” (Chronicle
Books, $40) features 200 images from the past 50 years of
NASA’s archives, along with text by science writer Nirmala Nataraj. The book shows the variety of phenomena our solar system
holds, from ancient lava flows to hydrocarbon seas—as well as
the dramatic improvement in space imagery over the decades.
Looking at the pictures “instigates this sense of awe and wonder
that we’re all looking for,” says Ms. Nataraj. —Alexandra Wolfe
PHOTOGRAPHS BY NASA
PLAYLIST: OLAF OLAFSSON
ASK ARIELY: DAN ARIELY
Norwegian What?
To Tidy Up Sinks, Name Names
An Icelandic boy faces the mysteries of
the Beatles, English and girls
Hi Dan,
In the kitchen at work, my colleagues often leave piles
of dishes and mugs in the sink, right in front of the
sign asking everyone to clean up their things and put
them away. How would you get more of my co-workers to deal with their own dirty dishes? —Rosie
music. The opening sitar had a
seductive, dreamy quality, but I
didn’t understand a word of
English. So I’d imitate what
John Lennon was singing.
When I asked Jon to translate, he laughed me off. Which
soon sent me off to my dad’s
study and his dictionary. “I once
had a girl / or should I say / she
once had me.” It obviously was
a love song.
The line that
stumped me was, “We
talked until two / and
then she said / ‘It’s
time for bed.’” Time
for bed? Years later, I
figured it out.
The song awakened
my interest in folk
and classic rock. It also gave me
a mystifying glimpse of my own
future and how the strange
worlds of boys and girls eventually intersected.
A few years ago, my wife and I
renovated our apartment. For
one of the rooms, I decided to
purchase a turntable. Among the
vinyl albums I bought was “Rubber Soul.” When I put on “Norwegian Wood,” I was back in my
brother’s room and thumbing
through my dad’s dictionary. My
son was home at the time and
liked what he heard. He was 18
and didn’t need any explanation.
n-
Olaf Olafsson, 55, is executive
vice president of Time Warner
and the author of five novels,
including his latest, “One Station Away” (Ecco). He spoke
with Marc Myers.
Use transparency—that is, try to make it possible to tell
exactly who’s following the clean-up rules and who
isn’t. When we feel anonymous, it’s much easier to
commit minor infractions like leaving a dirty cup or
dish behind. Eliminating
the anonymity would
make your coworkers
feel more accountable.
At our lab at Duke,
we had the same problem. As soon as there
was a single dirty mug
in our sink, people
thought it was OK to
add more. Soon the sink
would be full. So we
bought everyone a mug
with his or her name on
it and got rid of the old
nameless mugs. Now it’s
clear who the mug offenders are, and this
solved the problem.
I would suggest asking everyone to bring in
personalized dishware.
PETER OUMANSKI
For those who don’t
comply, get a permanent
marker and write their names on the back of dishes.
As long as people see that their less-than-desirable
actions are evident to everyone else, the pile of dirty
dishes won’t come back.
no
In the late 1960s, Iceland was
isolated from most foreign influences. We had one state-owned
TV station and one radio station
that played classical
music and a little jazz,
if they felt adventurous. Fortunately, I had
a brother who was 19
years older than me.
I was 5 in the summer of 1968, and my
brother, Jon, was on
break from the University of Liverpool, where he was
studying oceanography. Whenever he returned home to our
family apartment in Reykjavik,
he had new albums. I suddenly
had become tolerable to Jon
and was permitted to spend
time in his room, where he had
a stereo with a turntable. That
summer, I heard the Beatles’
“Rubber Soul” for the first time.
The cover of “Rubber Soul”
was intriguing. My first thought
was, “These guys need a
haircut.” My father often took
me to the barber.
The song on the album that
grabbed me
was “NORWEGIAN
WOOD,”
which on the
British release
was the second song on
the first side.
I remember
lying on the
floor on my
stomach, lisPAUL MCCARTNEY, left, and John Lennon in 1965.
tening to the
Hints of
a world
of adults.
GETTY IMAGES
Hi Dan,
Two cigarette manufacturers in the U.S. recently had
to start airing TV and newspaper advertisements explaining the negative effects of smoking as well as
the addictive properties of their products. Will these
ads have any effect? It strikes me as a naively rationalistic approach of the “if people only knew, they
would change their behavior” variety. This strategy
has existed for decades—and it has not made a difference. Do you think that the new ads will actually
reduce smoking? —Steve
I suspect that you are correct and that this is going
to be a very costly, ineffective way to curb smoking.
By now, it’s common knowledge that smoking causes
cancer and other serious health problems—no one
will be surprised by what’s in these ads. In general,
research shows that information about health risks
has done little to promote healthier behavior. Just
think about the many ignored pleas to wash hands or
pay attention to calorie labels.
Researchers have found that emotional approaches
often don’t work either, but still I might try a strategy focusing on some immediate negative effects of
smoking like body odor
or yellow teeth. A more
extreme approach, which
uses moral outrage,
would be to tell people
that if they smoke they
are simply slaves of the
cigarette companies, the
same ones that for years
have deliberately and
knowingly harmed their
customers.
Hi Dan,
My boyfriend doesn’t
want to have children,
but I do. What can I
do? —Amy
There is an interesting
psychological reflex
called the endowment effect. Basically, once we
become the owners of
something, we start looking at it from a different perspective. In particular, we begin to look at what we
own as more valuable. Here’s where your question
comes in: The endowment effect would suggest that
someone who has not been that excited about the idea
of having children starts looking at them more favorably if he learns that he is the owner (father) of a child.
So this weekend why don’t you ask your boyfriend to play a game called “spot the fake news.”
Tell him a few things that are
true and a few that are not, inHave a
cluding the “news” that you are
expecting. Before you end the
dilemma
game and reveal the truth, have
for Dan?
another discussion about havEmail
ing children—and see if the
AskAriely
new perspective gets him to see
things differently. Good luck.
@wsj.com
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 9 - 10, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. Amid sexual misconduct
charges, Al Franken
said he’d resign
from the
Senate. By
how many
votes was
he first
elected in
2008?
Provided by the
National
Museum of
Mathematics
The coach decides to give the team
C. Ellie
D. Eddie
a workout with a couple of probability
problems.
5. What new material does GM
plan to use in the bed of its
premium large pickup trucks?
Fifty-Fifty
From a bag containing red and
blue balls, two are removed at
random. The chances are 50-50
that they will differ in color.
What were the possible
numbers of balls initially in
the bag?
A. Titanium
B. Carbon fiber
C. Gorilla glass
D. Gluten
A. 312
B. 3,120
C. 31,200
D. 312,000
6. Wal-Mart Stores Inc. is
changing its name. To what?
For previous weeks’ puzzles, and
to discuss strategies with other
solvers, go to WSJ.com/puzzles.
2. The International Olympic
Committee suspended Russia
from next year’s Winter
Olympics over alleged doping—
in what context?
A. Cartier
B. Walmart Stores Inc.
C. Walmart Inc.
D. Wal-Mart Inc.
A. Last year’s U.S. election
B. The 2016 Rio de Janeiro
Olympics
C. The U.K. Brexit vote
D. The 2014 Sochi Olympics
7. There’s a major security
effort under way in Sheltered
Harbor. Why?
ILLUSTRATION BY LUCI GUTIÉRREZ
Random Toss
Teammate Joachim is tossing circular disks randomly on a floor
marked out in squares. He wins if the disk lands so that it covers
parts of exactly two or three squares. In the diagram, A and B are
winning positions, while C and D are not. Suppose the squares have a
unit side and Joachim gets to pick the diameter of the disk.
What probability of winning can Joachim achieve and what disk
diameter achieves this?
A. Donald Trump will begin
using a home in this exclusive
Hamptons enclave.
B. Despite precautions,
pirates stole several large
yachts and are asking for their
own reality show.
C. It’s an effort by U.S.
banks to head off runs in case
of a devastating cyberattack.
D. It’s the setting for a new
novel about a plot to shut
down the financial system.
A. He endorsed a two-state
solution for Israel and the
Palestinians.
B. He ordered the U.S.
embassy moved to Jerusalem.
C. He recognized Jerusalem
as the Israeli capital.
D. All of the above
+
SOLUTIONS TO LAST WEEK’S PUZZLES
Fight Club
UM B R E L L A
H A R E M P A N
F R E E O N B A
Y A K
T P K
AMA
H O P
C OM B
I P O
I MH O
E P I
NM E X
V I N E G A R
E N T S
S P
S S T S
T A
H A D W
MA D E F O R
I S U R E D O
D E M
R O O T
I C B M
MA
B O P
D
F L U T E
A P
D O N O T C R O
R O NWE A S L
S Y N
R E E
A. Noel Francisco
B. Ian Heath
Gershengorn
C. Neal Katyal
D. Heather Dunbar
A. Auggie
B. Ozzie
To see answers, please
turn to page C4.
WRAPPED & UNWRAPPED a. F(RING)E
b. C(HOPI)N c. K(NIGH)T d. U(BANG)I
e. E(REMIT)E f. U(TRILL)O g. O(RATIO)N
h. P(IRATE)D i. S(ALIEN)T j. T(ANGEL)O
k. S(TINGE)R l. S(MARTIN)G
m. A(BASEMEN)T
ACROSS 4. PLUSh 7. IN A FLASH (anag.)
9. SEGO (anag.) 10. DE + GREEn 11. FILE
+ T 12. MA(P)LE 14. APACHE (“a patchy”
hom.) 17. NESTLE (hid.) 19. MES(A)S
21. RE + YES 22. A + PE(MA)N 23. ROTI
(2 defs.) 24. MAGNESIA (anag.) 25. LAP +
IN 26. PRO + D
DOWN 1. ALE TAP (anag.) 2. IN + DIE
3. TART + ARE 4. PLEIADES (anag.)
5. L(A)UNCH 6. SH + OE 8. SIGHt
11. FL(ATL) + AND 13. THERE’S + A
15. ENSUING (“Guinness” minus “s” anag.)
16. ASIA + GO 18. ERMA (hid.) 19. MEN +
LO 20. TAMPa
Wrap Session
T
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S A N T A
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M E D I C
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C C A R P E
A L D
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M E N T A
B R O OM
B R O
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S T I
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P
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p
B A
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on
8. The Supreme Court heard
arguments over whether a
baker can refuse to sell a cake
for a gay wedding. Name the
solicitor general who argued
in favor of the baker.
4. “Wonder” is a breakout box
office hit about a fifth-grader
with head and face
abnormalities. What’s the
name of the movie’s
protagonist?
Learn more about the National Museum of Mathematics (MoMath) at momath.org
ly
.
3. President Trump made a
brief but important address on
the Middle East. Which of
these was included?
Varsity
Math
W
I
C
K
E
D
W
I
T
C
H
N
E
S
T
L
E
S
K
A
The clue for the central answer is “Stuck tag
on outside of present” = AD(HERE)D
Divide by Three
Cutting the Domino
1a.
2.
1b.
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
2
3
4
5
6
7
8
9
20
21
23
24
26
29
30
27
31
32
36
33
37
40
41
44
57
10
58
45
46
53
54
59
60
64
47
61
65
68
69
72
70
73
74
76
77
83
88
89
90
85
91
95
99
84
92
96
97
100
101
104
105
110
111
113
114
Predisposition | by Gabriel Stone
Across
12
13
44 Something many
tween boys do?
48 Subs for
53 Abbr. once paired
with zero
54 Job in a cab
company’s office?
57 Flute’s kin
60 “You know you
want to!”
62 Noncommittal
reply
63 Bee’s
grandnephew
64 Grueling exams
65 Partied before
kickoff
67 Murmured
lovingly
68 Skilled
69 Language in
which “Good
morning” is
“Moghrey mie”
70 Busy times on
the Côte d’Azur
71 Boorish sorts
72 Public speaker?
75 Peacemaker
maker
76 Current condition
77 Model of Pogo
that’s not for
sale?
83 Does an usher’s
job
86 “Three Tall
Women” writer
87 Valuable deposit
14
15
16
17
18
19
45
46
47
49
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Labyrinth | by Mike Shenk
Answer words go into this grid
in two ways. Across answers
are entered, two answers per
numbered row, in the order of the
clues. Winding answers are also
entered in the order of the clues, in
one unbroken string that begins in
the upper left corner, continues to
the right, forms one long path that
winds around the grid between the
heavy lines and ends in the box
beneath the starting box. Use both
sets of clues to find your way
around.
Across
1 • 1983 film in which two
teens track down the
creator of Falken’s Maze
• Battery part
2 • Appropriate
inappropriately
• Catch up
3 • Depressed area
• Like some aunts and
flights
4 • Putting down
• Johnnie Walker Red and
Chivas Regal, e.g.
5 • Its euro coin depicts a harp
• Skeevy fellow
6 • Proceed with pride
• In need of recharging
7
• Generous serving
• Precious bar
• Asteroids and radio sets,
• Cause for crutches
e.g.
8 • John le Carré, e.g (2 wds.)
• Circumflex look-alike
9 • Rubbers and the like
(2 wds.)
• Euphonium’s cousin
10 • Prime minister between
Barak and Olmert
• Magazine whose first
issue had Mia Farrow on
the cover
11 • Singer-songwriter Patty
• Discontinued GMC
pickups
12 • Like the best 16th-century
swords
• Easter flower
13 • Source of holy smokes?
• Enterprise vehicle
14 • Composer Satie
• Somewhat, but not
completely (3 wds.)
Winding
• D.C. business whose guests
can stay in Room 214, the
“Scandal Room” (2 wds.)
• Unhurried pedestrian
• Had an unpleasant outcome
(3 wds.)
• Some bikes (Hyph.)
• 1983 #1 hit song from the
“Flashdance” soundtrack
• Heat in the street (2 wds.)
• Camera setting
• Shaker fill (2 wds.)
• Magazine whose January
1973 cover featured a dog
with a gun to its head
(2 wds.)
• Formerly
• Repeated mechanically
• Standard car feature, back
in the day
• Velvety cotton twill fabric
• Puts up
• What a whetstone is
used for
• Versatile street performer
(2 wds., Hyph.)
• First throws of 7 or 11
• Orchestra section
Get the solutions to this week’s Journal Weekend Puzzles in next
Saturday’s Wall Street Journal. Solve crosswords and acrostics
online, get pointers on solving cryptic puzzles and discuss all of the
puzzles online at WSJ.com/Puzzles.
s
1 Idiom derived
from Hebrew, e.g.
9 Words after bum
or thumb
14 No longer
cashable
20 Jr. of “Gilligan’s
Island”
21 One might stay in
a lot
22 Vans liner
23 Vandalize the
faces on statues?
25 Forgo a trial
26 Music’s
Stravinsky
27 Merinos that
have been
marked down?
29 Seamstress’s
supply
32 Their home ice is
KeyBank Center
34 Oscar nominee
for “The Crying
Game”
35 Olympus ___
(Martian
mountain)
36 Takes part in a
stock exchange?
37 Hankers after
38 Ruby on film
39 Metal containers
40 Star pitcher
41 Gold medalist
David Boudia, e.g.
42 Be a buttinsky
Flock together
Fan
club focus
22
Perfect doubles
25
Situation that
28
precludes a
sacrifice
34
35
50 Unnaturally
38
39
sound sleep
51 Servant to
42
43
Prospero
48
49 50 51 52
52 Timetables,
informally
55 56
55
Home
of college
62
63
football’s
Cyclones
66
67
56 Smidgen
71
57 Stimuli
75
58 Round trip?
78 79
80 81 82
59 Makeup of some
surfboards
86
87
60 Metal containers
93
94
61 Added to the
98
soup
65 Shingle sealer
102 103
66 Perched on
106
107 108 109
67 French luxury
112
fashion brand
69 Artist’s
115
inspiration
71 Gets by
73 Dethrone
5 Femur setting
88 Minor clash
74 Secret digits
6 Shakespearean
91 Tool for confident
75 Place to sip and
ensign
solvers
surf
7 Fails to mention
92 Wild spells
78 Bird and King
adequately
94 Litter in the
79 Away from the
8 Sight from la
country
wind
plage
95 Ready for
80 Bed with bugs?
9
“Honey
in
the
customers
81 Hankering
Horn” musician
96 Name on many
82 Private meal
10 Nutrageous
a 91-Across
brand
84 Way awesome
97 Less biased
11 High Sierra
85 Breaks away
98 Big blows
runners
88
Grand’s kin
99 Bring shame
12 Ninny
upon a “Live!”
89 Hound
13 Clinched
co-host?
90 Neighbor of
14 Summit offering
102 Raiders
Namibia
quarterback
15 Addition column
92 Fish ladder user
Derek
16 Narrow strips of
93 Pier supporter
104 Promoting a
land
94 Kakapo or
book, say
17 Pamper
cockatoo
105 Choose not to
18 Barkin and
95
Fish
market
take the country
Burstyn
features
seriously?
19 Bathysphere
96 Old poets
110 Reacted to a big
destination
97 Saint’s
blow
24 Rival of Courier
celebration, in
111 John at the
and Becker
Italy
keyboard
28 Call for
98 “I Ran All the
112 A bit bawdy
Way Home”
29 Not nude
113 Prized fiddles
singer Buddy
30 Particular places
114 Loose talk
100 Felt awful about
31 Isn’t square
115 Rock sample
101 Extinguish
33 Declare
103 Like a versatile
Down
37 Catlike mammal
radio
1 Blue
38 Even with
106 Yard makeup
2 High priest in the
39 Freeze fixer
107 Pier group?:
Book of Samuel
Abbr.
41 Ninnies
3 More, to Miguel
108
Perp pincher
42
D.C.
United’
s
org.
4 Laughing
43 Like some lingerie 109 Is for you
uncontrollably
11
n-
1
no
FROM TOP: ASSOCIATED PRESS; ISTOCK
VARSITY MATH
From this week’s
Wall Street Journal
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
PETER TUNNEY’S ‘The
Sinking of the Taj Mahal,’
commissioned by Faena Hotel
Miami Beach; below, Channing
Hansen’s ‘Software.’
lately won raves for her topsyturvy vases and ceramic sculptures that sit at the intersection
of anthropomorphism and “Alice in Wonderland.” Major collectors like Dennis Scholl,
Charles Saatchi and Anita Zabludowicz have purchased her
work. For the fair, Salon 94
showed “Boucherouite V,” a
new glazed porcelain and stoneware piece that looks like a
woman covered in a black-andwhite patterned tribal print. As
of Friday afternoon, it was still
available for around $50,000.
SERGE ALAIN NITEGEKA
Born in Burundi and forced
out of his home—and later,
Rwanda—by civil war and
genocide, Mr. Nitegeka is best
known for arranging black
planks of wood at odd angles
that require visitors to tiptoe
around them, a nod to the
fragile instability of life as an
immigrant. Newer works at the
fair by the artist, who is now
based in South Africa, involve
thin, wooden sheets bent into
curled, cleanly formal shapes.
The Stevenson gallery booth
was selling them for $22,000
apiece. “He’s interested in tension,” said Lerato Bereng, the
South African gallery’s associate director.
Art Basel’s Close Rivals
BY KELLY CROW
AS ART BASEL MIAMI BEACH celebrates its
Sweet Sixteen, the parties down the block are
louder than ever.
This year, a glut of competing art events
has put pressure on the fair to
wrangle collectors’ attention. Of
course, the main event, which
started in 2002, retains its artworld cachet as the year’s last
art-buying hurrah, drawing the
usual hordes of collectors wearing chunky neon sneakers and
flip-flops.
But all over town, artists have
set up eye-candy installations.
They range from a colorful neon-lined nightclub
with a black-and-white interior designed by German artist Carsten Höller to a group of spindly
turrets and gilded pianos that Miami artist Peter
Tunney salvaged from an Atlantic City casino
and half-buried in the sand beyond the Faena
Hotel Miami Beach, “Planet of the Apes”-style.
LUCY DODD
This New York painter might
someday be sighted shopping
for art materials at a farmers
market: Her earthy abstractions
contain a range of organic materials rarely combined, even on
a plate. “Jupiter’s Folly,” her 12foot-square work at the booth
of New York gallery David
Lewis, includes ingredients like
charcoal, wild walnut, yerba
maté, squid ink and kukicha, or
Japanese twig tea. Last year,
her career got a boost when the
Whitney Museum of American
Art gave her a show. “Jupiter’s
Folly” sold the first day of the
fair for $125,000, and her gallery said the buyer
has promised to give it to a U.S. museum.
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Museum debuts, vivid
installations and the fair itself
are vying for attention from
the hordes of collectors
Miami’s museums have also jockeyed for
time. The Institute of Contemporary Art in Miami is using fair week to open its new, expanded
building. Earlier this week, the Bass Museum of
Art opened an exhibition of the often-surreal
work of Argentine Mika Rottenberg to showcase
its own recent overhaul.
But fair organizers said collectors are still
carving out time to shop. Hundreds lined up
outside the Miami Beach Convention Center on
Wednesday morning to attend the fair’s VIP
preview, including celebrities like actor Brad
Pitt, supermodel Cindy Crawford and pop
singer Ricky Martin. Organizers expect at least
70,000 people to attend the fair
before it ends on Sunday.
Boulders and rocks turned
up in artworks throughout the
fair this time around. Berlin
artist Alicja Kwade suspended
rocks in oversize metal rings,
and Ugo Rondinone piled rocks
into colorful totems. At Revolver Gallery, artist Ishmael
Randall-Weeks set chunks of
silver and copper on a rotating, circular staircase that led to nowhere. Other artists like
Carl Mannov toyed with furniture, turning sofas on their sides or attaching oversize claw
feet to metal desks.
Major sales included Hauser & Wirth’s $9.5
million sale of Bruce Nauman’s suspended foam
ly
.
ICONS
One work
mixes wild
walnut,
squid ink
and twig tea.
creatures, “Untitled (Two Wolves, Two Deer),
1989,” to an Asian collector. The gallery also
sold a triptych by abstract painter Mark Bradford for $5 million. Pace Gallery sold Yoshitomo
Nara’s 2012 painting of a “Young Mother” for
$2.9 million. With some exceptions, most of the
first-day sales hovered around $1 million or less.
Plenty of dealers also brought lesser-known
artists, betting on the fair’s reputation for transforming young or overlooked creators into international stars. A few highlights:
FRANCESCA DIMATTIO
The daughter of a New York ceramist, this
artist first broke through as a painter but has
CHANNING HANSEN
Crafts meets math for this Los Angeles artist,
who hand-dyes and spins yarn, then knits it into
patterns he’s created using algorithms derived
from research into his own DNA. Major museums own his work, including hometown institutions like the Hammer Museum as well as Amsterdam’s Stedelijk Museum. For the fair,
London dealer Stephen Friedman brought a
group of Mr. Hansen’s latest knit works, including 2017’s “Software,” a $50,000 piece stretching across a pair of wooden frames.
FROM TOP: ELIZABETH LIPPMAN; MARK BLOWER
MASTERPIECE: ‘HEAD’ (C. 1913) BY AMEDEO MODIGLIANI
n-
THE EXPRESSIVE ESSENTIALS
formerly in the collection of Fort
Worth oilman Ted Weiner and his
wife, Lucile, who, together with their
THE KIMBELL ART MUSEUM sets a
daughter Gwendolyn, assembled an
standard for excellence. It’s not hyimportant collection of modern art,
perbole to say that every work in the
with an emphasis on sculpture, in the
permanent collection attests to the
1950s and ’60s. In 2017, Gwendolyn
influence of demanding eyes, and cuWeiner gave “Head” to the Kimbell, in
ratorial and scholarly rigor in its sehonor of her parents.
lection. As we move
Today, Modigliani is
through elegantly proknown for paintings of
portioned galleries in
figures with elongated,
the original Louis Kahn
stylized features and
building or the more
canvases of voluptuous
recent Renzo Piano adnudes, but he considdition, reveling in the
ered himself to be priwashes of diffused daymarily a sculptor. In
light, we marvel at the
the early part of his
wealth of splendid,
years in Paris—he arwholly characteristic
rived in 1906, at the
works by celebrated
age of 22, from his naartists. We are also intive Livorno, Italy, and
troduced to the accomdied there at 35—he
plished efforts of less
concentrated mainly on
familiar painters and
carving, before abansculptors, as well as to
doning sculpture for
atypical or little-known
painting around 1914
aspects of well-known
because of deterioratartists’ work. For reing health and poverty.
peat visitors, there’s alIn 1912, in fact, Modimost always something
gliani exhibited seven
new and wonderful to
carved heads in the Sadiscover.
lon d’Automne, in a
The Kimbell continroom of Cubist paintues to add, discreetly, to
ings. The Kimbell
its already impressive
“Head,” one of about
holdings: a fascinating
27 surviving sculptures
painting by Michelanby the artist, was made
gelo, made when he was
in Modigliani’s Monta student, or a ravishing
parnasse studio, where
Nicolas Poussin, part of
his vanguard artista series commissioned
neighbors
included
by one of his most imConstantin Brancusi.
portant patrons. And
Like his older RomaTHE WORK joined the Kimbell’s collection earlier this year.
more, including, this
nian colleague, Modi-
year, a magnificent stone sculpture by
Amedeo Modigliani (1884-1920),
“Head,” c. 1913: a mysterious, inwardly focused woman evoked by a
smooth oval punctuated by delicate,
minimally delineated features, framed
by roughly indicated hair, balanced on
a sturdy, casually carved column of
neck. This subtly modulated work was
KIMBELL ART MUSEUM
no
BY KAREN WILKIN
gliani championed direct carving, in
opposition to the indirect methods
taught at the Academy of modeling
in clay or plaster for translation into
another medium. He scavenged materials, such as the ample limestone
block from which “Head” is carved,
from building sites, including the
Paris Metro, then under construction.
The way massive forms are reduced to expressive essentials in
“Head” owes something to Brancusi,
but it’s clear that Modigliani was also
looking attentively
at the sources that
inspired his older
Romanian-born colleague:
African,
Egyptian, Archaic
Greek, and Asian
sculpture. We are
immediately
reminded of African
prototypes by the work’s compressed,
schematic features—the almond eyes,
narrow nose and tiny, pursed
mouth—pushed to the front and center of the swelling mass of the face;
by the projecting, chunky ear; and by
the poise of “Head,” its angular
weight of hair, and the long, thick
neck. But Modigliani, perhaps in
homage to the economical geometry
of Archaic Greek figures, turned the
fragile, sharp-edged forms of African
carvings into blunt, aggressively
three-dimensional volumes. The orchestration of textures and surface
inflections is entirely Modigliani’s
own, as well: the contrast between
the almost brutal chisel marks that
suggest the heavy cap of hair and the
smooth, fleshy ovoid of the face, an
opposition mediated by the roughhewed marks of the robust neck.
The “stoniness” of the pale limestone from which “Head” is carved
unifies these varied surfaces somewhat, but the play of the assertive
textures of hair and neck against the
refined, carefully finished face is
more dramatic than in most of Modigliani’s other sculptures. It makes
us especially aware of the artist’s
hand and of the process of coaxing
the sculpture from the block that
once contained it. So does the rather
four-square character of the work.
Each view of “Head”
is distinct, notably
unlike the others,
and self-contained,
with clear profiles
that announce the
memory of the
block. There are no
suave transitional
passages to send us
spiraling around the sculpture.
"Head" is confrontational and declarative. We cannot predict what
other sides will look like from a single view, despite our long familiarity
with what human heads look like in
the round. The angular mass of
gathered-up hair comes as a surprise, as we move around the piece,
as does the difference in the way the
two ears are suggested, and the
tight clenching of the features
against the soft cheek and jaw, when
seen in profile. We are made aware
of Modigliani’s will, as much as we
are of his hand. The enigmatic, introspective personage he pulled
from an inert limestone block comes
alive.
We are made
aware of the
artist’s hand—
and his will.
Ms. Wilkin is an independent curator and critic.
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.
A data-detox
plan for
cyclists who
lug too many
gadgets
Ready to wolf
down in 35
minutes:
Bourbon-infused
meatloaf
D12
D11
EATING
|
DRINKING
|
STYLE
|
© 2017 Dow Jones & Company. All Rights Reserved.
FASHION
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, December 9 - 10, 2017 | D1
Burgundy Goes
no
n-
BOOM
And you thought the art market was wild. As the Burgundy bubble inflates, the region’s bottles are fetching colossal
prices at auction. Here, pro tips to navigate the options and drink very well without breaking the bank
BY LETTIE TEAGUE
B
URGUNDY IS A STUDY in contradictions. Collectors will pay thousands
for a single bottle of the region’s best
wine—which may well be a fake. Plutocrats will pay hundreds of millions
for a winery on a tiny parcel of land. And Burgundy’s weather is perfect for growing Chardonnay and Pinot Noir...except when it’s not. A single
hailstorm can cut a Burgundy harvest in half, and
hailstorms happen with alarming frequency in
this part of the world.
The power of the region’s “brand” has been
building for thousands of years, since the Romans
planted the first vines. Medieval monks created
many of the vineyards still celebrated today. After
the French Revolution, vineyards that belonged to
the church or the nobility were broken up and
sold to individuals, begetting the shape of modern-day Burgundy, a land of relatively small, privately held domaines versus the large estates
found in Bordeaux.
Burgundy’s singular classification system focuses not on individual estates but on geography,
with vineyards classed in a hierarchy of four levels: regional, village, premier cru and grand cru.
This system also demarcates five sub-regions: the
Côte-d’Or, where (nearly) all the famous grand cru
wines are produced; Chablis in the north; and Mâconnais, Côte Chalonnaise and Beaujolais in the
south. (See “Tabulating Terroir,” page D10.)
In other parts of the world, producers aim to
borrow Burgundy’s cachet, referring to their Pinot
Noirs and Chardonnays as “Burgundian.” Some
even appropriate the region’s vineyard-rating system. I’ve tasted so-called “grand cru” and “premier cru” wines produced far outside France.
But make no mistake: Burgundy’s Pinot Noirs
and Chardonnays are unlike those produced in
Please turn to page D10
[ INSIDE ]
DENMARK’S SECOND CITY
If you like Copenhagen, you should be
open to Aarhus, the nation’s rising star D8
SUSSING OUT A KITCHEN
We guessed it was designed to evoke a
’30s farmhouse. We were wrong D6
NEW YEAR’S SLEEVES
Coverage that’s still comely for the
season’s round of festive parties D3
BAGGAGE CLAIMS
Some men insist that over-the-shoulder
duffles beat a wheelie bag every time D2
PHOTO ILLUSTRATION BY JOHN KUCZALA, ILLUSTRATIONS BY CLYM EVERNDEN (PEOPLE), GETTY IMAGES (GALLERY)
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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.
D2 | Saturday/Sunday, December 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
Duffle Hunting
SHOULDERED AND WISER
These five bags, pliable
and highly stuffable, adhere
to rigid TSA dimension rules
Stylish travelers are rejecting roller bags for over-the-shoulder satchels
in leather or canvas—dapper carry-ons with a rich history
BY JACOB GALLAGHER
T
RAVEL MAY be a drag,
but Andy Spade believes your carry-on
shouldn’t be. “A roller
bag looks like you’re
pulling groceries behind you,”
sniffed the co-founder of the creative consultancy Partners & Spade.
“It’s like your bag is on a leash.” Instead, the former owner of New
York luggage company Jack Spade
totes an over-the-shoulder duffle
from either the North Face or Patagonia. Mr. Spade’s adamant opinions on this subject influenced the
product line of Jack Spade while he
was there: The company never once
made a telescoping-handle carry-on
wheelie bag. For him, a wheelie
symbolized the stress of a harried
traveler barreling through the airport to catch a flight. In contrast, a
duffle radiates rugged sophistication (think “Out of Africa”), restoring dignity to modern travel, which
is otherwise so mortifying.
UPSCALE CANVAS
London-based bag brand
Troubadour punctuates its canvas
carryall with black leather trim.
Bag, $695, troubadourgoods.com
ly
.
FORECAST: PORTABLE
The nylon twill duffle from upstart
label Stuart & Lau has a rubber
waterproof backing. Bag, $385,
stuartandlau.com
©BURT GLINN/MAGNUM PHOTOS (LEFT); DAVID CHOW FOR THE WALL STREET JOURNAL (BAGS)
CLASSIC ROCKS
This leather Lotuff weekender
will age gracefully as you rack up
frequent flier miles. Bag, $1,200,
lotuffleather.com
HANDSOME HANDLER
Lengthen the strap to shoulder
length on this Hermès bag if
you need to sprint to the gate.
Bag, $3,800, hermes.com
CARRY ON, JEEVES Travelers have long celebrated the natty look of the soft duffle, an alternative to traditional
hard-shelled suitcases, as shown in this 1959 photograph taken in St. Moritz, Switzerland.
n-
that brands such as Everlane, Best
Made Co. and L.L. Bean have addressed by making duffles in light,
sturdy cotton. Other men suck it up,
willing to shoulder a little more
burden for the stylishness of hide.
After all, a well-appointed leather
bag from a heritage label such as
no
Shoulder bags aren’t just some
perverse exercise in nostalgia,
however. They also offer efficiency,
said Matthew Stuart Janney, a frequent flier who traveled extensively when he worked for Ralph
Lauren in Hong Kong. “Roller bags
may look beautiful, but the new
ones lack pockets on the outside,”
said Mr. Janney, who strove to correct that deficiency with Stuart &
Lau, a shoulder-bag-focused luggage line he started in 2016 with
business partner Jimmy Lau. Outer
compartments keep a mini iPad or
passport at hand, not to mention
snacks to fuel the tiresome trek
through LAX or O’Hare.
And let’s talk about the space
advantage: Typically, airline guidelines limit carry-on bags to 9
inches by 14 inches by 22 inches; a
duffle needn’t sacrifice space to
wheels and rods, so you can cram
in more, said Lindy McDonough,
the designer and creative director
of Lotuff, a Providence, R.I.,
leather-goods company. Ms. McDonough finds that her 19-inch
duffle bag lets her pack five day’s
worth of clothing, more than the
three her previous bags allowed.
Some men complain that a
leather duffle is heavy, a concern
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A duffle bag radiates
rugged sophistication
(think ‘Out of Africa’).
Ghurka or Frank Clegg matures
with wear, giving the carry-on bag
a rugged allure. “Remember Indiana Jones’ beautiful, beat-up
leather bag?” said Ms. McDonough.
“That’s the effect you want.” It
shows that you’re a seasoned traveler—someone who has gone
places—even if the destination was
Miami and not the Well of the
Souls with its room of slithering
snakes. And when the TSA agent
completes the pat-down, your bag
will be a familiar, wrinkly-leather
face, waiting for you at the end of
the security conveyer belt.
POCKET THE DIFFERENCE
J. Crew’s nylon duffle offers a 747ready upgrade to the gym bag, with
eight cavernous pockets. Bag, $178,
J.Crew, 800-562-0258
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
THE ROW
#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 9 - 10, 2017 | D3
* * * *
STYLE & FASHION
A Modesty Proposal
Scouring the web for holiday attire, one woman finds a reason to be merry: festive dresses with, yes, sleeves
BY CHRISTINE LENNON
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GETTY IMAGES (GRAND CENTRAL); DAN AND CORINA LECCA (BURCH); YANNIS VLAMOS (WICKSTEAD)
I
’LL BE HONEST. I don’t
know exactly how searchengine algorithms work, but
they most assuredly do. I
spend a lot of time scouring
sites for “long sleeve midi dresses,”
seeking that elusive number that’s
fitted enough to feel tailored and
loose enough to be comfortable—
and doesn’t expose an ungodly
amount of skin. It’s a challenge to
find a great dress if you’re in my
age group, deep in the decades between ingénue and dowager, and
strive to look more like Cate
Blanchett than Kate Smith.
After I undertook many lengthy
searches, the web gods caught on,
floating an ad for the Modist (themodist.com) onto my screen this
past spring, and I took the click
bait. Only after filling my cart with
dark florals from brands like Preen,
A.L.C., and Ganni did I notice that
one of the categories at the top of
the page read “Ramadan.”
As it turns out, Modist (a 19thcentury term meaning “follower of
fashion”) is a play on “modest.” I’d
been too googly-eyed over the
clothes to grasp that the site, which
is based in London and Dubai, catered to women who adhere to
strict religious guidelines with their
wardrobe. Shariah law requires
women to cover their bodies save
for their face and hands; many
Christian and Orthodox Jewish
women dress conservatively as well.
As a lapsed Unitarian, I have no
beliefs guiding me to cover myself
up more. Indeed, back when I was
in my 20s, a colleague mentioned
that she could tell I was from Florida because I was comfortable
wearing so little clothing. (I don’t
think it was a compliment.)
But my tastes have changed since
then. In a recent hunt for holiday
COVERED GIRLS Designers are becoming wise to the fact that women are eager to buy party dresses with actual
sleeves. From left: Carolina Herrera, Tory Burch, Valentino, Emilia Wickstead, Erdem
garb, my goal was to figure out how
to wear 3 yards of fabric yet still
define a waist. To me, the coverage
feels a little more sophisticated and
a lot less exposed, both literally and
LUST OBJECT
symbolically. It also speaks to my
rebellious side: When people start
showing up on red carpets mostly
naked, I reach for the muumuu.
A long sleeve doesn’t offer literal
no
n-
DEAD THRILLING From
left: King and Queen
Cachette Beryl Vert
Earrings, $235,000,
Dior Fine Jewelry,
800-929-3467
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANND CARDENAS
view is a kind of armor to protect
ourselves from the chaos around
us,” said Ramya Giangola, founder
of Gogoluxe, a New York-based
fashion and retail consulting firm.
And when headlines about sexual
assault coexist with ones about
the Victoria’s Secret fashion show
in Shanghai, you know times are
confusing.
While some fashion journalists
have pegged modest dressing as the
decade’s defining trend, Ghizlan
Guenez, the Modist’s founder,
wanted visitors to the site to notice
its style first, not its commitment
to demure coverage. “The goal was
to create a well-edited luxury shopping experience for women who enjoyed dressing modestly, either as a
style statement or for religious reasons,” said Ms. Guenez.
In the right hands, the look can
be modern and lean, not merely a
way to hide upper arms that aren’t
what they used to be. With Valentino’s non-skin-baring dress (pictured), vibrant color counteracts
dowdiness. London-based designer
Emilia Wickstead said revealing
skin strategically—a flash of ankle,
leg or wrist—or wearing sheer fabric that hints at the form beneath
it, is sexy, and not obviously so.
“Dressing modestly can be sexier than showing a ton of skin, as
it’s the allure of what’s underneath,
and the mystery of peeling back the
layers, that is so fascinating,” said
Ms. Giangola.
You can also achieve a chic
effect by creatively pairing separates, as in Ms. Wickstead’s turtleneck and sequined skirt combo
(pictured). Something as simple as
layering a sparkly sleeved-body
suit under a dress you own, a ploy
I’ll likely employ, changes the
game completely.
And in a sea of barely tangible
slip dresses and glittery body-con
minis, modesty can be shocking.
YOUR BUDGET, R.I.P.
These extravagantly priced earrings—with a design
influenced by the tradition of Victorian mourning jewelry—are
something we dream about owning
BY REBECCA MALINSKY
NOTHING CREATES buzz quite like a royal
wedding, as the recent news of Prince Harry
and Meghan Markle’s engagement made amply clear. But a royal death runs a close second: A few generations back, Queen Victoria
caused a similarly seismic stir with an elaborate display of grief after the passing of
her husband Prince Albert in 1861. Limiting
herself to somber black dresses for 40 long
years and placing a lock of his hair into her
locket, she defined a new category of attire:
Victorian mourning dress.
In 2014, the exhibit “Death Becomes Her:
A Century of Mourning Attire” at the Metropolitan Museum of Art’s Costume Institute
in New York cataloged the many ways
Queen Victoria’s ideas have resonated
through the years, from the tradition of
wearing black to funerals to the crafting of
jewelry that pays homage to a loved one.
The elaborate mourning jewelry created
during the Victorian era is highly collectible
and still influential today.
While this new pair of earrings, a mis-
matched “king” and “queen” set, from Christian Dior’s high-jewelry collection isn’t
meant to honor anyone in particular, the set
does nod to the style, said Dior Fine Jewelry
creative director Victoire de Castellane, who
used filigreed gold to allude to the strands
of hair in traditional mourning lockets.
Why they’re so very expensive: The
gemstone in each earring is an unusually
large pale green beryl—4.24 carats for the
rectangular king; 4.8 carats for the ovalshaped queen. “I started with the idea of
pastels,” said Ms. de Castellane. “I wanted a
romantic, poetic color.” A plentiful use of diamonds hints at the excessively luxurious
décor of the Palace of Versailles, also among
Ms. De Castellane’s inspirations.
Where we’d wear them: Definitely not to
a funeral (way too show-offy) but perhaps a
dressy, yet sober event like the upcoming
productions of “King Lear” or “Long Day’s
Journey Into Night” at the Brooklyn Academy of Music (BAM).
How we’d feel wearing them: Happily
alive in ornate earrings that might turn
deadly Queen Cersei Lannister in “Game of
Thrones” beryl green with envy.
protection from anything, except
maybe a chill, but it sends a clear
message that I am very selective
about who I allow to see my body.
“Dressing from a modest point of
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
FÊTE ACCOMPLI
Fa-La-La-La Land
At Barneys’ holiday party in
Los Angeles, cactuses were
more prevalent than firs
HOBNOBBING WITH...
CASSANDRA GREY
The founder of beauty site
Violet Grey on all things festive
HEIGHTS OF FASHION
cookies, eggnog,
trees, snowmen,
Santa Claus, presents. [Songwriter]
Carole Bayer Sager
throws an amazing
holiday party. One
year, after dinner,
there were these
amazing dogs doing
tricks.
Drink of choice? It
used to be tequila
neat with loads of
limes. But I’m a sober alcoholic, so now
it’s ginger ale.
Perfume, yes or
no? Yes. Me without
perfume is like
French fries without
ketchup.
Ideal night in? My
2-year-old son,
Jules, and I have
bath time. Then he
takes a shower. We
cuddle and watch
“Boss Baby.” He’s
asleep by 7:30, and
I have dinner in bed:
pasta al dente with
salt and pepper, olive oil and Parmesan
cheese. And I watch
“Star,” a show that’s
pretty bad but good.
—Edited from an
interview by
Marshall Heyman
ly
.
Greg
Chait
Best party ever?
[Agent] Sue Mengers
threw an engagement
party for me and my
late husband, Brad, at
her house near the
Beverly Hills Hotel.
She talked like a
sailor! It was like being at a salon dinner
with Gertrude Stein
and Hemingway.
Cocktail or dinner
party? The latter.
It’s a controlled
crowd. You are
seated. There’s no
small talk.
Best icebreaker?
The awkwardness of
silence in party conversation is unbearable. So I give authentic compliments
and ask questions. I
also find someone
cool to talk to, like a
pretty girl or comedians over 70.
Favorite party outfit? Something
that’s bossy and
powerful. It’s a look
stylist Elizabeth
Sulcer branded
#palmergirls.
Best thing about
holiday parties?
I’m Jewish but love
Christmas—all of it:
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GETTY IMAGES
B
ALMY TEMPERATURES and
faux furs worn for fun: A Christmas in Los Angeles is nothing
like one in New York. So when
Barneys New York teamed up
with the Haas Brothers, the irreverent designworld duo, to celebrate its holiday collection
at its Beverly Hills store, green Mexican Fence
Post cactuses stood in for Douglas firs and
cocktails with silly names like “Cactus What
You Preach” supplanted eggnog.
Inside the colorful fête, attendees
checked out a selection of quirky gifts designed by Nikolai and Simon Haas: zebrastriped ornaments, cartoonish snakes in
iron-on patch form and limited-edition
skateboards inscribed with the brothers’
distinctively kooky lettering, to list a few.
Guests popped into a glittery photo booth,
also Haas-customized, and visited a silkscreening station to pick up T-shirts with
sayings like “Sun body loves you.” Barneys’
creative director Matthew Mazzucca shared
the mantra the duo adopted for the collaboGeorgie
ration: The future is your present. “That’s
Flores
what I want to live with forever: The future
in a
is now, the future is a gift,” said Mr. MazGiamba
zucca.
Coat
As it turns out, the future and how it
will unfold was especially relevant to Nikolai, who recently welcomed his first child
with wife Djuna Bel. “I had kids on my mind
when designing. So did my brother,” he said.
“Holidays are a time to reflect on what’s important to you and your family—and what’s
important to the world.”
That sentiment was behind their #haasSimon
rules, a hashtag that will bring in $5 for the
& Nikolai
Children’s Defense Fund for each social meHaas
dia post until Jan. 1, 2018. Another charitable twist: 100% of sales from the coloring
book in the Barneys collaboration will benefit the nonprofit too. —Brandi Fowler
Tallulah
Willis
Jenny
Cipoletti
with a
Prada
bag
Justin
Kern
Jessica
de Ruiter
BOWS AND ARROWS
In which we diagram the relative loftiness of festively knotted heels and flats. For this season’s parties, would you rather go high or low?
3.9”
3.5”
2.7”
Steep and Stellar
0.0”
A Slightly Wiser Rise
Strappy Medium
Floor Model
High but not quite as precarious, these heels
are also a glamorous option. The generous, foppish satin bows draped floppily across the toes
will cheer up even the most lugubrious shoe
fetishist. Beccara Pumps, $759, Manolo Blahnik,
212-582-3007
There’s an easy-breezy elegance to a pair of
black heels in which you can quickly and
shrewdly navigate a gala crowd, but these slingbacks are anything but predictable. Playfully
tilted bows add a chic sweetness. Yasling
Slingbacks, $795, christianlouboutin.com
New Year’s Eve: It’s a night to kick up your
heels, and we’ve always found that flats facilitate acrobatics. The elasticized back on this
fringily bowed pair will keep them on your feet,
no matter what position you end up in.
Lottie Flats, $118, jcrew.com —Lauren Ingram
n-
Introducing the holiday season’s overachievers,
nearly teetering heels that take home the gold—
not only for the Midas-like metallic hue but also
for the sassily askew way the knotted bows
grace the top. Annie Pumps,
$375, us.lkbennett.com
no
DAVID CHOW FOR THE WALL STREET JOURNAL
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D6 | Saturday/Sunday, December 9 - 10, 2017
NY
THE WALL STREET JOURNAL.
* ***
DESIGN & DECORATING
THE CRITICAL EYE
A Country Kitchen
This Side of Kitsch
NON-CLINICAL PRACTICE ‘We
use art and lamps and furniture-like
cabinets in kitchens,’ said designer
John Loecke of a room featured in
‘Prints Charming by Madcap
Cottage,’ by Mr. Loecke and Jason
Oliver Nixon (Abrams).
no
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JOHN BESSLER
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OUR DESIGN ASSESSMENT When we first saw this
image of a kitchen, it seemed clear that designers John
Loecke and Jason Oliver Nixon of Madcap Cottage had
gone for a homey mid-20th-century feel. It could be the
room in which Auntie Em worriedly washed dishes as
she waited for Dorothy’s return. The retro country
touches—a farmhouse sink, a tongue-and-groove ceiling,
rustic icebox latches and bin pulls—had us convinced
the kitchen was nestled in a lovely rural Midwest house.
The cheery colors of the tiles, wallpaper and cabinetry
hark to the 1930s through ’50s, worlds away from the
all-white and moody gray of urban millennial kitchens.
The room’s winky eclecticism, however, saves it from
rote period mimicry. A rococo-style sconce—a monkey
in a buccaneer’s cap that clings to an almost Victorian
botanical wallpaper—references an earlier century and
telegraphs wit. Meanwhile, a klismos chair and sleek
faucet have a 2000s aspect, as does the random application of tiles and their use well beyond a back splash.
The only design choice that seems at odds with this
tweaked homeyness vibe: a rather grim stone floor.
THE DESIGNERS’ RESPONSE Once done speculating,
we got the real scoop from the design team, partners in
both life and business. This “country” kitchen is situated just off Flatbush Avenue in Brooklyn, a resolutely
urban neighborhood, in their former home. But “we
didn’t want a clinical, serious kitchen,” said Mr. Loecke.
“It was in a 1910 Tudor row house, and Tudor is fairy
tale and theatrical.” More Cornwall than Kansas, their
inspiration came from the classic English country
kitchen, which explains the stone floor and the mix of
eras. “In an English country house, granny’s antiques
and modern art all work together because they’ve been
layered over time,” said Mr. Nixon. —Catherine Romano
ly
.
We weigh our analysis of this quirky setup
against the decorators’ intent
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* * * *
17 EAST 71ST STREET
N E W YO R K N Y 1 0 0 2 1
212 755 2017
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D6B | Saturday/Sunday, December 9 - 10, 2017
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* ***
THE WALL STREET JOURNAL.
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E
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I DO
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A CHILD’S ABILITY TO READ HAS
A BIG IMPACT ON THEIR FUTURE.
DONATE AND GIVE THE GIFT
OF LITERACY, OPPORTUNITY,
AND SELF-SUFFICIENCY.
HELP US AT READNYC.ORG
#SPREADTHEWORDS
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | D7
* * * *
DESIGN & DECORATING
Straighten Up
And Buy Right
UPWARD UTILITY
Bathrooms frequently have unused
vertical space, said Ms. Carlson.
Tra Coat Stand, about $182,
twentytwentyone.com
from a hook; keep spare toilet paper in a basket; and suspend extra
towels, rolled up and tucked in a
straw bag, from another hook.
Cross pollinate by employing
items designed for one application
in another context. Use a coat rack
in a bathroom, for example, or a
bamboo cutlery organizer in an office drawer.
Ms. Carlson’s mantra, “Beautify
ORGANIZATIONAL THERAPY // PRETTY PIECES TO MARSHAL YOUR JUNK
Vertical
Integration
no
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A peg board,
said Ms. Carlson, translates
the function of a
drawer vertically.
This style replaces the metal
hooks of your
dad’s particleboard version
with wood pegs.
“My husband
put one over his
desk,” said Ms.
Carlson. Reading
glasses go on
one of the movable shelves, a
tray on another
shelf holds coins
and his workplace I.D. badge
hangs from a
peg. “It’s great
for when he
empties his pockets.” Peg-It-All Pegboard, from
about $194, kreisdesign.com
Hooked on Hooks
“Hooks and pegs are a godsend,” said Ms. Guralnick. “Tossing a coat or scarf on one is as
easy as throwing it on a chair.” The rack below
falls somewhere in the middle of the vast range
of styles available, from utilitarian hardware to
swanky fixtures. “There’s a whole world of couture hooks,” said Ms. Guralnick. Sets in an entry
can function like the coat closet many of us
don’t have. Loose odds and ends such as gloves
can be gathered in a bag hung from one of
them. Ms. Guralnick suggests layers of high and
low hooks to maximize an area, or using more
than one wall. “You can wrap a room in Shaker
pegs and it looks great.” Nomess So-Hooked
Wall Rack, from $99, containerstore.com
Decant More Than Decently
Removing contents into a prettier container isn’t
just for wine. Dry-food goods, detergents, even
tissues can get a more handsome home. “I had
this one Kleenex box whose design I didn’t mind,
so I used to transfer new tissues into it,” said
Ms. Guralnick. “I didn’t know there were options.” Inside kitchen cabinets, the hodgepodge
of space-hog cardboard boxes and motley packaging can be improved by decanting cereals and
pastas into similarly styled containers, like the
Weck jars shown above, also useful for leftovers.
“The uniformity is beautiful,” said Ms. Carlson,
“and you can see what you’ve got.” Weck Jars,
from $12 for 2; Cork Tops, $4, shopterrain.com
Tray Chic
“Trays frame and finish, and keep objects from
wandering,” said Ms. Carlson. An enamel-covered metal tray can corral kitchen sink accouterments, and lifting them to clean underneath
is much easier. Inside a cupboard, they can
function much like shelf dividers. On top of a
dresser, perfume bottles and jewelry dishes can
be grouped with trays like those above. Nomess Display Tray, about $117, taninihome.com
the unbeautifiable,” might best be
expressed in her ideal medicine
cabinet, one as presentable as a
vanity table. Step one: Get rid of
the hodgepodge of prescription
medicine bottles, which shouldn’t
be in a humid bathroom, anyway,
and whose contents you can’t decant. Put the bottles in a nicelooking metal first-aid box or canvas bag near the kitchen sink, near
water glasses. Keep packaging that
you love, but with Q-tips, cotton
balls and makeup brushes, impose
a pleasing uniformity by putting
them in similar glass containers.
Ceramic (opaque) glasses can hold
your toothbrush and -paste. “It’s a
level of detail you could be
mocked for,” said Ms. Carson, “but
it makes it kind of a thrill to open
your medicine cabinet every day.”
MATTHEW WILLIAMS (ROOM)
T
HESE THINGS do migrate into living
spaces,” said Julie
Carlson, co-author
with Margot Guralnick
of the new book “Remodelista: The
Organized Home” (Artisan). Ms.
Carlson was talking about the
many boxes, baskets and tools we
bring into the house for storage
and utility, never expecting they’ll
become an aesthetic canker on our
obsessed-over décor. “My pet
peeve is those white plastic laundry baskets,” she said. Of such a
bin that has taken up residence
outside a friend’s laundry room,
she wondered heatedly: “How can
you stand to see that gross, whiteplastic laundry basket in your
beautiful architect-designed
kitchen? It lives in her kitchen.”
The book expands upon the design philosophy of Remodelista,
the website founded and edited by
Ms. Carlson (a part of Move, Inc.,
a subsidiary of News Corp, owner
of The Wall Street Journal). The
message: Even the mundane world
under your kitchen sink or in your
junk drawer should be considered
and pleasing.
“I don’t think people are thinking
of aesthetics” when they make
these purchases, said Ms. Guralnick.
“They’re just thinking practically
and going to Staples and buying
nine plastic bins.”
But as consumers grow uneasy
about adding more plastic to the
Pacific Ocean “garbage patches,” retailers are finding new answers. Not
only do enlightened Scandinavian,
British and Japanese companies offer elegant storage solutions of
wood, canvas, wicker, metal and ceramics, major American chains such
as CB2 and Target, too, are seeing
their way past plastics.
The objects the book favors lean
heavily on Shaker, retro and industrial styles, but the strategies apply even if your home’s décor
veers more polished or maximalist.
Glamorous organizational solutions abound, said Ms. Carlson:
brass hooks instead of wooden
pegs, ornate porcelain food-storage containers rather than Mason
jars. Find ones that jibe with your
interior, and stick to a consistent
style, whether the objects are out
in the open or in a cupboard.
Venture beyond predictable container stores, counsel the authors.
Smart alternative sources include
restaurant-supply outlets (for metal
mixing bowls), art-supply vendors
(glass paint jars), hardware stores
(wood-handled brushes and
brooms) laboratory-equipment sellers (glass-topped jars) and marine
suppliers (canvas bags). “Whatever
speaks to you,” said Ms. Guralnick.
Shopping your own house is
also encouraged. Rather than a
hideous plastic brush and caddie
alongside the toilet, opt for a
wooden-handled beaker brush
from a labware vendor and stow it
in a terra cotta flower pot or ceramic pitcher you already own.
Another trick: Nick ideas from
hotel design. “The rooms have to
have everything easily accessible,
spottable and attractive,” noted Ms.
Guralnick. Her favorite hotel-inspired moves: hang your blow
dryer, camouflaged in a flannel bag,
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BY CATHERINE ROMANO
ly
.
Decluttering solutions needn’t spoil your
décor. Here, the tools and expert advice you
need to impose order beautifully
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
ADVENTURE & TRAVEL
The Road Not Taken…Yet
Copenhagen hogs the spotlight, but for radical Danish architecture, cutting-edge food and plenty of hygge, head to Aarhus
My first stop had been Dokk1, an
angular, concrete-and-glass iceberg,
which houses Scandinavia’s largest
library and rises above Aarhus’s
many sets of docks. When I was
breathing evenly again after the ascent, I asked the librarian how she
felt about Aarhus’s Culture accolade. “I get goosebumps just thinking about it,” she said, tearing up,
before waxing poetic about the
city’s new sense of confidence and
gradual emergence from the shadow
of glamour puss Copenhagen.
Up another flight, Fritz Hansen
Egg-style armchairs, filled with laptop toting youngsters, looked out
onto the water, onto which a thick
mist still clung. Otherwise, I might
have been able to make out Bassin
7, currently the city’s most ambitious building project. Denmark’s
architect of the moment, Bjarke Ingels is transforming the harbor into
a public plaza, with swimming
pools, beach huts, a theater and jagged, high-rise apartments.
It’s another long—and this time
labyrinthine—walk to the top of
ARoS, Aarhus’s contemporary art
museum, whose corkscrewing interior feels like a convoluted Guggenheim. It’s well worth the trek, and,
in my case, the sweaty panic of
briefly getting lost, to emerge inside
a circular skywalk, its glass tinted a
rainbow series of colors by Icelandic artist-architect Olafur Eliasson.
The mist had dissipated by then,
giving me a rose-tinted—and yellow, green and blue—view of the
city as I encircled the skywalk,
sharing goofy grins with the few
other visitors. ARoS’s architectural
forebears were spread beneath me:
medieval townhouses with wonky
gables; the sober brick cathedral
and its copper spire; Arne Jacobsen’s and Erik Moller’s City Hall.
The following day, I explored Jacobsen’s and Moller’s modernist
masterpiece, a marble-clad monument to democracy that’s all the
more remarkable considering it was
completed in 1941, when Aarhus
was occupied by the Germans.
no
CRAFTED
BY
MASTER
KNIFE
MAKERS
SINCE
1814.
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The EU has anointed this
Danish city a Capital of
Culture for 2017.
AHEAD OF THE CURVE Clockwise
from top: ARoS museum; quail at
Gastrome; the Latinerkvarteret area.
n-
Guided tours are available on Saturdays, but it was Thursday, so I embarked on my own illicit circuit,
noting Jacobsen’s signature curvedwood benches above the spiral
staircase, the monochrome mosaic
floors and custom-made brass fixtures. Then, I caught the number 18
bus to Moesgaard Museum, 20 minutes’ drive from the city.
The archaeology museum, which
opened in 2014, is a peerless marriage of form and function. Out
there, the fog still lingered, forming
an appropriate backdrop to Henning
Larsen’s grass-covered building,
cantilevering from the ground at 45
degrees like a toppled gravestone. A
series of subterranean exhibitions
transport visitors through Scandinavia’s receding ice to the Stone
Age, with its hunter-gatherers and
their mountains of discarded oyster
shells. Some exhibits take the multimedia interactivity too far, including the heavy leather Viking helmet
with built-in headphones I put on
and promptly removed.
After the prehistoric hunting and
gathering, I was ready for a refined
meal. Gastrome restaurant, with its
blond-wood floor and sheepskindraped chairs, opened in 2014; six
days later, the Michelin inspectors
came calling, and awarded it a star
(“I think it’s a record,” said the
youthful sommelier-waiter). I was
expecting a wacky feast, but the ingredients shone for what they were
and didn’t pretend to be something
else. it was experimental without
straying too far into Willy Wonka
territory. From the beef tenderloin
with foie gras and sour pickled
beets, to the chicken skin butter and
peppery cream cheese on homemade bread, each bite was a delight.
My final stop was a wine bar
called S’Vinbar that was the very
definition of hygge, candlelit and
crammed with lanky Danes who
folded their extensive limbs around
bar stools. I asked the owner, Sabine Sunne, how Aarhus differs
from Copenhagen. “We take it down
a gear here,” she said. “Aarhus still
feels like a community, and unlike
in Copenhagen, which can be quite
snobby, we don’t feel we have to
prove anything.”
For more details on visiting
Aarhus, see wsj.com/travel.
PREPARE FOR
ARRIVAL.
Paradise is just a short flight away.
Visit thebreakers.com, call 877-881-9051
or consult your travel professional.
MIKKEL HERIBA FOR THE WALL STREET JOURNAL
EVER SINCE the waiter set down
my reindeer-neck rillettes starter, I
had known something was amiss
with my meal at Haervaerk, an offal emporium in the Danish city of
Aarhus. But I hadn’t been able to
work out what exactly. It wasn’t
the no-menu policy, which meant
each course was a (good) surprise.
Every dish, from the goose breast
with celeriac to the smoked venison and beetroot tartare, had
proved as tasty as it was inventive. No, it was the music. As “Escape (The Pina Colada Song)”
transitioned to “9 to 5,” I realized
that the restaurant’s ’80s-pop
soundtrack was utterly out of kilter with its natural wines, earthenware plates and candlelight. It was
a minor blemish on an otherwise
excellent meal, but in Denmark,
where design is elevated to high
art and everything is just so, you
notice such incongruities.
Aarhus, Denmark’s second city,
had been anointed a Capital of Culture for 2017 by the European
Union, and I’d come to check out its
design and food scene. I’d spent the
day taking in its radical public architecture, and getting a thorough
workout in the process. I’d been
warned that they’re big on steps in
Aarhus, because elevating buildings
above ground level allows in more
natural light—often a scarce resource in Scandinavia. Light alchemy was the founding principle
of Denmark’s famous Henning Larsen Architects and the company
now has a team dedicated to developing new techniques to harness it.
ly
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BY KATE MAXWELL
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 9 - 10, 2017 | D9
NY
* * * *
ADVENTURE & TRAVEL
TRAVELER’S TALE RACHEL LEVIN ON THE CULTURAL RITUAL OF SCHLEPPING TO THE SUNSHINE STATE
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East Coast Jews have been
making the trip for close to a
century now. So religiously
upheld is the ritual that the
flight routes between New
York and Florida have garnered such nicknames as the
Hebrew Highway, the Kosher
Clipper and the Bagel Run.
Florida and Jews wasn’t always a thing. But after the
“No Jews. No Blacks. No
Dogs” signs came down in the
1940s and the A/C came on,
the “chain migration” of
SITES & SIGHTINGS
no
SEA TO SHORE
The most innovative excursions from cruise ships
are much more compelling than a hasty port stop.
Here, a few that cover new ground
AZAMARA CLUB
CRUISES
FROM TOP: ALESSANDRO GRASSANI; AZAMARA; ROYAL CARIBBEAN CRUISE LINE
Locally
Sourced
Already known for its
longer port stays and
a culturally immersive
approach to destination cruising, Azamara
recently introduced
“Cruise Global, Stay Local” excursions from its midsize vessels. During a stop in Muscat, Oman, for example, passengers can disappear
into the desert in a chauffeured four-wheel-drive vehicle, exploring
hard-to-reach valleys before arriving at the Desert Nights Camp for a
barbecue (oud music complimentary). After sleeping in a stylishly
furnished, air-conditioned tent (pictured), they head back to the ship,
stopping en route to visit a Bedouin family in their home. From
$4,549 per person, azamaraclubcruises.com
CELEBRITY CRUISES
Bucket-List Bonus
Even larger cruise lines are offering
overnight excursions: Celebrity now
plans overland multiday adventures to
high-profile destinations such as Machu
Picchu, the Taj Mahal and Angkor Wat
(pictured). Farther afield, passengers on
certain Australia cruises can venture to
remote Cape Tribulation. Along with a
night at the Cape Trib Beach House resort, guests can go for a “dreamtime
walk” in the Mossman Gorge of the
Daintree Rainforest, before resuming
their undemanding cruise. From $659
per person, celebritycruises.com
chill and beg for Entenmann’s crumb cake.
In my 20s, when I started
traveling to truly exotic
places, I began to dread the
obligatory Florida Trip. So
much about the place suddenly made me cringe. The
sterility. The homogeny. The
canasta scene. And yet,
lately, I admit: I’m beginning
to get it. For many secular
Jews, “Boca” is a bond. My
Jewish generation may hate
Florida, but we also love to
hate Florida. Everyone loves
to hate Florida! Political
strategists. Larry David.
Buzzfeed’s annual “32 Unbelievable Things that Happened in Florida” lists are always a viral hit.
But for us, it’s personal.
Our roots run deep. When
my Canadian officemate and
I first met, in San Francisco,
and realized we were both
descendants of the Fountains’ D’Este court, we had
an instant connection, an
immediate understanding of
where we came from, of who
we were.
I like to think of Florida’s
gated Jewish communities as
the modern-day equivalent of
our ancestors’ Eastern European villages. Maybe the
gates themselves were
erected not so much to keep
others out, but to keep Jews
in, as August Wilson might
say. Together, in a world
where we are otherwise
spread thin.
My cousin Emily calls Florida “God’s Waiting Room.” At
44, she’s an aspiring resident.
Not me. I prefer skiing to water aerobics, seasonallydriven restaurants to multistation buffets. Still, I admit:
There’s a familiar rhythm to
the gated community vacation
I find comforting. In its Seinfeld-meets-Truman Show
way, it’s a place where nothing really happens and nothing really changes. Until, of
course, it does.
Last winter, my mother reminded me: I may no longer
have to visit my grandmother—but my daughter
still has to visit hers.
My parents swear they
SILVERSEA CRUISES
Sky-High Seas
Leave it to luxury line Silversea to bill its new category of shore trips as “The
Couture Collection.” Tacked
onto the beginning or end
of select cruises, they offer
small groups of travelers
uncommon experiences
such as hunting with eagles in Mongolia, zipping
off to Antarctica in a Gulfstream jet or—if you cough
up $27,000 or more—
spending nine nights in
Bolivia, exploring salt flats
or high deserts (pictured).
How high? “We start at
3,600 meters,” or nearly
12,000 feet, said Jannie
Cloete, director of Silversea
Experiences. That means
traveling in vehicles outfitted with oxygen. If the air
up there doesn’t leave you
lightheaded, the ultraluxury
camps just might.
silverseacouture.com
never saw it coming, but
somehow they succumbed to
Florida’s generational pull and
became snowbirds, too. “This
is it,” I informed my mother.
“You’re the end of the line. My
future grandchildren will
never step foot in Florida,” I
insisted, as we watched 7year-old Hazel do her 27th
handstand in the pool. My
mom and I sat with our legs
outstretched, our toes painted
the same exact shade.
ly
.
Every night, as the
sun dipped behind
the 13th hole, we’d
devour grandma’s
‘Swedish’ meatballs.
snowbirds began. As seniors
set south, they realized they
liked palm trees and putting
greens better than snow, and
decided to stay. At least until
spring.
Today, Southern Florida is
home to the country’s third
largest Jewish population (behind New York and L.A.), with
hundreds of communities lining the multilane boulevards
with the same lifestyle, if
varying levels of luxury, behind every gate.
My Brooklyn-born grandparents, Frances and Samuel
Rubin, found their slice of
retiree heaven in 1972 at
one of the first, the Fountains, in Lake Worth, a series of low-slung, stucco
apartments set on three golf
courses, with communal
swimming pools, a clubhouse and cul-de-sacs boasting exotic-sounding names
like D’Este, Trevi, Tivoli.
My sister and I grew up
making an annual Bagel Run
from Boston during winter
break. As a kid, I loved everything about Florida: The
sweltering days spent under
chlorinated water, timing
our handstands; the candy
dishes; the clink of the mahjong tiles; all those wizened
women and their perfectly
painted toes.
Every night, as the sun
dipped behind the 13th hole,
we’d devour grandma’s
“Swedish” meatballs. (“How
many bawls do you want?”
she’d call from the kitchen).
We’d nurse our sunburns,
watch “Wheel of Fortune,”
then wake up excited to do it
all again. If we ever left the
Fountains, it was only for
the Publix supermarket,
where I’d bask in the Arctic
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WHEN MY GRANDMOTHER
died in Delray Beach, a few
weeks shy of age 97, I was
sad, of course. And then, as
we ushered the final shiva
guests out the door and into
the monogrammed golf carts
they’d arrived in, I realized
a silver lining: A Florida
without Grandma Frances,
as unfathomable as that was,
was a Florida I no longer
had to visit.
Schlepping to the Sunshine
State to see your grandparents is as much a Jewish tradition as eating Chinese food
on Christmas—one highlighted by Sarah Silverman
during the 2008 presidential
campaign in a YouTube video
(aptly titled “The Great
Schlep”), in which she urged
us to go see our bubbes and
zaydes, and convince them to
vote for Obama.
PING ZHU
The Bagel Run: My Dutiful Sojourns in Jewish Florida
Rachel Levin is the San Francisco restaurant critic for
Eater. Her first book, “Look
Big: And Other Tips for Surviving Animal Encounters of
All Kinds” (Ten Speed), will
be published in April 2018.
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 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
FOUND: BURGUNDY’S BEST BUYS
3
4
6
WINEMAKERS TO WATCH
ly
.
New talent in some of Burgundy’s ’lesser’ precincts is turning out well-made, well-priced wines.
Here are 6 reds and 5 whites worth snatching up now, while they’re still affordable.
Reds
1. 2014 Domaine Denis Berthaut Fixin Les Crais ($46)
Only a few years ago, Amélie Berthaut took over her father’s domaine
in Fixin, but she has already made her mark with this beautifully delineated red from a small parcel first planted in 1946.
4. 2015 Domaine Y. Clerget Volnay ($55)
Thibaud Clerget is the 28th-generation winemaker at his family’s domaine,
and 2015 is his very first vintage. His rich, concentrated Volnay will benefit
from decanting or cellaring a few years—and signals a very promising start.
2. 2015 Didier Fornerol Côte de Nuits-Villages ($35)
After a stint as vineyard manager at the famed Domaine de l’Arlot, Didier Fornerol took over his family’s domaine, where he crafts wines like
this very pretty, rather light bodied red.
5. 2014 Domaine Raphaël Chopin Morgon Les Charmes ($24)
Raphaël Chopin founded his domaine in 2009, after buying his grandfather’s, and now makes wine in several Beaujolais appellations including
Morgan. His Les Charmes is aptly named—it’s an aromatically beguiling,
supple take on the Gamay grape.
3. 2015 Chanterêves Bourgogne Pinot Noir ($30)
The talented young husband-wife team of Guillaume Bott and Tomoko
Kuriyama created this ripe, juicy and irresistibly drinkable Bourgogne
rouge from a few different vineyard sources in the Côte de Beaune.
6. 2015 David Moreau Santenay Cuvée ’S’ ($30)
After stints at various wineries including Domaine de la Romanée-Conti,
David Moreau took over his grandfather’s estate and began making wellmade wines like this lush Pinot Noir from an old-vine vineyard in Santenay.
7
8
9
10
8. 2016 Patrick Piuze Vallée
Sébillon Chablis ($24)
French Canadian sommelier turned
winemaker Patrick Piuze has only
been making Chablis under his
own label since 2008, but he’s already a superstar, producing many
different bottlings from vineyards
in Chablis. This one is a crisp, vibrant wine with a scintillating
acidity.
9. 2014 Domaine Darviot-Perrin
Bourgogne Les Magnys ($40)
Geneviève Darviot studied under
Burgundy’s wines are classified by place rather than
domaine or chateau. Every
vineyard is classified, from
the grand cru vineyards at
the top, down to basic
Bourgogne. Here, a guide:
Premier Cru
There are 585 premier cru
vineyards (red and white) in
the Côte d’Or and Côte Chalonnaise, and 40 in Chablis.
These are rated as secondhighest quality and their
names are often hyphenated
with the nearby town (e.g.
Meursault-Charmes).
Whites
7. 2014 Feuillat-Juillot Montagny Les Coères ($30)
Montagny in the Côte Chalonnaise
is off the map for many Burgundy
drinkers, but it’s home to true talent, including emerging star Françoise Feuillat-Juillot. This premier
cru white is full-bodied and round
with a pleasing mineral finish.
TABULATING
TERROIR
Grand Cru
There are 32 grand cru
vineyards (red and white) in
the Côte-d’Or and seven
vineyards known as climats
in Chablis that make up a
single grand cru appellation,
producing the very best
wines, priced accordingly.
The most famous include
Montrachet, Corton,
Richebourg and Musigny.
no
everyone else. “At the top tier are Rousseau,
Roumier, DRC and a few others demanding
top dollar,” he said—wines you’ll see in just a
handful of restaurants, such as Restaurant
Daniel in New York City, and only if you are
willing to pay tens of thousands of dollars for
a bottle. In the “everyone else” category,
young growers producing excellent, affordable wines in less fashionable appellations
such as Santenay and Marsannay provide excellent value for money, as do the “entry
level” wines from négociants like Drouhin and
Jadot. Yet wines in this latter group can be
hard to sell, for retailers as well as wholesalers and importers.
For those prepared to look beyond the trophy wines, some very good Burgundies are
hiding in plain sight. Jason Jacobeit, wine director at New York’s Bâtard, believes the average quality of Burgundy has “never been
higher” thanks to a talented young generation
of winemakers; their entry-level examples can
deliver what he called an “authentic” Burgundy wine. Eighty percent of his wine list is
devoted to the region, presenting “a crosssection of what’s happening in Burgundy today”—top wines as well as a number from
“humbler appellations” like Savigny-lèsBeaune, and “basic” Chablis in the $38-$75
range. (See also: “Winemakers to Watch,”
right.)
Famed Burgundy importer Daniel Johnnes,
who represents some of the most sought-after producers, is excited about up-and-coming
talent in the region. “I’m going to Burgundy
in a couple weeks to meet some new producers,” he told me over the phone recently.
When Mr. Johnnes first traveled to Burgundy decades ago, the best domaines had
yet to be discovered by collectors or billionaires. He finds in the younger Burgundians
the same generosity of spirit and sense of
fun he once found in their older peers, but
also a greater savvy and worldliness. “They
have an eye toward commerce,” he said.
They also offer oenophiles an opportunity
to taste well-made Burgundies at reasonable prices.
5
her famous winemaking father
Pierre Perrin. Now she and her
husband, Didier, turn out wines of
impressive purity and length. This
is a ripe and lively wine with
notes of citrus and herb.
10. 2015 Benoit Ente Golden
Jubilee Bourgogne Blanc ($40)
His brother Arnaud Ente may be
more famous, but Puligny-Montrachet-based Benoit Ente is every
bit as talented a winemaker. This
powerful, rich Bourgogne Blanc is
a tour-de-force.
11. 2014 Domaine Boisson-Vadot Pierre Boisson Bourgogne
Blanc ($35)
Young Pierre Boisson works with
his father Bernard Boisson at the
family’s domaine, but he’s developing a style of his own. This terrific
and terrifically racy white is made
with grapes grown in Meursault.
11
Commune or Village
Red and white wines with a
village or commune name
can be made from grapes
grown anywhere therein.
Some villages attach the
name of a famous nearby
vineyard, as the town of Puligny did with Montrachet.
Regional
Nearly half of Burgundy production comes from vineyards in this category, representing an even broader
area. Wines in this classification may sport more specific
names—Côte de Nuits, for
example, refers to grapes
from the Côte de Nuits half
of the Côte-d’Or—or simply
the very broad “Bourgogne.”
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (WINE); GETTY IMAGES (VINEYARD)
2
n-
For those prepared to
look beyond the trophy
wines, some very good
Burgundies are
hiding in plain sight.
1
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Continued from page D1
any other place in the world. They range from
delicate and transparent to earthy, rich and
profound, depending on the site. In Burgundy,
terroir is paramount, and scrupulously
mapped. One vineyard might hold coveted
grand cru status while the one next door possesses no official status at all. This singularity
and specificity of place have helped make certain wines and wineries ardently sought-after.
The recent purchase of Clos de Tart, a winery in Morey-Saint-Denis with grand cru vineyards, gained a great deal of attention. François Pinault, who paid a reported $230
million-plus for a mere 18.5 acres, is no
stranger to high-profile wine investments: He
also owns Château Latour in Bordeaux. His
purchase follows closely on other acquisitions
in Burgundy by fellow billionaires such as André Hoffmann, a Swiss industrialist who
bought Domaine Jayer-Gilles in Côte de Nuits
in August of this year; Bernard Arnault, CEO
of LVMH Moët Hennessy Louis Vuitton, who
has owned Clos des Lambrays, another grand
cru producer in Morey-Saint-Denis, since
2014; and American impresario Stan Kroenke,
the owner of Napa’s Screaming Eagle winery,
who purchased Domaine Bonneau du Martray,
a top white Burgundy estate, earlier this year.
Why are these people willing to pay so
much for such small parcels of land? An economist might answer: supply and demand. Because the number of grand cru vineyards in
Burgundy is limited, the number of grand cru
wines is highly circumscribed as well. Collectors are willing to pay incredible prices to get
their hands on ultra-limited-production bottles from the so-called “big five”: Domaine de
la Romanée-Conti, Domaine Leroy, Domaine
Armand Rousseau, Domaine Georges Roumier
and Domaine Jacques-Frédéric Mugnier.
“People will overpay for these wines just
to cut down the looking time,” said Ian Dorin,
director of fine wine, New York, for Heritage
Auctions. In other words, these are tiny-production wines they simply must have. He
cited a would-be buyer who recently bid
$4,000 over the high estimate on five bottles
of 1990 Rousseau Chambertin and ended up
winning them, for the price of $18,000. In a
Heritage auction this fall, a collector purchased nine bottles of 2005 Domaine de la
Romanée-Conti Romanée-Conti for $150,000.
Never mind that some of these wines
might well be fakes. According to Los Angeles
lawyer and private wine sleuth Don Cornwell,
a “huge” amount of fake Burgundy is on the
market. “There are at least five different
counterfeiting rings in Europe,” he said. He’s
written extensively about the problem and
worked with the FBI and other police agencies. One of the most-faked labels, said Mr.
Cornwell, is Domaine de la Romanée-Conti
(DRC to those in the know). “I would not feel
sanguine about buying high-end wines of any
kind if I was a collector,” he said.
Wine merchant Geoffrey Troy of New York
Wine Warehouse said there are only two
kinds of Burgundy today: the big names and
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 9 - 10, 2017 | D11
NY
* * * *
EATING & DRINKING
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Bourbon Meatloaf With Mashed Potatoes
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA; PORTRAIT BY JOE MCKENDRY
BROOKLYN-BORN CHEF Edward Lee found his footing, professionally and creatively, in
Louisville, Ky.—not to mention
his home, his wife and his love
of bourbon. Mr. Lee’s first Slow
Food Fast recipe, a bourbon-infused meatloaf on a bed of
mashed potatoes, reveals both
his deep respect for American
comfort-food classics and his
notable talent for making them
his own.
Years ago, a client asked the
chef to come up with a meatloaf for a corporate event.
“This had to be great, and I’d
never actually made meatloaf
before,” he said. “I’m a Korean
kid from New York!” So he
turned to his then girlfriend,
now wife, Dianne Lee, for help.
“She’s pure German stock. Her
family grew up on meatloaf.”
The iteration Mr. Lee finally
hit upon combines traditional el-
The Chef
Edward Lee
His Restaurants
610 Magnolia and
MilkWood in Louisville,
Ky., Succotash in
National Harbor, Md.,
and Succotash DC in
Washington, D.C.
What He’s Known For
Highly personal takes
on Southern dishes,
often referencing the
Korean cooking he
grew up on.
TOTAL TIME: 35 minutes SERVES: 4
1. Preheat oven to 400 degrees. Toss potatoes
with salt on a baking sheet and roast until easily pierced with a knife, about 25 minutes.
2. Make meatloaf: Melt 1 tablespoon butter in a
large skillet set over medium heat. Add onions,
celery and garlic. Sauté until onions are translucent, about 3 minutes. Stir in bacon and mushrooms, and sauté until bacon lightly browns,
about 4 minutes.
3. Transfer onion mixture to a large bowl and let
cool slightly. Add ground beef, bread crumbs,
egg yolk, 1/4 cup ketchup, bourbon and Worcestershire sauce. Season generously with salt and
pepper. With clean hands, mix everything together until ingredients are evenly distributed.
4. Transfer meat mixture to a rimmed baking
sheet and pat it into a loaf about 2½ inches in
THE TOOL
no
n-
A Chicer Shucker
THE MEAT
Ho Ho Ham
Surry Boneless Virginia Ham
is salt-cured, smoked to a
deep mahogany, aged several
months, then cooked, so it’s
ready to eat on arrival. Mr.
Edwards likes to serve it as
his grandmother did. “She’d
take homemade bread right
out of the oven, slice it and
put a little butter, a thin slice
of warm ham and a crisp leaf
of lettuce on it,” he said.
“That was hard to beat.” $25
per pound of sliced boneless
ham, murrayscheese.com
There are those who consider
shucking fresh oysters an activity better left to the pros,
much like baking croissants or
brewing beer. But a good oyster knife can change everything. This effective and stylish
set from Malle w. Trousseau
will have you—or someone on
your holiday gift list—opening
oysters by the dozen with total confidence. The Frenchmade oyster “lancette”
has a tempered steel
blade faceted on the
edges to wedge easily
into the hinge of the
oyster’s shell, with a substantial rosewood handle that’s
comfortable to grip. The
handsome leather hand guard,
suitable for lefties as well as
righties, protects you from
slips of the knife way better
than a dish towel would. Watch
a few shucking tutorials on
YouTube and you’ll see: The
rest is surprisingly simple.
Oyster Shucking Set, $92,
healdsburgshed.com
THE NEW GENERATION
OF LUXURY
THE SWEET
Yes We Candy
The new line of chocolate bars from Valerie Confections comes fully loaded—in some cases, practically
to the point where the bars are equal parts
add-ins and chocolate. The Durango Bar delivers a textural bonanza of toasted almond
slices, cacao nibs and smoked salt, suspended in 42% chocolate. If your childhood
go-to was a Nestlé Crunch, try the savorysweet Rice & Sesame Bar of milk chocolate, toasted brown rice, black sesame
seeds and soy salt. Pretty as a winter bouquet, the white-chocolate Blushing Berry Bar contains a colorful mix of crisp freeze-dried raspberries,
chopped pistachios and dried rose petals. And purists can relax: There’s a perfectly plain single-origin
bittersweet bar just for you. $10 for a bar, valerieconfections.com —Gabriella Gershenson
11/2 tablespoons bourbon
1 teaspoon Worcestershire
sauce
1/
2 tablespoon soy sauce
1 tablespoon brown
sugar
2 tablespoons heavy cream
(optional)
diameter. Place meatloaf on center rack of oven
to bake.
5. Meanwhile, prepare glaze: In a small bowl,
mix remaining ¼ cup ketchup with soy sauce
and brown sugar until well combined. After
meatloaf has baked about 6 minutes, remove
it from oven and brush glaze over top. Return
pan to oven and bake until meat is just cooked
through, or internal temperature reads 145-150
degrees on a meat thermometer, about 20
minutes more. Remove from oven and let
cool slightly.
6. Prepare potatoes: In a medium bowl, coarsely
smash roasted potatoes, skins on, with remaining 6 tablespoons butter. Season with salt and
cream, if using. Thickly slice meatloaf and serve
on top of or alongside mashed potatoes.
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BITS & BITES NEWS YOU CAN EAT
Edwards Virginia Smokehouse
has produced hams in Surry,
Va., since 1926. But since January 2016, when a fire destroyed the main production
facility, third-generation owner
Sam Edwards has been aging
hams at borrowed facilities
while his own are rebuilt. The
first hams made after the fire
are now available, and those
for whom Christmas wouldn’t
be Christmas without one will
be relieved to know they’re up
to the usual high standard.
3 ounces bacon, cut into
¼-inch dice
1 cup diced mushrooms
1 pound ground chuck beef,
80% lean
½ cup bread crumbs
1 egg yolk
1/
2 cup ketchup
ly
.
12 small potatoes such
as new potatoes
Salt and freshly ground
black pepper
7 tablespoons butter
1 cup finely chopped onions
1/
4 cup finely chopped celery
1 clove garlic, minced
SHAPE OF THINGS TO COME This recipe calls for molding the meatloaf by hand rather than baking
it in a loaf pan, to reduce the cooking time and produce a far juicier result. On the side: a remarkably
flavorful mash made by roasting instead of boiling the potatoes and leaving the skins on.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
ements from his wife’s family
recipe—ground beef, egg, bread
crumbs, bacon—with flavorboosting flourishes such as soy
sauce and bourbon. Topped with
a tangy ketchup and brownsugar glaze, this meatloaf is a little sweet, quite savory, remarkably juicy and a touch smoky,
too, thanks to the bourbon. The
potatoes, meanwhile, are
roasted, not boiled, for a deeper
flavor, then mashed, skins and
all, with butter and cream.
Crucially, Mr. Lee dispenses
with the loaf pan and forms his
meatloaf by hand, on a sheet
pan. “Because it’s thinner it’s
fast-cooking, so moisture stays
in,” he said. “Most meatloaf recipes call for over an hour of cooking. You wouldn’t cook a hamburger like that. Why do it to a
meatloaf?” You never will again,
once you’ve tried this version.
—Kitty Greenwald
2901 COLLINS AVENUE
MIAMI BEACH, FLORIDA 33140
RESERVATIONS +800 466 9695
WWW.EDITIONHOTELS.COM
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.
D12 | Saturday/Sunday, December 9 - 10, 2017
THE WALL STREET JOURNAL.
* ***
Truly Free Wheeling
Cycling gadgets can calculate heart rate, speed and energy output in real time. But are they obscuring the
sport’s essential appeal? To find out, one amateur sheds his high-tech gear and embraces a data detox
O
no
N THE JULY evening
when I arrived in the
Dolomites, Italy’s
most handsome
mountain range was
shaking off the clouds that had
brought summer showers to the
Alta Badia valley. Above the tree
line, a jagged wall of ice-scoured
rock glowed creamy pink in the setting sun. But I had no appetite for
such sublime views. Disaster had
just struck.
I was here to take part, for the
first time, in one of the great European one-day amateur cycling challenges: the Maratona dles Dolomites, a punishing 83-mile course
over seven Alpine passes. Rifling
through my kit, however, I’d realized that I had foolishly left my
heart-rate monitor at home.
most cardiologists consider safe for
a 55-year-old. But how would I
know, during the race, how much
effort I was putting in, mile by mile,
without my computer? And when I
uploaded my ride to Strava—the
widely used social network that allows athletes to track and measure
their performances against friends
and followers—where would that
neat heart rate graph be, the one
that often looks like an enraged
porcupine?
Yes, those questions now sound
pretty dumb to me too. But when
you’re a sports-data addict, all that
matters are the numbers on the
screen.
Early the next day, I set off from
the village of La Villa with 9,128
other cyclists. Over the next seven
hours, I settled into a pace just below the point at which the pain outweighed the gain (technically, this is
known as the “lactate threshold”),
allowing myself some brief recovery
periods, ramping up the effort when
my legs felt good. I enjoyed the
scenery, chatted with other cyclists,
even stopped to take selfies. For the
first time in a while, I actually enjoyed a race. I didn’t come anywhere
near the podium, not even for my
age group. Then again, I never do.
Data-obsessed athletes are fond
of telling themselves, and anyone
who will listen, that perceived effort can be inaccurate—that’s why
they need hard data. But I know for
a fact that I wouldn’t have ridden
any faster with the heart monitor. It
would instead have just added to
my data stress. And yet until my
Dolomitic revelation, I’d been seriously considering adding another
pointlessly complex data field to my
ride by investing in a power meter,
which calculates in watts the strain
exerted on the pedals or crank
arm—and which can cost between
$300 and $1,500.
Instead, I scaled back, eventually
shedding all technology save for an
iPhone to track my rides. I was, and
I still am, tempted to record and
gawk at data, but I realized watching the numbers rise and fall had
become an obsession.
But Piet Morgan, CEO of athletic
technology company Hammerhead,
does not believe cycling has
reached “peak data” just yet. “Cycling is at the cutting edge of athletic-data collection,” he said, because it involves two complex
machines, the human body and bicycle, each of which can generate
n-
BY LEE MARSHALL
I realized I was behaving
like an idiot. But when
you’re a sports-data
addict, all that matters
are the numbers.
Like most of those for whom cycling is an obsession rather than a
means of transport, I embrace technology. Not just the technology that
allows me to go faster—carbon
frames, aero handlebars, ultralightweight wheels—but the technology
that tells me (among other things)
just how briskly I’m moving. How
quickly or slowly my pedals are
turning. How many calories I’m
painstakingly burning. And how all
this exercise is making my heart
work. I can measure the latter in
terms of either beats per minute or
as an average of my maximum
heart rate during workouts using
my Garmin cycling computer and
GPS. I’ve come to depend on knowing exactly which “zone” I’m in.
The missing monitor—a cheststrapped device that communicates
with the handlebar-mounted
Garmin via Bluetooth—would have
picked up that heart rate reading.
My dejection on discovering my
oversight had nothing to do with
health issues. I knew from experience that even when I’m racing, my
heartbeat stays well within a range
multiple readings. Rather than rejecting data out of hand, Mr. Morgan feels cyclists need to be given
tools to use measurements and
graphs of heart rate, power output,
and cadence—the rate at which you
turn the pedals—more effectively.
His company’s first product was the
gratifyingly simple LED-based H1
bike navigation tool (see below).
The second, which started shipping
in November, is named Karoo. It’s a
much more sophisticated device designed, Mr. Morgan said, to be a
combination cycling computer and
personal trainer. It not only flashes
up cryptic figures but also adapts to
each rider automatically and generates unique training plans based on
factors like fatigue, diet, and stress.
This is perfectly fine if going
faster is your aim. The problem is
that so many cyclists become slave
to the numbers even on gentle recovery rides or social outings. Club
rides, the core of the amateur cyclist’s week, are often spoiled when
fellow team members race ahead of
the group to chase a Strava personal best. (I’ve been guilty of this
myself.)
When riding a few years ago in
Corsica with Simon Mottram,
founder and CEO of the cultish British cycling apparel and lifestyle
brand Rapha, I noticed he hadn’t
strapped a GPS unit to his handlebars. Neither, it turned out, was he
tracking the ride on his smartphone. When I asked him about this
recently, Mr. Mottram told me that
as a young cyclist in the 1980s he
was an early adopter of some of the
first effective cycling “cockpit instrumentation,” including the innovative Avocet speedometer. But he
gave up data pretty early on, he
said. “I didn’t think it was helping
in any way.”
Pressed, Mr. Mottram bluntly explained, “I find the whole idea of
measuring and monitoring—even
looking back at, say, the profile of
your climb or what speed you did—
really uninteresting. Cycling is the
most incredible, beautiful, challenging sport for so many reasons. One
of those is that it’s such a rich
counterpoint to sitting in a conference room or an office or a tube
train. And, I think, looking at
screens and stuff, who cares? You
want to be in the moment.”
Three months after the Maratona, I tackled another legendary
Italian cycling challenge, L’Eroica:
130 miles, over 10,000 feet of
climbing, with most of the route
on unpaved Tuscan strade bianche
or white roads, some with gradients of up to 15%. Oh, and you had
to ride it on a pre-1987 vintage
steel racing bike—the kind with
the gear shifters on the down
tube. I left my heart-rate monitor
at home, on purpose this time.
None of us had Garmins mounted
to handlebars. They would have
ruined the aesthetic, and in any
case this was not a race: You won
by simply making it to the end. All
the data we needed was on the
regular L’Eroica course markers
that, with agonizing slowness,
counted down the distance left to
Gaiole in Chianti, our departure
point and eventual destination.
Yes, I documented the exhausting
but magnificent 13-hour ride on
Strava using an iPhone tucked into
the back pocket of my cycling jersey. I still like to tally how many kilometers I pedal each year, how
many Everests I climb. But all the
data—the heart rate zones, power
curve? I’ll come back to those if I
ever get myself a trainer. In the
meantime, I’m going to leave watts
to the lightbulbs.
CHANGING GEARS // THREE BEAUTIFULLY SIMPLE CYCLING ACCESSORIES
Hammerhead H1
Developed out of a one-bedroom
apartment in Bayonne, N.J., Hammerhead’s H1 aims to reduce stress
levels while riding in traffic. It
solves the problem of how to
safely and nimbly navigate unfamiliar routes while keeping your
ears alert and eyes (mostly) on the
road. Once you upload a route to
Hammerhead’s smartphone app,
LED lights on the T-shaped handlebar-mounted unit flash directions and notify you of upcoming
turns and off-route warnings.
$100, www.hammerhead.io
Brooks England C13 Saddle
You have to take your cycling cap off to
a company whose best-selling product
launched in 1888. Brooks’s saddles
come in sundry versions, including its
Imperial model with center cutout—“a
sure preventive to all perineal pressure,”
according to an 1890 catalog. Under
new owners, the brand shocked hipster
purists in 2013 when it launched its
Cambium saddles in vulcanized rubber
and organic cotton. Perfect for road
racers, the new Cambium C13 feels
hard on the sit bones at first. But after
a few miles, you forget it’s there. $220,
www.brooksengland.com
Rapha Classic Jersey II
Founded in 2004, Rapha appeals
to stylish, affluent cyclists. Its first
product, the classic jersey, reintroduced light Merino wool to cycling
garments after about 30 years of
Spandex domination. Redesigned
last year with an improved fit, it
adapts to the weather, breathing in
the heat and insulating on cold
rides. The look comes in three colors, but for the hard-core Rapha
brigade, it’s not a Classic unless
it’s the black one with the white
arm stripe. Classic Jersey II $160,
www.rapha.cc
KERRY HYNDMAN
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GEAR & GADGETS
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 9 - 10, 2017 | D13
* * * *
POWER TRIP
Tesla cast a long shadow
at the Los Angeles Auto
Show with rivals like BMW
unveiling me-too models.
RUMBLE SEAT DAN NEIL
How Tesla Electrified the Competition in L.A.
namics concept, an all-electric
“Gran Coupe” that anticipates
an all-electric 5 Series model
set for 2021. Also at the BMW
stand was a sportier version
of the i3—how hard can that
be?—as well as a beautiful
roadster rendition of the i8.
Of course, not everybody is
disrupted, not just yet. Chevy
rolled out two stupendous
Corvette ZR1s, a coupe
($119,995) and a convertible
($123,995), each with a 755hp supercharged V8 bursting
through the hood. With a top
speed of 212 mph, the ZR1
Coupe is the fastest ’Vette
ever and is likely to go down
as greatest of the front-engined Corvettes. The nextgeneration will put the engine behind the cockpit.
See, these are the good old
days.
ly
.
Over at the Jaguar stand
visitors can have a look at a
near-production i-PACE luxury electric crossover. It’s a
witty, Brit-y riposte to Tesla’s
Model X but with non-insane
doors. The Jag’s face strikes
me as a bit less strange, too,
whereas the Model X looks
like it’s wearing a zipperlipped bondage mask.
The Jag’s prospective numbers include 400-hp allwheel-drive; 0-60 mph in under 4 seconds; a 90-kWh
battery pack with DC fast
charging. The i-PACE will be
built in Austria by the excellent coachbuilder Magna
Steyr, with deliveries beginning the second half of year.
It looks like a major winner.
BMW is also strolling toward innovation. The company brought its i Vision Dy-
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Tesla’s Model 3, the standard by which electric cars are measured. Its influence was all over L.A.,
with emulators taking advantage of the vehicle’s year-plus wait list to catch up.
April 2016. Software for some
systems continues to evolve
and the assembly-line robots
are still honing their craft.
Even my new friend here—
a show car almost certainly
hand-fettled for the occasion
—suffers from faults of panel
alignment. Nothing personal,
dude, nothing but love.
If Tesla ran out of
money, Chinese and
Arab investors would
be dueling in the
streets over it.
n-
Tesla had initially projected ramping up to 5,000
units per week by the end of
the year. The latest update
pushes that target to the end
of Q1. Those robots better get
cracking. As of the end of November Tesla had built and
sold a mere 712 units, according to InsideEVs. The company has about a half-million
pre-orders in hand.
These developments—and
the company’s prodigious
burn rate, an estimated
$8,000 per minute—have
brought out the three-eyed
ravens squawking auguries of
no
OH, HELLO. I wasn’t expecting to see a Tesla booth at
the Los Angeles Auto Show,
much less meet the elusive
Model 3, sitting front and
center at the doorway of
South Hall. The Silicon Valley
carmaker shares few interests
with other OEMs (original
equipment manufacturers) on
a strategic level, and even
fewer with their dealers, so it
generally forgoes the pleasure
of their company.
There are many cars in this
building but really only one
story, and you, my mouthless
red friend, are it. In the space
of a decade, Tesla CEO Elon
Musk has effectively reinvented the automobile, from
propulsion to user interface,
and helped kick-start the age
of autonomy. The company’s
influence, its ideas, can be
seen in every corner of the
L.A. Convention Center.
But the Model 3 ($35,000
to start, with 220-mile range)
represents the greatest challenge yet: building a midpriced car not in thousands of
units but hundreds of thousands, every year, and not
losing money doing it. Many
fine automakers have shed
blood on that hill.
You sure are a handsome
little droid. I wonder what
you’re like on the inside?
Hmph. Locked. That figures.
To no one’s particular surprise, Model 3 production is
behind schedule, partly due to
automation hiccups in the
company’s battery-making Gigafactory 1 in Reno, Nev., but
mostly, if you ask me, because
the schedule was wildly unrealistic. Typical product development times in the industry
are around 40 months for vehicles with a fraction of the
design equity of the Model 3.
Its runway was much shorter,
about 24 months, I estimate,
assuming development began
eight months before the design concept went public in
VW’s concept hatchback, the I.D. Crozz, is the first of 15 new
electrics the brand will push out by 2025.
doom. Oh, please. If Tesla
were to run out of money today, by tomorrow Chinese
and Arab investors would be
dueling in the streets over it.
The doors would still open.
The Model 3 would still come
out and, with the help of a
half-million friends, would
still hasten the rise of emission-free electrics, which was
Mr. Musk’s objective all along.
His ownership position may
not make it to the promised
land but the company will.
Mr. Musk may yet drown
in his own prescience. China’s
lurch toward vehicle electrification—including steep mandates and penalties for noncompliance—has tipped the
scales in favor of electric propulsion with two things the
nascent industry needed
most: lower costs through
economies of scale and certainty of demand. Every
global carmaker is pouring
resources into electrification,
which lives in harmony with
other rising tech such as autonomy, immersive connectivity and sharing. The OEMs
are coming and they’ve got
their knives out.
Down the way from the
Model 3, VW was making the
case for its own people’s electric: the I.D. Crozz, unveiled
for the first time in the U.S.,
with production set for 2020.
The four-door hatch with
crossover stance will be the
first of 15 all-electric models
from the freshly minted I.D.
division by 2025, all based on
its MEB platform.
While taller, the I.D. Crozz
is anatomically similar to the
Tesla: flat-floor mounted battery pack (83 kWh, up to 300mile range, DC fast charging);
fore and aft electric motors,
totaling 302 hp; minimal
front overhang, low scuttle,
and short, kicked-up rear
deck. Embedded in the transparent roof of the concept car
are four hockey-puck sized
sensors, the basis for the
car’s semi-autonomous dimensions. VW said its I.D. Pilot self-driving system will
enter production in 2025.
Stand Up
with us
Support Stand Up To
Cancer today to help
cancer patients become
cancer survivors.
Give $25 or more to Stand Up To Cancer
through the Miles To Stand Up
program and you’ll receive
10 American Airlines AAdvantage®
miles for every dollar donated.
Donate and earn at
standuptocancer.org/americanairlines
Pictured:
Stand Up To Cancer Ambassador, Bradley Cooper
along with American Airlines team members currently
fighting, surviving and co-surviving cancer.
With an estimated 400 hp and a 0-60 time under four seconds, Jaguars i-PACE—due out next
year—is a speedy electric crossover that could seduce away would-be Tesla buyers.
Stand Up To Cancer is a division of the Entertainment Industry Foundation, a 501(c)(3) organization. American Airlines and the Flight Symbol
logo are marks of American Airlines, Inc. ©2017 American Airlines, Inc. All rights reserved. Offer valid on contributions made online at www.
SU2C.org/americanairlines. Minimum $25 donation required. For charitable deduction purposes, each mile is valued at 3 cents per mile. The
receipt of miles may reduce the tax deductibility of your donation. Mileage cap for a 12-month period is 600,000. Bonus miles do not count
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GEAR & GADGETS
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.
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D14 | Saturday/Sunday, December 9 - 10, 2017
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