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The Wall Street Journal December 23 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.
How We’ll Eat
In 2018
Santa #9
A Christmas
Short Story
REVIEW
OFF DUTY
VOL. CCLXX NO. 148
WEEKEND
* * * * * * * *
HHHH $5.00
SATURDAY/SUNDAY, DECEMBER 23 - 24, 2017
WSJ.com
Trump, GOP Reset After Tensions
Republicans cheer tax
overhaul as evidence
of a new relationship
following a rocky start
World-Wide
rump signed the taxoverhaul bill into law, as
the GOP closed the year with
a flurry of legislative victories after a rocky start. A1, A4
T
Saudi Arabia is seeking
at least $6 billion from
Prince al-Waleed to free
him, potentially putting his
business empire at risk. A1
ments: a sweeping tax overhaul, a long-sought repeal of a
pillar of the Affordable Care
Act and a surprise deal to open
up Arctic drilling—all signed
into law on Friday.
After the high-profile collapse of a health-care bill to replace Obamacare, the tax legislation itself is a victory that
changes the narrative of the
first year, some observers said.
“To be viewed as an effective president, you have to be
viewed as winning on Capitol
Hill, and this ends the year on
an up note for him,” said Ken
BY LOUISE RADNOFSKY
AND KRISTINA PETERSON
WASHINGTON—President
Donald Trump and the GOPcontrolled Congress, who
opened their first year in full
control of Washington on rocky
terms, are closing it with a
flush of late legislative achieve-
Duberstein, former chief of
staff for Republican President
Ronald Reagan.
Mr. Trump and Congress will
add their 11th-hour achievements to the confirmation of
Supreme Court Justice Neil
Gorsuch and other conservative
judges to federal courts and the
rollback of Obama-era regulations through the Congressional Review Act.
Republicans, who had grown
anxious that they wouldn’t
have enough to show voters after their first year in control of
the White House and Congress,
cheered the tax bill’s passage as
evidence of a new relationship.
On Friday, as he signed the
bill, Mr. Trump enthused about
his new relationships with lawmakers. “I can call anybody
now,” he said.
“This is just the beginning,”
said Sen. Orrin Hatch (R.,
Utah), at an event to mark the
bill’s passage Wednesday.
Skeptics counter that it will
be more difficult to carry that
Please see GOP page A4
Partisan vote on tax bill is a
warning sign.............................. A4
The victory by separatists
in Catalonia has emboldened
pro-independence groups
to continue their push for
secession from Spain. A6
Bitcoin’s price tumbled,
erasing a quarter of its market value, as a wave of selling hit cryptocurrencies. B1
Boeing’s pursuit of Brazil’s Embraer reflects a
goal of reaching parity
with Airbus in small jets. B1
Apple hasn’t seen a
surge in sales of new iPhone
models, market-research
firms’ estimates indicate. B1
U.S. stocks eased in quiet
trading ahead of the holiday
weekend. The Dow slipped
28.23 points to 24754.06. B12
The SEC is on its way to a
full slate of commissioners for
the first time since 2015. B5
BY JOE PARKINSON AND DREW HINSHAW
May 6, 2017
The convoy of Land Cruisers rattled
down a dusty road near Nigeria’s border
with Cameroon, plunging into the remote
forest stronghold controlled by fighters
from Boko Haram. If everything went to
plan, they would arrive at the rendezvous point before 4 p.m.
Inside the trucks sat five captured
fighters, freshly extracted from prison,
the first piece of the government’s proposed bargain. In a separate vehicle, ac-
This Tax Bill
May Do
Some Good
WSJ.com and WSJ mobile
apps will publish
throughout the Christmas
holiday. The Wall Street
Journal print edition won’t
appear on Monday.
Sports........................ A12
Style & Fashion D3-4
Travel....................... D6-7
U.S. News............ A2-4
Weather................... A12
Wknd Investor....... B5
World News....... A6-8
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
Congrats, You Finished the Race!
Sorry, We Measured It Wrong!
i
BY CAMERON MCWHIRTER
Notice to Readers
CONTENTS
Books.................... C5-10
Business News..... B3
Food.............................. D2
Heard on Street...B12
Obituaries................. A9
Opinion.............. A13-15
cording to people involved in the deal, a
security detail guarded Nigeria’s principal concession to the Islamist terror
group, a black duffel bag containing two
million euros in plastic-wrapped cash.
The journey had started under a drizzling rain in a town torched by insurgents and bombed by jets during a decade of war. The road was notorious for
improvised explosives. One misstep could
derail months of planning.
The man most responsible for engineering this moment was Zannah Mustapha, a 58 year-old former barrister
i
Even with technology, marathons are
hard to measure; too short doesn’t count
NOONAN A15
one of the dozens of royals,
government officials and businesspeople rounded up early
last month in a wave of arrests the Saudi government
billed as the first volley in
Crown Prince Mohammed bin
Salman’s campaign against
widespread graft.
The Saudi government has
disclosed few details of its allegations against the accused,
many of whom have since
been released from detention
in a makeshift prison at the
Riyadh Ritz-Carlton after negotiating financial settlements.
The $6 billion Saudi officials are demanding from
Prince al-Waleed, a large
stakeholder in Western businesses like Twitter, is among
the highest figures they have
sought from those arrested,
some of the people familiar
with the matter said.
The prince’s fortune is estiPlease see SAUDI page A8
To free 103 of its famous kidnapped students, Nigeria paid Boko Haram a substantial ransom
i
Inside
By Margherita
Stancati in Riyadh,
Summer Said in Dubai
and Benoit Faucon in
London
The Girls Came Back—at a Price
no
Germany stopped the
early release of economic
data on signs of suspicious
currency-futures trading. B1
Saudi authorities are seeking
at least $6 billion from Saudi
Prince al-Waleed bin Talal to
free him from detention, people
familiar with the matter said,
potentially putting the global
business empire of one of the
world’s richest men at risk.
The 62-year-old prince was
Zannah Mustapha, seated, at the school he founded in Maiduguri, Nigeria. Talks he organized helped free 103 kidnapped girls.
n-
Americans are spending
more and saving less, driven
by robust confidence and
buoyant financial markets. A2
GLENNA GORDON FOR THE WALL STREET JOURNAL
A Brooklyn, N.Y., jury convicted two former top South
American soccer officials of
racketeering, wire fraud,
and money laundering. A7
Retailers competed
fiercely on logistics as they
fought for last-minute sales
in the home stretch of the
holiday shopping season. A1
Saudis
Demand
$6 Billion
To Release
Prince
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Trump has signed off on
providing Ukraine with lethal
defensive weaponry, including antitank armaments. A6
Business & Finance
President Trump on Friday.
ly
.
The U.N. Security Council
voted unanimously to slash
the amount of crude oil and
refined petroleum North
Korea may import. A6
The original rail plan for
a bypass south of Tacoma,
Wash., eliminated the sharp
curve where an Amtrak train
derailed, killing three. A3
JONATHAN ERNST/REUTERS
What’s
News
On a windy October Sunday,
Kimberly Nickel clocked a personal best in the PNC Milwaukee Marathon of 4 hours 37
minutes. The 53-year-old engineer said she was “super excited, super happy.” As soon
as she got home, she posted
photos on Facebook, including
a selfie with her
medal.
“I
hadn’t
even showered,”
she said. “I was
so proud.”
Later that day
Ms. Nickel reA Jones
ceived crushing
news: the 26.2 mile course had
been laid out incorrectly, making it about 0.8 miles too short
and disqualifying the race as an
official or certified marathon.
She looked at photos of the
race she had posted and “I
quietly took them all down,”
she said. “How could you get
it wrong?”
The answer is simply, and
sadly, human error.
Even with the proliferation of
global positioning systems,
mapping software and wearable,
internet-connected technology,
measuring an official marathon
relies on a bicycle with a tool
developed in the 1970s. It also
depends on the perfect execution of a variety
of tasks from the
placement
of
traffic cones to
marking turnaround points to
basic math.
Just
this
Counter
year, runners
ran too short or too long in
races in Tennessee, Texas,
Maine, Florida, Mississippi
and Scotland. Last year the
Greater Manchester, England,
marathon declared its races in
2013, 2014 and 2015 were all
short by 380 meters, due to a
Please see RACES page A9
from northern Nigeria who had founded
a school for orphans. Together with an
agent from the Swiss government, he had
roamed the world for nearly three years,
organizing secret talks with Boko Haram.
He had listened to endless diatribes and
broken up fights at the negotiating table.
Mustapha’s partner was an operative
for the Human Security Division, a littleknown cog in Switzerland’s diplomatic
machine. He monitored the scene that
day from a staging ground a few kilometers behind. His identity was such a
Please see PRICE page A10
Wave of Selling Drives Down Bitcoin Ahead of Holiday
How many U.S. dollars one bitcoin buys
CORRECTION
$20,000
15,000
t33% in
14 days
t39% in
35 days
t41% in
13 days
t30% in
4 days
10,000
5,000
t23% in
4 days*
0
J
F
M
A
M
J
*As of 5 p.m. Eastern
Sources: Pension Partners (corrections); CoinDesk (price)
J
A
S
O
N
D
THE WALL STREET JOURNAL.
The price of bitcoin
fell sharply on
Friday, catching
many investors by
surprise. The latest
jolt to an already
fragile market came
Friday morning when
a major hedge-fund
supporter of
cryptocurrencies,
Michael Novogratz,
tweeted bitcoin
could slide another
$4,000 before
resuming its bullmarket run. The
selloff hit other
cryptocurrencies as
well. B1
Stores Fight for Last-Minute Sales
BY SARAH NASSAUER
AND LAURA STEVENS
In the home stretch of what
is expected to be a strong holiday shopping season, retailers
are competing fiercely on logistics: More e-commerce sites
are offering fast or same-day
shipping options as late as
Christmas Eve, while traditional stores are pushing in-
store pickup of web orders
and same-day delivery.
The jockeying reflects the
arsenal of tactics retailers
have developed to win sales in
the cutthroat holiday selling
environment.
Amazon.com Inc. offered
Prime members free same-day
shipping on orders as late as
Dec. 24 in more than 8,000
cities and towns.
Because Christmas Day falls
on a Monday this year, consumers have an extra full
weekend to shop in stores—
giving bricks-and-mortar retailers a slight sales advantage.
Web retailers, meanwhile, have
stepped up communications
with shoppers about shipping
deadlines and package delays,
hoping to head off weekend
Please see SHOP page A2
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ******
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Looking Back Offers a Chance to Catch Up
In 2017, The
Numbers interviewed nearly
200 people in
more than half
a dozen countries about topics ranging from
the attention span of a goldfish to the nuclear codes, from
areas running out of telephone
numbers to the growing number of robocalls, and from the
effectiveness of flu vaccines to
pollution of leaf blowers.
As the year wraps up, here
are updates on some of this
year’s columns:
raveling Salesman. In
August, Boston Public
Schools announced that,
with the help of MIT, it would
save up to $5 million by dropping as many as 75 bus routes.
The task resembled the
classic traveling-salesman
math problem, where the goal
is to find the shortest path
through a series of cities.
Ultimately, the school system dropped 50 routes, but the
remaining buses ran late. That
has improved. Last week, 91%
arrived on time compared with
88.5% at the same point last
year, but it’s too soon to tell
whether the system will realize the hoped-for savings.
P@$$w0rdz. Earlier this
year, experts announced that
old rules for crafting secure
passwords were ineffective because most people didn’t follow the advice.
This week, SplashData, a
provider of passport management applications, issued its
seventh annual worst passwords report, which suggests
little has changed.
The most common passwords among more than five
million leaked in 2017 were
still “123456” and “Password.”
The list also included perhaps the most evocative sign
of indifference to password security: “whatever.”
All Aboard. To ease congestion in New York’s Pennsylvania Station, two independent
groups have proposed plans
that include having all trains
T
run through Penn instead of
terminating there.
Amtrak trains now run
through Penn with passengers,
while New Jersey Transit and
Long Island Rail Road trains
either reverse course or park
in nearby rail yards until called
back to service.
Amtrak, Penn Station’s
owner, previously dismissed
the idea but now supports it—
at least in concept. “The idea
is to expand to the south in a
way that would not preclude”
through running, said Petra
Messick, director of planning
for Amtrak’s Gateway Program, which aims to increase
track, tunnel, bridge and station capacity between New
York and Newark, N.J.
Drought No More. Earlier
this year, California declared its four-year
drought over after a record
amount of precipitation replenished the state reservoirs.
Reservoir storage is now
about 13% above average, according to Jay Lund, director
of the Center for Watershed
Sciences at the University of
California, Davis.
But after floods and mudslides washed over the state in
February, an extremely dry December precipitated the most
destructive wildfire season on
record.
“Always a hydrologic adventure here in California,” Dr.
Lund said.
ver Easy? A government egg contract ensures that millions of
chicken eggs are available
year-round for the production
of flu vaccine in the event of a
pandemic.
But what becomes of the
eggs if they aren’t needed to
grow flu viruses for vaccines?
Sanofi Pasteur, the company
that has the egg contract,
won’t say exactly how many
eggs are produced for this purpose, but it did reveal this:
“Eggs not used in production
are disposed of and do not enter the food chain.”
Gerrymandered. In June,
O
SHOP
dated corrective advertisements that they knowingly designed an addictive product
that is dangerous to health.
It was unclear whether the
nation’s 92 million millennials
and teenagers would get the
message, because the ads were
to run primarily on network
television and in newspapers.
In addition, the ads target only
combustible tobacco products.
That’s so last millennium
(when the tobacco lawsuit was
brought).
Now, e-cigs and vape pens—
colorful devices that use flavorings such as chai, cotton
candy and “unicorn milk”—are
more popular with kids than
traditional tobacco products.
This year, 17% of 12th graders reported vaping in the prior
30 days; 13% of 10th-graders
did; and 7% of eighth-graders,
according to the latest national
survey conducted by the Institute for Social Research at the
University of Michigan.
One reason for the popularity? The perceived low risk.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
Households Are
Spending Rather
Than Saving
BY HARRIET TORRY
AND SUZANNE KAPNER
KAMIL KRZACZYNSKI/REUTERS
Shoppers at a Target store in Chicago. Retailers get an extra weekend of holiday shopping this year.
Christmas Countdown
Major U.S. retailers offer a variety of shipping options and cutoff dates for last-minute shoppers.
DECEMBER
3
4
5
6
7
1
2
8
9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
Dec. 15 Last day for Amazon
customers who aren’t Prime
members to qualify for free
shipping by Christmas.
Dec. 19 Last day for Best Buy
customers to qualify for free
shipping by Christmas or
in-store pickup by Christmas
Eve. Last day for Walmart.com
free two-day shipping on orders
over $35.
Dec. 20 Last day for Macy’s and
Target free shipping.
Dec. 22 Last day for Amazon
Sources: the companies
n-
and nephews, but she wasn’t
taking chances with online
sellers this past week.
“Shipping one week out
might be a little bit unreliable,” the 43-year-old said.
She plans in-person visits to
Old Navy, Macy’s and See’s
Candies for the rest of her
shopping list.
To attract more customers
like her, retailers are promoting in-store pickup services. At
Wal-Mart Stores Inc., Amazon’s largest competitor, customers can place online orders
as late as 4 p.m. on Dec. 23,
then retrieve them Christmas
Eve at one of the chain’s 4,700
U.S. locations.
Demand for in-store pickup
typically doubles during the
two weeks before Christmas, a
Wal-Mart spokeswoman said,
though she declined to say
how much the retailer expects
this year.
In-store pickup is a way for
the retailer to keep fulfilling
no
Continued from Page One
disappointments.
“Having Christmas Eve on a
Sunday, I won’t lie to you, is
pretty sweet for retailers,”
said Charlie Cole, chief digital
officer for Tumi, which operates about 170 U.S. stores.
The luggage brand also sells
online and made changes
there to accommodate nervous
shoppers this year, including
new order-tracking software
and notification emails that
alerted existing customers
about approaching cutoff
dates for cheaper shipping options. Tumi also added a
“Smartgift” option, a way for
a buyer to tell a recipient by
email that a gift is en route,
and for the recipient to specify
preferences such as color. It is
likely to cut down on returns,
Mr. Cole said.
Many retailers added sameday shipping to compete with
Amazon, said Daphne Carmeli,
chief executive of Deliv Inc., a
Menlo Park, Calif., delivery
firm that executes same-day
service for retailers such as
Bloomingdale’s and PetSmart
Inc. in 35 regions this season,
up from 17 last year.
Best Buy Co. plans to make
Christmas Eve deliveries in 40
markets for orders placed by
noon that day, a spokesman
said, up from 13 markets last
year.
Overall, online sales since
Nov. 1 are up about 23% compared with the same period
last year, according to Slice Intelligence, which collects data
from email receipts.
Amazon actually lost share
over the Thanksgiving weekend as other retailers ratcheted up their discount advertising, but it has gained
ground since then, said Ken
Cassar, principal analyst at
Slice.
In the week leading up to
Christmas, consumers are fixated on “will it get there on
time” rather than “getting a
great deal,” said Amit Sharma,
chief executive of San Francisco-based retail-technology
firm Narvar. His clients are in
touch with shoppers more frequently when it comes to cutoff dates and offering perks
when delays occur, he said.
Eve Benton of Medford,
Ore., used Amazon’s two-day
shipping option last week to
order presents for her nieces
the Supreme Court said it
would hear the appeal of a decision invalidating the Republican-drawn Wisconsin Assembly district map for being
unconstitutionally partisan.
A foundation of the original
complaint is a mathematical
formula that measures the impact of partisan gerrymandering. Chief Justice John Roberts, apparently not a fan of
the quantitative approach,
called it “gobbledygook.”
The high court hasn’t issued
a decision in the Wisconsin
case, but it has taken a separate case that alleges Maryland
Democrats gerrymandered a
longtime Republican congressional district to gain partisan
control. Accepting the second
case could delay a decision in
the first.
Meanwhile, other partisangerrymandering cases are
pending in North Carolina and
Pennsylvania.
Up in Smoke. Beginning in
November, cigarette makers
had to confess in court-man-
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Prime members to qualify for
free two-day shipping by
Christmas.
Dec. 23 Last day for
Walmart.com customers to
qualify for in-store pickup by
Christmas Eve.
Dec. 24 Amazon offers Prime
members same-day shipping
for some items.
Best Buy offers same-day
delivery until noon in 40 cities.
Target offers in-store pickup on
orders placed by 6 p.m.
THE WALL STREET JOURNAL.
online orders in time for
Christmas, even though the
cutoff date for free shipping in
many areas has passed.
Shoppers finished 61% of
their holiday shopping by
Tuesday, according to the National Retail Federation, compared with 53% at the same
time last year. More than half
of shoppers said they plan to
finish the job online.
Amazon is waiting for
them. “We see people pushing
back and pushing off shopping
later and later every holiday
season,“ said Stephenie Landry, a vice president at Amazon who shepherds Prime
Now, the online retailer’s oneand two-hour service.
The service will be available
on Dec. 24 for orders as late
as 9 p.m. and delivery by 11:59
p.m. in more than 30 cities.
“Every year, we have our biggest holiday ever,” she said.
Hot sellers in the day or
two before Christmas tend to
CORRECTIONS AMPLIFICATIONS
FedEx Corp. expects to deliver 380 million to 400 million packages this holiday season. A graphic with a Business
News article about Amazon.com Inc.’s shipments incorrectly labeled FedEx’s expected holiday deliveries as
350 million to 400 million.
A promotional reference
Friday on the Mansion cover
page for an article about
Wanda Jackson misspelled her
first name as Wandy.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
be items shoppers forgot—
wrapping paper, paper towels,
food, last-minute gifts. Each
Prime Now warehouse stocks
roughly 20,000 items and
changes their assortment during the holiday season to add
more gifts.
“We’ve pushed it literally to
the last minute,” Ms. Landry
said. Amazon also hopes to attract customers to its more
than 470 Whole Foods locations and more than a dozen
bookstores.
“I definitely am a last-minute shopper,” said Liam Goslett, a 26-year-old photographer in Toronto. He had
bought some Christmas gifts
but was still missing a few
stocking stuffers and other
presents for his parents and
siblings.
For those, he was turning
to Amazon, where he has a
Prime membership. “They’ve
absolutely ruined other shipping methods for me,” he said.
Americans are spending
more and saving less this holiday season, driven to consume
by low unemployment, robust
confidence and buoyant financial markets, with the prospect
of tax cuts hitting their paychecks by February potentially
adding fuel in the months
ahead.
Analysts expect one more
burst of holiday shopping this
weekend given that Christmas
falls on a Monday. That means
shoppers will have an extra
weekend day to hit the malls
compared with last year, when
Christmas fell on a Sunday.
Personal-consumption expenditures, a measure of
household spending on everything from airfares to washing
machines, increased a seasonally adjusted 0.6% in November from the prior month, the
Commerce Department said
Friday, beating economists’ expectations for a 0.4% increase
and up from October’s 0.2% increase. Spending was up 4.5%
from a year earlier, a pickup
from year-over-year gains of
4% during summer months.
The pace of American
household spending is outstripping the pace of the income gains, suggesting households are either stretching
their finances or counting on
more stock and real-estate
gains to support their spending. Real disposable incomes—
a measure of how much households make after taxes and
inflation—increased only 0.1%
in November, a pullback from a
0.3% increase in October.
The U.S. saving rate fell to a
10-year low of 2.9% in November, falling below 3% for the
first time since November
2007, just before the latest recession hit.
“Very elevated consumer
confidence makes people more
comfortable saving less,” Ian
Shepherdson, chief economist
at Pantheon Macroeconomics,
said in a note to clients. “But
the saving rate can’t fall for-
ever, so income growth needs
to pick up if consumers are to
continue spending at their recent pace.”
Similar declines in the saving rate in the 1990s and
2000s were associated with financial bubbles that burst and
left many households with depleted resources.
For now, though, many
economists have a positive
outlook for the months ahead.
Under normal circumstances, the drop in the saving
rate would call into question
the sustainability of spending,
said Mickey Levy, chief economist at Berenberg Capital Markets, in a note to clients. “Yet,
with a very low unemployment
rate, robust job gains and the
individual income tax cuts in
2.9%
The U.S. saving rate in November,
marking a 10-year low.
2018, households should be
able to sustain and even improve their rate of spending.”
The University of Michigan
on Friday said its final reading
for consumer sentiment in December was 95.9, compared
with 98.5 in November and
100.7 in October, its highest
level since 2004.
Recent readings point to a
U.S. economy that is closing
2017 on a strong footing. Gross
domestic product grew at a
3.2% annual rate in the third
quarter, the government said
Thursday, a touch below a
prior estimate but pointing to
economic momentum.
Other sectors of the economy may also be on an upswing. Orders for long-lasting
factory goods rose 1.3% in November from the prior month,
the Commerce Department
said Friday.
Heard: Consumers can’t be
saving grace in 2018........... B12
U.S. WATCH
TERROR
Man Arrested Who
Threatened Attack
The FBI said Friday that it
found a martyrdom letter and
several guns in the home of a
former Marine who allegedly
planned to carry out a Christmas
Day attack on a San Francisco
tourist destination.
Everitt Aaron Jameson, 26
years old, was arrested and
charged Friday with attempting
to provide material support to a
foreign terrorist organization. It
wasn’t clear if Mr. Jameson had
an attorney.
The Modesto tow-truck driver
allegedly told an undercover
agent, who he believed to be associated with senior leadership
of Islamic State, that he wanted
to conduct a violent attack on
Pier 39 in San Francisco because
it was heavily crowded, according to an FBI affidavit.
Mr. Jameson allegedly told
the agent that Christmas Day
would be “the perfect day to
commit the attack” and that he
“did not need an escape plan because he was ready to die,” according to the affidavit.
Mr. Jameson attended Marine
basic recruit training in 2009
and earned a sharpshooter rifle
qualification. He was discharged
for failing to disclose a history
of asthma, the affidavit said.
—Associated Press
ECONOMY
Sales of New Homes
Reach a 10-Year High
Purchases of newly built single-family homes rose in November to the highest level in more
than a decade as the housing
market appears poised to end
2017 on a high note.
Sales increased 17.5% in November from the previous month
to a seasonally adjusted annual
rate of 733,000, the Commerce
Department said Friday, the
strongest pace since July 2007.
Hurricanes in Florida and
Texas and wildfires in California
may have provided a boost.
—Laura Kusisto
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 23 - 24, 2017 | A3
* * * * * *
U.S. NEWS
Christmas Without
Lights in Puerto Rico
Christmas for Luissette Medina Santiago’s family is usually
a boisterous affair. They buy a
tree, festoon the house with
Working Is Better Than
Home in Wine Country
Alice Plichcik will spend
Christmas Day working at
Santa Rosa Memorial Hospital, where she is a registered
nurse in northern California.
She volunteered for the shift
because working and sharing a
meal with co-workers seemed
better than spending the holiday in the temporary house
where she has been living
since the deadly October wildfires reduced her home of 22years to ash.
During Christmases past,
Ms. Plichcik and her sister who
lives with her decorated their
house with all the trimmings: a
tree, garlands, mercury glass
decorations passed down from
their great-grandmother, ornaments from their childhood.
All those items were lost in
the fires.
After weeks at a shelter, Ms.
Plichcik and her sister, Susan
Carol, are still looking for a
rental. For now, they’re staying
in an older house nearby with a
tarp covering part of the roof,
and boards over several windows. “It’s like a refrigerator
where we’re living,” Ms. Plichcik said.
—By Erin Ailworth
Alice Plichcik with her dogs Cochise, left, and Valentine on the cleared lot where her home of 22
years used to be in Santa Rosa, before it was destroyed in Northern California’s fires in October.
The Haggards, shown in November, lost their house on a Ventura hillside during Southern
California’s fires on Dec. 5. The family has been staying at the home of Mr. Haggard’s mother.
no
Original Plan Got Rid of Rail Curve
BY TED MANN
In the original plan for the
Point Defiance railroad bypass
south of Tacoma, Wash., something is missing: the sharp, 30
mile-an-hour curve where an
Amtrak train derailed on Monday, killing three passengers.
The $11 billion Washington
state government plan to speed
up passenger and freight rail
service throughout the Pacific
Northwest called for the elimination of that tight turn—a
change that wasn’t included in
the final design when the state
eventually won federal funding
for the rail bypass.
Instead, the curve where
Amtrak Train 501 crashed this
week was preserved to keep
costs down, according to documents and state officials.
The curve that remained in
place had a speed limit of 30
miles an hour. The train was
traveling at 80 miles an hour
just before it flew off the turn.
The decision to leave the
curve in place and abandon
other improvements is emblematic of a challenge faced by railroad officials nationwide.
Shifting the alignment of
legacy railroad lines is costly
and complicated, necessitating
service disruptions, major construction costs and fraught land
acquisition battles. So even as
railroads seek funding for
higher-speed trains, sharp
curves in the rails remain.
“Everybody’s always looking
to straighten out the railroad,”
Sharp Turn
Seattle
Crew Wasn’t Using
Phone, Officials Say
The crew inside the lead
locomotive of the Amtrak passenger train that derailed in
Washington state earlier this
week wasn’t using smartphones or other electronic devices before the deadly incident, federal investigators
said Friday.
The finding resolves a major question around such
crashes: whether personal electronic devices distracted the
train’s driver, or engineer.
Officials at the National
Transportation Safety Board
also said that the train’s engineer appeared to try to apply
the brakes shortly before Monday’s crash.
The derailment of the passenger train in DuPont, Wash.,
killed three people, injured dozens and sent train cars plummeting into the woods and
onto Interstate 5—a major
highway—during the morning
commute.
The NTSB said Friday that
the lead locomotive’s event
data, as well as video from inside and outside that cab, had
been successfully retrieved despite damage to the cameras.
—Alejandro Lazo
passed during the Democratic
administration of former President Barack Obama.
Planning documents from
2006, reviewed by The Wall
Street Journal, show that the
Washington State Transportation Department had recommended more expensive and
ambitious upgrades to the old
freight line that was the site of
Monday’s crash.
The lightly used freight line,
first laid out in 1891, would be
converted into a bypass route
to allow passenger trains to
avoid a congested section of
tracks and tunnels that run
along Puget Sound in Tacoma.
Buried amid hundreds of
pages of budget estimates and
route proposals are schematic
documents that show the proposed bypass with a maximum
speed of 110 miles an hour. The
speed limit would drop to 100
miles an hour in the rebuilt
curve, making a long, gentle arc
up to a new rail trestle.
The FRA, which approved
putting the bypass into service
according to the state, didn’t
respond to a request for comment. A spokeswoman for the
state Transportation Department said it is still planning to
pursue future upgrades to the
bypass, including at that curve,
to allow higher speeds. The
agency didn’t apply for funding
to eliminate the curve because
it wasn’t deemed necessary to
support the number of planned
round trips, she said.
WAS H I N GT O N
Tacoma
Olympia
DETAIL
Direction
of travel
5
Curve where Bypass
train derailed route
THE WALL STREET JOURNAL.
said Grady Cothen, a consultant
and former safety official at the
Federal Railroad Administration, “and there are not many
opportunities for that, given the
reluctance to exercise eminent
domain, and given the cost.”
The meandering 19th-century layout of some of the
country’s most critical railroad
lines is an impediment to
speeding up overall travel
times.
More hazardous are a handful of sharp curves that persist
on heavily traveled stretches of
track in major U.S. cities, rail
experts said. These curves remained after $8 billion was devoted to high-speed rail improvements as part of the
economic-stimulus
package
RAMIN RAHIMIAN FOR THE WALL STREET JOURNAL
Luissette Medina Santiago, right, and Julio Torres Rivera with their daughters outside the camping
tent where they have lived since their home in Puerto Rico was destroyed by Hurricane Maria.
TOURBILLON
24 SECONDES
EDITION
HISTORIQUE
In Platinum
FOR INFORMATION
TIME ART DISTRIBUTION LLC
Phone +1 212 221-8041
info@timeartdistribution.com
HAGGARD FAMILY
Dozens of people including
strangers and anonymous donors have bought the Haggard
children socks, pajamas and
Christmas toys on an Amazon.com wish-list.
“It’s remarkable how kind
people have been that way,”
says Jessica Haggard of holiday
plans for her eight children.
Since their home in the Ventura hillside burned Dec. 5,
crumbling with hundreds of
others in a weekslong Southern
California firestorm, Nathan
and Jessica Haggard have been
staying at the home of Mr. Haggard’s mother.
“We are a little bit of a circus,” says Mr. Haggard, 40
years old, a sales engineer at
Apple Inc. “We’re definitely
stretched to the max.”
They just found a three-bedroom house in Santa Paula to
rent. It is close enough by to
keep the children close to their
school. But they won’t be able
to move in time for Christmas.
From an unfamiliar kitchen,
Mrs. Haggard, 40, planned
Christmas dinner as well as
family holiday traditions to
give the children a sense of stability. Mrs. Haggard, who is half
French, says she’ll need help
carrying on with one southern
French tradition: making exactly 13 desserts for Christmas,
representing Jesus and the 12
apostles.
A devout Roman Catholic
family, the Haggard children
say prayers every night. They
have made it a point to carry
over lessons of kindness and
giving into their daily prayers.
“When we do our family rosary
at night, we have been making
Each year on Christmas,
Wayeshia Martin cooks the
étouffée, cheese grits and
gumbo loved by the dozens of
family members who come to
her house. This year, she’ll be
cooking in her cousin’s kitchen
and making pork roast, one of
her cousin’s family favorites.
Ms. Martin, her husband and
three children are living in her
cousin’s three-bedroom townhome, now jammed with 10
people and where 25 members
of her extended family will
gather for Christmas this year
instead. The Martins don’t
know when they can move back
home, which was flooded with
nearly 3 feet of water during
Hurricane Harvey on Aug. 27.
Ms. Martin, 31, is a guard on
the graveyard shift at the Houston city jail. Her youngest was
just five-days-old when a
packed Coast Guard helicopter
came to evacuate them during
the storm. With limited room in
the helicopter, Ms. Martin’s
husband, their 11-year-old
daughter, as well as Ms. Martin’s mother and sister who
were at the house, stayed behind and waded out hours later
before they too were rescued.
Separated from her husband
and oldest, Ms. Martin and her
two youngest were initially
taken to the George R. Brown
Convention Center. But a few
hours later, Ms. Martin’s baby
had to be rushed to Texas Children’s Hospital because her
breathing became labored.
From there, Ms. Martin and
her husband, Courtney, 31, an
accessories installer for a Toyota plant, first moved in with
her mother-in law. Then they
rented an apartment, but after
that became too expensive, the
family recently moved into Ms.
Martin’s cousin’s house.
“My three year-old says she
just wants to go home,” Ms.
Martin said.
—By Dan Frosch
ly
.
In Southern California,
Children Give Thanks
In Houston, 25 in a
Three-Bedroom Home
lights and play bachata and merengue songs. They prepare a
feast of pork and rice and beans
for Christmas Eve and open
presents the following day.
This year—after Hurricane
Maria devastated Puerto Rico
and the island of Vieques where
Ms. Medina Santiago lives—will
be more subdued.
Vieques is still hobbled by
scant electricity, so they can’t
string lights. They don’t have
money for a tree and they are
living in a tent on the foundation where their house once
stood. Until they save enough
money or receive government
aid to rebuild, that is their
makeshift home.
“We lost everything,” said
the school secretary, 33, who
has two young daughters. There
is one part of her house that remains—the pink bedroom of
her daughters, age 7 and 2.
Ms. Medina Santiago and
her husband, 30, a paramedic,
tried to find computer tablets
to give the girls as presents but
couldn’t find any in stock, so
will probably get them dolls instead. The family still plans to
celebrate with a traditional
pork meal, gathering at her
parents’ place.
“It’s not the same,” Ms. Medina Santiago said. But “we will
enjoy it as best we can.”
—By Arian Campo-Flores
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Families in Texas, California,
Florida’s Keys and Puerto Rico
lost their homes to disasters
this year and find themselves
making do this holiday season
in makeshift substitutes.
The wildfires in California,
the worst ever, are still burning. Power hasn’t been fully restored in Puerto Rico, where
Hurricane Maria inflicted the
worst storm in a century. Thousands of Texans are still unable
to return to their homes after
floods from Hurricane Harvey
left them uninhabitable.
Here’s how some families
struck by disaster are approaching the holidays:
sure expressly that we do
prayers of thanksgiving for everyone that has helped us, everyone that we know and don’t
know, and the generosity of
others,” Mrs. Haggard said.
“The Lord giveth and the
Lord taketh away,” her husband
added, “has new meaning for
us.”
—By Nour Malas
n-
In California, Texas,
Puerto Rico, disaster
victims try to make the
best of their situation
JOSÉ JIMÉNEZ-TIRADO FOR THE WALL STREET JOURNAL
Holiday Isn’t the
Same for Families
Who Lost Homes
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, December 23 - 24, 2017
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THE WALL STREET JOURNAL.
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U.S. NEWS
Partisan Vote on Tax Bill Is Warning Sign
U.S. Move
On Leases
Is Win for
Magnate
Number of legislators in favor of passing major tax legislation
Democrats
Republicans
Independents
HOUSE
2017 Trump Tax Cuts
SENATE
Total: 435
Total: 100
2013 Extension of Bush Tax Cuts
2009 Obama Stimulus
2001 Bush Tax Cuts
1993 Clinton Tax Increases in Wealthy Households
1986 Reagan Tax Bill
1981 Reagan Tax Bill
1964 Kennedy-Johnson Tax Cuts
Sources: House and Senate; Govtrack.us; Congressional Quarterly
In 2000s, Bipartisan
Deal Never Jelled
The path to this year’s corporate tax cut is instructive in
just how hard it is now to pass
bipartisan legislation on taxes.
For a long time, Republicans
and Democrats agreed that U.S.
corporate tax rates were too
high, encouraged tax avoidance
and made the U.S. uncompetitive globally.
In 2005, GOP President
George W. Bush’s tax overhaul
commission proposed setting
the rate as low as 30%. ThenRep. Charles Rangel (D., N.Y.) offered a 30.5% rate in his 2007
“mother of all tax reforms.” Sen.
John McCain (R., Ariz.) included
a rate cut in his presidential
campaign in 2008.
When Republicans took the
House in 2010, then-Rep. Dave
Camp (R., Mich.) took up the
charge for a 25% rate, joined by
a coalition of companies that
sensed an opportunity.
“There was some point in
the late 2000s where everybody started to realize that the
United States was just behind
the rest of the world. We were
sticking out like a sore thumb,”
said Rachelle Bernstein, tax
counsel at the National Retail
Federation.
Democratic President Barack
Obama joined in 2012, seeking a
28% rate. His GOP rival that
year, Mitt Romney, pushed for
25%. At times, a deal looked
possible, whether between Mr.
Obama and then-House Speaker
John Boehner (R., Ohio) or between Mr. Camp and then-Sen.
Max Baucus (D., Mont.).
By the time Mr. Camp released his plan in February
2014, GOP leadership showed
little inclination to work with Mr.
Obama on a compromise and
gave Mr. Camp little support.
There were still last-minute
efforts this month to get a bipartisan deal.
Sen. Bob Corker (R., Tenn.)
said he told President Donald
Trump a deal with Democrats
was possible to create a more
durable bill, a legacy for Mr.
Trump that wouldn’t be ripe for
reversal. Mr. Corker said he
pushed for Mr. Trump to meet
with 10 to 12 Senate Democrats to see what was possible.
It didn’t happen because a process was in train that GOP
leaders didn’t want to derail.
“We have to wait and see
after there is an acknowledgment on their side that it
didn’t work,” he said.
The current level of partisanship is a departure from
many past tax laws.
Tax cuts of 1964 proposed
by Democrat John F. Kennedy
and signed into law by Democrat Lyndon Johnson won the
support of 21 Republicans in
the Senate. Republican Ronald
Reagan’s 1986 tax overhaul
won the support of 33 Senate
Democrats, and his 1981 cuts
were backed by 26 Senate
Democrats. George W. Bush’s
2001 tax cut won support from
12 Senate Democrats.
Bill Clinton’s 1993 tax increase, however, passed with
no Republican support in the
House or Senate.
—Siobhan Hughes
contributed to this article.
THE WALL STREET JOURNAL.
“This bill is so bad that it’s
very hard to fix in small little
tweaks,” said Senate Minority
Leader Chuck Schumer (D.,
N.Y.). “We’ll see what they propose,” he said.
Democrats seem unlikely to
reverse the increased child tax
credit, larger standard deduction or lower rates in low- and
middle-income brackets. But
other provisions are in play.
Rep. Richard Neal (D.,
Mass.) would become Ways
and Means chairman if Democrats retake the House in 2018.
The first two items on his list
were pushing the top individual rate back to 39.6% from
37% and reversing the doubled
exemption for the estate tax.
Asked whether Democrats
would help plug revenue holes
if the new GOP law spurs more
tax avoidance than expected,
Mr. Neal demurred.
n-
BY JAMES V. GRIMALDI
AND MARK MAREMONT
President Donald Trump left Washington on Friday after signing the tax overhaul into law. He touted new relationships with lawmakers.
no
The Trump administration
said Friday it will renew mining
leases to extract copper and
nickel adjacent to a Minnesota
wilderness area, reversing an
Obama administration decision
and giving a victory to a Chilean billionaire who is renting a
mansion to the family of the
president’s elder daughter.
The Democratic administration of former President Barack
Obama blocked a plan by a
company controlled by the family of Andrónico Luksic to build
a giant copper-and-nickel mine
adjacent to a Minnesota wilderness area, citing environmental
concerns.
In a 19-page opinion made
public Friday, Daniel Jorjani,
the principal deputy solicitor of
the Department of Interior, said
Mr. Obama’s administration
acted “improperly” in not renewing two key leases for the
mine adjacent to the Boundary
Waters Canoe Area Wilderness,
a 1.1 million-acre tract of lakes
and forest first protected by the
government in 1926.
The announcement continues
a rollback by President Donald
Trump’s administration of
Obama-era environmental decisions. Mr. Trump, a Republican,
ran on a pro-business platform,
promising to promote jobs and
lessen what he called burdensome regulations on industry.
Mr. Trump’s elder daughter,
Ivanka, and her husband, Jared
Kushner—both top White House
advisers—are paying $15,000 a
month to rent their six-bedroom home in the nation’s capital from Mr. Luksic. The billionaire bought the house just after
the November 2016 election for
$5.5 million.
Twin Metals Minnesota,
which is running the mining
project for the Luksic family’s
mining company, Antofagasta
PLC, said it was “pleased” by
the decision, which it called “an
important first step to ensure
the certainty of investments in
U.S. mining projects and to reaffirm longstanding property
rights and the rule of law.”
A White House official said
Friday that Mr. Kushner and
Ms. Trump “were not aware of
the situation, had nothing to do
with it and have never met
their landlord.” A White House
spokeswoman said in March
that the family was paying “fair
market value” for the home.
The passage of President Donald Trump’s tax bill marks an increasing
trend in voting the party line.
ly
.
WASHINGTON—Both candidates in the 2012 presidential
election ran on a corporate tax
cut.
Five years later, a unified
Republican government made
that a reality, but a bipartisan
idea has turned into a deeply
partisan brawl.
President Donald Trump
signed the 21% corporate tax
rate into law Friday and Democrats are talking about which
pieces of the bill they will keep
and which they will toss aside
should they assume power.
If there are problems with
the law, Republicans are unlikely to have willing partners
in Democrats to fix it, in the
same way Republicans have
stood against making repairs
to the Affordable Care Act.
The political backdrop to
the tax overhaul is a warning
sign. The new tax system encoded by Republicans is fragile. There are many challenges
on the horizon that are likely
to warrant changing the law—
expiring provisions, tax competition from other countries,
the risk of revenue shortfalls,
the potential for flaws in the
law itself that might be gamed
by households or businesses.
As has been the case with
the ACA, addressing them
won’t be easy.
“It’s like training for a marathon. And you finally run a
marathon,” said Jon Traub, a
former GOP staff director at
Party Favors
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
BY RICHARD RUBIN
the House Ways and Means
panel who is now a managing
principal at Deloitte LLP. “You
can’t go back the next day and
run another marathon.”
The new law was designed,
at least partly, with that idea
in mind. Rep. Kevin Brady (R.,
Texas), one of its chief authors, talked frequently about
the rate cut to 21% from 35%
as a “leapfrog,” a way to get
ahead of moves by other countries, in recognition that the
U.S. system can move slowly.
But hours after the bill was
formally enrolled by congressional leaders on Thursday,
Mr. Brady said the U.S. isn’t
necessarily done jumping.
“For our foreign competitors, I want to make it really
clear, we are not going to fall
behind like we have as a country. We’re not waiting another
31 years,” he said, referring to
other countries’ rate cuts since
the U.S. reduction in 1986.
Mr. Brady has also talked
about technical corrections,
especially in international tax
rules, as companies get familiar with the new system.
His Senate counterpart, Orrin Hatch (R., Utah), on
Wednesday proposed extending a long list of tax provisions
that expired at the end of
2016, an issue that lawmakers
had hoped to address in the
broader bill they just finished.
Republicans could try again
to use the legislative process
that let them pass this year’s
tax law with a simple majority,
but that is far from certain at
this point. Anything else will
require 60 votes in the Senate,
and that means Democrats. The
minority, sensing electoral opportunity in the bill’s low poll
numbers, isn’t ready to engage.
co Fo
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Democrats already
target parts of GOP
law to scuttle, aren’t
likely to help tweak it
GOP
Continued from Page One
momentum into next year. On
Thursday, the House and Senate passed a stopgap spending
bill that keeps the government
funded through Jan. 19 and
punts bigger debates over immigration and spending into
January.
Most of what Republicans
plan to do next year will require
60 votes in the Senate, where
they will hold only 51 seats once
Alabama Democrat Doug Jones
takes office in January. And
they will be trying to push that
agenda in the historically difficult second year of a presidency.
“The irony is during the first
term, the president’s opportunity to get things done is earlier on, but by the time the
president really figures out the
legislative game and gets good
at doing this, the window has
passed by,” said Lori Cox Han, a
political science professor at
Chapman University.
The Republicans’ challenges
will also be complicated by the
midterm elections in which
they will be fighting to hold
their majorities in the House
and Senate. Strong Democratic
turnout in the November Virginia governor’s race and this
month’s special Senate election
in Alabama, both of which the
Republicans lost, is viewed by
both parties as a major threat
to the GOP.
“I see a historical trend cutting against us—the average
loss of seats is 32 for a president’s first midterm and that’s
just the average,” House
Speaker Paul Ryan said in an
interview this week.
Democrats need a net gain
of 24 seats to retake control of
the House. In the Senate, they
will be trying to win a net of
two seats, but the political geography is difficult for them.
The Senate Democratic caucus
will be defending 25 seats. Republicans, meanwhile, are defending just eight seats.
The president and many
members of his party began the
year as strangers. Few Republican lawmakers endorsed Mr.
Trump, and some explicitly distanced themselves from him
during the campaign.
Mr. Trump had a particularly
tense start with Mr. Ryan, who,
after the release last year of a
video in which Mr. Trump
talked about groping women,
said he would no longer campaign with Mr. Trump, then the
GOP presidential nominee. Mr.
Ryan also criticized many of
Mr. Trump’s most controversial
statements and decisions.
Over the course of the year,
Mr. Trump learned to let legislators figure out how best to
achieve shared goals “and don’t
microanalyze and micromanage
on the way there,” Mr. Ryan
said.
Senators said they felt that
Mr. Trump had learned from
his mistakes, and noted that he
had forged working relationships.
“I think there was a feeling
at first that he could browbeat
Congress in a way that presidents can’t browbeat Congress,” said Sen. Bill Cassidy
(R., La.), but who said Mr.
Trump adapted quickly.
GOP lawmakers also said
they have gotten better at not
reading too much into Mr.
Trump’s tweets—which they
still view as unhelpful. “It’s almost like that star quarterback
who always makes these gestures that are just inappropriate,” said Rep. Dennis Ross (R.,
Fla.), a senior member of the
House whip team. “I still love
the team and I like to win—I
just don’t always condone the
actions of my quarterback.”
Inside the White House, officials believe that in passing the
tax bill they created work habits they can now successfully
apply to future policy battles.
But the president’s outreach
to Democrats hasn’t yielded results on legislation, and that relationship will be far more important in the coming year.
After the collapse of a measure to repeal the Affordable
Care Act, Mr. Trump sought
solace in the arms of Democrats and ultimately struck a
high-profile agreement with
House Minority Leader Nancy
Pelosi (D., Calif.) and Senate
Minority
Leader
Chuck
Schumer (D., N.Y.) on a threemonth spending and storm-aid
bill in September that seemed
to suggest he was willing to
loosen ties with his own party.
Mr. Trump wooed red-state
Democrats on his tax bill too,
over dinners and rides on Air
Force One. But ultimately, he
failed to secure support from
any of them.
The White House rued the
loss, saying after the tax vote
that officials had engaged on
70 occasions with Democrats.
Democrats countered they
were gettable. “If they’d made a
couple more tweaks on the tax
bill, I could have voted for it,”
said Rep. Collin Peterson, a
conservative Democrat from a
district in Minnesota that Mr.
Trump won with more than
61% of the vote.
The week’s victory notwithstanding, some Republicans in
competitive races next year
have signaled they are likely to
put more distance between
themselves and the president.
Some, for example, aren’t inviting the president to campaign
with them.
“I’m comfortable running
that campaign on my own,”
said Rep. Ryan Costello, a Republican representing a swing
district in suburban Philadelphia.
—Peter Nicholas
contributed to this article.
GOP TAX PLAN
CALCULATOR
Calculate your taxes and
discover the potential effect
of the changes at:
on.wsj.com/taxcalculator
WASHINGTON
WIRE
CENTRAL BANK
Trump to Renominate
Pick for Fed Chairman
President Donald Trump plans
to nominate Jerome Powell again
in the new year to serve as Federal Reserve chairman after the
Senate ended its 2017 session
this week without voting on the
matter, White House spokeswoman Natalie Strom said.
Nominees pending at the end
of a session have to be resubmitted by the White House in the
new session unless the chamber
agreed to have them carried over.
Mr. Powell’s is among dozens of
nominations that will have to be
submitted again. Also on the list
is Marvin Goodfriend, who was
nominated to serve on the Fed’s
board of governors.
—David Harrison
SPECIAL COUNSEL
Judge Eyes Possible
Gag-Order Violation
A federal judge overseeing
the trial of a former Trump campaign aide ordered him on Friday
to explain his participation in a
video that was played at a fundraiser thrown by a conservative
commentator who has compared
special counsel Robert Mueller
to the devil.
U.S. District Judge Amy Jackson asked Richard Gates to explain why the fundraiser, and an
associated media push, didn’t violate her November order restricting Mr. Gates and his defense lawyers from making
comments in the media that
might undermine a fair trial.
Mr. Gates’s lawyer declined to
comment, citing the judge’s order.
Mr. Gates has pleaded not
guilty to charges of conspiracy,
money-laundering and tax-related offenses.
—Del Quentin Wilber
CONGRESS
Pelosi Presses Ryan
On Russia Probe
Rep. Nancy Pelosi, the House
Democratic leader, asked House
Speaker Paul Ryan to protect
the integrity of the chamber’s investigation into alleged Russian
interference in the 2016 election.
In a letter to Mr. Ryan (R.,
Wis.), the California lawmaker
wrote that “the American people
deserve a comprehensive and fair
investigation into Russia’s attacks.
Political haste must not cut short
valid investigatory threads.”
A spokeswoman for Mr. Ryan
said: “To suit her political agenda,
Leader Pelosi would like to see
this investigation go on forever.”
—Byron Tau
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, December 23 - 24, 2017 | A5
Robert G. Wilmers
1934 – 2017
“We believe deeply
in the idea that a
bank run the right
way can make
better place to live.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
We believe that if
ly
.
a community a
that community
succeeds, we
will succeed
along with it.”
It is with deep sadness that we mourn
the passing of our Chairman and
Chief Executive Officer, Robert G. Wilmers.
He was an inspiration, and his legacy
no
n-
will live on in all that we do to support our
colleagues, serve our customers,
and strengthen our communities.
Thank you, Mr. Wilmers.
©2017 M&T Bank. Member FDIC.
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A6 | Saturday/Sunday, December 23 - 24, 2017
* *******
THE WALL STREET JOURNAL.
WORLD NEWS
U.N. Tightens Screws on North Korea
Security Council
slashes petroleum
imports, taking hard
line after missile launch
The U.N. Security Council voted unanimously to impose harsher sanctions on North Korean leader Kim Jong Un, seen addressing the Workers’ Party of Korea.
The U.S. recently identified
10 vessels that have been aiding
North Korea in evading sanctions and asked the sanctions
committee to blacklist them.
Diplomats said China has asked
for a deadline until Dec. 28 for
the blacklist to go into effect.
Sixteen new individuals and
one entity linked to financing
and development of Pyongyang’s nuclear and ballistic missiles are embargoed.
“I hope finally they [North
Korea] get the message and
change course,” U.K. Ambassador Matthew Rycroft said.
Friday’s resolution marked
the 10th round of sanctions
against North Korea, each
tougher than the previous. Diplomats say that the end goal of
sanctions is to force Mr. Kim to
the negotiation table, although
no timeline or framework for
talks has emerged.
Both the U.S. and North Korea have set preconditions for
talks to begin. Secretary of
State Rex Tillerson has said
North Korea must demonstrate
a “sustained cessation” of
threatening behavior and
Pyongyang has said the U.S.
must end all hostility toward
North Korea.
Both China and Russia on
Friday called for dialogue and
urged all sides to refrain from
antagonizing one another further with rhetoric and threats.
North Korea’s foreign ministry said Friday that U.S. President Donald Trump wants “total subordination of the whole
world” and that the U.S.’s recently announced national security strategy aimed to “stifle
our country.”
North Korea wasn’t present
at the Security Council session
on Friday.
ly
.
24 months to expel all North
Koreans who work abroad, and
demands that countries seize
ships caught smuggling goods
for North Korea.
The resolution also puts a
blanket ban on the remaining
export of goods including food
products and agriculture, minerals and machinery and electrical equipment, cutting off an
additional $200 million of the
regime’s revenues.
co Fo
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UNITED NATIONS—The U.N.
Security Council voted unanimously to slash the amount of
crude oil and refined petroleum
North Korea may import, dealing a serious blow to Pyongyang in response to its latest intercontinental ballistic missile
launch on Nov. 29.
The resolution on Friday represents a decision by the world
body to cripple North Korea’s
import of crude oil, amounting
to a nearly 90% ban on oil and
refined petroleum, which the
council has said are vital to
Pyongyang’s military and nuclear programs.
The resolution caps crude oil
imports at four million barrels a
year and limits access to refined oil products, including
diesel and kerosene, to 500,000
barrels a year.
U.S. Ambassador Nikki Haley
called the North Korean regime
“evil” in an address to the Security Council, and said that as
long as the government of Kim
Jong Un continues to defy the
international community, it will
continue to face punishment.
“For the international community, this is an unprecedented challenge from a defiant
state,” Ms. Haley said.
The Security Council resolution also calls for countries in
KCNA/REUTERS
BY FARNAZ FASSIHI
BY FELICIA SCHWARTZ
WASHINGTON—President
Donald Trump has signed off on
a decision to provide Ukraine
with lethal defensive weaponry,
including portable antitank armaments, in a major shift in the
yearslong conflict between Kiev
and separatists backed by Russia, U.S. officials said Friday.
The decision to send Javelin
antitank missiles places Washington closer to the conflict in
eastern Ukraine. The administration notified Congress of
the decision on Friday, U.S. officials said.
Ukraine has long sought Jav-
elins and other equipment from
the U.S. to counter Russianmade armored vehicles in rebelheld areas, but the U.S. has
steadfastly avoided steps that
officials have feared would escalate the conflict.
The move to provide lethal
weaponry came as fighting intensified recently and after Russia withdrew earlier this week
from a cease-fire monitoring
group in the region, spurring
concerns of an imminent escalation in hostilities.
The
State
Department
wouldn’t confirm the U.S. decision to send the antitank weapons but said in a statement late
Friday that the U.S. would provide “enhanced defensive capabilities.”
“The United States has decided to provide Ukraine enhanced defensive capabilities as
part of our effort to help
Ukraine build its long-term defense capacity, to defend its
sovereignty and territorial integrity, and to deter further aggression,” State Department
spokeswoman Heather Nauert
said Friday. “U.S. assistance is
entirely defensive in nature,
and as we have always said,
Ukraine is a sovereign country
and has a right to defend itself.”
The decision to supply
Ukraine with Javelins was confirmed by officials who said Mr.
Trump approved a version of a
plan put forward earlier this
year by the Pentagon and the
State Department, under which
the U.S. would provide antitank
weapons, including Javelin missiles, and other weaponry.
Ever since Russia invaded
Ukraine’s Crimea peninsula in
2014, moved to annex it and began supporting Russian-speaking insurgents in the country’s
east, Washington has largely
limited its support for Kiev’s
military to so-called nonlethal
aid and training.
The proposal to move to-
ward lethal weaponry has found
support in the Trump administration, particularly as officials
are concerned about an increase in violence in eastern
Ukraine and see the conflict as
an impediment to improving relations with Moscow.
The decision marks the second time this week the administration has taken action
likely to antagonize the Kremlin. On Monday, Mr. Trump
outlined a new national security strategy that singled out
Russia for attempting to upset
international order.
—Gordon Lubold
contributed to this article.
REUTERS
U.S. to Provide Ukraine With Antitank Weaponry
A Javelin missile system.
Catalan Separatists Weigh Next Move
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV95-S
BARCELONA—The victory
by separatists in Catalonia has
emboldened pro-independence
groups to continue their push
for secession from Spain, prolonging the country’s political
crisis and pressuring the Rajoy
government to find a way to
avert another showdown with
the restive region.
In a vote for Catalonia’s regional assembly, pro-independence parties won a majority
of seats, taking 70 out of 135.
“There were more than two
million votes in favor of independence,” Carles Puigdemont,
the former head of the region
said Friday morning. “This is
not a fantasy.”
Spanish stocks were lower
in Friday trading, while the
euro slipped against the dollar
in a sign of nervousness
among investors over the fallout. Two Spanish banks with
deep roots in Catalonia, CaixaBank SA and Banco de Sabadell
SA were among Europe’s
worst-performing
shares,
down 3.6% and 2.9%, respectively.
In a research note, Moody’s
Investors Service wrote that
uncertainty over how the Catalan crisis will evolve will damage business confidence.
The results were a setback
for Spanish Prime Minister
Mariano Rajoy, who bet that
months of social and economic
turmoil would drive more Catalans to rebuff the independence movement. “Those of us
who wanted change didn’t win
enough seats,” he said in televised remarks Friday.
Still, the premier said the
elections were an opportunity
to reset relations between Madrid and Catalonia—if the separatists moderate their demands. “I am confident that a
new phase is starting, based
on dialogue and not confrontation,” Mr. Rajoy said.
The victory means the tur-
bulence is unlikely to recede
for some time. The crisis
erupted when secessionists
staged an illegal referendum
on Oct. 1, in which officials in
the region say Catalans overwhelmingly supported secession. Later that month, the
pro-independence government
in Catalonia made a unilateral
declaration of independence.
In response, Mr. Rajoy imposed direct rule on Catalonia
and sacked its government, including Mr. Puigdemont. Mr.
Puigdemont fled to Belgium,
where he remains.
Despite Thursday’s victory,
the separatist movement faces
hurdles to form a government
and the vote strengthened the
hand of more moderate elements. That makes it unlikely
they will resume their pursuit
of unilateral independence.
Separatist leaders could instead seek to negotiate secession with Madrid—a tall order
given fierce resistance by Mr.
Rajoy to such an option.
Mr. Puigdemont’s party and
the other major separatist
party had already toned down
their calls for an independent
Catalan republic before the
vote, spooked by the negative
reaction by the region’s business community and disappointed by the international
community’s repudiation of
their push. Those two parties
together won 66 of the 70
seats won by pro-independence bloc.
A third, hardline secessionist party—the Popular Unity
Candidacy, known as the
CUP—which had doubled down
on its call for a unilateral
break during the electoral
campaign, lost nearly half its
voters compared to the most
recent local elections in 2015.
“CUP is in a weaker position,” said Federico Santi, a
Eurasia Group analyst.
Still, Mr. Puigdemont and
other separatist leaders will
need the CUP’s support or abstention to govern. And the
radical party is unlikely to
make it easy.
Meanwhile, for pro-union
politicians, the strong showing
in Catalonia of Ciudadanos, a
party that fiercely opposes independence, and the hardening
of opinion against Catalan secession elsewhere in Spain validates the hard line that Mr.
Rajoy and other pro-union
leaders took.
That Mr. Rajoy deployed direct rule in Catalonia will hang
over the secessionists as they
decide their next move. But
Mr. Rajoy could come under
pressure to find a way to appease the separatists to avert
a renewed drive for independence.
One option for Mr. Rajoy is
to open talks on reworking the
agreement that governs the
sharing of tax revenue between Madrid and Spain’s 17
regions.
JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
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BY JEANNETTE NEUMANN
Carles Puigdemont, Catalonia’s secessionist leader and former head of the region, in Brussels Friday.
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | A7
* * * * * *
WORLD NEWS
MEXICO CITY—The telephone call came shortly after
Claudio X. González said in a
speech that Mexico’s president
belonged in a corruption “hall
of infamy” because his indifference to fighting graft had
allowed it to thrive.
On the line, an angry top
government official let Mr.
González know just how “offended” President Enrique
Peña Nieto’s administration
was over his comments.
“His tone was accusatory
and threatening,” said Mr.
González, 54, a silver-haired
lawyer who heads Mexicans
Against Corruption and Impunity, one of a growing number
of nonprofit organizations
leading the fight against corruption here, rankling the government along the way.
A month after getting that
call this year, Mr. González’s
workday was interrupted by a
volley of calls. Employees
from four other nonprofit
groups he had previously
headed, as well as a person
working at his home, all
called to say government tax
and labor auditors were at
their doors. They had come to
serve notice that all four organizations and Mr. González
himself would be facing a total of nine government inspections; Mexicans Against
Corruption came under scrutiny two months later.
“We read it as a very clear
message of intimidation,” said
María Amparo Casar, the organization’s co-president.
Mexico’s tax agency declined to comment on specific
audits. A representative for
Mexico’s public social-security
institute, which undertakes labor audits, didn’t respond to
calls
seeking
comment.
Spokesmen for the tax agency
and for the presidency said
earlier this year the government had begun a campaign to
audit nonprofit groups to ensure they weren’t being used
to launder illicit funds.
A person close to the presi-
CARLOS LEMOS/REUTERS
The main opposition candidate in Honduras’s contested
presidential elections conceded
defeat after the U.S. government backed the re-election of
President
Juan
Orlando
Hernández, despite calls for a
new vote from the Organization of American States due to
widespread irregularities.
Honduras, one of the poorest and most violent nations in
Latin America, has been racked
by political unrest and violent
protests since the Nov. 26 elections. At least 17 people have
died in postelectoral violence.
“Now with the decision of
the United States, I am out of
the game,” said Salvador Nasralla, the candidate of a leftist
coalition who had claimed victory. “Those who govern Honduras are criminals who depend on the United States,”
the former sportscaster added.
On Friday, State Department
spokeswoman Heather Nauert
congratulated Mr. Hernández
for his re-election and called for
electoral reform in Honduras to
“heal the political divide.”
Mr. Hernández, a strong ally
of the U.S., beat the coalition
led by Mr. Nasralla by some
50,000 votes, or a 1.5% difference, in a poll that OAS observers said had been so marred by
irregularities that it was impossible to declare a victor
with certainty.
Hours after the vote, Mr.
Nasralla jumped to a surprising 5 percentage-point lead
with 57% of the vote counted.
But the country’s electoral authorities didn’t release more
poll results for 36 hours, fueling concerns that the delay
was an attempt to steal the
election. When the count restarted,
Mr.
Hernández
steadily made up the lost
ground, eventually beating Mr.
Nasralla.
BY JUAN MONTES
AND JOSÉ DE CÓRDOBA
Roberto Borge, ex-governor of Mexico’s Quintana Roo state, being led out of a Panama court in June.
Lost Confidence
Mexicans say they experience higher rates of bribery than other Latin Americans. They feel less
comfortable reporting corruption and have less faith in their government’s ability to fight it.
Share of respondents in selected countries who...
paid a bribe when accessing
basic services in the last year
think it is socially acceptable
to report a case of corruption
51%
say the government is doing a
bad job fighting corruption
Costa Rica
75%
Venezuela
76%
Peru
39%
Brazil
74%
Peru
73%
Panama
38%
Guatemala
72%
Chile
Venezuela
38%
Colombia
65%
Mexico
Panama
64%
Costa Rica
Mexico
30%
Colombia
28%
Guatemala
24%
Costa Rica
68%
61%
Venezuela
52%
Colombia
Argentina
51%
Panama
22%
Chile
Argentina
Brazil
16%
Mexico
49%
Brazil
Peru
48%
Argentina
11%
Chile
43%
59%
59%
dent said he knew of no telephone calls from any high official
to
Mr.
González
expressing presidential displeasure and that Mr. Peña Nieto didn’t have a problem with
Mr. González. The person
added, however, that he
thought Mr. González’s remarks about the president had
been rude.
If Mr. González hit a nerve,
it likely is because his group
has helped expose more than
two-dozen alleged instances of
high-profile corruption over
57%
56%
Guatemala
Source: Transparency International polls conducted May–November 2016 in 20 countries with sample
sizes of 924–1,204 people
Earlier this year, after the
group published material it
said implicated the former
governor of Quintana Roo in
corruption, the government issued a warrant for his arrest
on corruption charges. The
governor, who denies any
wrongdoing, was detained in
Panama and is slated for imminent extradition.
Another of the group’s
probes found that several federal agencies contracted with
universities for services that
were outsourced to nonexistent front companies and
never provided—a process
that a government auditing
agency says left some $210
million unaccounted for. Mexico’s tax agency has opened an
inquiry into the matter; a
spokesman for the agency declined to comment further. No
charges have been filed.
Mexicans Against Corruption has come to symbolize
the fight against corruption,
which Ms. Casar estimates
costs the country’s economy
some $47 billion a year, or
about 5% of its gross domestic
product.
“They have become the
voice of Mexican society in a
country where governments
doesn’t deliver results,” said
Agustín Basave, a respected
political scientist.
Mr. Peña Nieto has repeatedly said the fight against corruption is a priority. He supported
a
package
of
anticorruption laws that Congress passed two years ago.
But the naming of a new anticorruption prosecutor has
long been pending in the Senate, where Mr. Peña Nieto’s
PRI is by far the strongest political force.
Public outrage over corruption is already shaking up the
campaign for elections in July
2018, with an antigraft message helping to catapult leftist
nationalist presidential candidate Andrés Manuel López Obrador to the top of polls. The
former Mexico City mayor
says the country is run by a
political mafia that only he
can tackle.
ly
.
BY JOSÉ DE CÓRDOBA
Mexico Graft Fighter Hits a Nerve
co Fo
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Honduras
Candidate
Concedes
Election
42%
28%
THE WALL STREET JOURNAL.
the past two years. Most involve high-ranking government officials, but some implicate top businessmen and
opposition leaders. “We have
nothing personal against the
government,” Mr. González
said.
no
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AGENCE FRANCE-PRESSE/GETTY IMAGES
Austrian Trains Collide, Injuring a Dozen People
DERAILED: Two passenger trains collided near a station north of Vienna Friday, leaving four seriously
injured and eight others slightly hurt. Authorities said they believed the cause was human error.
Two Former FIFA Officials
Convicted of Corruption
BY REBECCA DAVIS O’BRIEN
A Brooklyn, N.Y., jury found
two former top South American soccer officials guilty of
racketeering, wire fraud and
money-laundering charges on
Friday, in a partial verdict that
followed a monthlong trial
marked by dramatic turns and
accusations of wide-ranging
corruption in international
soccer.
The third defendant on trial
has yet to learn his fate: On
Friday afternoon, the jury said
it hadn’t yet reached a verdict
on one count of racketeering
conspiracy against Manuel
Burga, the former president of
Peru’s soccer federation. It is
the only charge he faces in the
seven-count indictment.
José Maria Marin, the former president of Brazil’s soccer federation, was convicted
on six counts, and acquitted
on a single count of moneylaundering conspiracy.
Juan Ángel Napout, a former FIFA vice president who
led the Paraguayan soccer federation, was convicted on
three counts and acquitted on
two money-laundering conspiracy charges.
At around noon on the sixth
day of deliberations, jurors
told U.S. District Judge Pamela
Chen that they had reached a
verdict on six of the seven
counts in the racketeering
trial but remained deadlocked
on one.
Judge Chen accepted the
verdicts against Messrs. Marin
and Napout but ordered jurors
to return next week to continue deliberations on the
count against Mr. Burga.
Lawyers for Messrs. Marin
and Napout both expressed
disappointment in the verdict
and said they would appeal if
necessary. A lawyer for Mr.
Burga didn’t respond to a request to comment.
Judge Chen ordered Messrs.
Marin and Napout detained on
Friday, saying they represented flight risks. Both men
had been living under house
arrest.
The partial verdict is a victory—though still incomplete—for the U.S. attorney’s
office in Brooklyn and the Federal Bureau of Investigation,
which spent years investigating FIFA, soccer’s global governing body.
Authorities
ultimately
charged more than 40 people
and entities, outlining decades
of alleged schemes involving
soccer officials from around
the world and more than $200
million in bribes.
Prosecutors alleged that the
three men agreed to accept
millions of dollars in bribes
from sports-marketing executives in connection with media
and marketing rights for regional soccer tournaments and
World Cup qualifying matches.
Since charges were first unsealed in May 2015, following
a dramatic raid on a Swiss hotel, 23 people have pleaded
guilty in connection with the
matter. Others remain at large,
resisting extradition.
The trial has captivated
South American audiences,
with testimony about the lavish lifestyle enjoyed by top
soccer officials, allegations
about major media companies,
and reports of endemic corruption in international soccer
tournaments.
every
one
deserves a decent
place to live.
Learn more at
habitat.org.
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A8 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
* ******
WORLD NEWS
A social-media campaign
gaining steam aims to draw
attention to the worsening humanitarian situation in Syria
by asking people to tweet a
photo of themselves covering
one eye in solidarity with a 3month-old Syrian boy who lost
an eye in a regime airstrike.
Britain’s ambassador to the
United Nations, Lebanon’s
prime minister, a Turkish parliamentarian and a professional French soccer player are
among those who have joined
in. The hashtag #SolidaritywithKarim has been seen by
nearly five million users, according to Keyhole, a site that
tracks social-media metrics.
“When we sit around the
#UNSC & warn that inaction
will mean more people are going to die. More schools
bombed.
More
children
scarred. This is what we
mean,” British Ambassador
Matthew Rycroft tweeted with
a photo of himself at the U.N.
with his hand over his right
eye.
“We must see an end to the
bombardment & siege of
#EasternGhouta. #SolidarityWithKarim,” he added, refer-
A regime airstrike
killed the 3-monthold's mother and took
his eye out.
7,700 times per day a child, a
woman or a man fled because
of violence in Syria,” he added.
“That’s a small town fleeing
every single day for an entire
year.”
On Oct. 29, Karim’s mother
took the boy, then 1 month
old, to a market in Eastern Ghouta to buy flour to make
bread for her family, said
Amer Almohibany, a freelance
journalist and activist who
helped start the social-media
campaign. Syrian forces attacked the market with mortars that instantly killed the
mother, fractured Karim’s skull
and took his eye out, Mr. Almohibany said.
Photos of the boy in a pink
snowsuit with a cratered forehead first went viral online
before the campaign began.
Eastern Ghouta, home to
about 400,000 people, has
been under siege by Syrian regime forces since 2013—cutting its residents off from regular delivery of food aid and
medicine. People needing
medical evacuations aren’t allowed to leave without government permission. More
than a dozen have died while
awaiting such permission.
This wasn’t the first photo
of a Syrian child to go viral
and bring attention to the
broader conflict and crisis. In
2015, the image of a drowned
Aylan Kurdi washed ashore
symbolized the desperation of
refugees migrating to Europe.
The following year, a dazed
Omran Daqneesh sitting in the
back of an ambulance in
Aleppo provided a fresh reminder of the war’s grim toll
on the most vulnerable.
Mr. Almohibany first posted
an image of himself with one
eye covered on Dec. 17 with
the hashtag.
“When I did this campaign,
it was because I was affected
by Karim’s story and to draw
attention to the condition of
the children in Ghouta,” he
said Friday via WhatsApp.
“Children in Ghouta are dying
An aunt holds the boy, Karim Abdulrahman, in Eastern Ghouta on Wednesday. The media campaign
asks people to take photos of themselves covering one eye. Below, a boy living in the same area.
from hunger and from airstrikes.”
The worsening humanitarian situation—especially as
winter weather sets in—in
some parts of Syria has been
overshadowed by the war
against Islamic State in other
parts of the country.
But while much of the international focus has been on
defeating the terror group, the
regime of President Bashar alAssad has turned its attention
to seizing remaining areas under control of opposition reb-
SAUDI
Business Empire
Prince al-Waleed bin Talal has
built a vast network of holdings
across the world.
Publicly disclosed stake
in major companies
Kingdom Holding,
Prince al-Waleed's conglomerate
95.0%
AMER HILABI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Four Seasons, luxury hotel chain
47.5
Flynas, Saudi budget airline
34.0
Banque Saudi-Fransi, bank
16.2
Accor, hotel chain
5.8
Prince al-Waleed bin Talal speaking at a press conference in Jeddah, Saudi Arabia, in May.
n-
Salah Al-Hejailan, a lawyer
who has worked with Prince alWaleed in the past and remains in contact with his family, said that “there are no
formal accusations” against the
prince, and that the prosecutor
would only open a judicial case
against him if no understanding is reached.
The Saudi government is
merely “having an amicable exchange to reach a settlement”
with the tycoon, said Mr. AlHejailan, adding he wasn’t currently retained by Prince alWaleed.
The prince has indicated to
no
Continued from Page One
mated at $18.7 billion by
Forbes, which would make him
the Middle East’s wealthiest individual. But Prince al-Waleed
has indicated that he believes
raising and handing over that
much cash would be an admission of guilt and would require
him to dismantle the financial
empire he has built over 25
years, other people said.
Prince al-Waleed is talking
with the government about instead accepting as payment for
his release a large piece of his
conglomerate, Kingdom Holding Co., people familiar with
the matter said. The Riyadhlisted company’s market value
is $8.7 billion, down about 14%
since the prince’s arrest. Kingdom Holding said in November
that it retained the support of
the Saudi government and that
its strategy “remains intact.”
Prince al-Waleed, currently
chairman of the company,
would want to stay on in a
leadership role in the new
state-backed company, one
person close to him said.
“Keeping [the empire] under
his control, that’s his battle,”
the person said.
According to a senior Saudi
official, Prince al-Waleed faces
accusations that include money
laundering, bribery and extortion.
people close to him that he is
determined to prove his innocence and would fight the corruption allegations in court if
he had to.
“He wants a proper investigation. It is expected that alWaleed will give MBS a hard
time,” said a person close to
Prince al-Waleed, referring to
the crown prince by his initials,
as many do.
Kingdom Holding, the Saudi
Royal Court and the Saudi Embassy in Washington didn’t respond to requests for comment.
Saudi officials have said
they expect the state to receive
tens of billions of dollars from
settlements with those arrested last month. Prince Miteb
bin Abdullah, once seen as a
leading contender to the
throne, paid more than $1 billion to secure his release in a
settlement with the government, said senior Saudi government advisers.
The detentions are part of a
large-scale shake-up of Saudi
society engineered by 32-yearold Prince Mohammed. He is
also allowing women to drive
next year, opening movie theaters for the first time in de-
els through heavy airstrikes
and shelling and siege on civilian populations.
Though fewer people in
2017 lived in areas under
siege, the United Nations has
had less success delivering humanitarian aid to them, Mr.
Egeland said. No aid was delivered in December.
On Dec. 14 as the U.N. humanitarian task force met and
held a news conference during
which Mr. Egeland spoke
about the urgent need for
medical evacuations from Ghouta, a 9-month-old baby suffering from a cleft palate and
malnutrition died, he said.
For Karim, at least, the social-media campaign has
brought some small measure
of relief: One sympathizer donated six months of baby formula.
—Nazih Osseiran
contributed to this article.
ly
.
BY RAJA ABDULRAHIM
ring to the besieged, opposition-held suburb where the
child, Karim Abdulrahman,
was wounded.
Despite the ouster of Islamic State from most of the
country, a top U.N. humanitarian official said late Thursday
that in many respects, 2017
was worse than 2016 with
more people displaced and
less aid being delivered.
“We failed too many people
in 2017,” said Jan Egeland,
head of the U.N. task force for
humanitarian aid to Syria. “So
co Fo
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Media campaign plays
up humanitarian issues
overshadowed by the
fight against ISIS
MOHAMMED BADRA/EPA/SHUTTERSTOCK; AGENCE FRANCE-PRESSE/GETTY IMAGES (BELOW)
Syrian Boy’s Plight
Puts Focus on Sieges
Twitter, social media platform
4.7
Euro Disney, French theme park
1.0
Sources: Kingdom Holding Co.; FactSet
(Twitter)
THE WALL STREET JOURNAL.
cades and orchestrating the
public listing of the state’s oil
company to raise cash for an
economic transformation.
Prince Mohammed has also
moved quickly to consolidate
power in a royal family in
which different branches often
ran pieces of the government
as private fiefs. In the past two
years, the crown prince has
taken control of internal secu-
rity services, national defense
and the economy from uncles
and cousins who had long been
in power.
Prince al-Waleed, a cousin
to the crown prince, has never
been seen as a contender for
the throne because his father,
Prince Talal bin Abdulaziz,
called for liberal social and political reforms in the 1960s and
fell out of favor.
Like his father, Prince alWaleed has long been an outspoken advocate for social reforms, such as allowing women
to drive. He is also a sort of independent Saudi ambassador
to the global business world,
amassing big stakes in companies such as Apple, General
Motors and News Corp. (all of
which he has sold). News Corp
is the owner of The Wall Street
Journal.
Currently, he is a major
shareholder in Twitter, the
ride-sharing service Lyft, AccorHotels and the Four Seasons Hotel & Resorts. His company’s skyscraper, Kingdom
Centre, is one of Riyadh’s most
striking landmarks.
Some people close to Prince
al-Waleed say they believe his
high profile helped turn Prince
Mohammed against the tycoon.
Kingdom Holding has long
acted like an arm of the Saudi
state, striking deals that could
have also been done by the
crown prince or the kingdom’s
own sovereign-wealth vehicle,
the Public Investment Fund.
WORLD WATCH
UNITED KINGDOM
TOSHIFUMI KITAMURA/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.K., Russia Officials
Spar Over Meddling
SANTA’S SALESFORCE: Clerks and workers in the central Tokyo shopping district of Marunouchi held a Christmas parade on Friday.
British Foreign Secretary Boris
Johnson visited Moscow on Friday, mixing calls for cooperation
on global security challenges with
sparring over allegations of Russian meddling in Britain’s vote to
leave the European Union.
Mr. Johnson is the U.K.’s first
foreign secretary to visit Moscow
in more than five years. Russia
and Britain have collided on a
range of issues, including the
2006 poisoning death in London
of ex-Russian spy Alexander Litvinenko and the Ukrainian crisis.
Mr. Johnson sparred briefly
with Russia foreign minister Sergei Lavrov over allegations Russia
was interested in seeing Britain
leave the EU. Mr. Lavrov said Mr.
Johnson has acknowledged there
was no proof of Russian interference in the June 2016 vote. “Not
successfully, I think is the word,”
Mr. Johnson immediately said.
—Associated Press
ZIMBABWE
Government Returns
Land to White Farmer
A white Zimbabwean farmer
evicted under the government of
Robert Mugabe returned to a
hero’s welcome as the first to get
his land back under the new president, Emmerson Mnangagwa.
Robert Smart’s return to his
farm, with military support, is a
sign that the new leader is reforming an issue that had hastened the country’s international
isolation. Hundreds of farmers
were evicted under a program Mr.
Mugabe called a righting of colonial wrongs. Mr. Mnangagwa has
said he would seek to revive the
once-prosperous southern African
nation’s economy after years of
international sanctions.
—Associated Press
CANADA
Economy Runs Flat
As Oil Output Drops
Economic output in Canada
unexpectedly stalled in October
due to a decline in the energy
sector, curbing expectations of a
rate increase from the Bank of
Canada in January.
The level of Canada’s gross
domestic product was unchanged in October from the
previous month at 1.75 trillion
Canadian dollars (US$1.37 trillion), Statistics Canada said Friday. The result missed market
expectations of 0.2% growth.
—Paul Vieira
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 23 - 24, 2017 | A9
* * * *
OBITUARIES
M AC O N B RO C K J R .
1942 — 2017
W I L L I A M AG E E
1938 — 2017
Dollar Tree Founder
Searched for Bargains
Romantic Life Upstaged
Performance as Young CEO
A Dollar collapsed into bankruptcy in the 1990s.
Mr. Brock’s teenage years
weren’t promising. Though he had
plenty of friends, he had little interest in studies, and his parents
feared he wouldn’t amount to
much. Their worries finally motivated him to prove he was “more
than a goof-off,” as he put it in a
memoir.
He made the dean’s list at Randolph-Macon College and got
management experience as a captain in Vietnam. The Marines bolstered his self-confidence and
taught him to delegate.
He died Dec. 9 in Virginia
Beach, Va. He was 75 and had suffered from pulmonary fibrosis.
—James R. Hagerty
V E R A K AT Z
1933 — 2017
Refugee From Nazis
Rose in Oregon Politics
rose to speaker of the Oregon
House in 1985, becoming the first
woman to serve in that post.
Elected mayor of Portland in
1992, she served 12 years.
She supported public transit,
helped revive riverside neighborhoods and promoted gay rights—
policies that helped make the city
a magnet for young adults.
“She had no hobbies, no diversions or indulgences to dull her
focus,” her son, Jesse Katz, wrote
in a memoir, “The Opposite Field.”
One regret: Her failed attempt
to bring Major League Baseball to
Portland.
Ms. Katz died Dec. 11 of complications from cancer and kidney
disease. She was 84.
—James R. Hagerty
BRANDON WILSON
RACES
USA Track & Field
has a 66-page
manual of procedures
for certifying races.
steel tape measures at least
300 meters in length—to account for how changing temperatures might affect the size
of the tires or the length of
measuring tape. And the entire course must be biked in
its entirety at least twice.
Brandon Wilson, who mismeasured both the marathon
and the half-marathon in Chattanooga in 2017, said he faced
trouble at every turn. The racecourse passes over a highly trafficked bridge and a dam that
aren’t bike friendly. When he
decided to make the ride in the
middle of the night, a car almost hit him and his assistant.
“That really scared us,” he said.
Then his computer crashed,
taking with it many of his measurements and calculations. He
healthy cells.
Since leaving Morrison Knudsen,
Mr. Agee has been involved in a variety of smaller businesses, including a maker of mozzarella cheese, a
solar-energy firm and a tuxedorental service.
W
illiam McReynolds Agee,
who was known as Bill
and later changed his middle name to Joseph, was born Jan.
5, 1938, in Boise. His father was a
manufacturing executive and dairy
farmer who served in the Idaho
state Legislature. Young Bill began
earning money by mowing lawns at
age 9 and soon opened his first
bank account. He served as president of his high-school class in his
sophomore and senior years.
His first wife was the former Diane Weaver, whom he met as a
teenager. They married in 1957.
While studying at the University
of Idaho in the late 1950s, he
worked in the accounting department of a supermarket chain. After
graduating, he joined a title insurance company in Boise before
heading to Harvard Business
School, where he earned a degree
Read a collection of in-depth
profiles at WSJ.com/Obituaries
n-
Brandon Wilson has measured hundreds of races.
went out and measured parts
of the course again, but skipped
a final check for safety reasons
until the day of the race.
As the runners took off, Mr.
Wilson biked ahead of them to
check the course. By the time he
reached the dam, he knew
something was wrong. “I
thought, ‘Oh, this is not good,’ ”
he said. “Before anyone called
me, I knew it at mile 15.”
Mr. Wilson dashed to check
his calculations. When going
over it again, he realized he
hadn’t made one mistake, but
two. He mapped out the wrong
place for two turnaround markers along a Tennessee River
park, which meant the marathon was about .75 miles too
long and the half-marathon was
about .63 miles too short. “If it
could go wrong, it went wrong.”
If a race distance is off, it
can’t be certified, which means
a runner’s time might not be allowed to qualify them for major
races, like the Boston Marathon.
Race director Mr. Nevans
said he was inundated with “hyper-negative” email and socialmedia posts. “The venom on
Facebook is just crazy,” he said.
The race offered refunds and
paid for a runner’s entry fee to
another marathon, he said.
Mr. Wilson, who has measured hundreds of races, plans
to measure Chattanooga again
next year, but in conjunction
with another measurer who will
independently check the route.
Decades ago, when there
were fewer races and ways of
measuring them, such mistakes likely happened and
didn’t get noticed. Today, serious runners wearing tracking
devices discover mistakes
even before the race is over.
Since the 1980s, the USATF
no
Continued from Page One
calibration error in 2013.
Sometimes people lay out the
race incorrectly. Or those setting up the course get it wrong.
Other times, volunteers or staff
posted at sections of a race send
runners in a wrong direction.
“There’s a billion ways to
mess it up and only one way to
get it right,” says Jay Nevans,
48, race director of the Seven
Bridges Marathon and HalfMarathon in Chattanooga. This
year both distances were
wrong—the marathon too long,
the half-marathon too short.
USA Track & Field, which approves official events, has a 66page manual of procedures for
certifying races. It lists 13 items
of necessary equipment for
measuring a race, including
masking tape and spray paint
for temporary markers, a pocket
calculator with at least 8 digits,
a good road bicycle preferably
with high-pressure tires and a
Jones Counter, a device that attaches to the front bike wheel
and measures distance by
counting revolutions.
Bike tire pressure must be
constant and measurers must
conduct calibrations—using
I
n 1976, when William Agee won
the top job at Bendix Corp., a
maker of automotive parts, he
was 38 years old and one of the
youngest CEOs of a major American company. The Harvard-trained
executive proved to be one of the
most colorful and controversial
corporate leaders as well.
In 1980, rumors of a romance
between the recently divorced Mr.
Agee and Bendix’s vice president
for strategy, Mary Cunningham, set
off a long-running soap opera in
the business press. The two denied
the rumors, but Ms. Cunningham
resigned, citing “false innuendoes”
that made it impossible for her to
do her job. She and Mr. Agee married 20 months later.
Mr. Agee led Bendix into a takeover bid for Martin Marietta Corp.
in 1982. That aerospace company
responded by seeking to acquire
Bendix. After a frantic Wall Street
battle, Bendix ended up being
bought by Allied Corp., a deal that
cost Mr. Agee his job.
He rebounded in 1988 by getting
the CEO job at Morrison Knudsen
Corp., based in his hometown of
Boise, Idaho. Mr. Agee failed in an
attempt to transform the construction and engineering company into
a maker of railcars and other transit equipment. Meanwhile, he drew
fire for his expenses when it
emerged that the company had
paid for a nearly life-size painting
of him and Ms. Cunningham.
Critics also assailed him for
working from his estate in Pebble
Beach, Calif., rather than the headquarters in Boise. As the company
reported losses and neared a default on loan covenants, the board
pushed him out in February 1995.
Mr. Agee died Wednesday at a
hospital in Seattle. He was 79 and
had scleroderma, a disease in
which the immune system harms
in 1963. He also qualified as a certified public accountant and joined
Boise Cascade Corp., a forest-products company, where he rose to
chief financial officer at age 31.
Michael Blumenthal, the CEO of
Bendix who later was Treasury secretary under Jimmy Carter, recruited Mr. Agee to Bendix in 1972.
When Ms. Cunningham graduated from Harvard Business School
in 1979, Mr. Agee talked her out of
accepting a Wall Street job and
hired her at Bendix, where he said
her learning curve would be
steeper. He swiftly promoted her to
head of corporate strategy.
When Bendix bought a 5% stake
in RCA Corp. in 1982, that company
lashed out at Mr. Agee’s romantic
life. Saying that the investment
wasn’t welcome, RCA added: “Mr.
Agee has not demonstrated the
ability to manage his own affairs,
let alone someone else’s.”
At Morrison Kundsen, Mr. Agee
offended old-timers by taking
down a portrait of the company
founder, Harry Morrison, and replacing it with a one of himself and
his wife. Others found him charming and persuasive. “He can convince you that white is black,”
Keith M. Price, a former Morrison
Knudsen executive, told The Wall
Street Journal in 1995.
On Thursday, Ms. Cunningham
Agee said her husband “took risks
that some other men wouldn’t have
taken. Sometimes they worked out
and sometimes they didn’t.”
Mr. Agee is also survived by five
children, eight grandchildren and
two sisters.
Suzanne Agee, one of his daughters, said she and the two other
children from his first marriage
were estranged from him for decades but renewed close bonds in
recent months.
co Fo
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A
s a Jewish refugee in New
York City in the 1940s, Vera
Pistrak discovered baseball
through Red Barber’s radio broadcasts of the Brooklyn Dodgers.
The lonely teenager particularly
appreciated Jackie Robinson, the
first African-American to play in
the major leagues.
“In a way, he stood for everything I had to go through,” she
said later. “It was about being accepted by America.”
It was as Vera Katz, her married name, that she established
herself as a Jackie Robinson of
politics. After volunteering for the
1968 presidential campaign of
Robert F. Kennedy, she fought her
way into Oregon politics. Elected
as a state legislator in 1972, she
BY JAMES R. HAGERTY
ly
.
H
e made no claims for originality. Macon Brock Jr. and
the other founders of Dollar Tree Inc. always acknowledged
they got the idea for their company from a retailer known as Everything’s A Dollar.
Mr. Brock simply figured his
team could do it better.
There are now more than 6,600
Dollar Tree stores in North
America. The U.S. stores typically
stock more than 7,000 items, each
priced at $1. Among the offerings:
sunglasses, screwdrivers, bottles
of 140 aspirin tablets, packs of six
frozen waffles, tubs of Cool Whip
and wine glasses. The company’s
market value is about $26 billion,
up from $225 million when it
went public in 1995. Everything’s
has sanctioned use of the bicycle-measurement technique that
many measurers maintain is
better than GPS technology,
which can’t track races as
closely and isn’t as reliable near
tall buildings or under trees.
Race measurers and certifiers
hold annual gatherings to discuss new technologies to reduce
errors and discuss the subject
on a special listserv—but races
continue to miss their mark.
“It’s always human error,”
said Duane Russell, 61, a race
measurer in Denver.
David Katz, chair of the
USATF’s Road Running Technical Council, said race measurement errors are “extremely
rare” but “nobody’s perfect.”
Mr. Katz, considered one of the
most meticulous measurers in
the field, said, “I’m scared stiff
I’m going to screw up.”
Don Weyer measured the
Milwaukee course this year
that came up short. A self-described “map freak,” Mr.
Weyer, 70, has been measuring
races for about 40 years. He
said when he heard about the
mistake, he panicked: “There
is no way in hell I could be
that far off.”
For two days, he went over
all of his calculations, reviewing
each step again and again. Finally, he says race officials told
him it wasn’t his fault. Someone
who helped lay out the course
misread his instructions, they
told him. Race officials didn’t
return calls for comment.
For Ms. Nickel, the botched
marathon left her in an odd
limbo. What she thought was
her triumph “feels like a
scratch,” she said. A friend told
her that she should display her
medal “but that I should cut a
chunk out of it first.”
Your Cup of Tea
Charles Soulacroix
Revered artist. Charming subject.
Stunning detail. A charming trio sits
down for afternoon tea in this original
oil on canvas by the renowned
painter Charles-Joseph-Frédéric
Soulacroix. The undisputed master
of “Silk and Satins,” Soulacroix
composed extravagant tableaus with
an awe-inspiring level of intricacy.
Every luxurious detail of the present work is rendered with
photographic realism and remarkable detail. Signed (lower
right). Canvas: 341/4”h x 261/4”w; Frame: 483/4”h x 403/4”w. #30-7144
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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.
A10 | Saturday/Sunday, December 23 - 24, 2017
* *****
THE WALL STREET JOURNAL.
GLENNA GORDON FOR THE WALL STREET JOURNAL (2)
IN DEPTH
Not much is left of the Chibok Government Secondary School, apart from a sign, left, and the twisted metal frames of bunk beds. After abducting its students, Boko Haram burned it to the ground.
GLENNA GORDON
In interviews, many Nigerians involved in negotiations
for the girls, from cabinet
ministers to soldiers, expressed bewilderment that a
series of tweets could so thoroughly distort the priorities of
a conflict that had been grinding to a stalemate.
Nigerian officials complained bitterly of social media’s intrusion and the compromises it forced them to
consider. Some believed the
girls’ fame only prolonged
their captivity and overshadowed tens of thousands of
other children the insurgents
had abducted or murdered.
Then there is the matter of
the ransom, which has never
before been disclosed. Nigeria’s government hasn’t publicly detailed what it offered
Boko Haram, or where any
funds came from. Several senior officials confirmed that
the swap included the release
of five captured militants and
a total of three million euros,
delivered in two drop-offs.
“We had no choice,” said
one cabinet minister. “And if
we had to pay the same price
again, we would.”
To a threadbare insurgency
that had been driven into the
mountains, the two payments
in 2016 and 2017 represented
a timely windfall. Since they
collected the money, the group
has stepped up its terrorist attacks. The number of suicide
bombs detonated in Nigeria,
most strapped to children, has
seen a fourfold increase from
the previous year.
Zannah Mustapha, the chief
architect of the deal, said such
concerns miss the central
point. Their release, he believes, was a prelude to ending
the war. “#BringBackOurGirls
had become the lock to the
conflict,” he said, in an interview after the girls were freed.
“I am trying to pick the lock.”
When asked about the price
paid for the girls’ freedom, he
pointed a finger skyward:
“That’s between me and God.”
fountain in Abuja near the Hilton. “What are we demanding?” the few demonstrators
chanted. “Bring back our girls,
now and alive!” One day, police shot tear gas at them.
Ezekwesili also took to
Twitter. For nine days she
posted a series of hashtags
aimed at needling the Nigerian
government. Eventually, a
lawyer who followed her account tagged a post with
#BringBackOurGirls.
As a former official at the
World Bank, Ezekwesili had
picked up a handful of overseas celebrity followers. On
April 30, recording artists
Mary J. Blige, Common and
Young Jeezy tweeted the
hashtag. Actors Reese Witherspoon and Whoopi Goldberg
followed suit, while Harrison
Ford and others held up placards on the red carpet at the
Cannes Film Festival.
“#BRINGBACKOURGIRLS You
crazy mothaf—ers,” wrote comedian Chris Rock.
By mid-May, the hashtag
had been mentioned more
than 3.4 million times.
At the White House, Michelle Obama asked the National Security Council for
regular briefings on the missing students. Then, to the surprise of her husband’s staff,
she summoned a photographer. Standing in the Diplomatic Room opposite a portrait of George Washington
and wearing a somber expression, she held up her placard.
The tweet was liked or
retweeted more than 179,000
ly
.
schoolhouse, the Chibok girls
were learning that the earth
was round. “PROOF THE
EARTH IS SPHERICAL,” the
students were told to copy in
their notebooks. “Pictures
taken from spacecraft at great
height clearly show the curvature of the earth.”
It wasn’t just this school’s
curriculum that violated
Shekau’s vision—it was the
mixing of faiths. Its students
included Muslims and Christians. Their parents were
neighbors and friends.
Naomi Adamu was among
the school’s more serious students, “a hardworking girl,” as
her mother, Kolo Adamu, described her. She also had a
goofy sense of humor she
shared with a few close
friends.
In March, three weeks before the attack, Shekau appeared on YouTube, threatening the region’s young women:
“Girls, you should return to
your homes…In due course we
will start taking women away.”
When the girls emerged in
the courtyard, they could see
the men were not soldiers.
They wore unkempt beards,
flip-flops and tattered uniforms. They raided the school
cafeteria and poured gasoline
on the school to torch it.
Boko Haram had not come
to abduct the school’s students—it had come to steal a
brick-making machine. Its
camps faced a housing shortage. A commander fired his rifle in the air and demanded to
know where the machine was
kept. The fighters found it and
hoisted it onto a truck.
As they prepared to leave,
one militant, motioning to the
students, asked a fateful question. What shall we do with
them?
A few weeks earlier, Boko
Haram had barricaded dozens
of schoolboys in their dormitory at the Federal Government College of Buni Yadi and
burned them alive.
The unit’s commander
turned to the girls. “Shekau
will know what to do with
them,” he said.
The fighters ordered the
girls to climb into their trucks.
The teenagers linked hands
and arms as they stumbled
through the dark.
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‘We had no choice’
Naomi Adamu, one of the 103 girls released, in a photo taken
before her capture. She maintained one of the surviving diaries.
The following account of
the kidnapping of the Chibok
girls, their captivity and Nigeria’s attempts to free them is
based on dozens of interviews
on three continents with West
African, European and American officials, including intermediaries between the warring parties.
Details of the girls’ captivity come from their handlers,
the officials who debriefed
them, and Naomi Adamu, the
first of the Chibok girls to talk
so extensively about the ordeal.
The kidnapping
Close to midnight on April
14, 2014, the girls of the Chibok school sat up in their
bunk beds. A group of men in
pickup trucks were bearing
down on their small town, firing rockets and assault rifles.
The soldiers stationed nearby
ran for their lives.
There was no electricity in
the single-story schoolhouse
and the girls had only flashlights to guide them. Outside
their dormitory windows, they
could hear the rumble of approaching engines.
Cowering in his boxer
shorts from the safety of a
nearby mountain, Samuel
Yama saw his phone light up.
It was his sister, Margaret, a
student at the Chibok school.
“She could not even speak and
I was telling her to flee,” he
said; “She was in tears...then
the call cut off.”
Outside, the girls heard
ADAOBI TRICIA NWAUBANI/THOMSON REUTERS FOUNDATION
no
Continued from Page One
closely guarded secret that
even high-ranking Nigerians
didn’t know his full name.
Not far away, 82 young
women cloaked in black veils
stumbled through the tall
grass toward the rendezvous
point, flanked by masked militants with guns. Hours earlier,
their captors had ordered
them to pack their belongings
and start walking. They had
no idea they were the world’s
most famous hostages.
Before her kidnapping in
2014, Naomi Adamu had been
a student at the Chibok Government Secondary School.
She studied mathematics in
her bunk bed. She played soccer. Now, as she shuffled
through the wilderness after
1,102 days in captivity, her
eyes were hollow, her skin
drawn tightly over her cheekbones.
The Chibok schoolgirls carried only a few visible possessions: strips of colored cloth,
flip-flops and small twigs for
pinning their hair. Tied around
Adamu’s waist, concealed from
her captors, was an article of
defiance. It was a diary, one of
the few surviving records of
the girls’ ordeal.
At the rendezvous point,
Zannah Mustapha, dressed in
a crisp gray Kaftan-style robe,
watched as a group of wiry
young fighters in tattered fatigues gathered opposite him,
cradling Kalashnikovs. Behind
them stood Boko Haram’s end
of the bargain: Naomi Adamu
and 81 of her classmates, the
subjects of one of the largest
manhunts in world history.
The captives huddled close
and stared ahead, their eyes
fixed. Some linked arms, others held hands.
After Mustapha read the
girls’ names aloud from a list,
one of the militants began
filming them with a battered
camcorder. A Boko Haram
commander asked each hostage two questions:
“Were you raped?”
“Were you abused?”
No, they all answered.
The trauma the Chibok girls
had endured as Boko Haram’s
captives was extraordinary,
but not unprecedented. The
insurgents had taken thousands of other young Nigerians, many of whom were
raped or conscripted as fighters. Most of these abductions
went unnoticed.
News of this particular kidnapping had not only spread,
it became the most prominent
example of mass activism on
social media and a central preoccupation of the global war
on terror. Its high point came
n-
PRICE
on May 7, 2014, when thenFirst Lady Michelle Obama
tweeted a photo of herself
holding a placard with the
hashtag #BringBackOurGirls.
The story of the Chibok
girls, as it is commonly understood, shows how a simple
hashtag on Twitter spurred
seven nations to dispatch billions of dollars in armed
forces, drones and sophisticated surveillance equipment.
Digital activism was supposed
to have cut through the battle
lines of a near decadelong civil
war and helped Nigeria bring
the girls home.
The full story, never before
reported, says otherwise.
A page of a secret diary kept by the Chibok girls during their captivity.
voices. “Don’t worry! We are
soldiers. Gather!”
The girls didn’t know what
to make of the men ordering
them to come into the moonlit
courtyard. “Don’t worry, we
are soldiers,” they repeated.
The students, some carrying Bibles, tiptoed through
their rooms toward the voices
outside, swimming through
darkness.
For centuries, Chibok had
been a place of refuge. Families had settled there in the
1700s to escape the slave
trade. In 1941, an American
missionary couple arrived and
Chibok became a majorityChristian hamlet in Nigeria’s
Muslim heartland.
By the turn of the 21st century, corruption, military
coups and a limping economy
left thousands of unemployed
young men feeling disillusioned. In nearby Maiduguri, a
baby-faced cleric named Mohammed Yusuf built a following by declaring that Western
education, or boko, was
haram, sinful. The earth was
flat, the cleric argued, and
evaporation was a lie—Allah
caused rain.
After Yusuf’s murder by authorities, a bearded and bellowing cleric named Abubakar
Shekau took over the group.
Burning with anger and wrath,
he demanded that all of Nigeria adopt Shariah Law. In
hourlong video sermons,
Shekau threw tirades at Queen
Elizabeth II and Abraham Lincoln, rambling, cackling and
jabbing his finger into the
lens. “We will kill whoever
practices democracy!” he
screamed. “We should decapitate them! We should amputate their limbs! We should
mutilate!”
“Kill, kill, kill!”
By the early 2010s, Boko
Haram was regularly slaughtering moderate Muslim leaders and dispatching suicide
bombers to crowded markets.
Kalashnikov-wielding militants
hanging off the backs of scooters attacked villages, spraying
bullets and setting fires. Tens
of thousands died.
Schools closed by the hundreds. Some were burned
down by their own students,
converts to Shekau’s army,
now one of the world’s most
deadly. To help expand its
ranks, Boko Haram began kidnapping children.
In their red-tin-roofed
The hashtag
Hours after the attack on
Chibok, the first intelligence
reports flashed across screens
at the White House. The details coming through were terrifying: More than 100 girls
were missing from a school in
northeastern Nigeria, making
it one of modern history’s
largest abductions.
To the surprise of Obama’s
Africa team, the abduction of
an entire student body barely
registered in the press at
home or abroad. In Nigeria,
the reaction was muffled by
military leaders who informed
their president the kidnapping
seemed to be a hoax.
“We knew this was going to
be big,” said Grant T. Harris,
Obama’s Africa director. “But
it was initially met with a
deafening silence.”
When Boko Haram burned
the Buni Yadi schoolboys, Oby
Ezekwesili, a former Nigerian
education minister and
mother of three sons, felt she
had failed them. When she
saw a short article about the
kidnapping in Chibok, she
broke down in tears. “These
people’s children are missing,
and nobody is talking about
it,” she said.
Ezekwesili began leading
daily protests at a decrepit
NIGER
CHAD
Maiduguri
N I G E R I A Chibok
Abuja
Lagos
CAMEROON
Gulf of Guinea
200 miles
200 km
THE WALL STREET JOURNAL.
times.
Nigerian president Goodluck Jonathan agreed to a
White House request to launch
a rescue effort. Days later, a
rapid-response team of
roughly 40 officials deployed
to the U.S. Embassy in Abuja,
including CIA analysts, two of
the FBI’s top hostage negotiators and a therapist to treat
the girls upon their return.
U.S. Predator drones began
circling the forests of northeastern Nigeria and U.S. and
Nigerian officials began to
gather around a table at a socalled intelligence fusion center.
Other nations followed suit.
The U.K. sent a spy plane.
Canada deployed special
forces as advisers, and China
pledged to send satellite imagery. “The line that came down
from Obama,” said a U.S. diplomat in Abuja, “was do everything you can to get those
girls.”
Convert or die
At their camp in the remote
Sambisa Forest, the Boko
Haram militants lined up gasoline cans, rounded up the
Christian girls they had taken
from the Chibok school and
told them it was time to
choose. They could convert to
Islam and marry a fighter. Or
they could die.
Ever since the girls arrived,
the insurgents had been pressuring them. “We were initially threatened that seven
men would rape us if we rePlease turn to the next page
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 23 - 24, 2017 | A11
* * * * * *
ly
.
that studying science, math
and English was not an affront
to Islam.
After settling on Mustapha
as their point man, the Swiss
diplomats invited him to take
a course on peacemaking
taught by some of the world’s
most experienced mediators.
He traveled to a boutique hotel on the shores of Switzerland’s Lake Thun to begin his
education.
In the space of a month, the
high-tech, seven-nation military hostage-rescue operation
began to stumble. The British
spy plane broke down after a
few weeks. The FBI negotiators bugged out. Nigerian officials don’t recall ever seeing
any satellite data from China.
The Nigerians stopped returning American phone calls.
“We had to tell them: Obama
is not our president! You’re
not in Washington now,” said
one official.
The Twitter community had
moved on to the Ebola epidemic. In Nigeria, a tightening presidential race dominated the news. Shekau, who
had learned of the #BringBackOurGirls campaign,
posted a tape on YouTube.
“Nigerians are saying bring
back our girls?” he screamed.
“Bring back our prisoners of
war!”
In the Sambisa camps, Boko
Haram became preoccupied
with a new problem: They
were under attack. The initial
military rescue effort had
evolved into an all-out assault.
Nights now brought the threat
of airstrikes.
The relentless attacks of
2015 pushed Boko Haram back
into the hills, and the girls
came with them. Food became
so scarce that the Chibok girls
chewed tree bark as they
waited for meals that never
came. They used plastic bags
to lift sips of water from
muddy puddles, sometimes
going thirsty for up to four
no
In May 2014, American intelligence officers monitoring
feeds from drones high above
the Sambisa Forest had begun
piecing together a picture of
the militants’ whereabouts.
Quietly, thousands of miles
away, an effort to negotiate
with Boko Haram was taking
shape.
For years, diplomats in
Switzerland had been discreetly monitoring the conflict
in Nigeria’s north, looking for
an opportunity to bring the
warring parties to the table.
Winning the release of the
girls struck them as good
place to begin.
Since the fall of the Berlin
Wall in 1989, the Swiss had
been quietly inserting themselves into some of the world’s
most intractable conflicts.
These efforts allowed the
small, historically neutral nation to stay relevant on the
world stage and helped it preserve its position as the
world’s safest place to deposit
money. “You cannot stay anymore in this world hiding behind your mountains, because
you’re not able to defend your
interests,” said Micheline
Calmy-Rey, a former Swiss
president and foreign minister.
The Swiss believed the key
to a successful negotiation
was finding the right local mediator. The ideal candidate
was someone prominent
enough to be credible to both
sides. Zannah Mustapha, a
longtime lawyer from Maiduguri, checked that box—but he
also had another advantage in
dealing with Boko Haram.He
looked after their children.
In 2007, Mustapha had left
his law practice to open Future Prowess, a school and orphanage for children between
the ages of 3 and 8. After two
years, a steady stream of orphans and widowed mothers
from a strange sect called
Boko Haram began showing
up at the gates.
As he began enrolling these
children, he had to convince
the widows of slain militants
Zannah Mustapha, the former barrister and lead mediator.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
The mediator
Asked about the three million euro ransom paid for the girls’ freedom, Mustapha
pointed a finger skyward and said, ‘that’s between me and God.’
n-
Continued from the prior page
fused to get married to their
members,” Naomi Adamu said.
“But we stood our ground.”
This tactic was new. “You
don’t want to be Muslim?” the
girls recalled the captors saying. “We are going to burn
you.”
The girls refused. The militants shook the cans menacingly. Then they broke into
laughter. They were full of water.
The road to captivity had
been a two-day journey for
the girls, often on foot,
through a labyrinth of backwoods tracks. Several students
had suffered gashes, broken
limbs and scorpion bites. After
arriving, Adamu said, she
cried through the night. She
had no idea a world-wide social media campaign was being waged on their behalf. “We
were just on our own,” Adamu
said. “They are going to kill
us, or even burn us—that was
what I was thinking.”
The Muslim students, and a
handful of their Christian
classmates who agreed to convert, were forced into sexual
bondage. Christian girls who
refused to yield were treated
as slaves. They cooked beans,
rice and yams for the militants, and ate little themselves. They were sent to treat
injuries, amputate the limbs of
wounded fighters and bury
the dead in shallow graves.
One asset the Chibok hostages had was their bond, developed over years of sharing
dorms. “Anything that happens, happens,” Adamu and
her classmates told each other.
They shared a language,
Kibaku, spoken almost exclusively in Chibok and understood by 0.1% of Nigerians. In
captivity, it was an uncrackable code, allowing them to
communicate privately.
When Boko Haram gave the
girls notebooks to be used for
studying the teachings of Islam, they used them as diaries
instead. “We were hoping that
we would eventually be released,” Adamu said. Or if they
died, she said, that the diaries
might someday be found. “We
wanted the world to see what
we witnessed.”
At first, Shekau did not
seem to grasp how valuable
the social-media campaign had
made the girls. It took money
and manpower to feed and
guard them and they had little
military value.
“I will sell them in the market, swear to God,” he shouted
in a YouTube video posted
around the same time. “Because they are our slaves!”
GLENNA GORDON FOR THE WALL STREET JOURNAL (3)
IN DEPTH
Above: Zannah Mustapha, shown at his school, Islamic Prowess. Below: Mustapha displays a picture
of the Chibok girls taken during one of the exchanges with Boko Haram.
days. “We were left to eat
grass,” Adamu said.
In the summer of 2015, Muhammadu Buhari began his
term as Nigeria’s new president. He’d been elected on the
strength of his vow to wrap an
iron grip around the insurgency. Eager for a political victory, he told his cabinet he
wanted the girls freed by Sept.
5, his 100th day in office.
At the headquarters of the
Human Security Division in
the Swiss capital of Bern, the
reports arriving from their operative in Nigeria were not encouraging. After secretly making contact with Boko Haram,
their star Nigerian pupil, Zannah Mustapha, had yet to
make significant progress.
At the negotiating table,
Shekau’s emissaries sometimes demanded billions of
dollars. On one occasion, he
canceled a planned prisoner
swap at the last minute. The
barrister started to think he
was dealing with a madman.
He had also started to wonder if he was the right person
for the job.
For more than a year, the
world heard almost nothing
about the Chibok girls. Social
media had gone dark and
Shekau had pledged his allegiance to Islamic State. Buhari,
failing to meet his self-imposed deadline, moved to a
more confrontational strategy.
Breakthrough
Far from public view, however, Mustapha had flown to
Switzerland for another twoweek training session. At secret meetings between the
two sides, he had finally begun
to take charge. He would listen
to both sides, then take the
floor to persuasively outline a
middle ground. A rapport was
building. “I could tell that time
was ripening,” he said. “It is
only when you don’t talk that
you can’t win.”
Islamic State had come to
Sarah Samuel, one of about 100 kidnapped Chibok girls who remain missing.
dislike Shekau and his methods and stopped responding to
his communications. The
group’s top clerics in Iraq and
Syria began cultivating a new
leader. By 2016, Sheaku’s top
commanders, forced to choose
between factions, turned their
guns on each other.
Mustapha knew the Chibok
girls were Shekau’s only card
left to play.
With remarkable speed, the
talks arranged by Mustapha
and the Swiss yielded the outlines of a deal. It involved two
transactions. In the first one,
Boko Haram would free 20
Chibok hostages in exchange
for one million euros. If both
sides were satisfied, the rest
of the girls who wanted to
come home would be swapped
in a second exchange in return
for two million euros and five
imprisoned Boko Haram commanders.
President Buhari loathed
the idea of paying Boko
Haram, but he was also eager
for a political victory. He decided to approve the deal.
On Oct. 13, 2016, as the first
exchange began in the Nigerian wilderness, the U.S. presidential election was three
weeks away and Hurricane
Matthew was pummeling the
Carolinas.
Michelle Obama last addressed the girls’ plight in
April 2017 at a World Bank
event in Washington. Through
her office, she declined to
comment, as did former President Obama.
The 21 students released
that day climbed into Red
Cross Land Cruisers, discarded
their veils and burst into a
hymn in Kibaku.
The following May, the second exchange freed another
82 captives, including Naomi
Adamu. She and her classmates were flown to Abuja for
a presidential banquet. It was
there, watching a compilation
of news footage, that they
learned they had become a
global cause célèbre.
Asked if the Trump administration knew about the second trade, which took place on
its watch, a National Security
Council spokesman said: “To
my knowledge, not in advance.”
Of the 276 kidnapped
schoolgirls, 163 are now free.
Fifty-seven fled in the early
hours and days after the initial
attack. Three more escaped
later. The Swiss-coached mediation secured 103.
Of the remaining 113, at
least 13 have died, officials
say, the majority in airstrikes.
Freedom’s price
The last command Boko
Haram made to the Chibok
girls before their release was a
parting threat. “If you go back
to school, we’ll kidnap you
again.” They ignored that order, too.
Since September, the freed
girls have been studying music, literature and computer
science in air-conditioned
rooms on the sprawling and
secure campus of the American University of Nigeria. They
walk arm-in-arm over manicured grass, watch movies and
do yoga together.
Outside the campus gates,
tens of thousands of escaped
Boko Haram victims suffer
anonymously.
Zannah Mustapha toured
Europe after the second exchange, collecting awards. At a
glitzy gala in Geneva, Angelina
Jolie, a U.N. goodwill ambassador, told him: “Mr. Mustapha,
you are an inspiration.”
Since the insurgents collected their three million euros, some Nigerian officials
say an army that was struggling to feed itself seems replenished. Since the first exchange, Boko Haram has sent
more than 90 children
strapped with bombs into
public places. More than 1,000
people have died and two million are homeless. Kidnappings have continued as well.
A month after the final exchange, Shekau released a
video boasting he’d abducted
10 policewomen.
The Nigerian government
believes it is winning the war.
President Buhari is starving
Shekau out, officials say. Peace
talks are ongoing. Thousands
of fighters may be willing to
come out of the hills. The office of Nigeria’s president did
not respond to repeated requests for comment. Boko
Haram could not be reached.
For the first time in four
years, Naomi Adamu plans to
spend Christmas with her
mother. In an interview on a
recent afternoon at her aunt’s
one-room apartment in Maiduguri, she saw no problem
with the decision to make ransom payments. “The government should yield to the requests of the Boko Haram
terrorists so the remaining
girls can be free,” she said.
When it comes to the Chibok girls he helped bring
home, Mustapha said his reverence is unambiguous. They
remind him of Shadrach, Meshach, and Abednego, the biblical characters who were
thrown into a fire but escaped
unburned.
“They survived,” he said,
“because they stuck together.”
—Peter Nicholas, Felicia
Schwarts, Gbenga Akingbule
and Glenna Gordon
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.
A12 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
SPORTS
OLYMPICS
A U.S. Team With an Unfamiliar Look
With NHL players unavailable for the Games, the men’s hockey team will rely heavily on players playing professionally in Europe
A HOCKEY EXECUTIVE named
Jim Johannson reacted a little differently than most fans and players when the National Hockey
League announced that it would
not participate in the 2018 Winter
Olympics in Pyeongchang, South
Korea.
Most people, not the least of
whom were the players themselves, were crushed after the decision was made official in April.
The NHL had sent players to five
straight Winter Games between
1998 and 2014. Every player on
those five U.S. Olympic teams was
an NHL player.
“Well, I said, `What an opportunity!’ You have to embrace it,” said
Johannson, who is now the general
manager of the U.S. men’s Olympic
hockey team and the assistant executive director of hockey operations for USA Hockey.
When the 25-man roster for the
2018 team is introduced during the
NHL Winter Classic at Citi Field in
New York on Jan. 1, some names
will sound vaguely familiar, because the team will include several
former NHL players.
Johannson won’t say who those
players are, but the roster of the
U.S. men’s team that was in the
Deutschland Cup in Germany in
November (and lost all
three games) included
former NHL players
such as Brian Gionta,
Tom Gilbert, Marc
Stuart, Ryan Malone, Jim Slater
and Matt Gilroy.
Gionta, a 38year-old forward,
scored 289 goals in
1,006 games for the
Devils, Canadiens and Sabres, but is unsigned this
year, was the U.S. captain. The
goaltender for two games was
Ryan Zapolski, 31, who plays for
Helsinki Jokerit in the Kontinental
Hockey League in Europe.
The U.S. team, Johannson said,
will be comprised mostly of U.S.
players now in Europe, plus American Hockey League players with
AHL-only contracts and a few college players. (The composition of
the Canadian team, he said, will
probably be similar.) The U.S. team
will be coached by Tony Granato,
the head coach at Wisconsin.
What the team won’t resemble
is the legendary 1980 U.S. Olympic
team, a group of largely college
players, coached by the late Herb
Brooks, that stunned the powerful
Soviet Union in the “Miracle on
Ice” in Lake Placid, N.Y., en route
to winning the gold medal.
As Johannson explained, most
of the U.S. players who are playing
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
Clockwise from top: Former NHL
players Brian Gionta, Matt Gilroy and
Jim Slater recently played for the
U.S. in the Deutschland Cup, coached
by Tony Granato, inset.
professionally overseas
are doing so because
they fill more important roles, and have
more earning
power, than they
would have in the
NHL. Of the 25man roster in Germany, 20 had NHL
experience.
Malone, 38, a native of
Pittsburgh, helped the Penguins make the Stanley Cup Final in
2008 and played for the U.S. team
that won a silver medal at the Vancouver Winter Olympics in 2010. He
has 179 goals in 647 NHL games
played between 2003 and 2014.
But his career was sidetracked
after he was charged with DUI and
cocaine possession while he was
with the Tampa Bay Lightning. (He
pleaded no contest to the charges
in 2014.) He later sat out two full
years before signing a contract in
October with Iowa of the AHL, the
Minnesota Wild’s top farm team.
Johannson said that he and
other USA Hockey officials who
are putting together the team have
had to travel a little farther—well,
much farther—in assessing potential Olympic players. In the last
five Olympics, that pool of talent
was in North American arenas.
“In one sense, yes, it has been
challenging, in that your player
pool is spread out across the
world,” Johannson said, “so the
evaluation of the players, and even
communicating with them, has
been a little bit difficult.”
The NHL, seeing an opportunity
to promote its players, started
participating in the Olympics in
1998 at Nagano, Japan. The 2010
gold-medal game at Vancouver between the U.S. and Canada, won by
Canada on a Sidney Crosby overtime goal, was a highlight.
Canada won the men’s gold
medal again at the 2014 Sochi
Games, but NHL owners, citing what
would have been a long disruption
of the regular season with next
year’s Olympics in South Korea,
struck down participation. The potential for injuries was also a factor.
n-
Weather
Seattle
10s
10s
l
Helena
0s
20s
0s
Boise
0s
20s
30s
Cheyenne
Ch y
City
lt Lake
L
Cit
C y
Sacramento Salt
San
an Francisco
C l d
Colorado
Springs
p g
Las
La
Ve
Vegas
50s
Ange
l
Los A
Angeles
70s 60s
San Diego
ta F
Santa
Fe
Ph
Phoenix
Tucson
0s
10s -0s
20s
Anchorage
A h g
30s
40s
es Moines
Des
30s
Detroit
Ch
Chi
Chicago
Cleve d
Cleveland
Omaha
h
Denver
40s
k
Milwaukee
Indianapolis
Kansas
City
p gfi ld Charles
Springfield
h
Charleston
Topeka
k C
LLou
St.. Louis
Louisville
L
Lou
ill
h
Wichita
40s
klahoma
lahoma City
Oklahoma
Alb q q
Albuquerque
h ill
Nashville
ph
h
Memphis
L e Rockk
Little
Birmingham
h
El P
Paso
F . Worth
Worth
Ft.
60s
Dallas
D
ll
50s
A ti
Austin
an Antonio
A t i
San
80s
w Orleans
New
P b gh
Pittsburgh
Tampa
Honolulu
l l 70s
80s
Miami
Warm
Rain
Cold
T-storms
Stationary
Snow
Showers
Flurries
60s
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
34 28 c
35 27 i
Atlanta
69 44 r
57 32 pc
Austin
59 33 pc 63 34 s
Baltimore
62 37 sh 46 34 pc
Boise
35 18 sn 32 22 sn
Boston
41 33 r
40 32 pc
Burlington
36 21 i
28 16 pc
Charlotte
71 48 c
60 37 c
Chicago
34 19 pc 28 18 sn
Cleveland
38 26 r
32 19 sn
Dallas
53 37 s
51 30 s
Denver
38 10 sn 37 17 pc
Detroit
39 26 c
30 22 sn
Honolulu
81 69 pc 82 70 s
Houston
59 39 pc 66 44 pc
Indianapolis
39 24 sn 33 18 sn
Kansas City
37 19 pc 33 21 c
Las Vegas
58 40 pc 62 45 pc
Little Rock
50 35 c
50 25 s
Los Angeles
70 47 pc 73 49 pc
Miami
83 66 pc 82 64 pc
Milwaukee
29 17 pc 28 19 sf
Minneapolis
19 10 pc 21 3 c
Nashville
56 37 r
46 25 pc
New Orleans
70 49 r
64 44 c
New York City
53 38 r
43 34 pc
Oklahoma City
45 24 c
41 20 s
70s
80s
90s
Jacksonville
l d
Orlando
60s
100+
Richmond
h
d
b
bil
Mobile
Houston
t
50s
hington
hi
gton D.C.
DC
Washington
Raleigh
l igh
h
Charlotte
Ch l tt
Columbia
C
b
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
26
83
59
65
49
35
42
57
42
41
56
47
40
20
65
Today
Lo W
16 c
60 pc
38 r
43 pc
31 r
27 i
31 pc
35 pc
25 sn
24 sn
43 pc
23 pc
29 s
8 pc
41 sh
Tomorrow
Hi Lo W
30 13 pc
83 61 pc
44 34 pc
72 46 s
40 23 sf
35 19 pc
37 33 i
56 36 c
35 22 sn
40 34 pc
55 45 c
49 24 pc
38 32 r
23 5 pc
49 38 pc
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Today
Hi Lo W
49 45 pc
51 38 pc
77 55 pc
91 71 pc
45 29 pc
46 45 c
50 48 pc
76 52 pc
80 68 s
54 48 c
54 48 c
Tomorrow
Hi Lo W
49 45 c
51 45 pc
77 52 pc
91 70 s
43 18 s
48 45 c
49 41 c
75 58 s
80 66 pc
53 45 c
52 43 r
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
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86
53
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86
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the other Olympic sports, in that
we just show up and play,” Johannson said. “You get a few
skates together, and off you go.”
Johannson, a 53-year-old native
of Rochester, Minn., played in two
Olympics for the U.S.: in the 1988
Games at Calgary (where the U.S.
finished seventh) and the 1992
Games in Albertville, France
(where the U.S. was fourth). He
never played a minute in the NHL.
He said expectations for the
2018 U.S. team appear low but the
team could surprise: “I think some
pundits will try to knock it down,
but there is the potential for 25
big stories to come out of it. I
think we’ll be very competitive,
and it will be a more competitive
tournament than some think.”
THESE RAVENS
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The NHL ruled out participating in future Games, and NHL
commissioner Gary Bettman said
in a November interview with
SVT Sport in Sweden that it
would be “hard to envision a scenario where it makes sense.” So
future U.S. teams might look like
the 2018 squad.
Those who are selected on New
Year’s Day, Johannson said, are
committing to 19 days: from the
first practice in South Korea on
Feb. 8 through Feb. 26, the day after the gold-medal game—“Hopefully,” he said. The U.S. plays three
games in Pool B on Feb. 14, 16 and
17, with quarterfinals on Feb. 21 (if
the team advances) and semifinals
on Feb. 23.
“Hockey is a little different than
THE COUNT
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
t
Edmonton
NHL: CLOCKWISE FROM TOP: TF-IMAGES/GETTY IMAGES (2); ZUMA PRESS (2); KEITH SRAKOCIC/ASSOCIATED PRESS (THE COUNT)
BY DAVE CALDWELL
Today
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Every season, there’s a team that makes
the playoffs and hopes it can win the Super
Bowl in spite of its offense. This year, no team
is likelier to reach the postseason and worse
at moving the ball than the Baltimore Ravens.
For Baltimore fans, this might seem familiar. The 2000 Ravens won it all with a famously mediocre offense. It worked out because their defense was one of the best in the
history of the sport. The problem for this
year’s Ravens is that although teams have defied the odds with middling offenses, they almost never advance with bad ones.
The Baltimore offense this year ranks 31st
in yards per play. Since the NFL expanded to
32 teams, only two teams—the 2015 and 2016
Texans—made the playoffs ranking that low in
this vital metric. Neither Houston team made
it past the divisional round.
What history tells us is that it’s possible to
win the Super Bowl with a so-so offense. The
2000 Ravens ranked 21st in yards per play.
Recently, the 2015 Broncos were 19th. But no
team has hoisted the Lombardi Trophy when
ranking in the bottom five. The 2002 Buccaneers were closest, at seventh worst, according to Stats LLC. Which means that no matter
how good Baltimore has looked lately, winning
four of its last five games, a Super Bowl run
would be unprecedented.
If there’s a reason the Ravens, who are 8-6
and have a 93% chance of making the playoffs
according to Football Outsiders, can defy this
logic it’s that their offense has defied logic all
season. Every team in football except the
Colts (who are 3-11) has averaged more yards
per play than Baltimore, but the team has
managed to score 24.6 points per game.
The best explanation for this may be that
the offense is put in a better position to succeed than pretty much any other team. The
Low Output
Since 2002, teams with the worst ranked
offenses by yards per play that made playoffs:
TEAM
OFF. YDS/
RANK PLAY
Baltimore Ravens 31
2017 *
Houston Texans
31
2016
Houston Texans
31
2015
Chicago Bears
30
2005
Green Bay Packers 29
2015
Seattle Seahawks 29
2010
Chicago Bears
2010
28
PLAYOFFS
4.7
?
4.7
Lost Divisional
Playoff
4.94
Lost Wild Card
4.38
Lost Divisional
Playoff
Lost Divisional
Playoff
Lost Divisional
Playoff
Lost in
Conference
Championship
5.07
4.94
4.95
* Haven’t clinched playoff berth ; Source: Football-Reference
Ravens’ average starting field position is the
32-yard-line—second best in the league.
That has helped quarterback Joe Flacco
(pictured) put up points even during his least
efficient season. His 5.8 yards per pass attempt are the lowest of his career and 1.4
yards shorter than in the team’s 2012 Super
Bowl year.
—Andrew Beaton
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 23 - 24, 2017 | A13
* * * * * *
OPINION
THE WEEKEND INTERVIEW with Pat Toomey | By Kate Bachelder Odell
no
It was Mr. Toomey who laid
the groundwork for tax reform by
brokering a September budget
deal that called for $1.5 trillion in
tax cuts over the next 10 years.
He had started to worry about
tax reform months earlier, during
the failed effort to repeal ObamaCare. He found himself “increasingly concerned that we are going
to have a huge problem if we
don’t sort of socialize, among Republican senators, the idea that
it’s OK to have tax reform that
will score as a net tax cut,” he
tells me this week at his Capitol
Hill office.
Mr. Toomey recalls that Majority Leader Mitch McConnell said,
“Well, I think the two polar extremes in the conference are Pat
Toomey, who is very bullish on the
prospects of a growth feedback,
and Bob Corker, who is more skeptical and very, very much a deficit
hawk.” If they could agree, the
rest of the caucus probably could,
too. After some back-and-forth
they settled on a net tax cut of
$1.5 trillion over 10 years. The
budget deal passed the Senate in
October. That was crucial because
the House budget was revenue
neutral without room for a net tax
cut. Mr. Toomey had worked with
Speaker Paul Ryan and the House
acceded to the Senate budget
number.
The tax-reform debate marks
the coming-out party for Mr.
Toomey as the Senate’s leading
intellectual force for growth economics, to the public and off
camera with his fellow Senators.
mocked Republicans for thinking
tax cuts will “pay for themselves.”
Many of these critics insist that a
return to the U.S. historical norm
of 3% annual growth is impossible—that “secular stagnation”
means 2% growth as far as the eye
can see.
What the deficit hawks miss,
Mr. Toomey says, is how “tiny”
the growth bump needs to be to
offset the lost revenue. Here he
gets a bit into the weeds. He explains that the revenue estimates
from the Congressional Budget Office and Joint Committee on Taxation are based on the assumption
that various popular tax breaks
will expire as scheduled, even
though Congress invariably extends them. That accounts for
more than $400 billion of the $1.5
trillion to be added to the deficit.
Thus the actual tax cut in the new
law is closer to $1 trillion over a
decade. That “sounds like a ginormous number,” Mr. Toomey allows—but compare it to the $43
trillion the Congressional Budget
Office expects the Treasury to collect over the next decade.
stance. But then, there were
things that he said that I disagreed with and I was candid
about that.”
What about the Democrats?
They might have saved progressive priorities like the deduction
for state and local taxes, which
largely serves as a subsidy for
blue states—if they had showed up
to negotiate. (The new law limits
the SALT deduction to $10,000.)
Some 45 Senate Democrats earlier this year sent a letter to Republicans offering to come to
come to the table. It was mere
pretense, Mr. Toomey says: “The
conditions were obviously designed to take them out of the
room.” One of the demands was
“veto power” for Democrats. “We
have to reserve to them the right
to kill it by filibuster.” Another:
“There can be no net tax relief for
the people who pay 40% of all of
the taxes”—namely the top 1% of
American taxpayers.
Democrats might respond that
Republicans preferred to pass the
bill on a party-line vote. Mr.
Toomey counters that Republicans
“would have absolutely had that
conversation,” because with “Democrats joining us, we wouldn’t have
had all of these constraints” from
the Senate’s arcane “reconciliation” procedure, which allowed the
GOP to pass the bill with a simple
majority. Among those restraints is
the stipulation that a bill can lose
revenue in the first decade, but
not a penny in the years after—“an
absurd requirement,” he says, and
a distinction with no relation to
good policy.
ly
.
KEN FALLIN
The Pennsylvania senator
worked behind the scenes
to persuade his colleagues
on the budget math and
unite the GOP’s factions.
It’s a role once held by Texas’
Phil Gramm, whom Mr. Toomey
cites as one lawmaker he admires. “We’ve got arguably the
worst tax code in the world,” Mr.
Toomey says. “It should be possible for us to make the kinds of
reforms that would very plausibly
generate the growth you need to
offset lost revenue within reasonable parameters.”
The 56-year-old Mr. Toomey
served three terms in the House
before challenging Sen. Arlen
Specter, a liberal Republican, in a
2004 primary. He narrowly lost
but the campaign introduced him
to Keystone State Republicans,
and in 2005 he became president
of the free-market Club for
Growth. In 2010 he ran for Senate
again. This time the party-switching Specter lost the Democratic
primary, to Rep. Joe Sestak, whom
Mr. Toomey beat that November.
Last year Mr. Toomey won a
second Senate term, as Donald
Trump became the first Republican presidential candidate since
1988 to carry Pennsylvania. But
Mr. Toomey didn’t exactly ride on
Mr. Trump’s coattails. Both men
won narrowly and did well in different parts of the state. The senator ran far ahead of Mr. Trump
in affluent suburbs, while Mr.
Trump outperformed Mr. Toomey
in some rural and working-class
counties.
With a Republican in the White
House, the congressional Republican majorities finally got a chance
to make policy. “When the American people put one party in complete control of the elected government, you’re expected to
govern,” Mr. Toomey observes. But
“by far the big headline event was
the failure”—the ObamaCare repeal debacle. In Washington failure tends to produce more failure,
but the GOP managed to recover.
Mr. Toomey says he has a “very
high level of confidence” that failure to repeal ObamaCare focused
Republican minds.
One reason he says the party
turned the corner is the existence
of a rough “tax orthodoxy” for
growth-oriented reform. Compare
that with health care: Take “any
one of the big reforms,” Mr.
Toomey says, and there are “guaranteed to be five different opinions on it.”
It helped, too, that the White
House insisted on a 20% corporate rate. In tax reform, Mr.
Toomey says, politicians can
move the dials and “go on forever
with an infinite number of possible combinations of policies.
Something needs to anchor that.”
And the President “really, really
helped to establish that by focusing on the low corporate rate.”
The corporate rate ended up at
21%, which is the most pro-growth
part of the bill. “In an ideal world,
we would have had at least $2
trillion and given ourselves more
flexibility to do more things,” Mr.
Toomey says. “But knowing where
we wanted to end up, I was pretty
confident we could get there if we
had $1.5 trillion.”
The press and the left complained about the deficit and
that CBO currently projects, to
2.3% average growth over the next
10 years, if we do a great job with
the tax-reform bill?”
The tax-reform law also repeals
ObamaCare’s individual mandate
tax on the uninsured, which Mr.
Toomey calls an “outrageous infringement on the freedom of the
American people.” For once the bizarre rules of Washington budget
scoring worked in favor of the GOP.
The CBO assumes that repealing
the individual mandate will “save”
more than $300 billion over 10
years, and the savings continue in
the decades following. The reason:
If Americans aren’t forced to buy
health insurance, some will choose
not to. That means fewer people
availing themselves of ObamaCare’s tax subsidies.
“I think we surprised the House
with our ability to do that,” he
says, which is an understatement.
One trouble in Congress this year
has been that what can pass the
House is too conservative to pass
the Senate. Yet what can cobble
together a majority in the Senate
is too moderate to clear the
House. Mr. Toomey helped unite
the factions.
Mr. Toomey’s political style is
relaxed and good-humored, and he
shrugs off most of my questions
on how he approaches elections
and compromise with colleagues.
“You just work with people,” he
says of the tax process, and notes
that the GOP was “methodical”
about sitting down with people
who had objections.
Likewise with his rise in Pennsylvania politics, and particularly
his re-election campaign amid the
Trump factor. “My approach was
to be just very candid. Here’s
where I agree with the president.
I’m fine with everything that he’s
saying about tax policy, for in-
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Washington
resident Trump signed
tax reform into law Friday, but in late November it almost had a heart
attack in committee.
Sens. Ron Johnson of Wisconsin
and Bob Corker of Tennessee were
balking, the former over the details of business taxation and the
latter over the deficit. The GOP
has a bare 12-11 majority on the
Senate Budget Committee, and
Democrats were united in opposition, so a single Republican dissenter would have stalled the bill.
But Messrs. Corker and Johnson
voted aye, and it advanced.
Much of the behind-the-scenes
credit for tax reform belongs to
Sen. Pat Toomey of Pennsylvania,
who as a member of both the Budget and Finance committees
helped persuade a rotating cast of
Republican critics. When the GOP
celebrated its victory at the White
House this week, Nevada’s Dean
Heller mugged for the cameras toward the front. Mr. Toomey stood
less conspicuously a row back.
He’s the player who doesn’t dance
in the end zone but stays up
watching game film.
n-
P
Tax Reform’s Growth Whisperer
‘Y
ou have to ask yourself a
simple question,” he says,
“and it’s just arithmetic:
How much extra GDP growth does
it take, such that the taxes applied
to that bigger economy fully offset
that lost trillion dollars?” Even invoking the weak assumptions of
the Washington budget gnomes,
he says the range is 0.2 to 0.4 percentage point, “per year, on average, for 10 years.”
There will be “estimates all
across the board,” he continues.
“Joint Tax will have theirs, and
private economists will have
theirs. But just ask yourself at a
gut level: Do you think it’s plausible that we can go from the 1.9%
M
ore to the point, he says
there are “no Bill Bradleys
left in the Senate,” referring to the New Jersey Democrat
who helped pass Ronald Reagan’s
bipartisan tax reform in 1986. The
left rolled out the stock response
that the GOP bill is a windfall for
the wealthy, even as the initial
Senate bill lowered the top rate on
individuals a tiny 1.1 percentage
points. The House left the top rate
untouched at 39.6% and included a
“bubble bracket” of 45.6% for
some high earners.
That backfired in at least one
way. Mr. Toomey says that the
prepackaged liberal attacks “absolutely” made it easier to lower the
top rate on individuals to 37%
when the House and Senate reconciled their bills in conference.
That’s good news for high-income
earners in high-tax states like New
York and California, who will be
hardest hit by the limits on deductibility for state and local
taxes.
“My theory is that when a Republican gets up in the morning
and pours himself a cup of coffee,
the Democrats accuse him of tax
cuts for the rich,” Mr. Toomey
says. “That’s all it takes. It is absolutely going to happen, every
time, no matter what. So do the
right thing and explain what
you’ve done.”
Mrs. Odell is an editorial writer
who covered the tax debate for the
Journal.
Gentrification Provokes a Coffee Clash in Denver’s Five Points
Denver
The sign was nothing more than a
poor joke, but residents weren’t laughing. “Happily Gentrifying the neighborCROSS
COUNTRY hood since 2014,”
read the sandwich
By Helen
board outside Ink
Raleigh
Coffee in Denver’s
historic Five Points.
This neighborhood, sometimes called
the “Harlem of the West,” is one of
the city’s oldest and most diverse.
Here, gentrification is a politically
explosive word, commonly believed
to mean that low-income black and
Latino residents are pushed out
when high-income whites move in
and rents rise to unaffordable levels.
Soon after the sign appeared,
just before Thanksgiving, there was
a protest march in front of Ink Coffee that drew 200 people. Someone
broke the shop’s window and
painted “White Coffee” on its facade. It was forced to close for a
week. The company’s CEO—Ink Coffee has 16 locations, mostly in the
Denver area—apologized, saying he
had originally read the phrase as
“taking pride in being part of a dynamic, evolving community,” but
recognized that “we had a blind
spot to other legitimate interpretations.” The most ardent activists,
though, don’t want an apology:
They want Ink Coffee to shut its
doors in Five Points forever.
Historically, Five Points has been
a predominantly African-American
neighborhood, known particularly
for its music scene. Its jazz clubs
once hosted giants like Billie Holiday
and Duke Ellington. In the 1950s,
about 32,000 people lived here. But
then for decades the neighborhood
deteriorated because of drugs, crime
and urban flight. Properties were
Protesters ought to think
about Ink’s employees,
some of whom are
probably their neighbors.
abandoned. Businesses were shut
down. Residents who were able to
move did so, and those left behind
lived in poverty. The renowned Rossonian Hotel, where many jazz
greats once stayed, has been empty
since 1998.
Since the 2000s, Denver’s economy has been booming. After running out of room to grow elsewhere,
businesses expanded into Five
Points. This commercial activity
brought new residents. Now the
neighborhood is one of the hippest
parts of town, with restaurants and
bars popping up. The population was
15,000 in 2015, with 79% of residents
being white, 21% Latino and 10% African-American. The average household income is $81,000 a year, yet
roughly 40% of blacks and Latinos
live in poverty.
Given this history, it’s not difficult
to see why residents reacted
strongly to Ink Coffee’s poorly
worded sign. But putting your foot
in your mouth is hardly a capital offense. The shop is open again,
though business was slow because a
handful of protesters had gathered
for another week to direct would-be
customers elsewhere.
Forcing the shop to shut down
would hardly be a community success. The activists want to see Ink
Coffee replaced by a community center. They also want government to
do more to address housing affordability. Suddenly, a conversation
about an insensitive advertisement
has turned into talk of rent control
and subsidized housing for the
homeless.
The protesters ought to think
about Ink’s employees, some of
whom are probably their neighbors.
These people count on paychecks
from the coffee shop to pay rent
and put food on the table. How
would shutting it down be a victory
for them? And what about other
businesses that may be interested
in investing in Five Points? They
will probably have second thoughts
after watching protesters cheer the
vandalization of Ink Coffee. Without new businesses coming in,
where will good-paying jobs come
from? How will Five Points residents who are stuck in poverty ever
move up the economic ladder? Five
Points’ own history shows that
when businesses left, the neighbor-
hood deteriorated.
The kind of economic development the protesters reject actually
has done much good for Five Points:
The streets are safer and cleaner;
many once-abandoned buildings
have been renovated; the hustle and
bustle has brought new life to the
community. Minority business owners benefit from increased foot traffic. Minority homeowners benefit
when property values appreciate.
Unfortunately, the fringe groups
that yell the loudest often drown out
rational thinking. Housing affordability is an issue not only in Five
Points but throughout Denver. The
best thing the city government can
do is relax zoning so more housing
can be built to meet demand. It’s
Economics 101: The price of a good
goes down when its supply goes up.
Communities like Five Points need
more business investment, not less.
The only thing that can put them on
a sustaining path to success is economic development. The resulting
gentrification, admittedly, may be
problematic. But surely poverty is
worse.
Ms. Raleigh is a policy fellow of
Centennial Institute and a senior
contributor to the Federalist.
Notable & Quotable: Generic
Bill Scher writing for Politico,
Dec. 20:
What [Alabama Sen.-elect Doug]
Jones did was take off the shelf the
most pallid Democratic talking
points—“quality, affordable health
care,” “college must be affordable,”
“I believe in science,” “discrimination cannot be tolerated”—and campaigned with a pleasant, inoffensive
demeanor.
He was boring. He was safe. He
was Mr. Generic Democrat. And it
worked. . . .
The downside risk of boldness is
polarization; what fires up one
group can easily anger another.
The decidedly not-bold Jones
campaign pulled off a better trick:
firing up the Democratic base while
putting the Republican base to
sleep. By being a Generic Democrat,
Jones didn’t call much attention to
himself and instead, let the harsh
spotlight remain on Roy Moore’s
pile of controversies. . . .
Activists on the left are perfectly
willing and able to get behind a Generic Democrat, and tacitly ally
with moderates, to defeat a distasteful Republican. No boldness
necessary.
Can the same strategy work in
2020? Polls already show that a Generic Democrat would beat Trump
handily. Might as well give the people what they want.
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 23 - 24, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
LETTERS TO THE EDITOR
In Hoc Anno Domini
Global Stability Does Not Describe This Era
hen Saul of Tarsus set out on his
journey to Damascus the whole of
the known world lay in bondage.
There was one state, and it was Rome. There
was one master for it all, and he was Tiberius
Caesar.
Everywhere there was civil order, for the
arm of the Roman law was long. Everywhere
there was stability, in government and in society, for the centurions saw that it was so.
But everywhere there was something else,
too. There was oppression—for those who were
not the friends of Tiberius Caesar. There was the
tax gatherer to take the grain from the fields and
the flax from the spindle to feed the legions or
to fill the hungry treasury from which divine
Caesar gave largess to the people. There was the
impressor to find recruits for the circuses. There
were executioners to quiet those whom the Emperor proscribed. What was a man for but to
serve Caesar?
There was the persecution of men who
dared think differently, who heard strange
voices or read strange manuscripts. There was
enslavement of men whose tribes came not
from Rome, disdain for those who did not have
the familiar visage. And most of all, there was
everywhere a contempt for human life. What,
to the strong, was one man more or less in a
crowded world?
Then, of a sudden, there was a light in the
world, and a man from Galilee saying, Render
unto Caesar the things which are Caesar’s and
unto God the things that are God’s.
And the voice from Galilee, which would defy
Caesar, offered a new Kingdom in which each
man could walk upright and bow to none but his
God. Inasmuch as ye have done it unto one of the
least of these my brethren, ye have done it unto
me. And he sent this gospel of the Kingdom of
Man into the uttermost ends of the earth.
So the light came into the world and the
men who lived in darkness were afraid, and
they tried to lower a curtain so that man would
still believe salvation lay with the leaders.
But it came to pass for a while in divers
places that the truth did set man free, although
the men of darkness were offended and they
tried to put out the light. The voice said, Haste
ye. Walk while you have the light, lest darkness
come upon you, for he that walketh in darkness
knoweth not whither he goeth.
Along the road to Damascus the light shone
brightly. But afterward Paul of Tarsus, too, was
sore afraid. He feared that other Caesars, other
prophets, might one day persuade men that
man was nothing save a servant unto them, that
men might yield up their birthright from God
for pottage and walk no more in freedom.
Then might it come to pass that darkness
would settle again over the lands and there
would be a burning of books and men would
think only of what they should eat and what
they should wear, and would give heed only to
new Caesars and to false prophets. Then might
it come to pass that men would not look upward to see even a winter’s star in the East,
and once more, there would be no light at all
in the darkness.
And so Paul, the apostle of the Son of Man,
spoke to his brethren, the Galatians, the words
he would have us remember afterward in each
of the years of his Lord:
Stand fast therefore in the liberty wherewith
Christ has made us free and be not entangled
again with the yoke of bondage.
W
California’s Political Fires
no
n-
ildfires continue to ravage Califor- “scoping plan” aimed at doubling the rate at
nia, and the bravery of firefighters which it cuts carbon emissions. The irony is
trying to prevent damage to homes that the emissions from wildfires could negate
and property has been inspirall of the state’s anticarbon
ing. But this being 2017 in
policies.
The state’s wildfires
America, the state’s progresA 2007 study in the journal
sive politicians are blaming
Carbon Balance and Manageare overwhelming its
the fires on humanity’s sins of
ment found that California’s
anticarbon pieties.
carbon emission. To the conwildfires in 2003, which
trary, the conflagrations
burned more than 750,000
should be a wake-up call to
acres, produced the monthly
regulators and politicians who have emphasized carbon equivalent of about half of the state’s
acts of climate piety over fire prevention.
fossil-fuel burning sources. Ditto the state’s
This year’s wildfires have consumed about September 2006 wildfires. On average the
1.2 million acres in the Golden State—more than state’s annual emissions from wildfires equal
the state of Rhode Island—and caused tens of about 6% of those from fossil fuels.
billions of dollars in damage. Some four dozen
By comparison, California’s cap-and-trade
people were killed amid the blazes through program, low-carbon fuel standard, energy effiNorthern California in October. Large sections ciency and renewable mandates resulted in a
of coastal Ventura and Santa Barbara counties 0.3% decline in carbon emissions in 2015. In
have been charred this month while a Los Ange- other words, California’s climate acts of penles brushfire threatened the Getty Center and ance will likely be overwhelmed by this year’s
the University of California, Los Angeles.
fires. They also won’t reduce global emissions
“The fires are burning in California. They’ll or prevent a single fire.
be burning in France, burning all around the
In 2011 Democrats imposed a “fire prevenworld,” fire-and-brimstone Governor Jerry tion” fee on rural homeowners, but the money
Brown proclaimed recently in Paris. The world instead went to backfill the budget. They susis “on the road to hell.”
pended the fee this summer only in return for
Yet this fire season appears to be a black GOP votes to extend cap and trade, which they
swan. One of the wettest winters on record fol- promised would help pay for fire prevention.
lowed a five-year drought and a bark-beetle for- Yet Gov. Brown has proposed spending a mere
est infestation. The result has been a buildup $200 million of this year’s projected $2.4 billion
of deadwood and dry brush. The U.S. Forest cap-and-trade revenues on fire prevention.
Service this month said it had found 129 million Most would go to high-speed rail, public housdead trees in California. Santa Ana and Diablo ing and transit and electric-car subsidies.
winds have been particularly persistent, strong
Californians would be better served if the
and erratic this year, making the fires spread state prioritized resources on clearing deadfaster and harder to contain.
wood and retrofitting homes in high-risk zones
Loath to let a natural disaster go to political with fire-resistant roofs and vents. Neither
waste, the California Air Resources Board used electric cars nor a bullet train will save people
the fires to promote a new climate-change from a pyrrhic perdition.
W
In positing that “the world is entering a new era of stability,” Mr.
Herman reminds us that we are in
the holiday season of fantasy and
make believe. A foreign power interfered with our free electoral process, an erratic and unstable dictator in North Korea is threatening
the U.S. with nuclear weapons, the
war in Afghanistan is in year 17
with no end in sight, China is rapidly expanding its military presence
in the South China Sea, the Middle
East is a tinderbox with no process
in place to begin working toward a
peaceful resolution between the Shiite and Sunni Muslims (much less
Israel and the Palestinians), and
acts of terrorism causing the deaths
of innocent civilians have become a
regular occurrence throughout
Western democracies. Yes, the world
is entering a new era of stability
and yes, Virginia, there is a Santa
Claus.
TOM QUIGLEY
Garden City, N.Y.
Mr. Herman states that “Wilson’s
legacy was to transform the U.S.
into a superpower that could save
the world from fascism in World
War II and from Soviet communism
in the Cold War.” Another way to
view Woodrow Wilson’s legacy is
that his policies turned a stalemated
European conflict into World War I,
laid the groundwork for the rise of
fascism, created the conditions for
World War II and enabled Soviet
communism to dominate Eastern
Europe.
J. CAPALBO
Doylestown, Pa.
I cannot share Arthur Herman’s
optimism regarding the current realignment of the world’s three superpowers. He vastly underestimates
the Iranian threat, which is not limited to the Middle East. Mr. Herman
ignores the growing Islamization of
Western Europe. Unlike the past
century, non-sovereign movements
are stretching their (often covert)
forces in many places.
Mr. Herman closes by asking if
we are likely to do worse in this
century. The answer is yes.
SAMUEL FRAZER
Fort Myers, Fla.
Economic Growth Will Put Men Back to Work
co Fo
m rp
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ci on
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e
on
This editorial was written in 1949 by the late Vermont Royster
and has been published annually since.
Arthur Herman errs in his op-ed
“The New Era of Global Stability”
(Dec. 20) when he tries to separate
American idealism from American
military and economic power.
American idealism is embodied in
individual rights, limited government and capitalism. These three
pillars of American idealism, as it
exists in America, and as it’s been
exported worldwide, are the cornerstones for engendering an unprecedented increase in the human condition and knowledge over the last
two centuries. While military and
economic power were the immediate cause for the defeat of Hitler, it
is American idealism which made
its military and economic power
possible.
MARC GARRETT
Remsenburg, N.Y.
ly
.
W
REVIEW & OUTLOOK
Next Year in Jerusalem
hen Donald Trump made good this United Nations. And we will remember it when
month on his campaign promise to so many countries come calling on us, as they
recognize Jerusaso often do, to pay even more
lem as the capital of Israel, it
and to use our influence for
The U.N. reveals the
changed almost nothing on
their benefit.” President
the ground: The reality is that
depth of its anti-U.S., Trump said something similar
Jerusalem has been Israel’s
at his cabinet meeting, that
anti-Israel politics.
capital for decades.
“we’ll save a lot” by cutting
Likewise for the United Naaid to countries that went
tions’ vote Thursday to conagainst us.
demn the U.S. for the move. It changes nothing,
These are welcome reminders to an assembecause the U.N. doesn’t get to decide which bly that has long been an embarrassment to its
capitals America recognizes and where it puts founding principles. Ms. Haley was joined in her
its embassies. But the resolution is a reminder reaction to this insult by some members of Conof how deep anti-American and anti-Israel sen- gress. Sen. Marco Rubio (R., Fla.) also said the
timent runs at Turtle Bay.
U.S. ought to reconsider the money the U.S.
Only seven countries—Guatemala, Honduras, pays to keep the U.N. going.
Togo, Nauru, Palau, Micronesia and the Marshall
The feeling is understandable, and we hope
Islands—were willing to stand with Uncle Sam the Trump Administration finds ways to make
and Israel and vote against the resolution. clear its displeasure to the friends who abanThirty-five nations abstained, including Canada doned the U.S. A complete pullout from the U.N.
and the Czech Republic, which is at least better is unlikely, if only because the U.S. is a member
than outright condemnation. But 128 countries to serve America’s interests, not the U.N.’s. Withvoted yes, with Britain, France, Japan and Ger- out the U.S. as a check, the United Nations would
many joining Iran, Russia, China and North Ko- allow the Palestinians and others to write their
rea to condemn the U.S.
own terms for the Middle East, and denunciaThe question is what comes next. Before the tions of America would be as common as denunmeasure passed, Nikki Haley, the U.S. Ambassa- ciations of Israel. This is the reason Israel redor to the U.N., delivered a speech reminiscent mains in the body, notwithstanding the routine
of Daniel Patrick Moynihan’s rebuttal in 1975 insults from countries with obscene humanwhen he was the American Ambassador and the rights violations.
U.N. passed a resolution declaring Zionism a
The best way for America to show the holform of racism.
lowness of this U.N. stunt is by proceeding with
“We will remember [this vote],” Ms. Haley its plans to build an Embassy in Jerusalem—and
said, “when we are called upon to once again demonstrate to the U.N. that America is one namake the world’s largest contribution to the tion that stands by its friends.
American workers deserve better
than Jason Furman’s analysis in “How
to Get American Men Back Into the
Workforce” (op-ed, Dec. 18). He
broadens the Democratic Party’s
identity politics of victimhood to
men, a group that the Democratic
Party’s leadership has ignored. His
solution is the same failed policies of
government spending and regulations
that the Obama administration promoted, which resulted in a stagnant
economy and a low employment rate.
He specifically mentions wage insurance, unemployment insurance and
public-work programs. None of these
ideas create private-sector jobs,
merely more government dependency.
The solution is not difficult to conceive. Instead of playing identity politics, accept that the low employment
rate reflects both men and women
who are out of work. Accept that the
objective is an environment in which
work is available for those (both men
and women) willing to make the effort to find and accept available opportunities. Opportunities will expand
and wages will increase with faster
economic growth.
SCOTT ENGERS
Ann Arbor, Mich.
transportation programs to mitigate
this issue.
DEBORAH HUNDLEY
President
Providence Services of Syracuse Inc.
Syracuse, N.Y.
Mr. Furman distills in 800 words
precisely why the Obama-era economy grossly under performed in the
seven years following recovery from
the 2009 recession: the administration’s disregard for economic growth.
Mr. Furman knows that rewarding
work and rising wages are what will
attract men age 25-54 back into the
workforce. So why are his policy recommendations simply a regurgitation
of current policy favorites?
He doesn’t say a word about expanding the economy, stimulating
business investment and adding jobs
without which Mr. Furman’s suggestions are simply ineffectual.
If this is what now passes for progressive, Democratic Party economic
policy, it explains why Donald Trump
was elected.
WILLIAM A. MATTHEWS
Boston
Having been involved in the metals
industry for 54 years, it is no mystery
Both political parties look at unto me why American men are falling
employment and wonder why people
out. America has essentially considare not accepting jobs. Jobs are avail- ered these male-dominated jobs exable, but the transportation barrier to pendable in favor of a trade policy
accepting jobs is widely overlooked.
that has promised to level the playing
Syracuse, N.Y., has the highest exfield, but has yet to achieve this.
treme poverty of blacks and HispanA few biases damaging male job
ics in the country. Job training and
growth are competing countries with
jobs are outside the city, and potenprotective tariffs, production at any
tial workers who live in the city cancost as a full employment predatory
not get to and from work. Our bus
practice and ignoring the pollution
system does not provide services
caused by poorly regulated foreignthere. My nonprofit is developing
metals manufacturers as we unload
their lightly tariffed products onto
our shores.
The lack of historically male jobs
in basic industries is perhaps the primary reason President Trump won.
Regarding the Ed Yong Notable &
JOSEPH KORFF
Singer Island, Fla.
Quotable (Dec. 2): In Florida we have
an approved “do not resuscitate”
form, but it doesn’t do any good if
the form is lost or not shown to the
CORRECTION
rescue unit or emergency-room staff.
On top of that, almost all medical faThe International Criminal Court
cilities in our area do not accept the
has referred several countries to the
Florida state-approved DNR form
United Nations Security Council for
when a patient is admitted. The patient or the health-care surrogate has failing to arrest Sudan’s President
Omar al-Bashir. A Dec. 18 editorial,
to sign new DNR forms for each admission or else the patient is resusci- “Dictators and U.N. Standards,” said
only Jordan had received a referral.
tated. This is a huge assault on the
patient and a huge unnecessary cost
to our medical care. It is widely
known that most of our health-care
dollars are spent on the last few
months of a patient’s life for futile
medical care. The DNR tattoo is a
THE WALL STREET JOURNAL
perfect solution. I call on Congress to
enact legislation to make this option
available all over America so patients
don’t have to worry whether their
health-care wishes will be respected
or not. Once the medical staff sees
the DNR tattoo, it has a clear and legitimate restraining order for any resuscitation attempt.
WILLIAM V. CHOISSER, M.D., J.D.
Orange Park, Fla.
An Advance Directive Type
That’s Hard to Misplace
Pepper ...
And Salt
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | A15
* * * *
OPINION
O
n the tax bill we begin
grouchy and wind up, as
befits the season, hopeful.
Grouchy: Wednesday
afternoon’s big White House rally
celebrating its passage was embarrassing. All these grown men and
women slathering personal, obsequious, over-the-top praise—“exquisite presidential leadership,” “a man
of action,” “the president of the
United States, whom I love and appreciate so much”—as Donald
Trump emceed and called new
praisers to the stage. They do this
to keep the president happy, feed
his needy ego and insist on his competency. It looked less like praise
than self-abasement.
But a dignified celebration
would have been better
than the embarrassing
White House rally.
Actually, and I’m sorry to say
this, the mood reminded me of the
tale of Stalin telling some lame joke
in a dinner speech. His ministers all
laughed as if it were the wittiest
thing they ever heard. Then they
kept laughing, louder, and wouldn’t
stop, because they knew the first
one to stop would be noticed by
Stalin and would soon be gone. So
boy did they laugh.
The president thinks this kind of
thing makes him look good. It
doesn’t, it diminishes him: Keep the
buffoon happy. Here is what would
make him look good, and elevate
him: normal human modesty. If he
Republicans celebrate at the White House Wednesday.
unexpected thousand dollars at
Christmastime, you will see this not
as a tip but as a real and concrete
break, thanks to that most unexpected of benefactors, the U.S. government.
Who cares about CEOs’ motives if
they’re doing something good?
It is true the tax bill is not popular in the polls. A recent Wall Street
Journal/NBC survey put support at
24% with 41% opposing it. But here’s
something I’ve been meaning to
mention for a while: During the Reagan era, I noticed a funny thing
about public opinion and tax policy.
When you run for office and promise you’ll cut taxes, the crowd
cheers lustily. Then once in office
you put together a tax bill and the
polls show public support is lukewarm. Then you pass it and its popularity bubbles around in the polls.
Then an election comes and you win
and the voters tell pollsters they
backed you because you cut taxes.
There are a lot of reasons this might
be—a campaign vow is intentional
and abstract, a final bill is real and
messy—but I suspect there’s something in this: Voters don’t like to tell
pollsters they’re for tax cuts. They
have the feeling it’s the wrong position, that it’s small-minded and if
they were nicer, they’d be less selfinterested.
Anyway, polling doesn’t matter
right now. Down the road it matters.
As for me, I am interested in my
own lack of sustained dismay. I
share this information because I’m
wondering if there isn’t something
of a broader public mood in my reaction. As a salaried worker in a
high-tax state, I am about to get
clobbered with the loss of the state
and local tax deduction. And yet I
find myself not minding so much.
America is in so much and so many
kinds of trouble that if this thing
makes it a little better, then OK.
Please, 2018 tax bill, make it better.
I end with this. This bill gives
American big business more than a
boatload of money, it offers a historic opportunity—a timely and perhaps final one.
Big corporations can take the gift
of the tax cut (and the continuance
of the carried interest loophole, that
scandal) and do superficial, pleasing
public relations sort of things, while
ly
.
By Peggy Noonan
really focusing on buying back stock
and upping shareholder profits.
And they’ll do this if they’re stupid, and craven.
Or they could set themselves to
saving the system that made them,
and helping the country that made
their lives possible.
They can in some new way see
themselves as citizens—as members
of America, as people with a stake
in this nation, a responsibility for it.
They can broaden, invest, hire, expand and start the kinds of projects
that take the breath away. They can
literally get young men and women
out of the house, into the workplace, learning something. They can
change and save lives. This would be
costly. Spend.
One of our two political parties is
being swept by a young and rising
new left that is fiercely progressive
and on fire for socialism. It may
well in coming decades sweep the
CEOs and their corporations away if
they cannot rouse themselves to
present economic freedom as an ultimate and democratic good.
This may be the last opportunity
for business leaders to do what
hasn’t been done in a generation,
and that is defend the reputation of
capitalism.
Wall Street once had statesmen;
it wasn’t dominated by dumb quarterly-report jockeys. Shareholders
were assumed to be patriots, and
grateful ones, because they had so
profited from the luck of being born
here, into a system where the quick
and sturdy could go from nothing to
everything.
That system is troubled. If they
cannot see private interest as utterly aligned right now with public
interest, then they are truly as stupid and venal as their enemies take
them to be.
Are they? I hope not. But I also
hope they see this moment for what
it is.
And now on to Christmas. God
bless us every one.
co Fo
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DECLARATIONS
modestly waved off the praise, shut
it down, said, “Please, let’s talk
about the bill and how it will help
our country . . .”
He would look bigger, as modest
people always do, and his praisers
would not look smaller.
On to hope: The fair way to judge
the tax bill was never through the
mindless, whacked-out rhetoric on
both sides—the worst bill in the history of the world, the best thing
since Coolidge was a pup—but
through the answer to one question:
Will this bill make things a little
better or a little worse? There is
much reason to believe it will make
things better. It is imperfect, to say
the least. But it is good to cut the
corporate rate from an absurd and
uncompetitive 35% to a more constructive 21%; it is compassionate to
double the child tax credit; it is fair
to cut taxes for small businesses,
many of which are struggling.
America is waiting and hoping
for a boom. By all means encourage
the circumstances in which it can
take place.
And the bill is going to prove
popular. The Democrats bet wrong
on this. Almost immediately on passage, Wells Fargo and Fifth Third
Bancorp announced a raise in their
lowest wage to $15 an hour. AT&T
said it would give about 200,000
unionized workers a $1,000 bonus
and increase capital spending $1 billion. Comcast said it would give
100,000 employees bonuses and
spend more than $50 billion in infrastructure improvement.
You can sit back in your sophisticated way and say, “Hmm, that
looks like a curiously orchestrated
public relations push.” You can say,
“How nice, the malefactors of great
wealth are giving their workers a
little tip.” You can wonder if they’re
spreading cheap good cheer to
grease their mergers. But if you are
working the line in Smalltown,
U.S.A., and just got bumped up to
$15, or you’ve been surprised by an
ALEX EDELMAN/ZUMA PRESS
This Tax Bill May Do Some Good
A Christmas Encounter With the ‘Russian Soul’
A
no
s tension with Russia deepens,
it may seem as if Americans
have little in common with
those living under Vladimir Putin’s
dictatorship. But I have witnessed
the triumph of good over evil in
Russia many times, including on one
striking occasion 25 years ago this
month, when an expression of the
“Russian soul” defused a dangerous
situation and gave me hope for the
country’s future.
Christmas Eve 1992 was bitter
cold in Moscow, and the mood of the
city was marked by depression and
despair. I was there to complete my
first book, “Age of Delirium,” about
the fall of the Soviet Union.
History was moving rapidly all
around me. On the streets, there
were rows upon rows of stalls. The
capital had turned into a giant bazaar as people sold anything—
kitchen utensils, chewing gum, cigarettes, books, icons, heirlooms—to
survive.
Yet there were still a few signs of
progress, including new public telephones that used prepaid cards. I
had a card in my wallet, along with
cash and identification, but I had
trouble using it in the subzero Russian winter. Once, while making a
call, I put the card in my wallet and
the wallet on a ledge in the booth.
After hanging up, I left the booth
having forgotten my wallet. When I
returned less than five minutes later,
my wallet had disappeared.
Forty-eight hours later, I received
a call from “Yuri,” who told me that
he had my wallet. He claimed it
didn’t contain any cash when he
found it. But he gave me his address
and suggested I come see him so the
“problem” of my wallet could be
“discussed.”
Yuri lived in the Moscow suburb
of Lyubertsy, a concrete jungle also
famous for being the headquarters
of the Luberetskaya criminal organization, which had terrorized Mos-
cow since the early 1980s.
One year after the fall of communism, the criminal was king in Russia. Gangs collected extortion money
from anyone operating a business on
their “territory.” In the case of a dispute between rival gangs, there was
a strelka, or meeting, at which the
conflict was discussed. Usually the
rivals tried to resolve the matter
peacefully, but Russia was now
awash in guns and both sides arrived at a strelka fully armed.
I took the metro to a station on
the outskirts of Moscow and then
flagged down a private car which
took me to the address. I went to an
apartment on the 14th floor and
rang the bell. A man who looked
about 30—nearly bald, with an athletic build—greeted me. He let me
into his apartment, which consisted
of a single room. There was a
kitchen alcove in front of the window at the far end, where we sat
down on two stools at a table.
“Thank you for keeping my wallet,” I said.
“Yes, I went to a lot of trouble,”
Yuri replied. He explained that he
n-
By David Satter
Matthew J. Murray
Executive Editor
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The man who found my
wallet demanded an
‘honorarium.’ He learned
a lesson when I stood firm.
“At least 50,000 rubles.” At the
official rate of exchange that was
$120, an astronomical sum for an ordinary Russian at that time. But I
took out five crisp 10,000-ruble
notes and gave them to him.
“And my wallet?” I asked.
“I also need an honorarium.”
“I was happy to pay you for your
expenses,” I said, “but I can’t pay
you an honorarium. You are obliged
to give me my wallet.”
“Why is that?” Yuri said, looking
at me incredulously.
“Because,” I said, “it does not belong to you.”
Yuri hesitated for an odd moment, as if trying to assimilate what
I had just said. He then stood up,
reached over and opened a cabinet
behind where I was sitting. A car
backfired somewhere in the distance, and I suddenly became convinced he was reaching for his service pistol.
Yuri turned, and I saw that in one
hand he was holding a bottle of
vodka and in the other, two glasses.
He put them on the table and poured
out two drinks. “You know, you
taught me something today.” He
then said “bottoms up” and downed
his vodka in one gulp. I reluctantly
followed suit.
Then Yuri reached into his back
pocket. “Here is your wallet,” he
said. “You don’t have to pay me an
honorarium.”
It was now well past midnight,
and I shook hands with Yuri before
taking an elevator to the ground
floor. Outside, a full moon lit a
cloudy sky. I never heard from Yuri
again, and as Russia descended into
criminality and chaos in the 1990s, I
often wondered if our brief encounter had a lasting effect on him.
In subsequent years, as the Putin
dictatorship tightened its grip, Westerners wondered how to answer
Russian propaganda. Speeches were
made and learned conferences were
organized without getting us any
closer to penetrating Moscow’s false
worldview.
But as the encounter with Yuri
that night in Lyubertsy showed, Russians can be reached if basic moral
principles are made clear to them.
Russians do not share the ethical
heritage of the West, but moral intuition exists everywhere, and is able
to be inspired. What matters is the
message.
Mr. Satter is the author of “The
Less You Know, the Better You Sleep:
Russia’s Road to Terror and Dictatorship under Yeltsin and Putin”
(Yale, 2016).
The FCC’s Christmas Gift to Internet Users
No doubt your
Christmas would
be troubled and
anxiety ridden if
not for this column
assuring you that
the Trump adminBUSINESS
istration decision
WORLD
last week to “reBy Holman W.
peal net neutrality”
Jenkins, Jr.
does no such thing.
Net neutrality
long ago became the expectation of
broadband customers. It was an expectation that internet service providers routinely met during the two
decades before the Obama rules
were enacted. It’s an expectation
they will continue to meet after the
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Robert Thomson
Executive Chairman, News Corp
Chief Executive Officer, News Corp
Gerard Baker
Editor in Chief
worked at a supermarket as a security guard. “You can’t imagine how
much time I spent trying to find you.
I lost two days of work and almost a
day’s worth of overtime.”
“I don’t want you to suffer,” I
said, desperate to recover my wallet,
and especially the identification I
needed for traveling. “How much
money do you think you lost?”
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
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DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
Obama rules have been withdrawn.
Net neutrality means unfiltered,
unhindered access to what the web
offers. Net neutrality is the business
that broadband suppliers are in.
What is being repealed is a decision to recategorize broadband from
a Title I to a Title II service under
the 1934 Communications Act. This
decision had little to do with net
neutrality but meant that lobbyists
and petitioners and courts would be
able to pressure Washington steadily
in the direction of regulating the internet the way it did the railroads in
the early 1900s.
Title II is what many groups militating in the name of net neutrality
really wanted. They conflated net
neutrality with Title II regulation
because they thought it politically
expedient to do so.
Does this mean you should run
screaming to the nearest cliff and
throw yourself off because now the
internet will be taken over by “fast
lanes”?
I, for one, will pass. The whole
idea of fast lanes reflects a faulty,
obsolete metaphor for how the internet works. The internet is more
like a giant computer providing a diverse array of services to a billionplus users simultaneously.
It delivers you a webpage, me a
video. In the future, it will help your
driverless car navigate traffic, a doctor examine and treat an injury remotely. It will make sure your refrigerator is full of beer.
The businesses supplying each of
these services care only that their
own customers are happy. Their customers care only that their own service is satisfactory. They won’t care
or even notice that the computer is
constantly optimizing its performance so its diverse users are all
kept simultaneously happy.
The whole “fast lane” nonsense is
even more nonsense when we realize how much it’s the efforts of socalled edge providers that determine
service quality. If a static webpage
doesn’t load as quickly as you might
wish, today it’s because of slow
The wireless future
you were hoping for
would not be possible
under Title II regulation.
servers among the dozens that nowadays contribute pieces of a webpage. Not to blame usually is the
last-mile carrier, who’s moving these
elements to you as fast as content
suppliers make them available.
Or take Netflix: It spends millions
to place servers containing its shows
inside the systems of last-mile providers to improve delivery and reduce transport costs.
Laws against fraud and anticompetitive behavior apply to
broadband suppliers as they do to
other companies in the economy. If
a supermarket sells you a can of dirt
labeled “peas,” it would not long
stay in business. But, wait, aren’t we
in a uniquely bad position because
so many of us have only one or two
choices for broadband at home?
All businesses would like to
charge an infinitely high price for
infinitely chintzy service, but not
even Comcast can get away with
this, even when competition is inadequate, because customers have
voices and politicians and regulators
listen to those voices. And competition can only improve matters.
Ironically, what consistently outrages the net-neut freaks is the
wireless sector, where competition
is fierce, and where rivals dangle offers of uncapped streaming from
certain video services, and even free
Netflix or Sling TV. This offends sacred principle, never mind that it increasingly turns wireless into a
plausible substitute for the local
fixed-line monopolist.
Verizon, AT&T, Sprint and T-Mobile—all have made announcements,
and put money behind them, promising that 5G wireless will render
the local cable oligopoly a thing of
the past. Repealing Title II not only
makes such investment attractive. It
will enable wireless to support a
whole slew of advanced services
while keeping customers maximally
happy.
Disney last week announced it
would spend $52.4 billion to acquire certain Fox assets to replicate
Netflix’s business model. Notice
that Netflix’s business model is premised entirely on the existence of
ubiquitous, affordable, unhindered
broadband.
Ajit Pai, chairman of the Federal
Communications Commission, is the
Santa, not the Grinch, of this holiday
season. Repeal of Title II is what
will make the future internet possible. It’s just too bad those net-neutrality obsessives piling up lifelessly
at the bottom of the nearest cliff
won’t be around to enjoy it.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* ***
THE WALL STREET JOURNAL.
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A16 | Saturday/Sunday, December 23 - 24, 2017
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 B5 | MARKETS DIGEST B7 | HEARD ON THE STREET B12
TECH XIAOMI EYES AN IPO B4
MARKETS A BAD BET ON BREXIT B10
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 24754.06 g 28.23 0.1%
* * * *
NASDAQ 6959.96 g 0.1%
STOXX 600 390.28 g 0.1%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 1/32 , yield 2.486%
Saturday/Sunday, December 23 - 24, 2017 | B1
OIL $58.47 À $0.11
GOLD $1,275.40 À $8.10
EURO $1.1862
YEN 113.29
Bitcoin Plunges
25% Over a Day
In Market Rout
The price of bitcoin tumbled sharply, wiping away onefourth of its market value in
24 hours at one point, as a
co Fo
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An Embraer aircraft at the Paris Air Show in June. Boeing has been focusing on cost-cutting and working through a huge order book.
Boeing Changes Its Course
Pursuit of Embraer
shows newly placed
emphasis on market
for smaller jetliners
Embraer, though factors such
as potential objections from
the Brazilian government
could thwart a tie-up. Some
analysts said the chances of a
full takeover were slim and
that an expansion of the companies’ existing joint venture
was a more likely outcome.
Brazilian President Michel
Temer on Friday said the government would welcome new
investment, but won’t permit a
change in control of Embraer.
Buying the maker of small
passenger planes, business
jets and military aircraft
would give Boeing parity with
rival Airbus SE, which plans
to expand in the market for
BY DOUG CAMERON
Boeing Co.’s pursuit of Brazilian plane maker Embraer
SA fits one of the goals Chief
Executive Dennis Muilenburg
has set for the U.S. aerospace
giant: creating a level playing
field in the commercial jetliner
business.
Boeing on Thursday confirmed a Wall Street Journal
report that it was in talks with
aircraft with 100 to 150 seats
through a joint venture with
Canada’s Bombardier Inc. It
also would prevent fast-growing Chinese aerospace companies from scooping up the Brazilian company and give
Boeing more leverage in its
talks with suppliers.
Mr. Muilenburg hadn’t previously put small jetliners high
on his agenda. In the two and
a half years since he took
charge, he has focused on cutting costs, reducing Boeing’s
reliance on some suppliers and
cutting pension liabilities, as
well as capitalizing on huge
demand for its jetliners.
The company has an order
backlog of 6,000 jets valued at
$420 billion. Sales are generating substantial cash flow,
much of which the company
has returned to shareholders
through dividends and stock
buybacks. Mr. Muilenburg has
pledged to more than double
the size of Boeing’s aircraft
services business—a more
profitable line than its aircraft
sales—and the company had
been expected to pursue a
takeover in this area.
A takeover of Embraer
would add jetliners that are
smaller than most of Boeing’s
product range, with between
70 and 140 seats, as well as
Please see BOIENG page B2
Apple’s New Phones Notch Modest Start
CHRIS JUNG/ZUMA PRESS
no
n-
BY TRIPP MICKLE
Apple Inc. investors have
been betting that the pricey
new iPhone X will reignite
growth for the company’s marquee product line.
But estimates from two market-research firms indicate customers are buying the X and a
pair of other new offerings at
about the same rate as they did
with new models in the past
two years—which fell short of
the iPhone’s 2015 peak.
The iPhone X, iPhone 8 and
iPhone 8 Plus combined for
69% of U.S. iPhone sales for the
month ended Dec. 3., with the
remainder going to older models, according to a survey of
300 iPhone buyers by technology-analysis firm Consumer Intelligence Research Partners.
By comparison, the iPhone 7
and 7 Plus accounted for 73% of
all iPhones sold in their first
month in 2016, and the iPhone
6s and 6s Plus accounted for
71% in their first month in
2015, the firm’s prior surveys
show. Sales of those devices
proved to be lackluster. The
iPhone 6 and 6 Plus—which
were big hits—accounted for
91% of iPhone sales in their
wave of selling hit the broader
cryptocurrency market.
Late Friday, bitcoin was
trading at about $14,445 after
earlier falling to as low as
$10,835, according to research
site CoinDesk. Thursday morning, bitcoin had traded at
about $16,000. The notoriously
volatile
digital
currency
started December at about
$10,000 and shot up to nearly
$20,000 this past weekend,
but has been in retreat since.
The latest jolt to the already fragile market came Friday morning when one of the
biggest hedge-fund supporters
of cryptocurrencies, Michael
Novogratz, tweeted that bitcoin could slide another
$4,000 before resuming its
bull-market run.
In an interview, Mr. Novogratz said that he postponed a new crypto-focused
fund last week that was slated
to open Dec. 15. “It’s a challenging time to launch a fund,”
he said, adding that he recently sold a significant
amount of virtual-currency
holdings, though he still has
about 50 investments in that
sector, including bitcoin.
The former fund manager
at Fortress Investment Group
LLC said he would revisit
ly
.
CHRIS RATCLIFFE/BLOOMBERG NEWS
By Steven Russolillo,
Gregor Stuart Hunter
and Paul Vigna
Shoppers sized up the newly released iPhone X in Kuala Lumpur, Malaysia, last month.
first month in 2014.
The survey offers an early
glimpse into the sales performance of the most important
new iPhone in years. Apple,
which bills the iPhone X as the
future of the smartphone, gave
it a sleek new design with an
edge-to-edge display and a
three-dimensional camera system that uses facial recognition
to unlock the device. It also
carries a starting price of $999,
half again the price of previous
models. Those factors fueled
investor hopes for strong
iPhone X revenue, helping propel Apple’s stock over the past
year.
The iPhone X, which hit
stores on Nov. 3, accounted for
an estimated 30% of iPhone
sales in its first month as customers opted for lower-priced
models or couldn’t find it in
stock, according to Mike Levin,
Please see IPHONE page B2
plans for the fund in the new
year.
Meanwhile, one of the largest bitcoin trading platforms,
Coinbase, announced a little
after 11 a.m. New York time
that “all buys and sells have
been temporarily disabled.”
Twenty-five minutes later, it
said that some “buys and sells
may be temporarily offline.”
Friday afternoon, the company
said its systems were working
again.
From its recent peak, bitcoin has lost about $110 billion
of its total market value in
less than a week, twice the
market cap of Tesla Inc.
It wasn’t the only currency
feeling the pain. Many “altcoins,” alternative versions of
bitcoin, also declined. And of
the 31 digital currencies that
have at least a $1 billion market value, 29 were recently
down, according to data provider CoinMarketCap.
While bitcoin has been volatile in the past, the timing of
Friday’s selloff caught many
investors by surprise.
Jani Hartikainen, a 30-yearold software developer in Finland who owns bitcoin and
other digital currencies, was
working early Friday morning
when a message from a friend
in a private group chat at 4
a.m. alerted him to bitcoin’s
sudden drop.
After receiving that message, Mr. Hartikainen, who
said he first bought bitcoin in
March, said that he sold almost all of his position.
Please see BITCOIN page B10
THE INTELLIGENT INVESTOR | By Jason Zweig
Tax Bill Provides Juice
To Some Energy Plays
What a difference a rate
makes.
With the
signing of the
new tax
bill into law, the value of
some funds investing in energy stocks will go haywire,
shooting up by 10% or more.
More than 70 mutual,
closed-end and exchangetraded funds, with a combined total of $54 billion in
assets, specialize in master
limited partnerships that
handle oil and natural gas.
Many of these MLP funds
have long been riddled with
tax complexities, turning every dollar of MLP income
into 65 cents for investors.
As the tax law shifts, those
complexities are changing,
too, and could take inattentive investors by surprise.
When master limited partnerships became popular
about a decade ago for their
high income and potential
for some growth, marketers
hit a roadblock: Rules from
the Internal Revenue Service
prevent most mutual funds
from having more than 25%
of net assets in MLPs.
Some clever firms did an
end run by stashing MLPs inside funds organized as C
corporations. Unlike a “regulated investment company,”
the IRS term for a conventional mutual fund, a C corporation pays taxes instead
of passing them through to
its owners.
A fund run as a C corporation can put all its money
into MLPs. It holds many energy partnerships in a single
convenient package, along
with less paperwork than the
underlying MLPs spew out.
In return, a C-corp fund
passes income through to investors only after it pays
taxes on the income (and
any capital gains) from its
MLP holdings.
As a result, when such a
fund holds MLPs worth more
than it paid for them, it has
to set aside what’s called
a deferred tax liability, a reserve to cover the taxes it
Please see INVEST page B5
Suspect Trades Prompt German Data Curbs
Market Drift
BY MIKE BIRD, NINA ADAM
AND PATRICIA KOWSMANN
0.04% Before announcement After announcement
Suspicious patterns in the
trading of currency futures,
discovered in an analysis by
The Wall Street Journal,
helped prompt Germany’s statistics agency to stop sending
the sensitive economic data to
journalists before the figures
are publicly available.
In the minutes before several important German data
releases, euro currency futures
move as if some traders know
what is coming in the release,
according to an analysis of
trading data conducted for the
Journal.
Inflation, growth and other
economic indicators can have
a sharp impact on currency
markets, particularly if the
numbers diverge from investor
expectations. Germany’s is the
largest and most influential
economy of the 19 countries
that share the euro.
An analysis of data from
2012 to 2017 shows that euro
foreign-exchange futures tend
to drift in the direction that
German data would suggest
they might even before the
numbers are released. Indeed,
the futures prices move more
in the 30 minutes before a
surprise release is published
than they do in the 30 minutes
after. The analysis was prepared for the Journal by Alexander Kurov, a professor of finance at West Virginia
University.
Earlier this week, a spokesman for Destatis, the German
statistics agency, said the
Journal’s
analysis
had
“prompted a discussion as to
whether what we are doing is
still timely.” On Friday, the office said it would stop its
practice of providing economic
data releases to news agencies
under embargo.
Germany’s Federal Financial
Supervisory Authority also
said it is investigating trading
around economic-data releases.
Destatis has been sending
data from major economic releases to nine news agencies
about a half-hour before they
are officially published, with
strict instructions not to disseminate until the official
time.
At several of the agencies,
the data are sent to generic
Please see LEAK page B2
Cumulative average return on euro currency futures from 30 minutes
before surprisingly strong or weak German economic indicators*
0.03
0.02
0.01
0
30
0 minutes
30
60
*GDP, consumer price, industrial production, retail sales or unemployment data releases above
or below consensus estimates. Normalized to show all moves as rises
Source: Alexander Kurov, West Virginia University
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.
B2 | Saturday/Sunday, December 23 - 24, 2017
* *****
INDEX TO BUSINESSES
BUSINESS & FINANCE
D-E
Deliv............................A2
Deutsche Bank..........B11
Embraer.......................B1
F
Banco de Sabadell....B12
Bank of America.......B10
Banmedica...................B2
Berkshire Hathaway...B5
Best Buy.....................A2
Boeing ......................... B1
Bombardier..................B1
Bossert Capital...........B5
Boston Omaha............B5
Brevan Howard Asset
Management...........B10
Brookfield Asset
Management.............B4
Brookfield Property
Partners....................B4
FedEx...........................A2
Fiat Chrysler
Automobiles ............. B4
Fifth Third Bancorp..B10
G-H
GGP..............................B4
Goldman Sachs Group
...................................B10
HNA Group................B11
I-K
C
Ignyta..........................B2
Kayne Anderson Energy
Development.............B5
Kayne Anderson MLP
Investment ............... B5
Caxton Associates....B10
Cboe Global Markets..B5
ClearBridge Energy MLP
Fund .......................... B5
Cohen...........................B5
Light Sky Macro ....... B10
Long Blockchain........B10
Long Island Iced Tea.B10
Lotte Group.................B3
L-M
Macy's.........................A2
Mylan...........................B2
N
Narvar ......................... A2
Nasdaq ........................ B5
Nodechain..................B10
P
PetSmart.....................A2
Postal Savings Bank B11
R
Riot Blockchain.........B10
Roche Holding.............B2
Rubicon Fund
Management...........B10
S-T
Snap.............................B4
Time Warner...............B4
Tortoise Energy
Infrastructure...........B5
Tortoise MLP Fund.....B5
U-V
UBS Group.................B11
UnitedHealth Group....B2
Vapetek.....................B10
W-X
Wal-Mart Stores........A2
Wells Fargo...............B10
Xiaomi.........................B4
INDEX TO PEOPLE
A
J
S
Aboulafia, Richard......B2
Jackson, Robert..........A2
B
L
Beckstedt, Neal..........D8
Bossert, Alex..............B5
Brock Jr., Macon.........A9
Buffett, Warren..........B5
Loew, Alexandra.........D8
Seo Mi-kyung..............B3
Sharma, Amit.............A2
Shepherdson, Ian........A2
Shin, Dong-bin............B3
Shin, Dong-joo............B3
Shin, Kyuk-ho..............B3
Shin, Young-ja.............B3
C
Carmeli, Daphne.........A2
Cassar, Ken.................A2
Cole, Charlie................A2
M
McAllister, Kevin........B2
Melkman, Ben...........B10
Muilenburg, Dennis....B1
Murphy, Roland .......... D3
N
T
Thomas, Phil.............B10
Thummel, Robert........B5
E
Naroff, Joel.................A2
V
Eades, Chris................B5
O-P
Velotta, Robert...........B5
G-H
O'Rourke, John ......... B10
Ouellette, Richard ...... D8
Peterson, Adam..........B5
Walsh, Gerri..............B10
Wang, Xiang ............... B4
W
Slow Off the Mark
Despite high expectations, a survey found that sales of the iPhone X,
when combined with the 8 and 8 Plus, in its first month didn't match
the strong pace of new models in 2014.
New models
6 and 6 Plus
2014 91%
29%
7 and 7 Plus
73%
X
2017 30%
27%
8 and 8 Plus
39%
Source: Consumer Intelligence Research Partners
IPHONE
THE WALL STREET JOURNAL
year-old likes that the iPhone X
display makes photos more vibrant and shows more website
content than his iPhone 6s Plus.
“I’ve held a friend’s iPhone 8
and been like, ‘Oh my God.
Where’s the rest of your
screen?’ ” Mr. Lovera said.
As of early December, the
iPhone X accounted for 4% of
all iPhone models in use globally, while the iPhone 8 and 8
Plus accounted for 6.3%, estimates Localytics, which analyzes apps across 2.7 billion devices and can detect which
models are being used. The
combined share of 10.3% is less
than the 12.5% the iPhone 7 and
7 Plus claimed at the same
point in 2016.
Localytics co-founder Raj
Aggarwal said the iPhone
X performed better than he expected given its premium price.
“It’s an awesome start, and you
haven’t hit Christmas yet,” he
said.
Consumer interest in the
iPhone X remains high in
China, which accounts for a
fifth of Apple’s revenue, analysts say. An RBC Capital Markets survey in early December
found 62% of 646 Chinese respondents were interested in
buying the iPhone X, more than
double the interest level it
found among 4,000-plus U.S.
respondents.
JL Warren Capital, a marketresearch firm focused on China,
sees the region accounting for
a quarter of the 30 million
iPhone X units Apple is expected to ship in the quarter
that ends this month. It estimates combined shipments of
all three new models will total
51 million, down slightly from
the 55.2 million iPhone 7 and 7
Plus units shipped during the
same period last year.
EDGAR SU/REUTERS
no
Continued from the prior page
co-founder of Consumer Intelligence Research Partners. Apple
struggled with supply constraints for the iPhone X that
initially delayed shipment
times by four to six weeks; the
device now ships within a day
in the U.S.
“It’s a little disappointing
given the hype,” Mr. Levin said.
Sales of the device also suffered, he said, because it was
offered alongside seven less-expensive iPhone models, compared with five models last
year when the company’s flagship device started at $649.
Apple declined to comment.
It is expected to give the first
numbers on iPhone X sales
early next year when it reports
financial results for the current
quarter, which it has predicted
will deliver record-high revenue overall.
The iPhone 6 and 6 Plus
drove a 52% surge in iPhone
revenue in Apple’s fiscal 2015.
Sales dropped 12% the following year, then edged up 3.4% in
the fiscal year that ended this
past September.
The iPhone X’s innovations
haven’t resonated with some
longtime iPhone customers. Ifé
Meedolson, a 27-year-old financial analyst in London, bought
one and returned it after a
week, in part because he had
trouble with the facial-recognition system.
“I just felt very underwhelmed,” said Mr. Meedolson,
an Apple loyalist who owns an
iPad Pro, two MacBooks, an
iMac and iPhone 7.
Others, like Angel Lovera in
Bakersfield, Calif., have embraced the new design. The 22-
31%
n-
2016
Old models
9%
6s and 6s Plus
2015 71%
Swiss drug company
makes $1.7 billion
acquisition in face of
generic competition
BY CARLO MARTUSCELLI
Roche Holding AG will buy
U.S. cancer-therapy company
Ignyta Inc. for $1.7 billion, the
Swiss drugmaker’s latest move
to shore up its oncology portfolio as its best-selling treatment faces generic competition.
Roche said Friday it would
pay $27 a share in cash for Ignyta, a 74% premium to its
closing price Thursday.
The deal, unanimously approved by the boards of both
companies, is expected to
close in the first half of 2018.
Cancer drugs have long
powered Roche’s growth.
Among its best-performing
drugs are Herceptin, Perjeta
and Kadcyla, which all target a
type of breast cancer known
as HER2.
Many of its cancer drugs
were developed by Californiabased Genentech, a pioneer in
biologic therapies that Roche
acquired in 2009.
However, sales of Herceptin, which brought in 6.8 billion Swiss francs ($6.9 billion) in 2016, are under
pressure from the launch of
cheaper copycats in Europe
this year.
This month, the Food and
Drug Administration approved
Mylan’s Ogivri, a biosimilar to
Herceptin and the first approved in the U.S. for treating
breast or stomach cancer.
Basel, Switzerland-based
Roche has suffered less than
its rivals from the launch of
generic versions of its drugs.
That is part because its big-
A technician inspecting a Roche Cobas 6000 blood analyzer machine in a Hong Kong laboratory.
gest medicines are manufactured with living cells rather
than by chemical processes,
making them more complex to
imitate. Biologic drugs are created from living cells, and biosimilar products are their generic equivalents.
San Diego-based Ignyta is
developing entrectinib, a compound that is being tested for
the treatment of tumors and is
currently undergoing a Phase
II clinical trial.
Entrectinib targets tumors
that display one of two gene
rearrangements: ROS1 fusions
in non-small cell lung cancer,
and NTRK fusions across a
broad range of solid tumors.
“The agreement with Ignyta
builds on Roche’s strategy of
fitting treatments to patients
and will allow Roche to
broaden and strengthen its oncology portfolio globally,”
Roche Chief Executive Daniel
O’Day said.
UnitedHealth Bids
For Banmédica
UnitedHealth Group Inc. is
launching a tender offer to acquire a South American healthcare provider and insurer as it
looks for growth abroad.
UnitedHealth said in a securities filing Friday it wants to
buy Banmédica SA for 1.7 trillion Chilean peso (about $2.74
billion), or 2,150 Chilean pesos a
share. The two controlling shareholders of Banmédica, which is
also called Empresas Banmédica,
agreed to sell their combined
57% ownership, UnitedHealth
said.
UnitedHealth confirmed in
September that it was exploring the purchase.
Banmédica provides services in Chile, Colombia and
co Fo
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Gordon, Robert ........... B5
Halsey, Tyson..............B5
Roche Boosts Cancer Lineup
XAUME OLLEROS/BLOOMBERG NEWS
B
Comcast.....................B10
C-Quadrat Investment
...................................B11
Credit Suisse.............B10
The iPhone X’s price may be contributing to a lackluster reception.
Peru. UnitedHealth has a unit
in Brazil that it bought in 2012,
and as of last year, it provided
medical and dental benefits to
nearly six million people and
operated more than 40 hospitals.
The tender offer is expected to begin Wednesday
and end in late January. UnitedHealth expects to close the
purchase in early 2018.
The planned acquisition,
which advances UnitedHealth’s
plan to make international
business one of its focuses for
growth, caps a torrid round of
deal making even by the standards of the acquisitive health
giant. In addition to overseas
expansion, UnitedHealth has
targeted growth in such areas
as health-care delivery, healthcare technology and pharmacybenefit services.
—Austen Hufford
BOEING
Continued from the prior page
business jets, a market that
has been flat since the last financial crisis. Analysts estimated buying Embraer would
cost Boeing up to $9 billion,
including debt, about as much
cash as the company held at
the end of the third quarter.
One attraction is Embraer’s
well-regarded
engineering
workforce. Boeing, which has
been trimming its U.S. staff to
cut costs, is losing a lot of its
engineers to retirement and
faces a shortage of entry-level
engineers. Buying Embraer and
expanding other overseas ventures—including a Boeing research center in Russia—could
help alleviate that problem,
analysts said.
Another motivation cited by
industry experts is to prevent
China’s fast-growing aerospace
companies from tying up with
Embraer. China is developing
regional and single-aisle passenger jets, as well as larger
aircraft and more-advanced
military capabilities.
The Brazilian government
has invested heavily to develop
a domestic aerospace industry
and retains a so-called golden
share in the company, giving it
a veto over any potential sale
or joint venture. Analysts said
Boeing had a better chance
than a Chinese rival of persuading the Brazilian authorities to sell Embraer, though securing government backing
will still be a challenge.
“I don’t think any one of
LEAK
Continued from the prior page
email addresses accessible by
multiple employees. Destatis
also sends advance releases to
four of the news agencies via a
password-protected
online
service.
Among the news agencies
to receive early data is Dow
Jones Newswires, published by
Journal parent Dow Jones &
Co.
Destatis said in an email
sent to all the news agencies
concerned that the move was
necessary “to minimize the
risk that our data will be disclosed to individual entities
(even outside the media) prior
to actual publication.”
Because of automated financial-market trading, “even
a small, temporal information
advantage” would help traders
anticipate price changes and
benefit from the knowledge,
Destatis said.
DADO GALDIERI/BLOOMBERG NEWS
A
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.
Airbus..........................B1
Alham Benyameen ... B10
Alibaba Group.............B4
Amazon.com...............A1
Amtrak........................A3
Apple......................B1,B4
AT&T.....................B4,B10
THE WALL STREET JOURNAL.
An Embraer 195 jet turbine aircraft at an air show in Brazil earlier this year.
these nations that have indigenous aerospace capabilities
wants to relinquish these to
another nation,” said Carter
Copeland at Melius Research
LLC.
Boeing spokesman Phil
Musser said the proposed deal
offered synergies covering
commercial jet and defense
sales, as well as services.
“As we noted, discussions
are ongoing, but we have always had deep respect for the
role of the government of Brazil, as well as their important
defense and security concerns,” he said.
If the deal and the planned
Airbus-Bombardier venture
were to proceed, aerospace
suppliers could be the biggest
losers.
Airbus and Boeing are al-
ready pressuring suppliers to
boost production and cut
costs. That pressure has unleashed a wave of consolidation among suppliers.
The European company and
Boeing have both expressed
concern about their suppliers
bulking up through deal-making. The plane makers have
said acquisitions could distract
suppliers from handling the
big production increases the
aerospace companies are planning, though analysts said the
companies don’t want to lose
their negotiating leverage.
“The shoe may be on the
other foot as major plane makers use M&A and their own,
enormous buying power to
drive down supplier costs on
newly acquired aircraft programs,” said David Wireman,
global co-head of aerospace
and defense consulting at AlixPartners LLP.
Boeing’s pursuit of Embraer
may also explain its criticism
of Bombardier, which competes heavily with the Brazilian company, said aerospace
consultant Richard Aboulafia
at the Teal Group.
Boeing has accused Bombardier of using illegal state
subsidies that have allowed it
to sell its planes at below their
production cost. The allegations, which have led U.S.
trade officials to propose big
tariffs on some Bombardier
planes, puzzled many analysts
as the Canadian company
largely operates in different
markets. Boeing and Embraer
declined to comment on the
matter.
A Dow Jones spokesman
said: “Dow Jones takes great
care to ensure embargoed information is available to a limited set of editors. We have a
clear set of procedures aimed
at avoiding the early release of
such information before the
time specified by the issuer of
the data.”
Of the eight other newswires, two—MNI and DPAAFX—declined to comment.
Bloomberg, Reuters, Agence
France-Presse and German
service Guidants News didn’t
immediately comment. Japanese news agency Jiji Press
couldn’t be reached. Michael
Hoefele, chief executive and
editor in chief of DTS News
Agency, said he could rule out
any leaks because “only a very
small number of editors” deal
with the data. Mr. Hoefele said
he regrets the decision to stop
the embargoes, which he said
had given his staff a few minutes to make the numbers
more comprehensible.
Destatis also sends data
ahead of its public release to a
small number of government
departments and the German
central bank, a fairly common
practice in Europe. That practice will remain unchanged, a
spokesman for the agency
said. He said Destatis has a
better control or insight as to
who receives the data in advance and trusts that the government departments handle
the data with great care.
In the U.S. and U.K., reporters also get access to data
shortly before publication, but
they must do so in person at
special “lock-in” rooms at a
government building where
their electronic communications are blocked until the embargo lifts.
Prof. Kurov’s analysis aggregated and examined five
years of trading data to see if
the market moves in the direction that a surprising data release would suggest it should
before the release actually
comes out. The analysis shows
a drift that builds in the “cor-
rect” direction during the 30
minutes prior to a release’s
publication. Prof. Kurov says
the drift in the 10 minutes before publication is statistically
unlikely to be due to chance.
A similar analysis conducted by Prof. Kurov for the
Journal earlier this year
showed significant drift in financial markets ahead of British economic-data releases.
The government subsequently
tightened its distribution list.
To be sure, there are alternative explanations for the
drift in prices. One or more
firms could be able to better
predict the content of releases
based on their own privately
collected data.
“There’s a herd behavior
among bank analysts as their
performance is measured in
relation to the consensus,”
said Ulrich Leuchtmann, head
of foreign-exchange research
at Commerzbank AG in Frankfurt. “And traders may be doing a better job with their
forecasts.”
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 23 - 24, 2017 | B3
* * * *
BUSINESS NEWS
Beverage Industry Lags
In Calorie-Cutting Drive
The beverage industry is
falling further behind in its
drive to reduce the amount of
calories Americans drink, as
sales of diet sodas continue to
slide and people consume
more fountain drinks and
sweetened tea.
The average American
drank 201.2 calories a day in
2016, up slightly from 2015,
according to a report released
Friday and funded by the
American Beverage Association, an industry group.
The findings are a setback
for soda makers that have
vowed to address increasing
concerns about obesity by cutting by 20% the amount of calories people take in from
drinks by 2025.
The daily average would
need to reach 161 calories per
capita to reach that goal.
Coca-Cola Co., PepsiCo Inc.
and Dr Pepper Snapple Group
Inc. set the goal in 2014 with
plans to steer consumers to
lower-calorie drinks and
smaller servings.
Despite a sharp rise in bottled-water
consumption,
Americans’ caloric intake from
drinks barely decreased in
2015 and the latest report
shows things actually got
worse in 2016.
While consumers are drinking less soda and juice, they
are offsetting the progress
with more calories from sports
drinks, energy drinks and
ready-to-drink teas and coffees. And though they are getting fewer calories from bottled drinks purchased in
supermarkets and chain stores,
the data show an increase in
calories from fountain drinks
Average daily beverage calories
in the U.S. per capita in 2016:
Teas
11.2
and beverages sold in restaurants and smaller stores.
“This is a wake-up call,”
said Dr. Howell Wechsler, chief
executive officer of the Alliance for a Healthier Generation, a nonprofit working with
the companies and the American Beverage Association.
Dr. Wechsler said the industry is unlikely to reach its
2025 goal unless it can rapidly
shift restaurant and fountainmachine sales to low-calorie
options while maintaining
other improvements.
The American Beverage Association said in a statement
that while there is more work
to be done, the initiative is
“showing signs of positive developments.”
The beverage companies
have so far focused on retail
channels, which account for
most of their sales and where
Sports
10.6
Juice
42.5
LUKE SHARRETT/BLOOMBERG NEWS
BY CARA LOMBARDO
Liquid Intake
Sodas
126.7
calories
Other
10.2
Sources: Beverage Marketing Corp., DrinkTell
Database; U.S. Census, 2016
THE WALL STREET JOURNAL.
Consumption of fountain drinks has worked against the campaign.
it is easier for them to alter
in-store displays and offer
samples and promotions.
Influencing
consumers’
choices elsewhere is a bigger
challenge, as soda fountains
have a limited number of nozzles and businesses want to
feature drinks that sell.
Some consumers say they
only splurge on full-calorie sodas when they eat out.
“We know fountain, where
people purchase for immediate
consumption, is where we will
need to give extra focus,” said
Lauren Kane, a spokeswoman
for the American Beverage Association.
“We’ll be working with
fountain customers to spread
our calorie-moderation messages nationally and increase
the number of reduced-sugar
options available,” she said.
PepsiCo said Taco Bell has
replaced three fountain choices
in each of its 7,000 locations
with lower-calorie options,
while Coca-Cola said it has
been testing smaller cup sizes
in some markets, according to
company progress reports. One
challenge: McDonald’s Corp. in
April started selling all sizes of
fountain drinks for $1 in some
U.S. locations. The restaurant
chain had no immediate comment.
The report also found diet
and low-calorie soda consumption continues to fall, a
trend its authors characterized
as “a key headwind” to achieving the 2025 goal.
Korean Court Convicts Lotte Founder and Son, Its Chairman
LEE JIN-MAN/ASSOCIATED PRESS
Japanese law, a person found
guilty of violating corporate or
financial laws cannot serve in a
company’s board for up to two
years from the end date of a
sentence.
Lotte has its main operations
in South Korea, where it gener-
Shin Kyuk-ho arrived at court in a wheelchair in Seoul on Friday.
sentencing of the Samsung
group’s de facto head—and
grandson of its founder— Lee
Jae-yong to five years in
prison for bribing former Pres-
ident Park Geun-hye. Mr. Lee
appealed the decision.
Mr. Shin, Lotte’s chairman,
was convicted Friday of helping
his father pay a high salary to a
curt nod to reporters who had
asked if he would appeal the
decision. His lawyers weren’t
available for comment.
The court also sentenced
Shin Young-ja, the Lotte
founder’s 75-year-old daughter,
who is already serving time for
a previous conviction, to two
years in prison. The founder’s
third wife, Seo Mi-kyung, received a two-year suspended
sentence. The court acquitted
Shin Dong-joo, the founder’s elder son, on embezzlement
charges.
The elder Mr. Shin, 95, arrived at court in a wheelchair,
escorted by a nurse.
The next hurdle for his son
the chairman is a bribery trial
also involving former President
Park. Prosecutors last week
sought a four-year prison sentence for his allegedly bribing
Ms. Park in exchange for political favors.
—Mayumi Negishi
contributed to this article.
ly
.
SEOUL—A South Korean
court convicted Lotte Group’s
chairman of breach of trust
and embezzlement but gave
him a 20-month suspended jail
sentence, capping a tumultuous trial that raised concerns
of a potential leadership vacuum at South Korea’s fifthlargest conglomerate.
Shin Dong-bin, chairman of
the family-controlled group,
was convicted on Friday along
with his father—Lotte founder
Shin Kyuk-ho—and other relatives. While the younger Shin
was effectively exempted from
serving any jail time, that was
not the case for his father, who
was sentenced to four years in
prison, also for breach of trust
and embezzlement.
The monthslong trial played
out as the country’s large family-owned corporations, known
as chaebols, faced intense
scrutiny following the August
family member who was on
Lotte’s payroll but didn’t actually work at the company—
whose business portfolio ranges
from chemical refining to confectionary—and of giving preferential business rates to other
relatives.
His sentence is less than the
10 years prosecutors had requested. But even though Mr.
Shin dodged prison time, his
conviction could impact his
control over Lotte, which is still
recovering from when he took
over for his older brother, Shin
Dong-joo, in a 2015 boardroom
coup.
“It’s very likely that Lotte
will go through another leadership struggle,” said Chung Sunseop, the head of Chaebul.com,
a corporate-governance research firm in Seoul.
The court’s ruling in Seoul
will restrict the chairman’s role
as Lotte’s board director in
Japan, where the company was
founded, Mr. Chung said. Under
The corporate trial
roiled the leadership
of the country’s fifthlargest conglomerate.
co Fo
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BY EUN-YOUNG JEONG
ated roughly $85 billion in revenue last year.
In a statement released after
the court’s verdict, Lotte said
the group “respects the court’s
decision.” The company didn’t
make the Shin family available
for comment.
Shortly after the trial’s conclusion, the chairman gave a
vale.com
Photo: Ricardo Teles
no
n-
We have reached the highest level
of governance on the Stock Exchange.
A new Vale in the Novo Mercado.
S11D Eliezer Batista Complex Stockyard
Canaã dos Carajás, Pará, Brazil
Vale has just reached the highest level of governance on the Brazilian Stock
Exchange. In practice, this means more capacity for generating wealth and
independence to strengthen ethics, transparency and sustainability in our
business. In the largest operation of this size in the country, Vale demonstrates
how it respects and values its investors and other stakeholders, providing
greater protection and increased power to minority shareholders. This gives
more value to the company and to everyone who makes Vale evolve.
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 23 - 24, 2017
* ***
THE WALL STREET JOURNAL.
BUSINESS AND TECHNOLOGY
Xiaomi Sizes Up an IPO
Xiaomi Corp., once China’s
top smartphone vendor, not so
long ago looked like a company
past its prime. But a revival
this year yielded resurgent
sales at home and abroad, and
the company is now looking to
cash in by going public.
Investment banks eager to
BY ROBERT MCMILLAN
Company founder Lei Jun with a new Xiaomi smartphone model at its launch event last year.
co Fo
m rp
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e
on
ple Inc.’s iPhone and Samsung
Electronics Co.’s Galaxy phone,
which had dominated the market. The Chinese company’s formula was relatively simple: offer slick-looking devices with
some high-end specifications—
like its popular Redmi series
phones—at a low price.
But rivals like Shenzhenbased Huawei Technologies Co.
soon made inroads with a similar business model, while startups such as Oppo and Vivo
challenged Xiaomi on price. Xiaomi began missing sales targets, and by 2016, it had fallen
to fourth place in the Chinese
smartphone market.
Xiaomi, known for its onlineonly sales, started opening
brick-and-mortar stores in
China recently, and that helped
drive its resurgence in the
mainland. But India has been
key to its comeback.
The world’s third-largest
smartphone market, India with
its large population and fast
pace of smartphone adoption
has made it a key battleground
for tech companies. Xiaomi’s
market share there jumped to
19% this year from 6.2% in
2016, trailing only Samsung, according to Counterpoint Research.
The company hopes a push
into software and services will
help fuel growth. It has gained
traction in other developing
markets, including Russia,
Ukraine and parts of Southeast
Asia. Last month, it expanded
into Spain. But other European
markets and the U.S.—where
phone purchases are subsidized
by mobile-phone carriers—will
be tough to crack because Xiaomi lacks the strong telecom
ties of larger rivals, analysts say.
—Julie Steinberg in Hong
Kong and Ted Greenwald
in San Francisco contributed
to this article.
This weekend, while much
of the country is visiting family or finishing up last-minute
Christmas shopping, Allison
Nixon will be working overtime to prevent hackers from
disrupting the holiday.
Cyberattacks targeting videogame systems have become
an unpleasant late-December
tradition. In 2014, hackers
launched Christmas Day attacks that caused outages on
Sony Corp.’s PlayStation Network and Microsoft Corp.’s
Xbox Live service, which connect millions of videogamers
to online-gaming systems.
Would-be attackers threatened, in YouTube videos and
on social media, to do the
same in 2015 and 2016.
That has caused late hours
for those who plan to keep the
internet humming for all of
those game consoles that will
be unwrapped on Christmas
Day.
Ms. Nixon, a researcher
with the cybersecurity firm
Flashpoint, will put the holidays on hold until January.
She plans to work out of her
home office tracking known
cybercriminals online and
sharing information with an
informal band of security researchers and computer experts who collaborate to hunt
cyber-Grinches. It’s work. But,
she and others say, it’s also for
the greater good.
The big concern is a distributed denial-of-service attack.
This is where hackers commandeer large numbers of
computers to create a massive
network, called a “botnet,”
that can target and overload
servers, such as the ones used
by gaming companies.
This month, three men
pleaded guilty to writing software, called Mirai, that is used
in many of these attacks. Last
year, the men released Mirai’s
source code, federal prosecutors say. And that action ushered in a new era of extremely
large botnet attacks.
In October 2016, Mirai was
used to flood internet service
provider Dyn with unwanted
network traffic, an event that
ground the internet to a
standstill for many Americans.
“Mirai scared us to death,”
said Dale Drew, chief security
strategist with CenturyLink Inc.,
who is among Ms. Nixon’s fellow botnet fighters.
The battle against such botnets is a year-round effort, but
Xiaomi spokeswoman said that
as of the end of October, Xiaomi had exceeded its revenue
goal of 100 billion yuan ($15.2
billion) for the year. She declined to comment further.
With giving the actual figure, people familiar with the
matter said revenue in Xiaomi’s
fiscal third quarter grew 104%
from a year earlier. The company’s net profit surged 133%
to more than $400 million in
the same quarter, the people
said.
The question for investors is
whether Xiaomi can sustain its
revival; it still trails some of its
Chinese rivals in market share
and has yet to sell smartphones
in the U.S.
However, one bank that
pitched to Xiaomi projected the
company could log a net profit
of $4 billion by 2019 and $12
billion by 2021, one person
said, an outlook that could justify a valuation of more than
$100 billion. The projections
point to steady profit growth of
more than 70% a year.
Xiaomi says it plans to sell
handsets in the U.S., the
world’s second-largest smartphone market after China. A
spokeswoman said the company was deciding “on the right
time to enter the U.S. with our
smartphones.”
“‘All our competitors are
strong so we have to be very,
very careful. We have to be
very focused,” Wang Xiang, a
Xiaomi senior vice president,
said in an interview in the U.S.
in early December. Mr. Wang,
who said he was in the U.S. to
learn more about American
consumer tastes, declined to
comment on the company’s IPO
plans.
Little known outside Asia,
Xiaomi—which means “little
rice” in Chinese—rode China’s
smartphone boom in the early
2010s to become the country’s
biggest handset vendor by late
2014, cutting into sales of Ap-
it heats up during the holidays.
Last year, just before Christmas,
a group calling itself R.I.U. Star
Patrol claimed on Twitter to
have launched an online attack
against Yahoo’s Tumblr Service
and, in a YouTube video, threatened to repeat the event on
Christmas Day.
However, the researchers
disrupted Star Patrol before it
could launch the Christmas Day
attack.
Without those efforts, “you
would have had a bunch of kids
who would have opened up
their brand new Xboxes and not
been able to use them,” said
Tom Grasso, an agent with the
Federal Bureau of Investigation
assigned to the National CyberForensics & Training Alliance,
an independent entity that fosters collaboration between government, academia and business. “That would have been
pretty disappointing.”
Researchers believe they
may have thwarted a similar
plan about two weeks ago.
That’s when another massive
650,000-unit botnet called Satori—which used code from Mirai—was taken down hours after the security firm Akamai
Technologies Inc. published a
report identifying its commandand-control server. Ms. Nixon
and Mr. Drew said fellow researchers then reached out to
the internet service provider
asking it to take the server offline.
That takedown seems to
have disrupted Satori for now.
But Ms. Nixon fears its operators could regain control of
their botnet through a new service provider and use it for another Christmas Day attack on a
gaming network. Even if that
doesn’t happen, the holiday season is one of the busiest times
of year as online extortionists
try to disrupt online retailers’
holiday sales, Mr. Drew said.
A CenturyLink team will be
working around the clock
through this weekend keeping
an eye out for unusual activity.
“They’re on call this entire holiday season, looking for the
emergence of these things,” Mr.
Drew said.
Larry Cashdollar, an engineer at Akamai, is hoping not to
work this weekend, but he will
be ready if an attack happens.
“To my wife’s dismay, I’m going
to be bringing my laptop to my
in-laws’ house in Maine,” he
said. “Every time I leave my
laptop home, there’s an attack.
So if I bring it, I figure the internet’s safe.”
ly
.
KIM KYUNG-HOON/REUTERS
By Dan Strumpf in
Hong Kong, Wayne Ma
in Beijing and Liza Lin
in Shanghai
take Xiaomi public made
pitches earlier this month, with
some offering the company a
valuation of more than $100
billion, according to people familiar with the matter. That
would make Xiaomi the largest
Chinese company to list since
Alibaba Group Holding Ltd.
made its $169 billion debut in
2014, according to Dealogic.
An initial public offering
would be a big step for Xiaomi,
which ranked among the
world’s most valuable startups
when it garnered a $46 billion
estimation in 2014.
Yet the device maker was
soon eclipsed by rivals that
copied its sales tactics and outspent Xiaomi on advertising.
The company also launched
several flawed smartphones,
which hurt its reputation.
People familiar with the
company say its sales recovery
in China and strong performance in India justify a higher
valuation than its 2014 assessment. It has soared past its
own revenue goal for this year,
they say.
More than 10 Western and
Chinese banks are in the running to lead the IPO, the people
said. The company is leaning
toward a listing in Hong Kong
over New York, they said, because retail investors in the
Asian city are familiar with Xiaomi’s products and its
founder, Lei Jun, who has
achieved cultlike status in
China similar to that of Apple
Inc.’s late founder Steve Jobs.
Morgan Stanley, one of the
banks angling for a role in the
offering, is seen by rivals as
likely to win part of the mandate. The U.S. bank has underwritten many large global technology IPOs over the past few
years, including Alibaba, Facebook Inc. and Snap Inc. One of
Morgan Stanley’s former top
research analysts in Asia, Richard Ji, is now a key Xiaomi
shareholder. Mr. Ji left the bank
in 2013 and currently manages
a fund that holds tech stocks.
A Xiaomi spokeswoman declined to comment on the company’s IPO plans.
People familiar with the
matter said the Beijing-based
company has been buoyed by
blockbuster earnings.
The company doesn’t publicly report its earnings, but a
Game Systems
On Watch Against
Cyber-Grinches
Certain Ram truck models may be prone to slipping out of park.
accidents” are potentially related to the flaw with the vehicles’ brake transmission
shift interlock, which the company discovered after a review
of field data.
The auto maker said it
would fix impaired vehicles
and recommended regular use
of the parking brake until the
glitch is remedied.
It is the fifth major recall
by Fiat Chrysler in the past
four months, each unrelated to
the others and affecting different vehicle models.
Last month, Fiat Chrysler
recalled about 8,000 latemodel Jeep Compass sportutility vehicles to fix defective
air bags that pose a potential
hazard to front-seat passengers.
In October, it issued a recall for 709,837 Dodge Durango and Jeep Grand Cherokee SUVs sold in North
America with a potential braking defect stemming from
a recall three years ago.
And in September, the company recalled about 50,000
Chrysler Pacifica minivans and
almost a half-million Ram
heavy-duty pickups and medium-duty work trucks.
Brookfield Seeks to Restructure Offer for GGP
BY DANA MATTIOLI
Brookfield Property Partners LP is working to restructure its offer for the shares of
mall owner GGP Inc. that it
doesn’t already own, according to people familiar with the
matter.
Last month, the private-equity firm made an offer of
$14.8 billion, or $23 a share,
for the 66% of GGP it doesn’t
already own. The offer was
half in cash and half in equity.
GGP has pushed back on the
offer, wary of accepting Brookfield stock in its current form,
some of the people said.
Now, the real-estate investor is considering two options
to change its proposal.
In one, Brookfield would
create a new form of stock to
use as consideration, the people said. It would be equity in
an entity created by hiving off
some of Brookfield’s properties and combining them with
GGP. It isn’t clear which
Brookfield properties those
would be. GGP shareholders
also would get cash. It isn’t
clear whether that would be
the same amount as in the
current offer or not.
In the other option, Brookfield would bump the cash
component and continue to offer its stock, some of the people said. Brookfield is talking
to other investors about providing additional cash to support this option.
It isn’t clear what either
new bid would be worth.
It is possible Brookfield will
decide against either option or
that it could restructure the
deal in a different way, some
of the people said.
Shares of Chicago-based
GGP, formerly known as General Growth Properties, were
trading just above $23 Friday
afternoon in a sign that investors are betting that a sweeter
offer could come.
The company owns around
125 high-end retail centers
around the U.S., including Tysons Galleria near Washington,
D.C., Glendale Galleria outside
Los Angeles and Chicago’s Water Tower Place. The company
emerged from bankruptcy in
2010 with backing from Brookfield and other investors.
Brookfield Property owns
or operates office properties,
retail centers and multifamily
housing units.
PATRICK T. FALLON/BLOOMBERG NEWS
DETROIT—Fiat
Chrysler Automobiles NV is recalling nearly 1.8 million pickup
trucks to repair a gearbox defect that may allow vehicles to
inadvertently shift out of
“park” mode and move.
The recall, the latest in a
series of such actions by the
auto maker, affects certain
2009-2017 model-year lightduty Ram 1500 pickups as well
as heavy-duty Ram pickups
and chassis cab trucks, including 1.48 million sold in the U.S.
These vehicles may move
when parked even without a
key in the ignition or a foot on
the pedals “if subject to specific high temperature conditions for prolonged periods,”
the company said Friday.
Fiat Chrysler said seven injuries and “small number of
DANIEL ACKER/BLOOMBERG NEWS
no
BY CHESTER DAWSON
n-
Fiat Chrysler Recalls 1.8 Million Pickups
An AT&T store. The company is facing an antitrust lawsuit.
AT&T, Time Warner
Extend Deal Deadline
BY AUSTEN HUFFORD
AT&T Inc. and Time Warner Inc. agreed to extend the
deadline to close their combination as they fight a Justice
Department lawsuit trying to
stop the deal.
The companies agreed on
Thursday to push back the
deadline to June 21, according
to a securities filing Friday,
buying more time for the companies to defend the agreement in court.
The deal struck in October
2016, in which AT&T proposed
to buy Time Warner for $85.4
billion, had an original termination date of Oct. 22. That
agreement had an option to
extend the termination date to
April 22, 2018, which was
done.
U.S. District Judge Richard
Leon told the companies in
early December that he will
need a significant amount of
time after the antitrust trial
concludes to formulate his decision due to the complexity
and magnitude of the case.
Judge Leon, during a preliminary hearing, suggested the
companies consider extending
their merger agreement.
Antitrust officials at the
Justice Department have alleged that AT&T’s acquisition
of Time Warner would give
one company too much control
in a rapidly evolving media
landscape. AT&T said the market for video is and would remain “intensely competitive”
as online rivals continue to
spend billions of dollars on developing and buying content.
After the agreement’s expiration date, either company
could terminate the deal, and
Time Warner would be in line
for a $500 million breakup fee
from AT&T.
The trial is set to begin on
March 19.
—Drew FitzGerald
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 23 - 24, 2017 | B5
* * * * * *
WEEKEND INVESTOR
The Buffett Family Tree Branches Out
Senate
Confirms
Nominees
To SEC
INVEST
toise MLP Fund Inc. by 6.5%
each, Kayne Anderson MLP
Investment Co. by 11% and
Tortoise Energy Infrastructure Corp. by 12%.
With the changes wrought
by the tax law making a material difference to the value of
the funds, executives can’t
comment on my estimates directly. Robert Thummel, a
portfolio manager at Tortoise
Capital Advisors in Leawood,
Kan., tells me that “you are on
the right track.” Chris Eades, a
portfolio manager at ClearBridge Investments, says he
does “not disagree with the
math.” A person familiar with
the industry says the Kayne
Anderson estimates are also
plausible.
It’s important to realize
that the funds’ market prices
have risen in the past few
weeks, partly because the oil
market has rebounded. New
buyers won’t necessarily capture the full pop from the tax
change. So far as I can tell,
only one traditional mutual
fund, Oppenheimer SteelPath
MLP Select 40, has a sizable
deferred tax liability, about 3%
of net assets as of its last report on May 31.
If you own any of these
funds, don’t be fooled into
thinking that the managers
got an IQ transfusion or that
every day will be as lucrative
as the day the bill is signed
into law.
If you want the income and
growth potential MLPs can
provide, you’re still better off
owning the underlying partnerships or a bunch of them in
a separate account rather than
a C-corp fund. Above all, the
spike in the value of these
funds is a reminder that behind every one-day wonder is
an explanation that is anything but miraculous.
no
Continued from page B1
will owe if it sells those assets
someday. The higher the corporate tax rate, the more the
fund has to designate as a deferred tax liability. That eats
into returns. On the other
hand, when the tax rate drops,
the fund doesn’t need to set as
much aside to cover its future
IRS bill.
As the new law cuts the
corporate rate to 21% from
35%, “that tax drag has been
cut almost in half,” says Robert Gordon, a tax strategist
and president of Twenty-First
Securities in New York.
The lower rate will enable
many funds to “look and act
more in line with the underlying index they are seeking to
track,” says Robert Velotta, a
partner at Cohen & Co., an accounting firm in Cleveland.
With a stroke of the president’s pen, these funds become more valuable.
Most are closed-end funds,
which generally don’t issue
new shares or buy back old
ones from investors who want
to cash out. Instead, you have
to buy or sell the shares on a
stock exchange.
“There’s a measurable benefit to be had in these funds,
on the order of 5% to 12%,”
says Tyson Halsey, head of Income Growth Advisors, an investment-management firm in
Charleston, S.C., that specializes in MLPs.
Based on the funds’ reports
of their net assets as of Nov.
30, I estimate that the change
in tax rates will increase the
per-share value of Kayne Anderson Energy Development
Co. by 5.2%, ClearBridge Energy MLP Fund Inc. and Tor-
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. t-Footnotes p and r apply. NA-Not available due to
incomplete price, performance or cost data. NE-Not released by Lipper; data under review. NNFund not tracked. NS-Fund didn’t exist at start of period.
Fund
Friday, December 22, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
American Century Inv
Ultra
43.67
American Funds Cl A
31.60
AmcpA p
40.82
AMutlA p
27.12
BalA p
12.84
BondA p
62.50
CapIBA p
CapWGrA
50.91
EupacA p
55.84
62.22
FdInvA p
49.61
GwthA p
10.36
HI TrA p
40.44
ICAA p
IncoA p
23.28
N PerA p
43.05
NEcoA p
44.85
66.45
NwWrldA
55.58
SmCpA p
12.97
TxExA p
45.67
WshA p
Baird Funds
10.85
AggBdInst
11.20
CorBdInst
BlackRock Funds A
-0.09 32.7 GlblAlloc p
19.67
BlackRock Funds Inst
+0.01 22.5 EqtyDivd
22.78
+0.02 17.7 GlblAlloc
19.78
... 15.3 StratIncOpptyIns 9.95
... 2.8 Bridge Builder Trust
-1.47 13.7 CoreBond
NA
... 24.2 Dimensional Fds
+0.05 29.8 5GlbFxdInc
10.86
-0.02 23.4 EmgMktVa
30.66
-0.02 26.3 EmMktCorEq 22.80
... 6.4 IntlCoreEq
14.43
-0.01 19.9 IntlVal
20.38
... 12.9 IntSmCo
21.00
-0.01 28.6 IntSmVa
22.67
-3.74 35.0 US CoreEq1
22.86
+0.07 31.6 US CoreEq2
21.65
-0.05 26.3 US Small
36.12
+0.01 4.9 US SmCpVal 38.12
-0.01 20.2 US TgdVal
24.98
39.31
USLgVa
... 3.7 Dodge & Cox
-0.01 4.1 Balanced
107.22
let them run independently
and hold them forever. Both
companies skip earnings calls
in favor of an annual letter to
shareholders and an annual
meeting.
“The parallels are easy to
make” between Boston
Omaha and Berkshire, said
Josh Jarrett, a private investor who wrote an analysis in
June recommending Boston
Omaha for the Value Investors Club, a members-only
online forum for value investors. At Boston Omaha’s current valuation, “you’re definitely pricing in some of that
future expectation and hope
around what could be,” Mr.
Jarrett said. He also attributed the stock’s price rise to
Boston Omaha’s recent acquisitions.
Messrs. Rozek and Peterson met in 2013, when they
were each running an investment partnership focused on
equity investing. The two
teamed up in 2015 to buy
Houston real-estate company
REO Plus Inc., which they renamed Boston Omaha after
their two home cities.
Mr. Peterson’s investment
fund, Magnolia Group LLC,
owns 55% of Boston Omaha,
and Mr. Rozek’s Boulderado
BY DAVE MICHAELS
Income
+0.01 16.8
... 13.4
... 4.7
...
NA
...
+0.10
+0.10
+0.01
-0.01
+0.03
+0.01
-0.02
-0.01
-0.11
-0.14
-0.05
-0.01
1.9
31.4
34.1
27.1
25.4
28.6
26.3
21.3
19.4
12.1
7.8
10.0
19.5
-0.02 12.8
The VIX is getting a rival.
Nasdaq Inc. is working on
launching futures and options
linked to an index that uses a
different way to track volatility in the S&P 500, the benchmark gauge for the U.S. stock
market, said people familiar
with the matter. The launch is
subject to regulatory approval
and would compete against
the market’s so-called fear
gauge from Cboe Global Markets Inc.
Nasdaq also has discussed
internally a similar gauge for
the Nasdaq-100, the techheavy measure that is owned
by the exchange, the people
said. With the plan, New Yorkbased Nasdaq is vying for a
slice of the volatility trading
business, which has shown little sign of slowing despite historic calm in global markets.
Chicago-based Cboe has
long been the principal player
in the volatility trading universe. It oversees the Cboe
Volatility Index, or the VIX.
This year, the VIX was the target of skepticism amid claims
that it was vulnerable to manipulation.
The biggest difference between Nasdaq’s volatility index, called the Nations VolDex,
and Cboe’s VIX is that the
Nasdaq version is based on
options for the largest S&P
500 exchange-traded fund—
the SPDR S&P 500 ETF Trust,
which is one of the most
traded securities in the U.S.
stock market.
In contrast, Cboe’s VIX
tracks options on the S&P 500
index itself.
Options on the S&P 500
Fund
Net YTD
NAV Chg % Ret Fund
Freedom2020 K
Freedom2025 K
Freedom2030 K
Freedom2035 K
Freedom2040 K
17.02
14.75
18.56
15.63
10.99
+0.01
+0.01
+0.01
+0.01
...
NS
NS
NS
NS
NS
23.74
Balanc
BluCh
88.33
122.92
Contra
122.84
ContraK
CpInc r
10.33
39.75
DivIntl
GroCo
188.04
188.02
GrowCoK
7.90
InvGB
InvGrBd
11.23
54.33
LowP r
LowPriStkK r 54.27
104.93
MagIn
110.89
OTC
23.43
Puritn
SrsEmrgMkt 21.13
SrsGroCoRetail 16.72
16.04
SrsIntlGrw
10.65
SrsIntlVal
10.62
TotalBond
...
-0.07
-0.17
-0.17
...
+0.02
-0.12
-0.12
+0.01
+0.01
+0.09
+0.09
-0.14
-0.21
-0.01
+0.10
-0.01
+0.03
-0.02
...
16.5
36.9
32.8
32.9
11.5
25.8
37.5
37.6
3.5
3.9
20.2
20.4
26.9
39.9
18.8
38.6
38.3
29.3
20.0
3.7
Fidelity Invest
Net YTD
NAV Chg % Ret
13.72
...
46.04 -0.04
204.62 -0.10
Stock
DoubleLine Funds
10.62
...
TotRetBdI
Edgewood Growth Instituti
EdgewoodGrInst 29.61 -0.09
Federated Instl
StraValDivIS
6.12 -0.03
Fidelity
93.76 -0.04
500IdxInst
500IdxInstPrem 93.75 -0.05
500IdxPrem 93.76 -0.04
ExtMktIdxPrem r 62.15 -0.02
IntlIdxPrem r 42.92 -0.02
SAIUSLgCpIndxFd 14.44 -0.01
TMktIdxF r
76.60 -0.03
TMktIdxPrem 76.59 -0.04
...
USBdIdxInstPrem 11.54
Fidelity Advisor I
32.07 -0.02
NwInsghtI
Fidelity Freedom
17.01 +0.01
FF2020
14.75 +0.01
FF2025
FF2030
18.56 +0.02
... 13.1 Intl Stk
New ‘Fear Gauge’ on Tap
BY GUNJAN BANERJI
4.1
23.2
18.9
3.4
35.0
14.6
22.2
22.2
22.2
18.4
24.6
22.1
21.5
21.5
3.0
28.5
15.3
16.5
19.5
First Eagle Funds
58.86 +0.05 13.1
GlbA
FPA Funds
FPACres
34.71 -0.02 10.5
FrankTemp/Frank Adv
2.36
... 8.6
IncomeAdv
FrankTemp/Franklin A
7.44 +0.01 5.4
CA TF A p
IncomeA p
2.38
... 8.4
61.17 -0.03 20.3
RisDv A p
FrankTemp/Franklin C
2.41
... 8.2
Income C t
FrankTemp/Temp A
GlBond A p
Growth A p
Index That!
Volume of options on the biggest S&P 500 ETF
outpace trading of options on the index itself.
S&P 500 Options
800 million
SPDR S&P 500 ETF Trust Options
600
400
200
0
2008
’09
’10
’11
’12
’13
Sources: Cboe Global Markets (S&P); FactSet (ETF Trust)
ETF actually have become
more popular than the index
contracts. S&P 500 ETF contracts were the No. 1 traded
U.S.-listed stock option this
year through September, according to Tabb Group. Options on the S&P 500 index itself followed, the data show.
Another difference between
the two: Cboe’s VIX includes
options that can be exercised
if the S&P 500 index spikes
dramatically up or down. In
contrast, the VolDex is based
on options prices that are
closer to where the S&P 500
ETF is trading. VolDex’s creator said in a white paper that
focusing on the more liquid
options is a more accurate
measure of volatility.
John Griffin, professor at
University of Texas at Austin,
co-wrote a paper earlier this
year that says the VIX’s design
can be manipulated. In general, the types of options used
in VolDex “are less susceptible
to being pushed,” he said.
In May, in response to the
manipulation claims, a Cboe
spokeswoman said that trad-
Net YTD
NAV Chg % Ret Fund
11.96 -0.06
27.25 +0.01
FrankTemp/Temp Adv
GlBondAdv p 11.91 -0.06
Harbor Funds
69.84 -0.05
CapApInst
67.48 -0.07
IntlInst r
Harding Loevner
NA
...
IntlEq
Invesco Funds A
10.99 -0.01
EqIncA
John Hancock Class 1
LSBalncd
16.23
...
LSGwth
17.51
...
John Hancock Instl
23.34 +0.01
DispValMCI
JPMorgan Funds
40.24 +0.02
MdCpVal L
JPMorgan R Class
11.57 +0.01
CoreBond
Lazard Instl
19.69 +0.07
EmgMktEq
Loomis Sayles Fds
LSBondI
13.71 -0.01
Lord Abbett A
...
ShtDurIncmA p 4.25
Lord Abbett F
4.25
...
ShtDurIncm
Metropolitan West
10.62
...
TotRetBd
10.62
...
TotRetBdI
9.99
...
TRBdPlan
MFS Funds Class I
40.84 -0.06
ValueI
MFS Funds Instl
IntlEq
25.28 -0.02
Mutual Series
31.83 -1.22
GlbDiscA
Oakmark Funds Invest
3.0 EqtyInc r
17.8 Oakmark
3.1
37.4
22.8
NA
11.2
15.0
19.1
15.8
13.6
3.4
25.9
7.1
2.2
2.5
2.6
3.0
3.0
17.9
27.1
9.7
’14
’15
’16
’17
THE WALL STREET JOURNAL.
ing flagged as irregular in the
paper is consistent with legitimate trading. She also said at
the time that Cboe maintains a
surveillance program for behavior like manipulation.
VolDex futures would expand Nasdaq’s volatility portfolio. The exchange operator
gained control of the VolDex
when it bought the International Securities Exchange
last year.
On Nasdaq’s plans, Cboe’s
Bill Speth said, “It’s not unusual to see competition when
you have a successful product
like the Cboe Volatility Index.”
“We have great confidence
that the VIX will remain the
premiere volatility benchmark,” said Mr. Speth, who is
vice president of research and
product development at Cboe.
Even competing products can
help VIX products because
hedgers often use liquid VIX
futures and options to offset
other positions, he said.
Despite prolonged tranquility in the equity market, volume of VIX options hit several
records this year.
Net YTD
NAV Chg % Ret Fund
32.22
84.76
28.36
Old Westbury Fds
14.43
LrgCpStr
Oppenheimer Y
DevMktY
NA
43.49
IntGrowY
Parnassus Fds
43.03
ParnEqFd
PIMCO Fds Instl
12.27
AllAsset
TotRt
10.22
PIMCO Funds A
NA
IncomeFd
PIMCO Funds D
NA
IncomeFd
PIMCO Funds Instl
NA
IncomeFd
PIMCO Funds P
IncomeP
NA
Price Funds
96.73
BlChip
28.26
CapApp
33.42
EqInc
71.95
EqIndex
Growth
62.96
70.38
HelSci
37.09
InstlCapG
18.57
IntlStk
15.03
IntlValEq
87.27
MCapGro
MCapVal
30.38
N Horiz
52.69
9.46
N Inc
11.28
OverS SF r
22.51
R2020
17.57
R2025
25.89
R2030
R2035
18.96
OakmrkInt
WASHINGTON—The Securities and Exchange Commission
is on its way to a full slate of
commissioners for the first
time since 2015.
The Senate confirmed Democrat Robert Jackson and Republican Hester Peirce as SEC
commissioners on Thursday
night, along with other nominees to federal agencies. Mr.
Jackson, a professor at Columbia University, and Ms. Peirce,
a senior research fellow at
George Mason University, will
join the SEC after they are
sworn in.
Mr. Jackson and Ms. Peirce
were confirmed by unanimous
consent—meaning senators
didn’t have to cast individual
votes—after Sen. Tammy Baldwin (D., Wis.) dropped a hold
on the nominees. Ms. Baldwin
had objected to fast-track consideration until the nominees
answered questions about
hedge funds, stock buybacks
and executive pay. Mr. Jackson
and Ms. Peirce responded to
her questions Dec. 8.
As a professor, Mr. Jackson
petitioned the SEC to require
that public companies disclose
their political expenditures.
Congressional Republicans, to
prevent the SEC from writing
such a rule, prohibited the
agency from spending funds
on the measure. The SEC, under former Chairman Mary Jo
White, declined to act on it.
Mr. Jackson has published
research that found regulatory
loopholes allow corporate insiders to potentially trade on
inside information. He also
found hedge funds and highfrequency traders could get
early access to the SEC’s market-moving data feed from a
contractor, giving the professional traders another edge
over mom-and-pop investors.
“Even as the stock market
reaches record highs, we have
a lot of work to do,” Mr. Jackson said in a statement after
he was confirmed. “I am committed to making sure that investors are protected, that our
markets provide the level
playing field Americans deserve, and that entrepreneurs
have access to the capital they
need to grow our economy.”
Ms. Peirce, a lawyer and
former staff member of the
Senate Banking Committee, is
a prominent critic of the 2010
Dodd-Frank financial-overhaul
law championed by Democrats.
She has said the law didn’t
make the financial system
safer but handed more power
to regulators who failed to see
the 2008 financial crisis coming. “Giving regulators more
levers to pull and buttons to
push with respect to the financial system only creates a false
sense of security,” she wrote
in a 2013 treatise on the law.
“I look forward to serving
our country by ensuring that
our capital markets work for
all Americans,” Ms. Peirce said
in an email Friday.
“Her intellectual firepower,
strong work ethic, commitment, and integrity will be invaluable at the SEC,” said Paul
Atkins, a former SEC commissioner for whom Ms. Peirce
once worked. She “will be a
strong voice supporting efforts to focus the agency on
its core mission.”
ly
.
Alex Buffett Rozek says he wants the firm to stand on its own.
Group LLC and other entities
he manages own 12%.
Mr. Rozek lives in Boston
and Mr. Peterson in Omaha.
They see each other about
once a month. Mr. Rozek,
who walked on to the University of North Carolina at Chapel Hill football team his junior year of college, often
travels with one of his four
Australian shepherds in tow.
Mr. Peterson, an Omaha native, is the quieter and more
pessimistic of the two, say
friends and investors.
Boston Omaha’s first acquisitions were in the billboard business. The company
owns more than 500 billboard structures through its
subsidiary Link Media. Billboards require little upkeep,
and regulations make it difficult to build new ones, making them attractive to own,
Mr. Peterson said.
In 2015, Boston Omaha
launched a surety-insurance
company called General Indemnity Group. Surety insurers guarantee performance or
payment, often in the construction industry. This type
of insurance tends to pay out
a lower percentage of premiums in claims compared with
other types of property and
casualty insurance.
The $6 billion surety market is fragmented and inefficient, Mr. Rozek said. “You
would be shocked by how
many typewriters you see” at
surety companies, he said.
“It’s not just the insurance
that’s interesting. It’s the opportunity to really become a
low-cost provider.”
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Investors are always looking for the next Warren Buffett. Some hope they have
found him in the same family
tree.
Shares in a small company
tied to Mr. Buffett’s grandnephew Alex Buffett Rozek
have more than doubled
since listing on the Nasdaq
Stock Market in June, outpacing the S&P 500’s 10%
gain during that
WEEKEND time. Boston
PROFILE
Omaha Corp.
based in Omaha,
Neb., sells billboard advertising and surety
insurance, and Mr. Rozek is
the co-chief executive.
Mr. Rozek and business
partner Adam Peterson say
they get no help from Mr.
Buffett or his company, Berkshire Hathaway Inc. Boston
Omaha doesn’t advertise the
connection, and the name
Buffett doesn’t appear in the
company’s annual letters or
news releases.
Mr. Rozek said he wants
the company and its results
to stand on their own.
“It’s not like there’s this
private class that goes on for
family members about business,” said Mr. Rozek, grandson of Mr. Buffett’s older sister, Doris Buffett. “If I wanted
to learn, the best thing I
could do is pick up an annual
report and read the Berkshire
annual report like anybody
else.”
That hasn’t deterred investors. Boston Omaha has a
market capitalization of $407
million, 2.7 times its book
value, after completing three
acquisitions by its surety insurance business since June.
The company reported $2.4
million in third-quarter revenue, up from $1 million a
year before.
“Certainly some people are
buying this because they
think it’s the next Berkshire
Hathaway,” said Alex Bossert,
founder of Bossert Capital in
Minneapolis. Mr. Bossert said
he didn’t buy Boston Omaha
stock because of Mr. Rozek’s
family connections, but “the
connection to Buffett certainly gives them the ability
to ask Buffett for advice and
guidance, and that can only
be a positive.”
Mr. Rozek might be best
known to Berkshire investors
for proposing to his now-wife
in front of a crowd of thousands at Berkshire’s 2009 annual meeting in Omaha. His
billionaire relative called on
him for the final question,
which became the proposal.
Mr. Buffett then told the
crowd that Mr. Rozek was his
sister’s grandson. “I think the
world of Alex, but we don’t
have anything to do with his
decision-making or anything
of the sort,” Mr. Buffett said,
adding that he doesn’t hold
any Boston Omaha stock.
“He’s got a good mind, a very
good mind, and he certainly
has good values.”
Still, some investors say
the similarities are obvious.
Like Berkshire, Boston Omaha
looks to buy companies with
consistent earnings and
strong competitive positions,
n-
BY NICOLE FRIEDMAN
PATRICK JAMES MILLER
Grandnephew of the famous investor is forging his own path in the business world
Net YTD
NAV Chg % Ret Fund
-0.04 14.6
27.22 +0.01
R2040
-0.04 21.8
Value
37.40 -0.03
-0.04 28.8
PRIMECAP Odyssey Fds
AggGrowth r 44.50 -0.08
+0.01 19.1
37.49 -0.03
Growth r
Principal Investors
... NA
14.08 +0.02
DivIntlInst
+0.07 26.5
Prudential Cl Z & I
TRBdZ
NA
...
-0.06 17.0
Schwab Funds
41.32
-0.02
S&P
Sel
+0.01 12.7
TIAA/CREF Funds
... 4.6
19.71 -0.01
EqIdxInst
...
... NA IntlEqIdxInst 20.08
Tweedy Browne Fds
GblValue
28.74
-0.04
... NA
VANGUARD ADMIRAL
247.63 -1.30
... NA 500Adml
34.71 -0.20
BalAdml
11.72 +0.01
... NA CAITAdml
CapOpAdml r 154.54 -0.34
37.67 +0.17
EMAdmr
-0.10 37.1
77.89 +0.01
-0.01 15.3 EqIncAdml
ExplrAdml
88.54 +0.06
-0.02 16.5
84.91 -0.03
-0.03 22.0 ExtndAdml
10.44
...
-0.09 34.3 GNMAAdml
72.64 -0.05
GrwthAdml
+0.14 28.0
-0.03 38.5 HlthCareAdml r 86.41 -0.41
5.91
...
+0.05 27.5 HYCorAdml r
25.40 -0.37
+0.01 20.1 InfProAd
95.43 +0.18
-0.04 25.2 IntlGrAdml
+0.04 11.6 ITBondAdml 11.31 -0.01
...
+0.02 31.8 ITIGradeAdml 9.71
+0.01 3.6 LTGradeAdml 10.50 +0.01
+0.01 26.7 MidCpAdml 191.59 +0.19
91.05 -0.08
+0.01 15.6 MorgAdml
11.38 +0.01
+0.01 17.6 MuHYAdml
14.06 +0.01
+0.01 19.3 MuIntAdml
11.60 +0.02
+0.01 20.8 MuLTAdml
Net YTD
NAV Chg % Ret Fund
MuLtdAdml
10.87
...
15.71 +0.01
-0.11
+0.78
-0.01
...
...
...
-0.28
+0.04
-0.03
+0.01
-0.01
...
+0.02
-3.44
-0.01
VANGUARD FDS
DivdGro
26.50 -0.04
204.91 -0.95
HlthCare r
...
INSTTRF2020 22.92
INSTTRF2025 23.26 +0.01
...
INSTTRF2030 23.51
INSTTRF2035 23.77
...
INSTTRF2040 24.03 +0.01
...
INSTTRF2045 24.20
IntlVal
39.68 +0.01
20.11
...
LifeCon
LifeGro
34.00 +0.01
27.44 +0.01
LifeMod
27.04 -0.03
PrmcpCor
31.35 +0.05
SelValu r
27.79 +0.01
STAR
10.62
...
STIGrade
16.13
...
TgtRe2015
32.15 +0.01
TgtRe2020
TgtRe2025
18.90
...
34.23 +0.01
TgtRe2030
21.08 +0.01
TgtRe2035
21.9
MuShtAdml
19.2
34.1
32.9
28.0
NA
22.2
21.5
24.8
14.8
22.2
13.9
4.3
30.0
29.6
18.4
23.3
18.3
1.7
28.3
19.3
6.8
2.1
42.9
3.3
3.7
10.3
19.3
30.5
7.3
4.0
5.8
PrmcpAdml r 134.46
REITAdml r 115.94
SmCapAdml 70.85
STBondAdml 10.37
STIGradeAdml 10.62
10.71
TotBdAdml
TotIntBdIdxAdm 21.68
TotIntlAdmIdx r 30.24
TotStAdml
66.91
14.30
TxMIn r
41.51
ValAdml
67.29
WdsrllAdml
65.02
WellsIAdml
72.50
WelltnAdml
79.20
WndsrAdml
1.9
1.1
30.4
3.5
16.4
1.0
2.0
3.1
2.3
26.4
21.5
25.4
17.4
17.2
9.8
14.7
19.5
19.1
19.2
13.8
15.7
17.3
18.8
20.5
21.2
27.3
10.6
19.0
14.7
26.9
19.8
18.2
1.9
11.2
13.8
15.6
17.2
18.8
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
Net YTD
NAV Chg % Ret
36.39 +0.01
22.89 +0.01
36.82 +0.01
13.70 +0.01
10.84 -0.14
26.84 +0.01
41.98 -1.99
37.93
...
VANGUARD INDEX FDS
247.63 -1.24
500
ExtndIstPl
209.52 -0.10
57.10 -0.02
SmValAdml
10.67
...
TotBd2
18.08 +0.03
TotIntl
TotSt
66.89 -0.03
VANGUARD INSTL FDS
34.72 -0.20
BalInst
DevMktsIndInst 14.32 +0.01
DevMktsInxInst 22.39 +0.02
84.90 -0.04
ExtndInst
72.64 -0.06
GrwthInst
10.35 -0.15
InPrSeIn
InstIdx
244.26 -1.34
244.27 -1.35
InstPlus
59.64 -0.71
InstTStPlus
42.32 +0.04
MidCpInst
MidCpIstPl
208.73 +0.20
70.85 -0.01
SmCapInst
...
STIGradeInst 10.62
10.71
...
TotBdInst
TotBdInst2
10.67
...
10.71
...
TotBdInstPl
TotIntBdIdxInst 32.53 -0.42
TotIntlInstIdx r 120.94 +0.18
TotItlInstPlId r 120.96 +0.18
66.92 -0.04
TotStInst
41.51 -0.01
ValueInst
Western Asset
CorePlusBdI
NA
...
20.5
21.2
21.2
8.2
2.2
9.7
14.6
17.1
22.1
18.3
12.0
3.0
26.3
21.4
13.9
25.5
25.5
18.3
28.3
2.2
22.2
22.2
21.5
19.3
19.3
16.4
2.0
3.1
3.0
3.1
2.3
26.4
26.4
21.5
17.4
NA
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 23 - 24, 2017
THE WALL STREET JOURNAL.
no
n-
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
* ***
JESSICA DONATI FOREIGN CORRESPONDENT
The Face of Real News
In 2013, Jessica Donati arrived in Kabul at the tail end of the U.S.’s
transfer of security to the Afghanistan government. Despite the dangers,
she traveled with and without military escort to report on the country’s
dramatic upsurge in violence. Over the next four years, Ms. Donati
provided WSJ readers the full scope of the unending corruption,
bombings and kidnappings that has encapsulated America’s longest war.
Real journalists and real news from America’s most trusted newspaper.
WATCH HER STORY AT WSJ.COM/JESSICA
#TheFaceOfRealNews
Source: Pew Research Center, Political Polarization & Media Habits, 2014
© 2017 Dow Jones & Company, Inc. All rights reserved. 6DJ6163
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 23 - 24, 2017 | B7
* * * *
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
24754.06 t 28.23, or 0.11%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.80 21.74
P/E estimate *
20.25 18.72
Dividend yield
2.12
2.40
All-time high 24792.20, 12/18/17
Nasdaq Composite Index
Last
2683.34 t 1.23, or 0.05%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 25.25 24.95
P/E estimate *
19.99 19.04
Dividend yield
1.90
2.07
All-time high: 2690.16, 12/18/17
Last Year ago
6959.96 t 5.40, or 0.08%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.89
24.45
P/E estimate *
21.45
19.54
Dividend yield
1.05
1.23
All-time high: 6994.76, 12/18/17
Current divisor 0.14523396877348
25200
2700
7000
24500
2650
6875
23800
2600
6750
23100
2550
6625
22400
2500
Session high
UP
Close
t
DOWN
Session open
Open
t
Close
Session low
6500
65-day moving average
65-day moving average
65-day moving average
6375
2450
21700
Bars measure the point change from session's open
Oct.
Nov.
Sept.
Dec.
6250
2400
21000
Sept.
Oct.
Nov.
Sept.
Dec.
Oct.
Nov.
Dec.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
24784.15 24717.51 24754.06 -28.23
Transportation Avg 10682.86 10599.05 10674.97
723.63
Utility Average
Total Stock Market
Barron's 400
720.29
24792.20 19732.40
24.2
25.3
11.3
45.26
0.43
10674.97
8783.74
16.2
18.0
5.5
1.82
0.25
774.47
651.14
9.1
9.3
5.4
27830.03 23276.73
716.60
600.24
18.0
17.8
19.3
18.9
8.8
9.7
721.05
-0.11
27786.08 27717.70 27768.12 -12.55
716.16
713.74
715.04 -1.29
Nasdaq Stock Market
Nasdaq Composite
6962.26
Nasdaq 100
6467.83
6944.44
6449.00
-0.05
-0.18
-5.40
-7.52
6959.96
6465.17
6994.76
6513.27
-0.08
-0.12
5383.12
4863.62
27.4
30.9
29.3
32.9
13.3
14.6
Standard & Poor's
500 Index
2685.35
2678.13
2683.34
-1.23
-0.05
2690.16
2238.83
18.5
19.9
8.9
MidCap 400
SmallCap 600
1906.51
942.71
1900.15
938.38
1904.58
939.34
-0.60
-2.82
-0.03
1905.30
945.12
1660.58
815.62
13.8
11.2
14.7
12.1
9.4
10.8
Other Indexes
Russell 2000
1548.25
1541.70
1542.93
-4.18
12807.50 12773.82 12797.44
-2.77
564.24
562.83
563.48
-0.76
NYSE Arca Biotech
4226.95
4172.86
4202.95
21.55
NYSE Arca Pharma
546.45
543.44
544.09
-1.94
KBW Bank
108.61
107.27
-0.17
PHLX§ Gold/Silver
107.95
84.13
83.21
0.63
PHLX§ Oil Service
84.01
147.49
145.12
146.46
0.11
1272.11
10.18
1263.08
9.35
1271.17
9.90
-0.64
0.28
Value Line
PHLX§ Semiconductor
Cboe Volatility
sNasdaq PHLX
Volume, Advancers, Decliners
Region/Country Index
1548.92
-0.27
1345.24
12.5
12800.21 11056.89
Most-active issues in late trading
Company
Volume
(000)
Symbol
Last
Net chg
After Hours
% chg
High
SPY
26,355.0 267.20
JPMorgan Chase
JPM
4,818.7 107.45
Zynga
ZNGA
4,430.3
3.94
-0.06
-1.50
4.00
3.94
Alerian MLP ETF
AMLP
3,857.6
10.83
-0.01
-0.09
10.84
10.80
MRK
Merck
VanEck Vectors Gold Miner GDX
3,638.7
56.25
-0.11
-0.20
56.48
56.23
3,631.8
22.89
…
unch.
22.92
22.89
AT&T
3,608.3
38.90
-0.04
-0.10
38.96
38.82
3,304.9
53.20
0.01
0.02
53.37
53.14
T
Verizon Communications VZ
-0.31
-0.12 267.87 267.10
…
unch. 107.55 107.40
Percentage gainers…
13.7
8.7
Future FinTech Group
FTFT
188.1
4.80
0.45
10.34
5.01
4.31
KLX
KLXI
121.3
69.00
6.00
9.52
72.00
62.99
Myomo
MYO
163.9
4.33
0.37
9.34
4.40
4.00
Voya Financial
VOYA
12.6
54.14
3.00
5.87
54.14
51.05
Scorpio Tankers
STNG
7.7
3.32
0.16
5.06
3.32
3.16
15.0
15.7
5.4
503.24
10.2
11.3
4.0
4304.77
3075.02
32.1
36.7
6.2
-0.36
560.52
469.13
13.2
13.0
-0.1
...And losers
-0.16
108.12
88.02
15.9
17.6
13.3
Ocular Therapeutix
OCUL
23.8
4.25
-0.33
-7.21
4.58
4.15
96.72
74.23
13.2
6.5
8.7
Approach Resources
AREX
6.7
2.70
-0.15
-5.26
2.85
2.70
192.66
117.79
-21.2
-20.3 -11.9
Bill Barrett
BBG
224.7
4.57
-0.25
-5.19
4.83
4.57
901.69 37.0
9.14 -13.5
40.2 22.2
-29.5 -13.4
Quotient Technology
QUOT
5.5
11.50
-0.35
-2.95
11.90
11.50
Portola Pharmaceuticals PTLA
30.2
53.46
-1.40
-2.55
54.86
52.50
0.52
0.75
0.08
-0.05
1341.69
16.04
2.91
Close
Percentage Gainers...
Net chg
YTD
% chg
21.6
21.3
23.2
–0.35
0.15
0.30
–0.01
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
643.28
Sao Paulo Bovespa 75186.53
S&P/TSX Comp
16165.27
S&P/BMV IPC
48387.93
Santiago IPSA
4190.53
–0.40
53.10
–17.36
–115.38
65.66
–0.06
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
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
6069.70
Shanghai Composite 3297.06
Hang Seng
29578.01
S&P BSE Sensex
33940.30
Nikkei Stock Avg
22902.76
Straits Times
3385.71
Kospi
2440.54
Weighted
10537.27
0.07
–0.11
–0.24
1.59
–0.10
–0.41
–0.34
–1.32
–0.02
–0.95
–21.25 –0.39
–0.28
–36.95
Closed
…
–0.14
–31.20
–0.17
–0.91
0.77
8.73
–122.60 –1.19
–2.96 –0.51
–0.32
–30.18
–0.15
–11.32
9.30
–3.00
210.95
184.02
36.66
3.18
10.71
48.30
0.15
–0.09
no
390.28
389.27
3995.05
5364.72
13072.79
1486.94
22209.05
548.48
1135.70
10182.00
575.65
9394.49
7592.66
0.04
0.12
19.0
24.8
5.7
6.0
30.0
8.0
11.1
10.8
10.3
13.9
1.1
15.5
13.5
–1.4
8.9
7.7
14.3
6.3
n-
The Global Dow
DJ Global Index
DJ Global ex U.S.
0.72
0.55
0.16
0.09
0.44
0.46
7.1
6.2
34.4
27.5
19.8
17.5
20.4
13.9
Company
Symbol
Ignyta
ADOMANI
Future FinTech Group
LexinFintech Holdings ADR
Myomo
RXDX
Nxt-ID
Boston Omaha
China Lending
XPO Logistics
Party City Holdco
NXTD
Surgery Partners
Westport Fuel Systems
Miragen Therapeutics
Proteostasis Therapeutics
Sorrento Therapeutics
SGRY
ADOM
FTFT
LX
MYO
BOMN
CLDC
XPO
PRTY
WPRT
MGEN
PTI
SRNE
High
52-Week
Low
% chg
Symbol
Bank of America
SPDR S&P 500
Advanced Micro Devices
General Electric
Finl Select Sector SPDR
BAC
Ignyta
iShares MSCI Emg Markets
Intel
Nxt-ID
Micron Technology
RXDX
SPY
AMD
GE
XLF
EEM
INTC
NXTD
MU
26.85
18.31
8.20
16.00
23.20
4.60
2.35
1.30
9.00
2.07
371.1
...
-39.0
...
...
Agile Therapeutics
Net Element
MER Telemanagement
TDH Holdings
ChinaCache Intl Hldgs ADR
AGRX
5.08 0.68
28.33 3.71
3.04 0.38
90.01 11.32
13.95 1.75
15.45
15.07
14.47
14.39
14.34
8.59 1.01
28.75 12.15
8.30 2.00
90.25 42.07
17.05 9.50
79.5
88.9
-52.5
104.6
-1.8
EnviroStar
Digital Power
U.S. Global Investors A
Payment Data Systems
TSR
EVI
12.70
3.33
10.44
5.73
3.55
13.90
13.65
13.36
13.02
12.70
24.05
4.09
18.00
16.67
6.08
-15.1
187.1
114.4
-54.2
-34.3
Long Island Iced Tea
Broadvision
Document Security
Riot Blockchain
CalAmp
LTEA
1.55
0.40
1.23
0.66
0.40
7.10
0.82
4.65
1.41
1.50
Selected rates
A consumer rate against its
benchmark over the past year
Money market accounts
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52,908
52,302
50,479
45,380
40,979
-22.1
-23.6
-3.1
-39.6
-28.1
38,353
37,421
33,113
32,599
29,688
3098.1
-27.2
17.7
1185.8
-24.4
29.88 0.20
267.51 -0.03
10.54 -3.21
17.50 0.17
28.05 -0.28
26.85
46.50
46.70
5.08
44.12
52-Week
High
Low
30.03 21.77
268.60 222.73
15.65
9.42
32.05 17.36
28.33 22.00
72.67
0.85
-0.13
15.45
-0.68
26.85
47.93
47.64
8.59
49.89
4.60
34.08
33.23
1.01
21.49
t
1.20%
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
0.90
t
0.60
0.30
0.00
J FMAM J J A S O N D
2017
Barclays
Wilmington, DE
1.30%
888-720-8756
Capital One 360
Glen Allen, VA
1.30%
877-464-0333
Discover Bank
Riverwoods, IL
1.30%
877-505-4051
Goldman Sachs Bank USA
1.30%
New York, NY
855-730-7283
Friday
t
1
3 6
month(s)
15%
3.00
10
2.25
5
1.50
One year ago
0.75
0
–5
0.00
–10
t
Money market
account yields
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
1 2 3 5 710
years
maturity
30
Euro
s
Yen
WSJ Dollar index
2017
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
1.25-1.50 1.25-1.50
Prime rate*
4.50
4.50
Libor, 3-month
1.61
1.69
Money market, annual yield
0.34
0.34
Five-year CD, annual yield
1.49
1.50
30-year mortgage, fixed†
3.88
3.97
15-year mortgage, fixed†
3.30
3.39
Jumbo mortgages, $424,100-plus† 4.35
4.26
Five-year adj mortgage (ARM)† 4.00
3.70
New-car loan, 48-month
3.32
3.33
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.50 l
l
3.75
l
1.00
0.26 l
1.19 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.50
4.50
1.69
0.36
1.50
4.33
3.50
4.87
4.03
3.36
1.25
1.25
1.43
-0.09
-0.01
-0.12
0.04
-0.05
0.60
0.31
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
1453.755
2.313
2.210
2.313
1.818
2.822 1.360
10-yr Treasury, Ryan ALM 1717.065
DJ Corporate
380.038
Aggregate, Barclays Capital 1935.920
High Yield 100, Merrill Lynch 2855.372
Fixed-Rate MBS, Barclays 1982.240
Muni Master, Merrill
519.525
2.486
3.190
2.780
5.635
2.980
2.253
2.353
3.105
2.680
5.587
2.880
2.140
2.609
3.390
2.790
5.890
3.120
2.353
2.058
2.879
2.380
4.948
2.660
1.736
2.788
5.970
3.753
6.660
2.937
4.478
805.318
5.580
5.528
6.116
5.279
9.407 6.710
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
0.912
3.702
2.096
4.608
1.801
2.386
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
High
52-Week
Low
% chg
-2.24
-4.19
-0.52
-1.21
-0.36
-47.06
-22.35
-18.56
-17.66
-16.82
6.70
33.51
4.49
31.75
3.16
1.82
2.56
1.31
5.10
0.72
-61.9
88.5
-16.8
...
-27.3
35.95
4.11
GROW
4.07
PYDS
2.52
TSRI
5.33
-6.83
-0.74
-0.65
-0.40
-0.82
-15.97
-15.26
-13.77
-13.70
-13.33
43.10 14.05
5.95 0.40
7.49 1.25
4.10 1.17
11.10 3.80
141.3
522.7
199.3
38.5
-4.8
6.01
3.50
1.80
24.52
21.05
-0.90
-0.50
-0.25
-3.08
-2.63
-13.02
-12.50
-12.20
-11.16
-11.09
9.49 1.70
5.95 2.66
3.16 0.56
46.20 3.02
24.69 14.18
31.2
-30.7
176.9
594.6
46.7
MTSL
PETZ
CCIH
DPW
BVSN
DSS
RIOT
CAMP
Ranked by change from 65-day average*
Company
Symbol
VanEck Vectors Africa
Ignyta
Vanguard Russell 3000
iSh iBonds Dec 2027 Corp
NewStar Financial
AFK
Volume % chg from Latest Session
(000) 65-day avg Close % chg
NEWS
271
38,353
254
338
5,913
PETZ
TDH Holdings
BJZ
BlackRock CA Muni 2018
MidWestOne Fincl Group MOFG
WashingtonFirst Bankshare WFBI
LJPC
La Jolla Pharmaceutical
3,324
144
406
240
3,320
Country/currency
RXDX
VTHR
IBDS
in US$
3183 24.13
3098 26.85
2350 122.91
1988 24.70
1927 11.98
1330
1138
1049
942
918
-1.19
72.67
-0.01
-0.28
2.22
52-Week
High
Low
26.00 19.06
26.85 4.60
123.50 103.17
25.06 24.65
12.59 8.54
5.64 -17.66
14.55 -0.60
33.35 -0.48
34.15 -0.76
31.45 11.13
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
31.75
15.35
38.56
37.19
39.28
in US$
Americas
Europe
Argentina peso
.0554 18.0400 13.7
Brazil real
.2997 3.3370 2.5
Canada dollar
.7857 1.2728 –5.3
Chile peso
.001607 622.40 –7.1
Ecuador US dollar
1
1 unch
Mexico peso
.0507 19.7394 –4.8
Uruguay peso
.03476 28.7700 –2.0
Venezuela b. fuerte .095071 10.5185 5.2
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
.7695 1.2995 –6.4
China yuan
.1521 6.5744 –5.3
Hong Kong dollar
.1279 7.8169 0.8
India rupee
.01562 64.013 –5.8
Indonesia rupiah .0000738 13554 0.2
Japan yen
.008827 113.29 –3.2
Kazakhstan tenge .002987 334.84 0.3
Macau pataca
.1242 8.0500 1.7
Malaysia ringgit
.2452 4.0785 –9.1
New Zealand dollar
.7021 1.4243 –1.4
Pakistan rupee
.00900 111.075 6.4
Philippines peso
.0200 50.100 1.0
Singapore dollar
.7442 1.3437 –7.2
South Korea won .0009283 1077.20 –10.8
Sri Lanka rupee
.0065381 152.95 3.0
Taiwan dollar
.03345 29.894 –7.9
Thailand baht
.03054 32.740 –8.6
Vietnam dong
.00004403 22712 –0.3
Commodities
5.10
14.37
30.56
26.22
16.41
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
.04606 21.713 –15.5
.1593 6.2757 –11.2
1.1862 .8431 –11.3
.003804 262.85 –10.7
.009436 105.98 –6.2
.1202 8.3192 –3.8
.2829 3.5349 –15.6
.01715 58.318 –4.8
.1202 8.3228 –8.6
1.0114 .9887 –3.0
.2626 3.8074 8.1
.0358 27.9610 3.2
1.3363 .7483 –7.6
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6525 .3770 –0.05
.0560 17.8560 –1.5
.2871 3.4836 –9.5
3.3105 .3021 –1.2
2.5991 .3847 –0.1
.2749 3.637 –0.1
.2667 3.7500 –0.02
.0794 12.5966 –8.0
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.81
0.04 0.05 –6.59
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
Latest Session
Close Net chg % chg
U.S.-dollar foreign-exchange rates in late New York trading
Forex Race
notes and bonds
ableBanking,adivisionofNortheastBank
1.30%
Lewiston, ME
877-505-1933
* 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
s
Federal-funds
target rate
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
0.34%
Bankrate.com avg†:
Nasdaq
Total volume*1,510,996,481 174,657,673
Adv. volume* 670,995,146 120,324,101
Decl. volume* 798,330,645 53,630,343
Issues traded
3,056
1,325
Advances
1,265
735
Declines
1,645
560
Unchanged
146
30
New highs
82
75
New lows
36
12
Closing tick
307
35
Closing Arms†
0.91
0.62
Block trades*
6,198
936
2.52
14.56
2.27
5.64
1.78
NETE
Volume Movers
s
U.S. consumer rates
Symbol
72.67
55.27
33.85
32.71
17.86
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Company
26.85 11.30
3.68 1.31
4.35 1.10
14.20 3.50
3.96 0.60
Most Active Stocks
Company
Total volume* 596,455,486 11,392,578
Adv. volume* 301,883,474 5,771,119
Decl. volume* 282,705,735 5,231,905
Issues traded
3,068
334
Advances
1,479
177
Declines
1,453
141
Unchanged
136
16
New highs
137
2
New lows
26
7
Closing tick
279
34
Closing Arms†
0.92
1.44
Block trades*
5,408
119
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
SPDR S&P 500
564.24
-0.02
-0.13
Latest
% chg
3077.11
395.58
263.62
Interest rate
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
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.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
NYSE Composite
-0.30
Late Trading
ly
.
Major U.S. Stock-Market Indexes
608.01
2.79
187.88
58.47
2.667
1275.40
0.14
0.11
0.069
8.10
0.46
616.58
532.01
0.08 195.14
58.95
0.19
3.93
2.66
0.64 1346.00
166.50
42.53
2.56
1131.90
% Chg
8.55
YTD
% chg
7.18
-1.39 -2.41
8.84
10.28
-27.17 -28.38
12.68 10.90
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
BIGGEST 1,000 STOCKS
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities.
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE.
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading
volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was
$2 or higher.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
ABC
Yld
Net
Sym % PE Last Chg
s 67.89 57.32 32.47 CalAtlantic CAA 0.3 17 57.10
8.14 96.39 78.38 CamdenProperty CPT 3.3 55 90.91
-19.35 64.23 44.99 CampbellSoup CPB 2.9 17 48.77
CM 4.2 11 96.77
18.59 97.30 77.20 CIBC
21.25 84.48 67.08 CanNtlRlwy CNI 1.6 23 81.72
9.00 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.75
27.61 182.67 141.32 CanPacRlwy CP 1.0 19 182.19
CAJ 3.7 20 38.46
36.67 39.15 27.76 Canon
s 15.20 101.43 76.05 CapitalOne COF 1.6 14 100.50
-13.17 84.88 54.66 CardinalHealth CAH 3.0 18 62.49
CSL 1.3 22 113.51
2.92 116.53 92.09 Carlisle
CG 9.9 13 22.65
48.52 24.85 14.97 Carlyle
KMX ... 17 65.23
1.30 77.64 54.29 CarMax
CCL 2.7 18 66.35
27.45 69.89 51.70 Carnival
CUK 2.7 18 66.06
29.05 70.56 50.86 Carnival
s 67.94 155.80 90.34 Caterpillar CAT 2.0109 155.75
CAVM ... dd 84.85
35.89 88.96 56.96 Cavium
68.45 128.32 72.54 CboeGlobalMkts CBOE 0.9 68 124.47
35.31 109.70 78.38 Celanese A CE 1.7 19 106.54
CELG ... 25 106.33
-8.14 147.17 94.55 Celgene
CX ... 10 7.45
-3.51 10.37 7.09 Cemex
-41.97 15.54 6.76 CenovusEnergy CVE 1.8 4 8.78
CNC ... 21 102.16
80.78 104.65 55.89 Centene
13.92 30.45 24.41 CenterPointEner CNP 4.0 20 28.07
-16.47 7.38 3.49 CentraisElBras EBR ... 3 5.73
-27.50 27.61 13.16 CenturyLink CTL 12.5 30 17.24
CERN ... 34 67.38
42.24 73.86 47.09 Cerner
17.46 408.83 282.54 CharterComms CHTR ...115 338.20
20.67 119.20 84.00 CheckPoint CHKP ... 22 101.92
121.91 58.08 20.76 Chemours CC 1.4 34 49.02
s 27.93 53.56 40.36 CheniereEnergy LNG ... dd 53.00
-2.01 33.47 26.41 CheniereEnerPtrs CQP 6.2 dd 28.24
23.02 27.86 21.56 CheniereEnHldgs CQH 6.5344 27.52
s 6.19 125.65 102.55 Chevron
CVX 3.5 36 124.98
s 58.39 35.71 21.92 ChinaEastrnAir CEA ... 12 35.40
22.46 17.85 12.77 ChinaLifeIns LFC 1.1 19 15.76
166.34 142.80 46.03 ChinaLodging HTHT ... 60 138.07
-5.09 58.83 48.70 ChinaMobile CHL 4.2 13 49.76
3.39 84.88 69.60 ChinaPetrol SNP 4.1 11 73.43
s105.68 52.88 25.60 ChinaSoAirlines ZNH 1.4 12 52.88
4.18 53.77 45.90 ChinaTelecom CHA 2.8 14 48.06
16.97 16.55 11.28 ChinaUnicom CHU ...134 13.51
CMG ... 57 295.23
-21.76 499.00 263.00 Chipotle
CB 2.0 17 145.20
9.90 156.00 127.15 Chubb
11.76 36.37 31.28 ChunghwaTel CHT 4.6 23 35.26
13.26 54.18 43.21 Church&Dwight CHD 1.5 29 50.05
CI 0.0 22 203.39
52.48 212.46 133.11 Cigna
-11.74 144.30 89.49 CimarexEnergy XEC 0.3 30 119.95
-2.32 81.98 68.24 CincinnatiFin CINF 2.7 24 73.99
s 35.73 163.45 112.96 Cintas
CTAS 1.0 35 156.85
27.56 38.99 29.80 CiscoSystems CSCO 3.0 20 38.55
C 1.7 15 75.49
27.02 77.92 55.23 Citigroup
19.65 42.93 31.51 CitizensFin CFG 1.7 17 42.63
23.57 88.96 70.24 CitrixSystems CTXS ... 30 87.88
s 24.58 149.90 118.41 Clorox
CLX 2.2 28 149.52
KO 3.2 43 45.59
9.96 47.48 40.22 Coca-Cola
25.48 44.75 31.09 Coca-Cola Euro CCE 2.4 25 39.40
6.96 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.96
CGNX 0.6 46 61.89
94.56 72.99 31.18 Cognex
27.97 76.51 51.52 CognizantTech CTSH 0.8 22 71.70
COHR ... 35 295.21
114.88 320.73 135.06 Coherent
14.84 77.27 63.43 ColgatePalm CL 2.1 29 75.15
-21.25 16.09 11.62 ColonyNorthStar CLNS 9.2 dd 11.75
18.12 42.18 34.12 Comcast A CMCSA 1.5 20 40.78
s 28.82 88.22 64.04 Comerica
CMA 1.4 20 87.74
3.07 57.91 49.43 CommerceBcshrs CBSH 1.6 21 56.75
2.98 42.75 30.95 CommScope COMM ... 39 38.31
SBS ... 9 10.21
17.63 11.33 8.15 SABESP
-3.72 41.68 32.16 ConagraBrands CAG 2.2 23 38.08
s 14.46 152.67 106.73 ConchoRscs CXO ... 40 151.77
s 10.69 56.21 42.27 ConocoPhillips COP 1.9 dd 55.50
ED 3.3 21 84.75
15.02 89.70 72.13 ConEd
s 46.02 223.70 147.95 ConstBrands B STZ.B 0.8 28 223.70
45.99 227.20 144.00 ConstBrands A STZ 0.9 31 223.81
0.70 53.57 29.08 ContinentalRscs CLR ... dd 51.90
COO 0.0 29 219.80
25.65 256.39 173.73 Cooper
CPRT ... 34 43.35
56.47 44.76 27.56 Copart
GLW 1.9 14 32.38
33.42 32.81 24.12 Corning
CSGP ... 91 299.79
59.05 314.73 184.86 CoStar
COST 1.1 30 186.63
16.56 195.35 150.00 Costco
COTY 2.5 dd 19.93
8.85 20.88 14.24 Coty
BAP 2.3 14 206.84
31.03 215.69 150.71 Credicorp
49.43 338.12 182.50 CreditAcceptance CACC ... 17 325.03
25.51 18.09 13.28 CreditSuisse CS 4.0 dd 17.96
25.10 114.97 83.96 CrownCastle CCI 3.9 90 108.55
6.81 62.27 51.76 CrownHoldings CCK ... 16 56.15
CTRP ... 79 45.15
12.88 60.65 39.71 Ctrip.com
9.32 103.37 81.09 Cullen/Frost CFR 2.4 18 96.45
CMI 2.5 18 175.76
28.60 181.79 134.06 Cummins
0.26
1.10
0.10
-0.14
0.09
-0.08
-0.21
...
0.98
-0.19
-0.74
-0.05
-0.77
0.01
0.20
1.11
-0.38
-0.16
0.10
-1.55
-0.09
-0.02
-0.43
0.30
0.22
-0.23
-0.51
5.26
-1.29
...
1.36
0.43
0.37
0.16
0.10
-0.01
0.68
0.24
0.16
0.95
0.34
0.03
2.83
0.19
0.21
0.55
-1.13
1.17
0.33
-2.80
0.02
-0.33
0.03
-0.26
0.74
-0.01
0.03
-1.18
-0.05
-0.70
1.17
0.49
-0.05
-0.03
0.08
-0.04
-0.11
-0.17
0.23
1.94
-0.45
-0.04
0.64
-0.79
0.65
-1.97
-0.06
0.08
1.21
-0.17
0.18
6.76
-4.74
-0.06
0.37
-0.10
0.40
-0.54
1.10
DEF
-16.23 66.50 46.07 DISH Network DISH ... 23 48.53
10.36 116.74 96.56 DTE Energy DTE 3.2 20 108.72
DXC 0.8163 95.89
38.51 99.44 64.06 DXC Tech
DHR 0.6 28 93.46
20.07 95.16 77.66 Danaher
DRI 2.6 25 96.40
32.56 98.29 71.02 Darden
s 12.12 72.20 52.51 DaVita
DVA ... 28 71.98
s 52.88 158.10 102.75 Deere
DE 1.5 24 157.53
DVMT ... dd 82.08
49.32 84.77 54.13 DellTechs
DAL 2.2 11 56.03
13.91 56.84 43.81 DeltaAir
14.01 68.98 52.53 DentsplySirona XRAY 0.5 dd 65.82
19.93 20.23 15.59 DeutscheBank DB 1.0 dd 19.38
-8.98 49.45 28.79 DevonEnergy DVN 0.6 14 41.57
s 37.85 143.82 102.72 Diageo
DEO 2.8 27 143.28
s 23.07 125.50 82.77 DiamondbkEner FANG ... 30 124.37
12.95 127.23 95.50 DigitalRealty DLR 3.4 90 110.98
s 6.99 77.25 57.50 DiscoverFinSvcs DFS 1.8 13 77.13
-16.09 29.18 14.99 DiscovComm C DISCK ... 12 22.47
-8.06 30.50 19.25 DiscovComm B DISCB ... 14 26.80
-13.43 30.25 15.99 DiscovComm A DISCA ... 12 23.73
DIS 1.5 19 108.67
4.27 116.10 96.20 Disney
DLB 1.0 32 62.25
37.75 63.34 44.98 DolbyLab
25.44 96.60 65.97 DollarGeneral DG 1.1 21 92.91
41.82 110.86 65.63 DollarTree DLTR ... 26 109.46
5.03 85.30 70.87 DominionEner D 3.8 24 80.44
DPZ 1.0 37 192.87
21.12 221.58 156.26 Domino's
15.78 50.10 41.28 Donaldson DCI 1.5 28 48.72
11.11 41.59 35.33 DouglasEmmett DEI 2.5 76 40.62
DOV 1.9 23 100.46
34.07 101.17 74.53 Dover
7.34 73.85 64.01 DowDuPont DWDP ... 47 72.11
6.01 99.47 83.23 DrPepperSnap DPS 2.4 24 96.12
-20.14 46.95 29.83 DrReddy'sLab RDY 0.9 35 36.16
8.44 91.80 76.14 DukeEnergy DUK 4.2 28 84.17
1.13 30.14 23.93 DukeRealty DRE 3.0 36 26.86
s 23.59 65.68 50.26 Dunkin'
DNKN 2.0 28 64.81
E 5.8 33 33.24
3.10 34.62 29.44 ENI
EOG 0.610711 107.11
5.94 107.95 81.99 EOG Rscs
EQT 0.2261 54.77
-16.25 67.84 49.63 EQT
ETFC ... 23 49.71
43.46 51.04 32.25 E*TRADE
289.37 63.60 13.05 EXACT Sci EXAS ... dd 52.02
21.60 63.92 48.07 EastWestBncp EWBC 1.3 17 61.81
23.19 94.96 74.78 EastmanChem EMN 2.4 13 92.65
ETN 2.0 12 77.51
15.53 82.34 66.60 Eaton
34.74 57.71 41.40 EatonVance EV 2.2 23 56.43
EBAY ... 6 37.76
27.18 39.27 29.42 eBay
ECL 1.2 30 133.97
14.29 137.96 116.92 Ecolab
s 52.82 13.88 8.44 Ecopetrol
EC ... 25 13.83
EIX 3.7 15 65.23
-9.39 83.38 62.67 EdisonInt
20.05 121.45 86.55 EdwardsLife EW ... 33 112.49
34.61 122.79 77.94 ElectronicArts EA ... 28 106.02
s 24.95 69.84 55.40 EmersonElec EMR 2.8 32 69.66
-45.80 26.17 12.25 EnbridgeEnPtrs EEP 10.1 23 13.81
ENB 5.5 26 38.63
-8.29 44.52 34.39 Enbridge
ECA 0.5 16 12.60
7.33 13.85 8.01 Encana
29.96 11.10 7.75 EnelAmericas ENIA 0.9 29 10.67
35.29 27.74 18.36 EnelGenChile EOCC 7.3 14 26.30
-12.74 20.05 15.03 EnergyTransferEq ETE 7.0 21 16.85
-26.48 26.73 15.25 EnergyTransfer ETP 12.8 9 17.66
ETR 4.4 dd 80.31
9.31 87.95 69.63 Entergy
-2.37 30.25 23.59 EnterpriseProd EPD 6.4 21 26.40
EFX 1.3 27 119.73
1.27 147.02 89.59 Equifax
EQIX 1.8146 446.60
24.95 495.35 350.37 Equinix
22.44 91.94 69.62 EquityLife ELS 2.2 42 88.28
-0.87 70.45 59.49 EquityResdntl EQR 3.2 56 63.80
ERIC 1.7 dd 6.64
13.89 7.47 5.52 Ericsson
2.96 270.04 218.41 EssexProp ESS 2.9 30 239.39
67.02 130.36 76.28 EsteeLauder EL 1.2 35 127.75
1.18 277.17 208.81 EverestRe RE 2.4 35 218.95
12.93 66.15 54.08 EversourceEner ES 3.0 20 62.37
EXEL ... 60 29.47
97.65 32.50 14.22 Exelixis
EXC 3.4 17 39.01
9.92 42.67 33.30 Exelon
EXPE 1.0 48 120.18
6.09 161.00 111.88 Expedia
22.30 66.01 51.57 ExpeditorsIntl EXPD 1.3 27 64.77
8.34 74.86 55.80 ExpressScripts ESRX ... 12 74.53
11.50 88.56 71.34 ExtraSpaceSt EXR 3.6 33 86.12
-6.97 91.34 76.05 ExxonMobil XOM 3.7 27 83.97
-8.53 149.50 114.63 F5Networks FFIV ... 20 132.37
FMC 0.7667 95.46
68.78 95.78 56.35 FMC
FB ... 34 177.20
54.02 184.25 114.77 Facebook
FDS 1.2 29 192.11
17.55 207.25 155.09 FactSet
FAST 2.4 29 54.05
15.05 55.35 39.79 Fastenal
-8.25 145.80 119.37 FederalRealty FRT 3.1 42 130.39
FDX 0.8 23 250.02
34.27 255.11 182.89 FedEx
RACE ... 36 106.54
83.25 121.14 57.56 Ferrari
102.19 18.47 8.91 FiatChrysler FCAU ... 8 18.44
49.32 17.21 7.98 FibriaCelulose FBR ... 34 14.35
59.38 40.75 24.18 FidNatlFin FNF 2.8 18 39.07
24.70 96.67 75.40 FidNatlInfo FIS 1.2 58 94.32
14.35 31.83 23.20 FifthThirdBncp FITB 2.1 12 30.84
WUBA ... 83 70.38
151.36 79.79 27.58 58.com
54.38 57.50 36.50 FirstAmerFin FAF 2.7 22 56.55
FDC ... 22 16.62
17.12 19.23 14.02 FirstData
t -5.36 105.52 86.53 FirstRepBank FRC 0.8 21 87.20
FSLR ... dd 68.85
114.55 71.80 25.56 FirstSolar
-1.58 35.22 27.93 FirstEnergy FE 4.7 dd 30.48
FISV ... 31 130.32
22.62 133.36 104.51 Fiserv
34.58 192.51 121.52 FleetCorTech FLT ... 32 190.46
FLEX ... 18 17.97
25.05 19.11 14.22 Flex
30.86 48.43 33.75 FlirSystems FLIR 1.3 30 47.36
FLR 1.6 36 51.07
-2.76 58.37 37.04 Fluor
19.46 103.82 73.45 FomentoEconMex FMX 1.5 13 91.04
3.71 13.27 10.47 FordMotor F 4.8 11 12.58
14.78 26.30 19.94 ForestCIty A FCE.A 2.3 72 23.92
no
ABB 2.9 25 26.60 -0.01
26.25 26.71 21.01 ABB
ACM ... 17 37.28 0.18
2.53 39.50 30.15 AECOM
AES 4.9 dd 10.71 0.09
-7.83 12.06 10.00 AES
AFL 2.1 13 87.21 0.10
25.30 89.81 66.50 Aflac
11.53 22.34 17.76 AGNC Invt AGNC 10.7 5 20.22 0.03
ANSS ... 46 146.66 -0.57
58.57 155.14 91.89 Ansys
ASML 0.7 ... 175.22 0.68
56.17 186.37 109.62 ASML
T 5.1 19 38.94 0.06
-8.44 43.03 32.55 AT&T
s 48.22 57.32 38.08 AbbottLabs ABT 2.0 44 56.93
...
ABBV 2.9 24 98.21 0.30
56.83 99.10 59.27 AbbVie
ABMD ... 94 191.64 1.01
70.07 200.28 103.53 Abiomed
31.38 158.44 112.31 Accenture ACN 1.7 27 153.89 -0.31
78.65 67.40 35.95 ActivisionBliz ATVI 0.5146 64.51 -0.57
-25.42 241.60 153.28 AcuityBrands AYI 0.3 23 172.18 -0.23
ADNT 1.4 8 79.69 -0.63
35.99 86.42 55.85 Adient
69.99 186.27 102.47 AdobeSystems ADBE ... 52 175.00 0.44
-40.55 177.50 78.81 AdvanceAuto AAP 0.2 21 100.55 0.42
-7.05 15.65 9.42 AdvMicroDevices AMD ... dd 10.54 -0.35
28.37 7.52 4.93 AdvSemiEngg ASX 3.5 14 6.47 0.04
AEG 4.9 18 6.23 -0.03
12.66 6.35 4.73 Aegon
AER ... 9 53.06 0.08
27.52 54.50 41.34 AerCap
AET 1.1 33 179.96 -0.77
45.12 192.37 116.04 Aetna
40.54 204.96 139.52 AffiliatedMgrs AMG 0.4 22 204.20 2.32
47.83 70.93 45.38 AgilentTechs A 0.9 32 67.35 -0.17
7.90 51.86 37.95 AgnicoEagle AEM 1.0 39 45.32 0.78
AGU 3.1 43 112.98 0.81
12.36 113.25 87.82 Agrium
13.63 164.65 133.63 AirProducts APD 2.3 30 163.42 0.26
-1.84 71.64 44.65 AkamaiTech AKAM ... 39 65.45 -0.39
ALK 1.6 12 74.28 -0.41
-16.29 101.43 61.10 AlaskaAir
50.20 144.99 85.60 Albemarle ALB 1.0 30 129.29 0.64
AA ... 33 49.99 1.00
78.03 50.31 28.01 Alcoa
16.49 134.37 106.89 AlexandriaRlEst ARE 2.8147 129.46 0.63
-2.92 149.34 96.18 AlexionPharm ALXN ... 53 118.78 0.54
BABA ... 51 176.29 0.97
100.76 191.75 86.62 Alibaba
ALGN ... 68 223.12 4.36
132.10 266.41 88.56 AlignTech
ALKS ... dd 53.04 0.52
-4.57 63.40 46.42 Alkermes
Y
... dd 589.86 3.53
-3.00 667.19 521.07 Alleghany
ALLE 0.8 23 80.34 -0.66
25.53 89.81 63.71 Allegion
AGN 1.7 dd 164.90 -2.73
-21.48 256.80 160.07 Allergan
10.28 266.25 209.00 AllianceData ADS 0.8 27 251.99 2.21
12.17 45.55 36.56 AlliantEnergy LNT 3.0 23 42.50 0.18
28.08 45.69 32.80 AllisonTransm ALSN 1.4 19 43.15 0.14
ALL 1.4 15 104.11 -0.10
40.46 105.17 73.04 Allstate
s 53.79 29.50 18.11 AllyFinancial ALLY 1.6 14 29.25 0.08
231.09 147.63 35.98 AlnylamPharm ALNY ... dd 123.96 1.13
34.88 1086.49 789.62 Alphabet A GOOGL ... 36 1068.86 -1.99
37.35 1078.49 770.41 Alphabet C GOOG ... 35 1060.12 -3.51
AABA ... dd 71.58 -0.01
85.10 73.25 38.37 Altaba
-35.77 35.29 17.80 AlticeUSA ATUS ... ... 21.01 0.04
MO 3.7 9 72.14 0.20
6.68 77.79 60.01 Altria
...
74.73 23.54 9.93 AlumofChina ACH ... 44 17.84
55.81 1213.41 747.70 Amazon.com AMZN ...297 1168.36 -6.40
ABEV ... 36 6.27 0.01
27.70 7.03 4.82 Ambev
DOX 1.3 22 65.74 -0.03
12.86 67.98 56.10 Amdocs
UHAL ... 23 379.27 -0.64
2.62 400.99 338.30 Amerco
AEE 3.1 23 58.69 0.32
11.88 64.89 51.35 Ameren
36.42 19.11 11.85 AmericaMovil A AMOV 1.9 31 16.78 -0.20
34.92 19.50 12.00 AmericaMovil AMX 1.8 31 16.96 -0.06
12.64 54.48 39.21 AmerAirlines AAL 0.8 13 52.59 -0.20
AEP 3.4 19 73.65 -0.09
16.98 78.07 61.82 AEP
33.29 100.53 73.50 AmerExpress AXP 1.4 19 98.74 0.24
s 22.97 108.64 85.57 AmericanFin AFG 1.3 14 108.36 0.36
3.81 23.98 20.09 AmerHomes4Rent AMH 0.9 dd 21.78 -0.20
AIG 2.2 dd 59.31 -0.77
-9.19 67.47 57.85 AIG
33.10 155.28 102.51 AmerTowerREIT AMT 2.0 53 140.66 1.05
25.08 92.37 69.96 AmerWaterWorks AWK 1.8 34 90.51 0.81
54.60 173.62 109.19 Ameriprise AMP 1.9 16 171.51 -0.19
18.25 97.85 71.90 AmerisourceBrgn ABC 1.6 50 92.46 -0.53
AME 0.5 31 72.60 -0.02
49.38 73.06 48.21 Ametek
AMGN 3.0 16 176.42 -0.26
20.66 191.10 145.62 Amgen
31.16 91.26 66.00 Amphenol APH 0.9 28 88.14 -0.31
-24.09 72.32 39.96 AnadarkoPetrol APC 0.4 dd 52.93 0.97
22.35 93.99 71.00 AnalogDevices ADI 2.0 43 88.85 0.20
s 28.28 112.83 75.11 Andeavor
ANDV 2.1 23 112.18 1.16
-8.60 60.14 42.18 AndeavorLog ANDX 8.5 20 46.44 0.03
BUD 3.4 56 111.56 0.21
5.80 126.50 103.12 AB InBev
...
20.86 12.73 9.85 AnnalyCap NLY 10.0 5 12.05
-21.40 26.60 17.59 AnteroResources AR ... dd 18.59 0.06
ANTM 1.2 20 225.60 0.52
56.92 236.39 140.50 Anthem
AON 1.1 ... 133.35 -1.99
19.56 152.78 109.82 Aon
APA 2.3 25 42.91 -0.40
-32.39 66.98 38.14 Apache
-4.97 46.85 41.87 ApartmtInv AIV 3.3137 43.19 0.04
s 75.67 34.01 18.90 ApolloGlbMgmt APO 4.6 11 34.01 0.35
AAPL 1.4 19 175.01
...
51.11 177.20 114.76 Apple
61.33 60.89 31.66 ApplMaterials AMAT 0.8 16 52.06 0.17
APTV 1.0 17 84.79 -0.19
50.31 89.66 55.80 Aptiv
s 28.23 38.56 29.41 AquaAmerica WTR 2.1 29 38.52 0.19
ARMK 1.0 29 42.80 -0.08
19.82 44.12 32.87 Aramark
49.41 32.92 19.59 ArcelorMittal MT ... 5 32.72 -0.07
3.96 102.60 84.21 ArchCapital ACGL ... 29 89.71 0.21
-11.96 47.44 38.59 ArcherDaniels ADM 3.2 19 40.19 0.10
ARNC 0.9 dd 26.83 0.03
44.71 30.69 18.47 Arconic
144.45 245.65 87.33 AristaNetworks ANET ... 49 236.55 0.59
12.76 84.53 68.55 ArrowElec ARW ... 15 80.40 -0.23
23.02 35.60 26.51 AstraZeneca AZN 2.7 25 33.61 0.17
ATH ... 8 51.82 -0.52
7.98 55.22 45.15 Athene
TEAM ... dd 46.26 -0.15
92.11 53.45 23.91 Atlassian
14.75 93.56 72.54 AtmosEnergy ATO 2.3 23 85.09 0.23
ADSK ... dd 103.89 -0.54
40.37 131.10 73.60 Autodesk
157.00 67.69 25.00 Autohome ATHM ... 43 64.97 -0.38
ALV 1.9 22 127.72 -0.47
12.88 129.84 96.08 Autoliv
ADP 2.2 30 116.88 -0.52
13.72 121.77 94.11 ADP
-10.09 805.78 491.13 AutoZone AZO ... 16 710.09 4.18
0.55 199.52 169.50 Avalonbay AVB 3.2 28 178.12 2.57
AGR 3.4 24 50.98 0.38
34.58 53.46 37.19 Avangrid
62.59 117.92 69.53 AveryDennison AVY 1.6 25 114.17 0.15
17.61 38.20 26.82 AxaltaCoating AXTA ...133 31.99 0.04
BBT 2.6 19 50.45 0.06
7.29 51.11 41.17 BB&T
BCE 4.7 19 47.47 0.13
9.78 49.06 42.44 BCE
25.77 45.23 33.37 BHPBilliton BHP 3.8 20 45.00 -0.06
25.17 39.60 28.73 BHPBilliton BBL 4.4 18 39.38 -0.11
BOKF 1.9 19 92.91 -0.50
11.89 93.97 73.44 BOK Fin
BP 5.8 35 41.29 -0.39
10.46 41.76 33.10 BP
BRFS ... dd 10.86 -0.07
-26.42 15.50 10.60 BRF
BT 3.5 18 18.26
-20.71 24.65 16.15 BT Group
...
53.22 62.85 39.03 BWX Tech BWXT 0.7 31 60.83 0.16
BIDU ... 31 239.05 -0.44
45.40 274.97 162.53 Baidu
-13.48 40.82 29.62 BakerHughes BHGE 2.2 dd 32.23 -0.07
BLL 1.1 59 37.97 0.34
1.16 43.24 35.65 Ball
27.03 9.35 6.34 BancoBilbaoViz BBVA 4.9 12 8.60 -0.06
36.45 97.51 66.36 BancodeChile BCH 2.7 18 93.64 -0.36
81.99 136.10 61.81 BancoMacro BMA 0.6 15 117.11 0.34
42.11 32.29 21.21 BcoSantChile BSAC 3.4 18 31.08 0.11
27.61 6.99 5.03 BancoSantander SAN 2.8 13 6.61 -0.08
8.04 48.74 35.53 BanColombia CIB 3.2 10 39.63 -0.26
s 35.20 30.03 21.77 BankofAmerica BAC 1.6 17 29.88 0.06
10.15 79.84 66.75 BankofMontreal BMO 3.6 13 79.22 -0.16
13.97 55.40 43.85 BankNY Mellon BK 1.8 16 54.00 -0.36
16.20 66.78 53.86 BkNovaScotia BNS 3.8 13 64.70 0.04
-5.99 56.86 40.15 BankofOzarks OZRK 1.5 17 49.44 0.24
BCS 2.0 dd 10.85 -0.06
-1.36 11.96 9.29 Barclays
47.90 337.73 220.84 Bard CR
BCR 0.3 44 332.28 0.88
-9.45 20.78 13.28 BarrickGold ABX 0.8 8 14.47 0.04
BAX 1.0 35 64.72 0.19
45.96 66.18 43.95 BaxterIntl
31.22 229.69 161.50 BectonDicknsn BDX 1.4 47 217.23 -0.55
WRB 0.8 17 70.90 0.18
6.60 73.17 62.00 Berkley
21.42 301000 237983 BerkHathwy A BRK.A ... 26 296400 -1799.70
21.44 200.50 158.61 BerkHathwy B BRK.B ... 26 197.92 -0.97
21.59 61.36 47.19 BerryGlobal BERY ... 23 59.25 -0.02
BBY 2.0 17 67.11 0.03
57.28 67.30 41.67 BestBuy
33.96 273.87 181.57 Bio-RadLab A BIO ...309 244.19 -0.85
BIIB ... 20 319.50 -3.02
22.32 348.84 244.28 Biogen
9.20 100.51 80.10 BioMarinPharm BMRN ... dd 90.46 -1.09
13.77 64.41 40.00 Bioverativ BIVV ... 13 54.04 0.11
5.36 47.55 41.10 BlackKnight BKI ... 66 44.25 0.25
68.36 12.36 6.65 BlackBerry BB ... 10 11.60 -0.20
34.58 520.74 365.83 BlackRock BLK 2.0 24 512.12 -1.47
21.20 35.09 26.65 Blackstone BX 5.4 14 32.76 -0.14
s 35.23 32.68 21.51 BlueBuffaloPet BUFF ... 37 32.51 0.64
191.00 222.03 60.95 bluebirdbio BLUE ... dd 179.55 -5.80
BA 2.3 27 295.10 0.07
89.56 299.33 154.96 Boeing
31.11 55.86 37.54 BorgWarner BWA 1.3 37 51.71 -0.29
1.24 140.13 116.77 BostonProps BXP 2.5 40 127.34 0.40
16.04 29.93 21.56 BostonSci BSX ... 41 25.10 -0.04
BAK 2.9 55 26.25 -0.15
23.76 33.73 17.44 Braskem
34.93 95.82 65.00 BrightHorizons BFAM ... 47 94.48 0.26
-14.94 75.00 52.75 BrighthouseFin BHF ... ... 59.54 -0.85
4.31 66.10 46.01 Bristol-Myers BMY 2.6 24 60.96 -0.54
18.22 73.41 55.53 BritishAmTob BTI 1.8 12 66.60 -0.10
48.41 285.68 173.31 Broadcom AVGO 2.7 64 262.35 0.82
37.18 92.44 65.22 BroadridgeFinl BR 1.6 32 90.95 -0.66
29.99 44.33 32.65 BrookfieldMgt BAM 1.3 95 42.91 0.01
31.16 45.23 33.09 BrookfieldInfr BIP 4.0163 43.90 0.42
13.93 52.42 41.10 Brown&Brown BRO 1.2 27 51.11 -0.24
50.91 68.23 43.72 Brown-Forman B BF.B 1.2 35 67.79 0.40
44.50 67.76 45.17 Brown-Forman A BF.A 1.2 35 66.83 1.23
-27.09 73.01 43.90 BuckeyePtrs BPL 10.5 15 48.24 0.46
BG 2.8 21 66.74 -0.25
-7.61 83.75 63.87 Bunge
s 41.72 120.55 79.07 BurlingtonStrs BURL ... 32 120.11 1.15
CA 3.0 19 33.52 0.01
5.51 36.54 30.45 CA
CBD ... 65 22.14 0.11
33.78 25.90 15.97 CBD Pao
37.73 44.34 29.69 CBRE Group CBG ... 19 43.37 0.05
CBS 1.2 84 60.17 -0.36
-5.42 70.09 52.75 CBS B
CBS.A 1.2 84 60.70 -0.30
-6.35 71.07 53.00 CBS A
19.52 72.25 58.52 CDK Global CDK 0.8 35 71.34 -0.09
CDW 1.2 26 69.20 0.11
32.85 71.53 50.49 CDW
s 32.50 42.07 25.04 CF Industries CF 2.9 dd 41.71 0.46
12.74 54.99 45.81 CGI Group GIB ... 21 54.15 -0.50
s 21.08 89.24 63.41 CH Robinson CHRW 2.1 26 88.70 1.57
CIT 1.3 dd 50.35 0.69
17.97 51.73 39.48 CIT Group
29.15 155.29 113.27 CME Group CME 1.8 34 148.98 -1.90
13.77 50.85 41.12 CMS Energy CMS 2.8 25 47.35 0.09
CNA 2.3 15 52.16 -0.20
25.69 55.62 39.96 CNA Fin
CEO 3.6 18 142.21 0.95
14.72 143.39 108.05 CNOOC
CRH 1.2 21 35.67 0.43
3.75 38.06 32.82 CRH
CSX 1.5 28 55.00 0.12
53.08 58.35 35.59 CSX
-6.97 84.72 66.45 CVS Health CVS 2.7 15 73.41 -1.23
COG 0.7 dd 27.59 -0.13
18.11 29.57 20.55 CabotOil
67.57 45.64 25.18 CadenceDesign CDNS ... 45 42.26 -0.22
47.65 13.60 7.05 CaesarsEnt CZR ... dd 12.55 -0.20
YTD 52-Week
% Chg Hi Lo Stock
45.82
16.71
35.13
28.19
31.36
10.94
37.23
24.02
45.64
38.24
75.69
69.76
86.06
47.65
18.34
52.41
Yld
Net
Sym % PE Last Chg
FTNT ... 92
28.60 Fortinet
FTS 3.7 19
30.33 Fortis
FTV 0.4 27
52.99 Fortive
53.15 FortBrandsHome FBHS 1.2 24
57.08 Franco-Nevada FNV 1.2 99
39.23 FranklinRscs BEN 2.1 15
11.05 FreeportMcM FCX ... 25
39.46 FreseniusMed FMS 1.0 24
43.92
36.04
72.47
68.53
78.50
43.91
18.10
52.35
-0.07
-0.16
-0.33
-0.79
0.79
0.30
-0.08
0.34
GGP 3.8 33 23.40
-6.33 26.20 18.83 GGP
AJG 2.5 25 62.60
20.48 67.32 51.60 Gallagher
19.24 39.32 29.96 Gaming&Leisure GLPI 6.9 20 36.51
GPS 2.7 16 34.44
53.48 34.70 21.02 Gap
s 62.09 34.62 19.91 GardnerDenver GDI ... dd 34.20
GRMN 3.4 16 59.18
22.05 63.15 47.03 Garmin
IT ... dd 123.59
22.28 130.02 90.37 Gartner
18.98 10.82 8.49 Gazit-Globe GZT 3.8 4 10.28
17.36 214.81 171.65 GeneralDynamics GD 1.7 20 202.64
-44.62 32.05 17.36 GeneralElec GE 2.7 22 17.50
-2.66 63.73 49.65 GeneralMills GIS 3.3 22 60.13
20.61 46.76 31.92 GeneralMotors GM 3.6 9 42.02
G 0.7 23 32.30
32.70 32.80 23.34 Genpact
GNTX 1.9 17 20.89
6.09 22.12 16.59 Gentex
-0.45 100.90 79.86 GenuineParts GPC 2.8 21 95.11
GGB 1.0 dd 3.71
18.15 4.39 2.60 Gerdau
GIL 1.2 19 32.33
27.43 32.61 23.55 Gildan
1.54 86.27 63.76 GileadSciences GILD 2.9 8 72.71
GSK 5.7 29 35.13
-8.78 44.53 34.52 GSK
44.59 104.90 68.98 GlobalPayments GPN 0.0 ... 100.36
GDDY ... dd 49.87
42.69 51.35 34.27 GoDaddy
GG 0.6 21 12.58
-7.50 17.87 11.64 Goldcorp
s 8.15 262.14 209.62 GoldmanSachs GS 1.2 13 258.97
GT 1.7 8 32.85
6.41 37.20 28.81 Goodyear
GGG 0.4 72 134.59
61.98 136.49 82.42 Graco
GWW 2.2 28 234.84
1.12 262.71 155.00 Grainger
17.26 34.72 26.72 GreatPlainsEner GXP 3.4 31 32.07
GRFS 1.9 ... 22.41
39.45 24.20 15.74 Grifols
GRUB ...106 71.74
90.70 74.81 32.43 GrubHub
9.45 9.38 7.42 GpoAvalAcc AVAL 4.6 14 8.69
143.20 67.20 24.60 GpoFinGalicia GGAL 0.0 19 65.47
-0.70 10.82 6.89 GpFinSantMex BSMX 5.1 10 7.14
-9.43 27.37 17.24 GrupoTelevisa TV 0.5 48 18.92
20.36 91.03 71.18 HCA Healthcare HCA ... 13 89.09
HCP 5.8 18 25.67
-13.63 33.67 25.09 HCP
s 66.17 101.26 59.00 HDFC Bank HDB 0.5 ... 100.83
-7.39 44.73 28.97 HD Supply HDS ...133 39.37
HPQ 2.6 14 21.26
43.26 22.68 14.40 HP
s 28.57 51.73 39.58 HSBC
HSBC 3.9 79 51.66
-11.24 58.78 38.18 Halliburton HAL 1.5200 48.01
-5.38 25.73 18.90 Hanesbrands HBI 2.9 13 20.41
-11.14 63.40 44.52 HarleyDavidson HOG 2.8 16 51.84
HRS 1.6 32 142.78
39.34 144.94 99.13 Harris
16.58 58.61 46.35 HartfordFinl HIG 1.8 42 55.55
HAS 2.4 20 93.55
20.25 116.20 77.20 Hasbro
2.37 33.00 28.11 HealthcareAmer HTA 4.1124 29.80
HEI.A 0.2 36 78.35
44.24 83.80 51.28 Heico A
HEI 0.2 44 93.72
51.85 101.40 60.00 Heico
-16.90 81.30 42.16 Helm&Payne HP 4.4 dd 64.32
-6.39 93.50 65.28 HenrySchein HSIC ... 20 71.01
HLF 1.7 16 69.59
44.56 79.64 47.91 Herbalife
HSY 2.3 34 114.95
11.14 116.49 101.61 Hershey
HES 2.1 dd 47.01
-24.53 64.91 37.25 Hess
9.29 15.12 12.70 HewlettPackard HPE 2.0 70 14.71
HLT 0.8839 79.35
42.19 79.95 55.00 Hilton
s 54.52 50.88 23.46 HollyFrontier HFC 2.6 27 50.62
HOLX ... 16 43.37
8.10 46.80 35.76 Hologic
40.31 188.84 133.05 HomeDepot HD 1.9 26 188.13
17.51 34.45 27.05 HondaMotor HMC ... 11 34.30
32.49 156.70 115.42 Honeywell HON 1.9 23 153.49
5.52 38.00 29.75 HormelFoods HRL 2.0 23 36.73
85.99 51.79 27.21 DR Horton DHI 1.0 19 50.83
6.90 20.65 17.26 HostHotels HST 4.0 25 20.14
-2.23 31.85 24.40 HuanengPower HNP 6.6 28 25.46
s 15.88 135.70 109.31 Hubbell
HUBB 2.3 26 135.23
HUM 0.7 19 245.00
20.08 264.56 186.25 Humana
s 17.99 114.96 83.35 JBHunt
JBHT 0.8 30 114.53
11.80 14.93 12.14 HuntingtonBcshs HBAN 3.0 18 14.78
28.91 253.44 183.38 HuntingIngalls HII 1.2 18 237.44
73.48 33.79 18.93 Huntsman HUN 1.5 16 33.10
s 32.03 73.61 50.21 HyattHotels H
... 44 72.96
95.97 137.86 64.69 IAC/InterActive IAC ... 32 126.97
IBN 0.8 22 9.79
43.78 9.93 6.69 ICICI Bank
IDXX ... 51 157.65
34.43 173.01 113.92 IdexxLab
27.22 48.53 34.95 IHSMarkit INFO ... 47 45.05
30.99 19.01 13.63 ING Groep ING 3.1 ... 18.47
IVZ 3.2 16 36.64
20.76 37.85 28.75 Invesco
115.91 248.23 95.04 IPG Photonics IPGP ... 31 213.12
IQV ...343 99.38
30.68 110.67 74.80 IQVIA
18.24 64.68 40.52 IRSA Prop IRCP 4.4 15 56.01
-11.25 64.03 47.06 IcahnEnterprises IEP 11.3 5 52.90
ICLR ... 22 113.59
51.05 124.48 73.93 Icon
IEX 1.1 34 132.07
46.65 135.70 88.29 IDEX
36.48 169.69 120.06 IllinoisToolWks ITW 1.9 26 167.13
ILMN ... 41 215.72
68.48 230.72 126.71 Illumina
-13.15 35.59 27.59 ImperialOil IMO 1.7 16 30.19
INCY ... dd 95.81
-4.45 153.15 92.91 Incyte
s 8.56 16.37 13.42 Infosys
INFY 2.5 17 16.10
19.63 96.23 74.35 Ingersoll-Rand IR 2.0 22 89.77
INGR 1.7 20 140.57
12.49 142.64 113.07 Ingredion
INTC 2.3 16 46.70
28.76 47.64 33.23 Intel
65.22 62.33 33.01 InteractiveBrkrs IBKR 0.7 52 60.32
ICE 1.1 26 70.25
24.51 72.99 55.80 ICE
36.11 63.11 45.41 InterContinentl IHG ... 29 63.02
IBM 3.9 13 152.50
-8.13 182.79 139.13 IBM
29.43 156.64 113.16 IntlFlavors IFF 1.8 29 152.51
IP 3.3 27 57.98
9.27 58.96 49.60 IntlPaper
-12.90 25.71 18.30 Interpublic IPG 3.5 14 20.39
INTU 1.0 42 158.50
38.30 161.44 111.90 Intuit
71.80 405.05 208.24 IntuitiveSurgical ISRG ... 47 363.16
16.50 24.30 19.80 InvitatHomes INVH 1.4 ... 23.30
6.33 65.51 37.26 IonisPharma IONS ...347 50.86
15.95 41.53 31.90 IronMountain IRM 6.2 48 37.66
-1.95 4.95 3.85 IsraelChemicals ICL ... 6 4.03
24.90 14.59 9.81 ItauUnibanco ITUB 0.4 12 12.84
0.33
-0.38
0.06
-0.01
-0.23
0.01
0.57
-0.14
0.16
0.03
0.60
-0.14
-0.18
0.05
0.58
-0.03
0.16
-0.31
-0.42
-0.01
0.14
0.10
-2.04
0.28
-0.30
-0.18
0.14
0.23
0.30
0.07
0.60
-0.05
-0.20
1.25
0.07
0.69
-0.31
0.01
0.19
-0.16
0.22
0.03
-0.01
-0.38
0.70
0.06
-0.80
-0.82
0.69
-0.15
0.78
0.29
0.67
-0.01
-0.02
0.47
0.12
0.05
0.12
-0.23
0.32
-0.10
0.09
0.24
0.01
1.42
1.81
-0.06
2.06
0.06
-0.03
-0.03
0.01
0.37
0.01
-0.08
0.03
1.19
-0.76
-0.49
0.34
0.92
-0.90
-1.13
1.15
0.20
-0.55
0.01
-0.61
-0.91
-0.06
0.41
0.14
0.12
1.00
0.65
0.50
0.16
-0.12
1.83
-0.11
-0.54
0.51
...
-0.08
GHI
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
MKL ...250 1126.69 2.53
24.56 1157.30 887.40 Markel
37.32 211.06 145.10 MarketAxess MKTX 0.7 52 201.75 0.03
MAR 1.0 36 133.97 0.02
62.03 135.18 81.04 Marriott
19.38 86.54 66.75 Marsh&McLen MMC 1.9 22 80.69 -0.02
-4.71 244.32 191.09 MartinMarietta MLM 0.8 31 211.10 0.61
58.69 24.22 13.83 MarvellTech MRVL 1.1 37 22.01 -0.04
MAS 1.0 26 43.83 -0.41
38.61 44.44 31.29 Masco
46.10 154.65 102.98 Mastercard MA 0.7 35 150.85 0.32
...
86.61 32.87 15.42 MatchGroup MTCH ... 21 31.91
37.80 55.43 38.18 MaximIntProducts MXIM 2.7 26 53.15 0.12
9.20 106.50 89.65 McCormick MKC 2.0 28 101.92 0.77
40.83 175.78 118.18 McDonalds MCD 2.4 25 171.42 -0.43
12.81 169.29 133.82 McKesson MCK 0.9 8 158.44 -0.95
14.47 89.72 69.35 Medtronic MDT 2.3 22 81.54 0.06
78.99 29.05 15.47 MelcoResorts MLCO 1.3 46 28.46 -0.12
101.63 334.99 154.72 MercadoLibre MELI 0.2105 314.83 -3.71
MRK 3.4 55 56.36 -0.24
-4.26 66.80 53.63 Merck
MET 3.2 dd 50.76 -0.27
5.70 55.91 44.17 MetLife
46.88 694.48 408.97 MettlerToledo MTD ... 37 614.77 -3.66
47.51 64.25 32.38 MichaelKors KORS ... 18 63.40 -0.63
17.14 36.21 27.86 MicroFocus MFGP ... 48 33.07 -0.07
38.61 95.92 62.21 MicrochipTech MCHP 1.6 36 88.92 -0.54
101.28 49.89 21.49 MicronTech MU ... 7 44.12 -0.30
-3.30 57.97 46.09 Microsemi MSCC ... 35 52.19 -0.38
MSFT 2.0 29 85.51 0.01
37.61 87.50 61.95 Microsoft
1.87 110.95 92.50 MidAmApt MAA 3.7 47 99.75 0.98
MIDD ... 25 132.04 1.00
2.51 150.87 107.53 Middleby
s 20.78 7.46 5.94 MitsubishiUFJ MTU ... 10 7.44 0.09
3.06 3.85 3.37 MizuhoFin MFG ... 9 3.70
...
14.38 11.59 7.76 MobileTeleSys MBT 6.8 12 10.42 0.50
38.45 286.85 198.45 MohawkInds MHK ... 21 276.46 -1.40
-16.66 102.14 76.25 MolsonCoors B TAP 2.0 8 81.10 -0.08
-14.20 108.00 79.84 MolsonCoors A TAP.A 2.0 8 84.03 -3.80
MDLZ 2.0 30 43.36 0.26
-2.19 47.23 39.19 Mondelez
10.52 122.80 104.77 Monsanto MON 1.9 23 116.28 0.81
43.82 64.79 41.02 MonsterBev MNST ... 46 63.77 -0.04
MCO 1.0 53 146.99 -0.49
55.92 153.86 93.51 Moody's
24.78 54.25 40.06 MorganStanley MS 1.9 15 52.72 -0.16
MOS 0.4 27 25.52 0.28
-12.99 34.36 19.23 Mosaic
9.49 95.30 76.92 MotorolaSol MSI 2.3 23 90.76 -0.86
MYL ... 26 42.05 0.09
10.22 45.87 29.39 Mylan
129.69 29.78 12.14 NRG Energy NRG 0.4 dd 28.16 0.70
4.00 26.14 22.50 NTTDoCoMo DCM ... 16 23.66 -0.01
s108.51 3530.93 1631.78 NVR
NVR ... 26 3480.00 -16.20
NXPI ... 25 116.70
19.07 118.20 96.00 NXP Semi
...
NDAQ 2.0 50 76.09 0.69
13.36 80.14 65.98 Nasdaq
t -8.99 75.24 57.86 NationalGrid NGG 3.5 12 57.91 -0.04
-5.34 41.90 29.90 NatlOilwell NOV 0.6 dd 35.44 -0.11
-4.21 46.34 36.45 NatlRetailProp NNN 4.5 35 42.34 0.45
s372.62 61.30 11.41 NektarTherap NKTR ... dd 57.99 0.57
NTAP 1.4 24 56.30 0.09
59.63 58.99 35.08 NetApp
NTES 0.8 25 365.63 -5.73
69.79 377.64 214.75 Netease
NFLX ...192 189.94 1.32
53.42 204.38 123.60 Netflix
85.61 75.98 37.34 Neurocrine NBIX ... dd 71.83 0.15
117.93 94.63 40.01 NewOrientalEduc EDU ... 50 91.75 -0.44
-16.53 16.25 11.67 NY CmntyBcp NYCB 5.1 15 13.28 -0.07
-31.31 55.08 27.45 NewellBrands NWL 3.0 12 30.67 -0.08
-22.32 43.74 24.41 NewfieldExpln NFX ... 18 31.46 0.45
8.37 39.62 31.42 NewmontMin NEM 0.8189 36.92 0.19
42.37 17.05 11.75 NewsCorp B NWS 1.2 dd 16.80 0.15
43.28 16.87 11.41 NewsCorp A NWSA 1.2 dd 16.42 0.08
29.37 159.40 117.33 NextEraEnergy NEE 2.5 17 154.54 0.06
-12.90 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.54 0.09
NKE 1.3 27 63.29 -1.48
24.51 65.19 50.35 Nike
NI 2.8 31 25.28 0.62
14.18 27.76 21.65 NiSource
-24.36 40.89 22.98 NobleEnergy NBL 1.4 dd 28.79 0.09
NOK 4.0 dd 4.78 -0.01
-0.62 6.65 4.50 Nokia
0.34 6.80 5.28 NomuraHoldings NMR ... 10 5.92 -0.01
NDSN 0.8 28 144.48 -0.21
28.94 150.48 107.16 Nordson
-0.81 50.32 37.79 Nordstrom JWN 3.1 17 47.54 0.04
33.73 145.54 105.89 NorfolkSouthern NSC 1.7 23 144.52 0.24
11.15 100.50 81.92 NorthernTrust NTRS 1.7 22 98.98 -1.07
30.61 311.15 223.88 NorthropGrum NOC 1.3 23 303.78 -0.71
t -2.81 56.41 53.72 NorwegCruise NCLH ... 17 54.03 -0.11
NVS 3.3 29 82.95 -0.54
13.88 86.90 69.53 Novartis
48.94 53.62 32.83 NovoNordisk NVO 0.9 23 53.41 0.09
NUE 2.4 19 64.56 0.03
8.47 66.00 51.67 Nucor
NVDA 0.3 48 195.27 -0.62
82.94 218.67 95.17 NVIDIA
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
53.71 415.75 268.05 SherwinWilliams SHW 0.8 36 413.09
24.34 48.98 36.77 ShinhanFin SHG ... 8 46.80
SHPG 0.2 30 156.82
-7.96 192.15 137.17 Shire
SHOP ... dd 103.86
142.27 123.94 40.04 Shopify
-7.38 164.23 116.68 SignatureBank SBNY ... 19 139.11
-5.97 188.10 150.15 SimonProperty SPG 4.4 30 167.07
SIRI 0.8 30 5.37
20.67 5.89 4.40 SiriusXM
55.90 38.41 22.30 SkechersUSA SKX ... 24 38.32
SWKS 1.3 18 97.07
30.02 117.65 73.94 Skyworks
AOS 0.9 30 61.26
29.38 63.70 46.44 SmithAO
15.86 40.43 29.76 Smith&Nephew SNN 1.4 19 34.85
SJM 2.5 25 125.22
-2.22 143.68 99.56 Smucker
SNAP ... dd 15.15
-38.11 29.44 11.28 Snap
SNA 1.9 18 174.70
2.00 181.73 140.83 SnapOn
108.17 63.80 27.95 SOQUIMICH SQM 1.5 45 59.64
SNE ... 25 45.68
62.97 48.33 27.91 Sony
SO 4.8 88 48.50
-1.40 53.51 46.71 Southern
SCCO 2.2 30 46.21
44.68 46.78 31.84 SoCopper
32.36 66.98 48.71 SouthwestAir LUV 0.8 19 65.97
-9.75 47.48 38.42 SpectraEnerPtrs SEP 7.0 15 41.37
-6.72 146.09 98.11 SpectrumBrands SPB 1.5 23 114.11
s 48.62 86.77 51.85 SpiritAeroSys SPR 0.5 31 86.72
SPLK ... dd 82.75
61.78 84.88 50.64 Splunk
S
-33.02 9.65 5.42 Sprint
... dd 5.64
SQ ... dd 35.14
157.81 49.56 13.53 Square
46.01 170.90 114.27 StanleyBlackDck SWK 1.5 21 167.46
3.21 64.87 52.58 Starbucks SBUX 2.1 29 57.30
26.00 100.90 74.45 StateStreet STT 1.7 17 97.93
s 15.30 21.11 16.18 Statoil
STO ... dd 21.03
21.59 43.70 32.15 SteelDynamics STLD 1.4 20 43.26
SRCL ... dd 68.31
-11.33 88.00 61.25 Stericycle
STE 1.4 52 88.13
30.78 93.39 65.27 Steris
9.40 26.50 21.00 SterlingBancorp STL 1.1 21 25.60
96.04 24.80 10.67 STMicroelec STM 1.1 32 22.25
SYK 1.2 33 154.14
28.65 160.62 116.50 Stryker
s 15.45 8.86 6.93 SumitomoMits SMFG ... 9 8.82
20.11 96.08 73.76 SunComms SUI 2.9124 92.02
6.09 41.07 32.22 SunLifeFinancial SLF 3.5 12 40.75
7.49 36.71 27.96 SuncorEnergy SU 2.9 21 35.14
19.89 66.62 51.96 SunTrustBanks STI 2.4 17 65.76
18.54 34.20 23.77 Symantec SYMC 1.1 dd 28.32
6.89 38.97 26.01 SynchronyFin SYF 1.5 15 38.77
SYT ... 41 92.69
17.25 93.61 78.91 Syngenta
SNPS ...101 85.82
45.80 94.80 58.74 Synopsys
19.16 51.09 37.95 SynovusFin SNV 1.2 20 48.95
SYY 2.4 28 60.72
9.66 62.79 48.85 Sysco
-0.59
0.47
-0.43
-0.36
1.34
0.08
1.67
-0.46
...
0.32
-0.32
0.65
0.41
1.27
1.67
1.09
0.31
2.35
0.37
-0.90
0.04
1.27
0.99
-0.21
4.48
-0.39
0.42
-0.40
0.47
0.32
-0.22
-0.13
0.07
-0.20
-0.17
0.76
-0.65
-0.25
-2.21
0.40
-0.26
-0.59
-0.28
-0.05
0.46
0.23
1.92
-0.81
-1.95
0.08
-0.06
-0.03
0.06
0.12
...
0.04
0.13
0.19
0.30
0.16
0.71
0.55
0.41
-0.02
1.82
0.17
0.51
0.39
1.66
-0.06
0.11
0.62
0.07
0.95
0.12
0.01
0.32
-0.25
1.05
-0.06
1.07
-0.15
0.33
0.04
-0.58
0.32
-0.54
-0.09
-0.20
0.47
0.20
-0.69
-0.26
-0.11
-0.31
-0.72
-0.21
-0.01
-0.19
-1.66
-0.05
0.08
JKL
JD ... dd 42.19
65.84 48.99 25.29 JD.com
s 24.52 108.46 81.64 JPMorganChase JPM 2.1 15 107.45
31.61 119.82 88.11 JackHenry JKHY 1.1 37 116.84
16.28 69.35 49.31 JacobsEngg JEC 0.9 28 66.28
9.87 17.50 13.55 JamesHardie JHX 1.1 30 17.47
s 25.72 38.81 30.24 JanusHenderson JHG 3.3290 38.47
21.78 163.75 106.60 JazzPharma JAZZ ... 22 132.78
JBLU ... 12 22.44
0.09 24.13 18.05 JetBlue
JNJ 2.4 24 140.12
21.62 144.35 110.76 J&J
-7.48 44.70 34.51 JohnsonControls JCI 2.7 22 38.11
48.03 155.25 97.60 JonesLang JLL 0.5 20 149.57
2.12 30.96 23.87 JuniperNetworks JNPR 1.4 17 28.86
19.71 51.52 40.27 KAR Auction KAR 2.7 30 51.02
s 64.18 58.00 35.11 KB Fin
KB ... 8 57.94
s 37.62 21.41 15.30 KKR
KKR 3.2 11 21.18
38.94 114.43 77.86 KLA Tencor KLAC 2.2 17 109.32
KT ... 13 15.65
11.07 18.82 13.63 KT
27.51 114.85 79.05 KSCitySouthern KSU 1.3 21 108.19
K 3.2 30 68.10
-7.61 76.69 58.76 Kellogg
s 11.88 20.58 16.28 KeyCorp
KEY 2.1 18 20.44
15.04 45.65 35.05 KeysightTechs KEYS ... 70 42.07
0.48 78.33 67.00 KilroyRealty KRC 2.3 48 73.57
5.73 136.21 109.67 KimberlyClark KMB 3.2 20 120.66
-28.38 26.16 17.02 KimcoRealty KIM 6.2 34 18.02
-12.84 23.01 16.68 KinderMorgan KMI 2.8 32 18.05
s 31.08 44.54 26.68 Knight-Swift KNX ... 78 44.35
s 8.67 53.98 35.16 Kohl's
KSS 4.1 14 53.66
24.50 42.35 28.71 KoninklijkePhil PHG 2.4 23 38.06
-3.30 21.59 16.51 KoreaElcPwr KEP ... 9 17.87
-10.40 97.77 75.21 KraftHeinz KHC 3.2 24 78.24
KR 1.8 17 28.25
-18.14 35.42 19.69 Kroger
KYO ... 21 67.52
35.64 71.92 49.42 Kyocera
67.73 15.06 8.07 LATAMAirlines LTM 0.5 54 13.72
LB 3.9 19 61.36
-6.80 68.44 35.00 L Brands
7.08 17.05 11.91 LG Display LPL ... 4 13.76
LN ... 81 41.25
21.29 45.30 30.90 LINE
LKQ ... 25 40.82
33.18 41.42 27.85 LKQ
LLL 1.5 27 197.70
29.97 199.97 143.54 L3 Tech
LH ... 22 160.72
25.19 165.18 126.96 LabCpAm
76.57 219.70 105.30 LamResearch LRCX 1.1 17 186.69
9.89 79.17 62.45 LamarAdv LAMR 4.5 23 73.89
47.48 57.20 35.81 LambWeston LW 1.4 25 55.82
30.57 72.20 51.35 LasVegasSands LVS 4.2 26 69.74
LAZ 3.2 15 51.18
24.56 52.30 40.22 Lazard
LEA 1.1 11 177.69
34.24 181.46 131.82 Lear
-3.72 54.97 43.16 Leggett&Platt LEG 3.1 19 47.06
LDOS 2.0 32 65.22
27.53 65.70 47.81 Leidos
s 51.67 64.24 41.51 Lennar A
LEN 0.2 18 64.00
LEN.B 0.3 15 50.92
50.55 52.16 33.27 Lennar B
34.26 213.78 147.54 LennoxIntl LII 1.0 29 205.65
12.73 27.34 22.23 LeucadiaNatl LUK 1.5 17 26.21
17.36 104.35 70.45 LibertyBroadbandA LBRDA ...500 85.04
15.01 104.66 72.00 LibertyBroadbandC LBRDK ...501 85.19
14.07 37.00 27.36 LibertyGlobal C LBTYK ...104 33.88
16.12 37.69 28.17 LibertyGlobal A LBTYA ...109 35.52
-4.14 28.11 19.65 LibertyLiLAC A LILA ... 65 21.05
-1.28 27.82 19.58 LibertyLiLAC C LILAK ... 64 20.90
31.03 26.79 17.24 LibertyQVC A QVCA ... 11 26.18
57.36 62.41 36.58 LibertyVenturesA LVNTA ... 24 58.02
9.70 41.14 27.55 LibertyFormOne C FWONK ... ... 34.37
4.43 39.37 27.63 LibertyFormOne A FWONA ... ... 32.74
10.35 26.52 19.30 LibertyBraves A BATRA ... dd 22.61
10.44 26.20 19.30 LibertyBraves C BATRK ... dd 22.74
16.75 46.24 33.62 LibertySirius C LSXMK ... 24 39.60
15.21 46.43 34.04 LibertySirius A LSXMA ... 24 39.77
8.68 45.40 37.21 LibertyProperty LPT 3.7 18 42.93
LLY 2.6 41 85.07
15.66 89.09 72.97 EliLilly
18.09 99.59 75.86 LincolnElectric LECO 1.7 22 90.54
17.32 78.74 61.45 LincolnNational LNC 1.7 12 77.75
23.83 34.75 24.27 LionsGate A LGF.A ... 35 33.31
27.47 33.10 22.50 LionsGate B LGF.B ... 33 31.28
58.16 46.99 26.44 LiveNationEnt LYV ...2104 42.07
18.06 3.87 3.06 LloydsBanking LYG 2.9 20 3.66
27.24 323.94 247.01 LockheedMartin LMT 2.5 26 318.03
L 0.5 17 49.66
6.04 51.02 45.01 Loews
36.86 40.82 24.16 LogitechIntl LOGI 1.9 26 33.90
LOGM 0.91037 114.10
18.18 129.51 90.35 LogMeIn
s 28.22 91.25 70.49 Lowe's
LOW 1.8 22 91.19
s 20.76 78.60 47.26 lululemon
LULU ... 39 78.48
28.21 111.47 78.01 LyondellBasell LYB 3.3 12 109.98
-0.08
-0.38
-0.57
-0.20
-0.03
0.16
-0.73
0.01
-0.94
0.11
0.30
0.18
-0.41
0.47
0.03
0.70
0.06
-0.43
0.45
0.01
-0.55
0.64
0.38
0.07
-0.02
0.65
0.19
0.16
-0.05
0.36
0.70
0.71
0.13
0.77
0.26
0.09
-0.08
2.42
-0.66
1.05
0.14
0.39
-0.56
0.22
-2.31
-0.33
0.12
0.25
0.57
-1.80
-0.25
0.71
0.61
1.05
1.40
-0.84
-0.68
-0.45
0.52
-0.40
-0.32
-0.17
-0.06
0.42
0.44
0.12
-0.54
-0.54
-0.19
-0.43
-0.39
-1.03
-0.01
0.84
-0.13
0.10
0.55
0.46
0.74
-0.30
MN
10.64 176.62 141.12 M&T Bank MTB 1.7 20 173.07
15.64 34.65 25.15 MGM Resorts MGM 1.3 33 33.34
MPLX 6.6 39 35.86
3.58 39.43 30.88 MPLX
MSCI 1.2 38 128.33
62.90 130.58 78.01 MSCI
MAC 4.5 76 65.20
-7.96 73.34 52.12 Macerich
M 5.9 11 25.67
-28.32 37.23 17.41 Macy's
-8.25 81.77 63.55 MagellanMid MMP 5.2 19 69.39
32.19 58.07 39.50 MagnaIntl MGA 1.9 10 57.37
42.95 131.99 88.39 Manpower MAN 1.5 19 127.04
17.85 21.70 16.62 ManulifeFin MFC 3.1 15 21.00
-2.37 18.29 10.55 MarathonOil MRO 1.2 dd 16.90
s 31.80 66.85 46.88 MarathonPetrol MPC 2.4 21 66.36
-0.52
-0.39
-0.45
-0.29
0.79
0.10
0.83
-0.46
-0.34
-0.11
-0.15
0.03
OPQ
-1.32 37.41 32.65 OGE Energy OGE 4.0 17 33.01
OKE 5.6 33 53.21
-7.32 59.47 47.14 ONEOK
-12.90 284.99 169.43 OReillyAuto ORLY ... 21 242.50
s 2.47 73.27 57.20 OccidentalPetrol OXY 4.2561 72.99
s 54.66 133.21 80.56 OldDomFreight ODFL 0.3 33 132.68
OMC 3.3 15 73.61
-13.51 87.43 65.32 Omnicom
ON ... 23 20.86
63.48 22.15 12.37 ON Semi
OTEX 1.6 57 32.76
6.00 35.45 30.58 OpenText
ORCL 1.6 20 47.36
23.17 53.14 38.30 Oracle
ORAN 3.4 94 17.42
15.06 17.63 14.68 Orange
50.62 134.59 85.51 OrbitalATK OA 1.0 25 132.14
IX ... 8 85.65
10.05 89.51 73.70 Orix
OSK 1.1 24 91.40
41.46 94.16 61.74 Oshkosh
76.88 91.88 50.77 OwensCorning OC 0.9 27 91.20
PCG ... 10 44.57
-26.66 71.57 41.61 PG&E
PHI 6.4 12 29.42
6.79 38.54 26.36 PLDT
PNC 2.1 18 146.12
24.93 147.28 113.66 PNC Fin
PKX ... 16 78.57
49.51 79.20 50.37 POSCO
PPG 1.5 22 116.19
22.62 119.85 93.80 PPG Ind
t -8.58 40.20 31.10 PPL
PPL 5.1 14 31.13
PTC ...1200 60.00
29.67 67.12 45.86 PTC
PVH 0.1 20 135.60
50.27 139.51 84.53 PVH
PCAR 1.4 18 71.00
11.11 75.68 61.93 Paccar
41.58 121.11 84.01 PackagingCpAm PKG 2.1 22 120.09
-7.35 57.53 43.08 PacWestBancorp PACW 4.0 17 50.44
16.87 157.65 107.31 PaloAltoNtwks PANW ... dd 146.15
-1.77 31.46 24.65 ParkHotels PK 7.5 2 29.37
s 42.32 200.24 139.49 ParkerHannifin PH 1.3 26 199.25
-16.17 37.72 22.98 ParsleyEnergy PE ...369 29.54
PAYX 2.9 29 68.27
12.14 70.39 54.20 Paychex
PYPL ... 57 73.89
87.21 79.39 39.02 PayPal
PSO 1.4 dd 9.70
-2.90 10.13 7.04 Pearson
13.28 36.30 30.32 PembinaPipeline PBA 4.8 37 35.48
PNR 2.0 31 69.73
24.36 71.76 55.76 Pentair
-2.30 19.85 15.96 People'sUtdFin PBCT 3.6 21 18.91
PEP 2.7 25 118.60
13.35 119.74 101.06 PepsiCo
40.08 74.12 50.59 PerkinElmer PKI 0.4 37 73.05
PRGO 0.7 dd 87.01
4.54 91.73 63.68 Perrigo
-4.57 81.80 60.69 PetroChina PTR 3.0 37 70.33
-1.19 11.71 7.61 PetroleoBrasil PBR ... 28 9.99
7.49 10.73 6.96 PetroleoBrasilA PBR.A ... 26 9.47
PFE 3.8 22 36.14
11.27 37.35 30.90 Pfizer
14.38 123.55 89.97 PhilipMorris PM 4.1 23 104.65
s 16.76 101.28 75.14 Phillips66
PSX 2.8 25 100.89
65.46 38.39 18.10 PilgrimPride PPC ... 12 31.42
11.51 66.67 52.49 PinnacleFoods PF 2.2 40 59.60
9.11 92.48 75.79 PinnacleWest PNW 3.3 18 85.14
-4.97 199.83 125.46 PioneerNatRscs PXD 0.0239 171.12
-34.59 33.74 18.38 PlainsAllAmPipe PAA 5.7 23 21.12
PAGP 5.5 dd 21.97
-36.65 35.86 18.98 PlainsGP
51.98 134.66 77.91 PolarisIndustries PII 1.9 40 125.22
POT 2.0 37 20.17
11.50 20.27 15.74 Potash
PX 2.0 27 153.84
31.27 156.40 115.00 Praxair
PCLN ... 25 1775.26
21.09 2067.99 1459.49 Priceline
23.16 72.23 56.12 PrincipalFin PFG 2.8 12 71.26
9.57 94.67 83.24 Procter&Gamble PG 3.0 25 92.13
58.00 57.18 35.23 Progressive PGR 1.2 23 56.09
PLD 2.8 19 63.83
20.91 67.53 48.33 Prologis
11.63 118.17 97.88 PrudentialFin PRU 2.6 12 116.16
25.66 51.08 38.17 Prudential PUK 1.6 19 50.00
16.39 53.28 41.67 PublicServiceEnt PEG 3.4 58 51.07
-7.84 232.21 192.15 PublicStorage PSA 3.9 30 205.97
81.56 34.60 18.18 PulteGroup PHM 1.1 17 33.37
QGEN ... 81 31.74
9.08 36.34 27.51 Qiagen
QRVO ... dd 67.69
28.37 81.20 52.05 Qorvo
-0.72 69.28 48.92 Qualcomm QCOM 3.5 25 64.73
s 13.08 39.70 30.23 QuantaServices PWR ... 21 39.41
7.99 112.97 90.10 QuestDiag DGX 1.8 21 99.24
0.35
0.99
1.00
0.41
3.11
-0.47
-0.04
0.05
0.08
-0.05
-0.11
0.67
0.29
-0.50
0.07
...
-0.14
0.15
0.01
-0.06
-0.05
-0.01
-0.23
0.42
-0.04
-0.46
0.32
-0.44
0.33
-0.37
-0.13
-0.02
0.15
-0.44
-0.10
0.34
-0.23
-0.17
0.26
-0.13
-0.15
-0.10
-0.13
0.81
0.04
1.32
-0.07
2.30
0.20
0.19
-0.88
0.13
-0.26
-3.53
0.02
0.46
0.29
0.82
-0.58
-0.03
0.06
2.25
-0.40
-0.25
0.21
0.34
0.01
0.09
RS
RENX 1.4 29 22.92
36.75 23.30 16.30 RELX
RELX 1.3 29 23.46
30.55 24.03 17.64 RELX
RPM 2.5 39 52.16
-3.10 56.48 47.87 RPM
-9.97 46.92 28.76 RSP Permian RSPP ... 66 40.17
12.71 103.09 66.06 RalphLauren RL 2.0105 101.80
25.82 108.29 71.42 RandgoldRscs GOLD 1.0 33 96.05
30.85 91.29 68.97 RaymondJames RJF 1.1 21 90.64
RTN 1.7 25 187.31
31.91 192.41 141.28 Raytheon
-2.84 63.60 52.85 RealtyIncome O 4.6 46 55.85
RHT ... 67 122.92
76.36 130.93 68.95 RedHat
-1.25 72.05 58.63 RegencyCtrs REG 3.1106 68.09
3.79 543.55 340.09 RegenPharm REGN ... 35 381.00
21.66 17.58 13.00 RegionsFin RF 2.1 18 17.47
RGA 1.3 13 155.07
23.24 165.12 121.92 ReinsGrp
8.52 88.58 68.46 RelianceSteel RS 2.1 17 86.32
17.32 67.18 56.17 RepublicSvcs RSG 2.1 28 66.93
RMD 1.6 34 85.11
37.16 87.81 61.22 ResMed
28.58 68.89 46.88 RestaurantBrands QSR 1.4 42 61.28
RIO 4.3 15 51.09
32.84 51.46 37.66 RioTinto
14.15 57.67 42.92 RobertHalf RHI 1.7 22 55.68
ROK 1.7 31 194.57
44.77 210.72 133.61 Rockwell
45.63 136.50 88.80 RockwellCollins COL 1.0 28 135.09
30.72 54.95 38.09 RogersComm B RCI 3.1 26 50.43
ROL 1.0 55 46.45
37.51 48.29 32.82 Rollins
41.76 267.83 182.03 RoperTech ROP 0.6 38 259.53
22.62 80.62 52.85 RossStores ROST 0.8 26 80.44
18.93 80.98 66.66 RoyalBkCanada RY 3.6 14 80.53
35.62 7.67 5.37 RoyalBkScotland RBS ... dd 7.50
47.56 133.75 81.59 RoyalCaribbean RCL 2.0 16 121.06
20.91 66.21 50.32 RoyalDutchA RDS.A 5.7 26 65.75
15.97 67.41 53.10 RoyalDutchB RDS.B 5.6 26 67.23
RYAAY ... 15 104.31
25.28 127.35 78.34 Ryanair
SAP 1.2 33 112.58
30.26 116.90 85.42 SAP
56.06 174.07 107.21 S&P Global SPGI 1.0 25 167.83
50.60 173.97 102.29 SBA Comm SBAC ...191 160.22
s 45.89 72.48 47.88 SEI Investments SEIC 0.8 31 72.01
SINA ... 59 104.26
85.86 119.20 55.79 Sina
SHI 6.3 7 58.21
7.54 64.80 50.67 SINOPEC
s 35.17 28.37 20.44 SK Telecom SKM ... 8 28.25
-6.98 115.34 93.92 SLGreenRealty SLG 3.2 97 100.04
41.40 42.50 28.43 SS&C Tech SSNC 0.7 39 40.44
SIVB ... 27 241.70
40.80 242.92 159.44 SVB Fin
224.89 173.36 44.55 SageTherap SAGE ... dd 165.89
49.91 109.19 68.23 Salesforce.com CRM ...10263 102.63
SNY 3.8 21 42.95
6.21 50.65 39.26 Sanofi
36.67 18.73 11.12 SantanderCons SC 0.7 10 18.45
SSL 3.7 14 32.42
13.40 33.46 26.92 Sasol
-19.67 87.84 61.02 Schlumberger SLB 3.0173 67.44
SCHW 0.6 33 52.08
31.95 52.52 37.16 SchwabC
7.33 103.92 81.48 ScottsMiracleGro SMG 2.1 34 102.55
19.59 88.45 64.87 ScrippsNetworks SNI 1.4 18 85.35
STX 6.0 16 42.17
10.48 50.96 30.60 Seagate
SEE 1.3 32 49.09
8.27 50.62 41.22 SealedAir
1.25 71.31 45.31 SeattleGenetics SGEN ... dd 53.43
3.41 9.14 4.49 SemicondctrMfg SMI ... 34 7.88
7.62 122.97 99.71 SempraEnergy SRE 3.0 24 108.31
31.66 53.30 38.71 SensataTech ST ... 29 51.28
31.48 38.10 27.89 ServiceCorp SCI 1.6 20 37.34
36.34 52.87 36.34 ServiceMaster SERV ... 30 51.36
73.78 131.11 73.66 ServiceNow NOW ... dd 129.19
13.66 23.44 19.76 ShawComm B SJR 4.1 29 22.80
0.06
-0.01
...
0.35
0.88
0.98
0.29
0.47
0.60
-0.21
0.39
-3.14
-0.02
-0.08
0.22
0.17
0.13
-0.73
-0.32
-0.19
0.43
0.11
...
-0.42
1.15
0.30
-0.20
-0.02
-0.69
-0.43
-0.08
-0.97
-0.30
-0.95
2.38
0.17
-0.35
0.72
0.23
0.92
0.04
0.03
10.49
-0.99
...
-0.07
0.06
-0.42
-0.20
0.12
-0.36
0.21
0.39
0.66
0.32
1.40
-0.11
-0.16
-0.46
0.22
0.05
1.56
0.19
0.08
-0.94
-0.06
2.37
0.10
0.10
-0.42
-0.45
0.23
1.31
-0.22
-0.85
0.65
0.27
-0.99
-0.25
-0.06
0.54
-0.52
0.35
-1.16
0.02
-0.73
-1.60
-0.28
-0.38
-0.02
-0.20
-0.52
-0.12
-0.40
0.43
0.04
0.08
0.92
-0.12
0.18
0.21
-0.16
0.17
0.01
-0.66
-0.40
0.13
TUV
151.46 36.16 11.23 TAL Education TAL ...123 29.40
19.15 54.24 36.12 TD Ameritrade AMTD 1.6 32 51.95
37.05 97.17 66.20 TE Connectivity TEL 1.7 20 94.95
TU 4.2 23 37.50
17.74 38.50 31.28 Telus
TX 3.2 9 31.36
29.86 33.39 22.17 Ternium
TSU ... 30 18.90
60.17 19.61 11.58 TIM Part
TJX 1.6 21 76.25
1.49 80.92 66.44 TJX
10.62 68.88 54.60 T-MobileUS TMUS ... 25 63.62
39.84 105.36 65.33 TRowePrice TROW 2.2 17 105.24
37.84 43.02 28.62 TaiwanSemi TSM 2.9 18 39.63
121.42 120.62 48.58 TakeTwoSoftware TTWO ...100 109.14
TPR 3.0 28 44.38
26.73 48.85 34.22 Tapestry
-15.84 61.83 39.59 TargaResources TRGP 7.7 dd 47.19
TGT 3.8 14 65.39
-9.47 74.48 48.56 Target
-4.54 40.34 28.96 TataMotors TTM 0.0 15 32.83
-12.33 37.09 24.53 TechnipFMC FTI 1.7 ... 31.15
26.86 26.45 14.56 TeckRscsB TECK 0.6 8 25.41
112.66 40.19 17.63 TelecomArgentina TEO 3.2 20 38.64
-1.24 10.53 7.50 TelecomItalia TI 3.0 ... 8.78
10.01 8.45 6.27 TelecomItalia A TI.A 3.8 ... 8.02
47.35 186.53 119.67 TeledyneTech TDY ... 31 181.24
TFX 0.5 46 249.44
54.79 271.23 157.80 Teleflex
11.58 16.85 13.00 TelefonicaBras VIV ... 21 14.93
5.65 11.64 9.02 Telefonica TEF 4.9 17 9.72
7.51 36.19 27.17 TelekmIndonesia TLK 2.3 18 31.35
TS 1.6125 31.66
-11.34 37.21 25.91 Tenaris
TER 0.7 20 42.79
68.46 44.62 25.24 Teradyne
TSLA ... dd 325.20
52.18 389.61 207.71 Tesla
-48.28 38.31 10.85 TevaPharm TEVA 1.8 dd 18.75
42.70 105.33 72.47 TexasInstruments TXN 2.4 24 104.13
TXT 0.1 24 56.76
16.89 57.71 43.66 Textron
34.95 201.20 139.88 ThermoFisherSci TMO 0.3 32 190.42
-0.82 48.61 42.22 ThomsonReuters TRI 3.2 30 43.42
51.75 156.86 87.96 ThorIndustries THO 1.0 19 151.83
MMM 2.0 26 234.73
31.45 244.23 173.55 3M
TIF 1.9 28 102.84
32.82 103.07 76.08 Tiffany
-4.30 103.90 85.88 TimeWarner TWX 1.7 18 92.38
TOL 0.7 15 47.29
52.55 51.08 30.45 Toll Bros
s 22.95 91.00 72.59 Torchmark TMK 0.7 19 90.69
TTC 1.2 27 65.08
16.32 73.86 55.63 Toro
16.27 58.76 45.18 TorontoDomBk TD 3.3 14 57.37
TOT 5.3 16 55.14
8.18 57.07 48.15 Total
60.72 80.51 48.65 TotalSystem TSS 0.7 35 78.80
9.49 128.44 103.62 ToyotaMotor TM ... 11 128.32
-1.75 78.25 49.87 TractorSupply TSCO 1.5 22 74.48
7.42 51.85 44.88 TransCanada TRP 4.1 31 48.50
8.71 295.00 203.72 TransDigm TDG ... 34 270.65
78.34 56.77 30.39 TransUnion TRU ... 42 55.16
TRV 2.1 16 134.39
9.78 137.95 113.76 Travelers
TRMB ... 53 40.51
34.36 43.97 28.61 Trimble
44.35 10.08 6.50 TurkcellIletism TKC 3.0 14 9.96
3.10 3.80 2.44 TurquoiseHill TRQ ... 30 3.33
25.68 35.86 24.81 21stCenturyFoxA FOXA 1.0 22 35.24
27.41 35.34 24.30 21stCenturyFoxB FOX 1.0 22 34.72
TWTR ... dd 24.46
50.06 25.56 14.12 Twitter
TYL ... 52 177.36
24.23 188.22 142.21 TylerTech
30.71 84.65 57.20 TysonFoods TSN 1.5 17 80.62
16.85 18.47 15.10 UBS Group UBS 3.3 17 18.31
UDR 3.2123 38.16
4.61 40.71 34.41 UDR
UGI 2.1 19 47.02
2.04 52.00 45.03 UGI
USFD ... 27 31.27
13.79 31.50 25.43 US Foods
-11.25 314.86 187.96 UltaBeauty ULTA ... 29 226.27
18.65 233.42 180.33 UltSoftware ULTI ...223 216.36
7.04 25.39 19.99 UltraparPart UGP 2.4 24 22.20
-46.64 31.06 11.40 UnderArmour A UAA ... 48 15.50
-45.17 27.64 10.36 UnderArmour C UA ... 43 13.80
UN ... 25 56.38
37.31 61.62 40.06 Unilever
UL 3.1 25 55.28
35.82 60.13 40.19 Unilever
29.70 135.30 101.06 UnionPacific UNP 2.0 24 134.47
-7.73 83.04 56.51 UnitedContinental UAL ... 11 67.25
40.00 2.73 1.74 UnitedMicro UMC 3.4 19 2.45
UPS 2.8 29 118.64
3.49 125.16 102.12 UPS B
s 60.53 171.32 100.62 UnitedRentals URI ... 24 169.49
6.02 56.61 49.53 US Bancorp USB 2.2 16 54.46
X 0.6 52 35.11
6.36 41.83 18.55 US Steel
16.06 127.89 106.85 UnitedTech UTX 2.2 20 127.23
37.47 231.77 156.09 UnitedHealth UNH 1.4 24 220.00
211.81 192.75 55.30 UnivDisplay OLED 0.1 86 175.55
8.16 129.74 95.26 UniversalHealthB UHS 0.3 16 115.06
24.72 57.55 43.55 UnumGroup UNM 1.7 13 54.79
VEON 2.9 4 3.82
-0.78 4.50 3.67 VEON
VER 7.0 dd 7.82
-7.57 9.12 7.44 VEREIT
VFC 2.5 31 73.87
38.46 75.25 48.05 VF
V 0.7 42 112.69
44.44 114.75 77.90 Visa
33.39 237.77 159.84 VailResorts MTN 2.0 37 215.17
VALE ... 12 11.92
56.43 12.08 7.47 Vale
48.42 22.81 8.31 ValeantPharm VRX ... 6 21.55
s 33.39 91.50 60.69 ValeroEnergy VLO 3.1 20 91.13
VNTV ... 51 74.36
24.72 76.22 58.35 Vantiv
39.50 114.09 76.29 VarianMed VAR ... 41 110.91
VEDL 11.0 21 20.02
61.19 21.63 12.36 Vedanta
37.76 68.07 40.50 VeevaSystems VEEV ... 61 56.07
VTR 5.3 36 60.14
-3.81 72.36 58.96 Ventas
VRSN ... 31 113.99
49.85 118.28 75.71 VeriSign
17.44 98.60 75.60 VeriskAnalytics VRSK ... 35 95.33
VZ 4.4 14 53.19
-0.36 54.83 42.80 Verizon
103.57 167.85 71.96 VertxPharm VRTX ...192 149.97
VIAB 2.5 7 32.23
-8.18 46.72 22.13 Viacom B
VIA 2.2 8 36.25
-5.84 49.00 28.20 Viacom A
VIPS ... 36 12.21
10.90 15.49 7.79 Vipshop
16.00 21.20 14.22 VistraEnergy VST ... 0 17.98
VMW ... 36 127.69
62.19 129.50 77.94 VMware
s 30.41 31.95 24.31 Vodafone
VOD 3.5 dd 31.86
-8.47 90.29 71.89 VornadoRealty VNO 3.1 19 77.20
30.39 52.48 33.53 VoyaFinancial VOYA 0.1 dd 51.14
-0.74 136.82 108.95 VulcanMatls VMC 0.8 43 124.23
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Net
Sym % PE Last Chg
n-
Friday, December 22, 2017
YTD 52-Week
% Chg Hi Lo Stock
YTD 52-Week
% Chg Hi Lo Stock
ly
.
How to Read the Stock Tables
0.11
-0.08
-0.59
0.16
-0.38
-0.30
-0.05
0.10
0.64
0.40
-1.32
0.11
0.94
0.17
...
0.35
0.19
-0.27
0.04
0.75
-0.07
-0.48
-0.16
-0.04
0.31
0.05
-0.19
-6.46
0.25
0.06
-0.42
-0.71
0.03
-0.51
-0.05
0.38
-0.57
-0.18
0.18
-0.29
0.17
-0.41
0.24
0.04
0.09
-0.04
-2.21
-0.05
-0.05
0.03
0.07
0.03
0.13
0.19
-0.59
-0.97
-0.54
-0.09
0.48
0.24
0.35
-2.30
-1.95
-0.18
-0.01
-0.15
0.09
0.13
0.74
-0.03
0.03
0.06
-0.98
-0.07
-0.56
-0.08
-1.69
-1.35
0.29
-0.04
0.05
0.06
-0.36
0.28
-0.46
...
-0.12
0.41
0.23
0.20
-0.06
-0.14
0.30
-0.20
-0.25
0.18
1.15
0.47
0.80
0.13
-0.18
0.52
0.08
0.07
-0.93
1.38
WXYZ
WBC ... 26 143.81
35.48 156.08 102.39 WABCO
12.05 70.09 56.05 WEC Energy WEC 3.4 22 65.72
s 26.24 141.14 97.26 WEX
WEX ... 71 140.88
16.64 72.41 57.58 W.P.Carey WPC 5.9 46 68.92
WPP 3.3 10 90.54
-18.18 119.12 82.44 WPP
WAB 0.6 30 79.63
-4.08 93.81 69.20 Wabtec
WMT 2.1 26 98.21
42.09 100.13 65.28 Wal-Mart
-12.14 88.00 63.82 WalgreensBoots WBA 2.2 19 72.71
36.16 74.20 52.24 WasteConnections WCN 0.8 54 71.34
21.15 86.82 69.00 WasteMgt WM 2.0 28 85.91
WAT ... 29 193.79
44.20 201.95 133.71 Waters
WSO 3.0 31 168.29
13.62 171.15 134.08 Watsco
W ... dd 79.53
126.90 84.19 34.30 Wayfair
WB ... 91 106.82
163.10 123.00 40.12 Weibo
45.62 213.97 133.21 WellCareHealth WCG ... 25 199.61
s 11.69 62.24 49.27 WellsFargo WFC 2.5 16 61.55
-5.27 78.17 63.26 Welltower HCN 5.5 55 63.40
17.34 103.36 77.97 WestPharmSvcs WST 0.6 40 99.54
-6.34 57.32 49.20 WestarEnergy WR 3.0 22 52.78
19.07 60.25 44.64 WestAllianceBcp WAL ... 20 58.00
18.73 95.77 67.61 WesternDigital WDC 2.5 17 80.68
-12.82 47.82 33.92 WesternGasEquity WGP 5.8 22 36.92
-18.94 67.44 42.68 WesternGasPtrs WES 7.6 36 47.63
-12.15 22.70 18.39 WesternUnion WU 3.7 41 19.08
86.91 104.96 55.83 WestlakeChem WLK 0.8 23 104.65
2.85 27.05 22.17 WestpacBanking WBK 6.0 14 24.15
25.53 64.87 49.23 WestRock WRK 2.7 23 63.73
16.12 36.92 29.81 Weyerhaeuser WY 3.7 31 34.94
14.03 23.06 17.35 WheatonPrecMet WPM 1.6 48 22.03
WHR 2.6 16 171.68
-5.55 202.99 158.80 Whirlpool
WMB 4.0 53 30.31
-2.67 32.69 26.82 Williams
1.68 42.32 34.74 WilliamsPartners WPZ 6.2 25 38.67
24.09 165.00 120.87 WillisTowers WLTW 1.4 45 151.74
WIT 0.5 33 5.50
13.64 6.40 4.50 Wipro
42.88 53.50 30.92 WooriBank WF 2.8 9 45.72
WDAY ... dd 102.32
54.82 116.89 65.79 Workday
48.72 115.22 75.36 Wyndham WYN 2.0 20 113.58
93.91 170.00 85.57 WynnResorts WYNN 1.2 46 167.75
s108.55 90.25 42.07 XPO Logistics XPO ... 75 90.01
18.55 52.22 40.04 XcelEnergy XEL 3.0 21 48.25
XRX 3.4 dd 29.58
28.61 34.13 22.89 Xerox
XLNX 2.1 29 67.92
12.51 75.14 54.99 Xilinx
XYL 1.1 39 67.58
36.47 69.88 46.67 Xylem
YPF 1.0 67 22.07
33.76 26.48 15.01 YPF
YY ... 20 114.60
190.72 123.48 37.81 YY
YNDX ... 78 31.66
57.28 35.32 20.06 Yandex
30.11 84.29 62.36 YumBrands YUM 1.5 25 82.40
56.47 43.55 25.53 YumChina YUMC ... 28 40.87
31.90 18.08 11.14 ZTO Express ZTO ... 29 15.92
9.56 37.26 29.30 ZayoGroup ZAYO ... 97 36.00
Z
16.10 51.23 32.56 Zillow C
... dd 42.34
ZG ... dd 42.10
15.50 50.91 32.63 Zillow A
16.40 133.49 101.43 ZimmerBiomet ZBH 0.8 38 120.12
19.26 52.20 38.43 ZionsBancorp ZION 1.2 19 51.33
ZTS 0.7 41 71.99
34.49 73.58 52.00 Zoetis
-0.04
0.10
0.98
0.26
0.22
-0.23
0.15
-0.54
0.38
0.12
-0.73
-0.48
0.64
-0.90
-0.12
-0.06
-0.08
-0.21
0.50
-0.39
-0.15
0.12
0.82
-0.18
0.10
0.06
-0.11
-0.27
0.02
2.07
-0.01
0.01
-0.63
-0.02
0.53
-0.57
0.21
-0.76
11.32
-0.14
-0.13
-0.45
-0.17
0.03
-1.04
0.22
-0.10
-0.22
0.04
-0.05
-0.03
-0.05
0.17
-0.13
-0.29
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 23 - 24, 2017 | B9
* * * *
NEW HIGHS AND LOWS
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session.
FedAgriMtg C AGM
FedRealtyInvPfdC FRTpC
FortressTransport FTAI
GRAVITY
GRVY
GardnerDenver GDI
Gener8Maritime GNRT
GeorgiaPwrNt77 GPJA
GoldmanSachs GS
Greenbrier
GBX
HDFC Bank
HDB
HSBC
HSBC
HamiltonLane HLNE
HeronTherap HRTX
HoeghLNG PfdA HMLPpA
HollyFrontier
HFC
Hubbell
HUBB
HudsonGlobal HSON
JBHunt
JBHT
HuntingtonBcPfD HBANO
HutchisonChina HCM
HyattHotels
H
Ignyta
RXDX
Immunomedics IMMU
InflaRx
IFRX
Infosys
INFY
JPMorganWt JPM.WS
JPMorganChase JPM
JaggedPeakEner JAG
JanusHenderson JHG
JasonIndustries JASN
KB Fin
KB
KKR
KKR
Friday, December 22, 2017
Highs
AbbottLabs
ABT
Acushnet
GOLF
AimmuneTherap AIMT
AirLease
AL
AlaskaCommSys ALSK
AllyFinancial
ALLY
AmericanFin
AFG
AmplifySnack BETR
Analogic
ALOG
AnaptysBio
ANAB
Andeavor
ANDV
ApellisPharm APLS
ApolloGlbMgmt APO
Appian
APPN
AquaAmerica WTR
AshfordHospPfdI AHTpI
AveXis
AVXS
BBVABancoFr BFR
BMC Stock
BMCH
BankofAmWtA BAC.WS.A
BankofAmerica BAC
BlueBuffaloPet BUFF
BootBarn
BOOT
BostonOmaha BOMN
57.32
...
21.28 1.4
39.68 5.5
47.91 0.8
2.91 4.0
29.50 0.3
108.64 0.3
12.15 0.9
89.50 -0.6
99.00 5.0
112.83 1.0
18.52 11.3
34.01 1.0
28.67 3.9
38.56 0.5
24.95
...
109.60 2.4
25.57 1.4
24.80 0.8
18.02 0.5
30.03 0.2
32.68 2.0
16.81 1.8
28.75 15.1
52-Wk %
Sym Hi/Lo Chg Stock
BoydGaming
BYD
BuildersFirstSrc BLDR
BurlingtonStrs BURL
CF Industries CF
CH Robinson CHRW
CNH Indl
CNHI
CONSOL Energy CEIX
CSP
CSPI
CVR Refining CVRR
CAE
CAE
CalAtlantic
CAA
CanadaGoose GOOS
CapitalOne
COF
CapitalOneWt COF.WS
CapsteadMtgPfdE CMOpE
Caterpillar
CAT
Cerecor
CERC
ChembioDiagn CEMI
CheniereEnergy LNG
Chevron
CVX
Children'sPlace PLCE
ChinaEastrnAir CEA
ChinaSoAirlines ZNH
Cintas
CTAS
ClementiaPharm CMTA
Clorox
CLX
52-Wk %
Sym Hi/Lo Chg
61.74 2.7
35.88 -1.5 Comcast DECS CCZ
CMA
21.29 1.3 Comerica
88.22 0.1
CMA.WS 59.16 0.4
29.63 0.7
42.07 1.1 CerveceriasUnid CCU
CXO 152.67 1.3
89.24 1.8 ConchoRscs
56.21 -0.8
13.56 0.4 ConocoPhillips COP
120.55 1.0 ComericaWt
36.41 6.2 ConstellAlphaCap CNACU 10.50 1.9
14.47 ... ConstBrands B STZ.B 223.70 0.3
90.71 -1.5
CR
15.05 0.3 Crane
18.50 1.5
57.32 0.5
29.78 1.4
101.43 1.0
59.25 2.7
25.65 0.4
155.80 0.7
3.73 11.8
7.80 1.3
53.56 2.6
125.65 0.1
142.15 2.9
35.71 0.3
52.88 1.8
163.45 -1.8
20.08 8.6
149.90 0.5
CymaBayTherap CBAY
DASAN Zhone DZSI
DDR PfdK
DDRpK
DaVita
DVA
Deere
DE
Diageo
DEO
DiamondbkEner FANG
DiscoverFinSvcs DFS
Dunkin'
DNKN
EPAM Systems EPAM
EPR PropPfdG EPRpG
EchoGlobalLog ECHO
Ecopetrol
EC
EmersonElec EMR
EmpireResorts NYNY
EnantaPharma ENTA
EnPro
NPO
FateTherap
FATE
9.79 4.6
9.09 5.4
25.98 -0.9
72.20 0.1
158.10 1.1
143.82 0.3
125.50 1.0
77.25 1.4
65.68 -0.3
109.07 -0.3
25.23 0.2
28.95 3.6
13.89 1.7
69.84 0.1
29.10 0.4
58.73 0.2
94.50 0.1
5.87 10.7
52-Wk %
Sym Hi/Lo Chg Stock
80.47 2.0 KeyCorp
20.58
KEY
... PRA HealthSci PRAH
20.05 0.8 Knight-Swift
KNX
44.54 1.5 ParkerHannifin PH
89.00 7.5 Kohl's
KSS
34.63 -0.7 LPL Financial
LPLA
53.98 0.4 PatrickIndustries PATK
57.90 1.2 PeabodyEnergy BTU
6.25 9.1 Lennar A
LEN
25.90 1.8 LexinFintech
LX
262.14 -0.8 Lowe's
LOW
53.20 0.6 lululemon
LULU
78.60 1.0 PlanetFitness
15.86 3.2 Presidio
19.00
... QuantaServices PWR
66.85 ... Quanterix
QTRX
30.71 1.0 RBB Bancorp RBB
39.70
38.90 -1.4 REV
REVG
7.46 1.2 RayonierAdvMatls RYAM
12.85 1.6 RedLionHotels RLH
32.02
49.53 0.6 RexfordIndPfdB REXRpB
NVR 3530.93 -0.5 SEI Investments SEIC
28.68 -0.4 NatlEnerSvsWt NESRW 0.85 6.3 SK Telecom
SKM
37.09 8.9 NatlResearch B NRCIB 58.16 0.3 Saia
SAIA
25.65
73.61
13.84 0.7 WEX
35.35 1.4 MarathonPetrol MPC
18.65 4.0 MatadorResources MTDR
26.36 0.3 MillerHerman
MLHR
50.88 0.9 MitsubishiUFJ
MTU
135.70
... MiXTelematics MIXT
2.17 7.4 Moelis
25.78
MC
114.96 1.6 NVR
... NationalVision EYE
26.85 72.7 NeenahPaper
NP
39.94 1.9 SimplyGoodFoods SMPL
93.10 -0.2
14.65 6.1 NektarTherap
NKTR
61.30 1.0
26.49 12.7 NexaResources NEXA
19.54 2.4
16.37 0.1 NomadFoods
NOMD 16.91 0.7
67.41 -0.3 NuSkinEnts
NUS
70.27 3.1
108.46 -0.4 OccidentalPetrol OXY
73.27 0.6
16.01 1.9 OconeeFederalFin OFED
30.49 -1.2
38.81 0.4 OdonateTherap ODT
24.95 6.0
2.46 6.0 OldDomFreight ODFL 133.21 2.4
58.00 0.8 OxfordIndustries OXM
75.08 0.8
21.41 0.1 PBF Energy
35.27 0.5
PBF
Amount
Yld % New/Old Frq
Payable /
Record
Company
Investar Holding
Lamb Weston Holdings
Riverview Bancorp
ISTR
LW
RVSB
0.5 .0315 /.03 Q
1.4 .1913 /.1875 Q
1.3 .03 /.0225 Q
Jan31 /Jan03
Mar02 /Feb02
Jan23 /Jan08
6.5 .1625 /.29 Q
Apr05 /Mar23
Banco Bradesco Ord ADR
Banco Bradesco Pref ADR
Bluerock Res Growth REIT
BRG
CBTX
.05
CBTX
Gold, per troy oz
Jan15 /
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
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
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
10.84
98.98
56.87
71.97
28.05
101.07
82.91
75.40
108.92
104.50
121.84
65.80
56.11
62.60
269.46
190.04
77.06
61.27
108.87
98.32
72.49
52.68
12.25
120.65
87.00
115.74
106.27
72.00
70.11
63.89
46.50
43.48
Closing Chg YTD
Symbol Price (%) (%)
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
1.21 –14.0
–0.19 21.6
0.16 10.0
0.21 –4.4
–0.28 20.6
0.10 16.7
–0.32 20.3
0.03 21.2
0.7
0.01
–0.01 –0.4
0.02 –0.5
0.26 22.7
0.81 32.2
0.38 24.0
–0.03 19.8
–0.02 14.9
–0.26 12.1
–0.03 19.5
0.7
0.05
0.24 11.0
0.19 18.4
0.04 16.5
0.57 10.6
3.0
0.07
0.5
0.09
5.0
0.33
0.03 –0.1
0.11 21.7
0.26 21.4
0.38 28.2
0.85 32.8
–0.06 25.7
Closing Chg YTD
Symbol Price (%) (%)
ETF
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
DIA
MDY
SPY
60.01
106.94
110.01
135.15
148.95
124.46
187.33
153.19
126.44
158.54
208.18
89.03
216.44
153.34
114.36
38.11
113.18
83.79
105.04
124.77
120.75
101.67
157.37
47.46
22.99
36.63
120.94
33.91
64.68
63.93
247.40
345.94
267.51
0.47
0.13
0.04
–0.05
–0.03
0.02
–0.14
–0.18
–0.30
–0.04
0.15
0.20
–0.08
–0.09
0.03
–0.21
0.06
–0.04
0.04
0.14
0.09
–0.01
–0.11
0.02
0.09
0.19
0.52
0.30
...
...
–0.10
0.00
–0.03
22.8
20.9
1.7
28.8
19.7
11.1
21.7
13.6
6.3
19.2
16.4
10.7
18.8
25.9
12.8
2.4
0.0
–0.8
0.2
4.7
24.0
0.3
32.8
14.1
–1.6
0.5
10.3
22.5
19.4
20.0
25.3
14.7
19.7
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFinls
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
SDY
XLK
XLU
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VFH
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
94.15
64.54
52.45
22.89
166.34
132.93
160.96
101.90
44.59
45.43
58.81
70.48
54.37
141.14
154.58
85.69
83.72
87.20
122.89
154.72
111.62
81.83
247.01
79.13
79.34
147.91
81.37
54.99
56.47
137.52
74.10
106.44
64.74
60.08
31.91
0.15
–0.06
0.15
1.15
–0.12
–0.05
0.02
0.01
0.25
0.82
0.10
–0.23
0.30
–0.07
–0.28
0.05
0.05
0.01
–0.06
0.10
0.14
0.69
–0.02
0.03
–0.03
–0.01
0.05
0.02
0.30
–0.04
0.18
–0.01
0.05
0.55
0.22
10.0
33.5
8.0
9.4
36.9
9.9
20.9
19.6
22.0
27.0
22.7
18.8
23.1
26.6
21.9
13.1
0.8
1.8
20.0
17.5
14.8
–0.8
20.3
–0.4
–0.0
14.7
0.7
1.3
23.1
19.3
21.5
14.4
12.8
21.3
13.7
Contract
High hilo
Low
Open
Settle
Chg
Open
interest
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Metal & Petroleum Futures
Open
interest
1,060
153,750
260
332,691
35,022
37,228
12,111
25,512
23
34,383
1,431
3
63,496
14.77
14.61
March
May
26.90
26.96
March
May
77.35
77.90
Jan
March
137.95
136.45
14.80
14.65
14.47
14.38
496,545
364,653
163,807
127,658
252,616
252,606
42,089
134,067
38,101
134,826
43,921
377,152
287,580
164,263
128,078
80,320
March
July
350.75
367.00
352.50
369.00
350.50
366.75
352.00
368.75
March
May
244.25
250.00
244.75
250.00
241.75
247.50
242.50
248.25
Jan
March
948.00
958.50
952.00
962.75
946.50
957.25
949.50
960.25
.75 111,431
1.25 316,560
Jan
March
314.30
318.00
315.30
319.50
312.70
316.60
312.80
316.70
–1.40 40,103
–1.40 173,362
Jan
March
32.65
32.79
32.86
33.03
32.52
32.68
32.74
32.94
.07 39,570
.11 206,636
Soybeans (CBT)-5,000 bu.; cents per bu.
Soybean Meal (CBT)-100 tons; $ per ton.
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
.75 852,862
1.00 240,226
–1.50
–1.75
1190.50
1218.50
1199.50
1228.50
1184.00
1212.00
1195.00
1223.00
March
May
426.75
439.00
429.00
441.00
424.25
436.75
424.75
437.50
–2.25 305,049
–1.50 86,526
March
May
424.50
437.25
426.00
439.50
421.25
434.75
422.25
435.75
–2.00 195,519
–1.50 55,716
March
May
617.00
625.50
622.25
630.00
611.00
619.25
611.75
620.00
–5.25
–5.25
Wheat (CBT)-5,000 bu.; cents per bu.
Wheat (KC)-5,000 bu.; cents per bu.
Wheat (MPLS)-5,000 bu.; cents per bu.
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
–4.50
–5.00
4,644
1,492
Jan
March
3,235
6,518
40,363
12,881
Jan
March
143.200
140.425
143.425
141.000
141.075
138.300
141.550 –1.375
138.550 –1.850
Dec
Feb'18
119.800
119.850
120.200
120.300
119.000
118.250
119.825
.200
2,450
118.575 –1.100 121,280
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
68.900
73.225
70.125
74.875
68.425
72.950
...
10.12 -1.4
1.32 -4.3
1.10 11.4
43.22 -0.4
57.86 -0.1
15.07 1.0
53.72 -0.2
OPGN
0.16 0.6
8.10 -1.4 PHH
PHH
10.25 -8.0
28.88 0.3 PPL
PPL
31.10 -0.2
SCE Tr VI 5% Pfd L SCEpL
Scana
SCG
scPharm
SCPH
SonicFoundry SOFO
SoJerseyInd
SJI
SoCA Ed pfD SCEpD
SparkEnergy
SPKE
StellarBiotech SBOT
TDH
PETZ
TiVo
TIVO
UnicoAmerican UNAM
VantageEnerAcqnUn VEACU
XL Group
XL
ZaiLab
ZLAB
3.18 -3.9
23.55 -2.5
37.10 4.3
11.75 9.8
2.05 4.4
30.75 0.6
22.40 -2.2
11.05 -4.7
0.75 -3.6
5.10 -17.7
14.05 -1.4
8.73 -2.6
9.97 1.7
34.92 0.3
20.67 -1.7
Silver, troy oz.
0.9663
1.0623
2.610
2.610
3.770
2.350
2.470
2.030
2.490
59.850
12.100
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
Friday
1342.74
Grains and Feeds
16.2700
19.5240
16.4150
20.5190
£12.0800
16.1750
12274
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
LBMA Platinum Price PM
*917.0
Platinum,Engelhard industrial
930.0
Platinum,Engelhard fabricated
1030.0
Palladium,Engelhard industrial
1045.0
Palladium,Engelhard fabricated
1145.0
Aluminum, LME, $ per metric ton
*2108.5
Copper,Comex spot
3.2145
Iron Ore, 62% Fe CFR China-s
74.4
Shredded Scrap, US Midwest-s,w
307
Steel, HRC USA, FOB Midwest Mill-s
646
Fibers and Textiles
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
Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
don’t always represent actual transactions.
Inflation
Nov. index
level
Week
Latest ago
Chg From (%)
Oct. '17 Nov. '16
0.002
–0.06
246.669
253.492
All items
Core
0.00
0.50
0.00
0.50
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 December 14, 2017.
Other prime rates aren’t directly comparable;
lending practices vary widely by location.
Complete Money Rates table appears Monday
through Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
0.00
0.50
183.97
168.50
0.8742
2.1800
141.00
149.25
66.50
2112
1.2255
1.4230
1.6750
15.15
0.61
60.68
n.a.
0.8176
n.a.
167.75
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
3.565 3.450 3.865 3.253
3.597 3.469 3.899 3.281
30 days
60 days
Policy Rates
0.00
0.50
0.25
1.50
30-year mortgage yields
52-Week
High
Low
4.50 4.50 4.50 3.75
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Euro zone
Switzerland
0.50
1.50
Fannie Mae
Prime rates
U.S.
Canada
Japan
—52-WEEK—
High Low
Secondary market
2.2
1.7
International rates
Week
Latest ago
0.50
1.50
0.50
1.50
Britain
Australia
U.S. consumer price index
4.85
113
3.2200
98.8
482.4
233
88
228
2.7000
385.00
25.00
8.0725
308.40
9.1450
7.2925
4.2900
4.0525
5.2050
Food
0.6200
0.7712
*86.50
64.500
n.a.
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
Borrowing Benchmarks | WSJ.com/bonds
December 22, 2017
Money Rates
33.4400
0.2300
n.a.
0.3184
0.2650
0.3000
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 12/21
Source: WSJ Market Data Group
26.94
27.04
–.04
–.14
3,509
2,185
1.750
2.250
77.87
78.04
–.07 172,505
.08 49,921
2.750
Australia 2
2.750
10
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
26.90
27.18
26.90
26.94
Cotton (ICE-US)-50,000 lbs.; cents per lb.
78.07 s
78.13
77.00
77.09
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
138.05
137.05
134.35
134.80
135.25
135.90
–1.80
–.55
1,177
6,396
March
June
123-150 123-175
123-040 123-050
150-280
149-270
151-000
149-300
–6.0 752,910
–6.0
10
123-150
123-030
–1.5 3,253,094
–2.0
718
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
123-140
123-040
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
116-052 116-060
116-042 116-045
–1.2 23,155
March'18 115-292 115-305
115-277 115-285
–1.2 3,065,989
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-070 107-070
107-067 107-065
–.7 10,583
March'18 107-007 107-015
106-317 107-000
–.7 1,755,943
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec
98.703
98.703
98.700
98.703
… 103,939
Jan'18
98.590
98.595
t 98.590
98.595
… 279,445
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March
97.609
97.656
97.547
97.625
.016 24,442
1 Month Libor (CME)-$3,000,000; pts of 100%
Jan
98.4525 98.4625
t 98.4525 98.4625 .0075
7,681
Feb
98.4600 98.4650
98.4600 98.4650
…
2,760
Eurodollar (CME)-$1,000,000; pts of 100%
Jan
98.3175 98.3250
98.3100 98.3225 .0075 230,534
March
98.2100 98.2150
98.2050 98.2050
… 1,412,131
June
98.0550 98.0550
t 98.0350 98.0400 –.0100 1,312,287
Dec
97.8400 97.8450
97.8200 97.8200 –.0150 1,458,430
69.975
74.775
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
445.10
450.60
445.10
450.60
Jan
March
440.00
444.60
439.40
442.80
Milk (CME)-200,000 lbs., cents per lb.
15.42
15.45
15.42
15.43
Dec
Jan'18
13.97
14.05
13.92
14.02
Cocoa (ICE-US)-10 metric tons; $ per ton.
1,886
1,894
t
1,804
1,809
March
May
1,890
1,893
t
1,812
1,815
Coffee (ICE-US)-37,500 lbs.; cents per lb.
122.45
122.50
119.50
120.40
March
May
125.40
125.40
121.85
122.70
Currency Futures
12,314
22,925
Jan
March
.8849
.8871
Jan
March
.7857
.7864
Jan
March
1.3395
1.3437
.8854
.8881
.7877
.7889
.7824
.7828
.0010
2,311
.0011 230,870
.7860 –.0002
1,167
.7866 –.0003 113,428
British Pound (CME)-£62,500; $ per £
1.3420
1.3451
1.3394
1.3398
Swiss Franc (CME)-CHF 125,000; $ per CHF
March
1.0191
Jan
Feb
March
April
June
.7703
.7707
.7700
.7707
.7708
March
June
.05064
.04943
Jan
March
1.1860
1.1944
1.0202
1.0165
1.3405 –.0003
2,565
1.3432 –.0003 182,229
1.0178 –.0016
80,513
Australian Dollar (CME)-AUD 100,000; $ per AUD
.7721
.7717
.7720
.7714 s
.7717
.7703
.7706
.7699
.7707
.7706
.7715
.7714
.7713
.7712
.7712
.0009
1,341
.0009
530
.0009 102,972
.0009
28
.0009
305
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05070
.04985
Euro (CME)-€125,000; $ per €
t
1.1896
1.1945
24793
24820
March
June
2689.50
...
March
June
2686.75
2688.75
2,061
3,476
March
June
6489.8
6510.0
3,775
3,638
March
June
1552.10
1546.70
–98 141,545
–93 48,438
March
1487.40
March
June
93.00
92.65
1.196
2.553
2.001 s
2.720 s
l
1.975
1.784
1.894
10.2
7.7
69.8
l
2.674
2.535
2.844
23.4
19.0
29.1
France 2 -0.505 s
10 0.738 t
l
-0.507
-0.575
l
0.740
0.669
Germany 2 -0.640 s
10 0.419 t
l
-0.649
-0.696
l
0.420
0.352
Italy 2 -0.209 s
10 1.914 s
l
-0.214
-0.311
l
1.908
1.766
1.851
-57.3
-57.7
-70.2
Japan 2 -0.146 s
10 0.049 t
l
-0.147
-0.192
-0.182
-204.5
-204.5
-137.9
l
0.059
0.025
Spain 2 -0.351 s
10 1.469 s
l
-0.384
-0.362
-0.252
l
1.468
1.459
1.402
0.451 t
1.246 t
l
0.469
0.470
0.073
l
1.265
1.279
1.231
1.750
U.K. 2
4.250
10
-240.5
-188.7
-174.5
-182.2
-0.790 -253.9
0.262 -206.8
-254.7
-198.7
-206.5
-229.1
-0.145
-211.2
-134.1
-0.691 -240.4
0.730
-174.9
2691.50 s
2693.50 s
2682.25
2684.25
1911.90
1903.30
24766
24780
–12 144,300
–15
191
2686.10
2687.90
–1.70
–1.60
48,748
561
2686.00
2688.00
–1.75 3,007,612
–1.50 19,550
Mini Nasdaq 100 (CME)-$20 x index
6467.5
6487.5
Mini Russell 2000 (ICE-US)-$100 x index
1543.10
1545.90
Mini Russell 1000 (ICE-US)-$100 x index
1485.50
U.S. Dollar Index (ICE-US)-$1,000 x index
92.87
92.65
1909.00
6483.8
6501.8
.20
92,062
–8.5 283,648
–8.8
584
1544.40
1545.90
–6.00
–6.00
23,338
18
1488.40
–.40
89
92.92
92.60
.06
.06
41,954
1,002
Source: SIX Financial Information
-210.8
0.052 -243.7
-225.0
-101.8
-144.8
-124.1
-242.6
-250.1
-228.2
-144.8
-101.6
-115.0
-143.0
-112.3
-122.0
-132.2
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Morgan Stanley
JPMorgan Chase
Time Warner
Wal–Mart Stores
MS
Costco Wholesale
Citigroup
Chevron
Mizuho Financial
COST
JPM
TWX
WMT
C
CVX
MIZUHO
Maturity
Current
Spread*, in basis points
One-day change
2.650
7.900
4.900
2.550
Jan. 27, ’20
April 30, ’49
June 15, ’42
April 11, ’23
22 –26
18
–22
165 –15
18 –11
2.250
4.125
2.419
2.953
Feb. 15, ’22
July 25, ’28
Nov. 17, ’20
Feb. 28, ’22
17
129
20
67
–7
–5
–5
–5
Last week
Stock Performance
Close ($)
% chg
46
n.a.
184
28
52.72
107.45
92.38
98.21
–0.30
–0.35
–0.61
0.15
24
136
25
73
186.63
75.49
124.98
...
–0.09
–0.44
0.13
...
18.75
44.57
146.12
61.55
1.35
0.16
–0.10
–0.10
152.50
...
80.62
53.19
0.66
...
–0.67
0.34
…And spreads that widened the most
Teva Pharmaceutical Finance Netherlands Iii
Pacific Gas And Electric
PNC Financial Services
Wells Fargo
TEVA
International Business Machines
Transcanada Trust
Tyson Foods
Verizon Communications
IBM
PCG
PNC
WFC
TRPCN
TSN
VZ
3.150
3.950
5.000
2.550
Oct. 1, ’26
Dec. 1, ’47
Nov. 1, ’26
Dec. 7, ’20
326
124
169
44
6
6
324
114
181
51
2.250 Feb. 19, ’21
5.300 March 15, ’77
3.950 Aug. 15, ’24
2.625 Aug. 15, ’26
15
203
64
101
5
5
5
5
14
210
61
107
CPN
2682.70
2687.50
93.08
92.77
1.731
2.319
Calpine
Goodyear Tire & Rubber
AMC Networks
Embarq
2690.60 s
2690.50 s
1487.80
1.898
2.485
Symbol
24729
24747
1553.80
1546.70
1.450
l
Issuer
24843 s
24856 s
6501.8
6520.0 s
0.100
2.750
l
High-yield issues with the biggest price increases…
Mini S&P Midcap 400 (CME)-$100 x index
10.00
6.90
0.100
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
U.S. 2 1.899 s
10 2.487 s
1.1884 –.0020
7,801
1.1928 –.0020 460,522
Mini S&P 500 (CME)-$50 x index
1908.20
2.050
Year ago
1.1858
1.1893
S&P 500 Index (CME)-$250 x index
March
0.050
Month ago
.05003 –.00061 183,189
.04922 –.00061
18
Mini DJ Industrial Average (CBT)-$5 x index
March
June
0.750
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
.04989
.04914
Index Futures
87,252
59,942
–1.85 128,208
–1.85 47,418
.8839
.8865
Canadian Dollar (CME)-CAD 100,000; $ per CAD
1.400
1.700
–.01
.05
.8856
.8883
0.000
0.500
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
151-000 151-070
149-300 149-300
Country/
Coupon (%) Maturity, in years
0.000
Interest Rate Futures
March
June
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
–.17 398,513
–.07 159,668
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Agriculture Futures
Feb
April
5.81
3.75 1.3
4.29 -6.9
Friday
1273.81
1369.35
1268.05
1407.53
*1265.85
*1264.55
1329.95
1342.74
1342.74
1549.85
1256.48
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
14.60
14.54
n-
240
160,308
March
May
no
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
3.1885
3.2185
3.1845
3.2145 0.0200
Dec
March'18 3.2145 3.2500
3.1955
3.2385 0.0190
Gold (CMX)-100 troy oz.; $ per troy oz.
1266.30 1276.30
1266.30 1275.40
8.10
Dec
Feb'18
1270.30 1280.40
1268.40 1278.80
8.20
April
1275.30 1285.00
1273.40 1283.40
8.10
June
1279.50 1289.40
1278.20 1288.00
8.20
Aug
1291.50 1292.50
1291.40 1292.50
8.30
Dec
1294.50 1302.80
1293.90 1301.50
8.30
Palladium (NYM) - 50 troy oz.; $ per troy oz.
1045.10 1050.20 s
1045.10 1044.85
1.85
Dec
March'18 1030.85 1034.45 s 1021.60 1029.55 –0.10
June
1025.30 1025.60 s
1018.10 1022.30 –0.60
Platinum (NYM)-50 troy oz.; $ per troy oz.
...
...
...
922.10
3.30
Dec
April'18
919.70
926.50
913.60
925.70
4.20
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.140
16.320
16.140
16.357 0.205
Dec
March'18 16.180 16.485
16.165
16.444 0.205
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
58.21
58.50
57.87
58.47
0.11
Feb
March
58.22
58.57
57.93
58.54
0.14
April
58.22
58.58
57.92
58.54
0.15
May
58.15
58.50 s
57.86
58.48
0.18
June
58.00
58.37 s
57.69
58.34
0.21
Dec
56.24
56.72
56.03
56.70
0.32
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.9496
1.9705
1.9382
1.9694 .0192
Jan
Feb
1.9512
1.9730
1.9406
1.9719 .0191
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.7449
1.7635
1.7320
1.7623 .0147
Jan
Feb
1.7507
1.7681
1.7390
1.7668 .0113
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.620
2.682
2.583
2.667
.069
Jan
Feb
2.612
2.676
2.583
2.658
.066
March
2.578
2.638
2.553
2.622
.063
April
2.522
2.567
2.503
2.560
.050
May
2.542
2.579
2.526
2.572
.044
Oct
2.638
2.672
2.624
2.668
.037
Oats (CBT)-5,000 bu.; cents per bu.
1.90 -6.7
Global Government Bonds: Mapping Yields
Futures Contracts
Corn (CBT)-5,000 bu.; cents per bu.
10.27 1.8
4.81 -2.7 OpGen
Austria phil-e
Jan29 /Jan05
Q
3.33 -0.9 RealNetworks RNWK
26.04 -0.2 RestorationRob HAIR
86.53 -0.8 RevolutionLight RVLT
3.14 -5.5
Friday
Energy
.28
PCG
PAVM
Friday, December 22, 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.
0.7
PG&E
PCGpC 23.20 0.6
34.44 0.3 PennyMacMtgInvPfdA PMTpA 24.28 -0.3
0.15 -16.2
14.51 -0.4 RandLogistics RLOG
1.20 -3.0 NovelionTherap NVLN
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ETF
141.14 0.7 CorpOfficeProp OFC
WEX
Metals
Largest 100 exchange-traded funds, latest session
ETF
VRS
DIT
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Friday, December 22, 2017
Closing Chg YTD
Symbol Price (%) (%)
Lows
16.38 -0.2 ChinaJoJoDrug CJJD
CWBR
28.37 0.8 ViperEnergyPtrs VNOM 22.97 1.7 Cohbar
VLRS
70.90 2.2 Vodafone
31.95 0.3 Volaris
VOD
72.48 0.2 Verso
Feb12 /Jan04
Feb12 /Jan04
Payable /
Record
Suspended
Jan15 /Jan02
9.95
.00522
.00574
Amcon Distributing
Initial
20.31
29.4
29.4
Amount
Yld % New/Old Frq
EDR
Cash Prices | WSJ.com/commodities
Special
Reduced
27.50
BBDO
BBD
Symbol
Foreign
Increased
21.31
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
Dividend announcements from December 22.
Symbol
DNLI
52-Wk %
Sym Hi/Lo Chg
0.75 -2.6 PacGE pfC
15.75 -4.1 PAVmed
CRIS
STO
EFC
46.80 1.4 WillScotWt
WSCWW 1.42 ... Evogene
EVGN
8.86 0.9 WisdomTreeInvs WETF 12.68 1.4 FirstRepublicPfE FRCpE
64.15 2.1 XPO Logistics XPO
90.25 14.4 FirstRepBank FRC
12.25 6.6
FrontierCommPfA FTRPR
... TexasRoadhouse TXRH 55.99 -1.7
Funko
FNKO
0.9 Torchmark
91.00 0.2
TMK
IDT
0.51 -0.8 IDT
Aemetis
AMTX
... Tucows
68.78 3.9
TCX
ICON
8.95 -5.9 IconixBrand
6.7 UnitedRentals URI
171.32 -0.6 AileronTherap ALRN
IPWR
0.12 -4.5 IdealPower
-0.1 USBrentOilFd BNO
17.60 0.5 AkersBiosciences AKER
0.20 -1.0 LTC Properties LTC
AVGR
2.5 USDieselHeatingOil UHN
18.50 1.0 Avinger
NGG
BOJA 11.45 -5.7 NationalGrid
-0.3 UsanaHealth
USNA 75.35 1.4 Bojangles'
... ValeroEnergy VLO
91.50 0.5 CBL AssocPfdD CBLpD 21.86 -0.2 NaturalHlthTrends NHTC
NorwegCruise
NCLH
0.10
9.4
CamberEnergy
CEI
1.6 VarexImaging VREX 41.25 1.3
34.84
51.73 0.4 MVC CapNts22 MVCD
52-Wk %
Sym Hi/Lo Chg Stock
SPR
38.54 1.2 StevenMadden SHOO
64.24 0.4 PerformanceFood PFGC 32.50 0.5 SumitomoMits SMFG
16.00 32.7 Phillips66
PSX 101.28 0.8 SunHydraulics SNHY
91.25 0.5 PiperJaffray
85.23 1.7 SunCokeEnergy SXC
PJC
PSDO
LXFR
52-Wk %
Sym Hi/Lo Chg Stock
26.25 -1.2 WellsFargo
62.24 -0.1 Curis
WFC
86.77 0.4 WernerEnterprises WERN 39.85 1.7 DenaliTherap
21.11 -0.1 WildHorseResource WRD
18.39 0.2 EducationRealty
69.72 0.2 SterlingBncpPfdA STLpA 26.64 0.8 WillScot
12.95 ... EllingtonFin
WSC
... SpiritAeroSys
200.24 -0.2 Statoil
PLNT
101.26 0.7 Luxfer
52-Wk %
Sym Hi/Lo Chg Stock
92.00 0.5 SouthernNt2016A SOJB
25.33 0.5 KimcoRealtyPfdM KIMpM 24.85 0.1 PSBusParksPfdY PSBpY 25.05
Dividend Changes
Company
52-Wk %
Sym Hi/Lo Chg Stock
ly
.
52-Wk %
Sym Hi/Lo Chg Stock
Stock
52-Wk %
Sym Hi/Lo Chg Stock
Stock
|WSJ.com/newhighs
GT
AMCX
EQ
HARCLA
Harland Clarke Holdings
Clear Channel Worldwide Holdings CCO
ENDP
Endo Finance
Coupon (%)
Maturity
17
12
Bond Price as % of face value
Current
One-day change
5.375 Jan. 15, ’23
4.875 March 15, ’27
4.750
Aug. 1, ’25
7.995
June 1, ’36
97.500
102.750
99.500
97.500
9.250 March 1, ’21
6.500 Nov. 15, ’22
5.375 Jan. 15, ’23
101.875
102.125
78.375
1.03
0.55
0.50
0.50
0.50
0.38
0.38
Last week
Stock Performance
Close ($)
% chg
98.125
102.595
98.708
98.250
15.10
32.85
56.22
...
...
0.86
–1.66
...
99.810
n.a.
77.750
...
4.55
7.81
...
–6.19
–2.38
87.000
107.750
69.250
85.000
17.24
67.25
6.98
5.33
–1.32
–0.04
–1.83
0.76
100.000
90.250
101.325
101.869
5.64
4.04
...
13.35
0.36
1.00
...
1.75
…And with the biggest price decreases
CenturyLink
United Continental Holdings
Frontier Communications
Sanchez Energy
CTL
Sprint Communications
CHS/Community Health Systems
Valeant Pharmaceuticals International
Navient
S
UAL
FTR
SN
CYH
VRXCN
NAVI
7.600 Sept. 15, ’39
6.000
Dec. 1, ’20
7.125 Jan. 15, ’23
6.125 Jan. 15, ’23
87.000 –2.08
107.000
67.250
83.750
6.000
5.125
5.500
4.875
99.875
90.155
102.000
101.250
Nov. 15, ’22
Aug. 1, ’21
Nov. 1, ’25
June 17, ’19
–0.88
–0.75
–0.75
–0.66
–0.60
–0.60
–0.50
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Saturday/Sunday, December 23 - 24, 2017
* ***
THE WALL STREET JOURNAL.
MONEY & INVESTING
What’s in a Name? $35 Million in 2 Days
A beverage company
changes its name to
Long Blockchain and,
boom, its value soars
Long Island Iced Tea wants to invest in opportunities that use the technology that underpins digital currencies like bitcoin.
pivoting from whatever they
are doing toward cryptocurrencies and the related technology. In many cases, these
announcements prompted a
sudden increase in the stock
price.
Others getting into the area
include a former electronic
cigarette company, a biotech
firm, and an entity formed this
summer through a reverse
merger with a sports-bra
maker.
“I’ve had several people
reaching out to me regarding
my first child being born next
month telling me I should
change his middle name to Bitcoin,” said John O’Rourke,
chief executive at Riot Blockchain Inc.
Mr. O’Rourke’s firm used to
be called Bioptix Inc. before
becoming a blockchain company. Its share price has risen
203% since the name change in
October.
“I’ve learned how to build
our own high-powered computers that mine cryptocurrency,” said Alham Benyameen,
chairman of Nodechain Inc.,
formerly Vapetek Inc.
The company said Wednesday that it was getting out of
the vape business and would
instead mine cryptocurrency.
It plans to profit from the mining operation as well as the
appreciation in the value of
the currency, said Mr. Benyameen. The stock rose 190%
this week.
“We are mining Ethereum
as we speak,” Mr. Benyameen
said Thursday, referring to another cryptocurrency.
It isn’t always clear why so
many traders are jumping on
these recently converted
crypto or blockchain plays.
The sudden boost to share
prices, observers say, seems to
reflect partly a bet that these
stocks will rise enough in the
short term that someone else
will come along and pick them
up at a higher price.
Investors say the glut of
companies changing their missions reminds them of past instances of market enthusiasm,
such as the period before the
tech bubble collapsed around
the turn of the century when
every company wanted dotcom in their name.
sold all his holdings of the
currency.
Digital currencies exploded
into the mainstream this year,
garnering attention for huge
price gains as well as significant swings and drawing
scores of investors around the
world. The market’s price
moves contrast with how most
traditional asset classes have
fared this year, such as stocks
and bonds, in which volatility
has been relatively low.
At one point, bitcoin had
fallen more than 30% over the
past four days, its fifth such
decline of that magnitude this
year, said Charlie Bilello, director of research at Pension
Partners, an investment-advisory firm in New York. In the
prior four instances, it took
bitcoin an average of 38 days
to hit a fresh high. It later
pared losses on Friday but was
still down more than 20% over
that span.
Bitcoin trading volumes in
recent months have been
driven to a large extent by investors in South Korea, Japan
and other parts of Asia, where
digital currencies have gained
greater recognition.
Rising interest from institutional investors and Wall
Street firms has also helped
legitimize the currency and
contributed to bitcoin’s big
gains.
Bitcoin futures prices on
Cboe Global Markets Inc. and
CME Group Inc., both of
which started trading the contracts this month, were both
more than 10% lower on Friday. They were recently pricing in a lower value for the
digital currency in the first
quarter of 2018 than its current value, a state known in
futures markets as backwardation and a potentially bearish
sign.
A popular alternative currency called Bitcoin Cash has
fallen 40% over the past 24
hours, according to CoinMarketCap. The bitcoin offshoot
climbed in value earlier in the
week after Coinbase said its
users would be able to trade
the currency on its systems.
The explosive growth in
cryptocurrencies has drawn
plenty of skeptics, including
central banks, government officials and top bankers.
ly
.
“We clearly stated in our
announcement that we are
pursuing this pivot in a
thoughtful and deliberate manner,” Mr. Thomas said.
Last month, the company
filed with securities regulators
a plan to sell more shares to
the public. The filing made no
mention of its intentions to
transform into a blockchain
business. Long Blockchain
withdrew that filing on Thursday “in conjunction with the
shift in business strategy,” Mr.
Thomas said. The company
said in a Friday disclosure that
it had obtained a one-year loan
of up to $4 million with an interest rate of 12.5% annually,
payable in cash or common
stock.
Employees in neighboring
offices in Farmingdale, including one for another beverage
maker, Red Bull, gave the news
a shrug. A handful said they
either hadn’t heard of Long Island Iced Tea or didn’t know
anything about the firm beyond the fact that it distributes its namesake drinks. The
office’s few employees had
only arrived in August.
“I never really interact with
them,” said Akeem Lewin, a
25-year-old who works in delivery and sales at a Red Bull
distributor.
The ice tea company is the
buzziest in an expanding roster of firms that say they are
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
FARMINGDALE, N.Y.—Long
Island Iced Tea Corp., was
founded in 2011 as a maker of
such drinks as peach and
lemon ice tea. On Wednesday,
it was valued at $24 million on
the Nasdaq Stock Market.
On Thursday, the company
officially became a different
company, changing its name to
Long Blockchain Corp.
Not much has changed on
the ground. According to its
website, the company is still
located in the same drab lowrise office building in the middle of Long Island. The address
listed has no doorbell or clear
method to communicate with
the 21 employees who work
there. Inside is a 10,000square-foot supply warehouse
used for distribution of its
nonalcoholic beverages, which
include several more ice tea
flavors and flavored lemonade
drinks.
“If you traveled to our beverage facility looking for evidence of a blockchain company, clearly you were not
going to find one,” said Phil
Thomas, the company’s chief
executive.
Long Blockchain isn’t giving
up on the tea business, company officials said. It did $1.6
million in sales in the July-toSeptember period and hasn’t
posted a profit since June
2012, according to FactSet. Its
share price had fallen by about
half this year through mid-December.
Only now, it will be a blockchain company with a tea subsidiary, it said in a news release
Thursday.
Long
Blockchain wants to explore
and invest in opportunities
that use the technology that
underpins bitcoin and other
digital currencies, the company said.
Before the stock market
opened Thursday, the stock
shot up as much as 531% in
premarket trading as legions
of speculators piled in. Many
investors in recent weeks have
been eager to buy anything associated with bitcoin or blockchain. The stock closed the day
up 183%, at $6.91. On Friday,
the stock dropped 13%, to
close at $6.01, valuing Long
Blockchain at $58.6 million,
nearly $35 million more than
Wednesday.
AMRITH RAMKUMAR/THE WALL STREET JOURNAL
BY AMRITH RAMKUMAR
AND BEN EISEN
BITCOIN
Continued from page B1
“There’s been a lot of talk
about how bitcoin is in a bubble,” he said, adding that he
had been worried about how
sharply bitcoin had rallied recently. “If I keep holding this,
how long is it going to keep
going up in value, and if it
starts crashing, am I going to
have enough time to get out of
it?”
Ether, the second-biggest
digital currency by market
value, dropped 26% over the
past 24 hours. Another currency called litecoin was down
32%. Its creator, Charlie Lee,
said earlier this week that he
BofA Will Dole Out Tax-Related Bonuses
erty or operations outside the
country. Following the bill’s
passage, a number of companies announced plans to share
that windfall, at least in part,
with employees.
AT&T Inc. and Comcast
Corp. said they would pay a
$1,000 bonus to most of their
U.S. workers, more than
300,000 people combined.
Other banks have also announced pay increases since
the tax bill passed Congress.
Wells Fargo & Co., PNC Financial Services Group Inc., BB&T
Corp. and Fifth Third Bancorp
said they would raise their
minimum wage to $15 an hour.
no
Bank of America Corp. is
giving $1,000 bonuses tied to
the tax-overhaul bill to more
than half of its employees,
making the bank the latest
company to announce such a
perk since the legislation
passed this week.
By the end of the year, the
Charlotte, N.C.-based bank
plans to give the one-time bonuses to employees who earn
up to $150,000 a year in total
compensation, according to an
internal memo from Chief Executive Brian Moynihan reviewed by The Wall Street
Journal. About 145,000 employees will get the perk, the
memo said. The bank employs
210,000 people.
The tax legislation, signed
by President Donald Trump on
Friday, includes a large cut in
the corporate tax rate, which is
expected to significantly boost
profits, especially for banks.
Telecoms and banks are among
those expected to get a huge
boost from the overhaul because most of their operations
are domestic and they pay
higher effective rates than
firms in sectors such as pharmaceuticals or technology,
which have intellectual prop-
n-
BY RACHEL LOUISE ENSIGN
Bank of America already pays
its employees that minimum
wage. Some of those banks are
also paying certain employees
a one-time bonus similar to
Bank of America’s.
Goldman Sachs Group Inc.
analysts estimated in December that the measures, which
include a 21% corporate tax
rate, would boost large bank
earnings by about 13% in 2018.
Some banks will, however,
have to take a one-time hit to
profits from writing down
what are called deferred tax
assets. These are created by
losses, in many cases huge
ones racked up during the fi-
nancial crisis, and act as IOUs
that can be used to offset future tax bills. They will lose
value due to the tax changes.
On Friday, Bank of America
said in a filing that it would
take a one-time hit to profits
of roughly $3 billion in the
fourth quarter because of the
tax legislation, largely from
the deferred tax asset writedown. That amount was expected.
Citigroup Inc. in early December said it would take
about a $20 billion hit to profits from the version of the tax
bills initially passed by Congress.
BY LAURENCE FLETCHER
A bad bet on Brexit has led
to a painful December for one
of 2017’s standout hedge-fund
launches, the latest sign of
what is turning into another
difficult year for many in the
industry.
New York-based Light Sky
Macro LP, which began trading this spring and is headed
by former Brevan Howard
Asset Management LLP
partner Ben Melkman, is
down 6.5% this month, two
people familiar with the matter said.
The losses leave the fund,
which has attracted about $1.5
billion in assets, down 10%
this year.
The fund had been betting
on a fall in U.K. government
bonds, which have risen in
price this month. In a note to
clients, reviewed by The Wall
Street Journal, Light Sky
blamed “a confluence of events,
especially a lack of follow
through in U.K. markets after
successful Brexit negotiations,
compounded by challenging
year-end liquidity dynamics
and market capitulation.”
Bets on moves in global
bond, currency and stock markets have often lost money, as
managers continue to struggle
to guess the impact of central
bank stimulus on markets. The
impact of political events such
as Brexit negotiations and the
policies of President Donald
Trump have also proved hard
to predict.
Among losers this year is
Brevan Howard, which manages about $10 billion in assets. Its main fund is down
5.4% this year, said a person
familiar with the matter. New
York-based Caxton Associates
LP has lost 13%, an investor
DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
A Soured Brexit Wager
Darkens Light Sky Fund
Light Sky Macro had been betting on a fall in U.K. government bonds in the aftermath of Brexit.
said. London-based Rubicon
Fund Management LLP, which
made double-digit-percentage
gains in the wake of Mr.
Trump’s election victory last
year, has been one of the
worst performers this year
with a loss of roughly 36%,
said a person who had seen
the numbers.
However, macro funds,
which bet on a range of assets,
on average are up 1.6% this
year through November, ac-
cording to research firm HFR
Inc.
Light Sky also had an exposure to natural-gas prices,
which have fallen this month,
one of the people familiar with
the matter said.
Swiss Bank
Sees U.S.
Tax Impact
BY BRIAN BLACKSTONE
ZURICH—Swiss bank Credit
Suisse Group AG said Friday
that it expects to write down
2.3 billion francs ($2.3 billion)
in tax-deferred assets this
quarter as a result of the signing of a sweeping U.S. tax
overhaul.
“The write-down is a onetime accounting adjustment
and has a minimal impact on
Credit Suisse’s strong regulatory capital position,” the
bank said in a statement.
Deferred tax assets are tax
credits and deductions from
crisis-era financial losses
taken by Credit Suisse and
other banks. The value of
these assets declines when the
tax rate falls. The U.S. law includes a decline in the corporate tax rate to 21% from 35%.
“Credit Suisse anticipates
that the reforms will have a
positive impact on the U.S.
economy and our activity levels in the US, in particular with
regard to our investment banking activities in advisory and
underwriting,” the bank said.
Still, the write-down could
push Credit Suisse to a thirdstraight annual loss.
The bank said that a new
U.S. tax on services and interest payments to affiliated
companies outside the U.S.
could push up its U.S. tax liability next year.
However, Credit Suisse
said it wouldn’t alter plans
unveiled last month to return
half of its profit to shareholders in 2019 and 2020 through
share buybacks and dividends.
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 23 - 24, 2017 | B11
* * * *
MARKETS
Treasurys
Steady
After Data
meeting, according to the minutes released Wednesday.
“The chance that they’re
going to be able to cut rates
has come off significantly,”
said Irene Cheung, senior Asia
strategist at Australia & New
Zealand Banking Group in
Singapore. That helped spur
the rise in yields.
U.S.
government-bond
prices have also declined in
recent sessions, with the yield
on the benchmark 10-year
Treasury note settling at a
nine-month high Wednesday.
Investors sent billions of
dollars into emerging-market
bonds this year, as relatively
accommodative stances at major central banks fueled demand for riskier, higher-yielding assets.
Mind the Gap
The spread between short- and longer-term yields widened this week.
Pedestrians and traffic in Mumbai, India. Higher prices threaten the central bank’s rate policy.
India was a major beneficiary of that cash. Foreign investors poured a net $22.7 billion into India’s debt market
BY ANJANI TRIVEDI
AND JENNY STRASBURG
0.64
Chinese conglomerate HNA
Group Co. has turned to using
some of its most liquid and
valuable assets to borrow more
cash, after some of its traditional financing avenues have
become too costly or difficult to
pursue.
The company disclosed in a
regulatory filing this week that
it had lent out more than half of
its shares in one of China’s largest banks in exchange for a
loan.
HNA pledged a 4.7% stake in
Hong Kong-listed Postal Savings Bank of China Co. toward
the loan. The filing didn’t disclose how much HNA borrowed
against the shares, but said the
shares were lent out at about a
24% price discount to their market value, or about 2.83 billion
Hong Kong dollars (US$362 million) in total.
Postal Savings Bank said Friday that HNA lent its shares to
institutional investors for financing purposes, and the
transaction didn’t reduce the
size of HNA’s overall 8.7% stake.
Separately in Europe, a unit
of HNA entered into a new series of derivative financing arrangements for its 9.9% stake in
Deutsche Bank AG, in effect
borrowing a larger amount
against its shares in the German
lender, according to a regulatory filing. HNA is the largest
shareholder of Deutsche Bank,
with a stake valued at about $4
billion.
0.62
U.S. government bonds held
steady Friday as inflation data
came in consistent with expectations.
The yield on the benchmark
10-year Treasury note settled
at 2.486%. That was little
changed from 2.483% Thursday but up from 2.353% last
Friday, marking
CREDIT
its largest oneMARKETS week increase
since September.
Yields, which
rise when bond prices fall,
registered little reaction after
the Commerce Department reported that the price index for
personal-consumption expenditures excluding volatile food
and energy costs, one of the
Federal Reserve’s preferred inflation measures, rose 0.1%
from the previous month. That
matched the projection of
economists surveyed by The
Wall Street Journal.
In other data, consumer
spending rose by slightly more
than economists had anticipated, while personal income
and orders of long-lasting factory goods both failed to meet
expectations.
The bond market closed early
at 2 p.m. EST and will remain
shut Monday for Christmas.
“I think right now the market
is very much in holiday and
0.60
0.58
0.56
0.54
0.52
0.50
Monday
Tuesday
Source: FactSet
Wednesday
Thursday
Friday
THE WALL STREET JOURNAL.
year-end mode,” said John Canavan, market analyst at Stone
& McCarthy Research Associates.
The bond market was more
active earlier this past week, as
a bout of selling sent the 10-year
yield to its highest level since
March and expanded the gap
between short- and long-term
yields, which had been shrinking
over the prior two months.
One catalyst for the shift was
the passage of tax cuts by Congress, which some traders think
could weigh on long-term Treasurys by adding to the supply of
government debt and stoking
inflation.
Previously, the move to a
smaller differential between
short- and long-term yields,
known on Wall Street as a flattening yield curve, had been
prompted by bets that the Fed
would keep raising interest
rates despite soft inflation.
Such conditions are conducive to a flattening yield curve
because short-term yields are
based largely on near-term interest-rate expectations, while
long-term yields are more sensitive to prospects for inflation.
Despite the unwind this past
week, some investors expect the
yield curve to resume its flattening, as they see little reason why
inflation will perk up in 2018 after lagging this year.
As of Friday, the spread between the two-year and 10-year
yields was 0.592 percentage
point. That was up from 0.513
percentage point at the end of
last week, though still down
from around 0.8 percentage
point in late October.
yanked a net $200 million out
of Indian bonds, the first
monthly outflow since January.
China’s HNA Courts Lenders
Yield differential, two-year and 10-year Treasurys
0.66 percentage points
BY SAM GOLDFARB
this year through November,
according to ANZ. That appetite cooled last month, however, as foreign investors
The latest moves come as
HNA, which has announced
more than $40 billion in acquisitions around the world since
2015, has struggled to raise
money from the stock and bond
markets in recent weeks after
investor concerns have mounted
about its leverage levels. HNA is
also facing heat from regulators
in several countries who have
been scrutinizing some of its
transactions.
The conglomerate has more
than $100 billion in debt, of
which about a quarter comes
due in 2018. HNA has stated
deemed noncore.
HNA is trying to monetize or
borrow against some of its
more liquid investments, such
as shares in large listed companies in which it owns stakes.
The company hopes to avoid
flashy, lengthy auction processes to sell assets that would
require buyers to conduct
rounds of due diligence, according to a person familiar with the
matter.
HNA’s position in Deutsche
Bank, held through an Austrian
asset manager, was unchanged
from earlier this year when
HNA disclosed its nearly 10%
stake in the German lender.
On Friday, HNA said that it
had received approval from the
Austrian Financial Markets Authority to take a majority stake
in the Austrian asset manager,
C-Quadrat Investment AG.
Some Deutsche Bank investors and executives in recent
months have been concerned
that the broad pressure on HNA
might cause the company to decrease its position in the bank,
which could hurt other investors. The additional collar financing disclosed this week
should help protect HNA’s position in Deutsche Bank shares
from margin calls in the future,
according to people close to the
companies. The new collar financing extends to 2020, longer
than before, and gives HNA additional protection against volatility in Deutsche Bank shares,
they said.
—Julie Steinberg and Yifan
Xie contributed to this article.
ly
.
A selloff in Indian government debt has pushed the
yield on 10-year bonds to its
highest level since July 2016,
as investors assess the country’s monetary-policy outlook.
India’s government-bond
yields have largely risen since
the summer on expectations
that inflation will pick up,
which would limit the Indian
central bank’s ability to further loosen monetary policy.
The Reserve Bank of India cut
its main lending rate in August.
The yield hit 7.281% on
Thursday and pulled back
slightly Friday. Bond yields
rise as prices fall.
Indian stocks and the rupee
have been on a tear. The
Sensex is up 27% this year,
logging its latest record close
on Tuesday, and the country’s
currency hit a three-month
high against the dollar this
week. The rupee is up 0.7% so
far in December versus the
dollar.
Analysts said the latest catalyst for India’s bond selloff
was inflation data released
last week. Inflation surged in
November to its highest level
since August 2016 as prices of
food and fuel increased. A rising inflation rate hurts bondholders by chipping away the
purchasing power of the fixed
payments they receive.
Central-bank
officials
sounded concerned about rising prices at their December
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY SAUMYA VAISHAMPAYAN
DHIRAJ SINGH/BLOOMBERG NEWS
Rising Inflation Rate Hits
Indian Government Bonds
The company is using
some of the prized
assets in its portfolio
to help raise cash.
that it has financial support
from eight Chinese banks and
cooperative relationships with a
few large U.S. and European
banks, but worries about its liquidity continue to fester
among investors.
Some HNA subsidiaries have
canceled plans to raise stock or
debt after their bond yields
jumped. The group is also looking to sell a large portfolio of
overseas commercial properties
as it explores more fundraising
avenues. About a month ago, its
chief executive acknowledged a
shift in strategy, saying HNA
was looking to sell assets it
Oil Prices Get Pre-Holiday Boost Showroom
ADVERTISEMENT
no
Oil prices rose Friday, reversing earlier losses amid thin
trading ahead of the holiday
weekend.
Light, sweet crude for February delivery gained 11 cents,
or 0.2%, to $58.47 a barrel on
the
New
COMMODITIES York Mercantile Exchange.
Brent, the global benchmark,
rose 35 cents, or 0.5%, to
$65.25 a barrel.
Prices rose for the fourth
day in a row on Friday, notching their second highest settle
value of the year. The market
has been buoyed in recent
weeks by declining U.S. stockpiles and interruptions to a key
pipeline in Europe.
“It’s a thin trading environment—and the market is not
going to be very active today,”
said Olivier Jakob, head of energy consultancy Petromatrix.
While analysts expect a
quiet week following Christmas, many said they would be
looking to see whether the
Forties Pipeline System in the
North Sea resumes full operations at the start of the New
Year.
The pipeline was shut down
last week after operator Ineos
discovered a hairline crack in a
pipe, stopping the flow of
450,000 barrels of North Sea
oil a day. That tightening of
supply had buoyed prices over
the past week.
But Ineos said Thursday it
expects to bring pipeline flows
“progressively back to normal
rates” early in the New Year.
“A full restart is now expected in early January and
sets the countdown for the removal of what has been an important source of price support,” said Stephen Brennock,
an analyst at brokerage PVM
Oil Associates Ltd.
Crude prices have risen
more than 20% since September, as a result of renewed geopolitical risk to supply in the
Middle East, declining global
inventories and OPEC’s ongoing efforts to curb production.
The Organization of the Petroleum Exporting Countries
and 10 members outside the
cartel, including Russia, agreed
late last month to extend a
deal to cut crude output by
nearly 2% through the end of
next year. The original accord
n-
BY CHRISTOPHER ALESSI
was first struck a year ago as
part of strategy to rein in the
global supply glut and boost
prices.
“Underpinning the solid
price recovery of the last 12
months is OPEC, which succeeded in reasserting its pricing influence over the oil market,” Mr. Brennock noted.
Gasoline futures rose 0.8%
to $1.7623 a gallon and diesel
futures rose 1% to $1.9694 a
gallon.
—Stephanie Yang
contributed to this article
BMW
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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.
B12 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Stocks Fall but Post Gains for the Week
BY RIVA GOLD
AND CORRIE DRIEBUSCH
6%
U.S. stocks pulled back
slightly in a quiet trading session heading into the holiday
weekend.
Major indexes notched
weekly gains, even as some
analysts and traders said the
tax overhaul signed into law
on Friday was mostly priced
into the stock market ahead of
the vote.
The S&P 500 is on pace to
rise more than 1% in December, marking its ninth consecutive monthly climb, the longest such streak since 1983.
Friday’s action comes on
the heels of a busy week in
Washington that included the
tax revamp and a stopgap
spending bill to keep the government funded through midJanuary, avoiding a shutdown.
If history is any indication,
stocks could have more gains
ahead in the coming week.
Since its inception, during the
last five trading days of the
year and the first two trading
sessions of the new year, the
S&P 500 has risen 75% of the
time, according to WSJ Market
Data Group.
This climb has been dubbed
by some traders as the “Santa
Claus Rally.”
On Friday, stocks seesawed
between slight gains and
losses before trending lower.
Trading was quiet ahead of
the Christmas holiday, with
the second fewest shares
changing hands of any full day
this year.
The S&P 500 fell 1.23
points, or less than 0.1%, to
2683.34, while the Dow Jones
Industrial Average slipped
28.23 points, or 0.1%, to
24754.06. The Nasdaq Composite Index declined 5.4
points, or less than 0.1%, to
6959.96.
For the week, the Dow industrials rose 0.4%, while the
other two indexes closed up
0.3%.
“It’s holiday trade,” said
4
S&P 500 Energy Sector
The S&P 500 rose for the fifth consecutive week as
Congress passed a tax overhaul and a stopgap spending
bill to keep the government funded through mid-January.
2
Russell 2000
0
S&P 500
–2
Performance minute by minute
–4
S&P 500 Utilities
–6
Monday
Tuesday
Wednesday
Thursday
Friday
Stoxx Europe 600
Spain’s IBEX 35
U.S. crude-oil prices
394
10400
$58.50 a barrel
392
10300
58.00
390
10200
57.50
388
10100
57.00
386
10000
one-minute intervals
M
T
W
T
F
56.50
one-minute intervals
M
T
W
T
one-minute intervals
M
F
T
W
10-year Treasury yield
$25 billion
2.50%
2.45
2.40
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
0
F
ly
.
Net flows to stock funds, weekly
T
2.35
2.30
–25
2016
five-minute intervals
M
’17
T
W
T
F
THE WALL STREET JOURNAL.
Sources: FactSet; EPFR Global (net flows)
John Brady, managing director
at futures brokerage R.J.
O’Brien, adding that few traders were opening new bets.
“People want to get through
today, not create a lot of damage in their portfolios.”
The bond market was simi-
larly muted Friday, with the
yield on the 10-year Treasury
note edging up to 2.486% from
2.483% Thursday. Yields rose
earlier in the week as investors sold long-term bonds,
sending the 10-year yield to its
highest level since March, near
2.5%. Yields rise as bond
prices fall.
As yields rose, shares of
utility companies, often considered bond proxies, fell. The
utilities sector in the S&P 500
dropped 4.7% in the past
week, marking the worst week
for the segment since 2015.
Investors withdrew $14.5
billion from stock mutual and
exchange-traded funds in the
past week, according to EPFR
Global data. It was the biggest
week of outflows since Britain’s vote to leave the Euro-
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Buying the Dips Is Getting Harder
What, Me Worry?
Number of daily 1% or more drops in S&P 500
80
40
20
n-
60
no
Mark your calendars for
Friday, Jan. 5. Unless calamity strikes the U.S. stock
market, it will mark the longest stretch in history that
the S&P 500 or its predecessor hasn’t fallen 5% within
any six-month period. The
old record, the longest over
nine decades, was 394 trading days, according to Goldman Sachs Group.
Depending on their ideological persuasion, ecstatic
investors might thank Janet
Yellen, Donald Trump, Barack Obama or just dumb
luck for this stretch of extraordinarily smooth sailing.
Elevated stock valuations
are at least partially explained by fewer pullbacks,
because behavioral finance
teaches us that an asset’s
choppiness makes it less desirable and cheaper.
Some credit for the calm
goes to a group of traders
who follow a strategy that
goes by the acronym BTFD:
“Buy the [expletive] Dip.”
Perhaps because central
banks have had the market’s
back for nearly a decade,
pullbacks have become
0
1998
’01
’04
’07
’10
Sources: WSJ calculations; S&P Dow Jones Indices
profit opportunities. The
proliferation of investment
products that allow individuals to make outsize bets on
indexes has given the
masses real market heft.
Such securities regularly
register more volume than
all but a few stocks on U.S.
exchanges.
One bold trader points
out, for example, that, since
the advent of central banks’
quantitative easing nine
years ago, all you had to do
’13
’16 ’17
THE WALL STREET JOURNAL.
is own the S&P 500 and
then double that exposure
using leverage at the market
close if it dropped at least
1% in a day, holding on for
two days. A quick check
shows that this has worked
well.
Such naive strategies
have been almost too successful, though, as there are
hardly any dips left to buy.
The last time that the S&P
500 lost at least 2% in a session was nearly two months
before last year’s U.S. presidential election. There have
been only four days in 2017
with at least a 1% drop. That
is extraordinary.
In the preceding three decades there have been 1%
drops every seven or eight
trading days, on average,
and 2% drops about 10 times
a year.
The upshot is that some
traders have looked elsewhere for rapid gains.
Cryptocurrency exchange
Coinbase reportedly has
more clients than online
broker Charles Schwab.
Other investors are adding
to their riskiest holdings,
forgetting how much money
they can lose.
Traders have been trying
and failing to find the Holy
Grail of riskless reward as
long as there have been
stocks.
When an unexpectedly
sharp and prolonged market
selloff occurs, it will vaporize a good deal of the BTFD
crowd’s capital and, along
with it, a shock absorber for
stocks.
—Spencer Jakab
OVERHEARD
Theme parks are a big
business but last year saw a
1.1% drop in attendance at
the attractions, according to
the Themed Entertainment
Association. At least one
park, Wild Adventures Theme
Park in Valdosta, Ga., is seeing success by thinking
small—and crunchy.
This month the park
launched its “I Ate a Bug and
I Liked It” promotion offering
the first 100 visitors during
the normally slow season
who ate a dry-roasted cricket
free entry to the park.
Their reactions ranged
from “that was pretty good”
to “never again,” according to
a spokesman for the park’s
owner.
Maybe next time the park
can get away with charging
full price for tickets and even
charging for the edible insects. The Seattle Mariners
reportedly had to impose an
order limit due to the overwhelming popularity of
toasted grasshoppers at their
concession stand this season.
If you close your eyes, they
taste sort of like crickets.
Consumers Can’t Be the Economy’s Saving Grace in 2018
Good things can happen
for the U.S. economy next
year, but only if companies
really pick up the ball.
The Commerce Department reported November
income and spending figures on Friday, and it
showed that Americans
were in a buying mood.
Personal spending rose
0.6% from a month earlier,
putting it on track for a
solid performance in the
fourth quarter. But that increase was driven not by
income gains, but by people
saving less.
The personal saving
rate—saving as a share of
after-tax income—fell to
2.9%, marking its lowest
level since just before the
last recession began in late
2007.
The low saving rate will
make it difficult for spending to advance any faster
than income next year.
If people opt to start saving even just a bit more—a
development that is entirely likely given today’s
extremely low level—spending will advance more
slowly.
So even though the coming tax cuts will provide a
bit of a lift to many workers’ take-home pay, consumer spending growth
may be less than stellar in
the year to come.
That means it will proba-
bly be up to businesses to
push the economy along.
One way they can do that is
by paying people more,
something they have been
reluctant to do throughout
the economic expansion.
At this point, though,
with the unemployment
rate at 4.1% and probably
heading below 4% soon,
they may not have much
choice. Moreover, with the
tax cuts set to boost profit
margins next year, increasing compensation might not
feel quite so painful.
The other way companies
can boost growth is to step
up investment. They have
been doing that this year,
though a separate report
Piggy Bank
The personal saving rate
10%
8
6
4
2
0
2005 ’07 ’09
’11
’13
’15
’17
Source: Commerce Department
THE WALL STREET JOURNAL.
Friday was a bit of a
downer on that front.
Orders for nondefense
capital goods excluding aircraft—an early read on capital spending trends—
pean Union in June 2016.
The Stoxx Europe 600 fell
0.1%, weighed down by Spanish stocks as a victory for Catalonia’s separatist parties in a
regional election sapped some
demand for that country’s assets.
Catalonia’s separatist parties won a majority in a vote
Thursday for a new regional
assembly, keeping alive the
threat of secession from Spain
and opening a period of uncertainty over relations between
Catalonia and Madrid.
Spain’s benchmark IBEX 35
index declined 1.2% on Friday,
with lenders Banco de Sabadell and CaixaBank each falling more than 3%.
Still, many analysts were
skeptical the development
would maintain pressure on
the common currency or
meaningfully weigh down European markets.
While the results are considered a blow to Spanish
Prime Minister Mariano Rajoy,
few expect another unilateral
independence
declaration
soon, and there are few signs
Spain’s growth has been
dented in recent months.
“These events are very uncertain and difficult to predict,
and investors are focused on
economic growth and earnings
growth,” said Jon Adams, investment strategist with BMO
Global Asset Management.
Among political concerns in
Europe, “We’re more worried
about Italian elections and
German coalition talks,” he
said.
Markets in Hong Kong and
Japan closed with gains in
thin trading.
South Korea’s Kospi, one of
Asia’s
worst
performers
Thursday, edged up 0.4% after
four straight declines.
Japan’s Nikkei Stock Average rose 0.2%, and Hong
Kong’s Hang Seng Index added
0.7%, both ending the week
with gains.
—Lucy Craymer
contributed to this article.
slipped 0.1% in November
from a month earlier and
was well below economists’
estimates. That was somewhat offset by upward revisions to October figures,
however, so a bullish case
for investment has hardly
gone away.
Still, for the economy to
expand strongly over the
next year, the signs are going to have to be a lot less
ambiguous than what was
served up on Friday.
Companies received their
big tax cut, and that should
help the economy in 2018,
but much depends on how
and if they decide to spend
it.
—Justin Lahart
WSJ.com/Heard
That Bottle
Of Wine Is
A Bit Frothy
Christmas cheer in a bottle may not come cheap this
year.
A price index for 150 topend Burgundys rose 27%
over the year through November, reports Liv-ex, a
marketplace for fine wines.
Merchants are “starting to
wonder if a bubble is forming,” the company’s annual
market review says.
Chinese buyers pushed
top-end Bordeaux prices up
to heady heights in 2011. The
market collapsed when Beijing clamped down on giftgiving. If Burgundy is the
new Bordeaux, it could spell
trouble.
The classification system
for better-quality Burgundy
is underpinned by “terroirs,”
strips of farmland thought to
impart special qualities to
grapes. It is more complicated than the system in
Bordeaux, which revolves
around a strict hierarchy of
“châteaux” that make wine
in far larger quantities. Livex research analyst Edward
Jackson says buyers from
the Far East have started to
master this complexity.
Limited inventory is another factor. Burgundy accounted for just 12.5% of the
value of wine traded on the
secondary market over the
year through November,
much more than the previous year but still far below
Bordeaux’s 68.5% share.
Given this constraint, a wave
of demand from a new market can have a big impact.
The Liv-ex 100 benchmark, which tracks the price
of 100 classic bottles in sterling, was up 5.7% over the
year through November. For
dollar buyers, that equates
to inflation of 14%. Even if
you don’t insist on Burgundy,
big-brand wine is getting
more expensive again.
—Stephen Wilmot
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.
Gigi Pritzker on
her famed family,
failures (a few)
and the joys of
filmmaking
Yule shiver.
Anne Perry’s
new mystery,
plus works by the
late P.D. James
C11
C8
BOOKS
|
CULTURE
|
SCIENCE
|
© 2017 Dow Jones & Company. All Rights Reserved.
COMMERCE
|
HUMOR
|
POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
TECHNOLOGY
|
ART
|
IDEAS
Saturday/Sunday, December 23 - 24, 2017 | C1
ILLUSTRATION BY JOHN CUNEO
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
ly
.
* * * *
|
Santa#9
A Christmas Short Story
’Twas the night before Christmas, and the exhausted Santas of Whiteoaks Mall were gathered
to raise a glass and mutter about their work. But who among them was an impostor?
BY MICK HERRON
W
no
n-
hiteoaks, the brochures
explained, was more
than a shopping center.
It was A Day Out For The
Whole Family, A Complete Retail Experience
Under Just One Roof, An
Ideally Situated Outlet
Village, even A Garden Of Earthly Delight. It was almost certainly where Capital Letters Went To Die.
Viewed from above, Whiteoaks resembled a glass
and steel rendering of a giant octopus dropped headfirst onto the landscape. In the gaps between its outstretched tentacles were parks and public conveniences. Stations for shopping carts were positioned
at intervals determined to be user-friendly by market
research. From 10 minutes before dusk until 10 after
daybreak, the area was bathed in gentle orange light,
the quiet humming of CCTV cameras a constant reminder that your security was Whiteoaks’s concern.
As for the interior, it was a contemporary cathedral, sacred to the pursuit of retail opportunity.
There was a food mall, a clothing avenue, a boulevard of sporting goods, a bridleway of gardening
supplies, a veritable city of jewelers. No franchise
ever heard of went unrepresented. During the sum-
mer, light washed down from the recessed contours
of its cantilevered ceilings, and during the winter it
did exactly the same. Temperature, too, was regulated and constant, and in this it matched everything
else. Seasonal variation was discouraged as an unnecessary brake on impulse purchasing.
Which is not to say that Whiteoaks ignored the
passage of the year. Rather, it measured the months
in a manner appropriate to its customers’ needs. As
They always kept
their beards on and
remained zipped
inside their red suits.
surely as Father’s Day follows Mother’s, time marches
on, its inevitable progress registering as peaks and
troughs in a never-ending flow chart.
For there are only 17 Major Feasts in the calendar
of the Complete Retail Experience.
And the greatest of these is Christmas.
eee
At Whiteoaks Christmas slipped in subliminally,
with the faint rustle of a paperchain in September and
the echo of a jingle bell as October turned. Showing
almost saintly restraint, it did not unleash its reindeer
until Halloween had been wholly remaindered. After
that, it was open season. Taking full advantage of its
layout, the complex boasted eight Santa’s Grottoes—
one per tentacle—each employing a full complement
of sleigh, sacks, elves, snowflakes, friendly squirrels,
startled rabbits and (counterintuitively, but fully validated by merchandise-profiling) talking zebras.
And, of course, each had its own Santa. Or, more accurately, each had an equal share in a rotating pool of
Santas, for no single Santa wanted to spend an entire
two-month hitch marooned in the high-pressure, noiseintensive combat zone of Toys and Games, while another took his ease in the Food Hall, pampered with
cake and cappuccino. A shift system had been established by the Santas themselves, whereby they
swapped grottoes three times a day, generally sharing
the burden along with the spoils. This worked so much
to everyone’s satisfaction that the first eight Santas
hired by the Festive Governance Committee remained
the only Santas that Whiteoaks needed, returning year
Please turn to the next page
Fiction adapted from Mr. Herron’s title story in
“The Usual Santas: A Collection of Soho Crime
Christmas Capers,” published by Soho Press. The
most recent of his many novels are “Real Tigers”
and “Spook Street.”
INSIDE
MOVING TARGETS
Of course space aliens are
among us. Joe Queenan on
what they really want.
C11
ESSAY
Yes, the little ones can survive
without iPads: Simple steps for
a screen-free childhood.
C3
ESSAY
Who gets credit for a revolutionary gene tool? Scientists
who write their own histories.
C3
EFE/ZUMA PRESS (ANNE PERRY); JAMES RAJOTTE FOR THE WALL STREET JOURNAL (ESSAY)
BOOKS
How FDR transformed
American politics—
and then the world.
C5
TOPIC
Data asymmetry and salads:
Two economists slim down
using their field’s insights.
C4
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.
C2 | Saturday/Sunday, December 23 - 24, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
eee
ILLUSTRATIONS BY JOHN CUNEO
no
n-
The Christmas Eve buffet that year was particularly handsome. There were slices of ham
and fingers of fish; there were morsels on cocktail sticks, and mince pies, and individual plum
puddings. There was a huge plateful of turkeyand-stuffing sandwiches. There were Christmas
pizzas. There were eight red paper plates
with jolly Rudolph patterns. And,
most crucially, there were several large bottles of brandy
and eight glass snifters.
The Santas turned up one
by one. Whiteoaks had emptied of shoppers, but still: It
would never do for two Santas
to be seen together in public.
The first to arrive poured
himself a brandy, downed it
in a single swallow, poured
another, then helped himself to a turkey sandwich.
“Ho, ho, ho!” he said as
the door opened behind
him.
“Ho, ho, ho! Indeed,” the incoming Santa agreed. He too headed
straight for the brandy. “What a day,” he said.
“What. A. Day.”
“Christmas Eve.”
They both nodded. The words carried a
weight a non-Santa couldn’t hope to understand.
“You know what happened to me? I was—”
“Ho, ho, ho!”
“Ho, ho, ho!” they both replied as another
Santa entered.
Whatever had happened to Santa became
lost in a general flurry of greetings and fillings
of glasses. Joe, the security guard, popped his
head in, too. He wouldn’t stop for a drink.
“Let yourselves out through the emergency
exit, yes? I’ll leave you the master key so the
alarm doesn’t go off. Just pop it through the
box when you’re done.”
“Of course,” said Santa. “Merry Christmas,
Joe.”
“Merry Christmas, Santas. Careful with that
brandy.”
“Ho, ho, ho!”
Joe left.
And Santa arrived. “Ho, ho, ho!” he said.
“Ho, ho, ho!”
“Christmas Eve, eh?”
Christmas Eve, they agreed.
Soon the room was full of Santas, each with
glass or plate in hand and most of them talking
at once.
“Sitting on my knee, bold as brass, says ‘If
you’re the real Santa, how come your reindeer’s
plastic?’ ”
“So I said, ‘You know like on “Dr. Who”? You
know like the TARDIS? Bigger on the inside?
So’s my sleigh. And that’s how come it fits all
the presents in.’ ”
“I don’t have a glass.”
“I told her, “Course you don’t need a chimney, darlin’. I carry a magic chimney with me.
Pop it on your roof, easy-peasy.’ That dried her
tears. You can borrow that line, if you like.”
“I don’t have a glass.”
“The next elf who tries to tell me Santa’s suit
should really be green, I’ll—”
“Excuse me,” said Santa in a loud voice. “But
I don’t have a glass!”
The Santas’ chatter died away.
“Well, someone must have two,” said Santa,
jovially.
“Nobody’s got two,” Santa said. “That’s the
point.”
“What’s the point?”
“There aren’t eight of us here,” Santa said.
“There are nine.”
There was a communal intake of yuletide
breath.
“Ha!” said Santa. “I mean, ho! You must have
added up wrong.”
“I don’t think so. You try.”
The Santas fell to counting.
Then all started talking at once.
“But—?”
“What—?”
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Continued from the prior page
after year to don their uniforms, attach their
beards and maintain an impressive 83% record
of hardly ever swearing at children whose parents were in earshot.
Santa-ing was not a task for sissies. And
while the Usual Santas didn’t always do things
by the book, by God, they got the job done!
And each year, after the shops had lowered
shutters on Christmas Eve, the Santas met in a
hospitality room adjoining the security suite.
They relaxed over a buffet provided by the
grateful merchants of the quarter, exchanged
war stories until the hour grew late and generally luxuriated in the absence of children.
But however relaxed they grew, they kept
their beards on and remained zipped inside
their red suits. They never addressed one another as anything other than “Santa” and in
fact, would have been unable to do so had they
wanted to, because while they might, for all
they knew, be neighbors—might drink in the
same pub or catch the same bus—on duty they
remained in uniformed character.
This had started in jest but had quickly hardened into custom, then calcified into superstition. In their dealings with toddlers and hyperactive infants, the Usual Santas had suffered in
undignified, frequently unhygienic ways that
had bonded them forever, but on every other
level they were strangers. And with this, they
were perfectly comfortable.
Until, one day...
“Well, yes, it is.”
The Santas nodded, one after the other. It
was true. Whiteoaks was horrible, unless you
liked vulgar commercialism writ huge, in which
any suspicion of non-franchised individuality
was stamped out before it made waves. The
trouble was, the Santas had few alternatives as
far as employment went. The local shops they’d
once Santa-ed for had closed when Whiteoaks
opened.
“But don’t you see?” Santa said. “That’s precisely why he’d come here!”
Santa said, “How do you mean?”
“The whole point of Santa is that he goes
where he’s needed.”
“Like Whiteoaks? Ha!”
“Ho!”
“I meant ho!”
“Exactly like Whiteoaks,” Santa insisted obstinately. “It wouldn’t know the meaning of
Christmas if it came with a buy-one, get-onefree sticker. It’s crying out for Santa, for
heaven’s sake!”
“But it has eight Santas,” Santa said. “It has
us.”
A pleading note had crept into his voice.
“But it doesn’t have the real Santa,” Santa
said quietly. “A Santa to teach it that profit isn’t
everything.”
“That money doesn’t matter.”
“That it’s better to give than to receive.”
“That items can’t be returned without a receipt.”
The Santas stared.
“Sorry,” Santa said. “I was thinking
about something else.”
The Santas fell silent.
Santa picked the last unempty
bottle from the table and passed
it round. One after the other,
the Santas solemnly filled their
glasses. Then each eyed the others morosely.
“If I have to wish
one more kiddie a
Merry
Whiteoaks
Christmas—” Santa began.
“—or remind one more parent where to go for
all their yuletide needs—”
Santa continued.
“—or explain one
more time that
Santa’s gifts
are for children with
store-validated
tokens
only—” Santa embellished.
“—I don’t know what I’ll do,” Santa admitted.
Though all agreed that it might involve
punching an elf.
Santa by Santa, they raised their glasses.
Santa by Santa, they drained them dry. Then, simultaneously, they plonked them down on the
table, forming a neat row of eight brandy snifters and a small trifle dish.
“Well,” Santa said. “Do I need to spell out
our next move?”
“I think we’re of one mind,” said Santa.
“A Santa’s gotta do what a Santa’s gotta do,”
Santa agreed.
“Gentlemen,” said Santa. “To the grottoes!”
ly
.
The Usual Santas
that’s what I did yesterday.”
“Oh, this is hopeless,” said Santa. “Could we
all just stop milling around?”
“If we all stop milling around,” Santa
said, “the Santas nearest the table will
eat all the food.”
There was general assent to this.
Some of the more suspicious Santas
immediately reloaded their plates.
“We need order,” Santa said. “We need
clarity. Everyone should write down their
shifts.”
“That’s right,” Santa said, reaching past
him for a sandwich. “We should make a list.”
“We should check it twice,” Santa muttered.
“I heard that.”
“Does anyone have a pen and paper?”
Santa asked.
Nobody had a pen and paper.
“There’s an elf behind this,” said Santa.
“Mark my words.”
The elves were not popular with the Santas.
They were young seasonal temps and tended to
be disruptive. Many indulged in nontraditional
banter with the children.
Santa said, “Why don’t we take our suits off?
See who we really are?”
“Which would help how?” Santa inquired testily.
“I was only saying,” Santa mumbled into his
beard.
“No, Santa has a point,” Santa said.
“We’d soon find out if we had an elf
among us if we took our suits off.”
“Nobody is taking their suit off,” Santa
said sternly. “It wouldn’t be right!”
“Hmm,” Santa said. “That’s exactly
what an elf would say if he was about
to be unmasked.”
“I hope you’re not suggesting what
I think you’re suggesting,”
warned Santa.
“Everyone
calm
down,” Santa said.
“It’s clear none of us
is an elf. We’re all
far too shapely.”
“Quite,”
Santa agreed.
“Anyway, the
elves are at
their
own
party. They’ve
gone
clubbing.”
The Santas
shuddered.
“I don’t suppose the impostor
would put his hand up?”
Santa suggested. “On an amnesty basis? He’s welcome to stay and enjoy the buffet.”
“Do you mean that?” Santa asked. “Or do you
really think we should beat him up?”
Santa sighed. “Well, he’s hardly likely to put
his hand up now, is he?”
“Oh,” said Santa. “Yes, I see what you mean.”
Everyone helped themselves to more food
and brandy. The Santa without a glass was making do with a hastily scraped-out trifle dish. As
he pointed out several times, being last to arrive did not make him the impostor. On the contrary, the fact that he’d had farthest to come—
all the way from Gardening—proved he was the
genuine article.
“Well,” Santa said at last. “Anyone got any
ideas?”
Santas hummed and Santas hah-ed.
At length, a Santa spoke. “Suppose...”
A hush dropped over the assembly like a
cloth on a parakeet’s cage.
“Yes?” Santa prompted.
‘Suppose...” said Santa. “Well, suppose this
impostor is the real Santa?”
A subtly different silence fell.
“There’s no such thing as Santa,” Santa
pointed out.
“I can count nine of us.”
“A real Santa, Santa meant.”
“Who’s to say—”
“Don’t!” Santa interrupted. “Don’t say, who’s
to say what’s real and what isn’t! I hate that
sort of nonsense!”
“I was only going to say,” Santa continued,
“that our friend would simply need to believe
that he’s the real Santa.”
The Santas considered this.
“That’s pretty much what Santa told you not
to say,” Santa said at last.
“No, it’s a different thing entirely.”
“And anyway,” Santa began. “If there is a real
Santa—”
“Big if!”
“—or even just someone who believes he’s
the real Santa—”
“Which would make him a loony,” Santa muttered.
“—then why on earth would he come to Whiteoaks?”
The Santas considered this.
“Why wouldn’t he?” Santa asked.
“Because it’s a disgusting, crass, horrible
place,” Santa said.
The Santas recoiled in horror.
“There!” said Santa. “I’ve said it!”
“Shh!”
“Quiet!”
“Don’t!”
The Santas looked to the adjoining security
room, where banks of closed-circuit monitors
hummed and where, just possibly, subversive
opinion was being recorded for later investigation.
“It’s all right,” Santa said. “We’re the last
ones here.”
The Santas relaxed.
“And besides, it’s true.”
A delicious guilty knowledge rustled through the Santas, like a winter’s wind adjusting a snowdrift.
“Well, yes.”
“I—?”
“Ho—!”
At length, Santa quieted the assembly by tapping his glass on the table. “It seems I owe
Santa an apology. One of us appears to be an
impostor.”
“Pretending to be Santa!” Santa said angrily.
“I never heard of such a thing in my life!”
The Santas looked at him.
“Well, you know what I mean.”
“Perhaps,” Santa said, “we should have a
quick roll call.”
“What, where you call out ‘Santa’ and we say
‘present’?” Santa asked.
“That’s not what I meant, no,” Santa said. “I
meant, we should all state where we were today. The impostor Santa will have an impossible
itinerary.”
“Sounds like a plan,” Santa admitted. “Who’s
going first?”
“Well, I was at the food hall this morning,”
Santa said. “Then electronics. No, then leisure.
After that—”
“You can’t have been at electronics,” Santa
objected. “I was electronics, second shift.”
“No, that’s what I said,” said Santa. “Then
leisure, then—”
“I finished up at leisure,” Santa said. “Before
that, I was at clothing, and before that books.
Or was that yesterday?”
“Must have been today,” Santa offered
through a mouthful of sausage roll. “Because
eee
What became known as the Great Whiteoaks
Christmas Looting was never solved. Whoever
coordinated the daredevil heist had somehow
contrived to get hold of a master key, which not
only gave access to every shop in the complex
but also allowed every alarm and CCTV monitor
to be switched off. Nor, given the tendency of
store managers to estimate losses upwards for
insurance purposes, was it clear exactly how
much was stolen. Police investigations did suggest, however, that some very big sacks must
have been used.
Nor was there any obvious connection between the daring robbery and the appearance,
on Christmas morning, of some very big sacks
on the doorsteps of children’s hospitals and foster homes. The sacks contained toys and games,
and books and clothes, and sporting goods, and
any number of mobile phones and PlayStation
consoles, and some little sewing kits, and various beauty products, and some very expensive
jewelry. This, the adults in charge of the various
establishments swiftly liquidated into cash to
ensure that all their charges’ future Christmases
would be celebrated in an appropriately festive
manner. And also to give themselves a small
raise, because it was valuable and underappreciated work they did.
Back at Whiteoaks, the only thing approaching a clue that was ever discovered came to
light some weeks later, when a truck arrived to
collect a recycling bin. As it was moved, a large
red and white bundle rolled into view. This
turned out, on closer inspection, to be made up
of nine Santa suits
and nine Santa
hats.
And
eight
false
bushy
white beards.
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 23 - 24, 2017 | C3
* * * *
REVIEW
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JAMES RAJOTTE FOR THE WALL STREET JOURNAL
ly
.
A New Gene
Tool Sparks
A History War
Doudna of the University of California,
Berkeley, her collaborator Emmanuelle
Charpentier and their institutions also
claim the invention. In the U.S., the
Broad holds the patent, and a ruling
by the U.S. patent board this past February affirmed the institute’s rights.
The Berkeley group has filed an appeal in federal court that is pending.
The spoils already include royalties, venture-capital investment in
spinoff companies, speaking engagements and prestigious honors. There
is talk that someday one or more scientists could be recognized with a Nobel Prize. So it’s no surprise that multiple Crispr histories have emerged,
each highlighting a particular angle.
In 2016, Eric Lander, the president
and founding director of the Broad Institute, published a 7,500-word article
in the journal Cell called “The Heroes
of Crispr.” Dr. Lander says that he
wanted to bring attention to the many
players who advanced basic research
into Crispr, but some critics thought
that the piece diminished the accomplishments of the Broad’s key rivals and
favored the role of Dr. Zhang. About the
reaction to the piece, both positive and
negative, Dr. Lander now says, “Different people may examine the same facts
but see different perspectives.”
In June, Dr. Doudna and her former
graduate student, Samuel H. Sternberg,
published their own Crispr history, a
book titled “A Crack in Creation.” The
scientists say that they wanted to give
an inside look at a transformative scientific discovery. “We viewed the writing of the book as part of a broader
public engagement effort,” not related
to the patent dispute, says Dr. Doudna.
An advantage of writing your own
history is the opportunity to offer a
more nuanced account. In the patent
ruling, the federal board had cited
early statements by Dr. Doudna in
which she seemed to express doubts
about being able to use Crispr technology on animal and human DNA. In
their own history, the scientists say
they always expected it to work in
these broader applications.
Nathaniel Comfort, a professor of
the history of medicine at Johns Hopkins University, has written about the
proliferation of Crispr histories. He
says that today’s access to social media and a
better understanding of the stories left out of
institutional accounts have helped to generate
“alternative narratives,” including those by secondary players or “‘losers’ in a battle.”
The controversy over Crispr comes at a time
when scholars increasingly recognize what
Graeme Gooday, professor of the history of science and technology at the University of Leeds
and co-author of a book about patent law and
inventions, calls “the pluralism of invention.”
Patent disputes often challenge that concept. In
the case of Alexander Graham Bell, his lawyers
in the long-running patent battle over the telephone were eager to promote the idea of “a single invention by a single inventor at a single
point in time,” says Christopher Beauchamp, a
professor at Brooklyn Law School and the author of a book on the case.
Prof. Swanson of Northeastern said that an
inventor’s victory in court often leads to histories stripped of the rich and varied contributions that resulted in the breakthrough.
Others who had claims are typically “erased
and dropped.”
It is too early to tell if something similar will
happen when the Crispr patent battle is finally
decided. The appeals court is expected to weigh
in next year. Whatever the outcome regarding
rights to the new technology, Dr. Mojica says
that Crispr offers another lesson. Like history,
he says, “Science often turns on serendipity.”
FRANCISCO J.M. MOJICA visits the salt marshes in southeastern Spain where his research on microorganisms led him to coin the name Crispr.
Scientists are vying for credit
in the complex story of the
Crispr gene-editing system
BY AMY DOCKSER MARCUS
no
n-
IN THE BIOLOGICAL SCIENCES TODAY, many
have probably heard of Crispr, the gene editing
system that is transforming medicine. But
fewer people are likely to know the story of
Francisco J.M. Mojica, a professor at the University of Alicante in Spain, who coined the
now famous name 16 years ago.
Crispr has sparked more than a half-billion
dollars of investment and a contentious, ongoing
legal fight over who controls the patent and intellectual property rights to the gene editing
technology. Among the scientists involved,
there’s another, equally important battle under
way: for a place in Crispr history.
When it comes to science and technology,
there has long been a tension between the desire to single out an individual inventor and the
reality that breakthroughs usually result from
an incremental, collective process. “Science
likes origin stories,” says Kara Swanson, a law
professor and historian of science at Northeastern University.
In the case of Crispr, Dr. Mojica isn’t leaving
things to chance. He co-wrote two historical re-
views and a chapter in an academic book that
chronicle his own role, along with many other
scientists, in identifying Crispr (which stands
for clustered regularly interspaced short palindromic repeats) in bacteria and in the microorganisms called archaea. It took years of research for scientists to elucidate how Crispr
serves as the immune system for these organisms. Only later did other scientists adapt and find a way to
use the system for gene editing.
In the late 1980s and 1990s,
Dr. Mojica devoted his attention
to salt-loving archaea found in
the marshes a short drive from
Alicante, on the southeast coast
of Spain. Studying the archaea’s
genome, the young researcher
noted clusters of regularly
spaced repeats. Such repeats
were also found in bacteria. He and other researchers set out to learn more about what
function they might have.
As scientists published their results, different
names and acronyms proliferated. Dr. Mojica’s
favorite was one of his own: SRSR, for short
regularly spaced repeats. A colleague working in
a research group in the Netherlands, Ruud Jansen, was using a different scientific acronym,
Spidr, for spacers interspersed direct repeats.
In a bid for greater cohesiveness in the field,
Dr. Jansen suggested to Dr. Mojica that they
propose a new name, something that everyone
could agree to use in future papers. Trying to
find an acronym that captured the system’s
most salient features but still rolled off the
tongue, Dr. Mojica came up with Crispr. He
shared the idea with his wife, who told him
that Crispr “might be a good name for a dog
but perhaps not for a sequence,” he says. But
Dr. Jansen was enthusiastic
about what he called the
“snappy” new moniker.
In today’s justifiable excitement over the myriad ways that
the Crispr invention can be
used—to delete, insert or edit
DNA, to treat intractable diseases, and perhaps someday to
edit deleterious genes from embryos—the humble early story of
discovery, through years of basic
research, can get overlooked. “There would be
no gene editing without us,” says Dr. Mojica.
For scientists and their institutions, a lot
rides on how the story is ultimately told. A decade after Crispr was named, other researchers
showed how the system, and particularly the
Cas9 enzyme that it produces, could be
adapted for use in editing the DNA of plants,
animals and humans. The Broad Institute of
MIT and Harvard argues that a member of its
faculty, Feng Zhang, and his team demonstrated how to use Crispr in this way. Jennifer
Nobel
dreams vs.
the slow
process of
invention.
SIMPLE STEPS FOR A SCREEN-FREE CHILDHOOD
WANT TO “get your kids off their
phones?” a recent ad on Facebook
asked me. “Buy your children a gift
they will remember for a whole lifetime. A CHICKEN COOP! Backyard
Chickens are easier than you think.”
Maybe they are—I tend to doubt it—
but that’s still a lot of trouble just
to get kids to drop their devices for
a few minutes.
In a national survey I commissioned last year, I asked some 400
parents about their children’s use of
technology. For those whose oldest
was 6 or younger, 30% said that their
children spent too much time looking
at screens. The figure was 56% for
parents whose oldest was between 7
and 12. And if the oldest child was
between 13 and 17, 62% thought they
were on screens too much.
Dozens of parents I interviewed
around the country echoed these
sentiments. In the case of the older
kids, the concerns were tempered by
parents’ recognition that social media has become a key way for teens
to stay in touch with friends. But
what about children who are still
years away from adolescence?
JAMES YANG
BY NAOMI SCHAEFER RILEY
Many of the parents I interviewed
assume that keeping their younger
children occupied without screens
would be expensive and time-consuming: You either have to sign them
up for a constant stream of activities
or make sure that you or another
adult is around to entertain them.
But it doesn’t have to be this way.
Start with holiday gifts. If you
are giving your children more
screens, they will soon be harassing
you for more time on them. Don’t
set yourself up for failure. If you
want to spoil your kids, do it at a
bookstore or with art supplies or
sporting goods.
With little kids, even this is
largely unnecessary. Every parent
knows that toddlers often love packaging more than what is inside the
box. Yet few of us seem to follow this
idea to its logical conclusion.
Before my older daughter had
learned to walk, she developed a love
for ripping up newspapers. A weekend paper could keep her occupied
for almost a half-hour. It left her
filthy with newsprint, and the floor
was a mess, but it was worth it. I
was always grateful for the time to
myself, especially without the guilt of
relying on an electronic distraction.
So ask yourself: What sorts of activities are your children drawn to?
Do they want to build forts out of
couch pillows? Do they want to try
on every item of clothing in their
drawers? Or use a whole
bottle of glue sticking
leaves to construction
paper? There are alternatives to an iPad, if
you can tolerate some
untidiness.
It’s useful to remember how previous generations handled these
challenges. In her bestselling 1977 book, “The Plug-In Drug:
Television, Computers and Family
Life,” author Marie Winn noted that
most children used to nap until at
least kindergarten—well past the
point when they were actually sleeping during the day. Naptime simply
morphed into “quiet time,” when kids
would go to their rooms for a bit and
play by themselves. Now parents put
their children in front of a screen for
quiet, but this rarely seems to have
the same calming effect—especially
when it’s time to turn it off.
We also need to set reasonable expectations. Our parents and grandparents didn’t take toddlers to restaurants past their bedtimes and
expect them to behave. They didn’t
imagine that 3-year-olds could sit for
hours through a sibling’s swim
meets. One parent stayed home. Or
they got a babysitter. Or
no one went.
Now parents use
screens to make all of
these activities possible. The result is that
children expect screens
whenever
they’re
bored. We give in because we don’t know
what else to do, but
countless generations survived
childhood without screen time. If
we’re careful about it, ours can too.
Empty
boxes,
messes,
naptime.
This essay is adapted from Ms.
Riley’s new book, “Be the Parent,
Please,” to be published by Templeton Press on Jan. 8.
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.
C4 | Saturday/Sunday, December 23 - 24, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
WORD ON
THE STREET:
BEN ZIMMER
A Year of
High-Profile
‘Reckoning’
co Fo
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ANOINTING a “word of the year”
has become a common pastime as
we approach the end of the calendar. While various dictionary
publishers have already weighed
in (with “complicit” from Dictionary.com,“feminism” from Merriam-Webster,“youthquake” from
Oxford Dictionaries), the American Dialect Society will get the
last word when it makes its selection at its annual meeting in
Salt Lake City on Jan. 8.
The ADS has been picking a
Word of the Year since 1990, and
for the past several years I’ve
overseen the vote as chair of the
society’s New Words Committee.
In that capacity, I’ve been keeping tabs on some of the frontrunners for 2017, and one early
favorite is the portentous word
“reckoning.”
Earlier this month, Chicago
Tribune columnist Mary Schmich
nominated “reckoning” as Word
of the Year, noting that “the word
has been everywhere” ever since
assault allegations against the
producer Harvey Weinstein unleashed a cascade of high-profile
scandals involving sexual misconduct. Nancy Friedman, a naming
and branding consultant based in
San Francisco, agreed with the
choice of “reckoning,” calling it
“an old word given new relevance
and significance by current
events.”
The word “reckoning,” which
suggests a settling of accounts,
especially for past misdeeds, has
indeed seemed omnipresent at
the end of 2017. In the month of
December alone, the Journal has
carried headlines about “reckon-
Would Adam Smith
Eat That Burger?
not all salads are equal. The wrong dressing
can turn an intended light choice into a calorie-heavy meal.
The law of diminishing returns. The
search for new culinary experiences can be a
major cause of overeating. Trying everything
inevitably leads to eating more. People too often eat not just to satisfy their hunger but for
the stimulation of novelty, even if it ends up
making them feel uncomfortable. This phenomenon was explicated more broadly in economist Tibor Scitovsky’s 1976 treatise on consumer behavior, “The Joyless Economy.”
Instead, try to eat boringly. Having the
meals a day. Instead, try eating just one main
same salad time and time again, with a piece
BY CHRIS PAYNE AND ROB BARNETT
meal while keeping the other two light. For
of grilled chicken or fish, is not so exciting, but
us, this generally means a light breakfast and
it’s healthy. By repeating the same relatively
“THE DESIRE OF FOOD,” wrote Adam Smith
lunch and a larger evening meal that we enboring meal, it becomes a habit, and you feel
in 1776, “is limited in every man by the narrow
joy with our families.
less of a need for the stimulation of new foods,
capacity of the human stomach.” Not so, it
The potential peril of our approach is the
with all their extra calories.
would seem. If only the father of modern ecohunger pangs that accompany self-imposed
Buyer beware. Free markets work best
nomics, who was otherwise such a shrewd
scarcity amid abundance. In their 2014 book,
when consumers are at their most discerning.
judge of human nature, could see us now. Obethe behavioral economists Sendhil MullainaThe price per ounce of a soft drink may fall as
sity and weight gain abound in the world’s
than and Eldar Shafir explained that scarcity
its size increases, but this apparent value option
richer countries, and our desire for food, as
acts like a “bandwidth tax on thinking,” leadfails to take into account the future costs of conSmith wrote of other necessities and luxuries,
ing to short-sighted decisions. Being short of
sistently ingesting the larger portions. Indeed,
“seems to have no limit or certain boundary.”
money and constantly rolling over payday
the human tendency to undervalue future outAs two economists who used to be obese, we
loans is an example. In dieting, the equivacomes and to overvalue present experiences acknow about this serious public-health problem
counts not just for much of our
in a very personal way. Between
over-consumption but for many
the two of us, we have shed 120
of our economic problems too.
pounds and have remained at our
The diet industry has been
healthier weights for years. We
adept at exploiting this propendid this not by following any parsity for short-term fixes over
ticular diet but by seeing how
long-term solutions. That’s why
economic forces contributed to
we see so many weight-loss
our overeating and how economic
strategies promising immediate
principles could help us to deresults. It’s also why the food
velop better habits.
industry has generated countWe are not the first econoless “lite” versions of packaged
mists to discuss the rising incifood that encourage us to eat
dence of obesity. In 2003, the
more, not less. Be on guard
Harvard trio of David Cutler, Ed
against such supposedly easy
Glaeser and Jesse Shapiro argued
paths to weight loss.
that a revolution in food preserBalanced budgets. Life
vation techniques in the early
without the occasional feast or
1970s laid the groundwork for tosplurge would be a life less
day’s abundance of cheap, highly
well lived. Committing to givcaloric foods. One result of this
IN “THE WEALTH OF NATIONS,” Adam Smith wrote that food appeared
ing up burgers or Tex-Mex
glut has been escalating portion
to be the one human desire with a physical limit on consumption.
would never work for us, or for
sizes. According to the National
most dieters. And according to
Institutes of Health, the calorie
lent mistake is to grab a candy bar an hour
the French economic anthropologist Marcel
count for the average cheeseburger or plate of
before lunch.
Mauss, overeating during festive times, such
spaghetti and meatballs has roughly doubled
Our own method to fend off what those auas the holidays, is a distinctly human activity
since 1993.
thors call scarcity’s “tunnel vision” is to subthat creates trust among people and communiRising incomes also have contributed to our
stitute an even more powerful image: our daily
ties. It’s also greatly enjoyable.
expanding waistlines. U.S. GDP per capita and
weight. Many diet experts suggest de-emphaThe key to occasions when we indulge is to
calorie intake have risen virtually in tandem
sizing a daily weigh-in figure. We have found,
treat them as debts that must be paid off. For
since 1970. At the same time, the growth of the
however, that knowing what
every mini-feast, there needs to be a mini-fast.
service sector and the use of
we weigh each morning and
When we have a large lunch, we have learned
workplace technology have made
fixing that number in our
to skip the next meal. If we know we have a
our working lives more sedenheads helps us to avoid overheavy eating weekend coming up, we try to
tary, so we burn fewer calories.
eating.
save up a pound or two in advance. One inspiThe net effect of these
Data asymmetry. Poor deration is investing guru Warren Buffett’s
changes has been a classic case
cisions often result from one
“punch card” rule: He says that people should
of market failure: Unbounded
party to a transaction having
make a limited number of investments in their
demand has met almost unlimless information than the
life, so each one must count. We say the same
ited supply, and the resulting
other. In the buildup to the fiabout food splurges.
over-consumption has greatly
nancial crisis, for example,
To adopt this new routine is challenging. It
harmed our society’s health.
banks knew too little about
requires feeling hungry sometimes, and it takes
Contrary to conventional wisborrowers. Consumers of food
a long time to see progress. Figure on at least 18
dom, we don’t believe that the
suffer from a similar problem: They often
months to take off significant weight and a liferemedy is necessarily better education about
don’t know what’s in the food they eat and
time of restrained behavior after that to keep it
nutrition: Everyone reading this probably
the effect it will have.
off. For us, hunger has become a signal that we
knows, for instance, that salad is a healthier
Calorie counting aims to close this informaare doing something right—that we are weighoption than pizza. The plain fact is that we
tion gap, but its exactness is unsustainable and
ing up the present and future costs and benefits
gain weight by eating too much. What we recunneeded. Instead, we recommend being caloof our actions, as all good economists should.
ommend instead is an austerity program based
rie conscious, taking note of the calorie inforon a handful of insights from economics.
Mr. Payne and Mr. Barnett are the authors
mation that’s increasingly at hand to “nudge”
Abundance and scarcity. A healthy eater
of ‘’The Economists’ Diet: The Surprising
us toward better menu choices, to borrow the
must find guideposts to navigate between
Formula for Losing Weight and Keeping It
term from the 2008 book by economics Nobel
these two shoals. Fighting abundance reOff,” which will be published on Jan. 2 by
laureate Richard Thaler and his co-author Cass
quires rethinking some old habits, such as
Touchstone.
Sunstein. You can discover, for instance, that
the standard practice of eating three square
ROBERT NEUBECKER
Follow
the law of
diminishing
returns:
Dine
boringly.
AISA/EVERETT COLLECTION
no
n-
Modern economics has given us abundance—and
obesity. It also offers ideas to take off the pounds.
Centuries ago,
’reckoning’
referred to the
Last Judgment.
ings” involving Peru’s president,
colleges seeking to recruit rural
students, General Motors and Republicans in the aftermath of Alabama’s special election for the
Senate. Earlier this week, commenting on the passage of the
GOP tax bill, Sen. Elizabeth Warren warned her congressional colleagues, “Sooner or later, a reckoning is coming.”
But by far the most common
use of “reckoning” has been tied
to Mr. Weinstein and other powerful men being held to account
for sexual harassment and assault. On the journalism site NiemanLab, Ohio University professor Michelle Ferrier called 2017
“the year of the great reckoning,”
pointing to the success of the
“Me Too” movement. The social
activist Tarana Burke started the
“Me Too” campaign about 10
years ago to encourage women to
break the silence about sexual
abuse, and in October the #MeToo hashtag spread quickly on
social media as women shared
their stories. #MeToo, despite being two words stuck together, is
another strong contender for
Word of the Year.
“Reckoning” dates back to the
14th century in English, originally
referring to the Last Judgment,
when people are held accountable
by God for their past deeds. In
the general sense of account-settling, it has close parallels in
other Germanic languages: If you
want to get your bill in a Dutch
restaurant, you ask for the “rekening.” The word ultimately goes
back to an Indo-European root
meaning “move in a straight line”
or “put in order.”
“Reckoning” has been applied
to all sorts of calculations, such
as “dead reckoning,” a nautical
term for estimating a ship’s position based on its previous course.
But the latest usage harks back
to its early foreboding roots in
English. The “reckonings” of 2017,
both personal and collective, demand that consequences be paid
for the transgressions of the past.
Answers
to the News Quiz on page C13:
1.C, 2.C, 3.D, 4.A, 5.A, 6.D, 7.B,
8.D
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THE MODOC WAR C6 | THE CRUCIBLE OF FAITH C7 | THE RISE & FALL OF THE ROCK STAR C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved.
* * * *
BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | C5
Prophet of a New Order
Before he tackled the Depression or World War II, Roosevelt conquered rivals in his own party
absorption in money,” as he put it—
even though he harbored no desire to
abandon his own gilded life. He also
recoiled at the machine bosses who
dominated Northeastern urban politics. Projecting himself as a reformer,
he campaigned against those bosses
in winning his first state legislative
seat in 1910, at age 28.
Roosevelt quickly demonstrated a
capacity to work with both reformers
and bosses, shifting back and forth
between them as political imperatives dictated. Mr. Dallek notes that
when FDR’s farm constituency in New
York’s Hudson Valley demanded that
he abandon “certain progressive
Franklin D. Roosevelt:
A Political Life
By Robert Dallek
Viking, 692 pages, $40
BY ROBERT W. MERRY
FDR recoiled at machine
politics and, as president,
invested vast power in a
new managerial elite.
ly
.
reforms and the plight of poor newcomers to the United States,” he happily complied.
But behind this tactical fluidity
was a growing philosophy that he
described, with some contortion, as
favoring “the struggle for the liberty
of the community rather than the
liberty of the individual.” As Mr.
Dallek explains, Roosevelt wanted to
“replace corrupt political bosses and
their party machines with leadership
serving majorities rather than special
economic interests.” This wasn’t a
particularly original idea, though
many contemporaries considered it
radical. After he embraced it, however, FDR honed the message with
greater clarity and colloquial force
than any of his political peers, and he
developed it further through his 1920
campaign as running mate with
presidential candidate James Cox
and a successful stint as New York
governor.
Thus Roosevelt positioned himself
in 1932, at the height of the Great
Depression, as the greatest progressive politician of his time. Unemployment lingered at 25%, with nearly 13
million people out of work. Americans
wanted action, and Roosevelt, unencumbered by any attachment to the
status quo, publicly embraced a
philosophy of “experimentation.” He
explained: “It is common sense to
Please turn to page C6
GETTY IMAGES
co Fo
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IN JULY 1932, New York Gov. Franklin Roosevelt flew halfway across the
country to address the Democratic
convention in Chicago that had just
nominated him for president. No
party candidate had ever done such a
thing, and FDR’s appearance signified
a certain political audacity. In his
acceptance speech, the governor
implored delegates to join him as
“prophets of a new order.” This was
even more audacious.
While critics could easily dismiss
such political grandiosity as empty
words designed to pry votes from
naive citizens, it turned out that this
particular politician actually meant
it.
The country in 1932 was trapped in
what historian Arthur Schlesinger Jr.
would later call a “crisis of the old
order.” So was the global system,
which had never regained stability
after the carnage of World War I.
Roosevelt, as president, first transformed American politics and then
transformed the world, putting America at its center. It’s difficult to argue
with the academic surveys on presidential performance that consistently
rank FDR as among the three greatest
presidents, along with Lincoln and
Washington.
To judge by “Franklin D. Roosevelt: A Political Life,” Robert Dallek
shares that assessment. He tells his
story through sturdy, unadorned
prose that provides little literary
style or dramatic scene-setting for
the casual reader. But he writes with
thoroughness and clarity, and the
subject’s remarkable life buoys the
narrative.
Roosevelt grew up amid wealth
and ease in Manhattan and on the
Hudson River, “an only child in a
cloistered world,” imbued with a
sense of class obligation that comes
with privilege. This sense was
reinforced at the famous Groton
School in Massachusetts, whose
founder and headmaster, Endicott
Peabody, instilled in his charges the
virtues of “Christian charity.’’ At
Harvard, young Roosevelt wrote a
HEIGHT OF HIS POWER A campaign poster from 1944, when the president won re-election with 432 electoral votes.
paper suggesting that those who
ignored their obligation might soon
lose their privilege. He attributed the
decline of some old elite families to a
“lack [of] progressiveness and the
true democratic spirit.”
Roosevelt ended up as a Manhattan lawyer but soon grew bored and
restless. So he set his sights on a
state legislative seat as a first step to
the presidency. A trust fund and
family stipend provided the financial
independence he needed to pursue
such a career, but he was also developing a strong independence of outlook. He didn’t much like the milieu of
Northeastern privilege—“the chatter,
the snobbery, the pomposity, the
BY LEON BOTSTEIN
IN HIS SELF-EFFACING autobiography, the Russian composer and pedagogue Nikolai Rimsky-Korsakov confessed that conducting “baffled” him.
If Stravinsky’s teacher had a hard time
making sense of what someone standing in front of an orchestra waving a
baton was doing (or was supposed to
be doing), how can we expect audiences to appreciate and comprehend
the art of conducting? Suspicion
whether there is actually anything
difficult or substantial to conducting
is commonplace among instrumentalists who play in orchestras or with
them as soloists. To the eminent
chamber musician and critic Hans
Keller, conducting was just a “phony”
musical profession.
Keller was annoyed, properly so, by
the arrogance and affectations of most
conductors. But is conducting really
“phony”? When the legendary pianist
Arthur Rubinstein, already in his 80s,
toured Israel with the Jerusalem Symphony Orchestra playing concertos he
knew inside and out, he realized that
there would be a 50-minute “sound
check” before every performance (to
permit all concerned to get used to
the piano and the hall at each stop).
Rubinstein asked the conductor, the
late Gary Bertini, whether instead of
warming up with the program before
one of the concerts, he might try his
hand at conducting. Rubinstein had
never had the opportunity to conduct.
As Brahms was the composer dearest to his heart, Rubinstein chose the
challenging the opening of Brahms’s
Third is for conductors (recounting his
mentor Leonard Bernstein’s own
search for the right solution).
Brahms’s complex rhythmic structure
requires that the conductor show how
the various instruments in an ensemble of more than 80 musicians fit together to produce Brahms’s arresting
synthesis of melody and drama. The
music sounds glorious, natural and
straightforward. But to realize what
What exactly constitutes the technique of conducting? There is an evident paradox. Conducting by itself
makes no sound. The music comes
from the instruments of the orchestra.
Skepticism concerning the function of
a conductor results from invidious
comparisons. No one can fake playing
one of Brahms’s two piano concertos,
or his violin concerto. If one can play
a Brahms concerto at a professional
level, measured in terms of basic accu-
Is the figure on the
podium really a musician?
What, exactly, constitutes
the art of conducting?
again and went to the piano to play
the opening as he wished it to sound
and then returned to the podium to
try once more. His demonstration had
no effect. Confusion triumphed, and
the reading came to a halt. Rubinstein
could not make the orchestra play together and reproduce what they had
just heard him play for them. After
three false starts he stepped off the
podium, returned the baton he had
borrowed from Bertini, and said, with
a smile, “After all these years, I had no
idea; but now I finally understand.”
John Mauceri’s “Maestros and
Their Music: The Art and Alchemy of
Conducting” explains what, after 60
years of being a soloist with orchestras, Rubinstein should have known.
Mr. Mauceri mentions how notoriously
GETTY IMAGES
By John Mauceri
Knopf, 262 pages, $28.95
Third Symphony, in F major, for his
private conducting debut. Bertini and
the orchestra were thrilled at the
prospect. The orchestra revered Rubinstein. They knew the Brahms. All
four Brahms symphonies were part of
the orchestra’s core repertoire. The
score and parts were in the orchestra’s library.
At the agreed-upon day, the stage
was set with the piano in front so the
maximum time could be given Rubinstein. He went to the podium and
raised his baton. The opening was a
mess. Rubinstein stopped and started
again. Chaos reigned, with little progress. Frustrated, Rubinstein stopped
no
Maestros and Their Music
n-
With the Wave of a Wand
MUSICAL ALCHEMY John Barbirolli conducts the Hallé Orchestra ca. 1958.
Brahms wrote—forget matters of interpretation and nuance—requires the
technical skill of conducting. Bertini
must have smiled to himself when
Rubinstein chose Brahms’s Third for
his first foray into conducting. No
matter how well Rubinstein knew the
music, and could play it from memory
in its version for piano (made by the
composer himself), showing an experienced professional orchestra how to
follow and make the music is harder
than it looks.
racy, in public, at a concert, there can
be no doubt that one deserves to be
called a musician, and a pianist or a
violinist. To be able to do so demands
respect and even awe at the required
discipline and athletic achievement.
But there are fakes, charlatans and
successful mediocrities among conductors, including individuals who
cannot read music but who have
learned to mimic the gestures of conducting. They stand in front of professional orchestras and preside over a
respectable account of a piece of
music and take the credit.
Although the bulk of his book is
devoted to outlining what real conductors need to know and the challenges they face, Mr. Mauceri believes
that there is some ineffable quality
about conducting that sets it apart
and is not rational. He concludes that
conducting is a “mystery” and cannot
be taught. A form of alchemy is at
work in conducting—an inexplicable
wizardry. Therefore Mr. Mauceri
frames his book, in its very first
pages, by addressing directly a case
with which many readers of this
newspaper are likely to be familiar.
The late Gilbert Kaplan, founder of the
magazine Institutional Investor, was a
wealthy music lover. He became obsessed with Mahler’s Second Symphony, listening to it endlessly in his
car and at home. As a 41st-birthday
present to himself he hired the American Symphony Orchestra and what
was then known as Avery Fisher Hall
in Lincoln Center and “conducted” the
work before an invited audience of
friends and relatives.
How was this possible? No amount
of listening could have enabled Kaplan
to approximate playing any single
orchestral part of Mahler’s Second on
a professional level, not even the percussion parts, which routinely appear
to audiences as easy (which they are
not). Yet Kaplan succeeded by appearing to conduct. He looked the part but
actually followed the orchestra. They
organized themselves to coordinate
the proceedings. There is a long, noble
history of conductor-less orchestras;
generating the illusion that Kaplan
was conducting was clearly possible.
If Kaplan made it through Mahler’s
Second, why did Rubinstein get stuck
Please turn to page C7
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C6 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
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BOOKS
‘These people must die out—there is no help for them. God has given the earth to those who will subdue and cultivate it.’ —Horace Greeley
A War With No Heroes
The Modoc War
By Robert Aquinas McNally
Nebraska, 409 pages, $34.95
Spirit in the Rock
By Jim Compton
Washington State, 318 pages, $27.95
ALL AGAINST ALL A Warm Springs Indian fighting on the side of the U.S. against the Modocs in 1873.
tionwide clamor for Jack’s head. The
press called Canby’s murder a severe
blow to what had been the sincere but
often corruptly administered “Peace
Policy” of President Ulysses S. Grant,
and the saying made it so. Calls for
retribution were virtually universal,
and commanding general William T.
Sherman inferred public revulsion as
carte blanche to sustain “any measure
of severity against the savages.” The
Modocs were run to the ground, Jack
was hanged and the 155 survivors
were exiled to a tiny, arid reservation
in modern-day Oklahoma, where disease and mistreatment ravaged them.
Not content merely to hang Captain
Jack, an army surgeon decapitated
the chief after lowering him from gallows and mailed his head to augment
the Army Medical Museum’s collection of Indian cranium.
Thus ended a dark chapter in frontier history. Nearly a quarter of the
army personnel who had seen action
in the conflict had become casualties,
and almost half of the Modoc tribe
had been expelled from the Pacific
Northwest.
Although Mr. McNally’s treatment
of the actual combat is well-crafted
and generally sound, overall his book
represents an overwrought and
harshly polarizing account of the
Modoc War and its antecedents. He
puts his foot wrong early, when he
dismisses as frontier trope the very
real, if understandable, atrocities that
Modocs committed against white
settlers. The author goes on to assert
that the Modoc War and subsequent
exile of Jack’s followers represented
genocide equivalent in intent to the
Nazi destruction of European Jews.
The historical record does not support his contention of genocidal intent. The government initially hoped
to return Jack’s followers to the
Klamath Reservation. While not ancestral Modoc land, the country was
similar in its biological diversity.
ly
.
male captives they had seized from
weaker tribes. When the Modocs first
encountered white immigrants in the
1840s, the tribe numbered just 800.
The settlers brought smallpox and
measles, and the diseases ravaged the
Modocs until fewer than 400 remained. In retaliation, their warriors
hit back intermittently until an 1864
treaty with the federal government
merged them with their Klamath
neighbors on the Klamath Indian Reservation. The land was ample and
good, but the Klamaths harassed the
Modocs ceaselessly. Fed up and homesick, in 1870 Jack and his followers
returned to their homeland, now
overrun by whites.
In November 1872 acquisitive
settlers and an unscrupulous Indian
agent provoked the army into a
bloody confrontation with Jack’s
village. Seeking to escape further violence, Jack’s band withdrew into a
formidable natural stronghold in the
Lava Beds. Their hopes for a mediated
settlement seemed dashed when they
were joined by another band of Modocs—one that had killed a handful of
settlers in retaliation. After an army
assault on Jack’s Stronghold failed,
Gen. Canby arrived to open negotiations. The Modocs killed Canby on
Good Friday, April 11, 1873, because
they thought his death would cause
the army to withdraw: Militant members of the band had forced a reluctant Captain Jack to commit the act.
Instead of leaving, the army
poured in reinforcements amid a na-
co Fo
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ON OCT. 3, 1873, the Modoc chief
Captain Jack (Kintpuash) and three of
his warriors were hanged after a military commission found them guilty of
war crimes. The four Modocs had
murdered Brigadier Gen. Edward R.S.
Canby and a civilian peace commissioner during a conference the government representatives had agreed
to in order to seek a peaceful resolution to a prolonged conflict in the
Lava Beds of Northern California—
one which had eventually pitted more
than 1,000 soldiers, civilian volunteers, and Indian auxiliaries against
some 66 Modoc fighting men and
their families. Lasting nearly eight
months, the so-called Modoc War
made international headlines.
Reprehensible as the murders of
Canby and his fellow peace commissioner had been, Captain Jack’s rash
actions and subsequent testimony
exposed the larger injustices that had
pushed the Modocs to take such an
extreme measure. Reflecting on the
two decades of abuse that landhungry Oregonians had dealt the
Modocs leading up the war, Jack told
the military tribunal, “If the white
men that killed our women and children had been tried and punished, I
would not have thought so much of
myself and companions.” But, he
asked, “Do we Indians stand any show
for justice with you white people,
with your own laws? I say no. I know
it. You people can shoot any Indians
any time you want whether we are in
war or in peace. I charge the white
people with wholesale murder.”
This bloody historical episode is
the subject of two recently published
books of widely diverging merits:
“The Modoc War: A Story of Genocide
at the Dawn of America’s Gilded Age,”
by natural-science writer and poet
Robert Aquinas McNally, and “Spirit
in the Rock: The Fierce Battle for
Modoc Homelands,” by the late NBC
journalist and Seattle city councilman
Jim Compton. Both books are highly
sympathetic to Captain Jack and his
cohorts, but Mr. Compton’s is the
more balanced and nuanced account.
Jack’s people belonged to a small
but fiercely independent tribe, which
for 300 years occupied a rich tract of
land along the present-day CaliforniaOregon border. They had a reputation
among other Indians as merciless
raiders, trading humans for horses
and dealing to strong tribes the fe-
GETTY IMAGES
BY PETER COZZENS
Although they have suffered much,
the Oklahoma Modocs have endured.
Mr. McNally generally interprets
the behavior of whites, including the
unfortunate Gen. Canby, in the harshest possible light, while ignoring the
warlike antecedents of the Modoc
bands that confronted the army. His
book in that sense reflects a lamentable tendency to see the Indian Wars
in absolute terms, as a struggle between pure good and pure evil—
simply reversing the role of heroes
and villains to suit a new public taste.
In recent years, works such as S.C.
Gwynne’s “Empire of the Summer
Moon,” Hampton Sides’s “Blood and
Thunder” and Paul Hutton’s “The
Apache Wars” have gone far to bring
balance to the story of what indisputably was a tragic epoch. While perhaps appealing to political correctness, works such as Mr. McNally’s do
the field of serious historical endeavor no favors.
The author can even come across
as condescending to the Native Americans for whom he professes sympathy: Referring to Canby’s death, he
suggests that “ ‘murder’ applied to
the Good Friday killings is a dirty
word since it turns an act of war into
a crime.” But gunning down unarmed
participants negotiating in good faith
under a flag of truce is murder: Captain Jack confessed as much before
the military tribunal. The Modocs,
moreover, had experienced a similar
betrayal two decades earlier when a
gang of frontier miscreants led by a
sociopath named Ben Wright slaughtered a Modoc peace delegation.
Although Jim Compton, like Mr.
McNally, neglects the more sordid aspects of the Modoc tribe’s interactions with other indigenous peoples,
Compton’s book makes no excuse for
the killing of Canby. His book is
strengthened throughout by a sensitive portrayal of traditional Modoc
spirituality. Compton’s empathy for
the Modocs, however, does not detract appreciably from the objectivity
of “Spirit in the Rock.” Moreover, this
book is something of a labor of love.
Compton had what his wife calls (in
an editor’s note) a “decades-long passion to tell the Modoc story,” and his
graceful narrative is supplemented by
a vivid series of color photographs of
Modoc War sites taken by a longtime
friend of the author. Compton possessed his own intimate knowledge of
this terrain (he once spent a wintery
night sleeping in Captain Jack’s cave
in the Stronghold), and over the years
he had forged friendships with Modoc
descendants of those involved in the
conflict. Their story finds eloquent
expression in “Spirit in the Rock.”
Enraged by the ‘wholesale
murder’ of their people,
Modoc warriors killed a U.S.
Army officer during a truce.
(More than half the tribe weathered
Klamath insults and remained on the
reservation throughout the conflict;
these Modocs were not deported.)
Not until after Canby’s murder and
the war’s bloody conclusion did exile
become official policy.
Mr. McNally also implies that the
“genocide” succeeded. Of the aftermath of the war, he writes with astounding hyperbole, “The Oklahoma
Modocs were disappearing. General
William Tecumseh Sherman had
wanted the tribe exterminated. Without firing a shot and with the Interior
Department footing the bill, the general saw his wish fulfilled.” In fact,
the Modocs of Oklahoma today constitute a federally recognized tribe.
Mr. Cozzens is the author of “The
Earth Is Weeping: The Epic Story
of the Indian Wars for the American West,” among other books.
dered him an unrivaled force in
American politics.
The charisma paid off in his 1936
re-election, in which he captured
more than 60% of the popular vote.
After the dust settled, FDR’s Democratic Party controlled 75 Senate seats
to just 21 for the opposition, while the
House was Democratic to the tune of
331 to 89. Hardly ever in history has a
president enjoyed such dominance. As
commentator Joseph Alsop, a blood
relative of the Roosevelts, wrote:
“Who was there to say him nay?”
Then Roosevelt overstepped. Stung
by the Supreme Court’s relentless
attacks on his most cherished
programs, he unveiled a plan to
“pack” the court by expanding
its membership. Even much of
the Democratic establishment
recoiled—as did the American people. Roosevelt remained hugely popular (his
approval ratings in opinion
surveys held near 55%
throughout his presidency),
but there would be no more
New Deal expansion. “Suddenly,”
wrote Alsop, “the old Greek theme
of Hubris . . . dominated the play.”
Soon Roosevelt’s focus shifted to
the global challenge of the rising dictatorships of Germany and Japan,
bent on expanding their dominance
over Europe and Asia. His problem
was that the American people vehemently opposed any foreign-policy
bellicosity that could draw the country into war. Thus FDR was sidelined
from a global crisis that he felt
demanded American action. With the
outbreak of the European war in
September 1939, Germany’s conquest
of the European continent the next
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no
Continued from page C5
take a method and try it: If it fails,
admit it frankly and try another. But
above all try something.” With a bit
of self-serving sophistry, he declared
the Constitution to be “so simple and
practical” that any pressing needs
could be met “by changes in emphasis
and arrangement without loss of
essential form.”
Roosevelt’s famous New Deal
encompassed Social Security, the
Tennessee Valley Authority, the Securities and Exchange Commission,
the Federal Deposit Insurance Corp.,
unemployment insurance, the National Labor Relations Board, the
Rural Electrification Administration,
the Fair Labor Standards Act and
much more. In thus expanding government, he transformed America’s
balance of political power, investing
more sway in the executive branch
and creating a managerial elite of
federal bureaucrats that eventually
would prove impossible to curtail or
control.
Mr. Dallek joins other FDR scholars
in arguing that none of this activity
did much to end the Great Depression—until a massive arms buildup,
thanks to World War II, finally
brought real national prosperity. This
is largely true, but voters credited
Roosevelt for nudging the economy in
the right direction and for blunting
the worst ravages of the crisis. During
his first term, unemployment declined
to below 17% from 25%. Mr. Dallek
also doesn’t mention that FDR generated 7% GDP growth during the same
period. All this, along with the president’s remarkable ability to beguile
masses of Americans through dazzling speeches and radio “chats,” ren-
n-
The Political Life of Franklin D. Roosevelt
year, and Japan’s continuing incursions in China, he became almost desperate to get America into the fray.
Mr. Dallek’s narrative picks up
some vibrancy in this section, but he
finesses the president’s more questionable efforts to nudge America into
alignment with the beleaguered
nations of Britain, France and China.
He essentially gives FDR a pass on
what was almost certainly a violation
of the U.S. Neutrality Acts, when the
president made destroyers available
to Britain in a 1940 deal that gave
America property in Canada and the
West Indies for U.S. naval bases.
Roosevelt negotiated the deal in secret and never asked for congressional approval. When it became public,
he blithely called it a “fait accompli”
and rebuffed reporters’ questions.
Neither does Mr. Dallek give his
readers a clear picture of the diplo-
matic brutality undergirding U.S. relations with Japan after Roosevelt
pushed that country into a position of
near desperation—and forced a confrontation—by barring exports of raw
materials to that country in 1940,
then expanding the embargo to oil in
1941. Having placed Japan under a
crushing economic strain, Washington
showed no willingness to negotiate a
way out of the impasse short of Japanese humiliation. That FDR knew this
policy would likely lead to a Japanese
attack against U.S. positions somewhere in Asia is attested to by the
fact that he initiated a program to
collect the names and addresses of
all Japanese-Americans, whether
born in Japan or the United
States. Thus began the infamous
internment program—11 days
before Pearl Harbor.
When war came, Roosevelt
seized the opportunity to lead
America into a global role of
fostering, at war’s end, world
stability with a balance-ofpower diplomacy that acknowledged the regional influence and
interests of three other nations—
Britain, Soviet Russia and China. The
world that emerged after his death in
April 1945 wasn’t quite what he had
envisioned (in part because he underestimated Stalin’s geopolitical designs), but America’s dominant position in the postwar world was rocksolid, as he had intended.
Throughout his presidency, Roosevelt never wavered in his judgment
that the people ruled. Even with his
consistently high approval ratings, he
fretted about his national standing
and the political effects of his policies. Even as a transformational
leader, he calibrated his range of
action, based on popular sentiment,
with great care and nearly unerring
judgment. Besides, he genuinely
wished to preserve the American
system. When Walter Lippmann
urged the new president to consider
“dictatorial powers,” FDR dismissed
the thought. When Eleanor Roosevelt
suggested that a benevolent dictator
might get the job done during the
Depression, Mr. Dallek cites sources
as saying, the president “looked at
her quizzically and remarked that
one could not count upon a dictator
staying benevolent.” Further, his
instincts seemed to steer him away
from overt socialism. Upon taking
office, with financial institutions
failing in droves and progressives
urging bank nationalization, he rejected the notion, opting instead for
a regulatory approach.
And though desperate to get America into the global turmoil of Europe
and Asia, he avoided any action that
could get him crosswise with voters—
even if he stooped to some substantial dishonesty in the process. Public
opinion, as he assessed it, remained
sacrosanct.
Thus did Franklin Roosevelt build a
powerful new coalition of politics
based on a new vision of governance
and a new concept of America’s world
role. It was indeed an audacious “new
order”—an audacious act of political
imagination that is just what America
and the world needs again now.
Mr. Merry is the editor of the
American Conservative and the
author, most recently, of
“President McKinley: Architect of
the American Century.”
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | C7
* * * *
BOOKS
‘The crucible is for silver, and the furnace is for gold, and the Lord tries hearts.’ —Proverbs 17:3
Voices in the Wilderness
wrong choice might spell invasion and
a new destruction of the Temple, like
the trauma inflicted by the Babylonians centuries earlier. At the same
time, more Jews than ever before
dwelt outside Judea, and participation
in the interconnected world exposed
them to foreign beliefs and values.
Greek Platonism and Persian Zoroastrianism exerted their pull, as did the
sensuality of globalized Hellenism,
with its adoration of sports and the
naked body.
Crucible of Faith
By Philip Jenkins
Basic, 303 pages, $30
BY JAMES ROMM
Now-obscure Jewish
texts written centuries
before Christ introduced
some of the defining
beliefs of Christianity.
BRIDGEMAN IMAGES
written down for destruction. . . . The
first heaven shall depart and pass
away, and a new heaven shall appear.”
Scenes like this depict “the first surviving apocalypse in Jewish literature,”
according to Mr. Jenkins, and plant the
eschatological seeds that would later
flourish in the New Testament, especially in Revelations.
I Enoch anticipates Christian belief
in other ways too. It speaks of a “Son
of Man”—the first known use of that
phrase—who will sit on a throne of
majesty as the final judgment unfolds.
It imagines a fiery place of eternal
punishment, the prison house for a
crew of evil angels, here called the
Watchers, who led humans astray and
taught them to do evil. It gives names
and distinct identities to these Watchers and also to the good angels—
Michael and Gabriel make their earliest appearances here and in Daniel—
who cast the evil angels into the fiery
pit. A “new world of spiritual inquiry”
is here revealed, Mr. Jenkins claims,
one sharply divided between forces of
darkness and light and deeply interested in the afterlife and the world’s
end. Such passages, he says, set “the
agendas for religious controversy for
centuries to come.”
“Crucible of Faith” explores not
only I Enoch but the whole collection
of Hellenistic Jewish pseudepigraphical texts, of which Daniel is the best
known today thanks to its inclusion in
the Bible. These “Enochian” or
“Enochic” writings, as Mr. Jenkins
terms them, foreground a set of
themes that, though nearly invisible
in earlier Hebrew scriptures, would go
on to become fundamental to Christianity. Satan first emerges in them as
an embodiment of malign power; in
the canonical Bible, he is a merely
troublesome “adversary,” designated
by a label, ha satan, that only later
became his name. The rivalry between
God and Satan, each attended by a
court of named and individuated
angels, is first configured in these
texts as a struggle between absolute
good and evil. A Messiah—never
before conceived as “a future individual,” according to Mr. Jenkins, despite
Christian-influenced readings of passages in Isaiah—first emerges in the
Enochic texts as the bringer of
humanity’s redemption.
Though little known today, I Enoch
and its brethren were widely read in
their own times. Fragments of several,
including an otherwise lost Book of
Noah that preceded and deeply influenced the Enoch author(s), have been
ly
.
REFUGES The caves in Qumran, Israel, once inhabited by Essene monks where the Dead Sea scrolls were found in 1947.
“Crucible of Faith” follows a chronological scheme, linking the history of
the Hellenistic age, as seen from the
perspective of the Jews, to the emergence of the Enochic themes. Stress,
instability, fear of external threats
and influences, and the problem of
legitimate leadership all helped create
the conditions in Judea that produced
I Enoch and related texts. The
Hasmonean revolt looms large here—
a Jewish uprising against the Seleucid
Empire in the mid-second century
B.C., commemorated by Jews today in
the lighting of Hanukkah candles,
recalling the lamp of consecration
used to cleanse the reclaimed Temple.
A second Jewish rebellion, against the
Romans, resulted in a smashing of
that Temple in A.D. 70, which brings
an era of Jewish history, and this
book, to a close.
Interweaving as it does a series of
largely unfamiliar historical events
with a set of wholly unfamiliar texts,
“Crucible of Faith” will prove heavy
sledding for some readers. The book
could have used a greater array of
reference tools and illustrations than
it has (though an opening table,
showing the timeline of the canonical
biblical texts and the pseudepigrapha,
is enormously helpful). Still, Mr.
Jenkins is a clear and vivid writer
with powerful insights into the ways
in which history and religious thought
march hand in hand. Those willing to
go with him on his Enochian journey
will discover much about the murky
origins of modern faith.
recovered from Qumran, the find site
of the Dead Sea Scrolls. Indeed, the
recovery of those scrolls, in the 1970s,
has made the dating of several noncanonical texts, including I Enoch, far
more precise than it had been, since
handwriting styles evolved over time
and can therefore establish chronology. Only in recent decades have
scholars been certain that I Enoch
preceded, perhaps by centuries, the
rise of Christianity, a finding that has
elevated its importance within the
field of religious studies.
Mr. Jenkins is part historian, part
theologian—his many books, though
largely on religious themes, include a
secular history of the U.S.—and in
“Crucible of Faith” he often seeks
political explanations for the emergence of Enochic thought. The Jews of
the Hellenistic era, he explains, dwelt
in a world totally unlike that of their
ancestors. The focus of their spiritual
concerns—tiny kingdom of Judea and
the so-called Second Temple in its
principal city, Jerusalem—was dominated, alternatingly, by one of the two
great empires it bordered, dubbed
Ptolemaic and Seleucid after the
dynasties that controlled them. Wars
between these giants posed the problem of which side the Jews were on; a
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HAVE YOU EVER read the quasiscriptural text known as I Enoch?
Probably not, since only the Ethiopian
Orthodox Church accepts it as part of
the Bible, and much of it has been
preserved only in the Ge’ez language
of that sect’s liturgy. For most Jews
and Christians today, I Enoch remains
an obscure member of the strange
collection known as the Pseudepigrapha—the “falsely attributed”
writings that claim a biblical setting
but that in fact derive from a later
time. Though they present themselves
as the work of patriarchs like Noah
and Abraham, most of these works
can be dated (if only uncertainly) to
the third, second and first centuries
B.C., the so-called Hellenistic age, and
their content allows Philip Jenkins, a
history professor at Baylor University,
to rename this era the Crucible of
Faith, the phrase that supplies his
title. A welter of new ideas that arose
then, as the product of new historical
forces and pressures, laid the foundation, as Mr. Jenkins demonstrates, for
defining beliefs of the Christian faith
that emerged in subsequent centuries.
Pseudepigraphical writers developed their ideas out of the already
canonized Hebrew Bible and often
posed as characters found there. The
author on whom Mr. Jenkins
focuses—or authors, since the text we
have is an amalgam of multiple layers—adopted the mask of Noah’s
grandfather, a man named Enoch who,
according to Genesis, lived 365 years
and was then taken to the side of God,
seemingly not by death but by a kind
of translation. I Enoch imagines that
such a man would gain sweeping
knowledge of the cosmos and would
see into the future, so as to serve as
humankind’s truest prophet. He would
have visions to rival those of Daniel, a
contemporaneous author whose
writings somehow made it into the
canonical Hebrew Bible (the last work
to gain entry there).
Like Daniel, Enoch retrojected himself into the past in order to “foresee”
the events of his own times, including
the power struggles of the dynastic
kingdoms that dominated the Hellenistic world. But Enoch also went further
and described the endpoint of history,
a time when nonbelievers “shall be
cast into the judgment of fire. . . . All
the works of the godless shall vanish
from the earth, and the world shall be
Mr. Romm is the editor and
translator of “How to Die: An
Ancient Guide to the End of Life,”
to be published early next year.
The Art and Alchemy of Conducting
n-
recordings and videos, he memorizes
the sound of every word and line assigned to Hamlet in Shakespeare’s
play. He then dresses in the costume
and recites the sounds of the text he
has learned by rote. This person is not
an actor; he does not understand the
sounds he is making. No matter how
amazing and near perfect this imitation might be, the curtain concealing
the hoax will be lifted. In Kaplan’s
case his initially charming and quite
miliar music and film scores. His book
is as much a personal account of his
life and career—a memoir filled with
anecdotes and his opinions about
music, performance, language and
history—as it is a candid objective
guide to conducting written for the
general audience.
Mr. Mauceri definitely knows what
he is writing about. He has a distinguished conducting career. He studied
at Yale under the eminent conducting
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no
Continued from page C5
immediately in Brahms’s Third? The
reason is that Rubinstein was determined to shape the music the way he
was used to doing at the piano. But he
could not translate his musical ideas
into the pantomime that is conducting, using his hands, eyes and the
space around his body (the tools of
the conductor) to anticipate and control sound. He understood the music
and what he wanted but soon discovered that the skills required were
harder to obtain than he had assumed.
With humility, he gave up.
Kaplan, however, did the opposite.
He embraced the illusion generated by
the orchestra. He went on to repeat
playing at conducting, gesturing from
the podium as if he were conducting—
always the same Mahler symphony—
over and over again all over the world.
He even recorded the work with the
Vienna Philharmonic. Despite a fanatical obsession with Mahler, Kaplan
could never repeat this elaborate hoax
with any other work. Kaplan could not
read a score, was untrained in the
materials and methods of music, and
was not even proficient on an instrument. He was, to put it bluntly, musically illiterate. He was the beneficiary
of recording technology—the capacity,
since the mid-20th century, to become
familiar with how a piece of music
goes by repeated exposure to sound
recordings. Indeed, in the 1960s a few
long-playing recordings were sold with
a baton so that the consumer, in the
privacy of his home, no doubt with the
volume turned up, could play at conducting an orchestra. This fantasy mirrored the extent to which a few highprofile conductors, such as Toscanini,
Stokowski and Bernstein, had become
stars and how alluring the role of the
conductor had become.
Imagine an adult who cannot read
or write and only speaks a language
that is not English. By diligent use of
MAESTRO John Mauceri conducting the Hollywood Bowl Orchestra in June 2005.
admirable display of the love of the
music (he could have bought himself
several Rolex watches and luxury
yachts for what it cost him) persisted
as a spectacle of harmless self-delusion at the margins of concert life.
Mr. Mauceri gives Kaplan more
credit than he deserves, slyly claiming
that some people believe the Kaplan
recording of Mahler’s Second is the
best, or one of the best, recorded accounts of the work. But Mr. Mauceri,
using his own career, undercuts his
own opening gambit by detailing how
complicated conducting is, and how
much one really needs to know, particularly when conducting opera, unfa-
teacher Gustav Meier. He was Bernstein’s assistant for nearly two
decades. He has conducted all over the
world. And his experience ranges from
orchestral music and opera to popular
music, movie music and musicals.
Most impressive has been his advocacy of unjustly neglected works,
notably those banned by the Nazis as
“degenerate.” Mr. Mauceri has made
pioneering recordings. He has been, at
various times, the director of the
Hollywood Bowl Orchestra, the Pittsburgh Opera, the Turin opera house
and the American Symphony. He has
conducted in every major venue—
from Covent Garden and La Scala to
the Met—and with every major orchestra in the world, and has worked
with practically all the great soloists
and singers. And Mr. Mauceri served
with distinction at the helm of the
North Carolina School of the Arts.
Mr. Mauceri holds strong views
about conducting, including the need
to interrogate musical texts to establish the composer’s intent and the
right critical versions. He recognizes
the obligation to get under the surface
of music to reveal meaning. He is
determined to push the boundaries of
the standard repertoire so that more
of the great music produced over the
past 300 years can be heard live,
which, for Mr. Mauceri, is the only
proper way to experience music. He
rightly stresses the indispensability of
learning to accompany the voice and
of working in the opera pit as part of
required training
Despite Mr. Mauceri’s conclusion
that conducting remains a unique
mystery, “Maestros and Their Music”
offers a succinct but candid detailed
account of the training, trials and tribulations conductors go through, including loneliness, bad hotels, hostile
orchestras, poor pay, greedy managers, philistine administrators, and
mean-spirited and ignorant critics.
The reader learns of Mr. Mauceri’s
triumphs, successes and contributions
to conducting. Mr. Mauceri’s many
anecdotes—war stories of near misses
and disasters—provide among the
most engrossing pages.
Conductors are known for their
outsize egos, and Mr. Mauceri,
despite an admirable effort to show
humility, is no exception. Even when
he expresses admiration for others,
he is somehow dead center in the
picture. Mr. Mauceri can also be
sharply critical. He is quite restrained in his admiration for Pierre
Boulez and downright dismissive of
Lorin Maazel, two of the finest
recent masters of the technique of
conducting.
The success, distinction, discipline
and breadth of Mr. Mauceri’s accomplishment, all evident in the book, contradict the notion that there is something particularly un-teachable about
conducting. The spirit, personality and
serendipity that separate a fine professional from a star among conductors
are the same qualities that do so
among singers and instrumentalists.
However, since orchestral and operatic
life today is so dominated by a narrow
standard repertoire and the quality of
professional ensembles is so high,
there are bad conductors and poorly
trained conductors out there being
rescued every night by their orchestras. But as Mr. Mauceri makes plain,
faced with a new piece of music, or an
unknown and unrecorded one from the
past, or an ensemble of amateurs or
students, the veil of mystery will be
lifted quickly and all that should and
can be taught to train a conductor will
become obvious.
Conducting—the complex, multifaceted, silent use of motion and gesture
to create sound and meaning—can be
taught. How well it is learned and how
imaginatively it is practiced vary. The
distinction between routine professionalism and greatness in conducting
is the same as it is in playing and composing. The only difference is that
20th-century technology has raised
the standard of orchestral and operatic
performance and made the currency of
conducting easy to counterfeit. Anyone
who finishes Mr. Mauceri’s book will
understand why Rubinstein stopped,
why Kaplan managed to carry on and
why Mr. Mauceri deserves recognition
as a real conductor.
Mr. Botstein is the president of Bard
College and the music director and
principal conductor of the American
Symphony Orchestra.
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Forever is one thing born from another; life is given to none to own, but to all to use.’ —Lucretius
Future
Imperfect
FICTION CHRONICLE: SAM SACKS
Artistic Lust and Mortal Joy
Immortal Life
By Stanley Bing
Simon & Schuster, 290 pages, $26
BY DAVE SHIFLETT
DEATH IS for chumps, at least according to Arthur Vogel, the central
character in Stanley Bing’s stimulating, satirical and perhaps even
visionary novel “Immortal Life.”
An eternally ambitious trillionaire,
Vogel has underwritten technology
that allows his consciousness to be
downloaded into a young stud named
Gene, whose body was created (via
printer) for the task. The transfer
allows Vogel to keep on truckin’ and
pursue his dream to rule the world.
Yet there’s a glitch in the technology.
Gene’s own consciousness won’t entirely surrender, resulting in host and
unwanted guest battling for control of
their shared residence—and the future.
A world where moguls
live forever and bad
thoughts are punished
by intercranial shaming.
ly
.
When she is told that bone-marrow
soup has miraculous healing powers,
the mother in “Marrow” does the
same for the sake of her disabled
children. The stories echo books like
Yu Hua’s “Chronicle of a Blood
Merchant” and Mr. Yan’s own
“Dream of Ding Village,” in which
characters literally drain their blood
for the wellbeing of the state. “The
Years, Months, Days” avoids the tripwire of politics, yet still pays homage to the fated generation upon
whose flesh and bones modern China
was built.
The stories in “The World Goes
On” (New Directions, 311 pages,
$24.95), by the Hungarian magus
László Krasznahorkai, rebel against a
different ruling power, the totalitarian regime of individual consciousness. Mr. Krasznahorkai’s characters
vainly struggle to escape “the bewitchingly confined space of the
human viewpoint.” They yearn to
transcend the churning madness of
daily experience and touch the
“divine otherwise,” the inaccessible
repository of ultimate meaning.
The stories describe otherworldly
pilgrimages in the midst of the ordinary. “Nine Dragon Crossing” follows
a Hungarian interpreter who experiences an epiphany on a pedestrian
footbridge over an enormous Shanghai expressway. In “One Time on
381” a Portuguese miner in a marble
quarry wanders into the abandoned
ruins of a palace and is granted a
vision of serenity unknown in his
workaday toil. A traveler to Varanasi
in “A Drop of Water” is waylaid by a
loincloth-wearing holy man preaching about the universe that exists in
every water molecule, a universe so
complex that “our knowledge is insufficient for understanding even a
single drop.”
The key to Mr. Krasznahorkai’s
sorcery is the run-on sentences that
extend across dozens of pages, embodying the kind of demonic labyrinth in which his characters are
trapped yet also achieving an incantatory catharsis that liberates one,
however fleetingly, from the prison
of self-awareness. John Batki has
provided translations for the bulk of
the stories, joined for the remainder
by Ottilie Mulzet and George Szirtes.
The trio’s work is astonishing, capturing the moments of rapturous
clarity that suddenly come over Mr.
Krasznahorkai’s confusion of clauses:
“The Whole exists in its wholeness,
the Parts in their own particularity,
and the Whole and the Parts cannot
be lumped together, they don’t
follow from one another, since after
all the waterfall for example is not
composed of its individual drops, for
single drops would never constitute
a waterfall, but drops nonetheless do
exist, and how heartrendingly beautiful they can be when they sparkle
in the sunlight.”
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Mr. Bing, who in real life is CBS
executive Gil Schwartz, spices the
tale with a diverse cast, including
Sallie, Vogel’s cunning wife; Mort, a
skilled brown-noser who runs Vogel’s
security apparatus; Bob, who created
the technology before developing
second thoughts about it; and an old
guru named Tim, who leads a resistance movement dedicated to returning the world to a pre-digital state.
There’s no loitering in the fastpaced story, though readers may stop
and chuckle at Mr. Bing’s droll dystopian future. Hackers (“pimply-faced
geeks in Guy Fawkes masks”) are disciplined via “intercranial shaming”—a
“blast of focused contempt and hatred beamed directly into your head.”
Showers are limited to 60 seconds,
using charcoal is an “eco-felony” and
old hippies still play “Stairway to
Heaven”—badly. Eden this isn’t.
Some readers may quibble with the
underlying assumption that immortality is preferable to the alternative.
Executives with eternal life, after all,
might be denounced for indiscretions
centuries old, with offenders sentenced to watching reruns of Gloria
Allred press conferences for 500
years or so. By then, no doubt, Vogel
will have figured out how to peddle
mortality as immortality’s cure.
Mr. Bing subtitles his novel “A Soon
to Be True Story.” Let’s hope not. A
world where moguls live forever and
showers last a minute doesn’t seem
like much to look forward to.
by Ayman Al Zorkany. The alleged
immorality for which Mr. Naji has
been prosecuted is really a tribute to
Cairo’s irrepressible life force. Even
as Egyptian authorities play to the
dystopian script by attempting to
punish the author for his heterodoxies, his book memorably celebrates
the country’s underground seams of
freedom and individual expression.
In China, public morality is as
good excuse as any to activate the
censors. But the most surefire way
to bring about a crackdown is to
write candidly about history. Yan
Lianke’s 2010 novel “The Four
Books” was banned throughout
mainland China for its damning portrayal of Mao’s Great Leap Forward.
The two novellas in a new collection
called “The Years, Months, Days”
(Black Cat, 192 pages, $16) take
place during the same period, but
because they make no direct mention of politics, they escaped suppression.
The title novella, published in
1997, concerns the Great Famine that
beset the country between 1958 and
1961, here euphemistically called
“the year of the great drought.”
After starving villagers leave their
mountain home in Henan province in
search of food, one old man, too frail
to follow, stays behind. He is cultivating a single stalk of corn by watering it with his urine, and the
story tells of his lonely battles
against marauding rats and wolves
to bring the plant to harvest. An
In Cairo, the shadowy
Society of Urbanists seeks
to change the direction of
humanity as a whole by
re-engineering its cities.
n-
equally tenacious struggle animates
“Marrow” (2001), the second work,
in which a sleepless mother dedicates herself to finding spouses for
her four invalid children.
These are emotionally loaded
stories, and the clichés in Carlos
Rojas’s translation frequently pitch
them into outright melodrama.
(“Eventually, she began sobbing—
sobbing as though there was no tomorrow.”) But it’s hard not to be
moved by the running theme of selfsacrifice. The solitary elder gives his
body to fertilize the cornstalk that
will eventually replenish the village.
Mr. Shiflett posts his original music
and writing at Daveshiflett.com.
no
IN 2015, shortly
after Ahmed Naji
published his novel
“Using Life” (Center
for Middle Eastern
Studies, University
of Texas at Austin, 196 pages,
$21.95), a sexually explicit dystopian
fantasy that imagines the destruction
of Cairo under a tsunami of sand, an
elderly reader wrote the authorities
to complain that the book had caused
him heart palpitations and a drop in
blood pressure. To most in the West,
so strong a reaction would be taken
as an endorsement of the writer’s
gifts, but under Egyptian President
Sisi’s authoritarian rule, the consequences were severe. Mr. Naji was
arrested and sentenced to two years
in prison for, in the words of the
prosecutor, “misusing writing to
create foul stories that serve artistic
lust and mortal joy.” And though his
conviction was eventually overturned
he is still, as of now, forced to await a
retrial.
Mortal joy, indeed. “Using Life,”
which has been vividly translated
into English by Benjamin Koerber, is
a ribald, streetwise, outrageously
inventive speculative fiction that
hammers at the chaos and dysfunction of Egyptian life while testifying
to the vitality of its counterculture.
The story is told from the near
future, following a sequence of natural disasters known collectively as
the “Setback,” which left Cairo
buried in sand and led to the construction of a new and far more efficiently organized capital. As the narrator, Bassam Bahgat, wryly relates,
these acts of God were anything but:
They were actually manufactured by
a shadowy international syndicate
called the Society of Urbanists,
which aims to “change the direction
of humanity as a whole” by aggressively re-engineering its cities.
Bassam recounts the revolutionary years when he was a documentary filmmaker hired by this illuminati of architects to produce a series
of videos about Cairo’s neighborhoods. He takes a fatalistic view of
the transformations. Pre-catastrophe
Cairo, he mordantly admits, is a
cesspool of graft, pollution and
standstill traffic, “where life is one
long wait, and the smell of trash and
assorted animal dung hangs about
all the time and everywhere.”
But Mr. Naji comes both to bury
Cairo and to praise it. “Pessimistic
on the outside,” its residents are
“idealistic on the inside,” and the
howling anarchy of the city is infinitely preferable to the soulless
utopia envisioned by the Urbanists.
Bassam’s encounters with the Society alternate with graphic episodes
of party-going, drug use and lovemaking. Similarly, interspersed
within the story are lurid, Ralph
Steadman-esque panel illustrations
MYSTERIES: TOM NOLAN
Christmas Crimes and Capers
Since returning to Haslemere, Durward has spread vicious rumors about
Rowena to suggest that she may have
killed her husband. The grandson of
Rowena and the late lawyer now begs
Mariah to travel from London and
somehow foil this scheme.
Together, Mariah and the young
man probe Durward’s dark history and
set about persuading residents to
break their silence about long-buried
matters in the doctor’s dubious past.
It’s not always easy to tell good
from evil in the short-story collection
“The Usual Santas.” But betwixt and
between the half-dozen goriest tales
are some of the most inventive, effective and downright moving Christmas
crime stories in recent memory.
First among these is Timothy Hallinan’s “Chalee’s Nativity,” which cen-
Several other writers here borrow
iconic fictional and historical figures
to propel their fables. Sherlock
Holmes plays a leading role in Cara
Black’s wonderful “Cabaret aux Assassins,” while Niccolò Machiavelli and
Cesare Borgia transform themselves
ters on two Bangkok street children on
the night before Christmas. Martin
Limón’s “PX Christmas” has all the
grim trimmings of the author’s novels
set in South Korea in the 1970s—but
with a side serving of hard-boiled
cheer. Teresa Dovalpage’s “The Cuban
Marquise’s Jewels” gives a Havana private eye a December case that would
challenge the wisdom of Solomon.
into unlikely wise men in Gary Corby’s
excellent “The Prince (of Peace).” The
most satisfying of these stories evoke
the holiday’s more profound meaning
in the course of meeting a challenge
or solving a puzzle.
The late P.D. James famously
displayed a mastery of form, whether
in novels or short stories. A halfdozen of the latter—two of which
Tales of fear and frivolity,
by Anne Perry, P. D. James
and others, that play off
the holiday’s cozy rituals.
“The Usual Santas” (Soho, 400
pages, $19.95), in which the Santas
(and the stories) are anything but
usual. The 18 “Christmas capers”
jammed into this holiday stocking include one in which a sweet-seeming
elderly Swedish lady does a neighbor
a homicidal seasonal favor. In another,
a murderous Irish thug attends a
Christmas party in which he may end
up the sacrificial guest.
Caveat emptor, then: There are few
“cozy” Christmas intrigues on offer in
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CHRISTMASTIME
has always been a
popular backdrop for
mystery writers: a
congenial season in
which to set tales a
bit lighter in tone or a little higher in
purpose. The prolific Anne Perry’s
annual holiday stories, set in Victorian
England, have long been among the
best of the latter. “A Christmas
Return” (Ballantine, 176 pages, $20)
may be her most memorable Yuletide
saga yet.
“A Christmas Return” finds Mariah
Ellison—“old, plain [and] charmless,”
in her own appraisal—at odds with a
great villain. That would be Dr. Owen
Durward, whose reputation as a professional man has allowed him, more
than once, it seems, to get away with
murder. Now, after a two-decade absence and just in time for Christmas,
Durward has returned to the country
town of Haslemere to clear his murky
reputation, ahead of his making an
advantageous marriage.
Durward’s plan for rehabilitation
involves ruining the life of Mariah’s
former best friend, Rowena, whose
lawyer-husband died tragically (murdered?) 20 years before, immediately
after withdrawing his legal defense of
Durward. At the time, Durward had
been accused—and was later, with the
help of a different lawyer, acquitted—
of the cruel murder of a young girl.
have Christmas settings—are posthumously collected in “Sleep No More:
Six Murderous Tales” (Knopf, 194
pages, $21). Each of the book’s
entries exemplifies the skill with
which James drew upon her genre’s
mid-20th-century conventions, first to
lull readers into a sense of familiarity
and then to subvert their expectations.
In “The Murder of Santa Claus,” a
middle-aged narrator recalls an episode from Christmas 1939, during
which he finds his uncle murdered,
deduces who the killer is—and then
must decide whether or not to tell the
police. “The Yo-Yo,” another reminiscence of a 1930s December murder,
recollected from the tranquility of old
age, concerns a youth’s complicity
after the violent fact.
The most memorable story in this
slim volume doesn’t have a holiday
hook, but it’s the book’s greatest gift:
“The Girl Who Loved Graveyards.”
This superbly gothic exercise in
surprise may remind readers of such
authors as Poe, Highsmith and
Rendell—even as it presents P.D.
James at her singular best. The grayness of existence seen through the
veil of repressed memory, the ways
in which the unconscious reveals as
well as conceals, the terrible manner
in which the truth comes out—these
are among the aspects of life that
James was so skilled at depicting.
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 23 - 24, 2017 | C9
* * * *
BOOKS
‘The money, the fame, and the public acclaim: / Don’t forget what you are, you’re a rock ’n’ roll star.’ —The Byrds
Stoking the Star-Maker Machinery
Uncommon People
By David Hepworth
Holt, 305 pages, $30
of appearances on the cover of Rolling
Stone in her lingerie.” Ms. Ronstadt, a
’70s superstar, is mentioned here only
as a love interest. When Mr. Hepworth describes Madonna as having
“dressed and conducted herself like a
character from the Penthouse letters
sought extreme achievement as a
means of accelerating out of boredom
or loneliness or pain. Perhaps rock
stars of all kinds—footballers, bankers—are doing this too.
In the late ’70s, the anti-rock star
arrived with punk just as disco dominated the charts (producing rock stars
of its own). Mr. Hepworth writes only
about the English musician Ian Dury,
who was in his 30s, disabled from
childhood polio, and whose songs
were so local as to be unintelligible.
They were also well-made pop. Mr.
Hepworth says that you couldn’t
imagine the anti-rock stars stepping
out of limos. True, but you didn’t exactly meet them on the bus. On the
next page he describes how rapidly
Dury moved from a small apartment
to a five-star hotel to a mansion in
the country like everyone else.
Some pop stars became rock stars.
It was a matter of impact and scale,
which is why Michael Jackson, who
styled himself the King of Pop, is
included here. Mr. Hepworth says that
Kanye West and Adele should not be
referred to as rock stars. They are “cut
from a different cloth.” Perhaps it’s the
same cloth given a different treatment
using different tools to create the
same basic end result. Does the fact
that we can watch this process happening make it less authentic? The
mystique that Mr. Hepworth mourns is
just as powerful, as stars learned fast
how to manipulate the new media to
give an impression of access to their
lives. The rock star may be dead, but
weren’t they only an idea in the first
place? Long live the rock star.
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Even as teenagers, Lennon and Mr.
McCartney were learning by borrowing and making what they borrowed
their own. They knew the importance
of image as well as the importance of
being prepared to go all out. Most of
those included here work hard, cut
their hair, change their names, put
their lives in the hands of strangers
and separate from anything holding
them back. Stardom requires the willingness to reinvent yourself but also
the courage to invent yourself in the
first place. Stars have to become visible in a way that makes them recognizable. This might mean the orange
spiked hair and lightning-bolt makeup
of David Bowie’s Ziggy Stardust, Kurt
Cobain’s cardigan and sunglasses, or
Bob Dylan’s baker-boy cap. Michael
Jackson had such consummate awareness of his image that, when filming
a Pepsi ad, he stipulated that his face
could only appear for four seconds,
that he could not be seen drinking the
stuff, and that his presence could be
conveyed through his silhouette and
close-ups of his shoes.
Mr. Hepworth takes the stance of
the insider-raconteur but gives no
sources for his stories beyond a select
bibliography. This leaves the stories
uncluttered by footnotes but means
that they lack context. We don’t know
if what we’re told is third-hand, after
the fact or the direct testament of
someone who was actually there. He
can be both vituperative and laidback, on the money and vague. He has
an underlying tone familiar from the
music press of the 1970s and ’80s, a
combination of orotund irony and casual misogyny: “Linda Ronstadt, then
at the apogee of her pulchritude and
about to make the first of a number
ly
.
Cobain. It is overwhelmingly white
and male. Mr. Hepworth is emphatic
that the rock-star era is over, but it’s
a view that depends on what definition you use. A final chapter on internet gurus points to the ways in
which the term is loosely applied:
Anyone who demonstrates a certain
kind of maverick glamour or rugged
authenticity can be described as a
rock star now.
The book focuses less on the music and more on the business, which
Mr. Hepworth describes as having
“two forms of demand: nonexistent
and impossible to satisfy.” He relishes the deals, scandal and brawls
as well as the nitty-gritty of building
a career. Each chapter takes a year
and pinpoints one day that was pivotal to a star in some way. He adds a
list of 10 records from that year, so
we glimpse Stevie Wonder, Joni
Mitchell, Marvin Gaye, Leonard Cohen, Joan Baez and Neil Young—
none of whom have a chapter of
their own. At times the effect is like
being at a party and hearing a better
one going on next door.
In the summer of 1957, John
Lennon’s band the Quarrymen were
playing at a village fair in Liverpool.
The 16-year-old Lennon was doing
his best to look rock ’n’ roll and had
gently quiffed his hair and turned up
his collar. A village fair is about as
un-rock-’n’-roll as it gets, but it was
here that he met Paul McCartney,
who did a fine impression of Little
Richard, whose style he had analyzed: “The screaming voice seemed
to come from the top of his head. I
tried to do it one day and found I
could. You had to lose every inhibition and do it.”
no
IN 1963, RINGO STARR said that all
he wanted was enough money to buy
a couple of hair salons, to be managed by his wife-to-be, Maureen,
once the pop-star thing was over.
Five years later, Paul McCartney told
a press conference that the Beatles
were “in the happy position of not
really needing any more money.” In
an attempt to apply some of their
unstoppable wealth, the group set
up Apple Corps Ltd., advertised for
people to send demos, manuscripts
and ideas, and were hopelessly overwhelmed. It was as if they wanted to
collectivize their stardom in the
hope that this would also collectivize
the pressure that came with it. They
split up two years later.
The career of a rock star is always
either rising or falling and never in
any one person’s control, least of all
that of the stars themselves. Both rise
and fall are defined by expectation:
the young artists who are capable of
expecting this much from themselves;
the managers and record companies
who need someone to expect something from; the fans who fall in love
with the music and then expect the
artists to live up to what it suggests.
Once famous, stars have to keep
repeating the gestures that claimed
the world’s attention in the first
place—only now they have all the
attention they need. Eric Clapton,
writing about the deaths of Janis
Joplin and Jimi Hendrix in 1970, said
that they had “phased themselves out
of a situation that became intolerable.
All we want to do is be left alone to
make music, but because we are ‘rock
stars’ a whole different set of expectancies are thrust upon us—that we
have instant opinions about everything, that we should set an example
to the youth of today by making public statements about drugs, that we
should dress and behave like the
freaks we’re supposed to be.”
In “Uncommon People: The Rise
and Fall of the Rock Stars,” David
Hepworth, whose career has been in
music journalism and publishing, has
many stories to tell of rock stars
phasing themselves out, but some of
his most interesting stories are of
those who were abruptly deleted.
When John Frusciante, in the throes
of mental illness, resigned from the
Red Hot Chili Peppers in 1992, he was
digitally excised from a cover shot
that had just been taken for Rolling
Stone magazine. The blues pianist Ian
Stewart was removed from the lineup
of the Stones because his face didn’t
fit. He remained a key part of the
band’s management team for the rest
of his life, staying put by becoming
invisible.
Anyone with a strong view could
draw up their own list of who should
be called a rock star. Mr. Hepworth’s
begins with Little Richard in 1955,
with whom music “finally had a personality who lived up to the sound,”
and ends 40 years later with Kurt
SEAN MCCABE
BY LAVINIA GREENLAW
The rock star, like the
cowboy, is the hero of an
age that has passed. But
the idea remains alluring.
page,” he is really showing his age.
He tells a revealing story about a
critic who set aside his professional
detachment to write about why music
mattered to him. How can you write
well about music you aren’t really listening to? There are flashes of what
music makes Mr. Hepworth feel in his
weeping at the news of the death of
John Lennon, or the baffling, anxious
interview he undertakes with Bob
Dylan. In his chapter on Kurt Cobain,
with whose suicide he feels the rockstar era ended, he sounds like a fan.
He absolutely believes.
While Bob Dylan is famous for
inventing a rugged background for
himself, and Lennon was a middleclass suburban kid singing about
chain gangs and railroads in the
Quarrymen, there were plenty of stars
for whom hardship was a driving
force. Beneath the contrivances of
stardom, music was a way of life and
even a reason to go on living. These
artists were mostly too young or too
old to manage what success had
brought them, and often frail. They
Ms. Greenlaw’s books include “The
Importance of Music to Girls.”
CHILDREN’S BOOKS: MEGHAN COX GURDON
Let It Snow, Let It Snow, Let It Snow!
In the delicious, soft-edged world
of “Chirri & Chirra: The Snowy
Day” (Enchanted Lion, 32 pages,
$15.95), there’s nothing so snug as
snow and ice. Created by Kaya Doi,
and translated from the Japanese by
Yuki Kaneko, this enchanting story
follows two pink-cheeked girls on a
wintry woodland adventure (see
right). While riding their bicycles
“rainbow-colored steamed buns from
the hot spring, sprinkled with sugar.”
These exquisite touches give the book
a magical feeling, as if it were a
dream of childhood.
Ross that will make even the worstbehaved child feel a little virtuous in
comparison. Seized by the desire to
play in the snow in the middle of
summer, an ink-and-watercolor Little
A cosseted little girl gets what
she wants, and then doesn’t want it,
in “I Want Snow!” (Andersen
Press, 32 pages, $17.99), a picture
book by the British illustrator Tony
Princess wearing an enormous yellow crown squeezes her eyes shut
and squeals: “I want snow!” Soon
everyone in the castle is rushing
around trying to placate her. The
There’s nothing like a
snowy day to spur a child’s
sense of adventure or
craving for indoor coziness.
(Dring-dring, dring-dring!), Chirri and
Chirra find a door made of ice. Behind it, they discover cheerful forest
creatures sipping hot drinks, reading
aloud and playing marbles with “the
frozen buds of many kinds of flowers.” When the girls and animals go
to bathe in a hot spring, they bring
the frozen marbles with them. “The
ice on the buds melts and the flowers
bloom,” perfuming the warm water.
Afterward, everyone eats cloud-like
ENCHANTED LION
IT’S A FUNNY thing
that flecks of frozen
water falling from
the sky should both
exhilarate and depress, but, then, that
is the paradox of snow. It’s beautiful,
yet chilly and wet. It’s fun to play in,
yet dreadful for traffic. And though
an outdoor phenomenon, it highlights indoor coziness. In these picture books for 3- to 9-year-olds, we
see snow’s duality, though in most it
is the joy of the stuff that prevails.
Two siblings respond to snowfall
according to their different temperaments in “Snow Sisters” (Knopf, 26
pages, $17.99), written by Kerri
Kokias as a reverso poem—that is, a
poem that reverses itself halfway
through and travels backward, gathering fresh meaning. “Snow!” expresses the jubilance of the bouncy,
messy, red-headed sister, who opens
a door and sees flakes descending in
Teagan White’s gouache-and-watercolor illustrations. On the facing
page, “Snow” conveys the muted reaction of the tidy, auburn-haired sister, who doesn’t want to go outside.
Each girl has a lovely day, in her own
way, in this sympathetic picture book.
maid dresses the child in woolies
and urges make-believe. The prime
minister uses stones to make her a
snowman (“That’s a rockman, not a
snowman,” the princess points out).
The admiral builds her a snow castle
out of sand—but the child will not
be pleased: “I want real snow! I’m
going to go to bed forever!” she
shouts. “Or at least until it snows.”
And when, at last, it does snow?
Well, it’s all fun and games until a
certain someone gets . . . cold.
A heroic snowplow braves a blizzard in “Small Walt” (Paula Wiseman, 38 pages, $17.99), a picture
book about persistence that brings to
mind the Little Engine That Could. In
Elizabeth Verdick’s lively telling and
Marc Rosenthal’s subtly retro pictures, Walt is the small red snowplow
in a row of powerful yellow monsters.
As snow falls from the night sky, Walt
is the last to get a driver, but he
cheers up when the man checks him
over and runs him through his paces.
Soon Walt is churning through the
snow: “My name is Walt. / I plow and
I salt. / They say I’m small, / but I’ll
show them all.” It’s a perfect book for
revving up small helpers to pitch in
with the shoveling.
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘The life of the law has not been logic; it has been experience.’ —Oliver Wendell Holmes Jr.
The Ghost of Christmas
Present’s rich robes hide
two menacing children,
Ignorance and Want.
the Ghost of Christmas Present upon a
throne of mouth-watering luxuries, but
under the rich green robes Scrooge
sees two menacing children, “yellow,
meagre, ragged, scowling, wolfish”:
Ignorance and Want. Ms. Flanders, too,
makes sure we get a sense of what underlay the cheerful romps of Victorian
Christmas: She juxtaposes Jane Carlyle, dancing and drinking
champagne with Dickens and Thackeray,
with the diarist
Hannah Cullwick,
a servant who
spent the holiday fetching,
cleaning, cooking and serving
roast fowl and
plum pudding for
40 people.
The author, raised
in Montreal, includes
some Canadian Catholic traditions, from midnight Mass to the first
carol in an indigenous language, the
Huron “Jesous Ahatonhia” from 1642.
But she overlooks Hispanic celebrations like Las Posadas (nativity processions coinciding with Aztec solstice
festivals), still celebrated from New
Mexico and Texas to Michigan and
Oregon. Ms. Flanders does discuss nonChristian festivals that have grown in
prominence as a response to Christmas, like Hanukkah and Kwanzaa.
Has there ever been a Golden Age
when there was a Christian message of
generous love in every heart, “where,”
wrote Irving Berlin (a Jewish immigrant from Russia), “the treetops glisten and children listen to hear sleigh
bells in the snow”? “Ultimately,” Ms.
Flanders concludes, “Christmas is not
what is, or even has been, but what we
hope for.” The best Christmases blend
the ingredients of our imaginations—
sweet fruits, indeed—steeped with
longing for the past we dream of.
on judicial memoirs
dent—he ran against incumbent
Woodrow Wilson in 1916—but “the
fact that I did not have to assume
the tasks of the Presidency in that
critical time was an adequate consolation.” Hughes opposed FDR’s
plan to add appointees to the
Supreme Court that would ensure
the survival of New Deal legislation.
He sent data on the court’s workload to the Senate, then a bit
proudly writes that it “destroy[ed]
the specious contention as to the
need of additional justices to expedite the work” of the nine old men.
Still, FDR soon had his victory anyway. Within three years, Roosevelt
was able to fill five court vacancies
caused by death or retirement.
Touched With Fire
By Oliver Wendell Holmes Jr. (1946)
1
“ ‘HALT.’ ‘SURRENDER,’ from
about 20 Rebs in line . . . I
clapped the spurs to my horse—
much shooting—presently a fellow
comes down the road—‘Surrender’—he hadn’t got his carbine
quite unslung & I put my pistol to
his breast & pulled trigger—missed
fire.” Union Army Lt. Oliver Wendell
Holmes Jr., the future Supreme
Court justice, managed to escape.
His Civil War letters and his diary
record the savagery, exhaustion and
boredom that transformed him,
during his three years in uniform,
from the eager boy whose first
letter home said: “I’m in bully
condition and have got to enjoying
the life much.” Five months later,
after a terrible bullet wound to the
chest—the first of three battle
injuries—he “thought for a while
that I was dying, and it seemed the
most natural thing in the world.”
Twenty years after the war, Holmes
said that “in our youth our hearts
were touched with fire.” This selection from his letters and diary gives
us just a touch of that fire.
An Autobiographical Sketch
By John Marshall (1935)
3
THIS GENTLE MEMOIR by a
colossus in the history of the
republic includes no scoresettling, no rancor, and begins with
an apology that his life consisted of
events “too unimportant” to be of
interest to anyone outside his
immediate family. In the form of a
lengthy letter written in 1827 at the
request of his friend Justice Joseph
Story, Marshall summarized his life
up to his selection for the Supreme
Court in 1801. He had been elected
to a new term in the Virginia
legislature in 1787, just as the new
national constitution was being
debated. His experience of the problem of “state jealousy and state
pride” had led him to the conviction
that the only safe remedy was a
“more efficient and better organized general government.” That
view would pervade his Supreme
Court opinions. His personal sketch
ends with his meetings with the
second president, John Adams,
about selecting a new chief justice.
After John Jay refused another
stint, Adams discussed with Marshall whom to name next. “I believe
I must nominate you,” Adams told
Marshall, who “bowed in silence.”
Autobiographical Notes
Ms. Mullen writes for the Hudson
Review and Barnes & Noble Review.
By Charles Evans Hughes (1973)
2
“LOOKS LIKE GOD; talks like
God,” or so Justice Robert
Jackson described Charles
Evans Hughes. Twice a Supreme
Court justice, Hughes had also
served as secretary of state and as
governor of New York. Compiled
after Hughes’s death in 1948, these
densely detailed notes give us a
sense of the man. He did not, he
writes, enjoy being beaten for presi-
My Grandfather’s Son
By Clarence Thomas (2007)
4
GETTY IMAGES
DO YOU HAVE that Weihnachtsstimmung—that Christmas feeling? My
sister does: She’s been making an old
family cookie recipe. Kipferls from
Austria became kiffles in Bethlehem,
Pa., where our Great-Aunt Clara inventively replaced the tangy filling of apricot preserves with an American pantry
substitute: pineapple. Clara’s kiffles are
the essence of Christmas: traditional
and new, peculiar and delicious.
Judith Flanders, a marvelous explicator of 19th-century culture high and
low, has written a plum-puddingy
history of Christmas, an “amalgam of
traditions drawn primarily from the
Anglo-American world and the German-speaking lands.” As with a plum
pudding, you can pick out bits you
already know you like—the book’s margins are helpfully decorated with cute
icons for key themes, including “greenery,” “food and feasting” and “carnival
and riot”—but to get the full flavor you
should consume the whole slice.
Ms. Flanders briefly considers the
Christ in Christmas, but religion turns
out to be “ultimately, and
surprisingly, a small element” in her story. The
holiday’s symbolism
was often drawn on
by
kings—both
Charlemagne and
William
the
Conqueror were
crowned
on
Christmas Day. But
the solemn religious
festival always coexisted with more earthly
pleasures.
The
particulars
have
changed. Wassail made way for cookies; gift-giving used to go from low to
high, as underlings sought to ingratiate themselves. But the underlying
dynamics stayed much the same. Medieval Christmas feasts might conjure
scenes of King Arthur, but they were
more like “a CEO dancing with a warehouseman at an office party,” Ms.
Flanders writes.
Much Christmas lore, says Ms. Flanders, isn’t true. It is, however, with no
spirit of bah-humbuggery that she debunks or enlarges myths about Christmas trees (introduced into Englishspeaking lands by Prince Albert,
Hessians at Trenton, or none of the
above?) or indeed Christmas itself (Is it
really a pagan holiday—from
Saturnalia, Sol Invictus, or Woden?).
Ms. Flanders’s spirits are high as
she examines “special Christmas observances, things that people did at
that time of year and no other.” Her
book takes in medieval boy bishops
and Lords of Misrule, naughty Swiss
children who “received horse manure
and rotten vines” as presents, the in-
JUDGE SOUTHWICK, of the U.S.
Court of Appeals for the Fifth Circuit,
is the author of ‘The Nominee: A
Political and Spiritual Journey.’
neath “the masks of meekness and
submission behind which [blacks]
hid our true feelings.” Despite a
divorce, which he admits causing,
and struggles with alcohol, which he
finally defeated, he had friends and
mentors who kept him moving
forward. His second wife, Virginia,
helped vanquish his “gloomy
moods.” Justice Thomas’s ordeal as
a Supreme Court nominee, in which
he was accused of sexual misconduct, led to a dark night of the soul.
His eventual confirmation didn’t end
the darkness; success seemed “pitifully small compensation for what
had been done to me.” His is a story
of endurance and achievement, albeit with recurrent notes of indignation that no reader is likely to miss.
GOV. Charles Evans Hughes, 1907.
RAISED BY HIS MOTHER
until he was 7, Clarence
Thomas thereafter lived with
his grandparents in Savannah, Ga.
He describes his grandfather as a
“frugal, industrious” disciplinarian
who worked in low-paying, physically demanding jobs—and who insisted that Clarence work and study
equally hard. Justice Thomas, who
grew up in Georgia when Jim Crow
still ruled, writes of the fury under-
The Tempting of America
By Robert Bork (1990)
5
IN 1987, President Reagan
nominated D.C. Circuit Judge
Robert Bork to the Supreme
Court. In the end, 58 senators, six
of them Republicans, voted “nay.”
Though most of this book is an
indictment of judges who distort
the law, its final chapters chronicle
Bork’s nomination defeat, and an
impassioned chronicle it is, bitter in
its denunciation. It’s also a compelling one in its eye-of-the-storm
view of the battle that started the
downward spiral of judicial-selection politics. The “themes” for the
campaign to defeat him were set by
Sen. Ted Kennedy’s speech envisioning “Robert Bork’s America”—
where women “would be forced into
back-alley abortions” and segregation was bound to return. Bork
rebutted such attacks, citing the numerous distortions of his positions,
to no avail. After his defeat, he
resigned his circuit-court judgeship
so that he could freely “speak,
write, and teach about law and
other issues.” More precisely, he
wanted to fight back. Starting with
this book, that is what he did.
Best-Selling Books | Week Ended Dec. 17
no
GETTY IMAGES
BY ALEXANDRA MULLEN
Leslie H. Southwick
co Fo
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By Judith Flanders
Thomas Dunne, 246 pages, $24.99
vention of wrapping paper (and Scotch
tape), and the evolution of department-store window displays.
Her pictures really snap into focus,
however, when the historian reaches
her home territory, the 19th century.
The fictional Christmases of Washington Irving and Charles Dickens delighted contemporaries who, with
wishful thinking, read them as truth.
Dickens “knew that what we want
Christmas to be is not what it really
is,” Ms. Flanders writes, but drew on
the sentiments of the season to force
us to look at uncomfortable truths. In
“A Christmas Carol” (1843), he places
n-
Christmas: A Biography
ly
.
Feast for a King
FIVE BEST: A PERSONAL CHOICE
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Hardcover Nonfiction
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Hardcover Fiction
THIS
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1
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A Loud Winter’s Nap
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The Pioneer Woman Cooks
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6
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Guinness World Records Limited/Guinness World Records
Leonardo da Vinci
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2
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Andrew Jackson and the Miracle
Brian Kilmeade/Sentinel
7
8
Wonder
2
2
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Promise Me, Dad
Joe Biden/Flatiron Books
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Garth Brooks: Anthology Part 1 LE
Garth Brooks/Pearl Records, Inc.
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The Rooster Bar
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3
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The Midnight Line
Lee Child/Delacorte Press
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7
Killing England
9
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Bill O’Reilly and Martin Dugard/Henry Holt & Company
Origin
Dan Brown/Doubleday Books
4
3
Dork Diaries 12
9
Rachel Renée Russell/Aladdin Paperbacks
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Obama: An Intimate Portrait
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Pete Souza/Little, Brown and Company
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Bobby Kennedy: A Raging Spirit
Chris Matthews/Simon & Schuster
10
Wonder (Movie Tie-In Edition)
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9
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The Getaway (DWK #12)
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NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
to Peter.Saenger@wsj.com.
Hardcover Business
LAST
WEEK
Kindness Boomerang
Orly Wahba/Flatiron Books
1
–
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
1
3
Killman Creek
Rachel Caine/Thomas & Mercer
The Last Black Unicorn
Tiffany Haddish/Gallery Books
2
3
The Sun and Her Flowers
2
Rupi Kaur/Andrews McMeel Publishing
4
Darker: Fifty Shades Darker
2
E L James/Knopf Doubleday Publishing Group
3
Wonder
2
2
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Blood, Sweat, and Pixels
Jason Schreier/Harper Paperbacks
3
–
Promise Me, Dad
Joe Biden/Flatiron Books
–
The Midnight Line
3
Lee Child/Random House Publishing Group
4
The Rooster Bar
John Grisham/Doubleday Books
3
The Pioneer Woman Cooks
4
Ree Drummond/William Morrow & Company
2
Comfort and Joy
4
–
Kristin Hannah/Random House Publishing Group
Origin
Dan Brown/Doubleday Books
3
TITLE
AUTHOR / PUBLISHER
Year One: Chronicles of the One
Nora Roberts/St. Martin’s Press
THIS
WEEK
Killers of the Flower Moon
4
8
David Grann/Knopf Doubleday Publishing Group
TITLE
AUTHOR / PUBLISHER
TheGetaway(DWK#12)
Jeff Kinney/Amulet Books
THIS
WEEK
LAST
WEEK
1
1
TITLE
AUTHOR / PUBLISHER
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
2
5
Total Money Makeover
Dave Ramsey/Thomas Nelson
3
4
4
4
StrengthsFinder 2.0
Tom Rath/Gallup Press
4
3
5
6
Extreme Ownership
Jocko Willink/St. Martin’s Press
5
5
5
–
Grant
Ron Chernow/Penguin Press
5
5
Redbird Christmas
5
Fannie Flagg/Random House Publishing Group
–
Darker: Fifty Shades Darker
E L James/Vintage
Clean Soups
6
Rebecca Katz/Potter/TenSpeed/Harmony
–
Obama: An Intimate Portrait
6
Pete Souza/Little, Brown and Company
–
End Game
6
David Baldacci/Grand Central Publishing
5
The People vs. Alex Cross
6
James Patterson/Little, Brown and Company
7
BlueOceanShift:Beyond Competing 6
6
W. Chan Kim & Renée Mauborgne/Hachette Books
Grant and Twain
7
Mark Perry/Random House Publishing Group
–
Milk And Honey
7
Rupi Kaur/Andrews McMeel Publishing
9
Origin
7
Dan Brown/Knopf Doubleday Publishing Group
8
The Midnight Line
Lee Child/Delacorte Press
8
Better Together
Jonathan Sposato/Wiley
7
New
God’s Secretaries
8
Adam Nicolson/HarperCollins Publishers
–
Laugh-Out-Loud Jokes For Kids
8
Rob Elliott/Fleming H. Revell Company
–
The People vs. Alex Cross
8
James Patterson/Little, Brown and Company
9
Turtles All the Way Down
8
John Green/Dutton Books for Young Readers
–
Together Is Better
Simon Sinek/Portfolio
8
–
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
9
6
Guinness World Records 2018
9
7
Guinness World Records Limited/Guinness World Records
Giraffes Can’t Dance
Giles Andreae/Cartwheel Books
9
9
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
9
8
The Subtle Art of Not Giving A F*ck 10
Mark Manson/HarperCollins Publishers
–
Andrew Jackson and the Miracle
Brian Kilmeade/Sentinel
Year One: Chronicles of the One
Nora Roberts/St. Martin’s Press
10
3
Emotional Intelligence 2.0
10
Travis Bradberry & Jean Greaves/TalentSmart
For the Love
Jen Hatmaker/Thomas Nelson, Inc.
10
10
The Rooster Bar
9
10
John Grisham/Knopf Doubleday Publishing Group
Year One: Chronicles of the One
Nora Roberts/St. Martin’s Press
10
1
7
9
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 23 - 24, 2017 | C11
* * * *
REVIEW
five children, Ms. Pritzker didn’t see herself
headed toward the film business. She majored in anthropology at Stanford University
and visited Nepal at the recommendation of
her older brother Tom, now chief executive
of The Pritzker Organization. “It changed every single thing,” she remembers of the trip,
because she saw such a different world from
her own. She wrote her undergraduate thesis on the transmission of culture through
folk tales in Nepal and thought she’d go back
to work for a nonprofit there after graduating in 1984.
But one of her professors told her that
she should be in a more creative field. She
went on to a now-defunct film program in
New Mexico, where she produced a documentary about Bhutan, a near neighbor of
Nepal, which she sold to the BBC. She then
moved to New York and started working at
the lowest rung of the filmmaking ladder. “If
you told me today I had to go clean the coffee maker, I’d go clean the coffee maker,” she
says.
By 1989 she was managing operations for
the film “Phantom
of the Opera”—not
the hit musical that
was running on
Broadway but a horror movie starring
Robert Englund
(“Freddy” from “A
Nightmare on Elm
Street”), which
grossed under $4
million. That year,
she also released
her first film as a producer.
Still, her father was eager to have her return to the fold. He “was always very supportive of me, but I think I was always a bit
of an enigma to him,” she says. “He adored
me, and he was super-supportive, but I don’t
think he ever understood what I did.”
After he died in 1999, the family fortune
was split among Ms. Pritzker and 10 of her
relatives (each inheriting an estimated $1.4
billion, according to news coverage when
other relatives challenged the plan). Her
producing career quickly gathered momentum. “The Wedding Planner” (2001) with
Jennifer Lopez, which grossed $60 million,
was her biggest early producing credit. More
recently she has backed a number of indie
successes: She produced “Rabbit Hole” with
Nicole Kidman in 2010 and was an executive
producer for “The Way, Way Back” with
Steve Carell in 2013 and for last year’s “Hell
or High Water” with Jeff Bridges, which was
nominated for four Oscars.
Ms. Pritzker’s level of involvement in
projects varies: providing financing, finding
a writer or director, consulting on the set
during filming, helping with marketing, securing a distribution channel, or all of the
above. She doesn’t discuss how much of her
own money goes into what she calls the
“patchwork“ of film financing. “Sometimes
we put equity in ourselves, sometimes we
don’t,” she says. “It just depends on the
project, and each one is really a very different equation.”
Jon Stewart credited her with hands-on
participation in his directing debut, “Rosewater,” about a journalist detained in Iran.
In an interview with Variety, he said of Ms.
Pritzker, “Anytime you’re in 100-degree
weather in the middle of Jordan, in the summer, during Ramadan, and your financier is
standing right behind you by the kerosene
generator, you know that they’re involved.”
Like many Hollywood producers, she has
had her share of duds. Though she is personally insulated from financial disaster
(Forbes now estimates her net worth at $2.9
billion), she is not immune to the feeling of
failure, she says. “It’s really painful, it’s embarrassing, and it’s all those emotions. I
think it’s important to soak in those emotions and not reject them.” She says that
producers never know if a movie will be a
big hit or small one. “It’s all too mercurial,”
she says. “You have no idea, so you have to
believe in how you’re putting it together.”
co Fo
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BRET HARTMAN FOR THE WALL STREET JOURNAL
ly
.
‘You have
to believe
in how
you’re
putting it
together.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Gigi Pritzker
spirit as well,” she says of the name. She began her own career as a production assistant
and now can look back on decades of filmmaking credits, ranging from “Drive” with
Ryan Gosling (a critical and commercial hit)
to the big-budget sci-fi “Ender’s Game” with
Harrison Ford (a relative disappointment).
Her most recent projects have expanded
her reach into other forms of entertainment.
“Genius,” based on Walter Isaacson’s biography of Albert Einstein, became a hit 10-episode National Geographic TV series this
year, though she first planned it as a movie
after seeing the author give a book talk. “I
was struck by the way he spoke about Einstein as a creative person,” she says. Her
success in shifting to TV “reinforced for me
that the right stories can live on different
no
n-
HER FAMILY’S billions have made Gigi
Pritzker and 10 other heirs some of the richest people in the world. But in her 20s, Ms.
Pritzker rejected her father Jay’s suggestion
that she take a post in his far-flung business
empire, anchored by the Hyatt hotel chain.
She was trying to produce movies. “I’m extremely proud of where I came from and
what my family has accomplished,” she says.
“I took a different path.”
Ms. Pritzker, 55, named her current production company Madison Wells Media after
the intersection of two Chicago streets
where her Jewish immigrant great-grandfather sold newspapers after he arrived from
Kiev (he eventually started a law firm). “It’s
invoking the spirit of starting from the
ground up, but also that scrappy can-do
A billionaire movie producer from a
famous family expands her horizons.
platforms and on different formats, and we
can reorient things to the way they should
be.”
This week marked a foray into another
new entertainment domain: virtual reality.
In collaboration with Sony, she released a
VR tie-in to the film sequel of 1995’s “Jumanji.” In theater lobbies and shopping
malls, moviegoers can enter kiosks and
search for objects in an immersive version
of the jungle where the movie takes place. “I
wasn’t here at the advent of film, I wasn’t
here at the advent of television,” she says.
“But I’m here at the advent of V.R., and that
to me is really cool…. I think all of us who
are working in this arena feel like we are in
the wilderness still.”
Growing up in Chicago, the youngest of
MOVING TARGETS: JOE QUEENAN
WORD GOT OUT last weekend that
the federal government had spent
$22 million of taxpayers’ hardearned money on a program looking for UFOs. According to news reports, the Advanced Aviation
Threat Identification Program
spent five years scouring the planet
for what a former Pentagon official
called “anomalous” aircraft that
might be ferrying aliens from outer
space onto our planet. Two pilots
told CNN that they had spotted aircraft of bizarre design and indeterminate provenance cavorting in the
heavens. And neither craft had anything to do with Elon Musk.
Many Americans no doubt think
the money to study UFOs could
have gone to something far more
useful, like a few extra coal mines
in West Virginia or a generous tax
rebate to cash-strapped luxury box
owners at Madison Square Garden.
I disagree. Washington has to fritter away my hard-earned money on
something, so why not UFOs?
What bothers me is that the
money is being spent trying to find
out how the aliens are getting here,
not why they’ve come. Since UFO
sightings go all the way back to ancient times, we know that space
aliens have been here for a long
time. So what have they been up to
for the past few decades?
People naturally assume that
extraterrestrials come from societies that are way smarter than
ours. But if this is true, why do
UFOs always turn up in some corner of Nevada or New Mexico?
How come you never hear about
aliens landing in brainy, sophisticated places like Paris or Tokyo or Brooklyn?
The answer is obvious. Extraterrestrials come from planets
plagued by structural unemployment, where there are not enough
jobs to go around. So they climb
into anomalous aircraft, get
dropped off in a remote wilderness
on Earth and make their way to
Maybe the aliens
among us just
want jobs. Or
maybe more....
booming metropolises where they
get low-profile jobs as software
designers, pension-fund managers,
chiropractors or aldermen.
They salt away some clams for a
few years and then repatriate their
savings back to their own societies.
In other words, the weird UFOs we
hear about out are not dropping off
extraterrestrials. They’re picking
them up and bringing them home.
Think of UFOs as Space Uber.
A more sinister possibility is
that UFOs are loaded with agents
provocateurs sent here to sow the
seeds of discord in our society. In
this scenario, anomalous aircraft deposit crooked politicians and conscienceless lobbyists from deep space in places like
Baton Rouge, La., and Providence,
R.I., with orders to mess up the regional economy. The U.S. Tax Code
has Martian sabotage written all
over it. Nor can pernicious extraterrestrial involvement in the U.S.
Postal Service be ruled out.
The logic of their grand scheme
runs something like this: The longer the U.S. continues to suffer
yawning deficits, the less likely it is
that NASA will ever have the funding to send manned spacecraft into
outer space and unearth the thirdrate, cash-strapped societies the
aliens call home. The whole reason
that extraterrestrials fly around in
anomalous aircraft is that they
don’t want to be discovered. If inhabitants of planet Earth ever followed the UFOs home and found
out what jerkwater dumps are lurking in outer space, the poor aliens
wouldn’t have a chance when they
went toe to toe with us.
This means that the government
should stop looking for space invaders in New Mexico and Nevada
and start looking for them in New
Jersey and Washington, D.C.
There’s just no way this economy
got as screwed up as it is without
some form of extraterrestrial intervention. No way.
SERGE BLOCH
What Those UFOs Are Really Up To
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
MASTERPIECE: ‘BELLBOY’ (C. 1925) BY CHAIM SOUTINE
An Intense Exploration of Character
acquire a large reproduction of this painting, which shows Charles dressed in a deep
red jacket. Fouquet’s assertive image became a precedent for “Bellboy,” which
looks even more unflinching in its exploration of the young man whose liveried figure emerges so dramatically from the darkness around him.
After a while, though, the initial impact
of this masterpiece gives way to very different feelings. The bellboy’s thrusting
arms may look assertive at first, yet he
could also be clutching his sides with a
sense of pain. His right hand in particular
pushes very deep into the jacket, making
BY RICHARD CORK
PLAYLIST: AMOR TOWLES
ly
.
BRIDGEMAN IMAGES
us realize just how thin he really is. As for
his cap, it has been perched precariously
on his head. And the face below looks disconsolate. His enormous eyelids droop
down over his pupils, threatening to cover
them completely and block out his vision.
Both his ears jut outward as well, adding
to the overall feeling of vulnerability.
Closer scrutiny lets us discover the extraordinary freedom of Soutine’s brushwork.
The flicks of white paint on the bellboy’s
face look like sweat, suggesting that he may
well feel uncomfortably overheated inside
his uniform. It is very creased, and encloses
his alarmingly slender neck very tightly.
Some of his gilded buttons seem to be missing, and the redness of the uniform is so raw
that it reminds us of the hanging beef carcasses that Soutine also painted around this
time. Waldemar George, a critic who championed Soutine during the 1920s, even claimed
that “Bellboy” was “quartered like a Christ on
the Cross.” Such a claim may be in danger of
pushing too much religious significance into this
secular image. But Soutine’s forlorn young man
does appear beleaguered, and his frailty even
makes us wonder if he will survive much longer.
portraiture can be detected in “Bellboy” as
well. Soutine loved visiting the Louvre, and
once declared that his favorite painting in the
collection was Jean Fouquet’s portrait of
Charles VII. Painted around 1445-50, this
sternly constructed half-length affirms the
monarch’s resilience by emphasizing the
strength of his shoulders, arms and fingers.
Fouquet, who was the French court painter,
also gives a significant amount of space to the
king’s hat, and his gritty face seems real rather
than falsely idealized. Soutine was delighted to
Mr. Cork’s latest book, “Face To Face: Interviews With Artists,” was published by Tate
in 2015.
The Magic of Mistletoe
A summer job full of Jackson Browne’s
‘Running on Empty’
n-
“Running on Empty” didn’t
glamorize the rock-star life.
Rather, it described the relentlessness and loneliness of the
road. In the song, Browne is almost weary with what he once
found romantic:
“Gotta do what you can just
to keep your love alive / Trying
not to confuse it with what
you do to survive / In ’69 I was
21 and I called the road my
own / I don’t know when that
road turned onto the road I’m
on.”
At summer’s
end, I bought a
copy of the album. I still listen to it today.
It’s like a great
novel you can
read and reread.
The deeper you get into it, the
more interesting its story becomes.
Now, when we entertain in
the summer, I often play the
album from beginning to end
as we do the dishes. I’m in
charge of the kitchen now.
no
IN THE SUMMER of 1978,
when I was 13, I wrangled a job
as a dishwasher at a Martha’s
Vineyard restaurant. I had to
shuttle between the dish station, where the waiters
dumped their trays, and the
large metal sinks, where the
cooks dumped
their pots. The
shift ran from 5
p.m. to midnight,
with the pace
rarely letting up.
The head cook
had the mustache
and long hair of
the era, and he ran the kitchen
like a general. He expected
perfect work and didn’t tolerate pushback—especially about
the music he played.
Each night, he put on Jackson Browne’s album “RUNNING ON EMPTY,” which had
come out months
earlier. He’d set the
turntable’s arm so it
reset at the end.
We’d listen to Side
A 10 times in a row.
Then he’d flip the
record and we’d do
the same on Side B.
“Running on
Empty” was a concept album. All the
songs were about a
musician’s life on
the road, and all the
songs were recorded
at music venues, in
hotel rooms and on
the bus. The song
that resonated most
was the first song,
JACKSON BROWNE, around 1970.
the title track.
distorted the pictures but not the people.’
HISTORICALLY SPEAKING: AMANDA FOREMAN
Suds and Stereo
Amor Towles, 52, is the author
of two novels, “Rules of Civility” and his latest, “A Gentleman in Moscow” (Viking). He
spoke with Marc Myers.
Psychological
potency in
every
agitated
brushstroke.
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CHAIM SOUTINE (1893-1943) once confessed to a fellow artist that sometimes,
when work did not go well, “it gets to a
point where I scream, I slash the canvas,
and everything goes to hell.” A similar level
of intensity is evident in “Bellboy” (c. 1925).
Displayed now in an excellent survey of
“Soutine’s Portraits: Cooks, Waiters & Bellboys” at the Courtauld Gallery, London, it
possesses an immense amount of pictorial
potency, while revealing deep insights into
the character of the young man wearing his
flamboyant professional red uniform.
Born in a town near Minsk (now the capital of Belarus), Soutine first came to Paris in
1913, a penniless Jewish immigrant from the
Lithuanian region of the Russian Empire.
Only 20 years old, he had been a student at
the Vilnius art academy. But the French capital was his supreme target. Like so many
ambitious young painters from around the
world, Soutine saw Paris as the most vital
and rewarding center for adventurous art.
He soon became a close friend of Amedeo
Modigliani, who had left his native Italy
with similar ambitions.
For almost a decade, Soutine experienced
a tough life while struggling with near-poverty, all the while evolving a distinctive style
that eventually won him widespread acclaim. He explored the possibilities inherent
in exclamatory brush marks, and became
one of the most emotionally powerful artists
working anywhere at that time. Stimulated
by the example of Rembrandt’s “Flayed Ox”
(1655), Soutine even decided to paint beef
carcasses hanging in a butcher’s shop.
During this period he developed a strong
kinship with the male and female immigrants who worked so hard in the city’s hotels, cafes and shops. Around 1919 Soutine
decided to try portraying young pastry
WILLEM DE KOONING commented that ‘Soutine
cooks. Rather than showing them at work,
he asked them to pose in their white uniforms in his studio. Soutine thrived on studying he had undergone before acclaim finally arrived.
his sitters with an exceptional amount of empa- The bold, impetuous handling of paint looks forthy, so that he fully comprehended them and ward to later developments in 20th-century art.
conveyed their essential character through the Willem de Kooning was very impressed when he
saw the influential Soutine retrospective exhibisearching, expressive action of his paint.
By the mid-1920s, he was benefiting from the tion at the Museum of Modern Art, New York,
enthusiasm of patrons as remarkable as the in 1950, commenting that “Soutine distorted the
American collector Albert C. Barnes. He bought pictures but not the people.” And Francis Bacon
many of Soutine’s canvases, which can now be undoubtedly derived stimulus from Soutine’s
seen in the eponymous foundation in Philadel- tempestuous mark-making, his willingness alphia. Even so, in its choice of subject, “Bellboy” most to attack the canvas with a brush.
Even so, a keen awareness of traditional
proves that Soutine never forgot the hardship
The
loneliness
of the road.
IS MISTLETOE naughty or nice? The No. 1 hit
single for Christmas 1952 was young Jimmy
Boyd warbling how he caught “mommy kissing
Santa Claus underneath the mistletoe last night.”
It may very well have been daddy in costume—
but, if not, that would make mistletoe very
naughty indeed. For this plant, that would be
par for the course.
Mistletoe, in its various species, is found all
over the world and has played a part in fertility
rituals for thousands of years. The plant’s ability
to live off other trees—it’s a parasite—and remain
evergreen even in the dead of winter awed the
earliest agricultural societies. Mistletoe became a
go-to plant for sacred rites and poetic inspiration.
Kissing under the mistletoe may have begun
with the Greeks’ Kronia agricultural festival. Its
Roman successor, the Saturnalia, combined licentious behavior with mistletoe. The naturalist Pliny
the Elder, who died in A.D. 79, noticed to his surprise that mistletoe was just as sacred, if not
more, to the Druids of Gaul. Its growth on certain
oak trees, which the Druids believed to possess
magical powers, spurred them to use mistletoe in
ritual sacrifices and medicinal potions to cure ailments such as infertility.
Mistletoe’s mystical properties also earned it a
starring role in the 13th-century Old Norse collection
of mythical tales known as the Prose Edda. Here mistletoe becomes a deadly weapon in the form of an arrow that kills the sun-god Baldur. His mother Frigga,
the goddess of love and marriage,
weeps tears that turn into white mistletoe berries. In some versions, this
brings Baldur back to life, carrying
faint echoes of the reincarnation
myths of ancient Mesopotamia. Either
way, Frigga declares mistletoe to be
the symbol of peace and love.
Beliefs about mistletoe’s powers
managed to survive the Catholic Church’s official
disapproval for all things pagan. People used the
plant as a totem to scare away trolls, thwart witchcraft, prevent fires and bring about reconciliations.
But such superstitions fizzled out in the wake of the
Enlightenment.
In Britain, mistletoe displays continued to be a
Yuletide custom, but only as a symbol for Nature’s
power over death, and only in houses, never in
churches. No one knows whether it was renewed interest in Greek or Celtic culture that brought the
kissing ritual back into the equation. But its sudden
popularity is attested by the number of 18th-century
THOMAS FUCHS
prints showing high jinks in servants’ halls at
Christmas time.
Puritan-influenced America was slow to follow.
Historically it was wary of Christmas rituals: During
the 17th century, celebrating Christmas in Boston
had carried a five-shilling fine. When
Americans finally accepted mistletoe, literature led the way. Washington Irving’s hugely influential 1820
”The Sketch Book” endearingly described a “traditional” English
Christmas—mistletoe, servant girls
and kissing included.
Back in England, Charles Dickens
brought mistletoe from below stairs to the parlor in
“The Pickwick Papers” (1837) and “A Christmas
Carol” (1843). A couple of decades later, Anthony
Trollope wrote a romantic short story, aptly called
“The Mistletoe Bough,” which ends with a kiss under
the plant. Its rehabilitation was complete. Every 19thcentury household displayed a sprig of mistletoe at
Christmas time—respectability and stolen kisses being a Victorian speciality.
Nowadays, hanging mistletoe has become a quaint
tradition rather than a signal to cross over to the
wild side. Yet there’s still magic in the leaves. Just
close your eyes and wish.
GETTY IMAGES
A totem to
thwart trolls
and disputes.
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 23 - 24, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
5. A wealthy former union
leader was elected head of
the African National Congress,
becoming South Africa’s likely
next president. Name that
candidate.
1. What new
owner just
acquired a
controlling
stake in
Rolling Stone
from Jann
Wenner?
A. Rising auto fatalities
B. Increased infant mortality
C. Growth in suicides among
the young
D. Opioid abuse
A. The wreck of the
Hesperus
B. The Amtrak derailment in
Washington state
C. The WannaCry cyberattack
D. The Equifax data breach
7. Japan is fortifying a chain
of islands against what it sees
as a threat from China. Which
of these is among them?
A. Shikoku
B. Ishigaki
C. Honshu
D. Alcatraz
A. The Diagnostic and Statistical Manual of Mental Disorders
B. Brubaker’s Handbook of
Psychotherapeutic Practice
C. The American Psychiatric
Association Guide to
Psychopathology
D. None of the above
Solar Cap
Versus Polar Cap
How Tall
Is the Pole?
Imagine that you have a giant
compass set to a radius of
1,000 miles, and use it
to draw a circle on
the surface of the
sun. Without
changing the
opening of the
compass, draw
a second
circle with its
center on the
North Pole.
Which is
larger, the
area on the
sun’s surface
enclosed by the
first circle or the
area on the Earth’s
surface enclosed by the
second circle? Model both
bodies as perfectly smooth
spheres.
Imagine a large chain
with length exactly
equal to the Earth’s
circumference. With
one foot added to its
length around the
world, it just reaches
over a pole placed at the
North Pole, as shown in the
figure. Because the Earth is
slightly squashed at the
poles, the important
parameter is the radius of
curvature at the North Pole,
which is approximately
20,996,000 feet.
How tall is the pole to
the nearest hundredth of a
foot?
For previous weeks’ puzzles,
and to discuss strategies
with other solvers, go to
WSJ.com/puzzles.
ILLUSTRATION BY LUCI GUTIÉRREZ
A. Carney
B. Garfunkel
C. Kuryakin
D. GCTCV-219
A. It’s the largest structural
overhaul of the tax system since
1986.
B. It’s the largest federal tax
cut ever enacted.
C. It devotes 53% of the cuts
to the middle class.
D. It abolishes the corporate
income tax.
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST WEEK’S PUZZLES
Professional Development
M
O
C
H
A
O
R
I
E
L
S
I
T
W
E
L
L
O
R
E
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R
A
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N
C
R
Y
P
F T
R
A C
N D
K S
D
I N
S O
C E
U L
S
S S
I A
O L
N A
S I N
C
O C O
Y
U I T T R
S
P R A
E C O N
O B
I O
R O C K
S O L A R
A K E
O
Y
C A
C R A S
S A I N T
G T O
T S
J A
S
H O L
J A K O
MO N E T
E N D
D
D R I
A
Y E R
L
E Y E
R
E
A
D
O
N
AW
S O
I N
A
M Y
A
W
P A N
O P S
S A
H C O
H G
A E R
M S E
E
B
G
A R Y
E M
V E R
E V A
L E T
D A D
R N O
I N G
P
C L A
H O R
E L K
E L
S
A I R
U R S
T V
O M
S S I
T A
L O
U N I
D E N
E D U
N
S
S
E
A
B
B
R A
S S
A
V
S O
K I
E D
E
A
C G
O N
V E
EW
T
M
C A
OM
D A
T
E
R
I
P
E
E
R
I
N
S
T
R
U
C
T
I
O
N
A
N
T
I
Q
U
E
R
E
T
E
S
T
S
E
N
C
A
R
T
A
A
C
T
R
E
S
S
O
R
I
O
N
S
C
O
N
E
T
O
N
E
R
ly
.
4. Congress passed a $1.5 trillion
tax cut, and President Trump
signed it. Which of the following
is true?
+
Acrostic
(John) Grisham, “Skipping Christmas”—“How nice it would be
to avoid Christmas.... No tree, no shopping, no meaningless
gifts, no tipping, no clutter and wrappings, no traffic and
crowds, no fruitcakes, no liquor and hams that no one needed,
no ‘Rudolph’ and ‘Frosty,’ no office party, no wasted money.”
co Fo
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8. Cavendish bananas—the
type most people eat
world-wide—are facing
extinction from a fungus.
What’s the name of a promising
second banana that might take
its place?
P A
R A
E M
M I
I L
E N
R E
T
A
R
A
A
S
U
R
E
L
A
T
E
S
A. Grinch; B. Rowdydow; C. Ice down; D. Sarong; E. Hot toddy;
F. Avocado; G. Miranda; H. Snow bunny; I. Kung fu;
J. Infotainment; K. Poinsettia; L. Popcorn; M. “I Saw Three
Ships”; N. Netiquette; O. Gnomon; P. Cold front; Q. “Hop on
Pop”; R. Reindeer; S. In point of fact; T. Sniffles; U. Toddlers;
V. Menorah; W. Angels; X. Santa Claus
Varsity Math
In Good Relations, Alex is Chris’s son-in-law or daughter-in-law.
In Square Purchases, there were five gifts costing as follows: $1 + $9 + $25 + $36 + $784 = $855.
To see answers, please
turn to page C4.
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
2
3
4
5
18
6
19
23
8
28
32
10
44
55
49
56
65
66
86
81
98
70
82
83
88
103
109
91
100
120
121
124
125
84
78
85
89
93
107
111
116
73
77
94
95
96
102
106
110
115
72
92
101
104 105
71
76
87
99
60
64
69
90
53
59
75
80
43
52
63
68
17
47
51
58
67
79
42
46
50
74
16
36
41
62
15
31
35
40
57
61
14
22
30
45
48
13
26
34
39
12
25
29
38
11
21
33
37
97
9
24
27
54
7
20
n-
1
no
FROM TOP: FRANCES M. ROBERTS/LEVINE ROBERTS/NEWSCOM/ZUMA PRESS; ISTOCK
3. Sex addiction is recognized
as a disorder in which of these
authoritative sources?
National
Museum of
Mathematics
shares two
puzzles involving the North
Pole with the team.
6. U.S. life expectancy declined
for the second year in a row,
largely as a result of what?
2. Washington said North Korea
was behind which of these events?
Provided by the
The coach
A. Cyril Ramaphosa
B. Nkosazana Dlamini-Zuma
C. Thabo Mbeki
D. Jacob Zuma
A. Nick Denton
B. Meredith Corp.
C. Penske Media
D. The University of Virginia
VARSITY MATH
From this week’s
Wall Street Journal
112 113
117
122
108
114
118 119
123
126
127
Christmas Bonuses | by Lara Stephens
Across
46 Like some office
Santas
48 “Nova” subj.
50 John, to Lennon
51 Kaplan University
specialty
54 Places where the
acoustics are
lousy for
Christmas
singing?
59 Stocking stuffer?
61 Jackie’s second
spouse
62 One addressed as
“my lord”
63 Cash on hand?
64 Single
65 Norse pole, e.g.?
67 Period spent
preparing the
presents?
73 Blissful place
74 Cab competitor
75 Reba McEntire’s
“___ Survivor”
76 Superior sort
78 Polygraph exciter
79 In ___ (as
originally located)
80 Supervision of a
crèche display?
86 Joint use of a
pasture
88 East, in Berlin
89 Assigner of
nine-digit nos.
90 Fish also know as
black grouper
91 Prank
93 Cart pullers
97 Mob bosses
100 Decoration for
Genghis’s door?
103 Contents of some
pockets
104 “...beginning to
look ___ like
Christmas...”
106 One of five in
“The Winter’s
Tale”
107 Strong heart
108 In the past
109 Chip introduced
in 1993
111 Hearth stuff
112 “___ you cry,
I’ll be back
again some day”
(“Frosty” lyric)
114 Once more
115 Mired-downreindeer mishap?
118 Teeming
120 “The hopes and
fears of all the
years are met in
___ tonight”
121 Admin. aide
122 Where residents
wish each other
“Buon Natale!”
123 One with a
mortgage, e.g.
124 A bireme has two
banks of them
125 B&B visit
126 Is audibly
unhappy
127 Give ___ (care)
Down
1
2
3
4
Refi restriction
Deuterium, e.g.
Marker feature
Singersongwriter Sands
5 Field worker
6 Move like the
one-horse open
sleigh riders
7 Choir member
8 Wasikowska of
“Crimson Peak”
9 Second part of
a count
10 Clatters
11 December,
yearwise
12 Chock Full o’ Nuts
container
13 Shooter Shaquille
14 Lanford Wilson
play “The ___
Baltimore”
15 “How could you
think that of me?”
16 Only president
born in New
Hampshire
17 Make abundantly
clear
19 Candy pioneer
H.B.
25 On the roof of
26 “Maisie’s Merry
Christmas”
writer Paterson
29 Vittles
33 Christmas tree
decoration
34 Erstwhile Fox
teen series
35 Contemptuous
expression
38 “Happy
Motoring!” brand
39 “Deck the Halls”
snippet
40 Stamped on
41 Keys
43 Constrain
1
2
3
4
5
6
7
8
9
10
11
Candy Canes | by Patrick Berry
Answers fit into this grid in
two ways, Canes and Rows.
Cane answers are all seven letters
long and fill one of the two caneshaped areas surrounding the
correspondingly numbered square,
starting at the curled end of the
cane and proceeding around to the
base. Each row of the grid will be
filled by one of the fifteen pairs of
Row answers. The two answers in
each Row pair are clued in order,
but the pairs themselves are in
random order, so you must use the
Cane answers to determine what
goes where. When the grid is
completely filled, the numbered
squares will give you the spirit of
Christmas.
Canes
1 Sonnet or sonata, e.g.
(2 wds.)
One lit to celebrate Diwali
(2 wds.)
2 Venezuela’s largest city
Medicine show offering
3 Only NATO member with
no standing army
Resident of Tabriz
4 Minor character flaws
Johnny Cash’s eldest child
5 A place for fighters (2 wds.)
They inevitably hate
book-to-film adaptations
6 Authorial alter ego
(2 wds.)
Behaved badly (2 wds.)
7 Fits snugly
Used as a podium (2 wds.)
8 Sweet bun served with a
cuppa
Branch of mathematics
featuring unknowns
9 Hardly in mint condition
Pertaining to marriage
10 Nighttime flights
Very much alike
11 Fastens with a knot
(2 wds.)
Like a clumsy roller skater’s
knees
Rows
Petty motivation
Company that created
Mylar and Kevlar
Fly sans engine
Talk during a truce
Good for a laugh
Boozers
Reception item?
Wind catcher
Stairway alternative
Green-headed duck
Timeworn saying
Slow-cook in fat
Neither great nor terrible
(Hyph.)
As a nice change of pace
(2 wds.)
Being
Close call
Maker of Legends
Take part (2 wds.)
Santa's workplace, perhaps
Huntress of Greek myth
Fairway vehicle
Kitchen counter material
Easy marks
“The Handmaid’s Tale”
protagonist
FBI sting operation during
the Carter era
Loom lever
Exclamation after an
epiphany
Woody stems
Jason of “Horrible Bosses”
On the ___ (precisely)
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 More
widespread
6 Stops up
10 Kin of Art
Moderne
14 Hula hoop
spinners
18 Unsurprisingly
20 Got out of the
sleigh, say
21 Privy to
22 Jump over
23 “...but the
children know
how he came
___ one day”
(“Frosty” lyric)
24 Two items on a
bird lover’s
Christmas tree?
27 Sermon’s finish?
28 Amazon smart
speaker
30 “___ lovely
weather for a
sleigh ride
together with
you”
31 Dud
32 Guest
accommodation
33 Approximating
suffix
34 Ring result
35 Fly off the
shelves
36 Certain colas
37 Christmas tree
branch?
42 Will of “Blue
Bloods”
44 Certain cola
45 Merchandise
47 Monopoly
quartet: Abbr.
49 “___ Mommy
kissing Santa
Claus...”
51 December 24
and 31
52 Head,
humorously
53 Entered
54 “Le Mythe de
Sisyphe” writer
55 Like 12, but not
XII
56 Meet
successfully
57 Winter utterance
58 Build-___
Workshop
60 Fundamental
principle
66 Blacklisted
screenwriter
Dalton
68 “Elephant and __”
(Mo Willems
children’s book
series)
69 Hook helper
70 Response to
“Nice day”
71 “...___ cold
winter’s night
that was so deep”
72 Yuletide quaffs
77 Concerned
farewell
80 Christmas Day,
this yr.
81 Body expert
82 “Stille ___”
(“Silent Night”)
83 Renoir
contemporary
84 Cinematic canine
85 Goalie’s wear
87 Westminster
Abbey’s Cosmati
pavement, e.g.
91 Pros with bows
92 Jackie of “Rush
Hour”
94 Jimi Hendrix
followed them at
Woodstock
95 More gung-ho
96 Winter figures,
made from the
“bonus” letters in
this puzzle’s
theme answers
97 Admits
98 Singer at Barack’s
first inauguration
99 Writer
101 Household chore
102 Base-eight
105 Haas of
“Inception”
110 Gifts for Dad
111 Case handler:
Abbr.
112 Half-baked
113 Horace collection
114 Wonder-struck
116 Subj. of some
WikiLeaks leaks
117 Bovine bellow
119 “Chandelier”
singer
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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C14 | Saturday/Sunday, December 23 - 24, 2017
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.
Welcome
to the big time:
This year’s
standout
watches
7 things
that make
Jean-Claude
Van Damme
give a darn
D3
D9
|
DRINKING
|
STYLE
|
© 2017 Dow Jones & Company. All Rights Reserved.
FASHION
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, December 23 - 24, 2017 | D1
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How We’ll Dine in 2018
no
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Life moves pretty fast. Power lunches are out, and who sits down to a formal dinner these days?
In the next year, expect more restaurants where mealtimes are mutable and noshing is the new dining
BY ELIZABETH G. DUNN
T
HE WRITING had been on the wall for
months regarding Perla, the grandest
of Gabriel Stulman’s five New York restaurants. It was a place where you
could sink into a red leather banquet
and feast on bible-thick pork chops and handmade
beef-cheek agnolotti—if you were lucky enough to
get a table. When Perla opened, in 2012, it was spoken of as a new classic, but by 2015 business had
begun to cool. A move to a prime corner in the
West Village the following year bumped trade up at
first, but soon enough Perla was losing money. Traffic was down, and the costs of running the place—
with its reliance on an army of cooks to execute labor-intensive recipes, an ample wait staff and
pricey ingredients like foie gras and dry-aged beef—
began to seem increasingly untenable. “We had a
couple of choices,” Mr. Stulman said. “We were either going to run Perla into the ground or pivot.”
Pivot they did, into a more casual, all-day dining
format you’ll be seeing more of in the coming year.
This new wave of restaurants is not defined merely
by long, uninterrupted opening hours; diners and
brasseries have those, too. They’re set apart by
their genre-bending flexibility, the way they’re engineered to cater to those seeking everything from
coffee klatsches to salads on the go to sit-down
dinners. Their menus are flexible, too, and affordable enough to encourage multiple visits per
week—yet sufficiently polished to appeal for an
evening meal. They defy definition as cafes, fastcasuals, coffee shops or bars, but borrow aspects
of many of those formats to sync up with the
rhythms of contemporary life.
In July, Perla became Fairfax, which might best
be described as the love child of a wine bar and a
high-end coffee shop, supplying West Villagers with
their 8 a.m. cappuccinos, late-night glasses of Pappy
Van Winkle bourbon and everything in between.
Long opening hours suit Mr. Stulman, who operates
two other restaurants in the neighborhood that offer breakfast, lunch and dinner. Fairfax, though,
takes the all-day ethos to the next level. Perla’s
handsome banquets and walnut tables have been
replaced by décor suggestive of a Pinterest-perfect
living room: slouchy leather couches, midcentury
arm chairs, rumpled kilim rugs and many, many
succulents. Fairfax’s menu transmits the same casual, eclectic vibe. In the morning, you’ll find slabs
of chocolate-chip banana bread, grapefruit dressed
with mint and honey, and, of course, avocado toast.
In the afternoon and evening, an extensive list of
wines by the glass complements a short menu of
“plates,” unfussy but finely constructed dishes that
don’t overly suggest the commitment an official
meal requires: a bowl of olives; saltines and blue
fish pate; four little hillocks of salami with grilled
bread and mostarda. Most items cost under $20.
What’s going on at Fairfax is happening across
the country. At Austin’s Elizabeth Street Café, coffee and ham-gruyère croissants lead into steaming
bowls of pho available from 11 a.m. until “late.”
Brider, in Denver, melds a takeout-friendly menu of
sandwiches and rotisserie meats with a serious
cocktail program.
Please turn to page D2
[ INSIDE ]
THE DATEBOOK SCENE
Why a millennial digital editor still loves
to scrawl out her schedule on paper D4
CHRISTMAS IN A VASE
A bouquet how-to D8
RELIGIOUS EXPERIENCE
Trek the 40-mile Jesus Trail through
northern Israel D6
JUST ADD CHAUFFEUR
Enjoy the back seat of the 2018
Mercedes-Maybach S650 D9
F. MARTIN RAMIN/THE WALL STREET JOURNAL; ILLUSTRATIONS BY JOE MCKENDRY (MENU DESIGN); ANGELA SOUTHERN (LETTERING)
EATING
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
EATING OUTSIDE THE LINES
co Fo
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.
The dining room
at Elizabeth
Street Café in
Austin, Texas
Tartine
Manufactory in
San Francisco
Carrots with
stone-ground
seed and nut
butter at abcV in
Manhattan
New York
ATLA
372 Lafayette St., atlanyc.com
The Vibe Mexican small plates,
matte-black walls, blond wood.
The Dish Pambazo ($12), a delicious sandwich of chorizo, potatoes, queso fresco and shredded
lettuce, inside a bun dipped in
chili sauce.
The Intel Several items come
bathed in either green or red
sauce; to try both, ask to go “divorciados,” aka half and half.
the late-90s dot-com bubble into which it was
born. She’s since found that such restaurants
don’t attract the regular customers that once
made them viable. “People don’t come back
again and again to the same place for dinner
as often as they used to,” Ms. Weller said. “So
the model is changing a little bit.”
According to Bonnie Riggs, a restaurant-industry analyst for the NDP Group, Ms. Weller’s
observation bears out across the industry.
“The dinner meal occasion, especially for fullservice restaurants, has been declining for
years,” Ms. Riggs said. But breakfast visits are
on the upswing, and demand for delivery and
take-out across all meal periods is surging.
Ms. Riggs stressed that for today’s eaters,
convenience and choice are “extremely important, and growing exponentially.” All-day concepts will go to remarkable lengths to accommodate these values. Want to come in for a
coffee and Wi-Fi? Great. Interested in a midmorning snack of hummus and tea? Sure.
Sandwiches to go? We have those, too. At a
Fairfax or a Norman, the model of the chefdriven restaurant—with its tasting menus,
elaborate dish descriptions, “the chef prefers
it cooked rare”—seems remote.
Jean-Georges Vongerichten, who’s demonstrated a talent over the years for opening restaurants that capture the culinary zeitgeist,
told me he designed abcV with millennials in
mind. The menu language is intentionally concise, and meals can be assembled to suit any
hour of the day, any level of hunger, any dietary restriction. At abcV, for the first time in
Mr. Vongerichten’s 40-plus-year career, he has
included a take-out counter. “People want convenient and fast,” he said. “There’s less time
today. People still go to restaurants for a fullservice meal, but you can’t just be open for
two hours for lunch and three hours for dinner. You have to be more flexible.”
DAILY PROVISIONS
103 E. 19th St., dailyprovisionsnyc.com
The Vibe Snug, approachable,
usually standing room only.
The Dish Owner Danny Meyer
considers the rotisserie chicken,
available after 3 p.m., “the best
$18.50 you can spend in New
York.”
The Intel Mr. Meyer nearly used
the space for a general store concept instead. “Boy, am I glad we
didn’t do that,” he said.
NORMAN
29 Norman Ave., restaurantnorman.com
The Vibe Industrial-chic, housed
within the “creative workspace”
A/D/O in Greenpoint, Brooklyn.
The Dish Warming, savory ancient grain porridge ($11).
The Intel A lunch menu that
changes daily helps the restaurant
minimize food waste.
Philadelphia
WALNUT STREET CAFÉ
2929 Walnut St., walnutstreetcafe.com
The Vibe Elevated American in a
space that is very polished,
vaguely nautical.
The Dish Slab pie ($9), stuffed
with seasonal fruit (currently cranberry crumb).
The Intel It’s located on the
ground floor of the new FMC
tower, known as a “vertical neighborhood” of offices and apartments, plus an AKA luxury extended-stay hotel.
New Orleans
WILLA JEAN
611 O’Keefe Ave., willajean.com
The Vibe Exposed brick and
Southern comfort food.
The Dish Anything in the “Biscuit
Situation” section of chef Kelly
Fields’ menu, especially the one
with fried chicken and Tabasco
honey ($10).
The Intel The singer Solange
Knowles, sister of Beyoncé, is
among this restaurant’s regulars.
Austin, Texas
ELIZABETH STREET CAFÉ
1501 South First St., elizabethstreetcafe.com
The Vibe A Vietnamese café plus
a French boulangerie, with lots of
Easter egg pastels.
The Dish Breakfast Banh Mi with
scrambled farm eggs and ginger
pork sausage ($10).
The Intel You can whip up the
noodle bowls and spring rolls at
home with Elizabeth Street Café’s
recently released cookbook, co-authored by Julia Turshen.
JUNE’S ALL DAY
1722 South Congress, junesallday.com
The Vibe Southern diner meets
Parisian wine bar.
The Dish Matzo Ball Caldo
($18), a comfort-food classic
made new with avocado and jalapeño.
The Intel The restaurant hosts
“pub night” every Sunday, offering Anglo-Indian curry-house fare
paired with British-style ales.
Denver
Brook trout
with patty pan
squash and
green peppercorn
aioli at Fairfax in
Manhattan
Guacamole
goat-cheese
toast at Atla in
Manhattan
BRIDER
1644 Platte St., denverbrider.com
The Vibe A rotisserie-centered
menu served in a sleek contemporary café setting (you can’t miss
the eye-popping lime-green chairs).
The Dish A rich and satisfying
Wagyu beef French dip sandwich
($14), with au jus for dunking.
The Intel Brider, the French term
for trussing meat with twine before roasting, is pronounced
“bree-DAY.”
San Francisco
TARTINE MANUFACTORY
595 Alabama St., tartinemanufactory.com
The Vibe Bustling, sun-drenched
warehouse.
The Dish Luscious porchetta
and fried-egg sandwich ($15),
served with salsa verde on a soft
bun.
The Intel Not only does Tartine
Manufactory roast its own coffee
beans; the flour is milled-to-order
weekly, too.
Los Angeles
ROSE CAFE
220 Rose Ave., Rosecafevenice.com
The Vibe Sprawling, laid-back
California café.
The Dish The spicy/savory/sweet
killer bee pizza ($20), with pepperoni, honey and chili.
The Intel The Rose serves over
30,000 guests per month; chef
Jason Neroni said they go
through eggs so fast during
weekend brunch, they have to
crack them all in advance.
CLOCKWISE FROM TOP: MOLLY WINTERS; TARTINE; SIGNE BIRCK; ERIC MEDSKER; ABC CARPET & HOME
no
Want to come in for a coffee and
Wi-Fi? Great. A midmorning
snack of hummus and tea? Sure.
X
JUST SAY WHENEVER // ALL-DAY RESTAURANTS
AROUND THE COUNTRY
n-
Continued from page D1
I first encountered this style of restaurant
at Gjusta, which opened in 2014 in the Venice
neighborhood of Los Angeles and offers everything from kale smoothies to bialys piled
with house-cured gravlax to—after 5 p.m.—an
excellent steak au poivre. The easygoing nature of the whole equation fits well with the
prevailing local lifestyle, and Gjusta has become something of a neighborhood canteen.
Now the all-day restaurants are coming fast
and thick. In early 2017, within the span of two
months, New York saw four high-profile openings in this mode. The chefs Daniela Soto-Innes
and Enrique Olvera followed up their acclaimed fine-dining restaurant Cosme with
Atla, a breezy Mexican café where two simple
menus span the hours of 8 a.m. to 11 p.m. JeanGeorges Vongerichten opened a veganish allday café called abcV. Danny Meyer debuted
Daily Provisions, upon which the entire Gramercy neighborhood now seems to descend
for coffee and egg sandwiches, hot-from-theoven loaves and midafternoon Wi-Fi fix. And
the Danish restaurateur Claus Meyer, who had
opened both Great Northern Food Hall and the
upscale Agern restaurant in Grand Central Terminal the year before, partnered with the
Swedish chef Fredrik Berselius to open Norman, serving breakfast through dinner in
Greenpoint, Brooklyn. In 2018, New Yorkers
can look forward to Pisellino, an all-day Italian
café from the chefs Rita Sodi and Jody Williams, planned for January or February. Chad
Robertson and Elisabeth Prueitt will bring a
massive second location of their San Francisco
culinary workshop-cum-restaurant Tartine
Manufactory to downtown Los Angeles in the
spring. This, along with the summer arrival of
Tel, from Jessica Koslow of the influential allday cafe Sqirl, rate as two of that city’s most
anticipated openings of the year.
It’s been five years since Ms. Koslow
opened Sqirl and made a luxury of toast; the
line still snakes out the door. She said she’s
been surprised to find that 30% of her business is take-away. At Tel she’ll complement
traditional dinner service with a pay-at-thecounter breakfast-and-lunch operation in the
same space. “It’s a moment where the economics of a restaurant are coming down to
providing craveable dishes that people remember, and want, not only when they go
there but also in their own homes,” she said.
The drift toward the all-day model can be
seen, at least in part, as a concession to those
increasingly harsh economics. With rent and
labor costs climbing, expanding hours of operation helps bring more cash in the door. “I
think in a very competitive restaurant landscape it is not super logical to have a restaurant that’s empty for a large number of
hours,” Claus Meyer said. At Norman, the
lunch menu changes daily to allow repurposing of ingredients that might otherwise go to
waste, which also keeps costs under control.
Fine-dining veterans see diners’ changing
habits driving the move away from the more
formal trappings of meal service. In June,
baker Melissa Weller and chef Daniel Eddy,
both from white-tablecloth backgrounds,
opened Walnut Street Café in Philadelphia,
where the day begins with baked goods and
sandwiches, which can be ordered to stay or
to go, and shifts into waiter-service dining in
the evenings. Ms. Weller began her career at
Babbo, the West Village Italian restaurant
that exuded all the excess and indulgence 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.
THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | D3
* * * *
STYLE & FASHION
THE WATCH MAN HOROLOGICAL EXPERT MICHAEL CLERIZO ANSWERS YOUR TIMELY QUESTIONS
Critic’s Choice: The Best Timepieces of 2017
Q
I’m sure you looked at a crazy
number of new watches over
the past year. Which ones impressed you the most?
STAR POWERED From left: RGM Watch Co. and C.F. Martin & Co D200 Watch (sold with a guitar, not shown), $149,999, martinguitar.com; Classico Small
Second Manufacture Watch, $8,800, Ulysse Nardin, 212-257-4920; Defy El Primero 21 Watch, $10,600, zenith-watches.com
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The watches that
make my first cut are
those that, on first
glance, prompt an
involuntary ‘Wow.’
onds and minutes of a specific
event; so how do you legibly display the time, as well as the chronograph readings, minus a dial?
With the Defy El Primero 21, Zenith solves that puzzle remarkably
well, cleverly employing color and
giving the watch big, meaty proportions. In black or white, the
hour and minute hands stand out
against the exposed movement. A
third hand, measuring seconds,
boasts a brake-light-red tip. And at
44mm, the watch is massive, an irresistible eye magnet.
More color tricks: The deep blue
ring at the 3 o’clock position displays elapsed minutes, while another blue ring below it tracks 60second intervals. The hands within
the rings are also tipped in red.
This watch’s ability to record
elapsed time, even without a dial,
might inspire another Marcel
Proust.
I realize that makes two Swiss
watches. What’s next on my list?
An American timepiece with a musical connection.
I admire watches that are
grounded in a wider cultural context. In 2017, two family-owned
brands from Pennsylvania came up
with a way to celebrate each
other’s craftsmanship. Roland
Murphy, currently America’s most
significant master watchmaker,
started the RGM Watch Co. workshop in Mount Joy, Pa., in 1992.
Meanwhile, C.F. Martin & Co., a
guitar maker founded in the 19th
century, has been based in Naza-
reth, Pa., since 1838. Many renowned guitar gods favor C.F.
Martin’s instruments—and at least
two, Eric Clapton and John Mayer,
coincidentally also collect fine
watches.
The two companies came together on a guitar and watch collaboration. The result? An acoustic
guitar with exotic-wood inlays in
the shape of watch components
(see it at wsj.com/fashion) that
comes with a RGM watch (left)
featuring Mr. Murphy’s own inhouse movement.
If I had a spare $150,000 to indulge in this estimable pair, I’d be
strumming “Auld Lang Syne” right
now. Instead, I’ll simply wish you a
happy and accurately timed new
year.
HONORABLE MENTIONS // FIVE MORE TICK-TOCKERS THAT STOOD OUT
n-
IWC Da Vinci
Perpetual
Calendar
Chronograph
Last revamped in
2007, this watch
was renewed in a
yellow-gold case.
$40,200,
iwc.com
Omega
Seamaster
Railmaster
One of the best
of the neo-retro
watches that
were wildly popular this year.
$5,000, omegawatches.com
A TRULY
PUNY PARKA
Worn layered, or on its own on balmier
winter days, the insulated shirt jacket
is a versatile way to bundle up
HERE IN THE NORTHEAST, the sting of winter
doesn’t seem to last as long as it once did, leaving fewer days that call for an immobilizing parka
or a 20-pound tank of a wool overcoat. We’ve
found we need more-versatile outerwear, warm
but not overbearing. And that’s where the quilted,
insulated shirt jacket comes in. Unlike its canvas
or denim cousins—handsome, but about as tough
as a wobbly toddler at an ice rink—this innovation
seals in heat, thanks to its layer of polyester or
down filling. “The beauty of this shirt jacket is it
can be worn deep into winter as it gets colder, yet
also will serve you well as you transition into
warmer weather,” said Ben O’Meara, the head of
brand partnerships for the online store Huckberry.
On the day we spoke over the phone, Mr.
O’Meara said he was wearing a T-shirt under a
recycled-poly-filled shirt jacket from California label Outerknown, and felt “plenty warm” in San
Francisco’s 55-degree weather. Like other shirt
jackets from brands such as Polo Ralph Lauren
and Isaora, Outerknown’s version is strategically
unbulky, upping its layering potential, whatever
the weather. Lisa Yamai, the apparel director of
Snow Peak, a Japanese label that has made an
insulated shirt since 2014, said many men prefer
to wear one underneath a leather coat or a down
vest for extra insulation. When the coat comes
off, the medium-weight shirt jacket lets you toil
away—comfy, not sweaty—in your drafty openplan office. —Jacob Gallagher
Seiko Presage
Enamel
An exceptional
chronograph with
a superbly designed enamel
dial—all for a
can’t-beat price.
$2,400, Seiko,
212-355-3718
CRAFTED
BY
MASTER
KNIFE
MAKERS
SINCE
1814.
no
Breguet
Classique 7147
A simple but elegant watch from
a maker that
outfitted both
Louis XVI and
Napoleon.
$21,500, Breguet,
866-458-7488
THINK THIN From top:
Shirt Jacket, $298, Polo
Ralph Lauren, 212-6062100; Insulated Shirt,
$265, isaora.com;
Insulated Shirt, $240,
snowpeak.com
Vacheron
Constantin
Copernicus
A reminder that
timekeeping and
astronomy have
a kinship.
$95,500, Vacheron Constantin,
212-317-8964
F. MARTIN RAMIN/THE WALL STREET JOURNAL (TOP, SHIRTS)
To be honest, this question always rather flummoxes me.
Every year, thousands of new
quartz, smart and mechanical
timepieces are released. Even if I
limit my candidates for top honors
to mechanical watches—and I do—
that still leaves hundreds. And it’s
still apples and oranges: How do
you decide, for example, whether a
rose-gold dress watch with a handsome leather strap beats a stainless steel chronograph?
To be even more honest, I rely
on something that is never in
short supply: pure subjectivity.
The watches that make my first
cut are those that, on first glance,
prompt an involuntary “Wow.”
I always find good design exciting, especially when it’s backed up
with traditional watchmaking excellence. That’s why one of my final choices is Ulysse Nardin’s
Classico Manufacture “Grand Feu”
(center), a Swiss dress watch with
just the right amount of flair.
While the pristine 40mm stainless
steel case holds precision machinery, the watch’s exemplary features also include a visually balanced, easily readable dial.
The dial’s intense sea-blue finish is created via an enameling
technique called “Grand Feu”
(Great Fire). The handcrafted
enamel is baked at about
800-900°C to produce a wavy pattern, one that gleams like water
touched by sunlight. I’m in love.
I’m also a sucker for a bit of
flamboyance—which brings me to
the Zenith Defy El Primero 21
(right). I like when a brand sticks
to what it does well, and many
years ago, Zenith perfected skeletonized chronographs. “Skeletonized” describes a watch that dispenses with a dial face, exposing
the many moving parts.
This high-drama move creates a
conundrum for a watchmaker: A
chronograph, like a stopwatch,
measures elapsed time—the sec-
ly
.
A
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 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
F. MARTIN RAMIN/THE WALL STREET JOURNAL
AM I DATING
MYSELF? The
author’s archive
of planners
LOVE STORY
ly
.
Life at a Glance
I’VE NEVER TRIED iCal. I use Google Calendar at work of course—refusing to accept coworkers’ meeting invites would be confusing
and rude—but the idea of reducing the rest of
my life to tiny cells on my phone screen fills
me with dread. As a digital editor at The Wall
Street Journal, and a millennial, I may not be
the likeliest proponent of paper day planners,
but I’ve been a devotee since my preteens.
Back then, picking one out was a ritual I
embraced ahead of each school year, every
planner an instrument of self-expression. The
summer before seventh grade, at the Riverpoint Village Shopping Center in the North
Shore of Milwaukee, I begged my mom for a
Time.Mine datebook whose cherry-print
cover, I thought, qualified as Pop Art; I later
embellished it with part of my sticker collection. In high school, I developed an appreciation for August-to-August planners with their
bland covers, winningly ugly font and abun-
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A digital-media maven on why she can’t quit the charms of paper planners
BY LANE FLORSHEIM
ing back at an old diary.
Fellow devotees of the planner have their
own reasons for loving one. “It’s a way for
me to keep organized without the distraction of my phone,” said Alexandra Porter, an
independent art adviser in New York City.
Some enjoy the ritual of penning in an entry. “There’s more formality to it,” said Cora
Hilts, the co-founder of the London-based
sustainable fashion company Rêve en Vert,
who uses a weekly Moleskine planner. “It’s
lovely putting in a dinner date with your
friends.” The act of writing down an imminent event, she said, helps her remember
it’s coming up.
My paper datebook also sidesteps the
myriad unnerving scenarios that can disrupt
a phone-based schedule: a dead battery,
times and names mistyped on a tiny keyboard, a sudden fatal plunge to the floor.
Smartphones have changed the whole tenor
of organizing our lives, and while accessing
years at a time with a mere tap of a thumb
may seem infinitely satisfying to some, it’s
not to me. My fondness for using datebooks
has become a conspicuous oddity. “You still
use a planner?” is a question I am asked
with out-and-out disbelief. I usually say it’s
the only thing that makes sense to me, since
I compulsively need to write down my plans
(ditto my to-do lists).
I feel a camaraderie with friends who
use datebooks too, a sense of fellowship
some find on websites like Philofaxy and
Plannerisms, arenas for the day-planner
blogging community. The ranks of fans are
unpredictably growing: According to the
market research firm NPD Group, datebook
sales in the U.S. increased by over $50 million during the last two years, from $290.7
million in 2014 to $344.1 million last year.
Molly McCarthy, author of “The Accidental Diarist: A History of the Daily Planner in
America,” traces its origins back to our
Founding Fathers, including George Washington, who most likely used an almanac to
keep track of time, calculate the interest on
his loans and act as a guide to local roads
and inns. (I wonder if an iCal would have
served our first president as well.) Planners,
as we think of them today, didn’t catch on
until the mid-nineteenth century, when improvements in printing technology made
them more affordable to produce and buy.
Shopping for next year, I wanted something similar to my 2017 planner, a black Paper Source agenda that is compact enough to
slip into my narrowest purses. One night after work, I walked to Smythson on New
York’s Upper East Side, where each tiny shelf
on the store’s back wall holds a different
brightly colored agenda. I lingered, studying
them, even after I’d made my choice, a
pocket-size cobalt agenda called the Panama.
At the counter, it was laid in tissue and
placed in one of the brand’s Nile blue boxes,
which was tied with a thick ribbon. It was an
early holiday present, I thought, a gift from
my past to my future. Surely it would portend
good things for the year to come.
dant space to list homework assignments (12
lines per day!).
I doodled in my planners with brightly colored pens and highlighters, made elaborate
countdowns for my baby sitter’s wedding and
my siblings’ birthdays and dutifully recorded
my friends’ phone numbers in the addressbook section. Planners gave me a place to
construct an identity before I really knew
who I was. They were a vehicle of teenage
hopefulness, as if writing my class schedule
in bubble letters on the first page had the
power to precipitate exciting events for me.
Nowadays, the emotional rush I feel
when I open my planner to the current
month is the instant “read” I get on my upcoming schedule. I experience a mild euphoria, quite unlike the mixture of anxiety
and boredom my desktop work calendar often triggers: The latter’s coldly digital time
slots signifying meetings and deadlines
don’t satisfy me the way the handcrafted
order of my datebook does.
My habit is to mentally divide each day
in my planner into thirds, creating a section
for the morning, afternoon and evening. I
can immediately see how busy I am, the
plans I’m looking forward to (or not), when
I might have time in the morning to write
and, gloriously, if one of my weekend days
is entirely free.
‘You still use a planner?’ is a
question I am often asked with
out-and-out disbelief.
There’s also the anticipation of filling in
the future blanks: Flipping to upcoming
months, where I’ve noted the details of an
upcoming trip or a good friend’s visit, can
efficiently elevate my mood. Years later, reviewing the handwritten record of so many
moments, penned in various ink colors and
peppered with scribbled notes, is like look-
Your days are numbered, literally, in
this polyurethane version. 12 Month
Planner, $25, us.moleskine.com
no
Graph paper gives this vinyl book a
cool, nerdy quality. Monthly Weekly
Planner, $13, muji.us
n-
MEMORY LANES // FIVE STYLISH, OLD-SCHOOL WAYS TO TRACK YOUR MANY COMMITMENTS
Silver-edged pages and the Tiffanyblue leather make this chic. Leather
Pocket Diary, $65, tiffany.com
This faux-croc leather book opens to
a week’s worth of space. Embossed
Notebook, $102, graphicimage.com
Featherweight paper fills this crossgrained lambskin classic. Panama
Agenda, $60,
0, smythso
smythson.com
FÊTE ACCOMPLI A GOOD-LOOKS GUIDE TO RECENT EVENTS
IN THE PINK
The scene inside
the Webster’s
Manhattan
boutique.
A FESTIVE
FLAMINGO IN SOHO
clutch. “I feel like a Christmas decoration,” she said,
pointing to a sparkling ornament on a pink tree.
As guests including film
producer Fabiola Beracasa
Beckman, actress Allison Sarofim and jewelry designer
Eddie Borgo mingled, others
sat for tarot card readings or
portraits. The artist, Anouk
Colantoni, did a quick sketch
or a watercolor for attendees
to take home as a party favor, a nice change from the
usual photo-booth snaps.
Even less predictable: a
flamingo that milled about in
a Santa hat. Not a real one
but a guy clad in a pink flamingo costume.
“He’s our mascot,” said
Ms. Heriard Dubreuil. “It’s
going to be a cold winter.
Let’s bring some sunshine
and fun.” She turned to greet
a few more guests and called
out to the oversize bird:
“You have to do Selfies.”
—Marshall Heyman
Luke and
Lucie Meier
Jacqueline
Schnabel
Natalya
Poniatowski
Laure Heriard
Dubreuil
in a Loewe
dress
Fabiola
Beracasa
Beckman
Leigh
Lezark
Allison Sarofim
in a Saint
Laurent dress
Eddie Borgo and
Victor Glemaud
BILLY FARRELL AGENCY
PINK ISN’T
your typical
holiday
color, but
don’t tell that to
anyone at the new Manhattan outpost of the Webster.
In lieu of red and green or
even blue and white, everything was pink at a holiday
cocktail party to celebrate
the opening of the South
Beach, Fla. retailer’s store in
SoHo. Christmas trees, small
and large, were pink. So, too,
the cookies, balloons, popcorn, cotton candy and
candy canes. Even the fake
snow on the sixth-floor balcony and the coat-check tickets adhered to the rose rule.
“It’s a very positive color,”
said Laure Heriard Dubreuil,
the Webster’s founder and
president. Surprisingly, she
eschewed the hue herself,
dressed in a silver and black
Loewe dress with Céline
heels and a Calvin Klein
The
Webster’s
mascot
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 23 - 24, 2017 | D5
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©2016–2017 Marriott International, Inc. All Rights Reserved. Preferred Guest, SPG, The Luxury Collection and their logos are the trademarks of Marriott International, Inc., or its affiliates.
ly
.
* * * *
H O T E L S T H AT D E F I N E
T H E D E S T I N AT I O N ™
A timeless masterpiece, Excelsior Hotel Gallia captures the modern glamour
of Milan. Experience a curated ensemble of the world’s most iconic
destinations at The Luxury Collection hotels and resorts. Explore the
collection at theluxurycollection.com
EXCELSIOR HOTEL GALLIA
A LUXURY COLLECTION HOTEL
M I L A N , I TA LY
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D6 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
ADVENTURE & TRAVEL
Divine Intervention
PILGRIM’S PROGRESS The Sea of Galilee, also known as Lake Tiberias, as seen from the top of Mount Arbel. The 40-mile Jesus Trail leads from Nazareth to Capernaeum on the lake’s northern shore.
I
T took five minutes into my
pilgrimage for somebody to
offer me free food. Leaving
my inn, a converted 19thcentury mansion in the Israeli town of Nazareth, I’d turned
the corner to make the initial ascent
toward the Franciscan Mensa
Church. The church stands on the
site where Christ was said to have
dined with his apostles just after his
resurrection. A smiling man with a
lazy eye, standing by the trail head,
decided I should dine, too.
He handed me a chocolate bar,
gesturing toward the orange trail
markers that demarcated the route.
He mimed something approximating “difficult climb,” then also gave
me a piece of burma—a sticky, pistachio-studded pastry—the honey
staining my fingers. But of course, I
had to try this, too. With a combination of hand signals and makeshift Arabic, I tried to convey “delicious,” “thank you” and “please
stop: I cannot fit anything else into
my bag.”
no
I spent nearly as much
time eating with total
strangers as walking.
where Jesus started his ministry.
This alternative trail, intended to
entice curious hikers as much as
pilgrims, links religiously disparate
areas—Muslim and Christian towns
such as Nazareth and Cana, the Orthodox Jewish kibbutz of Lavi and
the Druse temple at Nabi Shue’ib.
The trail’s founders hoped it would
encourage travelers to spend their
money on local businesses, rather
than large-scale hotels and packaged tours.
But spending money on the trail,
I found, proved difficult. A halfhour after I met my first benefactor,
I met my next two. After climbing
the vertiginous stone steps of Nazareth’s Old City, passing teenagers
doing tricks on motorcycles, I
headed through the city’s industrial
suburbs toward the wildflower-dotted hills that took the trail into the
wilderness. Just before the hills, I
passed a house under construction,
where the two workers waved me
over and insisted I come in for a
cup of tea.
They sat me in a plastic chair,
handed me ice cream, more chocolate, water and an energy drink for
my journey, then explained their
situation. They were a Muslim and
a Christian who had decided to
share the cost of building a house
to later sell: economy triumphing
over religious differences. They
were worried about me—”A woman
hiking alone?” They pointed out the
way to Zippori, one of the key sites
along the trail, where the ruins of
Roman houses still stand, across a
thorn-latticed field. “Don’t get lost,”
they told me.
This advice seemed overcautious
at first. After all, the Jesus Trail is
hardly arduous. Most of the trek,
marked every 30 feet or so, wends
across flat lands and low hills. But
the trek’s first wilderness section
lacks a footpath, and the trail markers are not always placed intuitively. Spotting those orange
blazes—painted on a stone, on the
trunk of a tree—demanded deep
concentration. And traveling during
a rainy week, I was one of the few
hikers on the trail, so was left
n-
BY TARA ISABELLA BURTON
I spent nearly as much time eating with strangers as walking during my trip earlier this year along
the Jesus Trail, a 40-mile trek connecting several major sites of Jesus’
life, from Nazareth to the Sea of
Galilee (also called Lake Tiberias).
But that was, according to the Jesus
Trail’s founders, the point.
Established in 2007 by David Landis, an American Christian hiking
enthusiast, and Maoz Inon, an Israeli Jew who owns the Fauzi Azar
Inn, the Jesus Trail was designed as
a counterpoint to the usual pilgrim
itineraries that revolve around Jerusalem, about two hours away, and
Capernaeum, the Sea of Galilee town
ARCH SUPPORT Nazareth’s Fauzi Azar Inn, starting point of the trek.
Christian pilgrims from Africa at the Franciscan Wedding Church in Cana, one of the key stops along the Trail.
largely to my own dubious navigation skills. As I traipsed past cowguarded streams, down grassy hills
in the shadow of a forest, I started
to follow the orange markers leading in the opposite direction. I noticed this only when I arrived once
more at the Nazareth house-inprogress, three hours after I began.
The men laughed at me for several minutes before one of them
gave me a ride partway to my next
stopping-point at Cana, free of
charge. He dropped me off in front
of his mosque (it was time for Friday prayers) and he arranged a taxi
to take me the rest of the way.
This sort of intense hospitality
characterized the rest of my journey, too. That night, I stayed at a
guesthouse in Cana, where Jesus is
said to have turned water to wine,
and where Orthodox and Catholic
churches commemorating the miracle echo each morning with rival
choral music. Sami Bellan, the puckish owner of the guesthouse,
crowded with porcelain Virgin Mary
figurines, decided to “anoint” me in
the Galilean fashion with local olive
oil, rubbing it into my forearms and
the back of my neck before bringing
me a plate of biscuits. When, a day
or two later, it started to rain near
Migdal—once Magdala, hometown
of Mary Magdalene—I sought shelter in a children’s horse rental stable; the proprietor refused to take
any money for the cardamom-thick
coffee I consumed.
But few could equal Rivka Arfman, the elderly proprietress of
my guesthouse in the Jewish town
of Moshav Arbel, the last overnight stop of the trail. I’d spent
that Shabbat morning hiking from
Kibbutz Lavi, one of the few remaining religiously Orthodox kibbutz collectives in Israel. “You
must be hungry,” said Rivka, in her
thick German-Yiddish accent. She
insisted I try her chicken soup.
(“Make sure you salt it,” her husband whispered. “Back when she
was more in love with me, she
used to salt it properly.”) Later,
Rivka’s husband took me into the
garden to pick rich-red grapefruits
to take on the next day’s 10-mile
hike. When dinner—ordered from
a local pizzeria—arrived, it came
supplemented by Rivka’s homemade tuna salad.
The final leg of the journey led
me up and down the crags of
Mount Arbel, pockmarked with
caves, which, legend has it, once
sheltered Crusaders. I ate the Arfmans’ grapefruits under an olive
tree and sought shelter from a rain
shower at an abandoned banana
farm near an old Ottoman bridge.
The main road was less than 20
minutes away as the crow flies,
but I spent two hours lost.
When I saw the Sea of Galilee at
last, three days after I’d first set
out, dusk was already spreading. I
was exhausted, sticky with sweat.
The taxi drivers I phoned to return
me to Nazareth were all busy. A
Franciscan monk offered me little
but a sympathetic shrug.
The leader of a Spanish pilgrim
tour bus tapped me on the shoulder: “Do you need help?” I must
have looked lost, tired, hungry—in
short, like a pilgrim. The bus was
going to Nazareth. “Could I use a
ride?” The pilgrims cheered when
I got on.
They’d picked up another straggler, too, an Arab Christian called
Osama. He shared a box of walnuts and dried fruits with me: the
last free meal of my journey. The
trip back to Nazareth took all of
an hour on the highway.
Over the last of the walnuts,
Osama taught me all the Arabic I
would need, he said. “Al-amdu
lillāh.” Gratitude: for new friends,
for the kindness of strangers. Or
simply, “Hamdillah.” Thanks be to
God.
THE LOWDOWN // WALKING ALONG ISRAEL’S JESUS TRAIL
Hiking There The Jesus Trail goes
from Nazareth to Capernaum, via Cana,
Lavi and Moshav Arbel, and can be
done in three to five days. The trail is
relatively easy (one intense descent
from Mount Arbel, notwithstanding)
and consistently marked. Hikers are
rarely more than an hour’s walk from
the main road, where it is possible to
call taxidrivers (such as Josef West:
050-7535661) to shorten bits of the
journey—though you may need to wait
a while for an available cab.
Staying There The traditional start of
the Jesus Trail is Nazareth’s Fauzi Azar
guesthouse, a historic mansion with an
open courtyard, tips-only walking tours
and other activities, including cooking
and Arabic lessons (from about $70 a
night, fauziazarinn.com). In Cana, the
Cana Guest House is popular with pilgrims and hikers alike (from about $70
a night, canaguesthouse.com). The simple self-catered apartments at Moshav
Arbel’s Arbelit Lodge are worth staying
at for the comic patter of the Arfman
family alone (from about $72 a night,
booking.com/hotel/il/arbelit-xx-xx.html)
DAVID VAAKNIN FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
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Locals of all faiths stepped in to offer a lone traveler intense hospitality as she trekked Israel’s 40-mile Jesus Trail
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THE WALL STREET JOURNAL.
Saturday/Sunday, December 23 - 24, 2017 | D6A
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NY
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THE WALL STREET JOURNAL.
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D6B | Saturday/Sunday, December 23 - 24, 2017
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 23 - 24, 2017 | D7
* * * *
ADVENTURE & TRAVEL
1. Parker Palm Springs
JOURNAL CONCIERGE
An Insider’s Guide
2. Agua Caliente Indian Reservation
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Palm Springs
6.Bon Vivant
Famously a refuge for the Old Hollywood crowd,
California’s posh desert town is still far from deserted
ELIZABETH TAYLOR AND ELVIS PRESLEY
had more in common than bouffant hairdos.
They both owned getaway houses in
Palm Springs, Calif.—and not solely
for the winter sunshine. “Studios
had a rule that stars couldn’t travel
more than 120 miles from L.A. while
they were filming, but it was more
than that,” said Michael Stern, who
co-owns the Modern Tour company,
which offers a behind-closed-doors look at
the city’s midcentury architecture (themoderntour.com). “Paparazzi weren’t allowed to
take pictures in Palm Springs without consent—that’s why everyone had a house
4. Palm Springs Art Museum
3. Holiday House Palm Springs
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here. They turned it into a party town.”
The party died down in ensuing decades,
but it seems to be regaining some rowdiness. Tucked between those low-slung
buildings—most homes must be
single-story to preserve the views of
the San Jacinto Mountains—are new
and soon-to-open hotels and sceney
restaurants. We asked a few longtime
locals and regulars to share their
favorite diversions in and around Palm
Springs, from the best shops for indulging
a mania for the 1960s to where to play
your bongo drums poolside.
—Kathryn O’Shea-Evans
JESSICA SAMPLE FOR THE WALL STREET JOURNAL, MAP BY FREE VECTOR MAPS
THE DESIGNER
THE ACTRESS
THE CHEF
THE HISTORIAN
Jonathan Adler
Suzanne Somers
Gabriel Woo
Anne Rowe
JOY RIDE // Palm Springs Aerial Tramway. It’s
touristy, but the view at the end is worth it. As
much as one talks about color and pattern, the
true story of Palm Springs is the desert landscape. One Tram Way, pstramway.com
STEP BY STEP // Agua Caliente Indian Reservation. (2) It offers miles of great hiking trails
with waterfalls and dramatic sunrises and sunsets. We eat lunch on a giant flat rock in the middle of the stream, take a nap and hike down as
the sun is setting. indian-canyons.com
NIGHT OWL // Seymour’s. This tiny, speakeasylike bar opened last year, hidden off the side of
Mr. Lyons restaurant. They have great cocktails; I
like the earthy Little Owl, with house-made IPA
syrup. 233 E Palm Canyon Dr., seymoursps.com
MY WAY // Melvyn’s Restaurant. (5) This
place famously sent away Steve McQueen and Ali
MacGraw when they showed up in jeans. Frank
Sinatra was a regular. The staff still delivers old
school service—like Steak Diane made right at the
table. 200 W Ramon Rd., inglesideinn.com
Potter, author and
design mind behind the
recently revamped
Parker Palm Springs
FAUX SHORE // Parker Palm Springs. (1) The
one thing missing in Palm Springs is water, so we
built a fake yacht club in the hotel’s spa. I’m not
just recommending it because I designed it
(twice!). It’s glamorous and a little louche. 4200 E
Palm Canyon Dr., theparkerpalmsprings.com
TOP TREE // Joshua Tree National Park.
Some places on the planet are truly mind-expanding, and this is one of them. nps.gov/jotr
GLASS HOUSE // Bon Vivant. (6) Among the
great vintage shops on the main drag, this is my
favorite. Their collection of midcentury glass and
ceramics is not to be missed—you walk in and
want to redo your whole house. 766 N. Palm Canyon Dr., gmcb.com
Actress and author of
the new book ’Two’s
Company’ (Penguin )
Chef at Sparrows
Lodge and
Holiday House
Director of Collections
and Exhibitions at the
Annenberg Retreat at
Sunnylands
FRENCH TOAST // Le Vallauris. I’ve been going
to this French restaurant for 40 years. I sit at the
bar with a tequila, then eat dinner in the garden
under a giant ficus tree. 385 W Tahquitz Canyon
Way, levallauris.com
WESTERN FRONT // Pappy & Harriet’s. Pioneertown was built by Roy Rogers and Gene Autry [among others], for shooting westerns; now it
houses this small music venue and barbecue restaurant in the middle of the mountains. 53688 Pioneertown Rd., Pioneertown, pappyandharriets.com
ART FORAGER // Palm Springs Art Museum.
(4) The chief curator has been in residence since
the 1970s and assembled an amazing contemporary art collection foraging through the L.A. galleries and studios. 101 N. Museum Dr., psmuseum.org
FRIEND OR PHO // The Tropicale. Our friends
own this cool restaurant, with dishes influenced
by their travels around the world, live jazz and a
moonlit patio. 330 E Amado Rd., thetropicale.com
TACO UPGRADE // Justin Eat & Drink. A cheffriend recently opened this place and is doing cool
stuff like chicken confit tacos with mole. 68784
E Palm Canyon Dr., Cathedral City, 760-904-4093
FIRST DATE // Windmill Market. Just outside
town, it sells what they call the “original”
Coachella Valley date shake, made with local
dates. 17080 N. Indian Canyon Dr., 760-251-4489
BIRD BATH // Salton Sea State Recreation
Area. In the ‘50s and ‘60s this large inland body
of water offered great fishing and boating; now
it hosts a huge bird sanctuary. www.parks.ca.gov/
saltonsea
POOL PERKS // Sam’s Family Spa. It’s not luxurious, but it has nice mineral pools (hot and cool)
and you can bring in whatever you want: food,
drinks, bongo drums. 70875 Dillon Rd., Desert Hot
Springs; samsfamilyspa.com
FUR FIND // The Estate Sale Co. This consignment shop sources everything from patio suites
to jewelry from large estates. I bought a vintage
fox fur jacket there. 4185 E. Palm Canyon Dr.,
theestatesaleco.com
Plus Don’t Miss… Holiday House Palm Springs. (3) At this new adults-only, 28-room inn, amenities include shuffleboard, loaner bikes, a pool, art by David Hockney and Roy Lichtenstein but no TVs. From
$229 a night, holidayhouseps.com // Peninsula Pastries. For this bakery in an unassuming strip mall, a French expat couple import flour from Beauce, France. 611 S Palm Canyon Dr., 760-832-6486 // Agua Caliente Cultural Museum. To see a traditional kish hut freshly built each year from palm fronds and arrowweed, head to the leafy patio of this museum dedicated to the area’s indigenous tribe. 219 South Palm
Canyon Dr.; accmuseum.org // The Frippery. At this trove of vintage apparel, look for caftans, Pucci dresses and Italian and French sunglasses from the ‘50s-’70s. 664 N Palm Canyon Dr., thefrippery.com. // Elvis
Honeymoon Hideaway. Elvis leased this 5,000-square-foot house in 1966 and 1967, and holed up with Priscilla there after their Las Vegas wedding. Tours run twice daily. 1350 ladera circle, elvishoneymoon.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.
D8 | Saturday/Sunday, December 23 - 24, 2017
THE WALL STREET JOURNAL.
* ***
DESIGN & DECORATING
THE MEDIATOR
In Search of a Restful Night
The Conflict A couple buys a Gothic Revival bed frame, but she won’t part with her plastic Kartell night stand—a gift
from her dad that’s stylistically at war with the walnut bed. Three designers propose peacekeeping solutions
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French 19th-Century Gothic Revival
Louis Walnut Bed From Tryst
d’Amour, $2,389, 1stdibs.com;
Componibili, $180, Kartell NY, 212966-6665
Solution 2
Bridge the pieces’ different time
periods with a folding screen.
Hang lights that merge straight
and curved lines.
Lay an antique rug with a
modern pattern.
Bicoastal designer Alexandra Loew wanted to
“unite the pieces graphically” and cool the tension between the boxy bed and the rounded night stand. Her answer: A pair of vintage Verner Panton pendant lights.
Their strands of mother-of-pearl discs hang straight down
while the discs themselves are curvy. And she would introduce another, matching Kartell night stand. “I imagined
flanking the bed with two tables with a light over each,”
she said. Verner Panton Fun 2 DM Ceiling Lamps From
Les Illumines Design, $1,800 each, 1stdibs.com
Though this Iranian flat-weave rug, chosen by
Richard Ouellette, a partner at Canadian design firm Les
Ensembliers, is vintage, its modern striped pattern connects it to the contemporary night stand. If the rug were
as exuberantly colored as the bed, he explained, they
would conspire to overpower the scene. “This bed has
such a strong personality, the rug needs to be second,”
he said. The staggered stripes are bold enough to anchor
the bed but read as neutral. Wool Flat Weave, 7’6” x 11’3”,
$4,800, abchome.com —Kelly Michèle Guerotto
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To resolve the disconnect between the 19th-century, Gothic Revival upholstered bed and the 1960s-style,
molded-plastic storage unit, Manhattan designer Neal Beckstedt looked for a third element that would reference both
eras. He chose a folding screen—common, he said, to 19thcentury bedrooms—zeroing in on a teak model with caned
inserts that speaks to the night stand’s modernist aesthetic.
Mr. Beckstedt would place the screen around the headboard
or adjacent to a window. Danish Modern Caned Folding
Screen From Matter & Bone, $5,200, 1stdibs.com
FLOWER SCHOOL
Solution 3
FAST FIVE
THE ZESTIEST NOEL
GET OUT THE VOTIVE
A voluptuous portrait brings out floral designer Lindsey Taylor‘s festive side
We’re campaigning in support of these new candle holders—nice
candidates for a holiday table but secular enough for any occasion
THE HOLIDAYS CALL for a little pomp,
in case she was still a little short on flamglamour and sparkle. In search of a paintboyance, a red rose nestles in her bosom.
ing that was over-the-top enough to inspire
I used an earthenware crock, glossy and
a festive arrangement, I made my annual
curvaceous, to evoke Lady Peel’s figure and
visit to the Frick Collection on
deep brown cloak. I mapped out
New York’s Upper East Side and
the bouquet’s size and shape
found a suitably lush candidate
with weepy redwood branches
by English portraitist Sir Thomas
covered in tiny jewel-like cones.
Lawrence (1769-1830). The subBundles of small, delicate white
ject of “Julia, Lady Peel (1827)”
wax flowers stood in for the
wears a dark cloak trimmed in
cloak’s fur, while sprays of red
luscious white fur. Red feathers
orchids alluded to the feathers.
spill extravagantly from her
To suggest the satin of Lady
wide-brimmed hat, immodest
Peel’s dress, I chose densely petTHE INSPIRATION
bracelets encircle her wrist and,
aled white ranunculus. Deep red
amaryllis flowers, cut short,
mimicked the rose at her chest,
and finally, the large white Protea lent the arrangement a boldness, a hit of the exotic, and suggested the porcelain quality of
her skin. As I stood back to critique my work, I was uncharacteristically gleeful. It has been a
while since I conjured such a
large, energetic, outrageous display. It’s a Christmas party in a
vase, setting the stage for the
season.
Crimson amaryllis and lushly
petaled white ranunculus echo the
finery of ‘Julia, Lady Peel’ (1827) by
Sir Thomas Lawrence.
THE ARRANGEMENT
Antique Earthenware Vessel, Similar
pieces available at Paula
Rubenstein, 212-966-8954
Porcelain Bisque Votive
Candle Holder, $375,
francespalmerpottery.com
Cabana Glass Candle
Holder, $165,
modaoperandi.com
Ruffle Edge Votive
Holder, $10,
shopterrain.com
Kevin Willis Votive by
Commune, $46, communedesign.com
Large Selenite Votive
Holder, $65, Homenature,
212-675-4663
Market Editor:
Kelly Michèle Guerotto
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY AMY WILSON (THE ARRANGEMENT); MICHAEL BODYCOMB/THE FRICK COLLECTION, NEW YORK (THE INSPIRATION); F. MARTIN RAMIN/THE WALL STREET JOURNAL (VOTIVES)
Solution 1
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 23 - 24, 2017 | D9
* * * *
GEAR & GADGETS
RUMBLE SEAT DAN NEIL
LEAVES OTHERS BEHIND With exclusive features, a purring engine and hydraulic auto-leveling, the S650 is a unique creature.
marily a chauffeur-driven car. So
there is still a human in the loop.
But that human is enhanced with
the latest in driver support technologies from Daimler, known collectively as Intelligent Drive.
At this stage of development
Daimler’s system has been gifted
2018 MERCEDES-MAYBACH S650
2,300-4,300 rpm
Length/Width/Height/Wheelbase
215.04/83.9/58.98/132.48 inches
Curb Weight 5,324 pounds
0-60 mph 4.6 seconds
¼-mile ET 12.3 seconds
EPA Fuel Economy 13/21/16 mpg,
city/highway/combined
n-
Base Price $198,700
Price as Tested $208,545
Powertrain Twin turbocharged and
intercooled 6.0-liter direct-injection
V12; seven-speed automatic transmission; rear-wheel drive
Power/Torque 621 hp at 4,8005,400 rpm/738 lb-ft at
with cartographic awareness so
that, for instance, the S650 will
predictively reduce speed according to route and terrain—slowing
down for curves in the road, even
negotiating roundabouts—and
then return to preset speed. (Note:
GM’s Super Cruise feature, with
limited hands-free operation, also
integrates high-def map data from
its supplier, Ushr.)
With enhanced optical and radar sensors the Maybach now sees
farther down the road. It reads
traffic signs and obeys posted
speed limits. It will find a parking
space and maneuver the car into it
with the greatest of Jeeves.
Mercedes-Maybachs are rare in
the U.S., with fewer than 1,000 delivered in 2016, and the local semiotics are unpredictable. The sight
of this formal, stately machine
heaving to a stop at the curb will
freeze outdoor diners with their
forks in the air. Is it a rich recluse? A pop star? A diplomatic
courier? The recently bereaved?
Behind that chromed eggcrate
grille is a magnificent anachronism: a 6.0-liter biturbo V12 producing 621 hp and 738 lb-ft of
torque between 2,300-4,300 rpm.
This is the line’s prestige engine,
preferred by high-net-worth connoisseurs mostly on the basis that
12 is greater than eight. But, wow,
yeah, what a fine madness. On its
daily rounds the V12 is barely au-
dible, a soft silver chiming that belongs in a music box. Even when
pressed, the engine never rises
above a husky thrum.
The boys at the Rockingham
Dragway were downright confused
when I rolled to the starting line
in the mighty Maybach, painted a
gleaming purple-black metallic
that looked like it had been
snipped out of the Milky Way.
physics-defying curve tilting function. To minimize lateral forces
acting upon the his master’s gut
sack, the car body actively leans
into turns like a motorcycle, tilting
to the inside of a bend up to 2.65
degrees, with the help of powerful
hydraulic plungers at the corners.
These effects become less subtle
and harder to compute mentally
the faster you go. There is something unholy and uncanny about
5,324-pound car nearly 18 feet
long that turns and banks like a
flying carpet.
The biggest global markets for
Mercedes-Maybach are, not surprisingly, China and Russia, and the
car’s czarist aesthetic has to be
read in terms of this prestige-obsessed audience. The showy spars
of chrome in the grille and bold
brightwork encircling the windows;
the elaborate diamond-quilt and
button-tufted semi-aniline leather,
even on the ceiling; multicolored
ambient lighting seeping through
every seam in the cabin work.
Please relish the over-the-topness of the car’s Energizing Comfort Control system, which links
three-zone lighting, 3-D surroundsound audio, fragrance atomizer,
climate and seat massage functions to create 10-minute spa sessions, evoking Freshness, Warmth,
Vitality, Joy, Comfort and Training.
Put it on “shuffle,” my good
man, and take the long way home.
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Even without a chauffeur,
the new S650 can
maneuver itself into a
parking space with the
greatest of Jeeves.
Imagine their surprise when I
opened the taps. I didn’t even
bother to torque-brake. I just said
“Go!” and the great ship took
flight, surging forward, forcefully
propelled but strangely unmoved,
going upstairs like a Fledermaus
out of hell. This four-wheeled cornucopia of a car dispatches the
quarter-mile in 12.3 seconds—respectable even in Mopar Country.
Merry Christmas, bubba.
The point, however, is not to
entertain the driver/employee but
to cozen the owner. To that end
the S650 has been fitted with the
no
MY TECH ESSENTIALS
JEAN-CLAUDE VAN DAMME
The martial-arts legend and star of the Amazon series
‘Jean-Claude Van Johnson’ on his Bentley-loving pups,
rose-colored glasses and why he won’t walk on carpet
Some people use their iPhone to
schedule their meetings and
stuff. I’m an old-fashioned guy.
I only use my Bremax book.
With a day planner you never
fail because you have to write it
down. It’s like paying with cash.
You know when you’re paying
with cash. If it’s a plastic card,
you don’t even think about it.
Design Leadership Network is pleased to congratulate
—
Nina Campbell
—
recipient of the 2017
DESIGN LEADERSHIP AWARD
I began wearing sunglasses when I started to own and drive nice cars. I’ve
got so many pairs because I lose lots of them. I go from Mikli to Cartier
to Ray-Ban (sample shown). I also have glasses lightly tinted pink for inside, so things look like they’re in a movie. Without them, it’s too bright.
F. MARTIN RAMIN/THE WALL STREET JOURNAL (SHARPIE)
presented by
I like to use a Sharpie to sign my
signature, because it’s bigger and
thicker so people can see it. Sometimes people come in with a huge
beautiful poster and they give me a
little pen. The problem with a Sharpie
is after 20, 10 signatures, it’s gone.
I need ChapStick every day. Maybe because I
drink too much coffee and when you drink coffee it dries your lips. When I’m shooting a
movie, I need my ChapStick before each scene.
People are holding it in their pockets for me.
And I go like this—“ChapStick, please!”—and
they come. I like cherry a lot. I like apple. I like
juicy fruity. I like natural. I like all of them.
I’m always on YouTube looking at
lots of subjects so I
know what’s going
on around the
world. Nobody can
fool me. Since YouTube started it is, in
a sense, my spy. I
last learned about
the famous TaihuLight supercomputer in China.
Right now I drive a Bentley Azure convertible. It’s fast, but also athletic. And inside,
it’s like a living room. When you close the
roof it’s completely silent. Believe it or not,
my dogs love cars. Imagine on the freeway
you see those two dogs sitting in the back.
It looks like I’m a driver for dogs.
PRESENTED AT THE
12TH ANNUAL
Design Leadership Summit
— san francisco —
October 2017
I need my leather slippers, because lots of
hotels have carpet. I prefer to walk on wood
or cement floors. But carpet is full of disease. I cannot walk on it. I don’t know why,
it’s something strange in my
head. —Edited from an
interview by Chris
Kornelis
Design
Leadership
Network
designleadershipnetwork.org
MERCEDES-BENZ
THE WORD “chauffeur” comes
from the French word for “heat
up.” In the early days of the automobile, hired drivers would dutifully warm the car before the master or mistress got in. These men
were servants and their place was
clear: up front, eyes forward,
mouth closed.
At the Pebble Beach Concours
d’Elegance this summer I marveled
at the 1928 Isotta Fraschini Tipo
8A Castagna Imperial Landaulet,
with an electric signaling system
that allowed the owner to communicate directions to the chauffeur
without actually, you know, speaking to him.
A decade from now cars, and
car owners, will be able to drive
themselves via autonomous technology. The visions we have seen
of these vehicles so far have all
been podlike politically correct
city cars. Imagine instead an autonomous limousine, a self-piloting
dreadnaught of a car, with an interior like a private jet. It arrives
when summoned, black and shiny
as an orca, and opens its door for
you. As you settle into the reclining leather lounge an automated
voice gently reminds you to buckle
up because, even though artificial
intelligence has nearly eliminated
traffic accidents, you never know.
As product design, the Mercedes-Maybach S650 represents a
midpoint between these regimes.
With an additional 7.9 inches of
wheelbase over the standard SClass, all devoted to stretching out
the rear cabin, the Maybach is pri-
ly
.
2018 Mercedes-Maybach S650: Driver Wanted
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 23 - 24, 2017
THE WALL STREET JOURNAL.
TO FIND THIS AT YOUR NEAREST BOUTIQUE, CALL 800.550.0005 OR VISIT CHANEL.COM
©2017 CHANEL®, Inc.
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COCO CRUSH
RINGS AND BRACELETS IN DIAMONDS, WHITE GOLD AND YELLOW GOLD
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