close

Вход

Забыли?

вход по аккаунту

?

The Wall Street Journal November 04 2017

код для вставкиСкачать
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE
COMMUNIST
CENTURY
the innovators issue
WSJ. MAGAZINE
review
VOL. CCLXX NO. 107
WEEKEND
* * * * * * * *
HHHH $5.00
WSJ.com
SATURDAY/SUNDAY, NOVEMBER 4 - 5, 2017
Jobs Rebound, Wages Stand Still
What’s
News
Economy bounces
back from hurricanes;
businesses can’t find
enough people to hire
World-Wide
T
he House GOP tax plan
rewards those who lawmakers think boost the
economy the most, but it
could lead to inconsistencies and tax avoidance. A1
Trump’s Asia tour,
which begins Saturday,
will focus on North Korea
and its nuclear efforts. A7
Bergdahl will receive a
dishonorable discharge,
not jail time, for leaving
his base in Afghanistan. A3
A government report
drew a direct line between
human activity and the faster
pace of climate change. A4
New York police said they
are investigating a “credible
and detailed” rape allegation
against Harvey Weinstein. B1
BY HARRIET TORRY
AND DAVID HARRISON
The U.S. economy rebounded
from recent hurricanes, sending
the jobless rate down to a 17year low in October and driving up the pace of hiring.
While that is good news, it
could pose a challenge for policy makers: the risk of the
economy or financial markets
overheating as labor becomes
more scarce, stocks march to
routine record highs and stimulative tax cuts potentially kick
in during the coming months.
The Federal Reserve is
widely expected to raise shortterm interest rates at its final
meeting of the year in December. Its prospective leader, Fed
governor Jerome Powell, who
was nominated Thursday by
President Donald Trump to become central bank chairman,
might need to consider picking
up the pace of rate increases
next year to tamp down the
risk of financial excesses or the
threat of future inflation.
The Labor Department reported that the unemployment
rate fell 0.1 percentage point
to 4.1% in October, its lowest
level since December 2000,
the height of a technology
bubble. The unemployment
rate, which changed little over
Please see JOBS page A2
Hiring bounced back in October after earlier hurricanes, and the jobless rate has resumed a rapid descent.
Heard on the Street: Job
market at a tipping point... B10
Note: Seasonally adjusted
Source: Labor Department
Monthly change in nonfarm payrolls
Unemployment rate
400 thousand
8%
Six-month average
7
300
6
200
5
100
4
3
0
2014
’15
’16
’17
2014
’15
Bergdahl Avoids Prison Sentence in Afghanistan Desertion Case
In Tax Bill,
How You
Get Rich
Matters
A Spanish judge issued an
international arrest warrant
for the ex-Catalan leader. A9
BY RICHARD RUBIN
A Chinese official played
down his country’s role as
the source of opioids. A7
A ‘Mother’s Boy’ Turned Terror Suspect
WASHINGTON—The House
Republican tax bill intensified
a debate about whether the
GOP is setting up a big giveaway to the rich, but there is a
broader policy shift embedded
in the proposal: What matters
isn’t just how rich you are, but
how you are rich.
The plan, which was unveiled this past week and will
be further dissected when lawmakers return to Washington
on Monday, aims to eliminate
estate taxes by 2024. It cuts to
20% the tax rate on corporate
income. It also cuts to 25% the
rate on some income that owners of so-called pass-through
businesses such as partnerships and S corporations earn
from their operations.
At the same time, the
House plan leaves a top tax
rate of 39.6% for those earning
big salaries from their employers and doesn’t touch the
top tax rate of 23.8% for capital gains and dividends.
In total, the party’s proposed vision of the tax code
shows its focus in rewarding
Please see TAXES page A4
Saipov studied accounting in Uzbekistan. Then he got a U.S. green card and his life fell apart.
Private equity has a GOP tax
headache....................................... B9
Anthem’s CEO will step
down and veteran managedcare executive Gail Boudreaux will succeed him. B1
Venezuelan bonds tumbled after Maduro said the
nation would seek to restructure its debt. B1
Stocks closed at records,
helped by Apple’s gain. The
Dow rose to 23539.19. B10
Twitter said it added safeguards to prevent a lapse
that allowed a worker to deactivate Trump’s account. B3
An Equifax probe cleared
four executives over their
sales of company shares. B9
Inside
NOONAN A13
Finding Relief
On the Streets
And at the Office
GERRY BROOME/ASSOCIATED PRESS
Business & Finance
Broadcom plans an unsolicited bid for rival chip
maker Qualcomm that could
be worth $100 billion. B1
EXIT: A military judge ruled Army Sgt. Bowe Bergdahl, above, who walked off his military base in Afghanistan in 2009 leading to five years
of Taliban captivity, shouldn’t go to prison. Instead, he will receive a dishonorable discharge. Sgt. Bergdahl’s fate became a polarizing issue. A3
In a paradox worthy of a Russian
novel, it may have been Sayfullo Saipov’s
good fortune that sent him spinning into
a deadly trajectory as a terrorist on a
lower Manhattan bike path.
Interviewed in the family home in
Tashkent, Uzbekistan, Mr. Saipov’s
mother, Muqaddas Saipova, says her
son, almost on a lark, entered a lottery
to win a U.S. green card. At the time, the
22 year old was a studious boy with a
degree in accounting.
CONTENTS
Books.................... C5-10
Business News B3-4
Food......................... D7-8
Heard on Street...B10
Obituaries................. A6
Opinion............... A11-13
i
Unexpectedly, he won, and moved to
the United States in 2010. By all accounts, he struggled to make his way in
an unfamiliar land. It was on a visit last
year to New Jersey when Ms. Saipova
saw that her “mother’s boy” had turned
i
>
BY RYAN DEZEMBER
AND ANNE STEELE
SPRINGFIELD, Mo.—Steve
Stepp and his team of septuagenarian engineers are using a
bag of rust, a kitchen mixer
larger than a man and a 62foot-long contraption that
used to make magnetic strips
for credit cards to avert a disaster that no one saw coming
in the digital-music era.
The world is running out of
cassette tape.
National Audio Co., where
unhappy and tired.
“I saw with my own eyes how much
he was working, how hard it was for
him,” said Ms. Saipova. She said her son
wanted to return to Uzbekistan and
talked of saving money for the trip. “He
said, ‘I’ll save money, and we’ll build a
new house,’ ” she recalled.
Mr. Saipov, 29 years old, now sits in a
federal detention center in New York. On
Tuesday, police say he killed eight peoPlease see SAIPOV page A10
Debt Crisis Roils Venezuela
In the latest blow to cash-strapped Venezuela, bond prices tumbled on
Friday after the president opened the door to a debt restructuring. B1
i
Brisk demand prompts one die-hard
supplier to press ‘play’ on production
Sports....................... A14
Style & Fashion D2-4
Travel...................... D5-6
U.S. News............ A2-5
Weather................... A14
Wknd Investor....... B5
World News....... A7-9
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
By Melanie Grayce West and
Joseph De Avila in New York
and Nathan Hodge in
Tashkent, Uzbekistan
Global Shortage of Magnetic Tape
Has Cassette Lovers Reeling
Clocks Move Back
Standard time begins at
2 a.m. Sunday. Clocks
move back by one hour.
Daylight-saving time
returns March 11, 2018.
’17
THE WALL STREET JOURNAL.
Islamic State lost two of
its last toeholds in Syria and
Iraq, leaving the group with
just a sliver of territory. A9
The U.S. economy rebounded from recent hurricanes, sending the jobless
rate to down to a 17-year
low in October and driving
up the pace of hiring. A1
A strong global economy
has helped power U.S. companies’ sales and earnings,
but also is pushing up costs,
which could curb profits. A1
’16
Mr. Stepp is president and coowner, has been hoarding a
stockpile of music-quality, 1/8 inch-wide magnetic tape from
suppliers that shut down in
the past 15 years after music
lovers ditched cassettes. National Audio held on. Now,
many musicians are clamoring
for cassettes as a way to physically distribute their music.
The company says it has
less than a year’s supply of
tape left. So it is building the
first manufacturing line for
Please see TAPE page A10
Price for Venezuelan
bonds by maturity
2018
$0.80
2022
Annual inflation rate
2028
Projections
2,500%
2,000
0.60
1,500
0.40
1,000
0.20
500
0
0
Oct. 2
N
2010
’12
’14
’16
’18
Note: Bond prices per $1 of par value
Sources: MarketAxess BondTicker (bonds); International Monetary Fund (inflation)
THE WALL STREET JOURNAL.
Sales and
Spending
Surge at
U.S. Firms
BY THEO FRANCIS
Sales at large U.S. companies
are growing at a clip rarely seen
over the past five years, driven
by an improving global economy, U.S. consumer spending
and increased capital investment.
Profits, too, are healthy at
S&P 500 firms, though they
aren’t rising as quickly as they
did earlier in the year. Earnings
growth was pinched in the third
quarter by higher materials and
labor costs, as well as the impact of three major hurricanes
on insurers.
Strong profits, labor markets
and U.S. economic output, along
with expectations for lower corporate tax rates, have helped
power gains in the equities
markets, leading the S&P 500
index to a roughly 15% surge so
far this year.
But some investors say the
improved global growth could
have an unintended side effect:
Please see SALES page A6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Puerto Rico Would Get More, Pay More as State
Even before
Puerto Rico
was devastated in September by
Hurricane Maria, the island existed in a
strange nether world.
Its residents are U.S. citizens, but they can’t vote for
president. They pay payroll
taxes, but not income taxes.
They receive benefits from
some government programs,
but not others.
The same is true for other
U.S. territories, but Puerto
Rico is the largest and most
populous. The island has an
area of 3,515 square miles, a
population of 3.4 million and,
in 2016, a per capita gross
domestic product of $38,400.
Puerto Rico is larger than
two states, more populous
than 21 and outranks six in
per capita GDP.
It is unlikely Puerto Rico
will become a state soon, if
ever. The prospect divides its
residents nearly in half, and
even if they agreed in favor
of statehood, it would take
an act of Congress. But if did
happen, residents would receive billions more in federal
dollars and they would pay
billions more in taxes.
To assess the economic
JOBS
Continued from Page One
the course of 2016, has barreled down from 4.8% at the
start of this year.
A broader measure of unemployment that includes
Americans stuck in part-time
jobs or too discouraged to
look for work fell to 7.9% in
October. The last time it was
lower was in 2001.
It is all a sign that new
hires are rapidly become
harder to find, a challenge aggravated by the aging workforce and retirement of many
workers.
Nonfarm payrolls rose a
seasonally adjusted 261,000 in
October. September’s payroll
data, initially reported as the
first drop in seven years, were
revised to show employers actually created 18,000 new jobs
that month, extending the
economy’s streak of job gains
to a record 85 straight
months. Hurricane Harvey battered Texas in late August and
Irma hit Florida in early September, denting economic activity but not discernibly altering the underlying pace.
The Dow Jones Industrial
Average finished up 22.93
points, or 0.1%, at 23539.19. It
is up 19% so far this year.
“It is pretty cut and dry, la-
POLO RALPH LAUREN
Tartan velvet
tuxedo jacket, $895.
Black merino wool
turtleneck, $125.
Black slim-fit stretch
jeans, $125.
What Price Statehood
If Puerto Rico were a state, its residents would receive more federal dollars and pay more taxes.
ANNUAL EXPENSES
Total federal
spending
Program
$524.3 billion
Medicare (2010)
242.3 billion
Medicaid (2011)
57.8 billion
SNAP* (2011)
Supplemental Security 54.5 billion
Income (2011)
ANNUAL REVENUES
Program
Individual Income Tax
Corporate taxes
Corporate taxes
In Puerto Rico
Actually spent
$0b
1
2
3
Spent if P.R. were a state (range)
4
5
6
7
8
9
10
9
10
In Puerto Rico
Total federal
receipts
$1.1 trillion
$242 billion
Paid if P.R. were a state (range)
Actually paid
if some businesses left P.R.
$0b
1
2
3
4
5
6
7
8
*Supplemental Nutrition Assistance Program—also known as food stamps—provides vouchers for certain foods to low-income citizens.
THE WALL STREET JOURNAL.
Source: Government Accountability Office
impact, the U.S. Government
Accountability Office examined expenditures, as well as
tax revenues. Because it’s unknown at what rate eligible
residents of Puerto Rico
might participate in programs and some firms might
relocate, the GAO estimated
a range of potential effects.
Overall, it found that as a
state, Puerto Rico would
have received $8.8 billion to
$12.5 billion from the four
bor demand is robust, it’s just a
matter of finding people at this
point,” Stephen Stanley, chief
economist of Amherst Pierpont
Securities said in an interview.
For two months straight, the
jobless rate has been below
4.3%, the level Fed officials in
September estimated it would
average in the fourth quarter.
That means the job market is
tightening more rapidly than
officials expected. It is also well
under the 4.6% jobless rate that
officials see as the marker for a
labor market running at full
steam, a level known as “full
employment.”
Labor-market churn shows
signs of picking up as people
scuffle for better jobs. Brian
Faistenhammer, general manager at Lone Star Ford in
Houston, Texas, said he lost a
handful of the more than 100
employees at his car dealership to the real-estate industry
in the aftermath of Hurricane
Harvey. People went to highpaying construction jobs in
the aftermath of the storm.
Kristin Ruff, vice president
of human resources at iFLY, an
Austin, Texas-based company
that runs indoor skydiving
centers, said “it’s definitely
been challenging” to find certain types of skilled workers.
“We pull people from outside of Austin to relocate,” she
said, adding that for engineering, technology and construc-
largest federal programs, instead of $7.1 billion. Its corporations would have paid $5
billion to $9.3 billion in taxes
instead of $1.4 billion, assuming none relocated. And
its residents would have paid
$2.2 billion to $2.3 billion in
individual income tax.
The GAO conducted its
analysis in 2014 and generated estimates based on
Puerto Rico being treated the
same as the states in either
2009 or 2010, depending on
which year it had the most
current data.
Here’s the breakdown of
the largest of 11 programs
the GAO determined would
be affected by Puerto Rico
statehood:
Medicare: Puerto Rico
residents, who pay payroll
taxes at the same rates as
residents of the states, received $4.5 billion in Medicare benefits. But Medicare
funds allotted to Puerto Rico
are capped, and if it had
been a state, it would have
received up to $6 billion.
Medicaid: Medicaid
spending was $685 million,
but as a state, it would have
received $1.1 billion to $2.1
billion. The estimates don’t
include home-health services
or nursing homes.
SNAP: Spending on a program similar to the Supplemental Nutrition Assistance
Program was $1.9 billion. As
a state, eligible residents
would have received $1.7 billion to $2.6 billion. The low
end is less than actual spending because Supplemental
Security Income, for which
residents would also become
eligible, would affect SNAP.
SSI: Spending for a program similar to Supplemental Security Income was $24
million, but as a state, residents would have received
$1.5 billion to $1.8 billion.
The total for all four programs would amount to an
increase in spending of 24%
to 42% in Puerto Rico.
Individual Income
Taxes: On the revenue side,
Puerto Ricans paid $20 million in payroll taxes, but if
the island had been a state,
residents would have paid
$2.2 billion to $2.3 billion.
Corporate Taxes: Corporations are trickier. Puerto
Rican corporations are considered foreign entities under U.S. tax law and, in general, don’t pay federal tax.
Meanwhile, U.S. parent corporations with subsidiaries
in Puerto Rico can defer tax
on foreign income until it is
repatriated to the U.S.
The GAO estimated corporations paid $1.42 billion
in taxes. Had the island been
a state, they would have paid
$5 billion to $9.3 billion, assuming none relocated. If
some did relocate, the GAO
calculated the range from a
loss of $100 million to an increase of $3.4 billion. The
negative figure was attributed to potential tax writeoffs by U.S. corporations for
prior-year losses.
Together, revenues from
individual and corporate
taxes would increase by as
little as 48% to as much as
eight times.
The GAO cautioned that
the effect of statehood would
be influenced by the terms of
admission, strategies to promote economic development
and other decisions. In addition, the report doesn’t
quantify the effect migration.
Financial
Loss Cited
In Vegas
Massacre
tion workers, “we had to increase wages to get the cream
of the crop.”
For now, the Fed is likely to
welcome signs that the tight
labor market is drawing people back to work. The primeage labor-force participation
rate—which measures the
share of adults ages 25 to
54 who are working or looking for a job—bottomed out in
September 2015 at 80.6% after
a seven-year decline and has
since rebounded to 81.6%.
So far this year, an average
4.5 million people have gone
from the sidelines of the labor
market to a job, up from 4.3
million in the same period of
2016. Still, the wage backdrop
is a puzzle. In theory, a tightening labor market should lead to
wage increases and potentially
even inflation. That isn’t happening now.
Worker wages actually declined 1 cent to $26.53 an hour
in October after increasing by
12 cents the prior month.
Those figures may have been
affected by the hurricanes, as
restaurants and bars added
many low-wage workers back
to their payrolls, dragging
down average earnings overall.
But the longer-run trend is
anemic. From a year earlier,
wages increased 2.4% in October, the weakest pace of
growth since February last
year. Broader inflation is anemic too, running below the
Fed’s 2% target.
Fed Chairwoman Janet Yellen, whose term expires in February, described the inflation
undershoot in recent months as
a “mystery” given low unemployment, though her “best
guess is that these soft readings
will not persist.” Mr. Powell has
expressed similar puzzlement.
Tax cuts being considered by
Congress could rev up growth.
House Republicans this week
proposed $1.4 trillion in net
cuts over a decade. That’s modest when stretched out over 10
years in an economy that annually churns out $19 trillion
worth of goods and services.
Still, it has added fuel to a synchronized global economic upturn and financial markets that
are already shooting higher.
“In this environment we believe the Fed will see even
more need for a steady, regular removal of accommodation,” J.P. Morgan economists
concluded in a note to clients
after Friday’s jobs report.
They projected four Fed quarter-percentage-point interestrate increases in 2018. If that
is right, it would be the most
in more than a decade.
Service Sector Hits
A 12-Year High
September’s strong report. The
index was introduced in 2008,
and last month it was at its
highest level since then; historical calculations showed the
gauge was higher in August
2005.
It will be difficult to sustain
the current robust pace of expansion in coming months, said
Anthony Nieves, who oversees
the ISM survey. “Even with a
strong holiday season, it will
have to eventually level off or
move sideways,” he said. But
even with a modest pullback,
“it would still be reflecting a
strong rate of growth.”
Some 16 sectors reported
growth, led by agriculture, while
two sectors including educational services reported con-
traction.
The details of Friday’s report were largely positive. The
business activity and production index rose to 62.2. The
new-orders index eased to 62.8.
The index tracking employment
rose to 57.5.
The prices index was 62.7,
down from September but still
high.
Inflation has been subdued
this year, though a hurricanesfueled spike in gasoline prices
has pushed up broad price
gauges in recent months.
The overall U.S. economy
has expanded at a healthy pace
in recent months, bolstered by
consumer and business spending.
—Ben Leubsdorf
Growing Pains
Wages are only narrowly outpacing price gains even though
labor-force participation has held steady over the past two years.
Change from a year earlier:
Labor-force participation rate:
67%
6%
4
Average hourly earnings,
all private employees
66
2
65
0
64
Consumer prices
–2
63
62
–4
2007
’10
’15
Note: Seasonally adjusted
Source: Labor Department
The U.S. economy was
humming in October, according
to a broad gauge of business
activity that hit a fresh 12-year
high last month.
The Institute for Supply
Management on Friday said its
nonmanufacturing index rose to
60.1 in October from 59.8 in
September. A reading above 50
indicates activity is expanding
across service and other industries, while a number below 50
signals contraction.
Economists surveyed by
The Wall Street Journal had instead expected a pullback from
2007
’10
’15
THE WALL STREET JOURNAL.
CORRECTIONS AMPLIFICATIONS
In some editions Friday, a
graphic with a U.S. News article about President Donald
Trump’s process of choosing
Jerome Powell as nominee for
Fed chairman mislabeled the
chart for inflation as unemployment rate and vice versa.
The corrected graphic is available at WSJ.com/Corrections.
Godfrey Hounsfield carried
out the first successful brain
scan on a patient using a prototype CT scanner in 1971 at
Atkinson Morley Hospital. A
Mansion article on Oct. 27
about the historic London hos-
pital incorrectly said that Allan
MacLeod Cormack worked
with Mr. Hounsfield. The two
men shared a Nobel Prize in
1979 for the development of
computer-assisted tomography,
but they worked independently
of each other.
Robin Standefer didn’t attend Vassar College. An article
about the designer, her husband and their firm in the November issue of WSJ. Magazine incorrectly said she did.
For the 2017 Venice Biennale, Mark Bradford considered
covering the U.S. Pavilion’s rotunda with a merchant-posterinspired work and the words
“Receive Calls on Your Cellphone From Jail” arcing overhead. An article about the artist in the November issue of
WSJ. Magazine incorrectly said
the work he exhibited contained those elements.
Architecture firm Diller
Scofidio + Renfro was founded
in 1981, making it 36 years old.
An article about the firm in the
November issue of WSJ. Magazine incorrectly said 1979 and
38, respectively.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com
or by calling 888-410-2667.
BY ZUSHA ELINSON
Las Vegas gunman Stephen
Paddock lost a “significant
amount of wealth” in the past
two years, which may have
been part of what motivated
him to carry out the deadliest
mass shooting in modern U.S.
history, according to a local
law-enforcement official.
Las Vegas Metropolitan Police Department Sheriff Joseph
Lombardo told local television
station KLAS-TV this week
that Paddock’s financial losses
“might have been a determining factor on what he determined to do.”
But investigators are still
struggling to piece together
exactly what led the 64-yearold Paddock to fire from his
hotel suite onto the crowd at a
country-music festival on Oct.
1. The attack killed 58 and injured nearly 500.
Sheriff Lombardo didn’t say
exactly how Paddock, an avid
video-poker player, lost his
money but suggested that
some was from gambling.
“He was pretty prolific, but
he was going in the wrong direction, so I don’t know if that
if had any effect on what he
decided to do,” he said.
Paddock had done well as a
gambler as of
several
years ago, according to people
who knew him.
Paddock fired 1,000 rounds
and had access to more than
4,000 more, the sheriff also
revealed during the interview.
THE WALL STREET JOURNAL
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
Editorial and publication headquarters:
1211 Avenue of the Americas,
New York, N.Y. 10036
Published daily except Sundays and general
legal holidays. Periodicals postage paid at
New York, N.Y., and other mailing offices.
Postmaster:
Send address changes to The Wall Street
Journal, 200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street
Journal is subject to the applicable rate card,
copies of which are available from the
Advertising Services Department, Dow Jones
& Co. Inc., 1211 Avenue of the Americas, New
York, N.Y. 10036. The Journal reserves the right
not to accept an advertiser’s order. Only
publication of an advertisement shall constitute
final acceptance of the advertiser’s order.
Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
NEED ASSISTANCE WITH
YOUR SUBSCRIPTION?
By web: customercenter.wsj.com;
By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
Or by live chat at wsj.com/livechat
REPRINTS & LICENSING
By email: customreprints@dowjones.com
By phone: 1-800-843-0008
GOT A TIP FOR US?
SUBMIT IT AT WSJ.COM/TIPS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | A3
* * * * * * *
U.S. NEWS
Bergdahl
Avoids
Jail Time
A military judge ruled that
Sgt. Bowe Bergdahl, who
walked off his military base in
Afghanistan in 2009 leading to
five years of Taliban captivity,
shouldn’t receive prison time.
Instead, Sgt. Bergdahl will
receive a dishonorable discharge, which denies him any
military health or veterans
benefits, and will be demoted
to the rank of private. The U.S
military will also deduct
$1,000 a month of his salary
for the next 10 months, the
judge ruled on Friday.
The judge, Col. Jeffrey
Nance, didn’t explain the reasoning behind the sentence as
he delivered his ruling in a
Fort Bragg, N.C., courtroom.
Sgt. Bergdahl, donning his military uniform, wept as the
judge read the sentence.
The decision over Sgt. Bergdahl’s fate became a deeply polarizing issue, dividing those
who felt he had suffered
enough during his captivity
and those who felt that anyone
who deserted fellow troops, especially while at war, deserved
the maximum punishment.
On Twitter and across
other social-media platforms,
many already were expressing
anger over the sentence as
too light, demanding harsher
punishment, or even the
death penalty.
Sgt. Bergdahl, 31, pleaded
guilty to desertion and misbehavior before the enemy. The
misbehavior conviction carries
a maximum life sentence.
Throughout his sentencing,
Sgt. Bergdahl’s defense team
pushed to avoid a prison sentence. Last week, they argued
that he shouldn’t receive
prison time because President
Donald Trump made comments about the case at an
Oct. 16 press conference.
Mr. Trump afterward issued
a statement calling for fair
and unbiased rulings in military justice cases, an apparent
move to undo any appearance
of influence. But Col. Nance, in
an Oct. 30, ruling, said he
would consider Mr. Trump’s
comments as “mitigation evidence as I arrive at an appropriate sentence in this case.”
The judge began deliberating on the sentence Thursday
afternoon.
Mr. Trump weighed in on the
case again on Friday, saying in
a Twitter message: “The decision on Sgt. Bergdahl is a complete and total disgrace to our
Country and to our Military.”
The defense team, in addition to arguing Sgt. Bergdahl
was a victim of unlawful command influence exerted by the
president, said that he had
suffered enough through the
torture and abuse he endured
at the hands of the Taliban.
DAVID CARSON/ST. LOUIS POST-DISPATCH/ASSOCIATED PRESS
BY NANCY A. YOUSSEF
St. Louis city is one of 91 local governments in the county. A business group says reunification would make the area more efficient and more economically competitive.
Rethinking the ‘Great Divorce’
St. Louis county and
city split in 1876; now
a group sees merging
as a fix for local woes
BY SHAYNDI RAICE
The St. Louis region is losing population, its economy is
sluggish and violent crime is
on the rise.
A group of Missouri business leaders with bipartisan
political backing see a common issue behind the problems—the region’s multitude
of local governments.
They are pushing a plan to
explore the reunification of
the city and county to make
the region of 1.3 million people more efficient and economically competitive.
St. Louis County has 89 independent municipalities, with
57 police departments, 43 fire
districts and 81 local courts.
The city of St. Louis is a separate municipality. Proponents
of consolidation say the fragmentation turns off potential
investors and leads to wasteful
government and disparities in
service. It is unclear whether a
consolidation would mean the
dissolution of the municipalities sprinkled across the
county. Many in those cities
and villages cherish the local
control they have over issues
like neighborhood zoning and
services like fire departments.
“We are really divided by
the city and the county and
there doesn’t seem to be any
real momentum for this region,” said George Herbert
Walker III, chairman emeritus
Regional Differences
An effort to consolidate the governments of the city of St. Louis and
St. Louis County has highlighted the region's economic disparities.
Median household income, 2015 By municipality (county) or tract (city)
$90,000
275
70
$70,000
$50,000
Ladue
$182,875
(highest)
64
$30,000
St. Louis
Unincorporated/
no data
County
boundary
City
boundary
44
255
Tract
1062,
St. Louis
$11,295
(lowest)
5 miles
5 km
MISSOURI
Source: U.S. Census Bureau
of Better Together, which has
put nearly $2 million toward
the campaign.
Grand plans to reduce the
size of government through
merger or consolidation have
long been touted by advocates
of efficiency across the U.S.,
including Michigan Republican
Gov. Rick Snyder.
Backers point to mergers
like those that helped spur
economic growth in places
such as Indianapolis, Louisville, Ky., and Kansas City, Kan.
When Kansas City, Kan.,
and Wyandotte County, Kan.,
consolidated, the unified government won a project to
build the Kansas Speedway,
which hosts two annual Nascar race weekends. A oncevacant area of the city now
has hotels, a casino, a water
ILLIN O IS
park and an extensive shopping district.
When city-county consolidations are put to a public
vote, they are approved 15% of
the time, said Suzanne Leland,
a professor of political science
and public administration at
the University of North Carolina at Charlotte, who has
studied such mergers.
Last year, merger talks between the city of Cleveland
and its financially troubled
neighbor East Cleveland
largely stalled after the mayor,
a political champion of the
move, was ousted in a recall
election.
What people in Missouri
call “the great divorce” dates
to 1876, when the city of St.
Louis, then thriving as the
Gateway to the West, sepa-
BO RADER/THE WICHITA EAGLE/ASSOCIATED PRESS
BY BEN KESLING
Charles Koch in 2012. Charles and David Kochs’ network is pressing for changes in the VA care system.
ners outside the sprawling VA
system.
A push for expanded use of
private-sector services stands
to reignite a long-simmering
debate. Many veterans groups
have said expanding veterans’
care to more of the private sector could leave former members of the military navigating
facilities that may not be
equipped to handle the problems veterans face, including
post-traumatic stress and injuries sustained on the battlefield. Some say this is a way to
slowly choke off funding from
government-run hospitals.
“The Koch brothers can do
whatever the hell they want,”
said Sen. Jon Tester (D.,
Mont.), the top-ranking Democrat on the Senate Committee on Veterans’ Affairs, who
opposes steps he says would
weaken the VA. “But if they
want to privatize the VA,
bring it on,” he added as a
vow to fight the effort.
Concerned Veterans and the
Koch network, including Freedom Partners and Americans
for Prosperity, say they aren’t
privatizing the VA but said
opening up the ability to use
more private-sector providers
Nancy Rice, executive director of Better Together, said the
consolidation movement began
in 2012 but gained momentum
after 2014, when riots over the
police shooting death of Michael Brown in Ferguson, Mo.,
highlighted economic disparities in the county.
Many of those can be
traced to the fragmented governments, say Ms. Rice and
proponents of a merger.
Wealthier, white municipalities
often pay for local services
with sales taxes. Poorer, black
areas raise revenue through
punitive traffic tickets that of-
ten lead to excessive court
fines.
The Ferguson Commission,
set up following the 2014 riots
to explore the sources of tension, recommended consolidation of courts and law-enforcement agencies as a partial
solution to racial inequality.
Proponents also say consolidation could help the region
vie together for business.
Bob O’Loughlin, chairman
and CEO of Lodging Hospitality
Management, favors consolidation, in part because it could
bring more conventions or
tourists by effectively lowering
the per capita crime statistics
in the city by spreading them
over a larger base.
“There’s a perception that
hurts us,” he said.
THE WALL STREET JOURNAL.
Koch Network Makes Push on VA Care
WASHINGTON—A conservative goal of opening more of
the Department of Veterans
Affairs’ medical services to the
private sector is due to get a
push from the well-funded
Koch brothers’ network.
Brothers Charles and David
Koch, whose network is planning to spend hundreds of millions of dollars to advance its
conservative agenda across the
government and protect vulnerable congressional Republicans, will mobilize several affiliates and subgroups to battle
for its vision of the future of
the VA, Koch representatives
said this week.
“I think you’re seeing the
conservative
movement
awaken to this issue,” said a
spokeswoman for Concerned
Veterans for America, a Kochbacked group that for years
has fought to increase the role
of private-sector health care at
the department. The spokeswoman added, “This is about a
broader conversation about
the government’s role in
health care.”
House and Senate veterans
committees are drafting legislation that could determine, in
large part, how much the VA
outsources care to the private
sector and whether the VA
would remain at the center of
veterans’ health services. The
VA already pays for some 30%
of veterans’ appointments care
to be performed by practitio-
Ferguson Riots
Spur Push to Unite
would provide care more efficiently.
“Right now you have tremendous opportunity with [VA
Secretary David] Shulkin and
the Trump administration who
have prioritized this issue,”
said James Davis, spokesman
for the Kochs’ Seminar Network, as it is officially known.
Concerned Veterans for
America has led the Koch effort on veterans issues.
“It’s really an integrated,
network-wide campaign now,”
said Dan Caldwell, executive
director for Concerned Veterans.
rated from the county.
Today, the area has a wide
range of municipalities, big and
small. The village of Champ
has five elected officials for a
population of 13 people. Meanwhile, the independent city of
St. Louis has its own economic-development agency
and other agencies that compete with the county’s.
Some residents are doubtful
about the benefits of consolidation.
“I think the people are better served the closer government is to them,” said Greg
Carl, the mayor of Olivette, a
city in St. Louis County of
about 7,700 people.
The move to explore consolidation has powerful backers and has won over the
Democratic leaders of the city
and county as well as the Republican president of the state
Senate.
“We need to start imagining and dreaming about some
of the things that we could actually do with the funds that
we would save if we didn’t
have this really fractured government,” said St. Louis Mayor
Lyda Krewson, a Democrat.
In a 2012 poll paid for by
anti-income tax billionaire Rex
Sinquefield, 77% of city residents supported a combination, while 39% of county residents would support it.
Better Together is holding
town-hall style meetings and
plans to recommend a plan for
consolidation the summer. Either a statewide or local vote
could happen as early as November 2018.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Saturday/Sunday, November 4 - 5, 2017
P
W
L
C
10
11
12
H
T
G
K
B
F
A
M
1
2
3
4
5
6
7
8
9
O
I
X
X
******
THE WALL STREET JOURNAL.
U.S. NEWS
Greenhouse gases are
tied to the speed of
warming, report says;
cuts could curb effects
BY DANIELA HERNANDEZ
A new U.S. government report drew a direct line between human activity and the
quickening pace of climate
change, saying the future
emissions of greenhouse gasses will determine how warm
the earth will get and how
quickly sea levels will rise.
“The last three years have
been the warmest years on record for the globe,” according
to the National Climate Assessment. “Many lines of evidence demonstrate that it is
extremely likely that human
influence has been the dominant cause of the observed
warming since the mid-20th
century.”
The report was produced by
the Global Change Research
Program, which is mandated by
federal law to produce a comprehensive climate assessment.
The report was crafted by scientists from 13 federal agencies, including the National
Oceanic and Atmospheric Administration, the National
Aeronautics and Space Administration, the Energy Department, and the Environmental
Protection Agency. The findings are based on scientific,
peer-reviewed research, plus
publicly available data sets and
assessments of previous reports written by federal agencies, according to the report.
The report’s statement that
cuts in greenhouse-gas emissions could mitigate the expected rise in global temperatures comes as the Trump
administration has rolled back
efforts to limit emissions.
President Donald Trump
moved to pull the country
from the Paris climate accord,
the global push to slow carbon
emissions, saying it stepped
on U.S. sovereignty and con-
strained American industry.
Among its findings, the report also notes that the global
average sea level has risen by
about 7 to 8 inches since
1900, but nearly half of that
increase has happened in the
past 25 years or so. That is
already affecting cities in the
U.S. along the Atlantic and
Gulf coasts, where tidal flooding is becoming more commonplace, according to the
report.
Looking ahead, the report
says sea levels are expected to
rise by at least several inches
in the next 15 years and by 1
to 4 feet by 2100.
Average surface air temperature has increased by about
1.8°F over the past 115 years,
with recent years serving “record-breaking, climate-related
extremes,” according to the report. Heavy rains, heat waves,
and forest fires are becoming
more frequent, the report said.
Scientists have also observed changes in ocean temperatures, plus melting gla-
WILFREDO LEE/ASSOCIATED PRESS
Humans Linked to Climate Change Pace
Hurricane Irma hit Miami in September. A report says rising sea levels are affecting some coastal areas.
ciers and diminishing snow
cover and sea ice. On Wednesday, NASA published maps
showing that two to four
times as many of Greenland’s
coastal glaciers are at risk of
accelerated melting as previ-
ously thought.
The change in climate will
also affect human health and
productivity, according to the
report and other studies.
President Trump was an
outspoken skeptic of climate
Tax Plan Reshapes College Savings, Loans
BY VERONICA DAGHER
ilar to 529s in that they offer
tax-free withdrawals when the
funds are used on qualified education expenses. But unlike a
529 plan, a Coverdell can be
used to save for K-12 expenses.
“They basically took the
best feature of the Coverdell
and rolled it into the 529,” Mr.
Kantrowitz says. This means
that 529 plans will now be able
to be used to pay for elementary and secondary education.
The House Republican tax
plan includes a number of provisions that, if part of a final
bill, would affect a swath of
popular higher-education benefits and programs.
The plan calls for about $65
billion less in tax benefits for
postsecondary students and
borrowers over the next decade, according to the congressional Joint Committee on
Taxation. But many of those
taxpayers would benefit from
broader provisions of the plan,
like lower marginal rates and
a sharply higher individual
standard deduction.
Here are some things college borrowers and savers
might want to know:
Tuition assistance
The GOP plan proposes
ending the popular studentloan interest deduction. Currently, borrowers with a modified gross income of $65,000,
or $135,000 for couples, can
deduct up to $2,500 a year on
interest paid toward qualifying federal and private student loans.
About 12.4 million people
claim the student-loan interest deduction, according to
the Internal Revenue Service.
Borrowers who are in the
25% tax bracket roughly save
about $272 and a maximum of
$625, says Mark Kantrowitz, a
financial-aid expert and publisher of Cappex.com, a website that connects students
with colleges and financial aid.
TAXES
Continued from Page One
taxpayers who lawmakers
think boost the economy the
most.
“If you earn your income as
a doctor, a lawyer, an architect, you’re not getting anything,” said Rep. Chris Collins
(R., N.Y.). “But you’re not supposed to get anything—that’s
how you earn your income. It
wasn’t intended to lower the
tax rate for a doctor, a lawyer
or an architect. It was intended to lower the rate for
manufacturing
companies
making widgets and employing
other people.”
The GOP says its plan, if enacted, would encourage investment, hiring and growth by allowing owners and investors
to keep more of what they put
into their businesses. “The
kind of growth you’re looking
for is not quick stimulus,” said
Republican economist Douglas
Holtz-Eakin. It is “to raise the
return to saving and investment, improve productivity.”
Yet because of these
changes, the tax code could
become even more complex
for America’s wealthiest
households and open new avenues for tax avoidance.
The changes also could lead
to inconsistencies that some
construe as unfair. Some billionaire pro sports team owners, for example, would get
sizable tax cuts while their
millionaire employees on the
field see little change.
Take a simplified example
of $2 million, received at the
relevant top rates, by five different people: a salaried exec-
CHARLES MOSTOLLER/REUTERS
Interest deductions
Students walk between classes on the campus of the University of Pennsylvania in Philadelphia.
Tax credits
The tax plan would increase aid available under the
American Opportunity Tax
Credit, or AOTC, which helps
defray such higher-education
costs as tuition, fees and
course materials.
Currently, students can collect a credit of up to $2,500 a
utive; the owner-operator of a
manufacturer; an investor receiving dividends; a passive
business owner, such as one
who has a stake in a real-estate property; and an heir
from a large estate.
Under the GOP plan, the executive would pay $868,000 in
taxes, according to a rough
calculation by Tony Nitti, of
WithumSmith + Brown, an accounting firm. The manufacturer pays $704,400, but
might be able to argue her
way into a lower bill. The passive business owner pays
$576,000. The dividend-earning investor pays $476,000.
The heir to the estate pays
nothing. The manufacturer,
the estate and the passive
owner get big tax cuts from
the plan. The investor and the
wage earner generally don’t.
On top of that, upper-middle-class taxpayers who make
far less than $2 million could
see tax increases, especially if
they live in high-tax states and
would no longer be able to deduct state and local income
taxes.
The effort to overhaul
and update business
taxes causes these
twists and turns.
“It creates a lot of complexity for taxpayers and a lot of
opportunities to game the tax
code, which tend to benefit
people who are richer and able
to afford the best tax advice,”
said Lily Batchelder, a New
York University tax-law pro-
year—or an annual tax refund
of up to $1,000—for a maximum of four years while enrolled in a degree or certificate program. The GOP plan
would maintain the AOTC benefit while providing a fifthyear credit of up to $1,250, or
a maximum refund of $500.
The GOP plan would eliminate two other credits for stu-
dents, the Hope Scholarship
Credit and the Lifetime Learning Credit.
Coverdells and 529s
The plan would phase out
Coverdell education-savings
accounts and guide savers into
“529” college savings plans.
Coverdell accounts are sim-
Net Effect
Projected change in after-tax income under the House Republican tax
proposal, by income group:
Income group In 2018
0% to 20%
20% to 40%
In 2027
0.8%
0.4%
1.4
40% to 60%
0.7
2.2
60% to 80%
0.5
2.4
80% to 100%
0.9
3.6
80% to 90%
1.1
2.4
0.8
90% to 95%
1.5
-0.1
95% to 99%
1.6
-0.3
99% to 100%
Total
7.5
2.9
3.3
0.9
Note: Figures are based on a static basis not accounting for projected economic growth.
Source: Tax Foundation
THE WALL STREET JOURNAL.
fessor and former aide to
President Barack Obama.
Early estimates show that
about $1 trillion worth of the
tax cuts in the plan go to businesses, including pass-through
ones, while about $228 billion
goes to individuals and $172
billion goes to estates. The
plan is likely to change repeatedly, both in the House and
the Senate.
Democrats seized on some
of the plan’s provisions, including its proposal to repeal
many deductions and end the
estate tax, as a sign that the
benefits were tilted to the
highest-earning households.
The Tax Foundation, a conservative-leaning think tank, estimated Friday that the top 1%
of households would see their
after-tax incomes rise by 7.5%
in 2018, compared with a 2.2%
boost for the middle 20% of
the population.
In 2019, households earning
between $50,000 and $75,000
would get a 7% tax cut on average, while households earning more than $1 million
would get a 5% cut, according
to an analysis released late
Friday by the Joint Committee
on Taxation, Congress’s official nonpartisan scorekeeper
for tax legislation. That top
group would get about 20% of
the tax cut that year, and its
share of the tax cut would increase over time.
The Republican effort to
overhaul and update business
taxes causes these twists and
turns. Republicans say cutting
the corporate rate would make
U.S. business more competitive with firms overseas.
Under current law, the corporate tax rate is 35%. But
much business income is taxed
through the individual tax system. For them, business income appears on the owner’s
individual returns and gets
taxed at rates of up to 39.6%.
Under the GOP plan, passive
The plan proposes the repeal of employer-paid tuition
assistance of up to $5,250. (The
benefit isn’t taxable to the employee but is deductible for the
employer.) This repeal may be
opposed by employers who are
offering the benefit to attract
talent, Mr. Kantrowitz says.
The plan also wouldn’t restore a recently expired provision that allowed taxpayers to
deduct up to $4,000 a year in
tuition and related expenses, if
they earned less than $65,000
in adjusted gross income.
Death or disability
Under the current system, if
student-loan borrowers die or
become permanently disabled,
their loans would be discharged and they (or their estate) would be taxed on the
amount of the discharge.
In the GOP plan, however,
borrowers who die or are permanently disabled will no longer get taxed on this amount.
“This is a big benefit,” says
Mr. Kantrowitz.
investors in pass-through
businesses get the 25% rate.
Active owners instead fall into
two groups. Those in professional services businesses,
such as lawyers and, ironically,
accountants, don’t get it. They
are treated just like the CEO
taxed at a 39.6% high-end rate.
Others, such as a retailstore owner or a manufacturer, are treated as part CEO
and part investor; 70% of their
income under the House bill is
taxed at individual rates up to
39.6%, and 30% of their income is taxed at the lower
25% rate for business owners.
Not surprisingly, lawyers
and architects are unhappy.
“The issue is fairness,” said
Andrew Goldberg, a spokesman for the American Institute of Architects. “If Congress
is going to provide a new rate
for pass-through entities, it
shouldn’t knock out some arbitrarily.”
Some business owners
could have an incentive to
leave pass-through status and
turn their businesses into corporations. They would pay a
20% tax on profits and keep
their money inside the corporation. They could also get the
benefit of deducting state
taxes from their profit calculations. They could then invest
the retained earnings and defer the tax on dividends. They
might also pass appreciated
stock to their heirs without
estate or capital gains taxes.
“There’s all different ways to
structure,” said Gregg Polsky, a
tax-law professor at the University of Georgia. “They’re going
to pick whichever’s the lowest.”
—Laura Saunders
and Siobhan Hughes
contributed to this article.
change before he entered politics, calling it an “expensive
hoax” and a concept invented
by the Chinese. Since entering
the Oval Office, Mr. Trump has
largely avoided stating his position on the science.
WASHINGTON
WIRE
SEX TRAFFICKING
Tech Companies
Back Senate Bill
Big internet companies signaled their support for a Senate
bill aimed at curbing online sex
trafficking, apparently ending on
Friday what had become a difficult political fight.
The bipartisan legislation,
sponsored by Sens. Rob Portman (R., Ohio) and Richard Blumenthal (D., Conn.), would carve
out an exception for sex trafficking in the sweeping legal immunity that Congress granted to internet businesses in the 1990s.
Many critics contend that the
immunity law has allowed a
number of sites featuring prostitution ads to flourish. The
change now being debated in
Congress would allow underage
victims of sex trafficking, as well
as local prosecutors, to file civil
lawsuits or take other legal action against businesses that facilitate online trafficking.
The Internet Association,
which includes Google as well as
Facebook Inc., announced its
support for the bill, after sponsors agreed to several changes
that somewhat tighten the bill’s
reach.
—John D. McKinnon
EPA
Pruitt to Meet With
Chemical Industry
The Trump administration’s
top environmental regulator is
set to speak privately to chemical industry executives next
week during a conference at a
luxury oceanfront golf resort.
Environmental Protection
Agency Administrator Scott
Pruitt is listed as the featured
speaker at a board meeting of
the American Chemistry Council,
a group that has lobbied against
stricter regulations for chemical
manufacturers. The three-day
conference is being held at the
Sanctuary resort on Kiawah Island, S.C.
Council spokeswoman Anne
Kolton said Mr. Pruitt’s speech
won’t be open to the public or
the news media.
—Associated Press
JFK DOCUMENTS
New Files Focus on
Oswald Mexico Trip
Newly released government
files related to President John F.
Kennedy’s assassination show
officials scrambling to gather information about Lee Harvey Oswald’s trip to Mexico City weeks
earlier.
Documents released Friday
show officials questioned
whether Oswald had been trying
to get visas from the Soviet and
Cuban embassies in Mexico City
in order to “make a quick escape
after assassinating the president.”
A secret CIA message sent
two days after Kennedy’s death
says an “important question”
that remained unsolved was
whether Oswald had been planning to travel right away.
The message says although it
appears Oswald “was then
thinking only about a peaceful
change of residence to the Soviet Union, it is also possible
that he was getting documented
to make a quick escape after assassinating the president.”
—Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * * * *
Saturday/Sunday, November 4 - 5, 2017 | A5
U.S. NEWS
BY LOUISE RADNOFSKY
WA S H I N G T O N — D e m o crats became embroiled in an
intraparty fight Friday over
last year’s election.
Donna Brazile, the interim
chairwoman of the Democratic
National Committee during the
election, asserted in a new
book that the fundraising
agreement between the DNC
and Hillary Clinton’s campaign
was unethical because it gave
her too much influence on the
party’s infrastructure.
In excerpts published on Politico, Ms. Brazile said Mrs.
Clinton’s campaign raised
money for the DNC and helped
fund it, and in return took control of its finances and strategy. Ms. Brazile noted it is
common practice for a nominee to take control of party
operations and fundraising.
But she said Mrs. Clinton’s
Ex-DNC chairwoman
sees unethical acts by
Clinton team. They
say her facts are off.
campaign signed the agreement with the DNC in August
2015, almost a year before she
clinched the party’s nomination. That disadvantaged Vermont Sen. Bernie Sanders in
his primary fight with Mrs.
Clinton, Ms. Brazile wrote.
Late Friday, Mrs. Clinton’s
supporters pointed to a memo
obtained by NBC News that
said the agreement related
only to the general election.
“Enough of this. If you’re a
Democrat, we have things to
do,” wrote Mrs. Clinton’s
spokesman, Nick Merrill, in a
Twitter message referencing
the reported memo.
DNC Communications Director Xochitl Hinojosa said that
“there shouldn’t even be a perception that the DNC is inter-
fering” in the primary process.
She noted that both Mrs. Clinton and Mr. Sanders had the
option to raise money through
joint DNC accounts.
The two campaigns set up
joint fundraising accounts with
the DNC during the primary,
though the accounts were ultimately used very differently.
Joint fundraising accounts allow campaigns and parties to
solicit larger individual donations that are then divvied up
between the entities that sign
the agreement.
Mr. Sanders shunned bigdollar fundraising, relying instead on small donors to fuel
his campaign. Mrs. Clinton,
however, routinely held largedollar fundraisers for her joint
account with the DNC and
state parties—some of which
would then transfer the funds
they received back to Mrs.
Clinton’s campaign.
President Donald Trump on
Friday called on his Justice Department to investigate Democrats. In remarks just before
his trip to Asia, he said it was
a “disgrace” that a special
counsel investigation into ties
between his campaign and
Russia continues when investigators “should be looking at
the Democrats.”
“You want to look at Hillary
Clinton, and you want to look
at the new book that was just
put out by Donna Brazile,
where she basically bought the
DNC, and she stole the election
from Bernie,” he said.
Special Counsel Robert
Mueller has been investigating
possible collusion between associates of Mr. Trump’s campaign and Russia during the
2016 election, and issued his
first charges earlier this week.
Democrats rushed to distance themselves from Ms.
Brazile’s comments. “You haven’t heard me relitigate last
year’s election,” House Minority Leader Nancy Pelosi (D.,
Calif.) said.
—Natalie Andrews
contributed to this article.
BOB STRONG/REUTERS
Democrats Fight
Over 2016 Race
Gen. John Baker, chief defense counsel at Guantanamo Bay, Cuba, above, had been arrested for letting civilian attorneys quit case.
Gitmo General Is Released
BY JESS BRAVIN
WASHINGTON—Under pressure from a federal court, the
Pentagon on Friday released a
Marine Corps general who was
put under house arrest for disobeying what he said was an
illegal order that would compromise a fair trial for a Guantanamo detainee facing a potential death penalty.
Brig. Gen. John Baker, the
chief defense counsel for the
military commission system at
Guantanamo Bay, Cuba, had
been sentenced to 21 days’ detention and a $1,000 fine by a
military judge angry that he
allowed civilian defense attorneys to resign from a case.
They withdrew after apparently discovering the government had been monitoring
their communications, including legally privileged exchanges with their client.
The Defense Department released Gen. Baker a day after
his attorneys filed a petition
with the U.S. District Court arguing the military judge had
no authority to punish the Marine officer. At an emergency
hearing Thursday, government
authorities asked U.S. Judge
Royce Lamberth to avoid ruling on the petition while the
head of the military commission apparatus, Harvey Rishikof, considered the matter.
When Judge Lamberth reconvened proceedings Friday,
the government said Mr. Rishikof, whose title is “convening authority,” decided to “defer” Gen. Baker’s punishment
while weighing arguments.
Judge Lamberth said the
decision to release Gen. Baker
“was a wise one.” He said he
would allow Mr. Rishikof “a
reasonable time” to resolve
the matter, but invited defense
lawyers to return to his court
if things drag out.
The arrest of a Marine general was the latest crisis to befall the military commission
system, conceived after the
Sept. 11, 2001, terrorist attacks
to handle alien terrorist suspects the U.S. expected to capture during the invasion of Afghanistan. The project has
been beset by legal miscalculations, political interference
and administrative disarray. It
has yielded a handful of convictions, mostly through plea
bargains, and faced a series of
reversals from federal courts.
The latest conflict arose
when the defense team apparently discovered in June that
secret listening devices had
been placed in the facility
where they met with their client, Abd al-Rahim al-Nashiri,
who is alleged to have orchestrated the 2000 suicide bomb-
ing of the USS Cole when she
called at Aden, Yemen, killing
17 U.S. sailors.
With rare exceptions, communications between attorneys and their clients are confidential. Defense attorneys
said they tried to learn more
about the surveillance, but
were stymied by rulings from
the military judge.
Those classified rulings
“placed us in the untenable position of having to advise our
client that we could not visit
him, but could not tell him
why we could not visit him,”
one of the civilian attorneys,
Richard Kammen, said in an
October statement announcing
that the Nashiri defense team
had disbanded because it
couldn’t guarantee its client
confidentiality.
Gen. Baker concurred with
that finding and dismissed the
attorneys.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
OBITUARIES
IONA OPIE
1923 — 2017
LU G UA N Q I U
1945 — 2017
Compiler Explored
Children’s Games, Rhymes
Chinese Tycoon Braved
Jeers as ‘Capitalist’
BY JAMES R. HAGERTY
I
ona Opie’s life could have
made a fine children’s tale, if
only it wasn’t so improbable.
A teenage girl in England writes
a fan letter to a young author five
years older. They meet and drift
into marriage. During a walk in the
countryside, the sight of an insect
reminds them of a rhyme:
Ladybird, ladybird,
Fly away home,
Your house is on fire
And your children all gone.
Those mysterious lines rouse
their curiosity about nursery
rhymes. They become self-taught
scholars, working outside academia and yet renowned for their
books on children’s chants, pastimes and stories, including “The
Oxford Dictionary of Nursery
Rhymes.”
Entranced by their research,
they have virtually no social life.
They feel no need for a car or a
television set. So immense is their
collection of children’s books that
they move to a bigger house in
Hampshire, where the husband,
Peter Opie, watches woodpeckers
from his office window while pondering the mysteries of childhood.
“The whole of our life has been
slightly ridiculous,” Ms. Opie said
in a 1998 speech at the University
of Sheffield. Few children would
agree, though many would support
her advice to parents: “We really
should leave children to their own
devices. And respect their privacy.
And generally stop trying to organize them in their own free time.”
Ms. Opie died Oct. 23 in Petersfield, Hampshire, England. She was
94.
Summing up her career, she told
her audience in Sheffield that “like
most other people, we began by
accident.”
Iona Margaret Balfour Archibald
was born Oct. 13, 1923, in
Colchester, England. Her father, an
expert in tropical diseases, spent
much of his time in Khartoum, Sudan. She later recalled a timid,
watchful childhood: “It didn’t occur to me that I was supposed to
speak. My whole attention was
given to noticing and taking things
in.”
During World War II, she
worked as a meteorologist for the
Women’s Auxiliary Air Force. She
was impressed by an Eton schoolboy’s autobiography, “I Want to Be
a Success,” and so wrote to the
precocious author, Peter Opie. His
letter of reply filled 45 pages. They
shared a love of reference books.
S
he was 19 and he was 24
when they married in 1943.
Mr. Opie was bored with his
job at a publishing company, and
they both liked the idea of doing
their own research at home. So
they began gathering information
at the British Museum Library and
buying old nursery rhyme books in
bulk.
A publisher bought them lunch
in London and expressed interest
in a draft of their first dictionary
of rhymes but wanted far more detail about the history of each one.
“We staggered along from the Café
Royal afterwards and stood blindly
in front of a corset shop in Leicester Square, not even seeing the
corsets, just discussing what we
should do next,” she said later. Mr.
Opie quit his job to concentrate on
the dictionary. It took them seven
years to complete.
The dictionary traces sources
and variations of more than 500
nursery rhymes. It reports that the
ladybird rhyme is akin to “incantations known in France, Germany,
Switzerland, Denmark and Sweden”—and cites a German theory
that the house on fire is a symbol
of a red evening sky.
A later book by the couple, “The
Lore and Language of Schoolchildren,” recorded schoolyard chants,
including:
Latin is a subject
That no one enjoys;
It killed the ancient Romans
And now it’s killing boys.
Working from home in separate
rooms, they strove to avoid interrupting each other. Suggested
changes in manuscripts were conveyed as notes scribbled in the
margins. “We never discussed the
writing…because if we did we always got into a muddle,” she said.
Ms. Opie carried on the research
after her husband died in 1982. For
one of her books, “The People in
the Playground,” she traveled
around Britain to observe children
playing in schoolyards.
She described her methodology
as “mooning about” and found
children were happy to enlighten
her on their lore and recite their
naughty jokes.
She is survived by three children, five grandchildren and two
great-grandchildren.
Read a collection of in-depth
profiles at WSJ.com/Obituaries
I
n his journey from the farm to
the boardroom, Lu Guanqiu
embodied China’s economic
transformation in the past halfcentury as one of its original
bootstrap tycoons. Starting as a
rebel entrepreneur defying Communist dogma, he became a celebrated member of the establishment and leader of China’s
ambitious push into battery-powered cars.
Wanxiang Group Corp., the
auto-parts company Mr. Lu built,
started with $600 to open a tractor-repair shop in China’s eastern
Zhejiang province, south of
Shanghai. By the time he died, Mr.
Lu was worth an estimated $7.4
billion, and Wanxiang was a multinational corporation that gener-
ated $16.6 billion in revenue last
year.
With international customers
including Ford Motor Co. and
General Motors Co., Wanxiang
provides parts for one in three
American cars, the company says.
In 1969, with China in the
throes of the Cultural Revolution,
it wasn’t just near-impossible to
start a business; it was dangerous.
People would yell at Mr. Lu and
his partners in the street for being the “tails of capitalist dogs,”
he recalled in a 2004 interview
with The Wall Street Journal, and
government officials heaped pressure on him to go back where he
belonged—the farm.
Mr. Lu died Oct. 25 at age 72.
—Trefor Moss
JOHN MEDICA
1958 — 2017
Engineer Helped Apple
And Dell With Laptops
A
s computers shrank into
laptops and notebooks in
the late 1980s and early
1990s, some of the top makers of
desktop machines struggled to
adapt. Two of them, Apple Computer Inc. and Dell Inc., called on
John Medica, a boisterous electrical engineer, to help them get
back on track.
In 1989, Apple introduced a
portable Macintosh. Considered
too expensive and bulky, it
bombed. Apple assigned Mr. Medica, a 31-year-old, to head a team
of engineers in a crash program to
design a laptop. The result was
the PowerBook, which became a
huge success after its introduction
in 1991.
Dell poached Mr. Medica in
1993 after its laptops were panned
for quality problems and deemed
too slow to compete with the
PowerBook and other rivals. Before accepting the offer, he received assurances that he could
bring his English sheepdog, Maggie Mae, to work with him at
Dell’s offices in Austin.
His team at Dell came up with
the Latitude line of notebook computers, introduced in 1994. They
made a splash with their lithium
ion batteries, a novelty then.
Mr. Medica died of a heart attack Oct. 13 in Reston, Va. He was
59.
He was known for his humor.
His Apple business card listed his
title as Big Shot.
—James R. Hagerty
FROM PAGE ONE
jackpot!
Rol-A-Top Slot Machine
Classic Americana. Highly desirable model. Original floor case.
This exceptionally rare Bird of Paradise model of the
famed Rol-A-Top slot machine was introduced by Watling
Manufacturing Co. of Chicago in 1937, and is considered the
most glamorous Art Deco model from this golden age of the
slot machine. Featuring its namesake exotic bird emerging
from the cornucopia, this machine retains its original floor
case and bears full Watling numbers and marks. Circa 1940.
20”w x 16”d x 60”h. #30-6739
630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Continued from Page One
rising costs that keep profit
increases in check.
“Profit margins may be in
the process of topping out,”
said Jim Russell, a portfolio
manager at Bahl & Gaynor in
Cincinnati. “In fact, there’s
pretty good evidence that they
probably are.”
Per-share earnings for companies in the S&P 500 are on
track to rise 8% over the third
quarter last year, according to
data from Thomson Reuters, led
by outsize gains in the energy
patch and at technology giants
like Apple Inc. and Alphabet
Inc. But that is a step down
from the 15% and 12% growth
rates posted in the first two
quarters of the year.
Excluding the energy sector,
which is still rebounding from a
painful contraction, S&P 500
earnings are expected to rise
5.6%—well below a median of
about 8% since 2011, Thomson
Reuters data show. Estimates
reflect actual results for the
80% or so of companies that
have reported earnings and analyst estimates for the rest.
The insurance industry
dragged on results in the third
quarter as significant claims
from three major hurricanes
pushed profits down 61%. Excluding insurers, S&P 500 earnings are expected to rise 10.8%.
Revenues are expected to
rise 5.2%, the second-best
showing in six years and handily outpacing a median increase
of 3.6% since the height of the
financial crisis, Thomson Reuters data show. “The revenue
numbers we are seeing now are
stronger than we have seen going back to 2011 or 2012,” said
John Butters, senior earnings
analyst at FactSet.
A key driver: global growth,
including improvements in Europe, which had struggled to recover from sovereign-debt and
banking crises.
In the third quarter, S&P 500
companies generating at least
half their revenue outside the
U.S. posted earnings growth
nearly six times that of companies with mostly U.S. sales, according to an analysis by Mr.
Butters. Similarly, revenue grew
more than twice as fast at com-
ERIC GAY/ASSOCIATED PRESS
SALES
James Wheeler Jr., right, works to help rebuild his fishing
business in Port Aransas, Texas, after Hurricane Harvey.
panies generating mostly nonU.S. sales.
Several companies reported
a general improvement in European demand. Snack-food giant
Mondelez International Inc.
cited stronger European sales,
including of chocolate in Europe
and Oreos and other cookies in
the U.K. and Germany, as a significant driver of overall sales
growth.
“Europe feels pretty good.
It’s about 40% of our revenue,
and it’s solid and stable and
growing,” Brian Gladden, Mondelez’s finance chief, told inves-
The insurance
industry dragged on
results in the third
quarter.
tors on Oct. 30.
U.S. consumer spending remains healthy too, as does sentiment. A widely tracked measure of current consumer
sentiment rose in October to its
highest level in nearly 17 years,
pushed by Americans’ favorable
view of the job market.
“The U.S. consumer continues to feel positive about future
prospects for their personal finances and employment,” David
Nelms, chief executive of Discover Financial Services, told
investors in late October.
But the stronger global economy also is pushing up costs for
many companies—from fuel and
commodities to labor—restrain-
ing the degree to which companies can generate higher profits
on improved sales.
Both Southwest Airlines Co.
and American Airlines Group
Inc. said rising fuel and labor
costs partly offset stable pricing
and solid demand for leisure
and business travel. American
Airlines executives said they expect fuel prices to continue to
rise in the fourth quarter, but
expressed optimism that the
airline could raise prices.
“We’re big consumers of fuel,
so fuel spikes could have an impact,” American CEO Doug
Parker told investors on Oct. 26.
Companies reported other
commodity price increases as
well. Packaging Corp. of America, which makes a variety of
cardboard for boxes, said it expects energy, wood and some
key chemical costs to rise, along
with freight shipping and energy
costs. Packaging Corp. also cited
higher labor costs in the latest
quarter. Martin Marietta Materials Inc., a gravel and sand supplier, said tight labor markets
have led to project delays and
are limiting significant increases
in construction activity.
But overall, economists say
rising labor costs alone aren’t
cause for worry, thanks to an
uptick in productivity in the
U.S. The cost of labor relative to
goods and services produced is
edging up, but slowly.
“What you really care about
is cost per widget,” said Kathy
Bostjancic, chief financial economist for Oxford Economics.
“Even if your cost is going up, if
you’re producing more widgets,
that’s fine.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | A7
WORLD NEWS
President set to push
nations in Asia to step
up pressure on regime;
trade will also be topic
BY MICHAEL C. BENDER
WASHINGTON—President
Donald Trump starts the longest and most anticipated trip
of his first year in office on
Saturday, a 10-day excursion
that boasts stops in five Asian
countries. But the biggest focus will be on where he isn’t
going: North Korea.
Pyongyang’s desire to be
considered a global nuclear
power—and the rest of the developed world’s attempt to undermine that ambition—will
be a theme of every bilateral
meeting, economic discussion
and commercial announcement
on the trip.
The lengthy tour will help
define Mr. Trump’s approach
to China and provide the
White House an opportunity to
take steps to narrow its trade
deficit with Asia’s economic
powers, administration officials said. But the president’s
top priority will be managing
relationships with North Korea’s neighboring countries
and pushing to exert even
more pressure on Pyongyang,
his advisers said.
“The president’s trip will
focus on three goals: First,
strengthening international resolve to denuclearize North
Korea,” said Lt. Gen. H.R. McMaster, the president’s national security adviser. Secondary goals, Gen. McMaster
said, are to promote a “free
and open Indo-Pacific region”
and to seek “fair and reciprocal trade.”
The president’s itinerary
underscores the message he
aims to send to North Korean
leader Kim Jong Un. The first
half of his trip will be spent in
three of Mr. Kim’s closest
neighbors: Japan, South Korea
and China. He finishes with
visits to Vietnam and the Philippines, two countries hosting
international summits.
While Mr. Trump seeks additional pressure on North Korea and continues to suggest
the use of military force, his
Asian counterparts have varied
in their preferred responses to
Pyongyang. How Mr. Trump
navigates those differences
and allows the dynamics of his
individual relationships with
these men to shape U.S. policy
will help determine the short-
CHRIS KLEPONIS/DPA/ZUMA PRESS
North Korea to Dominate Agenda for Trip
President Donald Trump departing the White House Friday to travel to Hawaii and then on to Asia.
term success, or failure, of his
first official visit to Asia, international scholars said.
“One big question is: How
will the president articulate
this?” Michael Green, senior
vice president for Asia at the
Center for Strategic and International Studies, said about increasing pressure on North
Korea. “Will he talk about preventive war?…Will he talk
about defending our allies?
Will he keep it vague?”
Mr. Trump has had 43 telephone calls with Indo-Pacific
leaders and held bilateral
meetings with leaders of 10 of
those countries, some more
than once.
Still, his relationship with
Japanese Prime Minister
Shinzo Abe stands apart from
others in Asia, if not around
the world. Mr. Abe was the
first to visit him in the White
House. Japan will be Mr.
Trump’s first stop in Asia.
From Japan, Mr. Trump
travels to South Korea, where
his relationship with President
Moon Jae-in has room for improvement, both South Korean
and U.S. officials said. Mr.
Moon has sought stability in
dealings with North Korea,
while Mr. Trump has exerted
pressure.
In Beijing, Mr. Trump will
have a chance to further develop what may be his most
important relationship in the
region: his interactions with
Chinese President Xi Jinping.
The White House has
lauded China’s decision to enforce sanctions on North Korea, along with recent reports
that China’s central bank also
is implementing United Nations sanctions.
Still, the U.S. will push
China to apply even more
pressure to North Korea. In his
meeting with Mr. Xi, Mr.
Trump will “seek to secure
China’s commitments to exert
more pressure on North Korea,
and to rebalance the U.S.China economic relations,” a
White House official said.
But as Mr. Xi has consolidated power in China, scholars
see little reason for him to accede to Mr. Trump’s requests.
—Eva Dou, Chun Han Wong
and Jonathan Cheng
contributed to this article.
Beijing Deflects U.S. Criticism Over Opioids
Alarm Bells
BY JAMES T. AREDDY
AND EVA DOU
15,000 reports
BEIJING—A Chinese narcotics control official played
down China’s role in the distribution of synthetic opioid
drugs, though President Donald Trump has vowed to press
the issue at a summit in Beijing next week.
Wei Xiaojun, a top officer in
the Ministry of Public Security’s Narcotics Control Bureau, told reporters on Friday
that Beijing is determined to
stem exports of drugs like the
opioid fentanyl that are made
in China. Mr. Wei accused the
U.S. of being too aggressive in
pinning blame, and he tried to
turn aside U.S. criticisms that
China is a main source for
synthetic opioids and the
chemicals that go into making
them.
“I can’t say that the majority of the fentanyl or new psychoactive substances are originating from China,” he said.
The opioids issue has
emerged as a point of concern—and fledgling cooperation—for Beijing and Washington in a relationship marked
by disagreements over North
Korea and other issues.
When Mr. Trump last
month declared U.S. opioid addiction a “public-health emergency,” he criticized Chinese
fentanyl manufacturing. He
said when he meets with President Xi Jinping, “I will mention this as a top priority. And
he will do something about it.”
China’s chemicals industry
produces ingredients for bootleg fentanyl, methamphetamines and other manufactured substances banned in
the U.S. Washington blames
Chinese manufacturing and
distribution,
sometimes
through the mail, as a major
factor propelling the trade in
fentanyl, a powerful drug and
the driving force behind an estimated 20,000 synthetic-opioid deaths last year.
U.S. officials say China is
increasingly cooperative in addressing the problem. A U.S.
Drug Enforcement Administration official sat beside Mr. Wei
at Friday’s briefing. Afterward,
Ministry of Public Security officials issued a three-page
statement that cited examples
of its agents acting on U.S.
tips and other information to
intercept shipments of ket-
amine, cocaine and other substances over the past year.
Late last month, the U.S.
Justice Department credited
the Ministry of Public Security
for providing it “valuable investigative assistance” that
led to the indictments of two
Chinese nationals on fentanyl
distribution charges, the firstever U.S. attempt to prosecute
such activity. The U.S. Embassy in Beijing, the Justice
Department and the DEA declined to comment further on
law-enforcement cooperation.
—Kersten Zhang
contributed to this article.
Fentanyl seizures reported by
U.S. forensic laboratories
12,500
10,000
7,500
5,000
2,500
0
’09 ’10 ’11 ’12 ’13 ’14 ’15
Source: Drug Enforcement Administration
THE WALL STREET JOURNAL.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Saturday/Sunday, November 4 - 5, 2017
NY
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Economic Woes Loom Large in Sicily Vote
Antiestablishment
party seeks to
capitalize on discontent;
immigration a factor
BY GIOVANNI LEGORANO
Giancarlo Cancelleri is running as 5 Star’s candidate for president of Sicily. The island is a microcosm of the problems Italy faces.
ROCCO RORANDELLI/TERRAPROJECT FOR THE WALL STREET JOURNAL (2)
Sicilians thrust the antiestablishment 5 Star Movement
onto the national stage in 2012
by giving the largely untested
populist party nearly a fifth of
all votes in regional elections.
Now the island, a microcosm of the problems that
plague the country, has a
chance to set Italy’s political
direction again in a fresh
round of regional elections on
Sunday, months before a national vote likely in March.
Unemployment is rampant,
tensions over immigration run
high and discontent with political elites is widespread on the
island. “Sicily is a concentration of the answers politicians
failed to give,” said Franco
Pavoncello, a political-science
professor at Rome’s John
Cabot University.
A center-right coalition and
5 Star, which now holds 13% of
the seats in Italy’s Parliament,
were virtually tied in a recent
poll of Sicilians. Both groups
were outpolling the center-left
Democratic Party and its allies, which are in power nationally. Sicily is currently
governed by an alliance that
includes the Democratic Party.
One-fifth of the Sicilian
workforce is unemployed,
nearly twice the national rate,
and almost 60% of people
aged 15 to 24 are out of work.
“There is zero economic activity here,” said Carmen Giangarrà, a 27-year-old from a
small town in northern Sicily.
Over the past five years, she
said she has only worked for a
short stint as a waitress, making around €3 ($3.50) an hour
and working 12-hour shifts.
The Sicilian economy has
shrunk by 12% since the global
financial crisis erupted 10
years ago, and the national
economy has contracted by 7%
over the period.
By the Numbers
Italy's economy has contracted significantly over the past
10 years, and the Sicily region has been particularly hard hit.
Percentage change in GDP
Italy
Unemployment rate, quarterly
2000-2007
8.5%
2007-2016
–7.0%
Sicily
25%
20
Sicily
15
2000-2007
2007-2016
5.9%
–12.0%
Sources: Bank of Italy (GDP);
Istat (unemployment)
THE WALL STREET JOURNAL.
Entrepreneurs
complain
about the difficulty of running a
business in Sicily. They say they
face extortion from organized
crime, as well as unfair competition from companies that skirt
regulations.
THE LONG-AWAITED NEXT CHAPTER TO
THE PULITZER PRIZE-WINNING GOTHAM
“Fabulous.”
—NPR Books
“The particular years recounted
in this essential, absorbing and
mostly sprightly history went a
long way in shaping the pulsating
city we know.”
—The New York Times Book Review
AVAILABLE WHEREVER BOOKS ARE SOLD
10
Italy
5
0
2000
2010
“Companies here are really
in trouble,” said Domenico
D’Agati, 53, who owns citrus orchards and said he has struggled to compete with rivals
who hire illegal cheap labor.
One of 5 Star’s signature is-
sues—universal income, a basic government stipend—is especially popular on the island.
In the Sicilian race, the movement is proposing that the regional government fund such
income support. Taking a page
from a national campaign decrying the failure of banks to
support small business, it proposes subsidizing credit for local companies.
The center-right coalition—
led in part by Silvio Berlusconi,
the former prime minister—is
leveraging its traditional
strength among small businesses by promising cuts to
red tape. It also pledged to
help Sicilian youth find jobs.
“The regional government
needs to attract European and
private resources to help
youths find a job,” said Nello
Musumeci, the center-right’s
candidate to serve as the island’s president.
The center-right coalition
has formed an alliance with a
national
anti-immigration
party, and the alliance could
appeal to some voters on an island that has been on the front
lines of Italy’s migration crisis.
Most of the 600,000 Africans and Middle Easterners
that Italy has rescued in the
Mediterranean in recent years
have been brought first to Sicily. Until last year, it absorbed a
fifth of all migrants to Italy.
In recent years, some Sicilian
mayors have staged protests
against the government’s decision to settle migrants on the
island. This summer, the mayor
of a small town in the northeast
of the island tried to use his car
to block a road leading to a hotel where the government had
sent a group of migrants.
Anger at Italy’s political
class could help 5 Star, which
regularly criticizes the political establishment.
The local governments in
70 Sicilian municipalities have
been dissolved due to mafia
infiltration since 1991. Last
year, 11% of all the complaints
to the national anticorruption
authority about potentially
corrupt practices in the public
sector regarded Sicily.
5 Star has proposed to
slash by half the salaries of Sicilian lawmakers, reduce their
pensions, fine them if they are
absent too frequently, and
strip them of their government cars and drivers.
“We will finally give this
land the opportunity to have a
government and parliament
made of honest citizens,” said
Giancarlo Cancelleri, the 5
Star candidate for president of
Sicily in a video on Tuesday.
Witness’s European Road to Trump
Before George Papadopoulos
pleaded guilty to lying to federal agents about contacts with
Russians, he played a starring
role in Europe as a foreign-policy surrogate for then-presidential candidate Donald Trump.
Mr. Papadopoulos counted
as his base a little-known consultancy, the London Centre of
International Law Practice. He
joined in February 2016 after
leaving Ben Carson’s presidential campaign. A month later
he was tapped for Mr. Trump’s
foreign-policy team.
At the London legal consultancy, Mr. Papadopoulos met a
figure federal prosecutors describe as “the professor” who
“took interest in [Mr. Papadopoulos] because of his status”
with the Trump campaign, according to Mr. Papadopoulos’s
plea agreement. The professor
offered to provide “dirt” on Hil-
lary Clinton, the agreement
says, and a Trump “campaign
supervisor” encouraged Mr. Papadopoulos to make a trip to
Russia to meet with officials.
Mr. Papadopoulos pleaded
guilty early last month to lying
to the Federal Bureau of Investigation about his meetings
with the professor. Mr. Papadopoulos didn’t respond to messages seeking comment. Authorities have described him as
a cooperating witness.
An academic in the U.K., Joseph Mifsud, has said he was
the professor Mr. Papadopoulos contacted. Mr. Mifsud was
at the time a board adviser for
the London Centre. Mr. Mifsud
couldn’t be reached.
Mr. Trump has denied any
collusion by his campaign with
Russia. Russia has denied
meddling in the U.S. election.
A spokesman for Russian President Vladimir Putin has ridiculed the allegations against
Mr. Papadopoulos.
The allegations surprised
Kamil Alboshoka, who worked
with Mr. Papadopoulos at the
consultancy as a researcher.
“He never talked about Russia,” said Mr. Alboshoka.
At the London consultancy,
Mr. Papadopoulos was the director of energy and natural-resources law and security, according to his LinkedIn profile.
Mr. Papadopoulos met the
professor in mid-March 2016
at the London consultancy.
The consultancy didn’t respond to requests to comment.
On March 31, 2016, Mr. Papadopoulos told Trump campaign
officials that he had connections who could help arrange a
meeting between Mr. Trump
and Russian President Vladimir
Putin, the plea document says.
No meeting took place.
In April, Mr. Papadopoulos
met the professor for breakfast at a London hotel, where
the professor told him the
Russian government had collected “dirt” on Mrs. Clinton,
the plea agreement says.
Mr. Papadopoulos continued for months to hold conversations with the professor
and a member of the Russian
Ministry of Foreign Affairs,
the agreement says.
vealed that the former campaign
aide was in contact with Russian
officials who claimed they could
provide “dirt” on Democratic candidate Hillary Clinton in the form
of “thousands of emails,” and that
Mr. Papadopoulos informed others
on the campaign of his efforts.
In a March 31, 2016, meeting
of the campaign’s national security advisory committee, which
included President Donald Trump
and Attorney General Jeff Sessions, who led the group, Mr. Papadopoulos told the group that
he had connections that could
“help arrange a meeting” between Mr. Trump and Russian
President Vladimir Putin, accord-
ing to court documents.
J.D. Gordon, who also served
on the national security committee and attended that meeting,
said in an interview that Mr. Papadopoulos specifically mentioned a connection in London,
the Russian ambassador, who
would be able to help him arrange such a meeting.
Mr. Gordon said Mr. Sessions
“shut down George pretty quickly”
after he pitched the Trump-Putin
meeting. “He was told at the
March meeting not to bring up his
idea again,” Mr. Gordon said, adding that Mr. Sessions also said he
would “prefer if nobody ever
speaks about this again.”
Speaking to reporters before he departed for his trip to
Asia on Friday, the president
said he didn’t “remember
much” about the March meeting attended by Mr. Papadopoulos, and called it “very unimportant.”
Ten days before the meeting,
in an interview with the Washington Post, Mr. Trump called
Mr. Papadopoulos an “excellent
guy” as he introduced him as a
member of his national security
team. This week, Mr. Trump
called his former adviser a “liar”
and “a low-level volunteer.”
—Rebecca Ballhaus
and Byron Tau
By Scott Patterson in
London and Nektaria
Stamouli in Athens
He drew headlines for criticizing U.K. Prime Minister David Cameron in May 2016 over
comments that Mr. Trump was
“divisive, stupid and wrong.”
“An apology or some sort of
retraction should happen,” Mr.
Papadopoulos told the Times
of London.
That spring, Mr. Papadopoulos traveled to Greece, presenting himself to the Greek president and foreign minister as a
senior campaign official, Greek
officials said. Later that year, he
dined in an Athens fish tavern
with a far-right political leader,
Panos Kammenos. “He was also
saying he would be able to
grant access to the Trump administration after his election,”
one Greek official said.
Since Mr. Papadopoulos
emerged this week as a central
figure in Special Counsel Robert
Mueller’s Russian election-meddling probe, Trump campaign
and administration officials
have said he was an unimportant adviser whose ideas were
consistently rebuffed.
Over nearly a year in Europe, Mr. Papadopoulos, now 30
years old, gained attention as
an advocate for the president.
Documents Say Aide
Informed Campaign
Of Russia Contacts
Former Trump aide George
Papadopoulos’s Russia interactions—and new details of his
effort to keep other campaign
officials informed of them—are
calling into question previous
assertions by members of the
administration that they were
unaware of any contacts with
Russia in the lead-up to the
2016 election.
A guilty plea by Mr. Papadopoulos unsealed Monday re-
George Papadopoulos pleaded guilty to lying to the FBI.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | A9
* * * * * *
WORLD NEWS
Catalan
Ex-Leader
Sought
For Arrest
A Spanish judge issued an
international arrest warrant
for the former head of Catalonia’s regional government and
four of his ex-ministers, raising the possibility of a legal
battle to force them to return
to Spain from Belgium.
Smoke billowed from the Syrian city of Deir Ezzour during a regime offensive against Islamic State militants Thursday. The Assad regime said it captured the city on Friday.
Syria and Iraq Erode ISIS Territory
Islamic State lost two of its
last toeholds in Syria and Iraq
on Friday, leaving the extremist
group clinging to a sliver of the
territory it captured three years
ago, its self-declared caliphate
almost completely wiped out.
By Raja Abdulhrahim
in Beirut and Ghassan
Adnan in Baghdad
The Syrian regime said Friday that it had captured the
eastern city of Deir Ezzour,
the capital of an oil-rich province, depriving Islamic State of
one of its most important
sources of oil revenue.
Hours later, Iraqi Prime
Minister Haider al-Abadi declared the “liberation” of the
group’s last stronghold in the
country, the town of al-Qaim
near the country’s western
border with Syria. Troops also
retook a nearby border crossing. The Iraqi military spokesman said the operation was
coordinated with the Syrian
regime’s military forces.
Islamic State now controls
just 4% of the land it captured
in 2014 at the height of its
power, according to Brett
McGurk, the U.S. envoy to the
international coalition battling
the radical fighters.
The Syrian city of Abukamal is now Islamic State’s last
urban stronghold. The group
controls only one small town
in Iraq, Rawa, near al-Qaim.
While Islamic State has lost
territory, it has also remained
a global terrorist threat, plotting or inspiring attacks including Tuesday’s deadly truck
attack in New York City.
In Syria, as Islamic State
militants have withdrawn from
the battlefield, they have
staged counterattacks days or
weeks later that appear aimed
at inflicting casualties rather
than regaining land.
“The new ISIS tactic that
they are using in Deir Ezzour
is to withdraw from the main
cities,” said Omar Abu Leila,
who heads the monitoring
group Deir Ezzour24, which
opposes both Islamic State
and the regime of Syrian President Bashar al-Assad. “These
thousands of fighters that
have left will then carry out
individual attacks,” he said.
Deir Ezzour is the capital of
an oil-rich province of the
same name and was an important urban center in large part
because of its proximity to
Syria’s major oil and gas
fields. Control was divided for
years between the government
and Islamic State, before the
Syrian army began its offensive in September.
The regime’s victory in the
50 miles
TURKEY
50 km
Aleppo
M ed . S ea
Judge Carmen Lamela on
Friday issued the order after
Carles Puigdemont, the leader
of Catalonia’s secessionist
movement, and the four exministers fled to Belgium in recent days. The ex-officials defied an order to appear before
her on Thursday, calling the inquiry politically motivated.
A Belgian judge now has to
decide within 15 days whether
to execute an arrest warrant.
If Mr. Puigdemont agrees to be
extradited, his return to Spain
would take place within 10
days. If he refuses, Belgian authorities would have two
months to repatriate him.
Judge Lamela’s order came a
day after she sent nine former
Catalan officials who had also
served in Mr. Puigdemont’s
government to jail. The ousted
officials and Mr. Puigdemont
are being investigated for rebellion, sedition and misappropriation of public funds as part
of their two-year bid to see
Catalonia secede from Spain.
The secessionist push, led
by Mr. Puigdemont, culminated in a declaration of independence a week ago. Immediately after that declaration,
the government of Prime Minister Mariano Rajoy seized
control of the restive region.
Direct rule is scheduled to end
with the establishment of a
new regional government following Catalan elections that
Madrid has set for Dec. 21.
Mr. Puigdemont suggested
on Friday that he will fight extradition on fears he would face
an unfair trial in Spain. “There
are no guarantees for a just, independent verdict, that can
avoid the enormous pressure
and influence from politics on
the judicial power in Spain,” he
told Belgian broadcaster RTBF.
AGENCE FRANCE-PRESSE/GETTY IMAGES
By Jeannette Neumann
in Madrid
and Valentina Pop
in Brussels
Euphrates
River
Raqqa
SYRIA
Mayadeen
Tartus
Homs
LEBANON
IRAQ
Deir Ezzour
Palmyra
DEIR EZZOUR
PROVINCE
al-Omar
al-Tanak
al-Ward Rawa
Abukamal
al-Qaim
Damascus
Oil and natural-gas
pipelines
JORDAN
Source: U.S. Energy Information Administration
city is blunted somewhat as
U.S.-backed forces, in a separate campaign against Islamic
State, have already captured
two of the largest oil and gas
fields in Deir Ezzour province.
Whichever force assumes
control over the province’s gas
and oil fields will have one of
the biggest bargaining chips in
any political negotiations as
the multisided war, now in its
seventh year, winds down.
In Iraq, a military spokesman told state TV that Islamic
Oil fields
THE WALL STREET JOURNAL.
State was collapsing and
would soon no longer hold any
territory there.
The offensive on Deir Ezzour
city began in September, when
the Syrian army broke through
Islamic State’s three-year siege
of the regime-held half of the
city. From there, the regime
army, supported by Russian air
forces and Iran-backed Shiite
militias, captured neighborhood after neighborhood.
State-run news agency
SANA said army engineering
units were in the process of
combing through Deir Ezzour
city to clear out mines and explosives left by Islamic State.
The War Media Center, an
agency of the Lebanese militant group Hezbollah, cited
one of its field commanders as
saying Islamic State still held
about 5% of the city. Hezbollah
has fought on the side of the
Syrian regime in the war.
Deir Ezzour24 said that a
small part of the city remains
in the hands of militants amid
clashes, and reported that
about 700 civilians are still
trapped in the city and caught
in the fighting. The monitoring group warned about possible retaliation against them
from regime soldiers.
The regime’s rapid advances prompted the U.S.-led
coalition to move up its own
campaign in eastern Syria, according to commanders in the
Kurdish-led Syrian Democratic
Forces. At the time, the SDF
were battling to take Raqqa,
Islamic State’s de facto capital.
Raqqa was fully captured from
the group last month.
While Syrian regime forces
and its allies have focused
mostly on capturing cities from
Islamic State, the SDF has gone
after oil and gas fields.
—Nazih Osseiran in Beirut
contributed to this article.
New Zealand Offers to Take Some Australian Camp Refugees
New Zealand’s prime minister
repeated her country’s offer to
take up to 150 refugees from an
Australian immigration camp in
Papua New Guinea, where more
than 600 weakened men are continuing a standoff with authorities.
Jacinda Ardern said she
would restate the offer to Australia’s prime minister on Sunday. Australia previously declined
the offer on the grounds it the
refugees could access Australia.
The camp was declared closed
Tuesday based on a court ruling,
but the refugees, at right in a
photo taken from social media on
Friday, have refused to leave, saying they fear for their safety.
Australia has paid Papua New
Guinea for four years to house
asylum seekers who attempt to
reach Australia by boat.
—Associated Press
Afghanistan Orders WhatsApp Blocked
BY HABIB KHAN TOTAKHIL
AND EHSANULLAH AMIRI
KABUL—Afghan authorities
have ordered internet service
providers to block Facebook
Inc.’s WhatsApp messaging
service, triggering condemnation from civil-liberties groups
and protests from users on social media.
In a letter sent to service
providers on Thursday, Afghanistan’s Telecommunication Regulatory Authority
didn’t say why it was ordering
the providers to shut WhatsApp, as well as Telegram, another encrypted messaging
app, for 20 days “without delay.”
The response to the order
was immediate and sharply
critical, particularly among Afghans for whom freedom of
press and expression is one of
the country’s great accomplishments since a U.S.-led invasion forced the Taliban from
power in 2001.
While state-owned Salaam
Telecom blocked the apps,
three private service providers—MTN,
Etisalat
and
Roshan—refused, with an official at one saying compliance
with the order would lead to
more censorship.
WhatsApp is reporting normal messaging rates but said
users may have faced access
issues due to a global outage
around 1 a.m. Pacific time Friday. “Earlier today, WhatsApp
users globally had trouble accessing the app for about an
hour. This issue has been fixed
and we apologize for the inconvenience,” a WhatsApp
spokeswoman said.
Najib Sharifi, president of
the Afghan Journalists Safety
Committee, a press freedom
group, said the ban wasn’t in
keeping with “the spirit of Afghanistan’s constitution and
stands against the laws of the
country pertaining to freedom
of expression and communication.”
Others questioned the government’s motives, especially
suggestions that the ban was
aimed at curbing use of the
apps by the Taliban or one of
the many other insurgent
groups in the country.
“If it’s really about security
concerns, the government
A state-owned telecom
blocked the apps, but
three private serviceproviders didn’t.
must understand how ridiculous this is,” said Asif Ashna, a
civil-liberties activist. “Terrorist groups know how to use
apps and the internet, and can
get around such bans to
spread their propaganda.”
As criticism of the ban
went viral on social media late
Thursday, a Taliban spokes-
man sent a message to a journalist, dryly noting: “In case
WhatsApp doesn’t work, this
is my Viber number.” Viber is
another popular messaging
app.
Where the order originated
was unclear. One official for
the National Directorate of Security, the country’s intelligence agency, said the directive came from his agency
because militant groups were
using the apps. Another official in the agency, however,
denied that.
In response to the furor, the
government late Friday offered another explanation for
the ban. The Ministry of Communications, Information and
Technology issued a statement
saying it had received complaints about WhatsApp and
Telegram and was shutting
them temporarily to “improve
the quality of the applications.”
—Deepa Seetharaman
contributed to this article.
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV65-S
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
SAIPOV
Continued from Page One
ple and injured at least a dozen
others by driving a rented
truck down a crowded Manhattan bike path. On Wednesday,
federal prosecutors charged
him with terrorism and intentionally killing and harming
people. They say he was inspired by watching Islamic
State videos on his phone.
And on Thursday, Islamic
State claimed responsibility for
the attack, calling Mr. Saipov
one of its “soldiers.” Authorities have established no direct
ties between Mr. Saipov and
ISIS.
‘Early stage’
In a news conference Friday,
Deputy Commissioner of Intelligence and Counterterrorism
John Miller said police are still
investigating how Mr. Saipov
became radicalized.
“It’s still in a very early
stage,” Mr. Miller said. “We
have a lot of leads to go
through, a lot of due diligence
to do going backwards to
friends, associates, phone records, internet contacts” to see
if he had any help in the attack.
Mr. Miller said investigators
interviewed neighbors who
claim they saw two men with
Mr. Saipov driving in a Home
Depot rented truck in the days
before the attack. He didn’t
specify whether those individuals were identified.
In at least one regard, Mr.
Saipov appears to share a trait
with some other terrorist suspects who struck on U.S. soil:
He failed to achieve personal
and career ambitions in the
U.S. and became embittered,
say those who know him.
Tamerlan Tsarnaev, the
older of the two brothers who
planted bombs at the Boston
Marathon in 2013, had hoped to
compete as a professional
boxer before falling into extremism.
The New York-born Omar
Mateen, son of Afghan immigrants, killed 49 people in the
Pulse nightclub in 2016, and
had hopped from job to job before radicalizing online, authorities said.
Ahmad Khan Rahimi, who
was convicted last month in the
2016 bombing in Manhattan’s
Chelsea neighborhood, was also
part of the “bridge generation,”
a term used by Muslim leaders
for young people struggling
with their identities to be both
Muslim and American.
According to family members in Uzbekistan, Mr. Saipov
had a happy and well-adjusted
early life. His mother and father, Habibullo Saipov, ran a
shop in the Bektepi bazaar, a
local shopping center that sells
building supplies. The family
now lives in Uchtepa, a residential area not far from the center of Tashkent.
The family’s home sits in a
small courtyard, the gate
flanked by tall rose bushes. In
comparison with the Sovietstyle high rises in the capital,
the neighborhood is quiet and
nearly bucolic, with a small
mosque in the center.
Ms. Saipova said her son
didn’t drink or smoke, and
“didn’t have time” for the
mosque as a young man.
He finished a professional
college in 2005, and studied at
the Tashkent Financial Institute
from 2005 to 2009. Family
members in Tashkent showed
certificates that attested to his
good performance in school.
It was a friend from the institute who persuaded Mr.
Saipov to put in for a diversity
green-card via a lottery.
“He didn’t even know what a
green card was,” she said.
The U.S. Diversity Visa Lottery, known as a green-card lottery, awards 50,000 visas to
foreigners around the world
annually. The program was created in 1990 as part of a
broader immigration bill,
meant to broaden the pool of
eligible immigrants beyond
those who already had family
members in the U.S.
Just over 4,000 people from
Uzbekistan won the diversity
lottery for 2010, one of the top
countries in that budget year,
according to State Department
statistics.
Family members said the
separation from Uzbekistan
was difficult for the family, and
his mother described an emotional send-off from Tashkent
in 2010. “I didn’t want to let
him go,” she said. “I’m still
young,” she recalls him answering.
Mr. Saipov arrived in the
U.S. that year, briefly stayed in
Cincinnati, and then spent
about three years in the Cuyahoga Falls area outside Akron,
Ohio. There, he married Tashkent native Nozima Odilova in
2013, according to a marriagelicense certificate issued by the
Summit County Court of Common Pleas.
As a long-haul truck driver,
he was frequently in and out of
the area, those in Cuyahoga
Falls’ Uzbek and wider Muslim
community say. Many remember seeing him at prayers at
the Islamic Society of Akron
and Kent, just a mile away from
his apartment in the quiet Water’s Edge complex on Americana Drive.
The loner
When at prayers and sermons, he kept to himself. He
never asked questions, the Islamic Society’s leadership said,
nor expressed any views that
would hint at radicalization.
Several Uzbek-Americans interviewed said they don’t remember him having any close
friends or being involved in
community activities.
“He wasn’t socially attached
to the community, not even the
Uzbek community,” said Azam
Haque, who volunteers at the
Islamic Society.
No one in the Ohio community described him as particularly religious. His appearances
at the mosque were sporadic
and he was often late, even
during the Ramadan months.
Despite his disconnection,
he managed to make an impression.
Bekzod Yusupov, who has
lived in Cuyahoga Falls since he
migrated from Uzbekistan in
2012, remembers when he saw
CRAIG RUTTLE/ASSOCIATED PRESS, NATHAN HODGE/THE WALL STREET JOURNAL, SAIPOV FAMILY
IN DEPTH
Images of Sayfullo Saipov after his arrest, above, and from his youth in Uzbekistan, where his mother displayed family items.
Mr. Saipov arguing with another Uzbek man over the sale
of a trailer in an incident in
2015.
“He was just talking to this
guy, also from our community,
and he suddenly said ‘I will
beat you up right now,’ ” he recounted. “It was surprising—he
was a truck driver, so we only
saw him once or twice a month,
but even then, still he managed
to pick a fight with someone.”
Mr. Yusupov, 40, said he
kept his distance from then on,
describing Mr. Saipov as a “guy
with a temper.” The incident
stood out among the area’s Uzbek community, he said, which
is tightknit, with just 30 or so
families.
Among them, Mirrakhmat
Muminov, 38, who met Mr.
Saipov in about 2012. Both men
drove trucks for a living.
Mr. Muminov said Mr.
Saipov owned his own truck
and would make deliveries for
other companies, a common
practice in the industry. About
a year ago, the Missouri Highway Patrol arrested Mr. Saipov
after a warrant was issued following his failure to appear in
court after a 2015 traffic citation, according to court records.
The arrest record indicates
he was shipping for IIK Transport, based in Chicago, as recently as October 2016. The
company couldn’t be reached
for comment.
Mr. Saipov had an abrasive
personality and was difficult to
work with, often yelling at his
customers, Mr. Muminov said.
Mr. Saipov later moved to
Florida. His truck engine blew
up and he couldn’t afford to repair it, according to Mr. Muminov. He moved to New Jersey
after that, he said.
“Probably that’s why he became depressed after he lost
his job,” said Mr. Muminov,
who still lives in Cuyahoga
Falls.
While in Florida, Mr. Saipov
and his family landed in Hillsborough County, occupying one
‘He wasn’t socially
attached to the
community, not even
the Uzbek community.’
of the 110 units at Heritage at
Tampa Apartments, a decadesold brick complex across the
street from a drab strip mall
and rundown transmission repair shop.
David Jaffray, an 85-year-old
tenant who has lived at the
Heritage apartments for around
30 years, recalled seeing Mr.
Saipov on two occasions earlier
this year walking around the
complex.
“He was just non-threaten-
Continued from Page One
high-grade ferric oxide cassette tape in the U.S. in decades. If all goes well, the machine will churn out nearly 4
miles of tape a minute by January. “The best tape ever
made,” boasts Mr. Stepp, 69
years old. “People will hear a
whole new product.”
“Hamilton” creator Lin-Manuel Miranda insisted that
“The Hamilton Mixtape,” a 23track album based on the hit
Broadway musical and released last year, be available in
cassette format. Brooklyn
post-punk trio Big Bliss’s cassette debut last year earned
music-blog reviews and gas
money on the band’s first tour,
even though the musicians
didn’t have a cassette player
when the tape was released.
Metallica is a repeat customer of National Audio, and
the company’s 45 employees
have produced cassette soundtracks for installments of the
movies “Star Wars” and
“Guardians of the Galaxy” and
a surprise release by the platinum pop act Twenty One Pilots. It left the factory in unmarked boxes.
Most customers are up-andcoming bands, hobbyists or
eccentrics who order 50 to
500 copies at a time, including
a man who claimed to have recorded the sound of grass
growing, says Mr. Stepp.
Monte Chaney, left, and Steve Stepp of National Audio are finishing a new cassette-making line.
Mr. Stepp’s father sold reels
of background music to restaurants and factories. The
family started National Audio
in 1969, buying an early type
of tape and loading it into cartridges for radio stations. The
company began selling cassettes a few years later.
When tapes took over the
music business, outselling vinyl records by the early 1980s,
National Audio stuck to the
spoken word. The company
produced continuing-education lessons for lawyers, magazines read aloud for the blind
and blank cassettes.
For years, Joyce Meyer
Ministries, an evangelical
Christian group based in Fen-
ton, Mo., ordered 250,000
blank tapes a week on which it
dubbed sermons and self-help
advice. When competitors
scrapped their cassette equipment, National Audio would
send a truck and offer pennies
on the dollar. “They were
laughing as we drove away because they were putting in CDreplicating lines,” he says.
The joke was on them. Cas-
RYAN DEZEMBER/THE WALL STREET JOURNAL, BLAKE NELSON FOR THE WALL STREET JOURNAL
TAPE
Saipov’s wife sitting on the
steps in front of her apartment,
while her two daughters played
with a toy kitchen in the courtyard. Ms. Dimistrovska described the children as well behaved and the mother as a
“quiet lady.”
Another neighbor, a longdistance truck driver also from
Tashkent, said that when Mr.
Saipov arrived in Paterson he
sought a job as a local truck
driver but couldn’t get one. Instead, he started driving for
Uber.
A spokesperson for Uber
says Mr. Saipov completed
more than 1,400 trips in the six
months he was a driver. That’s
neither an exceptionally large
nor exceptionally small number.
ing-looking,” Mr. Jaffray said.
“It just shows you never know
who
your
neighbors
are.…You’re not safe anywhere.”
Mr. Saipov’s apartment was
a mile away from the Islamic
Society of Tampa Bay, and a
less-than-five-minute drive to
the Florida office of the Council
on American-Islamic Relations.
But Tampa-area Muslims, like
those in Cuyahoga County, say
Mr. Saipov wasn’t particularly
active in the local Islamic community.
“He’s not a familiar face. Not
a familiar name,” said Hassan
Shibly, 30, the executive director of CAIR Florida. “One of the
first things that ISIS does is try
to isolate those individuals
from the local mosques and the
community at large.”
It isn’t entirely clear what
drew Mr. Saipov to New Jersey
a year ago, but after the family
arrived in Paterson, a baby boy
was born.
The family lived in a secondfloor apartment in a residential
section of the city, which is
home to the nation’s secondlargest Muslim community. The
town draws many Muslim immigrants who are seeking the
support of others in finding
work and making a life in the
U.S., said Ramy Elhelw, 30, a
member of the neighborhood
Omar Mosque.
Neighbor
Altana
Dimitrovska, said she often saw Mr.
There were no ratings or
feedback on him to indicate he
was a bad driver and passed
their standard background
check, the spokesperson said.
Workers at Valvoline Instant
Oil Change in Clifton, N.J. remember Mr. Saipov coming in
for oil changes since July.
His last service was Oct. 13.
Jardae Figueroa, a senior technician there, said Mr. Saipov
was friendly and chatted with
him about football. “I saw the
news and thought, that’s crazy,
I just serviced his car,” he said.
One year ago Mr. Saipov
first began formulating a plot
for an attack, according to the
FBI complaint. He settled on
using a truck, which has become the preferred method for
recent ISIS-inspired attacks
against the West.
His mission ended Halloween afternoon on Manhattan’s
West Side Highway when he
entered a bike path and
pressed the gas pedal on his
rented Home Depot truck, aiming for cyclists and pedestrians.
—Zolan Kanno-Youngs,
Shibani Mahtani, Lisa
Schwartz, Jim Oberman, Greg
Bensinger, Paul Berger, Leslie
Brody and Quint Forgey
contributed to this article.
settes are cool again, particularly with listeners raised on
earbuds and streaming music.
Sales are small but rising, according to Nielsen Music data.
The founders of Burger Records, an independent label
run from a Southern California
strip mall, grew fond of the
cassette format a decade ago
when their band, Thee Makeout Party, was touring in a van
equipped with a cassette deck.
The band had copied records
to cassettes so they would
have tunes to play on the
road. They decided to sell
their own music on cassette.
Burger has sold some
500,000 copies of about 1,000
different releases on cassette,
ranging from new bands to reissued albums by Green Day
and Weezer. Other labels
chuckled at first. “When they
realized they could make a
buck or two on these things,
they started doing it themselves,” says Burger cofounder Sean Bohrman.
Nostalgia and analog chic
aside, cassettes solve two dilemmas: the high cost of making vinyl records and getting
fans to buy digital downloads,
particularly when bands are
touring. A hundred cassettes
packaged with download coupons can be made in a few
weeks for a few hundred dollars, compared with months
and thousands of dollars for
vinyl. They often sell at retail
for as little as $5 each.
“Plus, tapes fit in your
breast pocket, which is pretty
great,” says Mr. Miranda, the
“Hamilton” composer.
National Audio got small
orders from Burger and other
labels. Pearl Jam called. The
Seattle band needed 15,000
copies for a 2011 box set. Metallica wanted 20,000 replicas
of its original demo tape.
Mr. Stepp’s company has
had to rely on repurposed
equipment, including an 80year-old machine built to seal
cigarette packs with cellophane. It was modified to
wrap cassettes. National Audio
has a Noah’s ark of spare parts
to keep what Mr. Stepp calls
its “orphaned” gear running.
“It’s the finest equipment
the 1960s has to offer,” he
says. When his supplier in
South Korea stopped making
tape in 2014, Mr. Stepp bought
everything that was left.
Tape-making is complicated. The process includes a
finely calibrated slurry of metallic particles and polyurethane, miles of Mylar, 48 feet
of ovens, a small amount of
radioactivity and a very precise slicer. Employees broke an
elevator while hauling in a
4,600-pound component that
squeezes tape to a shine.
Mr. Stepp hopes to ship the
first cassettes made with the
new tape by January. He is
working the phones to promote the new product and
take orders. Mr. Stepp says he
treats every customer alike.
“You never know who you’re
dealing with or who that person will become,” he says.
Uber driver
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | A11
OPINION
THE WEEKEND INTERVIEW with Johnny C. Taylor Jr. | By Allysia Finley
C
Washington
harter schools are the
“polite cousins of segregation,” in the words of
Randi Weingarten, president of the American Federation of Teachers. Last year the
National Association for the Advancement of Colored People called
for a moratorium on charters. Film
festivals are screening “Backpack
Full of Cash,” a pro-union documentary narrated by Matt Damon
that portrays charters as separate
and unequal institutions.
Pushing back against these invidious attacks is the Thurgood
Marshall College Fund, an organization that represents 47 historically black schools. “We cannot afford this kind of issue-myopia in
our society,” the fund’s president,
Johnny Taylor, wrote in a syndicated op-ed this fall. “If the
NAACP continues to reject the educational opportunities school
choice provides them, they risk becoming irrelevant—or worse—an
enemy of the very people they
claim to fight for.”
Only 35% of students earn
bachelor’s degrees in six
years. Why? Because
traditional public schools
failed to prepare them.
Mr. Taylor will step down next
month after a seven-year tenure
during which he has relentlessly
promoted charters as a lifeline for
black students and a pipeline for
historically black colleges and universities, or HBCUs. On the heels of
the fund’s 30th-anniversary gala
last week, Mr. Taylor sat down in a
Washington hotel to chat about the
challenges HBCUs face and why he
thinks parental choice—he doesn’t
like the term “school choice”—is a
solution.
First on the syllabus is a short
history of HBCUs, which were established during the Jim Crow era
to educate blacks who were then
barred from many colleges and
universities.
The Higher Education Act of
1965 authorized federal aid to
HBCUs, a program known as Title
III. But as states reduced their support two decades later, tuition at
public HBCUs was rising. The Thurgood Marshall College Fund was
formed in 1987 to provide scholarships to students attending public
HBCUs. (Its counterpart for private
HBCUs is the United Negro College
Fund, established in 1944.)
Lately HBCUs have been struggling with enrollment and recruitment because they no longer have a
“captive market,” as Mr. Taylor
says. Over the past 40 years, the
higher-education landscape has significantly changed as more schools
have sought to diversify their student bodies. In 1977, 35% of black
college graduates received bachelor’s degrees from HBCUs. By 2015
that had declined to 14%.
Other schools are now offering
generous financial aid and superior
facilities to recruit black students,
while the demographics of “economically fragile” communities
have shifted. Five of the Marshall
Fund’s members—West Virginia
State University, Bluefield State
College, Lincoln University, Kentucky State University and the
Charles Drew University of Medicine and Science—now enroll more
white than black students.
“Sometimes you have to be careful what you pray for,” Mr. Taylor
says. “You wanted diversity, and
guess what happened? You got diversity. We have two schools in
Missouri, Harris-Stowe State University and Lincoln University of
Missouri. Well, while people are
screaming bloody murder for the
University of Missouri to be more
diverse, guess where it’s going to
get its students? It’s cannibalizing
our campuses.” Here in the nation’s
capital, he adds, “Georgetown is
going to Howard to pick off their
best students.”
Thus HBCUs tend to educate predominantly low-income populations, while well-to-do and bettereducated black students attend
more-prestigious schools. That
makes it harder for HBCUs to raise
money for scholarships and campus
improvements. Mr. Taylor says he
donates to his alma mater, Florida’s
University of Miami, which is not
an HBCU: “All of my money goes to
Miami. I have no reason to give it
to Howard. I didn’t go to Howard.”
A related challenge is low retention. Just 35% of HBCU students
graduate in six years, compared
with about 60% for all colleges. At
seven HBCUs, less than 20% of
black students earn a bachelor’s degree in six years.
The root problem, Mr. Taylor explains, is that traditional public
schools are failing to prepare students. In “economically fragile”
communities, many low-income
students graduate from high school
without basic literacy, and those
admitted to HBCUs often need remedial classes. That presents
HBCUs with a dual challenge.
“When you show up to my college,
I’m in trouble and you’re in trouble,” Mr. Taylor says. “I can’t get
you through, and the feds are holding me accountable for graduation
rates. And you’re frustrated because you feel like you were
shafted for 12 years by the secondary-school system—and you were.”
Charter schools, he says, can do
better, which would help HBCUs
succeed in turn. Many charter networks, such as the Knowledge Is
Power Program (often called KIPP),
have placed a special emphasis on
ensuring that their students finish
college. Overall, only 9% of students from low-income families
earn college degrees within six
years; the rate for many major
charter networks is three to five
times as high.
The dapper and upbeat Mr. Taylor attributes his personal success
to having attended a magnet public
school—a charter prototype—in
ZINA SAUNDERS
Why Black Colleges Need Charter Schools
Fort Lauderdale, Fla. “I can tell you
now where everyone else in my
neighborhood ended up and where
I ended up, because I was bused
out of my neighborhood,” he says.
“My mother wanted me to get a
better shot than my public school
and my neighborhood.”
Thus Mr. Taylor takes the opposition to such opportunities personally: “The notion that someone
sitting at the NAACP’s headquarters in Baltimore could take that
choice away from my mother is
unacceptable.”
H
e adds that “I don’t suggest
that charters or vouchers or
any of the other options are
the panacea.” But he insists that if
“you know that the traditional public school system is failing your
children, to say, ‘I’m not going to
do anything but pour more money
into something I know is not working,’ should be criminal. And I
know that’s a strong word—but it
should be criminal because you are
stealing children’s lives.”
Several HBCUs have set up charters of their own, which serve as
prep schools. “Howard University
has a charter school, and the idea
is to expose students to Howard
University much earlier in their educational life cycle,” Mr. Taylor
says. “Nine or 10 of our schools actually operate charters. You have
K-12 kids walking onto a college
campus every day. So they can envision college as a real option.”
But Americans still need convincing. A poll earlier this year by
Education Next showed that public
support for charters had dropped
over the preceding 12 months, to
39% from 51%. Mr. Taylor attributes
the decline in part to the deceptive
claim by teachers unions that charter schools are private. They aren’t:
Charters are public schools free
from union control and under independent management.
But poor communication by education reformers hasn’t helped. “I
don’t like the term ‘school choice,’ ”
Mr. Taylor says, “because schools
don’t choose children. I believe in
‘parental choice.’ That is a far better phrase. Schools don’t choose
children, because if that’s the case,
then it buys into this notion that,
‘Well, the kids that I don’t want,
I’m not going to accept into my
school. I’ll leave them at the public
school.’ ”
In the District of Columbia, Mr.
Taylor has witnessed firsthand how
charter competition impels improvements at traditional public
schools. Similarly, he hopes increased competition for black college students will make “the entire
HBCU sector step up and respond.”
As an example of that competition he points to Georgia State University, which takes “Pell Grant-eligible kids and graduates them at
double the rate of everyone else.
The kids are coming out of school
faster and with significantly less
debt . . . and they have good jobs—
relevant jobs to industry.” He believes HBCUs like Clark Atlanta
University will have to improve to
prevent the likes of Georgia State
from poaching recruits. North Carolina A&T State University, an
HBCU, has boosted its STEM curriculum to compete with nearby
Duke and the University of North
Carolina.
One impediment to progress, not
unique to HBCUs, has been institutional inertia, Mr. Taylor says.
Many colleges and faculty have resisted tailoring their curricula to
the workforce needs of businesses.
So even though companies aggressively recruit minorities, candidates graduate ill-equipped for
jobs.
“Just because you finished a
master’s degree,” Mr. Taylor says,
“if what you learned in your curriculum was not rigorous or relevant, then Silicon Valley looks at
you and says, ‘Well, that’s interesting that you have a degree, but it
doesn’t work for us. You’re not
prepared to do anything.’ ” Faculty
at HBCUs need to understand, he
adds, that “your syllabus is not totally yours; it has to be a partnership between industry and you the
professor.”
The conversation turns to what
the Trump administration can do
to help HBCUs. Mr. Taylor’s priority
is infrastructure: “I’m not necessarily talking bricks and mortar. The
most important investment in
HBCUs has to be technology—wiring these campuses and positioning
them to compete in the 21st century. I don’t need a larger Office of
Civil Rights.”
His other request is simple:
“Talk with us, learn our community.” Mr. Taylor says “I can’t help
myself” from pointing out that the
Obama administration “made too
many decisions for HBCUs without
talking to HBCUs.” He cites the decision in 2012 to reduce eligibility
for Pell Grants to 12 semesters
from 18. “People say that ‘anybody
should finish in six years.’ Yes, if
that ‘anybody’ had 12 years of solid
K-12 education.”
He says the early signs from the
Trump administration are promising. While Education Secretary
Betsy DeVos in February clumsily
referred to HBCUs as “pioneers” in
school choice, she quickly clarified
her remarks and has since made
numerous overtures. She gave a
May commencement address at
Florida’s Bethune-Cookman University and in August met privately in
the Sunshine State with several
HBCU leaders.
L
ast month, Mr. Taylor says, he
got wind that the Education
Department was preparing
changes to Title III’s funding formulas that could cost HBCUs $100 million. “To their credit,” he recalls,
“we sent a letter to Secretary DeVos
on a Wednesday. Friday she convened a meeting of all of the heads
of the HBCU advocacy organizations
and announced she was going to
grandfather all of the HBCUs in.”
He acknowledges that “I don’t
think that we’re going to get some
huge appropriation of cash, because it’s a conservative movement.” Still, “I’m optimistic about
HBCU issues.”
How does he respond to staff
and students who object to engagement with the GOP and the Trump
White House? “More than half of
our HBCUs sit in Republican congressional districts,” he says. A
large majority are in states with
GOP legislatures, governors or
both. In other words, Republicans
hold the purse strings. “If your
budget comes from the federal government and the state government,
not talking to them is a bad idea,”
Mr. Taylor says.
“We are nonpartisan,” he emphasizes before rushing off to give
a keynote speech on criminal justice at the Charles Koch Institute’s
Advancing Justice annual summit.
“I hope we all start thinking:
What’s in the best interest of the
kid? If we let that be sort of our
compass, our guiding light, then
you don’t care what the union
wants. You don’t care about what
the NAACP wants.”
Ms. Finley is a Journal editorial
page writer.
In Utah, the Federal Government Puts Prairie Dogs Over People
In
southwestern
Utah, federal regulations are artificially pitting people against prairie
dogs—to neither’s
benefit. There are
CROSS
about 80,000 Utah
COUNTRY
prairie dogs in the
By Mike Lee
region, and the
and Jonathan
species is listed as
Wood
threatened. State
biologists would
like to move the creatures from
backyards and playgrounds to public
conservation lands, but that’s forbidden under federal rules. The result of the regulations has been conflict but little progress toward
lasting recovery for the species.
For years, towns like Cedar City
have been stuck in what Greg Sheehan, principal deputy director of the
Fish and Wildlife Service, has called
“a quagmire of federal bureaucracy.”
Washington’s heavy-handed regulations make it a crime for these
Utahns to do things that the rest of
us take for granted, like building
homes in residential neighborhoods
or starting small businesses. Cedar
City can’t even protect its playgrounds, airport and cemetery from
the disruptive, tunneling rodent.
Tired of being ignored, local residents banded together to form People for the Ethical Treatment of
Property Owners. The group, represented by the Pacific Legal Foundation, filed a lawsuit in 2013 arguing
that the federal regulations were
unconstitutional. Where did Congress get the power to pass such intrusive rules? Whenever this kind of
question arises, the stock answer is
the Constitution’s Commerce Clause,
which allows lawmakers to regulate
commerce “among the several
States.” But this species of prairie
dog is found only in Utah, and it has
no conceivable connection to interstate commerce.
In 2014 a federal district court
agreed, striking down the regulations
as unconstitutional. “If Congress
could use the Commerce Clause to
regulate anything that might affect
the ecosystem (to say nothing about
its effect on commerce), there would
be no logical stopping point to congressional power,” wrote Judge Dee
Benson.
As the residents of Cedar City
cheered, the state of Utah began
work on a plan that would be better
for people and prairie dogs alike.
The central component was for biologists to relocate the rodents to
lands where they could be permanently protected.
Conflict gave way to real conservation. In 2010 the prairie dog population had been estimated at
40,000, but the figure has since
doubled, providing the highest
count since surveys began in the
1970s. “It was a win-win for everyone,” Mr. Sheehan said this summer,
when he was still head of the Utah
Division of Wildlife Resources. “Local communities, local governments,
and private landowners were happy.
And Utah prairie dogs have never
done better.”
Sadly, this proved to be only the
beginning of the story. The federal
government appealed Judge Benson’s
ruling, arguing that the Commerce
Clause could be stretched to reach
noneconomic activities that affect
any species. This summer, the 10th
U.S. Circuit Court of Appeals overturned Judge Benson, putting the restriction on moving prairie dogs back
The question for the U.S.
Supreme Court is whether
protecting rodents counts
as ‘interstate commerce.’
into place. Once again it is a crime
for state biologists to do what is best
for the species.
In its ruling, the appeals court
embraced a theory of federal power
beyond any the Supreme Court has
ever accepted. It held that if Congress adopts a “comprehensive
scheme” to address some issue,
then any regulation that furthers
that purpose is constitutional under the Commerce Clause, even if it
is unrelated to commerce. Were
that theory to prevail, there would
be no limit to what Washington
could regulate.
But People for the Ethical Treatment of Property Owners did not
give up. In September, the organization filed a petition asking the Supreme Court to hear their case. We
urge the justices to do so, not only
to restore the state conservation
plan but also to vindicate constitutional limits on federal power. This
week, 23 states, led by Utah, filed a
friend-of-the-court brief calling for
the justices to take the case.
Utah’s two senators—Mike Lee
(one of the authors here) and Orrin
Hatch—have introduced a bill called
the Native Species Protection Act.
It would reform the Endangered
Species Act and return to states the
responsibility of protecting animals
found in only one state and having
nothing to do with interstate commerce. The bill calls on Congress to
respect and abide by the Constitution’s limits, to restore Utah’s ability to pursue real recovery of its
prairie dogs, and to give other
states the same opportunity.
As Utah has shown, states are
well equipped to protect threatened
species. State biologists and officials
have more local knowledge and are
more accountable than far-off regulators. The Supreme Court and Congress should restore federalism to
its rightful place and enforce the
Commerce Clause’s intended limits.
Utah’s prairie dogs and countless
other species depend on it.
Mr. Lee, a Republican, is U.S. senator from Utah. Mr. Wood is an attorney with the Pacific Legal Foundation.
Notable & Quotable: Realtors and Homebuilders
Peter J. Wallison and Edward J.
Pintowriting at RealClearPolitics.com,
Nov. 1:
Two powerful lobbying groups
that advertise themselves as helping
Americans buy homes have announced that they will oppose the
Republican tax plan. Their reason?
Because it will lower housing
costs. . . . For years, the National Association of Realtors and the National
Association of Home Builders were
strong supporters of Fannie Mae and
Freddie Mac, two government-backed
mortgage companies, because (they
argued) the government subsidies
these firms received would create affordable housing for the middle class.
. . . The real rationale, as they have
now made clear, is that Fannie and
Freddie’s policies drove up housing
prices, thereby increasing their members’ profits.
When the Republican tax plan
made them choose between helping
the middle class to buy homes and reducing their members’ profits, they
chose profits. . . . If large numbers of
taxpayers use the new—and much
higher—standard deduction in the Republican plan, they will not be eligible
to use the mortgage interest deduction in calculating offsets to the cost
of the home. . . . A bigger and more
costly home will not necessarily mean
a bigger tax deduction. Accordingly,
the Realtors and homebuilders would
suffer a reduction in profits.
The same thing is true for the
state and local tax deduction, which
applies to local property taxes.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
D
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Trump’s Pacific Strategy
Now Isn’t the Time for a Presidential Pardon
onald Trump’s visit to East Asia next leadership on security issues, as next week’s
week is the most important trip of his trip should confirm. Congress agreed in SepPresidency so far, and the most impor- tember to boost defense spending, and the U.S.
tant Asian trip by a U.S. PresiNavy is conducting freedom of
Next week’s trip is
dent in more than a decade.
navigation operations with
His meetings and speeches will crucial for showing U.S. greater regularity to contest
send a message, for good or ill,
China’s illegal claims to the
commitment to Asia.
about the U.S. commitment to
South China Sea.
meet the challenges of North
The contradiction is Mr.
Korea’s nuclear breakout and
Trump’s withdrawal from the
China’s bid for regional hegemony.
TPP trade pact, which cost the U.S. a key buildSecretary of State Rex Tillerson previewed ing block of a free and open Indo-Pacific. Closer
the Trump Administration’s Asia strategy last economic integration between the U.S. and
month when he called for a free and open Indo- Asian democracies is essential to fostering
Pacific, safeguarded by greater cooperation greater trust. That trust will be further damamong the region’s democracies. He accused aged if Mr. Trump continues to fixate on the U.S.
China of undermining the international, rules- trade deficit. Last month the Administration
based order and practicing “predatory econom- bullied South Korea into renegotiating the Koics” around the region. Mr. Trump will expand rea-U.S. Free Trade Agreement, and Japan faces
on those themes in his speech in Vietnam.
similar pressure.
The goal is to forge a security network among
Asian allies will also watch Mr. Trump’s meetU.S. friends and allies that previously looked to ings in Beijing to see how he presses on North
Washington alone as the guarantor of peace. Korea. So far he continues to flatter President
Japan and South Korea have strengthened ties Xi Jinping, calling him “a very good person” and
in recent years. Japan, Australia and India are tweeting congratulations on his “extraordinary
moving toward a quadrilateral alliance with the elevation” at last month’s Communist Party ConU.S. that could become the cornerstone of the gress. This is naive. Mr. Xi elevated himself, and
Indo-Pacific vision.
he has yet to act decisively to stop North Korea’s
The rationale is obvious. Constraints on U.S. nuclear program.
defense spending limit any military buildup,
The best reassurance for Asian democracies
while China’s military budget continues to grow that Mr. Trump can give next week will be
even faster than its economy. Asia’s Pax Ameri- proof he understands that Xi Jinping’s longcana needs to evolve into a collective defense re- term goal is to push the U.S. out of Asia, and
gime among the region’s democracies.
that the Obama years encouraged Mr. Xi to purSeveral obstacles lie in the way. South Kore- sue that goal more aggressively. The first test
ans are naturally sensitive about cooperation of Mr. Trump’s new Asia strategy will be to
with Japan given their colonial past. India has convince China that its support for North Kodoubts about Australia’s reliability after then rea is backfiring.
Prime Minister Kevin Rudd pulled out of joint exMr. Trump’s message should be that the U.S.,
ercises a decade ago. Asian countries are in- South Korea and Japan will ramp up their milicreasingly reliant on China as a trading partner tary spending and cooperation as long as Kim
and investment source and thus are nervous Jong Un retains his nukes. The U.S. will consider
about offending Beijing.
deploying tactical nuclear weapons on the penMost critically, Asians worry that the U.S. insula. It could also challenge China more dicommitment to the region is shaky. Barack rectly in the South China Sea and increase conObama proclaimed a “pivot to Asia” but didn’t tacts with Taiwan.
deliver resources to match. On his watch the U.S.
The U.S. should not want a confrontation with
lost ground in the region to China, and the threat China, but only the cold logic of national interest
from North Korea grew. Mr. Trump didn’t help will change calculations in Beijing. The Trump
when he entered office questioning why the U.S. Administration’s regional strategy shows prommust defend Asian allies and withdrew from the ise, but it needs the President to show his perTrans-Pacific Partnership (TPP) trade deal.
sonal commitment to America’s presence in the
The Trump Administration has reasserted Pacific.
Anything but Weekends With Mitch
W
hile you were watching other news,
The Senate also confirmed Joan Larsen of the
the U.S. Senate this week made major Michigan Supreme Court to the Sixth Circuit,
progress confirming judges. Credit 60-38. Judges Larsen and Barrett are prime cangoes to Majority Leader Mitch
didates for the Supreme Court
The Senate confirms
McConnell, who threatened to
when the next opening arrives.
make Senators work on the
Allison Eid of the Colorado Sufour more Trump
weekend, including Friday. The
preme Court was approved for
appellate judges.
horror.
the Tenth Circuit, 56-41, and
Chuck Schumer’s DemoUniversity of Pennsylvania law
crats have used every trick to
professor Stephanos Bibas will
delay confirming judicial and executive-branch join the Third Circuit after a 53-43 vote.
nominees, including 30 hours of floor debate for
The Senate has now confirmed eight of Presieven noncontroversial choices. This week Mr. dent Trump’s nominees to the appellate bench,
McConnell called their bluff by declaring he was in addition to Neil Gorsuch for the Supreme
going to hold votes on four appellate-court nom- Court. As Delaware Democrat Chris Coons noted,
inees no matter how long it took. Democrats aghast, on the Senate floor on Thursday, “Four
blinked so they could take off.
nominees in one week, beginning to end. That’s
On Tuesday the Senate confirmed Notre more than the number of circuit court nominees
Dame law professor Amy Barrett for a seat on that were confirmed in the entire first year of
the Seventh Circuit Court of Appeals. She’s the President Obama’s Presidency.”
nominee razzed by Democrats because she
He’s right. Mr. Obama had three. Maybe the
might be, as Dick Durbin put it, an “orthodox Steve Bannonistas should start giving Mr.
Catholic.” The vote was 55-43.
McConnell some political credit.
T
The Stealth-Tax Republicans
he House GOP’s reform proposal for in- if the bill does not deliver on promises of
dividual taxes is a mess, but now we growth and broad prosperity.
learn it also includes a stealthy 45.6%
A second dynamic is that the Trump Adminmarginal tax rate on some
istration is filled with people
The House tax bill
high earners. This dishonest
who feel guilty about driving
surcharge betrays the GOP’s
a Porsche in college (Treasury
has
a
surprise
rate
of
purposes of growing the econSecretary Steven Mnuchin),
omy and simplifying the code, 45.6% on some earners. and don’t want to be perand Republicans ought to kill
ceived as cutting their own
this gift to the left that will be
taxes. Yet it is not a “cut” to
slapped on more Americans when Democrats subject income below the threshold for the top
return to power.
rate to the same rate schedule as everyone else.
The GOP’s tax bill released Thursday col- The point of a progressive tax is to impose a
lapses seven brackets into four—12%, 25%, 35% higher rate only on higher earnings. Somewhere
and 39.6%. But the 12% rate applies to a large back in time the goal was also to make the code
range of income, up to $45,000 for individuals less distorted and easier to understand. The
and $90,000 for married couples. This means surtax defies that simplicity principle.
more of a person’s income is taxed at a lower
This tax ambush reminds us of PEP and
rate, even for folks who earn enough to reach Pease, the deduction and exemption phaseouts
into higher brackets.
that Democrats deployed to increase taxes at
But wait. The Ways and Means bill analysis the top, which the GOP bill repeals. Except the
notes that for high-income taxpayers the bene- clawback is worse. Republicans had already surfit of the 12% rate “would phase out.” For a sin- rendered lowering the top rate, which is the
gle person earning $1 million, and couples who most potent engine for growth in the individual
make $1.2 million, the benefit is phased out by code. Now the GOP is pretending to abandon a
$6 on every $100 of income, until the 12% rate surtax on millionaires while burying the same
relief has been clawed back. A married couple damage in its bill.
would thus face a 45.6% marginal rate on earnBy separating small business income from
ings between $1.2 million and about $1.6 mil- personal returns, Republicans have also enlion. Then the rate returns to 39.6%.
sured the highest rate will never drop. DemoOne ostensible reason for the phase out is crats must be thrilled because the 45.6% “bubthat Republicans are passing around a collec- ble” rate will become the new top rate for
tion plate to “pay for” business tax cuts and sat- everyone once they win back the White House
isfy the Senate’s dysfunctional budget proce- and Congress.
dures. The party may think that the phase out
The Reagan reform of 1986 lowered the top
will raise revenue, but don’t expect the money rate to 28% from 50%, but that has steadily
to materialize in the real world.
crept back up, including the 3.8% ObamaCare
High earners may move their taxable income investment tax the party failed to repeal earlier
around to avoid the penalty. Or they will decline this year. With its new bubble bracket, the GOP
to work or invest on the margin, which is what is repudiating Reagan’s reform and bringing the
creates jobs and lifts incomes. Balancing the top income-tax rate back to 50%. Voters might
budget tables will be a pathetic excuse to voters as well have elected Hillary Clinton.
In “Begging Your Pardon, Mr. President” (op-ed, Oct. 30), David B. Rivkin
Jr. and Lee A. Casey explain that the
major issue involving President Trump
is whether “Mr. Trump’s firing of FBI
Director James Comey might have ‘obstructed’ justice.”
If John Kennedy fired then-FBI Director J. Edgar Hoover because Hoover
was investigating Martin Luther King
Jr., we would applaud Kennedy, not indict him. If Harry Truman fired Hoover
because he did not like Hoover’s investigation of Ernest Hemingway, we
would applaud Truman, not indict him.
If FDR had fired Hoover because he did
not like Hoover’s investigation of Albert Einstein, we would applaud FDR,
not fire him.
Richard Nixon’s alleged obstruction
of justice (and I should know, I was assistant majority counsel to the Senate
Watergate Committee) involved using
hush money to bribe witnesses to be
silent or promising a pardon in exchange for false testimony. There is no
such claim in the current investigation.
RONALD D. ROTUNDA
Orange, Calif.
To cite the pardons issued by Presidents Washington, Lincoln, Ford and
Carter as a basis for a presidential
pardon in the current special counsel’s
investigation is unsupported by the
very facts Messrs. Rivkin and Casey
cite as justification. In each of the
cases they outline, the presidential
pardon was issued to unrelated third
parties, not as it would be in the present case to members of the president’s
family, inner circle or even more outrageously the president himself. As
their opinion piece points out, in each
case, the pardons issued by Presidents
Washington, Lincoln, Ford and Carter
were for the good of the country, not
for the direct or indirect benefit of the
president and his circle.
ALAN M. EPSTEIN
Wellington, Fla.
We’re trying to find out if someone
broke the law. The authors’ proposal
includes turning the investigation
over to Congress, in part because Mr.
Mueller’s investigation “has been
widely interpreted as partisan.”
Does anyone see the irony here?
One of the reasons Congress enjoys
The primary reason pardons are
an abysmal approval rating in the
dangerous at this stage is that the peo- low teens is because no one trusts it
ple who might be pardoned are percip- to do anything right. Given the
ient witnesses to facts and incidents
choice between an independent coununder investigation. The protections of sel with a sterling reputation or an
the Fifth Amendment are gone for par- inherently politicized, do-nothing
doned subjects, at least at the federal
Congress, I’ll put my money on the
level after a presidential pardon, and
former, as there is little hope for obthe pardoned must truthfully answer
jectivity with the latter.
any questions put to him or her. PresiEDWARD G. WRIGHT
Hamburg, N.Y.
dential pardon’s don’t apply to state
charges.
As for the analogy to Ford and
A pardoned percipient witness to
facts and incidents in the past remains Nixon, I’d just note that Ford pardoned Nixon after he resigned. I think
subject to perjury, obstruction of jusmost of the country would be fine
tice and any related crimes arising in
with a repeat of history like that.
the current investigation.
MATTHEW T. HEFFNER
MICHAEL EDWARDS
La Crescenta, Calif.
Chicago
No Wait for Dr. Google, but What’s He Worth?
Marc Siegel should be happy that
patients can now treat themselves
with Dr. Google’s help (“Dr. Google
Will See You Now,” op-ed, Oct. 30). Dr.
Siegel understands, but too many
don’t understand, that writing a prescription for a patient whether for
their depression or pain doesn’t add
to the value the insurer, Medicaid or
Medicare places on that office visit.
My risk goes up whenever I write
prescriptions for narcotics. I always
thought that my assessment of what
drugs are appropriate had some value.
Now the lawyers are waiting to sue for
undertreatment or overtreatment. The
DEA is drooling in the wings, hoping I
will write a prescription for one too
many pills for my noncancer patients.
I have personally taken narcotics for
multiple cancer and lumbar surgeries
and never got addicted nor had withdrawal symptoms. To read the head-
lines today it would appear that most
people who get narcotics become addicted, sell them or give them to
friends and family. I am so looking
forward to Dr. Google, Dr. Amazon and
Dr. Facebook assessing the symptoms,
writing and filling the prescriptions,
and seeing how the opioid crisis
evolves.
MICHAEL P. CARTER, M.D.
Savannah, Ga.
If you don’t like how you feel, get a
treatment. Treat depression, anxiety,
obesity, loneliness, insecurity, hopelessness, incurable cancer, pain, abuse
or neglect with a substance. Life is rife
with disorders. Acceptance, honesty,
self-coping and support change the
way you feel. Substances mask how
you feel.
DAVID B. GILBERT, M.D.
Fayetteville, N.C.
Race-Based Affirmative-Action Admissions
Regarding John Katzman and
Steve Cohen’s “Let’s Agree: Racial
Affirmative Action Failed” (op-ed,
Oct. 27): Collectivist identity politics
is systematically destroying the educational establishment (see “The
Weekend Interview with Jonathan
Haidt: The Cultural Roots of Campus
Rage,” April 1) to the benefit of no
one, save the power holders and
seekers. Justice Sandra Day O’Connor’s opinion in Grutter v. Bollinger
was essentially an exercise in soft
bigotry. If government-sanctioned,
race-conscious decisions have expanded into selective ethnicitybased, fluid gender-based bigotry, it
must be a manifestation of white
privilege or white supremacy after
all. Will focusing on class or poverty
be successful? Not likely.
PHILIP MELITA
Charlottesville, Va.
Halloween Skeleton Horses
Shouldn’t Have Ears of Bone
Regarding “No Bones About It:
Animal Skeletons Are Hot for Halloween” (page one, Oct. 31): I can
understand that pet lovers are buying animal skeletons for Halloween,
but I have one “pet” peeve. All of
these animal skeletons have ears!
This is an affront to my sensibilities.
Several acquaintances have made the
same observation and are equally
appalled. My daughter is a small-animal emergency-room veterinarian.
She currently owns an actual dog
skeleton head named Clifford, and
an anatomically correct plastic cat
skeleton named Celeste that she
keeps year-round in her apartment.
Neither has ears.
NORM DICK
Fairfield, Conn.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
When affirmative action in education began it not only paved the way
for more blacks in colleges, graduate
schools and professional careers, it
also encouraged many predominantly
white, private high schools to include
more minorities.
WAYNE E. WILLIAMS
Camden, N.J.
The real damage of the affirmative-action policies is to the perception of all parties involved. Many
nonminority students assume that
the minority students aren’t as academically astute, and the minority
students have to wonder if their
achievements are legitimate. A
strictly race-based handicapping system diminishes everybody’s accomplishments.
DAVE VOSS
Rockford, Ill.
Can we agree that so-called “legacy admissions” should also be abolished as being contrary to an effective and equitable process for
admitting a diverse and imaginative
class of students?
STEVEN GREENFIELD
Baldwin, N.Y.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“Have you tried skipping?
A skip around the block
always cheers me up.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | A13
* * * *
OPINION
DECLARATIONS
By Peggy Noonan
I
New York
n 2001 I thought it would be a
suitcase bomb, a homemade
nuclear device, not airplanes
going into buildings. I’d felt
something coming, had written of it, but that day, amid all the
grief and carnage, I felt a lurking relief. I’d feared worse—tens of thousands gone, parts of the city rendered uninhabitable.
I feel a version of that relief now,
after Tuesday’s truck attack downtown, within the shadow of the Freedom Tower. Barely three hours later,
on Lexington Avenue from the 90s
through the 70s, the streets were
crowded with kids and parents out
for Halloween. The mood was not a
Terrorists are much weaker
than we feared in 2001.
And sexual harassers are
suddenly more vulnerable.
sag-shouldered “This is the new normal,” but a collected sense of “We
can handle this.” There was an air of
gallant enjoyment. It made the emotionalism of the mayor’s remarks—
“We will not be cowed”; “This action
was intended to break our spirit”—
seem both hyped up and rote, and
appropriate to another time.
Yes, ISIS is here; yes, this will
happen again, and security is appropriately high for this weekend’s marathon. But it’s obvious, and has been
for some time, that we’re in a different moment, a different part of the
battle. For months and then years
after 9/11, we feared al Qaeda would
hit us again, harder. Sixteen years
later what we see is a series of single, random-seeming acts by weak,
stupid, highly emotional men who
read propaganda sites and become
excited in the way of the weak, stupid and highly emotional. Their attacks are low-tech, limited.
Graeme Wood had a smart piece
for the Atlantic hours after the attack. “The details strongly suggest
that the man was a complete idiot,”
Mr. Wood wrote of the suspect, Sayfullo Saipov. “I harp on Saipov’s apparent stupidity for one reason: As
long as Islamic State’s attackers are
idiots like Saipov, our societies can
probably handle them. . . . The Idiots’
Crusade is a manageable problem.
Much less tolerable would be a campaign of competent terror—the kind
of mayhem enabled by training, like
the 2015 Bataclan killers in Paris had,
or by patient planning, as Stephen
Paddock in Las Vegas did.”
Continued vigilance is in order: “As
Islamic State loses territory, the greatest danger remains the prospect that
some of the battle-hardened fighters
will return home, raising the average
IQ of attackers, and making possible
attacks that would be many times
more deadly than this one.”
The bad guys now seem incompetent. But the bad guys will never go
away, and it is to the deep and everlasting credit of U.S. law enforcement,
especially the New York City Police
Department, that they have been so
contained. Some day they’ll hit us
hard again, so no relaxation of efforts
is possible. But right now it feels
more like Britain’s long struggle with
the Irish Republican Army than an existential threat, and we must be
thankful when feelings improve. This
was my small epiphany Tuesday night
as I moved among people dressed as
bumblebees, Pharaohs, Godzilla and
an angel with black wings. I liked the
gallant enjoyment. I shared it.
KENA BETANCUR/GETTY IMAGES
Finding Relief on the Streets and at the Office
Near the scene of the terror attack in New York City, Oct. 31.
Here we shift to another thing that
has changed, this one permanently.
Before it goes away as a regular
front-page story—and it will, because
as Thoreau said, once you’re familiar
with a principle you become less interested in hearing of its numerous
applications—it must be noted that
what has happened the past month
regarding sexual harassment in the
workplace is epochal, a true watershed and long overdue.
The revelations will have a huge
impact, not because men now understand that sexual abuse and bullying
are wrong—they always knew, and
for many the wrongness would have
been part of the enjoyment—but because they now know, really for the
first time, that they will pay a terrible price if their misbehavior is revealed. And from here on in, there’s
a greater chance it will be revealed,
and believed.
The price to be paid was the real
lesson of the past few weeks of resignations and firings. Celebrity abusers
understand the first paragraph of
their obit will now include something
like, “. . . but fell from his position of
power in the sexual-abuse scandals
of the 2010s.”
That there is a price to be paid
will have a deterrent effect. Human
sin won’t stop; harassment will continue—but something important happened here.
In July 2015 New York magazine
put 35 women on the cover who alleged that Bill Cosby had sexually violated them. Until then it had been
a cloudy, amorphous story. Suddenly
it was no longer he-said/she-said:
You saw the faces, read the testimony, and knew what Mr. Cosby really was. A year later Gretchen Carlson, and later others, went up
against Fox News’s Roger Ailes; her
lawsuit was settled for $20 million.
Then came the revelation of the Bill
O’Reilly settlements.
But Black October for sexual harassers began with the New York
Times stories by Jodi Kantor and Megan Twohey on Harvey Weinstein’s
history of abuses and payoffs, followed by Ronan Farrow’s lengthy investigation in the New Yorker, and
then on to other men in show business and the news media.
Something happened. Media outfits
made a commitment—expensive in
terms of resources, personnel and legal costs—to get the story. What they
found was numbers—the sheer number of abusers and the number of accusers who’d testify. They discovered
details that established patterns.
This is all good. And one of the
things that fell is the phrase “everybody knew.” That is now a self-indicting phrase.
I close with a point that may grate
on those who, like me, are glad at
what has happened and wish to see
just revelations continue.
The challenge is to pursue justice
while keeping a sense of humanity.
Human-resources departments terrified of costly lawsuits will impose
more and stranger rules that won’t
necessarily thwart bad guys but will
harass good men. This is the way of
things. Two recent anecdotes: At a
yearly checkup, a male doctor went
through his short list of how to stay
healthy in New York. It included: don’t
stray onto the curb, stay on the sidewalk, keep back from careening trucks
that take a corner too tight and knock
people down. I got it, I said—I take
the arms of cellphone zombies and
guide them a step back to keep them
safe. I’d done it recently with a young
woman. He got a poignant look. “I
can’t do that now,” he said. If he put
his hand on a strange woman’s arm, it
might be misunderstood.
I was told the other day of a news
executive who complimented his coworker on her boots. He was later
taken aside by a colleague: You can’t
talk like that now! He hurriedly called
the woman and apologized: He meant
no offense, didn’t mean to sound leering. She said: Are you kidding? I knew
it was a compliment, no offense at all.
That was human. Common sense
is better than antihuman edicts.
It’s good the pendulum has swung.
You want it to hit the bad guys hard,
and leave the good ones untouched.
What John Kelly Got Right About Robert E. Lee
By Jay Winik
R
obert E. Lee is back in the
news thanks to White House
Chief of Staff John Kelly. In a
Fox News interview Monday, Mr.
Kelly called Gen. Lee “an honorable
man” and observed that “men and
women of good faith on both sides
made their stand where their conscience had made them stand.”
Mr. Kelly has a point. It is worth
remembering that Lee, who has
lately been painted as a traitorous
caricature, embodied in countless
ways the poignancy and tragedy of
the Civil War. It would be a gross
misfortune if the political debate obscures his story.
The Confederate general
embodied in countless
ways the poignancy and
tragedy of the Civil War.
Lee’s lineage was impeccable. His
father was Henry “Light-Horse
Harry” Lee III, the celebrated Revolutionary War general and close
friend of George Washington. Lee
himself descended from two signers
of the Declaration of Independence,
and his wife, who later became an
ardent Confederate, was none other
than Mary Custis, a great-granddaughter of Martha Washington and,
through adoption, of George Washington himself.
Lee agonized over whether to
fight for the Confederacy. As war
loomed, Abraham Lincoln offered him
command of the new Union Army, a
position he had always coveted. Despite being an avowed Federalist who
longed for compromise to save the
Union, Lee, like so many others, gave
in to the permanency of birth and
blood. “I cannot raise my hand
against my birthplace, my home, my
children,” he wrote a friend, “save in
defense of my native state.” Instead
he became the commanding general
of the Confederate armies, while predicting that the country would pass
“through a terrible ordeal.” He was
right.
Still, he was never much of a
hater. Like Lincoln, more often than
not Lee called the other side “those
people,” rather than “the enemy.” Nor
was it clear that he loved war itself.
“It is well that war is so terrible,” he
once said, “or we should grow too
fond of it.” With words that could
have been uttered by Lincoln, Lee
talked of the cruelty of war, how it
filled “our hearts with hatred instead
of love for our neighbors.”
Nor was he fond of slavery, once
describing it as “a moral and political evil.” True, he did benefit from
slavery. But in 1863, one day after
the Emancipation Proclamation took
effect, Lee went a step further than
Thomas Jefferson ever did and freed
his family slaves, fulfilling the
wishes of his father-in-law, George
Washington Parke Custis. And in
1865, as the Confederacy stood on
the throes of destruction, Lee supported a dramatic measure to put
slaves in uniform and train them to
fight, which would have effectively
emancipated them.
Upon the conflict’s close, Lee
gave a forceful interview to the
New York Herald in which he
strongly condemned Lincoln’s assassination and claimed that the
“best men of the South” had long
wanted to see slavery’s end. Later
he declared, “I am rejoiced that
slavery is abolished.”
Arguably his most powerful statement about race relations came at
war’s end in St. Paul’s Church, the
congregation of the Richmond elite.
To the horror of many of the congregants, a well-dressed black man
advanced to take communion, and
knelt down at the altar rail. The
minister froze, unsure what to do.
Lee knelt down next to the black
man to partake of the communion
with him.
Finally, Lee’s greatest legacy was
not in war, but in peace. Lee went to
great pains to heal the bitterness
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Robert Thomson
Chief Executive Officer, News Corp
Gerard Baker
Editor in Chief
William Lewis
Chief Executive Officer and Publisher
Matthew J. Murray
Deputy Editor in Chief
DEPUTY MANAGING EDITORS:
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett,
Washington; Andrew Dowell, Asia;
Christine Glancey, Operations;
Jennifer J. Hicks, Digital;
Neal Lipschutz, Standards; Alex Martin, News;
Shazna Nessa, Visuals; Ann Podd, Initiatives;
Matthew Rose, Enterprise;
Stephen Wisnefski, Professional News
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
WALL STREET JOURNAL MANAGEMENT:
Suzi Watford, Marketing and Circulation;
Joseph B. Vincent, Operations;
Larry L. Hoffman, Production
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
Kristin Heitmann, Transformation;
Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
that cleaved the country after Appomattox. When Lee surrendered to
Ulysses S. Grant, in arguably one of
the most moving scenes in American
history, the military situation remained quite perilous. The war was
still raging. Jefferson Davis, the Confederate president, was on the run,
calling on Southerners to take to the
hills and wage guerrilla warfare.
This at a time when there were still
three Confederate armies, and hatreds between North and South were
at their peak. Lincoln was assassinated five days later. Had the South
undertaken guerrilla warfare, it’s
more than likely the U.S. would have
broken up into two countries.
At Appomattox, Lincoln and
Grant gave generous terms to the
South, paving the way to reconciliation. But they found a willing partner in Lee. Neither a citizen of the
Union he once loved nor of the Confederacy that ceased to exist, Lee
publicly rejected the idea of a guerrilla struggle.
Most important, by April 1865 he
no longer spoke of the Confederacy
as “we” or “our country.” Now he
spoke as a U.S. citizen, thereby forging the path to a reunited country.
For this reason when there were
cries to try Lee for treason, Grant
vigorously opposed them.
What would Lee have thought of
recent events? He might have supported the moving of his own statues. In 1869 he was invited to participate in a ceremonial meeting of
officers at Gettysburg, Pa., to commemorate the battle there six years
earlier. He declined, writing: “I think
it wiser . . . not to keep open the
sores of war but to follow the examples of those nations who endeavored
to obliterate the marks of civil strife,
to commit to oblivion the feelings engendered.”
The debate will surely continue
over whether to move the Confederate monuments out of public view,
as it will over whether to rechristen
spaces bearing the names of Jefferson, Andrew Jackson, Woodrow Wilson and even Washington. Where
will it end? Robert E. Lee’s story
should serve as a reminder that the
past is more nuanced and complex
than the current political debate
suggests. It is important to take
public sentiment into account, but
not at the expense of ignoring or
perverting history.
Mr. Winik is author of “April
1865” and “1944” and historian-inresidence at the Council on Foreign
Relations.
Social Media Is the Trump of Industries
Let’s start with
some crackpot predictions. The Mueller investigation
will quietly wind
down rather than
proceeding to some
BUSINESS
greater climax. Like
WORLD
James Comey beBy Holman W.
fore him, Robert
Jenkins, Jr.
Mueller has a distinct interest in
leaving some rocks unturned.
Vladimir Putin railed last week
against those “using the internet
and the information space for criminal purposes.” This was interpreted
in some quarters as a threat of further cyberaggression against the
West. It may signal the opposite: arrests and crackdowns aimed at reining in Moscow’s hacktivists. Mr. Putin’s overwhelming priority is
intimidating Russian civil society
into acquiescing to his manipulated
re-election early next year. Now he
wants stability and improved U.S. relations. The predictions of a fresh
Russian hacking onslaught aimed at
the 2018 midterms and 2020 presidential race may turn out to be
wrong.
Congress turned its fibrillating attention this week to Russian activity
on U.S. social media. Russia’s attempt
to propagandize in our election may
be a lot of things, but it was hardly
unprecedented. Read Joseph Conrad’s
“The Secret Agent” about active
measures in the Czarist era. Soviet
defector Stanislav Lunev estimates
the Kremlin invested $1 billion in the
Vietnam peace movement. It spent
tens of millions (in today’s dollars)
subsidizing the U.S. Communist Party
and its publications from the 1920s.
It bribed journalists around the
world to plant pro-Soviet stories in
the local press.
In contrast to President Obama’s
agonizing over whether to call out Mr.
Putin in the run-up to the 2016 vote,
the State Department in the 1980s
routinely published compendiums of
Russian “active measures” in the U.S.
Hits included a forged letter peddled
to the Washington Post from the U.S.
Information Agency supposedly detailing its efforts to exaggerate the
Chernobyl nuclear accident, a KGBpromoted claim that HIV was cooked
up in a CIA lab, and fake letters from
the Ku Klux Klan to African athletes
at the 1980 Summer Olympics.
Don’t like Twitter,
Google and Facebook?
Tar them with the
Russia brush.
Twitter, Google and Facebook’s
business model of letting the public
have its diverse, antic, usually misinformed and often dishonest say
about public matters is something
new under the sun—and like all
things that exist under the sun, can
be used for good or ill.
At the same time, only 85-yearold senators are wowed by a report
that 135 million Americans were exposed to Russia-sponsored Facebook
ads and messages over a 32-month
period. Facebook delivers 517 million
ad impressions per hour. User posts,
messages, photos and shared links
pile up at a rate of three million-plus
per minute. The average American,
from all sources, is estimated to see
upward of 5,000 ads or branding
messages each day.
A free society is a tempting target
for authoritarian propaganda, but
there’s a flip side: If you’re a political
party, think tank, do-good organization or government agency worried
about fake news, Facebook is an excellent way to fight back. Facebook
was pilloried recently because its algorithms let advertisers market their
wares self-identified “Jew haters.”
Who says those buying such ads
aren’t targeting these head cases
with corrective messages?
The problem of the public mind
being shaped by false or undesirable
information is a fact of life, not an
excuse for a federally sponsored social-media censorship scheme that
wouldn’t work anyway.
An education system that taught
critical thinking, rather than crybaby
victimhood, might help. The responsible media have a role—which
they’ve been abdicating lately—in
helping the public distinguish valid
statements from invalid ones. Imagine if reporters and editors were
trained to vet their reasoning as
carefully as they do their facts?
American journalism would be revolutionized.
There’s another angle to talk
about. The U.S. has been cursed
lately with close elections, heightening concerns about everything from
our ability to count votes accurately
to election fraud, fake news and
even the peculiarities of the Electoral College itself.
It’s irresistible to theorize, in
such circumstances, about tiny inputs having large effects, as with
Mr. Trump’s flukish electoral win in
the upper Midwest. This makes life
easy for Democratic propagandists
who wish to paint Mr. Trump’s victory as a Russian plot. It makes life
easy for rivals and rent-seekers of
Google and Facebook who have
tried and failed for years to convince politicians to regulate the internet giants in ways convenient to
the complainers.
Yelp does not give two hoots
about Russia. Yelp’s problem is having to compete with Google in providing online reviews while depending on Google for traffic. News
stories incriminating Google and
Facebook for transmitting “fake
news” are written by reporters
whose amour propre is offended by
fake news nearly as much as their
paychecks are undermined by it.
Bottom line: Skepticism is an
endlessly useful quality to cultivate.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
SPORTS
GOLF
Trump’s Mystery
Round of 68
The golf world buzzes over the president’s posted score
FOR MOST OF HIS presidency, Donald
Trump’s golf outings have been shielded
from public view. Though he visits his golf
clubs frequently, the White House rarely
specifies whether he actually played. When
he does tee it up, the quality of his play is
largely left to the public’s imagination.
Then, this week, a rare and remarkable
piece of information emerged: According to
the Golf Handicap and Information Network,
which is maintained by the U.S. Golf Association to calculate each golfer’s handicap, Trump
posted a score of 68 sometime in October.
By any measure, it was a phenomenal
score, particularly for a 71-year-old. Prior to
that, the lowest score listed for Trump on
the GHIN website was a 70 in August of
2013. The 68 lowered Trump’s handicap
from a 2.8, which already put him in the upper tier of American golfers, to a 2.5.
It also became a subject of intrigue
among avid golfers. Though the month and
year of the score is publicly listed, the exact
date is not. Two measures of course difficulty, the course rating and slope, are listed
alongside the score. But the name of the
course is not. And those measures do not
match any of those listed for any course
that Trump was known to visit in October.
A White House official said the score was
not posted by the president or on his behalf,
and was posted when the president was not
at a golf course. The official declined to
comment on whether Mr. Trump did or did
not shoot a 68 at any point in October.
The handicap system is designed to allow
golfers of different ability levels to compete
against each other by measuring one’s performance on any given day relative to their handicap. It is a numerical measure of a golfer’s
potential ability, based on his or her posted
scores. The lower the handicap, the better.
According to the USGA, scores can be
posted either by individuals or by club committee or staff members. But there is no requirement that a golfer post all of his or her
scores. Prior to last month, Trump’s last
posted score was a 77 in June 2016, even
though he has been known to play numerous
times since then.
ANDY BUCHANAN/AFP/GETTY IMAGES
Donald Trump hits a shot at his golf course in Scotland in 2012.
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton
20s
<0
20s
10s
V
Vancouver
0s
C
ary
Calgary
40s
10s
ip
Winnipeg
Seattle
P
d
Portland
Helena
Eugene
50s
30s
Sacramento Reno
Cheyenne
Ch y
L
City
Salt Lake
City
40s
an
n Francisco
San
60s
Los A
Ange
Angeles
San Diego
40s
Boise
40s
40s
80s
20s
30s
70s
T
t
Toronto
p /St
pls
/ . Pau
Paul
Mpls./St.
oux FFalls
ll
Sioux
k
Milwaukee
t
Detroit
l
Buffalo
P
Pierre
es Moines
i
Des
Cleve d
Cleveland
Ch g
Chicago
60s
50s
A bany
Albany
Honolulu
l l
40s
60s
50s
70s
Phil d lph
hi
Philadelphia
h
Omaha
Denver
Spring
p
d
Springfield
80s
P b gh
Pittsburgh
d
p
Indianapolis
hington
gton D.C.
DC
Washington
Miami
90s
U.S. Forecasts
50s
t
Boston
90s
100+
Warm
Rain
Cold
T-storms
Stationary
Snow
Showers
Flurries
70s
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
36 30 pc 34 28 sn
Atlanta
78 61 sh 78 57 pc
Austin
83 68 pc 86 65 pc
Baltimore
58 51 r
68 58 sh
Boise
46 31 r
47 28 c
Boston
52 45 s
59 58 r
Burlington
47 40 pc 56 54 r
Charlotte
72 54 pc 75 56 pc
Chicago
50 47 r
61 36 t
Cleveland
58 55 r
69 53 r
Dallas
87 69 s
90 67 pc
Denver
71 37 pc 55 29 pc
Detroit
52 48 r
65 47 t
Honolulu
87 76 sh 85 73 sh
Houston
86 70 pc 86 69 pc
Indianapolis
64 58 r
70 48 c
Kansas City
59 50 c
60 36 pc
Las Vegas
75 57 c
73 55 pc
Little Rock
81 65 c
80 64 c
Los Angeles
69 60 c
67 56 sh
Miami
85 72 s
86 72 pc
Milwaukee
49 47 r
56 33 sh
Minneapolis
43 38 c
39 24 c
Nashville
77 64 c
79 63 c
New Orleans
82 64 pc 82 63 pc
New York City
57 53 pc 63 61 c
Oklahoma City
81 61 pc 83 45 s
40s
rtford
Hartford
ew York
Y k
New
Ch
h
Charleston
Richmond
h
d
Topeka Kansas
Lou
St.. Louis
L
Lou
Louisville
City
City
gh
h
60s Raleigh
h
Wichita
Ch l tt
60s
Nashville
h ill
Santaa F
Fe
70s Charlotte
Memphi
ph
Memphis
C
b
Columbia
Alb q q
Albuquerque
Ph
Phoenix
Oklahoma City
A
Atlanta
Littlee Rockk
80s
Tucson
gh
Birmingham
D ll
Jackson
Jack
Ft. Worth Dallas
P
El Paso
Mobile
bil
Jacksonville
k
90s
A ti
Austin
80s
Houston
l d
Orlando
ew Orleans
New
Tampa
an Antonio
San
80s
A h g
Anchorage
30s
Montreal
A
g t
Augusta
C
d
Colorado
Springs
p g
Las
Vegas
70s
Ottawa
Bismarckk
g
Billings
20s
40s
30s
30s
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
58
84
59
85
59
52
48
62
70
59
60
68
45
54
59
Today
Lo W
40 c
66 pc
54 pc
61 pc
52 pc
37 pc
41 r
40 r
60 c
44 r
48 r
42 pc
37 r
35 c
54 sh
Tomorrow
Hi Lo W
50 28 pc
83 66 pc
67 62 sh
80 58 s
70 60 r
55 51 r
49 35 r
60 39 c
77 48 t
55 40 r
61 48 c
65 38 s
44 34 sn
43 22 c
68 61 sh
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
57
64
82
89
58
53
58
74
92
48
49
Today
Lo W
43 r
54 t
60 pc
72 pc
34 s
45 pc
40 r
56 s
75 s
36 pc
36 pc
Tomorrow
Hi Lo W
51 41 pc
66 50 s
85 68 s
81 72 sh
58 38 s
52 42 r
48 36 c
74 58 pc
93 75 s
49 35 pc
47 30 s
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
58
62
83
81
59
91
65
87
55
62
87
60
77
57
34
96
60
90
90
69
88
54
60
88
65
70
66
47
40
52
60
Today
Lo W
47 pc
45 r
69 pc
69 sh
52 r
78 t
52 s
57 s
38 r
43 t
78 c
42 pc
51 pc
52 sh
31 pc
77 s
40 r
74 pc
63 s
54 pc
75 pc
37 s
50 c
78 c
61 sh
65 r
51 pc
41 c
33 c
41 pc
43 pc
Tomorrow
Hi Lo W
51 35 r
51 36 r
84 67 pc
79 71 s
61 51 pc
92 77 t
68 52 pc
86 59 s
50 33 pc
62 37 pc
86 80 c
66 48 c
78 50 pc
55 45 t
40 34 c
96 78 s
51 35 sh
84 69 r
88 61 pc
70 53 t
86 77 sh
59 46 pc
64 57 c
87 76 t
66 63 pc
73 70 pc
59 53 s
61 50 sh
44 30 c
53 44 pc
50 36 r
NEW YORK CITY MARATHON
A LEGEND EYES THE
FINISH LINE
BY SARA GERMANO
AS THE DISTANCE running community
descended here this week, the talk of the
town has been Meb Keflezighi, a modernday marathoning legend who will contest
his final competitive race at the New York
City Marathon this Sunday.
Keflezighi, 42, is not the fastest man to
ever run, nor is he the winningest. But he
holds the distinction of being the only runner to ever win both the Boston and New
York City races as well as an Olympic marathon medal. He said he is retiring with Sunday’s race, his 26th marathon, a nod to the
26.2 miles that comprise the distance.
For Keflezighi, retirement will mean more
time with his wife Yordanos and their three
young daughters. The demands of elite
training over the past two decades have
meant that “you don’t get Saturdays and
Sundays off, or Christmas or other holidays,” he said.
Keflezighi’s retirement after such a long
career raises a question that all of his contemporaries eventually confront: Is there a
limit to how many marathons an elite athlete can run?
Few runners have enjoyed careers as long
and as prosperous as that of Keflezighi.
Other professionals preparing to race this
Sunday marveled at his longevity. Jared
Ward, 29, a 2016 U.S. Olympian, has a halfdozen marathons under his belt, but couldn’t
fathom doing as many as Keflezighi.
“Twenty-six? That’s a lot,” he said. “It’s
hard enough to train for the next one, so it’s
hard to think too many in advance.”
Other great marathoners have been felled
by injury or depletion. Ryan Hall, a contemporary of Keflezighi’s, abruptly retired last
year after, he said, he ran “until my body
could take it no longer.”
“I don’t think there’s a number you pick,”
said Stephanie Bruce, 33, who has a 2:29:35
personal best and will race her first New
York City marathon this weekend. “Maybe it
takes you 14 marathons to hit your goals, or
20 marathons.” Because of the demands of
training, racing, and recovering, she said,
she can realistically do about two marathons a year.
Many of the top professionals, like reigning Olympic champion Eliud Kipchoge of
Kenya, operate on more or less the same
schedule. Since his debut at the marathon
distance in 2013, Kipchoge has run 10 marathons, winning all but one in which he finished second.
At 40, Abdi Abdirahman is among the
oldest professional runners still in the game,
but chalks up his longevity to starting running later in life, at 19, when many of his
competitors started in junior high.
“Your body, it’s like a car. A car that has
200,000 miles on it doesn’t drive the same
way a car with 150,000 miles on it does,” he
said. “I’m like a Toyota Prius.”
Studies on the health effects of running,
both positive and negative, has been a popular topic for researchers for years. A 2012
study in the medical journal Heart found
that “long term excessive exercise may accelerate aging in the heart” and recommended moderation in marathoning. Other
studies suggest that endurance exercise benefits diminish after runners exceed 30 miles
per week.
Abdirahman, like many runners preparing
for Sunday’s race, praised Keflezighi not
only for his accomplishments but for his
character. “If I had a son, I’d want my son to
be like Meb,” he said.
As has become the norm for retiring athletic icons these days, Keflezighi has spent
much of this week being feted and lavished
with gifts in New York. At a media luncheon
on Tuesday, he broke down in tears when
NYRR officials played a highlight reel from a
documentary of his career, “MEB: The Home
Stretch.” The race organizers said they
would retire the custom of printing first
names on athlete bibs following Keflezighi’s
final race.
T-B: HENNY RAY ABRAMS/ASSOCIATED PRESS; DAVID GRAY, MIKE SEGAR (REUTERS)
According to White House pool reports,
Trump visited one of his golf clubs on nearly
every weekend day in October. He was at his
Bedminster, N.J., golf club on Oct. 1. He visited Trump National Golf Club in Sterling,
Va., on Oct. 7, 8, 9, 14, 15, 21, 22 and 28.
Between those two clubs, there are four
courses with 29 different sets of tees, each of
which have their own course rating and slope.
But according to the USGA’s database, none
of them match the 66.1 course rating and 118
slope listed alongside Trump’s round of 68.
USGA spokeswoman Janeen Driscoll said
the organization could not reveal any further information about Trump’s round, citing its privacy policy. When asked if it could
identify the course based on the rating and
slope, she cited the 15,000 courses in the
system, saying, “It’s a needle in a haystack.”
Trump’s only rounds of golf in October
confirmed publicly by the White House were
two outings with Sen. Lindsey Graham (R.,
S.C.) at Trump National in Sterling. After the
first, on Oct. 9, the senator was impressed.
He wrote on Twitter, “President Trump shot
a 73 in windy and wet conditions!” How
Trump fared the second time was unclear. A
spokesman for Graham, Kevin Bishop, said,
“I heard the 73 but haven’t heard of the 68.”
For Trump, a 68 would represent a coveted feat: shooting a score that is lower
than his age.
“Shooting one’s age or bettering it is far
rarer for an amateur than a hole in one,” said
Golf Channel analyst and former pro golfer
Brandel Chamblee. “An ace requires one
swing of the club and a little luck.” By contrast, Chamblee said, such a round requires a
player to be fairly old yet physically fit, resistant to stress, extremely good at golf and
likely retired, given the time usually needed
to keep one’s game at such a high level.
Trump’s round of 68 was met with some
skepticism on social media, though it was
hardly the most widely mocked score ever
posted by a head of state. According to official North Korean state media reports, the
late leader Kim Jong Il tried golf for the
first time at a course in Pyongyang in 1994.
The reports said he shot a 38-under-par 34
that included multiple holes-in-one.
—Louise Radnofsky contributed to this
article.
BY BRIAN COSTA
Meb Keflezighi, at top, will run his 26th and
final competitive marathon on Sunday. Shalane
Flanagan, above, may also wrap up her career
Sunday, while 40-year-old Abdi Abdirahman
plans to keep running.
Early Thursday afternoon, he was presented with a custom surf board adorned
with the New York City course map and his
finish times over the years, an homage to
the fact the Southern Californian said he’s
never taken part in the local surf scene.
Later Thursday, Keflezighi was honored
with the Abebe Bikila Award, presented
since 1978 “to an individual who has made
an outstanding contribution to the sport of
distance running,” according to the NYRR.
By now, Keflezighi’s rags-to-marathon
riches tale is well-known: he emigrated with
his family from Eritrea to San Diego as a child,
committed himself to schoolwork but found
early success in physical education classes.
“Sport was something that, when I didn’t
speak a word of English, it got me the
thumbs up,” he said. He doesn’t rule out
running other races in the future, albeit not
in a competitive capacity, saying he is interested in possibly doing so for charity or to
help pace others to their goals.
Some 50,000 runners are expected to run
the five borough race this Sunday, with professional men and the first wave of runners
taking off at 9:50 A.M. Professional women
begin at 9:20 A.M., and the wheelchair division begins at 8:30 AM.
Keflezighi’s race may not be the only capstone among professionals this weekend.
Shalane Flanagan, an Olympic silver medalist
and one of the fastest American marathoners ever, said if she is able to pull off a win
—which would be her first of a major marathon—she likes the idea of going out on top.
“To me the perfect ending is about having one last really feel good moment. In everyone’s career, what really keeps us coming
back and going hard is that feeling of sense
of accomplishment can last years,” she said.
“Like Meb, he’s going to decide on his
terms. It’s always nice as an athlete to decide your career on your terms.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
ANDREW HARRER/BLOOMBERG NEWS
JASON KEMPIN/GETTY IMAGES FOR TURNER
BUSINESS NEWS B2-4 | WEEKEND INVESTOR B5 | MARKETS DIGEST B6 | MARKETS B10 | HEARD ON THE STREET B10
BUSINESS CNN PUSHES WEB EFFORT B4
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 23539.19 À 22.93 0.1%
NASDAQ 6764.44 À 0.7%
TAX REPORT: CUTS BRING WORRIES B5
* * * * * * * *
STOXX 600 396.06 À 0.3%
Saturday/Sunday, November 4 - 5, 2017 | B1
THE WALL STREET JOURNAL.
10-YR. TREAS. À 1/32 , yield 2.343%
OIL $55.64 À $1.10
GOLD $1,266.50 g $8.40
EURO $1.1610
YEN 114.06
Broadcom to Launch Bid for Qualcomm
Combination of rival
chip makers could be
worth $100 billion;
long road to approval
BY DANA MATTIOLI
AND TED GREENWALD
Broadcom Ltd. is planning
an unsolicited takeover approach to rival chip maker
Qualcomm Inc., a bid that
could be worth $100 billion but
also faces steep odds of success.
Broadcom may launch its
bid for Qualcomm this weekend, according to a person fa-
miliar with the matter. It is
likely to be made up mainly of
cash, with 10% or 20% in stock,
the person said.
It isn’t clear how much
Broadcom would offer for Qualcomm, which currently has a
market value of roughly $90
billion. There is no guarantee
an approach will be made or
that Qualcomm would be receptive. It is even less certain
that there ultimately would be
such a deal, given potential
regulatory and other hurdles.
Qualcomm is the market
leader in chips that manage
wireless communications in
smartphones. It supplies chips
for a portion of Apple Inc.’s
iPhones and its gear is at the
heart of many high-end Android phones. Qualcomm also
owns patents on technology essential to implementing cellular-communications standards,
which allows it to collect a royalty on nearly every smartphone sold world-wide. And it
is a front-runner in the emerging fifth-generation cellular
standard known as 5G.
Broadcom sells a diverse
line of equipment for networking and communications—including technology for smartphones from Apple and
Samsung Electronics Co.—as
well as data storage, electronic
displays and set-top boxes. Like
Qualcomm, Broadcom is a socalled fabless chip company,
designing processors while relying on manufacturers such as
Taiwan Semiconductor Manufacturing Co. to actually make
them.
Broadcom used to be called
Avago Technologies Ltd. In
2015, the company agreed to
buy Broadcom for roughly $37
billion and changed its name to
Broadcom when the deal
closed. Broadcom had been
best known as a supplier of
highly specialized networking
chips and its revenue was twice
the size of Avago’s at the time
of the merger. Under Chief ExPlease see CHIPS page B2
Where the Chips Fall
Market capitalization for semiconductor companies, in billions
$0
$50
$100
$250
Nvidia
Broadcom
$111B
Texas Instruments
Qualcomm
$91B
SK Hynix
Micron Technology
NXP Semiconductor
Analog Devices
THE WALL STREET JOURNAL.
Source: FactSet
NYPD
Reviews
Weinstein
Rape
Allegations
Can
Earthquakes
Forecast
Markets?
MARCO BELLO/REUTERS
BY ZOLAN KANNO-YOUNGS
AND ERICH SCHWARTZEL
A line at an ATM in Caracas on Friday. The country’s president said the government might seek to restructure its debt.
Venezuela Unnerves Bondholders
BY JULIE WERNAU
AND KEJAL VYAS
Venezuelan bond prices
tumbled on Friday after President Nicolás Maduro opened
the door to a debt restructuring that could be the largest
and most complicated in world
history.
Mr. Maduro said the cashstrapped nation would seek to
restructure its remaining debt
after making a payment on Friday, confounding bondholders
who are restricted in their dealings with his administration
due to U.S. sanctions.
How Venezuela’s debt crisis
will play out remains unclear,
but Mr. Maduro’s late-Thursday
announcement was the latest
sign that the South American
country was running out of options in its economic crisis. The
development casts doubt on
Caracas’s practice of paying its
debts while limiting vital imports like food and medicine.
Many investors dumped debt
issued by Venezuela and its
state-owned oil company, reflecting some fears of a messy
default. Venezuela’s benchmark
government bonds due in 2018
fell to 40 cents on the dollar
from 74 cents a day earlier, according
to
MarketAxess
BondTicker. Normally as bonds
near maturity their prices rise
as the likelihood of investors
being repaid increases.
Venezuela has rewarded
risk-tolerant investors with
some of the best returns in
emerging markets. But Mr. Ma-
duro’s remarks on Thursday
called into question how long
that would last.
“The way in which this has
been handled does not give
confidence that refinancing or
restructuring talks will start
smoothly nor that there will be
a quick solution,” said Stuart
Culverhouse, head of macro
and fixed-income research at
Exotix Capital, a specialist frontier and emerging markets investment bank, which doesn’t
own Venezuelan securities.
Mr. Maduro’s move had a
political motive, bond investors
and economists said: Halting
bond payments in favor of
more material goods for its
long-suffering population can
provide a vital political boost
for his administration ahead of
two important elections.
“Maduro is adding up the
numbers for the presidential
elections next year and is trying to see how to raise imports,” said Alejandro Grisanti,
an economist with the Caracasbased consultancy Ecoanalitica.
Despite Venezuela having
the world’s largest oil reserves,
rampant graft and economic
mismanagement have left the
country on the edge of a humanitarian disaster, economists
say. Mr. Maduro’s leftist government has slashed food and
medicine imports by more than
70% since 2013 to preserve limited resources for debt payments, according to the investment bank Torino Capital.
The International Monetary
Please see BONDS page B2
PERSONAL TECHNOLOGY | Joanna Stern
Steep Price of Admission but iPhone X Is a Good Show
mend even for its $1,000
price tag.
This week I’ve quickly and
reliably unlocked the phone
with my face in numerous different scenarios. I’ve run multiple battery tests, taken hundreds of photos and spent far
too long becoming a talking
poop head. While I do have
some real gripes, they are
outweighed by many reasons
for me to give the thumbs-up
emoji, especially to those who
have long wanted Plus-model
features in a smaller, more
manageable size.
The lack of a home button
means your thumb is about to
turn into one of those inflatable waving tube-men outside
the car dealership. To get
around the stunningly sharp,
edge-to-edge OLED screen,
you must master a list of
thumb wiggles, waves and
swipes.
Please see STERN page B4
New York City police said
they are investigating a “credible and detailed” rape allegation
by a woman against Hollywood
producer Harvey Weinstein and
are gathering evidence for a
possible criminal case.
Chief of Detectives Robert
Boyce told a media briefing
Friday that the police have interviewed the accuser on her
allegation about an incident
seven years ago. He said the
police need to collect evidence
with the object of obtaining an
arrest warrant, which requires
a court order.
“We have an actual case here,
so we are happy with where the
investigation is right now,” Mr.
Boyce said. He added that if Mr.
Weinstein was still in New York
and “if it was recent we would
go right away to make the arrest,” he said. “But with a sevenyear-old case, we have to move
forward collecting evidence.”
Mr. Boyce said the person
came forward last week and
said the police are working
with the Manhattan district
attorney’s office.
When asked why the victim’s narrative was credible,
he said “the ability to articulate each and every movement
where she was, where they
met, where this happened.”
A representative for Mr.
Weinstein didn’t immediately
respond to request to comment. Mr. Weinstein has seen
his personal life and namesake
studio implode following multiple allegations of sexual harassment and assault.
Anthem
Readies CEO
Succession
BY ANNA WILDE MATHEWS
F. MARTIN RAMIN/THE WALL STREET JOURNAL
The first 48
hours with the
iPhone X elicits a feeling
similar to the
one you get
assembling mail-order furniture using a poorly drawn 45step instruction manual. After
a lot of fumbling and missteps, you wonder: Am I an
idiot, or is this thing’s maker
out to crush my soul?
But then comes the moment when the much-hyped
new iPhone feels so natural to
use that when you go back to
even the brand-new iPhone 8,
it’s like picking up an old
BlackBerry.
The iPhone X is a huge
change—no more home button, no more fingerprint sensor, no more wide-as-aCostco-aisle edges around the
screen. The surprise for me
was, it’s also a fabulous
smartphone, one I can recom-
$200
Taiwan Semiconductor
THE INTELLIGENT
INVESTOR
By Jason Zweig
Bill Miller
isn’t always
right, but he’s
never boring.
The former
manager of
the Legg Mason Capital Management Value Trust mutual
fund beat the S&P 500 stock
index for an unprecedented
15 years in a row only to lose
a bloodcurdling 55% in 2008.
The largest mutual fund he
now runs, Miller Opportunity Trust, has outperformed
99% of similar funds over the
past five years, although it
lagged behind badly in 2016.
And a hedge fund run by Mr.
Miller has made a bet on bitcoin, the digital currency.
Through it all, Mr. Miller
has remained fascinated by
everything from the physics
of baseball to the social dynamics of ant colonies. In his
latest intellectual foray, he is
exploring whether the science of earthquakes can help
make investing smoother.
Mr. Miller hopes to use insights from geophysics to
measure when stock prices
will be calm, when they will
fluctuate sharply, and when to
reduce exposure to the market. In effect, he is hoping to
develop a financial seismograph that could identify market shocks—before they occur.
So far, Mr. Miller is testing the idea only in a private
fund he runs for his family,
Seismic Value Partners 1,
that had about $15 million in
December 2016, according to
Please see INVEST page B5
$150
Intel
The phone will please those who have long wanted Plus-model features in a more manageable size.
Anthem Inc. Chief Executive
Joseph R. Swedish will step
down, and the insurance giant
will name veteran managedcare executive Gail K. Boudreaux as its next leader, according to people with
knowledge of the matter.
It wasn’t immediately clear
how quickly the transition will
occur, but the plan is expected
to be announced as soon as
next week, the people said. Mr.
Swedish is expected to keep his
title as chairman for a transition period, one of the people
said.
Ms. Boudreaux is wellknown among managed-care
investors, previously serving as
Please see ANTHEM page B2
Outcome Health operating
chief Kundra departs............. B4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 4 - 5, 2017
* *******
INDEX TO BUSINESSES
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.
A
N
Funko...........................B9
Alibaba Group Holding
...................................B10
Alphabet......................B4
American Airlines Group
.....................................A1
Anthem ....................... B1
Apple...............B1,B4,B10
ASML Holding...........B10
G
General Electric ........ B10
Goldman Sachs Group B9
I
Infineon Technologies
...................................B10
Intel.............................B2
B
K
Bank of America.........B9
Barclays.......................B9
Blue Apron Holdings .. B9
Broadcom...............B1,B2
KKR..............................B9
C
Cavium.........................B2
Cigna............................B2
Citigrouo......................B9
CME Group..................B2
CNN ............................. B4
D-F
Deutsche Bank............B9
Ecoanalitica.................B1
Equifax ........................ B9
Facebook......................B4
L
Largan Precision.......B10
M
Martin Marietta
Materials .................. A1
Marvell Technology
Group.........................B2
MediaTek.....................B2
Medrobotics................B3
Miller Opportunity Trust
.....................................B1
Miller Value Partners.B5
Mondelez International
.....................................A1
National Audio............A1
NXP Semiconductors..B2
O-P
OptionMetrics.............B9
Outcome Health..........B4
Packaging of America
.....................................A1
Q
Qualcomm..............B1,B2
S
Samsung Electronics..B1
Southwest Airlines....A1
Starboard Value..........B2
STMicroelectronics...B10
T
Taiwan Semiconductor
Manufacturing..........B1
Tencent Holdings......B10
Tesla..........................B10
Time Warner...............B4
Twitter ........................ B3
U
UnitedHealth Group....B2
INDEX TO PEOPLE
A-B
Adams, Jon...............B10
Angilletta, Nicholas..B10
Bohrman, Sean.........A10
Boudreaux, Gail. ......... B1
Braly, Angela...............B2
Brandberg, Douglas....B9
Bruckner, Caroline ...... B5
C
Canavan, John.............B9
Cook, Tim....................B4
Cordani, David.............B2
Culverhouse, Stuart ... B1
D-G
Dai, Weili .................... B2
Davis, Scott .............. B10
Duffy, Terrence...........B2
Gamble, John..............B9
Graetz, Michael...........B5
Greenfield, Rich..........B4
Grisanti, Alejandro.....B1
H-I
Harris, Joshua.............B9
Kundra, Vivek..............B4
L
Lifson, David...............B5
Loehnis, Alison...........D2
Loughran, Joseph........B9
Luciano, Juan..............B4
M-P
Miller, Bill ................... B1
Miller IV, Bill...............B5
Moorhead, Patrick ...... B2
Morse, Andrew...........B4
Morzaria, Tushar ........ B9
Musk, Elon................B10
Parikh, Rupesh............B9
Ploder, Rodolfo ........... B9
R
Rasgon, Stacy.............B2
Repetto, Rich..............B2
Rundle, John...............B5
S-T
Schwartzman, Jerome
.....................................B9
Smith, Richard............B9
Staley, Jes...................B9
Stepp, Steve...............A1
Straface, Samuel........B3
Sullivan, Martin..........B5
Sutardja, Sehat...........B2
Swedish, Joseph.........B1
Tan, Hock .................... B2
W-Z
Weinstein, Harvey......B1
Wolkoff, Neal..............B2
Zucker, Jeff.................B4
THE WALL STREET JOURNAL.
BUSINESS & FINANCE
CHIPS
Continued from the prior page
ecutive Hock Tan, Broadcom
has pursued a string of acquisitions.
Both Broadcom’s origins and
its move to purchase Qualcomm reflect a broad wave of
consolidation in the semiconductor industry in recent years
that has driven Qualcomm’s
own $39 billion proposed deal
for NXP Semiconductors NV.
The companies are still seeking
regulatory approval for that
deal.
In another sign of the dealmaking push, Marvell Technology Group Ltd. is in advanced talks to combine with
Cavium Inc., The Wall Street
Journal reported Friday, a deal
that would create a chip maker
worth some $14 billion.
Chip makers are aiming to
boost declining revenue as
competition cuts into prices.
Semiconductors are central to
digital technology and have infiltrated an ever broader range
of products as computing and
wireless-communications functions become indispensable in
products ranging from cars and
doorbells to factory equipment.
Broadcom and Qualcomm
have largely complementary
product lines. By purchasing
Qualcomm, Broadcom would
get cellular technologies that
Marvell, Cavium
Push Merger Talks
Marvell Technology Group
Ltd. is in advanced talks to
combine with Cavium Inc., according to people familiar with
the matter, a deal that would
create a chip maker worth
some $14 billion.
As currently envisioned,
Cavium shareholders would receive a modest premium, one
of the people said. A deal could
be announced in the next few
weeks assuming the talks don’t
fall apart.
As of Friday, Cavium had a
market value of $4.6 billion.
Marvell’s was around $9 billion.
Marvell is based in Bermuda
but run from Santa Clara, Calif.
Its chips are used primarily in
storage devices, printers and
wireless products, and can be
found in cars. The company
had long been run by husbandand-wife co-founders Sehat Sutardja, who was chairman and
chief executive, and Weili Dai,
who was president.
Last year, activist investor
Starboard Value LP took a
6.7% stake in Marvell and
pushed for the company to cut
costs and consider exiting its
mobile-devices business. Marvell initiated a restructuring
that would eliminate around
900 employees, or approximately 16% of its workforce. It
also hired a new CEO to run
the company.
Cavium, based in San Jose,
Calif., makes products that are
used for networking, data-center and wireless applications.
While global deal making is
down 11% year to date compared with the same period
last year, technology M&A has
been particularly slow. There
have been $347 billion in announced technology deals, according to Dealogic. That is a
35% decrease from 2016.
—By Dana Mattioli
and Dana Cimilluca
have proven enormously valuable—and in which Broadcom
in its earlier incarnation failed
to gain a foothold.
The companies overlap in
Wi-Fi and Bluetooth technology, which could draw antitrust
scrutiny to any deal. “That’s a
huge regulatory issue,” said
Patrick Moorhead, an analyst
with Moor Insights & Strategy.
“They’re the two biggest in the
business.”
Broadcom’s Mr. Tan is
known for managing lean operations, and he could wring efficiencies out of Qualcomm, said
analyst Stacy Rasgon of Bernstein Research. Moreover, Mr.
Tan’s relationship with Apple
could be helpful in resolving
the bitter legal battle between
the iPhone maker and Qualcomm.
That battle escalated this
week, with the Journal reporting that Apple is designing
iPhones and iPads for next year
that would jettison Qualcomm’s
components as it considers using only modem chips from Intel Corp. and possibly MediaTek Inc. Qualcomm shares
dropped substantially on the
news.
It isn’t clear what a deal between Broadcom and Qualcomm would mean for Qualcomm’s effort to buy NXP,
which was announced over a
year ago.
That deal was originally
scheduled to close by the end
of the year, but recently Qualcomm acknowledged the timing could slip into 2018.
NXP shares fell 2.1% to close
at $115.02 on fears that a bid
from Broadcom for Qualcomm
could jeopardize the NXP deal.
Qualcomm shares, meanwhile, rose 13% to close at
$61.81 after Bloomberg reported that Broadcom was considering a deal for the company
and the Journal reported that a
bid was imminent. Broadcom
shares rose 5.4% to $273.63.
—Chris Dieterich
contributed to this article.
CME Makes
Bitcoin Gambit
In early October, CME
Group Inc. Chief Executive
and Chairman Terrence
Duffy set in motion a risky
plan that the exchange operator had been secretly developing for two years: launching a futures contract based
on bitcoin.
WEEKEND
That plan
PROFILE
was unveiled
this past week,
and represented
a big step toward bringing
the highly volatile digital
currency into the financial
mainstream. Bitcoin, which
started trading only in 2009,
has long been a niche market
and continues to be tarnished by its association
with illicit activity.
Thanks to Mr. Duffy, it
now has the blessing of the
$47.6 billion global exchange
giant. If the Chicago-based
firm can establish a viable
bitcoin-futures market, both
Wall Street banks and retail
investors would be more
likely to trade the digital currency, many market participants say. CME plans to list
the futures by year-end, subject to regulatory approval.
If digital-currency futures
take off, Mr. Duffy would add
another major accomplishment to his tenure at CME,
though he risks harming the
company’s reputation should
the contract flop or generate
controversy.
A former hog-futures
trader who got his start in
the frenzy of the Chicago
Mercantile Exchange’s trading pits, he now oversees a
sprawling exchange empire
that runs a dizzying array of
markets, from crude oil to
gold to stock-market futures.
As CME’s chairman since
2002, Mr. Duffy helped turn
the firm into the world’s
largest exchange operator,
spearheading tie-ups with
the Chicago Board of Trade
in 2007 and the New York
Mercantile Exchange in
2008. He also handled the
delicate task of persuading
BONDS
Continued from the prior page
Fund estimates that by January
the economy will have shrunk
by 35% since 2014 and inflation
is set to top 2,300% in 2018.
That has eroded the value of
the country’s currency, the bolivar, hurting Venezuelans’ ability to purchase basic items.
Estimates of Venezuela’s total outstanding debt vary, with
some analysts putting it between $100 billion and $150 billion. Argentina defaulted on
about $80 billion in 2001 in
what was the largest govern-
CME’s once-powerful floor
traders to allow more electronic trading, drawing on
his history in the pits to win
support for the change.
Mr. Duffy took the CEO
job a year ago, after his predecessor unexpectedly retired. Since then, CME’s
share price is up nearly 20%.
The move into bitcoin is by
far the boldest step he has
made as CEO.
“By nature I think he’s a
pretty conservative guy, but
he will move swiftly when he
needs to,” said Rich Repetto,
an analyst at Sandler O’Neill
+ Partners.
CME was tight-lipped
about its bitcoin plans before
Tuesday’s announcement,
but behind the scenes, it had
long been laying the groundwork for the launch.
In November 2016, after
close to a year of work, CME
started publishing a daily
bitcoin price index that will
be the basis of its new futures contract. More recently, CME has consulted
with outside advisers, including major bitcoin investors, about how its contract
would work, people familiar
with the situation said. At a
New York meeting in May,
the group discussed how
CME should handle a
“fork”—a situation where a
breakaway faction of programmers sets up an alternative version of bitcoin.
Mr. Duffy said he greenlighted the launch in October
after repeatedly hearing
from CME customers that
they wanted bitcoin futures.
The 59-year-old CEO said
he grew more comfortable
with bitcoin after watching it
survive repeated blows, such
as a recent crackdown in
China, a major hub for the
digital currency. “It’s a story
that just doesn’t want to go
away,” he said.
Mr. Duffy concedes that his
big gambit may fail. “I’m not
saying this is going to work,”
he said. “But I do know there
is pent-up demand for people
to participate in it.”
ment default ever at the time.
Venezuela’s finances appear
to be increasingly tight. About
95% of Venezuela’s export revenue comes from the oil sector,
according to S&P Global Ratings. But oil prices have
dropped sharply in recent
years, and a lack of investment
in Venezuela’s oil sector has
hampered production. Analysts
say that can make it difficult
for the country and its stateowned oil company Petróleos
de Venezuela, SA to pay back
the dollar debts it took on. PdVSA didn’t respond to a request
for comment.
—Anatoly Kurmanaev
contributed to this article.
Justin Charron, left, used a loan program at his company to help purchase a new vehicle and end his daily 2-mile walk to work.
Firms Offer Same-Day Loans to Workers
BY YUKA HAYASHI
More U.S. employers are
teaming up with financial institutions such as credit unions to
offer small personal loans to
their workers, offering employees a way to bridge financial
crunches without turning to
high-cost payday loans.
Lower-income workers’ pay
is stagnating, propping up demand for small consumer
loans. A Federal Reserve survey
last year found 44% of Americans had difficulty covering an
emergency expense of $400.
Many low-income workers lack
credit history and access to
credit cards or bank loans.
A new federal regulation
ANTHEM
Continued from the prior page
chief executive of the biggest
U.S. health insurer, the insurance arm of UnitedHealth
Group Inc. She is regarded as a
strong operator, and she has
experience overseeing Blue
Cross Blue Shield plans like
those that Anthem operates.
Anthem, the second-biggest
health insurer, had revenue of
around $84.9 billion last year.
Mr. Swedish, 66, would be
leaving after his signature strategic effort, Anthem’s $48 billion bid to buy Cigna Corp.,
ran aground earlier this year.
However, since the beginning
of the year, Anthem shares
have risen by 47%, amid strong
results across the health-insurance sector and Anthem’s announced pullback from the Affordable Care Act exchange
business.
The Cigna deal was blocked
by courts on antitrust grounds,
but it was already mired in
well-publicized acrimony between the companies’ top executives, including Mr. Swedish
and his opposite number at
Cigna, CEO David Cordani.
cracking down on payday
lenders is likely to create further needs for alternative
forms of credit, but it remains
unclear who can fill the gap.
No formal statistics exist to
show how many employers offer such programs, but several
community-based networks
with participating local employers have emerged across
the country in recent years. A
program in Savannah, Ga., for
example, was started in 2015
and one in Geauga County,
Ohio, in 2014.
Rhino Foods Inc., a Burlington, Vt., company that makes
ice-cream ingredients, teamed
up with a local credit union to
provide same-day loans of as
Anthem and Cigna are currently suing each other for billions of dollars in damages.
Anthem has accused Cigna
and Mr. Cordani of sabotaging
the deal, and Cigna has said
that Anthem, over Cigna’s objections, chose an antitrust defense and strategy that failed.
Cigna has said Anthem didn’t
use its “reasonable best efforts” to get regulatory approval, and as a result the acquisition was blocked.
Mr. Swedish has led Anthem
since 2013, replacing previous
CEO Angela Braly, who resigned under pressure from investors unhappy with the company’s direction.
Anthem,
which had revenue of $71 billion in 2013, has grown under
Mr. Swedish’s watch, but his
tenure has been marked by
challenges.
Anthem remains locked in
litigation with its current pharmacy-benefit manager, Express
Scripts Holdings Inc., with Anthem alleging that Express
overcharged for drugs. Express
has denied the allegations and
made its own counterclaims.
Mr. Swedish unveiled a plan
last month for Anthem to start
its own pharmacy-benefit
much as $1,000 with no credit
checks and no questions asked
to any employee that has
worked at the company for at
least a year. The loans’ current
annual interest rate is 16.99%,
a fraction of the rates for payday credit that can climb to
400%.
“If you could help an employee whose car breaks down
or water heater is broken, you
are going to have an employee
come to work in better shape,”
said Ted Castle, chief executive
of Rhino, which has 140 employees. He said the loan program helped the company boost
its employee retention rate.
Rhino employee Justin Charron, a 32-year-old line operator,
recently used the program to
buy a car, which allowed him to
end his daily 2-mile walk to
work. He took an earlier loan to
pay an unexpectedly large heating bill in 2015. “Life happens. I
know it really helped to keep
me on track,” Mr. Charron said.
While the companies’ HR
departments process payroll
deductions, loans are kept
confidential from the borrowers’ managers and company
officials. Unlike payday loans,
employer-based loans help the
borrowers build credit history.
Some programs also encourage employees to build rainyday funds by continuing payroll deductions even after the
loans are paid off.
UNITEDHEALTHCARE
BY ALEXANDER OSIPOVICH
JACOB HANNAH FOR THE WALL STREET JOURNAL
Chief Duffy Could Become Hero or Villain
Gail K. Boudreaux is expected
to become Anthem’s next CEO.
manager, to be serviced by
CVS Health Corp. A little over
a week later, The Wall Street
Journal reported that CVS was
in talks to take over Aetna
Inc., an Anthem rival. Anthem
factored in the possibility that
CVS might buy another insurer in structuring its contract with the drugstore giant,
according to a person with
knowledge of the matter. The
new PBM is slated to launch in
2020, after the end of Anthem’s current contract with
Express Scripts.
Mr. Swedish also made the
call for Anthem to pull back in
the ACA’s exchanges in most
of its markets amid uncertainty in the business. The
law’s marketplaces were once
expected to be an engine of
growth for the company. But
Anthem has retained a bigger
footprint than other big national insurers such as Aetna.
Anthem has projected that
next year its enrollment in
ACA plans will drop by around
70%, but it said the business is
expected to be profitable in
2018, after break-even results
in this year. Anthem’s 2017
proxy statement says Mr.
Swedish could be due to receive a payout worth around
$26.5 million upon his retirement. In the case of a company-initiated
termination
that is “not for cause,” the
payout and benefits would be
worth around $34.9 million,
according to the proxy.
Ms. Boudreaux left UnitedHealth in 2015, at a time when
some analysts said the company was facing challenges
with its Medicare business.
—Joann S. Lublin
contributed to this article.
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | B3
* * * *
BUSINESS NEWS
Twitter
Tightens
Security
Trade-Secrets Case Fizzles Out
U.S. attorneys in
Boston drop charges
against man claiming
to work at Chinese firm
BY DEEPA SEETHARAMAN
AND ROBERT MCMILLAN
The U.S. Justice Department unexpectedly dropped
criminal charges against a Chinese-Canadian
man
two
months after accusing him of
trying to steal trade secrets
from a Massachusetts medicaltechnology company.
In an Oct. 27 motion to dismiss the charges against Dong
Liu, attorneys for the U.S. Attorney’s Office in Boston said
“that based on further investigation,” dismissal of the
charges “is in the interests of
justice.” A federal judge
granted the motion Sunday,
according to court records.
The charges were dismissed
“without prejudice,” which
leaves open the possibility Mr.
Liu could be charged again in
the future.
Prosecutors didn’t provide
further details in the court filing about why they were dropping the August charges. A
spokeswoman for the U.S. Attorney’s Office in Boston declined to comment.
The move came after Mr.
Liu’s attorney, Robert Goldstein, questioned the government’s evidence in court documents and said that Mr. Liu
had suffered a traumatic brain
injury several years ago.
“We fully expect a full and
fair investigation will establish
that Mr. Liu had no criminal
intent whatsoever when he
was present at” the company,
Medrobotics Corp., Mr. Goldstein said in an interview Friday. He said the government’s
motion to dismiss the charges
was a “first step in that direction.”
Prosecutors had charged
Mr. Liu with attempted theft
of trade secrets and attempted
access to computers without
authorization, after Medrobotics Chief Executive Samuel
Straface found Mr. Liu with
SIMON SIMARD FOR THE WALL STREET JOURNAL
BY PETER LOFTUS
Medrobotics CEO Samuel Straface said he caught Dong Liu trespassing with laptops in hand at the company’s offices in late August.
laptops and other computer
equipment in a conference
room at the company’s Raynham, Mass., headquarters one
evening in late August.
Medrobotics makes a robotic surgical machine that
costs $1 million.
Dr. Straface called local police, who then summoned the
Federal Bureau of Investigation.
Dr. Straface said Mr. Liu
hadn’t been invited to the
company, and that when the
CEO asked him what he was
doing there, Mr. Liu said he
had appointments with certain
employees including the CEO.
Dr. Straface said he knew that
wasn’t the case.
“We are obviously disappointed with the outcome of
this case,” Dr. Straface said in
an interview Thursday. “I have
to trust that the smart and capable people of the FBI and
U.S. prosecutor’s office have
made decisions that this case
was not winnable, or at least
not winnable at this time. I
trust in their judgment on this
one.”
Mr. Liu, 44 years old, told
investigators he was a patent
attorney for a Chinese firm
called Boss & Young Patent &
Trademark Law Office, according to court records.
Boss & Young, based in Bei-
jing, didn’t respond to an
email, and a receptionist for
the firm in Beijing said no one
by Mr. Liu’s name worked at
the firm.
Mr. Liu had Canadian and
Chinese passports with him
during the incident, according
to court documents.
The FBI said in court documents Mr. Liu had logged on
to the company’s publicly
available wireless network for
guests, and that there was
probable cause to believe that
Mr. Liu was using his computer equipment to try to gain
access to Medrobotics’ private
computer system.
Mr. Goldstein said in a
court filing in September the
government hadn’t provided
any evidence that Mr. Liu attempted to infiltrate Medrobotics’ private computer network or proprietary material,
and that Mr. Liu’s actions
weren’t federal crimes.
Mr. Goldstein also said in
the September court filing
that Mr. Liu’s 2012 brain injury from a car crash “robbed
him of his brilliance” and impaired his cognitive abilities.
Mr. Liu was initially held in
federal custody after his arrest, but released on bail to
stay with his sister in Georgia
in October, according to court
records.
Twitter Inc. said Friday that
it has added safeguards to prevent a security lapse that allowed a worker to deactivate
President Donald Trump’s account for 11 minutes.
The social-media company
blamed the incident, which occurred Thursday evening, on a
customer-support employee
on the worker’s last day of
work at the company, after it
initially blamed the deactivation on “human error.” The
@realdonaldtrump account reappeared late Thursday.
Twitter provided no details
of the new measures and no
new information about how the
incident unfolded. The event
has sparked broad questions
about the power of individuals
working at tech companies, including Twitter and Facebook
Inc., that are communication
platforms for billions of people.
Mr. Trump often takes to
Twitter to air policy views,
spar with foreign officials and
criticize mainstream news
coverage, making the platform
more visible than ever. His use
of the platform has caused
controversy among many employees and other critics, who
argue some of his tweets violate Twitter’s content rules
against inciting violence.
The president is obviously
no ordinary Twitter user. As a
security precaution, Twitter
restricted the number of employees with back-end access
to Mr. Trump’s account after
the presidential inauguration
this year, according to a person familiar with the matter.
Employees with back-end
access can suspend or deactivate accounts with just a click,
but can’t tweet from them,
people familiar with the process say. It is unclear if the
safeguards Twitter put in
place Friday have changed
those procedures.
ADVERTISEMENT
Law School for Everyone
E
IT
Litigation and Legal Practice
D TIME OF
R
FE
DE
R
off
BY
14
OR
70%
ER
LIM
Taught by Professors Edward K. Cheng, Joseph L. Hoffmann,
Molly Bishop Shadel, and Peter J. Smith
NOVEM
B
1. Litigation and the American
Legal System
2. Thinking like a Lawyer
3. Representing Your Client
4. Trial Strategy behind the Scenes
5. Opening Statements: The
Moment of Primacy
6. Direct Examination:
Questioning Your Witnesses
7. The Art of the Objection
8. Problematic Evidence
9. Controlling Cross-Examination
10. Closing Arguments: Driving
Your Theory Home
11. Understanding the
Appellate Process
12. Arguing before the
Supreme Court
Criminal Law and Procedure
1.
2.
3.
4.
5.
Who Defines Crimes, and How?
Crime and the Guilty Mind
Homicide and Moral Culpability
The Law of Self-Defense
Federal Crimes and
Federal Power
6. Cruel and Unusual Punishments
7. Due Process and the
Right to Counsel
8. Government Searches
and Privacy Rights
9. The Shrinking Warrant
Requirement
10. The Fifth Amendment Privilege
11. Miranda and Police Interrogations
12. Plea Bargains, Jury
Trials, and Justice
Civil Procedure
1. Procedural Rights and
Why They Matter
2. Subject Matter Jurisdiction
3. Jurisdiction over the Defendant
4. A Modern Approach to
Personal Jurisdiction
5. The Role of Pleadings
6. Understanding
Complex Litigation
7. The Use and Abuse of Discovery
8. Deciding a Case before
the Trial Ends
9. The Right to a Civil Jury Trial
10. Determining What Law Applies
11. Relitigation and Preclusion
12. Appeals and How
They Are Judged
Torts
Your Guide to the
American Legal System
The skills lawyers wield in courtrooms are the result of years of study. But as much
as we’d like to cultivate these same skills, you cannot know how a lawyer thinks and
works without studying the law itself.
Get the same foundational knowledge as lawyers—without the time and financial
commitment of law school. In the 48 lectures of Law School for Everyone, four
exceptional law professors recreate key parts of the first-year law student experience,
introducing you to the areas of law most beginning students study: litigation and
legal practice, criminal law and procedure, civil procedure, and torts. Enriched with
famous cases from the annals of American law, these lectures offer unique access to
an often intimidating, civically important field.
1. The Calamitous World of Tort Law
2. Legal Duty to Others
3. Reasonable Care and the
Reasonable Person
4. Rules versus Standards of Care
5. The Complexities of
Factual Causation
6. Legal Causation and
Foreseeability
7. Liability for the Acts of Others
8. When Tort Plaintiffs
Share the Blame
9. Animals, Blasting, and
Strict Liability
10. The Rise of Products Liability
11. Products Liability Today
12. Punitive Damages
and Their Limits
Law School for Everyone
Course no. 2012 | 48 lectures (30 minutes/lecture)
SAVE UP TO $370
DVD
Video Download
$519.95
$439.95
NOW $149.95
NOW $109.95
+$20 Shipping & Processing (DVD only) and Lifetime Satisfaction Guarantee
CD
Audio Download
$369.95
$284.95
NOW $109.95
NOW $64.95
+$15 Shipping & Processing (CD only) and Lifetime Satisfaction Guarantee
Offer expires 11/14/17
Priority Code: 152232
TGC
./9
1-800-832-2412
For over 25 years, The Great Courses has brought the world’s foremost educators
to millions who want to go deeper into the subjects that matter most. No exams. No
homework. Just a world of knowledge available anytime, anywhere. Download or
stream to your laptop or PC, or use our free apps for iPad, iPhone, Android, Kindle
Fire, or Roku. Over 600 courses available at www.TheGreatCourses.com.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, November 4 - 5, 2017
* *******
THE WALL STREET JOURNAL.
BUSINESS NEWS
CNN Embraces Online Publishing Outcome
Health
TV news giant spends
to develop web brands
as it searches for
new revenue streams
across all of CNN’s sites. Pricing hasn’t been finalized.
The move is part of a
broader five-year plan to develop new revenue streams and
reach $1 billion in digital revenue by 2022. CNN’s digital arm
expects to pull in $370 million
this year, according to a person
familiar with its financials.
“We have to find more subscription products,” Mr. Zucker
said in an interview. “We have
to experiment with e-commerce. And I think we have to
find ways to monetize mobile
traffic.”
CNN Digital currently makes
most of its money on ads that
run before videos. Ultimately,
CNN wants its digital arm to
split revenue evenly between
advertising and direct-to-consumer products, said Andrew
Morse, executive vice president
of CNN U.S. and general manager of CNN Digital Worldwide.
Convincing users to pay for
news won’t be easy. Even
more challenging will be making headway in the already
cutthroat online-ad business
dominated by Facebook Inc.
and Alphabet Inc.’s Google.
TV networks have long
treated their digital operations
as a vestigial limb whose main
purpose was to recycle content created for television.
“These are all relatively minor extensions relative to the
gravy train that drives all
these businesses,” said Rich
Greenfield, an analyst for BTIG
Research.
CNN, which is part of Time
Warner Inc., has been trying
BY BENJAMIN MULLIN
Two years ago, an employee
in CNN’s digital news group in
New York decided to attach
rearview mirrors to her desk
near the team’s “war room,”
where a real-time display shows
web traffic to CNN.com stories.
She wanted to be ready just in
case network president Jeff
Zucker decided to drop by.
These days, he’s a frequent
visitor.
Mr. Zucker, a veteran television executive who once
warned that the TV business
couldn’t afford to trade “analog
dollars for digital pennies,” is
now embracing online publishing as central to CNN’s model.
After investing in digital
“verticals,” or distinct web
brands, focused on business
and politics and acquiring an
online-video startup, CNN is
gearing up for another big step:
the launch of tiered subscription offerings for its digital
news business as early as the
second quarter of next year.
A proposed premium offering will give subscribers access to special content on
topic-specific verticals, such
as CNN Money and CNN Politics, built around network personalities. A second option
will provide additional, though
less specialized, content
Digital Leaderboard
Top U.S. news/information sites in September
U.S. news and information
CNN
USA Today
Yahoo-ABC News
NBC News
CBS News
Weather Company
The New York Times
Washington Post
Fox News
HPMG News
Unique visitors in millions
138.8
125.3
122.2
121.6
119.1
118.9
99.6
95.3
93.0
83.4
Finance-focused ‘verticals'
Yahoo Finance
Business Insider
CNBC
Forbes Digital
Bloomberg
CNN Money
Dow Jones
IBT Media
Reuters sites
Fortune.com sites
Politics-focused ‘verticals'
CNN Politics
TheHill.com
Politico
Fox News Politics
HuffPost Politics
MSNBC TV
WesternJournalism.com
NBCNews.com Politics
WashingtonExaminer.com
Salon.com
59.7
53.4
49.2
48.6
36.6
36.2
34.7
26.4
24.7
19.2
29.5
22.9
20.8
15.5
14.8
9.7
7.6
5.3
5.1
5.1
Note: Sites that aren't dedicated to politics/finance or don't break out their audience for
politics/finance stories are not included in rankings.
THE WALL STREET JOURNAL.
Source: comScore
to buck that trend, building a
newsroom with journalists
who can break news on TV or
online, or both. Bringing in
multiplatform reporters like
Brian Stelter from the New
York Times and Chris Cillizza
from the Washington Post was
part of that approach. The
company has more than 600
digital-focused employees, out
of a total workforce of 4,000.
“For the most part, the
story of legacy media transitioning into the digital space
has been to take digital as an
afterthought,” said Mr. Morse.
“What we realized a long time
ago is that doesn’t work for
digital audiences.”
Under Mr. Zucker, the company has invested in its politics and business verticals.
CNN Politics now ranks No. 1
in unique visitors among sites
or verticals dedicated to politics, ahead of Politico, TheHill.com and Fox News Politics,
according to measurement
firm comScore. Outlets that
don’t break out their audience
for politics stories, including
the New York Times and Washington Post, weren’t included
in the ranking. CNN Money is
sixth among financial sites.
As the TV business in general comes under pressure,
other broadcast networks are
also investing in stand-alone
digital brands. NBC News, for
instance, launched several verticals this year.
CNN Digital is working on
other revenue streams. On
Thursday,
the
company
launched CNN Underscored, an
online shopping guide that recommends products and services
for readers, with CNN receiving
a cut of revenue when purchases are made on other sites.
CNN is also betting big on
original digital video. Its Great
Big Story unit was created in
2015 to offer branded content,
creative services and content
production. The editorial team
now numbers 35.
STERN
FOR MORE
WSJ
.COM
For Joanna’s
extended iPhone
X review and
videos, visit
wsj.com/tech.
BY ROLFE WINKLER
One of the top executives at
prominent Chicago startup
Outcome Health has left the
company three months after
he was given control over
most day-to-day operations.
Vivek Kundra, whose resignation was announced Friday,
was among Outcome’s highestprofile hires this year. Before
joining the company in January, he was an executive at
Salesforce.com Inc. and the
first chief information officer
of the U.S. during the Obama
administration.
He leaves Outcome as the
company investigates allegations that some employees
misled clients.
In a statement, Outcome
Chief Executive Rishi Shah
said Mr. Kundra “made a family decision to move on while
continuing to believe in the
long-term vision for Outcome
Health. We are deeply grateful
for all his contributions over
this past year.”
Mr. Kundra didn’t respond
to requests for comment.
Outcome, which in May said
it was valued at $5.5 billion by
investors including Goldman
Sachs Group Inc. and Google
parent Alphabet Inc., puts
screens and tablets in doctors’
offices and gets paid by pharmaceutical companies to
stream ads to them. The company rose to prominence in recent years, recently leasing
394,000 square feet of office
space in downtown Chicago
for its new headquarters.
The Wall Street Journal reported on Oct. 13 that some
Outcome employees misled
drug-company customers by
charging them for ad placements on more screens than
the startup had installed. The
company has offered tens of
millions of dollars worth of
free advertising this year to
make up for shortfalls, the
Journal reported.
$5.5B
Outcome Health’s value in May,
according to the company.
RICHARD DREW/ASSOCIATED PRESS
Continued from page B1
While the iPhone 8 Plus
has a 5.5-inch display in a
much bigger body, the
iPhone X has a taller but
slimmer 5.8-inch display in a
phone closer in size to a
smaller iPhone 8. The design
is reminiscent of the most
recent Samsung Galaxy
phones—Samsung has been
packing larger screens into
smaller bodies for a few
years.
Watching a video on this
vibrant, high-contrast screen
is just awesome. So is listening to that video: The new
stereo speakers are so loud,
you’ll likely be turning down
the volume. That also translates to great speakerphone
calls. Yes, this thing still
makes phone calls, and they
sound crisp and clear.
So what about that notch
everyone’s been complaining
about—or widow’s peak, as I
like to call it? The indentation at the top of the screen
really wasn’t a big deal to
me, until I realized that less
info up top means no more
battery percent meter. To
check that, you have to
swipe down from the upper
right corner to launch the
Control Center. I took this
change almost as well as
that time my mom turned
my childhood bedroom into
a guest room.
That widow’s peak contains the TrueDepth cameras
and fancy depth-sensing tech
that make the facial recognition work. I’ve found FaceID
to be just as fast, secure and
reliable as TouchID…in most
situations. I still miss the
fingerprint sensor when I
am:
In bed. When I’m lying
down and wearing glasses, it
struggles to unlock—likely because the rims obscure my
eyes, or I’m holding the
phone too close to my face.
At my desk. When I want
to unlock the phone quickly, I
have to pick it up and look at
it. I know, life is hard.
At the cash register. You
now have to double-click the
side button to initiate Apple
Pay, then look at the phone.
Placing a finger on the home
button was simpler.
But let’s talk about the real
significance of the improved
front-facing camera: extremely detailed selfies and
those talking emojis.
Like the dual cameras on
the back of the phone, the
new front-camera array collects depth data used to blur
the background around your
Executive
Resigns
Early iPhone X customers were greeted Friday by Apple staff as they entered the company’s store on New York’s Fifth Avenue.
Customers Line Up
At Apple Stores
Long lines outside Apple Inc.
stores around the world showed
strong initial demand for the new
iPhone X, but analysts said the
real test would be the company’s
ability to sustain that level of interest over the coming months as
it works through supply bottlenecks.
At San Francisco’s flagship
Apple store, the line of early buyers reached about 500 by 7:30
head, or create dramatic
lighting effects on your face.
Animojis—“animated
emojis”—are a fun trick to
showcase the impressive face
tracking. The phone maps
your voice and facial movements to the character.
Now let’s talk battery life.
In my daily use, I could make
it from wake-up (7 a.m.) to
just about bedtime (11 p.m.)
without charging the phone.
That’s similar to what I get
with the iPhone 8 Plus, and
far better than the iPhone 7
or 8. With the smaller
phones, I often charge at least
once midday.
Like the iPhone 8 models,
the X also supports wireless
charging. The $60 Mophie
Wireless Charging Base I
tested required me to carefully place the iPhone X at its
center, and even then, it took
an hour to charge from just
20% to 40%. And at $1,000,
the thing that’s billed as “the
future of the smartphone” deserves better than the tiny
charging cube that has come
with every iPhone for the
past 10 years. The X feels like
a.m. local time, a half-hour before
the doors opened. Sabino Rodriguez, a phone-repair technician,
said he joined the line midday
Thursday, when it was about 25
people deep.
In China, Apple didn’t offer
walk-in sales of the iPhones but
sold the device to customers with
reservations as it has since 2013.
About 80 customers lined up outside the Beijing Apple store on
Friday morning to pick up their
devices.
At an Apple store in central
Sydney, lines snaked around the
corner midmorning, despite the
store opening at 8 a.m., an hour
earlier than usual. IT worker Gav
Hannelly, who says he bought almost every new iPhone as soon
as it hit the shelves, said he
waited for an hour for his spacegray iPhone X.
It wasn’t clear how many
units Apple would have available
for first-day sale.
The company began offering
advance orders online on Oct. 27,
and shipment delays quickly grew
to five to six weeks. Apple Chief
Executive Tim Cook said Thursday that production of the phone
is “going well” but declined to say
when supplies would catch up
with demand. The company projected record revenue for the current quarter, which Mr. Cook attributed partly to the iPhone X.
The iPhone X is the most expensive iPhone ever, with a starting price of $999. It is the last in
a trio of new phones this year. In
September, Apple released the
iPhone 8 and 8 Plus. Mr. Cook
said he expects sales to pick up
after customers have had a look
at all three products.
—Tripp Mickle, Robert
McMillan, Rachel Pannett and
Yoko Kubota
The iPhone X Manual Apple Forgot
This all-new iPhone brings
all-new gestures.
To open notifications
swipe down from here
To take screenshot
press volume up
and sleep/wake
button
To wake up screen
tap anywhere
10:22
To open the Control Center
swipe down from here
ring/silent switch
volume up
sleep/wake
volume down
To summon Siri
press and hold sleep/wake
button
To launch Apple Pay
press twice
To restart phone
press volume down
and sleep/wake
button
To get home
swipe up from here
To see open apps
swipe up to here
To switch between apps
swipe the bar horizontally
from right to left or left
to right
To close apps
swipe up to here then
hold down on the
app card
THE WALL STREET JOURNAL.
Source: the company
a sports car, so why won’t
Apple give it a fast charger?
In many ways, the iPhone
X seems like a bridge between the past and the future. Sure, you have to learn
some new tricks, but much of
the interaction is still very
iPhone-like…for now. The X’s
faster processor and depthsensing tech—along with Apple’s new augmented-reality
initiative and embrace of talking speakers and ever-more-
powerful wearables—lay a
foundation for bigger changes
to come. One day, the iPhone
X will feel old, but today, at
the risk of sounding like a
Hallmark graduation card, it’s
the start of something new.
In response to the Journal’s
inquiries for that article,
Lanny Davis, a lawyer Outcome had hired as spokesman,
said the company put three
employees on paid leave and
hired the law firm of former
U.S. attorney Dan Webb “to review allegations about certain
employees’ conduct” raised internally and by the Journal.
Mr. Davis said Outcome “has
always upheld the highest ethical standards” and has adopted new policies throughout
2017 to comply with customer
contracts.
Mr. Kundra joins an exodus
of other top executives over
the past year, including the
head of human resources, two
product chiefs, another operating chief who left three
weeks after joining, and the
chief growth officer who was
recently put on paid leave. The
company has also added executives in recent months including a new chief engineering officer and a new general
counsel.
Behind the scenes the company has faced challenges. In
addition to the free advertising for clients, it recently
slashed employee travel to cut
costs. Hours after Mr. Shah
stood next to Chicago Mayor
Rahm Emanuel to announce
the new headquarters in September, Outcome executives
met to complete plans for layoffs that included 76 of its
600-plus total employees. Mr.
Davis said the company hired
more people in the third quarter than were let go that week.
Outcome trumpeted Mr.
Kundra’s hiring in a February
press release and his promotion in a July release.
When he was promoted, Mr.
Shah told staff in an email:
“We are excited to share with
all of our colleagues…that
Vivek Kundra is being promoted into a new office of the
COO with a broad remit of
most day to day operations at
Outcome Health,” according to
a copy of the email reviewed
by the Journal.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | B5
* * * *
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
Concerns Mount Over Pass-Through Tax Cut
INVEST
Continued from page B1
an SEC filing. He isn’t using
the technique in any accounts that his firm, Miller
Value Partners LLC, manages for outside investors.
“What we’re hoping to do is
to have a quantitative model
that would add value when the
market’s going up and when
it’s going down,” he says.
Using market prices and
other measures, the system
seeks to predict when conditions will favor buying or
selling, and how aggressively
the fund should buy or sell.
Mr. Miller’s son, Bill Miller
IV, a portfolio manager who
oversees the seismic model,
says it “has done exactly
what we thought it would do”
since its launch two years
ago. That includes doing
“OK” at the start of last year,
when U.S. stocks slumped
roughly 10% in six weeks.
Pass-throughs include
large private companies, as
well as manufacturers and
mom-and-pop businesses.
The tax cut would be a boon
to many pass-through firms
because they won’t benefit
from a proposed drop in the
top corporate-tax rate to 20%
from 35%. Pass-through entities account for more than
40% of all business income,
according to the Joint Committee on Taxation.
But many others would be
left out of the new break because the change lowers
taxes only for owners whose
rate is above 25%. That
means couples earning less
than $260,000 and singles
earning less than $200,000
couldn’t take advantage of it.
“At least 10 million smallbusiness owners wouldn’t
see a dime from this tax cut,
because they don’t earn
enough,” says Caroline
John Rundle, a geophysicist at the University of California, Davis, who helped design the forecasting
approach, says earthquakes
and market crashes “look so
much alike that you can describe them both with the
same mathematics.”
oth kinds of shocks are
preceded by tremors;
both are followed by aftershocks. Earthquakes reach a
critical point at which all fluctuations, large or small, are
correlated and synchronized;
in a market crash, nearly all
assets tend to fall in lockstep.
Financial markets, like tectonic plates, can form what
physicists call a “metastable
state,” temporarily harboring
latent energy that gets suddenly and violently released.
Investors have long sought
a reliable technique for determining when to get out of the
market before a crash and
back in before a rise. Unfortunately, that holy grail remains
at least as elusive as it is pre-
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
Friday, November 3, 2017
52-Wk %
Sym Hi/Lo Chg Stock
NYSE highs - 138
Accenture
ACN
AdamsDivEquityFd ADX
AgilentTechs
A
AlamoGroup
ALG
AlliantEnergy LNT
AllianzGIDivIncm ACV
AllyFinancial
ALLY
AlonUSAPartners ALDW
Ameren
AEE
AmHomes4RentPfdF AMHpF
Anthem
ANTM
AristaNetworks ANET
ArtisanPtrsAsset APAM
AveryDennison AVY
BkNovaScotia BNS
Bard CR
BCR
BectonDickinson BDX
Bio-RadLab B BIO.B
Bio-RadLab A BIO
BroadridgeFinl BR
BrookfieldDTLAPf DTLAp
CNA Fin
CNA
CVR Energy
CVI
CabotOil
COG
CadenceBancorp CADE
CAE
CAE
CanNaturalRes CNQ
Care.com
CRCM
CenturyComm CCS
Chemed
CHE
ChinaFund
CHN
ComericaWt
CMA.WS
ConocoPhillips COP
ConEd
ED
CubeSmart
CUBE
CurtissWright CW
Dana
DAN
Danaher
DHR
DaqoNewEnergy DQ
DreyfAlcGlb2024 DCF
DriveShackPfdD DSpD
DukeEnergy
DUK
EMCOR
EME
EPAM Systems EPAM
EmergentBiosol EBS
Entergy
ETR
EvoquaWater AQUA
Exelon
EXC
FactSet
FDS
FairIsaac
FICO
FangHoldings SFUN
Ferro
FOE
FiatChrysler
FCAU
FidelityNatlFin FNF
FT EnhEquity FFA
FortressTransport FTAI
GreatPlainsEner GXP
GreenDot
GDOT
GrubHub
GRUB
HawaiianElec HE
HeritageInsurance HRTG
HysterYaleMatls HY
IDACORP
IDA
IONGeophysical IO
IRSA
IRS
ITT
ITT
Ingevity
NGVT
JapanSmlCap JOF
KBR
KBR
Kaman
KAMN
KenonHoldings KEN
Kyocera
KYO
LambWeston LW
Leidos
LDOS
LibertyProperty LPT
LiveNationEnt LYV
MadisonSquGarden MSG
MainStreetCap MAIN
Manpower
MAN
ManulifeFin
MFC
MarathonPetrol MPC
MarriottVacations VAC
McDonalds
MCD
Meritor
MTOR
MiXTelematics MIXT
ModineMfg
MOD
MolinaHealthcare MOH
MotorolaSolutions MSI
NRG Energy
NRG
NatlPrestoInds NPK
NiSource
NI
NuvHiIncm2020 JHY
OaktreeSpecNts24 OSLE
Oppenheimer A OPY
Orix
IX
PNC Fin Wt
PNC.WS
Penumbra
PEN
PolyOne
POL
Progressive
PGR
Prologis
PLD
PublicServiceEnt PEG
QuakerChemical KWR
RH
RH
RPC
RES
Renren
RENN
ResoluteForest RFP
SPX
SPXC
SemicondctrMfg SMI
ServiceCorp
SCI
Southern
SO
SpiritAeroSys SPR
StellusCap5.75Nt22 SCA
144.69
15.74
68.67
114.34
44.39
22.40
26.91
13.40
62.83
26.17
213.45
202.15
36.45
108.99
65.62
335.84
224.89
255.47
262.49
87.10
30.00
55.33
31.08
28.41
25.42
18.25
36.09
19.68
30.16
235.96
21.33
50.75
53.27
87.58
28.38
120.25
31.91
93.16
40.72
10.05
25.50
89.50
81.73
100.30
44.86
87.85
21.20
41.56
191.51
153.26
4.98
24.84
18.33
38.16
15.62
18.98
33.35
57.07
62.96
36.81
16.72
93.90
93.79
13.90
30.69
53.00
75.60
13.13
20.37
57.11
17.75
70.12
52.43
64.20
44.38
44.01
231.44
41.06
126.05
20.93
62.78
142.73
169.45
27.96
11.01
23.60
79.90
94.94
28.09
120.20
27.41
10.50
25.25
23.60
89.51
71.94
101.45
46.59
50.27
66.83
50.56
160.47
93.64
25.72
11.68
8.20
32.71
8.77
35.94
53.51
83.13
25.63
0.4
0.4
0.4
0.4
1.8
0.2
0.5
-0.9
-0.2
1.1
0.6
11.2
1.1
-0.3
0.3
-0.5
0.2
14.2
20.5
0.7
2.2
0.9
-0.3
-0.1
0.6
-0.2
2.1
15.1
6.3
2.2
0.1
1.5
0.9
0.3
0.4
...
-0.1
0.5
-1.5
0.3
1.1
...
0.1
0.5
7.4
0.4
-2.7
0.5
0.3
3.1
3.8
4.7
1.6
0.6
0.3
0.2
1.4
-0.5
2.2
0.4
0.5
11.2
0.8
15.5
1.0
-0.3
3.7
0.5
3.0
-0.3
-0.8
0.6
0.6
1.3
0.6
7.1
3.6
2.1
0.5
0.6
...
3.8
0.3
0.5
3.4
0.2
14.8
4.7
6.4
0.2
1.4
-0.3
...
2.6
0.1
1.9
1.4
0.7
1.7
0.5
1.0
1.9
-2.7
1.1
1.6
11.8
8.3
9.8
1.7
-1.5
-0.3
...
52-Wk %
Sym Hi/Lo Chg Stock
STMicroelec
STM
Stoneridge
SRI
SunCommunities SUI
SuncorEnergy SU
Sysco
SYY
TeledyneTech TDY
TowerIntl
TOWR
ToyotaMotor TM
Tri-Continental TY
TriNet
TNET
TsakosEnergyPfdD TNPpD
TwoHarborsPfdB TWOpB
UnitedHealth UNH
Visa
V
VailResorts
MTN
VirtusGlbDiv&Incm ZTR
VishayPrecision VPG
WEC Energy WEC
WNS
WNS
W.P.Carey
WPC
Wal-Mart
WMT
WarriorMetCoal HCC
WellCareHealth WCG
Workiva
WK
XPO Logistics XPO
Zoetis
ZTS
24.58
22.99
92.44
35.55
57.23
182.88
33.65
125.63
26.15
43.38
25.70
26.75
213.83
111.42
235.99
13.50
25.05
68.67
39.74
70.43
89.88
28.00
207.26
22.95
73.88
68.80
2.5
3.1
1.1
1.1
1.5
2.4
-1.4
0.2
0.7
15.0
0.2
0.2
0.8
0.3
1.6
-0.1
-0.6
0.8
0.5
2.6
1.0
-0.1
2.8
1.6
2.4
2.1
NYSE lows - 80
AK Steel
AKS
AMC Ent
AMC
ARCDocumentSolns ARC
AlaskaAir
ALK
AlticeUSA
ATUS
ArcherDaniels ADM
ArlingtonAsset AI
AshfordHospPrime AHP
AvonProducts AVP
BT Group
BT
BlueApron
APRN
BlueCapReins BCRH
CBL Assoc
CBL
CBS B
CBS
CBS A
CBS.A
CNX Coal
CNXC
CapsteadMtg CMO
CenturyLink
CTL
ChannelAdvisor ECOM
CircorIntl
CIR
CobaltIntlEner CIE
EngGr-Cmg
CIG
ContainerStore TCS
Volaris
VLRS
Corts JCPen JBR JBR
Coty
COTY
DeanFoods
DF
DeutscheMuniIncmTr KTF
DeutscheStratMuni KSM
DieboldNixdorf DBD
DynagasLNG DLNG
EdgewellPersonal EPC
Enbridge
ENB
EvolentHealth EVH
Fabrinet
FN
FT SrFR Incm FCT
FootLocker
FL
GGP
GGP
GameStop
GME
HeclaMining
HL
Interpublic
IPG
KinderMorgan KMI
KinderMorganPfdA KMIpA
Luby's
LUB
Macy's
M
Mallinckrodt
MNK
McEwenMining MUX
NCR
NCR
NeoPhotonics NPTN
NewSeniorInvt SNR
NordicAmerTankers NAT
Nordstrom
JWN
NuSTAREnergy NS
NuvMN QualMuni NMS
Omnicom
OMC
PQ Group
PQG
PandoraMedia P
PenneyJC
JCP
PennyMacTr
PMT
PIMCOCAMuniIII PZC
PitneyBowesNt43 PBIpB
PrestigeBrands PBH
RAIT Financial RAS
RR Donnelley RRD
RiteAid
RAD
RubiconProject RUBI
SafetyIncome SAFE
Satrn JCPen
HJV
SeaWorldEnt SEAS
SocialCapHedWt IPOA.WS
Switch
SWCH
Tanger
SKT
TaubmanCtrs TCO
TimeInc.
TIME
TreeHouseFoods THS
TwoHarbors
TWO
VitaminShoppe VSI
VoyaPrimeRate PPR
WashingtonPrime WPG
WideOpenWest WOW
4.05 -0.2
11.80 -7.4
2.65 -19.0
62.65 ...
20.66 -7.8
39.65 -0.9
10.93 -1.6
8.95 -8.6
1.90 -9.8
16.45 -1.5
3.56 -0.3
12.75 -1.9
5.83 -25.9
52.75 1.7
53.00 1.9
14.25 -1.4
8.60 -0.1
16.31 -6.2
8.60 -18.3
42.25 0.4
0.50 -14.7
2.04 -7.9
3.53 -1.9
9.89 -2.2
9.82 -2.4
14.24 -0.7
9.30 -1.5
11.82 ...
11.81 -0.7
17.90 1.4
12.21 0.2
60.27 -2.6
36.49 -0.1
13.20 -11.1
31.20 -0.2
12.97 -0.6
29.24 -0.5
18.83 -2.9
18.10 -2.2
4.43 -2.8
18.86 ...
17.59 -0.3
36.61 0.5
2.38 ...
18.33 -2.2
30.08 1.3
1.88 ...
30.00 -1.3
4.56 -8.0
8.15 -7.7
4.19 -3.4
38.43 -2.2
31.88 -0.2
14.98 2.4
65.55 ...
15.56 -0.8
5.35 -24.6
2.37 -7.1
15.18 -5.8
10.38 -0.8
24.93 -1.1
42.30 -1.8
0.40 -3.1
8.54 -1.6
1.52 -3.1
2.02 -40.0
17.77 0.5
10.00 -0.4
10.83 -5.0
1.50 ...
18.15 -3.6
21.81 -5.1
44.78 -2.4
10.23 ...
40.26 -2.0
15.42 -0.3
4.25 -5.5
5.09 -0.2
6.93 -11.0
12.36 -4.7
52-Wk %
Sym Hi/Lo Chg
AlphaCloneAltAlpha ALFA
CambriaGlbMomentum GMOM
CSAxela3xLgBrent UBRT
CS FI LC Grwth FLGE
DeltaShS&PIntMgd DMRI
DirexJapanBl3 JPNL
DirexS&P500Bl3 SPXL
DirexS&P500Bl1.25 LLSP
DirexSemiBl3 SOXL
DirexTechBull3 TECL
DirexUtilBl3X UTSL
ETRACSMnthly2xLev SPLX
FidelityMSCIIT FTEC
FT GlbEngg
FLM
FlexShCurrHdDM TLDH
FrankUSLowVol FLLV
GlbXMSCIArgentina ARGT
GlbXSciBetaAsiaXJ SCIX
GlbXSciBetaJapan SCIJ
GSActiveBetaJapan GSJY
GraniteS&P Comm COMG
GuggDefEqty DEF
GuggS&P500Top50 XLG
GuggSolar
TAN
HartfordTRBd HTRB
IQ50%HdgFTSEEur HFXE
IQ50%HdgFTSEIntl HFXI
IQ50%HdgFTSEJapan HFXJ
iPathAIGCarbon GRN
iPathPBNickel NINI
iShCoreDivGrowth DGRO
iShCoreS&P500ETF IVV
iShCurrHdgNikk400 HJPX
iShCurrHdMSCIJapan HEWJ
iShU.S.Technology IYW
iShEdgeMSCIMultUSA LRGF
iShGlobal100 IOO
iShMSCIJapanETF EWJ
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShMornMCGrowth JKH
iShRussell1000Gwth IWF
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&P100
OEF
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShNorthAmerTech IGM
JPMDivRetEurCur JPEH
PwrShDBComTr DBC
PwrShDevEuroPac FXEP
PwrShDynLC Grwth PWB
PwrShFTSERAFIDevMk PDN
PwrShIndia
PIN
PwrShRussMCGrw PXMG
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
PwrShS&P500xRate XRLV
PwrShS&P500Mom SPMO
PwrShWldrClean PBW
ProShS&P500xFin SPXN
ProShrUltraDow30 DDM
ProShrUltraJapan EZJ
ProShrUltraQQQ QLD
ProShrUltraS&P SSO
ProShrUlSemi USD
ProShrUlTech ROM
ProShUltDow30 UDOW
ProShUltS&P500 UPRO
SPDRS&P500Growth SPYG
SPDRMomentumTilt MMTM
SPDR US LC Low Vol LGLV
SchwabUS LC Grw SCHG
SPDR DJIA Tr DIA
SPDR S&P 500 SPY
SPDR IntlSC
GWX
Whiskey&SpiritsETF WSKY
TechSelectSector XLK
UBS FIEnhLCGrw FBGX
USAACoreInterBd UITB
USAA IntlVal UIVM
USBrentOilFd BNO
USGasolineFd UGA
VanEckIndiaSC SCIF
VanEckSemiconduc SMH
VangdInfoTech VGT
VangdGrowth VUG
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VirtusWMCGlb VGFO
WBITacticalLCGD WBIE
WBITacticalLCQ WBIL
WisdTrCBOES&P500 PUTW
WisdTrJpnCapGds DXJC
WisdTrJpnHdgQuDiv JHDG
WisdTrJapanHdg DXJ
WisdTrJpnHlthCare DXJH
WisdTrUSEarn500 EPS
WisdTrUSLCValueFd EZY
XtrkrsMSCIAWxUSHi HDAW
XtrkrsMSCIEAFE DBEF
XtrkrsMSCIGermany DBGR
XtrkrsMSCIJapan DBJP
42.40
26.93
138.00
214.00
52.55
74.07
41.50
34.60
156.49
110.54
31.52
50.53
49.99
58.76
29.55
29.33
33.17
26.17
32.22
33.12
26.42
45.49
184.16
24.35
40.25
20.31
21.70
22.37
9.75
21.99
33.43
260.25
30.40
33.26
163.19
31.01
91.72
59.20
154.89
152.31
196.47
130.73
71.14
59.57
114.71
149.15
154.84
168.20
29.42
16.24
29.00
40.57
33.78
26.05
40.35
51.12
44.57
32.69
33.52
24.84
52.50
119.29
126.14
71.11
102.16
131.06
88.81
80.98
126.39
32.23
111.20
91.36
68.44
235.39
258.50
35.83
31.97
63.55
212.80
50.28
50.90
16.72
32.35
64.03
102.94
164.74
137.20
118.69
88.95
108.51
237.44
133.80
25.38
25.02
26.36
29.72
28.83
29.20
58.81
36.11
89.75
78.43
26.86
32.29
29.45
43.75
-0.1
-0.5
3.7
1.2
1.0
0.7
0.9
0.4
5.3
2.3
2.6
0.9
0.8
0.6
1.6
0.3
2.2
0.1
-0.1
0.2
0.4
0.2
0.4
0.8
0.7
-0.1
...
0.4
0.2
0.3
0.4
0.3
0.3
0.3
0.9
0.1
0.2
0.2
0.5
0.5
0.7
0.6
0.6
0.5
0.4
0.6
0.6
0.7
0.6
0.6
0.6
0.4
0.1
-0.2
0.7
0.5
0.9
0.1
0.6
0.5
1.0
...
...
1.9
0.6
3.7
2.0
0.2
0.9
0.5
0.2
0.1
0.7
0.1
0.3
0.3
1.1
0.8
1.2
...
-0.3
2.3
0.4
0.2
1.1
0.8
0.7
0.3
0.3
0.7
0.3
0.5
0.4
0.6
0.6
0.3
0.6
0.3
0.3
0.8
0.4
0.8
...
0.2
0.2
0.3
NYSE Arca lows - 38
AIPoweredEquity AIEQ
iPathS&P500VIXST VXX
BrandValueETF BVAL
67.54 0.1 CSAxela3xInvBrent DBRT
31.79 0.6 DirexMexicoBl3 MEXX
22.98 0.9 DirexS&P500Br3 SPXS
NYSE Arca highs - 109
ALPS EqSecWgh EQL
AdvShKIMKorea KOR
AdvShNewTech FNG
O
ther critics note that
the rule benefits the
highest earners the
most. According to research
by the Tax Policy Center, just
over half of pass-through income flows to the top 1% of
taxpayers, and they would
reap nearly three-quarters of
the benefit of the 25% rate.
“This is not a tax cut targeted to the middle class,”
says Michael Graetz, a former Treasury Department official who is now at Columbia University’s law school.
Others object because they
wouldn’t get the tax cut at
all. Most doctors, lawyers,
accountants, architects and
professionals who provide
services wouldn’t be eligible
for the 25% rate, unless they
can prove they have a capital-intensive business.
A spokesman for the
American Institute of Architects says that the bill
“would unfairly damage the
majority of U.S. architecture
firms,” and that the AIA
won’t support it as drafted.
Tax professionals are also
concerned about how the
pass-through change could
be abused. They argue
the special 25% rate will aggravate an issue that is already a major source of tension with clients: a murky
distinction between compensation and business income.
The tax cut requires business owners to divide their
earnings into two portions.
The part that is their compensation would be taxed at
the owner’s higher rate of up
to 39.6%, plus payroll taxes,
while their “business income”
would get the 25% rate.
Current law for S corporations requires owners to
make this distinction in order to determine which earnings are subject to employment and Medicare taxes. Scorp. owners often push to
understate compensation in
order to lower these taxes—a
maneuver made famous by
former Democratic Sen. John
Edwards and former Republican House Speaker Newt
Gingrich. The 25% rate would
raise the stakes on this issue.
“They are so asking for
trouble if this passes. Determining how a business owner
contributes to his firm is a
known minefield,” says David
Lifson, a CPA in New York
with high-income clients.
To prevent abuses, the law
has “guardrails” that assume
the income of active business
owners is 70% compensation
and 30% “business income”
that qualifies for the 25%
rate, with rare exceptions.
Many pass-through owners
will soon owe more payroll
taxes if lawmakers adopt the
70/30 standard, because currently they are paying themselves less. According to Martin Sullivan, an economist
with the nonprofit publisher
Tax Analysts, compensation
of all S-corp. officers totaled
just 57% of net income in
2013. For S corporations that
were manufacturers, compensation was 30% of net income.
Meanwhile, tax-policy specialists worry that the large
difference between the 39.6%
rate on some earnings and
25% rate on others will encourage schemers to look for
loopholes.
between physics and finance
isn’t new. In 1900, French
mathematician Louis Bachelier
likened the path of stock
prices to Brownian motion,
the random diffusion of parti-
cles throughout a liquid or
gas. Decades later, financial
economists Fischer Black and
Myron Scholes borrowed an
equation from thermodynamics to value stock options.
Perhaps the last word
should come from the most
famous of all physicists.
On April 20, 1720, when the
rise in the South Sea Co., one
of the hottest stocks then, already resembled a bubble, Sir
Isaac Newton dumped his
South Sea shares, doubling
his money by locking in a gain
of £7,000, says historian John
Carswell. A few months later,
though, he jumped back in at
a far higher price; he ended
up losing £20,000, or at least
$3.6 million in today’s money.
Predicting earthquakes is
hard. Predicting human behavior, especially tens of millions of people at a time, is
harder. As Newton is reputed
to have said, he “could calculate the motions of the heavenly bodies, but not the
madness of the people.”
B
New Highs and Lows | WSJ.com/newhighs
Stock
Bruckner, a managing director at the Kogod Tax Policy
Center at American University, which studies smallbusiness tax issues.
The National Federation of
Independent Business, which
advocates for small firms,
says it won’t support the bill
in its current form.
24.50
33.42
14.49
68.90
20.79
33.41
-0.3
-0.1
-1.1
-4.3
-3.3
-0.9
CHRISTOPHE VORLET
A special
25% tax rate on
“pass-through”
businesses is
emerging as
one of the
most controversial elements of
the Republican tax plan for
many reasons, including who
won’t benefit from it and
whether it is ripe for abuse.
House Republicans want to
spur economic growth by
lowering taxes on a portion of
income earned by many passthrough businesses, dropping
the top rate to 25% from
39.6%. So-called pass-through
businesses include millions of
partnerships, limited-liability
companies, S corporations
and sole proprietorships that
don’t pay corporate taxes or
dividends. Instead, their net
income goes directly to
the owner’s personal return
and is taxed only once, at the
owner’s individual rate.
cious. As Cliff Asness, Antti Ilmanen and Thomas Maloney
of AQR Capital Management,
have shown, contrarian investors trying to time the market
didn’t substantially outper52-Wk %
Sym Hi/Lo Chg Stock
DirexS&P500Br1 SPDN
DirexSemiBear3 SOXS
DirexSilverMinBl2 SHNY
DirexTechBear3 TECS
ETRACSAlernMLPInfr MLPB
GlbXSuperIncPfd SPFF
Inspire100ETF BIBL
ProShShtBasicMat SBM
ProShShtDow30 DOG
ProShShortQQQ PSQ
ProShShrtS&P500 SH
ProShUltTelecom LTL
ProShUltVIXST UVXY
ProShUltShtDow30 SDOW
ProShUltraProShFnl FINZ
ProShUlt3xShCrude OILD
ProShUltBloomCrd SCO
ProShUltShDow30 DXD
ProShrUS MSCI Jpn EWV
ProShUltShtQQQ QID
ProShUltShtS&P500 SDS
ProShrUSSemi SSG
ProShrUSTech REW
ProShrUSUtil SDP
ProShsVIXSTFut VIXY
SchwabSrtTRmUSTrsr SCHO
UBSProSh3xInvCrd WTID
UBSWellsFargoETN BDCS
E-TRACS AlrInfr MLPI
US3xShrtOilFd USOD
VangdTelecom VOX
Velocity3xInvCrude DWT
31.76
15.32
8.89
7.16
23.46
12.29
25.01
18.23
15.74
36.19
31.28
40.43
14.85
22.93
9.38
13.88
28.89
9.68
27.50
13.89
44.14
10.06
16.70
23.56
27.76
50.22
19.72
20.26
22.29
14.76
85.97
18.10
-0.3
-5.3
-3.6
-2.2
-4.5
-0.3
0.3
0.4
...
-0.9
-0.3
-5.4
-0.6
-0.3
-2.8
-5.2
-3.4
-0.3
-0.4
-1.8
-0.6
-2.5
-1.6
-0.1
-0.2
-0.1
-5.3
1.3
0.8
-8.0
-1.3
-5.2
NYSE American highs - 2
122.80 1.3
Chase
CCF
StoneEnergyWt SGY.WS 6.10 20.8
NYSE American lows - 10
BioPharmX
0.16 2.8
BPMX
CRH Medical CRHM 1.80 -15.9
0.09 -0.7
ComstockMining LODE
1.25 -4.1
GoldStandrdVntr GSV
0.80 -5.8
Inuvo
INUV
0.75 -7.1
OrientPaper
ONP
PacGE pfB
PCGpB 26.80 -0.6
0.40 -42.7
RegionalHlthProp RHE
2.35 -4.4
TelInstrElec
TIK
US Antimony UAMY 0.20 3.1
Nasdaq highs - 156
ASML
ASML
Abiomed
ABMD
ActivisionBliz ATVI
AdamasPharm ADMS
AdobeSystems ADBE
AeriePharm
AERI
AlliedMotionTech AMOT
AltairEngg
ALTR
Apple
AAPL
ArchCapitalPfdE ACGLP
ArenaPharm
ARNA
ArrowInvDWATact DWAT
Atlassian
TEAM
AxcelisTechs
ACLS
AxoGen
AXGN
BallardPower BLDP
Biomerica
BMRA
bluebirdbio
BLUE
BlueprintMed BPMC
BoingoWireless WIFI
Bottomline
EPAY
Broadcom
AVGO
Bruker
BRKR
CME Group
CME
CMSevenStarUn CMSSU
CRA Intl
CRAI
CadenceDesign CDNS
CalamosConvOp CHI
CalamsGlblDynInc CHW
CallidusSoftware CALD
CalumetSpecialty CLMT
CanadianSolar CSIQ
Carbonite
CARB
CboeGlobalMkts CBOE
Celcuity
CELC
ChemungFinl CHMG
Cognex
CGNX
Control4
CTRL
CSX-LinksCrudeOil USOI
Cresud
CRESY
DASAN Zhone DZSI
DavisWorldwide DWLD
DentsplySirona XRAY
DicernaPharma DRNA
DoubleEagleUn EAGLU
DoubleEagleWt EAGLW
Ebix
EBIX
EldoradoResorts ERI
ElectroScientific ESIO
EnantaPharma ENTA
EncoreCapital ECPG
FARO Tech
FARO
FT CapStrength FTCS
FT CloudComp SKYY
FT DevMkts
FDT
FT NasdTechDiv TDIV
FT GerAlpha
FGM
FT JapanAlpha FJP
FT MC GrwthAlpha FNY
FirstUnited
FUNC
Flex
FLEX
FlexShUSQualLC QLC
FormFactor
FORM
ForresterResearch FORR
FoundationMed FMI
GladstoneCommPfA GOODP
GladstoneInvt GAIN
GlbBloodTherap GBT
GlbXMillThematic MILN
GlbXS&P500Catholic CATH
Grifols
GRFS
Groupon
GRPN
HailiangEduc
HLG
184.65
195.02
67.03
29.29
182.74
66.25
33.63
19.40
174.26
25.02
28.77
11.72
51.77
36.20
24.90
5.89
3.46
164.80
74.35
25.99
34.89
278.00
35.16
141.07
10.07
44.29
43.92
11.75
9.35
28.75
9.55
18.89
27.00
115.91
19.84
48.49
134.70
34.10
26.12
22.95
7.74
25.43
66.00
8.23
12.25
0.80
68.95
30.00
22.96
50.89
52.00
52.95
49.34
44.17
61.36
34.64
49.47
58.48
38.27
18.20
18.33
32.13
18.65
46.10
52.45
26.92
10.71
43.95
18.65
32.04
24.20
5.49
33.01
1.3
2.6
-3.4
6.6
0.8
1.8
10.4
11.3
2.6
0.1
2.5
0.7
3.2
10.2
7.9
0.7
7.4
1.4
2.4
13.5
6.7
5.4
6.5
-0.2
0.6
1.1
0.3
-0.1
2.0
12.2
1.1
1.6
8.1
-0.5
6.9
-1.5
4.3
14.0
1.1
0.2
10.1
0.3
6.0
7.6
13.9
6.9
...
9.2
4.6
1.7
7.9
-1.2
0.2
0.1
...
0.5
-0.2
...
1.0
0.6
1.5
0.1
4.1
0.3
4.0
1.0
1.0
6.3
0.7
0.4
2.8
3.6
0.7
form those who held stocks
nonstop through the booms
and busts of the past six decades, without even accounting for taxes and trading costs.
The search for connections
52-Wk %
Sym Hi/Lo Chg
Hortonworks HDP
ILG
ILG
Icon
ICLR
Immucell
ICCC
Insulet
PODD
Intel
INTC
Intuit
INTU
IntuitiveSurgical ISRG
iPath10-yearBull DTYL
iRhythmTechs IRTC
iSectorsPostMPT PMPT
iShCoreS&PUSGrowth IUSG
iShCurrHdMSCIGrmny HEWG
iShMSCIUSAESGOpt ESGU
iShPHLXSemicond SOXX
JackHenry
JKHY
JunoTherap
JUNO
KellyServices A KELYA
LHC Group
LHCG
Lantheus
LNTH
LendingTree
TREE
LigandPharm LGND
LivaNova
LIVN
MGPIngredients MGPI
MillAcqn Un
MIIIU
MillAcqn Wt
MIIIW
Marriott
MAR
MatchGroup
MTCH
MaximIntProducts MXIM
MerchantsBancorp MBIN
MonarchCasino MCRI
NICE
NICE
NXP Semi
NXPI
NanoVibronix NAOV
Nathan's
NATH
Neogen
NEOG
NeosTherap
NEOS
NewaterTech NEWA
Novanta
NOVT
NuvNasd100Dyn QQQX
OpenText
OTEX
Orbotech
ORBK
OrigoAcqnRt
OACQR
OrthoPediatrics KIDS
PCSB Fin
PCSB
PayPal
PYPL
PwrShDynFinl PFI
PwrShDynHlthcr PTH
PwrShDynTech PTF
PwrShGlbWater PIO
PwrShQQQ 1 QQQ
PwrShWaterRscs PHO
ProShEquRising EQRR
ProShUltPrQQQ TQQQ
ProvidentBancorp PVBC
PumaBiotech PBYI
QAD B
QADB
QAD A
QADA
Qualys
QLYS
Radware
RDWR
RealPage
RP
SareptaTherap SRPT
SolarEdgeTech SEDG
StarsGroup
TSG
SunHydraulics SNHY
SuperCom
SPCB
Synopsys
SNPS
Talend
TLND
TexasInstruments TXN
TivityHealth
TVTY
TransActTechs TACT
Trupanion
TRUP
USA Truck
USAK
UnitedSecBcshrs UBFO
US GlobalInv GROW
UniversalDisplay OLED
UroGenPharma URGN
VangdRuss1000Grw VONG
VaronisSystems VRNS
VeriskAnalytics VRSK
VicShUSMultMin VSMV
Wingstop
WING
WisdTrGermanyHdg DXGE
18.65
30.52
123.55
8.75
69.90
47.30
154.04
386.59
77.88
53.87
27.23
52.47
29.92
56.74
176.01
111.94
61.59
27.12
76.14
23.00
275.00
147.00
81.80
74.19
10.65
0.75
121.58
27.92
53.46
19.16
46.51
85.59
118.20
4.89
92.95
82.00
13.15
15.75
53.95
23.91
35.45
49.80
0.60
21.00
19.34
73.41
34.34
70.12
54.11
25.40
153.29
29.47
43.79
132.87
25.30
131.70
31.45
39.45
57.75
19.50
45.10
54.42
34.00
20.90
59.21
4.44
87.52
42.89
98.00
48.15
12.95
32.39
15.08
10.00
4.30
160.95
38.38
134.04
51.70
91.41
26.31
38.88
33.08
8.0
1.3
2.1
3.6
19.4
-1.6
1.0
1.2
0.7
5.2
0.8
0.6
0.3
0.3
1.8
0.6
-2.4
-0.8
-0.3
-1.3
2.3
0.9
4.7
4.0
1.6
26.4
1.6
-2.0
2.1
-1.2
1.2
2.0
-2.1
5.6
13.7
1.4
27.1
7.4
1.9
0.4
0.8
-0.8
3.5
6.7
0.3
1.6
0.3
1.4
1.8
0.2
1.0
...
0.3
2.8
2.0
0.4
0.7
1.4
0.2
1.6
2.1
4.7
4.3
0.2
0.6
-1.2
...
1.5
1.2
3.4
9.4
13.4
1.5
-1.6
...
9.5
9.0
0.5
16.0
...
0.5
13.1
0.2
Nasdaq lows - 83
ADMA Biologics ADMA
AMC Networks AMCX
AcaciaComms ACIA
AcadiaHealthcare ACHC
AccelerateDiag AXDX
Aceto
ACET
AllenaPharm
ALNA
AndinaAcqnII ANDA
Atomera
ATOM
BaringtonHilcoUn BHACU
Benefitfocus
BNFT
CF
CFCO
Caesarstone
CSTE
CapitalaFinance CPTA
Cardtronics
CATM
Cartesian
CRTN
ChinaBiologic CBPO
CleanEnerFuels CLNE
ConsldComm CNSL
DareBioscience DARE
DarioHealth
DRIO
DigitalAlly
DGLY
DiscoveryComm A DISCA
DiscoveryComm C DISCK
ENDRA LifeSci NDRA
ElPolloLoco
LOCO
Energous
WATT
ENGlobal
ENG
FAT Brands
FAT
FTD
FTD
FinancialEngines FNGN
Fred's
FRED
FrontierComm FTR
FrontierCommPfA FTRPR
FulgentGenetics FLGT
GenMarkDiagn GNMK
GenoceaBiosci GNCA
2.16 1.6
47.44 -2.1
36.75 -5.8
28.96 -1.9
16.75 -6.7
8.29 7.0
8.66 -1.9
9.51 -0.2
2.66 -12.4
8.52 -20.4
22.30 -3.5
9.50 1.9
23.10 -1.1
7.92 1.1
17.41 -5.0
0.21 -7.5
72.21 4.2
1.98 -14.0
16.03 -10.8
2.24 -2.0
1.53 -2.5
1.70 ...
16.20 -4.6
15.25 -5.4
2.20 -12.0
9.75 -12.9
8.01 -6.8
0.80 -25.6
8.96 -5.1
10.32 -2.1
24.45 -24.1
4.25 -1.6
7.36 -19.3
13.46 -13.4
3.42 -8.5
3.87 -41.3
1.04 -4.5
Continued on Page B8
DEFY
Your Age.
Take Control of Your Health.
Feel 10+ years younger with the Cenegenics Elite Health
Program, the Gold Standard in Age Management Medicine.
BENEFITS INCLUDE
+
Decreased Body Fat
+
Increased Muscle Tone
+
Increased Physical and
Sexual Vitality
+
Improved Mental Sharpness
and Sleep Quality
+
Decreased Risk of
Age-related Diseases
Schedule your complimentary consultation today!
866.251.2319
TRYCENEGENICS.COM
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B6 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
23539.19 s 22.93, or 0.10%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.28 19.56
P/E estimate *
19.35 16.91
Dividend yield
2.18
2.66
All-time high 23539.19, 11/03/17
Nasdaq Composite Index
Last
2587.84 s 7.99, or 0.31%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.33 23.02
P/E estimate *
19.39 17.78
Dividend yield
1.92
2.20
All-time high: 2587.84, 11/03/17
Last Year ago
6764.44 s 49.49, or 0.74%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 16.10
23.75
P/E estimate *
21.55
18.79
Dividend yield
1.05
1.25
All-time high: 6764.44, 11/03/17
Current divisor 0.14523396877348
23500
2570
6700
23000
2540
6600
22500
2510
6500
22000
2480
6400
21500
2450
6300
Session high
UP
Close
t
DOWN
Session open
Open
t
Close
Session low
65-day moving average
65-day moving average
65-day moving average
21000
6200
2420
Bars measure the point change from session's open
20500
Aug.
Sept.
6100
2390
Oct.
Aug.
Sept.
Aug.
Oct.
Sept.
Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
Transportation Avg
23557.06 23481.57 23539.19
9798.25
9728.13
755.71
747.62
2.46
0.33
26793.23 26674.05 26789.00
686.82
683.80
686.22
74.76
0.85
0.28
Nasdaq Stock Market
Nasdaq Composite
6765.14
Nasdaq 100
6297.62
Standard & Poor's
500 Index
0.10
-0.24
753.43
Utility Average
Total Stock Market
Barron's 400
22.93
9755.00 -23.33
6712.93
6237.65
2588.42
6764.44
6295.58
2576.77
0.12
49.49
59.19
2587.84
7.99
0.74
0.95
23539.19 17888.28
31.6
19.1
10038.13
8075.14
20.8
7.9
3.6
754.80
625.44
15.3
14.2
7.8
26789.00 21514.15
691.56
523.22
24.5
31.2
15.1
14.1
8.5
8.6
6764.44
6295.58
0.31
2587.84
0.25
MidCap 400
SmallCap 600
1836.65
904.49
1827.23
900.07
1835.98
900.88
4.64
-5.79
-0.64
1839.12
918.72
Other Indexes
Russell 2000
1497.14
1490.66
1494.91
-1.64
-0.11
1512.09
NYSE Composite
12376.23 12340.89 12373.06
NYSE Arca Biotech
0.10
540.76
539.38
540.13
-0.12
4214.82
4139.98
4207.22
61.95
Value Line
0.00
-0.02
1.49
5046.37
4660.46
34.0
35.1
2085.18
10.7
25.7
29.4
13.4
14.7
24.1
15.6
1478.83
707.17
24.2
27.4
10.6
7.5
8.9
9.9
1163.44
28.5
10.2
8.5
12430.52 10289.35
8.6
20.3
11.9
4.6
545.98
456.36
18.4
6.7
3.1
4304.77
2887.17
45.7
36.8
7.8
Late Trading
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.
Volume, Advancers, Decliners
NYSE NYSE Amer.
Most-active issues in late trading
Company
Volume
(000)
Symbol
SPDR S&P 500
SPY
Last
Net chg
13,274.7 258.19
After Hours
% chg
High
-0.26
Low
-0.10 258.46 257.64
VanEck Vectors Gold Miner GDX
4,704.7
22.45
0.02
0.09
22.47
22.35
Finl Select Sector SPDR XLF
3,199.4
26.78
…
unch.
26.82
26.78
iShares Russell 2000 ETF IWM
2,973.3 148.51
-0.10
Schwab Short Trm US Trsr SCHO
2,735.2
50.23
…
unch.
50.23
50.23
VanEck Vectors Jr Gold GDXJ
2,627.2
32.12
…
unch.
32.17
32.11
Qualcomm
QCOM
2,573.7
62.41
0.60
0.97
65.75
53.07
General Electric
GE
2,431.9
20.17
0.03
0.15
20.32
19.93
-0.07 148.78 148.47
Percentage gainers…
Cavium
CAVM
88.2
76.50
8.23
12.06
80.18
67.07
Twin Disc
TWIN
10.5
24.07
1.38
6.08
24.07
22.69
Marvell Tech Group
MRVL
743.4
19.34
0.83
4.48
20.59
18.45
Urban Outfitters
URBN
51.0
25.67
0.95
3.84
25.67
24.71
Emergent Biosoltns
EBS
95.0
44.61
1.58
3.68
44.61
43.03
NYSE Arca Pharma
537.13
533.52
537.12
3.27
560.52
463.78
15.0
11.5
0.4
...And losers
KBW Bank
102.23
101.53
-0.18
-0.17
102.31
73.36
39.2
11.3
PHLX§ Gold/Silver
102.13
12.2
Neos Therapeutics
NEOS
42.7
11.85
-1.05
-8.14
13.00
11.65
81.50
80.01
-0.58
-0.71
96.72
73.03
-9.4
2.4
6.5
Bioverativ
BIVV
PHLX§ Oil Service
80.72
77.2
50.77
-3.24
-6.00
54.02
50.77
135.27
132.06
134.88
1.99
1.50
192.66
117.79
-10.0
-26.6 -17.7
WisdomTree Japan Hdg Eqty DXJ
57.1
55.75
-3.00
-5.10
58.82
55.75
1300.02
9.91
1273.15
8.99
1299.97
9.14
1.77
1299.97
22.51
802.88 61.9
9.14 -59.4
43.4 26.3
-34.9 -14.7
Embraer ADR
ERJ
38.1
18.86
-1.00
-5.04
19.86
18.86
Diana Containerships
DCIX
78.4
10.77
-0.44
-3.93
11.57
10.13
PHLX§ Semiconductor
CBOE Volatility
0.61
22.63
-0.79 -7.96
Philadelphia Stock Exchange
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Region/Country Index
Close
Percentage Gainers...
Net chg
2976.28
385.82
260.04
–5.37
0.39
–0.24
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
621.85
Sao Paulo Bovespa 73915.43
S&P/TSX Comp
16020.16
S&P/BMV IPC
48534.84
Santiago IPSA
4162.76
1.68
91.69
5.17
200.39
–19.87
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
5959.90
Shanghai Composite 3371.74
Hang Seng
28603.61
S&P BSE Sensex
33685.56
Nikkei Stock Avg
22539.12
Straits Times
3382.31
Kospi
2557.97
Weighted
10800.77
World
The Global Dow
DJ Global Index
DJ Global ex U.S.
Latest
% chg
396.06
400.01
4112.55
5517.97
13478.86
1427.62
23014.13
555.15
1109.38
10357.80
600.20
9322.05
7560.35
YTD
% chg
17.6
18.3
21.5
–0.18
0.10
–0.09
0.27
0.12
0.03
0.41
15.1
22.7
4.8
6.3
29.2
0.28
1.12
0.05
0.21
0.25
10.29
0.14
7.47
0.28
37.93
Closed
…
–0.14
–31.92
0.24
1.32
–9.28 –0.83
–100.00 –0.96
0.47
2.79
0.46
42.40
0.07
5.03
9.6
14.2
14.0
13.5
17.4
–2.9
19.6
14.9
–3.7
10.8
12.3
13.4
5.8
0.48
5.2
8.6
30.0
26.5
17.9
17.4
26.2
16.7
–0.47
28.20
–11.57
84.97
112.34
…
1.81
11.61
12.26
–0.34
0.30
0.33
Closed
0.05
0.46
0.11
Company
Symbol
Diana Containerships
Myomo
Neos Therapeutics
Hexindai ADR
Cerus
DCIX
Bio-Rad Labs A
Aratana Therapeutics
Insulet
Kala Pharmaceuticals
Arbutus Biopharma
BIO
National Security Group
Boot Barn Holdings
Varonis Systems
ION Geophysical
ViewRay
NSEC
11.21
4.14
12.90
12.66
3.52
NEOS
HX
CERS
High
52-Week
Low
% chg
8.71 348.40 1131015.06
1.29 45.26
23.20
2.75 27.09
13.15
2.66 26.60
...
0.64 22.22
5.91
-99.9
...
143.4
...
-26.8
GenMark Diagnostics
Rubicon Project
KEYW Holding
CBL Assocs Properties
Pacific Biosciences CA
GNMK
A consumer rate against its
benchmark over the past year
Money market accounts
0.60
0.30
VRAY
Company
Symbol
Qualcomm
Pandora Media
General Electric
Apple
TOP Ships
QCOM
Teva Pharmaceutical ADR
SPDR S&P 500
Advanced Micro Devices
Ambev ADR
iShares MSCI Emg Markets
TEVA
Volume % chg from Latest Session
(000) 65-day avg Close % chg
GE
AAPL
TOPS
52,932
46,213
43,848
42,949
42,205
SPY
AMD
ABEV
EEM
52-Week
High
Low
885.0 61.81 12.71
70.24 48.92
14.10
5.35
1243.5 5.59 -24.56
20.2 20.14 1.00
32.38 19.63
112.1 172.50 2.61 174.26 104.08
0.32
3120.6 0.72 67.05 151200.00
101.2
-27.3
-23.0
134.8
-12.4
11.40 1.51
258.45 0.33
11.12 2.49
6.17 -1.75
46.34 -0.52
42.90 10.85
258.50 208.38
15.65
6.22
7.03
4.70
46.85 33.94
t
0.00
–0.30
N D J F MAM J J A S O N
2017
Capital One 360
Glen Allen, VA
1.30%
877-464-0333
Goldman Sachs Bank USA
1.30%
New York, NY
855-730-7283
1
3 6
month(s)
1 2 3 5 710
years
maturity
Interest rate
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.38
1.39
Money market, annual yield
0.32
0.33
Five-year CD, annual yield
1.47
1.47
30-year mortgage, fixed†
3.99
3.92
15-year mortgage, fixed†
3.28
3.24
Jumbo mortgages, $424,100-plus† 4.29
4.36
Five-year adj mortgage (ARM)† 3.46
3.52
New-car loan, 48-month
3.02
3.01
HELOC, $30,000
5.19
5.19
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.88 l
0.26 l
1.19 l
l
3.61
l
2.85
l
4.23
l
3.13
l
2.85
l
4.57
1.25
4.25
1.39
0.36
1.47
4.33
3.50
4.88
4.03
3.36
5.30
1.00
1.00
1.16
-0.09
-0.06
-0.15
0.01
-0.03
-0.31
-0.23
0.74
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
10%
5
2.25
0
1.50
–5
0.75
–10
0.00
–15
30
WSJ Dollar index
s
Euro
s Yen
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1461.665
2.121
2.168
2.237
1.482 –1.342 2.079
10-yr Treasury, Ryan ALM 1735.009
DJ Corporate
379.749
Aggregate, Barclays Capital 1942.740
High Yield 100, Merrill Lynch
n.a.
Fixed-Rate MBS, Barclays 1988.330
Muni Master, Merrill
n.a.
2.343
3.059
2.600
n.a.
2.850
n.a.
2.426
3.067
2.640
5.172
2.910
1.977
2.609
3.390
2.790
n.a.
3.120
n.a.
1.783
2.730
2.100
n.a.
2.270
n.a.
1.763
2.856
1.012
n.a.
0.592
n.a.
801.386
5.532
5.496
6.290
5.279
5.641 5.420
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
WSJ
.COM
-20.94
-20.35
-19.28
-18.97
-18.26
Ranked by change from 65-day average*
Company
Symbol
Pwrsh FTSE Dev Mkt xUS
Saban Capital Acquisition
Shore Bancshares
GenMark Diagnostics
ProShs Ultra Semicon
PDN
HMS Holdings
Glbl X Fertilizers/Potash
M III Acquisition
NXP Semiconductors
Pandora Media
HMSY
Country/currency
SCAC
SHBI
GNMK
USD
SOIL
MIII
NXPI
P
in US$
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
753
525
393
7,005
118
3184 33.67 0.09
9.90 -0.60
2075
1785 17.05 1.07
4.26 -41.32
1750
1719 130.51 3.73
33.78 26.15
14.29 9.82
17.92 11.53
13.67 3.87
131.06 55.71
9,140
167
230
25,642
73,657
1692 15.57 -17.53
1615 10.34 -0.39
9.90 0.62
1584
1429 115.02 -2.08
5.59 -24.56
1243
21.83 11.01
10.46 8.28
10.09 9.43
118.20 95.88
14.10 5.35
US$vs,
YTDchg
Fri
per US$ (%)
Americas
Argentina peso
.0567 17.6350
Brazil real
.3017 3.3144
Canada dollar
.7835 1.2763
Chile peso
.001576 634.50
Colombia peso
.0003292 3037.50
Ecuador US dollar
1
1
Mexico peso
.0521 19.2034
Peru new sol
.3081 3.246
Uruguay peso
.03421 29.2300
Venezuela b. fuerte .099392 10.0612
1.945
3.990
2.475
n.a.
2.172
n.a.
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.7650 1.3072
China yuan
.1506 6.6387
Hong Kong dollar
.1282 7.8026
India rupee
.01545 64.705
Indonesia rupiah .0000741 13499
Japan yen
.008767 114.06
Kazakhstan tenge .002992 334.23
Macau pataca
.1245 8.0345
Malaysia ringgit
.2361 4.2360
New Zealand dollar
.6906 1.4480
Pakistan rupee
.00950 105.280
Philippines peso
.0195 51.282
Singapore dollar
.7327 1.3649
South Korea won .0008958 1116.29
Sri Lanka rupee
.0065117 153.57
Taiwan dollar
.03314 30.171
11.1
1.8
–5.1
–5.3
1.2
unch
–7.4
–3.2
–0.4
0.7
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
–5.9
–4.4
0.6
–4.8
–0.2
–2.5
0.2
1.5
–5.6
0.3
0.9
3.4
–5.7
–7.6
3.5
–7.0
Country/currency
in US$
US$vs,
YTDchg
Fri
per US$ (%)
.03015 33.170 –7.4
.00004403 22711 –0.3
Thailand baht
Vietnam dong
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04520 22.125 –13.9
.1560 6.4123 –9.3
1.1610 .8614 –9.4
.003735 267.73 –9.0
.009405 106.33 –5.9
.1223 8.1765 –5.4
.2735 3.6566 –12.7
.01694 59.024 –3.7
.1186 8.4335 –7.4
.9994 1.0006 –1.8
.2573 3.8864 10.3
.0371 26.9285 –0.6
1.3075 .7648 –5.6
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6512 .3772 0.01
.0567 17.6475 –2.7
.2850 3.5086 –8.8
3.3038 .3027 –1.0
2.5974 .3850 0.01
.2615 3.825 5.1
.2666 3.7503 –0.01
.0703 14.2236 3.9
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.96
0.24 0.27 –5.36
Sources: Tullett Prebon, WSJ Market Data Group
Commodities
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
ECOM
Asia-Pacific
2017
Corporate Borrowing Rates and Yields
Bond total return index
ARC
-4.70
-1.99
-1.77
-0.66
-2.00
U.S.-dollar foreign-exchange rates in late New York trading
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
FTR
17.75
7.79
7.41
2.82
8.95
Currencies
Forex Race
3.75%
One year ago
NSTG
* 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
3.00
-3.00
-1.38
-2.58
-2.07
-1.00
FNGN
Volume Movers
78,440
73,657
65,403
58,360
54,649
P
t
Money market
account yields
1.30%
888-720-8756
-52.5
-62.0
-84.2
-17.1
-24.5
XPER
ableBanking,adivisionofNortheastBank
1.30%
Lewiston, ME
877-505-1933
Barclays
Wilmington, DE
45.95 16.70
23.45 7.32
57.30 7.36
5.55 2.65
15.85 8.60
Xperi
NanoString Technologies
Frontier Communications
ARC Document Solutions
ChannelAdvisor
Most Active Stocks
Friday
-47.6
-4.1
52.0
69.1
17.1
-16.7
-23.5
68.8
117.3
191.6
notes and bonds
1.30%
844-878-7359
5.35
24.45
46.65
94.93
42.65
PACB
18.90 11.53
17.26 5.90
51.70 24.75
13.90 3.20
10.39 2.67
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
BankPurely
Uniondale, NY
14.10
45.75
97.75
233.13
67.50
CBL
18.73
17.86
15.95
15.48
15.26
t
0.90%
t
Federal-funds
target rate
5.59 -1.82 -24.56
26.60 -8.45 -24.11
PLUS
74.25 -21.75 -22.66
STMP 171.25 -50.00 -22.60
RMAX 52.65 -14.05 -21.06
4.26
2.07
5.17
5.92
3.03
KEYW
15.40
9.90
48.70
13.80
8.31
0.33%
Bankrate.com avg†:
-64.5
-67.5
-50.9
-42.9
-56.0
P
s
Selected rates
3.87
2.02
4.97
5.83
2.92
Pandora Media
Financial Engines
ePlus Inc
Stamps.com
RE/MAX Holdings Cl A
IO
52-Week
Low
% chg
13.67
9.16
13.57
12.35
8.32
58.7
-10.4
97.1
...
120.3
2.43
1.50
6.70
1.85
1.10
High
-41.32
-40.00
-33.29
-25.91
-24.81
262.49 164.44
8.63 4.97
69.90 32.12
26.75 13.51
8.25 2.35
VRNS
NYSE Arca
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
Latest Session
Close Net chg % chg
RUBI
20.50
19.78
19.43
19.30
19.27
CREDIT MARKETS & CURRENCIES
U.S. consumer rates
Symbol
1.56
2.53
4.85
...
1.93
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor
Company
261.42 44.48
PETX
6.54 1.08
PODD
69.45 11.30
KALA
16.32 2.64
ABUS
6.50 1.05
BOOT
Nasdaq
Total volume*2,157,266,895 208,532,010
Adv. volume*1,319,136,037 82,738,311
Decl. volume* 794,614,184 124,471,143
Issues traded
3,050
1,283
Advances
1,434
670
Declines
1,464
580
Unchanged
152
33
New highs
156
109
New lows
83
38
Closing tick
86
42
Closing Arms†
0.59
1.67
Block trades*
7,555
1,100
Percentage Losers
Latest Session
Close Net chg % chg
MYO
Total volume* 811,511,750 10,284,883
Adv. volume* 392,928,540 3,702,409
Decl. volume* 403,661,931 5,862,675
Issues traded
3,062
330
Advances
1,407
122
Declines
1,514
179
Unchanged
141
29
New highs
138
2
New lows
80
10
Closing tick
242
13
Closing Arms†
0.96
1.23
Block trades*
6,664
107
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
606.51
2.22
189.38
55.64
2.984
1266.50
1.25
1.10
0.049
-8.40
0.37
606.51
527.06
0.67 195.14
55.64
2.02
3.93
1.67
-0.66 1346.00
166.50
42.53
2.56
1127.80
% Chg
15.07
YTD
% chg
6.92
3.77 -1.63
3.57
26.25
7.84 -19.87
-2.82 10.13
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | B7
* * * *
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS.
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading
volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was
$2 or higher.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Friday, November 3, 2017
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NYSE
ABB 2.9 24 26.20 0.11
24.35 26.48 20.26 ABB
AES 4.6 dd 10.49 -0.30
-9.72 12.47 10.46 AES
AFL 2.1 12 83.98 -0.43
20.66 85.70 66.50 Aflac
T 5.9 16 33.30 0.13
-21.70 43.03 32.93 AT&T
44.42 56.69 37.38 AbbottLabs ABT 1.9 43 55.47 1.10
ABBV 3.1 22 92.31 1.29
47.41 98.26 55.87 AbbVie
s 22.97 144.69 112.31 Accenture ACN 1.8 26 144.04 0.61
-29.80 261.43 153.28 AcuityBrands AYI 0.3 22 162.07 0.84
ADNT 1.4 dd 78.70 -2.38
34.30 86.42 39.66 Adient
-51.63 177.83 80.21 AdvanceAuto AAP 0.3 16 81.80 0.11
22.22 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.16 -0.04
AEG 5.2 17 5.89 -0.11
6.51 6.13 4.22 Aegon
AER ... 9 52.51 -0.50
26.20 54.50 40.62 AerCap
42.72 184.98 105.39 Aetna
AET 1.1 33 176.99 4.67
27.56 198.40 130.48 AffiliatedMgrs AMG 0.4 20 185.35 0.01
s 50.07 68.67 42.92 AgilentTechs A 0.8 35 68.37 0.24
5.02 52.32 35.05 AgnicoEagle AEM 1.0 38 44.11 0.06
AGU 3.2 26 108.09 -0.23
7.50 111.88 87.82 Agrium
10.73 162.86 132.07 AirProducts APD 2.4 29 159.25 -0.16
t-28.27 101.43 62.65 AlaskaAir
ALK 1.9 10 63.65
...
62.69 143.69 76.32 Albemarle ALB 0.9 32 140.04 3.13
AA ... 31 47.12 -0.34
67.81 50.31 23.56 Alcoa
12.75 125.99 101.73 AlexandriaRealEst ARE 2.7143 125.30 0.74
BABA ... 64 183.21 -1.60
108.64 191.22 86.01 Alibaba
-4.02 667.19 521.07 Alleghany
Y
... 19 583.68 16.68
ALLE 0.8 23 82.02 -0.21
28.16 89.81 63.31 Allegion
AGN 1.6 dd 174.92 -0.46
-16.71 256.80 169.64 Allergan
-1.27 266.25 198.06 AllianceData ADS 0.9 24 225.59 -0.65
9.38 26.65 20.40 AllianceBernstein AB 8.0 12 25.65 0.11
s 15.68 44.39 34.88 AlliantEnergy LNT 2.9 26 43.83 0.77
29.65 45.69 28.29 AllisonTransm ALSN 1.4 19 43.68 -0.40
ALL 1.5 14 97.84 -0.01
32.00 98.21 66.55 Allstate
s 40.27 26.91 16.68 AllyFinancial ALLY 1.8 12 26.68 0.14
t-30.94 35.29 20.66 AlticeUSA ATUS ... ... 22.59 -1.91
MO 4.1 8 63.91 0.01
-5.49 77.79 60.01 Altria
87.76 23.54 9.32 AlumofChina ACH ... 47 19.17 -0.48
25.66 7.03 4.70 Ambev
ABEV ... 35 6.17 -0.11
s 18.55 62.83 46.97 Ameren
AEE 2.9 22 62.19 -0.13
37.23 19.50 11.02 AmericaMovil AMX 2.0 32 17.25 0.04
38.78 19.11 10.83 AmericaMovil A AMOV 2.0 31 17.07 -0.03
-15.87 51.70 41.06 AmCampus ACC 4.2102 41.87 0.14
AEP 3.3 19 74.08 0.36
17.66 74.92 57.89 AEP
30.17 96.56 65.03 AmericanExpress AXP 1.5 19 96.43 0.45
16.61 106.52 74.27 AmericanFin AFG 1.4 13 102.76 -0.24
-5.07 67.47 57.37 AIG
AIG 2.1 dd 62.00 -2.98
34.46 148.71 99.72 AmerTowerREIT AMT 1.9 54 142.10 -0.34
22.66 90.22 69.41 AmerWaterWorks AWK 1.9 33 88.76 -0.69
APU 8.4129 45.20 0.20
-5.68 50.00 42.00 Amerigas
43.85 163.04 87.22 Ameriprise AMP 2.1 15 159.59 -0.14
-4.34 97.85 68.70 AmerisourceBrgn ABC 2.0 19 74.80 1.57
39.22 70.26 44.18 Ametek
AME 0.5 30 67.66 -0.72
29.96 88.19 64.83 Amphenol APH 0.9 28 87.33 -0.26
-29.00 73.33 39.96 AnadarkoPetrol APC 0.4 dd 49.51 0.12
ANDV 2.1 39 110.17 0.44
25.98 111.27 75.11 Andeavor
BUD 3.0 61 121.73 0.80
15.45 126.50 98.28 AB InBev
12.64 12.73 9.83 AnnalyCap NLY 10.7 4 11.23 -0.06
-18.65 27.23 17.89 AnteroResources AR ...385 19.24 0.34
s 47.32 213.45 118.42 Anthem
ANTM 1.3 19 211.80 1.21
AON 1.0 39 138.64 -0.32
24.31 152.78 107.73 Aon
APA 2.3 dd 42.75 1.07
-32.65 69.00 38.14 Apache
-2.71 46.85 39.66 ApartmtInv AIV 3.3141 44.22 0.62
61.62 33.37 17.65 ApolloGlobalMgmt APO 5.0 12 31.29 0.65
19.94 36.27 28.03 AquaAmerica WTR 2.3 27 36.03 0.10
ARMK 0.9 32 43.75 0.25
22.48 44.12 32.73 Aramark
34.34 30.50 18.84 ArcelorMittal MT ... 4 29.42 -0.11
t-12.86 47.88 39.65 ArcherDaniels ADM 3.2 19 39.78 -0.38
ARNC 0.9 dd 25.34 0.10
36.68 30.69 16.75 Arconic
s108.22 202.15 79.05 AristaNetworks ANET ... 52 201.49 20.32
9.64 84.53 58.52 ArrowElec ARW ... 14 78.17 -0.93
26.21 35.60 25.55 AstraZeneca AZN 2.6 24 34.48 0.37
-0.88 55.22 43.25 Athene
ATH ... 8 47.57 -0.01
18.13 89.00 68.51 AtmosEnergy ATO 2.1 24 87.59 1.07
135.60 67.69 22.07 Autohome ATHM ... 39 59.56 1.21
ALV 1.9 22 125.67 -1.06
11.06 127.75 93.31 Autoliv
-23.22 813.70 491.13 AutoZone AZO ... 14 606.41 3.71
2.72 199.52 158.32 Avalonbay AVB 3.1 28 181.97 1.62
AGR 3.4 24 51.09 0.64
34.87 51.87 35.42 Avangrid
s 53.93 108.99 68.93 AveryDennison AVY 1.7 24 108.09 -0.35
20.74 34.47 24.44 AxaltaCoating AXTA ...137 32.84 0.07
BBT 2.7 18 49.54 -0.05
5.36 49.91 38.23 BB&T
BCE 4.7 19 47.45 0.31
9.74 48.27 41.83 BCE
17.80 44.62 33.37 BHPBilliton BHP 4.1 19 42.15 -0.65
18.44 39.12 28.73 BHPBilliton BBL 4.6 17 37.26 -0.60
BP 5.9 35 40.56 -0.11
8.51 41.20 32.53 BP
BRFS ... dd 12.90 -0.37
-12.60 17.14 10.60 BRF
t-28.31 24.65 16.45 BT Group
BT 3.8 16 16.51 -0.25
53.73 61.88 36.16 BWX Tech BWXT 0.7 32 61.03 -0.32
-16.30 40.82 29.62 BakerHughes BHGE 2.3 dd 31.18 0.08
BLL 1.0 82 41.75 -0.05
11.23 43.24 35.65 Ball
25.70 9.35 6.04 BancoBilbaoViz BBVA 5.0 13 8.51 -0.20
32.25 95.80 64.92 BancodeChile BCH 2.8 18 90.76 -1.85
83.92 136.10 61.12 BancoMacro BMA 0.6 16 118.35 -1.38
42.07 32.02 21.06 BcoSantChile BSAC 3.4 18 31.07 -0.11
27.41 6.99 4.40 BancoSantander SAN 2.8 14 6.60 -0.17
0.85 48.74 31.98 BanColombia CIB 3.5 9 36.99 -0.53
25.88 27.98 16.35 BankofAmerica BAC 1.7 16 27.82 -0.05
8.13 78.86 62.32 BankofMontreal BMO 3.7 13 77.77 0.38
8.34 55.29 42.76 BankNY Mellon BK 1.9 15 51.33 -0.07
s 17.69 65.62 51.21 BkNovaScotia BNS 3.8 14 65.53 0.20
BCS 2.2 dd 9.57 -0.14
-13.00 12.05 8.94 Barclays
s 48.61 335.84 203.63 Bard CR
BCR 0.3 44 333.86 -1.71
-12.39 20.78 13.80 BarrickGold ABX 0.9 8 14.00 -0.10
BAX 1.0 35 64.90 0.83
46.37 65.70 43.13 BaxterIntl
s 35.55 224.89 161.29 BectonDickinson BDX 1.3 64 224.41 0.39
WRB 0.8 16 69.25 0.07
4.12 73.17 55.92 Berkley
14.89 285950 213680 BerkHathwy A BRK.A ... 21 280470 -2963.99
14.90 190.68 142.35 BerkHathwy B BRK.B ... 21 187.27 -1.34
21.08 60.70 43.19 BerryGlobal BERY ... 25 59.00 0.48
BBY 2.4 15 56.92 -0.42
33.40 63.32 37.10 BestBuy
s 43.42 262.49 164.44 Bio-RadLab A BIO ...523 261.42 44.48
s 39.23 255.47 171.50 Bio-RadLab B BIO.B ...510 255.00 31.80
8.93 47.55 41.10 BlackKnight BKI ... 74 45.75 -0.20
58.93 11.78 6.65 BlackBerry BB ... 9 10.95 0.24
25.90 489.79 339.90 BlackRock BLK 2.1 22 479.11 4.19
21.68 35.09 23.33 BlackstoneGroup BX 5.4 14 32.89 0.38
-18.32 18.95 13.40 BoardwalkPipe BWP 2.8 12 14.18 0.02
BA 2.2 24 261.75 -0.88
68.13 267.21 138.80 Boeing
34.31 53.84 33.09 BorgWarner BWA 1.1 38 52.97 0.07
-4.05 140.13 113.76 BostonProperties BXP 2.5 38 120.68 -2.09
28.80 29.93 19.67 BostonScientific BSX ... 46 27.86 0.42
43.19 33.73 15.26 Braskem
BAK 2.6 64 30.37 -0.80
6.47 66.10 46.01 Bristol-Myers BMY 2.5 24 62.22 -0.01
16.00 73.41 52.71 BritishAmTob BTI 2.3 11 65.35 0.64
s 30.98 87.10 59.86 BroadridgeFinl BR 1.7 32 86.84 0.58
26.33 43.15 32.04 BrookfieldMgt BAM 1.3 33 41.70 0.09
26.38 44.91 30.76 BrookfieldInfr BIP 4.1 90 42.30 0.08
12.33 50.81 36.05 Brown&Brown BRO 1.2 26 50.39 -0.01
20.84 60.28 45.17 Brown-Forman A BF.A 1.3 31 55.89 -0.35
23.80 59.71 43.72 Brown-Forman B BF.B 1.3 31 55.61 -0.32
-21.36 73.01 50.14 BuckeyePtrs BPL 9.7 14 52.03 -0.67
BG 2.7 22 67.86 -1.27
-6.06 83.75 63.96 Bunge
15.36 104.07 68.94 BurlingtonStores BURL ... 27 97.77 -0.35
CBD 0.1 66 22.59 -0.20
36.50 25.90 14.08 CBD Pao
26.71 40.34 25.97 CBRE Group CBG ... 19 39.90 0.69
t-12.97 71.07 53.00 CBS A
CBS.A 1.3171 56.41 1.07
t-12.92 70.09 52.75 CBS B
CBS 1.3168 55.40 0.94
22.62 39.04 22.58 CF Industries CF 3.1 dd 38.60 0.05
10.87 53.85 45.81 CGI Group GIB ... 20 53.25 0.50
CIT 1.4 dd 45.88 -0.45
7.50 50.40 35.60 CIT Group
15.64 49.11 38.78 CMS Energy CMS 2.8 25 48.13 0.01
s 32.48 55.33 35.67 CNA Fin
CNA 2.2 16 54.98 0.50
CEO 3.7 18 139.56 -1.48
12.58 141.11 108.05 CNOOC
7.53 17.69 13.27 CPFLEnergia CPL 1.6 37 16.56 -0.21
CRH 1.3 21 36.54 -0.02
6.28 38.06 31.55 CRH
-12.24 84.72 68.01 CVS Health CVS 2.9 14 69.25 -0.13
s 20.85 28.41 20.02 CabotOil
COG 0.7 dd 28.23 -0.03
10.02 96.39 75.36 CamdenProperty CPT 3.2 56 92.49 1.69
-23.14 64.23 44.99 CampbellSoup CPB 3.0 16 46.48 -0.37
CM 4.6 11 89.40 0.61
9.56 92.22 72.62 CIBC
19.09 84.48 61.72 CanNtlRlwy CNI 1.6 23 80.27 -0.06
s 12.99 36.09 27.52 CanNaturalRes CNQ 2.4 36 36.02 0.74
21.14 179.17 139.29 CanPacRlwy CP 1.0 18 172.95 -2.26
CAJ 3.7 20 37.78 0.05
34.26 37.89 27.76 Canon
5.00 96.92 71.91 CapitalOne COF 1.7 13 91.60 -0.85
-14.71 84.88 60.33 CardinalHealth CAH 3.0 15 61.38 0.31
CSL 1.3 22 109.73 -0.24
-0.51 116.40 92.09 Carlisle
KMX ... 21 75.19 -0.79
16.77 77.64 47.50 CarMax
CCL 2.8 18 65.43 0.23
25.68 69.89 47.99 Carnival
CUK 2.7 18 65.88 0.28
28.70 70.56 47.92 Carnival
47.33 140.44 80.59 Caterpillar CAT 2.3 95 136.63 0.16
34.79 109.11 71.24 Celanese A CE 1.7 19 106.13 -0.64
CX ... 11 7.90 -0.18
2.32 10.37 6.91 Cemex
-29.54 16.82 6.76 CenovusEnergy CVE 1.5 6 10.66 0.25
CNC ... 20 96.03 0.22
69.93 98.72 50.00 Centene
20.09 30.45 22.32 CenterPointEner CNP 3.6 21 29.59 -0.15
-13.85 7.60 3.49 CentraisElBras EBR ... 3 5.91 -0.30
t-31.16 27.61 16.31 CenturyLink CTL 13.2 24 16.37 -1.09
136.12 58.08 16.39 Chemours CC 0.2 35 52.16 -3.67
CVX 3.8 33 114.99 -0.34
-2.30 120.89 102.55 Chevron
15.26 30.90 21.38 ChinaEastrnAir CEA ... 9 25.76 -0.45
36.60 17.85 12.16 ChinaLifeIns LFC 1.0 33 17.58 -0.02
-3.01 58.83 50.00 ChinaMobile CHL 4.1 13 50.85 0.09
3.60 84.88 67.82 ChinaPetrol SNP 4.1 11 73.58 -0.97
50.29 43.35 25.60 ChinaSoAirlines ZNH 1.9 9 38.64 -0.83
8.65 53.77 45.58 ChinaTelecom CHA 2.7 16 50.12 -0.47
29.52 16.55 10.84 ChinaUnicom CHU ...148 14.96 0.13
CMG ... 53 273.53 -5.93
-27.51 499.00 264.90 Chipotle
CB 1.9 18 148.27 -0.99
12.22 156.00 123.08 Chubb
7.10 36.37 31.28 ChunghwaTelecom CHT 4.8 22 33.79
...
-0.61 54.18 42.55 Church&Dwight CHD 1.7 26 43.92 -1.51
CI 0.0 23 201.90 3.51
51.36 205.75 117.11 Cigna
-9.84 146.96 89.49 CimarexEnergy XEC 0.3 42 122.53 1.66
C 1.7 14 74.05 -0.37
24.60 76.14 47.70 Citigroup
8.95 39.75 25.98 CitizensFin CFG 1.9 16 38.82 0.08
CLX 2.6 24 128.11 -1.17
6.74 141.76 111.24 Clorox
KO 3.2 44 45.97 0.09
10.88 46.98 39.88 Coca-Cola
27.17 44.75 30.55 Coca-Cola Euro CCE 2.5 25 39.93 0.32
5.52 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.05 0.45
7.20 77.27 63.43 Colgate-Palmolive CL 2.3 27 70.15 -0.79
-17.02 16.09 12.12 ColonyNorthStar CLNS 8.7 95 12.38 0.01
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
CMA 1.5 18 79.75
17.09 80.25 49.81 Comerica
SBS ... 8 8.85
1.96 11.33 7.75 SABESP
-14.26 41.68 32.16 ConagraBrands CAG 2.5 24 33.91
7.73 147.55 106.73 ConchoRscs CXO ... 38 142.85
s 5.62 53.27 42.27 ConocoPhillips COP 2.0 dd 52.96
s 18.13 87.58 68.76 ConEd
ED 3.2 21 87.04
40.83 219.56 144.00 ConstBrands A STZ 1.0 28 215.91
-17.79 60.30 29.08 ContinentalRscs CLR ... dd 42.37
COO 0.0 33 229.27
31.06 256.39 158.73 Cooper
GLW 2.0 13 31.67
30.49 32.31 22.33 Corning
t-21.57 22.32 14.24 Coty
COTY 3.5 dd 14.36
BAP 1.8 15 207.32
31.33 213.82 146.03 Credicorp
13.00 16.46 12.34 CreditSuisse CS 4.4 dd 16.17
-2.35 28.30 19.15 CrestwoodEquity CEQP 9.6 dd 24.95
22.75 110.66 79.38 CrownCastle CCI 3.9 89 106.51
14.93 61.61 51.57 CrownHoldings CCK ... 17 60.42
10.91 103.37 72.96 Cullen/Frost CFR 2.3 19 97.86
CMI 2.5 18 173.07
26.63 181.79 121.43 Cummins
12.58 113.71 89.66 DTE Energy DTE 3.0 20 110.90
DXC 0.8 dd 91.45
32.10 93.40 64.06 DXC Tech
s 19.64 93.16 76.27 Danaher
DHR 0.6 28 93.13
DRI 3.1 21 82.28
13.15 95.22 63.26 Darden
DVA ... 9 59.91
-6.68 70.16 53.58 DaVita
DE 1.8 23 135.03
31.05 135.04 87.68 Deere
47.12 83.98 48.37 DellTechnologies DVMT ... dd 80.87
43.86 104.09 60.50 DelphiAutomotive DLPH 1.2 21 96.89
DAL 2.4 10 50.40
2.46 55.75 41.75 DeltaAir
4.08 19.48 11.89 DeutscheBank DB 1.2 dd 16.82
-14.01 50.69 28.79 DevonEnergy DVN 0.6 13 39.27
DEO 3.0 25 135.81
30.66 137.59 99.46 Diageo
21.17 127.23 85.63 DigitalRealty DLR 3.1 97 119.06
-6.45 74.33 55.71 DiscoverFinSvcs DFS 2.1 12 67.44
DIS 1.6 17 98.64
-5.35 116.10 92.11 Disney
DLB 1.1 30 58.98
30.52 61.45 44.98 DolbyLab
10.53 85.07 65.97 DollarGeneral DG 1.3 18 81.87
5.33 82.13 69.51 DominionEner D 3.8 24 80.67
DPZ 1.0 34 177.94
11.74 221.58 153.58 Domino's
13.52 48.91 35.93 Donaldson DCI 1.5 27 47.77
8.83 41.12 33.78 DouglasEmmett DEI 2.3 68 39.79
DOV 2.0 22 95.92
28.01 97.09 65.50 Dover
5.92 73.85 64.01 DowDuPont DWDP ... 33 71.16
-5.57 99.47 81.05 DrPepperSnap DPS 2.7 21 85.62
-18.84 49.68 29.83 DrReddy'sLab RDY 0.9 36 36.75
s 14.04 89.50 72.34 DukeEnergy DUK 4.0 26 88.52
8.51 30.14 22.96 DukeRealty DRE 2.8 39 28.82
E 5.7 33 33.41
3.63 34.62 26.15 ENI
EOG 0.6 dd 104.50
3.36 109.37 81.99 EOG Rscs
EQT 0.2299 62.78
-4.01 75.74 49.63 EQT
-5.83 82.99 68.76 EQT Midstream EQM 5.4 14 72.21
21.42 94.96 70.85 EastmanChem EMN 2.2 13 91.32
ETN 1.9 12 78.10
16.41 82.34 59.70 Eaton
21.94 52.36 34.84 EatonVance EV 2.4 22 51.07
12.08 134.89 110.65 Ecolab
ECL 1.1 30 131.38
23.98 11.56 7.65 Ecopetrol
EC ... 26 11.22
EIX 2.7 18 79.52
10.46 82.82 67.44 EdisonInt
9.63 121.45 81.12 EdwardsLife EW ... 30 102.72
14.98 67.78 49.38 EmersonElectric EMR 3.0 31 64.10
-41.52 26.17 13.87 EnbridgeEnPtrs EEP 9.4 dd 14.90
t-12.89 44.52 36.49 Enbridge
ENB 5.2 36 36.69
ECA 0.5 14 12.33
5.03 13.85 8.01 Encana
31.79 11.10 7.67 EnelAmericas ENIA 3.3 31 10.82
ENIC ... 10 5.80
27.47 6.31 4.25 EnelChile
33.69 27.74 18.35 EnelGenChile EOCC 7.4 11 25.99
-7.87 20.05 13.77 EnergyTrfrEquity ETE 6.6 22 17.79
-27.10 27.99 16.06 EnergyTransfer ETP 12.9 9 17.51
s 18.42 87.85 66.71 Entergy
ETR 4.1 dd 87.00
-7.54 30.25 23.84 EnterpriseProd EPD 6.8 20 25.00
EFX 1.4 23 108.70
-8.06 147.02 89.59 Equifax
24.69 90.80 65.87 EquityLife ELS 2.2 43 89.90
5.98 68.83 58.28 EquityResdntl EQR 3.0 58 68.21
9.24 270.04 208.92 EssexProp ESS 2.8 33 253.98
59.12 124.80 75.30 EsteeLauder EL 1.2 33 121.71
5.29 277.17 205.02 EverestRe RE 2.2 36 227.84
15.05 64.19 50.56 EversourceEner ES 3.0 21 63.54
s 15.36 41.56 29.82 Exelon
EXC 3.2 21 40.94
10.10 85.92 68.09 ExtraSpaceSt EXR 3.7 33 85.04
-7.84 93.22 76.05 ExxonMobil XOM 3.7 27 83.18
FMC 0.7277 91.11
61.09 95.08 51.00 FMC
s 16.64 191.51 152.09 FactSet
FDS 1.2 29 190.63
-10.94 145.80 119.37 FederalRealty FRT 3.2 41 126.56
FDX 0.9 21 224.24
20.43 231.35 172.85 FedEx
RACE ... 42 117.43
101.98 121.14 50.39 Ferrari
s 99.01 18.33 6.71 FiatChrysler FCAU ... 8 18.15
68.16 17.21 7.49 FibriaCelulose FBR ... 39 16.16
s 54.93 38.16 22.84 FidelityNatlFin FNF 2.8 16 37.98
28.47 18.48 11.00 FNFV Group FNFV ... 9 17.60
23.19 96.67 73.97 FidelityNtlInfo FIS 1.2 58 93.18
WUBA ...148 68.29
143.89 69.80 27.58 58.com
49.28 55.00 35.28 FirstAmerFin FAF 2.8 22 54.68
FDC ... 23 17.13
20.72 19.23 13.01 FirstData
2.51 105.52 72.49 FirstRepBank FRC 0.7 22 94.45
5.75 34.83 27.93 FirstEnergy FE 4.4 dd 32.75
26.34 183.61 121.52 FleetCorTech FLT ... 30 178.80
FLR 1.8 59 46.86
-10.78 58.37 37.04 Fluor
12.56 103.82 73.45 FomentoEconMex FMX 1.6 12 85.78
1.90 13.27 10.47 FordMotor F 4.9 11 12.36
19.48 26.30 17.79 ForestCIty A FCE.A 2.2 dd 24.90
FTS 3.6 22 37.22
20.53 37.67 29.14 Fortis
FTV 0.4 28 73.64
37.31 74.38 50.54 Fortive
20.03 68.82 52.80 FortBrandsHome FBHS 1.1 22 64.17
33.22 85.03 53.31 Franco-Nevada FNV 1.2103 79.61
8.11 47.65 33.34 FranklinRscs BEN 1.9 14 42.79
7.28 17.06 10.50 Freeport-McMoRan FCX ... 20 14.15
14.48 50.22 38.05 FreseniusMed FMS 1.1 23 48.32
t-23.54 27.10 18.83 GGP
GGP 4.6 27 19.10
AJG 2.4 25 63.69
22.58 64.06 47.16 Gallagher
GPS 3.5 13 26.38
17.56 30.74 21.02 Gap
35.45 30.66 19.91 GardnerDenver GDI ... ... 28.58
IT ...216 118.66
17.40 130.02 90.37 Gartner
9.14 10.69 8.32 Gazit-Globe GZT 4.2 2 9.43
18.19 214.81 149.66 GeneralDynamics GD 1.6 20 204.06
-36.27 32.38 19.63 GeneralElec GE 4.8 25 20.14
-16.89 64.06 50.12 GeneralMills GIS 3.8 18 51.34
21.53 46.76 30.21 GeneralMotors GM 3.6 9 42.34
G 0.8 23 30.24
24.24 31.93 22.62 Genpact
-8.10 100.90 79.86 GenuineParts GPC 3.1 20 87.80
14.11 32.15 23.55 Gildan
GIL 1.3 18 28.95
-6.13 44.53 35.86 GlaxoSmithKline GSK 5.6 30 36.15
49.27 104.47 64.63 GlobalPayments GPN 0.0 ... 103.61
GDDY ...297 46.86
34.08 46.95 31.63 GoDaddy
GG 0.6 21 13.10
-3.68 17.87 11.91 Goldcorp
2.07 255.15 174.73 GoldmanSachs GS 1.2 13 244.40
GGG 1.1 71 132.11
59.00 134.11 73.64 Graco
GWW 2.6 24 200.01
-13.88 262.71 155.00 Grainger
s 21.68 33.35 25.85 GreatPlainsEner GXP 3.3 32 33.28
6.30 9.38 7.18 GpoAvalAcciones AVAL 4.7 13 8.44
16.27 10.82 6.73 GpFinSantandMex BSMX 2.0 12 8.36
-0.77 27.37 19.69 GrupoTelevisa TV 0.5 53 20.73
64.12 81.46 49.18 GuidewireSoftware GWRE ...289 80.96
3.26 91.03 67.00 HCA Healthcare HCA ... 11 76.43
HCP 5.5 19 27.14
-8.68 33.67 25.09 HCP
55.26 100.26 59.00 HDFC Bank HDB 0.5 ... 94.21
HPQ 2.5 16 21.47
44.68 22.31 14.40 HP
HSBC 4.1 83 48.35
20.33 50.86 36.93 HSBC
-20.08 58.78 38.18 Halliburton HAL 1.7180 43.23
-10.25 26.05 18.91 Hanesbrands HBI 3.1 12 19.36
-19.37 63.40 45.25 HarleyDavidson HOG 3.1 15 47.04
HRS 1.6 31 139.41
36.05 141.97 92.35 Harris
17.19 57.16 43.18 HartfordFinl HIG 1.8 43 55.84
3.33 33.00 26.34 HealthcareAmer HTA 4.1125 30.08
HEI 0.2 44 90.87
47.23 93.00 53.10 Heico
HEI.A 0.2 37 76.80
41.38 78.70 47.44 Heico A
-29.06 85.78 42.16 Helmerich&Payne HP 5.1 dd 54.91
HLF 1.8 14 68.41
42.11 79.64 47.62 Herbalife
HSY 2.5 32 105.92
2.41 116.49 95.68 Hershey
HES 2.2 dd 45.46
-27.02 65.56 37.25 Hess
0.30 15.12 12.52 HewlettPackard HPE 1.9193 13.50
HLT 0.8773 73.16
31.10 73.31 45.67 Hilton
22.53 41.34 22.63 HollyFrontier HFC 3.3 21 40.14
22.61 167.94 120.06 HomeDepot HD 2.2 24 164.39
12.61 32.94 27.05 HondaMotor HMC ... 10 32.87
25.14 147.00 108.01 Honeywell HON 2.1 22 144.97
-10.03 38.35 29.75 HormelFoods HRL 2.2 19 31.32
62.17 44.92 26.69 DR Horton DHI 0.9 17 44.32
4.19 20.21 14.69 HostHotels HST 4.1 25 19.63
1.84 31.85 23.70 HuanengPower HNP 6.3 30 26.52
HUBB 2.5 24 125.12
7.22 127.34 102.41 Hubbell
HUM 0.6 21 256.69
25.81 264.56 165.52 Humana
27.62 236.94 146.52 HuntingtonIngalls HII 1.0 19 235.07
66.25 32.59 16.65 Huntsman HUN 1.6 15 31.72
... 34 67.36
21.90 70.48 50.21 HyattHotels H
IBN 0.8 22 9.56
40.40 9.85 6.69 ICICI Bank
29.65 19.01 13.03 ING Groep ING 3.1 14 18.28
IVZ 3.2 16 36.05
18.82 37.75 27.58 Invesco
IEX 1.2 33 127.81
41.92 129.40 84.64 IDEX
28.45 159.36 113.23 IllinoisToolWks ITW 2.0 24 157.30
INFY 2.7 15 14.63
-1.35 16.14 13.42 Infosys
14.94 96.23 67.04 Ingersoll-Rand IR 2.1 22 86.25
INGR 1.8 19 129.99
4.03 133.46 113.07 Ingredion
17.41 71.24 53.27 ICE
ICE 1.2 25 66.24
23.43 57.80 39.82 InterContinentl IHG ... 27 57.15
IBM 4.0 13 151.58
-8.68 182.79 139.13 IBM
25.87 151.04 113.16 IntlFlavors IFF 1.9 30 148.31
IP 3.3 26 57.12
7.65 58.96 43.62 IntlPaper
t-19.14 25.71 18.86 Interpublic IPG 3.8 13 18.93
14.20 23.56 19.80 InvitationHomes INVH 1.4 ... 22.84
23.52 41.17 30.75 IronMountain IRM 5.9 51 40.12
2.19 4.95 3.58 IsraelChemicals ICL ... dd 4.20
23.05 14.59 9.10 ItauUnibanco ITUB 0.5 11 12.65
17.52 102.42 67.64 JPMorganChase JPM 2.2 15 101.41
4.02 63.42 49.16 JacobsEngineering JEC 1.0 32 59.29
-6.23 17.28 13.55 JamesHardie JHX 3.8 27 14.91
13.73 36.25 30.24 JanusHenderson JHG ...262 34.80
JNJ 2.4 24 140.08
21.59 144.35 109.32 J&J
-1.24 46.17 36.74 JohnsonControls JCI 2.5 dd 40.68
32.13 134.76 87.56 JonesLangLaSalle JLL 0.5 20 133.50
-13.13 30.96 23.87 JuniperNetworks JNPR 1.6 14 24.55
13.82 49.04 38.16 KAR Auction KAR 2.9 29 48.51
KB ... 10 53.55
51.74 54.36 34.36 KB Fin
KKR 3.4 10 20.02
30.08 20.77 13.57 KKR
KT ... 11 14.08
-0.07 18.82 13.43 KT
23.58 109.13 79.05 KSCitySouthern KSU 1.4 21 104.86
K 3.5 28 61.96
-15.94 78.37 58.76 Kellogg
KEY 2.1 16 18.51
1.31 19.53 13.85 KeyCorp
0.31
-0.33
0.05
2.87
0.48
0.24
1.59
1.23
2.37
0.09
-0.10
0.28
-0.21
-0.05
0.14
0.54
-1.13
-0.22
0.10
0.76
0.42
0.47
0.39
0.59
-0.99
-2.42
0.06
-0.24
0.44
0.82
0.29
0.51
0.29
0.49
-0.64
-0.17
-0.15
-0.12
0.08
0.88
-0.88
0.28
-0.87
-0.04
0.11
0.04
1.55
0.75
0.28
0.19
-1.28
0.03
0.14
-0.05
0.45
1.34
0.48
0.13
-0.02
0.28
0.07
...
-0.07
0.28
0.05
0.36
0.45
-0.22
0.80
1.36
0.14
1.56
0.40
0.31
0.22
1.92
-0.35
0.96
0.65
-1.54
-1.06
0.32
0.29
-0.03
0.24
-0.25
-0.18
0.92
0.43
0.07
0.56
0.15
-3.51
2.40
0.37
-0.06
...
0.65
0.33
-0.39
-0.69
-0.24
-0.08
0.48
-0.57
-0.19
-0.07
-0.73
-1.68
-0.05
0.24
0.20
-0.42
-0.26
-0.03
-0.73
-0.24
0.20
0.80
0.14
0.04
-2.48
1.05
0.98
0.46
0.02
0.08
-0.38
0.55
...
0.56
-0.75
0.03
...
0.54
-0.72
-1.28
2.31
0.13
0.21
-0.32
0.20
0.03
-2.06
-0.67
1.05
-0.13
0.72
-0.11
1.68
0.07
-0.44
-0.19
-0.31
0.17
-0.01
-1.07
0.34
0.50
0.06
0.65
-0.07
-0.22
-0.11
-0.67
0.32
0.04
-1.35
0.71
-2.43
0.88
-1.77
0.11
-0.38
...
-0.37
0.23
-0.04
-0.03
-0.18
0.55
-0.16
-0.13
0.15
0.03
4.39
0.15
0.16
0.17
0.29
0.02
-0.89
-0.42
0.07
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
22.45 44.94 31.82 KeysightTechs KEYS ... 34 44.78 0.42
-0.79 78.33 66.98 KilroyRealty KRC 2.3 48 72.64 0.52
-2.92 136.21 110.33 KimberlyClark KMB 3.5 18 110.79 -0.76
-26.19 26.63 17.02 KimcoRealty KIM 6.0 37 18.57 -0.39
t-14.34 23.01 17.59 KinderMorgan KMI 2.8 32 17.74 -0.06
21.83 44.45 26.68 Knight-Swift KNX ... 43 41.22 -0.25
KSS 5.2 11 42.03 -0.21
-14.88 59.67 35.16 Kohl's
35.62 42.35 28.19 KoninklijkePhil PHG 2.2 24 41.46 0.34
-4.76 21.59 16.51 KoreaElcPwr KEP ... 6 17.60 0.24
KR 2.3 13 21.50 0.32
-37.70 36.44 19.69 Kroger
s 40.86 70.12 47.08 Kyocera
KYO ... 22 70.12 0.39
62.84 15.06 8.07 LATAMAirlines LTM 0.5 dd 13.32 -0.20
LB 5.1 14 46.72 -0.38
-29.04 75.50 35.00 L Brands
2.57 17.05 11.26 LG Display LPL ... 7 13.18 -0.01
LN ... 82 41.88 -0.02
23.14 42.88 30.90 LINE
LLL 1.6 26 186.52 -1.04
22.62 192.00 133.75 L3 Tech
LH ... 22 153.74 1.93
19.75 164.22 119.51 LabCpAm
s 37.70 52.43 28.75 LambWeston LW 1.4 23 52.12 0.32
23.35 66.22 51.35 LasVegasSands LVS 4.4 25 65.88 0.98
LAZ 3.5 13 47.01 0.55
14.41 48.86 37.37 Lazard
LEA 1.1 11 175.79 -1.04
32.80 178.81 112.53 Lear
-5.89 54.97 43.16 Leggett&Platt LEG 3.1 19 46.00 -0.11
s 24.48 64.20 43.46 Leidos
LDOS 2.0 28 63.66 0.84
LEN 0.3 16 54.62 -0.48
27.23 58.96 39.68 Lennar A
LEN.B 0.3 14 46.94 0.20
36.06 49.99 32.09 Lennar B
24.16 201.40 142.10 LennoxIntl LII 1.1 27 190.17 0.34
10.75 27.34 17.87 LeucadiaNatl LUK 1.6 17 25.75 0.30
s 11.57 44.38 36.22 LibertyProperty LPT 3.6 19 44.07 0.28
LLY 2.5 40 83.51 0.38
13.54 89.09 64.18 EliLilly
14.14 77.45 50.23 LincolnNational LNC 1.7 12 75.64 -1.08
3.16 33.68 24.27 LionsGate A LGF.A ... 43 27.75 -0.74
9.33 32.08 22.50 LionsGate B LGF.B ... 31 26.83 -0.51
s 64.74 44.01 26.41 LiveNationEnt LYV ... dd 43.82 2.90
16.13 3.87 2.77 LloydsBanking LYG 2.9 20 3.60 -0.03
24.03 322.19 236.21 LockheedMartin LMT 2.6 25 309.99 -0.87
L 0.5 17 49.61 0.11
5.94 49.93 41.38 Loews
LOW 2.1 22 77.92 1.27
9.56 86.25 64.87 Lowe's
23.08 107.83 77.64 LyondellBasell LYB 3.4 11 105.58 2.04
7.88 173.72 120.31 M&T Bank MTB 1.8 19 168.76 -0.27
8.43 34.65 25.15 MGM Resorts MGM 1.4 18 31.26 0.55
MPLX 6.9 37 34.12 -0.13
-1.44 39.43 30.88 MPLX
MSCI 1.2 41 126.04 0.62
59.99 127.23 76.52 MSCI
MAC 5.4 70 54.39 -1.26
-23.22 73.34 52.12 Macerich
-16.46 83.66 65.57 MacquarieInfr MIC 8.3 32 68.25 0.69
t-48.73 45.41 18.33 Macy's
M 8.2 8 18.36 -0.42
-9.90 81.77 63.92 MagellanMid MMP 5.3 19 68.14 1.28
27.00 55.76 36.77 MagnaIntl MGA 2.0 10 55.12 -0.11
s 41.78 126.05 76.38 Manpower MAN 1.5 19 126.00 0.57
s 16.89 20.93 14.14 ManulifeFin MFC 3.1 15 20.83 0.13
-9.99 19.28 10.55 MarathonOil MRO 1.3 dd 15.58 0.14
s 23.54 62.78 40.93 MarathonPetrol MPC 2.6 19 62.20 0.03
MKL ...238 1073.00 -17.39
18.63 1105.23 825.07 Markel
21.88 84.90 63.47 Marsh&McLennan MMC 1.8 23 82.38 -1.28
-4.39 244.32 188.59 MartinMarietta MLM 0.8 30 211.81 2.85
MAS 1.1 23 39.02 0.13
23.40 41.10 29.42 Masco
44.59 152.00 99.51 Mastercard MA 0.6 35 149.29 1.04
3.83 106.50 88.64 McCormick MKC 1.9 27 96.90 -1.15
s 38.56 169.45 110.83 McDonalds MCD 2.4 24 168.65 0.55
-2.02 169.29 129.27 McKesson MCK 1.0 7 137.61 0.55
10.11 89.72 69.35 Medtronic MDT 2.3 26 78.43 0.56
MRK 3.4 54 56.06 0.69
-4.77 66.80 54.41 Merck
MET 2.9607 54.63 -0.70
13.76 55.91 41.57 MetLife
54.34 694.48 407.87 MettlerToledo MTD ... 40 646.00 -25.60
10.80 52.33 32.38 MichaelKors KORS ... 15 47.62 -0.31
23.41 35.55 27.86 MicroFocus MFGP ... 51 34.84 -0.02
5.59 110.95 87.59 MidAmApt MAA 3.4 49 103.39 1.22
10.71 7.01 4.96 MitsubishiUFJ MTU ... 10 6.82 -0.02
2.23 3.87 3.26 MizuhoFin MFG ... 9 3.67 -0.01
18.66 11.59 7.09 MobileTeleSys MBT 6.6 12 10.81 -0.01
28.87 268.46 184.14 MohawkIndustries MHK ... 20 257.33 -0.46
-18.04 106.34 78.10 MolsonCoors B TAP 2.1 8 79.76 0.68
13.93 122.80 97.35 Monsanto MON 1.8 23 119.87 -0.56
55.18 148.00 93.51 Moody's
MCO 1.0 60 146.29 2.76
18.39 51.52 32.56 MorganStanley MS 2.0 14 50.02 -0.40
MOS 0.4 23 22.38 -0.09
-23.70 34.36 19.23 Mosaic
s 13.70 94.94 72.54 MotorolaSolutions MSI 2.2 25 94.25 4.23
s125.29 28.09 10.73 NRG Energy NRG 0.4 dd 27.62 1.65
6.64 25.01 21.96 NTTDoCoMo DCM ... 16 24.26 0.04
NVR ... 24 3210.65 10.72
92.37 3320.18 1480.70 NVR
-4.36 75.24 60.08 NationalGrid NGG 6.2 13 60.86 0.08
-10.74 43.63 29.90 NatlOilwell NOV 0.6 dd 33.42 0.06
-7.67 46.34 36.45 NatlRetailProp NNN 4.7 35 40.81 -0.32
93.68 94.63 37.16 NewOrientalEduc EDU ... 44 81.54 -0.13
-20.87 17.68 11.67 NY CmntyBcp NYCB 5.4 14 12.59 -0.01
-31.09 55.08 29.70 NewellBrands NWL 3.0 12 30.77 0.76
-24.30 50.00 24.41 NewfieldExpln NFX ... 18 30.66 1.17
5.78 39.62 30.19 NewmontMining NEM 0.8185 36.04 -0.44
27.78 156.80 110.49 NextEraEnergy NEE 2.6 17 152.65 2.79
-12.18 45.73 35.84 NielsenHoldings NLSN 3.7 26 36.84 0.03
NKE 1.3 24 55.71 0.59
9.60 60.53 49.75 Nike
s 23.44 27.41 21.17 NiSource
NI 2.6 33 27.33 0.39
-25.64 42.03 22.98 NobleEnergy NBL 1.4 dd 28.30 0.55
NOK 3.8 dd 4.97 -0.06
3.33 6.65 4.04 Nokia
-3.22 6.80 4.83 NomuraHoldings NMR ... 10 5.71
...
t-19.67 62.82 38.43 Nordstrom JWN 3.8 18 38.50 -0.85
20.63 134.52 91.28 NorfolkSouthern NSC 1.9 20 130.36 -1.79
29.70 306.61 220.72 NorthropGrumman NOC 1.3 22 301.66 0.30
NVS 3.2 30 83.70 0.92
14.91 86.90 66.93 Novartis
39.26 50.95 30.89 NovoNordisk NVO 0.9 22 49.94 0.30
NUE 2.6 17 58.00 -0.45
-2.55 68.00 48.62 Nucor
t-35.74 55.64 31.88 NuSTAREnergy NS 13.7 44 32.00 -0.08
6.52 37.41 29.98 OGE Energy OGE 3.7 19 35.63 -0.43
OKE 5.7 33 52.65 0.05
-8.29 59.47 46.04 ONEOK
-4.17 73.51 57.20 OccidentalPetrol OXY 4.5525 68.26 0.36
OZM 2.4 24 3.32 -0.18
0.30 3.95 2.15 Och-Ziff
OLN 2.3 79 35.47 -0.31
38.50 37.52 21.12 Olin
t-22.21 89.66 65.55 Omnicom
OMC 3.3 13 66.21 0.02
ORCL 1.5 22 50.18 -0.10
30.51 53.14 37.64 Oracle
ORAN 5.4 89 16.53 -0.08
9.18 17.63 13.98 Orange
51.45 134.59 73.07 OrbitalATK OA 1.0 28 132.87 0.17
s 14.89 89.51 73.70 Orix
IX ... 9 89.42 0.05
OSK 1.1 23 86.64 -0.39
34.10 94.16 54.18 Oshkosh
58.18 83.31 46.50 OwensCorning OC 1.0 24 81.56 0.06
PCG 3.7 14 56.80 0.15
-6.53 71.57 49.83 PG&E
PHI 5.7 15 33.00 -0.25
19.78 38.54 25.50 PLDT
PNC 2.2 17 138.64 0.24
18.54 139.23 94.30 PNC Fin
PKX ... 14 72.49 -0.51
37.94 77.76 50.37 POSCO
PPG 1.5 22 116.53 0.37
22.97 119.85 90.88 PPG Ind
PPL 4.3 17 36.74 -0.16
7.90 40.20 32.46 PPL
PVH 0.1 24 126.88 -0.68
40.60 133.24 84.53 PVH
36.45 120.75 78.03 PackagingCpAm PKG 2.2 21 115.74 -0.47
17.04 165.69 107.31 PaloAltoNtwks PANW ... dd 146.36 3.13
-2.74 33.40 24.65 ParkHotels PK 5.9 2 29.08 0.03
32.41 189.83 119.13 ParkerHannifin PH 1.4 26 185.38 -1.74
-21.88 39.82 22.98 ParsleyEnergy PE ...250 27.53 0.80
PSO 1.5 dd 9.02 -0.06
-9.71 10.31 7.04 Pearson
11.14 35.63 27.44 PembinaPipeline PBA 5.0 36 34.81 1.26
PNR 2.0 31 69.36 -0.57
23.70 71.65 54.02 Pentair
PEP 2.9 23 110.22 0.17
5.34 119.39 98.50 PepsiCo
35.42 73.05 45.35 PerkinElmer PKI 0.4 42 70.62 -1.45
PRGO 0.8 dd 82.36 1.09
-1.05 91.95 63.68 Perrigo
-8.02 81.80 60.69 PetroChina PTR 3.1 43 67.79 -1.03
5.74 11.71 7.61 PetroleoBrasil PBR ... dd 10.69 -0.11
15.89 10.92 6.96 PetroleoBrasilA PBR.A ... dd 10.21 -0.15
PFE 3.6 22 35.55 0.09
9.45 36.78 29.90 Pfizer
12.21 123.55 86.78 PhilipMorris PM 4.2 23 102.66 -0.14
PSX 3.0 23 93.58 0.12
8.30 95.00 75.14 Phillips66
1.50 66.67 46.36 PinnacleFoods PF 2.4 37 54.25 0.15
14.21 90.92 70.86 PinnacleWest PNW 3.1 20 89.12 1.20
-16.54 199.83 125.46 PioneerNatRscs PXD 0.1153 150.29 2.49
-37.32 33.95 18.76 PlainsAllAmPipe PAA 5.9 15 20.24 0.03
PAGP 5.9 dd 20.24 -0.01
-41.64 36.09 18.98 PlainsGP
41.69 126.85 75.86 PolarisIndustries PII 2.0 37 116.74 -1.66
POT 2.1 35 19.32 -0.10
6.80 20.27 15.74 Potash
PX 2.1 26 147.50 -0.40
25.86 149.91 114.43 Praxair
18.08 69.40 52.67 PrincipalFin PFG 2.9 11 68.32 -0.57
2.97 94.67 81.18 Procter&Gamble PG 3.2 23 86.58 0.07
s 41.27 50.27 30.99 Progressive PGR 1.4 21 50.15 0.84
s 25.54 66.83 45.93 Prologis
PLD 2.7 20 66.27 0.33
7.48 115.26 85.36 PrudentialFin PRU 2.7 13 111.84 -1.10
22.84 49.87 32.52 Prudential PUK 1.6 18 48.88 -0.02
s 14.65 50.55 39.28 PublicServiceEnt PEG 3.4 57 50.31 0.52
-6.50 232.21 192.15 PublicStorage PSA 3.8 31 208.97 0.64
64.91 30.62 17.69 PulteGroup PHM 1.2 15 30.31 0.22
QD ... ... 25.02 -0.25
-14.26 35.45 21.90 Qudian
2.38 112.97 79.28 QuestDiag DGX 1.9 20 94.09 0.34
...373 108.02 0.72
42.04 109.00 71.90 QuintilesIMS Q
RENX 1.4 28 22.38 0.25
33.53 22.65 14.92 RELX
RELX 1.3 29 23.15 0.27
28.83 23.41 16.19 RELX
RPM 2.4 39 52.91 0.23
-1.71 56.48 46.32 RPM
0.39 114.00 66.06 RalphLauren RL 2.2 dd 90.67 -1.06
23.72 87.22 58.77 RaymondJames RJF 1.0 20 85.70 -0.32
RTN 1.7 25 184.71 0.69
30.08 190.25 132.91 Raytheon
-4.00 63.60 52.72 RealtyIncome O 4.6 45 55.18 0.26
RHT ... 73 121.64 0.65
74.52 122.95 68.54 RedHat
-7.03 72.05 58.63 RegencyCtrs REG 3.3254 64.10 -1.18
10.10 16.03 10.32 RegionsFin RF 2.3 16 15.81 0.10
19.42 152.19 108.38 ReinsuranceGrp RGA 1.3 12 150.27 1.20
-2.69 88.58 67.03 RelianceSteel RS 2.3 15 77.40 -1.10
12.01 67.18 51.15 RepublicServices RSG 2.2 33 63.90 -0.90
RMD 1.7 34 83.12 0.26
33.96 87.81 56.59 ResMed
37.77 68.89 42.34 RestaurantBrands QSR 1.3 45 65.66 0.15
33.26 29.55 18.30 RiceEnergy RICE ... dd 28.45 0.18
RIO 4.5 15 49.24 -0.24
28.03 50.77 33.91 RioTinto
7.30 53.50 37.37 RobertHalf RHI 1.8 21 52.34 0.49
ROK 1.7 32 198.38 -0.84
47.60 210.72 117.51 Rockwell
46.54 136.50 81.97 RockwellCollins COL 1.0 28 135.93 -0.09
34.58 54.24 37.03 RogersComm B RCI 3.0 27 51.92 0.27
ROL 1.0 54 45.28 0.58
34.04 48.29 30.33 Rollins
40.95 261.07 169.42 RoperTech ROP 0.5 37 258.06 1.38
17.29 80.98 60.92 RoyalBkCanada RY 3.6 14 79.42 0.32
33.27 7.63 4.58 RoyalBkScotland RBS ... dd 7.37 -0.10
50.15 128.09 75.15 RoyalCaribbean RCL 1.9 17 123.18 0.09
17.87 64.24 48.07 RoyalDutchA RDS.A 5.9 34 64.10 -0.12
13.64 66.06 50.94 RoyalDutchB RDS.B 5.7 35 65.88 -0.15
SAP 1.2 34 114.91 -0.61
32.95 116.90 80.93 SAP
47.56 166.17 107.21 S&P Global SPGI 1.0 23 158.69 3.19
10.51 64.80 48.82 SINOPECShanghai SHI 6.1 7 59.82 0.40
25.60 28.13 20.44 SK Telecom SKM ... 9 26.25 0.02
-12.46 115.34 93.90 SLGreenRealty SLG 3.3 92 94.15 -1.04
50.03 103.92 66.43 Salesforce.com CRM ... dd 102.71 0.11
SNY 3.6 22 45.74 -0.48
13.11 50.65 38.45 Sanofi
25.85 17.02 10.76 SantanderConUSA SC 0.7 9 16.99 0.05
SSL 4.0 13 29.90 0.24
4.58 32.40 24.91 Sasol
SCG 5.9 10 41.67 -0.34
-43.14 74.99 41.15 Scana
-24.26 87.84 61.40 Schlumberger SLB 3.1163 63.58 0.33
SCHW 0.7 29 44.82 -0.24
13.55 46.21 30.66 SchwabC
4.18 101.00 81.48 ScottsMiracleGro SMG 2.1 27 99.54 -0.30
SEE 1.4 23 44.14 0.25
-2.65 50.62 41.22 SealedAir
s 14.70 8.77 4.49 SemicondctrMfg SMI ... 6 8.74 0.78
18.22 120.17 92.95 SempraEnergy SRE 2.8 26 118.98 1.17
22.90 50.83 35.10 SensataTech ST ... 27 47.87 -0.22
s 26.23 35.94 24.90 ServiceCorp SCI 1.7 19 35.85 0.61
25.25 48.48 34.98 ServiceMaster SERV ... 27 47.18 0.19
68.03 129.56 72.80 ServiceNow NOW ... dd 124.91 0.57
14.56 23.31 19.02 ShawComm B SJR 4.1 29 22.98 -0.16
47.77 398.22 242.50 SherwinWilliams SHW 0.9 35 397.11 5.00
21.25 48.98 36.06 ShinhanFin SHG ... 8 45.64 0.22
SHOP ... dd 98.71 -1.18
130.25 123.94 37.74 Shopify
-12.76 189.25 150.15 SimonProperty SPG 4.8 28 155.00 -4.36
AOS 0.9 29 59.54 -0.54
25.74 62.16 43.67 SmithAO
24.34 40.43 26.96 Smith&Nephew SNN 1.3 20 37.40 0.98
Notice to Readers
Due to production requirements, cash prices, dividends and bonds data will be published in
the Monday, November 6, 2017 edition this week. Up-to-date data for these tables can be
found online at WSJMarkets.com.
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
SJM 3.1 21 102.22
-20.18 143.68 101.82 Smucker
SNAP ... dd 15.27
-37.62 29.44 11.28 Snap
SNA 1.8 16 158.22
-7.62 181.73 140.83 SnapOn
105.41 63.80 26.47 SOQUIMICH SQM 1.3 45 58.85
SNE ... 25 44.81
59.86 45.25 27.72 Sony
s 6.61 53.51 46.20 Southern
SO 4.4 95 52.44
SCCO 2.3 28 42.89
34.28 44.69 26.52 SoCopper
8.63 64.39 39.55 SouthwestAirlines LUV 0.9 16 54.14
-6.98 47.48 40.19 SpectraEnerPtrs SEP 6.8 15 42.64
-14.95 146.09 98.11 SpectrumBrands SPB 1.6 21 104.04
s 41.22 83.13 51.85 SpiritAeroSys SPR 0.5 29 82.40
S
-20.78 9.65 6.05 Sprint
... dd 6.67
SQ ... dd 36.89
170.65 37.52 11.43 Square
42.24 166.70 114.10 StanleyBlackDck SWK 1.5 21 163.13
19.06 99.99 69.73 StateStreet STT 1.8 16 92.53
STO 4.3 dd 20.32
11.40 20.77 15.58 Statoil
STE 1.4 53 88.63
31.52 93.39 63.80 Steris
s116.56 24.58 8.87 STMicroelec STM 1.0 35 24.58
SYK 1.1 33 156.18
30.36 160.62 106.48 Stryker
5.89 8.30 6.61 SumitomoMits SMFG ... 8 8.09
s 20.34 92.44 69.90 SunCommunities SUI 2.9125 92.19
2.73 40.57 32.22 SunLifeFinancial SLF 3.5 12 39.46
s 7.77 35.55 27.96 SuncorEnergy SU 2.9 21 35.23
10.12 61.69 44.49 SunTrustBanks STI 2.6 15 60.40
-8.71 38.05 26.01 SynchronyFin SYF 1.8 13 33.11
SYT ... 41 92.26
16.71 93.61 74.52 Syngenta
s 2.33 57.23 47.69 Sysco
SYY 2.3 27 56.66
143.85 36.16 11.02 TAL Education TAL ...189 28.51
33.85 93.11 62.22 TE Connectivity TEL 1.7 20 92.73
TU 4.3 23 36.42
14.35 37.26 30.31 Telus
TX 3.4 7 29.31
21.37 33.39 21.62 Ternium
TSU ... 31 17.93
51.95 19.42 11.17 TIM Part
TJX 1.8 19 68.60
-8.69 80.92 66.66 TJX
76.99 82.32 41.41 TableauSoftware DATA ... dd 74.60
46.75 42.66 28.34 TaiwanSemi TSM 2.7 19 42.19
TPR ... 20 41.15
17.50 48.85 34.16 Tapestry
-21.72 61.83 39.59 TargaResources TRGP 8.3 dd 43.89
TGT 4.2 12 59.36
-17.82 79.33 48.56 Target
-1.66 40.95 28.96 TataMotors TTM 0.0 18 33.82
-19.56 37.09 24.53 TechnipFMC FTI 1.8 ... 28.58
4.04 33.76 14.56 TeckRscsB TECK 0.8 7 20.84
84.37 34.20 17.04 TelecomArgentina TEO 1.3 17 33.50
-0.67 10.53 7.10 TelecomItalia TI 2.9 ... 8.83
-2.47 8.45 5.85 TelecomItalia A TI.A 4.3 ... 7.11
s 48.29 182.88 102.78 TeledyneTech TDY ... 34 182.40
TFX 0.5 49 256.41
59.11 263.97 140.91 Teleflex
11.06 16.85 11.95 TelefonicaBras VIV ... 21 14.86
11.52 11.64 8.15 Telefonica TEF 4.3 18 10.26
3.19 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.09
-15.29 37.21 25.91 Tenaris
TS 3.7120 30.25
TER 0.7 20 42.88
68.82 43.64 22.68 Teradyne
-68.55 42.90 10.85 TevaPharm TEVA 3.0 dd 11.40
TXT 0.1 24 54.55
12.34 55.80 39.01 Textron
37.29 201.20 139.07 ThermoFisherSci TMO 0.3 33 193.71
1.83 48.61 40.74 ThomsonReuters TRI 3.1 31 44.58
36.20 138.07 74.00 ThorIndustries THO 1.1 19 136.27
MMM 2.0 26 232.22
30.04 238.90 165.84 3M
TIF 2.2 25 92.56
19.54 97.29 72.09 Tiffany
-3.37 103.90 85.22 TimeWarner TWX 1.7 18 93.28
TOL 0.7 16 43.90
41.61 46.63 26.65 Toll Bros
15.81 86.50 63.37 Torchmark TMK 0.7 18 85.42
TTC 1.1 27 62.95
12.51 73.86 46.66 Toro
16.38 57.79 44.37 TorontoDomBk TD 3.3 14 57.42
TOT 5.2 16 56.33
10.52 56.60 45.05 Total
47.38 72.62 47.01 TotalSystem TSS 0.7 32 72.26
s 7.18 125.63 103.62 ToyotaMotor TM ... 11 125.62
6.07 51.85 42.69 TransCanada TRP 4.2 56 47.89
13.48 295.00 203.72 TransDigm TDG ... 31 282.52
74.23 54.48 28.92 TransUnion TRU ... 41 53.89
TRV 2.2 15 133.32
8.90 135.71 103.45 Travelers
32.17 9.79 6.35 TurkcellIletism TKC ... 13 9.12
-3.41 3.80 2.44 TurquoiseHill TRQ ... 52 3.12
TWTR ... dd 19.90
22.09 21.96 14.12 Twitter
TYL ... 52 175.92
23.22 183.98 139.61 TylerTech
18.03 73.66 55.72 TysonFoods TSN 1.2 15 72.80
9.00 18.31 13.38 UBS Group UBS 3.5 16 17.08
UDR 3.2124 38.47
5.46 40.71 32.85 UDR
UGI 2.1 22 47.59
3.28 52.00 41.79 UGI
USFD ... 21 27.64
0.58 30.73 22.26 US Foods
11.86 25.39 18.38 UltraparPart UGP 2.3 29 23.20
UN ... 26 57.27
39.48 61.62 38.41 Unilever
UL 3.0 25 55.84
37.20 60.13 38.58 Unilever
13.02 119.71 87.88 UnionPacific UNP 2.1 21 117.18
-18.15 83.04 55.75 UnitedContinental UAL ... 9 59.65
45.14 2.73 1.74 UnitedMicro UMC 3.2 20 2.54
UPS 2.9 28 115.46
0.72 121.75 102.12 UPS B
37.06 147.60 71.55 UnitedRentals URI ... 21 144.71
6.39 56.61 43.83 US Bancorp USB 2.2 16 54.65
X 0.7 40 27.04
-18.09 41.83 18.55 US Steel
10.45 124.79 100.74 UnitedTech UTX 2.3 19 121.07
s 33.01 213.83 136.22 UnitedHealth UNH 1.4 24 212.87
-4.48 129.74 99.72 UniversalHealthB UHS 0.4 14 101.61
19.42 53.15 35.79 UnumGroup UNM 1.8 12 52.46
VER 6.9 dd 7.92
-6.38 9.17 7.44 VEREIT
VFC 2.6 29 69.47
30.22 71.95 48.05 VF
s 42.73 111.42 75.17 Visa
V 0.7 41 111.36
s 46.07 235.99 153.66 VailResorts MTN 1.8 48 235.62
VALE 5.6 10 10.09
32.41 11.71 6.59 Vale
18.38 82.19 57.57 ValeroEnergy VLO 3.5 17 80.88
VNTV ... 47 68.84
15.46 73.14 54.38 Vantiv
33.44 108.78 75.94 VarianMed VAR ... 39 106.09
VEDL 10.5 21 20.92
68.44 21.63 11.55 Vedanta
51.40 68.07 37.34 VeevaSystems VEEV ... 74 61.62
VTR 4.8 38 64.10
2.53 72.36 56.20 Ventas
VZ 5.0 12 47.42
-11.17 54.83 42.80 Verizon
24.06 21.20 13.60 VistraEnergy VST ... 0 19.23
VMW ... 37 117.94
49.80 121.09 74.85 VMware
-13.16 90.29 69.78 VornadoRealty VNO 3.3 18 73.25
6.71 42.96 29.80 VoyaFinancial VOYA 0.1 dd 41.85
1.02 138.18 108.95 VulcanMaterials VMC 0.8 41 126.43
WBC ... 27 150.46
41.74 156.08 96.10 WABCO
s 16.23 68.67 53.66 WEC Energy WEC 3.1 22 68.17
s 19.04 70.43 55.77 W.P.Carey WPC 5.7 34 70.34
WAB 0.6 29 77.03
-7.22 93.81 69.20 Wabtec
s 29.75 89.88 65.28 Wal-Mart
WMT 2.3 22 89.68
32.88 74.20 48.78 WasteConnections WCN 0.8 53 69.62
15.22 82.87 63.35 WasteMgt WM 2.1 26 81.70
WAT ... 29 197.92
47.27 199.78 133.35 Waters
WSO 3.0 31 165.70
11.87 167.35 133.18 Watsco
s 50.64 207.26 114.41 WellCareHealth WCG ... 26 206.50
2.25 59.99 44.49 WellsFargo WFC 2.8 15 56.35
1.82 78.17 59.39 Welltower HCN 5.1 48 68.15
19.00 103.36 73.69 WestPharmSvcs WST 0.6 40 100.95
-4.17 57.50 49.20 WestarEnergy WR 3.0 23 54.00
16.36 57.04 36.48 WestAllianceBcp WAL ... 19 56.68
-10.13 47.82 37.44 WesternGasEquity WGP 5.6 23 38.06
-20.86 67.44 45.34 WesternGasPtrs WES 7.8 35 46.50
-10.22 22.70 18.39 WesternUnion WU 3.6 50 19.50
53.19 87.22 48.92 WestlakeChem WLK 1.0 25 85.77
8.73 27.05 22.17 WestpacBanking WBK 5.4 15 25.53
18.08 61.60 43.79 WestRock WRK 2.9 37 59.95
18.68 36.30 28.60 Weyerhaeuser WY 3.5 31 35.71
5.95 24.97 16.94 WheatonPrecMetals WPM 2.0 31 20.47
WHR 2.7 15 163.86
-9.85 202.99 151.23 Whirlpool
WMB 4.2 46 28.26
-9.25 32.69 27.65 Williams
-4.15 42.32 32.93 WilliamsPartners WPZ 6.6 22 36.45
WIT 0.6 31 5.13
5.99 6.40 4.50 Wipro
37.97 53.50 30.62 WooriBank WF 2.9 9 44.15
42.61 110.74 64.18 Wyndham WYN 2.1 20 108.91
s 69.72 73.88 34.01 XPO Logistics XPO ... 61 73.25
21.84 50.56 38.00 XcelEnergy XEL 2.9 21 49.59
XRX 3.4 dd 29.06
-16.78 39.08 25.84 Xerox
XYL 1.1 39 66.57
34.43 67.64 46.67 Xylem
YPF 0.9 dd 24.61
49.15 26.48 15.00 YPF
24.60 80.66 59.57 YumBrands YUM 1.5 22 78.91
60.07 43.55 25.50 YumChina YUMC ... 28 41.81
37.37 17.18 11.14 ZTO Express ZTO ... 37 16.58
4.69 36.79 29.30 ZayoGroup ZAYO ...101 34.40
5.86 133.49 95.63 ZimmerBiomet ZBH 0.9 34 109.25
s 28.32 68.80 48.23 Zoetis
ZTS 0.6 39 68.69
-0.91
0.72
-0.28
0.80
-0.08
-0.81
-0.05
0.15
-0.65
1.74
-0.22
0.24
0.82
1.32
0.02
-0.02
0.91
0.61
1.16
-0.02
0.96
0.28
0.37
-0.24
0.04
-0.04
0.82
1.11
1.16
0.08
-0.53
-0.45
-1.61
-7.57
0.04
-0.20
1.07
-0.43
0.61
0.33
-0.14
-0.61
-0.12
-0.19
4.31
1.61
-0.48
-0.21
0.20
-0.33
0.33
0.17
0.27
2.43
0.12
-0.45
-0.01
-0.45
-1.42
0.11
-0.12
0.19
0.10
-0.24
0.09
0.31
0.05
-0.03
0.45
-1.37
-0.33
0.07
0.19
1.28
-0.35
-0.18
0.34
0.03
0.05
-0.38
0.13
0.13
-1.21
1.38
-0.02
-1.41
-0.87
-0.23
-0.55
-0.39
1.77
-0.79
-0.45
...
-0.44
0.38
3.82
-0.17
-0.71
0.04
1.42
-0.38
0.67
0.26
-0.04
0.11
-0.96
-0.18
-0.66
2.16
1.47
0.56
1.79
0.60
0.88
-0.13
0.05
0.01
-0.35
5.57
-0.13
0.43
0.95
0.69
0.17
-0.10
0.11
-0.58
0.15
-0.12
0.13
0.10
-0.21
0.45
0.15
-0.06
-0.05
0.18
1.45
1.69
0.33
-0.42
-0.49
-0.05
-0.24
1.64
-0.13
-1.22
-3.07
1.38
NASDAQ
9.10 22.34 17.30 AGNC Invt AGNC 10.9 5 19.78
ANSS ... 47 149.10
61.21 155.14 82.28 Ansys
s 64.51 184.65 98.71 ASML
ASML 0.7 ... 184.58
s 72.97 195.02 102.28 Abiomed
ABMD ... 96 194.90
s 75.02 67.03 35.12 ActivisionBliz ATVI 0.5143 63.20
s 77.08 182.74 98.00 AdobeSystems ADBE ... 57 182.30
-20.50 71.64 44.65 AkamaiTech AKAM ... 32 53.01
-3.60 149.34 96.18 AlexionPharm ALXN ... 53 117.95
ALGN ... 73 241.35
151.07 244.60 85.56 AlignTech
ALKS ... dd 50.99
-8.26 63.40 47.01 Alkermes
253.53 147.63 31.42 AlnylamPharm ALNY ... dd 132.36
32.50 1063.62 743.59 Alphabet A GOOGL ... 35 1049.99
33.77 1048.39 727.54 Alphabet C GOOG ... 35 1032.48
AABA ... dd 70.23
81.61 72.47 38.24 Altaba
48.24 1122.79 710.10 Amazon.com AMZN ...282 1111.60
9.10 67.98 54.91 Amdocs
DOX 1.4 22 63.55
UHAL ... 20 386.66
4.62 400.99 307.80 Amerco
1.63 54.48 39.21 AmericanAirlines AAL 0.8 12 47.45
AMGN 2.7 16 173.44
18.62 191.10 133.64 Amgen
26.43 92.11 62.50 AnalogDevices ADI 2.0 44 91.81
s 48.94 174.26 104.08 Apple
AAPL 1.5 20 172.50
75.24 57.34 28.02 AppliedMaterials AMAT 0.7 20 56.55
9.51 102.60 77.10 ArchCapital ACGL ... 30 94.50
s111.75 51.77 23.80 Atlassian
TEAM ... dd 50.99
ADSK ... dd 124.85
68.69 126.44 67.15 Autodesk
ADP 2.0 29 112.24
9.20 121.77 87.58 ADP
BOKF 2.1 18 86.82
4.55 92.08 68.72 BOK Fin
BIDU ... 31 241.54
46.91 274.97 159.54 Baidu
-11.98 56.86 35.63 BankofOzarks OZRK 1.6 16 46.29
BIIB ... 19 314.14
20.27 348.84 244.28 Biogen
1.56 100.51 78.75 BioMarinPharm BMRN ... dd 84.13
13.71 64.41 40.00 Bioverativ BIVV ... 13 54.01
s153.24 164.80 41.25 bluebirdbio BLUE ... dd 156.25
-17.40 75.00 52.75 BrighthouseFin BHF ... ... 57.82
s 54.79 278.00 160.62 Broadcom AVGO 1.5267 273.63
CA 3.1 19 32.65
2.77 36.54 30.01 CA
8.46 67.49 54.54 CDK Global CDK 0.9 31 64.74
CDW 1.2 26 70.04
34.46 71.53 43.71 CDW
8.44 81.35 63.41 CH Robinson CHRW 2.3 24 79.44
s 21.42 141.07 102.06 CME Group CME 1.9 32 140.06
CSX 1.6 26 51.31
42.81 55.48 30.92 CSX
s 74.07 43.92 24.15 CadenceDesign CDNS ... 47 43.90
52.35 13.60 6.70 CaesarsEnt CZR ... dd 12.95
CG 9.9 13 22.55
47.87 24.85 14.45 Carlyle
s 55.66 115.91 62.68 CboeGlobalMkts CBOE 0.9 64 115.02
CELG ... 24 100.04
-13.57 147.17 94.55 Celgene
CERN ... 33 65.43
38.13 73.86 47.01 Cerner
16.50 408.83 241.50 CharterComms CHTR ...114 335.43
25.09 119.20 80.78 CheckPointSftw CHKP ... 23 105.65
137.58 142.80 41.72 ChinaLodging HTHT ... 66 123.16
-0.07
0.42
2.33
4.85
-2.25
1.36
0.72
2.32
7.88
2.15
-1.23
7.02
6.90
-0.28
17.38
0.30
-6.52
0.09
1.03
1.02
4.39
0.29
-0.88
1.56
0.13
-2.10
0.27
-0.55
-0.16
4.74
1.39
0.36
2.20
-1.41
14.13
0.24
1.35
0.04
-0.11
-0.24
-0.31
0.11
...
0.05
-0.55
1.84
-0.04
-2.23
-0.97
-0.52
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
-4.20 81.98 68.11 CincinnatiFin CINF 2.8 24 72.57 0.01
CTAS 1.1 34 148.37 0.82
28.39 152.83 102.84 Cintas
14.06 34.75 29.12 CiscoSystems CSCO 3.4 18 34.47 0.26
19.38 87.99 65.56 CitrixSystems CTXS ... 29 84.90 2.54
s108.87 134.70 49.91 Cognex
CGNX 0.3 49 132.88 5.46
32.55 76.51 51.35 CognizantTech CTSH 0.8 23 74.27 -0.09
COHR ... 39 259.87 5.40
89.15 281.00 114.57 Coherent
3.35 42.18 30.02 Comcast A CMCSA 1.8 17 35.68 0.53
0.07 60.61 46.65 CommerceBcshrs CBSH 1.6 21 57.85 -0.26
-9.92 42.75 30.95 CommScope COMM ... 34 33.51 0.02
CPRT ... 22 36.41 -0.09
31.42 36.76 25.37 Copart
56.92 301.04 179.22 CoStarGroup CSGP ... 89 295.78 2.16
COST 1.2 27 166.44 1.49
3.95 183.18 142.11 Costco
CTRP ...162 46.40 -0.06
16.00 60.65 39.71 Ctrip.com
-17.02 66.50 46.07 DISH Network DISH ... 22 48.07 -0.20
s 12.25 66.00 52.53 DentsplySirona XRAY 0.5 dd 64.80 3.64
9.98 114.00 82.77 DiamondbackEner FANG ... 33 111.15 2.18
t-39.73 30.25 16.20 DiscoveryComm A DISCA ... 9 16.52 -0.79
t-42.53 29.18 15.25 DiscoveryComm C DISCK ... 8 15.39 -0.87
21.47 94.80 65.63 DollarTree DLTR ... 24 93.75 1.20
ETFC ... 21 44.02 -0.43
27.04 45.70 27.34 E*TRADE
17.49 61.90 38.13 EastWestBancorp EWBC 1.3 16 59.72 -0.17
EBAY ... 6 37.50 0.10
26.31 39.27 27.28 eBay
47.26 153.13 95.37 ElbitSystems ESLT ... 27 150.04 0.34
43.73 122.79 73.74 ElectronicArts EA ... 30 113.20 0.51
EQIX 1.6159 486.65 -2.03
36.16 491.80 314.55 Equinix
ERIC 1.8 dd 6.33
8.58 7.47 4.85 Ericsson
...
9.23 129.73 100.83 ErieIndemnity A ERIE 2.5 30 122.83 0.13
EXEL ...138 26.25 0.73
76.06 32.50 10.65 Exelixis
EXPE 1.0 49 123.05 -0.46
8.62 161.00 111.88 Expedia
9.42 60.81 47.23 ExpeditorsIntl EXPD 1.4 25 57.95 -0.21
-11.99 77.50 55.80 ExpressScripts ESRX ... 10 60.54 0.22
-17.32 149.50 114.63 F5Networks FFIV ... 18 119.65 -1.36
FB ... 41 178.92
...
55.51 182.90 113.55 Facebook
FAST 2.7 25 47.91 0.33
1.98 52.74 38.68 Fastenal
7.97 29.39 21.18 FifthThirdBncp FITB 2.2 11 29.12 -0.14
FSLR ... dd 59.87 2.00
86.57 61.47 25.56 FirstSolar
FISV ... 30 127.03 0.45
19.52 130.20 97.06 Fiserv
s 27.14 18.33 13.35 Flex
FLEX ... 18 18.27 0.27
29.79 48.06 31.81 FlirSystems FLIR 1.3 30 46.97 0.25
FTNT ... 81 39.01 0.40
29.52 41.56 28.50 Fortinet
19.92 39.32 29.32 Gaming&Leisure GLPI 6.9 20 36.72 0.36
GRMN 3.4 16 59.55 0.69
22.81 60.44 46.80 Garmin
2.58 86.27 63.76 GileadSciences GILD 2.8 8 73.46 -0.35
GT 1.9 8 29.45 -0.49
-4.60 37.20 27.59 Goodyear
s 48.66 24.20 14.33 Grifols
GRFS 1.4 ... 23.89 0.65
-15.03 44.73 28.97 HD Supply HDS ... 11 36.12 0.35
HAS 2.5 19 90.69 1.08
16.58 116.20 77.20 Hasbro
2.35 93.50 73.61 HenrySchein HSIC ... 23 77.64 1.34
HOLX ... 15 39.56 1.14
-1.40 46.80 35.76 Hologic
JBHT 0.9 29 107.22 -0.16
10.46 111.98 80.12 JBHunt
4.24 14.74 10.07 HuntingtonBcshs HBAN 3.2 17 13.78 -0.09
99.34 131.11 64.16 IAC/InterActive IAC ... 49 129.15 -0.35
IDXX ... 50 155.49 3.66
32.59 173.01 104.21 IdexxLab
22.82 48.53 34.13 IHSMarkit INFO ... 45 43.49 0.56
11.03 61.10 40.65 INC Research INCR ... 36 58.40 1.35
116.65 219.64 92.88 IPG Photonics IPGP ... 31 213.86 6.52
18.22 64.68 39.51 IRSA Prop IRCP 4.4 15 56.00 0.50
-2.69 64.46 46.25 IcahnEnterprises IEP 10.3 7 58.00 2.25
s 63.63 123.55 73.76 Icon
ICLR ... 24 123.05 2.58
ILMN ... 40 213.99 5.17
67.13 214.50 119.37 Illumina
INCY ... dd 105.08 -1.43
4.80 153.15 83.01 Incyte
s 27.76 47.30 33.23 Intel
INTC 2.4 16 46.34 -0.76
47.71 55.66 31.96 InteractiveBrkrs IBKR 0.7 46 53.93 -1.06
s 34.05 154.04 103.22 Intuit
INTU 1.0 41 153.64 1.49
s 81.77 386.58 203.57 IntuitiveSurgical ISRG ... 50 384.25 4.50
13.23 65.51 26.70 IonisPharma IONS ...258 54.16 2.34
JD ... dd 38.42 0.54
51.02 48.99 23.38 JD.com
s 25.72 111.94 79.84 JackHenry JKHY 1.1 36 111.61 0.64
26.47 163.75 95.80 JazzPharma JAZZ ... 21 137.89 0.95
JBLU ... 10 19.19 0.27
-14.41 24.13 16.85 JetBlue
s210.24 61.59 17.52 JunoTherap JUNO ... dd 58.48 -1.43
35.10 110.00 73.99 KLA Tencor KLAC 2.2 16 106.30 -0.08
-10.67 97.77 75.21 KraftHeinz KHC 3.2 25 78.00 -0.03
LKQ ... 23 37.71 -0.03
23.03 38.16 27.85 LKQ
95.85 210.45 93.69 LamResearch LRCX 0.9 19 207.07 0.25
4.06 79.09 58.68 LamarAdvertising LAMR 4.7 23 69.97 0.23
19.28 104.35 61.69 LibertyBroadbandA LBRDA ...508 86.43 -0.86
17.93 104.66 63.64 LibertyBroadbandC LBRDK ...514 87.35 -0.65
-0.26 37.69 28.17 LibertyGlobal A LBTYA ... 34 30.51 -1.11
-0.34 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.60 -0.89
0.23 28.11 19.10 LibertyLiLAC A LILA ... 25 22.01 -0.43
3.50 27.82 19.33 LibertyLiLAC C LILAK ... 25 21.91 -0.65
11.80 25.10 17.62 LibertyQVC B QVCB ... 9 22.64 -0.04
12.36 26.00 17.24 LibertyQVC A QVCA ... 9 22.45 -0.05
53.43 62.41 36.54 LibertyVenturesA LVNTA ... 18 56.57 -0.65
15.34 39.37 27.01 LibertyFormOne A FWONA ... ... 36.16 -0.22
20.87 41.14 26.56 LibertyFormOne C FWONK ... ... 37.87 -0.18
9.76 26.52 16.52 LibertyBraves A BATRA ... dd 22.49 -0.27
10.34 26.20 16.28 LibertyBraves C BATRK ... dd 22.72 -0.28
18.34 46.43 31.83 LibertySirius A LSXMA ... 30 40.85 -0.21
20.67 46.24 32.17 LibertySirius C LSXMK ... 30 40.93 -0.16
17.15 99.59 64.19 LincolnElectric LECO 1.7 22 89.82 -1.53
45.54 40.82 23.59 LogitechIntl LOGI 1.8 28 36.05 0.52
LOGM 0.81116 122.75 -0.15
27.14 129.51 90.35 LogMeIn
LULU ... 29 61.15 0.39
-5.91 72.70 47.26 lululemon
81.14 110.60 48.05 MKS Instrum MKSI 0.7 19 107.60 0.45
20.47 211.06 145.10 MarketAxess MKTX 0.7 46 177.00 0.50
s 47.01 121.58 68.68 Marriott
MAR 1.1 42 121.55 1.91
33.45 18.88 12.30 MarvellTech MRVL 1.3 43 18.51 0.23
s 57.95 27.92 15.23 MatchGroup MTCH ... 37 27.01 -0.56
s 38.58 53.46 37.32 MaximIntProducts MXIM 2.7 26 53.45 1.11
62.96 26.53 14.88 MelcoResorts MLCO 1.4 50 25.91 0.37
71.22 297.95 148.98 MercadoLibre MELI 0.2 82 267.35 31.35
46.00 95.69 59.45 MicrochipTech MCHP 1.5 50 93.66 0.20
99.41 45.33 16.45 MicronTech MU ... 10 43.71 -0.63
-0.19 57.97 45.51 Microsemi MSCC ... 51 53.87 0.13
MSFT 2.0 29 84.14 0.09
35.40 86.20 57.28 Microsoft
MIDD ... 22 118.95 2.33
-7.65 150.87 112.12 Middleby
MOMO ... 23 29.80 -0.48
62.13 46.69 16.73 Momo
MDLZ 2.1 28 40.97 -0.19
-7.58 47.23 39.19 Mondelez
30.06 58.54 40.64 MonsterBeverage MNST ... 43 57.67 0.22
MYL ... 29 35.72 0.38
-6.37 45.87 29.39 Mylan
s 17.36 118.20 95.88 NXP Semi
NXPI ... 25 115.02 -2.44
NDAQ 2.1 48 72.40 -0.77
7.87 78.31 63.36 Nasdaq
45.04 46.33 27.08 NatlInstruments NATI 1.9 53 44.70 -0.09
NTAP 1.8 21 44.24 -0.01
25.43 45.24 30.36 NetApp
NTES 1.2 19 280.52 4.42
30.27 337.55 211.11 Netease
NFLX ...202 200.01 0.69
61.56 204.38 110.68 Netflix
89.87 74.96 37.34 Neurocrine NBIX ... dd 73.48 0.70
21.03 14.48 10.99 NewsCorp A NWSA 1.4 dd 13.87 0.07
20.34 14.90 11.25 NewsCorp B NWS 1.4 dd 14.20 0.15
NDSN 0.9 25 126.73 0.27
13.10 131.49 96.05 Nordson
6.00 99.30 71.94 NorthernTrust NTRS 1.8 21 94.39 0.38
29.39 61.48 35.21 NorwegianCruise NCLH ... 19 55.03 0.12
NVDA 0.3 59 208.69 2.75
95.51 209.97 66.58 NVIDIA
-23.67 286.57 169.43 OReillyAuto ORLY ... 18 212.50 -2.02
41.08 124.13 72.99 OldDomFreight ODFL 0.3 30 121.03 -0.40
ON ... 32 21.65 0.41
69.67 21.77 10.74 ON Semi
s 11.57 35.45 29.30 OpenText
OTEX 1.5 8 34.48 0.28
PTC ...1325 66.25 -0.20
43.18 67.12 43.57 PTC
PCAR 1.4 18 71.32 -0.64
11.61 75.68 53.38 Paccar
-12.71 57.53 41.28 PacWestBancorp PACW 4.2 16 47.52 -0.11
PAYX 3.1 28 63.99 -0.55
5.11 65.62 52.78 Paychex
s 85.94 73.41 38.06 PayPal
PYPL ... 57 73.39 1.14
-4.49 20.13 15.96 People'sUtdFin PBCT 3.7 20 18.49 -0.13
65.30 32.18 17.15 PilgrimPride PPC ... 16 31.39 -0.23
PCLN ... 40 1894.49 -16.65
29.22 2067.99 1422.19 Priceline
QGEN ...103 33.70 -0.04
15.82 36.34 27.51 Qiagen
40.03 79.34 48.28 Qorvo
QRVO ... dd 73.84 -0.46
-5.20 70.24 48.92 Qualcomm QCOM 3.7 24 61.81 6.97
19.54 108.29 67.54 RandgoldRscs GOLD 1.1 31 91.26 0.68
11.26 543.55 325.35 RegenPharm REGN ... 41 408.41 10.96
-2.24 69.81 52.85 RossStores ROST 1.0 21 64.13 -0.23
RYAAY ... 16 112.42 0.09
35.02 122.67 74.61 Ryanair
45.25 159.14 102.29 SBA Comm SBAC ...184 154.53 -1.57
31.50 65.30 43.65 SEI Investments SEIC 0.9 28 64.91 0.31
SINA ... 36 109.46 1.12
95.13 119.20 55.79 Sina
41.78 42.48 28.43 SS&C Tech SSNC 0.7 39 40.55 0.07
SIVB ... 25 219.52 0.60
27.88 223.82 116.59 SVB Fin
11.55 88.45 63.43 ScrippsNetworks SNI 1.5 17 79.61 -1.36
STX 6.9 14 36.33 -0.44
-4.82 50.96 30.60 Seagate
16.32 75.36 45.31 SeattleGenetics SGEN ... dd 61.38 0.60
SHPG 0.2 28 146.19 0.75
-14.20 192.64 137.80 Shire
-12.38 164.23 116.68 SignatureBank SBNY ... 18 131.60 1.13
SIRI 0.8 29 5.30 -0.04
19.10 5.89 4.11 SiriusXM
SWKS 1.1 22 113.19 1.43
51.61 114.80 71.65 Skyworks
SPLK ... dd 67.63 1.08
32.22 69.61 50.64 Splunk
0.92 64.87 50.84 Starbucks SBUX 1.8 28 56.03 1.16
5.42 40.17 27.19 SteelDynamics STLD 1.7 17 37.51 0.01
t-12.62 88.00 66.68 Stericycle
SRCL ... dd 67.32 -0.60
25.05 34.20 22.76 Symantec SYMC 1.0 dd 29.88 0.50
s 47.67 87.52 56.03 Synopsys
SNPS ... 41 86.92 -0.03
14.06 51.22 33.26 TD Ameritrade AMTD 1.7 30 49.73 -0.14
TSRO ... dd 110.91 0.04
-17.53 192.94 106.64 TESARO
2.43 68.88 48.79 T-MobileUS TMUS ... 23 58.91 0.61
25.66 97.35 63.32 TRowePrice TROW 2.4 16 94.57 -0.06
121.00 111.11 45.87 TakeTwoSoftware TTWO ... 72 108.93 0.43
TSLA ... dd 306.09 6.83
43.24 389.61 178.19 Tesla
s 34.27 98.00 66.80 TexasInstruments TXN 2.5 23 97.98 1.19
-22.21 78.25 49.87 TractorSupply TSCO 1.8 17 58.97 -0.69
TRMB ... 53 40.10 0.31
33.00 43.97 25.30 Trimble
t-10.95 32.60 24.91 21stCenturyFoxA FOXA 1.4 16 24.97 -0.84
t-10.35 31.94 24.39 21stCenturyFoxB FOX 1.5 15 24.43 -0.72
-20.75 314.86 187.96 UltaBeauty ULTA ... 27 202.05 -0.85
13.40 233.42 180.29 UltimateSoftware ULTI ...213 206.78 -4.06
s180.82 160.95 50.55 UniversalDisplay OLED 0.1 91 158.10 13.75
VEON 2.9 4 3.81 -0.01
-1.04 4.50 3.21 VEON
VRSN ... 29 108.49 -0.89
42.62 110.82 75.71 VeriSign
s 12.15 91.41 75.60 VeriskAnalytics VRSK ... 34 91.03 0.01
103.57 167.85 71.46 VertxPharm VRTX ...192 149.97 5.07
t-26.23 49.00 28.20 Viacom A
VIA 2.8 8 28.40 -0.25
t-33.70 46.72 22.88 Viacom B
VIAB 3.4 6 23.27 -0.13
VOD 8.0 dd 29.10 -0.24
19.12 30.39 24.17 Vodafone
WPPGY 3.5 10 86.24 -0.08
-22.07 119.12 85.06 WPP
-19.20 88.00 63.82 WalgreensBoots WBA 2.4 18 66.87 0.09
WB ... ... 96.41 1.73
137.46 108.30 40.12 Weibo
28.05 95.77 54.26 WesternDigital WDC 2.3 18 87.01 -1.59
30.51 165.00 112.76 WillisTwrsWatson WLTW 1.3 45 159.59 2.11
WDAY ... ... 109.76 -0.84
66.08 111.94 65.79 Workday
73.49 153.56 82.51 WynnResorts WYNN 1.3 41 150.09 0.04
XLNX 1.9 31 72.80 0.32
20.59 74.11 49.78 Xilinx
YNDX ... 99 33.01 -0.43
63.98 34.83 17.28 Yandex
33.31 117.44 62.91 ZebraTech ZBRA ... dd 114.33 1.63
ZG ... dd 40.62 0.95
11.44 50.91 32.63 Zillow A
Z
... dd 40.48 0.97
11.00 51.23 32.56 Zillow C
8.76 48.33 30.96 ZionsBancorp ZION 1.4 18 46.81 -0.04
NYSE AMER
18.18
-1.70
17.30
-10.18
51.41
33.47
27.45
36.85
35.07 CheniereEnergy LNG ... dd
26.09 CheniereEnerPtrs CQP 6.2 dd
19.00 CheniereEnHldgs CQH 0.3328
27.59 ImperialOil IMO 1.6 17
48.96
28.33
26.24
31.22
1.62
0.58
0.88
0.65
B8 | Saturday/Sunday, November 4 - 5, 2017
NY
EXCHANGETRADED
PORTFOLIOS
ADVERTISEMENT
The Mart
Largest 100 exchange-traded
funds, latest session
To advertise: 800-366-3975 or WSJ.com/classifieds
AUCTION
BUSINESS OPPORTUNITIES
ASSET SALE
!! "!#$
US and Overseas Patents of PeptiMed
Immuno-Oncology Drug
Tumor-Targeting Nanoparticle Delivery
Orphan Designation in Ovarian Cancer
For More Information Contact
! " # $ %
""& ' #
( )
* + ,
,'
''
'" -+ . /+ /+ '0 '
Shiloh Consulting
shilohconsulting@att.net
Bids accepted until December 31,2017
CAPITAL WANTED
% & #
! 1 * 2 $
$ #
12 y.o. IT Staffing CO / $100M+
' ()
*+,,+* ---%
)
BUSINESS FOR SALE
Very Rare AGERWOOD (Oud) fully functional plantation in Vietnam. Certified for Organic
export. 95 Hectares private land. 36,000 mature trees 15 to 20 years. 6000 extremely rare
RED Agerwood. Excellent yield with 2 hectare
propriety processing plant. Call Dong Bach,
ph +849 6628 6676 or dong.bach@gmail.com
Govt contracts seek PRIVATE lender/
investor for $10M refinance loan paid
off through $5M annual ESOP tax
reimbursement for cost plus govt
contractors. No brokers. 530-307-0103
EARN
12%
FUNDING 1ST MORTGAGES
561-703-9223
BUSINESS OPPORTUNITIES
TRAVEL
GLACIER VALLEY MINING AND
METALS IS FOR SALE - INVEST
Included is a $47 million dollar tax shelter that
was created in 1984 via the IRS regulations of
the U.S. Treasury Dept. Never used, and intact.
gjdeden@aol.com
www.gvmtaxshelter.com
Attention High-Tax Payers:
Save Up To 60%
Cut Your Taxes Now
First & Business
by 30-50% -- this year. Earn more than $500,000?
Legal, simple tools cut your taxes now. Strategies
previously reserved for the mega-wealthy now at your
fingertips. No obligation. No gimmicks. Don’t wait till it’s
too late. To get your FREE guide simply
text "TaxCut" to (323) 870-1040
INTERNATIONAL
Major Airlines, Corporate Travel
Never Fly Coach Again!
www.cooktravel.net
(800) 435-8776
ADVERTISEMENT
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
FRANCE
ETF
Friday, November 3, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
iShMSCI EAFE
iShMSCIEAFESC
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlMuniBdETF
iShRussell1000Gwth
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500ValueETF
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDRBloomBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
AMLP
XLY
XLP
DGP
DZZ
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
10.77
91.70
53.14
23.84
5.66
68.68
26.78
96.73
81.61
71.83
109.83
105.00
123.13
65.42
55.91
62.39
260.18
183.15
73.94
59.20
109.45
94.79
71.61
51.46
12.21
121.13
87.98
115.42
106.91
70.59
69.80
63.19
46.34
43.84
59.19
316.87
110.74
130.72
143.84
119.87
180.79
148.61
123.59
153.10
200.80
85.80
209.74
149.14
109.50
38.30
113.95
84.18
106.37
125.64
116.57
101.73
153.27
46.79
23.09
37.00
120.62
34.21
62.46
61.74
235.18
333.86
258.45
92.38
63.49
55.21
22.43
164.59
128.74
97.21
44.33
44.62
58.58
53.92
137.18
152.13
82.82
84.48
87.79
118.67
148.92
106.16
83.09
237.43
79.53
79.79
143.49
81.80
54.95
56.03
132.82
72.51
102.21
66.66
58.75
32.29
0.84 –14.5
0.41 12.7
2.8
0.02
–0.96 18.5
1.17 –17.5
0.29 –8.8
–0.41 15.2
0.14 11.6
0.83 18.4
–0.10 15.4
1.5
0.08
0.1
–0.04
0.5
0.06
–0.09 22.0
–0.46 31.7
–0.10 23.6
0.31 15.6
0.30 10.8
7.5
–0.64
0.30 15.4
1.3
0.09
7.0
–0.06
–0.06 17.0
0.12 13.8
–0.49 10.2
3.4
0.12
1.7
0.01
4.7
–0.63
0.5
0.16
0.10 19.3
–0.16 20.9
0.21 26.8
–0.52 32.4
–0.61 26.7
0.24 21.1
1.54 19.4
2.4
0.14
0.58 24.6
0.33 15.6
7.0
0.05
0.38 17.4
–0.07 10.2
3.9
–0.53
0.29 15.1
0.23 12.3
6.7
0.20
0.36 15.1
0.61 22.5
8.0
–0.02
2.9
0.01
0.7
0.07
–0.06 –0.3
1.5
0.16
5.5
0.27
0.34 19.7
0.4
0.02
0.96 29.4
0.09 12.5
–0.09 –1.2
1.5
–0.05
–0.47 10.0
–0.15 23.6
0.29 15.3
0.31 15.9
0.09 19.1
0.25 10.6
0.33 15.6
8.0
–0.24
0.79 31.3
0.36 13.7
7.2
–0.66
0.80 35.5
6.4
–0.24
0.11 14.1
–0.09 21.3
–0.58 24.7
–0.19 22.2
–0.22 22.0
0.69 23.1
0.93 20.0
9.3
0.04
1.7
0.07
2.4
0.01
0.31 15.9
0.20 13.1
9.2
0.04
0.7
–0.25
0.33 15.6
0.1
–0.03
0.5
–0.03
0.19 11.3
1.3
0.09
1.2
0.04
–0.20 22.1
0.26 15.2
0.08 18.9
9.9
0.03
0.03 16.1
0.34 18.6
0.22 15.1
COMMODITIES
Futures Contracts
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.1345
3.1360
3.1020
3.1105 –0.0250
Dec
3.1375
3.1550
3.1050
3.1175 –0.0260
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
1265.30 1267.90
1265.30 1266.50 –8.40
Dec
1277.50 1281.20
1265.90 1269.20 –8.90
Feb'18
1282.30 1285.00
1270.10 1273.40 –9.00
April
1286.00 1287.90
1275.00 1277.40 –9.00
June
1290.00 1291.50
1278.00 1281.40 –8.80
Dec
1303.50 1303.50
1292.30 1293.80 –8.60
Palladium (NYM) - 50 troy oz.; $ per troy oz.
992.70
999.95
986.95
991.50 –2.50
Dec
March'18 986.90 990.80
979.15
983.70 –2.20
Platinum (NYM)-50 troy oz.; $ per troy oz.
914.40
917.20
914.00
918.50 –5.60
Nov
Jan'18
927.10
929.20
918.00
921.90 –5.90
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Nov
17.105
17.105
16.790
16.794 –0.300
Dec
17.125
17.195
16.770
16.834 –0.303
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec
54.73
55.76
54.40
55.64
1.10
Jan'18
54.92
55.97
54.63
55.86
1.09
Feb
55.03
56.08
54.76
55.98
1.09
March
55.07
56.11
54.85
56.02
1.09
June
54.69
55.65
54.50
55.58
1.00
Dec
53.22
53.80
52.90
53.77
0.79
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec
1.8598
1.8909
1.8523
1.8866 .0327
Jan'18
1.8604
1.8931
1.8545
1.8889 .0334
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec
1.7812
1.7998 s
1.7687
1.7934 .0237
Jan'18
1.7428
1.7610 s
1.7303
1.7560 .0213
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
2.935
2.998
2.930
2.984
.049
Jan'18
3.052
3.109
3.049
3.097
.046
Feb
3.060
3.113
3.056
3.102
.044
March
3.025
3.079
3.023
3.068
.043
April
2.871
2.908
2.870
2.903
.028
May
2.858
2.889
2.856
2.885
.024
1.87 -1.3
16.00 -1.0
11.01 -17.5
4.98 -0.6
25.03 0.1
4.97 -33.3
35.58 3.5
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
PUBLIC NOTICES
! "# $%
$&' "% (!) % (!)
"**"+ ", % (-
./#&"+ "# $%
$&' "% 0-!1 % 0-!1
"**"+ ", % ((
! 2 &3$# "#&4 ! !! " # # +, +#3 $ ! %
&
' ' '%! %$ ! ! '
(
'! ! )' "*'/+5 ! * +, -, * &$
.
! /''
.
3$# /%$0
123 ! 4 ''! ' 5!% !6! ! !
% , *'#&"+ /# 5!% & !! 7 '
! ! ! 5!% 8 ''
9# !
' % :' !6! !% ''
! ! ; !6! ! !
7 '' % %
!% $ ''
5!% & *$ 5 '' !%! $ ''
/%'
*$ < 3 *$ ! 2==4 >
/: & ?44@7
* 5!% & '' ''! % 2
! $% 5!% & '' %!
5!% 8
* /: & % % ! /%% /!
! ! $
A 6'! /%$ * ! '!! ''$ '! /%$ * '' ' ' /: & % % /%% /!
$ %! $ !! !%
& '
8!< % 1 LEGAL
NOTICES
ADVERTISE TODAY
(800) 366-3975
sales.legalnotices
@wsj.com
For more
information visit:
wsj.com/classifieds
Friday, November 3, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
...
...
...
-0.14
+0.27
+0.24
-0.01
+0.09
...
+0.15
+0.20
-0.07
+0.18
+0.02
+0.13
3.4
11.8
21.4
29.5
19.5
23.0
6.6
15.1
10.7
27.8
32.7
29.2
23.1
4.9
15.5
...
+0.01
4.1
4.5
+0.03 11.9
+0.04 13.5
+0.03 12.1
+0.01 7.9
... 4.4
...
4.0
...
-0.05
-0.06
-0.01
-0.07
+0.01
-0.04
2.4
29.3
31.5
24.8
22.6
26.1
24.5
22.07
20.94
36.19
38.81
25.02
39.02
NanoStringTech NSTG
NuCana
NCNA
Oclaro
OCLR
OriginAgritech SEED
OxfordImmunotec OXFD
PacBiosciCA
PACB
Precipio
PRPO
Net YTD
NAV Chg % Ret
109.26 -0.03
13.95 -0.06
13.85 +0.01
46.52 -0.30
202.11 -0.04
DoubleLine Funds
TotRetBdI
10.69 +0.01
Edgewood Growth Instituti
EdgewoodGrInst 29.59 +0.17
Federated Instl
6.37
...
StraValDivIS
Fidelity
500IdxInst
90.59 +0.29
500IdxInstPrem 90.59 +0.29
500IdxPrem 90.59 +0.29
ExtMktIdxPrem r 62.64 +0.09
IntlIdxPrem r 43.37 -0.05
SAIUSLgCpIndxFd 13.89 +0.05
TMktIdxF r
75.10 +0.22
TMktIdxPrem 75.08 +0.21
USBdIdxInstPrem 11.63 +0.01
Fidelity Advisor I
33.56 +0.10
NwInsghtI
Fidelity Freedom
FF2020
16.75 +0.02
14.50 +0.02
FF2025
18.16 +0.03
FF2030
Freedom2020 K 16.75 +0.02
Freedom2025 K 14.50 +0.02
Freedom2030 K 18.17 +0.03
Freedom2035 K 15.24 +0.03
Freedom2040 K 10.71 +0.02
Fidelity Invest
Balanc
23.74 +0.07
9.2
17.1
4.2
22.1
12.8
3.8
33.2
10.9
17.5
17.5
17.5
14.1
22.9
17.5
16.9
16.9
3.4
25.7
13.5
14.5
17.0
NS
NS
NS
NS
NS
14.4
87.81 +0.70
127.51 +0.46
127.51 +0.46
10.33
...
41.49 +0.06
183.08 +1.60
183.04 +1.60
GrowCoK
7.94
...
InvGB
11.31 +0.01
InvGrBd
52.78 +0.01
LowP r
LowPriStkK r 52.74
...
106.43 +0.70
MagIn
108.87 +1.17
OTC
Puritn
23.25 +0.08
SrsEmrgMkt 21.48 -0.09
SrsGroCoRetail 17.98 +0.15
SrsIntlGrw
16.24 +0.04
10.86 -0.03
SrsIntlVal
10.69
...
TotalBond
Fidelity Selects
221.48 +3.41
Biotech r
First Eagle Funds
60.51 +0.02
GlbA
FPA Funds
FPACres
35.24
...
FrankTemp/Frank Adv
IncomeAdv
2.35
...
FrankTemp/Franklin A
7.45 +0.01
CA TF A p
Fed TF A p
11.96 +0.01
2.37
...
IncomeA p
60.77 +0.18
RisDv A p
FrankTemp/Franklin C
2.40
...
Income C t
FrankTemp/Temp A
NA
...
GlBond A p
NA
...
Growth A p
FrankTemp/Temp Adv
NA
...
GlBondAdv p
Harbor Funds
76.11 +0.53
CapApInst
33.1
30.4
30.5
11.0
24.6
33.8
34.0
3.7
4.2
15.2
15.3
23.3
36.6
16.5
36.8
34.6
26.9
18.6
4.1
27.3
11.5
9.3
7.7
5.2
3.1
7.5
16.4
7.4
NA
NA
NA
34.4
March
May
27.28
27.10
27.34
27.10
27.28
27.10
27.29
27.10
.01
–.03
Dec
March'18
69.06
68.92
69.37
69.12
68.35
68.40
68.72
68.77
–.36 100,444
–.20 90,741
151.90
155.35
152.80
157.00
151.90
154.05
157.85
156.60
7.32 -20.3
9.64 -1.9
5.87 3.9
1.29 -9.2
12.24 5.5
2.92 -24.8
1.32 -14.5
.15 415,024
.12 137,730
2,743
1,606
2.10
1.70
47
5,696
Interest Rate Futures
Dec
153-160 154-000
153-110 153-210
6.0 735,323
March'18 152-130 152-250
152-070 152-160
5.0
9,954
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
125-050 125-130
125-005 125-050
.5 3,194,262
March'18 124-265 125-015
124-230 124-270
.5 30,018
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
117-072 117-120
117-037 117-062
–1.0 3,095,918
March'18 116-315 117-010
116-287 116-310
–1.2 37,924
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-210 107-225
107-192 107-202
–.7 1,674,202
March'18 107-167 107-167
107-147 107-150
–1.0 35,762
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Nov
98.843
98.845
98.843
98.843
… 211,735
Jan'18
98.625
98.630
t 98.615
98.620 –.010 354,379
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
100.969 101.297
100.969 101.141
.078 28,619
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
98.5550 98.5550
t 98.5525 98.5550 .0025
2,264
Jan'18
98.5300 98.5325
t 98.5300 98.5325 .0025
22
Eurodollar (CME)-$1,000,000; pts of 100%
Nov
98.5850 98.5900
98.5825 98.5850
… 95,865
Dec
98.4850 98.4900
98.4750 98.4800 –.0050 1,701,021
June'18 98.2250 98.2400
98.2050 98.2150 –.0100 1,276,511
Dec
98.0750 98.1000
98.0500 98.0650 –.0100 1,607,150
552,399
346,416
148,567
245,425
223,475
269,793
136,856
85,995
158,164
87,584
313,521
229,954
85,134
171,768
123,307
77,921
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov
Dec
.8775
.8782
.8806
.8820
Nov
Dec
.7806
.7807
Nov
Dec
Dec
March'18
t
.8743
.8754
.8761 –.0013
2,687
.8774 –.0014 269,832
.7860
.7867
.7792
.7793
.7837
.7839
.0030
1,259
.0030 151,994
1.3072
1.3071
1.3125
1.3150
1.3053
1.3053
1.3071
1.3083
.0005
1,514
.0005 185,015
1.0034
1.0104
1.0084
1.0135
1.0002
1.0074
1.0019 –.0017
1.0087 –.0017
.7687
.7711
.7683
.7681
.7706
.7640
.7692
.7713
.7686
.7683
.7706
.7653
.7639
.7635
.7635
.7633
.7634
.7640
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov
Dec
Jan'18
Feb
March
June
.7648
.7646
.7644
.7643
.7642
.7639
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec
.05225
.05232
March'18 .05148 .05153
Euro (CME)-€125,000; $ per €
Nov
1.1662
1.1693
Dec
1.1684
1.1723
77,620
174
–.0067
1,338
–.0067 125,929
–.0067
719
–.0067
495
–.0067
1,000
–.0066
243
.05157
.05082
.05185 –.00053 176,279
.05107 –.00052
553
1.1605
1.1625
1.1613 –.0054
5,362
1.1634 –.0054 429,224
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
23455
23446
23494 s
23483 s
23416
23414
23449
23441
2577.00
2585.20 s
2573.80
2582.70
S&P 500 Index (CME)-$250 x index
Dec
Mini S&P 500 (CME)-$50 x index
5 158,883
5
1,625
6.00
2577.50 2585.50 s
2573.50 2582.75
Dec
March'18 2577.25 2585.75 s 2574.00 2583.00
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1828.90 1836.20
1826.40 1834.80
Mini Nasdaq 100 (CME)-$20 x index
Dec
6252.5
6296.8 s
6236.0
6290.5
March'18 6263.0 6309.8 s
6249.0
6303.5
Mini Russell 2000 (ICE-US)-$100 x index
1495.80 1499.00
1489.60 1495.00
Dec
March'18 1497.00 1497.00
1497.00 1496.00
Mini Russell 1000 (ICE-US)-$100 x index
1429.00 1432.70
1426.40 1431.50
Dec
March'18
…
…
… 1432.50
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
94.61
94.92
94.12
94.86
March'18
94.31
94.63
93.95
94.57
59,437
6.00 3,135,768
6.00 71,747
4.50
91,718
54.8 272,517
54.8
1,690
–1.20
–1.20
66,968
95
3.60
3.60
239
1
.27
.27
46,555
2,241
Source: SIX Financial Information
Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk % SequentialBrands SQBG
SFLY
Sym Hi/Lo Chg Shutterfly
2.56 4.7
22.80 -2.9
1.67 -5.0
1.05 -7.3
12.03 -0.7
27.16 -1.9
0.72 -7.1
19.16 -1.5
0.53 -41.8
IPDN
ProShUltraProShQQQ SQQQ
ProteostasisTher PTI
RMG Networks RMGN
RaPharm
RARX
RadiusHealth RDUS
RosettaGenmcs ROSG
SabraHealthcare SBRA
SearsHoldingsWt SHLDW
Stericycle
SRCL
Synaptics
SYNA
TandemDiabetes TNDM
Teligent
TLGT
The9
NCTY
21stCenturyFoxA FOXA
21stCenturyFoxB FOX
US Gold
USAU
UnivElectro
UEIC
Net YTD
NAV Chg % Ret Fund
69.88 +0.01
IntlInst r
Harding Loevner
NA
...
IntlEq
Invesco Funds A
11.31 +0.02
EqIncA
John Hancock Class 1
16.00 +0.03
LSBalncd
17.17 +0.03
LSGwth
John Hancock Instl
24.04 +0.07
DispValMCI
JPMorgan Funds
39.73 +0.04
MdCpVal L
JPMorgan R Class
11.66 +0.01
CoreBond
Lazard Instl
19.61 -0.14
EmgMktEq
Loomis Sayles Fds
14.17 -0.01
LSBondI
Lord Abbett A
...
ShtDurIncmA p 4.27
Lord Abbett F
4.27
...
ShtDurIncm
Metropolitan West
10.68
...
TotRetBd
10.68 +0.01
TotRetBdI
10.05
...
TRBdPlan
MFS Funds Class I
ValueI
40.67
...
MFS Funds Instl
25.51 +0.06
IntlEq
Mutual Series
NA
...
GlbDiscA
Oakmark Funds Invest
33.97 +0.04
EqtyInc r
Oakmark
85.05 +0.05
OakmrkInt
29.13 -0.05
Old Westbury Fds
14.94 +0.03
LrgCpStr
Oppenheimer Y
NA
...
DevMktY
43.39 +0.10
IntGrowY
Parnassus Fds
ParnEqFd
44.14 +0.10
PIMCO Fds Instl
AllAsset
NA
...
10.30
...
TotRt
PIMCO Funds A
NA
...
IncomeFd
PIMCO Funds D
NA
...
IncomeFd
PIMCO Funds Instl
IncomeFd
NA
...
PIMCO Funds P
IncomeP
NA
...
Price Funds
97.61 +0.51
BlChip
29.76 +0.03
CapApp
34.85 +0.05
EqInc
EqIndex
69.56 +0.22
Growth
70.36 +0.39
HelSci
75.13 +0.84
InstlCapG
39.72 +0.20
2.34 -6.4
40.47 -1.1
66.68 -0.9
33.73 -3.3
2.15 -4.7
5.14 -4.3
0.70 -12.5
24.91 -3.3
24.40 -2.9
1.05 ...
51.10 -15.7
19.30
...
15.31 -0.04
92.23 +0.44
31.11 +0.03
MCapVal
55.96 +0.23
N Horiz
9.52 +0.01
N Inc
11.40 -0.01
OverS SF r
23.26 +0.02
R2020
17.95 +0.03
R2025
26.45 +0.04
R2030
19.34 +0.03
R2035
27.80 +0.05
R2040
38.93 +0.13
Value
PRIMECAP Odyssey Fds
35.90 +0.31
Growth r
Principal Investors
14.01
...
DivIntlInst
Prudential Cl Z & I
14.56
...
TRBdZ
Schwab Funds
40.43 +0.13
S&P Sel
TIAA/CREF Funds
NA
...
EqIdxInst
NA
...
IntlEqIdxInst
Tweedy Browne Fds
28.59 +0.11
GblValue
VANGUARD ADMIRAL
239.20 +0.76
500Adml
34.14 +0.07
BalAdml
11.82 +0.01
CAITAdml
CapOpAdml r 155.50 +0.92
EMAdmr
37.10 -0.17
76.53 +0.07
EqIncAdml
ExtndAdml
82.29 +0.11
...
GNMAAdml 10.53
70.59 +0.45
GrwthAdml
HlthCareAdml r 88.98 +0.68
...
HYCorAdml r 5.97
InfProAd
25.81 +0.01
95.15 +0.39
IntlGrAdml
ITBondAdml 11.45 +0.01
ITIGradeAdml 9.83 +0.01
LTGradeAdml 10.68 +0.02
MidCpAdml 184.42 +0.36
11.40 +0.02
MuHYAdml
MuIntAdml
14.18
...
11.68 +0.02
MuLTAdml
10.97
...
MuLtdAdml
MuShtAdml 15.78
...
PrmcpAdml r 135.87 +0.50
REITAdml r 117.82 -0.25
SmCapAdml 68.72 +0.09
...
STBondAdml 10.44
STIGradeAdml 10.68
...
10.79 +0.01
TotBdAdml
TotIntBdIdxAdm 21.94
...
TotIntlAdmIdx r 30.07 -0.04
64.67 +0.18
TotStAdml
14.24 -0.01
TxMIn r
39.86 +0.01
ValAdml
WdsrllAdml
69.16 +0.10
65.48 +0.09
WellsIAdml
IntlValEq
NA MCapGro
13.3
16.8
12.0
9.1
3.8
23.5
6.9
2.2
2.5
3.0
3.2
3.3
13.5
25.9
NA
11.7
17.3
28.3
16.4
NA
25.1
13.3
NA
5.0
NA
NA
NA
NA
34.4
13.6
12.3
17.3
32.1
27.2
35.8
VeecoInstr
VECO
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
VeraBradley
VRA
Viacom B
VIAB
Viacom A
VIA
VicShEMHiDivVol CEY
WestwaterRscs WWR
WheelerREITPfdD WHLRD
Xperi
XPER
ZealandPharma ZEAL
Net YTD
NAV Chg % Ret Fund
19.6 IntlStk
8.2
52-Wk %
Sym Hi/Lo Chg
26.2
19.5
22.4
7.1
29.2
3.9
25.7
14.0
15.8
17.4
18.7
19.8
15.7
25.3
27.4
6.0
17.5
NA
NA
14.2
17.5
11.4
4.8
25.2
27.1
14.2
14.1
2.2
24.3
17.4
7.1
2.2
41.3
4.1
4.4
9.9
14.3
6.9
4.5
5.7
2.6
1.3
24.8
3.6
12.3
1.5
2.3
3.5
2.1
24.5
16.9
23.7
12.1
12.0
8.4
16.00 -8.4
8.13 -0.1
14.14 -0.3
6.99 ...
22.88 -0.6
28.20 -0.9
24.92 -0.5
0.77 -0.1
19.16 -5.3
16.70 -20.9
15.10 -9.0
Net YTD
NAV Chg % Ret
74.02 +0.08
79.19 +0.22
VANGUARD FDS
26.27 +0.01
DivdGro
210.92 +1.62
HlthCare r
INSTTRF2020 22.57 +0.01
INSTTRF2025 22.85 +0.02
INSTTRF2030 23.04 +0.02
INSTTRF2035 23.24 +0.02
INSTTRF2040 23.43 +0.02
INSTTRF2045 23.58 +0.03
39.39 -0.06
IntlVal
33.22 +0.03
LifeGro
26.99 +0.02
LifeMod
26.93 +0.10
PrmcpCor
33.18 +0.01
SelValu r
27.25 +0.06
STAR
10.68
...
STIGrade
15.95 +0.01
TgtRe2015
31.67 +0.02
TgtRe2020
18.57 +0.02
TgtRe2025
33.55 +0.04
TgtRe2030
20.61 +0.02
TgtRe2035
35.49 +0.04
TgtRe2040
22.30 +0.03
TgtRe2045
35.87 +0.04
TgtRe2050
13.60 +0.01
TgtRetInc
TotIntBdIxInv 10.98 +0.01
27.03 +0.04
WellsI
Welltn
42.86 +0.04
38.97 +0.06
WndsrII
VANGUARD INDEX FDS
239.17 +0.76
500
ExtndIstPl
203.08 +0.28
55.29 -0.14
SmValAdml
10.75
...
TotBd2
TotIntl
17.98 -0.02
64.64 +0.18
TotSt
VANGUARD INSTL FDS
34.15 +0.07
BalInst
DevMktsIndInst 14.26 -0.01
DevMktsInxInst 22.30 -0.01
82.29 +0.11
ExtndInst
GrwthInst
70.59 +0.44
10.51
...
InPrSeIn
236.00 +0.75
InstIdx
InstPlus
236.02 +0.75
58.01 +0.17
InstTStPlus
40.74 +0.08
MidCpInst
MidCpIstPl 200.92 +0.39
SmCapInst
68.72 +0.09
...
STIGradeInst 10.68
10.79 +0.01
TotBdInst
10.75
...
TotBdInst2
TotBdInstPl
10.79 +0.01
TotIntBdIdxInst 32.93 +0.01
TotIntlInstIdx r 120.27 -0.15
TotItlInstPlId r 120.29 -0.15
64.68 +0.18
TotStInst
39.86 +0.01
ValueInst
Western Asset
CorePlusBdI 11.87 -0.01
WelltnAdml
WndsrAdml
11.9
15.3
13.8
17.3
12.1
13.6
14.9
16.2
17.5
18.1
24.1
16.2
12.9
21.4
15.3
15.9
2.2
9.9
12.1
13.6
14.9
16.2
17.5
18.1
18.0
7.4
2.2
8.4
11.8
12.0
17.4
14.1
7.7
3.4
24.4
16.8
11.4
23.8
23.8
14.1
24.3
2.2
17.5
17.5
16.8
14.4
14.4
12.3
2.3
3.5
3.5
3.5
2.2
24.5
24.5
16.9
12.1
6.5
Borrowing Benchmarks | WSJ.com/bonds
ADVERTISEMENT
Money Rates
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
November 3, 2017
Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
don’t always represent actual transactions.
AVIATION
Week
Latest ago
Inflation
SHOWROOM
ADVERTISE TODAY
Sept. index
level
For more information visit:
wsj.com/classifieds
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
Chg From (%)
Aug. '17 Sept. '16
246.819
252.941
All items
Core
0.53
0.19
2.2
1.7
52-Week
High
Low
Prime rates
U.S.
Canada
Japan
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
Switzerland
0.00
0.50
0.00
0.50
0.00
0.50
0.25
1.50
—52-WEEK—
High Low
0.50
1.50
0.25
1.50
Secondary market
Fannie Mae
30-year mortgage yields
International rates
Week
Latest ago
0.50
1.50
Britain
Australia
U.S. consumer price index
(800) 366-3975
sales.showroom@wsj.com
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
14.38
14.48
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
21
142,429
Fund
+0.05 15.9 BluCh
+0.03 13.8 Contra
-0.11 7.7 ContraK
-0.19 4.3 CpInc r
-0.07 5.0 DivIntl
+0.03 12.8 GroCo
Dodge & Cox
Balanced
GblStock
Income
Intl Stk
Stock
14.20
14.32
Nov
Jan'18
9
70,148
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk % Stock
Sym Hi/Lo Chg MBFinancialPfdA MBFIP 25.34 0.2 ProfDiversity
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. rRedemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not
tracked. NS-Fund didn’t exist at start of period.
US Small
+0.14 19.1 US SmCpVal
+0.12 13.4 US TgdVal
+0.07 12.6 USLgVa
14.68
14.75
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
29,431
5,202
Continued From Page B5
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least
$500 million each. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t
reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return
annualized.
US CoreEq1
14.27
14.41
New Highs and Lows | WSJ.com/newhighs
Data provided by
+0.34 28.9 US CoreEq2
March
May
Cotton (ICE-US)-50,000 lbs.; cents per lb.
141
369,077
101,924
16,824
14,859
10,957
Open
interest
Chg
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
1,131
148,308
Corn (CBT)-5,000 bu.; cents per bu.
Dec
350.25
351.00
347.50
348.25 –2.25 755,873
March'18 363.75 364.50
361.00
362.00 –2.00 365,966
Oats (CBT)-5,000 bu.; cents per bu.
Dec
265.00
267.75
260.25
263.00 –1.50
4,688
March'18 270.50 271.75
266.00
268.50 –1.00
2,872
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov
988.25
988.50
976.00
977.00 –12.00
5,994
Jan'18
999.00
999.00
985.75
986.75 –12.50 331,267
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
317.10
317.40
312.70
313.90 –3.50 121,430
Jan'18
319.10
319.10
314.80
316.00 –3.40 95,658
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
34.85
34.86
34.27
34.42
–.44 135,928
Jan'18
35.01
35.01
34.44
34.59
–.43 106,315
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Nov
1110.00 1110.00
1110.00 1128.50 13.50
26
Jan'18
1144.50 1159.00
1138.00 1157.50 14.00
9,286
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
427.00
429.00
422.25
425.75
–.25 281,974
March'18 445.50 447.25
440.75
444.50
… 144,598
Wheat (KC)-5,000 bu.; cents per bu.
Dec
426.75
429.00
423.00
426.75
1.00 158,140
March'18 444.00 446.25
440.75
444.50
1.00 95,058
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
622.75
626.50
620.00
624.75
2.00 34,745
March'18 636.25 639.75
633.00
638.50
2.00 26,040
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov
159.700 161.500 s
159.400 160.875 2.950
8,109
Jan'18
160.025 162.075 s
159.975 161.525 3.300 29,066
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
126.900 127.325
126.000 127.300 2.975 128,008
Feb'18
130.800 131.750 s
130.450 131.750 3.000 101,744
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
66.050
66.300
64.775
65.100 –.700 101,968
Feb'18
72.050
72.425
71.550
71.975 –.075 66,226
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Nov
447.10
453.60
444.90
449.00
…
665
Jan'18
435.80
442.80
435.00
439.60 –4.00
5,247
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.56
16.60
16.53
16.54
–.02
4,574
Dec
15.66
15.73
15.60
15.69
–.04
4,165
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,060
2,065
2,035
2,061
9 79,455
March'18
2,062
2,062
2,032
2,056
1 118,215
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
127.15
127.40
123.25
123.95 –2.45 110,083
March'18 130.45 130.85
126.70
127.50 –2.35 71,009
Explanatory Notes
American Century Inv
44.95
Ultra
American Funds Cl A
31.97
AmcpA p
41.16
AMutlA p
27.51
BalA p
12.96
BondA p
CapIBA p
62.86
CapWGrA
52.41
EupacA p
57.22
63.86
FdInvA p
GwthA p
51.72
10.46
HI TrA p
41.22
ICAA p
23.48
IncoA p
45.16
N PerA p
47.69
NEcoA p
66.47
NwWrldA
56.61
SmCpA p
13.02
TxExA p
45.54
WshA p
Baird Funds
10.91
AggBdInst
11.27
CorBdInst
BlackRock Funds A
20.34
GlblAlloc p
BlackRock Funds Inst
EqtyDivd
23.18
GlblAlloc
20.47
HiYldBd
7.86
StratIncOpptyIns 9.97
Bridge Builder Trust
10.21
CoreBond
Dimensional Fds
11.04
5GlbFxdInc
30.54
EmgMktVa
EmMktCorEq 22.50
14.29
IntlCoreEq
20.08
IntlVal
21.57
IntSmCo
23.54
IntSmVa
Open
interest
Agriculture Futures
GlobalEagle
ENT
GreenPlains
GPRE
HMS Holdings HMSY
HalladorEnergy HNRG
iShESG1-5YCpBd SUSB
KEYW
KEYW
Macom Tech MTSI
Settle
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Metal & Petroleum Futures
Stock
WSJ.com/commodities
Contract
High hilo
Low
Open
Mutual Funds | WSJ.com/fundresearch
Fund
THE WALL STREET JOURNAL.
* ***
0.00
0.50
30 days
60 days
3.462 3.554 3.865 3.032
3.483 3.587 3.899 3.063
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location. Complete
Money Rates table appears Monday through
Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | B9
* * * * * *
MONEY & INVESTING
Private Equity Has a GOP Tax Headache
BY MIRIAM GOTTFRIED
House Republicans’ tax proposal faces stiff opposition
from private-equity firms that
say it threatens to disrupt
their business model, which
often relies on ladling debt
onto acquisition targets.
Still, this version of the bill
is more positive for the industry than a previous plan that
may have had more dire consequences for firms’ returns.
And they are holding out hope
that more concessions are yet
to come, as the bill has a long
way to go before becoming
law.
The version of the bill released Thursday, titled the Tax
Cuts and Jobs Act, would limit
businesses’ ability to deduct
interest from their taxes with
a cap of 30% of earnings before interest, taxes, depreciation and amortization. The
prior version would have done
away with interest deductibility entirely.
Private-equity firms say a
cap would limit the amount of
debt they could pin to companies, curbing potential returns.
Private-equity firms typically
purchase companies using a
relatively small amount of equity and cover the remainder
by heaping additional debt
onto their targets.
The number of big leveraged buyouts has fallen dramatically since the financial
crisis, though leverage on private-equity deals has been
creeping higher in recent
months.
“Any limitation on the deductibility of interest is a limitation on a businesses’ ability
to grow,” said James Maloney,
vice president of public affairs
for the American Investment
Council, the main advocacy organization for private-equity
interests in Washington.
Curbing interest deductibility will increase the cost of
capital, he said. The House
proposal would particularly
hurt private-equity backed
businesses during an economic
A Love of Leverage
Total value of leveraged buyouts each year
$800 billion
700
600
500
400
300
200
100
0
2000 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17*
*Through Friday
Source: Dealogic
THE WALL STREET JOURNAL.
downturn when having the
cushion of the full deduction is
most valuable, Mr. Maloney
said.
Still, many private-equity
portfolio companies would
also benefit from the bill’s
headline move to lower the
corporate tax rate to 20% from
35% on a permanent basis.
“People are going to have to
run the math,” said Jerome
Schwartzman, head of M&A
tax services at Houlihan Lokey
Inc. He said private-equity
firms may end up using more
preferred stock in place of
debt.
Changes to private equity’s
tax credit “will provide a lot of
interesting opportunities for
people that get ahead of that
and adjust to it,” said Joshua
Harris, senior managing director of Apollo Global Management LLC and a co-founder of
the firm. “And I don’t think
that it will fundamentally
change the private-equity
model.”
Shares of three of the four
largest publicly traded private-equity
firms—Apollo,
Blackstone Group LP and KKR
& Co.—fell on Thursday.
Shares of Carlyle Group LP
finished the day up.
Private equity isn’t the only
industry that has been advocating against the cap on interest deductibility. The AIC is
part of a coalition called Businesses United for Interest and
Loan Deductibility, or BUILD,
which includes representatives
from real estate, telecommunications, manufacturing and
health care, among other industries.
The version of the bill released Thursday makes some
concessions to those groups.
In addition to allowing some
interest deductibility for all
corporations, it exempts realestate firms and small businesses from the 30% limit.
It also contains a new provision allowing companies that
exceed the 30% threshold to
carry the excessive interest
forward for five years.
The bill also appears to
skirt another previous concern
for the industry.
President Donald Trump
has said he plans to close the
so-called carried-interest loophole that would tax carried interest at regular income-tax
rates instead of the current
lower rate. The bill makes no
direct mention of carried interest.
The House proposal is still
subject to more changes. And
the Senate tax proposal could
end up differing in key ways.
Either way, many in private
equity don’t appear to expect
a resolution out of Washington
soon.
Stock Derivatives Trading Struggles at Banks Equifax
BY GUNJAN BANERJI
Waning stock volatility is
pressuring the equity derivatives business, suppressing
revenue and driving traders
out of what was once a key
Wall Street moneymaker.
Revenue in an equity derivatives business that focuses on
listed options shrank by 41% in
the U.S. and by 28% globally
during the first half of 2017
from the year-earlier period,
according to data firm Coalition, which tracked 12 of the
biggest banks in the world. The
number of employees in equity
derivatives at banks has contracted by about 10% since
2012, Coalition data also show.
An extraordinary calm in
markets has choked the trades
that typically funnel through
banks’ derivatives desks.
Banks such as Deutsche Bank
AG, Barclays PLC and J.P.
Morgan Chase & Co. blamed
lower revenues on depressed
volatility when recently reporting earnings.
Goldman Sachs Group Inc.
pulled back from U.S. options
market-making on exchanges,
a spokeswoman for the firm
said Thursday. It is the latest
to withdraw from the business
of continuously buying and
selling contracts on venues using automated programs.
The business isn’t a large
part of Goldman’s overall equity
derivatives revenue and the decision to retreat was driven by
the high costs related to connecting to the many options exchanges, and how retail orders
are handled, among other market structure issues, a person
familiar with the matter said.
The firm will still provide options services for clients, the
Hard Hit
The number of employees in equity derivatives at big banks has fallen,
as activity—especially in options on individual company stocks—has
slowed.
Global headcount in equity derivatives of twelve largest banks by revenue
5,000 employees
4,000
3,000
2,000
1,000
0
2012
’13
’14
’15
’16
’17*
Options volume by underlying asset
100%
75
Individual company
stock
50
Index
25
ETF
0
2010
’11
’12
’13
’14
’15
’16
’17†
*2017 headcount data through June 30 †2017 volume data through October
Sources: Coalition (headcount); Options Clearing Corp. (volume)
THE WALL STREET JOURNAL.
spokeswoman said.
“While Goldman Sachs will
no longer hold the on-exchange options market-maker
designation, we remain committed to the options business
and will continue to offer clients the full range of relevant
products, such as access to
listed options across all US exchanges and access to our
principal
liquidity,”
the
spokeswoman said.
The number of equity derivatives contracts that have
traded world-wide has dwindled since 2011, data from the
World Federation of Exchanges show, as central
banks world-wide propped up
markets, damping investors’
desire to use derivatives like
options to hedge or protect
holdings. Derivatives also face
competition from quantitative
trading, in which computers
help develop strategies.
“With lower volatility this
year, we’re seeing less of those
trades come through,” Coalition’s research director Amrit
Shahani said. “It’s a vicious
cycle.”
OptionMetrics LLC founder
David Hait said investors tend
to think of options as insurance for stock bets. With U.S.
equities in an eight-year bull
market, people are asking,
“What do I need an option
for?” he said.
The so-called flow equity
derivatives business at banks
can also include over-thecounter derivatives and swaps.
Traders help research and execute trades using derivatives,
while sales employees contact
clients, such as hedge funds
and pension funds, to suggest
moves, collecting commissions
when the trades are done.
The situation looks more
dire for some banks. In the first
half of 2017, revenue from Barclays’s U.S. equity derivatives
flow trading slumped to less
than half of the $200 million it
brought in the first half of 2016,
according to a person with
knowledge of the matter. Banks
rarely break out this business
from their equities broadly. Barclays declined to comment on
the drop in revenue.
Analysts pressed Barclays in
an October earnings call on why
the firm underperformed peers
in stocks. Chief Executive Jes
Staley acknowledged that the
bank was “surprised” by the decline in their flow equity derivatives business. A main area of
underperformance in equities
was in derivatives, Barclays
Group Finance Director Tushar
Morzaria said.
The decline was largely
driven by its exposure to individual stocks, the person familiar with the matter said.
Options bets on specific companies have been one of the
hardest hit areas, as investors
gravitate toward passive investments and algorithmic
strategies. Trading individual
U.S. stock options has fallen
steadily since 2006 and is near
its record low of 49% of total
U.S. options volume, according
to Tabb Group research
through the third quarter.
Bright spots include trading
on ETFs and indexes, which
dominated U.S. options activity last quarter, Tabb data
show. Structured products—
investment packages put together by banks that often include derivatives—were also
lucrative for some firms.
Equity derivatives account
for a tiny slice of the derivatives held by U.S. banks, which
held $2.9 trillion in notional
amount as of the second quarter, compared with over $185
trillion across derivatives on
assets including interest-rate
products, data from the Office
of the Comptroller of the Currency show.
After 16 years of trading
options during which he ascended to managing director
at Bank of America Corp. and
Deutsche Bank, Zahid Biviji
left Wall Street this year.
He cited fewer opportunities in the space, partly caused
by regulations imposed after
the financial crisis. He
founded Wapanda, a phone
app that will connect riders
with taxis and ride-sharing
services like Lyft. “I had a
good run making money,” Mr.
Biviji said, noting that “a lot
of the derivatives business is
in survival mode right now.”
Some traders have pivoted
to a less-regulated asset: cryptocurrencies.
“For the most part, you’re
not going to get wealthy like
you could in the late ’90s or
early 2000s” in equity derivatives, said Arthur Hayes, the
Hong Kong-based co-founder
and chief of Bitcoin Mercantile
Exchange, who traded derivatives at Citigroup Inc. and
Deutsche Bank. “In cryptos,
you actually get to do what
you like to do: trade.”
IPOs Stumble Despite Jobs Data Boost Treasurys
Records for Indexes As Inflation Fears Recede
It has been a rough week
for newly public companies in
the U.S.
Funko Inc., a pop-culture
toy company, slid more than
40% in its stock-market debut
Thursday. That marked the
biggest first-day decline by a
U.S.-listed initial public offerBy Corrie Driebusch,
Maureen Farrell
and Heather Haddon
ings since 2005, and the worst
by a U.S. IPO raising more
than $100 million since 1995,
according to Dealogic. The
company also priced its shares
below the range it had targeted in a regulatory filing.
Further rattling some investors and bankers this past
week: a steep drop in the
shares of Blue Apron Holdings Inc. The stock fell 19% on
Thursday to an all-time low
after the meal-kit company,
which went public in late
June, reported a loss and said
it shed customers in the third
quarter. The stock closed at
$3.80, 62% below its IPO price,
making it the worst-performing IPO of 2017, according to
Dealogic data.
As major stock indexes trade
at records, stumbles in IPOs
tend to grab the attention of
analysts and traders, as many
view a healthy IPO market as a
necessary backdrop for sustainable gains in the broader
stock market.
Heading into Blue Apron’s
third-quarter results, some investors had hoped the prior
quarter’s disappointing earnings were an anomaly and that
the company’s outlook at the
time had been overly conservative, according to Rupesh
Parikh, senior analyst for Oppenheimer & Co. Instead, the
results were worse than anticipated, and Mr. Parikh said he
has received a flood of calls
from investors concerned
about Blue Apron’s stock drop.
Blue Apron shares slipped 1
cent to $3.79 on Friday, shedding more than 26% during
the week.
Funko fell another 1% Friday to $7, remaining below its
IPO price of $12.
A spokeswoman for Blue
Apron declined to comment,
while a spokeswoman for
Funko didn’t reply to a request
for comment.
Both Funko and Blue Apron
are relatively small companies,
and their poor showings are
the exception in the broader
IPO class of 2017. Roughly twothirds of U.S.-listed IPOs this
year are trading above their
IPO prices, based on Dealogic
data through Thursday; on average, 2017’s IPOs are up 21%
from their offer prices.
BY SAM GOLDFARB
U.S. government bonds
edged higher Friday, extending
weekly gains, after the latest
jobs report showed a small
drop in workers’ earnings.
The yield on the benchmark
10-year Treasury
note settled at
CREDIT
MARKETS 2.343%, down
from
2.347%
Thursday and
2.426% a week earlier.
Yields, which fall when
bond prices rise, declined after
the Labor Department said the
economy added fewer jobs
than expected in October,
while average hourly earnings
slipped slightly from the previous month. Bond investors
have been closely watching
wage data because a pickup in
workers’ pay could exert upward pressure on inflation,
which has stalled below the
Federal Reserve’s 2% target.
Inflation is one of the main
threats to government bonds
because it erodes the purchasing power of their fixed payments. It can also lead the Fed
to raise interest rates, which
poses another threat to the
value of outstanding debt.
Heading into the jobs report, analysts and investors
had cautioned that its impact
on Treasurys could be limited
Slipping
The yield on the 10-year Treasury note posted a weekly decline after
two straight weeks of gains.
2.42%
2.40
2.38
2.36
2.34
2.32
Monday
Tuesday
Wednesday
Source: Thomson Reuters
by distortions to the data
caused by recent hurricanes.
Partly for that reason, the
report “doesn’t really change a
lot” for the bond market,
though the “surprising weakness of average hourly earnings could be supportive” for
longer-term Treasurys, said
John Canavan, market analyst
at Stone and McCarthy Research Associates.
Other gauges of workers’
pay have been more positive
than the data released Friday.
On Tuesday, the Labor Department said the employment-cost
index, a measure of wages and
benefits for civilian workers,
rose a seasonally adjusted 0.7%
Thursday
Friday
THE WALL STREET JOURNAL.
in July through September.
That was one of the largest
quarterly gains in recent years.
This past week’s modest
bond rally marked a break
from the recent climb in
yields. Reports that President
Donald Trump would nominate
Federal Reserve Board governor Jerome Powell to become
the central bank’s next chairman, followed by the official
announcement on Thursday,
helped ease pressure on the
market. Mr. Powell is viewed
by investors as representing a
continuation of Fed Chairwoman Janet Yellen ’s gradual
approach to raising interest
rates.
Clears
Four
Executives
BY ANNAMARIA ANDRIOTIS
Equifax Inc. said a board investigation exonerated four senior executives who sold
shares in the days after the
discovery of suspicious activity on its systems, moves that
were viewed in a harsh light
once the credit-reporting firm
disclosed a hack that affected
millions of Americans.
Three executives—finance
chief John Gamble, U.S. information solutions President Joseph Loughran and Rodolfo
Ploder, president of workforce
solutions—collectively
sold
about $1.8 million in Equifax
shares Aug. 1 and Aug. 2. The
report on Friday also exonerated share sales by a fourth executive, Douglas Brandberg, senior vice president of investor
relations, who wasn’t previously
named as among those selling.
The share sales came under
scrutiny when Equifax disclosed in early September that
a massive hack had compromised vital personal information of potentially 145.5 million
Americans. The Securities and
Exchange Commission is investigating the share sales.
Shares in Equifax, which
fell slightly Friday, have declined about 25% since the
company disclosed the breach.
A special committee created
by Equifax’s board found that
“none of the four executives
had knowledge” of the suspicious activity when their
trades were made and that
“preclearance for the four
trades was appropriately obtained” and in line with company trading policy.
“None of the four executives
engaged in insider trading,”
the report states.
The company has maintained since the breach that
the executives were unaware
of the attack when they sold
the stock.
Equifax has said that it discovered suspicious activity on
its systems July 29. Richard
Smith, who was chief executive
at the time, has said he
learned of the activity on July
31 but wasn’t aware the company had been breached until
around mid-August and that
he then informed several senior executives and board
members.
The share sales have also
put the spotlight on the company’s chief legal officer, John
J. Kelley, whose office is ultimately responsible for signing
off on the trades.
The report said the committee examined the role of the
legal department and concluded that “neither Equifax’s
chief legal officer nor his designated preclearance officer
had reason to believe” the four
executives knew about the security incident when they requested preclearance and executed their trades.
The committee concluded
the authorization given to the
executives to trade was
“within the authority permitted under [company] policy.”
—Joann S. Lublin
and Dave Michaels
contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B10 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Stock Indexes Hit Records as Apple Gains
BY DAVID HODARI
AND CORRIE DRIEBUSCH
A sharp rise in Apple’s stock
helped catapult three major U.S.
stock indexes to close the week
with records.
Investors faced a string of
potentially market-moving announcements over the past
week, from the House Republicans’ plans for a tax overhaul,
to a Federal Reserve meeting to
the October jobs report.
Through it all, the stock market
remained resilient, traders said.
“Investors don’t want to
miss the next new high tomorrow,” said Nicholas Angilletta,
head of capital markets for
Deutsche Bank Wealth Management Americas.
The tech-heavy Nasdaq Composite gained 49.49 points, or
0.7%, to 6764.44 on Friday after
Apple delivered its best quarterly growth in two years. It
marked the index’s 63rd record
close in 2017, setting a new high
for the number of records hit in
a calendar year.
The Dow Jones Industrial
Average rose 22.93 points, or
0.1%, to 23539.19, while the S&P
500 added 7.99 points, or 0.3%,
to 2587.84.
Both indexes notched their
eighth consecutive weekly
gains, their longest winning
streak in nearly four years. It
also was the 25th time the three
major U.S. stock indexes closed
at records together on the same
day.
Apple shares jumped $4.39,
or 2.6%, to $172.50 on Friday,
putting its year-to-date gain at
49%. Global technology shares
mostly moved higher in concert,
also supported by upbeat results from Alibaba and other
U.S.-listed tech giants earlier
this week. In Europe, shares of
chip-gear firm ASML Holding
rose 1.2%, chip maker Infineon
Technologies added 1.7% and
semiconductor maker STMicroelectronics climbed 2.7%. In
Taiwan, shares of Largan Precision were up 3.6%.
In addition to Apple’s earn-
Earnings, Tax Overhaul Swing U.S. Stocks
Some strong earnings reports lifted shares of technology companies during
the week, while the newly unveiled tax plan shook up home builders.
Apple’s stock jumped Friday after the tech giant
reported its best quarterly growth in two years.
Strong performance by tech stocks has lifted the Nasdaq Composite
to 63 record closes in 2017, the most ever in a calendar year.
1.0%
0.8
3.5%
Nasdaq performance
0.6
2.5
0.4
2.0
0.2
1.5
0
1.0
–0.2
0.5
One-minute intervals
–0.4
Mon.
Share-price performance
3.0
Tues.
One-minute intervals
0
Wed.
Thurs.
Newell Brands tumbled during the week after the
maker of Sharpie markers cut its 2017 forecast
and declined to offer any estimates for 2018.
10
Fri.
Home-builder stocks fell after details of the
House Republicans’ tax bill were released.
2%
5%
0
1
2
–10
Share-price performance
4
4.0%
Crude-oil performance
3.0
–15
–2
2.0
–4
1.0
–6
0
–20
–25
–30
One-minute intervals
Mon.
One-minute intervals
–8
Tues.
Wed.
Thurs.
Thurs.
Fri.
–1.0
Fri.
One-minute intervals
Mon.
Tues.
ings, attention among U.S. investors also rested on the October jobs report, a key indicator
of the strength of the economy.
The report showed a gain of
261,000 jobs last month, according to the Labor Department, a pickup from the prior
month but below the 315,000
jobs expected by economists
surveyed by The Wall Street
Journal. The closely watched
wage-growth figure showed
that wages rose 2.4% from a
year earlier, a slowdown from
the prior month.
On Friday, investors also
continued to parse details of a
Republican tax bill and the
nomination of Fed governor Jerome Powell to be the next
chairman of the central bank.
The yield on the 10-year Treasury note slipped to 2.343%,
from 2.347% on Thursday.
Yields decline as prices rise.
“We think tax reform is more
likely than the market thinks it
is,” said Jon Adams, investment
strategist with BMO Global As-
set Management, noting that
expectations for a tax cut in
2018 are one of the reasons for
the asset manager’s modest
preference for equities over
bonds.
Still, “this is a very fluid process, and it’s likely that there
will be a lot of change to what
is currently being proposed,” he
added.
Oil prices rose to their highest levels since July 2015 on investors’ hopes that the Organization of the Petroleum
Exporting Countries will extend
its deal to cut production. U.S.traded crude oil for December
delivery rose 2% to $55.64 a
barrel on Friday, putting its
weekly gain at 3.2%. Energy
stocks in the S&P 500 added
1.7% in the past week, making it
the best-performing sector after
technology.
In Europe, Spanish bank
shares fell, dragging Spain’s
IBEX 35 down 1%. A Spanish
judge Friday issued an international arrest warrant for Carles
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Work Slowdown
Change in U.S. nonfarm payrolls from a year earlier
3.5 million
3.0
2.5
2.0
1.5
2012
Wed.
Thurs.
Fri.
THE WALL STREET JOURNAL.
Source: FactSet
Jobs Market Is at a Tipping Point
’13
’14
Source: Labor Department
tinues, the job gains will reaccelerate. But it is also a reflection of a tighter labor market,
where companies are struggling to fill jobs and are resisting paying higher wages to
attract the workers they say
they need. Average hourly
earnings were up just 2.4%
last month from a year earlier.
So what happens next?
One possibility is that employers hold the line on
wages, and hiring drifts
lower until the jobs market is
’15
’16
’17
THE WALL STREET JOURNAL.
adding the 100,000 or so
workers a month needed to
keep up with population
growth. The result would be
uninspiring economic growth
and low inflation—or pretty
much what investors have
been used to over the past
several years. Under those
circumstances, Fed governor
Powell, if he gets confirmed
for the chairmanship, probably would guide the Fed to
raise rates slowly.
The risk might be what
would happen to asset prices.
Mr. Powell favors lighter financial regulation than current Fed Chairwoman Janet
Yellen, but he was also worried about investors’ reach
for yield during the run-up to
the 2013 taper tantrum.
The other possibility is
that employers start paying
more. Maybe demand heats
up or maybe because the
money that companies get
from corporate-tax breaks
gives them more firepower
to compete for workers. Or
maybe it happens just because the jobs market has
tightened to the point where
it is hard to keep workers
without paying them more.
Then the Fed would start
worrying more about the
economy overheating,
launching it into a debate
over how quickly to raise
rates. Experience suggests it
would be a dangerous time
for the Fed and the economy.
If he gets the nod from the
Senate, Mr. Powell will be at
the Fed’s helm early next
year. He could be put to the
test soon after.
—Justin Lahart
OVERHEARD
Hell hath no fury like a
bullish analyst who gets an
important stock very wrong.
On Friday, Scott Davis of
Melius Research let loose on
General Electric. He called
the stock price, which fell below $20 this past week, “unfathomable” and decried what
he saw as the “incompetence” of former Chief Executive Jeff Immelt and the company’s board of directors.
Mr. Davis was just getting
started. “Given how many
hundreds of thousands of
shareholders/employees/retirees are being hurt by GE’s actions, we would expect an
SEC investigation, AG investigation, and potential criminal
investigations…in the best
case, GE misled investors as
to its financial health; in the
worst case there may have
been actions that rise to a
higher level of harm.”
A GE spokeswoman said,
“There is no accounting fraud
at GE.”
But Wall Street is a
strange place. Mr. Davis has a
“buy” rating on the stock
with a $35 price target.
Tesla and Its Investors Need to Watch the Company’s Cash
Tesla has huge growth
plans and a heavy balance
sheet. Those conflicting realities mean the company, and
investors, should be closely
watching its capital needs.
The electric-car giant is
scrambling to get its Model 3
mass-market sedan into full
production and to speed up
deliveries to its long list of
reservation holders, who
were informed of delays this
past week.
Reducing that backlog is
necessary to get the stock
moving in the right direction
once again: Tesla shares are
down 21% in the past six
weeks, though still up 43%
this year.
Tesla expects improved
3
–5
Email: heard@wsj.com
Whether Republicans succeed in passing their tax plan
will matter for the economy.
What the jobs market does,
and how the Federal Reserve
under the leadership of Jerome Powell responds to it,
will matter more.
After a storm-related
stumble, hiring picked up in
October. The Labor Department on Friday reported the
U.S. added 261,000 jobs last
month, versus a gain of
18,000 in September, when
the aftermaths of Hurricanes
Harvey and Irma kept many
people out of work. The unemployment rate slipped to a
new multiyear low of 4.1%.
But although the labor
market is strong, jobs growth
is slowing. There were two
million more jobs last month
than a year earlier; in October 2016, the on-the-year gain
was 2.4 million, and in October 2015, it was 2.8 million.
Some of that shift lower in
hiring is a reflection of slow
economic growth—companies
aren’t going to hire to meet
demand that isn’t there—so
maybe if the recent pickup in
gross domestic product con-
noon
Oil prices reached their highest level in more than two
years, boosting shares of oil-and-gas producers.
KB Home
Lennar
Toll Brothers
Share-price performance
0
11
profitability and positive
cash flow once it hits its
weekly Model 3 production
targets in the first quarter of
next year. Further delays
would put a focus on its balance sheet.
Tesla ended the third
quarter with $3.5 billion in
cash. But that money is
bound to go quickly. Tesla
burned $1.4 billion in cash in
the third quarter, meaning
nearly all of the proceeds of
August’s $1.8 billion bond issue have already been spent.
Tesla expects $1 billion in
capital spending for the
fourth quarter and given the
continued production problems, operating cash flow is
likely to be negative, so the
cash burn could look similar
to the third quarter.
Chief Executive Elon Musk
said on Wednesday’s earnings conference call that
next year’s capital needs will
be similar to this year’s total
of $3.6 billion.
Issuing more bonds
doesn’t seem practical. The
company now has more than
$9.5 billion in long-term
bonds.
Investors who bought the
bonds sold in August are already sitting on losses—the
debt trades at less than 95
cents on the dollar just three
months after it was issued.
Those are large losses for
bond investors, especially in
a strong credit market.
Wrong Direction
Tesla's automotive gross margins
30%
28
26
24
22
20
18
2015 2016
2017
Source: FactSet
THE WALL STREET JOURNAL.
Stock would be easier to
sell. Investors who bought
shares in the last stock sale
in March still have healthy
gains. Even now, there
doesn’t appear to be a
shortage of investors who
want to own a piece of the
electric-car maker. Tesla announced in March that Chinese internet company Tencent had bought nearly $2
billion of stock on the open
market.
The more cash that Tesla
can raise now, the more
breathing room it can buy itself to sort out the production issues. The longer it
takes to solve the problems,
the lower the share price
will be and the more skeptical investors will grow.
There is always some
comfort in having cash in
the bank. Tesla should top
up its account.
—Charley Grant
Puigdemont, the leader of Catalonia’s secessionist movement
who fled to Belgium to escape
the authorities in Spain.
Asia-Pacific equities were little changed Friday. Chinese tech
giant Tencent Holdings advanced 1.7% to a fresh record after peer Alibaba reported positive quarterly results. The gain
helped Hong Kong’s Hang Seng
Index—of which Tencent is the
largest component—rise 0.3%.
—Riva Gold
contributed to this article.
WSJ.com/Heard
Venezuelan
Debt Crisis
Will Be Huge
There are sovereign-debt
crises and then there is Venezuela.
In one way, President Nicolás Maduro’s announcement
late Thursday that Venezuela
will seek to restructure its
debt is hardly a shocker. The
country is racked by political,
social and economic crises: The
International Monetary Fund
thinks gross domestic product
will fall 12% this year after contracting 16.5% in 2016, while
inflation next year could top
2,000%. Yields on a Bloomberg
Barclays index of dollar-denominated Venezuelan bonds
have been north of 20% since
late 2014 after the price collapse of oil, which accounts for
95% of the country’s exports
according to Standard & Poor’s.
But any restructuring is
set to be fearsomely complex. Holders of some $64
billion in bonds issued by the
government and PdVSA may
be pitted against bilateral
creditors including China and
Russia, where economic considerations will be combined
with political and diplomatic
motives; total debt is pegged
at between $100 billion and
$150 billion, according to
brokerage Exotix Capital.
And creditors might not
even be willing to agree to a
restructuring with Mr. Maduro in power, since a drastic
economic overhaul is needed:
In its absence, it is impossible even to determine what
kind of debt might be sustainable. Support from the
IMF seems indispensable, but
Venezuela hasn’t undergone a
regular annual consultation
with the fund since 2004. The
U.S. sanctions may make it
extremely hard to effect any
restructuring involving newly
issued debt, and PdVSA has
extensive commercial links
with the U.S.
Any resolution will be difficult indeed. —Richard Barley
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Living well with
Alzheimer’s:
Why many can
stay active and
engaged
Genes: Don’t be
too impressed.
A new book says
we’re more alike
than we think
C3
C7
|
CULTURE
|
SCIENCE
© 2017 Dow Jones & Company. All Rights Reserved.
|
COMMERCE
HUMOR
|
POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
TECHNOLOGY
|
ART
|
IDEAS
In the 100 years since
Lenin’s coup in Russia,
the ideology devoted to
abolishing markets
and private property has
left a long and bloody
trail of destruction.
M TH
M E
UN
IS
CE
CO
|
Saturday/Sunday, November 4 - 5, 2017 | C1
T
* * * *
|
NT
UR
Y
A CENTURY AGO THIS WEEK,
communism took over the Russian empire, the world’s largest
state at the time. Leftist movements of various sorts had been common in
European politics long before the revolution
of Oct. 25, 1917 (which became Nov. 7 in the
reformed Russian calendar), but Vladimir
Lenin and his Bolsheviks were different.
They were not merely fanatical in their convictions but flexible in their tactics—and fortunate in their opponents.
Communism entered history as a ferocious
yet idealistic condemnation of capitalism,
promising a better world. Its adherents, like
others on the left, blamed capitalism for the
miserable conditions that afflicted peasants
and workers alike and for the prevalence of
indentured and child labor. Communists saw
the slaughter of World War I as a direct result of the rapacious competition among the
great powers for overseas markets.
But a century of communism in power—
with holdouts even now in Cuba, North Korea and China—has made clear the human
cost of a political program bent on overthrowing capitalism. Again and again, the effort to eliminate
markets and private property has
brought about the
deaths of an astounding number
of people. Since
1917—in the Soviet
Union, China, Mongolia, Eastern Europe, Indochina,
Africa, Afghanistan
and parts of Latin
America—communism has claimed at least
65 million lives, according to the painstaking
research of demographers.
Communism’s tools of destruction have included mass deportations, forced labor camps
and police-state terror—a model established
by Lenin and especially by his successor Joseph Stalin. It has been widely imitated.
Though communism has killed huge numbers
of people intentionally, even more of its victims have died from starvation as a result of
its cruel projects of social engineering.
For these epic crimes, Lenin and Stalin bear
personal responsibility, as do Mao Zedong in
China, Pol Pot in Cambodia, the Kim dynasty in
North Korea and any number of lesser communist tyrants. But we must not lose sight of the
ideas that prompted these vicious men to kill
on such a vast scale, or of the nationalist context in which they embraced these ideas. Anticapitalism was attractive to them in its own
right, but it also served as an instrument, in
their minds, for backward countries to
leapfrog into the ranks of great powers.
Please turn to the next page
BY
ST
EP
HE
N
KO
TK
IN
The
human
cost:
at least
65 million
lives.
Mr. Kotkin is a professor of
history and international
affairs at Princeton and a
senior fellow at
Stanford’s Hoover
Institution. His latest
book, “Stalin: Waiting for
Hitler, 1929-1941,” was
published last month by
Penguin Press.
INSIDE
MIND & MATTER
WEEKEND CONFIDENTIAL
She has photographed
everybody who was anybody.
A portrait of Annie Leibovitz.
C11
What would
Batman do?
New research
on children
and the
power of
pretending.
C2
ESSAY
Coming soon: Products that
can transform themselves
according to our needs.
C4
ISTOCK (ALZHEIMER’S)
EXHIBIT
Admit it, that’s a good-looking
tri-colored jewel beetle.
Bugs can be beautiful.
C12
BOOKS
Was William McKinley
our first truly modern
president? A new biography.
C5
ILLUSTRATION BY EDEL RODRIGUEZ
BOOKS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C2 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
Communism: A Global Reckoning
MIND & MATTER:
ALISON GOPNIK
The Power of
Pretending: What
Would a Hero Do?
SOMETIME OR OTHER, almost
all of us secretly worry that
we’re just impostors—bumbling
children masquerading as competent adults. Some of us may
deal with challenges by pretending to be a fictional hero instead of our unimpressive selves. I vividly remember how channeling Jane Austen’s Elizabeth Bennet got me
through the awkwardness of teen courtship.
But can you really fake it till you make it?
Two recent studies—by Rachel White of
the University of Pennsylvania, Stephanie
Carlson of the University of Minnesota and
colleagues—describe what they call “The Batman Effect.” Children who pretend that they
are Batman (or Dora the Explorer or other
heroic figures) do better on measures of selfcontrol and persistence.
In the first study, published in 2015 in the
journal Developmental Science, the experimenters gave 48 5-year-olds increasingly
challenging problems that required them to
use their skills of control and self-inhibition.
For example, researchers might ask a child to
sort cards according to their color and then
suddenly switch to sorting them by shape.
Between the ages of 3 and 7, children gradually get better at these tasks.
The experimenter told some of the children
to pretend to be powerful fictional characters
as they completed these tasks. The children
even put on costume props (like Batman’s
cape or Dora’s backpack) to help the pretending along. The experimenter said, “Now,
you’re Batman! In this
game, I want you to
ask yourself, ‘Where
does Batman think
the card should go?’ ”
The pretenders did
substantially better
than the children who
tried to solve the task
as themselves.
In the second
study, published last
December in the journal Child Development,
the experimenters set up a task so fiendish it
might have come from the mind of the Joker.
They gave 4- and 6-year-old children a boring
and somewhat irritating task on the computer—pressing a button when cheese appeared on the screen and not pressing it
when a cat appeared. The children also received a tablet device with an interesting
game on it.
The children were told that it was important for them to finish the task on the computer but that, since it was so boring, they
could take a break when they wanted to play
the game on the tablet instead.
The children then received different kinds
of instructions. One group was told to reflect
and ask themselves, “Am I working hard?”
Other children got to dress up like a favorite
heroic character—Batman, Dora and others.
They were then told to ask themselves, “Is
Batman [or whoever they were playing]
working hard?” Once again, pretending
helped even the younger children to succeed.
They spent more time on the task and less on
the distracting tablet.
Last month at a conference of the Cognitive
Development Society in Portland, Ore., Dr.
Carlson discussed another twist on this experiment. Was it just the distraction of pretending that helped the children or something
about playing powerful heroes? She and her
colleagues tried to find out by having children
pretend to be “Batman on a terrible day.”
They donned tattered capes and saw pictures
of a discouraged superhero—and they did
worse on the task than other children.
These studies provide a more complex picture of how self-control and will power work.
We tend to think of these capacities as if they
were intrinsic, as if some people just have
more control than others. But our attitude,
what psychologists call our “mind-set,” may
be as important as our abilities.
There is a longstanding mystery about why
young children pretend so much and what
benefits such play provides. The function of
adult pretending—in fiction or drama—Is
equally mysterious. In the musical “The King
and I,” Oscar Hammerstein II wrote that by
whistling a happy tune, “when I fool the people I fear, I fool myself as well.” Pretending,
for children and adults, may give us a chance
to become the people we want to be.
To
implement
Marxist
ideals is to
betray them.
FROM TOP: LYU HOUMIN/VISUAL CHINA GROUP/GETTY IMAGES; ANDY EAMES/ASSOCIATED PRESS
TOMASZ WALENTA
Children
perform
better as
Batman
or Dora.
Continued from the prior page
the country descended into yet another famine from 1931 to 1933.
The communist revolution may now be spent, but its centenary,
Forced collectivization during those few years would claim five to
as the great anticapitalist cause, still demands a proper reckoning.
seven million lives.
In February 1917, Tsar Nicholas II abdicated under pressure from
The Soviet Union’s awful precedent did nothing to deter other
his generals, who worried that bread marches and strikes in the
communist revolutionaries. Mao Zedong, a hard man like Stalin,
capital of St. Petersburg were undermining the war effort against
had risen to the top of the Chinese movement and, in 1949, he and
Germany and its allies. The February Revolution, as these events
his comrades emerged as the victors in the Chinese civil war. Mao
became known, produced an unelected provisional government,
saw the colossal loss of life in the Soviet experiment as intrinsic
which chose to rule without the elected parliament. Peasants began
to its success.
to seize the land, and soviets (or political councils) started to form
His Great Leap Forward, a violent campaign from 1958 to 1962,
among soldiers at the front, as had already happened among politiwas an attempt to collectivize some 700 million Chinese peasants
cal groups in the cities.
and to spread industry throughout the countryside. “Three years
That fall, as the war raged on, Lenin’s Bolsheviks undertook an
of hard work and suffering, and a thousand years of prosperity,”
armed insurrection involving probably no more than 10,000 people.
went one prominent slogan of the time.
They directed their coup not against the provisional government,
Falsified reports of triumphal harvests and joyful peasants inunwhich had long since become moribund, but against the main sodated the communist ruling elite’s well-provisioned compound in
viet in the capital, which was dominated by other, more moderate
Beijing. In reality, Mao’s program resulted in one of history’s deadsocialists. The October Revolution began as a putsch by the radical
liest famines, claiming between 16 and 32 million victims. After the
left against the rest of the left, whose members denounced the Bolcatastrophe, referred to by survivors as the “communist wind,”
sheviks for violating all norms and then walked out of the soviet.
Mao blocked calls for a retreat from collectivization. As he deThe Bolsheviks, like many of their rivals, were devotees of Karl
clared, “the peasants want ‘freedom,’ but we want socialism.”
Marx, who saw class struggle as the great engine of history. What
Nor did this exhaust the repertoire of communist brutality in the
he called feudalism would give way to capitalism, which would be
name of overthrowing capitalism. With their conquest of Cambodia
replaced in turn by socialism and, finally, the distant utopia of
in 1975, Pol Pot and his Khmer Rouge drove millions from the councommunism. Marx envisioned a new era of freedom and plenty, and
try’s cities into the countryside to work on collectives and forcedits precondition was destroying the “wage slavery” and exploitalabor projects. They sought to remake Cambodia as a classless,
tion of capitalism. As he and his colsolely agrarian society.
laborator Friedrich Engels declared
The Khmer Rouge abolished
in the Communist Manifesto of 1848,
money, banned commercial fishing
our theory “may be summed up in
and persecuted Buddhists, Muslims
the single sentence: Abolition of priand the country’s ethnic Vietnamese
vate property.”
and Chinese minorities as “infiltraOnce in power in early 1918, the
tors.” Pol Pot’s regime also seized
Bolsheviks renamed themselves the
children to pre-empt ideological inCommunist Party as they sought to
fection from “capitalist” parents.
force-march Russia to socialism and,
All told, perhaps as many as two
eventually, to history’s final stage.
million Cambodians, a quarter of the
Millions set about trying to live in
population, perished as a result of
new ways. No one, however, knew
starvation, disease and mass execuprecisely what the new society was
tions during the four nightmarish
supposed to look like. “We cannot
years of Pol Pot’s rule. In some regive a characterization of socialism,”
gions, skulls could be found in every
Lenin conceded in March 1918.
pond.
“What socialism will be like when it
Marx’s class analysis denied legitireaches its completed form we do
macy to any political opposition, not
not know, we cannot say.”
just from “bourgeois” elements but
But one thing was clear to them:
from within communist movements
Socialism could not resemble capithemselves—because dissenters “obtalism. The regime would replace
jectively” served the interests of the
private property with collective
international capitalist order. The reproperty, markets with planning,
lentless logic of anticapitalist revoluand “bourgeois” parliaments with
tion pointed to a single leader atop a
“people’s power.” In practice, howsingle-party system.
ever, scientific planning was unatFrom Russia and China to Cambotainable, as even some communists
dia, North Korea and Cuba, commuconceded at the time. As for collecnist dictators have shared key traits.
tivizing property, it empowered not
All have conformed, more or less, to
MAO ZEDONG in Beijing, 1952.
the people but the state.
the Leninist type: a fusion of militant
The process set in motion by the
ideologue and unprincipled intriguer.
communists entailed the vast expanAnd all have possessed an extreme
sion of a secret-police apparatus to handle the arrest, internal dewillpower—the prerequisite for attaining what only unspeakable
portation and execution of “class enemies.” The dispossession of
bloodshed could bring.
capitalists also enriched a new class of state functionaries, who
Communism was hardly alone over the past century in commitgained control over the country’s wealth. All parties and points of
ting grand carnage. Nazism’s repression and wars of racial extermiview outside the official doctrine were repressed, eliminating polination killed at least 40 million people, and during the Cold War,
tics as a corrective mechanism.
anticommunism spurred paroxysms of grotesque violence in IndoThe declared goals of the revolution of 1917 were abundance and
nesia, Latin America and elsewhere.
social justice, but the commitment to destroy capitalism gave rise
But as evidence of communism’s horrors emerged over the deto structures that made it impossible to attain those goals.
cades, it rightly shocked liberals and leftists in the West, who
In urban areas, the Soviet regime was able to draw upon armed
shared many of the egalitarian aims of the revolutionaries. Some
factory workers, eager recruits to the party and secret police, and
repudiated the Soviet Union as a deformation of socialism, attribon young people impatient to build a new world. In
uting the regime’s crimes to the backwardness of
the countryside, however, the peasantry—some 120
Russia or the peculiarities of Lenin and Stalin. Afmillion souls—had carried out their own revolution,
ter all, Marx had never advocated mass murder or
deposing the gentry and establishing de facto peasant
Gulag labor camps. Nowhere did he argue that the
land ownership.
secret police, deportation by cattle car and mass
With the devastated country on the verge of famdeath from starvation should be used to establish
ine, Lenin forced reluctant party cadres to accept the
collective farms.
separate peasant revolution for the time being. In the
But if we’ve learned one lesson from the comcountryside, over the objections of communist purmunist century, it is this: That to implement Marxists, a quasi-market economy was allowed to operate.
ist ideals is to betray them. Marx’s demand to
With Lenin’s death in 1924, this concession became
“abolish private property” was a clarion call to acStalin’s problem. No more than 1% of the country’s artion—and an inexorable path to the creation of an
able land had been collectivized voluntarily by 1928.
oppressive, unchecked state.
By then, key factories were largely owned by the state, and the reA few socialists began to recognize that there could be no freegime had committed to a five-year plan for industrialization. Revodom without markets and private property. When they made their
lutionaries fretted that the Soviet Union now had two incompatible
peace with the existence of capitalism, hoping to regulate rather
systems—socialism in the city and capitalism in the village.
than to abolish it, they initially elicited denunciations as apostates.
Stalin didn’t temporize. He imposed coercive collectivization
Over time, more socialists embraced the welfare state, or the marfrom the Baltic Sea to the Pacific Ocean, even in the face of mass
ket economy with redistribution. But the siren call to transcend
peasant rebellion. He threatened party officials, telling them that
capitalism persists among some on the left.
if they were not serious about eradicating capitalism, they should
It also remains alive, though hardly in orthodox Marxist fashion,
be prepared to cede power to the rising rural bourgeoisie. He inin Russia and China, the great redoubts of the communist century.
cited class warfare against “kulaks” (better-off peasants) and anyBoth countries continue to distrust what is perhaps most imporone who defended them, imposing quotas for mass arrests and intant about free markets and private property: Their capacity to
ternal deportations.
give independence of action and thought to ordinary people, pursuStalin was clear about his ideological rationale. “Could we deing their own interests as they see fit, in private life, civil society
velop agriculture in kulak fashion, as individual farms, along the
and the political sphere.
path of large-scale farms” as in “America and so on?” he asked.
But anticapitalism also served as a program for an alternative
“No, we could not. We’re a Soviet country. We want to implant a
world order, one in which long-suppressed nationalist aims might
collective economy, not solely in industry, but in agriculture.”
be realized. For Stalin and Mao, heirs to proud ancient civilizations,
And he never backtracked, even when, as a result of his policies,
Europe and the U.S. represented the allure and threat of a superior
West. The communists set themselves
the task of matching and overtaking
their capitalist rivals and winning a
central place for their own countries
on the international stage. This revolutionary struggle allowed Russia to
satisfy its centuries-old sense of a special mission in the world, while it gave
China a claim to be, once again, the
Middle Kingdom.
Vladimir Putin’s resistance to the
West, with his peculiar mix of Soviet
nostalgia and Russian Orthodox revival, builds on Stalin’s precedent. For
its part, of course, China remains the
last communist giant, even as Beijing
promotes and tries to control a mostly
market economy. Under Xi Jinping,
the country now embraces both communist ideology and traditional Chinese culture in a drive to raise its
standing as an alternative to the West.
Communism’s bloody century has
come to an end, and we can only celeA CAMBODIAN MAN prayed during a ceremony in front of a map of skulls of Khmer Rouge
brate its passing. But troubling asvictims at the Tuol Sleng Genocide Museum in Phnom Penh, March 10, 2002.
pects of its legacy endure.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | C3
JON KRAUSE
REVIEW
Living Well, Even
With Alzheimer’s
The disease exists on a
spectrum, and patients can
remain active and engaged
BY GAYATRI DEVI
SEVEN YEARS AGO, Joe, a 73-year-old man
with a patrician bearing, came to see me at my
Manhattan office with his stylish wife and
their grown daughter. (I’ve changed his name
to protect his privacy.) A money manager in
charge of more than a billion dollars in assets,
Joe could tell that his memory was fading.
Transactions that were once easy for him had
started to cause him trouble.
“I was born with an extremely good brain,
and I’ve utilized it very well,” Joe said. “But in
the last couple of years or so, I’ve been forgetting. I watch a movie and lose the thread of it.
I drive right past my destination. I used to have
a fantastic vocabulary, and now I search for
words. I think my brain cells are dying.”
Attesting to his eloquence, Joe summed up
by saying, “I see a consistent failure in cognition.” His astute internist was concerned that
Joe was developing some type of dementia. Af-
ter a thorough evaluation and laboratory workup, it turned out that his internist was right—
Joe had Alzheimer’s disease.
Many people have the idea that Alzheimer’s
is a one-way street to inexorable decline. They
believe that treatment is ineffective, which often discourages them from
seeking a diagnosis when facing
memory loss.
But the reality of the disease
is very different. Having
worked as a neurologist for
over 20 years, I see Alzheimer’s not as a single disease
but as a spectrum disorder—
with a wide range of symptoms, responses to treatment
and prognoses. Early diagnosis
and treatment has kept many
of my patients stable.
Alzheimer’s is still poorly understood, and in
thinking about it, most of us tend to focus on
severe cases—people in the advanced stages of
the illness who may be mute and confined to a
bed or wheelchair. But that is just a fraction of
patients on the Alzheimer’s spectrum. Most are
still living in their communities, engaged in
normal, everyday activities. We have not yet
learned to associate the disease with function-
ing, independent individuals, but they are, in fact,
the majority.
Patients and families
who are worried about
the potential ravages of
Alzheimer’s or another
form of dementia often
make decisions based on
fear rather than on facts.
Physicians and other health caregivers are
sometimes subject to such emotions too. I’ve
been as guilty of this as anyone else.
Confused and unsure about what to expect,
patients often lose confidence and begin to
doubt their abilities, withdrawing into themselves. In permitting this to
happen, we are doing our
loved ones and society a disservice, depriving those who
suffer from the disease of
years of pleasure, purpose and
fulfillment.
Joe did not want this to happen to himself. He had several
things in his favor, all associated with a better prognosis.
His subtype of Alzheimer’s—
with mild language dysfunction, moderate memory loss, and excellent
visuospatial, language and life skills—suggested that he would respond to treatment.
Also in his favor: He was still working and
keeping his brain active. He was still handling
the demands of his job, which meant that the pathology was early and not yet significantly affecting his functioning. He had a supportive family and social network, keeping him communally
engaged. All of this spoke to his excellent “cogni-
Seven
years later,
Joe was
still sharp;
his mind
was stable.
tive reserve,” which kept his brain resilient.
He also had good “brain reserve.” His MRI
revealed a healthy brain. He exercised vigorously twice a week, keeping his heart healthy
and increasing blood flow through his brain,
which keeps it more robust. These two types
of reserve—cognitive and brain—help to stave
off the effects of Alzheimer’s: the plaques and
tangles that kill nerve cells and cause networking dysfunction.
Joe was motivated to seek any and all available treatments, both those approved for Alzheimer’s and those that were still “off-label”
(approved for use in other illnesses) but
seemed promising. We started him on a combination of approved medications, to increase
levels of a brain chemical called acetylcholine
that becomes depleted in Alzheimer’s and to
amplify the efficiency in communication
among nerve cells.
We also started a brain-stimulation regimen,
including exercises like word-retrieval games,
done one-on-one with a psychologist, and targeted, noninvasive magnetic pulses to alter
brain activity. Our goal was to capitalize on
Joe’s numerous strengths and to buttress capacities where he was showing deficits.
Joe is 80 now. I recently got a call from an
outraged cardiologist whom Joe had seen for
a problem unrelated to his Alzheimer’s.
“What do you mean Joe has Alzheimer’s?”
he asked. “He is functioning perfectly!
There’s nothing wrong with him. You should
redo his tests. I do not believe this man has
Alzheimer’s.”
As I told Joe’s cardiologist, Joe had had several extensive work-ups over the seven years I’d
been treating him, including spinal fluid analysis, and all of them were positive for Alzheimer’s. In neurocognitive testing over that span,
Joe showed remarkable stability in most areas,
such as visuospatial skills, and even improvement in others, such as language, although his
memory remained poor. Some may consider it
heresy to speak of improvement in Alzheimer’s,
but Joe unequivocally showed a positive response to his treatment.
Joe had more insight into his cardiologist’s
irate reaction to the diagnosis than I did.
When I recounted the conversation to Joe, he
said, “My cardiologist’s wife died of Alzheimer’s. She spent her last year in a nursing
home. He is old school and doesn’t understand
or believe that some people with Alzheimer’s
do well with the proper treatment.”
Joe’s situation will be familiar to physicians with experience in memory disorders.
Some patients do, in fact, improve with treatment, and many patients stay stable. This
makes sense once you recognize that Alzheimer’s is a spectrum disorder, with many subtypes and outcomes.
Joe continues to work and to enjoy his days;
he now manages his firm part-time. He has begun to spend more time in Florida, but that
feels natural to him at this stage in his career.
Not very long ago, Joe and I had a heated
discussion about the stock market—and I am
delighted to report that, despite my best efforts, I lost the argument. He is living proof
that an Alzheimer’s diagnose is not necessarily
a barrier to leading a life of fulfillment and
cognitive engagement.
Dr. Devi is director of Park Avenue Neurology in New York. This essay is adapted from
her new book, “Spectrum of Hope: An Optimistic and New Approach to Alzheimer’s
Disease and Other Dementias” (Workman).
WHEN COFFEE BREWED A DIFFERENT SPIRIT
WHAT INSTITUTION better captures the intense, work-obsessed individualism of American life than the high-end coffee shop? Walk
into a Starbucks, Peet’s or some boutique cafe
and you encounter people hunkered down with
their brews and their screens or busily hurrying to their next appointment. The coffee shop
is now an extension of the office cubicle and
the college library. Boring.
But it wasn’t always that way. Coffee shops
were born as raucous, free-spirited, slightly
disreputable places—a bit of history that might
help us to escape from today’s dreary, buttoned-down coffee culture.
The stimulating effect of drinks brewed
from coffee beans was first widely recognized
in the Middle East. Coffeehouses could be
found in Aden and Mecca by the early 1500s,
followed by ones in Cairo, Damascus, Baghdad
and Istanbul.
Restaurants didn’t really exist at the time,
and alcohol was forbidden under Islam, so coffeehouses soon emerged as a prime social
venue. The open seating broke down class barriers, and the drink itself encouraged conversation. “It brings to the drinker a sprightliness of
spirit and a sense of mental well-being,” as the
Arab writer Abd al-Qadir al-Jaziri observed in
1558. There was even a word for coffee’s blissful effects, marqaha, which can be translated
as “coffee euphoria.”
Coffeehouses quickly sprouted up across the
region. According to historian Ralph Hattox, Istanbul already had some 600 well before the end
of the century. The clientele, though, was not always considered upstanding. “All these people
are quite base, of low costume and very little industry, such that, for the most part, they spend
their time sunk in idleness,” wrote the Venetian
traveler Gianfrancesco Morosini in 1585.
Its unhappy effect on Muslim
piety and observance didn’t go
unnoticed. In the early 1700s, the
French traveler Jean de la Roque
wrote of “inhabitants of Mecca”
who frequented coffeehouses
“without troubling themselves
about the Intention of the Devout
and Learned.” There, he noted,
they “play Chess, and at Mancalah [a shell game], even for
Money. There they sing, play on
Instruments and dance; Things
which the more rigid Muslims
cannot endure.” Over the next
two centuries, pious mobs
wrecked the occasional coffeehouse and a few conservative rulers placed bans on opening them.
The drink was virtually unknown in Europe until 1615, when
a shipment arrived in Venice. As
in the Middle East, coffee’s popularity—and the advent of places
to serve it—was immediate and
intense. In England, the strong,
caffeinated drink was an antithesis to ale: Coffee was considered
a catalyst for clear thoughts and
clever talk. An illustrious collection of poets, writers and wits
were habitués of English coffeehouses, from Alexander Pope and
John Milton to James Boswell and
Samuel Johnson.
It was Italy, though, that developed an influential culture around
the drink, especially with the invention of the espresso machine in the late
1800s and the flourishing of neighborhood
espresso bars.
In one such Milan bar, Starbucks employee
Howard Schultz experienced his industry-
A 16TH-CENTURY miniature of
an Ottoman coffee house, popular
centers for social activity.
At the time, Starbucks only sold
beans and not brewed drinks. The
romance and mystery of coffee
needed to include its social aspect,
he believed, and he got the idea to
open a series of Italian-inspired
cafes—but with larger cups and
places to sit. Unable to convince
his bosses of his vision, Mr.
Schultz soon left to launch a small
chain of coffee bars. Two years
later he bought Starbucks from his
former employers and aggressively expanded.
But the effort to turn Starbucks into what Mr. Schultz
called “a comfortable, sociable
gathering spot away from home
and work,” never really took hold.
Most Americans today, it turns
out, are too harried to pause and
chat over coffee, too preoccupied
with their own affairs to engage
with strangers. In today’s coffeehouses, noise is rarely tolerated,
and mirth receives scowling
glances
So the next time you go to
Starbucks, take a friend and sit
for a few minutes at leisure. Try
to recall the days when the
drink’s social effects were part of
coffee’s “euphoria.”
BRIDGEMAN IMAGES
BY JEFF KOEHLER
changing epiphany in 1983. He was fascinated
by these vibrant, noisy and sociable places,
each one unique but uniformly abuzz with the
camaraderie between the clientele and the
barista behind the counter.
This essay is adapted from Mr. Koehler’s
new book, “Where the Wild Coffee Grows,”
to be published on Nov. 14 by Bloomsbury.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C4 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
WORD ON THE
STREET:
BEN ZIMMER
FROM TOP: ICD UNIVERSITY OF STUTTGART; BIOROBOTICS LABORATORY/EPFL; MELANIE GONICK/MIT
‘Flip’ Vaults
Into Inquiry
On Russia
THE HYGROSCOPE, at the Centre Pompidou in Paris, moves in response to humidity—without motors or computers.
The Future of
Programmable Stuff
The next generation of
products and tools will shift
shapes to meet our needs
BY KELLY WEINERSMITH
AND ZACH WEINERSMITH
WHY DO YOU USE your computer so much
more than your bike? Because your bike basically does just one thing: It moves forward
when you pedal it. Your computer does many
things—and is capable of doing a limitless
number of things. That is because your computer is what we call “programmable matter.”
In principle, it can run any program, display
any image, make any sound and connect to any
device that Windows hasn’t broken yet.
The question for the future is: What if we
could make all of our stuff as flexible and responsive as the computer? Or, at least, what
would it take to create many more everyday
objects capable of adapting to our shifting
tasks, needs and desires? Why can’t the materials in a building automatically respond to
changes in the weather? Why can’t we reconfigure our living room by ordering four chairs
to reshape themselves into a table? Why can’t
we program robots to help us out in dangercould be a step toward a “universal tool,” caous, unpredictable situations? In our age of
pable of turning into anything you might find
advanced synthetic materials and ever more
in a tool kit. That would be a big plus in envipowerful computers, these things may not be
ronments where packing efficiency is imporas far off as they sound.
tant, such as outer space or combat zones.
Various teams of researchers are working,
A different kind of programming is involved
for instance, on paper-like robots that can fold
in the elegant, membrane-like structure of the
themselves origami-style. Part of what makes
HygroScope, created in 2012 by the architect
traditional origami enAchim Menges and
joyable is that you can
doctoral student Stefmake complex strucfen Reichert, both at
tures from a small set
the University of Stuttof rules. But why do all
gart. The HygroScope
the folding ourselves?
is made of thin pieces
A simple origami roof wood and synthetic
bot consists of a piece
composites carefully
of flat material that
engineered to bend in
permits a certain set of
response to humidity—
folds. Along those folds
without motors or
are mechanized hinges.
computers. Now on
The material also condisplay at the Centre
tains circuitry allowing
Pompidou in Paris, it is
it to talk to a computer,
more than just a beauso you can program the
tiful object. It is a forerobot to fold in particrunner for what may
ular sequences to creone day be a more enate different shapes.
vironmentally friendly
Daniela Rus, direcand energy-efficient
AN ORIGAMI BOT from MIT can
tor of the computer
way to regulate the cliunfold itself.
science and artificial
mate within a building.
intelligence laboratory at the
As for the living space in the
Massachusetts Institute of Techhouse of the future, wouldn’t it be
nology, envisions origami bots
convenient if your furniture could
that can shape themselves into
reconfigure itself according to
tools to perform medical proceyour changing needs? A robotics
dures or deliver drugs inside the
group at École Polytechnique Fébody. In a demonstration by her
dérale de Lausanne in Switzerteam in May 2016, a tiny origami
land has created Roombots, which
bot made from pig intestine was
are basically rounded, softballable to unfold itself from a swalsized blocks that can rotate and
lowed capsule in a simulated
dock with each other. Because
stomach and move across the
they can rotate, they can move,
stomach wall with the help of an
either by wiggling along or by
external magnet.
connecting together to make simple wheels.
Similar robots could be useful in larger
Because they can dock, they can be formed
forms. If the material and folds can hold in
into large complex assemblies, such as chairs
place firmly enough, you could have a flat
and desks.
sheet that converts itself into a chair, a table,
Once perfected, such robots would mean
a vase or anything else. The technology also
that the objects in your house could come to
A table
that comes
to you; a
sheet that
turns into
a chair.
ROOMBOTS
are softballsized blocks
that can
rotate and
dock with
each other.
you, a particularly valuable feature for people
with limited mobility. It also would make furniture more adaptable and comfortable. You
could have a table that scales its height and
breadth to suit a particular task, for example,
or a light that moves to the optimum location.
Such machines could be especially useful in
dealing with dangerous environments. A
swarm of small robots that can assemble and
disassemble on command might be deployed
to do reconnaissance in a combat zone or to
survey damage after a natural disaster. And if
one component gets damaged or destroyed in
the process, the rest would be able to reassemble and carry on.
In 2014, a computer science group at Harvard demonstrated another project, Kilobots,
which is a swarm of 1,024 tiny, simple robots.
They look like watch batteries with three stiff
little legs, and they move around by wobbling.
Using a simple algorithm, they can wobble into
any two-dimensional shape, such as a star or
(a very impractical) wrench.
The swarm currently takes about 6 hours to
reshape, so there’s no need to worry that it
will suddenly take the form of a killer robot
like the T-1000 from “The Terminator” movie.
But there is great potential for a relatively inexpensive, controllable swarm of robot ants
capable of working together. Like termites,
they might be able to build structures by carefully moving the right parts into place.
Winged versions might be able to act as robotic crop-pollinators.
Even in its simplest forms, there are many
possible uses for programmable matter that
could improve our lives. Imagine, for example,
going to IKEA to shop for the next generation
of origami robots: You buy a flat board, take it
home, and instead of reaching for that little
Allen wrench, just tell it to assemble itself into
a desk or a dresser. We estimate that for this
innovation alone, humanity would save just
over 800 billion hours of labor a year.
This essay is adapted from the Weinersmiths’ new book, “Soonish: Ten Emerging
Technologies That’ll Improve and/or Ruin
Everything,” published by Penguin Press.
ON MONDAY, court documents
revealed that George Papadopoulos, a former foreign-policy adviser to Donald Trump, had entered into a plea agreement after
his July arrest and had tried to
cooperate with Special Counsel
Robert Mueller’s investigation.
This promoted speculation that
the Mueller team may have
“flipped” Mr. Papadopoulos.
As a HuffPost headline read
about the investigation into alleged Russian interference in the
2016 presidential campaign,
“Robert Mueller Flipped a Trump
Campaign Adviser. That’s Bad
News for the White House.”
When a prosecutor “flips” a
witness, that witness has been
talked into providing information
and testifying against associates
or accomplices, typically in exchange for leniency. (Mr. Papadopoulos pleaded guilty to lying to
federal agents about his contacts
with Russia during the campaign.) “Flipping” is a term that
originated in underworld slang
before being embraced in law-enforcement circles.
The word “flip” has been used
since the 16th century to refer to
tossing something in the air so
that it turns over quickly, like
flipping a coin. It is historically
related to the word “fillip,” originally an onomatopoetic term for
the flick of a finger. Over time,
“flip” developed a variety of
slang senses. “Flipping your lid”
or “flipping your wig” means losing your composure, often shortened to “flipping” or “flipping
out.” It also came to be used not
just for turning someone or
A history tied to
prosecutors,
mobsters and
novelists.
something over, but for turning
someone against another person.
Slang dictionaries record one
early printed use of “flip on,”
meaning “to inform on an associate,” in the 1960 crime novel
“The Scene,” by Clarence Cooper
Jr. In Cooper’s story, one petty
criminal assures another, “I
won’t flip on you. I’ll never flip
on nobody again.”
This use of “flip” joined a colorful collection of terms for informing on someone to the police. The informer might “sing
like a canary,” “squeal,” “snitch,”
“rat on” associates or “sell them
down the river.”
From the perspective of law
enforcement, persuading criminals to “flip on” their confederates came to be known as “flipping” them, transforming “flip”
into a transitive verb with the
turncoat as the object.
As early as 1980, police in
Manhattan were using “flip” in
this way, as documented in the
book “Times Square” by New
York Daily News investigative reporter William Sherman. His
book was billed as “the true
story of an undercover cop on
the toughest beat in America.” In
it, an officer is quoted as saying,
“Something tells me we can flip
these two guys.”
The word also shows up in
Nicholas Pileggi’s 1986 book
“Wiseguy,” which served as the
basis for Martin Scorsese’s
movie “Goodfellas.” Former
prosecutor Edward A.
McDonald, who served as attorney-in-charge of the Federal Organized Crime Strike Force in
New York, recalled zeroing in
on Henry Hill, who was part of
the criminal ring responsible
for a 1978 heist at John F. Kennedy Airport. He is quoted as
saying, “If there was ever a
time to flip him against his old
crew it was at that moment.”
After flipping Hill in real life,
Mr. McDonald got to flip him all
over again when he played himself in “Goodfellas.”
Answers
to the News Quiz on page C13:
1.B, 2.D, 3.A, 4.B, 5.C, 6.A,
7.D, 8.C
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
ADAM SMITH & DAVID HUME C6 | THE STORIES IN OUR GENES C7 | A SEQUEL TO HENRY JAMES’S ‘PORTRAIT’ C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved.
* * * *
BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | C5
The McKinley Mystery
The 25th president was the first modern Republican. But was he an agent of change or merely its beneficiary?
aged by Cleveland industrialist Mark
Hanna, changed the way Americans
elect our presidents. With a war chest
extracted from corporate interests
terrified of McKinley’s populist opponent, former Nebraska congressman
William Jennings Bryan, Hanna & Co.
distributed 100 million pieces of literature, targeting diverse voting blocs
as precisely as today’s Cambridge
Analytica or Russian trolls. Yet even
as he applied modern business practices to the campaign, McKinley
tapped into small-town nostalgia
through a carefully orchestrated
front-porch campaign in Canton.
Before Election Day some 750,000 of
his countrymen trooped to the
McKinley front lawn for a highly
effective dose of image making.
President McKinley
By Robert W. Merry
Simon & Schuster, 608 pages $35
BY RICHARD NORTON SMITH
McKinley applied modern
business practices to his
campaign, but also tapped
into small-town nostalgia.
C.M. BELL/LIBRARY OF CONGRESS PRINTS AND PHOTOGRAPHS DIVISION
TO MOST AMERICANS William
McKinley Jr. (1843-1901) is a colorless cipher, a name without a face.
We remember the Maine, but not the
man who oversaw the SpanishAmerican War. No conspiracy theories attach themselves to his assassination. Modern visitors to his
hometown of Canton, Ohio, are more
likely destined for the Pro Football
Hall of Fame than the Napoleonic
mausoleum built as a shrine to our
25th president. Trailing the parade
of (mostly) bearded seat warmers
who occupied the White House between the heroic Lincoln and the
swashbuckling Theodore Roosevelt,
McKinley is seen as the UnRoosevelt, a frock-coated conciliator
with more to say to the 19th century
than the 21st.
Robert Merry is not “most Americans.” A veteran Washington journalist, deeply knowledgeable of the political character, Mr. Merry contends
that our last old-fashioned president
was also our first truly modern one.
Having authored a 2009 biography of
the unjustly neglected James K. Polk,
Mr. Merry is accustomed to questioning historical convention. Polk, the
11th chief executive, made history by
achieving in a single term all of his
announced objectives—tariff and
banking reform, peaceful settlement
of the Oregon territorial dispute with
Great Britain, and the forced acquisition of Texas, California and huge
swaths of the American West. McKinley, by contrast, anticipates the reactive president of more recent times,
judged less by inaugural-day visions
than his response to unforeseen
events at home and abroad.
From boyhood McKinley showed
an instinct for leadership. Not yet
20, his bravery at Antietam attracted
the patronage of his commanding officer, future president Rutherford B.
Hayes, who would prove a helpful
guide through the cutthroat school
of Ohio politics. Grounded in his
Methodist faith, McKinley retained a
sweet-tempered equanimity unimpaired by early success, first as a
lawyer and then as a perennially
popular congressman. (“Call me Major. I earned that,” he told strangers
with typical modesty. “I am not so
sure of the rest.”) His 1871 marriage
to Ida Saxton, the spirited daughter
of a Canton banker, formalized a lifelong love affair whose ardor survived
the early deaths of two children and
THE IDOL OF OHIO ‘Call me Major. I earned that,’ McKinley would demur. ‘I am not so sure of the rest.’
the onset of chronic, if mysterious,
illnesses that reduced Ida to clinging,
sometimes querulous invalidism. The
afternoon sun gave her headaches.
She found the color yellow unsettling. Because his emotionally fragile
wife hated to lose at cards, McKinley
took it upon himself to caution newcomers to the game, “Mrs. McKinley
always wins.”
In time Ida was diagnosed with
epilepsy, a condition widely, inaccurately associated with mental impairment. McKinley’s efforts to conceal
her vulnerability reinforced a furtive
streak in his character. In Congress his
name became synonymous with high
tariffs—the highest in American history. Gerrymandered out of his seat in
1890, he returned to office a year later
as governor of Ohio. When an unscrupulous friend defaulted on $130,000 in
loans to which a trusting McKinley
had affixed his signature, the governor faced financial and political ruin.
In a twist worthy of a Frank Capra
movie, 5,000 citizens sent McKinley
unsolicited contributions to supplement larger gifts from such Gilded
Age worthies as George Pullman and
Henry Clay Frick. McKinley returned
all the donations from sympathetic
strangers. He also insisted on deducting something from every paycheck
for the rest of his life and handing it
over to his trustees.
More facile rivals underestimated
McKinley, usually to their regret. Confronting a phalanx of machine politicians hoping to deny him the Republican presidential nomination in 1896,
the supposed innocent conceived the
perfect slogan to frame his candidacy:
“The Bosses Against the People.” His
fall campaign, brilliantly stage man-
His election that fall realigned
American politics, ushering in a period of Republican dominance lasting
until FDR’s Depression-era triumph in
1932. “The advance agent of prosperity” lived up to his name, though Mr.
Merry leaves room for doubt as to
how much the new president’s protectionist policies actually contributed to
ending the nation’s worst economic
depression to date. (Discoveries of
gold in Alaska, Australia and elsewhere undoubtedly helped.) To the
old Hamiltonian reliance on government as the handmaiden of capitalist
enterprise McKinley added a fervent
commitment to sound currency and
the first tentative steps toward freer,
fairer trade.
Not for nothing did crusty House
Speaker “Uncle Joe” Cannon claim
that McKinley, a thoroughly professional politician, kept his ear so close
to the ground it was full of grasshoppers. He didn’t just listen; he learned.
Outgrowing his economic nationalism,
by the end of his life McKinley was
declaring “Isolation is no longer possible or desirable.” The transformative leader was himself transformed.
Far from being Hanna’s tool, as he is
often portrayed, the McKinley described by Mr. Merry is an independent agent, unafraid to denounce
mushrooming business trusts that
confused monopoly with efficiency. A
gifted storyteller, Mr. Merry breathes
life into distant controversies. Peering
behind his subject’s masks, he locates
the driving ambition and calculating
shrewdness of a chief executive who
Please turn to page C7
The Wit in the ‘Big House’
By Sally Phipps
Virago, 336 pages, $26.99
BY KATHERINE A. POWERS
IN A FAMOUS SPEECH before the
Senate of the Irish Free State in 1925,
William Butler Yeats eulogized his
people, the Anglo-Irish, a race, as
they saw it, unto themselves: “We are
one of the great stocks of Europe. We
are the people of Burke; we are the
people of Grattan; we are the people
of Swift, the people of Emmet, the
people of Parnell. We have created
the most of the modern literature of
this country. We have created the
best of its political intelligence.”
Well, yes—and no. The AngloIrish were also the people who galloped and swanned through the
pages of Molly Keane’s 14 novels: the
sort of people who considered an
interest in politics dreary and for
whom reading anything beyond
Burke’s Peerage and the General Stud
Book was considered degenerate.
(One of the funniest scenes in
Keane’s masterpiece, “Good Behaviour,” describes the horrified reaction
to the discovery that the young heir
of a landed family has been reading
“A Child’s Garden of Verses.”) Horses,
dogs, the house, the land and hospitality to their own kind were the
chief concerns of the majority of the
Anglo-Irish. They were more knowledgeable about the lives of foxes,
pheasants and salmon than those of
the Irish people who surrounded
them. Snobs of the deepest dye, they
shrank in revulsion from anything
connected with commerce—to their
own ruination. Molly Keane was one
of them, Anglo-Irish in every prejudice and predilection, but she was
also a writer of genius. She was the
last chronicler of the Irish “big
house,” summoning onto the page
the worst in her ilk—and, indeed, in
herself—with infectious relish.
The Anglo-Irish novelist
Molly Keane dissected
the worst of her privileged
kind with infectious relish.
Molly Keane’s first 11 novels were
published under the name M.J. Farrell, the last of these in the early
1950s; but she would not be known to
us now had she not again taken up
her pen almost 30 years later and
produced the brilliant black comedy
and near miracle of narrative ingenuity, “Good Behaviour.” This is a novel
so disconcertingly wicked that it was
turned down by several publishers
until André Deutsch in London picked
it up in 1980. The novel, short-listed
for the Booker Prize, caused her ear-
lier works to return to print on both near ye what have I seen? / Deep Ms. Phipps, “and was a good stocksides of the Atlantic and was fol- great seas an’ a sthrong wind sighin’ man and horseman.”) He met his wife
lowed by two further novels and two / Night an’ day where the waves are on a trip back home and, after the
works of nonfiction.
green.”) Her father, an Englishman, birth of their first child, they left
Late in life, Keane
Canada for Ireland, first
suggested to the older of
to Kildare, later to
her two daughters, the
County Wexford, where
journalist Sally Phipps,
Molly—as we shall call
that she write her biogher henceforth—grew
raphy, saying that she
up.
feared only that Ms.
As a child, Molly
Phipps wouldn’t “be
adored her mother, who
nasty enough.” Whether,
returned the girl’s love
in fact, she would have
with indifference, being
welcomed a truly nasty
utterly wrapped up with
account is doubtful, for
her husband. And there,
the volatile, contradicin Father, was another
tory character who
chilly customer, a peremerges
from
her
fectionist who prized
daughter’s book is one
competence, most espewho could dish it out
cially in horsemanship.
but not take it at all.
He did not so much
Molly Keane was born
teach his children to
Mary Nesta Skrine in
ride as expect them to
1904 in County Kildare,
master it as a “Godthe third of Walter and
given” faculty, an attiAgnes Skrine’s five chiltude displayed by a
dren. Her mother, raised
number of Molly’s merin County Antrim, was a
ciless fictional fathers.
poet of some repute who
Taken together, her
published under the
parents left young Molly
name Moira O’Neill. Her
feeling
lonely
and
verses, many of them
excluded,
feelings—
sentimental songs of
along with monstrous,
exile, were written in the WICKED BY BIRTH Keane’s humor was learned in a loveless home. ravening love—that becooked-up version of
came persistent themes
Irish speech that so tickled the had emigrated to Canada, where for in her novels. These emotions could
Anglo-Irish. (“Wathers o’ Moyle an’ years he ran a successful ranch. (“He explode, in her characters and
Please turn to page C6
the white gulls flyin’, / Since I was loved and understood land,” writes
HACHETTE
Molly Keane: A Life
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C6 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘Truth springs from argument amongst friends.’ —David Hume
An Enlightened Friendship
The Infidel and the Professor
By Dennis C. Rasmussen
Princeton, 316 pages, $29.95
ARISTOTLE DIVIDED friendship
into three types, according to
whether it was motivated by utility,
pleasure or virtue. In his “Theory of
Moral Sentiments” (1759), Adam
Smith claimed that only the last of
these deserved “the sacred and venerable name of friendship.” Smith’s
best friend was the philosopher
David Hume, whom he described as
approaching “as nearly to the idea
of a perfectly wise and virtuous
man, as perhaps the nature of
human frailty will permit.” In “The
Infidel and the Professor,” Dennis
Rasmussen, a professor of political
science at Tufts University, tells the
story of Smith and Hume’s bond,
arguing convincingly and engagingly that there is “no higher example of a philosophical friendship in
the entire Western tradition.”
Despite their 12-year age gap—
Hume was born at Ninewells, south
of Edinburgh, in 1711, Smith at Kirkcaldy, north of the city, in 1723—
there were remarkable similarities in
the two men’s experiences before
they met. Both were brought up by
their mothers after the early deaths
of their fathers; both had nervous
breakdowns in early adulthood from
overstudying; both wrote first books
that they would later describe as
juvenilia. Hume’s “A Treatise of
Human Nature” (1739) was published
when he was 28, and Smith’s “The
Principles Which Lead and Direct
Philosophical Enquiries” was written
when he was 23, though not published until after his death.
By the time they met, an event
that Mr. Rasmussen dates to 1749,
Hume had already influenced Smith
through his work. Both men were
skeptical about the existence of God
and interested in behavioral explanations of religious belief, but whereas
Hume was branded an infidel and
considered unsuitable for academic
positions, Smith tactfully disguised
the radical implications of his
thoughts and secured a succession of
professorial chairs. Hume’s flamboyance—he once joked that he would
give up writing his six-volume “History of England” to concentrate on
attacking the Lord’s Prayer and the
catechism while recommending adul-
THE GRANGER COLLECTION; BRIDGEMAN IMAGES
BY RUTH SCURR
EMINENT EDINBURGHERS Eighteenth-century illustrations of Adam Smith and David Hume.
tery and suicide—never damaged his
friendship with the much more discreet and cautious Smith. The only
obstacle was the distance between
Edinburgh and Glasgow. Smith
deemed Edinburgh “a very dissolute
town” and happily accepted the
chair of moral philosophy at Glasgow
University in 1752. Hume, meanwhile, settled in Edinburgh, frequenting its taverns and clubs. Their
correspondence is full of entreaties
to each other to undertake the arduous journey between Scotland’s two
great cities.
The two friends, who found it
hard to meet while living in the
same country, managed to coincide
in Paris. In 1763, Hume was invited
by Lord Hertford, Britain’s newly
appointed ambassador to France, to
accompany him to Paris as his private secretary. While Hume was
reviled in England and Scotland, in
Paris he was lauded: “Every Man I
meet, and still more every Lady,
wou’d think they were wanting in
the most indispensable Duty, if they
did not make to me a long & elaborate Harangue in my Praise.” Hume
wrote to Smith to tell him that a
French translation of “The Theory of
Moral Sentiments” was being prepared, and Smith wrote back to say
som”; and it was not long before
Rousseau penned a paranoid letter 38
pages long claiming that all Hume’s
kindness was a plot against him.
Rousseau’s contrarian ideas and
“extreme sensitivity . . . made it difficult for him to stay on good terms
Hume’s flamboyant skepticism often incensed his
contemporaries but never damaged his relationship
with the much more discreet and cautious Smith.
that he would soon be coming to
Paris himself, as tutor to the stepson
of the Duke of Buccleuch.
Hume left Paris in 1766 to accompany Jean-Jacques Rousseau across
the Channel. In “The Confessions,”
Rousseau claimed to have been “born
for friendship,” but his infamous falling out with Hume once in England
suggests otherwise. Hume was
warned by a friend in Paris that he
was “warming a viper in your bo-
with anyone for long,” Mr. Rasmussen
observes. Hume turned to his true
friend Smith for advice and received
the characteristically cautious counsel
that he should publish nothing about
his quarrel with Rousseau. It was not
enough to have the facts on his side,
Smith reminded Hume, when the
church and the whole English nation
“love to mortify a Scotchman.” Hume
ignored Smith’s advice, but Smith
didn’t take offense, restricting himself
to the sarcastic comment: “What has
become of Rousseau? Has he gone
abroad, because he cannot continue
to get himself sufficiently persecuted
in Great Britain?”
Hume and Smith were both radical critics of British policies toward
the American colonies in the 1770s.
Hume was one of the first advocates
of American independence, arguing
as early as 1771 that “our Union with
America . . . in the Nature of things,
cannot long subsist.” In “The Wealth
of Nations” (1776), Smith reasoned
that the voluntary granting of American independence was an implausible dream. Instead he advocated full
American representation in the British Parliament, even imagining that
the seat of the empire might move
across the Atlantic in “little more
than a century” as America’s population and economy surpassed that of
the mother country.
By 1776, it was clear that Hume
was dying. Smith spent as much
time as he could with him but resolutely refused to commit himself to
publishing posthumously Hume’s
“Dialogues Concerning Natural Religion” (published in 1779 by Hume’s
nephew). Biographers of Hume and
Smith have long found this baffling:
How could Smith refuse his dearest
friend’s dying wish? Mr. Rasmussen
explains this in the context of
Smith’s habitual caution and need
for a quiet life. Instead he wrote
and published a deeply moving
account of Hume’s death. He described Hume reading Lucian’s
second-century satirical “Dialogues
of the Dead” on his deathbed and
diverting himself with amusing
excuses that he might make to delay
his departure on Charon’s boat
across the Styx to the underworld.
In the published version, Smith
reports Hume saying: “I have been
endeavouring to open the eyes of
the Public. If I live a few years longer, I may have the satisfaction of
seeing the downfal of some of the
prevailing systems of superstition.”
But in a private version, Smith reported Hume saying: “Have a little
patience only till I have the pleasure of seeing the churches shut up,
and the Clergy sent about their
business.” Even after death, Smith
thought it prudent to tone Hume
down: That was the way their long
deep friendship worked.
Ms. Scurr is the author, most
recently, of “John Aubrey:
My Own Life.”
The Anglo-Irish Wit of Molly Keane
Continued from page C5
herself, as Ms. Phipps writes, “like
tiny subterranean bombs.” Again and
again Ms. Phipps mentions her
mother’s capacity for rage, its “panache and totality,” as well as the
stinging retorts which deeply
wounded her children and friends.
But again and again, too, we feel the
daughter’s hesitation to be “nasty” as
she follows almost every instance by
assuring us of her mother’s great
and, as Ms. Phipps would have it,
compensating acts of kindness.
To the extent that Molly was educated, it was by governesses at home,
with only a brief, unhappy spell at a
boarding school. She began writing to
Keane’s childhood yearning
for love translated into
the voracious neediness of
so many of her characters.
earn money for clothes, doing so
secretly at first as it was considered
bad form. Her books were a success
and she came to revel in her reputation as a novelist and, later, playwright. Her great passion, however,
was hunting, and she found her first
lover in that milieu, a married Master
of Hounds. Their affair was brought
to an end by a letter from the man’s
wife to Molly’s mother.
Molly’s halcyon days came at
Woodrooffe House in County Tipperary, “a rakish, generous, sophisticated
establishment” whose owner, Maj.
Willie Perry, and his family became
her fast friends. She spent happy periods there, hunting and socializing,
in the late 1920s into the 1930s, the
twilight years of the “big house.” She
also began to write plays, four in collaboration with the Perrys’ son, John,
whose friendship with Hugh “Binkie”
Beaumont, a bright light of the West
End theater, brought them onto the
London stage. Three were directed by
John Gielgud and the casts included
such luminaries as Margaret Rutherford, Peggy Ashcroft and Michéal
Mac Liammóir.
It was also at Woodrooffe that
Molly met Bobbie Keane, some years
her junior. It was a match about
which Ms. Phipps says she felt both
ecstatic and guilty because she had
seduced him. When he died only
eight years after their marriage from
a post-operative blood clot, Molly
was so devastated that she could not
attend the funeral or even wish to
know the whereabouts of his grave. It
was the greatest tragedy of her life,
out of which, as she wrote later, “a
terrible value of the past was born
for me.” Still, that marriage, we
learn, was not all sunshine. On occasion, Molly directed blasts of her
anger at Bobbie and he, in turn, had
an affair during her second pregnancy. Ms. Phipps describes her
mother’s reaction to this—anguish
and offer of a divorce—but they remained together, though Bobbie was
dead within a year.
Ms. Phipps includes her own memories of her mother and of friends,
providing a plenitude of character
sketches; some are astute and detailed, but many are more like toasts
to the departed and the good times of
yore. In this way, and in a certain
vagueness about what was going on
when, the book is more memoir than
full-scale biography.
Moreover, for a literary life there
is little about which books and writers Molly admired except passing
mentions of Proust, “her most loved
author,” Chekhov, Somerville and
Ross’s “The Real Charlotte,” Jean
Rhys’s “Wide Sargasso Sea,” and, as
a friend, Elizabeth Bowen. The only
literary influences Ms. Phipps mentions are Dornford Yates, a popular
author of humorous romances upon
which Molly modeled her first novel,
and, strangely, E.B. White, whom she
calls “one of Molly’s chief mentors”—
which hardly makes sense. Still, it
may be that no one really did influence Molly Keane’s writing; she herself made it clear that she abhorred
literary analysis and talk of technique—and there truly is about her
work a feeling of sui generis.
As a key to the mystery of the
often perturbing sensibility of Molly
Keane’s novels, however, the book is
invaluable. It’s all here: Molly’s childhood experience of loving and boot-
less yearning for love that translated
itself into the voracious neediness of
so many of her characters. We find,
too, the basis, greater than the death
of her husband, for Molly’s strong
sense of goneness, her nostalgia for a
way of life in which she had partaken
and whose death throes she witnessed. We see from these pages how
true was Molly’s claim that all her
work was autobiographical, that it
was drawn from her own experience,
her chilly-eyed observation of others,
and her complicated, often selfdestructive emotions.
Ms. Powers, a recipient of the
National Book Critics Circle’s
Nona Balakian Citation for
Excellence in Reviewing, is the
editor of “Suitable Accommodations: An Autobiographical Story
of Family Life: The Letters of
J.F. Powers, 1942-1963.”
Reviewer’s Choice | Three by Molly Keane
’Good Behaviour’
(1981), a disturbing
black comedy, is Molly
Keane’s greatest, most
ingenious novel, distilling the author’s essential themes—obliviousness, heartlessness,
snobbery, neediness and
long-fermented spite.
The novel opens with
Aroon, the middle-aged
daughter of a decayed
Anglo-Irish family, feeding
her aged, bedridden
mother rabbit, a dish so
hated, and offered with
such malicious solicitude,
that it kills the old woman. Just how things came to this
pass is a story told by the unlovely and unloved Aroon,
unaware that the account she gives us reveals states of
affairs of which she is, almost willfully, ignorant. The
book offers a wicked portrait of a way of life—outdoor
pursuits, reckless spending and sexual dalliance—that
was the last glory and means of dissolution of an AngloIrish big house.
Published in 1931, ’Mad Puppetstown’ is shot through
with a sense of loss for an Edwardian childhood in one
of Protestant Ireland’s big houses, its disintegration
here brought about by improvidence, the Great War and
the Troubles. The young heirs to Puppetstown are sent
off to England to escape Ireland’s civil violence, leaving
only eccentric Aunt Dicksie and her servant, Patsy, to
preside over the house’s decay. The novel’s characters
include more Irish common people,
inscrutable and clandestine in their doings,
than is usual in
Keane’s novels. It is
wonderfully funny but
also marked by the
menace of those
“strange, silent, dangerous days” when AngloIrish houses were
methodically put to the
torch by the IRA. The
young people’s return to
Puppetstown provides an
ending that is magnificent
in its celebration of grace in
the midst of ruin.
’Time After Time’ (1983), Keane’s penultimate novel, is
a mordant comedy about the Swifts, four elderly siblings
forced to live together by the terms of the will left by
“darling Mummie.” There, in the cold, damp and decay of
Durraghglass, the Swift family mansion, they spend their
time tormenting each other, pursuing secret pastimes
and feeling sensitive about their disabilities. April is deaf,
May has a deformed hand, Baby June is dyslexic and
Jasper is missing an eye. Into this unhappy milieu steps
the manipulative and scheming cousin Leda, a “bad
fairy” who plays on her cousins’ infirmities. Everyone is
enjoyably unlikable in these pages, but we begin to warm
to the Swifts as they develop a fragile commonality
against the horrible Leda, whose comeuppance could not
be more exquisite.
—K.A.P.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | C7
BOOKS
‘It may be doubted whether any character can be named which is distinctive of a race and is constant.’ —Charles Darwin
A Family Portrait for All Humanity
A Brief History of Everyone
Who Ever Lived
By Adam Rutherford
The Experiment, 401 pages, $25.95
‘A BRIEF HISTORY of Everyone Who
Ever Lived” is not particularly brief,
not exactly a history and not concerned with everyone who ever lived.
A more accurate title would be something like “An Omnium-gatherum
about Genetics by a Real Smart Guy
With an Amusing Prose Style.” Whatever the title, this enjoyable book
has a great deal to say about our
genetic code—or, more precisely,
about how our knowledge of genetics
is misused and misconstrued. One of
the “continuing themes” of “Brief
History,” Adam Rutherford announces, “is the limits to what genes
can tell us about us.”
Popular writing about science is
often accused of hyping the science to
sell the story. Books about DNA tend
to be especially prone to exaggeration
and overstated claims. This one isn’t.
When scientists began the human
genome project, Mr. Rutherford
writes, they hoped that completing it
would solve “the mysteries of history
and culture and individual identity.”
Instead, he says, “the human genome
turned out to be far more interesting
and complicated than anyone anticipated.” The more we learned, the
more we realized how much more we
would have to learn.
People have used genetic testing to
establish the fascinating fact that
humans today (Homo sapiens) carry
genes from other human species—
Neanderthals
(Homo
neanderthalensis) and Denisovans (Homo
denisova). For Europeans, Neanderthal genes typically comprise about
2% of their genome; for Africans, the
figure is close to zero. Some Melanesians have inherited as much as 5% of
their genome from Denisovans. But
we don’t yet know if those foreign
genes make any difference, or what
they do.
In a triumph of the geneticist’s art,
the complete Neanderthal genome
was decoded in 2010. The results
showed that Neanderthals had a gene
known as FOXP2, as do we. “Although
we don’t really have a great understanding of what [FOXP2] does in the
body,” Mr. Rutherford writes, “it is
clear that it is essential for the type
of verbal communication and dexterity that we find so trivially easy.”
Humans with mutated forms of
FOXP2 have serious speech difficulties; finches and mice with equivalent
mutations in the equivalent gene cannot properly vocalize. Considering
that Neanderthals possessed FOXP2,
therefore, they “very probably had
the capacity for speech.” We also
knew this from archaeology—Neanderthal throat bones, like ours, seem
adapted for talking. But neither
genetics nor archaeology can tell us
whether our long-ago cousins actually did speak.
Genes can track our history, Mr.
Rutherford says, but they do not set
our course. Throughout most of our
species’ existence, adults could not
GETTY IMAGES
BY CHARLES C. MANN
digest milk, because after childhood
the body stopped making lactase, a
chemical exuded by our small intestines’ linings that breaks up lactose,
the type of sugar in milk. When nonlactase-producing adults drink milk,
the lactose isn’t digested. Instead it
passes into the colon, where bacteria feed on it, producing carbon
dioxide, which in turn leads to bloating, flatulence, stomach pain and
diarrhea. As a result, most adult
humans still can’t drink milk—they
are lactose-intolerant.
Some 7,000 to 12,000 years ago,
somewhere between Hungary and
Poland, a mutation occurred in the
lactase gene that let its activity persist into adulthood. Archaeological
evidence suggests that people were
already keeping cattle and making
cheese (aged cheeses contain almost
no lactose, and thus are safe for
almost all of the lactose-intolerant).
The ability to drink milk as adults,
suddenly acquired, should have been
a godsend. The lactase mutation
spread rapidly through Europe. But it
seems not to have dramatically
altered people’s lives. Two other
mutations that similarly changed
human bodies but did not greatly
affect cultures or societies were those
for blue eyes and red hair.
Sometimes new tools of genetic
research can dispel historical myths.
Mr. Rutherford devotes much of one
chapter to the People of the British
Isles project, which in 2015 produced
the first fine-scale genetic map of the
United Kingdom. The maps show
clusters of genetically related people—the faint DNA footprints of
ancient cultures. Surprisingly, the
Celts are not one of them. The Welsh,
Bretons, Irish, Cornish, Scottish and
others who are lumped together as
Celts are not, in fact, genetically
related. The term “Celtic,” Mr. Rutherford says, “is a modern invention of
a presumed people that isn’t reflected
in Britain’s DNA.”
Mr. Rutherford has a Ph.D. in
genetics from University College
London, but has spent most of his
career as a science writer and editor
at Nature and the BBC, and proves an
enthusiastic guide and a good storyteller. But he keeps interrupting his
narrative to go on digressions—
lambasting inaccurate journalism,
mocking the hype of gene-mapping
firms, complaining about fad diets,
recounting family stories (we learn
four times that his mother was of Indian descent). Yet just when I was becoming exasperated by the detours—
somewhere around the paragraph
with footnotes referring to both
Charlemagne’s tibia and Jesus’s foreskin—it dawned on me that what I
had seen as divagations were in large
part the point of the book.
What “Brief History” is about is
challenging popular ideas about the
import of genetics, especially the
genetics of race. One beginning is the
fact—first shown mathematically in
2003 by a Yale statistician, then demonstrated in the laboratory in 2013 by
two California researchers—that
everyone on Earth, no matter where
they live, what languages they speak,
or what skin color they have, is related
by descent from a small pool of ancestors just a few thousand years ago.
“You are of royal descent,” Mr.
Rutherford says, “because everyone
is. You are of Viking descent, because
everyone is. You are of Saracen,
Roman, Goth, Hun, Jewish descent,
because, well, you get the idea. . . . If
you’re a human being on Earth, you
almost certainly have Nefertiti,
Confucius, or anyone we can actually
name from ancient history in your
[family] tree, if they left children. The
further back we go, the more the certainty of ancestry increases. . . . It is
simultaneously wonderful, trivial,
meaningless, and fun.”
Human ancestry, Mr. Rutherford
writes, is a “matted web,” not a simple tree. Because of this snarl of
complexity, there is no “group of
people on Earth that can be defined
by their DNA in a scientifically satisfactory way.”
All of us today are related
by descent from a small
pool of ancestors just a
few thousand years ago.
In the final, most impassioned
section of the book, he explains what
this means. There are clear differences between one person’s genome
and the next, but these don’t partition us into identifiable groups. I
could lump together all the people
with blue eyes, for example, but
except for this single characteristic
the group would share little else that
sets its members apart as an identifiable group. Almost all of those
blue-eyed people would have pale
skin, but a far larger group of people
has pale skin and dark eyes. Many of
them might have blond hair, but
there is a far larger group of people
with dark eyes and blond hair. And
so on—these single characteristics
don’t define a group except in the
most tautological way.
Nor can you use clusters of characteristics to define groups satisfactorily, Mr. Rutherford says. “Genetically,
two black people are more likely to be
more different to each other than a
black person and a white person. In
other words, while the physical differences are clearly visible between a
white and a black person, the total
amount of difference is much smaller
than between two black people.” The
obvious physical differences—skin
tone, hair type, nose and eye shape—
among races are real. But the genome
encodes vast numbers of other characteristics, ranging from immunesystem components to the shapes of
surface proteins in red blood cells.
And in these characteristics there is
such variability—less visible than skin
tone, but much more vital to life—
that it swamps the visible characteristics, foiling efforts to divide people
into cohesive genetic groups.
Mr. Rutherford does not deny that
there are genetic differences between groups of people that are
linked to geographic origin. AsianAmericans, for example, are much
more likely to die of cancer than
people of African descent. But this
does not mean you can sort humankind into well-defined races based on
cancer-proneness, because other
groups of related people are also
prone to cancer. Race as a category
is too simple to fit well into the complexities we now see in biology.
The import of this complex truth,
Mr. Rutherford believes, has yet to
be reflected by “what we talk about
when we talk about genetics.” His
book is an attempt to change the
conversation. “DNA has become a
byword for destiny,” he thunders,
something that dictates our fates.
“But it is not.”
Mr. Mann is the author of the
forthcoming “The Wizard and
the Prophet: Two Remarkable
Scientists and Their Dueling
Visions to Shape Tomorrow’s World.”
President McKinley and the Coming American Century
GETTY IMAGES
Continued from page C5
combined the inscrutability of Coolidge, the optimism of Reagan (“A
patriot makes a better citizen than a
pessimist”), FDR’s adaptive skills and
Lincoln’s political cunning.
The closest modern parallel to
McKinley may be Dwight Eisenhower
and his canny “hidden hand” style of
management. As likeable as Ike,
McKinley cautioned a fellow pol,
“Never keep books in politics,” advice from which more recent White
House occupants might profit. Both
men hid a capacity for ruthlessness
behind a genial facade. “I don’t think
that McKinley ever let anything
stand in the way of his own advancement,” a Buckeye acquaintance observed. Mr. Merry agrees, citing an
offer to the younger McKinley of a
railroad job worth $25,000 a year,
more than enough to guarantee his
financial security while simultaneously defraying the costs of caring
for Ida. McKinley rejected the sinecure, no doubt graciously. His slavish
devotion to Ida did not exceed his
desire to be president.
What Mr. Merry calls the McKinley mystery remains. Was he an
agent of change or merely its passive
beneficiary? “We have come to regard true presidential greatness as
consisting of boldness, brashness,
directness, and flamboyance,” the
author contends. Stolid and selfeffacing, McKinley played by his own
set of rules. “He had a way of handling men so that they thought his
ideas were their own,” explained
Secretary of War Elihu Root. “He
cared nothing about the credit, but
McKinley always had his way.”
The annexation of Hawaii
bears out Root’s claim. “Of
course I have my ideas about
Hawaii,” McKinley notified an
island representative early in
his presidency, “but consider
that it is best at the present
time not to make known what
my policy is.” Privately he
spoke of Manifest Destiny, insisting that “we need Hawaii just
as much and a good deal more
than we did California.” Unable to
persuade two-thirds of the Senate to
pass a treaty of annexation, McKinley
settled for a simple joint resolution. He
was equally resourceful in prying
Cuba, Puerto Rico and Guam from the
fading grip of imperial Spain.
Ultimately it is McKinley’s expansionist foreign policy that justifies
his status as the most consequential
president you’ve never heard of. Left
to himself, his gradualist approach—
“patiently nudging events incrementally to the desired goal,” says Mr.
Merry—might have achieved Cuban
independence without humiliating
Spain or spilling American blood in
Cuban jungles. Unfortunately prospects for a peaceful settlement exploded along with the battleship
USS Maine on the night of Feb. 15,
1898. Amidst the ensuing public outrage McKinley bought time by convening a naval board of inquiry.
When the board blamed the Maine
disaster on an external explosion,
the president found himself “caught
between congressional agitation and
Spanish intransigence.”
In April 1898, an upstairs office
became the first White House War
Room, with 15 telephone lines and
20 telegraph machines to keep
McKinley abreast of far-flung
combat. In Manila Bay a decrepit Spanish fleet offered
scant resistance to the
steel flotilla of Adm.
George Dewey. Cuban
independence exacted a
higher toll. Thanks in part
to McKinley’s incompetent secretary of war,
Russell Alger, more Americans in Cuba died from
typhoid fever than Spanish
bullets. Moreover, in Asia the
fruits of victory contained seeds of
insurrection, as McKinley’s belated
claim to the Philippines ignited a
guerilla resistance that bears striking
resemblance to that of post-Saddam
Iraq. What the president called “benevolent assimilation” looked to rebel
fighters suspiciously like the former
Spanish occupation.
Nothing about his presidency so
foreshadowed the future as McKinley’s
failure to consult Congress before
dispatching 5,000 U.S. troops to help
suppress the anti-Western Boxer
Rebellion in China. The presidential
luck held as both it and the Philippine
uprisings were eventually quelled, and
voters endorsed his imperial agenda in
the 1900 elections. McKinley’s luck ran
out on the afternoon of Sept. 6, 1901,
when, six months into his second term,
a failed anarchist, the Oswald of his
day, fired two bullets at the president
as he shook hands with the public at
Buffalo’s Pan-American Exposition.
Thus it fell to his dynamic successor to
build the transocean canal that McKinley had envisioned, battle the trusts
and become the first incumbent president to leave American soil.
As Theodore Roosevelt redefined
presidential leadership in the new
century McKinley faded from public
memory. Yet as this splendid revisionist narrative makes plain, his
legacy includes three rules to guide
his successors: Transformative leadership wears many faces. The presidency is no job for a political amateur. Character counts, sometimes
even more than charisma.
Mr. Smith is the author, most
recently, of “On His Own Terms:
A Life of Nelson Rockefeller.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
BOOKS
‘A man who is careful with his palate is not likely to be careless with his paragraphs.’ —Clifton Fadiman
‘Who Was Clifton Fadiman?’
The Wine Lover’s Daughter
By Anne Fadiman
Farrar, Straus & Giroux, 256 pages, $25
AS HOST OF “Information Please,” a
weekly radio game show that began in
1938, lasted more than a dozen years
and was briefly adapted for television,
Clifton Fadiman challenged listeners
to stump a panel of experts with
questions even the best and brightest
couldn’t answer. For much of the
show’s run, winners got a new set of
the Encyclopaedia Britannica.
If “Information Please” were still
around, a promising puzzler might
be “Who was Clifton Fadiman?”
Since his death in 1999 at age 95,
Fadiman seems largely forgotten.
His faint claim on public memory is
all the more striking given his central role in the cultural life of postwar America.
Fadiman was something of an
encyclopedia himself, his mind a
magpie’s nest of odd facts and glittering insights that he summoned with
seeming ease as a great explainer of
literature and culture to popular audiences. Fadiman was the New Yorker’s
book-review editor. He also helped
establish the Book-of-the-Month Club
and select its titles. His broadcast
gigs made him a national celebrity. In
1960 he introduced readers to the
classics through a durable classic in
its own right, “The Lifetime Reading
Plan.” His familiar essays, on everything from catalogs to conversation to
the joys of autumn, were collected in
several volumes that still hold up as
exemplars of the genre, though
they’re long out of print.
Perhaps no one would be less
surprised by Fadiman’s present-day
obscurity than Fadiman himself.
Although television helped make his
name a household word, he found
the medium ephemeral and habitually vulgar, arguing—perhaps only
half-jokingly—that it should be abolished by constitutional amendment.
He didn’t see much prospect for the
kind of essays he wrote, either, dependent as they were on a delicate
discourse that the coarsening culture couldn’t sustain.
Fadiman’s worries about civility
seem more timely than ever, underscoring the need to bring the best of
his writings back into circulation.
Until then, readers can make his
acquaintance in “The Wine Lover’s
MAXWELL COPLAN/FSG
BY DANNY HEITMAN
TASTEMAKER Clifton Fadiman, 1960.
Daughter,” Anne Fadiman’s fondly
drawn portrait of her celebrated father. As the title suggests, her book
is ostensibly about Clifton Fadiman’s
love affair with wine, although she
writes about his oenophilic odyssey
as a way to write about many other
things: his ideals, his affectionate if
complicated relationship with her,
and his lifelong struggle to transcend
his origins.
We learn about Clifton Fadiman’s
preference for Bordeaux over
Burgundy, his deepening pursuit of
California wines to complement his
beloved French vintages, his increasingly casual attitudes toward pairings
as he aged. “I knew he’d really loosened up the night he drank a German
white with a large plate of spaghetti,”
she recalls. Such connoisseur comedy
routinely brightens the book. “Had he
lived long enough to see Sideways,”
she writes, “he would immediately
have recognized that the wine-snob
hero was seriously depressed: only
thoughts of suicide could drive someone to drink a Cheval Blanc ’61 from a
Styrofoam cup.”
One doesn’t have to fathom the fine
points of Cheval Blanc to grasp the
humor here. The author, in fact,
counts herself among those outside
the circle of enthusiasts. After decades
of trying to match her father’s interest, Anne Fadiman concluded that she
didn’t have his palate for wine.
It was a vivid difference between a
father and daughter who, in many
other ways, seemed simpatico. They
shared a love of writing and reading,
including a common admiration for
the 19th-century essayist Charles
Lamb. Lamb’s life was troubled by
tragedy, a reality largely invisible in
his wry musings on roast pig, chimney sweeps and bachelorhood. For
Clifton Fadiman, such reticence was a
literary model. As his daughter puts
it, her father’s writing “often buried
what he most valued under layers of
wit and irony and self-deprecation.”
Anne Fadiman’s essays, gathered
in memorable collections such as “Ex
Libris” and “At Large and At Small,”
also evoke the Lamb tradition,
though in other books, her back-
An essayist’s elegy not
only for her once-famous
father but also for his lost
intellectual way of life.
ground as a journalist has inclined
her to reveal uncomfortable facts
when the subject calls for it. In her
acclaimed “The Spirit Catches You
and You Fall Down” she explored the
tragic cultural divide between a
Hmong family and its American doctors. Though a much happier book,
“The Wine Lover’s Daughter” is
equally alert to the complications of
cultural assimilation—in this case,
her father’s tortured struggle to outrun his childhood as the son of poor
immigrant Jews.
Born in Brooklyn, N.Y., in 1904,
Clifton Fadiman eventually migrated
to Manhattan, a small geographical
distance that socially seemed much
greater. His mother had named him
Clifton after scouring the phone book
for, as the family story goes, a “fancy”
name—fancy, in this case, meaning
“Christian,” he recalled.
Fadiman spent the rest of his life
playing down his lineage, not always
successfully. When he sought a teaching job at Columbia, he was bluntly
told that the English department had
room for only one Jew, and that Lionel
Trilling had already filled that slot.
Rebuffed, Fadiman gravitated toward
the work that would win him a much
wider audience. He loved wine for
many reasons, but as his daughter
notes, one of its appeals was that, in
his view, wine culture “wasn’t Jewish.”
The elder Fadiman’s alienation from
his ancestry, a recurring theme of the
book, is painful to read about.
Clifton Fadiman’s capacity to redefine himself had more humorous
aspects, too. Blindness forced him
into a rehab program that taught
him many new skills—including,
through a simulation, how to buy a
meal at McDonald’s. It was an excursion unthinkable even when he was
sighted. “He had managed to spend
decades complaining about American
popular culture,” Anne Fadiman observes, “without actually experiencing any.”
Near the end of his life, Fadiman
did manage to dip his toe into the
internet, gratified to find frequent
mentions of his name. That medium
created a house of many rooms—one
in which the kind of cultural authority
Fadiman once wielded now seems
impossible for any single voice. In this
way, “The Wine Lover’s Daughter”
emerges as an elegy not only for
Fadiman but also for a way of life.
Clifton Fadiman had a keen sense
of the transitory—another reason, one
gathers, he was drawn to the durability of wine. “He would get old,” Anne
Fadiman writes. “His pompadour
would turn white. His body would fail.
But he would still have these magnificent wines, and they would improve
with each passing decade.”
Mr. Heitman, a columnist for
the Advocate newspaper in
Louisiana, is the author of
“A Summer of Birds: John
James Audubon at Oakley House.”
FICTION CHRONICLE: SAM SACKS
A Visit to the Lit Lab
The other kind of experiment is
much more playful, more along the
order of dropping Mentos into a liter
of Diet Coke. (If you haven’t seen this
tried, hie thee to YouTube at once.)
The object is to toy with structure
and language and see what fireworks
result. A perfect case in point is John
Barth’s sublime historical farce “The
Sot-Weed Factor.” People think of
James Joyce’s “Finnegans Wake” as
a serious tome, but no—as the title
hints, it is at heart an outrageously
elaborate pub song. Joyce’s wife used
to hear him chortling to himself as
he wrote it.
What kind of experimental novel is
“theMystery.doc”? From the early
*going it’s plain that the goal of this
trawled the internet for anything remotely related to her unsolved disappearance, including photos, partial
news clippings, garbled message
board postings and even the spam
found in comment fields. Spliced into
this indiscriminate info dump are
factoids relating to the Earth’s geo-
Two novelists who toy
with narrative structure
and literary language to
see what fireworks result.
book is not to entertain but to sow
discomfort. The passages are short,
splintered and disconnected, sprays of
“random buckshot,” in Mr. McIntosh’s
words. The motifs are morbid: shipwrecks, natural disasters, the 9/11
terror attack, infant mortality and
what appear to be the author’s memories of his father’s death from cancer.
The writing throughout is numbed
and uninflected, perceiving the world
in the unfocused way of someone
groggy from too much cold medicine.
The mood ranges from puzzlement to
muted horror.
A paradigmatic example of the
book’s technique, if you can use such
a word, is in its treatment of a reallife figure named Kim Forbes. Forbes
tragically went missing in Hood River,
Ore., in 2004, and Mr. McIntosh has
GETTY IMAGES
NEWLY RELEASED
from the dauntless
independent publishing house Grove
Atlantic is a strange
specimen by Washington State native Matthew McIntosh
titled “theMystery.doc” (Grove,
1,660 pages, $35). As large and unwieldy as a cinder block, the novel
showcases text of varying fonts and
sizes arranged in unusual patterns.
Many of its pages contain a single
sentence or the same sentence repeated over and over; other pages are
blank or filled with asterisks; still
others feature blurry photographs or
stills from old movies. These and
other typographic tricks are the telltales of what is inevitably called a
work of experimental fiction.
“Experimental”: The adjective has
become a placeholder reviewers use
when faced with a book that does anything out of the ordinary. Like the
catchall term “postmodern,” it’s one
of those labels that conjures a host of
prejudices yet concretely describes
very little. How could it, when it can
be applied with equal justification to
writers as disparate as Laurence
Sterne, Gertrude Stein, William Faulkner and Lydia Davis?
So perhaps a very rough taxonomy is in order. Consider experimentation as you would in a laboratory. Sometimes the writer’s goal is
to solve a problem with the traditional novel, like a scientist testing a
vaccine. When Virginia Woolf conceived her “play-poem” “The Waves,”
she dreamed of a narrative that
stayed “away from facts,” free of the
weight of realism yet still evoking
the real. When he produced the
churning interior monologue of his
novel “Molloy,” Samuel Beckett was
trying to resist the consolations of
meaning and coherence that novels
reflexively develop.
logic history. Like the planet’s rock
strata, the juxtaposition suggests, people are the sum of their online
records, mostly a bottomless inventory of indecipherable gibberish.
In Mr. McIntosh’s emotionless telling, we are all missing persons; his
preoccupation is not with death so
much as with nonexistence. One of
his recurring gambits is to transcribe
online dialogues between anonymous
web users and customer-service representatives called “website greeters.” Nothing happens in these interactions except that each party tries
vainly to extract personal information
from the other. “Is this an automated
program or is there a live person on
the other end?” one asks.
The question could
be directed toward the
book itself. The disjecta membra of disembodied voices and
absurdist visuals are
common in experimental novels that look to
give form to a perceived breakdown in
conventional narrative
or in human relations
more generally. (Mark
Z.
Danielewski’s
“House of Leaves” is
the best-known recent
instance of this kind of
book-as-abstract-artobject.) But “theMystery.doc” goes further
than anything before
it: It reads like the first
posthuman novel, an
arbitrary sampling of
web-searched text and
images aggregated by
no one for the benefit
of no one. Much ink
has been spilled pondering what the growing technological divide will do to the art of novel
writing. There’s an answer in this
book’s near-infinite feedback of glyphs
and fragments, but you may have to
be a machine to understand it.
The experiment in Mike McCormack’s “Solar Bones” (Soho, 217
pages, $25) has a famous pedigree.
The novel captures the stream of consciousness of a middle-aged Irishman
named Marcus Conway, and much like
Molly Bloom’s soliloquy in James
Joyce’s “Ulysses,” it is written as a
single riverine sentence. There are
paragraph breaks to reflect shifts and
pauses in thought, but no full stops.
Mr. McCormack’s Bloomsday is
Nov. 2, 2008, also known as All Souls’
Day, and we find his everyman alone
at the kitchen table in his house in
County Mayo. His meditations commence with the tolling of the noonday
church bells and end at the start of
the one o’clock news, and in that hour
he navigates the circumference of his
life, recalling his marriage of 25 years,
his relationship with his two headstrong children and his work as a
county engineer.
A portrait of Ireland—its art, its
politics, its national crises—emerges
as these reflections unspool. As in his
striking if discordant 2005 novel,
“Notes From a Coma,” Mr. McCormack is fascinated by modernity’s
incursions into the Irish countryside.
When Marcus’s wife is afflicted by a
nationwide viral event resulting from
contaminated drinking water, he’s
startled by the “intimate sense of
history’s immediate forces affecting
my day-to-day life.”
But most of his memories are humble and domestic. It’s in sifting these
homespun details that the formal risk
pays such big dividends. The restlessly
onrushing sentence confers a sense of
urgency and holiness to Marcus’s
“daily rites, rhythms and rituals.” The
ordinary is hallowed by the originality
of its expression. And because the
writing is so precise and consistent,
one quickly adjusts to Marcus’s exhalations of thought and the reading becomes easy and natural. “All good human stories no matter how they will
pan out, you can feel that, the flesh
and blood element twitching in them,”
Marcus thinks. “Solar Bones” is a successful experimental novel, but more
than that it is a good human story.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | C9
BOOKS
‘Love has nothing to do with good reasons.’ —Isabel Osmond, ‘The Portrait of a Lady’
The Lady Lives On
to wrestle with what happened
before “Mrs. Osmond” begins. More
revelations will follow, however, and
Isabel’s final decision depends,
appropriately, on a set of new facts,
on incidents that Mr. Banville himself
has created. She will move in a new
direction, and yet her future seems
no more settled than at the end of
“The Portrait of a Lady” itself.
Many readers will enjoy spotting
traces of James’s own biography
here, or moments lifted from his
other work, such as “The Wings of
the Dove” or “Daisy Miller.” A deeper
satisfaction lies in comparing this
book’s structure to its predecessor’s.
Mr. Banville follows an initial sequence in England with a momentary
Mrs. Osmond
By John Banville
Knopf, 369 pages, $27.95
BY MICHAEL GORRA
Picking up the story of
Isabel Archer, Banville
does what James avoided:
He takes us inside his
villain’s consciousness.
BRIDGEMAN IMAGES
WE LAST SAW Mrs. Osmond—Isabel
Archer that was—as she darted
through the dusk toward an English
country house, pausing by the door
to listen for the sounds of pursuit,
and then opening the latch on her
future. She had been walking in the
park, puzzling over where to go and
what to do, and uncertain of what her
next weeks might hold; now she
knows, and sees a straight path
before her. An old suitor had surprised her out there under the trees,
an American named Caspar Goodwood. He asked her to run away with
him, away from her unhappy marriage, and caught her up in a kiss that
felt like lightning, a spreading flash
that reminded her of everything she
didn’t like about him. Yet when he
dropped her into darkness she was
free. Two days later Goodwood
knocked in hope at the London house
of Isabel’s friend, Henrietta Stackpole,
only to be told she had just left for
Italy; returning, presumably, to her
union with a hollow adulterous aesthete called Gilbert Osmond.
What happens next? I’ve just described the final page or so of Henry
James’s “The Portrait of a Lady”
(1881), a novel whose final words
offer no clue about its heroine’s ultimate fate. That open and unhappy
conclusion disturbed the novel’s
19th-century readers, who expected
an ending to be an ending, and preferably a cheerful one; it gave no
satisfaction to those who saw Isabel
as trapped, and made others fear she
might eventually yield to temptation.
And ever since, we have read those
pages with a mixture of frustration
and curiosity, and projecting our
hopes for her on to the blank sheets
at the end of the book. James’s contemporaries quizzed him about
Isabel’s later episodes, and some
asked for a sequel; he gave nothing
away, except to write in his notebooks that the “whole of anything is
never told; you can only take what
groups together.”
The Irish novelist John Banville
has now done what Isabel’s creator
did not. He has imagined a version
of her next months, in prose that
echoes James’s own, and the first
thing to say about “Mrs. Osmond” is
that it seems an almost entirely
plausible next installment. There are
a few bobbles, most involving characters Mr. Banville himself has invented, but his Isabel, his Madame
Merle or Countess Gemini act as
we’d expect them to act; and then, as
events press upon them, they begin
IN THE PINK John Singer Sargent’s 1904 portrait of Lady Helen Vincent, a London society figure and friend of James.
to change. Isabel above all, who
shows here both a new confidence
and a coolly calculating mind.
The book’s real triumph, however,
lies in its portrait of Gilbert Osmond,
in which Mr. Banville does something
James avoided. He takes us inside,
dramatizing that villain’s consciousness, allowing him to make the case
for himself: “He had always fancied
himself a person misplaced in time,”
Mr. Banville writes, “his was a sensibility more attuned, he was convinced,
to a grander, more garlanded age . . .
suited, so he considered, to the civilities and exquisite subtleties of the
Quattrocento. Today he felt somewhat
akin to one of the nobler condottieri
from those days, but sadly fallen into
peril: embattled, ousted from the
sanctuary of his castle . . . menaced on
every side yet nothing daunted.”
The devil knows his own, and
though Mr. Banville typically writes in
the first person these archly vulpine
sentences sound as if they belong in
the pages of his own best work, in
novels like “The Untouchable” or the
Booker Prize-winning “The Sea.”
Osmond’s snarl and sneer, the threats
backed by nothing more than his own
vicious tongue—Mr. Banville has long
specialized in such tawdry poseurs,
and that black hole of a mind must
have been an even greater lure than
the desire to follow Isabel’s path.
I won’t give away the plot, except
to note that Caspar Goodwood
doesn’t really figure except in memory. But then much of this novel is
about memory. James claimed that
the “best thing” in his own book was
a chapter in which Isabel sits in front
of the fireplace and does nothing for
a dozen pages but think. She sorts
the cards of the past, and slowly,
slowly begins to understand the trap
her life has become. “Mrs. Osmond”
offers many such chapters, moments
in which this Isabel hangs upon
James’s, in which she works her
mind through the plot in which the
earlier novel enmeshed her. She
hasn’t yet fully absorbed what she
learned in James’s last pages, and
Mr. Banville’s most psychologically
acute moments show her continuing
interlude in Paris; then he takes us
to Italy before returning at the end
to England. That’s James’s itinerary
as well, but “Mrs. Osmond” doesn’t
follow him slavishly. There’s more
Florence here and less Rome, nothing at all in the English countryside,
and the first hundred pages exist in
the space between two of James’s
own paragraphs, between Isabel’s
flight in the dark and Caspar’s appearance at Henrietta’s door. For just
what did she do in the two days
before she left for Italy?
Roberto Calasso once argued that
while the figures of Greek myth may
“live many lives, die many
deaths . . . the characters we find in
novels . . . can never go beyond the
single gesture.” Myths have variants,
they contradict one another, and Athena or Zeus exist independently of
any single story about them. Yet
there’s only one Anna Karenina. So
the argument goes, but this book
challenges it. Mr. Banville’s Osmond
has done things that James’s character hasn’t, and his early life is far
more fully detailed. To what degree
does he, or indeed this novel itself,
have an independent life?
“Mrs. Osmond” is a tribute paid by
a great writer to a greater one, and I
expect that in rereading James’s own
novel I’ll eventually be able to forget
about this one; maybe not the next
time, but the time after that. Nevertheless there are some scenes here—a
few, but enough—when Mr. Banville
drives James himself from my mind.
Mr. Gorra’s books include “Portrait
of a Novel: Henry James and the
Making of an American Masterpiece.” He teaches at Smith College.
CHILDREN’S BOOKS: MEGHAN COX GURDON
Learning to Look More Closely
Travis Nichols takes young readers
on a laugh-out-loud alliterative adventure in the picture book “Betty’s
Burgled Bakery” (Chronicle, 32
pages, $14.99). “My enticing edibles
were entirely extracted,” explains the
perturbed proprietress, a puzzled
panda by the name of Betty, when a
team of crack investigators arrives
from the Gumshoe Zoo. “Fear not,
friend,” the goat assures her. “We’ll
find the fully fed, fiendish foe.” In
simple, cartoon-style panel illustrations, we see the animal sleuths
sequel of sorts to her 2004 Caldecott
Honor-winner, “The Red Book.” Instead there is a kind of calm, happy
Möbius-strip meandering. A boy
bicycling through light snow along a
paved city seafront stops to lift a
red-jacketed picture book that’s
each child realizes that he is looking
at a real person in another place.
Potential friendship becomes actual
when the boy in the boat finds an
ingenious means of getting his vessel towed toward the city. With yet
another child finding one of the
lying on the ground. Once at home
and ensconced in a glassed aerie at
the top of his house, he opens the
book and sees, in its pages, pictures
of a boy in a rowboat who happens
to be plucking a red book from the
sea and, upon opening it, sees pictures of a snowy paved seafront. In
two lovely moments of epiphany,
books at the end, this silent, satisfying tale leaves open the possibility
of future adventures.
The distinctive, scraggly, energetic
lines of ink that we associate with the
great Quentin Blake, the beloved
British illustrator who has created
pictures for some 300 children’s
books, were even scragglier when he
Optical mind-benders,
scenes of natural wonders
and a wordless tale of an
impossible friendship.
inspecting the depleted shelves (only
the kale crumpets remain). Moving
through the alphabet as they go, the
detectives theorize about the motivation and stature of the perpetrator.
“These racks reach from rug to roof,”
the mole rat observes. “No runt could
ransack this room.” With an “Alert” at
the beginning and a “zany, zigzagging” conclusion, this crisp comic
caper will have 4- to 8-year-olds
requesting a rousing read-aloud—
robustly and repeatedly.
There is no “reading,” in the strict
sense, with Barbara Lehman’s
captivating wordless picture book
“Red Again” (Houghton Mifflin
Harcourt, 32 pages, $16.99), a
CANDLEWICK PRESS
THE FIRST THING
that a child will
notice about the
hushed and beautiful
picture book “Look!
What Do You See?”
(Viking, 38 pages, $18.99) is that it
seems to be written in Chinese. On
parchment-brown pages, a delicate
brush has inked lines of calligraphy
that are lovely to contemplate but
apparently incomprehensible to someone who reads only English. Almost
as striking, the writing is paired with
folk-art-style illustrations that depict
scenes of Americana. There’s an oldfashioned barn dance, a 19th-century
horse race, cowboys around a campfire. It is a fascinating juxtaposition, a
visual paradox that brings us back to
the title. What do we see?
At first, perplexity. Yet then the
eye adjusts and picks up clues. Suddenly what looked like inscrutable
ideograms resolve into what they
really are: English words configured
in “square word calligraphy,” a style
of writing devised by the book’s creator, contemporary artist Xu Bing.
Now Becca Stadtlander’s nostalgic
pictures make perfect sense: They
illustrate the lyrics to a dozen classic American songs, including “Skip
to My Lou” and “Oh, Susannah,” as
well as five Chinese sing-a-longs,
such as “Tiger Learns to Climb” and
“Little School Kids.” In a short coda,
Mr. Xu explains the technique he
used to create square words (there’s
a cheat sheet for the songs, too) for
this cross-cultural collaboration, as
artful as it is refreshing.
was starting out. Mr. Blake’s first
published work, in collaboration with
the wonderful writer John Yeoman (it
was his debut, too), came out in 1960
and returns to print after a long
absence with “A Drink of Water and
Other Stories” (Thames & Hudson,
64 pages, $14.95). This collection of
animal tales is good for reading aloud
and abounds with Mr. Blake’s funny,
expressive drawings. In the titular
story, a thirsty monkey realizes how
he can get water from the bottom of
a heavy urn when he watches a hippo
immerse herself in a pond: “It’s a
clever monkey,” we read, “who uses
his eyes and his commonsense.” In
other tales, a vain jackdaw goes too
far in his pursuit of elegance; a partycrashing bear gets carried away
during a sing-a-long; and a wily vixen
intimidates two big bullies by taking
up with sharp-clawed “Tibbles, lord
and master of the forest,” a kitten
only 5 weeks old.
Living things form a pattern that is
“big, beautiful, complicated,” writes
Nicola Davies in “Many: The Diversity
of Life on Earth” (Candlewick, 40
pages, $15.99), a picture-book
appreciation of the natural world for
children ages 3-6. Inviting watercolor
artwork by Emily Sutton (see left)
alternates between scenes of teeming
vitality in deserts, oceans and jungles
and delicate portraits of unsung
wonders, such as the Exquisite Sea Urchin and the Cypriot Mouse. Near the
end, the tone turns admonitory—“all
over the world, human beings are destroying pieces of the pattern”—before
ending on a note of subdued optimism.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘New York is not a civilization; it is a railway station.’ —John Jay Chapman, in 1909
FIVE BEST: A PERSONAL CHOICE
Mike Wallace
ARTHUR
CONAN
Doyle’s
Sherlock
Holmes seems to be
as popular as ever,
nine decades after
the author’s death.
Not only have many authors written
their own Sherlock stories; other have
spun tales starring the detective’s
associates, including his sidekick Dr.
Watson, his landlady Mrs. Hudson and
his nemesis Professor Moriarty. Now
English writer H.B. Lyle gives us “The
Irregular” (Quercus, 294 pages,
$26.99), an inventive espionage thriller
set before World War I and featuring a
grown-up Wiggins, the former leader
of Sherlock’s street-children posse of
Baker Street Irregulars.
By 1909, Wiggins is a handsome
but uneducated army veteran, barely
eking out a living by chasing down impoverished debtors—many of whom
he mercifully allows to escape. His
prospects are nil, but he retains a Holmesian talent for keen observation, as
displayed to a Whitehall type he has
just met: “All I can tell you . . . is that
you sailed in Malaya and spent time in
Singapore, though I reckon you was
born in India? Either way, you’re
shortsighted, twice married . . . and
you suffer from gout in your right toe
that you try to pass off as a
war wound.”
Wiggins is approached by Vernon Kell—the
counterintelligence chief at
the
British
War Office—
about joining a
new secret service, at the recommendation of
Wiggins’s old mentor
Sherlock. Wiggins declines, but when his best
friend—a London police officer—is
killed by Russian anarchists, he vows
to avenge his pal. Sherlock, whom he
visits in his bee-keeping retirement,
discourages the vigilante path and
urges him to reconsider working for
Kell. “The day of the amateur is over,”
Sherlock tells Wiggins. “There are
large and growing forces ranged
against us. . . . I urge you to help him,
not only for your sake, but for the sake
of this great country of ours.” Working
as a secret agent may give Wiggins his
best shot at finding those responsible
for his friend’s death.
Wiggins follows Sherlock’s advice
and signs on with Kell, going undercover in the gritty London streets he
knows so well. Soon he is close to the
center of a terrorist conspiracy
directed by an elusive figure, whose
identity is but one of many effective
surprises delivered in this twist-filled
adventure that proves far from
elementary.
“Unquiet Spirits” (Collins Crime
Club, 497 pages, $25.99) is the sec-
ond of Bonnie MacBird’s book-length
Sherlock Holmes pastiches, the sequel
to 2015’s “Art in the Blood.” Set in the
winter of 1889, the book takes Sherlock and Watson from London to the
French Riviera and then to Braedern
Castle, an allegedly haunted estate in
the Scottish Highlands. They are first
approached at Baker Street by Isla
McLaren, a young woman whose
father-in-law is a noted Scots whisky
baron, the laird of Braedern. She tells
of strange doings at the family estate:
Sherlock Holmes returns
in two skillful pastiches,
one an espionage novel,
the other a gothic thriller.
a beautiful maid named Fiona gone
missing, only to be returned days
later, bound like a prisoner with her
long red hair shorn off.
Though Sherlock dismisses the
woman with prejudice, he soon has
his own reasons for visiting Braedern.
Scots whisky-makers—including the
McLarens—have come under suspicion of sabotaging French vineyards
by introducing a deadly
parasite.
Sherlock’s
brother Mycroft—a
British government official—
urges him to
investigate
the controversy. Following a factfinding mission
in the south of
France, Sherlock
and Watson make
their way to the Scots
castle, after the laird is unwittingly served the severed head of
Fiona at a grisly dinner.
As the duo deconstructs a decadeslong cat’s cradle of fatalities, conspiracies, disappearances and things that
go bump in the night, Watson
unearths a hidden chapter from Sherlock’s own early life—an episode of
love and villainy that shaped Sherlock’s psychology and serves as a
retrospective prologue to the book’s
more current events.
Ms. MacBird does a fine job of recreating the familiar Holmesian universe and tying up her complex story’s
many strands. But it is in the pages
recounting Sherlock’s early emotional
trials that her creative spirit best asserts itself. “I was certain Holmes had
ghosts of his own,” Watson confides—
not spectral apparitions but haunting
memories of “things not said or left
undone, of accidents, violence, deaths,
people we might have helped, those
we have lost.” As Watson notes of his
suddenly vulnerable partner: “I saw
through his stoicism to his deep pain.”
on New York City 100 years ago
by giant corporations. Billy now
worships “a new god, and its name
was Efficiency.” But then a muckraker’s exposés open Billy’s eyes to
the brutal impact of Dillon’s system
on the harbor’s workers. The god of
Efficiency “had now come tottering
crashing down. And in its place a
huge new god, whose feet stood
deep in poverty.” “The Harbor” is
no tract peopled by saints and villains; it’s far more complex. In 1918,
Poole was awarded the first Pulitzer
Prize for a novel, ostensibly for his
1917 book, “His Family,” but in fact,
it was generally acknowledged,
honoring its 1915 predecessor.
The Real New York
By Rupert Hughes (1904)
1
THE MERGER OF Manhattan
and Brooklyn into Greater
Gotham in 1898 was accompanied by an outpouring of guidebooks to the newly merged city.
Most were merely informative, but
“The Real New York,” a cross
between guidebook and novel,
conveyed what it felt like to be in
Gotham. Hughes confects some
arriving first-time tourists, one a
Hoosier cleric come to gather material for a sermon on “The Modern
Babylon Where Mammon Alone Is
God.” A Chicagoan, conversely, has
come to sample the fleshpots of
Gotham, which he’s sure won’t hold
a candle to those of his raucous
hometown. A young woman on her
way to Paris is planning to skip New
York altogether, as it is well known
to be culturally barren. These misinformed souls are then confounded
by a crew of Gothamites who take
the visitors out to spots high and
low. Hughes’s descriptions open a
portal to the past through which
one wants to rush. To Café Boulevard, say, a Hungarian place on
Second Avenue and 10th Street,
beloved by bohemians who dine on
chicken paprikash, down shots of
slivovitz and dance the Csárdás.
Alas, one can’t: It was shuttered a
century ago.
Darkness and Dawn
By George Allan England (1912-14)
3
IN THIS FANTASY, Allan, an
engineer, and Beatrice, his
stenographer, awake from a
millennium of suspended animation
atop the ruins of the Metropolitan
Life Tower (in 1912 the tallest
building in the world). Soon trouble
arrives, borne across the Hudson in
thousands of canoes. It is the
“Horde,” the offspring of centuries
of degeneration by nonwhite
survivors of a global catastrophe—
cannibal ape-men. Besieged, the
couple use “Pulverite bombs” to
destroy many of the Horde, though
not enough. But suddenly “the
greater part, thousands on thousands of the little monstrosities, fell
prone and grovelling.” Allan realizes
exultantly that the couple had
become “Gods! Gods we are now to
them. . . . The Great White Gods of
Terror!” “Darkness” is a fascinating
work of dystopic science fiction that
draws on the era’s pseudo-scientific
racism—in particular the faith that,
without the civilizing influence of
slavery or empire, blacks would
revert to savagery. What England
did, powerfully if perniciously, was
supply the monstrous images that
would haunt the white imagination.
The Harbor
By Ernest Poole (1915)
2
THE PROTAGONIST of this
novel, a young journalist
named Billy, used to write
about the wonders of New York’s
changing harbor. But he has come
under the spell of Mr. Dillon, an
engineer who wants to create a
smoothly functioning seaport run
City of the Yellow Devil
By Maxim Gorky (1906)
4
GETTY IMAGES
GETTY IMAGES
Back to Baker Street
GRAND SPAN Brooklyn Bridge, 1898.
ON APRIL 10, 1906, Maxim
Gorky, immensely popular in
America for his resistance to
czarist despotism, arrived in the
U.S. to raise money for revolution in
Russia. Metropolitan luminaries led
by Mark Twain planned gala receptions. The city was his. Then Joseph
Pulitzer’s New York World reported
that the woman traveling with the
visitor was not Madame Gorky but
“an actress,” one Maria Andreyeva.
Brutal ostracism followed. Doors
slammed all over Manhattan, and
Twain resigned as Gorky’s cham-
CARMEN BOULLOSA
MYSTERIES: TOM NOLAN
MR. WALLACE is the author, most
recently, of ‘Greater Gotham.’
pion. Gorky retreated to Staten Island to produce “City of the Yellow
Devil”—a revenge essay. New York,
Gorky wrote, was a monstrous metropolis that gorged on its citizens.
“Yellow” is a hoot for its splenetic
fury. The work also figured in a
larger cultural drama. Twain, blaming Gorky, pointed out that “laws
can be evaded and punishment
escaped, but an openly transgressed
custom brings sure punishment.”
But Gorky’s reception did not signal
a moral machinery in good working
order—it was a skirmish in an
emerging war over manners, morals
and gender conventions.
The War in the Air
By H.G. Wells (1908)
5
IN WELLS’S NOVEL, the rival
empires of Europe, North
America and Asia have spent
the first decades of the 20th
century developing blimp-like “flying machines” and preparing for
combat. The first move comes from
Germany, whose huge dirigibles
drop bombs on New York. The
effect is horrific. The mayor capitulates. The citizenry does not. Young
men hoist an artillery piece to a
rooftop in Union Square and
manage to shoot down one airship.
The German commander orders a
full-scale bombardment. Sailing
along Broadway, the airships
“smashed up the city as a child will
shatter its cities of brick and card.”
The enraged Americans now strike
back at the Germans with their own
weapons. France and England join
in. Berlin, London and Paris are
demolished. Thousands of Japanese
and Chinese airships enter the fray.
The conflict escalates into a fullscale world war. Wells’s narrative is
a bit rambly but on the whole
compelling, his battle sequences
absorbing, his characters plausible.
But from a 21st-century perspective
what packs the biggest punch is his
prescience. Six years before Sarajevo, he’d figured out where imperialism and nationalism might lead.
Best-Selling Books | Week Ended Oct. 29
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Hardcover Fiction
THIS
WEEK
The Pioneer Woman Cooks
1
Ree Drummond/William Morrow & Company
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
2
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
Capital Gaines
Chip Gaines/Thomas Nelson
1
THIS
WEEK
LAST
WEEK
6
2
Killing England
7
5
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Sisters First
3
Jenna Bush Hager/Grand Central Publishing
New
Grant
Ron Chernow/Penguin Press
8
6
Andrew Jackson and the Miracle
Brian Kilmeade/Sentinel
4
New
A Die Hard Christmas
Doogie Horner/Insight Editions
9
New
Smitten Kitchen Every Day
5
Deb Perelman/Knopf Publishing Group
New
What Happened
10
Hillary Rodham Clinton/Simon & Schuster
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
7
Nonfiction Combined
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Sisters First
1
Jenna Bush Hager/Grand Central Publishing
New
The Pioneer Woman Cooks
1
Ree Drummond/William Morrow & Company
The Girl with Seven Names
2
—
Hyeonseo Lee & David John /HarperCollins Publishers
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
THIS
WEEK
2
TITLE
AUTHOR / PUBLISHER
Methodology
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
The Rooster Bar
John Grisham/Doubleday Books
1
New
Deep Freeze
John Sandford/G.P. Putnam’s Sons
6
4
Origin
Dan Brown/Doubleday Books
2
1
Harry Potter...Prisoner/Illustrated
J.K. Rowling/Arthur A. Levine Books
7
9
Turtles All the Way Down
3
John Green/Dutton Books for Young Readers
2
Dog Man: A Tale of Two Kitties
Dav Pilkey/Graphix
8
10
Dork Diaries 12
4
Rachel Renée Russell/Aladdin Paperbacks
3
The Book of Dust
9
6
Philip Pullman/Alfred A. Knopf Books for Young Readers
Wonder
5
8
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Uncommon Type: Some Stories
Tom Hanks/Knopf Publishing Group
Fiction E-Books
Fiction Combined
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
The Rooster Bar
1
New
John Grisham/Knopf Doubleday Publishing Group
1
THIS
WEEK
Origin
2
Dan Brown/Knopf Doubleday Publishing Group
LAST
WEEK
2
NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
to Peter.Saenger@wsj.com.
10
7
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
The Rooster Bar
John Grisham/Doubleday Books
1
New
Origin
Dan Brown/Doubleday Books
2
TITLE
AUTHOR / PUBLISHER
Hardcover Business
THIS
WEEK
LAST
WEEK
Principles: Life and Work
Ray Dalio/Simon & Schuster
1
1
1
Strengths Finder 2.0
Tom Rath/Gallup Press
2
2
3
Blue Ocean Shift: Beyond Competing 3
3
W. Chan Kim and Renée Mauborgne/Hachette Books
—
Sisters First
3
Jenna Bush Hager/Grand Central Publishing
New
Quick & Dirty
3
Stuart Woods/Penguin Publishing Group
New
Turtles All the Way Down
3
John Green/Dutton Books for Young Readers
A Train in Winter
4
Caroline Moorehead/HarperCollins Publishers
—
Andrew Jackson and the Miracle
Brian Kilmeade/Sentinel
New
Leopard’s Blood
4
Christine Feehan/Penguin Publishing Group
New
Leopard’s Blood
Christine Feehan/Berkley Books
4
New
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
4
4
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
5
1
The Sun and Her Flowers
5
Rupi Kaur/Andrews McMeel Publishing
3
Deep Freeze
5
John Sandford/Penguin Publishing Group
1
Quick & Dirty
Stuart Woods/G.P. Putnam’s Sons
5
New
Extreme Ownership
Jocko Willink/St. Martin’s Press
5
—
High Performance Habits
Brendon Burchard/Hay House, Inc.
6
—
Killing England
6
6
Bill O’Reilly & Martin Dugard/Henry Holt & Company
New
Deep Freeze
John Sandford/G.P. Putnam’s Sons
6
2
Open Source Leadership
6
Rajeev Peshawaria/McGraw-Hill Education
Unlimited Memory
Kevin Horsley/Kevin Horsley
7
—
Capital Gaines
Chip Gaines/Thomas Nelson
Room On The Broom
Julia Donaldson/Puffin Books
7
6
Total Money Makeover
Dave Ramsey/Thomas Nelson
7
6
4
The Energy Bus
Jon Gordon/John Wiley & Sons
8
9
The Radium Girls
Kate Moore/Sourcebooks
3
4
7
2
Andrew Jackson and the Miracle
8
Brian Kilmeade/Penguin Publishing Group
New
Smitten Kitchen Every Day
8
Deb Perelman/Knopf Publishing Group
New
American Radical
9
Tamer Elnoury/Penguin Publishing Group
New
Harry Potter: A Journey...
9
British Library/Arthur A. Levine Books
Grant
Ron Chernow/Penguin Press
Unbroken
10
—
Laura Hillenbrand/Random House Publishing Group
10
The Lost Child
Patricia Gibney/Patricia Gibney
6
Seeing Red
7
Sandra Brown/Grand Central Publishing
—
Gansett Island Episode 2
Marie Force/HTJB, Inc.
8
New
Dork Diaries 12
8
Rachel Renée Russell/Aladdin Paperbacks
9
Mind Game
Iris Johansen/St. Martin’s Press
9
New
Wonder
9
—
R. J. Palacio/Alfred A. Knopf Books For Young Readers
7
The Martian
Andy Weir/Crown/Archetype
10
—
It
10
Stephen King/Scribner Book Company
7
The Power of Moments
9
Chip Heath & Dan Heath/Simon & Schuster
High Performance Habits
Brendon Burchard/Hay House, Inc.
10
New
New
—
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | C11
REVIEW
and friends to be so vulnerable,”
she says. “I know I consciously returned to working on my portraiture…which is not so out of line
with growing older and being a
more mature artist.”
Born in Waterbury, Conn., she
moved around the country with
her father, an Air Force lieutenant
colonel, and her mother, a modern
dance teacher. “We were definitely
a strange traveling group,” she
says. “You hear mixed things with
children growing up in the military, but I loved how every two
years you can move and reinvent
yourself and learn to do things in
kind of a fast way.”
After high school, she went to
the San Francisco Art Institute to
study painting. “I wasn’t really
that good,” she says. “I was trying
to be a realist, but my work was
very abstract and a little angry.
She admired the paintings of van
Gogh, Degas and Turner, and then
later the photographs of Richard
Avedon and Diane Arbus.
After a stint on a kibbutz in Israel, she returned to the U.S. to
work for Rolling Stone as a staff
photographer. She
stayed at
the magazine for 13
years before joining
Condé
Nast, where
she is now
a contributor for Vanity Fair and
Vogue. “I left that romance of taking drugs and that being a cool
thing,” she says of her years at
Rolling Stone, “and moved into a
whole new world.” It came at the
right time. “At a certain point it
was sort of stupid, or you’re dead.”
Ms. Leibovitz says that she still
works in the style of her early influences, often holding her camera
close to her and shooting her subjects as a journalist would rather
than as a director standing back
with a tripod. She doesn’t like to
talk during a shoot. “I’m still fairly
direct in that respect,” she says.
“If I’m going to do any talking, it
will happen before.”
Ms. Leibovitz knows that few
people actually enjoy having their
picture taken. “It’s like the dentist
coming to visit,” she says. But she
takes special pleasure in shooting
spirited subjects. “When Queen
Elizabeth comes in and she’s
feisty?” she asks. “That’s great!
That’s a live one.” A photograph of
the queen appears in the book.
Ms. Leibovitz says that she generally admires the people whom
she photographs, but “the dark
people are part of our world too.”
Her favorite portraits by another photographer are the hundreds that Alfred Stieglitz took of
his wife Georgia O’Keeffe. “His relationship with her in the portraits
was so intimate and beautiful,” she
says. She particularly likes Stieglitz’s nude photographs of
O’Keeffe. “They’re probably the
best photographs ever done, because of the intimacy.”
People sometimes tell her, “Oh,
you really captured that person,”
but she doesn’t think that a single
photograph can be so all-encompassing. “It’s not going to be capturing their soul,” she says. “I
think we’re complicated.”
CHRIS BUCK FOR THE WALL STREET JOURNAL
Having
your picture
taken is ‘like
the dentist
coming to
visit.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Annie Leibovitz
The photographer on
her portraits—and the
discomfort of posing
PHOTOGRAPHER Annie Leibovitz
is more famous than some of her
subjects, and she doesn’t give
much thought to making them
comfortable with her attention. “I
don’t think it’s my job to make
them relax by the time they sit
down,” she says. “They have to
come to terms with who they are
and what they look like or not.”
Still, she managed to convince
singer Joan Baez to pose in a tree
and actress Meryl Streep to sit on
a rock surrounded by waves. Ms.
Leibovitz doesn’t see it as a feat.
“Each setting is kind of tailored to
what the subject does,” she says.
Ms. Baez for example, “likes
trees,” says Ms. Leibovitz. “She
picked that tree.”
Known for her arresting and
widely reproduced photographs of
subjects such as John Lennon and
Yoko Ono (taken on the day Lennon died), a pregnant Demi Moore
and Whoopi Goldberg submerged
in a bath of milk, Ms. Leibovitz
has just released her latest body of
work in a new tome, “Annie Leibovitz: Portraits 2005-2016.” In the
hefty book, she includes photographs of a range of notables, from
former President Barack Obama to
Olympic swimmer Katie Ledecky to
the late architect Zaha Hadid.
Ms. Leibovitz, 69, the recipient
of honors such as the Library of
Congress’s Living Legends designation and the Centenary Medal
of the Royal Photographic Society
in England, says that this collection of images is an “edit” of the
past decade of her photographs.
Many of the images in the book
have been exhibited at museums
around the country, including the
Smithsonian National Portrait
Gallery in Washington and New
York’s International Center of
Photography, an institution that
awarded her a Lifetime Achievement Award in 2009.
Her previous collection, “A Photographer’s Life: 1990-2005” included portraits of figures such as
Nicole Kidman, Johnny Cash and
Nelson Mandela, but it was also a
personal look at close friends and
family, she says. While she was
working on it, her longtime companion, the writer and critic Susan
Sontag died, as did her own father.
Sontag wrote frequently about
photography, but Ms. Leibovitz
says that the two didn’t talk much
about the art. “We just loved doing things together,” she remembers. “In this age, I would love to
have a voice like hers.”
Her new book excludes her personal life. “I didn’t want my family
MOVING TARGETS: JOE QUEENAN
AMAZON IS CONSIDERING a move
into the pharmacy business, the
Journal reported last weekend. Just
imagine the special cross-marketing touch the retail giant could
bring to the splintered industry if it
moves into the health-care field in
a big way.
The company already sells a
range of familiar drugstore items,
but a medicine-dispensing Amazon
of the future would be something
more. It wouldn’t have to stop at
delivering prescription drugs by
mail or drone. It could fully immerse itself in health care—openheart surgery, preventive medicine,
nursing by Alexa, interactive cloud
rehab—and drastically change the
health-care industry as we know it.
I, for one, can’t wait to see Amazon customers reviewing drugs.
Giving one star to lisinopril while
raving about perindopril. Dismissing simvastatin as “the worst statin
ever. And trust me on this, I’ve
taken a lot of statins.”
Reviewing some new dieting pill,
a customer might write: “I sort of
enjoyed taking this drug, and its
cool aftertaste, but Amazon will
only sell me 200 pills at a time, and
I’m going to need a lot more than
that if I’m going to fit into that
Santa costume by December. I’m
going to stop writing now because
I’m starting to feel sad again.”
Or: “This is personally one of
the five best drugs I have ever
taken. This means a lot coming
from me because I have taken tons
of drugs. I mean, I was at both Altamont and Woodstock. Five billion stars, man.”
Of course, Amazon, with its
amazing algorithm-fueled ability to
determine exactly what its customers might want, will start sending
out helpful suggestions, such as: “If
you liked amoxicillin, Joseph, you
might also be interested in cefadroxil and spiramycin.” Or, “Due
to your interest in surgical bandages, Joseph, you might want to
How about
streaming a
movie to go with
that Xanax?
look into our expanding line of
trusses.”
And how about the promotions?
Get ready for: “Countdown to Black
Friday: Amazing drugs you thought
were out of your price range!” and
“Get ready for the holidays by
stocking up on Prozac!”
One great thing about Amazon
getting involved in the health-care
industry is that people living in remote areas where the drugstores
only carry down-market medications will be able to buy top-shelf
products, speedily shipped in from
afar: “If you have a Prime account
and order Ventolin HFA today, Joseph, it will arrive by Tuesday.”
Noticing that an Amazon customer seems to be taking an awful
lot of medication to lose weight,
the company might pitch fitness
machines or online yoga classes.
But it could also provide entertainment suggestions—free with that
Prime account—that would go
nicely with the state of your
health. If Amazon can tell from all
that Xanax you’re ordering that you
seem to be having a hard time, it
might recommend video offerings
like “Love, Actually” or “8 Hours:
Ocean Lights & Whale Songs.”
Because Amazon can easily figure out that you’re going to be laid
up with that busted ankle for three
months, it can recommend reading
to help you pass the time—riveting
books like Shelby Foote’s threevolume history of the Civil War or
Ron Chernow’s electrifying new
1,100-page biography of Ulysses S.
Grant.
Nor will Amazon hesitate to
cross-market medications that
might tie in nicely with the music
you like, as in: “We thought you
might be interested to know that 9
out of 10 customers who bought
Ambien also found that Van Morrison’s new album helped them get
to sleep.”
Actually, 9 out of 10 might be a
bit low.
NISHANT CHOKSI
If Amazon Gets Us to Take Its Medicine
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
EXHIBIT
BUGGING OUT
Close-up, bugs can be beautiful. In “Microsculpture” (Abrams, $45), British photographer Levon Biss showcases magnified images of 36 different insects. Each portrait
takes weeks to create. Mr. Biss illuminates each bug with strobe lights and takes meticulous shots of it in 20 to 30 different sections. He then uses software to combine thousands of these photos into a single image, ensuring that the lighting and clarity are
just right throughout. The preserved specimens, from the Oxford University Museum
of Natural History, include some that were collected by Charles Darwin and Alfred Russel Wallace. Such a high-resolution encounter, Mr. Biss says, “helps us appreciate the
beauty of these tiny creatures that are so important to us.”
—Alexandra Wolfe
Orchid cuckoo bee
The females lay their eggs in other
bees’ nests rather than build their own.
Lantern bug
Scientists once thought that the heads of these
insects glowed at night, though they don’t actually.
Longhorn
beetle
It takes more
than 20 years
for the larvae
of this bug
to develop.
Stalkeyed fly
The heads of
these flies are
made up
of two long
eye stalks.
Tri-colored jewel beetle
Naturalist Alfred Russel Wallace
collected this specimen around 1860.
LEVON BISS
PLAYLIST: JULIAN LENNON
A Day in John’s Life
A son connects with his father’s voice
and the Beatles’ past
Julian Lennon, 54, is a musician, photographer, founder of the
White Feather Foundation and
son of John Lennon and his first
wife Cynthia. He is the co-author
of the children’s book, “Touch the
Earth” (Sky Pony). He spoke with
Marc Myers.
Pepper’s Lonely Hearts Club
Band,” followed by the piano.
My father’s words flow together so effortlessly. And yet
there’s emotional complexity: “I
read the news today, oh boy /
about a lucky man who made the
grade / And though the news was
rather sad / Well I just had to
laugh.”
Paul McCartney’s vocal in the
middle section has an
alternate feel: “Woke
up, fell out of bed /
dragged a comb across
my head.” The words
take you on a different
trip, but the two parts
intertwine thematically.
Listening to the song
now, and my dad’s voice, it’s a reminder I’m part of that legacy, a
part of him.
My father and I rarely ever
talked about music. The brief moments we had together were too
short and sweet. We were too
busy trying to get to know each
other. Today, of course, I wish we
had spent more time together.
I was only 4 when the Beatles’
“Sgt. Pepper” album was released
in 1967. Not until my
teens, when I began to
play guitar, did I start
to appreciate “A Day in
the Life” properly.
My father, John Lennon, co-wrote the song
and is singing on much
of it. But I don’t have
sentimental feelings for the song.
My parents divorced when I was 5
in 1968, and I didn’t see much of
my dad until the mid-1970s.
I’ve always loved the pace of
“A Day in the Life.” The tempo remains consistent, but the lyrics
jump from one concept to another. If you close your eyes,
you’re taken on a journey. Even
without the lyrics,
there’s a narrative in
the melody and the
dense orchestration
created by producer
George Martin, who really was the fifth
Beatle. In my teens, the
song made me want to
become a singer-songwriter. Today, I think
it’s far more personal.
As I listen to my father
sing, I hear myself in
the nasal tonality of his
voice.
I love how “A Day in
the Life” emerges on
the album—the acoustic
guitar bleeding through
the applause at the end
JOHN LENNON in 1967.
of the reprise of “Sgt.
EVERETT COLLECTION
Sweet
moments,
too short.
HISTORICALLY SPEAKING: AMANDA FOREMAN
The Unloved Electoral College
THE 2016 ELECTION results caused plenty of bitterness—not the least of which had to do with the
Electoral College. Donald Trump won the presidency
a year ago this week but lost the popular vote—
something that has happened a handful of times in
the republic’s history and twice in the past two decades. In a December press conference, President
Barack Obama declared the system to be past its
sell-by date: “It’s a carry-over from an earlier vision
of how our federal government was going to work.”
What were the Founding Fathers thinking? At the
1787 Constitutional Convention, they created a
unique system for choosing the president. Each
state got a number of electors based on the total of
its U.S. senators (two) and U.S. representatives (as
set by census). Each state legislature could decide
the method of picking electors, but if the electors’
vote was inconclusive, the choice would be sent to
the House of Representatives. “The original idea,”
wrote Federal Election Commission official William
C. Kimberling in 1992, “was for the most knowledgeable and informed individuals from each State to select the president based solely on merit and without
regard to State of origin or political party.”
The system didn’t last long without repairs, precipitated by the crisis of the 1800 election. Electors
could vote for two names for president, with the runner-up becoming vice president. With the Federalist
Party’s John Adams defeated, it came down to the
candidates of the Democratic-Republican party. But
because of a procedural error, Thomas Jefferson tied
with his running-mate Aaron Burr. Awkwardly, the tiebreaking vote went to the House of Representatives,
which the Federalists still controlled. It took 36 ballots
for Jefferson to win his majority.
It’s not surprising that four
years later the 12th Amendment
was ratified. Among other
changes, it separated the vote for
president and vice president into
two processes.
The next change to the electoral college, as it came to be
known, happened without constitutional changes. One
by one, the states began making their presidential
picks by popular vote, which the electors were then
supposed to echo. The move led to the winner-take-all
system for each state that all but Maine and Nebraska
practice today.
This was not what the Founding Fathers had intended. In the 1820s, the aging James Madison suggested various ideas for reform, such as having each
congressional district vote for an elector, or even hav-
THOMAS FUCHS
ing each member of the electoral college offer two
choices for president (neither would become vice
president). Congress briefly considered abolishing the
college completely, with President Andrew Jackson declaring in 1829 that the more “agents” there were to
do the will of the people, the more likely it was that
their will would be frustrated.
But nothing more happened.
A serious attempt at abolition
died in the Senate in 1934. In
1969, after segregationist George
Wallace got 46 electoral votes
and raised the possibility that
neither major-party candidate
would win a majority of electors,
President Richard Nixon tried to
abolish the electoral system—
with the aid of his defeated rival, Hubert Humphrey.
But Southern and small-state senators stopped the
plan with a filibuster.
Why has reform failed so often? As many have
pointed out, the electoral college was an attempt to
balance the power of more populous states with that
of more rural ones, to balance the needs of the nation
with those of the states. Many have called the solution
imperfect, but perhaps it’s a good match for our remarkable but imperfect democracy.
In 1969, Nixon
tried reform.
It failed.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
5. Special counsel Robert
Mueller unveiled the first fruits
of his probe into Russian election
meddling—including a guilty plea
by which ex-adviser to the
Trump campaign?
1. The White
House tapped
Fed governor
Jerome
Powell as
the next
chairman of
the central
bank. In
what subject did he get a
graduate degree?
A. Richard Gates
B. Paul Manafort
C. George Papadopoulos
D. Steve Bannon
A. Economics
B. Law
C. Accounting
D. Culinary arts
A. The Seventh U.S. Circuit
Court of Appeals
B. The Eighth U.S. Circuit
Court of Appeals
C. The U.S. Court of Tariffs,
Customs and Claims
D. The U.S. Supreme Court
A. Donald Trump’s tax
returns
B. Hillary Clinton’s emails
C. A set of royal mummies
D. A large space dubbed the
Big Void
7. Canada plans to boost
immigration in the years ahead.
How much of its population is
foreign-born now?
A. Less than 5%
B. More than 10%
C. More than 15%
D. More than 20%
FROM TOP: CARLOS BARRIA/REUTERS; KEITH BIRMINGHAM/PASADENA STAR-NEWS/ZUMA PRESS
3. Grain trading firms, like farmers, are being squeezed—by what?
A. A global grain glut
B. A global fertilizer shortage
C. Eccentric weather in the
U.S. and South America
D. The spread of tariffs on
agricultural imports
8. The Houston Astros won their
first-ever World Series. Name
the general manager who turned
them into champs.
A. Brian Cashman
B. Theo Epstein
C. Jeff Luhnow
D. Branch Rickey
4. Saudi Arabia said it would
open some sports stadiums to
women—with what caveat?
A. They won’t be allowed to
watch games played by men.
B. They will have to sit in a
special “family section.”
C. They will need permission
from a male relative.
D. They won’t be allowed to
see most halftime shows.
Provided by the
National Museum
of Mathematics
A medicinal puzzle
and a shopping puzzle are
on this week’s workout menu.
Precise Prescription
The coach poses a medical
challenge to the team: A doctor must
measure out a precise fraction of a
tablet for a young patient. She has
an empty 5-ounce vial,
an empty 3-ounce vial,
a water supply, a sink
and a single watersoluble tablet.
How can she
measure out a
dose (dissolved in
water) of exactly
10% of a tablet?
6. Amy Barrett was confirmed
by the Senate for a judicial
position on which body?
2. Using cosmic-ray imaging,
scientists have discovered
something inside the Great
Pyramid of Giza. What is it?
VARSITY MATH
From this week’s
Wall Street Journal
Gift Dilemma
Math team members
Mandy and George
want to buy a DVD set
for the coach, and each
has a positive whole
number of dollars.
Mandy finds that she
is $2 shy of the price;
George finds that he is
$32 shy. If they pool
their money, they still
don’t have enough to
buy the DVD set.
How much is the DVD
set if it costs a whole
number of dollars?
For previous
weeks’ puzzles,
and to discuss
strategies with
other solvers,
go to WSJ.com/
puzzle.
ILLUSTRATION BY LUCI GUTIÉRREZ
+
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST
WEEK’S PUZZLES
Why Not?
Deadbeats
y
Varsity Math
The total number of Pumpkins
in the Crop was 42 + 50 + 75
= 167. The solution to The
Halloween Goblin is 46. With
the proper strategy, all but the
first person goes free.
L
A
S
S
A
R
C
H
C
U
S
P
O
G
L
E
A
S
S
N
G
I
N
A
C U
O N
S T
MA
OM
S E
P
O
O
R
U
P
T
I
C
C K
H
A T
N A
S
A T
B E
U B
T U
D
P
E P
R O
S T
I T
A S
P
E
C
K
A
T
E
N
T
E
R
R
E
T
A
K
E
S H E R A
D I
A R R OW E C
HWH I S K
T O
E
N E WM A N
R V E
L A I T
A I L P A R T
G
O N E N D
T R
L I E D
P E A
D I N K
P L A T
E N O
D R AMA
S
G R I N S
I A N H U S K
C
L O O I E
MO
E S T U D
N AM
T A I L
S O L I
A C T
A P R I C
G E
V I L E
S
E
C AM E T O
R C O P
N U D I
E U R O
D R I V
S E A R
A N N E
S C
R U
O T H
N E
T O R
R I M
I C I
C E T
O
T I C
N O
A R E
V E D
E
S
D
O T B
N A R
R E
S T C
E
H
X
T
S
A
F
E
S
A
C
A
D
I
A
S
H
I
L
O
H
S
E
R
E
N
A
E
I
R
E
A
M
O
R
T
E
N
S
N
O
V
R A
E
N A
O L
I T
R O
O
P
E
N
N
E
E
D
T
O
O
T
A
N
N
S
A
R
T
I
S
T
I
C
A
M
E
N
W
A
R
S
P
A
S
S
O
F
F
To see answers, please
C
O
D
A
A
G
E
O
L
D
C
O
R
A
L
C
R
I
B
D
I
A
R
Y
D
I
A
B
L
O
O
A
T
S
E
L
L
E
B
U
R
R
I
T
O
S
L
O
B
S
E
L
S
E
P
O
S
T
E
R
T
E
R
R
A
M
Y
T
H
I
C
B
A
R
B
S
A
V
A
G
E
D
C
O
N
C
E
R
T
O
T H ET E LL TA L
turn to page C4.
D
R
I
V
E
D
E
L
L
S
O
H
A
R
A
I
N
T
E
N
D
F
I
D
O
S
A
B
E
R
F
E
A
S
T
L
A
P
E
L
I
V
I
E
D
F
R
E
T
S
E
T
S
R
E
R
E
A
D
S
E HE AR T
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
1
2
3
4
5
6
19
23
9
10
33
40
29
34
46
57
61
69
70
74
49
58
62
59
63
64
71
80
72
77
81
82
87
91
88
92
89
93
96
99
50
54
86
95
37
43
76
79
14
31
36
48
75
85
30
42
47
60
13
97
100
101
107
102 103
108
112 113
114 115
109
116 117
119
120
121
123
124
125
Football Follies | by Aaron L. Peterson
Across
49
51
52
53
54
56
57
58
59
60
61
63
65
69
70
73
74
76
77
78
79
81
82
83
84
Robust
See 69-Across
Stubborn one
Not up
What might lead
hunters to
twiddle their
thumbs?
One might be
hung behind goal
posts
Hindu honorific
Makes muddy
End for duct or
cup
Filmdom’s Lupino
Kind of snap
NFL safety Trae
Tony winner
Menzel
With 51-Across,
dance
Proposal that
doesn’t follow
Robert’s Rules of
Order?
Once called
Briefly fill in for
Gorsuch’s
predecessor
Sched. listing
Paint graffiti on
Styled after
Disturbingly
unfamiliar
Ingredient of eau
de mer
Rage
Brazen sexual
overture?
16
17
18
1
2
3
88 Last Olds off
the assembly
line
90 LIRR operator
91 “You said it!”
92 Fowl position
93 Onstage
goings-on?
95 Puppy’s bite
96 Lacking
coverage?
97 Mob melee
98 A little butter?
99 Class members
101 Main ingredient
of dal
104 NFL quarterback
Ryan
107 Like a Hail Mary
108 Congressional
worker
109 Election Day
abbr.
111 Unduly
112 Close associate
who’s always
performing?
116 USS, herein?
119 React to a hit
120 Rolling in les
francs
121 Quaint shop
adjective
122 Eagle’s home
123 Whodunit
discovery
124 Bronco, e.g.
125 NFL tight end
Jordan
126 Clipper parts
7
4
5
6
8
9
10
11
12
14
13
15
17
16
18
19
20
21
22
23
32
33
24
25
26
27
28
29
30
31
34
Checkerboard | a cryptic puzzle by Emily Cox & Henry Rathvon
Fire consuming middle of 10 Something light popped
the cabin (5)
at a party place in Ireland
(4)
School’s principal illegally
procured photo (4)
Piece of silver I wrapped
in fleece (4)
19 Laurel surrounding one
12 Made square lamp,
dark spot (5)
ultimately, with help (4)
21 Devices that darken in
15 Requesting fleece
honor of late bloomers
(8)
wrapped in silver (6)
23 True Dadaist’s canvas
16 Firework’s finale after
(4)
sun’s gone down (4)
24 Get into mafia title (3)
Retracted crazy guess (4)
26 Article tucked into bed
17 On race, reformed white
cover (4)
neighbor? (6)
28 Near faucet, taking cup,
Light speed taking too
drink in the late evening
much work for software
Dark
(8)
engineers (6)
1 Ones going both ways
30 Kremlin denial so far,
18 Tease out meal from a
taking a diagonal (4)
after end of election (4)
stewpot (6)
4 Drive crazy, hanging
32 President Hoover, for one, 20 Exhibition showing light
decor with a darkening
invested in arsenic (5)
features (4)
effect (5)
34 Heavenly body, dude
22 Instrument initially on
6 Shadowy figure covered
reflected (3)
back of engine (4)
by Thomas Pynchon (3)
Caution Republican
25
Light
8 Search around near a cold
dressed in white (4)
2
Fall
lightly
right
into
underground passage (8)
ballroom maneuver (4)
27 Eyepiece taking in white
9 Make a big mistake in
goods (6)
3 Fresco painter reached
going after head of state
outside
opening
of
Change the look of
29
(3)
interior (6)
brightly colored goose
Protectively encased gun
egg (4)
5
Two-way
praise
returned
in equipment storage
(4)
31
White person out on bail
spot (8)
(6)
7
Early
daylight
11 Bank deposit name in
catching
Delaware’
s
33
Nerdy expert earned
blue (4)
current (6)
$1000 (4)
13 Rattles containers for
tips (4)
Get the solutions to this week’s Journal Weekend Puzzles in next
Make fun of positive
Saturday’s Wall Street Journal. Solve crosswords and acrostics
response in German gym
online, get pointers on solving cryptic puzzles and discuss all of the
(4)
puzzles online at WSJ.com/Puzzles.
This puzzle’s Dark clue answers
start in the appropriately
numbered squares and proceed in
straight lines along the shaded
diagonals. They always go
rightward, angling either upward or
downward. When two clues share
a number, one answer goes upward
and the other goes downward;
either may come first. Light
answers occupy the white
diagonals in the same way. Dark
and Light portions of the grid are
brought together by the unclued
horizontal entry at 17-Across.
14
s
1 Apply a sponge
to
6 One might
contain pico de
gallo
10 Sour substances
15 Pac-12 footballers
19 Beyond beefy
20 Jump ___ the
deep end
21 Influential music
teacher
Boulanger
22 Captain born
Prince Dakkar
23 Feigned response
to a loud noise?
25 Tall stack at a
Gap store?
27 Caen crony
28 Muscat money
29 Aerophone with
keys
31 Premium cable
channel owned
by MGM
32 Be a rusher?
34 Ephemeral
sculptures
36 Pay the tab
40 Fender
attachment
42 Navy’s mascot
43 Bustles
44 Opener for stew
or pickle
45 Second half of a
river boat’s round
trip?
36 City about 25
miles south of
Tampa Bay
37 Water, whirled
26
38 You can read it
on a quarter back
38 39
39 Congressional
worker
44
41 Elvis’s wife
51
45 Doesn’t keep
one’s cool
55
46 Exhausted
47 Sign up, in
65
66 67 68
Southampton
48 Low-risk
73
investments
78
49 Trophy won by
Dorsett and
83
Staubach
90
50 ___ the good
(positive)
94
51 Kept in a barrel,
98
perhaps
54 Tracking shot
104
105 106
needs
110
111
55 Buccaneer’s gun
118
58 Pragmatic person
62 Crabs and
122
crayfish
126
64 Funny Russell
66 Bullies
67 Approaching
68 Sea around the
Down
Cyclades
1 Hitherto
71 Festive
2 His library will
occasions
be hosted by the
72 Puccini product
University of
75 Yard
Chicago
80 Marching band
3 Nickname of the
staffers
Saints’ home
84 Stadium crowd
4 Destroyer
designation
85 Drop
5 Duke or duchess
86 Drove back
6 Nissan Stadium
87 Blockhead
footballer
88 Heaps
7 Comparable
89 Room to
thing
maneuver
8 Coach for
93 Miss
training?
94 NFL quarterback
9 Cushioned
Tebow
footstool
96 Crook
10 Composer
97 ___ zone (area
Webern
close to the goal
11 Bookstore
line)
feature, often
100 Crocheter’s
12 It may be heard
creation
before a
101 Had a crush on
reception
102 Drew in
13 Board member:
Abbr.
103 Ready to go
14 Insult response
105 Specifically
15 Prior to
106 Phone button
sounds
16 Former Yankees
slugger Mark
108 Post-scrimmage
woe
17 Expressive rock
genre
110 Counterfeit
18 Peyton, to Archie 112 Round figure
24 Family address
113 Role for Keanu
26 Rms. for rent
114 Hobbyist’s buy
30 Get into the pool 115 Ensure of victory
33 911 call responder 117 Futbol cry
35 “You said it!”
118 Raiders’ org.
15
22
35
53
56
12
25
41
52
11
21
28
32
84
8
24
27
45
7
20
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
ICONS
Mass Production Gets Personal
Patricia Urquiola’s cozy
desks, seductive chairs and
abstract textiles on display
BY J.S. MARCUS
IN LITTLE MORE than 15 years, the Spanishborn, Italian-based architect and designer Patricia Urquiola has gone from a supporting role in
Milan’s industrial design scene to high-profile
product launches for brands like Copenhagen’s
Georg Jensen and Paris’s Louis Vuitton. She has
designed everything from curvaceous, bananafiber chairs to Ferrari exhibitions.
Next stop: Philadelphia. On Nov. 19, “Patricia
Urquiola: Between Craft and Industry” will give
American museum-goers an overview of the European designer. The survey of her solo career
includes work dating from 2002, soon after she
first set up her own studio in Milan, to 2016.
Ms. Urquiola manages to combine humanscale craftsmanship with the industrial demands of mass production—an achievement
that sets her work apart, according to Donna
Corbin, the decorative-arts curator at the museum and creator of the exhibition. “She has introduced the hand to the machine,” says Ms. Corbin,
citing her 2008 Crinoline
armchair, produced by Italy’s
B&B Italia furniture label.
Ms. Urquiola, now 56, says
that a trip to London when
she was a teenager partly inspired the chair. She and her
friends, who grew up in the
strict atmosphere of Francoist Spain, got a titillating glimpse of the 1974
erotic film “Emmanuelle.” The movie ads of the
time featured a woven, high-backed chair that
finds an echo in the Urquiola piece. Her chair
uses a petticoat-like shape for a base and a
hand-woven backing featuring durable fibers
taken from a species of banana plant.
Ms. Urquiola has left her mark in office furniture as well. Working with Haworth of Holland, Mich., Ms. Urquiola has designed the
Openest system, which turns cubicle walls into
soft extensions of sofas and desks. Her work
“has redefined office furniture,” says Lothar
Windels, head of the furniture-design department at Rhode Island School of Design. “She
took the idea of a cubicle and made it into a
cozy space that someone actually wants to
work in.” The Philadelphia show includes a desk
from a 2011 collection.
Born in northern Spain, Ms. Urquiola arrived
in Milan in the late 1980s after studying architecture in Madrid. She charted a path separate
from postmodernism, which was all the rage in
Italy’s design capital, replacing modernism’s
clean lines and functional goals with a playful
use of unusual shapes and colors. Instead, Ms.
Urquiola worked for an old-school, nearly minimalist Milan furniture company, De Padova.
Eventually, Ms. Urquiola went out on her
own. “I was finally free to work with my own
poetry,” she says now. The Philadelphia exhibition includes her 2002 breakout design, the
Fjord armchair and stool, inspired by a trip to
Scandinavian capitals. An asymmetrical riff on
typically bulbous, midcentury modernist chairs,
the Fjord, made by the Italian furniture company Moroso, is part of a whole collection.
A decade later, Ms. Urquiola moved on to
textiles. In 2013, she created the abstract-patterned Grid curtain and upholstery collection
for Denmark-based Kvadrat. The new exhibition includes examples of her work for the
company, which supplies many of Europe’s
leading design labels.
Meanwhile, the design profession was changing. Back in 2001, it was still common for Milan’s industrial designers to work piece by piece
with the small, family-owned companies that
had helped to make Italy a design hub. In a
trend echoing the fashion and luxury-goods industries, larger corporations and investors
bought up and refashioned those design companies. These days, Haworth owns Cassina, Poltrona Frau and Cappellini, three of the biggest
names in Italian furniture design.
Ms. Urquiola has adjusted by becoming a de
facto brand designer, creating showrooms and
office spaces as well as furniture for Cassina, where she
has been art director since
2015. At Cassina, she created
the Gender chair in 2016. The
customizable, high-backed
piece combines a rounded
back with angled legs. The
chair’s name points to a mix
of genders, by attaching a
traditionally feminine round
shape with a harder-edged, more masculine
base, says Axel Söderberg, who sells Urquiola’s
work at his Nordiska Galleriet showroom in
Stockholm. He praises Ms. Urquiola for her
range—creating a cutting-edge piece like Gender, “which you would not normally find in
someone’s house,” but still making very popular
pieces like her 2005 Tufty-Time sofa for B&B
Italia, a plush, modular update on furniture
from the 1960s and ‘70s.
As for the Ferraris, they will show up when
London’s Design Museum opens “Ferrari: Under
the Skin” on Nov. 15. Ms. Urquiola designed the
display. “I myself prefer not to drive,” Ms.
Urquiola says.
Her own Milan commute amounts to taking
the stairs from her upper-floor home—where
she lives with her business and life partner,
Alberto Zontone, and their two children—to
a lower-level studio. “I run a studio, and I run
a family,” she says, and explains the close
quarters this way: “People I work with need
to see how I live, and my family needs to see
how I work.”
CLOCKWISE FROM TOP: B & B ITALIA, USA; MARCO CRAIG; MOROSO
‘She has
introduced the
hand to the
machine.’
PATRICIA URQUIOLA’S ‘Crinoline’ armchair
(2008), top; her ‘Fjord’ armchair and stool (2002),
right; and the designer, far right, photographed in
Milan in 2015.
MASTERPIECE: ‘PORTRAIT OF MARY MATTINGLY’ (1850), BY JOHN JAMES TRUMBULL ARNOLD
A FOLK-ART PAINTING WITH FINE-ART QUALITIES
BY JUDITH H. DOBRZYNSKI
bine to raise this painting almost to
the realm of fine art and certainly
make it a standout among American
folk art portraits.
According to the museum’s curatorial records, drawn from the
Western Maryland Historical Library, Mary never married and
spent most of her life in Mount Savage. At some point, she moved to
nearby Cumberland, Md., where, in
1909, she was making and selling ice
cream. She died, at 73, in 1920.
The portraits of Mary and her parents remained in the
family until 1990, when
an heir sold them. In
1995, Sylvester and Ellen
went on the auction
block at Christie’s, and
they have disappeared
into a private collection.
When Mary’s portrait
came up for sale in 2014
at Jeffrey S. Evans & Associates, the museum—already in
possession of Arnold’s 1841 self-portrait and two lesser works attributed
to him—jumped at the opportunity.
Even at $33,000, about four times the
low estimate, she was a bargain.
Mary was recently revealed to
the public for the first time in a
long-term exhibition called “We the
People: American Folk Portraits,”
which will remain on view through
December 2019.
As for Arnold, his last documented painting is dated 1853, according to the Cumberland County
Historical Society. He is said to have
drunk himself to a premature death.
Details
point to
her
family’s
station.
group. She was the eldest child of
Sylvester M. Mattingly and Ellen
Hogan Mattingly of Mount Savage,
Md., a little town in the far northwest of the state. Arnold painted
her father on Oct. 21, 1850, and her
mother, holding her baby brother,
Romanus, on Oct. 25, 1850. Then
came Mary. Two weeks later, Arnold
painted her aunt and uncle, James
and Ann. The previous June, he had
painted Sylvester’s stepmother, also
named Ellen.
To portray adults, Arnold often
used a shelf, a chair back or something similar as a prop for one of
their hands; sometimes they hold
books. For Mary, he chose no such
device—only the rose, which might
symbolize her singular beauty,
adorns her tidy portrait.
She has, in Arnold’s rendition,
Ms. Dobrzynski writes about culture for many publications and
blogs at www.artsjournal.com/realcleararts.
COLONIAL WILLIAMSBURG FOUNDATION
IN AN 1841 watercolor-and-ink drawing, John James Trumbull Arnold, an
itinerant artist who roamed Maryland, Virginia and Pennsylvania in
pursuit of commissions, portrayed
himself with a quill in his long, slender fingers and declared himself a
“Professor of Penmanship.” Below, almost overshadowed, he added “Portrait and Miniature Painter.”
Visitors to the Abby Aldrich
Rockefeller Folk Art Museum in Colonial Williamsburg, Va., can see the
flourish of his cursive script on the
back of a canvas: “Portrait of / Mary
Mattingly / Drawn by John Arnold /
On the 26th of October / 1850,” he
wrote. But it is, of course, the front
that places Arnold (1812-c. 1865) in
our esteem today.
Mary, age 3 (or possibly 4), is a
beguiling little girl with penetrating
brown, almond-shaped eyes. She is
limned in Arnold’s trademark sharp,
simple lines. Presented frontally, encircled by a brownish oval background set against black corners,
she stares directly at the viewer,
holding a red rose in her left hand.
Arnold, the son of a Connecticut
doctor who moved to Pennsylvania
in 1790 (and is apparently, despite
his middle name, no kin to the wellknown Connecticut artist John
Trumbull), took no formal art
classes but clearly had some training, probably from a tutor. He made
a career capturing in paint the nation’s growing middle class in the
decades before the Civil War. At
least two dozen of his paintings
have survived, though some are unsigned; other extant works are
thought to be by him.
Mary’s portrait is part of a family
symmetrically arched eyebrows and
fine, visible eyelashes. She wears a
dress, gathered around her tiny
waist, that looks black but was initially dark green. It’s trimmed at the
neck in white lace, and her sleeves,
gathered at the wrist, are trimmed
in dark lace. Curators at the museum are unsure about the dress’s
fabric; it could be cotton, silk or
worsted wool.
Families of the period would have
instructed their portraitists to avoid
betraying the sitter’s emotions or
personality, but they
would have wanted them
to signal their class and
circumstances. Mary’s
picture, then, shows her
wearing gold bracelets
on both arms and a bluebeaded necklace centered
on a golden pendant.
Mary’s face, though,
seems a bit androgynous. And her hair is not arranged
in the typical girlish fashion of the
period, which would have been
short and parted in the middle, not
parted on the side. Rather, it is
pulled back, perhaps in a braid, and
tied with an unusually large, cockeyed white-and-blue bow that gives
her a bit of a mischievous character. One wonders if Arnold added
the silk ribbon to clarify her gender, as young boys in that era often
wore dresses.
Unlike less-skilled itinerant artists
of the period, Arnold draws Mary in
proper proportion. And he models her
face softly, while leaving her hands
just a bit flat. There’s no detectable
light source and the background is
devoid of detail: Together, they conspire to focus attention on Mary’s unsmiling but charming face. She seems
to radiate. All of these qualities com-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Buys ‘n the hood:
Our obsessive
sweatshirt
shopping guide
Alfa Romeo’s
Stelvio crossover:
More than just a
pretty face?
D3
D10
EATING
|
DRINKING
|
STYLE
|
© 2017 Dow Jones & Company. All Rights Reserved.
FASHION
* * * *
|
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, November 4 - 5, 2017 | D1
No Turkeys Here
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY
Shouldn’t Thanksgiving desserts be something we can all agree on?
We challenged a butter-loving baker to satisfy her own exacting palate
as well as her vegan guests—without a whit of puritanism
BY CHARLOTTE DRUCKMAN
H
OW WOULD YOU LIKE to write
about vegan desserts for Thanksgiving?” my editor asked. And here
I thought she liked me. Imagine,
requesting this of someone who
loves butter as I do—rubbing cold cubes of it into
flour with my fingers, tasting its sweetness in the
yeasty apses of a croissant.
I accepted the assignment knowing full well
how high the stakes are. “This is good…for a vegan pie” will not fly on this holiday. I would bake
for everyone, not just for vegans. No guest would
go away unthankful or less than thoroughly indulged. With all respect to the Pilgrims, there is
no place for puritanism at my Thanksgiving table.
My experience with vegan baking was slim to
nil, and the clueless can’t afford to be proud. My
first cry for help went out to Clara Polito. The 20year-old Los Angeles native was in junior high
when she founded Clara Cakes in her family’s
home kitchen, and the vegan baking company has
continued to grow ever since. A “Clara Cakes”
cookbook debuted in March, filled with recipes for
American icons like banana cream pie and chocolate layer cake. Figuring its author could sort me
out on pie, I requested one made with parsnip
and coconut, a combination I thought promising.
She delivered a recipe for a coconut crust made
with vegan butter and a parsnip filling whipped
with silken tofu. Her vegan butter is a solid fat
composed of a combination of oils; she relies on it
for pie dough as well as cake batters “when they
need to hold their body a little more” than they
would with a liquid like canola oil.
Warning: If you’re a fan of real butter, the vegan version may break your heart. It has a slippery, greasy texture and melts on contact, even
when chilled. It’s also salted and lends a distinct
flavor not at all comparable to its dairy-based
counterpart’s. The dough I made with it had none
of the desired marbling of fat, and tasted, to my
Please turn to page D8
[ INSIDE ]
HUM: A FEW NOTES
Here’s a thousand tiny reasons to visit
Ecuador’s forests—all hummingbirds D5
A CLAM CHOWDER THAT
MERITS ACCLAIM
Not gummy, rubbery or tricky to make D7
PLASTIC WITH CLASS
Collectible vintage dishes that
kids can’t destroy D9
STYLE COUNSELOR
Shake up your work look: tips from
Net-a-Porter’s chief exec D2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
Serious Necking
I love any style of dress for
work, but I especially love
ones like Alessandra Rich’s that
have a high
Victorian
neckline and
long sleeves. I
also love Saint
Laurent
dresses.
STYLE ROLE MODEL
Jacket Required
The Expressive Exec
Net-a-Porter’s president Alison Loehnis is reshaping the corporate
dress-for-success model for women, one emphatic red boot at a time
DYLAN THOMAS FOR THE WALL STREET JOURNAL; F. MARTIN RAMIN/THE WALL STREET JOURNAL (NECKLACES, EYE LINER, PERFUME); GETTY IMAGES (RADZIWILL, PEONIES); EVERETT COLLECTION (POSTER)
The Lee Way
My fitted Saint Laurent
blazer is my perfect allaround piece. I can
dress it up or
down; it goes
everywhere I
go, even on
flights, so I
don’t get
cold. Blazer,
$2,990,
ysl.com
Lee Radziwill is the epitome
of elegance. Everyone loves
looking at Jackie Onassis in
photos of her and [her sister] Lee in Capri in the
’70s, but I
always end
up staring at
Lee in her fitted knit top,
low-slung belt
and white
pants.
Curriculum ‘Vita’
High There
Liquid Asset
I’m not averse to flats, but
I’m more of a heels person.
These Gianvito Rossi sandals
are my perfect shoes. My
advice: Wear
heels you can
walk in. No one
looks chic clomping around.
Sandals, $815, gianvitorossi.com
With makeup, you’re either
an eye person or a lip person. I’m an eye person. My
“What would I want on a
desert island” pick? Tom
Ford black liquid eye liner.
Eye Defining Pen, $57,
tomford.com
“La Dolce Vita” is a favorite
film. I fell head over heels
for Marcello Mastroianni,
thinking he was the dreamiest man ever.
I love the music, how it’s
styled and
that kind of
light and dark
element it
has.
Zodiac
Chic
Carnal Knowledge
Years ago, I heard about
Carnal Flower, a perfume
mix of tuberose and eucalyptus that sounded amazing. I have a very strong
sense of
smell and it
was love at
first sniff.
Perfume,
$390,
fredericmalle.com
On the Right Track
I’m not really the track suit
type, but I love to be cozy
and comfortable at home.
So an Aviator Nation track
suit is the most unusual
thing you’ll find me wearing. It’s just about the most
Southern California thing
one can own—and it’s like
nothing else in my closet.
THE SCARLET LEATHER
Alison Loehnis in an Erdem
dress and Gianvito Rossi
boots in her London office.
BY BARBARA STEPKO
FOR OVER A DECADE, Alison Loehnis was obliged to
put on the same clothing day after livelong day. “I
wore a uniform to school for 12 years,” said Ms. Loehnis, who is the president of influential online fashion
retailers Net-a-Porter and Mr Porter. “So being able
to choose what I was going to wear was something I
always looked forward to.” Given these monotonous
strictures, how did she develop her impeccable taste?
“My mom had a great sense of style, so part of it
comes from that,” she said. “Of course, I’d style my
Barbie dolls too.”
Both parents and Mattel dolls are worthy fashion
role models, but it’s clear that Ms. Loehnis, who lives
in London with her husband, Alexander, son Milo, 10,
and daughter Tilly, 9, has managed to hone her own
instincts for what looks good, especially when it
comes to corporate attire. Ask her what she wears to
work, and she ticks off a list of labels that would trigger envy in any business woman who aspires to chic.
“Let’s go with Friday: a Saint Laurent gray tweed
jacket, Marc Jacobs denim culottes and a Prada cashmere turtleneck with elbow patches.” Dramatic pause:
“Oh, and Paul Andrew red knee-high boots.”
While some executives might draw the line at fiery
kicks, Ms. Loehnis thinks working women should feel
secure in making bold statements, as long as they restrain the rest of their outfits. She doesn’t fear bright
colors (offering an Alessandra Rich turquoise frock as
one of her favorite looks this season), but understands that modest coverage can deliver its own kind
of impact.
“I love a Victorian neckline with a ruffly pie-crust
collar,” said Ms. Loehnis. “Basically, I channel Holly
Hobbie.” Minus the calico bonnet, of course. Here, 10
of this rule-breaking fashion player’s favorite cues.
I recall seeing
a woman in a
Scorpio necklace and
thinking,
”That is the
coolest thing I’ve ever seen.”
Scorpio is my son’s sign; my
daughter’s, Cancer. Necklaces, $2,290, and $1,390,
brookegregson.com
Pale-eontology
My favorite bouquet? A big
fat bunch of white peonies.
I love single stem arrangements, but if I want one
that’s more mixed up, I always go for white.
BARNEYS.COM
NE W YORK
CHICAGO
B E V E R LY H I L L S
BOSTON
LAS VEGAS
SAN FRANCISCO
PHILADELPHIA
S E AT T L E
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
GIANVITO
ROSSI
S A M E D AY D E L I V E RY
AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P C O D E S
I N T H E G R E AT E R M E T RO P O L I TA N A R E A
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | D3
* * * *
STYLE & FASHION
A Look Under
The Hood
BY JACOB GALLAGHER
J
UST AS ECONOMISTS fret over GDP, shoppers should worry
about CPW (cost per wear)—which is to say, how much use you
get out of an item relative to how much it dented your bank account. Those trusty leather dress shoes you lace up daily?
They’ve got an enviably low CPW, even if you did plunk down
two weeks’ salary for them. Prada’s $1,260 still-life-printed angora
sweater? You’ll wear it maybe three times, rack up a few compliments, then
get branded “that sweater guy” and shelf it. And that frighteningly costly
Pennywise Halloween costume you sprang for? Not penny-wise at all.
Few menswear items have a better cost-per-wear ratio than the
hooded sweatshirt. “It’s an essential,” said Laird Gallagher (no relation),
a 28-year-old associate editor at Farrar, Straus and Giroux in New York
City. His Calvin Klein hoodie set him back $220, a small price to pay for
his go-to weekend wear, he said.
Yet even basics should be scrutinized for wearability, especially if you
work in the tech world, where a hoodie counts as business casual. Eric
Johnson, 35, a UX designer in Oakland, Calif., rattles off a laundry list of
concerns: “The weight can be off, the material itchy, cheap zippers.” His
current favorite is a $35 Uniqlo number. “You don’t have to spend a ton
of money to find one that’s comfortable and long-lasting,” he said.
I tried on over 50 sweatshirts in two price ranges—both pullovers and
zip-ups, all-cotton and blends—evaluating them for fit, fabric, comfort and
itch-factor to find four that will leave you with no CPW concerns.
PULLOVER // UNDER $80
PULLOVER // OVER $80
ZIP-UP // UNDER $80
ZIP-UP // OVER $80
The Winner
If you’re trying to max
out your cost per wear,
go in for this hoodie
from Gildan, which
boasts a soft interior.
The fit is surprisingly
tailored for something
so cheap: It hugged
my body and arms just
right. Too many hoodies in this price range
seemed loose around
the bicep. As a sharp
finishing touch, this
sweatshirt forgoes the
standard tubular drawstrings for flat slategray adjusters. Gildan,
$20; amazon.com.
The Winner
Companies often churn
out hearty hoodies
that feel stiffer than
18-ply cardboard, but
Canadian label Reigning Champ delivers a
formidable sweatshirt
that is substantial and
tautly knit instead of
suffocatingly thick.
The ribbing is attractive, as are the
stretchy side gussets
that make the pullover
easier to, well, pull
over. Half-raglan
sleeves ensure flexy
freedom. Hoodie, $160,
reigningchamp.com
The Winner
Zip-up hoodies can
sometimes conjure
unsettling images of
teenage emo-musicians in skintight
American Apparel
hoodies. Not so this
heathered version
from Muji with its
straight-up-and-down
fit. Another plus? Its
looser raglan sleeves
mean you won’t feel
as if you’re jamming
your arms through
pieces of penne, a frequent issue with zipups. Zip Hoodie, $49,
muji.us
The Winner
There is clearly something in the fleece up
in Canada: Champion’s Canadian-made
zip-up, designed in
collaboration with
New York designer
Todd Snyder, takes
the title here. Slit
pockets contribute to
the sleek look, while
the two-way zipper allows you to loosen it
up around your hips
and waist. No Victorian corset vibes here.
Todd Snyder & Champion Zip Hoodie, $178,
toddsnyder.com
Runners-Up
A hoodie from
Uniqlo’s U collection
by Parisian designer
Christophe Lemaire
might have won out if
it weren’t for the unconventional “hidden”
pockets stitched along
the side seams, a detail that might bother
those who prefer a
kangaroo pocket.
Some swear by the
Champion Reverse
Weave but its slimmer-than-average fit
necessitated a lot of
pretzel-twisting when
I took it off.
Visit the installation from
November 3-19, 2017
Cedar Lake
547 West 26th Street
Chelsea, New York
Book your visit at
ArkVCA.com
Walk-ins welcome
Runners-Up
Carhartt Work in
Progress scored high
with a pillow-soft
hoodie, but its poly
blend gives off an unearthly sheen. Calvin
Klein’s hoodie hit at
the ideal length, but
conspicuous branding
might turn off some.
(There’s a teensy retro
patch on the right
hem.) Finally, Freemans Sporting Club’s
version was a contender, but its deepdyed color is less versatile than the more
typical silvery gray.
Runners-Up
Direct-to-consumer
label Everlane nearly
went direct to the top
of the list with its
sturdy but soft sweatshirt. However, the
hood’s disproportionately wide span (a
common problem
among hoodies) ruled
it out. The nicely
priced $78 zip-up
from J. Crew has a
supple texture, though
a colleague quibbled
that the inside felt a
little too fluffy, like an
overgrown labrador’s
not-so-silky coat.
Runners-Up
American Giant’s
zip-up had some serious beefed-out Hulk
attitude: I enjoyed the
sturdiness of the
shoulder panels and
its comfy, thick fleece.
That said, it seems
more like a heavy
jacket than a versatile
mid-layer garment
you could wear solo
or under outerwear.
Save Khaki’s version
has a checked thermal
lining that feels
slightly stiff but will
keep you comfortably
warm.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (HOODIES); BLOOMBERG (ZUCKERBERG); EVERETT COLLECTION (STALLONE); GETTY IMAGES (7); ILLUSTRATION BY SEAN MCCABE
We scrutinized—and tried on—dozens of gray
hooded sweatshirts to find the choicest four:
all durable and stylish, whatever your budget
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
FÊTE ACCOMPLI
H&M’S CLUB KIDS
Movie clips, moody décor and a new fast-fashion line
intrigue party guests at a venerable L.A. women’s club
Heat Advisory
The buzz about infrared sauna therapies is growing, thanks to claims of
detox benefits and stress relief. But do these sessions truly deliver?
BY FIORELLA VALDESOLO
S
WEAT-BASED therapies
have been around for
hundreds of years: The
ancient Greeks and
Egyptians loved to heat
up in bathhouses; temazcal lodges
were an integral part of indigenous
communities in Mesoamerica; and
in Finland, sauna-ing (the word
“sauna” derives from the Finns) so
pervades the culture that this nation of 5.5 million people harbors
more than 3 million saunas.
Infrared sauna therapy, which
involves exposing the body to radiant energy, emerged in mid-20th
century Japan where doctors pioneered its use in the belief it
could help heal wounds. Nowadays, infrared sauna spas are promoting the idea that the sweat
you emit during a treatment will
detoxify your body—eliminating
heavy metals, radiation and environmental toxins.
While doctors acknowledge that
any kind of sauna treatment can
deliver general benefits like relaxation and stress relief, they take
issue with the detox claims associated with infrared. “While we
know that infrared saunas cause
sweating at lower temperatures,
there is no data to support the
idea that they release more toxins,” said Jennifer Haythe, MD, a
cardiologist at NewYork-Presbyterian/Columbia. Yet a 2007 UCLA
School of Medicine study of rescue
workers affected by exposure from
9/11 did find a reduction in levels
of harmful toxins following the
sauna therapy. “But, while some
reductions were statistically significant, the detox protocol included
other interventions besides
sauna—like exercise, healthier diet,
and nutritional supplements,” said
Chiti Parikh, MD, co-director of integrative health at NewYork-Presbyterian/Weill Cornell. Sweating itself is not a mechanism for toxin
clearance; your liver and kidneys
are responsible for the majority of
the body’s detoxing.
‘You feel energized not
exhausted. It’s like a
runner’s high.’
Are infrared sauna treatments
safe? “In general, sauna bathing—
whether traditional or infrared—is
felt to be safe,” said Dr. Haythe. “I
always advise patients with medical problems such as heart disease
and heart failure to discuss sauna
bathing with their physician before
beginning the practice.” New York
City dermatologist Anne Chapas
added another warning: “Patients
with skin conditions like rosacea,
melasma or acne may [find they]
get worse with heat and sweating.”
Detox claims aside, the stress-
relief benefits appeal to those who
dislike the blistering heat of a regular sauna, which can average between 150 to 175 degrees Fahrenheit; the heat of an infrared
treatment, hovering around 120,
feels less intense. “I’d always
found both wet and dry saunas
suffocating, but with infrared I almost don’t notice the heat until I
start sweating 20 minutes in,” said
Lesley Aitken, 54, a creative director in Los Angeles, who goes twice
a week when her schedule permits.
You can undertake an infrared
session in two ways: by slipping
into a body-sized sauna wrap,
made from non-porous vinyl, that
envelops the body and allows you
to comfortably recline (as one does
at Shape House in Los Angeles); or
by sitting in an enclosed private
sauna room. At New York City’s
Higher Dose, the spa that has
helped popularize the sauna selfie,
it’s common for friends to infrared
in such a room together.
Modest folk can don a swimsuit; most clients, say spa owners,
choose to go naked for 30-to-60
minute sessions. The average cost
is between $50 to $65 an hour.
Some compare the experience
to that of feeling your body heat
up when you’re lazing in the sun
on the beach. “Infrared is a gentler way to heat the body so you
feel energized, not exhausted,”
said Lauren Berlingeri, co-founder
of Higher Dose. “It’s like a runner’s high.”
Erdem
Moralioglu
Kate Mara
Rashida Jones
Kirsten Dunst
Baz Luhrmann
and Catherine Martin
Taylor Kitsch
Jaime King
Zendaya
LIGHT GARDENING The chandelier-lit ceiling was
abloom with roses, hydrangeas and blue delphiniums.
Heard on
the Street
Agenda-setting investment insight
Heard on the Street brings you sophisticated analysis
on the economy, business and global market trends
that matter most to investors. Get fresh perspectives,
compelling data and concise commentary, updated
throughout the day.
Sign up at WSJ.com/Heard
© 2017 Dow Jones & Co. Inc. All rights reserved. 6DJ5769
BILLY FARRELL AGENCY
PATRICK LEGER
FRAGRANT ROSES, lilacs and bougainvillea dangled from the ornate
ceiling of the Ebell of Los Angeles, a historic women’s club—transforming it into a haute hothouse for the launch of the new H&M and
Erdem collection. “An overgrown garden that’s been let loose,” said
the event’s artistic director Simon Costin, describing the lush décor.
Impatient fans of designer Erdem Moralioglu may similarly break the
bounds of decorum when the affordable collection’s 87 items go on
sale this week.
The runway show itself was equally elaborate, with models wandering through a warren of rooms clad in dark florals, faux leopard
coats, and he-wears/she-wears suiting. “Young people inhabiting an
old country house, boys dressed up as girls and girls as boys,” said
Mr. Moralioglu, loosely referencing the Pet Shop Boys’ 1990 “Being
Boring” video as his inspiration. “Beautiful,” enthused actress Rashida
Jones, who particularly noted “the men’s pajamas, the floral combat
boots and the oversized plaid jackets.”
Director Baz Luhrmann popped in to project the H&M ad campaign
he created, calling it “a poetic trailer” of a movie that will never be
made. While guests, including actresses Kate Mara and Zendaya, were
invited to shop, those who weren’t inclined to grab a lace blouse or
retro ski sweater nibbled on pâtè-stuffed beignets and chilled shrimp
while watching Grimes perform. Model Alek Wek was thrilled when
Mr. Moralioglu told models they could have their outfits from the
show. Said Ms. Wek: “He was like Oprah!” —Christine Whitney
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 4 - 5, 2017 | D5
ADVENTURE & TRAVEL
Humming
Along
FROM TOP: PEREGRINE ADVENTURES; BELLAVISTA CLOUD FOREST RESERVE & LODGE (2); MAP BY JASON LEE
Ecuador’s forests—havens
for hummingbirds—offer
plenty of cushy perches for
the ‘bird nerd’ crowd
BY ADAM H. GRAHAM
A
S I STOOD on a trailhead in
northern Ecuador, in the town of
Baeza, the sky above me was implausibly blue. My backpack was
weighed down by the 3-pound,
970-page “Birds of Ecuador Field Guide,” the
beefiest such guide I’d ever seen. Just a few
minutes after I entered the Sendero de Las
Cascadas trail, its surface turned from a fine
Andean dust to squishy and slippery mud,
and the sky disappeared behind a canopy
thick with gossamer webs and dangling moss.
Another 10 minutes and I plunged deeper into
the fog soup of a cloud forest—as cool, tropical mountain forests perpetually shrouded in
mist are known. Given Ecuador’s reputation
as hallowed ground for bird-watching, I assumed the forest would be teeming with
tweet, but even after an hour of sloshing
around on the muddy trail, I heard nothing
but the waterfall at the trail’s end.
Richly biodiverse, Ecuador is full of hiking
trails like this one in Baeza, a ramshackle village-turned-backpacker-town, that lead from
high-altitude scrubby grassland to lush cloud
forests in the blink of an eye. But the scenery
isn’t what drew me to the country. I was
hunting for hummingbirds. About the size of
Oregon, Ecuador is home to the planet’s highest concentration of colibries, or hummingbirds, representing 130 of the world’s 328
species. Between October and April, most of
the diminutive fliers take up residency in the
cloud forests that straddle the eastern and
western slopes of the Andes, from 4,590 to
11,480 feet above sea level. Adventurous birders enthusiastically trek deep into Ecuadorean forest reserves like Ayampe on the Pacific
Coast or Gualaceo near Cuenca or, increasingly, to the cloud forest near Baeza, thanks
to a new superhighway that links the town to
the Ecuadorean capital of Quito. As I learned
during my hike in Baeza, trekking down mudsoaked trails in search of tiny moving targets
has certain disadvantages, but, fortunately,
many of the best hummingbird sightings in
the country require minimal effort.
Over the years, these furious flappers have
become such a popular tourism draw that
most of Ecuador’s eco-lodges—many set in a
cloud forest—have built hummingbird stations to attract them. Other shamelessly easy
ogling spots include village gardens and cafes
where hummingbird feeders are continuously
filled with sugar water, which give the birds a
much needed energy boost (they flap their
TWITTERSPHERE Clockwise from top: Bird-watching with Peregrine Adventures at Ecuador’s Bellavista Cloud Forest Reserve; a guest room at
Bellavista Cloud Forest Reserve and Lodge; a booted racket-tail hummingbird photographed at Bellavista Lodge.
wings 80 times per second). For non-birders
who don’t thrill at the thought of seeing a
few flapping wings in the wild, consider this:
Seventeen rather humdrum hummingbird
species are known to breed in the U.S., but
the jewel-toned, iridescent birds in Ecuador
include such varieties as woodnymphs, topazes, sapphires, coronets and emeralds. That
While I simmered in the hot pool,
a rainbow-bearded hummingbird
zipped through its steam.
iridescence comes not from the bird’s color
but from its feather structure and is only visible if the light hits the bird at the right angle.
In other words, seen from the wrong perspective, even the most enchanting and glitzy
hummer can look dull and mousy.
Any serious colibri fan—or those graciously willing to tag along—should start in
Mindo, a charming dirt-road strip of a riverside village northwest of Quito. While some
people hire guides, I engaged my old friend
Michael who lives in Quito to provide tripplanning tips and companionship. Our twohour drive from Quito to Mindo plowed up
rocky ridges past vistas of the snow-capped
Cotopaxi and Pichincha volcanoes before
corkscrewing down through fern-draped ravines. For bird nerds like me, Mindo is Mecca.
Murals of toucans and hummingbirds adorn
the village walls, the town’s palm-frondthatched cafès offer dawn birder breakfasts
and signs everywhere advertise colibri guides.
We checked into Sisakuna Lodge, a quiet refuge on the edge of town whose website offers
“close and immediate contact” with birds—
rarely a selling point outside of Ecuador.
On a morning hike to the town’s Santuario
de Cascadas waterfall, we brushed past intricately patterned butterflies and wild orchids,
and cooled off with a swim in a crystalline
pool beneath the falls but spied no hummingbirds. Back in town, we popped in for lunch at
the Dragonfly Inn whose restaurant Beehive
offers a riverside terrace strewn with sugarwater feeders. Within five-minutes of sitting
down, I spotted two hummingbird species
hovering over me: a rufous-tailed hummingbird with its signature coral-red beak and the
white-necked Jacobin with its sapphire hood.
By the time lunch finished, I’d seen five more
species. An afternoon rain shower forced us
back to Sisakuna Lodge, where we sat in the
garden gazebo with a bottle of wine and
watched collared Incas, banaquits and flowerpiercers flutter through the banana trees in
the rain. The latter two aren’t hummingbirds,
but I wasn’t complaining. “Could this be any
easier?” I thought over my second glass of
Cabernet, my binocs still around my neck.
About 15 miles north of Mindo, the de
facto pioneer of Ecuador’s bird tourism, a Brit
named Richard Parsons, opened the Bellavista
Cloud Forest Reserve and Lodge in 1991. Situated in a 2,000-acre conservation area, the
property has a tree-house-like restaurant and
observation deck and a dozen-plus feeders in
the main garden. I planted myself on a bench
opposite the feeders and photographed the
colibri rush-hour one late afternoon; I saw no
less than a dozen species of hummingbirds
including the booted racket-tail with its
forked blue tail and white furry legs. The only
challenge to watching birds there was to sit
quietly and wait.
For my final bird-watching excursion, I
headed to the town of Papallacta, about a 90minute drive from Quito and checked into
Termas de Papallacta, a resort and spa with
several thermal baths, fed by four natural
springs. Hikers and birders who’ve been on
strenuous Andean treks come to the baths for
soothing relief. But in my case, they offered
an afternoon of unearned pampering. While
simmering in the hot pools outside my room,
I saw a rainbow-bearded thornbill hummingbird, zipping through the bath’s steam.
For more details on bird-watching in Ecuador,
see wsj.com/travel.
BOOKSHELF
MISSION STATEMENTS
New books inspired by three itinerant writers’ passions: storied bookstores, singular cemeteries and fly fishing
Bookshops: A Reader’s History
199 Cemeteries to See Before You Die
By Loren Rhoads ($28, Black Dog & Leventhal)
By John Gierach ($25, Simon & Schuster)
“Every bookshop is a condensed version of the world,” begins Mr.
Carrión’s literary and unabashedly sentimental exploration of bookstores around the globe. This is not a geographic guide, however;
rather it’s a series of essays that weave in the Spanish writer’s visits
to shops such as Libreria Acqua Alta in Venice (“with a long gondola stuffed with secondhand volumes”) and the Last Bookstore,
which occupies an old bank in downtown Los Angeles. He also
wanders through volume-laden aisles in Athens, Paris, Bratislava,
Budapest, Tangier and Sydney, and invokes many other shops, both
open and closed, telling stories about writers, readers and literary
circles. His tour is strewn with quotations (from Alfonso Reyes: “In
Rome, bookshops were well known, at least in the days of Cicero
and Catullus”) and amazing facts (in 2002, the Harry Potter books
“were at the centre of more than five hundred different court cases
throughout the U.S.”). By the end, you may feel poorly read—but
well armed with titles and bookshops to visit on your own.
The author is so interested in the macabre that she has made cemetery travel a significant part of her life’s work. But cemeteries turn
out to be not as creepy as you might hope. Most of those highlighted in this guidebook are historically rich exemplars of design.
They can be romantic (the moss-draped Bonaventure in Savannah,
Ga.), moving (the battlefield at Gettysburg, littered with tens of
thousands of corpses, became a sacred memorial in 1863), humbling (the Valley of the Kings in Luxor, Egypt, pictured above) or
even just odd (more than 700 people have had their ashes buried
with their pets in Hartsdale, N.Y.). Beyond exploring cemeteries of
startling variety, Ms. Rhoads also tells the stories of prominent people interred therein as well as of those who found themselves
grouped together by class, race or creed. Whether a mound, an
etched stone or a Minneapolis mortuary chapel inspired by Istanbul’s Hagia Sophia, she points out that the ways we honor the
fallen tell us far more about the living than the dead.
This book might be like fishing itself, meandering like a man in
waders looking for a choice spot. Even as Mr. Gierach, a veteran
angler, explores rivers, streams and camps across North America,
he writes that “fly-fishing is less a series of discrete adventures
than a continuous process that you learn to love for its own sake.”
His trips flow into one another and double back, and he drops in
and out of destinations: Alaska, looking for king salmon in a johnboat near the Negukthlik and Ungalikthluk rivers; Maine, to fish
the Androscoggin and Rapid rivers; through Quebec and Labrador
to the Three Rivers Lodge; another river in Alaska; the Big Laramie River in Wyoming; back to Labrador; back to Alaska, and repeat. He passes the time fishing, looking around and making conversation—about tackle, his “Jeepology,” camp food, floatplanes,
friends and their stories—until a fish grabs the line and grabs the
focus, and then it’s back to the pleasure of being outside.
—Alison Humes
By Jorge Carrión ($26, Biblioasis)
A Fly Rod of Your Own
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
Sanya
SideUp
This Chinese coastal city, a short hop
from business hubs, is ushering in a
wave of indulgent, fly-and-flop resorts.
Beleaguered road warriors, take note
A TALL DRINK OF WATER
Guanyin statue at the Nanshan
Temple, a prime attraction near the
Chinese resort city of Sanya.
was its association a few
years ago with a celebrity
sex scandal at a yacht show,
a controversy that launched
a thousand quips on social
media.
Then, last year, I began to
hear reports that luxurybrand hotels were sprouting
up all over perennially sunny
Sanya and a new international airport would open in
2020. I could understand why
this relatively untapped city,
about four hours by air from
Beijing and Shanghai, lures
mainland Chinese wanting to
escape the congestion and
chilly winters of the north.
BY HORACIO SILVA
S
ANYA has never
really called my
name. Over the
years, this resort
hub on the Chinese
island province of Hainan
would appear on my radar
but usually as blips that did
it no favors. Officially advertised as “the Hawaii of
China,” it was derided by detractors as a holiday playground for retirees from the
mainland and nouveau-riche
Russians. One of the rare
times it seemed intriguing
THE LOWDOWN// FLOPPING DOWN IN SANYA
Getting There Fly into Sanya Phoenix International Airport, about
an hour’s drive away from Haitang Bay. You can’t fly direct from the
U.S., but several airlines, including Cathay Pacific and Air China, offer
nonstop service from major business hubs such as Beijing, Shanghai, Shenzhen, Singapore and Hong Kong.
Staying There The Edition Sanya brings
art-inflected glamour and next-level service to the area. The hotel’s Sky Bar is a
kicking rooftop joint that’s popular with
Sanya’s beau monde (from about $248
a night; editionhotels.com/sanya). The
256 rooms in the Rosewood Sanya are
all ocean-facing, as is the infinity pool bar
on the 13th floor (from about $260 a night;
rosewoodhotels.com/en/sanya).
Spending There Be warned that working ATMs are frustratingly
rare in Sanya, but there’s a reliable one a designer bag’s throw from
the new resorts in Haitang Bay at CDF, an expansive luxury dutyfree shopping center. It features the usual suspects (Prada, Fendi,
Gucci) and a newfangled roof design that alludes to the begonia, a
ubiquitous flower on the island and the official symbol of Sanya.
(cdfg.com.cn/en/business/sanya.html).
And I get that the burgeoning
Chinese middle class is vacationing in greater numbers
and wants to avoid the hassle
of trekking to Southeast Asia
and beyond. (It takes over
nine hours to fly from Beijing
to Bali, and longer to deal
with immigration lines and
traffic to your hotel.) But
other than the promise of
white sand and year-round
good weather, easily found in
the Caribbean, what exactly
did Sanya hold for the Western traveler?
When I heard that the Edition, Ian Schrager’s haute
chain aimed at discerning
young moderns (hey, I’m
modern at heart!), had
opened a branch in Sanya, I
decided to detour there during a trip to Shanghai. The
Edition, like much of the new
development in Sanya that
has sprung up in Haitang Bay,
is about 60 minutes by car
from the airport, 45 from
downtown and even less via
the new high-speed train that
connects the entire island. In
the past year alone, the Grand
Hyatt, Edition and Rosewood
have hung out shingles in
Haitang Bay, near mainstays
such as the Shangri-La, Conrad and Sheraton. The Atlantis and Four Seasons, among
others, are imminent.
As with most things in
China, Sanya is changing at
breakneck speed. Driving
along the coast, I was distracted by the countless
cranes that dot the skyline, an
experience akin to visiting a
movie set mid-construction. It
was also hard not to notice all
the Porsches and other luxury
vehicles plying the highway
that encircles the island.
Conceived in partnership
with Marriott International,
Mr. Schrager’s new take on
the self-contained fly-and-flop
resort is a 512-room, six-res-
Red-coconut ice
cream sold at stalls
along the coast is hard
to beat on a sticky
afternoon.
taurant beast of a hotel set on
50 landscaped acres, complete with two enormous
swimming pools and its own
much-touted “private
ocean”—in fact, a man-made,
saltwater lake. (The real
beach on Haitang Bay is, alas,
too rough for swimming.) The
hotel also places a premium
on modernist design and contemporary art. Just Space, a
gallery and design store
within it, hosts exhibitions
curated in conjunction with
the Ullens Center for Contemporary Art, an agenda-setting
institution in Beijing.
The art gallery aside, the
Edition offers precisely the
mindless relaxation you
might crave after a harried
business trip in mainland
China. The service was less
gruff than what I had experi-
9AM FLIGHT TO PBI
1pm dip in the ocean.
Elevate the everyday with a champagne check-in,
Forbes Five-Star Eau Spa and no resort fee.
4TH NIGHT FREE*
*Subject to availability. Valid November 1st – December 15th, 2017
FOR RESERVATIONS CALL 844 207 9103
OR YOUR TRAVEL PROFESSIONAL .
3 D AYS A U TO M AT I C
ORO ROSSO - Ø 42MM / 4 5MM
( R E F. 6 7 7 - R E F. 67 5 )
PA N E R A I . C O M
•
+ 1 87 7 726 3724
100 SOUTH OCEAN BLVD. MANALAPAN FL 33462
#EAUMOMENTS EAUPALMBEACH.COM
enced in Shanghai. The staff
even made eye contact and
smiled often, which is far
from the norm in China. Still,
as much as l love nothing
more than reading a book by
the pool, cocktail in hand, I
ventured out to see what else
Sanya had to offer.
Nanshan Temple, a sprawling Buddhist theme park of
sorts, featuring a 354-foottall titanium statue of the
Bodhisattva Guanyin, made
for a fascinating half-day
outing. Sure, the place, about
an hour outside of Sanya,
was only built in 2005, but
when you consider that religion was banned for so long
in China, it’s hard not to
share the enthusiasm and curiosity of the parasol-carrying crowds.
In the Ganza Ridge Natural
Reserve in the island’s mountainous interior, Bing Lang
Yuan village offered an edify-
ing (albeit Epcot Centeresque) window into the culture of the indigenous Li and
Miao people in a tropical forest lush with areca palms.
My previous knowledge of
these communities was exactly zero so I was plenty
grateful for the experience.
For lunch or dinner beyond
the confines of the resorts,
the seafood restaurants clustered around Hongsha Port
serve everything from fresh
oysters and crabs to sea cucumber and other, more obscure varieties of sea creatures for the daring. And
many of the restaurants along
Yalong and Serenity bays—
about 45 minutes by taxi
from Haitang—prepare modern interpretations of traditional dishes, such as Dongshan Lamb (actually goat
braised in coconut milk) and
Wenchang Chicken (poached
in a ginger-seasoned broth).
The red-coconut ice cream
sold at stalls along the coast
is hard to beat on a sticky afternoon.
While the much-ballyhooed
fish market in Sanya’s downtown was a bit too intense for
me, the weekend night market, located on the same
street, dazzles with string
lights and the high-decibel
entreaties of the stall owners
and hawkers selling snacks
and souvenirs.
Otherwise, in terms of
Sanya’s nightlife scene, unless
you fancy jockeying for bar
space or karaoke time with
drunken Korean tourists, the
bars downtown are miss-able
for the most part. Though if
you’re game for a late-night
tipple, the Dolphin Bar
seemed to be where everyone
ends up at some point during
their stay.
For now at least, the after-hours options fall well
short of most international
cities’ temptations. But, even
with the influx of resorts
and the cashed-up clientele
they attract, the city is too
lively and vital these days
for anyone to mistake it for
a placid beachside retirement community. The Boca
Raton of China, this isn’t.
AL FRESCO FEAST A seafood restaurant at Sanya’s Dadonghai
beach. Countless fish eateries and stalls line the city’s coastline.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | D7
* * * *
EATING & DRINKING
MESSAGE IN A BOTTLE NOVELIST RACHEL KHONG ON NIKKA COFFEY VODKA
HERE’S A CONFESSION: I was in
college when I had my first alcoholic drink—vodka, mixed with orange juice and sipped tentatively
from a plastic cup. “That’s a
Screwdriver,” somebody told me,
educationally. This person knew
much more than me, which wasn’t
hard to do—everyone seemed to
know more than me. I remember
thinking, Oh. I remember thinking,
Screwdriver, what’s that about?
But I failed to look it up because
there was so much else to learn
back then.
Only recently did I probe the origins of the drink and its name.
One story has it that sometime in
the mid-1900s, American oil workers in the Persian Gulf combined
vodka with orange juice and, out of
necessity, stirred their new cocktail
with a screwdriver. It stuck: the
Screwdriver.
Another of my early drinks was
Smirnoff Ice, which I mistakenly
believed to also be a kind of vodka.
The “Smirnoff” misled me. Later I
would learn that Smirnoff Ice is a
malt beverage more akin to beer,
but also not at all like beer in that
you shouldn’t drink it at parties—
not if you want to be taken seriously. I learned that very quickly.
A few weeks ago, when a bottle
of vodka arrived in the mail from
my editor at The Wall Street Journal, I freed it from its bubble-wrap
swaddle. The brand: Nikka, an
award-winning Japanese whisky
producer now foraying into gin and
vodka. The simple, modern glass
bottle wore a no-frills blue label
reading NIKKA COFFEY VODKA in
capital letters. It suggested cleanliness, nothingness, like a good
vodka bottle should.
My first vodka, in the aforementioned Screwdriver, was probably
Popov, poured from an unbreakable
plastic bottle. By now I’ve been
drinking for over 10 years. I have
had good vodkas as well as bad
ones that make your voice hoarse
because they tear your throat up
going down. Vodka is no longer the
first liquor I reach for. Somewhere
along the way, getting older and
learning to trust my own tastes, I
came to prefer gin and whiskey.
Sometimes the nothingness of
vodka is disorienting. You want a
flavor or a color.
A good vodka is the absence of
everything, clear like water and diamonds and clean windshields. A
good vodka is distilled and distilled
again, and sometimes even again,
aspiring to tastelessness. In that
sense, it’s an especially good first
drink.
Nikka Coffey Vodka is 40% ABV;
it has a base of corn and barley,
F. MARTIN RAMIN/THE WALL STREET JOURNAL, LETTERING BY ANGELA SOUTHERN
Who Says You Can’t Mix Vodka With Squirt?
distilled separately and then
blended; it’s filtered with white
birch charcoal. The Coffey still in
which this vodka is made was
named after the Irishman Aenaeus
Coffey, who invented this method
of distilling sometime in the 1830s.
Also called a continuous still or
column still, it has two columns
that allow for continuous distillation. This results in a much
smoother end product.
Nikka imported its Coffey stills
from Scotland in 1963 for the production of Scotch-style whisky and
now employs their mellowing influence in the production of vodka.
Drunk neat and chilled, Nikka Coffey Vodka strikes me as a good
vodka, mellow and smooth.
Of course, the quality of the
vodka is only one factor in the
composition of a successful vodka
cocktail. After my introduction to
Screwdrivers, I learned about ratios. One summer when I was living on my own for the second time
in my life, I mixed pilfered Absolut
with cranberry juice in a naive ratio and chased it with a salad I
made that really wasn’t very good.
Dressing a salad with oil and vinegar turned out to be more complicated than it sounded—or at least
to require more knowledge than I
had at the time. Both cocktail and
salad were harsh on the palate.
Eventually I learned to make a
balanced vinaigrette, and, with regard to cocktails, not only how
much mixer to add but also which
juices are approved for mixing
with alcohol and which ones aren’t.
Yes to tomato juice; no to apple
juice. The younger me wanted to
know what the rules were, to abide
by them and not appear foolish.
And now that I know those rules? I
wonder why they’re there, and if
they actually make sense, and if we
shouldn’t be breaking them.
Vodka is the ultimate straight
man. So why don’t we mix it with
more things? Upon receipt of this
bottle of Nikka Coffey Vodka I set
out to experiment in a way I’ve
never experimented before. I
bought five different potential mixers not commonly combined with
vodka and set out to learn something exciting and new. My husband, Eli, agreed to help.
The first mixer we tried was
Martinelli’s sparkling apple juice.
Its slogan: “Drink your apple a
day.” Nikka Coffey Vodka mixed
with apple juice tasted like a
slightly bitter apple juice. “I think
this is delicious,” said Eli. I agreed
wholeheartedly. The vodka improved the apple juice, which was
too sweet on its own.
Next came Gatorade. I always
buy the orange Gatorade because it
seems more natural—it’s a real
fruit’s color. Once mixed in, the
vodka was undetectable in the
drink’s scent. And yet, drinking the
cocktail, you tasted a bitterness on
the back of the tongue. The vodka
gave a slicker mouthfeel to the Gatorade. “It’s like I’m drinking a
drink that was left out,” Eli said.
“I’ve got no interest in it.” The verdict: Vodka makes apple juice better and Gatorade worse.
Next we tried Kerns Nectar
Mango, a mango juice with a little
hummingbird on the can. I realized
I’d never approached mango juice
itself critically. It smelled a bit
weird. As for the taste of the two
mixed together: “There’s no dance
between the flavors,” said Eli.
“They’re not bickering, but they’re
not dancing.” The vodka was loosening up his descriptive faculties,
but it was true, this was not a
good drink. Though the vodka
slightly improved the cloying
mango juice, as a cocktail, this was
no vodka and Martinelli’s. “Everything in the jungle is both dying
and blooming,” Eli mused. “That’s
the jungle. It’s a harsh contrast to
vodka.”
By now we’d decided fizzy
things make better mixers. Next we
experimented with Squirt—like Gatorade, billed as a “thirst
quencher.” Yet unlike Gatorade, we
found, Squirt mixed with vodka
makes a delicious drink.
Finally, we tried Fruit Punch flavor Capri Sun, a kids’ drink that
comes in a metallic pouch. When
we squeezed the liquid out into a
glass, the fruit-punch smell was
strong. The taste of the Capri Sun
and vodka cocktail was almost repulsive, in large part because of
the expectation formed in the nose.
“The intense fruit-punch odor
makes me think I’m going to have
something fun and flirty,” Eli said.
“It sets the stakes, which makes
the vodka a very unwelcome
guest.”
Our conclusion: Vodka is an absence, yes, but it can also be revelatory. This vodka turned an already delightful mixer like Squirt
into a delightful cocktail, but it
couldn’t render a juvenile fruit
drink instantly adult. As I learned
upon my very first taste, vodka is
the absence that shows you who
you are.
Ms. Khong is the author, most recently, of the novel “Goodbye, Vitamin” (Henry Holt and Co.).
New England Clam Chowder
The Chef:
Erin French
Her Restaurant:
The Lost Kitchen, in
Freedom, Maine
What She’s
Known For:
Making her tiny
town a dining destination. Forthright
New England cooking punctuated with
fresh surprises.
MAINE CHEF Erin French was determined to avoid certain pitfalls when she
put together her first cookbook, “The
Lost Kitchen,” published earlier this
year. “I didn’t want to play into New
England tropes,” she said. “Making a
lobster roll, blueberry pie and chowder
cookbook was definitely not the point.”
And yet she made an exception in the
case of this clam chowder recipe. Her final Slow Food Fast contribution, it’s a
creamy, hearty soup ready in 20 minutes—and a far cry from the chowder
she grew up watching her father make at
his diner in Maine.
“Dad microwaved his and had it ready
in two minutes,” said Ms. French. “I take
more care. There is really no comparison.” (Sorry, Dad.) Forget the gummy
chowders full of rubbery clams too often
on offer, in New England and beyond. “I
cook everything separately to have control,” Ms. French said. “There’s literally
nothing worse than an overcooked clam.
And my soup doesn’t have cornstarch
because I don’t want to feel like I’m digging into a bowl of Jell-O.”
Full of tender shellfish and new potatoes and finished with a sprinkling of
parsley and dill, Ms. French’s chowder is
clean tasting and elegant. Perhaps it
takes a true Mainer to make this old
standby her own.
—Kitty Greenwald
TOTAL TIME: 20 minutes SERVES: 4-6
5 pounds Littleneck or other
small clams, scrubbed
1 pound new potatoes, cut
into 1-inch dice
3 cups heavy cream
2 cups whole milk
Kosher salt and freshly
ground black pepper
3 tablespoons olive oil
6 shallots, thinly sliced
1. Pick through clams and discard any with
cracked shells. In a large, lidded pot, heat
clams and 11/2 cups water over high heat. Once
water comes to a simmer, cover with lid and
steam until clams just pop open, about 4
minutes. Remove pan from heat. Shuck clams
and discard shells. Discard any clams that
don’t open. Set clam meat aside.
2. Discard any drippings and wipe pot clean.
Add potatoes, cream, milk and a pinch of salt,
and bring to a simmer over medium-high
heat. Reduce heat to medium and simmer
Juice of 1 lemon
2½ tablespoons chopped
fresh parsley
2½ tablespoons chopped
fresh dill
until potatoes are fork-tender, about 10 minutes. Meanwhile, in a small saucepan, heat olive oil over medium heat. Once hot, add shallots and cook, stirring frequently, until lightly
caramelized, about 7 minutes.
3. Stir shallots into potato-cream mixture and
simmer until flavors meld, 2 minutes. Add reserved clams. Season with salt, pepper and
lemon juice to taste, and simmer until clams
are just warmed through, about 1 minute.
4. Remove soup from heat and stir in parsley
and dill. Serve immediately.
THE SHELLFISH GENE Ms. French, a Maine native, makes chowder her way.
Cooking the clams separately from the soup keeps them tender.
BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY VANESSA VAZQUEZ; PORTRAIT: MICHAEL HOEWELER
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, November 4 - 5, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
SWEETS WE CAN ALL GIVE THANKS FOR
Chocolate-Swirled
Pumpkin Bundt Cake with
Molasses Glaze
ACTIVE TIME: 40 minutes
TOTAL TIME: 21/4 hours SERVES: 8-10
For the cake:
½ cup sunflower
seed oil, plus
more for
greasing pan
2 cups all-purpose
flour, plus more
for dusting
1 cup plus 2
tablespoons
rice milk, oat
milk or
preferred
plant-based
milk
1 tablespoon apple
cider vinegar, or
distilled white
vinegar
1½ teaspoon
baking powder
1½ teaspoon
baking soda
½ teaspoon salt
2¼ cups
granulated sugar
1/
3 cup maple syrup
or brown rice
syrup
2 cups (15-oz can)
unsweetened
pumpkin puree
(without spices)
2 teaspoons vanilla
extract
½ cup cocoa
powder
1 teaspoon ground
cinnamon
¼ teaspoon
ground nutmeg
¼ teaspoon
ground allspice
Salted pepitas, for
garnish
For the glaze:
2 cups powdered
sugar
1 tablespoon
molasses, or
maple syrup
3 tablespoons
rice milk, oat
milk or
preferred
plant-based
milk
1. Make the cake:
Preheat oven to
350 degrees.
Lightly oil a 10to-12-quart Bundt
pan or 3-pound (4by-2-by-9-inch)
loaf pan. Dust with
flour and tap out
excess. Set aside.
2. In a small bowl,
combine 1 cup rice
milk with vinegar
and let sit at least
10 minutes. In a
medium bowl, sift
together flour, baking powder, baking
soda and salt.
3. Use an electric
mixer fitted with
paddle attachment
to beat together
oil, 2 cups sugar
and maple syrup
on medium speed
until evenly com-
Find a recipe for
coconut-parsnip tart at
wsj.com/food.
6. Pour batters into
prepared Bundt pan
in alternating layers, 1 cup pumpkin
batter followed by
½ cup chocolate
batter. Repeat until
you use up batters.
Bake until a skewer
inserted in cake
comes out clean,
about 11/2 hours. Let
cake cool in pan on
a baking rack 20
minutes before removing.
7. Make the glaze:
In a medium bowl,
whisk together
powdered sugar,
molasses and rice
milk to combine.
Add more powdered sugar to adjust thickness of
glaze as necessary.
For a stiffer icing,
use a stand mixer
with a paddle attachment and beat
on high speed until
lightened in color, 5
minutes.
8. Place wax paper
beneath cooling
rack. Turn cake out
of Bundt pan onto
cooling rack. Spoon
glaze over surface
of cake to coat.
While glaze is still
wet, sprinkle a few
handfuls of pumpkin seeds all over.
You may need to
gently press them
into the cake to
help them adhere.
—Adapted from Diane Forley of Flourish Baking Company
and Meringueshop
Cornmeal-Molasses Pudding
ACTIVE TIME: 30 minutes TOTAL TIME: 11/2 hours SERVES: 8
cup medium-grind
yellow cornmeal
Neutral oil, such as
canola, for greasing
2 cups chilled oat milk
or preferred
plant-based milk
¼ cup arrowroot
powder
2/
3
I’m officially through with
defining vegan desserts by
what they don’t contain.
from Diane Forley, chef-owner of
the acclaimed, now-closed Verbena
in New York City, who relocated to
Scarsdale and opened Flourish
Baking Company, a bastion of
plant-based baking. Cookbook author Heidi Swanson, known for
recipes that emphasize whole
foods, gave a cocktail-inspired,
Dark and Stormy twist to a fruit
crumble whose zingy ginger-oat
topping you’ll want to put on everything. Finally, I revisited an
old-school autumn sweet, cornmeal-molasses pudding, and infused it with some less-expected
spices for a deeply soothing end to
the meal—or breakfast the next
day, if you have some left over.
(Bonus: It’s gluten-free.)
At the end of this experiment,
I’m officially through with defining
vegan desserts by what they don’t
contain. These recipes celebrate the
produce, spices and nuts we associate with the season as lavishly as
any finale to a harvest feast should.
bined, 1 minute.
Gradually add
pumpkin purée, vanilla extract and
rice milk mixture.
Continue to beat
until ingredients are
well incorporated.
Turn off mixer. Add
dry ingredients and
beat on low speed
until just combined.
4. Make the chocolate swirl: Transfer
1½ cups batter to
another bowl. Add
cocoa powder, remaining sugar and
remaining rice milk,
and whisk until
smooth.
5. Add cinnamon,
nutmeg and allspice
to batter in mixer
and beat on low
speed to incorporate.
Two (131/2 -ounce)
cans regular
unsweetened
coconut milk
3/
4 cup dark brown
sugar, packed
2 tablespoons
molasses
½ teaspoon ground
1. Preheat oven to 350 degrees. Spread
cornmeal on a baking sheet and toast
in oven until lightly browned and aromatic, about 15 minutes. Set aside.
2. Lower heat to 325 degrees. Grease a
13-by-9-by-2-inch glass baking dish.
Place greased baking dish inside a
larger baking dish or roasting pan.
3. In a small bowl, whisk together
1/
2 cup oat milk and arrowroot powder to
form a slurry.
4. In a large heavy-bottomed saucepan
over medium-high heat, whisk together
cornmeal, coconut milk, remaining oat
milk, brown sugar, molasses, cardamom, white pepper and salt. Continue
to cook, whisking frequently, until mix-
Dark and Stormy Crumble
ACTIVE TIME: 35 minutes TOTAL TIME: 13/4 hours SERVES: 4-6
For assembly:
Melted coconut oil, for
greasing baking dish
Zest of one lime
For the crumble topping:
4 cup whole wheat
pastry flour
1/
2 cup rolled oats
1/
2 cup natural cane sugar
Scant 1/2 teaspoon fine sea
3/
salt
4 cup finely diced
crystallized ginger
1/
3 cup melted coconut
oil
1/
For the filling:
1 (2-inch) piece ginger,
finely grated
2 teaspoons all-natural
cornstarch
1. Set rack in middle of oven and heat to 375
degrees. Oil an 8-inch square baking dish and
sprinkle in lime zest.
2. Make crumble: In a medium bowl, mix
flour, oats, sugar, salt and crystallized ginger
until thoroughly combined. Use a fork to stir
in melted coconut oil. Divide mixture into
thirds and use your hands to form three patties. Place patties in a large bowl, separated
with layers of wax paper. Freeze at least 10
minutes or until ready to bake.
3. Make filling: Place ginger in a strainer and
press to expel liquid. Discard solids. You
should have 2-3 teaspoons liquid.
cup natural cane,
muscovado or brown
sugar
12 ounces (4-5 cups)
seasonal soft fruit
such as fresh
quartered figs
or mixed berries
¼ cup dark rum
1/
8 teaspoon Angostura
bitters
1/
4
4. In a large bowl, whisk together cornstarch
and sugar. Add fruit and gently toss until evenly
coated. Let sit for 3 minutes. Add rum, ginger
juice, and bitters, and toss again. Transfer filling
to prepared baking dish. Remove crumble from
freezer and break apart over filling, making sure
you have both big and small pieces.
5. Bake until topping is deeply golden and fruit
juices have thickened and are vigorously bubbling, 35-40 minutes. Let cool slightly, 30 minutes. Serve with vegan vanilla or coconut ice
cream or vegan whipped cream of your choice.
—Adapted from Heidi Swanson of 101 Cookbooks and Quitokeeto
cardamom
¼ teaspoon ground
white pepper
¼ teaspoon salt
1 tablespoon vanilla
extract
Vegan whipped
cream, for
serving
ture thickens but can still be poured,
about 20 minutes. Remove from heat
and let cool slightly. Add vanilla extract
and oat milk-arrowroot slurry, whisking
to combine.
5. Transfer pudding mixture to prepared baking dish set in larger vessel.
Carefully pour hot water into larger vessel to come halfway up sides of baking
dish set inside.
6. Bake pudding until center is set,
about 40 minutes. Pudding should
have a creamy, silky texture. Let cool 15
minutes before serving. To serve, spoon
into individual bowls and add a splash
of oat or coconut milk, or top with the
vegan whipped topping of your choice.
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY
Continued from page D1
butter-bred palate and for lack of a
better word, gross. I knew I must
find an alternative.
The tofu met with the same fate.
No amount of spice or brown sugar
could mask its soy taste. It actually
overpowered the parsnips, which
Ms. Polito, in an inspired move, caramelizes for a deeper flavor.
The pie I wanted was in there, I
knew. I just needed to find a workaround for the ingredients my appetite could never come around to.
That’s when I remembered the
press-in crust. Made with melted
butter, it’s a shortcut for those
who’d rather skip the rolling-out
process. It could easily be done
with liquid coconut oil.
Solving the tofu problem was
only a matter of finding an alternative egg substitute. I grabbed
Amy Chaplin’s “At Home in the
Whole Food Kitchen,” a cookbook
that focuses on the merits of
plant-derived ingredients and, incidentally, leaves out dairy and
eggs. Her pumpkin pie filling is
held together with arrowroot powder. I adapted Ms. Chaplin’s recipe,
subbing parsnip for the gourd and
applying the spices and orange
zest from Ms. Polito’s recipe. Conveniently, Ms. Chaplin also featured a coconut-oat crust that required minimal editing.
As I reworked Ms. Polito’s pie I
deduced that the optimal way to
bake vegan is to bake like a nonvegan, hacking recipes you trust
through a considered process of
removal and selection. Use more
of what you like and skip the fillers. Seek out the most efficient
structural agents, those that are
neutral in flavor or effective in
small doses; I particularly love
products that can do double duty,
like the coconut oil in the pie
crust. Let your featured ingredients come to the fore.
From baker Amanda Bergman,
who sells her products at the
Santa Monica farmers’ market, I
learned that items like applesauce,
mashed banana and puréed winter
squash can function as egg replacers, which makes them ideal, respectively, for apple, banana or
pumpkin cakes. She mentioned
that she bakes with almond oil and
I filed that fact away too. My forays into vegan baking have also
brought home to me that flours
and meals aren’t just for building
a crumb; they can simultaneously
be terrific sources of flavor.
Over weeks of consulting chefs I
admire, ingredient-swapping and
re-engineering, three more vegan
desserts I consider universally irresistible joined my repertoire.
There’s an unbelievably moist
chocolate-pumpkin Bundt cake
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 4 - 5, 2017 | D9
NY
* * * *
DESIGN & DECORATING
Melamine
Spirited
Family-friendly dishes
needn’t be homely, as one
writer rediscovers
PRIMARY CANDIDATES From left: Assorted vintage Dansk bowls, platters, trivet, big spoon and cups by Gunnar Cyrén; vintage Rosti egg cups by Bjorn Christensen. All pieces: author’s own.
BY SARAH
KARNASIEWICZ
The pieces I’d begun
hoarding were largely
regarded as B-sides.
fice supplies); plus a lanky,
long-handled pitcher ($15)
whose sleek profile recalled
both Erté and Beetlejuice and
would, I had a hunch, become
my go-to vessel for coldbrewed coffee. Many of the
pieces were produced by
Dansk in the 1970s and early
‘80s—but I recognized other
collectible Nordic names, like
Copco and Rosti. All were rendered in electric, saturated
primary colors that brought
welcome oomph to my
kitchen’s neutral backdrop of
slate-hued stone counters and
white brick.
When I spoke with Alexandra Lange, a design critic and
author of “Design Research:
The Store that Brought Modern Living to American
F. MARTIN RAMIN/THE WALL STREET JOURNAL
BECOMING A PARENT means
letting go of lots of little luxuries—sleeping late, cussing
with abandon, eating food
from your own plate—but in
my early days as a mom,
what I mourned the most was
the luxury of exercising good
taste. I’d spent my child-free
twenties and thirties trolling
auctions and flea markets,
proudly assembling a trousseau of ironstone platters,
mod art pottery and handblown cocktail coupes.
Then my sweet, squalling
little boy arrived. Keeping
him happy and healthy I
could handle. But the way
cartoon-festooned bowls and
pastel baby bottles colonized
my kitchen proved harder to
bear. As I transferred my
cherished objets onto high,
babyproof shelves, I found
myself wondering despairingly: Did family-friendly design have to be so frumpy?
A chance encounter a few
years ago with some artifacts
from my own childhood finally cheered me up. On a
rummage through the recesses of my parents’ beach
cottage, I knocked into an
oversize serving tray and set
of stacking tumblers in sunshine-yellow and cloud-white
melamine. I was instantly
transported to my suburban
Connecticut home circa 1980,
with its grasscloth-papered
hallways, Marimekko sheets
and Danish modern everything. Sure enough, when I
turned the tumblers over, I
found the Dansk hallmark.
Though I typically dismissed
plastic tableware as practical
but chintzy, something about
these grabbed me.
It wasn’t simply nostalgia.
Squat and sturdy yet sleek
and perfectly cylindrical, they
shared the balanced proportions and economical lines of
the pared-down midcentury
pieces that hipsters had been
swooning over for years. Yet
their comic-book, Lichtenstein
color scheme and unpretentious material made them feel
more playful and lighter, both
literally and figuratively.
Clutching them in his dimpled
fist, my son arranged the cups
in a leaning tower before toppling them with a delighted
squeal. Clearly, the set was
coming with me.
Once home, I did what any
design-starved mom would:
sent my son’s Thomas the
Tank Engine dish set to the
scrap heap and started surfing
Etsy and eBay. A shatterproof
trove awaited: UFO-shaped
egg cups ($20 for 4) that
would make every breakfast of
soft-boiled eggs feel like a
party; stackable cereal bowls
($35 for 6) that managed to be
both sculptural and ideal for
corralling Cheerios; a swooping cloverleaf serving tray
($15) with a quartet of compartments ideal for cheese
and crackers (or my desk’s of-
Vintage Rosti pitcher; vintage Dansk platter by Gunnar Cyrén.
Homes,” she explained that
the enduring appeal of the
pieces was no accident.
“Somewhere along the line,
people decided plastic was
down-market—but these
things were not made in the
down-market spirit, they
were designed to last,” she
said. “When the Eameses
were designing their famous
chairs, they experimented
with wood and fiberglass—
and they didn’t see a value
difference between one or the
other.” I’d harbored some embarrassment about my new
collection—after all, wasn’t I
supposed to be purging plastic from my home?—but I felt
absolved. Who was I to argue
with the Eameses?
Not to mention, these
finds were a bargain. Unlike
earlier, midcentury modern
tableware that has become
collectible and pricey—notably the iconic Kobenstyle
enameled-steel cookware and
the Festivaal lacquered serving pieces that designer Jens
Quistgaard produced for
Dansk in the 1950s—the melamine pieces I’d begun
hoarding were still largely
regarded as B-sides. Which
isn’t to say they lacked pedigree: Those Rosti egg cups
were part of the popular
Style Copehagen line by
Bjorn Christensen, and the
Dansk pieces bear the hallmark of Gunnar Cyrén, a versatile designer who first rose
to fame with fine work in silver, gold, and crystal. “Believe it or not, melamine and
thermoplastics were sort of
novelty luxury materials in
themselves, and enjoyed for
their own sakes,” explained
Elizabeth Wilhide, author of
“Scandinavian Home: A Comprehensive Guide to Mid
Century Modern Scandinavian Designers.”
I was also betting my plastic pieces wouldn’t be secondtier much longer, judging by
the growing interest among
millennial designers in design
movements like the Memphis
group and the popularity of
museum exhibitions such as
the recent retrospective at
New York’s Met Breuer of Ettore Sottsass, one of the
group’s founders. After all,
with its embrace of laminate
surfaces, bold palettes and
squiggly shapes, Memphis itself was a rebuke to the restraint and understatement of
mainstream midcentury modernism—the sort of counterprogramming that’s in the air
again. “These things happen
in cycles,” said Ms. Lange.
“For so long, high-end taste
has been in this really
stripped-down place, but
lately there’s been a bubbling
up of interest in more exuberant postmodern looks.” In
other words, a bit of Crayolacolored melamine might be
just what the doctor ordered.
To test my hunch, I consulted Jillian Chaitin and Jeremy Hollingworth, owners of
Cabin Modern, a design studio and eclectic midcentury
modern furniture shop in
Cobble Hill, Brooklyn. Did
they think the doctrinaire
white, cement, and wood version of Scandi modernism
might be losing its luster after more than a decade of
domination? Mr. Hollingworth
was frank. “It used to be that
every piece we carried had a
provenance and a price tag to
match. But it got too serious,”
he said with a laugh.
Emboldened, I mentioned
my new collection—and was
pleased to see Ms. Chaitin’s
and Mr. Hollingworth’s eyes
light up. The sleek, sturdy
plastic shapes and riotous
colors had also made a mark
on the childhoods of these
40-somethings. “I remember
looking at them as a kid and
relating to the chunky playfulness of them,” said Mr.
Hollingworth. “They looked
like toys to me then. These
days I see them in shops and
it feels like Christmas
again—only they’re toys for
my house now.”
His suggestion: Keep collecting, but stick to a limited
color scheme and deploy the
pieces strategically as a contrast to more organic, minimalist elements. “This
shouldn’t be about doing
your whole house up in rainbow melamine,” said Mr.
Hollingworth. “But those
bright-blue salad serving
spoons will make you smile
every time you use them.”
A smile with every salad.
Now that’s a luxury.
I M P R E S S I O N I S T, M O D E R N , P O S T- WA R & C O N T E M P O R A RY A RT
AUCTION
Wednesday, Nov 15, 2017 at 11am
EXHIBITION
November 11 – 13
L O C AT I O N
175 East 87th Street, New York, NY 10128
C ATA L O G U E
View and bid at Doyle.com
F E AT U R I N G
Fernand Léger, Salvador Dalí, Guy Pène du Bois,
Maurice de Vlaminck, Maurice Brazil Prendergast,
John Gutzon de la Mothe Borglum, Diego Rivera,
Alexander Calder, Mel Ramos, David Hockney,
Fernando Botero
Willard Leroy Metcalf (American, 1858-1925), Clearing in the Woods, Autumn, 1906, Oil on canvas
Principal Auctioneer: Rodney J. Lang No. 0777006
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, November 4 - 5, 2017
* ***
THE WALL STREET JOURNAL.
GEAR & GADGETS
RUMBLE SEAT DAN NEIL
THIS HIGH-STEPPING fashionista
is the 2018 Alfa Romeo Stelvio, a
five-seat, all-wheel-drive midsize
crossover, in premium/entry-luxury
country, with prices ranging from
the low-$40,000s to mid-$50,000s.
It’s tardy to the party.
An Alfa Romeo SUV has been in
the works for about 15 years, and
such a vehicle has always been the
linchpin of any theoretical return
of the sporty Italian brand to the
U.S. market. No doubt Alfa’s dealers would have seen more foot
traffic if corporate had started
with the SUV model two years ago,
rather than the exquisite, rarefied
Giulia sedan.
And yet, you couldn’t exactly call
the Stelvio eagerly awaited. The
plains are already black with herds
of hot-handling, mass-class crossovers: Audi Q5, BMW X3, MercedesBenz GLC, Jaguar F-Pace, Porsche
Macan, Range Rover Evoque, to
name a few. Among this competitive set, the Stelvio has little to offer the wise consumer beyond the
reassuring handshake of Fiat Chrysler Automobiles (FCA). The very
idea seems like a skyrocket of woe.
And yet, people will buy the
Stelvio anyway, for no better reason than that it gives great face.
First, the basics: Named for an
awesome mountain pass in Italy
that tourists have ruined, thank
you, the Stelvio is in most respects
a lifted Giulia sedan. Built on the
same assembly line, in Cassino, Italy, the Stelvio benefits from the
same lightweight fabrication, including the lavish use of aluminum
for front and rear sub-frames, suspension bits and body panels. This
diet, and exotica like the carbon-fiber driveshaft, helps the Stelvio
achieve a quite svelte 4,044 pounds.
Alfa’s dealers might have
seen more foot traffic if
they’d introduced this
SUV before the exquisite,
rarefied Giulia sedan.
Thus the topline from any driving encounter must be the Stelvio’s comparatively light, well-balanced nature (50/50 front/rear
weight distribution) and agreeable
handling. It’s also got quick, wellweighted steering (e-assisted,
11.8:1 ratio) and a small, flat-bottom steering wheel to wield it,
with stitched leather like a Prada
truncheon. Mom has always had a
thing for leather.
Again, owing to the Giulia, the
Stelvio is sprung like a sports sedan: double-wishbone front suspension and Alfa’s own five-link
array in the rear, all in aluminum.
The primary difference is the taller
steel springs required to raise the
ground clearance (8.1 inches, 3
inches higher than Giulia). The
overall damping works a little
harder. If you are looking for the
most serene ride and greatest
cabin isolation, you can scratch
the Stelvio off your list. Perhaps
something in size Maserati?
HANDSOME AND THEN SOME
The Alfa Romeo Stelvio has one
key advantage over its SUV
competitors: It looks really good.
And as with the Giulia, American buyers can choose between
two engines, amounting to two
very different cars. In the base and
Ti model there dwells FCA’s
torque-y, game-as-hell 2.0-liter
turbocharged four (280 hp/306 lbft), paired with an eight-speed automatic and rear-biased all-wheel
drive, the Q4 system. Caned from
a stop, the Stelvio will touch 60
mph in 5.4 seconds, says the factory—that sounds about right—
and achieve a top speed of 144
mph. Goodly punch is to be had.
Our test car’s Ti Sport package
($44,990) layered on firmer suspension settings, 20-inch alloys,
painted brake calipers, sport seats,
aluminum pedals and shift paddles.
Thus equipped, the Stelvio is not
just a pretty face. Put your right
foot down and the turbo four sneers
and snares happily between lashing
upshifts and rev-matching downshifts. For maximum laughs, the
drive-mode selector should remain
in D for Dynamic, and gearshifts
tapped out with the shift paddles.
Over rough pavement, our tester’s big wheels trembled a bit in
their sockets. The Stelvio’s ride
might be too busy for some consumers’ tastes. And yet, in that initial reflex of commitment to a corner, the Stelvio dives for it like
wide receiver.
Let’s call that Regular Strength.
Extra Strength is the Stelvio
Quadrifoglio, powered by a Ferrari-derived 2.9-liter twin-turbo
V6 putting out 505 hp and 443
pound-feet of twist, and up-armored with a torque-vectoring
rear differential, track-hardened
suspension, bigly Brembo brakes
and racy tires. In September a
Quadrifoglio claimed the production SUV lap record of 7:51.7
around the Nurburgring, eight sec-
onds quicker than the mighty
Porsche Cayenne Turbo S. If your
route to work takes in the Eifel
mountains, the choice is clear.
I haven’t yet had a go in the
Quadrifoglio, but since it is the SUV
version of what I consider the bestdriving sport-sedan on the market, I
feel certain there will be a lot to
like. If only it weren’t, you know, an
SUV, with the driver’s seat hiked
another half-foot in the air. I was
sorry to learn Alfa had canceled the
Giulia-based wagon program. That
would have been epic, shades of the
159 Sportwagon.
Perhaps you are beguiled. Don’t
be ashamed. These feelings are
natural. On the con side, the Stelvio comes to us from the financially ailing FCA, which is worrisome. Among the possible
scenarios, the company may
change hands, partly or wholly,
and the Alfa Romeo brand would
be sold off. How might this affect
dealer support in the U.S.? Further
testing one’s optimism are the Alfa
owner forums detailing a lot of
small but maddening glitches with
the Giulia sedan.
On the pro side, those same
Giulia owners have probably
helped debug the Stelvio, which
shares nearly all the same hardware and software. I didn’t experience any issues with the test car
except a slight delay in screenbased functions and over-stacked
menu structure, which the user negotiates with a central rotary controller.
Which brings us round to the
biggest Why and the Stelvio’s one
blazing competitive advantage: its
looks.
Alfa Romeo’s hawkbill grille design dates back to the 6C 2500
Villa d’Este Coupe (1949) and became visually synonymous with
the Italian company by about 1958
and the revered Giulietta series.
The Villa d’Este Coupe also prototypes Alfa’s raptor-eyed gaze, the
headlights round, high and wideset; though, 68 years later, the
lenses of the Stelvio’s bi-xenon
headlamps make it look more owlish than hawkish.
Officially, the grille shape is
called the Scudetto, the “little
shield.” But feel free to indulge
your inner Jung: an arrowhead, a
cat’s face (with whiskers), a heart,
V for victory, V for mons Venus.
Now that’s marketing.
Whatever. It still works, and
works fantastically well, particularly when judged against mutt-
faced contemporaries such as the
Lexus RX 350 or the Infiniti QX50.
In my two weeks with the Stelvio,
it turned more heads than an
Army doctor. What’s interesting is
that, aft of the flourishing front
end, the Stelvio reverts to a fairly
conventional shape; so all this voxpop is being generated by the first
foot or so of a 15.4-foot vehicle.
If it seems like I’m overvaluing
aesthetics in the marketplace, I
wish it were so. It’s you out there—
impulsive, self-adoring, attentionseeking, waving your checkbooks at
status-y crossovers. When it comes
to the car-buying public, the irrational rules. Pretty sells.
Thank God, says Alfa Romeo.
2018 ALFA ROMEO STELVIO TI SPORT
Base price $44,990
Price, as tested $55,240
Powertrain direct-injected twinscroll turbocharged and intercooled
2.0-liter inline four cylinder with
variable valve timing; eight-speed
automatic transmission with manual
shift mode; rear-biased all-wheel
drive, with up to 60% torque available at front axle
Power/torque 280 hp at 5,200
rpm/306 lb-ft at 2,000-4,800 rpm
Length/width/height/wheelbase
184.6/74.9/66.0/111.0 inches
0-60 mph/top speed 5.4 seconds/144 mph
EPA fuel economy 22/28/24 mpg,
city/highway/combined
Cargo capacity 18.5/56.5 cubic feet
(behind 2nd row/1st row seats)
DEALER’S CHOICE
F. MARTIN RAMIN/THE WALL STREET JOURNAL
Beautifully designed playing cards are magicians’ new calling cards. And they’re not just for pros
“AS A MAGICIAN, your job is to
perform,” said Dan Buck, 32, who,
along with his twin brother, Dave
Buck, helped create and popularize
the performance art of card shuffling known as cardistry. “Why not
have your own custom deck of
playing cards?”
When the Southern Californiabased Buck boys started showcasing their card illusions more than
a decade ago, just a half-dozen or
so notable new decks would debut
annually. Now, with the popularity
of card-design projects on Kickstarter, there were probably “85
decks released last year,” Dan said.
More than 100 unique sets ranging
from $3 to more than $20, the
DECK FLAIR From left: Drifters, Dan
and Dave, $12, Ultimate Deck, Stranger
and Stranger, $25; Odd Bods, Jonathan
Burton, $15; all decks, artofplay.com
work of various global companies,
can be found on the Bucks’ web
card store, artofplay.com.
Artist couple Peter Dunham and
Linnea Gits, co-founders of the
Chicago design studio Uusi, have
created nine decks. They credit the
Bucks with defining a new card
market. “I think they’re one of the
few who’ve really pushed the design-driven end of it,” said Ms.
Gits, who added that both magic
and poker purists often shop at
the competing website
theory11.com.
A collectible deck represents a
jewel box of exacting graphic design, from the anti-tamper seal on
the case to the look of the suit
symbols on the cards. The Bucks
say the on-trend decks display
bold and simple patterns inspired
by street art and fashion, and the
sets are often sold in limited edi-
tions. In July, a print run of
20,000 decks sold out on the
Bucks’ site within an hour. “When
something has a high expectation
for resale, people will buy multiple
decks,” Dave said.
Dave particularly likes the deck
Odd Bods, printed by the United
States Playing Card Company. English illustrator Jonathan Burton,
who lives in France, designed the
deck and added quirky touches;
the queen of clubs holds a red
telephone while the jack of hearts
wields a banana. Dave also likes
the Drifter cards, which have a cigarettes, Stetsons and bandoliers
vibe; the queen of hearts wears a
prairie bonnet and carries a pistol.
“They remind me of the black-andwhite Westerns I would watch Saturday mornings with my dad,” he
said.
—Michael Tortorello
FCA US LLC
2018 Alfa Romeo Stelvio: It Gives Great Face
Документ
Категория
Журналы и газеты
Просмотров
54
Размер файла
8 553 Кб
Теги
The Wall Street Journal, newspaper
1/--страниц
Пожаловаться на содержимое документа