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The Wall Street Journal November 18 2017

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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
Historic Recipes
Rekindled
A
DEMOCRATIC
SURPRISE
REVIEW
OFF DUTY
VOL. CCLXX NO. 119
WEEKEND
* * * * * * * *
HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 18 - 19, 2017
WSJ.com
Zimbabwe’s President Mugabe Reappears as Pressure Mounts
What’s
News
World-Wide
T
he Trump administration
is looking at ways to
quickly strengthen Saudi
missile defenses and disrupt
the flow of Iranian weapons across the Mideast. A1
Saudi authorities are
widening a corruption probe
and seeking cash settlements from some people. A7
BY DION NISSENBAUM
AND FELICIA SCHWARTZ
Zimbabwe’s Mugabe made
his first public appearance
since the military took
control of the country. A6
NATO’s head apologized
to Turkey after its leader
pulled troops from a joint exercise he called offensive. A6
Indonesia’s speaker is the
focus of a corruption probe
into missing state funds. A7
A Venezuelan opposition
leader fled house arrest and
crossed into Colombia. A8
Bannon ‘War’ a Tough Sell
Former Trump official’s
campaign against GOP
incumbents may find
luring donors difficult
Tax Overhaul’s Path
Concerns about the Senate tax bill are coming
from at least six GOP senators, including Bob
Corker, and supporters can lose only two of
the lawmakers for the measure to pass..... A4
BY JULIE BYKOWICZ
AND GREGORY ZUCKERMAN
Business & Finance
Emerging-market bonds
are showing signs of stress,
part of a broader worldwide correction in junkbond prices this week. A1
Fox’s overseas operations
are the main attraction for
Comcast and others interested in acquiring some of the
media company’s assets. B1
Wells Fargo fired its
head of consumer lending
for critical comments he
made about regulators. B1
Auto makers in China
are struggling to find buyers for electric vehicles. B1
Tesla is playing the long
game with its approach to
an all-electric semi truck. B3
Stocks fell, dragging the
S&P 500 and Dow to weekly
losses. The blue chips slid
100.12 points to 23358.24. B11
Bitcoin’s price surged to
a record of almost $8,000,
erasing a sharp pullback. B10
Stitch Fix stumbled in its
Nasdaq debut closing just
over its IPO price at $15.15. B2
Abercrombie & Fitch and
Foot Locker posted strong
sales, boosting shares. B2
Google is expanding in
Japan to ride a wave of technology investment in Asia. B4
Inside
NOONAN A13
Alabama
Women, Say No
To Roy Moore
Sports....................... A14
CONTENTS
Business News.. B2-4 Style & Fashion D2-4
Food................... D1,9-10 Travel...................... D7-8
Gear & Gadgets... D11 U.S. News............ A2-4
Heard on Street....B11 Weather................... A14
Obituaries................. A9 Wknd Investor....... B5
Opinion............... A11-13 World News....... A5-8
HOLIDAY BOOKS..... C5-18
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
VALEDICTORY? President Robert Mugabe on Friday made his first public appearance since the military put him under house arrest, presiding
at a university graduation on the outskirts of Zimbabwe’s capital, Harare. The longtime leader’s party moved for a no-confidence vote. A6
challengers to GOP senators
with a goal of toppling Senate
Majority Leader Mitch McConnell, who he has called ineffective and insufficiently loyal to
President Donald Trump. Mr.
Bannon, who hasn’t ramped up
any fundraising yet, wants to
defeat five GOP senators up
for re-election next year.
Turning that into reality
Steve Bannon has vowed to
lead a “season of war” on
Washington’s Republican establishment. But donors most
likely to fund a disruptive campaign may be hard to win over.
Mr. Bannon, the former
White House strategist and
Breitbart News executive, is
planning to support primary
likely would require tens of
millions of dollars to rally voters and build the name recognition of various candidates
facing well-financed, sitting
senators. Indeed, outside
groups spent nearly $3 million
in 2012 to help Richard Mourdock defeat Republican Sen.
Dick Lugar in Indiana. Mr.
Mourdock went on to lose the
general election.
In recent weeks, however,
two of the biggest GOP donors
who have funded disruptive
campaigns in the past have
distanced themselves from
Mr. Bannon. And the Senate
race in Alabama, where Mr.
Bannon backs Republican candidate Roy Moore, who is facing sexual assault allegations,
has energized Mr. McConnell’s
defenders.
Sheldon Adelson, a Las Vegas gambling billionaire, and
his wife indicated this week
that they won’t be part of Mr.
Bannon’s election efforts.
“They are supporting Mitch
Please see BANNON page A4
WASHINGTON—The Trump
administration is looking at
ways to quickly strengthen
Saudi Arabia’s missile defenses
and disrupt the flow of advanced Iranian-made weapons
across the Middle East as concerns grow over a destabilizing
new crisis in the region.
U.S. officials said they have
rushed to ease regional tensions after an eruption of unexpected developments, including
Saudi Arabia’s internal political
upheaval, the mysterious resignation of Lebanon’s prime minister while visiting Riyadh, and
the launch by Tehran-backed
rebels in Yemen of an Iranianmade missile that was shot
down near the Saudi capital.
The Trump administration is
pushing for a quick resolution
to the political stalemate in
Lebanon so the U.S. and Saudi
Arabia can focus on what
Washington sees as the most
significant regional threat:
Iran’s supply of sophisticated
weapons to its Middle East allies, including Hezbollah.
“The state of uncertainty is
not serving anyone but Hezbollah and its allies,” said a senior
Trump administration official.
“The longer it goes on, the
worse it is for Saudi interests
and U.S. interests and the interest of our friends.”
To address what it sees as
the biggest danger from recent
developments, the Trump administration is exploring new
plans to help deter the Iranian
Please see SAUDI page A7
Riyadh pursues cash
settlements in probe............. A7
Investor Zeal Cools
For Riskiest Debt
Emerging-market bonds are
showing signs of stress, fresh
evidence that investor interest
in some of the world’s riskiest
debt may be cooling down after a long rally.
levels, fell further this week
after two ratings firms declared the government in default after missed interest
payments.
The recent weakness in
emerging markets was part of
a broader correction in junkbond prices around the globe
this week that has mostly affected lower-rated issuers. The
selloff followed some poor U.S.
corporate earnings and a pullback in the stock market that
raised concerns that riskier investments are due for a more
sustained downturn.
Flows out of high-yield
bond funds jumped to $6.7 billion in the week ended Nov. 15,
according to strategists from
Please see JUNK page A2
By Manju
Dalal, Saumya
Vaishampayan
and Christopher
Whittall
Companies in China, Hong
Kong and Indonesia recently
pulled planned bond sales totaling $800 million in dollardenominated debt. The companies blamed weak market
sentiment, bankers and investors said. Venezuela bonds, already trading at distressed
Activate the Crowd Control Unit!
They’re Opening a Wegmans
i
i
i
Specialty-food chain debuts draw crowds
that rival iPhone launches, Taylor Swift
BY SARAH E. NEEDLEMAN
AND HEATHER HADDON
VINELAND, N.J.—There are
some retail events that modern
Americans don’t hesitate to wait
in line for. An iPhone launch. A
movie-star book signing.
Next on the list: The grand
opening of a grocery store.
Theresa Marroccelli was first
in line at 4:45 a.m. on Thursday
at the debut of a Lidl store in
Vineland, N.J. “It gives me some
practice for Black Friday,” said
the 50-year-old project man-
ager, who came to the discount
grocer hoping to win a $100 gift
card. She succeeded.
“People were walking up to
me like I was some kind of celebrity,” said Ms. Marroccelli.
She used her winnings at the
store, part of the German Lidl
Stiftung & Co. chain, to buy $36
in peppers, parsley and other
produce.
Employees danced to music
played by a DJ as a line of firstday shoppers stretched around
the corner. Jamie Doroshuk, a
Please see OPEN page A9
GORDON WELTERS FOR THE WALL STREET JOURNAL
The White House request
for disaster-relief funds
falls far short of what is
needed, lawmakers said. A3
BEN CURTIS/ASSOCIATED PRESS
Russia’s Kaspersky, which
the U.S. suspects of a cyberspying role, was seen as a potential threat as early as 2004. A2
Senate GOP leaders face
concerns about their tax bill
from at least a half-dozen
Republican senators. A4
U.S. Seeks
To Bolster
Saudi
Defenses
Top-ranked grandmaster Magnus Carlsen, left, faces off with amateur Max Deutsch.
An Unlikely Chess Match Tests
Limits of Self-Improvement
Novice gives himself a month to beat world champion Magnus Carlsen
BY BEN COHEN
shuffled deck of cards. He sketched an eerily
accurate self-portrait. He solved a Rubik’s
HAMBURG, Germany—Max Deutsch went
Cube in 17 seconds. He developed perfect muthrough a month of training before he travsical pitch and landed a standing back-flip. He
eled across the ocean, sat down in a regal hostudied enough Hebrew to discuss the future
tel suite at the appointed hour and waited for
of technology for a half-hour.
the arrival of the world’s greatest chess
Max, a self-diagnosed obsessive learner,
player.
wanted his goals to be so lofty that he would
Max was not very good at chess himself.
fail to reach some. At that, he failed. Max was
He’s a 24-year-old entrepre11-for-11.
neur who lives in San Fran- Moves 1-9: A Strong Opening
He knew from the begincisco and plays the sport
ning of his peculiar year
8
occasionally to amuse himthat the hardest challenge
self. He was a prototypical 7
would come in October: deamateur. Now he was prefeating Magnus Carlsen in a
paring himself for a match 6
game of chess.
against chess royalty. And
Magnus Carlsen is a 265
he believed he could win.
year-old world champion
The unlikely series of
from Norway who has be4
events that brought him to
come a global celebrity be3
this stage began last year,
cause of chess. He belongs
when Max challenged himalongside Garry Kasparov
self to a series of monthly 2
and Bobby Fischer in any
tasks that were ambitious
conversation about the most
1
bordering on absurd. He
talented players ever.
a
b
c
d
e
f
g
h
Please see CHESS page A10
memorized the order of 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
A2 | Saturday/Sunday, November 18 - 19, 2017
* *******
THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
New Tobacco Ads Aren’t Likely to Go Viral
For decades, cigarette makers
misled the
public about
the benefits of
smoking while concealing information about its dangers.
Now, the companies must
run court-mandated corrective ads acknowledging that
smoking and nicotine are
highly addictive; cigarettes
are designed to create and
sustain addiction; and smoking causes cancer and other
diseases.
But the nation’s 92 million
millennials and teenagers
may not get the message because the ads will run primarily on network television
and in newspapers.
“That’s not where young
people’s eyeballs are,” said
Robin Koval, CEO and president of Truth Initiative, a
nonprofit organization that
campaigns against youth
smoking.
Reaching that demographic is important, she
said, because according to
the Centers for Disease Control and Prevention, virtually
JUNK
Continued from Page One
Bank of America Merrill
Lynch. That was the third
highest withdrawal on record,
the bank said.
“We’re seeing huge outflows from mutual funds and
ETFs, so it’s triggering this
domino effect,” said Stephen
Ketchum, managing partner at
Sound Point Capital Management.
Bondholders’ recent skittishness marks a sharp turn
from most of this year, when
yield-hungry investors plowed
billions of dollars into emerging-market bonds.
Many investors have been
betting that global growth and
a low default rate in the developing world means that selloffs should be viewed more as
opportunities than warnings
signals. “When there are periods of weakness, investors
have been very conditioned…to buy the dip,” said
Ashley Perrott, head of panAsian fixed income at UBS Asset Management in Singapore.
And by the end of the week,
there were signs that the junk
market was settling down.
High-yield bonds staged a big
rebound on Thursday. The average yield in the Bloomberg
Barclays U.S. corporate highyield index dropped to 5.82%
from 5.97% on Wednesday, its
largest decline in nearly 14
months. Bond prices, which
move inversely to yields, were
mostly flat on Friday.
A large part of the recent
high-yield bond declines have
all smokers pick up the habit
by age 26.
The corrective ads, which
will begin rolling out on Nov.
26, are the result of a 1999
U.S. Department of Justice
lawsuit that won a court verdict concluding tobacco companies had falsely denied,
distorted and minimized the
significant adverse health
consequences of smoking.
The ads are unlike those
of other prominent antismoking efforts that have
aired for years, paid for with
money from an earlier legal
settlement with tobacco
companies.
The new ads will be the first
in which the companies acknowledge the risks and admit
to having intentionally made
cigarettes more addictive.
All of the defendants in the
lawsuit are now owned by Altria Group Inc. or British
American Tobacco, whose U.S.
subsidiary is Reynolds American Inc. Spokesmen for the
companies said they are complying with the court order.
As stipulated, they must air
30- or 45-second TV ads five
times a week, Monday
T
he media buy was
originally ordered in
2006, before social
media and other digital platforms took off. Appeals by
the tobacco companies delayed the rollout for more
than a decade, but the original terms were never updated.
Bond Blip
Investors have been demanding more compensation to own
corporate junk bonds in the U.S. and emerging markets.
5.5 percentage points
Emerging markets
U.S.
Spreads on high-yield indexes
5.0
4.5
4.0
3.5
3.0
J
F
M
A
M
Sources: Bank of America Merrill Lynch;
Federal Reserve Bank of St. Louis
also been concentrated in the
debt of some telecommunications firms, which account for
a large chunk of the market.
But in much of the developing world, bond markets remain on edge. As prices have
fallen, yields on global highyield and emerging-market
bonds have climbed. The average spread—or the gap between yields on these bonds
and U.S. Treasurys—this week
hit a two-month high of 3.88
percentage points, after touching a multiyear low of 3.41
percentage points in late October, according to a Bank of
America Merrill Lynch index.
The index has gained 8.6% this
year.
China’s benchmark 10-year
yield jumped to a three-year
high this week. Foreign investors were also net sellers of
emerging-market debt in Asia
J
J
A
S
O
N
THE WALL STREET JOURNAL.
for the first time this year in
October, according to Australia
& New Zealand Banking Group
Ltd.
Venezuela’s missed debt
payments, along with political
tension stretching from Lebanon to Zimbabwe, rattled investor sentiment.
After months of big gains,
analysts are now watching for
signs of a turn in sentiment as
major central banks, led by the
Federal Reserve, reverse years
of easy monetary policies that
have encouraged many investors to embrace riskier assets.
Yet, some say as long as central banks taper their bond
purchases or raise interest
rates slowly and inflation
stays low, higher-yielding assets will remain attractive.
Given the strong rally earlier this year, “it was inevitable that emerging markets
through Thursday, between 7
p.m. and 10 p.m. for 52 weeks
primarily on the major networks for a total of 260 spots.
Simultaneously, they must
publish full-page print ads in
at least 45 newspapers on
five Sundays spread over
about four months. If a
newspaper doesn’t publish on Sunday, the ads will
appear on Fridays. The ads
will also appear on the newspapers’ websites.
But few of the nation’s
71.7 million millennials ages
18 to 34 or its 21 million
teenagers ages 13 to 17 are
likely to notice.
According to data collected by Nielsen, 31 of the
newspapers that will run the
corrective ads (the only ones
Nielsen had data for) are
read by a combined six million millennials, a figure that
represents average Sunday readership or, if there is
no Sunday edition, average
daily or weekly readership.
Data weren’t available for
younger readers.
Meanwhile, in the past
year, ABC, CBS and NBC together averaged around 1.9
would go through an air
pocket,” said Luke Spajic, head
of portfolio management of
emerging Asia at Pacific Investment Management Co.
Investors have turned more
cautious ahead of a flurry of
new dollar-bond deals coming
before the Thanksgiving holiday next week. That includes
Nigeria’s plans to sell up to $5
billion in government debt next
week, which data provider Dealogic says would be the largest
such deal ever from Africa.
Many issuers are also preparing to sell bonds before
Christmas ahead of the Fed’s
next possible interest-rate increase. They include Chinese
internet companies Alibaba
Group Holding Ltd. and Baidu
Inc., which are planning or
considering U.S. dollar-bond
sales, according to people familiar with the matter.
But other issuers have
pulled back after not finding
enough interest. Hong Konglisted Concord New Energy
Group Ltd., which has a high
speculative-grade credit rating,
this week tried to sell threeyear dollar bonds at a yield of
7.125%, but failed to attract
sufficient investor demand.
Chinese steelmaker Inner
Mongolia Baotou Steel Union
Co. also withdrew a $200 million sale of three-year unrated
bonds on which it wanted to
pay 5.7%, while Indonesian
palm-oil producer Sawit Sumbermas Sarana canceled what
would have been its inaugural
sale of $300 million in U.S.
dollar bonds.
—Julie Wernau
and Sam Goldfarb
contributed to this article.
U.S. WATCH
Housing Starts Rose
13.7% in October
U.S. housing starts rose last
month to the highest level in a
year, a sign that builders are
getting back on track after hurricanes lashed the Southeast and
damped residential construction
activity in September.
Housing starts increased
13.7% in October from the previous month to a seasonally adjusted annual rate of 1.29 million,
the Commerce Department said
Friday.
Residential building permits,
which can signal how much construction is in the pipeline,
jumped 5.9% to an annual pace
of 1.297 million last month.
—Laura Kusisto
CHICAGO
Jesse Jackson Says
He Has Parkinson’s
The Rev. Jesse Jackson disclosed publicly Friday that he
has been seeking outpatient
care for two years for Parkinson’s disease and plans to
“dedicate” himself to physical
therapy.
In a letter to supporters, the
76-year-old civil-rights icon said
family and friends noticed a
change in him about three years
ago and he could no longer ig-
STEPHANIE ZOLLSHAN/THE BERKSHIRE EAGLE/ASSOCIATED PRESS
ECONOMY
A
more effective strategy to reach younger
people would incorporate additional digital platforms, said Keith Niedermeier, who directs the
undergraduate marketing
program at the University of
Pennsylvania Wharton
School and researches millennials.
“If they’re not in the places
millennials are absorbing the
most impactful ads—online
video, social media, search
and a combination of those—
they are undershooting the
potential impact of the campaign,” he said.
The Wall Street Journal
previously reported that Altria expects to spend $31 million to put the corrective ads
on TV, in newspapers, on its
own websites and in pam-
phlets tucked into cigarette
packs. Reynolds American
declined to say how much it
expects to spend.
The combined total is
likely to be a fraction of what
they invest to sell their products, though the earlier legal
settlements have already
funded more than $1 billion
in antismoking campaigns.
In 2015, tobacco companies spent $8.24 billion on
cigarette advertising and
promotion, according to the
most recent figures published by the Federal Trade
Commission.
In contrast to the traditional approach taken by the
corrective ads, today’s marketing campaigns to sell tobacco products include social-media platforms such as
Instagram and $1-a-pack coupons given away in mobile
pleasure lounges towed by
18-wheelers to concerts and
bars.
The tobacco companies’
court-ordered and marketing
messages are both clear. The
only question is, which message is getting through to
young people?
Russian Firm Was
Long Seen as Threat
BY PAUL SONNE
WASHINGTON—A Russian
cybersecurity firm whose products current and former U.S. officials suspect Moscow has used
as a tool for spying was flagged
by U.S. military intelligence as a
potential security threat as
early as 2004, according to new
information the Defense Department provided to Congress.
In 2013, the Defense Intelligence Agency, the U.S. military
spy service, also issued a Pentagon-wide threat assessment
about products made by the
company, Kaspersky Lab, according to an email this week
from the Pentagon to the House
Committee on Science, Space
and Technology. The contents of
the assessment weren’t disclosed.
The DIA “began producing
threat reporting referencing
Kaspersky Lab as a threat actor
as early as 2004,” according to
the email, reviewed by The Wall
Street Journal, raising questions
Kushner Responded
Fully, Lawyer Says
An attorney for Jared Kushner, President Donald Trump’s
son-in-law, said on Friday that
certain documents requested
by a Senate committee investigating the Trump campaign’s
ties to Russia weren’t relevant
to its initial request, disputing
the panel’s suggestion that his
client hadn’t wholly fulfilled its
demand for the material.
In a letter Thursday to
about why other agencies continued to use the firm’s products.
The Journal reported in October that hackers suspected of
working for the Russian government targeted a National Security Agency contractor through
the contractor’s use of Kaspersky Lab antivirus software and
stole details of how the U.S.
penetrates foreign computer
networks. Kaspersky has long
said it doesn’t assist the Russian
government with spying.
The revelation about Kaspersky comes amid heightened concerns following the U.S. intelligence assessment that the
Russian government worked to
help President Donald Trump’s
2016 campaign. Russia has denied meddling in the election.
The company said it remains
“ready to work with the U.S.
government to address any and
all concerns and further collaborate to mitigate against cyberthreats, regardless of their
origin or purpose.”
Abbe Lowell, Mr. Kushner’s
lawyer, Senate Judiciary Committee Chairman Chuck Grassley (R., Iowa) and Sen. Dianne
Feinstein (D., Calif.) wrote that
Mr. Kushner hadn’t turned over
all the documents the panel
had requested and asked that
he be more forthcoming.
Mr. Lowell, in a Friday letter
to the senators viewed by The
Wall Street Journal, contended
that Mr. Kushner’s production
of material to congressional
committees in July had “fully
responded to their requests.”
—Rebecca Ballhaus
CORRECTIONS AMPLIFICATIONS
West Face Capital Inc. won
a 2014 bidding war for Toronto wireless carrier Wind
Mobile Corp. Inset text accompanying a Banking & Finance
article on Thursday about
West Face incorrectly said it
lost the bidding war.
The recipe for chocolateswirled pumpkin Bundt cake
with molasses glaze requires a
10-to-12-cup Bundt pan. An Off
Duty article on Nov. 4 about
vegan desserts incorrectly
listed a 10-to-12-quart Bundt
pan.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
NATIONAL ADOPTION DAY: The Bleau family adds Adrian, 2, and Natalia, 1, in Pittsfield, Mass.
nore symptoms of the chronic
neurological disorder that causes
movement difficulties.
About 60,000 people in the
U.S. are diagnosed with Parkinson’s annually, according to the
Parkinson’s Foundation. It can
start with tremors, and symptoms generally worsen over
time. The exact cause isn’t
known, and treatments include
medications, surgery and physical therapy. The disease itself
isn’t fatal but people can die
from complications.
Mr. Jackson noted Parkinson’s
“bested my father.” Noah Lewis
Robinson Sr. died in 1997 at age
88 after suffering a heart attack.
—Associated Press
million millennial prime-time
viewers who tuned in live or
viewed content within seven
days of broadcast. In addition, 1.2 million viewers ages
2 to 17, a group known as
generation Z, tuned in. The
total audience included about
20 million viewers.
NEW YORK PUBLIC HOUSING
Two Resign Amid
Lead Paint Claims
Two senior officials at New
York City’s public housing authority have resigned and another was demoted on Friday
amid reports the agency submitted false claims to the federal
government showing it had conducted lead paint inspections
when it hadn’t done the required
inspections in years.
New York City Housing Authority officials said Brian Clarke,
the agency’s senior vice president for operations, and Jay
Krantz, director of the agency’s
technical services, had resigned
on Friday. Luis Ponce, a senior
vice president for operations,
was demoted and suspended for
30 days without pay, according
to an agency spokeswoman.
Messrs. Kranz and Ponce
couldn’t be reached for comment. A woman who identified
herself as Mr. Clarke’s wife said
he wasn’t home and that she
didn’t want to comment.
A report found that the
agency had failed to conduct
lead paint inspections required
by the federal government for
four years but submitted paperwork saying it had done the inspections.
—Mara Gay
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THE WALL STREET JOURNAL.
* * * * * * *
Saturday/Sunday, November 18 - 19, 2017 | A3
U.S. NEWS
PuertoRicansTrytoStartOver
Politicians
Spar Over
Disaster
Relief
Roughly 160,000 have
arrived in Florida,
many with little cash
and no one to turn to
BY ARIAN CAMPO-FLORES
ORLANDO, Fla.—When Félix
Martell took his 5-year-old
daughter, Eliany, to her first
day of school in central Florida this week, they stopped at
a McDonald’s bathroom to
wash her because they had
been living in a car for days.
“I wanted her to be clean,”
he said, tearing up.
Two months after Hurricane Maria hit Puerto Rico,
evacuees are streaming off the
island, fleeing grim conditions
including a widespread lack of
power that prompted the resignation Friday of the director
of the island’s electric utility.
Many are landing in central
Florida—straining schools, intensifying demand for medical
care and pinching an alreadytight housing market.
About 160,000 people have
arrived in Florida from Puerto
Rico since early October, according to state data, many
coming to the Orlando metro
area. Some arrivals have
enough resources to make the
transition smoothly. Many are
landing with little cash and no
friends or relatives to turn to.
More than 26,000 arrivals
have sought services at three
disaster-relief centers set up
after the storm.
“What we’re facing here is
something that’s unprecedented,” said John Horan,
chairman of the Seminole
board of county commissioners.
Florida Gov. Rick Scott has
assigned state agency staff to
the disaster-relief centers to
help arrivals apply for benefits
and has suspended occupational licensing fees to help
Puerto Ricans work in the
state. The Federal Emergency
Management Agency is working to temporarily place newcomers with the greatest
needs in hotel rooms.
Here are two families’ stories:
WASHINGTON—Lawmakers from both parties said the
White House’s latest request
for emergency disaster-relief
funds falls far short of what is
needed to recover from this
year’s devastating storms, and
braced for a political fight
over how to pay for it.
In its funding request Friday, its third to date, the
White House asked for $44
billion in emergency disaster
relief and suggested trimming
federal spending by $59 billion
to offset the cost of the aid, a
step that could ignite a congressional fight over whether
disaster relief has to be paired
with budget cuts elsewhere.
Budget Director Mick Mulvaney said in a letter to congressional leaders that the
White House would be requesting additional funds later
to help Puerto Rico and the
U.S. Virgin Islands recover
from Hurricane Maria, but
that more time was needed to
assess the damage there.
Congress has already approved almost $52 billion in
disaster relief. Mr. Mulvaney
said in his letter that the administration believes it is
“prudent to offset new spending,” and that it wants to work
with lawmakers to find the
best way to do that.
The two biggest chunks of
the disaster-relief request sent
to Congress Friday are $25 billion for the Federal Emergency
Management Agency’s disaster-relief fund and $12 billion
for flood mitigation projects.
Even before the White
House had officially sent its
request, senior Republicans
from Texas were criticizing it
as insufficient. In a hearing
Thursday evening, Senate Majority Whip John Cornyn (R.,
Texas) called the request
“wholly inadequate.” Texas
Gov. Greg Abbott has requested $61 billion in assistance, which Mr. Cornyn supports, an aide said.
Democrats said the request
didn’t come close to what
would be needed, particularly
for Puerto Rico, which is
struggling to restore power
and rebuild. Puerto Rico is
asking Congress for $94.4 billion to rebuild.
‘I don’t want this to
taint her future’
After nearly two months
with no electricity or running
water, and a closed elementary
school, Mr. Martell decided to
leave the island, worried about
the condition his daughter was
living in. Mr. Martell, 43,
CASSI ALEXANDRA FOR THE WALL STREET JOURNAL
BY KRISTINA PETERSON
AND NATALIE ANDREWS
Storm refugees Félix Martell and his daughter, Eliany, initially slept in a borrowed car, but now they are staying at a hotel in Ocala, Fla.
scrounged together enough
money to buy airline tickets to
Orlando, where he had lived a
few years recently working as
a cook at Applebee’s.
Upon arrival last week, he
learned that he and Eliany
would have to wait about a
week for a temporary housing
application to be processed by
FEMA. With no other options
for housing, he bought bus
tickets to find an acquaintance
80 miles north in Ocala.
But when he and his daughter arrived at his friend’s
house, there was no room. She
already had taken in two other
Puerto Rican families.
All she could offer Mr. Martell and his daughter was a
Nissan sedan, which became
their temporary home at a rest
area along Interstate 75. Mr.
Martell created a makeshift
bed in the back seat for his
daughter, covering the windows with a shirt. He bathed
her with towels and soap in a
family restroom and fed her
bread, milk and snacks he
bought with food stamps.
“I tried to explain to her,
‘My love, we’re going to be
better here,’ ” Mr. Martell said.
“Don’t worry, Daddy,” he recalls her saying. “We’re not always going to be in a car.”
The following day, Mr. Martell enrolled his daughter in a
school in Ocala, where she
could start classes in kinder-
Number of Puerto Ricans who have come to Florida since Oct. 3
garten. He also contacted his
former employers in the area,
and was told he could start as
soon as he got settled.
After dropping his daughter
off at school Monday, he found
assistance at a family resource
center set up for evacuees at a
facility run by Latino Leadership Inc., a nonprofit in Orlando. Workers were so moved
by his story they secured a hotel room in Ocala, where he
took his daughter that night.
It is only temporary, but he
hopes a FEMA-provided room
will come through.
Eliany fell in love with her
new school, with its colorful
classrooms and big cafeteria,
he said. When he took her to
the hotel room, she exclaimed,
“Wow, there’s television!”—a
treat after nearly two months
without power.
Mr. Martell said he is confident he will find steady work
and get settled as soon as he
can figure out a housing solution. But he worries about his
daughter, who lost her mother
to cancer a year-and-a-half
ago. “I don’t want this to taint
her future.”
‘I saw them suffering’
Isaac Díaz and his wife
grew increasingly concerned
about conditions for their two
children at their home in San
Juan in the weeks after the
Ethics Probes Put Committee in Spotlight
Senate Majority Leader
Mitch McConnell’s call for ethics investigations into two
Democratic senators and a Republican candidate is putting a
spotlight on a Senate committee that largely operates in secret and doesn’t disclose the
results of many of its investigations.
On Thursday, a woman accused Sen. Al Franken (D.,
Minn.) of sexual misconduct in
a 2006 incident, and a federal
judge declared a mistrial in the
corruption trial of Sen. Bob Menendez (D., N.J.). Those events
prompted Mr. McConnell (R.,
Ky.) to issue statements calling
for the Select Committee on
Ethics to take up the two cases.
The committee said later
that day it would resume its
2012 inquiry into Mr. Menendez that it deferred in 2013
when the Justice Department
JULIO CORTEZ/ASSOCIATED PRESS
BY NATALIE ANDREWS
Sen. Bob Menendez, left, outside of court in New Jersey Thursday.
took up the matter.
Prosecutors haven’t said
whether they plan to retry Mr.
Menendez. A spokeswoman for
the panel’s chairman didn’t respond to a question about why
the panel was taking up the
case before prosecutors decide
whether to retry the senator.
Mr. Menendez’s trial turned
on accusations of a yearslong
bribery scheme that prosecutors said involved nearly $1 million in campaign contributions
and lavish gifts. He said in a
statement: “The ethics committee will come to no different
conclusion than this jury
did. There is no merit to further
pursuing this matter.”
In addition, Mr. McConnell
has called for the ethics committee to investigate U.S. Senate candidate Roy Moore, an
Alabama Republican, should
he be elected in December. Another senator, Cory Gardner of
Colorado, who leads the GOP’s
Senate campaign arm, said
that Mr. Moore should be expelled if he wins election, an
outcome that the ethics committee can recommend.
Several women have accused Mr. Moore of making
sexual advances on them when
they were teenage girls and he
was in his 30s.
Messrs. Moore and Menendez have denied the accusations against them. Mr. Franken said he didn’t recall the
2006 event in the same way as
his accuser but offered his
“sincerest apologies.”
Taking on the cases brings
scrutiny to the six-person
panel that does most of its
work behind closed doors. The
committee generally undertakes its initial investigations
without public disclosure to respect the privacy of those facing allegations. At times, it has
given updates on high-profile
cases, sometimes to announce
that a case has been dismissed.
In the committee’s statement that it was resuming the
Menendez inquiry, it said “no
other public statement will be
made on this matter except in
accordance with committee
rules.”
Should the panel find wrongdoing, it can issue a private or
public reprimand. It can also
recommend censure, which requires a majority vote. The
panel can also recommend expulsion, which requires approval
by two-thirds of the Senate.
—Kristina Peterson
contributed to this article.
Next HHS Chief to Inherit Agency That Faces Criticism
BY STEPHANIE ARMOUR
AND LOUISE RADNOFSKY
The next head of the Department of Health and Human Services will be handed
an agency facing criticism
from state officials and internal strife.
HHS, which employs about
80,000 people, oversees Medicaid, Medicare, the Affordable
Care Act and such agencies as
the Centers for Disease Control and Prevention. It has
been caught up in the fallout
from Republicans’ failure to
repeal the health law and a
scandal over governmentfunded travel that led to the
resignation of Secretary Tom
Price in September.
President Donald Trump
has nominated Alex Azar, a
former deputy secretary at
HHS, to succeed Dr. Price. Mr.
Azar will have his first nomination hearing within weeks.
While Mr. Azar is making
his way through the nomination process, HHS is facing
criticism from some state officials and its own current and
former employees for problems that range from being
unresponsive on important decisions to neglecting staff advice, while several key positions remain unfilled.
Minnesota’s
Democratic
Gov. Mark Dayton has said his
state had trouble getting HHS
approval for a waiver needed
to cut health insurance premi-
ums next year. The deadline
the state wanted to meet for
the waiver was August, and
state officials said they were
told in June it would be approved in time. By late September, the approval still
hadn’t come, and Mr. Dayton
said he initially couldn’t reach
HHS leaders on the phone.
“I’ve never seen anything
like it in my six years dealing
with a Republican administration and my 6½ years now
dealing with a Democratic administration,” Mr. Dayton said
at the time.
White House and HHS officials disputed the characterizations, saying the department is running well. “There’s
all kinds of issues across the
board that are continuing to
move forward and make a real
difference,” said HHS spokeswoman Charmaine Yoest.
HHS officials cited the distribution of almost $900 million in funding for the opioid
crisis, the release of rules paring back contraceptive-coverage requirements, and the
smooth running of the ACA
open enrollment season.
Running the HHS is notoriously challenging, as the
agency is often tasked with
handling crises, as well as implementing complex programs.
HHS’s struggles in the Obama
administration rolling out the
ACA were well documented.
Under the Trump administration, some of the criticism
has focused on the Centers for
Medicare and Medicaid Services, the arm charged with
implementing the ACA. Some
employees said CMS Administrator Seema Verma is frequently inaccessible to them.
The CMS employees also said
they are excluded from meetings where they could provide
input into key decisions. “It’s
really become dysfunctional,”
one CMS worker said.
CMS officials disputed that
account, saying Ms. Verma
emphasizes collaboration. Ms.
Verma declined to respond to
a request for comment.
A senior White House official said tension between career and political staff is to be
expected at any large agency.
hurricane. Both suffer from
asthma, and without electricity to run a nebulizer at home,
they had to travel every day to
a hospital to use one. At night,
the heat bathed the 2-year-old
and 6-month-old in sweat and
mosquito bites left their skin
riddled with pock marks. Finding ice to cool their milk was a
daily ordeal.
“I saw them suffering,” said
Mr. Díaz, who is studying accounting. “I reached a point
where I couldn’t take it anymore.”
The 27-year-old security
guard came to Orlando, ahead
of his wife and two children to
make arrangements. He, too,
went to the relief center and
applied with FEMA for assistance and has lined up a temporary hotel room through
Heart of Florida United Way
for when his family arrives.
He is also helping his
mother, María Báez, 52, who
evacuated with her 5-year-old
special-needs grandson whom
she is raising. She has no
friends or relatives in Orlando.
Mr. Díaz and his wife are
determined to get a fresh start
in Florida and have no plans
to return to Puerto Rico. This
week, he started a job cleaning
carpets, and he has enrolled in
English classes and plans to
continue studying accounting.
“You have to think about
the future,” Mr. Díaz says.
Trump Adds
High-Court
Candidates
BY LOUISE RADNOFSKY
WASHINGTON—President
Donald Trump said he was
putting five more individuals
on his list of candidates to fill
any future Supreme Court vacancy, adding figures Friday to
a roster that has been cheered
by his social-conservative supporters.
Mr. Trump said during the
campaign that he would nominate Supreme Court justices
only from a list prepared by
the Heritage Foundation, a
conservative think tank, and
Leonard Leo of the Federalist
Society. The additions to the
list, which bring it to 25
names, come as a convention
of the Federalist Society, a conservative legal organization, is
under way in Washington.
Two of the newcomers,
Amy Coney Barrett and Kevin
Newsom, were recently confirmed as judges in the Chicago-based Seventh Circuit
and Atlanta-based 11th Circuit,
respectively.
Another new name, Brett
Kavanaugh, is a judge long
known for siding with conservative arguments on the U.S.
Court of Appeals for the District of Columbia Circuit.
Britt Grant, a 2017-appointed justice of the Supreme
Court of Georgia, and Patrick
Wyrick, a 2017-appointed justice of the Supreme Court of
Oklahoma, were also among
the additions released by the
White House on Friday.
The White House didn’t
suggest a Supreme Court vacancy is imminent, and there
are no public signs any justice
is preparing to step down.
—Jess Bravin
contributed to this article.
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THE WALL STREET JOURNAL.
U.S. NEWS
GOP Makes Quick Progress on Tax Plan
House Majority Leader Kevin McCarthy spoke as Republicans celebrated passing their tax overhaul bill Thursday in Washington.
Sen. Jeff Flake (R., Ariz.)
Sen. Bob Corker (R., Tenn.)
Sen. Ron Johnson (R., Wis.)
instead of full repeal.
Republicans have benefited
from their decision to move
along the spectrum from “tax
reform” toward “tax cuts” and
create a net tax reduction of
nearly $1.5 trillion. That
means that most households
would get tax cuts, at least in
the early years of the plan.
Even with that leeway, Republicans committed them-
Sen. Lisa Murkowski (R., Alaska)
ter 2025, and make a corporate
tax rate cut permanent. Some
of those decisions were driven
by the budgetary procedures
Republicans are using. As a result, in the Senate bill, there
would be tax increases for all
income groups below $75,000
in 2027, though Republicans
say future Congresses would
prevent that from happening.
To Democrats and their allies, the tax bill’s speed is a
maddening mess that is likely
to lead to errors and unintended loopholes.
But they also see the GOP
policies fitting more perfectly in
their TV ads and sound bites
than they had ever imagined.
“I never would have
thought that they would do
something so brazen and politically explosive as raising
taxes on all individuals and
undermining the health-care
system to pay for corporate
tax cuts,” said Seth Hanlon, a
senior fellow at the Center for
American Progress, a Democratic-aligned policy group.
Lawmakers left Washington
and won’t be back until Nov.
27. Expect a sprint to the finish that will last for roughly
four weeks.
“This could all still crumble
and come to nothing. But even
the most hardened tax reform
skeptic at this point has to acknowledge that this could happen,” said John Gimigliano of
KPMG LLP. “They really want
to pass something.”
ANDREW HARRER/BLOOMBERG NEWS
selves to removing tax breaks
and there are trillions of dollars of tax increases embedded
in the bills. Some of those
higher taxes are canceled out
by the tax cuts, but the proposal still creates multitudes
of winners and losers.
The Senate proposal would
repeal the individual mandate
to have health insurance, set
individual tax cuts to expire af-
TOM WILLIAMS/ZUMA PRESS
JACQUELYN MARTIN/ASSOCIATED PRESS
their ideal proposals in favor of
what is doable. The Senate
plan, in particular, pushed aside
several planks of the framework
that party leaders wrote in late
September. Unlike the framework, the Senate plan has seven
individual tax brackets instead
of four, a 32% top rate on businesses that don’t pay the corporate tax instead of 25%, and a
doubled estate tax exemption
SUSAN WALSH/ASSOCIATED PRESS
votes locked down yet. But
close watchers of the legislation caution against underestimating Republicans’ motivation
to finish the tax bill very soon.
“There’s a chance that it
happens even more quickly
than people think,” said Rohit
Kumar, a former Senate GOP
aide now at PwC LLP.
To get this far, Republicans
have been flexible, setting aside
YURI GRIPAS/REUTERS
ANDREW HARNIK/ASSOCIATED PRESS
WASHINGTON—Republicans are powering tax overhaul
plans through Congress with
remarkable speed, having departed town for a Thanksgiving recess after important victories in the Senate and House.
In late October, they had no
public bill text for their rewrite
of business and individual
taxes and were mired in messy
debates about limiting tax benefits for 401(k) plans. Now they
have a House vote with a comfortable margin, a Senate plan
that moved through committee
and fresh momentum to finish
before Christmas.
Republicans’ pedal-to-themetal pace is driven in part by
political necessity. They are
looking for an economic policy
victory after having failed to
overturn the Affordable Care
Act as previously promised.
Primary election campaigns
will crank up soon after the
new year starts and midterm
elections aren’t far off. With
this week’s legislative wins
they stand a chance to finish a
tax rewrite before a new senator is seated from Alabama to
succeed Luther Strange, who
took the seat vacated by Attorney General Jeff Sessions.
There are still roadblocks,
especially in the Senate, where
concerns about business taxes,
health care and deficits could
slow them down or even derail
the effort. They don’t have 50
CHRIS KLEPONIS/ZUMA PRESS
BY RICHARD RUBIN
Sen. Susan Collins (R., Maine)
Sen. John McCain (R., Ariz.)
Six Senators to Watch as GOP Pursues Tax Overhaul
BY SIOBHAN HUGHES
AND KRISTINA PETERSON
Senate GOP leaders have
moved their tax bill through
the committee process and
now face a new challenge:
Concerns about the bill are
coming from at least a halfdozen Republican senators,
and supporters can lose only
two of them for the legislation to pass.
Addressing the concerns
of some could alienate others. Because Republicans
chose to limit their tax cuts
to a net $1.5 trillion over 10
years, changes meant to
please senators who want
deeper tax cuts for certain
businesses, for example, or
rework health-care provisions would require lawmakers to find new revenue or
scale back tax cuts elsewhere.
Here’s a look at GOP senators to watch as leaders consider adjusting the bill before an expected vote during
the week after Thanksgiving.
Sens. Bob Corker
and Jeff Flake
Concern: Federal Debt
Sens. Bob Corker and Jeff
Flake have chosen not to run
for re-election next year.
That has freed them to break
from party leaders and take
positions that otherwise
could cost them influence in
a future Senate or endanger
them in GOP primary elections.
Both said they are worried
that the tax bill will drive up
deficits. Mr. Corker showed
the depth of his sentiment
when he negotiated the deal
that limited the size of tax
cuts to a net $1.5 trillion, before accounting for economic
growth. By contrast, some
Republicans had wanted tax
cuts that would add as much
as $2.5 trillion in deficits
over 10 years.
Sen. Ron Johnson
Concern: Pass-Through
Businesses
Sen. Ron Johnson of Wisconsin became the first Republican this week to say he
wouldn’t vote for the tax bill
approved by the Senate Finance Committee because, he
said, it treated “passthrough” entities unfairly.
The Senate bill would cut
the corporate tax rate to 20%
from 35%, but that wouldn’t
benefit pass-throughs—the
partnerships, sole proprietorships, limited liability
companies and others that
pay taxes through their owners’ returns instead of at the
corporate rate. The top rate
for pass-throughs would remain over 30%.
Some of those passthrough businesses are small
manufacturers. Mr. Johnson
ran a plastics manufacturing
business before joining the
Senate.
Sens. Lisa Murkowski
and Susan Collins
Concern: Health Provisions
Sens. Lisa Murkowski and
Susan Collins were among
the three Republicans who
voted this summer against
the final version of the Senate GOP bill to dismantle the
Continued from Page One
McConnell 100%. For anyone
to infer anything otherwise is
wrong,” Mr. Adelson’s spokesman, Andy Abboud, said.
The statement came a day
after Mr. Bannon praised Mr.
Adelson during a Zionist Organization of America dinner
in New York, saying Mr.
Trump’s victory “wouldn’t have
come” without the casino magnate’s help. Mr. Adelson, who is
a major donor to the organization, didn’t attend the dinner.
In addition, it is unclear
how committed billionaire
Robert Mercer remains to Mr.
Bannon, whom Mr. Mercer has
long supported by helping to
fund Breitbart News and other
political and media projects.
Mr. Mercer recently said he
would step down as co-chief
executive of hedge fund Renaissance Technologies.
Asked if Mr. Mercer would
reduce or increase his support
now that he has stepped back
from his firm, Mr. Bannon said
in a brief interview on Sunday
that he would get more support from Mr. Mercer.
In his resignation letter
from Renaissance, Mr. Mercer
said he is selling his stake in
Breitbart News to his daughters and emphasized his independence from Mr. Bannon.
“I have great respect for Mr.
Bannon, and from time to time
I do discuss politics with him,”
MARY SCHWALM/ASSOCIATED PRESS
BANNON
Steve Bannon, former chief strategist to President Donald Trump, in Manchester, N.H., on Nov. 9.
he wrote. “However, I make
my own decisions with respect
to whom I support politically.”
Mr. Mercer’s spokesman declined to comment.
Mr. Adelson’s family has invested more than $200 million
in Republican candidates and
causes since 2012, and Mr. Mercer’s has given more than $37
million, according to Federal
Election Commission filings.
Mr. Bannon has met with donors across the country in recent months and they have responded enthusiastically, a
person close to Mr. Bannon said.
He is considering starting his
own political or nonprofit group.
Dan Eberhart, a GOP donor
and chief executive of Canary
LLC, a Colorado drilling services company, said he is considering financially supporting Mr. Bannon’s efforts. He
cited “a giant amount of frustration among conservatives”
with the lack of progress in
Congress.
Others who have spoken
with Mr. Bannon about his
2018 plans, including retired
Home Depot Inc. co-founder
Bernard Marcus, haven’t made
commitments for 2018 activities, according to people familiar with the conversations.
Foster Friess, a Wyoming
multimillionaire who is considering running for the Sen-
ate, said that the Bannon-led
GOP insurgency doesn’t interest him. He said he had spoken
with Mr. Bannon in October. “I
will focus my funds on replacing Democrats, not Republicans,” Mr. Friess said.
Early last month, Mr. Bannon met with about 20 Silicon
Valley executives and spoke
for over an hour about U.S.
economic policy, Iran and the
need to support politicians
willing to alter policy toward
China and protect intellectual
rights, according to a person
familiar with the meeting.
Some in the room expressed
willingness to finance Mr.
Bannon’s effort, the person
Affordable Care Act—recent
evidence that they are willing to buck GOP legislative
leaders and President Donald
Trump.
Some of Ms. Murkowski’s
concerns involve the tax
bill’s effect on the health law.
The bill would repeal the
health law’s individual mandate—the requirement that
most individuals carry health
insurance—a change that
Congress’s nonpartisan budget analysts said would cause
average premiums to rise.
Ms. Collins, of Maine, has
also expressed concerns over
repealing the individual mandate and said Congress
should pass a bipartisan bill
to extend payments to insurers. It is clear that health
care is a big issue in Maine,
as residents voted earlier
this month to expand access
to Medicaid under the health
law.
said.
Mr. Bannon could try to finance his 2018 plans with the
kind of fundraising that powered Mr. Trump’s campaign:
small donors. He recently became involved with a political
group that amassed a large
email list of Trump supporters
during the 2016 campaign.
Andrew Surabian, a former
aide to Mr. Bannon at the
White House, now serves as a
strategist to the Great America Alliance. During the 2016
election, the super PAC portion of the group raised more
than $28 million that it used
to back Mr. Trump, FEC records show.
Led by GOP strategist Eric
Beach and Ronald Reagan campaign manager Ed Rollins, the
group relied on a mix of larger
donor checks and small contributions generated through a
telemarketing campaign.
Mr. Beach said the “Great
America Alliance and Steve
Bannon are tracking in the
same direction.”
In the first half of 2017, the
group’s super PAC raised
about $1.8 million, according
to FEC records.
Part of the group is a nonprofit
organization
that
doesn’t have to disclose donors, and Mr. Beach declined
to identify those contributors
or say whether any of them
are new to the Bannon-led
cause. He said no donors had
stepped away from the group
because of Mr. Bannon’s moves
against GOP incumbents.
Gillibrand
Weighs In on
Bill Clinton
Sen. John McCain
Concern: Defense Funding
Sen. John McCain of Arizona has said that he views
the tax bill favorably so far
and that the process that
went into shaping it has
been more transparent than
the GOP health-care bill he
opposed this summer.
At the same time, Mr. McCain is pushing to make sure
the military gets at least
$700 billion for the rest of
fiscal year 2018.
Mr. McCain hasn’t drawn a
direct connection between
the two issues, but GOP aides
worry that a standoff over
military spending could imperil his support for the bill.
BY JANET HOOK
A prominent Democrat who
is a potential 2020 White
House hopeful has said she
thinks that Bill Clinton should
have resigned as president because of his 1990s sexual relationship with an intern.
In an interview with the
New York Times on Thursday,
Sen. Kirsten Gillibrand of New
York was asked if Mr. Clinton
should have stepped down after the scandal, which broke
open in early 1998. After a
long pause she said, “Yes I
think that is the appropriate
response.”
Ms. Gillibrand succeeded
Hillary Clinton as senator
when she left to become secretary of state. Ms. Gillibrand
has been an ally of the Clintons and has been a leader in
the effort to combat sexual harassment in the military.
The comment drew immediate fire from Philippe Reines, a
top aide to Mrs. Clinton, who
was first lady at the time of
the affair.
“Over 20 yrs you took the
Clintons’
endorsements,
money, and seat. Hypocrite,”
he wrote on Twitter. “Interesting strategy for 2020 primaries. Best of luck.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 18 - 19, 2017 | A5
* * * *
WORLD NEWS
France Bets Big on Jobless Benefits
Welfare expansion is
needed for gig
economy, Macron says;
unions are skeptical
BY ANDREA THOMAS
BY WILLIAM HOROBIN
BERLIN—Angela Merkel’s
path to a fourth term as German chancellor hit a hurdle
Friday when negotiations to
form the country’s first threeparty coalition reached a selfimposed deadline without an
agreement on key policy areas.
Ms. Merkel had set a Thursday deadline for the talks to
produce a framework document outlining the government’s top priorities. But the
delegates left their meeting in
the early hours on Friday
without a deal. After four
weeks of talks, Ms. Merkel’s
conservative camp, the probusiness FDP and the Greens
have yet to bridge deep differences on issues ranging from
migration to tax, climate
change and security.
“The task to build a government for Germany is an important task and the effort is
worth it,” Ms. Merkel said Friday.
While some delegates expressed optimism an agreement could be reached over
the weekend, the lack of progress has raised the specter of
political deadlock, which could
lead to fresh elections early
next year.
“It was clear right from the
beginning that it would be extremely difficult,” said Oskar
Niedermayer, professor of political science at Berlin’s Free
University. “If they fail to
strike a deal by [Saturday],
they should end this disgraceful attempt.”
Europe’s largest economy
has been without a sworn-in
government since a Sept. 24
election delivered a disappointing victory for Ms.
Merkel that left the chancellor
without an outright centerright majority.
PARIS—Should freelancers
and workers who quit their
jobs receive unemployment
checks? President Emmanuel
Macron of France thinks so.
The former investment
banker is negotiating with labor unions and businesses to
smooth the way for his plan to
extend unemployment payments—until now mainly reserved for fired or laid-off
workers—to people who voluntarily leave jobs. That includes
people shaking up their careers
to start their own businesses or
take up on-demand work like
driving for Uber.
Such a change would be a
groundbreaking innovation for
an economy as big as France’s,
and a considerable gamble for
Mr. Macron, who swept into
leadership this year under the
banner of more traditional
changes to labor policies.
The president says he wants
France to be at the vanguard of
countries experimenting with
ways to manage the global shift
from traditional salaried employment to a more fluid job
market defined by startups and
the gig economy. His plan—
coupled with an overhaul of
state-financed training—aims
to backstop workers so they
can take the kinds of professional risks that Mr. Macron
sees as fueling economic
growth.
“Society is changing. I’m not
proposing to protect you
against society or this change;
I am proposing to arm you to
find a place in this society,” Mr.
Macron said last month.
His proposal is a step toward the “flexicurity” systems
of smaller European economies
such as Denmark. There, employers have flexibility to hire
and fire yet workers enjoy
NICOLAS LIPONNE/ZUMA PRESS
German
Talks Fail
To Bridge
Divisions
Activists from the labor federations CGT and FO marched in Lyon on Thursday as part of a
nationwide protest against the French government's economic and social overhauls.
greater security, with quick access to unemployment welfare
even if they resign or are selfemployed.
But while it is easier to qualify for welfare in countries
such as Denmark and Austria,
those countries have stricter
approaches than France does to
compelling job seekers to get
back to work, according to the
Organization for Economic Cooperation and Development.
“The threat of sanction is
very credible and they really
follow job-search efforts because they are being so generous,” OECD labor economist
Stéphane Carcillo said.
France applies far less oversight once somebody qualifies
for unemployment checks.
Claimants spend an average of
10 months on the dole and receive around 72% of their previous salary or wage. Monthly
checks can be as high as €6,500
($7,675) after taxes. The U.S.
committed about 0.4% of its
gross domestic product to public unemployment spending in
2013, the latest year for which
the OECD has data; France
Big Spender
France is already among Europe's most generous providers
of out-of-work income maintenance and support.
Public spending on unemployment
support as a percentage of GDP
France
1.98%
Finland
1.96%
1.91%
Spain
1.82%
Netherlands
1.72%
Belgium
1.50%
Austria
Denmark
1.30%
Italy
1.30%
1.01%
Portugal
0.88%
Germany
0.55%
Sweden
Poland
0.28%
spent just over 1.6%.
That largess makes France a
high-stakes testing ground for
welfare expansion. Unemployment rose to 9.7% in the third
quarter and the state-backed
insurance program is saddled
with more than €30 billion in
debt and 2.5 million claimants.
Mr. Macron says he would
Note: 2015 data
Source: European Commission
THE WALL STREET JOURNAL.
toughen monitoring of job
seekers and put a limit on how
often somebody could resign
and claim unemployment
checks. Opponents say Mr. Macron’s plans could still encourage the work-shy to freeload on
benefits, driving unemployment higher and blasting a hole
in public finances.
Some economists say it is
difficult to predict how
France’s 2.8 million self-employed individuals will react to
gaining access to unemployment insurance. They say the
overhaul could end up indirectly subsidizing the gig economy at the expense of traditional
employers
and
employees.
If the overhaul meets its
goal of increasing mobility in
the labor market, other critics
are concerned companies
would struggle to retain talent.
“Nobody can say what the
impact will be. We are entering
a zone of great uncertainty,”
said François Hommeril, president of white-collar labor union
CFE-CGC.
A national poll in October by
research firm Elabe showed
87% favor unemployment
checks for the self-employed,
and 74% say people quitting
their jobs should get them.
Standing in Mr. Macron’s
way is a coalition of business
leaders and labor unions, which
jointly manage the unemployment insurance system. While
the state guarantees part of the
system’s debts and sets financial targets, unions and business federations determine the
rules and the size of checks.
An overhaul would change
that. As the system transforms,
Paris is set to wrest more control from unions. Mr. Macron’s
government has moved to
slash payroll levies that directly finance the program. It
says it will pay for the program
with revenues from general
taxation.
That approach is riling
unions. “There is a strong risk
of a…centralizing and very
technocratic shift in power,”
said Laurent Berger, leader of
the CFDT, France’s largest private-sector union.
All sides will meet at the end
of the month, when the government is expected to detail
its plan. Ultimately, it would
have to pass a vote in the National Assembly, where Mr. Macron has a large majority.
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A6 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
WORLD NEWS
NATO Apologizes
To Irate Turkey
The head of NATO apologized to Turkey on Friday after its president, Recep Tayyip
Erdogan, pulled his troops
from a joint exercise he said
had offended him and the nation’s founder, Mustafa Kemal
Atatürk.
Pollcewomen standing outside a tent as President Robert Mugabe presides over a university graduation ceremony in Harare on Friday.
Supporters Forsake Mugabe
BY GABRIELE STEINHAUSER
AND JOE PARKINSON
HARARE, Zimbabwe—President Robert Mugabe on Friday
made his first public appearance since the military took
control of Zimbabwe, heightening the drama over the
longtime leader’s fate as his
remaining political support
appeared to melt away.
While a stony-faced Mr.
Mugabe appeared at a university graduation ceremony,
provincial branches of the ruling ZANU-PF party were
meeting to recommend a vote
of no confidence in his leadership. The party’s move
marked a stinging rebuke to
the 93-year old Mr. Mugabe, a
party co-founder long venerated by the membership.
Earlier Friday, the party
called on all Zimbabweans to
gather on Saturday at the capital’s Robert Mugabe Square
for a mass rally in support of
the military’s actions. Zimbabwe’s powerful association of
war veterans, which has called
on Mr. Mugabe to resign, also
said they would rally on Saturday, along with civil society
and opposition groups.
The top generals, who have
secured key government and
civic infrastructure in overnight operations that began
on Tuesday, immediately
The party the elderly
president co-founded
has recommended a
vote of no confidence.
sanctioned the rallies, underlining the consensus between
the party and the military to
push Mr. Mugabe, the world’s
oldest head of state, from
power.
“Rallies with veterans
alongside opposition and civil
society all saying he must
go—it will send a very power-
ful message,” said Knox
Chitiyo, an analyst at Chatham House, a London-based
think tank.
U.S. Secretary of State Rex
Tillerson called on Friday for
the rapid restoration of civilian rule in Zimbabwe. “We all
should work together for a
quick return to civilian rule in
that country in accordance
with their constitution,” Mr.
Tillerson said at the start of a
meeting of African foreign
ministers at the State Department.
The mounting pressure for
Mr. Mugabe’s exit comes after
talks to resolve the situation,
brokered by South African
ministers and a Catholic
priest, failed to reach a deal
on Thursday.
Mr. Mugabe resisted a
quick departure from power,
pinning his hopes on support
from other African heads of
state, senior security officials
said.
Mr. Mugabe was initially
held under house arrest for
nearly two days at his private
palace before being taken for
the talks to the military-occupied State House, his official
residence and office.
Dressed in a blue-and-yellow robe and mortarboard,
Mr. Mugabe appeared to nod
off at the graduation ceremony on Friday of the Zimbabwe Open University in Harare, before he was roused by
applause and proceeded to acknowledge graduates.
Officials suggested that
ZANU-PF and former Vice
President Emmerson Mnangagwa, whose ouster last
week prompted the military
intervention, were working to
keep power in their own
hands.
The ruling party’s provincial branches called on Friday
for the reinstatement of
ZANU-PF members suspended
in the days ahead of the military takeover, one of whom
was Mr. Mnangagwa.
—Bernard Mpofu
contributed to this article.
The quick apology from
Jens Stoltenberg, the secretary-general of the North Atlantic Treaty Organization,
highlighted the delicate relations between the alliance and
Turkey, which boasts one of
the alliance’s largest militaries.
Tensions between Turkey
and other NATO members have
flared lately. Ankara has
blocked visits of German parliamentarians to German military personnel stationed at
Turkish bases, and allied diplomats have expressed concern
over Turkey’s perceived drift
toward Moscow, exemplified by
its recent decision to purchase
Russian weapons systems.
Mr. Stoltenberg said the controversy arose during an exercise Thursday at NATO’s Joint
Warfare Center in Stavanger,
Norway. “I apologize for the offense that has been caused,”
ADEM ALTAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
BEN CURTIS/ASSOCIATED PRESS
By Julian E. Barnes
in Brussels and David
Gauthier-Villars
in Istanbul
Mr. Stoltenberg said. “The incidents were the result of an individual’s actions and do not
reflect the views of NATO.”
While NATO officials declined to detail the perceived
offenses, a Turkish official
said there were two of them.
In the first, considered
more minor, a technician created an internal website for
the war game portraying the
fictitious enemy and including
a picture of Atatürk.
The more serious incident,
the official said, was the fault
of a civilian affiliated with the
Norwegian armed forces. As
part of a media simulation
that was part of the exercise, NATO created a simulated version of Twitter. On
the ersatz social-media site,
the civilian created a fake account for Mr. Erdogan and issued offensive tweets, according to the Turkish official.
“This fake Erdogan he created started sending around
weird messages,” the official
said. “It was not in line with
NATO solidarity.”
Upon learning about the incidents, Mr. Erdogan ordered
the 40 Turkish troops in the exercise to leave, he said Friday.
He also said he was appalled by
the state of NATO. “There can’t
be such an alliance; there can’t
be such allies,” he said.
Turkish President Recep Tayyip Erdogan speaking on Friday in
Ankara in front of images of Mustafa Kemal Atatürk and himself.
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Saturday/Sunday, November 18 - 19, 2017 | A7
* * * *
WORLD NEWS
Asian Nations Squeeze Pyongyang Powerful
Indonesia
After U.S. push, North
Korea’s trade partners
put more muscle into
enforcing sanctions
Politician
Detained
BY JAKE MAXWELL WATTS
AND BEN OTTO
By Ben Otto
in Singapore
and Anita Rachman
in Jakarta, Indonesia
ED JONES/AGENCE FRANCE-PRESSE/GETTY IMAGES
SINGAPORE—Southeast
Asian countries are cracking
down on North Korea’s conduits for doing business in the
region, a change for many after months of U.S. pressure,
though some remain reluctant
participants in the campaign
to isolate Pyongyang.
The moves to stanch the
flow of funds to North Korea
partly address longstanding
charges by the United Nations
that Southeast Asian states
haven’t done enough to curb
the regime’s access to banks,
ports and markets it needs to
help fund its weapons program.
While China accounts for
about 90% of North Korea’s
trade, the regime has long had
economic links with Southeast
Asia, with three countries in
the region among Pyongyang’s
top 10 trading partners. The
U.N. warned in a September
report that a Chinese ban on
North Korean coal exports had
led Kim Jong Un’s regime to
focus on Southeast Asia as an
alternative market.
Mr. Kim’s regime uses diplomatic and business relationships in the region to run front
companies that breach sanctions by trading restricted
goods with other parts of the
world, such as Africa.
In the latest action to cut
off Pyongyang, officials in
Singapore said this month that
the country was suspending all
trade with North Korea. That
A major corruption investigation involving some $170
million in missing state funds
is zeroing in on one of Indonesia’s most powerful politicians
following his detention in a
hospital Friday.
People walked past the central station in Pyongyang on Thursday. Singapore moved to suspend all trade with North Korea last week.
followed a similar move in
September by the Philippines,
whose foreign minister said after a meeting with the U.S.
ambassador that it would cut
ties to fully comply with
United Nations sanctions.
Myanmar last month filed
its first sanctions-implementation report to the U.N.—11
years after the U.N. initially
asked all member countries to
submit accounts of enforcement efforts—and expelled a
North Korean diplomat suspected of having ties to a sanctioned company.
Malaysia is reviewing its
economic and diplomatic relations with Pyongyang and is
considering shutting its em-
bassy there, following the fallout over the killing of Mr.
Kim’s half brother in Kuala
Lumpur in February.
Secretary of State Rex Tillerson has been leading the
global campaign to cut off
Pyongyang. On Thursday, after
meeting with Mr. Tillerson’s
deputy, the African nation of
Sudan became the latest to declare it would sever military
and trade links.
Administration
officials
have said in recent weeks their
global campaign to pressure
North Korea has been fruitful,
citing efforts this year in more
than 20 nations to curb North
Korea’s diplomatic or business
operations.
Closing the Valve
Southeast Asian nations rank among North Korea's top
trade partners, after China's 2016 total of $6.06 billion.
Rank
Change
from 2015
Total trade, in millions USD, 2016
Exports to N.K.
Imports from N.K.
$332.6
2: South Korea
59.0
4: India
87.7%
8.9
76.9
3: Russia
22.9
5: Thailand
49.7
0.6
6: Philippines
45.0
104.7
25.7
7: Pakistan
8: Singapore
23.5
13.0
56.4
Sources: South Korea's Korea Trade-Investment Promotion
Agency (KOTRA); Ministry of Unification and Customs Service
THE WALL STREET JOURNAL.
The case of Setya Novanto,
speaker of Indonesia’s House of
Representatives, is being
closely watched to see if the investigation widens to other
high-ranking politicians and alters the political landscape
ahead of elections in 2019,
when President Joko Widodo is
expected to seek a second term.
Authorities are investigating
a scheme in which politicians
allegedly siphoned as much as
$170 million in public funds
from a program issuing national identity cards. Cost overruns were allegedly generated
by marking up procurement
costs, which were divided
among dozens of politicians
and government officials, the
Anti-Corruption Agency says.
Antigraft officials say they
believe Mr. Setya was among
the politicians to have benefited in the case. Mr. Setya,
who was injured in a car crash
Thursday, is under the watch of
armed guards at the hospital.
Fredrich Yunadi, Mr. Setya’s
lawyer, said his client wasn’t involved in the scandal and
hadn’t received payments. “This
is a political game,” he said.
Riyadh Seeks Cash Settlements in Corruption Probe
Authorities in Saudi Arabia
are widening a corruption investigation that has reached
the upper echelons of the royal
By Summer Said in
Dubai and Margherita
Stancati in Beirut
family and entangled prominent businessmen who are now
being asked to surrender assets in exchange for their free-
SAUDI
Continued from Page One
threats. Top of the agenda is
making sure Saudi Arabia has
the ability to defend itself from
any further missile attacks.
Last month, the Trump administration cleared the way
for Saudi Arabia to buy a multibillion-dollar missile defense
system. The approvals allow
Saudi Arabia to purchase up to
$15 billion in launchers, missiles, radar and technology to
help counter the threat. U.S. officials said that deal could be
accelerated as a result of the
missile fired at Riyadh.
The U.S. is also considering
new ways to disrupt the flow of
Iranian-made missiles being deployed across the Middle East.
The U.S. Navy has previously
seized what it says are Iranianmade weapons bound for Iran’s
Houthi allies in Yemen, who are
embroiled in a protracted fight
with Saudi Arabia.
The most recent missile attack aimed at Riyadh elevated
concerns about the spread of
more advanced missiles to Iranian allies, U.S. officials said. A
U.N. resolution linked to the
2015 Iran nuclear agreement
bars the transfer of arms, including missiles, to and from
Iran. U.S. officials see more
room to enforce that ban,
which expires in 2020.
The U.S. military also could
step up its efforts to seize
weapons shipments going
through the Persian Gulf and
across the region, U.S. officials
said. Additionally, it could
mount an expanded public campaign to expose the weapons
transfers, the officials said.
Saudi Arabia choked off
transportation access to Yemen
after the latest missile launch,
drawing protest from humanitarian-aid groups and some U.S.
lawmakers who said Riyadh’s
move would exacerbate cholera
and famine in Yemen.
U.S. officials are also talking
to allies about efforts to constrain Iran’s ballistic missile
dom, according to two people
familiar with the matter.
At least two dozen military
officers, including multiple
commanders, recently have
been rounded up in connection
with the Saudi government’s
sweeping corruption investigation, according to two senior
advisers to the Saudi government. Several prominent businessmen also were taken in by
Saudi authorities in recent days.
It isn’t clear if those people
are all accused of wrongdoing,
or whether some of them have
been called in as witnesses. But
their detainment signals an intensifying high-stakes campaign spearheaded by Saudi
Arabia’s 32-year-old crown
prince, Mohammed bin Salman.
Saudi authorities launched a
campaign of arrests on Nov. 4
that has swept up some of the
kingdom’s wealthiest and most
powerful people, including royals and cabinet ministers.
Among them are billionaire
Prince al-Waleed bin Talal, a
top investor in companies including Twitter, Citigroup and
Lyft, as well as Prince Miteb
bin Abdullah, the former head
of the National Guard, one of
the kingdom’s three main security forces. Neither could be
reached to comment.
The government said 201
people have been held without
charges, but hasn’t officially
named those people. Nearly
2,000 bank accounts have been
frozen, according to three people briefed on the matter.
Saudi authorities said all
wealth that can be proved was
amassed through corruption
would become state property.
Authorities are pushing for
plea bargains that could see
the accused transfer the bulk
of their wealth to the state.
The government initially
hoped to recover as much as
$800 billion it believed was
accumulated illegally, much of
it kept abroad. Now, authorities believe they can lay claim
on assets worth about $300
billion to $400 billion, according to two people.
“They don’t want to put
these people in jail,” said one
person familiar with the matter. “They want the money.”
Most of those detained are
being held in Riyadh’s Ritz Carlton hotel, which is operating as
a high-security five-star prison.
Growing Flow
Military value of U.S. arms exports to selected countries
5 billion TIV*
Qatar
4
Turkey
Egypt
United Arab
Emirates
Iraq
3
2
Saudi Arabia
1
0
2006
’07
’08
’09
’10
’11
’12
’13
’14
’15
’16
*Trend-indicator value, a unit developed by SIPRI to facilitate comparisons over time, is based on the known production costs of a core set of
weapons. The units represent a weapon’s military value—its size, payload, speed, range, age and other factors—rather than its financial value.
Source: SIPRI Arms Transfers Database
THE WALL STREET JOURNAL.
program, a move the Trump administration sought even before
the latest launch. Administration officials say they hope to
use this month’s thwarted attack on Riyadh as a catalyst for
international support.
“It could be an impetus for
taking some sort of collective
action to try to constrain the
Iranians in that regard,” the senior administration official said.
But U.S. officials are also
concerned about the surprise
resignation of Lebanese Prime
Minister Saad Hariri, a Saudi
ally who has blasted Iran and
its ally Hezbollah for stoking
regional tensions.
Mr. Hariri’s fate has created
a frustrating complication for
the Trump administration,
which wants some clarity so it
can galvanize support for new
action against Iran.
“We and the Saudis agreed
that it was unfortunate
that…the real threat of active
war against the Saudi capital
was overshadowed by the
prime minister’s resignation,”
the senior official said.
Mr. Hariri issued his surprise
resignation two weeks ago from
Saudi Arabia, which has expressed growing concerns
about Hezbollah’s expanding influence in Lebanon.
Lebanese leaders have urged
Mr. Hariri to return to Beirut,
where he must personally present his resignation to the president for it to take effect. U.S.
officials wouldn’t discuss speculation that Saudi Arabia forced
Mr. Hariri to resign.
Lebanese political leaders
have said Mr. Hariri is effectively a captive in Saudi Arabia,
and his decision to remain
there has only fueled the perception that leaders in Riyadh
forced him to step aside.
Washington is
exploring new plans
to help deter Iranian
threats in the region.
U.S. officials said they hope
Mr. Hariri’s plans to accept an
invitation from France to visit
Paris on Saturday will silence
questions about his ability to
freely travel.
“We thought it might not be
bad for him to go someplace
like Paris in order to demonstrate that he had freedom of
movement,” the senior administration official said.
U.S. officials, who said they
got no heads-up about Saudi
Arabia’s plans for an internal
crackdown or pivotal meeting
with Mr. Hariri, said they didn’t
think the Saudis had thought
through the full consequences
of their actions, including the
decision to order Saudi citizens
to leave Lebanon as the crisis
worsened. The U.S. relayed its
displeasure to Saudi Arabia and
the situation has calmed down
slightly, an official said, expressing hope to see some clarity about Mr. Hariri’s next
moves soon.
“The next couple of days will
be telling,” a second U.S. official
said.
At the same time, the U.S.
has worked to coordinate
moves with Israel in hopes of
averting an immediate clash
with Hezbollah. Members of the
National Security Council recently flew to Israel for talks,
U.S. officials said.
Israel has carried out scores
of airstrikes in neighboring
Syria since 2012 aimed at Hezbollah weapons depots and
arms shipments. The most recent reported airstrike in Syria,
which Israel hasn’t acknowledged, took place on Nov. 2—
two days before Saudi Arabia
launched its internal crackdown, Mr. Hariri resigned, and
the Saudis shot down the missile near Riyadh.
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV95-S
A8 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
WORLD NEWS
WORLD WATCH
Kenyan Opposition Protests Turn Deadly as Odinga Presses for Election’s Annulment
ARGENTINA
Navy Loses Contact
With Submarine
Argentina’s Navy said Friday
it has lost contact with a submarine off the country’s southern coast and has mounted an
extensive search. The Navy said
that communications were lost
Wednesday with the ARA San
Juan, a German-built diesel-electric vessel with 44 crew members aboard.
Navy ships and aircraft were
searching near the last known
location of the vessel off the
province of Chubut. A Navy
spokesman said that it is possible that the submarine had an
electrical issue and that it
couldn’t yet be termed lost.
—Associated Press
GREECE
LUIS TATO/AGENCE FRANCE-PRESSE/GETTY IMAGES
Violence Breaks Out
At Anniversary March
BLOODY RETURN: A man injured by a tear-gas canister was pulled to safety in Nairobi on Friday, after police tried to stop supporters of opposition leader Raila Odinga from
welcoming him back from overseas. At least three protesters were shot dead in a Nairobi suburb. Mr. Odinga is seeking a court ruling to annul October’s presidential vote.
Hundreds of youths attacked
police in Greece’s two largest cities Friday, hurling rocks, flares and
gas bombs, following large, peaceful marches to mark the anniversary of the 1973 crackdown on a
student uprising against Greece’s
former military dictatorship.
In Athens, protesters hurled
gas bombs as they confronted
police in narrow streets in the
city center. Police fired tear gas
at the protesters. There were no
reports of injuries or arrests. Violence also broke out in Greece’s
second-largest city, Thessaloniki.
—Associated Press
EUROZONE
Venezuela Opposition Figure Takes Fight Abroad
BY JUAN FORERO
AND ANATOLY KURMANAEV
BOGOTÁ, Colombia—Antonio Ledezma, a top opposition
figure who led protests against
President Nicolás Maduro’s
government, fled house arrest
in Caracas on Friday and
crossed the border into neighboring Colombia, officials said.
Mr. Ledezma said he
planned to coordinate opposition to Mr. Maduro’s government from abroad, saying it
was “killing Venezuela with
hunger,” a reference to a declining economy and shortages
of food and medicine that have
especially devastated the poor.
“We can’t lose hope,” Mr. Ledezma told a Colombian radio
station. “That’s the great virtue
of the Venezuelan people.”
Mr. Ledezma, a former
mayor of greater Caracas once
seen as a presidential candidate, spent more than 1,000
days in jail and under house
arrest for allegedly instigating
political violence and plotting
against the government. He
was never tried, and he always
denied the charges, saying the
accusations were trumped up.
Government officials didn’t
comment on Mr. Ledezma’s disappearance on Friday. He joins
a long list of government adversaries who have fled Venezuela,
further diluting an opposition
movement that is divided and
weakened after Mr. Maduro created a special assembly with
powers over every institution.
Mr. Ledezma told the Colombia radio station that he
planned to join his wife, Mitzy
Capriles, who resides in Madrid.
He said he would continue
to fight for the freedom of the
many political prisoners in
Venezuela from Europe and
other parts of the world.
He called on Venezuelans
not to lose their dignity and to
“continue the struggle with
decorum” against the Maduro
government, which the U.S.
calls a dictatorship.
Mr. Ledezma’s stepdaughter,
Oriette Schadendorf, said the
former mayor made the decision on his own to flee and that
he boarded a flight bound for
Madrid on Friday night.
His departure was welcomed
by allies, who recall Mr. Ledezma’s role in urging Venezuelans to protest in 2014 against
Mr. Maduro’s government.
“I salute Antonio Ledezma,
who’s a moral compass for Venezuela,” Luis Almagro, the head
of the Organization of American
States, said via his Twitter account. He said Mr. Ledezma was
“now free to lead the struggle
from exile for the installation of
a democratic system.”
Draghi Strikes Upbeat
Note on Growth
European Central Bank President Mario Draghi delivered a
glowing report card on the eurozone economy Friday, but indicated that the ECB is in no rush
to start raising interest rates.
Speaking in Frankfurt, Mr.
Draghi said growth is broadening
across the currency bloc and increasingly “feeding on itself,” as
rising employment levels boost
private consumption and investment. But he stressed that the
ECB’s support is still needed because inflation remains weak.
—Tom Fairless
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 18 - 19, 2017 | A9
* * * *
OBITUARIES
VA N U B O S E
1965 — 2017
AL LECHTER
1928 — 2017
Entrepreneur Found a Way
To Connect Remote Areas
Retailer Packed Stores
With Kitchen Tools
BY JAMES R. HAGERTY
V
anu Bose could have coasted
into the stereo-equipment
company founded by his father, Amar. Instead, while working
on his doctoral degree in engineering and computer science in 1998,
he set up his own company to exploit new technology for cellular
communications.
After a wobbly start, his Vanu
Inc. has been gaining traction as a
supplier of solar-powered equipment used to bring cellular service
to underserved areas including
Rwanda and dead zones in the
mountains of Vermont. He hoped
eventually to connect “the final billion” people with zero or unreliable cell service.
“If we can make this network
profitable [in Rwanda], we can
probably make it work anywhere,”
he said in an interview with the
Boston Business Journal last year.
His company is broadening its network of base stations in Rwanda
and aims to expand into other African countries. It already supplies
technology to cellphone service
providers in India, Ghana and
other places.
After Hurricane Maria knocked
out cell service in Puerto Rico, the
company donated base stations to
help restore connections there.
“That makes it all worthwhile,
right there,” Dr. Bose said in a radio interview last month.
On Nov. 11, he died of a pulmonary embolism at age 52.
Dr. Bose was known for charisma and for celebrating milestones with style. In 1995, he
learned that his friends Andrew
and Susan Beard had been too
busy to make plans for their first
wedding anniversary. “This outraged Vanu, and he wouldn’t stand
for it,” said Mr. Beard, now chief
operating officer of the company.
While the Beards were at work, Dr.
Vanu went to their apartment, prepared gazpacho and other delicacies, set out candles and unplugged
the phone.
Vanu Gopal Bose was born April
29, 1965, in Boston and grew up in
Wayland, Mass. His father was a
professor at the Massachusetts Institute of Technology who made a
fortune with his Bose Corp. His paternal grandfather, Noni Bose, who
fought against British rule in India,
fled to the U.S. in 1920.
Vanu Bose grew up in a home
with an indoor pool and sometimes
leapt into it from a balcony one
flight above. As a boy, he was already an insider at MIT, attending
summer programs or watching his
famous dad play badminton. He
later earned his bachelor’s, master’s and doctoral degrees at MIT.
P
art of his graduate research
involved skin patches as alternatives to needles or pills
for delivery of medication, and he
pondered a career in medical technology. He also thought about an
academic career, but then turned
down a chance to apply for a faculty job, saying he wanted to start
a company.
In an interview with an MIT
publication, he recalled thinking,
“Oh my God, what have I done? I
just pushed myself off the cliff.”
While setting up the company,
he got into a dispute with MIT over
how much it would have to pay for
licensing technology developed by
his team at the university. Amid a
bitter struggle with the university
in 1999, he told The Wall Street
Journal: “MIT is like my second
home. I love this place. But right
now I don’t plan to donate a cent.”
The two sides eventually compromised, and Dr. Bose became an
honored alumnus and member of
MIT’s board of trustees.
Vanu Inc. was founded to develop and find markets for technology that allows cellphone transmission equipment to be upgraded
through changes in software rather
than more expensive installations
of new hardware. Selling that technology to cellphone service providers proved difficult.
The company, which has raised
about $35 million of venture capital, finally began focusing on customers in areas neglected by the
major cell providers.
Rather than relying on cellphone
towers, Vanu provides base stations that stand only about 30 feet
off the ground and can cost as little as $5,000 to $10,000. The Lexington, Mass.-based company has
about 65 employees.
Survivors include his wife, Judith, their daughter, Kamala, his
mother and a sister.
Dr. Bose recalled suffering
through “enforced violin lessons”
as a boy. His daughter was a more
eager violin student, and he took
up the instrument anew to play it
with her. They were due to play at
a recital together the day he died.
Read a collection of in-depth
profiles at WSJ.com/Obituaries
A
s a retailer of pots and
pans and other kitchenware, Al Lechter was oldschool. Not for him was the 1980s
trend of museum-style displays at
high-end kitchen stores. He
stuffed his Lechters stores with
thousands of basic kitchen tools,
from spatulas and pickle grabbers
to egg slicers and as many as
eight types of garlic presses. Gadgets dangled from rows of hooks
extending from floor to ceiling.
Most sold for less than $10.
“Stack it high, and let it fly,”
he often said. A consultant calculated that four out of five people
entering the stores ended up buying something. His approach
worked well from the mid-1970s,
when Mr. Lechter co-founded
Lechters Inc., through the 1980s.
The company went public in 1989
and brought in younger executives from bigger chains as Lechters raced to expand. Mr. Lechter
retired as president in 1993.
New executives spread the New
Jersey-based chain to malls
across the country, opened outlet
stores, experimented with new
formats and expanded the product line to include closet organizers and picture frames. Then mall
traffic dwindled and competition
heated up. In 2001, Lechters
closed its remaining stores and
liquidated.
Mr. Lechter died Nov. 6 at his
home in Boca Raton, Fla. He was
89 and had Alzheimer’s disease.
—James R. Hagerty
L E ES H A N B I R N EY
1939 — 2017
Executive Built Up
Real-Estate Portfolio
M
any immigrants implant
themselves in the U.S. by
buying real estate. Leeshan Birney went further, developing a business that now owns
2,500 apartment units and more
than one million square feet of
office and commercial space in
New Jersey and the Houston area.
At age 24, despite her parents’
misgivings, she moved from her
native Taiwan to the U.S. in 1963
to study. One motive was to avoid
being pressured by her parents
into an early marriage.
She earned a master’s degree
in nutrition from Columbia University and an M.B.A. from New
York University. She married a
Coloradan, James Birney, who
made a career on Wall Street, and
they had three children.
She bought her first investment property, an 18-unit apartment building in South Orange,
N.J., in 1981, and taught herself to
be a landlord.
She asked hardware store employees to tell her how to fix
leaky faucets and toilets. When a
repairman had to be called, “I
would follow into the basement
to see what he did,” she told the
New York Times in 2005. Sometimes, all it took was pushing a
button.
“The next time,” she said, “I
knew how to push a button.”
Ms. Birney died Oct. 27 at a
hospital in Houston. She was 78
and had liver cancer.
—James R. Hagerty
FROM PAGE ONE
OPEN
GINA FERAZZI/LOS ANGELES TIMES/GETTY IMAGES
Continued from Page One
31-year-old accountant who
came to check out international
fare, left with German chocolate
truffles, clementines and glutenfree cinnamon-raisin bread. “It
was exciting,” she said. “I’d
rather go to a grocery-store
opening than a bar or a club.”
Across the U.S., grand openings of specialty grocery chains
such as Whole Foods Market,
Stew Leonard’s and Wegmans
Food Markets Inc. are attracting
customer hordes. Credit televi- Lining up for a 2016 Aldi grand opening in Moreno Valley, Calif.
sion shows such as “MasterChef” and the spread of so- days since at least the 1950s and drinks at the stores. “I will go
called food porn on social doesn’t give out freebies to woo see people at the bar having a
media, industry observers say, shoppers at dawn, according to beer at 10 a.m.”
for popularizing party-atmo- the company.
As part of its multibillionsphere store openings.
Stores are beefing up grand dollar expansion, the German
By 7 a.m., roughly 2,000 peo- openings, said Mr. Livingston, discount grocer Aldi is running
ple had swarmed a shopping because of intensifying competi- multiday openings with tastings
center in Hanover, N.J., to mark tion for shopper loyalty. At to- of chocolate truffles and imthe arrival one Sunday this day’s store debuts, handouts ported brie—and a chance to
summer of a Wegmans and its might include free groceries for win produce for a year. People
exotic cheeses and hen-of-the- months, artisanal tote bags, came in droves, said Scott Patwoods mushrooms.
fresh-baked muffins or Havarti ton, vice president for corporate
“It reminded me of when the cheese tastings. Some chains buying in the U.S., like they
Beatles came to America,” said pour small-batch India pale ales were “lining up for a concert.”
Robin W. Dente, community-af- starting in the morning or hire
By persuading Americans to
fairs coordinator for the town- local funk bands.
try chili-lime chicken burgers
ship, which needed 14 police ofThe most eager patrons and champagne mangoes, groficers to direct traffic.
camp out the night before the cers can help amass cultlike folLindsey Mixer, a recent uni- doors open. Heidi Ji and Sara lowings. Sprouts Farmers Marversity graduate, said she Savino, both 19, crept out of Ms. ket, a Phoenix-based naturalskipped class last year to attend Ji’s Honda Civic at 5 a.m., sleep- grocery chain of 285 stores, is
a Trader Joe’s grand opening in ily wrapping themselves in blan- bringing ghee oil (a sprayable
Metairie, La. She
kets and sitting on a Indian butter) and matcha tea
walked away with
concrete entrance (an Asian brew) to parts of the
Thai chili lime cawalkway at a Whole U.S. more accustomed to meat
shews.
Foods store opening and potatoes.
“There was a row
in Cary, N.C., in early
Stew Leonard’s, a Connectiof employees highNovember.
cut-based chain, is known for
fiving you as you
An employee in a holding Christie Brinkley wine
walked in,” she said.
carrot
costume tastings and other celebrity
“There was a brass
schmoozed
with events. Before it entered Long
band playing music
shoppers in folding Island last year, it hit up local
outside, and people
chairs. “We really al- media and handed out 100,000
were dancing.”
ready did our gro- $5-off coupons at a village
More than 830
cery shopping” the pumpkin festival and several
Carrot man
new grocery stores
prior weekend, Ms. other events.
are slated to have
Ji said. “We just
More than 20,000 people
opened this year in the U.S., up came for the free food.” Four showed up at its Farmingdale
slightly from last year, accord- hours later, the college sopho- store the first day, and the crush
ing to a survey by the IHL mores left with fresh sourdough clogged the aisles, Stew LeonGroup consultancy. In the past, boules and $5 gift cards.
ard’s officials said.
those new stores might have
“We feel honored people
The company reassessed its
had lower-key openings, said su- want to spend that much time approach. For the debut of a
permarket-research analyst Da- in our stores,” said David Lan- second Long Island store in Auvid J. Livingston. “Nobody ever non, executive vice president of gust, it invited local politicians
got excited if a new A&P operations for Whole Foods, re- for a party but kept the grand
cently acquired by Amazon.com opening pared down, said Stew
opened.”
One exception has been Weg- Inc. Some patrons, he said, take Leonard Jr., the chain’s CEO.
“We’ve gone from a thunder
mans, which has drawn lines of the day off for an opening,
loyal “Wegmaniacs” to opening which can include morning to a rain philosophy.”
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A10 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
IN DEPTH
CHESS
Rubik’s Cube
But he could. And he did.
Max began every month by
considering the process that
would lead to his desired result. He concocted an elaborate plan to crack the Rubik’s
Cube, for example, that involved memorizing patterns
and ordering lubricant to cut
seconds off his solving time.
He tracked his progress
through daily blog posts and
video evidence.
He had some familiarity
with his tasks. Max had been
playing chess since he was
young and still messes around
on a board with life-size
pieces outside Weitzman’s
apartment. He’d played Magnus on his Play Magnus app,
which is powered by an engine that simulates the Norwegian’s skill and style at different ages.
It might seem beneath the
best player on the planet to
entertain the whims of a random amateur for no good reason. But Magnus had done it
before. He seems to enjoy the
spectacle.
Magnus agreed to play Bill
Gates and limit himself to a
severe time handicap. He
crushed the billionaire in nine
moves. He visited Harvard
University to play 10 lawyers
at the same time while blindfolded. He beat them anyway.
Magnus often gets compared to chess greats, but the
better analog may be someone in his other favorite
sport: basketball. Magnus
Carlsen is similar to LeBron
James. They were both recognized as prodigies who came
of age in an era of unprecedented public scrutiny. They
both exceeded the hype.
Magnus became the sport’s
youngest grandmaster in
2004 at 13 years old. He ascended to No. 1 in 2010. He
won his first world championship in 2013. And he achieved
the highest rating in the his-
‘You twitched’
KEVIN HAGEN FOR THE WALL STREET JOURNAL
Continued from Page One
It was undeniably a stunt,
one The Wall Street Journal
helped arrange, but it was
also about something bigger,
a grand experiment in human
performance. Max’s adventure
had implications for children
and parents, workers in any
industry and really anyone interested in self-improvement.
At the heart of their chess
match was a question about
success: Can we hack our
brains in a way that radically
accelerates the traditional
learning curve?
“Huh,” Magnus said. “Why
not?”
To understand how Max
Deutsch found himself sitting
across the chessboard staring
at Magnus Carlsen, there are
worse places to start than a
Brown University dormitory.
Max heard music coming
from a room down the hall
one night and walked outside
to investigate with his friend
Cliff Weitzman. They found
three people on the floor
playing the sitar. Max sat
down with them. Weitzman
chatted with his hall mates.
“But 15 minutes later, I
stopped the conversation and
started listening to Max,” he
said. “He had taught himself
sitar in 15 minutes sitting on
the floor.”
The most surprising thing
about the night was that
Weitzman wasn’t surprised.
“Max learns faster than
anybody I’ve ever met in my
entire life,” he said.
Max has been that way longer than he can remember.
Growing up in the
Westchester County, N.Y., suburbs—his father ran a lighting
company and his mother was
a theater actress before staying home to care for her
kids—he was an inquisitive
child with a voracious appetite for learning.
He’d always dreamed of
completing a bucket list of
seemingly impossible tasks—
crazy ideas that would stretch
the boundaries of his own
performance. Max came up
with goals he believed he
could achieve within a month.
The only thing they had in
common was the underlying
motivation.
“To take basic skills,” Max
said, “and very rapidly push
them to the extreme.”
He told Weitzman about
his plan. “Well, this sounds
very much like you,” he said.
And then he showed Weitzman the list.
“Max, this is absurd,” he
said. “You can’t learn things
this fast.”
Gates—that Max showed vulnerability. Every move he’d
made until then had been the
right one. And yet he knew
immediately that he’d done
something wrong, even if he
didn’t know what it was. He
could see it on Magnus’s face.
‘Max learns faster than anybody I’ve ever met in my entire life,’ says
a friend. His absurd goals include trying to beat Magnus Carlsen.
Clockwise, from top: Max Deutsch mastering chess, guitar, the Rubik’s Cube and pull-ups
tory of chess in 2014.
Magnus is now an international star and such a Norwegian hero that nearly half the
population stayed up past
midnight to watch last year’s
world championship.
To play Magnus is a cruel
form of chess torture.
“Most schools of chess put
a lot of emphasis on the
openings to get an edge before the actual fight begins,”
said Susan Polgar, the oldest
of three renowned chess-playing sisters. “He puts the least
emphasis on that. He puts a
lot more emphasis on the psychological aspect of the
game.”
Magnus can look at the
pieces of a chessboard and immediately recall what match it
was, who was playing, when
and where it took place and
why it was worth his attention. It’s difficult to appreciate
how amazing this is without
seeing it for yourself.
“I know how to play
chess,” he said. “I don’t know
much else.”
Chess experts found themselves in rare agreement: One
month of training wouldn’t
cut it. Polgar was flabbergasted that Max was even trying.
“What?!” she said. “Will
that person have any aid?
Like, a computer?”
Nope.
“You mean just his own
skill?”
That’s right.
“And no prior tournament
experience?”
Correct.
“Well,” she said, “it sounds
quite unrealistic.”
Wynn Las Vegas oddsmaker Johnny Avello said the
probability of an upset was
100,000 to 1. No betting house
would ever offer those odds.
The line that betting house
Pinnacle posted, at the Journal’s request, was the most
lopsided one that internal
regulators would allow.
A $100 wager on Max paid
$50,000. A $100 wager on
Magnus paid 10 cents.
“I’ve consulted with some
of our chess experts,” said
Pinnacle sports manager Jelger Wiegersma, “and they all
pretty much guaranteed me
that Max will have no shot.”
It was the reigning world
champion’s right to set the
rules of the match. His camp
decided it would be rapid-format chess in which each
player had 20 minutes to
make all his moves. The date
was set for Nov. 9 in Hamburg, where Magnus was already scheduled to host a
promotional event.
Max hadn’t started thinking about chess at the end of
September. He was still learning how to freestyle rap.
He played real people online, but only after lying
about his meager chess rating
to make himself appear better
than he really was. Max figured he could only improve
by playing better competition—that he would have to
lose as much as possible to
learn as much as possible.
He was in New York visiting family one day midway
through October when he
agreed to take on the chess
regulars who congregate every afternoon in Bryant Park.
Max played three matches
that day. He lost all three.
Max realized that he would
have to be more inventive in
his approach to learning
chess.
“If I can’t play like a human,” he said, “then how can
I play?”
Max figured he would have
to play like a computer.
He thought about memorizing every configuration of
the chessboard. But he calculated that would take approximately one trillion trillion
trillion years. Max didn’t have
that kind of time.
He went hunting for short-
cuts that would allow him to
automate Magnus’s intuition.
Max guessed that Magnus
would play a certain opening,
and he downloaded thousands
of games with that opening to
build a computer model that
would distinguish good moves
from bad moves. He would
use techniques of machine
learning to identify patterns—
the patterns that Magnus has
internalized—and devise an
algorithm that computed
whether a move was good or
bad.
He began to doubt himself
two weeks before the match.
He didn’t have the algorithm
even after buying extra computing power to expedite the
number-crunching. And he
admitted he wasn’t sure he
could pull off the mental gymnastics in 20 minutes. By the
time he made it to Hamburg,
the algorithm was churning
away on his laptop, but it
wasn’t ready. There were no
The Turning Point
Max Deutsch was holding his own against chess world champion
Magnus Carlsen until he made a couple of rookie mistakes.
On the 12th move, Max creates a vulnerability…
8
7
6
5
2 …leaving
his knight
unprotected.
4
3
3 Moving his
pawn forward
would have
been wiser.
1 Max moves
his queen…
2
1
a
b
c
d
e
f
g
h
…and on the 14th move, Magnus exploits the opening.
8
7
6
5
4
3
3 Magnus then takes
Max’s knight with
his bishop, leaving
Max’s queen vulnerable.
1 Max takes
Magnus’s knight
with his queen…
2 …when he
should have
used his pawn.
2
1
a
b
c
d
e
f
g
h
THE WALL STREET JOURNAL.
numbers to memorize and no
time even if there were.
His attempt to build himself into a computer had
failed. Max Deutsch would
have to beat Magnus Carlsen
as a human being.
Funk music
Max was anxious. He tried
to relax by listening to funk
music and fiddling with his
Rubik’s Cube, but the setting
wasn’t ideal. The room on the
ground floor of the Hotel Atlantic Kempinski was so chilly
Max had to wear a fleece
North Face jacket he nearly
forgot to pack. He was more
tired than he would’ve preferred.
Magnus commanded attention from the second he sat
down. He looked slick in a tailored suit, and he maintained
a steely demeanor behind
thick-rimmed glasses. He was
taking the match seriously
enough that he barely exchanged pleasantries beforehand. He didn’t try to make
small talk, either. Max looked
intimidated.
Magnus wasn’t invincible.
His peak rating is higher than
that of anyone else who has
ever played chess, but his career winning percentage in
competition is only 62.5%. He
lost several days earlier to
someone online whose name
he couldn’t recall. Magnus
didn’t want to lose again, and
he didn’t think he would.
“But I’ve been surprised
before,” he said.
Max moved his white pawn
to e4. Magnus moved his
black pawn to e5. And they
were off.
Max had been right about
the opening. If his algorithm
had worked, he would’ve been
in a solid position. But he was
anyway. After eight moves,
using his own limited chess
ability, the unthinkable was
occurring: Max was winning.
His skill wasn’t lost on Play
Magnus’s chief executive officer, Kate Murphy, and head of
communications Arne Horvei
as they watched silently from
a distance. “It’s lasting much
longer than I expected,” Horvei whispered.
Magnus had reason to believe his opponent was better
than he actually was. He was
aware of Max’s algorithm, but
Max hadn’t informed the enemy it wasn’t done. Max had
his full attention because
Magnus didn’t know he was
bluffing. At one point, Magnus’s hands were shaking.
“This is not going to be
easy,” Magnus thought.
Max knew the probability
of him winning. But even
while being highly rational,
he’d allowed himself some irrational thoughts. A small
part of him believed he could
win. He’d fantasized about
how it would happen.
It was on the ninth move—
the same point in the game
that Magnus checkmated Bill
“You twitched,” Max said
afterward.
Max dragged his knight to
the middle of the board. It
wasn’t technically a mistake.
It was more a waste of a
move that didn’t advance a
larger strategy. If he were
playing Weitzman back home,
he might have recovered. But
he couldn’t against Magnus.
They remained statistically
tied until Max picked up his
queen and jumped her two
spots diagonally to the right
for his 12th move. He could’ve
kept his slight edge for at
least another four turns by
repositioning a pawn instead.
But he didn’t have Magnus’s
experience to foresee he was
leaving his knight exposed,
and he didn’t have his proprietary algorithm to let him
know that moving his queen
was foolish.
“This is a typical mistake
for an amateur,” Polgar said,
“not recognizing the potential
threat.”
Max was in trouble. It only
got worse from there. Two
moves later, instead of taking
Magnus’s knight with his
pawn, Max used his queen. It
was a horrible mistake. Magnus made him pay.
“When you moved your
queen over here,” Magnus
said as he remade the board
from memory, “what was the
idea?”
Max didn’t have a convincing explanation. There was
none. It was the type of error
his opponent had methodically drilled himself to avoid,
and Magnus pounced once he
identified the precise moment
that probability had swung
decisively in his favor. He
knew he was not going to lose
from that point on. He was
right.
Magnus’s body language
shifted. He barely thought
about his moves anymore.
Max deliberated for minutes;
Magnus swiped his pieces in
seconds. He felt the board
shrinking. Max was beginning
to see he couldn’t escape. The
situation was as unpleasant
as the chess intelligentsia had
cautioned. At one point, Max
accidentally toppled his king.
Not long afterward, he was
officially checkmated. The
match had lasted 39 moves
each over 22 minutes and 21
seconds. Magnus stuck out his
hand. Max shook it. Only then
did Magnus finally unfurl a
smile.
Max’s year of monthly
challenges was over. But he
refused to take his loss as
anything but a victory. He’d
wanted his ambitions to be
ambitious enough that he fell
short. He said in a postgame
interview that attempting to
beat the most unbeatable
chess player had introduced
him to new lines of thinking.
He was smarter about machine learning. There was also
nothing stopping him memorizing those tens of thousands
of numbers when his algorithm was finished. Maybe
there would be a rematch.
“Till next time,” Magnus
wrote on the board.
And then something funny
happened. It became clear
Magnus wasn’t ready to leave.
His previously blank face
brightened. Now he was ebullient. He zipped pieces around
the board and mumbled how
he would’ve handled certain
situations if he were Max. He
recalled the exact chronological order of all 39 moves and
scribbled them in a notebook.
He looked disappointed when
Max revealed that his original
plan to write an algorithm
had been foiled.
His handlers looked at
their watches. Magnus was
late. In a few weeks he’ll fly
to London for the final stage
of the Grand Chess Tour as
the heavy favorite to win the
sport’s prestigious annual circuit, and he will almost certainly end this year the same
way he’s ended the last six
years: as the No. 1-ranked
chess player.
So why was he still lingering with this stranger? It
turned out that Magnus
Carlsen was envious of Max
Deutsch. He still had the
whole game ahead of him.
“I hope you at least keep
an interest in the game, because it’s very interesting,”
Magnus said. “I wish I could
learn it new.”
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 18 - 19, 2017 | A11
* * * *
By Christopher DeMuth
F
ederal regulation has
been growing mightily
since the early 1970s,
powered by statutes that
delegate Congress’s lawmaking authority to missiondriven executive agencies. Beginning in 2008, the executive state
achieved autonomy. The Bush administration during the financial
crisis, and the Obama administration in normal times, decreed major policies on their own, without
congressional authorization and
sometimes even in defiance of
statutory law.
President Trump might have
been expected to continue the
trend. As a candidate, he had
railed against imperious Washington and promised to clear regulatory impediments to energy development and job creation. Yet
he also was an avid protectionist,
sounded sometimes like an antitrust populist, and had little to
say about regulatory programs
like those of the Federal Communications Commission and the
Food and Drug Administration. He
was contemptuous of Congress
and admiring of President
Obama’s unilateral methods.
Clearly, this was to be a resultsoriented, personality-centered
presidency.
The tempestuous president
is overseeing a principled,
far-reaching reform of
agencies that had exceeded
their constitutional writ.
The record so far has been radically different. With some exceptions (such as business as usual
on ethanol), and putting aside a
few heavy-handed tweets (such as
raising the idea of revoking
broadcast licenses from purveyors of “fake news”), President
Trump has proved to be a fullspectrum deregulator. His administration has been punctilious
about the institutional prerogatives of Congress and the courts.
Today there is a serious prospect
of restoring the constitutional
status quo ante and reversing
what seemed to be an inexorable
regulatory expansion. Consider
three leading indicators.
First, Mr. Trump has appointed
regulatory chiefs who are exceptionally well-qualified and are determined reformers. Deregulation
succeeds only when political officials are earnestly committed to
the broad public missions of their
agencies—and equally committed
to ferreting out bureaucratic excesses, ideological detours and interest-group machinations.
Mr. Trump’s new agency leaders
are making these distinctions and
pushing ahead: FDA Commissioner
Scott Gottlieb on facilitating generic drug competition and incorporating “real-world evidence” in
reviewing new medications and
devices; FCC Chairman Ajit Pai on
lifting public-utility controls from
the internet and ownership restrictions from the media; Education Secretary Betsy DeVos on correcting the abuses of Title IX;
Interior Secretary Ryan Zinke on
active forest management and
multiple use of public lands;
Environmental Protection Agency
Administrator Scott Pruitt on ending sweetheart legal settlements
and putting the misbegotten Clean
Power Plan out of its misery;
Transportation Secretary Elaine
Chao on modernizing air-traffic
control and streamlining permit
reviews. All are outstanding examples of regulatory statesmanship.
Second, the Trump administration is turning back from unilateral lawmaking. Mr. Obama made
several aggressive excursions into
this dangerous territory. He issued orders shielding certain
classes of illegal aliens from deportation, spent billions without
a congressional appropriation to
subsidize insurance plans on the
ObamaCare exchanges, and imposed the EPA’s Clean Power
Plan. Each was a substantive policy that Congress had considered
and declined to enact. Each was
justified by legal arguments that
administration officials conceded
to be novel and that many impartial experts (including those who
favored the policies on the merits) regarded as risible. Each ran
into strong resistance from the
courts.
Mr. Trump is returning immigration policy and ObamaCare appropriations to Congress, where
they belong. His EPA has proposed to withdraw the Clean
Power Plan and replace it with
something else, based on a solid
analysis of what the Clean Air Act
actually authorizes the agency to
do. The constitutional significance
of these steps has been masked
by media accounts and interestgroup perseverations that focus
on politics and policy, not the
separation of powers. But Mr.
Trump has made clear that he
would be happy to see Congress
enact legal status for aliens who
were brought to the U.S. as children, as well as health-insurance
subsidies, if legislated in conjunction with other policies he favors.
Global-warming policy is a work
in progress in both the administration and Congress.
Perhaps Mr. Trump was led to
summon Congress on these momentous matters by political calculations and his own policy
preferences. That would be fine—
the Constitution depends on political self-interest to sustain its
structure. But one should not
gainsay the administration’s
broader concerns with the trajectory of unbounded executive government. Neomi Rao, who leads
the influential Office of Information and Regulatory Affairs at the
Office of Management and Budget, is a constitutional scholar
and a deep critic of congressional
overdelegation. She has mused,
with fine subtlety, that the
Trump administration aims to
make the federal government
“more constitutional.”
A third indicator is the introduction of regulatory budgeting,
which sounds tedious but is potentially revolutionary. The idea
goes back to the late 1970s, when
the new health, safety and environmental agencies were first issuing rules that required private
businesses and individuals to
spend tens of millions of dollars
or more. It seemed anomalous
that this should be free of the disciplines of taxing, appropriating
and budgeting that applied to direct expenditures. Jimmy Carter’s
MICHAEL REYNOLDS/BLOOMBERG
OPINION
Trump vs. the Deep Regulatory State
President Trump signs an executive order, March 13.
commerce secretary, Juanita
Kreps, proposed a regulatory budget as a good-government measure; Sen. Lloyd Bentsen (D.,
Texas) introduced legislation; and
several academics (myself included) worked out the theory
and practicalities in congressional
reports and journal articles.
The idea never went anywhere.
One problem was the inherent
sponginess of regulatory cost estimates, which seemed inconsistent with the clear dollar metrics
that drive spending budgets. Another was the herculean task of
tracking the aggregate cost of the
stock and flow of agency rules.
When Ronald Reagan came into
office, he instead imposed a costbenefit test on individual rules,
enforced by OMB. All subsequent
administrations essentially continued that approach.
But several developments have
combined to revive the budgeting
idea in a more workable form. Although the cost-benefit test has
improved regulation at the margins, it has become progressively
less constraining over time and
proved manifestly inadequate to
the dynamics of large-scale regulatory growth. The Obama administration corrupted cost-benefit
analysis, inflating benefits while
minimizing costs, to sell a host of
dubious energy and environmental rules. Moreover, the cost-benefit test applies only to new rules,
leaving established and often obsolete regulations untouched.
Most administrations, including
Mr. Obama’s, have compensated
by nudging agencies to review
their regulatory accumulations,
but with generally meager results.
A
t the same time, a hybrid
form of regulatory budgeting
has been adopted with some
success in Britain and Canada,
while kindling interest in the U.S.,
notably from Sen. Mark Warner
(D., Va.) and House Budget Committee Republicans. Under this
variant, agencies may issue new
rules only by simultaneously withdrawing some existing rules, with
the estimates of the costs imposed
and saved used to make the tradeoff commensurate. So the budgeting begins by counting rules and
employs cost estimates only for incremental actions, but it creates incentives for agencies to assess the
effectiveness of their existing regulations and to set priorities.
President Trump’s regulatory
budget is of this form. In an executive order issued shortly after
taking office, he directed that unless a statute requires otherwise,
agencies may issue new regulations only by rescinding two or
more existing regulations, with
net costs held to an annual budget. His budget for fiscal 2017
was zero, which was easily met
after agencies issued few new
rules and lawmakers rescinded
many under the Congressional Review Act. Now, an OMB directive
from Ms. Rao in September has
set a goal of “net reduction in total incremental regulatory costs”
in fiscal 2018.
The Trump regulatory budget
is still in beta version. Many technical and procedural issues remain to be worked out regarding
cost estimation, the timing of
new versus rescinded rules, and
the interplay of the regulatory
budget with the cost-benefit test
and the requirements of administrative law. As the new protocols
take shape, it is important to understand their potential for reversing the heretofore uninterrupted expansion of the
regulatory state.
Budget cutting is conventional
in business. Doing more next year
at 5% less expense is private-sector progressivism—a means of
pursuing continuous improvement in operating methods and
market performance. But the approach is unfamiliar in government, where budgeting is conceived of as adding to an
inflation-adjusted baseline.
Even more alien in government
is considering the costs its rules
impose on others. The regulatory
agency’s ethos is to extend controls to an ever-widening range of
entities and activities while tightening them continuously along
every margin.
This mindset is by no means
universal, but it is the source of
many regulatory pathologies: indifference to the other worthy
purposes competing for the limited resources of regulated parties; obliviousness to the unintended, counterproductive ways
that markets and people respond
to the rules; and disdain for private social and economic forces
that advance agency goals independently and sometimes outflank them. The Clean Power Plan
was stayed by the Supreme Court
in February 2016—and U.S.
greenhouse-gas emissions have
since fallen by more than the
plan projected.
The cost-benefit standard is a
useful counterweight, but a
regulatory budget goes much
deeper. It aims not only at restraint but at reforming agency
culture. Faced with a two-for-one
rule and a requirement to reduce
annual costs, regulators will be
obliged to monitor the effectiveness of all their rules and to
make choices. There will be efforts to game the system, as
there always are. But the best
game in town may be to shift
from maximizing rules to maximizing, within the budget constraint, environmental quality,
public health, workplace safety
and other regulatory goals. And,
in all events, there will be fewer
rules!
Many readers may be puzzled
that our tempestuous president
should preside over the principled, calibrated regulatory reform
described here. I have a hypothesis. Perhaps our first businessman-president, whatever his troubles in dealing with Congress,
foreign leaders and other outside
forces, is comfortable and proficient in managing his own enterprise, which is now the executive
branch. He devoted unusual personal attention to his regulatory
appointments, including those
whose programs did not figure in
his campaign strategy. He gives
his subordinates wide running
room, checks in with questions
and pep talks, and likes management systems and metrics. He
may even understand that modern
presidents have become too powerful for their own good and can
benefit from sharing responsibility with Congress.
I
t may all come to naught. Mr.
Trump’s officials may get
worn down and his regulatory
budget mired in bureaucracy. He
may eventually lose patience with
Congress and claim kingly prerogatives, as Mr. Obama did.
But if my hypothesis is correct,
it is more likely that he will go
further in making the administrative state less stultifying and
“more constitutional.” He could,
for example, follow the Supreme
Court’s lead in the Clean Power
Plan case and require that all new
rules take effect only after legal
challenges have been resolved. He
could apply White House regulatory policies and budgeting to the
“independent agencies” such as
the FCC and Securities and Exchange Commission. He could renounce the many instances of direct executive taxing and
appropriation-free spending that
have grown in recent decades. He
could, rather than fussing over
his adversaries’ broadcast licenses, liberate all spectrum licenses from their antiquated, innovation-deadening use
restrictions.
The list is long of salutary regulatory reforms that are well
within the jurisdiction of our federal CEO. Pursuing them energetically could restore the good name
of executive initiative.
Mr. DeMuth is a distinguished
fellow at the Hudson Institute and
former president of the American
Enterprise Institute. He worked on
environmental policy and the creation of EPA in the Nixon White
House and was administrator of
the Office of Information and Regulatory Affairs under President
Reagan.
How New York Courts Are Keeping Prosecutors in Line
A good prosecutor
never forgets the
government’s constitutional obligations. Every prosecuting attorney has
a legal and ethical
CROSS
COUNTRY duty to seek out
and turn over to the
By Emmet G.
defense all evidence
Sullivan
favorable to the accused that is in the
possession of any government official, including the police. The Supreme Court made this clear in a
1963 case, Brady v. Maryland, and a
line of subsequent rulings over five
decades.
The trouble is what to do about
prosecutors who deliberately ignore
these rulings. Most prosecutors operate under high ethical standards,
but a small minority intentionally
withhold evidence that might lead
to acquittal, which too often results
in innocent people serving lengthy
prison sentences.
One solution is for judges, at the
start of each new case, to issue
what’s known as a Brady order. The
order notifies prosecutors of their
legal and ethical obligations, reminding them of their duty to seek
out—and then to turn over to the
defense in a timely fashion—evidence favoring the accused.
A judge-issued Brady order en-
sures that busy prosecutors will
make finding and turning over
such material a priority. It’s one
thing for prosecutors to know they
are supposed to follow the law. But
it’s far more likely actually to happen when a judge’s order tells
them exactly what is expected, and
what the consequences are for
noncompliance.
A Brady order also ensures that
prosecutors who commit intentional
misconduct can be held accountable. Often it takes years for a
wrongly convicted defendant to discover that exculpatory evidence was
withheld. By that time, the statute
of limitations for bringing disciplinary or criminal charges against the
prosecutor may have already expired. If a Brady order is in place,
however, the prosecutor can be held
in contempt of court or subjected to
other judicial sanctions.
As of 2015, roughly 28 of the 94
federal district courts nationwide
have promulgated rules clarifying
the disclosure obligations of prosecutors who appear before them. But
only a fraction of federal and state
judges have standing orders focused
on the duty to disclose exculpatory
evidence.
In New York state courts, at
least, that is about to change,
thanks to a groundbreaking rule issued last week by Chief Judge Janet
DiFiore and Chief Administrative
Judge Lawrence Marks. Starting on
Jan. 1, 2018, trial judges statewide
will be required to issue Brady orders in all criminal proceedings.
This is the first rule of its kind in
the nation, though I hope my colleagues in the federal and other
state courts will follow suit.
Evidence that supports the
accused is supposed to be
turned over to the defense.
Ted Stevens would know.
My wake-up call to the importance of Brady orders came when I
presided over the deeply flawed
trial of Ted Stevens, the longtime
U.S. senator from Alaska. In October 2008, Stevens was nearing the
end of his seventh term, and was
almost certain to be re-elected,
when he was found guilty of lying
on Senate disclosure forms about
the cost of renovations to his vacation home. Stevens’s name was
tainted, and he lost re-election, altering the course of events in the
Senate.
Just six months later, it was revealed that federal prosecutors had
concealed numerous pieces of evi-
dence that very likely could have
resulted in Stevens’s acquittal.
Among the more egregious examples: Rather than call a witness
whose testimony would have supported Stevens, the government
flew the witness home to Alaska.
The prosecution also concealed that
its star witness had an illegal sexual relationship with an underage
prostitute, whom he had asked to
lie about their relationship.
Henry Schuelke, the special prosecutor I appointed to investigate the
misconduct, found that Justice Department lawyers committed deliberate and “systematic” ethical violations by withholding critical
evidence pointing to Stevens’s innocence. Yet Mr. Schuelke also found
that I was powerless to act against
the wrongdoers, because I had not
issued a direct, written court order
requiring them to abide by their ethical and constitutional obligations to
disclose favorable evidence.
The experience led me to change
my own courtroom practice. I now
issue a detailed, standing Brady order in every criminal case before
my court. This reminds the prosecutors who appear before me exactly what is required of them, and
it ensures that any who intentionally withhold evidence can be held
accountable.
Over the past eight years, I have
made concerted efforts to persuade
my colleagues on the federal bench
to do the same. In 2009 I urged
the Judicial Conference Advisory
Committee on the Rules of Criminal Procedure to propose amendments requiring the disclosure of
all exculpatory information to the
defense.
But the committee chose not to
act, saying that the number of affected cases did not suggest “that
the problem is so severe as to warrant a rule change.” While the egregious intentional misconduct of the
Stevens case thankfully does not
happen every day, failure to comply
with constitutionally required disclosures does occur. Judges have a
responsibility to take action against
unethical prosecutors and to exercise their supervisory authority to
prevent Brady violations before
they happen.
By mandating that judges
throughout New York issue Brady
orders, Chief Judges DiFiore and
Marks have taken a bold stance that
will no doubt be noticed by their
colleagues across the nation. It is
my hope that other states, and our
federal court system, soon will follow New York’s lead.
Mr. Sullivan is a U.S. district
court judge for the District of Columbia.
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A12 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
A
Germany’s Green Energy Meltdown
merican climate-change activists point to generate in parts of Germany that need the
to Europe, and especially Germany, as power the least, especially the north. Berlin will
the paragon of green energy virtue. But need to spend another huge sum building transthey ought to look closer at
mission lines to the industrial
Voters promised a
Angela Merkel’s political
south.
struggles as she tries to form
The other costs relate to
revolution get coal and providing
a new government in Berlin
electricity when the
high prices instead.
amid the economic fallout
wind doesn’t blow and the sun
from the Chancellor’s failing
doesn’t shine, which is often
energy revolution.
in Germany. The traditional
Berlin last month conceded it will miss its plants needed to fill in the gaps are overwhelm2020 carbon emissions-reduction goal, having ingly fired by coal, on which Germany still relies
cut emissions by just under 30% compared with for roughly 40% of its power.
1990 instead of the 40% that Mrs. Merkel promNatural gas would be cleaner and is easy to
ised. The goal of 55% by 2030 is almost surely switch on and off. But gas is more expensive
out of reach.
than coal, and the peak daytime consumption
Mrs. Merkel’s failure comes despite astro- hours when gas could recoup that investment
nomical costs. By one estimate, businesses and are also the times utilities are more likely to be
households paid an extra €125 billion in in- required to buy overpriced solar power.
creased electricity bills between 2000 and 2015
As a result, natural gas accounts for only
to subsidize renewables, on top of billions 9.4% of Germany’s electricity, down from a little
more in other handouts. Germans join Danes over 14% in 2010. Gas accounts for some 30%
in paying the highest household electricity of U.S. electricity generation, and the shift to
rates in Europe, and German companies pay gas from coal explains a majority of the reducnear the top among industrial users. This is a tions in carbon emissions in U.S. generation
big reason Mrs. Merkel underperformed in since 2005, according to a report last month by
September’s election.
the U.S. Energy Information Administration.
Berlin has heavily subsidized renewable en- German households pay nearly 36 U.S. cents a
ergy since 2000, primarily via feed-in tariffs re- kilowatt-hour of electricity, versus an average
quiring utilities to buy electricity from renew- of 13 cents in America.
able generators at above-market rates. Mrs.
No wonder voters are in revolt. Surveys say
Merkel put that effort into overdrive in 2010 that in theory Germans like being green, but
when she introduced the Energiewende, or en- polls about household energy costs say otherergy revolution.
wise. The right-wing Alternative for Germany
The centerpiece is the escalating emissions- (AfD) won a surprising 13% vote share in part
reductions targets Germany now is missing, on a promise to end the Energiewende immediwhich surpass the 20% reduction by 2020 to ately. A new study from the RWI Leibniz Instiwhich the rest of the European Union has com- tute for Economic Research finds that 61% of
mitted. The policy is also supposed to reduce Germans wouldn’t want to pay even one eurototal energy consumption to 50% of the 2008 cent more per kilowatt-hour of electricity to
level by 2050, with a 25% reduction in electric- fund more renewables.
ity use. That was a tall enough order for an inThis is casting Mrs. Merkel’s coalition talks
dustrial economy. Then Mrs. Merkel made it into disarray. Her prospective Green Party parteven harder in 2011, with a hasty promise after ners want to double down on Energiewende disJapan’s Fukushima disaster to phase out nu- tortions by banning coal, starting with the 20
clear power by 2022.
most-polluting plants. Mrs. Merkel’s centerEnergiewende enthusiasts say the policy is right Christian-Democratic parties and the freeracking up successes despite the problems. market Free Democrats are willing to close 10
That’s true only in the sense that if you throw plants at most, in recognition that more would
enough money at something, some of the cash strangle the economy of energy absent nuclear
has to stick. In electric generating capacity, for power after 2022.
instance, renewables are now running almost
Whatever agreement she works out, it’s clear
even with traditional fuel sources.
that German voters want more honesty about
Yet much of that capacity is wasted—only the cash-and-carbon costs of Mrs. Merkel’s
one-third of Germany’s electricity is actually green ambitions. If instead she recommits to
generated by renewables. Berlin has invested soaring energy costs and dirty-coal electricity,
heavily in wind and solar power that is easiest expect another voter rebellion in 2021.
T
A Blue Slip—Not a Franken Veto
he hits keep coming for Al Franken. At nees for district courts, whose authority is genthe same time folks are calling on the erally limited to one state, and appellate-court
Minnesota Democrat to resign after he’s nominees, whose jurisdiction might span sevbeen accused of sexual assault,
eral states. He implied that he
Restoring an important is still inclined to give homethe Chairman of the Senate Judiciary Committee is ending a
state Senators more say over
Senate courtesy to
Franken veto over judicial
district nominees. But he
its rightful purpose.
nominees.
made clear he won’t let the
Chairman Chuck Grassley
blue slip become a substitute
said Thursday that he’ll move
for the filibuster, which Demoforward with a confirmation hearing for Minne- crats eliminated to pack the D.C. Circuit during
sota Supreme Court Justice David Stras. Mr. the Obama years.
Stras’s nomination to the Eighth Circuit Court
The Iowa Republican also noted that only two
of Appeals has stalled because of Mr. Franken’s of the 18 Judiciary Chairmen had allowed a single
failure to return a “blue slip” signalling that a home-state Senator to stop nominees with blue
Senator doesn’t object to the nomination. Re- slips. When Joe Biden chaired the committee, he
publican John Kennedy has likewise not re- let President George H.W. Bush know that though
turned his blue slip for Kyle Duncan, a nominee a Senator’s decision to withhold a blue slip would
for the Fifth Circuit, but Mr. Kennedy isn’t trying weigh heavily in the evaluation of a nominee’s fitto block a hearing.
ness, “it will not preclude consideration of that
The Senate’s blue slip tradition spans a cen- nominee unless the Administration has not contury and is meant to encourage consultation be- sulted with both home state Senators prior to
tween the White House and Senate on nominees. submitting the nomination to the Senate.”
But Mr. Franken is using the blue slip as an ideoThat’s the approach Mr. Grassley is following,
logical veto.
and it restores a Senate courtesy to its rightful
Mr. Grassley distinguished between nomi- purpose.
V
The Menendez Mistrial
arious ethicists are pronouncing shock for Melgen over a Medicare coverage decision,
that a federal jury failed to convict New the Department of Health and Human Services
Jersey Senator Robert Menendez on listened but rejected the Senator’s pleas. Melcorruption charges, resulting
gen was convicted of Medicare
The charges were thin fraud in a separate trial in
in a mistrial Thursday after
the jury ended up hung 10-2
against the Iran deal’s April.
for acquittal by one juror’s acProsecutors and political
count. But our readers weren’t main Democratic critic. partisans claim it is becoming
surprised, since we wrote as
impossible to convict a politiearly as April 2015 that the
cian of corruption, but that’s
charges were thin and deserved “more than a an exaggeration and ignores that prosecutors
little skepticism.”
too often abused the law to put politicians in the
The New Jersey Democrat isn’t a model pub- dock. They so broadly defined “honest services”
lic servant, and the details of his support for his fraud that a jury could interpret it as a politician
longtime friend Salomon Melgen, a Palm Beach doing anything for a donor.
doctor and Democratic Party donor, aren’t
Mr. Menendez thanked the jury on Thursday,
pretty. He supported visa applications for Mel- though it’s a shame he indulged in the race card
gen’s overseas girlfriends—Brazilian ac- by claiming that “certain elements of the FBI
tresses—and interceded with government offi- and of our state cannot understand, or even
cials on behalf of his business interests, among worse, accept that the Latino kid from Union
other things.
City and Hudson County can grow up to be a
Few of these facts were in dispute during the United States Senator and be honest.” The late
nine-week trial, but the question for the jury GOP Senator Ted Stevens could tell him that
was whether this behavior is a crime. Prosecu- prosecutorial abuse doesn’t need race as a motors claimed they amounted to quid-pro-quo tive. (See Judge Emmet Sullivan nearby.)
corruption, but Mr. Menendez replied that they
The Menendez indictment also suffered from
were routine constituent service or the result suspicious timing, coming as it did when the
of a 25-year friendship.
Senator was the ranking Democrat on the ForMost of the jurors sided with the defense, eign Relations Committee and among the skepand that’s not surprising after the Supreme tics of Barack Obama’s Iran nuclear deal. He had
Court narrowed the definition of bribery and to step back from his committee role after the
corruption in its landmark Skilling (2010) and indictment. Prosecutors will want to retry the
McDonnell (2016) cases. Prosecutors now have Senator to vindicate their charges, but the betto prove a genuine bribe or a specific, clear ter part of the law and wisdom calls for dropquid-pro-quo. In Mr. Menendez’s intervention ping the case.
LETTERS TO THE EDITOR
The Moore Mess Is a Subset of a Sad Polity
Regarding your editorial “The Roy
Moore Mess” (Nov. 15): America is a
constitutional republic and, as such,
Roy Moore’s acceptability as a senator
should be judged solely by the people
of Alabama, not editorial boards or
cynical, self-serving politicians. There
is no way to prove or disprove the 40year-old accusations regarding his
conduct, which he denies, and it is
classically hypocritical that Democrats
condemn Mr. Moore when much
worse sexual misconduct was proved
to have been committed by Ted Kennedy and Bill Clinton with nary a peep
from the left.
CLYDE HARKINS
Corona del Mar, Calif.
This is right out of the Democrats’
playbook that has been used many
times. They even rerun the same
scene of a teary woman in company of
the same lawyer who was used the
last time.
Mr. Moore may not be an attractive
candidate, but notions of fair play
aren’t reserved for those we like. By
failing to look at the creditability of
the accusers, the Journal and others
give free rein to anyone to make a
charge in a political campaign without
much challenge.
WILLIAM E. TURNAGE
Jacksonville, Fla.
Sen. Cory Gardner proclaims Mr.
Moore should be expelled from the
Senate if he wins the election because
he “does not meet the ethical and
moral requirements of the U.S. Senate.” Apparently this is a new guideline, as it didn’t exist when it might
have hurt Democrats in the Senate or
White House. Perhaps the Senate
should publish these “requirements”
so we can review and hold our senators to these high standards.
EMERY SALADIN
Wildwood, Mo.
The lesson of the Mr. Moore mess
isn’t just that Alabama Republicans
made a poor choice in nominating Roy
Moore for the Senate. The larger lesson is that Washington is now generally held in such low esteem by Americans that they are often willing to
vote for any outsider knucklehead who
comes along. Some get elected.
JOHN ENDEAN
Washington
Virtual Medicine Could Do a Lot More Good
In “The Hype of Virtual Medicine”
(Review, Nov. 11), Ezekiel J. Emanuel
is right that medical technology isn’t
changing patient behavior. After all,
no home-monitoring device can roll
us out of bed, lace up our running
shoes or remove the salty snacks
from our cupboards. But high-tech
systems can do a lot more to improve
patient health than the doctor suggests. By blaming the limitations of
technology and patient noncompliance, he’s overlooking the fundamental problem: Med-tech systems are
designed around the needs of the developer, not the user. That’s made evident by the countless home-monitoring devices that stream endless data
to busy doctors who don’t want it or
have the time to sift around for possible abnormalities. But imagine a
tool that tells the patient when he is
doing well and when something is
wrong. This would eliminate the need
for the types of “see you in three
month” checks, and ensure the patient gets seen as soon as a problem
develops.
That type of algorithmic analysis is
being used in large hospital systems
today to notify physicians when a patient on a medical or surgical floor is
likely to need ICU care the next day,
but it isn’t available for patients to
use in their own homes. The reason is
as senseless as it is damaging to our
health. Simply, developers fear malpractice suits. Every such data analytic approach is based on probability
analysis, and as such it will miss a
problem on occasion. But it is far superior to what happens today.
ROBERT PEARL, M.D.
Washington
Where Is the FEC on DNC’s Abuse of the Law?
Cleta Mitchell
guidelines. This is
and Hans von Spathe most clearly
kovsky’s “Hillary
germane argument
Clinton, the DNC
in relation to Mrs.
and the Law” (opClinton, the DNC
ed, Nov. 13) obfusand the law.
cates the intersecBernie Sanders
tion of these
wasn’t the only one
topics. The meetto lose out. Martin
ing ground is clear.
O’Malley, Lawrence
The most basic leLessig, Lincoln
gal infraction here
Chaffee and Jim
is skirting Federal
Webb at least deFormer DNC Chair Donna Brazile.
Election Commisserved a fair shake.
sion rules. FEC regI still want to beulations cap individual campaign con- lieve in an America that takes pride in
tributions to individual candidates at
free and fair elections.
a more austere level than what can be
GRANT FEROWICH
Washington
contributed to a party. If one candidate had effective control over the
party’s operations, were contributions
made to the DNC funneled disproportionally to Hillary Clinton’s campaign?
FEC rules expressly prohibit this type
While many have great sympathy
of campaign-finance activity.
Ms. Mitchell and Mr. von Spakovsky for Violet Tran’s desire to remain and
work in America, the fact is that her
admirably introduce the convoluted
schema but they wound up burying the job isn’t one for which there is a
shortage of U.S. citizens ready, willlead. Since everyone is to be treated
ing and able to fill it (“Trump’s de
equal under the law according to our
Constitution, I fail to discern the faint- Facto Small-Business Tax,” op-ed,
est reason why it would not be applied Nov. 15). President Trump ran on a
platform that included a review of
and enforced in the case of persons
the H-1B program with the goal of rewittingly or unwittingly violating FEC
ducing the number of foreign workers
taking jobs from our labor force.
It seems only fair and reasonable
that the president serves the needs
and interests of our country and only
Meg Jay’s essay “The Secrets of Re- extends this visa program, as it was
silience” (Review, Nov. 11) resonates
originally envisioned, to individuals
on many levels. All the successful peo- with highly specialized technical exple I’ve known have the ability to
pertise not otherwise available. The
problem solve, persevere and persist
result of this effort will benefit both
in the face of adversity. The secret is
the home countries of these bright
to find what you’re good at as early
and energetic young workers, while
as possible in life. Then seek out othallowing Americans to pursue their
ers who care about you and can help
dreams.
you—mentors, teachers and friends.
WES POTTER
Natick, Mass.
Last, plan how to grow these talents
with realistic goals. Maybe the essence of life is struggle. It’s a teacher
that leaves an indelible impression—
one that can serve us well in both our
personal and professional lives.
LARRY SLEEP
THE WALL STREET JOURNAL
Santa Barbara, Calif.
TOM WILLIAMS/CQ ROLL CALL
REVIEW & OUTLOOK
H-1B Enforcement Is Right
And Helps American Labor
Faith and Other Resources
For Overcoming Adversity
Pepper ...
And Salt
Throughout America’s history,
faith has lifted countless everyday
folks, as well as presidents, astronauts, prisoners of war, scientists,
etc. Our faith can provide a dramatic
role in overcoming the inner struggles we all face.
ROBERT MILLER
Maitland, Fla.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
“I cherish my creamer-stirring
as a moment for quiet reflection.”
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 18 - 19, 2017 | A13
OPINION
DECLARATIONS
By Peggy Noonan
A
labama has its back up, or
at least its Republicans and
conservatives do, and it’s
understandable. They don’t
like when Northerners and
liberals and people in Washington tell
them who their senator should be.
They don’t like when reporters from
outside come down and ask questions
and turn over rocks looking for what’s
crawling on the underside. There’s always an underside. Man is made from
crooked timber.
This tribune of the
common folk and their
earnest ways allegedly
preyed on the unprotected.
People from the Deep South feel
culturally patronized. This is because
they are. Reporters from outside don’t
admire or relate to them; when a
Washington Post journalist presented
as fact, in a 1993 news report, that
evangelical Christians are “largely
poor, uneducated and easy to command,” you know he was thinking of
Southern evangelicals. Hollywood has
long cast Southerners as witless and
brutish in films from “Inherit the
Wind” to “Deliverance” and “Mississippi Burning.”
Politically, Southern conservatives
have long decried a double standard.
Ted Kennedy spent much of his life
as a somewhat inebriated roué
whose actions caused the death of a
young woman, but now we’re instructed to call him the Lion of the
Senate. Bill Clinton was worse than
Roy Moore. Mr. Clinton was accused
of rape, harassment and exposing
himself, but his party backed him
and he kept the presidency. Democratic Sen. Al Franken was credibly
accused Thursday, by an anchor at
KABC radio in Los Angeles, of groping and harassing her on a USO tour
in 2006. When she resisted him, Leeann Tweeden wrote, “Franken repaid
me with petty insults,” and took an
obscene photo of her on the way
home, as she slept. Will the liberal
media dig into Mr. Franken as they
have dug into Mr. Moore? Or is he
too good a source and friend?
Alabama Republicans are accused
of mere tribalism in sticking with Mr.
Moore, who has been accused of repeated sexual predation on teenage
girls. But serious policy issues are at
play in the December election, including ones that have to do with our
character as a nation. Here is one. Alabama is one of the most pro-life states
in the nation. Alabamans take abortion
seriously and are profoundly opposed
to partial-birth abortion, the aborting
of a child so late in gestation that it
could survive outside the womb, with
or without medical assistance.
Most of Europe outlaws late-term
abortion. They see the very idea of it
as barbaric. As it is.
Roy Moore is against partial-birth
abortion. His Democratic challenger,
Doug Jones, was asked his position by
Chuck Todd, in an interview in September on MSNBC.
Mr. Todd: “What are the limitations that you believe should be in the
law when it comes to abortion?”
Mr. Jones replied: “I am a firm believer that a woman should have the
freedom to choose what happens to
her own body.”
Mr. Todd: “You wouldn’t be in favor of legislation that said ban abortion after 20 weeks or something like
that?”
Mr. Jones: “I’m not in favor of anything that is going to infringe on a
woman’s right and her freedom to
choose.”
JONATHAN BACHMAN/GETTY IMAGES
Alabama Women, Say No to Roy Moore
Roy Moore in Jackson, Ala., Nov. 14.
If you care about late-term abortion, that is enough reason to oppose
Mr. Jones. It is not surprising that Mr.
Moore’s supporters would stick with
him when seen through that light.
But still: It won’t do. All the above
having been said, Alabamans who
continue to back Mr. Moore are making a terrible mistake.
Just because something is understandable doesn’t mean it’s right. The
charges against Mr. Moore are not
only serious; they are completely
credible.
If you read the original Washington
Post story, you know it was rigorously
reported, with great care and professionalism. Four women who did not
seek out the press, who did not know
each other, and who surely guessed
going public would bring them nothing but grief, came forward and provided first-person details that established a pattern. Thirty people
corroborated details. This is not attack
journalism. It is great journalism.
If Roy Moore had a long and demonstrated history of randomly attacking children with a baseball bat, or if
the FBI announced it had found in his
possession a stash of child porn,
Moore supporters would never back
him. But that, in a way, figuratively, is
what he stands accused of doing. His
“porn,” his addiction, was cruising
malls for young women, often teenagers. His “attacking children” was moving sexually on those young women
and leaving them damaged.
Women around the world are moving against predators, harassers, bullies, rapists. It is inspiring. The legalities of the Alabama race may be at an
impasse, but it would be good to see
Republican women in the state lead a
charge and insist on someone else.
Find another conservative. There are
plenty in Alabama.
I put it on the women because Republican men there right now are lost.
They are busy playing to every stereotype every bigot ever held about
them. They are busy comparing Roy
Moore and his victims to St. Joseph
and the Virgin Mary. They are busy
leaving phone messages falsely claiming to be Washington Post reporter
“Bernie Bernstein,” offering big cash
for dirt on Mr. Moore. They are busy
saying they’d vote for any Republican
over a Democrat. Gotta be loyal to
your own.
They have been busy making themselves look like fools.
There is another reason Republican and conservative women should
rise up. It has to do with the victims
Moore chose.
Who were the girls he targeted? Interestingly, this tribune of the common folk and their earnest, believing
ways allegedly preyed mostly on the
unprotected. He chose young women
he could push around. Some came to
him at his law office, bringing with
them all the problems of broken
America—child-custody fights, violent
divorces, bounced checks. They
worked at Red Lobster, at a mill, on
the night shift at Sears.
A thing about predators, from the
men of the Catholic Church sex scandals to the man cruising the mall, is
that they never prey on the protected.
They don’t prey on the daughter of
the biggest family in town, the child
of the man who owns the factory or
the local newspaper. They tend to
prey on kids with no father in the
home.
Tina Johnson “was 28 years old, in
a difficult marriage headed toward divorce, and unemployed,” AL.com reported of the latest accuser, Wednesday. “She was at the office to sign
over custody of her 12-year-old son to
her mother.”
As they left the office, she said, Mr.
Moore molested her. She told no one,
not even her mother.
That is a tell, that she didn’t tell
her mother. They almost never tell
the mother. She’s got enough going
on. Maybe she can’t handle more.
Maybe she’s not interested in handling more.
Often the victims had had brushes
with the law. Predators can smell that:
It means no one will believe them if
they talk.
Roy Moore targeted the deplorables.
They were people with no sway, no
pull. Some of them, in the presidential
election, voted for Donald Trump.
There are better conservatives in
Alabama than Roy Moore. Republican
women, rise up and raise hell. That
would be real loyalty, and to those
who are really your own.
Philanthropy Booms in the Trump Era—but It Also Gets Political
By James Piereson
And Naomi Schaefer Riley
T
he Trump administration has
turned out to be a bonanza for
the nonprofit world. Liberal
groups like the American Civil Liberties Union and Planned Parenthood
have reported great fundraising success since last year’s election. In addition, many large foundations have decided to direct hundreds of millions
of dollars toward new ventures to
combat the supposedly ill effects of
administration policies. Though few
Such advocacy fails
to provide direct
and tangible benefits
to individuals in need.
conservatives will applaud the aims
of these campaigns, the expenditures
have ironically helped to demonstrate
a core conservative principle: When
government steps back, private
money often fills the void.
A few leaders in the liberal philanthropic world saw this dilemma approaching. After the 2016 election,
Caleb Gayle, a former program officer
at the George Kaiser Family Foundation, argued in the Chronicle of Philanthropy that the nonprofit sector
shouldn’t spend more to make up for
gaps in government funding. Instead
he counseled exercising “strategic restraint.” Why? “To many foundations,” he wrote, “it might seem cruel
to resist calls to spend more . . . But
if grant makers start to far exceed
the 5 percent annual minimum, they
will validate the conservative desire
to strip money from government antipoverty measures.”
This summer, the Chronicle collected information on “foundation actions taken in direct response to
Trump administration policies or
more generally linked by grant makers
to the current political environment.”
As of August, total commitments exceeded $700 million, “not including
those by groups that announced proportional increases in grant making
but did not give dollar amounts.”
These grants include $375 million
from the Bill and Melinda Gates
Foundation for “responding to Trump
administration plans to cut federal
spending on international family
planning”; $100 million from the
Omidyar Network to “support investigative journalism, help citizens engage with government, and reduce
hate speech”; and $35 million from
the California Foundation, which is
“shifting its entire grant-making budget to focus on access to health care
for Californians, including immigrants; maintaining the social safety
net for low-income residents; and
preventing hate crimes.”
Between new money given to combat discrimination, climate change
and “fake news,” and funds to provide for abortion and other liberal
advocacy groups, liberal foundations
are doing a great deal to make up for
any reductions in government money
going toward these causes. Moreover,
according to the Chronicle, “the Ford
and MacArthur funds said their
grant-making strategies were already
aligned with the challenges posed by
the current political and economic
environment.”
But mega-spending by billionaire
family foundations is not exactly
what most people, let alone conservatives, have in mind when they think
about the private sector filling the
void where government falls short.
They think about churches running
soup kitchens or the YMCA providing
temporary housing for the homeless.
They think about private citizens donating money and time to everything
from foster-care agencies to drugtreatment centers.
While some liberal philanthropies
help people who are genuinely in
need, a great deal of their money has
been diverted instead to political advocacy. At last year’s annual meeting
of Independent Sector, one of the
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largest gatherings of nonprofit leaders in the country, Ellen Alberding,
president of the Joyce Foundation,
told a cheering audience, “foundations could and should be more aggressive on the advocacy front on the
issues they really care about.” Brian
Gallagher, chief executive of United
Way Worldwide, expanded this message beyond foundations to nonprofits generally: “If you don’t have a policy strategy, then you don’t have a
mission and purpose.” Philanthropy,
in other words, is politics in a different guise.
While they would presumably argue that such advocacy brings benefits to those on the margins of society in the long run, it does not
provide the direct and tangible benefits that improve the material, spiritual and intellectual lives of individuals right now. This is one reason why
it is disappointing that the assets
controlled by left-leaning foundations
vastly outweigh those controlled by
right-leaning ones. According to a
Manhattan Institute report published
earlier this year, left-leaning policy
foundations such as Rockefeller and
Carnegie control about $38.38 billion,
compared with $7.41 billion for those
that lean right, such as the Charles
Koch and Earhart foundations.
Not only does this mean less longterm funding for, say, voucher programs that directly help low-income
families; it means less support for all
sorts of educational institutions and
social-service groups that shun government funding. This trend coincides with the disappearance of small
religious institutions in areas where
they are most needed. Catholic parishes and schools in inner cities have
been consolidated, some shutting
their doors. Evangelical churches in
Appalachia often find their pews
empty as the young move away or
abandon religious commitments. Efforts to address these trends are unlikely to find much sympathy at leftwing philanthropies.
The evolving focus of liberal phi-
lanthropy mirrors changes in the
wider political landscape. In the past,
liberal advocacy efforts were heavily
focused on preserving funds for antipoverty programs. But that focus
seems increasingly dated as support
for a wide social safety net consolidates, to the point that existing programs are increasingly difficult to cut
or even reform.
Liberal philanthropists today are
absorbed in a network of new
causes: abortion rights, climate
change, income inequality, immigrant rights, regulation of the internet, the elimination of “hate,” and
other social and identity-based projects. Without a counterbalance provided by right-leaning philanthropies, expect private money to flow
even more asymmetrically toward
ever more radical causes.
Mr. Piereson is a senior fellow at
the Manhattan Institute. Ms. Riley is
a senior fellow at the Independent
Women’s Forum.
For GE Investors, Growth in the Spring
Don’t believe in
magic. The secret
revealed in GE’s
troubles is that
there is no secret.
General Electric
fared
brilliantly
BUSINESS
two decades ago
WORLD
under Jack Welch
By Holman W.
because he steered
Jenkins, Jr.
it into growing
businesses in a
booming global economy, then
whipped his underlings to control
costs and extract profits. Any synergies from a lower cost of capital or
mastering the arcana of tax regulation were probably a small factor in
his success.
His methods were always going
to be hard for his successors to
replicate. Competition from private
equity for undervalued business opportunities is greater. Other companies use the same whips now to
mobilize employees. A certain
CNBC host used to debunk corporate tax reform because companies
like then-parent GE seldom pay the
statutory rate. In fact, curbing
wasteful tax-minimization strategies is the best argument for tax
reform. In any case, Corporate
America (especially Silicon Valley)
has long since caught up with GE in
this department.
Under Jeffrey Immelt, GE suffered a pretty ordinary case of a
company being in markets that
didn’t grow as expected, especially
power. And a good bit of successor
John Flannery’s turnaround, the
plan for which was unveiled this
week, will actually consist of waiting till things get better.
Unlike Mr. Immelt, though, he has
the advantage of being able to bash
previous management in the meantime. Staff at the power division are
singled out for being slow to respond to falling turbine shipments,
etc. But it wasn’t staff that decided
to saddle GE with the turbine business of France’s Alstom two years
ago. And what to make of French
Minister Arnaud Montebourg’s
comment that the GE-Alstom deal
represented “the return of the
state in the economy”? Mr. Montebourg opposed GE’s bid at first,
then ended the fight by allowing
three of Alstom’s units to become
joint ventures of GE and the
French state. Mr. Immelt even
promised that GE, which usually
cuts costs and consolidates operations, would create 1,000 additional
jobs in France.
GE struck a similarly ill-starred
bargain last year for a controlling
stake in oil-field services outfit
Baker Hughes, hoping to catch a rebound in oil prices. It didn’t happen
but still might, in which case Mr.
Flannery may well shelve plans to
dump the stake when contractually
permitted to sell in 2019.
Mr. Flannery is said to be hardheaded and probably is. Half his job
now is to beat down the stock price
and blame previous management,
then wait for things to look up.
He receives only lukewarm
plaudits from Wall Street for his
promise to make GE smaller, with
fewer ways to stumble in the future. Any philosophizing about
what businesses are “core” to GE
was always a bit of a show. The
“core” businesses are those that
stand to make Mr. Flannery look
good a year or two from now.
Electricity demand is expected to
increase 50% in the next 20 years;
GE turbines generate one-third of
the world’s electric power. You
would be crazy to sell this business at a price depressed by a
passing episode of mismanagement, especially when it has
strong technical overlap with GE’s
aircraft-engine business.
What do these have to do with
medical devices? Nothing, but GE
will be keeping medical devices too,
because the division is doing well
and Mr. Flannery ran it.
Whether GE is a sensible conglomerate is a question that occupies theorists. From today’s position,
cyclical and management improvements alone ought to be able to provide shareholders a return on their
now-depressed holdings.
What strategic suspense remains
concerns Mr. Immelt’s digital strategy, subject of so many curious
commercials featuring wispy millennials explaining their jobs to
their dads.
He spent $4 billion on an “industrial internet” to monitor the
performance of turbines and other
devices down to their smallest
parts, greatly economizing on
maintenance and downtime. But
GE’s “Predix” software proved
buggy. The company had to call a
two-month “timeout” earlier this
year. And customers were confused
why a software “service” came
with so many equipment-purchase
obligations. Eventually, too, GE
dumped its own expensively built
server farms in favor of Amazon
Web Services. Shareholders, of
course, have yet to see a return
from any of this.
Mr. Immelt was surely correct
that digital technology will revolutionize heavy industry. Whether GE
really has much to offer against
nimbler startups with names like
Uptake and Flutura remains a question. Never mind. What will really
make Mr. Flannery’s tenure is today’s battered down stock price.
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A14 | Saturday/Sunday, November 18 - 19, 2017
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THE WALL STREET JOURNAL.
SPORTS
OLI SCARFF/AGENCE FRANCE-PRESSE/GETTY IMAGES
From left, Tottenham’s Eric Dier,
Mousa Dembele and Dele Alli walk
off the pitch after a 1-0 defeat to
Manchester United on Oct. 28.
SOCCER
Spurs’ Revival Cursed by Bad Timing
Tottenham is enjoying its best run in decades but has no title to show for it, thanks to chaos at the top of the Premier League
cio Pochettino said late last season. “We
need time to try to create a strong team, a
strong club, a strong mentality.”
Which is why Tottenham’s best shot at a
title might have come too early. In 2015-16,
one season after Pochettino’s arrival, every
other big club in England seemed to fall
apart at the same time. By spring, the title
was Tottenham’s to win if it could just hold
its nerve and keep the pressure on Leicester
City. Unfortunately for Spurs, they happened
to catch the one season out of 132 when
Leicester defied the odds to win the title.
The following year, Tottenham was even
more dangerous as forwards Harry Kane and
Dele Alli evolved into world-beaters. Spurs
led the league in scoring on the back of
Kane’s 29 goals in 30 appearances, plus 18
from Alli and 14 more from Son Heung-Min.
The club also conceded the fewest goals in all
four professional divisions of English soccer.
So what happened? How did Spurs’ first
league title since 1961 elude them that time?
Well, English soccer’s state of chaos
caught up to it again.
Chelsea, after being so disastrous under
Jose Mourinho a season earlier, recovered in
spectacular fashion. Under manager Antonio
Conte, virtually the same squad of players
bludgeoned the Premier League with 30 vic-
ONLY ONE TEAM in the English Premier
League has spent nearly every moment of
the past 2½ seasons locked in a title race.
It’s a club that has developed one of the
most exciting attacks in the country and one
of its meanest defenses. It has genuine superstars for the first time in a generation.
And its drill-sergeant manager is turning
the heads of the biggest clubs on the continent. Somewhere along the line, all of that
probably should have turned into a championship for Tottenham Hotspur.
But Tottenham remains without a championship in the Premier League era, despite
the fact that Spurs have lost fewer games
than any team in the country since the start
of the 2015-16 campaign.
The problem is that Tottenham’s strongest
spell in decades happens to overlap with the
most chaotic period in Premier League history. Instead of lifting trophies, the club
charged headfirst into new and confusing obstacles like the Leicester City miracle, a mysteriously revived Chelsea side, a historically
brilliant Manchester City and even Tottenham’s own stadium.
“We need to be patient,” manager Mauri-
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
V
Vancouver
•
Calgary
l
Helena
50s
Boise
i
Bismarckk
20s
50s
Billings
Ottawa
20s
Salt La
Lake
Lake City
C
20s
Sacramento
30s
40s
San
an Francisco
Las
Veg
Vegas
Los A
Angeles
Angel
80s Phoenix
Ph
70s 80s
T
Toronto
Mpls./St.
pls //St. Paul
P
Pa
30s
Cheyenne
Denver
k
Milwaukee
es Moines
i
Des
h g
Chicago
h
Omaha
Indianapolis
di p li
Topeka
Colorado
C
d
Springs
Ft. Worth
Dallas
D
ll
Jackk
Jackson
0s
10s -0s
20s
Anchorage
A
h g
30s
80s
50s
t
Boston
70s
80s
90s
hington
hi
gton D.C.
DC
Washington
100+
h
d
Richmond
l igh
h
Raleigh
60s
Ch l
Charlotte
C l bbi
Atlanta
Atl t Columbia
bil
Mobile
70s
80s
Houston
an Antonio
A
San
Warm
Rain
Cold
T-storms
Stationary
Snow
Honolulu
l l
Showers
Flurries
Jacksonville
Orlando
l d
Tampa
80s
70s
80s
Miami
Ice
U.S. Forecasts
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
24 13 c
24 16 sn
Atlanta
70 42 pc 54 32 s
Austin
79 43 s
65 39 s
Baltimore
56 49 pc 54 34 pc
Boise
47 29 pc 50 40 pc
Boston
50 48 r
55 31 r
Burlington
44 39 r
47 23 r
Charlotte
66 44 pc 57 30 s
Chicago
48 28 r
35 28 s
Cleveland
55 35 r
38 28 sn
Dallas
70 42 s
63 41 s
Denver
47 26 s
59 29 s
Detroit
54 33 r
38 27 sf
Honolulu
81 68 pc 82 68 s
Houston
83 47 pc 67 44 s
Indianapolis
60 29 r
37 26 pc
Kansas City
49 29 sh 52 38 s
Las Vegas
64 41 pc 65 47 pc
Little Rock
71 38 c
57 33 s
Los Angeles
77 55 s
75 55 pc
Miami
83 66 s
84 68 s
Milwaukee
43 27 sn 35 27 pc
Minneapolis
35 19 pc 38 29 s
Nashville
69 36 t
48 27 s
New Orleans
80 50 pc 63 46 s
New York City
54 51 r
55 35 pc
Oklahoma City
58 32 s
60 36 s
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
48
80
55
80
56
44
50
61
63
44
61
50
51
39
59
Today
Lo W
25 s
59 s
50 r
54 pc
36 r
41 r
38 c
36 s
30 sh
25 pc
47 s
21 s
43 c
20 s
51 pc
Tomorrow
Hi Lo W
53 36 s
78 50 pc
55 36 pc
80 55 s
38 26 sf
53 24 r
50 44 r
61 48 pc
45 32 s
49 34 s
62 54 pc
52 24 s
50 40 r
47 28 s
54 35 pc
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Today
Hi Lo W
48 42 sh
63 54 t
80 56 pc
94 80 s
43 20 s
42 36 pc
46 35 sh
67 50 s
88 72 s
46 36 sh
45 30 pc
Tomorrow
Hi Lo W
48 41 sh
63 54 t
78 62 c
91 78 c
44 22 c
43 35 sh
46 36 pc
79 51 s
88 70 s
48 46 pc
44 34 r
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
43
46
83
79
63
89
73
77
48
68
90
82
76
54
37
93
50
94
80
60
85
34
54
87
73
74
56
47
49
41
43
Today
Lo W
35 sh
32 pc
63 pc
66 sh
52 c
74 sh
53 pc
52 s
37 pc
36 s
78 sh
62 t
44 s
34 s
33 c
78 pc
42 pc
75 s
55 s
41 s
74 sh
23 s
42 c
74 t
66 t
62 r
45 r
35 r
43 sh
35 sh
31 pc
ing to keep his personal record intact when
the two rivals meet at Emirates Stadium on
Saturday.
“Our challenge, our aim, is to win, not
only to beat Arsenal,” Pochettino said last
season when it became mathematically impossible for the Gunners to overtake his
side. “It’s to [beat] the 19 other teams
against us in the Premier League.”
Tottenham’s general improvement the past
couple of seasons recently sparked a conversation at the club around the term “Spursy.” For
years, it has served as convenient shorthand
for the club’s habit of being capable of greatness, but just as likely to trip over its own
shoelaces. Losing to Crystal Palace, as it nearly
did earlier this month, in the same week it
beat Real Madrid in the Champions League,
for instance, would have been textbook Spursy.
“To be honest I have heard of the ‘Spursy’
term,” Pochettino said this month. “I’ve heard
people say we are not that anymore. In the
last few years I’ve heard more and more people say that. The challenge is to keep the
good times as it’s a great club.”
“All those people like the fans and staff
who love Tottenham feel disappointed for
this history of the club,” he added. “There is
a view of Tottenham in the past we are trying to change things.”
THE COUNT
RECEIVERS ARE
DRIVING FANTASY
OWNERS INSANE
60s
Birmingham
i gh
New
ew
w Orleans
70s
A bany
b y
Albany
50s
Nashville
h
Memphis
ph
El P
Paso
Austin
A ti
40s
40s
rtford
Hartford
Detroit
t
Buffalo
ff l
New
Yorkk
ew Y
Cleveland
C
d
Ph
hil d lph
hi
Pittsburgh
b g Philadelphia
p
d
Kansas Springfield
Charles
h
Charleston
Cityy
Cit
L
Lou
Louisville
L
Lou
ill
40s St.. Louis
Wichita
hit
Santaa Fe
LLittle
ittlee Rock
Albuquerque
kl homa
om City
City
Oklahoma
Tucson
Tuc
30s
Montreal
A g t
Augusta
oux FFalls
ll
Sioux
P
Pierre
Reno
San Diego
20s
30s
Portland
P
d
50s
10s
ip
Winnipeg
Seattle
ttl
60s
0s
10s
30s
g
Eugene
<0
0s
d
Edmonton
tories in 38 games.
Now Tottenham has to deal with Pep
Guardiola’s undefeated Manchester City
side, which is blowing away opponents for
fun and leads Europe’s five major leagues in
scoring. It hasn’t helped matters that Tottenham’s temporary move to Wembley Stadium jarred the club into dropping seven
points in its first three home games.
Still, since the beginning of the 2015 season, only Manchester City has posted more
total points than Tottenham—and even then
the gap is only two. Spurs have been 10
points better off in that time than Arsenal,
13 better than Chelsea and a full 15 better
than Manchester United. And yet, Tottenham has nothing to show for itself.
So the club has had to satisfy itself with
small, but significant benchmarks, such as
finally breaking the hoodoo its neighbor Arsenal lorded over it. Spurs finished above
the Gunners last season for the first time in
22 years, which prompted plenty of Arsenal
hand-wringing over a possible shift in the
balance of power.
How much that matters to anyone outside
of North London is debatable, but it has
done plenty for the Tottenham’s self-esteem.
Pochettino has never lost to the Gunners in
six Premier League meetings and he’s hop-
Tomorrow
Hi Lo W
44 35 sh
43 33 c
82 63 pc
72 66 c
59 50 sh
92 76 t
68 50 pc
82 58 pc
47 43 pc
64 36 s
90 78 pc
82 61 pc
68 44 pc
52 34 s
36 30 c
93 80 pc
48 38 pc
88 72 sh
79 55 c
58 42 pc
84 76 sh
38 30 pc
56 48 pc
88 76 pc
75 64 pc
66 65 r
52 41 pc
38 27 c
48 36 r
40 33 sh
41 29 sh
Fantasy football’s popularity has grown in
recent years with pinball scoring driven by the
most dominant position in the sport—wide receiver. But if you’re wondering why your team
doesn’t seem very good and Sundays are increasingly filled with disappointment, the answer is simple: Wide receivers have stopped
putting up points.
The last time there were fewer productive
NFL wideouts was 1991.
This season through Week 10, no receiver
is averaging 100 yards per game. As recently
as 2014, there were four.
There are only three wide receivers averaging 80 or more yards per game: Antonio
Brown (Steelers, 98.0), DeAndre Hopkins (Texans, 89.2) and Adam Thielen (Vikings, 88.1).
From 2012 to 2015, there were 10 or more receivers each year averaging 80 or more yards
per game, according to Stats LLC. Granted,
Brown broke through with 144 yards and
three touchdowns on Thursday night against
the Titans, but those types of games increasingly seem like outliers rather than the norm.
The question is, “Why?”
The easy answer is that quarterback play
is at an all-time low due to top passers getting hurt or aging out of excellence. But the
league-wide passer rating is barely different
now (86.7) than in the peak-WR year of 2014
(87.0) Others point to formations with more
wide receivers on most plays. Note, however,
that the percentage of three-WR sets in 2014
was 59.6% and this year it’s 62.1%, actually
down from last year (65.7%).
But quarterbacks are throwing less to all
wide receivers than in any year since 2010,
just 57.2% of the time, according to Stats.
This may be out of necessity rather than
Julio Jones is having a down year.
Missing in Action
Number of receivers averaging 100+ yards per
game and 80+ yards per game:
SEASON
100+ YPG
80+ YPG
2017*
2016
2015
2014
2013
2012
2011
2010
0
1
2
4
2
1
1
0
3
5
10
13
12
10
7
5
*Through Week 10
Source: Stats LLC; WSJ
choice, as teams are increasingly stockpiling quality defensive backs through the draft, according
to Pro-Football-Reference’s statistical analysis.
The idea is to nab someone like Saints rookie
cornerback Marshon Lattimore, who has transformed the team’s defense into one of the top
units in the league this year. Lattimore joins the
growing stable of corners league wide capable of
locking down an opposing team’s top wideout—
and making fantasy lineups seem more barren
than ever.
—Michael Salfino
GRANT HALVERSON/GETTY IMAGES
BY JOSHUA ROBINSON
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
WEEKEND INVESTOR B5 | MARKETS DIGEST B6 | HEARD ON THE STREET B11
TECH GOOGLE EXPANDS IN JAPAN B4
PROFILE BROOKFIELD PUSHES BACK B10
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 23358.24 g 100.12 0.4%
THE WALL STREET JOURNAL.
* * * * **
NASDAQ 6782.79 g 0.2%
STOXX 600 383.80 g 0.3%
10-YR. TREAS. À 3/32 , yield 2.352%
Saturday/Sunday, November 18 - 19, 2017 | B1
OIL $56.55 À $1.41
GOLD $1,295.80 À $18.40
EURO $1.1793
YEN 112.11
Wells Fargo Fires
A Top Official
JIM DAVIS/GETTY IMAGES
BY EMILY GLAZER
AND ALLISON PRANG
A jet ascends after taking off from Boston’s Logan International Airport, with a rental-equipment lot in the foreground.
Carriers Battle in Boston
JetBlue controls third
of lucrative travel
market but Delta
is staking a claim
BY SUSAN CAREY
JetBlue Airways Corp. and
Delta Air Lines Inc. are ramping up a turf war in Boston.
Airline executives say a diverse economy, growing population and high concentration
of business fliers are spurring
their expansion at Boston’s Logan International Airport,
which generates outsize revenue for its size.
American Airlines Group
Inc., United Continental Holdings Inc. and ultradiscounter
Spirit Airlines Inc. also are increasing seats and flights to
Boston albeit at a slower clip,
according to data from OAG
Aviation Worldwide Ltd.
The U.S. airline industry has
been consolidating, but that
hasn’t kept carriers from competing aggressively in lucrative
markets such as Boston, San
Francisco and Seattle. Along
with added service, JetBlue
Beantown Brawl
Delta and other major airlines are increasing service in Boston, but so
is market leader JetBlue.
Number of scheduled one-way flights out of Boston*
March 2017
March 2018
JetBlue
Delta
American
United
Southwest
Spirit
0
1,000
2,000
Source: OAG Aviation Worldwide
says fares have dropped on
some routes where it now competes with Delta out of Boston.
Meanwhile, Alaska Air
Group Inc. is building on its
acquisition of San Franciscobased Virgin America Inc. by
bringing new flights to California. Southwest Airlines
Co., the biggest carrier in Cali-
3,000
4,000
5,000
THE WALL STREET JOURNAL.
fornia, is adding service and
working with regulators to
launch flights from the Golden
State to Hawaii in the next
year or so. And the entire industry is battling for market
share at Los Angeles International Airport, where no single
airline dominates.
“Every legacy airline has
tried to make a run at Boston,” said Marty St. George,
executive vice president of
commercial and planning for
discounter JetBlue. “We kind
of do our own thing and don’t
focus that much on the competitive traffic flows. We are
really confident in our value
proposition.”
Bob Cortelyou, Delta senior
vice president of network
planning, said the No. 2 U.S.
airline by traffic is well positioned to compete even as JetBlue adds flights from Boston
to Delta’s Atlanta and Minneapolis hubs. “I think they’re
trying to stretch their wings,”
he said of JetBlue. Delta plans
to have 105 daily flights out of
Boston by March, up from 93
in June of this year.
JetBlue controls nearly a
third of passenger traffic in
Boston, serving 65 destinations in the U.S., the Caribbean and Central America with
160 daily flights and plans to
go to 200 within a few years.
The airline partners with 17
foreign airlines on international routes out of Boston.
Mr. St. George said Boston
Please see AIR page B2
Wells Fargo & Co. fired its
head of consumer lending,
Franklin Codel, for critical
comments he made about regulators to a former employee,
according to a people familiar
with the matter.
The abrupt dismissal of the
23-year Wells Fargo veteran,
one of the top dozen officials
at the bank, highlights the
tense environment at the
lender as it sorts through a variety of regulatory probes
stemming from sales-practice
issues in its retail bank.
Specifically, Mr. Codel was
fired Thursday over a disparaging remark he made about
regulators to Greg Gwizdz, a
senior mortgage official who
worked under Mr. Codel and
was terminated earlier this
year, people familiar with the
matter said.
Mr. Codel’s remarks related
to how so-called golden parachute payments had been limited at the bank because of its
regulatory problems last year,
one of the people said.
Mr. Gwizdz reported Mr.
Codel’s comment to the bank,
which reported it to its regulators. Though it isn’t uncommon for bankers to make disparaging
remarks
about
regulators in private, one person familiar with the matter
said that given Wells Fargo’s
position with a bevy of investigations, it felt the need to act.
“Wells has to be very
thoughtful and careful here,”
this person said, “What others
may do, they can’t.”
Timothy
Sloan,
Wells
Fargo’s CEO, said in a statement that as “difficult as this
situation is, the decision reflects our commitment to our
values and culture.”
Mr. Gwizdz, who couldn’t be
reached to comment, was fired
over the summer related to the
regulatory problems within
Wells Fargo’s mortgage division. A 26-year veteran of the
bank, Mr. Gwizdz had previously overseen Wells Fargo’s
roughly 7,900 mortgage-loan
officers.
Golden-parachute payments
are controversial with some
regulators and investors, typically going to exiting execu-
THE INTELLIGENT INVESTOR | By Jason Zweig
Big gains
can be hard to
find in the financial markets. Nowadays, though,
they seem to be everywhere,
and that could change how
you feel about taking risks.
Through Thursday, the
S&P 500 was up 359% since
the bull market began March
9, 2009, counting dividends,
according to S&P Dow Jones
Indices. This year alone
through Thursday, Alphabet
Inc. (the parent company of
Google) has returned 32%;
Amazon.com Inc., 52%; Apple Inc., 50%; and Facebook
Inc., 56%, including dividends.
Against that backdrop,
even what investors used to
regard as a generous annual
gain—say, 10%—starts to feel
paltry. New research into a
mental process called “contrast effects” shows how
that works and how it can
alter your behavior.
Finance professors Samuel
Hartzmark of the University
of Chicago Booth School of
Business and Kelly Shue of
Yale University’s School of
Management analyzed nearly
76,000 earnings announce-
ments from 1984 through
2013 in which companies
earned either more or less
than investors had expected.
In a positive earnings surprise, a company reports net
income greater than the average forecast by Wall Street
analysts; in a negative surprise, earnings fall short of
that consensus.
The researchers found
that when companies announced a positive surprise
the day after a firm in the
top tenth by market value
also beat expectations, their
shares didn’t go up nearly as
much as they normally
would. And the day after a
big company announced a
negative earnings surprise,
the shares of all companies
reporting earnings performed slightly better than
usual.
An earnings surprise
should move a stock only because it contains new information about that company’s
prospects. In fact, “today’s
news will seem slightly less
impressive if yesterday’s attention-grabbing surprises
were positive,” says Prof.
Hartzmark, “and slightly
more impressive if yesterPlease see INVEST page B5
20TH CENTURY FOX/EVERETT COLLECTION
A 10% Stock Gain
May Feel a Bit Puny
Among properties on the table is the Twentieth Century Fox studio, producer of ‘The Greatest Showman.’
Fox Overseas Assets Lure Bids
BY JOE FLINT
For Comcast Corp. and others interested in acquiring
pieces of 21st Century Fox,
the media company’s international operations are the main
attractions, as the U.S. paytelevision market slows down.
21st Century Fox is entertaining acquisition interest
from companies including Comcast, Verizon Communications
Inc. and Sony Corp.’s entertainment unit, people familiar with
the matter say. Fox earlier held
talks with Walt Disney Co., but
didn’t reach a deal. The assets
on the table include the Twentieth Century Fox movie and
TV studio, some U.S. cable networks and the international operations, as well a stake in
streaming service Hulu.
Comcast is especially interested in Fox’s holdings in Europe and India, according to a
person familiar with the cable
giant’s thinking. They include
its 39% stake in U.K. pay-TV operator Sky and Star India, a
fast-growing group of channels
carrying everything from
cricket to nightly soap operas.
The largest U.S. cable-TV
and broadband provider, Comcast has a market cap of $169
billion. It owns the NBC network, the NBCUniversal suite
of cable channels and the Uni-
versal studio, but hasn’t built
as big an overseas presence as
some of its peers.
Comcast only gets about 8%
of its revenue from international operations, largely because its massive cable and
broadband distribution business
operates just in the U.S. By contrast, 21st Century Fox gets 28%
of total revenue from overseas,
while Discovery Communications Inc. gets 47%.
The U.S. pay-TV business has
been hugely profitable for years.
And Comcast, which invested
heavily in advanced set-top box
technology, was able to fend off
some of the impact rivals felt as
Please see FOX page B4
tives as a sort of parting gift
for years of service. They can
add up to several years’ worth
of pay in stock grants, options
and bonuses all at once. In recent years, banks have clawed
back or withheld such payments from executives when
their conduct leads to regulatory fines or losses.
The restrictions on the payments at Wells Fargo affected
Mr. Gwizdz, who had led the
national sales team for the
bank’s mortgage division, one
of the people said.
Regulations of golden parachute payments for the
bank are administered by all
the bank’s main regulators, including the Federal Deposit Insurance Corp., the Federal Reserve and the Office of the
Comptroller of the Currency.
Last year, the OCC restricted
Wells Fargo’s ability to give
the payments.
23
Number of years that Franklin
Codel worked at Wells Fargo
In a brief interview Friday,
Mr. Codel said he was “proud
of my career with Wells Fargo”
but declined to comment on
details of his firing, saying additional questions should be
directed to the bank.
Mr. Codel’s firing comes
more than a year after it was
discovered that Wells Fargo
was involved in a sales scandal that is now expected to
have resulted in the creation of
as many as 3.5 million accounts
using fictitious or unauthorized
customer information. He
wasn’t directly implicated in
that scandal.
The company said in July it
would refund $80 million to
customers who had been incorrectly charged for auto insurance.
The bank then said 570,000
customers could have been affected. In October, the bank
said it would refund around
110,000 mortgage customers
who may have wrongfully paid
fees for mortgage lock extensions.
Electric
Vehicles
Struggle
In China
BY TREFOR MOSS
GUANGZHOU—Electric vehicles aren’t yet living up to
the hype, auto makers in China
are finding, as they churn out
more EVs than they can sell to
satisfy government directives.
Beijing tempts buyers with
subsidies and the construction
of a vast charging network—
and pushes consumers to buy
electric cars in crowded cities.
The policies have made China
a driving force in world-wide
development of EVs, and left
foreign auto makers scrambling to keep up.
Yet at the Guangzhou Auto
Show, companies are reckoning with the challenge of attracting buyers—and generating profits—while meeting
Beijing’s requirement that
electric vehicles account for
roughly 3% to 4% of their total
output in 2019.
Volkswagen AG aims to
build 400,000 EVs by 2020 to
meet the green-car targets,
but it is unrealistic to expect
consumers alone to buy that
many, said Jochem Heizmann,
the company’s chief executive
in China. The company, he
Please see CHINA page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
INDEX TO BUSINESSES
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
Ford Motor..................B3
Funko...........................B2
G
General Electric.B10,B11
General Motors...........B3
Goldman Sachs Group
.....................................B2
H
Honeywell International
...................................B11
B
J
BlackRock..................B10
Blue Apron Holdings
............................. B3,B11
Brookfield Asset
Management...........B10
J.C. Penney..................B5
JetBlue Airways ......... B1
J.P. Morgan Chase......B2
C
Cloudera .................... B11
Cummins ..................... B3
D
Daseke.........................B3
Delta Air Lines ........... B1
Dongfeng Motors........B3
E
Electronic Arts............B4
Emerson Electric.......B11
F
Facebook......................B1
Foot Locker..........B2,B11
L
Lidl...............................A1
Lidl Stiftung ............... A1
M
RH..............................B11
Rockwell Automation
...................................B11
Roku .......................... B11
S
Siemens.....................B11
Snap...........................B11
SoftBank Group..........B4
Southwest Airlines .... B1
Spirit Airlines ............. B1
Stitch Fix...................B11
T
Tesla.....................B3,B11
Toyota Motor..............B3
U
United Continental
Holdings....................B1
Urban Outfitters.......B11
V
Macy's.........................B5
MetLife......................B10
Microsoft.....................B4
N-O
Virgin America............B1
Volkswagen.................B3
W
P-R
Wal-Mart Stores
........................ B3,B5,B11
Walt Disney................B4
Wells Fargo.................B1
West Face Capital......A2
Peugeot-Citroen..........B3
Prudential Financial..B10
PSA Group...................B3
Yahoo...........................B4
Yahoo Japan................B4
Nikola Motor...............B3
Nissan Motor..............B3
Okta...........................B11
KELSEY AYRES/NASDAQ
A
Abercrombie & Fitch...B2
Alaska Air Group........B1
Alphabet ................ B1,B4
Amazon.com..........B1,B4
American Airlines Group
.....................................B1
American International
Group.......................B10
Apple...........................B1
Axios ........................... B4
Y
CEO Katrina Lake, center, celebrates the company’s IPO on Nasdaq. The stock closed up 1% on Friday after its price was cut.
B
J
Porat, Ruth ................. B4
Brown, Tina.................C7
Jobs, Laurene Powell . B4
Johnson, Dick..............B2
Rosenthal, Jeff...........B2
C
Codel, Franklin............B1
Cortelyou, Bob............B1
D
Dominique, Larry........B3
E
Elon Musk.................B11
K
S
Katzenberg, Jeffrey....B4
Ketchum, Stephen......B2
Kondratiuk, JeanFrançois.....................B3
Saikawa, Hiroto..........B3
Schwartz, Roy.............B4
Shanker, Ravi..............B3
Singh, Navjot..............B2
Sloan, Timothy ........... B1
Spallanzani, John......B10
L
F
Lake, Katrina...............B2
Linebarger, Tom..........B3
Flannery, John .......... B11
M
G
Müller, Matthias.........B3
Musk, Elon..................B3
Gabrielson, Oskar.......B4
Glynn, Thomas............B2
Gwizdz, Greg...............B1
O
Osborne, Jeffrey.........B3
H-I
P
Heizmann, Jochem ..... B3
Hirsch, Greg................B3
Iger, Robert.................B4
Penner, Greg ............... B4
Perrott, Ashley...........B2
Pitaro, Jimmy ............. B4
CHINA
R
Continued from the prior page
said, is studying options like
car-sharing services to soak up
the excess.
EV supply already exceeds
demand: Auto makers made
424,000 in the first nine
months of the year, but sold
only 398,000, according to the
China Association of Automobile Manufacturers. And analysts estimate individual consumers account for as little as
a quarter of the total, with the
rest bought by state-run taxi
companies or other public-service fleets. This echoes the EV
market’s development in the
U.S., where demand is flagging
even with heavy incentives in
some areas.
“Customers are hesitant to
pay a lot more money for an
electric vehicle,” said Hubertus Troska, China head for
Daimler AG, parent of Mercedes-Benz. And that cost gap
is with generous EV subsidies
in place. The government is
set to end them in 2020.
Still, car makers pile on.
Last week, Ford Motor Co. became the latest foreign maker
to commit to make EVs in
China, announcing plans for a
new $756 million plant. Tesla
Inc. aims to build an EV factory in Shanghai.
Government policy assures
a certain level of demand: In
congested cities like Guangzhou, new license plates for
gasoline cars are severely restricted, making EVs more appealing. And for now there are
the generous subsidies. Consumers pay only $5,400 for
the Baojun E100 electric car,
for example, but its maker—a
joint venture between General
Motors Co. and SAIC Motor
Co.—gets an extra $8,760 from
the government.
Even given falling costs for
batteries and other EV technologies, the end of subsidies
will make it impossible for
many makers to profit on EVs,
said Jing Yang, an associate
director at Fitch Ratings. They
will “have to sacrifice shortterm profitability for market
share,” or simply quit the EV
business, Ms. Yang said.
Auto makers could face
similar problems in the U.S.
GM, for example, which currently sells one fully electric
vehicle there—the Chevrolet
Bolt—plans two more by early
2019. But demand is uncertain
outside states that offer heavy
incentives, such as New York,
California and Colorado. The
company, which aims to be
profitable on battery-powered
cars by 2021, has said ridesharing fleets, such as Lyft
Inc. drivers, will play an important role in keeping EV
sales viable.
This has been a strong year
T
Talal, Prince al-Waleed
bin.............................A7
Tavares, Carlos ........... B3
Thompson, Ben.........B10
Troska, Hubertus........B3
V
VandeHei, Jim.............B4
Y
Yang, Jing....................B3
for some Chinese auto makers—but not electric pioneers
like BYD Co. and BAIC Motor
Co., whose overall car sales in
the first nine months of 2017
were down 19% and 26%, respectively. They have overcommitted to EVs, some analysts think, accounting for
nearly half the Chinese market
between them.
EV launches at the auto
show Friday included the BAIC
Lite, a two-seater that seeks to
stand out with flashing exterior LED panels that Deputy
General Manager Lu Hao said
will entice young buyers. With
subsidies, the Lite costs
around $13,100. Pushing up
the price when subsidies end
would kill sales, Mr. Lu said,
so to make the cars viable
BAIC would need to develop
service revenues.
BYD is sticking to its 2018
EV sales target of 200,000, a
company spokeswoman said,
up from its goal of 170,000
this year. Through October, it
had sold 88,000 EVs.
Even as China’s EV leaders
struggle and despite concerns
about the strength of demand,
the big foreign players are
readying their assault on the
market. Volkswagen will invest
nearly $12 billion in EV development and launch five EVs a
year in China through 2025,
Mr. Heizmann said. Daimler is
investing around $750 million
in a local battery plant to
power electric Mercedes-Benz
cars.
Their determination challenges Chinese hopes of dominating the future EV market.
When it comes to EVs, “profitability will be achieved with
volume sales,” and ultimately
only the big foreign manufacturers have the scale, said
Janet Lewis, Macquarie Capital Research’s managing director of equity research.
—John Stoll in Detroit
contributed to this article.
Electric Shock
Sales of electric vehicles are
forecast to grow in China, but
will still make up a small share of
the market when subsidies end.
Passenger-vehicle sales in China
EVs
Others
35 million vehicles
30
End of government
subsidies
25
20
15
10
5
0
’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
forecast
Source: Bernstein Research
THE WALL STREET JOURNAL.
Stitch Fix Trips Down the Runway
BY MAUREEN FARREL
AND CORRIE DRIEBUSCH
Stitch Fix Inc. stumbled in
its stock-market debut, dipping below its IPO price before
eking out a gain at the close.
The fashion startup had
priced its shares below expectations Thursday night in the
latest rocky debut for a highprofile technology offering.
The stock opened at $16.90
Friday, above the initial-public-offering price of $15, and
rose as high as $18.53. But the
stock, which listed on Nasdaq
Inc., closed trading at $15.15,
up 1%, valuing Stitch Fix at
$1.46 billion.
The average first-day pop
for a U.S.-listed IPO in 2017 is
10%, according to Dealogic
data through Thursday.
Stitch Fix, which selects
and ships outfits for its clients, has a track record of
profitability, but some inves-
tors had said they were concerned about the company’s
ability to keep up its growth
and fend off potential competition. The company had been
aiming to price its shares between $18 to $20 apiece.
While some closely held
companies have opted to raise
large amounts of private capital to put off going public,
company founder and CEO Katrina Lake said an IPO was always the plan. Early on, she
said, she struggled to raise financing from venture-capital
investors. Stitch Fix last raised
capital in 2014 at a $300 million valuation, according to a
person close to the deal.
“We always imagined that
this is a path we’d want to have
available for us,” she said. “The
question was always around
timing.” She said that they
chose to go public now because
the business has “good predictability” around its revenue tra-
Rocky Debut
Shares of Stitch Fix closed
slightly above their IPO price
on their first day of trading.
$19
18
17
16
IPO price
15
14
10
11 noon 1
2
3
4
Source: FactSet
THE WALL STREET JOURNAL.
jectory, a difference from a
year ago when the company
was notching “really crazy
growth rates.” Still, she said,
she had the “luxury of choosing
timing,” as they didn’t need the
cash because they had roughly
$110 million ahead of the IPO.
Stitch Fix’s revenue rose
34%, to $977 million, in the
year ended July 29, from $730
million in 2016, according to a
regulatory filing. Between the
years ended July 2015 and 2016,
revenue more than doubled.
Meal-kit-delivery service
Blue Apron Holdings Inc. and
Snapchat maker Snap Inc. are
both trading below their IPO
prices. It marks another blow
for Goldman Sachs Group
Inc., which was a lead underwriter on Stitch Fix’s offering
along with J.P. Morgan Chase
& Co. Goldman also led the
IPOs of Blue Apron and Funko
Inc., the latter of which earlier
this month posted the worst
first-day fall since 1995 for a
company raising $100 million
or more in a U.S.-listed IPO,
according to Dealogic.
Hopeful Signs for Some Apparel Retailers
BY AUSTEN HUFFORD
AND ALLISON PRANG
Specialty retailers, including Abercrombie & Fitch Co.
and Foot Locker Inc., gave
some hope to investors that
their businesses were evolving
with the times, providing a reprieve after a sluggish start to
the year as they warned that
changes in shoppers’ habits
would hurt profits.
Shares in Foot Locker had
their best day in at least 40
years in Friday trading, while
Hibbett Sports Inc. and Abercrombie stock rose 15% and
24%, respectively. The companies all posted same-store
sales that were higher than
expected, with the price
moves highlighting the impact
of positive reports from the
sector.
At Abercrombie & Fitch,
sales at stores opened at least
a year grew at its fastest rate
in six years as the teen retailer
closed stores, lowered prices
and revamped its marketing.
The quarter’s results “reflect clear progress across all
our brands in a still challenging market,” Abercrombie
Chief Executive Fran Horowitz
said on a call with analysts.
Abercrombie and others have
been hit hard by declining
mall traffic, changing tastes
and competition from fastfashion and online players.
AIR
Continued from the prior page
is JetBlue’s highest-margin
city and predicted Logan will
pass its base at New York’s
John F. Kennedy International
in the years ahead as its busiest airport.
Government data shows
fares to and from Boston in
the second quarter were
cheaper than in many other
large markets. Nonetheless,
Logan, the nation’s 17th-largest airport by passenger traffic, is No. 7 in overall revenue
because of a preponderance of
business fliers, who tend to
pay more because they book
trips at the last minute.
JetBlue launched its luxury
business-class service, dubbed
Mint, last year on flights from
Boston to San Francisco and
Los Angeles. More Mint destinations from Boston are in the
works, including San Diego
next month and Las Vegas and
DAVID PAUL MORRIS/BLOOMBERG NEWS
INDEX TO PEOPLE
Abercrombie & Fitch Co. sales at stores opened at least a year grew at its fastest rate in six years.
Still, the companies reported that to win customers,
they had to increase discounting and marketing spending,
which cut into profits. Hibbett
said those promotions hurt its
gross margin for the quarter,
which was 32% of net sales,
down from 35.4% a year ago.
“Our markdown strategy is
based on our being competitive in the marketplace,” Foot
Locker Chief Executive Dick
Johnson said on a call with
analysts.
Even with the stock gains
Friday, all three companies
were lower than they were a
year ago.
Foot Locker in August signaled that growth in the athleisure market may be coming
to an end, as it reported its
first same-store sales decline
since 2009. On Friday, the retailer’s 3.7% decline in comparable-store sales came in
ahead of estimates, as analysts
polled by Consensus Metrix
expected a 4.2% decline.
For Hibbett, analysts expected a drop of 8.4%, but the
retailer posted same-store
sales that fell 1.3%.
Hibbett has also altered its
annual guidance multiple
times this year, raising its
forecast Friday from previously
lowered
guidance,
though the new guidance remains below what was expected even earlier.
Hibbett Chief Executive Jeff
Rosenthal said that in the third
quarter the performance of its
e-commerce business beat internal expectations, as it saw
results from marketing campaigns and strong conversion
from those browsing online to
actual sales. Those investments
led to higher store operating,
selling and administrative expenses, the company said.
Seattle early next year. Mint is
aimed at corporate clients and
affluent leisure fliers looking
for lower fares than JetBlue’s
rivals charge for the front of
the cabin.
Delta, which traces its roots
in Boston to its 1972 acquisition of Northeast Airlines, has
added 11 destinations from Logan in the past year—some of
them cities that JetBlue also
serves—and intends to fly to
42 destinations by spring.
Taking a page from Delta’s
playbook, JetBlue has signed
sponsorship deals with the four
biggest professional sports
teams in the Boston area. But
Delta’s charter unit transports
the Celtics and Red Sox to
away games. Delta said it has
new sponsorships with Boston’s House of Blues, Boston
Calling Music Festival and the
Head of the Charles Regatta.
This won’t be the first time
Delta is chasing a market
leader. The airline started growing rapidly in Seattle in 2013
with the goal of creating a new
hub and gateway to Asia there.
That sparked a slugfest with
longtime code-sharing partner
Alaska Airlines in which the Seattle-based carrier held its own
in its hometown and Delta got a
hub—though at the expense of
their relationship.
business class on flights to San
Francisco and Los Angeles.
Logan can accommodate
the added flights from JetBlue,
Delta and other carriers, said
Thomas Glynn, chief executive
of the Massachusetts Port Authority, which operates the
airport. Today, larger airplanes serve some of the
routes to handle rising demand at lower per passenger
cost, and the overall number
of flights has actually
dropped, Mr. Glynn said.
The added competition
could be a boon for travelers.
JetBlue says fares have
dropped on routes where it
competes with Delta. And road
warriors are cheering the new
choices, including a doubling
of international routes since
2006. “From the perspective
of business travelers, having
more international and domestic flights is good for us,” said
Navjot Singh, managing partner at McKinsey & Co.’s Boston office.
The added airline
competition could be
a boon for travelers
in the Boston area.
Mr. Cortelyou said Delta’s
global reach will help it compete with JetBlue in Boston for
corporate customers. Delta
serves four of the five leading
European destinations from
Boston and operates a shuttle
service with frequent flights to
New York. It is also introducing its Delta One lie-flat bed
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 18 - 19, 2017 | B3
* * * * * * * *
BUSINESS NEWS
Tesla Plays the Long Game With Semi
Company touts range
and cost to operate,
but questions remain;
‘mind wasn’t blown’
By Bob Tita,
Tim Higgins
and Jennifer Smith
Commercial truck makers
trying electrification initiatives
have largely focused on smaller
trucks for short-run duties, arguing the battery range, weight
and cost of long-haul electric
trucks makes them impractical.
With the Semi, unveiled this
week and due out in 2019, Mr.
Musk is promising a vehicle
that can travel 500 miles on a
single charge—enough to cover
most regional freight deliveries—and is cheaper to operate
than diesel trucks.
Some potential customers
said they are willing to give
Tesla a try. Retailer Wal-Mart
ALEXANDRIA SAGE/REUTERS
Tesla Inc. Chief Executive
Elon Musk is taking on the
commercial truck market with
an approach that defies conventional expectations: an all-electric vehicle capable of traveling
for hundreds of miles on a single charge.
Tesla’s new electric semi truck was unveiled during a presentation this week in Hawthorne, Calif.
Stores Inc. said Friday it has
preordered 15 Tesla trucks to
test. J.B. Hunt Transport Services Inc. also placed a reservation for “multiple” Semis, but
only to deploy in short-run service such as to and from West
Coast ports and truck-to-train
transfer yards.
Fleets that move cargo thousands of miles may be less ea-
ger. The Semi is aerodynamic,
but the likely weight of the battery and its 500-mile range may
hurt its ability to compete
against heavy-duty diesel trucks
can run for 800 to 1,000 miles
between refills.
“The limited 500-mile range
of the Tesla truck hinders our
ability to be an early adopter,”
Greg Hirsch, a senior vice presi-
dent at trucking company
Daseke Inc., said in an email.
The company specializes in
hauling oversize industrial
equipment and materials, often
over long distances.
Morgan Stanley auto analyst
Ravi Shanker said the Semi
“topped most of our expectations in terms of performance,
cost savings, capability and
time to market.” Cowen analyst
Jeffrey Osborne said “our mind
wasn’t blown.”
Trucking companies are focused on ownership costs, reliability and the availability of
service. Without costs for diesel
fuel and maintenance expenses
for an internal combustion engine, Mr. Musk said the Semi
will cost $1.26 a mile to operate, compared with $1.51 for a
diesel truck.
Incumbent truck and engine
makers in the U.S. remain wary
of the economics behind heavyduty electric trucks. With the
price of diesel averaging $2.50
a gallon and new model trucks
providing significantly better
fuel economy than a decade
ago, most predict that widespread adoption of large electric trucks is at least a decade
away and will be driven by regulatory restrictions for truck
engine emissions.
“We don’t think they’re viable
in long-haul, heavy-duty trucks,”
Tom Linebarger, chief executive
of engine maker Cummins Inc.
told investors Thursday. “Given
the range and given the weight
sacrifice with lithium ion, it just
doesn’t look like battery electric
vehicles are the right solution
for long-haul trucks.”
Cummins plans to spend
about $500 million over the
next three years developing
electric powertrains for buses,
fork lifts, city delivery trucks
and other vehicles that typically
travel shorter distances and
would require smaller batteries.
Tesla was vague about how
it achieves the cost difference.
Tesla would charge truckers 7
cents per kilowatt-hour for
electricity drawn from its solarpowered charging stations.
That is about half the average
kilowatt cost in the U.S.
Part of Mr. Musk’s calculation for making his trucks at
least 20% cheaper to operate
than a diesel truck is through
the creation of a fast-charging
network dubbed Megachargers
that he says will be built worldwide, allowing the commercial
vehicles to regain 400 miles
worth of charge in 30 minutes.
They could be installed at origin and destination points allowing for recharging during
loading and unloading.
Mr. Musk didn’t release a
price for the Semi and there are
other issues to address. Lithium
ion batteries are heavy and
bulky, for instance, and extending the range of the battery
likely adds weight, which subtracts from the amount of cargo
that can be carried.
Peugeot Takes Slow Lane in Return to U.S. Market
BY WILLIAM BOSTON
AND NICK KOSTOV
BERLIN—Peugeot SA wants
to become a household name
in the U.S., but there is one
hitch: The maker of the Peugeot, Citroën, and Opel brands
hasn’t sold a car in America in
nearly three decades.
“Our goal is to become a
global car maker,” Carlos Tavares, Peugeot’s 59-year-old,
Portuguese-born chief executive told The Wall Street Journal in an interview. “The U.S.
is a country that is very close
to our hearts.”
His plan is a 10-year road
map that is so gradual that its
initial step doesn’t involve
Peugeot-made cars and instead
focuses on a car-sharing app
and a peer-to-peer car-sharing
service to learn consumer
preferences. Consumers will
be able to test-drive Peugeot
cars long before they can buy.
“If we make a big mistake,
it’s over,” he said. “We don’t
want to step in and step out.
We want to step in and stay.”
Peugeot pulled out of the
U.S. in 1991 after years of
plunging sales, which hit a low
of 4,261 in its last year. But
the company has a long history in the U.S., said Mr. Tavares, a former race-car testdriver who recounted Peugeot
vehicles winning the Indianapolis 500 in 1913, 1916 and 1919.
Since taking the helm of the
nearly bankrupt PSA Group SA,
which owns the Peugeot, Cit-
2013, Peugeot had €8.1 billion
in positive cash flow last year
and a 6% profit margin, making it one of the most profitable mass-volume car makers
Peugeot last year was one of the world’s most
profitable mass-volume car makers.
roën and Opel brands, Mr. Tavares has overseen a cost-cutting
turnaround, helped by a bailout
from the French state and
China’s Dongfeng Motors Ltd.
After bleeding more than €1
billion ($1.18 billion) in cash in
in the world.
The former Nissan and Renault executive this year appointed a former Nissan colleague, Larry Dominique, to
steer Peugeot’s campaign to
re-enter the U.S. market.
Mr.
Dominique
has
launched a handful of mobility
services for Peugeot North
America such as Free2Move, a
car-sharing app, in Seattle,
and TravelCar, a service that
allows car owners to rent their
vehicles when they aren’t in
use. The mobility services are
Peugeot’s first efforts to get
its feet wet in the U.S. market.
“It’s a way of stepping in
without taking enormous risks
by throwing new cars at the
market,” Mr. Tavares said.
He has already brought in a
team of U.S. engineers to oversee development of new models
that would be designed to U.S.
standards. That would allow
Peugeot to “push the button and
very quickly…make those cars
for the U.S. market,” he said.
Besides having improved
Peugeot’s finances, Mr. Tavares
also has repaired its relations
with French employees. The
company, France’s biggest car
maker by sales, shed 17,000
jobs over three years without
forced layoffs, which got the
unions on board and overcame
resistance to his plans.
Jean-François Kondratiuk, a
former union representative
who sits on Peugeot’s supervisory board, said Mr. Tavares,
unlike his predecessors, takes
time to meet with workers and
their representatives.
VW Bets Big on Electric Cars
BY WILLIAM BOSTON
KRISZTIAN BOCSI/BLOOMBERG NEWS
BERLIN—Volkswagen AG
plans to invest around $40 billion over the next five years to
develop electric vehicles, selfdriving cars and Uber-like mobility app services, in the latest sign that auto makers are
betting the future of their industry on the new technology.
Volkswagen’s drive to produce electric cars and selfdriving vehicles comes as the
entire industry pivots from a
century-old business model of
building
gasoline-powered
cars for the family to producing fleets of electric cars that
in just a few years are expected to drive themselves
and be part of roaming robot
taxi services.
Critics have dismissed the
vision of a driverless automotive world as pie in the sky,
but the multibillion-dollar
gamble by the industry’s biggest players demonstrates that
Volkswagen, Ford Motor Co.,
General Motors Co., Toyota
Motor Corp., and others are
committed to develop the new
technology and quickly get the
new vehicles on the road.
“The car is being reinvented,” Volkswagen Chief Executive Matthias Müller said
Electrical wiring for VW cars at a factory in Wolfsburg, Germany.
Friday, after company directors approved his five-year
budget, adding that the plan
“creates the framework to
make Volkswagen No. 1 worldwide in electric mobility by
2025.”
Volkswagen said it would
retool its plant in Zwickau in
eastern Germany to become
its first electric-car plant in
Europe. It is expected soon to
announce that will produce
electric cars at its U.S. plant in
Chattanooga, Tenn., or its
Puebla, Mexico, factory.
U.S. auto makers are also
beginning to redirect investment capital away from conventional engines and into
electric cars.
Ford has said that by 2022
it would slash spending on
conventional engines by a
third, around $500 million,
and invest instead in developing electric and hybrid vehicles. That comes on top of
about $4.5 billion in planned
spending to develop more
than a dozen new electric vehicles. GM plans to launch 20
electric vehicles world-wide
over the next six years.
But those plans pale in
comparison to Volkswagen.
Under its “Roadmap E” umbrella, Volkswagen plans to
produce at least one electric
or hybrid version of each of its
300 models by 2030 and is
taking bids for $59 billion of
battery-cell orders.
—Nathan Allen in Barcelona
contributed to this article
Nissan Report Faults Management
BY SEAN MCLAIN
YOKOHAMA, Japan—Nissan Motor Co. released an internal report detailing how
factory workers engaged in a
multidecade coverup designed
to fool inspectors and meet
management demands.
Friday’s report seeks to outline causes of a vehicle-inspection scandal at Japan’s secondlargest car maker by sales—in
which final vehicle inspections
where being conducted by the
wrong personnel. Trainees, for
example, received badges to
make it seem like they were
fully qualified inspectors.
The scandal resulted in Nissan recalling 1.2 million vehicles in Japan, nearly every one
it produced in the past three
years, and has hammered domestic sales after the company
shut down production for
Japan to resolve the issues.
The report blamed management for setting unrealistic
targets, relying on factory
workers to figure out the details. As a result, factory workers cut corners to meet those
targets and then hid the evidence, the report said.
The investigation found
that trainees have been conducting parts of the final vehi-
cle checks at Nissan factories
possibly as far back as 1979,
and the practice became the
norm throughout the 1990s.
“For us, this happened all
of a sudden. But in retrospect,
looking at the details, I see
that there are things we
should have done,” said Chief
Executive Hiroto Saikawa.
The report said foremen and
factory workers were aware of
the violations and made efforts
to hide the evidence from company auditors and government
regulators. There was no evidence that factory management or headquarters knew
about the coverup.
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B4 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
BUSINESS & TECHNOLOGY
Google to Add Engineers in Japan Media
Startup
Company is pushing
infrastructure buildup
at time Yahoo Japan
also is expanding
Bolsters
Funding
BY MAYUMI NEGISHI
Continued from page B1
customers retreated from cable.
But lately, the cable giant has
also gotten hit. In the most recent quarter, it lost 125,000 residential and business TV customers, its largest quarterly loss
in three years.
Comcast noted that a spate
of major hurricanes had cost it
some subscriptions, but acknowledged on an earnings call
that larger forces were also at
work, including competition
from online TV services and
“skinny” pay-TV bundles. The
impact of consumers cutting or
trimming back cable-TV packages has also hurt the cable networks business for all media
companies, including Comcast,
putting pressure on ratings and
advertising revenue.
21st Century Fox’s portfolio
would immediately make Comcast a force overseas. Star India
alone has grown to $1.3 billion
in revenue from $570 million in
2010, and its earnings before
interest, taxes, depreciation
and amortization are expected
to grow from $230 million in
the most recent fiscal year to
$1 billion by 2020.
There are still some risks of
betting on non-U.S. assets, including exposure to foreign
currency fluctuations. And the
profit margins are generally
thinner: At Fox, domestic networks have an Ebitda margin
of 41% compared with 22% for
A Google Cardboard virtual reality headset was used to demonstrate SoftBank’s Pepper robot at a media event in Tokyo last year.
Japan’s biggest internet-portal
operator, a joint venture between SoftBank Group Corp.’s
Japan unit and Yahoo Inc., is
building up its own infrastructure for big data and machine
learning.
Yahoo Japan has invested in
a supercomputer specializing in
deep-learning applications and
a data-research center with 500
engineers, spending years to
personalize its voice-recognition and electronic-payments
services.
In 2010, the company adopted Google’s search-engine
algorithms and advertisement-
delivery system.
As a trailblazer for Japan’s
use of the internet, Yahoo
Japan has managed to keep its
lead over Google among personal computer users, with a
monthly average of 34 million
users to Google’s 22 million, according to market research
firm Nielsen Co. Japan.
But increasing smartphone
use has helped Google log twice
as many user searches as Yahoo
Japan, according to web-traffic
analysis firm Statcounter.
A Yahoo Japan spokesman
declined to comment on
Google’s plans.
Global Hunt
Comcast is especially interested in Fox's international assets, in part because the U.S. pay-TV market has stagnated.
Share of revenue from international operations*
Quarterly net change in Comcast’s video subscribers
International
100 thousand customers
Total revenue
Comcast
$80.4B
50
Disney
0
Time Warner
$29.3
Fox†
$28.5
–50
3Q 2017
t125,000
–150
2014
’15
’16
’17
Netflix
Discovery
$13.2
$8.8
$6.5
*Based on most recent fiscal year †21st Century Fox owns a minority stake in Sky and doesn't consolidate its revenue
Sources: the company (customers); MoffettNathanson (revenue)
the Fox International Channels, which include networks
in Europe, Latin America and
Asia, according to analysis
from MoffettNathanson.
21st Century Fox and Wall
Street Journal-parent News
Corp share common ownership.
For all suitors, AT&T Inc.’s
pending deal with Time Warner Inc. looms as an important
signal of the regulatory environment. The government is
threatening to sue to block the
transaction, which could
scramble the calculations for
deal makers about what kind
of mergers could get approval.
Some antitrust experts expect that if the Justice Department doesn’t give the nod to
AT&T’s deal, it would be unlikely to let Comcast add even
more content to its portfolio.
Comcast’s last attempt at a
so-called horizontal acquisition—buying Time Warner Cable—fell apart following resistance from regulators.
Comcast would have no interest in spinning off its NBCUniversal properties to help
get a deal done, the person familiar with the company’s
thinking said.
Sony has a larger presence
abroad with entertainment
channels reaching close to two
billion subscribers. Acquiring
Sky and Star would greatly increase its already strong hand.
Disney and Sony would each
Jim VandeHei
launched Axios
in January to
help fix what
he labeled a
‘broken’ media
business.
$55.6
CBS
–100
Less than a year after Politico co-founder Jim VandeHei
launched the media startup
Axios with plans to upend the
way news organizations deliver stories and advertising,
the company is plotting a major expansion of its newsroom.
To fund the expansion, Axios has raised $20 million, according to Axios co-founder
and President Roy Schwartz.
The funding round, Axios’s
second, was co-led by venturecapital firms Greycroft Partners, e.ventures and Lerer
Hippeau Ventures.
Greycroft and Lerer Hippeau both participated in Axios’s initial $10 million round
last year.
Other backers from last year
also increased their investment, including Comcast
Corp.’s NBCUniversal, Laurene
Powell Jobs’s Emerson Collective and Wal-Mart Stores Inc.
Chairman Greg Penner. WndrCo, a media-and-technology
firm founded by Hollywood executive Jeffrey Katzenberg, is a
new investor in the round.
Axios plans to use some of
the financing to expand its capacity for data analysis, product development and audience
growth, as well as developing
new coverage areas, said Mr.
Schwartz. By the end of 2018,
Axios plans to have roughly 150
staffers, up from 89 now.
ZUMA PRESS
FOX
BY BENJAMIN MULLIN
KIYOSHI OTA/BLOOMBERG NEWS
TOKYO—Google is expanding in Japan to ride a wave of
technology investment in Asia
and challenge cloud-computing
providers Amazon.com Inc.
and Microsoft Corp.
Google, a unit of Alphabet
Inc., said on Friday it plans to
move in 2019 to a new Tokyo
office big enough to double
its staff. The company also
said it is seeking new ways to
use big data and machine
learning in Japan, as well as
expand its cloud services for
local businesses.
Japanese companies, including the likes of utility Tokyo
Electric Power Co. and clothing-chain operator Fast Retailing Co., increasingly are looking
for faster and more secure
ways to store and analyze huge
amounts of data.
Google’s plans for Japan
come as the company invests
heavily in Asia to catch up in
services such as cloud-storage
products from Amazon and Microsoft.
“Doubling our presence in
Japan means growing our
strong engineering teams
here,” Alphabet Chief Financial
Officer Ruth Porat said at a
news conference. Google has
about 1,300 employees in
Japan.
That could see Google vying
with Yahoo Japan Corp. for engineers in a tight labor market.
benefit from combining their
movie and TV studios with
Twentieth Century Fox. Disney
has already announced its intentions to launch a streaming
service that would compete
with Netflix; having access to
Fox properties would boost its
offerings. Sony’s motion picture
business has been struggling
for years and consistently
lagged behind that of Fox, so it
could benefit from the increased scale of a combination.
Another benefit to Comcast
and Disney would be the opportunity to acquire 21st Century
Fox’s 30% stake in the online
video-streaming service Hulu
and become the controlling
partner, with a 60% stake. Com-
THE WALL STREET JOURNAL.
cast is effectively a silent partner in Hulu now—one of the
conditions of its 2011 purchase
of NBCUniversal. That condition expires next year. Time
Warner is the other stakeholder.
Both Disney and Comcast already own several popular U.S.
cable networks, so the 21st
Century Fox networks that may
be available for purchase aren’t
as crucial. Sony, however has
only a small U.S. cable programming presence and acquiring FX, it’s sister channel FXX
and the National Geographic
Channel would instantly make
it a substantial player.
—Ben Fritz and Keach Hagey
contributed to this article.
When Axios made its debut
in January, Mr. VandeHei said
the company would introduce
a high-end paywall, help fix
what he called a “broken” media business and create smart,
short content and newsletters
aimed at corporate executives
and other professionals.
Today, there is still no paywall. Mr. VandeHei says that
has been put off until late
2018, in part to allow the company to continue to build its
audience with the free site.
Advertising and audience
growth have beat expectations, the chief executive said,
so “we’d be insane not to pour
all of our effort into building
that audience.”
According to a person familiar with Axios’s pitch to investors, the company brought
in more than $10 million in
revenue in its first seven
months, mostly through shortform native advertising that
appears in between stories.
Delaying the subscription
service means the startup will
continue to rely on advertising
to drive revenue at a time
when troubles in the online ad
business are making it tough
for new-media upstarts.
BY SARAH E. NEEDLEMAN
AND BEN FRITZ
Electronic Arts Inc. halted
in-game sales of virtual goods
in its high-profile sequel to
“Star Wars Battlefront” on the
eve of the game’s launch, bowing to pressure from Walt Disney Co. as well as customers
who fear big spenders could
gain an unfair edge over other
players.
Electronic Arts said it was
turning off such microtransactions for now and that they
would be restored at an unspecified later date.
The decision came after executives at Disney, which owns
“Star Wars” and licensed the
videogame rights to Electronic
Arts, grew upset at how online
outrage over the costs of gaining access to popular characters such as Luke Skywalker
reflected on their marquee
property, a person familiar
with the matter said.
Even Chief Executive Robert
Iger was alarmed. Ultimately,
Disney’s head of consumer
products and interactive media, Jimmy Pitaro, sent a message to Electronic Arts this
week outlining Disney’s concerns, the person said.
“We’ve heard the concerns
about potentially giving players unfair advantages,” Oskar
Gabrielson, general manager
at Electronic Arts’s DICE studio, said in a statement. “This
was never our intention. Sorry
we didn’t get this right.”
A little more than a month
$5.1B
Electronic Arts’ revenue forecast
for the fiscal year ending in March
before the “Star Wars Battlefront II” launch, players testing the game told Electronic
Arts it had gone over to the
dark side.
The sequel packed in too
many ways to bleed money—
for souped-up weapons or
fancy character animations—
from people already expected
to spend $60 to buy the game,
the testers said. Just before
Friday’s release date, Elec-
tronic Arts developers retooled the game by making
some features more widely
available without asking players to reopen their wallets.
It wasn’t enough: An outcry
in early November forced Electronic Arts to tweak the game
again, allowing players to
much more quickly access beloved champions such as Luke
Skywalker and Darth Vader
without needing to dole out
extra cash. Electronic Arts finally put a temporary stopper
on Thursday.
Electronic Arts doesn’t expect the move to have significant impact on fiscal 2018
earnings, it said Friday in a
Securities and Exchange Commission filing. The company’s
forecast calls for $5.1 billion in
revenue for the fiscal year
ending in March.
Electronic Arts’ pivot on
the cusp of releasing a potential blockbuster—the game’s
predecessor sold more than 14
million copies—reflects swelling tension over how videogames are conceived, created
and sold.
Driving the transformation
is videogame companies’ abil-
PATRICK T. FALLON/BLOOMBERG NEWS
EA Halts In-Game Sales for ‘Star Wars Battlefront’ Sequel
Stormtroopers at an Electronic Arts event in June, when it unveiled its ‘Battlefront II’ videogame.
ity to sell full games, as well
as add-on content and lucrative in-game goods digitally, at
any time. By sidestepping
manufacturing, packaging and
retailing, videogame makers
have boosted profit margins.
The allure of digitally fueled
gains has sent the shares of
major game publishers soaring
to new highs over the past five
years. In late trading Friday,
Electronic Arts stock price was
$108.82, up from $78 a year
ago and $13 in 2012.
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 18 - 19, 2017 | B5
* * * *
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
Republican Bills and the Art of the Possible
INVEST
Continued from page B1
day’s surprises were disappointing.”
On average, a highly positive surprise from a big company yesterday reduces stock
returns by 0.55% for firms
announcing earnings today,
even if their results were extraordinarily good. That extra 0.55% price change soon
disappears, suggesting that
investors overreact to the
event and its context.
Another study, just published in the Proceedings of
the National Academy of Sciences, found that “how much
people would pay for any
item was a function of what
they’d seen in the recent
past,” says Kenway Louie, a
neurobiologist at New York
University and co-author of
the study.
People in that experiment
were bidding on snack foods,
There are provisions that
appear in both bills, and
these are likelier than others
to make it to the finish
line. There are also a few
proposals that were in both
bills but have been discarded,
and are likely to stay out.
Here are areas of overlap
between the House and Senate tax bills for individual
taxpayers.
Standard deduction
and personal exemption.
Both bills would almost
double the deduction taxpayers get if they don’t itemize
write-offs on Schedule A. For
2018, this break would rise to
$24,400 in the House bill and
$24,000 in the Senate bill for
married couples, and half
that for singles.
Currently about 30% of
more than 150 million filers
itemize, and the change could
reduce the portion of those
who itemize to 10%. This
would simplify filing for
many people and make enforcement easier for the IRS,
not stocks, but if you think
chowing down on Cheetos or
Oreos has nothing in common with investing, you’re
mistaken.
A
fter being exposed to
a run of snack foods
they valued highly,
people lowered their bids for
the next Snickers or Fritos
they encountered; after seeing a batch of snacks they
wouldn’t pay up for, they bid
more for the next ones they
saw.
“Investors probably process gains and losses not
just in the moment, but relative to the other gains and
losses they’ve recently been
seeing,” says Prof. Louie. If
stocks are doubling all
around you, he says, a moderate gain like 10% may
make you feel “What’s the
big deal?”
Contrast effects are everywhere. Walk out of a movie
theater into the sunshine,
Futures Contracts
Open
$22.4M
Estate-tax exemption for married
couples proposed by Republicans
lion per person, adjusted for
inflation. The change would
take effect for 2018, and the
exemption would be $11.2
million per individual and
$22.4 million for a married
couple.
Alternative minimum
tax. Both bills repeal the
AMT, a complex surtax that
and the light seems dazzlingly bright. In speed dating, men who have just met
an attractive woman find
their next prospective date
less attractive, even if outside observers judge their
appearance as equivalent.
The stock market is full of
contrast effects.
Over the past five years,
according to FactSet, the
stocks of companies that
beat the consensus forecast
of Wall Street analysts have
risen 1.2%, on average, over
the period from two days before the announcement of
earnings through the second
day after.
So far this quarter, more
than 90% of companies have
reported earnings, of which
74% earned more than analysts expected. Yet their
shares have risen an average
of only 0.4%, or one-third of
the typical gain from a positive surprise over the past
five years. Too much past
Contract
High hilo
Low
Settle
Open
interest
323
110,195
40
257,076
198,177
21,757
21,104
11,454
22,368
12,561
413
4
69,519
5
101,613
91,396
579,065
193,140
287,699
233,871
260,418
73,403
121,887
82,592
170,441
92,941
310,495
104,351
180,331
125,022
93,889
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
336.50
343.50
336.50
343.00
6.50 522,895
Dec
March'18 348.75 355.50
t 348.75
355.00
6.00 622,874
Oats (CBT)-5,000 bu.; cents per bu.
262.25
262.25
254.50
257.00 –5.25
3,131
Dec
March'18 276.25 276.25
269.00
272.25 –5.00
3,994
Soybeans (CBT)-5,000 bu.; cents per bu.
972.75
992.00
971.50
990.50 18.50 327,103
Jan
March
983.75 1003.00
982.50 1001.50 18.25 141,864
Soybean Meal (CBT)-100 tons; $ per ton.
310.70
318.90
310.20
318.20
7.70 72,674
Dec
Jan'18
312.60
320.70
312.20
320.00
7.50 116,979
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
34.52
34.65
34.15
34.44
.01 100,087
Dec
Jan'18
34.66
34.80
34.31
34.59
… 131,347
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
1213.00 1230.00
1205.50 1228.50 12.00
9,284
Jan
March
1241.50 1257.00
1238.50 1256.00 11.50
1,122
Wheat (CBT)-5,000 bu.; cents per bu.
421.50
428.00
421.00
427.25
5.75 145,743
Dec
March'18 437.50 444.00
437.25
443.50
5.50 233,128
Wheat (KC)-5,000 bu.; cents per bu.
417.75
422.75
416.50
422.00
5.00 69,776
Dec
March'18 434.00 440.00
434.00
439.50
5.00 156,651
Wheat (MPLS)-5,000 bu.; cents per bu.
631.00
635.75
626.75
635.00
4.75 24,526
Dec
March'18 645.25 651.00
641.50
650.00
4.75 34,204
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
157.775 157.925
157.575 157.775
…
2,642
Nov
Jan'18
154.000 154.000
151.350 151.725 –2.175 27,788
Cattle-Live (CME)-40,000 lbs.; cents per lb.
119.625 119.800
118.550 118.850 –.700 58,458
Dec
Feb'18
125.200 125.375
124.350 124.675 –.450 155,674
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
60.200
62.100
60.000
60.650
.550 45,720
Dec
Feb'18
66.525
68.075
66.350
67.075
.500 93,446
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
451.90
451.90
439.70
439.70 –10.00
5,668
Jan
March
438.30
438.40
427.60
427.60 –10.00
895
Milk (CME)-200,000 lbs., cents per lb.
16.79
16.81
16.78
16.79
–.01
4,317
Nov
Dec
15.38
15.42
15.26
15.27
–.19
4,355
Cocoa (ICE-US)-10 metric tons; $ per ton.
2,115
2,140
2,115
2,126
–5
533
Dec
March'18
2,145
2,147
2,112
2,131
–9 137,756
Coffee (ICE-US)-37,500 lbs.; cents per lb.
126.15
126.55
123.55
123.80 –2.90 20,654
Dec
March'18 129.80 130.05
127.05
127.25 –2.90 117,141
March
May
15.26
15.22
15.46
15.40
15.20
15.17
15.37
15.33
March
27.33
27.33
27.33
27.33
Dec
March'18
69.21
69.18
70.08
69.75
69.21
69.06
69.78
69.35
…
165.15
166.80
166.80
.11 397,446
.11 135,567
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Cotton (ICE-US)-50,000 lbs.; cents per lb.
…
…
165.15
… s
167.00
2,795
.57 19,350
.17 144,080
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Dec
Jan'18
Open
interest
Chg
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
3.0300
3.0645
3.0300
3.0625 0.0190
Nov
March'18 3.0735 3.0950
3.0550
3.0910 0.0195
Gold (CMX)-100 troy oz.; $ per troy oz.
1288.30 1288.30
1288.30 1295.80 18.40
Nov
Dec
1278.80 1297.50
1278.10 1296.50 18.30
Feb'18
1282.70 1301.70
1282.60 1300.90 18.30
April
1290.60 1306.00
1290.30 1305.20 18.40
June
1292.80 1310.00
1292.50 1309.40 18.40
Dec
1308.20 1322.80
1307.80 1322.60 18.60
Palladium (NYM) - 50 troy oz.; $ per troy oz.
986.40
995.45
985.70
992.90
8.05
Dec
March'18 983.55 991.00
980.00
988.80
9.10
June
973.80
973.80
973.80
982.20
8.30
Platinum (NYM)-50 troy oz.; $ per troy oz.
928.20
928.20
926.40
951.40 18.40
Nov
Jan'18
934.40
957.50
933.80
954.60 18.40
Silver (CMX)-5,000 troy oz.; $ per troy oz.
17.125
17.305
17.125
17.358 0.302
Nov
Dec
17.080
17.385
17.020
17.373 0.301
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
55.25
56.68
55.18
56.55
1.41
Dec
Jan'18
55.46
56.82
55.39
56.71
1.36
Feb
55.60
56.89
55.51
56.81
1.32
March
55.67
56.93
55.58
56.87
1.27
June
55.51
56.71
55.44
56.65
1.08
Dec
53.97
54.96
53.84
54.81
0.78
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.9058
1.9545
1.9001
1.9466 .0445
Dec
Jan'18
1.9094
1.9560
1.9030
1.9486 .0433
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.7188
1.7523
1.7169
1.7447 .0310
Dec
Jan'18
1.7170
1.7505
1.7146
1.7442 .0325
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
3.072
3.134
3.059
3.097
.044
Dec
Jan'18
3.171
3.221
3.159
3.191
.038
Feb
3.169
3.216
3.161
3.190
.035
March
3.134
3.176
3.127
3.152
.031
April
2.946
2.978
2.934
2.961
.018
May
2.930
2.957
2.922
2.943
.015
but fewer filers could deduct
charitable donations.
Both bills would also repeal the personal exemption
for each family member,
which stands at $4,150 for
2018.
Estate tax. Both bills
would double the current estate-tax exemption of $5 mil-
.70
.70
7,408
Interest Rate Futures
153-050 154-050
153-030 153-250
7.0 756,246
Dec
March'18 152-040 153-010
152-010 152-210
7.0 56,077
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
124-255 125-025
124-245 124-290
1.5 3,275,498
Dec
March'18 124-160 124-250
124-160 124-200
1.5 148,492
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
116-292 117-007
116-287 116-300
.2 3,210,630
Dec
March'18 116-230 116-265
116-225 116-237
.2 167,868
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-157 107-162
107-150 107-152
–.5 1,741,621
Dec
March'18 107-107 107-112
107-100 107-102
–.5 149,509
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.845
98.845
98.843
98.843
… 206,411
Nov
Jan'18
98.610
98.610
t 98.605
98.610
… 343,550
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
100.813 101.125
100.797 100.984
.094 29,353
Dec
1 Month Libor (CME)-$3,000,000; pts of 100%
98.5400 98.5400
t 98.5400 98.5400 .0050
2,264
Dec
Jan'18
98.5250 98.5250
t 98.5250 98.5250 –.0025
165
Eurodollar (CME)-$1,000,000; pts of 100%
98.4625 98.4650
98.4550 98.4575 –.0050 1,678,030
Dec
March'18 98.2950 98.3000
98.2900 98.2950
… 1,384,991
June
98.1600 98.1700
98.1550 98.1600
… 1,274,074
Dec
98.0050 98.0200
98.0000 98.0100 .0050 1,638,453
Currency Futures
Dec
March'18
.8852
.8899
.8944
.8991
.8849
.8898
.8929
.8976
Dec
March'18
.7844
.7857
.7868
.7874
.7800
.7810
.7838 –.0007 135,330
.7847 –.0007
3,458
Dec
March'18
1.3204
1.3263
1.3271
1.3306
1.3178
1.3227
1.3228
1.3271
.0034 169,801
.0034
3,572
Dec
March'18
1.0080
1.0181
1.0143
1.0214
1.0076
1.0151
1.0134
1.0207
.0052
.0051
.7584
.7561
.7580
.7588
.7540
.7605
.7596
.7600
.7598
.7557
.7533
.7535
.7538
.7530
.7535
.7564
.7562
.7561
.7560
.7558
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
Dec
Jan'18
Feb
March
June
t
t
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05221
.05265
Dec
March'18 .05146 .05181
Euro (CME)-€125,000; $ per €
1.1790
1.1840
Dec
March'18 1.1866 1.1906
.0068 266,614
.0067
4,723
82,691
304
–.0021 123,730
–.0021
620
–.0021
593
–.0021
1,177
–.0021
253
.05205
.05128
.05258 .00042 178,557
.05179 .00042
609
1.1783
1.1862
1.1815
1.1885
.0031 457,469
.0031
7,183
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
23416
23416
23440
23426
23305
23299
23316
23307
S&P 500 Index (CME)-$250 x index
2582.20 2584.90
2575.60 2576.30
Dec
March'18 2580.80 2583.00
2578.80 2577.10
Mini S&P 500 (CME)-$50 x index
2584.25 2586.00 s
2574.75 2576.25
Dec
March'18 2585.00 2586.50 s 2575.75 2577.00
Mini S&P Midcap 400 (CME)-$100 x index
1834.70 1843.60
1830.10 1840.20
Dec
March'18 1820.70 1820.70 s 1820.70 1838.30
Mini Nasdaq 100 (CME)-$20 x index
6342.8
6351.8 s
6308.5
6313.3
Dec
March'18 6360.0 6367.3 s
6325.3
6329.5
Mini Russell 2000 (ICE-US)-$100 x index
1485.90 1498.80
1480.20 1492.90
Dec
March'18 1493.40 1493.40
1493.00 1493.90
Mini Russell 1000 (ICE-US)-$100 x index
1430.90 1431.80
1429.30 1429.10
Dec
March'18
…
…
… 1430.10
U.S. Dollar Index (ICE-US)-$1,000 x index
93.72
93.85
93.42
93.58
Dec
March'18
93.39
93.52
93.12
93.26
–108 157,902
–110
2,440
–8.70
–8.70
65,063
5,180
–8.75 3,219,914
–8.75 95,818
4.30
4.30
94,260
9
–27.8 292,214
–27.5
2,452
6.70
6.80
67,360
92
–3.40
–3.40
279
1
–.28
–.29
39,766
2,728
Source: SIX Financial Information
rent law allows a saver with
a traditional individual retirement account, or IRA—
which typically has taxable
payouts—to convert some or
all assets to a Roth IRA,
which typically has tax-free
payouts. Taxes are usually
due on such transfers.
Current law also allows
savers who do this Roth conversion to undo it, as long as
the reversal is complete
by Oct. 15 in the following
year. This option has allowed
savers whose assets drop in
value after a Roth conversion
to get out of owing tax on
phantom income. Both bills
would end the ability of savers who do these Roth conversions to reverse them.
Both bills also include a
provision that would extend
the time for employees who
leave a company to repay
401(k) loans. Under current
law, workers must repay such
loans within 60 days of leaving a firm, or else owe income tax on the loan’s bal-
ance. Under the proposal,
borrowers would have until
they file their federal return
to repay the loan.
Stock options. Both
bills originally had provisions
that effectively killed the use
of so-called nonqualified
stock options, which many
companies award to valued
employees. These provisions
have been withdrawn from
both bills.
Moving expenses. Both
bills also repeal a deduction
by taxpayers for certain moving expenses and another
break for moving expenses
that are reimbursed by employers. There is an exception
for Armed Forces members
on active duty.
Donations for athletic
seating. Both bills prohibit
charitable deductions for donations made to colleges and
universities for the right to
purchase tickets to sporting
events beginning in 2018.
Current law allows such deductions.
get an equivalent rise out of
investors—or stocks might
seem like bargains when
they reverse a string of disappointments—those are
only feelings. The market is
expensive by any measure.
Don’t let contrast effects fool
you into thinking bargains
abound.
good news is making the latest surprises seem pallid.
I
n the battered retail industry, however, any
news that isn’t bad feels
great. On Nov. 9, Macy’s Inc.
exceeded analysts’ earnings
expectations after falling
short for the past six quarters, according to Dow Jones
Market Data Group; the
stock shot up 11% on the day.
On Nov. 10, J.C. Penney Co.
jumped 15% in a day after
the company beat revenue
forecasts and lost less
money than analysts had expected.
Even mighty Wal-Mart
Stores Inc. leapt 11% on
Thursday when it earned
more than analysts predicted; that positive surprise
followed two straight quarters of falling short of expectations, according to Dow
Jones Market Data Group.
While it may take evermore-positive surprises to
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
1.500
2.250
0.050
2.050
0.100
0.100
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.712
2.376
1.542
2.300
1.046
2.304
1.787 t
2.584 t
l
1.800
1.921
1.724
l
2.594
2.773
2.577
France 2 -0.595 t
10 0.713 t
l
-0.589
-0.530
l
0.729
0.622
Germany 2 -0.711 s
10 0.362 t
l
-0.745
-0.727
l
0.380
0.367
Italy 2 -0.266 t
10 1.835 t
l
-0.252
-0.151
l
1.839
2.003
2.109
-52.0
-53.8
-19.6
Japan 2 -0.193 t
10 0.037 t
l
-0.189
-0.135
-0.156
-191.9
-190.2
-120.2
l
0.046
0.070
-233.0
-229.5
Spain 2 -0.362 t
10 1.551 s
l
-0.352
-0.306
-0.127
-208.7
-206.4
-117.3
l
1.540
1.547
1.611
-80.3
-83.6
-69.4
0.483 t
1.298 t
l
0.500
0.411
0.186
-121.3
-86.0
l
1.311
1.279
1.294
-106.6
-101.1
10
0.500
Year ago
l
Australia 2
0.000
Month ago
U.S. 2 1.726 s
10 2.354 t
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
l
2.750
0.750
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Japanese Yen (CME)-¥12,500,000; $ per 100¥
rescinds or postpones the
value of many tax breaks.
State and local
taxes. Both bills repeal the
deduction for state and local
income and sales taxes, so
expect that to happen if the
overhaul goes through.
It is worth noting that the
bills differ on property taxes.
The House would allow filers
to deduct up to $10,000 of
property taxes, while the
Senate fully repeals this
write-off.
Home sales. Both bills
make an important change to
the popular exemption of
profit on the sale of a home,
which is $500,000 for married couples and $250,000
for singles.
The new rule would require sellers to live in a
house for five of the prior
eight years, rather than two
out of the prior five years, to
get the exemption. The House
bill also limits the exemption
for high earners.
Retirement plans. Cur-
CHRISTOPHE VORLET
Lawmakers
in the U.S.
House of Representatives
and Senate
have separate
tax-overhaul bills with a multitude of differences, but the
similarities between them are
a good indicator of what
could actually pass.
Right now, the differences
stand out the most. Republicans in the House, for example, have voted to shrink the
mortgage-interest deduction
and end the write-off for
large medical expenses and
teachers’ expenses. Senate
Republicans want to keep the
current deductions for mortgage interest and large medical expenses. And they would
expand the write-off for
spending by teachers.
Republicans in both chambers want to cut taxes for
pass-through businesses such
as partnerships and S corporations, but in very different
ways.
1.750
U.K. 2
4.250
10
8.7
6.1
67.8
21.8
27.3
-0.578 -232.0
0.747
-164.1
-230.1
-162.5
-164.8
-155.7
-0.632 -243.6
0.284 -199.2
-245.8
-167.8
0.043
23.0
-199.1
0.009 -231.7
-124.3
-105.6
-199.7
-202.1
-196.4
-100.4
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Maturity
Pitney Bowes
Teva Pharmaceutical Finance
Synovus Financial
HSBC Holdings
PBI
TEVA
SNV
HSBC
3.625 Sept. 15, ’20
2.950 Dec. 18, ’22
3.125
Nov. 1, ’22
6.000 May 22, ’49
275
335
95
248
GE Capital International Funding Unlimited
AT&T
Toyota Motor Credit
Barclays
GE
T
TOYOTA
BACR
2.342
4.800
2.600
5.250
55
220
27
160
Nov. 15, ’20
June 15, ’44
Jan. 11, ’22
Aug. 17, ’45
Current
Spread*, in basis points
One-day change
–33
–17
–15
–22
–9
–9
–9
–8
Last week
Stock Performance
Close ($)
% chg
303
328
n.a.
244
9.93
...
46.39
48.28
–0.40
...
0.30
0.02
52
224
29
n.a.
...
34.51
...
...
...
–0.03
...
...
…And spreads that widened the most
Viacom
Alliance Data Systems
AT&T
General Motors Financial
VIA
ADS
T
GM
5.875 Feb. 28, ’57
5.375
Aug. 1, ’22
5.150 March 15, ’42
3.200
July 6, ’21
386
306
223
85
31
11
10
9
361
273
225
70
33.00
224.35
34.51
...
9.63
–0.43
–0.03
...
Amazon.com
Comcast
Hartford Financial Services
Banco Santander
AMZN
CMCSA
HIG
SANTAN
3.800
Dec. 5, ’24
3.600 March 1, ’24
6.100
Oct. 1, ’41
3.125 Feb. 23, ’23
55
62
137
116
8
8
7
7
48
n.a.
n.a.
106
1129.88
36.16
56.14
...
–0.65
–2.45
0.23
...
High-yield issues with the biggest price increases…
Maturity
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
Coupon (%)
Frontier Communications
Men's Wearhouse
BI–LO
Tesla
FTR
TLRD
BILOLF
TSLA
7.875
7.000
9.250
5.300
Jan. 15, ’27
July 1, ’22
Feb. 15, ’19
Aug. 15, ’25
66.250
94.750
94.500
97.000
EP Energy
Denbury Resources
Post Holdings
Coveris Holdings
EPENEG
DNR
POST
EXOPAC
9.375
May 1, ’20
4.625 July 15, ’23
5.750 March 1, ’27
7.875
Nov. 1, ’19
78.063
62.800
102.750
100.625
2.20
2.00
1.88
1.84
1.59
1.55
1.50
1.25
Last week
Stock Performance
Close ($)
% chg
n.a.
92.450
92.750
94.000
6.96
...
...
315.05
4.50
...
...
0.82
80.500
61.000
100.750
99.750
...
1.74
80.95
...
...
6.75
–1.59
...
62.000
90.250
104.250
n.a.
...
4.15
...
...
...
–1.66
...
...
103.750
105.750
84.250
104.500
...
...
...
72.00
...
...
...
0.84
…And with the biggest price decreases
Revlon Consumer Products
Community Health Systems
SFR Group
Windstream Services
REV
CYH
SFRFP
WIN
6.250
8.000
7.375
6.375
Aug. 1, ’24
Nov. 15, ’19
May 1, ’26
Aug. 1, ’23
Altice Luxembourg
Altice Financing
Talen Energy Supply
Masonite International
ATCNA
ALTICE
TLN
DOOR
7.625 Feb. 15, ’25
7.500 May 15, ’26
6.500
June 1, ’25
5.625 March 15, ’23
55.250 –5.00
–2.88
88.875
–2.80
102.500
–2.00
65.000
97.050
106.000
82.750
103.750
–1.95
–1.25
–1.19
–1.03
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit 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 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
23358.24 t 100.12, or 0.43%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.56 20.58
P/E estimate *
19.17 17.74
Dividend yield
2.20
2.55
All-time high 23563.36, 11/08/17
Nasdaq Composite Index
Last
2578.85 t 6.79, or 0.26%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.44 24.19
P/E estimate *
19.36 18.25
Dividend yield
1.93
2.14
All-time high: 2594.38, 11/08/17
Last Year ago
6782.79 t 10.50, or 0.15%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.10
23.75
P/E estimate *
21.25
19.12
Dividend yield
1.05
1.25
All-time high: 6793.29, 11/16/17
Current divisor 0.14523396877348
Session high
2580
6750
23000
2550
6650
22500
2520
6550
22000
2490
6450
21500
2460
6350
21000
2430
UP
Close
t
DOWN
Session open
23500
65-day moving average
Open
t
Close
65-day moving average
65-day moving average
Session low
6250
Bars measure the point change from session's open
Sept.
Oct.
6150
2400
20500
Aug.
Aug.
Nov.
Sept.
Oct.
Aug.
Nov.
Sept.
Oct.
Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
23433.77 23356.01 23358.24 -100.12
9568.40
9469.90
23.8
18.2
9.8
8783.74
7.1
4.9
1.7
Most-active issues in late trading
774.47
626.66
20.9
14.9
8.5
26830.60 22691.17
691.56
581.60
17.7
18.2
14.8
14.3
8.0
8.5
52-Week
Low
% chg
763.96
757.27
758.08
-6.11
-0.80
26759.66 26697.24 26718.22 -37.94
688.67
683.76
2.20
687.39
Nasdaq Stock Market
Nasdaq Composite
6797.75
Nasdaq 100
6345.56
23563.36 18867.93
-0.43
6777.43
6308.48
6782.79 -10.50
6314.51 -24.63
-0.14
0.32
6793.29
6345.81
-0.15
-0.39
Standard & Poor's
500 Index
2583.96
2577.62
2578.85
-6.79
% chg
3-yr. ann.
YTD
MidCap 400
SmallCap 600
1843.34
912.60
1831.02
902.39
1840.74
908.91
4.35
3.68
0.24
Other Indexes
Russell 2000
1496.86
1481.09
1492.82
5.94
12314.69 12277.31 12302.89
-0.39
NYSE Composite
543.73
539.80
542.76
2.47
NYSE Arca Biotech
4154.32
4126.63
4150.01
8.94
NYSE Arca Pharma
Value Line
5251.11
4734.10
27.5
31.3
18.2
15.2
8.1
0.41
1843.36
918.72
1605.93
803.00
14.6
13.2
10.8
8.5
8.8
10.5
0.40
1512.09
1313.80
13.5
10.0
8.6
12430.52 10709.51
-0.003
0.46
0.22
25.13
unch.
16.32
16.26
PS DB Opt Yd Div Cmdty PDBC
3,654.8
17.78
-0.02
-0.13
17.78
17.78
iShares China Large-Cap FXI
3,166.9
46.56
0.07
0.15
46.57
46.45
VanEck Vectors Gold Miner GDX
2,898.2
22.79
…
unch.
22.82
22.73
iShares MSCI EAFE ETF EFA
2,614.4
68.84
-0.07
-0.10
68.94
68.84
PwrShrs QQQ Tr Series 1 QQQ
2,517.3 153.70
-0.25
-0.16 154.00 153.64
Accuray
ARAY
326.9
5.25
0.45
9.38
5.25
Diana Containerships
DCIX
33.8
8.77
0.54
6.56
8.94
8.12
Caesars Entertainment CZR
40.4
13.00
0.68
5.48
13.00
12.30
560.52
463.78
11.9
11.0
-0.2
...And losers
102.31
85.30
15.7
8.1
10.9
BBX Capital Cl A
2.6
4.0
1.04
1.30
96.72
73.03
PHLX§ Oil Service
80.88
2.0
131.91
129.60
131.31
1.79
1.38
192.66
117.79
-20.0
1320.16
12.01
1304.83
11.16
1306.93
11.43
1321.13
16.04
836.79 49.8
9.14 -11.1
PEI
9.9
11.96
0.44
3.82
11.96
11.52
TPI Composites
TPIC
16.1
19.60
0.54
2.83
19.60
19.06
BBX
20.0
6.99
-0.57
-7.54
6.99
6.99
9.8
2.10
-0.11
-4.98
2.14
2.10
18.0
15.20
-0.71
-4.46
15.91
15.20
299.3
5.95
-0.20
-3.25
6.15
5.95
43.1
45.00
-1.20
-2.60
47.02
45.00
Anthera Pharmaceuticals ANTH
California Resources
CRC
44.2
-18.6
Immunogen
IMGN
Domtar
UFS
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Region/Country Index
Close
Percentage Gainers...
Latest
% chg
Net chg
2953.40
384.19
258.50
3.03
0.13
0.62
DJ Americas
620.22
Sao Paulo Bovespa 73437.28
S&P/TSX Comp
15998.57
S&P/BMV IPC
47857.14
Santiago IPSA
4089.35
–0.84
925.49
63.20
109.45
58.57
The Global Dow
DJ Global Index
DJ Global ex U.S.
383.80
386.45
3954.04
5319.17
12993.73
1405.60
22092.95
536.62
1132.45
10010.40
577.36
9183.61
7380.68
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
5957.30
Shanghai Composite 3382.91
Hang Seng
29199.04
S&P BSE Sensex
33342.80
Nikkei Stock Avg
22396.80
Straits Times
3382.38
Kospi
2533.99
Weighted
10701.64
YTD
% chg
0.10
0.03
0.24
16.7
17.8
20.8
1.28
0.40
0.23
1.45
14.8
21.9
4.7
4.9
26.9
–0.14
–0.29
–1.13
–1.69 –0.44
–37.82 –0.95
–17.22 –0.32
–53.49 –0.41
Closed
…
–113.65 –0.51
–2.57 –0.48
0.53
5.93
–78.30 –0.78
–4.61 –0.79
0.40
36.79
–0.08
–6.26
13.80
–16.34
180.28
235.98
45.68
41.08
–0.80
76.60
0.23
–0.48
0.62
0.71
0.20
1.23
–0.03
0.72
6.2
10.3
9.6
9.4
13.2
–4.4
14.9
11.1
–1.7
7.0
8.0
11.7
3.3
5.1
9.0
32.7
25.2
17.2
17.4
25.0
15.6
Company
Symbol
Gulfmark Offshore
Eastside Distilling
Shoe Carnival
Foot Locker
Diana Containerships
GLF
Abercrombie Fitch
Tuniu ADR
PAVmed
Catalyst Biosciences
Natural Grocers
ANF
Splunk
Sportsman's Warehouse
NantKwest
Aegean Marine Petroleum
Key Energy Services
SPLK
High
52-Week
Low
% chg
29.50 22.24 306.34
34.96 0.11 1934.5
5.69 1.34 30.80
12.00 3.35
-2.7
26.75 6.12 29.67
31.79 15.08
-9.6
40.82 8.97 28.16
79.43 28.42 -43.1
8.23 1.63 24.70 262765.44 1.56 -99.9
ESDI
SCVL
FL
DCIX
PAVM
CBIO
NGVC
SPWH
NK
ANW
KEG
Symbol
SPDR S&P 500
Intel
General Electric
Advanced Micro Devices
Bank of America
SPY
iShares MSCI Emg Markets
Finl Select Sector SPDR
Teva Pharmaceutical ADR
Square Cl A
Comcast Cl A
EEM
17.89
17.59
15.53
15.38
15.36
81.99 50.64
9.87 3.40
8.45 2.71
13.10 3.20
38.00 8.20
36.4
-45.5
-35.3
-65.0
...
Newater Technology
Comstock Hldg Cl A
Jianpu Technology ADR
Century Casinos
Williams-Sonoma
NEWA
Selected rates
A consumer rate against its
benchmark over the past year
5-year CDs
Volume % chg from Latest Session
(000) 65-day avg Close % chg
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
257.86
44.63
18.21
11.38
26.62
-0.29
-2.23
-0.22
1.16
-0.52
52-Week
High
Low
259.35 218.29
47.30 33.23
32.38 17.46
15.65
8.26
27.98 19.87
46.82 0.49
26.16 -0.11
13.84 8.21
44.18 5.44
36.16 -2.45
47.02
26.93
39.08
45.74
42.18
33.94
22.00
10.85
12.08
33.97
1.50%
t
1.00
t
0.00
–0.50
D J F MAM J J A S O N
2017
2.35%
888-720-8756
EverBank
Jacksonville, FL
2.35%
855-228-6755
Home Savings Bank
Salt Lake City, UT
2.35%
801-487-0811
First Internet Bank of Indiana
2.38%
Indianapolis, IN
888-873-3424
Goldman Sachs Bank USA
2.40%
New York, NY
855-730-7283
Friday
1
3 6
month(s)
One year ago
1 2 3 5 710
years
maturity
0
–5
0.75
–10
0.00
Euro
s Yen
s
WSJ Dollar index
–15
30
2017
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Interest rate
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.41
1.44
Money market, annual yield
0.32
0.32
Five-year CD, annual yield
1.49
1.48
30-year mortgage, fixed†
3.88
3.90
15-year mortgage, fixed†
3.25
3.30
Jumbo mortgages, $424,100-plus† 4.26
4.23
Five-year adj mortgage (ARM)† 3.55
3.48
New-car loan, 48-month
3.01
2.99
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.92 l
0.26 l
1.19 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.25
4.25
1.44
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.21
-0.11
-0.07
-0.16
0.07
-0.04
0.01
-0.24
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1461.847
2.167
2.172
2.237
1.818
2.389 2.035
10-yr Treasury, Ryan ALM 1733.484
DJ Corporate
378.227
Aggregate, Barclays Capital 1939.500
High Yield 100, Merrill Lynch
n.a.
Fixed-Rate MBS, Barclays 1985.950
Muni Master, Merrill
n.a.
2.352
3.162
2.660
n.a.
2.880
n.a.
2.397
3.172
2.670
5.572
2.910
2.000
2.609
3.390
2.790
n.a.
3.120
n.a.
2.058
2.879
2.380
n.a.
2.660
n.a.
2.142
5.461
2.967
n.a.
1.837
n.a.
800.331
5.587
5.662
6.290
5.279
9.913 5.867
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
BGI
1.840
3.939
2.394
n.a.
2.040
n.a.
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
WSJ
.COM
JT
CNTY
WSM
...
18.0
-17.3
-87.0
118.8
6.85
10.03
1.83
5.52
1.98
-2.15
-2.76
-0.48
-1.41
-0.48
-23.89
-21.58
-20.65
-20.35
-19.52
9.05
576.00
4.55
10.49
2.72
3.90
3.60
1.46
1.61
1.00
39.8
-90.5
-56.5
41.2
70.7
10.65
1.76
7.20
7.83
45.78
-2.11
-0.31
-1.20
-1.25
-7.09
-16.54
-14.80
-14.29
-13.77
-13.41
16.25 7.32
3.36 1.58
8.43 7.15
9.50 6.28
56.94 42.68
...
-6.9
...
17.7
-13.5
Ranked by change from 65-day average*
Company
Symbol
Atlantic Coast Financial
Natural Resource Partners
GTY Technology Hldgs Cl A
FinTech Acqn II
Century Casinos
ACFC
Presidio
VanEck Vectors Retail ETF
TPG Pace Holdings Cl A
Direxion S&P 500 Bear 1X
Gores Holdings II Cl A
PSDO
Country/currency
NRP
GTYH
FNTE
CNTY
RTH
TPGH
SPDN
GSHT
in US$
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
1,381
744
610
336
1,673
5272
3790
3338
3293
2675
9.07 4.37
25.35 -0.59
9.95 -1.29
9.81 0.16
7.83 -13.77
9.24 6.63
45.60 22.81
13.00 9.75
11.76 9.70
9.50 6.28
3,648
161
515
271
905
2221
2214
1966
1929
1735
14.96
85.17
9.71
31.82
9.94
2.82
1.00
-0.10
0.19
-0.60
16.90 12.75
85.25 75.72
9.89 9.70
38.20 31.64
11.24 9.30
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Fri
per US$ (%)
Americas
Australian dollar
.7565 1.3219
China yuan
.1509 6.6287
Hong Kong dollar
.1280 7.8115
India rupee
.01540 64.940
Indonesia rupiah .0000740 13515
Japan yen
.008920 112.11
Kazakhstan tenge .003012 331.96
Macau pataca
.1243 8.0451
Malaysia ringgit
.2406 4.1555
New Zealand dollar
.6818 1.4667
Pakistan rupee
.00949 105.360
Philippines peso
.0197 50.831
Singapore dollar
.7375 1.3560
South Korea won .0009136 1094.54
Sri Lanka rupee
.0065079 153.66
Taiwan dollar
.03324 30.085
Thailand baht
.03043 32.860
Vietnam dong
.00004403 22713
Commodities
Country/currency
in US$
–4.8
–4.6
0.7
–4.4
–0.1
–4.2
–0.5
1.6
–7.4
1.6
0.9
2.5
–6.3
–9.4
3.5
–7.3
–8.2
–0.3
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04611 21.688 –15.6
.1585 6.3094 –10.7
1.1793 .8480 –10.8
.003780 264.54 –10.1
.009676 103.35 –8.5
.1214 8.2393 –4.7
.2784 3.5919 –14.2
.01696 58.964 –3.8
.1186 8.4326 –7.4
1.0114 .9887 –3.0
.2579 3.8776 10.0
.0378 26.4530 –2.3
1.3216 .7567 –6.6
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6466 .3779 0.2
.0567 17.6460 –2.7
.2845 3.5150 –8.7
3.3116 .3020 –1.2
2.5979 .3849 –0.01
.2590 3.861 6.1
.2666 3.7503 –0.01
.0715 13.9874 2.1
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.09 –0.25–0.28 –6.29
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
Europe
10.1
0.1
–5.0
–6.6
unch
–8.8
0.5
4.6
Asia-Pacific
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
CHCI
Argentina peso
.0572 17.4785
Brazil real
.3070 3.2578
Canada dollar
.7832 1.2768
Chile peso
.001598 625.80
Ecuador US dollar
1
1
Mexico peso
.0529 18.9179
Uruguay peso
.03389 29.5100
Venezuela b. fuerte .095622 10.4579
s
5
1.50
...
1.85
2.01
0.68
1.55
U.S.-dollar foreign-exchange rates in late New York trading
10%
2.25
...
13.96
7.95
12.50
9.75
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.00
t
Federal-funds 0.50
target rate
Barclays
Wilmington, DE
LEDS
52-Week
Low
% chg
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
3.75%
1.48%
DXLG
Volume Movers
notes and bonds
Bankrate.com avg†:
CHFS
High
-59.89
-39.64
-34.21
-33.96
-33.12
CADC
81.70 12.40
4.68 0.70
4.91 0.66
3.75 0.50
10.14 1.35
* Volumes of 100,000 shares or more are rounded to the nearest thousand
t
U.S. consumer rates
* 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.
-5.21
-3.27
-1.72
-0.90
-2.60
MRDN
VBLT
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
NYSE Arca
3.49
4.98
3.31
1.75
5.25
CARV
Vascular Biogenics
CHF Solutions
Destination XL Group
SemiLEDS
Birks Group
-5.3
-18.5
68.4
373.4
53.7
BAC
Nasdaq
Total volume*1,974,170,017 214,948,949
Adv. volume*1,148,086,602 109,236,370
Decl. volume* 789,146,108 104,344,067
Issues traded
3,061
1,301
Advances
1,755
696
Declines
1,170
582
Unchanged
136
23
New highs
132
67
New lows
32
10
Closing tick
391
12
Closing Arms†
1.03
1.16
Block trades*
7,189
1,132
Latest Session
Close Net chg % chg
OPHC
6.5
-2.6
-51.3
-48.7
-44.2
45,091
XLF
41,796
TEVA
40,694
SQ
38,916
CMCSA 37,371
AMD
AMRH
8.81
6.69
2.54
3.11
4.79
2.7
150.4
-14.6
-1.4
-25.5
GE
Ameri Holdings
OptimumBank Holdings
Carver Bancorp
Meridian Waste Solutions
China Adv Constr Matrl
16.36
9.75
10.72
21.30
13.79
63,826
61,692
58,460
55,285
47,621
INTC
Symbol
23.90
21.54
20.04
18.84
17.92
Most Active Stocks
Company
Company
3.00
1.59
0.72
0.94
0.95
15.55
8.97
4.33
5.93
6.25
TOUR
Total volume* 868,823,257 14,155,400
Adv. volume* 545,489,034 10,796,582
Decl. volume* 311,734,240 2,859,944
Issues traded
3,074
330
Advances
1,915
210
Declines
1,039
104
Unchanged
120
16
New highs
113
3
New lows
28
2
Closing tick
265
67
Closing Arms†
0.94
0.85
Block trades*
6,668
106
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
Five-year CD yields
4.80
Pennsylvania REIT
-28.6 -18.5
26.7
-6.5
25.13
Percentage gainers…
3.1
80.02
Americas
Brazil
Canada
Mexico
Chile
-0.25
…
8.3
81.16
World
-0.06
16.32
35.0
PHLX§ Gold/Silver
-0.47
-6.18
-0.33 -2.81
25.13
23.1
0.11
Low
-0.08 258.59 257.61
3,902.9
3075.02
-0.43
-0.20
6,200.0
4304.77
99.18
After Hours
% chg
High
PwrShs DB Com Track DBC
7.2
534.52
Net chg
NYSE NYSE Amer.
Principal US Mega-Cap USMC
11.3
98.42
Last
11,853.5 257.66
SPY
9.7
533.18
0.11
SPDR S&P 500
14.9
4.2
Volume
(000)
Symbol
494.76
99.49
-0.08
Company
545.98
535.25
Philadelphia Stock Exchange
13.2
14.4
2181.90
KBW Bank
PHLX§ Semiconductor
CBOE Volatility
26.0
29.8
2594.38
-0.26
Volume, Advancers, Decliners
10038.13
High
9483.09 -110.00 -1.15
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.
Dow Jones
Industrial Average
Late Trading
613.09
8.20
190.39
56.55
3.097
1295.80
2.14
1.41
0.044
18.40
1.36
616.58
532.01
1.14 195.14
57.35
2.56
3.93
1.44
1.44 1346.00
166.50
42.53
2.56
1127.80
% Chg
14.05
YTD
% chg
8.08
3.96 -1.10
5.27
23.77
8.93 -16.84
7.22 12.68
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 18 - 19, 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 17, 2017
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NYSE
ABB 3.0 23 25.23 -0.05
19.74 26.48 20.26 ABB
AES 4.5 dd 10.61 -0.16
-8.69 12.47 10.00 AES
AFL 2.1 12 83.85 -0.46
20.47 85.70 66.50 Aflac
T 5.7 17 34.51 -0.01
-18.86 43.03 32.55 AT&T
44.65 56.69 37.38 AbbottLabs ABT 1.9 43 55.56 0.02
ABBV 3.0 23 93.61 -0.86
49.49 98.26 58.60 AbbVie
24.18 147.28 112.31 Accenture ACN 1.8 27 145.45 -1.59
-29.91 257.94 153.28 AcuityBrands AYI 0.3 22 161.82 -2.54
30.02 86.42 51.74 Adient
ADNT 1.4 8 76.19 1.75
-47.21 177.83 78.81 AdvanceAuto AAP 0.3 19 89.27 -1.23
23.21 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.21 0.01
AEG 5.0 17 6.06 0.05
9.58 6.21 4.73 Aegon
AER ... 8 50.48 0.29
21.32 54.50 41.34 AerCap
AET 1.2 32 173.20 -1.56
39.67 184.98 116.04 Aetna
28.07 198.40 139.52 AffiliatedMgrs AMG 0.4 20 186.09 0.60
s 50.99 69.09 42.92 AgilentTechs A 0.9 35 68.79 0.05
6.19 51.86 35.05 AgnicoEagle AEM 1.0 38 44.60 -0.02
AGU 3.3 41 106.86 0.06
6.28 111.88 87.82 Agrium
12.35 163.56 133.63 AirProducts APD 2.4 29 161.58 0.40
ALK 1.8 11 66.40 0.53
-25.17 101.43 61.10 AlaskaAir
58.24 144.99 82.18 Albemarle ALB 0.9 32 136.21 0.88
AA ... 28 43.40 1.10
54.56 50.31 28.01 Alcoa
13.57 127.15 105.74 AlexandriaRlEst ARE 2.7144 126.21 0.02
BABA ... 54 185.13 -0.30
110.83 191.22 86.01 Alibaba
Y
... dd 566.60 -8.15
-6.83 667.19 521.07 Alleghany
ALLE 0.8 23 82.65 0.24
29.14 89.81 63.71 Allegion
AGN 1.6 dd 174.88 0.07
-16.73 256.80 169.61 Allergan
-1.82 266.25 209.00 AllianceData ADS 0.9 24 224.35 -0.98
17.18 45.55 35.26 AlliantEnergy LNT 2.8 24 44.40 -0.23
15.61 45.69 32.01 AllisonTransm ALSN 1.5 17 38.95 -2.42
ALL 1.5 15 100.17 0.60
35.15 101.12 69.04 Allstate
40.22 26.93 18.11 AllyFinancial ALLY 1.8 12 26.67 0.25
-39.28 35.29 18.73 AlticeUSA ATUS ... ... 19.86 -0.38
MO 4.0 8 66.42 0.54
-1.77 77.79 60.01 Altria
67.78 23.54 9.93 AlumofChina ACH ... 42 17.13 -0.31
ABEV ... 35 6.24 0.07
27.09 7.03 4.70 Ambev
AEE 2.9 25 63.30 -0.34
20.66 64.89 48.28 Ameren
37.23 19.50 11.23 AmericaMovil AMX 1.8 32 17.25 0.03
37.92 19.11 11.09 AmericaMovil A AMOV 1.8 31 16.96
...
-15.83 51.70 41.06 AmCampus ACC 4.2102 41.89 -0.46
AEP 3.2 20 76.38 -0.38
21.32 77.93 57.89 AEP
26.47 96.90 70.77 AmerExpress AXP 1.5 18 93.69 0.13
15.69 106.77 79.95 AmericanFin AFG 1.4 13 101.95 -0.22
2.24 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.45 -0.23
AIG 2.1 dd 60.06
-8.04 67.47 57.90 AIG
...
38.03 155.28 99.72 AmerTowerREIT AMT 1.8 55 145.87 -2.53
23.02 91.39 69.96 AmerWaterWorks AWK 1.9 34 89.02 -0.67
42.67 163.04 109.19 Ameriprise AMP 2.1 15 158.28 1.20
0.83 97.85 71.90 AmerisourceBrgn ABC 1.9 21 78.84 -1.09
44.57 70.43 45.78 Ametek
AME 0.5 30 70.26 0.14
s 33.21 89.72 66.00 Amphenol APH 0.8 29 89.52 0.21
-30.95 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.15 0.65
ANDV 2.2 21 105.34 0.55
20.46 112.21 75.11 Andeavor
-12.42 60.14 43.21 AndeavorLog ANDX 8.9 19 44.50 0.07
BUD 3.2 58 114.99 0.08
9.06 126.50 98.28 AB InBev
15.25 12.73 9.83 AnnalyCap NLY 10.4 5 11.49 0.02
-15.77 27.23 17.89 AnteroResources AR ...398 19.92 0.66
s 53.60 222.24 135.00 Anthem
ANTM 1.3 20 220.83 -0.06
AON 1.0 ... 141.18 -0.10
26.58 152.78 109.82 Aon
APA 2.4 24 41.18 0.69
-35.12 69.00 38.14 Apache
-2.77 46.85 39.66 ApartmtInv AIV 3.3140 44.19 -0.50
51.24 33.37 18.90 ApolloGlbMgmt APO 5.3 10 29.28 -0.05
21.07 37.30 29.24 AquaAmerica WTR 2.3 27 36.37 -0.24
ARMK 1.0 27 40.82 0.08
14.28 44.12 32.87 Aramark
27.85 30.50 19.59 ArcelorMittal MT ... 4 28.00 -0.09
-13.65 47.44 38.59 ArcherDaniels ADM 3.2 18 39.42 0.23
ARNC 1.0 dd 23.85 0.12
28.64 30.69 18.47 Arconic
s141.62 234.63 87.33 AristaNetworks ANET ... 48 233.82 2.05
8.88 84.53 65.51 ArrowElec ARW ... 14 77.63 -0.84
22.47 35.60 25.55 AstraZeneca AZN 2.7 25 33.46 -0.06
ATH ... 7 49.24 -0.05
2.60 55.22 43.25 Athene
20.47 91.00 69.57 AtmosEnergy ATO 2.2 24 89.33 -0.62
141.30 67.69 24.71 Autohome ATHM ... 40 61.00 0.05
ALV 2.0 21 121.19 -0.07
7.11 127.75 96.08 Autoliv
-20.30 813.70 491.13 AutoZone AZO ... 14 629.43 10.84
4.08 199.52 158.32 Avalonbay AVB 3.1 29 184.37 -1.72
AGR 3.4 24 51.44 -0.56
35.80 53.10 35.42 Avangrid
54.22 108.99 69.53 AveryDennison AVY 1.7 24 108.29 0.04
22.50 34.47 24.72 AxaltaCoating AXTA ...139 33.32 0.14
BBT 2.8 17 46.82 0.05
-0.43 49.91 41.17 BB&T
BCE 4.6 20 48.38 0.18
11.89 48.59 42.44 BCE
15.65 44.62 33.37 BHPBilliton BHP 4.2 19 41.38
...
14.97 39.12 28.73 BHPBilliton BBL 4.8 16 36.17 0.14
BP 6.1 33 39.09 0.32
4.57 41.55 33.10 BP
BRFS ... dd 13.01 0.20
-11.86 16.00 10.60 BRF
BT 3.9 16 16.39 0.03
-28.83 24.65 16.15 BT Group
50.93 61.88 37.63 BWX Tech BWXT 0.7 31 59.92 0.04
-17.02 40.82 29.62 BakerHughes BHGE 2.3 dd 30.91 0.76
BLL 1.0 62 39.98 -0.54
6.51 43.24 35.65 Ball
26.00 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.53 -0.01
31.15 95.80 65.53 BancodeChile BCH 2.9 18 90.00 1.61
60.62 136.10 61.12 BancoMacro BMA 0.7 13 103.36 -4.02
40.51 32.02 21.06 BcoSantChile BSAC 3.4 18 30.73 0.38
24.52 6.99 4.40 BancoSantander SAN 2.9 13 6.45 -0.05
5.53 48.74 32.02 BanColombia CIB 3.3 10 38.71 0.53
20.45 27.98 19.87 BankofAmerica BAC 1.8 15 26.62 -0.14
7.84 78.86 64.55 BankofMontreal BMO 3.7 13 77.56 -0.02
10.74 55.29 43.85 BankNY Mellon BK 1.8 15 52.47 0.24
s 19.00 66.35 52.87 BkNovaScotia BNS 3.8 14 66.26 0.41
BCS 2.2 dd 9.76 0.05
-11.27 12.05 9.29 Barclays
BCR 0.3 44 333.56 -0.69
48.47 335.84 206.26 Bard CR
-11.95 20.78 13.80 BarrickGold ABX 0.9 8 14.07 0.15
44.07 65.70 43.13 BaxterIntl
BAX 1.0 34 63.88 -1.11
33.08 225.23 161.29 BectonDicknsn BDX 1.3 63 220.31 -1.21
WRB 0.8 16 67.04 -0.04
0.80 73.17 59.63 Berkley
11.18 285950 235320 BerkHathwy A BRK.A ... 24 271410 -1290.00
11.09 190.68 156.82 BerkHathwy B BRK.B ... 24 181.06 -0.99
s 22.33 61.19 45.47 BerryGlobal BERY ... 25 59.61 -0.30
BBY 2.4 15 55.83 0.58
30.84 63.32 41.67 BestBuy
40.16 268.40 169.19 Bio-RadLab A BIO ...323 255.49 -0.77
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.70
49.49 11.78 6.65 BlackBerry BB ... 9 10.30 -0.08
24.56 489.79 365.83 BlackRock BLK 2.1 22 473.99 -0.03
17.57 35.09 25.57 Blackstone BX 5.5 14 31.78 0.21
BA 2.2 24 262.26 -1.44
68.46 267.62 144.46 Boeing
31.69 53.84 34.44 BorgWarner BWA 1.3 38 51.94 -0.10
-0.59 140.13 116.77 BostonProps BXP 2.4 39 125.04 -0.14
30.65 29.93 19.67 BostonSci BSX ... 46 28.26 -0.02
BAK 2.7 61 28.89 0.67
36.21 33.73 15.26 Braskem
4.93 66.10 46.01 Bristol-Myers BMY 2.5 24 61.32 -0.55
17.48 73.41 53.52 BritishAmTob BTI 2.3 11 66.18 0.61
-23.75 25.34 17.23 BrixmorProp BRX 5.9 18 18.62 0.27
34.62 91.75 63.28 BroadridgeFinl BR 1.6 31 89.25 0.59
25.45 43.15 32.41 BrookfieldMgt BAM 1.4 92 41.41 0.17
31.28 44.91 31.03 BrookfieldInfr BIP 4.0163 43.94 -0.12
11.19 50.81 41.10 Brown&Brown BRO 1.2 26 49.88 -0.05
26.51 60.28 45.17 Brown-Forman A BF.A 1.4 33 58.51 -0.05
30.34 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.55 0.20
-28.11 73.01 46.94 BuckeyePtrs BPL 10.6 15 47.56 0.26
BG 2.8 21 65.50 0.33
-9.33 83.75 63.87 Bunge
s 23.58 104.84 74.01 BurlingtonStrs BURL ... 29 104.73 4.58
CBD 0.1 66 22.44 0.72
35.59 25.90 14.08 CBD Pao
35.85 43.35 28.21 CBRE Group CBG ... 18 42.78 -0.21
CBS.A 1.2 80 57.74 0.63
-10.92 71.07 53.00 CBS A
-10.81 70.09 52.75 CBS B
CBS 1.3 79 56.74 0.34
12.71 39.32 25.04 CF Industries CF 3.4 dd 35.48 -0.69
11.31 54.07 45.81 CGI Group GIB ... 21 53.46 0.02
CIT 1.3 dd 47.77 0.72
11.93 50.40 39.48 CIT Group
19.15 50.85 39.42 CMS Energy CMS 2.7 26 49.59 -0.58
CNA 2.2 16 53.61 -0.62
29.18 55.62 37.88 CNA Fin
CEO 3.8 17 135.29 -0.52
9.14 143.39 108.05 CNOOC
9.68 17.69 13.90 CPFLEnergia CPL 1.6 32 16.89 0.11
CRH 1.2 20 35.62 0.47
3.61 38.06 32.44 CRH
-10.43 84.72 66.45 CVS Health CVS 2.8 15 70.68 0.42
s 25.81 29.41 20.55 CabotOil
COG 0.7 dd 29.39 0.65
53.81 52.73 31.99 CalAtlantic CAA 0.3 15 52.31 0.70
10.72 96.39 75.36 CamdenProperty CPT 3.2 56 93.08 -1.24
-17.78 64.23 44.99 CampbellSoup CPB 2.8 17 49.72 1.40
10.49 92.22 76.42 CIBC
CM 4.6 11 90.16 0.64
18.35 84.48 63.71 CanNtlRlwy CNI 1.7 23 79.77 -0.24
9.38 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.87 -0.07
18.12 179.17 141.32 CanPacRlwy CP 1.0 18 168.64 -0.56
CAJ 3.7 20 38.28 -0.20
36.03 39.15 27.76 Canon
0.68 96.92 76.05 CapitalOne COF 1.8 12 87.83 0.68
-20.09 84.88 55.69 CardinalHealth CAH 3.2 17 57.51 0.09
CSL 1.4 22 108.83 -0.05
-1.32 116.40 92.09 Carlisle
KMX ... 19 69.45 -1.10
7.86 77.64 54.29 CarMax
CCL 2.7 18 66.22 0.40
27.20 69.89 49.73 Carnival
CUK 2.7 18 66.50 0.33
29.91 70.56 49.44 Carnival
46.79 140.44 90.34 Caterpillar CAT 2.3 95 136.13 -0.23
32.96 109.11 75.79 Celanese A CE 1.8 18 104.69 0.46
CX ... 11 7.85
...
1.67 10.37 7.36 Cemex
-32.85 16.82 6.76 CenovusEnergy CVE 1.5 4 10.16 0.09
CNC ... 19 95.14 -0.80
68.36 98.72 54.40 Centene
17.69 30.45 23.24 CenterPointEner CNP 3.7 21 29.00 -0.03
-9.33 7.60 3.49 CentraisElBras EBR ... 3 6.22 0.16
-37.76 27.61 14.06 CenturyLink CTL 14.6 26 14.80 0.05
137.66 58.08 20.76 Chemours CC 0.2 36 52.50 0.98
CVX 3.8 33 114.71 0.14
-2.54 120.89 102.55 Chevron
23.80 30.90 21.38 ChinaEastrnAir CEA ... 9 27.67 0.87
33.88 17.85 12.74 ChinaLifeIns LFC 1.0 20 17.23 -0.16
-4.33 58.83 50.00 ChinaMobile CHL 4.1 13 50.16 -0.25
-0.52 84.88 67.82 ChinaPetrol SNP 4.3 11 70.65 -0.38
63.75 43.35 25.60 ChinaSoAirlines ZNH 1.7 10 42.10 0.13
7.59 53.77 45.58 ChinaTelecom CHA 2.7 15 49.63 1.02
29.09 16.55 11.25 ChinaUnicom CHU ...148 14.91 -0.17
CMG ... 56 289.84 6.14
-23.18 499.00 263.00 Chipotle
CB 1.9 18 148.63 -0.23
12.50 156.00 125.00 Chubb
7.83 36.37 31.28 ChunghwaTel CHT 4.8 22 34.02 0.08
1.27 54.18 42.55 Church&Dwight CHD 1.7 26 44.75 -0.39
CI 0.0 22 197.97 -3.00
48.41 206.45 131.03 Cigna
-14.22 146.96 89.49 CimarexEnergy XEC 0.3 29 116.57 0.96
C 1.8 14 71.33 -0.34
20.02 76.14 54.98 Citigroup
7.13 39.75 31.51 CitizensFin CFG 1.9 15 38.17 0.25
CLX 2.5 25 133.51 -1.03
11.24 141.76 112.28 Clorox
10.25 47.48 39.88 Coca-Cola
KO 3.2 44 45.71 -0.84
21.59 44.75 30.55 Coca-Cola Euro CCE 2.5 24 38.18 -0.14
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
6.36 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.58
9.86 77.27 63.43 ColgatePalm CL 2.2 28 71.89
-18.16 16.09 12.12 ColonyNorthStar CLNS 8.8 dd 12.21
CMA 1.5 18 79.13
16.18 80.25 60.39 Comerica
SBS ... 8 9.46
8.99 11.33 7.82 SABESP
-9.71 41.68 32.16 ConagraBrands CAG 2.4 25 35.71
4.56 147.77 106.73 ConchoRscs CXO ... 37 138.65
-0.02 54.22 42.27 ConocoPhillips COP 2.1 dd 50.13
17.44 89.58 68.85 ConEd
ED 3.2 22 86.53
41.08 227.20 144.00 ConstBrands A STZ 1.0 28 216.29
-10.90 60.30 29.08 ContinentalRscs CLR ... dd 45.92
COO 0.0 34 238.65
36.43 256.39 158.73 Cooper
GLW 2.0 13 31.63
30.33 32.33 23.48 Corning
COTY 2.9 dd 17.05
-6.88 20.88 14.24 Coty
BAP 2.3 14 208.62
32.16 213.82 146.03 Credicorp
12.51 16.46 13.06 CreditSuisse CS 4.4 dd 16.10
26.79 114.97 80.82 CrownCastle CCI 3.8 91 110.02
11.49 61.61 51.57 CrownHoldings CCK ... 17 58.61
8.10 103.37 79.76 Cullen/Frost CFR 2.4 18 95.38
16.64 181.79 134.06 Cummins
CMI 2.7 16 159.41
25.69 60.98 43.95 DCT Industrial DCT 2.4 55 60.18
14.63 116.21 90.91 DTE Energy DTE 3.1 21 112.92
DXC 0.7164 96.90
39.97 99.00 64.06 DXC Tech
DHR 0.6 28 93.30
19.86 93.86 76.27 Danaher
DRI 3.0 21 82.81
13.88 95.22 71.02 Darden
DVA ... 21 54.91
-14.47 70.16 52.51 DaVita
DE 1.8 23 135.77
31.76 136.69 91.33 Deere
DVMT ... dd 81.49
48.24 83.98 51.02 DellTechs
46.55 104.09 60.50 DelphiAuto DLPH 1.2 19 98.70
DAL 2.4 10 49.82
1.28 55.75 43.81 DeltaAir
18.38 19.48 13.47 DeutscheBank DB 1.1 dd 19.13
-15.31 50.69 28.79 DevonEnergy DVN 0.6 13 38.68
DEO 3.0 25 136.10
30.94 137.59 99.75 Diageo
20.20 127.23 86.70 DigitalRealty DLR 3.1 95 118.11
-9.75 74.33 57.50 DiscoverFinSvcs DFS 2.2 11 65.06
DIS 1.5 18 103.44
-0.75 116.10 96.20 Disney
s 36.07 61.59 44.98 DolbyLab
DLB 1.0 32 61.49
s 15.43 85.52 65.97 DollarGeneral DG 1.2 19 85.50
6.18 83.64 70.54 DominionEner D 3.8 24 81.32
DPZ 1.0 34 178.65
12.19 221.58 156.26 Domino's
11.48 48.91 39.49 Donaldson DCI 1.5 27 46.91
10.80 41.12 34.98 DouglasEmmett DEI 2.3 76 40.51
DOV 2.0 22 94.22
25.74 97.09 68.10 Dover
5.30 73.85 64.01 DowDuPont DWDP ... 47 70.74
-3.76 99.47 82.89 DrPepperSnap DPS 2.7 22 87.26
-20.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.91
14.04 91.80 72.34 DukeEnergy DUK 4.0 29 88.52
8.58 30.14 23.70 DukeRealty DRE 2.8 39 28.84
E 5.9 32 32.55
0.96 34.62 26.15 ENI
EOG 0.710164 101.64
0.53 109.37 81.99 EOG Rscs
EQT 0.2281 59.03
-9.74 75.74 49.63 EQT
19.32 94.96 73.52 EastmanChem EMN 2.3 13 89.74
ETN 2.0 12 75.64
12.74 82.34 63.94 Eaton
23.66 52.36 38.98 EatonVance EV 2.4 23 51.79
ECL 1.1 30 131.45
12.14 134.89 114.09 Ecolab
EC ... 21 11.65
28.73 12.30 7.84 Ecopetrol
EIX 2.7 18 80.89
12.36 83.38 67.73 EdisonInt
14.29 121.45 81.12 EdwardsLife EW ... 31 107.09
7.35 67.78 53.92 EmersonElec EMR 3.2 27 59.85
-45.80 26.17 13.63 EnbridgeEnPtrs EEP 10.1 23 13.81
-16.52 44.52 34.39 Enbridge
ENB 5.4 24 35.16
ECA 0.5 15 11.85
0.94 13.85 8.01 Encana
24.97 11.10 7.75 EnelAmericas ENIA 3.4 28 10.26
ENIC ... 12 5.70
25.27 6.31 4.25 EnelChile
36.11 27.74 18.35 EnelGenChile EOCC 7.2 14 26.46
-15.54 20.05 15.03 EnergyTransferEq ETE 7.2 20 16.31
-30.27 26.99 15.97 EnergyTransfer ETP 13.5 8 16.75
ETR 4.1 dd 86.51
17.75 87.95 67.39 Entergy
-10.21 30.25 23.59 EnterpriseProd EPD 7.0 19 24.28
EFX 1.4 25 111.37
-5.80 147.02 89.59 Equifax
23.55 90.86 66.66 EquityLife ELS 2.2 43 89.08
6.15 70.45 58.28 EquityResdntl EQR 2.9 60 68.32
7.89 270.04 208.92 EssexProp ESS 2.8 31 250.85
63.01 126.99 75.30 EsteeLauder EL 1.2 34 124.69
4.58 277.17 206.60 EverestRe RE 2.3 36 226.32
16.26 66.15 50.56 EversourceEner ES 3.0 21 64.21
EXC 3.2 19 41.26
16.26 42.67 31.55 Exelon
s 12.89 87.48 68.09 ExtraSpaceSt EXR 3.6 33 87.20
-11.10 93.22 76.05 ExxonMobil XOM 3.8 26 80.24
FMC 0.7649 92.94
64.32 95.25 53.63 FMC
FDS 1.1 30 196.09
19.98 196.70 155.09 FactSet
-6.76 145.80 119.37 FederalRealty FRT 3.0 42 132.50
FDX 0.9 20 216.00
16.00 231.35 182.89 FedEx
RACE ... 37 109.17
87.77 121.14 52.72 Ferrari
90.35 18.33 7.42 FiatChrysler FCAU ... 8 17.36
67.12 17.21 7.98 FibriaCelulose FBR ... 38 16.06
62.80 40.12 22.84 FidNatlFin FNF 2.7 18 39.91
26.64 18.48 11.65 FNFV Group FNFV ... 8 17.35
21.71 96.67 73.97 FidNatlInfo FIS 1.3 57 92.06
WUBA ...162 74.80
167.14 75.86 27.58 58.com
48.68 56.40 35.28 FirstAmerFin FAF 2.8 22 54.46
FDC ... 22 16.73
17.90 19.23 13.96 FirstData
0.18 105.52 80.55 FirstRepBank FRC 0.7 22 92.31
11.88 35.22 27.93 FirstEnergy FE 4.2 dd 34.65
26.26 183.61 121.52 FleetCorTech FLT ... 30 178.69
FLR 1.8 33 46.70
-11.08 58.37 37.04 Fluor
14.91 103.82 73.45 FomentoEconMex FMX 1.5 12 87.57
-0.99 13.27 10.47 FordMotor F 5.0 11 12.01
20.73 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.16
FTS 3.7 20 37.21
20.50 38.24 29.51 Fortis
34.72 74.38 52.99 Fortive
FTV 0.4 27 72.25
21.14 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.76
41.10 85.67 53.31 Franco-Nevada FNV 1.1107 84.32
2.27 47.65 38.54 FranklinRscs BEN 2.0 13 40.48
5.08 17.06 11.05 FreeportMcM FCX ... 19 13.86
15.68 50.22 38.05 FreseniusMed FMS 1.1 22 48.83
GGP 3.7 33 23.66
-5.28 26.63 18.83 GGP
s 26.96 66.12 48.97 Gallagher
AJG 2.4 26 65.97
s 31.02 30.14 21.02 Gap
GPS 3.1 14 29.40
42.42 30.66 19.91 GardnerDenver GDI ... dd 30.05
IT ... dd 116.90
15.66 130.02 90.37 Gartner
12.73 10.69 8.36 Gazit-Globe GZT 4.1 2 9.74
14.54 214.81 164.97 GeneralDynamics GD 1.7 20 197.77
-42.37 32.38 17.46 GeneralElec GE 5.3 23 18.21
-13.03 64.06 49.65 GeneralMills GIS 3.6 19 53.72
25.95 46.76 31.92 GeneralMotors GM 3.5 10 43.88
G 0.8 23 31.27
28.47 31.93 23.34 Genpact
-9.85 100.90 79.86 GenuineParts GPC 3.1 19 86.13
GIL 1.2 18 30.61
20.65 32.15 23.55 Gildan
GSK 5.7 29 35.06
-8.96 44.53 34.72 GSK
44.11 104.83 65.91 GlobalPayments GPN 0.0 ... 100.03
s 41.77 49.78 33.06 GoDaddy
GDDY ... dd 49.55
GG 0.6 22 13.41
-1.40 17.87 11.91 Goldcorp
-0.60 255.15 209.18 GoldmanSachs GS 1.3 12 238.02
GGG 1.1 70 130.07
56.54 134.11 80.20 Graco
GWW 2.6 24 197.82
-14.82 262.71 155.00 Grainger
24.50 34.09 25.85 GreatPlainsEner GXP 3.2 33 34.05
8.06 9.38 7.18 GpoAvalAcc AVAL 4.7 13 8.58
14.46 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.23
t-10.58 27.37 18.63 GrupoTelevisa TV 0.5 48 18.68
65.19 83.47 49.18 Guidewire GWRE ...291 81.49
1.65 91.03 69.18 HCA Healthcare HCA ... 11 75.24
HCP 5.5 18 26.80
-9.83 33.67 25.09 HCP
59.85 100.26 59.00 HDFC Bank HDB 0.5 ... 97.00
HPQ 2.6 16 21.75
46.56 22.31 14.40 HP
HSBC 4.1 73 48.28
20.16 50.86 38.95 HSBC
-22.78 58.78 38.18 Halliburton HAL 1.7174 41.77
-9.60 25.73 18.90 Hanesbrands HBI 3.1 12 19.50
-19.01 63.40 44.52 HarleyDavidson HOG 3.1 15 47.25
HRS 1.6 31 139.84
36.47 141.97 99.13 Harris
17.82 57.16 46.35 HartfordFinl HIG 1.8 43 56.14
4.98 33.00 27.47 HealthcareAmer HTA 4.0127 30.56
HEI 0.2 44 89.31
44.70 93.00 59.94 Heico
HEI.A 0.2 37 75.05
38.16 78.70 50.72 Heico A
-28.06 85.78 42.16 Helm&Payne HP 5.0 dd 55.68
HLF 1.8 15 65.67
36.41 79.64 47.62 Herbalife
HSY 2.4 32 109.10
5.48 116.49 95.68 Hershey
HES 2.2 dd 44.55
-28.48 65.56 37.25 Hess
1.64 15.12 12.70 HewlettPackard HPE 2.2195 13.68
s 32.80 74.44 49.95 Hilton
HLT 0.8783 74.11
s 35.56 44.48 23.46 HollyFrontier HFC 3.0 23 44.41
s 25.10 168.43 127.41 HomeDepot HD 2.1 23 167.74
11.75 33.75 27.05 HondaMotor HMC ... 10 32.62
26.45 147.60 111.78 Honeywell HON 2.0 22 146.49
-4.85 37.97 29.75 HormelFoods HRL 2.1 20 33.12
s 76.11 48.31 27.14 DR Horton DHI 1.0 18 48.13
5.57 20.23 16.40 HostHotels HST 4.0 25 19.89
4.72 31.85 23.75 HuanengPower HNP 6.1 30 27.27
HUBB 2.6 23 119.85
2.70 127.34 109.31 Hubbell
HUM 0.7 18 233.46
14.42 264.56 186.25 Humana
26.43 253.44 174.07 HuntingIngalls HII 1.2 18 232.87
60.12 32.59 18.18 Huntsman HUN 1.6 14 30.55
26.46 70.95 50.21 HyattHotels H
... 42 69.88
s 45.25 9.93 6.69 ICICI Bank
IBN 0.8 22 9.89
28.09 19.01 13.16 ING Groep ING 3.1 ... 18.06
IVZ 3.3 15 34.98
15.29 37.75 28.75 Invesco
IQV ...361 104.46
37.36 110.67 71.90 IQVIA
IEX 1.2 33 128.11
42.25 129.40 88.29 IDEX
28.32 159.36 120.06 IllinoisToolWks ITW 2.0 24 157.14
INFY 2.6 16 15.19
2.43 16.14 13.42 Infosys
13.43 96.23 74.02 Ingersoll-Rand IR 2.1 21 85.12
INGR 1.8 19 133.79
7.07 134.03 113.07 Ingredion
ICE 1.2 25 66.59
18.03 71.24 53.91 ICE
22.14 57.80 42.05 InterContinentl IHG ... 26 56.55
IBM 4.0 12 148.97
-10.25 182.79 139.13 IBM
26.24 153.97 113.16 IntlFlavors IFF 1.9 28 148.75
11.83 32.07 17.25 IntlGameTech IGT 2.8 dd 28.54
IP 3.5 25 54.21
2.17 58.96 47.85 IntlPaper
-18.62 25.71 18.30 Interpublic IPG 3.8 13 19.05
14.10 23.93 19.80 InvitatHomes INVH 1.4 ... 22.82
25.52 41.18 31.29 IronMountain IRM 5.8 52 40.77
-4.14 4.95 3.70 IsraelChemicals ICL ... 5 3.94
26.85 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.04
13.73 102.42 77.29 JPMorganChase JPM 2.3 14 98.14
2.86 63.42 49.31 JacobsEngg JEC 1.0 31 58.63
0.69 17.28 13.55 JamesHardie JHX 1.2 27 16.01
19.71 37.39 30.24 JanusHenderson JHG 3.5276 36.63
JNJ 2.4 24 138.00
19.78 144.35 109.32 J&J
-11.65 46.17 34.51 JohnsonControls JCI 2.7 21 36.39
49.32 155.25 97.60 JonesLang JLL 0.5 20 150.87
-6.94 30.96 23.87 JuniperNetworks JNPR 1.5 16 26.30
-0.39
-0.74
-0.17
0.71
0.01
0.09
0.41
-0.09
-0.83
-1.05
0.40
-0.80
-0.02
0.20
4.72
0.12
-1.10
-0.60
0.58
-7.72
-0.36
-1.07
-0.42
-0.28
0.48
-0.73
1.16
0.16
-0.54
-0.63
0.09
0.52
0.07
-2.16
0.24
-0.16
0.54
0.59
-0.64
1.18
-0.02
-0.17
0.21
0.06
0.14
0.24
-0.69
-0.17
0.14
0.21
-0.27
-0.41
-0.80
0.29
-0.54
0.02
-0.86
-0.01
0.83
-0.12
0.66
0.16
0.12
0.02
0.37
-0.33
0.12
0.61
-0.05
1.79
-0.99
-0.90
-3.09
-0.95
0.85
-0.68
0.02
...
-0.32
-0.38
0.80
0.60
-1.91
-0.85
-0.20
0.27
0.12
-0.20
-1.14
0.96
-0.32
-0.04
0.81
0.01
0.04
0.28
0.74
-0.03
0.22
-0.55
-0.19
0.32
-0.51
-0.07
0.24
-0.32
-0.26
0.14
1.92
1.16
-2.07
0.19
-1.45
-0.04
0.05
0.28
-0.02
0.14
0.23
-0.13
-0.19
0.22
0.17
-1.35
0.40
-0.68
0.06
0.13
0.09
-0.43
0.31
-0.73
-0.04
2.47
0.18
0.01
0.26
0.28
-0.85
-0.51
0.13
0.01
-0.62
-0.10
1.31
0.21
-0.60
0.46
0.41
0.09
0.61
0.24
0.02
-0.39
0.19
0.61
-0.08
-0.16
-0.45
-2.45
-2.95
0.31
-0.12
0.17
-0.01
0.41
0.02
...
-0.78
-0.08
-0.14
0.83
0.51
0.12
-0.15
0.16
-0.26
0.14
0.39
-0.37
-0.05
-0.02
0.26
-0.33
0.20
0.25
0.56
-0.87
0.25
-2.16
0.11
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
11.92 49.38 39.74 KAR Auction KAR 2.9 28 47.70 0.17
KB ... 9 52.00 -1.28
47.35 54.36 34.36 KB Fin
KKR 3.5 10 19.56 0.01
27.10 20.77 15.14 KKR
KT ... 11 14.31 0.05
1.56 18.82 13.43 KT
21.00 109.13 79.05 KSCitySouthern KSU 1.4 20 102.67 -0.85
K 3.3 29 65.36 0.08
-11.33 76.69 58.76 Kellogg
KEY 2.3 16 18.31 0.18
0.22 19.53 16.28 KeyCorp
19.28 45.65 34.79 KeysightTechs KEYS ... 33 43.62 -0.28
1.24 78.33 67.00 KilroyRealty KRC 2.3 49 74.13 0.05
0.18 136.21 109.67 KimberlyClark KMB 3.4 19 114.32 -0.58
-23.09 26.63 17.02 KimcoRealty KIM 5.8 38 19.35 0.05
t-17.87 23.01 16.70 KinderMorgan KMI 2.9 30 17.01 0.18
15.09 44.45 26.68 Knight-Swift KNX ... 55 38.94 -0.12
KSS 5.0 12 43.72 1.47
-11.46 59.67 35.16 Kohl's
27.22 42.35 28.19 KoninklijkePhil PHG 2.3 23 38.89 -0.46
-6.11 21.59 16.51 KoreaElcPwr KEP ... 4 17.35 0.02
KR 2.1 14 23.41 1.13
-32.16 36.44 19.69 Kroger
KYO ... 23 71.50 -0.18
43.63 71.75 47.08 Kyocera
77.02 15.06 8.07 LATAMAirlines LTM 0.5 dd 14.48 0.86
LB 4.8 15 50.48 1.36
-23.33 75.50 35.00 L Brands
6.93 17.05 11.64 LG Display LPL ... 7 13.74 0.18
LN ... 85 43.38 0.25
27.55 44.16 30.90 LINE
LLL 1.6 25 184.39 -0.80
21.22 192.00 143.54 L3 Tech
LH ... 21 150.36 -0.66
17.12 164.22 123.36 LabCpAm
40.58 54.03 30.43 LambWeston LW 1.4 24 53.21 -0.24
24.51 68.41 51.35 LasVegasSands LVS 4.4 25 66.50 -0.18
LAZ 3.6 13 46.10 0.10
12.19 48.86 38.46 Lazard
LEA 1.1 11 174.88 1.16
32.11 178.81 124.90 Lear
-4.97 54.97 43.16 Leggett&Platt LEG 3.1 19 46.45 0.46
LDOS 2.1 30 61.09 -0.75
19.46 64.20 47.30 Leidos
LEN 0.3 17 58.89 0.80
39.56 59.32 41.12 Lennar A
44.04 50.75 32.74 Lennar B
LEN.B 0.3 14 48.72 0.52
26.82 201.40 146.25 LennoxIntl LII 1.1 28 194.25 -0.75
8.09 27.34 20.61 LeucadiaNatl LUK 1.6 16 25.13 0.08
12.30 45.08 37.21 LibertyProperty LPT 3.6 19 44.36 -0.25
LLY 2.5 40 82.89 -0.55
12.70 89.09 64.18 EliLilly
12.09 77.45 61.45 LincolnNational LNC 1.8 12 74.28 0.27
21.15 33.68 24.27 LionsGate A LGF.A ... 34 32.59 1.55
26.16 32.08 22.50 LionsGate B LGF.B ... 32 30.96 1.43
70.45 46.33 26.41 LiveNationEnt LYV ...2267 45.34 -0.02
14.84 3.87 2.86 LloydsBanking LYG 3.0 19 3.56 0.02
23.91 322.19 245.50 LockheedMartin LMT 2.6 25 309.70 -2.95
L 0.5 17 49.22 0.02
5.10 49.99 43.70 Loews
LOW 2.0 23 80.22 0.75
12.80 86.25 67.77 Lowe's
21.12 107.83 78.01 LyondellBasell LYB 3.5 11 103.90 0.70
2.65 173.72 139.46 M&T Bank MTB 1.9 19 160.57 0.70
14.46 34.65 25.15 MGM Resorts MGM 1.3 32 33.00
...
MPLX 6.8 38 34.47 0.04
-0.43 39.43 30.88 MPLX
MSCI 1.2 38 126.58 1.20
60.68 128.00 76.52 MSCI
MAC 4.6 74 64.21 -0.45
-9.36 73.34 52.12 Macerich
M 7.4 9 20.35 0.10
-43.17 45.41 17.41 Macy's
-14.25 81.77 63.83 MagellanMid MMP 5.6 18 64.85 -0.30
23.36 55.76 39.50 MagnaIntl MGA 2.1 10 53.54 0.18
41.98 127.31 84.89 Manpower MAN 1.5 19 126.18 -0.70
18.41 21.70 16.62 ManulifeFin MFC 3.0 15 21.10 0.05
-13.06 19.28 10.55 MarathonOil MRO 1.3 dd 15.05 0.53
23.67 63.41 42.57 MarathonPetrol MPC 2.6 19 62.27 0.26
MKL ...238 1069.00 3.88
18.19 1105.23 870.07 Markel
21.84 84.90 66.75 Marsh&McLen MMC 1.8 23 82.35 -0.56
-6.23 244.32 191.09 MartinMarietta MLM 0.8 30 207.72 -1.66
MAS 1.1 23 39.36 0.22
24.48 41.10 30.08 Masco
44.33 152.00 99.51 Mastercard MA 0.6 35 149.02 -1.31
6.43 106.50 88.64 McCormick MKC 1.9 27 99.33 -0.22
6.87 106.58 89.14 McCormickVtg MKC.V 1.9 27 99.50 0.84
36.97 170.92 117.71 McDonalds MCD 2.4 24 166.72 -1.37
1.20 169.29 133.82 McKesson MCK 1.0 7 142.13 -0.57
11.60 89.72 69.35 Medtronic MDT 2.3 27 79.49 0.23
MRK 3.4 54 55.20 0.03
-6.23 66.80 54.40 Merck
MET 3.1 dd 51.65 0.11
7.55 55.91 44.17 MetLife
50.74 694.48 407.87 MettlerToledo MTD ... 38 630.92 0.42
s 30.97 56.43 32.38 MichaelKors KORS ... 16 56.29 0.53
s 25.54 35.72 27.86 MicroFocus MFGP ... 52 35.44 -0.09
4.53 110.95 87.59 MidAmApt MAA 3.4 48 102.36 -0.78
7.14 7.01 5.83 MitsubishiUFJ MTU ... 9 6.60 0.03
-1.95 3.87 3.37 MizuhoFin MFG ... 9 3.52 -0.03
16.03 11.59 7.19 MobileTeleSys MBT 6.7 12 10.57 0.10
s 36.32 272.46 189.44 MohawkInds MHK ... 21 272.20 1.55
-18.12 102.14 78.10 MolsonCoors B TAP 2.1 8 79.68 0.19
12.47 122.80 100.29 Monsanto MON 1.8 23 118.33 -0.27
MCO 1.0 53 146.79 2.70
55.71 148.00 93.51 Moody's
15.27 51.52 39.89 MorganStanley MS 2.1 13 48.70 0.10
MOS 0.4 24 22.94 0.46
-21.79 34.36 19.23 Mosaic
9.72 94.94 76.92 MotorolaSol MSI 2.3 23 90.95 -0.02
140.54 29.78 10.75 NRG Energy NRG 0.4 dd 29.49 0.05
9.76 25.06 21.96 NTTDoCoMo DCM ... 17 24.97 -0.01
NVR ... 24 3258.47 -17.88
95.23 3362.85 1570.00 NVR
-7.37 75.24 58.80 NationalGrid NGG 3.5 12 58.94 -0.36
-14.48 43.63 29.90 NatlOilwell NOV 0.6 dd 32.02 0.51
-3.76 46.34 36.45 NatlRetailProp NNN 4.5 35 42.54 0.27
112.09 94.63 37.16 NewOrientalEduc EDU ... 49 89.29 1.16
-20.11 17.68 11.67 NY CmntyBcp NYCB 5.4 15 12.71 0.05
-36.04 55.08 27.45 NewellBrands NWL 3.2 11 28.56 0.38
-25.19 50.00 24.41 NewfieldExpln NFX ... 17 30.30 0.86
6.28 39.62 30.40 NewmontMin NEM 0.8186 36.21 0.12
30.62 159.28 112.63 NextEraEnergy NEE 2.5 18 156.04 -1.25
-13.28 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.38 0.71
NKE 1.4 25 59.19 1.96
16.45 60.53 50.06 Nike
22.31 27.76 21.31 NiSource
NI 2.6 33 27.08 -0.24
-31.79 42.03 22.98 NobleEnergy NBL 1.5 dd 25.96 0.16
NOK 3.8 dd 4.94 0.02
2.70 6.65 4.13 Nokia
-4.07 6.80 5.28 NomuraHoldings NMR ... 9 5.66 -0.05
-14.75 61.85 37.79 Nordstrom JWN 3.6 14 40.86 0.89
18.02 134.52 102.76 NorfolkSouthern NSC 1.9 20 127.54 -1.68
27.63 306.61 220.72 NorthropGrum NOC 1.3 22 296.85 -3.70
NVS 3.2 30 83.98 0.96
15.29 86.90 66.93 Novartis
s 41.97 51.05 30.89 NovoNordisk NVO 0.9 22 50.91 0.41
NUE 2.8 16 54.80 0.01
-7.93 68.00 51.67 Nucor
5.23 37.41 30.63 OGE Energy OGE 3.8 18 35.20 -0.24
OKE 5.9 32 50.67 0.02
-11.74 59.47 47.14 ONEOK
-3.97 73.51 57.20 OccidentalPetrol OXY 4.5526 68.40 1.23
OLN 2.2 81 36.23 0.16
41.47 37.52 24.88 Olin
-18.41 89.66 65.32 Omnicom
OMC 3.2 14 69.44 1.99
ORCL 1.6 21 48.94 -0.26
27.28 53.14 37.64 Oracle
ORAN 3.5 89 16.62 0.08
9.78 17.63 13.98 Orange
50.69 134.59 82.44 OrbitalATK OA 1.0 25 132.20 -0.23
IX ... 8 83.24 -0.29
6.95 89.51 73.70 Orix
OSK 1.1 23 85.27 0.67
31.98 94.16 61.74 Oshkosh
s 66.08 85.76 50.77 OwensCorning OC 0.9 26 85.63 1.84
PCG 3.9 12 54.00 -1.15
-11.14 71.57 49.83 PG&E
PHI 5.6 14 33.36 0.69
21.09 38.54 25.50 PLDT
PNC 2.3 16 132.85 0.36
13.59 139.23 109.16 PNC Fin
PKX ... 14 71.18 0.36
35.45 77.76 50.37 POSCO
PPG 1.6 22 113.83 -0.18
20.12 119.85 93.80 PPG Ind
PPL 4.4 16 36.26 0.04
6.49 40.20 32.67 PPL
s 47.52 133.47 84.53 PVH
PVH 0.1 25 133.12 3.18
32.60 120.75 84.01 PackagingCpAm PKG 2.2 21 112.47 0.60
14.13 164.57 107.31 PaloAltoNtwks PANW ... dd 142.72 4.02
-3.28 33.40 24.65 ParkHotels PK 5.9 2 28.92
...
30.24 189.83 134.03 ParkerHannifin PH 1.4 23 182.34 0.04
-27.78 39.82 22.98 ParsleyEnergy PE ...318 25.45 0.48
PSO 1.5 dd 9.19 0.05
-8.01 10.31 7.04 Pearson
11.05 36.30 28.30 PembinaPipeline PBA 4.9 37 34.78 -0.05
PNR 2.0 31 68.44 0.21
22.06 71.65 55.76 Pentair
PEP 2.8 24 114.68 -0.55
9.61 119.39 98.50 PepsiCo
38.66 73.05 49.72 PerkinElmer PKI 0.4 37 72.31 0.01
PRGO 0.7 dd 85.89 -1.11
3.20 91.73 63.68 Perrigo
-9.13 81.80 60.69 PetroChina PTR 3.1 36 66.97 -0.73
0.30 11.71 7.61 PetroleoBrasil PBR ... dd 10.14 0.17
11.80 10.73 6.96 PetroleoBrasilA PBR.A ... dd 9.85 0.15
PFE 3.6 22 35.37 -0.19
8.90 36.78 30.51 Pfizer
12.19 123.55 86.78 PhilipMorris PM 4.2 23 102.64 -0.02
PSX 3.0 23 92.65 0.19
7.22 95.00 75.14 Phillips66
4.08 66.67 48.38 PinnacleFoods PF 2.3 38 55.63 -0.31
15.40 92.48 72.61 PinnacleWest PNW 3.1 19 90.05 -0.73
-15.47 199.83 125.46 PioneerNatRscs PXD 0.1213 152.22 1.18
-37.94 33.95 18.76 PlainsAllAmPipe PAA 6.0 22 20.04 0.09
PAGP 5.8 dd 20.80 0.22
-40.02 36.09 18.98 PlainsGP
46.80 126.85 77.91 PolarisIndustries PII 1.9 38 120.95 1.20
POT 2.1 35 19.09 0.04
5.53 20.27 15.74 Potash
s 28.54 151.44 115.00 Praxair
PX 2.1 27 150.64 1.60
18.63 69.95 56.12 PrincipalFin PFG 2.9 11 68.64 0.25
5.17 94.67 81.18 Procter&Gamble PG 3.1 24 88.43 -0.82
45.21 52.08 32.77 Progressive PGR 1.3 22 51.55 -0.02
PLD 2.7 20 66.30 -0.75
25.59 67.25 46.33 Prologis
5.95 115.26 97.88 PrudentialFin PRU 2.7 11 110.25 -0.12
s 25.51 50.05 37.32 Prudential PUK 1.6 18 49.94 0.57
17.37 52.12 40.11 PublicServiceEnt PEG 3.3 58 51.50 0.12
-5.21 232.21 192.15 PublicStorage PSA 3.8 31 211.85 -1.82
s 75.46 32.45 18.18 PulteGroup PHM 1.1 16 32.25 0.35
1.24 112.97 85.24 QuestDiag DGX 1.9 19 93.04 0.10
RENX 1.4 28 22.63 -0.01
35.02 22.72 15.68 RELX
RELX 1.3 29 23.34 -0.04
29.88 23.41 16.90 RELX
RPM 2.5 38 51.87 0.26
-3.64 56.48 47.87 RPM
-19.07 46.92 28.76 RSP Permian RSPP ... 60 36.11 0.48
-1.34 114.00 66.06 RalphLauren RL 2.2 92 89.11 0.70
20.95 87.22 68.97 RaymondJames RJF 1.1 19 83.78 0.48
RTN 1.7 25 182.85 -1.42
28.77 190.25 137.70 Raytheon
-1.74 63.60 52.85 RealtyIncome O 4.5 46 56.48 -0.01
RHT ... 76 125.95 -0.68
80.70 126.67 68.54 RedHat
-2.25 72.05 58.63 RegencyCtrs REG 3.1105 67.40 0.14
10.03 16.03 12.98 RegionsFin RF 2.3 16 15.80 0.10
RGA 1.3 12 150.37 1.05
19.50 152.19 120.31 ReinsGrp
9.45 67.18 54.47 RepublicSvcs RSG 2.2 26 62.44 -0.80
RMD 1.7 34 84.63 -0.35
36.39 87.81 57.45 ResMed
36.24 68.89 45.92 RestaurantBrands QSR 1.3 45 64.93 -0.24
RIO 4.7 14 47.59 -0.04
23.74 50.77 36.25 RioTinto
s 12.55 55.22 42.92 RobertHalf RHI 1.7 22 54.90
...
ROK 1.7 31 194.36 0.75
44.61 210.72 129.66 Rockwell
42.59 136.50 87.48 RockwellCollins COL 1.0 28 132.27 -0.34
39.06 54.24 37.81 RogersComm B RCI 2.9 28 53.65 0.27
ROL 1.0 54 45.01 -0.30
33.24 48.29 31.39 Rollins
40.02 261.37 179.96 RoperTech ROP 0.5 37 256.34 -0.16
16.72 80.98 64.20 RoyalBkCanada RY 3.7 14 79.03 0.22
32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05
51.63 133.75 78.77 RoyalCaribbean RCL 1.9 17 124.40 1.61
13.83 65.83 48.34 RoyalDutchA RDS.A 6.1 24 61.90 0.34
9.99 67.40 51.10 RoyalDutchB RDS.B 5.9 25 63.76 0.20
SAP 1.2 33 113.75 -0.19
31.61 116.90 81.30 SAP
49.33 166.17 107.21 S&P Global SPGI 1.0 24 160.59 0.49
SHI 6.3 7 58.01 -1.18
7.17 64.80 50.67 SINOPEC
23.21 28.13 20.44 SK Telecom SKM ... 11 25.75 -0.28
-6.21 115.34 93.92 SLGreenRealty SLG 3.1 98 100.87 0.06
s 57.14 107.87 66.43 Salesforce.com CRM ... dd 107.58 0.55
SNY 3.7 22 44.54 -0.11
10.14 50.65 38.45 Sanofi
20.89 17.05 11.12 SantanderCons SC 0.7 9 16.32 0.17
SSL 3.9 13 30.49 0.51
6.65 32.40 25.34 Sasol
SCG 5.6 14 43.45 -1.55
-40.71 74.99 41.15 Scana
-26.19 87.84 61.02 Schlumberger SLB 3.2159 61.96 0.65
SCHW 0.7 29 44.68 0.04
13.20 46.21 37.00 SchwabC
2.33 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.78 -0.18
SEE 1.4 30 45.72 0.14
0.84 50.62 41.22 SealedAir
-6.69 9.14 4.49 SemicondctrMfg SMI ... 5 7.11 -0.51
18.75 122.97 98.12 SempraEnergy SRE 2.8 27 119.51 -0.35
22.75 50.83 36.48 SensataTech ST ... 27 47.81 0.03
25.77 36.56 26.28 ServiceCorp SCI 1.7 19 35.72 0.12
23.28 48.48 36.34 ServiceMaster SERV ... 27 46.44 -0.22
71.56 129.56 72.80 ServiceNow NOW ... dd 127.54 1.82
10.57 23.31 19.29 ShawComm B SJR 4.2 28 22.18 0.16
44.00 398.22 260.00 SherwinWilliams SHW 0.9 34 386.98 -1.05
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
17.53 48.98 36.62 ShinhanFin SHG ... 8 44.24
SHOP ... dd 104.89
144.67 123.94 38.69 Shopify
-8.85 188.10 150.15 SimonProperty SPG 4.6 29 161.95
AOS 1.0 29 58.89
24.37 62.16 46.44 SmithAO
18.45 40.43 27.26 Smith&Nephew SNN 1.4 19 35.63
SJM 2.7 24 114.19
-10.83 143.68 99.56 Smucker
SNAP ... dd 12.99
-46.94 29.44 11.28 Snap
SNA 2.1 16 157.02
-8.32 181.73 140.83 SnapOn
108.73 63.80 26.68 SOQUIMICH SQM 1.3 46 59.80
SNE ... 26 46.17
64.72 47.59 27.72 Sony
SO 4.6 93 50.97
3.62 53.51 46.20 Southern
SCCO 2.3 28 42.95
34.47 44.69 31.15 SoCopper
9.77 64.39 44.70 SouthwestAir LUV 0.9 16 54.71
-10.89 47.48 39.78 SpectraEnerPtrs SEP 7.1 14 40.85
-8.13 146.09 98.11 SpectrumBrands SPB 1.5 23 112.39
38.35 84.75 51.85 SpiritAeroSys SPR 0.5 28 80.73
S
-26.01 9.65 5.62 Sprint
... dd 6.23
s224.14 45.74 12.08 Square
SQ ... dd 44.18
42.36 168.25 114.27 StanleyBlackDck SWK 1.5 21 163.27
-1.69 23.01 21.27 StarwoodProp STWD 8.9 13 21.58
18.77 99.99 74.45 StateStreet STT 1.8 16 92.31
STO 4.4 dd 19.94
9.32 21.02 16.16 Statoil
STE 1.4 52 87.85
30.36 93.39 64.37 Steris
111.54 24.80 9.34 STMicroelec STM 1.0 35 24.01
SYK 1.1 33 155.40
29.71 160.62 108.29 Stryker
3.01 8.30 6.93 SumitomoMits SMFG ... 8 7.87
20.87 93.85 69.90 SunComms SUI 2.9125 92.60
2.45 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.35
8.29 36.71 27.96 SuncorEnergy SU 2.9 21 35.40
5.32 61.69 51.06 SunTrustBanks STI 2.8 15 57.77
-6.64 38.05 26.01 SynchronyFin SYF 1.8 13 33.86
SYT ... 41 92.31
16.77 93.61 75.07 Syngenta
SYY 2.4 25 54.89
-0.87 57.23 48.85 Sysco
154.54 36.16 11.02 TAL Education TAL ...197 29.76
s 37.18 95.37 66.14 TE Connectivity TEL 1.7 20 95.04
TU 4.2 23 37.97
19.22 38.47 30.81 Telus
TSU ... 29 18.34
55.42 19.42 11.17 TIM Part
TJX 1.8 19 71.02
-5.47 80.92 66.44 TJX
46.33 42.71 28.34 TaiwanSemi TSM 2.7 19 42.07
TPR 3.2 26 41.66
18.96 48.85 34.16 Tapestry
-25.02 61.83 39.59 TargaResources TRGP 8.7 dd 42.04
-19.51 79.33 48.56 Target
TGT 4.3 12 58.14
-5.55 40.34 28.96 TataMotors TTM 0.0 14 32.48
-25.08 37.09 24.53 TechnipFMC FTI 2.0 ... 26.62
9.49 33.76 14.56 TeckRscsB TECK 0.7 7 21.93
86.08 34.20 17.04 TelecomArgentina TEO 1.3 17 33.81
-9.67 10.53 7.10 TelecomItalia TI 3.2 ... 8.03
-8.64 8.45 5.85 TelecomItalia A TI.A 4.6 ... 6.66
45.93 185.66 119.67 TeledyneTech TDY ... 31 179.50
s 65.19 266.45 142.97 Teleflex
TFX 0.5 49 266.21
12.93 16.85 11.95 TelefonicaBras VIV ... 22 15.11
8.70 11.64 8.15 Telefonica TEF 4.5 18 10.00
5.66 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.81
TS 1.8113 28.55
-20.05 37.21 25.91 Tenaris
TER 0.6 20 43.57
71.54 44.33 23.39 Teradyne
-61.82 39.08 10.85 TevaPharm TEVA 2.5 dd 13.84
TXT 0.2 23 52.97
9.08 55.80 43.66 Textron
34.78 201.20 139.07 ThermoFisherSci TMO 0.3 32 190.17
0.34 48.61 41.81 ThomsonReuters TRI 3.1 30 43.93
33.80 138.07 86.27 ThorIndustries THO 1.1 19 133.87
MMM 2.0 26 229.36
28.44 238.90 170.72 3M
TIF 2.1 26 94.83
22.47 97.29 75.72 Tiffany
-8.09 103.90 85.88 TimeWarner TWX 1.8 17 88.72
s 51.61 47.45 28.93 Toll Bros
TOL 0.7 17 47.00
15.84 86.50 69.32 Torchmark TMK 0.7 18 85.44
TTC 1.1 26 61.77
10.40 73.86 52.31 Toro
16.80 57.79 45.18 TorontoDomBk TD 3.3 14 57.63
TOT 5.4 16 54.78
7.47 56.98 45.47 Total
50.48 74.44 47.01 TotalSystem TSS 0.7 33 73.78
5.20 128.11 103.62 ToyotaMotor TM ... 11 123.29
8.48 51.85 43.71 TransCanada TRP 4.0 32 48.98
5.67 295.00 203.72 TransDigm TDG ... 33 263.08
s 78.76 55.75 28.92 TransUnion TRU ... 43 55.29
TRV 2.2 15 129.92
6.13 135.71 110.82 Travelers
34.78 9.79 6.35 TurkcellIletism TKC ... 13 9.30
-4.95 3.80 2.44 TurquoiseHill TRQ ... 28 3.07
TWTR ... dd 20.76
27.36 21.96 14.12 Twitter
TYL ... 52 176.14
23.37 183.98 139.61 TylerTech
s 26.41 78.03 55.72 TysonFoods TSN 1.5 16 77.97
9.44 18.31 15.10 UBS Group UBS 3.5 16 17.15
7.37 40.71 32.85 UDR
UDR 3.2126 39.17
UGI 2.1 20 47.97
4.10 52.00 43.92 UGI
USFD ... 23 27.45
-0.11 30.73 22.46 US Foods
7.52 25.39 18.99 UltraparPart UGP 2.4 24 22.30
UN ... 25 56.22
36.92 61.62 38.41 Unilever
UL 3.1 25 55.00
35.14 60.13 38.58 Unilever
11.53 119.71 98.60 UnionPacific UNP 2.3 20 115.63
-20.14 83.04 56.51 UnitedContinental UAL ... 9 58.20
48.00 2.73 1.74 UnitedMicro UMC 3.2 20 2.59
UPS 2.9 28 112.94
-1.48 121.75 102.12 UPS B
s 42.16 151.15 90.77 UnitedRentals URI ... 21 150.09
0.99 56.61 48.66 US Bancorp USB 2.3 15 51.88
6.30 124.79 106.21 UnitedTech UTX 2.4 18 116.53
31.15 213.93 148.56 UnitedHealth UNH 1.4 23 209.90
-8.61 129.74 95.26 UniversalHealthB UHS 0.4 13 97.22
21.69 53.61 42.00 UnumGroup UNM 1.7 13 53.46
VER 6.8 dd 8.07
-4.61 9.12 7.44 VEREIT
VFC 2.6 29 70.81
32.73 71.95 48.05 VF
V 0.7 40 109.82
40.76 112.91 75.17 Visa
42.84 237.77 154.11 VailResorts MTN 1.8 47 230.41
VALE 5.6 10 10.11
32.68 11.71 7.00 Vale
s 21.31 82.92 60.35 ValeroEnergy VLO 3.4 18 82.88
VNTV ... 48 69.99
17.39 73.14 54.38 Vantiv
37.14 109.71 76.29 VarianMed VAR ... 41 109.03
VEDL 11.6 19 18.94
52.50 21.63 11.55 Vedanta
50.20 68.07 40.50 VeevaSystems VEEV ... 74 61.13
VTR 4.8 38 64.40
3.01 72.36 57.97 Ventas
VZ 5.2 12 45.42
-14.91 54.83 42.80 Verizon
23.55 21.20 13.65 VistraEnergy VST ... 0 19.15
s 56.56 123.50 76.81 VMware
VMW ... 39 123.26
-9.18 90.29 71.89 VornadoRealty VNO 3.1 19 76.60
7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06
-1.69 136.82 108.95 VulcanMatls VMC 0.8 43 123.04
WBC ... 26 144.64
36.26 156.08 96.10 WABCO
16.27 70.09 54.96 WEC Energy WEC 3.1 22 68.19
20.92 71.99 55.97 W.P.Carey WPC 5.6 47 71.45
WAB 0.6 28 73.97
-10.90 93.81 69.20 Wabtec
s 41.02 100.13 65.28 Wal-Mart
WMT 2.1 23 97.47
32.56 74.20 49.79 WasteConnections WCN 0.8 53 69.45
13.74 82.87 68.52 WasteMgt WM 2.1 26 80.65
WAT ... 29 198.21
47.49 199.83 133.35 Waters
WSO 3.0 31 164.87
11.31 167.94 134.08 Watsco
W ... dd 66.39
89.42 84.19 32.60 Wayfair
44.44 208.89 127.82 WellCareHealth WCG ... 25 198.00
-1.74 59.99 49.27 WellsFargo WFC 2.9 14 54.15
1.54 78.17 61.08 Welltower HCN 5.1 59 67.96
16.66 103.36 77.97 WestPharmSvcs WST 0.6 39 98.96
-1.65 57.50 49.20 WestarEnergy WR 2.9 23 55.42
12.34 57.04 43.68 WestAllianceBcp WAL ... 19 54.72
-13.74 47.82 35.56 WesternGasEquity WGP 5.9 22 36.53
-23.71 67.44 43.62 WesternGasPtrs WES 8.1 34 44.83
-9.39 22.70 18.39 WesternUnion WU 3.6 43 19.68
67.01 96.14 52.57 WestlakeChem WLK 0.9 20 93.51
3.02 27.05 22.17 WestpacBanking WBK 6.0 14 24.19
17.20 61.60 49.23 WestRock WRK 2.9 36 59.50
20.57 36.92 29.81 Weyerhaeuser WY 3.5 32 36.28
8.28 23.06 16.94 WheatonPrecMet WPM 1.7 45 20.92
WHR 2.7 16 165.40
-9.01 202.99 158.80 Whirlpool
t-12.46 32.69 26.82 Williams
WMB 4.4 48 27.26
-7.34 42.32 33.12 WilliamsPartners WPZ 6.8 23 35.24
WIT 0.6 32 5.28
9.09 6.40 4.50 Wipro
36.00 53.50 30.62 WooriBank WF 2.9 9 43.52
42.41 110.74 71.87 Wyndham WYN 2.1 20 108.76
s 73.01 74.90 41.89 XPO Logistics XPO ... 62 74.67
25.04 52.22 38.22 XcelEnergy XEL 2.8 22 50.89
XRX 3.5 dd 28.36
-18.79 39.08 25.84 Xerox
XYL 1.1 39 66.42
34.13 67.64 46.67 Xylem
YPF 1.0 69 22.98
39.27 26.48 15.00 YPF
24.11 81.65 61.38 YumBrands YUM 1.5 24 78.60
62.71 43.55 25.53 YumChina YUMC ... 29 42.50
39.44 18.08 11.14 ZTO Express ZTO ... 38 16.83
7.55 36.79 29.30 ZayoGroup ZAYO ... 96 35.34
8.15 133.49 98.20 ZimmerBiomet ZBH 0.9 35 111.61
s 32.24 71.12 48.55 Zoetis
ZTS 0.6 40 70.79
-0.51
1.00
2.08
-0.14
-0.34
-2.46
0.43
-0.05
2.54
0.07
-0.39
0.49
-0.56
-0.61
2.89
-0.01
-0.02
2.28
0.28
0.03
-0.09
-0.06
-0.04
-0.19
-1.08
0.06
-0.66
...
0.12
0.05
0.48
-0.05
0.41
0.38
-0.11
0.26
0.44
1.96
-0.03
0.66
0.14
3.04
0.67
0.08
0.71
0.42
-0.02
0.03
-1.59
2.77
0.25
-0.02
0.14
0.56
-0.26
1.05
0.07
-0.44
-0.12
2.68
-0.06
1.89
0.71
0.27
0.43
-0.08
0.24
0.24
-0.24
-1.08
-0.48
-5.32
0.98
-0.89
0.06
0.06
0.40
2.40
0.71
0.10
-0.34
-0.10
0.55
0.24
-0.74
-0.76
-0.94
-0.48
-0.02
-0.76
1.73
0.07
-1.36
-1.23
-1.16
0.21
0.06
0.73
-1.20
1.84
0.14
0.76
-0.35
-0.19
0.43
-0.01
-0.11
0.65
0.17
0.55
-0.22
0.53
-0.81
-0.39
-0.58
-0.05
0.30
-2.15
-1.07
-1.05
-1.39
-1.08
0.49
-2.02
-0.45
0.02
0.26
-0.45
0.48
0.14
-0.39
-0.09
0.82
-0.07
0.35
-0.27
0.36
2.52
0.24
0.22
0.01
-0.88
0.53
0.48
-0.29
0.10
-0.06
-0.02
0.06
0.27
-0.03
0.46
-0.63
0.38
NASDAQ
9.32 22.34 17.30 AGNC Invt AGNC 10.9 5 19.82 0.06
-7.05 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.86 0.11
ANSS ... 47 150.57 -0.89
62.80 155.14 91.89 Ansys
ASML 0.7 ... 180.33 -1.46
60.72 185.39 98.84 ASML
ABMD ... 96 194.32 -0.59
72.45 198.29 103.53 Abiomed
77.51 67.03 35.12 ActivisionBliz ATVI 0.5145 64.10 -0.03
77.02 184.44 98.00 AdobeSystems ADBE ... 57 182.24 -0.06
0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38 0.13
-16.86 71.64 44.65 AkamaiTech AKAM ... 33 55.44 0.18
-9.38 149.34 96.18 AlexionPharm ALXN ... 49 110.87 0.54
ALGN ... 77 253.89 -1.03
164.11 257.60 88.56 AlignTech
ALKS ... dd 48.40 0.65
-12.92 63.40 46.42 Alkermes
240.57 147.63 35.98 AlnylamPharm ALNY ... dd 127.51 1.13
32.04 1048.39 737.02 Alphabet C GOOG ... 34 1019.09 -13.41
30.72 1063.62 753.36 Alphabet A GOOGL ... 35 1035.89 -12.58
AABA ... dd 71.02 0.27
83.66 72.47 38.24 Altaba
50.68 1139.90 736.70 Amazon.com AMZN ...287 1129.88 -7.41
DOX 1.4 21 63.53 -1.26
9.06 67.98 56.10 Amdocs
UHAL ... 21 353.91 -3.99
-4.24 400.99 338.30 Amerco
1.50 54.48 39.21 AmerAirlines AAL 0.8 12 47.39 -0.29
AMGN 2.7 15 170.00 -0.77
16.27 191.10 138.83 Amgen
24.51 92.96 67.62 AnalogDevices ADI 2.0 43 90.42 -0.06
AAPL 1.5 18 170.15 -0.95
46.91 176.24 108.25 Apple
s 75.05 60.89 29.85 ApplMaterials AMAT 0.7 20 56.49 -1.35
11.21 102.60 79.95 ArchCapital ACGL ... 31 95.96 0.27
TEAM ... dd 52.37 -0.06
117.48 53.45 23.80 Atlassian
s 72.26 127.92 68.06 Autodesk
ADSK ... dd 127.49 0.49
ADP 2.3 28 111.06 0.03
8.06 121.77 93.95 ADP
BIDU ... 31 239.27 -0.05
45.53 274.97 160.79 Baidu
-16.14 56.86 40.15 BankofOzarks OZRK 1.7 15 44.10 0.03
BIIB ... 19 313.97 -0.01
20.20 348.84 244.28 Biogen
0.05 100.51 79.50 BioMarinPharm BMRN ... dd 82.88 0.32
18.13 64.41 40.00 Bioverativ BIVV ... 14 56.11 0.82
20.88 29.84 21.51 BlueBuffaloPet BUFF ... 33 29.06 0.07
164.51 164.80 56.80 bluebirdbio BLUE ... dd 163.20 3.05
-20.47 75.00 52.75 BrighthouseFin BHF ... ... 55.67 0.25
53.79 281.80 160.62 Broadcom AVGO 1.5265 271.86 -0.25
CA 3.1 19 32.51 -0.07
2.33 36.54 30.01 CA
12.13 67.49 56.50 CDK Global CDK 0.9 32 66.93 0.53
CDW 1.3 24 66.11 -0.31
26.91 71.53 50.49 CDW
7.07 81.35 63.41 CH Robinson CHRW 2.3 23 78.44 -1.96
20.93 141.44 111.19 CME Group CME 1.9 32 139.49 -0.60
CSX 1.6 26 49.92 -0.20
38.94 55.48 33.82 CSX
76.76 45.39 24.15 CadenceDesign CDNS ... 48 44.58 -0.28
45.00 13.60 6.95 CaesarsEnt CZR ... dd 12.32 -0.43
CG 10.6 12 21.10 0.05
38.36 24.85 14.85 Carlyle
57.64 116.91 67.85 CboeGlobalMkts CBOE 0.9 63 116.48 0.46
CELG ... 25 104.10 0.75
-10.06 147.17 94.55 Celgene
1.83 22.11 13.31 CentennialRsc CDEV ...143 20.08 0.39
CERN ... 33 65.40 -0.14
38.06 73.86 47.01 Cerner
18.62 408.83 260.00 CharterComms CHTR ...116 341.54 0.91
20.94 119.20 80.78 CheckPoint CHKP ... 22 102.15 -0.86
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
140.41 142.80 44.35 ChinaLodging HTHT ... 67 124.63
-3.02 81.98 68.24 CincinnatiFin CINF 2.7 24 73.46
CTAS 1.1 34 148.92
28.87 152.83 109.74 Cintas
18.80 36.67 29.12 CiscoSystems CSCO 3.2 19 35.90
21.65 87.99 67.23 CitrixSystems CTXS ... 29 86.51
CGNX 0.3 52 140.52
120.87 140.94 57.42 Cognex
30.13 76.51 51.35 CognizantTech CTSH 0.8 23 72.91
COHR ... 37 307.32
123.69 314.76 124.94 Coherent
4.74 42.18 33.97 Comcast A CMCSA 1.7 17 36.16
-3.03 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.06
-8.82 42.75 30.95 CommScope COMM ... 34 33.92
CPRT ... 21 35.55
28.32 36.76 26.47 Copart
s 61.67 306.69 179.22 CoStar
CSGP ... 92 304.74
COST 1.2 28 170.98
6.79 183.18 149.52 Costco
CTRP ... 83 47.74
19.35 60.65 39.71 Ctrip.com
CONE 2.7 dd 62.13
38.90 65.73 39.77 CyrusOne
-12.55 66.50 46.07 DISH Network DISH ... 24 50.66
17.01 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.55
6.41 114.93 82.77 DiamondbkEner FANG ... 26 107.54
-38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46
-25.56 30.80 19.25 DiscovComm B DISCB ... 11 21.70
-35.97 30.25 15.99 DiscovComm A DISCA ... 9 17.55
22.58 95.64 65.63 DollarTree DLTR ... 24 94.61
ETFC ... 21 44.18
27.50 45.70 32.25 E*TRADE
340.64 63.60 13.05 EXACT Sci EXAS ... dd 58.87
13.91 61.90 45.80 EastWestBncp EWBC 1.4 16 57.90
EBAY ... 5 35.58
19.84 39.27 27.28 eBay
SATS ... 48 59.87
16.50 62.50 49.79 EchoStar
34.13 153.13 98.42 ElbitSystems ESLT ... 25 136.67
38.17 122.79 73.74 ElectronicArts EA ... 29 108.82
EQIX 1.7155 472.80
32.29 495.35 327.37 Equinix
ERIC 1.8 dd 6.07
4.12 7.47 5.09 Ericsson
9.16 129.73 105.38 ErieIndemnity A ERIE 2.5 30 122.75
EXEL ... 54 26.38
76.93 32.50 14.22 Exelixis
EXPE 1.0 49 123.95
9.42 161.00 111.88 Expedia
11.65 62.63 50.48 ExpeditorsIntl EXPD 1.4 25 59.13
-9.96 77.50 55.80 ExpressScripts ESRX ... 10 61.94
-14.61 149.50 114.63 F5Networks FFIV ... 19 123.58
FB ... 35 179.00
55.58 182.90 114.00 Facebook
FAST 2.6 26 48.47
3.17 52.74 39.79 Fastenal
5.49 29.39 23.20 FifthThirdBncp FITB 2.2 11 28.45
FSLR ... dd 60.18
87.54 62.57 25.56 FirstSolar
FISV ... 30 128.39
20.80 130.20 102.51 Fiserv
s 29.23 18.74 13.97 Flex
FLEX ... 18 18.57
28.57 48.06 33.75 FlirSystems FLIR 1.3 29 46.53
FTNT ... 84 40.31
33.83 41.56 28.50 Fortinet
16.62 39.32 29.32 Gaming&Leisure GLPI 7.1 20 35.71
s 26.73 61.75 47.03 Garmin
GRMN 3.3 17 61.45
1.16 86.27 63.76 GileadSciences GILD 2.9 8 72.44
GT 1.9 8 29.94
-3.01 37.20 28.81 Goodyear
GRFS 1.4 ... 23.28
44.87 24.20 14.33 Grifols
101.52 58.61 23.23 GpoFinGalicia GGAL 0.0 15 54.25
-17.71 44.73 28.97 HD Supply HDS ... 11 34.98
HAS 2.4 20 95.89
23.27 116.20 77.20 Hasbro
-8.88 93.50 65.28 HenrySchein HSIC ... 20 69.12
HOLX ... 15 39.96
-0.40 46.80 35.76 Hologic
JBHT 0.9 27 101.44
4.50 111.98 83.35 JBHunt
2.42 14.74 12.14 HuntingtonBcshs HBAN 3.2 16 13.54
96.36 137.86 64.50 IAC/InterActive IAC ... 32 127.22
IDXX ... 50 154.88
32.07 173.01 113.47 IdexxLab
23.19 48.53 34.20 IHSMarkit INFO ... 45 43.62
s140.33 238.89 93.38 IPG Photonics IPGP ... 35 237.23
20.86 64.68 40.52 IRSA Prop IRCP 4.3 15 57.25
-11.31 64.46 47.06 IcahnEnterprises IEP 11.4 5 52.86
ICLR ... 23 117.25
55.92 124.48 73.76 Icon
ILMN ... 39 209.02
63.25 214.50 119.37 Illumina
INCY ... dd 105.47
5.19 153.15 98.49 Incyte
23.05 47.30 33.23 Intel
INTC 2.4 16 44.63
49.33 55.66 33.01 InteractiveBrkrs IBKR 0.7 47 54.52
s 36.59 156.71 111.48 Intuit
INTU 1.0 42 156.55
s 85.67 400.00 203.57 IntuitiveSurgical ISRG ... 51 392.48
13.21 65.51 37.26 IonisPharma IONS ...369 54.15
JD ... dd 40.25
58.22 48.99 25.25 JD.com
26.24 115.34 84.28 JackHenry JKHY 1.1 35 112.08
22.78 163.75 99.28 JazzPharma JAZZ ... 22 133.87
JBLU ... 10 19.99
-10.84 24.13 18.05 JetBlue
211.09 61.59 17.52 JunoTherap JUNO ... dd 58.64
29.19 110.00 74.66 KLA Tencor KLAC 2.3 16 101.65
-8.81 97.77 75.21 KraftHeinz KHC 3.1 25 79.63
LKQ ... 23 37.75
23.16 38.16 27.85 LKQ
s 99.06 217.00 97.79 LamResearch LRCX 1.0 19 210.47
13.86 79.09 62.45 LamarAdv LAMR 4.3 24 76.56
23.60 104.35 66.76 LibertyBroadbandA LBRDA ...527 89.56
22.98 104.66 68.15 LibertyBroadbandC LBRDK ...536 91.09
-1.99 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.11
-1.47 37.69 28.17 LibertyGlobal A LBTYA ... 34 30.14
2.13 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.62
-2.46 28.11 19.65 LibertyLiLAC A LILA ... 24 21.42
24.42 26.00 17.24 LibertyQVC A QVCA ... 10 24.86
56.50 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.70
23.56 41.14 27.55 LibertyFormOne C FWONK ... ... 38.71
18.37 39.37 27.63 LibertyFormOne A FWONA ... ... 37.11
8.93 26.52 18.85 LibertyBraves A BATRA ... dd 22.32
8.55 26.20 18.57 LibertyBraves C BATRK ... dd 22.35
19.41 46.43 33.79 LibertySirius A LSXMA ... 30 41.22
21.52 46.24 33.14 LibertySirius C LSXMK ... 30 41.22
15.39 99.59 71.62 LincolnElectric LECO 1.8 21 88.47
43.96 40.82 23.59 LogitechIntl LOGI 1.8 28 35.66
LOGM 0.91058 116.40
20.56 129.51 90.35 LogMeIn
LULU ... 32 66.31
2.03 72.70 47.26 lululemon
74.24 110.60 53.51 MKS Instrum MKSI 0.7 19 103.50
22.79 211.06 145.10 MarketAxess MKTX 0.7 46 180.40
s 51.77 125.64 76.88 Marriott
MAR 1.1 34 125.48
46.29 21.08 13.59 MarvellTech MRVL 1.2 47 20.29
68.54 32.87 15.42 MatchGroup MTCH ... 19 28.82
MAT ... dd 18.68
-32.20 32.43 12.71 Mattel
38.73 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.51
60.06 26.54 14.88 MelcoResorts MLCO 1.4 41 25.45
72.75 297.95 148.98 MercadoLibre MELI 0.2 90 269.73
42.32 95.92 60.77 MicrochipTech MCHP 1.6 37 91.30
s110.58 46.55 18.18 MicronTech MU ... 11 46.16
-1.76 57.97 46.09 Microsemi MSCC ... 35 53.02
MSFT 2.0 28 82.40
32.60 86.20 58.80 Microsoft
MIDD ... 21 113.69
-11.74 150.87 107.53 Middleby
MOMO ... 24 31.22
69.86 46.69 16.73 Momo
MDLZ 2.1 29 42.30
-4.58 47.23 39.19 Mondelez
40.21 62.80 41.02 MonsterBev MNST ... 45 62.17
MYL ... 23 37.59
-1.47 45.87 29.39 Mylan
NXPI ... 25 115.50
17.85 118.20 96.00 NXP Semi
NDAQ 2.0 50 75.95
13.16 78.31 63.36 Nasdaq
44.16 46.33 29.44 NatlInstruments NATI 1.9 53 44.43
s266.67 46.98 11.41 NektarTherap NKTR ... dd 44.99
s 50.13 54.72 34.72 NetApp
NTAP 1.5 23 52.95
s 70.66 375.10 211.11 Netease
NTES 0.8 25 367.50
NFLX ...195 193.20
56.06 204.38 113.51 Netflix
86.77 75.98 37.34 Neurocrine NBIX ... dd 72.28
s 37.29 16.27 11.75 NewsCorp B NWS 1.2 dd 16.20
s 38.22 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.84
NDSN 0.9 25 126.68
13.06 131.49 103.76 Nordson
5.64 99.30 80.49 NorthernTrust NTRS 1.8 21 94.07
28.94 61.48 38.66 NorwegCruise NCLH ... 17 54.84
NVDA 0.3 52 211.36
98.01 218.67 84.77 NVIDIA
-20.80 286.57 169.43 OReillyAuto ORLY ... 19 220.49
38.68 124.13 80.56 OldDomFreight ODFL 0.3 29 118.97
ON ... 24 21.44
68.03 22.03 10.85 ON Semi
OTEX 1.6 58 33.06
6.97 35.45 29.57 OpenText
PTC ...1302 65.12
40.74 67.12 45.57 PTC
4.37 75.68 58.78 Paccar
PCAR 1.5 17 66.69
-17.05 57.53 43.08 PacWestBancorp PACW 4.4 15 45.16
PAYX 3.1 28 64.92
6.64 66.31 54.20 Paychex
s 93.51 78.01 38.06 PayPal
PYPL ... 59 76.38
-6.15 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.17
s 84.36 35.30 17.15 PilgrimPride PPC ... 14 35.01
PCLN ... 24 1747.22
19.18 2067.99 1459.49 Priceline
QGEN ... ... 31.02
6.61 36.34 27.51 Qiagen
QRVO ... dd 77.33
46.65 81.20 49.53 Qorvo
2.33 70.24 48.92 Qualcomm QCOM 3.4 26 66.72
22.64 108.29 67.54 RandgoldRscs GOLD 1.1 32 93.62
6.67 543.55 340.09 RegenPharm REGN ... 36 391.59
s 10.14 73.94 52.85 RossStores ROST 0.9 24 72.25
34.78 94.39 60.21 RoyalGold RGLD 1.2 55 85.38
RYAAY ... 17 118.88
42.78 122.67 78.34 Ryanair
55.29 170.81 102.29 SBA Comm SBAC ...197 165.21
s 35.94 67.15 46.20 SEI Investments SEIC 0.8 29 67.10
SINA ... 35 106.40
89.68 119.20 55.79 Sina
39.65 42.48 28.43 SS&C Tech SSNC 0.7 38 39.94
SIVB ... 24 215.22
25.38 223.82 149.01 SVB Fin
12.96 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.62
STX 6.4 15 39.42
3.27 50.96 30.60 Seagate
13.30 73.91 45.31 SeattleGenetics SGEN ... dd 59.79
SHPG 0.2 29 147.37
-13.51 192.15 137.17 Shire
-13.50 164.23 116.68 SignatureBank SBNY ... 18 129.92
SIRI 0.8 30 5.46
22.70 5.89 4.22 SiriusXM
SWKS 1.2 20 110.00
47.33 117.65 71.65 Skyworks
s 59.73 81.99 50.64 Splunk
SPLK ... dd 81.70
2.54 64.87 52.58 Starbucks SBUX 2.1 29 56.93
3.57 40.17 32.15 SteelDynamics STLD 1.7 17 36.85
17.37 34.20 23.20 Symantec SYMC 1.1 dd 28.04
s 50.12 89.40 56.03 Synopsys
SNPS ... 42 88.36
11.79 51.22 36.12 TD Ameritrade AMTD 1.7 30 48.74
4.36 68.88 53.09 T-MobileUS TMUS ... 24 60.02
27.53 97.35 65.33 TRowePrice TROW 2.4 16 95.98
139.03 120.62 46.27 TakeTwoSoftware TTWO ...108 117.82
47.43 389.61 180.00 Tesla
TSLA ... dd 315.05
33.95 99.05 69.92 TexasInstruments TXN 2.5 23 97.74
-14.92 78.25 49.87 TractorSupply TSCO 1.7 19 64.50
TRMB ... 54 41.42
37.38 43.97 27.18 Trimble
11.09 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 31.15
11.85 31.94 24.30 21stCenturyFoxB FOX 1.2 19 30.48
-15.63 314.86 187.96 UltaBeauty ULTA ... 29 215.10
8.43 233.42 180.29 UltSoftware ULTI ...204 197.72
s221.49 182.65 52.10 UnivDisplay OLED 0.1 89 181.00
VEON 2.8 4 3.89
1.04 4.50 3.21 VEON
s 49.53 114.00 75.71 VeriSign
VRSN ... 31 113.75
13.17 92.92 75.60 VeriskAnalytics VRSK ... 34 91.86
100.10 167.85 71.46 VertxPharm VRTX ...189 147.41
-25.50 46.72 22.13 Viacom B
VIAB 3.1 7 26.15
VIA 2.4 9 33.00
-14.29 49.00 28.20 Viacom A
s 26.73 31.03 24.17 Vodafone
VOD 3.6 dd 30.96
WPPGY 3.6 10 84.03
-24.06 119.12 82.44 WPP
-13.91 88.00 63.82 WalgreensBoots WBA 2.2 19 71.25
s185.05 118.65 40.12 Weibo
WB ... 98 115.73
34.36 95.77 58.30 WesternDigital WDC 2.2 19 91.30
30.90 165.00 119.70 WillisTowers WLTW 1.3 48 160.07
s 68.98 112.80 65.79 Workday
WDAY ... ... 111.68
76.03 156.40 85.57 WynnResorts WYNN 1.3 42 152.28
XLNX 1.9 30 71.81
18.95 75.14 52.54 Xilinx
YY ... 20 107.23
172.02 116.90 37.81 YY
YNDX ... 99 33.19
64.88 34.83 17.88 Yandex
26.82 117.44 72.73 ZebraTech ZBRA ...193 108.76
ZG ... dd 41.02
12.54 50.91 32.63 Zillow A
Z
12.12 51.23 32.56 Zillow C
... dd 40.89
7.57 48.33 37.64 ZionsBancorp ZION 1.4 17 46.30
-2.83
-0.13
-1.19
0.02
0.87
2.58
-2.32
2.99
-0.91
0.36
0.24
-0.39
1.21
...
0.91
-0.63
0.16
0.37
1.01
0.74
0.70
0.79
-0.02
0.16
0.37
0.68
-0.04
0.67
-0.40
-2.78
-2.29
-0.02
0.48
0.55
1.91
-0.65
-0.51
1.52
-0.59
...
-0.02
-0.17
-1.15
0.15
-0.95
0.05
-0.61
0.70
0.03
0.63
0.47
-0.40
-0.15
-0.01
-0.39
0.24
-1.54
0.14
2.77
0.80
0.16
3.96
-0.30
0.19
1.57
0.51
-1.01
-1.02
0.13
0.90
-1.32
-0.21
0.03
-0.11
0.34
-0.27
0.90
-3.12
-0.05
0.08
-2.75
0.10
1.31
1.35
0.34
0.31
-0.30
-0.38
0.64
0.62
1.88
1.78
-0.01
-0.01
0.44
0.61
0.51
0.46
-1.00
0.60
-0.35
4.15
1.10
0.03
0.18
0.46
-0.03
0.26
7.25
0.52
-0.02
-0.16
-0.80
2.48
-0.94
0.11
0.17
0.09
0.31
-0.02
-0.21
0.06
-0.16
41.26
-2.31
-0.02
0.20
0.12
0.78
0.36
0.87
-0.25
0.83
-0.12
0.05
-0.04
-0.08
-3.01
1.30
-0.72
-1.32
0.06
0.03
15.57
-0.01
-0.58
0.61
0.90
-3.10
6.56
-0.28
1.45
0.54
0.70
-1.11
-0.17
0.99
0.81
0.30
0.50
2.74
0.13
0.06
-0.06
12.40
-0.31
-0.10
-0.16
-0.68
-0.35
0.22
0.45
-1.08
2.55
-0.58
1.47
-0.11
1.83
1.88
9.14
0.23
1.75
0.14
0.78
1.04
-0.53
2.46
2.90
0.32
0.46
-0.05
-1.99
0.09
0.14
2.34
-0.92
-0.86
0.21
0.79
0.90
-0.07
0.02
0.19
NYSE AMER
17.55
-4.55
17.39
-10.13
51.51
33.47
27.45
36.85
37.85 CheniereEnergy LNG ... dd
26.41 CheniereEnerPtrs CQP 6.4 dd
19.34 CheniereEnHldgs CQH 6.9328
27.59 ImperialOil IMO 1.6 17
48.70
27.51
26.26
31.24
-0.55
-0.07
0.32
0.03
B8 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
NEW HIGH AND LOWS
WSJ.com/newhighs
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 17, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
GCI
Gannett
GPS
NYSE highs - 113 Gap
GlMedREIT PfdA GMREpA
AT&T Nts 2066 TBB
AdamsDivEquityFd ADX
AgilentTechs
A
AlabamaPwrPfdA ALPpQ
AlbanyIntl
AIN
AlonUSAPartners ALDW
Amphenol
APH
Anthem
ANTM
AristaNetworks ANET
BB&T Pfd F
BBTpF
BankofAmPfdCC BACpC
BankofAmPfdI BACpI
BkNovaScotia BNS
BerryGlobal
BERY
Box
BOX
BoydGaming
BYD
BurlingtonStrs BURL
CabotOil
COG
CanadaGoose GOOS
CantelMedical CMD
Carters
CRI
Cott
COT
DelekUS
DK
DolbyLab
DLB
DollarGeneral DG
DriveShack
DS
EntercomCommsWi ETMw
EntergyLA Bds66 ELC
ExtraSpaceSt EXR
FangHoldings SFUN
Forestar
FOR
GAMCO PfdA GNTpA
GTT Comm
GTT
Gallagher
AJG
25.65
15.92
69.09
26.65
61.45
14.59
89.73
222.24
234.63
25.56
27.29
26.61
66.35
61.19
22.34
30.15
104.84
29.41
26.40
104.28
106.67
16.97
29.77
61.59
85.52
5.19
11.85
25.03
87.48
5.27
19.60
25.00
39.70
66.12
0.2
0.3
0.1
1.1
1.5
4.3
0.2
...
0.9
1.5
1.0
0.9
0.6
-0.5
-0.8
1.0
4.6
2.3
5.3
-0.3
1.1
2.8
3.9
0.9
0.7
2.8
2.0
0.3
...
-5.4
3.2
0.6
1.3
0.2
GlbNetLeasePfdA GNLpA
GoDaddy
GDDY
GrubHub
GRUB
Guess
GES
Haemonetic
HAE
HeritageInsurance HRTG
Hillenbrand
HI
Hilton
HLT
HollyFrontier
HFC
HomeDepot
HD
DR Horton
DHI
ICICI Bank
IBN
Insperity
NSP
InterXion
INXN
Kaman
KAMN
KornFerry
KFY
LifeStorage
LSI
LomaNegra
LOMA
MI Homes
MHO
MVC Capital
MVC
MeritageHomes MTH
MetropolitanBk MCB
MichaelKors
KORS
MicroFocus
MFGP
MohawkInds
MHK
NACCO Inds
NC
NamTaiProperty NTP
NatlRetailPropPfdF NNNpF
NewMediaInvt NEWM
NewRelic
NEWR
NextEraEnergyUn NEEpR
NortelInversora NTL
NovoNordisk
NVO
OaktreeSpecNts24 OSLE
11.66
30.14
25.38
25.50
49.78
64.99
18.20
58.02
17.43
43.90
74.44
44.48
168.43
48.31
9.93
115.75
57.77
57.56
42.94
89.85
22.35
34.87
10.88
50.95
39.65
56.43
35.72
272.46
46.60
13.30
25.14
17.02
55.95
57.70
43.55
51.05
25.30
1.8
7.0
0.7
1.1
0.4
0.3
4.9
1.2
4.8
2.0
0.1
1.4
0.1
1.3
1.7
3.4
1.6
1.5
0.4
-1.1
0.2
1.7
-0.9
0.7
1.1
1.0
-0.3
0.6
3.0
...
0.4
0.7
0.6
-0.8
0.4
0.8
0.2
52-Wk %
Sym Hi/Lo Chg
OnAssignment ASGN
Oppenheimer A OPY
OwensCorning OC
PBF Energy
PBF
PGT Innovations PGTI
PVH
PVH
PennyMacFinS PFSI
Praxair
PX
ProPetro
PUMP
Prudential
PUK
PulteGroup
PHM
PureStorage
PSTG
RH
RH
Regis
RGS
RexfordIndPfdB REXRpB
RingCentral
RNG
RiverNorthMktPfA RMPLp
RobertHalf
RHI
Salesforce.com CRM
SiteOneLandscape SITE
Square
SQ
SteelPtrsPfdA SPLPpT
TE Connectivity TEL
Teleflex
TFX
Toll Bros
TOL
TransUnion
TRU
Triple-S Mgmt GTS
TrueBlue
TBI
TsakosEngyNavPfdE TNPpE
TysonFoods
TSN
UnitedRentals URI
ValeroEnergy VLO
Verso
VRS
Visteon
VC
VMware
VMW
Wal-Mart
WMT
WattsWater
WTS
63.00
25.50
85.76
33.02
15.80
133.47
19.55
151.44
17.96
50.05
32.45
17.43
107.48
15.90
25.01
48.15
25.48
55.22
107.87
71.20
45.74
21.19
95.37
266.45
47.45
55.75
27.71
28.75
25.86
78.03
151.15
82.92
9.74
129.85
123.50
100.13
72.20
1.3
1.0
2.2
0.9
2.3
2.4
2.6
1.1
4.2
1.2
1.1
2.1
-2.4
-0.6
...
1.7
-0.4
...
0.5
3.2
5.4
0.5
-0.1
1.1
0.6
1.8
0.4
1.1
0.1
0.9
1.2
0.9
4.0
0.9
0.4
-2.2
0.1
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Data provided by
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Friday, November 17, 2017
Net YTD
Net YTD
NAV Chg %Ret Fund
A
American Century Inv
45.11 -0.06
Ultra
American Funds Cl A
31.89
...
AmcpA p
AMutlA p 41.02 -0.08
27.42 -0.03
BalA p
12.93 +0.02
BondA p
62.68 -0.07
CapIBA p
29.3
18.8
13.0
12.2
3.3
11.4
Net YTD
NAV Chg %Ret
NAV Chg %Ret Fund
CapWGrA
EupacA p
FdInvA p
GwthA p
HI TrA p
ICAA p
IncoA p
N PerA p
NEcoA p
NwWrldA
52.35 -0.02
57.35 +0.08
63.42 -0.12
51.50 -0.06
10.38 +0.01
41.01 -0.03
23.29 -0.04
45.15
...
48.08 +0.07
66.94 +0.26
21.3
29.8
18.7
22.5
6.1
14.5
9.8
27.8
33.7
30.1
SmCpA p
TxExA p
WshA p
56.63 +0.27 23.2
13.02
... 5.0
45.09 -0.13 14.3
B
Baird Funds
10.89
11.24
BlackRock Funds A
GlblAlloc p 20.23
AggBdInst
CorBdInst
... 3.9
... 4.2
... 11.3
52-Wk %
Sym Hi/Lo Chg Stock
WellsFargoPfdN WFCpN
WellsFargoPfdO WFCpO
Winnebago
WGO
XPO Logistics XPO
Zoetis
ZTS
25.32
25.27
49.95
74.90
71.12
0.3
0.7
1.7
0.6
0.5
NYSE lows - 28
AXIS Capital
AXS
AmberRoad
AMBR
BlkRk2022GlbIncm BGIO
BridgepointEduc BPI
BylineBancorp BY
ChinaOnlineEduc COE
Despegar.com DESP
EllingtonResiMtg EARN
GenieEnergy
GNE
Glaukos
GKOS
GrupoTelevisa TV
JianpuTech
JT
KinderMorgan KMI
KinderMorganPfdA KMIpA
MainStreetCapNt MSCA
NuvHiIncmDec18 JHA
NuvHiIncm2020 JHY
NuvMN QualMuni NMS
PQ Group
PQG
Qudian
QD
SandRidgeMS II SDR
Semgroup
SEMG
SendGrid
SEND
SocialCapHed IPOA
TownsquareMedia TSQ
TsakosEnergy TNP
WstAstCpLoanFd TLI
Williams
WMB
51.20 0.1
6.14 0.3
9.61 -0.5
8.18 -10.6
19.11 -0.3
12.10 1.0
27.25 -2.3
12.50 2.3
4.67 -10.5
26.44 -2.3
18.63 -2.3
7.15 -14.3
16.70 1.1
32.18 1.1
25.52 1.2
9.77 ...
9.86 -0.1
14.92 -0.3
14.85 0.5
21.15 -9.1
1.18 ...
21.35 0.2
17.50 2.6
9.97 -0.3
7.00 -0.3
4.05 3.9
10.31 ...
26.82 0.9
NYSE Arca highs - 67
ARKWebx.0ETF ARKW
BuzzUSSentLdrs BUZ
CSOPFTSEChinaA50 AFTY
CnsmrDiscSelSector XLY
Fund
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.
Fund
Stock
44.20
31.61
18.88
93.70
0.9
0.3
1.0
0.4
52-Wk %
Sym Hi/Lo Chg Stock
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexEM Bull3 EDC
DirexHmbldrBull3 NAIL
DirexPharmBl3X PILL
DirexNasd100EW QQQE
EmgMktInternetEcom EMQQ
ETFMG VideoGame GAMR
ETRACSMnly2xLevISE HOML
EthoClimateLeader ETHO
FidelityMSCICnDisc FDIS
FidelityQualFactor FQAL
FT ConsDscAlpDx FXD
FT Chindia
FNI
FT USEquityOpp FPX
FT Water
FIW
FlexShQualDivDef QDEF
FrankFTSEChina FLCH
GSActiveBetaEM GEM
GuggChinaTech CQQQ
HartfordMultiUSEqu ROUS
InnovatorIBD50Fd FFTY
iShCoreMSCIEmgMk IEMG
iShEdgeMSCIMultUSA LRGF
iShMSCIEmgMarkets EEM
iShMSCIUSAEqWeight EUSA
iShMorningstarMC JKG
iShMornMCGrowth JKH
iShRussellMid-Cap IWR
iShS&PMC400Growth IJK
iShGlobalConsDiscr RXI
iShRussellMCGrowth IWP
HancockMultiSC JHSC
KraneEMCnsTech KEMQ
MSMktVectRupee INR
PwrShDynMkt PWC
PwrShS&PEM Mom EEMO
PwrShRussMCGrw PXMG
PwrShRussTop200G PXLG
ProShLgOnline CLIX
ProShUltMSCIEM EET
RivFrDynUSFlex RFFC
SPDRMSCIEMStrat QEMM
Net YTD
NAV Chg %Ret Fund
BlackRock Funds Inst
22.93 -0.02
EqtyDivd
20.36
...
GlblAlloc
7.79 +0.01
HiYldBd
StratIncOpptyIns 9.93 +0.01
Bridge Builder Trust
10.19 +0.02
CoreBond
30.89
42.23
120.84
78.58
24.66
42.65
39.10
47.70
54.15
33.18
37.10
30.71
39.54
40.08
66.70
47.26
42.70
25.71
35.33
64.88
29.86
34.27
56.72
31.25
47.02
53.61
179.42
198.30
202.36
210.94
104.98
117.61
25.17
25.50
43.22
94.65
21.54
41.32
45.04
40.46
91.10
31.74
63.85
-0.2
0.5
1.5
2.7
5.4
0.3
1.1
-0.5
2.3
0.4
0.7
-0.2
1.3
0.8
0.3
0.3
-0.1
0.2
0.5
-0.2
...
-0.1
0.4
...
0.5
0.2
0.2
0.2
0.2
0.2
...
0.3
0.1
0.4
8.7
-0.3
0.6
0.6
-0.2
-1.2
1.2
...
0.6
E
F
Federated Instl
Dimensional Fds
5GlbFxdInc 11.02 +0.01
EmgMktVa 30.16 +0.17
EmMktCorEq 22.56 +0.14
IntlCoreEq 14.08 -0.02
19.74 -0.03
IntlVal
21.19 -0.02
IntSmCo
22.96 -0.03
IntSmVa
...
US CoreEq1 22.06
US CoreEq2 20.92 +0.01
36.16 +0.18
US Small
US SmCpVal 38.46 +0.28
US TgdVal 24.99 +0.17
38.95 -0.05
USLgVa
Dodge & Cox
Balanced 108.82 +0.17
13.87 +0.07
GblStock
13.82 +0.01
Income
46.22 +0.31
Intl Stk
201.09 +0.34
Stock
2.2
27.7
31.9
22.9
20.5
23.9
21.4
15.8
13.7
7.6
3.3
4.9
12.6
8.7
16.5
3.9
21.3
12.2
SPDRMSCIUSAStrat QUS
SPDR NYSE Tech XNTK
SPDRRuss1000Mom ONEO
SPDRRuss1000Yd ONEY
SPDR S&P500MidGr MDYG
SPDRS&PSft&Svs XSW
SchwabUS MC SCHM
SPDR S&P Home XHB
VanEckCSI300 PEK
VanEckRetail RTH
VangdCnsmrDiscr VCR
VangdMCGrowth VOT
VangdS&P400Grwth IVOG
VirtusGlovistaEM EMEM
WBITacticalLCGD WBIE
WisdTrBloomFR USFR
WisdTrEMxSOE XSOE
WisdTrUSLCValueFd EZY
WisdTrUSMCDivFd DON
WisdTrUSTotalEarn EXT
StraValDivIS 6.39 -0.01 11.2
Fidelity
90.41 -0.23
90.41 -0.23
90.41 -0.23
62.76 +0.27
42.92 -0.04
13.86 -0.03
75.00 -0.10
74.99 -0.10
11.59 +0.01
Fidelity Advisor I
NwInsghtI 33.44 -0.04
Fidelity Freedom
16.73 +0.02
FF2020
14.48 +0.02
FF2025
18.14 +0.02
FF2030
Freedom2020 K 16.74 +0.02
Freedom2025 K 14.48 +0.02
Freedom2030 K 18.15 +0.02
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
SAIUSLgCpIndxFd
TMktIdxF r
TMktIdxPrem
USBdIdxInstPrem
ADVERTISEMENT
Showroom
17.2
17.2
17.2
14.4
21.6
17.2
16.7
16.7
3.2
25.2
13.4
14.4
16.8
NS
NS
NS
75.78
85.58
74.65
72.58
153.62
69.10
51.68
41.66
49.08
85.25
148.19
125.93
130.79
25.20
25.17
25.27
31.56
78.72
34.05
30.84
AdvShRangerEqBear HDGE
DirexEM Bear3 EDZ
DirexSemiBear3 SOXS
FrankFTSEAustralia FLAU
KraneMSCIChinaEnv KGRN
ProShDecRetail EMTY
ProShLgOnline CLIX
ProShrUS MSCI EM EEV
SchwabSrtTRmUSTrsr SCHO
VelocityShVIXTail BSWN
8.22
9.60
14.50
24.89
24.71
37.68
39.61
8.72
50.17
18.00
AmpioPharm AMPE
GulfmarkOffshore GLF
TrioTech
TRT
1.42 4.5
34.96 306.3
8.00 5.3
NYSE American lows - 2
COHN
Cohen
8.35 -1.3
Fidelity Invest
23.70
...
Balanc
88.28 -0.06
BluCh
126.96 -0.37
Contra
126.97 -0.36
ContraK
10.25
...
CpInc r
41.38 +0.07
DivIntl
183.92 -0.06
GroCo
GrowCoK 183.88 -0.06
7.93 +0.01
InvGB
11.28 +0.01
InvGrBd
52.92 +0.33
LowP r
LowPriStkK r 52.89 +0.33
105.79 -0.42
MagIn
109.35 -0.11
OTC
23.13 -0.05
Puritn
SrsEmrgMkt 21.74 +0.17
...
SrsGroCoRetail 18.06
SrsIntlGrw 16.25 +0.02
10.76 -0.01
SrsIntlVal
TotalBond 10.67 +0.02
14.2
33.8
29.8
29.9
10.3
24.3
34.5
34.6
3.6
4.0
15.5
15.6
22.6
37.2
15.9
38.5
35.2
27.0
17.5
4.0
2.6
0.9
9.4
2.4
-2.3
1.7
4.4
0.4
2.5
-2.5
-0.7
0.3
2.6
2.7
3.9
2.6
0.9
1.8
6.9
0.4
0.1
0.6
6.7
2.7
3.7
-0.4
-1.3
6.5
-0.2
-0.1
0.1
0.6
0.3
0.1
...
0.3
1.4
1.2
1.3
Invesco Funds A
11.23 +0.02 7.5
EqIncA
J
John Hancock Class 1
15.97 +0.01
LSBalncd
17.15 +0.02
LSGwth
John Hancock Instl
...
DispValMCI 24.01
JPMorgan Funds
MdCpVal L 39.86 +0.08
JPMorgan R Class
11.65 +0.02
CoreBond
13.1
16.7
11.8
9.5
3.7
L
Lazard Instl
EmgMktEq 19.76 +0.14 24.4
LSBondI
O
6.0
3.4
Oakmark Funds Invest
33.97 +0.09
EqtyInc r
84.24 -0.25
Oakmark
...
OakmrkInt 28.46
Old Westbury Fds
14.89 +0.03
LrgCpStr
Oppenheimer Y
NA
...
DevMktY
43.00 -0.06
IntGrowY
76.32 -0.10 34.7
69.72 +0.23 19.4
Harding Loevner
NA
... NA Parnassus Fds
IntlEq
CapApInst
IntlInst r
P
18.74
18.55
61.75
26.00
18.80
18.87
33.82
43.00
12.00
24.56
19.53
36.32
48.60
238.89
24.40
1.21
156.71
400.00
33.80
54.01
66.69
76.92
73.43
145.83
18.74
217.00
292.40
84.91
10.91
125.64
46.55
31.09
24.60
89.64
89.14
100.50
46.98
54.72
375.10
16.27
15.93
23.95
55.32
0.8
-0.5
1.2
0.9
-0.1
0.4
1.4
9.6
-2.4
-0.5
-0.1
-0.8
1.3
1.7
0.2
3.4
0.6
-0.3
0.3
4.3
0.2
...
0.5
-0.3
...
-1.3
3.8
...
0.8
0.9
...
1.9
0.6
...
-4.0
4.1
0.1
-0.3
12.6
1.3
0.8
0.4
0.9
44.21 -0.12
PIMCO Fds Instl
NA
...
AllAsset
10.27 +0.01
TotRt
PIMCO Funds A
NA
...
IncomeFd
PIMCO Funds D
NA
...
IncomeFd
PIMCO Funds Instl
NA
...
IncomeFd
PIMCO Funds P
NA
...
IncomeP
Price Funds
97.44 -0.27
BlChip
29.68 -0.04
CapApp
34.75
...
EqInc
69.41 -0.18
EqIndex
70.16 -0.29
Growth
73.78 -0.15
HelSci
39.65 -0.13
InstlCapG
19.25 -0.01
IntlStk
15.07 -0.02
IntlValEq
92.33 +0.20
MCapGro
31.44 +0.07
MCapVal
55.42 +0.14
N Horiz
9.49 +0.01
N Inc
OverS SF r 11.28 -0.02
23.21 -0.01
R2020
17.90 -0.01
R2025
26.38 -0.01
R2030
19.29 -0.01
R2035
27.72 -0.02
R2040
38.81 -0.07
Value
PRIMECAP Odyssey Fds
36.66 +0.12
Growth r
Principal Investors
DivIntlInst 13.89 -0.01
Prudential Cl Z & I
14.52 +0.01
TRBdZ
11.7
16.2
25.4 Schwab Funds
40.35 -0.11
S&P Sel
16.1
S
T
NA TIAA/CREF Funds
19.36 -0.03
24.0 EqIdxInst
IntlEqIdxInst 20.13 -0.04
Tweedy Browne Fds
28.20 +0.02
GblValue
13.5
Friday
Energy
1.0056
1.5908
3.050
3.000
3.120
2.570
2.760
2.500
2.930
59.850
12.100
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
1289.84
Engelhard industrial
NA VANGUARD ADMIRAL
4.8 500Adml 238.72 -0.62
34.09 -0.01
BalAdml
11.80
...
NA CAITAdml
CapOpAdml r155.95 +0.09
37.29 +0.26
NA EMAdmr
EqIncAdml 76.13 -0.18
NA ExtndAdml 82.44 +0.36
...
GNMAAdml 10.50
NA GrwthAdml 70.87 -0.19
HlthCareAdml r 88.61 -0.19
...
34.2 HYCorAdml r 5.90
25.85 +0.04
13.3 InfProAd
12.0 IntlGrAdml 95.24 +0.13
17.0 ITBondAdml 11.40 +0.02
31.8 ITIGradeAdml 9.79 +0.01
LTGradeAdml 10.63 +0.06
24.9
MidCpAdml 186.15 +0.56
35.6
...
MuHYAdml 11.42
25.9
...
MuIntAdml 14.16
17.6
...
MuLTAdml 11.68
22.5
...
MuLtdAdml 10.94
8.2
...
MuShtAdml 15.76
28.0
PrmcpAdml r136.47 -0.15
3.7 REITAdml r 119.99 -0.42
24.4 SmCapAdml 68.82 +0.28
13.7 STBondAdml 10.41
...
15.5 STIGradeAdml 10.66
...
17.1 TotBdAdml 10.76 +0.01
18.4 TotIntBdIdxAdm 21.95 +0.02
19.4 TotIntlAdmIdx r 29.86 +0.02
15.3 TotStAdml 64.59 -0.09
14.10 -0.02
TxMIn r
28.0 ValAdml
39.60 -0.08
WdsrllAdml 68.66 +0.04
26.3 WellsIAdml 65.23 +0.03
WelltnAdml 73.51 -0.07
5.8 WndsrAdml 79.02 -0.01
VANGUARD FDS
26.33 -0.06
DivdGro
HlthCare r 210.04 -0.44
17.2 INSTTRF2020 22.52
...
...
INSTTRF2025 22.78
INSTTRF2030 22.97 -0.01
...
INSTTRF2035 23.17
16.7 INSTTRF2040 23.36 -0.01
21.6 INSTTRF2045 23.50 -0.01
39.36 +0.06
IntlVal
12.6 LifeGro
33.12 -0.01
AVIATION
BOATING
! "
"!#
435 53 &! 6 7 4
4#- ))!#''% * 4$!' 2##'. -#""
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BOATING
DEALERSHIPS
SHOWROOM
ADVERTISE TODAY
(800) 366-3975
sales.showroom@wsj.com
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
17.2
11.2
4.8
25.5
27.7
13.6
14.3
2.0
24.8
16.9
6.1
2.4
41.5
3.8
4.1
9.6
15.4
7.3
4.5
5.9
2.4
1.3
25.4
5.5
12.4
1.3
2.1
3.3
2.2
23.6
16.7
22.5
11.3
11.2
8.0
11.1
15.1
114.00
47.18
32.06
31.03
118.65
87.13
112.80
16.65
VeriSign
VRSN
VicShUS500Vol CFA
VidentCoreUSEquity VUSE
Vodafone
VOD
Weibo
WB
WisdTrChinaxSOE CXSE
Workday
WDAY
Xunlei
XNET
0.7
...
0.5
1.0
-1.7
0.3
2.1
0.1
Nasdaq lows - 32
0.50 1.0
11.70 0.4
25.11 -0.3
1.54 4.0
18.05 -9.2
0.25 -18.2
2.39 -0.4
3.25 0.7
7.43 0.1
24.25 0.1
5.15 5.5
0.51 -21.4
8.10 -11.6
5.85 ...
0.88 -5.4
0.77 ...
2.64 0.7
1.05 -15.1
9.98 0.1
0.41 -17.0
18.13 -0.2
5.54 0.3
52.85 -5.9
14.37 1.2
0.23 -40.4
4.88 1.0
0.86 -36.7
9.66 0.3
50.01 1.0
2.61 -1.9
60.44 ...
9.67 -0.3
Ability
ABIL
ArchrockPtrs APLP
AtlasFinNt2022 AFHBL
BIO-key
BKYI
Bandwidth
BAND
BisonCapAcqnRt BCACR
BroadwindEnergy BWEN
CTI Ind
CTIB
CapitalaFinance CPTA
CapitalaFinNts22 CPTAG
CECO Env
CECE
ClearSignWt
CLIRW
CoherusBioSci CHRS
Conifer
CNFR
Curis
CRIS
ENGlobal
ENG
GeniusBrands GNUS
GlobalBrokerage GLBR
HaymakerAcqnUn HYACU
HeatBiologics HTBX
HighlandSrLoan SNLN
HudsonTech
HDSN
MatthewsIntl MATW
Reading A
RDI
RealIndustry
RELY
SecurityNatFin SNFCA
SenesTech
SNES
SentinelEnerUn STNLU
StericyclePfdA SRCLP
TapImmune
TPIV
VangdSTGovBd VGSH
VantageEnerA VEAC
Net YTD
NAV Chg %Ret Fund
V
Net YTD
NAV Chg %Ret
26.91
...
26.99 -0.02
33.25 +0.14
27.21 +0.02
10.66
...
15.92 +0.01
31.59
...
18.52
...
33.45
...
20.54 -0.01
35.38 -0.01
22.22 -0.01
35.75 -0.01
13.57
...
10.98 +0.01
26.93 +0.02
42.57 -0.03
38.69 +0.03
VANGUARD INDEX FDS
238.68 -0.62
500
ExtndIstPl 203.45 +0.88
SmValAdml 55.22 +0.20
10.72 +0.01
TotBd2
17.85 +0.01
TotIntl
64.56 -0.09
TotSt
VANGUARD INSTL FDS
34.10 -0.01
BalInst
DevMktsIndInst 14.12 -0.02
DevMktsInxInst 22.07 -0.03
82.44 +0.36
ExtndInst
GrwthInst 70.88 -0.19
10.53 +0.02
InPrSeIn
235.52 -0.61
InstIdx
235.54 -0.62
InstPlus
InstTStPlus 57.94 -0.08
MidCpInst 41.12 +0.12
MidCpIstPl 202.81 +0.62
SmCapInst 68.81 +0.27
...
STIGradeInst 10.66
10.76 +0.01
TotBdInst
TotBdInst2 10.72 +0.01
TotBdInstPl 10.76 +0.01
TotIntBdIdxInst 32.94 +0.03
TotIntlInstIdx r119.41 +0.06
TotItlInstPlId r119.43 +0.06
64.60 -0.09
TotStInst
39.60 -0.08
ValueInst
LifeMod
PrmcpCor
SelValu r
STAR
STIGrade
TgtRe2015
TgtRe2020
TgtRe2025
TgtRe2030
TgtRe2035
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
14.1
16.9
11.8
13.3
14.6
15.9
17.2
17.7
24.0 Western Asset
15.9 CorePlusBdI
NA
12.5
21.7
15.5
15.7
2.0
9.7
11.8
13.3
14.6
15.8
17.1
17.6
17.6
7.2
2.2
8.0
11.0
11.2
17.1
14.4
7.6
3.2
23.5
16.6
11.2
22.6
22.5
14.3
24.8
2.4
17.2
17.3
16.7
15.4
15.4
12.4
2.2
3.3
3.3
3.3
2.2
23.6
23.6
16.7
11.3
W
... NA
Friday
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
1386.58
1284.35
1425.62
*1277.70
*1280.00
1348.36
1361.33
1361.33
1571.19
1273.83
1361.33
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
17.1500
20.5800
17.1550
! "
0.8
0.9
0.7
-1.7
0.6
0.1
0.6
-1.0
0.8
1.3
0.6
-0.1
1.6
0.2
2.5
1.0
1.8
0.4
1.6
10.0
1.1
-2.4
-1.7
1.0
8.3
2.1
1.4
17.9
5.5
0.3
3.1
-0.8
-0.3
2.7
0.5
-0.6
1.3
21.5
3.7
1.0
-0.1
1.2
Friday, November 17, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Gold, per troy oz
32.46
15.34
18.00
78.01
35.50
35.30
28.86
15.55
20.30
46.20
115.48
30.34
57.13
25.49
33.35
31.31
56.80
14.95
28.13
73.94
67.15
1.84
167.32
50.53
2.44
7.84
50.40
81.99
16.55
24.64
24.99
89.40
35.07
13.61
9.80
35.00
14.45
9.75
8.50
182.65
79.10
3.34
52-Wk %
Sym Hi/Lo Chg
Cash Prices | WSJ.com/commodities
Metals
52-Wk %
Sym Hi/Lo Chg Stock
OrganicsETF
ORG
PDLCommBncp PDLB
PatriotNatBncp PNBK
PayPal
PYPL
pdvWireless
PDVW
PilgrimPride
PPC
PinnacleEnt
PNK
PorterBancorp PBIB
PwrShDWA EM PIE
PwrShGoldDragon PGJ
PwrShNasdInternet PNQI
PwrShRuss1000Low USLB
PwrShS&P SC CD PSCD
PrincipalContVal PVAL
PrincplMillennials GENY
RCI Hospitality RICK
RMR Group
RMR
Rambus
RMBS
RedRockResorts RRR
RossStores
ROST
SEI Investments SEIC
SMTC
SMTX
SandersonFarms SAFM
ScientificGames SGMS
SierraOncology SRRA
SinovacBiotech SVA
SkyWest
SKYW
Splunk
SPLK
StaarSurgical STAA
StarBulkNts22 SBLKZ
SuperiorUniform SGC
Synopsys
SNPS
TabulaRasaHlth TRHC
TechTarget
TTGT
TheBancorp
TBBK
TowerSemi
TSEM
TransActTechs TACT
Tuniu
TOUR
USA Tech
USAT
UnivDisplay
OLED
UtahMedProducts UTMD
UTStarcom
UTSI
Net YTD
NAV Chg %Ret Fund
ParnEqFd
I
M
3.2
13.1
FLEX
Freshpet
FRPT
Garmin
GRMN
GladstonePfd2024 GLADN
GlbXConsciousCos KRMA
GlbXMillThematic MILN
GlbXSocialMedia SOCL
HailiangEduc
HLG
HimaxTechs
HIMX
HorizNasd100 QYLD
Hortonworks HDP
HutchisonChina HCM
II-VI
IIVI
IPG Photonics IPGP
Interface
TILE
Intermolecular IMI
Intuit
INTU
IntuitiveSurgical ISRG
iPath2yearBear DTUS
iRhythmTechs IRTC
iShAsia50ETF AIA
iShMSCIACxJpn AAXJ
iShMSCIEMESGOpt ESGE
J&JSnackFoods JJSF
Kingstone
KINS
LamResearch LRCX
LendingTree
TREE
LivaNova
LIVN
MillAcqn Un
MIIIU
Marriott
MAR
MicronTech
MU
MidPennBancorp MPB
MonotypeImaging TYPE
Morningstar
MORN
NVE
NVEC
Nathan's
NATH
NektarTherap NKTR
NetApp
NTAP
Netease
NTES
NewsCorp B
NWS
NewsCorp A
NWSA
NuvNasd100Dyn QQQX
Orbotech
ORBK
Net YTD
NAV Chg %Ret Fund
12.87
24.33
48.95
79.18
60.89
36.90
9.24
127.92
19.37
31.10
99.81
46.65
128.50
59.18
7.10
122.33
28.16
11.34
11.65
306.69
10.86
9.90
1.79
14.45
5.24
3.19
17.00
21.60
32.70
44.90
56.67
63.87
38.45
50.27
74.46
57.24
19.99
31.87
60.12
Loomis Sayles Fds
14.14 +0.01 6.7
Lord Abbett A
... 2.1
ShtDurIncmA p 4.26
Fidelity Selects
Lord Abbett F
Biotech r 214.70 +0.14 23.4 ShtDurIncm 4.26
... 2.4
First Eagle Funds
60.34 -0.01 11.2
GlbA
Metropolitan West
FPA Funds
10.66
... 2.8
34.83 +0.03 8.0 TotRetBd
FPACres
TotRetBdI 10.66 +0.01 3.1
FrankTemp/Frank Adv
10.03
... 3.2
... 6.3 TRBdPlan
IncomeAdv 2.32
MFS Funds Class I
FrankTemp/Franklin A
40.31
-0.08
12.5
ValueI
7.47
... 5.5
CA TF A p
... 3.2 MFS Funds Instl
Fed TF A p 11.97
25.38 +0.03 25.3
2.34
... 6.1 IntlEq
IncomeA p
RisDv A p 60.71 +0.05 16.3 Mutual Series
32.05 +0.06 6.6
GlbDiscA
FrankTemp/Franklin C
H
Nasdaq highs - 132
AllenaPharm
ALNA
AltairEngg
ALTR
AmerCarMart CRMT
AnaptysBio
ANAB
ApplMaterials AMAT
AssemblyBiosci ASMB
AtlanticCoastFin ACFC
Autodesk
ADSK
BuildersFirstSrc BLDR
CB FinSvcs
CBFV
CabotMicro
CCMP
Cal-MaineFoods CALM
Children'sPlace PLCE
ChinaInternet CIFS
ChromaDex
CDXC
Cimpress
CMPR
ClearBrLCGrw LRGE
CommVehicle CVGI
CoriumIntl
CORI
CoStar
CSGP
Crocs
CROX
DicernaPharma DRNA
DigitalTurbine APPS
EducDev
EDUC
Electro-Sensors ELSE
EnphaseEnergy ENPH
EsquireFinancial ESQ
Fanhua
FANH
FirstBancshares FBMS
FT CloudComp SKYY
FT LC CoreAlpha FEX
FT MC CoreAlpha FNX
FT MC GrwthAlpha FNY
FTMuniHiIncm FMHI
FT Nasd100Tech QTEC
FT Nasd100 EW QQEW
FT SMID CapRising SDVY
FT TotalUSMkt TUSA
FiveBelow
FIVE
52-Wk %
Sym Hi/Lo Chg Stock
0.37 0.6 Flex
ComstockMining LODE
Net YTD
NAV Chg %Ret Fund
Harbor Funds
52-Wk %
Sym Hi/Lo Chg Stock
Freedom2035 K 15.23 +0.02 NS
Freedom2040 K 10.70 +0.02 NS
2.37
...
FrankTemp/Temp A
GlBond A p 12.08 +0.01
Growth A p 26.65 +0.06
FrankTemp/Temp Adv
...
GlBondAdv p 12.03
AVIATION
-0.5
-1.5
1.4
-0.2
-2.7
-3.5
-1.2
-1.5
...
-0.2
NYSE American highs - 3
Income C t
To advertise: 800-366-3975 or WSJ.com/classifieds
-0.3
0.2
0.2
1.0
0.2
0.3
0.4
0.2
0.1
1.0
0.6
0.2
0.2
0.8
0.1
0.7
1.0
0.3
0.2
-0.4
NYSE Arca lows - 10
Net YTD
NAV Chg %Ret Fund
DoubleLine Funds
NA
... NA
12.3 TotRetBdI
11.5
7.1
4.1 Edgewood Growth Instituti
EdgewoodGrInst 29.60 -0.12 33.3
3.9
D
52-Wk %
Sym Hi/Lo Chg Stock
A Week in the Life of the DJIA
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
lost 63.97 points, or 0.27%, on the week. A $1 change in the price of
any DJIA stock = 6.89-point change in the average. To date, a $1,000
investment on Dec. 31 in each current DJIA stock component would
have returned $35,694, or a gain of 18.98%, on the $30,000
investment, including reinvested dividends.
The Week’s Action
Pct Stock price Point chg
chg (%) change in average* Company
Symbol Close
$1,000 Invested(year-end '16)
$1,000
7.20
6.55
45.10
Wal-Mart Stores
WMT $97.47
$1,439
5.62
1.91
13.15
Cisco Systems
CSCO
35.90
1,230
5.53
3.10
21.34
Nike
NKE
59.19
1,176
2.21
3.63
24.99
Home Depot
HD
167.74
1,273
1.20
0.54
3.72
Verizon
VZ
45.42
893
DowDuPont
DWDP
70.74
1,270
3M
MMM 229.36
1,308
1.10
0.77
5.30
0.84
1.91
13.15
0.68
1.13
7.78
McDonald’s
MCD 166.72
1,397
0.65
0.63
4.34
J.P. Morgan Chase
JPM
98.14
1,163
0.54
0.19
1.31
Pfizer
PFE
35.37
1,132
0.54
1.41
9.71
Boeing
BA
262.26
1,732
0.31
0.27
1.86
Procter & Gamble
PG
88.43
1,085
0.18
0.17
1.17
American Express
AXP
93.69
1,285
–0.13
–0.19
–1.31
IBM
IBM 148.97
932
–0.26
–0.35
–2.41
Caterpillar
CAT 136.13
1,512
–0.50
–0.28
–1.93
Merck
MRK
55.20
958
–0.55
–1.17
–8.06
UnitedHealth Group UNH 209.90
1,327
–0.89
–2.13
–14.67
Goldman Sachs
GS
238.02
1,003
–1.12
–1.56
–10.74
Johnson & Johnson JNJ
138.00
1,221
–1.28
–1.34
–9.23
DIS
103.44
1,000
–1.34
–1.58
–10.88
United Technologies UTX 116.53
1,088
–1.75
–1.47
–10.12
Microsoft
MSFT
82.40
1,356
–1.78
–0.83
–5.71
Coca-Cola
KO
45.71
1,130
–1.84
–2.06
–14.18
Visa
V
109.82
1,418
–2.08
–0.95
–6.54
Intel
INTC
44.63
1,265
–2.11
–2.47
–17.01
Chevron
CVX 114.71
1,014
–2.59
–4.52
–31.12
Apple
AAPL 170.15
1,493
–3.26
–2.70
–18.59
Exxon Mobil
XOM
80.24
923
–4.15
–5.62
–38.70
Travelers
TRV 129.92
1,080
–11.13
–2.28
–15.70
General Electric
GE
18.21
592
Walt Disney
*Based on Composite price. DJIA is calculated on primary-market price.
Source: WSJ Market Data Group; FactSet.
Friday
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
21.4440
£12.9500
17.0850
13042
Other metals
LBMA Platinum Price PM
*931.0
Platinum,Engelhard industrial
940.0
Platinum,Engelhard fabricated
1040.0
Palladium,Engelhard industrial
1002.0
Palladium,Engelhard fabricated
1102.0
Aluminum, LME, $ per metric ton
*2106.0
Copper,Comex spot
3.0625
Iron Ore, 62% Fe CFR China-s
61.5
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
615
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.6150
0.6860
*79.40
61.500
n.a.
Grains and Feeds
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
n.a.
93
3.1700
93.1
483.9
225
95
213
2.8950
374.00
24.00
7.5988
314.70
9.3950
7.9250
4.3850
3.8450
5.2500
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
187.98
170.36
0.8580
2.2150
162.75
162.00
72.50
2381
1.2501
1.4453
1.2750
15.75
n.a.
63.00
n.a.
0.8451
n.a.
170.88
Fats and Oils
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
34.8500
0.2500
n.a.
0.3357
0.2650
0.3400
KEY TO CODES: A=ask; B=bid; BP=country elevator
bids to producers; C=corrected; E=Manfra,Tordella &
Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas
Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not
quoted or not available; R=SNL Energy; S=Platts-TSI;
T=Cotlook Limited; U=USDA; W=weekly, Z=not
quoted. *Data as of 11/16
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
Saturday/Sunday, November 18 - 19, 2017 | B9
* * * *
COMMODITIES
Dividend Changes
Dividend announcements from November 17.
Company
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Brown-Forman Cl A
Brown-Forman Cl B
Citigroup Cap XIII TruPS
Griffon
KeyCorp
Matthews Intl Cl A
MDU Resources Group
MutualFirst Financial
Nike Cl B
Renasant
Union Pacific
BF.A
BF.B
CpN
GFF
KEY
MATW
MDU
MFSF
NKE
RNST
UNP
1.4
1.3
7.2
1.2
2.3
1.4
2.9
1.9
1.4
1.9
2.3
.1975 /.1825
.1975 /.1825
.495 /.4854
.07 /.06
.105 /.095
.19 /.17
.1975 /.1925
.18 /.16
.20 /.18
.19 /.18
.665 /.605
Exchange-Traded
Portfolios
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Jan02 /Dec07
Jan02 /Dec07
Jan30 /Jan29
Dec21 /Nov29
Dec15 /Nov28
Dec11 /Nov27
Jan01 /Dec14
Dec22 /Dec08
Jan02 /Dec04
Jan02 /Dec15
Dec28 /Nov30
SunTrust Banks Pfd A
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
10.27
93.54
54.76
67.43
26.16
97.47
81.24
70.50
109.43
104.81
122.88
64.61
56.48
61.97
259.63
183.81
74.63
59.12
109.31
95.24
71.47
51.65
12.43
120.46
87.47
115.24
106.69
70.38
39.83
68.91
62.24
46.82
43.00
58.69
311.21
110.66
130.96
143.63
119.30
180.87
148.45
123.10
152.91
202.07
86.21
210.47
149.03
109.02
38.38
114.12
84.08
106.18
126.39
117.51
101.76
153.95
47.03
23.04
36.79
122.86
33.87
62.40
61.66
233.39
335.07
257.86
93.05
63.35
55.81
22.79
164.64
128.58
157.02
97.45
43.87
44.87
57.53
53.57
137.66
151.36
82.46
84.28
87.45
118.45
150.31
107.03
84.65
236.90
79.43
79.63
143.58
81.69
54.97
55.69
132.64
72.20
101.52
64.12
57.08
31.52
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
0.39 –18.5
0.44 14.9
5.9
–0.35
0.49 –10.5
–0.11 12.5
0.17 12.5
–0.39 17.8
–0.55 13.3
1.1
0.04
–0.04 –0.1
0.3
0.05
–0.37 20.5
0.37 33.1
–0.16 22.7
–0.27 15.4
0.27 11.2
8.5
0.43
–0.12 15.3
1.2
0.11
7.5
0.01
16.7
–0.24
–0.35 14.2
1.14 12.2
2.8
0.12
1.1
–0.07
4.6
0.18
0.3
...
–0.16 18.9
1.45 19.5
–0.36 19.4
–0.30 24.9
0.49 33.7
–0.51 24.3
–0.49 20.1
0.13 17.3
2.3
–0.05
–0.31 24.8
–0.22 15.4
6.5
–0.08
0.26 17.5
0.46 10.1
3.5
0.51
–0.16 15.0
0.23 13.0
7.2
0.20
0.19 15.5
–0.40 22.4
7.5
–0.13
3.1
0.31
0.8
0.18
–0.06 –0.4
1.3
0.13
6.1
0.74
0.28 20.7
0.4
0.01
–0.38 29.9
–0.42 13.1
0.17 –1.4
0.9
–0.05
1.20 12.1
–0.29 22.4
–0.14 15.2
–0.23 15.8
–0.41 18.2
0.27 11.0
–0.29 15.4
8.8
0.11
–0.64 31.0
–0.69 14.9
8.9
0.84
–0.51 35.5
6.3
0.37
0.47 17.9
–0.11 14.4
–0.39 20.1
0.56 25.4
–0.31 20.0
–0.15 21.3
–0.31 23.5
–0.30 19.4
8.8
–0.31
1.5
0.10
2.0
0.09
–0.26 15.7
0.33 14.2
0.32 10.1
2.6
–0.44
–0.27 15.4
... –0.0
0.3
0.05
0.34 11.3
1.1
0.10
1.3
0.02
–0.09 21.4
–0.19 15.0
–0.14 18.4
9.1
–0.21
–0.64 11.7
–1.48 15.2
–0.63 12.3
Dec15 /Nov30
Bancroft Fund
Barclays ETN+ Select MLP
Franklin Ltd Duration IT
Franklin Universal Trust
iPath Asian & Gulf Curr
iPath GEMS Asia 8 ETN
iPath GEMS Index ETN
iPath S&P MLP ETN
OSh FTSE AsiaPac Qlty Div
BCV
ATMP
FTF
FT
PGD
AYT
JEM
IMLP
OAPH
7.5
5.9
10.7
5.3
0.6
1.6
4.4
7.0
1.7
.41
.29595
.1052
.032
.0222
.0535
.1095
.30322
.04163
Q
Q
M
M
M
M
M
Q
M
Dec27 /Nov28
Dec07 /Nov29
Dec15 /Nov30
Dec15 /Nov30
Nov21 /Nov17
Nov22 /Nov20
Nov22 /Nov20
Dec07 /Nov29
Nov24 /Nov20
Symbol
OSh FTSE Eur Quality Div
SPDR DJIA Tr
Virtus Glbl MultiSector
Virtus Glbl MultiSector
Virtus Glbl MultiSector
Virtus Global Dividend
Virtus Global Dividend
Virtus Global Dividend
Virtus Total Return Fund
OEUH
DIA
VGI
VGI
VGI
ZTR
ZTR
ZTR
ZF
Amount
Yld % New/Old Frq
1.9
2.9
10.5
10.5
10.5
10.3
10.3
10.3
11.7
.04155
.56177
.156
.156
.156
.113
.113
.113
.361
November 17, 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.
Inflation
Chg From (%)
Sept. '17 Oct. '16
M
M
M
M
M
M
M
Q
Stocks
SPDR Bloomberg 1-3M TBill
BIL
1:2
/Nov30
–0.06
0.28
2.0
1.8
International rates
Week
ago
Company
Amount
Yld % New/Old Frq
Symbol
Payable /
Record
Foreign
Netease ADR
Scorpio Tankers
Teck Resources Cl B
Teck Resources Cl B
NTES
STNG
TECK
TECK
0.8
1.2
0.7
0.7
.72
.01
.31413
.03927
3.0
1.3
2.2
.15
.17
.13
Q
Q
Q
Dec08 /Dec01
Dec28 /Dec13
Dec29 /Dec15
Dec29 /Dec15
Special
Provident Finl Svcs
SJW Group
Universal Insurance Hldgs
PFS
SJW
UVE
Dec22 /Dec08
Dec11 /Nov29
Dec04 /Nov27
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
BUSINESS OPPORTUNITIES
BUSINESS OPPORTUNITIES
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BUSINESS FOR SALE
BUSINESS OPPORTUNITIES
Manufacturer
Midwest solar panel manufacturer for
sale, including automated production
line and 5,000 completed panels.
Includes access to two state of the art
"breakthrough" technologies.
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Feb20 /Feb12
Jan09 /Dec29
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Jan09 /Dec29
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Friday, November 17, 2017
Closing Chg YTD
Symbol Price (%) (%)
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Policy Rates
Euro zone
Switzerland
Britain
Australia
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The Mart
Largest 100 exchange-traded funds,
latest session
U.S.
Canada
Japan
Amount
Yld % New/Old Frq
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All items
Core
Symbol
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Increased
ETF
Company
0.00
0.50
0.50
1.50
0.00
0.50
0.50
1.50
0.00
0.50
0.50
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Secondary market
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3.471 3.481 3.865 3.253
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3.490 3.500 3.899 3.281
Notes on data:
U.S. prime rate is the base rate on corporate
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B10 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* *******
MONEY & INVESTING
A Global Real-Estate Giant Whispers ‘We’re No. 1’
Brookfield Asset Management CEO Bruce Flatt leads efforts to build name recognition for Toronto company
BY MIRIAM GOTTFRIED
AND ESTHER FUNG
Brookfield Asset Management’s
total assets under management
$300 billion
AMY SUSSMAN/ASSOCIATED PRESS, KEVIN VAN PAASSEN/BLOOMBERG NEWS
Earlier this year, Brookfield Asset Management Inc.
lost its No. 1 spot in an industry ranking of the world’s
biggest real-estate investors.
Behind the scenes, the Toronto company started pushing back.
Brookfield, which manages
$269 billion in assets across
real estate, infrastructure,
private equity and renewable
energy investments, lobbied
an industry
WEEKEND group that crePROFILE
ates the ranking
to define it
more clearly so
that investors would know
its infrastructure investments weren’t being included, according to people
familiar with the matter.
The jostling was an example of Brookfield’s quiet efforts to build name recognition and burnish investor
cred in an industry full of
larger-than-life characters
and swaggering deal makers.
Chief Executive Bruce
Flatt, who himself could
claim the title of least-famous
real-estate billionaire, is
sometimes frustrated the
world doesn’t know more
about Brookfield, according
to people who know him. But
the last thing the understated
Winnipeg native would do is
come out and say so.
“I would say we’re thrilled
with our partnerships we
have with our investors and
the trust they put in us,” Mr.
Flatt said in an interview.
Hot Property
250
200
150
100
50
0
FY 2012 ’13
’14
’15
’16
’17
Note: Fiscal year ends Sept. 30
Source: the company
THE WALL STREET JOURNAL.
Brookfield Property Partners’ One Manhattan West property on Manhattan’s far West Side.
Mr. Flatt, 52 years old, is
known for making bets on
sectors or regions that have
fallen out of favor and riding
them until the market recovers and their values soar.
“He’s incredibly smart and
doesn’t have the herd mentality,” said Jonathan Gray,
head of real estate at Blackstone Group LP, which overtook Brookfield for the top
spot in the ranking this year.
“So he’ll go to Brazil when
no one likes Brazil. He’ll buy
distressed assets when
things are beaten down.”
Mr. Flatt’s latest contrarian bet came on Monday,
when one of its subsidiaries,
Brookfield Property Partners,
confirmed it made a $14.8
billion bid for the remaining
66% of mall real-estate investment trust GGP Inc. it
doesn’t already own.
The move was bold, at a
time when malls are struggling and retailers are closing stores as e-commerce
gains a stronger grip over
American consumers. Shares
of GGP were trading near
their 52-week low before The
Wall Street Journal reported
Brookfield’s offer on Nov. 12.
Mr. Flatt said it would be
easier for GGP to weather
the changes occurring in retail under Brookfield’s lead-
ership. Brookfield also sees
value in GGP’s land tracts.
Brookfield Asset Management controls a sprawling
portfolio, including listed
subsidiaries such as Brookfield Property Partners,
Brookfield Infrastructure
Partners and Brookfield Renewable Partners and a variety of private funds and public securities portfolios
across 30 countries.
Mr. Flatt, whose father was
a co-founder of Investors
Group, now a subsidiary of
Canada’s IGM Financial Inc.,
had a lawn-mowing business
as a teenager and went on to
study accounting. He started
Bruce Flatt in Toronto in 2015.
at Brookfield in 1989 and became a protégé of Brookfield’s
then-chief, Jack Cockwell.
Mr. Flatt’s success stems
from the emphasis he places
on establishing partnerships
with institutions and having
a long-term view, people who
know him say. This patience
is aided by the fact that
Brookfield’s top managers
own a large portion of its
stock. Unlike most asset
managers which typically
commit around 2% to 3% of
the capital in a fund, Brookfield is also the largest investor in every fund it raises.
One of his most high-profile bets is in Brazil, which
had fallen out of favor because of concerns over the
nation’s political stability.
Brookfield is constructing
4,200 kilometers (2,610
miles) of electricity transmission lines in Brazil. The
dearth of foreign direct investment, coupled with entrepreneurs and government
entities needing capital, produced “phenomenal opportunities, and we took advantage of that,” he said.
Brookfield said in its thirdquarter letter to shareholders
Nov. 9 it expects to double
the size of its overall business if it achieves its plans
over the next five years.
Denis Couture, who led
communications at Brookfield until 2010 and spent a
decade working with Mr.
Flatt, recalled when the company met its long-term target of $30 billion in assets
under management in 2005.
“I asked Bruce for a new
target and suggested $50 billion. He said: ‘How about
$500 billion?’ ” Mr. Couture
said. “Knowing Bruce, he’ll
get there.”
—Craig Karmin
contributed to this article.
Easing of Post-Crisis Rules Gets Boost Bitcoin Roars Back
WASHINGTON—The Trump
administration is endorsing
significant changes in the criteria for regulating large insurers and asset managers, sending a strong signal that firms
such as MetLife Inc., Prudential Financial Inc. and BlackRock Inc. can worry less about
strict rules from Washington.
The Treasury Department
on Friday recommended an
overhaul of the process for
designating nonbank financial
institutions as systemically
important, a post-financial crisis label that subjects some
firms to stricter regulatory
oversight.
Observers on both sides of
the political spectrum said the
recommendations would make
it less likely that the Financial
Stability Oversight Council
will designate nonbank firms
systemically important.
Regulators can implement
the recommendations by rule
without action from Congress.
Trump administration officials already had signaled
skepticism about using the
“systemic” label, but the Treasury’s report Friday offered
the most definitive critique to
date. It calls for allowing companies targeted for the designation to make changes before
additional supervision is applied and says a cost-benefit
analysis should be part of the
process.
Treasury Secretary Steven
Mnuchin said in a written
statement the changes would
improve FSOC’s analysis and
JESSE WINTER FOR THE WALL STREET JOURNAL
BY RYAN TRACY
AND LALITA CLOZEL
The rule changes pertain to asset managers such as BlackRock.
increase transparency.
It was good news for Prudential, the remaining nonbank
firm wearing the systemic tag,
as well as for BlackRock and
other asset managers that
fought under the Obama administration to avoid the label.
Prudential is hoping regulators will eventually release the
firm from federal oversight.
A MetLife spokesman said
the report “correctly identifies
flaws in the current designation process and endorses
strong remedies.”
Representatives of Prudential and BlackRock had no
comment.
For MetLife, the report signals regulators may stop trying to reassert federal oversight of the company. A U.S.
District judge rescinded the
company’s systemically important designation in March
2016, calling it unreasonable.
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
INTERNATIONAL NOTICES
* +
,-.# /0 +1+ * +0+ 23 3
+0* +23 4 ,,
!"!## $%
&' $() * +
, $
%
-
+ * % + $ %%
. / !! 0,
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To Nearly $8,000
BY STEVEN RUSSOLILLO
The price of bitcoin surged
Friday to a record near
$8,000, erasing the sharp pullback last weekend in a stretch
that is volatile even by the
digital currency’s standards.
After slumping more than
25% over four days, bitcoin
roared back this week, jumping to its highest level of
$7,998 on Friday morning in
Asia before retreating slightly,
according to research site
CoinDesk. The digital currency
has risen more than 700% this
year ahead of a highly anticipated launch of bitcoin futures, which could draw more
institutional investors into the
small yet growing market.
Price swings are common in
the cryptocurrency markets.
Bitcoin has had five separate
declines this year of more
than 20% off recent highs.
Still, the latest action stands
out for what some market
watchers described as unusual
activity involving bitcoin and
an alternative version of the
digital currency called Bitcoin
Cash, which has quickly grown
in popularity.
Bitcoin Cash’s price recently
quadrupled in four days just
as bitcoin was tumbling. Simultaneously, activity from socalled miners—businesses that
process transactions on the
network and get paid in new
coins—spiked on Bitcoin Cash,
quickly retreating and going
back to the original bitcoin.
“It seems highly likely that
this was an elaborate pumpand-dump scheme,” wrote Ben
Thompson, an independent analyst and author of the tech
newsletter Stratechery.
Bitcoin recently traded
around $7,800 after falling below $6,000 on Sunday.
“Money has rushed back
into bitcoin,” said Arthur
Hayes, founder and chief executive of BitMEX, a bitcoin-derivatives exchange in Hong
Kong. “We’re back from where
we started from last week.”
Traders’ focus is shifting to
the coming launch of bitcoin
futures contracts. Earlier this
week, Terry Duffy, chairman
and CEO of CME Group Inc.,
told CNBC he expects the futures contract listing could
come in the second week of
December. The U.S. Commodity
Futures Trading Commission is
reviewing the exchange’s plan
for launching bitcoin futures.
Futures are derivatives contracts that investors and companies typically use to speculate on prices or hedge risk
against market swings. Derivatives traders acknowledge the
complexities that exchanges
face in starting a healthy,
thriving market for cryptocurrency futures or options, including how to value bitcoin
derivatives and whether there
will be enough traders who
can consistently post prices.
“It’s a wild-west and rumordriven market,” said John
Spallanzani, chief macroeconomic strategist at GFI Securities LLC.
U.S. Bonds Regain Strength After Selloff
ADVERTISEMENT
! "!#
$ % & $ '
() &$#
The Obama administration appealed the ruling. Earlier this
year the case was put on hold,
pending the Treasury’s report.
The Trump administration
hasn’t said what it plans to do
about the MetLife case, but
the arguments in Friday’s report endorsed many of the
company’s complaints.
“What it tells you is they
are agreeing with MetLife,”
said Margaret Tahyar, a partner in the financial institutions group at Davis, Polk &
Wardwell LLP.
The report responds to a
memorandum issued in April
by President Donald Trump directing the Treasury to evaluate the designation process
undertaken by FSOC, which is
led by the Treasury secretary
and includes top financial regulators.
The 2010 Dodd-Frank law
created FSOC to avoid a repeat
of the 2008 financial crisis,
when large firms outside the
heavily regulated banking sector, such as American International Group Inc., received
bailouts.
FSOC used its designation
power to regulate AIG, General
Electric Co.’s GE Capital,
MetLife and Prudential. The
Obama administration evaluated but never designated others, including Warren Buffett’s
Berkshire Hathaway Inc.
Industry groups and some
lawmakers saw FSOC’s designations as unfounded and have
been seeking to undo or restrain the FSOC’s authority for
years.
In the Trump administration, those voices have found
a more sympathetic ear. Craig
Phillips, a top counselor to
Mr. Mnuchin on financial regulation issues, is a former
BlackRock executive. Andrew
Olmem, an adviser to the
president on financial policy
at the White House National
Economic Council, represented MetLife and other financial firms as a lobbyist after leaving his post as a
lawyer on the Senate Banking
Committee.
The White House counsel
has waived an ethics restriction on Mr. Olmem, allowing
him to participate in the review of FSOC procedures. Deputy press secretary Lindsay
Walters said in a written
statement that despite the
waiver, Mr. Olmem is recused
from “any particular matters
involving MetLife as a party”
and he “fully complied with
his recusal obligations.”
LEGAL
NOTICES
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(800) 366-3975
sales.legalnotices
@wsj.com
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visit wsj.com/classifieds
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
BY SAM GOLDFARB
U.S. government bonds
strengthened Friday, extending weekly gains as investors
took advantage of lower prices
following a modest selloff
Thursday.
The yield on
CREDIT
the benchmark
MARKETS 10-year Treasury
note settled at
2.352%, according to Tradeweb, compared
with 2.361% Thursday and
2.397% on Nov. 10.
Yields, which fall when
bond prices rise, have declined
this week as investors sold
riskier assets such as stocks
and high-yield corporate
bonds and bought safer assets
such as Treasurys.
Thursday marked a reversal
of that trend, with yields
climbing along with stocks.
But investors were back to fa-
voring Treasurys on Friday,
keeping the 10-year yield
firmly within the 2.3%-2.4%
range that it has held to for
most of the past two months.
“Yesterday’s selloff was
mercurial in that it surprised a
few folks,” and that has provided “an opportunity to buy,”
said Russ Certo, managing director of rates at Brean Capital LLC.
Some analysts attributed to
Thursday’s selling in bonds in
part to the House passage of a
far-reaching tax overhaul bill.
Many investors and analysts said that Treasury yields
would rise if such a bill became law, in part because it
would boost the federal budget deficit, requiring the government to issue more bonds.
A change in tax laws could potentially spur some economic
growth, causing investors to
favor riskier assets. It could
also boost inflation, which is a
main threat to government
bonds because it chips away at
the purchasing power of their
fixed returns.
However, the bill still faces
obstacles. No Democrats voted
for the legislation in the
House, and Republicans hold a
2.352%
Yield on 10-year Treasury
benchmark
narrow majority in the Senate.
In recent weeks, yields on
longer-term bonds have been
kept in check by relatively soft
inflation data. The European
Central Bank has also signaled
plans to extend monetary
stimulus deep into 2018, a policy that could continue to depress government bond yields
in Europe and ensure steady
demand for U.S. bonds from
overseas investors seeking
better returns than they can
get at home.
At the same time, Federal
Reserve officials have sent
strong signals that the central
bank will continue to raise interest rates at a gradual pace,
setting a floor for short-term
Treasury yields.
The Treasury has also indicated that, as the Fed buys
fewer bonds in the months
ahead, it will meet its additional borrowing needs by issuing more short-term debt
than long-term debt. That decision has helped shrink the
gap between the two-year
Treasury yield and the 10-year
yield to its lowest level in a
decade.
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 18 - 19, 2017 | B11
* * * *
MARKETS
Dow, S&P 500 Extend Losing Streak
Investors raise doubts Choppy Week
about duration of rally; Corporate news and progress on tax cuts swung stocks, leaving the S&P 500 near where it left off last Friday.
energy stocks among
S&P 500 performance and daily change
Consumer Staples
the biggest losers
2600
BY GEORGI KANTCHEV
AND CORRIE DRIEBUSCH
U.S. stocks slipped Friday,
dragging the S&P 500 and
Dow Jones Industrial Average
to narrow weekly losses.
That marks the second
straight week of declines for
both indexes, which previously
had been on a two-month-long
stretch of gains, boosted by
strong corporate earnings and
solid economic growth around
the world. But with the S&P
500 up more than 15% so far
this year, some investors are
asking how long the upswing
can last.
“We had a decent run-up in
stocks, but there are many unknowns out there,” said Sam
Stovall, chief investment strategist at CFRA Research, citing
risks from U.S. political developments, geopolitAical tensions or a possible worsening
in economic numbers. “The
boxer is rarely felled by the
punch he expects.”
Major indexes have wobbled over the past several sessions, hurt by a drop in the
price of oil even as consumer
companies have risen.
The Dow Jones Industrial
Average fell 100.12 points, or
0.4%, to 23358.24 Friday and
the S&P 500 shed 6.79 points,
or 0.3%, to 2578.85 after both
indexes notched their biggest
one-day gains since September
on Thursday. The Dow industrials ended the week down
0.3%, while the S&P 500 declined 0.1%. It was their biggest two-week declines since
mid-August, when worries
about rising tensions between
North Korea and the U.S.
weighed on stocks.
The Nasdaq Composite
edged down 10.50 points, or
0.2%, to 6782.79 on Friday, but
s0.1%
2590
Upbeat quarterly reports from Wal-Mart
Stores and J.M. Smucker helped boost
consumer-staples shares in the S&P 500.
s0.8%
575
570
2580
565
2570
560
2560
555
t0.2%
2550
Monday
t0.6%
Tuesday
t0.3%
Wednesday
Thursday
M
W
T
Mattel
General Electric
Russell 2000
Volatile oil prices dragged down energy
shares in the S&P 500 after the sector
had risen for two straight weeks.
Mattel shares jumped following reports
that Hasbro had made a takeover offer
for the toy maker.
GE slid after the company announced a
turnaround plan and said it would cut its
dividend in half.
Small-capitalization companies got a
boost after the House passed its
tax-overhaul bill Thursday.
520
$20
$22
1490
510
18
20
1480
500
16
18
1470
490
14
16
1460
480
12
M
T
W
T
F
14
M
T
W
T
F
T
W
T
F
M
T
W
T
F
THE WALL STREET JOURNAL.
Source: FactSet
finished the week up 0.5%.
Oil futures gained Friday,
with U.S. crude for December
delivery up 2.6% to $56.55 a
barrel. Still, oil ended the
week with losses as rising
U.S. inventories and wavering
demand
forecasts
have
weighed on the commodity,
dragging down shares of oil
producers.
Energy companies in the
S&P 500 closed the week
down 3.4%, the sector’s worst
weekly performance since January 2016. The losses offset
gains among some consumer
companies.
Wal-Mart Stores jumped to
a record Thursday after the
company reported its strongest U.S. sales in years, while
Mattel’s stock soared Monday
after The Wall Street Journal
reported that fellow toy maker
Hasbro approached it about a
possible merger. Wal-Mart’s
stock ended the week up 7.2%,
while Mattel closed out the
week with a gain of 28%.
Shares of fashion startup
Stitch Fix rose 15 cents, or 1%,
to $15.15 in their stock-market
debut after the company
priced shares below expectations in its IPO on Thursday.
Debate over the prospect
of a significant tax overhaul
in the U.S. also has swung
stocks this week. On Thursday, the House passed a bill
that would reduce the corporate tax rate to its lowest
point since 1939 and cut individual taxes for most households in 2018. The passage invigorated
small-company
stocks, which investors anticipate will be some of the bigger beneficiaries of a corporate tax cut, sending the
Russell 2000 small-cap index
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Charge Card
Tesla’s free cash flow, quarterly
$0.5 billion
0
–0.5
–1.0
–1.5
2016
F
1450
M
Tesla’s Musk Changes the Subject
2017
Note: Operating cash flows less capital spending
Source: the company; Tesla handout (photo)
THE WALL STREET JOURNAL.
and the sports car by 2020,
which seems impossible
given the company’s significant production issues. “We
guarantee the truck won’t
break down for a million
miles” of driving, he declared at one point.
And some key details
about the feasibility of the
truck project were missing
altogether. Mr. Musk didn’t
say how much the truck will
weigh, for instance, or what
its price would be.
Investors have never been
too concerned about the
practicality of Mr. Musk’s vision; the stock has gone up
nearly 16-fold since the 2010
IPO. But that nonchalance
might not last much longer.
That is because Tesla continues to take on more challenges while it is seriously
under the gun to fix problems with the Model 3. Tesla
built just 260 of them in the
third quarter. That is after
suggesting as recently as
2016 it could build as many
as 200,000 in the second
half of this year. There are
hundreds of thousands of
Model 3 reservation holders
who won’t have infinite patience.
Meanwhile, Tesla’s cashburn issues are becoming
more severe. It burned $1.4
billion in free cash in the
third quarter.
Producing the Model 3,
plus getting started on these
new projects, will require
billions more.
Fresh deposits for its new
products will help, but not
for long. Tesla will sell up to
1,000 ultrahigh-end versions
of the Roadster for $250,000
apiece, with payment required up front. That could
raise $250 million quickly,
but that capital would last
for just two weeks at the
current burn rate.
Wall Street’s reaction was
less enthusiastic than the
crowd’s. Shares rose 0.8%
Friday and are still 18% below their peak.
If Tesla can’t get the
Model 3 right soon, we can
expect another glitzy announcement. Tesla minivan
anyone?
—Charley Grant
OVERHEARD
Betting against retailers
was an easy call heading into
this month. It was also a really bad one.
November is the month
when most retailers report
third-quarter results, and by
any objective measure those
results were so-so at best.
But a lot of investors expected a lot worse than soso.
Indeed, for many retailers,
short interest as a share of
float has lately been higher
than it was in 2008.
The danger with shorting
is that if shares go sharply
the other way, you have to
buy them back at a much
higher price.
And the danger when lots
of people short is that there’s
lots of buying going on, which
only serves to push a stock
even higher.
Retail shares finished another big week Friday. Among
the heavily shorted retailers
that rallied: Urban Outfitters,
up 9.8%; RH, up 19.5%; and
Foot Locker, up 34.5%. Retailers will make it through
Christmas, but some fund
managers might not.
Stitch Fix Uncovers the Winning Formula for Tech IPOs
Tech investors may be
pickier, but they are still
willing to welcome new entrants—at the right price.
Stitch Fix learned that
this week. The company,
which sells customized outfits online to more than two
million customers, priced its
initial public offering Thursday night at $15 a share, 21%
below the midpoint of its
targeted range.
That was a disappointment, though it at least
spared the company the optical pain of a first-day drop.
Stitch Fix’s shares closed
Friday at $15.15, 1% above
the IPO price.
With three years of oper-
T
Energy
Email: heard@wsj.com
Tesla CEO Elon Musk was
in his element Thursday
night, announcing to grand
applause that the company
would build a truck that will
change transportation and
the world’s fastest production car.
Whether Tesla can actually produce and make
money on its mass-market
Model 3 is a less exciting but
far more important topic.
In unveiling a semitrailer
truck and new version of
Tesla’s Roadster sports car
to a crowd of delighted fans,
Mr. Musk sold a bright future. Each new product, at
first blush, offers highly
compelling features. The
electric truck, Tesla says,
will offer 500 miles of range.
The company says it will be
significantly cheaper to operate than a traditional diesel truck.
And the new sports car,
which will cost $200,000 for
a base model, will offer 620
miles.
But some aspects of the
plan were thoroughly unconvincing.
Mr. Musk said the truck
would be available in 2019
550
Friday
ating profit already on the
books, Stitch Fix was a rarity
among technology companies seeking their first public listing.
But that didn’t prove
enough for the company to
escape the shadow of Blue
Apron Holdings and, to a
lesser extent, Snapchat parent Snap.
Both consumer-focused
tech brands have been pummeled by the markets since
their debuts, with Snap now
down 25% from its listing
price in March, and Blue
Apron off 69% from its June
IPO price.
But those companies have
largely proved the exception.
Of 24 U.S.-based technology companies to have IPOs
this year, all but four are
trading above their IPO
price. Half are also trading
above their first-day opening
price, a good sign for regular
investors who don’t get
early allotments.
Roku, a consumer-tech
company that makes TVstreaming devices, has
surged 150% from its opening price in late September.
What’s the secret? Having
grounded expectations helps.
The year’s best-performing
tech debuts haven’t come
from the herd of “unicorns”
that sport private market
valuations of $1 billion or
Debutantes
Number of U.S.-based
tech IPOs each year
Through Nov. 16
60
40
20
0
2001
’05
’10
’15 ’17
Source: Dealogic
THE WALL STREET JOURNAL.
higher.
Only one of those in
fact—cloud software provider Okta—has generated
positive returns from its
first-day opening price.
Cloudera, last valued at $4.1
billion in the private market,
is valued at half that now by
the public market six
months after its IPO.
All this should bode well
for Stitch Fix in the long
run.
The company has demonstrated a profitable business
model with a fast-expanding
customer base. And its IPO
price values the company
just below 1.5 times trailing
sales, which is about 38% below the multiple of Blue
Apron’s debut and hardly
rich enough to cause investors much indigestion.
—Dan Gallagher
up 1.2% during the week, its
biggest percentage gain in
more than a month.
Still, hurdles remain as focus now shifts to the Senate,
which is contending with debate over its own bill.
The Stoxx Europe 600 fell
0.3% Friday and posted a
weekly decline of 1.3%. Japan’s
Nikkei Stock Average added
0.2% Friday and recorded a
1.3% drop for the week.
WSJ.com/Heard
For GE,
Opportunity
Means Action
General Electric’s new
CEO laid out his turnaround
plan on Monday and used
stronger words on Wednesday, but the shares kept falling. On Friday, John Flannery personally tried to stem
the decline, buying $1 million in stock.
Mr. Flannery didn’t give a
reason for his bet, but one
reason for optimism is that
GE’s competitors are performing very well. That
could enable more ambitious
asset sales and further reduce the complexity that has
bedeviled the conglomerate.
Before this week, GE had
cut its dividend in 1938 and
2009, moments of national
crisis. There is no such calamity this time. The S&P
Global 1200 Industrials index, which includes GE, has
returned 16% so far this year.
Rivals Honeywell International and Siemens are up
27% and 12%, respectively,
this year.
The performance means
that now is a good time to
be a seller. Emerson Electric
boosted its takeover offer for
Rockwell Automation to
about $29 billion on Thursday.
Mr. Flannery’s initial plan
is a good one. Cutting the
dividend and reducing the
profit forecast will minimize
the chances of ugly surprises. Doing more than
what he promised, quickly,
could help to rebuild GE’s
valuation. He has given hints
that he may appreciate this
logic. “There is optionality in
the portfolio, and we will
continue to explore every
option that’s in front of us in
perpetuity,” Mr. Flannery
said on Wednesday.
Shares are down 11% since
Monday and off 42% this
year. Turning those words
into big action would be a
wise choice. —Charley Grant
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Holiday book
special:
Silicon Valley,
soccer and soul
music in Florida
Why not talk
politics over
Thanksgiving?
Jason Gay’s tips
to keep it civil
C5-C18
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BOOKS
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CULTURE
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SCIENCE
COMMERCE
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POLITICS
|
LANGUAGE
THE WALL STREET JOURNAL.
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ART
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FROM TOP: ALAA AL-MARJANI/REUTERS; JEROME DELAY/ASSOCIATED PRESS
© 2017 Dow Jones & Company. All Rights Reserved.
|
BY YAROSLAV TROFIMOV
A
Democratic
Surprise
in the
Middle East
A WOMAN VOTES in national
elections in 2014, top; a statue of
Saddam Hussein is toppled on the
day he is ousted by U.S.-led
troops in 2003, bottom.
N THE YEARS SINCE the U.S.
invasion of Iraq in 2003, American promises of turning the country
into a model democracy, spreading
freedom across the Middle East,
Arab majority and the Sunni Arab and
have often seemed like cruel mockKurdish minorities still dominate its
ery. By the time the U.S. withdrew
politics. Violence and corruption are
in 2011, Iraq had been ravaged
endemic. And Iranian-backed Shiite
by bloody insurgencies and secmilitias, empowered by war on Istarian massacres that killed hunlamic State, control many levers of
dreds of thousands of Iraqis and more
government and seek a greater role
than 4,500 American troops. In 2014,
for themselves—and for Tehran.
Iraq almost collapsed in the face of a
Fostering democracy in the Middle
blitzkrieg by Islamic State, as the exEast, in addition to eliminating Iraq’s
tremist group reached the outskirts of
nonexistent weapons of mass destrucBaghdad. There weren’t many takers in
tion, was a central plank of President
the region for the Iraqi model.
George W. Bush’s campaign to oust SadToday Iraq’s prospects are looking
With free elections and a robust press, Iraq’s
dam Hussein in 2003. “The establishbrighter. A resurgent central governpolitical experiment has survived many setbacks—
ment of a free Iraq at the heart of the
ment has defeated Islamic State,
and remains a rarity in the region.
Middle East will be a watershed event
thanks in part to renewed American
in the global democratic revolution,”
military involvement, and has taken
Mr. Bush said in a speech that year. “That success
back lands lost to the country’s Kurdistan autonowill send forth the news, from Damascus to Tehran,
mous region since 2003. And Iraq’s improbable pothat freedom can be the future of every nation.”
litical experiment has endured. In an increasingly
After the invasion, millions of Iraqis repeatedly
repressive and authoritarian part of the world, this
turned out to vote, raising their ink-stained finnation of 40 million people stands apart as a rare—
gers in celebration as they chose a new governthough still deeply flawed—democracy. Iraq’s
ment and, in a 2005 referendum, approved the
elected leaders insist that, despite their country’s
country’s constitution. The celebrations proved
many travails, it still has something to teach the
fleeting, however, as the Sunni Arab minority,
rest of the Middle East.
whose representatives had governed Iraq for most
“I hope others in the region will see a lot of
of its history, rejected their diminished role in the
hope and positive tendencies in our democracy,”
new order.
Iraqi Prime Minister Haider al-Abadi said in a reIraq’s three Sunni-majority provinces were the
cent interview in his palace in Baghdad’s Green
only parts of the country to vote “no” in the referZone. He sees the country’s multiethnic, multi-conendum, and a Sunni insurgency, in its various
fessional makeup not as a fatal weakness but as a
forms—from former members of Saddam’s Baath
source of pride. “We have decided that we’ll accept
Party to al Qaeda to Islamic State—has continued to
that we are different. We are very eager to keep
ebb and flow ever since. American mistakes, from
and protect our diversity. We want to undo whatdisbanding the Iraqi army in the early days of the
ever the terrorists have done.”
occupation to misguided reconstruction efforts, ofIraq’s democracy remains fragile and imperfect.
Please turn to the next page
Sectarian and ethnic divides between the Shiite
‘We are very eager to keep
and protect our diversity,’
says the prime minister.
INSIDE
MOVING TARGETS
Subscription boxes are just
getting better and
better...and
weirder. Joe
Queenan’s picks.
C19
EVERYDAY MATH
Do you prefer fruits or veggies—
and where does algebra come
in? Eugenia Cheng explains.
C2
ESSAY
Mass shootings are often copycat crimes. So what rules for
the media in covering them?
C4
EXHIBIT
Four wheels and a dream.
Concept cars on the road to
industry innovation.
C20
ESSAY
The $60 shirt fallacy and
other bad money decisions:
remedies for foolish spenders.
C3
ISTOCK (HOLIDAY BOOKS)
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* ***
THE WALL STREET JOURNAL.
REVIEW
Iraq’s Political Experiment Endures
EVERYDAY MATH:
EUGENIA CHENG
A Difficult
Road to
Democracy
Fruit, Veggies and
How to Depict
The Universe
DO YOU PREFER fruits or vegetables? A questionnaire that allows only one of those two answers is a crude way of getting
information about your eating
preferences. Fortunately, mathematics offers
a number of tools for analyzing and understanding the more nuanced reality of the situation. Math’s complex symbols and operations are interesting for their own sake but
also, as Hamlet would say, because they let
us hold “the mirror up to nature.”
How can we improve our simple binary
questionnaire? We can offer participants a
scale of options: for example, “strongly prefer fruit,” “slightly prefer fruit,” “no preference,” “slightly prefer vegetables,” “strongly
prefer vegetables.” But what if your preference for vegetables falls somewhere between
slightly and strongly? A more subtle sort of
questionnaire, often used by psychologists,
gives you a continuous line from “fruit” to
“vegetables” on which you can put a mark.
This is better but still limited. The continuous line will not distinguish between an
omnivore who loves both fruit and veggies
and someone who hates everything but
meat. The problem with the continuous-line
approach, mathematically speaking, is that it
assumes a zero-sum game between the two
outcomes. A zero-sum game is one in which
the outcomes add up to zero, so that the
only way for one outcome to grow is for another to shrink. In a zero-sum world, the
only way to eat
more fruit is to eat
fewer veggies,
which is only true
if there is a fixed
total amount of
these foods that
you will eat. A
zero-sum game pits
people or ideas
against each other,
but not all situations are adversarial.
A more subtle questionnaire would place
the answers on a two-dimensional graph,
with, say, a horizontal axis for fruit and a
vertical one for veggies. This acknowledges
that your appreciation for each kind of food
is a separate issue. Then instead of placing
your mark somewhere on a straight line, you
could place your mark anywhere on the
page. Those who dislike both foods, for example, would register their preferences far
down in the bottom left corner, where both
values are negative.
This progression in subtlety mirrors the
development of our understanding of numbers as we grow up—and to some extent,
how math developed as a field of inquiry
over the millennia.
First, we know about whole numbers for
counting things. Then negative numbers let
us talk about win and loss, gain and debt.
Fractions divide up the whole number
spaces, but they still leave tiny gaps between
them. These are filled in by irrational numbers, the decimals that go on forever without repeating, like pi, giving the equivalent
of a continuous line on a questionnaire.
Since life is much more complex than
that, however, higher-dimensional mathematics comes in—like the graph I described.
Here we study more than one variable at a
time, just as when you evaluate a book or
movie according to many criteria rather than
just giving it a rating on a scale from 1 to 10.
The one-dimensional rating is convenient,
but at what cost? Mathematics becomes increasingly sophisticated in order to handle
more criteria and to mirror the world with
greater sensitivity.
One modern treatment of extra dimensions is in a field of algebra called category
theory. Here mathematicians study relationships between things and then relationships
between the relationships. For example, we
could first ask in what ways you prefer fruit
and vegetables—perhaps fruit tastes better
but vegetables are better for you. The next
dimension would compare those criteria: Do
you care more about the taste of food or its
health benefits?
Simplifying situations always involves losing subtlety, and we should be careful what
we sacrifice in doing. Math might seem dry
and remote, but its advances are driven by
the desire to express and understand the nuances of the world’s complexity—and our
own.
FROM TOP: CHRIS HONDROS/GETTY IMAGES; KARIM KADIM/ASSOCIATED PRESS; SEBASTIAN MEYER/CORBIS/GETTY IMAGES; ASSOCIATED PRESS; AHMAD AL-RUBAYE/AFP/GETTY IMAGES
The limits
inherent in
a zero-sum
world view.
TOMASZ WALENTA
Continued from the prior page
to pressure from the U.S. and Iran, but he still retains considerable
ten exacerbated the violence. Meanwhile, the fallout from the insway, particularly in the Iraqi parliament. Though the combative
vasion spurred jihadist movements across the Muslim world, creMr. Maliki and Mr. Abadi, a soft-spoken British-educated engineer,
ating a new generation of battle-hardened radicals who
technically belong to the same Shiite Dawa party, the two are
destabilized other countries, especially in the wake of the 2011
likely to field competing candidates lists in the May elections.
Arab Spring.
(The prime minister is chosen by parliament, and the president,
The awful toll of the invasion, in the eyes of many in the West
by convention a Kurd, holds only symbolic authority.)
and the Middle East, quickly discredited the Bush administration’s
Mr. Maliki is still widely seen as Mr. Abadi’s most dangerous ritalk of promoting democracy. But one fact remains: Iraq’s post-inval for power—even though his ability to challenge the prime minvasion institutions of government and its 2005 constitution have
ister has been blunted by Baghdad’s recent achievements against
largely survived the turmoil, helping to hold the country together
Islamic State and Kurdistan. “People say now that Maliki had lost
despite formidable odds and repeated predictions of collapse.
provinces and Abadi has reclaimed them,” points out Moeen al-Ka“Iraq’s democratic and more importantly constitutional strucdhimi, a leader in one of the most powerful Shiite militias, Badr.
tures that were put in place as a result of 2003
The recent crisis over Kurdistan’s Sept. 25 inand U.S. direct involvement have weathered 12
dependence referendum highlighted how demoyears, ISIS seizing one-third of the country, a sicratic legitimacy can turn into a potent political
multaneous drop by 50% of its main economic
tool. The ease with which Mr. Abadi’s government
driver oil, and conflict with Kurdistan,” points
managed to reclaim the oil-rich province of Kirkuk
out James Jeffrey, a scholar at the Washington
and other strategic areas in Kurdistan was due, in
Institute for Near East Policy and a former U.S.
large part, to widespread dissatisfaction within
ambassador to Iraq. He cautions, howKurdistan over the 25-year rule of the
ever, that none of that justifies the
region’s president, Masoud Barzani.
“huge cost” of ousting Saddam in 2003.
Unlike the elected authorities in
Vindicating the invasion is “an unBaghdad, Mr. Barzani—who finally
fairly high bar to impose” when assessstepped down as president on Nov. 1—
ing Iraq’s current state, adds Larry Diahad overstayed his term by two years.
mond, a senior fellow at Stanford
Presidential elections were repeatedly
University’s Hoover Institution and the
postponed, and Mr. Barzani’s party used
author of the 2005 book “Squandered
military forces under its control to keep
Victory,” on the failures of America’s
the Kurdistan parliament not only from
democracy-building exercise in Iraq.
electing a successor but even from con“Once the Iraqi state was shattered,
vening.
our goal became trying to help build a
As the economy shriveled amid comviable democratic order,” he says. Toplaints about corruption and Mr. Bar2003 U.S.-led forces begin a campaign that
day, “Iraq has at least more political
zani’s heavy-handed approach, many
ousts Saddam Hussein in three weeks.
pluralism and civic space
Kurdish
politicians—disthan most of its Arab
mayed with Kurdistan’s reneighbors, and that is
treat from democratic rule—
something to appreciate
chose to cooperate with Mr.
and try to further support
Abadi’s federal government
and nurture.”
rather than their ethnic kin.
Indeed, the country is
As a result, federal forces
bucking the slide toward
seized Kirkuk without signifautocratic rule that has beicant resistance shortly after
come the norm across the
the referendum, in what Mr.
region, from Egypt to TurBarzani branded a historic
key to the monarchies of
betrayal by his Kurdish rithe Gulf, since the mayhem
vals.
unleashed by the Arab
“Barzani’s policies damSpring.
aged democracy in the KurdDespite violence and inistan region, which led to
timidation, Iraq has relack of transparency and the
tained a genuine political
absence of legitimate insti2005 Iraqis elect a provisional government and then return to polls
life and a relatively free
tutions,” said the Kurdistan
to adopt a constitution, in a vote split on sectarian lines.
press, with dozens of TV
parliament speaker, Yousif
news channels, some of
Sadiq. The solution to the
them virulently hostile to
Kurdish crisis lies in finally
Prime Minister Abadi. With national elecholding long-delayed elections in the Kurdtions scheduled for May, nobody can preistan region, empowering a representative
dict who will emerge as the winner. Degovernment there, Mr. Abadi says now.
spite his government’s triumph in the war
“Iraq is one country. If you revert to
on Islamic State, Mr. Abadi’s reelection is
dictatorship in one part, people might
not at all assured.
copy that in another part of the country.
Among other Arab states, only the
This is very dangerous for us,” he says.
smaller nations of Lebanon and Tunisia
“We have suffered a lot under dictatorpick their leaders in truly competitive
ship. We should never allow dictatorship
elections. Even pro-Iranian Shiite militias,
to come back.”
which constitute a powerful (and, to the
While Mr. Abadi’s popularity is now at
U.S., profoundly malign) force in Iraq and
its peak, particularly after regaining Kiralso operate as political movements, ackuk, the Iraqi leader seemed on the ropes
knowledge that Iraq is much freer than
just last year. The struggle against Islamic
their patron state. While Iran holds elecState appeared to be stuck. Mass demontions, real power there resides with the
strations convened by Shiite cleric Mo2011 U.S. troops leave, after the failure of
Shiite religious establishment, which
qtada al-Sadr—who exploited widespread
talks to keep 10,000 in the country.
strictly vets candidates for
anger over corruption—overpublic office and makes all
ran Baghdad’s Green Zone,
strategic decisions.
stormed parliament and
“It’s hard for us to conpushed the country to the
fess that America did somebrink of revolution. Though
thing good for us because of
several ministers lost their
so many mistakes that it
jobs, Iraq’s institutions surcommitted here,” says Qasim
vived the challenge. As politial Darraji, a member of the
cal rivals mobilized to defend
political bureau of Asaeb Ahl
the system, Mr. Sadr balked
al Haq, one of the main proat escalating his attacks, and
Iranian Shiite militias that
his movement’s threat to the
fought against American
constitutional order receded.
troops a decade ago. “But it
These political developtoppled Saddam. And now
ments have highlighted the
Iraq is for sure freer than
political fragmentation of
Iran and than the rest of the
Iraq’s
Shiite
majority,
region.”
prompting rival Shiite groups
2014 The Sunni militant group Islamic State seizes swaths of
Mr. Abadi has pledged to
to seek allies among Sunnis
territory and declares a caliphate, threatening Iraq’s viability.
bring all the Shiite militias
and Kurds. Such outreach
under central government
could soften the country’s
control or disarm them—a
sectarian
divide
and
promise that may prove easier to make
strengthen its democracy, but it also
than to fulfill. He also has recently
could create new, potentially violent
sought to balance Iranian influence by
fault lines. “People are scared of a new
cultivating better ties with Saudi Aracivil war, which may be a Sunni war
bia, Turkey and other Sunni powers.
against Sunnis or a Shiite war against
Still, despite signs of a renewed Iraqi
Shiites,” warns Mr. Maliki, who, as
nationalism after this year’s victory
prime minister, sent the Iraqi military to
over Islamic State, the nation and its
reclaim the southern city of Basra from
political class remain deeply split.
a militia loyal to Mr. Sadr.
Sunni Arabs and Kurds, in particular,
In the coming elections, Mr. Abadi
complain that the Shiite majority is
and Mr. Maliki are seen as offering
abusing democratic institutions to mostarkly different visions. Mr. Abadi is
nopolize political power.
pushing for a consensual approach, bal“This is not the Iraq that we wanted.
ancing rival interests in parliament and
2017 Militias and U.S. strikes help Baghdad
Are we teasing ourselves when we say
ensuring that all the major groups, inpush back Islamic State and regain control.
that Iraq is a democratic country? That
cluding the Kurds, have adequate replaw and order prevails in the country?”
resentation. Mr. Maliki, by contrast, is
says Eyad Allawi, a longtime opponent
heading into the May elections with a
of Saddam’s rule and prime minister in 2004-2005, who now
call to create a powerful political bloc that would establish a coheads a nonsectarian parliament bloc that attracts many Sunni
hesive majority.
votes. “Our political process is riddled with severe problems: sec“If the current system of quotas and power-sharing continues,
tarianism, disenfranchisement. It’s a mess. If the political process
this will be the biggest threat to democracy,” says Mr. Maliki. “One
is not rectified to be an inclusive one, then my fear is that Iraq
of the mechanisms to face challenges ahead of us is to have a
will disintegrate one way or another.”
strong government.”
Iraq’s sectarian affliction was at its worst under Mr. Abadi’s
On one major issue, however, Mr. Abadi and Mr. Maliki agree:
predecessor as prime minister, Nouri al-Maliki, who governed
The elections must be held on time in May, despite calls from
from 2006 to 2014. Discrimination at the hands of the Shiite-domsome politicians, particularly those representing Sunni provinces
inated government in Baghdad at the time pushed many Sunni Arravaged by the war against Islamic State, to postpone the vote by
abs outside the political process, and, in the summer of 2014,
a year or more and to extend the current parliament’s term.
paved the way for Islamic State to seize much of Iraq’s Sunni belt
“Not holding elections will be even more dangerous to us than
with little or no resistance.
ISIS,” Mr. Maliki says, “because in that case the democratic proMr. Maliki was forced to resign after these losses, in part due
cess will end.”
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 18 - 19, 2017 | C3
ROBERT NEUBECKER
REVIEW
Remedies for
Foolish Spenders
Knowing the most common
faults is the first step to
smarter personal finances
BY DAN ARIELY AND JEFF KREISLER
MOST OF US think about money a lot: how
much we have, how much we need, how to get
more, how to keep what we have and how
much our neighbors, friends and colleagues
make, spend and save. Luxuries, bills, opportunities, freedom, stress—money touches every
part of modern life, from family budgets to national politics, from shopping lists to savings
accounts.
Thinking a lot about money would be fine if,
by thinking more about it, we were able to
make better decisions. But that’s not the case.
As innumerable studies in behavioral economics have demonstrated across a range of situations, making bad money decisions is a hallmark of humanity. We’re fantastic at messing
up our financial lives.
But don’t despair. If we put our minds to it—
and apply some lessons from behavioral economics—we can individually and collectively
improve our financial decision-making. The
first step is being aware. The next step is turning that awareness into an effective plan.
Here are some of the most common valuation mistakes that we make—and suggestions
for how we can avoid, correct or mitigate them.
We ignore opportunity costs. Think about
transactions in terms of opportunity costs by
considering more explicitly what we’re sacrificing for what we’re getting. For instance, we can
translate dollars into time—how many hours of
wages, or months of salary, we must work to
pay for something.
We get misled by relative prices. When we
see a sale, we shouldn’t consider what the price
used to be or how much we’re saving. Rather,
we should consider what we’re actually going
to spend. Buying a $60 shirt marked down from
$100 isn’t “saving $40.” It is spending $60.
We should try not to think in percentages.
When data is presented to us in percentages
(for example, a financial adviser’s fee of 1% of
assets under management), we should do the
extra work and figure out how much money
is really on the line. The money in our pocket
is tangible; it exists in absolutes. $100 is
$100. Whether it’s 10% of a $1,000 purchase
or 1% of a $100,000 purchase, it still buys the
same 100 packs of Tic Tacs.
We compartmentalize. Money is fungible.
Every dollar is the same. It doesn’t matter
where money comes from—our job, an inheritance, a lottery ticket, a bank robbery. The
money is all ours and it belongs, in fact, to the
general “our money” account. If we find ourselves splurging with certain “kinds” of
money—just because in our mind the money
belongs to the “bonus” or “winnings” account—
we need to pause, think and remind ourselves
that it’s just money. Our money.
We avoid the pain of paying.
Feeling the pinch of paying helps
us at least consider the value of
our options and the opportunity
costs. The pain helps us pause
before purchasing and consider
whether or not we really should
spend our money then and there.
The problem, of course, is
that the people who make payment systems don’t share our
desire to slow down and consider alternatives.
That is why the best solution for preserving the
pain of paying may be as simple as: “Use cash,
not credit cards.” Or maybe it’s even simpler:
“Punch yourself every time you spend money
so you really feel it.”
We trust ourselves. When it comes to spending, trusting our past decisions can create big
problems. We should avoid doing something all
the time, like getting a $4 latte, just because
we’ve always done it before. From time to time,
we should stop to question our long-term habits. Those of us who don’t learn from our own
spending histories are doomed to repeat them.
We should ask if a latte is really worth $4 to us,
or if a cable bundle is worth $140 a month,
or if a gym membership is worth fighting for
parking just to look at our phone while
trudging on a treadmill for an hour.
We overvalue what we own and what we
might lose. We love to have stuff, and once
we acquire it, we naturally think our own
stuff is the best in some objective sense.
But it’s not.
We shouldn’t trust that the home renovations we are going to make will increase the
resale value of our home. We should recognize that our taste is unique, and that other
people might see things differently. Renovating is fine, as long as we head down that
path recognizing that it might only increase
the value of the home to us.
Sunk costs cannot be recovered. If an
amount is spent, it’s spent. The past is
past. When making decisions, consider
only where we are now and where we will
be in the future.
We believe in the magic of language and
process. The great 20th-century philosophers Public Enemy put it best: “Don’t believe the hype.” If the description of something, or the process of consuming
something, is long-winded and overblown,
we’re probably paying for that description
and process, even if it doesn’t add any real
value. Watch out for irrelevant claims
about the effort that went into producing
something: There is rarely a good reason
to pay $300 for an artisanal hammer.
We make expectations a reality. Expectations give us reason to believe that
something will be good—or bad, or delicious or gross. They change our perception and experience without altering the true underlying nature
of the thing itself.
Expectations can alter our experiences for the better, of course. Once we
buy a bottle of wine, we may want to manipulate ourselves into believing it’s worth
$20 more than we paid. We can let it breathe
and swirl it and smell it and put it in a fancy
glass knowing that with all of these tricks, it’s
going to be a better experience.
What we don’t want is to buy a bottle of
wine because someone has tricked us into
spending $20 more than we should. We hear
the sommelier describe the vintage and tannins
and awards and reviews and hints of elderberry
and believe it must be worth a lot. That’s being
used by expectations.
We overemphasize money. Prices are just
one of the many attributes that signal the value
of things. They may be the only
attribute that we can easily understand, but they’re not the
only attribute that matters.
When we move from comparing
money to things to comparing
things to things directly, it puts
our choices into new perspective. For example, when looking
at a vacation, consider the
amount the vacation would cost
in terms of movies you could attend or wine you could drink.
We’re all floating on that rough sea of uncertainty; don’t let someone else’s idea of
value—that is, the price—be what you grab on
to for salvation. A price is just a number, and
while it can be a powerful part of a decision, it
doesn’t, and shouldn’t, mean everything.
Think in
dollars, not
percentages,
and stick
to cash.
Adapted from the new book by Mr. Ariely
and Mr. Kreisler, “Dollars and Sense: How
We Misthink Money and How to Spend
Smarter,” published by Harper (an imprint of
HarperCollins, which, like The Wall Street
Journal, is owned by News Corp).
WANT TO SPICE UP THANKSGIVING DINNER? TALK POLITICS
THANKSGIVING is coming—and with
it, two big, annual, wildly contentious
questions:
1. Is canned cranberry sauce actually a food product that should be
consumed by human beings?
2. Can we talk politics at Thanksgiving dinner?
I want to go on the record: I like
canned cranberry sauce, and I am at
least 31% sure it is food.
At the same time, I believe if you
shake cranberry sauce out of a can—
with a big, disgusting THWUUUPPPPP
—and leave it on a chair in the backyard until the year 3012, it will look
exactly the same. By then the canned
cranberry sauce may even be sentient
and raising a family of its own.
Also: I think it’s OK to talk politics
at Thanksgiving.
I realize the latter position is controversial. Many reasonable American
families try at all costs to avoid politics at the Thanksgiving dinner table.
Some families actually have a rule:
no politics at Thanksgiving, and it’s
strictly enforced, like the way Mom
made you and your spouse sleep in
separate rooms until you were married. If you even say the word “politics,” the host will begin wildly waving his or her arms, as if a grizzly
bear has rumbled into the kitchen.
Other families simply flee the table
LOUISA BERTMAN
BY JASON GAY
when Uncle Billy’s had a few cocktails
and gets going about something he
heard on talk radio.
It’s definitely safer to leave the
conversation to more easygoing topics, like:
Weather.
Netflix shows we’re all watching.
Possible salmonella poisoning.
Serial killers loose in the neighborhood.
In-laws we don’t like.
Watching football has traditionally
been an easy way to escape Thanksgiving political chitchat. The Detroit
Lions were basically invented to help
Americans avoid speaking to their
families at Thanksgiving.
Thanks, Lions!
But even football is political this
season. You’ve seen the headlines.
You’ve read the tweets.
So what to do?
I say let it rip. Talk politics at
Thanksgiving! It might just be the
spice your family dinner needs.
There should be a bit of structure,
however. Thanksgiving cannot be
completely lawless. You’re at a table,
not a steel cage Ultimate Fighting
Championship Octagon (though
Thanksgiving in a steel cage UFC Octagon would be pretty amazing).
Here are a few tips to have a juicy
but safe political conversation at
Thanksgiving:
zier. Give them an opportunity to explain how lucky you have it and to
make you feel a little embarrassed
and self-centered. When they’re done,
help them to the couch, because they
find all of you boring.
PICK A SPECIFIC TIME. You’re playing with fire if you just let your family
talk politics all day, especially if
there’s been an open cooler of beer in
the kitchen since 10 a.m. Let your
guests know there will be a specific
period of time when political conversation is allowed. I suggest dessert,
since it’s harder to maim a family
member with a spoon.
LISTEN TO THE KIDS, TOO. Adults
have a tendency to gasbag and act
like every political act deeply affects
them. But it’s the kids who are really
going to feel the impact of what’s
happening today, so ask them to contribute to the conversation. You may
have to take away their phones.
HAVE CONVERSATIONS, NOT
SPEECHES. There needs to be a civil
exchange of ideas. Give your take on
the issues of the day, then listen to
others. No screaming. No shouting
anyone down. Basically, if your dinner
table starts to sound like a cable news
show, you need to stop.
NO QUOTING “SOMETHING I READ
ON FACEBOOK.” Use trusted, legitimate news organizations as source
material. Please do not quote the guy
on Facebook who believes that cereal
boxes contain CIA recording devices.
LISTEN TO THE ELDERS. As crazy as
America seems right now, it’s likely
there’s someone at your table who remembers when things were a lot cra-
GIVE THE FAMILY VEGETARIANS A
MOMENT. They’ve had to watch you
tear apart that poor murdered bird
for an hour, so the least you can do is
hear them out on factory farming.
NO TWEETING FROM THANKSGIVING DINNER. This goes for the White
House, too.
CREATE A PENALTY BOX. This is
extremely important. If you talk politics at Thanksgiving, you must be
courteous. Anyone who is disrespectful will be asked to leave the dinner—and immediately go to the penalty box.
What is the penalty box? It’s that
giant pile of dishes and disgusting
greasy pans in the kitchen sink. Roll
up your sleeves, blowhards. It’s going
to take a couple of hours.
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 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
How Not to Cover
FROM TOP: PHOTO ILLUSTRATION BY DOUG CHAYKA; ERIC THAYER/REUTERS
Mass Shootings
The often sensationalistic
media attention given to
perpetrators is central to why
massacres are getting worse
and happening more often
were inspired by previous ones can prove it.
Researchers have begun to construct better
accounts of the kind that Dr. Lankford favors,
systematically compiling evidence that particular mass shooters praised or studied prior shooters. In 2016, psychologist Peter Langman published an astonishing chart showing the web of
influence extending out just from the 1999 Columbine shooting. To follow just one thread: The
Columbine shooters were described as “martyrs” by the 2007 Virginia Tech Shooter, who
was in turn admired by the 2008 Northern Illinois University shooter, who was in turn closely
studied by the 2012 Newtown shooter, who was
in turn referred to as “godlike” by the 2015
Umpqua Community College shooter.
Some of the most significant research has
come from a journalist, Mother Jones reporter
Mark Follman. In a pair of 2015 articles, Mr. Follman outlined the extensive evidence for the
copycat and contagion effects, tracing 89 deaths
to copycat shooters who directly cited Columbine as inspiration.
This work has led to some perceptible
changes in media coverage. Cable news hosts
Anderson Cooper, Megyn Kelly and Lawrence
O’Donnell have all stated their commitment to
tices. Top editors and standards officials at
media outlets aren’t doing much to address evidence of the contagion effect.
Last year the Washington Post blogger Erik
Wemple asked various publications to respond
to the idea of following the TV news hosts by
not identifying the Orlando nightclub shooter.
Editors from the Post, the Huffington Post and
the New York Times all demurred (though the
BY ARI N. SCHULMAN
Huffington Post said it was limiting the use of
his name and photo). None of them addressed
IT ISN’T YOUR IMAGINATION: Mass shootings
the contagion issue. When NPR Standards &
are getting deadlier and more frequent. A recent
Practices editor Mark Memmott noted the radio
FBI report on “active shooters” from 2000 to
hosts who had refrained from using the Las Ve2015 found that the number of incidents more
gas shooter’s name, he cited only concern for listhan doubled from the first to the second half of
tener feelings as a reason for doing so.
the period. Four of the five deadliest shootings
An NPR spokesperson declined to comment
in American history happened in the past five
for this article, and CNN standards editors did
years, and 2017 already far exceeds any previous
not return requests for comment. A spokesperyear for the number of casualties.
son for The Wall Street Journal said, “We beThough we seem to be plunging ever deeper
lieve our primary obligation is to inform. We beinto a dark night, researchers now have a far
lieve in the crucial importance of accuracy,
clearer view of a key factor in the violence. A
especially in fast-moving situations, as well as
long-standing theory has matured into a body of
sensitivity towards victims.”
evidence that can no longer be dismissed: The
Disputes remain among researchers about
level of attention paid to mass shootings is cenhow journalists should change their approach.
tral to why they keep happening.
An open letter signed by 149 researchers in OctoThe idea that some crimes
ber, spearheaded by Dr. Lankford,
might be self-spreading, like a
asks only for restraint in using
disease, was proposed as early as
the names and images of shoot1890, when the French socioloers, with no limit on other degist Gabriel Tarde labeled murtails; they stress the need to
ders copying Jack the Ripper
thwart a would-be shooter’s de“suggesto-imitative assaults.” For
sire for notoriety. Others focus
mass shootings, the effect was
on sensationalist accounts of the
well known among researchers
crimes themselves. By email, Uniby the early 2000s, when a
versity of North Carolina sociolowealth of information allowed fogist Zeynep Tufekci bemoaned
rensic psychiatrist Paul E. Mullen
the replaying of “films of panto conclude, “These massacres
icked people with gunshots in the
are acts of mimesis, and their
background...essentially, a snuff
perpetrators are imitators.”
film made exactly so it would be
But the research has solidified
played on loop,” and play-byin just the last few years. In 2015,
plays of shooters’ methods.
a pair of studies analyzed dataA further problem is the adREPORTERS interviewed a woman a day after the Dec. 14, 2012 killing
bases cataloging nearly all U.S.
versarial approach that advocates
of 20 children in Newtown, Conn., by a lone gunman.
mass shootings. They produced
often take, telling members of the
the first comprehensive statistimedia, in effect, how to do their
cal evidence that shootings occur
jobs while castigating them for
in clusters rather than randomly across time.
avoid glorifying shooters. In a segment last
chasing after audience numbers. Many journalOne of the studies, led by mathematician
month on NPR’s Morning Edition, the hosts reists understandably resent such challenges to
Sherry Towers of Arizona State University, used
ported on the Las Vegas shooting without using
their professional integrity and see the advocates
a contagion model previously applied to analyze
the perpetrator’s name. Government officials
as censors who want to suppress difficult truths.
viral videos and terrorist attacks. It found that
have made a point of not repeating shooters’
In 2015, when a gunman who killed two peothe likelihood of a mass shooting is significantly
names in press conferences following the Orple in Roanoke, Va., broadcast video of the act
higher when another mass shooting has recently
lando nightclub shooting, the Umpqua shooting,
styled like a first-person-shooter video game,
occurred. The period of increased probability
and this month’s Sutherland Springs shooting.
the New York Daily News published the images
lasts, on average, for 13 days, the study found.
Kelly McBride, vice president of the Poynter
on the front page. Gawker’s Sam Biddle an(Notably, Dr. Towers did not find a contagion efInstitute for Media Studies, has for years critiswered critics of the cover by praising the pafect for shootings in which three or fewer people
cized calls for media restraint in such coverage.
per’s bravery. In a Los Angeles Times piece last
were killed.) The other study, conducted by
But this year, she and Poynter endorsed a set of
week, senior editorial writer Michael McGough
Fresno State criminologist Jason Kissner, embest-practice guidelines specifically aimed at
briefly pointed to questions unanswered by
ployed a different statistical modeling technique
avoiding the contagion effect. They include namstudies of the contagion effect before dismissing
but also found an increased likelihood lasting for
ing the perpetrator only when necessary, avoidcalls not to name shooters as “moral preening.”
a similar period.
ing potentially glorifying images and eschewing
The press has long understood that there is a
These findings are not yet conclusive. A
superlatives such as “deadliest ever” to promote
complicated balance to strike in reporting on
study published in July by criminologist Adam
coverage. Reached by email, Ms. McBride said,
matters such as suicide, national-security intelliLankford and psychologist Sara Tomek, both of
“As researchers have surfaced more sophistigence and the details of bomb-making. As the
the University of Alabama, claimed that the
cated ideas about contagion, I’ve worked with
latest research and the spate of recent killings
clustering effects were not significantly differthem to ensure that the recommendations dovesuggest, we urgently need to have the same sort
ent from random variation. The question of
tail with sound journalistic practice.”
of conversation about mass shootings.
whose modeling technique is more accurate reBut restraint remains the exception rather
mains open. Dr. Lankford believes that the copythan the norm. The Poynter guidelines have reMr. Schulman is the editor of the New Atlancat effect is real, but he argues that only speceived limited attention, and there is little evitis: A Journal of Technology and Society.
cific documentation of how mass shootings
dence that they have changed reporting prac-
WORD ON
THE STREET:
BEN ZIMMER
The Beltway
As a Target
Of Populists
POPULISTS on both the left and
the right sides of the political
spectrum share an imagined geography of the U.S. based on the
Capital Beltway, the highway that
loops around Washington, D.C.
Everything “outside the Beltway”
is the genuine America, while everything “inside the Beltway” is
suspect at best and irredeemably
corrupt at worst.
In September, after Roy Moore
won a Republican Senate primary
in Alabama against Sen. Luther
Strange, the hard-right website
Breitbart News boasted about its
influence on the race, and particularly that of executive Steve Bannon, who rejoined the site after
serving as chief strategist to President Donald Trump. “Bannon,
and Breitbart, are no longer just
the most hated names inside the
Beltway. Now, they are also the
most feared,” wrote Joel Pollak.
Meanwhile, on the left, Vermont Sen. Bernie Sanders wrote
in a recent editorial for Politico
Magazine that the Democratic
Party “cannot remain an institution largely dominated by the
wealthy and inside-the-Beltway
consultants.”
How did “the Beltway” become
such a sharp demarcation line,
the rhetorical separator between
the bubble of political insiders
and the concerns of the rest of
the country?
A road circumnavigating Washington was first planned in 1950,
though there was initial confusion
about what to call it. It is officially designated Interstate 495,
but early on it was known as the
Washington Circumferential High-
In metonymy,
something takes
the name of a
related thing.
way. In 1960, the Maryland and
Virginia highway authorities settled on “the Capital Beltway,”
though some disagreed about
whether it should be spelled
“Capital” (since Washington is the
nation’s capital district) or “Capitol” (since the Capitol Building
houses the U.S. Congress). “Capital” was seen as more inclusive of
the D.C. region.
After the highway was completed in 1965, “Capital” was often dropped in common use
among the locals, and the road
simply became “the Beltway.” Beyond labeling a highway, “the
Beltway” turned into a kind of
metonym, a figure of speech in
which something takes the name
of another thing with which it is
closely related. (Calling the federal government “Washington”
or referring to Congress as “Capitol Hill” are also examples of
metonymy.)
In 1970, when Arthur M. Carter
was named the editor of the
Washington Afro-American, he
wrote a political column for the
newspaper titled “Inside the Beltway.” And in 1975, a New York
Times article observed that
doubts about the Warren Commission report on John F. Kennedy’s assassination had penetrated “inside the Beltway.”
The expression gained steam
during the administration of
Jimmy Carter, who sought to
shake up the Washington bureaucracy. An assistant to Mr. Carter
tasked with reorganizing federal
agencies, Richard Pettigrew, returned to his home state of Florida in 1979 frustrated that he was
unable to make much headway
against forces “inside the Beltway” favoring the bureaucratic
status quo, as he told the Tallahassee Democrat at the time.
Reached by phone, Mr. Pettigrew,
now retired in Miami, said that as
far as he can tell, “inside-theBeltway” thinking that opposes
efforts at government reform is
just as strong as ever.
Answers
to the News Quiz on page C21:
1.D, 2.C, 3.B, 4.C, 5.B, 6.A, 7.D,
8.C
THE WALL STREET JOURNAL.
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Saturday/Sunday, November 18 - 19, 2017 | C5
ALL HOLIDAY BOOKS ILLUSTRATIONS BY DOUGLAS JONES
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
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
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THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Words make you think thoughts. Music makes you feel a feeling. A song makes you feel a thought.’ —E.Y. ‘Yip’ Harburg
The Great Jazz and Pop
Vocal Albums
By Will Friedwald
Pantheon, 402 pages, $40
BY TED GIOIA
THE RELATIONSHIP between jazz
and pop culture reminds me of one of
those turbulent Hollywood marriages. Sometimes it’s exciting, filled
with passionate, public embraces. But
just as often, there’s a nasty breakup
with only indifference or hostility between the former soul mates.
Over the last few years, the jazz-pop
relationship has gotten sexy again. If
you doubt it, just gaze at the stars and
chart their courses. Hip Hopper Kendrick Lamar has opened up a promising
dialogue between rap and jazz. David
Bowie hired jazz musicians for his last
album, “Blackstar,” and created a genuine masterpiece. Bob Dylan started recording Frank Sinatra songs. And then
a host of movies (“Whiplash,” “La La
Land,” “Born to Be Blue,” “Miles
Ahead,” “Nina”) sealed the deal.
Against all odds, jazz has gone mainstream again. It won’t last long—it never
does—but enjoy it while you can. This
genre blending is creating some of the
most exciting music on the current scene.
A few old-timers, however, remember an earlier marriage between jazz
and pop. Now that was real sexy—back
when Sinatra songs were sung seductively by Sinatra himself, not a Nobel
laureate. This first golden age of popflavored jazz started around the same
time as the birth of the record album,
gained momentum during the course of
the 1950s and only gradually fell apart
in the 1960s. Many listeners believe this
period marks the high point of American popular music.
No critic has done a better job of
chronicling this post-World War II
love affair between jazz and pop than
Will Friedwald. I’ve followed his work
with interest since the 1980s, first discovering his writing in the Village
Voice and then enjoying his seminal
1990 book “Jazz Singing.” In subsequent years, Mr. Friedwald seemed
everywhere in the world of jazz-pop
vocals (including the Journal’s arts
pages). He collaborated with Tony
Bennett on the singer’s autobiography,
wrote a definitive book on Sinatra and
penned countless essays and liner
notes on singers famous and otherwise.
In his new book Mr. Friedwald builds
on his unique expertise in defining a
canon of 56 classic jazz and pop vocal
albums. But this is anything but one of
those glib “list” books so popular nowadays. Mr. Friedwald digs in deeply in his
analysis—almost every album gets
OL’ BLUE EYES & THE QUEEN OF JAZZ Frank and Ella in concert, May 9, 1958.
more than 5,000 words of attention.
Each track is weighed in the balance. In
fact, Mr. Friedwald assesses virtually
every arranger’s trick, instrumental solo
and vocal inflection in his path.
Much of this music is familiar, even
overexposed, but Mr. Friedwald has the
ability to surprise us, even shock us
with his perspectives. He may have
already written thousands of pages on
jazz and pop singers, but he still wants
to make waves, defy the consensus and
topple the conventional wisdom.
Just consider the following. Sinatra
gets only two albums included in this
guide, but Doris Day earns three slots.
The rest of the Rat Pack fares even
worse. Dean Martin and Sammy Davis
Jr. are left out of the canon entirely, but
Barb Jungr and Robert Goulet make the
cut. And in the strangest twist of all,
Mr. Friedwald devotes a long sympathetic essay to Tiny Tim, a mostly
forgotten ukulele-playing novelty act
who enjoyed the briefest half-life of
fame at the end of the 1960s.
In other words, this book wants to
provoke you. Mr. Friedwald is looking
for an argument. I suspect that, more
than anything, he wants to force you to
go back to the music itself, listen carefully, and make up your own mind.
This book certainly had that effect
on me. I wasn’t always convinced by
the author’s advocacy. I don’t see myself ever joining the Tiny Tim fan club.
But in other instances I was glad for
Mr. Friedwald’s prodding—for example,
forcing me to revisit mostly forgotten
albums by Kay Starr and Della Reese.
And I give him a standing ovation
when he focuses on some of my favorite unsung singers of the 1950s. Very
A great critic’s chronicle
of the postwar love affair
between jazz and pop.
few music fans under the age of 70
even recognize the names June Christy,
Jo Stafford and Lee Wiley. I fear that
their remarkable body of work will be
forgotten in the not-so-distant future.
But Mr. Friedwald gives them the same
lavish attention he devotes to Billie
Holiday and Ella Fitzgerald.
As these comments make clear, Mr.
Friedwald isn’t afraid to serve as advocate for lost causes. I can’t recall a
single notable music critic in recent
decades championing the work of singers Eydie Gormé and Steve Lawrence, a
husband-and-wife team mostly known
for appearances on TV variety shows of
the 1960s, where they seemed hopelessly old-fashioned during the age of
rock ’n’ roll. But Mr. Friedwald pleads
eloquently on their behalf, and probably
could convince any jury of their merits.
Of course, this author brings an
important advantage to this project. By
my estimate, he knew personally at
least two-thirds of the singers and
arrangers mentioned in these pages.
And he clearly grilled them for information on recording sessions and songs,
pulling out details that would otherwise
be lost not only to us but to history.
He wasn’t always successful. Doris
Day, still alive at age 95, apparently has
little interest in her old records. “Doris
refuses to be impressed by anything in
her own catalogue,” Mr. Friedwald
complains at one juncture, noting that
in all of his conversations with her she
refuses to see any of her albums as
worthy of note. When he interrogated
Anita O’Day on details from her ghostwritten memoir “High Times, Hard
Times” (1981), the singer “gleefully
announced that she had never read her
own autobiography.” But our indefatigable critic perseveres, defending even
those who won’t defend themselves.
Mr. Friedwald includes a lengthy
essay at the beginning of his book on
the history of the pop vocal album. He
offers the best account I’ve read of the
business and aesthetic issues behind
the rise of this platform for modern
music. But he clearly sees the album as
a dying format in the age of streaming,
and his whole book is colored by a
wistful end-of-an-era attitude.
Perhaps that’s the very reason why
Mr. Friedwald decided that the time
had come for him to share his list of
canonic jazz-pop vocal recordings. The
party is over, he seems to say, and the
best we can do is spin those classic
discs one more time. I’m not so pessimistic, and wish he had made more
space in these pages for the current
crop of singers. He does give an indepth appraisal of Cassandra Wilson’s
work, but there’s plenty of other music
happening that measures up to the best
from the Cold War years. Check out
Cécile McLorin Salvant’s new album,
“Dreams and Daggers,” or the impressive body of recordings by (for starters)
Kurt Elling, Gregory Porter, Diana Krall
and Ian Shaw.
But if I am more optimistic than Mr.
Friedwald about the fate of the jazzpop album, I do fear the disappearance
of the kind of insightful long-form
music criticism featured in this book.
You rarely encounter thoughtful 5,000word assessments of albums anywhere
nowadays. They may not be extinct, but
they do belong on the endangered
journalism list. Great musicians and
brilliant albums aren’t going away, but
loving appraisals as judicious as Mr.
Friedwald’s are sadly in short supply.
Mr. Gioia is the author, most
recently, of “How to Listen to Jazz.”
That’s the Way They Liked It
Florida Soul
By John Capouya
University Press of Florida,
396 pages, $24.95
BY TONY FLETCHER
THE PROBLEM WITH calling a book
“Florida Soul,” as author John Capouya concedes in his introduction, is
that no such genre exists. When we
talk of Philly soul, or the music of
Detroit’s Motown, we are speaking of
specific cities during a particular
period. Often the distinct sound we
hear is the result of the same set of
musicians, constantly returning to the
same studio. Florida, by comparison, is
a vast state; and soul music has
spanned multiple generations, spawning many different interpretations.
Still, based on the 20 profiles in Mr.
Capouya’s compelling book, Florida’s
scene deserves a spotlight. This is not
because Ray Charles spent his first 20
years crossing his home state on a
quest for success. (Charles only found
fame after moving to Seattle.) Nor is it
because, as the title of one chapter has
it, “The Twist Came From Tampa.”
(The song that identified the dance
was written and performed by a
Detroit act, Hank Ballard and the
Midnighters, and immortalized by a
Philadelphian, Chubby Checker.)
Instead, the real story of Florida soul
is to be found when Mr. Capouya, an
associate professor of journalism and
writing at the University of Tampa,
delves into the state’s musical lineage.
He cites, for example, the importance of
Florida Agricultural & Mechanical University’s marching band, the Marching
100, heard in the stirring music of
Miami’s Deep City Records. Founded in
1964 by FAMU students Willie Clarke
and Johnny Pearsall, and reputedly the
first black-owned record label in Florida,
Deep City was run out of Pearsall’s Liberty City record shop. In the mid-1960s,
the label scored several regional hits by
the likes of Helene Smith and Paul Kelly,
generally written and produced by Mr.
Clarke alongside the multitalented Clarence Reid, but Deep City found a bona
fide star when in 1966 it signed 12-yearold Betty Wright. Pearsall and Mr.
Clarke soon realized that promoting Ms.
Wright outside of Florida would be
beyond Deep City’s capabilities. Enter
Henry Stone, record producer and
owner of the much-bigger T.K. Productions, who offered manufacturing and
distribution, and to bankroll national
radio promotion. Mr. Clarke was amenable to Stone’s advances, while Pearsall
declined, in part because Stone was a
story of Linda Lyndell, a white woman
who grew up among Gainesville’s
cotton fields and black gospel churches,
and had an R&B hit in 1968 with “What
a Man.” Ms. Lyndell caught flak from
whites in her youth for associating with
blacks and, following the assassination
of Martin Luther King Jr., from blacks
whom she had considered her own people. The harassment pushed her to California and into temporary retirement.
No one could harass Henry Stone. A
feisty 90 years old when Mr. Capouya
interviewed him (like several “Florida
Soul” subjects, he has since passed
away), Stone recorded the young Ray
Henry Stone recorded
Ray Charles in 1950,
and KC & the Sunshine
Band in the 1970s.
white man, and Pearsall saw Deep City
as being very much a black enterprise.
The split between the partners ended
Deep City’s short but influential run.
Race forms the uncomfortable
subtext that runs throughout “Florida
Soul.” Mr. Capouya acknowledges that
“soul is fundamentally an African
American art form, born in the era of
segregation and come to maturity during the civil rights movement.” Black
artists and entrepreneurs in Florida
would pine for the halcyon days of their
local entertainment districts such as
Tampa’s Central Avenue and Miami’s
Liberty City, which were rent asunder
after integration. Then there is the
Charles back in 1950-51. By the late
1960s, his empire included distribution,
recording studios, multiple record
labels and an acknowledged habit of
paying off DJs to make hits. This all
helped deliver on his promise to Reid
and Mr. Clarke, who continued to write
and produce the songs that made Ms.
Wright internationally famous, most
notably with 1971’s “Clean Up Woman.”
Stone also entrusted select younger
musicians with the keys to his studio:
among them was Harry Wayne Casey,
who repaid that trust by co-writing and
playing on George McCrae’s 1974 No. 1
hit, “Rock Your Baby,” and whose KC &
the Sunshine Band had four No. 1 pop
hits for Stone in the late 1970s.
Many readers may not view KC’s
“That’s the Way (I Like It)” and “Get
Down Tonight” as true soul music but
rather mass-market disco. Mr. Capouya
admits that Mr. Casey was but an
“adequate” singer of “banal” lyrics; he
also notes that the Sunshine Band’s
music, which started out as an enthralling confluence of Bahamian Junkanoo
music and American R&B, became
something “easily accessible to the
widest swath of mainstream listeners
and dancers, drunk or sober.” This crass
commercialization of a once-innovative
minority sound could have provided a
familiar and depressing finale to
“Florida Soul.” Thankfully, Mr.
Capouya also profiles AfricanAmerican members of “the T.K.
Family”—singer Benny Latimore,
guitarist Little Beaver and bassist
Chocolate Perry—and dedicates a
musically insightful chapter to
Timmy Thomas’s signature hit,
“Why Can’t We Live Together,”
which Mr. Capouya considers “the
most distinctive and enduring song in
the entire Florida soul canon.”
The careful structure of that statement confirms again that Florida soul
remains a musical misnomer. But given
how much great regional American
soul music remains to be rediscovered,
analyzed and archived, Mr. Capouya is
to be commended. The casual fan will
enjoy dipping in and out of these
stand-alone stories; the hard-core
fanatic will relish wading deep into the
musical waters.
Mr. Fletcher is the author of
“In the Midnight Hour: The Life
& Soul of Wilson Pickett.”
JOHN CAPOUYA/UNIVERSITY PRESS OF FLORIDA
How can Ben Greenman’s “Dig
If You Will the Picture: Funk,
Sex, God, and Genius in the
Music of Prince” (Holt, 286
pages, $28) not be on this year’s
list? All things being equal, the
best book is going to be written by
the biggest fan, and Mr. Greenman
kicks things off by saying that he
bought four copies of Prince’s
album “1999” as his born-again
parents disposed of each one by
one, finally persuading a friend to
record the album as a much more
concealable cassette.
Arturo Toscanini was uncannily
talented as a child, according to
Harvey Sachs’s “Toscanini: Musician of Conscience” (Liveright,
923 pages, $39.95). Perhaps that’s
why he was so demanding as a
conductor, often “breaking batons,
screaming obscenities, tearing up
scores, knocking over his music
stand, and hurling insults.” He took
on audiences as well, and when a
crowd in Palermo rushed the stage,
he had to be rescued by local
mafiosi, though one wonders if the
extra muscle was really necessary.
While each of the choices above
are worthy, if you read only one
music book this year, it should be
“Good Booty: Love and Sex, Black
and White, Body and Soul in
American Music” (Dey Street,
418 pages, $26.99) by Ann Powers.
Her survey begins in the slave era
and ends yesterday, covering the
Hendrixes and Joplins and all the
unknowns as well. Ms. Powers’s
description of a Grateful Dead
concert could also be a description
of the pleasures of music as a
whole. “This is how the thousandheaded god manifests,” she writes,
“not through stars’ performed
prowess but in a vast circle where
everyone is pleasuring and being
pleasured.”
And if Santa has room for one
more book in his sack, it should be
an honorary music book of sorts,
Joel Dinerstein’s “The Origins of
Cool in Postwar America” (Chicago, 541 pages, $40). Mr. Dinerstein doesn’t limit his coverage to
music; his comprehensive study
looks at film and literature as well,
though of course the pop and jazz
greats of the period are featured
prominently: Sinatra, Billie Holiday, Miles Davis, Lester Young.
Besides, there’s no such thing as
being partially hip. Either you dig
it all, or you don’t dig anything.
Have a cool Yule, everybody.
—Mr. Kirby is the author of
“Crossroad: Artist, Audience, and
the Making of American Music.”
Lullabies of Birdland
GETTY IMAGES
WE ORDINARY mortals want to
know where artists get their material, says Freud, and how they
make us feel emotions we hadn’t
thought possible. But if we could
all figure out where songs come
from, we’d each be sobbing into
the mike as we clutched our
Grammys and thanked our moms
for making us take piano lessons.
Happily, for every musician who
soars over our heads, there is a
down-to-earth writer committed to
telling us as much as can be known
about that artist’s body of work.
In “Uncommon People: The
Rise and Fall of the Rock Stars”
(Holt, 305 pages, $30), David
Hepworth slyly intimates that rock
stars, like big-screen cowboys, are
both passé and eternal. He does so
in 41 short chapters on figures
from Little Richard to Prince and
even the heroes of “Spinal Tap.”
Is Joni Mitchell “the most influential female recording artist and
composer of the late twentieth
century”? David Yaffe makes the
case in “Reckless Daughter: A
Portrait of Joni Mitchell” (Farrar,
Straus & Giroux, 420 pages, $28),
likening her to a Renaissance portrait artist in her mastery of “the
chiaroscuro of human emotion, the
overtones beneath the chords, the
resonance of existence.”
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THE WALL STREET JOURNAL.
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Saturday/Sunday, November 18 - 19, 2017 | C7
HOLIDAY BOOKS
‘Vanity Fair (n.): A place or scene of ostentation or empty, idle amusement or frivolity.’ —American Heritage Dictionary, 5th ed.
Tina Brown’s Me Decade
at Alfred Taubman’s birthday party? Or
whether Annie Leibovitz once blew a
photo shoot with a starlet? Or whether
the terrifying movie PR woman Pat
Kingsley staged a tantrum because her
pet client Tom Cruise didn’t make an
early Vanity Fair cover? Probably not.
This is a long book, and by the end
readers may feel concussed by the
torrent of dropped names and sated by
the rich pudding of flash anecdotes.
But there are rewards embedded in
the dense text, among them this mischievous glimpse of Jacqueline Onassis
at a 1991 book party: “She looks into
your face, not your eyes. . . . In fact,
The Vanity Fair Diaries
By Tina Brown
Holt, 436 pages, $32
BY EDWARD KOSNER
Brown perfected the mix
of high and low—art,
Hollywood, dictator chic
—that can make a glossy
magazine irresistible.
ROBERT RISKO
TINA BROWN HAS fashioned a glittery career out of brains and flair, a
rarer combination among magazine
editors than you might think. Arriving
in New York from London’s Tatler in
1983, she jump-started Vanity Fair and
performed CPR on the New Yorker,
then oversaw the train wreck Talk
(bankrolled by Harvey Weinstein) and,
briefly, the husk of Newsweek when it
was merged with her Daily Beast website. She’s now in business with the
New York Times as the impresario of
the Women in the World global gabfests. She has lost lots of money for
most of her mogul backers but rewarded them with ample “buzz,” the
prized chatter among the cognoscenti
that her efforts invariably produce.
People tend to settle into two
camps about Tina Brown. One school
hails her brilliance as a pitch-perfect,
inventive editor and quicksilver
writer, the author notably of a 2007
best seller about Diana, Princess of
Wales. The other acknowledges her
manifest talents but giggles at her
penchant for self-dramatization and
relentless self-promotion.
Both Tinas are on offer in “The
Vanity Fair Diaries,” billed as the journal she compiled during the eight-plus
years she turned the stillborn Condé
Nast slick into a hot magazine of the
roaring 1980s. For those of us who
toiled in magazines during the last
decades of the 20th century—what is
increasingly looking like an Augustan
Age—reading “The Vanity Fair Diaries”
is like a stroll down memory lane or
through nightmare alley, depending on
your point of view.
The conceit of the “Diaries” is that
Ms. Brown scribbled the entries in
blue school notebooks at odd moments, sometimes after middle-of-thenight feedings for her two infants.
When she excavated the notebooks
years later, she writes, she discovered
that she had compiled a publishable
record of her Vanity Fair adventures. If
that’s the case, she’s an even more
accomplished writer than any of us
imagined, because nearly every sentence in these off-hours jottings is polished to such a high sheen that the
reader risks blindness from the glare.
The master diarist Samuel Pepys
could record the epic events of London
in the 1660s—the restoration of
Charles II, the Great Fire, the Great
Plague—and the Goncourt brothers’
Parisian journals of the 19th century
were full of Baudelaire, Flaubert and
Zola. Ms. Brown has to make do
mostly with the social flotsam and
jetsam of the 1980s. But, characteristically, she gives it her all.
I’m at both an advantage and a disadvantage in writing about this book:
I know everyone (except her Britpack
of imported staffers) in the diaries. So
I can judge how fairly Ms. Brown captures her vast dramatis personae, but
my interest in them may not reflect
civilian fascination, such as it may be,
with the Alexes, Clays, Kays, Henrys,
Toms, Normans, Gays, Ralphs, Joan
Juliets, Calvins, Abes, Bens, Sallys,
Morts and Irises that stud its pages.
There are dozens of other late-20thcentury luminaries here, but you get
the idea. I’m in there, too, but briefly
and generally benignly.
Ms. Brown has a David Levine-like
touch for caricaturing her subjects. Si
Newhouse, the proprietor of Condé
Nast and her patron at Vanity Fair, is
“nebbishy” and occasionally a “happy
chipmunk”; Henry Kissinger, “a rumbling old Machiavelli”; Tom Wolfe,
“tall and thin like a candle in his white
suit”; Oscar de la Renta, “a sleek panther”; Gore Vidal, a prancer with “a
high-stepped pussycat walk.” But she
can be off-key, too. She egregiously
misreads Charlotte Curtis, the nononsense Midwesterner who revolutionized the New York Times’s social
coverage in the late 1960s and ’70s, as
“a bogus grandee . . . a coiffed asparagus, exuding second-rate intellectualism.” At another point, she portrays
Clay Felker, the renowned creator of
New York magazine, as jealous of her
Vanity Fair success—theoretically possible but distinctly unlikely.
It’s fair to say that editing a glossy
monthly, even salvaging one as moribund as Vanity Fair—a Jazz Age title
that initially foundered under two
other editors after Newhouse revived it
in 1983—shouldn’t be one of life’s most
fraught enterprises. Yet Ms. Brown
invests her narrative with so much
drama that a layout meeting with Alex
Liberman, Newhouse’s Russian-émigré
consigliere, tingles with heart-stopping
angst. So does a sidelong glance from
the omnipotent if diminutive Si. I had
conversations much like Ms. Brown’s
with these two worthies and found
them to be soft-spoken suits so lowkey that they could have been a couple
of funeral directors with exquisite
manners. (They asked me to be the
first editor of the reincarnated Vanity
Fair, but I demurred, knowing that I
could never do as good a job as Tina
eventually did. I suggested that Tom
Wolfe was their man, if they could talk
him into it.)
At Vanity Fair, Ms. Brown perfected the art of the mix, that magic
blend of high and low—Hollywood
and high culture, dictator chic, clever
fashion, Eurotrash, true crime and
literary reminiscence—that can make
an upmarket magazine irresistible.
She brings the same touch to this
memoir. Her quick take on Harry
Benson’s 1985 White House cover
shoot of Ronald and Nancy Reagan
dancing and kissing is a fetching
example. Brittle entries about
Nouvelle Society grotesques are balanced by affecting passages about her
son George, born two months prematurely in 1986, and his developmental struggles, and her marriage to
the distinguished British newspaper
editor Harry Evans, 25 years her
senior. And she makes no secret of
her insecurities and ambitions as a
new mother and as a British-born
editor in cutthroat New York. “I
wanted to [get] to Manhattan—and
conquer it,” she writes. “New York
was the big time, the wider world, the
white-hot center, and that’s where I, a
girl of the arena, wanted to be.”
There’s a great deal about office
politics at Condé Nast, which also publishes the New Yorker, Vogue, GQ,
Glamour, Architectural Digest and
other glossies. Backstabbing, suckingup, fear and loathing are all routine. At
one point she quotes Liberman on
“planting the poison”—turning Newhouse against some unfortunate. She
soon comes to realize, as all of us do,
that working for a billionaire proprietor whose name could be on the
building is an updated if déclassé version of life at the Sun King’s Versailles,
with its rumors, schemes, histrionics
and viperish courtiers.
As the “Diaries” progress, Ms.
Brown’s values come into focus. People
she likes, especially those who toiled
for her, are invariably “brilliant,” “fearless,” “creative,” “tireless.” Those she
dislikes get savaged. She twins Andy
Warhol with the malevolent Roy Cohn
as “the two most amoral men of our
times.” She calls the aging-bad-boy
movie producer Robert Evans “the
nearest thing to the devil of anyone I
have encountered.” By the end of the
book she has a bad word for or an
embarrassing observation about nearly
everyone. The blow is eased for many
of her targets because they’re dead or
so long out of power that they’re
mostly a blank to readers today.
And that’s a central problem with
the book. It covers the period 1983 to
1992, which, after all, is 25 to 34 years
ago. Ms. Brown does an exquisitely
pointillist job of capturing this circus
of an era. Exciting as these years may
have seemed at the time, they have
receded into the murk of memory,
taking with them most of the transient
characters on which Ms. Brown
lavishes her formidable skills. Should
anyone today really care about what
Reinaldo Herrera overheard Gayfryd
Steinberg saying to Betsy Bloomingdale
‘crazed’ is what I decided about
Jackie by the end of the evening. I felt
if you cleared the room and left her
alone, she’d be in front of a mirror,
screaming.” Ms. Brown ends the book
as she takes over the New Yorker, listing all the choice contributors she
brought to the magazine, some of
whom are stalwarts of her successor
David Remnick’s editorship.
As it happens, Ms. Brown’s reminiscences appear just as her successor at
Vanity Fair, Graydon Carter, is stepping
aside after 25 years. VF lost money at
the start under Ms. Brown, but Mr.
Carter tweaked the formula she’d created and turned the magazine into a
dynamo of profit and prestige until it,
too, inevitably began to lose oomph.
Mr. Carter and the rest of us who love
the ephemeral pleasures of magazines
owe Tina Brown a debt for, among
other
things,
fine-tuning
the
insouciant, know-it-all voice that still
resounds in the twilight of the glossies.
Mr. Kosner was the editor of
Newsweek, New York, Esquire
and the New York Daily News.
Connect. Listen. Discuss.
Enhance family road trips with audiobooks.
Visit TryAudiobooks.com/family
for a free download
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THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Good design is intelligence made visible.’ —Frank Pick
Kidd’s own accounts of the evolution of his eye-grabbing book
jackets offer object lessons in
how a visual idea comes to fruition through trial and error while
also revealing insights into a craft
whose aim is to prove that, yes,
you can judge a book by its cover.
Two engagingly illustrated volumes celebrate the accomplishments of “forgotten” women
designers of different eras. “May
Morris” (Thames & Hudson, 224
pages, $40) pays long overdue
homage to the brilliant innovations of the daughter of famed
Arts and Crafts Movement founder
William Morris. A handsome
woman with a Pre-Raphaelite
profile, May took charge of the
embroidery department of the
family operation, became an
ardent Socialist and enjoyed a
brief romance with George Bernard Shaw. One would like to
know more about this dashing
woman’s life, but the examples of
her embroidery and jewelry designs offer ample testimony to her
special fin-de-siècle genius.
Some 30 years after May’s
success, as “Marguerita Mergentime” (West Madison Press, 144
pages, $39.95) makes clear, another designer on the other side
of the Atlantic helped foment a
revolution in everyday textiles.
“She made a name for herself at a
time when it was particularly rare
for designers of table linens and
kitchenwares to obtain consumer
recognition,” comments Mergentime’s granddaughter Virginia
Bayer. Readers of a certain age
may remember Mergentime’s
linens based on American folk-art
motifs, but the real revelation
here are stunning tablecloths and
napkins from the 1930s that seem
to anticipate hard-edge and Minimalist art decades later.
“Golden Kingdoms” (Getty,
328 pages, $59.95), the catalog
that accompanies the current
exhibition of the same name at the
J. Paul Getty Museum, is a lush
compendium of ornaments, textiles
and other objects associated with
the gold-working cultures of the
ancient Americas. While the main
show here is 200-odd amazing examples of pre-Columbian design—
opulent masks, figurines of fearful
deities, a Mayan stela with Queen
Ix Mutal Ahaw in an imposing
tiered headdress—the essays are
also valuable for what they reveal
about these long-ago cultures: Gold
may not have carried the value we
ascribe to it now; the “smell of
metals was part of their allure,”
and certain fragile items, such as
feathers, “may have been the most
cherished materials of all.”
—Ms. Landi writes about art
and culture from Taos, N.M.
See You in the Funny Papers
As the chapter titled “The Art of War”
demonstrates, many discovered or
honed their talents as cartoonists,
caricaturists and illustrators while
serving as soldiers in World War II.
John Murphy himself drew profusely
during the war, when he served in the
Pacific as part of Gen. Douglas MacArthur’s staff. Illustrations throughout
“Cartoon County” pulled from Murphy’s sketchbooks demonstrate his
versatility in painting portraits and
caricatures. But his start came much
Cartoon County
By Cullen Murphy
Farrar, Straus & Giroux, 260 pages, $27
BY JOHN CANEMAKER
For 50-odd years, Fairfield
County, Conn., was the
cartoon capital of the world.
FARRAR, STRAUS & GIROUX
ONCE UPON A TIME, in the middle
of ye olde 20th century, Prince
Valiant, Beetle Bailey, Superman, the
Wizard of Id, Hi and Lois, Joe
Palooka, Blondie and Dagwood,
among others, lived happily in a notso-far-away kingdom in southwestern
Connecticut. Or rather, their creators
did: a cohort of close-knit cartoonists
and illustrators who brought a touch
of nonconformity to the land of gray
flannel-clad Mad Men. For five
decades, toon makers living near each
other in Fairfield County conjured and
drew a cornucopia of famous comic
strips, magazine gags and advertising
illustrations. Why Fairfield? Because
after World War II the combination of
a bucolic, affordable home in which to
raise a family, the lack of a state
income tax, plus the explosion of job
opportunities in nearby Manhattan’s
publishing industry enticed many
cartoonists and illustrators to relocate
an hour north of Gotham.
This special community of midcentury print cartoonists, their lives
and their contributions to American
culture, get a witty, instructive and
ultimately touching treatment in “Cartoon County,” written by Cullen Murphy, editor-at-large at Vanity Fair. Mr.
Murphy knows intimately the milieu of
which he writes. His father, John Cullen Murphy, drew the popular dramatic strips “Big Ben Bolt” and “Prince
Valiant,” the latter of which the elder
Murphy took over when Hal Foster,
the strip’s creator, retired from drawing duties in 1970. The younger Murphy worked with his father on “Prince
Valiant” for 25 years, gaining hands-on
experience in the craft of popular art
making. That, and his familiarity with
his family’s artist neighbors, form the
heart of a personal account he shares
here with great affection and veracity.
A particular joy is Cullen Murphy’s
eye for detail. His elegant, immersive
writing welcomes the reader into his
father’s Cos Cob studio, a cluttered
room like so many of his fellow car-
MEDIEVAL EPIC Sketch by John Cullen Murphy for a 1991 episode of ‘Prince Valiant.’
toonists’. Diffuse lighting from northern picture windows fills the room, as
does the smell of oil paint, pipe
tobacco and the chemical fixative
used for Polaroid snapshots—taken by
the artist of himself, or of family
members, as a reference for drawing
comic-strip poses just right. A large
drawing board spattered with paint
and ink is described by the author as
“creating an inadvertent pattern as
intricate as a Pollack.” The drawing
itself, on plate or vellum paper, gets
worked over with a Hunt No. 102 pen
nib (“good for ordinary lines”) or a
Gillott No. 170 (“best for lettering”).
Sounds heard in the studio might
include “Million Dollar Movie” on a
black-and-white television or a joking
conversation with a visiting cartoonist: “The cartoon starbursts that convey intoxication are called ‘squeans,’ ”
someone might say, using terminol-
ogy invented by Mort (“Beetle Bailey”) Walker, “and the wavy lines that
convey aroma are called ‘wafterons.’ ”
Fascinating, too, are the lessons in
storytelling that the younger Murphy
received directly from Hal Foster: how
to build a narrative arc, the relationship between the pictures and words
on the page, the power of the space
between panels, the importance of
character. Foster, who had “the look
of Walter Cronkite and the manner of
God’s Canadian younger brother,”
turns out to have been grooming the
aspiring writer to take over storywriting duties for “Prince Valiant,”
which Mr. Murphy eventually did
several years later and continued for
close to three decades.
Cartoon artists of that era were
predominantly male, straight and
white. Some had fine-art studies somewhere in their eclectic backgrounds.
earlier. As a teen in New Rochelle, N.Y.,
his neighbor was Norman Rockwell,
who engaged Murphy as a model for
one of his Saturday Evening Post
covers and soon recognized the boy’s
ability to draw. Rockwell mentored
Murphy in painting and composition
and even arranged for him to receive a
scholarship to the Art Students League
of New York, the venerable school
founded by artists in 1875.
Today the 80-year-old “Prince Valiant” survives as one of the longestrunning adventure strips in the world.
But the circumstances in Cartoon
County have changed. “The New York
newspaper strike of 1963,” Cullen
Murphy writes, “had many repercussions.” Newspapers cut costs and
reduced page sizes, so that “the funny
strips were barely legible and the dramatic ones had shed their grandeur.”
The number of periodicals and
adverts declined. Ultimately, old age
caught up with the community of cartoonists. John Murphy drew “Prince
Valiant” until his death in 2004.
Yet the irrepressible sense of humor of so many of these men prevailed
even in the end. When the paramedics
found the New Yorker’s WASP-skewering Charles Saxon after he suffered a
heart attack, writes Mr. Murphy,
Saxon’s last words were: “I guess I’d
better die; I just broke our best lamp.”
Mr. Canemaker, an Oscar-winning
animator, blogs at animatedeye.johncanemaker.com/
The Art of the Deal
Rogues’ Gallery
By Philip Hook
The Experiment, 298 pages. $25.95
BY MAXWELL CARTER
HAVE YOU HEARD this one? “A tie
salesman, a professional ballroom
dancer-turned-shirtmaker and a knitwear factory manager walk into a bar
. . .” The punch line: They—Nathan
Wildenstein, Sidney Janis and Leo
Castelli—become three of the most
respected art dealers of the 19th and
20th centuries. In “Rogues’ Gallery:
The Rise (and Occasional Fall) of Art
Dealers, the Hidden Players in the
History of Art,” Philip Hook traces the
profession’s unusual history.
Mr. Hook, an Impressionist and
modern-art specialist at Sotheby’s,
begins his story some 2,000 ago with
hopelessly literal Roman salesmanship, relating Pliny’s observation that
paintings were occasionally priced by
weight. The Dark Ages—that mother
of all bear markets—followed, with
the art trade “regather[ing] momentum” in the 15th century. Where pictures had been largely devotional,
commissioned by or centered on the
church, Renaissance merchants stoked
and sated the evolving demand for
mythological scenes, portraits and
“even” landscapes.
The advent of “art history”—with
Giorgio Vasari’s hagiographic lives and
an increasingly covetous European
aristocracy—encouraged colorful middlemen, not least the 17th-century
Dutchman Balthazar Gerbier. A failed
artist, Gerbier scoured the Continent
on behalf of George Villiers, the Duke
of Buckingham, touting his finds and
exalting his patron with the baldest
hyperbole. A Tintoretto nude was so
beautiful “that flint as cold as ice
might fall in love with it.” Lest Villiers
feel left out, he gushed: “Out of all the
amateurs and princes and kings, there
is not one who has collected in forty
years as many pictures as Your Excellency has in five. . . . Our pictures, if
they were to be sold a century after
our death would sell for good cash,
and for three times more than they
cost.” A 300% appreciation over 100
years hardly seems impressive today;
the benchmark was rather lower then.
By the 18th century, Mr. Hook
writes, “the big money was in selling
the art of the past.” Grand tourism, or
the fashion for wealthy young Englishmen to travel across Europe acquiring
Continental polish and paintings,
opened up “glorious opportunities” for
the enterprising dealer and auctioneer.
Sotheby’s was founded in 1744 (although it specialized in books until the
early 20th century), Christie’s in 1766.
Finally, in the 19th century, the
instrumental modern dealer came into
being. As the Pre-Raphaelite painter
(Joseph Duveen, Michel Knoedler,
Wildenstein) and the evangelist of the
avant-garde (Paul Durand-Ruel,
Ambroise
Vollard
and
D.H.
Kahnweiler). The first variety sold
prestige conferred by the past; the
second, the shock of the new. Whether
forming the nuclei of the world’s
grandest nonimperial collections or
subsidizing, guiding and promoting
penniless artists, they were inextricably linked with museums, such as the
Frick Collection in New York and the
National Gallery in Washington, and
with visionary movements, notably
Impressionism and Cubism.
dimmed Duveen’s star since his death
in 1939, however.
Others were less flamboyant. The
Dutch dealer E.J. van Wisselingh,
according to Oliver Brown of the
Leicester Galleries, was “one of the
most silent men I have ever known. He
would point to a picture, look at me
and stroke his beard without saying a
word.” The Parisian dealer René
Gimpel recalled that his countryman
Hector Brame “shows his pictures only
to people whose faces he likes.”
These lively, self-contained sketches
help make sense of Mr. Hook’s vast
and varied subject, which covers
millennia of Western art. (Indeed, Mr.
Hook’s publishers would have done
well to insert “Western” into his subtitle.) While it contains nothing “new”—
A history of art dealership,
a curious trade whose
requirements include an
ability to flatter the rich.
BRIDGEMAN IMAGES
WE DON’T THINK much about
public seating: We spy an empty
bench and deposit ourselves on
its accommodating surface. Landscape architect Laurie Olin, however, has spent a lifetime reflecting on how and where we sit,
especially outside. “Be Seated”
(Applied Research + Design, 213
pages, $34.95) contains his ruminations on the nature and design
of public places for hanging out
and the ideas behind his commissions for such spaces as New
York’s Bryant Park. The book is
graced with Mr. Olin’s charming
sketches and disarming observations: “An individual approaching
a chair will often move it slightly,
even if barely an inch or two, as
an act of taking possession before
sitting on it.”
It is an agreeable surprise that
a book as lavishly, seductively and
profusely illustrated as “Chip
Kidd: Book Two” (Rizzoli, 318
pages, $60) should also have a
terrific text. In addition to homages from the likes of Haruki
Marukami and Orhan Pamuk, Mr.
GALLERY TALK Maurice Denis’s ‘Homage to Cézanne’ (1908) shows artists
gathered around a Cézanne canvas in the shop of the dealer Ambroise Vollard.
John Everett Millais conceded: “Where
the Artist knows of only one purchaser, the dealer knows many, and
has no scruples of delicacy in accommodating what is choice and admirable.” Between 1820 and 1840, when the
canny Victorian impresario Ernest
Gambart arrived on the scene, the
number of dealers listed in London’s
trade directory grew more than tenfold. In Mr. Hook’s telling, Britain’s
post-Napoleonic prosperity coincided
with an unprecedented vogue for contemporary artists, whose competitive
advantages were easy-to-prove authenticity and, “under the guidance of dealers,” the willingness to adapt (some
might say pander) to changing tastes.
Two molds had been set—those of
the Old Master “dealer-prince”
I share Mr. Hook’s admiration for
S.N. Behrman’s 1952 biography of
Duveen (“one of the funniest books
ever written about art”) and enjoyed
his greatest-hits rendition. Duveen,
from whom Andrew Mellon bought
nearly half of his collection, was, in Mr.
Hook’s words, “overburdened neither
with scruples nor with knowledge of
academic art history”; he gave restorers “every encouragement to express
themselves creatively”; and he held
that “a high price was a mark of quality, and a low price a mark of the lack
of it.” His “below stairs” bribes (which
yielded such intelligence as the timing
of one irascible client’s bowel movements) were legendary. Dubious attributions by his grasping expert,
Bernard Berenson, have somewhat
what does nowadays?—“Rogues’
Gallery” is consistently light, engaging
and fluently assembled.
Understandably, Mr. Hook becomes
more politic as he approaches the
present. His chapter on Peter Wilson,
the midcentury chairman of Sotheby’s
(where Mr. Hook has worked since
1994), is overlong and too laudatory.
Wilson ranks among the most original
characters featured in “Rogues’ Gallery,” yet the darkest episodes underpinning his brilliance are elided. A
different perspective can be found in
the letters and biography of Bruce
Chatwin, who worked under Wilson.
As another contemporary put it, Wilson “would open Machiavelli’s eyes.”
In his 1752 farce “Taste,” the playwright Samuel Foote cataloged the
recipe for success in the art trade:
“Family connections, private recommendations, and an easy, genteel
method of flattering.” Some things
never change.
Mr. Carter is the head of the Impressionist and modern art department
at Christie’s in New York.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
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Saturday/Sunday, November 18 - 19, 2017 | C9
HOLIDAY BOOKS
‘Art comes to you proposing frankly to give nothing but the highest quality to your moments as they pass, and simply for those moments’ sake.’ —Walter Pater
No Photos. Ignore Labels. Just Look
Seeing Slowly
By Michael Findlay
Prestel, 247 pages, $29.95
BY NUMERIC measures the art world
is thriving as never before. Museum
attendance is up—more Americans
visit museums in a year than go to all
sporting events combined—and the art
market is booming. Just 15 years ago
to pay $100 million for a painting or
sculpture was unthinkable; now something sells at that level several times a
year. This week a Leonardo sold for
$450 million.
Yet ask any collector, dealer or
curator who measures the health of
the art world by something other than
just dollars and crowds, and you are
likely to get a worried response. The
sheer scale of activity is transforming
museums and the market and driving
out the fundamental pleasures of looking, thinking and feeling that draw us
to art in the first place. At the Vatican
and the Louvre, crowds are so large
that entire rooms become impassable;
other popular institutions like the
Metropolitan Museum of Art and the
Museum of Modern Art also have
worsening problems of crowd control,
even as they continue to expand. Few
in the crush and noise can pause to
consider what they are seeing.
According to multiple studies,
museum-goers usually spend only
about 10 seconds on any work they
look at—and that time includes reading the wall label. In museums where
photography is permitted, some visitors pass more time taking selfies with
their backs to the pictures than they
do actually looking at the works. Like
fast food, art is becoming a product
for rapid mass consumption.
To counter this change, some have
started initiatives to nurture a calmer
approach to viewing art. Slow Art Day,
an international movement, encourages lengthy study of art in museums
and galleries; at Harvard the art historian Jennifer Roberts trains her students in the practice of immersive
attention, whereby they look at one
work for three hours. Recent books in
praise of contemplative experience
include “On Slowness,” “Slow Cinema,”
“Slow Reading,” “Slow Movies” and
earlier this year, “Slow Art.”
Michael Findlay’s “Seeing Slowly:
Looking at Modern Art” is a fresh and
lively new book on the subject that
offers a short but penetrating analysis
of the problem, as well as a practical
guide to the steps a visitor to a
museum or gallery can take to see
with greater understanding and pleasure. Written by an eminent dealer of
modern art with more than 50 years of
experience, it offers an insider’s view
from someone who can remember
what museums were like before they
became a branch of the tourism industry, and what the art market was like
before it became so fixated on cash
THE ENGLISH painter J.M.W.
Turner (1775–1851) had what could
be called a poignant later life. Of
sour disposition and given to controversy, Turner in his last years
endured a failed gallery and ill
health. Even so, he left behind
several thousand oil paintings and
10 times that number of drawings
and sketches. The best works of
this artist, one of the first great
modernists, appear in “Turner’s
Modern and Ancient Ports:
Passage Through Time” (Yale, 163
pages, $45), with essays by Susan
Grace Galassi and others. The
anchor here are two paintings
purchased by Henry Clay Frick,
“The Harbor of Dieppe” (1825) and
“Cologne, the Arrival of a PacketBoat: Evening” (1826), which display Turner’s poetically unorthodox
paint handling and mark a turning
point in his traversement from naturalism to semiabstraction. They’re
light, bright, awash in yellow
hues—and beautiful. Other paintings buttress the featured duo, and
lots of drawings and small watercolors lend insight into how the
artist worked and thought.
Beauty in the paintings of Alice
Neel (1900-1984) is considerably
less obvious, but for those who
appreciate
the
deliberately
awkward in modern art, her work is
both aesthetically and humanely
powerful. Neel—who first lived in
Greenwich Village (she was
described by her FBI surveillants as
ALAMY
BY ANDREW BUTTERFIELD
AN ALL-OVER EXPERIENCE A woman looks at ‘Mural’ (1943) by Jackson Pollock at an exhibition at the Royal Academy of Arts last year.
and fame. Although Mr. Findlay is apt
to quote from a wide range of literary
sources, including Wordsworth and
William James, the tone of the writing
is informal and casual; this is a deeply
personal book, full of autobiographical
details revealed with unabashed
candor. Discussing his response to
pictures he tells a surprising amount
about his wife, family and friends, and
he is unafraid to admit that great
works of art still have the power to
bring tears to his eyes.
In Mr. Findlay’s assessment art is
fundamentally sensory, experiential
and emotional, but nearly every sector
of the art world tries to change art into
something else. With more melancholy
than anger, he describes how museums
grew obsessed with marketing efforts
in order to increase attendance, and
how the press came to focus almost
exclusively on money when reporting
on the art trade. He recalls a time, not
so long ago, when collecting was
mainly for passionate enthusiasts,
whereas now many buyers merely seek
trophies to flash their wealth and
impress their friends. The author also
criticizes academia’s desire to reduce
art to little more than an illustration of
history. Approvingly, he quotes the
great 19th-century connoisseur Giovanni Morelli, who wrote, “the history
of art can only be studied properly
before the works themselves. Books
are apt to warp a man’s judgment.”
Mr. Findlay recognizes that, from
the beginning, art has often served as
a token of power, and that its study
can tell us much about the past and
present. But these are secondary values; its primary function is to be experienced. He does not say so, but his
view of art is humanistic, not hedonistic, and ultimately goes back to Aristotle. What he does tell us is that he was
raised Catholic and educated by
Jesuits, and he clearly retains the
sense that art has an almost spiritual
communicative power. Art is sensual
but should also stir the emotions and
provoke inspiration.
Mr. Findlay used to teach a course
called “Trusting Your Eye” and a
stated purpose of his book is “to
inspire confidence in your own taste.”
A surprising number of participants in
the art world, from first-time museum
visitors to seasoned collectors and
dealers, have an uneasy feeling that
they lack understanding, and that this
is a sign of their lesser status compared to those more in the know. Mr.
Findlay wants to do away with such
ning of the book he writes, “When a
voice of authority interprets a work of
art, we need the courage to tell ourselves it is merely a suggestion, and
that the only truth is in what we see.”
Near the end, he makes a similar
recommendation, “Forget what your
spouse (or friend) thinks, and forget
art history . . . just decide for yourself.”
To achieve confident judgment, he
counsels that in a museum or gallery
you ignore every distraction from
visual experience. Don’t get the
audioguide, don’t download the app,
don’t read the wall label, don’t snap a
photo. Just look. The more you look,
the more you will know what it is you
like, and the more sure you will
become in your own taste. There is
no universal right answer; inevitably
we all respond differently to the
a “romantic Bohemian type Communist”)—moved to Harlem in 1938 and
remained there for decades. A figurative painter who specialized in
portraits of friends and neighbors,
works in “Soul of a Nation: Art in
the Age of Black Power” (Tate, 256
pages, $39.95), edited by Mark
Godfrey and Zoé Whitley, were
almost all made by black artists
between the 1963 March on Washington and the 1980s. They range from
the abstractions of Norman Lewis
and Howardena Pindell through the
academic realism of Charles White
and the narrative collages of Romare
Bearden to the sophisticated political
symbolism of Melvin Edwards and
David Hammons. This book is no
record of harmony among artists. For
example, Alvin Loving, the first black
artist to enjoy a solo exhibition at the
Whitney Museum, was castigated by
his racial confreres for employing
abstraction, an ostensibly “white”
style—reminding us that vigorous
artistic progress never comes from
unanimity.
In fact, rampant personal ambition and ruthless competition has
been the order of the day since the
Renaissance, when artists emerged
out of the relative anonymity of the
Medieval guilds. Giorgio Vasari
(1511-74) was a painter and writer
who described the artists and his
time in “The Lives of the Most Excellent Painters, Sculptors, and Architects,” a book many consider to be
the founding document of art history. Vasari, who knew and revered
Michelangelo, also wrote about other
masters, from Giotto to Leonardo da
Vinci, and was no mean painter himself: While still in his 20s, he became
a court favorite of Alessandro
Medici. When Vasari was awarded a
desirable commission from Medici,
many of the other Florentine artists
around him became intensely jealous. “The Collector of Lives: Giorgio Vasari and the Invention of
Art” (Norton, 397 pages, $29.95),
by Ingrid Rowland and Noah Charney, is a biography of the biographer
that’s also a bouncy summary of his
masterly book.
A big coffee-table art book that
gives you an intense case of the
wants isn’t a bad thing if it’s a desirable object in its own right and
there’s a lot to learn from it. “Design
in California and Mexico, 19151985” (Prestel, 358 pages, $65),
edited by Wendy Kaplan, is a catalog
of beautiful man-made things—outside the fine arts—produced in our
most populous state and neighboring
country during the heart of the
previous century. The architecture
ranges from revivals of pre-Hispanic
and Spanish Colonial styles to great
and simple modernist buildings that
look like Mies van der Rohe flooded
with constant sunshine. Ceramics,
furniture and textiles are likewise
varied and stunning. My favorites
are the exuberant travel posters—
some of which are still obtainable at
non-Sotheby’s prices.
My father, a midlevel advertising
jack-of-all-trades, instilled in me a
fondness for fonts and their oddsounding titles—Griffo’s Italic,
Bremer Antiqua, Patrona Grotesk—as
she once said, “Whether I’m painting
or not, I have this overweening
interest in humanity. Even if I’m not
working, I’m still analyzing people.”
“Alice Neel: Uptown” (David
Zwirner, 144 pages, $55), by Hilton
Als, captures Neel, in her own
peculiar El Greco-esque style,
capturing the psychological essence
of her sitters.
Neel was a white artist often
painting black subjects, but the 170
fears. Throughout the book he advises
his readers to “pay no attention to
either popularity or price” and to
ignore the opinions of others, especially critics and gallerists. Instead
viewers should look, think, feel and
judge for themselves. Near the begin-
A surprising number of collectors and even dealers feel
they lack understanding and fear making judgments.
No wonder the art world is full of anxious conformity.
stimuli of art. “You can only be
‘wrong,’ ” he says, “if you let the
opinion of others trump the conclusions, albeit highly subjective, that
you reach as result of your own careful and genuine engagement with
works of art.” Given the anxious conformity of so many in the art world,
this is particularly refreshing advice.
Mr. Findlay preaches two insights.
The first is that understanding is made
of experience, not just information.
Facts gained from books, and works
seen in reproduction are nothing more
than information. Only the living
acquaintance with art in its original
form can stimulate your senses and
thereby engage your emotions and
open your mind. Real knowledge and
secure judgment come from a lot of
looking, and nothing else. The second
is that “our emotions are forms of cognition.” He writes, “We do not need to
know about the painting. We do not
need to identify the painting.” What
we need is to experience the painting
“with an affect that is sensuous, i.e., it
produces a sensation, an altered state
of mind, possibly a visceral feeling.”
This can only be done slowly and
calmly. Quoting T.S. Eliot, Mr. Findlay
tells us that when viewed this way, art
can transport us to “the still point of
the turning world.”
Mr. Butterfield is an art dealer,
historian and writer.
good as rock-band names if not
actual poetry in themselves. The
visual styles of typography to which
they refer are even better. In Paul
McNeil’s “The Visual History of
Type” (Laurence King, 672 pages,
$85) more than 320 faces, from the
mid-1400s to today, are displayed in
their initial design and early printings. Some have veritable biographies: “Although hugely popular in
the early part of the 20th century,”
Mr. McNeil writes, “Venus did not
survive the technological transitions
to machine composition, photosetting or the digital era.” Who knew
that the fate of a font could be poignant or, for that matter, that type
fonts could look so original?
Originality as an artistic virtue is
cheerfully debunked in Robert
Shore’s “Beg, Steal & Borrow:
Artists Against Originality” (Laurence King, 192 pages, $19.99).
Although the main culprits—Picasso,
Duchamp, Warhol and Jeff Koons—
are obvious to nearly everyone, Mr.
Shore observes that “for every iteration there’s a seemingly infinite number of modified reiterations—
successful memes spreading from
brain to brain (and, in the case of
internet memes, from computer to
computer) propagating themselves
through a process of continuous
mutation and blending.” That’s either
joyfully liberating or terribly depressing. As is the holiday season itself.
—Mr. Plagens is an artist
and writer in New York.
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C10 | Saturday/Sunday, November 18 - 19, 2017
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THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘The camera is the eye of history.’ —Mathew Brady
Shooting Lincoln
By Nicholas J.C. Pistor
Da Capo, 223 pages, $28
BY HAROLD HOLZER
ON A BLISTERINGLY hot July afternoon in 1865, just a week after guilty
verdicts had been rendered following
a brief military trial, the U.S. Army
prepared to hang three men and one
woman convicted as conspirators in
the assassination of Abraham Lincoln
three months earlier.
As a few hundred spectators gathered inside the tall brick walls enclosing the Washington Arsenal, Lewis
Powell, David Herold, George Atzerodt
and Mary Surratt were marched onto
a wooden scaffold, hooded, given spiritual consolation, fitted with nooses
and left to fall to their deaths when
the trap doors beneath them opened.
From the second-floor window of
the prison shoe factory, Alexander
Gardner, a Scottish-born photographer
who had learned his craft under the
renowned Mathew Brady, aimed his
cameras and took picture after picture,
recording each stage in this grisly final
act of the Civil War. He was the only
photographer allowed on the scene,
and his images caused a sensation.
Before long, engraved adaptations
filled the nation’s pictorial press, and
Gardner’s reputation soared.
But why was he given this exclusive
opportunity, and not Brady himself,
still the biggest “brand name” in the
field? That is the subject of Nicholas
Pistor’s “Shooting Lincoln,” a brief,
gripping book that ends with a key
historical episode but first describes
the enterprise, skill and marketing
hokum that helped popularize photography as a new means of artistic
expression and archival record keeping.
As photography took hold in the
U.S. in the years before the Civil War,
Brady became its undisputed king. He
opened lavish studios, attracted
famous sitters and took prize-winning
pictures. Hampered by dwindling eyesight, he eventually became more an
entrepreneur than a working artist,
posing celebrity clients before his cameras but leaving actual exposures to
hired photographers. Among these was
Gardner, a former journalist who
became Brady’s chief lensman.
When the Civil War broke out,
Brady hauled his equipment into the
field to record the action. His operators couldn’t hold their cameras steady
PRISONER Alexander Gardner’s image of Lewis Powell, who tried to kill
Secretary of State William Seward on the night of Lincoln’s assassination.
enough, long enough, to take battle
pictures, so “Brady” published harrowing scenes of carnage that shocked
(and fascinated) home-front society. In
fact, many were the work of his
employee Gardner, and soon disputes
over credit drove the younger man to
launch his own Washington gallery.
With urgency and flair, Mr. Pistor
traces the subsequent race for preeminence between Brady and Gardner.
While he lacks a deep knowledge of
19th-century photography—he doesn’t
seem to grasp that small carte de visite photographs were made with multilens cameras or that the craze for
them began not in the 1850s but a decade later—he nicely conveys the stylistic chasm that separated his principal characters. Gardner yearned to be
at the scene of every news event and
make a pictorial record. Brady aspired
to arrange his scenes so they could reflect the majesty of master paintings.
Mr. Pistor gives us a vivid account
of the chances that each rival seized
and missed. Gardner got the giant Lincoln and the diminutive Gen. George
McClellan to pose facing each other—
leaving no doubt who was boss—after
the Battle of Antietam. Brady took elegant portraits of Robert E. Lee when
he returned to his Richmond home after Appomattox. Gardner made amazing images of Lincoln’s second inaugural, but he and Brady both missed the
Gardner raced to every
news event. Brady aimed
to create magisterial art.
Gettysburg Address, though Gardner
was reputedly on the scene, a detail
that Mr. Pistor fails to mention. In fact,
the author skips the final year and a
half of the war to cut to the biggest
news story of all: the Lincoln murder.
Gardner got there soonest with the
mostest, not only capturing images of
the crime scene at Ford’s Theatre but
gaining remarkable, if unexplained,
access as a government-sanctioned
official photographer. It was Gardner
who produced the War Department’s
illustrated “wanted poster” for John
Wilkes Booth; took the remarkable
portraits of the captured conspirators
aboard a Union ironclad; photographed
Booth’s dead body (though prints have
never surfaced); and got admitted to
the Arsenal prison to record the execution of Booth’s partners in crime.
By then, debts were strangling
Brady, and he turned his attention to a
maudlin scene of Lincoln’s deathbed.
Brady was still famous enough to
persuade eyewitnesses, including
Lincoln’s son, to pose before his cameras in postures of contorted grief for
pictures that could serve as models for
a painting. By the time the project was
finished, however, the immediate gratification that photography provided
had eclipsed its appeal as high art.
Gardner’s newsworthy pictures proved
triumphs; Brady’s deathbed composite
took two years to produce, by which
time the market for such images had
been saturated. Their different
approaches to the crime of the century, Mr. Pistor suggests, show Brady
aspiring to “the collision of art and
photography” and Gardner to “the collision of journalism and photography.”
This is an original yet flawed book.
It sustains its breathless mood yet suffers from incomplete sourcing (some
endnotes are inadequate, others simply missing). It advances some old
Lincoln myths (it was not snowing the
day of his Cooper Union Address in
1860, nor did his purchase of a Knox
hat launch a new image—he had worn
stovepipe toppers for years). And it
manages to create some new myths as
well: The chin whiskers that mourners
saw on Lincoln’s corpse were not
imposed by postmortem barbers; Lincoln had trimmed his own beard down
to a goatee by the time of his death.
At heart, Mr. Pistor is a true-crime
specialist (his previous book, “The Ax
Murders of Saxtown,” investigated a
grisly episode in 19th-century Illinois),
and he redeems this effort with an unfailing eye for dramatic evidence. He
reminds readers that, during Mary
Surratt’s trial, prosecutors revealed
that she had kept a photograph of
John Wilkes Booth hidden at her
boarding house. The revelation all but
convicted her. As Mr. Pistor shows,
photography not only recorded
Surratt’s demise; it hastened it.
Mr. Holzer won the 2015
Lincoln Prize for “Lincoln
and the Power of the Press.”
Swept Away by Winds of Change
Revolution Song
By Russell Shorto
Norton, 622 pages, $28.95
BY KATHLEEN DUVAL
WHEN YOUNG George Washington
visited Barbados, he recorded in his
diary that he enjoyed riding “in the
cool of the evening” to see “the fields
of cane, corn, fruit-trees, &c in a delightful green.” Venture Smith viewed
the island from a different angle: the
deck of a slave ship. As in our own day,
people of the 18th century experienced
the same events in different ways,
whether sailing into a Caribbean port
or living through a revolution.
It’s difficult to incorporate
a woman’s story into the
traditional stories of sons,
fathers, founders and war.
Russell Shorto, a journalist and historian, aims to tell different stories of
“the struggle for freedom at America’s
founding.” “Revolution Song” follows
George Washington, Venture Smith,
British Secretary of State for the Colonies George Germain, the Seneca
leader Cornplanter, shoemaker and
revolutionary politician Abraham
Yates, and Margaret Moncrieffe, the
daughter of a British officer, through
the American Revolution and into its
aftermath. His description of autumn
in Cornplanter’s hometown, with its
burning red sugar maples, braids of
corn and drying bunches of tobacco
leaves, is as vivid as Yates’s Albany
and Moncrieffe’s New York City, both
towns nominally English by the time
of their births but whose streets were
filled with the languages of Dutch,
Mohawk and German. That the gabled
brick home Germain was born into
could be mistaken for an entire Eng- ture Smith possibly saw George Washlish village both reveals his position in ington on a dock in Connecticut, and
the empire and makes a striking com- Smith’s son served in Washington’s
parison with Yates, “the ninth child of army. Washington did once meet
a blacksmith.”
Cornplanter and Margaret Moncrieffe,
Through the eyes of the characters, although we don’t get to meet her
Mr. Shorto teaches some important until 150 pages into the book. The first
history. England’s 18th-century com- thing we learn is her reputed beauty,
mercial rise shapes George Germain’s and we don’t see her again for another
youth. We learn the history of how the 50 pages (in which we have five more
Senecas joined the Iroquois League at sections on Washington).
a storyteller’s feet, next to young
Cornplanter. When Abraham Yates
decides that the political stirrings
of the 1770s require him to learn
some political theory, we read
Locke and Spinoza over his shoulder and consider the logic behind
throwing off a king.
In contrast to the wealth of
documents on Germain and Washington, Mr. Shorto has far fewer
sources for his lesser-known characters. He pulls in general information from the period to give detail
to places where they lived and
events they witnessed, and he uses
the language of “may have” and
“probably would have” to good
effect. His biggest success is with
Venture Smith. Mr. Shorto interweaves information from Smith’s
autobiography with relevant descriptions of the history of the
Fulani of West Africa, the standard
practices of an 18th-century slave CHIEF The Seneca leader Cornplanter.
ship, and the economy of late-colonial and early-republic New England.
It is difficult to incorporate a
Both Washington and Smith, for differ- woman into an 18th-century story of
ent reasons, saw money as the founda- sons, fathers and war, and Mr. Shorto
tion of their individual independence. tries to use Moncrieffe’s engaging
Comparing these two very different story to deepen his book’s song of
men helps us understand both better. freedom. The kinds of freedom men
But other choices work less well. sought in the Revolution, as varied as
The book aims to be “a kind of narra- they were, were not open to women of
tive song,” but after a few chapters, any kind. But Mr. Shorto never really
one starts to wonder what these six compares Moncrieffe to his other charpeople are doing in the same song. acters—she appears and disappears
The overall theme of the American without forcing us to reckon with the
Revolution as “a promise of freedom” importance of gender in the men’s
is so general that it could link anyone lives. When she calls her arranged
living through the era. Yates and marriage “honourable prostitution,”
Washington correspond briefly. Ven- Mr. Shorto observes: “There was a new
BRIDGEMAN IMAGES
least renewed ties in their twilight
years, are explored in Gordon S.
Wood’s “Friends Divided” (Penguin Press, 502 pages, $35). As
Mr. Wood shows, this tempestuous
friendship of five decades—finally
sundered when both men died on
July 4, 1826—had profound repercussions for the young republic.
In “The Islamic Enlightenment” (Liveright, 398 pages, $35),
Christopher de Bellaigue upends
Western conceptions of Middle
Eastern history, including persistent
images of a benighted civilization
rooted in the Middle Ages. The
Middle East over the past two
centuries, Mr. de Bellaigue writes,
has experienced pronounced progress in technology, communications,
democratization and human rights.
Inspired by the West, an enlightened age of reform flowered in the
19th century. Although European
imperialism, oil and secularism are
but three reasons for the rise of
religious fundamentalism and the
“counter-enlightenment” of recent
decades, Mr. de Bellaigue finds
hope in the unprecedented ability
of millions of Muslims throughout
the world—owing to “technology,
literacy and the modern cult of the
individual”—to practice Islam
according to their own convictions.
At a time when Joseph Stalin’s
ghost is ascendant in Russia, Anne
Applebaum’s “Red Famine: Stalin’s
War on Ukraine” (Doubleday, 461
pages, $35) recounts in devastating
detail the Kremlin’s deliberate starvation in the early 1930s of millions
of people, chiefly in Ukraine, who
resisted Sovietization. Intellectuals,
village elders and, most of all, peasants were deemed disloyal to the
state. The worst famine in European history ensued after millions
of rural households had been relocated to collective farms. In the
wake of protests and poor crop
yields, Stalin sealed Ukraine’s borders, confiscated food and heaped
blame on the victims for a lack of
“revolutionary vigilance.” As Ms.
Applebaum argues, news of the
Holodomor (derived from the
Ukrainian terms for hunger, holod,
and extermination, mor) was brutally quashed, too often with the
connivance of Western journalists
and foreign diplomats in Moscow.
—Mr. Ekirch is the author of
“American Sanctuary: Mutiny,
Martyrdom, and National Identity
in the Age of Revolution.”
Snapshots of the Civil War
DA CAPO PRESS
‘DAZZLING’ BARELY describes
“Remarkable Books: The World’s
Most Beautiful and Historic
Works” (DK, 256 pages, $30), a
visual feast compiled and annotated
by Father Michael Collins and four
contributors. Fit for a coffee table,
the volume begs to be read and
pondered, not just scanned. More
than 80 manuscripts and books,
beautifully illustrated in color, are
showcased,
accompanied
by
descriptions of their origins and
historical significance. The offerings
include literary classics, children’s
books, religious texts, scientific
treatises and political discourses.
Selections range from the Egyptian
Books of the Dead (ca. 1991-50 B.C.)
to Rachel Carson’s “Silent Spring”
(1962) and “Quotations From Chairman Mao” (1964). Unfamiliar titles
add to the adventure.
No personal or political relationship has been more seminal in
American history than the one
between John Adams and Thomas
Jefferson, whose temperaments
could scarcely have been more
different. Collaborators in the cause
of American independence and both
U.S. ministers to Europe in the
1780s, they had become close allies
by the time of their service in
George Washington’s first administration. And yet in advance of the
election of 1800 they turned into
bitter rivals, propelled by contrasting conceptions of American republicanism. All this and more, not
wind blowing, a wind of freedom, and
it compelled her to follow her inner
voice.” Well, perhaps. But the string of
men Mr. Shorto unquestioningly labels
“sweet and gracious,” who sexually
used and then left her, tells us something deeper about how patriarchy
bolstered men’s freedom. Historians’
work on the complicated relationship
between gender and liberty could have
helped here, including Mary Beth
Norton’s “Liberty’s Daughters,”
Rosemarie Zagarri’s “Revolutionary Backlash,” Woody Holton’s
“Abigail Adams” and Ann Little’s
“The Many Captivities of Esther
Wheelwright.”
A beautifully written song
doesn’t have to say anything new,
but this book never truly sings.
Without a strong driving theme or
deeply telling comparisons, the
short sections focused on different characters jarringly shift the
reader from one scene to another.
There’s many a transition sentence like “As George Washington
retired from the fight against the
French in North America, George
Sackville [Germain] found himself
astride his horse.” Sometimes Mr.
Shorto gets carried away by
attempts to dramatize, as when he
calls New York City “a hotbed of
loyalist sensibility” in 1774, when
in fact it was still a British city,
and the revolutionaries were still
the hotheads.
In many ways the book is the story
of George Washington, who occupies
far more of its pages than anyone else.
But Washington’s story is the one of
the six that has been told over and
over, and his story is not integrated
enough with the others either to make
us see him differently or to teach new
lessons about the Revolution.
Ms. DuVal, a professor at the
University of North Carolina at
Chapel Hill, is the author of
“Independence Lost: Lives on the
Edge of the American Revolution.”
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 18 - 19, 2017 | C11
* * * *
HOLIDAY BOOKS
‘East were the / Dead kings and the remembered sepulchres: West was the grass.’ —Archibald MacLeish
Preserving the Spirit of the Pioneers
Watt Matthews of Lambshead
By Laura Wilson
Texas State Historical Association,
163 pages, $50
WATKINS REYNOLDS Matthews
died at the age of 98 in 1997, just
short of a lifetime that would have
touched three centuries. He was from
Texas pioneer royalty. His ancestors
had been in the state since the 1850s,
and had established a ranch named
Lambshead in the heart of Comanche
country, along the Clear Fork of the
Brazos, that eventually grew to 62
square miles. Watt Matthews’s
mother, Sallie Reynolds Matthews,
wrote “Interwoven,” a classic memoir
about growing up in early Texas.
Then, in 1989, when he was 90, Watt
himself became the subject of what
has turned out to be another Texas
classic, a photographic essay by
Laura Wilson called “Watt Matthews
of Lambshead.”
Ms. Wilson’s book has chugged
along sturdily enough in the decades
since it first appeared that it has
been republished twice—a second
edition in 2007, and now a third. The
subsequent editions feature some
added material (this one has a new
foreword by Anne Wilkes Tucker, the
curator emeritus of photography at
Houston’s Museum of Fine Arts), but
the book’s core is the same: a collection of a little more than 100 blackand-white photographs, accompanied
by Ms. Wilson’s own text and an
introduction by David McCullough.
Together they document what life
and work was like on Lambshead
Ranch when Watt Matthews was still
in charge and still a living link to
Texas frontier culture.
Another legacy feeds into this
book. In 1979 Laura Wilson, who lived
in Dallas with her husband and three
young sons—now the actors Owen,
Luke and Andrew Wilson—began
working as a researcher for Richard
Avedon when he struck out from his
Upper East Side studio to spend six
summers traveling through 16 Western states, photographing oil workers,
drifters, rattlesnake skinners and
waitresses for his startling portrait
collection “In the American West.”
I was on the staff of Texas
Monthly in 1985, and I remember the
buzz in the office when we published
an excerpt of the Avedon exhibition
and book. These images of ordinary
people—as carefully posed and
fussed over as the models in Avedon’s fashion photography—were unquestionably arresting, but also grating to some of us who actually lived
in “the American West.” Photographing each of his blank-eyed subjects
against the same white-paper curtain, Avedon seemed to be sealing
them into specimen jars to send back
to New York as puzzling exotica.
For all the newness and rawness
of those photos, the taint of anthropology was familiar. My first reaction upon looking at them on the
desk of the magazine’s art director
LEE FRIEDLANDER’S “The American Monument” (Eakins Press
Foundation, 182 pages, $150) is a
gorgeous book, reprinted in the
same gorgeous 12-by-17-inch format
as the first edition of 1976. Mr.
Friedlander, then in his early 40s,
selected 213 pictures from the thousands he took in years of going back
and forth cross-country. The pictures are not so much studies of
public statuary as they are of the
ways that statuary is integrated into
its environment. In “To Those Who
Made the Supreme Sacrifice, Bellows Falls, Vermont,” an allegorical
female figure in stone takes up the
middle of the picture, but there are
lawns and typical New England
buildings behind her on either side,
and cars in the street; a lone woman
in the crosswalk animates the scene.
The duotone printing is a marvel.
Leslie George Katz, the album’s
original editor, wrote, “The heart
needs landmarks.” It still does.
An early death cheated William
Gedney (1932-89) of the fame he
had been steadily accruing. Gilles
Mora’s compilation of Gedney’s
work,
“Only
the
Lonely,
1955-1984” (Texas, 159 pages,
$40), should get him his due.
Included are album projects from
a farm in upstate New York, from
Brooklyn, from two stays with an
COURTESY OF LAURA WILSON AND THE TEXAS STATE HISTORICAL ASSOCIATION
BY STEPHEN HARRIGAN
LOOKING IT IN THE MOUTH ‘Watt Matthews Aging a Horse, April 1987,’ by Laura Wilson.
was “Here we go again.” Larry
McMurtry’s response was not quite
so defensive. He wrote a thoughtful
appreciation of Avedon’s work in an
introduction to that Texas Monthly
feature. “The pictures,” he concluded, “show people who have been
brutalized by a land almost too powerful to live on.”
What a different sort of photographer Laura Wilson is, and what a
different sort of West she depicts in
“Watt Matthews of Lambshead.” The
Avedon influence is visible in her
occasional straight-ahead portraiture
of ranch hands, and in some memorably unflinching images. One of these,
in crisp black and white, showcases
the terrified eye of a calf as it’s being
dehorned. Another captures with
almost hallucinatory precision six
dead coyotes hanging by their hind
feet from the branches of a leafless
mesquite tree.
Avedon came across as a pointedly
remote and self-conscious artist; Ms.
Wilson is an enthusiastic embed. A
documentarian, she doesn’t mysteriously strip away visual context like
her mentor did but makes a point of
immersing the viewer in it. In one
photograph, we see the elderly Watt
Matthews standing in his cowboy hat
and blue jean jacket in the Lambshead cemetery among ancient and
modern family tombstones. In a frontispiece spread, he sits on his horse
overlooking a dry creek bed and the
low-slung house where his mother
lived as a girl in the 1860s, and
where—she writes in “Interwoven”—
a band of Comanches and Kiowas
attacked one day and ran off with
500 head of cattle. The photograph
was made in the 1980s but it’s thrillingly timeless—the fortress-like
stone house, the old man on horse-
back, the vast moody sky with whitish clouds folded in on themselves
like fallen drapery.
There is none of Avedon’s cold
scrutiny in Ms. Wilson’s photographs,
though there were times in her text
when I thought she might have
scooched over and provided just a bit
of objective distance from her octogenarian protagonist. “His authority
comes from meeting things head on,”
she writes at one point, under the
sway of that ol’ cowboy magic. “His
beliefs are clear. His moral compass
is true.” For the most part, though,
she’s as level-headed and specifically
observant in her prose as she is in
her photography. Watt Matthews’s
cowboy hat, she writes, “is soft so
the brim will give if he hits brush;
Sometimes Ms. Wilson’s camera is
in the middle of the action: at a
ranch dance, or a roundup, or close
in on a cowboy’s pocket knife and
bloody fingers as he holds the testicles of a just-castrated calf. At other
times she keeps her lens at a calm,
respectable distance. One of the
most compelling compositions in the
whole book is a revealing still life of
Watt Matthews’s desk in his ranch
office. Matthews himself is not in the
photo, but his life vividly is: It’s the
desk of a reflective man with efficient habits of mind. Among its
objects: an Albany, Texas, phone
directory, a framed portrait of (I
think) Sallie Reynolds Matthews next
to a photo of grazing buffalo, bronze
statuettes of cowboys and cattle,
out-of-work miner’s family in
Kentucky, with hippies during San
Francisco’s “summer of love,” and
from India and Europe. Gedney’s
black-and-white images are notable
for their delicacy: There is aesthetic
delicacy in his pictures of houses at
night, so deft you feel the presence
of the people sleeping within. There
is enormous emotional delicacy in
his pictures of the Cornett family in
Kentucky, the young men tinkering
with their beat-up cars, the young
girls hanging out with friends in
the kitchen.
Shea Stadium is the only structure most people will recognize in
“Landscape as Longing: Queens,
New York” (Steidl, 152 pages, $75),
a book with black-and-white photographs by Frank Gohlke, color
photographs by Joel Sternfeld and
an essay by Suketu Mehta. Mr.
Gohlke’s “10019 27 Ave. and McIntosh St., Jackson Heights, Queens”
(2003) captures the middle-class
essence of the borough; the elaborate iron fence with a kitschy lion
atop a brick pier, the little front
lawn, the fancy metal grill-work
protecting the door, the Honda
Civic in the driveway, the row
houses across the street with a
crenellated roofline. Mr. Sternfeld
reveled in the diverse places of
worship—the Geeta Temple (Hindu),
the Korean Ark Church, the Wat
Buddha Thai Thavorn Vanaram, the
Arca de Salvación-Iglesia Evangelica
Pentecoste—and the décor of ethnic
restaurants.
In 1997, Nancy Borowick’s mother,
Laurel, was diagnosed with breast
illnesses and deaths, their loving
devotion to each other, and her siblings’ and grandmother’s attentiveness. In “The Family Imprint: A
Daughter’s Portrait of Love and
Loss” (Hatje Cantz, 200 pages,
$40) Ms. Borowick shows that
“rather than wallowing in their own
sadness and grief, they chose to
spend their final months living life.”
Her black-and-white photographs
are by turns moving, humorous or
simply reportorial. Howie and Laurel
embrace in one picture, both their
heads bald from chemotherapy.
There is nothing mawkish here; it is
adults looking after themselves, each
other, and those they love.
Sid Grossman (1913-55) was a
pivotal figure in mid-20th-century
American photography. In “The Life
and Work of Sid Grossman”
(Steidl/Howard Greenberg Library,
251 pages, $55) Keith F. Davis tells
how Grossman, although self-taught,
became a founder in 1936 of the
Photo League, a New York meeting
place and school. Grossman, a passionate but demanding teacher,
influenced many important photographers through his classes and the
example of his own work. The book
has early documentary pictures of
Chelsea and Harlem; more subjective
pictures of Guatemala and Panama
that Grossman took while in the
the crown is not high. On a new hat,
he has the brim cut down to two and
three-eighths inches so it’s perfectly
proportioned to him. Then, before he
wears a hat for the first time, he
holds it over a steaming kettle in the
cookshack, pinching and bending the
felt to shape the hat into a style
that’s all his own.”
Matthews’s ancestors established a ranch the 1850s.
A century and half later Matthews still ran the place,
seemingly the last living link to Texas frontier culture.
cancer: She died in 2014. In 2012,
her father, Howie, was diagnosed
with stage four pancreatic cancer:
He died in 2013. A student at the International Center of Photography,
Ms. Borowick recorded her parents’
another photo of Watt’s uncle seated
with the legendary cowman Charles
Goodnight, a copy of the Princeton
Alumni Weekly (yes, Watt Matthews
went to Princeton), and an opened,
meticulously kept diary, one of a
long lifetime series (sample entry,
from 1923: “We rounded the river
pasture and branded 138 head of
calves at the Brushy corrals. Killed a
little rattlesnake.”)
The most poignant photograph is
in an afterword Ms. Wilson added
after the first edition of the book. It
shows Watt Matthews’s casket being
driven in a buckboard wagon through
the winter grass of Lambshead Ranch,
attended by 10 cowboy pallbearers in
their white funeral shirts and best
pairs of Wranglers. “I photographed
what I feared,” Richard Avedon once
told Laura Wilson about working in
the American West: “aging, death,
and the despair of living.” There is
certainly death in his protégée’s work,
and certainly aging, but if there’s any
trace of despair I missed it.
Almost 30 years, and three editions, after its original appearance,
“Watt Matthews of Lambshead”
remains a visual testament to the
solace of knowing that the soil you
came from is the same soil to which
you’re headed.
Mr. Harrigan’s latest novel is
“A Friend of Mr. Lincoln.”
He is at work on a history of Texas.
Army; exuberant images of teenagers at Coney Island; and moody
photos of New York City streets and
the San Gennaro festival in Little
Italy. The last work from Provincetown is at the edge of photographic
practice, sometimes abstract but
always deeply personal.
All 150 pictures in “Tina
Barney” (Rizzoli, 239 pages, $100)
are portraits, and many have the
first names of the subjects as titles.
Others have rooms or decorative
details as titles—“The Hallway”
(1990), “The Orange Room” (1996),
“The Foyer” (1996). This is appropriate because Ms. Barney’s people
are always somewhere, somewhere
specific, not just floating in space.
She is as meticulous about the sets
in which she photographs as about
what she calls “the synchronization
of the psychological, emotional, and
sociological plots” that hold her
groups together. Tina Barney led
the movement in the 1980s to use
view cameras, color and largeformat prints. Almost all in color,
mostly of Americans in the upper
classes, and frequently of family,
this book collects the best of four
decades of work.
—Mr. Meyers writes on
photography for the Journal. See
his photographs at www.
williammeyersphotography.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
C12 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘There are really only two plays: Romeo and Juliet and the darn ball in the basket.’ —NCAA Coach Abe Lemons
persistence and grace. Ms. Montillo writes about her and her era
with precision.
If you prefer a gift of beauty—
and grit—invest in Jim Herrington’s “The Climbers” (Mountaineers Books, 191 pages, $60). The
album contains 20 years of gorgeous photos by Mr. Herrington, a
longtime photographer for Vanity
Fair and Rolling Stone, and an avid
fan of mountains. The photos are
black and white and often large,
none better than a superclose look
at Bradford Washburn, a former
director of the Boston Museum of
Science. His head is blown up so
large in the photo that there’s
nothing else to see.
Exercise is a rigorous discipline in professional sports, one
increasingly taken up by fans and
onlookers. Tom Brady, the enduring quarterback for the New England Patriots, shares his regimen
in “The TB12 Method” (Simon &
Schuster, 305 pages, $29.99), a
book whose subtitle promises will
show us “How to Achieve a Lifetime of Sustained Peak Performance.” The book walks through
12 principles designed to make
you feel like a 30 year old, not 40
or older.
Mr. Brady’s sport remains the
most popular sport in America,
despite fears of dangerous head
injuries. In “The Art of Football”
(Nebraska, 243 pages, $39.95),
Michael Oriard explains how the
sport was developed in the 1800s
and shows off startling illustrations from the period, from tackles
to kicks to tosses. Other pictures
show men on teams piling up for
the ball in the middle. As seen
here, the sport looks as dangerous
then as it does now.
If you want something gaudy to
show friends, you’ll want George
Peper’s “Golf: The Impossible Collection” (Assouline, 200 pages).
One catch: It costs $945, a hefty
price even for something this enormous. At 14 inches by 17 inches,
each page is so vast that if you
read it from left to right you’ll
soon lose track of your place and
the words will start getting blurry.
My advice: Enjoy the pictures, and
don’t worry so much about the
words. Some books, after all, don’t
need them.
—Mr. Perrotta writes about
tennis for the Journal
and other publications.
Your 2018 NBA Champions
‘WHY ARE THEY even bothering to
play this year?” It’s astounding to me
the number of times I’ve heard this
question about the 2017-18 NBA
schedule. It persists for one reason:
The widespread expectation that no
matter what happens, the finals will
feature the Golden State Warriors and
the Cleveland Cavaliers for the fourth
consecutive year.
This logic has always seemed specious. After all, not even during the
legendary rivalries between the Celtics and the Lakers did the same two
teams manage such a streak. Anything can happen over the course of
an 82-game season: Players can get
hot, get traded or get injured. That
said, the fascination with the Warriors and the Cavaliers is understandable. No other team won the
championship in the past three
years, and the two clubs remain the
overwhelming favorites to win the
next one. They are the two mostwatched, most-discussed teams in
the past decade. They are also the
most chronicled.
How can you not talk about them?
The Warriors have put together one
of the most thrilling, purely watchable teams in NBA history, with perhaps the best pure-scoring machine of
the past 20 years in Kevin Durant and
the league’s most-beloved and marketable player in Stephen Curry. Considering this is a team whose fan base
was so beaten down it lustily booed
the Warriors’ new owner, Joe Lacob,
the first time he was introduced little
more than five years ago, this is quite
a turnaround.
Journalist Erik Malinowski digs
into the genesis of the Warriors resurgence in “Betaball” (Atria, 390
pages, $26), taking a decidedly Silicon Valley-centric look at the team
and embracing all the startup-friendly
buzzwords. Mr. Lacob himself is a Silicon Valley venture capitalist who rebuilt the franchise according to the
Valley’s philosophy. Mr. Malinowski’s
book is a smart, breezy read that
sometimes tries a little too hard to be
another “Moneyball.” But it is always
on firm footing with its central premise that the Warriors have done such
a good job remaking its franchise and
getting itself a new arena in downtown San Francisco that the rest of
the league is still trying to catch up.
The Warriors, Mr. Malinowski writes,
did get a little lucky that Mr. Curry
turned into a superstar and Mr. Durant was willing to make less money
to join the team. But that luck is, in
many ways, the result of management’s innovative design. If the Warriors hadn’t become so desirable to
GETTY IMAGES
BY WILL LEITCH
FINAL FANTASY If LeBron James and Stephen Curry manage to face off for a fourth consecutive time, they’ll
achieve something unheard of even during the legendary rivalries between the Celtics and the Lakers.
play for, Mr. Durant would probably
never have considered the idea.
The Warriors’ history, and the
transition to their glorious present, is
also well chronicled in Jack McCallum’s “Golden Days” (Ballantine,
308 pages, $28), which ties together
two of the greatest teams in basketball history: The modern Warriors
and the 1971-72 Los Angeles Lakers.
The shared link is Jerry West, who
played for the latter and helped build
the former as a member of the team’s
executive board from 2011 to 2017. Mr.
McCallum holds legitimate claim for
being the greatest NBA writer of all
time—he wrote for Sports Illustrated
for several decades, and his “Dream
Team” (2012) is a chronicle of the
souls of every basketball player
you’ve ever cared about—and this
book, typically, is full of juicy anecdotes and wagging fun. (There’s a
saucy bit casually tossed in here, in
which several Warriors talk about
how easy it is to guard the reigning
MVP, Russell Westbrook, that would
have headlined most other books.)
The Warriors is a team of big ideas,
big achievements and big personalities. Even its coach, Steve Kerr, is a
fascinating character. You can’t go
wrong doing a deep-dive into its
story, a story that isn’t finished yet.
The Cavaliers are fascinating in a
different, more dysfunctional, more
mysterious way. It’s less a team than
a constantly shuffling set of supporting characters surrounding LeBron
James, the only player to legitimately
rival Michael Jordan’s claim as the
best to ever play the game. Mr.
James is such an overwhelming figure that, until the Warriors came
around, the NBA story was his story,
whether he was “taking his talents to
South Beach” or returning to his
home state to win Cleveland its first
championship in five decades. The
Warriors’ emergence gave Mr. James
Golden State and
Cleveland have become
the two most-watched,
most-discussed, mostwritten about teams
of the past decade.
his first real challenge for NBA supremacy, and other than his one title
with Cleveland, it’s a hill he’s still
trying to climb.
Mr. James is also an enterprise
unto himself, and a challenge for
writers trying to get access to him.
(The Warriors players are much more
ingratiating and welcoming to journalists. Mr. Curry once let me, someone he’d never met and has not met
since, just walk up and down San
Francisco’s Embarcadero with him
and his infant daughter for two hours
for an interview. I’m not sure Mr.
James gives that kind of access even
to his own teammates.) Some writ-
ers, like Jason Lloyd, an NBA beat
writer who has covered Mr. James
for a decade, get somewhat close, but
even his “The Blueprint” (Dutton,
294 pages, $28) is a view from a distance and works best as a travelogue
on the difficult and exhausting life of
a beat writer.
Longtime magazine journalist
Scott Raab sidesteps this problem altogether by not even bothering to get
close to Mr. James with his “You’re
Welcome, Cleveland” (Harper, 253
pages, $25.99), which is a fan’s point
of view of what it meant for Cleveland to win a championship. Mr. Raab
is an entertaining writer whose access to Mr. James would always be
limited, considering his previous
book, about Mr. James leaving Cleveland for Miami, was called “The
Whore of Akron.” He’s more friendly
to Mr. James this time and even
pokes fun at himself. (The title is a
joking reference to having “inspired”
Mr. James with his previous book.)
Mr. Raab’s latest work won’t tell you
much about the Cavaliers, but it
doesn’t try to: It just wants to let you
know how the Cavaliers made a longtime fan feel. To really find out
what’s going on in Cleveland, one suspects we’ll have to just wait until Mr.
James writes the book himself.
Mr. Leitch is a senior writer
for Sports on Earth, contributor
to Sports Illustrated, contributing
editor at New York magazine
and the founder of Deadspin.
Footy Fetish
erupting periodically in response to
an unfair foul or goal, completely
caught in the drama of the moment.
At times like these, Mr. Critchley
explains, English soccer fans can lose
contact with their normal selves. As
he puts it, “we will say anything.”
The old seatless terraces may be
gone, and $100 tickets mean that for
the most part fans are nearly all
What We Think About
When We Think About Soccer
By Simon Critchley
Penguin, 204 pages, $20
BY DAVID PAPINEAU
THERE ARE SPORTS FANS, there
are soccer fans, and then there are
Liverpool fans. Simon Critchley is a
professor of philosophy at the New
School for Social Research in New
York. He is also a lifelong supporter
of Liverpool’s soccer team, with a
magical conviction that his team will
lose if he isn’t watching. Given the
constraints of his day job, Mr. Critchley is seldom able to attend games in
person, so he skips out of his office
and ducks into sports bars, observing
his faith across time zones, communing with his fellow fans via social media. His latest book, a philosophical
meditation on the meaning of soccer,
is an intriguing little volume, not
least because of the way his absolute
devotion to Liverpool shines out on
every page.
Mr. Critchley wears his philosophy
lightly. As he explains, the philosophical tradition that most inspires him
is the phenomenology of Jean-Paul
Sartre and Maurice Merleau-Ponty,
which seeks to illuminate our lives
via close attention to the texture of
everyday experience. The methodology is perfectly suited to Mr. Critchley’s purposes. He is excellent on the
numinous intensity of actually attending a game. You climb up though
the levels and emerge to behold the
unreal green of the pitch. As the
game starts, time is suspended in the
flow of players and ball. The spectators lose themselves in the rhythm,
benighted Liverpool supporter, he
observes, can fail to recognize that
rival fans have their own traditions
and folklore. The zeal of blind partisanship coexists with the intelligent
recognition that others have an equal
right to success.
The moral is a general one. Mr.
Critchley explains how many people’s
sense of identity expresses itself in
cer to “Moneyball”-style statistical
analysis. He bemoans the commercialization and corruption of elite soccer,
the exploitative merchandizing and
the bribery that decides World Cup
hosts, but he offers no analysis of the
economic pressures behind this. And
some readers will surely wonder how
many of Mr. Critchley’s observations
apply specifically to soccer, rather
than to spectator sports in general, a
question the author ignores.
Still, this is an engaging essay, generously illustrated by full-page blackand-white photographs of soccer ac-
A philosophical
examination of
the logic and
insanity of soccer.
GETTY IMAGES
THE BEST SPORTS BOOKS do a
lot more than talk about the
basics. They are bold and thoroughly researched, and—with any
luck—written in lively prose.
There’s culture and nuance, a
great deal of character and, more
often than not, a lot of fine photography and illustrations.
Take “Ali: A Life” (Houghton
Mifflin Harcourt, 623 pages, $30).
Jonathan Eig, a former reporter for
The Wall Street Journal, starts the
book with a pop: “His great-grandfather was a slave. His grandfather
was a convicted murderer who
shot a man through the heart in a
quarrel over a quarter.” Mr. Eig,
like Ali, has range and has done his
research. He’s especially adept in
the period when the boxer, young
and talented, risks his career by
refusing to join the Vietnam War.
This book is as much a study in
American history and culture as it
is a biography of an all-time great
boxer. A fine achievement.
In “Fire on the Track” (Crown,
285 pages, $27), Roseanne Montillo tells the story of Betty Robinson. Luck brought Robinson to
track and field: She was a teenager
in Illinois racing to catch a train
when her speed was noticed by
her high school’s track coach. She
won a gold medal in the 100 at the
1928 Olympics and likely would
have won more had she not been
injured in an airplane crash. Robinson survived and recovered with
LOSING THE ‘I’ IN TEAM Fans who associate too closely with their squad
may find themselves experiencing an altered sense of identity.
prosperous and law-abiding; but with
emotions riding on a knife’s edge,
explosions of testosterone-fuelled
invective are seldom far away. At the
same time, soccer fandom can be a
force for rationality and good citizenship. Liverpool fans think of themselves as special. They were scarred
by two of the worst stadium tragedies of the 1980s, and their team
oscillates wildly between triumph
and disappointment. In Mr. Critchley’s own words, the club is prone to
become “mired with a sense of its
own victimization.” Yet only the most
soccer fandom. Some see this as a
malign influence. George Orwell said
that sport is “war minus the shooting,” but Orwell missed the point. The
very nature of sporting contests
works to undermine historical animosity. Both sides engage on an equal
footing, and all must accept that the
victors are more deserving.
Sometimes Mr. Critchley’s phenomenological focus on the fan’s
experience can seem limited. He has
little to say about developments in
tactics, and is impatient with those
who want to subject the flow of soc-
tion. Perhaps some of Mr. Critchley’s
suggestions verge on the fanciful. In
one chapter, titled “What Is It Like to
Be a Ball?,” he talks about the way the
ball itself can seem to take on a life of
its own and invites us to share his
vision of the ball as intelligent and
aware, as playing its own part in the
vibrant spectacle. “In animating the
ball we animate ourselves,” he writes,
making us “feel alive with a particularly intense sense of aliveness.” I am
not sure I was entirely convinced. But
there is no doubt that Mr. Critchley
succeeds in telling us what it is like to
be a Liverpool supporter.
Mr. Papineau is a professor
of philosophy at King’s College
London and the City University
of New York. He is the author
of “Knowing the Score.”
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.
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Saturday/Sunday, November 18 - 19, 2017 | C13
HOLIDAY BOOKS
‘In order to do a good job of those things that we decide to do, we must eliminate all of the unimportant opportunities.’ —Mike Markkula
Getting In on the Ground Floor
Troublemakers: Silicon
Valley’s Coming of Age
NEW HQ Apple’s offices
in Cupertino, Calif., ca. 1983.
By Leslie Berlin
Simon & Schuster, 494 pages, $30
ROUGHLY HALFWAY between San
Francisco and San Jose, Calif., a large
Ampex logo is visible to commuters
and to the Google and Facebook employees being shuttled by bus up and
down Highway 101. The sign is all that
is left of a company, founded by a Russian immigrant, that gave the world
the first practical audio and videotape
recorders and, among other things,
revolutionized sports broadcasting. It
was Ampex that provided Al Alcorn, a
young University of California, Berkeley, engineering graduate, with his
first full-time job in 1969. A few years
later, he was lured by another Ampex
employee, Nolan Bushnell, to become
the chief designer of Atari, the first
video game company of any note.
The period between the heyday of
Ampex and the first presidential term
of Ronald Reagan lies at the heart of
“Troublemakers,” a fetching portrait of
the less chronicled years of Silicon
Valley. Its author is Leslie Berlin, the
project historian for the Silicon Valley
archives at Stanford University. Via
sensitively wrought portraits of Alcorn
and five others—who, for the most
part, are unfamiliar figures except to
longtime Silicon Valley habitués—Ms.
Berlin tells the tale of how an area
once known for companies such as
Lockheed, Philco-Ford, Sylvania and
Fairchild Semiconductor gave rise
during the 1970s to Apple, Genentech,
and their many siblings and progeny.
“Troublemakers” is a good reminder of how some things seem constant. Even in the early 1970s, when
IBM Selectric typewriters were used to
compose business plans and phone
messages were jotted down on pink
slips of paper, residents of the area
were complaining about traffic congestion, rising housing prices and the loss
of production jobs. By the mid-1970s,
fear of technology was running amok
in Washington, and politicians staged
hearings where they fretted over the
loss of individual privacy or the prospect of computers interpreting peoples’ brainwaves. When word spread
about advances in biotechnology, it did
not take long before scientists were
warning of “pre-Hiroshima” risks, and
Time magazine, worried about a
superbug being unleashed on an innocent public, ran a cover titled “Doomsday: Tinkering With Life.”
On a happier note, there was the
workplace of ROLM, a maker of computer-based telephony systems led by
Ken Oshman, a Stanford Ph.D. and one
of the most decent and accomplished
people ever to set foot in Silicon Valley. ROLM provided its employees with
medical coverage, tuition subsidies,
sabbaticals, six-lane lap pools, subsidized lunches and jogging trails.
Two of the principal characters in
“Troublemakers,” Bob Taylor and Niels
THIS HAS BEEN an unusual year for
fans of business biographies. Those
of the traditional sort, recounting the
triumphs and travails of entrepreneurs or corporate executives, have
been scarce. Instead, we’ve been
treated to an array of remarkable
books that use biography or autobiography as a vehicle to explore
difficult themes in leadership or life.
My favorite among these is Ellen
Ullman’s “Life in Code: A Personal
History of Technology” (MCD, 306
pages, $27). Ms. Ullman is far from a
corporate heavyweight; she toiled for
two decades as a programmer in San
Francisco and has spent two more as
a writer. “Life in Code” is a series of
essays written between 1994 and
2017 and built loosely around her life
as she navigates the changing technological environment. Her descriptions of what it means to be a
programmer—and of the challenges
of being a female programmer amid
immature computer geeks, wannabe
billionaires and cleaning ladies earning minimum wage—are vivid. The
reader is left wondering why anyone
would sign up for a life of isolated
work fueled by cold pizza until she
lovingly details the supreme satisfaction of solving a seemingly intractable coding problem.
Ms. Ullman is no romantic when it
comes to the industry in which she
has spent so many years. As early as
1998, when evangelists were promis-
GETTY IMAGES
BY MICHAEL MORITZ
Reimers, were not directly involved in
any startup but played an important
role in the development of Silicon Valley. Taylor, who died earlier this year,
was the adopted son of an itinerant
Texas minister and trained as a psychologist before joining the Advanced
Research Projects Agency, the research
arm of the Defense Department, where
he provided research grants to leading
computer scientists. In 1968, Taylor
wrote a paper predicting that electronic networks would be as important
as, if not more important than, computers. He also worried that connected
devices would contribute to further
divides in society.
By 1970, Taylor had formed Xerox’s
Palo Alto Research Center, known as
PARC, to which he recruited researchers who produced a networked computer, email, hyperlinks, a graphical
user interface, an integrated mouse,
the concept of toggling between multiple software programs, and easy printing. This was such a stunning array of
work that it took almost 20 years and
the collective might of Microsoft,
Apple, Cisco, Adobe and HewlettPackard to capitalize on all the innovations. Little wonder that Taylor was
driven crazy by corporate infighting
and Xerox’s refusal to capitalize on
these advancements first, and by the
Eastern establishment’s belief that
men were not ordained to type.
Three miles from PARC, Mr.
Reimers, at age 26, had created a job
for himself—as the head of a program
to provide commercial licenses for
inventions created at Stanford University. The son of a Norwegian electrician,
Mr. Reimers contended with stubborn
opposition from both academics who
believed that their discoveries should
be free and university bureaucrats who
worried about the cost of patent filings.
Pressures mounted after Mr. Reimers
began the long process of securing a
broad patent for gene cloning. Like
Taylor, Mr. Reimers was showing what
the future might hold. Stanford would
help give the world the recombinant
DNA patent, the music synthesizer and
the search engine (through Genentech,
Yamaha and Google).
Sandra Kurtzig was a distinct oddity in the early 1970s: A math major at
UCLA, she became one of only seven
women among 800 graduate engineering students at Stanford. Ms. Kurtzig
entered a workplace that, in today’s
parlance, was extremely hostile toward
women who, though they constituted
40% of the U.S. workforce, accounted
for only 17% of the managers and 1% of
the engineers. They were almost
always paid a fraction of what men
received. This was a time when, down
the road at the Atari animal house,
nobody blew the whistle when meetings were held in hot tubs or when the
company newsletter, called the Gospel
According to St. Pong, contained a
short piece of fiction about a “Beauti
Bust” machine developed by the
“famous European Breastologist Wolfgang Tittleboob.”
After selling computers made by
General Electric, Ms. Kurtzig started
her company, ASK Computer Systems,
in 1972 by doing work for hire—
specializing in software (a word that,
at the time, required an explanation)
to help companies manage their manufacturing operations. When a potential
customer recoiled at her product acronym MAMA (for Manufacturing Management), she changed it to MANMAN
and consoled herself with the thought
that it took two men to do the work of
one woman. Ms. Kurtzig had the last
laugh—she still owned 81% of ASK
when it became a public company in
1981 and, more important, had herself
become a symbol of what was possible
for half the human race.
Ms. Berlin’s accounts of Ms. Kurtzig
and Mike Markkula, the first chairman
of Apple, reinforce some elemental
truths about the sleep-deprived intensity, emotion, stress and operatics that
attend the formation of any company—especially in Silicon Valley,
where competitors frequently spring
up at about the same time and engage
in a bruising battle for life.
When he first visited Apple’s
garage, Mr. Markkula was 33 and already retired—he had beaten the goal
he had set himself at age 20 to reach
financial independence by the time he
was 35. He had paid his way through
USC and worked at Hughes Aircraft
and Fairchild before joining as a product marketer at Intel, where his
employee stock and some oil investments had made him wealthy. Mr.
Markkula invested $91,000 in Apple,
guaranteed a $250,000 credit line to
the company and owned the same
share of it as its two co-founders,
Steve Jobs and Steve Wozniak. His dislike of the limelight was so great that
when he wrote an early checkbook-bal-
Mr. Moritz is a partner of Sequoia
Capital, a venture-capital firm.
ing that technology would bring liberation, she warned: “The internet ideal
represents a retreat not only from political life but also from culture—from
that tumultuous conversation in which
techies now residing there, who order
everything they need online and “come
home to see their wishes fulfilled as if
by magic, materializing out of an
ethereal, disembodied world.” Unfortunately, she’s right about that, too.
Ms. Ullman’s dystopian vision, alas,
would not motivate armies of programmers to work 70-hour weeks
fueled by cold pizza. That requires
inspiration, which is the goal of “Hit
Refresh” (HarperBusiness, 272
pages, $29.99), a quasi-autobiography
by Microsoft chief executive Satya
Nadella. Mr. Nadella has subtitled his
book “The Quest to Rediscover Microsoft’s Soul and Imagine a Better
Future for Everyone,” and there are
definitely boosterish sections that
seem to have been polished by Microsoft’s PR department. The valuable
part for business readers is Mr.
Nadella’s insistence that “the CEO is
the curator of an organization’s
culture.” Repositioning a software
company that employed more than
100,000 people, he decided upon
taking charge in 2014, required inspiring employees to be passionate about
their work.
Back in the days when top executives spent decades at a company, they
lived and breathed the corporate culture. In recent years, the preoccupation of CEOs with the coming quarter’s
earnings has pushed culture to the
sidelines. “Hit Refresh,” which links
Mr. Nadella’s interest in corporate
culture to his personal story, including
the birth of a severely disabled child,
might help reverse that trend.
So might another of this year’s notquite autobiographies, Ray Dalio’s
“Principles: Life and Work” (Simon &
Schuster, 567 pages, $30). Mr. Dalio is
a legend in the world of investing, but
it was not always so. Bridgewater
Associates, the firm he founded in
1975, fared so poorly after the Mexican
debt default in 1982 that he had to lay
off all his employees; a trip to visit a
prospective client in Texas was beyond
his budget. “In retrospect,” he writes,
“my crash was one of the best things
that ever happened to me because it
gave me the humility I needed to balance my aggressiveness.” As Bridgewater rebuilt, Mr. Dalio developed a new
management philosophy, which he
calls “radical transparency.” It asks
that the firm bring mistakes to light
and encourage the open discussion of
disagreements. The second half of the
book lays out his approach to management. His judgment: “Great cultures
bring problems and disagreements to
the surface and solve them well.”
Culture is also the theme of three
unorthodox books about American
retailers. James Cash Penney infused
his Christian convictions into the
nation’s largest department store chain
in the early 20th century, but in “J.C.
Penney: The Man, the Store, and
American Agriculture” (Oklahoma,
346 pages, $29.95), David Delbert
Kruger examines what came after:
Penney’s convictions led the farmborn merchant to devote decades to
breeding livestock that might improve
the living standards of the struggling
farm families who shopped in his
company’s stores.
“Julius Rosenwald” (Yale, 237
pages, $25), by Hasia R. Diner, looks
at the philanthropic efforts of the man
who built Sears, Roebuck into a retail
giant but who became better known
for financing 5,000 schools for black
children in the segregated South. Both
his generosity and the conditions he
attached to it, Ms. Diner argues,
reflected his understanding of the
religious principle that Jews should
seek to “repair the world.”
The third book in this trio, David
Cappello’s “The People’s Grocer”
(Neutral Ground Press, 393 pages,
$20), is an entertaining study of John
G. Schwegmann, the New Orleans
supermarket magnate. Schwegmann’s
free-wheeling style and his obsession
with offering bargains led him to
undertake a legal crusade against the
“fair trade” laws that kept grocery
prices high. The Supreme Court ruled
his way in a 1951 case that opened the
door to discount retailing—a contribution for which Schwegmann deserves
far more credit than he has received.
—Mr. Levinson is the author of
“The Box: How the Shipping
Container Made the World Smaller
and the World Economy Bigger.”
we try to talk to one another about
our shared experiences.” The abundant
evidence that people turn to websites
that reinforce rather than challenge
their views suggests that she was right
about that. In her final chapter, written early this year, she despairs about
the vast gulf between the “gig economy” workers who service her gentrified neighborhood and the well-paid
Stress, sleep loss and
operatic emotion:
How Silicon Valley’s
startup culture got going.
ancing program for the Apple II, he
did so under the pseudonym Johnny
Appleseed. But it was Mr. Markkula
who wrote Apple’s business plan,
raised venture money and, crucially,
recruited its management team. He did
this by turning to contemporaries who
had been firsthand witnesses of
startup success (in their case, in the
semiconductor industry) but had never
held a position as senior as the one for
which they were hired at Apple.
Mr. Markkula understood an essential element of Silicon Valley’s propensity to produce startling companies:
The world is full of people with
impressive-looking résumés who
would be fish out of water in the
hurly-burly world of a startup. It’s no
coincidence that some of the companies Ms. Berlin writes about went off
the rails after hiring leaders who had
held high-ranking jobs at established
companies for whom technology cast
no spell. Mr. Markkula’s Apple later
experienced a decline under the former president of Pepsi-Cola, and Al
Alcorn’s Atari fell apart under the
leadership of a recruit from Burlington
Industries, the textile manufacturer.
Those are two harsh reminders of
what happens when polite convention
becomes a substitute for drive. For today’s Silicon Valley founders, it’s useful
to beware of outsiders who are eager
to re-label “war rooms” as “peace
rooms” or who urge startups to maintain a “work-life balance” or who serve
company dinners at a time that signals
an earlier end to the workday. Those
people would be happier in Sweden
than alongside Highway 101.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Wherever there is a channel for water, there is a road for the canoe.’ —Henry David Thoreau
Border Country
By Martha Greene Phillips
Minnesota, 372 pages, $39.95
BY GERARD HELFERICH
AT THE TURN of the last century, as
American cities redoubled in population and industry, well-off urbanites
yearned to trade the grit and bustle of
civilization for the bucolic privations
of forest and stream. A lifelong
outdoorsman, President Theodore
Roosevelt helped to blaze this path,
famously camping with John Muir in
the mountains of Yosemite and
hunting bear in the sloughs of the
Mississippi Delta. To conserve wild
areas for future generations, he signed
into being two dozen national parks
and monuments, more than 50 federal
bird reserves and 150 million acres of
national forest.
Among the droves of Americans
inspired to swap the ease of home and
hearth for the rigors of tent and campfire were some prominent families
from the Milwaukee area. From 1906
to 1916, this band of men and boys
made eight canoe trips, lasting from
two to five weeks each, through the
historic border country of Wisconsin,
Minnesota, Michigan and Ontario, once
the domain of Sioux and Chippewa, fur
traders, and gold and iron miners.
The group called themselves “the
Gang,” and their de facto leader was
Howard Greene (1864-1956), the proprietor of a wholesale drug company.
To commemorate their adventures,
Greene kept meticulous journals,
which his daughter, Martha Greene
Phillips, has collected into a handsome
large-format book that includes more
than 300 of her father’s photographs.
The Gang averaged half a dozen
members, with the makeup varying
from year to year as individuals were
sidelined by illness, work or school.
Besides Greene, the regulars included
other business executives as well as an
obstetrician, Greene’s young sons and
some of the boys’ friends. A couple of
hired men would go along to cook and
handle other chores.
These were journeys of recreation,
not exploration. The hardships suffered were those of family canoeists
everywhere—rain, mosquitoes, the
occasional capsize or rough portage.
The highlight of a day might be
sighting a moose or taking an afternoon swim.
And the land the Gang traversed
was hardly virgin wilderness. Although
the state of Minnesota, the province of
Ontario and the U.S. government had
already taken the first tentative steps
TIME AND TIDE The St. Croix River in Wisconsin in 1907, caught between the forces of nature and progress.
toward conservation, the landscape in
Greene’s day was scarred by lumbering
and punctuated with mines, sawmills
and dams.
Even so, the Gang reveled in their
exploits. To pin every precious
memory to the page, Greene devoted a
lot of time to taking his photos and
keeping his journals. Entries recorded
the group’s activities in minute detail,
including how many miles they
paddled, what they ate (mostly camp
stalwarts such as pancakes, bacon,
beans and whatever fish they could
catch) and even when they bathed and
shaved. After each trip, he presented
handbound, illustrated copies of the
journal to each of that year’s participants, to tide them over the long
winter until the next expedition.
Far from literary, Greene’s style is
down-to-earth and documentary. He is
capable of the occasional flash of wit,
though, as in his description of a
talkative local who describes herself as
“the progressive woman” of her town.
“She has waylaid each one of us
separately to tell us of her progressiveness,” Greene writes. “Her conversational abilities are so great that none
of us want to meet her again.”
What the journals lack in literary
flair they make up for in immediacy,
transporting us to a time when canoes
were fashioned of wood, tents were
sewn from canvas and human beings
were innocent of world war. Greene
manages to do what every writer
hopes to achieve—to hook us with his
narrative, introduce us to a vicarious
world and make us care about his
characters. Immersed in Greene’s
loving detail, we take a seat around
the campfire.
Since they were never meant for
publication, the journals show a
bracing frankness, including inside
jokes and notes about who woke up on
the wrong side of the bedroll. Over the
years we get to know the travelers by
Journals from a century
ago describing family
excursions into nature,
evoking a world now lost.
watching them go about their daily
business. We see the conscientious Dad
(as Greene is universally known), fussing over his camera and bulky, hooded
tripod; his free-spirited son Carl (10
years old in 1906), romping au naturel
around the campsite; the avuncular
Doc, compiling his lists of flora and
fauna and partaking in the boys’ roughand-tumble. We witness, and perhaps
envy, their exuberant camaraderie. And
we see that, like Roosevelt himself, the
members of the Gang betray the limitations and prejudices of their time,
hunting owls for sport and casually
referring to Native American settlers as
“squaws” and “bucks.”
By 1915, the border country was
suffering from decades of exploitation.
In his journal for that year, Greene
complains: “The timber has been cut
at a good many places and the country has been burned over. . . . During
the day, gasoline launches used for
fishing and trade passed and repassed our camp. This country is
getting far too civilized for any comfort.” The following year’s expedition
would be the Gang’s last. By then,
most of the boys were grown and
busy with their own lives. The United
States was about to enter the war,
and Dad and Carl would serve in
Europe. The journals give a poignant
glimpse of a family and a world on
the cusp of drastic change.
It was also a time of change for the
Gang’s beloved border country. In the
last days of his administration,
Theodore Roosevelt had protected
more than a million acres of the region
by designating it the Superior National
Forest. Since then, the forest has been
expanded to more than three million
acres, of which more than a million, including part of the Gang’s old stomping grounds, have been named the
Boundary Waters Canoe Area
Wilderness. Now administered by the
U.S. Forest Service, the wilderness
area’s 1,000 lakes and streams and
1,500 miles of canoe routes attract
more than a quarter-million adventurers every year.
Mr. Helferich is the author of “An
Unlikely Trust: Theodore Roosevelt,
J.P. Morgan, and the Improbable
Partnership That Remade American
Business,” out in January.
A Field Guide to Bird People
Birdmania
By Bernd Brunner
Greystone Books, 292 pages, $29.95
BY JULIE ZICKEFOOSE
ORNITHOLOGISTS, oologists and aviculturists once deposited the evidence
of their obsessions in cabinets, cases
and cages the world over. Today,
observing living birds has become the
commonly accepted practice: Cameras,
binoculars and spotting scopes bring
birds close for observation, obviating
the need to shoot and collect a bird in
order to study it. Those few ornithologists who continue to collect and prepare bird specimens for museums keep
their activities on the down-low, and
know better than to aim at otherwisetempting vagrant birds, which are now
likely to be well attended by crowds of
camera-bearing admirers.
Bernd Brunner’s “Birdmania,” translated from the German by Jane Billinghurst, is a dizzying compendium of
biographies of birders old and new.
Some aimed for keeps. Richard
Meinertzhagen (1878-1967), a career
officer in the British Army, carried a
walking stick equipped with a pistol,
helping him amass perhaps half his
collection of 25,000 bird specimens.
Later investigation revealed that Meinertzhagen had falsified the labels of
some rare skins stolen from museums,
making it look like he had collected
them: a capital crime among scientists.
It is also now alleged he murdered his
wife, who knew of the deception.
But such sinister characters are the
exception. A much more complicated
case is Frank M. Chapman (1864-1945).
Few people embody the tension between acquisitiveness and compassion
for birds better than Chapman, who in
1889 mounted an expedition to find—
and collect—the last wild Carolina par-
akeets. A product of his times, and
anxious to document the species before it disappeared, he shot 15. Thirty
years later, the species was extinct.
Chapman went on to become a
powerful advocate for conservation:
On two strolls through Manhattan’s
shopping district in 1896, Chapman
counted 700 ladies’ hats, 542 laden
with the feathers (and even whole
bodies) of warblers, woodpeckers,
bluebirds, a saw-whet owl and northern shrike. Through copious writings,
he brought awareness to this and
other idiocies, such as the habitual and
ducks and raptors were exempt from
inclusion. The curation of such a
diverse collection boggles the mind,
but Delacour’s was one of at least
three massive private French assemblages at the time. Delacour’s Parc de
Clères is open to the public to this day.
Mr. Brunner treats the frontier days
of American ornithology with a quick
Cameras and binoculars
have made it unnecessary
to shoot and collect a bird
simply in order to study it.
thoughtless shooting of raptors, and is
the founder of the Christmas bird
count. This count of the number of
birds visible during a set midwinter
date-range deploys thousands of citizen scientists, creating a yearly snapshot of bird abundance and decline,
and continues to be a powerful conservation tool to this day.
Many individuals featured in Mr.
Brunner’s book are quirkily delightful,
and a reminder that the same passion
joins the older, acquisitive kind of
birder with today’s own less-destructive sorts. To read “Birdmania” is to
marvel at all the ways people incorporate birds into their lives. A childhood
fascination with chickens led Jean
Delacour (1890-1985) down a slippery
slope teeming with pheasants, sunbirds, hummingbirds, waterfowl,
ostriches and even birds of paradise.
He incorporated some 3,000 of these
in his vast planted aviaries at his
château in Normandy: Only fish-eating
GREYSTONE
a familiar presence in my life in the
eastern U.S. This book is sure to
delight any nature lover.
David Philipps’s “Wild Horse
Country: The History, Myth, and
Future of the Mustang” (Norton,
316 pages, $27.95) is a compelling
but disturbing book. Mr. Philipps
traces the history of the wild horse
from its prehistoric beginnings to
its iconic status as a symbol of
wildness and American freedom.
Today the mustang is sadly snared
in a tangle of bad regulations, corruption and greed. Cruel helicopter
round-ups are meant to help preserve public grassland from overgrazing. A tiny percentage of the
rounded-up mustangs are then
adopted by private individuals,
while many more are shipped illegally to slaughterhouses in Mexico.
Fifty thousand are now in the
hands of private owners who are
paid millions annually to tend to
them until their deaths. Mr.
Philipps suggests allowing mountain lions—the horse’s natural
predator—to increase in number
until they keep mustang populations at bay. Can such an idea take
hold in a land in which predators
are seen as dangerous competitors?
Natural historians will want to
indulge in Jonathan B. Losos’s “Improbable Destinies: Fate, Chance,
and the Future of Evolution”
(Riverhead, 368 pages, $28). Mr.
Losos deals with some of the great
questions about evolution. Is each
evolutionary trajectory unique? If
we could replay the past, would we
find the same adaptations recurring over and over again? Do patterns of evolutionary adaptation
recur whether there are terrestrial
predators or not? Do species evolve
different proportions when the
pressures are different? As he
muses on these issues, Mr. Losos
recounts field stories, complete
with hilarious misadventures. He
introduces an esoteric cast of
scientific characters obsessed with
moths, fish, lizards, invertebrates
and other creatures, each revealing
something new and interesting
about evolution itself. As for his
own studies tracking the Anolis
lizard across the Caribbean, Mr.
Losos admits: “It’s a dirty job,
hanging out on beautiful, windswept islands surrounded by ocean,
but someone’s got to do it.”
—Ms. Shipman is the author of
“The Invaders: How Humans
and Their Dogs Drove
Neanderthals to Extinction.”
A River Ran Through It
COURTESY OF MARTHA GREENE PHILLIPS
IF YOU’RE LOOKING for a gorgeous coffee-table book, the winner
could easily be Levon Biss’s
“Microsculpture: Portraits of
Insects” (Abrams, 136 pages,
$40). Even those not fascinated by
bugs will be drawn by the exquisite
close-ups of hairs, wing covers, feet
and antennas, all in iridescent
color. You don’t find out much
about the subjects of these photos,
except their sheer beauty.
Then there is “The Book of Caterpillars” (Chicago, 656 pages,
$55), edited by David G. James and
featuring life-size photographs of
600 caterpillars from around the
world. If you know a true naturalhistory nerd, this is the gift to
choose. A great reference, if not
light reading.
“The Enigma of the Owl: An
Illustrated Natural History” (Yale,
288 pages, $40), by Mike Unwin
and David Tipling, offers plenty of
details on 53 species from six geographic regions. The Elf Owl of the
Southwestern United States and
northern Mexico is the smallest
species, while the Snowy Owl of the
Arctic regions is one of the most
beautiful. For sheer appeal, what
can compete with the Burrowing
Owl of the American prairie? I particularly enjoyed the magnificent
images and details about the Great
Horned Owl, with its large yellow
eyes, ear tufts and resonant calls—
THE WAY OF THE DODO Carolina
parakeets by John James Audubon.
brush; Alexander Wilson and John
James Audubon, with exhaustive collecting and painting, chronicled the
avian wealth of a fledgling nation. The
author then moves on to the lesserknown Briton John Gould (1804-1881),
whose illustrated monographs on New
World hummingbirds and birds of Australia and Asia fostered an appreciation of the planet’s vast avian diversity. Gould, it is revealed, relied heavily
on the advanced drawing skills of several uncredited artistic collaborators,
chief among them his wife, who did
not survive the birth of their eighth
child. This left the artist to seek others
who could refine his rough sketches.
In addition to ferreting out the
stories of uncredited collaborators, Mr.
Brunner is to be commended for
giving good attention to many female
ornithologists and bird enthusiasts. I
was particularly pleased to see Roxie
Laybourne (1912-2003), the Smithsonian Institution’s pioneer of feather
identification, given as many pages as
Audubon—complete with a portrait of
this elfin South Carolinian standing
proudly among the specimen cabinets
that were her stock in trade.
Charmingly decorated with period
lithographs, Old Master paintings,
bestiary drawings and historic photographs, “Birdmania” demands deft
flipping from the curious reader, as
most images are identified and attributed only in back pages. The author
collects his biographical sketches in
loosely organized chapters with such
titles as “The Lure of the Egg,” detailing the sometimes life-threatening
capers of men obsessed with collecting
these perfect orbs, and “Mad for Bird
Watching.” The latter chapter puzzlingly groups ornithologist Margaret
Morse Nice, renowned for her in-depth
study of the life history of the song
sparrow, with compulsive lister
Phoebe Snetsinger, who circled the
globe checking off 8,674 species, a
world record at the time. The two pursuits, it must be said, have virtually
nothing in common.
At times like these, Mr. Brunner’s
narrative zigzags along the surface of
his subject like a storm petrel, from the
Middle Ages to the 21st century and
back. The reader’s best option is to go
along for the kaleidoscopic ride. “Birdmania” is an exhilarating, if somewhat
scattershot, field guide to people
caught in the everlasting thrall of birds.
Ms. Zickefoose’s latest book
is “Baby Birds: An Artist
Looks Into the Nest.”
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 18 - 19, 2017 | C15
* * * *
HOLIDAY BOOKS
‘The wonder is, not that the field of the stars is so vast, but that man has measured it.’ —Anatole France
Great and Marvelous Signs
A New Map of Wonders
By Caspar Henderson
Chicago, 371 pages, $29
ONE EVENING a few years ago, in
Gombe Stream National Park in
Tanzania, a primatologist observed
two chimpanzees climb separately
onto a ridge. Seeing each other, the
pair clasped hands and settled down
to watch the sun set, gazing contentedly at the horizon until the yelloworange corona disappeared. It’s impossible to know what the chimps were
experiencing, of course, but given
their innate intelligence and close
affinity with human beings, it’s hard
not to imagine that the glow filled
them with something like wonder.
If so, the sense of wonder must be
ancient, a primal experience that
predates Homo sapiens. But as
Caspar Henderson shows in “A New
Map of Wonders,” the experience of
wonder is more than just simple, stupefying awe. Both Plato and Aristotle
called wonder the beginning of philosophy, but to Mr. Henderson wonder is something worthy of contemplation in and of itself. Why do
certain things fill us with wonder
and other things don’t? Neurologically, how does wonder work in the
brain? Could there even be a dark
side to this blissful experience?
Echoing the Seven Wonders of the
World, Mr. Henderson divides his
book into seven chapters, each of
which explores a broad scientific
topic: light; the origin of life; the
heart; the brain; a human life span;
planet Earth; and future technologies.
The book builds from small, simple
phenomena to more complex ones.
But in truth, the structure is just the
scaffolding, the girders underlying a
magnificent Baroque edifice. Mr.
Henderson, a British journalist, rarely
hews very long to the subject at hand
before digressing into something else:
religion, art, mythology, a dozen other
marvels. He’s basically composed a literary Kunstkammer, one of those oldfashioned “cabinets of wonder” where
learned scholars would cram fossils
next to chalices next to seashells next
to stuffed frogs or birds of paradise—
whatever captured their fancy. “The
aim [of the book] is simply to witness
some wonders as far as I can,” he
writes, “and to get a better sense of
the size of those wonders and where
they are: to recognize them.”
In his chapter on light, for example, Mr. Henderson skips around from
John Glenn watching twilight from
space, to the historical difficulties of
measuring the speed of light, to the
physiology of human vision, to different cultures’ views of rainbows, to the
spectacle of the Northern Lights,
which “scroll over the curve of the
horizon like the puddles of cool flame
from brandy burning on a giant
Christmas pudding.”
WE ARE LIVING through a stellar
age of science publishing, and this
year some of the most massive
objects in the firmament have also
been the best. Anyone interested in
human nature will be pleased with
the biologist Robert Sapolsky’s
mammoth “Behave: The Biology of
Humans at Our Best and Worst”
(Penguin Press, 790 pages, $35). It
is a magisterial synthesis of what
the life sciences tell us about ourselves—as well as what they don’t.
The author covers neuroscience,
hormones, genetics, evolutionary
psychology and other fields to argue
that humans are not ineluctably
selfish or evil by nature: “Anyone
who says that our worst behaviors
are inevitable knows too little about
primates, including us.” He writes
with exemplary clarity and a hippieish humor, and wants us to know
that—as the philosophers told us
long ago—rational thinking and
emotion can comfortably coexist.
What with Elon Musk’s determination to colonize Mars and a new
wave of outward-looking science
fiction (“Interstellar,” “Star Trek:
Discovery”), space has become
glamorous again in a way it hasn’t
been since the Columbia disaster.
Former Navy captain Scott Kelly has
spent more consecutive days in
space than any other American—a
whole year on the International
Space Station. His “Endurance: A
Year in Space, a Lifetime of Discovery” (Knopf, 387 pages, $29.95)
GETTY IMAGES
BY SAM KEAN
NORTHERN LIGHTS The aurora borealis in the skies over Manitoba in February 2015.
Although funny at times (“wonder
and humour are not mutually exclusive,” he says), the book has a learned
tone overall, with quotations and
further explanations sprinkled in the
margins. And for a book about the
natural world, Mr. Henderson spends
little time describing actual experiences in nature. (In that sense, the
book lacks the immediacy of, say,
Annie Dillard’s essays or David George
Haskell’s 2012 “The Forest Unseen.”)
But he makes up for that with page
after page of gems unearthed from
the quarries of history. One of my
favorites is a provocative suggestion
in the 1960s by the legal scholar
Roger Fisher that, as Mr. Henderson
summarizes, “instead of having [nuclear] launch codes in an attaché case
carried by a young officer constantly
at the President’s side, the codes be
surgically implanted in a capsule beneath the officer’s heart. Then, if the
President decided that the murder of
tens of millions of people was necessary, he would himself have to access
the codes by using a butcher’s knife to
gouge out the young man’s heart.”
It sounds barbaric, but Mr. Henderson notes that this setup, by making
the president confront the enormity
of ordering a nuclear strike, would
make one far less likely, a true last resort. In this way, he suggests, the idea
was really an attempt “to retain a
sense of decency in dark times.” And
it’s revealing that the proposal involved hiding the capsule not behind
the officer’s kidneys or spleen but his
heart, what Mr. Henderson calls “the
centre of some of the things that matter most in our being.” Passages like
this show “A New Map” at its best:
surprising, memorable and moving.
There’s always a danger in a book
like this: that examining the world
scientifically might “undo” our sense
of wonder and render the objects of
inquiry lifeless—that explaining things
will explain them away. This isn’t a
new concern. (Keats complained of
scientists “unweaving the rainbow,”
and Wordsworth once remarked that
“We murder to dissect.”) But the
worry looms ever larger in our technical age. “A New Map of Wonders”
does get bogged down in details occasionally, but for Mr. Henderson a scientific understanding heightens the
sense of awe. In one evocative passage
he points out that the behavior of
superfluid helium (a supercooled form
that can flow uphill, among other
tricks) and the behavior of a flock of
starlings (in which thousands of birds
will veer and gyre and flow through
the sky as one mass, like a gigantic
airborne amoeba) can be described by
the same mathematics. A poet would
call this link a metaphor, since it aids
our understanding of both.
And really, the idea that science
might neuter our sense of wonder
seems overblown. Human beings
both think and feel, and if our sense
of wonder for the natural world is—
as the chimps at Gombe suggest—
But even simple rainbows, as Mr.
Henderson notes, become more complicated when refracted through
human consciousness. Some cultures
in Indonesia and the Amazon regard
rainbows not as joyful but as threatening, as portents of doom. It’s a
startling thought, but it’s one of just
several places in the book where the
author swerves, damping the joy
with unexpected melancholy. This
penchant becomes especially obvious
in the book’s final chapter, which
focuses on how three technologies—
new ways to generate energy, space
exploration, and advanced computing/robotics—might remake humanity. As one example, Mr. Henderson
discusses what it would take for
humans to visit Mars and, eventually,
colonize other planets. You might
expect that a man who was rhapsodizing about exoplanets a few pages
is a memoir of the right stuff that
will hypnotize any space geek, with
its streak of astronautical romance
and its laconic descriptions of technical details. “My first task is to
in “Life 3.0: Being Human in the Age
of Artificial Intelligence” (Knopf,
384 pages, $28), by the physicist
Max Tegmark. This terrifically lucid
book contains explanations of everything from electronic logic circuits to
game theory, cosmology and software
that plays Go: it is probably the best
popular overview to date of arguments about AI. If we seek to create
an electronic superintelligence, Mr.
Tegmark points out, the deep problem we need to solve first is that of
“value loading.” How do we ensure
the machine’s values are aligned with
ours, and so prevent a “breakout”
whereby it takes over the world?
Even an AI primarily designed to protect humans, he observes, would
almost certainly first take steps to
prevent itself from being turned off.
And from that moment we’ll no
longer be in control. As HAL in
“2001” memorably puts it: “I’m sorry,
Dave, I’m afraid I can’t do that.”
Physics and biology have long been
the glamour sciences, so spare a
thought for their less-celebrated sibling, chemistry, without which the
modern world would also be impossible. Theodore Gray’s “Reactions: An
Illustrated Exploration of Elements,
Molecules, and Change in the Universe” (Black Dog & Leventhal, 216
pages, $29.99) is a sumptuous coffeetable odyssey from the characters of
individual atoms to our astonishing
ability to “see” molecules orbiting
distant stars. The pictures complement the text ideally, whether of
sugar and oxygen reacting in “a lovely
fireball” or—in the enjoyably named
“The Boring Chapter”—an artist’s
impression of what paint is doing
while you watch it dry. The perfect
adjunct to a chemistry set for any
curious youngster, as long as you’re
not worried about explosions.
Chemistry also runs the batteries
in our smartphones and enables us to
spend all day contributing to the profits of the giant tech corporations. But
what exactly is Big Tech up to? Scott
Galloway’s “The Four: The Hidden
DNA of Amazon, Apple, Facebook,
and Google” (Portfolio, 310 pages,
$28) bracingly dismisses the corporate legends and origin myths put out
by the companies themselves and
offers his own analysis of their strategies, which is at once admiring and
sardonic. (The corporations “cheat”
and “steal,” he says, mainly because
we let them.) The author, as a serial
entrepreneur and business professor,
brings his own insights into play in a
pleasantly disarming way. At one of
the companies he worked at, he
reports, “I had turned $600 million, of
other people’s money, into $350
million.” Easily done.
And what of the brave new world
that the Four and their successors will
build for us? In “Soonish: Ten
Emerging Technologies That’ll
Improve and/or Ruin Everything”
(Penguin Press, 358 pages, $30),
Kelly and Zach Weinersmith offer an
entertaining look at future tech wizardry, from space tourism and aster-
remove insulation from a main bus
switching unit,” he narrates, “so the
unit can later be removed by the
main robotic arm.” Sounds like dull
grunt work, but he’s doing it on a
spacewalk.
Space itself may one day be colonized by an artificial “superintelligence” that has escaped our control
and is hell-bent on seeding the universe with copies of itself. That, at
least, is one possible future described
hard-wired into our psyches, then the
understanding we acquire through
science won’t destroy that response.
The essential physics of rainbows
was worked out in Isaac Newton’s
day. But (Keats notwithstanding) has
anyone since ever walked outside
and seen a rainbow and felt disappointed? Despite the knowledge that
it’s just the refraction of sunbeams
through water droplets, instinct and
awe still win out.
Science doesn’t really destroy mystery. The physics of
prisms was worked out in Isaac Newton’s day. But has
anyone ever seen a rainbow and felt disappointed?
earlier would be pretty gung-ho
about sending astronauts on the
greatest adventure in human history,
but no. He actually sounds dismissive, even frightened: “These visions
strike me as outlandish, verging on
stark raving bonkers.” It’s a good reminder that there’s a dark edge to
wonder sometimes. Romantic poets
called it the sublime—a blend of awe
and terror. We’re sometimes fascinated by things that horrify us.
At different points in the book, Mr.
Henderson gamely tries to define
“wonder.” He comes closest, I think,
in calling it “the apprehension of
something bigger and better of which
we are momentarily a part.” That
sense of fleetingness is important,
too—permanent wonder would anesthetize us. In the epilogue, Mr. Henderson notes that medieval pilgrims
sometimes held mirrors up to holy
relics in distant lands, then proudly
showed the mirrors off when they
returned home, convinced that the
looking glass had somehow “retained
some of the relic’s power,” even if the
image was transient. Mr. Henderson
then compares his book to such a
mirror, offering a hope that his brief
reflections on awe-inspiring phenomena might imprint the reader in turn.
He absolutely succeeds: As with the
chimps in Gombe, staring at the waning sunset on the horizon, the glow of
“A New Map of Wonders” will linger
long after you put the book down.
Mr. Kean is the author,
most recently, of “Caesar’s
Last Breath: Decoding the
Secrets of the Air Around Us.”
oid mining to nuclear fusion power,
matter replication, synthetic biology
and direct brain-computer interfaces,
which no doubt would be an even
more efficient way to serve us ads.
The text is very well-researched, with
a casual, friendly style (“Tinkering
with the language of life. What could
go wrong?”), and color cartoons add
a wry counterpoint to the narrative
of a future that, as always, might be
utopia or disaster.
For an omni-curious reader, the
year’s most mind-bending supermassive black hole of a book is physicist Geoffrey West’s “Scale: The Universal Laws of Growth, Innovation,
Sustainability, and the Pace of Life
in Organisms, Cities, Economies,
and Companies” (Penguin Press,
479 pages, $30). The book begins
with the observation that things do
not scale linearly: If you double an
animal’s size, for example, its weight
cubes, but the strength of its limbs
only squares. Thus, poor Godzilla
would collapse under his own weight,
unless he were “almost all leg.” From
here the author takes you on a quite
spectacular journey through the
science of shipbuilding, the metabolism of trees, the right dose of LSD
to give an elephant and the ideal
dimensions of a city. From simple
algebra to lessons for the future of
human civilization, this is science
writing as wonder and as inspiration.
—Mr. Poole is the author of
“Rethink: The Surprising
History of New Ideas.”
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
C16 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Every man has two countries—his own and France.’ —Henri de Bornier
bors in poverty and frugality,
knowledge then shared in her oneof-a-kind culinary classic “Honey
From a Weed” (1986).
What better way to understand
a country than to engage with its
food geography? Enticing recipes
anchored in a sense of place make
Robyn Eckhardt’s “Istanbul &
Beyond” (Houghton Mifflin Harcourt, 352 pages, $35), illustrated
with stunning location and food
photos by David Hagerman, an outstanding book for both cooks and
armchair travelers. Ms. Eckhardt’s
chapters take us through Turkey
region by region, giving a vivid
picture of its remarkable culinary,
geographic and cultural diversity.
Each chapter title gives the key to
the flavors of the region it’s about,
from “Fish, Corn & Greens” (the
Black Sea) to “Wheat, Legumes &
Lamb” (North-Central Anatolia).
“Six Seasons” (Artisan, 397
pages, $35), by the young Oregonian chef Joshua McFadden and
his co-author, Martha Holmberg,
shows how elegantly vegetables
can take their place as the main
attraction on the table all year
round. Mr. McFadden is committed to cooking with vegetables
that taste their best, which means
vegetables in season. His appealingly simple recipes are focused
on delivering big flavor through
attentive seasoning and inventive
combos. To that end, the book
opens with basic recipes, including
many for sauces and flavored
butters that expand the cook’s
pantry in imaginative ways.
The tone of the helpful baker’s
notes at the back of Yotam Ottolenghi’s latest cookbook, “Sweet”
(Ten Speed, 363 pages, $35),
created with pastry chef Helen
Goh, is conversational and warm,
encouraging but not condescending. It reflects the feel of the
whole book, which invites firsttimers as well as experienced
cooks to embark on sweet baking
with the confidence that they are
in reliable hands. The recipes, including Banana Cakes With Rum
Caramel and Rice Pudding With
Roasted Rhubarb and Tarragon,
are anchored in the familiar but
have been “ottolenghified”—that
is, given an inspired twist.
—Ms. Duguid is the author, most
recently, of “Taste of Persia”
and “Burma: Rivers of Flavor.”
Appétits Américains
The Gourmands’ Way
By Justin Spring
Farrar, Straus & Giroux, 433 pages, $30
BY MOIRA HODGSON
WHEN THE New Yorker war correspondent A.J. Liebling entered Paris
with Allied forces in 1944, he “liberated” the famous brasserie Closerie
des Lilas on his first day. Author of
“Normandy Revisited” (1958) and
“Between Meals: An Appetite for
Paris” (1962), Liebling was a man of
Rabelaisian appetites. His idea of a
good lunch included a dozen oysters, a
spider crab with a half pint of mayonnaise, a dish of tripes à la mode de
Caen, a partridge poached in cream
and cider, a leg of lamb, a couple of
steaks and a good Pont l’Évêque.
Liebling loved Normandy. He explained
to his readers, “The Norman takes his
vegetables in the form of animals—
herbivores eat grass [and the Norman]
Man, a carnivore, eats herbivores.”
Liebling is one of six American
expatriates in France that Justin
Spring profiles in “The Gourmands’
Way.” These “writer-adventurers,” as
he calls them—Liebling, M.F.K.
Fisher, Richard Olney, Alexis Lichine,
Alice B. Toklas and Julia Child—all
came to Paris “seeking a better way of
living and being.” Their books, written
for very different reasons, revolutionized American attitudes to French
food and wine in the three decades
following World War II. Americans
had been fascinated by French cuisine
since the time of Thomas Jefferson
(who introduced, among other things,
meringues and vols-au-vent), but
while it was served at luxurious
restaurants it had yet to appeal to the
mainstream home cook.
Alice B. Toklas wrote her famous
cookbook because she was broke. In
1946, after the death of Gertrude Stein,
her companion of 40 years, she discovered that she had no legal recourse to
the magnificent art collection Stein
had willed to her. Toklas was 75 and
recovering from jaundice when she
started work on the project she hoped
might earn her some money. “The
Alice B. Toklas Cook Book” (1954) was
a heartfelt memoir of her life in France
with many of its recipes contributed by
illustrious friends. One of them, from
the British painter Brion Gysin (unattributed), was for Haschich Fudge.
He wrote, “This is the Food of Paradise—of Baudelaire’s Artificial Paradises: It might provide entertaining refreshment for a Ladies Bridge Club or
a chapter meeting of the D.A.R.”
Indeed. The recipe (“two pieces are
quite sufficient”) was to provide enter-
SCHLESINGER LIBRARY, RADCLIFFE INSTITUTE, HARVARD
THE MOST POWERFUL food read
of the year is Michael W. Twitty’s
“The Cooking Gene” (Amistad,
443 pages, $28.99), an African
American Washingtonian’s culinary
history of the Old South. Presented
in a story-telling fashion that connects us viscerally to layers of the
past—many of them painful—this
daring book, part memoir, part
inspired research, traces African
American foodways from the days
of slavery onward. The narrative
proceeds in a series of overlapping
narratives rooted in personal
experience, archeological evidence,
and records of slave auctions and
plantation finances. Mr. Twitty’s
stories embed us in the lives of
people in the past, and deepen our
understanding of Southern food
and those who cooked it.
Food writer Patience Gray
(1917-2005), the subject of Adam
Federman’s “Fasting and Feasting” (Chelsea Green, 371 pages,
$25), followed her own rules in
cooking, writing and life. Mr.
Federman gives us not only a masterly biography of Gray but also a
detailed picture of the midcentury
literary and artistic milieu in
which she moved. In the early
1960s she fled the constraints of
her London life to be with the itinerant sculptor Norman Mommens,
and for several years they lived in
various hardscrabble places in the
Mediterranean. There she learned
foraging traditions from the country people who were her neigh-
C’EST BON! Julia Child feeds her husband, Paul, during a visit to Richard Olney’s house in June 1973.
taining refreshment for a substantially
larger audience as well, but mainly in
Britain, as it was hastily expunged
from the American edition (eventually
to be reinstated in 1960). Of course the
ensuing scandal created immediate
demand for the book, which went into
its fourth printing within three weeks
of publication.
Julia Child arrived in Paris in 1948
as a newlywed, with her husband,
Paul, 14 pieces of luggage, six steamer
trunks, a gas-powered refrigerator and
a new Buick Roadmaster station
wagon. She soon decided she needed
professional cooking instruction and
enrolled at the Cordon Bleu. Child
adored cooking for Paul and was eager
to discover all kinds of French delicacies. Mr. Spring writes that “like her
cat, Minette, Julia loved feasting on a
wide variety of little birds.” They
included ortolans (buntings) and
vanneaux (plovers, also known as
lapwings). Paul told his brother, “You
wouldn’t think people would eat lapwings, would you? Must say the damn
thing tasted mighty fine.”
One summer Child, a huge woman
with a booming voice, invited Toklas,
the tiny woman with the mustache, to
a buffet dinner at her apartment. Mr.
Spring writes that “the evening’s pièce
de résistance” was an impressive,
heavy ballottine of veal with Madeiratruffle sauce “that Child had worked
days to prepare.” But Toklas, “a fleeting
wren-like person” so small under her
wide-brimmed hat that she was barely
identifiable, “stayed only for a glass of
wine.” Child did not include a recipe for
the dish in her famous book “Mastering
the Art of French Cooking” (1961), but
she once made a turkey ballottine on
her television show “The French Chef.”
The series was so popular that, Time
magazine reported, “men who have not
the slightest intention of going to the
kitchen for anything but ice cubes
watch her for pure enjoyment.”
Mr. Spring writes admiringly about
Child and her step-by-step approach
but he is clearly more impressed with
Richard Olney, a painter and intellectual from Iowa who had arrived in
Paris in 1950. Olney had a deep understanding of French cooking. He likened
Americans like Julia Child
and M.F.K. Fisher came
to Paris seeking ‘a better
way of living and being.’
it to jazz: “It begins with a mastery of
theory, technique, and organizing principles,” coming alive “through playfulness, spontaneity, and, ultimately,
extemporization.” He was not only a
remarkable chef but also a wine
expert, and an elegant prose stylist in
both English and French. In 1968 he
moved alone to a small hillside house
with a tiny kitchen in Solliès-Toucas,
Provence, where he created his two
seminal works, “The French Menu
Cookbook” (1970) and “Simple French
Food” (1974). He was a major influence
on American chefs from Alice Waters
and Jeremiah Tower on down. His idea
that fine cooking should be based on
fresh local ingredients seems commonplace today but was radical in its time.
Olney was known to be quite difficult and often waspish about his colleagues. He told his brother, “[I] am
sick to death by now of Julia’s sugarcoated barbed tongue. Most of the
barbs are directed (although with
careful indirection) at me.” As for
M.F.K. Fisher—the highly respected
author of “The Gastronomical Me”
(1943) and other books, and translator
of Brillat-Savarin—he dismissed her
writing as “silly, pretentious drivel.”
Mr. Spring also sharpens his knives
in Fisher’s direction, writing that
despite her warmly received books
she lacked real knowledge about
French food and, moreover, wasn’t
much of a cook. “She was, rather, a
novelist, memoirist, and fantasist who
specialized in tall tales and elaborate
embroideries upon truth.” He calls her
“Cooking of Provincial France” (1968),
the first volume in the Time-Life
series Foods of the World, “the most
error-ridden book on French cooking
ever brought out by a major American
publisher.”
Alexis Lichine, a Russian-born Jewish émigré and wine salesman, was
responsible for getting Americans to
drink wine instead of coffee with their
meals, tirelessly traveling around the
country holding seminars. With his
book “Wines of France” (1951) he
established himself as a leading
connoisseur and made enough money
to buy a fourth-growth château in
Margaux that carried his name. When
he was asked how best to develop a
palate, he replied “Simple. Buy a corkscrew and use it.”
Mr. Spring does a superb job of
painting detailed portraits of his six
protagonists. He has packed an enormous amount of material into this
book, which is erudite, gossipy, entertaining and eminently readable.
Ms. Hodgson is the author of
“It Seemed Like a Good Idea
at the Time: My Adventures
in Life and Food.”
The Bible of Bubbly
Champagne
By Peter Liem
Ten Speed, 321 pages, $80
BY PETER HELLMAN
AS A MARKER of public celebrations,
champagne stands alone: From locker
room blowouts to ship launches to
anniversaries, it ain’t over until corks
are popped. Champagne also has uses
at very private moments. I know of a
Parisian bachelor who keeps a small
fridge next to his bed. It contains only
champagne for two.
To worldwide consumers, champagne is the emblematic French wine.
Yet, in how it is traditionally sourced
and vinified, it is an outlier. Everywhere else in France, the most cherished wines are highly site-specific.
Customers pay a frightful price, for
example, for bottlings from RomanéeConti’s barely four-acre vineyard in
Burgundy, from Château Le Pin’s five
acres in Bordeaux, and from Guigal’s
single-acre gems in the Rhone Valley.
Champagne mostly diverges from
that mono-vineyard model. The appellation’s largest producers, long known
as “grandes marques” (big brands like
Moët & Chandon and Veuve Clicquot),
primarily source and blend bottlings
from grapes purchased from more
than 1,500 small growers whose vines
dot the chalky, infertile hills, plains
and valleys of Champagne. The
region—an enormous expanse, stretching nearly to Belgium in the north and
to Burgundy in the south—is as far
north as wine grapes can be grown
(annual temperatures average just 50
degrees). Thus in all but the warmest
vintages, some vineyards will reach
full ripeness while others will not.
That is why, in the spring following
the harvest, cellar masters at the traditional champagne houses set about
choosing from dozens of newly fermented still wines, called vins clairs.
Wines reserved from previous vintages
may be added in. Only then does the
cellar master arrive at a blend reflecting a brand’s signature style.
In his handsomely produced,
soberly argued “Champagne,” Peter
Liem concedes that the world’s most
esteemed bubbly “has been marketer
much more by brand than by place”: In
a 1933 guide called “Wines,” writer
Julian Street noted, without retort,
that champagne is often dismissed as
a “manufactured wine.”
Casual consumers may find no
striking differences between grower
champagnes and those from familiar
brands. Some, though, can be enchantingly different—as I found recently
upon sipping a single-vineyard elixir
called Roses de Jeanne made by Cédric
Bouchard in the Côte des Bar at the
southern extremity of the Champagne
region: Mr. Bouchard bottles his bub-
The chalky hills of
Champagne produce the
world’s most fabled wines.
Mr. Liem begs to differ. His unwavering aim is to persuade us that
place—not only a particular village,
but an individual vineyard, or even a
few rows of vines—deserves primacy
in Champagne just as it does in Burgundy. Mr. Liem reports that champagne winemakers, large and small,
now are “acknowledging that the most
individual, authentic, and meaningful
wines derive their primary identity
from the vines, not the winemaking.”
The search for individual expression
in the region has led to the rise of socalled “grower” champagnes. Instead
of selling grapes to big houses, as earlier generations did, these growers
make their own champagne. Rather
than blending to a reliable style year
after year, as big brands do, they create their own expression of what their
bubbly should be—and what it can be,
given their limited access to fruit.
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bly at 4.5 atmospheres of pressure
rather than the standard 6, resulting in
a silkier texture which keeps the gentlest whispers of his fine fruit from being lost. Roses de Jeanne didn’t taste
like any traditional champagne I’d ever
tasted. Together with the tried-andtrue brands, the best grower bottlings
make champagne a starrier sky.
Books about champagne can be instructional: The one I most often reach
for is Ed McCarthy’s “Champagne for
Dummies.” For those who like to sali-
vate over tasting notes, there is Richard Juhlin’s “A Scent of Champagne:
8,000 Champagnes Tasted and Rated.”
Then there is Serena Sutcliffe’s “Champagne,” whose text is lifted by joy: Ms.
Sutcliffe calls champagne “a constant
companion and permanent delight . . .
a faithful ally and an inspiration.”
Mr. Liem’s book is more restrained
in tone. Its greatest strength derives
from his 2006 decision to move to a
small house in the village of Dizy in
Champagne’s heartland. There seems
not to be an inch of the region’s vineyards he hasn’t walked, or a grower he
hasn’t shared a glass with. Mr. Liem’s
profiles of 107 producers he admires
are the book’s core: His selections tilt
toward grower-producers: no surprise.
But he does not ignore the grandes
marques, and his book opens in the
tasting room of much-admired
Roederer. On a spring morning in 2015,
Mr. Liem sat in as the cellar master
evaluated young wines from an astonishing 410 different parcels. “It’s vital,”
Mr. Liem writes, “that each of these
parcels is allowed to express its own
individual character.”
“Champagne” comes with a bonus,
slid into a separate drawer in its slip
case: seven large, handsome maps of
the region, originally published by
Louis Larmat in Paris in 1944, as the
German Occupation ended. The maps
were printed in an edition of 150, and
it took Mr. Liem years to locate and
purchase an original portfolio. “I
hope,” he writes, “that a broader audience will find them useful in better
understanding the complex terroirs of
Champagne.” Make a gift of this handsome set to a champagne lover, and
the toast will be to you.
Mr. Hellman is the author of “In
Vino Duplicitas: The Rise and Fall
of a Wine Forger Extraordinaire.”
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 18 - 19, 2017 | C17
HOLIDAY BOOKS
‘Children know perfectly well that unicorns aren’t real, but they also know that books about unicorns, if they are good books, are true books.’ —Ursula K. Le Guin
A Sublime World Builder
Ursula K. Le Guin:
The Hainish Novels & Stories
Edited by Brian Attebery
Library of America, 1,931 pages, $80
The Selected Short Fiction
Of Ursula K. Le Guin
Saga, 1,516 pages, $59.99; $39.99 paper
No Time to Spare
By Ursula K. Le Guin
Houghton Mifflin Harcourt, 215 pages, $22
WORDS ARE the building blocks of
all invented worlds, and Ursula K.
Le Guin has constructed hers with
as pleasing a vocabulary as any in
science fiction. Among the flora and
fauna of her planetary settings one
reads of crimson-colored kellem and
hadum vines that adorn the walls
like ivy; the orgrevy shrub, cherished for its hallucinogenic resin;
and half-feral herilor, “fat and
feathery
domesticated
meatanimals.” She is even better with
technology. The ansible, a device
that instantly transmits messages
between stars, is so apt a term that
the novelist Orson Scott Card
borrowed it for his Ender’s Game
series. My favorite coinage is for
the dangerous process of interstellar teleportation: transilience.
But Ms. Le Guin’s brilliance lies
beyond nomenclature. Few writers
have been so conscientious of the
ways that societies are defined by
the nuances and omissions of their
language. In her breakthrough novel
“The Left Hand of Darkness,” one of
the pertinent facts about the Karhidians, hermaphrodites who breed only
during brief periods of sexual heat
called kemmer, is that they have no
word for war. The fearful, superstitious inhabitants of Eleven-Soro, in
the short story “Solitude,” do not
have a translation for love. For the
anarchist citizens of Anarres in “The
Dispossessed,” who have rejected the
concept of property, the word for
work and play is identical. In “The
Word for World Is Forest,” an allegorical novella about the colonization of the forest-planet Athshe,
cutting down trees is synonymous
with destroying a way of life.
These books belong to a loosely
linked series of novels and stories
comprising Ms. Le Guin’s Hainish
universe, which has been collected
into a generously proportioned and
endlessly enriching two-volume box
set from the Library of America. The
set begins with the author’s first
published novel, “Rocannon’s World,”
from 1966, ends with the 2000 novel
“The Telling” and is supplemented by
a gathering of Ms. Le Guin’s illuminating essays. In an introduction she
warns that these books were never
conceived as a unified cycle, they
simply concern the many distinct
worlds populated by descendants of
an ancient people called Hain. Discrepancies abound. In early books
WHEN YOU gift-wrap a book to
give to a child, there’s no hiding
what you’ve done. The child will
not mistake the object for a teddy
bear or a ukulele or a video game.
Having lost the element of surprise, you can gain credibility by
choosing a book of exceptional
size, interest or beauty. For a child
2-6 years old, it might be a
gorgeous book about animals such
as “Song of the Wild” (Candlewick, 107 pages, $19.99), an introduction to creatures as large as
blue whales and as small as dragonfly nymphs. The text by Nicola
Davies is wonderfully variegated,
sometimes rhyming and always
fresh and interesting. Anemones
“are animals made of stinging fingers / around a hungry mouth.” A
butterfly in the rainforest is “a
flash of sapphire, / bigger than a
dinner plate.” Petr Horacek’s artwork is fabulous here: rich and
vivid and full of touching, observant detail that draws the eye
again and again.
The colorful creatures that stalk
through the oversize pages of
“Atlas of Dinosaur Adventures”
(Wide-Eyed Editions, 85 pages,
$30) have a simpler, more stylized
look, but they too evoke a stunning variety of life forms. Written
by Emily Hawkins and illustrated
by Lucy Letherland, this absorbing
compendium puts prehistoric
GETTY IMAGES
BY SAM SACKS
characters practice a form of telepathy called mindspeech, but Ms. Le
Guin found the implications of that
power too complicated to fully
develop, so she dropped it.
Even so, the works collected here
do feel of a piece, connected not just
by shared terminology but by an
almost scientific curiosity about the
characteristics of each alien race.
It’s for good reason that critics
point to Ms. Le Guin’s father, Alfred
L. Kroeber, a cultural anthropologist
who studied under Franz Boas, as a
major influence. Her books only
rarely have action sequences, the
laser-beam shoot-’em-ups that most
people associate with sci-fi. They
read more like anthropological surveys or travel journals, faithfully
recording the public morality, political organization, gender norms and
of course languages of societies that
are wondrous precisely because Ms.
Le Guin has dreamed them up herself. Thus the remarkable dualism of
her best books, in which she is creator and observer all at once, simultaneously elaborating her strange
worlds while exploring their ways
and customs.
Ms. Le Guin’s favorite technique is
to devise a main character who functions as a proxy for this kind of
cultural investigation. “Rocannon’s
World,” the story of a “starlord”
who voyages to a distant galaxy to
put down an alien revolt, is the
nearest the author comes to straight
science fiction, but even here Rocannon is an ethnologist and his adven-
tures are peppered with field notes
about the semi-human civilizations
he encounters. The space opera trappings have fallen away by the time
she writes “The Left Hand of Darkness,” where the hero’s quest is explicitly to gather knowledge. The
novel’s narrator is Genly Ai, an envoy of a kind of intergalactic league
of nations called the Ekumen, who
has been sent to the icy planet of
Gethen to persuade the ambisexual
Karhidians into joining the confederacy. Genly’s invitation is rejected by
the paranoid sovereign, but he is
given leave to travel the planet, and
Ms. Le Guin uses his expedition as a
chance to ponder the ways of a people with no gender hierarchy and,
relatedly, no military ambitions at
all—a people who “feel that progress
is less important than presence.”
The interloper in “The Dispossessed” is the prodigy physicist
Shevek, who has voluntarily left his
egalitarian homeland of Anarres to
study in the aggressively “propertarian” planet of Urras. The novel’s subtitle is “An Ambiguous Utopia,” the
ambiguity concerning the question of
which of these worlds is the true
paradise, and for whom. Ms. Le Guin
is less interested in suggesting an
answer than sustaining a dialectic. If
the considerable beauty of her fiction
is tied to language, the excitement is
found in the collision of ideas. “It is
of the nature of idea to be communicated: written, spoken, done,” thinks
Shevek. “The idea is like grass. It
craves light, likes crowds, thrives on
crossbreeding, grows better for being
stepped on.”
Ms. Le Guin, who is 88 years old,
has trod upon a lot of ideas in her
time, and more wine from her labor is
available in a handsome two-volume
box set from Saga Press containing
her collected novellas and a heaping
selection of short stories (including a
animals on the map. It’s our map,
not theirs: The continents appear as
they are today rather than in the
landmass
configurations
that
prevailed in the Triassic, Jurassic
and Cretaceous periods, making it
easier to grasp the dinosaurs’
extraordinary geographic span.
Informative bursts of text and witty
fillips here and there (e.g., a tiny
Microraptor wears a goofy propeller
hat) add fun to this engrossing
volume for enthusiasts ages 4-10.
Sneaky visual jokes abound in the
seek-and-find pages of “Look for
Ladybug in Plant City” (Frances
Lincoln Children’s Books, 31 pages,
$19.99), a detective caper of sorts
for 3- to 7-year-olds. The putative
story follows Daisy and Basil, a
striped rabbit and spotted lizard, as
they hunt through stylish, crowded
scenes for a pet ladybug gone
AWOL. The real action, though, is in
the young reader’s careful study of
each bright, merry tableau. The
ladybug is one of scores of
creatures to be spied out. Poring
over the pictures, children will also
try to locate “twelve masked
burglars,” a “cycling koala” and a
“spider on a balloon.”
The title “Egyptomania” (Laurence King, 16 pages, $27.99) has a
muscular sound that is at odds with
the elegance and delicacy of its artwork and design. First published in
French, this sophisticated lift-the-flap
book takes children ages 6 and older
(younger ones may too easily mangle
the pages) through the beliefs,
customs, rulers and architecture of
ancient Egypt. With detailed explanatory text, Carole Saturno deepens the
meaning of the spare, polished illus-
things Harry Potter? For families with
children under the J.K. Rowling spell,
it’s a challenge. One solution is more
Harry Potter, in the form of “Harry
Potter and the Prisoner of Azkaban:
The Illustrated Edition” (Arthur A.
Levine Books, 326 pages, $39.99).
trations by Emma Giuliani. In one
perfect tableau, the dog-headed god
Anubis weighs a human heart (on
paper scales that children can
actually move) to determine whether
its owner will enter the afterlife.
Beside him, ibis-headed Thoth, the
divine scribe, writes down the result.
It’s a gift book not to induce mania
but to enthrall.
What on earth to give the Harry
Potter devotee who already has all
It’s the third volume in Ms. Rowling’s
seven-book series and the latest to
have its magical story evoked in
illustrations by Jim Kay. Consistency
is not a hobgoblin of Mr. Kay’s artwork here: You never know what
style he’s going to deploy next. It may
be a colorful drawing of shaggy
trolls, a ragged splash of black watercolor to suggest a Dementor, or a wry
fine-art portrait of Severus Snape
done in the style of Hans Holbein.
Le Guin’s sui generis sci-fi
is rooted in linguistics
and cultural anthropology.
fair number of duplicates from the
Hainish volumes). The offerings are
more various here, in a good way,
yoking together unsettling ethical
parables such as “The Ones Who Walk
Away From Omelas” and “Mazes”
with long, lushly developed narratives
like “Buffalo Gals, Won’t You Come
Out Tonight,” which derives from
Native American folklore.
Also included is the sui generis
story “The Author of the Acacia
Seeds,” which pushes Ms. Le Guin’s
fascination with alien languages to a
logical extreme. Presented as an
extract from a journal of “therolinguistics”—the science of animal
languages—it analyzes a message
written by ants “in touch-gland
exudation on degerminated acacia
seeds.” An editorial at the conclusion
alludes to promising discoveries in
the emergent field of phytolinguis-
tics. How long, it asks, before we can
understand the poetry of the redwood or the zucchini?
How much of a story like this
reflects real belief and how much of
it is intellectual play? In an essay in
the new nonfiction collection “No
Time to Spare” about the evergreen
readers’ request that she explain
what her writing means, Ms. Le Guin
tartly replies, “That’s not my job,
honey. That’s your job.” This delightful book, inquisitive and stroppily
opinionated in equal measure, assembles stray pieces from her recent
adventures in blogging. Despite her
reservations with the hideous word
“blog”—which sounds like it should
refer to “an obstruction in the nasal
passage”—she takes to the digressive
form with ease, ruminating on the
value of literary awards, the Great
American Novel (her pick may surprise you), the “existential situation”
of old age and her outsize love for a
newly adopted black-and-white cat
called Pard.
In even these miscellanies, composed in her off hours, the sentences
are perfectly balanced and the language chosen with care. After all, she
writes, “Words are my matter—my
stuff.” And it’s through their infinite
arrangements, “the endless changes
and complexities of their interrelationships,” that Ms. Le Guin’s
extraordinary imaginary worlds have
been built and shared.
Mr. Sacks reviews fiction
for the Journal.
The main thing is, of course, that it’s
all more Harry Potter.
Breathtaking pictures show the
otherworldly magic of the solar
system in “The Planets” (Chronicle, 255 pages, $40), a heavy and
handsome book for children and
their families made up of stunning
photographs from the archives of
NASA, each with a substantial
caption by science writer Nirmala
Nataraj. The images are at once
humbling and uplifting: Here in the
black void of space is Saturn’s
frozen moon, Mimas, white and
pitted like a galactic golf ball; here
is the tiny golden orb called Io,
casting a shadow in a perfect inky
circle on the marbled surface of
Jupiter; here is the great sun,
flames spurting from its surface
like plumes. Readers ages 8-13 keen
to know more about the history and
practicalities of space travel may
enjoy “Exploring Space: From
Galileo to the Mars Rover and
Beyond” (Candlewick, 64 pages,
$17.99) by Martin Jenkins. In lieu of
photographs, this lucid and appealing book is full of warm-hued, finelined pictures by Stephen Biesty,
who uses cutaways to show the
inner workings of rockets, space
suits, interstellar craft and an
imagined settlement under the rosy
soil of Mars.
—Mrs. Gurdon writes about
children’s books for 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
C18 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
HOLIDAY BOOKS
‘How’d ya like to spend Christmas on Christmas Island? / How’d ya like to hang a stocking on a great big coconut tree?’ —The Andrews Sisters
FIVE BEST: A PERSONAL CHOICE
Another historic spirit that’s
made a splash among discerning
drinkers is mezcal. It’s tequila’s
raffish cousin, and consumers
engaged in their restless search for
authenticity have of late homed in
on it. Emma Janzen helps make
sense of why in her impeccably
researched and colorfully illustrated
book, “Mezcal: The History, Craft
and Cocktails of the World’s Ultimate Artisanal Spirit” (Voyageur,
240 pages, $25). It serves as an allpurpose introduction for those
beginning to explore this fascinating
liquor, with just enough background,
leavened with a bit of myth-busting.
The worm in the bottle? It’s neither
hallucinogen nor aphrodisiac, but a
“gimmick as lesser-quality brands
aimed to attract the attention of
tourists and foreigners.”
Jim Meehan was among the
pioneers of the craft cocktail movement, having opened PDT in
Manhattan in 2007. “Meehan’s
Bartender Manual” (Ten Speed, 477
pages, $40) is exactly what the title
promises: a manual
for
professional
bartenders. But it
will make a welcome addition to
the library of any
serious at-home
drink maker. Mr.
Meehan surveys
the history, tools
and ingredients of
barcraft and includes about 100
recipes, ranging
from the tried and
true (Margarita) to
modern variations
that aspire toward
classic-hood
(Witch’s Kiss).
The most intriguing and best-written spirits
book of the year doesn’t contain a
single recipe. Thad Vogler’s “By the
Smoke and the Smell: My Search
for the Rare and Sublime on the
Spirits Trail” (Ten Speed, 291
pages, $27) is a personal narrative
built around travels in France, Cuba,
Scotland, Ireland, Mexico and Kentucky, where he seeks out spirits
with a formidable regional identity.
Sometimes he finds them; more often he doesn’t. (In Cuba, he fails to
get access to a single distillery; in
Mexico, he’s introduced to some fine
mezcal, but along the way a group of
hostile teachers destroys his rented
Renault with tire irons.)
Like a fox, books chock-full of
cocktail recipes teach many small
things. But Mr. Vogler is a hedgehog, and seeks to convey one big
thing: how to sift through the marketing and find authentic spirits
among the faux. Going along for the
ride leads to a fruitful education in
what matters.
—Mr. Curtis’s books include
“And a Bottle of Rum: A History of
the New World in Ten Cocktails.”
James D. Hornfischer
on total war in the Pacific
gentleman.’ ” The author offers a
compelling challenge to this view.
Exploiting the diaries released by
top imperial advisers in the 1960s,
he paints Hirohito as an “animating intellect” behind Japan’s most
brutal aggressions and calls the
Tokyo regime “a cartel of cartels
held together by a gigantic police
protection racket.” The author’s
zeal and use of some anonymous
sources may have drawn fire, but
the substance of his charge based
on new material has forced a
reassessment of Hirohito’s liability
for the war waged in his name.
Oba, the Last Samurai
By Don Jones (1986)
1
THE STORY OF Capt. Sakae
Oba’s extraordinary experiences
on Saipan is a very rare thing:
an intimate account of a Japanese
soldier at war. On July 7, 1944,
three weeks after the U.S. invasion
began, the shattered Japanese
garrison spent itself in a banzai
charge. Oba was not part of it.
Instead he took to the hills, leading
a makeshift platoon bent on a
guerrilla campaign. Under near
ceaseless bombardment, Oba
despaired. “This was no way to
fight a war, he told himself. How
could they when they couldn’t
move a hand or a foot outside the
caves?” But fight they did. The
book’s author, who served in Saipan
himself and heard about the ghost
who vexed U.S. patrols, found Oba
decades later and elicited his
remarkable story. This result was
this vivid, character-rich account of
a doomed warrior’s crisis of honor.
Retribution
By Max Hastings (2007)
3
MAX HASTINGS covers a
wide sweep of events but
never loses his fine narrative
touch. His telling accounts of the
campaigns of 1944-5 include a
visceral portrait of the incendiary
air raid on Tokyo, carried out by
Gen. Curtis LeMay’s bomber
command on March 9, 1945. At a
subsequent press conference, when
LeMay described how his strikes had
killed a million people, Secretary of
War Henry Stimson was appalled.
Stimson did not, he said fiercely,
“want to have the United States get
the reputation for outdoing Hitler in
atrocities.” Still, Mr. Hastings writes,
“the only outcome was that LeMay
was urged to curb his tongue, not
his planes.” In spite of the
skepticism with which Mr. Hastings
treats the strategic bombing effort,
he captures the horror of total war
without rendering gratuitous
judgment.
Japan’s Imperial Conspiracy
By David Bergamini (1971)
2
THE YOUNG EMPEROR who
presided over a rampage that
devoured half of a hemisphere was not charged with war
crimes. Why? America needed him
as a tool of postwar reform. To
ease reconciliation, the Allies
produced a narrative: Hirohito had
been powerless to stop the malign
schemes of his generals. “So it
was,” Bergamini writes, “that
seven of the Emperor’s most
‘trusted retainers’ were hanged,
eighteen others imprisoned for the
duration of the Occupation, and
the Emperor himself left on the
throne and called a ‘fine liberal
Downfall
By Richard B. Frank (1999)
4
GETTY IMAGES
MINIMALISM IS ascendant in
cocktails and spirits, and for that we
should all be grateful. The rococo
drinks laboriously compounded by
members of the Order of the Sleeve
Garter and Waxed Mustache were
fun while they lasted, but that era
was also exhausting. Thankfully,
craft cocktail bars are returning to
simplicity, embracing the radical
notion that ordering and making
drinks shouldn’t be as stressful as
preparing for the LSAT.
Some of the best of this year’s
bountiful harvest of cocktail books
reflect that return to simplicity.
Among them is Robert Simonson’s
“Three-Ingredient Cocktails: An
Opinionated Guide to the Most
Enduring Drinks in the Cocktail
Canon” (Ten Speed, 166 pages,
$18.99). Mr. Simonson, who writes
about drink for the New York Times
and other publications, notes that
there’s an “honesty in the threeingredient cocktail.” That may
explain why so many of the enduring
classics, such as the Manhattan, the
Old-Fashioned, the
Daiquiri, the Negroni and the Margarita, have proven
as sturdy as a
tripod. With drinks
that feature a halfdozen or more
ingredients, Mr.
Simonson writes,
“chances are two
of those are BandAids, attempting to
mend a broken
cocktail.” His five
dozen recipes offer
not just a primer
for aspiring drink
makers at home,
but will appeal to
more jaded tipplers
striving to follow Thoreau’s mandate
to simplify, simplify.
Japanese culture often venerates
sturdiness and simplicity, and in
“The Way of Whisky: A Journey
Around Japanese Whisky” (Mitchell
Beazley, 254 pages, $50) spirits expert and author Dave Broom seeks to
find whether there “was some unseen
link between Japan’s whisky-makers
and the country’s other traditional
craftsmen.” The result is a book that’s
mostly an illustrated travelogue in
which he describes his visits to nine
distilleries. Readers will come away
with a solid understanding of what
makes Japanese whisky exceptional,
and why it has commanded the attention of whiskey cognoscenti since it
was first exported in 2002. While Mr.
Broom does venture at times into the
technical, his journey is more impressionistic. “Even the word Hakushu
sounds like the breeze through the
pines,” he writes of one mountain
distillery. With equally evocative
photographs by Kohei Take, “The
Way of Whisky” has the feel of a
small coffee-table book too modest to
draw much attention to itself.
DECORATED U.S. Coast Guard sailors
on a cargo ship in the Pacific, 1944.
RICHARD FRANK’S masterly
study takes apart, point by
point, the canard that the
atomic bombs were unnecessary and
that morally preferable options were
available to force peace. The author
is neither a partisan nor a culture
warrior. His talent for persuasion
lies in his gift for accumulating and
arranging incontestable facts. Mr.
Frank conveys a full sense of the
calamity that faced both sides in the
first half of 1945. At one heavily hit
river crossing, the incendiary
bombing raid on Tokyo produced “a
‘forest of corpses’ packed so closely
that they must have been touching
as they died. They now had returned
to humanity’s carbon essence,
crumbling at the touch.” And yet the
imperial leadership was unmoved.
Marshaling impressive detail on the
MR. HORNFISCHER is the author of
‘The Fleet at Flood Tide: America at
Total War in the Pacific, 1944-1945.’
strategies and plans of both sides,
Mr. Frank shows that the atomic
strikes on Hiroshima and Nagasaki,
made tragically necessary by Tokyo’s mad refusal to quit, were the
most humane way to end the war,
considering the alternatives: namely,
a U.S. invasion of Japan or a siege
by blockade that would have
prolonged the bloodletting in Asia.
“Downfall” stands like a tombstone
over the tired argument that the
bombs were a needless cruelty
inflicted on an already-defeated
country.
Flight of the Enola Gay
By Paul W. Tibbets (1989)
5
TRAINING TO DELIVER the
fury of the Manhattan Project,
Paul Tibbets was no firebreathing avenger. He was simply a
professional airman. His forthright
memoir details the top-secret work
of the 509th Composite Group, which
carried out the two atomic bombings
of Japan. In the desolated seclusion
of Utah’s salt flats, he learned the
ballistics of the new weapon and
devised flying techniques—such as
pushing a huge B-29 Superfortress
into a steep, twisting dive—that
would enable the aviators to escape
the blast. “Although the weapon was
beyond my comprehension, there
was nothing about flying . . . that I
did not understand. If this bomb
could be carried in an airplane, I
could do the job.” Years after he
executed the attacks from the island
of Tinian, myths arose that Tibbets
became “insane with remorse” and
that his bombardier had moved to a
monastery. He sharply rebuts all
such notions. “Honest liberals,
tortured in their own minds by
America’s use of the atom bomb,
were quick to accept the inventions
of the propagandists.” Given the
horrific alternatives, Tibbets was
clear about his purpose: to end the
war in a shock. “I viewed my mission
as one to save lives rather than take
them.”
Best-Selling Books | Week Ended Nov. 12
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Hardcover Fiction
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Obama: An Intimate Portrait
1
Pete Souza/Little, Brown and Company
New
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
Inventing Joy
Joy Mangano/Simon & Schuster
New
2
The Pioneer Woman Cooks
3
Ree Drummond/William Morrow & Company
THIS
WEEK
LAST
WEEK
6
2
Bobby Kennedy: A Raging Spirit
7
Christopher Matthews/Simon & Schuster
1
Capital Gaines
Chip Gaines/Thomas Nelson
Medical Medium Thyroid Healing
Anthony William/Hay House
4
New
The Wisdom of Sundays
Oprah Winfrey/Flatiron Books
5
9
THIS
WEEK
LAST
WEEK
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
1
New
Dork Diaries 12
6
Rachel Renée Russell/Aladdin Paperbacks
5
4
The Midnight Line
Lee Child/Delacorte Press
2
New
A Loud Winter’s Nap
7
Katy Hudson/Capstone Young Readers
9
8
7
The Rooster Bar
John Grisham/Doubleday Books
3
1
Two Kinds of Truth
8
Michael Connelly/Little, Brown and Company
2
Grant
Ron Chernow/Penguin Press
9
8
Wonder
4
4
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Turtles All the Way Down
9
John Green/Dutton Books for Young Readers
6
Andrew Jackson and the Miracle...
Brian Kilmeade/Sentinel
10
3
Origin
Dan Brown/Doubleday Books
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Nonfiction Combined
TITLE
AUTHOR / PUBLISHER
TITLE
AUTHOR / PUBLISHER
Methodology
5
3
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
Fiction E-Books
–
Obama: An Intimate Portrait
1
Pete Souza/Little, Brown and Company
New
The Midnight Line
1
Lee Child/Random House Publishing Group
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
2
2
Inventing Joy
Joy Mangano/Simon & Schuster
New
The Rooster Bar
2
3
John Grisham/Knopf Doubleday Publishing Group
Medical Medium Thyroid Healing
Anthony William/Hay House, Inc.
3
New
The Pioneer Woman Cooks
3
Ree Drummond/William Morrow & Company
1
Two Kinds of Truth
3
Michael Connelly/Little, Brown and Company
The Girl with Seven Names
4
9
Hyeonseo Lee & David John /HarperCollins Publishers
Medical Medium Thyroid Healing
Anthony William/Hay House
4
New
The 48 Laws of Power
5
3
Robert Greene & Joost Elffers/Penguin Publishing Group
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
5
2
Origin
5
Dan Brown/Knopf Doubleday Publishing Group
A Passion for Books
6
–
Harold Rabinowitz & Rob Kaplan/Crown/Archetype
The Sun and Her Flowers
6
Rupi Kaur/Andrews McMeel Publishing
4
The Billionaire’s Secrets
J. S. Scott/Montlake Romance
Typhoon Fury
4
Clive Cussler/Penguin Publishing Group
6
1
New
4
New
Paris to the Moon
7
Adam Gopnik/Random House Publishing Group
–
The Wisdom of Sundays
Oprah Winfrey/Flatiron Books
7
–
That Wintry Feeling
7
–
Debbie Macomber/Random House Publishing Group
Grant
8
Ron Chernow/Penguin Publishing Group
–
Bobby Kennedy: A Raging Spirit
8
Christopher Matthews/Simon & Schuster
3
Complicated
Kristen Ashley/Kristen Ashley
Real Artists Don’t Starve
Jeff Goins/Thomas Nelson
–
Milk And Honey
9
Rupi Kaur/Andrews McMeel Publishing
10
Every Breath You Take
9
New
Mary Higgins Clark & Alafair Burke /Simon & Schuster
Grant
Ron Chernow/Penguin Press
9
Someone to Wed
10
Mary Balogh/Penguin Publishing Group
9
Killers of the Flower Moon
10
–
David Grann/Knopf Doubleday Publishing Group
10
The Noel Diary
10
Richard Paul Evans/Simon & Schuster
LAST
WEEK
New
Fiction Combined
You Are a Badass
1
Jen Sincero/Running Press Book Publishers
2
THIS
WEEK
8
New
New
NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
to Peter.Saenger@wsj.com.
Hardcover Business
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
1
New
The Midnight Line
Lee Child/Delacorte Press
2
New
The Rooster Bar
John Grisham/Doubleday Books
3
Origin
Dan Brown/Doubleday Books
4
Two Kinds of Truth
5
Michael Connelly/Little, Brown and Company
THIS
WEEK
LAST
WEEK
Strengths Finder 2.0
Tom Rath/Gallup Press
1
1
Total Money Makeover
Dave Ramsey/Thomas Nelson
2
3
2
Principles: Life and Work
Ray Dalio/Simon & Schuster
3
2
3
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
4
4
1
Emotional Intelligence 2.0
5
Travis Bradberry & Jean Greaves/TalentSmart
8
The Energy Bus
Jon Gordon/Wiley
6
7
Blueprint to Business
Michael Alden/Wiley
7
New
The Four
Scott Galloway/Portfolio
8
–
Wonder
6
6
R. J. Palacio/Alfred A. Knopf Books For Young Readers
Typhoon Fury
Clive Cussler/G.P. Putnam’s Sons
7
Murder on the Orient Express
8
Agatha Christie/William Morrow & Company
New
–
Every Breath You Take
9
New
Mary Higgins Clark & Alafair Burke /Simon & Schuster
Turtles All the Way Down
10
John Green/Dutton Books for Young Readers
5
The Power of Moments
9
Chip Heath and Dan Heath/Simon & Schuster
Extreme Ownership
Jocko Willink/St. Martin’s Press
10
New
5
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 18 - 19, 2017 | C19
REVIEW
AXEL DUPEUX FOR THE WALL STREET JOURNAL
His task:
making
vegan food
more
appealing.
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Michael Karsch
JUICE PRESS chairman Michael
Karsch ate junk food for most of
his life. Being naturally lean, the
former hedge-fund manager figured that he didn’t have to eat
healthy. Then, when he turned 40,
his doctor warned him that he had
a lot of plaque in his arteries and
said, “You’re the kind of guy who’s
going to have a heart attack when
he’s 50 on the basketball court,
and everyone else is going to ask,
‘How did that happen?’ ”
Mr. Karsch, now 49, was so
scared by his checkup that he
started consuming low-calorie
foods such as frozen yogurt and
diet Snapple. At the time, he was
also anxious and unfulfilled in his
job as the manager of Karsch Cap-
ital Management, a hedge fund
that he started in 2000 that grew
to have $3.4 billion in assets in
2009. “When the market was
open, I couldn’t catch my breath,”
he says. “You have all this money
under management, and it’s always moving, and the report card
is constant.”
In 2012, he decided to invest in
a small New York-based chain
called Juice Press, which specialized in organic, unprocessed foods.
And he started eating the stuff
himself. A year later, he closed his
hedge fund (then at $1.8 billion in
assets), bought out one of Juice
Press’s two co-founders and became the firm’s chairman.
Juice Press has since grown to
A former hedge-fund manager
finds a healthier career
more than 70 stores, with plans to
expand to the West Coast. The
company just announced new partnerships, including co-branded nutrition products with Adidas and a
line of kombucha tea with the cycling exercise studio SoulCycle.
Mr. Karsch learned about the retail business at a young age. His
grandfather owned the Sloan’s supermarket chain (later sold to
Gristedes), and he remembers visiting grocery stores near where he
grew up in Long Beach, N.Y.
He was drawn to investing early
on. In his early 20s, he found one
investment after he noticed more
children wearing Timberland clothing. “I started to think the suburban kids would rediscover it and
follow the urban kids,” he says. He
bought the stock at $14 a share,
and two years later it rose to about
$70. “I paid for business school
with that stock pick,” he says.
After graduating from Harvard
Business School, Mr. Karsch
worked at a couple of investment
firms before branching out on his
own. His made his initial investment in Juice Press with his own
money, after he met one of the
company’s original co-founders,
muay thai boxer Marcus Antebi,
through a friend.
Along with reorganizing the
company’s accounting system and
structure, Mr. Karsch wanted to
recast the vegan-only retailer as
more than a juice shop. He ex-
panded the food offerings—then
limited to raw-food products—to
try to make them more appetizing. Now the retailer offers
cooked items such as soups and
roasted-vegetable salads. Stores
also have desserts such as chocolate bars and gluten-free chocolate chip cookies.
“We want to be a religion, a
lifestyle,” he says. “You wouldn’t
recruit someone to Judaism or Islam with Yom Kippur or Ramadan,” he adds with a laugh. “You
want to sell [customers] on
Christmas, not Lent.”
He grants that Juice Press’s
prices are high: Many bottled
juices cost around $11. Salads are
priced around $10, and a bag of
six small cookies costs $5. Mr.
Karsch says that using organic ingredients adds to the cost. As we
talk, he sips a bottle of gray
“Dirty Detox” charcoal lemonade.
Activated charcoal—which has
been heated to increase its ability
to trap chemicals—has shown up
in more foods lately; some claim it
reduces toxins in the body, whitens teeth and aids digestive problems. (It’s used as an antidote to
drug overdoses in emergency
rooms, but doctors say there’s little research proving other benefits.) Mr. Karsch points out that at
$6 for 16 ounces, it’s $2 less than
one of his competitor’s lemonades.
Nutritionists have raised concerns about the high sugar and low
fiber content in juice, but Mr.
Karsch dismisses them. “We
strongly believe that it is absurd to
compare naturally occurring sugar
from an apple to sugar that you
open up at your local coffee place
and equate them one for one,” he
says, adding that Juice Press offers
a selection of smoothies with fiber.
He acknowledges that vegan
food can be a tough sell. “We’re
still trying to figure out: What is
the thing we’re trying to tell people, and how do you say it in a
way that is fun and experiential
and not judgmental?” he says.
“The problem is the word
‘healthy’ is not usually a synonym
with good taste.”
The company is trying new social-media campaigns, including an
offer of free juices to people who
post pictures of themselves running on certain days. They plan to
make the same offer to people who
get mammograms or prostate exams during certain months.
In recent years, Mr. Karsch
says, his health has improved dramatically. He sticks to a vegan
breakfast such as blueberries and
an almond latte every day, and
adds a lean protein like chicken or
fish for lunch and dinner. He
rarely eats beef or dairy. He used
to take antacids constantly and
says that now he never does. He
says his doctors tell him that he
hasn’t had any deterioration in his
arteries since he turned 40.
On weekends he sometimes
stops by his company’s stores in
Manhattan, where he lives with his
wife and three children, to talk to
customers. Eating with his children is the only time he lets himself indulge, he says. Mr. Karsch
has a hard time restraining himself
if there are chicken fingers in front
of him. “It’s hard not to reach my
hand over,” he says. “Everybody
has their Achilles’ heel.”
MOVING TARGETS: JOE QUEENAN
SUBSCRIPTION boxes have
soared in popularity in the U.S., in
part because people love sending
themselves inexpensive little gifts
on a regular basis. Each month a
box containing products linked to
a particular theme—say, naturalfiber lingerie or eco-friendly laundry detergents or salted peanuts
from Ulaanbaatar—arrives at the
subscriber’s doorstep. Then the
fun begins.
There’s a scent-of-the-month
club, a java-of-the-month club and
try-and-buy boxes of clothes,
which a subscriber can test before
returning the discards. Many boxes
run no more than $10 a month.
Recently, though, up-and-coming
subscription retailers have topped
these somewhat generic offerings
with more imaginative boxes. So
with holiday gift-giving fast approaching, I delved deep into the
internet to find exciting new subscriptions that you, frankly, would
probably have missed:
Weird Candies from Scandina-
via Subscription Box. This lineup
includes everything from Finnish
Fish to sugar-free Swedish Mjölk
Duds to Denmark’s mouthwatering
Mr. GodtBar. A related Nordic
treat—Iceland’s tasty knockoff Almundsson Joyonsson—is a must.
Antihistamine of the Month
Club. Let’s face it: We all want a
change in antihistamines once in a
while. Allegra’s great, sure, but
sometimes you crave a Claritin.
Same deal with Zyrtek and
Benadryl. That’s without mentioning generic imports like Francofexofenadine, prized for its buzz.
Coming soon: Unguent of the
Month.
Ironic Hat of the Month Club.
One month it might be the timeless porkpie hat popularized by
1940s jazz musicians and repurposed by urban hipsters, the next
month, the rustic, oversize
Basque beret. Or the classic,
compact Che Guevara model.
The iconic green Chairman
Mao cap with the little red
If you don’t like
the marsupial of
the month,
you’re free to
send it back.
star now screams cool, and pith
helmets are no slouches. Some
hats come with pages of witty,
knowing remarks to drop while
wearing them.
Conspiracy Theory of the
Month Book Club. You start in
January with a wild tale about how
JFK was probably bumped off by
the Ethiopian Mafia. In February
it’s the latest doorstop volume
linking climate change with the
Knights Templar and the Clinton
Foundation. Then right around
your birthday comes the jaw-dropping new book proving that Queen
Elizabeth I was abducted at age 12,
drowned in a vat of mead and replaced by a boy.
Marsupial of the Month Club.
Just what it sounds like. One
month it’s a possum, next a wombat. Not sure you want a koala as
a pet? Try it out for a month. Two
months. Return shipping is free.
Tap Water From Different
Cities Subscription Box. You’ve
probably heard that what’s in
Brooklyn’s faucets tastes a lot
better than Jersey City’s. Find
out for yourself. Indulge in mystical, aromatic tap water from Sedona. And after that Austin,
Texas, delivery, you’ll never look
at a water bottle again.
I also enjoyed, among many others, the offerings from Cape of the
Month Clubs and a service that
ships vintage Soyuz-spacecraft TV
dinners. But they pale in popularity next to the Old School CatchPhrase Subscription Box. People in
rural areas plagued with mediocre
internet service often have no access to America’s most cuttingedge banalities and have to make
do with “It takes one to know one”
and “Aw, shucks.” They don’t get
things like “It is what it is” until
it’s 20 years too late.
The Old School Catch-Phrase
subscription ships a top-shelf
throwback cliché the first Monday
of every month. “Word up.” “Take
a chill pill.” “Talk to the hand.”
Can you dig it?
NISHANT CHOKSI
Subscription Boxes That Really Surprise
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
C20 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
Holden
Hurricane
1969
Designed with
the help of
aerospace
engineers, the
car has seats
like those used
by astronauts.
EXHIBIT
DRIVING INNOVATION
The most innovative automotive designs seldom make it to the dealerships. A new book, “Fast
Forward” (Gestalten, $69), showcases hundreds of concept cars from the 1930s through today by
famed designers such as Ferrari’s Flavio Manzoni and BMW’s Adrian van Hooydonk. Meant as
eccentric and creative prototypes, most of the futuristic vehicles never touched the open road, but
their mirrors, handles and other parts were sometimes later used on more practical cars. “Throughout automotive history, designers have contested the established order and familiar design language
with radical creations again and again,” writes co-editor Jan Karl Baedeker. —Alexandra Wolfe
Above: Phantom Corsair, 1938. The creator of the car, reminiscent of a speedboat, studied naval architecture in college. The car’s long nose created engine cooling problems.
Below: Plymouth XNR, 1960. This two-seat sports roadster’s detachable glove box doubled as a camera case.
Above: Alfa Romeo B.A.T. 7, 1954. The car’s aerodynamic
shape, including a smooth nose, helped it go up to 124
miles an hour. // Right: Buick Y-Job, 1938. This early concept car had a retractable roof and electric powered windows. // Below: Buckminster Fuller Dymaxion, 1933. This
three-wheeled vehicle held 11 passengers. Its 20-foot-long
body, thin tires and lightweight construction led to stability
issues at high speeds.
CLOCKWISE FROM TOP: GM HOLDEN AUSTRALIA; JEFF DOW; SHOOTERS.BIZ ©2011 COURTESY OF RM SOTHEBY’S; GM MEDIA ARCHIVE; NIGEL YOUNG FOSTER PARTNERS; PETER HARHOLDT
PLAYLIST: BERNARD KING
A Champion’s ‘Ribbon’
A Stevie Wonder song helped
an NBA hall-of-famer through a crisis
Bernard King, 60, played in the
NBA between 1977 and 1993, and
was inducted into the Naismith
Memorial Basketball Hall of
Fame in 2013. He is the author of
the memoir “Game Face,” with
Jerome Preisler (Da Capo). He
spoke with Marc Myers.
vie’s song, I asked her what she
thought. She said, “I love you,
and I’m in love with you.” Shana
and I married in 1997, and in ’98
she was at the hospital giving
birth to our first child.
But there was a complication.
Our baby’s umbilical cord was
wrapped around her neck. Shana
was rushed into the operating
room. Our baby was removed
surgically from her abdomen, but the baby
was blue and motionless. Shocked, I backed
out of the room and reentered, asking myself
if our baby was going
to be all right.
I thought about Stevie’s “Ribbon” and the
love in that song.
Suddenly, the ECG screen began to pulse electronically. Our
daughter, Amina, was going to
be all right, the doctor said. At
that moment, I made myself a
promise: to give Amina all the
love I could.
I first heard Stevie Wonder’s
“RIBBON IN THE SKY” in 1982,
just after I began playing for the New York
Knicks. Later that day, I
bought the single.
I was a professional
athlete then, but my
whole life was about
finding love. Stevie’s
song about a ribbon in
the sky connecting two
soul mates was so poetic: “This
is not a coincidence / And far
more than a lucky chance / But
what it is that was always
meant / Is our ribbon in the sky
for our love.”
The music is equally romantic.
As Stevie sings and plays piano,
he’s accompanied only by
bass and drums.
One day in 1995, I was
at Wolf’s Deli on 57th
Street waiting for a sandwich to go. By then I was
retired from the NBA. The
lyrics to “Ribbon” were going through my mind,
when I noticed a woman
waiting for an order. She
was the most beautiful
woman I’d ever seen.
My then wife and I were
separated, so I introduced
myself. Her name was
Shana, and we saw each
other nearly every day for
the next year. We eventually spent hours at my
house in Franklin Lakes,
N.J., listening to music.
STEVIE WONDER around 1980.
When I played her SteREDFERNS/GETTY IMAGES
Love
blooms
at a deli.
HISTORICALLY SPEAKING: AMANDA FOREMAN
The Pumpkin Chronicles
PUMPKIN PIE may not compete with its apple-filled rival for most of the year, but on
Thanksgiving, it’s the iconic dessert, despite
often resembling a giant helping of baby
food. As a slice of Americana, the pie has a
history as complicated as the country itself.
The pumpkin’s ancestors were ancient
gourds that left Asia some 60 million years
ago. Known botanically as Cucurbitaceae, the
plant family slowly spread to the African,
Australian and American continents, laying
down roots (and vines) to become such familiar garden goodies as the melon, the cucumber and the squash.
Scientists have traced Cucurbita pepo, the
founding fruit of pumpkin pie, to seeds 8,000
to 10,000 years old in the Guilá Naquitz Cave
in Mexico, a site believed to have the earliest
evidence of domesticated crops in North
America. Though these early Mexican varieties were smaller and more bitter than the
pumpkins we know, early Americans ate or
otherwise used almost every part of them. By
the time Christopher Columbus reached the
New World in 1492, pumpkins and squashes
had spread north to Canada.
Europeans were soon printing elaborate illustrations
of pumpkins and varieties of squash, and eventually
started to eat them. The French called a pumpkin pepion, a mix of Latin and Greek words for melon. Shakespeare added an English version of the French word to
his rich catalog of insults. In “The Merry Wives of
Windsor” (circa 1600), Mistress Ford dismisses the aging, famously fat roué Sir John Falstaff as
“this gross wat’ry pumpion.”
Across the ocean, stewed pumpkin had
become a staple—so much so that colonists
like the Plymouth Colony pilgrims yearned
for something else. A 1630s poem expressed their ambivalent feelings: “We
have pumpkins at morning and pumpkins
at noon, / if it were not for pumpkins we
should be undoon.” The Pilgrims even used pumpkins
to make beer.
Rescue was coming on both sides of the Atlantic. By
the mid-17th century, the French were pairing sweetened pumpkin mush with pastry to make a tart. In 1670
the English cookery writer Hannah Woolley devised a
recipe for “pumpion pye” that baked together sweet
herbs, sugar, raisins, apple and pumpkin slices. In
America, copious amounts of molasses helped to improve pumpkin’s taste, as did the addition of newly
available spices such as nutmeg and Jamaican allspice.
THOMAS FUCHS
In 1796, Amelia Simmons of Connecticut published
“American Cookery,” believed to be the first American
cookbook to rely on native-grown ingredients. Despite
their artery-clogging richness, the ingredients for her
two “pompkin” dessert recipes—stewed pumpkin, eggs,
sugar, cream, spices and dough—wouldn’t be out of
place today.
Then came pumpkins’ biggest transformation: into a
sort of political emblem. According to
Cindy Ott, author of “Pumpkin: The Curious History of an American Icon,” pumpkin pie became a symbol of the cultural
war between North and South. For Northerners, particularly abolitionists, the virtually self-growing pumpkin was the antithesis of the slave-grown plantation crop.
Antislavery novelists celebrated pumpkin
pie, and the abolitionist Sarah Josepha Hale
(1788-1879), who successfully campaigned to establish
Thanksgiving, described the dish as “indispensible” for
“a good and true Yankee” version of the holiday. In the
South, “cartoons and illustrations…associated blacks
with pumpkins as a form of derision,” Ms. Ott told the
media website Mic in 2015.
Today, pumpkin pie shares the holiday stage with
pumpkin-spice lattes and other flavored concoctions—a
craze that has now spread as far as China. Not bad for
a humble gourd with global ambitions.
From staple
to political
emblem.
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 18 - 19, 2017 | C21
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. Katrina
Lake is the
CEO of
startup
Stitch Fix,
which
went public
during the
week. What’s the company’s
main business?
the medication
D. That psychosis markers in
the bloodstream are under
control
Provided by the
National
Museum of
Mathematics
Two Pints of Cider
Team member Janice recently visited
the U.K. and poses this puzzle to her
teammates: You have three containers
that can hold exactly 15, 10 and 6
pints. The 15-pint container starts full
of cider. You want to measure out
exactly 2 pints of cider, drink it all, and
end with an empty 15-pint container
and 8 and 5 pints of cider in the other
two containers.
What transfers should you make to
accomplish this?
5. Whom did President Trump
nominate as the new health and
human services secretary?
A. Azar Swan
B. Alex Azar
C. Hank Azaria
D. Irving Azoff
A. Producing viral humor
podcasts
B. Expert repairs on beloved
clothing
C. Gender-neutral togs for
toddlers
D. A fashion subscription
service for grown-ups
6. Chinese web giant Baidu is
launching a ‘smart’ home speaker
and a personal robot. What’s the
new line of products called?
2. Zimbabwe’s military took
power following the ouster
of Vice President Emmerson
Mnangagwa—whose supporters
are known as what?
A. Raven
B. Eagle
C. Owl
D. Orwell
A. Team Polo
B. Team Patagonia
C. Team Lacoste
D. The Vineyard Vines
7. The billionaire Koch brothers
reportedly are helping to finance
an effort by Meredith Corp. to
acquire which of these?
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.
A. MSNBC
B. The Economist
C. Condé Nast
D. Time Inc.
3. A portrait of Christ by
Leonardo da Vinci sold for a
mind-boggling $450 million.
What’s it titled?
FROM TOP: DAVID PAUL MORRIS/BLOOMBERG NEWS; ISTOCK
VARSITY MATH
From this week’s
Wall Street Journal
Primes and Products
8. Tea makers are trying
increase their market share in a
world that last year consumed
984 billion cups of coffee—a
booming industry. How many
cups of tea were drunk?
A. ‘The Lamb of God’
B. ‘Salvator Mundi’
C. ‘Salvator Spiritus’
D. ‘Salvator Ferragamo’
4. U.S. authorities approved
the world’s first digital drug,
an antipsychotic pill that
signals smartphones—with
what message?
and my age is now the product of two odd
primes.”
Pete adds, “This last happened 12 years ago.”
How old is Dick?
Pete and Dick share a birthday in early November
but are six years apart in age.
Dick tells the team: “Pete’s age is now a prime,
A. 517 billion
B. 917 billion
C. 1.7 trillion
D. 2.7 trillion
ILLUSTRATION BY LUCI GUTIÉRREZ
+
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST
WEEK’S PUZZLES
Consider the Alternative
C
A
G
E
S
U
P
Varsity Math
In Prime Presents 1 there
were six gifts with a bill of
$2 + $3 + $5 + $41 + $67 +
$89 = $207.
A. ‘Have a Good Day!’
B. That the pill costs
$537,387.12
C. That the patient has taken
turn to page C4.
R
I
V
E
T
E
R
L A N
E MU
MUM
A L B
N E E
S T R
O
B A N
E V E
R E M
E N I
F U S
T E S
In Prime Presents 2 there
were six gifts with a bill of
$2 + $3 + $5 + $67 + $89 +
$401 = $567.
To see answers, please
A
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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
1
2
3
4
5
17
6
22
9
19
28
33
39
40
44
47
70
75
55
61
76
68
94
98
104 105 106
111
90
95
99
119
80
81
86
91
92
96
97
102 103
108
113
79
85
100 101
107
112
73
78
84
93
57
63
72
89
51
56
62
77
88
50
67
83
87
43
71
82
16
37
49
54
66
15
31
36
48
60
14
25
35
46
65
69
13
21
42
59
64
12
30
34
53
58
11
29
41
45
52
10
20
24
27
32
74
8
23
26
38
7
18
109
114
115
110
116
117 118
120 121
122 123
124
125
126
127
128
129
130
131
132
Bakery Fakery | by Elizabeth C. Gorski
Across
56
58
59
61
63
64
65
66
68
69
71
72
74
76
78
79
82
83
84
86
87
89
91
Loathsome
Rumor killer
Bear up?
“A brighter ___
awaits the
human day”:
Shelley
Restrain
Outback bird
Financial
columnist
Andrew
“Irma la ___”
Tropical escape
Fa follower
Grand tale
“Quiet, please...”
Sudan divider
Oliver of “Chicago
Med”
Relaxes
“Let me repeat...”
Division
dramatique
Fill-in-the-blanks
game
Lena of
“Chocolat”
Target of a
massage
Outlet insert
Justice Kagan
In a hammock,
perhaps
Rep.’s rival
Shredded
Jailbirds
Water pipe
92 Single
93 Group of five
95 Message from
MADD, perhaps
96 “Picnic”
playwright
97 Woody shoot
98 They make a
splash
100 For whom the
bell tolls
102 Tanzania
neighbor
104 “For shame!”
107 Paparazzo’s prey
108 Iraqi port
110 Pole vaulter’s
path
111 Intrusive drone
attachment
113 Lecherous deity
115 Draw out
119 Baseball’s
Moises
120 Don’t cry for her,
Argentina
122 Salon sight
124 Related
125 “Phooey!”
126 Dark time
127 Revolutionary
periods
128 Watch
129 Proctor’s call
130 Change for a
twenty
131 Sax range
132 Classic gas brand
Down
1 Pahlavi Crown
wearer
2 Jorge’s hi
3 Michelangelo’s
“David,” e.g.
4 Place with no
reception
5 “I Do, I Do, I Do,
I Do, I Do”
group
6 City once called
“Oil Capital of
the World”
7 Pianist’s reading
material
8 Raggedy doll
9 2015 film that
won an Oscar for
Best Adapted
Screenplay
10 Not fooled by
11 Do a bakery
chore
12 1998 Adam
Sandler/Drew
Barrymore
rom-com
13 Spartan queen
14 Board with an
alphabet
15 Witch craft?
16 “Not my
problem!”
19 Fellows who
pitch
20 Mocking
27 He narrates
120-Across’s
show
1
T
19
G 20 C
2
39
P 40 S 41
F4
21 W 22
59 X 60 D 61
80 S 81
J3
K 42
G5
I
X 23
I 24 K 25 Q 26
Z 43 N
6
44
Z
8
H
82
P 83 M 84
85 O 86
101 O 102 Y 103 C 104 G
F 47
Y 48 H 49 M 50 E 51
68
T 87 U 88
29
11
46
T 69
L
105 B 106 U
L 30 O 31
E 70 K 71
V
E 32
12
197 E 198 Z 199 P 200 G 201 D 202 S
203 V 204 O
205 Y 206 A 207 H
H 16
P 17
S
18
B 36
X 37
V
38 Q
L 54
T
55
Z 56 B 57
B 75
F
76
Z 77 Q
D 92 V 93
F 94 W
95 R
112 Z 113 F 114 E
132 J 133 R 134 P
D
P 58 V
78
C 79 V
96 N 97
I 98 Q
115 R 116 B 117 K
135 S 136 O
137 L
150 I 151 Y 152 S 153 J 154 B 155 T 156 R 157 M 158 D 159 A
169 F 170 Q 171 T 172 E
184 J 185 I 186 A 187 N 188 E
B 15
33 A 34 D 35
N 52 W 53
107 A 108 W 109 V 110 M 111 J
166 N 167 K 168 I
181 T 182 P 183 R
R 13 M 14
T
Y 72 G 73 U 74
89 S 90 Y 91
141 A 142 U 143 N 144 V 145 E 146 H 147 Q 148 C 149 W
161 P 162 O 163 U 164 X 165 H
178 M 179 H 180 U
N
Z
124 Q 125 U 126 X 127 H 128 M 129 A 130 C 131 D
118 O 119 L 120 Y 121 G 122 W 123 I
138 Y 139 F 140 X
L 10
Y 28
I 45 G
J
X9
J 27
C 62 A 63 W 64 N 65 O 66 Q 67 M
99 X 100 K
160 G
A7
173 B 174 V
189 S 190 W 191 F 192 L
175 C 176 Z
193 M 194 K
177 D
195 B 196 R
208 T 209 R 210 J 211 U 212 C 213 L 214 K 215 X 216 Q
Acrostic | by Mike Shenk
To solve, write the answers to the clues on the
numbered dashes. Then transfer each letter to the
correspondingly numbered square in the grid to spell
a quotation reading from left to right. Black squares
separate words in the quotation. Work back and
forth between the word list and the grid to complete
the puzzle. When you’re finished, the initial letters of
the answers in the word list will spell the author’s
name and the source of the quotation.
A. Its trunk was used
for many a British
Royal Navy mast in
Colonial times
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
107 206 129 33
62 141
6
159 186
____ ____ ____ ____ ____ ____ ____ ____ ____
C. Browbeat? (Hyph.)
____ ____ ____ ____ ____ ____ ____ ____
E. Having unusually
keen vision (Hyph.)
F. 1994 PGA Tour
Rookie of the Year
(2 wds.)
G. Palm seed chewed
as a stimulant in
southern Asia
(2 wds.)
H. Understood only by
a small group
105 195 35 154 173 56 116 14
74
78 148 103 61 175 212 130 20
____ ____ ____ ____ ____ ____ ____ ____
201 91 177 158 34
18 60 131
____ ____ ____ ____ ____ ____ ____ ____
197 188 31
69 145 50 172 114
93
3
113 139 46 191 169 75
____ ____ ____ ____ ____ ____ ____ ____
200 72 160
4 104 45
19 121
____ ____ ____ ____ ____ ____ ____ ____
207 165 48
81
15 179 127 146
____ ____ ____ ____ ____ ____ ____ ____
168
5
97 185 150 23 44 123
____ ____ ____ ____ ____ ____ ____ ____
26 132 111 84
2
153 210 184
K. Agitated (3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
214 117 41 194 100 167 70 24
L. Soulless creature
used as a guard at
Azkaban prison
M. Capital nicknamed
“Hartford of the
West” for its many
insurance company
headquarters
(2 wds.)
P. First film to win
the Oscar for Best
Foreign Language
Film, in 1957
(2 wds.)
R. Lively Spanish
dance; tomfoolery
S. Remain dormant
during hot, dry
periods
T. Song written by
Tito Puente that
was a hit for
Santana (3 wds.)
U. Sweet, soft
pudding;
meaningless
compliments
____ ____ ____ ____ ____ ____ ____ ____
43
51 166 64 187 96 143 10
____ ____ ____ ____ ____ ____ ____ ____
136 204 65 118 85 30 162 101
____ ____ ____ ____ ____ ____ ____ ____
182 57
16 161 39 199 134 82
____ ____ ____ ____ ____ ____ ____ ____ ____
170 25 38 124 216 77 66 98 147
____ ____ ____ ____ ____ ____ ____ ____
12 196 156 183 95 133 115 209
____ ____ ____ ____ ____ ____ ____ ____
40 89
17 135 152 80 189 202
____ ____ ____ ____ ____ ____ ____ ____ ____
155 32 68 208 86 54 181 171
1
____ ____ ____ ____ ____ ____ ____ ____
106 87 125 211 73 163 142 180
____ ____ ____ ____ ____ ____ ____ ____
I. Sarin or VX (2 wds.)
J. Grueling prison
sentence (2 wds.)
O. Item in a speaker’s
stack
Q. Strong desire to
travel (2 wds.)
B. Patriotic 1917 song
with the lyric “So
prepare, say a
prayer” (2 wds.)
D. Canadian band with
the 1986 hit “This
Could Be the Night”
N. Appetizer item
often of the species
Helix pomatia
____ ____ ____ ____ ____ ____ ____ ____
88 53 29 192 213 137
9
119
V. Ore-Ida brand since
1956 (2 wds.)
W. American warbler
with orange
patches on the
wings and tail
X. Billie Jean King’s
portrayer in 2017’s
“Battle of the
Sexes” (2 wds.)
Y. Balletic jump in
which the dancer
crosses the legs a
number of times
Z. Another name for
the weakfish
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
128 110 67 157 13 193 83 178 49
____ ____ ____ ____ ____ ____ ____ ____ ____
203 11
58 79 92 144 174 109 37
____ ____ ____ ____ ____ ____ ____ ____
190 122 149 94 52 108 63
21
____ ____ ____ ____ ____ ____ ____ ____ ____
36 59 126 99 140 215 22
8
164
____ ____ ____ ____ ____ ____ ____ ____ ____
102 151 205 71
27 47 138 120 90
____ ____ ____ ____ ____ ____ ____ ____
7
176 112 55 28 76 198 42
Get the solutions to this week’s Journal Weekend
Puzzles in next Saturday’s Wall Street Journal.
Solve crosswords and acrostics online, get pointers
on solving cryptic puzzles and discuss all of the
puzzles online at WSJ.com/Puzzles.
s
1 Lose one’s coat?
5 ___ Boy (gin
cocktail)
9 Tease affably
13 Flings
17 Bagel feature
18 ___ Vista Social
Club
20 A question of
choice
21 Hamburger’s
bread?
22 Jessica of “Sin
City”
23 Many a gourmet
coffee
24 Catch a second
showing of
25 Christian with a
line
26 Real dough
28 Perhaps
30 Key of Vaughan
Williams’s “A
Cambridge Mass”
32 Volcanic leftover
33 Plus
35 1977 hit “Heard
___ Love Song”
37 Adams or Grant
38 Pitched a tent
41 Leo’s locks
42 Run amok
44 On top of that
45 Subject, usually
47 Insurance co.
worker
49
52
53
54
29 Collection of the
best talent
31 Sasha’s sister
34 Yemen’s capital
36 ___ Jima
38 Espresso offerers
39 Memorable
mission
40 Do some
job-hunting
43 Part of A.D.
46 Circling, in a way
48 Boon
50 You’ll flip over
these desserts
(and a hint to
seven answers in
this puzzle)
51 Bear’s advice
55 Sister
57 Word between
two surnames
59 Crumpet
accompanier
60 Tribal healers
62 Acting loopy?
67 Miley Cyrus’s
“Party in the ___”
70 It’s an old story
71 Hospital cleanups
73 Oscar winner Lee
74 Fitting
75 Clydesdale sound
77 Japanese
computer giant
78 Blocker of
ultraviolet
radiation
80 Extremely cold
81 Alphabetic
ending
85 Tony’s cousins
88 Erie Canal city
90 Didn’t get
involved
92 1994 Kurt Russell
sci-fi film
94 N.J. neighbor
99 Leave the office
early?
101 “The Dynasts”
author
103 Washed out
104 Catherine Palace
residents
105 Smashing
pumpkins sound
106 Nijo Castle
setting
109 On one’s toes
112 Point of a
crescent
114 Butterfly on one’s
shoulder, perhaps
116 Guesser’s words
117 Cookie holders
118 Within: Prefix
121 Compete
123 Stephen of
“In Dreams”
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C22 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
REVIEW
MASTERPIECE: SONG OF SONGS
A LOVE POEM
OF BIBLICAL
PROPORTIONS
BY ELIORA KATZ
‘LET HIM KISS ME with the kisses of his mouth, for your love
is better than wine.” Unlikely as it may seem, this is the opening of a book found in the Bible.
Through a series of dialogues in eight pithy chapters, the
Song of Songs tells the bucolic love tale of a young heroine
and her shepherd paramour. And yet, the text is bewilderingly
mysterious. The plot has neither a beginning nor end. At
times the reader wonders who is speaking, and if the sequences are dreams or reality. Such chaos might represent the
confusing delight that is love, where dreams and reality are
often indistinguishable.
Lacking a clear meter or syntax, it resists textual analysis;
rather, the lovers purr before us in a stream of consciousness
more common to modern literature. Despite its simple surface, this text has perplexed and aroused readers for millennia. It is clearly a love poem—but of what kind? Another issue is the title: Does it denote one
continuous hymn that is the greatest of all hymns? Or a ballad composed of many individual ballads?
(In the King James Version, this
question is avoided but another
one is raised as the book is called
the Song of Solomon; in the New
American translation it goes by
Canticles.)
Placed in a religious canon, the
Song of Songs’ earthy, erotic language unlocks a transcendent possibility for human love. The woman’s longing is first cast in
mystical Mesopotamian metaphors. “Tell me, you whom my
soul loves, where do you feed [your flock], where do you rest
at noon?” Initially her lover is a shepherd; a few verses later
a king, thus illustrating the transformative effects of love.
Part of what gives the song its power is its richly metaphorical character. The text abounds in vivid imagery.
There is, for example, the use of aromatic plant allegories.
“A bundle of myrrh is my beloved to me, between my
breasts he shall lie,” she sings. Myrrh, a green plant popular in the ancient East, whose resin exudes an intoxicating
perfume, was also used as consecrated incense in the Jerusalem Temple and as part of the holy anointing oil for the
high priests and kings. Here, nature, intimacy and the sacred are inextricable.
Depictions of bodies are laced with those of terrains, fruits
and animals. The lover praises his maiden’s typically Levant
nose, “like the tower of Lebanon looking toward Damascus.”
Her hair “is like a flock of goats that streamed down from
Gilead.” After exchanging compliments—”As a rose among the
thorns, so is my beloved among the daughters / As an apple
tree among the trees of the forest, so is my beloved among
the sons”—they consummate their love as the man grazes his
flocks among her “lilies.” The bridegroom likens each part of
the maiden’s body to an eternal mixture of saffron, pomegranates, honey and fawns, describing her as a lush “locked up
garden” with “a sealed fountain.”
One of the most striking features of the song is that in the
patriarchal ancient Near East we find a love poem patently
expressing female desire as told predominantly through the
maiden’s own words. How could a literary work of female
fancy, lacking any explicit mention of God, find its way into
the Bible? The sage Akiva resolves the conundrum by contending that if all the Bible’s songs are holy, the Song of
Songs is the “holy of holies.” In other words, the text is a
complex allegory extracting the song from the sexual. The
maiden thus might
represent the House
of Israel longing for
God or, according to
the medieval philosopher Maimonides,
an individual pining
for the celestial. But
that still leaves the
question of why the
yearnings of man
and woman are suitable as an allegory
for the most holy relationship, between
humans and the divine.
The Song of Songs
is a paean to the
sensual and the sacred. Understanding
the spiritual through
the sensual, and the
sensual through the
spiritual, each dimension is elevated.
Human sensuality so
elevated is itself part
of the good life. With
lovers ensconced in a
garden reminiscent
of Eden, this union is
of pre-Fall status.
Love is not something wicked, but
within proper limits—that of the garden and not the city—it blossoms in a state where sin has not
yet come into being.
The Song of Songs recounts not transient lust but a powerful partnership sealed between two formidable spirits. The
undaunted maiden takes to the streets seeking “him whom
my soul loves.” “This is my love, and this is my friend,” she
tells the daughters of Jerusalem. In the time of Tinder and
casual hookups, it reminds us that physical attraction and
love ultimately point upward to that which only the poets
can imagine or describe.
ADOLF DE MEYER’S portrait of Étienne de Beaumont from around 1923.
ICONS
Stars, Blue Hair and
Shimmering Style
Photographer Adolf de Meyer moved from the avant-garde to fashion
BY BRENDA CRONIN
ADOLF DE MEYER, who pioneered celebrity photography
with stars like Josephine Baker and Vaslav Nijinsky, has the
hallmarks of a YouTube or Instagram influencer: He took
countless pictures, dyed his hair blue, was in thrall to his astrologer and always seemed up for a party.
Forty works from de Meyer’s career, which ran from the
1890s through the 1930s, will go on exhibit starting Dec. 4
at the Metropolitan Museum of Art in New York.
The show’s title, “Quicksilver Brilliance: Adolf de Meyer
Photographs” draws from a quote emphasizing de Meyer’s
shimmering style in his studies of flowers, society portraits
and fashion shots. In his image of Baker from the 1920s, the
performer vamps in a dazzling dress against a shiny backdrop. By contrast, Bloomsbury hostess Lady Ottoline Morrell,
photographed around 1912, has a moody hauteur. The imposing subject confronts the camera with hand on her hip, the
light gleaming off the gems hanging from her ears, strung
around her neck and scattered across the
bodice of her dress.
De Meyer is “very much associated with
pictorialism, which is the turn-of-the-century movement…basically to legitimize
photography as a true art form,” said Beth
Saunders, the show’s organizer and assistant curator in the Met’s department of
photographs.
The exhibit’s first gallery focuses on de
Meyer as a person and his membership in a group of avantgarde photographers known as the Photo-Secession, led by
Alfred Stieglitz, who published some of de Meyer’s early images. Membership in the movement conveyed professional
standing within the art-photography world.
De Meyer’s tuxedo, borrowed from the Met’s Costume Institute, is also on display and nods to the photographer’s
self-styled persona as an aristocratic aesthete. Financial
need—and prodigious talent—drove him to make a living
with his lens.
Born in Paris in 1868 to a German father and a Scottish
mother, de Meyer took up photography as a young man. In
1899, he wed Olga Caracciolo, the beautiful goddaughter—
and rumored daughter—of the Prince of Wales and future
King Edward VII. The marriage created a power couple of
world-class eccentrics, who soon took on the titles Baron
and Baroness de Meyer. Some years later, on an astrologer’s
advice, he changed his name to Gayne, while she became
Mhahra. They hopscotched around Europe and the U.S., in
lean times and flush, relentlessly tapping their cosmopolitan
circle to advance de Meyer’s career.
His influences and evolving style stand out in pictures
he took while on honeymoon in Japan. Olga “was his first
fashion model,” Ms. Saunders said, and one image captures
her in a wicker armchair, book in hand, in a room raked by
late-day light. Like many pictorialists, de Meyer was “very
much interested in Japanese aesthetics and Japanese
prints,” Ms. Saunders said, which may have fed his love of
costumes and elaborately styled scenes.
In 1912, de Meyer was photographing the dancers in Serge
Diaghilev’s Ballets Russes for a lavish volume about the company’s production of Debussy’s “The Afternoon of a Faun,”
choreographed and performed by Nijinsky. The book has
texts by Jean Cocteau and the sculptor Auguste Rodin and
was published in 1914. The Met has one of just seven copies
known to exist.
The ballet project was a turning point for de Meyer,
Ms. Saunders said, bridging his time as a pictorialist with
the years of fashion photography to come. “He’s already
exploring how to set a scene, how to photograph gestures,
movement and costume,” Ms. Saunders said. “And how to
convey a mood.”
That expertise flourished when de Meyer moved on to
Vogue and Vanity Fair. Like many of his contemporaries,
he used a box camera on a tripod. He favored a lens that
etched subjects in the middle of the frame in crisp detail
and let everything else fall swiftly away into soft focus.
That helped yield his “signature soft and
shimmering effect,” Ms. Saunders said. He
positioned his subjects in flattering light
and sometimes covered his lens in lace or
gauze to diffuse the focus.
De Meyer reportedly went to extravagant
lengths as a stylist, dousing marble floors in
water to make them glisten, planting lights
beneath dresses to make his models glow
and deploying fans to make skirts sway and
give the wearer an ethereal cast.
At Vogue, de Meyer also contributed advice on flower arranging, entertaining and interior decorating. In the 1976
book “De Meyer,” edited by Robert Brandau, a biographical
essay by French illustrator and author Philippe Jullian
quotes the photographer (or one of his entourage) lamenting: “One of the most difficult things in life is to find an intelligent second footman.”
After 1920, Harper’s Bazaar poached de Meyer from Vogue
with a jump in salary. The Met exhibit includes de Meyer’s
light-suffused portrait from around 1923 of the French dandy
and masquerade enthusiast Étienne de Beaumont. De Meyer
captures him in a sumptuous interior, eyes averted, his top
hat and gloves in hand. After more than a decade at Harper’s
Bazaar, de Meyer was seen by some editors there as out of
step with new movements like surrealism. The photographer
tried but failed to return to Vogue.
With his career in decline, de Meyer turned to writing fiction before his death in California in 1946. Toward the end
of his life, his elegant hair—which he had always covered
with a net before ducking under the focusing cloth to snap
pictures—was dyed bright blue. Photographer and designer
Cecil Beaton recalled de Meyer showing up for a visit with
his hair matching the piercing shade of his suit and beret. By
then he was a widower: Olga’s death in 1931 had left him disconsolate. According to Mr. Jullian’s essay, de Meyer enlisted
mediums to contact his late wife, occasionally leaving dinner
parties with the explanation: “Mhahra is waiting for me.”
He loved
costumes and
elaborately
styled scenes.
Ms. Katz, a former Robert L. Bartley Fellow at the Journal,
is a Morris B. Abram fellow at UN Watch.
CHRISTOPHER SERRA
THE METROPOLITAN MUSEUM OF ART, GIFT OF PAUL F. WALTER, 2009
A complex
allegory
extracts
the song
from the
sexual.
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Card cases vs.
wallets: a
generation gap
is unfolding
2018 Porsche
GT2 RS—the
fastest street
car ever?
D3
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DRINKING
|
STYLE
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FASHION
* * * *
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DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, November 18 - 19, 2017 | D1
For the tastiest Thanksgiving turkey, skip the high-tech gimmicks in favor
of cooking techniques so old-school they predate the invention of the oven.
Here’s how to bring a bolder bird to the holiday table by harnessing the
power of smoke, citrus and other venerable flavor boosters
BY SARAH KARNASIEWICZ
W
RITE ABOUT FOOD for long
enough, and eventually you’ll find
yourself presiding in your pajamas
over a pit 3 feet deep, shoveling hot
coals over a 16-pound turkey. Such
is the power of Thanksgiving.
Indeed, for a holiday dedicated to All-American traditions, our national feast has a funny way of making ambitious cooks itchy to experiment. A plain, honest bird
at the center of the holiday table—no elaborate trussing, no scientifically calibrated brine, no exotic stuffing?
That sufficed for a few centuries, but nowadays, sure as
the leaves fall from the trees, November will herald a
buzzy new turkey technique—spatchcocking! mayo-basting! sous vide!—guaranteed to vanquish every stringy
breast and dry drumstick.
In my experience, the philosophical divide between
turkey traditionalists and technologists just gives families one more thing to bicker about. Consider mine: On
the fourth Thursday of each November, my mother rises
before the coffee maker chimes to pack a sage-and-sausage-stuffed turkey into the oven for a leisurely roast. A
few hours later, she sighs as my father saunters into the
yard toting another, smaller turkey—I’ve taken to calling this the “groom’s bird”—on which to test the latest
poultry-flaming gizmo he’s summoned via Amazon
Prime. I’m thankful to report no human beings have
been harmed in his experiments, though a few birds
certainly have.
Which is why, as this holiday season loomed, I got to
puzzling: Could I bridge the divide and come up with a
few unconventional turkey methods that married my
mother’s exacting standards with my father’s flair for
the dramatic?
Before setting off on my quest, I called up Rick Rodgers, the man who literally wrote the book on the holiday, “Thanksgiving 101,” a collection of recipes, timetables and other strategies for pulling off the preparation with military precision. In his time as a teacher,
writer and recipe developer, Mr. Rodgers has tried it all:
low-and-slow, hot-and-fast, dry brining, wet brining,
foil-wrapping, packing the bird in a paper bag, chilling
the breasts with ice packs, mopping them with buttersoaked cheesecloth. One holiday, he nearly burned down
his garage by way of a frozen bird and a deep fryer.
“Everyone wants to reinvent the wheel every year because the turkeys most of us grew up eating were dry
and just not very good,” he said. “But there are sensible
ways to do it. You don’t have to be a hero.”
Thus forewarned, I established some ground rules: I’d
steer clear of recipes requiring expensive or esoteric
single-use equipment. (Here’s looking at you, sous-vide
circulator.) And I’d pay special attention to methods
that promised to lock in the bird’s essential juices. Finally, rather than insisting on the newfangled simply for
novelty’s sake, I’d try looking back—thinking creatively
about historic techniques and mining the collective wisdom of cooks that came before me.
Which brings me to that hole in the ground. I knew
turkeys were first domesticated in Mexico and Central
America, and that this poultry remains common in
homestyle Mexican cooking. I found some delicious
sounding Mexican turkey recipes but kept coming back
to a festive pork preparation from the Yucatán, cochinita
pibil, in which a whole suckling pig is marinated in
achiote and bitter orange, covered in banana leaves and
slow-roasted in an earthen pit. Surely I could do the
same with a big bird.
For help assembling a recipe, I rang up Hugo Ortega,
the James Beard Award-winning chef behind Hugo’s in
Houston. He cautioned, “Yucatecan seasonings, especially achiote, have this amazing intensity of flavor—but
it can be tricky to find a balance. One of the reasons
people use whole pigs is that the fat content neutralizes
Please turn to page D10
[ INSIDE ]
THE NEXT BIG TOAST
Vamoose, avocado. The buzz about sweet
potato is spreading D9
MORE BANG
FOR YOUR TUX
An obsessive guide
to the one jacket
every woman
should invest in
D4
WEATHERING THE STORM
Escape to South Florida, resilient
after Hurricane Irma D8
HYDRANGEA ART
A late-fall flower arrangement inspired by
a masterwork of Arte Povera D6
TED CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SARAH KARNASIEWICZ, PROP STYLING BY STEPHANIE HANES; LETTERING BY ANGELA SOUTHERN
EATING
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D2 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
FÊTE ACCOMPLI
Louis Vuitton’s Belle Voyage
FOR A LOT of New York
fashion insiders, it’s quite a
trek downtown to the former
home of the American Stock
Exchange on Trinity Place.
But it seemed fitting to
make the trip for the opening of Louis Vuitton’s new
wanderlust-inflected show,
titled “Volez Voguez Voyagez.” The exhibition chronicles the history of the
JUST THE TICKET
A tableau of fashion
and luggage from
Louis Vuitton’s
archives.
LUMINOR 1 950
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( R E F. 2 3 3 )
PA N E R A I . C O M
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Williams joined designer Nicolas Ghesquière, for this
journey into the Vuitton archives, as curated by fashion
historian Olivier Saillard.
The free exhibit, open to the
public, runs through Jan. 7,
2018
“They kept all of these
things?” asked Ms. Williams,
as she examined a circa-1900
suitcase and a series of goldmedal certificates awarded
to Vuitton at the Lewis and
Clark Centennial Exposition
in 1905. Then she moved on
to admire a strapless se-
French luxury-goods company, beginning in 1854 to
the present, from a travel
perspective—displaying its
trunks and other leather
goods used by stylish globetrotters as they travelled by
train, boat or airplane.
Several of the house’s favorite celebrities, including
actors Alicia Vikander, Jennifer Connelly and Michelle
quinned Louis Vuitton gown
with a lipstick-red belt that
Nicole Kidman wore to the
Oscars in 2015. “I love that
dress,” she said.
After the tours were
over, vans transferred
guests to Pier 17 at the
South Street Seaport for a
futuristic after-party, complete with moving light installations (ideal for social
media), a DJ set by Mark
Ronson and that great
French delicacy:
lobster macaroni and
cheese. —Marshall Heyman
Riley
Keough
Paul Bettany and
Jennifer Connelly
JEWELS
Natalia Vodianova
and Antoine Arnault
Nicolas Ghesquière
and Alicia Vikander
Michelle
Williams
Best party you’ve ever been to? The
40th birthday I threw for myself at the
SoHo Beach House Miami with 20 girls.
Moms gone wild. It was Bloody Mary upon
waking, rosé at brunch, Joe’s Stone Crab
brought to the beach, tequila on the roof
with tacos. We partied like crazy. There’s a
picture of me on top of a party bus.
another place and hang out. I know it’s a
cliché, but New York is really the city that
never sleeps. Wherever you go, there’s always a cool new group of people.
HOBNOBBING WITH...
JENNIFER FISHER
The irrepressibly social
New York-based jewelry
designer on all things festive
Secret to a good party? If it’s at my
house, my mom taught me that when people walk into your home they’re fed and
they’re watered. Otherwise, out and about,
what makes a party better is if it feels
more intimate and someone put thought
into the food. Also, parties that are too
crowded make me crazy.
Drink of choice? I like Tito’s vodka up,
no vermouth, olives on the side, not dirty.
If we’re talking olives, I like a pitted Cerignola olive. Those remind me of my honeymoon in Rome.
AVAILABLE AT NEIMAN MARCUS
PR EC I O US J E WEL S SALO N S 8 0 0 -937-914 6
(540) 837-3088 or www.elizabethlockejewels.com
Wallflower or life of the party? I would
say life of the party. I like to go out. You
meet people you may never have the opportunity to meet. I always find it’s better
to go out than stay home, because something surprising always happens. The key is
not being afraid to talk to people.
Ideal night in? Cooking for the family or
having friends over. I’m out so much for
work, so when I’m catching up with
friends, it usually involves drinking in the
kitchen and dancing—also in the kitchen.
Jewelry philosophy? At parties, people
typically look at your face, so large earrings are the perfect thing to wear. It’s a
statement—an instant conversation piece
and the first thing they ask you about.
Party outfit? I love to wear jeans. I
couldn’t tell you how many pairs of jeans I
have. Even still, I wear them so often, they
get worn out, but I figure people are usually looking at your face and not below
your waist so I can get away with it.
Verdict on party hopping? It’s OK. People understand there are multiple social
events in an evening, but they also remember when you show up, that you
made an effort, no matter how long you
stay. Swinging by for a drink is usually
just as good as staying the entire night.
—Edited from an interview by M.H.
Favorite party city? New York. Because
it’s not just about going to a party. If you
go to a party and it ends, you can go to
BARNEYS.COM
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 18 - 19, 2017 | D3
* * * *
STYLE & FASHION
THAT’S DEBATABLE
“I hate to say it, but the answer
is definitely yes,” said Andrew
Maag, CEO of Dunhill, a Londonbased men’s luxury brand. We’re in a digital
era, he explained, when there’s little need to
lug around the stuff that makes some men’s
wallets puff out like a pillow folded in half. A
smartphone holds family photos; business
cards are unnecessary when you can share
contact details via text. Plus, the old-school
deck of bank, store and gasoline credit cards
can be whittled down to an ID and a debit or
credit card to neatly tuck into a razor-thin
slotted case with ease.
The digital revolution is just one reason
demand is growing, said Mr. Maag, who
noted that sales of Dunhill’s card cases have
jumped roughly 70% over the past five
years, prompting it to increase its card-case
selection by 15%. Today the brand offers 30,
many priced from $150 to $180—roughly
half the cost of its wallets. Lower prices
YES
may be another selling point for millennials.
Zach Murman-Freer, 23, a Chicago copywriter, bought his first card holder four
years ago, and now uses a $25 Herschel
Supply Co. model to hold a credit card, his
driver’s license, and a transit pass. “It’s
lightweight, slim and clutter free,” he said.
“No, you can’t carry cash in it. But why do I
need cash in a cashless world? I probably
have, like, a dollar in my pocket now.”
Some feel the card case’s flat profile is also
a plus for deterring crime. While thieves
might spot wallets that balloon from back
pockets, a card case can be slipped inconspicuously into a front pocket. And if it does get
stolen or lost? “Big deal,” said Ross Bertrand,
55, a sales consultant at Macy’s Herald Square
in New York. “It’s just one credit card and an
ID to replace.” Another bonus: “When you
wear tight jeans, you want them to look flattering,” said Mr. Bertrand, who prefers not to
bulge in the back.
Walter Thomas, 59, who works in
advertising in New York, wants no
part of a minimalist card case. “A
wallet is substantive,” he said. “I need the
feel of currency in my pocket.” That’s why Mr.
Thomas doesn’t care if others think his Prada
wallet dates him. In it he carries his driver’s
license, health insurance ID, MetroCard, an
array of credit cards and usually several hundred dollars in cash. “People who are cashless
are clueless,” he argued. “They don’t know
what they’ve spent. Having a wallet is like
having a gas gauge.”
Keeping tabs on your bottom line isn’t the
only draw for those who prefer a wallet over
a card case. A quality billfold in plain or embossed leather is a bigger fashion statement,
as it’s more noticeable when you whip it out.
“A wallet is like a tie or socks,” said Jonathan
Rhys Abbott, the public relations manager for
Smythson, a London-based fine leather goods
company. “It’s a way of expressing personal-
NO
ity. And it’s an investment piece.”
While many younger shoppers are leaning
toward card cases, Mr. Abbott said, it’s not
uncommon for millennials to opt for a thin
wallet, which holds six to eight cards. Courting both ends of the market, Smythson’s offerings range from cross-grain card cases
($165)—with two to four slots—to coat wallets ($455), the longer and larger kind you
tuck in the inside pocket of your topper.
That latter boasts 14 card slots and four
pockets for cash, receipts and sundry items.
Is it possible to satisfy minimalists and oldschool wallet aficionados in one fell swoop?
Consider hybrids such as Il Bussetto’s slim
pocket-size zip-around version ($80; mrporter.com), which has two card slots and a
zippered compartment to hold cash.
Mr. Thomas remains unswayed. “The card
case still seems like an affectation,” he said.
“It’s like being in the Wild West and trying
to get by with a derringer.” —Kevin Haynes
PLAYING THE SLOTS // FIVE SLEEK EXAMPLES OF THE NOW-TRENDING CARD CASE
Card Case, $250, Bottega Veneta,
212-371-5511
Card Case,
$180, dunhill.com
Jean Rousseau Card Case,
$695, thearmoury.com
Card Case, $95, Saturdays NYC,
212-966-7875
Card Case,
$215, smythson.com
STUART WEITZMAN AND GIGI HADID HAVE TEAMED UP
TO CREATE TWO L I M I TED -ED I TI O N M U LES, THE EYELOV E
AND THE E Y E LOVE M O R E . THESE STYLES CELEBRATE THE
BRAND’S ONGOI N G PA RTN ERSHI P WI TH PEN C I LS O F
PROMISE, A NONPRO F I T O RGA N I ZATI O N F O U N D ED O N
THE BELIEF THAT EV ERY C HI LD SHO U LD HAV E
AC C E S S TO QUA L I T Y E D U C ATI O N .
LEARN MORE AT
ST UA RTW E I T Z M A N . CO M / P O P /
6 8 5 F I F T H AV E N U E
WO R L D T R A D E C E N T E R
6 2 5 M A D I S O N AV E N U E
2 1 5 1 B RO A D WAY
T H E S H O P S AT C O L U M B U S C I R C L E
118 SPRING STREET
S T U A RT W E I T Z M A N . C O M
F. MARTIN RAMIN/THE WALL STREET JOURNAL; ILLUSTRATIONS BY PAUL TULLER
Am I Dating Myself by Carrying
A Wallet Instead of a Card Case?
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
STYLE & FASHION
Tuxedo Junctures:
Eight Great Moments
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (JACKETS); GETTY IMAGES (DIETRICH, DENEUVE, DIANA, RIHANNA, PALTROW); REX (JAGGER); EVERETT COLLECTION (GARLAND); ANAIS NIN TRUST (NIN); LAUREN TAMAKI
DEEP DIVE
PANTS PIONEER “I do not wear them to be
sensational,” said Marlene Dietrich,
citing their comfort. She taxed
the patience of traditionalists
in a tux at a 1932 film premiere. A magazine declared:
“Hollywood’s succumbed to
the trousers craze.”
The
Tuxedo
Jacket
NOVEL IDEA In 1944,
erotica author Anaïs
Nin was photographed in what she
described in her diary
as “my best plumage,
a lace blouse [and] my
tuxedo suit.”
An obsessive look at the
iconic satin-lapeled blazer,
in time for the holidaydressing season
DANCE FEVER In “Summer
Stock” (1950), Judy Garland
got happy in a tuxedo jacket
and little else beyond a fedora and her famous legs.
BY KIMBERLY CHRISMAN CAMPBELL
V
MASCULINE FEMININE
Yves Saint Laurent made
news in 1966 when he debuted his “Le Smoking”
jacket (here on actress Catherine Deneuve) that became a
staple of his youth-oriented Rive
Gauche collection.
ERY FEW GARMENTS can
make a power move like a
tuxedo. The style was named
after the tony New York village Tuxedo Park, where, in
the late 1880s, society folk adopted the
look as a less formal alternative to white
tie and tails. Controversy ignited when
gender-bending women first wore the
style. A tuxedo-clad Marlene Dietrich
made headlines in 1932 at a Hollywood
premiere and, decades later, singer Françoise Hardy provoked screams and hollers
when she hit the Paris Opera similarly outfitted. In 1968, New York socialite Nan
Kempner, wearing an Yves Saint Laurent
tux, was barred from La Côte Basque because the snooty Manhattan eatery
banned women in pants. Her solution:
Drop trou and sally forth wearing the
jacket as a minidress. No one stopped her.
The story underscores the tuxedo
jacket’s ability to go it alone. When
women’s liberation gained momentum
around the same time, tuxedos by Yves
Saint Laurent and Halston declared that
women could compete in a man’s world;
in the ’90s, rascally Tom Ford thrust the
blazer’s latent sexuality into the open.
Today, the jacket rivals the little black
dress in popularity.
Its near-ubiquity, however, might give
you pause: Will you just be one of many
tuxedo-clad women at a party? Not a
chance, because it comes in dozens of
variations: cropped, shawl-collared, sleekly
fitted and—for those who want to channel
Bianca Jagger—white. Don’t worry: None
of them will prompt hollering.
WHITE HEAT Helmut
Newton’s erotically
charged 1970s photos
of Le Smoking, coupled with Bianca Jagger’s love of white, reenergized the tux for
the disco decade.
ROYAL MANNER Princess
Diana merged ’80s power
dressing with British tailoring in tuxes like this one
worn with a green waistcoat at a 1988 charity event.
TAKE A BOW At the
Costume Institute’s
2009 gala at the Metropolitan Museum,
Rihanna chose a
Dolce and Gabbana
tuxedo with supersize
sleeves.
THE LATEST FASHION Gwyneth
Paltrow looked effortlessly elegant in a Michael Kors Collection tuxedo jacket with a
plunging neckline and slim
skirt at the recent WSJ.
Magazine’s Innovator Awards.
LUXE BE A LADY TONIGHT // FIVE ELEGANT RIFFS ON THE CELEBRATED STYLE
Strong Suit
Get Shorty
Grand Buy
Ivory Power
Peak Experience
Daniel Pallas, who co-designs the
bold Pallas Paris line with Véronique
Bousquet, calls the jacket “the new
armor” of the modern woman.
Jacket, $1,775, net-a-porter.com
This cropped Saint Laurent version
recalls the incendiary Spencer style
(see “A Scorching History Lesson,”
below) in traditional grain de poudre
suiting wool. Jacket, $3,290, ysl.com
With a shawl collar and satintrimmed flap pockets, this
polyester-blend Zara jacket delivers
a lot of tux for fewer bucks.
Jacket, $90, zara.com
Although it comes in black too, this
double-breasted Theory blazer is
equally polished and elegant in
snowy winter white.
Jacket, $585, theory.com
The nipped-in waist of Tom Ford’s
double-breasted iteration is
accentuated by its wide peaked
lapels and strong shoulders.
Jacket, $2,890, tomford.com
Interview With
A Vamp
A SCORCHING HISTORY LESSON // ONE (PERHAPS APOCRYPHAL) EXPLANATION OF WHY THE TUX LACKS TAILS
Q. You’re so formal. Do you ever dream
that some crazy, Amazonian gal will play
beach volleyball wearing you?
A. Certainly not. I find your line of questioning impudent.
Q. C’mon, loosen up, will you?
A. I will not. Did I even invite you to interview me? If so, did you RSVP?
Q. No, but I did BMOB. Want to chug a
Bud?
A. Indeed not. Have I found myself miscast in some sort of “fish out of water”
Hollywood comedy film?
Q. Speaking of water, anyone ever swim
in you? Like, with nothing else on?
A. Why...I....well, to be perfectly honest,
that did happen on at least one occasion.
My first such experience was in the
Azores. Lovely scenery. And so balmy. It
was all perfectly innocent.
Q. Who was—
A. Then there was the time I stayed up all
night in Monte Carlo. “Carousing” would
not be too strong a word. The caviar
stains were something tragic. —Dale Hrabi
PETE GAMLEN
We quizzed a particularly buttonedup tux on how and when it cuts
loose. Its responses were surprising
Legend has it that sometime in the 18th century, George Spencer, a British Earl, stood rather
too close to a roaring fire.
JACKET
DESIRED
The versatile satin-lapeled blazer
may just be the best holiday
present you can give yourself
(early, of course)
The inferno, so the story goes, licked at the
hem of his formal tailcoat, which erupted in
flames. A manservant doused him, but alas...
...the tails were gone. The Earl liked the abbreviated look so much he had a tailor re-create the
short jacket (known subsequently as the Spencer).
WITH THE HOLIDAYS looming, know this:
The tuxedo jacket lets you forgo glittery Liberace-like cocktail garb or a reindeer sweater’s
saccharine cheer. Its versatility will take you
through multiple commitments. You’ll be suitably attired for a New Year’s Eve gala or an office soiree. The pedigreed tuxedo jacket is
dressy enough for formal events but takes on an
air of cool when democratized with jeans and a
soft blouse.
While early-Hollywood stars often amped up
the tuxedo’s gender-bending shock factor by
wearing it with bow ties, top hats and canes, the
modern version is less by the book. “I don’t feel it
looks quite right when paired with men’s shirting
and accessories,” said Betty Halbreich, director of
solutions at Bergdorf Goodman. “Too ‘I took it
out of my husband’s closet.’ ” Her advice is to
keep it simple and reveal a little femininity: “I see
it with a slim silk shirt, no ruffles, open down the
neck to show some cleavage, worn with flowing
or ultra-slim pants.” Even simpler? Some versions
have imperceptible inside pockets, so you needn’t
carry a purse.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 18 - 19, 2017 | D5
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 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
DESIGN & DECORATING
THE MEDIATOR
Can’t We All Get Along?
The Conflict One roommate owns
a bold, blocky seat, the other a delicate
Art Deco floor lamp. Three designers
offer handsome décor resolutions
Solution 1
Draft an art photo as peacemaker. For New York designer
Tim Campbell, the seat’s color and presence is so dominant that
the marginalized lamp needs decorative support. He chose a
large black-and-white photo that won’t fight with the red-orange
upholstery. “The lack of color allows the trees to act like shadows of the
lamp,” he said. But he had other motivations: “Seeing that chair, I immediately thought of the decked-out
parties Yves Saint Laurent threw in
the desert outside Marrakesh in the
1970s.” “The Palm Trees of Santa
Monica” Photograph by Jin-Woo
Prensena, $3,800, purephoto.com
Solution 2
Nod to the shapes of both
pieces with a graphic rug.
The rug that Chicago designer Cari Giannoulias chose
and the chair are both very modern, she
points out, but the carpet pattern’s dagger motifs resemble the negative spaces
created by the lamp’s stand. Meanwhile,
the blocks of white in the carpet echo
the chunkiness of the chair. The Cubanism Rug, $55 a square foot, artandloom.com
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); MARCO ANELLI/MAGAZZINO ITALIAN ART, NEW YORK (INSPIRATION)
Solution 3
Hang a fairly neutral chandelier.
“This fixture is like a pair of diamond
studs,” said Los Angeles designer Ohara
Davies-Gaetano. “They look great with everything.” The clean lines of the 1950s piece stand up
to the bold chairs, its softness and subtlety
speak to the floor lamp’s feminine sexiness.
The chandelier is an ideal buffer for this mismatched duo. Venini Murano Chandelier
from Galleria Veneziani, $2,600, 1stdibs.com
From left to right: Henrendon
Lounge Chairs, $3,000 per pair,
comingsoonnewyork.com; French Art
Deco Floor Lamp, $995, chairish.com
FLOWER SCHOOL
THE SPIRIT OF THE THAW
Floral designer Lindsey Taylor challenges herself to craft a bouquet inspired
by a contemporary Italian artwork that includes ice melting onto the floor
THE INSPIRATION
The pale bouquet at left nods to Pier
Paolo Calzolari’s literally icy ‘Senza
titolo (Omaggio a Fontana)’ (1989).
THE ARRANGEMENT
AND THE WINNER IS...
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Vessel: Christine Roland; similar
pieces available at cancatstalktodogsintheirownway.net
RECENTLY, I TOURED Magazzino
Italian Art, a new exhibition space in
Cold Spring, N.Y., where a permanent
show honors Italy’s Arte Povera movement. The practitioners of “Poor Art,”
which peaked circa 1970, rejected the
commercialization of art and used unconventional, banal materials. Copper,
lead, ice and a refrigerator motor, for
example, play into 1989’s ”Senza titolo
(Omaggio a Fontana),” the work that
inspired this month’s flower arrangement. Created by Pier Paolo Calzolari
(b. 1943 in Bologna), the pointedly
ephemeral piece is largely about ice
melting and water dripping into a shallow basin on the floor.
Back in my studio, with the photographer patiently waiting for me to produce something, I found that few of
my selections from the flower market
worked. As I anxiously looked out my
window, I realized that most of what I
needed grew in my own garden. Eucalyptus had the icy blue dotted look of
the frozen vertical piece. Fading hydrangea paniculata, with its whites and
pinks, mimicked the subtle glowing
tones in the center of Mr. Calzolari’s
piece. White scabiosa, a flower I did
purchase, added another texture, and
finally a few sharp blades of little bluestem ‘The Blues,’ an ornamental grass,
reflected the chilly, hard materials and
essence of the work. A favorite vessel
by ceramist Christine Roland grounded
everything and nodded to Arte Povera’s
use of simple materials. With little
thought, I arranged my ingredients into
an upright, intentionally stiff bouquet.
As always, I cut the stems to various
lengths to give the shape movement,
echoing the ever-changing nature of
Mr. Calzolari’s work.
CRAFTED
BY MASTER
KNIFE
MAKERS
SINCE 1814.
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.
NY
* * * *
Saturday/Sunday, November 18 - 19, 2017 | D7
ADVENTURE & TRAVEL
Streak
Experience
The northern lights don’t always appear
on demand. Here’s how to up your
chances of getting an eyeful
BY PENELOPE ROWLANDS
W
INTER
doesn’t
have to
equal
gloom. At
least not above the Arctic Circle when the northern lights,
also known as the aurora borealis (or simply aurora), turn
up. When these neon-bright
streaks of color—green, pink,
violet—zip across the skies,
the season becomes distinctly
lively. Between August and
March each year, lightpeepers
from Texas to Thailand make
their way north to witness the
show. “Northern light tours are
our most requested tours right
now,” said Marc Télio, owner
of Vancouver-based Entrée
Destinations. “There’s a crazy
amount of interest in them.”
Perhaps it’s the thrill of
the chase: The lights are notoriously hard to predict,
which only adds to the quixotic nature of the quest. And
they can be fleeting—sometimes lasting mere minutes.
For those who tended to
nod off during Earth Science
class, a quick refresher: The
northern lights are caused
when charged particles from
the sun crash into atoms in
the Earth’s atmosphere. The
color of the aurora depends
on the kind of atoms involved, and the altitude at
which they collide.
The lights are most commonly seen at the 60th parallel and above, latitudes that
span Scandinavia, Canada,
southern Greenland and
northern Russia. In the U.S.,
Alaska offers the best odds, although northern states, from
THE LATE SHOW An 11 p.m. view of
Thingvellir National Park, in Iceland, where
the northern lights make an immodest
spectacle in the winter months.
Minnesota to Maine, often get
a glimpse. But even within
those areas, the lights only occur within the auroral oval, a
narrow belt that encircles the
magnetic north pole. The
oval’s contours change constantly, expanding and contracting—“like dough,” said
Jan Sortland of the travel firm
Norwegian Adventures. And
they do so at the speed of youknow-what. At one point last
fall the oval extended as far as
northern Italy. But soon, in its
flitting way, it retracted again.
Be warned: Many tour operators that promise a seat at
nature’s light show may not
be able to deliver, cautioned
Lodging—Hot and Cold
Luxury and the Arctic Circle are, for the
most part, mutually exclusive. One key exception: Loggers Lodge, deep in the woods
of Swedish Lapland. A large, elegantly furnished one-bedroom cabin, it comes with a
private chef (housed nearby). It’s also
equipped with an outdoor hot tub, which
makes a tough-to-beat lightpeeping perch
(from about $1,780 a night, loggerslodge.com). Over on the west coast of
Greenland, the Hotel Arctic, while decidedly
more austere, offers something no landlocked facility could: a humbling view of the
looming icebergs of Disko Bay (from about
$230 a night, hotelarctic.com). Surely the
Forecasting the
Flicker
Mushing with Entrée Destinations in the Yukon, a prime spot
in Canada to see the northern lights.
Aurora-Stalking Tours
Several hotels in the far north offer nocturnal excursions, using
horses, dogsleds, snowmobiles, and other conveyances to tote their
guests deep into the snowy wilderness. At least one hotel, the Finnish Iso-Syöte (see “Lodging—Hot and Cold”), relies on a team of
fleet-footed reindeer. A number of touring companies also build entire itineraries around the lights: for instance, Chasing Aurora, a
four-night tour organized by the Canadian firm of Entrée Destinations. The journey begins with a skiplane flight to the northern city
of Whitehorse, in Canada’s Yukon territory, then continues, via dogsled, from one lodge to the next. On day three, guests are taught to
take charge of a canine team—a skill rarely needed but sure to impress your French bulldog back home—then let loose on their own
sleds (from about $4,302 a person, entreedestinations.com).
If a trip to the Yukon greatly improves your prospects of seeing
the lights, Svalbard, a Norwegian archipelago in the Barents Sea,
makes it a near shoo-in: It’s so far north that it experiences polar
night—known locally as “the dark season”—from September to
May, when the aurora can shine for 24 hours a day. Norway’s Hurtigruten Svalbard (formerly Spitsbergen Travel) offers several tours,
including one that lets you track the lights from the deep comfort of
heated Snowcat vehicles (from about $2,093 a person, spitsbergentravel.com).
Cold-Comfort Camping
can explore on horseback, fat bikes or buggies
or, if there’s a river in the neighborhood, do
some fishing (Nordic Luxury supplies all the
gear). And while these mobile camps pack it in
come winter, there’s still a good chance for aurora sightings from August through October
(from about $7,070 a night for up to 4 people,
nordicluxury.is).
YUKON ADVENTURES (DOGS); KARL OLAFFSON (2)
The Arctic camps set up by Nordic Luxury, an
Icelandic tour company, provide a thrillingly atmospheric way to experience the lights. These
temporary villages of plush tents—complete
with sheepskin rugs and heaters—are designed
for private groups of up to 15 and can be installed in various parts of the country. Glampers
Most countries in Light-land
offer aurora forecasts of one
sort or another. In Iceland,
where the weather can turn
on the proverbial Icelandic
kroná, there’s one online forecast for aurora sightings, another for cloud cover (en.vedur.is). In Minnesota, radio
stations sound “northern
lights” alerts when the aurora
is near. Some hotels, including
Finland’s Santa’s Hotel Aurora, even send alerts to their
guests via text message. But
be prepared to sprint—by the
time you’ve raced out to see
the lights, the sky may be
blue-black again. Good thing,
then, that the hotel offers
other diversions, too, including
cross-country skiing, ice fishing and nighttime snowshoeing excursions, where you can
stomp around in the dark,
ever hopeful, that the lights
might appear (from about
$190 a night, santashotels.fi).
A private encampment beneath Langjokull Glacier in Iceland arranged by operator Nordic Luxury.
Mr. Sortland. The Aurora
won’t appear unless specific
criteria are met. True dark is
the first requirement; ambient light is the enemy. You
need to stay far from cities
and roads. The next? Clear
skies. These are harder to arrange. Sites such as Canada’s
Northwest Territories and
widest-angle perspective on the aurora can
be found on Scotland’s Shetland Isles,
where guests at a cottage just in front of
the recently restored Sumburgh Lighthouse
can watch the Merry Dancers, as the lights
are locally known, streak above the intersecting waters of the Atlantic and the
North Sea (from about $730 a night, shetlandlighthouse.com). And at the Iso-Syote
hotel, in Finnish Lapland, you can bunk
down in a large glass-walled igloo (from
about $94 a night, hotelli-isosyote.fi). Another literally cool shelter is the Sorrisniva
Igloo Hotel, in Alta, Norway. Carved from
ice, this surprisingly intricate structure
opens in January before disappearing, drip
northern Norway, where the
weather tends to be crisp and
clear, are ideal. Cloudier
places can be iffy.
Here, a brief guide to viewing the lights, zeroing in
places and tours that offer
worthy diversions other than
lightpeeping—in case a certain diva doesn’t show.
by drip, in the spring (from about $300 a
night, sorrisniva.no). The Icehotel in Jukkasjarvi, also in Swedish Lapland, is even more
whimsical; every year dozens of artists
sculpt an elaborate dwelling out of huge
blocks of ice. As at the Sorrisniva Igloo Hotel, overnight guests are outfitted with expedition-level sleeping bags to ward off the
chill. Still not persuaded? The Icehotel recently expanded, adding Icehotel 365, a
heated structure which, as its name implies,
is available year round. No thermal sleeping
bags here—the new suites at 365 even include toasty bathrooms with saunas (from
about $170 for a heated room and about
$250 for a cold room, icehotel.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
D8 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
Take the Gifts of the Hour
STILTS STANDING A house
in Stiltsville, an offshore colony
in Miami’s Biscayne Bay that
dates back to the 1930s.
BY MATTHEW KRONSBERG
I
T WASN’T the best time to
visit Vizcaya, the former estate of turn-of-the-century
industrialist James Deering,
on Miami’s Biscayne Bay.
Less than a month had passed since
Hurricane Irma made landfall in
South Florida. The seawater that inundated the Mediterranean Revivalstyle home’s lush gardens had left
them ragged and browned. A battered, black jet ski sat beached,
blocking a path. The cafe and the
gift shop, both in the mansion’s
“basement,” had taken on about 5
feet of water and were out of commission. The rococo ground-floor
dining room was dim and muggy,
despite the best efforts of an industrial dehumidifier humming in the
corner. Some of the mansion’s bayfacing windows had burst open at
the storm’s peak, a security guard
told me, briefly letting hurricaneforce wind and rain pelt the ornate
décor. “It all looks pretty bad,” the
guard told me, “but it could have
been much worse. We were actually
very lucky.”
It’s a peculiar notion of luck, but
visitors and Miamians alike need
only look to Houston, to Puerto Rico
or down to the Florida Keys to understand how right he was. “This
storm put the fear of God in me,”
said architect Richard Heisenbottle,
a resident of 41 years, who evacuated his family when Irma was predicted to hit the region as a Category 5 storm with 185 mph winds.
Mr. Heisenbottle has overseen restoration work of many of South
Florida’s most significant historical
buildings, including Vizcaya. ”De-
spite the fact that we’re much more
prepared than ever before,” he
added, “and that we build buildings
better than anywhere else in Florida, I believe that if a cat 5 windstorm hits us, all bets are off.”
Looking at South Florida
through the proverbial eye of a
hurricane, I learned, increases
one’s appreciation of the area’s
unique beauty, fragility and resilience. The day after going to Vizcaya, I paid a visit to the HistoryMiami Museum, where an exhibit
marking the 25th anniversary of
Hurricane Andrew—the last Category 5 storm to hit the area—
starkly recalled a time when South
Florida wasn’t so lucky.
Along with artifacts and a welter of screens playing contemporaneous news coverage, there was a
replica of a small living room, lit
by a single lamp and with the
soundtrack of a storm piped in;
you can sit on the sofa and have a
shelter-in-place experience. Do so
at the “beginning” of the storm,
and the wind and rain sounds
seem tame enough—my mother
and I joked that we’d just come
from worse weather outside. But
as we toured the exhibit, the
sounds from the room intensified.
We returned and sat, listening to
the crescendo of howling winds,
groaning rafters and clattering
shutters. Having grown up in Florida and endured Andrew, I relived
the dread—will the roof hold?
What will it look like outside when
the winds die down?
After Irma landed her glancing
blow on the region, I found myself
searching Twitter and Instagram
for reports on the place I worried
about more than any other—Stiltsville. Its pastel-hued houses are
the remnants of an offshore colony
on stilts that developed on the
shoals of Biscayne Bay, starting,
most say, with a bait shack run in
the 1930s by one “Crawfish” Eddie
Walker. By 1959, more than two
dozen buildings were perched above
the flats. As Carl Hiaasen described
it in his novel “Skin Tight,” “rich
owners used them for weekend parties, and their kids got drunk on
them in the summer. The rest of the
time they served as fancy split-level
toilets for seagulls and cormorants.”
TALL TALES From top: Historian
Paul George leads periodic boat
tours of Stiltsville; Cape Florida
Lighthouse.
SHOOT THE BREEZE The Vizcaya Museum and Gardens, also set on Biscayne Bay and partially waterlogged by
Hurricane Irma, is getting back to its old photogenic self.
In 1965, Hurricane Betsy took nearly
half of Stiltsville with her. Then Andrew took half of what remained.
The HistoryMiami Museum offers periodic boat tours of Stiltsville. The tour I took, led by historian Dr. Paul George, left from the
marina at Bayside Marketplace in
downtown Miami. With about 50
people—the majority locals—I
boarded one of the motor yachts
The bay-facing windows
burst open at the storm’s
peak, letting rain and
hurricane-force wind pelt
the rococo décor.
typically used for sunset cocktail
cruises for the half-hour trip out
to Stiltsville. As leaping porpoises
trailed the boat, Dr. George, in a
ball cap and Ray Bans, related the
history of the area from Ponce De
Leon to Richard Nixon and Bebe
Rebozo.
Every home in Stiltsville had a
colorful story: “This house here is
where Teddy Kennedy had his bachelor party…” Many were actually
private clubs, like the Bikini Club,
the Calvert Club and the Quarterdeck Club, all long gone, though the
Miami Springs Power Boat Club
maintains an outpost. Irma rattled
but didn’t wreck Stiltsville. Because
these houses are now encompassed
by Biscayne National Park, however,
they can never be replaced. Each
storm poses a mortal threat.
Another Stiltsville that Irma
toyed with—the Stiltsville Fish
Bar—is chefs Jeff McInnis and Janine Booth’s newly opened restaurant in Miami Beach’s Sunset Harbor neighborhood, which had its
initial opening delayed by the
storm. It was hardly the only restaurant the storm touched. For chef
Niven Patel—who grows many of
the ingredients for the Indian food
at two locations of his restaurant
Ghee Indian Kitchen—Irma was “a
blessing in disguise,” taking down
15 giant nonindigenous ornamental
trees on his farm which will now be
replaced with coconut palms.
Perhaps the only good thing to
say about hurricanes is that they
seem to take the invasive species
first, as further evidenced by Bill
Baggs Cape Florida State Park, at
the tip of Key Biscayne, one of the
few places arguably made better
by Hurricane Andrew. The forests
of native mangrove and gumbo
limbo trees through which the
trails wend weren’t always there;
much of the 442 acres that make
up the park had been clear-cut for
development in the 1950s and subsequently colonized by invasive
Australian pines. When Hurricane
Andrew leveled the landscape once
again, the state took the opportunity to restore native flora. (Some
of the fauna is still invasive,
though—be on the lookout for giant iguanas.)
At the park’s south end stands
the Cape Florida Lighthouse, and
the point from which in 1821 some
300 escaped slaves bartered for
passage to Andros Island in the Bahamas. The park also affords a distant land-based view of the houses
of Stiltsville.
Driving back to the mainland, I
stopped at the Miami Marine Stadium on Virginia Key. It’s a wonder
of tropical brutalism, a poured concrete grandstand that juts out over
a basin, where speedboats raced
like chariots, and concerts were
held, with a floating barge serving
as a stage. (Jimmy Buffett’s 1986
concert video was filmed here, with
fans in the stands, boats, inner
tubes and the water itself.)
Though the stadium has been
closed to the public since Hurricane
Andrew battered it, street artists
have infiltrated and turned the
seats, the massive trusses, and even
the 320-feet-wide cantilevered roof
into a concrete canvas. The city recently announced a long overdue
plan to rehabilitate the stadium,
overseen by Mr. Heisenbottle. For
now, the best ways to see the
grandstands without trespassing
are from a boat tour with HistoryMiami (the next one—“Icons of
the Bay: Stiltsville, Cape Florida
Lighthouse & the Miami Marine
THE LOWDOWN //
REDISCOVERING MIAMI’S
NATURAL SIDE
Staying There Only a helicopter
offers better views of Miami at
night than Sugar, the 40th-floor
rooftop bar of the East hotel in
Brickell, just south of downtown.
The hotel’s 352 rooms, all with
balconies and floor-to-ceiling windows, are sleekly styled with similarly compelling views (from
$499 a night, east-miami.com). If
you find Miami unthinkable without the beach, consider the Miami Beach Edition, set on 3.5
oceanfront acres with 294
rooms, including 28 bungalows,
and an entertainment complex
that includes an ice-skating rink
(from $296 a night, editionhotels.com/miami-beach).
Eating There South Florida’s
tropical climate is ideal for growing much of the Indian produce
used at both Ghee Indian Kitchens, like taro leaf, plucked from
chef Niven Patel’s farm (gheemiami.com). Locally caught fish,
displayed in two ice-filled claw
foot tubs by the bar, takes pride
of place at the Stiltsville Fish Bar
(1787 Purdy Avenue, Miami
Beach, stiltsvillefishbar.com).
Stadium”—runs Nov. 26), or from
temporary docks erected during the
Miami International Boat Show in
February.
Now that hurricane season has
given way to tourist season, and
Vizcaya is getting back to its old
self, it’s easy to act like nothing
has changed. The biggest change
Irma wrought is pervasive but invisible; a sense that the next truly
devastating storm after this one is
not a question of “if” but “when.”
But for the moment I did my best
to take the advice of a temporary
installation piece by the artist
Amanda Keeley in the Vizcaya’s logia. Words crafted in yellow neon
quote the Roman poet Horace:
“Put serious things aside” and
“Take the gifts of this hour.”
ZAK BENNETT FOR THE WALL STREET JOURNAL
The only upside to South Florida’s latest hurricane scare? It was a reminder of the area’s great
beauty and fragility—both on full display for visitors who know where to look
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 18 - 19, 2017 | D9
EATING & DRINKING
ON WINE LETTIE TEAGUE
An Oenophile Heads Home to the Heartland
MANY YEARS AGO I attended a
media luncheon in New York. I was
a junior magazine editor; the other
editors in attendance were much
more senior and included the editor-in-chief of a travel magazine.
“Where were you born?” asked the
editor-in-chief. “Indiana,” I said.
“Did you grow up in a trailer park?”
he continued, clearly implying that
he considered Midwesterners to be
a bunch of badly housed rubes. It’s
how some oenophiles on the East
and West Coasts view wine drinkers
from “fly-over country” as well.
Although I have lived in and
around New York for nearly three
decades, my life in wine began in
the Midwest, specifically with a
glass of Boone’s Farm Tickle Pink,
consumed on my 18th birthday. Not
a wine that would seem to presage
a wine journalism career, but it was
a start. (Tickle Pink wasn’t made
from grapes, but, rather, apples;
sadly, along with other Boone’s
Farm labels, it no longer exists.)
I returned to Indiana a couple of
months ago to see what kind of
wines my fellow Hoosiers are drinking, and if those they favor are really so different from the wines regularly consumed in New York. I
even hoped I might find the restaurant where I first tasted Boone’s
Farm Tickle Pink, a place called
Hoover’s Roost in Fairview, Ind.
The latter proved a bust: All that
remained of the restaurant was its
parking lot. According to Katrina
Myers, office manager of Stu’s Garage on the opposite side of Highway 28, I’d just missed seeing the
last remains. “They tore the building down two weeks ago. It was
empty for a long time,” she said.
I explained that Hoover’s Roost
was where I’d had my very first
glass of wine. “Boone’s Farm is old
school,” Ms. Myers said. Was that
good or bad? I asked her what kind
of wines she liked to drink. She said
she was a fan of sparkling wines
from a winery in Versailles, Ind.,
and strawberry wines. Her colleague Brett, on his way out the
door, nodded. “In Indiana, people
like sweet wine,” he said.
That’s also what Kevin Tonne of
Tonne Winery told me when I
stopped by his winery later that
day. Mr. Tonne and his brother-inlaw Larry Simmons founded their
winery in 2009 just north of Muncie, Indiana—about 20 miles from
where I once lived. Mr. Tonne had
been in food science for years before turning to winemaking, and Mr.
Simmons was in the horticulture
business. Their winery was named
Indiana Winery of the Year in 2014,
and they developed an especially
strong following for their semi-dry
Traminette. Traminette is the signa-
HADLEY HOOPER
The first in a three-part series on
wine culture in the Midwest today.
ture grape of Indiana, a hybrid
white grape known for its winter
hardiness and exotic aromas.
I tasted a few whites and reds, a
couple of them dry; most were
fairly sweet, even the ones labeled
semi-dry. “To you they’re sweet, to
other people, semi-sweet,” Mr.
Tonne said. “I’m sure that when you
started out you didn’t like a dry
Cabernet.” I bought a bottle of his
semi-dry Traminette to take to dinner with some old Hoosier friends
in Muncie that night, curious to see
Today’s Midwesterners
have access to more—and
more interesting—wines
than I did back in my
Boone’s Farm days.
how far our palates diverged.
Not far at all, it turned out. I
covered the Traminette bottle in a
paper bag and poured everyone a
taste. Too sweet, my friends declared—and opted to drink the
Sancerre I ordered from the restaurant’s list. In other words, they like
dry wines as much as I do.
The next day I drove down to Oliver Winery & Vineyards, Indiana’s
largest winery, just outside Bloomington. With production close to
400,000 cases, Oliver wines are distributed to just about every grocery
and package store in the state, and
to 21 other states as well, according
to CEO Bill Oliver, who was waiting
in the winery’s stylish tasting room
when I arrived. Did Indiana wine
drinkers really prefer sweet wine to
dry? I asked him. “One third of our
wines are bone-dry,” Mr. Oliver
said, though he acknowledged that
their Soft Red Wine (a sweet red
made from the Concord grape) was
their best seller.
Mr. Oliver’s father, William Oliver, a law professor, started making
wine in the 1960s as a hobby. Bill
Oliver took over the winery in 1983
and expanded it to its current size.
As he said, “We’re the biggest fish
in a small pond.”
The Oliver range is considerable
and includes many sweet and semisweet styles, and some non-grape
fruit wines as well. Most Oliver
wines are produced from Pennsylvania, New York and California
fruit; some 3% of the grapes are
grown in Indiana, on about 55 acres
of vineyard. I found it a bit disheartening that the largest winery
in Indiana relies primarily on fruit
grown outside the state, but Mr. Oliver told me it was necessary in order to be competitive out of state.
“I can’t take Indiana Sauvignon
Blanc and market it in Chicago,” he
said. He sells his wine under the Oliver and Creekbend Winery labels;
the latter are made from Indiana
grapes.
I found the (dry) California-grape
wines we tasted to be well-made;
Mr. Oliver’s team sources from esteemed vineyards such as Bien Nacido Vineyards in Santa Maria, Calif.
But I was more intrigued by his Indiana wines and found quite a few I
liked. I was particularly charmed by
his lively 2016 Chambourcin Rosé, a
hardy red Midwestern hybrid with a
piquant, tart red-cherry note. The
Traminette was a touch too sweet
for my palate, but I really liked the
soft, approachable and, yes, dry
2015 Creekbend Crimson Cabernet,
made from the Crimson Cabernet
hybrid (a cross between the Cabernet and the Norton grape).
Although his best-selling wine
was a sweet red, Mr. Oliver bristled
at the cliché that Midwesterners
like sweet wines or lack sophisticated palates. “It’s that attitude toward fly-over country,” he said. I
told him my trailer park story and
he just shook his head. Then he recommended that I check out a restaurant-wine shop in Bloomington
named Feast Market & Cellar. The
food was quite good, he said, and
the wine selection included a wide
array of interesting choices.
I found a few diners milling
around the shelves, pulling out bottles and chatting with employees. It
was certainly more fun to choose a
wine by examining bottles than
reading names on a list. And there
were many good names to choose
from (about 500 selections).
I chose a bottle of 2014 A. et P.
de Villaine Bouzeron Blanc ($30), a
white Burgundy produced by the
great Aubert de Villaine, co-director
of the vaunted grand cru Domaine
de la Romanée-Conti. The wine was
not only a perfect companion to my
very good dinner of locally sourced
salad and house-made gnocchi, but
also at least $35 less than I would
have paid to drink it in a restaurant
in New York.
I called Feast co-owner and wine
director Jennifer Burt to talk about
the wines she most often sold, and
if there was such thing as “Midwestern” palate. White Burgundy
and “high-end” Beaujolais (both
quite dry) were big sellers, she said.
She sold exactly one sweet red.
With frequent tastings she’d turned
her “beer-loving” staff into wine
drinkers who, in turn, sold their
customers on Chablis, Sangiovese
and cru Beaujolais. It was the same
story I’d heard many times from
wine professionals in other parts of
the world: It doesn’t matter where
or how you begin; education and
exposure are the keys to becoming
an oenophile. It’s certainly been
true for me—from that first glass of
Tickle Pink to this column today.
Over the next couple of weeks,
I’ll be writing more about the wine
culture I found during my recent
travels in “fly-over country.” Today’s Midwesterners have access to
more—and more interesting—wines
than I did back in my Boone’s Farm
days. And as I proud Hoosier I raise
a glass in honor of my home state.
Email Lettie at wine@wsj.com.
Sweet Potato Toast With Labneh, Dill and Spices
The Chefs
Sarah Hymanson
and Sara Kramer
Their Restaurants
Madcapra and
Kismet, both in
Los Angeles
What They’re
Known For
Creative cooking
that draws liberally
on California
produce and the
Middle Eastern
pantry.
INSTAGRAM IS NOT the only reason avocado toast became a thing. It’s delicious,
satisfying and pretty healthy, too. But why
stop there? At Kismet in Los Angeles—a
world capital of toast innovation—co-chefs
Sara Kramer and Sarah Hymanson offer a
range of options. At home, Ms. Kramer often goes for this easy, luscious, beta carotene-loaded sweet potato toast.
Thick layers of creamy labneh and
bright-orange sweet-potato mash on
toasted rye bread get a garnish of toasted
spices and dill. The result, it must be said,
is not only tasty but also quite photogenic.
“Putting sweet potato on toast is a
pretty obvious choice,” said Ms. Kramer.
“It’s versatile, filling and simple to cook. I
mean, even if you forget about it in the
oven and overcook it, it’s still good.”
A dark, Danish-style rye is ideal here,
but a dense sourdough, preferably seeded,
works well too. The bread should have its
own nutty tang, to play off the earthy
sweet potato. Labneh, a strained Middle
Eastern yogurt, brings creamy richness
and a nice tart note. “A little acid goes a
long way,” Ms. Kramer said.
But it’s the spice mix on top that really
sets this toast apart. Made with toasted
sesame, fennel and cumin seeds, it adds
crunch and invigorating aroma to every
bite. “I tend to use more garnish than people expect,” Ms. Kramer said. Taste it and
you’ll see why. —Kitty Greenwald
TOTAL TIME: 30 minutes SERVES: 4
2 small sweet potatoes
2 teaspoon cumin seeds
1/
2 teaspoon fennel seeds
1 teaspoon sesame seeds
1/
2 tablespoons olive oil
Salt
1½ cups labneh or thick,
full-fat plain yogurt
1. Preheat oven to 425 degrees. Prick potatoes all over and place in oven. Roast until
fork-tender, about 25 minutes.
2. Meanwhile, heat a small, dry skillet over
medium heat. Toast cumin and fennel, shaking pan often, until aromatic, about 2 minutes. Remove spices from heat and coarsely
crush. In the same skillet, toast sesame
seeds lightly, 1-2 minutes. Add sesame
seeds to crushed spices. Stir in 1 tablespoon
4 large slices Danish rye
or dense sourdough
Juice of 1/2 lemon
2 tablespoons fresh dill
olive oil and season with salt to taste.
3. Toast bread. Once roasted sweet potatoes are cool enough to handle, carefully
peel off skin. Spread a thick layer of labneh
on warm toast. Drizzle lemon juice over labneh. Smash sweet potato directly onto toast
in a thick layer and season with remaining
olive oil and salt to taste. Spoon olive oilseed mixture over sweet potato and garnish
with dill.
OPEN SEASONING A garnish of toasted and crushed spices is mixed with
olive oil and just enough salt to make the flavor pop.
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY; 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
D10 | Saturday/Sunday, November 18 - 19, 2017
THE WALL STREET JOURNAL.
* ***
EATING & DRINKING
TIME-TESTED TRICKS FOR A TASTY TURKEY
Continued from page D1
the achiote.” A leaner turkey would require a
lighter touch.
Blending the marinade, bathing the turkey
in it and wrapping the lot up in banana leaves
turned out to be a cinch; digging an enormous hole, less so. But I distracted myself by
daydreaming of the feast to follow: the
earthy, herbal, terracotta-hued bird, paired
perhaps with a platter of chile-ribboned tamales, a salsa verde and a tangy orange-andonion salad. I tended the fire and watched it
burn down to coals, tossed in a few scoopfuls
of river rocks, lowered my tightly-wrapped
package into the glowing pit, and filled it
back in. Then I went to a football game.
Ten hours later, as the sky darkened, my
husband and I approached with our shovels.
The earth was still warm—a promising
sign!—and when we freed the bird from its
steamy tropical cave, the flesh was so tender
it literally fell from the bone. While this turkey in no way resembled the typical Norman
Rockwell fantasy, the complex, floral flavor
was remarkable enough for my husband to
declare, “From now on, I would like all my
meals to be exhumed.”
Of course, spending hours sweating over a
ditch is not everyone’s idea of a holiday well
spent. So, a few days later, I took a stab at
replicating the results in the kitchen. The predictable heat of the oven meant the cook time
could be considerably shorter, and, as a nod
to aesthetics, for the final hour of roasting I
unwrapped the bird and basted it regularly,
aiming for a happy medium of moist flesh
and burnished brick-red skin. The result was
a triumph any host would be happy to show
off—and the leftovers made for some nextlevel enchiladas.
A salt-crusted chicken recipe I’d filed away
in a folder years ago inspired my next flight
of fancy. A turkey is really just an oversize
chicken, I reasoned, and the ancient technique—a theatrical one that calls for completely sealing the bird in a rough pastry
made from equal parts salt and flour, thus
Mahogany and crisp, redolent of
smoke and spice, it was a turkey
doing its best ham impression.
TED CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SARAH KARNASIEWICZ, PROP STYLING BY STEPHANIE HANES
locking in heat and juices for a speedy, succulent cook—promised supernaturally moist
meat. My first attempt was clumsy: Turns
out, encasing a crowd-size turkey in dough
requires considerable engineering skills. Then
I remembered that, because white and dark
meat are ideally cooked to different temperatures, many chefs recommend detaching the
turkey’s breast from the thighs and cooking
them separately. Eureka! A compact breast
was easier to seal, and the outcome made
other turkeys I’ve tasted seem like sand by
comparison. Sure, preparing the bird in parts
precludes dramatic tableside carving. But
trust me: Once that platter of buttery-tender
breast meat and golden drumsticks is tucked
alongside a green-bean salad and mashed potatoes, no one will give a damn.
By this point, my freezer had become a
turkey boneyard and my butcher—Adam Harvey, the colorful chef/owner-cum-butcher at
A&E Supply Co. in Gowanus, Brooklyn—was
starting to wonder about me. Like Mr. Rodgers, Mr. Harvey has performed his share of
turkey stunts, but with a wife, an infant son
and a restaurant to manage, he admitted that
this year, his wildest aspiration is to smoke a
bird on his Big Green Egg. I don’t have an
Egg, but I do have a sturdy old Weber kettle
in my yard, and the idea of a few hours lazily
basking in the autumn sunshine with a cold
beer in hand and an applewood cloud settling
around me was not unappealing.
I lugged home one more bird, mixed up a
dry brine of kosher salt, dried apples, brown
sugar and crushed pepper, and gave the turkey a good rubdown. The next day, I stoked a
small fire on one side of my grill, settled a
pile of damp wood chips into it and nestled
the bird on the other side. When I lifted the
lid less than three hours later, the sight that
awaited me was a stunner: mahogany and
crisp, redolent of smoke and spice, a turkey
doing its best ham impression. The meat—
pink, flavorful, dripping with juices—begged
to be gobbled down with baked beans and
bourbon-spiked cranberry sauce. Here was a
turkey I’d be happy to eat on the fourth
Thursday of November or the second Sunday
in May or the last Monday in March. And
maybe I will. After all, as Mr. Rodgers reminded me, “Where in the rule book does it
say you can only make turkey once a year?”
Pibil-Style Turkey
With Achiote and
Oregano
ACTIVE TIME: 1 hour
TOTAL TIME: 16 hours
(includes marinating)
SERVES: 10-12
plus more for garnish
8 tablespoons salted
butter, melted
Tangerines, for garnish
Special equipment:
Extra-large disposable
roasting pan
For the marinade:
2 large heads garlic
½ cup olive oil
4 tablespoons achiote
seeds
3 tablespoons Mexican
oregano
21/2 tablespoons dark
brown sugar
3 tablespoons black
peppercorns
3 teaspoons cumin seeds
½ teaspoon whole cloves
3 teaspoons cinnamon
1½ teaspoons ground
árbol chile
2 teaspoons kosher salt
1 cup lime juice
1 cup orange juice
For the turkey:
1 (16-ounce) package
frozen banana leaves,
defrosted
1 (12-to-15-pound) turkey,
neck and giblets
removed
2 navel oranges, halved
1 yellow onion, halved
1 bunch fresh oregano,
1. Preheat oven to 425 degrees. Make marinade: Cut
1/
2 inch off tops of garlic
heads. Arrange garlic heads
on two separate sheets of
aluminum foil and drizzle
olive oil over garlic. Wrap
garlic, seal tightly and place
on a baking sheet. Roast in
oven until garlic cloves are
golden-brown and tender,
about 45 minutes. Set
aside to cool slightly.
2. Once garlic is cool
enough to handle, squeeze
cloves from skins into a
blender or food processor.
Add achiote, oregano,
brown sugar, peppercorns,
cumin, cloves, cinnamon,
árbol chile, salt, garlic, lime
juice and orange juice.
Blend until smooth.
3. Line bottom of roasting
pan with a bed of banana
leaves, leaving long strips of
leaves hanging over edges
of pan. Place turkey in center of roasting pan. Pour
170 degrees in thickest part
of thigh, 30-40 minutes.
Discard orange, onion and
herbs from cavity.
7. To serve, transfer turkey
to a platter. Garnish platter
with banana leaves, fresh
oregano, tangerines and
roasted garlic.
Pit-Cooked
Variation:
ACTIVE TIME: 5 hours TOTAL TIME: 26 hours (includes marinating and pitroasting) SERVES: 10-12
Same ingredients as above,
plus the following special
equipment:
Shovel
20 large logs firewood
1 (½ cf) bag large river
rocks
Heavy-duty baling wire
1 (½ cf) bag sand
1 (48-by-48-inch) piece
sheet metal
1. Clear a clean, flat area in
your yard and dig a hole 3
feet deep and 3 feet wide.
Build a fire at bottom of pit
and feed it continuously until flames have subsided
and embers have burned
down white hot. (Embers
should be about a foot
deep. This will take a few
hours.) As fire burns, use
shovel to stir in river rocks
until they are glowing.
2. Prepare turkey as instructed in recipe above.
After wrapping turkey in
banana leaves, tightly wrap
it again with multiple layers
of aluminum foil. Wrap baling wire tightly around turkey to make a long handle.
(This will allow you to pull
turkey out when done.)
3. Use shovel to move half
the rocks and embers to
one side of pit. Lower turkey onto bottom layer of
rocks and embers, then
move remaining rocks and
embers around turkey until
it is completely surrounded.
Fill hole with sand and dirt.
(Make sure you leave baling
wire handle sticking up.)
Top hole with sheet metal
and shovel dirt around the
edges so it is completely
sealed. Cook 10 hours.
4. Remove metal and carefully retrieve turkey. An instant-read thermometer
should read 160 degrees inserted into breast and 170
degrees in thickest part of
thigh. Shred meat to serve.
Spiced Apple
Smoked Turkey
ACTIVE TIME: 3 hours
TOTAL TIME: 18 hours
(includes dry-brining)
SERVES: 10-12
½ cup kosher salt
3 tablespoons dark
brown sugar
3 tablespoons ground
dehydrated apple
slices, such as Bare
brand
1 tablespoon freshly
ground black pepper
2 teaspoons crushed
red pepper flakes
1 teaspoon sweet
paprika
½ teaspoon ground
cloves
1 (12-to-15-pound)
turkey, neck and
giblets removed
1 large apple, halved
1 large onion, halved
Juice and zest of 2
lemons
8 tablespoons (1 stick)
butter, melted
Special equipment:
Medium/large kettle
grill
Lump hardwood
charcoal
Small disposable foil
pan
Applewood chips,
soaked and drained
Hickory chunks
Heatproof tongs
Find a recipe for salt-crusted turkey with
citrus and sage at wsj.com/food.
marinade over turkey, rubbing all over and inside cavity. Stuff cavity with halved
oranges, onion and fresh
oregano. Fold banana leaves
over turkey, placing more
on top if needed, until turkey is completely covered.
Chill turkey overnight or up
to 12 hours.
4. Remove turkey from refrigerator and let come to
room temperature, 2 hours.
5. Preheat oven to 350 degrees. Cover roasting pan
tightly with heavy aluminum foil. Roast 3½ hours.
6. Increase oven temperature to 425 degrees. Carefully remove foil and banana
leaves, taking care not to
burn yourself with steam.
Reserve ¼ cup juices from
pan and combine with
melted butter in a small
bowl. Transfer turkey to a
rimmed baking sheet. Wipe
off any excess marinade on
skin, then baste bird generously with butter mixture.
Return to oven and continue to roast, basting every
10 minutes, until turkey is a
deep reddish-gold and an
instant-read thermometer
reads 160 degrees when inserted into the breast and
1. Make dry brine: In a
small bowl, combine salt,
brown sugar, ground apples, black pepper, pepper
flakes, paprika and cloves.
Pat turkey dry all over with
paper towels and transfer
to a large rimmed baking
sheet. Use your hands to
rub dry brine all over turkey, paying special attention to breast. Tie legs together with kitchen twine.
Chill turkey, uncovered,
overnight or up to 2 days.
2. Remove turkey from refrigerator and let it come
to room temperature, 2
hours. Fill cavity with apple and onion halves.
3. Meanwhile, prepare
grill: Close bottom vents
halfway and leave top
vents fully open. Fill a
chimney starter with
lump charcoal and empty
it, unlit, onto half of
outer edge of charcoal
grate, making a half
moon and leaving a bare
spot in the middle. Place
a small disposable foil
pan in bare spot on grate
and add enough water to
come halfway up sides of
pan. Fill charcoal chimney
halfway and light. Once
charcoal is hot and has
begun to ash, add to
grill, scattering over unlit
charcoal. Make sure
hinged part of cooking
grate is sitting over charcoal, so you can add
more charcoal or wood
chips as needed.
4. Scatter 2 large chunks
of hickory wood and a
large handful of applewood chips over burning
charcoal. Set grate in grill
and place turkey, breastside up, on grill over foil
pan. Cover grill. Monitor
grill’s internal temperature
until it reaches 300-325
degrees. Adjust vents as
necessary to maintain a
steady temperature.
5. Meanwhile, in a small
bowl, combine melted
butter with lemon zest
and juice. After the turkey
has smoked 1 hour, brush
lemon butter all over turkey, and repeat every 30
minutes. (Check wood
chips. If smoke inside grill
seems to have subsided,
add a few more to hot
coals each time you
baste.) Smoke turkey until an instant-read thermometer reads 160 degrees when inserted into
breast and 170 degrees in
the thickest part the
thigh, about 3 hours.
6. Transfer turkey to a
cutting board and let rest
at least 20 minutes before
carving.
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 18 - 19, 2017 | D11
* * * *
GEAR & GADGETS
PORSCHE
THE ESSENCE IS SPEED
The Porsche 911 GT2 RS is a
street-legal monster that does
0-60 in 2.7 seconds and tops
out at 211 mph.
RUMBLE SEAT DAN NEIL
2018 Porsche 911 GT2 RS: Lord of the ’Ring
YOU KNOW, it’s not every week
that I jet off to Portugal to test the
most kinetic sports car in the
world on an asphalt field of
dreams. This week I’m driving a
Chevy Traverse. I’ve paid my dues.
And I’ve learned that when destiny calls, answer. The McLaren F1
(1992-1998) is widely recognized
as the greatest sports car of all
time, but I couldn’t say for sure
because I never drove it. This car
held the series-production speed
record (240.1 mph) for nearly a decade and won the 24 Hours of Le
Mans in 1995 against purpose-built
prototypes. But back in the day,
when McLaren associates offered a
test drive, I had a scheduling conflict. I asked for a raincheck, but it
never stopped raining.
People find out what I do and
ask, “Ever drive the F1?” No, I answer. “Oh,” they say, looking away.
“Well, that’s all right. How’s that
Traverse?”
Thereafter I resolved never to
miss another technically perfecting, historically significant automobile, regardless of how many
luxury hotels stood in my way. The
Porsche 911 GT2 RS is all of that
and a winged Pegasus too.
Based but loosely on the standard-issue 911 Turbo S, the GT2 RS
joins a select group of six-figure
time machines—Mercedes-AMG GT
R, Ford GT, and Lamborghini Huracán Performante—built in the
few hundreds for collectors, trackday enthusiasts and assorted rank
poseurs. The noise-compliant GT2
RS isn’t as loud, raw or emotional
as a proper race car, like the 911
GT3 Cup model, with a freebreathing flat-six and six-speed sequential gearbox.
But it’s faster: 0-60 mph in 2.7
seconds, officially (feels a bit
quicker than that to me); quartermile time of 10.5 seconds (ditto).
The top speed is given as an en-
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI
NOT DOWN WITH IT
When developing this
insulated jacket—its
lightest ever—Patagonia
swapped goose feathers
for PlumaFill, an
ultracompact synthetic.
tirely adequate 211 mph. Thanks
mostly to a rear wing the size of a
coroner’s table and a jutting aeroelastic splitter up front, the GT2
RS generates hundreds of pounds
of downforce, which I must say
feels pretty reassuring when
you’re sweeping through the Algarve International Circuit’s hammer-throw T15 at a buck-twenty
and +1 g cornering loads. Damn,
this thing is fast, I must have muttered a thousand times.
About 2,000 feet later, the car
would still be pulling hard past
150 mph when I fired the carbonceramic retro-rockets. The car
shed speed with nary a wiggle at
1.5 g, the brake rotors aglow, tailpipes guttering fire. I could taste
sardines from the night before.
But the big number, the number
that got me on the plane, was
06:47.3. That’s the GT2 RS’s lap
time on the Nurburgring Nordschleife test track in Germany, a
Its 3.8-liter twin-turbo
flat-six produces 700 hp.
‘Damn, this thing is fast,’
I must have muttered a
thousand times.
record for a street-legal production car. Have a look at test driver
Lars Kern’s lap in September, but
don’t forget your Dramamine.
It helps to have some context:
20 years ago a preproduction
McLaren F1, with world champion
Mika Hakkinen driving, notched a
07:11 lap at the ’Ring. That was insane, exalted, ecstatic. It wasn’t
until four years ago that an allwheel-drive starship called the
Porsche 918 Spyder became the
first sports car to break the 7-min-
ute barrier (06:57). Celestial, unfathomable, titanic.
Last year the Huracán Performante, with all-wheel drive and
active aerodynamics—ailerons, essentially—claimed the ’Ring record
with a mark of 06:52. Um…awesome? A year later our test-car
blew past it by five seconds.
The march of progress being
what it is, there will undoubtedly
be cars even faster than the GT2
RS. But will I want to drive them?
We may not have reached the end
of history, but I’m starting to run
out of gonadal fortitude.
In the rear with the gear, its
3.8-liter twin-turbo flat six produces a hearty 700 hp, rendering a
weight-to-power ratio of 4.57
pounds/hp (3,201 pounds in Weissach Package). This quite salutary
ratio squats amid four ultrahigh
performance Michelin tires, glued
to glorious 20/21-inch (f/r) forged
magnesium wheels–super-stiff but
delicately spoked and vaned, like
erotic Spirographs.
While most of its competitors
use carbon-fiber passenger cells,
the GT2 RS is built upon the same
majority-steel unibody as other
911s, on the same assembly line in
Zuffenhausen. To make up the difference, the parts bin has been exposed to radical lightweighting
gamma rays: gorilla glass, magnesium roof, titanium silencer, carbon-fiber door hinges, body panels, and even stabilizer bars. Out
go the plush front buckets; in go
two carbon-shell racing seats, bolstered like a coffin.
The flat six is similarly mutated,
with upsized variable-geometry
turbos (67 mm), bigger exhaust
manifolds and larger ducting for
the intercoolers. The car debuts a
technically cute water-vaporization system that spritzes H2O on
the intercoolers, reducing process
air temperature by as much as 21
degrees Celsius.
The variability of driver talent
is a huge design consideration in
this class of car. Each such offering from Ferrari, Lambo, or Mercedes-AMG has its own style at the
limit. How freely does the rear end
come around, off throttle and on?
How touchy is the handling?
In the case of the GT2 RS, the
answer is very, and this, may I say,
is its best quality. When it’s right
up against the tires’ side-loading
limits, where it stays mostly around
the Algarve circuit, the GT2 RS is a
creature finely balanced between
massive power and delicate control.
The spring rates are about twice as
stiff as those of GT3 RS with half
the body roll. Which means you
can’t jerk the Porsche around like
you can the Mercedes-AMG GT R.
The four-wheel steering system
with ball-joint chassis connections
is fingertip precise, stingy with its
praise and lavish in its disdain. Between gouts of outrageous, manic
acceleration around the track, powpow, one’s hands must remain calm.
Reasonable people may ask
what happens to piston-powered
superheroes in the near future of
autonomous mobility. Don’t worry.
Such cars will lead an equestrian
life, from barn to paddock to track,
washed and curried, never seeing
the road. That’s OK. You can
barely get the GT2 RS out of second gear on the street anyway.
Is it the fastest car I’ll ever
drive? Maybe. I’ve learned never
to say ever.
2018 PORSCHE 911 GT2 RS WEISSACH PACKAGE
Base price $294,250
Price as tested $325,250
Powertrain Dual turbocharged and
intercooled 3.8-liter DOHC flat-six
engine with 67-mm variable geometry turbos; seven-speed dual-clutch
transaxle; rear-wheel drive.
Power/torque 700 hp at 7,000
rpm/553 lb-ft. at 2,500-4,500
Length/width/height/wheelbase
179.1/61.3(rear track)/51.1/96.6 inches
Curb weight 3,201 pounds
0-60 2.7 seconds
1/
4 mile 10.5 seconds
Top speed 211 mph
Cargo capacity 4 cubic feet
LIGHTLY TOASTY
By innovating new materials, Patagonia has dramatically slimmed down the
once-bulky puffer jacket, without sacrificing warmth
SOMEONE WHO’D BEEN lost in the
wilderness for a few years with only
an old-school puffer coat to keep him
warm might be surprised, upon re-entering society, to learn how much the
tech jacket has changed. The bulky
Michelin-Man coat has all but vanished, replaced by its comfortable,
comparatively emaciated cousins. One
of the sveltest newcomers yet: the
Patagonia Micro Puff Hoody, which
uses groundbreaking synthetic materials to combat the cold without adding
to your load, leaving you clammy, or
hogging more than your fair share of
space in the subway.
Traditionally, designing a jacket built
to perform in the field has involved
trade-offs: While premium down traps
heat and weighs little, it loses its ability to retain warmth when it’s wet. For
their part, synthetic insulations often
cost less and fight the elements more
cleverly but can weigh more and bulk
up a design. So big brands have
forged ahead to improve both approaches: on the one hand, treating
down with water-resistant nano-coatings; on the other, developing thinner,
lighter synthetic insulations that stay
warm without additional volume.
The result, for alpine guides like
Nat Patridge, is more comfort in the
wild. “Synthetics have become more
functional, with an emphasis on lightness,” said Mr. Patridge, who owns
Exum Mountain Guides in Jackson,
Wyoming. “Over 25 years, my pack
has gotten lighter while my comfort
level has gotten so much better.”
With its new jacket, Patagonia went
the synthetic route, using PlumaFill,
an innovative insulation whose ultrathin filaments create pockets of air
that capture warmth. Its brick-quilted
outer layer of specialized ripstop nylon
blocks the wind but allows excess
heat and moisture to pass through.
When you’re done wearing it, the
jacket packs down into a small pouch
or (rather miraculously) its own
pocket—more squishable than many
other synthetic-filled coats.
To reduce surprising cold spots often found in puffer coats, the baffling
is stitched discontinuously to allow
heat to flow throughout the body,
while fewer pieces of fabric were used
to cut down weight. Patagonia’s fits
can be generous compared to more
sculpted European outdoor brands:
The cut here lands somewhere between traditional and athletic, a little
roomy if you want to layer the coat
comfortably over a sweater.
The men’s version of the Micro
Puff Hoody weighs about nine ounces,
the women’s just eight ounces—light
enough that your mind barely registers that you’re wearing it. It’s the rare
jacket suited for both a climb to the
frigid top of Mount Katahdin, or the
more hospitable top of the high
school’s football bleachers. Jacket,
$299; patagonia.com —Jesse Will
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
D12 | Saturday/Sunday, November 18 - 19, 2017
* ***
THE WALL STREET JOURNAL.
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