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The Wall Street Journal November 25 2017

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The Meals That
Still Matter
An Easygoing
Weekend
In Guadeloupe
REVIEW
OFF DUTY
VOL. CCLXX NO. 124
WEEKEND
* * * * * * * *
HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 25 - 26, 2017
WSJ.com
S&P 500 Powers to New Heights
What’s
News
Index finishes above
2600 for first time, as
analysts start revising
their 2018 forecasts
World-Wide
G
unmen killed at least
235 people in an attack
on a Sufi-linked mosque in
Egypt’s Sinai Peninsula,
marking the deadliest assault
in the country in decades. A5
Mueller is probing Flynn’s
work on a film financed by
Turkish interests as part of an
inquiry into whether he improperly concealed financial
ties to Turkey and Russia. A4
The Trump administration
is preparing to stop sending weapons directly to
Kurdish militants battling
Islamic State in Syria. A4
est climb to a round-number
milepost on record. The S&P
took 49 days to reach 2600
from 2500, a speedy rise exceeded only by the 35-day
surge to 1100 in 1998.
The Nasdaq Composite Index also hit a record on Friday, advancing 21.80 points to
a high of 6889.16. The Dow
Jones Industrial Average rose
31.81 points to 23557.99. The
blue-chip index hit a record
on Tuesday. (See related article on page B11.)
Many analysts had predicted early in the year that
stocks would stall, and they
BY MICHAEL WURSTHORN
U.S. stocks’ record run
notched another milestone,
with the S&P 500 closing
above the 2600 level on Friday for the first time.
The broad market index
rose 5.34 points to 2602.42,
up almost 1% for the week
and marking its second-fast-
have upgraded their year-end
forecasts to account for this
year’s double-digit-percentage
gains. The Nasdaq is up 28%
this year, while the S&P 500
and Dow industrials have
climbed 16% and 19%, respectively.
The upbeat outlooks underscore the belief of analysts
and investors that synchronized global growth, an expanding U.S. economy, and
companies’ strong profit reports can extend the rally further. The optimism and fear
of missing out on gains has
Please see SURGE page A4
Growth Formula
Firms deemed likely to produce significant revenue increases have
outpaced the broader market and the ‘value’ category of lower-priced
companies this year.
25%
S&P 500 Growth
20
S&P 500
S&P 500 Value
15
10
5
0
J
F
M
A
M
Egypt Grapples With Aftermath of Deadly Mosque Assault
The CFPB’s leadership
was thrown into uncertainty
as Trump and the agency’s
departing chief both named
temporary directors. A3
Zimbabwe’s new leader
reached out to political opponents in his inaugural address and pleaded with foreign investors to return. A7
The U.S. and South Korea
plan joint exercises involving
hundreds of aircraft, in the
latest show of force aimed at
deterring Pyongyang. A7
Many retailers found themselves in unexpectedly good
shape on Black Friday, with
pared-down inventories and
less need to slash prices. A1
Shares of Macy’s, Kohl’s
and Gap rose and Amazon hit
a new high, but some retailers’
stocks were left behind. B10
Mitsubishi Materials said
a subsidiary knew that workers were tampering with
quality data on parts but
continued to ship them. B1
Unilever has kicked off
the search for a new CEO
to succeed Polman. B1
Some YouTube advertisers
suspended their commercials
after their ads showed up
next to videos that appeared
to attract pedophiles. B1
Clariant rejected many
of its largest shareholder’s
demands, escalating a battle
with activist investors. B3
Dish said it reached a carriage accord with CBS, ending a three-day blackout. B2
Inside
The Sexual
Harassment
Racket Is Over
Sports....................... A10
Style & Fashion D2-3
Travel...................... D4-6
U.S. News............ A2-4
Weather.................. A10
Wknd Investor....... B4
World News....... A5-7
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
SLAUGHTER: Gunmen armed with explosives attacked a Sufi-linked mosque in Egypt’s restive Sinai Peninsula on Friday, killing at least
235 people and injuring more than 100. Egypt’s president declared it a ‘heinous act.' No group immediately claimed responsibility. A5
Rise and Fall of a Law-School Empire
A for-profit company’s effort to offer education to students rejected elsewhere is unraveling
BY JOSH MITCHELL
Don Lively had a plan to bring more
blacks and Hispanics into the practice of
law.
Mr. Lively, a professor who is white,
set out to open a law school that would
take minority students even if they had
low test scores or did poorly in college.
Using retirement savings, a loan from his
father and a check from a retired couple
who read about him in a local newspaper, he opened Florida Coastal School of
Law in 1996 in Jacksonville.
That school and two others he later
helped run—Arizona Summit in Phoenix
and Charlotte School of Law in North
Carolina—became among the fastestgrowing law schools in the country. Half
of their students were from minority
groups. The for-profit schools became
part of a business network called the InfiLaw System, backed by Chicago private-equity investors. Enrollment soared
from several dozen at Florida Coastal in
1996 to roughly 4,000 at the three
schools combined in 2012.
Now, two decades after it all started,
Mr. Lively’s mission is in tatters. The
Charlotte school closed in August after
North Carolina revoked its license. Enrollment in Arizona and Florida is down
sharply, and InfiLaw is looking for buyers for both schools. Thousands of InfiLaw students have dropped out, transferred or failed state bar exams and are
struggling to pay down a total of more
than $1 billion in federal student loans,
For Crabs, Getting Hit By a Car
Can Be a Fairly Decent Outcome
i
NOONAN A13
CONTENTS
Books.................... C5-10
Business News...... B3
Food...................... D9-10
Heard on Street....B11
Obituaries................. A8
Opinion............... A11-13
EPA-EFE/REX/SHUTTERSTOCK
The S&P 500 closed
above 2600 for the first time,
the Nasdaq set a record and
the Dow rose 31.81 points to
23557.99. All three indexes
have posted double-digit percentage gains this year and
many analysts are optimistic
the rally can continue. A1, B11
J
A
S
O
N
THE WALL STREET JOURNAL.
Retailers
Kick Off
Season
On Firmer
Footing
BY SUZANNE KAPNER
AND LAURA STEVENS
Germany’s SPD said it
would hold talks with other
parties, a change of heart
that makes imminent snap
elections less likely. A6
Business & Finance
J
Source: FactSet
i
i
Migrating crustaceans force Australians
to get creative; Mr. Bray’s leaf blower
BY MIKE CHERNEY
CHRISTMAS ISLAND, Australia—On a drive near her house
this month, Jess Bray hit about
half a dozen red crabs with her
SUV. She and her husband,
Chris, were thrilled.
“Hundred percent success
rate,” said Mr.
Bray,
who
watched on the
side of the road
as the crabs that
were hit scurried
away, seemingly
unharmed. “They
definitely would
Red
have died nor-
mally.”
The couple are testing what
Mr. Bray calls a “crab-safe vehicle attachment” on Christmas
Island, a remote Australian territory near Indonesia, where
millions of red crabs emerge
from the forest and travel to the
ocean every year to spawn.
Famed British
naturalist David
Attenborough
ranked the migration as one of
his favorite wildlife experiences.
But there is a
Please see
CRABS page A9
crab
Education Department and American Bar
Association data indicate. Many owe
more than $100,000.
“The whole system broke down,” says
Mr. Lively, 69 years old, who serves as
Arizona Summit’s president and owns
less than 1% of InfiLaw. “We weren’t
ready to deliver on a scaled basis. We haven’t built up our academic support program to a level that would enable us to
deliver those things that we were convinced that we could deliver.”
Federal student loans were central to
the venture’s wild growth. Taxpayers
could wind up on the hook for large
chunks of InfiLaw student debt that
never gets paid back, and the student
borrowers face years of damaged credit.
Please see LAW page A9
After a year of struggling to
keep up with consumers’ shift
to e-commerce, many retailers
found themselves in unexpectedly good shape on Black Friday with pared-down inventories and less need to slash
prices to lure shoppers.
Black Friday sales are expected to come in at around
$33 billion, according to Customer Growth Partners, a market research and analysis firm,
representing a 4.8% advance
over Black Friday last year.
Sales for November and December are expected to climb
by about 4% to some $682 billion, which would make 2017
the strongest holiday season
since 2014, according to the
National Retail Federation.
Macy’s Inc. Chief Executive
Jeff Gennette said the retailer
had made adjustments based
on years past and was wellpositioned for the shopping
bonanza. “We don’t have the
albatross of a lot of extra inventory like we did last year,”
he said.
Macy’s is offering fewer
promotions, Mr. Gennette said.
“We’re in good shape,” he
added, but cautioned, “we’ve
still got five weeks ahead of
us” until Christmas.
The average Black Friday advertised discount across 17 categories was 45% this year compared with 48% last year,
according to price-tracking firm
Market Track LLC. Only three
of eight major retailers offered
deeper discounts than they did
a year ago, the firm said.
That isn’t to say deals were
hard to find. On Friday, shoppers found many of the same
Please see RETAIL page A2
Vaults
Apps Give Workers Amazon
To All-Time High
Early Access to Pay
BY KELSEY GEE
For more workers across
America, every day is payday.
Uber Technologies Inc.,
McDonald’s
Corp.
and
Bloomin’ Brands Inc.’s Outback
Steakhouse are among a growing group of employers giving
workers near-instant access to
wages through payday apps.
New tools that allow people
to spend the money they just
earned have provided some
workers an alternative to
short-term,
high-interest
loans, say the technology
startups offering the services.
The payment plan can boost
employee attendance and tenure, managers say.
Employers across the retail,
restaurant and service sectors
are searching for inexpensive
perks to attract and hold on to
employees in the face of low
unemployment. For workers,
immediate access to cash can
provide liquidity to cover
emergency costs, but economists say it is unclear whether
smaller, more frequent paychecks will help U.S. households under financial strain.
“It’s almost like a drug” for
employees, says Ed Shaw, executive vice president of human resources for Caspers Co.,
which operates 54 McDonald’s
restaurants in Florida.
Roughly 1,300 of the franPlease see PAY page A7
Shares of the online retailer led
the sector higher Friday on
optimism for holiday sales. B10
Amazon.com share price
Daily closes, year to date
$1,200
Friday: $1,186.00
1,100
1,000
900
800
700
J F MAMJ J A S O N
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* *******
U.S. NEWS
For Oil Boomtown, the Bills Come Due
LEILA NAVIDI/TNS/ZUMA PRESS
When the oil boom came to
Williston, the western North Dakota city tried to use the influx
of new wealth to transform itself from a hub for transient
roughnecks into a stable and desirable place to live.
So it built new roads, a
wastewater-treatment plant and
a $70 million recreation center,
complete with an indoor water
park and four tennis courts.
But as the oil boom has leveled off and North Dakota’s agricultural sector hit a rough
patch, state funding has been
stretched thin, stoking resistance to Williston’s plans.
North Dakota legislators are
re-examining the special state
funds Williston receives to pay
for the influx of workers who
weigh on city resources during
boom times. The struggles underscore the difficulties oil-rich
towns across the U.S. face in
striking a balance between
building quickly in boom times
without overspending.
In North Dakota, the state
money—dubbed “hub city funding”—has been going to three
oil-rich cities in the state’s west:
Williston, Dickinson and Minot.
From 2013 through 2019, those
cities have been allocated $301
million from state oil-tax revenue, with $178 million for Williston, the place with the biggest
population boom.
State Rep. Mike Brandenburg,
from the southeastern part of
the state, said the legislative
committee needs to look at the
difference between what these
cities need and what they want.
“It’s about trying to take care
of the whole state of North Dakota,” said Mr. Brandenburg,
who sits on the committee reexamining the funds.
Williston’s spending went
ROBYN BECK/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY SHAYNDI RAICE
AND HEATHER GILLERS
Above left, pump jacks near Williston, N.D., in 2016. The city used wealth from the oil boom to build a recreation center, with an indoor water park, above right.
largely unquestioned as the oil
boom kept pumping money in.
But since around 2014, the
state’s agricultural sector began
declining just as the oil boom
started easing.
The dynamic has set off a
fight for state resources at a
time when the city’s own revenue is also faltering.
Williston is spending close to
17% of its annual budget of $211
million on debt payments after
borrowing heavily over the past
decade. The city has more than
$200 million in outstanding
debt, much of it issued to cover
infrastructure to accommodate
its growing population. Last
year, Moody’s Investors Service
twice downgraded Williston,
pushing the city’s bonds into
junk status. The city is forecast
to receive $47 million from the
state that was allocated for
2017-2019. It has received $4.6
million.
Williston sits at the center of
the Bakken Shale, where since
2008 energy companies have
combined hydraulic fracturing
and horizontal drilling to access
crude oil. From July 2010 to
July 2015, Williston was the
fastest-growing small city in the
U.S. RV-filled “man-camps”
bloomed, weighing on an array
of public resources, especially
roads and water.
Williston, N.D., is
spending close to 17%
of its annual budget
on debt payments.
“You cannot believe what it
was like in Williston,” said State
Sen. Rich Wardner of Dickinson,
a hub city 130 miles to the
south. “People were in campers,
they were parked in backyards,
they had tents. That town was
inundated.”
The money helped Williston
build a new wastewater-treatment plant, after the city’s population grew more than 80% in
five years. The city was relying
on lagoons for water that could
only handle about 12,000 people. By 2015, the Census Bureau
estimated Williston had more
than 27,000 residents.
But the city also invested
hundreds of millions of dollars
in a new airport, while critics
noted there is an airport 50
miles away in Tioga.
The indoor recreation center, built by the city’s park district using local sales-tax funds,
has been a point of special contention.
“Why did they build a $70
million recreation center? Let’s
just ask that question,” said
State Rep. Jeff Delzer, who represents Underwood in central
North Dakota and thinks the
state should re-examine the
hub city funding.
Local officials say their in-
vestments were needed to bolster quality of life and to keep
people in the city so it has a
large and stable supply of
workers when the next oil
boom comes around.
When the price of oil began
declining in 2014, so did the
population, falling to 26,000 in
2016. That translated into
lower sales-tax revenue to fund
all the new projects, many already in full swing.
Residents recently voted
overwhelmingly for a one-cent
sales tax to help fund infrastructure. But if the state takes
away the hub city funding, Williston will be in trouble, Mayor
Howard Klug said.
“Whenever you go from
12,000 to 30,000 people, you
have to bring on debt,” he said.
“There was not a do-nothing
option for the city of Williston.”
Mr. Wardner, who is chairman of the legislative committee looking at the hub city
JACK HANRAHAN/ERIE TIMES-NEWS/ASSOCIATED PRESS
BRIGHT LIGHTS: A mother and her son at the Festival of Trees at the Bayfront Convention Center in Erie on Friday.
RETAIL
Continued from Page One
promotions that were on offer
last year, including 30% off at
Coach and 50% off at the Gap.
Many shoppers snapped up
bargains on Thanksgiving Day.
Kevin Krause, 27, was first
in line outside the Kohl’s store
in Medford, Ore., on Thanksgiving afternoon. He decided
to buy an Xbox One videogame
console that was on sale for
$189. “I’m just doing that, and
then I’m out,” he said.
Analysts have been predicting robust holiday sales amid
rising wages, low unemployment and strong consumer
confidence. Another bonus, especially in the Northeast, is
cooler weather compared with
a year ago, when temperatures
edged into the 60s.
“I’d be fully expecting people to be thinking about
spending more, not be holding
back as much as in the past,”
said Andrew Duguay, a senior
economist at Prevedere, a predictive analytics company.
Jena Thomas, a university
student shopping with her
mother at a Target in Chicago,
bought two TVs that she
couldn’t get earlier at Best Buy.
Black Friday sales of
$33 billion are
expected this year,
4.8% ahead of 2016
travel and entertainment.
But a bright spot has
emerged: Stores, having reduced inventories, aren’t sitting on piles of excess goods
like they were a year ago.
“Because inventory management was quite good coming
out of the third quarter, there’s
not going to be a need for aggressive promotions in the
fourth quarter to clear out unsold goods,” said Bill Dreher, a
retail research analyst with
Susquehanna International.
“Having the right amount of
inventory allows you to stick
with your promotional plan,”
Kohl’s Corp. CEO Kevin Mansell said Friday.
In an interview earlier this
week, Neiman Marcus Group
CEO Karen Katz attributed a
jump in the luxury retailer’s
gross margin in the latest
quarter to stronger full-priced
sales. “We’ve gotten our inventory in perfect alignment with
our sales,” she said.
That all could change in the
days leading up to Christmas.
Shoppers have been trained to
wait for deals, a practice made
easier by online price comparisons. If they hold off on many
purchases, retailers will likely
have to slash prices more than
planned as the season progresses.
In a Wal-Mart on Long Island Thursday evening, Andre
Valadas, a 34-year-old software engineer, said it was
hard to snag a discounted
Sharp TVs being sold at the
store and at a Best Buy across
the parking lot. “I hope that if
they don’t have deals right
now they will have them in a
few weeks closer to Christmas,” he said.
Black Friday is expected to
be the third-busiest shopping
day of the year, behind the
Saturday before Christmas and
Notice to Readers
The Numbers column will
return next week.
U.S. WATCH
First Signs of the Christmas Season in Erie, Pa.
She also splurged on a PlayStation 4 console and videogames.
“I caught up with all my Christmas shopping,” she said.
Traditional stores continue
to grapple with a host of problems including sluggish sales
as more shopping takes place
online. And there is the broad
shift in consumer spending
away from apparel and accessories and toward dining,
funding, said the city had no
choice but to build the way it
did. He wants the current allocations to stay as is.
The committee will make final recommendations in August.
Some residents say the city
needs to build more, not less.
Joseph Edman, a 36-year-old
resident who owns a local construction company, said the
schools are growing so quickly
that his three children take
classes in modular buildings.
He resents that people question the city’s decision to build
the recreation center, which he
said his kids use every day in
the wintertime.
“What should we do, just
work and send taxes back
east?” he said.
Cyber Monday, according to
Customer Growth Partners.
Software company Adobe
Systems Inc. said online sales
on Thanksgiving increased 18%
to $2.87 billion. As of 8 p.m.
Friday, shoppers had spent
$3.54 billion, up 16%. Adobe
expects online sales to increase 14% to $107.4 billion for
the November-December period, compared with the previous year.
Amazon said Thanksgiving
was one of its biggest mobile
shopping days, as orders placed
through its app increased more
than 50% over last year. Best
selling items included Keurig
coffee makers and its Echo
speaker devices.
“If you go back to the creation of Black Friday, it was
this amazing opportunity for
customers to get great deals,”
Dorion Carroll, vice president
of mobile shopping at Amazon, said earlier this week.
“So they would flock to the
stores and all of that would be
great, until it wasn’t. It got
too crowded.”
A few technical problems
popped up on Friday. Nike Inc.
customers complained about
error messages when using the
sportswear maker’s website,
and Macy’s said it experienced
a “slowdown” with its credit-
TAX LEGISLATION
YAHOO
Trump, Senate GOP
To Meet Before Vote
Guilty Plea Expected
From Alleged Hacker
President Donald Trump will
meet with Senate Republicans at
their weekly closed-door lunch on
Tuesday, a top GOP lawmaker
said Friday, as the party prepares
to vote next week on legislation
overhauling the tax code.
The Senate Budget Committee is expected to merge key
pieces of the legislation on Tuesday, ahead of a full chamber vote
later that week, according to a
Senate GOP aide.
Republicans hold a 52-48 majority in the Senate and can afford to lose no more than two
GOP votes on the tax bill, provided no Democrats support it.
House Republicans passed
their version of the tax bill
shortly before the Thanksgiving
break. But passage in the Senate
is expected to be more of a nailbiter.
Mr. Trump is expected to discuss the tax bill and the rest of
the year-end legislative agenda
at the Tuesday lunch, the office
of Senate GOP Policy Committee
Chairman John Barrasso said.
—Kristina Peterson
An accused computer hacker
is expected to plead guilty Tuesday to criminal charges stemming from the 2014 security
breach of Yahoo Inc. that a federal indictment alleges was orchestrated by Russian spies.
Karim Baratov, a 22-year-old
dual Canadian-Kazakh national,
was arrested near Toronto in
March, shortly before U.S. officials unsealed a federal indictment that said he conspired
with two Russian operatives and
a third Russian hacker who
swiped the Yahoo data.
A lawyer for Mr. Baratov declined to comment. Abraham
Simmons, a spokesman for the
U.S. Attorney in San Francisco,
also declined to comment.
Mr. Baratov is scheduled to appear Tuesday before U.S. District
Judge Vince Chhabria in San Francisco for a “change of plea” hearing,
according to the website for the
U.S. District Court for the Northern
District of California. A person familiar with the case said Mr. Baratov was expected to plead guilty.
—Del Quentin Wilber
card system. Both retailers said
they were working on the issues. Even so, plenty of shoppers make the post-Thanksgiving pilgrimage to stores.
Delaney Dauchy, a 15-yearold shopping with her mother
at a Thousand Oaks, Calif.,
mall, said the deals aren’t as
good this year. The Dauchys
said they noticed smaller
crowds than in past years, noting Black Friday deals have
been going on all week. “I’m
not sure it seems extra special,” Anne Dauchy, 48, said.
—Julie Jargon, Erica Phillips,
Benjamin Parkin, Miguel
Bustillo, and Sarah Nassauer
contributed to this article.
CORRECTIONS AMPLIFICATIONS
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THE WALL STREET JOURNAL.
* * * * * * *
Saturday/Sunday, November 25 - 26, 2017 | A3
U.S. NEWS
BY SHIBANI MAHTANI
ing a rise in the number of
“petty conflicts that have
leapt from social-media platforms to violent crimes on the
street.” A Wall Street Journal tally found at least 100
cases nationally where an act
of violence was streamed on
just one of these platforms,
Facebook Live, since it was
launched in early 2016.
“Unfortunately, in too many
instances, these conflicts are
resolved with a gun,” said a
Chicago police spokesman.
Prosecutors and law-enforcement agencies in other
cities, including Dallas and Wilmington, Del., say social media
mirrors and contributes to
gang-related behavior on their
streets, too. Police in Dallas
this year attributed a string of
drive-by shootings to incidents
in which one gang challenged
another and posted their location on Facebook or Instagram,
prompting an act of violence.
Tatyanna Lewis, an 18-yearold from Chicago, was in a
running Facebook feud over a
man with Chynna Stapleton,
24, in mid-May, when Ms. Stapleton allegedly ran over Ms.
Lewis with a car, pinning her
to a tree. Ms. Stapleton has
been charged with first-degree
murder, to which she has
pleaded not guilty.
In Wilmington, law-enforcement officials and prosecutors
say they see the same escalation of violence through social
media.
The exchanges, however,
arm prosecutors with evidence,
including Facebook photos and
tags, that they can use in court.
“If you have a defendant
and you are trying to get some
large sense of whom they are
affiliated with, what other activities they might be involved
in and what may have led to
their crime, there’s information available publicly,” said
Delaware Attorney General
Matthew Denn.
CHICAGO—Rukiya Winston,
a 16-year-old 10th-grader in
one of this city’s most violent
South Side neighborhoods, has
sworn off social media.
She is disconnecting from
what she sees as a major part
of the culture of violence
around her.
“It takes things to a whole
new level. You see people get
into it with someone [on Facebook] and the next day they
are beaten up or shot,” Ms.
Winston said. “It is just too
much.”
Facebook and other platforms have emerged as fresh
challenges in the fight against
violent crime that continues to
grip major cities.
In Chicago—which is on
track to have more than 600
murders for the second year in
a row, a number it had been
below for more than a decade
before that—community leaders and police say the immediacy of these platforms has
played a major role in escalating disputes, while also pro-
Platforms emerge as
an ‘accelerant’ for
violence—as well as a
provider of evidence.
viding more evidence that can
aid arrests and convictions.
“It pours an accelerant on
what was already there,” said
Eric Sussman, the first assistant state’s attorney for Chicago’s Cook County.
The Chicago Police Department and prosecutors don’t
keep data on how many instances of violence were provoked by an exchange on social media, but they say
anecdotally that they are see-
ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL
Police See
Social Media
Fuel Crime
Lt. Laura West leading a discussion about anticrime technology at the Chicago Police Department District 007 this year.
Killings Are Sparked
By Drill Rap Videos
In Chicago, violence on the
South Side has, in part, been
fueled by the proliferation of
drill rap videos on YouTube, defined by dark, grim and nihilistic
lyrics that sometimes insult a
rival gang and its members.
Community leaders in the
Woodlawn neighborhood point
to the recent murders of Sherrod Rhyme, 18 years old, and
Terry Barry, 21, both drill rappers who were shot in June
and September, respectively.
“They got involved in this
Chicago police have invested heavily in data-driven,
crime- reduction technology in
the past year, building out
eight “nerve centers” in the
most violent police districts,
providing a wealth of information about the neighborhood
and offenders there.
The centers, which cost $1.3
million each, integrate data
like live-feeds from cameras in
the neighborhood and a suspect’s criminal record. Police
world, and within the course of
three or four months, they
ended up dead,” said Donnell
Williams, who works with middle-school youth at the Sunshine Gospel Ministries.
A Chicago police spokeswoman said it didn’t have any
information that linked the videos to the killings of Mr.
Rhyme and Mr. Barry, and that
no arrests have been made.
Mr. Williams described a
petty yet high-stakes world
where drill rappers would make
a disrespectful reference to a
dead member of a rival gang,
sometimes saying they are
smoking their ashes in a cigarette. This would then lead to a
retaliatory shooting.
Steve Gates, Chicago program director for the Youth Advocate Program, a nonprofit
that works with at-risk youth,
said many young men he works
with turn to rap videos to overcome the hopelessness they
feel in their lives, faced with
few job prospects and blight in
their neighborhoods.
“They go extra hard on projecting this image, and showing
that they can hurt somebody,”
Mr. Gates said. “It is the same
story as on the streets, but
just on a different platform—
the only platform that they
think they have a voice.”
—Shibani Mahtani
say this technology has contributed to a 13% drop in murders, compared with this time
last year. Separately, crime analysts also review open-source
accounts and monitor gang
conflicts through social media.
Chicago prosecutors and officials have repeatedly called
on Facebook and other tech giants for more proactive action
to help curb violence.
Cook County Commissioner
Richard Boykin said he facili-
tated a meeting this summer
between Facebook Chief Executive Mark Zuckerberg and
young men from a violent
South Side neighborhood
where they discussed how
easy it is to get guns and
drugs, and the role of social
media in provoking violence.
Mr. Boykin said a team at
Facebook has been in “constant contact” with city and
county officials since then.
“[Facebook] is getting bet-
ter with it, they’re obviously
very concerned,” he said.
“There’s a lot of work we have
to do to stop the drugs and
guns flowing into our city, and
social media is an area we focus some of that attention.”
A spokeswoman for Facebook said that the company
will double the number of people working on safety and security—reviewing content on
Facebook for dangerous and
hateful speech—to 20,000
from 10,000 in 2018. Threats
to someone’s personal safety
violates the platform’s community standards, the spokeswoman added.
Facebook has also invested
in Artificial Intelligence tools
to monitor content on Facebook Live, and has simplified
the process by which people report problematic videos online.
“People don’t want false
news or hate speech or bullying or any of the bad content
that we’re talking about,” Mr.
Zuckerberg said on an earnings call this month. “So to
the extent that we can eradicate that from the platform,
that will create a better product,” he said.
—Deepa Seetharaman
contributed to this article.
Fight Erupts on Appointment of CFPB Interim Chief
BY YUKA HAYASHI
der the 2010 Dodd-Frank regulatory-overhaul law, which created the CFPB, the regulator’s
deputy director serves as acting
chief if the director is absent or
unavailable.
Hours later, President Donald
Trump designated Mick Mulvaney, director of the White House
Office of Management and Budget, as the CFPB’s acting director. Mr. Mulvaney is to serve in
that post until a permanent director is nominated and con-
WASHINGTON—The leadership of the Consumer Financial
Protection Bureau was thrown
into uncertainty on Friday when
the president and the agency’s
departing Obama-era chief both
named temporary directors.
Richard Cordray, who said
Friday was his last day at the
CFPB’s helm, named the
agency’s chief of staff, Leandra
English, as deputy director. Un-
firmed, the White House said.
Mr. Mulvaney’s appointment
was expected.
Mr. Mulvaney, known as a
harsh critic of the CFPB, has described the agency as “one of
the most offensive concepts” in
the U.S. government. He has
said he stands by a comment
describing it as a “sad, sick
joke.”
The White House said in a
statement Friday that Mr. Mulvaney will “take a common-
sense approach to leading the
CFPB’s dedicated staff…that will
empower consumers to make
their own financial decisions.”
Regardless of the fight over
the interim director position, an
appointee of Mr. Trump, a Republican, will eventually take
the helm of the CFPB and likely
implement various steps to
overhaul the agency. However, it
may take several months until
the new director is confirmed
by the Senate, as Democratic
Puerto Rico Power Grid Repairs Resume
The company that was
hired and then fired under a
$300 million deal to rebuild
Puerto Rico’s power grid has
resumed repairs on a critical
power artery after receiving
partial payment on an $83
million bill backlog.
A Whitefish Energy Holdings LLC spokesman said the
company went back to work
Wednesday after Puerto Rico’s
public power utility paid some
of what was owed under the
controversial contract, enough
to show its “good faith intent
to pay” for services rendered.
Whitefish had suspended work
on the island’s electrical grid
on Monday over a payment
backlog that the company
blamed both on the power
utility known as Prepa and on
construction subcontractor
Arc American Inc.
Whitefish and Arc American
are now accusing each other
of leveraging the unfinished
job of turning Puerto Rico’s
lights back on to extract as
much money as possible under
their agreements.
The work stoppage was a
setback to power restoration
efforts that have failed to turn
the lights back on for millions
of Puerto Ricans more than
two months after Hurricane
Maria made landfall. Whitefish
accused Prepa of failing to pay
$83 million owed under their
contract, including $39 million
for the anticipated costs of de-
RICARDO ARDUENGO/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY ANDREW SCURRIA
Whitefish workers repair power line towers in Puerto Rico in the aftermath of Hurricane Maria.
mobilizing 500 subcontracted
workers.
Whitefish said the backlog
got worse because Arc American complained it wasn’t being
paid and asked for money from
Prepa directly. Prepa responded
by cutting off all payments under the Whitefish deal until the
situation was resolved.
Puerto Rico canceled the
contract with Whitefish last
month after intense criticism
on how it was awarded and
priced. But the company was
scheduled to remain in Puerto
Rico until Nov. 30 to continue
work on an important southto-north transmission line
damaged by Maria.
Whitefish is now suing Arc
American in a state court in
Montana, where Whitefish is
based, saying Arc American
has no basis to jump the line
and collect payments directly
from Prepa. Even after the
partial payment that allowed
work to resume, Prepa is still
“deliberately withholding” a
“large sum of money” because
of the subcontractor’s claims
of nonpayment, the Whitefish
spokesman said.
Documents filed in the
Montana case show that Arc
American asked for an $8.7
million payment from Prepa
last week. Whitefish said in
its complaint that because it
wasn’t being fully paid by
Prepa, Arc American’s invoices “are not yet due and
owing.”
Arc American said it never
stopped working and denied
snarling the contract payments. Whitefish asked for
subcontractors including Arc
American to walk off the job
“seemingly in order to gain leverage” over Puerto Rico and
squeeze the government for
payments in the final days of
the contract, Arc American
CEO Ben Wilson said.
A judge in Montana has
scheduled a Nov. 29 hearing
on whether Arc American
should withdraw its request.
lawmakers are ready to oppose
anyone who could drastically alter the agency, such as Mr. Mulvaney.
“If it takes the Senate a long
time to confirm whomever the
president nominates, there is a
lot that the CFPB could accomplish in the meantime by way of
enforcement and policy objectives,” said Jenny Lee, a partner
at Dorsey & Whitney LLP.
Mr. Cordray, who was appointed by former President
Barack Obama, a Democrat,
said last week that he would
leave the agency before the
end of November, ending a tumultuous six-year tenure during which he helped to turn a
young agency into a powerful
financial regulator, often criticized by Republicans and financial companies.
Experts have disagreed on
whether the president has the
authority to appoint an acting
CFPB director.
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A4 | Saturday/Sunday, November 25 - 26, 2017
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U.S. NEWS
In Mueller Cases,
Jury Selection
Poses Challenge
Mike Flynn is facing questions from the special counsel over his work on a documentary about an exiled Turkish cleric.
Flynn Probe Looks at Film
Work on Turkish movie
draws questions as
legal team shift signals
possible cooperation
BY DION NISSENBAUM
AND REBECCA BALLHAUS
WASHINGTON—Special
counsel Robert Mueller is investigating former White House
national security adviser Mike
Flynn’s work on an unfinished
film financed by Turkish interests as part of its probe into
whether Mr. Flynn improperly
concealed financial ties to Turkey and to Russia, according to
people familiar with the matter.
The focus on the film comes
amid signs that Mr. Flynn may
be working on a deal with Mr.
Mueller. Mr. Flynn’s lawyers
this week stopped cooperating
with White House attorneys defending the president, according to other people familiar
with the matter, a possible sign
that Mr. Flynn is sharing information with investigators.
The Federal Bureau of Investigation is preparing to interview consultants hired by Mr.
Flynn to work on a documentary film targeting an exiled
Turkish cleric whom Ankara accuses of trying to overthrow
the country’s president, according to people familiar with the
investigation. Details of the unfinished film project were first
reported by The Wall Street
Journal in May.
The film was at the heart of
Mr. Flynn’s work for Turkish interests while he served as top
adviser on then-candidate Donald Trump’s presidential campaign. While working to get Mr.
Trump elected, Mr. Flynn’s
company signed a $530,000
contract with a Turkish businessman with close ties to President Recep Tayyip Erdogan.
Mr. Flynn and his business
partner, Bijan Kian, hired consultants to create a film attacking the Muslim cleric, Fethullah
Gulen, who has been accused of
orchestrating a failed July 2016
coup attempt in Turkey from
his home in rural Pennsylvania.
Mr. Gulen has denied playing
any role in the putsch.
Mr. Flynn’s consulting firm,
the Flynn Intel Group, tried to
conceal its role in the documentary, said David Enders, a
Beirut-based freelance journalist hired to film interviews.
Mr. Enders said Mr. Kian told
him he didn’t want anyone to
know who was behind the
movie.
Mr. Kian didn’t respond to a
request to comment. Peter Carr,
a spokesman for Mr. Mueller,
declined to comment. Mr.
Flynn’s lawyer, Robert Kelner,
wasn’t immediately available to
comment on the matter.
FBI agents have contacted
Mr. Enders and Rudi Bakhtiar, a
former CNN anchor hired to
work on the documentary, to
ask them about their roles in
the venture, according to people familiar with the matter.
Mr. Flynn waited until
March of this year to file federal documents showing that
he was paid to represent Turkish interests.
Mr. Mueller also is probing
the alleged role played by Mr.
Flynn and his son, Michael
Flynn Jr., in a plan to forcibly
remove Mr. Gulen and deliver
him to Turkey in return for
millions of dollars, the Journal
previously reported.
Mr. Flynn’s lawyer and the
Turkish government have said
the plot allegations are false.
A lawyer for Mr. Flynn Jr. declined to comment.
Mr. Flynn’s lawyer declined
to comment on the decision to
no longer discuss the special
counsel’s investigation with
the president’s legal team.
“It was not unexpected to
us that Gen. Flynn’s lawyers
might be entering into discussions with the special counsel
[about] potential pleas,” said
Jay Sekulow, a member of the
White House team.
Mr. Mueller’s team is investigating whether Trump associates colluded in Russia’s efforts
to interfere in the 2016 U.S.
election. Mr. Trump has denied
any collusion by him or his
campaign, and Moscow has denied meddling in the election.
Trump Plans to Stop Arming Kurds in Syria
BY DION NISSENBAUM
WASHINGTON—President
Donald Trump’s administration
is preparing to stop sending
weapons directly to Kurdish
militants battling Islamic State
in Syria, dealing a political blow
to the U.S.’s most reliable ally in
the civil war, officials said Friday.
Mr. Trump delivered the
news in a call with President
Recep Tayyip Erdogan of Turkey, who has long urged the U.S.
to cut off its support for Kurdish militants he views as terrorists intent on destroying his
own country.
Turkish officials made public
the details of the move before
the White House appeared to
have informed its Kurdish allies
in Syria or relayed its plans to
many officials at the Pentagon
or State Department.
In its official readout of the
call, the White House said the
GOP president “informed Presi-
SURGE
Continued from Page One
helped markets rebound
quickly from pullbacks.
“That cocktail of factors
wouldn’t suggest the economy
is heading into a recession
anytime soon,” said Michael
Scanlon, a portfolio manager
at Manulife Asset Management. “The U.S. equity markets are the best place to have
exposure.”
Goldman Sachs Group Inc.
this past week raised its yearend target for the S&P 500 to
2850, a 9.5% gain from Friday’s close, saying its “rational exuberance” reflects continued U.S. and global
dent Erdogan of pending adjustments to the military support provided to our partners
on the ground in Syria” as the
fight against Islamic State
moves into a “stabilization
phase” to ensure Islamic State
doesn’t return.
A senior U.S. administration
official said later that the U.S. is
preparing to “wind up” its direct support for Kurdish forces
in Syria, a move long expected
to come after the defeat of Islamic State in the Middle East.
U.S. support for Kurdish
fighters in Syria has been a major irritant in U.S.-Turkey relations. The Kurdish forces in
Syria are closely aligned with
the so-called PKK, which is classified as a terrorist group by
the U.S. and Turkey. The PKK
has used suicide attacks and car
bombers to wage a decadeslong
fight for more Kurdish rights in
Turkey. PKK militants fight and
train with their Syrian counterparts, known as the YPG. But
the U.S. has long maintained
that the Syrian Kurds are a distinct force and should not be
considered terrorists.
The U.S. began providing
arms to the YPG in 2014 when
the Kurdish fighters successfully pushed Islamic State out of
Kobani, a Syrian town on the
Turkish border. Because of Turkey’s concerns, the U.S. restricted its direct support for
the YPG and provided arms to
the Kurdish fighters through an
umbrella group set up, in part,
to serve as a funnel for weapons to the militants.
With U.S. support, the Kurdish fighters became the U.S.’s
best ally on the ground in Syria.
The YPG pushed Islamic State
out of northeastern Syria,
where they set up a new government that is viewed with
alarm by neighboring Turkey.
Turkish leaders first broke
the news Friday after their call
with Mr. Trump.
“Mr. Trump clearly said that
economic growth, low inflation, and slowly rising interest rates. The prospects of
Republicans passing a taxoverhaul plan also factors
into Goldman’s forecast.
Other banks that have
raised forecasts for next year
include UBS Group AG and
BMO Capital.
Still, not all Wall Street analysts are calling for another
year of big gains. Larry Adam,
Deutsche Bank Wealth Management’s chief investment
officer, has maintained a 2650
target for the S&P 500 over
the next 12 months, a call he
and his team reiterated last
week.
“We’re dialing down our
expectations going forward,”
Mr. Adam said. “We don’t see
any major risks, but we don’t
see all of those [economic factors] happening again next
year.”
Many firms entered the
year skeptical stocks could go
further, given the gains of recent years and the valuations
on many broad market indexes. Goldman estimates
that the earnings multiple—or
its price relative to earnings—
of the median S&P 500 stock
is in the 99th percentile historically, suggesting that
there are few periods in history in which the market appeared more overextended.
In part reflecting those
concerns, Bank of America
Corp. initially called for the
S&P to finish the year at
2300, while Deutsche Bank AG
expected the broad index to
end at 2350. The index closed
last year at 2239.
The S&P 500 clinched its
55th closing high on Friday,
the index’s most records in a
calendar year in more than
two decades. The Nasdaq has
also posted the most record
closes in a single year, marking its 69th on Friday, while
the Dow industrials have hit
60 highs.
Many analysts expect indexes to resume their grind
higher through the rest of
this year and into 2018.
Key Milestones
2600
The S&P 500 has clinched 55 record closes so far
this year, the most in more than two decades.
2500
Record close
2400
2300
2200
J
F
M
A
Source: WSJ Market Data Group
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THE WALL STREET JOURNAL.
he had given clear instructions
and that the YPG won’t be given
arms,” said Mevlut Cavusoglu,
Turkey’s foreign minister. He
quoted Mr. Trump as saying
“this nonsense should have
ended a long time ago.”
Mr. Cavusoglu said Mr.
Trump gave instructions to U.S.
generals and his national security adviser, Lt. Gen. H.R. McMaster, that “no weapons
would be issued” to the Kurdish
forces.
“Of course, we were very
happy with this,” Mr. Cavusoglu
said.
The Turkish announcement
came as a surprise in Washington, where military and political
officials in Mr. Trump’s administration appeared to be caught
off-guard. U.S. military officials
said they had received no new
guidance about supplying weapons to the Kurdish forces. But
they said there were no immediate plans to deliver any new
weapons to the group.
With the first trial resulting
from Special Counsel Robert
Mueller’s investigation expected
in the spring, prosecutors, defense lawyers and the judge
head toward a delicate and often difficult task: picking a fair
jury.
In high-profile trials, finding
jurors who don’t come armed
with their own set of conclusions about a case can be a
challenge. And in a politically
divisive climate, that task
grows even more complex for
trials that touch on the presidency, legal experts said.
In the expected trial of Paul
Manafort, President Donald
Trump’s former campaign
chairman, and Richard Gates,
Mr. Manafort’s business associate, those involved in the juryselection process must navigate
a public that has been bombarded with media coverage of
Mr. Mueller’s investigation and
regular criticism of the special
counsel’s efforts from the GOP
president.
‘The exposure in
D.C. is no more or
less in New York,
Chicago, L.A....’
Messrs. Manafort and Gates
are accused of money-laundering, conspiring against the U.S.
and failing for years to register
their lobbying activities on behalf of the Ukrainian government. The charges stem from
Mr. Mueller’s investigation into
Russia’s alleged meddling in the
2016 presidential election.
Messrs. Manafort and Gates
have pleaded not guilty.
For defense attorneys, the
first juror-related hurdle in a
widely publicized case is often
the location of the expected
trial because it is usually to
their advantage to select from a
jury pool that has had less exposure to coverage of the case.
Attorneys
for
Messrs.
Manafort and Gates didn’t respond to requests to comment.
A spokesman for Mr. Mueller’s
office declined to comment.
With Mr. Manafort and Mr.
Gates, the trial is set to take
place in Washington, D.C., and
while defense attorneys may
Paul Manafort, President Donald Trump’s former campaign chairman.
Aiming Higher
The S&P 500 has performed beyond most investors’ expectations this
year, prompting some banks to increase their forecasts significantly.
Banks’ 2017 year-end forecast in January ( ) and October ( )
2200
2300
2400
2500
2600
2700
Bank of America
Bank of Montreal
Canaccord
Citigroup
Credit Suisse
Deutsche Bank
Fundstrat
Goldman Sachs
HSBC
Friday
2602.42
Jefferies
JP Morgan
Oppenheimer
RW Baird
Scotiabank
Stifel Nicolaus
UBS
Weeden & Co.
Note: Citigroup, Fundstrat, UBS and Weeden & Co. forecasts did not change.
Source: Birinyi Associates
THE WALL STREET JOURNAL.
Tech companies have been
a major factor behind indexes’
gains, and investors and analysts expect that to persist.
Facebook Inc. and Google parent Alphabet Inc. are among
the best-performing stocks
this year and are a big part of
why the S&P 500’s tech sector
seek a change of venue, that request is unlikely to be granted,
said Shira Scheindlin, a former
federal judge in New York.
“This case is national and
the news about it is national
and it’s on the networks every
day. The exposure in D.C. is no
more or less in New York, Chicago, L.A., or even small
towns,” she said.
In highly visible trials, the
jury-selection process often begins with a written questionnaire sent to prospective jurors
that asks about their familiarity
with the defendants and potential witnesses; their personal
and professional history with
any of the subject matter related to the charges; and their
media consumption.
In the recent public-corruption trial of Sen. Bob Menendez
(D., N.J.), the juror questionnaire asked from which sources
prospective jurors received
their news, their political-party
affiliation and whether they
had ever supported a candidate
by displaying a bumper sticker
or yard sign. Mr. Menendez’s
trial ended in a mistrial.
Jo-Ellan Dimitrius, a jury
consultant who has worked on
numerous high-profile trials, including those of O.J. Simpson
and of former Enron executives
Kenneth L. Lay and Jeffrey Skilling, said that in addition to
questioning prospective jurors
about their political activity,
both the defense counsel and
prosecutors in the special counsel trials would likely research
each person’s digital footprint.
And, she said, they will likely
try to find out if prospective jurors have talked about the case
to family members, as well as
whether they have monitored
other “sensational government
trials.”
Still, even with cases that
have received tremendous media attention, prospective jurors
often don’t know much about
the alleged conduct, especially
if it involves complicated material, legal experts said.
Judge Scheindlin, who presided over three trials of John
Gotti Jr., all of which ended in
mistrials, said Mr. Gotti’s notoriety as an accused crime boss
produced “screaming headlines
every day, because he is such a
media cult figure.” But, she
said, “while everybody had the
general familiarity that he was
indicted, they didn’t know the
particulars.”
ANDREW HARRER/BLOOMBERG NEWS
CARLOS BARRIA/REUTERS
BY ERICA ORDEN
is up 38% in 2017.
A narrow part of the market has driven a lot of the advance in the past year, said
Craig Hodges, chief investment officer at Hodges Funds.
S&P 500 growth companies,
or those with higher-than-average rates of earnings or
sales growth, are up 23% this
year, compared with just 7.8%
for value stocks that tend to
sport below-market valuations.
But other sectors have begun to narrow the gap. Shares
of
consumer-discretionary
and consumer-staple stocks
have also performed better in
recent months to push indexes higher. Both sectors are
on pace for their best quarter
since the first three months
of the year, thanks in part, to
improving profit outlooks
among companies such as
Wal-Mart Stores Inc., autoparts retailer AutoZone Inc.
and J.M. Smucker Co., the
seller of Folgers coffee and
fruit spreads.
One factor that could influence stock gains is the Federal Reserve. Investors got
more clarity about the path
for interest rates in 2018 after
officials on Wednesday released minutes from the central bank’s Oct. 31-Nov. 1
meeting that showed they
likely would raise short-term
rates in the near term due to
a strengthening economy.
Several officials added that
their support for the move
would hinge on whether inflation picks up.
—Riva Gold
contributed to this article.
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | A5
* * * *
WORLD NEWS
Saudi Arabia is at the nexus
of Lebanese Prime Minister
Saad Hariri’s two big problems:
his precarious political future
and the looming collapse of his
construction empire, a business
built on decades of support
from the Saudi royal family.
By Matthew Dalton
in Paris and Nicolas
Parasie in Dubai
Saudi Oger, a Riyadh-based
construction company wholly
owned by the Hariri family,
closed operations across Saudi
Arabia this summer after the
royal family slashed spending
on lavish construction projects.
The firm is now relying on the
Saudi government—its main client—to pay millions of dollars
in wages owed to the company’s
The company’s
troubles are a measure
of the influence Riyadh
wields over Mr. Hariri.
former workers, some of these
workers say. Saudi officials are
also investigating the company’s
finances, a former senior manager at the company said.
Spokesmen for Mr. Hariri,
Saudi Oger and the Saudi government didn’t respond to requests to comment.
Saudi Oger’s troubles are a
measure of the influence Riyadh
wields over Mr. Hariri and a
sign of his fraying relationship
with the Saudi government.
On Nov. 4, Mr. Hariri
stunned Lebanon when he appeared on Saudi state television
to announce he was stepping
down. Mr. Hariri, who is a dual
Saudi-Lebanese citizen and
leads Lebanon’s Sunni bloc,
said he blamed Iran and its
Lebanese proxy Hezbollah for
what he called their destructive
role in the Middle East and said
he feared for his life.
The Saudis pressured Mr.
Hariri to resign, according to
people close to Mr. Hariri and
the Saudi government. Riyadh,
which backs Lebanon’s Sunni
bloc, wants Mr. Hariri to take a
more forceful stand against
Hezbollah to counter the influence of Shiite Iran.
Mr. Hariri remained in Saudi
Arabia for most of the next two
weeks, fanning accusations that
the Saudis were keeping him
there against his will. A spokesman for the Saudi government
has denied any role in Mr. Hariri’s resignation.
After returning to Lebanon
on Tuesday, Mr. Hariri said he
would hold off handing in his
resignation at the request of
President Michel Aoun so that
the two men could discuss it.
The political forces buffeting
Mr. Hariri arise from his family’s ties to Saudi Arabia. That
relationship has for years
played a key role in Lebanon’s
political system, which divides
power among Sunnis, Shiites
and Christians.
Starting with Saad Hariri’s
father, Rafiq, who founded
Saudi Oger and became Lebanese prime minister, the family
has for decades helped Riyadh
project influence in Lebanon,
analysts say. “The Saudis
gained influence over not just
the Sunni community, but also
the direction of the country,”
said Hannes Baumann, a specialist in Middle East politics at
the University of Liverpool.
Bankers who worked with
Saudi Oger say they have
floated scenarios to save the
firm, ranging from a debt restructuring to Saudi Arabia
taking a minority stake in the
firm or nationalizing it. But
they see little chance it will restart its operations. French
courts placed Oger International, the group’s international
affiliate, under judicial administration in September 2016.
Egypt Attack Kills Hundreds
More than 100 others
were injured by gunmen
during Friday prayers
at Sufi-linked mosque
At least 235 people were
killed and 109 injured Friday
when gunmen armed with explosives attacked a Sufi-linked
mosque in Egypt’s restive Sinai Peninsula, according to officials quoted by the state media, marking the deadliest
assault in the country in decades.
ANADOLU AGENCY/GETTY IMAGES
Lebanese Strife
Has Saudi Roots
By Dahlia Kholaif in
Cairo and Rory Jones
in Tel Aviv
The assailants detonated a
bomb at the Al Rawda mosque
in the town of Ber al Abd,
west of the city of al-Arish,
state media said, before opening fire. Several ambulances
were fired upon as they tried
to ferry the injured from the
scene, state television said.
No group claimed responsibility for the attack. The Egyptian branch of Islamic State
regularly stages assaults in Sinai and is active in al-Arish. A
string of terrorist attacks has
hit the sparsely populated
province since 2013, mostly
targeting policemen and army
troops. Violence against Coptic Christians also has increased.
The attack is likely to heap
political pressure on President
Abdel Fattah Al Sisi of Egypt,
who came to power vowing to
take a harsh stance against extremism but has failed to halt
regular attacks across the
country, particularly in Sinai.
“This heinous act, which reflects the inhumanity of its
perpetrators, will not pass
without a firm and once-for-all
punishment,” Mr. Sisi said.
The president declared
three days of mourning and
will meet with a panel of top
security officials and intelligence chiefs to assess the attack, state media said. Images
The wounded were taken to the hospital after Friday’s attack at the Al Rawda mosque in Egypt.
C Y P.
LEB.
Mediterranean
Sea
SYRIA
Ber al Abd
ISR.
Cairo
EGYPT
100 miles
100 km
JORDAN
S INA I
P EN IN SULA
SAUDI
ARABIA
Red
Sea
THE WALL STREET JOURNAL.
of corpses wrapped in bloodsoaked fabric on the floor inside the mosque were broadcast by state media.
The U.S. State Department
condemned the attack, calling
it an unconscionable act of
evil in a statement. “We will
continue to stand with Egypt
and the Egyptian people as
they face the scourge of terrorism,”
spokeswoman
Heather Nauert said.
“Those dead were killed
with bullets to their heads,
chest and back,” said one witness. “Some [worshipers] had
their heads totally blown up.”
The assailants fired as worshipers were kneeling, he said,
detonating a bomb outside the
mosque to block the way for
medics.
The witness, who was inside the church at the time of
the attack, said he counted
more than 20 assailants, eight
of whom entered the mosque.
The others sprayed worshipers
as they tried to escape, he
said.
Egyptian officials haven’t
commented on the number of
attackers.
The mosque hosts Sufi worship rituals that begin every
Thursday and extend until after Friday prayers, local residents said.
If claimed by Islamic State,
the assault is likely to highlight the significant threat the
group poses in countries
where it has a foothold even
as it is squeezed out of its
onetime strongholds. Syrian
regime and Western-backed
forces have routed the group
in Syria and Iraq in recent
months, but it remains a potent force in Egypt and neighboring Libya.
Mr. Sisi warned this month
that Islamic State militants
would make their way from
Syria and Iraq to Libya, and
then on to Egypt. In Iraq, Islamic State now controls just
a desert area of Anbar province near the Syrian border.
In Syria, the Sunni Muslim
militant group maintains a
small chunk of territory near
the Israeli-controlled Golan
Heights.
Any new recruits would further complicate Egyptian efforts to eradicate Islamic
State’s arm in the country,
known as Sinai Province.
Local residents in Sinai said
the mosque attacked Friday is
associated with Sufism, a mystical branch of Islam dubbed
heretical
by
extremists.
Though not the first to target
Sufis in Egypt, Friday’s attack
is the deadliest known recent
assault there against its followers.
—Jessica Donati
contributed to this article.
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A6 | Saturday/Sunday, November 25 - 26, 2017
* *****
THE WALL STREET JOURNAL.
WORLD NEWS
Ireland’s Exporters Prepare for Brexit
From ducks to trucks,
businesses rush to
diversify as U.K.
gets set to leave EU
MONAGHAN, Ireland—To
drum up sales of the ducks he
rears at Silver Hill Farm here in
Ireland’s rural north, Barry Cullen has turned from his oncereliable path to U.K. markets
and hopped on a flight to Asia.
The U.K.’s impending exit
from the European Union is
driving business decisions like
this, in some cases with government assistance, in a country whose economy has more
at stake in Brexit than any
other member state.
Faced with the possibility
of new barriers to trade with
the U.K., Irish firms are scoping out new markets and rethinking their supply chains.
Irish government agencies are
putting up cash and offering
advice to companies seeking
to diversify away from Britain.
The finance ministry in Dublin
has lined up hundreds of millions of euros in aid for farmers and small businesses.
The country’s fast-track efforts highlight how Brexit is
already reshaping economic
ties across Europe.
“We would be naive not to
plan for a bad outcome here,
but we are going to continue
to negotiate for a good one,”
Simon Coveney, Ireland’s minister for foreign affairs and
trade, said in an interview.
The U.K. is scheduled to
leave the EU in March 2019,
and has pledged to withdraw
from the EU’s single market,
the bloc’s area of common regulation and standards, and its
customs union, which sets tariffs on goods entering the EU
from nonmember states.
Dublin is pressing for a
Brexit deal that hugs the U.K.
as close as possible to the remaining 27-member bloc and
keeps the border with Northern
PAULO NUNES DOS SANTOS FOR THE WALL STREET JOURNAL
BY JASON DOUGLAS
AND MAX COLCHESTER
Barry Cullen, head of sales of Silver Hill Farm, at the company’s farm shop. With Brexit looming, Irish firms such as Silver Hill are looking beyond the U.K. for business.
Ireland as open as it is today.
With the clock ticking, divorce talks between London and
Brussels have made only limited
progress, raising the specter of
an abrupt break between Britain and the EU that would mean
hefty tariffs on trade and customs checks at the border.
The U.K. is Ireland’s secondlargest trading partner after
the U.S., with cross-border
commerce accounting for almost a fifth of the nation’s
trade in goods and services.
In Monaghan, on the border
with Northern Ireland, Mr. Cullen has set his sights away
from the U.K. In 1962, Silver
Hill Farm began rearing and
selling ducks for Chinese restaurants in Britain. It now exports to 24 countries, said Mr.
Cullen, head of sales. But the
U.K. still accounts for about
45% of Silver Hill’s exports.
Mr. Cullen visited Thailand,
Malaysia and Macau this
month in search of new customers. “Asia is our get-outof-jail-free card,” he said.
The government in Dublin
has earmarked €50 million
($59 million) to support the
agricultural sector as Brexit
gets under way, on top of €300
million to provide low-interest
loans to small and midsize
firms. Many Irish firms said
they are already being hit by
the slide in the pound since
U.K. voters chose Brexit in a
referendum in June 2016.
The Irish economy could
end up between 2.3% and 3.8%
smaller 10 years after Brexit
than it would have been had
the U.K. remained an EU member, depending on what kind
of withdrawal deal is reached,
according to the Economic and
Social Research Institute, a
Dublin-based think tank.
U.K. Prime Minister Theresa
May has said she wants a transition period of around two
years to complete negotiations
on the shape of the U.K.’s future relationship with the EU
and to give companies and authorities the time to prepare.
In Gallinagh, County Monaghan, forklift-truck manufacturer Martin McVicar said he
isn’t about to wait.
Mr. McVicar, chief executive
of Combilift Ltd., has lined up
a German supplier to get the
axles and wheel motors he has
been sourcing from the U.K., to
ensure he won’t face any tariffs
on the vital parts. He has also
turned his sights on boosting
sales in the U.S. “As a business,
we have to look at things long
term,” Mr. McVicar said.
Vital Partner
Trade with the U.K. as a
percentage of total trade in
goods, 2016
Imports
Exports
Ireland
France
Germany
Italy
0
10
20
30%
Source: Eurostat
THE WALL STREET JOURNAL.
BY ANDREA THOMAS
KAY NIETFELD/ASSOCIATED PRESS
BERLIN—Germany’s Social
Democrats said they would
hold talks with other parties
to discuss ways out of the political crisis, reducing the likelihood of imminent snap elections after Chancellor Angela
Merkel’s efforts to form a government collapsed.
Yet SPD officials warned
Friday that the party’s change
of heart—it had previously insisted it would play no part in
the formation of the next government—didn’t necessarily
mean it was ready to rebuild
its “grand coalition” with Ms.
Merkel’s camp, which it left
after a resounding electoral
defeat in September.
Setting a high bar for any
possible deal, party Chairman
Martin Schulz said SPD’s
members would have a final
say on whether the party
would again form a grand coalition or tolerate a minority
government. SPD grass-roots
members have been skeptical
of another coalition.
“The German president has
called on the parties in a dramatic appeal to once more
think about, to strive for a solution because it’s not so easy
to have early elections,” Mr.
Schulz said. “Should these
talks lead to our participation
in a government in any form
or constellation, our party
members will vote on it.”
While the new stance meant
the prospect of elections as
early as February was reced-
SPD Chairman Martin Schulz
ing, the center-left party’s cautious approach means a solution to the current gridlock
could still take many different
forms—from a Merkel-led minority government to a new
grand coalition or even a leftleaning three-way alliance of
conservatives, SPD and Greens.
The comments came after
Mr. Schulz met Thursday afternoon with Federal President Frank-Walter Steinmeier,
who has been mediating between the parties in parliament since the collapse of Ms.
Merkel’s negotiations with the
environmentalist Greens and
the pro-business Free Democrats on Sunday.
Manuela Schwesig, the
SPD’s vice chairwoman, made
clear that her party’s openness
to dialogue didn’t mean it was
ready to re-enter an alliance
with Ms. Merkel, at least on
the old terms.
“Only because we say we are
open to talks doesn’t mean this
is automatically a talk about a
grand coalition and certainly
not a vote for a grand coalition,” she told public broadcaster ZDF. “A mere continuation of the grand coalition led
by Ms. Merkel…isn’t possible,”
she added, saying there were
several alternatives.
Party insiders said the SPD
was divided between Mr.
Schulz, who ruled out talks
with Ms. Merkel on Monday,
and many lawmakers in the
party’s parliamentary group,
who fear snap elections could
lead to an even lower score
than September’s postwar low
of 20.5%. The party has shed
almost half of its voters and
lost every single general election over the past 15 years.
Some also feared Mr. Schulz’s
uncompromising stance could
make the party appear responsible for the political crisis.
In private, several senior
SPD officials say they would
support another grand coalition while others favor providing limited support to a
Merkel-controlled minority
government. Opening talks
with the chancellor now would
buy time for the party to settle these differences ahead of
a party convention on Dec. 7-9.
PETER NICHOLLS/REUTERS
German Political Shoppers Panic in London After False Reports of Gunfire
Deadlock Loosens
ON EDGE: Hundreds of people ran through the British capital’s main shopping street in panic Friday evening, and firefighters and
armed police, above, rushed to the scene after reports of shots fired that turned out to be false alarms. More than a dozen people
were injured. The panic underscored how people are on edge after a series of terrorist attacks in London, Manchester and New York
City. Social-media reports from the Oxford Street shopping district showed people fleeing the streets and hiding in buildings.
WORLD WATCH
EUROPE
JAPAN
VATICAN
SOUTH AFRICA
Modest Goals Set for
Eastern Partnership
U.S. Navy Calls Off
Search for Sailors
Open-Door Policy
For Migrants Is Urged
Pistorius Sentence
Is More Than Doubled
European Union leaders
scaled back the bloc’s ambitions
to improve ties with its eastern
neighbors at a summit in Brussels on Friday, again dashing
Ukraine’s hopes of opening a
door to accession talks.
The EU has in recent years
signed economic and political
pacts with Ukraine, Moldova and
Georgia, but the bloc is now focusing on encouraging trade and
giving its eastern partners extra
leverage with the Kremlin. The
summit statement acknowledged
its eastern neighbors’ “European
aspirations and European choice.”
The bloc also signed a partnership agreement with Armenia to
deepen cooperation in energy,
transport and trade, though it fell
short of a previous pact aborted
in 2013.
—Laurence Norman
The U.S. Navy said it had
ended search-and-rescue operations for three missing sailors
after one of its cargo planes
crashed near Japan.
A C-2A Greyhound aircraft
carrying 11 passengers and crew
from Japan crashed Wednesday
en route to the aircraft carrier
USS Ronald Reagan, which is operating in the Philippine Sea.
Eight people were rescued and
are in good health, the Navy said.
The Navy said the names of
the lost sailors were being withheld pending completion of nextof-kin notifications. It said it is investigating the cause of the
crash. A Pentagon official said
Wednesday there was no indication in the first hours after the
crash of any foul play or attack.
—Alastair Gale
Pope Francis denounced antiimmigration political movements
for “sowing violence, racial discrimination and xenophobia,” and
issued a fresh call for an opendoor policy toward migrants.
The Argentine pope bemoaned
a “spread of rhetoric that emphasizes the risks posed to national
security or the high cost of welcoming new arrivals.” The statement, released Friday and intended for the World Day of
Peace on Jan. 1, comes as rightwing parties in Europe advocating
a tough line toward new arrivals
have staged a strong showing in
elections this autumn.
The pope called in effect for
an open-door policy—not only to
refugees from armed conflicts
but also to economic migrants.
— Francis X. Rocca
Oscar Pistorius’s prison sentence was increased to 13 years
and five months by South Africa’s Supreme Court of Appeal
on Friday, a decision that more
than doubled the Olympic runner’s jail term for the murder of
girlfriend Reeva Steenkamp.
Supreme Court Justice Willie
Seriti said the court upheld an appeal by prosecutors against Mr.
Pistorius’s original six-year sentence for shooting Ms. Steenkamp multiple times in his home
in 2013. Mr. Pistorius should have
been sentenced to the prescribed
minimum of 15 years for murder
in South Africa, the justice said.
Mr. Pistorius, who turned 31
on Wednesday, has served over
a year of his initial six-year sentence.
—Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | A7
* * * *
WORLD NEWS
BY ANDREW JEONG
WILLIAM CARLISLE/U.S. NAVY/REUTERS
SEOUL—Military exercises
involving hundreds of U.S. and
South Korean aircraft will take
place on the Korean Peninsula
next month, the U.S. military
said, in the latest show of
force aimed at deterring North
Korea.
The Vigilant Ace 18 drills,
to be held Dec. 4 to Dec. 8,
will involve a total of 12,000
U.S. personnel from the Air
Force, Marines and Navy, and
230 U.S. and South Korean aircraft, Air Force spokeswoman
Lt. Col. Michal Kloeffler-Howard said Friday.
Col.
Kloeffler-Howard
played down suggestions that
the exercises were part of a
stronger-than-usual militarypressure campaign against the
North, characterizing them as
“annual” and “regular.” Aircraft based in South Korea and
Japan will take part, including
F-22 and F-35 fighters, she
said. South Korea’s defense
ministry declined to say how
many of its own troops would
take part, but said the exercises would be similar to past
years’ in size and scope.
“Vigilant Ace 18 highlights
the longstanding military partnership, commitment and enduring friendship between two
nations. It is designed to ensure peace and security on the
Korean Peninsula, and reaffirms the U.S. commitment to
stability in the Northeast Asia
region,” the U.S. military said
in a statement.
Tensions on the peninsula
have run high this year, fueled
by advances in Pyongyang’s
weapons programs and hostile
exchanges between North Korean dictator Kim Jong Un and
President Donald Trump. This
month, the U.S. sent three carrier strike groups to the western Pacific for the first time in
10 years.
The U.S. and South Korea
regularly hold military drills,
which Pyongyang routinely decries as rehearsals for an invasion.
North Korean newspaper
Minju Joson said in a commentary Thursday that South
Korean authorities are “hellbent on the joint anti-DPRK
war exercises,” according to
the Korean Central News
Agency, using an acronym for
North Korea’s formal name,
the Democratic People’s Republic of Korea.
Still, Korea University professor Nam Sung-wook, a
North Korea scholar, said
Pyongyang is unlikely to criticize the exercises more than
usual because they are seasonal and smaller than other
annual U.S.-South Korean military drills.
U.S. and South Korean navies held exercises in Busan last month.
TONY KARUMBA/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.S., South Korea
Set Joint Exercises
Emmerson Mnangagwa inspected an honor guard after he was sworn in as president following three weeks of turmoil in the country.
Zimbabwe’s New Leader Is Sworn In
BY GABRIELE STEINHAUSER
Zimbabwe’s new president,
who was sworn in Friday before a cheering stadium crowd
in Harare, reached out to political opponents in his inaugural address and pleaded
with foreign investors to return to the crisis-hit country.
Emmerson Mnangagwa, the
former revolutionary and
right-hand man of his ousted
predecessor, Robert Mugabe,
said shortly after his oath of
office: “I am not oblivious to
the many Zimbabweans from
across the political, ethnic and
racial divide who have helped
make this day and thus have
legitimate expectation from
the office I now occupy.”
The swearing-in ceremony
caps three tumultuous weeks
for the southern African country, which started with Mr.
Mnangagwa’s ouster as vice
president on Nov. 6, followed
by tanks rolling into Harare to
take over the government
and—finally—Mr. Mugabe’s
resignation after 37 years in
power.
The inaugural address was
watched closely for indications
on whether Mr. Mnangagwa
would break with his predecessor, who repressed his political opponents, dispossessed
white farmers and became the
target of Western sanctions.
Many experts are skeptical
that the new president, who
himself remains on the U.S.
Treasury sanctions list for his
role in the brutal farm invasions, will hail in the new era
demanded by many Zimbabweans.
Opposition leaders have demanded that the 75-year-old
Mr. Mnangagwa oversee a political transition, including
overhauls of the country’s
electoral laws that favor the
ruling ZANU-PF, and have said
they would consider joining a
government of national unity.
In his speech, the new president made no concrete prom-
ises to the opposition, but he
hinted he was willing to
change tack. “Over the years,
our domestic politics has become poisonous, rancorous
and polarizing,” he said. He
also pledged that presidential
elections would take place as
scheduled next year.
Other African leaders and
foreign and local dignitaries
had gathered in the capital to
watch Mr. Mnangagwa take his
oath of office. Not among
them was Mr. Mugabe, who
stepped down Tuesday after
his own party started impeachment proceedings.
In his speech, Mr. Mnangagwa paid tribute to his 93year-old predecessor, calling
him “a father, mentor, comrade in arms and my leader.”
“Let us accept and acknowledge his immense contribution
toward the building of our nation,” said Mr. Mnangagwa,
asking Zimbabweans to forgive any recent missteps. “Let
bygones be bygones.”
Mr. Mnangagwa mostly
stayed away from the antiWestern and anticapitalist
rhetoric that characterized Mr.
Mugabe’s speeches, promising
foreign investors that their assets would be safe in Zimbabwe and asking foreign governments to drop sanctions.
“Our country is ready and
willing for a sturdy re-engagement with all nations of the
world,” he said, adding that he
would work to honor the
country’s internal and external
debts. Zimbabwe currently is
some $9 billion in arrears in
its repayments to international financial institutions, an
important hurdle to getting
new budgetary support for the
impoverished country.
The big challenge for the
new president will be meeting
these promises while his government is quickly running out
of cash and without alienating
voters ahead of next year’s
election, which has to take
place by August.
FROM PAGE ONE
PAY
Continued from Page One
chiser’s workers have signed up
to use a smartphone app, Instant Financial, since Caspers
began testing it in April. Workers have quickly taken to the
service, Mr. Shaw says, as demonstrated by the waves of angry
calls he received from workers
on the few occasions that the
app experienced a glitch.
Every day at 10 a.m., the
app notifies users how much
they earned in the previous
workday, prompting them to
decide if they want to deposit
as much as half of that money
onto a debit card. Roughly
20% of employees accept the
money every day, says Mr.
Shaw, who has reviewed aggregate usage data.
Instant Financial costs employees nothing to use and instead charges business owners
a fee. Other apps have a revenue model that eats as much
as $3 from a worker’s daily
paycheck.
Daily payments could help
some workers smooth out the
financial volatility of fluctuating work schedules and income, economists say.
Many Americans remain on
shaky financial footing with
little in savings years after the
recession’s end. That prompts
some 12 million consumers to
take out payday loans each
year, which quickly accrue interest and fees, according to
research by the Pew Charitable Trusts.
Readily available cash
might make it even harder for
some workers to build savings.
Barbie Roland, a shift manager at Hardee’s in Callahan,
Fla., says it took her a few
weeks to figure out how often
to cash out her daily earnings,
after she was surprised by
how little was left on payday.
She accepted so many daily
payments when first testing
the Instant Financial app in
October that her biweekly paycheck shrank to $500 from
around $900.
“I thought, did I really
press accept that many
times?” says Ms. Roland.
Since then, she has learned
it is easier to budget if she
cashes out three days of the
five days she works, on average, taking home around $41
typically for the day, or half of
her $10.25-an-hour wage.
“In some ways, employers
are actually helping you save
money by not paying you until
the end of the month,” says
Jonathan Morduch, an economics professor at New York
University and director of the
school’s Financial Access Initiative research center.
Business owners pay
the fees for some apps.
For others, employees
are charged.
Even so, instant-pay perks
are growing in popularity.
More than 4,500 Outback
Steakhouse employees in the
U.S. receive their tips through
Instant Financial, and ridehailing services like Uber and
Lyft offer similar features
from other payroll partners
for hundreds of thousands of
drivers.
The services have produced
some unexpected benefits,
managers say: Employees are
more willing to put in longer
hours as they see the immediate results of their work.
The 86 crew members using
Instant Financial at one
McDonald’s restaurant in
Tampa, Fla., now call in sick
less often, says general manager Rebecca Kyeretwie. She
used to have to find workers
to cover about 10 hours each
week when others didn’t show
up.
“People are begging to
come into work now,” says Ms.
Kyeretwie,
a
21-year
McDonald’s veteran.
Lawrence Davis quit a
$400-a-week warehouse job
about a year ago to become a
courier with DoorDash Inc.,
lured by the notion of getting
paid after each shift.
“It’s a blessing,” says Mr.
Davis. While working full time
in his previous job, he says he
occasionally relied on shortterm loans and cash advances
if he needed quick cash to
cover unexpected costs.
“Knowing that I’m going to
get paid instantly keeps me
working every day, and keeps
the goals I’m trying to reach
in mind,” says Mr. Davis. He
says he typically works around
nine or 10 hours a day, stopping when he has earned
around $250, before taxes.
DailyPay Inc. administers
the perk for DoorDash and
other companies, including
GrubHub Inc. DailyPay typically charges workers a fee
from $1.25 to $3 each time
they deposit their earnings
into their accounts. The cost
doesn’t bother Mr. Davis, he
says, because he earns three
or four times more than he did
in his last job.
Getting By
Most workers deposit less than $100 into their accounts using payroll
services like DailyPay after each workday.
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Percentage of DailyPay users by the amount transferred*
10.8%
$0-$25
32.4%
$25-$50
23.9%
$50-$75
15.4%
$75-$100
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5.7%
$150-$300
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0.9%
*Data are year-to-date through Nov. 22.
Source: DailyPay
THE WALL STREET JOURNAL.
A8 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
OBITUARIES
B O B BY BA K E R
1928 — 2017
JEROME PUSTILNIK
1928 — 2017
LBJ Protégé Found It Easy
To Cash In on Senate Job
InstinetFounderPushed
ComputerTrading
BY JAMES R. HAGERTY
S
oon after becoming a page
boy in the U.S. Senate at age
14 in 1943, Bobby Baker discovered a talent for being useful to
powerful men. He anticipated
when senators might need a quiet
place to sober up, knew which ones
enjoyed a risqué story, and could
line up dates for them with young
women. He also learned to gather
political intelligence.
Mr. Baker’s hustle and skills
lifted him to the powerful post of
secretary to the Democratic members of the Senate. His undoing
came in 1963 with news that he
had used his position to enrich
himself.
What surprised him was how
easy that could be. Tips from a
mortgage company eager to influence tax rules allowed him to make
fast profits in the stock market, he
wrote in his 1978 memoir, “Wheeling and Dealing.” He received
$2,500 for making a single phone
call to regulators for a bank in California. A freight company paid
him $500 a month for making introductions and allowed him to use
its hotel suite to entertain his mistress.
In 1966, Mr. Baker was indicted
for tax evasion and fraud. He
served 16 months in prison. After
his release in 1972, Mr. Baker’s
wealth was greatly depleted and
his political influence gone. Yet he
still had some stocks and bonds,
plus profits from the sale of the
Carousel motel in Ocean City, Md.,
which he helped develop in the
early 1960s.
He was particularly close to
Lyndon B. Johnson during the future president’s years in the Senate. Mr. Baker was sometimes
called “Little Lyndon” and named
two of his five children—Lynda and
Lyndon—after Mr. Johnson. Once
the scandal erupted in 1963, LBJ
cut him off.
Mr. Baker died Nov. 12 on his
89th birthday.
At the start of his career, Mr.
Baker was required to wear a uniform featuring little-boy shorts.
Senators snapped their fingers to
summon him. He graduated to elegant suits and became so powerful
some dubbed him the 101st senator.
“I perhaps grew too big for my
britches,” he confessed in his book.
B
obby Gene Baker, named for
the golfer Bobby Jones and
the boxer Gene Tunney, was
born in 1928 in Easley, S.C. His father worked in a textile mill. His
mother had worked at a department store before marrying at 18.
The chance to be a Senate page
came to him because the son of a
local political leader turned it
down. Though Bobby wasn’t eager,
his father saw opportunity and put
his son on a Greyhound bus. While
working in the Senate, he earned a
law degree from American University. He married Dorothy Comstock,
a Senate staffer, in 1949, and they
had five children.
Forming a law partnership made
it easier to collect fees from business people. He also helped set up
the Quorum Club as a hangout for
politicians on Capitol Hill. One of
Mr. Baker’s staff members, Carole
Tyler, a former beauty queen, became his mistress.
An investment in a vending-machine company, Serv-U, exposed
him. A rival filed a lawsuit in 1963
and accused Serv-U of using Mr.
Baker’s political influence to take
business from competitors. That
led to stories in the press about
Mr. Baker’s racy lifestyle. His
beaming face was on the cover of
Life. Inside was a picture of Ms.
Tyler emerging from the ocean in a
snug bathing suit.
His first instinct was to fight
back. After downing four double
martinis at lunch, however, he toddled back to the Capitol and resigned from his Senate job, hoping
that would end the affair. Instead,
he endured seven years of legal
dramas before being sent to prison.
The night before surrendering himself at the prison gates, he drank
himself numb.
While he was in prison, there
was yet another indignity: He received a letter from the Columbia
Country Club in Chevy Chase, Md.,
informing him he had been expelled for bad behavior. He had the
right to appeal, in person, on a
specified date. “Somehow, it did
not seem like a thing to trouble the
warden about,” he wrote.
Mr. Baker admitted in his memoir that he had been foolish but
suggested he had been led astray
by exposure to boozing, bribery
and bawdy behavior at the highest
levels of government. He called it a
“monkey-see monkey-do situation.”
Mr. Baker is survived by four of
his children, 14 grandchildren and
14 great-grandchildren.
Read a collection of in-depth
profiles at WSJ.com/Obituaries
I
n the mid-1960s, when a computer still filled a large room,
a Wall Street analyst named
Jerome Pustilnik saw the potential for the technology to transform stock markets. He teamed up
with associates to found Institutional Networks Corp., later
known as Instinet. When it
launched its computerized-trading
service in 1969, Mr. Pustilnik
promised it would slash trading
costs and cut out brokers and
other middlemen.
He was right about the cost
savings but wrong about cutting
out brokers.
In the 1970s, Mr. Pustilnik
gradually persuaded pension
funds and other institutional investors to pay fees to use bulky
Instinet teletype terminals to
make trades. “Then they made
very, very little use of us,” he told
Institutional Investor later.
He needed to raise more money
in the early 1980s, and new shareholders had different ideas about
strategy. The founder resigned in
1983 and sold his stake for a modest sum. Reuters Holdings PLC began acquiring stock in Instinet in
the mid-1980s and gained control.
In 2005, Nasdaq Stock Market Inc.
bought Instinet for about $1.9 billion.
Though he made little from Instinet, Mr. Pustilnik benefited
from low trading costs later as a
lifelong individual investor. He
died Nov. 13 at age 89.
—James R. Hagerty
WA LT E R S M I T H
1934 — 2017
Stock Options Funded
His Newspaper Business
A
fter serving in the U.S.
Army in Korea in the early
1950s and studying business at North Carolina Central
University, Walter Smith found a
job at the New Jersey payroll-services company that would later
be known as Automatic Data Processing, or ADP.
When he noticed that his takehome pay was reduced by deductions for stock options, he complained to his boss that he
couldn’t afford those. The boss
gave him a raise, more than making up for the deductions, and assured him the options would pay
off in time. In 1964, Mr. Smith
was astounded to find his options
were valued at $2 million, he recalled in a 2013 interview with
the Stanly News and Press, a
North Carolina newspaper.
Mr. Smith bought a lucky-number tipsheet called Big Red in
1981 and converted it into a
weekly newspaper, the New York
Beacon, focused on African-American communities. The paper’s
motto is “Showing the Way to
Truth and Justice.” In 2006, he
bought another weekly, the Philadelphia Observer.
Though he loved golf, Mr.
Smith wasn’t ready to retire.
“Once you own your own business, there’s no such thing as retirement,” he said. “You work until you die.”
He died of a heart attack Nov.
10 in Miami at age 83.
—James R. Hagerty
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 25 - 26, 2017 | A9
IN DEPTH
Don Lively, above, is president of Arizona Summit Law School, which has experienced a decline in enrollment. Kate Stapleton, below
left, a student at Arizona Summit, and Associate Professor Betsy Hollingsworth work on a case for a class.
Wall Street
Mr. Lively turned to Wall
Street. He was impressed, he
says, with the social mission
of Chicago private-equity firm
Sterling Partners and its experience in other education ventures, including Sylvan Learning Systems, a tutoring and
test-preparation service.
Sterling, which today has
about $4 billion in assets under management, saw a business opportunity, says one
former investor of InfiLaw.
There was “surplus demand”
for legal education, he says.
About 100,000 people were
applying to law schools every
year, but only about half were
accepted, American Bar Association data show.
Florida Coastal law school
was sold to Sterling in 2004.
A news report at the time said
the price was $15 million. Mr.
Lively says he received about
$1.2 million and the rest went
to the Turners, several other
investors and key employees.
Mr. Lively had wanted to
expand Florida Coastal, but
Sterling was thinking bigger,
he says. It wanted to open law
schools in other markets. If
the business model worked in
Jacksonville, why not replicate it nationally? Sterling
identified markets without
enough law schools, including
Phoenix and Charlotte, Mr.
Lively says.
InfiLaw was created as a
holding company to own the
schools. The new company
Lowering the Bar
Infilaw lowered admissions standards to attract more students.
Many of them later failed state bar exams.
Arizona Summit
Law School
Charlotte School
of Law
Florida Coastal
School of Law
Median LSAT scores
Pct. of students who passed the
bar exam* on their first try
160
100%
155
90
150
80
145
70
140
60
135
50
130
2010 ’11
40
’12
’13
’14
’15
’16
2010 ’11
’12
’13
’14
’15
*In state where school is based
Source: Law School Transparency using American Bar Association Data
THE WALL STREET JOURNAL.
CRABS
Continued from Page One
recurring problem: Many crabs
on their way to the coast are
flattened each year by cars and
trucks. The Brays’ idea is to put
a horseshoe-shaped barrier,
made out of conveyor-belt material from a phosphate mine, in
front of each wheel to gently
nudge crabs out of the way.
Helping the crabs—which
number at least 45 million—
cross the road may help determine their fate. The invasive yellow crazy ant, which paralyzes
the crabs by spraying acid in
their eyes and joints, has cut
crab numbers by as much as
50% in recent decades.
The ant population has been
bolstered by another invasive
species, a scale insect, which
produces a sugary secretion
called honeydew that feeds the
ants.
Now people who say they
smashed scores of crabs on the
road in previous years try to
avoid hitting just one.
Some of the island’s 1,800
residents keep rakes in their
cars during the migration, typically from October to December,
to sweep crabs to safety. Barri-
DOMINIC VALENTE FOR THE WALL STREET JOURNAL (2)
Continued from Page One
Heavy borrowing by students at for-profit schools
such as InfiLaw has contributed to a rapid expansion in
student debt held by blacks. In
the 1990s, black and white
students, on average, owed
roughly the same shortly after
graduation. As of 2012, blacks
owed nearly twice as much as
whites, on average, four years
after graduating from college,
according to research by Columbia University economist
Judith Scott-Clayton. She attributes the change partly to
increasing black enrollment in
for-profit graduate schools.
Mr. Lively, a graduate of
the University of California,
Berkeley, was teaching law at
a public university in the early
1990s and had become frustrated, he says, with faculty
egos and a lack of innovation
at traditional law schools. He
believed admissions practices
hurt blacks and Hispanics.
Law schools rejected tens
of thousands of applicants annually based largely on Law
School Admission Test, or
LSAT, scores. Selectivity
helped schools achieve higher
rankings but limited opportunities for minorities, who
tended to score worse on tests
than whites for a range of reasons still hotly debated by academics. Mr. Lively believed
those students could succeed
if given extra time and resources.
Around the time his plans
to start a law school began
taking shape, the Justice Department under President Bill
Clinton ordered the American
Bar Association to stop barring for-profit law schools
from receiving accreditation.
The bar association also made
other changes designed to address what the Justice Department deemed cartellike behavior in higher education.
U.S. officials believed competition from private-sector
schools could help drive down
prices, says James Tierney, a
former Justice Department
lawyer who helped draft the
order.
In the mid-1990s, Mr. Lively
met Bernie and Rita Turner, a
retired couple in their 70s
who had started Walden University, now owned by forprofit Laureate Education Inc.
The couple liked his social
ers alongside roads stop crabs
from invading streets. There’s
even a metal bridge designed to
let them cross over a road, and
more than 40 tunnels to offer a
safe way to the other side.
The phosphate mine, run by a
subsidiary of CI Resources Ltd.,
will keep some trucks off streets
if the crabs are out in force. And
researchers are betting that a
tiny wasp from southeast Asia
will help control the ants.
Whether the efforts will ultimately conserve the crustaceans
is uncertain. It could be another
year before scientists know if
the wasps, which lay eggs inside
the scale insects, are reducing
ant numbers.
And introducing a new animal to control another carries
risks: The cane toad was set
loose in Australia in the 1930s to
eat beetles that threatened the
sugarcane crop, but it spread
rapidly and poisoned native animals that ate it. Scientists say
the wasp was studied for seven
years to ensure there would be
no unforeseen impacts.
The crabs, which can be
about a foot long including their
claws, are largely defenseless
against both ants and cars. They
are mostly deaf and aren’t quick
enough to avoid every vehicle
going 50 miles an hour.
lined up more investors, including Harvard University’s
endowment fund, according to
a former owner of Charleston
School of Law in South Carolina who later participated in
buyout negotiations with InfiLaw. A spokesman for Harvard Management Co. said it
doesn’t comment on its investments.
In 2006, the year Charlotte
opened, Congress approved a
loan program known as Grad
Plus. It allowed graduate students to borrow unlimited
sums to cover tuition and living costs. Previously they
were limited to $18,500 a
year.
No higher-education sector
used Grad Plus as much as
law, Education Department
data show. InfiLaw students
eventually piled up more than
$700 million in Grad Plus
debt, and another $300 million from older loan programs,
Education Department data
show. InfiLaw says tuition
represents about two-thirds of
the annual cost of attending
its schools full time, and living
expenses are a third. Annual
tuition is about $45,400 at Arizona Summit and $46,000 at
Florida Coastal, roughly in
line with the national average
for private law schools.
By 2010, with the U.S. labor
market strengthening, the
number of Americans seeking
higher education began falling
sharply, and news reports began appearing about a shortage of high-paying jobs in law.
Law-school enrollment, after
peaking in 2010, fell about
30% through 2015 to the lowest level since the 1970s, according to the website Law
School Transparency.
Law schools, competing for
InfiLaw schools also lowered admissions standards,
and they grew rapidly. Some
classes roughly doubled in
size, former professors say.
Administrators believed they
were having success with students with below-average
standardized-test scores and
could work with students even
further below the average.
“If your bar-pass is solid,
which it was, why not grow?”
says Susan Daicoff, an Arizona
Summit professor who previously worked at Florida
Coastal.
David Frakt, who interviewed to be dean of Florida
Coastal in 2014, says he was
shocked when school officials
showed him the incoming
class’s academic credentials.
Over half the students were
what he called “extremely
high risk,” having ranked in
the bottom quarter of LSAT
takers and, in many cases,
having low grades in college.
Mr. Frakt says he warned
the school’s president, Dennis
Stone, that most of those new
students would fail the bar
and default on loans. He says
Mr. Stone dismissed those
concerns. The school didn’t
offer him the job.
Mr. Stone didn’t respond to
requests for comment. Rick
Inatome, Infilaw’s chief execu-
The red crabs “have evolved
to eat detritus, leaves and seedlings on the floor of the forest,
and they don’t have to move
very fast to do it,” said Rob
Muller, chief ranger of Christmas Island National Park, which
comprises about two-thirds of
the island. Before closing roads
and putting up barriers, which
started about 15 years ago, Mr.
Muller said half a million crabs
were flattened every year.
Chris Su, who works for the
local government, was driving
after work on a recent afternoon
when he spotted a crab ahead.
His options: drive over the crab
and hope it doesn’t dart in front
of his tires at the last moment,
or swerve to avoid the crab entirely. With no oncoming traffic,
Mr. Su decided to swerve. The
crab, which didn’t appear to
take any evasive action, remained in the middle of the road
as he drove by.
People who grew up on the
island “develop this intuitive
sense of how to duck and weave
the crabs,” he said. “It’s kind of
hard to explain to outsiders.”
Lisa Preston, who runs tour
business Indian Ocean Experiences, paid about $1,000 so she
could install a rack on the roof
of her SUV to carry a roughly
$20 rake. Driving slowly down a
fewer applicants, lowered admissions standards to fill their
classes, according to research
by Aaron Taylor, head of the
AccessLex Center for Legal
Education, a nonprofit research group. Admission rates
across all law schools rose to
a collective 51% in 2013, from
36% in 2010.
Lower standards
tive and a Sterling partner,
declined to comment, citing
current negotiations about the
future of Infilaw’s two remaining schools.
Bryan Forbes, 32, says he
was turned down by several
law schools for having a below-average LSAT score and
undergraduate grade-point
average. Charlotte School of
Law accepted him. He began
in 2014. A year later he was
“academically dismissed,” he
says. “I was kind of unprepared on my side.”
He had borrowed about
$36,000 from the government
for his one semester, a balance that has grown, he says,
because he hasn’t made a payment. He now works as a customer-service agent at a bank.
Many students dropped
out. Others graduated but
failed the state bar exams
they need to pass to practice
law. At Arizona Summit, 26%
of first-time takers of the Arizona exam passed in July of
this year, compared with a
state average of 69%, state supreme court records show.
isfy investors and warned of
layoffs if the school didn’t
grow.
Mr. Ogene denies making
such a statement but says he
discussed with the staff ways
to control costs and raise revenue. A spokeswoman for the
Charlotte School says the allegations in the lawsuit are
“without merit.”
The U.S. attorney in Orlando has declined to get involved in the suit, which calls
for the government to be reimbursed $285 million in student aid. If successful as a
whistleblower, Ms. Bernier
would stand to get a portion
of any recovered money.
The Charlotte school closed
in August after failing to satisfy state regulators’ concerns
about its finances and regulatory problems with the bar association stemming from admissions practices, according
to North Carolina Attorney
General Josh Stein. He said in
a written statement he is investigating for possible violations of consumer-protection
laws, relating partly to “how
the school marketed itself to
prospective students.” Fewer
than one in five original members of the class of 2016 graduated, passed the bar exam
and landed a job that required
a law degree, Mr. Stein said.
Mr. Stein has urged U.S. Education Secretary Betsy DeVos
to use federal law to forgive
any student debt taken out by
Charlotte students during or
after the fall 2016 semester.
An Education Department
spokeswoman said Ms. DeVos
is considering the request.
InfiLaw is in talks with
nonprofit schools to take over
or go into partnership with
the Phoenix and Jacksonville
schools, says Mr. Lively.
Mr. Lively says he never got
rich on InfiLaw and likely
would have earned more had
he stayed in nonprofit education. He said his role in the
company will be determined
by the new owners of the
schools, and that he will tell
them what he told Sterling
shortly after the initial purchase.
“They asked the question,
‘Who’s dispensable here?’”
Mr. Lively said. “I raised my
hand. ‘If you think I can be of
any value I’m happy to stay. If
you want me to move on, I’m
very cool with that.’ ”
‘The whole system
broke down,’ says Mr.
Lively about the
schools’ problems.
Once troubling trends
emerged, Mr. Lively says, InfiLaw schools raised admissions standards and reduced
enrollment.
“I don’t have any quibble
with anyone who would criticize us for our outcomes,”
says Mr. Lively. “I do have
problems with people who attack us on the basis of motive.”
Former Charlotte professor
Barbara Bernier filed a federal
whistleblower civil lawsuit alleging the Charlotte school
defrauded the government by
admitting “academically unqualified” students to boost
finances. The lawsuit said Infilaw’s “for-profit framework
and culture dominated academic issues.” Ms. Bernier
said in an interview that at
one faculty meeting, Charlotte’s then-President Chidi
Ogene mentioned the need to
boost school finances to satdirt track in the jungle, Ms.
Preston frequently stopped to
let the crabs pass or navigated
around them. Eventually, she
asked one of her guests to get
out and rake the crabs away.
At one point, however, she
heard a crunch, stuck her head
out the window and looked at
the ground to see if she ran over
a crab. “That’s an already dead
one,” she said. “You know you’ve
got a live one if their legs are
still kicking.”
Kane Martin used to ride his
motorcycle to a security job at a
now-closed casino in the 1990s,
and would tie garbage bags
around his legs to prevent bits
MIKE CHERNEY/THE WALL STREET JOURNAL
LAW
mission. “What do you do
with this mass of people that
don’t have the breaks that the
more affluent have?” asks Mr.
Turner. He and his wife invested 40% of the roughly $1.4
million Mr. Lively used to
start Florida Coastal.
Florida Coastal had mixed
results at first but eventually
put up impressive numbers. In
July 2009, 83% of its firsttime test takers passed the
Florida state bar exam, which
had an overall pass rate of
80%. Mr. Lively attributed the
success to small class sizes
and an academic support
team that helped students individually.
By the early 2000s, however, his school needed money
for capital improvements, Mr.
Lively says. Its building was in
disrepair, the parking lot frequently flooded and he
needed to pay professors
more to retain them.
Christmas Island resident Jason Turl used a rake to remove red crabs from the road.
of crab from flicking up and
dirtying his pants. The method
worked well, he said, though
“you’d still get the odd splatters
up your back.”
These days, “we take rakes in
our car, we drive at about 5 kilometers an hour, our kids now
rake the roads,” he said. “Every
crab matters. People’s perception in terms of conservation
has changed completely.”
The Brays hope to use their
crab-safe attachments to access
a new accommodation, called
Swell Lodge, they’re building for
tourists who come to see the
crabs and other wildlife in the
national park.
Crabs sometimes swarm over
the last patch of dirt road that
leads to the site, and they need a
way to get guests and equipment into the lodge even if the
migration is in full swing.
They considered other methods, like attaching contraptions
that would blast the crabs with
air or water. They tested leaf
blowers on the crabs, which sent
90% scurrying away, but Mr.
Bray was concerned the other
10% would get run over.
The water didn’t work either.
“The crabs just think it’s raining and they love it,” he said.
“They don’t run away. They just
lap it up.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
SPORTS
HOCKEY
Death of the
Slap Shot
The number of slap shots taken across the NHL
has fallen nearly 30% since 2009-10
should consider making changes to
bring the slap shot back.
“What if you said, a slap shot is
a two-point shot? Basketball has a
three-point line. You could have a
two-point line,” said Sean Skinner,
48, who runs a hockey school in
Detroit.
Button, the former NHL executive, said the move would force
teams to defend against more
long-range shots and therefore increase overall scoring.
“That would open up more
space in front of the goal,” Button
said. “You want to know something? I don’t think that’s crazy.”
Colin Campbell, the NHL’s senior
executive vice-president of hockey
operations, said the idea of a twogoal line has not been discussed in
the league’s head office. “In my
mind, that will never happen. Not a
chance. A goal is a goal is a goal.”
He said it’s
more likely that
the league would
increase the size
of the nets, and
although that’s
been discussed,
nothing is imminent on that front.
Campbell said
the league hasn’t
talked about the
decline of slap
shots “because it
hasn’t been a
problem.” He said
there have been
no complaints
from managers,
coaches or fans.
“I think the game
has actually
gained something
with the ability of
the guys to wrist
it, in tight, up
stairs.”
Yet Campbell
said he isn’t ready
to declare the big
wind-up slap shot dead, or near
death. “Just when you think the
trend is fading away, it comes back.”
The slapper exploded on the
NHL scene in the 1950s and 1960s
with Bernie (Boom Boom) Geoffrion
and then Bobby Hull, who shot the
puck golf-style at speeds the goalies had never seen before. Others
followed like Bobby’s son, Brett,
and defenseman Al MacInnis.
The idea was to practically overpower the goalie with the force of
the shot.
“In the 1950s and 1960s, goalie
equipment was not very protective,”
hall of fame goaltender Ken Dryden
Toronto
THE SLAP SHOT is hockey’s
version of the home run in baseball, the touchdown bomb in
football—an explosive play that
changes a game in an instant and
electrifies fans.
The problem for the NHL is that
the slap shot is slowly disappearing from the game.
Due to the modern game’s
faster pace and changes to equipment, most of the game’s best
players have removed the slap
shot from their arsenal.
Edmonton Oilers superstar Connor McDavid, who won the scoring
race last season with 100 points,
took only seven slap shots through
82 games in 2016-17. He didn’t
make a single one.
Pittsburgh Penguins’ Sidney
Crosby, the league’s top goal
scorer last season with 44, had
only taken five slap shots through
22 games this year. Mark Recchi,
an assistant coach on the two-time
reigning Stanley Cup champs, said
slap shots aren’t in the practice
routine for Crosby or any of the
team’s other forwards. “They only
take wrist shots,” he said. “It’s all
about quick releases.”
The New Jersey Devils say they
don’t practice the slap shot, and
the team’s top scorer, Taylor Hall,
said he doesn’t even remember the
last time he scored on a slap shot.
Devils head coach John Hynes
said the team works instead on
what he calls “smart shots.” “We
do try to practice situations where
you’re shooting for sticks, tips, rebounds,” Hynes explained.
From the 2009-10 campaign, the
number of slap shots taken across
the league fell almost 30%, from
17,574 to 12,694 last season. By position, forwards accounted for the
biggest drop at almost 40%, from
8,013 to 4,853 last season.
For traditionalists, the increasing rarity of the big windup, highspeed slap shot has robbed the
game of some inherent drama.
“The slap shot reminded me of
the confrontation between the
fastball pitcher and the home run
hitter,” said former NHL executive
Craig Button, 54, now a hockey
analyst. “It was a contest within
the contest that we don’t have
anymore.”
Given that the league is struggling with attendance in some
markets and to generally attract
attention in a fractured sports
landscape, some believe the NHL
Toronto’s Auston Matthews, above,
gets his best results from the wrist
shot, while Washington’s Alex
Ovechkin is one of a handful of slapshot artists in the league.
T-B: BERNARD WEIL/TORONTO STAR/GETTY IMAGES; SCOTT TAETSCH/CSM/ZUMA PRESS
BY CURTIS RUSH
said. “So, it hurt. The harder the
shot, the more intimidating it was.”
Over time, though, equipment
got bulkier, giving the goalies more
protection and also tightening the
spaces for shooters to target.
Players like Phil Esposito in the
1970s began to demonstrate that
an expert marksman from close
range didn’t need a full slap shot.
“It’ not how hard you shoot, how
accurate you shoot, but how quick
you get the shot off,” Esposito said
in a recent interview. “I didn’t
worry about picking corners because you didn’t have much time.”
Another contributing factor is
stick technology. In the early days,
sticks were made of wood. Now
players use custom-made, onepiece composite sticks, which are
lighter, with more flex, providing a
sling-shot effect for the puck without requiring a long backswing.
In addition, when the offensive
zone was expanded after the lockout
in the 2004-05 season—a move designed to boost scoring—the result
was more coaches collapsed their
forwards down near the goal to help
with defense. That further boosted
the effectiveness of the quick-shot
artists over the big hitters.
There are a handful of slap-shot
artists remaining, including Washington’s Alex Ovechkin and Tampa’s
Steven Stamkos. Yet most of the
league’s emerging snipers, like
Winnipeg’s Patrik Laine and Toronto’s Auston Matthews, get their
best results from the wrist shot.
In 2010-11, slap shots accounted
for 13.3% of the goals scored. Last
year? Only 11.7% and the early signs
this season point to a further drop.
Meanwhile, the wrist shot is rising as the most potent scoring
weapon in hockey, accounting for
more than 50% of all goals scored,
and the trend is rising.
Many coaches and scouts say
the slap shot is all but extinct
among young players, in part because of a new factor: Goalies are
physically bigger than ever.
“The goalies are so big that
once they get set, it’s hard to blow
one by him,” said Tim Cherry, who
scouts players for the Ontario
Hockey League. He noted that one
of the top goalies in the Greater
Toronto Hockey League is six-footfour inches tall and 160 pounds.
“He’s 15 years old.”
Skinner, a Detroit skills coach,
said for the time being in hockey,
speed will continue to rule over
power.
“The quickest shot probably
scores first,” said Skinner, who has
worked with a number of NHL
teams. “And then the most accurate shot. And the hardest shot
scores last.”
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
gary
Calgary
Helena
Billings
Bismarckk
20s
Ottawa
30s
30s
50s
10s
10s
ip
Winnipeg
ttl
Seattle
i
Boise
0s
20s
40s
P
d
Portland
Eugene
<0
0s
Montreal
50s
30s
40s
A g t
Augusta
pls //St. Pa
P
Mpls./St.
Paul
T
Toronto
40s
A banyy
Albany
50s
t
Boston
60s
rtford
Hartford
k
Milwaukee
Detroit
Buffalo
ew Y
New
Yorkk
Cleve d
Cleveland
Ch g
Chic
Chicago
Reno 60s
es Moines
Des
Ch y
Cheyenne
Ph
hil d lphi
h
Philadelphia
h
Omaha
P
b
h
Pittsburgh
di p
Salt
lt Lake
L
City
ty
Sacramento
Spring
p i gfi d Indianapolis
Springfield
Denver
hington
hi
gton D.C.
DC
Washington
an Francisco
San
Kansas
Charles
Charleston
C
Colorado
City
ity
h
d
Richmond
Topeka Ci
Las
Springs
Lou
L
St.. Louis
LLouisville
Lou
ill
60s
60s
V
g
Vegas
l igh
h
Raleigh
Nashville
h ill
hit
Wichita
Los A
Ange
Angeles
C
h l tt
Charlotte
Ab q q
Albuquerque
F
Santaa Fe
80s
phi
Rockk Memphis
L
Little
C
b
Columbia
Ph
i
Phoenix
70s
klahoma
homa
ma City
Cit
C y
Oklahoma
Warm
A
Atlanta
an Diego
D g
San
T c
Tucson
Birmingha
i h
Birmingham
Dallas
D
ll
J
k
Jackson
Ft. Worth
El Paso
Cold
10s 0s
-0s
20s
Anchorage
A h g
30s
40s
oux FFalls
ll
Pierre Sioux
Mobile
b
70s
70s
A ti
Austin
t
Houston
an Antonio
A
San
70s
Honolulu
60s
80s
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
14 4 s
17 14 pc
Atlanta
64 42 pc 62 40 s
Austin
76 49 s
75 48 s
Baltimore
58 38 pc 50 32 s
Boise
56 47 pc 60 42 c
Boston
56 38 pc 45 31 pc
Burlington
46 32 sh 33 28 sf
Charlotte
67 39 pc 61 34 s
Chicago
47 29 s
50 33 s
Cleveland
48 34 c
43 34 pc
Dallas
75 46 s
73 50 s
Denver
61 38 pc 72 43 pc
Detroit
47 30 pc 43 31 pc
Honolulu
83 73 sh 84 72 pc
Houston
81 56 s
76 48 s
Indianapolis
50 29 s
49 33 s
Kansas City
60 35 s
61 38 s
Las Vegas
80 55 pc 79 56 c
Little Rock
67 36 s
63 36 s
Los Angeles
81 60 s
77 58 pc
Miami
81 66 s
81 66 s
Milwaukee
44 28 pc 48 33 pc
Minneapolis
40 29 s
42 29 pc
Nashville
62 35 s
55 34 s
New Orleans
70 51 s
69 49 s
New York City
56 42 pc 48 36 pc
Oklahoma City
64 37 s
67 44 s
ew Orleans
New
90s
100+
Rain
T-storms
Jacksonville
l d
Orlando
Stationary
Snow
Showers
Flurries
Tampa
80s
90s
70s
80s
Miami
Ice
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Hi
57
75
58
87
48
51
51
68
58
62
70
63
53
51
61
Today
Lo W
33 s
55 s
40 pc
58 s
32 c
35 pc
45 r
56 pc
37 s
44 pc
60 pc
33 s
46 r
29 s
41 pc
Tomorrow
Hi Lo W
59 36 s
73 53 s
49 34 pc
88 59 s
41 31 pc
40 24 sf
53 39 r
63 52 r
60 40 s
69 53 c
64 52 r
67 33 s
55 41 r
53 33 s
53 37 s
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
44
63
68
88
48
44
44
76
81
41
41
Today
Lo W
39 r
52 pc
45 c
73 s
28 s
34 r
33 r
54 s
69 s
33 pc
32 pc
Tomorrow
Hi Lo W
45 41 sh
64 56 pc
64 49 c
88 74 pc
41 21 s
40 36 pc
42 35 pc
84 60 s
82 66 s
45 41 pc
43 36 pc
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
46
50
83
66
61
91
62
61
44
61
89
90
72
49
26
93
46
86
68
65
86
50
59
84
80
72
57
47
51
50
45
Today
Lo W
32 r
35 r
62 pc
59 c
49 s
78 pc
46 pc
50 t
36 pc
33 pc
78 pc
68 t
43 s
40 r
19 pc
74 pc
34 r
74 s
51 s
51 pc
75 pc
38 r
44 c
74 t
68 pc
67 r
45 pc
27 sh
44 r
38 pc
31 r
MACIEJ FROLOW
d
Edmonton
V
Vancouver
Tomorrow
Hi Lo W
40 32 pc
40 29 pc
82 62 pc
70 64 pc
62 52 s
90 76 sh
60 49 pc
72 53 pc
46 39 pc
56 34 pc
90 78 pc
85 61 t
70 39 s
52 30 pc
25 20 pc
94 75 pc
45 38 pc
91 75 pc
71 54 s
60 39 sh
86 75 s
47 19 s
62 46 s
82 75 c
80 70 pc
73 66 r
62 48 c
37 32 c
53 41 sh
43 31 sh
38 29 sf
BASEBALL
BASEBALLS GET SMARTER
BY TAKASHI MOCHIZUKI
Tokyo
IT LOOKS AND FEELS like a regular baseball. But the inside is packed with the same
technology used in smartphones, which
gives pitchers and coaches an instant readout on the ball’s speed and rotation.
If you thought the diamond was already
drenched in data, get ready for the roboballs coming out of Japan.
Tokyo-based smartphone app maker Acrodea Inc. started selling its “Technical Pitch”
ball in September in Japan. And sporting
goods maker Mizuno Corp., with help from a
Toyota Motor Corp. group company, is preparing a similar product, called MAQ, for
next spring. Both are going on sale in Japan,
with plans to expand later to other regions
including the U.S., South Korea and Taiwan.
To use the balls, pitchers just throw normally to a catcher. Sensors capture data
such as speed, the tilt of the ball’s rotation
and rotations per minute, and they send the
data to a smartphone app. The information
can help pitchers develop trickier curve
balls and make sure their pitches don’t tail
off in speed approaching home plate. The
balls aren’t designed to be hit.
The developers of the new balls, which are
set to retail for about $180 each, said they
wanted more people to have access to the
technology, and they believe it will be useful
even for professionals since pitchers can use
the balls anywhere.
The technology combines two of Japan’s
passions: baseball and smartphone parts.
“Technical Pitch” draws on technology
from Apple Inc. supplier Alps Electric Co.,
while Aichi Steel Corp., a Toyota group company that has a sideline in smartphone
parts, has teamed up with Mizuno.
Acrodea said some Major Baseball League
teams showed interest in buying its smart
ball, while Japanese professional baseball
teams plan to use it from next month. It declined to name the teams. Mizuno said it
would ask Japanese pro teams to test its
ball before it hits store shelves next spring.
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 25 - 26, 2017 | A11
* * * *
OPINION
THE WEEKEND INTERVIEW with Laurent de Brunhoff and Phyllis Rose | By Tunku Varadarajan
L
New York
aurent de Brunhoff is very
hard of hearing, and much
more tentative with the
English language than a
man who’s lived in America for 32 years ought to be. He is
taciturn, too, seldom uttering more
than two short sentences in succession. A third sentence, when it
comes, is like a gift from the gods.
The author and illustrator of the
winsome and widely loved Babar
the Elephant books, Mr. de Brunhoff is also shy, almost bashful. It
becomes clear as he talks that this
gentle old man of 92, born in Paris
seven years after World War I
ended, is still very much a boy. “I
like to make the elephant alive,” he
says. “The elephant is a very appealing animal with its big ears and
trunk, even when it is not dressed
like a human.”
The author of the famed
children’s series, begun by
his father in 1931, explains
Babar’s swan song and how
childhood has changed.
The character of Babar was created by his father, Jean de Brunhoff, in 1931 with “The Story of
Babar.” A young elephant sees his
mother shot by a hunter and flees
to the city to save his own life.
There he is adopted by an old lady,
who teaches him the ways of what
is obviously French civilization.
Now wiser than all other elephants,
he returns to the jungle. When the
reigning tusker-monarch succumbs
to a poisonous mushroom, Babar
becomes king, ruling happily ever
after with Queen Celeste.
De Brunhoff père died in 1937,
having written and drawn seven
Babar books. After some hesitation,
the son decided to continue the series. In 1946, at age 21, he published his first, “Babar’s Cousin,
That Rascal Arthur.” Arguably a
more gifted artist than his father,
he has now published more than 50
Babar books. The most recent,
“Babar’s Guide to Paris,” came out
this year.
Babar is one of the three or four
most popular kid-lit characters of
the modern age, and, along with
the Little Prince, the most enduring
French children’s character of all
time. The most recent book, however, is Babar’s swan song, if one
can describe the end of an elephant
that way. Mr. de Brunhoff tells me
he won’t write again. “I don’t think
I could do another one,” he says,
lowering his gaze. “I had my life
with Babar and he made me happy.
But I’m an old guy now and I don’t
have the energy to create another
book.”
Does that mean Babar is dead?
As Mr. de Brunhoff’s face falls, I realize I’ve committed a faux pas and
explain I meant the question metaphorically. “No,” he says, sitting almost indignantly upright. “I will
never make him die.” The vehemence of a soft-spoken man is always startling, and Mr. de Brunhoff, who seems to have startled
even himself, falls silent.
At this moment, as if to the rescue, enters Phyllis Rose, Mr. de
Brunhoff’s American wife. She
bears a tray of mint tea in little
Moroccan glasses and offers a bustling contrast to her introverted
husband. She is, I discover, the
Babar-whisperer. She can make Mr.
de Brunhoff talk, and even when he
doesn’t, she is a marvelously loquacious substitute. “Anything you say
that he doesn’t get,” she tells me,
“I’ll repeat loudly to him, in this
distinctive pitch which he can always understand.” As she says
those last words in that pitch, he
perks up like a daydreaming
schoolboy in the presence of a
teacher.
Does Mr. de Brunhoff think he is
too old, at 92, to relate to children?
“Do you think you’re too old to relate to children?” Ms. Rose repeats.
Mr. de Brunhoff responds surprisingly: “I never really think of children when I do my books. Babar
was my friend and I invented stories with him, but not with kids in
a corner of my mind. I write it for
myself.”
Mr. de Brunhoff describes his
childhood, and it seems to have
been an idyllic mix of Parisian sophistication and countryside horseplay. “When I was a kid, I loved
Winnie the Pooh,” he says, at which
point he and Ms. Rose have a minor
disagreement about whether he
had read it in French translation.
“It was probably English,” she insists. “His mother spoke very good
English.” Ms. Rose, a retired professor of literature, taught at Wesleyan for many years. When she
met Mr. de Brunhoff in Paris, they
fell in love, and in 1985 she whisked
him off to Middletown, Conn.
Since then, Ms. Rose, now 75,
has written all the original texts for
the Babar books, while he has provided the illustrations—drawings
so vivid and empathetic that human readers seem to belong to the
same species as Babar. “I have
credit for the text on the copyright
page,” Ms. Rose says. “It’s no secret.” She is careful, however, to respect the authorial hierarchy, and
insists that what she does is “only
auxiliary and functional. My job is
to get him, to comprehend him—
like now! I’m the producer; I’m here
to nudge him.”
This is how it works: Mr. de
Brunhoff develops an interest in a
theme—yoga, say, or the Olympics,
both of which have featured in recent Babar books—and starts to
sketch elephants in lotus positions
or throwing javelins. Ms. Rose’s
job, then, is to weave the images
into a narrative. This may seem decidedly complicated, but there’s no
ZINA SAUNDERS
Babar the Elephant Takes His Final Bow
denying that the two have a remarkably harmonious understanding of their project. Just as she finishes his labored answers to my
questions with paragraphs of her
own, she turns his delicious images
into playful stories on the page.
When I ask Mr. de Brunhoff how
the notion of childhood has
changed over Babar’s (and his) lifetime, Ms. Rose offers to respond
for him. “You’re going to have a
hard time getting an answer to that
out of Laurent,” she says with a
sigh. “A property like Babar—a
story like Babar—I really can’t
think of that many other children’sbook characters that have been
around that long. When he does a
signing, you see three and four
generations of people who have
read these books.” She adds that it
“suggests a kind of changelessness
in what appeals to human beings
when they’re very young.”
C
hildren today, she continues,
are “constantly on the computer, but they still seem to
love narrative and to love books
being read to them.” Despite all
those screens, “there is this continuous love of story, and of parents
reading books to them, which
doesn’t change.”
I suggest to Mr. de Brunhoff that
his father’s books—the first two, at
least—had themes much darker
than elephant yoga. They contained violence, for starters the
shooting of Babar’s mother. As Mr.
de Brunhoff hesitates, Ms. Rose
chips in to say that “in the typical
Babar story as written by Laurent,
something bad does happen always, yet it’s always overcome.”
But there’s no death, she agrees.
“Laurent’s father’s book could not
be published today,” she declares.
“The publishers simply would not
allow the death of a mother to be
mentioned.”
Mr. de Brunhoff, who seems to
enjoy being silent as Ms. Rose
holds court, interjects: “I think
that’s true, yes. They would not
publish it.” Ms. Rose explains that
such a story line would be thought
likely to alarm children. “The closest that we—Laurent and I—have
come to that kind of experience,”
she says, “was in ‘Babar’s Little
Girl,’ where in the original story
she goes off hitchhiking, and the
publishers”—Random House—
“would not allow that. That was
too dangerous!”
It was 1985, and the book was
about Isabelle, a daughter of Babar
and Celeste, who wanders off to
look for two friends of the family
called Boover and Picardee. Panic
inevitably ensues when everyone
thinks Isabelle is lost. “It was the
first book that Laurent did when
he came to America,” Ms. Rose
says. “The publishers insisted that
the story be changed—that the girl
already knew the people who took
her in, who gave her a ride on the
road. She couldn’t ride with
strangers.”
Mr. de Brunhoff, now nodding
his head in agreement, seems to
spur Ms. Rose on. “I know lots of
mothers,” she continues, “who
won’t let their children read the
first few pages of ‘The Story of
Babar’ because they’re afraid of
them being traumatized. And that,
to go back to your original question, is a real change in the nature
of childhood—that children really
are protected much more now from
any disturbing narratives.”
I ask Mr. de Brunhoff about
“Babar’s Guide to Paris,” the end of
the elephant’s story. Why Paris?
And what is the relationship between Babar and that city? “He
wants to know about the relationship between Babar and Paris,” repeats Ms. Rose. Mr. de Brunhoff
has by now given up on the seemingly inaudible timbre of my voice
and is grateful for his wife’s interventions. “Well, it is my relationship with Paris, really,” he says. “So
actually, to me, the book is not so
much showing Babar enjoying Paris
but is me enjoying the city.”
To quote from the book, Babar
tells Isabelle—she of the bowdlerized 1985 hitchhike—what to do in
the city: “First, he says, you must
go to a café. Order anything. You
can sit as long as you like. Read a
book or just watch the world go
by.” Mr. de Brunhoff adds that “it’s
the Paris of today,” not of his childhood. True, the metro is very up to
date, and the Louvre has I.M. Pei’s
glass pyramid, which was completed in 1989.
But is it, I ask, multiethnic and
multireligious in the manner of the
real Paris? “I don’t think you could
say that,” Ms. Rose says quickly,
“about a city that’s entirely made
up of elephants.” I persist. Is there
some reflection in the book’s Paris
of the tensions the city has seen in
recent times? Is there any terrorism, any burning of cars in the banlieues? “Absolutely not,” says Ms.
Rose. “Absolutely not. It’s just a
lovely, serene place where you
drink a lot of coffee.” Mr. de Brunhoff agrees: “It is the Paris as it
still is, I think.”
T
he book, they stress, is a simple story of Babar teaching
his daughter how to navigate
the city. Babar, says Ms. Rose,
“isn’t telling her to watch out for
terrorists. I don’t think that impinges on Laurent’s imagination. I
don’t think he takes in the fact that
there are dangers now, ugly racial
tensions and complicated immigration issues. To say that he has the
mind of a child has profound implications. He is in this self-contained
imaginative world.”
Today Mr. de Brunhoff says he
loves America, particularly New
York, “with its beautiful architecture and mix of people.” He suggests that he couldn’t, now, live
anywhere else but Manhattan. So
why did he set his—and Babar’s—
last book in Paris? “Interesting
question,” he says, a phrase he uses
often as a graceful deflection. “Because at the end of my life, even if
I’ve been living in America for decades, I’m still a Frenchman. And I
wanted to give a reward to Paris.”
Mr. Varadarajan is a fellow at
Stanford University’s Hoover Institution.
San Francisco’s Problem Isn’t Robots; It’s the $15 Wage Floor
Amazon recently received
proposals
from cities hoping to
host its second headquarters. A number
of California localities—including Los
CROSS
COUNTRY Angeles, Sacramento,
Pomona and Chula
By Michael
Vista—were in the
Saltsman
mix. But the tech titan should tread
carefully in the Golden State, where
policy makers are studying punitive
measures against companies that use
workplace robots.
The latest example is a statewide
campaign launched this fall by Jane
Kim of the San Francisco Board of
Supervisors. Ms. Kim intends to raise
money to support a statewide ballot
measure that would penalize private
enterprise for embracing automation
in the workplace, as Amazon has
done in its warehouses.
“The idea is simple: if an employer
replaces a human worker with a robot or algorithm, he or she would pay
a tax,” according to the “Jobs of the
Future Fund” website. It continues,
“If we can expect millions of Californians may lose their job, it is our responsibility to prepare now through
a modest tax on the robots and algorithms taking their place.”
While Ms. Kim would like to tax the
robots, some of her colleagues would
prefer to eliminate them. Earlier this
year San Francisco Supervisor Norman Yee proposed a ban on delivery
robots. “Our streets are made for people,” he proclaimed. In an interview,
Mr. Yee said he was concerned that
“many delivery jobs would disappear”
if such a ban were not enacted. He
later amended the proposed ordinance
to create a robot permitting process
with geographic restrictions.
The workplace trend toward selfservice and automation has indeed
made some occupations obsolete.
Customers have been accustomed to
bagging their own groceries for at
least a decade. Restaurant chains
such as McDonald’s and Panera
Bread are now rolling out kiosks that
allow customers to place their own
orders. And the automated delivery
devices targeted by Mr. Yee will render some delivery jobs obsolete.
Employees displaced by technology might appreciate that these San
Francisco politicians are concerned,
but an apology might be more appropriate. Over the past few years, San
Francisco in particular, and California in general, has increased the cost
to hire and train employees at risk of
being automated. The minimum
wage will rise to $15 an hour in San
Francisco in 2018. The rest of California will get there four years later.
On top of San Francisco’s hourly
wage mandate are requirements for
health care, paid leave and employee
scheduling.
These added costs give employers
with already slim profit margins a
strong incentive to automate or embrace self-service. In an interview
with Forbes, the founder of a delivery robot company linked his product’s value proposition to a rising
minimum wage: “At something like
$10 per delivery, the majority of citizens will not use [human delivery].
It’s too expensive.”
The empirical evidence supports
the anecdotes: An August study published by the National Bureau of
Economic Research linked a rising
minimum wage to an increase in unemployment for workers in jobs that
require a large number of routine
tasks. The authors reported that it
wasn’t just service-industry jobs at
risk. A rising minimum wage also
had a negative effect on job opportunities for older, less-skilled employees in manufacturing.
The city fears automation
will replace workers—
but its own policies make
low-value jobs illegal.
Instead of spurring self-reflection
among advocates for new labor mandates, these consequences have inspired them to propose new laws to
solve the problems caused by old
ones. Consider the irony: San Francisco voters were promised in 2014
that the minimum-wage initiative
backed by Ms. Kim would increase
consumer spending by north of $100
million—without affecting employment. Now money from the new robot-tax proposal will be used to offset a reduction in job opportunities,
in part caused by the rising minimum wage.
These misconceptions put the
livelihood of employers and employees at risk. Mr. Yee’s suggestion that
a ban on delivery robots would help
save drivers’ jobs is a dangerous
confusion of consequence and cause.
If customers are unwilling to underwrite a $15 hourly wage for food delivery, and employers are prohibited
from embracing an automated alternative, they’ll either stop delivering
food or close their doors.
This is already happening in San
Francisco. A study this year from
Harvard Business School and Mathematica Policy Research economists
found an increase in the closure of
median-rated restaurants associated with the city’s rising minimum
wage.
Automation can’t be stopped, and
it will change more than the service
industry. Earlier this year a PricewaterhouseCoopers report estimated
that nearly 40% of U.S. occupations
are at a high-risk of automation in
the next two decades. But states like
California are accelerating the trend
by creating labor-cost mandates that
exceed the productivity of employees
to which they apply. It’s futile to try
to resist the downward slope of the
labor demand curve. Instead California’s do-gooder legislators should
study up on the law of unintended
consequences.
Mr. Saltsman is managing director
at the Employment Policies Institute.
Notable & Quotable: Adventures in Title IX
Nicholas Wolfinger, writing Nov. 17
at quillette.com:
My own investigation for alleged
Title IX transgressions lasted several
months before eventually clearing
me of sexual harassment and gender
discrimination. In the end, I was very
lucky. I remain a tenured professor
at the University of Utah. The costs
to me were limited to my time and
the $14,000 I ultimately paid to my
attorney. . . .
Yet the successful resolution of my
Title IX case a year ago didn’t come as
much of a relief to me. Although the investigator’s report cleared me of sexual
misconduct, it far exceeded its original
mandate by going to great lengths to
depict me as a bad colleague. Most of
this concerned my behavior at faculty
meetings. I had rolled my eyes. I had
said “f—” once. And so on.
I protested to my Title IX inquisitor about the irrelevance of all this to
a Title IX case focused on sexual harassment and gender discrimination,
but to no avail. . . . In any event, it
was clear why the Title IX report
tried so hard to impugn my collegiality: it was providing the source material for additional complaints that
would originate elsewhere in the university bureaucracy. Three months
later my suspicions were realized, as
I received an official complaint from
my dean about my hostile body language and overall poor collegiality.
The complaint was based entirely on
the findings in my Title IX report.
The dean’s letter recapitulated the
eye rolls, the one-time profanity, and
so forth from the report. “Hostile
body language,” my dean wrote, “[is]
unacceptable in a professional setting.” She imposed two punishments
for my transgressions. The first was
an official reprimand, with the
stated threat of dismissing me if my
body language didn’t improve forthwith. The second was a month of unpaid suspension. I wasn’t scheduled
to be teaching during the specified
month, but the suspension would
amount to a fine of over $5,000. I
also would be barred from campus. A
month of freedom from faculty
meetings ultimately wasn’t worth
$5,000 to me, but I did have to give
it some consideration.
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A12 | Saturday/Sunday, November 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
OPINION
M
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Licenses to Kill Opportunity
Costs and Benefits of Hyphenated Capitalism
ore than ever, the government re- Justice found that on average tree trimmers unquires Americans to get permission dergo 16 times more training than an emerto earn a living. In the 1950s one in gency medical technician, and cosmetologists
20 workers needed a license
more than 11 times. That
A new study shows how makes safety sense only if Edto work; now about one in
four do. The rules hurt the
ward Scissorhands styles your
state licensing rules
working poor in particular,
hair and trims your lawn.
block upward mobility.
but everyone suffers in states
The report also highlights
with the most licensing rehow state licensing demands
quirements, as a new and
are inconsistent and often ircomprehensive report by the Institute for Jus- rational. Only three states and the District of
tice (IJ) illustrates.
Columbia require a license for interior designIJ examined 102 lower-income professions ers. But in all four, aspirants must clock six
across the United States. That list ranges from years of education or experience, pass an exam,
truck drivers to taxidermists, from school bus and pay between $1,120 and $1,485 for the lidrivers to bartenders. The study assessed the cense. That’s far more training than is required
difficulty of obtaining a license and the number for a dental assistant (Washington, D.C.), optiof occupations subject to licensing require- cian (Florida), midwife (Louisiana) or pharmacy
ments in each state.
technician (Nevada).
Hawaii’s prerequisites are the most grueling
Stiff licensing requirements are often prohibwhile Louisiana and Washington regulate the itive for America’s working poor, keeping them
most professions, with both states requiring a trapped in low-wage, low-skill jobs. Many states
license for 77 lower-income fields. The nearby also bar people with a criminal record from
table shows the 10 states with the highest occu- working in a licensed profession. Society pays
pational-licensing burden.
the price. Researchers at Arizona State UniverCalifornia has the most dysfunctional re- sity’s Center for the Study of Economic Liberty
gime. Across professions, it has established “a found that in states with burdensome licensing
nearly impenetrable
requirements, recidithicket of bureauvism rates increased by
cracy” where “no one State Occupational Hazards
more than 9% over a
could” provide a “list The 10 states with the highest number and worst
10-year span. In states
of all the licensed oc- average burden of occupational licensing requirements
where it was easier to
cupations,” as one
get a license, the rates
6. Lousiana
state oversight agency 1. California
went down.
admitted last year. 2. Nevada
Nationwide, licens7. Virginia
California’s door re- 3. Arkansas
ing
drives up prices by
8. Oregon
pairmen, carpenters
as much as $203 billion
9. Washington
and landscapers must 4. Arizona
annually. The requirefirst rack up 1,460 5. Hawaii
ments also hurt con10. Rhode Island
days of supervised on- Source: Institute for Justice
sumers by restricting
THE WALL STREET JOURNAL
the-job experience,
access to goods and
then pay more than $500 for the license, before services. Louisiana has around 400,000 more
they can work as a contractor.
black residents than neighboring Mississippi.
The cost and time to obtain a license is no But in 2012 Mississippi had 1,200 licensed Afriaccident, as professional guild members sit on can-style hair braiders. Louisiana, which restate licensing boards and reinforce the quires 500 hours of training, had just 32, acracket. They want to limit competition to keep cording to IJ.
prices high.
The study found that heavy-handed licensing
Until recently, the New Hampshire Board of doesn’t follow party lines, which means the
Barbering, Cosmetology & Esthetics could levy rules are rooted in political muscle more than
fines on salons that have a barber’s pole—or ideology. Staunchly Republican Wyoming reeven a pole painted red, white and blue that re- quires a sign-off for 26 lower-income professembles one—but no licensed barber. In Febru- sions, the lowest number of any state. But libary an Arizona board targeted a cosmetology eral Vermont is the runner-up, requiring a
student who dared to give free haircuts to the license for 31 occupations and beating out Monhomeless. He risked being barred from the pro- tana and South Dakota.
fession until Gov. Doug Ducey interceded.
That signals political potential for reform.
Licensing proponents claim they’re merely Giving the poor a pathway to a dignified, selfprotecting public health. But the Institute for supporting life should be a bipartisan priority.
Regarding Andy Kessler’s “Quit
Modifying Capitalism” (Inside View,
Nov. 20): Sustainable, inclusive, socially responsible, conscious, statemanaged and other hybrid breeds of
capitalism elevate state central planners into roles that override and pervert economic relationships among investors, producers and consumers.
The result is a neutered or otherwise
impaired economic system.
Unadulterated capitalism involves
too much volatility and unequal outcomes to be a viable alternative in
the 21st century, but the more adulteration that occurs, the more capital is misallocated and the slower
economies grow, leaving less money
for government. Hybrid capitalist
systems dilute the economic efficiencies and results of free markets,
delivering inclusive stagnation or
decline. At that point, the left
adopts a new and improved modifier
for capitalism and the vicious cycle
repeats.
FRANK ALLEN
Charlotte, N.C.
Terrorism Takes No Holiday
“Can Marijuana Alleviate the Opioid Crisis?” (op-ed, Nov. 20) by Richard Boxer is spot on. The need for
changes in the regulations to allow
for the study of marijuana is real and
immediate. Further research on medical marijuana is critical for the opioid
crisis and other areas where cannabis
may be a useful drug therapy.
One area that hasn’t been addressed where medical marijuana is
now legal is that most states aren’t
requiring the collection, analysis and
reporting to health agencies of marijuana side effects. Like any drug,
marijuana can and will produce side
effects, some of which will be very serious and possibly fatal. One approach that would work now would
be to take the FDA’s side-effect reporting regulations and requirements
and put them in place at the state
level for all producers, middlemen
and dispensers. The widespread use
of medical marijuana as a drug
should be held to the same FDA re-
P
resident Trump called Egyptian Presi- success against jihadism, and Mr. Sisi is a particdent Abdel Fattah Al Sisi on Friday, and ular target after he deposed the Muslim Brotherthe White House issued a statement of hood in 2013. The U.S. can help with intelligence,
support after terrorists killed
but Mr. Sisi has the challenge
The deadliest attack in of defeating the terrorists
more than 235 people in an attack on a mosque near the Siencouraging fewer jihadEgypt shows a growing while
nai coast. The assault was esist recruits by opening Egypjihadist threat.
pecially vicious as jihadists
tian civil society and politics to
cut down Sufi worshippers,
more voices.
who practice a moderate form
Meanwhile, a Pakistani
of Islam. The attack was the deadliest in Egyp- court Wednesday released from house arrest
tian history, exceeding the 224 who died in Hafiz Saeed, the man accused of masterminding
Metrojet Flight 9268 over the Sinai Peninsula the 2008 Mumbai terror attack that killed 166
in October 2015.
people. The State Department said the U.S. “is
Mr. Trump couldn’t resist using the event as deeply concerned” and “the Pakistani governan argument for his immigration limits, tweet- ment should make sure that he is arrested and
ing “Need the WALL, need the BAN! God bless charged for his crimes.” President Trump and
the people of Egypt.” But the attack in Sinai is Secretary of State Rex Tillerson have pressured
almost surely the work of home-grown jihad- Pakistan’s government for cooperation in the
ists, perhaps inspired by Islamic State. Immi- war on terror and in Afghanistan, and Saeed’s
gration at the Mexican border, or even at U.S. release is a test of U.S. influence.
airports, has nothing to do with it.
The recent victory over Islamic State’s
The death toll is a reminder that Muslims con- would-be caliphate in Syria and Iraq is weltinue to be the main targets of Islamic terrorism come, but the jihadist threat continues to
world-wide. And it underscores that Mr. Sisi is evolve and adapt around the world and won’t
a long way from crushing the jihadist threat in- be defeated by a wall between Ciudad Juarez
side Egypt. Authoritarian rule is no guarantee of and El Paso.
D
A Museum for Art’s Sake
eparting leaders are rarely fêted for art. The move enhanced the National Gallery’s
what they didn’t do. But we live in a holdings and kept for Washington—and the natime of cultural turmoil, so it’s worth tion—artworks that might otherwise have been
noting the tenure of National
dispersed through sale.
Rusty Powell has put
Gallery of Art Director Earl A.
Under Mr. Powell the Na(Rusty) Powell III, who antional
Gallery has taken a requality above politics
nounced this month that he
freshingly adult approach to
at the National Gallery. the vexed question of contemwill retire in early 2019 after
25 years on the job.
porary art, hewing to the traOn Mr. Powell’s watch there
ditional approach that works
have been no glitzy expansions, scandals or must pass the test of time before entering a muraids on the collection to raise money, no board seum, rather than chasing fads and fashions.
dysfunction or dumbing down of exhibitions. In Last year it acquired a soap-and-chocolate
many respects his directorship was very low- sculpture by Janine Antoni, nearly a quarter
key, with much of its focus on renewal and res- century after it had caused a sensation at the
toration of the physical plant. But all that belies 1993 Whitney Biennial. Above all under Mr.
his concrete accomplishments, which deserve Powell, the Gallery has remained a determinedly
to be celebrated because so many of them have art-for-art’s-sake institution at a time when mubecome the exception in the art world.
seums have been increasingly positioning themMr. Powell dialed back the showmanship that selves as political actors.
defined the tenure of his predecessor, J. Carter
The Gallery is America’s flagship museum,
Brown, but without sacrificing substance. Wit- so the stakes couldn’t be higher in selecting a
ness the current exhibition “Vermeer and the new director. Expect a chorus calling on the
Masters of Genre Painting: Inspiration and Ri- trustees to pick someone who’ll make the place
valry,” which manages to say something fresh “more relevant,” by which they surely mean poabout one of the most closely studied and well- litical. There lies the road to ruin.
exhibited artists.
You don’t have to look far to find cultural inWhen the Corcoran Gallery of Art was im- stitutions damaged in recent years—or brought
ploding in 2014, Mr. Powell negotiated a soft to the brink of extinction like the New York City
landing for the troubled museum by arranging Opera—by botched succession decisions. The
for the National Gallery to absorb the bulk of the National Gallery’s trustees can look to the examCorcoran’s collection of American and European ple of Mr. Powell’s tenure to get theirs right.
Mr. Kessler calls attention to the
knowledge incorporated into the
“price” of a good or service in a capitalist economy. That price is the his-
torical record of countless decisions
made by “self-interested” individuals
to cooperate with one another for mutual benefit—decisions made willingly
by buyers and sellers, none of whom
got all that they wanted, but all of
whom recognized the benefit of working together in peace.
The hyphenated capitalism Mr. Kessler leaves out is the key to capitalism’s current bad name: “crony-capitalism.” There is no greater
monument to that than our current
tax code. It picks winners and losers
under the guise of achieving laudable
social goals, but is influenced by the
too-cozy relationships government
and the private sector. In the process,
markets are distorted and the information in prices rendered useless.
This is worth considering during the
current season in which tax reform
has morphed into tax cuts, and the
process has remained one of determining centralized parameters of division and redistribution, rather than
efficiently funding the government.
This won’t change until enough titans of industry realize that their enlightened self-interest is truly the
public interest.
LUKE PERKOCHA
San Francisco
Prosecutors’ Misconduct Had a Huge Outcome
U.S. District Judge Emmet Sullivan
recommends that all states and the
federal court system follow New
York’s lead and require trial judges to
issue Brady orders in all criminal
proceedings so that prosecutors can
be held accountable if they withhold
critical evidence that is favorable to
the accused (“How New York Courts
Are Keeping Prosecutors in Line,”
Cross Country, Nov. 18). Judge Sullivan’s epiphany regarding the value of
a Brady order came when he presided over the 2008 trial of Ted Stevens, longtime U.S. senator from
Alaska. Six months after that trial—
and after Mr. Stevens lost reelection
in large part because of the deeply
flawed trial—it was revealed that
Justice Department lawyers committed numerous legal and ethical violations by withholding evidence pointing to Mr. Stevens’s innocence. But
because no Brady order had been is-
sued at the trial, Mr. Sullivan was
powerless to act against the offending prosecutors.
The “butterfly effect” of unethical
Justice Department lawyers in 2008
arguably was the election of Mr. Stevens’s Democratic opponent who subsequently cast one of the 60 votes
needed to pass ObamaCare. In 2008,
Ted Stevens was the longest-serving
U.S. senator ever to lose a reelection
bid. Al Franken’s miraculous election
victory by a few hundred votes after
a recount also was decisive.
Without the 41st GOP vote of Ted
Stevens in 2010, Senate Democrats
passed ObamaCare thanks to crooked
lawyers in the Justice Department.
Brady orders may not root out badapple prosecutors, but at least they
will pay a personal price for intentional evidence suppression.
DANIEL BRADY
Columbia, Md.
As a Medicine, Pot Has Pluses and Minuses
Turnout, Not Trump, Was
Decisive in Virginia Election
Jim LeMunyon’s letter (“Different
Explanations for Republicans’ Rout,”
Nov. 16) blaming the Republican
election losses in Virginia on President Trump is misguided. Republican gubernatorial candidate Ed Gillespie received 16% more votes than
the Republican gubernatorial candidate did in the highly competitive
election of 2013. He got the vote of
95% of Republicans and 50.5% of independents. Normally, this would be
regarded to be a good result—but
not good enough to offset the corresponding 31% increase in votes for
his opponent, Ralph Northam.
There were two factors specific to
Virginia this year that boosted Democratic turnout. The election offered
a large number of Virginians the opportunity to vote for free medical insurance for themselves or their family. This was because the Democrats
promised to expand Medicaid under
ObamaCare, which the Republican
legislature had blocked. In addition,
sitting Democratic Gov. Terry McAuliffe restored the voting rights of
tens of thousands of ex-convicts, who
likely responded with gratitude.
Much of politics is still local.
STEFAN JERZY
Washington
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.
quirements as any other drug for
safety.
BARTON COBERT, M.D., FACP, FACG
Chapel Hill, N.C.
Dr. Boxer advances weak statistical
associations between state medicalmarijuana laws and decreased opioid
use, while ignoring evidence that marijuana use has actually worsened the
opioid epidemic. He states that the
marijuana gateway effect “is so far
unsupported.” Yet a 20-year review
has shown a relationship between
youth marijuana use and subsequent
use of other drugs, to be “the most
consistent findings in epidemiological
studies of drug use in young adults.”
Youth marijuana use increases the
risk of opioid disorder and consequences. Recent findings confirm perverse outcomes regarding psychosis,
for those suffering PTSD and, critically, treatment regarding opioid recovery.
JOHN P. WALTERS, DAVID W. MURRAY
HUDSON INSTITUTE
Washington
In Colorado, emergency rooms are
seeing an increase in youth with cannabis in their systems. In addition,
Colorado is seeing an increase in
young motorists pulled over who have
high levels of Delta-9 THC (the psychoactive element of marijuana) in
their system. The legalization of marijuana in Colorado has a crushingly
negative impact on the state’s youth
who place it in edible candies or ingest it through vaping.
Marijuana use isn’t the answer for
pain management. Unfortunately,
marijuana use only increases the pain
in other areas of our society.
WILLIAM H. ARRINGTON III
Johnstown, Colo.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“Listen! Hear that?
Nothing is beeping.”
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 25 - 26, 2017 | A13
OPINION
DECLARATIONS
By Peggy Noonan
T
his Thanksgiving I find
myself thankful for something that is roiling our
country. I am glad at what
has happened with the recent, much-discussed and continuing
sexual-harassment revelations and
responses. To repeat the obvious, it
is a watershed event, which is something you can lose sight of when
you’re in the middle of it. To repeat
the obvious again, journalists broke
the back of the scandal when they
broke the code on how to report it.
For a quarter century
we had been stuck in
He Said/She Said. Now
predators are on notice.
For a quarter century we had been
stuck in the He Said/She Said. Anita
Hill and Clarence Thomas gave their
testimonies, each offered witnesses,
and the fair minded did their best
with the evidence at hand while sorting through all the swirling political
agendas. In the end I believed Mr.
Thomas. But nobody knows, or rather
only two people do.
What happened during the past
two years, and very much in the past
few months, is that reporters and
news organizations committed serious
resources to unearthing numbers and
patterns. Deep reporting found not
one or two victims of an abuser but, in
one case, that of Bill Cosby, at least
35. So that was the numbers. The testimony of the women who went on the
record, named and unnamed, revealed
patterns: the open bathrobe, the running shower, the “Let’s change our
meeting from the restaurant to my
room/your apartment/my guesthouse.”
Once you, as a fair-minded reader, saw
the numbers and patterns, and once
you saw them in a lengthy, judicious,
careful narrative, you knew who was
telling the truth. You knew what was
true. Knowing was appalling and
sometimes shocking, but it also came
as a kind of relief.
Once predators, who are almost
always repeat offenders, understood
the new way of reporting such stories, they understood something else:
They weren’t going to get away with
it anymore. They’d never known that.
And they were going to pay a price,
probably in their careers. They’d
never known that, either.
Why did this happen now? It was
going to happen at some point: Sexual harassment is fairly endemic.
Quinnipiac University released a poll
this week showing 60% of American
women voters say they’ve experienced it. Maybe the difference now
is that the Clintons are gone—more
on that in a moment. And maybe
there’s something in this: Sexual harassment, at least judging by the testimony of recent accusers, has gotten weirder, stranger, more brutish.
The political director of a network
news organization invites you to his
office, trains his eyes on you and
masturbates as you tell him about
your ambitions? The Hollywood producer hires an army of foreign goons
to spy on you and shut you up? It
has gotten weird out there. These
stories were going to blow up at
some point.
Sexual harassment is not over because sin is not over. “The devil has
been busy!” a journalist friend said
this week as another story broke. But
as a racket it will never be the same.
i
i
i
Some great journalism, some
great writing and thinking, has come
of this moment. Ronan Farrow’s New
Yorker pieces have been credible and
gutsy on all levels. Masha Gessen’s
piece in the same magazine last week
warned of moral panic, of a blurring
of the lines between different behaviors and a confusion as to the boundaries between normal, messy human
ISTOCK/GETTY IMAGES
The Sexual-Harassment Racket Is Over
actions and heinous ones. Rebecca
Traister of New York magazine has
argued that it is a mistake to focus
now on the question of punishments,
that maybe the helpful thing is to focus on what’s going on in our society
that predators think they can get
away with this.
Caitlin Flanagan in the Atlantic
wrote the most important political
piece in “Bill Clinton: A Reckoning.”
What is striking about this moment,
she argued, is not the number of
women who’ve come forward with
serious allegations. “What’s remarkable is that these women are being
believed.” Most didn’t have police reports or witnesses, and many were
speaking of things that had happened
years ago. “We have finally come to
some kind of national consensus
about the workplace; it naturally fosters a level of romance and flirtation,
but the line between those impulses
and the sexual predation of a boss is
clear.”
What had impeded the ability of
victims to be believed in the past?
The Bill Clinton experience. He was
“very credibly” accused, as Ms.
Flanagan wrote, of sex crimes at different points throughout the
1990s—Juanita Broaddrick said he
violently raped her; Paula Jones said
he exposed himself to her; Kathleen
Willey said she went to him for advice and that he groped and assaulted her. These women “had far
more credible evidence” than many
recent accusers. “But Clinton was
not left to the swift and pitiless justice that today’s accused men have
experienced.” He was rescued instead by “a surprising force: machine feminism.”
That movement had by the ’90s devolved into a “partisan operation.”
Gloria Steinem in March 1998 wrote a
famous New York Times op-ed that, in
Ms. Flanagan’s words, “slut-shamed,
victim-blamed, and age-shamed” the
victims and “urged compassion for
and gratitude to the man the women
accused.” This revealed contemporary
feminism as “a weaponized auxiliary
of the Democratic Party.” Ms. Steinem
characterized the assaults as “passes,”
writing: “Even if the allegations are
true, the President is not guilty of
sexual harassment.”
Ms. Steinem operated with the
same logic as the skeeviest apologist
for Roy Moore: Don’t credit any
charges. Gotta stick with our team.
Ms. Flanagan: “The widespread
liberal response to the sex-crime accusations against Bill Clinton found
their natural consequence 20 years
later in the behavior of Harvey Weinstein: Stay loudly and publicly and
extravagantly on the side of signal
leftist causes and you can do what
you want in the privacy of your offices and hotel rooms.”
The article called for a Democratic
Party “reckoning” on the way it protected Bill Clinton.
It was a great piece.
I close with three thoughts.
The first springs from an observation Tucker Carlson made on his
show about 10 days ago. He marveled, briefly, at this oddity: Most of
the accused were famous media personalities, influential journalists, entertainers. He noted that all these
people one way or another make
their living in front of a camera.
It stayed with me. What is it about
men and modern fame that makes
them think they can take whatever
they want when they want it, and
they’ll always get away with it, even
as word, each year, spreads. Watch
out for that guy.
Second, if the harassment is, as it
seems to me, weirder and more over
the top now than, say, 40 years ago,
why might that be?
Third, a hard and deep question
put quickly: An aging Catholic priest
suggested to a friend that all this
was inevitable. “Contraception degenerates men,” he said, as does
abortion. Once you separate sex
from its seriousness, once you separate it from its life-changing, lifegiving potential, men will come to
see it as just another want, a desire
like any other. Once they think that,
then they’ll see sexual violations as
less serious, less charged, less full of
weight. They’ll be more able to rationalize. It’s only petty theft, a pack
of chewing gum on the counter, and
I took it.
In time this will seem true not
only to men, but to women.
This is part of the reason I’m
thankful for what I’m seeing. I experience it, even if most women
don’t, or don’t consciously, as a
form of saying no, this is important.
It is serious.
We’ll Always Have ‘Casablanca’
By Robert Garnett
T
he Great American Novel may
never be agreed on, and may
not exist, but there’s little doubt
about the Great American Movie. Seventy-five years ago this week—on
Thanksgiving Day, 1942—“Casablanca”
premiered in New York.
“Gone with the Wind,” the great
romantic epic of defeat and resilience, might be a plausible challenger, were its Old South sympathies not out of fashion in these
The film Billy Wilder
called ‘the most wonderful
claptrap that was ever put
on the screen’ turns 75.
virtuous times. The showy cinematic
virtuosity of “Citizen Kane,” beloved
of film professors and art-house theaters, interests few others. “The Wizard of Oz” might contend, if only
Dorothy had encountered Clark Gable
instead of the Tin Man.
But “Casablanca” stands alone.
“The most wonderful claptrap that
was ever put on the screen,” esteemed director Billy Wilder said.
“Claptrap that you can’t get out of
your mind.”
This American classic is set entirely outside the U.S. and follows an
expatriate who, for unexplained reasons, can’t return home. Virtually all
the other characters are foreign, as
were the actors who played them. In
1942 Hollywood was awash with outof-work European refugees: Of the 14
actors receiving screen credit, 11
were foreign-born.
Likewise director Michael Curtiz,
a Hungarian martinet with shaky
English. “Next time I send some
dumb son-of-a-bitch for a Coca-Cola,
I go myself,” he once memorably
complained. He and Humphrey Bogart “argued so frequently,” producer Hal Wallis recalled, “that I
had to come on the set to control
the quarrels.”
On screen, the warm translucent
sensuality of Ingrid Bergman perfectly
complemented the dark, brusque Bogart—but off-screen they didn’t click.
Unhappy in a foundering marriage, he
kept to himself during filming and
drank heavily. A veteran film crook, he
was uncomfortable in love scenes: “I
don’t do it very well.”
“I kissed him but I never knew
him,” Bergman said. She thought her
film-husband Paul Henreid a prima
donna. During filming she was eagerly looking beyond, to a role in an
ambitious—and now forgotten—film
of Ernest Hemingway’s “For Whom
the Bell Tolls” with Gary Cooper,
who at 6 feet 3 inches tall would give
her a co-star to look up to. She was
noticeably taller than Bogart, an
awkward disparity disguised by shoe
lifts and camera angles. They never
worked together again.
“Casablanca” was adapted from
an unproduced play full of “sophisticated hokum” which Warner Bros.
acquired shortly after Pearl Harbor.
The plot groans with inconsistencies
and absurdities. “Don’t worry what’s
logical,” Curtiz advised. “I make it go
so fast no one notices.” The screenplay was incomplete as filming began, the ending uncertain as it proceeded, and Bogart’s final line
written and dubbed in weeks after
filming concluded.
“Every day they were handing out
the dialogue and we were trying to
make sense of it,” Bergman recalled.
The scriptwriters couldn’t agree on
the point of the story. Two wrote
witty repartee. A third wanted to
dull it down with politics and uplift.
The fourth worried about the script’s
ambiguous romance.
So did Bergman. Which man was
her character in love with? Her bitter
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EDITORIAL AND CORPORATE HEADQUARTERS:
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ex-lover Rick Blaine (Bogart) or heroic resistance leader Victor Laszlo
(Henreid)? “There is a little bit of
difference in acting towards a man
that you love and another for whom
you may just feel pity or affection,”
she pointed out, reasonably.
Glooming over all was the war—
with its restrictions, shortages and
uncertainties. Studio workers and actors were disappearing into the military. Jimmy Stewart and Ronald Reagan had already left. Clark Gable
enlisted while “Casablanca” was being filmed in the summer of 1942.
Wartime rationing began to pinch,
from silk and wool for costumes to
nails for set-building to celluloid for
movie film itself. Sets were recycled.
The Paris train station in which Rick
finds himself jilted had recently
served as Boston’s Back Bay Station
in “Now, Voyager.”
Meantime, the U.S. Bureau of Motion Pictures, a division of the Office
of War Information, pressed studios
to pad their films with propaganda.
“What war information problem does
it seek to clarify, dramatize or interpret?” a government manual asked
of every film. “Does it contribute
something new to our understanding
of the world conflict, and the various
forces involved?” The anti-German
thrust in “Casablanca” earned the
bureau’s warm approval; but for ridiculing Vichy French collaboration—a
delicate issue—it was withheld from
export to French Morocco, then under Vichy control. Casablancans
couldn’t watch “Casablanca.”
As shadows waver on the walls of
Rick’s Café and Ilsa listens to Sam
the piano-player sing “As Time Goes
By,” the politics and propaganda dissolve. We are drawn into deeper human rhythms of love, and loss, and
long-lasting regret. It was the year of
Midway and Guadalcanal, perhaps
America’s finest hour. With “Casablanca,” it was certainly Hollywood’s.
Easier, more comfortable times—and
flashier filmmaking—have produced
nothing to match it.
Mr. Garnett is a professor of English literature at Gettysburg College.
What the NFL Teaches Corporate America
Any public company would have
fired Roger Goodell
long ago—in fact,
three years ago after the Ray Rice
matter.
BUSINESS
Let’s remember
WORLD
what happened. An
By Holman W.
NFL arbitrator, reJenkins, Jr.
tired federal judge
Barbara
Jones,
found that Mr. Rice, of the Baltimore
Ravens, did not mislead NFL chief
Mr. Goodell about the severity of his
domestic violence conviction when
Mr. Goodell punished him with a
two-game suspension.
Mr. Goodell only claimed later
that Mr. Rice had misled him when a
public furor began to threaten Mr.
Goodell’s own job. Then he needed
an excuse—one that he could blame
on Mr. Rice—to reopen the case and
hit Mr. Rice with a second, harsher
penalty aimed at dousing a publicrelations crisis of Mr. Goodell’s own
making.
To any public company CEO, this
would have been the kiss of death.
How could any institution ask its
workers, customers and stakeholders
to trust a leader after such a performance? But the NFL is different. Its
players don’t work for Mr. Goodell.
They work for team owners. Mr.
Goodell also works for the owners,
and they had reasons for keeping
him around despite the Ray Rice
travesty.
Alas, today the league is finally
catching up with a truth many in Corporate America already knew. Tainted
bosses, whatever their charms, need
to go immediately. Otherwise their
troubles metastasize across the company’s entire agenda.
Inevitably, such a leader’s credibility problems and job insecurity
quickly become the tail that wags every dog.
The Ray Rice matter led directly
to the fight now engulfing Mr.
Goodell and a former ally, legendary
Dallas Cowboys owner Jerry Jones.
The immediate spark was a sixgame suspension Mr. Goodell issued
to Mr. Jones’s star running back,
Ezekiel Elliott, over accusations of
domestic abuse that the NFL’s own
specialist investigator found of dubious credibility.
Without getting into the details,
this suspension, as an ESPN investigation convincingly shows, was partly
driven by league-office politics.
Namely, it was driven by Mr. Goodell’s
need to justify his large expenditure
of league funds on a bloated, extravagantly remunerated staff of investigators to handle such allegations and
protect Mr. Goodell from future selfinflicted embarrassments.
A tainted CEO’s troubles
quickly become the tail
that wags every dog.
And here resides only the most
obvious blowback from the NFL’s
failure to learn why firing the CEO is
an essential first step in redressing
serious institutional failures.
Take the debacle related to
player national anthem protests.
Mr. Goodell’s approach has largely
favored the players over owners, a
tactic that may well be meant to
strengthen his hand over the owners. ESPN reports that many owners
have already convinced themselves
they can’t afford to lose Mr. Goodell
until after a new player contract is
nailed down before the existing one
expires in 2021.
In turn, these considerations now
make Mr. Goodell’s own contract renegotiation an unappetizing spectacle
for football fans. Mr. Goodell reportedly seeks $49.5 million a year plus
health care and private jet travel for
life. His lavish demand, practically an
extortion forcing the owners to exculpate him from the league’s many
problems, is likened in the press to
the pay packages of the greatest
wealth-creating CEOs. It isn’t. Their
pay typically consist of at-risk, stockbased compensation. Mr. Goodell
would be handed a pile of money regardless of performance.
His fellow owners’ obliviousness
on this point appears to be the
deeper issue setting off Mr. Jones.
Unlike Mr. Goodell, Mr. Jones is an
owner and longtime investor in the
league. His record of creating
wealth for himself and his fellow
owners is a lot more impressive
than Mr. Goodell’s, unless you think
those big TV contracts are conjured
out of Mr. Goodell’s personal magnetism rather than TV broadcasters’ desperate scramble for content
that can still pull big audiences
willing to sit through (if not watch)
commercials.
Mr. Goodell has his friends and defenders, but fairness is not a consideration at his level of pay. What’s in
the best interests of the league? Of
course, the NFL has a second big
management problem: It’s structured
essentially as a cooperative enterprise of a bunch of billionaire egomaniacs, a fact that lately has played
into Mr. Goodell’s hands in his battle
with Mr. Jones. His fellow owners appear to be more afraid of Mr. Jones’s
natural gift for leadership and high
level of conviction than they are Mr.
Goodell’s lack of either. Indeed, fullfledged Stockholm syndrome may be
setting in. A league attorney last
week sent a letter that seems to have
quieted Mr. Jones for now, accusing
him of “conduct detrimental to the
League’s best interests.”
The owners ought to look in the
mirror and understand why sports
leagues usually seek a commissioner
of independent stature and authority. Mr. Goodell may have his virtues,
but he started as an NFL intern. He
could show himself to be the leader
the league really needs if he now
found a reason to step down so the
NFL would be forced to make a clean
start.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A14 | Saturday/Sunday, November 25 - 26, 2017
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THE WALL STREET JOURNAL.
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MICHAEL BUCHER/THE WALL STREET JOURNAL
WEEKEND INVESTOR B4 | MARKETS DIGEST B5 | HEARD ON THE STREET B11
MEDIA IN DEFENSE OF A MERGER B3
STOCKS RETAILERS REJOICE B10
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 23557.99 À 31.81 0.1%
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Saturday/Sunday, November 25 - 26, 2017 | B1
THE WALL STREET JOURNAL.
* * * *
STOXX 600 386.63 g 0.1%
10-YR. TREAS. g 6/32 , yield 2.342%
OIL $58.95 À $0.93
GOLD $1,286.70 g $4.90
EURO $1.1932
YEN 111.57
Faked Data at Issue Again in Japan Unilever
Launches
Mitsubishi Materials
says factory workers
doctored quality
results for products
BY SEAN MCLAIN
TOKYO—Mitsubishi Materials Corp. said one of its subsidiaries knew for months factory workers were tampering
with quality information on
airplane, car, and power-plant
parts but continued to ship the
products, including possibly to
the U.S.
HEARD ON
THE STREET
By Spencer Jakab
Proving
Investment
Success
Takes Time
Is it luck or
skill? Picking
a fund manager who can
beat the index
is tough, but
picking one who beats it
through actual ability is far
more difficult.
Victor Haghani, a cofounder of one of the bestknown investment firms in
history, says the most surprising thing is that people
have great confidence that
they can pick these supertalented fund managers. Currently the chief executive of
Elm Partners, which espouses index investing for
wealthy clients, Mr. Haghani
will try to prove that to you
with a simple test.
He and two colleagues
told several hundred acquaintances who worked in
finance that they would flip
two coins, one that was normal and the other that was
weighted so it came up
heads 60% of the time. They
asked the people how many
flips it would take them to
figure out, with a 95% confidence level, which one was
the 60% coin. Told to give a
“quick guess,” nearly a third
said fewer than 10 flips,
while the median response
was 40. The correct answer
is 143.
Mr. Haghani’s belief in indexing means he has a
vested interest in the outcome. His earlier experience
as an active investor gives
him perspective on how hard
it is to beat the market. Mr.
Haghani was a co-founder of
Long Term Capital Management, the hedge fund that
had spectacular results from
exploiting real market anomalies before its failure nearly
took down the global finanPlease see HEARD page B4
Rolling Dice
U.S. stock funds that remained
in top quartile during a
five-year period
600
500
400
300
200
100
0
Year 1
2
3
4
5
*Period through June 2017
Source: S&P Dow Jones Indices SPIVA
THE WALL STREET JOURNAL.
Notice to Readers
Jason Zweig is away. The
Intelligent Investor column
will return next Friday.
It is the latest quality scandal to hit Japan’s manufacturing industry, this one affecting
more than 200 customers in
Japan and overseas, according
to Mitsubishi Materials.
Executives held a news conference Friday after the company revealed on Thursday
that workers had doctored
quality data to make it appear
that such products as rubber
gaskets and copper products
met customer standards when
they didn’t.
Most of the parts were used
for products in Japan, but
some went to customers in
China, and perhaps the U.S.,
Mitsubishi Materials said. Less
than a fifth of those customers
had been notified about the
problem as of Thursday, the
company said, adding that so
far no safety concerns had
been identified for any of the
products.
The revelation follows a
similar admission by Kobe
Steel Ltd. last month and Nissan Motor Co.’s recent disclosure of improper vehicle inspections, which prompted the
auto maker to suspend production for the Japan market and
recall more than a million cars
in that country. The scandals
have sparked soul-searching
in Japan about its corporate
governance and put at risk the
reputation of Japanese manufacturers.
Mitsubishi Materials said
subsidiary Mitsubishi Cable Industries Ltd. discovered its
problem in February and
launched an internal investigation in May. It continued to
ship affected products until
late October, when the subsidiary finished a five-month-long
audit of products shipped
since April 2015.
Mitsubishi companies are
major suppliers to the global
aviation and automotive industries, as well as Japanese defense contractors.
Boeing Co. said it was reviewing its supply chain. “The
quality and safety of our products are our highest priority.
Boeing is reviewing the matter,
and will take timely and appropriate action as necessary,”
the company said in an
emailed statement.
Companies and analysts say
these sorts of revelations have
deep roots in Japan Inc.’s governance problems, where dePlease see DATA page B2
EU Looks to Improve Bond Market
European corporate bonds are trading less frequently even as companies issue more of them.
Market makers’ net inventories of
nonfinancial European corporate bonds
The total amount of European corporate
bonds outstanding continues to climb
€50 billion
€3.3 trillion
40
3.2
30
3.1
€16.1 billion
20
10
€3.23 trillion
3.0
2.9
€1 billion=$1.18 billion
0
2008 ’09
’10
2.8
’11
’12
’13
’14
’15
2011 ’12
’13
The percentage of European
corporate bonds that traded*
Banks’ average holding period for
European corporate bonds is increasing
80%
50 days
75
70
’15
’16
Net return for market makers
of European corporate bonds
10%
40
5
30
0
35 days
20
69%
65
2011 ’12
’14
’13
’14
’15
’16
–5
10
–0.5%
–10
2011 ’12
’13
’14
’15
’16
2011 ’12
’13
’14
’15
’16
*At least once during the month in question
THE WALL STREET JOURNAL.
Sources: European Systemic Risk Board, Risk Control Ltd. , FCA
BY CHRISTOPHER WHITTALL
The European Commission
wants to determine why is it
becoming harder to trade corporate bonds, even though
companies are issuing more of
them.
The Federal Reserve Bank
of New York and the Bank of
England have also examined
the bond market amid worries
that declining liquidity—or the
ability to buy and sell bonds
easily at or near a stated
price—could make it harder
for funds to sell positions in a
downturn and trigger a selfreinforcing wave of fire sales.
The commission, the execu-
tive arm of the European
Union, plans to launch a public
consultation in early 2018 on
ways to improve how the corporate bond market functions.
Since the financial crisis, banks and investors have
complained about deteriorating trading conditions in corporate debt markets, making it
harder to buy and sell bonds
in large sizes. Many analysts
say that is because banks now
hold fewer bonds as a result of
the regulation that followed
the financial crisis.
The commission will gather
views from what it describes
as a broad audience and will
follow up on some of the 22
recommendations from a report published this past
week by a group of industry
participants, including banks,
asset managers and European
corporations. Those recommendations ranged from
changes to banks’ capital requirements to amending the
process around how companies raise money in bond markets.
As the European corporate
debt market has expanded, the
amount of bonds that trade
regularly has declined by
about 10 percentage points.
“The question is what
would happen now if we go
into another crisis period. The
market has much less capacity
than it used to have,” said William Perraudin, director of
consulting firm Risk Control
Ltd., which carried out the
study for the commission on
the European corporate debt
market. Risk Control’s report
disclosed how reduced capacity has hurt banks’ trading
desks that act as intermediaries in these markets. Because
they find it harder to unload
bonds quickly, they are doing
it less, crimping profits. It
found that banks’ average
holding period for bonds
nearly doubled to about 35
days in May 2016 from 18 days
in September 2011.
Search
For CEO
BY SAABIRA CHAUDHURI
Unilever PLC has kicked
off the search for a new chief
executive, according to a person familiar with the matter,
initiating what is expected to
be a monthslong process to
replace longtime head Paul
Polman.
The search at Unilever, the
Anglo-Dutch packaged-goods
giant that makes household
staples such as Hellmann’s
mayonnaise and Dove soap,
comes at time when sweeping
changes in tastes are buffeting
the consumer-goods industry.
It also follows Kraft Heinz
Co.’s surprise $143 billion bid
for Unilever.
Mr. Polman successfully
fended off that overture, but
afterward acknowledged Unilever hadn’t done a good
enough job boosting shareholder returns. He has initiated stock buybacks, raised
margin targets and is exploring options for the company’s
underperforming margarine
and spreads business.
Mr. Polman has been Unilever’s CEO since 2009 and he
has publicly said he expected
to run the company for between five and 10 years. He
has also recently said he has
no plans to leave Unilever before the end of 2018, and it is
possible he will stay on in his
current role through next year.
He could leave sooner depending on the outcome of the
search, according to another
person familiar with the matter.
Mr. Polman didn’t respond
to a request to comment.
Unilever in 2016 appointed
a new chairman, Marijin
Dekkers, to its board. Now
that he is settled in, the company felt it could start the
CEO search, this person said.
The start of the search was
earlier reported by Britain’s
Sky News.
Mr. Polman, a Dutchman, is
credited with turning the consumer-goods and packagedfoods company into a giant in
personal-care products, with
big acquisitions like Alberto
Culver, the hair and beauty
care brand, and Dollar Shave
Club, the online razor delivery
startup. Apart from his deal
making, he was known for a
public focus on sustainability—a stance that won him
measured praise from environmentalists but at times ruffled
critical investors, who called it
a distraction.
More recently, he has had
Please see CEO page B2
YouTube Deals With Another Advertiser Backlash
BY STU WOO
AND SAM SCHECHNER
A fresh wave of advertisers
suspended commercials on
YouTube after their ads
showed up next to videos that
appeared to attract pedophile
viewers.
The backlash Friday was
the latest over what critics say
is the inability of YouTube
owner Google, and parent Alphabet Inc., to effectively police the video service and assure advertisers their spots
won’t end up accompanying
inappropriate or offensive
content.
Big brand advertisers, including candy maker Mars
Inc., sportswear firm Adidas
AG, alcohol giant Diageo PLC
and British satellite-TV operator Sky PLC’s Now TV subsidiary, said they had stopped advertising on YouTube. They
responded after the Times of
London reported that ads for
those companies were popping
up next to videos of young
How YouTube Places Ads
Desired viewers can be reached in different ways:
Advertisers
YouTube videos
Desired audience
Ads can be placed before
specific types of content,
believing potential customers
view this content.
“ICELAND”
Advertisers can buy ads
based on keyword
searches entered by users.
Ads can be placed in videos
watched by a particular
demographic profile.
Problems arise when users view inappropriate
videos including ads targeted to them.
THE WALL STREET JOURNAL.
Source: Staff reports
children, many of which drew
lewd comments from viewers.
Other recent reports in the
news and on social media have
highlighted YouTube videos
with millions of views that exploit children by putting them
in compromising or predatory
situations.
A spokesman for YouTube
said Friday that the videosharing service forbids videos
and comments that sexualize
or exploit children, and that
the videos in question should
never have displayed any ads.
“We are working urgently to
fix this,” the spokesman said.
The ad suspensions—hitting
YouTube on Black Friday, the
traditional kickoff for the holiday shopping season—follow
similar action by advertisers
earlier this year. In March, for
instance, companies, U.K. political campaigns and government agencies pulled YouTube
ads after discovering they appeared before extremist or racist videos, following reports
from the Times of London and
The Wall Street Journal.
In response, YouTube gave
advertisers new tools to control where their ads appear.
The site also took steps to remove unsavory content, including adding more human
reviewers and boosting its use
of artificial intelligence.
YouTube said this week
that it has removed ads from
three million videos under its
new policies, and planned to
pull ads from an additional
500,000 videos as it further
strengthens its rules. The site
said it also removed 50 YouTube channels for endangering
children.
“While we have made significant changes in product,
policy, enforcement and controls, we will continue to improve,” the YouTube spokesman said Friday.
The advertiser backlash
Please see YOUTUBE page B2
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B2 | Saturday/Sunday, November 25 - 26, 2017
* ******
INDEX TO BUSINESSES
THE WALL STREET JOURNAL.
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.
Facebook..............B3,B11
B
Bain Capital .............. B10
Barclays.....................B10
Blackstone Group ..... B10
Bloomin’ Brands.........A1
R
Gap ............... A2,B10,B11
Google ......................... B1
Rio Tinto ................... B11
Risk Control................B1
H-I
S
Huntsman....................B3
InfiLaw System..........A1
Saigon Beer Alcohol
Beverage...................B3
Risk Control................B1
Signet Jewelers........B10
Sterling Partners........A9
Sylvan Learning
Systems....................A9
K
KKR............................B10
Kohl's............A2,B10,B11
L
Laureate Education....A9
C-D
M
Carlyle Group............B10
Caspers........................A1
CBS..............................B2
Clariant........................B3
Combilift.....................A6
Comcast.......................B3
DailyPay......................A7
Diageo ......................... B1
Diamond Bank...........B10
Discovery
Communications.......B3
Dish Network..............B2
DoorDash .................... A7
Macy's..........A1,B10,B11
Market Track...............A1
Mars............................B1
Mattel........................B10
McDonald’s..................A1
Mitsubishi Materials..B1
E-F
Edcon Holdings.........B10
Preqin........................B10
G
N
Neiman Marcus .......... A2
Netflix.........................B3
Nike.............................A2
Nvidia........................B11
T
Target...................A1,B10
Tesla..........................B11
Time Warner...............B3
TPG............................B10
21st Century Fox........B3
U
Uber Technologies......A1
Unilever.......................B1
V
Verizon Communications
.....................................B3
O-P
W
O'Melveny & Myers....B3
Potash Corp. of
Saskatchewan.........B11
Wal-Mart Stores.A2,B11
Whitefish Energy.......A3
White Tale Holdings...B3
TOM PENNINGTON/GETTY IMAGES
A
Adidas ......................... B1
Alphabet .............. B1,B11
Amazon.com
................ A2,B3,B10,B11
Arc American..............A3
Atlas Mara................B10
AT&T............................B3
INDEX TO PEOPLE
B
Bammens, Ludo........B10
Berkowitz, Bruce........B4
Brenner, Andrew.......B10
C
Hebner, Mark..............B4
Hermann, Barbara....D10
Huguenin, Bryce ....... D10
Huth, Johannes.........B10
Hymanson, Sarah.....D10
Davis, Judi .................. D9
Diamond, Bob ........... B10
Drewry, William..........B3
G
Gennette, Jeff............A1
Glunz, Barbara..........D10
Grant, Jason ............... D7
Greenfield, Rich..........B3
Guild, Tricia.................D7
H
Haghani, Victor...........B1
P
Perman, Craig...........D10
Perraudin, William......B1
Polman, Paul...............B1
I
R
Inatome, Rick..............A9
Romualdez, Daniel......D3
K
S
Katz, Karen.................A2
Kramer, Sara.............D10
Schafer III, Gil ............ D7
Schroer, Mike............B11
Stephenson, Randall...B3
Castle, Jennifer .......... D9
D
Olson, Catie .............. D10
L
Lafont, Dominique....B10
Lane, Kenneth Jay......D3
Lively, Don..................A1
M, O
Mansell, Kevin............A2
McGlashan, Bill.........B10
Montoya, Juan............D8
Morris, Michael...........B3
Mugabe, Robert..........C4
YOUTUBE
Continued from the prior page
earlier this year appeared to
have little impact on Alphabet’s overall business, which
has continued to post record
sales and profits. Three
months after advertisers
pulled spending in March,
some had returned.
Advertisers don’t want
their brands associated with
objectionable content and as
well can face criticism if their
advertising money goes to
support the videos’ creators.
Advertisers pay roughly $7 to
$12 for 1,000 views, and creators split that revenue with
YouTube.
The Times of London reported that YouTube videos
featuring young girls—in
many cases apparently filming
themselves, sometimes in underwear—drew hundreds of
pedophiliac comments, including encouragement to do lewd
acts and links to child-abuse
content. The Times reported
that the site displayed recommendations for similar videos,
such as a view of naked toddlers taking a bath.
T
Takeuchi, Akira...........B2
V
Venuti, Keri.................D9
Villaine, Aubert de...D10
W
Wasserman-Hone,
Becky.......................D10
Wilson, Kendra...........D7
News Corp owns both the
Times of London and The Wall
Street Journal.
Google struggles to police
YouTube because its cache of
videos is too vast for humans
to review and software isn’t
able to detect much of the unsavory content on its own.
3M
Number of videos from which
YouTube has removed ads
And the latest twist to illplaced ads only complicates
such policing. Videos, if posted
innocently, might not in and of
themselves violate YouTube’s
terms of service; however,
many comments posted by
viewers clearly do.
YouTube said Friday that
“in the last week” it has “disabled comments on thousands
of videos that we’ve identified
as of potential interest to
predators and shut down hundreds of accounts identified as
making predatory comments.”
Dish subscribers in 18 markets, including Los Angeles and Dallas, couldn’t view the Chargers-Cowboys game on Thanksgiving.
Deal Ends Dish Blackout of CBS
BY CARA LOMBARDO
Dish Network Corp. said
Friday that it reached a carriage agreement with CBS
Corp. and was restoring the
programmer’s stations to more
than two million subscribers
affected by a three-day blackout that lasted through CBS’s
Thanksgiving Day National
Football League game.
CBS and other local television stations owned by CBS
weren’t available on Dish beginning late Monday night and
early Tuesday morning in
A spokeswoman for Diageo,
the owner of the Smirnoff and
Johnnie Walker, said the company won’t advertise again on
YouTube until “appropriate
safeguards are in place,” adding that the company is
“deeply concerned” and “investigating this as a matter of
urgency.”
Mars said it has suspended
advertising on Google globally.
“We are shocked and appalled
to see that our adverts have
appeared alongside such exploitative and inappropriate
content,” a spokesman said.
Representatives of Now TV, a
television and internet provider in Britain and Ireland,
and as well as London’s Enfield
Council, a municipal body, issued similar statements.
A spokesman for Adidas
said the company has stopped
advertising on YouTube in
most markets around the
world until Google can investigate and resolve the issue. A
spokesman said the firm has
“taken immediate action,
working closely with Google on
all necessary steps to prevent
this from happening again.”
—Jack Nicas
contributed to this article.
markets including New York,
Los Angeles, Dallas and Chicago.
The action, which didn’t affect all of Dish’s 13.2 million
subscribers, came after the
two companies failed to reach
a new deal for Dish to carry
CBS’s stations before their
current contract ended.
Neither company disclosed
financial terms of the new
agreement.
Dish had said that CBS
wanted it to pay more for programming that is declining in
viewership or free over the air,
while CBS has said Dish is refusing to pay the same price
everyone else pays for its stations, which air some of network TV’s highest-rated programs.
CBS on Wednesday had said
the two sides were still “far
apart.” That meant Dish subscribers in 18 markets spanning 26 states went without
CBS on Thanksgiving, when it
carried an NFL matchup between the Dallas Cowboys and
the Los Angeles Chargers.
CBS Sports Network, Pop
and the Smithsonian Channel
CEO
Continued from the prior page
to steer Unilever through an
industry slowdown attributable to shifting consumer preferences.
Many shoppers have abandoned the big, global brands
made by Unilever and its competitors, such as home and
personal-care giant Procter &
Gamble Co. and packaged-food
firm Nestlé SA.
Instead, the companies have
sought out smaller, niche
brands, which have been able
to effectively market themselves on social media or managed to reach consumers directly through new e-commerce
distribution channels.
They have increasingly catered to a pivot among many
shoppers toward healthier,
simpler or locally produced
products.
Unilever has recently had to
weather headwinds in some of
its biggest markets, like India
and Brazil, where macroeconomic disruption has capped
spending. The company in recent quarters has driven
growth mainly by raising
Paul Polman has been Unilever’s chief executive officer since 2009.
prices rather than boosting
volumes.
In its search for a new CEO,
Unilever has a strong internal
bench, analysts said. Those include Alan Jope, who leads the
personal-care business. Another contender, North American boss Kees Kruythoff, is
slated to take over as head of
home care early next year.
Chief Financial Officer Graeme
Pitkethly is another possibility, analysts said.
The job is one of the high-
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
DATA
Continued from the prior page
partments often operate as independent
silos
and
information doesn’t filter up
quickly to management.
Economy Minister Hiroshige
Seko said the falsifications
have “shaken the foundations
of fair trade” and called for
Mitsubishi Materials to explain
why it took so long to disclose
the wrongdoing at its subsidiary.
“It took a long time to grasp
how much product deviated
from specifications, and unless
we know we can’t have a conversation with customers. If
we tell them there’s deviation
without knowing how much, it
will only lead to confusion,”
said Mitsubishi Cable President Hiroaki Murata.
“Now I think I should have
reported as soon I got the information and looked for our
parent company’s support,” he
said.
Mitsubishi Materials subsidiaries operate with broad autonomy, said company executives Friday.
The parent company didn’t
report the issue during its financial earnings announcement this month.
“We didn’t disclose the information because we didn’t
identify all of the affected clients yet,” said Akira Takeuchi,
president of Mitsubishi Materials.
Mitsubishi Materials shares
fell 8% Friday, the first trading
day since the initial disclosure,
and trading was halted amid a
Mitsubishi Materials President Akira Takeuchi, center, at a press conference on Friday in Tokyo.
glut of sell orders.
In its Thursday announcement, the parent company also
revealed problems with two
other subsidiaries.
Mitsubishi Shindoh Co.
faked inspection data on the
strength and conductivity of
copper strips used in the electrical systems of cars and electronic devices. The discoveries
were made in October during
an internal audit, and ship-
ments of the products were
shut down the same month.
Roughly half of the 29 customers for the products have
been notified, Mitsubishi Shindoh said. Most of the remaining customers are located in
Taiwan and China, the company said. Mitsubishi Shindoh
says it is unsure whether those
companies exported products
with potentially problematic
parts to other countries.
were also dropped for three
days.
Dish said Friday all four
channels were being restored
to affected customers.
Disagreements between the
two companies also caused
CBS channels to go dark for
Dish subscribers in 2014. In
that case, it took only 12 hours
for the two sides to reach a
deal.
CBS shares, down 11% this
year, rose less than 1% to
$56.54 Friday. Dish shares,
down 14% this year, slid 1.1%
to $49.87.
SIMON DAWSON/BLOOMBERG NEWS
A
Atwood, Rebecca........D7
Mitsubishi Aluminum Co.
shipped out-of-specification
products to 16 customers and
they have been assured there
were no safety issues. The
company didn’t provide any
further details.
Mitsubishi Materials and
Mitsubishi Motors Corp. are
part of the Mitsubishi group of
companies, which operate independently but have cross-shareholding and historical ties.
DON’T TAKE NEWS
AT FACE VALUE.
Support news literacy at
thenewsliteracyproject.org
est-profile positions in corporate Europe. Bernstein analyst
Andrew Wood said outsiders
could include a number of executives leading some of the
continent’s biggest companies—including British grocery
chain Tesco PLC Chief Executive Dave Lewis and Kasper
Rorsted, former CEO of German consumer-goods giant
Henkel AG and now Adidas AG
boss.
—Robert Wall
contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 25 - 26, 2017 | B3
BUSINESS NEWS
INDUSTRY FOCUS
Media Deal Makers Look to Recalibrate
Antitrust landscape changes with suit against AT&T-Time Warner merger. Will Comcast-Fox talks be affected?
In the past year, every
top-tier media company in
the U.S. has agreed to or at
least considered a transformational merger. Now the
industry must figure out
what the Justice Department’s lawsuit to block
AT&T Inc.’s acquisition of
Time Warner Inc. means for
other deals.
Analysts have been especially interested in the potential impact on Comcast
Corp.’s desire to acquire a
significant chunk of 21st
Century Fox’s assets.
Comcast is continuing its
talks with Fox and doesn’t
think a deal would face the
same regulatory hurdles because the vast majority of
the revenue from the Fox
businesses in question comes
from overseas, said a person
familiar with Comcast’s
thinking.
Plus, Comcast already
owns content through its acquisition of NBCUniversal.
Therefore, the media giant
20TH CENTURY FOX/EVERETT COLLECTION
BY KEACH HAGEY
AND JOE FLINT
Comcast is interested in acquiring a significant chunk of 21st
Century Fox, whose assets include movies such as ‘Avatar.’
sees the purchase of some
Fox content assets as more
of a “horizontal” deal of like
businesses, rather than a
“vertical” merger akin to
telecommunications giant
AT&T joining with Time
Warner.
But others question that
thinking. A Comcast-Fox deal
would combine what is principally a distributor with a
content provider—similar to
the AT&T deal that the Justice Department is arguing is
illegal.
“How could Comcast buy
more content if AT&T can’t
buy Time Warner?” asked
Rich Greenfield, an analyst
at BTIG Research.
Of course, it’s possible
that AT&T will win the antitrust case and be able to buy
Time Warner. The healthy
performance of most media
stocks on Tuesday—the first
trading day after the government filed its suit—suggests
investors are betting the
government doesn’t have a
strong case.
But while the litigation
drags on, merger-and-acquisition activity in the sector
is likely to take a “four- or
five-month pause,” Mr.
Greenfield said.
The lull would come as
the industry is under intense
pressure from the acceleration of customer cord-cutting, the growing power of
tech companies such as Netflix Inc., Amazon.com Inc.
and Facebook Inc., and a
wave of consolidation among
pay-TV distributors that has
left the giants of media
searching for a transformational next move.
This fall, those pressures
led Walt Disney Co. to reach
out to Fox to discuss buying
a substantial piece of its entertainment assets. Although
the talks cooled, they helped
put Fox in play. Fox has since
been approached by a host
of suitors including Comcast,
Sony Corp. and Verizon
Communications Inc., the
Journal has reported.
Analysts and investors are
now trying to discern which
combinations could pass
muster with antitrust officials. Telsey Advisory Group
analyst Thomas Eagan wrote
in a research note that the
Justice Department’s suit
and clear concerns about
vertical mergers make it difficult for Comcast or Verizon
to purchase Fox assets, leaving Disney—and possibly
Sony—as “the only real
buyer.”
For Comcast, there are additional factors to consider.
For one, some antitrust experts have argued that the
government didn’t do enough
to limit Comcast’s power
when it took control of NBCUniversal in 2011. Comcast
would be adding Fox’s movie
and television studios, making it an even larger producer of content and reducing the number of major
studios—and that could be a
concern for regulators.
Comcast is also interested
in buying Fox’s regional
sports networks, according
to the person familiar with
Comcast’s thinking, assets
that weren’t under discussion with Disney.
21st Century Fox and
Wall Street Journal parent
company News Corp share
common ownership.
“Six months ago, the market believed that the industry was poised to see further, significant and maybe
unprecedented consolidation
over the next several years,”
said William Drewry, founding partner at Pursuit Advisory, a boutique advisory
firm specializing in media.
“Now that is under serious
question.”
Some believe a horizontal
merger between two content
providers might still be able
to pass muster. Guggenheim
Securities analyst Michael
Morris argues that Time
Warner could conceivably
merge with Disney, Fox or
CBS—should the AT&T deal
fall apart.
BY DREW FITZGERALD
AND SARA RANDAZZO
Daniel Petrocelli participated in
the defense against lawsuits
involving Trump University.
Trump. Mr. Petrocelli represented Mr. Trump in his defense of lawsuits claiming
Trump University, the company that ran Mr. Trump’s forprofit real-estate courses, de-
frauded thousands of people.
The 2016 election prompted
Mr. Trump to settle that case.
Mr. Petrocelli at the time said
his client “can fight, as we all
know,” but opted for a $25 million settlement to avoid the
distraction of further litigation.
The president’s shadow
looms over Mr. Petrocelli’s latest case. AT&T Chief Executive
Randall Stephenson on Monday said the question of Time
Warner’s CNN and its role in
the antitrust case was the “elephant in the room,” a reference to Mr. Trump’s dislike of
the news channel.
The Justice Department has
said the White House didn’t
influence its work. The president didn’t help the agency
Tuesday when he called the
deal “not good for the country” in response to a reporter’s
shouted questions.
Following an AT&T press
conference on Monday, Mr.
Petrocelli said his experience
with Mr. Trump would have no
impact on the AT&T case or
his litigation strategy: “I don’t
think it’s relevant to this.”
Mr. Petrocelli first made a
name for himself successfully
representing Ron Goldman’s
family in a 1997 wrongful
death trial against O.J. Simpson, which followed the former NFL star’s acquittal in the
criminal trial over the deaths
of Mr. Goldman and Nicole
Brown Simpson.
The Los Angeles-based attorney took the lead in defending Mr. Skilling, who was convicted in 2006 of lying to
investors about Enron’s financial health and sentenced to 24
years in prison. He continued
the legal fight for years and in
2013 reached a deal to drop
his appeals in exchange for a
reduced sentence of 14 years.
—Ryan Knutson
contributed to this article.
KHAM/REUTERS
The lawyer charged with
defending AT&T Inc.’s takeover of Time Warner Inc. in
court fits the part in a drama
that has already featured
plenty of big personalities and
unexpected twists.
Trial attorney Daniel Petrocelli’s client list over the years
has included former Enron
Chief Executive Jeffrey Skilling, boxer Manny Pacquiao,
Walt Disney Co., pop singer
Kesha and a reality-TV star
turned politician named Donald Trump.
Mr. Petrocelli’s latest client
is bland by comparison: AT&T
hired the O’Melveny & Myers
LLP partner to defend the
phone-and-satellite company’s
$85 billion deal to buy Time
Warner against Justice Department lawyers who say the
deal will hurt competition. Ob-
servers say the company’s
choice of legal representation
signaled its eagerness to aggressively fight the lawsuit.
“You’re not hiring a bunch
of paper shufflers,” said Patrick Coughlin, a lawyer with
Robbins Geller Rudman &
Dowd who was one of Mr. Petrocelli’s opponents in the case
involving Mr. Trump. “He’s
very comfortable in a courtroom,” Mr. Coughlin said, adding Mr. Petrocelli’s conversational demeanor often plays
well with judges.
Mr. Petrocelli, who is 64
years old, and his partners at
O’Melveny & Myers are known
as litigators who will relentlessly push their client’s position, sometimes by attacking
opposing counsel, until a court
tells them to stop.
That willingness to doggedly fight in court was
matched by an equally tenacious client in the case of Mr.
GREGORY BULL/ASSOCIATED PRESS
Serving AT&T Is Onetime Trump Defender Clariant
Bottles of beer move along a production line in June at a factory of Saigon Beer Corp., or Sabeco, in Hanoi.
Vietnam Seeks Investors for a Stake in Brewer
BY P.R. VENKAT
AND JAKE MAXWELL WATTS
The government of Vietnam
has kicked off a process to
find potential investors for a
large stake in the country’s
biggest beer company, as it
looks to strike a multibilliondollar deal in the coming
weeks.
On Friday, Vietnamese government officials were in Singapore meeting investors to
drum up interest in stateowned Saigon Beer Alcohol
Beverage Corp., or Sabeco.
The brewer is publicly listed in
Vietnam and has a market
capitalization of around $8.7
billion.
The government currently
owns close to 90% of Sabeco.
Depending on the level of
buyer interest, Vietnam could
sell more than 50% of the decades-old company and cease
to be its majority owner.
The exact amount of shares
it will sell will be decided after
roadshows in Singapore, London and Ho Chi Minh City in
the next few days, said a senior government official. He
said the plan is for Vietnam to
unload a significant portion of
its ownership before year-end.
Sabeco is subject to a foreign-ownership limit of 49%,
which means that a rule
change may be required for
any single foreign buyer to
snap up the entire stake the
government is looking to sell.
If a deal for a majority
stake is struck, it would be
largest sale of a Vietnamese
state-run firm and could add
weight to the communist government’s plans to open up its
economy to foreign investment by relaxing ownership
limits.
While that process is under
way, the government has often
been slow to follow through
with those promises or been
weak in execution, some foreign investors say. The government had in previous years
talked about a potential sale of
its majority stake in Sabeco,
and only recently began acting
on those plans.
Vietnam is one of Asia’s
fastest-growing economies,
with a population of more
than 90 million, and is seen as
a promising frontier market,
with sales booming in sectors
from banking to beverages.
Consumer spending is rising,
which is attracting more foreign investors, especially
those in Japan and Europe
who are seeking opportunities
outside their own markets.
The country also has a
young population and a booming export sector that is taking
business from China and countries where costs and wages
are higher.
Vietnam’s economy is expected to grow more than 6%
this year and its stock market
is one of the best performers
in Asia, with the Ho Chi Minh
Stock Index up around 40% so
far this year.
Sabeco’s shares started
trading about a year ago and
have more than doubled in
value. The company is one of
the biggest listed firms in
Vietnam and has about a 40%
share of its beer market.
The company’s sales and
profit have been rising. Revenue topped $1.3 billion in 2016
and Sabeco posted net income
of $197 million that year, according to S&P Global Market
Intelligence.
Foreign interest for the
government’s stake in the beer
company has been strong.
People familiar with the process said Japan’s Kirin Holdings Co. and Asahi Group
Holdings Ltd. and Thailand’s
Thai Beverage PCL and Singha
Group were among the companies that have shown interest
in buying a stake in Sabeco.
Dismisses
Activist
Investors’
Demands
BY BRIAN BLACKSTONE
ZURICH—Clariant AG rejected many demands of its
largest shareholder in the
wake of the failed $15 billion
merger with U.S.-based Huntsman Corp., escalating a battle
with activist investors.
Clariant offered White Tale
Holdings—which owns more
than 20% of the Swiss chemicals company—one seat on its
board of directors, short of the
three seats the shareholder
had requested. It also dismissed White Tale’s call to
hire an investment bank to explore strategic options for the
company.
“The board of directors perceives this process to be
merely focused on finding bidders for various businesses
with the ultimate consequence
of breakup the company and
selling the assets,” Clariant
said in a statement Friday.
Clariant executives met
with White Tale earlier this
week, and its board met
Thursday.
White Tale comprises investment funds 40 North Latitude Master Fund Ltd., controlled by U.S. investors David
Winter and David Millstone,
and Corvex Master Fund Ltd.,
controlled by well-known activist investor Keith Meister.
Under pressure from White
Tale, Clariant and Huntsman
scuttled
their
proposed
merger on Oct. 27. White Tale
had said the proposed deal
was detrimental to shareholders, and its large stake in Clariant in the end made it impossible for the company to win
the necessary shareholder approval.
“Bottom line...it’s clear
Clariant will resist attempts to
break up the company, and at
its current valuation, we
struggle to see major new options to drive upside,” said analysts at Morgan Stanley in a
research note.
Clariant shares were down
0.34% Friday.
The Swiss company said
Friday that it would give
White Tale a chance to propose one new member to its
board at the company’s annual
general meeting in March.
White Tale had also proposed that Clariant sell its
plastics-and-coatings business,
though Clariant Chief Executive Hariolf Kottmann said Friday that it isn’t reasonable in
the near term given the unit
generates significant amounts
of cash for the company.
White Tale had no immediate comment.
Clariant said it would offer
details on its business strategy
in early 2018.
B4 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
WEEKEND INVESTOR
CFTC Chief Works to Tweak Rules
Republican J. Christopher Giancarlo leans on his ability to reach out to Democrats as he reviews Obama-era regulations
WASHINGTON—J. Christopher Giancarlo moved to the
top job at the Commodity
Futures Trading Commission
this year from a minority
commissioner’s
WEEKEND role, giving him
a chance to
PROFILE
push for
changes on
Obama-era derivatives regulations that he has criticized.
But so far, Mr. Giancarlo
has been content to tweak
derivatives rules tied to the
2010 Dodd-Frank regulatory
overhaul law. His assertion
that the bulk of Dodd-Frank
derivatives regulations is
here to stay has been disarming to some Democrats, who
have worried about largescale deregulation under the
Trump administration.
Those who know him say
Mr. Giancarlo’s moderate approach and willingness to
work closely with Democrats
aren’t surprising.
“He actually brings a significant amount of continuity to the agency,” said Mark
Wetjen, a former Democratic
CFTC commissioner who
served with Mr. Giancarlo
during the Obama administration.
Mr. Giancarlo, a Republi-
HEARD
Continued from page B1
cial system in 1998.
The research applies directly to picking fund managers. We already know most
active managers fail to beat
an index fund in any given
year, yet many people pay up
for managers they believe
have the skill to do so.
For example, performance
of the Fairholme Fund won
its manager, Bruce Berkowitz, the distinction of domestic equity fund manager
of the decade in 2010 from
can, took over as acting chief
on the first day of the
Trump administration and
was later installed as the
commission’s permanent
chairman.
Appointed to the CFTC by
President Barack Obama, he
served as a minority commissioner for three years—
dissenting at times, but
mostly trying to reach con-
sensus with the commission’s Democratic majority.
Now, Mr. Giancarlo, 58 years
old, is looking back at rules
that may have been put together too hastily after the
2008 financial crisis, seeing
if changes are needed.
An avid musician—on guitar and banjo—Mr. Giancarlo
is in a band with the top
Democrat on the House Agriculture Committee, Rep. Collin Peterson of Minnesota.
The two are scheduled to
perform at the Minnesota
Cattlemen’s Association con-
vention next week.
“I don’t get hung up on
whether a guy is a Republican or Democrat—I’m a musician and I just want to
play, and I think he’s the
same way,” Mr. Peterson said
in an interview.
People who have worked
closely with Mr. Giancarlo
describe him as an understated presence with a voracious appetite for learning
about the markets he regulates. As a Vanderbilt University-trained lawyer, he
doesn’t shy away from diving into arcane aspects of financial regulation.
“You couldn’t give him
enough material to read and
study,” a former CFTC official said, citing Mr. Giancarlo’s interest in academic
studies of the causes and effects of the financial crisis.
Mr. Giancarlo’s low-key
demeanor and center-right
Republican politics have led
many to compare him with
Jerome Powell, President
Donald Trump’s nominee for
Federal Reserve chairman.
Both men are East Coasters
(Mr. Powell from Washington, Mr. Giancarlo from
northern New Jersey) who
spent years in the private
sector before taking top jobs
in government. Earlier in his
Morningstar. The fund had
beaten its benchmark most
years, and its compound annual return was an impressive 13 percentage points
better than peers on an annualized basis.
The fund slumped strikingly the very next year, lagging behind the S&P 500 by
nearly 35 percentage points.
The inevitable schadenfreude
in the financial media elicited a rebuke from Mr.
Berkowitz in his 2011 letter
to shareholders. “One circling of the sun is too short
a time to differentiate between good and lucky,” he
wrote. He was right, but perhaps not in the way that he
meant. Writing in 2014, after
two more years—one bad
and one good—for
Fairholme, Mark Hebner of
Index Fund Advisors used
statistics to determine if
skill was responsible for
Fairholme’s past success. Using a measure of how much
Mr. Berkowitz’s fund tended
to deviate from its benchmark and the same 95% confidence interval used in the
coin-flipping paper, he concluded that it was too soon
to tell. It would take 18 years
to get an answer, longer than
Mr. Giancarlo is
viewed by some on
the left as too cozy
with Wall Street.
Cash Prices | WSJ.com/commodities
Friday, November 24, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Friday
12.100
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Energy
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
Friday
1.0074
1.0421
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
59.850
Metals
Gold, per troy oz
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
n.a.
n.a.
1290.50
1432.45
*1290.15
*1290.35
1339.31
1352.19
Friday
1352.19
1560.70
1265.30
1352.19
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
n.a.
n.a.
17.0100
21.2630
£12.8000
17.0500
12820
Other metals
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
AVIATION
BOATING
LBMA Platinum Price PM
*933.0
Platinum,Engelhard industrial
n.a.
Platinum,Engelhard fabricated
n.a.
Palladium,Engelhard industrial
n.a.
Palladium,Engelhard fabricated
n.a.
Aluminum, LME, $ per metric ton
*2090.0
Copper,Comex spot
3.1660
Iron Ore, 62% Fe CFR China-s
67.8
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
n.a.
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
0.6200
0.7118
*81.60
61.000
n.a.
career, Mr. Giancarlo was a
corporate lawyer and then
an executive at GFI Group, a
broker-dealer.
“Jay and I approach these
things from a very pragmatic
standpoint—what’s the most
efficient and effective way to
achieve a mission,” Mr. Giancarlo said in an interview,
referring to Mr. Powell by
his nickname.
Like Mr. Powell, Mr. Giancarlo generally accepts that
most postcrisis changes are
permanent. But he is also
critical of how some of those
regulations were implemented by the CFTC, especially some swaps-trading
rules put in place under Gary
Gensler, who turned the
sleepy CFTC into a powerhouse that completed its
swaps rules years before
other national regulators got
to theirs.
Mr. Giancarlo is now at
work trying to tweak what
he believes the CFTC got
wrong, like its rules for
swaps-trading platforms, as
well as to reach international
agreements with other regulators who moved more
slowly to implement postcrisis rules.
Those efforts have won
the support of Republicans
in Congress and the Trump
administration. But Mr. Giancarlo has on occasion failed
to anticipate the political
fallout from some of his decisions. A former major donor to 2012 Republican presidential candidate Mitt
Romney, Mr. Giancarlo is
viewed by some on the left
as too cozy with Wall Street.
Last year, while still a minority commissioner, he
withdrew a report on curbing bets on commodities after it brought criticism from
consumer advocates and
congressional Democrats,
who said it was skewed toward industry perspectives.
Sen. Elizabeth Warren (D.,
Mass.) said the report didn’t
satisfy, in her opinion, the
legal requirement that it include diverse viewpoints.
“Withdrawing the report
was the right thing to do,”
Mr. Giancarlo said. “The lesson there was that when you
represent the government,
appearances matter.”
the fund had then been in
business and far longer than
most investors’ patience.
For managers with more
volatile results than Mr.
Berkowitz’s, Mr. Hebner determined that it could take
several hundred years of
performance to discern the
manager’s true ability.
There are other explanations for investing success
that aren’t sustainable.
Strategies such as value investing can fall in and out of
favor. And, unlike loaded
coins, an investment strategy
that is a legitimate winner
may not stay that way be-
cause others can try to
mimic it. Long Term Capital
Management produced stupendous results, but then its
strategy was copied, and Mr.
Haghani saw the erosion of
their edge firsthand.
The confidence investors
place in their ability to pick
skilled managers is ultimately costly. Investors buy
top-performing and toprated funds without any ability to determine if skill or
luck produced the gains. The
result is that the typical investor in active funds lags
behind even those funds’ return by quite a bit.
For example, when Mr.
Berkowitz began his triumphant decade, his fund was
tiny. By the end, it was large
and then probably got a further boost from the award.
During the year that it
lagged behind the market by
35 percentage points, it took
a lot more people’s savings
down with it. For some successful funds, the effect is so
stark that a fund manager
retires with vast personal
wealth and a wonderful reputation while never generating a net dollar of value for
investors. Coin flipping can
get expensive.
ANDREW HARRER/BLOOMBERG NEWS
BY GABRIEL T. RUBIN
J. Christopher Giancarlo, head of the Commodity Futures Trading
Commission, accepts that most postcrisis rules are permanent.
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
1.731
2.319
1.581
2.417
1.126
2.353
1.775 s
2.516 t
l
1.773
1.939
1.778
3.5
4.2
l
2.520
2.784
2.766
17.3
20.1
41.3
France 2 -0.558 s
10 0.705 s
l
-0.563
-0.526
-229.4
-178.6
l
0.678
0.751
-0.660 -229.8
0.793
-163.8
-164.1
-155.9
Germany 2 -0.686 s
10 0.364 s
l
-0.690
-0.701
-242.1
-186.0
l
0.350
0.478
-0.734 -242.6
0.264 -197.9
Italy 2 -0.271 s
10 1.823 s
l
-0.297
-0.148
l
1.778
2.062
2.142
-52.0
-54.0
-21.0
Japan 2 -0.186 s
10 0.028 s
l
-0.192
-0.136
-0.160
-192.6
-192.3
-128.6
l
0.025
0.069
-229.3
-231.8
Spain 2 -0.344 s
10 1.498 s
l
-0.354
-0.289
-0.117
-208.4
-208.5
-124.3
l
1.459
1.647
1.577
-84.5
-86.0
-77.6
0.463 s
1.253 s
l
0.450
0.475
0.131
-128.1
-99.5
l
1.252
1.358
1.302
-106.7
-105.1
10
0.500
0.050
2.050
0.100
0.100
2.750
1.450
1.750
U.K. 2
4.250
10
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n.a.
93
n.a.
95.8
485.1
230
92
218
n.a.
390.00
25.00
n.a.
n.a.
n.a.
n.a.
4.2850
3.7800
n.a.
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
189.18
169.68
0.8613
n.a.
n.a.
n.a.
n.a.
n.a.
1.2251
1.4258
1.5750
15.50
0.75
61.03
n.a.
0.8092
n.a.
166.38
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
33.7500
n.a.
0.4100
n.a.
n.a.
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 11/23
Source: WSJ Market Data Group
0.080
-201.1
0.035 -231.5
-127.7
-109.0
65.2
-196.9
-208.8
-202.7
-104.6
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
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
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
Australia 2
0.000
Year ago
l
2.750
0.750
Month ago
U.S. 2 1.740 s
10 2.343 s
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
Issuer
Symbol Coupon (%)
Teva Pharmaceutical Finance Netherlands Iii
General Electric
PepsiCo
Morgan Stanley
TEVA
AT&T
Barclays
Ford Motor Credit
Macy's Retail Holdings
T
GE
PEP
MS
BACR
F
M
2.800
5.000
1.700
4.300
Maturity
July 21, ’23
Jan. 21, ’49
Oct. 6, ’21
Jan. 27, ’45
4.500 March 9, ’48
3.200 Aug. 10, ’21
3.815
Nov. 2, ’27
4.500 Dec. 15, ’34
Current
Spread*, in basis points
One-day change
Last week
Stock Performance
Close ($)
% chg
295 –16
103 –10
–8
14
–5
113
340
n.a.
17
124
...
18.19
115.90
49.06
...
0.22
0.71
–0.06
–5
–4
–4
–4
226
n.a.
157
357
34.81
...
...
...
–0.17
...
...
...
214
80
149
343
…And spreads that widened the most
Chubb INA Holdings
UnitedHealth
Anheuser–Busch InBev Finance
Cisco Systems
CB
Walt Disney
General Motors Financial
Visa
Verizon Communications
DIS
UNH
ABIBB
CSCO
GM
V
VZ
2.300
4.250
4.700
4.450
Nov. 3, ’20
April 15, ’47
Feb. 1, ’36
Jan. 15, ’20
37
97
106
19
4
4
3
3
37
100
110
30
...
212.51
...
36.49
...
0.61
...
0.11
2.950
4.000
2.800
4.272
June 15, ’27
Jan. 15, ’25
Dec. 14, ’22
Jan. 15, ’36
62
129
45
158
2
2
2
2
72
129
43
165
102.64
...
111.97
47.01
–0.10
...
1.04
–0.19
High-yield issues with the biggest price increases…
Issuer
Symbol
Coupon (%)
Western Digital
Denbury Resources
CenturyLink
Transocean
WDC
10.500
April 1, ’24
9.000 May 15, ’21
7.600 Sept. 15, ’39
6.800 March 15, ’38
HCA
KCA Deutag UK Finance
US Concrete
MEG Energy
HCA
DNR
CTL
RIG
KCADEU
USCR
MEGCN
5.375
9.875
6.375
6.375
Maturity
Feb. 1, ’25
April 1, ’22
June 1, ’24
Jan. 30, ’23
Bond Price as % of face value
Current
One-day change
116.625
98.313
85.000
81.280
103.250
106.750
107.750
92.250
1.63
1.56
1.00
0.91
0.75
0.75
0.75
0.63
Last week
Stock Performance
Close ($)
% chg
116.500
97.500
83.000
79.750
92.78
1.80
13.84
10.07
–0.14
1.69
0.29
–1.66
102.375
105.750
107.000
90.000
77.19
...
74.30
...
0.16
...
–0.73
...
99.250
102.500
92.500
103.375
...
...
...
9.35
...
...
...
1.08
90.030
99.750
n.a.
107.000
...
...
...
...
…And with the biggest price decreases
Altice Luxembourg
Banco Bilbao Vizcaya Argentaria
Qwest
Resolute Forest Products
ATCNA
TeamHealth Holdings
Avantor
Nokia
APX
TMH
BBVASM
CTL
RFP
VWR
NOKIA
APXSEC
7.625 Feb. 15, ’25
6.125 Nov. 16, ’49
6.875 Sept. 15, ’33
5.875 May 15, ’23
97.000
102.000
94.000
103.500
6.375
6.000
5.375
7.875
91.000
100.250
103.750
107.000
Feb. 1, ’25
Oct. 1, ’24
May 15, ’19
Dec. 1, ’22
–0.50
–0.40
–0.38
–0.38
–0.25
–0.25
–0.15
–0.13
...
...
...
...
*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
THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | B5
* * * *
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
23557.99 s 31.81, or 0.14%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.74 20.89
P/E estimate *
19.35 17.86
Dividend yield
2.19
2.48
All-time high 23590.83, 11/21/17
Nasdaq Composite Index
Last
2602.42 s 5.34, or 0.21%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.49 24.35
P/E estimate *
19.50 18.45
Dividend yield
1.92
2.12
All-time high: 2602.42, 11/24/17
Last Year ago
6889.16 s 21.80, or 0.32%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.45
24.02
P/E estimate *
21.39
19.50
Dividend yield
1.04
1.24
All-time high: 6889.16, 11/24/17
Current divisor 0.14523396877348
Session high
UP
Close
t
DOWN
Session open
65-day moving average
2600
6900
23000
2560
6750
22500
2520
6600
22000
2480
6450
65-day moving average
Open
t
Close
23500
Session low
65-day moving average
21500
2440
6300
21000
2400
6150
Bars measure the point change from session's open
Sept.
Oct.
Aug.
Nov.
6000
2360
20500
Aug.
Sept.
Oct.
Aug.
Nov.
Sept.
Oct.
Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
23599.18 23551.59 23557.99
0.14
9620.20
-6.46
762.32
757.93
759.07
1.34
0.18
27003.22 26971.81 26990.54
697.97
695.49
696.57
54.54
0.55
0.20
Nasdaq Stock Market
Nasdaq Composite
6890.02
Nasdaq 100
6410.77
Standard & Poor's
500 Index
31.81
9611.90
2604.21
6873.74
6389.40
6889.16
6409.29
2600.42
-0.07
0.08
21.80
23.17
2602.42
5.34
0.32
0.36
23.0
19.2
9.8
8783.74
6.4
6.4
1.6
Most-active issues in late trading
774.47
626.66
18.6
15.1
8.7
26990.54 22773.93
697.81
583.16
17.1
17.1
16.0
15.8
7.9
8.4
27.6
31.6
28.0
31.8
13.2
14.4
52-Week
Low
% chg
23590.83 19097.90
6889.16
6409.29
0.21
2602.42
MidCap 400
SmallCap 600
1862.84
927.88
1857.40
923.79
1859.19
927.25
1.28
1.37
0.07
0.15
1859.19
927.81
Other Indexes
Russell 2000
1521.38
1516.52
1519.16
2.40
0.16
1519.16
12431.69 12419.40 12421.94
31.11
0.25
549.99
548.43
549.04
0.61
0.11
NYSE Arca Biotech
4225.66
4184.85
4217.84
23.67
NYSE Arca Pharma
NYSE Composite
Value Line
0.56
538.74
536.58
538.23
2.10
KBW Bank
99.52
98.88
-0.28
PHLX§ Gold/Silver
98.92
82.15
81.01
PHLX§ Oil Service
81.11
-0.64 -0.78
132.74
131.43
131.64
1342.05
9.96
1333.03
8.56
1341.69
9.67
PHLX§ Semiconductor
CBOE Volatility
0.39
-0.28
0.08
0.06
12.59
-0.21 -2.13
% chg
3-yr. ann.
YTD
Region/Country Index
Close
17.6
16.2
1623.28
808.59
13.3
12.4
12.0
10.7
8.5
10.6
1313.80
12.8
11.9
8.6
7.9
Volume
(000)
Symbol
DJ Americas
626.51
Sao Paulo Bovespa 74157.37
S&P/TSX Comp
16108.09
S&P/BMV IPC
47941.88
Santiago IPSA
3820.81
9.34
1.06
0.89
1.29
–329.20 –0.44
33.79
–194.36 –0.40
4.69
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
386.63
389.89
3985.46
5390.46
13059.84
1432.71
22416.31
540.63
1166.09
10053.50
577.11
9325.60
7409.64
–0.49
0.75
7.27
10.92
51.29
…
18.53
–0.72
7.47
20.70
0.83
10.04
–7.60
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5982.60
Shanghai Composite 3353.82
Hang Seng
29866.32
S&P BSE Sensex
33679.24
Nikkei Stock Avg
22550.85
Straits Times
3442.15
Kospi
2544.33
Weighted
10854.09
–3.60
1.90
158.38
91.16
27.70
18.98
7.18
–0.48
YTD
% chg
0.31
0.27
0.34
18.3
19.5
23.0
0.21
15.9
23.1
5.4
5.0
18.5
0.21
0.12
–0.13
0.19
0.18
0.20
0.39
Closed
0.08
–0.13
0.64
0.21
0.14
0.11
–0.10
–0.06
0.06
0.53
0.27
0.12
0.55
0.28
–0.004
7.0
11.3
10.5
10.9
13.8
–2.6
16.5
11.9
1.2
7.5
8.0
13.5
3.7
5.6
8.1
35.8
26.5
18.0
19.5
25.6
17.3
Selected rates
A consumer rate against its
benchmark over the past year
5-year CDs
1.50%
1.00
t
0.50
SPDR S&P 500
SPY
5,657.0 260.19
-0.17
–0.50
Mylan
MYL
3,762.3
37.31
-0.06
-0.16
37.38
37.31
Comcast Cl A
CMCSA 1,699.9
35.87
…
unch.
35.98
35.86
Marathon Oil
MRO
1,374.9
15.27
0.14
0.93
15.27
15.12
HollyFrontier
HFC
1,324.9
44.05
…
unch.
44.12
44.05
Barrick Gold
ABX
1,269.7
14.19
0.09
0.64
14.19
14.10
Twitter
TWTR
1,191.4
22.42
…
unch.
22.45
22.37
Percentage gainers…
iSh Core MSCI Europe
IEUR
10.0
53.23
3.13
6.25
53.23
51.26
Net 1 UEPS Techs
UEPS
12.8
11.39
0.45
4.07
11.39
11.00
Statoil ADR
STO
13.8
21.00
0.60
2.94
21.00
20.40
Impinj
PI
5.0
26.98
0.71
2.70
26.98
26.27
Pilgrim's Pride
PPC
9.0
36.20
0.76
2.14
36.20
35.39
12.3
4.0
8.7
8.5
2.9
4304.77
3075.02
25.3
37.2
7.4
560.52
463.78
13.5
11.8
-0.3
...And losers
102.31
85.30
13.8
7.8
10.5
Novartis ADR
NVS
37.6
81.25
-3.83
-4.50
85.08
81.00
96.72
73.03
2.5
2.9
3.7
Zogenix
ZGNX
15.2
37.44
-1.36
-3.51
38.80
37.44
192.66
117.79
-21.5
-28.4 -19.0
TransEnterix
TRXC
16.7
2.42
-0.08
-3.20
2.51
2.42
48.0
-31.1
21st Century Fox Cl B
FOX
37.0
29.00
-0.78
-2.62
29.85
29.00
Oasis Petroleum
OAS
11.7
9.80
-0.26
-2.58
10.06
9.80
836.79 50.6
9.14 -21.6
26.1
-8.5
Company
Symbol
Marathon Patent Group
U.S. Global Investors A
Riot Blockchain
Social Reality Cl A
Net Element
MARA
Seven Stars Cloud Group
Xcel Brands
ANI Pharmaceuticals
LM Funding America
Allied Healthcare Prods
SSC
ENDRA Life Sciences
PPDAI Group ADR
ELEMENTS Rogers Energy
GAIN Capital Holdings
VelocityShares 3x
NDRA
5.95
4.91
23.60
7.69
5.14
GROW
RIOT
SRAX
NETE
XELB
ANIP
LMFA
AHPI
PPDF
RJN
GCAP
DGAZ
3.77 172.92
1.83 59.42
7.61 47.59
1.87 32.13
1.22 31.12
High
52-Week
Low
% chg
9.16
4.97
24.00
7.95
15.40
Symbol
Marathon Patent Group
VelocityShares 3x Lg Nat
iShares MSCI Emg Markets
General Electric
Qudian ADR
MARA
SPDR S&P 500
Riot Blockchain
Square Cl A
Teva Pharmaceutical ADR
VanEck Vectors Gold Miner
SPY
UGAZ
EEM
GE
QD
RIOT
SQ
TEVA
GDX
-21.3
234.0
742.9
23.0
-42.9
RYB Education ADR
Medigus ADR
Qudian ADR
Integrated Media Tech
Ekso Bionics Holdings
RYB
Barclays
Wilmington, DE
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
1
3 6
month(s)
1 2 3 5 710
years
maturity
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
1.44
1.47
Money market, annual yield
0.32
0.33
Five-year CD, annual yield
1.48
1.49
30-year mortgage, fixed†
3.90
3.89
15-year mortgage, fixed†
3.30
3.29
Jumbo mortgages, $424,100-plus† 4.28
4.26
Five-year adj mortgage (ARM)† 3.70
3.55
New-car loan, 48-month
2.99
3.00
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.93 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
1.47
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.23
-0.10
-0.07
-0.11
0.09
-0.02
0.20
-0.19
CLNT
3.75
9.45
2.70
8.33
32.13
15.74
15.53
14.41
14.11
13.45
4.00 2.15
14.63 7.83
3.72 1.94
8.95 5.56
35.05 13.50
...
...
13.0
28.7
11.8
VelocityShares 3x Lg Nat
China Adv Constr Matrl
Iconix Brand Group
Bonanza Creek Energy
Kona Grill
UGAZ
0.51
1.27
0.34
1.03
3.81
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
TYHT
CADC
ICON
BCEI
KONA
Nasdaq
NYSE Arca
Total volume* 868,876,398 107,028,604
Adv. volume* 539,552,538 43,605,747
Decl. volume* 301,286,076 62,315,875
Issues traded
2,971
1,242
Advances
1,606
768
Declines
1,225
427
Unchanged
140
47
New highs
183
233
New lows
28
33
Closing tick
839
27
Closing Arms†
0.73
2.57
Block trades*
3,070
900
* 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.
Symbol
42,447
39,114
24,894
24,582
24,227
5020.6 5.95 172.92
112.8 7.80 -13.14
-48.4 47.71 -0.21
-65.0 18.19 0.22
191.2 12.22 -24.33
9.16
52.49
47.93
32.38
35.45
Horizons DAX Germany ETF
Riot Blockchain
RYB Education ADR
Servotronics
ClearBridge All Cap Grw
DAX
22,091
18,893
16,233
15,830
15,566
-63.7
2138.9
62.0
-35.9
-59.5
Net 1 UEPS Techs
Rubicon Technology
GAIN Capital Holdings
Caledonia Mining
Social Reality Cl A
UEPS
260.36 0.23
23.60 47.59
48.86 0.10
13.70 1.63
22.83 -0.39
0.50
7.60
33.94
17.46
12.03
260.48 219.15
24.00
2.66
49.56 12.38
38.49 10.85
25.71 18.58
s
Euro
5
0.75
–10
0.00
–15
30
16.45 -10.26 -38.41
1.68 -0.55 -24.66
12.22 -3.93 -24.33
8.13 -1.87 -18.74
2.88 -0.61 -17.48
31.80 15.56
10.70 1.62
35.45 12.03
10.00 6.00
4.90 0.99
...
-82.7
...
...
-39.2
5.86
4.90
29.14
7.60
2.77
-1.24
-0.85
-4.93
-1.26
-0.45
-17.46
-14.78
-14.48
-14.22
-13.98
12.40 2.31
8.43 4.86
48.49 16.55
12.86 5.60
5.29 1.72
95.3
...
...
...
-34.4
7.80
5.00
1.79
28.38
2.00
-1.18
-0.75
-0.26
-3.76
-0.25
-13.14
-13.04
-12.68
-11.70
-11.11
52.49 7.60
9.75 1.55
10.80 1.44
377.17 23.33
13.50 1.50
-75.0
111.9
-81.5
-75.1
-84.2
RIOT
RYB
SVT
CACG
RBCN
GCAP
CMCL
SRAX
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
178
18,893
11,397
104
117
2970
2139
1622
1494
1158
31.68 1.90
23.60 47.59
16.45 -38.41
11.77 1.50
27.18 0.18
31.91 23.60
24.00 2.66
31.80 15.56
12.80 8.50
27.18 24.37
1,822
58
2,188
44
8,540
929
898
741
728
624
10.95 -10.87
8.50 1.33
8.33 14.11
7.35 8.41
7.69 32.13
13.81
10.45
8.95
7.45
7.95
8.87
4.61
5.56
4.90
1.11
U.S.-dollar foreign-exchange rates in late New York trading
10%
0
52-Week
Low
% chg
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
–5
High
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
1.50
Latest Session
Close Net chg % chg
Ranked by change from 65-day average*
Company
s
Yen
s
WSJ Dollar index
2017
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
2.168
2.167
2.237
1.818
2.609 1.983
2.342
n.a.
2.650
5.520
2.860
2.132
2.352
3.162
2.660
5.587
2.890
2.045
2.609
n.a.
2.790
6.144
3.120
2.516
2.058
n.a.
2.380
4.948
2.660
1.736
2.437
n.a.
3.654
8.146
2.598
4.566
802.900
5.559
5.587
6.290
5.279
1.776
n.a.
2.382
4.051
1.997
2.564
10.349 5.661
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Country/currency
in US$
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Fri
per US$ (%)
Country/currency
in US$
Americas
Europe
Argentina peso
.0576 17.3482 9.3
Brazil real
.3092 3.2341 –0.6
Canada dollar
.7866 1.2713 –5.4
Chile peso
.001577 634.10 –5.3
Ecuador US dollar
1
1 unch
Mexico peso
.0539 18.5553 –10.5
Uruguay peso
.03406 29.3600 0.03
Venezuela b. fuerte .097334 10.2740 2.8
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
Asia-Pacific
Australian dollar
.7615 1.3132 –5.4
China yuan
.1516 6.5983 –5.0
Hong Kong dollar
.1281 7.8083 0.7
India rupee
.01549 64.550 –5.0
Indonesia rupiah .0000740 13505 –0.1
Japan yen
.008963 111.57 –4.6
Kazakhstan tenge .003030 330.04 –1.1
Macau pataca
.1243 8.0424 1.6
Malaysia ringgit
.2431 4.1137 –8.3
New Zealand dollar
.6881 1.4533 0.6
Pakistan rupee
.00951 105.185 0.8
Philippines peso
.0197 50.634 2.1
Singapore dollar
.7433 1.3454 –7.0
South Korea won .0009211 1085.64 –10.1
Sri Lanka rupee
.0065036 153.76 3.6
Taiwan dollar
.03337 29.970 –7.7
Thailand baht
.03062 32.660 –8.8
Vietnam dong
.00004400 22725 –0.2
Commodities
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
US$vs,
YTDchg
Fri
per US$ (%)
.04689 21.328 –17.0
.1603 6.2382 –11.8
1.1932 .8381 –11.8
.003822 261.63 –11.1
.009724 102.84 –9.0
.1230 8.1280 –6.0
.2835 3.5275 –15.7
.01713 58.394 –4.7
.1208 8.2760 –9.1
1.0206 .9798 –3.8
.2536 3.9437 11.9
.0373 26.8284 –0.9
1.3332 .7501 –7.4
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
.0565 17.6890 –2.4
.2850 3.5082 –8.8
3.3125 .3019 –1.2
2.5970 .3851 0.02
.2763 3.619 –0.6
.2666 3.7505 –0.01
.0720 13.8866 1.4
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.41 –0.11–0.13 –7.02
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Friday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
XRF
52-Week
High
Low
1463.652
EMBI Global, J.P. Morgan
BYSI
Volume % chg from Latest Session
(000) 65-day avg Close % chg
10-yr Treasury, Ryan ALM 1735.885
DJ Corporate
n.a.
Aggregate, Barclays Capital 1943.420
High Yield 100, Merrill Lynch 2849.490
Fixed-Rate MBS, Barclays 1988.420
Muni Master, Merrill
519.624
Treasury, Ryan ALM
JT
Volume Movers
2.25
Close
EKSO
Cleantech Solutions Intl
Jianpu Technology ADR
BeyondSpring
China Rapid Finance ADR
Shineco
Corporate Borrowing Rates and Yields
Bond total return index
IMTE
145.3
-46.5
24.4
-21.5
11.8
3.00
One year ago
QD
3.45 1.10
5.05 1.80
74.70 42.23
6.65 1.11
3.46 1.53
3.75%
Friday
MDGS
26.10
18.54
17.70
17.61
15.80
* Volumes of 100,000 shares or more are rounded to the nearest thousand
1.49%
Symbol
3.14 0.65
2.65 0.41
74.56 11.21
3.54 0.53
2.46 0.34
notes and bonds
Bankrate.com avg†:
Company
0.50
1.25
2.66
1.11
2.56
Most Active Stocks
Company
Total volume* 362,517,607 9,615,890
Adv. volume* 213,217,832 7,398,271
Decl. volume* 141,685,185 1,798,920
Issues traded
2,997
312
Advances
1,762
194
Declines
1,111
97
Unchanged
124
21
New highs
166
5
New lows
21
3
Closing tick
238
1
Closing Arms†
1.08
0.56
Block trades*
4,050
146
Percentage Losers
Latest Session
Close Net chg % chg
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
WSJ
.COM
7.70
-0.07 260.45 259.80
14.2
t
0.00
Interest rate
7.88
0.77
496.60
t
U.S. consumer rates
D J F MAM J J A S O N
2017
Low
0.06
549.04
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Consumer Rates and Returns to Investor
Federal-funds
target rate
After Hours
% chg
High
7.86
CREDIT MARKETS & CURRENCIES
t
Net chg
9,560.1
Sources: SIX Financial Information; WSJ Market Data Group
Five-year CD yields
Last
VelocityShares 3x Lg Nat UGAZ
Percentage Gainers...
Latest
% chg
Net chg
2993.71
389.48
263.11
The Global Dow
DJ Global Index
DJ Global ex U.S.
Americas
Brazil
Canada
Mexico
Chile
2191.08
Company
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
5251.11
4734.10
12430.52 10808.63
0.95 1341.69
16.04
Philadelphia Stock Exchange
Volume, Advancers, Decliners
10038.13
High
9656.31
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 1 p.m. to 4:30 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
615.71
-0.20
192.22
58.95
2.813
1286.70
0.61
0.93
-0.155
-4.90
-0.03
616.58
532.01
0.32 195.14
58.95
1.60
3.93
-5.22
-0.38 1346.00
166.50
42.53
2.56
1127.80
% Chg
11.39
YTD
% chg
8.54
3.49 -0.15
9.74
27.99
-8.82 -24.46
9.21 11.89
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 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
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 24, 2017
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NYSE
ABB 3.0 24 25.63 0.23
21.64 26.48 20.26 ABB
ACM ... 17 36.10 -0.23
-0.72 40.72 30.15 AECOM
AES 4.5 dd 10.69 0.01
-8.00 12.47 10.00 AES
AFL 2.1 12 85.00 -0.05
22.13 85.70 66.50 Aflac
T 5.6 17 34.81 -0.06
-18.15 43.03 32.55 AT&T
46.13 56.69 37.38 AbbottLabs ABT 1.9 44 56.13 0.33
ABBV 3.0 23 94.72 0.25
51.26 98.26 58.75 AbbVie
26.04 148.47 112.31 Accenture ACN 1.8 27 147.63 0.52
-31.56 257.94 153.28 AcuityBrands AYI 0.3 21 157.99 -3.50
ADNT 1.4 8 77.86 0.21
32.87 86.42 51.74 Adient
-47.24 177.83 78.81 AdvanceAuto AAP 0.3 19 89.23 -0.39
s 40.28 7.52 4.89 AdvSemiEngg ASX 3.2 16 7.07 0.76
AEG 5.0 17 6.08 0.05
9.95 6.21 4.73 Aegon
AER ... 8 51.31 0.50
23.31 54.50 41.34 AerCap
AET 1.1 33 176.46 0.22
42.29 184.98 116.04 Aetna
31.02 198.40 139.52 AffiliatedMgrs AMG 0.4 21 190.37 0.38
52.24 70.81 42.92 AgilentTechs A 0.9 33 69.36 0.67
6.40 51.86 35.05 AgnicoEagle AEM 1.0 38 44.69 -0.23
AGU 3.2 42 108.72 -0.01
8.13 111.88 87.82 Agrium
12.33 163.56 133.63 AirProducts APD 2.4 29 161.56 -0.06
ALK 1.8 10 65.40 -0.18
-26.29 101.43 61.10 AlaskaAir
59.22 144.99 83.10 Albemarle ALB 0.9 32 137.06 1.81
AA ... 28 42.21 -0.43
50.32 50.31 28.01 Alcoa
14.09 128.29 105.74 AlexandriaRlEst ARE 2.7144 126.79 -0.16
BABA ... 55 191.19 1.35
117.73 191.75 86.01 Alibaba
Y
-8.57 667.19 521.07 Alleghany
... dd 556.02 3.02
ALLE 0.8 24 82.92 -0.24
29.56 89.81 63.71 Allegion
AGN 1.6 dd 173.53 -1.30
-17.37 256.80 169.61 Allergan
-2.84 266.25 209.00 AllianceData ADS 0.9 24 222.02 0.21
16.71 45.55 35.26 AlliantEnergy LNT 2.8 24 44.22 0.03
ALL 1.5 15 99.08 -0.22
33.68 101.12 69.04 Allstate
39.43 26.93 18.11 AllyFinancial ALLY 1.8 12 26.52 0.15
-41.30 35.29 18.73 AlticeUSA ATUS ... ... 19.20 -0.13
MO 4.0 8 65.48 -0.01
-3.16 77.79 60.01 Altria
68.27 23.54 9.93 AlumofChina ACH ... 42 17.18 0.50
ABEV ... 36 6.38 -0.02
29.94 7.03 4.70 Ambev
AEE 2.9 25 62.98 0.06
20.05 64.89 48.32 Ameren
40.10 19.50 11.61 AmericaMovil AMX 1.8 32 17.61 0.06
42.33 19.11 11.48 AmericaMovil A AMOV 1.8 32 17.51 0.03
-14.43 51.70 41.06 AmCampus ACC 4.1104 42.59 0.07
AEP 3.2 20 76.47 -0.12
21.46 77.93 57.89 AEP
26.19 96.90 71.39 AmerExpress AXP 1.5 18 93.48 -0.34
15.27 106.77 81.80 AmericanFin AFG 1.4 13 101.58 -0.55
4.91 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 22.01 0.21
AIG 2.2 dd 59.03 -0.20
-9.62 67.47 57.90 AIG
39.38 155.28 99.72 AmerTowerREIT AMT 1.8 56 147.30 1.99
22.64 91.39 69.96 AmerWaterWorks AWK 1.9 33 88.74 0.08
43.83 163.04 109.19 Ameriprise AMP 2.1 15 159.56 -0.02
3.89 97.85 71.90 AmerisourceBrgn ABC 1.9 44 81.23 -0.17
AME 0.5 30 70.24
44.53 71.24 45.78 Ametek
...
35.28 91.14 66.00 Amphenol APH 0.8 29 90.91 1.01
-31.01 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.11 -0.24
ANDV 2.3 21 104.00 0.05
18.93 112.21 75.11 Andeavor
-13.50 60.14 43.21 AndeavorLog ANDX 9.0 19 43.95 0.03
BUD 3.2 59 117.56 1.81
11.49 126.50 98.28 AB InBev
18.25 12.73 9.83 AnnalyCap NLY 10.2 5 11.79 -0.09
-21.40 27.23 17.89 AnteroResources AR ... dd 18.59 -0.30
ANTM 1.3 20 220.39 -0.03
53.29 222.24 140.50 Anthem
AON 1.0 ... 138.63 -0.61
24.30 152.78 109.82 Aon
APA 2.4 24 41.14 -0.40
-35.18 69.00 38.14 Apache
-1.54 46.85 40.65 ApartmtInv AIV 3.2142 44.75 0.11
56.51 33.37 18.90 ApolloGlbMgmt APO 5.1 10 30.30 -0.13
21.74 37.30 29.24 AquaAmerica WTR 2.2 27 36.57 0.03
ARMK 1.0 28 41.32 0.35
15.68 44.12 32.87 Aramark
34.98 30.50 19.59 ArcelorMittal MT ... 4 29.56 0.37
-14.26 47.44 38.59 ArcherDaniels ADM 3.3 18 39.14 -0.10
ARNC 1.0 dd 23.99 0.24
29.40 30.69 18.47 Arconic
150.14 245.65 87.33 AristaNetworks ANET ... 50 242.06 3.05
10.62 84.53 67.39 ArrowElec ARW ... 14 78.87 0.19
23.87 35.60 25.55 AstraZeneca AZN 2.7 25 33.84 0.01
ATH ... 7 48.95 -0.35
2.00 55.22 43.25 Athene
19.65 91.00 69.57 AtmosEnergy ATO 2.2 24 88.72 0.11
157.87 67.69 24.71 Autohome ATHM ... 43 65.19 0.36
ALV 1.9 21 124.22 0.27
9.78 127.75 96.08 Autoliv
-19.85 813.70 491.13 AutoZone AZO ... 14 632.98 -5.26
4.22 199.52 159.96 Avalonbay AVB 3.1 29 184.63 0.03
AGR 3.3 24 52.21 0.48
37.83 53.10 35.42 Avangrid
59.07 111.83 69.53 AveryDennison AVY 1.6 25 111.70 0.60
s 33.12 36.30 24.72 AxaltaCoating AXTA ...151 36.21 0.71
BBT 2.8 17 46.34 -0.15
-1.45 49.91 41.17 BB&T
s 12.23 48.64 42.44 BCE
BCE 4.6 20 48.53 0.05
19.37 44.62 33.37 BHPBilliton BHP 4.0 19 42.71 0.44
19.77 39.12 28.73 BHPBilliton BBL 4.6 17 37.68 0.41
BP 6.0 34 40.05 0.27
7.14 41.55 33.10 BP
BRFS ... dd 12.63 -0.14
-14.43 15.92 10.60 BRF
BT 3.8 17 16.63 -0.16
-27.79 24.65 16.15 BT Group
53.78 61.88 37.63 BWX Tech BWXT 0.7 31 61.05 0.01
-17.32 40.82 29.62 BakerHughes BHGE 2.3 dd 30.80 0.09
BLL 1.0 62 39.94 0.42
6.41 43.24 35.65 Ball
25.85 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.52 0.16
24.09 95.80 65.53 BancodeChile BCH 3.0 17 85.16 -0.40
63.47 136.10 61.12 BancoMacro BMA 0.7 13 105.19 5.51
31.09 32.02 21.06 BcoSantChile BSAC 3.6 16 28.67 -0.14
27.22 6.99 4.40 BancoSantander SAN 2.8 14 6.59 0.13
7.96 48.74 32.02 BanColombia CIB 3.2 10 39.60 0.10
20.32 27.98 20.25 BankofAmerica BAC 1.8 15 26.59 -0.07
8.80 78.86 65.60 BankofMontreal BMO 3.7 13 78.25 -0.10
10.24 55.29 43.85 BankNY Mellon BK 1.8 15 52.23 -0.20
18.82 66.78 53.63 BkNovaScotia BNS 3.8 14 66.16 0.01
BCS 2.1 dd 10.08 0.04
-8.36 12.05 9.29 Barclays
BCR 0.3 44 336.11 0.93
49.61 336.98 206.26 Bard CR
-11.76 20.78 13.80 BarrickGold ABX 0.9 8 14.10 -0.04
BAX 1.0 35 64.12 0.08
44.61 65.70 43.13 BaxterIntl
36.68 227.50 161.29 BectonDicknsn BDX 1.3 49 226.28 2.05
WRB 0.8 16 66.19 -0.23
-0.48 73.17 61.58 Berkley
12.41 285950 235320 BerkHathwy A BRK.A ... 24 274417 -582.99
11.89 190.68 156.82 BerkHathwy B BRK.B ... 24 182.36 -0.20
22.35 61.19 45.86 BerryGlobal BERY ... 23 59.62 0.14
BBY 2.4 14 57.00 0.51
33.58 63.32 41.67 BestBuy
43.81 268.40 170.81 Bio-RadLab A BIO ...332 262.14 3.45
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.45
56.60 11.78 6.65 BlackBerry BB ... 9 10.79 0.06
26.07 489.79 365.83 BlackRock BLK 2.1 22 479.74 0.80
17.17 35.09 25.57 Blackstone BX 5.6 14 31.67 -0.18
BA 2.1 24 265.88 0.73
70.79 267.62 148.31 Boeing
34.08 53.84 34.44 BorgWarner BWA 1.3 38 52.88 -0.01
-0.49 140.13 116.77 BostonProps BXP 2.4 39 125.16 0.16
32.50 29.93 19.67 BostonSci BSX ... 47 28.66 0.19
BAK 2.6 63 30.12 0.73
42.01 33.73 15.26 Braskem
5.12 66.10 46.01 Bristol-Myers BMY 2.5 24 61.43 0.29
18.54 73.41 53.78 BritishAmTob BTI 2.3 12 66.78 -0.02
34.75 91.75 63.28 BroadridgeFinl BR 1.6 31 89.34 0.59
26.81 43.15 32.41 BrookfieldMgt BAM 1.3 93 41.86 0.41
29.40 44.91 31.03 BrookfieldInfr BIP 4.0160 43.31 -0.02
11.57 50.81 41.10 Brown&Brown BRO 1.2 26 50.05 -0.31
27.98 60.28 45.17 Brown-Forman A BF.A 1.3 33 59.19 0.42
30.99 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.84 0.17
-29.19 73.01 45.95 BuckeyePtrs BPL 10.8 14 46.85 0.14
BG 2.8 21 65.25 -0.23
-9.68 83.75 63.87 Bunge
19.92 106.89 79.07 BurlingtonStrs BURL ... 27 101.63 -0.58
CBD 0.1 67 22.84 -0.19
38.01 25.90 14.08 CBD Pao
36.01 43.35 28.91 CBRE Group CBG ... 18 42.83 0.34
CBS.A 1.3 80 57.51 0.52
-11.27 71.07 53.00 CBS A
CBS 1.3 79 56.54 0.30
-11.13 70.09 52.75 CBS B
14.17 39.32 25.04 CF Industries CF 3.3 dd 35.94 -0.37
s 12.66 54.17 45.81 CGI Group GIB ... 21 54.11 0.23
CIT 1.3 dd 47.77 -0.17
11.93 50.40 39.48 CIT Group
18.79 50.85 39.42 CMS Energy CMS 2.7 26 49.44 0.04
CNA 2.2 16 53.35 -0.02
28.55 55.62 37.88 CNA Fin
CEO 3.7 17 137.09 -0.72
10.59 143.39 108.05 CNOOC
10.71 17.69 13.90 CPFLEnergia CPL 1.6 33 17.05 0.05
CRH 1.3 20 35.25 0.13
2.53 38.06 32.44 CRH
-10.59 84.72 66.45 CVS Health CVS 2.8 15 70.55 -0.93
s 25.21 29.50 20.55 CabotOil
COG 0.7 dd 29.25 -0.19
s 59.81 54.59 31.99 CalAtlantic CAA 0.3 16 54.35 0.42
11.69 96.39 77.54 CamdenProperty CPT 3.2 57 93.90 0.72
-23.86 64.23 44.99 CampbellSoup CPB 3.0 16 46.04 -0.73
CM 4.6 11 90.48 0.19
10.88 92.22 77.20 CIBC
18.37 84.48 65.96 CanNtlRlwy CNI 1.7 23 79.78 0.17
8.85 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.70 0.10
21.75 179.17 141.32 CanPacRlwy CP 1.0 19 173.82 0.22
CAJ 3.6 20 38.75 0.24
37.70 39.15 27.76 Canon
0.16 96.92 76.05 CapitalOne COF 1.8 12 87.38 0.12
-21.68 84.88 54.66 CardinalHealth CAH 3.3 16 56.37 -0.60
CSL 1.3 22 110.82 0.07
0.48 116.40 92.09 Carlisle
KMX ... 19 68.05 0.06
5.68 77.64 54.29 CarMax
CCL 2.7 18 66.71 -0.08
28.14 69.89 49.73 Carnival
CUK 2.7 18 67.08 0.02
31.04 70.56 49.44 Carnival
48.15 140.44 90.34 Caterpillar CAT 2.3 96 137.39 -0.62
35.53 109.11 75.79 Celanese A CE 1.7 19 106.72 0.79
CX ... 10 7.82 -0.03
1.28 10.37 7.40 Cemex
-35.43 16.82 6.76 CenovusEnergy CVE 1.6 4 9.77 0.06
CNC ... 20 97.17 0.22
71.95 98.72 54.40 Centene
17.82 30.45 23.57 CenterPointEner CNP 3.7 21 29.03 -0.12
-7.29 7.60 3.49 CentraisElBras EBR ... 3 6.36 -0.02
t-41.80 27.61 13.68 CenturyLink CTL 15.6 24 13.84 0.04
141.33 58.08 20.76 Chemours CC 0.2 37 53.31 0.45
CVX 3.7 34 116.51 0.60
-1.01 120.89 102.55 Chevron
s 41.16 31.73 21.38 ChinaEastrnAir CEA ... 11 31.55 0.20
34.97 17.85 12.74 ChinaLifeIns LFC 1.0 21 17.37 -0.10
-2.14 58.83 50.00 ChinaMobile CHL 4.0 13 51.31 0.72
2.20 84.88 69.32 ChinaPetrol SNP 4.1 11 72.58 0.60
s 86.68 50.64 25.60 ChinaSoAirlines ZNH 1.5 11 47.99 0.72
6.72 53.77 45.58 ChinaTelecom CHA 2.7 15 49.23 -0.11
29.96 16.55 11.25 ChinaUnicom CHU ...149 15.01 -0.16
CMG ... 54 279.31 -1.96
-25.98 499.00 263.00 Chipotle
CB 1.9 18 148.93 0.68
12.72 156.00 125.70 Chubb
9.67 36.37 31.28 ChunghwaTel CHT 4.7 22 34.60 0.15
1.43 54.18 42.55 Church&Dwight CHD 1.7 26 44.82 0.06
CI 0.0 22 200.60 -0.12
50.39 206.45 131.03 Cigna
-14.26 146.96 89.49 CimarexEnergy XEC 0.3 29 116.52 1.11
C 1.8 14 72.02 -0.24
21.18 76.14 55.23 Citigroup
5.95 39.75 31.51 CitizensFin CFG 1.9 15 37.75 -0.08
CLX 2.5 25 135.39 0.44
12.81 141.76 112.28 Clorox
KO 3.2 44 45.88 0.04
10.66 47.48 39.88 Coca-Cola
23.06 44.75 30.55 Coca-Cola Euro CCE 2.5 25 38.64 0.05
9.54 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 69.60 0.37
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
10.04 77.27 63.43 ColgatePalm CL 2.2 28 72.01
-16.55 16.09 12.10 ColonyNorthStar CLNS 8.7 dd 12.45
CMA 1.5 18 78.67
15.50 80.25 61.05 Comerica
SBS ... 9 10.36
19.35 11.33 7.82 SABESP
-10.34 41.68 32.16 ConagraBrands CAG 2.4 25 35.46
6.02 147.77 106.73 ConchoRscs CXO ... 37 140.58
0.66 54.22 42.27 ConocoPhillips COP 2.1 dd 50.47
ED 3.2 22 86.90
17.94 89.58 68.85 ConEd
44.73 227.20 144.00 ConstBrands A STZ 0.9 31 221.88
44.26 221.28 147.95 ConstBrands B STZ.B 0.9 28 221.00
-9.33 60.30 29.08 ContinentalRscs CLR ... dd 46.73
COO 0.0 35 242.29
38.51 256.39 158.73 Cooper
CPA 2.2 16 133.77
47.28 138.69 87.69 Copa
GLW 1.9 14 31.85
31.23 32.33 23.48 Corning
COTY 2.9 dd 17.00
-7.15 20.88 14.24 Coty
BAP 2.3 14 213.79
35.43 214.28 148.44 Credicorp
s 16.84 16.74 13.06 CreditSuisse CS 4.3 dd 16.72
29.91 114.97 80.82 CrownCastle CCI 3.7 94 112.72
12.17 61.61 51.57 CrownHoldings CCK ... 17 58.97
7.66 103.37 79.76 Cullen/Frost CFR 2.4 18 94.99
CMI 2.7 16 160.66
17.55 181.79 134.06 Cummins
27.01 61.53 43.95 DCT Industrial DCT 2.4 55 60.81
14.35 116.21 92.19 DTE Energy DTE 3.1 21 112.65
DXC 0.7166 97.76
41.21 99.44 64.06 DXC Tech
DHR 0.6 28 94.02
20.79 94.24 76.27 Danaher
DRI 3.1 21 80.24
10.34 95.22 71.02 Darden
DVA ... 22 57.15
-10.98 70.16 52.51 DaVita
s 41.21 147.91 99.84 Deere
DE 1.6 22 145.50
DVMT ... dd 80.95
47.26 83.98 51.02 DellTechs
49.76 104.09 60.50 DelphiAuto DLPH 1.2 20 100.86
DAL 2.4 10 50.11
1.87 55.75 43.81 DeltaAir
18.75 19.48 13.47 DeutscheBank DB 1.1 dd 19.19
-16.73 50.69 28.79 DevonEnergy DVN 0.6 13 38.03
s 34.52 140.63 99.75 Diageo
DEO 2.9 26 139.82
19.62 127.23 88.22 DigitalRealty DLR 3.2 95 117.54
-9.28 74.33 57.50 DiscoverFinSvcs DFS 2.1 11 65.40
DIS 1.5 18 102.64
-1.52 116.10 96.20 Disney
s 39.96 63.34 44.98 DolbyLab
DLB 1.0 33 63.25
16.48 88.13 65.97 DollarGeneral DG 1.2 19 86.28
7.34 83.64 70.87 DominionEner D 3.7 24 82.21
DPZ 1.0 34 177.34
11.37 221.58 156.26 Domino's
14.04 48.91 39.49 Donaldson DCI 1.5 28 47.99
s 11.93 41.19 35.27 DouglasEmmett DEI 2.2 77 40.92
DOV 2.0 22 94.55
26.18 97.09 68.10 Dover
5.92 73.85 64.01 DowDuPont DWDP ... 47 71.16
-4.53 99.47 83.23 DrPepperSnap DPS 2.7 22 86.56
-21.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.46
14.38 91.80 72.34 DukeEnergy DUK 4.0 29 88.78
9.75 30.14 23.93 DukeRealty DRE 2.7 40 29.15
E 5.8 32 32.96
2.23 34.62 26.37 ENI
EOG 0.710166 101.66
0.55 109.37 81.99 EOG Rscs
EQT 0.2275 57.65
-11.85 75.74 49.63 EQT
21.18 94.96 73.52 EastmanChem EMN 2.2 13 91.14
ETN 2.0 12 75.92
13.16 82.34 65.35 Eaton
s 25.62 53.30 39.93 EatonVance EV 2.4 22 52.61
ECL 1.1 30 132.86
13.34 134.89 115.78 Ecolab
EC ... 21 11.75
29.83 12.30 7.84 Ecopetrol
EIX 2.7 18 80.55
11.89 83.38 67.73 EdisonInt
16.69 121.45 81.12 EdwardsLife EW ... 32 109.34
10.55 67.78 53.92 EmersonElec EMR 3.1 28 61.63
-48.43 26.17 12.68 EnbridgeEnPtrs EEP 10.7 22 13.14
ENB 5.1 25 37.16
-11.78 44.52 34.39 Enbridge
ECA 0.5 15 11.84
0.85 13.85 8.01 Encana
21.32 11.10 7.75 EnelAmericas ENIA 3.6 27 9.96
30.09 27.74 18.36 EnelGenChile EOCC 7.6 13 25.29
-15.95 20.05 15.03 EnergyTransferEq ETE 7.3 20 16.23
-31.89 26.73 15.97 EnergyTransfer ETP 13.8 8 16.36
ETR 4.2 dd 85.37
16.20 87.95 67.84 Entergy
-11.39 30.25 23.59 EnterpriseProd EPD 7.1 19 23.96
EFX 1.4 25 109.90
-7.05 147.02 89.59 Equifax
25.40 90.86 67.62 EquityLife ELS 2.2 43 90.41
5.98 70.45 58.94 EquityResdntl EQR 3.0 60 68.21
7.69 270.04 211.04 EssexProp ESS 2.8 31 250.37
64.98 126.99 75.30 EsteeLauder EL 1.2 34 126.19
0.59 277.17 206.60 EverestRe RE 2.4 34 217.67
16.48 66.15 50.56 EversourceEner ES 3.0 21 64.33
EXC 3.1 19 41.63
17.30 42.67 31.77 Exelon
13.13 88.05 68.61 ExtraSpaceSt EXR 3.6 33 87.38
-9.79 93.22 76.05 ExxonMobil XOM 3.8 27 81.42
FMC 0.7661 94.61
67.27 95.25 54.75 FMC
s 21.59 199.03 155.09 FactSet
FDS 1.1 30 198.71
-7.17 145.80 119.37 FederalRealty FRT 3.0 42 131.92
FDX 0.9 20 217.00
16.54 231.35 182.89 FedEx
RACE ... 38 113.71
95.58 121.14 53.71 Ferrari
92.98 18.33 7.48 FiatChrysler FCAU ... 8 17.60
64.00 17.21 7.98 FibriaCelulose FBR ... 38 15.76
65.37 40.61 22.84 FidNatlFin FNF 2.7 18 40.54
21.77 96.67 73.97 FidNatlInfo FIS 1.3 57 92.11
WUBA ... 93 78.87
181.68 79.79 27.58 58.com
50.29 56.40 35.28 FirstAmerFin FAF 2.8 22 55.05
FDC ... 22 16.80
18.39 19.23 13.96 FirstData
0.87 105.52 80.55 FirstRepBank FRC 0.7 22 92.94
9.59 35.22 27.93 FirstEnergy FE 4.2 dd 33.94
27.32 183.61 121.52 FleetCorTech FLT ... 31 180.18
FLR 1.8 33 46.89
-10.72 58.37 37.04 Fluor
18.66 103.82 73.45 FomentoEconMex FMX 1.5 13 90.43
-0.25 13.27 10.47 FordMotor F 5.0 11 12.10
20.87 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.19
FTS 3.6 20 37.83
22.51 38.24 29.51 Fortis
FTV 0.4 27 72.13
34.50 74.38 52.99 Fortive
20.99 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.68
41.32 85.67 53.31 Franco-Nevada FNV 1.1107 84.45
4.12 47.65 38.54 FranklinRscs BEN 1.9 14 41.21
8.79 17.06 11.05 FreeportMcM FCX ... 20 14.35
16.94 50.22 38.20 FreseniusMed FMS 1.1 23 49.36
GGP 3.8 33 23.35
-6.53 26.63 18.83 GGP
AJG 2.4 26 65.39
25.85 67.05 48.97 Gallagher
GPS 3.1 14 29.64
32.09 30.14 21.02 Gap
47.58 31.88 19.91 GardnerDenver GDI ... dd 31.14
IT ... dd 116.39
15.16 130.02 90.37 Gartner
15.74 10.69 8.36 Gazit-Globe GZT 4.0 4 10.00
GeneralDynamics
GD
1.7 20 200.00
15.83 214.81 168.00
-42.44 32.38 17.46 GeneralElec GE 5.3 22 18.19
-13.15 64.06 49.65 GeneralMills GIS 3.7 19 53.65
27.61 46.76 31.92 GeneralMotors GM 3.4 10 44.46
G 0.8 23 31.84
30.81 31.93 23.34 Genpact
-9.11 100.90 79.86 GenuineParts GPC 3.1 19 86.84
GGB 1.1 dd 3.28
4.46 4.39 2.60 Gerdau
GIL 1.2 19 31.43
23.89 32.15 23.55 Gildan
GSK 5.8 29 35.04
-9.01 44.53 34.72 GSK
49.07 104.83 65.91 GlobalPayments GPN 0.0 ... 103.47
s 46.09 51.29 33.06 GoDaddy
GDDY ... dd 51.06
GG 0.6 22 13.16
-3.24 17.87 11.91 Goldcorp
-1.46 255.15 209.60 GoldmanSachs GS 1.3 12 235.95
GGG 1.1 70 130.70
57.30 134.11 80.75 Graco
GWW 2.6 24 200.15
-13.82 262.71 155.00 Grainger
s 25.59 34.46 25.85 GreatPlainsEner GXP 3.2 33 34.35
s 82.30 69.05 32.43 GrubHub
GRUB ...101 68.58
8.19 9.38 7.22 GpoAvalAcc AVAL 4.7 14 8.59
15.99 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.34
t-11.87 27.37 18.37 GrupoTelevisa TV 0.5 47 18.41
67.79 83.52 49.18 Guidewire GWRE ...296 82.77
4.28 91.03 69.59 HCA Healthcare HCA ... 11 77.19
HCP 5.5 19 26.88
-9.56 33.67 25.09 HCP
62.21 100.26 59.00 HDFC Bank HDB 0.5 ... 98.43
HPQ 2.6 14 21.24
43.13 22.68 14.40 HP
HSBC 4.1 75 49.04
22.05 50.86 39.08 HSBC
-23.13 58.78 38.18 Halliburton HAL 1.7173 41.58
-8.11 25.73 18.90 Hanesbrands HBI 3.0 12 19.82
-18.75 63.40 44.52 HarleyDavidson HOG 3.1 15 47.40
HRS 1.6 32 143.94
40.47 144.75 99.13 Harris
16.77 57.16 46.35 HartfordFinl HIG 1.8 42 55.64
6.11 33.00 27.47 HealthcareAmer HTA 3.9129 30.89
HEI 0.2 45 91.77
48.69 93.00 59.94 Heico
HEI.A 0.2 38 77.00
41.75 78.70 50.72 Heico A
-27.62 85.78 42.16 Helm&Payne HP 5.0 dd 56.02
HLF 1.8 15 67.98
41.21 79.64 47.62 Herbalife
HSY 2.4 32 107.45
3.89 116.49 95.68 Hershey
HES 2.3 dd 44.40
-28.72 65.56 37.25 Hess
-1.04 15.12 12.70 HewlettPackard HPE 2.3 63 13.32
HLT 0.8801 75.76
35.76 76.22 50.55 Hilton
34.46 44.86 23.46 HollyFrontier HFC 3.0 23 44.05
s 28.53 173.10 128.68 HomeDepot HD 2.1 24 172.33
13.50 33.75 27.05 HondaMotor HMC ... 10 33.13
s 29.18 150.43 112.17 Honeywell HON 2.0 23 149.66
-1.15 37.97 29.75 HormelFoods HRL 2.2 22 34.41
s 82.95 50.06 27.14 DR Horton DHI 1.0 18 50.00
5.10 20.23 16.50 HostHotels HST 4.0 25 19.80
3.61 31.85 23.85 HuanengPower HNP 6.2 30 26.98
HUBB 2.6 23 120.45
3.21 127.34 109.31 Hubbell
HUM 0.7 19 240.51
17.88 264.56 186.25 Humana
27.29 253.44 174.07 HuntingIngalls HII 1.2 18 234.45
61.74 32.59 18.18 Huntsman HUN 1.6 14 30.86
s 29.10 71.45 50.21 HyattHotels H
... 43 71.34
IBN 0.8 22 9.79
43.78 9.93 6.69 ICICI Bank
29.86 19.01 13.16 ING Groep ING 3.1 ... 18.31
IVZ 3.3 15 35.09
15.66 37.75 28.75 Invesco
IQV ...360 104.27
37.11 110.67 71.90 IQVIA
IEX 1.1 34 130.69
45.11 130.98 88.29 IDEX
s 30.52 160.47 120.06 IllinoisToolWks ITW 2.0 24 159.84
INFY 2.6 16 15.61
5.26 16.14 13.42 Infosys
12.25 96.23 74.02 Ingersoll-Rand IR 2.1 21 84.23
s 8.39 135.98 113.07 Ingredion
INGR 1.8 19 135.45
ICE 1.2 25 67.83
20.22 71.24 53.95 ICE
s 25.07 58.24 42.83 InterContinentl IHG ... 27 57.91
IBM 4.0 13 151.84
-8.52 182.79 139.13 IBM
29.32 153.97 113.16 IntlFlavors IFF 1.8 29 152.38
10.11 29.36 17.25 IntlGameTech IGT 2.8 dd 28.10
IP 3.5 25 54.92
3.51 58.96 48.49 IntlPaper
-19.99 25.71 18.30 Interpublic IPG 3.8 13 18.73
18.30 23.93 19.80 InvitatHomes INVH 1.4 ... 23.66
27.59 41.53 31.39 IronMountain IRM 5.7 53 41.44
-4.38 4.95 3.70 IsraelChemicals ICL ... 5 3.93
28.70 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.23
13.94 102.42 78.02 JPMorganChase JPM 2.3 14 98.32
11.04 65.80 49.31 JacobsEngg JEC 0.9 26 63.29
3.46 17.28 13.55 JamesHardie JHX 1.2 28 16.45
19.93 37.39 30.24 JanusHenderson JHG 3.5277 36.70
JNJ 2.4 24 138.01
19.79 144.35 109.32 J&J
-10.39 46.17 34.51 JohnsonControls JCI 2.7 22 36.91
48.62 155.25 97.60 JonesLang JLL 0.5 20 150.17
0.26
0.09
-0.67
-0.17
-0.05
0.29
0.25
0.24
1.43
3.82
0.49
3.39
-1.10
0.05
0.02
1.48
0.15
0.88
0.18
-0.49
-2.73
-0.26
0.03
-0.03
0.26
0.48
1.76
0.25
0.16
0.08
-0.30
0.28
0.04
2.20
0.33
-0.10
-0.10
0.40
-0.95
0.05
0.79
0.13
0.25
-0.16
0.56
0.16
-0.41
0.15
-0.07
-0.04
0.07
-0.53
0.24
-0.30
-0.37
-0.13
-0.14
0.40
0.53
-0.25
-0.01
0.18
0.09
-0.05
0.05
0.06
0.05
-0.14
-0.68
0.09
0.60
0.07
0.40
0.35
-1.57
0.52
0.13
-0.04
0.32
1.44
1.12
0.17
-0.83
1.89
...
-0.32
0.43
0.52
-0.33
0.45
0.08
-0.04
-0.30
1.54
-0.37
0.37
0.03
0.05
0.09
0.13
-0.17
0.22
-0.19
0.11
0.44
0.01
-1.23
0.47
0.16
0.40
0.11
-0.04
0.04
...
0.17
0.28
-0.07
0.03
0.06
-0.02
1.04
0.63
-0.20
-0.48
-0.17
-0.25
0.09
0.88
0.02
0.04
-0.18
0.89
0.12
0.17
0.51
-0.10
-0.14
0.15
...
-0.28
1.42
-0.14
0.08
-0.46
-0.10
-0.59
-0.11
-0.67
0.95
0.22
0.08
-0.34
0.27
-0.03
0.67
0.14
0.42
0.02
-0.02
-0.55
2.21
0.38
0.04
0.43
0.04
0.40
-0.14
0.32
0.38
0.22
0.41
-0.36
0.44
0.17
0.37
0.07
1.40
0.13
0.17
0.01
0.16
0.30
0.05
-0.03
-0.32
-1.49
-0.08
0.29
0.72
0.12
1.36
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
-3.26 30.96 23.87 JuniperNetworks JNPR 1.5 16 27.34 0.33
14.55 49.38 40.27 KAR Auction KAR 2.9 29 48.82 0.13
KB ... 7 52.41 0.61
48.51 54.36 34.75 KB Fin
KKR 3.5 10 19.51 -0.01
26.77 20.77 15.14 KKR
KT ... 12 14.80 0.05
5.04 18.82 13.43 KT
25.42 109.13 79.05 KSCitySouthern KSU 1.4 21 106.42 0.47
K 3.3 29 64.93 0.22
-11.91 76.69 58.76 Kellogg
KEY 2.3 16 18.14 -0.02
-0.71 19.53 16.28 KeyCorp
23.98 45.65 35.05 KeysightTechs KEYS ... 34 45.34 0.15
1.98 78.33 67.00 KilroyRealty KRC 2.3 49 74.67 -0.62
2.07 136.21 109.67 KimberlyClark KMB 3.3 19 116.48 0.43
-25.28 26.63 17.02 KimcoRealty KIM 6.0 37 18.80 0.02
-17.00 23.01 16.70 KinderMorgan KMI 2.9 31 17.19 0.09
17.72 44.45 26.68 Knight-Swift KNX ... 70 39.83 -0.09
KSS 4.9 12 45.09 0.46
-8.69 59.67 35.16 Kohl's
28.36 42.35 28.19 KoninklijkePhil PHG 2.3 23 39.24 0.06
-5.47 21.59 16.51 KoreaElcPwr KEP ... 9 17.47 0.27
KR 2.2 14 22.98 -0.16
-33.41 36.44 19.69 Kroger
KYO ... 23 71.43 -0.04
43.49 71.75 47.08 Kyocera
64.43 15.06 8.07 LATAMAirlines LTM 0.5 53 13.45 -0.29
LB 5.0 14 48.36 -0.44
-26.55 75.50 35.00 L Brands
11.21 17.05 11.80 LG Display LPL ... 5 14.29 -0.18
s 32.05 45.30 30.90 LINE
LN ... 88 44.91 1.04
LLL 1.6 26 190.02 0.82
24.92 192.00 143.54 L3 Tech
LH ... 21 151.09 -0.82
17.69 164.22 123.36 LabCpAm
s 43.83 54.65 32.01 LambWeston LW 1.4 24 54.44 0.19
26.66 68.41 51.35 LasVegasSands LVS 4.3 26 67.65 -0.05
LAZ 3.4 14 47.54 -0.09
15.70 48.86 38.46 Lazard
LEA 1.1 11 177.15 0.95
33.83 178.81 127.42 Lear
-4.89 54.97 43.16 Leggett&Platt LEG 3.1 19 46.49 -0.16
LDOS 2.1 30 61.31 0.21
19.89 64.20 47.81 Leidos
s 44.60 61.35 41.12 Lennar A
LEN 0.3 18 61.02 0.41
s 49.66 50.90 32.74 Lennar B
LEN.B 0.3 15 50.62 0.59
28.22 201.40 146.25 LennoxIntl LII 1.0 28 196.40 0.25
10.45 27.34 21.05 LeucadiaNatl LUK 1.6 17 25.68 0.32
14.66 45.39 37.21 LibertyProperty LPT 3.5 19 45.29 0.13
LLY 2.5 40 84.03 0.35
14.25 89.09 65.66 EliLilly
10.37 77.45 61.45 LincolnNational LNC 1.8 11 73.14 -0.45
25.09 33.68 24.27 LionsGate A LGF.A ... 35 33.65 0.67
30.15 32.08 22.50 LionsGate B LGF.B ... 33 31.94 0.62
70.15 46.33 26.41 LiveNationEnt LYV ...2263 45.26 0.84
15.16 3.87 2.86 LloydsBanking LYG 3.0 19 3.57 0.04
26.36 322.19 245.50 LockheedMartin LMT 2.5 25 315.82 0.95
L 0.5 17 49.35 -0.01
5.38 49.99 44.19 Loews
LOW 2.1 19 79.24 -0.32
11.42 86.25 69.92 Lowe's
21.64 107.83 78.01 LyondellBasell LYB 3.5 11 104.34 0.92
1.73 173.72 140.35 M&T Bank MTB 1.9 18 159.14 -0.78
17.55 34.65 25.15 MGM Resorts MGM 1.3 33 33.89 0.44
MPLX 6.6 39 35.45 0.59
2.40 39.43 30.88 MPLX
s 63.62 129.11 76.52 MSCI
MSCI 1.2 38 128.90 1.40
Macerich
MAC 4.6 74 64.26 -0.01
-9.29 73.34 52.12
M 7.2 9 21.07 0.44
-41.16 45.41 17.41 Macy's
-12.36 81.77 63.55 MagellanMid MMP 5.5 18 66.28 0.29
24.88 55.76 39.50 MagnaIntl MGA 2.0 10 54.20 0.08
44.19 129.06 84.98 Manpower MAN 1.5 19 128.14 0.59
19.14 21.70 16.62 ManulifeFin MFC 3.0 15 21.23 0.10
-12.59 19.28 10.55 MarathonOil MRO 1.3 dd 15.13 0.25
23.20 63.41 44.60 MarathonPetrol MPC 2.6 19 62.03 0.02
MKL ...239 1076.14 -3.98
18.98 1105.23 873.15 Markel
21.82 84.90 66.75 Marsh&McLen MMC 1.8 23 82.34 -0.31
-7.06 244.32 191.09 MartinMarietta MLM 0.9 30 205.90 -1.23
MAS 1.1 23 39.58 -0.36
25.17 41.10 30.08 Masco
s 47.93 153.00 99.51 Mastercard MA 0.6 36 152.74 1.49
6.21 106.50 88.64 McCormick MKC 1.9 27 99.13 0.12
38.93 170.92 117.71 McDonalds MCD 2.4 24 169.11 0.06
3.00 169.29 133.82 McKesson MCK 0.9 7 144.66 -1.14
16.87 89.72 69.35 Medtronic MDT 2.2 23 83.25 0.91
MRK 3.5 53 54.35 -0.02
-7.68 66.80 53.63 Merck
MET 3.1 dd 51.83 0.12
7.93 55.91 44.17 MetLife
51.72 694.48 407.87 MettlerToledo MTD ... 39 635.02 8.67
s 31.71 57.10 32.38 MichaelKors KORS ... 16 56.61
...
25.61 36.21 27.86 MicroFocus MFGP ... 52 35.46 -0.42
6.37 110.95 87.59 MidAmApt MAA 3.3 49 104.16 0.04
10.88 7.01 5.83 MitsubishiUFJ MTU ... 10 6.83 0.05
0.84 3.87 3.37 MizuhoFin MFG ... 9 3.62 0.04
18.77 11.59 7.39 MobileTeleSys MBT 6.6 12 10.82 0.06
38.00 279.85 189.44 MohawkInds MHK ... 21 275.55 1.54
-18.13 102.14 78.10 MolsonCoors B TAP 2.1 8 79.67 0.13
12.28 122.80 101.52 Monsanto MON 1.8 23 118.13 -0.09
s 59.36 150.73 93.51 Moody's
MCO 1.0 54 150.23 0.83
16.12 51.52 40.06 MorganStanley MS 2.0 14 49.06 -0.03
MOS 0.4 25 23.85 -0.04
-18.68 34.36 19.23 Mosaic
11.42 94.94 76.92 MotorolaSol MSI 2.3 24 92.36 0.53
136.79 29.78 10.92 NRG Energy NRG 0.4 dd 29.03 -0.19
s 13.01 25.79 22.20 NTTDoCoMo DCM ... 17 25.71 0.11
s103.80 3434.99 1570.00 NVR
NVR ... 25 3401.38 -15.84
t -8.14 75.24 58.42 NationalGrid NGG 3.5 12 58.45 -0.23
-14.93 43.63 29.90 NatlOilwell NOV 0.6 dd 31.85 -0.09
-3.44 46.34 36.45 NatlRetailProp NNN 4.5 35 42.68 0.13
110.38 94.63 37.16 NewOrientalEduc EDU ... 48 88.57 -0.74
-19.86 17.68 11.67 NY CmntyBcp NYCB 5.3 15 12.75 -0.09
-36.46 55.08 27.45 NewellBrands NWL 3.2 11 28.37 0.17
-24.10 50.00 24.41 NewfieldExpln NFX ... 18 30.74 0.08
7.66 39.62 30.40 NewmontMin NEM 0.8188 36.68 -0.03
30.61 159.28 112.63 NextEraEnergy NEE 2.5 18 156.03 0.85
-12.97 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.51 -0.08
NKE 1.3 25 59.32 0.25
16.70 60.53 50.06 Nike
NI 2.6 33 27.04
22.13 27.76 21.31 NiSource
...
-31.71 42.03 22.98 NobleEnergy NBL 1.5 dd 25.99 0.11
NOK 3.7 dd 5.08 0.03
5.61 6.65 4.20 Nokia
-2.37 6.80 5.28 NomuraHoldings NMR ... 10 5.76 0.05
-14.54 61.85 37.79 Nordstrom JWN 3.6 14 40.96 0.17
20.30 134.52 102.77 NorfolkSouthern NSC 1.9 20 130.01 0.78
30.16 306.61 220.72 NorthropGrum NOC 1.3 23 302.72 0.70
NVS 3.2 30 85.08 0.60
16.80 86.90 66.93 Novartis
s 45.68 52.32 31.91 NovoNordisk NVO 0.9 23 52.24 0.40
NUE 2.7 16 55.93 -0.22
-6.03 68.00 51.67 Nucor
4.33 37.41 31.26 OGE Energy OGE 3.8 18 34.90 -0.01
OKE 5.8 32 51.04 0.46
-11.10 59.47 47.14 ONEOK
-3.94 73.51 57.20 OccidentalPetrol OXY 4.5526 68.42 0.19
OLN 2.2 82 36.85 -0.07
43.89 37.52 24.92 Olin
OMC 3.2 14 68.97 0.10
-18.96 89.66 65.32 Omnicom
ORCL 1.6 21 49.01 0.43
27.46 53.14 37.64 Oracle
ORAN 3.5 91 16.97 0.23
12.09 17.63 13.98 Orange
50.97 134.59 82.44 OrbitalATK OA 1.0 25 132.45 0.10
IX ... 8 83.68 0.09
7.52 89.51 73.70 Orix
OSK 1.1 23 86.35 0.45
33.65 94.16 61.74 Oshkosh
s 69.94 88.36 50.77 OwensCorning OC 0.9 26 87.62 0.33
PCG 3.9 12 54.06 0.17
-11.04 71.57 49.83 PG&E
PHI 5.9 13 32.06 -0.50
16.37 38.54 25.50 PLDT
PNC 2.3 16 132.56 -0.48
13.34 139.23 109.16 PNC Fin
PKX ... 15 73.72 1.68
40.29 77.76 50.37 POSCO
PPG 1.6 22 116.10 0.83
22.52 119.85 93.80 PPG Ind
PPL 4.4 16 36.31 0.25
6.64 40.20 32.69 PPL
PVH 0.1 26 135.47 0.20
50.12 136.84 84.53 PVH
31.42 120.75 84.01 PackagingCpAm PKG 2.3 21 111.47 -0.60
20.46 157.65 107.31 PaloAltoNtwks PANW ... dd 150.64 -0.75
-3.61 33.40 24.65 ParkHotels PK 6.0 2 28.82 -0.26
30.91 189.83 134.03 ParkerHannifin PH 1.4 24 183.28 -1.33
-23.47 39.82 22.98 ParsleyEnergy PE ...337 26.97 0.43
PSO 1.4 dd 9.38 0.05
-6.11 10.31 7.04 Pearson
12.52 36.30 28.30 PembinaPipeline PBA 4.8 37 35.24 0.38
PNR 2.0 31 69.16 -0.35
23.35 71.65 55.76 Pentair
PEP 2.8 24 115.90 0.82
10.77 119.39 98.50 PepsiCo
40.67 73.43 50.51 PerkinElmer PKI 0.4 37 73.36 0.32
PRGO 0.7 dd 86.57 -0.13
4.01 91.73 63.68 Perrigo
-7.16 81.80 60.69 PetroChina PTR 3.0 36 68.42 -0.05
2.08 11.71 7.61 PetroleoBrasil PBR ... 28 10.32 0.06
13.96 10.73 6.96 PetroleoBrasilA PBR.A ... 28 10.04 0.07
PFE 3.6 22 35.49 0.06
9.27 36.78 30.51 Pfizer
12.78 123.55 86.78 PhilipMorris PM 4.1 23 103.18 -0.36
PSX 3.0 23 93.64 0.35
8.37 95.00 75.14 Phillips66
4.30 66.67 48.38 PinnacleFoods PF 2.3 38 55.75 0.14
14.73 92.48 72.61 PinnacleWest PNW 3.1 19 89.52 0.24
-14.42 199.83 125.46 PioneerNatRscs PXD 0.1216 154.10 0.02
t-41.41 33.95 18.60 PlainsAllAmPipe PAA 6.3 21 18.92 -0.65
PAGP 5.9 dd 20.20 -0.41
-41.75 36.09 18.98 PlainsGP
49.46 126.85 77.91 PolarisIndustries PII 1.9 39 123.14 -0.44
POT 2.1 35 19.41 -0.02
7.30 20.27 15.74 Potash
s 30.45 153.85 115.00 Praxair
PX 2.1 27 152.88 1.16
18.65 69.95 56.12 PrincipalFin PFG 2.9 11 68.65 0.25
5.20 94.67 81.18 Procter&Gamble PG 3.1 24 88.45 0.12
46.06 52.26 33.27 Progressive PGR 1.3 22 51.85 0.17
PLD 2.6 20 67.06 0.17
27.03 67.53 48.33 Prologis
4.67 115.26 97.88 PrudentialFin PRU 2.8 11 108.92 -0.03
26.39 51.02 38.00 Prudential PUK 1.5 19 50.29 0.28
17.50 52.12 40.72 PublicServiceEnt PEG 3.3 58 51.56 0.13
-4.79 232.21 192.15 PublicStorage PSA 3.8 31 212.79 1.50
s 80.36 33.25 18.18 PulteGroup PHM 1.1 16 33.15 0.31
-0.30 112.97 86.89 QuestDiag DGX 2.0 19 91.62 -0.90
s 38.37 23.24 15.80 RELX
RENX 1.4 29 23.19 0.16
s 32.94 23.92 16.95 RELX
RELX 1.3 30 23.89 0.15
RPM 2.4 39 52.30 0.07
-2.84 56.48 47.87 RPM
-16.43 46.92 28.76 RSP Permian RSPP ... 62 37.29 0.81
1.22 113.06 66.06 RalphLauren RL 2.2 94 91.42 -0.52
22.64 87.22 68.97 RaymondJames RJF 1.0 20 84.95 -0.02
RTN 1.7 25 186.06 0.60
31.03 190.25 137.70 Raytheon
-1.90 63.60 52.85 RealtyIncome O 4.5 46 56.39 0.10
RHT ... 77 128.36 1.77
84.16 129.23 68.54 RedHat
-1.65 72.05 58.63 RegencyCtrs REG 3.1106 67.81 0.14
8.43 16.03 13.00 RegionsFin RF 2.3 16 15.57 0.01
s 26.04 159.30 120.81 ReinsGrp
RGA 1.3 13 158.59 6.25
9.26 67.18 55.07 RepublicSvcs RSG 2.2 26 62.33 -0.02
RMD 1.6 34 85.11 -0.16
37.16 87.81 58.53 ResMed
38.63 68.89 46.88 RestaurantBrands QSR 1.3 46 66.07 0.21
RIO 4.5 15 49.43 0.42
28.52 50.77 37.66 RioTinto
12.12 55.22 42.92 RobertHalf RHI 1.8 21 54.69 0.10
ROK 1.7 30 191.48 0.46
42.47 210.72 129.66 Rockwell
42.93 136.50 88.80 RockwellCollins COL 1.0 28 132.58 0.05
...
39.79 54.95 37.81 RogersComm B RCI 2.9 28 53.93
ROL 1.0 54 45.22 -0.10
33.87 48.29 32.03 Rollins
42.21 261.88 180.94 RoperTech ROP 0.5 38 260.36 -0.22
17.60 80.98 64.82 RoyalBkCanada RY 3.6 14 79.63 -0.16
32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05
52.62 133.75 78.77 RoyalCaribbean RCL 1.9 17 125.21 -0.24
14.82 65.83 48.34 RoyalDutchA RDS.A 6.0 24 62.44 0.29
11.26 67.40 51.10 RoyalDutchB RDS.B 5.8 25 64.50 0.25
SAP 1.2 34 116.41 2.56
34.69 116.90 81.30 SAP
52.63 166.17 107.21 S&P Global SPGI 1.0 24 164.14 0.92
SHI 6.2 7 58.99 -1.41
8.98 64.80 50.67 SINOPEC
28.23 28.13 20.44 SK Telecom SKM ... 8 26.80 0.08
-6.11 115.34 93.92 SLGreenRealty SLG 3.1 98 100.98 0.23
56.51 109.19 66.43 Salesforce.com CRM ...10715 107.15 0.32
SNY 3.6 23 46.10 0.73
14.00 50.65 38.45 Sanofi
24.81 17.34 11.12 SantanderCons SC 0.7 9 16.85 -0.10
SSL 3.9 13 30.80 -0.42
7.73 32.40 25.50 Sasol
SCG 5.9 13 41.86 -1.63
-42.88 74.99 41.15 Scana
-26.23 87.84 61.02 Schlumberger SLB 3.2159 61.93 -0.21
SCHW 0.7 29 45.78 -0.02
15.99 46.33 37.16 SchwabC
2.32 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.77 0.71
SEE 1.4 30 45.57 0.26
0.51 50.62 41.22 SealedAir
-0.39 9.14 4.49 SemicondctrMfg SMI ... 6 7.59 -0.11
17.95 122.97 98.12 SempraEnergy SRE 2.8 26 118.70 0.04
25.39 50.83 36.79 SensataTech ST ... 27 48.84 -0.09
25.88 36.56 26.43 ServiceCorp SCI 1.7 19 35.75 -0.13
23.63 48.48 36.34 ServiceMaster SERV ... 27 46.57 -0.59
72.59 130.05 72.80 ServiceNow NOW ... dd 128.30 0.85
11.22 23.31 19.41 ShawComm B SJR 4.2 28 22.31 0.09
46.62 398.22 261.65 SherwinWilliams SHW 0.9 35 394.03 3.47
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
17.51 48.98 36.69 ShinhanFin SHG ... 7 44.23
SHOP ... dd 111.81
160.81 123.94 38.69 Shopify
-11.07 188.10 150.15 SimonProperty SPG 4.7 28 158.00
AOS 0.9 30 60.58
27.94 62.16 46.44 SmithAO
18.95 40.43 27.96 Smith&Nephew SNN 1.4 19 35.78
SJM 2.8 22 111.37
-13.03 143.68 99.56 Smucker
SNAP ... dd 12.97
-47.02 29.44 11.28 Snap
SNA 2.1 16 159.70
-6.76 181.73 140.83 SnapOn
96.93 63.80 26.68 SOQUIMICH SQM 1.4 43 56.42
s 70.85 48.03 27.72 Sony
SNE ... 27 47.89
SO 4.5 93 51.39
4.47 53.51 46.20 Southern
SCCO 2.3 29 44.13
38.17 44.69 31.55 SoCopper
10.63 64.39 44.70 SouthwestAir LUV 0.9 16 55.14
-12.74 47.48 39.78 SpectraEnerPtrs SEP 7.3 14 40.00
-7.23 146.09 98.11 SpectrumBrands SPB 1.5 23 113.49
41.11 84.75 51.85 SpiritAeroSys SPR 0.5 29 82.34
S
-26.96 9.65 5.62 Sprint
... dd 6.15
s258.47 49.56 12.38 Square
SQ ... dd 48.86
44.73 168.25 114.27 StanleyBlackDck SWK 1.5 21 165.99
-1.09 23.01 21.27 StarwoodProp STWD 8.8 13 21.71
18.97 99.99 74.45 StateStreet STT 1.8 16 92.46
STO 4.3 dd 20.40
11.84 21.02 16.16 Statoil
STE 1.4 53 88.48
31.30 93.39 64.37 Steris
116.74 24.80 9.69 STMicroelec STM 1.0 35 24.60
SYK 1.1 33 154.67
29.10 160.62 110.91 Stryker
5.24 8.30 6.93 SumitomoMits SMFG ... 8 8.04
s 22.56 93.92 70.34 SunComms SUI 2.9127 93.89
3.62 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.80
8.11 36.71 27.96 SuncorEnergy SU 2.9 21 35.34
4.30 61.69 51.13 SunTrustBanks STI 2.8 15 57.21
-7.66 38.05 26.01 SynchronyFin SYF 1.8 13 33.49
SYT ... 41 92.42
16.91 93.61 75.07 Syngenta
SYY 2.6 25 54.92
-0.81 57.23 48.85 Sysco
136.41 36.16 11.02 TAL Education TAL ...183 27.64
37.50 96.68 66.20 TE Connectivity TEL 1.7 20 95.26
TU 4.2 24 38.25
20.09 38.47 31.18 Telus
s 62.54 19.50 11.17 TIM Part
TSU ... 30 19.18
TJX 1.8 19 70.87
-5.67 80.92 66.44 TJX
s 49.53 43.02 28.34 TaiwanSemi TSM 2.7 20 42.99
TPR 3.3 25 40.86
16.68 48.85 34.16 Tapestry
-22.61 61.83 39.59 TargaResources TRGP 8.4 dd 43.39
TGT 4.4 12 55.88
-22.64 79.33 48.56 Target
-4.80 40.34 28.96 TataMotors TTM 0.0 15 32.74
-24.23 37.09 24.53 TechnipFMC FTI 1.9 ... 26.92
17.22 33.76 14.56 TeckRscsB TECK 0.7 7 23.48
s 92.35 35.25 17.04 TelecomArgentina TEO 1.3 18 34.95
-3.82 10.53 7.15 TelecomItalia TI 3.0 ... 8.55
-0.96 8.45 5.89 TelecomItalia A TI.A 4.2 ... 7.22
50.52 185.66 119.67 TeledyneTech TDY ... 31 185.14
TFX 0.5 49 267.71
66.12 269.78 142.97 Teleflex
13.45 16.85 11.95 TelefonicaBras VIV ... 22 15.18
10.22 11.64 8.15 Telefonica TEF 4.4 18 10.14
9.05 36.19 27.17 TelekmIndonesia TLK 2.3 19 31.80
TS 1.8117 29.51
-17.36 37.21 25.91 Tenaris
TER 0.6 20 43.64
71.81 44.62 23.39 Teradyne
-62.21 38.49 10.85 TevaPharm TEVA 2.5 dd 13.70
TXT 0.2 23 53.30
9.76 55.80 43.66 Textron
37.14 201.20 139.07 ThermoFisherSci TMO 0.3 33 193.51
1.07 48.61 42.22 ThomsonReuters TRI 3.1 31 44.25
37.00 138.07 87.96 ThorIndustries THO 1.1 19 137.07
MMM 2.0 26 231.38
29.57 238.90 171.09 3M
TIF 2.1 25 93.04
20.16 97.29 76.08 Tiffany
-7.28 103.90 85.88 TimeWarner TWX 1.8 17 89.50
s 56.13 48.76 29.11 Toll Bros
TOL 0.7 18 48.40
15.46 86.50 69.55 Torchmark TMK 0.7 18 85.16
TTC 1.1 26 62.77
12.19 73.86 52.60 Toro
18.32 58.76 45.18 TorontoDomBk TD 3.3 15 58.38
TOT 5.2 17 56.43
10.71 56.98 46.04 Total
s 51.97 74.72 47.01 TotalSystem TSS 0.7 33 74.51
7.55 128.11 103.62 ToyotaMotor TM ... 11 126.05
10.45 51.85 43.71 TransCanada TRP 3.9 32 49.87
10.72 295.00 203.72 TransDigm TDG ... 35 275.65
78.21 55.75 28.92 TransUnion TRU ... 42 55.12
TRV 2.2 15 129.83
6.05 135.71 113.10 Travelers
33.77 9.79 6.35 TurkcellIletism TKC ... 13 9.23
-4.33 3.80 2.44 TurquoiseHill TRQ ... 28 3.09
s 37.55 22.48 14.12 Twitter
TWTR ... dd 22.42
TYL ... 52 176.87
23.88 183.98 139.61 TylerTech
s 30.46 80.61 55.94 TysonFoods TSN 1.5 17 80.47
10.15 18.31 15.10 UBS Group UBS 3.5 16 17.26
UDR 3.1128 39.67
8.74 40.71 33.32 UDR
UGI 2.1 19 47.45
2.97 52.00 43.92 UGI
USFD ... 24 27.50
0.07 30.73 22.46 US Foods
9.02 25.39 18.99 UltraparPart UGP 2.4 25 22.61
UN ... 26 57.86
40.92 61.62 38.78 Unilever
UL 3.0 26 56.85
39.68 60.13 38.99 Unilever
14.05 119.71 100.10 UnionPacific UNP 2.2 21 118.25
-18.45 83.04 56.51 UnitedContinental UAL ... 9 59.43
51.43 2.73 1.74 UnitedMicro UMC 3.1 21 2.65
UPS 2.9 28 113.14
-1.31 121.75 102.12 UPS B
s 45.07 155.45 94.20 UnitedRentals URI ... 22 153.16
0.90 56.61 48.78 US Bancorp USB 2.3 15 51.83
6.65 124.79 106.85 UnitedTech UTX 2.4 18 116.91
32.79 213.93 150.00 UnitedHealth UNH 1.4 24 212.51
-5.55 129.74 95.26 UniversalHealthB UHS 0.4 14 100.48
23.13 54.22 42.00 UnumGroup UNM 1.7 13 54.09
VER 6.8 dd 8.06
-4.73 9.12 7.44 VEREIT
s 38.50 74.06 48.05 VF
VFC 2.5 31 73.89
V 0.7 41 111.97
43.51 112.91 75.17 Visa
43.85 237.77 154.11 VailResorts MTN 1.8 47 232.04
VALE 5.2 11 10.98
44.09 11.71 7.47 Vale
14.12 18.25 8.31 ValeantPharm VRX ... 4 16.57
20.39 84.00 60.35 ValeroEnergy VLO 3.4 18 82.25
VNTV ... 50 72.40
21.44 73.14 54.38 Vantiv
36.94 110.23 76.29 VarianMed VAR ... 40 108.87
VEDL 11.5 20 19.05
53.38 21.63 12.36 Vedanta
54.32 68.07 40.50 VeevaSystems VEEV ... 76 62.81
VTR 4.8 38 64.68
3.45 72.36 57.97 Ventas
VZ 5.0 12 47.01
-11.93 54.83 42.80 Verizon
24.39 21.20 13.65 VistraEnergy VST ... 0 19.28
VMW ... 39 124.22
57.78 126.33 76.81 VMware
-9.72 90.29 71.89 VornadoRealty VNO 3.2 18 76.15
7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06
-2.26 136.82 108.95 VulcanMatls VMC 0.8 43 122.32
WBC ... 26 145.79
37.34 156.08 96.10 WABCO
16.85 70.09 54.96 WEC Energy WEC 3.0 23 68.53
21.04 72.41 55.97 W.P.Carey WPC 5.6 47 71.52
WAB 0.7 28 73.15
-11.89 93.81 69.20 Wabtec
WMT 2.1 26 96.62
39.79 100.13 65.28 Wal-Mart
31.49 74.20 50.05 WasteConnections WCN 0.8 52 68.89
13.35 82.87 68.84 WasteMgt WM 2.1 26 80.38
WAT ... 29 195.95
45.81 200.71 133.35 Waters
WSO 3.0 31 164.48
11.05 167.94 134.08 Watsco
W ... dd 69.05
97.00 84.19 33.60 Wayfair
47.16 208.89 133.03 WellCareHealth WCG ... 25 201.73
-1.85 59.99 49.27 WellsFargo WFC 2.9 14 54.09
1.99 78.17 61.08 Welltower HCN 5.1 60 68.26
14.89 103.36 77.97 WestPharmSvcs WST 0.6 39 97.46
-0.34 57.50 49.20 WestarEnergy WR 2.8 24 56.16
12.24 57.04 44.64 WestAllianceBcp WAL ... 19 54.67
-14.64 47.82 35.56 WesternGasEquity WGP 5.9 22 36.15
-23.33 67.44 43.62 WesternGasPtrs WES 8.0 34 45.05
-9.53 22.70 18.39 WesternUnion WU 3.6 43 19.65
68.94 96.14 54.11 WestlakeChem WLK 0.9 21 94.59
2.81 27.05 22.17 WestpacBanking WBK 6.0 14 24.14
15.93 61.60 49.23 WestRock WRK 2.9 21 58.86
20.21 36.92 29.81 Weyerhaeuser WY 3.5 32 36.17
9.94 23.06 16.94 WheatonPrecMet WPM 1.7 46 21.24
WHR 2.6 16 167.82
-7.67 202.99 158.80 Whirlpool
WMB 4.3 49 28.07
-9.86 32.69 26.82 Williams
-6.18 42.32 33.12 WilliamsPartners WPZ 6.7 23 35.68
WIT 0.6 32 5.26
8.68 6.40 4.50 Wipro
39.12 53.50 30.77 WooriBank WF 2.9 8 44.52
42.82 110.88 71.87 Wyndham WYN 2.1 20 109.07
77.90 77.90 42.07 XPO Logistics XPO ... 64 76.78
24.59 52.22 38.22 XcelEnergy XEL 2.8 22 50.71
XRX 3.5 dd 28.49
-18.41 39.08 25.84 Xerox
s 36.69 67.99 46.67 Xylem
XYL 1.1 39 67.69
YPF 1.0 69 23.01
39.45 26.48 15.00 YPF
25.03 81.65 62.32 YumBrands YUM 1.5 24 79.18
55.90 43.55 25.53 YumChina YUMC ... 28 40.72
36.45 18.08 11.14 ZTO Express ZTO ... 37 16.47
8.31 36.79 29.30 ZayoGroup ZAYO ... 96 35.59
9.56 133.49 99.11 ZimmerBiomet ZBH 0.8 36 113.07
ZTS 0.6 40 71.29
33.18 72.14 48.55 Zoetis
-0.03
1.40
-0.33
-0.28
-0.01
-1.33
0.35
-1.67
-0.10
0.67
0.03
0.32
0.05
-0.25
-0.79
-0.53
...
0.05
...
-0.07
-0.21
0.06
0.58
0.50
-0.12
0.06
0.72
0.17
-0.08
-0.41
-0.18
0.02
0.02
-0.16
0.75
0.14
0.43
0.30
0.58
-0.17
0.11
-1.61
-0.15
-0.14
0.43
-0.02
0.43
0.50
1.33
1.16
-0.06
0.12
0.73
0.15
0.36
0.22
-0.23
0.76
0.17
0.17
-0.20
-1.05
-0.51
0.33
-0.01
0.05
-0.29
0.32
0.74
-0.03
0.29
6.66
-0.10
-0.18
0.05
-0.01
0.15
0.24
0.84
0.06
0.01
-0.28
0.11
-0.14
0.93
1.01
0.39
-0.26
-0.02
-0.63
-0.11
-0.08
0.18
1.29
-0.10
0.19
0.01
0.54
1.15
2.03
0.21
0.03
-0.10
1.04
0.08
-0.11
0.18
0.44
-0.09
-0.16
0.63
-0.60
-0.25
-0.53
1.60
0.26
0.04
0.07
0.21
0.35
0.12
-0.62
0.38
0.80
0.36
0.03
0.09
-1.12
0.12
-0.38
-0.07
-0.41
0.10
0.01
-0.09
0.07
-0.02
-0.01
1.18
0.32
0.49
-0.02
0.52
0.01
0.13
0.18
0.20
0.34
-0.16
-0.05
0.09
-0.54
-0.11
...
0.22
NASDAQ
11.64 22.34 17.30 AGNC Invt AGNC 10.7 5 20.24
-6.11 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.98
ANSS ... 48 151.91
64.24 155.14 91.89 Ansys
s 66.11 186.37 98.84 ASML
ASML 0.7 ... 186.37
ABMD ... 98 199.74
77.26 200.00 103.53 Abiomed
82.86 67.03 35.12 ActivisionBliz ATVI 0.5150 66.03
79.17 185.55 98.00 AdobeSystems ADBE ... 58 184.46
0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38
-16.33 71.64 44.65 AkamaiTech AKAM ... 34 55.79
-11.23 149.34 96.18 AlexionPharm ALXN ... 48 108.61
ALGN ... 77 254.76
165.02 258.88 88.56 AlignTech
ALKS ... dd 51.05
-8.15 63.40 46.42 Alkermes
254.83 147.63 35.98 AlnylamPharm ALNY ... dd 132.85
34.83 1048.39 737.02 Alphabet C GOOG ... 35 1040.61
33.32 1063.62 753.36 Alphabet A GOOGL ... 35 1056.52
AABA ... dd 72.93
88.60 73.25 38.24 Altaba
s 58.16 1186.84 736.70 Amazon.com AMZN ...301 1186.00
DOX 1.4 22 64.96
11.52 67.98 56.10 Amdocs
UHAL ... 21 354.06
-4.20 400.99 338.30 Amerco
4.01 54.48 39.21 AmerAirlines AAL 0.8 12 48.56
AMGN 2.7 15 170.12
16.35 191.10 138.83 Amgen
22.76 93.99 68.42 AnalogDevices ADI 2.0 43 89.15
AAPL 1.4 19 174.97
51.07 176.24 108.25 Apple
79.45 60.89 29.85 ApplMaterials AMAT 0.7 18 57.91
10.86 102.60 81.34 ArchCapital ACGL ... 31 95.66
TEAM ... dd 52.23
116.90 53.45 23.80 Atlassian
s 74.98 129.54 68.06 Autodesk
ADSK ... dd 129.50
ADP 2.3 28 110.02
7.04 121.77 94.11 ADP
BIDU ... 32 249.42
51.71 274.97 160.79 Baidu
-15.92 56.86 40.15 BankofOzarks OZRK 1.7 15 44.22
BIIB ... 19 308.97
18.29 348.84 244.28 Biogen
-0.16 100.51 79.50 BioMarinPharm BMRN ... dd 82.71
s 24.75 30.28 21.51 BlueBuffaloPet BUFF ... 34 29.99
s171.96 170.20 60.19 bluebirdbio BLUE ... dd 167.80
-18.16 75.00 52.75 BrighthouseFin BHF ... ... 57.29
s 59.74 282.99 160.62 Broadcom AVGO 1.4275 282.38
CA 3.1 19 32.63
2.71 36.54 30.01 CA
s 14.69 69.61 56.50 CDK Global CDK 0.9 33 68.46
CDW 1.3 25 66.37
27.41 71.53 50.49 CDW
8.75 81.35 63.41 CH Robinson CHRW 2.3 24 79.67
22.98 143.99 111.19 CME Group CME 1.9 32 141.86
CSX 1.6 26 50.90
41.66 55.48 34.44 CSX
s 80.81 45.64 24.15 CadenceDesign CDNS ... 49 45.60
57.65 13.60 7.05 CaesarsEnt CZR ... dd 13.40
CG 10.6 12 21.05
38.03 24.85 14.85 Carlyle
s 42.22 88.96 53.76 Cavium
CAVM ... dd 88.80
s 62.58 120.84 67.85 CboeGlobalMkts CBOE 0.9 65 120.13
CELG ... 25 104.50
-9.72 147.17 94.55 Celgene
5.27 22.11 14.10 CentennialRsc CDEV ...148 20.76
CERN ... 35 70.57
48.98 73.86 47.01 Cerner
14.26 408.83 265.78 CharterComms CHTR ...112 328.98
-0.18
0.10
1.43
3.37
0.88
0.89
1.56
0.01
0.10
1.01
0.38
0.90
0.52
4.65
4.60
0.33
29.84
0.32
-0.81
-0.10
0.16
0.50
0.01
0.23
0.06
0.49
1.73
-0.19
-0.23
-0.08
-0.83
-0.28
-0.07
0.60
-0.16
7.01
0.18
-0.73
0.07
0.43
-0.01
-0.11
0.60
0.25
-0.35
0.20
0.78
-0.66
-0.02
0.54
-5.29
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
23.16 119.20 80.78 CheckPoint CHKP ... 22 104.02
132.68 142.80 45.43 ChinaLodging HTHT ... 65 120.62
-4.28 81.98 68.24 CincinnatiFin CINF 2.8 24 72.51
CTAS 1.1 34 147.71
27.82 152.83 112.96 Cintas
20.75 36.97 29.12 CiscoSystems CSCO 3.2 19 36.49
21.28 87.99 67.23 CitrixSystems CTXS ... 29 86.25
CGNX 0.2 53 144.38
126.94 145.98 57.42 Cognex
28.98 76.51 51.52 CognizantTech CTSH 0.8 22 72.27
COHR ... 38 318.42
131.77 320.73 124.94 Coherent
3.90 42.18 34.01 Comcast A CMCSA 1.8 17 35.87
-1.99 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.66
-4.76 42.75 30.95 CommScope COMM ... 36 35.43
s 53.26 42.50 26.96 Copart
CPRT ... 33 42.46
s 64.57 314.73 179.22 CoStar
CSGP ... 94 310.19
COST 1.2 28 171.62
7.19 183.18 150.00 Costco
CTRP ... 83 47.64
19.10 60.65 39.71 Ctrip.com
51.97 17.42 10.51 CypressSemi CY 2.5 dd 17.39
-13.91 66.50 46.07 DISH Network DISH ... 24 49.87
16.94 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.51
9.14 114.93 82.77 DiamondbkEner FANG ... 27 110.30
-38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46
-26.24 30.80 19.25 DiscovComm B DISCB ... 11 21.50
-36.15 30.25 15.99 DiscovComm A DISCA ... 9 17.50
27.47 100.74 65.63 DollarTree DLTR ... 23 98.38
ETFC ... 21 44.87
29.49 45.70 32.25 E*TRADE
343.64 63.60 13.05 EXACT Sci EXAS ... dd 59.27
13.40 61.90 46.31 EastWestBncp EWBC 1.4 16 57.64
EBAY ... 5 35.84
20.71 39.27 27.28 eBay
SATS ... 48 59.61
16.00 62.50 49.82 EchoStar
40.97 153.13 98.42 ElbitSystems ESLT ... 26 143.63
37.05 122.79 73.74 ElectronicArts EA ... 28 107.94
EQIX 1.7155 474.07
32.64 495.35 327.37 Equinix
ERIC 1.7 dd 6.45
10.55 7.47 5.10 Ericsson
EXEL ... 53 25.85
73.37 32.50 14.22 Exelixis
EXPE 0.9 50 126.81
11.94 161.00 111.88 Expedia
13.07 62.63 51.57 ExpeditorsIntl EXPD 1.4 25 59.88
-11.06 77.50 55.80 ExpressScripts ESRX ... 10 61.18
-14.88 149.50 114.63 F5Networks FFIV ... 19 123.19
s 58.87 183.15 114.00 Facebook
FB ... 35 182.78
FAST 2.6 26 49.07
4.45 52.74 39.79 Fastenal
4.56 29.39 23.20 FifthThirdBncp FITB 2.3 11 28.20
FSLR ... dd 60.61
88.88 62.57 25.56 FirstSolar
FISV ... 30 128.13
20.56 130.20 102.60 Fiserv
s 32.85 19.11 13.98 Flex
FLEX ... 19 19.09
30.06 48.06 33.75 FlirSystems FLIR 1.3 30 47.07
s 39.14 42.08 28.50 Fortinet
FTNT ... 87 41.91
17.47 39.32 29.32 Gaming&Leisure GLPI 7.0 20 35.97
GRMN 3.3 17 61.79
27.43 62.61 47.03 Garmin
1.19 86.27 63.76 GileadSciences GILD 2.9 8 72.46
GT 1.8 8 30.67
-0.65 37.20 28.81 Goodyear
GRFS 1.8 ... 23.12
43.87 24.20 14.33 Grifols
111.37 58.61 23.23 GpoFinGalicia GGAL 0.0 16 56.90
-17.60 44.73 28.97 HD Supply HDS ... 11 35.03
HAS 2.4 20 94.65
21.67 116.20 77.20 Hasbro
-7.76 93.50 65.28 HenrySchein HSIC ... 20 69.97
HOLX ... 15 40.87
1.87 46.80 35.76 Hologic
JBHT 0.9 28 104.16
7.30 111.98 83.35 JBHunt
1.82 14.74 12.14 HuntingtonBcshs HBAN 3.3 16 13.46
109.49 137.86 64.50 IAC/InterActive IAC ... 34 135.73
IDXX ... 50 154.81
32.01 173.01 113.47 IdexxLab
23.61 48.53 34.20 IHSMarkit INFO ... 46 43.77
145.21 248.23 93.38 IPG Photonics IPGP ... 36 242.05
23.33 64.68 40.52 IRSA Prop IRCP 4.2 16 58.42
-10.24 64.46 47.06 IcahnEnterprises IEP 11.2 5 53.50
ICLR ... 23 117.06
55.66 124.48 73.76 Icon
s 67.81 216.08 119.37 Illumina
ILMN ... 41 214.86
INCY ... dd 98.78
-1.49 153.15 96.60 Incyte
INTC 2.4 16 44.75
23.38 47.30 33.23 Intel
52.31 56.01 33.01 InteractiveBrkrs IBKR 0.7 48 55.61
INTU 1.0 41 153.91
34.29 158.90 111.48 Intuit
88.35 400.00 203.57 IntuitiveSurgical ISRG ... 51 398.15
14.01 65.51 37.26 IonisPharma IONS ...372 54.53
JD ... dd 39.21
54.13 48.99 25.25 JD.com
29.05 115.34 84.28 JackHenry JKHY 1.1 36 114.57
27.21 163.75 99.28 JazzPharma JAZZ ... 23 138.70
JBLU ... 10 19.84
-11.51 24.13 18.05 JetBlue
s233.42 63.33 17.52 JunoTherap JUNO ... dd 62.85
33.50 110.00 74.66 KLA Tencor KLAC 2.2 16 105.04
-8.66 97.77 75.21 KraftHeinz KHC 3.1 25 79.76
s 24.14 38.49 27.85 LKQ
LKQ ... 24 38.05
105.08 219.70 97.79 LamResearch LRCX 0.9 20 216.83
12.57 79.09 62.45 LamarAdv LAMR 4.4 24 75.69
18.70 104.66 69.14 LibertyBroadbandC LBRDK ...517 87.92
19.42 104.35 67.37 LibertyBroadbandA LBRDA ...509 86.53
0.36 37.69 28.17 LibertyGlobal A LBTYA ... 35 30.70
-0.03 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.69
2.41 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.68
-1.41 28.11 19.65 LibertyLiLAC A LILA ... 24 21.65
24.22 26.00 17.24 LibertyQVC A QVCA ... 10 24.82
56.39 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.66
24.03 41.14 27.55 LibertyFormOne C FWONK ... ... 38.86
18.50 39.37 27.63 LibertyFormOne A FWONA ... ... 37.15
10.44 26.52 19.30 LibertyBraves A BATRA ... dd 22.63
10.15 26.20 18.57 LibertyBraves C BATRK ... dd 22.68
18.05 46.43 33.79 LibertySirius A LSXMA ... 25 40.75
20.14 46.24 33.14 LibertySirius C LSXMK ... 25 40.75
14.27 99.59 75.64 LincolnElectric LECO 1.8 21 87.61
43.80 40.82 23.59 LogitechIntl LOGI 1.8 28 35.62
LOGM 0.81082 119.05
23.30 129.51 90.35 LogMeIn
LULU ... 32 66.79
2.77 72.70 47.26 lululemon
77.69 110.60 53.51 MKS Instrum MKSI 0.7 19 105.55
28.28 211.06 145.10 MarketAxess MKTX 0.7 48 188.47
MAR 1.0 34 126.50
53.00 128.37 77.03 Marriott
71.59 24.22 13.59 MarvellTech MRVL 1.0 56 23.80
80.76 32.87 15.42 MatchGroup MTCH ... 21 30.91
MAT ... dd 18.51
-32.81 32.43 12.71 Mattel
39.62 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.85
66.67 26.76 14.88 MelcoResorts MLCO 1.4 42 26.50
73.81 297.95 148.98 MercadoLibre MELI 0.2 90 271.38
41.81 95.92 60.77 MicrochipTech MCHP 1.6 36 90.97
126.64 49.89 18.18 MicronTech MU ... 12 49.68
2.04 57.97 46.09 Microsemi MSCC ... 36 55.07
MSFT 2.0 28 83.26
33.99 86.20 58.80 Microsoft
MIDD ... 22 118.04
-8.36 150.87 107.53 Middleby
MOMO ... 25 32.14
74.86 46.69 16.73 Momo
MDLZ 2.1 29 42.15
-4.92 47.23 39.19 Mondelez
39.26 62.80 41.02 MonsterBev MNST ... 45 61.75
MYL ... 23 37.37
-2.04 45.87 29.39 Mylan
NXPI ... 25 114.65
16.98 118.20 96.00 NXP Semi
NDAQ 2.0 51 77.25
15.09 78.31 63.36 Nasdaq
44.00 46.33 29.44 NatlInstruments NATI 1.9 53 44.38
s328.61 52.67 11.41 NektarTherap NKTR ... dd 52.59
s 59.94 56.55 34.72 NetApp
NTAP 1.4 24 56.41
NTES 0.8 24 344.21
59.84 375.10 211.11 Netease
NFLX ...198 195.75
58.12 204.38 113.95 Netflix
83.93 75.98 37.34 Neurocrine NBIX ... dd 71.18
34.75 16.27 11.75 NewsCorp B NWS 1.3 dd 15.90
37.61 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.77
NDSN 0.9 26 128.63
14.80 131.49 103.76 Nordson
5.85 99.30 80.49 NorthernTrust NTRS 1.8 21 94.26
30.50 61.48 38.66 NorwegCruise NCLH ... 17 55.50
NVDA 0.3 54 216.96
103.26 218.67 84.77 NVIDIA
-22.32 286.57 169.43 OReillyAuto ORLY ... 18 216.26
s 43.44 124.56 80.56 OldDomFreight ODFL 0.3 30 123.06
ON ... 24 21.53
68.73 22.15 10.85 ON Semi
OTEX 1.6 58 33.02
6.84 35.45 29.57 OpenText
PTC ...1315 65.77
42.14 67.12 45.57 PTC
PCAR 1.5 17 66.94
4.76 75.68 58.78 Paccar
-17.43 57.53 43.08 PacWestBancorp PACW 4.4 15 44.95
PAYX 3.1 28 64.69
6.26 66.31 54.20 Paychex
s 99.06 78.90 38.06 PayPal
PYPL ... 61 78.57
-6.40 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.12
86.62 35.78 17.34 PilgrimPride PPC ... 14 35.44
PCLN ... 25 1758.42
19.94 2067.99 1459.49 Priceline
QGEN ... 82 32.20
10.66 36.34 27.51 Qiagen
QRVO ... dd 80.62
52.89 81.20 49.53 Qorvo
5.69 70.24 48.92 Qualcomm QCOM 3.3 26 68.91
26.63 108.29 67.54 RandgoldRscs GOLD 1.0 33 96.67
4.84 543.55 340.09 RegenPharm REGN ... 35 384.85
8.72 73.94 52.85 RossStores ROST 0.9 23 71.32
37.03 94.39 60.21 RoyalGold RGLD 1.2 56 86.81
RYAAY ... 18 121.52
45.95 122.67 78.34 Ryanair
s 59.53 171.29 102.29 SBA Comm SBAC ...202 169.72
38.74 68.99 46.20 SEI Investments SEIC 0.8 30 68.48
SINA ... 36 109.22
94.70 119.20 55.79 Sina
42.94 42.48 28.43 SS&C Tech SSNC 0.7 39 40.88
SIVB ... 24 213.10
24.14 223.82 152.06 SVB Fin
12.61 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.37
STX 6.3 15 40.29
5.55 50.96 30.60 Seagate
11.69 71.87 45.31 SeattleGenetics SGEN ... dd 58.94
SHPG 0.2 29 147.86
-13.22 192.15 137.17 Shire
-13.74 164.23 116.68 SignatureBank SBNY ... 18 129.57
SIRI 0.8 30 5.44
22.25 5.89 4.22 SiriusXM
SWKS 1.2 20 109.75
47.00 117.65 71.65 Skyworks
SPLK ... dd 84.10
64.42 84.88 50.64 Splunk
2.31 64.87 52.58 Starbucks SBUX 2.1 29 56.80
5.37 40.17 32.15 SteelDynamics STLD 1.7 17 37.49
19.55 34.20 23.34 Symantec SYMC 1.1 dd 28.56
s 53.16 90.33 56.03 Synopsys
SNPS ... 43 90.15
12.66 51.22 36.12 TD Ameritrade AMTD 1.7 30 49.12
7.25 68.88 53.78 T-MobileUS TMUS ... 24 61.68
s 30.06 98.31 65.33 TRowePrice TROW 2.3 16 97.88
139.16 120.62 46.27 TakeTwoSoftware TTWO ...108 117.88
TSLA ... dd 315.55
47.67 389.61 180.00 Tesla
36.08 99.65 69.92 TexasInstruments TXN 2.5 23 99.30
-15.20 78.25 49.87 TractorSupply TSCO 1.7 19 64.29
TRMB ... 55 42.11
39.67 43.97 27.61 Trimble
8.67 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 30.47
9.28 31.94 24.30 21stCenturyFoxB FOX 1.2 18 29.78
-17.48 314.86 187.96 UltaBeauty ULTA ... 28 210.37
8.77 233.42 180.29 UltSoftware ULTI ...204 198.34
s239.17 192.75 52.10 UnivDisplay OLED 0.1 94 190.95
VEON 2.7 5 4.12
7.01 4.50 3.26 VEON
s 54.12 117.50 75.71 VeriSign
VRSN ... 32 117.24
15.66 94.26 75.60 VeriskAnalytics VRSK ... 35 93.88
98.93 167.85 71.46 VertxPharm VRTX ...188 146.55
VIA 2.4 7 32.70
-15.06 49.00 28.20 Viacom A
VIAB 3.0 6 26.29
-25.10 46.72 22.13 Viacom B
VOD 3.7 dd 30.59
25.21 31.03 24.17 Vodafone
WPPGY 3.6 10 83.62
-24.44 119.12 82.44 WPP
-15.08 88.00 63.82 WalgreensBoots WBA 2.3 19 70.28
WB ...100 117.49
189.38 123.00 40.12 Weibo
36.54 95.77 60.66 WesternDigital WDC 2.2 19 92.78
30.45 165.00 119.70 WillisTowers WLTW 1.3 47 159.52
s 75.73 116.62 65.79 Workday
WDAY ... ... 116.14
s 84.28 159.99 85.57 WynnResorts WYNN 1.3 44 159.42
XLNX 1.9 31 72.88
20.72 75.14 52.54 Xilinx
YY ... 21 120.03
204.49 123.48 37.81 YY
s 73.87 35.32 18.28 Yandex
YNDX ... 86 35.00
27.25 117.44 75.70 ZebraTech ZBRA ...193 109.13
ZG ... dd 42.19
15.75 50.91 32.63 Zillow A
Z
15.25 51.23 32.56 Zillow C
... dd 42.03
7.69 48.33 38.23 ZionsBancorp ZION 1.4 17 46.35
0.40
-2.60
-0.15
0.35
0.04
-0.43
1.23
0.56
3.59
-0.54
-0.20
-0.13
1.45
1.39
-0.86
-0.39
0.21
-0.56
-0.08
1.05
-0.26
-2.00
-0.29
-1.39
0.13
0.10
-0.37
-0.10
0.01
1.24
0.62
1.70
0.06
-0.28
-0.17
0.06
-0.94
1.17
1.91
0.32
-0.22
0.10
0.42
0.30
0.23
0.14
-0.06
0.26
-0.36
-0.02
0.08
-0.15
-0.17
-0.38
0.02
-0.01
0.15
-0.08
4.80
0.75
0.34
2.57
-0.03
-0.13
-1.29
-0.49
-0.22
0.10
0.35
2.28
1.56
0.19
-0.58
0.35
0.66
-0.06
2.52
0.57
-0.06
-0.09
1.66
0.13
-1.13
-0.85
0.06
0.06
-0.04
0.09
-0.12
-0.23
-0.17
-0.08
-0.16
-0.08
-0.08
...
-0.09
-0.31
-0.15
-0.01
1.08
0.49
0.11
-0.03
0.95
-0.30
0.33
-0.07
5.49
0.57
0.54
0.43
0.15
-0.11
0.03
-0.18
0.48
0.09
-0.50
0.08
-0.01
2.84
0.36
-3.49
-0.57
-0.63
...
...
0.51
-0.13
0.19
2.03
-2.39
-0.20
0.16
...
0.67
-0.93
-0.17
0.01
1.00
-0.08
0.13
-0.77
0.33
1.01
0.78
0.26
-2.69
-0.98
-0.43
1.47
2.74
-0.07
-2.83
0.38
-0.98
-0.44
-0.04
-0.19
-1.92
-0.96
...
1.21
0.57
-0.34
-0.23
0.13
0.81
0.13
0.33
0.16
-0.06
2.95
1.22
-0.43
0.16
-0.14
-0.16
-1.93
1.36
1.35
0.07
1.47
0.06
-0.49
-0.20
-0.39
0.19
-0.85
-1.05
0.04
-0.13
0.73
0.99
0.73
0.64
-1.59
1.10
0.57
0.42
0.33
...
NYSE AMER
15.76
-0.76
16.18
-10.36
51.51
33.47
27.45
36.85
38.75 CheniereEnergy LNG ... dd
26.41 CheniereEnerPtrs CQP 6.2 dd
20.16 CheniereEnHldgs CQH 6.9325
27.59 ImperialOil IMO 1.6 17
47.96
28.60
25.99
31.16
0.07
0.70
0.06
-0.07
THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | B7
NY
* * * *
COMMODITIES
Futures Contracts
Open
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.1260
3.1735
3.1250
3.1660 0.0315
March'18 3.1590 3.1985
3.1465
3.1915 0.0325
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
...
...
... 1286.70 –4.90
Dec
1291.90 1293.30
1285.10 1287.30 –4.90
Feb'18
1296.10 1297.60
1289.50 1291.80 –5.00
April
1300.60 1301.80
1293.90 1296.10 –5.00
June
1303.00 1305.40
1299.00 1300.50 –5.00
Dec
1316.20 1318.30
1313.80 1313.90 –5.00
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
1001.50 1009.70
992.00
993.70 –8.25
March'18 999.85 1008.00
991.45
992.75 –7.30
June
993.85
993.85
986.50
986.25 –6.40
Platinum (NYM)-50 troy oz.; $ per troy oz.
Nov
928.20
928.20
926.40
942.30
4.70
Jan'18
941.10
945.70
935.10
945.30
4.60
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Nov
16.990
16.990
16.990
16.981 –0.120
March'18 17.240 17.240
17.035
17.093 –0.123
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Jan
58.05
59.05 s
57.75
58.95
0.93
Feb
58.01
58.99 s
57.74
58.91
0.89
Open
interest
Contract
High hilo
Low
Settle
57.93
57.75
57.22
55.08
58.81 s
58.50 s
57.87
55.75
57.65
57.50
56.92
54.89
58.73
58.48
57.81
55.71
Dec
Jan'18
1.9365
1.9433
1.9560
1.9589 s
1.9261
1.9285
1.9529
1.9555
.0203 41,950
.0198 135,116
Dec
Jan'18
1.7635
1.7615
1.7948
1.7875
1.7615
1.7555
1.7880
1.7809
.0201 50,187
.0190 175,674
Dec
Jan'18
Feb
March
April
May
2.961
3.056
3.054
3.025
2.905
2.900
2.986
3.081
3.085
3.053
2.918
2.909
2.797
2.903
2.917
2.894
2.808
2.807
2.813
2.916
2.929
2.907
2.817
2.817
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
12
164,753
288,583
26,160
25,060
12,530
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
8,880
24,905
502
Open
interest
March
April
June
Dec
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
273
140,584
Chg
t
t
t
t
0.79
0.70
0.57
0.55
–.155
–.143
–.135
–.127
–.093
–.085
292,651
132,632
237,345
262,245
26,517
359,380
125,079
192,002
132,019
104,295
Agriculture Futures
4
68,384
Corn (CBT)-5,000 bu.; cents per bu.
344.25
345.75
Dec
March'18 356.00 357.75
Oats (CBT)-5,000 bu.; cents per bu.
250.50
251.75
Dec
March'18 267.00 267.75
1
111,965
577,680
198,673
339.75
352.50
342.25
355.00
–3.00 324,101
–2.00 739,814
247.75
264.00
249.25
266.75
–1.50
.25
1,643
5,231
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Friday, November 24, 2017
Closing Chg YTD
Symbol Price (%) (%)
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
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
10.16
94.63
54.77
67.88
26.22
97.99
81.77
71.41
109.63
104.87
122.85
65.94
57.47
63.16
262.09
185.62
76.11
59.70
109.53
95.57
72.57
51.96
12.38
121.19
87.87
115.82
106.78
71.35
40.73
70.34
63.69
–0.29 –19.4
0.25 16.3
5.9
–0.07
0.28 –9.9
–0.04 12.8
0.05 13.1
0.23 18.6
... 14.8
1.3
–0.02
0.03 –0.1
0.3
–0.07
0.70 23.0
–0.28 35.4
0.49 25.1
0.21 16.5
0.04 12.3
0.07 10.7
0.17 16.4
1.4
–0.02
7.9
–0.04
0.53 18.5
0.23 14.9
–0.32 11.7
3.4
–0.12
1.5
0.07
5.1
–0.03
0.4
–0.06
0.28 20.6
–0.32 22.2
0.82 21.8
0.39 27.8
ETF
Closing Chg YTD
Symbol Price (%) (%)
ETF
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
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
47.71
43.83
60.05
312.63
110.15
132.80
145.02
119.89
184.63
150.95
124.78
154.55
203.71
86.69
213.23
150.93
109.63
38.64
114.14
84.10
106.28
126.80
118.83
101.76
156.26
47.22
23.02
36.99
122.32
34.51
63.02
62.28
235.47
–0.21
1.43
0.82
0.04
–0.17
0.36
0.22
0.03
0.30
0.04
–0.21
0.23
0.11
...
0.15
0.37
0.05
0.08
–0.12
...
–0.08
–0.28
0.26
–0.03
0.37
0.17
–0.04
0.08
–0.25
0.73
0.16
0.26
0.13
36.3
26.7
22.9
17.8
1.8
26.6
16.5
7.0
19.9
11.9
4.9
16.2
13.9
7.8
17.0
23.9
8.1
3.8
0.9
–0.4
1.4
6.4
22.0
0.4
31.9
13.6
–1.5
1.5
11.6
24.7
16.3
16.9
19.2
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
Closing Chg YTD
Symbol Price (%) (%)
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
338.34
260.36
93.54
64.50
55.88
22.83
167.77
129.69
160.06
98.25
44.72
45.60
58.70
54.56
139.54
152.52
83.02
84.36
87.78
119.63
151.58
107.70
84.95
239.12
79.45
79.67
145.62
81.86
55.08
56.69
134.11
73.25
102.13
64.73
58.17
31.89
0.04
0.23
–0.05
0.56
0.16
–0.39
0.58
–0.12
0.33
0.12
0.63
–0.37
0.91
0.48
0.40
0.25
0.13
–0.04
0.01
0.23
0.17
0.13
0.13
0.21
–0.01
–0.10
0.12
–0.02
–0.09
0.53
0.23
0.37
0.09
0.54
1.09
0.57
12.1
16.5
9.3
33.4
15.1
9.1
38.1
7.2
20.2
15.3
22.4
27.4
22.4
23.5
25.2
20.3
9.6
1.6
2.4
16.9
15.2
10.8
2.9
16.5
...
0.4
12.9
1.3
1.5
23.6
16.3
20.1
9.8
12.8
17.4
13.6
Open
WSJ.com/commodities
Contract
High hilo
Low
Soybeans (CBT)-5,000 bu.; cents per bu.
Settle
Chg
Open
interest
993.25
1004.75
–4.00 312,715
–3.75 154,663
Dec
Jan'18
323.60
325.90
327.00
329.30
323.10
325.30
323.80
325.90
–.60 45,891
–.80 128,835
Dec
Jan'18
34.06
34.22
34.08
34.22
33.68
33.83
33.94
34.08
–.11 67,363
–.12 143,324
Jan
March
1239.00
1261.50
1245.00
1273.00
1216.00
1261.50
1242.00
1271.50
Dec
March'18
422.00
440.25
422.25
440.50
412.50
431.00
415.75
434.75
Dec
March'18
420.25
437.75
t
t
Wheat (KC)-5,000 bu.; cents per bu.
…
…
t 411.00
414.50
t 428.50
432.00
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
626.75
626.75
618.00
623.50
March'18 640.75 640.75
633.50
638.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov
157.775 157.925
157.575 157.775
Jan'18
152.550 153.575
151.750 153.300
Cattle-Live (CME)-40,000 lbs.; cents per lb.
118.950 119.175
118.450 118.575
Dec
Feb'18
125.200 125.400
124.350 124.575
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
63.200
63.675
63.125
63.250
Feb'18
69.400
70.150
69.325
69.400
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan
425.60
426.10
418.10
420.70
March
415.50
415.50
407.80
410.60
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.80
16.82
16.78
16.80
Dec
15.38
15.55
15.31
15.42
Cocoa (ICE-US)-10 metric tons; $ per ton.
2,119
2,119
2,119
2,109
Dec
March'18
2,111
2,121
2,083
2,107
Coffee (ICE-US)-37,500 lbs.; cents per lb.
124.00
126.60
124.00
124.80
Dec
March'18 127.00 130.40
126.95
127.55
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
15.28
15.49
15.22
15.45
May
15.19
15.39
15.17
15.36
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March
27.38
27.38
27.38
27.38
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec
70.80
72.34
70.60
72.23
March'18
71.14
72.08
71.07
71.93
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan
165.75
167.50
164.25
165.90
March
163.00
165.00
163.00
163.95
421.25
438.75
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Japanese Yen (CME)-¥12,500,000; $ per 100¥
991.00
1002.25
Wheat (CBT)-5,000 bu.; cents per bu.
Open
interest
Chg
–6.50 38,171
–6.50 179,060
999.75
1011.00
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Settle
–7.00 93,682
–6.00 261,252
995.00
1006.25
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Contract
High hilo
Low
Dec
107-157 107-160
107-145 107-145
–1.2 1,300,417
March'18 107-100 107-100
107-085 107-085
–1.5 626,467
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Nov
98.845
98.845
98.843
98.843
… 205,928
Jan'18
98.610
98.610
t 98.605
98.610
… 338,342
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
101.281 101.281
101.031 101.094 –.141 28,075
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
98.5225 98.5225
98.5100 98.5275 .0075
2,764
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
98.4500 98.4550
98.4500 98.4500
… 1,659,144
March'18 98.2900 98.2900
98.2750 98.2800 –.0050 1,509,434
June
98.1450 98.1500
98.1300 98.1300 –.0150 1,301,076
Dec
97.9950 97.9950
97.9700 97.9750 –.0250 1,673,692
Jan
March
Soybean Meal (CBT)-100 tons; $ per ton.
Open
8,447
1,969
–3.25
–2.75
19,022
36,546
…
.575
2,642
25,991
Currency Futures
34,625
93,394
–6.80
–6.50
5,327
982
…
…
4,271
4,427
.9001
.9049
.9013
.9058
.8968
.9016
.8970 –.0034 249,089
.9017 –.0035
5,028
Dec
March'18
.7872
.7880
.7893
.7900
.7846
.7858
.7868 –.0005 137,837
.7877 –.0006
3,772
Dec
March'18
1.3330
1.3368
1.3368
1.3409
1.3285
1.3330
1.3339
1.3382
.0009 172,132
.0009
4,072
Dec
March'18
1.0202
1.0274
1.0233
1.0305
1.0189
1.0263
1.0222
1.0295
.0020
.0019
.7614
.7611
.7610
.7609
.7602
.7637
.7634
.7633
.7633
.7616
.7602
.7604
.7603
.7600
.7602
.7612
.7611
.7610
.7608
.7607
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
–.475 43,392
–.900 155,777
.425
.300
Dec
March'18
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
.25
2,308
.55 120,649
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
.17 383,765
.15 131,671
Dec
March'18
8,242
1,712
Interest Rate Futures
Dec
154-200 154-240
153-290 154-080
–8.0
March'18 153-120 153-200
152-260 153-040
–8.0
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
125-030 125-045
124-285 124-310
–4.5
March'18 124-275 124-280
124-205 124-230
–4.5
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
116-315 116-315
116-275 116-287
–2.7
March'18 116-250 116-250
116-210 116-222
–3.0
23569 s
21563
23432
23431
23517
23512
32 149,022
31
2,769
Dec
2594.50 2602.50 s
2589.50 2601.00
March'18 2603.50 2603.70 s 2603.50 2602.10
Mini S&P 500 (CME)-$50 x index
Dec
2593.25 2603.00 s
2589.50 2601.00
March'18 2595.25 2604.00 s 2590.75 2602.00
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1856.40 1864.40 s
1852.00 1857.60
Mini Nasdaq 100 (CME)-$20 x index
Dec
6388.3
6416.0 s
6375.8
6413.5
March'18 6404.5 6432.0 s
6393.0
6430.0
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1519.80 1524.40
1516.10 1518.80
March'18 1515.00 1515.00
1515.00 1519.80
Mini Russell 1000 (ICE-US)-$100 x index
Dec
...
...
... 1443.20
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
93.11
93.18
92.61
92.71
March'18
92.78
92.86
92.31
92.40
1.49
674
.79 159,855
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
23485
23488
S&P 500 Index (CME)-$250 x index
2,812
–.85
–.85
… 130,701
…
740
…
435
…
1,642
…
258
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec
.05341
.05378
.05329
.05370 .00020 173,440
March'18 .05256 .05296
.05249
.05289 .00020
851
Euro (CME)-€125,000; $ per €
Dec
1.1834
1.1959
1.1828
1.1942 .0102 455,863
March'18 1.1902 1.2027
1.1898
1.2012 .0102
7,842
–10
407
–17 135,425
…
80,653
347
614,101
234,074
2,666,918
936,517
2,468,843
1,088,974
6.40
6.40
68,915
5,222
6.50 3,196,045
6.25 113,478
.30
94,024
24.0 292,729
23.8
2,665
2.30
1.80
68,650
114
7.50
322
–.43
–.42
37,979
3,236
Source: SIX Financial Information
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B8 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
NEW HIGHS AND LOWS
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
Friday, November 24, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
KoreaFund
52-Wk %
Sym Hi/Lo Chg Stock
44.64
29.45
45.30
54.65
LW
17.49
LGI
LEN.B 50.90
61.35
LEN
90.52
LSI
LXFR 14.50
36.26
MHO
MSCI 129.11
MVCD 25.65
MANU 21.50
31.80
MMI
153.00
MA
51.95
MTH
18.00
MTR
KORS 57.10
MODN 16.50
47.20
MC
17.77
MNR
MCO 150.73
18.50
ICB
4.50
NQ
25.79
DCM
NVR 3434.99
NNNpF 25.48
26.70
NSA
NSApA 26.30
19.52
GF
NEWR 59.20
18.00
NRZ
NOAH 48.30
NOMD 15.65
45.75
NTL
14.70
NRE
52.32
NVO
16.14
JCE
18.03
DIAX
18.65
OMP
1.44
OBE
27.50
OPY
88.36
OC
PAYC 85.87
33.16
BTU
38.28
PEB
153.85
PX
PUMP 18.43
PRLB 93.15
PSApF 25.44
33.25
PHM
PSTG 18.61
RENX 23.24
RELX 23.92
31.79
RYN
RGA 159.30
REXRpB 25.03
REXR 31.71
67.73
SJW
44.55
SBR
16.00
SAIL
48.03
SNE
49.56
SQ
STTpG 28.41
SPLPpT 21.32
25.33
SFB
93.92
SUI
19.50
TSU
18.17
TPH
43.02
TSM
35.25
TEO
48.76
TOL
74.72
TSS
26.28
TY
TWTR 22.48
80.61
TSN
35.83
USG
155.45
URI
KF
KRO
NYSE highs - 166 KronosWorldwide
LINE
LN
AG Mortgage PfdB MITTpB 25.59
25.83
AT&T Nts 2066 TBB
AXIS CapPfdE AXSpE 25.79
12.65
AberdeenSingapore SGF
7.52
AdvSemiEngg ASX
AlabamaPwrPfdA ALPpQ 27.05
11.34
AlgonquinPwr AQN
21.29
AllianzGIEqtyConv NIE
AlonUSAPartners ALDW 15.79
15.36
ArmadaHoffler AHH
57.25
ArmstrongWorld AWI
71.03
AshlandGlobal ASH
14.83
AsiaPacificFund APB
AxaltaCoating AXTA 36.30
BB&T Pfd H
BBTpH 27.09
48.64
BCE
BCE
BankofAmPfdI BACpI 26.80
BankofAmPfdL BACpL1327.51
27.30
BlkRkSci&Tech BST
BlackstoneMtg BXMT 32.95
23.93
Box
BOX
54.17
CGI Group
GIB
29.50
CabotOil
COG
54.59
CalAtlantic
CAA
CanadaGoose GOOS 27.77
CapitalOnePfdH COFpH 27.15
107.65
Carters
CRI
13.41
CatchMarkTimber CTT
30.60
CenturyComm CCS
31.73
ChinaEastrnAir CEA
50.64
ChinaSoAirlines ZNH
25.60
ChinaYuchai
CYD
77.95
ChoiceHotels CHH
16.74
CreditSuisse
CS
DTE EnergyDeb77 DTW 25.24
53.61
DaqoNewEnergy DQ
147.91
Deere
DE
32.17
DelekUS
DK
DelphiTechsWi DLPHw 53.40
Diageo
DEO 140.63
13.38
Dividend&IncomeFd DNI
63.34
DolbyLab
DLB
41.19
DouglasEmmett DEI
EPAM Systems EPAM 106.88
53.30
EatonVance
EV
46.11
EmpresaDisCom EDN
25.10
EntergyLA Bds66 ELC
8.95
Euronav
EURN
EvoquaWater AQUA 22.08
FactSet
FDS 199.03
FirstRepBkPfdH FRCpH 25.68
66.75
FirstCash
FCFS
FourCornersProp FCPT 26.75
8.95
GAIN Capital GCAP
GeorgiaPwrNt77 GPJA 25.40
GoDaddy
GDDY 51.29
GoldmanSachsPfN GSpN 28.28
34.46
GreatPlainsEner GXP
GrubHub
GRUB 69.05
GpoSupervielle SUPV 28.12
21.65
GuggStratOpps GOF
173.10
HomeDepot
HD
Honeywell
HON 150.43
50.06
DR Horton
DHI
44.49
HoulihanLokey HLI
71.45
HyattHotels
H
30.85
IRSA
IRS
IllinoisToolWks ITW 160.47
Ingredion
INGR 135.98
36.60
Instructure
INST
58.24
InterContinentl IHG
InterXion
INXN 58.26
18.23
InvescoMtg
IVR
40.25
JELD-WEN
JELD
15.25
JaggedPeakEner JAG
29.33
KB Home
KBH
0.1
...
0.5
0.3
12.0
0.4
0.3
0.9
-0.4
0.3
1.2
0.9
0.7
2.0
0.1
0.1
-0.2
0.2
0.6
-0.5
1.3
0.4
-0.6
0.8
1.5
0.1
0.4
0.7
1.5
0.6
1.5
1.6
0.3
0.9
0.4
7.9
0.2
-1.8
0.2
1.6
-0.1
0.6
0.6
0.9
-0.7
2.7
-0.1
1.7
1.1
0.6
-0.3
0.6
-0.2
14.1
0.5
1.2
0.3
0.3
1.3
1.7
0.2
0.2
0.4
0.8
0.7
0.6
-2.3
0.1
0.3
3.6
0.6
0.9
-0.8
4.2
1.1
0.7
LambWeston
LazardGlblFd
Lennar B
Lennar A
LifeStorage
Luxfer
MI Homes
MSCI
MVC CapNts22
ManchesterUnited
Marcus&Millichap
Mastercard
MeritageHomes
MesaRoyalty
MichaelKors
ModelN
Moelis
MonmouthRealEst
Moody's
MS InSec
NQ Mobile
NTTDoCoMo
NVR
NatlRetailPropPfdF
NatlStorage
NatlStoragePfdA
NewGermanyFund
NewRelic
NewResidInvt
NoahHoldings
NomadFoods
NortelInversora
NorthstarRltyEur
NovoNordisk
NuvCoreEqAlpha
NuvDow30Dyn
OasisMidstream
ObsidianEnergy
Oppenheimer A
OwensCorning
PaycomSoftware
PeabodyEnergy
PebblebrookHotel
Praxair
ProPetro
ProtoLabs
PublicStoragePfdF
PulteGroup
PureStorage
RELX
RELX
Rayonier
ReinsGrp
RexfordIndPfdB
RexfordIndlRealty
SJW Group
SabineRoyalty
SailPointTechs
Sony
Square
StateStreetPfdG
SteelPtrsPfdA
StifelFinNts47
SunComms
TIM Part
TRI Pointe
TaiwanSemi
TelecomArgentina
Toll Bros
TotalSystem
Tri-Continental
Twitter
TysonFoods
USG
UnitedRentals
...
1.5
2.4
0.4
-0.1
1.2
0.7
1.5
1.4
0.7
1.1
0.4
1.7
2.9
1.0
0.8
3.4
...
2.8
-0.1
0.3
0.6
0.4
-0.5
0.4
-0.5
...
0.3
0.9
1.0
2.8
-0.6
2.2
1.1
0.5
...
0.8
0.3
0.2
1.4
-0.7
3.2
0.4
1.0
1.8
0.8
0.8
3.3
0.2
0.3
0.9
1.0
0.7
0.6
0.6
4.1
...
1.7
-0.1
3.5
4.6
1.4
0.1
1.0
-0.1
0.7
0.8
2.3
0.7
1.4
-0.1
0.7
1.0
0.4
0.7
1.1
0.4
-0.1
52-Wk %
Sym Hi/Lo Chg
VF
VFC
Valhi
VHI
ValmontInds
VMI
VectorGroup
VGR
Verso
VRS
WellsFargoPfdV WFCpV
WellsFargoPfdW WFCpW
WellsFargoPfdA WFCpX
WildHorseResource WRD
Winnebago
WGO
WW Ent
WWE
Xylem
XYL
74.06
5.97
166.55
22.49
11.30
26.81
26.55
26.11
16.97
51.75
28.36
67.99
0.7
1.2
0.7
0.8
4.5
...
0.4
0.4
2.6
0.9
2.0
0.5
NYSE lows - 21
AdvantageOil AAV
AnadarkoPeteUn AEUA
BellatrixExplor BXE
BylineBancorp BY
CenturyLink
CTL
ChinaOnlineEduc COE
Doubleline Oppor DBL
EtnVncFRIncmPlus EFF
GrupoTelevisa TV
HamiltonBeach HBB
HugotonRoyalty HGT
JianpuTech
JT
JustEnergy
JE
NationalGrid
NGG
PPDAI
PPDF
PlainsAllAmPipe PAA
Qudian
QD
RYBEducation RYB
Sea
SE
SeaWorldEnt SEAS
WideOpenWest WOW
4.85 -2.0
33.15 -0.9
1.95 -1.5
19.02 -2.5
13.68 0.3
10.84 -1.3
22.14 -0.4
16.10 -0.5
18.37 -1.0
27.09 -7.4
1.50 -5.8
4.86 -14.8
4.35 -1.8
58.42 -0.4
7.83 15.5
18.60 -3.3
12.03 -24.3
15.56 -38.4
12.88 -3.8
10.42 1.8
9.59 -2.3
NYSE Arca highs - 233
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
AdvShNewTech FNG
Barrons400ETF BFOR
BuzzUSSentLdrs BUZ
CSOPMSCIChinaAInt CNHX
CambriaGlbMomentum GMOM
ClearSharesOCIO OCIO
ColumbiaIndiaCnsmr INCO
CnsmrDiscSelSector XLY
CS FI LC Grwth FLGE
DeltaShS&PIntMgd DMRI
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexDevMktBl3 DZK
DirexHmbldrBull3 NAIL
DirexMcBull3 MIDU
DirexS&P500Bl3 SPXL
DirexS&P500Bull2X SPUU
DirexS&P500Bl1.25 LLSP
DirexKRBull3 KORU
DirexTechBull3 TECL
Direx iBillionaire IBLN
DirexNasd100EW QQQE
ETFMG VideoGame GAMR
ETRACSMnthly2xLev SPLX
EcoLogicalStrat HECO
FIEnhEurope50ETN FIEE
FidelityHiDiv
FDVV
FidelityMSCICnDisc FDIS
FidelityMSCIIT FTEC
FidelityMomFactor FDMO
FidelityQualFactor FQAL
FT ConsDscAlpDx FXD
FT DJ Internet FDN
FTHorizonMgdVolDev HDMV
FT IndlsAlpDx FXR
FT TechAlphaDEX FXL
FlexGlbQualRealEst GQRE
FlexShMDevMktxUS TLTD
37.03
45.87
24.06
40.95
32.28
30.10
26.95
26.43
47.31
94.67
220.53
52.96
31.09
42.72
81.61
84.79
44.92
42.33
47.30
34.91
66.96
115.32
32.08
42.97
48.10
51.19
43.06
176.48
27.96
37.47
50.96
31.19
30.98
40.07
111.02
33.89
38.40
53.62
63.40
68.85
0.5
1.1
3.0
-0.2
0.4
0.9
0.1
0.3
0.4
0.3
0.7
0.8
0.2
0.1
2.3
1.8
...
0.6
0.3
0.2
0.2
1.5
0.1
...
-0.2
-0.2
0.5
2.9
-0.1
0.1
0.5
0.3
0.2
0.1
0.9
0.8
-0.1
0.7
0.4
0.7
Stock
52-Wk %
Sym Hi/Lo Chg Stock
FlexShEM FactTilt TLTE
FlexShQualDivDef QDEF
FlexShQualityDiv QDF
FrankFTSECanada FLCA
FrankFTSEFrance FLFR
FrankFTSEGermany FLGR
FrankFTSE HK FLHK
FrankFTSEItaly FLIY
FrankFTSE SKorea FLKR
FrankFTSE UK FLGB
FranklinGlbEquity FLQG
GlbX FTSE SE Asia ASEA
GlbXSciBetaUS SCIU
GSActiveBetaIntlEq GSIE
GSActiveBetaJapan GSJY
GSActiveBetaUSLC GSLC
GuggBRIC
EEB
GuggS&P500EW RSP
GuggInsider
NFO
GuggMC Core CZA
GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
GuggSolar
TAN
HartfordMultiDvxUS RODM
IQ50%HdgFTSEJapan HFXJ
IQGlobalResources GRES
IQRealReturn CPI
iShAggrAllocation AOA
iShGrwthAllocation AOR
iShMSCIIntlDev IDEV
iShCoreMSCIPacific IPAC
iShModAllocation AOM
iShCoreS&P500 IVV
iShS&PTotlUSStkMkt ITOT
iShCurrHdgMSCICda HEWC
iShUSConsumerSvcs IYC
iShU.S.Technology IYW
iShEdgeMSCIIntlMom IMTM
iShEdgeMSCIIntQual IQLT
iShEdgeMSCIIntVal IVLU
iShEdgeMSCIMlIntSC ISCF
iShGlobal100 IOO
iShACWILowCarbon CRBN
iShMSCI EAFE EFA
iShMSCIEmgMktSC EEMS
iShMSCIFranceETF EWQ
iShMSCIFrontier100 FM
iShMSCIHongKong EWH
iShMSCIJapanSC SCJ
iShMSCIKokusaiETF TOK
iShMSCIPacificxJp EPP
iShMSCISingapore EWS
iShMSCISouthKorea EWY
iShMSCITaiwanCap EWT
iShMSCIUSAESGSelct SUSA
iShMSCIUSAEqWeight EUSA
iShMSCIWorldETF URTH
iShMornLCGrowth JKE
iShMorningstarMC JKG
iShMornMCGrowth JKH
iShMornSCGrowth JKK
iShRussell1000Gwth IWF
iShRussell1000 IWB
iShRussell3000 IWV
iShRussellMid-Cap IWR
iShRussellMCValue IWS
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&P100
OEF
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShIntlDevProperty WPS
iShGlobalConsDiscr RXI
iShNATech-Mult IGN
iShNorthAmerTech IGM
iSh10+YCreditBond CLY
iShDowJonesUS IYY
iShRussellMCGrowth IWP
HancockDevIntl JHMD
HancockLC
JHML
JPM DivRetGlEq JPGE
JPM DivRetIntlEq JPIN
JPM DivRetUS Eq JPUS
JPM Div US SC JPSE
59.30
42.95
43.49
25.29
25.47
25.54
26.51
25.47
26.57
25.09
30.27
16.67
30.55
29.80
33.67
52.05
38.51
98.18
62.07
65.28
185.09
35.87
25.50
29.18
22.45
27.77
27.71
55.03
45.74
58.05
60.13
38.49
262.27
59.75
26.59
170.74
165.98
30.95
29.74
26.25
32.07
92.27
116.38
70.39
52.27
31.55
32.95
26.18
79.39
64.83
48.07
26.53
77.60
38.46
108.82
54.17
86.89
154.56
180.86
200.51
179.30
132.87
145.11
154.59
204.09
86.94
72.25
59.91
115.33
213.58
150.95
158.01
39.37
106.53
48.60
171.61
62.87
130.58
118.90
30.29
34.14
62.31
60.18
69.67
29.54
-0.2
0.2
0.2
0.1
2.0
0.9
0.2
1.7
0.6
0.2
0.3
0.4
0.1
0.8
1.0
0.2
0.2
0.1
0.4
0.1
0.3
0.4
1.5
0.6
1.0
0.4
0.2
0.3
0.2
0.7
0.5
0.1
0.2
0.2
0.2
0.1
0.5
0.6
0.8
0.7
0.3
0.8
0.3
0.8
0.3
1.6
-0.1
0.5
0.6
0.6
0.2
0.3
...
0.2
0.1
0.1
0.5
0.4
0.1
0.3
0.2
0.4
0.2
0.2
0.1
...
0.4
0.2
0.2
0.1
0.4
0.5
0.5
0.3
0.3
0.7
-0.1
0.3
0.3
0.7
0.2
0.5
0.4
0.2
-0.1
52-Wk %
Sym Hi/Lo Chg Stock
JPM US Dividend JDIV
JPM US Value JVAL
KnowldgLdrDevWrld KLDW
NationwideMaxDivUS MXDU
NationRiskBaseIntl RBIN
NationRiskBasedUS RBUS
OppESGRevenue ESGL
OppGlbESGRevenue ESGF
OppenheimerLgCpRev RWL
PIMCO DynMultEM MFEM
PwrShContrarian CNTR
PwrShDynNetwork PXQ
PwrShFTSE US1000 PRF
PwrShAPac xJapan PAF
PwrShDevMkt xUS PXF
PwrShFTSERAFIDevMk PDN
PwrShRussMC EW EQWM
PwrShRussMCGrw PXMG
PwrShRuss1000EqWt EQAL
PwrShRussTop200 EQWL
PwrShRuss2000Grw PXSG
PwrShS&PIntDev IDLV
ProShLgOnline CLIX
ProShShtVIXST SVXY
ProShUltMSCIEAFE EFO
ProShrUltraQQQ QLD
ProShrUltraS&P SSO
ProShrUlTech ROM
ProShUltS&P500 UPRO
ProShUlt3xCrudeOil OILU
ProShUltShBlmGas KOLD
RenaissanceIPOETF IPO
RivFrDynUSDiv RFDA
RivFrDynUSFlex RFFC
SPDRFactSetInnTech XITK
SPDRGlobalDow DGT
SPDRMSCIEAFEStrat QEFA
SPDRMSCIDEStrat QDEU
SPDR NYSE Tech XNTK
SPDRPtfLTCorpBd SPLB
SPDRS&P500Growth SPYG
SPDRS&P500HiDiv SPYD
SPDR Ptf TSM SPTM
SPDRPtfWorldxUS SPDW
SPDRRuss1000Mom ONEO
SPDR S&P500MidGr MDYG
SPDR S&P400MidVl MDYV
SPDRS&P500Fossil SPYX
SPDRS&PGlbDividend WDIV
SPDRS&PInternetETF XWEB
SPDRGenderDivers SHE
SPDRSSgAGlbAll GAL
SPDRSSgAIncmAllctn INKM
SchwabFundEmgLrg FNDE
SchwabFundIntLrgCo FNDF
SchwabFundIntlSmCo FNDC
SchwabFundUSBrd FNDB
SchwabFundUSLrgCo FNDX
SchwabIntEquity SCHF
SchwabIntlSC SCHC
Schwab1000Index SCHK
SchwabUS BrdMkt SCHB
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS MC SCHM
SPDR MSCI exUS CWI
SPDREmMktSmlCp EWX
SPDR S&P 500 SPY
SPDR S&P Home XHB
SPDR IntlSC
GWX
Whiskey&SpiritsETF WSKY
TechSelectSector XLK
UBS FIEnhGlbHY FIHD
UBS FIEnhLCGrw FBGX
US3xOilFd
USOU
VanEckGaming BJK
VanEckRetail RTH
VanEckSemiconduc SMH
VangdInfoTech VGT
VangdCnsmrDiscr VCR
VangdSC Grwth VBK
VangdAWxUSSC VSS
VangdFTSEDevMk VEA
VangdFTSE Pac VPL
VangdFTSEAWxUS VEU
25.36
25.32
33.28
25.66
25.75
25.59
29.75
30.79
49.18
25.71
31.87
47.30
109.66
59.85
45.18
34.12
46.47
42.44
30.40
51.46
31.70
33.87
42.26
114.65
130.13
73.79
103.55
91.86
128.92
35.42
42.47
28.92
31.02
32.14
82.82
83.12
65.07
65.66
86.84
28.43
32.63
37.13
32.45
31.62
75.31
156.00
101.60
63.25
69.46
75.11
71.66
37.97
33.62
30.04
30.61
35.88
35.91
36.08
34.54
36.77
25.61
63.07
62.28
69.58
52.31
39.20
51.24
260.48
42.53
36.59
32.92
64.53
167.16
219.75
42.09
45.12
86.12
105.83
167.85
149.62
160.11
118.40
44.79
73.24
54.61
0.9
...
0.5
0.2
0.9
0.2
0.2
0.2
...
0.1
4.3
0.4
0.1
0.5
0.8
0.5
0.3
0.2
0.1
0.2
0.3
0.6
0.8
0.4
1.6
0.7
0.4
1.4
0.6
4.7
8.6
0.7
0.2
0.2
0.2
0.6
0.7
1.5
0.7
-0.1
0.3
0.1
0.2
0.7
...
0.1
...
0.2
0.3
0.3
0.1
0.3
0.1
0.1
0.8
0.5
0.1
0.1
0.7
0.5
0.2
0.2
0.3
0.3
0.1
0.4
0.1
0.2
0.1
0.6
-0.1
0.6
0.7
0.7
5.5
0.5
...
0.8
0.6
0.2
0.3
0.4
0.6
0.5
0.5
52-Wk %
Sym Hi/Lo Chg Stock
VangdGrowth VUG
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMC
VO
VangdMCGrowth VOT
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdS&P400Val IVOV
VangdTotalStk VTI
VangdTotlWrld VT
WBITacticalLCGD WBIE
WBITacticalRotatn WBIR
WisdTrAPxJp AXJL
WisdTrCBOES&P500 PUTW
WisdTrGlbxUSQual DNL
WisdTrIntlEquity DWM
WisdTrIntlLC Div DOL
WisdTrJapanSC DFJ
WisdTrUSEarn500 EPS
WisdTrUSLCDivFd DLN
WisdTrUSMCDivFd DON
WisdTrUSTotalDivFd DTD
139.58
119.69
89.54
110.28
151.75
127.30
239.28
135.42
120.07
134.13
73.28
25.42
25.50
69.87
29.94
58.94
55.45
50.42
79.24
30.14
89.24
34.33
90.15
0.4
0.2
0.3
0.4
0.2
0.3
0.2
0.3
-0.1
0.2
0.4
0.3
0.2
0.3
0.1
0.6
0.7
0.7
0.4
0.1
...
0.1
-0.1
NYSE Arca lows - 33
iPathS&P500VIXST VXX
DBCrudeOilDblShrt DTO
DBCrudeOilShortETN SZO
DirexDevMktBear3 DPK
DirexS&P500Br3 SPXS
DirexS&P500Br1 SPDN
DirexTechBear3 TECS
FrankIntMunOpp FLMI
PwrShDB G10 DBV
ProShShMSCI EAFE EFZ
ProShShortQQQ PSQ
ProShShrtS&P500 SH
ProshUltBlmNatGas BOIL
ProShUltVIXST UVXY
ProShUltProShS&P SPXU
ProShUlt3xShCrude OILD
ProShUltBloomCrd SCO
ProShrUSCnsmrSvc SCC
ProShrUS MSCI EAFE EFU
ProShrUS MSCI Jpn EWV
ProShUltShtQQQ QID
ProShUltShtS&P500 SDS
ProShrUSSemi SSG
ProShrUSTech REW
ProShsVIXSTFut VIXY
TeucriumWheatFund WEAT
UBSProSh3xInvCrd WTID
US NatGas
UNG
US ShortOilFd DNO
US3xShrtOilFd USOD
VelocityShares3xLg UGAZ
Velocity3xInvCrude DWT
31.50 -0.5
92.50 -3.2
72.12 -19.8
12.64 -2.4
32.68 -0.6
31.55 -0.1
6.82 -1.4
24.81 -0.6
22.85 -0.6
25.65 -0.7
35.51 -0.3
31.06 -0.2
6.65 -8.8
13.06 -0.7
12.41 -0.6
11.68 -4.6
25.83 -3.1
27.12 -1.2
23.33 -1.9
26.55 -2.5
13.36 -0.7
43.52 -0.5
9.49 -1.5
16.11 -0.7
26.13 -0.5
6.08 -1.3
16.63 -4.4
5.78 -4.3
58.21 -1.4
12.43 -5.0
7.60 -13.1
15.24 -4.6
52-Wk %
Sym Hi/Lo Chg Stock
VirtusEnhShrtUS VESH
23.51 -0.2 Crocs
Cytosorbents
NYSE American highs - 5 DataIO
ElectroSci
AmpioPharm AMPE 2.20 13.7 Facebook
Ashford
AINC 111.00 -0.7 FidelityNasdComp
22.77 1.4 FT CloudComp
BancroftFund BCV
7.45 8.4 FT DevMkts
CaledoniaMining CMCL
1.58 6.8 FT DevMktsXUS
UQM Tech
UQM
FT DorseyDyn5
FT DorseyFoc5
FT DorseyIntl5
0.19 2.8 DorseyWrightPeople
AmericanLorain ALN
7.65 -5.1 FT NasdTechDiv
Cohen
COHN
0.18 -17.0 FT GerAlpha
FieldPointPetrol FPP
FT JapanAlpha
FT LC GrwthAlpha
FT NasdCleanEdge
74.70 17.7
ANI Pham
ANIP
FT NasdCybersec
ASML
ASML 186.37 1.8
FT Nasd100Tech
AdamasPharm ADMS 34.26 0.3
FT NasdSmartphone
AllenaPharm
ALNA 13.49 3.6
FT Nasd100 EW
Amazon.com AMZN1186.84 2.6 FT SKoreaAlpha
AmplifyOnlineRet IBUY 38.73 0.8 Flex
AnaptysBio
ANAB 83.50 4.2 FlexSTOXXGlbESGImp
ArchCapitalPfdE ACGLP 25.19 -0.1 ForescoutTechs
ArenaPharm
ARNA 29.54 6.9 ForresterResearch
ArrowInvDWATact DWAT 11.75 0.1 Fortinet
AspenTech
AZPN 69.12 0.8 GlbXInternetThings
AssemblyBiosci ASMB 45.52 9.3 GlbXMillThematic
Autodesk
ADSK 129.54 1.4 GlbX Robotics&AI
7.65 4.7 GlbXS&P500Catholic
AvidTechnology AVID
AxcelisTechs
ACLS 37.05 3.6 GlbXSocialMedia
BldrsAsia50ADS ADRA 34.95 0.8 GoldenEnt
BeaconRoof
BECN 61.68 3.3 GreatElmCap
BigRockPtrsAcqnUn BRPAU 10.05 0.1 Groupon
Bio-Techne
TECH 132.88 -0.5 Hortonworks
2.45 2.6 HuntingtonBcPfC
BioanalyticalSys BASI
BldrsDev100
ADRD 23.36 1.1 ICU Medical
BldrsEmg50
ADRE 44.14 0.7 Illumina
BlueBuffaloPet BUFF 30.28 -0.2 Interface
bluebirdbio
BLUE 170.20 0.4 Intricon
Broadcom
AVGO 282.99 2.5 InvestorsTitle
69.61 -1.1 iRhythmTechs
CDK Global
CDK
13.50 3.3 iShCommodSelStrat
CVD Equipment CVV
CadenceDesign CDNS 45.64 1.3 iShCoreMSCITotInt
CallidusSoftware CALD 30.25 2.6 iShSelectDividend
6.70 1.5 iShExponentialTech
CareDx
CDNA
3.52 4.2 iShIntlDevRealEst
CatalystPharma CPRX
Cavium
CAVM 88.96 0.2 iShMSCI ACWI
CboeGlobalMkts CBOE 120.84 0.7 iShMSCIACWIexUSETF
1.28 4.2 iShMSCIEAFEESGOpt
Charles&Colvard CTHR
ClearBr AC Grw CACG 27.18 0.2 iShMSCI EAFE SC
ColumbiaSportswr COLM 68.74 0.1 iShMSCIUSAESGOpt
ConcertPharm CNCE 23.00 3.2 JanusSGGlbQualIncm
35.93 2.8 JunoTherap
Control4
CTRL
Copart
CPRT 42.50 3.5 Kingstone
CoStar
CSGP 314.73 0.5 KuraOncology
NYSE American lows - 3
Nasdaq highs - 183
Dividend Changes
Symbol
Amount
Yld % New/Old Frq
AMNB
GJS
SYBT
2.6 .25 /.24 Q
2.7 .045 /.04173 M
2.2 .21 /.20 Q
Dec15 /Dec01
Dec15 /Dec14
Dec29 /Dec11
4.6
Dec26 /Dec18
Reduced
Gabelli Go Anywhere Pfd A
GGOpA
.50 /.80
Q
Initial
Ellsworth Gwth 5.25 Pfd A
Gabelli Multimedia Pfd. E
GAMCO Natural Pfd. A
ECFpA
GGTpE
GNTpA
11.20
6.93
15.26
27.30
183.15
271.16
45.63
61.67
44.18
25.58
27.46
22.28
27.94
35.28
50.33
59.55
60.93
20.96
22.62
75.22
53.90
57.65
29.37
19.11
93.12
29.53
47.35
42.08
20.71
19.13
24.97
32.36
34.70
33.65
4.20
5.76
20.66
26.45
218.45
216.08
25.70
17.64
200.94
57.85
37.59
63.22
95.93
35.61
30.07
71.42
50.13
68.07
63.83
57.00
29.28
63.33
19.15
17.50
-0.8
1.5
4.9
3.3
1.1
0.2
0.8
0.5
1.7
0.2
0.3
0.4
0.2
0.5
2.1
0.4
0.4
0.4
0.4
0.6
0.7
0.1
1.2
1.6
0.3
0.6
0.9
0.3
0.8
0.4
0.6
0.2
0.2
5.3
10.5
0.7
0.2
0.2
1.3
-0.2
3.6
7.0
2.9
0.8
0.6
0.5
...
0.5
0.7
0.3
0.4
0.7
0.4
0.2
-0.6
4.2
3.0
4.1
.35729
.32031
.21667
52-Wk %
Sym Hi/Lo Chg Stock
LKQ
LKQ
LM Funding
LMFA
LivaNova
LIVN
MillAcqn Un
MIIIU
MellanoxTech MLNX
Methanex
MEOH
MidPennBancorp MPB
Mindbody
MB
MonarchCasino MCRI
MonotypeImaging TYPE
NICE
NICE
NektarTherap NKTR
NeptuneTech NEPT
NetApp
NTAP
NorthernTechsIntl NTIC
NovaMeasuring NVMI
Nutanix
NTNX
NuvNasd100Dyn QQQX
OldDomFreight ODFL
OrganicsETF
ORG
Overstock
OSTK
PDLCommBncp PDLB
PayPal
PYPL
pdvWireless
PDVW
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
PwrShDivAch PFM
PwrShDynConDis PEZ
PwrShGlbWater PIO
PwrShIntlBuyBack IPKW
PwrShNasdInternet PNQI
PwrShQQQ 1 QQQ
PwrShRuss1000Low USLB
PwrShS&P ScHealth PSCH
PrincplMillennials GENY
ProShUltPrQQQ TQQQ
Qualys
QLYS
RMR Group
RMR
ROBOGlblRobotics ROBO
RedRockResorts RRR
Remark
MARK
Resonant
RESN
RiotBlockchain RIOT
SBA Comm
SBAC
SMART Global SGH
SageTherap
SAGE
Senomyx
SNMX
Sigmatron
SGMA
SinovacBiotech SVA
SocialReality
SRAX
SolarEdgeTech SEDG
SprottFocus
FUND
StarsGroup
TSG
StemlineTherap STML
StitchFix
SFIX
Synopsys
SNPS
TRowePrice
TROW
TabulaRasaHlth TRHC
38.49 -0.2
6.65 17.6
86.50 0.2
10.99 0.7
58.60 2.1
53.50 -0.1
31.50 3.6
34.85 0.7
47.92 3.2
25.45 0.4
86.38 1.3
52.67 5.7
1.35 14.4
56.55 0.6
22.00 2.9
31.88 6.4
34.83 3.4
24.39 0.5
124.56 -0.2
33.58 -0.4
65.25 4.8
16.00 1.1
78.90 1.3
35.80 3.8
28.03 0.9
20.82 -0.4
25.57 0.2
49.45 0.3
25.64 0.5
36.88 0.6
117.40 0.5
156.31 0.4
30.54 0.1
97.45 0.9
33.95 0.3
140.34 1.1
62.00 2.2
60.31 1.4
42.59 0.8
28.90 0.6
9.79 7.1
6.53 9.1
24.00 47.6
171.29 1.6
43.16 -10.9
100.34 2.4
1.71 0.6
10.00 1.5
7.98 3.8
7.95 32.1
39.90 2.8
8.00 ...
22.65 0.7
15.15 -1.7
19.49 7.3
90.33 0.9
98.31 0.2
36.69 2.7
Symbol
Dec26 /Dec18
Dec26 /Dec18
Dec26 /Dec18
Elkhorn S&P High Qual Pfd
Herzfeld Caribbean Basin
JPMorgan Disciplined HY
JPMorgan Gl Bd Opps
JPMorgan Ultra Short Incm
50.75
5.45
35.56
12.10
69.06
4.97
192.75
23.15
60.87
66.45
95.29
119.72
136.25
119.77
85.12
56.75
119.64
117.50
47.34
32.44
2.11
4.39
26.46
116.62
159.99
27.00
35.32
2.1
-2.5
0.8
3.4
3.2
59.4
0.7
3.6
0.4
0.5
...
0.2
0.4
0.1
...
0.5
0.3
1.3
0.1
-0.1
1.0
1.9
0.1
0.9
0.5
3.9
3.2
Nasdaq lows - 28
A-MarkPrecMetals AMRK
Ability
ABIL
AmTrustFinSvcs AFSI
AvenueTherap ATXI
BurconNutraScience BUR
Conifer
CNFR
Criteo
CRTO
ElbitImaging
EMITF
Eltek
ELTK
EyegatePharmWt EYEGW
FrontierComm FTR
FrontierCommPfA FTRPR
GlobalBrokerage GLBR
HaymakerAcqnUn HYACU
Medigus
MDGS
NanoDimension NNDM
NovelionTherap NVLN
PICO
PICO
PapaJohn's
PZZA
ProShUltProShQQQ SQQQ
ReShapeLifesci RSLS
RevenHousingREIT RVEN
SolenoTherap SLNO
Sunworks
SUNW
SVB Cap II Pfd SIVBO
TESARO
TSRO
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
14.68 -1.6
0.43 -5.0
8.81 -3.9
3.85 -1.2
0.41 -5.0
5.55 -1.7
31.58 0.7
2.21 -1.7
4.23 -7.0
0.06 -4.3
6.08 -5.7
11.42 -2.0
0.38 -29.1
9.96 -0.1
1.62 -24.7
3.73 -1.3
3.60 -6.2
12.95 -0.8
56.21 -1.3
21.50 -1.1
1.45 -8.0
4.18 -1.9
1.45 -2.0
0.96 -5.0
25.26 -0.1
82.64 -0.6
7.14 -0.8
13.30 -0.3
Payable /
Record
EPRF
CUBA
JPHY
JPGB
JPST
5.6
1.7
5.0
8.4
1.5
.112
.118
.21207
.35756
.06455
M
A
M
M
M
Nov30 /Nov27
Dec28 /Dec07
Nov29 /Nov27
Nov29 /Nov27
Nov29 /Nov27
CP
FANH
HSBCpA
SFL
1.0
3.5
5.9
8.9
.44057
.20
.3875
.35
Q
Q
Q
Q
Jan29 /Dec29
Dec22 /Dec08
Dec15 /Nov30
Dec29 /Dec11
Foreign
Canadian Pacific Railway
Fanhua ADR
HSBC Holdings ADR Pfd
Ship Fin Intl
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
TetraTech
TTEK
TillCapital
TIL
TowerSemi
TSEM
TrilliumTherap TRIL
2U
TWOU
US GlobalInv GROW
UnivDisplay
OLED
UnivLogistics ULH
VangdGlblxUS RE VNQI
VangdIntlDivApp VIGI
VangdLTCorpBd VCLT
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdTotalCpBd VTC
VangdTotIntlStk VXUS
VSInverseVIXSTerm XIV
VeriSign
VRSN
VicShUS500EnhVol CFO
VidentCoreUSEquity VUSE
VikingTheraWt VKTXW
WestellTech
WSTL
WisdTrEMConGrwth EMCG
Workday
WDAY
WynnResorts WYNN
Xunlei
XNET
Yandex
YNDX
Amount
Yld % New/Old Frq
ADVERTISEMENT
BUSINESS OPPORTUNITIES
52-Wk %
Sym Hi/Lo Chg
Funds and investment companies
Payable /
Record
Increased
American National Bkshrs
FR STRATSs 2006-2 GS Grp
Stock Yards Bancorp
CROX
CTSO
DAIO
ESIO
FB
ONEQ
SKYY
FDT
FDTS
FVC
FV
IFV
DWPP
TDIV
FGM
FJP
FTC
QCLN
CIBR
QTEC
FONE
QQEW
FKO
FLEX
ESGG
FSCT
FORR
FTNT
SNSR
MILN
BOTZ
CATH
SOCL
GDEN
GEC
GRPN
HDP
HBANN
ICUI
ILMN
TILE
IIN
ITIC
IRTC
COMT
IXUS
DVY
XT
IFGL
ACWI
ACWX
ESGD
SCZ
ESGU
SGQI
JUNO
KINS
KURA
Company
Dividend announcements from November 24.
Company
52-Wk %
Sym Hi/Lo Chg Stock
BUSINESS OPPORTUNITIES
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 25 - 26, 2017 | B9
* * * *
MUTUAL FUNDS
Explanatory Notes
Data provided by
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.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. rRedemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not
tracked. NS-Fund didn’t exist at start of period.
Fund
Friday, November 24, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
A
American Century Inv
45.81
Ultra
American Funds Cl A
32.19
AmcpA p
41.40
AMutlA p
27.60
BalA p
12.93
BondA p
63.26
CapIBA p
53.07
CapWGrA
58.26
EupacA p
64.16
FdInvA p
52.26
GwthA p
10.41
HI TrA p
41.42
ICAA p
23.47
IncoA p
45.83
N PerA p
48.90
NEcoA p
68.09
NwWrldA
57.60
SmCpA p
12.98
TxExA p
45.55
WshA p
+0.16 31.3
+0.07
+0.05
+0.05
-0.02
+0.12
+0.17
+0.18
+0.24
+0.25
+0.01
+0.08
+0.04
+0.23
+0.07
+0.07
+0.18
...
+0.09
20.0
14.0
12.9
3.3
12.5
22.9
31.9
20.1
24.3
6.5
15.6
10.7
29.7
36.0
32.3
25.3
4.7
15.5
10.91
11.26
BlackRock Funds A
20.44
GlblAlloc p
BlackRock Funds Inst
23.08
EqtyDivd
20.58
GlblAlloc
7.81
HiYldBd
StratIncOpptyIns 9.93
Bridge Builder Trust
10.19
CoreBond
11.02
30.72
22.93
14.35
20.10
21.67
23.46
22.30
21.15
36.76
38.97
25.32
39.20
-0.01
+0.07
+0.02
+0.09
+0.13
+0.11
+0.14
+0.03
+0.03
+0.01
-0.06
-0.03
...
2.2
30.1
34.0
25.3
22.7
26.7
24.0
17.1
14.9
9.4
4.7
6.3
13.3
Dodge & Cox
Balanced
GblStock
Income
Intl Stk
Stock
109.05
13.95
13.84
46.72
201.90
DoubleLine Funds
NA
TotRetBdI
-0.06 9.0
-0.02 17.1
-0.01 4.1
-0.01 22.6
-0.09 12.7
...
NA
E
Edgewood Growth Instituti
EdgewoodGrInst 30.03 +0.15 35.2
B
Baird Funds
AggBdInst
CorBdInst
5GlbFxdInc
EmgMktVa
EmMktCorEq
IntlCoreEq
IntlVal
IntSmCo
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
-0.01
-0.01
4.1
4.4 Federated Instl
StraValDivIS
+0.06 12.4 Fidelity
+0.04 13.1
+0.07 12.7
... 7.5
... 4.2
-0.01
D
Dimensional Fds
3.9
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
SAIUSLgCpIndxFd
TMktIdxF r
TMktIdxPrem
USBdIdxInstPrem
F
6.45 +0.01 12.3
91.25
91.25
91.25
63.72
43.70
13.99
75.78
75.76
11.60
Fidelity Advisor I
+0.19
+0.19
+0.19
+0.12
+0.30
+0.03
+0.16
+0.15
-0.02
18.3
18.3
18.3
16.1
23.8
18.3
18.0
17.9
3.3
Net YTD
NAV Chg % Ret Fund
RisDv A p
61.14 +0.11 17.1 OakmrkInt
28.95 +0.17
FrankTemp/Franklin C
Old Westbury Fds
2.38
... 6.5 LrgCpStr
Income C t
15.05 +0.03
FrankTemp/Temp A
Oppenheimer Y
12.10
... 3.4 DevMktY
GlBond A p
43.19 -0.03
26.95 +0.03 14.4 IntGrowY
Growth A p
43.96 +0.38
FrankTemp/Temp Adv
... 3.5
GlBondAdv p 12.05
Parnassus Fds
42.11 +0.07
ParnEqFd
Harbor Funds
PIMCO Fds Instl
77.58 +0.34 36.9 AllAsset
CapApInst
NA
...
71.03 +0.54 21.6 TotRt
IntlInst r
10.28 -0.01
Harding Loevner
PIMCO Funds A
NA
... NA IncomeFd
IntlEq
NA
...
PIMCO Funds D
NA
...
IncomeFd
PIMCO Funds Instl
Invesco Funds A
NA
...
11.26 -0.01 7.8 IncomeFd
EqIncA
PIMCO Funds P
NA
...
IncomeP
Price Funds
John Hancock Class 1
99.09
+0.55
BlChip
16.11 +0.03 14.1
LSBalncd
29.83 +0.04
17.34 +0.04 18.0 CapApp
LSGwth
35.00 +0.04
EqInc
John Hancock Instl
70.06 +0.15
EqIndex
24.20 +0.04 12.7
DispValMCI
71.25 +0.34
Growth
JPMorgan Funds
74.34 +0.19
40.06 +0.03 10.1 HelSci
MdCpVal L
40.27 +0.20
InstlCapG
JPMorgan R Class
19.52 +0.09
11.66 -0.01 3.8 IntlStk
CoreBond
15.31 +0.09
IntlValEq
93.47 +0.23
MCapGro
31.61 -0.01
MCapVal
Lazard Instl
56.01 +0.12
N
Horiz
20.00 -0.01 25.9
EmgMktEq
9.50 -0.01
N Inc
Loomis Sayles Fds
11.48 +0.07
14.20 +0.01 7.1 OverS SF r
LSBondI
23.40 +0.04
R2020
Lord Abbett A
18.07 +0.04
... 2.1 R2025
ShtDurIncmA p 4.26
26.65 +0.06
R2030
Lord Abbett F
19.50 +0.05
4.26
... 2.5 R2035
ShtDurIncm
28.04 +0.08
R2040
39.15 +0.09
Value
PRIMECAP Odyssey Fds
Metropolitan West
37.48 +0.18
10.67 -0.01 3.0 Growth r
TotRetBd
10.67 -0.01 3.3 Principal Investors
TotRetBdI
14.14 +0.10
10.04 -0.01 3.3 DivIntlInst
TRBdPlan
Prudential Cl Z & I
MFS Funds Class I
14.55 -0.01
TRBdZ
40.58 +0.05 13.2
ValueI
MFS Funds Instl
25.81 +0.17 27.4
IntlEq
Schwab Funds
Mutual Series
40.73 +0.09
32.22 +0.02 7.1 S&P Sel
GlbDiscA
14.3
15.3
18.0
NS
NS
NS
NS
NS
15.1
36.1
31.8
31.9
11.0
26.1
36.8
36.9
3.7
4.2
16.4
16.5
24.1
40.2
17.0
39.7
37.5
29.5
19.5
4.0
11.9
8.3
6.8
5.1
6.6
V
35.1 VANGUARD ADMIRAL
26.8 500Adml
240.95 +0.50
34.32 +0.03
BalAdml
11.75 -0.01
CAITAdml
CapOpAdml r 158.56 +0.53
37.82 -0.13
14.5 EMAdmr
76.73 +0.14
EqIncAdml
96.94 +0.31
ExplrAdml
NA
83.70 +0.15
5.0 ExtndAdml
...
GNMAAdml 10.50
71.81 +0.26
NA GrwthAdml
HlthCareAdml r 89.29 +0.07
5.92
...
NA HYCorAdml r
25.85 -0.04
InfProAd
97.45 +0.69
NA IntlGrAdml
ITBondAdml 11.41 -0.01
...
NA ITIGradeAdml 9.80
LTGradeAdml 10.70 -0.02
36.5 MidCpAdml 187.76 +0.38
11.38
...
13.9 MuHYAdml
14.10
...
12.8 MuIntAdml
11.63
...
18.1 MuLTAdml
10.91
...
MuLtdAdml
33.8
15.74
...
MuShtAdml
25.8
37.7 PrmcpAdml r 138.27 +0.42
120.38
+0.19
REITAdml
r
27.7
19.5 SmCapAdml 69.78 +0.10
...
24.0 STBondAdml 10.41
...
8.8 STIGradeAdml 10.66
10.77 -0.01
29.3 TotBdAdml
22.00 -0.01
TotIntBdIdxAdm
3.8
TotIntlAdmIdx r 30.39 +0.14
26.6
65.25 +0.13
TotStAdml
14.6
14.36 +0.09
TxMIn r
16.6
39.84 +0.03
ValAdml
18.3
69.20 +0.08
WdsrllAdml
19.7
65.55 +0.03
WellsIAdml
20.8
74.02 +0.08
WelltnAdml
16.3
79.79 +0.18
WndsrAdml
VANGUARD FDS
30.9
26.54 +0.06
DivdGro
211.64 +0.17
HlthCare r
28.5 INSTTRF2020 22.70 +0.04
INSTTRF2025 22.99 +0.04
6.1 INSTTRF2030 23.20 +0.05
INSTTRF2035 23.42 +0.06
INSTTRF2040 23.63 +0.06
INSTTRF2045 23.78 +0.06
18.3 IntlVal
40.06 +0.21
19.99 +0.02
LifeCon
33.48 +0.08
LifeGro
TIAA/CREF Funds
Oakmark Funds Invest
27.15 +0.05
LifeMod
19.56 +0.04 17.9 PrmcpCor
34.17 +0.06 12.3 EqIdxInst
EqtyInc r
27.34 +0.07
84.82 +0.10 17.0 IntlEqIdxInst 20.52 +0.16 24.0 SelValu r
Oakmark
33.47 +0.02
H
27.0
Net YTD
NAV Chg % Ret Fund
I
J
L
M
S
O
Net YTD
NAV Chg % Ret Fund
27.5 Tweedy Browne Fds
STAR
28.53 +0.09 13.9 STIGrade
GblValue
TgtRe2015
17.3
P
Net YTD
NAV Chg % Ret
33.92 +0.16
NwInsghtI
Fidelity Freedom
16.86 +0.02
14.60 +0.02
18.32 +0.03
16.87 +0.02
14.60 +0.02
18.33 +0.04
15.39 +0.03
10.82 +0.03
Fidelity Invest
23.88 +0.04
Balanc
89.84 +0.44
BluCh
128.96 +0.67
Contra
128.96 +0.67
ContraK
10.31 +0.01
CpInc r
41.99 +0.23
DivIntl
187.11 +0.86
GroCo
187.07 +0.86
GrowCoK
7.93 -0.01
InvGB
11.29 -0.01
InvGrBd
53.34 +0.04
LowP r
LowPriStkK r 53.30 +0.04
107.09 +0.41
MagIn
111.74 +0.61
OTC
23.34 +0.05
Puritn
SrsEmrgMkt 21.94 -0.10
SrsGroCoRetail 18.37 +0.08
16.58 +0.09
SrsIntlGrw
10.95 +0.09
SrsIntlVal
10.67 -0.01
TotalBond
First Eagle Funds
60.70 +0.16
GlbA
FPA Funds
34.90 +0.03
FPACres
FrankTemp/Frank Adv
2.33
...
IncomeAdv
FrankTemp/Franklin A
7.44
...
CA TF A p
2.35
...
IncomeA p
FF2020
FF2025
FF2030
Freedom2020 K
Freedom2025 K
Freedom2030 K
Freedom2035 K
Freedom2040 K
Net YTD
NAV Chg % Ret Fund
T
18.3
12.0
4.3
27.6
29.5
14.5
20.6
16.1
2.0
26.4
17.8
6.5
2.4
44.7
3.9
4.3
10.4
16.4
6.9
4.1
5.5
2.1
1.1
27.1
5.8
14.0
1.3
2.2
3.4
2.4
25.8
17.9
24.7
12.0
12.1
8.6
11.9
16.2
15.0
17.7
12.7
14.3
15.7
17.1
18.5
19.1
26.2
10.0
17.2
13.5
23.3
16.3
27.49 +0.06
10.66
...
16.02 +0.02
31.84 +0.04
TgtRe2020
18.68 +0.03
TgtRe2025
33.78 +0.07
TgtRe2030
20.77 +0.05
TgtRe2035
35.79 +0.09
TgtRe2040
22.49 +0.06
TgtRe2045
36.18 +0.10
TgtRe2050
13.64 +0.01
TgtRetInc
TotIntBdIxInv 11.00 -0.01
27.06 +0.01
WellsI
42.86 +0.05
Welltn
38.99 +0.05
WndsrII
VANGUARD INDEX FDS
Net YTD
NAV Chg % Ret Fund
500
ExtndIstPl
SmValAdml
TotBd2
TotIntl
TotSt
16.9
2.1
10.4
12.7
14.3
15.7
17.1
18.5
19.1
19.1
7.7
2.3
8.5
11.8
12.0
240.91 +0.51
206.55 +0.37
55.75 -0.02
10.73 -0.01
18.17 +0.09
65.22 +0.13
VANGUARD INSTL FDS
34.33 +0.04
BalInst
DevMktsIndInst 14.38 +0.09
DevMktsInxInst 22.48 +0.15
83.70 +0.15
ExtndInst
71.81 +0.25
GrwthInst
10.53 -0.01
InPrSeIn
237.72 +0.50
InstIdx
237.74 +0.49
InstPlus
58.53 +0.12
InstTStPlus
18.2
16.1
8.6
3.3
25.7
17.8
41.48
MidCpInst
204.56
MidCpIstPl
69.78
SmCapInst
STIGradeInst 10.66
10.77
TotBdInst
10.73
TotBdInst2
10.77
TotBdInstPl
TotIntBdIdxInst 33.01
TotIntlInstIdx r 121.55
TotItlInstPlId r 121.57
65.26
TotStInst
39.84
ValueInst
12.0
24.8
24.8
16.1
26.4
2.4
18.3
18.3 Western Asset
17.9 CorePlusBdI
16.4
16.4
14.0
2.2
3.4
3.4
3.4
2.4
25.8
25.8
17.9
12.0
...
NA
W
NA
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.
Week
Latest ago
Inflation
Oct. index
level
Chg From (%)
Sept. '17 Oct. '16
U.S. consumer price index
All items
246.663
–0.06
2.0
Core
253.638
0.28
1.8
Switzerland
Britain
0.50
0.50
Australia
1.50
—52-WEEK—
High Low
0.50
0.50
0.50
0.50
1.50
0.50
1.50
0.25
1.50
Secondary market
Fannie Mae
International rates
30-year mortgage yields
Week
Latest
ago
52-Week
High
Low
Prime rates
U.S.
4.25
4.25
4.25
3.50
Canada
3.20
3.20
3.20
2.70
Japan
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
0.00
0.00
0.00
0.00
30 days
60 days
3.457 3.471 3.865 3.253
3.477 3.490 3.899 3.281
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location. Complete
Money Rates table appears Monday through
Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
+0.09
+0.41
+0.11
...
-0.01
-0.01
-0.01
-0.01
+0.58
+0.58
+0.13
+0.03
Borrowing Benchmarks | WSJ.com/bonds
November 24, 2017
Money Rates
ADVERTISEMENT
BUSINESS OPPORTUNITIES
Net YTD
NAV Chg % Ret
BUSINESS OPPORTUNITIES
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B10 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
MONEY & INVESTING
BY CHELSEY DULANEY
vestors after a dismal few
years for traditional retailers,
which continue to struggle
with the shift to online shopping and the growing dominance of Amazon. Recently,
signs have emerged that the
retail rout may finally be coming to an end.
A string of upbeat earnings
reports this month from department stores like Macy’s
and mall-based sellers like Gap
have helped to drive retail
shares higher.
Investors are hopeful that
the strong U.S. job market and
high consumer confidence are
beginning to boost consumer
spending.
Many retailers also have cut
down on excess inventory over
the past year and closed
stores, helping to improve
profitability.
Still, retail stocks have a
long way to go to make up for
the last few years. Despite November’s gains, shares of
Macy’s remain down 53% over
the last year, while the closely
watched SPDR S&P Retail ETF
is down 11%.
And sellers of everything
Retailers felt some holiday
cheer on Black Friday.
Macy’s, Kohl’s and Gap
shares rose Friday, while Amazon.com Inc. set a record high
as the holiday shopping season got under way.
The gains helped propel the
S&P 500 above 2600 for the
first time, the 55th record
close for the index this year.
Retail sales in the coming
weeks are expected to be
strong, potentially enabling
retailers to cut back on discounts and heavy promotions
this year—a development that
would be a shot in the arm for
companies whose profits have
been hit hard in recent periods
by rising competition and
tepid demand.
The National Retail Federation said it expects sales to
grow as much as 4% from a
year earlier to $682 billion in
November and December,
which would make it the
strongest holiday period since
2014.
A robust holiday season
would come as a relief to in-
U.S. Bond
Yields Rise
On Growth
Outlook
MICHAEL BUCHER/THE WALL STREET JOURNAL
Retail Stocks
Get a Bit of
Holiday Joy
BY DANIEL KRUGER
Shoppers searched for special discounts at Macy’s flagship store in New York City on Thanksgiving.
from T-shirts to toilet paper
still have to contend with the
growing reach of Amazon,
which reported Friday that orders placed through its app increased more than 50% over
last year. Morgan Stanley has
estimated that Amazon will
account for more than 30% of
all U.S. online sales this holiday season.
Among the companies left
behind in the Black Friday
rally were Signet Jewelers
Ltd., Target Corp. and Mattel
Inc.
Those companies, among
the S&P’s worst-performing
stocks, have been struggling
lately with a variety of headwinds including competition
from Amazon and shifts in
consumer spending.
Black Friday Rally
Shares in major retailers rose on the opening day of the holiday
shopping season, reflecting expectations spending will rise.
15%
Gap
Macy's
10
Kohl's
5
Best Buy
0
–5
–10
November
Sources: FactSet
THE WALL STREET JOURNAL.
Investors Pile Into Inflation-Hedging Bonds
BY CHRIS DIETERICH
TIPS increase their payout
to holders if inflation measures exceed certain thresholds and can be viewed as a
proxy for expectations for the
future rate of inflation.
Yet the burst of TIPS fund
buying contrasts both with recently lackluster inflation
readings and the bond market’s view that inflation will
be stagnant in the years
ahead.
The
Labor
Department’s consumer-price index rose 2% in October from a
year earlier while the Fed’s
preferred measure of inflation rose 1.6% in September from a year earlier, well
Fund investors broke ranks
with the market’s consensus
last week and plowed money
into assets that benefit should
consumer prices snap out of a
yearslong funk.
Mutual funds and exchangetraded funds targeting inflation-protected
Treasurys,
known as TIPS, pulled in $1.2
billion in the week ended
Wednesday, according to Bank
of America Merrill Lynch and
EPFR Global.
The influx represented the
largest draw since November
2016 and the third-largest inflow on record.
below the central bank’s 2%
target.
It is no secret that centralbank officials and investors
alike have been puzzled by
persistently muted U.S. inflation readings at the same time
that the economy continues to
grow and add jobs.
These vexing trends have
pulled down inflation expectations, which had been at multiyear highs early in 2017.
The 10-year break-even
rate—the yield premium investors demand to hold the 10year Treasury note relative to
the 10-year TIPS—was 1.87%
Friday, in line with levels over
the past three months.
The market-based inflation
reading burst above 2% in January amid investor enthusiasm
for pro-growth policies including tax cuts, infrastructure
spending and deregulation
with Republicans in control of
the White House and Congress.
For much of this year Fed
officials had largely stuck by
the contention that a series of
“transitory” factors such as a
drop in prices for wirelessphone plans could help explain
soft inflation readings.
An improving labor market,
the argument went, would ultimately lead to higher wages
and kick-start a cascade of
higher prices for consumer
goods and services.
But outgoing Federal Reserve Chairwoman Janet Yellen, whose term as chairwoman ends in February, this
week expressed uncertainty
about this view.
“My colleagues and I are
not certain that it is transitory, and we are monitoring
inflation very closely,” Ms. Yellen said at New York University’s Stern School of Business.
Even so, last week’s big
flow into inflation-protected
Treasurys shows that at least
some investors are willing to
wager on higher inflation
trends.
U.S. government bond
yields rose along with those in
Germany as a gauge of sentiment among German businesses climbed to a record, reinforcing the outlook for
improving global growth.
The benchmark 10-year
Treasury note yield rose to
2.342%
from
CREDIT
2.322% WednesMARKETS day, its largest
increase since
Nov. 16. The German 10-year government debt
yield rose to 0.36% from
0.347% on Thursday. Bond
yields rise as prices fall.
The Ifo Institute said Friday
that its Business Climate Index
rose to 117.5, suggesting the
European economy is on track
to grow 2.3% this year.
That follows a release
Thursday from data firm IHS
Markit that its composite purchasing managers index for
the eurozone rose to its highest level in more than 6½
years.
With the global economy
surging, bond yields near record lows may face pressure
to rise.
“Bond markets are in bubbly territory,” said Andrew
Brenner, head of global fixed
income at National Alliance
Capital Markets.
One factor holding them
back is the persistent lack of
inflation, about which Federal
Reserve officials are showing
increasing concern.
Minutes from the central
bank’s October meeting released Wednesday showed officials are expressing greater
concern about the absence of
discernible pressures for
higher consumer prices.
Though those concerns
have yet to threaten the trajectory the Fed laid out at its
September meeting for raising
rates and reducing the size of
the balance sheet, they present an additional burden that
makes it more difficult for
yields to rise above longstanding ranges seen this year.
Lack of Big Deals Ends KKR Africa Team Low Supply Helps
Oil Market Rally
BY SIMON CLARK
AND ED BALLARD
BY STEPHANIE YANG
SIMON CLARK/THE WALL STREET JOURNAL
KKR & Co. has disbanded
its Africa deal team because it
couldn’t find enough big companies to buy.
Four KKR executives and an
adviser who explored African
opportunities have left the
firm, according to KKR and
former staff. The departures
come less than four years after the New York-based firm
made its only investment on
the continent in Afriflora, the
world’s largest rose farm, in
Ethiopia.
KKR’s withdrawal illustrates
the challenges facing large
Western private-equity firms,
which have tried to do business in Africa using their traditional buyout approach. This
typically involves investing
hundreds of millions of dollars
at a time in companies to improve performance, with the
expectation of selling them
within five years for a higher
price.
However, Africa has relatively few large companies to
invest in, KKR said.
“To invest our funds we
need deal-flow of a certain
size. It was especially the
deal-size that wasn’t coming
through,” Ludo Bammens, a
spokesman for KKR, said
about Africa. “There was
enough deal-flow at a smaller
level.”
KKR deal maker Kayode
Akinola, who led the $200 million investment in Afriflora in
2014, left KKR earlier this
year. Two more employees
hired to chase African investments also left this year, with
one joining an Africa-focused
firm in November. Dominique
Lafont, a senior adviser for Africa, also stopped working
with KKR this year. A fourth
KKR executive who pursued
African and European deals
left in late 2015.
KKR never opened an office
in Africa and the money it
used to invest in Afriflora
came from a $6.1 billion fund
raised mainly to buy European
KKR’s only deal in Africa was a $200 million investment in an Ethiopian rose farm in 2014.
companies. The fund aimed to
invest hundreds of millions of
dollars at a time in companies.
Because KKR didn’t have a
dedicated Africa fund, the African deal team had to compete with French, German and
other European deals that
were being pitched to the
firm’s investment committee,
Mr. Bammens said.
The rejection of proposed
deals frustrated at least one
member of the Africa team, a
person familiar with the situa-
U.S. private-equity
firms have struggled
to make their African
investments pay off.
tion said. KKR will still consider African opportunities, a
person familiar with the firm
said.
At the time of the Afriflora
investment, Johannes Huth,
KKR’s European head, said the
deal reflected “the long-term
commitment of our firm to the
wider African region. We look
forward to making further in-
vestments across the continent.”
The African buyout market
is tiny compared with the U.S.
The 88 buyout deals struck in
sub-Saharan Africa last year
were valued at a combined $2
billion, according to data provider Preqin Ltd. By contrast,
the 2,135 buyouts in North
America were valued at a combined $187 billion in 2016.
Despite Africa’s smaller size
for deals, a number of U.S. private-equity firms have tried to
expand in the region in recent
years on a quest for new opportunities in less competitive
markets. As well as KKR,
Blackstone Group has focused
mainly on energy and infrastructure investments on the
continent, and Carlyle Group
raised a $698 million fund
dedicated to Africa in 2014.
However, the firms have
sometimes struggled to make
their African investments pay
off.
Last year, Bain Capital lost
control of South African retailer Edcon Holdings Ltd. to
lenders in a debt-for-equity
swap. Blackstone has taken
longer than expected to sell its
stake in a Ugandan dam.
Shares in Nigeria’s Diamond
Bank PLC have fallen almost
80% since Carlyle Group said
it bought a $147 million stake
in 2014. Atlas Mara Ltd., a vehicle set up by former Barclays PLC Chief Executive Bob
Diamond to invest in African
banks, has also stumbled with
its investments.
For some, investing in Africa has required a different
approach.
TPG, a Fort Worth, Texasbased firm known for multibillion-dollar U.S. buyouts, is investing in small African
companies though its growth
fund, which it uses to make
smaller investments in fastgrowing companies. It has acquired stakes in a Moroccan
school operator and a Kenyan
agricultural data analytics
company.
“The most interesting investments in Africa involve
building businesses in partnership with entrepreneurs,” said
Bill McGlashan, managing
partner of TPG’s growth fund.
“In most cases, these are
new businesses that are being
created,” he said. “The continent is not an environment
where buyout opportunities of
mature businesses are prevalent.”
Oil prices rose for the third
session in a row on Friday, as
falling stockpiles and expectations for extended supply
cuts boosted optimism in the
market.
Light, sweet crude for January delivery advanced 93
cents, or 1.6%, to $58.95 a barrel on the
COMMODITIES New York
Mercantile
E xc h a n ge,
trading at the highest level
since June 2015. Brent, the
global benchmark, gained 31
cents, or 0.5%, to $63.86 a
barrel.
Prices have rallied this
week on data from the U.S.
Energy Information Administration that showed crude
stockpiles fell by 1.9 million
barrels last week, a sign that
the rebalancing in the oil market is having an impact on U.S.
storage.
Investors are also betting
on an extension of a deal between the Organization of the
Petroleum Exporting Countries and other major global
producers, who agreed to
curb output last year in an attempt to bring global stockpiles back down to the fiveyear average.
To hit that target, analysts
say that OPEC will have to
continue the agreement past
March 2018, at which point
the current deal would expire.
The group of oil producing nations is set to convene Thursday in Vienna.
According to media reports,
the cartel is in talks with Russia on the outline of a potential extension, though details
are still being worked through.
Russia’s participation in extending the deal has been one
point of concern and uncertainty for investors, even as
Saudi Arabia has spoken
strongly in favor of more supply cuts.
“Expectations are super
high,” said John Saucer, vice
president of research and
analysis at Mobius Risk Group.
“Nothing’s really changed in
terms of fundamentals. We
keep seeing draws in stocks.”
Disruptions to oil supply
from the Keystone pipeline
also have pushed prices
higher. Traders expect stockpiles at Cushing, Okla., an important storage hub and pricing point for U.S. crude, to
continue to fall as flows are
reduced.
“The energy bull has been
reawakened this week,” said
Jim Ritterbusch, president of
Ritterbusch & Associates, in a
Friday research note.
Market sentiment has
vastly improved since oil fell
into a bear market earlier this
year, as signs of reduced supply have pushed prices to twoyear highs. However, analysts
caution that increasing U.S.
shale production could pose a
problem, as output has
climbed to weekly record
highs, according to EIA data.
Analysts are also predicting
increased volatility ahead of
the OPEC meeting next week,
and warn that even an announcement that meets expectations could spark a selloff if investors decide to take
profits.
“Uncertainty with regards
to how Russia sees to best
serve its national interest
means that there is room for
disappointment at next week’s
OPEC meeting,” said Harry
Tchilinguirian, head of commodity market strategy at BNP
Paribas, in a report Friday.
“Ultimately, the degree of Russia’s involvement in an extension of producer cuts will be
paramount in guiding oil market expectations forward.”
Gasoline futures gained
1.1% to $1.7880 a gallon, and
diesel futures rose 1.1% to a
two-year high of $1.9529 a
gallon.
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 25 - 26, 2017 | B11
* * * *
MARKETS
Stock Indexes Notch Gains for the Week
BY AKANE OTANI
AND RIVA GOLD
U.S. stocks capped off a
quiet stretch of holiday trading with a weekly gain.
Activity in the stock market
has been muted in recent sessions, with U.S. trading closed
Thursday in observance of the
Thanksgiving holiday and the
market shutting early Friday.
Still, major indexes have
generally continued to extend
their 2017 rally, with advances
in shares of industrial, technology and consumer-discretionary companies lifting the
S&P 500, Dow Jones Industrial
Average and Nasdaq Composite to records this week.
On Friday, the S&P 500 rose
Advances in shares of
industrial, tech and
consumer companies
fueled the rally.
5.34 points, or 0.2%, to
2602.42, closing above the
2600 level for the first time.
The day’s move brought the
broad index to its 55th closing
high of the year and its second-fastest 100-point milestone on record. It gained 0.9%
on the week.
The Nasdaq Composite Index increased 21.80 points, or
0.3%, to a high of 6889.16, advancing 1.6% for the week.
The Dow industrials added
31.81 points, or 0.1%, to
23557.99. The blue-chip index
hit a record on Tuesday and
climbed 0.9% for the week.
Shares of brick-and-mortar
retailers, which have struggled
to gain traction this year amid
competition from e-commerce
companies like Amazon.com,
rallied heading into a weekend
of holiday sales.
Macy’s jumped 44 cents, or
2.1%, to $21.07, on Friday,
while Gap added 47 cents, or
1.6%, to 29.64, and Kohl’s rose
46 cents, or 1%, to 45.09.
Meanwhile,
technology
stocks in the S&P 500, among
the best performers in the
stock market this year, continued their ascent Friday, with
Nvidia, Alphabet and Facebook each adding more than
2% for the week.
Gains in technology companies have helped lift the Nasdaq, which heavily weights
many of the top performers in
the group, past the S&P 500
and Dow industrials in 2017.
“We’ve had a huge run in
the market here,” said Mike
Schroer, chief investment officer at Renaissance Investment
Management, of the year’s
technology rally.
“I think as we head further
into the bull market, looking
outside of these top handful of
stocks is probably going to
pay off.”
The Nasdaq Composite is
up 28% this year, while the
S&P 500 and Dow industrials
have climbed 16% and 19%, respectively.
Shares of energy companies
rose Friday as U.S. oil prices
climbed to their highest closing level since June 2015.
Signs that U.S. stockpiles
are falling and that global producers will curb output have
helped U.S. crude rebound in
recent sessions, with crude for
January delivery ending up
1.6%, at $58.95 a barrel.
Elsewhere, the Stoxx Europe 600 edged down 0.1% but
posted a weekly advance.
The Shanghai Composite Index fell 0.9% for the week after posting its biggest one-day
drop in nearly a year on
Thursday.
Chinese stocks have come
under pressure in recent sessions as Beijing has taken
fresh steps to clamp down on
market speculation.
Japan’s Nikkei Stock Average finished the day up 0.1%,
posting a 0.7% weekly gain.
—Ese Erheriene
contributed to this article.
Another Record Run
The S&P 500 closed above 2600 for the first time and other major indexes notched fresh highs as well,
in a week in which trading in many markets was subdued.
The S&P 500, Dow Jones Industrial Average and
Nasdaq Composite posted weekly advances together.
Shares of industrial companies in the S&P 500 lifted major
indexes, posting their first weekly gain in more than a month.
2.0%
604
Index performance
S&P 500 industrial sector
1.5
602
1.0
600
0.5
598
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
0
596
Fifteen-minute intervals
–0.5
Monday
Tuesday
Wednesday
Friday
Monday
Tuesday
The CBOE Volatility Index, a measure of
investors' expectations for swings in the
S&P 500 over the next 30 days, pulled back.
$59 a barrel
2.38%
12.0
West Texas Intermediate
crude-oil price
CBOE Volatility Index
2.36
11.5
2.34
58
2.32
Yield on 10-year
Treasury note
2.30
Fifteen-minute intervals
M
57
T
11.0
W
T F
10.5
87.5
10.0
87.0
56
86.5
Fifteen-minute intervals
55
M
T
W
86.0
T
F
WSJ Dollar Index
9.5
One-minute intervals
9.0
M
T
W
T
F
Fifteen-minute intervals
M
Sources: SIX Financial (indexes); FactSet (S&P industrials, Treasury yields, crude oil); WSJ Market Data Group (dollar index); Thomson Reuters (VIX)
A Troubling Trend for Insurers
Going Private
European insurers are putting more of their equity holdings into
private companies.
Listed equity
72%
73%
71%
28%
27%
29%
66%
Unlisted equity
’12*
’13
’14*
’15
34%
’16
*Data wasn’t collected for 2012 and 2014.
Source: European Insurance and Occupational Pensions Authority
THE WALL STREET JOURNAL.
Insurers’ investment portfolios are large, so their positions change slowly. But
the share of European insurers’ equity holdings that are
unlisted, for instance, has increased to 34% at the end of
2016 from 28% in 2011, according to regulator European Insurance and Occupational Pensions Authority.
Investing in loans, rather
than more-liquid bonds, has
also become more popular.
In the U.S., Moody’s Inves-
tors Service has found similar trends.
Individual insurers echo
the shift. MetLife has 15% of
its fixed-income portfolio in
private bonds, while private
equity accounts for 35% of
its equity holdings. U.K. annuity companies are furthest
down this path, with a quarter of all assets already in illiquid investments, according
to the International Monetary Fund.
Anecdotal evidence sug-
OVERHEARD
gests pension funds are making similar moves. And investment banks are
exploiting the trend, by creating and selling long-term
illiquid products.
Insurers and pension
funds need long-term assets.
The better they match the
maturity profile of their assets and their long-term liabilities, the more stable their
capital needs will be. Also,
because they can’t typically
suffer a run on funding as
banks do during crises, they
should be able to ride out
market ups and downs.
However, insurers, especially, still have to keep asset
values current or mark them
to market. With really illiquid assets, there is no market and so they must mark
them to modeled valuations
or educated guesses.
That’s when shareholders
can get worried about an insurer’s or pension fund’s
true value and head for the
exit, hitting share prices.
The more that everyone
pursues the same strategy,
the more dangerous it will
become.
—Paul J. Davies
There’s a certain irony in
opening an email to click a
link to the Bank of England’s
blog to read a near-1,500word post containing 35 more
links on whether online distractions harm the economy
more than helping it.
Maintain focus, though,
and Bank of England economist Dan Nixon makes some
interesting observations
about the past decade’s
weakness in global productivity growth coinciding with the
unstoppable rise of the most
distracting device ever invented: the smartphone.
One question he asks is
whether the concept of “revealed preference”—the idea
that the purchases consumers make indicate real wants
and needs—might be coming
undermined. That would be
the case if technologies exploiting psychological vulnerabilities change decision-making processes. That could
pose a challenge to economic
models of consumer behavior.
There may be plenty of productive work for economists
in coming years.
Rio Tinto Shouldn’t Follow the Herd on a Lithium Wager
Mining is an industry of
big upfront investments and
long periods of pain or gain,
depending on whether the
digger bets right or wrong.
It’s understandable, therefore, that Rio Tinto’s reported interest in acquiring
a big stake in Chilean lithium
miner Sociedad Quimica y
Minera de Chile is causing
butterflies in the stomachs
of some investors.
The miner’s interest in
lithium makes sense strategically. Rio Tinto is more
heavily dependent on iron
ore than some of its competitors, and a slowdown in Chinese demand seems likely.
Boosting its exposure to lithium, a battery component
and probable linchpin of an
increasingly renewable and
electric future, isn’t a bad
idea. The problem is price.
Rio Tinto has a history of
buying into bubbly mineral
plays at exactly the wrong
time. The company’s $38 billion purchase of aluminum
firm Alcan in 2007 is widely
panned as the worst mining
deal of all time.
A potential bid for Potash
Corp. of Saskatchewan’s
32% stake in Sociedad Quimica would be valued at about
$4.7 billion at current prices,
far less than the ill-fated Alcan bid. But there are some
worrying similarities.
Aluminum prices had
gained close 30% in the two
Friday
Treasury yields and the dollar fell after
Federal Reserve minutes showed officials
remain concerned about muted inflation.
FINANCIAL ANALYSIS & COMMENTARY
2011
Wednesday
U.S. oil prices rebounded as data showed
stockpiles falling and a pipeline shutdown
disrupted supply to the U.S.
HEARD ON THE STREET
Email: heard@wsj.com
Too much short-term debt
backing long-term assets
fueled the last credit bubble
a decade ago. This time
round, investors are hunting
for yield in hard-to-trade, often private assets. As a Goldman Sachs Group economist
put it recently: “Illiquidity is
the new leverage.”
The natural buyers of illiquid assets are in many
ways insurers and pension
funds. With rates low, they
have moved further into assets with a limited market,
which includes private bonds
or loans; private equity;
large real-estate assets; or
even lightly traded, longterm government debt.
Such assets aren’t necessarily worse quality than liquid debt or equity, but they
can be volatile. And in times
of strain, their values highly
uncertain. For shareholders
in insurers or in companies
responsible for large pension
funds, that can be a worry.
This uncertainty is why
such assets typically pay a
higher return, or an illiquidity premium, which is what
many insurers are chasing.
Fifteen-minute intervals
594
years before the Alcan deal
closed. The trend in lithium
looks even more bubbly.
Prices have roughly doubled
since late 2015.
Unsurprisingly, Sociedad
Quimica also looks richly
valued. It trades at 41 times
its past 12 months’ earnings,
according to FactSet, against
just 16 times for Rio Tinto.
On that basis, a potential
deal looks even pricier than
Alcan.
Meanwhile, lithium-reserve estimates vary wildly,
and no one knows exactly
when, or if, the electric-car
revolution will arrive.
A bigger stake in the newenergy sector would make
sense for Rio Tinto, espe-
Charged Up
Sociedad Quimica y Minera de
Chile SA, price/earnings ratio
50 times
40
30
20
10
0
2012 ’13
’14
’15
’16
’17
Note: Last 12 months trailing earnings
Source: FactSet
THE WALL STREET JOURNAL.
cially because it appears to
have decided that coal
power’s days are limited.
And Rio Tinto, for the first
time in a while, has a lot of
cash and is clearly studying
options for how to deploy it.
A better use of that cash
might be on Rio Tinto’s own
undeveloped lithium deposit
at Jadar in Serbia. Still, analysts at Bernstein suggest
Rio Tinto’s real interest in
Sociedad Quimica might be
to get in the room with
other bidders and learn
more about the business.
If Rio Tinto wants to dive
further into lithium, however, it might be wise to
wait. Then it can assess the
fortunes of other futuristic
tech plays, such as those
made by Tesla, and see if
lithium prices return from
their voyage of discovery in
outer space.
—Nathaniel Taplin
T
W
F
THE WALL STREET JOURNAL.
WSJ.com/Heard
InvestorsNeed
To Black Out
Black Friday
The stores were crowded.
At (some store) in (some
town) a fistfight broke out
over (this year’s hot gift). At
the (some name) mall in
(some other town), (something crazy happened).
There is a predictability to
Black Friday stories each
year, yet there also is a predictability to what they tell
us about how stores will do
over holidays—not much.
The read from Black Friday may be even less useful
than usual this year. Retailers are looking a little less
promotional than usual for
the long Thanksgiving weekend. That probably counts as
a good thing. Conditioning
shoppers to expect discounts
just as the holiday shopping
season gets under way
doesn’t do wonders for
profit margins.
What we do know is that
consumers are in good shape
going into the holidays. Unemployment is low and debt
levels are manageable. One
sticking point is that the
personal saving rate has
fallen, and people will need
to spend less to build it up.
Spending should
strengthen again this holiday
season. The big question is
how it gets distributed, in
other words, how big a bite
Amazon.com takes of its
competitors’ share.
Retail stocks have been
rallying, partly because investors were a little too dour
heading into this month, but
also because it seems that
retailers like Wal-Mart
Stores, with its combination
of e-commerce and brickand-mortar offerings, are figuring out how to punch back
against the online juggernaut.
Retailers probably need to
stanch only some of their
market share losses for their
stocks to keep rallying.
—Justin Lahart
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THE WALL STREET JOURNAL.
SHOPPING CENTERS ONLY
BENEFIT BIG BUSINESS.
SHOPPING
FOR
THE
FALSE
TRUTH
TRUE
THE TRUTH
LEARN THE TRUTH
ABOUT THE EVOLUTION OF RETAIL REAL ESTATE
AT SHOPPINGFORTHETRUTH.COM
ACCORDING TO ICSC RESEARCH, AND COSTAR
Locally owned businesses occupy
almost half of US shopping centers.
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As a sport and
a fitness option,
weightlifting
is on the rise
in the U.S.
In his photos,
Richard Avedon
had to choose:
lies or truths?
A new biography
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POLITICS
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LANGUAGE
THE WALL STREET JOURNAL.
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Saturday/Sunday, November 25 - 26, 2017 | C1
SERGE BLOCH
© 2017 Dow Jones & Company. All Rights Reserved.
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BY BEE WILSON
The Meals
That Still
Matter
HE OTHER DAY I saw someone
in a café drinking both Coca-Cola
and coffee, taking alternate sips
of each, and I thought, “Huh, are we doing that now?” Almost nothing surprises
me anymore when it comes to people
breaking food rules, because it feels
as if there are almost no remaining
rules to break. I’ve seen people order a
salad and a slice of chocolate cake and eat
the cake first. I’ve seen people eat French
fries for dessert and dinner for breakfast,
and no one blinks. Eating three structured meals a day,
seated at a table, is almost a thing of the past.
There’s still one great exception to this dining anarchy: holiday meals. When we sit down for a big seasonal dinner, we become a completely different kind of
eater, with fierce and dogmatic views about what
should be served and when.
For six years straight, my family went to the same
friends’ house for Thanksgiving dinner. As soon as there
was a chill in the air, I started to look forward to that meal,
because the components were regular as clockwork. There
was always a perfectly roasted turkey, carved away from the
table, with the light meat and the dark meat laid out separately on a large platter inherited from our host’s mother.
There were smooth, buttery mashed potatoes and an incredibly savory turkey gravy. To go with the turkey, our friends
served a raw cranberry and nut relish, a family recipe, which
tasted brighter and fresher than any traditional cooked
cranberry sauce. These dinners took place in Britain, though
the hosts were American, and to me and the other British
guests it felt like an education in the rules of Thanksgiving.
Holidays are now the only time
of year when we really focus on
what and how we eat—
and that is a source of security.
On the sixth year, an interloper appeared on the dinner
table. In addition to the usual raw cranberry relish, there
was an inverted can of jellied cranberry sauce, incongruously sitting on a fancy china plate. The jellied cylinder
glowed an aggressive red in the soft candlelight. This was
the kind of cranberry sauce so solid that it would bounce
off the floor if dropped, so gelatinous that a 1950s housewife might call it a “salad.” Over the course of the dinner,
almost no one ate any of this dull, wobbly condiment. It
had been provided at the request of a new set of American guests for whom it couldn’t really be Thanksgiving
without canned cranberry sauce.
Our hosts were both anthropologists,
and they understood why someone might
have an irrational need to honor a seemingly pointless food tradition. “Ritual matters,” one of them remarked with a smile,
clearing away the remains of the unappetizing red cylinder.
With each passing year, holiday food
seems to become more intensely ritualized.
The repertoire may have widened over the
past decade to take in new items such as
“festive” kale salad and quinoa and pomegranate stuffing, but our fierce attachment
to the cooking itself hasn’t changed.
Whether it’s Thanksgiving, Christmas, Rosh Hashanah
or Diwali, the list-making starts ever earlier. I have a
friend who starts anticipating the candied walnuts she
makes every Christmas as early as September. The recipe columns advise that we treat holiday preparation
like a “battle plan” and provide lists of cooking instructions for the big day, mapped out minute by minute,
starting at some ungodly
hour with, “Get up. Switch on
oven. Have coffee.”
Perhaps our excitement
about holiday meals has inPlease turn to the next page
Ms. Wilson is the author of
“First Bite: How We Learn to
Eat” and “Consider the Fork:
A History of How We Cook
and Eat,” both published by
Basic Books.
Eating three
structured
meals a day,
seated at a
table, is
almost a thing
of the past.
INSIDE
EVERYDAY PHYSICS
Why are these feathers red
and those blue? The science
of the avian color chart.
C2
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Brutality from the beginning.
A Zimbabwean on
37 years of Mugabe.
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WEEKEND CONFIDENTIAL
Blood, toil, tears and a wig:
Kristin Scott Thomas on
playing Mrs. Churchill.
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Amid the Rohingya crisis,
Myanmar’s first cardinal
welcomes the pope next week.
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Jamaica, 1692: wild lives,
desperate slaves and
the city that disappeared.
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THE WALL STREET JOURNAL.
REVIEW
The Ritual of Holiday Meals
TOMASZ WALENTA
Continued from the prior page
creased precisely because the
rest of our eating is now so divested of ritual (except, perhaps,
for our morning coffee). For
most of us, holiday eating is less
about religion and more about
food. It’s about treating dinner
like it is the most important
thing in the world.
Take Passover. Pew Research
found that in 2013, 70% of all
Jews in the U.S., including 42% of
self-identified “secular” Jews,
participated in the Seder meal
that starts the holiday. It was
much more widely observed than
Yom Kippur, the culmination of
the High Holy Days. The difference is that Yom Kippur is a solemn fast, whereas Passover is a
feast, full of food-related ritual—
something easy to buy into, no
matter what your beliefs.
The food writer Nigella Lawson
wrote in her 2004 book “Feast”
about how she came to adopt the
Seder meal, despite not having
grown up with it in her own nonobservant Jewish family. Ms. Lawson now relishes the chance to
have friends over for roast lamb,
matzoh, bitter herbs and haroset,
the sweet mixture of fruits and
nuts that symbolize the mortar
used by the Israelites enslaved in
Egypt. “What turned me around
was the cooking,” she writes.
In our daily meals, we have become starved of ritual, which can
make it feel as if life has lost its
rhythms. Holidays are the only time of the year when we know what
we are meant to be eating, collectively, and in these uncertain times,
this bestows a wonderful feeling of security.
In years gone by, the holiday meals of winter were just one feast
among many. The whole year was punctuated with moments of
sweetness and celebration. There were harvest feasts and midsummer feasts, pig-killing feasts and saint’s days. Throughout Europe,
people used to eat delicious fried foods for the Carnival that came
before Lent. Each region of France had its own version of a beignet—a puffed-up, deep-fried delicacy sweetened with sugar or
honey. Imagine how ambrosial such a fried treat must have tasted
when you ate it only once a year. It isn’t quite the same when you
can buy a Dunkin’ Donut any day of the week, any time of day. Without the fast, it is less of a feast.
One modern innovation that has killed off our seasonal rituals
is the globalized food supply, which blurs the keen awareness that
cooks once had about certain foods belonging to particular months.
It is a luxury to have year-round access to summer berries and winter greens, but this ubiquity also dulls the magic of anticipation. In
India, carrot halwa is a dessert made from grated
carrots, raisins, evaporated milk, cardamom and
sugar. It used to mark the end of summer and the
start of autumn, because that was the only time
of year when carrots were plentiful. But now, as
chef Vivek Singh explains in his book “Indian Festival Feasts,” you can easily find carrots in supermarkets year-round and cooks make carrot halwa
any time they feel like it.
No wonder we go over-the-top with our holiday meals. It is the one time of year when the
old rituals still seem to mean something, carrying the weight of
all the years that came before. I have been cooking a near-identical Christmas dinner for 18 years now, since my oldest child was
born (although I’ve gone back and forth on the merits and drawbacks of orange zest in the cranberry sauce). This year, the rituals
feel more urgent than ever before because my son will be returning home for a week during a year of study in China. This meal is
my chance to remind him of the structures of home before he flies
back to another continent.
After the spicy noodles of Nanjing, I suspect that my British seasonings will taste bland on Dec. 25, but I wouldn’t dream of cooking
anything else. I will make the same old nutmeg-scented bread sauce
(made from milk, onion and breadcrumbs) to go with the turkey,
the same polenta-crusted roast potatoes, the same tiny sausages,
the same brussels sprouts (each one trimmed and scored with a
cross before they are steamed), the same currant-and-almond-studded Christmas pudding and
brandy butter. The brandy butter—made of sugar, butter and
cognac and whipped to a buttercream texture—is our family’s
equivalent of canned cranberry
sauce. No one eats much of this
heady alcoholic concoction except for my father-in-law, but
not to have it on the table would
be anathema. It wouldn’t be
Christmas without brandy butter.
Food ritual used to be woven
into the fabric of the day and the
week. Across the Christian world,
EVERYDAY PHYSICS:
HELEN CZERSKI
The Color War
Of Blue Jays
And Cardinals
WHILE DOING oceanographic research in Rhode
Island a few years back, I
spent hours watching the
endless feathered soap
opera on my garden bird
feeder. My favorite in the cast was the
male northern cardinal because of its
stunningly vivid red color, topped off with
a jaunty crest. The large and noisy villain,
a blue jay, would tip every other bird off
the feeder and squawk at any rival who
didn’t take the hint.
The jay’s bright blue plumage made it
easy to forgive. I was enchanted by the
color, because where I grew up in northwest England, all birds seemed to be either
brown or brownish-beige. As a scientist, it
was also striking to me that these two
birds were flaunting two totally different
ways of making color.
A child with a paintbox will simply dip a
paintbrush into the right color and transfer
it onto something else. The male northern
cardinal does something similar. The important ingredient is a pigment, a molecule
that absorbs some colors and reflects others. A red pigment molecule will absorb
the blues, greens and yellows so that only
the red is reflected back to your eyes. The
absorption happens because of the structure of the molecule.
The cardinals use pigments called carotenoids, which are common in many leaves
and seeds and tend to be reds, oranges and
yellows. I find it fascinating that the birds
can’t make these pigments—no animal can.
But plenty of plants make them, and so animals get the pigments from their diet. A
cardinal is a living splash of paint—the
bird has just transferred the right pigment
into its feathers, and now it’s red.
But pigments never turn a bird blue. The
color of the blue jay comes from the architecture of the protein (keratin) that its
feathers are made from. The outer layer of
keratin is full of tiny air pockets, and as
light waves flood in, they bounce off the
boundaries between air and protein.
The critical part of this architecture is
the spacing of the pockets in the protein.
They are structured
so that a red light
wave, which is relatively long, can
bounce off, overlap
with another red
wave that bounced
off another pocket
and, through this
encounter, get canceled out. The same
happens for yellows
and greens.
But blue light has a much shorter
wavelength, and the pocket spacing
means that when a blue wave meets another scattered blue wave, they line up,
reinforcing each other. Blue light is the
only color that escapes intact, and so this
spongelike protein structure is how the
blue jay earns its name.
This is called structural color, and it exists because of the way a nanoscale texture
like these keratin pockets interferes with
light waves. We’re most familiar with this
phenomenon as iridescence, when light reflects off many thin layers to produce
shimmering colors, depending on the direction from which you look, like a peacock
feather or the surface of a CD.
The trick of a blue feather is that while
the air pockets don’t have a perfectly regular arrangement—they’re slightly jumbled—the average spacing is the same in
all directions. So the feather looks blue
from every angle.
Green parrots, snakes and frogs use both
the pigment and structural methods at the
same time. Their green is a mixture of blue
structural color and a yellow pigment,
which is why sometimes you’ll see a dead
snake that looks blue. The chemical pigment has broken down as part of the decomposition process, but the nano-size architecture is untouched, leaving only blue.
So two plots were proceeding on my
avian stage. While the squawking and
squabbling determined which birds got the
seed, a much calmer process at the very tiniest size scale was selecting the colors
that nature uses to tell their story.
Catholics abstained from eating meat
on Fridays to mark the day of the
week when Jesus died—so it couldn’t
be a Friday without fish. Other days,
too, had their own special meals,
which varied from country to country.
In Britain, Sundays called for roast
meat with all the trimmings (pork and
apple sauce, lamb with mint sauce,
beef with horseradish). Monday dinner
would be rissoles, a sort of dried-out hamburger made from minced
cooked meat, or shepherd’s pie, a ragu of shredded meat topped
with mashed potatoes, to use up the leftovers.
There are still some vestiges of this rhythmical way of eating
in Catholic countries. At trattorias in Rome, the daily specials are
comfortingly predictable, as food writer Rachel Roddy explains.
“Friday is the day for pasta and chickpeas or salt cod” she wrote
last year in the Guardian, “Saturday for Roman-style tripe with
mint and pecorino, Sunday for fettuccine with chicken livers and
then roast lamb, Monday for rice and endive in broth, Tuesday for
pasta and beans, Wednesday for whatever you fancy, and Thursday for gnocchi.”
This business of gnocchi on Thursdays is a ritual in Argentina
too, as my brother-in-law Gonzalo, who grew up in Buenos Aires,
often remarks. Gonzalo remembers that when he was growing up,
Thursday was the day before people got paid, so you ate gnocchi,
which was about the cheapest meal a cook could summon up, consisting of little more than potatoes, flour and salt. Under the gnocchi plate, you put a coin, to bring good luck.
Holiday food is about reclaiming some of these
lost rhythms—of the seasons, of meals and of
family life. Yes, it can also mean reviving the notso-good traditions of squabbling at the dinner table, of bruised egos and of bossy cooks who force
people to take unwanted second helpings. But at
least we manage to pull our gaze away from
flashing screens and really eat together, for once.
Human appetites are sociable, and we deprive
ourselves of half the value of food when we always eat alone. For some families, in a normal
work week, it has become almost impossible to coordinate mealtimes, let alone to gather everyone around a table.
In 2009-10, a team of researchers from University College London’s Institute of Education set out to study how the pressures of
time affected the eating habits of 40 dual-earner households. (Their
findings were published in 2013 in the journal Community, Work
and Family.) Between the pressures of work and afterschool activities, fewer than a third of the families managed to eat dinner together on “most weekdays.” In one family of five, the mother and
the father were on two separate weight-loss diets, and the youngest
daughter was a picky eater who wouldn’t touch any of the foods on
either parent’s diet. The mother commented that the only time everyone ate the same thing at the same time was on Christmas day.
I recently interviewed a European director of Hello Fresh, one in
a growing industry of meal-kit companies that supply recipe cards
and pre-measured ingredients to time-pressed households. He said
that according to their market research, when it
came to the amount of time customers wanted
to spend on cooking a meal, most had a “sweet
spot” of no more than 27 minutes—and preferably less. Only at holiday time do we switch back
to being cooks ruled by flavor, not by time.
Cooking for Thanksgiving or Christmas, we
can revert to being less frazzled by time or
trends. We stop fretting about carb content and
worry instead about whether there is enough
heavy cream in the scalloped potatoes. The single-person serving is swapped for the common
pot. Time in the kitchen becomes slow and luxuriant. Instead of googling “three-ingredient recipes” or “quick and easy midweek dinners,” we
start to think that eight hours is really no time
at all to spend on getting dinner ready.
The refrain of the food industry is “the consumer wants choice,” but our annual excitement about holiday food suggests that we feel
liberated by not having to choose, for once. Ritual can set you free.
There are an average 38,900 items for sale in
U.S. supermarkets, according to the Food Marketing Institute, but when cooking Thanksgiving
dinner, you can forget about most of them. In the
free-for-all of UberEats, Soylent and other new
modes of meeting our nutritional needs, it’s reassuring to eat by the rules again: to know that, no
matter how much you jazz it up, there must be
turkey (or the vegan equivalent) and stuffing and
cranberry sauce on the table.
For all the cheer and the pies, there can be
something a bit melancholy about holiday food
(and I’m not just talking about the perennial
disappointment that is eggnog). For a few days,
we gather and treat food like it actually matters. And then we go back to normal life, where
the question of what to cook for dinner falls
lower on our list of priorities than what case to
TOP, traditional foods on a Seder plate for Passover; above, dishes for Diwali.
buy for our new iPhone.
We reclaim
the lost rhythm
of the seasons,
of meals,
of family life.
GETTY IMAGES (4)
Bouncing
light
waves,
tiny air
pockets
and color.
FOR HOLIDAY MEALS, people often
have dogmatic views of what should be
served—such as turkey and canned
cranberry sauce for Thanksgiving.
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* * * *
Saturday/Sunday, November 25 - 26, 2017 | C3
REVIEW
HEAVY
METAL
FROM TOP: SCOTT HALLERAN/GETTY IMAGES; GETTY IMAGES
Weightlifting is resurgent
in the U.S., in competition and
as a fitness option
BY DANIEL KUNITZ
LAST YEAR, Martha “Mattie” Rogers became
the face of weightlifting’s resurgence in the
U.S. by posting a video to Twitter. In it she
hoists a heavy barbell above her head, loses
control of it and watches as it rolls away—with
Ms. Rogers in slapstick pursuit, arms waving—
and smashes through the front window of her
gym. The unexpected combination of a young
woman tossing around a barbell that few men
could manage and then shattering glass with it
sent the clip into the viral stratosphere.
But Ms. Rogers isn’t just a social media star
with a pretty face. She is an example of a species once thought to be all but extinct in this
country: a world-class lifter. She owns all the
American records in her weight class and, in a
first for her sport, was included this year on
the Sports Illustrated list of Fittest 50 females.
On Nov. 28, Ms. Rogers will compete at the
World Weightlifting Championships in Anaheim,
Calif., as part of what is arguably the finest
American team in generations. It includes Sarah
Robles, who earned a bronze medal at the 2016
Olympics; Colin Burns, a gold medalist at the Pan
Am Games this past summer; and 16-year-old
C.J. Cummings, the current reigning youth world
champion in his weight class and the first American in more than 40 years to set a senior division world record (weighing only 152 pounds, he
lifted more than 407 pounds over his head).
Although no American men have won gold
at the World Championships since 1969 and no
women since 1997, this year’s team represents
the best chance in generations to beat perennial favorites such as Colombia, Iran, South Korea and Georgia. That some nine countries—including powerhouses Russia, China and
Kazakhstan—were banned from competition
this year because of repeated doping violations
won’t hurt the Americans’ chances either.
American teams have suffered in international competitions because, historically, competitive weightlifting has not been popular in
the U.S. In fact, few people can distinguish it
from the two sports it is often confused with:
bodybuilding, which entails lifting weights to
enhance the size and appearance of muscles,
TOP, Martha ‘Mattie’ Rogers competing in the world championships in Houston in 2015;
above, a man preparing to do a snatch in a CrossFit competition.
and powerlifting, which consists of the squat, deadlift and
bench press. In Anaheim, the
competition will consist exclusively of the two weightlifting
events featured in the Olympics: the snatch and the cleanand-jerk. In both events, you
hoist a weighted barbell from
the ground to overhead—but
nothing so seemingly simple
can be as maddeningly complex.
The snatch occurs as a single continuous
movement. You take a wide grip on the bar and
propel the weight upward with your legs by
standing violently. At the top of the bar’s trajectory, about chest height, you quickly reverse direction, dropping under the bar to catch it in a
full squat, with your arms locked overhead, and
then you stand.
The clean-and-jerk, as its name implies, involves two actions. For the clean, you take a
shoulder-width grip on the barbell and stand
powerfully, again using your legs to drive the bar
upward to about chest height, at which point
you drop under it, catching the bar on your
shoulders before standing. In
order to get the barbell over
your head—that is, to jerk it—
you dip straight down and,
again using your legs, push skyward to get the bar moving up.
You then quickly split your legs
forward and back so as to catch
the barbell at its apex, lock your
arms and stand with the weight
over your head.
Like Ms. Rogers and most of today’s lifters, I
learned the snatch and clean-and-jerk through
CrossFit, which, any coach or athlete will tell
you, has been the single most important force in
popularizing the sport. Between the 2012 and
2016 Olympic Games, membership in USA
Weightlifting (USAW) more than doubled, from
11,000 to over 26,000. But those numbers only
account for people actively competing at local
and national meets. Because of CrossFit, which
incorporates the lifts, many hundreds of thousands of others are now engaged in weightlifting
as part of their exercise routine.
More recently, weightlifting has spilled out
beyond the CrossFit world. Ms. Rogers’s coach,
CrossFit
has drawn
thousands
to Olympicstyle lifting.
Danny Camargo, teaches certification courses for the USAW and
has seen an influx of personal
trainers and strength-and-conditioning coaches. “That tells you
their clientele are beginning to
ask about weightlifting,” he says.
Indeed, to meet demand, large
franchise gyms such as Life Time
Fitness and Equinox have begun
installing Olympic lifting equipment in their facilities in the
past few years.
Still, few gym-goers will ever
attempt a snatch or clean-andjerk on a platform in front of
judges. They lift because practicing such highly athletic
movements confers enormous
fitness benefits, no matter how
good you are at them. Nor do
you need to be young to begin.
I took up weightlifting in my
40s and regularly train alongside people who started in their
50s and 60s.
In fact, the lifts target the
very things that tend to degrade
with age. Most obviously, they
improve your strength, particularly in the legs (leg strength being a prime predictor of longevity, followed closely by overall
muscle mass) and core, by which
I mean everything between
shoulders and hips, not just your
abs. Weightlifting also greatly improves flexibility, balance, stability and overall motor control.
And, as with dance, the snatch and clean-andjerk demand continuous neuromuscular interaction. You’re constantly learning how to move
better, so doing it sharpens mental acuity while
getting you jacked.
Isn’t jumping under heavy weights dangerous? Not as much as you might think. All exercise carries some risk, and if you engage in it
regularly, you will eventually hurt something.
In weightlifting, that usually means nothing
more than a sore wrist or elbow. Certainly, the
best way to avoid injury, and to maximize the
effectiveness of the lifts, is to train with a good
coach. Weightlifting is not about brute
strength, muscling barbells over your head
however you can; it’s about technique.
The hazards of concussion and permanent
brain injury are also virtually absent in weightlifting, compared with football and even soccer.
As parents come to realize that lifting will
make their children healthier, rather than imperil their future, it should bode well for the
expansion of the sport.
So, too, should the decline of television.
Weightlifting has never thrived on the networks, but, as Ms. Rogers’s 475,000 Instagram
followers suggest, it’s a smash hit on social media. Instagram and Facebook not only highlight
weightlifting’s elegance and explosiveness, they
allow you to share a single particularly spectacular lift and watch it repeatedly. Social media also inserts the fan into the athlete’s story,
letting us follow our favorites as they train,
warm up and react backstage.
Being able to plug in to weightlifting at any
odd moment, combined with the rising number
of people actually doing the lifts, has caused its
audience to ripple outward in expanding waves.
Those who take a few minutes to tune into the
World Weightlifting Championships next
week—they’re not on TV, only streamed live on
the internet—may just be inspired to pick up a
barbell themselves.
Mr. Kunitz is the author of “Lift: Fitness Culture, From Naked Greeks and Acrobats to
Jazzercise and Ninja Warriors.”
FOR THE CATHOLIC CHURCH IN ASIA, A DELICATE BALANCE
SINCE TAKING office in 2013, Pope
Francis has named the first cardinals
in history from more than a dozen
countries, including such unlikely
places as Laos (less than 1% Catholic)
and the archipelago of Tonga (14,000
church members), even while passing
over appointments for major dioceses
in the West.
His visit to Myanmar and Bangladesh next week will showcase his vision of a church that focuses on disadvantaged communities far from
Catholic heartlands. Pope Francis introduced both countries into the club
of cardinals, appointing Cardinal
Charles Bo in Myanmar and Cardinal
Patrick D’Rozario in Bangladesh. Minuscule Catholic communities in both
places struggle with poverty as well
as ethnic and religious tensions, but
they wield influence far out of proportion to their size.
“Reality can be understood better
and seen better from the peripheries
rather than from the center,” the pope
said last year after visiting Azerbaijan, where Catholics number in the
mere hundreds.
The trip to Myanmar, the first by
any pope, comes amid a delicate transition from decades of military dicta-
ANDREW MEDICHINI/ASSOCIATED PRESS
BY FRANCIS X. ROCCA
AND SYED ZAIN AL-MAHMOOD
foreign interlopers.
The church is trying to strike a fine
balance in Myanmar: The pope has
spoken on behalf of the Rohingya, but
Cardinal Bo and others are encouraging him on this trip to avoid the very
word, and to call them instead the
“Muslims of Rahkine State.” A backlash could harm progress for Christians and other minorities and for
democratization,
Cardinal Bo argues.
He convinced the
pope to meet with
Myanmar’s military
chief, whom the Vatican initially didn’t
include.
For many minorities marginalized under the military regime, “only the
church provides the basics of school,
medical care and even food,” said the
Rev. Bernardo Cervellera, editor of the
influential Catholic magazine Asia
News. The church runs dozens of hospitals, clinics and leper colonies in
Myanmar. Cardinal Bo has been campaigning for the return of more than
80 formerly Catholic schools that he
says the military took over “at gunpoint” in 1965. The church wants the
government to fund Catholic education as it does Buddhist schools.
In neighboring Bangladesh, Catho-
lics make up an even smaller share of
the population—just 375,000 out of
154 million. Nearly 90% of the population is Muslim, and Islam is the state
religion. But as in Myanmar and elsewhere, schools are a key Catholic contribution: Dhaka’s elite Notre Dame
High School has educated many prominent Muslim politicians, including
current government
ministers and parliamentarians.
Such efforts help
the church to be perceived as a neutral
voice and advocate
for social justice and
workers’ rights. Only
weeks into his pontificate in 2013, Pope
Francis weighed in
on the collapse of a Bangladesh garment factory that left hundreds dead,
denouncing conditions at the factory
as “slave labor.”
Bangladesh is where most Rohingya refugees have fled; the church’s
charitable arm, Caritas Bangladesh,
says it is spending about $2.7 million
to aid 12,000 Rohingya families. The
pope plans to meet with some Rohingya there, though not in Myanmar.
Cardinal D’Rozario says Pope Francis
will “look to inspire a dialogue between different religions and cultures
and between the rich and the poor.”
A papal trip
to countries
roiled by the
Rohingya
crisis.
CARDINAL CHARLES BO heads a small but influential Catholic
community in Myanmar, where Pope Francis will visit next week.
torship to democracy. The Catholic
community numbers just 650,000 out
of a population of 52 million. Most
Catholics are members not of the majority Bamar ethnic group but of several minorities. Under military rule
that began in 1962, Catholics were
doubly disadvantaged, since jobs in
the government and military were
largely restricted to Buddhists of
Bamar ethnicity. “We have been
somewhat discriminated against, not
given facilities, opportunities,” said
Cardinal Bo in an interview.
The situation has partly eased
since the military’s attempt at democratic transition began in 2011, and
especially since the party of civilian
leader Aung San Suu Kyi formed a
government last year. It includes a
Christian vice president, Henry Van
Thio, the first non-Buddhist in the
post. Cardinal Bo has been one of Ms.
Suu Kyi’s most vocal champions, even
amid criticism of her failure to denounce the military’s treatment of the
Rohingya Muslim minority, whom the
government has generally viewed as
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C4 | Saturday/Sunday, November 25 - 26, 2017
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THE WALL STREET JOURNAL.
REVIEW
WORD ON
THE STREET:
BEN ZIMMER
BETTMANN ARCHIVE/GETTY IMAGES
‘Sheroes’
March On
With Barbie
ROBERT MUGABE in August 1983, three years into his term as prime minister.
From the Start,
A Brutal Reign
Total Control.’’ Nearly 25 years after reporting
on the atrocities in Matabeleland, I was once
again a witness to what Mr. Mugabe did when
his political power was threatened.
The damage that Mr. Mugabe wrought upon
Zimbabwe was also institutional. He hollowed
out not only the organs of state, the civil service
and the legal system but also, in the end, his
own ruling party, ZANU-PF. He reduced it to a
personality cult, getting rid of anyone who challenged his absolute authority, until he was attended only by fawning party hacks, prancing
around in ludicrous regalia bearing his image, as
though he were a great prophet.
later,
there
has
still
been
no
inquiry,
no
acBY PETER GODWIN
Around him his country, once the most
counting, no punishment. Emmerson Mnanprosperous in Africa, was laid waste. His landgagwa—Mr. Mugabe’s apparent successor in
LENIN ONCE SAID, “There are decades when
reform program was chaotic, decimating agrithe wake of his resignation this week—was
nothing happens; and there are weeks when
cultural production. The Zimbabwe dollar bethen the intelligence chief and one of the main
decades happen.” For Zimbabwe, my homecame a joke, with hyperinflation so bad that
architects of the Matabeleland operation, carland, it was just such a week, into which we
eventually its value dropped by half every 24
rying out his boss’s orders. “I’ll shorten the
stuffed decades of arrested political develophours, until it zeroed out and he abandoned it
stay on earth of any cockroach that opposes
ment. After being ruled by Robert Mugabe for
altogether. Industry collapsed and unemployMugabe,” he said at the time.
a stifling 37 years, Zimbabwe shook itself free
ment swelled. The average Zimbabwean now
The Matabeleland massacres were Robert
of him at last, in a matter of days.
survives on a little more than $3 a day, accordMugabe’s original sin, for which he has never
History in Zimbabwe stands astride a stark
ing to the country’s statistical agency. Unsurpaid penance. Much later he tried to dismiss the
binary of before and after. The “before” is the
prisingly, it is estimated that more than three
bloody campaign as “a moment of madness.”
era when it was still white-ruled Rhodesia, a remillion Zimbabweans, almost a quarter of the
But the killings went on for nearly four years.
gime that ended in 1980 following a seven-year
population, have poured out of the country
Soon afterward, he bullied the southern-based
guerrilla war. As an 18-year-old white Rhodeinto a diaspora, of which I am a member.
opposition party, ZAPU, into accepting a onesian, I was conscripted to fight in that war on
And now Robert Mugabe is finally gone. But
party state under his own ZANU-PF.
behalf of the government.
his party lives on. In fact, all of the liberation
It was a malignant political bear hug and
Then came the “after.” Like many Zimbaparties of southern African, born of anti-colonial
continued until the late 1990s, when a new opbweans of all races, I
wars, live on. The MPLA
returned after 1980 at
in Angola, Frelimo in
the urging of the forMozambique, Swapo in
mer guerrilla leader
Namibia and the ANC in
and now prime minisSouth Africa—they are
ter, Robert Mugabe.
all still in power.
We wanted to show the
I have a mixed reworld that we could
cord in predicting how
create a colorblind
events in Zimbabwe will
country, the envy of
unfold. Six years ago I
Africa. But our hopes
wrote a book called
curdled quickly under a
“The Fear,” whose subrancid dictatorship—
title in the U.K. edition
violent, dream-shatterwas “The Last Days of
ing and just plain deRobert Mugabe.” In my
pressing.
defense, Mr. Mugabe
Mr. Mugabe’s politiwas shortly thereafter
cal obituaries have been
forced to share power
plentiful this week. But
in a government of namy own experience
tional unity with his podoesn’t chime with the
litical opposition, but it
widely accepted version
didn’t last. He ditched
of what Hollywood
the arrangement four
WEDNESDAY’S newspapers in Harare, Zimbabwe, reported that Mr. Mugabe had resigned.
would call the “drayears later.
matic arc” of his life.
I did better in asThe standard view goes like this: An intellectual
sessing the prospects of his young wife, Grace,
position emerged under Morgan Tsvangirai. Mr.
schoolteacher turned political activist, Mr.
who was even then giving clear signs of dynasMugabe greeted this development as he had alMugabe liberated his country from colonial optic ambition. His junior by 41 years, she had
ways greeted dissent, with violence—terrible vipression and ruled it benignly for years—allownot fought in the war of independence against
olence, which I witnessed and wrote about, iming, for one thing, white settler families like
white Rhodesia and thus lacked that key
potently, as it reached its zenith in 2008. It was
mine to stay and thrive—under the wise, modersource of legitimacy.
another campaign of well-scripted politicide, an
ating influence of his first wife, Sally. After her
On that front, I was vindicated this week. Her
effort by Mugabe loyalists to wipe out support
death in 1992, however, he fell into the clutches
husband’s attempt to clear a path for her by refor the opposition party by torturing its officials
of Grace, who would become his
moving his heir apparent—Mr. Mnangagwa, the
on an industrial scale.
second wife: a fiery young
vice president and former intelligence chief—
I met many of the victims at
woman from the presidential
triggered the demise of his own long political
the time, survivors, as they detyping pool, under whose shrill
career. Mr. Mnangagwa is 75 years old, fully creserve to be called. Many had
counsel he became the brutal,
dentialed as a fighter in the war of liberation,
what doctors refer to as “dekleptocratic, land-grabbing viland has the backing of the army. It would be
fense” injuries—ghastly wounds
lain whom the world soon
foolish to expect him to usher in an era of encaused to their arms when they
learned to hate.
lightened politics and sound policy.
tried to protect themselves
Inconveniently, the timeline
For now, though, do not begrudge long-exagainst the blows of a boot, a
of his felonies fails to fit this arc.
iled Zimbabweans like me our moment of relog, a whip, a rock, a machete
Within two years of coming to
lief. Across Zimbabwe a grateful people are reor an ax. The violence was done
power, Mr. Mugabe had already
moving the official framed portraits of Robert
on a catch-and-release basis.
ordered his Fifth Brigade soldiers, trained by
Mugabe that, by law, had to hang in every
When the tortured returned home with their
North Korean instructors, into Matabeleland, in
place of business, a visage that remained
gruesome stigmata, they acted as human billthe southwest of the country, to pacify the peoyouthful even as he became decrepit. For the
boards, advertising the consequences of opple who lived there. His generals called the opfirst time in our existence as a nation, we are
posing Mr. Mugabe.
eration “Gukurahundi,” after the first rains,
savoring the novelty of having an ex-president.
Being military in origin, the operation had a
which sluice away the accumulated debris.
name, of course. They called it operation “NaIt was one of my first stories as a cub regatipedzenavo,” which in the Shona vernacular
Mr. Godwin is a former correspondent with
porter, and it gave me a gory glimpse into Mr.
means, “Let Us Finish Them Off.” And there was
the BBC and Sunday Times of London, and
Mugabe’s character, one that I’ve never forgotnothing subtle about the Mugabe campaign slois the author of “Mukiwa” and “When the
ten. His soldiers killed some 20,000 civilians.
gan that accompanied it, emblazoned on banCrocodile Eats the Sun”
It’s only an estimate because, all these years
ners slung across streets: ‘‘The Final Battle for
BEN CURTIS/ASSOCIATED PRESS
A Zimbabwean recalls the long arc of Mugabe’s career
Savoring
the novel
experience
of having an
ex-president.
MATTEL RECENTLY unveiled the
first Barbie doll to wear a hijab,
modeled on U.S. Olympic fencer
Ibtihaj Muhammad. It’s the latest
in a series of Barbie dolls dubbed
“Sheroes”—“female heroes who
inspire girls by breaking boundaries and expanding possibilities
for women everywhere,” in Mattel’s words. Other dolls in the
“Sheroes” line are modeled on
gymnast Gabby Douglas, director
Ava DuVernay and ballet dancer
Misty Copeland.
The word “shero,” blending
“she” and “hero,” has been circulating since the 19th century to
refer to women worthy of admiration. Early on, however, it was
mostly used as a jokey name for
a female companion of a male
hero.
In a bit of dialect humor that
appeared in the newspaper Spirit
of the Times in 1851, a writer
identified as “Curnill Jinks” tells
of the founding of Satartia, a
town in Yazoo County, Miss., by
“the illustrious hero an [sic] the
shero, his wife.” An 1880 item in
the National Police Gazette was
titled, “A Love Drama in One Act:
In Which the Hero, Shero, Two
Small Boys, and a Dozen of Hen
Fruit Play Leading Roles.” And in
an 1897 essay, Ambrose Bierce
imagines a novel where “my assistant hero learns that the heroin-chief has supplanted him in
the affections of the shero.”
The women’s liberation movement of the 1970s put a more
empowering spin on the word, at
a time when feminists were taking a critical look at language,
transforming “history,” for instance, into “herstory.” Two
prominent African-American
women were the first to embrace
“shero” as a term of pride. The
An 1851
newspaper
may have
started it all.
poet and author Maya Angelou
spoke of “heroes and sheroes” in
a 1977 lecture. And Johnnetta B.
Cole, an anthropologist who
would go on to serve as president of Spelman College, helped
propel the word with her saying,
“For every hero in this world,
there’s at least one shero.”
Both Ms. Angelou and Ms.
Cole served as inspirations for
Varla Ventura when she wrote
her book, “Sheroes: Bold, Brash,
and Absolutely Unabashed Superwomen from Susan B. Anthony to Xena,” published in
1998. At the time, she noted,
“television’s supreme shero,”
Oprah Winfrey, had “adopted the
word into her public vocabulary.”
But Ms. Ventura wanted to go
further, writing, “Let’s get ‘shero’
into Webster’s Dictionary, Scrabble, the collective consciousness,
and, most importantly, the common parlance!” She even included a form letter in the back
of the book that readers could
fill out, addressed to MerriamWebster. A press release for her
letter-writing campaign argued
that “the word ‘hero’ reeks of
masculine overtones while the
feminine form—‘heroine’—
sounds like the name of a narcotic drug.”
Merriam-Webster sent replies
to those who wrote in, explaining that “at this point, the evidence we’ve accumulated for
‘shero’ is not enough to justify
its inclusion” in the company’s
Collegiate dictionary. But that
evidence eventually won out, and
the word was added to the Collegiate in 2008, 10 years after Ms.
Ventura launched her campaign.
And now “shero” has achieved
the ultimate online success: becoming a popular Twitter
hashtag.
Answers
to the News Quiz on page C13
1.A, 2.C, 3.D, 4.C, 5.B, 6.B, 7.B,
8.A
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BOOKS
THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | C5
The Manufacturer of Beauty
The photographer who defined 20th-century fashion felt trapped by its artifice
to be interpreted as “ads” for his
sitters. Novelist Isak Dinesen—whom
Avedon apparently deemed greedy
and snobbish—called her portrait
“ ‘ungallant’ and unforgivable,” Ms.
Stevens writes; author Renata Adler
thought he made her look “actively repellant” in one image. “I realize that
people don’t always look the way they
want to in a photograph,” she says in
“Something Personal,” “but the least
they can ask is not to be grotesquely
misrepresented.” Avedon’s editor at
Vogue, Diana Vreeland, had been “outraged” by his intentionally unflattering picture of the Duke and Duchess of
Avedon: Something Personal
By Norma Stevens
and Steven M.L. Aronson
Spiegel & Grau, 699 pages, $40
BY LESLEY M.M. BLUME
Bored with his matchless
‘capacity to glamorize,’
Avedon later sought ugly,
outré portrait subjects.
GETTY IMAGES
EARLIER THIS MONTH, a few torrid
details leaked about “Avedon: Something Personal,” a biography and oral
history of Richard Avedon assembled
by the photographer’s longtime business partner, Norma Stevens, and
writer Steven M.L. Aronson. The New
York Post’s Page Six gleefully reported
on the book’s revelations about
Avedon’s supposed love affair with
film director and writer Mike Nichols,
his disdain for Vogue editor Anna
Wintour and his prickly relationship
with Jacqueline Kennedy.
“Something Personal” is indeed
saturated with gossipy revelations
about Avedon’s private life and musings; in a chapter titled “Forbidden
Affinities,” Ms. Stevens maintains that
Avedon was resolutely, if privately,
bisexual. Coming out had been a no-go
for him: He didn’t want to be typecast
as “the gay photographer,” he told
her; it would have been “bad for business.” Yet Ms. Stevens maintains that
Avedon—then married to his second
wife—confessed to her not only the
affair with Nichols (“We’re equally
corrupt: we were made for each
other”) but also make-out sessions
with author James Baldwin (really just
some “innocent kissing,” though) and
illicit middle-of-the-night Central Park
forest trysts (“My heart would be
pounding just like before a sitting”).
Lest anyone grow indignant about
the idea of Avedon as the subject of a
tawdry tell-all, Ms. Stevens is quick to
assure readers that this is a sanctioned exposé. Before his death, on
numerous occasions, she recalls, Avedon had obliged her to write a memoir
about him: “Be kind,” he reportedly
told her, “only, don’t be kind—I don’t
want a tribute, I want a portrait, and
the best portrait is always the truth.
Make me into an Avedon.” In other
words, glamorous but unsparing.
Avedon is to be credited for a certain bravery in directing that the
spotlight be turned back on himself,
just as he turned his own camera lens
onto thousands of others. His relationship with portraiture—explored at
length throughout “Something Personal”—was fraught. For five decades,
Avedon was the definitive manufacturer of beauty, as a master of advertising work and glossy portfolios; he
FOCUSED Richard Avedon on the floor in search of the perfect angle to capture British model Jean Shrimpton in 1965.
created visual fantasies for Harper’s
Bazaar, Vogue and countless fashion
labels, from Versace to Calvin Klein to
Dior, and made many millions of dollars doing so. (His annual salary at
Vogue, starting in 1965, was a staggering $1 million—nearly $8 million
in today’s currency.)
Avedon’s early stratospheric success cannot be exaggerated: Between
1945 and 1977, Ms. Stevens says,
“from the time Dick was twenty-one,
no issue, of first [Bazaar] and then
[Vogue], had gone to press without an
Avedon photograph in it.” He was
branded as one of fashion’s “principal
evangelists” by the New Yorker in
1958. Yet “the world he depicts is an
artificial one,” the profile went on,
“his polished and rather romantic art
flatly contradicts the bromide that
the camera never lies. Avedon’s camera unquestionably lies.”
From the beginning, Avedon took
such accusations of artifice to heart.
He became a household name, but the
origin of his fame carried with it connotations that would prove difficult to
surmount. Avedon loathed being
trapped within the industry that
launched him: “I have to do everything I can to combat the label ‘fashion photographer,’ ” he told Ms. Stevens. His true calling, he was certain,
was formal portraiture. With a vengeance, he created hundreds of nowiconic portraits as part of private
projects and later for publications
such as Rolling Stone and the New
Yorker, where he was made the first
staff photographer in 1992.
These pictures often proved deeply
controversial, which pleased Avedon;
the last thing he wanted, he told Ms.
Stevens, was for his formal portraits
Windsor; Irving Penn despised an Avedon portrait of President Eisenhower,
calling it cruel; one observer told Avedon that his late-life representations
of his own father were “patricidal.”
Many of Avedon’s contemporaries
and collaborators contributed reminiscences to “Something Personal,” including Calvin Klein, New Yorker
editor David Remnick, Nichols (who
notably did not admit to amorous
relations with Avedon in his testimonials), Donatella Versace, the model
Veruschka (who amusingly refers to
herself in the third person) and dozens
of other luminaries. (Noticeably absent, however, are Avedon’s son, John,
and magazine editor Nicole Wisniak,
with whom Avedon had a longtime,
possibly romantic collaboration.)
Although the bitchier and more
salacious anecdotes in “Something
Personal” will likely earn the book a
good deal of attention, the cast of
characters is most interesting when
discussing Avedon’s central struggle:
Should he direct his talents to selling
the lie or revealing the truth? “The
tragedy is that Richard Avedon was a
really great commercial artist . . . who
wanted to be Diane Arbus,” says Peter
Galassi, former photography curator
at the Museum of Modern Art. Ms.
Adler suggests that Avedon had
simply “gotten tired of being
Velázquez and was now trying to be
Goya . . . he’d gotten bored with his
matchless capacity to glamorize.”
Yet even when his determination to
be seen as a true artist reached a fever
pitch, Avedon never ceased taking on
Please turn to page C7
A City Swallowed by the Sea
By Ben Hughes
Westholme, 277 pages, $28
BY FERGUS M. BORDEWICH
BENEATH THE Caribbean waters just
offshore from Kingston, Jamaica, lie
the submerged ruins of what was
once a rowdy, greed-driven, slavetrading pirate haven as well as one of
the most cosmopolitan entrepôts in
the New World. Ben Hughes brings it
all to life in “Apocalypse 1692,” a
rousing, colorful and deeply researched account of Port Royal’s last
wild years and sudden death.
Captured from the Spanish in
1655, and cocooned in the business
of slavery, Jamaica was by far the
largest of the British Caribbean islands. By the last decade of the 17th
century, Port Royal, the island’s capital, hosted a diverse amalgam of
would-be gentlemen on the make,
avaricious hustlers, Portuguese Jews
expelled from Brazil, Irish indentured servants, Spanish renegades,
religious dissidents, Huguenot refugees, criminals, slaves (two-thirds of
the island’s population) “and numbers of half-savage buccaneers,”
writes Mr. Hughes.
One early visitor quoted by Mr.
Hughes, Edward Ward, called
Jamaica “the Dunghill of the
Universe, the Refuse of the Whole
Creation . . . as Hot as Hell, and as
Wicked as the Devil.” Whites were
notorious for their loose sexual
mores, corruption, drinking and
gluttony. Carousing buccaneers were
known to entertain themselves by
planting a keg of rum on a public
street and compelling passersby to
drink with them at gunpoint. A feast
at an upper-crust home might ply
diners with turtles cooked in their
shells, wild jerked hog, roasted goat,
fricasseed rabbit, turtle dove and a
host of other gout-inducing dishes.
New governors were greeted with the
official presentation by local Jewish
merchants of a “Jew Pie,” which consisted of a baked crust covering a
purse of gold doubloons, an elegant
protection payment in a place where
anti-Semitism often flourished.
it slid into the sea and sank thirty or
forty feet. The water surged forward
in a spitting mass of foam. . . . The
forts’ cannon, torn from their
carriages by the shuddering of the
earth, rolled wildly along the battlements, causing carnage amid the
fleeing scarlet-coated militiamen
assigned to man them as the lowlying forts boiled out of sight.”
people were killed outright, and
thousands more died soon after from
injuries and disease.
As dramatic as these events were,
and as affectingly as Mr. Hughes
describes them, he has written more
than a literary iteration of a disaster
movie. He situates Jamaica—in the
years leading up to the earthquake—
in the larger framework of English
Then it got worse. Hundreds of
decomposing corpses were hurled up
from graveyards and washed into the
few blocks that remained of the city.
The sea swallowed “a multitude” that
had gathered for safety on the
battery. Victims were sucked beneath
the waves and spit up again on water
spouts. For days afterward, the tide
washed ashore bodies “sometimes a
hundred or two hundred in a heap.”
In all, between 1,000 and 2,000
expansion. As he shows, it was an age
of accelerating commercial growth,
scientific discovery and artistic
creativity. Free trade was beginning
its ascendancy over state-controlled
monopoly, and the empire was in its
exuberant youth, expanding in every
direction: Africa, the East Indies and
the Americas, including the Caribbean, where the booming sugar industry was transforming the islands into
economic powerhouses, underpinned
A rousing and deeply
researched account of the
wild years and sudden death
of Port Royal, Jamaica.
Life as the people of Port Royal
knew it came to an abrupt end on
Tuesday, June 7, 1692. Around 11:30
in the morning, an eerie rumbling
sound was heard, and the ground
began pitching and rolling. A church
steeple crashed to the ground on a
crowd gathered below. Wharves,
homes, churches, shops and warehouses suddenly sank away into the
sea. Raw panic followed. Mr. Hughes
writes: “The air filled with wailing,
crying and sobbing, and a terrifying
splintering sound emanated from the
heaving ground. . . . The quayside collapsed. With an awful cracking sound,
GETTY IMAGES
Apocalypse 1692
by the wholesale importation of slave
labor from Africa.
Back in England, the constitutional
monarchs William and Mary were
compelled to seek Parliament’s permission to levy taxes and perform
other governing tasks that had
hitherto been regal prerogatives.
Similarly, in Jamaica, the elected (if
plutocratic) Assembly frequently
challenged the royal governor’s
authority, sometimes forcefully.
Although the Assembly’s assertion of
power foreshadowed later political
confrontations between colonial
legislatures and the crown in the
North American colonies, its demands
emphasized economic concerns,
particularly the desire for freer trade
in slaves and more than democratic
rights for non-slaves.
As Jamaica’s plantation economy
boomed, the demand for slaves—
“black ivory”—grew steadily along
with it. In 1688, it was estimated that
10,000 slaves had to be imported
annually to maintain the enslaved
population, on the assumption that
one-third of the total would die every
year. Mr. Hughes, whose previous
books have recounted episodes from
18th- and 19th-century colonial
history, shapes his compact but illuminating account of the slave trade
around the exceptionally welldocumented voyage of the slaver
Hannah. He follows its journey along
the African coast, where its skipper
traded cowrie shells, tobacco and
brass pans for 399 Africans, including
126 women and girls, and then back
across the Atlantic to Jamaica.
Please turn to page C6
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* ***
THE WALL STREET JOURNAL.
BOOKS
‘Don’t do it the way I showed you, do it the way I mean.’ —Michael Curtiz
Seeing in Pictures
In fact, Curtiz was interested in
little other than making movies and
having sex. He had a limited psychological range and was a notorious
lothario even for the studio-system
era, making him a dicey biographical
subject. Mr. Rode gives equal time to
those who loved the director as well
as those who hated him, although
the author’s zeal leads him to devote
too many pages to some highly forgettable films. Curtiz would have
rather directed anything than nothing, but even he must have swal-
Michael Curtiz:
A Life in Film
By Alan K. Rode
Kentucky, 681 pages, $50
BY SCOTT EYMAN
Michael Curtiz was a
‘cinematic genius’ with
a dynamic style that
would later influence a
young Steven Spielberg.
GETTY IMAGES
MICHAEL CURTIZ is the best director
most people have never heard of. They
know his films, though: “Captain
Blood,” “The Charge of the Light Brigade,” “Angels With Dirty Faces,” “The
Sea Hawk,” “The Sea Wolf,” “Yankee
Doodle Dandy,” “Mildred Pierce,” “The
Breaking Point.” And, of course, “Casablanca.” And that’s just the top tier.
These pictures helped define Warner
Bros. in the 1930s and ’40s, when it
was the scrappiest, most exhilarating
studio in the business. Below them are
an additional dozen or so beautifully
directed professional entertainments.
Curtiz’s secret was a dazzling technique that could be fitted to any genre
except comedy—noir, westerns, musicals, love stories, whatever was on
offer. His camera was an active participant, a searcher after crucial emotional
moments, making for a dynamic style
that was a strong influence on the
young Steven Spielberg. Curtiz liked
artful compositions and rapid push-ins
from a medium shot to a close-up. The
camera and the editing of prime Curtiz
films tend toward the energetic, the
better to make the scene come alive.
His visual sense was so acute that,
according to writer-producer Robert
Buckner, Curtiz was the kind of “cinematic genius” who “could make a picture when he didn’t know what it was
about.” Casey Robinson, who had
worked on the script for “Casablanca,”
called him “one of the great directors
of scenes. . . . He saw it in pictures, and
you supplied the stories.”
Yet until now nobody has taken up
the case for Curtiz in a soup-to-nuts
biography. The good news is that Alan
Rode’s massive book is exhaustively
researched, well written and frequently
witty. (“Peter Lorre was the knuckleball of Hollywood character actors,”
Mr. Rode writes.) There are also numerous anecdotes of accidental humor
arising from Curtiz’s garbled English,
which made it hard to take him seriously. “Please, please, make me a love
nest from out of it,” he told Bette Davis
and Errol Flynn before a passionate
scene. David Niven used Curtiz’s exhor-
HARD-DRIVING Curtiz ca. 1930, an era in which he made six films a year.
tation to “bring on the empty horses”
as the title for his autobiography.
Born Emmanuel Kaminer in Budapest in 1886, Curtiz changed his name
to Mihály Kertész to dodge antiSemitism, then later changed it again
to the anglicized Michael Curtiz. First
an actor, he became a director in 1912
and came to Hollywood and Warner
Bros. in 1926, immediately becoming
the studio workhorse. To the critics,
Curtiz’s problem was that he was a
company man, happily churning out
movies at Warner Bros. for more than
a quarter-century. During one five-year
period, he averaged six films a year,
perennially driving his actors and crew
to exhaustion. On the horror picture
“Doctor X” (1932), he worked at least
one 20-hour day—the sort of abuse
that helped bring unions into the business a few years later.
Since Warner Bros. was full of employees who weren’t company people—who, in fact, loathed the company
and the men who ran it—Curtiz’s
enthusiasm was an irritant, as was his
indifference to the safety of the stunt
men and the dignity of actors. After
Davis became an above-the-title star,
she made only one picture with Curtiz,
“The Private Lives of Elizabeth and
Essex,” and avoided him thereafter.
Flynn, with whom Curtiz made several
hugely successful swashbucklers,
including “The Adventures of Robin
Hood,” tried to strangle him on the set
of 1941’s “Dive Bomber,” their final
collaboration. (The two men shared a
private history that would have been
trouble even if their personalities had
meshed—Curtiz once had an affair
with the actress Lili Damita, who
became Flynn’s first wife.)
lowed hard reading the scripts for
“Mountain Justice” or “Gold Is
Where You Find It.”
Mr. Rode’s seamless research makes
it clear that Curtiz was always respected by his co-workers but hardly
ever liked. The generally mildmannered James Cagney called him “a
pompous bastard who didn’t know how
to treat actors, but he sure as hell
knew how to treat a camera.” When
Bradford Dillman, who worked for
Curtiz on 1961’s “Francis of Assisi,” was
asked for his memories of the director,
he replied: “Just thinking about him
fifty years later gets me excited in the
wrong way.”
The good times ended when Curtiz
left Warner Bros. in the early 1950s
and entered a precipitous creative
decline until his death in 1962. His
energy lagged, and the supple snap and
compositional depth of his mature
style flattened out, leading to the
suspicion that Warner Bros. did at
least as much for Curtiz as Curtiz did
for Warner Bros. Nevertheless, he
amassed a body of work without parallel at a great movie studio. His films
are his best advocate of that, but Alan
Rode’s book is a close second.
Mr. Eyman is the author, most
recently, of “Hank and Jim:
The Fifty-Year Friendship of
Henry Fonda and James Stewart.”
He teaches film history at the
University of Miami.
POLITICS: BARTON SWAIM
Trusting the People to Make Mistakes
Should we defend
democracy even when
voters’ decisions take an
unwise or illiberal turn?
systems? Most skeptics propose abandoning universal suffrage in favor of
some form of meritocracy or technocracy—rule by the experts.
English philosopher A.C. Grayling,
like these critics of democracy, is displeased at what he regards as the poor
choices of his fellow citizens: His book
“Democracy and Its Crisis” (Oneworld, 225 pages, $22.99) is prompted
largely by Britain’s Brexit vote and the
election of Donald Trump. He rejects
the democracy-skeptics’ arguments,
though, and makes both a theoretical
and practical stand for the Churchillian
view. Mr. Grayling’s principal aim is to
convince those who believe in democracy that although the democracies of
Britain and America are ailing in fundamental ways, remedies are within
reach and worth the sacrifice.
Mr. Grayling incisively surveys
attempts by Western thinkers, from
Plato and Aristotle to Madison and
Tocqueville, to resolve what he calls
the “dilemma of democracy”: the
tension between the belief that power
belongs ultimately to the people, and
the desire for stable and humane
government. “The people” can act irrationally and inhumanely, these thinkers realized, but they envisioned systems of government in which majority
rule is bound by constitutions. Mr.
Grayling covered some of this ground
in “Toward the Light of Liberty”
(2007), though the present book gives
greater attention to the Levellers,
Christian radicals in 17th-century
England who advocated
universal male suffrage.
Mr.
Grayling’s
account of democracy’s
present-day travails is
less rigorously argued.
His chief complaint
about American politics, unsurprisingly for
a man of the left, is
that money buys elections. But Mr. Trump
spent considerably less
on the 2016 election
than Hillary Clinton,
and the vilified billionaires Charles and David
Koch have not had electoral success. On Brexit,
Mr. Grayling complains that the Leave
campaign manipulated the public into
doing what the country’s representatives never would have done. But
wouldn’t pro-Brexiters counter that
the 2016 plebiscite was necessary
precisely because the elected representatives were too invested in the nondemocratic European Union to listen
to their constituents?
It’s useful to bear in mind the distinction between classical liberalism
and modern liberalism: A “liberal
democracy” is liberal in the classical
sense—its elected officials are bound
by a constitution and its government
is accountable to the public. Modern
liberalism, by contrast, elevates individual autonomy and the expansion of
the welfare state to the highest aims of
politics. Modern liberals, moreover,
place great faith in transnational
organizations that have very little
democratic accountability at all. One
sometimes gets the feeling that modern liberals who defend democracy do
so not primarily because it reflects the
will of the people and fosters stable
government but because they believe
it fosters modern liberalism.
Often it does, but often it doesn’t,
and American liberals’ greatest triumphs in recent decades—legal abortion, same-sex marriage—were the
results of court decisions, not legisla-
GETTY IMAGES
IS DEMOCRACY truly
the intrinsic good
most Americans believe it to be? Is it
even, as Churchill put
it, “the worst form of
government except for all those other
forms that have been tried”? Not really,
according to a number of critics in
Europe and America. Jason Brennan, in
“Against Democracy” (2016), makes the
case straightforwardly. Sure, he admits,
“the best places to live right now are
liberal democracies, not dictatorships,
one-party governments, oligarchies, or
real monarchies.” But that doesn’t
mean democracies are better. “Democratic governments tend to perform
better than the alternatives we have
tried. But perhaps some of the systems
we haven’t tried are even better.” What
tion. Indeed, the tendency among
many Western liberal elites to confuse
modern liberalism with democracy
itself may have soured ordinary people
on the institutions and traditions of
true liberal democracy.
Josiah Ober is a liberal—he is a
classics professor at Stanford—but he
believes democracy is both intrinsically desirable and possible without
modern liberalism. “My claim,” he
writes in “Demopolis: Democracy
Before Liberalism in Theory and
Practice” (Cambridge, 204 pages,
$24.99), “is that a secure and prosperous constitutional framework can be
stably established without recourse to
the ethical assumptions of contemporary liberal theory.”
“Demopolis” is a tightly reasoned
work of scholarship, and thus not an
easy read, but Mr. Ober is an excellent
writer and his argument is worth the
effort. He believes today’s liberals,
following the political philosopher John
Rawls, conflate liberalism and democracy in ways that make it difficult to
assess one without the other. He suggests we consider the capacity of “basic
democracy”—democracy in the absence
of modern liberalism’s assumptions
about personal autonomy and the welfare state—to produce a well-functioning government that resists tyranny
and affords citizens basic individual
rights.
The distinction
between liberalism
and democracy is
nicely expressed in
Mr. Ober’s concept of
“civic dignity.” In
order to function,
basic democracy requires citizens to be
engaged in the effort
of fashioning a
shared existence; but
citizens can’t be
engaged in this way
when they are humiliated or condescended to by the
governing elite. “Living with dignity means that each of us
must be free to make consequential
choices in various inherently risk-laden
domains,” he writes. Voters, in other
words, must be free to make mistakes.
I’ll put it more directly than Mr.
Ober: Modern liberalism infantilizes
people who hold nonliberal opinions
by treating them either as moral oafs
who don’t know the difference between right and wrong or as simpletons who can’t govern themselves. It
treats whole classes of citizens as (to
borrow a term) deplorables. Perhaps
political scientists should stop worrying about the future of democracy—a
form of government with an ancient
pedigree—and start worrying about
the future of liberalism.
Apocalypse
InJamaica
Continued from page C5
“Compared to the Royal African
Company’s average mortality rate in
the period of 23.5 percent,” Mr.
Hughes says, “the Hannah’s rate of
just under 10 percent was remarkably low.” (Readers wanting a more
comprehensive account of the transAtlantic slave trade will find an
excellent one in “The Slave Ship: A
Human History,” by Marcus Rediker,
published in 2007.)
Once in Jamaica, the future for
slaves was bleak indeed. “Most of the
Hannah’s slaves who had remained in
Jamaica”—others were sold off to
various Spanish possessions—“were
destined for a short, brutal life on one
of the island’s sugar plantations,” Mr.
Hughes writes. New arrivals were
branded and renamed; females were
subjected to systematic rape. Mr.
Hughes cites one overseer, Thomas
Thistlewood, who left a diary listing
3,852 “sexual encounters” with 138
slave women during the 37 years that
he served on sugar estates. Flogging
was commonplace for even the slightest infractions; other forms of torture
included castration and burning at
the stake.
It would be almost a century before the British abolition movement
was born and began to seriously challenge slavery on moral grounds. On
the day of the great earthquake in
1692, reported an eyewitness, “great
men . . . and women whose top-knots
seemed to reach the clouds, now [lay]
stinking upon the water”; their
corpses were intermingled with those
of their slaves in a scene of mortal
equality for which there had been no
place in the island’s life.
Mr. Hughes’s research was clearly
prodigious. He seems to have read
just about every document in the
colonial archives, no small achievement given the orthographic vagaries
of 17th-century penmanship. From
these dry and perhaps unpromising
sources he has teased out the lives
and personalities of numerous men
(though few women, who rarely
appeared in official records, it
seems), from venal officials to rebellious slaves. Jamaica was essentially
a frontier society in which men of
obscure origins and unsavory pasts
might rise to positions of eminence.
Among others, we are introduced
to Henry Morgan, a Welsh farmer
turned pirate who grew fabulously
rich selling stolen goods to Port
Royal’s merchants and was named the
island’s lieutenant governor; William
Dampier, a young bookkeeper who
started out on a Jamaica plantation
and later became a pirate, botanist
and widely read world explorer who
landed in Australia 80 years before
Captain Cook; and Cudjoe, who led
the most significant slave rebellion in
17th-century Jamaica. Most vivid of
all Mr. Hughes’s characters is the
island’s royal governor, William
O’Brien, “a short-tempered, one-eyed
Irishman” who “had always viewed
the governorship as little more than
an unpleasant yet highly lucrative
posting.” He arrived in Jamaica a
bankrupt and in the course of just 19
months amassed a fortune skimmed
mostly from the slave trade, only to
be struck down by the “bloody flux”
(aka dysentery) just before his
planned return to England.
If I may be allowed a personal
note: As a boy visiting Jamaica in the
1950s, I knew almost none of this
history. But I did know about the city
that had disappeared beneath the
waves, and I was mesmerized by it.
For years, I treasured as a souvenir a
17th-century coin that had been
recovered from the ruins. But the fate
of Port Royal left an imprint on me
that lingered much longer. It was my
first irrefutable evidence of the terrible fragility of the man-made world.
Decades later, countless Americans
would share a similar distressing feeling on 9/11.
The sunken ruin of Port Royal is
still there and has by now been much
explored as a unique underwater
archaeological site. Divers continue to
bring up intact pewterware and
crockery, even a watch stopped
forever at the moment of the earthquake. In “Apocalypse 1692,” Mr.
Hughes has given the eerie ruin of
Port Royal a second, vibrant life by
delivering the churning reality of the
lost city and in the process reminding
us that the everyday human landscape that we take for granted can be
erased in a moment.
Mr. Bordewich’s most recent book
is “The First Congress: How James
Madison, George Washington,
and a Group of Extraordinary
Men Invented the Government.”
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THE WALL STREET JOURNAL.
* * * *
Saturday/Sunday, November 25 - 26, 2017 | C7
BOOKS
‘Anyone who ever had a heart / They wouldn’t turn around and break it / And anyone who ever played a part / They wouldn’t turn around and hate it.’ —Lou Reed
A Hustle Here and a Hustle There
Lou Reed: A Life
By Anthony DeCurtis
Little, Brown, 519 pages, $32
TRANSFORMER
Reed performing in 1970.
POETRY, KEITH DOUGLAS wrote, is
what survives of the beloved. What
survives of rock, that art form of
perpetual adolescence, now that its
beloved 1960s founders are dying?
Rock was fashionable music for young
people, and nothing ages faster than
fashion and youth.
Rock rarely produced enduring art,
because, like most adolescents, it
avoided the adults. Jazz always had a
connection to older art forms: New
Orleans had Gottschalk before it had
Jelly Roll Morton, and the color barrier
meant that classically trained black
musicians could only reach the concert
hall via the jazz clubs. Rock was born
with white privilege, and a larger audience, but a smaller musical vocabulary.
Its unschooled inventors lacked the
chops to integrate the mature vocabularies of classical and jazz.
Lou Reed was an exception to the
rule. In songs like “I’m Waiting for
the Man” and “I Heard Her Call My
Name,” Reed and John Cale led the
Velvet Underground into the experimental vocabularies of classical music
and jazz. Reed was a garage-band
rocker with an ear for free jazz, but
he wanted to write literary lyrics—
spare like the poems of his English
professor Delmore Schwartz and
squalid like the novels of William
Burroughs and Hubert Selby. Mr.
Cale, a Welsh viola player, was a minimalist who had worked with La
Monte Young. Their accomplices were
similarly antithetical. Sterling Morrison’s melodious guitar was as country
as “Midnight Cowboy’s” Joe Buck, but
Maureen Tucker’s drumming was
somewhere between avant-garde
monotony and the voodoo vaudeville
of Screamin’ Jay Hawkins.
“I’m Waiting for the Man” became
the second track on “The Velvet Underground & Nico” (1967). The song is a
two-chord vamp, the most basic of
blues changes, with a bridge whose
chord sequence also occurs in the
Kinks’ “Most Exclusive Residence for
Sale.” As Reed sneers laconically about
scoring drugs in Harlem, the band
hammers out eight equal pulses to the
bar. Instead of emphasizing the backbeat, they treat each beat as equal, like
Miles Davis’s mid-1960s group. By the
end, Mr. Cale is smashing at the piano
flat-handed. The two jammed a jet
engine into a lawnmower. They
sounded like it, too, because they knew
what they were doing.
What were the sources of Reed’s
rage, and the obnoxiousness that led
the Swedish actor Erland Josephson
to believe that he had just met someone called Lee Rude? Like most rock
biographies, Anthony DeCurtis’s “Lou
Reed: A Life” spins Freud’s early hits.
But, then, rock was the sound of revolt
in the days when the family was still
GETTY IMAGES
BY DOMINIC GREEN
nuclear, and Reed did write Oedipal
numbers like “Kill Your Sons.”
Reed was born in Brooklyn in 1942,
the son of accountant Sidney né
Rabinowitz and his wife, Toby, a former stenographer and beauty queen.
The family moved to Freeport, Long
Island, when Reed was 10. A nervous
and lonely child, he developed a teenage double life: drugs, experimental
novels and visits to a gay bar whose
regulars included James Slattery, the
Candy Darling of “Walk on the Wild
Side.” In 1960, as Reed dropped out of
his freshman year at NYU, his parents
sent him for electroshock therapy.
Later, Reed accused his parents of trying to repress his sexuality. But his
younger sister Bunny, who became a
psychotherapist, calls her parents
“blazing liberals” about homosexuality and attributes their decision to “a
bewildering web of guilt, fear and
poor psychiatric care.”
Reed recovered, and enrolled at
Syracuse, but he never forgave his
parents. At Syracuse, he drank with
Delmore Schwartz, learned the
garage-band craft and pursued field
research in methamphetamine. He
also maintained a girlfriend and a
good grade point average. The facade
of the heterosexual scholar fell away
rapidly when Reed moved to New
York, formed the Velvets with Mr.
Cale, and fell into the Factory set.
Reed could have been the first
openly gay rock star. But the Velvets
were a commercial disaster, despite
Andy Warhol’s support. In 1968 Reed
fired Mr. Cale and aimed for the charts
with a delicately harmonious third
album, “The Velvet Underground.” He
missed. The Velvets pushed on as a
high-concept jam band, grossly undervalued at the time but destined to be
hugely influential. The saddest sound
in rock history is on “1969: The Velvet
Underground Live,” when the Velvets
finish debuting “Sweet Jane” and
about five people clap.
The Velvets collapsed in 1970 from
exhaustion and neglect. Reed the wouldbe rock poet took work as a typist in his
father’s office, and in 1973 married
Bettye Kronstad, whom he had met
when she was a 19-year-old student.
When David Bowie’s patronage of his
1972 “Transformer” album finally
secured a mass audience, and the advent
of Punk confirmed Reed’s significance,
Reed’s rhythm guitar playing became
the source of Johnny Ramone’s eighthnote chug. But Reed had become a
pastiche of himself, exchanging sincerity
for Warholian cynicism and camp. “I
almost feel bad saying this,” his manager Jonny Podell tells Mr. DeCurtis, “I
think Lou was a total act.” And playing
the character was killing him.
Meth was Reed’s madeleine, the
taste that tied him to the adolescent
crisis of shame and sexuality, electroshock and electric guitars. The “Rock
’n’ Roll Animal,” as his 1974 album had
it, was “drinking prodigiously and
shooting speed” for much of the
1970s, according to Mr. DeCurtis. Reed
delighted in shocking straight
acquaintances by taking them to New
York’s gay S&M clubs, but he mocked
himself as a “faggot junkie” on 1978’s
“Street Hassle.” He wrote “Perfect
Day” after drinking sangria with
Bettye in Central Park, but then, on
the 1973 album “Berlin,” sang about
beating her up. Divorcing Bettye, he
fell in love with a drag queen named
Rachel, a transvestite whom Reed’s
keyboardist Michael Fonfara recalls as
“pretty swift” with a knife. The writer
Ed McCormack recalled waking up on
Reed’s couch after a party to see
Rachel organizing “a very strange still
life: a bottle of prescription pills, a
circular silver dish with twelve disposable hypodermic needles neatly
Reed became a pastiche
of himself, exchanging
proto-punk sincerity
for Warholian cynicism.
arranged along its edges in a sort of
speed-freakishly compulsive sunbeam
pattern, and a row of test tubes filled
with water, little white pills dissolving
in milky bubbles within each one.”
In the late 1970s, Reed stopped the
drugs and intensified his collaboration
with Johnnie Walker Red. In the
1980s, he dried out and discovered
that he was a latent heterosexual. He
ditched Rachel, who was in the early
stages of gender reassignment, and
married a young fan, Sylvia Morales.
“You don’t want to know,” Reed told a
friend who asked after Rachel, last
sighted in the crack epidemic.
Reed cultivated his Hemingway
streak with lyrics like “I Love
Women” and songs like “Average
Guy,” and harrowing drink memoirs
like “Underneath the Bottle” and
“Waves of Fear.” He endorsed Honda
mopeds, grew a mullet and relished
the admiration of Bono and Sting. In
1993, he reformed the Velvets for a
victory tour of Europe, but his inability to share the credit with Mr. Cale
led to the tour’s collapse before its
American homecoming. Meanwhile,
the albums came and went, some
good (1989’s “New York” and a 1990
reunion with John Cale for the Andy
Warhol memorial, “Songs for Drella”);
some dire (a 2011 collaboration with
Metallica); and some unjustly forgotten (1982’s “The Blue Mask”).
In 1992, Reed fell in love with
Laurie Anderson. They retained separate downtown apartments, and this,
Mr. DeCurtis suggests, allowed them
to sustain “an intriguing match” between Anderson’s “air of friendly
benign detachment” and Reed’s “hairtrigger temper.” They enjoyed two
decades before Reed’s liver received
the memo from the 1970s.
“A Life” is comprehensive and sympathetic, if too generous in its patience
with Reed’s sadism, rudeness, vanity
and patchy solo albums. For Mr.
DeCurtis, Reed’s biographical Rosebud
was homosexual shame deriving from
his upbringing. In the end, he didn’t
want to be the first gay rock star.
“Candy says, ‘I’ve come to hate my body
/ And all that it requires in this world,’ ”
Reed sang about Candy Darling. Mr.
DeCurtis does not ask if the later Reed,
the Average Guy with custom motorcycles, a Tai Chi coach and celebrity
admirers, was yet another act, the
Transformer transformed.
Mr. Green is a historian,
critic and jazz musician.
The Life of Richard Avedon
masculinity,” Avedon told Ms. Stevens.
“Everything I’ve struggled with in my
own life went into that picture.”)
Avedon did eventually enjoy rhapsodic validation from museums: the
controversial American West series to
which “Boyd Fortin” belongs was
underwritten by the Amon Carter
Museum of American Art; he was the
subject of blockbuster shows at the
Whitney, the Museum of Modern Art,
and remains the only artist to have
had two retrospectives at the Metropolitan Museum of Art while still living. Yet he faced unremitting hostility
from certain critics, who apparently
could not divorce the Avedon persona
from the images he created of others.
When the American West series
was exhibited in 1985, a critic from
New York magazine called the
portraits “flawed by self-congratulation,” “immodest” and “completely
without the tact” of Walker Evans or
Robert Frank. “It is Avedon’s finely
honed fashion sensibility at work
here,” he added. Following Avedon’s
1978 portrait show at the Met, critic
Hilton Kramer brutally noted Avedon’s
“characteristic flair for unembarrassed self-promotion.” The critic concluded: “I think we all recognized that
we were in the presence of a master—
though a master of something other
than art.” In an earlier review, he had
deemed Avedon’s portraiture “low
sensationalism that is being offered as
high seriousness.”
This sort of derision tortured Avedon until his death in 2004. “Some-
thing Personal” is candid about Avedon’s obsession with cultivating
gravitas, and the sometimes embarrassing lengths he would go to attain
it— including regular, unsolicited missives to the New York Times supplying information and language for his
eventual obituary; he was, Ms. Ste-
sonal” testimonies—especially those by
Avedon’s former studio assistants and
managers—also reveal a man capable
of great generosity and unadulterated
joy. In one telling anecdote, Avedon’s
former assistant Penny Cobbs remembers how, at her going-away party,
Avedon covered the entire floor with
recting it all; a museum curator once
asked him, on a scale of one to 10,
how involved he intended to be in
staging his own work for a show.
“Eleven,” Avedon replied. And just as
critics were often suspicious of
Avedon’s portraits—were they accurate depictions or artificial constructions serving to burnish the reputation of the photographer?—readers of
“Something Personal” may be left
Even as he strived for
critical acclaim, Avedon
never stopped raking in
high fees for fashion work.
GETTY IMAGES
Continued from page C5
fashion clients; rather, he worked compulsively on one high-level campaign
after another, undercutting his efforts
to make headway with the intelligentsia whose approval he sought. Nor did
he embrace a more abstemious demeanor in the manner of rival photographer Irving Penn—who, unlike Avedon, did not sport gold-monogrammed
cameras clad in Vuitton cases or take
the Concorde to the Continent. Modesty just wasn’t Avedon’s bag.
Instead, he sought artistic elevation
by chasing down and documenting
increasingly disturbing subject matter
to counter the glitz associated with
him, photographing gang members,
insane-asylum inmates and napalm
victims, among other outcasts.
“Art . . . is meant to disturb in a positive way,” he told Ms. Stevens. He was
often “on the prowl for faces that
were ‘heartbreaking’ or ‘beautiful in a
terrifying way,’ ” she writes, adding
that he eventually discovered “the
outcast of his dreams” in 1971—a leper
dwelling in a Saigon municipal hospital for the diseased and insane.
If Avedon is perhaps most commonly associated with his whimsical
1955 Bazaar photograph “Dovima With
Elephants,” he personally identified
most with his 1979 image “Boyd
Fortin, Thirteen Year Old Rattlesnake
Skinner,” which depicts an adolescent
Texan wearing a blood-covered
butcher’s apron and clutching a partially skinned snake. (The photograph
addressed “the whole vexed issue of
LOOKING BACK Avedon preparing for his retrospective in New York, 1975.
vens says, “mortally obsessed” with
it. (The paper proved uncooperative;
the eventual headline of the obituary
would have harpooned the photographer’s heart: “Richard Avedon, the
Eye of Fashion, Dies at 81.”)
On the whole, the composite
portrait that emerges from this
nearly-700-page whopper depicts a
frantic, insecure artist consumed by
ambition. Yet many “Something Per-
pennies in her honor. Another friend
whom Avedon visited on Patmos recalls a hilltop feast that Avedon organized, hiring a team of donkeys to
carry their party to the Greek island’s
highest point, so everyone could dance
in the light of the full moon. It was
“Dionysian . . . a revel,” his friend says,
“and Dick was directing it all. Like
Prospero, with a magic wand.”
Avedon had long been used to di-
wondering about the reliability of
Avedon’s posterity-minded confessions in this book.
“Dick would sometimes make merry
with the facts,” Ms. Stevens admits. If
he had written an autobiography, he
joked to her, its title would have been
“Here Lies Richard Avedon.” “There is
no truth, no history—there is only the
way in which the story is told,” he
added. Yet all this ambiguity may be
worth the price of admission to Avedon’s highly specific, rococo world—
elephants, supermodels, lepers and all.
Ms. Blume, the author of the
Hemingway biography “Everybody
Behaves Badly,” recently wrote
about Irving Penn for WSJ magazine.
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BOOKS
‘If the suffering of children goes to make up the sum of suffering needed to buy truth, then . . . the whole of truth is not worth such a price.’ —Dostoevsky
FICTION CHRONICLE: SAM SACKS
SCIENCE FICTION: TOM SHIPPEY
SINCE ITS creation
in 1999, the publisher New York
Review Books has
gained something
like a cult following
among readers for its affordable line
of revived or newly introduced
paperback classics from all over the
globe. So exacting are this small
house’s literary standards that
attention must be paid when they
lend their imprimatur to a writer’s
work, however bygone or obscure.
Such is the case for three newly
reissued French novels from the
middle part of the 20th century, the
most significant of which is Louis
Guilloux’s “Blood Dark” (514 pages,
$18.95), from 1935. Laura Marris’s
disarmingly colloquial translation—
the first in English since 1936, when
the book was titled “Bitter
Victory”—makes accessible a novel
that chronicles, as though in real
time, the transformations the catastrophe of World War I wrought on
European civilization. It’s a masterwork that in France is spoken of in
the same breath as Céline’s “Journey to the End of the Night” and
Sartre’s “Nausea.”
Guilloux’s book takes place over a
day and night in 1917 in a backwater
coastal town in Brittany. Its characters come from all segments of society—laborers, civil servants, officers and soldiers—and the story
depicts the churn of their routines,
whose ordinariness is all the more
terrible for its juxtaposition with
the war.
The signal event is the Legion of
Honor ceremony for the wife of a
local grandee, a chance for peacocking displays of nationalism that
Guilloux satirizes with brutal élan.
But increasingly the war’s savagery
filters through. Soldiers on leave
start a riot at the train station. In
the book’s most powerful sequence,
the soft-spoken school principal
learns that his son is to be executed
for dissent.
At the center is the philosophy
professor Monsieur Merlin, mockingly nicknamed Cripure after a student jape about Kant’s “Cripure of
Tic Reason.” A haggard, club-footed,
perennially scowling fixture at the
lycée, Cripure lives with a mouthy
former prostitute and four lapdogs
and spends his days scribbling
poisonous observations for his
planned magnum opus, “The Chrestomathy of Despair,” a book it is
painfully obvious he will never complete. He’s a Nietszchean without
the guts (or the madness) to stand
against the burlesque of French
society, and is therefore doomed to
play the role of the ridiculous but
harmless village eccentric, “a fallen
man who has nothing left to cherish
but his fallenness.” Guilloux enacts
ALAMY
Dark French Blood
‘LET’S GET THEM!’ Poster for French war bonds, ca. 1916.
a tragedy of astonishing emotional
force for this touchstone character,
who one early admirer of the book
dubbed “the Don Quixote of bourgeois ruin.”
“Blood Dark” is a portrait not just
of provincial life in wartime but of
generational schism. It illuminates
the “cruel truth” that parents, in the
name of honor and decency, were
sending their children to the
trenches to be slaughtered “like you
show someone the door, pushing
both their shoulders.”
This primeval betrayal was the
acid that finally dissolved the foundations of the old order, and there is
a revelatory sense reading Guilloux’s
novel that one has found a key text
linking the sparkling contempt of
Flaubert to the tender resignation of
Camus, the missing evolutionary
step in French literature’s progression from irony to existentialism.
One character, looking at a photograph of Cripure, is struck by the
philosopher’s “comical and horrific”
appearance, and those uneasily conjoined adjectives equally summarize
the man, the era and this extraordinary book.
Julien Gracq’s 1958 novel “Balcony in the Forest” (213 pages,
$15.95) unfolds during the interregnum of World War II known as the
drôle de guerre or phony war, the
period of waiting between France’s
declaration of war in September
1939 and the German invasion in
May of the following year.
Lieutenant Grange, an army reservist, has been assigned to a tiny
military emplacement deep within
the Ardennes forest, behind the
Belgian border. To his surprise his
life there, “at one of the least sensitive nerve endings within the war’s
great body,” is restful and enchant-
Guilloux’s comical and
horrific novel links the
sparkling contempt of
Flaubert to the tender
resignation of Camus.
ing. The woods are lovely. He has
few responsibilities. The concrete
blockhouse beneath his bungalow
serves primarily as a wine cellar.
Before long he falls into a passionate affair with an impulsive young
widow in the neighboring town.
Like Hans Castorp “playing king”
inside the Alps sanitarium in
Thomas Mann’s “The Magic Mountain,” Grange has drifted into a kind
of fairy tale, and like Castorp his
world is never more seductively
unreal than after a snowfall: “The
room, the whole house, seemed to
be soaring down a long landslide of
silence—a delicious, downy, cloistral
silence that would never be broken.
He got up, saw the forest white as
far as the eye could reach, and lay
down again in his noiseless room
with a joy so great it made him
blink. The silence around him was
even subtler in this luxuriant light.”
The silence is broken, of course.
Richard Howard’s sinuous translation—it is from 1959 but feels
perfectly up-to-date—captures the
abrupt change in tenor when
Grange’s pastoral idyll is interrupted by the inevitable German
attack. The war arrives in this unexpectedly delicate story with the
shadowy unreality of a dream as
well, but it is a dream of a vastly
different nature.
The most peculiar offering in this
batch of French imports is “Melville” (108 pages, $14), a giddy fantasia on the life of Herman Melville
written by Jean Giono in 1941 and
brought into English for the first
time in a sure-handed translation by
Paul Eprile.
Giono takes up Melville’s biography in 1849, when he has traveled to
England to deliver the manuscript of
his fifth book, “White-Jacket.” From
there the narrative glides into the
precinct of fiction. The Provencal
novelist imagines that Melville is
bedeviled by a guardian angel pressuring him to quit writing popular
novels and commit to a project that
embodies the “relentless struggle
with the great unknown.”
While roaming the countryside,
Melville meets and becomes besotted with Adelina White, a woman
courageously running contraband
wheat to Ireland to alleviate the
famine. Galvanized by the encounter, Melville returns to the U.S. and
throws himself into “Moby-Dick,” a
gargantuan white whale of a book
written, he confides to his neighbor
Nathaniel Hawthorne, for an audience of Adelina alone.
It’s a fetching little tale, and
quite ludicrously misguided. The
French have a well-deserved reputation for elucidating America for
Americans, but Giono’s interpretation, based on the Middle Ages
notion that artists must be inspired
by chaste and virtuous maidens, is a
purely European conceit. The reality
is not only more mysterious but
sadder and grander, for if Melville
did have an unrequited love as his
muse it was Hawthorne, who didn’t
want the part.
Giono writes that Melville’s books
were so personalized that their true
titles were “Melville, Melville, Melville, again Melville, always Melville.” This romantic projection
ought to have been called “Giono.”
The End
Of Sorcery
THE MANY fans of
Stephen R. Donaldson’s 10-volume series “The Chronicles
of Thomas Covenant”
and his five-volume
“GAP Cycle” will be glad to know that
he has started a new trilogy with
“Seventh Decimate” (Berkley, 307
pages, $27), the first part of “The
Great God’s War.” Both titles are enigmatic. Many fantasies involve war
between gods, or groups of gods. This
one seems to be about a war instigated
by a single god. Or should that be organized by? Or on behalf of?
“Seventh Decimate” is explained
relatively quickly. In Mr. Donaldson’s
sorcerous world, the six decimates are
fire, wind, earthquake, pestilence,
drought and lightning, and all of them
can be used destructively or positively.
The kingdom of Belleger, however,
at war for generations with its rival
Amika, has fallen foul of the seventh
decimate, which is the power to put a
complete stop to any form of sorcery.
Belleger now has to fight using only
technology, specifically repeating
The start of a new
trilogy by the author
of ‘The Chronicles
of Thomas Covenant.’
rifles—bolt-action, clip-fed, like the
old Lee-Enfield many remember
fondly. But that’s not good enough,
and so Prince Bifalt is sent on a quest
to find the great library of the Last
Repository and there retrieve the
secret: “A book that may not exist, in
a library that may not exist, with a
destination we do not know at a distance we cannot estimate,” his father
the king sums up ruefully.
As always in Mr. Donaldson’s work,
this is an internal quest as well as a
physical one, for Bifalt has to become
master of all the chambers of his own
soul. And, again as one might expect,
things are not what they seem. Is
Belleger the innocent party here? Its
name echoes “belligerent” (as a
librarian points out), in which case
Amika, pegged as the villain from
page one, may need rethinking.
Meanwhile Bifalt battles physical
foes and sorcerous strikes, encounters
priestesses of the Spirit and of the
Flesh, finds even the filing system of
the Last Repository frustrating, once
he gets there. There’s a feeling that
Mr. Donaldson still has a great deal up
his sleeve, to disclose when the time
comes, but now is the time to start
working one’s way into his new world.
It promises to be as rich in detail as
its predecessors—and, Mr. Donaldson’s trademark, as emotionally deep
and as psychologically unpredictable.
A Refugee From WASPworld
By Henry Allen
Mandel Vilar/Dryad, 188 pages, $16.95
BY MAX WATMAN
RECOUNTING YOUR FAMILY history
is a lot like trying to tell someone
about a funny thing that happened to
you—risky, at best. It usually doesn’t
work. The audience isn’t invested; the
punch lines aren’t a surprise. The
comedy is as dead as your ancestors.
You have to be a very good story
teller to pull it off. Henry Allen is one
of the best.
Mr. Allen spent 39 years at the
Washington Post, and like any accomplished newspaper man, he gives you
the big facts right at the beginning. In
“Where We Lived” we get the classic
five W’s on the first page of the foreword: A history of the Allens, a WASP
family from New England, their houses
since the beginning of America. The
why of it? That’s not so simple. “A curiosity,” he calls the book. “The sort of
thing you might find on a rainy day in
a summer house when you jimmy the
owner’s closet and find a manuscript.”
Mr. Allen doesn’t march through his
dusty family bible. New England is
already swimming in vanity-press
tomes of self-regard. In fact, Mr. Allen
has one of them on the shelf near his
desk. “A privately printed family history from 1930, the sort that New England families began to write in the
19th century when they saw their
money and hegemony dwindling.”
He goes on: “They reckoned that
their one unchallengeable possession
was their lineage, with particular
interest paid to their history since
their arrival in wilderness Massachusetts. Somehow this arrival conferred on them an importance they
had not had as middle-class religious
fanatics in Britain.”
Confronting the joys
and disappointments
of growing up during
the American Century.
I’m sure the story didn’t sound
that way the last time it was told. But
this is a different sort of telling,
eschewing that which would normally
be vaunted, laying bare that which
would normally be whitewashed. “If
your family arrived in New England
long ago, you’re related to enough notable names to stock an academic index.” None of them, Mr. Allen promises, will appear here. Instead he
presents a more realistic, interesting
story of those close to him and their
deeds, which at one point he sums up
in what has got to be the WASPiest
thing I have ever read: “So many almosts, so many not quites.”
All of it framed, almost magically,
in neighborhoods and houses.
There are the “Salad Days” on
Sutton Place in Manhattan, where his
parents “had parties. They drank
complicated cocktails like Old Fashioneds, with sugar, Angostura bitters
and a piece of fruit. My father had a
piano and my parents’
friends in neckties and
pearls would stand around
it holding drinks and cigarettes, and singing.”
Later, in Fanwood, N.J.,
after the war, Mr. Allen’s
father became a music
director for the local
theater troupe. Mr. Allen
remembers him rehearsing Andrews Sisters songs
“with three girls who
wore jeans with the cuffs
turned way up and their
fathers’ white shirts hanging out.”
Returning to his Fanwood home for a drive-by
visit, he wonders where all
the kids are. They are all
inside, of course, or at soccer practice. “I’d be an outsider now
on the blue Schwinn that gave me my
first taste of freedom.”
It’s the American Century unfolding, but every veer toward nostalgia
or kitsch is met with a sharper,
darker observation. Looking at a
patio his father had dug, he recalls
him reciting Hamlet and wonders:
“Was it two ounces of gin—or
more—that brought on my parents’
happiness? One of the few
unconditional gifts that parents can
bestow on the children is moments
of their own happiness, gin or no.”
Alcohol looms large in this story.
“WASPworld a half-century ago
was full of people whose family
GETTY IMAGES
Where We Lived
money was running out but they still
had the class and the whiskey.” Drink
is an Allen family plague, and Henry
Allen did not escape. He has been
sober for years. It would be easy to
say that the book gets darker as it
goes, but I don’t think that’s right. Mr.
Allen is still as gentle talking about
summer houses as he was reminiscing
about the house he was born in. He
never stops being funny or kind, but
it is fully earned when his mother
says “If I’d known I was going to end
up like this, I’d have slit my throat.”
Mr. Allen, however, has found joy.
Rather than simply allowing WASPworld to crumble and take him down,
he resolved to work hard. He wrote
criticism for the New York
Review of Books and the
New Yorker, and in 2000
won the Pulitzer for his contributions to the Washington Post. This is, of course, a
very Protestant solution to
one’s perceived failures, but
one cannot deny him his
peaceful Takoma Park, Md.,
existence, his three happy
kids, his “very nice house,
with much-loved long-ago
cats buried behind the azaleas. I nap in a hammock.
The stream runs clear.”
How different than the
current that beats on to
close F. Scott Fitzgerald’s
masterpiece. (Make no mistake, it’s on purpose—it’s all
on purpose. Consider: “All
happy summer houses are alike—you
never wear your dress shoes or finish
Anna Karenina in any of them.”) One
is left with the idea that we are not,
or need not be, ceaselessly borne into
the past. We can simply remember it
and move on.
Mr. Watman is the author,
most recently, of “Harvest:
Field Notes From a Far-Flung
Pursuit of Real Food.”
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BOOKS
‘This is the time / of the tragic man / that lies in the house of Bedlam.’ —Elizabeth Bishop
Visits to St. Elizabeths
lecturing, and his literary visitors often sought instruction. “It was the
world’s least orthodox literary salon,”
Mr. Swift writes: “convened by a fascist, held in a lunatic asylum.” One
early visitor, the poet Charles Olson,
was drawn to Pound with a mix of admiration and horror, recalling, “Pound
was talking like no American but an
out and out enemy.” Another chapter
begins with a more autumnal meeting:
The Bughouse
By Daniel Swift
Farrar, Straus & Giroux, 302 pages, $27
BY DAVID MASON
On the tennis court Ezra Pound and
T.S. Eliot are laughing about the
past. “We were just reminiscing
about our London days,” Pound
says . . . and he turns to tease Eliot
once more. “To think that you
called that warmonger Rupert
Brooke the best of the Georgians,”
Pound says, and Eliot crinkles with
laughter. It has been a good visit,
this time, and soon the two men
stand to leave. Pound folds his
deckchair and extends his hand to
his old friend. Eliot takes Pound’s
hand in his, and bows his head.
GETTY IMAGES
‘EZRA POUND WAS the most difficult man of the twentieth century,”
Daniel Swift declares in “The Bughouse,” an impressionistic account of
the poet’s years (1945-58) in St. Elizabeths Hospital for the insane in
Washington, D.C. Most readers will
object—the century offered plenty of
difficult men, including some who did
a lot more damage. Pound has often
been dismissed either for his poetry,
which can feel arcane and irrelevant,
or his politics, which were at best
naive and at worst despicable. He
was, among many other things, a
fascist and an anti-Semite who made
infamous radio broadcasts from
Mussolini’s Rome. In 1943 he said on
air, “I think it might be a good thing
to hang Roosevelt and a few hundred
yidds IF you can do it by due legal
process.” That same year, Mr. Swift
writes, “the US Department of Justice
indicted him for treason. This charge
carries the death penalty. Pound continued to broadcast.” The fact that
Pound was never tried but spent a
dozen years as a sometimes-coddled
patient in St. Elizabeths, that he lived
to a ripe old age, dying in Venice in
1972, complicates one of the strangest and most unsettling stories of
modern literature.
Readers of Pound’s poetry can find
any number of beauties and ferocities,
including this blunt assessment of
World War I: “There died a myriad, /
And of the best, among them, / For an
old bitch gone in the teeth, / For a
botched civilization.” He was a student of that civilization, a leading poet
who assisted the careers of Robert
Frost, Ernest Hemingway, Hilda
Doolittle and James Joyce and stringently edited T.S. Eliot’s “The Waste
Land,” turning it into the disquieting
masterpiece we read today. He pioneered new translations of Asian and
European poetry. A modernist for
whom the ancient world was vitally
present, he considered art and literature the highest of human callings.
When Rome fell to the Allied invasion in 1944, Pound escaped to
northern Italy. His hero, Mussolini,
was captured and executed by Italian
partisans, but Pound, on finding himself let loose by a similar paramilitary unit—exhausted, with nowhere
else to go—turned himself in to
American troops, who transferred
him to a Disciplinary Training Center. Their orders stated: “Exercise
utmost security measures to prevent
escape or suicide.” Mr. Swift informs
us that “the DTC at Pisa was a punishment and rehabilitation camp for
military offenders: rapists, murderers, deserters, 3,500 men. Pound was
AGITATED Pound in 1940, composing pro-Fascist screeds on stationery printed with slogans by Mussolini.
put in a cage at the edge of the field,
six feet by six, reinforced with strips
of jagged steel of the sort used to
construct emergency runways. He
called it ‘the gorilla cage.’ ” The poet
was allowed to keep his copy of
Confucius and a Chinese dictionary
and was issued a Bible. From these
and his impressive memory he constructed some of the most moving of
Pound’s visitors formed
an ersatz literary salon:
‘convened by a fascist,
held in a lunatic asylum.’
his “Cantos”—the long, unfinished
sequence of poems he hoped would
somehow save civilization. “I have
tried to write Paradise,” he would
confess years later in a fragment:
“Let the Gods forgive what I / have
made / Let those I love try to forgive
/ what I have made.”
Pound is hard to forgive. He is
admired and reviled at the same time,
and this contradiction will never be
settled. In addition to helping many
artists with publication, money and
other assistance, he wrote some
poetry that I, for one, would not want
to be without. “American poetry in the
twentieth century,” writes Mr. Swift, a
British professor of English, “is a cycle
of encounters with Ezra Pound.” All
roads, it seems, lead to or away from
him. I most admire the “Cantos” when
they brim with urgent rage against
hypocrisy and war:
They put Aldington on Hill 70, in
a trench
dug through corpses
With a lot of kids of sixteen,
Howling and crying for their
mamas,
And he sent a chit back to his
major:
I can hold out for ten minutes
With my sergeant and a machinegun.
And they rebuked him for levity.
These lines refer to writer Richard
Aldington, but Pound knew quite a
few artists who suffered through the
war or were killed. The best lines in
the “Cantos” convey the unending
grief of history, with glimpses of a
“palpable Elysium” of civility and art.
His madness—though Mr. Swift’s book
makes it clear that doctors couldn’t
agree whether or not Pound was truly
insane—was another matter, complicated by the fact that some records of
his treatment have disappeared.
“The Bughouse” works away at the
difficult nub of Ezra Pound, and if like
all other books about this fascinating
and repellent figure it ultimately fails
to make his psychology any clearer, it’s
not for want of method. Each of Mr.
Swift’s chapters, he writes, “opens with
an encounter between Pound and
another—six poets, and a doctor—at
St. Elizabeths, and follows this as a
way into the enigma. . . . I have let misunderstandings tell their own story
instead of trying to settle them into
mine.” The book becomes a collage of
narratives, fragments, bits of peripheral reportage and literary criticism:
“Pound’s poetry is marked . . . by an
anxious, repetitive worry at the distinction between history and its tellings. In the place of the past, his poems
say, we have only documents, and our
voices in the end are only versions.”
It’s one way of reading Pound, who
can be tender, irascible, savage, contemptuous, haughty, garrulous, beautiful and infuriating. Mr. Swift’s readings of the poetry can feel at times
like professorial padding, while his
biographical anecdotes are often
marvelous. His approach is like
“Rashomon,” using multiple points of
view. We see Pound in Elizabeth
Bishop’s great poem “Visits to St.
Elizabeths”:
These are the years and the walls
and the door
that shut on a boy that pats the
floor
to feel if the world is there and
flat.
This is a Jew in a newspaper hat
that dances joyfully down the
ward
into the parting seas of board
past the staring sailor
that shakes his watch
that tells the time
of the poet, the man
that lies in the house of Bedlam.
How are we to judge Pound—as
man or poet or both? He was prone to
We also see the poet Robert Lowell
treating Pound as a literary father,
buttering him up, confessing his own
bouts of mania when he would blurt
out praise of Hitler.
It’s the fascist fellow travelers
who most disturb in this book, including one Eustace Mullins, a white
supremacist who encouraged some of
Pound’s most abhorrent writings. Mr.
Swift finds journalism that Pound
wrote in the 1950s, often under pseudonyms, and calls it “so petty, so
mean in the service of what it imagines to be a great cause. ‘There were
no gas ovens in Italy,’ he notes in the
New Times in April 1956, and in May
he mentions in passing the ‘fuss
about Hitler’. ‘All usurers are liberals,’ he writes and, in a triumph of
hypocrisy, he declares, ‘The Enemy is
the faceless voice, whining behind a
partition,’ in an item . . . he then
signs with the initials ‘J.T.’ ”
The most chilling and revelatory
passages in Mr. Swift’s book bring his
narrative closer to the vilest currents
of our own time. He journeys among
Italian fascists in the anti-immigrant
CasaPound movement, finding them
less inclined to violence than their
forebears, but notes that “in December
2011 a CasaPound supporter went on a
shooting spree in a market in Florence
and killed two Senegalese traders and
wounded three more.” The dark channels through which Ezra Pound’s
ravings are connected to the worst
impulses in society should sober any
thinking person, making us wonder
how we can possibly, as Mr. Swift
advises, “make our peace, as best we
can, with this most difficult man.” His
story leaves me not with peace but a
queasy sense of the unresolvable.
Mr. Mason’s next books will be
“Voices, Places: Essays” and “The
Sound: New and Selected Poems.”
CHILDREN’S BOOKS: MEGHAN COX GURDON
The Truths Teenagers Need to Hear
A National Book Award
winner sends a brave,
life-embracing message
to a throwaway culture.
people she wanted to thank. Her
remark was telling, though, and bears
amplification. What is the truth that
teenagers need to hear?
If we are to judge from Ms.
Benway’s affecting novel—and I hope
we are—the truth teenagers need to
hear is that every human life has
meaning, dignity and relevance; that
natural bonds matter; that no child is
an island and no person’s existence
without consequence. These are brave
sentiments in a throwaway culture.
The novel follows the emotional
journeys of three teenagers, biologi-
cal siblings who have grown up unaware of one another’s existence.
That situation changes after 16-yearold Grace gives up her newborn
daughter for adoption, as her own
mother had done with her. For the
girl, the sacrifice is wrenching, and
Ms. Benway gives it full weight: “She
locked her bedroom door and
writhed in agony, one of [the baby’s]
receiving blankets clutched in her
fist as she choked into it,
sobs pressing down on her
chest, her heart, crushing her
from the inside.”
When at last Grace
emerges from her bedroom,
“her stomach empty, her hair
wild,” she tells her adoptive
parents that she must find
her birth mother. This declaration sets the rest of the
story in motion. Grace discovers that she has a sister,
Maya, a fiery 15-year-old
lesbian and the only brunette
in a wealthy adoptive family
of redheads. The two girls
make contact with their big
brother, Joaquin, a guarded
boy of 17 who has spent his
childhood cycling in and out
of foster homes. Strangers
yet related, these distinctive young
people begin to care about one
another even as we come to care
about them. “Far From the Tree”
checks some of the usual YA boxes—
there’s pot smoking, a drunken
mother, lots of swearing and serene
therapists without end, amen—but
in the eloquent confidence of its lifeembracing argument, the book really
is something special.
The four other contenders for the
NBA’s young people’s literature prize
make for an interesting contrast. The
flyleaf of Elana K. Arnold’s novel
“What Girls Are Made Of” (Carolrhoda LAB, 200 pages, $18.99)
assures the buyer that the book
“explores the darkest crevices of
GETTY IMAGES
‘TEENAGERS
are
the toughest audience, because they
need to hear the
truth more than
anything,”
Robin
Benway told the audience at the
National Book Awards ceremony in
Manhattan last week, when she
accepted top honors for her youngadult novel “Far From the Tree”
(HarperTeen, 374 pages $17.99).
That was the near-totality of her
commentary about the book and its
readers in what was otherwise a
giddy and affectionate catalog of the
femaleness.” The reader certainly
goes to places where the sun doesn’t
shine in this unsparing exploration of
love, cruelty and the grittier, bloodier
aspects of sexuality. The narrative
toggles between stories of early
Christian martyrs and the firstperson experiences of Nina, a teen-
ager whom we accompany to, among
other places, the bed of her boyfriend, her own bed with a vibrator
and the offices of Planned Parenthood, where she undergoes a transvaginal ultrasound and gets pills for a
medical abortion (“the best thing I’ve
ever done for myself”). Advocating
feminist independence, Ms. Arnold
preaches a radical detachment from
others. “You don’t owe anyone a slice
of your soul,” she tells young
readers in an afterword. “Not
your parents. Not your friends.
Not your teachers or your
lovers or your enemies.”
Erika L. Sánchez strikes
some of the same hard notes in
“I Am Not Your Perfect
Mexican Daughter” (Knopf,
344 pages, $17.99), a novel
that begins with the combative
main character, 15-year-old
Julia,
thinking
horrible
thoughts about her dowdy,
dutiful elder sister, who has
been killed in an accident. The
phrase “Saint Olga, the perfect
Mexican
daughter”
goes
through Julia’s mind as she
glares at Olga in her coffin.
Julia wants nothing more than
to get away from the scrutiny
of her Chicago family, from poverty
and from the constraints of traditional morality. She wants to be a
writer. “All I know is that I’m going
to pack my bags when I graduate and
say, ‘Peace out, mothafuckas,’ ” she
tells us. In this raw, sprawling narrative, Julia discovers, among other
things, that Olga died carrying a
huge and meaningful secret, but
Julia is not diverted from her worldview. “There is no way in hell I’ll
ever have a baby,” she declares,
“even if I do get pregnant.”
Things are fraught in a different
way for Fabiola Toussaint, the Haitian
heroine of Ibi Zoboi’s novel “American Street” (Balzer + Bray, 324
pages, $17.99). When Fabiola’s
mother is detained by immigration
authorities as the two try to enter the
U.S., the girl enters the alien, sometime menacing world of her Detroit
cousins alone. Struggling to make
sense of her new life, Fabiola draws
on her voodoo faith for supernatural
support as she negotiates first love
and the moral entanglements of
money, loyalty and crime.
The last of the finalists, “Clayton
Byrd Goes Underground” (Amistad,
166 pages, $16.99) by Rita WilliamsGarcia, is a short novel for middlegrade readers that is so free of
female angst that it feels almost like
a category error. The story follows
the misadventures of a grieving boy
who runs away (briefly) with the
idea of joining his beloved grandfather’s musical group, the Bluesmen,
and playing the harmonica solo he’d
been promised. It’s a lovely story
with a conclusion befitting the marquee speech at the National Book
Awards ceremony: “The happy ending still beckons,” writer Annie
Proulx told the room, “and it is in
hope of grasping it that we go on.”
Well, hurrah for that.
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C10 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
BOOKS
‘One cannot be pessimistic about the West. This is the native home of hope.’ —Wallace Stegner
MYSTERIES: TOM NOLAN
FIVE BEST: A PERSONAL CHOICE
Roger D. Hodge
Eccentric crooks of a more contemporary nature populate the books
of Elmore Leonard, 12 of which are
contained in “Elmore Leonard: The
Classic Crime Novels” (Library of
America, 2,795 pages, $115). Edited
by longtime Leonard researcher
Gregg Sutter, this handsome threevolume package includes novels from
1974 (“Fifty-Two Pickup”) to 2002
(“Tishomingo Blues”).
Omnibus editions and
handsome boxed sets
for the hard-boiled reader
on your holiday gift list.
Like Picasso, Leonard (1925-2013)
had distinctly different periods. In his
epiphany-in-Detroit
phase,
he
depicted the mind-sets of Motor City
police detectives and the criminals
they chased in such gritty chronicles
as “Unknown Man No. 89” (1977) and
“City Primeval”
(1980). In his
gilded
middle
stage, he evoked
the faded glamour and presentday dangers of
Miami
(1983’s
“LaBrava”) and
the Atlantic City
Boardwalk (1985’s
“Glitz”). And in
his antic sunset
years, with capers like “Get
Shorty” (1990),
he perfected that
mix of dark comedy and lurid action that his
readers found so
addictive.
Another great
favorite
with
readers today is
John le Carré,
whose books—especially those featuring gnomic English spymaster
George Smiley—have been hailed as
modern classics. So popular is Smiley that Mr. le Carré, a quartercentury since his last Smiley book,
brought his hero back in this year’s
“A Legacy of Spies.” That book
doesn’t appear in “John le Carré:
The George Smiley Novels” (Penguin, 2,577 pages, $132), a boxed
set of eight trade-paperback volumes; but all the other Smiley titles
are included, from 1961’s “Call for
the Dead” to 1990’s “The Secret Pilgrim.” Also included are Mr. le
Carré’s two Smiley masterpieces:
“Tinker, Tailor, Soldier, Spy” (1974)
and “Smiley’s People” (1979). Envy
all who’ll be reading these books for
the first time. They’ll be encountering espionage fiction at its best.
on borderland journeys
Missouri border country in 1840 to
make his fortune as a pharmacist.
Naive and trusting, Pancoast soon
fell victim to sharpers. He went bust
and started anew, this time as a
steamboat operator. Then, in 1849,
when America’s argonauts began
preparing their wagon trains for the
long journey to the gold fields of
California, Pancoast, broke again,
joined a ragged group of Peoria
pioneers as part of a train of 44
wagons. He made it safely to California, but he never took to the hard life
of a gold-digger and eventually went
back East. Years later, when he wrote
his fascinating memoir, he gazed in
wonder at maps of the territories
he’d passed through. “Surely no
other country on the face of the
earth has ever undergone such rapid
changes as the great West of the
United States.”
A Tour on the Prairies
By Washington Irving (1835)
1
AFTER 17 YEARS in Europe,
tormented with dreams of his
homeland, Washington Irving
returned to the U.S. in 1832 and soon
embarked on a western tour, the
source of this strikingly vivid
portrait. Irving steamed westward to
Missouri, recording his observations
of Southern characters, slaves,
traveling Quakers and Italian counts,
then wandered with a troop of rangers across what is now Oklahoma,
sleeping under the stars and shooting
anything that moved. “Man is naturally an animal of prey; and, however
changed by civilization, will readily
relapse into his instinct for destruction,” he wrote after a deer hunt. “I
found my ravenous and sanguinary
propensities daily growing stronger
upon the prairies.” The rangers were
a motley troop of young greenhorns
eager for adventure and Indian fighting. After gamboling across the
prairies, punctuated by dreary interludes of bushwhacking, the company
at last managed to capture some wild
horses and slaughter a few dozen
buffalo. They forded streams, got
lost, suffered false alarms over
imagined Pawnee ambuscades,
huddled together during thunderstorms, and finally limped home in
rags, their horses mostly lame and
too exhausted even to graze.
My Confession
By Samuel Chamberlain (1956)
3
SAMUEL CHAMBERLAIN,
born in New Hampshire in
1829, grew up in a nice Boston
neighborhood but soon drifted west,
like so many other young men in
search of adventure. With the
outbreak of the Mexican War, he
went to Texas and enlisted. By 1849,
Chamberlain writes in “My Confession,” the singular memoir (published only posthumously) that he
illustrated with vibrant watercolors,
gouaches and drawings, he had fallen
in with a gang of scalpers led by
John Glanton and a terrifying figure
known as Judge Holden (later
immortalized by Cormac McCarthy
in “Blood Meridian”). Together they
terrorized West Texas, northern
Chihuahua, Sonora and the Arizona
territories. “Our life was indeed a
merry one,” Chamberlain writes.
“And there is real enjoyment in a
lawless, vagabond life on the
Frontier. I liked it.” Although Chamberlain likely embellished large portions of “My Confession,” his portrait
of life and death among the Glanton
Gang remains a neglected masterpiece of America’s frontier literature.
A Quaker Forty-Niner
By Charles Pancoast (1930)
2
CHARLES PANCOAST, a
lapsed Quaker from New
Jersey, made his way to the
A Journey Through Texas
By Frederick Law Olmsted (1857)
DIVIDE Detail from a painting
by Samuel Chamberlain of the
1847 Battle of Buena Vista.
4
BEFORE HE BECAME a great
landscape architect, Frederick
Law Olmsted worked as a
journalist, a career that brought him
to Texas in 1856. Through his eyes
we can see not only Texas as it
existed in the 1850s but also the
Texas that would come to be after its
passage through the horrors of civil
war. The book is filled with marvel-
DEBORAH HODGE
DASHIELL
Hammett’s most famous
fictional character is
no
doubt
Sam
Spade. But it was
with a different hero
that he first broke through as an
author. With his Continental Op—the
nameless private investigator for the
Continental Detective Agency—
Hammett introduced an unprecedented realism into the American
detective story.
Now, for the first time, all the Op
tales—28 short stories and the original magazine-serialized versions of
two novels—are gathered together in
“The Big Book of the Continental
Op” (Black Lizard, 733 pages, $25),
edited by Richard Layman and Julie
M. Rivett. It’s still bracing, 94 years
after the Op’s first appearance, to
encounter Hammett’s indefatigable
“little man going forward day after
day through mud and blood and
death and deceit.” The editors’ introductions to the Op’s exploits provide
useful context and add much interest
to a character
“jaded and cynical, but not inhumane, and not
entirely invulnerable,” in the
words of Ms. Rivett, Hammett’s
granddaughter.
Morally ambiguous and averse to
simple narratives
of good versus
evil, “the Op has
been and remains
one of American
literature’s most
influential fictional creations.”
While Hammett and his
confreres waged
their hard-boiled
revolution
in
pulp magazines
like Black Mask,
many of the authors in Otto Penzler’s “The Big Book of Rogues and
Villains” (Black Lizard, 911 pages,
$25) were making names for themselves in publications such as
Collier’s, McClure’s and the Saturday Evening Post. Featured in Mr.
Penzler’s latest anthology of classic
crime stories are familiar names,
including Robert Louis Stevenson,
Jack London and Washington Irving.
Yet there are a number of lesserknown writers on display too,
whose characters—swindlers and
con men like George Randolph
Chester’s Get-Rich-Quick Wallingford—still have the ability to charm,
outrage and instruct. Mr. Penzler
has given readers an inspired and
generous collection of well over a
century of captivating (and sometimes chilling) rascality.
GETTY IMAGES
GETTY IMAGES
The Gift of Crime
MR. HODGE is the author of ‘Texas
Blood: Seven Generations Among
the Outlaws, Ranchers, Indians,
Missionaries, Soldiers, and
Smugglers of the Borderlands.’
ous observations: deer and gray
horses and red cattle dotting the
“waving surface” of the prairie as it
rises and falls “like the swell of the
ocean after the subsidence of a gale
which has blown long from the same
direction.” His pitiless eye takes in
everything, not least the corrupting
effects of slavery and the sharp
divisions between Anglo Texans and
the Tejanos of Mexican descent,
treated as a conquered people.
Passing beyond a scattering of homesteads west of San Antonio, Olmsted
wonders at the great chaparral
desert stretching to the Rio Grande
valley, live oaks giving way to
mesquite, and at the kind of person
willing to live there, unprotected,
exposed to the depredations of
Indians, who were always showing
up when least expected.
Covered Wagon Women,
Vol. 9
Edited by Kenneth L. Holmes (1990)
5
‘JUNE 19: We started early and
it being cool and pleasant we
got along fine. We passed the
grave of a lady, Mrs. Rachel Drain,
who died May 19, age forty years. It
makes me feel so sad to see a lone
grave here in this doleful looking
country and kneel at the head to
read the name. I can’t keep from
crying, thinking how I would hate to
be left on this road.” So wrote Ruth
Shackleford in 1865 in a diary
included in this anthology. Searching
for a better life, her family crossed
the Plains not once but twice. Three
bad years in California was enough.
Back they went, following the southern route, passing train after train of
Texans headed to California, “going
to the land of gold, they think.” At
the end of the day, after long hours
of bouncing over roads that could be
identified only by the scrapings of
wagons on enormous stones, the
first thing Ruth Shackleford does is
milk the cow.
Best-Selling Books | Week Ended Nov. 19
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Promise Me, Dad
Joe Biden/Flatiron Books
Hardcover Fiction
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
1
New
Guinness World Records 2018
6
–
Guinness World Records Limited/Guinness World Records
THIS
WEEK
LAST
WEEK
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
1
1
Oathbringer: Book Three
Brandon Sanderson/Tor Books
2
New
End Game
7
David Baldacci/Grand Central Publishing
Hardcore Twenty-Four
Janet Evanovich/G.P. Putnam’s Sons
3
New
Origin
Dan Brown/Doubleday Books
Obama: An Intimate Portrait
2
Pete Souza/Little, Brown and Company
1
Bobby Kennedy: A Raging Spirit
7
Christopher Matthews/Simon & Schuster
The Pioneer Woman Cooks
3
Ree Drummond/William Morrow & Company
3
Killing England
8
–
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
4
6
Grant
Ron Chernow/Penguin Press
9
9
The Wisdom of Sundays
Oprah Winfrey/Flatiron Books
5
5
God, Faith, and Reason
Michael Savage/Center Street
10
New
THIS
WEEK
LAST
WEEK
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
1
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
2
–
New
Wonder
4
4
R. J. Palacio/Alfred A. Knopf Books For Young Readers
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
New
Hardcore Twenty-Four
1
Janet Evanovich/Penguin Publishing Group
New
Obama: An Intimate Portrait
2
Pete Souza/Little, Brown and Company
1
End Game
2
David Baldacci/Grand Central Publishing
Promise Me, Dad
Joe Biden/Flatiron Books
Fiction E-Books
8
New
5
New
Wonder (Movie Tie-In Edition)
10
–
R. J. Palacio/Alfred A. Knopf Books For Young Readers
1
1
New
Hardcore Twenty-Four
Janet Evanovich/G.P. Putnam’s Sons
2
New
4
2
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
4
5
The Midnight Line
4
Lee Child/Random House Publishing Group
A Year by the Sea
Joan Anderson/Crown/Archetype
5
–
The Sun and Her Flowers
5
Rupi Kaur/Andrews McMeel Publishing
6
Artemis
Andy Weir/Crown/Archetype
Milk And Honey
6
Rupi Kaur/Andrews McMeel Publishing
9
The Rooster Bar
6
2
John Grisham/Knopf Doubleday Publishing Group
5
1
New
The Talent Code
7
Daniel Coyle/Random House Publishing Group
–
The Wisdom of Sundays
Oprah Winfrey/Flatiron Books
7
7
Two Kinds of Truth
7
Michael Connelly/Little, Brown and Company
Eat, Pray, Love
8
Elizabeth Gilbert/Penguin Publishing Group
–
Harry Potter: A Journey...
8
British Library/Arthur A. Levine Books
–
Count to Ten
8
New
James Patterson&Ashwin Sanghi/Grand Central Publishing
Bobby Kennedy: A Raging Spirit
9
Christopher Matthews/Simon & Schuster
8
Origin
9
Dan Brown/Knopf Doubleday Publishing Group
10
3
5
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
The Getaway (DWK #12)
Jeff Kinney/Amulet Books
Leonardo da Vinci
Walter Isaacson/Simon & Schuster
Defiant Queen
Meghan March/Meghan March LLC
2
LAST
WEEK
Oathbringer: Book Three
3
Brandon Sanderson/Tom Doherty Associates
Killing England
10
–
Bill O’Reilly & Martin Dugard/Henry Holt & Company
6
THIS
WEEK
3
–
LAST
WEEK
Fiction Combined
The Pioneer Woman Cooks
3
Ree Drummond/William Morrow & Company
Body Love
10
Kelly Leveque/HarperCollins Publishers
THIS
WEEK
Artemis
9
Andy Weir/Crown Publishing Group (NY)
THIS
WEEK
TITLE
AUTHOR / PUBLISHER
–
The Mistresses of Cliveden
9
–
Natalie Livingstone/Random House Publishing Group
The Midnight Line
Lee Child/Delacorte Press
3
The Rooster Bar
John Grisham/Doubleday Books
Instant Pot Obsession
3
Janet A. Zimmerman/Arcas Publishing
The Girl with Seven Names
6
4
Hyeonseo Lee & David John /HarperCollins Publishers
TITLE
AUTHOR / PUBLISHER
5
Nonfiction Combined
Troublemaker
1
Leah Remini/Random House Publishing Group
Promise Me, Dad
Joe Biden/Flatiron Books
7
TITLE
AUTHOR / PUBLISHER
Methodology
THIS
WEEK
LAST
WEEK
Strengths Finder 2.0
Tom Rath/Gallup Press
1
1
New
Principles: Life and Work
Ray Dalio/Simon & Schuster
2
3
End Game
3
David Baldacci/Grand Central Publishing
New
On Power
Gene Simmons /Dey Street Books
3
New
Oathbringer: Book Three
Brandon Sanderson/Tor Books
4
New
Total Money Makeover
Dave Ramsey/Thomas Nelson
4
2
The Midnight Line
Lee Child/Delacorte Press
5
2
Wonder
6
6
R. J. Palacio/Alfred A. Knopf Books For Young Readers
The Rooster Bar
John Grisham/Doubleday Books
7
3
Artemis
Andy Weir/Crown Publishing Group
8
New
Origin
Dan Brown/Doubleday Books
9
Giraffes Can’t Dance
Giles Andreae/Cartwheel Books
10
TITLE
AUTHOR / PUBLISHER
The Daily Stoic Journal
5
New
Ryan Holiday and Stephen Hanselman/Portfolio
The Five Dysfunctions of a Team
Patrick M. Lencioni/Jossey-Bass
6
4
Emotional Intelligence 2.0
7
Travis Bradberry & Jean Greaves/TalentSmart
5
The Energy Bus
Jon Gordon/Wiley
8
6
4
The Ideal Team Player
Patrick M. Lencioni/Jossey-Bass
9
–
–
Extreme Ownership
Jocko Willink/St. Martin’s Press
10
10
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 25 - 26, 2017 | C11
* * * *
REVIEW
BENEDICT EVANS FOR THE WALL STREET JOURNAL
‘I didn’t
want to take
the wig off.’
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Kristin Scott Thomas
The British actress
takes on Mrs. Churchill
in a new film
IN HER LATEST ROLE, as Winston
Churchill’s wife Clementine, actress Kristin Scott Thomas decided
to “embrace the white wig.”
Throughout filming “Darkest
Hour,” about Mr. Churchill’s early
days as prime minister, she wears
a wig with wavy white hair, recreating the hairstyle that Mrs.
Churchill wore in her mid-50s. “I
didn’t want to take the wig off,”
Ms. Scott Thomas says. “It was
about allowing experience to
shine.”
At 57, Ms. Scott Thomas is two
years older than Mrs. Churchill
was when her husband became
prime minister in May 1940. The
wig, and the role, led her to think
about how most women of that era
were more comfortable with aging.
“Nowadays we’re so used to seeing
a woman in her late 50s pretending to look like a woman in her
30s,” she says.
Ms. Scott Thomas is best known
for portraying graceful yet anguished characters such as the
brooding Fiona in “Four Weddings
and a Funeral” (1994) and a married woman in love with another
man in “The English Patient”
(1996). As she prepared for her
current role by reading history
books and meeting members of
the Churchill family, she learned
that Clementine was a driven and
opinionated figure in her own
right and, by some accounts, her
husband’s intellectual equal. Mrs.
Churchill’s parents separated when
she was young. Her mother
couldn’t afford to send her to college herself and didn’t think it was
necessary for her to get a higher
education.
Ms. Scott Thomas was born in
Cornwall, England, and her mother
also struggled financially. Her biological father, a pilot, died when
she was young, as did her mother’s
second husband, also a pilot. “We
were living off a naval pension for
one child,” says Ms. Scott Thomas.
With the help of her grandparents
and godparents, she was able to
attend an all-girls private school.
She enjoyed acting, but a
teacher at drama school told her
that she’d never make it as an actress in England. So she left for
France at age 19. She had already
learned to speak French in school,
and after moving to Paris she
worked as a nanny and then studied theater. She soon landed a few
parts on French television.
Her first film role was in
Prince’s directorial debut, “Under
the Cherry Moon,” a 1986 critical
flop filmed partly in Paris. Her
role as a French heiress entailed
elaborate costumes and makeup.
“It was just wild,” she says. Soon
she was getting parts in England,
too. “Four Weddings and a Funeral” put her on the map. She
fought for the role. “I thought…‘I
am Fiona.’ I thought only I could
deliver those lines.”
Ms. Scott Thomas remembers
having had the same feeling when
she read the script of “The English
Patient.” Her role won her an Oscar nomination. The plot includes
a plane crash in the desert that injures her character and kills her
husband. After her lover (played
by Ralph Fiennes) finds her, he
leaves her in a cave with provisions and sets out for help. Her father died in a plane crash, too. “I
think that was probably a reference that struck a chord,” she
says. “But I think there isn’t a person on this planet who hasn’t gotten abandonment issues. I’ve certainly got them in spades.”
She went on to star in films
such as “The Horse Whisperer”
(1998), “Gosford Park” (2001), and
“The Other Boleyn Girl” (2008).
She hasn’t appeared in many
American films in recent years.
“No one asks for me,” she says. As
a voluble American woman passes
through the hotel lobby where we
are sitting, Ms. Scott Thomas
stops talking and waits for her to
pass. She smiles and says that she
thinks Americans tend to speak
more loudly than Europeans. “I
think it’s because you live in bigger spaces, and we live in smaller
spaces, and we don’t have to yell
at each other.” She adds, “We
don’t have to holler across those
Ohio corn fields.”
In 2014, she decided to focus on
theater, including a stint as Queen
Elizabeth in “The Audience” in
London. But after a couple of
years, she was ready for a break.
“I loved it, loved it, but I was totally exhausted,” she says. So she
took six months off “being me,”
she says, “sort of pottering
around.”
Then she read a screenplay by
Sally Potter called “The Party,” a
dark political comedy set at a London dinner party. Ms. Scott
Thomas loved the story so much
that she decided to go back into
films. (It will appear in theaters in
February.) Next came the offer to
play Mrs. Churchill.
She will next star in the French
film “Au Bout des Doigts,” in
which she plays the teacher of a
genius pianist.
She found it hard to break away,
finally, from the Churchills’ era.
After filming her last scene—in
which her character asks Mr.
Churchill, “Are we very old?” and
he responds, “Yes”—she wasn’t
ready to let go. “I felt grief for
leaving her behind and leaving
Churchill behind,” she says. Today,
“no one even comes near him.”
MOVING TARGETS: JOE QUEENAN
CRAWLING, news reports say, is
growing in popularity as an exercise
activity. Some fitness types claim
that the act of crawling like a baby
allows the mind and body to return
to healthier exercise patterns
learned at an early age. Everyone
knows that before children learn to
walk, their bodies are lean, mean
and supple. It’s only when they can
stand up high enough to reach the
chocolate-chip cookies that they
start to fall out of shape. After that,
it’s straight downhill.
Crawling enthusiasts say that by
dropping down onto all fours and
prowling around the room like jungle cats, people are hitting the reset
button in their central nervous systems, returning to a blissful, supple,
Eden-like state before pedestrianism went and ruined everything.
I can see why crawling could become a big hit. For starters, it requires no gym membership and
saves on footwear. And crawling
can be practiced at work by incor-
porating the activity into the routine groveling so many Americans
do every day when they confer with
their superiors.
But the biggest appeal of therapeutic crawling is that it frees people from the deadly constraints of
adult life—a productive disruption
of exercise habits that, I think, is
just beginning. Here are some other
prepubescent activities to burn calories and strengthen muscles while
massively reducing stress.
Sticking your feet into your
mouth. People laugh when they
watch babies do it, but when was
the last time you heard of a baby
needing acupuncture to ease lower
back pain? By lying flat on your
back, getting a good grip on one
foot and then trying to jam it into
your mouth—and doing this for at
least 15 minutes a day—you can realign dysfunctional chakras and reduce wear and tear on the spinal
cord. And because the sheer effort
of lifting your feet close enough to
Having a fullscale tantrum
is highly
aerobic.
your mouth requires such immense
concentration, it blots out all other
mental activities, thereby relieving
stress. It’s a podiatric version of
transcendental meditation.
Coming down the stairs on your
butt. What starts out as a defensive
learning mechanism in a tiny child
can also be tremendously useful to
adults. Experts agree that descending a staircase one step at a time in
a three-story building works miracles on the glutes, calves and
thighs. And if you’re lucky enough
to work in a skyscraper and can get
into the habit of descending 15
flights of stairs on your butt every
night, you’re going to have glutes of
steel by Christmas. Especially if the
steps are made of granite.
Throwing a full-scale hissy fit.
While tantrums have ruined many a
parent’s day, recent research has
shown that besides clearing the air
emotionally, a full-scale fit (jumping, screaming, waving arms, etc.) is
highly aerobic, with dazzling effects
on cholesterol and blood sugar. See
for yourself.
Rolling over onto your stomach
without using your hands. Think it’s
easy? Try it sometime. Just as babies learn to synchronize the movements of their hips and shoulders
to jerk themselves over onto their
tummies, out-of-shape, tortoise-like
adults can work off that paunch by
doing the same. And once you’re lying there with your face in the carpet, rocking back and forth on your
tummy is a really good way to
tighten those abs.
Smacking yourself in the head
with a bowl. OK, it looks goofy
when children do it, but when babies smack a bowl or plate against
their foreheads, they’re actually
strengthening their facial muscles
and learning how to absorb pain.
One caveat: When smacking a bowl
against your head, make sure that
you’ve finished the cereal and milk
first. And never try this with a
bowlful of SpaghettiOs.
NISHANT CHOKSI
The Act-Like-a-1-Year-Old Workout
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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
C12 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
REVIEW
GETTY IMAGES
HUMPHREY BOGART
and Ingrid Bergman
MASTERPIECE: ‘CASABLANCA’ (1942), DIRECTED BY MICHAEL CURTIZ
Best Enjoyed, Not Dissected
EVEN MOVIE FANS who don’t consider “Casablanca” Hollywood’s crowning achievement
have to agree it’s among a handful of the most
beloved movies the studio system ever created.
It’s a tale of redemption. A hero’s journey. A
heartbreaking love story. A fount of deathless
dialogue. The Best Picture winner on Oscar
night. And a Manichean face-off, made when
the world was in the middle of one.
One reason it all works, despite what Pauline Kael once described as its “appealingly
schlocky romanticism,” is the architectural
wonders of the script by the Epstein brothers,
Julius and Philip, and Howard Koch. Another is
the direction of Michael Curtiz, who was never
regarded as an auteur but who, over a storied
career that included such disparate gems as
“The Adventures of Robin Hood” and “Mildred
Pierce,” always served the material. The KochEpstein screenplay is all fat-free forward motion. Curtiz puts it on a treadmill.
Beginning with the newsreel-style intro—
breathless, urgent and providing all one needs
to know about Casablancan politics—the film never stops moving:
One of the usual suspects is shot
and dies under a poster of Marshal
Petain. There’s a survey of Rick’s
café, which establishes the desperation of the dispossessed. Rick is
revealed at first only by his hands,
signing a tab, playing chess; by the
time the camera reaches his face,
we know who he is.
Curtiz is great at this kind of shorthand, and
he has a cast of almost cartoonish character
actors abetting him: the tubby/avuncular S.Z.
Sakall as the waiter Carl; Leonid Kinskey as the
“crazy Russian” bartender Sascha; the corpu-
PLAYLIST: JENIFER LEWIS
lent, lordly Sydney Greenstreet, whose Signor
Ferrari has one of the best lines in the film: “As
the leader of all illegal activities in Casablanca,
I am an influential and respected man.”
But Curtiz also knew the power of the lingering close-up: Rick’s tortured
grimace at first seeing the evanescent Ilsa in his bar; Ilsa’s shattered look when Rick denies her
the letters of transit; the two saying a final, silent goodbye with
their eyes, Ilsa angelically mouthing “God bless you” before larking
off to Lisbon. Laszlo? He may as
well be a waiter hurrying champagne cocktails to underage Bulgarians.
But to try to reverse-engineer “Casablanca,”
to figure out exactly what elevates it from
mere movie to masterpiece, is to disbelieve in
movie magic. Of course it’s greater than the
Movie
magic,
almost by
accident.
ASK ARIELY: DAN ARIELY
Fees That Feel Unfair
The School of Aretha
A song about touring inspired an actress to
perform like the Queen of Soul
Jenifer Lewis, 60, is an actress, comedian and singer who stars in
ABC’s “Black-ish.” She is the author
of the memoir, “The Mother of Black
Hollywood” (Amistad). She spoke
with Marc Myers.
ing every so often to jot down what
her musicians were up to.
The song made me want to sing
like Aretha.
One day in junior high school, I
was crying at my desk. My teacher,
Mr. Santos, asked what was wrong. I
said, “I’ll never be able to hit high
notes like Aretha.”
A few days later, at
the end of class, Mr. Santos told me he had a vision the night before
that I was going to be famous. “You’re going to
be somebody,” he promised.
In 2012, I was at a
party for Aretha in Los Angeles and
sang “Black Don’t Crack,” from my
cabaret show. After, I quietly went
over to where Aretha was sitting and
knelt down to say hello.
Aretha said, “Honey, I didn’t know
you had chops like that?” When Aretha said that, nobody could say nothing to me ever again. She validated
everything.
Aretha Franklin got me through
childhood. We were very poor, and
life in Kinloch, Mo., was
oppressive. I was the
youngest of seven children, which meant I
couldn’t reach far or fast
enough to get anything
more than a chicken
wing on Sundays.
Aretha’s music became my everything. I first heard her
song “FIRST SNOW IN KOKOMO” in
the basement of our home when I
was 16 in 1973. Our stereo was down
there, and we had her new album,
“Young, Gifted and Black.” As soon
as I heard Aretha’s piano intro and
choir on “Kokomo,” I was transfixed.
It was comforting, like a music box
or a lullaby. Aretha’s voice was tender and reassuring, and
the ballad’s pace and lyrics could have rocked me
to sleep:
“The first snow in
Kokomo / Off an Indiana
highway, I was on my way
to Kokomo / A funny
friend named Chuck
slipped and bumped his
head / And as we picked
him up asked us had his
nose turned red / That was
the first snow in Kokomo.”
Aretha goes on to sing
about the other musicians
in her band on the tour
bus, repeating the line
“first snow in Kokomo” after each verse. It’s as if
she wrote the song while
watching the first snowfall
ARETHA FRANKLIN on ‘Soul Train’ in 1973.
out the bus window, turnEVERETT COLLECTION
‘You’re
going to be
somebody.’
Mr. Anderson writes on TV for the Journal.
Dear Dan,
Last week I went to a website to buy a ticket for
a talk you were giving. When I saw that the ticket
was $28 and that they charged an additional
$7.50 processing fee, I balked. I ended up not going to see you. Ironically, I probably would have
just bought the ticket if the original price had
been $35.50. Would you call this rational behavior? —Terry
It’s irrational, for sure. Rationally, you should
care only about the total price of the
ticket—additional fees included.
It should be irrelevant
whether the charge
is 100% for the
ticket itself or
partly for the
ticket
and
partly for processing
the
transaction.
But, of course,
we are not rational. The small outrage you experienced
at the high processing
fee is about perceived fairness,
and it is very human. That $7.50 processing fee is more than 25% of the
price of the ticket. If that same fee
were slapped onto a $1,000 airline
ticket, you probably would not give it a
second thought.
Ticket sellers should recognize that this
pricing strategy is clumsy and not in their best interests. They would do themselves a big favor simply by bundling the processing fee into the face
price of the ticket. Then, next time, you might
show up to hear me talk!
Dear Dan,
In my job I meet lots of new people all the time,
and I’d like to build trusting relationships with
them as I advance in my career. What’s the best
way in business to foster trust with others? —Kayla
One key strategy is to show that, even though
you’re doing business, you care about the other
person’s interests—even at a cost to yourself.
Imagine that you’re at a restaurant and order a
pricey fish entree. One waiter tells you that the
dish is sold out and suggests that you instead try
the chicken, which is just as tasty and is also less
expensive. A different waiter, by contrast, directs
you to the caviar dish—which, you learn, is three
times more expensive.
You will certainly put more trust in the first
waiter than in the second one. The first has shown
that he’s willing to accept a smaller tip (for a less
expensive entree) because he wants you
to have an enjoyable experience.
And the next
time you’re in
the restaurant, you
will ask for
him. The best
way to build
trust is to show
people that you
have their best interests in mind.
Dear Dan,
As I’ve aged, it
seems to me that the
people around me have
become kinder and more
thoughtful—and, in response
to them, I’ve become more liberal
and compassionate. What drives
this change? —Pete
I’m not sure what explains your increased
compassion, but it’s very much to your credit. I’ve
seen the same thing with my aging father: He’s become a lot kinder. I could suggest that long experience breeds wisdom and appreciation, but another
explanation keeps nagging at me.
Maybe it’s about hearing loss? Perhaps when
we can’t hear everything people are saying, we
fill in the gaps in an over-optimistic way and end
up attributing more positive attributes to the
person on the other side of
Have a
the discussion.
dilemma
Then again, I know plenty
of other people who have
for Dan?
gotten crankier as they have
Email
grown older—and perhaps
AskAriely
that is related to hearing
@wsj.com.
loss, too.
RUTH GWILY
BY JOHN ANDERSON
sum of its parts—the best films are. And like
no small number of them, “Casablanca” seems
to have come together almost as a series of accidents—or, at the very least, undistinguished
circumstances. It was based on a play no one
had actually produced; it starred an actor
(Humphrey Bogart) no one had really known
how to cast. And yet, as sometimes happens,
an unlikely collection of parts—think of a
Frank Gehry building, or certain Mahler orchestrations—adds up to something ineffable
and sublime. To study it too closely, in fact, is
to risk bursting a delicate bubble.
That said, there remains something very basic about the now-75-year-old “Casablanca,”
which premiered in New York on Nov. 26, 1942.
For all its glamour, heroism and patriotism,
“Casablanca” also speaks very intimately to the
idea of belonging—not in the sense of nuclear
family, necessarily, but in a manner classic
films have often explored.
The poignancy of “The Wizard of Oz,” for instance, isn’t about Dorothy returning to Kansas, but about having left behind, in Oz, the
characters she (and we) really love. In “The
Searchers,” John Wayne’s Ethan Edwards is left
to wander in exile, not by virtue of word, deed
or a lack of family, but through an existential
inability to connect with his fellow man. “Citizen Kane” is haunted by its protagonist’s ruined childhood and the birthplace he’s always,
perhaps subconsciously, longed for.
In “Casablanca,” the tears we shed for the
hopeless romance of Rick and Ilsa are certainly
genuine. But there’s also a pang for what we
leave at Rick’s Café Américain: an idealized
sanctuary—chic, cosmopolitan but somehow
democratic—led by a strong (American) male,
a benign despot, perhaps, but one whose rough
exterior masks a heart of gold. Rick’s nightclub
is also a mirror of the America to which so
many minor characters are trying to flee. Only
three of the principals were American-born; of
the other 70-odd players, many had actually
fled Europe as Hitler rose to power, and the
fact that refugees are actually playing refugees
gives the movie a genuineness of tone—and
some genuine accents—it would otherwise
have lacked.
Not everything in Casablanca makes sense.
Those letters of transit taken from the murdered German couriers and signed by Charles
de Gaulle? (“Cannot be rescinded. Not even
questioned.”) Why would the Germans have
honored letters signed by Gen. De Gaulle? Why
does the French prefect of police, Capt. Renault
(Claude Rains), sound like an Englishman? Why
are Rick and Sam (Dooley Wilson) perfectly dry
when they board the train leaving Paris, after
having waited for Ilsa (Ingrid Bergman) in a
drenching rain?
But, in the end, it’s a bit like the question
Rick asks, drunk and mourning for Ilsa: “If it’s
December 1941 in Casablanca, what time is it in
New York?” Not everything has to be right to
be poetry.
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 25 - 26, 2017 | C13
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. Meg
Whitman
will step
down as
CEO of
Hewlett
Packard
Enterprise
early next
year. Who will succeed her?
Thanksgiving Split
Joe and Bob agree to
divide a small cake after
the big meal. Each
generously wants to
provide the other with
the largest share
possible. Joe cuts the
cake into two pieces;
then Bob cuts one of
those pieces into two
pieces.
If Joe must take
the largest and
smallest pieces, what
is the largest amount
of cake Bob can
provide to Joe?
6. It’s something of a golden
age for short pro-basketball
players. At 5-foot-9, who’s
the shortest NBA All-Star
ever?
A. To buy a taxi stand and
tear it down
B. To settle a lawsuit for
racial discrimination
C. To try to conceal a data
breach by hackers
D. To suppress video of
an Uber executive berating
a driver
A. Manute Bol
B. Isaiah Thomas
C. Chris Paul
D. Kyle Lowry
7. Tesla won a bet by delivering
the world’s biggest battery in
under 100 days—to which of
these states?
3. Which of these cut its
ties to broadcast journalist
Charlie Rose after several
women accused him of
sexual harassment?
+
8. Federal regulators just did
something about washing
machines. What was it?
4. The Journal found that
some big companies are
moving away from a brand
of famous software, saying it
hasn’t kept up with data needs.
Name it.
A. Ecco Pro
B. Oracle Database
C. Microsoft Excel
D. Windows
ILLUSTRATION BY LUCI GUTIÉRREZ
Easy as Pie
Alice and Beth divide a small Thanksgiving pie. Alice
cuts the pie into two pieces; Beth cuts one of those
pieces into two pieces. Then Alice cuts one of the
three pieces into two pieces. Alice gets the largest
A. Arizona
B. South Australia
C. Minas Gerais in Brazil
D. Carinthia in Austria
A. CBS
B. Bloomberg
C. PBS
D. All of the above
National Museum
of Mathematics
abound at
Thanksgiving celebrations.
A. $8.5 billion
B. $85 billion
C. $850 billion
D. $100 plus $237 billion
in fees, surcharges and taxes
2. Uber paid $100,000 a year
ago—for what?
Provided by the
VARSITY MATH
Desserts
5. Uncle Sam sued to stop
AT&T’s planned purchase
of Time Warner, arguing it
poses an unlawful threat to
competition. How much was
the deal valued at when
announced a year ago?
A. Antonio Neri
B. Antonio Negri
C. Antonio Nieves
D. Antonio Banderas
FROM TOP: ASSOCIATED PRESS; ISTOCK
From this week’s
Wall Street Journal
and smallest pieces produced; Beth gets the middle
two pieces.
What strategy does Alice use to get the largest
fraction of pie, and how large is it?
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST WEEK’S PUZZLES
Varsity Math
A. Recommended big tariffs
on imported ones
B. Required they all be
internet-connected by 2022
C. Mandated separate
settings for blue clothes and
red clothes
D. Rolled
back
regulations
on energy
efficiency
To see answers, please
turn to page C4.
Acrostic
Bakery Fakery
In Primes and
Products, Dick is 77.
Pete can be either 71
or 83. In Two Pints of
Cider, the contents
start with (15,0,0) in
the three containers
and can proceed to
(9,0,6), (9,6,0), (3,6,6),
(3,10,2), drink,
(3,10,0), (3,4,6),
(7,0,6), (7,6,0), (1,6,6),
(1,10,2), (11,0,2),
(11,2,0), (5,2,6),
(5,8,0), (0,8,5). This
takes 15 steps in all.
S
H
A
H
C
A
F
E
S
A
P
T
T
S
A
R
S
H
O
L
A
E
L
B
R
A
AM
L S
A C
MU
O L
P
C T
L U
O R
P E
S
P
L
A
T
K
Y
O
T
O
D
A T T
E
B U E
A
B L E
D C A S H
S H
A S
P E D M
O
N O U
T
U R S
T O B I
E P I C
L A T T
E
H A N
G
E L E
E U P
C
N T A D
D I V E R
C E L E
C AM
S
U
E V I
S
N I G
P
T E N
A
N A W
N D
R
MA Y
S E T
A N E
N
A G
A MO
A S
D
H U S
E A S E
GMA N
N A
D
O N S
P S A
S
T H
B
B A
A T Y R
T A
D
H T
Y
S
T
H
E
B
I
G
T
R
O
H
S
O
B
I
E
S
R
E
A
(Peter) Wohlleben, “(The) Hidden Life of
Trees”—“A tree is not a forest. But
together, many trees create an ecosystem
that moderates extremes of heat and cold,
stores a great deal of water, and
generates...humidity. And in this protected
environment, trees can live to be very old....
Every tree...is valuable to the community.”
W I T
L O B S
I C H
E U R O
S E E
D I O R
E
GMA J O R
T I N A
AM Y
OW I L D
O D I O U S
N
D AM P E N
U C E
I S L E
N OW N I L E
I S A I D
O L I N
E G O
Z I N G
D E M
O N G
S O L E
N G E
TW I G
E
RWA N D A
R A
A R C
E L O N G A T E
Y E R
A K I N
A R S
T E N D
L T O
E S S O
A. White pine; B. “Over There”; C. Headbutt; D. Loverboy; E. Lynx-eyed; F. Ernie Els;
G. Betel nut; H. Esoteric; I. Nerve gas;
J. Hard time; K. In a state; L. Dementor;
M. Des Moines; N. Escargot; O. Notecard;
P. “La Strada”; Q. Itchy feet; R. Fandango;
S. Estivate; T. “Oye Como Va”;
U. Flummery; V. Tater Tots; W. Redstart;
X. Emma Stone; Y. Entrechat; Z. Sea trout
For previous weeks’ puzzles, and
to discuss strategies with other
solvers, go to WSJ.com/puzzles.
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
A
B
1
C
2
3
D
E
5
4
6
7
8
9
F
10
G
11
12
H
13
I
14
J
15
16
K
17
18
19
L
20
M
21
22
N
Trail Mix | by Patrick Berry
Answers fit into this grid in two
ways: Rows and Trails. Each Row
contains two answers placed side
by side, clued in order. Each Trail
answer begins in the corresponding
numbered square and ends in one
of the dotted squares, making one
or more turns along the way. Trails
will never overlap each other, nor
will they make hairpin turns (that
is, no two-by-two block of grid
squares can be filled by a single
Trail answer). Lengths of the Trail
answers are given in parentheses.
In the completed grid, each letter
will be used once in a Row answer
and once in a Trail answer.
Trails must make at least one turn:
1
W
R O N G 1R I G H
T
Trails can’t occupy a 2×2 block of squares:
1
W
N G
R O
1
R
T
I G H
Rows
A Not too bad
Take the helm
B Most of the golf clubs in a
standard set
Harbor suspicion (3 wds.)
C Best possible
Rides a horse at full
speed
D Got close to
Item on a summer camp’s
schedule
E Territorial division in
Anglo-Saxon England
Political extremist
F Most clever, as an idea
Comprising (2 wds.)
G Gel-yielding plant (2 wds.)
Melt down
H Less sophisticated
Deceitful maneuvers
(2 wds.)
I Anchovy containers
Agricultural region that
includes Georgia,
Alabama and Mississippi
(2 wds.)
J Irritating weapon
Tourists from afar
K Undivided
The costs of not returning
promptly? (2 wds.)
L “Okay, get ready!” to the
cast
Huevos rancheros base
M Problem child’s opposite
Tailors, in old parlance
N “She loves me, she loves me
not” flower
Olive alternative in a martini
(2 wds.)
Trails
1 Underwater treasure hunter
(5,5)
2 They’re 200 centimeters
above the floor in a gym
(8,4)
3 Anti-itch medication (8,6)
4 YouTube upload (5)
5 Passage (9)
6 Neutral debate participant
(9)
7 Urbanites walk them (4,7)
8 Chemist and philanthropist
for whom element #102
was named (6,5)
9 Clever ploys (10)
10 Postal scale unit (5)
11 Thick-skinned burrower (9)
12 Homes on high (5)
13 Without any penalty (4-4)
14 Delivered to a war zone,
maybe (9)
15 Preview of things to come
(9)
16 Power outage cause in
winter (3,5)
17 Blood tie (8)
18 Did a lousy job of standing
guard (4,6)
19 Game venue in Africa? (9)
20 Attorney’s set of rules?
(5,3)
21 Ship sinker of legend (3,7)
22 ___ Fields (paradise of
Greek myth) (7)
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
45 Match makeup
47 Tel. no. addition
18
19
20
21
22
48 This answer, for
23
24
25
26
one
27
28
29
30
49 Texas governor
before George W.
31 32
33
34
50 Ancient
35
36
37
38 39 40
gathering place
51 Simple basket
41
42
43 44
45
52 Williams work
46
47
48 49
50 51 52
54 Grouse
53
54
55
57 Longtime “All
My Children” star
56
57 58 59
60
58 Zeena Frome’s
61
62
63
64 65 66
husband
67
68 69 70
71
59 Penitent activity
60 Some hair
72 73
74
75
products
76
77
78 79 80
63 Royal address
81
82
83
84
64 Gastronome
65 Professor Snape’s
85
86 87 88
89 90 91
92
first name
93 94
95
96
66 Early round
97 98
99
100
67 Proposes as the
price
101
102
103
104
105 106 107
68 Hours ere noon
108
109
110
111
69 Sport shoe for
hoopsters, e.g.
112
113
114
115
70 Badminton need
71 Spigoted vessel
What Have You | by Tracey Gordimer
72 Junk mover
45 Organ part
6 Regulus’s
85 “Uh-huh!”
Across
73 Lacking backing,
constellation
46 Finishes behind
86 Group of female
1 Exclamation
in a way
7
Kenyan
seals
point, in hacker
48 First appearance
74 Largest of the
insurgents
of
the
lingo
on a countrywide 89 Online site for
Mariana Islands
1950s
broadcast?
Nascar fans?
5 ___ mater
76 Fork over
8
Join
hands?
53 “A Clockwork
93 Skinless
9 Switch to plastic,
77 Plausibility
Orange”
9 Silky singer Lou
say
95 Captain of
protagonist
78 Take in
10 Angsty music
industry
14 Fleece
54 Circle, ellipse,
genre
79 Render helpless
18 Tech support
96 Puts into
parabola and
callers
11 Torch
alignment
80 Insulting action
hyperbola
20 Audrey’s “Robin
12 Half of ASAP
97 Brunch entree
83 White Lady
55
Hose
and Marian”
ingredient
99 Bradley with five
13 “Scram!”
attachment
co-star
stars
14 List of candidates 86 Duplicitous clerk
56
Lewd
moos
and
21 Tickle
of fiction
100 Run wild
the like?
15 “Is this for real?”
22 Bounding stride
87
Self-proclaimed
101 Just-filled flour
60 “The Naked
16 Area beyond the
“Curiously
23 “No, I’m not
packages?
Maja” and “The
78-Across
Strong Mint”
leaving a tip!”?
Clothed Maja”
103 Marker in the
17 Intersect
88 Prepare to play
25 Save the
Midas
Strait?
61 Hosp. areas
after a break
19 Does some
Mosquitoes,
108 Glamour rival
62 About-face
genetic tinkering
perhaps?
90 Ferdinand’s
109 Like many Pizarro 24 Bonnet with a
63 Blood fluid
kingdom
27 Dispirited
victims
big brim
64 Psi power
91 Solar feature
28 Number of
110 Fit to serve
visible during an
26 Horrify the
67 Have ___ on
courses
eclipse
111 Boxer’s dream
prudes
one’
s
shoulder
30 Dead-end street
92 Top on eBay
112 Imminent
29 Free from
68 Filipino
sign
contamination
panhandler?
94 “Oklahoma!” aunt
113 Judges
31 Canaries owner
31 Academic
72 Handful for a
95 Deck crew
114 Reminds a few
33 Pioneer in
motorist on foot
foremen
too many times
32 Spiced drinks
number theory
made with
97 Hint of things to
115 June honorees
34 Emptied a bucket 74 They’re doomed
curdled milk
come
75 Split apart
on
Down
33
Not
straight
98
Pedometer unit
76 Vicar’s assistant
35 Brownish-gray
1 Tampa Bay
35 Comfort
who’s armed?
color of whisky?
100 Vitamin nos.
tackle, for short
36 General on many 102 Livestock mother
78 Vicar’s place in
37 Customs
2 Pale wood
a menu
the church
38 Joyful answer
104 Journey portion
3 Formerly named
37
Tries to win
81
“Sad
to
say...”
41 Astonished
105 Acting pro Hagen
4 Reach for
82 Sounded the
39 Relentlessly
utterances
greedily
106 Vintage
hour
gloomy
42 Unhurried
5 ESPN’s Award for
107 “Owner of a
83 Slip-up
40 Make a choice
43 Figurehead’s
Courage is
Lonely Heart”
84 Altdorf’s canton
position
named for him
44 Loaded
band
1
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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 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Tory Burch’s
dream
Christmas is...
surprising
Why Lettie
Teague loves
buying wine in
the Windy City
D3
D10
EATING
|
DRINKING
|
STYLE
© 2017 Dow Jones & Company. All Rights Reserved.
|
FASHION
|
DESIGN
|
DECORATING
|
ADVENTURE
THE WALL STREET JOURNAL.
* * * *
|
TRAVEL
|
GEAR
|
GADGETS
Saturday/Sunday, November 25 - 26, 2017 | D1
TAKE MONDAY OFF
A Caribbean
French Twist
MARICA HONYCHURCH FOR THE WALL STREET JOURNAL
The jet set hasn’t descended
on Guadeloupe just yet, which makes
it ideal for a laid-back, sun-soaked
long winter weekend
A CREOLE IDYLL Clockwise from top left: The lighthouse at Pointe du Vieux Fort; a rum-punch vendor at the market in Basse-Terre; Longueteau Distillery, founded in 1895, the oldest of
Guadeloupe’s nine active rum distilleries; a scoop at Désirs du Palais, an ice cream shop and patisserie in Pointe-à-Pitre.
I
BY SARA CLEMENCE
F YOUR IDEAL beach vacation depends on private butlers, elaborate spa treatments and a choice of infinity
swimming pools—well, you can comfortably skip Guadeloupe. The French archipelago, which lies roughly twothirds down the arc of Caribbean islands, doesn’t (yet)
have a single five-star hotel; its beaches are absent of mega-resorts. But if you’d happily eat fried-bread sandwiches from a
food truck, hike through a rain forest to swim in a turquoise
pool under a waterfall, or sway to live gwoka music on a black
sand beach, this might just feel like the best-kept secret in the
region. Guadeloupe rewards the intrepid, DIY traveler with remote rum distilleries, postcard-worthy beaches, and food that
blends French technique with Caribbean traditions (think conch
terrine or mango mille-feuille).
Even in winter, when the mercury rarely dips below 70 degrees,
American tourists are still a rarity in these islands. But the recent
expansion of seasonal direct flights from the U. S.—Norwegian
now makes the roughly four-hour trip from Providence, R.I. and
New York, as well as the three-hour flight from Fort Lauderdale—
make it an easy escape. Though Guadeloupe was hit by Hurricane
Maria, the main islands and nearly all the smaller ones made a
fast recovery. Dust off your French and hop on a flight before
Guadeloupe doesn’t feel like a discovery anymore.
DAY ONE // FRIDAY
6:30 p.m. Arrive at Pôle Caraïbes airport in Pointe-à-Pitre and
pick up your rental car. Mainland
Guadeloupe is butterfly-shaped,
two islands cleaved by a narrow
channel, the Salée River. You’ll
start your stay on the flatter,
more developed eastern wing,
Grande-Terre, then switch hotels
and move to the volcanic island
of Basse-Terre.
7 p.m. A 30-minute drive brings
you to your hotel. If you insist on
being on the beach, choose La
Toubana Hôtel & Spa, a collection
of bungalows and suites spread
over a steep hillside on GrandeTerre’s southern shore (currently
closed for renovation but slated
to reopen Dec. 23). The bungalows feature private patios, and
in some cases, views of the
ocean; the hotel’s stretch of sand
is small but extremely well-kept
(from about $270 a night, toubana.com). For a tropical garden
setting inland, drive a little farther east to Le Relais du Moulin,
where the old windmill on its
grounds has been turned into a
small gallery. You’ll find a pleasant, kidney-shaped swimming
pool; the beach is a half-mile
walk away (from about $180 a
night, relaisdumoulin.com).
8 p.m. Regardless of whether
you’re a guest at Le Relais du
Moulin, have dinner at Le
Mango, its excellent open-air
restaurant. (Reserve in advance.)
If you’re lucky, you can feast on
succulent, tender lamb that the
chef has been spit-roasting by
the pool, sided with creamy
plantains au gratin. Otherwise,
consider the lobster ravioli and
the coconut blancmangé. A three
course-meal costs about $40.
DAY TWO // SATURDAY
8 a.m. La Toubana’s generous
buffet includes cakes, pastries
and a selection of confitures
maison—house-made preserves.
Coconut, mango-vanilla or banana-vanilla are likely to be
among the options. Or, if you’re
at Le Relais du Moulin, pop over
to Boulangerie Aléonard in
Saint-Francois for pain au chocolat or pain au raisins (Les Galeries de Crystal Beach, aleonardartisan-boulanger.com).
9 a.m. Spend a couple of lazy
hours enjoying the beach or the
multilevel hotel pool.
11 a.m. Hop in the car—be sure
to bring your swimsuit—and
drive east along the coast. Stop
at the market in nearby SainteAnne to browse the stalls filled
Please turn to page D4
[ INSIDE ]
SOOTHING EATS
Thank Utah for the cheesy,
life-affirming casserole
called funeral potatoes
D9
LIFE IS TOO SHORT...
...to waste time preoccupied with
complicated tech. Consider these
ways to save yourself D11
HAIL THIS CABIN
In a Montana getaway, a
designer proves you can achieve
coziness on a grand scale D8
CHRISTMAS NOWHERE
NEAR CONNECTICUT
Five holiday destinations that
upend expectations D6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, November 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
PHOTO ILLUSTRATION: DAVID CHOW FOR THE WALL STREET JOURNAL; ILLUSTRATION BY MICHAEL SLOAN
STYLE & FASHION
ZONE RANGERS From left: Hora Mundi Watch, $94,200, Breguet, 866-458-7588; Escale Time Zone 39 Watch, $7,200, Louis Vuitton, 212-758-8877; Laurent Ferrier Galet Traveller Watch,
$68,000, Swiss FineTiming, 312-337-4700
THE WATCH MAN HOROLOGICAL EXPERT MICHAEL CLERIZO ANSWERS YOUR TIMELY QUESTIONS
Be Punctual, Everywhere
JEWELS
Q
My job takes me all
over the world, and
I’m thinking of getting a
travel watch. How do they
work? And do I really need
one when my smartphone
shows the local time?
A
AVAILABLE AT NEIMAN MARCUS
P R EC I O U S J E WEL S SA LO N S 8 0 0 -937-914 6
540-837-3088 or www.elizabethlockejewels.com
No one disputes that
travel can be stressful,
so anything that simplifies
the mind-numbing task of
getting up to speed in, say,
London, Shanghai or Fiji
(lucky you) is a godsend.
Travel watches, a category
that has grown in recent
years, let you track the time
in multiple time zones. This
can help peripatetic souls—
or jaded frequent flyers—
avoid missing a corporate
call because they miscalculated the hour and waking
up the poor folks at home
with an ill-timed call, advantages that can help justify the purchase.
As for your iPhone or
laptop’s ability to adjust to
a new time zone? Often, it’s
not instantaneous, and difficulties accessing Wi-Fi
can send your schedule into
a tailspin.
GIANVITO ROSSI
DREAM GIFTS START AT SAKS
IN-STORE
A N D O N SA KS .CO M
Travel watches come in
two types: GMTs (the initials stand for Greenwich
Mean Time), which display
hours in two time zones;
and World Timers, which
keep you punctual, simultaneously, in 24 time zones.
Most dual-time GMTs
have an additional hour
hand that indicates the
hour elsewhere. You set the
hour and minute hands to
the time zone you’re visiting, then set the extra hour
hand to your home clock.
Other GMTs, such as the
Galet Traveller from Laurent Ferrier (pictured,
right), dispense with that
second hour hand and display the hour for the second
time zone in an aperture;
note the Galet Traveller’s
aperture at 11 o’clock.
At first glance, World
Timer dials seem
puzzling. Take,
for example, the
Louis Vuitton
Escale Time
Zone (center)
with its three
rings: The two
outer rings indi-
cate place names; the inner
ring marks the world’s 24
time zones with the numerals 1 to 24; a.m. hours are
on white, p.m. hours on
black. These rings surround
a dial with white hour and
minute hands.
To set the watch, use the
knob—or “crown” in watch
parlance—to rotate the two
outer rings until the city
that represents your time
zone is at the 12 o’clock position. Click it and set the
time. Throughout the day, as
the watch’s hands move, the
inner ring also moves, indicating both the correct local
time and the time in the
world’s other 23 time zones.
Some travel watches satisfy aficionados by flicking
between time zones in clever
ways: The Breguet Classique
Hora Mundi 5717 (left) lets
you jump back and
forth with the tap
of a finger.
Lovely to look
at, with a dial depicting the American continents (or
Europe-Africa or
Asia-Oceana, if
you prefer), the timepiece
features two crowns, one
on the right, the other on
the left. You use the left
one to select your current
location from a list of locales in 24 different time
zones in a window at the
bottom of the dial.
Travel watches keep
you on time in up to
24 time zones.
Then you use the one on
the right to set, in order,
the time, date (in the window at high noon), and the
day/night indicator: a silvery moon for night hours
and a golden sun for day.
Here’s the fun part: You
use the left crown again to
scroll through and then set
another locale. Then each
time you tap the crown, the
hour hand jumps back and
forth, like one of the nimble Wallenda brothers, between locales, and from
time zone to time zone.
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 25 - 26, 2017 | D3
STYLE & FASHION
20 ODD QUESTIONS
Tory Burch
The designer, who’d rather listen to Tupac
than Christmas carols, on the holiday gifts she
most likes to give and to receive
WESTON WELLS FOR THE WALL STREET JOURNAL (PORTRAIT); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK, SCRABBLE); AMAN (RESORT)
C
HRISTMAS ENJOYS particular status in the world of Tory
Burch, and her description of the ideal one seems like a
scene out of a Slim Aarons’ photograph: The fashion designer surrounded by friends, children and extended family
in her Antigua estate. A Scrabble board set up on a table. A
holiday tree decked with vintage ornaments. Ocean breezes warming the
sun-filled room. And, of course…Tupac blasting from the sound system.
It can be said about Tory Burch, both the person and the brand: You
think you know what you’re getting, until she surprises you.
“I have very eclectic taste in music,” said Ms. Burch, 51, by phone
from her Manhattan office, which was decorated by Daniel Romualdez
with turquoise velvet upholstery. The same is true of her other preoccupations, which currently include ’60s-era Lettuce Ware ceramics that
look like your granny’s cabbage-green servers, and a new mini-collection
of bejeweled brooches and clip-on earrings on which she collaborated
with the late costume jewelry designer, Kenneth Jay Lane. “I’m interested in vintage styles but want them to look modern,” she said.
A businesswoman whose thriving brand is in its 13th year, Ms. Burch
has nailed her professional strategy: to give the best of the past a contemporary spin. Here, she shares her thoughts on everything from winning hostess gifts to the loser name she originally gave her company.
One of my best holiday memories
is: tricking my brother, who used to
brag he had more presents than I did.
One year I wrapped up everything I
could find in our house: an egg
beater, a brick. I spent a
good two hours wrapping fake gifts for him.
Holidays are
spent in: Antigua—it’s our spot—
but I love to ski, so we may mix
it up this year. Another fun place
I’ve been with my children over
the holidays is Amanpuri, a resort
in Phuket.
BOSS LADY
Clockwise from left:
Tory Burch in her
office; Scrabble; a
favorite book and
lipstick; Dodie
Thayer for Tory
Burch plates;
Amanpuri resort;
Rigaud candle.
Inset: Kenneth
Jay Lane for Tory
Burch pin
thing from Tupac to Johnny Cash to
Wyclef Jean. Also, Jessie Reyez,
whose music is sort of soulful hiphop with an Amy Winehouse sound.
My favorite gift ever was: a playlist
from my boys. I love to
give playlists, too. I
find new artists to include on the site
Hype Machine.
My idea of a foolproof gift is: a tiny evil-eye necklace
[to ward off bad luck] for my friends.
Giving jewelry is hard because it’s
so personal.
Christmas music makes me mental but: I do love some old-fashioned
songs like “Peace on Earth,” especially the duet version that David
Bowie did with Bing Crosby.
The hostess gift I actually use is:
pretty rattan straws which my friend
Carlos Mota gave me. He was mortified that I used disposable plastic
straws.
These days, I’m listening to: any-
Some business advice I’m glad I
followed came from: Kenneth Jay
Lane, who was a force in my life. He
had an opinion about everything,
from telling me to stand up straight
to renaming our company Tory Burch,
instead of TRB, which he called “the
worst name ever.” By the way, he
was right.
Whenever I’m restless, I visit:
Mast Books in the East Village or
Dashwood on Bond Street. I enjoy
getting lost in vintage book stores.
I’m a sucker online for: Mochaware,
Spongeware, Chelsea Botanicals and
POINTS OF DISTINCTION
CREAM OF THE CROPPED
A truncated top seems a curious choice in winter, but the season’s high-waist
trousers call for them. This well-detailed sweater fits the bill
SHORT
STORY Wide
ribbing at the waist
emphasizes the
fashion-forward
proportions.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
LIGHT
NECKING A
rolled funnel collar
resembles “a turtleneck
with its top lopped
off,” said Mr. Lim,
adding to the handmade vibe.
IN
STITCHES The
variety of yarns
tweed, chenille, silver
metallic) helps this
textured sweater
stand out from
the crowd.
Sweater, $450, 3.1 Phillip Lim, 212-334-1160
A WINTER SWEATER has to satisfy certain
criteria: It should provide warmth, feel
good against the skin and fit reasonably
well (read: body-skimming rather than
body-gripping, and not bulky either). For
his label 3.1 Phillip Lim, New York designer
Phillip Lim has put his spin on the coldweather staple, elevating it to an edgy yet
pretty statement-maker.
“I’ve been in a do-it-yourself spirit of
late,” said Mr. Lim, who wanted this machine-made sweater to look “classic and
handmade, with a little madness woven in.”
Two metallic patches that seem added by
hand (they weren’t) supply the desired eccentricity. Mr. Lim strategically positioned
them “where moths might have eaten the
yarn or where a garment you loved to death
might be worn out.”
Inspiration for the look comes, in part,
from London’s 1980s-era club hoppers,
dubbed the New Romantics. The sweater’s
rough, color-flecked Donegal-tweed yarn and
faux repairs recall the thrift-store finds favored by this subculture, which embellished
its vintage pieces with crazy patchwork and
glittery pins. Lighthearted pastel pink leavens the top’s appearance. “Pink is a color
that makes people happy,” said Mr. Lim.
To style the sweater in a work-friendly
way and take it in a sophisticated direction,
the designer suggests pairing it with a fitand-flare skirt in wool gabardine. Go casual
on the weekends and try it with faded slim
jeans.
Its made-with-love look raises the question: Has Mr. Lim ever tried his hand at
knitting? “I’ve made a scarf, but not a
sweater,” he said, with a laugh. “That’s on
my bucket list.” —Barbara Stepko
Lettuce Ware ceramics by Dodie
Thayer, one of the first female entrepreneurs. And I decorated my house
with furniture I found at 1stdibs and
LiveAuctioneers.
My reading list includes: “Manhattan Beach” by Jennifer Egan; James
Michener’s “Hawaii”; and Jung
Chang’s “Wild Swans,” about three
generations of women in China.
I’m a big believer in: candles. I love
Le Labo’s cedarwood-scented one
and the green, old-fashioned Rigaud
candle for Christmas.
I can never resist: French fries.
I have no time to experiment
with: beauty products. I’m into my
routine of Erno Laszlo sea mud soap,
a Guerlain face cream and MAC lipstick in Patisserie.
My main form of exercise is: 40
minutes of exercise at least three or
four times a week on the Peloton
bike my brothers got me. Truthfully,
the bike does at times become a
clothes hanger.
—Edited from an interview
by Christine Lennon
D4 | Saturday/Sunday, November 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
LAPPING UP GUADELOUPE
Continued from page D1
with bags of spices, and hand-labeled bottles of rum punch—many
adorned with bright madras fabrics.
The Indian plaids made their way to
the French Caribbean islands in the
17th century, and became woven
into the Creole culture.
Stop for a quick dip at any of the
white-sand beaches you’ll pass on
the way to Pointe des Châteaux, the
easternmost point of Grande-Terre.
If you’re with young kids, try La
Plage des Raisins Clairs, in SaintFrançois. Named for the grape-like
fruits that grow there, Raisins
Clairs edges a calm lagoon.
Noon On the way to Pointe des Châteaux, pull into the parking lot at
Village Artisanal (Route de la Pointe
des Châteaux, village-artisanal.com). Among the half-dozen
shops is L’Épicerie des Antilles,
which carries a large selection of local rums.
12:30 p.m. Arrive at the rocky,
wind-battered Pointe des Châteaux.
Look for a tiny shack where an artisan makes and sells coconut-leaf
hats and bowls. The beaches here
are too dangerous for swimming,
but they’re good for walking. A 15minute hike down a sandy path and
up some stone steps leads you to La
Pointe des Colibris, the tip of a peninsula marked with a 9-ton cross.
From here you can see all the other
islands of Guadeloupe: La Désirade,
Marie-Galante, Les Saintes and
Basse-Terre. From January through
April, you might even glimpse migrating humpback whales.
1 p.m. Time for some shade. Hit
Soif les Bronzés, a food truck covered in brightly painted signs, with
a thatch-roofed seating area nearby.
Highlights include bokit, a friedbread sandwich that can be stuffed
with cheese, meat, eggs, or vegetables; crispy, fluffy seafood or vegetable fritters known as accras; and
the homemade sorbet. Wash it
down with a punch coco (coconut
rum punch).
2 p.m. Drive an hour west to Mémorial ACTe, a museum and cultural center dedicated to the history
of the Caribbean slave trade,
Pointe-à-Pitre. Opened in 2015, the
waterfront building has a facade
that appears to be wrapped in silvery roots. Spend a couple hours
exploring the interactive exhibits,
which offer a local and international perspective on slavery (Rue
Raspail, memorial-acte.fr). Afterward, take in the view of the port.
4:30 p.m. Drive 10 minutes to Désirs du Palais, Fabienne Youyoutte’s
patisserie and ice-cream shop. Don’t
be put off by the gritty street—inside you’ll find acorn-size financier
cakes in flavors like chocolate and
pistachio, and everyone from gendarmes to elegant older women in
fancy hats dithering over the icecream flavors (53 Chemin des Petites
Abymes, 590-590-88-54-40).
MARICA HONYCHURCH FOR THE WALL STREET JOURNAL; MAP BY JAMES GULLIVER HANCOCK
5 p.m. Head back to the hotel for a
well-earned rest.
7:30 p.m. Pull a plastic chair up to
an oilcloth-covered table at Chez
Emy, a makeshift restaurant on the
porch of a house in Sainte-Anne.
There’s no menu to decipher—
guests eat whatever the ebullient
Emy has decided to cook that night,
whether it’s fish, conch or a
chicken-leg stew. The rum on each
table is self-serve; mix your own Ti’
punch with a squeeze of lime and a
dose of sugar-cane syrup. Dessert
might be homemade mango ice
cream served in a tiny plastic cup.
The menu complet costs about $19;
be sure to make a reservation
(Route de Burat, 590-690-46-43-01).
If you couldn’t get a table at
Chez Emy, head down to the cluster
of food trucks on the waterfront in
Sainte-Anne. Marius et Sylvie is
considered to be one of the best
TO EACH HIS OWN BEACH From
top: Raisins Clairs beach on the
eastern shore of Grande-Terre;
pastries at Désirs du Palais.
the baskets, produce and spices at
the market in town of Basse-Terre,
about 20 minutes away. Or, stay at
the hotel for an early breakfast before heading to Les Saintes, a
charming nine-island mini-archipelago off Basse-Terre’s southern
shore. Drive to the docks in TroisRivières a few minutes away, and
take CTM Deher’s 9 a.m. ferry to
Terre-de-Haut (about $27 for an
adult round-trip, ctmdeher.com).
The ride is only 15 minutes long,
but so rough it feels longer.
bokit trucks. You may be waiting 20
minutes for a sandwich that seems
like it should take three—that’s because the dough is being rolled out
and fried to order, so be patient.
Early to bed tonight since you’ll be
waking up before sunrise to pay a
visit to the island’s volcano.
DAY THREE // SUNDAY
7 a.m. The route up Soufrière, the
active volcano on Basse-Terre, is
well-marked but challenging. If
you’re up for an outdoor adventure
check out of the hotel early and
drive about 75 minutes to the office
of hiking outfitter Vert Intense in
Saint-Claude on Basse-Terre. Guides
lead a trek to and from the peak;
the five-hour expedition ends with a
swim in hot pools at the base of the
volcano ($41 a person, vert-intense.com).
9 a.m. If you’ve skipped the godawful-early hike, sleep in a bit,
check out of the hotel, keep your
swimsuit handy and drive west to
Basse-Terre—you’ll notice a definite
shift in the landscape, passing banana and sugar-cane fields and
catching glimpses of Soufrière.
10:15 a.m. Nine rum distilleries operate on Guadeloupe; Distillerie
Longueteau, founded in 1895, is the
oldest. Tours of the distillery (offered on Sundays only between Dec.
15 and April 30), set among sugarcane fields in southeast Basse-
TAKING ROOT The Memorial ACTe, Guadeloupe’s two-year-old museum and
cultural center dedicated to the history of the Caribbean slave trade.
Terre, take visitors through the cutting, milling, distilling, fermenting
and bottling process for its rhum
agricole (made from cane juice, not
molasses like other rums). Not only
will you be warmly welcomed, the
spirits are cheaper in the small
shop than in duty-free (Capesterre
Belle Eau, rhumlongueteau.fr).
Noon Ten minutes away, the openair Naturel Bambou feels a bit touristy, but serves decent food, including river crayfish in Creole sauce,
and boudin noir (Route de l’Habituée, restaurant-naturel-bambou.fr).
1:30 p.m. Drive to the town of
Gourbeyre, then follow the signs up
Route de Palmiste to Bassin Bleu.
It’s an easy 15-minute hike from the
road to the waterfall, which spills
down a small cliff into a dammedup swimming hole shaded by rain
forest. Hop in.
4 p.m. Check into Le Jardin Malanga, a hilltop hotel in Trois-Rivières, on Basse-Terre. The rooms
are rustic, with no TVs, phones or
Wi-Fi. But the pool offers views
over the palms all the way to the
nearby islets of Les Saintes, and the
hosts, Laurent Barré and Claire Galand, are generous with dining and
activity recommendations (from
about $325 a night, jardinmalanga.com).
LOW-TECH DECK The rooms at Jardin Malanga hotel, in Trois-Rivières, lack
WI-Fi and TVs but the views merit rave reviews.
4:30 p.m. If you’re up for a drive,
visit Malendure beach, an hour up
Basse-Terre’s western coast—and
bring a snorkel and mask. The
black-sand beach lacks shade and
can be packed during the day, but
quiets and cools down in the afternoons. Swim with the sea turtles
that munch on sea grass on the
north end of the beach, then mosey
over to Chichis beach shack to order some gaufres (waffles) and chichis (churros). Try to snag a table
with a view of Chez Loulouse bar
next door. In the evening there’s
pounding live gwoka—drum-heavy
Guadeloupean folk music—and
dancing. Or, stay closer to home
and enjoy the sunset from the lighthouse at Vieux Fort, 20 minutes
from the hotel.
7:30 p.m. Reserve in advance to
eat at Le Phare, a boho-chic openair restaurant right next to the old
cannons and ruined fortifications.
One wall is taken up with bookshelves, art and pierced lamps.
The constantly changing main
menu is creative French-Creole—
think dorade tartare marinated in
coconut milk and pork tenderloin
with smoked polenta. The organic
pizzas are also an excellent choice:
the Jean-Mich is topped with boudin noir and apples; the Menelik
with tomato coulis and ground
beef (157 Routedu Phare,
590-590-10-29-69).
DAY FOUR // MONDAY
8:15 a.m. Early risers can browse
9:15 a.m. Terre-de-Haut is pretty
petite at just five square miles, but
navigating the whole island on
foot would be exhausting. Fortunately, you planned ahead and reserved a motor scooter or electric
cart at Archipel Location Scooters
(archipel-location.fr). Spend the
morning exploring the island’s
panoramic views and eight postcard-pretty beaches. Plage de
Pompierre is studded with shaded
picnic tables; to reach it, you walk
through a grove of towering coconut palms. (Just keep your food
under wraps, as chickens and
small goats roam the sands.) Or,
intrepid visitors can walk 40 minutes along a rocky path to Pain de
Sucre, a dreamy cove backed by
striated limestone cliffs.
12:30 p.m. Putter back to the picturesque main town of Bourg des
Saintes. If you’re feeling spendy,
have lunch at the seafood-focused
Ti Kaz’ La, which looks out on the
harbor. Gaze at the sailboats, cool
off on the narrow strip of beach
right out back, and be sure to cap
off the meal with a mango soufflé
(10 rue Benoit Cassin, ti-kaz-la.restaurant-les-saintes.com). Or, opt for
crepes and ice cream at L’îlet Douceur (28 rue Jean Calot le Bourg,
590-590-80-71-91).
2 p.m. Turn in your wheels and
wander around the town. Le Comptoir du Nouveau Monde stocks artisanal Caribbean products like guava
jelly and ginger syrup (3 rue Jean
Calot, 590-690-26-19-50).
3:45 p.m. Board the ferry back to
the mainland. If you have an evening flight, head to Pointe-à-Pitre.
If you depart in the morning, head
back to your hotel for some pooltime, then around 6 p.m. drive 15
minutes to St. Charles and have
your final dinner at La Table
Créole on the marina. The fish is
so fresh you may see a tuna coming right off a boat. If you don’t,
it’s OK—next time (D6, St Charles,
590-590-81-38-52).
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THE WALL STREET JOURNAL.
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Saturday/Sunday, November 25 - 26, 2017 | D5
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THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
Escape from Kitschmas
Light-Bright Bonanza
Tokyo
Trade a hackneyed
holiday for a getaway
to one of these festively
original destinations
The Emperor’s birthday, Dec. 23,
trumps Christmas as a national
holiday in primarily Shinto and
Buddhist Japan. On that day,
revelers gather outside Tokyo’s
Imperial Palace to wave small
Japanese flags in dignified celebration. But come nightfall, November through February, the
high-tech capital blazes with holiday lights—which might turn off
kitschphobes if it weren’t for the
sheer ambition and punctiliousness of the display. Millions of
LED bulbs illuminate skyscrapers, pedestrian streets, any
number of landmarks and even
a stretch of the Meguro River.
Particularly impressive: the “Jewellumination” program at Yomiuriland amusement park. On New
Year’s Eve, shrines are open all
night, offering food stalls and
otaki-age, a practice in which
worshipers burn wooden plaques
with the previous year’s zodiac
sign in a communal bonfire. The
main drawback to all this liveliness? The crowds. Book a hotel
in a quiet neighborhood, like the
new One@Tokyo in Oshiage
(from about $95 a night, onetokyo.com).
BY VALERIE STIVERS
Marathon Meals and
Brass Bands
New Orleans
A Cajun-style Christmas defies
preconceptions. Papa Noel arrives in a boat pulled by alligators; people celebrate the Eve
with bonfires on the levee; and
fried green tomatoes and red
velvet cake feature on holiday
menus. Though the weather
can get somewhat chilly (highs
of 64 degrees Fahrenheit, lows
of 45), New Orleans in December feels more family-friendly
than it does during Jazz Fest’s
boozy concerts and Mardi
Gras’s bead-necklace-flinging
madness. You’ll find no shortage of things to do: Check out
BLUE CHRISTMAS Last
year’s Ao no Dokutsu, or
‘Blue Cave,’ display in
Tokyo’s Shibuya district.
the city website followyourjoy.com (cloying name notwithstanding) for a complete list of
events, which include house
tours of Garden District mansions and “Celebration in the
Oaks” in City Park from Nov.
24 to Jan. 1, a nighttime display
of lights entwining the Spanish
moss on the gnarled oaks, and
giant whimsical illuminations (a
rocking horse, for instance) dotting the lawns.
Food-fixated travelers can try
réveillon (from the French word
for “awakening”), a multicourse
holiday meal, which was traditionally served after midnight
mass. These days it’s offered at
a more reasonable hour at
places like the Country Clubin
Bywater, a hipster restaurantlounge with a pool (634 Louisa
St., thecountryclubneworleans.com), and at Cafe Dauphine, a white-tablecloth restaurant that opened in a historic
building in the Ninth Ward after
Hurricane Katrina (5229 Dauphine St., cafedauphine.wixsite.com/cafedauphine). With
luck, after dinner, you’ll get to
see the best seasonal entertainment unfold on the street in the
French Quarter, where ragtag
brass bands play to dancing
crowds. What better place to
spend Christmas than a party
where you feel welcome even if
you don’t know a soul.
Beach Bash
Kerala, India
India’s most Christian state, home to some of
the country’s finest beaches, erupts in a series of
seaside festivities in late December. The port city
of Kochi, for one, hosts a Christmas costume parade as well as midnight masses at the St. Francis Church, built in 1503, and the Gothic Santa
Cruz Basilica, trimmed in colored lights. At the
same time, year-end carnival festivities can last
for up to two weeks.
Carnivals at Kochi and the surfing beach at
Kovalam feature fireworks and
parades of locals wearing
gilded headdresses or dressed
as many-armed Shivas. On
New Year’s Eve in Kochi, participants burn a giant old-man
statue symbolizing the old
year. Winter is also the season
for Theyyam dance. These ritual performances invoke the
spirits of heroes and ancestors, and take place at countryside shrines throughout the
state. Tourist organizations
like Theyyam Calendar can
help with travel planning so
you can take in as many—or
as few—of the celebrations as
you’d like (theyyamcalenSTREET APPEAL Kathakali performers at New Year’s Carnival in
dar.com).
Kochi, a seaside city in Kerala state.
Steps away from the pa-
High-Caliber Ice
Capades
Moscow
In this land of deep snow, fur
coats, pastel-painted medieval
and Italianate buildings, and
plentiful gut-warming vodka
shots, the winter festivities recall the era of czarist excess.
Dec. 25 is not a holiday in
Moscow—Russians decorate
trees and exchange presents on
New Year’s, while Christmas
within the Russian Orthodox
tradition falls on Jan. 7. But the
city’s winter festival starts on
Dec. 22, and its eye-popping
production values, 70 sites and
more than 10,000 events are
reason enough to visit. Among
the holiday staples is the
8,000-square-foot skating rink
Deck the Plaza
Sante Fe, N.M.
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Book by October 29, 2017 and travel between
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rade and carnival festivities in Kerala are whitesand beaches where you can be nearly alone, like
those near the upscale Gateway Hotel Janardhanapuram, in Varkala (from $206 a night, gateway.tajhotels.com). Alternatively, book the extremely affordable Clafouti Beach Resort, where
the beachfront restaurant makes a fine, if unlikely, spot for Christmas dinner. Choosing the
catch-of-the-day from giant platters of fish on
ice may not be the traditional holiday meal, but
that’s exactly the appeal (from about $36 a night,
clafoutiresort.com).
that pops up in Novopushkinfree to the public. And throughsky Square. There, between
out the season, the Christmas
free public skate times, you can
Market at the GUM department
watch hourlong ice-ballets
store on Red Square sells
performed multiple
unusually high-qualtimes daily, some
ity ornaments and
featuring Russhawls and dissia’s figuretinctive blue
skating stars.
and white
On New
Gzhel china.
Year’s Day,
Best of all, a
Tverskaya, the
favorable curcity’s main
rency exchange
street, shuts to
rate has made
traffic and turns
previously expenA seasonal ice tunnel
into an open-air
sive Moscow very
in Moscow.
stage, presenting
affordable—a luxplays with actors
ury room at the
from drama companies such as
Kremlin-facing National Hotel,
the Bolshoi Theatre, Electrotheone of Moscow’s best, cost
ater Stanislavsky and the Mos$166 a night at press time.
cow New Opera Theater, all
Now there’s a gift (national.ru).
ditions rooted in Native American and Spanish
customs. On Dec. 10, a Las Posadas nativity play
If Christmas tamales aren’t reason enough to plan parades around the Santa Fe Plaza, and on
Christmas Eve, the gallery district hosts a “Cana holiday trip to Santa Fe, we should point out
yon Road Walk,” lit by farolitos (candles in paper
that this art-obsessed city, nestled at 7,000 feet,
bags) and scented by pinyon (pine) bonfires.
also offers umpteen seasonal cultural attractions.
The Santa Fe School of Cooking holds classes
The city has explicitly guarded its multiethnic herfocused on New Mexican holiday specialties such
itage since the early 1900s, and still upholds traas tamales and bizcochitos,
cinnamon and anise cookies
(santafeschoolofcooking.com).
For the annual Glow holiday
program at the Santa Fe Botanical Garden, two local artists will transform 4 acres of
the 18-acre territory with light
installations more akin to
James Turrell than Father
Christmas, and create a grove
of “spirit poles,” a modern
spin on indigenous traditions
(santafebotanicalgarden.org).
It’s also the time of year for
feast-day dances held at the
nearby Northern Indian pueblos. A blend of Native American and Spanish Catholic influences, they’re ceremonial
affairs, not performances, but
SANTA FE BABY Holiday farolitos lit along Canyon Road in
tourists can often take a peek
New Mexico’s most festive city.
(santafe.org).
FROM TOP: SHIBUYA AO NO DOKUTSU; GETTY IMAGES; JOURNEY TO CHRISTMAS ORGANIZATION COMMITTEE; DANIEL NADELBACH/TOURISM SANTA FE
GLÖGG AND REINDEERS and knitted booties are holiday-magical in
theory. In practice, however, these
selling points of a holiday trip—
along with pop-up skating rinks,
folksy craft markets and vintagemodel-train events—can seem tacky
or generic. How special is that ornament you just bought if every stand
in your host country sells identical
ones? Isn’t that hotel turkey dinner
similar, though frankly inferior, to
what you can get at home? Most of
us travel to experience something
different and remarkable and photographable, but the holidays can
bring out the sameness in places,
obscuring the local culture we’ve
strenuously sought out. The solution? A holiday getaway to one of
the following locales, each with a
unique spin on tradition, and indigenous arts and culture that generate
cheer with much less of the cheese.
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.
* * * *
17 EAST 71ST STREET
NY
N E W YO R K N Y 1 0 0 2 1
Saturday/Sunday, November 25 - 26, 2017 | D6A
212 755 2017
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THE WALL STREET JOURNAL.
Time to change where
you buy business travel.
Exclusively for the “do-it-yourself” business traveler.
Great prices. Concierge-level service at no extra charge, 24/7.
You travel on business... to get business done.
But if you have no corporate travel department or support,
you’re on your own. You do it all yourself, every time.
You research lights, hotels and rental cars. Then you
compare prices, book everything. . . and maybe re-book
everything when your plans shift or bad weather hits.
It’s time to change. Our new service does it all for you.
We work directly for the do-it-yourself business traveler.
There are no fees or commitments, just great prices
with 24/7 concierge-level support at no extra charge.
You can save hours shopping for lights and rooms because
we do it for you in seconds. Choose whatever you need
and you’re done. You can pay even less if you buy air and
hotel together with our special package pricing.
Where we really shine is how we take care of you.
Our travel experts are easy to reach every minute of
your trip. Just one touch on our mobile app and you
are connected to real people, right away.
What’s more, we never rush you. You can call, chat or
email and we’ll stay with you until you’re fully satisied.
Canceled light? We ind alternatives. Bad weather?
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If you’re a do-it-yourself business
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The Wall Street Journal Business Travel Service is operated independently of the Journal's news department.
All international and domestic travel must start in the U.S. and all buyers must be U.S.-based.
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trip at no extra charge.
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THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | D7
NY
* * * *
DESIGN & DECORATING
A Place to Call Home
Rizzoli, $55
If Norman Rockwell and Stanford
White had a son, he would be architect Gil Schafer III, who melds
craft and emotion in his projects—
the elements, he said, that “drive
the special ship of a home.” Mr.
Schafer leads us through seven
houses, realized with the help of
decorators, that illustrate his brand
of classicism-meets-traditionalism.
Lessons Hardware matters, reinforcing the style of a house at
the micro level—satin nickel for a modern mood, wrought iron for
a timeworn ambience. Create a faux four-poster bed by hanging
curtains from the ceiling.
Then again A few of the topics, like site selection, are once-in-alifetime concerns (if that) for many of us.
Ideal for Warm and fuzzy titans; new vacant-land owners.
Modern Retro Home
Hardie Grant, $40
Five volumes with enough spine to
advise your design-addicted
(or -challenged) giftees this holiday
EVEN IF YOU KNOW that someone on your gift list obsesses over interior design, books on the subject can miss
the mark. A coffee-table tome dedicated to the wrong designer can be as unwelcome as a gluttonous holiday guest. Encyclopedic books on, say, 6th-century
Chinese antiques might end up standing in for a
missing dresser leg. And a survey of splendid chateaus is just cruel if you give it to a friend who recently moved into a one-bedroom. Herewith, the
best books that combine beauty and brains—great
photos of enviable spaces plus decorating advice
from the people who created them. Bonus: For
each, we suggest the perfect recipient, so your
present will be pored over rather than abhorred.
Guided by 45 themed color palettes (Woodland Spring, Summer
Sorbet), Tricia Guild creates illustrative rooms and vignettes.
Swatches line the edge of each color study’s opening page.
Lessons The shades of the seashore are among the most relaxing to live with. Textured wallpaper or textiles counteract coldness.
Then again The swatches represent paints and wallpaper from
the author’s London firm, Designers Guild (wholesale only!).
Ideal for A friend whose water-stained walls have been crying for
her to pick a color already.
The Problem With My Garden
Laurence King, $18
A contributor to the website Gardenista, UK horticulturist Kendra
Wilson gently addresses—in an approachably sized, highly
browseable 6.5-inch by 9-inch volume—garden issues and dilemmas, offering one-page resolutions to complaints like “My garden is a passageway” and “I
don’t like gardening in the cold.”
Lessons Start by the door;
plant annuals in gaps between
new perennials.
Then again Some may conclude
gardening is...really problematic.
Ideal for Gun-shy gardeners;
stumped suburbanites.
Living with Pattern
Clarkson Potter, $33
Somewhere between mingy minimalism and maniacal maximalism
lies the rationally ornamented world
of Rebecca Atwood. The renowned
textile designer defines pattern
broadly—believing you can achieve
it through texture, repetition of objects and negative space, too—
which helps avoid motif overload.
Lessons Break up sheets sets and mix them up for a custom
bedroom look. Pair patterns to make them more dynamic: A
classic ticking stripe becomes edgy and modern alongside an
’80s-inspired geometric print.
Then again Bibliophiles will recoil at Ms. Atwood’s advice to
cover distracting book bindings with wrapping or kraft paper.
Ideal for Recovering minimalists; those who share Goldilocks’s
respect for the happy medium. —Elizabeth Anne Hartman
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F. MARTIN RAMIN/THE WALL STREET JOURNAL
Books to Put
A Bow On
Paint Box
Quadrille, $35
“Modern Retro” is not an oxymoron. It is, according to Australian interior stylist, Mr Jason Grant, about
scattering style elements of the
1950s, ’60s, ’70s, and even the
’80s, in a contemporary setting.
Recognizably premium vintage furnishings like Panton chairs can play
a part but aren’t essential. A burst
of neon or a touch of macramé can
foster feelings of grooviness just as easily.
Lessons A single pea-green, molded plywood 1946 Eames chair
shouts midcentury modern—you don’t need a set. Paint furniture
a similar color to walls to make a space seem larger.
Then again Can “tapware” (faucets) really set the tone for a
whole room?
Ideal for Those who prefer MoMA to the Met; people who wear
boldly patterned socks and shirts but never on the same day.
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D8 | Saturday/Sunday, November 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
DESIGN & DECORATING
HOUSE TOUR
One Cozy
Cabin, Hold
the Clutter
In a lakeside getaway in Montana,
an interior designer avoided the
hodgepodge-lodge look by going
easy on the rustic clichés
BY CARA GIBBS
F
OR A LAKESIDE compound perched in the
northwest corner of Montana, Juan Montoya
accepted that the interiors should acknowledge and reflect the vacation home’s imposing
surroundings. Still, the New York designer resisted the rustic tropes of axe-hewn furnishings and antler chandeliers—taking cues from nature rather than mimicking it. He brought in wood furnishings but leaned
toward more contemporary ones. His version of coziness
comes from layering not animal pelts but subtler textures
such as leather, wool, rattan, copper and glass. “I used durable materials and lots of cottons that can be cleaned
and changed out easily,” said Mr. Montoya. But, he added,
“the project as a whole is very tactile.”
Mr. Montoya has earned a reputation for casting homes
in the likeness of their owners, playing off their preoccupations and pastimes. But he does so with a light hand. In
one room here, for example, he flicks at the family’s love
of fishing by dropping a single netted glass-buoy pendant
from the ceiling. More explicitly, two canoes hang in the
great room (not shown), but they aren’t mere decoration.
They easily unhook for use.
Dating from 1920, with even-more-historic outbuildings, the compound comes with boatloads of character, including its chinked-log interior walls. “I love the warmer
elements that make this home so inviting,” said Mr. Montoya, “but I’m also careful not to stray into clutter. Cozy is
not derived from too much stuff.” One’s belongings, he
said, “should never distract from the overall space.”
Dining That’s Not Too Fine
In this circa-1920 home situated on a lake in Northwest Montana,
interior designer Juan Montoya created an inviting but contemporary fishing retreat. Simplicity plays a leading role in the petite
dining room. Mr. Montoya did without warming window treatments to highlight the sweeping views, and practicality called for
an easily swept bare floor. He left the walls nearly naked, but
touches of snugness and texture appear in the upholstered chair
seats, the copper milk pail and the nailheads on the round Belgian
dining table that’s partially clad in touchable leather. A 19th-century sideboard procured in Oklahoma adds a more predictably
rustic note: Its Native American motifs and bark insets might
skew a little corny, but in the spare context of the rest of the dining room, it works.
Two-faced Facade
In this locale, the winters are relentless and the summers
magic. The home had to play well in both season’s landscapes,
not competing with lush lake views in July and appearing as a
haven amid the heavy snowfalls of January. Siding painted
with Farrow & Ball’s Studio Green and detailing picked out in
the brand’s Green Ground did the trick. “The exterior is
instantly heartwarming in the cold winter months due to the
contrasting paint tones that pop against the snow,” said Mr.
Montoya. “In the springtime the exterior does just the
opposite, molding into the landscape.”
Unforced Comfort
Sweet Retreat
Tightly peaked ceilings, painted white to offer a respite from wood, define an
intimate seating area where the family’s teenagers pursue R&R. “When the
family is here they are completely disconnected from technology—there isn’t
one television throughout the entire home,” explained Mr. Montoya. “It was
important for the children to have an alluring space dedicated to reading or
resting they could retreat to outside of their respective bedrooms.” In this
cubbyhole hideaway, he didn’t overdo the quaint coziness factor. The modern, frankly linear striped rug and bamboo shade offset the woodsy chest
and chair, and even the congenial banquette with its bounce-house worth of
throw pillows—flocked in velvet Lee Jofa textiles—sits in a red-lacquer, geometric frame, an unexpected Asian note.
Serendipitous Cocoon
In the home’s master bedroom, Mr.
Montoya added ceiling beams with
rattan between them to enhance
insulation and soundproofing, he
said. The unintended outcome: “It
made the room feel even more intimate.” Other factors contribute to
the space’s enveloping nature. The
Montoya-designed bed frame,
trimmed in teak and upholstered in
the same Dualoy leather that lines
the wall behind it, creates a tactile
anchor for the room. Underfoot
lays a chevron wool rug by Stark
Carpet that adds nubby braiding
and a western vibe. The irregularly
shaped side table counters the traditionalism of the venerable Morris
chair it sits next to. And the geometry of the bedside chest, a Lane
“Mosaic” night stand that dates to
the 1970s, exemplifies Mr. Montoya’s use of wood furniture that is
warming but not stodgy. “Cozy elegance came to life in the master
suite,” he said.
ERIC PIASECKI
CRAFTED
BY
MASTER
KNIFE
MAKERS
SINCE
1814.
“This is a particularly warm and cozy space,” explained Mr. Montoya, “but again I didn’t want too
much stuff around.” The granite fireplace projects
from a wall unadorned apart from a pair of snowshoes, which hang inconspicuously on its wooden
surface. Instead of traditional cabin décor (faux fur
and blankets, for starters), Mr. Montoya drafted less
predictable materials: an oversize translucent greenglass lamp, an industrial metal ceiling fixture and
the nailheads of the sofa. The blue leather of that
sofa, custom crafted by Anthony Lawrence Belfair,
will become more textured and distressed as it ages.
Its cushion is upholstered in a soft-to-the-hand cotton with a pattern that captures the folksiness of a
country quilt. The unadorned Persian Gooneh wool
rug from Orley Shabahang adds another layer of
warmth without creating visual static.
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 25 - 26, 2017 | D9
EATING & DRINKING
UNITED PLATES
A Field Guide to Regional Dishes
Best Casserole Scenario
Perhaps we’re hard-wired to crave carbohydrates, cream and melted cheese. But the combination
thereof known as ‘funeral potatoes’ gives comfort on a whole other level to communities across Utah
BY JOSHUA DAVID STEIN
I
HAD NEVER heard
of funeral potatoes
before a chilly evening last year, when
I sat down to dinner
on the patio of Hell’s Backbone Grill. This idyllic
farm-restaurant sits at the
threshold of the Grand Staircase-Escalante National
Monument, in the tiny town
of Boulder, Utah. No one had
died. But as Jennifer Castle,
the restaurant’s co-owner
and chef, served up tender
half-moons of potato napped
in cream and melted cheese,
tears sprang to my eyes nevertheless.
In the cold, clear night,
under a starry sky, we talked
about the ways communities
come together to observe
rites of passage in this part
of the country. Inevitably,
there is a buffet.
Like many Americans, I
grew up with death shunted
to the shadows. And like
many American Jews of my
vintage, I’d always associated funerals with stale Entenmann’s crumb cake and
synagogue coffee so bad it
seemed more of an unrealized carpet stain than a
beverage.
In Boulder they
do things a little
differently.
Only 250 people live in
this town
sewn like a
cross-stitch into the billowing rock formations of
south-central Utah. There’s
Hell’s Backbone Grill; a gas
station and store called Hills
& Hollows Market; a motel;
a gift shop; and not much
else. When someone there
dies, the whole town hears
about it. When someone is
born or gets married or
moves away or sneezes,
Boulderites know. And more
often than not—when the
moment is deemed sufficiently momentous—someone makes a hot casserole
dish of funeral potatoes.
She crowns her
casserole with a crust
of butter-drenched
cornflakes that bakes
to a golden crisp.
There are so many things
one can do with potatoes,
but in conjunction with
cheese, cream and heat, the
comfort factor goes through
the roof. Little wonder, then,
that funeral potatoes are
considered crucial consolation and hold pride of place
among Utah’s most iconic
dishes, rivaled only by
green Jell-O salad.
Boulder’s town
clerk, post office
keeper and purveyor of
fishing and
Keri Venuti’s Funeral Potatoes
LISEL ASHLOCK
TOTAL TIME: 1 hour SERVES: 6-8
1 (30-ounce) package
frozen shredded hashbrown potatoes
9 tablespoons butter
1/
2 onion, diced
3 cups cornflakes, lightly
crushed
2 cups sour cream
2 (101/2 -ounce) cans
cream of chicken soup
1 teaspoon salt
2 cups grated cheddar
cheese
1. Preheat oven to 350 degrees. Set out hash browns
until thawed slightly.
2. In a small skillet over medium heat, melt 1 tablespoon
butter. Add onion and cook,
stirring frequently, until translucent, about 5 minutes. Remove from heat and set
aside.
3. In a small saucepan over
medium heat, melt 4 tablespoons butter. (Alternatively,
melt remaining butter in a
heatproof bowl in microwave). In a medium bowl,
combine melted butter with
cornflakes.
4. In a large bowl, combine
sour cream, remaining butter
and cream of chicken soup.
Add salt, onions, grated
cheese and hash browns, and
stir to combine. Transfer mixture to a 9-by-13-inch baking
dish.
5. Top casserole with corn
flake mixture. Bake until crisp
on top, 45-55 minutes.
—Adapted from Keri Venuti,
Boulder, Utah
hunting licenses, 72-year-old
Judi Davis, told me the roots
of the dish can be traced in
the pages of Mormon Relief
Society Cookbooks. Some of
the greatest available repositories of American folk recipes, these self-published
books have appeared regularly since the early 20th
century, throughout the socalled Mormon Corridor
running from Utah into Wyoming, Idaho, Nevada, Arizona and California. Collections of family recipes,
they’re put together by
members of the Relief Society, the all-female auxiliary
of the Church of Latter Day
Saints founded 175 years
ago. Among the group’s
many duties—in addition to
teaching food preservation
and essential crafts such as
quilting—providing sustenance at funerals ranks high.
Along with baked ham,
homemade biscuits and
salad with Ranch dressing,
funeral potatoes remain a
comfort to be counted on at
funeral receptions in Utah
and the rest of the Mormon
Corridor. A creamy potato
casserole of the same name
appears at wakes and funerals in parts of the American
South, as well—though
whether brought there by
Mormons or a parallel invention, no culinary historian has yet determined, as
far as I can tell.
A topping of crunchy
cornflakes and a base of precooked frozen hash browns
are widely but not universally considered defining
features. “I don’t use them,”
said Ms. Davis, “but I know
people who do.”
Like ballads, legends and
dirty jokes, folk recipes often vary in their details
from place to place and even
family to family. Each ward,
or local Mormon congregation, publishes its own cookbook, reflecting the many
ways funeral potatoes have
been adapted to the landscape and lifestyle of individual communities across
space and time.
Ms. Davis’s recipe comes
from the pages of an old Relief Society cookbook sent to
her by her husband’s mother
in Carbon County, Utah’s
coal-mining region. It calls
for sliced fresh potatoes and
sour cream, as well as
canned cream of chicken
soup, which helps bind the
casserole and adds another
layer of richness and savory
flavor.
Keri Venuti, meanwhile—
the manager of Boulder’s
gas station and a cook of local repute—opts for the
aforementioned hashbrowns
and crowns her casserole
with a crust of butterdrenched cornflakes that
bakes to a golden crisp. Ms.
Venuti said she prepares
her funeral potatoes not
just for funerals but also for
birthdays, weddings and
potlucks; I took this as permission to add them to my
own Thanksgiving menu this
year. The hash browns and
cornflakes are convenient
means of enhancing both the
flavor and the texture. “A lot
of Mormons have large families, so we’re looking for
ways to save time and
money,” she said.
At Hell’s Backbone Grill,
Ms. Castle told me that
there, on the edge of the
wilderness, deaths bring the
community together. “Living
in Boulder, we get invited to
a lot of functions, and this is
our version,” she said as she
spooned another helping
onto my plate. Her recipe is
a bit more ambitious than
some. Roasted green chiles,
a nod to her New Mexico upbringing, provide a warming,
smoky bass note. And she
includes both russet potatoes, for their starchy fluffiness, and Yukon Golds, because they act as a delicious
binder. Garlic replaces the
more typical onion, and
heavy cream stands in for
sour cream. The potatoes
are shingled prettily, and a
generous topping of melted
Gruyère cheese lends a satisfying umami element.
Ms. Castle recalled attending a local man’s funeral recently. “There were 50 people
and 10 different trays of funeral potatoes,” she said. Eating the potatoes she’d piled
on my plate, luscious and
steaming under their crisp
Gruyère crust, it was hard to
imagine a rendition better
than this one. But then, in
Boulder, one doesn’t have to
choose. Each cook has something singular to contribute—
a taste of the infinite in a 9by-13 casserole dish.
Find a recipe for green chile
funeral potatoes at wsj.com/
food.
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 25 - 26, 2017
* ***
THE WALL STREET JOURNAL.
EATING & DRINKING
ON WINE LETTIE TEAGUE
A Wine Pro’s Tour of Chicago, Bottle by Bottle
CHICAGO IS A CITY of nicknames.
Hog Butcher for the World, Tool
Maker and Stacker of Wheat
(thanks, Carl Sandburg), not to
mention the Windy City, Second
City and That Toddlin’ Town. To
me, however, Chicago is the Great
Retail Wine Town. It may not be
catchy, but it’s certainly true.
I was in town a few weeks ago in
the company of Belinda Chang, a
native of the city and an acclaimed
sommelier. Belinda has worked in
some of the best restaurants in the
country, including Charlie Trotter’s
in Chicago, the Fifth Floor in San
Francisco and the Modern in New
York. She’s currently a Chicagobased sommelier at large and
“party host” (her words). And
though she’s enthusiastically devoted much of her professional life
to working in restaurants, she’s
even more excited about the city’s
retail wine scene, which she described as incredibly dynamic and
“so much fun!” Inspired by her enthusiasm, I booked a flight, eager to
see what Chicago’s retailers have to
teach the rest of the country about
selling wine.
Our first stop was Howard’s
Wine Cellar (1244 W Belmont Ave.;
773-248-3766), a venerable wine
shop on the city’s north side. Proprietor Howard Silverman was sitting in a chair by the front counter
when we walked in. “I have bad
feet, I can’t get up,” he said to us,
by way of a greeting. Belinda and I
walked down the cramped aisles to
browse bottles, which included
many I rarely see in the New York
stores I frequent: great Burgundies,
older Bordeaux, a treasure trove of
wines from the Loire and an array
of Alsace wines so wide that
Belinda could not believe she was
seeing so many. (Alsace produces
many great wines, but they’re not
widely known stateside outside a
certain Alsace cognoscenti.)
As we walked around, Mr. Silverman told us that his store wouldn’t
be around for long. “My lease is up
in May and I’ll be 65,” he said, then
proceeded to regale us with stories
from the good old days when he
traveled to Burgundy to taste with
great names like Aubert de Villaine
of Domaine de la Romanée-Conti
and legendary Burgundy importer
Becky Wasserman-Hone.
Mr. Silverman was now on his
feet behind the counter, and a bottle caught Belinda’s eye. “You have
the 1996 Domaine du Mas Blanc Piloums Collioure,” she raved about a
rare wine from Roussillon that was
priced at a mere $20. I asked to buy
it. “You have to stand it up for a
week,” said Mr. Silverman; the wine
had to be consumed when the sediment had settled to the bottom. But
HADLEY HOOPER
Part two in a three-part series on
wine culture in the Midwest today.
I was only in town for a couple of
days, I replied. “Then I can’t sell it
to you,” he said.
I left empty-handed, baffled and
amused. I’d never been denied a
bottle in this way before. Here was
a merchant willing to forgo a sale
to ensure the wine was consumed
in a truly optimal state.
Another, no less passionate approach to wine selling awaited at
I’d recommend our
itinerary to anyone
interested in tasting,
talking and of course
buying wine.
Lush Wine and Spirits (2232 West
Roscoe St.; lushwineandspirits.com),
in the Roscoe Village neighborhood.
With its chandeliers made of wine
glasses and its bubbly salesman
Bryce Huguenin, this hip wine shop
is to Howard Silverman’s store as
night is to day. “Taste some sparkling Malbec!” said Mr. Huguenin,
handing us glasses of Gouguenheim
Malbec-Bubbles ($18), an extra brut
rosé. His sentences all seemed to
end in exclamation points; we
weren’t surprised to learn he’d
worked in public relations before
joining the staff here.
“We want people to taste new
things!” said Mr. Huguenin, who
walked us around, pointing out fa-
vorites such as a 2013 Winzergenossenschaft Königschaffhausen Spätburgunder from Baden, Germany,
that retails for $30, and yes, more
wines from Alsace. The store’s selection was a combination of wellknown wines and names even a pro
like Belinda hadn’t heard, including
a 2013 Piližota Babić, a red wine
from Croatia that cost $20. “Can I
buy it?” I asked Mr. Huguenin. “Of
course!” he replied.
If Mr. Silverman was a wine curmudgeon and Mr. Huguenin a wine
cheerleader, then Catie Olson, the
salesperson at Red & White (1861
N. Milwaukee Avenue; redandwhitewineschicago.com), our next stop,
was more like an earnest wine student. Every wine in the store was
natural and “thoughtfully made,”
said Ms. Olson. According to the
Red & White website, that means
wines created by “vignerons who
respect their land; winemakers who
use no herbicides, pesticides or
chemicals on their property. They
harvest by hand, utilize only native
yeasts in fermentation and minimize additions to their wines.” The
store’s design—unvarnished wood,
exposed brick, polished concrete—
was similarly simple and clean.
Belinda and I were particularly
impressed by the number of pétnats (pétillant-naturels), a fashionable category of natural sparkling
wines. I’d never seen so many in
one place—at least two dozen on
the shelves. “We used to have even
more,” said Ms. Olson. The partners
of Red & White are also planning to
open a wine bar in the next month.
Our next stop was very different
again: Binny’s Beverage Depot
(1720 N. Marcey St.; binnys.com), in
Lincoln Park. With 38 locations,
Binny’s is the largest wine retailer
in Chicago; the Lincoln Park location alone measures 50,000 square
feet. When we walked in, I began
channeling Mr. Huguenin. “An entire room of Champagne! Labels I’ve
never seen before! A huge tasting
room!” I exclaimed as we walked
along in the company of Binny’s
wine director, Barbara Hermann.
Even Belinda, who’d been to Binny’s
many times, did a double-take at
the Champagne room—its selection
and its furnishings. “My eyes are
popping out of my head!” she said.
We were restored to calm at
The House of Glunz (1206 N Wells
St.; thehouseofglunz.com), in the
Old Town neighborhood. This store
was founded in 1888, according to
its very large sign, and it didn’t
look as if much had changed since
then. The store was quiet and
dimly lit, and felt more like the office of a prosperous antiques
dealer than a wine store. Decadesold liquor bottles—collectors’
items, Belinda told me—were
housed in glass cases, and each
wine bottle had its own handwritten card. The copy had been personally approved by Barbara Glunz,
the elegant third-generation proprietor who greeted us.
The note on the 2013 Terra
Laura Cheverny Rouge began,
“With 986 inhabitants and 28 cas-
tles, Cheverny was the choice of
Laura and Dominique” (the winemakers). It went on to explain the
age of the vines and the taste of
the wine. It sounded like a good
deal at $18.99.
Our final stop, Perman Wine
Selections (1167 N. Howe St.; permanwine.com), was just a few
blocks away. Proprietor Craig Perman writes out notes too, though
his are on a blackboard. When we
visited, this store was less than
two weeks old. Belinda frequents
Mr. Perman’s other location, in the
West Loop, where she tells Mr. Perman what she likes and he finds it
for her.
Mr. Perman, previously a sommelier at Chicago’s acclaimed Alinea,
focuses on wines he loves. Like
Belinda, he is partial to small
Champagne producers. He also carries many wines from Portugal, Italy’s Piedmont and Burgundy. “I’m
trying to find the best of the best,”
said Mr. Perman, opening two bottles of a Devevey Bourgogne Hautes
Côtes de Beaune “18 Lunes,” 2014
and 2015, which he personally
sourced in Burgundy. “I’m coming
back for more,” said Belinda.
I asked Mr. Perman why there
are so many great wine shops in
his town. He attributed the high
caliber of wine retail to the increased sophistication of Chicago’s
restaurants. “Back when we were a
steakhouse town, it was more just
commercial brands,” he said. He
also thought Chicago stores’ success lay in their Second City-style
humility. “We’re probably more
critical of ourselves than anyone
else,” he said. He added, almost as
an afterthought, that their pricing
is quite fair.
After a heady two days of touring Chicago’s better bottle shops, I’d
recommend our itinerary to anyone
interested in tasting, talking and of
course buying wine. As it turned
out, Mr. Silverman’s refusal to sell
me that bottle was in the service of
another customer he had in mind:
Belinda. She went back the next
week, and Mr. Silverman not only
sold her the bottle (with no conditions); he even opened several other
wines for her and everyone else in
the store to taste.
Belinda reported that she served
the wine (after standing the bottle
upright for a week) along with
some great Champagne at a makeyour-own-pizza party she hosted.
The wine was salty and earthy,
truly distinctive, one “a real wine
geek would love,” she said. Clearly,
it had landed in the right hands.
Chicago certainly does know
how to make a wine lover feel welcome. I’m planning to return
soon—not only to shop for bottles,
but to party at Belinda’s house.
Email Lettie at wine@wsj.com.
Spiced Chicken Soup With Squash, Greens and Egg
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
THANKSGIVING WEEK is as good a time
as any to remember that a simple meal
of soup can provide urgently needed relief during this season of overindulgence. Sara Kramer and Sarah Hymanson, co-owners of Kismet in Los Angeles,
have just the prescription.
In their third Slow Food Fast recipe,
the chefs offer a flavorful chicken soup
punched up with ginger, lemon, chiles
and star anise. Swiss chard and butternut squash bolster the bowl; a garnish of
fresh cilantro and dill goes on top. The
crowning glory: a gently poached egg.
Poke the yolk so it swirls out into the
broth and makes everything better.
“I love soup for breakfast,” Ms. Hymanson said, and this one satisfies at
any time of day. When Ms. Kramer has
leftovers on hand, she’ll add shredded
chicken or, this week, perhaps turkey.
The success of this soup really comes
down to the quality of the chicken stock.
If you don’t have a homemade batch
stashed away in the freezer, pick some
up from your butcher. Otherwise, it’s a
fairly foolproof meal that comes together quickly. Just be sure to wait until
the end of cooking to add the chard; it
needs no more than a wilting. You want
all the elements here to retain their
bright vitality. —Kitty Greenwald
TOTAL TIME: 30 minutes SERVES: 4
8 cups chicken stock
Juice and zest of 1/2 lemon,
peeled in strips
2 bay leaves
2 star anise pods
2 dried red chiles
5 cloves garlic, peeled
2 whole shallots, peeled
6 inches fresh ginger,
peeled
Salt
½ medium butternut
squash, peeled, seeded
and cut into 1-inch cubes
1. Pre-heat oven to 425 degrees. Pour broth
into a medium pot over medium-high heat.
Once broth is simmering, add lemon zest, bay
leaves, star anise, chiles, garlic, shallots and
ginger. Cook until broth is aromatic and flavorful, about 20 minutes. Strain out solids. Wipe
out pot and pour broth back in. Season with
salt and lemon juice. Keep at a simmer.
2. Meanwhile, toss squash with salt and oil
and spread over a roasting pan. Roast squash
2 tablespoons extra-virgin
olive oil
2 cups Swiss chard leaves
4 eggs
1½ cups chopped dill
1½ cups chopped cilantro
until fork tender, about 20 minutes.
3. Fill a medium pot with 4 inches salted water and bring to a simmer over medium-low
heat. Stir squash and chard into pot of simmering broth. Cook until greens just wilt,
about 3 minutes. Poach eggs in simmering
salted water until whites fully set, about 2
minutes, and transfer to a paper towel.
4. Ladle soup into 4 bowls. Garnish each with
herbs and a poached egg. Serve immediately.
SPICE LIKE US Loaded with ginger, chiles and star anise, this soup is
warming in more ways than one.
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY; PORTRAIT BY 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
THE WALL STREET JOURNAL.
Saturday/Sunday, November 25 - 26, 2017 | D11
* * * *
GEAR & GADGETS
Time for Simpler Tech
Technology promised to make living easier—but complicated it instead. The answer? More tech, especially for your phone
or all the problems technology solves, it seems to
complicate our lives, so much so that a growing category of the industry is dedicated to simplifying it.
The biggest offender is smartphones. These pocketcomputers-turned-companions have digitally connected everyone, yet disconnected us from the world. For an addict
like myself—one of those losers who reflexively thumbs through
apps while in line for coffee—the answer, ironically, is another
phone. Light Phone is a game-changing gizmo, a second device—
smaller and lighter than my real phone and, at roughly credit-card
size, less conspicuous—designed to be used as little as possible.
You can’t check email, text, browse the internet or swipe left
with it. It harbors no seductive apps, has no color LCD screen.
Tethered to your existing phone and number, it’s for voice calls
only. Once you’ve pocketed the barely noticeable device, you leave
your smartphone at home (or maybe in your glovebox). It’s a
handset “that helps you live in the moment,” said product designer Mr. Kaiwei Tang, one of the company’s co-founders.
Light Phone is simple to set up, and it feels great to walk
around with a device that’s only 1.3 ounces—miraculously three
times lighter than my iPhone. It helped me feel more engaged all
weekend. And when I needed it, the Light Phone’s call quality was
surprisingly good.
Relying on it, even a little, however, comes with drawbacks if
you haven’t planned ahead. Because it can’t send or receive messages, which most would agree have simplified organizing meetups, you have to convince friends and family to call if there’s a
change in plans. And then you have to tell them again. And then
call when they forget.
The Light Phone’s hard-nosed refusal to offer navigation assistance also poses problems. If you routinely expect your phone to
find the best subway route or driving directions, managing with
the Light Phone alone seems like a penalty. Good news, though: It
does concede to display the time, so you needn’t wear a watch.
If you want to curb your smartphone reliance with less tough
love and at a lower cost, try Moment. The free app effectively
shames you into shrinking your smartphone usage by tracking
the hours, not minutes, you spend futzing with your phone each
day. It documents the time you loiter on individual apps and
sends you a report each morning—congratulating you, for instance, for spending 90 fewer minutes on your phone than you
did the previous day.
Within a week, Moment ingratiatingly reformed me: I started
purposely leaving my phone in the other room or in my backpack.
But I can’t say it’s been a miracle cure. I deleted the app after being shamed for playing with my phone too much on a mindnumbing travel day.
If you’re not ready to submit to such policing, you can at least
let artificial intelligence help make quick work of an overloaded
inbox—the great scourge of our time.
Astro, the cleverest email client I found, is a chatbot that helps
organize and eliminate email. Ask it to “zap” your inbox and it
will unsubscribe you from newsletters and mailing lists you haven’t opened in months. Like any good robot, Astro can talk and
listen. After it reads your emails aloud, you can tell it to delete,
archive, snooze and so on. Then you can feel free to look up next
time you go outside.
SEE YOU, CALCULATOR
The finicky 1975 Pulsar
‘Time Computer
Calculator,’ an early
example of obsessionfueling gadgetry.
GETTY IMAGES (LEFT); ILLUSTRATIONS BY PETER HORJUS
F
BY JESSE WILL
LIMITED ADDITIONS// STREAMLINING TECH TO REDUCE YOUR RELIANCE ON SMARTPHONES
Astro
Light Phone
Moment
An email client that uses artificial intelligence to help streamline your inbox.
Best for Anyone who hasn’t developed a
system to triage their glut of emails.
Cost Free, helloastro.com
An ultralight handset with limited functionality; you can’t text or browse with it.
Best for Smartphone addicts looking to
spend more time interacting with life.
Cost $125, $5/month, thelightphone.com
An iOS app designed to curb your phone
usage by monitoring your screentime.
Best for People willing to be shocked by
how much they use social media.
Cost $3.99 for upgrade, inthemoment.io
HidrateMe (aka Hidrate
Spark), 2015
CueCat, 2000
From 2000 to 2001, some
magazine ads featured
barcode-like images
that you could
scan with this
feline-shaped
CueCat peripheral. It
would
then direct
your web
browser to a specific URL. But you had
to be reading the magazine in front of your computer. Thus: smartphones.
This Bluetooth-enabled, Kickstarterbacked water bottle reminds you to drink
H2O—yes, the life-sustaining liquid homo
sapiens have been sipping for about
200,000
years—by way
of a glowing
LED. The
Hidrate Spark
tracks how
much you
drink and
sends push
reminders to
your phone to
hydro-shame
you if it’s not
enough.
LG Digital
Multimedia Sideby-Side Fridge
Freezer, 2003
Juicero, 2016
This wifi-enabled kitchen gadget, which initially cost $700,
made fruit and vegetable juices
from cartridges you could purchase from the company via its
app. But buyers found out that
they could just squeeze the
packets by hand and get nearly
the same result. The company
stopped selling the machine
just 16 months after its first
unit shipped.
THE GADGET
HALL OF SHAME
Five overcomplicated contraptions
that the world never needed
Kérastase Hair
Coach Powered
by Withings, 2017
Loaded with a gyroscope,
microphone, and an
abundance of conductivity
sensors, this high-tech
hairbrush sends heady
data to a companion app
on your phone. It can tell
you if your hair is frizzy,
dry, if you’re brushing too
hard or too much, and
then offers product recommendations for a fix.
But it won’t tell you why
you’re so lonely.
A few years after smallscale “connected fridge” attempts by Electrolux and
Whirlpool, LG went big with
this LCD-screen-bedecked
icebox. It came equipped
with video messaging and
the ability to monitor food
content and expiration
dates, download MP3s and
send you emails, if not ones
as pointed as: “No food left.
Get takeout.”
The
Ultimate Gift
for Him
ARC5 SHAVER: ES-LV95-S
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D12 | Saturday/Sunday, November 25 - 26, 2017
THE WALL STREET JOURNAL.
* ***
GEAR & GADGETS
GM
ROOM WITH A VIEW
The Traverse (shown in High
Country trim) is a handsome
behemoth that seats seven.
RUMBLE SEAT DAN NEIL
2018 Chevrolet Traverse: Turn Up the Volume
THERE’S TOO MUCH negativity in
the air. People need to be kinder.
I’ll start: The new Chevrolet
Traverse is not terrible. The
bowtie brand’s redesigned midsize
crossover—at 204.3 inches bumper
to bumper, it’s a tick longer than a
Chevy Tahoe—delivers empty
space in abundance: compared to
the outgoing model, 7% more room
behind the first-row seats, 10%
more added behind the second
row, and 17% more behind the
third row. So there’s that.
And while the three-row family
crossover segment constitutes
possibly the world’s worst beauty
pageant, the Traverse wins, provided: The handsome body-colored
lower cladding is available only on
Premier ($45,445) and above. On
the first five trim levels—such as
our FWD 3LT Leather tester—the
rocker panels are clad in black
plastic, dowdy and down-market.
Good God, as if there isn’t enough
profit dialed into this thing.
You can’t fault GM product
planning for not following the
market. The hardpoints of the
2018 redesign neatly split the categorical differences between an
SUV and crossover, with something of a ute’s big-wheeled stance
but with lower roof, step-in height
and ground clearance. This tracks
emergent consumer demand in the
U.S. for horse-cows.
Among the Traverse’s talking
points is Teen Driver technology
that keeps tabs when the kids borrow the car. But will they want to
be seen in it?
Its category is seven- or eightpassenger, three-row crossovers/
SUVs starting under $40,000. The
Traverse competes against the
Ford Explorer, Honda Pilot, Toyota
Highlander, VW Atlas, Jeep Grand
Cherokee, and Nissan Pathfinder,
as well as its own sibling, GMC
Terrain. Built on GM’s C1 platform
(mid-to full-size, transverse-engine
vehicles with optional all-wheel
drive), the new Traverse gained 2
inches of wheelbase in the repackaging and 1.6 inches of legroom for
second-row passengers. The Traverse’s cargo volume of 98.2 cubic
feet (both rows folded) is the most
in its class.
The Traverse doesn’t get any
smaller as you drive it. Without
the help of the exterior cameras, it
would be a bear to park (our tester also had the cool video-enhanced rearview mirror). But the
forward view is commanding and
there is loads of room to stretch
out in the driver’s position, including 58.1 inches of front hip room—
“hip” being a biometric euphemism for “butt cheek.”
Other first impressions: They
should call this trim level the LT
with Puckered Leather. The upholstery’s stitched seams rippled
along their course and made the
The Traverse handles
like the big, front-drive
machine it is, welldamped, stable and able.
No surprises, no delights.
seat jackets ill-fitting. Also, our
tester arrived with an unforgivable
gap between the soft-touch panels
of the upper and lower dash
around the binnacle, right at eye
level. That mustn’t happen.
The mainline engine is GM’s
naturally aspirated 3.6-liter, directinjected V6 (310 hp and 266 lb-ft.)
multiplied by a nine-speed automatic transmission co-developed
with Ford. The V6 is a smart,
torque-rich engine, but like the
strongest oarsman on a slave gal-
ley, sounds none too enthusiastic
about it. Still, it will churn the water: 0-60 in 6.3 seconds, which is
crisp considering the 4,362-pound
curb weight. The Traverse offers
1,500 pounds towing standard, or
5,000 pounds with towing package.
Underway, the Traverse handles
like the big, front-drive machine it
is, well-damped, stable and able.
No surprises there, nor delights.
One note: Our Traverse rode on
20-inch wheels and tires that look
great, but they are heavier and unsmooth the ride a bit. Hitting a
pothole can provoke a rubbery
shudder in the wheels.
GM’s retail crossover sales are
on fire (up 25% in Q3) and this is
no time to leave money on the table. The retail strategy appears
threefold: stratify trims, package
popular options and upsell customers like maniacs in order to increase average transaction prices
and profits. The Traverse comes in
no fewer than seven trim levels,
plus the option of FWD or AWD,
ascending from the L ($30,925); to
the LS; the RS, with a 2.0-liter,
255-hp turbo four; LT with Cloth;
LT with Leather; Premier (with the
sporty Redline package optional);
and finally the High Country
($53,045) edition, at which point
you may need some oxygen.
However, Chevrolet expects the
bulk of sales to come from vehicles
like our tester, the FWD LT
Leather, which starts at $42,095.
That number stings a bit considering it doesn’t even include
AWD, which would add another
$2,000 to the LT. And if you start
drilling the deets you will find the
product planners have been a tad
ungenerous with the goodies. No
telescopic steering column? No
driver’s seat memory function?
Among the things you do not get
and cannot have at this trim level
is the active-safety package
(Driver Confidence II), including
forward-collision alert with automatic braking; pedestrian detection; and lane-keeping assist. Even
in the next level up, the Premier
trim, it’s a $475 option.
A comparably priced Honda Pilot includes the company’s full array of active safety (Honda Sensing) and kicks in the rear-seat
entertainment system, among
other comparative advantages.
However, and in fairness, the
Traverse is bigger—9.8 inches longer, nose to tail, on a much longer
wheelbase. The Honda’s storage
behind the third row is 16.5 cubic
feet; the Traverse’s is 23 cubic
feet—nearly 30% larger. And that
extra space has a cost and a value,
more to some than others.
While eight-passenger seating is
available in lower trim levels, most
Traverses will be equipped with
mid-row captain’s chairs, with
loads of space between them to
pass through to the back. These
seats handily slide forward on
tracks to ease entry into the rear
seat. They also fold flat with the
lift of a lever. The right-side midrow seat’s tilt feature allows it to
be moved forward with a child
safety seat still attached.
Unfortunately, this delightful attribute is not shared with the leftside mid-row seat, which is the
one closest to the driver.
For parents of young children,
that was the unkindest cut of all.
2018 CHEVROLET TRAVERSE
Base Price $30,925
Price as Tested $42,095
Powertrain Naturally aspirated direct-injected 3.6-liter DOHC V6 with
variable valve timing; nine-speed
auto transmission; front-wheel drive
Power/Torque 310 hp at 6,800
rpm/266 lb-ft. at 2,800 rpm
Length/Width/Height
204.3/78.6/70.7 inches
Wheelbase 120.9 inches
Curb Weight 4,362 pounds
0-60 6.3 seconds
EPA Fuel Economy 18/27/21 mpg,
city/highway/combined
Cargo Capacity 98.2 cubic feet
MY TECH ESSENTIALS
Why the beachy singer/songwriter still uses his
first guitar and other battered and compromised
gear on his new album, ’All the Light Above It Too’
We have an old upright Mathushek piano
that I bought for 99 bucks at a Salvation
Army for Valentine’s Day when my girlfriend—she’s my wife now—and I were seniors in college. It’s really cool. It must’ve
originally had real ivory keys, but when I
bought it, it was already just wooden keys
with marks where your fingers go, especially in the middle. Zach Gill, who plays
piano in my band, loves that thing.
You can fix and autotune everything and put
it all in perfect time, but
I try my best to avoid
that stuff because of
how much I love imperfections in other people’s music. I have a
mellotron I got shipped
to Hawaii that worked
really good for a minute,
and then the salt air or
something just killed it.
Now it sounds like a dying seagull. But the guy
I worked with on this record just really loved the
way it sounded. It ended
up on two songs, at
least, on this record.
I made the video for the song “My Mind Is For Sale” with my iPhone 7
and the iStopmotion iPad app and edited it on iMovie. There’s something about using the phone and
using a simple app that any kid
could get. I like to show my kids—
and I guess by extension any kids
or any young people out there that
are trying to make things—that
you don’t need a bunch of fancy
equipment to be creative.
I use Voice Memos on my phone like crazy. Any little idea goes straight
on there. I also like to get my four-track Tascam 424 Portastudio cassette recorder out and record onto that. It’s like nostalgia. It just takes me
back to when I was a teenager or in my early 20s, and that joy of being
able to layer things and start to create something that you wouldn’t be
able to do just with one take.
My Epiphone bass
somehow got the nickname Epi Nar Nar. It’s
got this gnarly low-end
sound. After my debut
album, we got two
basses: a Music Man
and Epi Nar Nar. The
Music Man never left
the case, because once
we plugged in the Epiphone, it just sounded
so good. I would say
99% of the bass tones
we produce since then
is Merlo Podlewski
playing that Epiphone.
—Edited from an
interview by Chris
Kornelis
BRANDEN AROYAN (PIANO, GUITAR)
JACK JOHNSON
One of the guitars I play on my new record is a Guild acoustic—it’s the first
guitar I ever owned. My mom and dad
gave it to me for my 16th birthday.
That thing’s been to Tahiti, Indonesia
and Fiji, and it’s been to France and Ireland. So it’s an old friend, you know?
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