WSJ For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. Chocolate: A-to-Z Christmas vs. The Secular World OFF DUTY REVIEW THE WALL STREET JOURNAL WEEKEND * * * * * * * * * SATURDAY/SUNDAY, DECEMBER 21 - 22, 2019 ~ VOL. CCLXXIV NO. 147 WSJ.com HHHH $5.00 What’s Misstep SEC Probes News In Space Caps BadWorld-Wide Tech Debuts Week for ritain’s new Parliament On Big Board B Boeing voted overwhelmingly to back Johnson’s Brexit ac- cord, a significant step to- ward the country’s departure The Securities and Ex- as emails sent just before the from the EU on Jan. 31. A1 BY DOUG CAMERON change Commission is investi- stocks opened for trading, as Andrew Bailey, a top AND ANDY PASZTOR gating the listings of Slack well as its policies for comply- U.K. financial regulator, Technologies Inc. and other ing with NYSE rules, some of was chosen to succeed Boeing Co. botched the first major companies on the New the people said. GTS, another Mark Carney as head of demonstration flight of a long- York Stock Exchange, in a trading firm, received a simi- the Bank of England. A8 awaited space capsule and said probe looking at how trading lar request, they added. it would suspend taking major was handled on the first day, “The direct listing of Slack Trump’s impeachment 737 MAX parts from its biggest people familiar with the situa- was a tremendous success for moves next to the Senate, supplier, setbacks that pushed tion said. the company, its shareholders where questions remain the aerospace giant deeper into and our nation’s capital mar- about how a trial will be crisis Friday. By Alexander kets,” a Citadel Securities handled, and to the heart of The prolonged grounding of Osipovich, spokesman said. the 2020 campaign. A4, A5 the MAX fleet and Boeing’s de- Corrie Driebusch “From our vantage point, Facebook and Twitter cision days earlier to suspend and Dave Michaels we stand firmly behind the in- . have taken down a global production of the jetliners tegrity and transparency of ly network of fake accounts were already weighing heavily SEC enforcement staff have the listing and pricing process used in a coordinated cam- on the company and Chief Ex- recently sent letters including on this important transac- paign to push pro-Trump ecutive Dennis Muilenburg. one seeking information from tion.” political messages. A6 The high-profile failure of on electronic-trading firm Citadel The SEC is probing IPOs the Starliner on Friday to reach Securities LLC related to how it over the past several years of Trump dropped a the correct orbit under its own opened Slack’s stock for trad- other so-called unicorns, com- threat to levy tariffs on power—scuttling the capsule’s ing on June 20 in the work- panies known for achieving Brazilian steel and alumi- planned docking with the In- place-messaging app’s so-called high valuations while private, us l, num after speaking with ternational Space Station—was direct listing, the people said. the people said. Brazil’s Bolsonaro. A9 a fresh blow to Boeing as well It also seeks information on It couldn’t be learned who al a e The administration as to U.S. efforts to return as- other initial public offerings. the investigation may be tar- said that it had formally tronauts to space using a do- Regulators asked Citadel geting and what types of mis- invited China to begin mestic vehicle. No one was Securities for messages such Please turn to page A2 ci on talks on arms control. A7 aboard the spacecraft. Following a flawless pre- China’s control over on- line content is likely to tighten further with a com- dawn launch of the Starliner from Florida by a Russian-pow- ered Atlas V rocket, officials Parliament Backs er rs prehensive set of rules to from the National Aeronautics take effect in March. A9 The president signed the $1.4 trillion spending and Space Administration and Boeing told reporters at a hast- ily convened press conference Johnson’s Push GENE BLEVINS/ZUMA PRESS m e deal approved by Congress to fund the government and avoid a shutdown. that a software or automation problem with the capsule stranded it in the wrong orbit For January Brexit m rp without adequate fuel to ren- Business & Finance dezvous with the space station. The mistake, stemming from BY MAX COLCHESTER a basic error in setting an in- The SEC is investigating ternal clock on the spacecraft, An Atlas V rocket, topped by Boeing’s Starliner capsule, LONDON—Britain’s new the listings of Slack and co Fo raised new questions about lifted off successfully in Cape Canaveral, Fla., on Friday, Parliament voted overwhelm- other major companies on Please turn to page A6 before a glitch kept the craft from reaching its planned orbit. ingly to back Prime Minister the NYSE, in a probe look- Boris Johnson’s Brexit accord, ing at how trading was a significant step toward the FRANK AUGSTEIN/ASSOCIATED PRESS handled on the first day. A1 country’s departure from the Boeing botched the first demonstration flight of a long-awaited space capsule Gene Tests Led to Surgery, European Union on Jan. 31. The vote Friday wasn’t the final endorsement needed to and said it would suspend taking major 737 MAX parts from its biggest supplier. A1 Then the Odds Changed pass the agreement into law— that is set to happen next month—but it symbolized the end of years of political in- The Trump administra- fighting over Brexit. tion is backing Bayer in Mr. Johnson’s Conservative The prime minister’s deal Seven women in one family feared breast and ovarian cancer n- the German company’s Party now has a majority of 80 still needs to become law high-stakes court fight seats in the House of Commons over Roundup weedkiller. A3 BY AMY DOCKSER MARCUS Ms. Mathes, who has one child, decided after his comfortable election through another vote in the U.S. stocks closed at re- she would have no more. To reduce her can- win last week, and the cham- House of Commons and win no cords. The S&P 500, Dow When she was in her early 30s, Katy cer risk, she underwent surgery to remove ber is packed with pro-Brexit approval in the country’s up- and Nasdaq gained 1.7%, Mathes decided to check her cancer risk. A her ovaries and fallopian tubes. So did her lawmakers, making the vote for per chamber, the House of 1.1% and 2.2%, respec- genetic test showed a mutation on a BRCA younger sister, their mother and four other the divorce largely a formality. Lords. Such is the govern- tively, for the week. B11 gene, which significantly raises a person’s relatives. Ms. Mathes and her sister also had Lawmakers voted, by a tally ment’s majority that this pro- lifetime risk of developing hereditary breast double mastectomies. of 358 to 234, in favor of the cess is expected to be easily Care.com, an online or ovarian cancer. This year, their mother sat them down at deal Mr. Johnson negotiated completed early next month, marketplace for caregiv- Thirteen people in the family got tested— the table of their parents’ winter home in with the EU back in October, allowing the country to quit ers, agreed to a sale to IAC her mother, her sister, cousins and aunts. Florida. Two weeks earlier, her genetic which stipulates how the U.K. the EU at the end of January. for about $500 million. B1 Eleven had the mutation. Almost all did counselor had called. The lab was no longer will end its 46-year member- The approval of the European U.S. regulators criticized their testing with Myriad Genetics Inc., sure the variant is a significant problem. ship of the bloc. It covers issues Parliament will also be needed a lawsuit brought by states which introduced the first BRCA tests in A family with many members who such as citizens’ rights, a finan- but isn’t in question. that seeks to block the merger 1996. thought they were at a high risk of cancer cial settlement the U.K. has “This is the time when we of T-Mobile and Sprint. B3 “I treated my test results like the Bible,” might not be after all. agreed to pay the bloc and an Please turn to page A8 said Ms. Mathes, now 37, an elementary- Myriad, a molecular diagnostics company arrangement aimed at avoiding Shell joined a clutch of school art teacher in Colorado. “There was based in Salt Lake City, now says the variant a physical border in Ireland. New chief is chosen for the oil firms that have taken big Please turn to page A12 U.K.’s central bank.................. A8 no questioning the report.” The law must still go financial hits because of a global glut of oil and gas. B10 U.S. Steel said it would idle most of a mill near Detroit, Biotech Sector Bounces Back Who Needs Triple Axels—Give Us EXCHANGE as losses mount in a weak domestic steel market. B3 Shares of biotech companies have surged in recent months, powered by drug innovations and a flurry of mergers. B1 The ‘Compulsory Figures’ i i i ViacomCBS said it is ac- Nasdaq Biotechnology Index performance quiring a 49% stake in Mira- max for $375 million. B3 Skaters revive event killed off long ago 30 % S&P 500 as hopelessly dull, even for competitors Nasdaq NOONAN ROSS MANTLE FOR THE WALL STREET JOURNAL Biotechnology BY LOUISE RADNOFSKY rection. Results of a perfor- Crazy Won’t Beat 20 mance were generally visible Trump A15 Thirty years ago, the Inter- only to skaters and judges be- national Skating Union made a fore being swept away. crowd-pleasing change to fig- The reason for the ouster CONTENTS Sports........................ A16 Books..................... C7-12 Style & Fashion D2-3 ure skating: It kicked out of was obvious. Which is why it’s 10 competitions a segment surprising to see a movement Food......................... D4-6 Travel...................... D8-9 Heard on Street...B12 U.S. News............ A2-6 known as compulsory figures, to bring figures back. Markets..................... B11 Weather................... A16 Obituaries............... A10 Wknd Investor....... B5 which required skaters to etch A new generation of figures Opinion.............. A13-15 World News....... A7-9 patterns on the ice with their devotees, many too young to blades, then trace them over have witnessed the stupefying 0 and over again. inaction of the earlier compe- > Drawing a perfect circle, titions, has formed a circuit stopping and repeating can be for practitioners of the craft. SUPER SELLER very boring—and worse to They drill the old patterns Walmart’s secret –10 watch. Figures events lasted alone, sometimes for hours, up to eight hours. The most and find ever-more-fiendish weapon for the s 2019 Dow Jones & Company, Inc. Jan. April July Oct. digital era: stores B1 All Rights Reserved exciting physical move anyone ones to test their skills. Source: FactSet might see was a change of di- Please turn to page A10 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A2 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. U.S. NEWS THE NUMBERS | By Jo Craven McGinty Trains Still Aren’t Fast, and Other Updates This year, The first trains in an order Joe Biden continues to receive body measurements, in ad- ered topic than the prima- “Wholesale reform is the Numbers for 28 will be ready for more media coverage than dition to sizing codes such ries.” needed, particularly for the examined top- safety testing next year, other Democratic candidates as 2 or 12. Overall, Sens. Warren’s safety information for these ics ranging Amtrak said. for president, in part because But don’t get your hopes and Sanders’s ranks in the ingredients. Finalizing the from the he is frequently mentioned in up. “We’re not close to it Signal data are unchanged. monograph is important speed of ten- Haters Gonna Hate: The the impeachment proceedings happening,” said Debra J. But when Mr. Bloomberg an- from a public health per- nis balls to the prevalence number of far-right extrem- against President Trump. Klensch, chair of the sub- nounced his candidacy in spective.” of sexually transmitted dis- ist crimes committed in the committee on body mea- November, he moved into eases. But by far, the most- U.S. has climbed. When the Media accounts mentioning surement for apparel sizing. second place—at least tem- Holy Cow: In November, read Numbers column of Numbers wrote about this in presidential candidates, 2019 “This is what the consumer porarily. the Numbers wrote about 2019 was about the math April, 477 people had been Previous data needs, but it’s just a little traditional milk companies 2.5 million behind successful relation- killed in 214 attacks since inkling.” Burned: In August, the competing with high-protein ships. The second-most pop- 1990. Now, through mid-De- Trump Numbers reported that a milks, plant-based options 2.0 ular? A column about di- cember, 513 people have Media Darlings: In July, proposed rule from the U.S. and other beverages. Two vorce. Go figure. Here are a been killed in 219 attacks, the top five Democratic can- Food and Drug Administra- weeks later, Dean Foods Co., few updates of other col- according to the Extremist 1.5 All Democratic didates for president, based tion would require sun- the biggest milk company in candidates umns that ran this year. Crime Database. combined on media coverage, were screen manufacturers to the U.S., filed for bank- “The 2019 number of inci- 1.0 Joe Biden, Bernie Sanders, show how much of the over- ruptcy. Not So Fast: In January, dents is below average but Elizabeth Warren, Kamala the-counter drugs make it “Dean has been strug- the Numbers reported that they are more deadly than 0.5 Biden Harris and Cory Booker, ac- into the bloodstream, and gling for a while now,” said the Federal Railroad Admin- usual,” said Joshua D. Freil- cording to Signal AI, a U.K.- what happens to the body John Crawford, a vice presi- istration would allow pas- ich, a professor at John Jay Other based media-monitoring when they do. The rule was dent at Information Re- 0 Democrats senger trains capable of College of Criminal Justice company. to be finalized in Novem- sources who analyzes the J F M A M J J A S O N traveling up to 220 miles an in New York and co-director Since then, Sen. Harris ber…but it wasn’t. dairy sector. “A few years hour to operate in the U.S. of the database. “Also, this Source: Signal A.I. has ended her campaign. According to an FDA back, its stock traded in the So far, none of the high- is the second year in a row Former New York Mayor Mi- spokeswoman, the agency is 20s. It went down in the speed trains has rolled out, with anti-Jewish attacks, an- grocery store in Jersey City, chael Bloomberg has still reviewing approxi- past couple of years to $10. but Amtrak expects to have other departure from the N.J. launched his. And Mr. Biden, mately 15,000 public com- Then it actually went below some operating between norm.” for reasons he might not ments on the proposal, and a dollar.” Boston and Washington, The database has docu- Downsizing: A woman relish, continues to show up a new timeline for complet- The plunge occurred as D.C., in 2021—although, be- mented previous anti-Se- who wore a size 16 in years in more articles than anyone ing the rule has yet to be the company rebranded its cause of track limitations, mitic attacks, Dr. Freilich past would wear a size 8 to- else. determined. regional dairies with the na- they will top out at 160 said, but not in consecutive day—without shedding a “Biden has been men- Advocates aren’t happy. tional DairyPure label, miles an hour. years. Among the recent at- pound, thanks to changes in tioned close to three times “This process has raised its prices and lost its The trains, whose con- tacks, a gunman targeted sizing guidelines. more often than any other dragged out for decades,” Walmart business when the struction is part of a $1.8 Mexicans in a Walmart in El To end the confusion, Democratic candidate since said David Andrews, a se- retailer decided to manufac- billion contract with the Paso, Texas, in August, kill- ASTM International, the the start of September,” nior scientist with the Envi- ture its own milk. French manufacturer Alstom ing 22 people. And this group that publishes the said Ben Moore, a senior an- ronmental Working Group, a “All of that combined to SA, are being built in a fa- month, three bystanders guidelines, discussed in alyst at Signal AI. “This is nonprofit research organiza- cause them to really start to . cility in Hornell, N.Y., that is and a police detective died June having labels in indicative of impeachment tion that rates sunscreens hemorrhage,” Mr. Crawford ly more than 160 years old. in a shootout in a Jewish women’s clothing include having become a more cov- and other products. said. CORRECTIONS AMPLIFICATIONS SEC Probes as underwriters like in a stan- goes public, DMMs release the morning, because the dard IPO. Banks do play a more limited role as advisers, onprice ranges called indications that show where they expect banks may be able to privately give mutual funds and other Handling helping guide buyers and sell- ers to an opening price. Spo- the stock to open at a given moment. investors a more accurate in- dication of the opening price, Federal Reserve Chairman Jerome Powell, at a news con- located in Detroit. us l, tify Technology SA also used The DMM’s lead trader for current and former floor bro- ference last week after the There are 37 total resi- Of Listings the process to debut on NYSE the deal shouts out the indica- kers said. rate-setting committee voted to dences in the Twenty Grosve- al a e last year. tions to a crowd of brokers on Due to such concerns, floor hold interest rates steady, said nor Square development, Direct listings allow compa- NYSE’s floor and the numbers brokers at Slack’s direct listing unemployment is at 50-year about 75% of which have been nies to save on underwriting are also broadcast over elec- alerted NYSE’s in-house regu- lows. A Dec. 12 Page One article sold. A Mansion article Friday ci on Continued from Page One fees and bypass some restric- tronic data feeds whose con- latory unit, people familiar about the Fed misquoted him about London incorrectly said conduct the SEC may suspect. tions that come with IPOs, tent is regulated by the SEC with the day’s events said. as saying employment. 37 residences remain unsold. It is possible the investigation such as limits on promoting and seen by traders around Their complaints may have won’t lead to any allegation of the stock to the public and the country. fueled the SEC’s inquiries into DTE Energy Co. on Dec. 13 Casey Key, Fla., is in Sara- wrongdoing—public or pri- avoiding some lockups that The day Slack went public, direct listings and other IPOs. demolished its Conners Creek sota County. A headline with a er rs vate. prevent insiders from selling some floor brokers felt Citadel Others familiar with the power plant in Detroit. A Dec. Mansion article Friday about “NYSE places a premium on for a certain period. Securities’ initial indications IPO process dismiss the floor 14 U.S. News photo caption de- voting for the WSJ House of transparency, fair access and But they are only feasible were too low and didn’t reflect brokers’ concerns and say it is scribing the event failed to the Year incorrectly implied robust price discovery in help- for a relatively small number accurate supply and demand normal for indications to be- make clear that the plant was that it is in the Florida Keys. m e ing companies access the pub- of cash-rich companies be- for the stock, according to gin well below the price where lic markets,” said a spokesman cause under current exchange people familiar with that day’s a stock will eventually open, Readers can alert The Wall Street Journal to any errors in news articles by for the exchange, a unit of In- rules, the process can’t be events. or for the stock to take a long emailing wsjcontact@wsj.com or by calling 888-410-2667. m rp tercontinental Exchange Inc. used to raise new capital. time to begin trading. That More large companies have In both the Spotify and can reflect robust demand for THE WALL STREET JOURNAL gone public in recent years following big capital infusions Slack deals, Morgan Stanley and Goldman Sachs Group Inc. Direct listings allow the new shares in question, these people say. (USPS 664-880) (Eastern Edition ISSN 0099-9660) from venture capitalists that acted as financial advisers companies to bypass Trading data shows that at (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 co Fo allowed them to stay private far longer than was common while Citadel Securities was named the designated market some restrictions 10:18 a.m. Eastern time on June 20, Citadel Securities in- Published daily except Sundays and general legal holidays. 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THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, December 21 - 22, 2019 | A3 U.S. NEWS U.S. Backs Bayer in Cancer Cases Raise Fracking Fears Pennsylvania probes Weedkiller potential industrial links to rare Ewing’s Appeal sarcoma diagnoses BY JACOB BUNGE BY KRIS MAHER AND TIMOTHY PUKO CECIL TOWNSHIP, Pa.—An The Trump administration increase in the number of is backing Bayer AG in the teens and young adults diag- German chemical maker’s nosed with a rare cancer in high-stakes court fight over the southwest corner of Penn- the world’s most widely used sylvania has caused the state weedkiller. to look for a link between The Environmental Protec- fracking and the disease. tion Agency, working with the The investigation was Justice Department, filed sparked by a spate of Ewing’s court papers Friday support- sarcoma cases in and around ing Bayer’s argument that gly- Washington County, which has phosate, the active ingredient more Marcellus Shale gas in the company’s Roundup wells than any other county in herbicide, poses no cancer the state. In April, the state risk. The filing backs Bayer’s Department of Health found KRISTIAN THACKER FOR THE WALL STREET JOURNAL (2) appeal in federal court of a that the cases didn’t consti- $25 million verdict in the case tute a statistically significant of a California man who cancer cluster. But affected blamed Roundup for causing families and other residents his non-Hodgkin lymphoma, lobbied the governor for an in- one of tens of thousands of vestigation. similar cases. “We’re not pointing a fin- Lawyers for both govern- ger,” said Kurt Blanock, whose ment agencies argued the ver- teenage son died of Ewing’s dict should be overturned be- sarcoma three years ago. His cause it would have been wife, Janice Blanock, was one illegal for Bayer to print can- of the parents who pushed for cer-risk warnings on Roundup the study. Mr. Blanock said he labels. They said Congress isn’t opposed to fracking but granted the EPA the sole au- is glad Gov. Tom Wolf ap- Mitchell Barton was diagnosed with Ewing’s sarcoma in 2018 at age 21. The disease has been identified among young local residents. thority over safety labels on proved the investigation. The chemical products, and the region is home to coal mining, workplaces than in communi- sity of Pittsburgh, said Penn- agency wouldn’t have ap- oil drilling, chemical plants ties where people live. sylvania investigators should . proved a cancer warning for and a former uranium-pro- About 1,000 suspected can- look at residents’ potential ex- ly Roundup. cessing facility, he said. “We cer clusters are reported to posures to chemicals and radi- While it isn’t the first time want them to look at every- state health departments each ation from natural-gas sites. a regulator has weighed in on thing.” year, according to the Ameri- She said they also should look such a case, legal scholars said Each year, about 250 chil- on can Cancer Society. A scien- at the sealed waste site of the the filing would likely catch dren in the U.S. are diagnosed tific review of more than 500 defunct uranium-processing the appeals court’s attention. with Ewing’s sarcoma, a rare such investigations found an plant, area farms where pesti- The federal government will cancer of the bone or sur- increase in cancer rates in one cides are used, other indus- often weigh in on cases when rounding soft tissue, according of eight investigations, while a trial sites and even gas sta- us l, the interpretation of a federal to the National Institutes of cause was identified in only a tions. statute is involved, they said. Health. single case, according to the “I don’t think you should al a e Several Roundup trials have In four counties in south- organization. assume it’s one thing,” said been postponed in recent west Pennsylvania, 31 people Pennsylvania plans to spend Ms. Talbott, who grew up in months as Bayer and plain- were diagnosed with Ewing’s $3.9 million over the next Washington County and whose ci on tiffs’ attorneys try to negotiate sarcoma from 2006 through grandfather worked at the a settlement as part of a 2017, according to state cancer uranium-processing facility. court-ordered mediation over- data. That is a roughly 40% in- The state’s three main oil- seen by Ken Feinberg, who crease from the period from ‘Something is going and-gas industry associations helped divvy up compensation 1995 through 2005, when 22 on here,’ said the said, in a joint statement, they er rs to victims of the 9/11 terrorist people in the same area were supported research that evalu- attacks and the 2010 Deepwa- diagnosed, according to state mother of one ates all potential factors. “The ter Horizon oil spill. data. Residents point to two resident who died. concerns in these communities Bayer is under pressure to additional cases in 2018. Most are shared with our industry,” m e resolve the litigation after the troubling to many residents is the Marcellus Shale Coalition, company’s shares dropped 23% that the six cases in Washing- the Associated Petroleum In- since the first verdict in Au- ton County since 2008 oc- three years and will select an dustries of Pennsylvania and m rp gust 2018, with the company curred in one school district. academic institution to carry the Pennsylvania Independent since then divesting itself of “We want to do a study to out the research. There is cur- Oil & Gas Association said. several businesses and laying see if there is a link,” said Dr. rently no known environmen- Concern about a potential off thousands of staff world- Rachel Levine, Pennsylvania’s tal cause for Ewing’s sarcoma. fracking link grew this past wide. Bayer acquired Mon- secretary of health. “The big- A second study will look at March when the Pittsburgh co Fo santo Co., Roundup’s maker, in gest challenge is that a corre- potential associations between Post-Gazette published an ar- June 2018 for $63 billion. lation doesn’t necessarily Marcellus Shale development ticle citing the six Ewing’s sar- The government’s filing re- prove causation.” and conditions such as coma cases and reporting that iterates the agency’s long-held Scientists have identified asthma, headaches and pre- 10 children in the Canon- view that glyphosate doesn’t exposure to substances such term births. Prior studies by McMillan School District also represent a cancer risk, most as arsenic and benzene as in- Johns Hopkins University re- had some other form of can- recently upheld in a December creasing the risk of developing searchers in the state have cer. 2017 EPA review. cancer. But linking exposures found such associations. In May, the Post-Gazette “EPA has a longstanding to specific cases is difficult Evelyn Talbott, a professor published another article de- position—It’s not just this ad- and occurs more often in of epidemiology at the Univer- tailing 27 cases of Ewing’s sar- ministration which determined coma in the four counties from that this pesticide does not 2008 to 2018. cause cancer,” said Jeffrey Since Pennsylvania’s first Clark, the assistant attorney Marcellus Shale well was n- general of the Environment drilled in Washington County and Natural Resources Divi- in 2003, more than 1,800 wells sion at the Justice Depart- have been fracked there. Com- ment, in an interview. “EPA pressor stations, processing no should be in control. Congress plants and pipelines have fol- set it up that way.” lowed. Some residents worry That view is being chal- that pollutants such as ben- lenged in U.S. courtrooms, zene from air emissions or ra- where farmers and residential dium from wastewater could gardeners have pointed to the affect people’s health. International Agency for Re- Mr. Blanock’s son Luke was search on Cancer’s 2015 classi- diagnosed with Ewing’s sar- fication of glyphosate as coma in 2013 and died in 2016. “probably carcinogenic to hu- From his living room couch, mans,” while criticizing com- Mr. Blanock pointed toward pany-funded studies that the three other homes, including EPA and other regulators have two about a mile away, where included in their glyphosate young people have received assessments. the same cancer diagnosis. Bayer rejected the IARC’s Curtis Valent was diag- link between glyphosate and nosed in 2008, at age 20, and cancer, saying the agency died in early 2011. Kyle Deliere cherry-picked some studies was diagnosed in 2011, at age and ignored others that regu- 25, and died two years later. lators have used to establish Then Mitchell Barton, in a the chemical’s safety. nearby township, was diag- Three consecutive juries nosed in late 2018, at age 21. ruled in favor of plaintiffs over He is currently undergoing the past year and a half, treatment. awarding hundreds of millions Cindy Valent’s son Curtis was diagnosed with the rare form of “Something is going on of dollars in damages. The cancer in 2008, at 20 years old, and died in early 2011. here,” Cindy Valent, Curtis’s EPA’s brief comes in the case mother, said. “We all lived of plaintiff Edwin Hardeman in The state of Pennsylvania is funding a study to look for a within a mile or so of each the Ninth U.S. Circuit Court of potential link between fracking and a spate of rare bone cancers other.” Appeals, the only one of the in the southwest corner of the state. Ms. Valent never worried three trials so far to take place about gas drilling before her in federal court. son and the others got their Aimee Wagstaff, Mr. Harde- diagnoses, she said. She re- man’s attorney, called the ap- called watching from her back- peal a “Hail Mary” and said yard as flares would light up courts have previously re- the sky and wondered if natu- jected the argument made by ral-gas drilling might be linked the company and the govern- Number of active to the cancers. ment that federal regulations PENNSYLVANIA unconventional Dr. Kelly Bailey, a pediatric SOHO should negate the civil suits. Pittsburgh wells, by county oncologist at UPMC in Pitts- 118 PRINCE STREET “We are confident the Ninth 2,000 burgh, said cancers can group 212.343.9000 Circuit will also reject Mon- Harrisburg together by chance, like pen- WASHINGTON 1,000 santo’s argument and rule in COUNTY nies dropped onto a map. favor of Mr. Hardeman,” she 500 “That’s not a very satisfying NEW YORK ∙ MIAMI ∙ HOUSTON L A S V E G A S ∙ L O S A N G E L E S ∙ C O S TA M E S A said. 100 answer when you have a com- —Sara Randazzo munity where those pennies contributed to this article. Source: Pennsylvania Dept. of Environmental Protection have fallen together,” she said. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A4 | Saturday/Sunday, December 21 - 22, 2019 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. POLITICS funding for Colorado Springs’ Pe- ference negotiations with Senate Wisconsin has same-day regis- nuities in retirement accounts. certain to vote for Trump, with terson Air Force Base, and Sen. Republican appropriators. Other tration, meaning voters with The measure takes away an em- 48% certain to vote against him, Martha McSally, whose state Democrats are furious the appro- identification and proof of ad- ployer’s responsibility to choose according to a new Wall Street lost $30 million for a southern priations package included $1.375 dress can be added to the rolls the lowest-cost plans for their Journal/NBC News poll. Eighteen Arizona Army base. billion in border wall funding. at a polling place. employees’ 401(k) plans. That percent say it depends who the Democrats have hit them opens the door for insurance- Democratic nominee is. At the hard for not opposing Trump’s WISCONSIN DEMOCRATS plan RENEWABLE ENERGY industry company annuities to be in- same point in Obama’s re-elec- emergency declaration, and the extensive voter outreach effort af- gets slammed in year-end tax cluded in far more retirement tion bid, he had 34% certain to lack of backfilling leaves Republi- ter judge orders more than deal. Tax credits for solar weren’t plans than currently. MetLife, vote for him, too, but 37% cer- cans without a definitive answer 200,000 voters purged from the extended at their current level of Principal Financial and the Amer- tain to vote against him. WASHINGTON on when, or if, those projects will get funded. “Democrats are rolls. The registrations were nulli- fied after the voters didn’t re- 30%, and will drop 4 percentage points in 2020, followed by a ican Council of Life Insurers were among those taking a vic- NO SMOKING: The House votes WIRE refusing to fully fund these mili- tary construction projects due to spond within 30 days to letters seeking to confirm their addresses. similar drop in 2021 and a steep drop to 10% in 2022 just for tory lap following the measure’s inclusion in the package. to make a smoking ban on Am- trak trains federal law. The bill political games around border Democrats view the decision as commercial and utility installa- includes e-cigarettes, following a Dispatches from the security,” McSally said in a an attempt to suppress the votes tions. Democrats failed to push LUXURY CONDOS with “Trump” similar clarification of federal law Nation’s Capital statement. Gardner didn’t re- of Democratic voters like college through a package that would branding typically sell for 20% banning the smoking of e-ciga- spond to requests for comment. students and urban renters who have extended credits on solar, more than comparable units, ac- rettes on airplanes last year. The backfilling was a key ad- tend to move more frequently. Re- wind, electric vehicles and home- cording to an analysis by real es- Sen. Tom Carper, of Amtrak-lov- BY GABRIEL T. RUBIN ministration justification for publicans dismiss that concern owner energy-efficiency upgrades. tate broker Redfin Corp. But that’s ing Delaware, has companion transferring the funds: the proj- and note that the judge decided Meanwhile, as part of the down 8 percentage points from legislation pending in the Senate. MILITARY PROJECTS whose ects were merely delayed, not to follow the letter of the law year-end spending bill, Congress before he was elected president, funding was diverted this year canceled. Democrats aim to aimed at preventing people from allocated an extra $10 million for with particularly large price drops MINOR MEMOS: Vegan group under President Trump’s national make such transfers less palat- voting in multiple locations. a total of $750 million toward in Democratic-leaning areas like promises $1 million for veterans emergency declaration to build a able to the White House. The “It’s possible to organize your “technologies to advance coal, nat- Chicago. The analysis didn’t look if Trump gives up animal prod- border wall will not be built next projects include base improve- way out of a purge,” said Wis- ural gas, oil, and other fossil fuel at Trump-branded properties in ucts for a month.… Former na- year either, after Democrats re- ments in both the U.S. and over- consin Democratic Party Chair- resources.” The White House lob- New York, where some data for tional security adviser Michael fused to backfill funding in year- seas. The fund transfer itself is man Ben Wikler in an interview. bied hard against renewable en- Trump property transactions Flynn, who faces sentencing by end spending bills. Democrats caught up in legal purgatory, fro- Once the party has a list of ergy credits, and efforts by House wasn’t available. a federal judge in January, are eager to highlight projects zen by federal judges. The ad- purged voters, it plans to use all Democrats, environmental groups cheers on his niece, Miss Rhode that lost funding in states and ministration has promised to ap- manner of methods to reach and renewable energy trade TRUMP ENTERS 2020 in a hole Island, at Miss America competi- districts represented by vulnera- peal those rulings. them and get them to register groups failed to break through. with voters that’s significantly tion.… Mike Pence drops by a ble Republicans. Top targets in- Still, Democrats were unable to during early-voting periods or deeper than what President German restaurant and a Christ- clude Colorado Sen. Cory Gard- get their desired restrictions on election day in coming primary INSURANCE COMPANIES cheer Obama faced in 2012. Thirty-four mas superstore as impeachment ner, whose state lost millions in fund transfers included during con- and statewide judicial elections. as Congress loosens rules on an- percent of voters say they’re debate rages in Congress. Pelosi Ends Year With Strong Hold on Democrats President Trump’s impeachment cements House speaker’s standing after some lawmakers questioned her leadership BY NATALIE ANDREWS from office. Notably for swing-district lawmakers, the WASHINGTON—Nancy survey showed 50% of inde- . Pelosi is ending the first pendents in favor of removal, ly year of her second stint as and 44% opposed. Separately, House speaker with more 56% of independents said support from her caucus and they approved of the con- outside liberal groups than on gressional impeachment in- she started with, ironically quiry, while 41% disapproved. because of how she handled Republican leaders said a task she long resisted. that, by impeaching the Mrs. Pelosi, the highest- president, Democrats had us l, ranking woman in American given away their majority political history who has led and that lawmakers had al a e her party for nearly two de- signed their own “pink cades, began slips.” In an interview, Mrs. ELECTION 2019 by nar- Pelosi said that wasn’t the ci on rowly retaking case and that she was confi- 2 2 the gavel amid dent Mr. Trump would keep grumbles from formidable Republican chal- some quarters that Democrats lengers from running in needed new leadership. She swing districts. er rs fended off calls to impeach “I don’t see too much of President Trump, saying she an A-team coming up on wanted to work with him, their side,” she said. “When though the government was your president’s under 50% m e locked in a partial shutdown. and the incumbent is solid By the end of the year, she and well-funded and had passed two articles of grounded both in terms of m rp impeachment against Mr. grass roots and values, you’ll Trump, along with a land- probably want to wait a year mark trade deal that Mrs. or two before you run.” Pelosi simultaneously negoti- House Minority Leader ated with the administration. Key moments of Speaker Pelosi’s year included, above, gaveling the close of a vote formalizing the impeachment inquiry on Oct. 31; Kevin McCarthy (R., Calif.) co Fo The first sign of how it will applauding President Trump before the Feb. 5 State of the Union; and, at bottom, speaking to Mr. Trump at the White House on Oct. 16. said this week that Republi- affect both her legacy and the cans have more candidates party’s control of Washington Number of laws passed by running for office than they will be seen next year, when Congress, by term did at this time in the 2010 Democrats try to defend their cycle, when they won the majority in the House. 600 majority, including many The California Democrat’s women and veterans. next step will be pushing 500 After two years of a Re- Senate Majority Leader Mitch publican-led Congress that 400 McConnell (R., Ky.) for what avoided fights with Mr. she considers a fair hearing 300 Trump, the president met a on the impeachment articles. Democratic speaker who was The House adjourned for the 200 decidedly liberal but had year on Thursday without previously worked with Re- n- sending articles to the Sen- 100 publican President George W. ate, which would automati- Bush. She said she wanted to cally trigger a trial. 0 get things done, but she and “We just want to see what 104th 107th 110th 113th 116th the president have ended up no process they’re going to use Note: Data for 116th is through Dec. 19. sparring in letters and so we can determine who and Sources: Pew Research Center; GovTrack tweets and in person. how we put together our On Thursday, Mrs. Pelosi managers,” she said in an in- resisted, saying the House said she still hoped to work terview in her Capitol office. was conducting investiga- with Mr. Trump on legisla- Republicans have criticized tions into Mr. Trump’s ad- tion next year, even as the the delay, given that Demo- ministration as well as his fi- president will be campaign- crats have characterized im- nances, and she wanted to ing for re-election and she peachment as an urgent mat- see how courts ruled on cases will be defending her House FROM TOP: WIN MCNAMEE/GETTY IMAGES, DOUG MILLS/BLOOMBERG NEWS, WHITE HOUSE/REUTERS ter. “The prosecutors appear the House Democrats brought majority. to have developed cold feet,” against the administration. The House has passed Mr. McConnell said. She said she wanted an more than 400 bills this On Thursday, Democrats impeachment investigation to year. More than three- gathered behind closed doors have bipartisan support, but fourths of those aren’t likely gave Mrs. Pelosi, 79 years Republicans remained united to pass the GOP-controlled old, a standing ovation, after in opposition. When news Senate and become law. Still, Georgia Rep. John Lewis said: emerged that Mr. Trump had Democrats likely facing “I’ve seen speakers go and pressed Ukraine to investi- tough races next year and come, and you are the best,” gate Democratic presidential heading home for the holi- according to a senior aide. candidate and former Vice days can talk about bills that The fights over impeach- President Joe Biden and his did become law, such as paid ment and the trade deal were son, the dam broke. Mrs. family leave for federal emblematic of the first year Pelosi decided it warranted workers and funding for re- of Mrs. Pelosi’s speakership, an impeachment inquiry. search on gun safety. as she has bridged demands She assembled a team of “I got a long way to go from the centrist and pro- lawmakers and advisers who before I’m considering who gressive wings of her caucus. met daily, sometimes more. I’m voting for as speaker,” “She goes into a circular She discussed the case and should Mrs. Pelosi vie for the firing squad every day and the process, down to the speakership again, said Rep. stands in the middle,” said minute detail, according to Abigail Spanberger (D., Va.), Rep. Josh Gottheimer (D., people familiar with the pro- who didn’t support Mrs. N.J.), who has often clashed cess. When Democratic law- Pelosi at the start of 2019. with progressives in the cau- makers wanted to hear more Last year, Mrs. Pelosi cus and was one of the last Republican voices supportive agreed to a deal with her de- to sign on to support im- of impeachment, the tractors to limit her time as peachment. speaker’s office created a speaker to one term beyond Rep. Alexandria Ocasio- very difficult for our caucus ment of Mr. Trump and said Wednesday’s votes on the ar- video for members to share this one, provided she wins Cortez, a liberal New York because we represent a very Mrs. Pelosi’s record of han- ticles of impeachment. on social media that quoted the support of two-thirds of freshman, said on Twitter diverse spread of this coun- dling the issue was nothing Throughout the year, the former GOP lawmakers criti- her caucus. But Ms. Span- days before Mrs. Pelosi try,” she said. “Other folks to be proud of. number of Democrats calling cizing the president, accord- berger did compliment Mrs. started the inquiry that “the are Democrats who won Re- “I think this will be a to impeach Mr. Trump grew, ing to aides. Pelosi for the way she nego- bigger national scandal isn’t publican districts, and we stain on Speaker Pelosi’s leg- but Mrs. Pelosi held off. The Wall Street Journal/ tiated the trade agreement the president’s lawbreaking have to all kind of get that acy, because it’ll be the first When special counsel Robert NBC News poll released this with Canada and Mexico. behavior—it is the Demo- huge spread to one point to- time in history where im- Mueller’s investigation into week found the nation evenly “You know not everybody cratic Party’s refusal to im- gether, and that’s the peachment was pushed Russian interference in the split, and divided along party wanted to get to yes,” Ms. peach him for it.” This week, speaker’s main priority.” through on a partisan vote,” 2016 election was released in lines, on the question of Spanberger said. “And she she was more measured. House Republicans were House Minority Whip Steve April, more Democrats called whether Mr. Trump should said, we’re going to get to “Getting to this point was united against the impeach- Scalise (R., La.) said before for impeachment. Mrs. Pelosi be impeached and removed yes, and she meant it.” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * * * * * * Saturday/Sunday, December 21 - 22, 2019 | A5 POLITICS Impeachment DNC Raises The Bar to Passions Extend Qualify for To 2020 Race Next Forum BY KEN THOMAS BY MICHAEL C. BENDER cluding Sen. Doug Jones of Al- DAVID WALTER BANKS FOR THE WALL STREET JOURNAL AND JOHN MCCORMICK abama, who is seeking re-elec- DES MOINES, Iowa—The tion in 2020. Democratic National Committee The House impeachment of For Mr. Trump, the ques- raised the bar again for presi- President Trump moves next tion is how long his campaign dential hopefuls to qualify for to the Senate, where questions can leverage impeachment. next month’s Iowa debate, po- remain about how a trial will The campaign and the Repub- tentially narrowing the field of be handled, and to the heart of lican National Committee said candidates who will participate the 2020 campaign, where the they raised more than $5 mil- ahead of the state’s caucuses. battle lines have been drawn. lion on Wednesday, the day of The DNC said Friday that Democratic presidential impeachment, and $10 million candidates would need to contenders used Mr. Trump’s in the 48 hours that followed. achieve at least 5% in four impeachment to describe him Roughly 600,000 volunteers polls, or 7% in two polls in the as dishonest and unfit for of- have signed up for the Trump early-voting states, and they fice during a debate in Los An- campaign since September, must receive contributions geles on Thursday, themes when House Speaker Nancy Seven presidential candidates participated in this week’s Democratic debate in Los Angeles. Sens. from at least 225,000 unique that will be echoed in the new Pelosi launched the impeach- Elizabeth Warren and Amy Klobuchar trained their fire on South Bend, Ind., Mayor Pete Buttigieg. donors. The qualifying polls year regardless of whom the ment probe. must be publicly released be- party nominates. Mr. Trump and his cam- paign team, with a series of On Thursday, Mr. Trump first aired a television ad filled with images from the holiday Democratic Debate Highlights tween Nov. 14 and the end of the day on Jan. 10. Under the new rules, leading Three-Way Iowa Traffic Jam events in a crucial battle- season to make his case contenders such as former Vice ground state on the day of im- against his Democratic rivals President Joe Biden, Sens. Eliz- peachment, showed they plan as he pivots to his re-election abeth Warren of Massachusetts to leverage the issue to ener- campaign. The spot has an in- and Bernie Sanders of Vermont, gize the base and elicit dona- vestment so far of about and Pete Buttigieg, the mayor tions from supporters. $230,000 behind it for the BY GERALD F. SEIB and out of Iowa. Moines. of South Bend, Ind., are assured The eventual Democratic week ending Dec. 27, data Mr. Buttigieg has risen to All this has left the other of qualifying. Aides to Minne- presidential nominee will need from ad-tracking firm Kantar/ Debates have a way of the top of the polls in Iowa, two top-tier candidates, for- sota Sen. Amy Klobuchar said to persuade voters that Mr. CMAG shows. clarifying where a race even though he doesn’t enjoy mer Vice President Joe Biden she had already met both re- Trump broke his promise to “The holidays are a time for stands, and this week’s Dem- the same buoyancy nation- and Vermont Sen. Bernie quirements. put their interests ahead of his America to come together,” ocratic presidential debate in ally. Meantime, Ms. Warren Sanders, standing more or But the thresholds may own in his dealings with the ad says. “But Democrats California certainly per- has slipped. Ms. Klobuchar less safely in their lanes. prove challenging for most of Ukraine, said Ben LaBolt, a are tearing our country apart, formed that has begun a rise of her own Mr. Biden has shown that the remainder of the 15-candi- longtime aide to former Presi- dent Obama. “The key here for attacking President Trump like never before.” task. It showed in Iowa, but needs more space if that growth is to he has his own consistent, if not exactly overwhelming, date field, including the two other participants in Thurs- THIS . the nominee is that President The advertising follows two three candi- continue and expand. base of support. And while day’s debate, entrepreneur An- WEEK ly Trump abused the most pow- days of campaign events in dates—South Thus debate viewers saw Mr. Sanders is ideologically drew Yang and businessman erful office in the land for his Michigan that featured the Bend, Ind., Ms. Warren go after Mr. similar to Ms. Warren, his Tom Steyer. own personal gain, undermin- president, Vice President Mike Mayor Pete Buttigieg for taking cam- base seems committed to The decision by the DNC to ing our national interests,” Mr. Pence and Lara Trump, the on Buttigieg, Massachusetts paign contributions from him personally. continue to include donation LaBolt said. president’s daughter-in-law. The Sen. Elizabeth Warren and high-dollar donors and Ms. The importance of this requirements could create a For Democrats, impeach- trio visited working-class areas Minnesota Sen. Amy Klobu- Klobuchar critiquing his thin early jockeying has only barrier for Michael Bloomberg, ment isn’t a rallying cry for that helped Mr. Trump win the char—trying to elbow their resume and lack of proven grown because of the addi- the billionaire former mayor of moderate voters. House Demo- state in 2016, when about way through the same nar- ability to win a big race. tion of an X factor later in New York, who has said he us l, crats representing the 30 dis- 77,000 votes spread across Wis- row doorway that leads out Mindful that she and Mr. the race: former New York doesn’t intend to accept cam- tricts that Mr. Trump won in consin, Michigan and Pennsylva- of the Iowa caucuses and on Buttigieg share similar Mid- City Mayor Michael paign contributions. He isn’t al a e 2016 have been careful in dis- nia provided his margin of vic- to the rest of the race. western roots, which should Bloomberg, who already is competing in Iowa, however, cussing the issue, framing it as tory in the Electoral College. That explains why the give them a special appeal in reeling out millions of dol- focusing on a group of states a national-security or consti- In the Senate, Republican fireworks at the debate in- Iowa, Ms. Klobuchar took lars in ads in states down that will vote on March 3, ci on tutional concern and empha- Sens. Martha McSally in Ari- volved those three far more particular pains to remind the calendar. known as “Super Tuesday.” sizing their legislative work. zona, Cory Gardner in Colorado than the others on stage. In viewers at several points of Interestingly, though, a The Iowa debate is currently In the Senate, the vote on and Susan Collins in Maine are particular, Sens. Warren and her own regional credentials: new Wall Street Journal/NBC scheduled for Jan. 14, but offi- whether to convict the presi- among those facing potentially Klobuchar trained their fire “It’s not flyover country to News poll this week showed cials have said the timing could dent is expected to fail in the challenging re-election bids in on Mr. Buttigieg, and did so me. I live there.” The debate that he is, at this point, only change if the Senate is conduct- er rs Republican-controlled cham- states that both Republicans for the same reason: He was occurring in Los Ange- a minor factor, standing at ing an impeachment trial of ber but puts some centrist and Democrats view as compet- stands directly in the path les, but at times it felt as if 4% among Democratic pri- President Trump. The Iowa Democrats in a tough spot, in- itive in 2020 races. they want to travel through it could have been in Des mary voters. caucus will be held Feb. 3. m e m rp co Fo n- no For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A6 | Saturday/Sunday, December 21 - 22, 2019 * ***** THE WALL STREET JOURNAL. U.S. WATCH U.S. NEWS Facebook, Twitter Delete NEW YORK Alleged MS-13 Gang Members Arrested Nearly 100 alleged MS-13 mem- bers and associates have been ar- rested on murder-conspiracy, drug- AI-Powered Fake Accounts trafficking and weapons-possession charges as part of a 23-month BY JEFF HORWITZ sue,” said Orysia McCabe, the practice of stealing other peo- ANDREW DYE/ASSOCIATED PRESS probe into the El Salvador-based AND ROBERT MCMILLAN website’s editor in chief. She ple’s photos, using stock im- gang, Suffolk County District Attor- didn’t say how the company ages for profile pictures and hi- ney Timothy D. Sini said Friday. Facebook Inc. and Twitter planned to settle the matter jacking other peoples’ accounts. The arrests were the largest Inc. have taken down a global with Facebook. The large deployment of AI- takedown of MS-13 members in network of fake accounts used In a statement posted to his generated photos in this way the state’s history and effec- in a coordinated campaign to company’s website, Epoch Me- “was the first time we’ve seen tively ended the gang’s opera- push pro-Trump political mes- dia Group Publisher Stephen this at scale,” said Ben Nimmo, tions in New York, law-enforce- sages, including some that used Gregory denied any connection of Graphika, an analytics firm ment officials said. The probe Police responded to a Winston-Salem, N.C., city building on Friday artificial intelligence tools to between BL and his company, that worked with Facebook to thwarted more than a half- where an employee fatally shot a co-worker, with whom he had a try to mask the behavior, the saying that BL was “founded by investigate the network. dozen murder plots. longstanding dispute and whom he had targeted, officials said. companies and outside re- a former employee, and em- The tech giant said the BL, According to the indictment, search firms they worked with ploys some of our former em- which the social-media com- 66 alleged gang members and merce Department reported Friday. Researchers found vitamin E said on Friday. ployees.” Epoch Media is nei- pany has now banned from its 30 drug dealers were arrested in The increase came alongside a rise acetate in 48 out of 51 lung-fluid The move targeted a U.S.- ther owned nor operated by platform, ran 610 accounts, 89 dozens of locations, officials said. in personal income, which was up samples from patients with vap- based media company that also Falun Gong, the company has pages, 156 groups on Face- —Tyler Blint-Welsh 0.5%. Spending in November was ing-related ailments, said the re- operates out of Vietnam called said. book—in addition to 72 ac- up 2.4% from a year earlier. port, which was published in the The BL, which, Facebook al- A Facebook spokeswoman counts on Facebook-owned In- ECONOMY —Amara Omeokwe New England Journal of Medicine leges, used computer-generated responded by saying that exec- stagram. The fake accounts on Friday. By contrast, lung-fluid profile pictures to cover up the utives of The BL were active accrued more than 55 million Consumer Spending PUBLIC HEALTH samples from 99 healthy people, orchestrated nature of its activ- administrators on Epoch Media followers, Facebook said. Is Strengthening Vitamin E Oil Blamed including 18 nicotine e-cigarette ities. Facebook linked the com- Group-controlled pages as re- A Twitter spokesman said users and 29 cigarette smokers, pany to the Epoch Media cently as Friday morning, when the company “identified and Consumers boosted spending In Vaping Illnesses didn’t contain vitamin E acetate. Group, which has had ties to The BL accounts were deleted suspended approximately 700 as they headed into the end of “The explosive outbreak can the Falun Gong movement, a by Facebook. accounts originating from Viet- the year, buoyed by a rise in in- The Centers for Disease Con- be attributed to exposure to spiritual movement based in The use of AI-generated nam for violating our rules come and an optimistic outlook trol and Prevention released its THC vaping products that also China which has clashed with photos to pass off the accounts around platform manipula- for the U.S. economy. strongest evidence to date that contain vitamin E acetate,” said the Chinese government and as real represents a new tool tion—specifically fake accounts Personal-consumption expendi- vitamin E acetate is the major Anne Schuchat, the principal supported President Trump’s for those trying to use fake ac- and spam.” tures, or household spending, rose culprit in more than 2,500 seri- deputy director of the CDC. “This reelection. counts to amplify their mes- —Alexa Corse a seasonally adjusted 0.4% in No- ous lung illnesses tied to vaping is a really important paper.” The BL is “currently working sage on social-media platforms. and Betsy Morris vember from October, the Com- over the past several months. —Brianna Abbott with Facebook to resolve the is- It adds to the longstanding contributed to this article. Boeing directors has confidence in Mr. Muilenburg. But the Starliner’s problems Starliner's misguided trajectory be recertified for commercial flight. President Donald Trump Delightful... Faces New Planned Actual suggest the woes of Boeing’s called Mr. Muilenburg last commercial-jet business could Orbit to reach International weekend to discuss the produc- . Space Station undermine broader strategic tion halt, according to people Setbacks ly goals. The Chicago company’s briefed on the conversation. defense, space and services The president asked about the Luxury Barge units are crucial to bolstering a duration of the shutdown, one Cruises on balance sheet weakened by the of these people said. Continued from Page One MAX grounding and suspen- Missed planned Boeing hasn’t said how long Boeing’s technical and manage- sion of deliveries, which orbit the suspension might last and Controllers ment prowess. The problems prompted S&P Global Ratings said it doesn’t anticipate lay- determined with the 737 MAX have been and Moody’s Investors Service offs or furloughs. Around us l, insufficient fuel linked to flawed design work. to downgrade Boeing’s credit left to dock. 12,000 staff assemble the plane Mr. Muilenburg has faced rating this week. at a plant near Seattle. al a e calls from some lawmakers and Mr. Muilenburg, who was in Boeing originally planned to Failure window victims’ families to step down Florida on launch day, ran the have delivered about 1,000 of Orbital insertion burn over his handling of work to fix company’s defense and space the planes to airlines and les- ci on missed because of internal flight-control flaws and get the business until 2013. He has clock glitch. sors by June next year, which MAX flying again after two fa- been vocal about the com- would represent some 5% of tal crashes that took 346 lives. pany’s ambitious plans for the the global airliner fleet. Carri- Successful launch A company spokesman said sector, telling associates over Roughly 15 minutes from ers have been forced to cancel P.O. Box 2195, Duxbury, MA 02331 Friday that Boeing’s chairman, the years that civil space initia- thousands of flights and hang liftoff to capsule separation. er rs 800-222-1236 781-934-2454 Dave Calhoun, stands behind tives had long-term strategic on to older planes since the www.fcwl.com his comments in early Novem- and public relations signifi- MAX’s grounding following a Earth ber on CNBC that the board of cance beyond anticipated fi- second fatal crash in five nancial returns. months. m e The focus on returning the Source: preliminary information from NASA Boeing has set aside an ini- MAX to service has consumed and Boeing tial $6.1 billion for customer management’s time as well as compensation. It has also m rp the company’s capital, making stock dropped 10% this month booked $3.6 billion in charges it tougher to sell new planes as the aircraft’s expected re- to cover the slowdown in MAX and disrupting Boeing’s turn to service was pushed production. Analysts think broader jetliner strategy, which back, portending less cash flow both numbers could double includes plans for a new mid- from customers. The recent when Boeing announces its co Fo size aircraft. halt to MAX production is ex- fourth-quarter earnings on Jan. The latest setbacks, coupled pected to raise costs and put 29. with United Airlines Holdings more stress on Boeing’s Rival Airbus SE has snagged Inc.’s announcement Friday 150,000-strong workforce and orders with its A321neo, which that it removed the MAX from the global aerospace supply is larger and flies further than its schedules until June 4, chain. the MAX. United this month highlighted the daunting crisis Boeing this past week said it ordered 50 of the A321neo, the facing Boeing leaders planned to suspend MAX pro- first Airbus order by the car- No large shareholders have duction in January after rier since 2002. joined in the public calls for amassing around 400 undeliv- Spirit AeroSystems Holdings Mr. Muilenburg to step down. ered jets, now stored around Inc., the largest MAX supplier, Though Boeing shares have the country. The move follows said Boeing told it to stop mak- traded in a narrow range for criticism from regulators that ing fuselages for the plane much of the time since the Boeing was overly optimistic in from Jan. 1 at its plant in n- MAX’s grounding in March, the its expectations for the MAX to Wichita, Kan. Spirit has kept making 52 fuselages a month even after Boeing reduced its MAX output in April to 42. no Spirit relies on the MAX for sr. half of its revenue, and the en- forced shutdown of its three MAX lines is expected by ana- lysts to ripple through a net- sr. work of 600 main suppliers for the plane—and through the broader economy. Boeing is the srngr. largest U.S. exporter. Most suppliers have said they would rather maintain some production to make it Meet SimpliSafe. There are no contracts. easier to ramp up again and re- No hidden fees. And no nonsense. tain staff in a tight labor mar- ket for aerospace engineers All at prices that are fair and honest. and mechanics. It’s home security. Done right. 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French singing-bird as a chance to demonstrate an automata exhibiting this superior level of detail and design are ability, albeit belated, to de- extremely rare, especially those incorporating porcelain as finely liver on pledges to NASA. The painted as this example. Circa 1880. 8”w x 8”d x 181/2”h. #30-9811 uncrewed test flight occurred more than three years later than initially envisioned. Before Friday’s events, Boe- ing had signaled it hoped to transport the first crew to the space station by summer. Now that timetable is under review, with Jim Chilton, senior vice 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com president of Boeing’s space and launch businesses, indicating Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. that engineers will seek out the Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. cause of the problem. —Alison Sider, Andrew Tangel and Benjamin Katz contributed to this article. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, December 21 - 22, 2019 | A7 WORLD NEWS U.S. Asks Beijing To Begin Arms Talks BY MICHAEL R. GORDON WASHINGTON—The Trump administration said it had for- mally invited China to begin talks on arms control, a move the White House hopes will be a first step toward an agree- ment that will cover all U.S., Russian and Chinese nuclear DANISH SIDDIQUI/REUTERS weapons. The invitation to begin a two-way “strategic security di- alogue” was conveyed to the Chinese on Thursday by Chris- topher Ford, the State Depart- ment’s top official on arms control. Demonstrators protested a citizenship law at New Delhi's Jama Masjid mosque on Friday. Protests have swept across the country since the law’s passing last week. “We hope to begin this Indian Muslims Push Back on Law ASAP,” the State Department said in a Twitter post. “We look forward to Beijing’s re- sponse.” Officials in China repeat- edly have said they aren’t in- BY VIBHUTI AGARWAL have indicated they want to many, sometimes even more, ter of citizens a “conspiracy” trounced Congress. terested in negotiating a AND KRISHNA POKHAREL roll out a citizen registry na- non-Muslim protesters. by the upper-caste Hindus to In recent months, the gov- three-way agreement with tionally that would require all Two protesters were killed rob Muslims, Dalits, tribal peo- ernment banned a special form Moscow and Washington, ar- NEW DELHI—Indian Mus- residents to produce docu- by police in Mangalore in ple, economically backward of divorce previously allowed guing China’s arsenal of some lims are stepping off the side- ments. Anyone who can’t—the southern India on Thursday and castes and the religious minor- under Islamic law. In August, 300 nuclear weapons is just a lines to join the political fray, status for millions of poor one protester died in protests ities of their right to their “citi- the BJP moved to strip India’s fraction of the arsenals that driven by fears their status as people in India—would be at in Lucknow, police in those cit- zenship, jobs, education and only Muslim-majority state, the U.S. and Russia maintain. citizens has never been more risk of being treated as an im- ies said. In New Delhi on Friday, property.” Leaders of the oppo- Jammu and Kashmir, of its par- Officials at China’s embassy in threatened and encouraged by migrant, and all those except police dispersed a demonstra- sition Congress party, which tially autonomous status. Washington didn’t immedi- the numbers of non-Muslims Muslims will be able under the tion of thousands trying to has historically been the politi- India’s home minister, Amit ately respond to a request for joining them in opposing a new law to try to naturalize. march from the city’s most fa- cal home for Muslims, have Shah, the BJP’s head political . comment. new citizenship law. “The constitution promises also joined in the protests. tactician, has mentioned the ly But Trump administration The law, which creates a equality to everyone. Why are Mr. Modi has said the new citizenship law in conjunction officials have countered that simplified path to citizenship we being treated as second- law isn’t intended to discrimi- with the BJP’s citizen registry China’s nuclear capabilities for immigrants from surround- class citizens?” said Azad Ali, The citizenship law nate against Muslims or any initiative that would require ev- are improving and that it no ing countries of every major on a 26-year-old Muslim who is seen as having far other religious group and ery Indian to prove longstand- longer makes sense for Beijing South Asian faith, except Islam, sells rice dishes from a small should be lauded as a humani- ing residency in the country. to be outside arms-control ar- has proved the last straw for storefront in the Sarai Jullena more impact than tarian gesture toward others Proving residency could be rangements. some Muslims. Many had district in India’s capital. other Modi policies. who are persecuted and have difficult for poor Indians, a Though China publicly has watched with concern as Prime Protests began last weekend no where to turn. category many Muslims fall us l, rejected the idea of joining a Minister Narendra Modi’s gov- shortly after India’s parliament Yet he has made pointed pub- within, as most don’t record new agreement, a Chinese dip- ernment, ascendant after a passed the citizenship act, with lic comments critics believe are births with the government or al a e lomat told his U.S. counterpart sweeping election win in May, students at some predomi- mous mosque to the center of intended to play up the promi- possess clear title records for at a United Nations meeting in pushed through Hindu nation- nantly Muslim universities, in- the capital to denounce the new nence of Muslims in the protests property, or have other identi- October that Beijing wasn’t alist policies long advocated by cluding in the capital of New law, a police spokesman said. as a way to rally the BJP’s base. fication records. ci on clear on what arms-control his Bharatiya Janata Party. Delhi, staging protests that gar- One of the organizers was an India’s Muslims, which num- “We never thought that we proposals President Trump The citizenship law is viewed nered nationwide attention. organization of young people ber about 200 million and make would feel so helpless and had in mind and suggested by Muslims as having far more Protests have since spread claiming to champion the rights up about 14% of India’s popula- worry about our future in In- that experts from the two impact on them and their fami- across the country, increas- of India’s Dalit community, tion, have generally sought to dia,” said Naeem Khan, who sides get together, according lies than the government’s other ingly in Muslim neighbor- once known as untouchables in keep a low profile over the runs a travel agency to support er rs to nuclear experts who have moves, propelling many onto hoods or featuring Muslims the Hindu caste hierarchy. course of this year after the his wife and four children. “If been informed about the ses- the streets across the country. prominently amid demonstra- The group calls the citizen- BJP, which rose to power with a we don’t raise our voices now, sion. The BJP’s senior leadership tions that were attended by ship law and the national regis- stridently pro-Hindu agenda, we will be suppressed forever.” m e m rp co Fo n- no For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A8 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. WORLD NEWS Bank of Parliament partner after Brexit. Mr. Johnson said Friday he wanted “no alignment” with England Backs Exit EU rules, signaling more brink- manship to come as the British government prepares to begin Gets a In January the next phase of Brexit. They will continue for 11 months during which the U.K. New Chief Continued from page A1 move on and discard the old will maintain its relations with the EU as they are now. By the end of June, Mr. Johnson can BY PAUL HANNON labels of ‘leave’ and ‘remain.’ signal if he wants to extend In fact the very words seem those talks. He has said he LONDON—The British gov- tired to me,” Mr. Johnson said. won’t do so. ernment turned to a top finan- Friday’s vote was a culmina- The pound has fallen DAVID MIRZOEFF/PA WIRE/ZUMA PRESS cial regulator as the next gov- tion of one of the most intense against the dollar in recent ernor of the Bank of England, political dramas in recent Brit- days amid fears that the U.K. an appointment seen as a cau- ish history. Since Britain opted will enter 2021 without a tious choice for a role that will for Brexit in a 2016 referen- trade deal with the EU. be critical in guiding the econ- dum, two prime ministers have “There would be nothing omy as the U.K. leaves the Eu- been forced to quit and an ear- more dangerous for the new ropean Union. lier Brexit deal was rejected future that we want to build The government said An- three times by lawmakers as a than allowing the permanent drew Bailey, the chief execu- divided Parliament revolted possibility of extending,” Mr. tive of the Financial Conduct against the government. Mr. Johnson said. Authority, will assume the new From left to right: Harry Dunn’s mother, Charlotte Charles, stepfather Bruce Charles, family Johnson pressed for the elec- Following the election, the role in March. He will take spokesman Radd Seiger and father Tim Dunn outside the Ministry of Justice in London on Friday. tion to clear the logjam. government revised the bill over from Mark Carney, a for- Today politics in Britain that lawmakers voted on Fri- U.S. Envoy’s Wife to Be mer governor of the Bank of stands fundamentally changed. day to give Mr. Johnson more Canada, who has headed the The Conservative Party, which latitude over future trade BOE since 2013. looked like it would split un- talks. He has removed a clause “He is the right person to der the pressure of Brexit, has that protected workers’ rights Charged in Fatal Crash lead the bank as we forge a emerged stronger than at any guaranteed under EU law from new future outside the EU and time since Margaret Thatcher later being modified. level up opportunity across was in charge in the 1980s. It Other changes stop the gov- the country,” Sajid Javid, the is also deeply altered. ernment from seeking an ex- U.K.’s Treasury chief, said Fri- BY JAMES HOOKWAY her office’s request for extra- justice process.” The party, once the prov- tension to the trade talks be- day. dition and whether to pursue But in an indication of the ince of the landed gentry and yond 2020. Also, lawmakers Like Jerome Powell, who British prosecutors said the matter through U.S. diplo- wrangling to come, the U.S. aspiring middle class, is now will no longer have a vote over took over at the Federal Re- they have decided to charge matic channels. State Department criticized in power thanks to blue-collar the government’s negotiating serve in February 2018, and the wife of a U.S. diplomat Mr. Dunn’s mother, Char- the decision. A State Depart- support. Meanwhile, the oppo- mandate with the EU. Christine Lagarde, who last with “causing death by dan- lotte Charles, described the ment official in Washington sition Labour Party could face Opposition leader Jeremy month became the president gerous driving” after she was decision to charge Ms. Sa- expressed sympathies and of- a decade out of power as its Corbyn expressed concern at of the European Central Bank, involved in a car crash that coolas as a step forward in fered condolences to the Dunn socialist agenda and its lead- the changes. But as his tenure Mr. Bailey isn’t a specialist in killed a 19-year-old motorcy- achieving justice for her son. family, but said charging Ms. ership fell flat with voters. in charge of the Labour Party monetary policy. clist, presenting a legal and “We made that promise to Sacoolas wouldn’t resolve the There are challenges ahead. approaches the end, he also He has, however, held a diplomatic test for the two al- him the night we lost him to matter. Friday’s vote only sets in train sounded a note of resignation. . number of jobs at the BOE, in- lies’ close relationship. seek justice, thinking it was “The United States has been Britain’s split with the EU. It “We must listen and under- ly cluding as head of the group Harry Dunn died Aug. 27 af- going to be really easy,” Ms. clear that, at the time the ac- doesn’t define what kind of re- stand that we cannot go on for- that studied the global econ- ter a car driven by Anne Sa- Charles told reporters. “We cident occurred, and for the lationship the country will ever debating what happened omy. He left the institution in coolas, 42, collided with his had no idea it was going to be duration of her stay in the have with its biggest trading in 2016,” Mr. Corbyn said. 2016 to become the head of motorcycle near her husband’s on this hard and it would take U.K., the driver in this case the FCA. workplace, an air force base this long but we really feel it had status that conferred dip- During his previous stints used by the U.S. military as a is one huge step towards that lomatic immunities,” the offi- UK PARLIAMENT/AGENCE FRANCE-PRESSE/GETTY IMAGES at the BOE, Mr. Bailey wasn’t communications station. Ms. promise we made Harry.” cial said. “The foreign secre- directly involved in setting in- Sacoolas claimed diplomatic The British government tary stated the same in us l, terest rates, and his views on immunity because of her hus- also applauded the move to Parliament. We do not believe monetary policy are unknown. band’s work at the base and charge Ms. Sacoolas. “I wel- that the U.K.’s charging deci- al a e “Bailey is known to be cau- left for the U.S. in September. come the taking of a charging sion is a helpful development.” tious, pragmatic and a safe Mr. Dunn’s family has urged decision, which is an impor- Ms. Sacoolas and her repre- pair of hands,” wrote JPMor- her to return to face justice tant step towards justice for sentatives couldn’t be reached ci on gan economist Allan Monks in and even met with President Harry and towards solace for for comment. a note to clients. “Given his Trump in Washington to make his family, but it is not the Police in Northamptonshire, background, Bailey seems their case. end,” British Foreign Secretary East Midlands, where the inci- likely to offer stability, experi- The director of public pros- Dominic Raab said. “I hope dent took place, previously ence and continuity as gover- ecutions for East Midlands, Ja- that Anne Sacoolas will now said Ms. Sacoolas had in- er rs nor rather than introducing nine Smith, said in a state- realize the right thing to do is formed officers she had no controversial or radical ment that the British to come back to the U.K. and plans to leave the country in changes.” government was considering cooperate with the criminal- the near future. 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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, December 21 - 22, 2019 | A9 WORLD NEWS North Korean Workers in Russia Flock Home BY DASL YOON 30,000. Only several thousand poses lifting the ban on mi- 1950s, longer than any other Kim, said he had earned about needed, regional governments remain. grant workers and allowing country. $3,000 over four years, and have been hiring Chinese and VLADIVOSTOK, Russia—In The exodus was mandated some North Korean exports, In Moscow, St. Petersburg hoped to return to Russia. Vietnamese workers. a Nike coat and Adidas hat, a in 2017 by the United Nations but the U.S., which can veto and Vladivostok, construction “I’m going back home for As North Korean workers North Korean laborer waited Security Council. Tightening resolutions, called it prema- sites once filled by the Kim re- the first time in three years leave Russia, more enter on with 60 compatriots to board sanctions in response to North ture to consider sanctions re- gime’s overseas workforce are because of the sanctions. I tourism and education visas, a flight home from this city in Korea’s launch of an intercon- lief, the State Department nearly empty, and Korean res- wish I had more money to take which aren’t banned by sanc- Russia’s Far East. tinental ballistic missile, the said. taurants have shut down. The back, but at least I’ll see my tions. During the first nine After three years of con- Security Council barred coun- Wall Street Journal talked family,” said Mr. Kim. months of 2019, 12,834 tourist struction work, the laborer, tries from issuing new worker with more than a dozen North Before leaving, he stocked visas and 7,162 student visas Mr. Ri, was returning with permits and said they would Korean laborers in those cities. up on cigarettes he hoped were issued to North Koreans, $600, after his pay was docked have to expel the regime’s Laborers forced out The laborers worked 13- would aid his path back to each rising about sixfold and for missed work because of an workers within two years. That by sanctions carry hour shifts and ate little more Russia—though he acknowl- threefold respectively from a injury. He said he would miss deadline arrives on Sunday. than two bowls of rice a day, edged it could take years. year earlier, according to Rus- his life in Russia, where he en- The worker recall cuts one modest earnings and they said. They had to buy U.S. officials have accused sian government data. joyed watching South Korean of North Korean leader Kim a wish to remain. their own socks and blankets. Russia of lax enforcement of Many of these visitors are news on his mobile phone— Jong Un’s biggest remaining Pyongyang officials hoarded U.N. sanctions. Russia’s am- likely working in Russia, ex- until his North Korean han- sources of legitimate revenue their wages and confiscated as bassador to North Korea said perts said. But their visas last dlers confiscated it three and poses a challenge to his much as 90%, they said, pay- this month that Moscow was months, not years, and they months ago to deter defec- isolated regime as nuclear Pyongyang’s overseas work- ing them upon departure. on track to meet the deadline. may only be able to do menial tions. talks with the U.S. stall. force once totaled more than Workers were given $15 a Moscow has its own rea- jobs, said Kang Dong-wan, a “At least I’m taking back Moscow promised to abide 100,000 people, bringing earn- month in spending money. sons to comply. While North professor at Dong-A University some money from Russia. I by the sanctions, as did China, ings to the North Korean gov- Despite the tough condi- Korean labor was especially in South Korea. won’t receive anything work- which employs more of the re- ernment of as much as $2 bil- tions, the jobs were coveted, valuable to Russia’s Far East “The income and scale of ing in Pyongyang,” Mr. Ri said. gime’s laborers than Russia lion a year before sanctions largely filled by middle-class at a time of rapid construction operation will be nowhere Hundreds of North Korean does, according to experts. were tightened, according to Pyongyang residents with and economic development, close to what it used to be,” laborers are streaming out of China and Russia submitted analysts. Workers’ Party membership building has slowed as the Mr. Kang said. Russia every day, thinning out this week a draft resolution to Russia has hosted North who bribed their way to over- Russian economy faces stagna- —Thomas Grove in Moscow a workforce that once stood at the Security Council that pro- Korean workers since the seas posts. One worker, a Mr. tion. Where cheap labor is still contributed to this article. WORLD WATCH BRAZIL CHINA POLAND Trump Drops Threat Censorship Rules Judicial-Discipline To Impose Tariffs Highlight Algorithms Law Draws Criticism President Trump abandoned a China’s control over online Poland’s parliament passed a threat to levy tariffs on Brazilian content is likely to tighten fur- law giving a judicial-disciplinary steel and aluminum after the ther with a comprehensive set panel the power to fine and dis- two leaders spoke Friday. of rules that defines what is bad miss judges for political activi- . Brazilian President Jair Bol- or illegal content and what con- ties, overriding complaints from ly sonaro said during a Facebook tent is encouraged, and high- European Union officials and live video that he persuaded Mr. lights the role of algorithms in protesters who have called the Trump to forgo imposing the recommending content to users. law authoritarian. tariffs. A U.S. official familiar The new rules, released by on The law also empowers the with the call confirmed that Mr. the Cyberspace Administration of panel, known as the Disciplinary Trump told his Brazilian counter- China on its website Friday and Chamber at the Supreme Court, part that he wouldn’t levy the set to take effect in March, tar- to mete out penalties for judges tariffs. get producers of online content. who question the panel’s politi- us l, Mr. Trump caught financial The rules encourage produc- cal independence. Already, 100 markets by surprise and ap- ers to create content promoting judges have been proposed for TOLGA BOZOGLU/EPA/SHUTTERSTOCK al a e peared to open a new front in socialist theories set out by such penalties, according to a his trade fights when he threat- President Xi Jinping, and content Polish judges association. ened tariffs on Brazil and Argen- that helps boost the international Poland’s ruling Law and Jus- ci on tina in a Dec. 2 tweet. He ac- influence of Chinese culture. Pro- tice coalition on Friday dismissed cused the two countries of ducers are banned from creating a last-minute appeal from the devaluing their currencies and and disseminating illegal content. European Commission to pause hurting U.S. farmers. Platform operators are likely the legislation. The party also The U.S. announced global to use human censors and algo- overrode the complaints of the er rs tariffs of 25% on steel and 10% rithms to weed out content, us- opposition, which had submitted on aluminum in early 2018. ing the new rules as guidelines. 80 modifications. PROTEST: Demonstrators with banners that read ‘silent scream’ marched in Istanbul against China over —Michael C. Bender —Yoko Kubota —Natalia Ojewska alleged human-rights abuses of mainly Muslim Uighurs believed held in re-education camps in Xinjiang. m e m rp co Fo n- no For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A10 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. OBITUARIES A R N O L D S TA L O F F ALONZO MCDONALD 1944 — 2019 1928 — 2019 Options Pioneer Buoyed McKinsey Chief Found Theological Mission Philadelphia Exchange M uch of Alonzo McDonald’s became increasingly the secular career went by in a blur. ones of money, recognition and After working as a power.” BY PATRICK MCGROARTY in person at an exchange, or even newspaper reporter in Atlanta, he In his early 50s, he rededicated in the same city as other market promoted “Howdy Doody” and himself to Christianity and A rnold Staloff had big ideas participants. other early television shows, sought to make Jesus Christ his for keeping Philadelphia on “Geography is becoming less ghostwrote a newspaper column “senior partner,” as he put it. the map as a financial center. and less a consideration,” he told for Jackie Robinson, ran McKin- Through the McDonald Agape At the Philadelphia Stock Ex- The Wall Street Journal in 1984. sey & Co., helped negotiate a Foundation, he endowed theologi- change in the 1980s, Mr. Staloff He used that insight to draw op- global trade deal for the Carter cal professorships or educational and his colleagues pioneered trad- tions trading to Philadelphia from administration and was the No. 2 centers at universities including ing in options on foreign curren- New York and Chicago. Some of executive at Bendix Corp. Harvard, Yale, Emory and Oxford. cies, opening up new ways to in- that momentum later swung the During their first 28 years of He was a co-founder of the Trin- vest in overseas assets. They other way; Nasdaq OMX Group Inc. marriage, he and his wife moved ity Forum, which encourages added options on instruments such bought the Philadelphia Stock Ex- 14 times to different cities or leaders to examine questions of as interest rates, challenging Chi- change in 2008. countries. religion, ethics and morality cago’s status as the pre-eminent Mr. Staloff briefly worked in The Georgia-born Mr. through literature. hub for futures trading. And they New York after being hired in 1989 McDonald said he had a low Mr. McDonald died Nov. 21 in built a forerunner to the exchange- as president and chief executive of threshold for boredom; he craved Naples, Fla. He was 91. traded funds that have come to the Commodity Exchange—which change. A willingness to take The goal of his philanthropy, dominate retail investing. was struggling to compete with risks helped him win high-level he said, was to leave “a small “Arnie was a visionary about the new financial instruments he jobs, he said. footprint for Christ in places of markets,” said James Bloom, Mr. had helped engineer. He made the Along the way, he drifted from learning.” Of his early life, he Staloff’s partner at Bloom Staloff hour-and-a-half commute from his his childhood Baptist faith. “God wrote, “I was a lonesome soul Corp., the trading firm they ran to- of him he would have any idea home outside Philadelphia each was playing second string” in his wandering aimlessly through a gether for more than a decade. what you were talking about, but morning in time to chat with dis- life, he wrote in a memoir. “From spiritual desert.” Mr. Staloff, who died Dec. 6 in he was an excellent manager,” Mr. gruntled traders on Comex’s floor early college days on, my idols —James R. Hagerty Cherry Hill, N.J., at 74 years old, Bloom said. in the World Trade Center. That drummed up business for those bonhomie didn’t protect him from M new products with persuasive en- r. Staloff brought that lead- a power struggle among Comex thusiasm and a tireless work ethic, ership talent to his next leaders; he was pushed out nine TONY BROOKER friends said. post at the exchange, devel- months after being hired. 1925 — 2019 He brought the same passion to oping new financial products. His He returned to Philadelphia and parenting. His two daughters recall passion for overseas travel helped bought half of Mr. Bloom’s trading being dragged out of bed at 3 a.m. for impromptu ski trips. He played him see the value in new instru- ments to hedge against fluctuations firm, which they ran throughout the 1990s. He was an avid golfer, Programmer Opened . saxophone on stage with his elder in the value of foreign currencies, skier and fly fisherman, embarking ly daughter Kimberly’s rock band. “It really is the most important thing you can do—showing your said Joseph Rizzello, who worked for him at the exchange. “Multinational corporations on many of those outings with in- vestors and prospective clients. His energy flagged around the Computing to Masses kids you actually want to be with used to treat currency fluctuations turn of the century after a tangle T them, to spend time with them— and he did,” Ms. Staloff said. who is now chairman and CEO of on as an act of God,” said Mr. Rizzello, of malformed blood vessels burst in his brain. The rupture took ony Brooker laid the foun- dation to transform com- were just beginning to install computers that at the time took Arnold Fred Staloff was born NewSquare Capital LLC. “Options three surgeries to repair. He was puter science from an aca- up entire rooms. Mr. Brooker’s Dec. 12, 1944, in Dover, N.J., to were revolutionary because they never the same, his daughters said. demic discipline into a fixture of software simplified the use of us l, William and Ida Staloff. His father were a form of money insurance.” “I used to think of him as a daily life. these machines, allowing more re- ran a shoe store, where Mr. Staloff Mr. Staloff introduced trading in king,” Kimberly Staloff said. “The At the University of Manches- searchers to use them. The soft- al a e worked as a young man. options on half a dozen foreign stroke changed him. It changed ter in 1954, Mr. Brooker devel- ware was part of a programming- The family moved to Florida currencies at the exchange in 1982. him massively.” oped one of the first program- by-telex service that allowed when Mr. Staloff was in high school. Two years later, he added futures Even as his health declined, Mr. ming languages that entered researchers around the U.K. to ac- ci on He met Sharon Teplitsky at a party on financial instruments including Staloff remained in close touch wider use. The system, known as cess the computer at Manchester. there, where both had arrived with currencies, a challenge to ex- with friends from the exchange. Mark I Autocode, allowed mathe- Mr. Brooker died on Nov. 20 at separate dates. They were married changes in Chicago that had in- They held an annual Christmas maticians and scientists to work a nursing home in Hexham, Eng- for more than 52 years until Mrs. vented those markets. party and called themselves “Ex- with computers using instruc- land, at age 94. Staloff’s death last year. Next he helped lead the develop- PhilEx”—former executives of the tions similar to math done on pa- Around 1960, Mr. Brooker cre- er rs He earned a bachelor’s degree ment of an instrument his colleagues Philadelphia exchange. per, without having to be experts ated tools to translate high-level in marketing at the University of called cash-index participation, a ExPhilEx gathered this year at a in how the machines ran. programming languages into code Miami in 1967 and went to work forerunner to the ETFs that have restaurant in Philadelphia called “At a stroke, Tony’s autocode that could be run by computers. for the Securities and Exchange grown into a multi-trillion-dollar in- Paris, a city Mr. Saloff loved to made the early Manchester ma- “He was one of a very small m e Commission in Washington. After dustry. A court intervened to stop visit. He died nine days before the chines move from being among number of people that demon- beginning his career at the Phila- trading in the instrument because party, following another stroke. the most difficult to program to strated the feasibility of making delphia Stock Exchange in the the Philadelphia exchange didn’t His former colleagues spent the being definitely the easiest to programming a high-level activ- m rp mid-70s, one of his first assign- have jurisdiction to issue futures for evening toasting his achievements. program,” said Simon Lavington, ity, rather than a bits-fiddling ac- ments was overseeing an upgrade stocks. The Toronto Stock Exchange Mr. Staloff is survived by his a friend and former colleague tivity,” said George Coulouris, a of the exchange’s technology sys- introduced a modified version of the daughters and two grandchildren. who studies the history of com- retired computer-science profes- tems. instrument a few years later. puter programming. sor who discussed that work with “I do not believe if you put a Mr. Staloff also foresaw tech- Read a collection of in-depth Institutions such as universi- Mr. Brooker in the 1960s. co Fo bunch of zeros and ones in front nology reducing the need to trade profiles at WSJ.com/Obituaries ties and government agencies —Austen Hufford FROM PAGE ONE For more information: In Memoriam wsj.com/inmemoriam Ice Skaters %% % &/ . $ * $() &* * ++ 3 * Bring Back Figures !% % + * 6% KAREN COURTLAND KELLY/WORLDFIGURESPORT.ORG ( * *! ) !$' ? # +* ' ' *))+ IN n- &** %+ $ * @+ ( ( ) + / % 3 MEMORIAM )%+ *+ $*$ &* * Continued from Page One :> #A) * % $ $ For them, there’s joy in the no ++ )% frustration of never achieving # $ ! * ( * ! * perfection, zen in repetition, ( % ( * ! &/+ &* * % * B inclusivity in voluntarily doing + * *!% .$) #% ( something that generations of % 6% ( * #' skaters complained about— % %+ * ? *4/ and, for once in a child-driven % * /)% #/)' .)) 3 ( * * &( %' * %% 1 sport, superiority in maturity. )!5 $ $) * * #/)' ( “This is the pure skating, " ' $)'+ ! )% it’s not the contortion skating. Beth Woronoff competed at the 2019 World Figure and Fancy *$ ) &* * $* . !% !$ )' *+* )' !' 1 We don’t say anyone’s washed Skating Championships in Vail, Colo., in September. )!5 ) * &% !!' up at 13, or 16, or any of that. $+ ! Not all body types are prepu- Beth Woronoff of the more able. It makes me feel good.” ! " " # )% %)' (! * ( + ! (! ' + ( * bescent, loose-ligamented,” high-profile form of skating. A skater’s rank can slip for # $% &' $ ())' ! " " * + ( , % % . $% * (&% said Karen Courtland Kelly, a Ms. Woronoff, 50, is co-owner marks that deviate from the * & *! - #' . )% ++ $$) * +* *+* 1994 Olympian and president of a skating company seeking pattern by as little as a fin- *+* * - $ )% % + "C . *% * %+* of the World Figure Sport So- to bring modern dance to ice. ger’s width. “It’s the ultimate * ! )%+ * ()) ( * #) !' % ' * )& %% * )) % * % ( * . )()+ (% D))' % * ' ciety, who organizes an alter- “Mainstream sports media is competitive exercise. There *% )+ % *$$' )( % %% &* *+* * % % . native world skating champi- going to wake up and televise are just so many elements to * )% ' * % * )% / %$% &%! ! %)' * onship for figures, last held in this, because it’s way more ex- it,” said Brian Boitano, who ( !0 (! ( E# !F * '+ * $)% +% % September in Vail, Colo. citing.” she said. won gold at the 1988 Olympic ! * * ' # & )( &!*% *% (* % For a long time, a skater’s To perform a figure, skaters Games, the last to include fig- % +& $ 1 (% ability to draw circles with an coax a shape onto the ice by ures. “You get in this kind of # + * )' ' * + # 2'% ))+ &* %' % *% " &* Honor your loved occasional loop was consid- positioning themselves to ex- momentum, like a meditative $)' ( *+* 2/ &* * * % %% 3) *+ )4 (! (!5 $ ) $ ( $ :> % one’s life in The Wall ered more important than be- actly control the edges of one state.” But back on television? * *& ;% 1 . /% ing able to jump or spin in de- blade—leaning in or out, trav- “Good luck!” he said. *% )%+ !%) $) + )% )! )'!$ *%) . ) ! *) &+ &% ( * = :> Street Journal termining overall score. eling forward or backward, on Then, after a pause: “I feel &/% *% * 1 # .+* #+ # $ *! * $$% ' 1 *) % * $5 /' * */++ % *! /' % Television begged to dif- their left or right foot, while like it would be a niche audi- 6' 1*$ &* * %)$% * /% ) *%' / . +)(% Share your loved fer. When figures were killed keeping the other foot bal- ence, like a curling audience.” )( )+ ) ( /+ : G ' ) ( " ' off in world and Olympic com- anced just so to avoid veering Ms. Kelly compared what %!% )% . ) ' $/)+ * *% & % one’s story with an )+* % )&' )% +% $' petitions, most skaters eagerly off course. Then they repeat she’s doing to preserving a # % * !' % & announcement in the stepped up training for the the work, five more times. language. “The knowledge was %+ * #) ( * * ' % #)+ $% +$ ! # & $ %% %* ' * 3 pages of The Wall Street three- and four-revolution Controlling the trails a literally going extinct,” she 7 * $ * ( * & &( # E#F #/ % * Journal, either in our jumps that have become syn- skate blade leaves requires said. She live-streams the 6 $+ % + $% 8 :/ . % ' * )% &( ( ! , !* . & )% ' , ' %'B * = ' 1'! national or regional onymous with the sport. timing, precision, body aware- event with her commentary. 65 9% !' :' , . )&' % *% #B * %+* !' editions. Our In Memoriam Now, figures fans want back ness, nailing an upper body “Let’s see where he’s going % * ) * )% * (& % ( % * *% %% % in the public eye. As skating turn without throwing the to take his Maltese Cross. He’s *% ' *)% *! +% % * !!)B :/5 &%& ) % * notices provide a dignified advances to include ever more lower body off, tolerating pun- going to start on his left inside ( * )( +% *)% ' % ' + . &)) !% ' )) &* /& *! way for friends, family and dazzling quadruple Salchow, ishing burn on the muscles of edge… inside edge, inside ;$ + (! * & # ) ( #5 )( &)) *)% colleagues to pay tribute. toe-loop and Lutz jumps, com- one leg—and a willingness to edge, inside edge, pull … ah- % %% ! + . *% 1 )!5 $ $) * * #/)' * )+! (!)' $* ' petitors at the World Figure understand that there are ac- hhh, that was really well done! % ) '+ * * $( *% * % )& % ( " " H"" $! ())&% ' $ and Fancy Skating Champion- tually eight kinds of turns. Call … Keep going, don’t put that <!5 * /& &* * &' + 6) * .)) To learn more, visit ships say their discipline— it the slow-sports movement, foot down, oh, what an amaz- # ))% *! ) ++ % &*+ !/ % with its Swiss S and Maltese or “yoga on ice,” as one com- ing recovery! … And, left for- =& :> 1 ;' #5 !!' !' * # 1 *)*$ % =:1; 8?" WSJ.com/InMemoriam Cross and the 2018-created petition official’s T-shirt said. ward inside, left backward in- * !% &* * &( # : * * % * :5 + ;' =: ??""9 Winged Diamond Cross Cut— “There’s this entire commu- side, left forward inside—he % $ /% $ * % )( )+ *' 1 )!5 $ $) * * ?98 is where the real action is. nity of people competing in saved it! … The top of that © 2019 Dow Jones & Company, Inc. &%&/+ )! #)% #/)' 8", *' ( * * All Rights Reserved. “At some point it’s just their 50s and 60s,” said Bren- cross is not so precise, but he more spinning in the air,” said dan Griffiths, 26. “It’s sustain- is making it happen!” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | A11 . ly on us l, al a e ci on er rs m e m rp co Fo Joy to the world. n- TH E 2 0 1 9 LI N CO LN N AUTI LU S no 0 0 0 36MONTH LINCOLN AUTOMOTIVE FINANCIAL SERVICES RED CARPET LEASE.1 $ DOWN PAYMENT $ DUE AT $ FIRST MONTH’S AND SECURITY SIGNING AFTER PAYMENT PAID DEPOSIT WAIVED CASH BACK BY LINCOLN $475/MONTH FOR 36MONTH LEASE Tax, title and license fees extra. Lincoln makes moving through life seamless with our Lincoln Pickup & Delivery 2 ownership experience. We’ll pick up your vehicle when it’s time for service and drop it off when the work is complete. We’ll also lend you a complimentary Lincoln in between – so your time remains distinctly yours. Discover more at Lincoln.com. 1 Not all buyers will qualify for low-mileage Lincoln AFS Red Carpet Lease. Lease payments vary; dealer determines price. Residency restrictions apply. First month payment up to $1,200 waived by Lincoln. Take new retail delivery from a Lincoln Dealer’s stock by 1/2/20. See dealer for qualifications and complete details. 2Lincoln Pickup & Delivery service is valid for owners of new 2017 and newer model-year Lincoln vehicles. Service is available for retail and warranty repairs. Mileage limitations may apply. See your dealer for details. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A12 | Saturday/Sunday, December 21 - 22, 2019 * ***** THE WALL STREET JOURNAL. FROM PAGE ONE Gene Test Results Changed Continued from Page One is “of unknown significance.” The lab said it made the change as more people with the same variant were tested and added to Myriad’s database. The new analysis showed that specific variant might carry a lower risk of cancer than one categorized as pathogenic, which increases a person’s chance of getting a disease. ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL, MATHES FAMILY Reclassifying a variant from “pathogenic” to “unknown sig- nificance,” as Myriad did in this case, is very unusual, the lab said. In a paper published last year in the Journal of the American Medical Association, researchers working with Myr- iad data over a 10-year period said it occurred in less than 1% of pathogenic variants. “We know these are very difficult situations,” said Susan Manley, a board-certified ge- netic counselor who is senior vice president of medical ser- vices at Myriad. “We make these reclassifications very Jane Setchell, center, and daughters, Tricia Leigh, left, and Katy Mathes, right, all had surgeries. This year, they learned test results changed. Below, the family at Disney World. carefully. The science is evolv- ing.” Taking Action The company said it can’t As more people take BRCA genetic tests, they face choices about what to do with the information. comment on individual cases. Changing a classification from BRCA testing of women age How patients in the U.S. with positive BRCA tests responded, harmful to uncertain “is a rare 18-64 from a study conducted from 1995 to 2017 event, but I understand that rare is of no consolation to the 80 per 100,000 Had procedure Did not have procedure . patient when it happens to ly them,” Ms. Manley said. Oophorectomy* After her mastectomy, Ms. 60 Mathes suffered a rolling series Preventative of complications. The incision on mastectomy† on her left breast didn’t stay 40 closed. She couldn’t pick up her Mammography‡ toddler son for over nine months, “didn’t do bath time, us l, couldn’t hug him. He couldn’t 20 MRI‡ sit on my lap, I was in such al a e pain.” Her fifth-grade students Tamoxifen/ took on the job of putting 0 Raloxifene† chairs on top of their desks at ci on 2003 ’05 ’07 ’09 ’11 ’13 0 250 500 750 1000 1250 the end of the school day; Ms. patients Mathes couldn’t lift them. *Surgical removal of one or both ovaries †Doesn't include subjects with breast cancer ‡Doesn't include subjects with breast cancer or who underwent a She takes daily hormones preventative mastectomy and supplements to help with Sources: Study published in 'Genetics in Medicine' in September 2017 (tests); Study published in 'British Journal of Cancer' in April 2019 (procedures) the symptoms of early meno- er rs pause caused by the surgery to breast cancer, and risk-reduc- Mathes asked. Mathes asked questions that remove her ovaries. Her body is tion strategies. They discussed “I think it means I didn’t hadn’t occurred to her in 2015. disfigured, she said, her rela- the different options. Ms. have to do what I did,” Ms. What Ms. Mathes discovered tionship with her husband un- Mathes told the doctor she Mathes replied. surprised her. Today, Myriad m e der strain. She underwent two wanted to proceed with a pro- Myriad’s Ms. Manley said has 38 people with her variant additional surgeries to try to phylactic mastectomy. the reports stress that using in its database. Twelve are fix the complications from the Ms. Mathes planned surgery the results to make clinical de- from her own family. She had m rp mastectomy and reconstruc- around breaks from teaching. cisions should also include a no idea in 2015 how many peo- tion. This month, she had a She had a mastectomy in De- patient’s personal and family ple Myriad had in its database third. cember 2016 during winter history. Researchers are trying with her variant. In the world of genetic test- break and surgery to remove to find better ways to personal- Both she and her husband ing, the two BRCA genes, her ovaries and fallopian tubes ize individual risk assessment. said had they known about the co Fo BRCA1 and BRCA2, are among in May 2017, at the end of the For now, “The risks we put on sample size, they might have the best-studied of those asso- school year. the report are general,” she asked more questions about ciated with hereditary cancer Almost two years later, Ms. said. whether it made sense to do risk. Mathes and her sister both Labs don’t all agree on clas- surgery or wait. Clinicians and patients rely flew with their children to sifications. Other genetic test- Fear of cancer is what ulti- on the test results to guide cru- Sarasota, Fla., to visit their par- ing companies still classify the mately made the couple opt for cial medical decisions. The ents. It was the first time tak- mutation that the family mem- surgery. When the initial report BRCA tests have high public ing the children to Disney bers have as harmful. stated that Ms. Mathes had “up recognition, especially after ac- Even before learning about geries. “I felt we had been dealt World and the sisters were ex- Unlike many medical tests, to 84%” risk of breast cancer tress Angelina Jolie announced her aunt’s positive result, Ms. a tragic blow from which we cited. “There was so much to “genetics is murky,” says Ste- by age 70, “we both felt it was in 2013 that she was BRCA-pos- Mathes had decided to take the could only survive by fighting be happy about,” Ms. Mathes phen J. Chanock, a geneticist ridiculous to play those odds,” itive and had a preventive dou- test. Her family had history back. That fighting back meant said. and director of the division of said Mr. Mathes. ble mastectomy and breast re- with cancer. Now that Ms. we had to have the surgeries.” One evening, after the chil- cancer epidemiology and genet- The genetic counselor said construction; in 2015 she Mathes was a mother, she won- Over the next months, Katy dren were in bed, the sisters ics at the National Cancer Insti- the same estimate was given to n- announced she had surgery to dered about her own risk. Mathes struggled with what to sat with their parents at the ta- tute. “It’s not so simple as ‘Doc- anyone with a positive BRCA remove her ovaries and fallo- In August 2015, Ms. Mathes do. One day in September 2015, ble having a drink of wine. “I tor, do I have to worry or don’t result and it wasn’t tailored to pian tubes to further reduce went to a genetic counselor to a month after she got her re- have to tell you something,’” I have to worry?’ ” he said. Ms. Mathes’s specific mutation. cancer risk. receive the BRCA results. Her port, she woke up with intense their mother said. That’s when “There is a continuum of risk.” The genetic counselor noted no Millions of people have mother, who had breast cancer sadness, finally acknowledging she broke the news that the that Myriad didn’t call the vari- taken BRCA tests. National and at age 49, was visiting and that surgery would mean she lab’s interpretation of the fam- ant benign. As more people get international genetic-testing went with her to the appoint- could have no more children. ily BRCA variant had changed. Levels of risk BRCA tests, the report might guidelines recently expanded ment. Mother and daughter She cried all the way to work The genetic counselor who There are tens of thousands change again. the numbers of who should be clasped hands when they and sat in her car, unable to go had called urged her to tell of BRCA variants and new re- “Our genetic counselors in- recommended for genetic coun- learned Ms. Mathes tested pos- in. She called the principal family members right away. search reveals that not all con- form patients about accepted seling and considered for BRCA itive for a BRCA variant. “I felt from the parking lot, crying, “My brain just shut off,” said fer the same level of risk to a clinical guidelines and the best testing. DNA-testing compa- horrible knowing I passed this and said she couldn’t come to Ms. Mathes. patient. Some gene variants available scientific data at the nies, including 23andMe, An- on,” said her mother, Jane Set- work. Her mother, who is a phar- “have intermediate or moder- time of the patient consulta- cestry and MyHeritage, now chell. She talked to her husband, macist, had read scientific pa- ate levels of risk, not full-blown tion,” said Cynthia R. Dicker- market tests that allow con- Ms. Mathes found it hard to Kyle Mathes. “We can’t sit here pers about variants of uncer- risk,” says Fergus J. Couch, a son, vice president, marketing sumers to get some informa- concentrate during the counsel- and wait,” said Mr. Mathes. tain significance. She started professor at the Mayo Clinic, and sales, for Radiology Imag- tion about their BRCA1 and ing session. She stared at the “What if we don’t find it in sharing the information she whose lab has worked on some ing Associates and Invision BRCA2 genes. big red bar, vivid and jarring, time?” learned with her daughters. of these studies. Sally Jobe, the Englewood, “We are moving towards running across the first page of Her sister, Tricia Leigh, also Seth Marcus, a genetic coun- Colo., clinic that provided the BRCA screening for the entire the report that indicated a pos- had a positive BRCA test and selor at Advocate Health Care counseling. “When testing facil- population,” says Jay Shendure, itive BRCA test. also wrestled with the decision in Park Ridge, Ill., who coun- ities provide updated informa- a geneticist at the University of The statistics in the report to have surgery. She was ‘I didn’t want to tell seled Ms. Mathes’s mother and tion, we contact the patient.” Washington. scared her. It stated she had up breast-feeding her second him we did all this for one of her aunts, said when Based on Ms. Mathes’s his- And as more people get to an 84% risk of breast cancer child. Ms. Leigh said she feared Myriad notified him about the tory, and the fact that the sig- tested, the interpretation of by age 70, compared with 7.3% passing on a mutation to future nothing. We could change, he checked a public da- nificance of her variant is now those results is going to in the general population, and children. have had more kids.’ tabase to see how other labs considered uncertain, the coun- change. up to 27% risk of ovarian can- She recalled her college classify the variant. The six selor estimated that her life- cer by age 70, compared with graduation, when their mother labs that submitted data report time risk of breast cancer is 0.7% in the general population. was still in treatment for breast the variant as “likely patho- 21%. That is still higher than Positive test Afterward, she and her par- cancer. “Mom wore a wig. It The technical information genic.” the average, the counselor said. Ms. Mathes’s saga began in ents, and her son, Jaxson, went wasn’t super cold, but she was felt overwhelming to Ms. He also called Myriad and “That is not high enough to July 2015 when her aunt called out for lunch. Ms. Mathes, feel- freezing, she couldn’t warm up. Mathes. She didn’t understand three other labs. Most said they make me remove organs. I her mother to say that she had ing drained, barely touched her She couldn’t stay for the whole the terms. She didn’t want to had seen the variant in only a would have had another kid. I a positive BRCA test. Her aunt, food. She didn’t know what to ceremony,” she said. talk about it. The conversation very limited number of cases. would have waited to do sur- Carol Larson, had taken the say to her parents. “I guess it’s Ms. Mathes called her ended. The next day they went “In the end, you give the pa- gery,” Ms. Mathes later said. test when it was offered during better to know rather than not mother to tell her she was pro- to Walt Disney World. tient the data and the knowl- Recently, Ms. Mathes’s a regular gynecological exam. know,” she told them. ceeding with the surgeries. Her When Ms. Mathes got home edge you know,” he said. “Peo- mother told her daughters that Ms. Larson had told the doctor Her mother and three mother cried. to Colorado, she didn’t immedi- ple have to go from there. You Myriad offered to conduct her sister had breast cancer. aunts—who now range in age “I would have loved for her ately tell her husband. “I didn’t work with the data you have.” more extensive genetic testing When Ms. Larson learned from 61 to 65—moved quickly to have another child,” she want to tell him we did all this In November, Ms. Mathes to determine whether she she tested positive, she re- to get surgery. Three of the said. “But when you are scared for nothing. We could have had and her husband went back to tested positive for mutations searched strategies for manag- four women had their ovaries you are going to harm that more kids,” she said. the same medical office to talk on 35 genes. That might predis- ing elevated cancer risk, such and fallopian tubes removed child, why would you?” In May, she received her to a genetic counselor together. pose her, and by extension, her as more frequent screening. Ac- the same month, November Ms. Mathes had more in- own Myriad report from the They sat next to each other as daughters, to eight types of he- cording to what she read on 2015. “We bonded together. We tense screening, including genetic counselor’s office. The Ms. Mathes filled out the pa- reditary cancers. the website of a breast-cancer- called it Neuter November,” mammograms and an ultra- couple read it together after perwork. The company offers such patient organization, preven- said Judy Gaebler, one of the sound. In June of 2016, she their son was asleep. “Any chance you are preg- testing to customers whose re- tive surgeries significantly low- aunts. “Myriad’s test is the gold went to see a breast surgeon to The red bar was gone. So nant?” Ms. Mathes read the sults are downgraded to see if ered cancer risk. She called standard. Everyone goes by discuss surgery. She brought a were the tables saying she had question aloud. it can clarify a family’s risk. others in her close-knit family. what they say.” copy of her Myriad report. up to an 84% risk of getting “No, they took those from Her mother took the test. “I worried they were going to Ms. Setchell said she encour- They discussed the gene muta- breast cancer. “Is this saying you,” Mr. Mathes said. The results were negative, panic,” said Ms. Larson. aged her sisters to get the sur- tion, her family history of what I think it is saying?” Mr. This time around, Ms. she told them. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | A13 OPINION The New War Against Africa’s Christians By Bernard-Henri Lévy Her first night there, sentinels from the world. From huts emerge woke her with a whistle. She left a swarm of children and their A Lagos, Nigeria the house to find flames spreading mothers, the women covered from slow-motion war is un- around her. Fulani surrounded her. head to foot. der way in Africa’s most Then she heard a voice: “Come this It’s a village of Fulani nomads populous country. It’s a way, you can get through!” She did, who carried out a tiny, localized massacre of Christians, and her putative savior leapt out of Fulanization after the Christians massive in scale and hor- the underbrush, cut three fingers cleared out. “What are you doing rific in brutality. And the world has off her right hand, carved the nape here?” demands an adolescent boy hardly noticed. of her neck with his machete, shot wearing a T-shirt adorned with a A Nigerian Pentecostal Chris- her, doused her body with gasoline, swastika. “Are you taking advan- tian, director of a nongovernmen- and lit it. She somehow survived. A tage of the fact that it’s Friday, tal organization that works for few weeks later she returned to and we’re in the mosque, to come mutual understanding between Ni- her village and learned that the spy on our women? The Quran geria’s Christians and Muslims, raiders had leveled it the same forbids that!” When I ask if wear- alerted me to it. “Have you heard night. Her husband was among the ing a swastika isn’t also contrary of the Fulani?” he asked at our 72 they murdered. to the Quran, he looks puzzled, first meeting, in Paris, speaking The Christian Middle Belt is a then launches into a feverish ti- the flawless, melodious English of land of blooming prairies that once rade. He says he knows he’s wear- the Nigerian elite. The Fulani are delighted English colonizers. On ing “a German insignia,” but he an ethnic group, generally de- the outskirts of Jos, capital of Pla- believes that “all men are broth- GILLES HERTZOG scribed as shepherds from mostly teau state, I visit the ruins of a ers,” except for the “bad souls” Muslim Northern Nigeria, forced burned-down church. I spot an- who “hate Muslims.” by climate change to move with other, intact. A man emerges to Later I encounter Fulani near their herds toward the more tem- yell at me in English that I don’t Lagos, Nigeria’s largest city, which perate Christian South. They num- belong there. Stalling, I learn that The author (left) encounters nomadic Fulani on the outskirts of Abuja, Nigeria. is in the south on the Gulf of ber 14 million to 15 million in a na- he is Turkish, a member of a “reli- Guinea. North of the city is an tion of 191 million. gious mutual assistance group” that the world will recognize the So is President Muhammadu Bu- open-air market where Fulani sell Among them is a violent ele- that is opening madrassas for the horrors they experienced. hari. In April 2016 Mr. Buhari or- their livestock. I am with three ment. “They are Islamic extremists daughters of Fulani. Taking the floor in turn, the sur- dered security forces to “secure all young Christians, survivors of a of a new stripe,” the NGO director That day I crisscross the Middle vivors confirm the modus operandi communities under attack by Middle Belt massacre who live in a said, “more or less linked with Belt. Roads are crumbled, bridges Bishop Kwashi described, each herdsmen.” In July 2019 a spokes- camp for displaced persons. They Boko Haram,” the sect that became collapsed; destroyed houses cast adding an awful detail. The muti- man for the president said in a pretend to be cousins buying an infamous for the 2014 kidnapping broken shadows over tree stumps lated cadavers of women. A mute statement: “No one has the right to animal for a family feast. As they of 276 Christian girls in the state and trails of black ash and blood. man commanded to deny his faith, ask anyone or group to depart negotiate over a white-horned of Borno. “I beg you,” he said, Maize rots in the abandoned fields. then cut up with a machete until from any part of the country, pygmy goat, I look for Fulani will- “come and see for yourself.” Know- The local Christians have been he screams. A girl strangled with whether North, South, East or ing to talk. ing of Boko Haram but nothing of killed or are too terrorized to come the chain of her crucifix. West.” Most have come from Jigawa the Fulani, I accept. out and harvest it. In the distance Westerners here depict the Fu- Most Christians I meet express state, on the border with Niger, are clusters of white smudges—the lani extremists as an extended, disgust at the vague language sug- crossing the country south in Fulani herds grazing on the lush rampant Boko Haram. An American gesting culpability on both sides. trucks to bring their stock here. Al- . Fulani raiders ‘are Islamic grass. When we approach, the humanitarian says the Fulani re- Their stories tend to validate though I learn little about their ly extremists of a new stripe, armed shepherds wave us off. cruit volunteers to serve intern- claims of the government’s com- trip, they eagerly express their joy The Anglican bishop of Jos, Ben- ships in Borno State, where Boko plicity. In Riyom district, three dis- in being here, on the border of this more or less linked with jamin Kwashi, has had his livestock Haram is active. Another says Boko placed Nigerians and a soldier contemptible promised land, where Boko Haram,’ but present stolen three times. During the third on Haram “instructors” have been were gunned down this June as they expect to “dip the Quran in raid he was dragged into his room, spotted in Bauchi, another north- they attempted to return home. the sea.” throughout Nigeria. T a gun to his head. He dropped to eastern state, where they are The villagers know the assailants. his knees and prayed at the top of teaching elite Fulani militants to Police identified them. Everyone here are “too many Chris- his voice until the thrumming of a handle more-sophisticated weap- knows they took refuge in a nearby tians in Lagos,” says Abadal- us l, The 2019 Global Terrorism In- helicopter drove his assailants off. ons that will replace their ma- village. But there they are under lah, who looks to be in his dex estimates that Fulani extrem- Bishop Kwashi describes the Fu- chetes. Yet whereas Boko Haram the protection of the ardos, a local 40s. “The Christians are dogs and al a e ists have become deadlier than lani extremists’ pattern: They usu- are confined to perhaps 5% of Ni- emir. No arrests occurred. children of dogs. You say Chris- Boko Haram and accounted for ally arrive at night. They are bare- gerian territory, the Fulani terror- Village chief Sunday Abdu re- tians. To us they are traitors. They the majority of the country’s foot, so you can’t hear them ists operate across the country. counts another example, a 2017 at- adopted the religion of the whites. ci on V 2,040 documented terrorist fatali- coming unless they’re on motorcy- tack on Nkiedonwhro. This time There is no place here for friends ties in 2018. To learn more about cle. Sometimes a dog sounds the illagers west of Jos show the the military came to warn villagers of the whites, who are impure.” A them, I travel to Godogodo, in the alert, sometimes a sentinel. Then a weapons they use to defend of a threat. They ordered the postcard vendor joins the group center of the country, where I terrifying stampede, whirling themselves: bows, slings, women and children to take shelter and offers me portraits of Osama meet a beautiful woman named clouds of dust, cries of encourage- daggers, sticks, leather whips, in a school. But after the civilians bin Laden and Turkish President er rs Jumai Victor, 28. On July 15, she ment from the invaders. Before vil- spears. Even these meager arms complied, a soldier fired a shot in Recep Tayyip Erdogan. He agrees says, Fulani extremists stormed lagers can take shelter or flee, the have to be concealed. When the the air. A second shot sounded in the Christians will eventually leave into her village on long-saddle invaders are upon them in their army comes through after the at- the distance, seemingly in re- and Nigeria will be “free.” motorcycles, three to a bike, houses, swinging machetes, burn- tacks, soldiers tell the villagers sponse. Minutes later, after the sol- Some professional disinformers m e shouting “Allahu Akbar!” They ing, pillaging, raping. They don’t their paltry weapons are illegal diers had departed, the assailants will try to reduce the violence here torched houses and killed her four kill everyone. At some point they and confiscate them. appeared, went directly to the to one of the “interethnic wars” children before her eyes. stop, recite a verse from the Quran, Several times I note the proxim- classroom, and fired into the cow- that inflame Africa. They’ll likely m rp When her turn came and they round up the livestock and retreat. ity of a military base that might ering group, killing 27. find, here and there, acts of repri- noticed she was pregnant, a discus- They need survivors to spread fear have been expected to protect ci- I also meet some Fulani—the sal against the Fula and Hausa. But sion ensued. Some didn’t want to from village to village, to bear wit- vilians. But the soldiers didn’t first time by chance. Traveling by as my trip concludes, I have the see her belly slit, so they compro- ness that the Fulani raiders fear come; or, if they did, it was only af- road near a river bed, we come on terrible feeling of being carried mised by cutting up and amputat- nothing but Allah and are capable ter the battle; or they claimed not a checkpoint consisting of a rope back to Rwanda in the 1990s, to co Fo ing her left arm with a machete. of anything. to have received the texted SOS stretched across the road, a hut Darfur and South Sudan in the She speaks quickly and emotion- The heads of 17 Christian com- calls in time, or not to have had or- and two armed men. “No passage,” 2000s. lessly, staring into space as if she munities have come to the out- ders to respond, or to have been says one, wearing a jacket on Will the West let history repeat lost her face along with her arm. skirts of Abuja, Nigeria’s federal delayed on an impassable road. which are sewn badges in Arabic itself in Nigeria? Will we wait, as The village chief, translating for capital, to meet me in a nonde- “What do you expect?” our and Turkish. “This is Fulani land, usual, until the disaster is done be- her, chokes up. Tears stream down script compound. Some have trav- driver asks as we take off in a con- the holy land of Usman dan Fodio, fore taking notice? Will we stand his cheeks when she finishes her eled for days in packed buses or voy for his burned-down church. our king—and you whites can’t by as international Islamic extrem- account. minivans. Each arrives accompa- “The army is in league with the Fu- come in.” The conquests of dan Fo- ism opens a new front across this I venture north to Adnan, where nied by a victim or two. lani. They go hand in hand.” After dio (1754-1817) led to the establish- vast land, where the children of Lyndia David, 34, tells her story of Here they are, an exhausted yet one attack, “we even found a dog ment of the Sokoto Caliphate over Abraham have coexisted for so survival. On the morning of March earnestly hopeful group of some tag and a uniform.” the Fula and Hausa lands. long? 15, rumors reached her village that 40 women and men, keenly aware “It’s hardly surprising,” says Da- The second encounter is on the Fulani raiders were nearby. She of the moment’s gravity. One car- lyop Salomon Mwantiri, one of the outskirts of Abuja. Driving toward Mr. Lévy is author of “The Em- was dressing for church as her ries a USB key, another a handwrit- few lawyers in the region who the countryside, we reach a village pire and the Five Kings: America’s n- husband prepared to join a group ten account, a third a folder full of dare to represent victims. “The unlike the others we’ve seen in the Abdication and the Fate of the of men who’d stand watch. He photos, captioned and dated. I ac- general staff of the Nigerian army Christian zone. There’s a ditch, and World” (Henry Holt, 2019). This ar- urged her to take refuge at her sis- cept these records, overwhelmed is a Fulani. The whole bureaucracy behind it a hedge of bushes and ticle was translated from French ter’s home in another village. by the weight of the bearers’ hope is Fulani.” pilings. The place seems closed off by Steven B. Kennedy. no Daniel Cameron Overcame Racism to Make History in Kentucky Lexington, Ky. former speaker of the Kentucky for a wall at the southern border: Kentucky. “Part of that,” he added, charismatic and down-to-earth poli- Daniel Cameron House who also served as attorney “One of the things that we have to involves “confronting the immigra- ticians in the game, and is certain to made history. In No- general from 2004-08. be candid and honest about is: How tion challenges and issues that we be offered a prime-time speaking vember he defeated It was a hard-fought campaign. do we confront the challenge of have.” He said he recognizes that the slot at the August 2020 Republican Democrat Greg Mr. Cameron endured racist attacks, meth coming from the porous na- feds have “primary jurisdiction over National Convention in Charlotte, Stumbo to become including from the Lexington Herald ture of our border that encourages those issues” but that he envisions a N.C. But he isn’t interested in specu- Kentucky’s attorney these drug cartels to bring the poi- role for his office in “assisting in a lating on what the next election cy- CROSS COUNTRY general-elect—the son into our country?” way that helps them or ICE officials cle holds. By Salena first time in 70 At 34, the state’s first Drug addiction has reached epi- do their job responsibly.” “My ultimate responsibility is to years that Bluegrass demic levels in Kentucky, which has As for the inevitable “token black the folks that elected me here in the Zito State voters have black attorney general the fourth-highest rate of overdose Republican” jabs he will face on the commonwealth, so I am acutely tapped a Republican already looks like a deaths in the country, according to campaign trail as a likely surrogate aware of that obligation and com- to serve as the commonwealth’s top the Centers for Disease Control and in 2020, Mr. Cameron said his con- mitment,” he said. “I can’t see into prosecutor and the first time an Af- rising Republican star. Prevention. Last year authorities servatism runs deep. “My parents the crystal ball of what will happen rican-American has won statewide made more than 32,000 fentanyl-re- voted conservative for as long as I in this coming year, but I do want to office independently here. lated arrests, 25,000 methamphet- could remember, so it was an easy just be as helpful as I can be to the But despite making history, Mr. Leader, which ran an editorial car- amine-related arrests and 21,000 decision when I registered at 18 to people here in Kentucky. We’ll see Cameron’s victory earned barely a toon depicting a smiling Mr. Cam- arrests related to opiates like her- register as a Republican,” he said. what other opportunities arise.” mention in the national political eron carrying the coattails of a oin, according to the Kentucky “In fact, I’ve often told people I was press. Coverage instead focused on white Ku Klux Klan robe worn by State Police. under the impression that every- Ms. Zito is a columnist, CNN con- Democrat Andy Beshear’s win over President Trump. Mr. Cameron has pledged to be a body voted Republican.” tributor and co-author of “The Republican Gov. Matt Bevin and the “As a black Republican you sort “good partner” with federal law-en- Mr. Cameron is now the leader of Great Revolt: Inside the Populist Co- possible implications of that narrow of find yourself in unique territory. forcement agencies working to the GOP in Kentucky, and his future alition Reshaping American Poli- victory for the 2020 presidential There’s not a lot of black Republi- stanch the flow of illegal drugs into seems bright. He is one of the most tics.” contest. Pundits speculated wildly cans that are willing to openly that Donald Trump could lose the identify,” Mr. Cameron told me. “I Notable & Quotable: Warren vs. Buttigieg deeply conservative state next year. will say that the Herald Leader car- Some even fantasized that Senate toon was certainly interesting. It Majority Leader Mitch McConnell demonstrated, in my judgment, could go down as well. some intolerance to the idea of Elizabeth Warren and Pete would not pick the next president of in the company of a progressive Most analysts missed three im- folks that look like me who happen Buttigieg in the Dec. 19 Democratic the United States. Billionaires in Democratic donor, I couldn’t be up portant points. First, Mr. Bevin lost to be Republican.” presidential debate: wine caves should not pick the next here. because of his off-putting personal The editorial cartoon, he said, ex- president of the United States. Senator, your net worth is 100 style, not because he was a Republi- posed an ugly strain of Democratic Warren: So the mayor just re- Tim Alberta: Mr. Mayor, your re- times mine. Now, supposing that you can. Second, Mr. Cameron, 34, won politics in the state. Its a “dynamic” cently had a fundraiser that was sponse? went home feeling the holiday because he’s charismatic and holds he’s familiar with. “People have said held in a wine cave full of crystals Buttigieg: You know, according to spirit—I know this isn’t likely, but conservative core values that are at- all sorts of things just because I’ve and served $900-a-bottle wine. Forbes magazine, I am literally the stay with me—and decided to go tractive to Kentucky voters. And fi- identified as a Republican,” he said Think about who comes to that. He only person on this stage who is not onto PeteForAmerica.com and gave nally, the Republican Attorneys Gen- flatly. had promised that every fundraiser a millionaire or a billionaire. So if— the maximum allowable by law, eral Association spent heavily to get Mr. Cameron is pro-life and a he would do would be open door, but this is important. This is the prob- $2,800. Would that pollute my cam- Mr. Cameron, a political newcomer, strong supporter of the Second this one was closed door. We made lem with issuing purity tests you paign because it came from a across the finish line. He needed the Amendment. He also stresses the the decision many years ago that cannot yourself pass. wealthy person? No, I would be glad help. His opponent, Mr. Stumbo, is a importance of the president’s push rich people in smoke-filled rooms If I pledge—if I pledge never to be to have that support. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A14 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. OPINION REVIEW & OUTLOOK LETTERS TO THE EDITOR An ObamaCare Judicial Morass Volcker Knew the Meaning of Public Service E ven as Democratic presidential candida- We’ve opposed ObamaCare’s baleful effects as I worked under Paul Volcker many had been plagued by double-digit in- cies implode over Medicare for All, Re- much as anyone, but there’s little doubt the years ago as a junior staffer at the flation, I thought we were heading in Federal Reserve Board when I the wrong direction. publican state attorneys general and the mandate is severable. started my career in Washington Volcker saved the day. He was Trump Administration are The confusion comes from (“Paul Adolph Volcker,” Review & tough enough to break the back of handing the left a political Democrats get new the misjudgment of the law’s Outlook, Dec. 10). Like so many of our runaway inflation in record time. lifeline with an overbroad at- ammunition as an ill- drafters. They said the man- my colleagues, I came to respect and CHARLES H. GESSNER tack on ObamaCare in the date would cause healthy peo- admire him for his fortitude, tireless Marblehead, Mass. courts. On Wednesday the fated lawsuit drags on. ple to buy insurance and cre- work ethic and dedication to the Fed. Fifth Circuit Court of Appeals ate a thriving individual We stayed in touch over the years. Regarding Prof. John Taylor’s ensured this will drag on as it health-insurance market. If Since Volcker never really retired, I “Paul Volcker Was Inflation’s Worst struck down the individual mandate and asked that had happened, then the mandate may have had several occasions to work with Enemy” (op-ed, Dec. 10): Consider a district-court judge to determine if other been difficult to sever. him in the past decade, including to the problems Volcker had to solve parts of the law have to go too. Yet the mandate turned out not to be much establish a scholarship for students 40 years ago. Businesses and nations pursuing careers in financial regula- were increasing their debt irratio- The finding that the mandate is unconstitu- of an inducement for people to buy health in- tion, thereby serving the “ideals of nally. The middle class saw its sav- tional is straightforward though it should have surance they couldn’t afford. Congress’s elimi- public service and stewardship that ings being eroded—along with the little impact. Chief Justice John Roberts in 2012 nation of the penalty in 2017 hasn’t resulted in Chairman Volcker has exemplified value of thrift—by policies that kept upheld the Affordable Care Act’s (ACA) com- higher insurance premiums. And the same Con- throughout his career,” as the schol- interest rates too low for too long, mand that everyone purchase insurance on gress kept the rest of the law in place. The Fifth arship program puts it. subsidizing the government’s deficit grounds that it was a “tax” on failing to buy in- Circuit judges seem to want an open-ended in- That was one of Volcker’s big spending. The monetary system had surance. In 2017 the GOP Congress set the pen- quiry into the “intent” of two different Con- themes. He felt that our government been abandoned with the closing of alty for failing to buy insurance at $0. If it gresses making complex policy decisions in is only as good as the people who the gold window. Economic growth doesn’t collect revenue, the Fifth Circuit now light of different facts. The simpler solution is believe in its institutions and dedi- was falling. says, it can’t be a tax. to defer to the most recent Congress. cate themselves to the higher ideals So how did Volcker create “condi- of service. tions for a quarter-century of strong That’s a clever legal twist, but states and the ObamaCare created an entitlement through In December 2016, I was his co- economic growth” that saw Amer- Trump Administration want to go further. They subsidies and Medicaid; the mandate was host at a Georgetown University pro- ica’s real median-household wealth say the mandate’s illegality means that much mostly superfluous in practice. If conservatives gram. After he finished speaking, rise, in 2013 dollars, from $80,000 in or all of the rest of ObamaCare’s regulations declare that the mandate is an inextricable part throngs of students rushed up and 1983 to $136,000 in 2007? and subsidies must also be dismantled. A dis- of ObamaCare, they would ironically vastly over- asked to take photographs with him. Volcker first had to argue against trict court judge agreed. state the law’s success in an attempt to sink it. Although I was supposed to get him the “expert views” espoused by The Fifth Circuit panel didn’t affirm this Millions of people now rely on the law, and to Union Station to catch a train, it many politicians and academics, in- view but also didn’t repudiate it. The judges ap- “reliance interests” will also doom this chal- was too special a moment to inter- cluding his Federal Reserve col- pear open to the idea that big parts of the law lenge if it ever reaches Chief Justice Roberts. rupt. I had never seen a central- leagues, before he could implement need to fall with the mandate. Most vulnerable He’s unlikely to be amused that other judges are banker-as-rock-star before. But soon the “tough love” policies that ulti- would be ObamaCare’s “community rating” and using his saving construction for the law to I realized the students weren’t sim- mately raised the federal-funds rate ply paying tribute to Volcker’s fame. to 20%. Then the markets lost confi- “guaranteed issue” provisions that regulate in- overturn it today. Yet the GOP will be battered They appreciated his life’s work and dence, economic growth slowed fur- surance prices and require companies to cover politically in the interim. how he was still in the game—pro- ther, commodity markets plunged pre-existing conditions. Speaker Nancy Pelosi said in response to the moting sound and safe markets and and bankruptcies exploded—yet Vol- . The legal issue is called “severability.” The ruling that “Republicans have taken every op- a regulated and secure financial sys- cker didn’t waver. He gained Presi- ly test is whether removing the unconstitutional portunity to dismantle” coverage for Americans tem, and promoting public service. dent Reagan’s support, and together part would blow up the functioning of rest of with pre-existing conditions. The GOP would do Volcker’s dedication to service their policies turned the economy the law, as well as the thornier question of better to develop a health agenda that candi- will remain part of his legacy around. whether “Congress would have preferred no dates can defend politically rather than use the on through his nonprofit Volcker Alli- Fast forward to today, however, ACA at all to an ACA without the mandate.” judiciary as a legislature of last resort. ance and the legions of disciples he and America has a government run- leaves behind. ning trillion-dollar deficits, politi- MICHAEL A. WHITEHOUSE cians calling for negative interest Robert Mueller’s Dossier Dodge Lewes, Del. rates, an unequal distribution of us l, wealth and income that has middle I Paul Volcker was my hero in the America thinking the country is on n her public order Tuesday, Presiding Judge nation of how much of the dossier could be con- al a e early 1980s. I was in charge of a 12- the wrong track, and median house- Rosemary Collyer of the Foreign Intelli- firmed or repudiated. unit consumer-products group at hold wealth hasn’t fully recovered gence Surveillance Court didn’t mention Instead he abdicated, and the mystery is why. U.S. Industries, and I was fighting a from the recession. Is it again time ci on Robert Mueller. But her stinging rebuke of the Perhaps as a former FBI director, Mr. Mueller losing battle on wages. Ten percent for some “tough love”? FBI for abusing the FISA process to obtain a war- wanted to protect the bureau’s reputation. But increases were sneered at. Having STEVE GARDES rant to spy on Carter Page invites the question: the best way to do that was to lay out the truth traveled to Brazil, which for years Lafayette, La. How could the special counsel have ignored the and explain any mistakes. A less generous expla- Steele dossier? nation is that Mr. Mueller was more a figure- er rs Inspector General Michael Horowitz con- head as special counsel, and that the investiga- firms the FBI sought to verify the claims former tion was really run by his deputy Andrew U.S. Innovation, a Cold Case: Dead or Alive? British spy Christopher Steele made in his dos- Weissmann. Mene Ukueberuwa is right to spot The notion that American innova- sier. Yet during an appearance before the House Remember that Justice official Bruce Ohr— m e the death of U.S. innovation (“Ameri- tion is dead reminds me of the apoc- Intelligence Committee on March 20, 2017, when who served as a conduit between Mr. Steele and can Innovation, a Murder Mystery,” ryphal suggestion—often wrongly Mr. Comey was asked directly if the bureau was the FBI—says Mr. Weissmann was among those Dec. 14), but it’s no mystery what attributed to Charles H. Duell m rp investigating them, Mr. Comey answered: “I’m at Justice he briefed that Mr. Steele hated Mr. killed it. Almost all inventors are around the end of the 19th century— not gonna comment on that.” Trump and that the dossier was opposition re- deeply involved in their field of tech- to close the U.S. Patent and Trade- He had good reason to dodge. By that time, search. Before Mr. Mueller made him deputy, Mr. nology, the use and development of mark Office. The reason? “Every- the Horowitz report makes clear, the FBI knew Weissmann also praised then Acting Attorney products in that field, and ultimately thing that can be invented has been that most of the Steele dossier’s claims were un- General Sally Yates in an email for refusing to im- the manufacture of finished products. invented.” co Fo This can’t be taught in the universi- BRIAN R. MERRICK reliable. Yet rather than take a hard look at it, plement a Trump executive order. This November ties; it requires the kind of capital West Barnstable, Mass. Team Mueller made a deliberate choice to tiptoe he appeared on MSNBC to suggest that Mr. used in the manufacturing and prod- around it. In his opening statement to Congress Trump had broken the law and that he didn’t have uct-development process itself. And if “The 20th century’s innovation when he testified this July, Mr. Mueller declared faith in Attorney General William Barr to honestly that manufacturing isn’t happening in streak died naturally,” concludes Mr. he would not address “matters related to the so- handle the work of career prosecutors. America, the innovation won’t either. Ukueberuwa. That’s not quite right. called Steele dossier,” which he said were out Mr. Mueller’s dodge on the Steele dossier— Further, developing a finished Instead innovation has been focused of his purview. and Mr. Weissmann’s partisanship—vindicates product takes huge amounts of time in communications (5G, video com- This makes no sense. The Steele dossier was our view from 2017 that Mr. Mueller was the and financial support. The original pression and streaming), software, central to obtaining the Page warrant, and the wrong man to be special counsel. On the evi- concept for an invention is developed entertainment (video, movies, leaks about the dossier fanned two years of me- dence in the Horowitz report, the special coun- suddenly, but making the end-product sports, gaming) and high-end elec- dia theories about Russian collusion that was sel team had to know the truth about the Steele usually requires more innovation, tronics (smartphones, computers, patent protection and numerous memory). one reason Mr. Mueller was appointed as special dossier and false FBI claims to the FISA court, rounds of trial and error. All of that Much of this innovation was n- counsel. Mr. Mueller owed the public an expla- but they chose to look the other way. work, including the innovations that aimed at reinforcing our various come out of it, is passed on to prod- addictions to TV, smartphones and A $900 Bottle of Hypocrisy uct development and manufacturing. If America wants to lead the world in social media. The fact that the av- erage American spends more than no F industrial innovation and reap the re- two hours and 45 minutes a day ew political spectacles are more amus- denounce. Did it corrupt you, Senator?” wards, it can’t ignore or offshore the watching television might explains ing than watching Democrats who are Minnesota Sen. Amy Klobuchar interjected gritty stuff. the lack of growth in productivity. millionaires attempting to deny that that while “I have never even been to a wine LLOYD G. JONES Perhaps it has been misdirected, they consort with other mil- cave, I’ve been to the wind cave Granbury, Texas but American innovation is alive lionaires, much less with das- Are you now, or and well. in South Dakota.” This wasn’t OTTO SZENTESI tardly billionaires. This was on have you ever been, another corny joke. There re- extended display at Thurs- ally is a South Dakota wind The Questions Democrats Hickory, N.C. day’s presidential debate, and in a wine cave? cave. The National Park Ser- Don’t Ask and Can’t Answer it offers a lesson about money vice says the price of a tour is Regarding Peggy Noonan’s “Who This Takes ‘Radical Chic’ and politics. $12. Perhaps Mayor Pete could Can Beat Trump?” (Declarations, South Bend Mayor Pete Buttigieg has been hold a fundraiser there. Dec. 14): That’s the wrong question. Literally—and Much Too Far raising millions of dollars in Silicon Valley, New Did someone say wind? “I am rather proud, Democrats might have a chance to “Fresh Pick: The Scent of Radical- York, Hollywood and other well-to-do progres- maybe, I don’t know, the only candidate up here beat President Trump if they ask ism” (Off Duty, Dec. 14) left me sive enclaves. This has riled Elizabeth Warren, that doesn’t have any billionaire contributions,” some better ones. They’ll need to shocked and appalled. It highlighted who used to be a favorite of the wealthy liberal Bernie Sanders exclaimed. “My good friend, Joe ask real, tough questions, like why Shigenobu Twilight, a fragrance in- they lost the election in 2016. The spired by Fusako Shigenobu, the class but as a presidential candidate has taken [Biden], and he is a good friend, he’s received tall tale of Russian collusion won’t leader and founder of the Japanese a vow of non-association with the rich. Ms. contributions from 44 billionaires . . . . Pete, on cut it as an answer. Red Army. The JRA was a commu- Warren accused the young mayor of holding a the other hand, he’s trailing, Pete. You only got They could ask: Have we really nist terrorist group responsible for fundraiser “in a wine cave full of crystals” and 39 billionaires contributing.” thought through the implications of numerous bombings and kidnap- $900-a-bottle wine. Meanwhile, at the end of the stage stood Tom open borders? Will it be counterpro- pings, dozens of deaths and hun- That’s probably less than the hourly rate Ms. Steyer, who really is trying to buy the Demo- ductive to tax corporations and “the dreds of injuries. Warren charged her corporate clients when she cratic nomination. The self-funding billionaire rich” into oblivion? Is the Green DONNIE YOUNG was a Harvard professor. The Ivy League popu- last year donated $74 million to Democratic can- New Deal feasible? Is late-stage Vero Beach, Fla. list likes to play pauper during debates, but she didates and groups, the third top donor in the abortion really no big deal? Is sti- has raked in $1.9 million as a corporate consul- country. fling free speech on college cam- tant over her career and earned nearly $1 million The second largest donor was Michael puses consistent with our values? I Pepper ... could go on. in income last year. She has also hob-nobbed Bloomberg ($95 million), who is also running for Mr. Trump won in 2016 and will And Salt with the rich and famous. the nomination and perhaps was watching at win again in 2020 because he knows THE WALL STREET JOURNAL Former Pennsylvania Gov. Ed Rendell last home while enjoying a $900 bottle. We wish we the answers to every one of these year held a fundraiser for Ms. Warren’s Senate had one to dull the pain of watching the debates. questions and has put forth a plat- re-election at a steakhouse where a Philadelphia Mr. Bloomberg recently promised $10 million to form that aligns much more closely cheese-steak (with foie gras and Wagyu ribeye) re-elect House Democrats who voted to impeach with what most Americans think and costs $120 . Her other Senate financiers included President Trump, and we haven’t heard anyone desire. “Lost” creator Damon Lindelof, Nasdaq vice turn down the cash. BRUCE LUDWIG president Meyer Frucher and Democratic philan- The larger point here is that money is inevita- Kirkland, Wash. thropists Henry and Marsha Laufer. ble in politics. As the Supreme Court has ruled, Ms. Warren has since transferred $10 million money is a means to influence politics and is Letters intended for publication should from her Senate campaign to her presidential thus protected speech under the First Amend- be addressed to: The Editor, 1211 Avenue of the Americas, New York, NY 10036, campaign while running on a wealth tax. As Mr. ment. Democrats pretend to hate money but or emailed to wsj.ltrs@wsj.com. Please Buttigieg rejoined, “Senator, your presidential chase it nonetheless in their private and political include your city and state. All letters campaign right now as we speak is funded in part lives. They’d look less foolish if, like Mr. Butt- are subject to editing, and unpublished by money you transferred, having raised it at igieg, they admitted the reality and enjoyed the letters can be neither acknowledged nor returned. those exact same big-ticket fundraisers you now cabernet. “It’s after five. Bungee jumping time!” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | A15 OPINION Crazy Won’t Beat Trump must put this right.” “The Squad,” enthusiastically This was, among other held up by the Democrats’ things, the leader of the Sen- friends and operatives in the ate declaring war on at least press as the future of the DECLARATIONS the actions of the House and party. If they are, the future is By Peggy Noonan its speaker. Again, this is not grim, with their Leninist in- T some House blowhard but a sistence that you’ll do it their he Democrats think serious man, and a careful way or be flattened. It is not they’ve just had a big tri- one. only policies that count but umph. The president’s Why such charged lan- spirit. Theirs is one of accusa- been impeached. But Re- guage? Why isn’t he being tion and division. Where they publicans see themselves boring and letting this dribble should be ardent they are as gaining the upper hand. out over the holidays, letting only arrogant. Their approach The House couldn’t lift the event the mood change, cooling the speaks of a desire not to into an air of historical gravity. They embers? CQ-ROLL CALL, INC VIA GETTY IMAGES make progress but to unsettle dressed in dark clothes and never Maybe because for the first and undo. smiled, as at a wake, but the de- time since this drama began, But the point is most of ceased was making kicking sounds Republicans are starting to the most famous public faces from the casket and appeared to be think their position is gaining. in the party spent 2019 essen- tweeting, so it was incongruous. Their thinking would have to tially supporting a reordering There was no “debate” and no do with the immediate picture of arrangements that have one tried to persuade anybody. The and the broader national one. lasted two centuries and al- revealing moment was when The immediate picture: A lowed us, for all our mess and Speaker Nancy Pelosi announced the Quinnipiac poll this week chaos, to be great. first article had passed and some shows support for President Protesters in front of the U.S. Capitol, Dec. 18. Here is how the party’s Democrats apparently began to clap. Trump’s impeachment and re- lurch left has improved the She threw them her mother-of-five moval from office has gone down by the president’s supporters. The picked itself up—and placed itself president’s position. since October, to 45%. idea that America’s national security outside the mainstream of American It makes the 2020 race not Why? Some guesses. was endangered by the president’s politics. “Trump vs. the Democrat,” a race he Impeachment looks like a For one, in the past 10 days the actions with Ukraine did not take. In almost every national public can lose, but “Trump vs. Lefty Mad- latest jobs numbers came out, and And the debate never moved be- presentation this year, especially in ness,” which he can win. victory for Democrats, but America has functional full employ- yond party lines. their presidential debates, they The left is turning Donald Trump their lurch left will prove ment. A Quinnipiac poll released My guess is that after the testi- branded themselves not as what into a savior. He was not a savior be- Dec. 10 showed that since February mony, voters thought the president they had to be—a sophisticated fore AOC. He was not a savior before far more consequential. 2018, the share of the population guilty but did not see this story as party with a working-class heart— Elizabeth and Bernie said they’d ban who believe the Republicans handle equal to the 1972 break-in at the but what they couldn’t be—extreme your health insurance. the economy better than the Demo- Democratic National Committee or left-wing progressives. But the past year has allowed the look: Don’t make me come up there. crats has gone up seven points, from the cultural catastrophe of the Clin- It was a historic misjudgment. president’s supporters, and indepen- They were surely members of the 42% to 49%. The share who say they ton scandals. From their first debates in June, dents, to see him that way. It has Progressive Caucus. They wanted to are better off financially since 2016 They figured: We have a presiden- their major candidates announced given them something new to fight applaud because they were happy, is 57%. tial election less than a year away. themselves to be for sharply higher for, something better. They don’t and they were happy because they That is a powerful number. When Settle it there. taxes, banning private health insur- have to say, “I’m for Trump because are shallow. people have peace and prosperity They also probably think he didn’t ance, the Green New Deal, free col- I love him,” or think, “I’m for Trump . What felt like news came the day they don’t like to make a change at get away with it—because he didn’t. lege, complete student loan forgive- because I have sacrificed all stan- ly after, when Senate Majority Leader the top. That’s what saved Bill Clin- The president has been punished in ness, free health insurance for illegal dards for power.” They can say, “I’m Mitch McConnell, who throughout ton when he was impeached. They the court of public opinion, punished aliens, and functionally open bor- going to defend the free-market sys- the crisis had been relatively quiet knew he’d done what he was accused every day in the hearings, and pun- ders. They would ban fossil fuels and tem and our liberties by voting for and oblique, and who is never inter- of, but they let it go. on ished in the impeachment vote, fracking. At least one candidate said Trump.” esting by accident, suddenly became In months of hearings the Ameri- which will now be in the first para- America’s religious institutions The Democratic Party doesn’t fiery. “The Senate exists for mo- can people witnessed serious and graph of all his obituaries. If he com- should lose their tax-exempt status if seem to see or understand any of ments like this,” he said, rather credible testimony from officials of mitted knuckle-dragging malfea- they oppose same-sex marriage. this. But 2020 is already printing its menacingly. “Transient passion and obvious stature who said, essen- sance, he paid the price. They are extreme on abortion—no bumper stickers. “I’ll take the some- us l, violent factionalism” have swept the tially: The president abused his But the broader reality helping limits, ever—and in their support of what demented over the wholly de- House. “The moment the framers power. None of this did the presi- the president, fortifying his position identity politics, which sees not a structive.” “The imperfect over the al a e feared has arrived. A political fac- dent any good. But there was no dra- and that of his party, is one of the country but a thousand warring obnoxious.” “Vote for the barbarian, tion in the lower chamber have suc- matic insider testimony from some- insufficiently noted stories of 2019. tribes endlessly rewarded for being it’s important.” cumbed to partisan rage.” They one such as John Bolton, a Trump In terms of politics it is the story of at each other’s throats. After so disastrously branding ci on have produced a “failed inquiry,” a appointee who might have been as- 2019, bigger than impeachment. It is Very much a part of all this, and their party throughout 2019, is it “slapdash case” which is “constitu- tringent in his portrait of how the that, poised to defeat an unpopular sworn in just under a year ago, were possible for Democrats to turn it tionally incoherent.” So “the Senate White House operates, and believed president, the Democratic Party Rep. Alexandria Ocasio-Cortez and around in 2020? er rs Rudolph Almost Wasn’t the ‘Most Famous Reindeer of All’ By Bob Greene May decided that evening that Denver Gillen, if he could “draw a to be printed in time for Christmas. book spinoffs, animated television m e T the animal should be a reindeer, be- deer with a big red nose and make Mrs. May’s health, however, was specials and movies would follow. he song fills the air all around cause of the Santa Claus connection. him look appealing.” On their own deteriorating quickly. In July, she Rudolph, against all odds, became the world at this time each “But what could a little reindeer time the following Saturday, Gillen, died. May’s boss told him that if he an everlasting part of Christmas. m rp year. “Rudolph, the Red- teach children? Suppose he were an May, and May’s 4-year-old daugh- was feeling too low to work, “give Robert May died in 1976. In that Nosed Reindeer” feels as if it has al- underdog—a loser, yet triumphant ter, Barbara, made a visit to the me what you’ve got and I’ll let newspaper essay a year earlier, he ways been here, timeless as snow- in the end.” deer corral at Chicago’s Lincoln someone else finish it.” had written: “Today children all fall and Christmas lights. Looking out a window one night, Park Zoo. May, by now completely devoted over the world read and hear about The story behind the song, May saw a street dimmed by fog: to and protective of what he had the little deer who started out in co Fo through, has a message all its own. “Light. Something to help Santa find created, declined: “I needed Ru- life as a loser, just as I did. But they That story is a gladdening tale of his way.” He had found his idea—a Robert L. May prevailed dolph now more than ever. Grate- learn that when he gave himself for grit and triumph for everyone who nose, “a bright red nose that would fully, I buried myself in the writing. others, his handicap became the has ever wanted to tell a know-it-all shine through fog like a floodlight.” against grief, self-doubt In late August, it was done.” very means through which he re- boss to jump in the lake. The next morning, full of enthusi- and a skeptical boss to The Rudolph character was an ceived happiness.” In 1939, Robert L. May was work- asm, he took the idea to his boss. immediate hit with customers. Sometimes, when you know your ing as an advertising copywriter for Who rejected it out of hand: create the character. More than two million of them took idea is right, you have to stand up the Montgomery Ward department- “Can’t you do better than that?” home copies of the giveaway book. to a shortsighted boss. Sure, you store chain. Each Christmas season In those years, cartoonists often A publishing company arranged to may end up being shown the door. Montgomery Ward would buy, in used red noses to depict drunken- The next week May showed Gil- print a version for bookstores, and But if you manage to prevail, there’s bulk, coloring books to give away to ness. Perhaps Montgomery Ward len’s drawings to his boss, who, af- the mass-market edition became a a fighting chance that you’ll go children as a promotion. For Christ- didn’t want to be associated with ter looking at them, permitted May best seller. May’s brother-in-law, down in history. mas 1939 the company decided it such an image. to continue working on the project. Johnny Marks, turned the story could save money by printing a pic- But May didn’t give up. He The story needed to be completed into a song, which Gene Autry re- Mr. Greene’s books include n- ture book of its own. May was asked chose to go around his boss, asking for a deadline later that year that corded in 1949. The record was “Chevrolet Summers, Dairy Queen to create it. a colleague in the art department, would allow the promotional books likewise a soaring success; comic- Nights.” The most reliable version of what happened next came from May him- no self, who in 1975 wrote a first-person essay in the Gettysburg (Pa.) Times about how Rudolph was born. Pilots, Not the Plane, Keep the Boeing MAX Grounded “My wife was suffering from a Ghosts and goblins at the time the agency anticipated crew training. takes” and Ethiopian Airlines threat- long illness and I didn’t feel very are keeping the a MAX crash rate three times that To pilots who came up with lots ening never to fly the 737 MAX festive,” May wrote. On the elevator troubled new Boe- of comparable airplanes. In the of hand-flying through the military again. at Montgomery Ward’s Chicago ing 737 MAX out of FAA’s defense, it also presumed or even the way hobbyist pilots do, For its part, the FAA knows it headquarters on a blustery January the air now. So that Boeing would fix the MAX’s it seems possible that understanding can’t guarantee against another Boe- day, he overheard younger men much so that the faulty flight-control software well the impact of excessive aerodynamic ing crash any more than it can guar- making big career plans. He didn’t company this week before another crash occurred. In forces on the trim wheel would have antee against another Airbus crash BUSINESS share their optimistic spirit: “Here announced it will the meantime, impressed upon pi- been second nature. Perhaps not so like the 2009 Air France disaster in WORLD I was, heavily in debt at age 35, still stop an assembly lots would be that any glitch could with the tens of thousands of class- the South Atlantic or 2013’s Asiana By Holman W. grinding out catalog copy. Instead line that was pro- be quickly neutralized by throwing room- and simulator-trained pilots Airlines mishap at San Francisco’s Jenkins, Jr. of writing the great American novel, ducing dozens of a couple of prominent switches. who staff today’s fast-growing air- airport. In all three cases, and in al- as I’d once hoped, I was describing planes a month to Which makes all the more urgent lines in the developing world. most all crashes nowadays, flyable men’s white shirts. It seemed I’d al- be stored in parking lots. understanding why the next crash, A misplaced sensitivity has been planes are flown into the ground by ways been a loser.” After the first MAX crash took involving Ethiopian Airlines Flight pilots either accidentally or inten- That morning, he got the give- place in Indonesia in late 2018, the 302, happened just months later. For tionally (as with the 2015 German- away-book assignment from one of U.S. Federal Aviation Administra- the last three minutes of what was a After the tragedies, pilots wings pilot-suicide crash). his bosses. He was directed to come tion decided to keep the plane fly- six-minute flight, the offending soft- Boeing decided this week to cur- up with “an animal story, with a main ing. Consternation followed a Jour- ware system, as per Boeing’s in- will be expected to know tail production of the grounded character like Ferdinand the Bull.” nal report last week showing that structions after the Indonesia crash, less and religiously follow MAX for cash-flow reasons. The was disabled. Yet the pilots never company knows the plane will fly cut takeoff thrust despite a loud checklists more. again (as it should) partly because clacker warning that their airspeed the global economy’s demand for air PUBLISHED SINCE 1889 BY DOW JONES & COMPANY was exceeding the plane’s design travel can’t be met without the Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp limit. With so much force acting on working overtime to suppress dis- MAX. Matt Murray William Lewis the plane’s control surfaces, they cussion of this issue. The goal is not Meanwhile, regulators have been Editor in Chief Chief Executive Officer and Publisher were unable, as Boeing’s new check- to excuse Boeing’s appalling original throwing requirements at Boeing Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: list also specified, to move the trim software implementation or rush the less related specifically to the MAX Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; wheel manually to correct the nose- 737 MAX back into service. and very definitely related to new Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; down trim imposed by the faulty The discussion is unwelcome in doubts about pilot readiness to deal News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; software. aviation circles partly because the with unexpected situations. Afoot in Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer They didn’t use the three minutes corollaries are unwelcome. If air- global regulatory circles already was Features & Special Projects; Andrew Dowell, OPERATING EXECUTIVES: Asia; Anthony Galloway, Video & Audio; Kenneth Breen, Commercial; to heed the clacker and reduce their planes today must be designed so a tendency, now accelerated, to re- Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; speed or briefly to relax pressure on mass-produced, classroom-trained duce expectations about what pilots Features & Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; the control yoke, which also would pilots can’t crash them, planes to- must know and do from memory. Shazna Nessa, Visuals; Matthew Rose, Enterprise; Frank Filippo, Print Products & Services; Kristin Heitmann, Chief Commercial Officer; have helped free up the trim wheel. morrow will be designed to eliminate The goal will increasingly be to give Michael Siconolfi, Investigations; Nikki Waller, Live Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; Instead, against all advice, they the pilot completely. In the mean- them detailed checklists for every Thomas San Filippo, Customer Service; turned the software back on, which time, better crew training could al- occasion. This will likely include, in Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales; Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; promptly put the plane into an un- ways be required, but the benefit any failure related to the automatic Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International recoverable dive. How much the might not be worth the cost given trim system, an explicit reminder Barron’s Group: Almar Latour, Publisher Ethiopian crash even belongs in the today’s already low accident rate not to overspeed. WALL STREET JOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; same category as the Indonesia thanks to the advance of automation. Whether or not this has much to Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head crash is debatable when all the facts All this explains the bitterness do with the MAX anymore, it cer- EDITORIAL AND CORPORATE HEADQUARTERS: are considered, albeit depending on that has crept into the debate, with tainly has to do with the future of 1211 Avenue of the Americas, New York, N.Y., 10036 whether you are more interested in a U.S. pilot union accusing Boeing of flying until robots finally push the Telephone 1-800-DOWJONES focusing on aircraft design or on “blaming dead pilots for its mis- pilot out of the cockpit. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. A16 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. SPORTS Cowboys Are Built on a Backup Plan Dallas built their coaching staff around former Cowboys quarterbacks. With the season on the line, the heat is on. D BY ANDREW BEATON cluding Kitna. “There’s a lot of experiential ak Prescott is the knowledge about the system, plays most scrutinized and things we’ve seen happen,” quarterback in foot- Kitna says. “There’s so much more ball, a distinction communication than what you see that almost always on a Sunday that is really hard to comes with being explain unless you do it, live it.” the quarterback for the Dallas The Cowboys’ array of quarter- Cowboys. It’s especially true this back coaches also spent significant year because Prescott happens to time as backups. Baseball people be due an enormous contract ex- often say catchers make the best tension from a team that is falling managers because they have to short of the raging expectations it play in the field but understand carried into the season. the pitching side. Backup quarter- But there’s one group of people backs have a singular lens, too. under more pressure than They have to be prepared to step Prescott: the unusual collection of on the field at any given moment, people the Cowboys handpicked to but spend most of their time on coach him. the sidelines, listening to playcalls Hoping his team would compete and observing the game much as a for the Super Bowl this year, coach does. owner and general manager Jerry So before this season, they pro- Jones surrounded his prized pupil moted Moore—who was with the with people who have been in his team as a player through 2017— shoes, had his job and even played from being the quarterback’s with him. The Cowboys built their coach to offensive coordinator. coaching staff, to an extreme de- And they hired Kitna, who finished gree, around people who are for- his career in Dallas, from being a mer Cowboys quarterbacks. high school coach to leading the Their coach, Jason Garrett, quarterbacks. played quarterback for the Cow- Their collaboration has pro- boys. So did their quarterbacks duced an offense that, by any ob- coach, Jon Kitna. Their offensive Cowboys quarterbacks coach Jon jective measure, is one of the coordinator, Kellen Moore, was Kitna, above left, throws alongside NFL’s best. Moore, who knew Prescott’s backup only two years Dak Prescott. Left, Kellen Moore with Prescott’s strengths and weak- ago. This team was so obsessed head coach Jason Garrett. nesses better than anyone because . with having quarterbacks on staff of their time as players together, ly that even their tight ends coach, The reason he has maintained has catered the offense to Doug Nussmeier, played quarter- the job for so long, for a famously Prescott’s strengths and the re- back in the NFL. demanding owner, isn’t difficult to sults are obvious. “Jerry and I, when we were put- on decipher. Under the watch of this Led by Prescott’s best statistical ting this together, we were fired former backup-turned-coach, an- season, the Cowboys rank second up that we had four guys that other quarterback who was sup- in the league—behind only Lamar played quarterback at a high posed to be a backup morphed Jackson and the Ravens—in offen- level,” said Stephen Jones, the into a star. sive DVOA, an advanced met- us l, team’s COO. “It’s a huge plus for Dallas drafted Prescott ric that measures a teams 5 Dak.” in the fourth round of efficiency based on the al a e With the Cowboys’ playoff the 2016 draft to sit success of every play. hopes on thin ice, that group is on behind Tony Romo. No NFL offense has the hottest seat in football. They Then Moore, the gained more yards ci on Number of current play the Eagles on Sunday, and a backup, broke his NFL head coaches who than Dallas. win would clinch the NFC East. A tibia during train- played quarterback in “It’s an open, loss would ravage their hopes, and ing camp and Romo the NFL, including honest collabora- along with it the experiment they got hurt during the Cowboys coach Jason tion,” Moore said in conducted to get the most out of preseason. Suddenly, an interview before er rs Garrett. their young quarterback. the job was Prescott’s the season. “There’s In one regard, this coaching and he led the team to a value in people that have staff has been an undeniable suc- 13-3 finish. The job was his. been here before and recog- cess: Prescott has been one of the But something troubling hap- nize what he’s going through.” MICHAEL AINSWORTH/ASSOCIATED PRESS, TOM PENNINGTON/GETTY IMAGES m e NFL’s best quarterbacks this sea- pened after that rookie season. Now, this quarterback think son by almost any measure. He’s Throughout it all, Prescott has weeks ago that he expected Gar- The Cowboys failed to live up to tank is going through something third in total quarterback rating, often been sublime. And, at times, rett to be coaching in the NFL next that record, while Prescott’s num- else: trial by fire. m rp second in passing yards, and first the team has been too. Look no year. The problem for Garrett was bers dipped. With Prescott dealing with a in DYAR, an advanced metric from further than last Sunday, when Jones’s glaring omission. He didn’t To try to reverse that, they ad- shoulder injury, there’s a chance Football Outsiders that quantifies they thumped the Rams 44-21 de- say Garrett would be coaching the opted a simple philosophy. Noth- he could miss the first game of his a quarterback’s performance. spite Prescott getting banged up Cowboys. ing in the NFL is more important career in this pivotal moment. (No, But in another regard, the early in the game. Garrett has been Dallas’s coach than a quarterback’s success, so the Cowboys coaching staff can’t co Fo coaching staff has been a puzzling That game just added to the since 2010, which makes him one they were going to do everything step in and play for him. That failure. The Cowboys have lost oddity of Dallas’s season. There of the NFL’s longest-tenured within their power to support would be left to Cooper Rush, who three straight games on two sepa- are seven NFL teams with a point coaches. But the five other NFL Prescott. Which is how they has completed exactly one pass in rate occasions this year and would differential of at least +75 this coaches who have been around at landed on the most quarterback- his NFL career.) be virtually eliminated from the year. Six of those have a combined least as long as him have done centric coaching staff in the NFL. A win on Sunday against the Ea- playoff race if they played in al- record of 65-19. Then there are the something that he hasn’t: won a Only five current head coaches, gles would give the Cowboys the most any other division in foot- Cowboys at 7-7. Super Bowl. In fact, Garrett is the including Garrett, played QB in the NFC East title, a home playoff ball. But Dallas happens to play in Those struggles have put this only coach in the NFL, NBA, MLB league. Only four offensive coordi- game and the chance to make a the moribund NFC East, where two uniquely-constructed coaching or NHL who has held their current nators, including Moore, did. Un- run at the Super Bowl. A loss? 7-7 teams—the Cowboys and Ea- staff in a tight spot. Jerry Jones job for so long without winning a der a third of quarterback coaches They could be applying for new gles—are both somehow alive. pointedly said just a couple of championship. were actual NFL quarterbacks, in- jobs. n- Weather 20s 30s Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. d t Edmonton <0 Swim League Seeks a Splash no Vanco Vancouver C g y Calgary 0s BY LAINE HIGGINS ttl Seattle 10s 10s ip Winnipeg 30s 20s THE ATHLETES are among Portland d Helena Montreal 30s the fastest in the world. The Ottawa Billings Bismarckk 20s A g t Augusta 40s competitions are made-for- Eugene Boise pls /St / .P Mpls./St. Paul 30s t Boston 50s TV spectacles. And the mil- 30s T Toronto A bany ban Albany lions in prize money comes 40s oux FFalls Sioux ll k Milwaukee 60s 20s P Pierre Detroit t l Buffalo artford Hartford Cl l d Cleve Cleveland 30s 70s almost exclusively from a Reno Ch g Chic Chicago New ew York 50s Salt LLake ke City ake C City Cheyenne h Omaha es Moines Des Ph hil d lphi Philadelphia 80s Ukrainian billionaire. Sacramento p g Springfield Indianapolis Pittsburghg This is the International Denver 90s an Francisco San i Kansas Charles Charleston 40s hington hi gton D.C. Washington DC Swimming League, an at- Topeka C d Colorado Cityy h Richmond d 100+ Las tempt to create a profes- ISL VIA LAPRESSE 60s hit Wichita St. Lou Louis LLouisville Lou ill Vegas p Springs gh Raleighh Los A Ange Angeles Nashville h ill Charlotte Ch l tt sional swimming world out- Santaa F Fe k ahoma Oklahoma City 50s Memphishi side of the Olympic and Ab q q Albuquerque C b Columbia 70s Phoenix Ph Warm Rain San Diego Little Rock Atl t Atlanta world championship circuits. T c Tucson i h Birmingham El Paso Ft. Ft. Worth Worth D ll Dallas Jack Jackson Cold To attract attention, the ISL 40s T-storms bil Mobile Jacksonville Jack features light-show specta- The International Swimming League has a unique format. 60s A ti Austin 60s Houston Stationary Snow cles, a skins 50-meter sprint d Orlando 10s -0s an Antonio San New Orleans Tampa 70s race and teams whose results nancial prospects prompt before the Olympics, tradi- Anchorage A h g 80s are tallied in points rather gifted swimmers to retire. tionally the most important 0s Honolulu l l 80s Miami Showers Flurries 20s than best times. The league, “It was a big surprise,” training period in the four- 30s 40s 60s Ice which has attracted a sur- said Grigorishin. “I was abso- year cycle. prising number of world- lutely sure that top level The balance with Olympic U.S. Forecasts City Hi Today Lo W Tomorrow Hi Lo W City Hi Today Lo W Tomorrow Hi Lo W class swimmers, will com- swimmers, [were] multimil- training remains an issue. s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Omaha 49 29 s 52 29 s Frankfurt 46 41 c 48 41 r plete its first season with a lionaires because in the Ledecky, for example, has t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice Orlando 76 64 c 74 61 r Geneva 49 41 c 48 39 r championship event in Las Olympics they are so popu- served as an ISL ambassador, Today Tomorrow Philadelphia 37 26 pc 47 31 pc Havana 83 67 sh 83 66 t City Hi Lo W Hi Lo W Vegas this weekend. lar.” but competed in just one of Phoenix 71 46 pc 73 51 pc Hong Kong 72 66 c 74 67 pc Anchorage 13 5 pc 14 8 s Pittsburgh 44 25 pc 47 24 pc Istanbul 63 58 s 64 55 pc The pairing of the world’s Armed with a few ideas DC Trident’s meets at the re- Atlanta 51 41 c 49 45 r Portland, Maine 33 21 pc 42 27 s Jakarta 90 76 t 91 77 t top swimmers and ISL and deep pockets, Grigorishin quest of her coach at Stan- Austin 64 34 pc 64 31 s Portland, Ore. 50 40 r 48 38 sh Jerusalem 60 37 s 60 39 s founder Konstantin Grigor- decided it was time to fix ford, Greg Meehan. Baltimore 40 24 pc 48 29 pc Sacramento 59 47 c 55 39 r Johannesburg 85 62 pc 81 61 c Boise 50 35 c 52 38 c St. Louis 49 26 s 51 31 s London 51 44 r 49 42 pc ishin, who accumulated most swimming. Grigorishin estimates he Boston 35 28 pc 46 34 s Salt Lake City 45 33 pc 47 33 pc Madrid 61 47 sh 57 40 pc of his fortune in the metal- Grigorishin met in the will invest between $60 and Burlington 28 20 c 37 27 c San Francisco 61 52 c 56 44 r Manila 90 75 pc 89 74 pc lurgy industry after the fall spring with stars like Katie $70 million next year as the Charlotte 50 37 c 50 41 r Santa Fe 48 22 s 50 25 pc Melbourne 75 52 pc 72 52 s Chicago 43 31 s 46 33 pc Seattle 48 41 sh 48 39 pc Mexico City 67 46 pc 62 45 pc of the Soviet Union, is an im- Ledecky and Ryan Murphy, ISL adds two teams, 20 more Cleveland 46 30 s 48 32 pc Sioux Falls 41 25 s 43 22 pc Milan 54 43 pc 54 39 s probable one. He never swam knowing endorsement from meets and another $4 million Dallas 51 37 pc 58 35 s Wash., D.C. 41 29 pc 49 32 pc Moscow 37 35 c 39 38 c competitively, but decided top athletes would lend the in prize money. He hopes to Denver 58 33 s 62 35 pc Mumbai 89 76 pc 88 76 pc the sport needed a new com- league legitimacy. By April, offset costs by selling ex- Detroit Honolulu 43 27 pc 45 30 s 80 70 c 81 72 c International Paris Rio de Janeiro 51 89 46 r 77 pc 50 45 sh 90 74 t petition format 12 years ago the ISL had eight teams, split panded media rights to an Houston 59 42 c 65 39 s Today Tomorrow Riyadh 65 42 s 66 44 s City Hi Lo W Hi Lo W after becoming painfully equally between Europe and American broadcast company. Indianapolis 42 23 s 43 28 pc Rome 65 56 r 62 48 sh Kansas City 51 33 s 55 35 s Amsterdam 48 43 pc 48 42 r San Juan 85 75 sh 86 75 s bored at his son Ivan’s age- the U.S., and seven meets on “This season we are not Las Vegas 56 40 pc 56 40 pc Athens 65 59 pc 66 56 sh Seoul 44 32 pc 48 34 pc group swim meet. the calendar for the fall. expecting to make big Little Rock 51 35 c 54 34 pc Baghdad 66 43 pc 65 42 pc Shanghai 52 48 r 56 47 r He tested his ideas at According to DC Trident money,” said Grigorishin, Los Angeles 73 54 pc 66 52 sh Bangkok 92 78 s 93 76 s Singapore 84 76 t 84 76 t Miami 79 72 pc 80 69 r Beijing 37 19 pc 42 19 pc Sydney 92 66 s 72 67 c youth charity meets in Russia General Manager Kaitlin San- who will most likely see mul- Milwaukee 44 32 s 48 36 pc Berlin 47 36 c 44 40 c Taipei City 77 66 pc 73 64 pc as early as 2012, but did not deno, “it was a scramble at timillion dollar losses for the Minneapolis 40 29 pc 40 26 s Brussels 49 44 pc 48 42 r Tokyo 50 44 c 49 45 r pursue them until 2017, dur- the beginning” to sign 28 ISL’s debut year. “I think next Nashville 53 41 pc 54 43 pc Buenos Aires 76 56 pc 76 62 s Toronto 38 30 pc 43 32 s New Orleans 57 50 r 57 49 r Dubai 78 61 s 79 62 s Vancouver 46 38 sh 46 35 sh ing his son’s freshman year athletes to her team. Swim- year our target is to break New York City 34 30 pc 46 36 pc Dublin 44 37 pc 45 40 pc Warsaw 51 41 c 46 39 c competing at Cal, when he mers were hesitant about even, but this is an upside Oklahoma City 50 31 pc 57 33 s Edinburgh 43 37 pc 43 38 pc Zurich 46 36 c 46 39 r learned how often bleak fi- getting involved in the year scenario.” EXCHANGE For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. Team Building Time in a Bottle Football needs work, This fund has barely but it’s a unique changed its portfolio leadership tool B4 since 1935 B5 BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | B1 DJIA 28455.09 À 78.13 0.3% NASDAQ 8924.96 À 0.4% STOXX 600 418.40 À 0.8% 10-YR. TREAS. g 3/32 , yield 1.916% OIL $60.44 g $0.74 GOLD $1,474.70 g $3.50 EURO $1.1078 YEN 109.46 Walmart’s Secret Weapon For the Digital Age: Stores . ly on us l, al a e ROSS MANTLE FOR THE WALL STREET JOURNAL; FOOTBALL: ISTOCK ci on er rs m e m rp Shoppers at a Walmart supercenter in Natrona Heights, Pa. The retailer is putting these stores at the center of its business strategy. co Fo A In its battle against Amazon, fter years of internal debate about how to compete with Ama- prescriptions, transfer money or get their hair done. They’re often open 24 hours and 1988 Walmart is betting on a future zon.com Inc., Walmart Inc. boss are community gathering spots, becoming first Walmart Doug McMillon took the stage at backdrops for videos of teenage pranks that supercenter where its supercenters will quickly a recent strategy meeting and re- pop up on YouTube, or a place for senior get groceries to your door, replace About vealed the centerpiece of his plan citizens to take a walk in cold weather. to thrive in an e-commerce era: giant stores. The re-emphasis on the giant outlets Wal- the doctor’s office and rent out $2 billion Walmart, he told executives at the meet- mart started building in the 1980s was a computing power to passing ing, wasn’t going to win by building an un- change from a strategy laid out just a year profitable e-commerce operation or other ago. Then, at an investor meeting, Mr. Mc- Last year’s loss by drones and autonomous cars. stand-alone ventures. Instead, its supercen- Millon described stores, e-commerce and Walmart’s U.S. ters could be the heart of a web of busi- other businesses as individual ventures online operations n- nesses all working together to attract shop- serving customers in different ways. pers and drive profits. In the new view, disparate parts of the BY SARAH NASSAUER The supercenters are sprawling stores of around 180,000 square feet offering 100,000 business would interact to drive profitable growth. Walmart would capitalize on cus- Nearly 30% share-price no products, bathed under LED lights. Grocer- tomer data to sell online ads, according to a ies, clothes, camping gear and televisions person familiar with the presentation. increase this year are for sale; customers can also fill medical Please turn to page B6 IAC Buys Care.com TAX REPORT | LAURA SAUNDERS Deals Drive For $500 Million Inheriting Stock Rally BY GREGORY ZUCKERMAN Care.com’s chief executive, succeed- IRAs Just Got In Biotech AND DAVE SEBASTIAN ing Sheila Lirio Marcelo, Care.com’s founder and chief executive, who in BY KAREN LANGLEY Care.com Inc., the nation’s largest online marketplace for babysitters and other caregivers, agreed to a sale to IAC/InterActive Corp. for August said she would resign as CEO. “The safety of our users is our top priority and we are committed to in- Complicated Shares of biotech companies have surged in recent months, boosted by innovation, a spate of deals and eas- about $500 million in cash or $15 a vesting in it,” said Mr. Allen. ing worries about political risks. share. “Care.com has taken encouraging The Nasdaq Biotechnology Index The deal comes nine months after steps this year and we plan to con- Congress curtailed a popular strategy for has gained 22% so far this quarter, Care.com faced scrutiny for provid- tinue to strengthen safety and trust.” far outpacing the S&P 500’s 8.2% ing limited vetting of its caregivers, Care.com has overhauled its passing on tax-free growth to young heirs: gain. The recent rally has helped the sometimes with tragic results. screening practices. A spokeswoman It ‘changes the rules in the ninth inning.’ biotech index recover from a third- A March investigation by The said the company is continuing to quarter decline, bringing its year-to- Wall Street Journal showed that improve its safety protocols. date performance to 26%, nearly in Care.com, which has about 35 mil- “Care.com began to roll out The Stretch IRA Until the change, the heirs of line with the broader index’s 28% lion members in over 20 countries, CareCheck in July,” the spokes- is snapping back. traditional or Roth IRAs could advance. largely left it up to families to deter- woman said, referring to a back- Congress’s take required withdrawals over Biotech stocks tend to attract in- mine whether a caregiving listed on ground check that includes the Na- year-end spend- their lifetimes and receive vestors with their potential for out- Care.com was trustworthy. tional Sex Offender website, multi- ing package lim- decades of income-tax-free or size gains that can follow research Care.com’s shares, which hit jurisdictional criminal databases and its the ability of tax-deferred compounding breakthroughs. But they can also nearly $26 around March, fell to just federal and county criminal records. savers to extend after the original IRA owner’s post sudden, steep declines, because over $9 in August. On Friday, shares IAC said it doesn’t expect to re- the life of their traditional In- death. For example, a 23-year- companies often have no income- of Care.com rose nearly 14% to cord operating profit during its first dividual Retirement Accounts old heir of her grandfather’s generating products, and biotech $15.10. IAC shares added 3.1% to year of owning Care.com. and Roth IRAs by leaving the IRA could take payouts over drugs in development have no guar- $245.84. After Ms. Marcelo said she was accounts to much younger about 60 years—hence the antee of receiving government ap- IAC said the deal is aimed at get- leaving her post, activist hedge fund heirs, such as grandchildren. name Stretch IRA. proval. ting the company into the family-care Engine Capital LP urged Care.com to The change curtails an often Now many IRA heirs will have “Biotech is a volatile sector, so it business. It expects to close the trans- pursue a sale, saying the company is simple strategy that has been to withdraw the assets within 10 is prone to swings in market psy- action in the first quarter of 2020. “at a crossroads.” The fund said it popular with many IRA owners years, rather than based on chology in a risk-off environment,” The companies said they plan to was pleased with the prospective who won’t spend all the ac- their own life expectancy. The said Andy Acker, who manages the name IAC executive Tim Allen as sale to IAC. count’s assets. Please turn to page B2 Please turn to page B11 P2JW355000-4-B00200-1--------XA For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B2 | Saturday/Sunday, December 21 - 22, 2019 * * * * THE WALL STREET JOURNAL. THE SCORE THE BUSINESS WEEK IN 7 STOCKS BED BATH & BEYOND INC. UBER TECHNOLOGIES INC. FACEBOOK INC. PERFORMANCE OF DELIVERY COMPANIES The executive suite at Bed Bath & Beyond will be a lot Source: FactSet Uber might drop off its food- delivery business in India to a Facebook is choosing a giant stage for its next message to BBBY season. emptier during this holiday A half-dozen top ex- 5.0% UBER local rival. The Wall Street Journal reported Monday that FB consumers: the Super Bowl. The embattled social media 11% ecutives are leaving in an un- 2.5 5.5% the sale would be a potential 1.8% giant has bought time for a usual shakeup for the strug- boost for the American com- 60-second ad featuring Chris gling home goods retailer. The Amazon.com pany as Chief Executive Dara Khosrow- Rock and Sylvester Stallone to promote 0 departures include the heads of mer- shahi seeks a path to profitability. A its Groups feature, the company said chandising, marketing, digital and legal. United Parcel deal would see the San Francisco-based late Wednesday. Facebook has been The chief brand officer also resigned –2.5 Service company unload the costly Indian opera- seeking to improve the appeal of its last week. Earlier this year, Bed Bath & tions of its global food-delivery arm, platform. The football spot is part of a Beyond replaced several directors, in- –5.0 Uber Eats, to competitor Zomato Media larger increase in global ad spending in cluding the chain’s co-founders, amid Pvt. Ltd. Mr. Khosrowshahi is trying to a bid to rebuild trust and positive con- pressure from activist investors, and has –7.5 improve the company’s finances. Uber’s sumer sentiment after a series of con- been conducting a strategic review of shares have fallen about a third from troversies over privacy practices and its portfolio of roughly 1,500 stores. the initial-public-offering price of $45. misinformation on its platform. Face- –10.0 Shares rose 11% Tuesday. Shares gained 5.5% Monday. book shares gained 1.8% Thursday. FedEx –12.5 NETFLIX INC. GENERAL MILLS INC. IAC/INTERACTIVE CORP. –15.0 Netflix is trying to sell Wall Street on what it hopes will Mon. Tues. Wed. Thurs. Fri. Pets are adorable. Even more so for shareholders of Gen- The media and internet hold- ing company wants to get NFLX be its next blockbuster: over- GIS Blue eral Mills, where sales of the IAC IAC/InterActive into the family-care business. seas sales. The company’s 3.7% subscription growth in the FEDEX CORP. Buffalo pet food that 1.9% General Mills acquired last Group agreed 3.1% Friday to buy Care.com for U.S. has begun to slow, and it is set to face greater competition as No one is delivering holiday cheer to FedEx. The delivery giant Tuesday cut its earnings targets for year rose 16% in the com- pany’s latest quarter. Pet food is a about $500 million in cash. Care.com is the nation’s largest online new streaming rivals come online. The region of Europe, the Middle East and FDX the fourth time in 2019. Shares fell 10% the next bright spot for the company as many Americans spend more money to feed marketplace for babysitters and other caregivers, with about 35 million mem- Africa has more than doubled in sub- 10% day, highlighting investor concerns about the com- their furry companions high quality bers in over 20 countries. A March in- scribers since the start of 2017. Netflix foods. That’s helping to offset weaker vestigation by The Wall Street Journal released these new subscriber growth pany’s ability to adapt to delivering less-profitable e-com- snack bar and yogurt sales for the Min- showed that it largely left it up to metrics late Monday in an effort to per- merce packages to homes. Rival Amazon.com Inc. also said neapolis-based maker of Cheerios and families to determine whether a care- suade Wall Street to focus more on its it blocked third-party sellers from using FedEx’s ground de- Betty Crocker. The next step, according giver listed on Care.com was trustwor- growth outside of the U.S. Latin Amer- to General Mills’s CEO, is to add more thy. IAC/InterActive’s shares gained ica has also surged. Netflix shares livery network for Prime shipments. treats and wet dog food. General Mills 3.1% Friday. gained 3.7% Tuesday. shares gained 1.9% Wednesday. —Francesca Fontana Inheriting So are heirs who are disabled or chronically ill, or who are no more also postpone payouts, although withdrawing a lump sum could count to younger heirs at her death. Those heirs would get a 10- both income and estate taxes. Life insurance can also be more . than ten years younger than the trigger higher tax brackets. year stretch on remaining assets. flexible than an IRA if the owner IRAs Gets ly IRA owner. For savers who counted on a de- wants to leave assets to a trust, he There’s also an exception for cades-long IRA stretch for their Review IRA trusts. Some IRA adds. But policies must be bought children who are minors—but not heirs, here are moves to consider owners have arranged to leave ac- with after-tax dollars, and buyers Complicated grandchildren—up to the age of 18 in light of the rule change. counts to a trust at their death in should purchase them with assets on to 21, depending on the state, or up to age 26 if the child is in school, Make your spouse the heir to the order to preserve assets from spendthrift or ne’er-do-well heirs. they won’t need during life. It’s also important to determine fees says Mr. Slott. So if, say, a deceased IRA. Surviving spouses still have fa- Natalie Choate, an attorney and up front and learn whether insur- Continued from page B1 parent leaves an IRA to a child of vorable rules. For example, a spouse retirement-plan specialist in Bos- ers can raise them. us l, law takes effect for deaths of IRA 16, then the 10-year withdrawal pe- who inherits a Roth IRA could put ton, says it’s imperative for IRA owners after Dec. 31, 2019, so IRAs riod could begin as early as 18. the account in his or her name, not owners who have set up trusts to Do nothing. A 10-year stretch al a inherited before then still benefit In addition, the legislation take payouts during life and then revisit them soon. “Some types of is still a stretch. For inherited e from prior law. doesn’t require heirs who must leave the accounts to younger heirs IRA trusts make no sense under Roth IRAs, 10 years of tax-free Supporters of the change, in- drain accounts within 10 years to who get a 10-year stretch. the new law, so people need to growth with no required payouts ci on cluding Rep. Kevin Brady of Texas, take annual withdrawals. This Spouses who inherit traditional check its effect,” she says. is a good benefit. the top Republican on the House means a Roth IRA heir could post- IRAs also have options. For exam- If the account is a traditional Ways & Means Committee, have pone payouts until near the end ple, a 72-year-old widow could Look into life insurance. The new IRA intended for several young- said that tax-favored retirement of the 10 years to receive maxi- take payouts over her life expec- law favors life insurance over IRAs adult heirs, then multiple payouts funds should be used mainly for mum tax-free growth. (Roth IRA tancy of about 26 years if she as a tax-efficient way to move assets over 10 years could be spread over er rs the owner and spouse’s retirement payouts are typically tax-free.) claims her deceased husband’s IRA to heirs, says Mr. Slott, because life many low tax brackets if the heirs security. “They are not wealth-suc- Heirs of traditional IRAs can as her own, and then leave the ac- insurance payouts can be free of are just starting out. cession management tools,” Rep. Brady said in late August. m e Critics say savers will think they WHO STILL GETS can’t trust Congress to keep its word on retirement rules. The revi- A LONG STRETCH m rp sion especially affects Roth IRA Many future heirs of IRAs, such owners who are alive and who ac- as grandchildren, will be required celerated tax bills in order to con- to drain the accounts within 10 vert traditional IRAs to tax-free years of receiving the IRA, but Roth accounts intended for much some will still be able to stretch co Fo younger heirs. “People made long-term plans payouts over decades. believing they could rely on the tax laws at the time. This revision Who’s eligible for the longer changes the rules in the ninth in- payout period: ning of the game and causes sav- •Heirs of IRAs whose original ers to lose faith in long-term tax owners died before 2020 planning,” says Ed Slott, an IRA •Surviving spouses specialist who is certified public •Chronically ill or disabled heirs accountant in Rockville Centre, N.Y. ILLUSTRATION BY KIERSTEN ESSENPREIS The new limits on Stretch IRAs •Heirs within 10 years of age of are estimated to raise $15.7 billion the original owner from 2019-2029, according to the •Minor children up to the age of Joint Committee on Taxation. majority, or age 26 if the child is n- Current data on inherited IRAs still in school. At that point, the isn’t available. 10-year payout begins. The new legislation has excep- tions to the 10-year payout. IRA SOURCE: SECURE ACT, ED SLOTT no heirs who are surviving spouses are still covered by the old rules. Big Changes for employers to offer annuities in three consecutive years to contrib- the provision should be interpreted 401(k)s. But annuities often have ute, said Mark Iwry, who oversaw to require 401(k) plans to estimate high fees. Should I avoid them? national retirement policy while at the monthly income participants Annuities, which make it easier for the Treasury Department during would receive at retirement age as- Retirement Plans: retirees to convert their retirement savings into a steady lifetime in- come, can make sense for retirees the Clinton and Obama administra- tions and is now a nonresident se- nior fellow at the Brookings Institu- suming they continue to save at their current rate, Mr. Iwry said. What You Need to Know unable to cover their basic living ex- tion. Employers won’t have to Q: Who will be affected by the penses with Social Security and provide matching contributions for law’s repeal of the age cap, cur- other forms of guaranteed income, these workers. rently 70½, for making contribu- such as pensions. But annuities gen- Industries that could be dispro- tions to a traditional IRA? erally have higher fees than mutual portionately affected include the The repeal will help the growing BY ANNE TERGESEN funds do, and so they reduce work- retail, leisure, education and number of Americans age 70½ or ers’ returns by more. health-services sectors, which em- older with wages, commissions, Workers should benefit from their ploy significant numbers of part- self-employment earnings or other This week, Congress passed a sweeping overhaul of the employers’ ability to obtain lower time workers. forms of income. Nearly 20% of 70- American retirement system. group prices on these contracts. to 74-year-olds are working today, Q: The law requires 401(k)-type up from 11% in 1992, according to Here are answers to some of the many questions Wall Street Q: What happens if my 401(k) of- plans to estimate for participants the Bureau of Labor Statistics. Journal readers had about the legislation’s effect on 401(k) fers an annuity and then drops it? how much lifetime income their bal- Their spouses can benefit too. and individual retirement accounts. The law allows employees who in- ance might support. How will that Under an often-overlooked provi- vest in an annuity in a 401(k) that calculation be made? sion of the tax law, a nonworking stops offering the annuity to trans- The legislation instructs the Labor person whose spouse earns income Q: I turned 70½ in 2019 and am withdraw up to $5,000 from a re- fer their contracts tax-free to an Department to devise assumptions can also save up to $6,000 a year in scheduled to take my first required tirement account within a year of a IRA, even if the employee would 401(k) plans can use to estimate the an IRA (or $7,000 if they are 50 or distribution from my retirement ac- child’s birth or adoption. The law otherwise be prohibited from mak- monthly income a worker’s 401(k) older), said Mr. Slott. The same count by April 1, 2020. Can I take waives the 10% penalty that owners ing withdrawals. Employees could balance is likely to generate over his rules apply to Roth IRAs. advantage of the law’s increase in younger than 59½ would normally continue contributing to the con- or her lifetime. The disclosure, the age for starting required distri- owe. But they must pay income tax tract, up to $6,000 a year (or which some plans already make on Q: Will the age at which IRA owners butions to 72? on the withdrawal. $7,000 for people 50 or older), on a voluntary basis, must be made on can take advantage of a popular tax No. Only account owners who turn “This should only be used as a either a pretax or after-tax basis, workers’ 401(k) statements a year break for charitable donations from 70½ after Dec. 31, 2019, can start last resort,” said Ed Slott, an IRA depending on factors including the after regulators finalize those as- IRAs rise to 72, along with the age mandatory distributions at 72 consultant in Rockville Centre, N.Y., person’s income. sumptions, said Mr. Iwry. for starting required annual distribu- years of age. who recommends taking advantage It is unclear whether the Labor tions from IRAs and 401(k)s? of a provision of the law that al- Q: The new law makes it easier for Department will encourage or re- No. Currently, people who are 70½ Q: The new law allows parents lows the money to be repaid. “To part-time workers to participate in quire 401(k) plans to go beyond dis- or older can give money from a tra- to take penalty-free withdrawals start withdrawing money from re- 401(k) plans. Am I covered? closing the monthly income a par- ditional IRA to one or more chari- from retirement accounts upon tirement savings kills off years of Starting in 2024, 401(k) plans will ticipant could receive with his or ties and exclude the amount do- the birth or adoption of a child. compounding.” be required to allow part-time em- her current account balance. To nated from their taxable income. How will this work? ployees who have worked more help participants better understand Nothing in the law will change that, After Dec. 31, 2019, parents can Q: The new law makes it easier for than 500 hours a year for at least whether they are saving enough, said Mr. Slott. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, December 21 - 22, 2019 | B3 BUSINESS & FINANCE U.S. Steel To Phase ViacomCBS Takes Miramax Stake The company wants Out Mill content to tap, and Miramax has a library As Losses of well-known films Mount BY JOE FLINT ViacomCBS Inc. said it is BY BOB TITA acquiring a 49% stake in AND KRIS MAHER movie and television produc- tion company Miramax Pic- United States Steel Corp. tures from BeIN Media Group said it would idle most of a for $375 million. mill near Detroit as the com- Once best-known for its pany’s losses mount in a weak award-winning and avant- domestic steel market. garde movies such as “Pulp Ceasing Great Lakes Works’ Fiction” and “Shakespeare in steelmaking operations will Love,” Miramax is now pri- help the company lower costs marily a library asset with to help pay for modernizing or more than 700 titles. Other replacing equipment at its well-known titles include Os- flagship mills. Despite Trump car winners “No Country for administration tariffs on for- Old Men” and “The English Pa- eign metal that were meant to tient.” MIRAMAX/EVERETT COLLECTION bolster domestic producers by As the recently merged Via- squeezing out cheap imports, comCBS looks to broaden its profits at U.S. Steel and its programming holdings and put competitors have been hurt by more content online, having a falling prices and demand large vault of content to tap is from U.S. manufacturers. key. ViacomCBS’s Paramount U.S. Steel has pledged to Pictures has over 3600 titles. spend at least $2 billion on The deal calls for Viacom- new equipment at mills in CBS to make an upfront pay- ‘Pulp Fiction’ is one of more than 700 titles in the Miramax library. Others include ‘No Country for Old Men’ and “The English Patient.’ Gary, Ind., and near Pitts- ment of about $150 million. In burgh. It also is raising hun- addition, ViacomCBS has tent based on Miramax movies Khelaifi said the partnership 2020. bankruptcy after Harvey Wein- dreds of millions of dollars of agreed to invest $225 million and television shows. means Miramax has a “fantas- Miramax was founded in stein resigned amid allega- debt to take over a mill in Ar- in Miramax for new movie and “This partnership with BeIN tic future ahead with major 1979 by brothers Harvey and tions of sexual harassment and kansas and spending $280 television productions over will be a unique opportunity to new movies and unexploited Bob Weinstein. The pair sold assault, which he has denied. million on a new furnace at its the next five years, which will gain access to a valuable li- premium dramas.” the company to Walt Disney He and the Weinstein Co. are pipe mill in Fairfield, Ala. provide Miramax with re- brary, deepening our already The current senior manage- Co. in 1993 and later left to nearing a settlement deal with Steel production at Great sources to create new content. substantial pool of IP (intellec- ment at Miramax, including form The Weinstein Co. Mira- more than 30 women valued . Lakes Works will end around Paramount Pictures will tual property) at a time when Chief Executive Bill Block, will max was sold by Disney in at $47 million. ly April 1 and the rolling mill for also become the exclusive dis- demand for premium content is remain with the company in 2010 to Colony Capital and the Mr. Weinstein is also sched- making sheet steel will close tributor for the Miramax li- only accelerating,” said Viacom- their present roles after the Qatar Investment Authority. uled to stand trial next month later in 2020, the company said. brary and have a first-look CBS President Robert Bakish. deal closes, which is projected BeIN bought Miramax in 2016. in New York to face criminal Layoff notices were issued to agreement to create new con- on BeIN Chairman Nasser Al- to be in the first quarter of The Weinstein Co. filed accusations of sexual assault. more than 1,500 mill employees. “The current market condi- France’s Orange Convicted of Harassment tions and the long-term out- look for Great Lakes Works us l, made it imperative that we act now,” Chief Executive David al a BY NICK KOSTOV e Burritt said. U.S. Steel shares Pierre Wenès, and the firm’s the verdict. was in line with France’s na- As a result, management re- dropped 11% to $11.92 a share. former director of human re- “It’s a total misreading of tional suicide average, unions located employees to different The company on Thursday PARIS—Telecom giant Or- sources, Olivier Barberot, were the law, it’s a political reason- blamed the spate of deaths on parts of France, or from their ci on forecast a larger than expected ange SA and three former top handed the same sentence. ing,” Jean Veil said. cost-cutting and an employee jobs repairing and installing fourth-quarter loss of $1.15 a executives were found guilty Between January 2007 and Lawyers for Messrs. Wenès redeployment plan. fixed-line networks to call cen- share, before special charges, by a French court of “moral December 2008, the three ex- and Barberot also said they Shortly after France Télé- ters, where they sold products compared with an adjusted harassment” related to a cor- ecutives put in place a “forced would appeal. com was privatized in 1997, such as cellphone contracts. profit of $1.82 a share in the porate restructuring linked to march, extreme policy” to de- Orange said it wouldn’t ap- the global telecommunications Mr. Lombard’s restructuring er rs fourth quarter a year earlier. a spate of employee suicides grade work conditions so em- peal the verdict, adding that it industry witnessed sweeping plans aimed to cut 22,000 jobs about a decade ago. ployees would either leave the had set up a committee to changes. The business came and entice 10,000 people to The case breaks new company or take another job, evaluate claims from individu- under pressure as consumers change positions. In 2006, he U.S. Raps ground because it expands the according to the court’s judg- als or their beneficiaries who abandoned fixed-phone-line told a management meeting m e definition of workplace ha- ment. The policy targeted tens worked for the company be- services for mobile phones that the firm could “no longer rassment to include company- of thousands of employees, the tween 2007 and 2010. and internet services. protect everybody.” Wireless wide policies aimed at demor- court said. The court examined 39 em- France Télécom struggled “I’ll ensure that people m rp alizing workers, legal experts The executives were also ployee cases, including 19 who to cut costs, in part because leave through the window or said. fined about $16,650 each. Or- took their own lives and 12 65% of the 100,000 people at through the door,” Mr. Lom- Merger The firm’s former CEO Di- dier Lombard received a one- year jail term Friday, eight ange, which at the time was called France Télécom, was fined around $83,250. others who attempted suicide. Other cases that the court ex- amined involved employees the company had civil-servant contracts—dating to the time when the company was owned bard told the meeting, accord- ing to the judgment. Mr. Lombard told the court Lawsuit co Fo months of which were sus- Mr. Lombard’s lawyer said who experienced depression. by the French state—and it was “a stupid phrase that I pended. His deputy, Louis- Friday that he would appeal While the rate of suicides therefore couldn’t be fired. regret.” BY BRENT KENDALL Emissions Rule Triggers Split in Shipping Costs AND DREW FITZGERALD The Justice Department and Federal Communications Com- mission on Friday criticized a BY COSTAS PARIS Mr. Macleod said. lawsuit by state attorneys gen- Still, the upfront costs for eral that seeks to block the An environmental rule hit- scrubbers are stretching bud- merger of T-Mobile US Inc. ting the maritime world at the gets at many carriers. Sweden’s and Sprint Corp., adding the turn of the New Year will open Stena Line, one of Europe’s federal government’s voice to a steep divide in operating largest ferry operators, shed n- an unusual case on its final costs across shipping markets. about 30% of its workforce to day of testimony. A large share of vessel oper- pay for scrubbers. The suit, argued during the ators have chosen to limit their The cost of buying and in- past two weeks in a New York sulfur emissions with exhaust stalling the scrubbers is being no federal court, marked an un- systems called scrubbers that weighed against fuel expenses usual rejection of conclusions trap sulfur created by fuel- that make up around half of a reached by the Justice Depart- burning engines. ship’s operating costs. ment and FCC, which approved The systems cost several Clarksons Platou Securities the merger earlier this year af- million dollars but will allow said in a research note this past ter the two carriers made a the operators to avoid buying week that the price difference range of concessions. new low-sulfur fuel that oil between heavy oil and low-sul- Those included equipping traders say will be some 30% fur fuel blends was about $300 Dish Network Corp. with the more expensive than conven- a ton in Fujairah, in the Middle building blocks to create a cell- tional bunker fuel. That will East, and $285 a ton in Singa- phone network, which would give ships with scrubbers a big pore. preserve four players in the cost savings that companies ex- A dozen shipping and bun- consumer wireless market. pect to use to get an edge in kering executives said in inter- A group of 13 states and the competition for international views they expect the low-sul- District of Columbia say the cargoes. “There is a significant fur fuels to cost about $240 concessions aren’t good enough premium for scrubber-fitted more per ton than conventional to protect consumers from the vessels next year,” said George fuel by the end of next year. prospect of higher prices if the Lazaridis, head of research at Danish container shipping merger is allowed. Athens, Greece-based Allied giant A.P. Moller-Maersk AS U.S. District Judge Victor Shipbroking Inc. “Those who said it is keeping its options Marrero, who is presiding over put money into them made a open but added that using the states’ case, has called the big bet and now it’s payback cleaner fuels is the preferred Justice Department the “ele- time.” choice for much of its fleet be- phant not in the room.” The gap is growing out of an cause it expects the cost to de- The department and FCC antipollution mandate by the cline as refiners increase out- fired back at the states in a court International Maritime Organi- put. Maersk, which operates a filing Friday, arguing the states’ zation, the maritime regulating fleet of more than 700 vessels, merger challenge would undo arm of the United Nations. expects the cleaner fuels could important consumer benefits se- Starting Jan. 1, some 60,000 raise its fuel spending by about cured by the federal government oceangoing vessels must cut 40%, or $2 billion annually. during its review and approval their sulfur emissions by more Critics contend scrubbers of the merger, such as improved than 85%. The approved meth- are a poor method for cleaning MEYER WERFT/YARA service in rural America. ods are scrubber exhaust sys- air. Some shipping groups say Representatives for the at- tems or burning cleaner fuels the systems merely push air- torneys general of New York that have been developed as an borne sulfur pollutants into the and California, which are lead- alternative to the heavy-pollut- sea. And some operators say ing the merger challenge, de- ing bunker that has long pow- scrubbers have leaked and cor- clined to comment. ered commercial ships. The International Energy Agency estimates that by 2025 some 5,000 ships will have exhaust scrubbers. roded during sailings. Judge Marrero heard exten- Shipping-industry executives “We have used them for sive testimony from some of expect the mandate to add there will be some 5,000 ships lation in putting off the fuel Management AS. Frontline is 50,000 hours. It’s like a saltwa- the telecom industry’s top exec- some $50 billion in fuel costs using scrubbers, covering about switch for now. one of the world’s biggest ter shower that cleans the ex- utives, including T-Mobile Chief over the next four years. The 30% of world-wide tonnage. “There are significant fuel tanker operators, with 72 crude haust,” Mr. Macleod said. Executive John Legere and Dish fuel switch is the first step in a Scrubbers typically last for up cost savings with scrubbers and carriers in its fleet. “There were some teething Chairman Charlie Ergen. The decadeslong plan that will to five years, after which opera- we’ll have them on half of our “The scrubbers cost us be- problems, like software issues companies have argued the eventually push the industry tors will move to use low-sulfur fleet by the second quarter,” tween $2 million and $4 million to get them going at the start. states’ lawsuit ignored immense toward carbon-neutral vessels. fuels. said Robert Hvide Macleod, the per ship, and we expect a pay- But overall they work quite cost savings from combining The International Energy Shipowners say they are chief executive of Norway- back on the investment over well, and it’s an approved IMO the two carriers’ networks. Agency estimates that by 2025 making a clear economic calcu- based tanker giant Frontline the next nine to 18 months,” method.” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B4 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. EXCHANGE How far does a $50K salary go when you’re starting out? THE CAPTAIN CLASS | SAM WALKER It depends a lot on where you live. Recent graduates in entry-level jobs will make an average of $51,347 annually in 2019, according to recruiting firm Korn Ferry. In this se- ries, millennial workers tell The Wall Street Journal about what it’s like to live on roughly $50,000 a year in their city. From Oklahoma The Risks of Turning Our Backs on Football City to Detroit, they share their living expenses, whether they’re able to save, and what they do for fun. Here is the story of Catherine Falvey, edited and condensed from a recent interview. —Francesca Fontana A sport that needs to be made safer is also uniquely effective at teaching kids about leadership and teamwork STARTING OUT ON $50K Every year, the Meanwhile, the sport lost 31,000 And all of them need leaders. BOSTON National Federation high school players last year, ac- Football’s violence is also of State High School cording to the NFHS; its fifth con- unique; that’s never been its finest Associations tabu- secutive annual decline. Forty-two trait. But the physical risk does lates how many U.S. states reported net losses, includ- serve a purpose. And it’s not about high school students ing football hotbeds such as Cali- “forging character in fire” or any played sports, and fornia, Florida and Ohio. other macho gibberish. LEAH FASTEN FOR THE WALL STREET JOURNAL; MAP ILLUSTRATION BY KYLE HILTON which sports they played. I can’t blame any parent, or More than any other main- The survey is inexact and its child, for abandoning ship. Nobody stream activity for kids, football findings are usually too incremen- needs to play football. But I sin- drives home the value of being a tal to cause a stir. But the 2018-19 cerely believe that the sport is competent, loyal, conscientious edition, released in August, con- worth saving. Football will never and selfless teammate. On the tained one legitimate and widely be entirely safe. But if the sport’s football field, the best way to min- reported bombshell. overseers figure out the right ad- imize risk is also the surest way to For the first time in 30 years, justments to make (see an entirely win. You have to do your job. Mis- high-school sports participation separate column), I have no doubt takes aren’t just personally humili- declined. that its positive influence on kids ating—they get people hurt. Put- The 3% drop in participants will continue to outweigh the ting the team’s goals ahead of your from the previous year wasn’t risks. Football, in my view, is one own and earning the trust of enormous—that translates to of the best tools we have for teammates are valuable skills for roughly 44,000 empty uniforms. teaching teamwork and leadership. navigating the real world. But it was definitely troubling. Ac- Consider this: The U.S. has Lots of team sports teach these cording to one projection, the total maintained a consistent global virtues, of course, but football number of students enrolled at edge in business, scientific re- does it viscerally. The risk of in- U.S. high schools was expected to search, military power and (recent jury accelerates the learning curve. rise by more than 50,000, which events notwithstanding) functional In the age of helicopter parenting, suggests the number of athletes government. We’ve shown that it’s one of the few supervised envi- should have risen, too. we’re pretty good at working to- ronments where kids can learn I assumed this would be tech- gether. And we’ve sustained this about risk. . Catherine Falvey nology’s fault; hard evidence that for decades even with schools that One unique quality that rarely ly Age: 26 screen time is making teenagers trail those in other nations by gets mentioned is football’s inclu- Salary: $52,000 more sedentary. But the numbers most measures of academic rigor. siveness. Soccer may be the Occupation: Research director for the Joint Committee on Cannabis don’t point there. By my calcula- Have you ever wondered why world’s game, but it demands a Policy, Massachusetts House of Representatives on tions, high-school sports teams that is? rare blend of quickness, agility and Rent: $500 for a bedroom in a two-bedroom apartment still filled nearly 8 million roster endurance. Basketball players are spots, which is roughly equivalent unusually tall and athletically to 47% of the overall student body. Football drives home the gifted, while baseball players need Where do you live? How much We also ski, and I invested in That figure is in fact close to a his- superior hand-eye coordination. In us l, do you pay for rent? a seasonal pass that allows me torical high. value of being a loyal, youth football, the bar is lower. In I live in a two-bedroom apart- to go to a bunch of different The chief culprit wasn’t a lack conscientious and fact, some kids make the team al a e ment in South Boston, colloqui- mountains throughout the win- of interest in sports. It’s the accel- with only one thing: speed, ally known as Southie. I always ter. That is somewhat expensive, erating rejection of the biggest selfless teammate. strength, intelligence—or just size. high-school sport of all: 11-player That last trait is important. If ci on wanted to come back to Boston about $700, but if you can ski after going to college [at Elon more than seven days in a sea- tackle football. you’re large, slow and plodding, University in North Carolina], son, it does end up being cheaper Last season, football suffered its Most high schools don’t teach most sports want nothing to do having grown up around the city. than buying a lift ticket every steepest loss of players in 33 “team studies” or “applied leader- with you. Football is the rare sport I came back in 2015 to go to Suf- time. I do manage to go more years, according to the NFHS, ship.” Traditional classes like so- that welcomes big kids—in fact, folk University Law School. than seven days a year. while its share of total sports par- cial studies, history and civics may they often become stars. For this er rs My parents own an apartment ticipants fell below 13% for the touch on those themes, but only in at-risk slice of the population, it’s here, so my roommate and I con- Do you have any pets? first time on record. passing. My theory is that Ameri- the only game in town. tribute half of the mortgage each I have a cat and the only ex- Before we continue, I should can schools haven’t bothered Tackle football, of course, is pri- month. We pay about $500 each, penses are his food and litter, probably make a confession. I love teaching teamwork in classrooms marily played by boys. The NFHS m e which is incredibly low compared which come out to roughly $75 a football. because they didn’t need to. That’s reports that only 2,400 girls joined with rent in the area. I have month. I’ve used Chewy to find I’ve invested years of my life what organized sports are for. 11-member teams last season, com- friends who each pay $1,400 in a pet supplies for cheap. He’s older watching it, trying to play it as a U.S. high schools devote vastly pared to just over a million boys. m rp $2,800 two-bedroom apartment, so he doesn’t require a ton of kid, covering it as a reporter for more money, facilities and instruc- But if you think girls don’t want to and pay $3,600 for a three-bed- toys or scratching posts. His an- this newspaper and, more often tional resources to sports than play football, or can benefit from room. Living in a property my nual checkups are about $80. than I’d like to admit, beating the schools in other nations do. Col- it as much as boys, look up the parents own is the only way I drum of its intangible value. The leges also spend billions support- Women’s Football Alliance. can afford where I live. Are you able to save money? NFL appears in my recent book ing athletes—most of whom will This full-contact football league co Fo What does that look like? about leadership, and I have done stop competing after graduation. If for adult women has more than 50 What are the perks of the Right now I am able to save a and continue to do paid consulting American exceptionalism exists, is teams across the U.S. and thou- neighborhood? decent amount every month be- work for college and pro teams. it really possible to disregard this sands of participants. And they Southie is a younger neighbor- cause of my lower expenses in And yes, my wife and I allow our country’s exceptional investment don’t even get paid to do it. hood, which is attractive to me. terms of housing. I’ve built up my teenage son to play. in sports? And can we afford to Is “more football” the ultimate Boston is small for a major city checking account so it typically I am not, however, a football turn our backs on the nation’s No. solution? Absolutely not. At some but it has a lot of professional fluctuates between $8,000 and apologist. The game has some 1 sport by participation? point, we need to start teaching options, especially for someone $9,000 as a balance. I contribute chronic problems, chief among The three qualities that make teamwork and leadership in the with a law degree. The govern- about $30 a month to a retire- them the potential effects of con- football teams unique are size, classroom. Until then, however, ment is centralized in Boston as ment plan. It isn’t a ton, but I’m cussions. Repeated brain injuries structure and choreography. Every we’d be crazy not to employ every opposed to some other cities, planning on increasing that to can have devastating effects, football play is a complex, collab- imperfect tool we have. and there are a lot of law firms $50 in January and then hope- which become compounded the orative ballet in miniature. And And we still have football. and more options than if I had fully to $75 halfway through longer you play. The sport is ex- within every team there are three For now. stayed in North Carolina, or if I 2020. That may change, but for perimenting with new rules, better distinct subgroups (offense, de- n- lived in the suburbs. now, that’s my plan. equipment and tighter medical su- fense and kicking units) divided Mr. Walker, a former reporter and Once I get a little more com- pervision but I’m not convinced into roughly eight different posi- editor at The Wall Street Journal, Did you find it difficult to find a fortable with my budget and my that football’s establishment is ca- tion groups. In other words, join- is the author of “The Captain job after law school? finances, I do plan to open a sav- pable of reforming itself without ing a football team requires join- Class: A New Theory of no My first job after law school was ings account. being pushed. ing three or four teams at once. Leadership” (Random House). at a small real-estate law firm. It wasn’t my first choice, but I took Do you have student loans? it because I was afraid of not I am lucky enough not to have having an income. I worked there student loans. I got a scholarship for 11 months before I got my for law school, which paid for current job in cannabis law. about half of my total tuition. My I didn’t expect to make six fig- parents paid my tuition for un- ures right off the bat, but I dergrad and the rest of my law thought that [my law degree] school tuition. would bump my pay grade up a There was a $2,100 prep little bit, to maybe $60,000 or course for the bar exam and to $70,000. take the bar cost around $1,000. I paid for the exam, and the prep How do you get to work? course was a graduation gift. I take public transportation and I also paid to transfer my bar it’s about $90 a month for a score to another state. For New monthly train and bus pass. I do Hampshire, since I was admitted, have a car that was a family I’ve paid about $850 in new- hand-me-down that I use for er- member and annual dues. For rands after work or on the week- Massachusetts, I paid $170 for end. Luckily, parking is free, my initial bar dues. which is why I keep it, and it was paid off before my mom passed What are you saving for? What it onto me. Insurance is about are your saving goals? $3,500 for the year, and gas I’m primarily saving to buy a costs around $30 for a full tank. I house in the next two to three typically fill it twice a month. years, probably in a suburb where it’s more affordable. I don’t What are your typical Friday have a set amount that I hope to night or weekend plans? set aside for a down payment I usually stay in with my boy- yet, but it will be an ongoing con- friend. We watch movies or versation with my boyfriend be- sometimes go out to dinner. I cause we will be buying together. pay for our Hulu account and I’m Ideally, my parents won’t pitch still on my family’s Netflix ac- in. They’ve already given me so count. much. This is something I want If I’m going out I tend to go to to do on my own. the bars around my neighbor- hood. I walk to them so I don’t Since you graduated law school, have to pay for an Uber. I can’t what’s the biggest purchase stay out as late as I used to so I you’ve made? end up spending a lot less. Bos- My phone. I don’t make a ton of ton bars also mostly close at 1:30 snap purchases, and I’m not su- a.m., so that helps to save per into tech gadgets, so that BRIAN FINKE money. On weekends that we go saves me a lot. I bought the out, we probably spend from $50 iPhone XS for about $600. There to $100 on dinner and drinks. was a trade-in involved. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | B5 WEEKEND INVESTOR Rip van Winkle, THE INTELLIGENT INVESTOR | JASON ZWEIG dio Corp. of America found no who took a drink home in the portfolio. from the wrong keg The initial list had no financial and spent the next 20 years snoring, was a newbie at sleeping. Let me tell you about The Fund That Does a Lot stocks, presumably because so many depositors had pulled their money out during the bank runs of the Depression. The fund’s design- By Doing Nothing a mutual fund that bought a few ers “wanted to avoid companies stocks 84 years ago and hasn’t that they believed had the poten- moved a muscle ever since. tial for bankruptcy,” says William The fund, known today as Voya Theriault, a client portfolio man- Corporate Leaders Trust, was ager at Voya Investment Manage- launched Nov. 18, 1935, with its ment in New York, which oversees hands tied. It would hold the iden- It hasn’t made a major change to its portfolio since 1935, but it’s still going strong the fund today. tical number of shares in each of As you’d expect of a portfolio its 30 stocks. It could never that was set in concrete buy new holdings or sell during the Great Depres- out of its existing ones un- sion, Corporate Leaders less a company went bank- owns no technology or rupt, underwent a merger health-care stocks. The or became “inadvisable” to $800 million fund has al- keep. Corporate Leaders most all its assets in four became a portfolio frozen sectors: industrials, en- in time. ergy, basic materials and Crazy? financial services. (Its only Not at all. financial stock is Berkshire Corporate Leaders is so Hathaway.) And nearly old, nobody seems to know two-thirds of the fund is in its performance back to only four stocks: Union Pa- 1935. Between the begin- cific Corp., Berkshire Hath- ning of 1970 and Nov. 30, away, Linde and Exxon 2019, the fund gained an Mobil Corp. average of 11.1% annually, Because such concentra- according to Morningstar tion makes the fund rela- Inc.; the S&P 500 returned tively risky, I don’t recom- 10.5% annually over the mend buying it. And why same period. Corporate pay any fees on a frozen Leaders ranks 16th among portfolio when you could the 62 U.S. stock funds that freeze one of your own have been around since for free? 1970. That’s a stellar result John C. Bogle, the late for a fund that doesn’t even founder of the Vanguard have a portfolio manager. Group, often told me he What has kept it going thought individual investors strong all these years? should buy an equal amount In the earliest record I of two or three dozen high- could find, as of Dec. 31, quality stocks and salt them 1940, Corporate Leaders away for a lifetime. He be- . ALEX NABAUM held 139 shares apiece in lieved many would go to ly American Radiator & Stan- zero, but if only a few turned dard Sanitary Corp., Ameri- out to be big winners they can Tobacco Co., Socony- would carry the whole port- Vacuum Oil Co., Union on folio to an outstanding re- Carbide and Carbon Corp., West- turn—without any burden of fees. inghouse Electric and Manufactur- son, Topeka & Santa Fe Railway. sells some of its shares proportion- for 80 years. In 2015, its charter Mr. Bogle always cautioned that ing Co., F.W. Woolworth Co. and 24 And Union Carbide has morphed ately. Its annual turnover rate of was extended to the year 2100. this approach could work its maxi- other giants of the time. into Linde PLC, which is up 1,200% 7%—implying that it holds onto its Annual management fees—now mum magic only for investors who us l, Some of those holdings, like the over the past 20 years, a period typical share of stock for more than 0.59%—were fairly low. By almost never traded. Pennsylvania Railroad Co. and when the S&P 500 gained 230%, 14 years—is one of the lowest of never trading, Corporate Leaders The history of the Corporate al a e what is now Sears Holdings Corp., according to FactSet. any mutual fund. eliminated the brokerage costs Leaders fund suggests he may ended up essentially worthless. Without ever adding anything Morningstar analyst Kevin that dragged most funds’ returns have been right. With online bro- Others, such as General Electric from scratch, Corporate Leaders McDevitt says the fund was set up down by at least 1 percentage kerage firms moving to zero com- ci on Co., are fallen titans. still has 22 stocks, a mix of its to counteract some of the hazards point per year. missions, anyone in 2019 can emu- But the fund ended up owning holdings in 1935 and their descen- that led to the crash of 1929. Be- The founders built in a degree late what Corporate Leaders did in Warren Buffett’s Berkshire Hatha- dants through mergers and other cause risk-loving portfolio manag- of diversification with the require- 1935. The next 84 years might not way Inc. in 2010 after Mr. Buffett restructurings. When investors add ers had inflamed the mania that ment to hold 30 stocks across the be as lucrative as the past, but bought Burlington Northern Santa money, the fund buys more shares triggered the crash, the fund was energy, industrial, railroad and sealing a few percentage points of er rs Fe Corp.—an offspring of one of in the stocks it already holds; when put on permanent autopilot. It utility sectors. Hot stocks of the your portfolio in a time capsule the fund’s 1935 holdings, the Atchi- they withdraw money, the fund would buy, hold and do nothing day like Nash Motors Co. and Ra- has never been cheaper or easier. m e m rp You know a co Fo good deal when you see one. n- no How about up to $2,500 cash? At TD Ameritrade, we believe investors know the value of a great deal when they see one. That’s why, for a limited time only, when you open and fund a new account with us, we’ll provide you with up to $2,500 cash. And that’s in addition to $0 commissions* on online trades. Learn more at tdameritrade.com/2500offer *Applies to U.S. exchange-listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades. All investments involve risk, including risk of loss. See tdameritrade.com/2500offer for offer details and restrictions/conditions. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. TD Ameritrade, Inc., member FINRA/SIPC. © 2019 TD Ameritrade. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B6 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. EXCHANGE Walmart faster, said Rob High, chief tech- nology officer for IBM Edge Com- puting, who isn’t working with Puts Focus on Walmart on the project. Hypothetically, autonomous car makers could contract with Wal- Supercenters mart to do on-the-fly, fast calcula- tions in cars driving through town, hopping on and off various stores’ systems. Around 90% of Americans Continued from page B1 live within 10 miles of a Walmart, Turning far outside its retail ex- the company says. pertise, Walmart plans to build “edge computing” capacity, in 5G rollout which data is processed physically Mr. High said the rollout of faster, close to where it is being col- wireless 5G networks could allow lected, a faster system than send- more edge devices to be connected ing data to the cloud. That system, at once, making the technology spread out among retail locations, more useful. could be rented out amid new de- Walmart executives have met mand by autonomous vehicles and with telecoms to discuss allowing other systems that may use the them to install 5G antennas on the technology to process data quickly, roofs of stores for a fee or to pro- according to people familiar with vide access to faster network con- the company’s plans. nections, said a person familiar Added warehouse and shipping with the talks. capacity could be sold to third- The retailer is already adding party sellers, to allow more compa- computing power to its stores to nies to easily sell their wares on process data from new technolo- Walmart.com. Customers would gies such as robots that clean have a bigger product floors, sensors that alert selection, and Walmart staff when a freezer is could collect fees. And too warm and systems online orders for Wal- that use cameras to visu- mart’s groceries and ally track the pace of other items could in- sales. Walmart executives creasingly be fulfilled by think there will be excess traditional stores, where capacity to sell, accord- customers pick up goods. ing to people familiar “The time where peo- with the plans. ple might have been Walmart may not go worried that our boxes through with the plan to were too big has long use edge computing to passed,” Mr. McMillon generate profit, and some said at an investor executives have expressed meeting earlier this skepticism internally month. “The supercen- about pursuing the effort, ter footprint and posi- said a person familiar . tioning gives us a great with the situation. ly opportunity to expand The Walmart spokes- services and help the economics of man declined to comment. the model.” Walmart declined to Clockwise from top: A fulfillment center for Walmart’s online orders in In May, Walmart hired a make Mr. McMillon available for Bethlehem, Pa. A robot scans product levels in a Natrona Heights, Pa., on former Google and Ama- an interview. supercenter. A 24-hour grocery pickup location in Oklahoma City. zon executive as global chief technology officer, a Adding to market share newly created position that reports The retailer has largely weathered directly to Mr. McMillon. Suresh Strategy Shift us l, the shift to online shopping and Kumar previously spent about four the rise of Amazon. Sales from Part of Walmart CEO Doug McMillon’s new strategy is focused on growing through supercenters, the giant store years at Microsoft Corp. working al a e U.S. stores and websites open a format the retailer first opened in 1988. Walmart hopes to generate growth by adding retail services and using the on cloud infrastructure. year have risen for 20 straight physical locations for new forays into technology, as well as capitalizing on its vast amount of data on shoppers. Last year, former Walmart In- quarters, as Walmart added online ternational CEO David Cheese- ci on grocery pickup in store parking wright began researching artificial lots, cleaned up stores and low- intelligence and technology that ered prices. As other traditional might help Walmart boost profits retailers lose customers and fail to or save money, according to peo- compete, Walmart has increased NEW Digital PLANNED ple familiar with the situation. er rs its market share. advertising As another way to boost profits, The company’s stock has surged Walmart is working to sell more of nearly 30% so far this year, trading its vast trove of data on hundreds near the highest levels since the of millions of shoppers who buy m e retailer went public in 1970. Walmart Data online or use credit cards in But the sales gains have been health monetization stores, and to use that data to sell costly. Walmart spent heavily to more advertising. m rp improve stores and to grow online, Health clinics could draw Shopper data can be and the efforts have been depen- shoppers into stores, increasing sold to advertisers. dent on U.S. stores producing foot traffic, while stores provide ‘The time where people steady profits to fund investments. Unattended Delivery a location and data on demand. Walmart executives have been delivery as a service might have been worried co Fo wrestling with the best way to that our boxes were too continue, according to people fa- miliar with the situation. big has long passed.’ Walmart’s revenue is more than twice Amazon’s, but the pace of Amazon’s profit growth is racing In February, at a conference past Walmart’s. Last year, Amazon’s Customers can pick up or return Infrastructure that could be with suppliers, executives openly operating income tripled to $12.42 Supercenter discussed plans to create an adver- orders to stores, lowering costs used by autonomous vehicles billion, while Walmart’s operating Walmart.com Edge tising network that could help for shoppers and Walmart. or local businesses that need income grew 8% to $22 billion. Am- computing brands like Kellogg’s and Tide tar- Popular products and fast data processing can be built azon’s profits largely come from its groceries are available for at stores, generating income. get online ads based on Walmart cloud-computing arm and nonretail same-day pickup or delivery. shopper data. It was a service that activities, such as advertising. Walmart had previously relied on Amazon Web Services, the a unit of WPP PLC to sell. n- cloud-computing business, gener- The advertising effort has had a ated $25 billion of revenue in the bumpy start, according to a former first nine months of the year, or executive in the Walmart Media 13% of the total, yet it generated Group. Technical snafus after the no 62% of Amazon’s operating income Same day Digital business was brought in house in the period. Ad revenue at Ama- pickup/delivery entertainment/ caused many ads that had been zon hit over $3.6 billion in the Ventures that aren't Vudu sold to not appear online, according most recent quarter. The company likely to create profit or to former executives familiar with is now the third-largest U.S. seller growth for the business the situation and executives at con- of digital ads after Facebook Inc. are phased out. sumer-goods companies. and Alphabet Inc.’s Google, accord- Financial Walmart’s ad business is grow- EXISTING services PHASED OUT ing to eMarketer. ing, said the Walmart spokesman. At Walmart, more leaders are “As you would expect when you’re asking, “Where is our cloud?” said Source: People familiar with Walmart's strategy building a complete in-house me- one former Walmart executive. dia business, we’re learning and it- “We can’t do this without another erating along the way.” revenue source.” people familiar with the figures. mart. Modcloth was sold. Walmart Disney’s blueprint for growth at his Walmart.com is now working to Beginning in 2016, Walmart Though the e-commerce unit has has told Bonobos and Moosejaw film-production company, Mr. Mc- grow faster, but more profitably. moved aggressively onto Amazon’s long lost money, failing to hit tar- they need to stop losing money, Millon said during the meeting, ac- The company plans to add e-com- FROM TOP: MICHAEL NAGLE/BLOOMBERG NEWS; SUE OGROCKI/ASSOCIATED PRESS; ROSS MANTLE FOR THE WALL STREET JOURNAL e-commerce turf. It purchased gets was problematic for a com- according to people familiar with cording to the person. The drawing merce warehouse capacity to have Jet.com, an unprofitable startup pany obsessed with frugality that the situation. Walmart is also ex- detailed how cartoon movies could more of its products available for created to underprice Amazon on finely calibrates its financial goals, ploring a sale of Vudu, the video- feed profits in other businesses, next-day delivery, according to a millions of items. Jet’s founder said some of these people. streaming service it bought in such as television, comics, toys and person familiar with the situation. Marc Lore and much of his staff A Walmart spokesman declined 2010, according to a separate per- theme parks; and how those opera- Like Amazon, Walmart also plans took over Walmart’s wider e-com- to comment on e-commerce losses. son familiar with the situation. tions, in turn, could prop up the to invest in more capacity to offer merce operations. The company The website, selection and ship- The unit faces challenges as com- film studio. As some movie studios fulfillment services and warehous- soon took “Stores” out of its cor- ping speeds still need to improve, petitors from Netflix Inc. to Walt struggled at the time, Disney con- ing for third-party merchants—the porate name as “a symbol of how Mr. McMillon said at the investor Disney Co. invest heavily to pro- tinued to grow by using the inter- outside companies that list their customers are shopping us today meeting earlier this month. “I duce their own content. connected profit formula. goods on Walmart.com. and how they’ll increasingly shop would have thought we would Walmart’s stores could also act Earlier this year, Mr. Lore raised us in the future,” Mr. McMillon have been further along in e-com- Borrowing from Disney as a base for potentially profit- eyebrows around the office by al- said at the time. merce,” he said. “We’re not Walmart saw that a bright spot in making technology infrastructure ternately wearing two black base- Mr. Lore and his team poured pleased. We’d like to go faster.” e-commerce was directly tied to or business-to-business services. ball hats with white lettering read- investment into e-commerce oper- By the end of last year, executives its stores: More than half of the In edge computing, computing ing either “innovator” or ations by lowering prices online, in the e-commerce unit heard from 40% growth in U.S. e-commerce power is physically close to where “operator,” according to people fa- spending more on marketing and Mr. McMillon, Mr. Lore and other sales last year came from expand- data is being collected—in contrast miliar with the situation. prioritizing faster shipping. Mr. leaders that it was time to aggres- ing online grocery pickup or deliv- to cloud computing, in which com- In a meeting, wearing the “oper- Lore pushed Walmart to better in- sively cut spending, according to ery service run out of stores, ac- puting power is in distant server ator” hat, Mr. Lore jokingly ex- tegrate its store and online activi- people familiar with the situation. cording to people familiar with the farms, slowing down processing. plained the hats as a way to con- ties for shoppers, according to “It was a whipsaw effect from figures. At the same time, it was More devices such as drones, vey to everyone that he and the people familiar with the situation. one year to another,” said a former seeing results from its push to im- autonomous cars and sensors col- team could operate the business The team also scooped up smaller executive on the e-commerce side of prove stores, snagging shoppers lect data that could be processed effectively as well as push Wal- e-commerce sites, including the business. “In the beginning it from other traditional chains. by edge-computing systems. mart to try new tactics, according women’s apparel company Mod- was all about growth, how can you At the recent strategy meeting, It takes around a quarter to half to some of the people. Cloth, outdoor retailer Moosejaw win share away from Amazon,” the Mr. McMillon told top executives a second for data from a device to Mr. Lore wore the hats a couple and men’s apparel brand Bonobos. person said. “Now it’s about profit.” that giant stores could be the base reach the cloud. That length of of times to emphasize the need for Online sales grew, but losses Earlier this year, Hayneedle, the for new ventures like fast delivery, time “doesn’t sound like a lot, but dexterity on both fronts, said the mounted amid the high costs. Last online furniture seller that Jet.com health clinics and other services, if you are in your car and it’s try- Walmart spokesman. fiscal year, U.S. online operations acquired, cut a third of its staff. according to the person familiar ing to recognize a ball rolling out “He was like, I’m both,” said lost around $2 billion—more Bonobos laid off workers. What re- with the meeting. in the street or a kid running be- one of the people familiar with the money than planned for the sec- mained of Jet’s headquarters staff The concept borrowed from a fa- hind the ball,” that might be a de- situation. “And if you are confused ond year in a row, according to was folded into the rest of Wal- mous 1957 sketch that laid out Walt cision that needs to be made look at my hat.” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | B7 MARKETS DIGEST Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and 28455.09 Trailing P/E ratio 21.16 18.66 3221.22 Trailing P/E ratio * 25.23 19.46 8924.96 Trailing P/E ratio *† 27.12 20.15 commodities performed around the world for the week. s 78.13 P/E estimate * 18.99 14.48 s 15.85 P/E estimate * 19.58 15.09 s 37.74 P/E estimate *† 23.75 17.15 Stock Currency, Commodity, Exchange- Dividend yield 2.23 2.52 Dividend yield * 1.83 2.17 or 0.42% Dividend yield *† 0.98 1.26 or 0.28% or 0.49% index vs. U.S. dollar traded in U.S.* traded fund All-time high: All-time high Current divisor All-time high Lean hogs 16.87% 8924.96, 12/20/19 28455.09, 12/20/19 0.14744568353097 3221.22, 12/20/19 Corn 5.87 Session high FTSE 100 3.11 DOWN UP 29000 3200 8950 FTSE MIB 2.89 t Session open Close S&P 500 Utilities 2.71 Close Open 8725 S&P 500 Real Estate 2.66 t 28500 3150 Nymex RBOB gasoline 2.56 Session low S&P 500 Telecom Svcs 2.54 28000 3100 8500 S&P 500 Energy 2.52 S&P 500 Health Care 2.30 27500 3050 8275 Soybeans 2.29 Sao Paulo Bovespa 2.27 27000 3000 8050 South African rand 2.26 65-day moving average Nasdaq 100 2.25 65-day moving average 65-day moving average 7825 26500 2950 Nasdaq Composite 2.18 Bars measure the point change from session's open Russell 2000 2.07 26000 2900 7600 S&P MidCap 400 2.02 Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. S&P SmallCap 600 2.00 Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index S&P 500 Information Tech 1.92 Nymex ULSD 1.78 CAC-40 1.73 Major U.S. Stock-Market Indexes Trading Diary S&P 500 1.65 Latest 52-Week % chg Volume, Advancers, Decliners S&P BSE Sensex 1.64 High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Kospi Composite 1.56 Dow Jones Total volume*2,813,532,972 55,792,745 Stoxx Europe 600 1.55 Industrial Average 28608.64 28445.60 28455.09 78.13 0.28 28455.09 21792.20 26.8 22.0 12.5 Adv. volume*1,771,949,285 30,661,937 S&P 500 Consumer Discr 1.46 Transportation Avg 10912.58 10791.33 10900.73 95.95 0.89 11098.99 8637.15 22.8 18.9 5.4 Decl. volume* 984,086,079 25,035,485 Euro Stoxx 1.42 Utility Average 882.61 871.57 878.26 6.39 0.73 880.50 692.00 21.6 23.2 10.0 Issues traded 3,035 280 Nymex natural gas 1.39 Total Stock Market 32994.66 32904.40 32958.09 160.64 0.49 32958.09 24126.04 33.0 28.1 11.7 Advances 1,738 141 South Korean won 1.28 Barron's 400 734.51 731.96 733.91 3.95 733.91 571.68 25.7 20.4 6.3 Declines 1,209 126 Comex silver 1.28 0.54 Unchanged 88 13 Shanghai Composite 1.26 Nasdaq Stock Market New highs 272 9 Bloomberg Commodity Index 1.23 Nasdaq Composite 8931.91 8901.87 8924.96 37.74 0.42 8924.96 6192.92 40.9 34.5 17.6 New lows 9 3 S&P 500 Consumer Staples 1.22 Nasdaq 100 8687.66 8656.48 8678.49 37.20 0.43 8678.49 5899.35 43.5 37.1 20.6 Closing Arms† 0.82 0.78 S&P 500 Materials 1.19 Block trades* 7,178 210 IBEX 35 1.17 S&P Nasdaq NYSE Arca Dow Jones Transportation Average 1.16 500 Index 3225.65 3216.03 3221.22 15.85 0.49 3221.22 2351.10 33.3 28.5 12.4 S&P/ASX 200 1.14 MidCap 400 2069.95 2060.34 2065.61 11.30 0.55 2065.61 1567.40 28.2 24.2 7.0 Total volume*3,718,457,626 248,517,795 Dow Jones Industrial Average 1.14 SmallCap 600 1026.15 1021.66 1022.88 0.44 0.04 1022.88 793.86 26.3 21.1 6.2 Adv. volume*2,177,493,112 180,607,885 Comex copper 1.10 Decl. volume*1,455,910,362 67,281,704 . Other Indexes Russian ruble 0.90 Issues traded 3,308 1,608 ly Russell 2000 1674.43 1668.86 1671.90 4.81 0.29 1671.90 1266.93 29.4 24.0 6.5 Nymex crude 0.77 Advances 1,861 1,116 NYSE Composite 13914.28 13831.67 13889.25 57.58 0.42 13889.25 10769.83 25.8 22.1 7.5 S&P/TSX Comp 0.68 Declines 1,341 451 Value Line 552.40 549.85 1.70 0.31 552.12 446.06 16.8 Hang Seng 0.66 551.55 20.9 2.3 Unchanged 106 41 Norwegian krone 0.65 NYSE Arca Biotech NYSE Arca Pharma 5173.91 658.22 5125.79 654.39 5170.44 655.27 35.07 4.38 on 0.68 0.67 5261.79 655.27 3890.37 535.91 31.2 19.4 22.5 15.2 17.4 11.0 New highs New lows 337 51 477 50 IPC All-Share Wheat 0.57 0.56 KBW Bank 114.02 112.89 113.16 0.01 0.01 113.97 80.78 37.1 31.9 6.6 Closing Arms† 0.93 0.92 S&P 500 Financials 0.50 PHLX§ Gold/Silver 99.51 97.55 97.56 -1.84 -1.85 101.76 66.14 42.1 38.1 9.7 Block trades* 15,084 1,353 us l, WSJ Dollar Index 0.39 PHLX§ Oil Service 77.63 76.30 76.64 -0.84 -1.09 102.39 59.66 -1.1 -4.9 -25.7 * Primary market NYSE, NYSE American NYSE Arca only. Australian dollar 0.36 PHLX§ Semiconductor 1856.41 1837.67 1853.87 18.90 1.03 1853.87 1069.39 68.3 60.5 26.4 †(TRIN) A comparison of the number of advancing and declining Mexico peso al a 0.35 e issues with the volume of shares rising and falling. An Cboe Volatility 12.61 12.04 12.51 0.01 0.08 36.07 11.54 -58.5 -50.8 3.0 DAX 0.27 Arms of less than 1 indicates buying demand; above 1 Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. S&P 500 Industrials 0.26 ci on iShJPMUSEmgBd 0.14 iShiBoxx$HYCp 0.13 International Stock Indexes Percentage Gainers... Swiss franc 0.12 Latest YTD Latest Session 52-Week Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Canada dollar 0.09 Indonesian rupiah 0.05 er rs World The Global Dow 3248.06 7.36 0.23 18.8 LAIX ADR LAIX 7.68 3.54 85.51 14.10 2.01 -1.5 Cortexyme CRTX 66.08 18.71 39.50 68.93 19.35 ... -0.06 Comex gold DJ Global Index 432.08 1.36 0.32 23.2 China Online Educ ADR COE 10.00 2.72 37.36 10.71 3.68 92.3 -0.11 Japanese yen DJ Global ex U.S. 261.80 0.27 0.10 17.6 Applied Genetic Techs AGTC 3.84 0.88 29.73 4.95 2.26 68.4 -0.17 iSh 1-3 Treasury Americas DJ Americas 758.53 3.44 0.46 27.8 Arbutus Biopharma ABUS 2.89 0.61 26.75 4.75 0.82 -17.7 -0.19 iSh TIPS Bond m e Brazil Sao Paulo Bovespa 115121.08 –10.17 –0.01 31.0 -0.22 VangdTotIntlBd Prothena PRTA 15.85 3.02 23.54 16.76 6.71 78.3 Canada S&P/TSX Comp 17118.44 54.40 0.32 19.5 -0.30 VangdTotalBd Ruhnn Holding ADR RUHN 6.20 1.12 22.05 12.14 3.06 ... m rp Mexico S&P/BMV IPC 44505.64 –143.79 –0.32 6.9 -0.32 iShNatlMuniBd 10x Genomics TXG 73.82 12.09 19.59 74.96 45.11 ... Chile Santiago IPSA 3383.21 –13.06 –0.38 –10.1 BioNTech ADR BNTX 34.97 5.63 19.19 38.75 12.53 ... -0.39 Euro area euro EMEA Stoxx Europe 600 418.40 3.33 0.80 23.9 Rite Aid RAD 14.03 2.19 18.50 20.00 5.04 -1.2 -0.48 Chinese yuan Eurozone Euro Stoxx 407.33 3.28 0.81 24.0 Precision Biosciences DTIL 14.32 2.23 18.44 23.67 6.24 ... -0.52 Indian rupee Belgium Bel-20 3992.93 7.64 0.19 23.1 Cabaletta Bio CABA 10.13 1.55 18.07 18.28 7.56 ... -0.57 iShiBoxx$InvGrdCp co Fo Denmark OMX Copenhagen 20 1134.31 9.34 0.83 27.2 Cohen & Co COHN 3.83 0.56 16.97 9.50 2.79 -54.7 -0.79 iSh 7-10 Treasury France CAC 40 6021.53 49.25 0.82 27.3 Lightbridge LTBR 4.86 0.68 16.27 13.44 3.38 -33.1 -0.86 Nikkei 225 Germany DAX 13318.90 106.94 0.81 26.1 Phathom Pharmaceuticals PHAT 23.41 3.24 16.06 28.51 18.51 ... -1.72 iSh 20+ Treasury Israel Tel Aviv 1677.56 … Closed 14.6 Italy FTSE MIB 24003.64 294.70 1.24 31.0 Percentage Losers -2.46 UK pound Latest Session 52-Week *Continuous front-month contracts Netherlands AEX 609.26 3.49 0.58 24.9 Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). Russia RTS Index 1523.77 4.28 0.28 42.6 Stealth BioTherap ADR MITO 4.75 -8.95 -65.33 20.99 4.26 ... THE WALL STREET JOURNAL South Africa FTSE/JSE All-Share 57411.21 –147.71 –0.26 8.9 Abeona Therapeutics ABEO 3.12 -1.89 -37.70 8.41 1.46 -52.4 Spain IBEX 35 9675.50 58.30 0.61 13.3 See an expanded daily list of selected global stock indexes, bond ETFs, currencies CalAmp CAMP 9.67 -2.19 -18.43 14.91 9.35 -18.3 Sweden OMX Stockholm 685.06 0.84 30.4 and commodities at WSJ.com/TrackTheMarkets 5.70 Technical Communications TCCO 4.15 -0.93 -18.31 10.49 1.81 62.1 Switzerland Swiss Market 10679.37 104.22 0.99 26.7 Naked Brand Group NAKD 2.14 -0.44 -17.05 100.00 1.91 -97.9 Turkey BIST 100 111176.75 577.32 0.52 21.8 Leaf Group LEAF 3.76 -0.54 -12.56 9.19 2.73 -47.0 U.K. FTSE 100 7582.48 8.66 0.11 12.7 Health Ins Innovations A HIIQ 19.86 -2.82 -12.43 46.60 15.95 -25.9 0.04 n- U.K. FTSE 250 21674.30 8.16 23.8 Asia-Pacific KLX Energy Services Hldgs Innovative Sols & Support KLXE ISSC 6.12 6.13 -0.78 -0.76 -11.30 -11.03 30.11 4.12 7.11 2.05 -72.9 189.2 Speed-Read the Markets Australia S&P/ASX 200 6816.30 –16.81 –0.25 20.7 US Steel X 11.92 -1.44 -10.78 24.74 9.93 -34.5 China Shanghai Composite 3004.94 –12.13 –0.40 20.5 Dicerna Pharmaceuticals DRNA 23.28 -2.79 -10.70 27.68 9.31 140.7 no Hong Kong Hang Seng 27871.35 70.86 0.25 7.8 Contango Oil & Gas MCF 4.10 -0.47 -10.28 4.79 0.85 33.6 With 30-plus charts and concise analysis, India S&P BSE Sensex 41681.54 7.62 0.02 15.6 -10.21 -61.5 Valaris VAL 5.19 -0.59 19.56 3.42 The Daily Shot morning newsletter delivers an Japan Nikkei Stock Avg 23816.63 –48.22 –0.20 19.0 Pacific Drilling PACD 3.28 -0.37 -10.14 16.00 2.48 -70.2 Singapore Straits Times 3212.39 0.16 4.7 overview of the trends impacting global markets. 4.97 OncoCyte OCX 2.04 -0.23 -10.13 6.92 1.34 38.8 South Korea Kospi 2204.18 7.62 0.35 8.0 Sign up now at WSJ.com/DailyShot Taiwan TAIEX 11959.08 –59.82 –0.50 22.9 Most Active Stocks Volume % chg from Latest Session 52-Week Thailand SET 1572.92 –0.59 –0.04 0.6 Company Symbol (000) 65-day avg Close % chg High Low © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399 Sources: FactSet; Dow Jones Market Data Chesapeake Energy CHK 178,938 134.2 0.95 3.75 3.57 0.55 SPDR S&P 500 SPY 145,924 141.3 320.73 0.44 321.97 233.76 Get real-time U.S. stock quotes and track most-active Southwestern Energy SWN 109,853 420.9 2.30 -4.96 4.90 1.56 WSJ .COM stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Bank of America Uber Technologies BAC UBER 109,227 95,444 120.5 34.96 0.03 305.5 30.45 1.53 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 35.27 47.08 22.66 25.58 Currencies U.S.-dollar foreign-exchange rates in late New York trading US$vs, US$vs, Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Fri YTDchg Fri YTDchg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 –0.1 Consumer Rates and Returns to Investor Benchmark Treasury Yields yield curve Forex Race Argentina peso .0167 59.7384 58.7 Europe Selected rates and Yield toRates maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .2438 4.1021 5.7 Czech Rep. koruna .04354 22.968 2.4 U.S. consumer rates notes and bonds major U.S. trading partners Canada dollar .7602 1.3155 –3.6 Denmark krone .1482 6.7456 3.6 Chile peso .001321 756.90 9.1 Euro area euro 1.1078 .9027 3.5 A consumer rate against its Five-year ARM, Rate Colombiapeso .000300 3332.50 2.6 Hungary forint .003352 298.31 6.5 benchmark over the past year 4.00% 8% Ecuador US dollar 1 1 unch Iceland krona .008182 122.22 5.2 Bankrate.com avg†: 4.35% Mexico peso .0528 18.9471 –3.6 Norway krone .1114 8.9740 3.8 s Yen AmericanAirlinesFederalCreditUnion 2.88% Uruguay peso .02653 37.7000 16.4 Poland zloty .2602 3.8435 2.8 5-year Treasury One year ago 3.00 4 5.00% Ft Worth, TX 800-533-0035 Asia-Pacific Russia ruble .01606 62.280 –10.1 t note yield t Sweden krona .1063 9.4062 6.3 Capitol Federal Svgs Bk 3.00% 2.00 0 Australian dollar .6901 1.4491 2.2 Switzerland franc 1.0175 .9828 0.1 4.00 China yuan .1427 7.0067 1.9 Shawnee, KS 800-222-7312 Turkey lira .1684 5.9399 12.3 t Hong Kong dollar .1283 7.7953 –0.5 5-year adjustable- Citadel Federal Credit Union 3.13% 1.00 s Ukraine hryvnia .0429 23.3154 –15.9 3.00 –4 India rupee .01407 71.060 2.1 Tradeweb ICE Friday Close s UK pound 1.3001 .7692 –1.9 t rate mortgage Exton, PA 800-666-0191 WSJ Dollar index Indonesia rupiah .0000715 13978 –2.8 (ARM) 0.00 Euro Middle East/Africa 2.00 –8 Japan yen .009136 109.46 –0.1 Haven Savings Bank 3.13% 1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002610 383.15 –0.4 Bahrain dinar 2.6524 .3770 0.02 Hoboken, NJ 201-659-3600 2019 Macau pataca .1245 8.0293 –0.5 Egypt pound .0623 16.0460 –10.4 1.00 month(s) years J F M A M J J A S O ND TD Bank, NA 3.13% Malaysia ringgit .2415 4.1400 0.2 Israel shekel .2877 3.4753 –7.1 maturity New Zealand dollar .6600 1.5152 1.8 Kuwait dinar 3.2930 .3037 0.2 2019 Hendersonville, NC 866-981-0778 Pakistan rupee .00645 154.950 10.8 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.725 Qatar rial .2746 3.641 0.2 –3.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7380 1.3550 –0.6 Saudi Arabia riyal .2666 3.7515 ... Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008625 1159.39 4.0 South Africa rand .0702 14.2551 –0.7 Sri Lanka rupee .0055227 181.07 –1.0 Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg Taiwan dollar .03319 30.126 –1.5 Prime rate* 4.75 4.75 4.75 l 5.50 1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03312 30.190 –6.6 WSJ Dollar Index 90.59 0.14 0.16 1.03 Libor, 3-month 1.93 1.90 1.89 l 2.82 0.94 U.S. Treasury, Barclays 2267.410 1.840 1.780 2.730 1.510 7.31 3.53 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.57 0.57 0.53 l 0.78 0.31 1.41 1.41 l 0.19 U.S. Treasury Long, Barclays 4016.380 2.310 2.210 3.090 1.880 15.42 7.75 Five-year CD, annual yield 30-year mortgage, fixed† 3.85 1.41 3.85 3.60 l 2.07 4.64 -0.42 Aggregate, Barclays 2121.500 2.350 2.300 3.380 2.060 9.00 4.28 Commodities Friday 52-Week YTD 15-year mortgage, fixed† 3.31 3.34 3.14 l 3.99 -0.14 Pricing trends on someClose raw materials, or commodities Net chg % Chg High Low % Chg % chg Fixed-Rate MBS, Barclays 2139.550 2.570 2.520 3.490 2.200 6.70 3.50 Jumbo mortgages, $484,350-plus† 4.02 4.24 4.02 l 4.71 -0.74 DJ Commodity 638.64 -0.43 -0.07 639.65 572.87 9.03 11.48 High Yield 100, ICE BofAML 3190.279 4.538 4.658 7.825 4.538 14.39 6.11 Five-year adj mortgage (ARM)† 4.35 4.42 3.94 l 4.78 0.40 TR/CC CRB Index 185.04 -0.08 -0.04 189.66 167.89 7.50 8.98 New-car loan, 48-month 4.48 4.44 4.41 l 4.81 1.42 Muni Master, ICE BofAML 565.111 1.631 1.617 2.549 1.459 7.08 4.45 Crude oil, $ per barrel 60.44 -0.74 -1.21 66.30 42.53 32.57 33.10 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 878.402 4.828 4.867 7.085 4.807 14.040 6.199 Natural gas, $/MMBtu 2.328 0.055 2.42 3.816 2.070 -38.99 -20.82 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1474.70 -3.50 -0.24 1550.30 1253.80 17.62 15.36 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B8 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. MARKET DATA Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Feb 70.850 71.225 70.300 70.675 –.300 108,131 March'20 28415 28526 s 28377 28482 81 102,223 Mini Russell 2000 (CME)-$50 x index April 77.500 77.825 76.900 77.500 … 66,182 S&P 500 Index (CME)-$250 x index Dec 1668.00 1673.90 s 1666.50 1672.12 4.72 74,772 Contract Open Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 3211.50 3229.50 s 3208.90 3225.70 14.00 9,942 March'20 1673.40 1679.70 s 1671.40 1674.00 2.00 488,932 Open High hi lo Low Settle Chg interest Jan 417.30 418.60 411.40 413.30 –3.90 1,320 June … … … 3225.90 14.10 145 June 1680.20 1680.20 s 1672.40 1676.70 4.60 90 Copper-High (CMX)-25,000 lbs.; $ per lb. March 424.80 424.80 420.30 422.80 .20 1,303 Mini S&P 500 (CME)-$50 x index Mini Russell 1000 (CME)-$50 x index Dec 2.8315 2.8315 2.8030 2.8110 –0.0205 1,182 Milk (CME)-200,000 lbs., cents per lb. Dec 3208.50 3220.25 s 3204.25 3194.80 2.90 587,777 Dec 1764.90 1770.60 s 1763.10 1770.40 7.30 2,118 March'20 2.8255 2.8340 2.7985 2.8060 –0.0205 160,171 Dec 19.38 19.38 19.36 19.36 … 4,990 March'20 3213.50 3229.50 s 3208.50 3225.70 14.00 2,736,522 March'20 1779.30 1783.70 s 1776.70 1780.60 7.60 8,183 Gold (CMX)-100 troy oz.; $ per troy oz. Jan'20 17.36 17.39 16.92 17.36 –.04 3,280 Mini S&P Midcap 400 (CME)-$100 x index Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 2046.00 2057.00 s 2053.30 2063.32 8.62 10,766 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 1476.70 1478.10 1474.70 1474.70 –3.50 481 2,434 2,440 2,405 2,417 –18 117,334 March'20 2058.30 2073.90 s 2055.80 2067.50 9.60 79,120 March 97.00 97.35 96.98 97.27 .32 32,313 Feb'20 1482.70 1484.80 1479.50 1480.90 –3.50 515,072 March April 1488.60 1490.40 1485.20 1486.60 –3.40 103,625 May 2,464 2,464 2,421 2,432 –24 75,163 Mini Nasdaq 100 (CME)-$20 x index June 96.65 96.98 96.65 96.92 .32 580 June 1494.60 1495.60 1491.00 1492.00 –3.50 62,790 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 8651.0 8700.0 s 8638.3 8707.5 65.0 62,524 Aug 1499.00 1501.00 1496.20 1497.30 –3.50 19,423 March 126.90 131.05 126.30 130.70 3.50 113,250 March'20 8679.5 8724.8 s 8665.3 8710.8 37.3 206,237 Source: FactSet Dec 1508.10 1510.00 1505.20 1506.40 –3.60 11,516 May 129.20 133.25 128.60 132.95 3.55 65,083 Palladium (NYM) - 50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec Jan'20 1963.00 1963.00 s … … 1963.00 1808.80 –92.10 … 1808.70 –92.10 4 ... March May 13.55 13.64 13.59 13.66 13.47 13.56 13.54 13.63 –.01 440,779 … 205,634 Bonds | WSJ.com/bonds March 1908.00 1918.60 1801.10 1808.90 –92.10 22,908 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June Sept 1910.00 1910.70 1798.70 1798.70 1799.20 1804.10 –91.60 1798.70 1796.90 –91.60 2,333 238 March May 25.85 26.20 25.85 26.20 25.85 26.20 25.86 26.20 –.04 … 2,402 1,525 Global Government Bonds: Mapping Yields Platinum (NYM)-50 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Dec 933.50 933.60 929.70 912.10 –21.40 23 March 67.58 68.31 67.12 67.96 .38 118,165 April'20 943.60 946.00 917.40 920.00 –22.00 56,348 May 68.53 69.25 68.14 69.00 .38 42,751 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Silver (CMX)-5,000 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 17.180 17.180 17.050 17.128 0.070 471 Jan 99.80 101.00 99.60 100.65 .90 5,698 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points March'20 17.115 17.315 17.080 17.224 0.070 163,479 March 103.35 104.50 103.00 104.15 .90 11,261 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 1.500 U.S. 2 1.632 s l 1.623 1.578 2.675 Feb 61.11 61.20 60.02 60.44 –0.74 457,079 Interest Rate Futures 1.750 10 1.915 t l 1.923 1.749 2.809 March 60.84 60.93 59.85 60.25 –0.63 280,208 April 60.46 60.56 59.56 59.95 –0.51 129,361 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2.000 Australia 2 0.886 s l 0.849 0.788 1.946 -74.6 -77.4 -72.9 March 182-150 182-290 181-200 182-220 –2.0 1,230,523 May 59.96 60.08 59.25 59.55 –0.42 119,177 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2.750 10 1.296 s l 1.279 1.084 2.352 -61.9 -64.5 -45.7 June 59.46 59.57 58.76 59.07 –0.36 198,166 March 156-020 156-110 155-190 156-080 –1.0 1,026,561 Dec 56.41 56.58 56.00 56.23 –0.16 215,054 June 155-040 155-250 155-050 155-180 –7.0 13 0.000 France 2 -0.625 t l -0.610 -0.596 -0.457 -225.7 -223.3 -313.1 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan 2.0307 2.0411 2.0146 2.0218 –.0077 44,454 0.000 10 0.057 t l 0.067 -0.039 0.678 -185.8 -185.6 -213.0 March 128-065 128-085 127-310 128-080 –2.0 3,657,577 Feb 2.0310 2.0408 2.0136 2.0206 –.0081 123,189 0.000 Germany 2 -0.629 t l -0.623 -0.633 -0.597 -226.0 -224.6 -327.1 June 127-310 128-035 127-280 128-035 –2.0 39 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan 1.7061 1.7226 1.7007 1.7058 –.0010 57,150 0.000 10 -0.250 t l -0.234 -0.343 0.233 -216.5 -215.7 -257.6 Dec 118-040 118-077 118-035 118-070 –1.5 18,521 Feb 1.7101 1.7239 1.7024 1.7072 –.0025 129,301 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'20 118-117 118-130 118-080 118-120 –1.7 4,255,419 0.050 Italy 2 -0.170 t l -0.169 -0.080 0.636 -180.2 -179.2 -203.8 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Jan 2.289 2.345 2.279 2.328 .055 74,626 Dec 107-175 107-179 107-169 107-185 .9 19,457 1.350 10 1.412 s l 1.388 1.204 2.739 -50.2 -53.5 -7.0 Feb 2.277 2.325 2.270 2.310 .045 324,987 March'20 107-207 107-211 107-195 107-214 1.1 3,615,296 March 2.219 2.256 2.213 2.240 .033 264,197 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.100 Japan 2 -0.090 s l -0.103 -0.211 -0.146 -172.1 -172.6 -282.0 April 2.173 2.208 2.169 2.194 .026 134,038 Dec 98.4450 98.4475 98.4425 98.4475 .0050 254,620 0.100 10 0.011 s l -0.005 -0.110 0.030 -190.3 -192.8 -277.9 May 2.195 2.228 2.190 2.215 .024 108,811 Jan'20 98.4350 98.4450 98.4350 98.4450 .0050 436,844 Oct 2.328 2.359 2.326 2.346 .021 82,708 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.050 Spain 2 -0.399 t l -0.399 -0.374 -0.173 -203.0 -202.1 -284.7 March 100-270 101-050 100-270 101-000 –5.0 60,467 0.600 10 0.445 t l 0.454 0.420 1.375 -146.9 -143.4 Eurodollar (CME)-$1,000,000; pts of 100% -147.0 Agriculture Futures Jan 98.1300 98.1400 98.1250 98.1375 .0075 271,856 3.750 U.K. 2 0.550 s l 0.550 0.574 0.728 -108.1 -107.3 -194.6 Corn (CBT)-5,000 bu.; cents per bu. March 98.2400 98.2450 98.2250 98.2350 –.0050 1,624,062 March 386.50 389.50 386.00 387.75 1.25 754,264 June 98.3050 98.3100 98.2850 98.2950 –.0150 1,293,906 1.625 10 0.785 t l 0.802 0.733 1.138 -113.0 -112.1 -167.1 July 398.50 401.50 398.00 399.50 .75 243,351 Dec 98.3650 98.3750 98.3450 98.3600 –.0150 1,152,696 Oats (CBT)-5,000 bu.; cents per bu. Source: Tullett Prebon March May 300.50 294.00 300.50 294.50 291.00 288.25 292.00 288.25 –5.25 –5.25 4,895 290 Currency Futures Corporate Debt Soybeans (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Jan 925.00 930.00 924.00 928.25 3.75 139,174 Jan .9160 .9167 .9147 .9151 –.0017 2,396 March 936.00 941.00 935.25 938.25 2.00 315,946 March .9191 .9199 .9178 .9182 –.0017 172,153 that same company’s share price. Soybean Meal (CBT)-100 tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD Investment-grade spreads that tightened the most… Jan 299.00 299.80 297.80 297.90 –.50 59,347 Jan .7618 .7623 .7592 .7603 –.0021 1,041 March .7623 .7624 .7591 .7605 –.0021 149,911 Spread*, in basis points Stock Performance March 303.30 304.00 302.00 302.20 –.50 197,068 Soybean Oil (CBT)-60,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Jan 33.87 33.99 33.56 33.79 … 62,068 Jan 1.3026 1.3092 1.2995 1.3030 .0002 7,755 March 1.3045 1.3116 1.3015 1.3052 .0002 197,539 Royal Bank of Scotland RBS 6.125 Dec. 15, ’22 98 –22 n.a. 6.30 –2.48 . March 34.15 34.27 33.85 34.06 –.01 228,392 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Swiss Franc (CME)-CHF 125,000; $ per CHF General Electric GE 5.000 Jan. 21, ’49 274 –19 288 11.03 ... 1.0289 1.0292 1.0236 1.0244 –.0051 59,097 ly March Jan 1277.00 1289.50 s 1274.50 1288.00 8.50 2,521 Walgreens Boots Alliance WBA 3.450 June 1, ’26 110 –19 128 58.39 1.11 June 1.0322 1.0356 1.0306 1.0309 –.0052 62 March 1301.00 1314.00 s 1299.50 1311.00 6.50 7,689 Wheat (CBT)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD Brighthouse Financial BHF 3.700 June 22, ’27 169 –18 190 41.30 –1.71 Jan .6897 .6910 .6888 .6907 .0016 1,494 March 545.25 549.00 538.75 542.25 –3.00 210,519 March .6898 .6921 .6897 .6917 .0016 152,755 Fluor FLR 3.500 Dec. 15, ’24 148 –18 157 18.36 2.23 July 550.50 553.25 544.75 548.75 –2.00 77,118 Mexican Peso (CME)-MXN 500,000; $ per MXN EQT EQT 3.000 Oct. 1, ’22 226 –12 260 10.54 –1.22 Wheat (KC)-5,000 bu.; cents per bu. March May 460.50 468.75 464.75 472.75 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 457.00 465.75 462.25 470.25 1.75 154,424 1.50 50,329 Jan March on .05266 .05217 Euro (CME)-€125,000; $ per € .05274 s .05229 s .05262 .05207 .05265 .00008 383 .05216 .00007 276,993 Bank of America NetApp BAC NTAP 3.300 3.250 Jan. 11, ’23 Dec. 15, ’22 36 –11 50 –10 47 n.a. 34.96 62.07 0.03 –1.83 Jan 1.1135 1.1144 1.1088 1.1096 –.0049 1,923 144.775 144.875 143.850 144.275 –.450 14,643 Jan March 1.1187 1.1189 1.1131 1.1140 –.0048 529,665 …And spreads that widened the most us l, March 145.100 145.100 144.075 144.375 –.450 18,795 Cattle-Live (CME)-40,000 lbs.; cents per lb. Index Futures Sumitomo Mitsui Financial SUMIBK 2.632 July 14, ’26 78 13 74 ... ... Dec 122.225 122.400 121.800 122.225 .100 4,234 Feb'20 125.775 126.050 125.225 125.800 .175 167,544 Mini DJ Industrial Average (CBT)-$5 x index Goldman Sachs GS 4.800 July 8, ’44 112 7 116 228.93 –0.44 al a e Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 28390 28531 s 28373 28606 220 21,254 JPMorgan Chase JPM 6.000 Aug. 1, ’49 322 7 332 137.24 –0.08 Brighthouse Financial BHF 4.700 June 22, ’47 292 6 298 41.30 –1.71 ci on Exchange-Traded Portfolios | WSJ.com/ETFresearch Gilead Sciences Mid America Apartments GILD MAA 3.650 March 1, ’26 3.950 March 15, ’29 44 91 6 6 42 93 66.85 130.06 2.39 0.57 Closing Chg YTD MPLX MPLX 5.250 Jan. 15, ’25 126 6 n.a. 25.84 0.08 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Boeing BA 2.700 Feb. 1, ’27 65 5 65 328.00 –1.65 Closing Chg YTD iShRussell1000 IWB 177.97 0.53 28.3 Friday, December 20, 2019 Closing Chg YTD ETF Symbol Price (%) (%) iShRussell1000Val iShRussell2000Gwth IWD IWO 136.32 214.75 0.57 0.50 22.8 27.8 High-yield issues with the biggest price increases… er rs ETF Symbol Price (%) (%) iShSelectDividend DVY 105.76 0.59 18.4 iShRussell2000 IWM 165.97 0.14 24.0 Bond Price as % of face value Stock Performance CnsmrDiscSelSector XLY 124.55 0.15 25.8 iShEdgeMSCIMinEAFE EFAV 74.14 0.19 11.2 iShRussell2000Val IWN 128.67 –0.09 19.6 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg CnsStapleSelSector XLP 63.10 0.75 24.3 iShEdgeMSCIMinUSA USMV 65.54 0.64 25.1 iShRussell3000 IWV 188.01 0.45 28.0 EnSelectSectorSPDR XLE 61.36 0.96 7.0 iShEdgeMSCIUSAQual QUAL 100.93 0.57 31.5 iShRussellMid-Cap IWR 59.53 0.57 28.1 CHS/Community Health Systems CYH 6.875 April 1, ’28 57.000 5.00 n.a. … … FinSelSectorSPDR XLF 30.68 0.12 28.8 iShFloatingRateBd FLOT 50.89 –0.02 1.1 iShRussellMCValue IWS 94.52 0.56 23.8 HealthCareSelSect XLV 102.70 0.71 18.7 iShGoldTr IAU 14.12 –0.07 14.9 iShS&P500Growth IVW 192.81 0.54 28.0 Intelsat Luxembourg S.A. INTEL 8.125 June 1, ’23 60.000 2.25 47.000 ... ... m e IndSelSectorSPDR XLI 81.44 0.46 26.4 iShiBoxx$InvGrCpBd LQD 127.66 –0.03 13.2 iShS&P500Value IVE 129.93 0.47 28.5 Antero Resources AR 5.000 March 1, ’25 77.500 1.94 79.000 2.75 –8.33 InvscQQQI QQQ 211.71 0.40 37.2 iShiBoxx$HYCpBd HYG 87.72 –0.15 8.2 iShShortCpBd IGSB 53.52 0.04 3.6 InvscS&P500EW RSP 115.93 0.51 26.8 iShIntermCorpBd IGIB 57.85 0.02 10.4 iShShortTreaBd SHV 110.41 0.02 0.1 Dominion Diamond Mines NORACQ 7.125 Nov. 1, ’22 75.750 1.75 71.750 ... ... m rp 58.23 0.54 24.8 iShJPMUSDEmgBd EMB 113.94 0.25 9.7 116.59 –0.05 6.5 InvscS&P500LowVol SPLV iShTIPSBondETF TIP Chesapeake Energy CHK 5.750 March 15, ’23 70.000 1.68 69.200 0.95 3.75 iSh3-7YTreasuryBd IEI 125.48 –0.02 3.4 iShMBSETF MBB 108.00 0.08 3.2 iSh1-3YTreasuryBd SHY 84.53 ... 1.1 iShCoreDivGrowth DGRO 42.05 0.55 26.7 iShMSCI ACWI ACWI 78.87 0.18 22.9 iSh7-10YTreasuryBd IEF 110.28 ... 5.8 Chemours CC 5.375 May 15, ’27 89.250 1.50 86.250 17.99 –4.92 iShCoreMSCIEAFE IEFA 64.92 0.11 18.0 iShMSCIBrazil EWZ 46.25 –0.64 21.1 iSh20+YTreasuryBd TLT 136.65 0.13 12.5 Gulfport Energy GPOR 6.625 May 1, ’23 84.000 1.50 80.000 3.06 –7.69 iShCoreMSCIEmgMk IEMG 53.34 0.09 13.1 iShMSCI EAFE EFA 69.18 0.07 17.7 iShRussellMCGrowth IWP 152.89 0.73 34.5 iShCoreMSCITotInt IXUS 61.56 0.24 17.2 iShMSCI EAFE SC SCZ 61.47 0.11 18.6 iShUSTreasuryBdETF GOVT 25.92 0.04 5.2 TPC TPCG 10.500 Aug. 1, ’24 101.500 1.50 99.250 ... ... iShCoreS&P500 IVV 322.38 0.51 28.1 iShMSCIEmgMarkets EEM 44.61 0.20 14.2 JPM UltShtIncm JPST 50.48 0.02 0.7 iShCoreS&P MC IJH 205.94 0.50 24.0 iShMSCIJapan EWJ 59.82 –0.07 18.0 PIMCOEnhShMaturity MINT 101.68 0.02 0.7 …And with the biggest price decreases iShCoreS&P SC IJR 83.77 –0.15 20.8 iShNatlMuniBd MUB 113.78 –0.08 4.3 SPDR BlmBarcHYBd JNK 109.28 –0.18 8.4 co Fo iShS&PTotlUSStkMkt ITOT 72.45 0.46 27.6 iShPfd&Incm PFF 37.44 0.11 9.4 SPDR Gold GLD 139.52 0.10 15.1 United States Steel X 6.250 March 15, ’26 88.500 –3.07 89.250 11.92 –10.78 iShCoreUSAggBd AGG 112.32 0.02 5.5 iShRussell1000Gwth IWF 175.21 0.43 33.8 SchwabIntEquity SCHF 33.48 0.12 18.1 SchwabUS BrdMkt SCHB 76.71 0.47 28.0 Riverbed Technology RVBD 8.875 March 1, ’23 58.500 –1.75 47.500 ... ... SchwabUS Div SCHD 58.06 0.85 23.6 Valaris VAL 7.750 Feb. 1, ’26 55.000 –1.10 52.500 5.19 –10.21 SchwabUS LC SCHX 76.59 0.53 28.3 7.875 Aug. 15, ’25 –1.00 86.500 6.13 86.000 –6.13 Borrowing Benchmarks | WSJ.com/bonds Diamond Offshore Drilling DO SPDR DJIA Tr DIA 284.46 0.31 22.0 SPDR S&PMdCpTr MDY 375.56 0.49 24.1 Lee Enterprises LEE 9.500 March 15, ’22 94.000 –1.00 n.a. 1.22 –4.69 SPDR S&P 500 SPY 320.73 0.44 28.3 SM Energy SM 5.625 June 1, ’25 95.000 –1.00 94.000 10.62 –1.85 Money Rates December 20, 2019 SPDR S&P Div TechSelectSector SDY XLK 107.59 90.95 0.57 0.58 20.2 46.7 Teva Pharmaceutical Finance Netherlands Iii TEVA 6.750 March 1, ’28 100.000 –1.00 100.280 … … UtilitiesSelSector XLU 64.59 0.69 22.1 Key annual interest rates paid to borrow or lend money in U.S. and VanEckGoldMiner GDX 27.13 –1.27 28.6 Whiting Petroleum WLL 6.250 April 1, ’23 83.000 –1.00 77.998 6.85 –0.58 international markets. Rates below are a guide to general levels but VangdInfoTech VGT 243.01 0.56 45.7 *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. VangdSC Val VBR 138.15 0.36 21.1 don’t always represent actual transactions. VangdSC Grwth VBK 199.26 0.58 32.3 Note: Data are for the most active issue of bonds with maturities of two years or more VangdDivApp VIG 124.48 0.60 27.1 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data Week —52-WEEK— Inflation Latest ago High Low VangdFTSEDevMk VEA 44.24 0.16 19.2 VangdFTSE EM VWO 44.70 0.09 17.3 Nov. index Chg From (%) Britain 0.75 0.75 0.75 0.75 VangdFTSE Europe VGK 58.24 0.10 19.8 level Oct. '19 Nov. '18 Dividend Changes n- VangdFTSEAWxUS VEU 54.07 0.06 18.6 Australia 0.75 0.75 1.50 0.75 VangdGrowth VUG 181.82 0.49 35.4 U.S. consumer price index VangdHlthCr VHT 191.98 0.67 19.5 Secondary market VangdHiDiv VYM 94.47 0.66 21.1 Dividend announcements from December 20. All items 257.208 –0.05 2.1 VangdIntermBd BIV 87.24 0.08 7.3 Amount Payable / Amount Payable / Core 265.108 0.02 2.3 Fannie Mae VangdIntrCorpBd VCIT 91.31 –0.05 10.2 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record VangdLC VV 148.12 0.45 29.0 no International rates 30-year mortgage yields W.R. Berkley 5.1% Deb 2059 WRBpF ... .36833 Mar30 /Mar13 VangdMC VO 178.73 0.65 29.3 Increased 30 days 3.339 3.328 4.201 2.871 VangdMC Val VOE 119.80 0.52 25.8 Week 52-Week ABM Industries ABM 1.9 .185 /.18 Q Feb03 /Jan02 Stocks VangdMBS VMBS 53.21 –0.06 3.3 60 days 3.349 3.338 4.222 2.890 FMC FMC 1.6 .44 /.40 Q Jan16 /Dec31 Naked Brand Group NAKD 1:100 /Dec20 Latest ago High Low VangdRealEst VNQ 91.57 0.55 22.8 Urstadt Biddle Properties UBP 5.1 .25 /.245 Q Jan17 /Jan03 Notes on data: VangdS&P500ETF VOO 296.30 0.51 28.9 Prime rates VangdST Bond BSV 80.57 –0.07 2.5 Urstadt Biddle Prprts A UBA 4.6 .28 /.275 Q Jan17 /Jan03 Foreign U.S. prime rate is the base rate on corporate W. P. Carey Inc. WPC 5.3 1.038 /1.036 Q Jan15 /Dec31 Accenture Cl A ACN 1.5 .80 SA Feb14 /Jan16 U.S. 4.75 4.75 5.50 4.75 loans posted by at least 70% of the 10 largest VangdSTCpBd VCSH 81.02 0.02 4.0 VangdSC VB 166.62 0.42 26.2 Petroleo Brasileiro ADR A PBR.A 3.4 .20665 Feb18 /Dec30 Canada 3.95 3.95 3.95 3.95 U.S. banks, and is effective October 31, 2019. Initial VangdTotalBd BND 83.94 0.02 6.0 Japan 1.475 1.475 1.475 1.475 Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 57.97 0.09 6.9 Columbia Res Enh Core RECS ... .10598 Dec26 /Dec23 Special lending practices vary widely by location. 55.92 18.4 Columbia Res Enh Value REVS ... .14486 Dec26 /Dec23 Vornado Realty Trust VNO 3.9 .21 Jan15 /Dec30 VangdTotIntlStk VXUS 0.04 Policy Rates Complete Money Rates table appears Monday VangdTotalStk VTI 164.19 0.51 28.6 Urstadt Biddle Pfd. K UBPpK 5.8 .4896 Jan31 /Jan17 Vornado Realty Trust VNO 3.9 1.74 Jan15 /Dec30 Euro zone 0.00 0.00 0.00 0.00 through Friday. VangdTotlWrld VT 81.27 0.30 24.2 Switzerland 0.50 0.50 0.50 0.50 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 120.75 0.59 23.3 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. New Highs and Lows | WSJ.com/newhighs Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Stock 52-Wk % Sym Hi/Lo Chg Diodes DIOD 52.93 0.9 GlobalShipLease GSL 9.05 1.7 LibertyFormOne A FWONA 44.21 -0.3 Newmark NMRK 13.85 0.7 SandySpringBncp SASR 38.16 1.7 TransDigm TDG 594.95 2.8 BioHiTech BHTG 1.54 -3.1 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Donaldson DCI 58.10 1.8 GlobeLife GL 107.28 0.8 LibertyFormOne C FWONK 46.55 -0.5 NextEraEnergyUn NEEpO 51.34 0.7 Sanofi SNY 50.79 0.2 TriCoBancshares TCBK 41.42 0.1 CYREN CYRN 1.23 3.0 American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DorianLPG LPG 15.30 -1.1 GlobusMedical GMED 60.15 -1.1 EliLilly LLY 137.00 1.2 NextEraEnergy NEE 245.01 0.9 Scholastic SCHL 45.80 8.3 TrioTech TRT 4.18 6.8 CapitalSrLiving CSU 3.12 -2.2 in the latest session. % CHG-Daily percentage change from the previous trading session. DouglasDynamics PLOW 56.55 3.9 GoldmanSachsPfA GSpA 21.99 0.5 LincolnElectric LECO 97.94 1.1 NicoletBankshares NCBS 75.81 0.2 ScorpioTankers STNG 38.08 -1.5 TritonIntl TRTN 39.99 1.7 Check-Cap WtC CHEKZ 0.07 1.1 ESCO Tech ESE 92.39 0.2 GoresHldgsIII GRSH 11.25 0.5 Linde LIN 213.94 1.3 Nike NKE 101.40 -1.2 SeacoastBkgFL SBCF 31.06 0.6 TsakosEnergy TNP 4.26 1.5 ChinaGreenAg CGA 2.53 -1.4 Friday, December 20, 2019 EagleFinBncp EFBI 16.66 3.8 Gorman-Rupp GRC 39.60 -1.6 LogitechIntl LOGI 46.45 0.7 NordicAmTankers NAT 4.96 0.2 SempraEnergy SRE 154.47 -0.4 TurningPtTherap TPTX 64.47 1.9 ChinaSXTPharm SXTC 0.65 4.4 52-Wk % 52-Wk % 52-Wk % Eaton ETN 95.46 0.2 HCA Healthcare HCA 150.17 1.5 Lumentum LITE 78.99 0.2 NorthwestNat NWN 74.13 0.7 SempraEnPfdB SREpB 121.60 ... TwelveSeasRt BROGR 1.00 -1.9 CorrevioPharma CORV 0.35 -4.0 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EldoradoResorts ERI 58.53 -0.4 Hanger HNGR 27.80 -0.9 MDU Rscs MDU 29.82 0.9 NorwoodFin NWFL 39.22 1.1 SeniorHousingNts SNHNI 24.94 -0.3 TwoHarborsPfdB TWOpB 27.80 1.0 CounterPath CPAH 0.85 -10.0 EllingtonFinPfdA EFCpA 25.58 -0.1 HannonArmstrong HASI 32.61 0.9 MFA Financial MFA 7.91 0.8 NovaMeasuring NVMI 38.18 2.4 ServisFirstBcshs SFBS 38.56 -0.1 TwoRiverBancorp TRCB 22.39 0.8 EksoBionics EKSO 0.39 -5.6 ArchCapital ACGL 43.02 0.6 CaesarsEnt CZR 13.53 -0.1 39.50 0.8 47.64 1.5 23.45 0.9 3.25 0.4 30.15 2.8 Highs Arcosa ACA 46.33 -1.2 CampbellSoup CPB 49.26 2.0 Enbridge Endava ENB DAVA 48.75 2.7 HawaiianElec HE HeartlandFinUSA HTLF 50.24 0.6 MVB Financial MVBF MackinacFin MFNC 17.00 0.6 Novan Nuvasive NOVN NUVA 77.33 1.0 SierraBancorp BSRR SiliconLab SLAB 116.19 0.2 TylerTech UFP Tech TYL UFPT 299.85 49.91 1.1 0.9 electroCore Endologix ECOR ELGX 1.16 -4.7 1.57 -4.5 Ardelyx ARDX 8.49 -2.3 CanNaturalRes CNQ 31.94 -0.2 AAR AIR 52.78 13.6 Entegris ENTG 51.41 0.2 HelenofTroy HELE 178.76 3.1 ManulifeFin MFC 20.12 1.3 NuvESGHYCorpBd NUHY 25.38 -0.1 SiriusXM SIRI 7.18 1.4 US BancorpPfdK USBpP 27.85 0.2 Energous WATT 1.66 0.6 AresCommRealEst ACRE 16.18 0.8 CapitalProduct CPLP 13.42 -0.2 ACI Worldwide ACIW 38.09 0.8 EntergyTX PfdA ETIp 28.17 0.6 HennessyCapIV HCACU 11.00 2.5 Marriott MAR 151.55 0.5 NVIDIA NVDA 240.39 1.7 SkechersUSA SKX 44.31 2.7 US BancorpPfdH USBpO 26.36 1.0 Escalade ESCA 9.41 -5.4 AresMgmt ARES 34.64 -0.2 CarolinaTrBcshs CART 13.14 2.6 AES AES 19.96 1.3 EnterpriseFinSvcs EFSC 48.65 0.8 Hill-Rom HRC 114.81 ... MarriottVacations VAC 129.77 0.8 ON Semi ON 24.19 1.0 SkyWest SKYW 66.04 -0.6 UnitedBancorpOH UBCP 13.89 4.4 FellazoUn FLLCU 9.05 -0.4 ArtisanPtrsAsset APAM 32.25 -0.1 CarterBk&Tr CARE 23.66 1.0 AGBAAcqnUn AGBAU 10.26 1.0 EnvivaPartners EVA 38.22 -0.3 Hilton HLT 111.72 1.0 Marsh&McLen MMC 113.94 0.1 1895Bancorp BCOW 10.85 0.5 Skyworks SWKS 119.20 0.9 UnitedRentals URI 168.00 1.0 FellazoRt FLLCR 0.15 -11.8 AstraZeneca AZN 51.23 1.0 CntlValCmntyBk CVCY 22.01 1.5 Ansys ANSS 260.10 1.2 EsquireFinancial ESQ 28.89 4.1 HorizonTherap HZNP 36.39 1.9 Mastercard MA 300.55 0.3 OneMain OMF 44.87 0.3 SotherlyHotelsPfB SOHOB 26.33 0.4 UnitedTech UTX 150.90 0.5 FutureFinTech FTFT 0.45 -0.1 Athene ATH 47.89 1.0 CeridianHCM CDAY 65.85 1.1 ARKRestaurants ARKR 22.00 2.7 EsteeLauder EL 207.98 1.3 HyattHotels H 88.87 1.3 MaxarTech MAXR 14.38 4.9 OneSpaWorld OSW 17.09 0.4 SouthPlainsFin SPFI 21.00 1.7 UnitedHealth UNH 300.00 -0.7 GalectinTherap GALT 2.72 3.2 AudentesTherap BOLD 59.75 0.1 CharlesRiverLabs CRL 151.81 1.5 AT&T 5%PfdA TpA 26.07 0.5 Exagen XGN 23.73 0.8 ICICI Bank IBN 15.26 1.1 MedallionBkPfdF MBNKP 25.10 0.6 OpenText OTEX 44.67 2.2 SouthState SSB 88.10 -0.2 UtahMedProducts UTMD 112.26 -0.6 GlobalEagle ENT 0.38 -3.3 Autodesk ADSK 185.75 -0.5 ChaSergTechWt CTACW 2.50 -2.3 AXIS CapPfdE AXSpE 26.37 0.5 ExantasCap XAN 12.09 -0.5 IGM Biosci IGMS 48.14 15.0 Medtronic MDT 115.94 0.2 OriginBancorp OBNK 38.14 0.6 SoCA Ed pfC SCEpC 23.70 -2.4 VF VFC 98.04 0.4 GreenVisionAcqn GRNV 9.80 -0.1 AvidBioservices CDMO 7.68 2.9 CherryHillPfdA CHMIpA 25.97 ... AbbottLabs ABT 89.24 -0.8 ExlService EXLS 71.02 -0.1 ING Grp 6.125Secs ISG 26.56 0.5 MercantileBank MBWM 37.32 0.4 Oshkosh OSK 95.19 1.4 SoCopper SCCO 43.00 -1.3 VICI Prop VICI 25.54 0.2 AvonProducts AVP 5.75 -0.5 ChesapeakeUtil CPK 98.55 0.8 Groupon GRPN 2.21 -2.0 AcceleronPharma XLRN 54.00 -2.1 FGL Holdings FG 10.44 1.0 ITT ITT 74.30 0.3 Merck MRK 92.64 1.8 PCConnection CNXN 52.26 2.1 SouthsideBcshs SBSI 37.89 ... ValmontInds VMI 150.98 1.7 AxcelisTechs ACLS 25.00 -0.3 ChimeraInvt CIM 21.11 0.4 Gulf Resources GURE 0.45 2.0 Accenture ACN 213.25 1.3 ChinaOnlineEduc COE 10.71 37.4 FNB FNB 12.93 0.3 IVERICbio ISEE 8.18 6.4 MeridianBancorp EBSB 20.86 -0.2 PNC Fin PNC 161.37 0.2 SpringWorks SWTX 36.99 4.0 Veritex VBTX 29.21 1.5 B.RileyPrincipalA BRPM 10.15 1.5 HeritageInsurance HRTG 12.72 -0.9 ActIIGlbAcqn ACTTU 11.00 1.1 Cigna CI 206.24 3.0 Fabrinet FN 65.89 -0.8 Icon ICLR 171.85 1.6 MetLife MET 51.48 1.1 Palomar PLMR 56.45 3.8 StarsGroup TSG 25.40 0.7 Verizon VZ 62.22 2.1 BWX Tech BWXT 63.70 1.7 IndonesiaEnergy INDO 9.25 -9.8 ActIIGlbAcqn ACTT 10.20 1.5 Citigroup C 79.05 0.4 FairIsaac FICO 374.05 1.5 IllinoisToolWks ITW 180.49 1.0 MetroCityBkshs MCBS 17.78 11.6 PanAmerSilver PAAS 21.88 -0.9 StarwoodProp STWD 25.16 0.5 VillageBank&Tr VBFC 37.00 ... BadgerMeter BMI 65.61 1.2 InnovateBio INNT 0.40 -33.2 ActIIGlbAcqnWt ACTTW 1.40 15.5 CityHolding CHCO 83.07 -0.1 FirstBancorpNC FBNC 41.34 -0.2 ImmunovantUn IMVTU 20.00 21.2 MicrochipTech MCHP 105.30 2.2 ParkNational PRK 105.52 -0.6 Strats Allst GJT GJT 21.33 1.6 Vipshop VIPS 14.47 4.0 BancFirst BANF 63.41 -0.2 JianpuTech JT 1.39 -7.7 ActivisionBliz ATVI 59.71 0.2 CivistaBcshrs CIVB 23.78 1.6 FirstBancorp FNLC 30.62 1.3 IndonesiaEnergy INDO 12.49 -9.8 MicronTech MU 55.93 1.0 Pennant PNTG 35.57 5.4 Strats GSG GJS GJS 21.16 -0.9 Visa V 188.17 0.8 BankofAmPfdL BMLpL 24.52 1.0 Jiayin JFIN 4.77 2.7 Actuant EPAC 27.94 1.8 CogentComm CCOI 65.36 2.1 FirstBancshares FBMS 35.07 0.7 Ingersoll-Rand IR 138.33 1.1 Microsoft MSFT 158.49 1.1 PennsWoodsBncp PWOD 34.86 2.0 SummitMaterials SUM 25.22 0.9 WD-40 WDFC 196.80 2.2 BankofHawaii BOH 95.07 1.2 KemPharm KMPH 0.31 -5.5 Acushnet GOLF 32.91 1.6 Cohu COHU 22.44 2.1 FirstBusFinSvcs FBIZ 26.49 1.1 InglesMarkets IMKTA 48.68 1.0 MidlandStBncp MSBI 29.50 -0.5 PeoplesFinSvcs PFIS 53.43 2.2 SurgeryPartners SGRY 16.18 -0.3 WPP WPP 69.55 1.0 BankofMarinBncp BMRC 47.10 1.2 KingswayFin KFS 1.65 -1.8 Adecoagro AGRO 8.70 2.1 ColliersIntl CIGI 77.91 5.2 FirstCitizBcshA FCNCA 539.23 0.5 InsightEnt NSIT 68.88 0.2 MiratiTherap MRTX 123.82 5.8 Perficient PRFT 45.80 1.2 Synaptics SYNA 68.90 -1.2 W.R.BerkleyDeb59 WRBpF 25.39 0.1 BNYMellonPfdC BKpC 26.14 0.3 LeeEnterprises LEE 1.20 -4.7 Adobe ADBE 330.00 ... ColumbiaBanking COLB 41.40 0.5 FirstCmwlthFin FCF 14.93 -0.2 Intergroup INTG 38.60 1.4 ModelN MODN 35.37 2.9 PerformanceFood PFGC 49.22 1.7 SyneosHealth SYNH 58.70 1.8 WashTrBcp WASH 54.96 0.3 BankUnited BKU 37.60 -0.3 LineageCell LCTX 0.57 -0.9 AdvMicroDevices AMD 44.26 3.1 Comcast DECS CCZ 61.00 0.8 FirstFoundation FFWM 17.64 -1.1 IntlSeaways INSW 30.18 -3.3 MomentaPharm MNTA 19.36 0.4 Phillips66Ptrs PSXP 62.67 3.7 Synnex SNX 130.96 0.2 WellesleyBancorp WEBK 45.88 3.5 BectonDickinsonPfA BDXA 66.01 1.4 MaysJW MAYS 30.75 -0.4 AegonNts2049 AEFC 25.84 0.1 CommerceBcshrs CBSH 68.45 0.8 FirstNWBncp FNWB 18.25 2.5 InvescoMtg IVR 17.28 0.9 MonarchCasino MCRI 49.86 -0.5 PingIdentity PING 24.96 6.6 Sysco SYY 85.46 1.1 WestBancorp WTBA 25.51 0.7 BectonDicknsn BDX 275.48 1.4 MiragenTherap MGEN 0.44 1.5 AegonCapSec AEB AEB 24.61 0.2 CommBkSys CBU 71.61 0.4 FirstLongIsland FLIC 25.34 ... IovanceBiotherap IOVA 29.47 5.0 MonolithicPower MPWR 183.04 1.6 PinnacleFinPtrs PNFP 65.00 -0.2 Systemax SYX 26.57 1.2 WestamericaBncp WABC 68.92 -0.3 BellRingBrands BRBR 22.99 -2.1 NakedBrand NAKD 1.91 -17.1 AffiliatedMgrDeb MGR 27.30 0.3 CommunityFin TCFC 35.98 0.8 FirstRepBkPfd FRCpJ 25.37 0.6 IronwoodPharm IRWD 13.73 1.1 MonoparTherap MNPR 48.00 1.9 PolyOne POL 37.12 3.0 TC Energy TRP 53.08 0.8 WestAllianceBcp WAL 57.52 0.2 BerkshireHills BHLB 33.72 -0.7 FirstRepBank FRC 118.15 -0.3 JD 35.52 1.5 MorganStanley MS 51.44 -0.3 PreferredBankLA PFBC 59.66 0.4 TGNA 17.24 2.0 NewFrontierHlth NFH 9.63 -1.8 AgilentTechs A 85.31 0.8 COPEL ELP 17.02 1.0 JD.com Tegna WesternAssetMort WMC 10.67 1.6 AirLease AL 48.20 0.6 BestBuy BBY 89.50 -1.0 FormFactor FORM 26.22 -0.5 JazzPharma JAZZ 153.88 0.6 MorganStanleyPfd1 MSpI 28.91 0.3 PPlus RRD-1 PYS 21.95 14.5 TIM Part TSU 18.65 2.5 OriginAgritech SEED 4.44 2.5 CompassPfdA CODIpA 25.12 0.4 WillisTowers WLTW 206.29 0.9 Alibaba BABA 213.98 1.0 Bio-RadLab B BIO.B 372.77 3.7 Fortinet FTNT 110.28 -2.4 J&J JNJ 147.84 0.5 MorganStanleyPfdL MSpL 25.29 0.4 Procter&Gamble PG 126.60 0.4 TPG RE Fin TRTX 20.80 ... Otelco OTEL 10.83 -0.6 CompassPfd CODIpB 25.64 ... WillScot WSC 18.37 2.6 Alleghany Y 812.60 -0.4 Blackstone BX 55.97 0.1 FranklinElec FELE 57.47 0.6 JonesLang JLL 173.61 1.1 MorganStanleyPfdA MSpA 22.78 0.8 Prothena PRTA 16.76 23.5 Target TGT 130.24 0.3 PriorityTechn PRTH 2.23 -1.5 ConagraBrands CAG 35.17 4.2 Winnebago WGO 53.54 7.8 AllegiantTravel ALGT 180.44 0.7 BlackstoneMtg BXMT 37.95 0.5 Frontline FRO 12.34 -0.8 KKR KKR 30.18 -0.4 MyoKardia MYOK 70.36 2.0 PrudentialSkis PUKp 28.14 1.7 TeekayLNG PfdA TGPpA 27.00 -0.1 RTW Retail RTW 0.74 -2.4 Cortexyme CRTX 68.93 39.5 WyndhamDest WYND 51.54 0.5 Allergan AGN 192.26 0.4 BostonSci BSX 46.62 1.2 GaleraTherap GRTX 14.94 0.7 Kellogg K 68.77 2.8 NBT Bancorp NBTB 41.50 0.4 PrudentialPfd PUKpA 27.50 0.4 TeekayLNG PfdB TGPpB 26.40 0.6 RosehillRscsUn ROSEU 1.35 -14.2 Cosan CZZ 22.38 0.9 WyndhamHtls WH 62.63 0.7 AlliantEnergy LNT 55.40 1.3 Bottomline EPAY 54.16 -0.7 Gallagher AJG 96.20 0.1 KeyCorp KEY 20.53 0.9 NCR NCR 35.15 0.6 QCR Holdings QCRH 44.76 1.0 TeekayTankers TNK 24.51 -5.1 SellasLifeSci SLS 3.62 0.3 CostamarePfdE CMREpE 26.55 0.1 XP XP 40.50 5.9 Allstate ALL 113.32 0.3 BrasilAgro LND 4.54 2.6 Costamare CMRE 9.80 -1.0 GardnerDenver GDI 37.04 0.4 Kirby KEX 88.17 1.6 NXP Semi NXPI 127.84 1.4 QVC Nts 2068 QVCC 25.64 0.5 Teleflex TFX 376.03 -0.2 SpartanEnerWt SPAQ.WS 0.48 -2.0 YorkWater YORW 47.04 0.6 AllstatePfdG ALLpG 27.81 0.3 BridgeBioPharma BBIO 42.41 13.0 CountyBancorp ICBK 27.98 -5.9 Garmin GRMN 98.84 1.1 Kulicke&Soffa KLIC 27.17 0.6 Nasdaq NDAQ 108.00 0.5 Qorvo QRVO 118.36 -0.5 10xGenomics TXG 74.96 19.6 StealthBioTher MITO 4.26 -65.3 YumChina YUMC 49.00 1.5 AllstatePfdI ALLpI 25.60 0.2 BridgewaterBcshs BWB 13.89 1.3 CousinsProperties CUZ 41.15 1.7 Generac GNRC 102.47 0.4 LGL Systems Un DFNSU 10.19 0.1 NatlGeneralPfdC NGHCN 25.49 0.7 Quidel QDEL 74.14 0.4 TenetHealthcare THC 39.37 1.5 TFF Pharm TFFP 4.52 -8.2 ZayoGroup ZAYO 34.60 0.1 Amdocs DOX 72.66 1.0 BritishAmTob BTI 42.91 0.7 Crocs CROX 40.85 2.7 Gentex GNTX 29.74 1.9 LIVCapAcqnUn LIVKU 10.09 0.1 NationalGrid NGG 62.94 0.6 RelianceSteel RS 122.17 1.0 Teradyne TER 69.44 1.2 TraconPharm TCON 2.25 -2.0 Zoetis ZTS 133.52 3.1 Ametek AME 100.59 0.2 BrookfieldMgt BAM 58.91 -0.2 Cushman&Wkfd CWK 20.80 2.6 Gentherm THRM 45.52 ... LakelandBcp LBAI 17.59 0.5 NebulaAcqnA NEBU 10.47 ... ResMed RMD 157.86 -0.1 TerritBanc TBNK 32.45 ... TesscoTech TESS 9.81 -3.3 Theratechnologies THTX 2.61 0.4 AmplitudeHlthcr AMHCU Aon AON 10.07 212.65 0.2 0.1 Brown&Brown BRO BrynMawrBank BMTC 40.35 41.41 1.8 0.1 DTEEnergy DTP DanaherPfdA DHRpA1188.00 51.56 -0.1 0.3 GeospaceTech GEOS Gerdau GGB 17.18 4.65 3.6 3.6 LakelandFin LamResearch LRCX LKFN 49.98 299.39 0.9 1.4 NeoGenomics NEO NeoPhotonics NPTN 29.03 8.95 3.0 1.1 Rexnord RXN RichmondMutBncp RMBI 33.09 15.89 0.1 -0.4 Tesla TSLA ThermoFisherSci TMO 413.00 330.14 0.4 1.1 Lows 36Kr KRKR 7.59 -5.6 ApolloGlbMgmt APO 48.80 1.1 CACI Intl CACI 250.87 1.2 DarlingIngred DAR 27.86 2.0 GermanAmerBncp GABC 35.81 0.2 LamarAdv LAMR 88.48 0.4 NetfinAcqn NFINU 10.19 0.1 RoyalCaribbean RCL 132.49 3.3 ThorIndustries THO 75.03 1.7 ALJ Regional ALJJ 1.04 12.0 TidewaterWt TDW.WS 0.13 -32.3 Apple AAPL 282.65 -0.2 CBIZ CBZ 28.33 0.9 DeltaApparel DLA 31.14 2.9 GlacierBancorp GBCI 46.51 0.4 LambWeston LW 86.24 1.9 Nevro NVRO 114.85 2.5 SEI Investments SEIC 67.14 -1.2 TompkinsFin TMP 91.88 -0.1 ATIF ATIF 1.94 -3.2 USWellServicesWt USWSW 0.07 -37.1 Aptiv APTV 99.04 -1.5 CBRE Group CBRE 61.02 1.4 Descartes DSGX 43.78 2.0 GSK GSK 47.46 0.7 Leidos LDOS 98.03 1.8 NewResidentialPfdB NRZpB 25.88 0.2 SMART Global SGH 37.74 -1.5 TowerSemi TSEM 25.15 1.5 AethlonMedical AEMD 0.76 -0.7 Valeritas VLRX 0.62 -60.8 AptoseBiosci APTO 5.45 5.9 CDW CDW 144.21 1.2 DtscheBkTrII DXB 25.95 ... GlbNetLeasePfdB GNLpB 25.13 0.4 LibertyBroadbandC LBRDK 123.56 ... NewYorkMtgPfdE NYMTM 25.29 ... SORL AutoParts SORL 4.50 0.9 TowneBank TOWN 29.02 -0.5 Akorn AKRX 1.65 -11.4 YoungevityPfdD YGYIP 21.61 0.2 AquaAmericaUn WTRU 62.36 1.3 CGI GIB 85.00 0.6 DiamndrckHspty DRH 11.52 -0.6 GlobalPayments GPN 185.42 ... LibertyBroadbandA LBRDA 122.20 -0.2 NewLinkGenetics NLNK 2.37 15.5 SPX FLOW FLOW 49.59 1.5 TrancntlRlty TCI 39.90 3.7 AridisPharm ARDS 4.10 0.2 ZosanoPharma ZSAN 1.27 -0.7 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, December 21 - 22, 2019 | B9 BIGGEST 1,000 STOCKS YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 31.22 54.16 35.88 Flowserve FLS 1.5 27 49.89 0.83 58.98 279.38 160.60 MartinMarietta MLM 0.8 30 273.24 0.28 16.62 47.13 32.77 SealedAir SEE 1.6 17 40.63 0.78 Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 9.83 100.35 82.40 FomentoEconMex FMX 1.6 26 94.51 -0.78 60.35 28.38 14.34 MarvellTech MRVL 0.9 dd 25.96 -0.09 107.01 122.36 51.50 SeattleGenetics SGEN ... dd 117.29 2.45 (formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 23.92 10.56 7.41 FordMotor F 6.3 23 9.48 0.07 63.71 47.95 27.03 Masco MAS 1.1 19 47.87 0.70 s 39.92 154.47 104.88 SempraEnergy SRE 2.6 18 151.38 -0.65 The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those s 51.81 110.28 64.41 Fortinet FTNT ... 48 106.92 -2.61 47.69 160.25 98.23 Masimo MASI ... 47 158.58 1.36 19.20 54.72 40.78 SensataTechs ST ... 18 53.45 -0.14 stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 23.92 42.80 31.80 Fortis FTS 3.5 15 41.34 0.21 s 58.27 300.55 171.89 Mastercard MA 0.5 44 298.57 1.04 13.79 48.70 37.52 ServiceCorp SCI 1.6 20 45.81 0.26 highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 11.94 89.48 62.89 Fortive FTV 0.4 10 75.74 -0.91 86.72 95.32 37.68 MatchGroup MTCH ... 46 79.86 2.51 58.74 303.17 158.00 ServiceNow NOW ...1623 282.63 4.15 71.89 66.15 35.27 FortBrandsHome FBHS 1.5 22 65.30 0.04 21.36 65.73 46.64 MaximIntProducts MXIM 3.1 22 61.71 0.42 11.33 21.07 17.50 ShawComm B SJR 4.5 19 20.14 -0.02 ... 41.95 29.70 FoxA FOXA 1.2 16 37.17 0.17 20.76 172.73 119.50 McCormickVtg MKC.V 1.5 32 167.63 -0.87 47.66 597.00 365.20 SherwinWilliams SHW 0.8 39 580.98 3.13 Footnotes: h-Does not meet continued listing v-Trading halted on primary market. ... 41.73 29.61 FoxB FOX 1.3 15 36.22 0.17 20.83 173.31 119.00 McCormick MKC 1.5 32 168.25 -0.06 9.55 40.59 32.14 ShinhanFin SHG 2.7 ... 38.88 -0.48 s-New 52-week high. standards vj-In bankruptcy or receivership or 37.44 101.20 67.97 Franco-Nevada FNV 1.0 91 96.44 -1.17 11.02 221.93 169.04 McDonalds MCD 2.5 26 197.14 0.08 181.74 409.61 117.64 Shopify SHOP ... dd 390.07 -2.99 t-New 52-week low. lf-Late filing being reorganized under the -13.01 35.82 25.57 FranklinRscs BEN 4.2 11 25.80 -0.34 24.59 154.79 106.11 McKesson MCK 1.2 dd 137.64 2.03 222.97 9.71 2.32 Sibanye-Stillwater SBGL ... dd 9.14 -0.47 dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 23.28 14.68 8.43 FreeportMcM FCX 1.6 dd 12.71 -0.29 28.73 21.63 15.25 MedicalProp MPW 5.0 26 20.70 0.36 33.50 137.94 98.54 SignatureBank SBNY 1.6 12 137.25 2.10 four quarters. requirements. assumed by such companies. 11.02 42.75 30.99 FreseniusMed FMS 1.3 15 35.96 -0.18 342.37 84.87 16.69 Medicines MDCO ... dd 84.67 -0.08 -13.39 186.44 142.40 SimonProperty SPG 5.7 21 145.49 0.14 FD-First day of trading. t-NYSE bankruptcy s 25.04 115.94 81.66 Medtronic MDT 1.9 33 113.74 0.25 s 25.74 7.18 5.23 SiriusXM SIRI 0.7 36 7.18 0.10 GHI 36.78 26.97 16.50 MelcoResorts MLCO 3.2 26 24.10 -0.23 s 93.14 44.31 21.45 SkechersUSA SKX ... 20 44.21 1.18 Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 25.59 121.12 78.86 MellanoxTech MLNX ... 37 116.02 -0.93 s 77.41 119.20 60.12 Skyworks SWKS 1.5 24 118.90 1.05 70.43 74.31 38.72 GCI LibertyA GLIBA ... 14 70.15 0.97 102.34 698.98 257.52 MercadoLibre MELI ... dd 592.54 9.99 ... 42.00 19.53 SlackTech WORK ... dd 21.51 0.28 121.61 51.85 20.84 GDS Holdings GDS ... dd 51.17 -0.25 s 19.85 92.64 70.89 Merck MRK 2.7 26 91.58 1.59 11.05 56.66 40.38 SmithAO AOS 2.0 20 47.42 0.07 Friday, December 20, 2019 YTD 52-Week Yld Net 124.34 217.29 85.00 Galapagos GLPG ... 41 205.81 0.16 s 25.09 51.48 37.76 MetLife 28.01 48.93 35.39 Smith&Nephew SNN MET 3.4 7 51.36 0.56 1.5 30 47.85 0.95 % Chg Hi Lo Stock Sym % PE Last Chg s 29.47 96.20 68.19 Gallagher AJG 1.8 26 95.42 0.11 40.26 873.51 500.74 MettlerToledo MTD ... 36 793.31 6.72 10.93 128.43 91.32 Smucker SJM 3.4 21 103.71 -0.80 YTD 52-Week Yld Net 33.18 43.22 31.19 Gaming&Leisure GLPI 6.5 29 43.03 0.20 s 45.54 105.30 65.67 MicrochipTech MCHP 1.4 69 104.67 2.30 182.21 18.36 4.82 Snap SNAP ... dd 15.55 0.09 % Chg Hi Lo Stock Sym % PE Last Chg s 98.23 13.53 5.83 CaesarsEnt CZR ... dd 13.46 -0.01 -31.72 31.39 15.11 Gap GPS 5.5 8 17.59 -0.21 s 73.53 55.93 28.39 MicronTech MU ... 18 55.06 0.53 16.79 174.00 135.29 SnapOn SNA 2.5 14 169.68 1.93 20.12 116.67 83.67 CamdenProperty CPT 3.0 63 105.77 0.35 s 79.17 37.04 18.70 GardnerDenver GDI ... 34 36.64 0.15 s 54.98 158.49 93.96 Microsoft ABC s 49.05 49.26 32.03 CampbellSoup CPB 13.29 87.62 72.96 CIBC CM 2.8 56 49.17 5.2 10 84.45 0.95 0.50 s 55.84 98.84 59.98 Garmin GRMN 2.3 24 98.68 1.04 35.90 140.15 91.21 MidAmApt MSFT 1.3 30 157.41 1.70 MAA 3.1 57 130.06 0.74 17.07 66.57 50.30 SonocoProducts SON 40.64 68.47 41.91 Sony SNE 2.8 19 62.20 0.4 11 67.90 0.71 0.02 19.72 171.78 120.89 Gartner IT ... 56 153.05 -1.18 8.27 142.98 96.65 Middleby MIDD ... 18 111.23 -0.13 45.40 64.25 42.50 Southern SO 3.9 15 63.86 0.79 25.41 24.11 17.71 ABB ABB 2.7 36 23.84 -0.24 22.39 96.49 70.36 CanNtlRlwy CNI 1.8 19 90.70 0.54 s 104.83 102.47 45.43 Generac GNRC ... 25 101.80 0.40 179.47 53.70 14.01 ACADIA Pharm ACAD ... dd 45.19 1.56 s 30.96 31.93 21.85 CanNaturalRes CNQ 3.6 12 31.60 -0.05 12.32 5.54 4.49 MitsubishiUFJ MUFG 3.3 9 5.47 -0.03 s 37.44 43.00 29.01 SoCopper SCCO 3.8 22 42.29 -0.56 13.43 193.76 143.87 GeneralDynamics GD 2.3 15 178.33 -0.32 3.33 3.28 2.66 MizuhoFin MFG 3.4159 3.10 -0.02 17.53 58.77 44.28 SouthwestAir LUV 1.3 12 54.63 0.55 30.28 9.71 4.25 ADT ADT 1.8 dd 7.83 -0.22 42.65 255.71 167.48 CanPacRlwy CP 1.0 20 253.37 1.73 51.58 11.84 6.51 GeneralElec GE 0.4382 11.03 ... 64.49 44.36 24.83 AECOM ACM ... dd 43.59 0.57 1.88 30.12 25.49 Canon CAJ 4.5 20 28.12 -0.15 42.71 10.05 6.82 MobileTeleSys MBT 7.2 9 9.99 0.03 3.41 100.34 64.48 SpiritAeroSys SPR 0.6 12 74.55 -0.77 36.83 56.40 37.34 GeneralMills GIS 3.7 15 53.28 0.08 29.86 29.79 11.54 Moderna MRNA ... dd 19.83 0.42 43.98 152.68 90.08 Splunk SPLK ... dd 150.96 0.82 s 37.00 19.96 13.55 AES AES 2.9 26 19.81 0.26 -25.42 52.74 13.81 CanopyGrowth CGC ... dd 20.04 -0.03 11.36 41.90 31.46 GeneralMotors GM 4.1 6 37.25 -0.01 16.64 57.18 41.88 Aflac AFL 2.0 13 53.14 0.15 36.75 105.70 69.90 CapitalOne COF 1.5 9 103.37 -0.01 16.87 156.60 108.93 MohawkInds MHK ... 14 136.69 0.67 32.43 161.38 103.29 Spotify SPOT ... 89 150.31 0.63 50.22 111.63 68.27 Genesee&Wyoming GWR ... 30 111.19 0.04 14.90 159.00 105.28 MolinaHealthcare MOH ... 11 133.54 -1.50 -7.39 8.06 5.15 Sprint S ... dd 5.39 0.10 0.97 18.29 14.51 AGNC Invt AGNC 10.8 dd 17.71 0.02 16.14 56.88 41.03 CardinalHealth CAH 3.7 dd 51.80 1.19 32.70 24.50 14.51 Genmab GMAB ... 59 21.70 -0.10 -4.10 67.24 49.82 MolsonCoors B TAP 4.2 76 53.86 0.61 13.44 83.20 49.82 Square SQ ... dd 63.63 -0.92 s 81.12 260.10 136.80 Ansys ANSS ... 51 258.89 3.14 62.23 163.42 93.01 Carlisle CSL 1.2 21 163.07 2.95 57.28 44.55 25.48 Genpact G 0.8 27 42.45 1.01 49.33 5.70 3.46 ASETech ASX 1.9 24 5.60 0.04 47.79 100.49 55.58 CarMax KMX ... 18 92.71 -6.08 3.67 71.50 54.00 MolsonCoors A TAP.A 3.6 91 64.10 0.60 38.33 169.54 110.54 StanleyBlackDck SWK 1.7 36 165.64 -0.23 s 46.81 29.74 19.24 Gentex GNTX 1.6 18 29.67 0.54 38.40 56.72 38.78 Mondelez MDLZ 2.1 20 55.40 0.25 37.36 99.72 60.42 Starbucks SBUX 1.9 30 88.46 -0.06 88.66 297.09 144.50 ASML ASML 1.0 49 293.59 1.77 1.85 59.24 39.92 Carnival CCL 4.0 12 50.21 3.56 10.38 115.20 87.26 GenuineParts GPC 2.9 19 105.99 0.80 37.18 39.70 26.80 AT&T T 5.3 18 39.15 0.22 -3.34 58.31 38.11 Carnival CUK 4.2 11 47.10 2.89 56.05 184.78 70.10 MongoDB MDB ... dd 130.68 -0.28 s 53.51 25.40 12.59 StarsGroup TSG ... dd 25.36 0.18 6.87 70.50 60.32 GileadSciences GILD 3.8 32 66.85 1.56 s 57.32 183.04 106.50 MonolithicPower MPWR 0.9 80 182.89 2.96 s 27.45 25.16 19.16 StarwoodProp STWD 7.6 17 25.12 0.13 49.91 25.18 14.72 AXA Equitable EQH 2.4 12 24.93 -0.04 78.19 58.38 29.23 Catalent CTLT ... 59 55.56 0.31 s 23.84 47.46 36.96 GSK GSK 4.2 20 47.32 0.31 s 19.81 89.24 65.44 AbbottLabs ABT 1.7 47 86.66 -0.69 16.13 148.47 111.75 Caterpillar CAT 2.8 14 147.57 2.55 29.87 66.38 47.74 MonsterBev MNST ... 32 63.92 0.45 25.62 81.23 48.62 StateStreet STT 2.6 16 79.23 -0.41 s 77.88 185.42 94.81 GlobalPayments GPN 0.4 74 183.45 0.06 70.05 240.06 129.26 Moody's MCO 0.8 35 238.14 -0.06 16.28 39.35 25.02 SteelDynamics STLD 2.7 10 34.93 0.34 -3.15 92.99 62.66 AbbVie ABBV 5.3 41 89.29 0.52 37.10 128.88 82.91 Celanese CE 2.0 17 123.35 0.87 s 43.07 107.28 69.68 GlobeLife 40.26 10.82 6.15 CenovusEnergy CVE GL 0.6 16 106.63 0.87 s 27.84 51.44 36.74 MorganStanley MS 2.8 11 50.69 -0.17 40.23 156.66 99.14 Steris STE 1.0 38 149.84 1.45 -49.89 364.31 155.02 Abiomed ABMD ... 34 162.89 -6.54 1.9 23 9.86 -0.04 s 35.93 60.15 38.01 GlobusMedical GMED ... 41 58.83 -0.67 s 49.71 213.25 132.63 Accenture ACN 1.5 28 211.10 2.80 7.42 69.25 41.62 Centene CNC ... 19 61.93 0.06 40.01 163.94 99.67 Morningstar MORN 0.8 40 153.79 1.46 93.52 27.79 12.00 STMicroelec STM 0.8 23 26.86 0.05 5.04 82.30 58.19 GoDaddy GDDY ...106 68.93 0.45 -25.68 33.91 17.36 Mosaic MOS 0.9 dd 21.71 1.11 106.13 45.62 16.14 StoneCo STNE ... 62 38.01 -1.08 s 27.16 59.71 39.85 ActivisionBliz ATVI 0.6 28 59.22 0.09 -5.31 31.42 24.25 CenterPointEner CNP 4.3 21 26.73 -0.05 37.04 232.19 151.70 GoldmanSachs GS 2.2 10 228.93 -1.01 s 44.81 330.00 204.95 Adobe ADBE ... 55 327.61 -0.02 36.22 11.69 5.56 CentraisElBras EBR ... 2 8.65 -0.09 39.96 182.28 108.25 MotorolaSol MSI 1.6 27 161.01 -0.10 33.97 223.45 144.75 Stryker SYK 1.1 23 210.00 1.92 24.13 53.91 38.59 Graco GGG 1.3 27 51.95 0.48 -27.77 32.23 16.63 Mylan MYL ...226 19.79 0.41 14.90 7.56 6.33 SumitomoMits SMFG 3.8 8 7.48 0.01 0.42 182.56 130.09 AdvanceAuto AAP 0.2 26 158.12 1.64 -12.74 16.75 9.64 CenturyLink CTL 7.6 dd 13.22 -0.11 19.56 339.00 255.09 Grainger s 139.17 44.26 16.03 AdvMicroDevices AMD ...228 44.15 1.32 s 90.55 65.85 31.50 CeridianHCM CDAY ...122 65.72 0.69 GWW 1.7 20 337.59 2.75 44.48 161.01 102.56 NICE NICE ... 54 156.34 0.75 47.00 166.32 96.95 SunComms SUI 2.0 94 149.51 1.30 120.22 112.22 32.33 GuardantHealth GH ... dd 82.78 1.54 2.58 43.66 32.63 NRG Energy NRG 0.3 18 40.62 0.31 37.57 47.02 31.49 SunLifeFinancial SLF 3.7 15 45.66 0.47 -2.58 5.43 3.69 Aegon AEG 6.3 10 4.53 -0.09 39.70 76.47 48.78 Cerner CERN 1.0 47 73.26 1.30 34.43 123.59 73.82 Guidewire GWRE ... dd 107.85 1.08 56.11 62.86 36.16 AerCap AER ... 8 61.82 0.36 s 34.01 151.81 103.00 CharlesRiverLabs CRL ... 32 151.67 2.28 57.60 3946.50 2285.00 NVR NVR ... 18 3840.74 135.25 15.12 34.87 25.81 SuncorEnergy SU 3.9 14 32.20 -0.41 s 18.55 150.17 110.31 HCA Healthcare HCA 1.1 15 147.53 2.14 s 74.25 127.84 67.62 NXP Semi NXPI 1.2 92 127.69 1.74 -1.21 13.47 6.62 Suzano SUZ 1.1 dd 9.78 0.09 s 26.28 85.31 62.00 AgilentTechs A 0.8 25 85.19 0.68 67.11 485.99 272.91 CharterComms CHTR ... 86 476.22 0.55 24.34 65.89 47.25 HDFC Bank HDB 0.5 ... 64.40 0.25 43.51 64.88 38.72 AgnicoEagle AEM 1.2 dd 57.98 -0.80 8.80 132.75 98.57 CheckPoint CHKP ... 22 111.68 -1.00 s 31.91 108.00 75.49 Nasdaq NDAQ 1.7 34 107.60 0.58 56.61 38.18 21.77 SynchronyFin SYF 2.4 7 36.74 0.30 7.33 47.13 35.35 HD Supply HDS ... 15 40.27 0.26 s 30.58 62.94 46.92 NationalGrid NGG 4.9 23 62.65 0.38 s 48.89 58.70 36.27 SyneosHealth SYNH ... 72 58.59 1.03 46.83 241.90 149.64 AirProducts APD 2.0 30 235.00 1.94 53.81 445.10 260.03 Chemed CHE 0.3 35 435.72 4.64 0.49 24.09 15.93 HP HPQ 3.4 10 20.56 0.26 42.21 93.12 57.18 AkamaiTech AKAM ... 32 86.86 2.35 3.41 70.60 55.09 CheniereEnergy LNG ... dd 61.21 -0.27 -5.33 32.63 18.05 NatlOilwell NOV 0.8 dd 24.33 -0.01 s 60.06 130.96 72.76 Synnex SNX 1.2 15 129.39 0.24 -5.40 44.93 35.35 HSBC HSBC 6.5 12 38.89 0.01 7.75 59.26 45.45 NatlRetailProp NNN 3.9 37 52.27 0.05 66.05 146.66 79.14 Synopsys SNPS ... 40 139.88 0.38 13.95 72.22 53.39 AlaskaAir ALK 2.0 14 69.34 0.14 10.58 49.30 34.66 CheniereEnerPtrs CQP 6.1 27 39.92 -0.74 16.99 140.36 80.23 Haemonetic 10.01 127.34 100.22 Chevron HAE ... 90 117.05 0.03 4.02 78.35 44.55 NetApp NTAP 3.1 15 62.07 -1.16 s 36.35 85.46 59.44 Sysco SYY 2.1 26 85.44 0.95 -8.71 93.14 58.63 Albemarle ALB 2.1 13 70.36 0.91 CVX 4.0 17 119.68 1.55 -7.86 32.71 16.97 Halliburton HAL 2.9 18 24.49 0.01 ... 63.73 53.78 Alcon ALC ... dd 57.00 -0.21 ... 41.34 21.68 Chewy CHWY ... dd 29.08 0.52 29.66 325.00 209.01 Netease NTES 2.1 14 305.18 -2.01 38.18 163.51 109.04 AlexandriaRlEst ARE 2.6151 159.24 -0.58 30.12 14.51 10.08 ChinaLifeIns LFC 0.6 11 13.65 0.07 37.03 62.75 40.54 HartfordFinl 27.50 126.87 76.84 Hasbro HIG 2.0 13 60.91 HAS 2.6 50 103.59 0.13 -0.79 25.87 385.99 231.23 Netflix NFLX ...108 336.90 4.68 TUV 12.73 141.86 92.56 AlexionPharm ALXN ... 17 109.75 -1.49 -14.17 55.84 37.44 ChinaMobile CHL 4.1 11 41.20 1.16 53.77 119.65 66.71 Neurocrine NBIX ...650 109.81 3.56 19.08 31.57 24.21 HealthcareAmer HTA 4.2173 30.14 0.16 125.76 128.80 50.30 NewOrientalEduc EDU ... 61 123.74 0.76 77.32 48.08 24.66 TAL Education TAL ...140 47.31 0.11 s 54.85 213.98 129.77 Alibaba BABA ... 25 212.25 2.12 -16.44 87.17 54.94 ChinaPetrol SNP 8.5 9 58.99 0.49 20.52 37.93 26.58 HealthpeakProp PEAK 4.4 19 33.66 s 48.49 53.08 34.58 TC Energy TRP 4.3 16 53.01 0.44 -13.98 13.66 8.45 ChinaUnicom CHU 2.0 17 9.17 0.23 0.77 16.05 17.34 13.63 NewResidInvt NRZ 12.1 20 16.49 0.04 30.30 334.64 169.84 AlignTech ALGN ... 52 272.89 -0.86 44.67 113.69 57.84 Heico A HEI.A 0.2 38 91.14 1.52 27.67 47.71 34.62 TCF Financial TCF 3.0 22 46.74 0.34 s 28.12 812.60 577.59 Alleghany Y ... 90 798.61 -2.87 93.27 857.90 383.20 Chipotle CMG ... 76 834.53 0.61 6.83 22.06 13.04 NewellBrands NWL 4.6 dd 19.86 0.91 50.66 147.93 71.47 Heico HEI 0.1 49 116.73 1.11 18.12 41.45 29.77 NewmontGold NEM 1.4 15 40.93 0.05 2.43 57.88 32.69 TD Ameritrade AMTD 2.5 13 50.15 0.07 55.81 125.75 74.83 Allegion ALLE 0.9 26 124.20 0.52 20.41 162.44 119.54 Chubb CB 1.9 20 155.54 1.04 8.30 72.81 56.58 HenrySchein 26.83 97.99 69.84 TE Connectivity TEL 1.9 17 95.92 0.51 s 42.38 192.26 114.27 Allergan AGN 1.6 dd 190.30 0.69 2.71 37.57 33.61 ChunghwaTel CHT 3.0 26 36.76 0.05 HSIC ... 20 66.66 -2.40 23.90 15.01 10.85 NewsCorp B NWS 1.4 dd 14.31 ... -17.83 61.77 33.62 Herbalife HLF ... 23 48.44 1.19 22.91 14.65 10.65 NewsCorp A NWSA 1.4 dd 13.95 0.03 15.81 38.89 32.46 Telus TU 4.6 18 38.38 0.06 s 30.06 55.40 40.68 AlliantEnergy LNT 2.6 25 54.95 0.73 6.83 80.99 59.64 Church&Dwight CHD 1.3 29 70.25 0.76 37.56 162.20 100.80 Hershey HSY 2.1 24 147.44 0.77 s 20.80 18.65 12.79 TIM Part TSU 2.4 11 18.53 0.45 s 35.04 113.32 77.00 Allstate ALL 1.8 14 111.58 0.37 25.01 46.78 30.77 Ciena CIEN ... 26 42.39 0.86 s 39.63 245.01 164.78 NextEraEnergy NEE 2.1 36 242.71 2.06 60.10 74.11 35.59 Hess HES 1.5 dd 64.84 1.15 -10.89 27.57 17.94 NielsenHoldings NLSN 1.2 dd 20.79 0.70 34.06 61.69 41.49 TJX TJX 1.5 24 59.98 -0.27 35.97 35.42 20.60 AllyFinancial ALLY 2.2 8 30.81 -0.55 s 7.72 206.24 141.95 Cigna CI 0.0 18 204.59 5.87 17.94 17.59 12.09 HewlettPackard HPE 3.1 20 15.58 21.68 85.22 59.96 T-MobileUS TMUS ... 20 77.40 0.18 34.50 118.19 71.21 CincinnatiFin CINF -0.16 s 34.83 101.40 68.08 Nike NKE 1.0 35 99.96 -1.19 59.00 125.72 60.27 AlnylamPharm ALNY ... dd 115.93 -1.92 2.2 19 104.13 0.84 28.60 87.00 53.50 Hexcel HXL 0.9 21 73.74 -0.06 32.73 126.16 84.59 TRowePrice TROW 2.5 16 122.54 0.02 29.31 1364.33 977.66 Alphabet A GOOGL ... 29 1351.22 -5.22 61.62 277.85 155.98 Cintas CTAS 0.9 32 271.50 3.49 9.51 30.67 24.36 NiSource NI 2.9 23 27.76 0.15 s 28.21 114.81 81.85 Hill-Rom HRC 0.7 50 113.53 0.04 26.07 28.40 17.11 NobleEnergy NBL 2.0 dd 23.65 0.30 56.95 59.71 34.21 TaiwanSemi TSM 3.3 28 57.93 -0.03 30.32 1365.00 970.11 Alphabet C GOOG ... 29 1349.59 -6.45 9.51 58.26 40.25 CiscoSystems CSCO 3.0 19 47.45 -0.43 s 55.18 111.72 65.64 Hilton HLT 0.5 35 111.42 1.08 20.08 135.70 84.41 TakeTwoSoftware TTWO ... 40 123.61 1.79 69.48 147.79 48.34 Alteryx AYX ...533 100.79 0.58 s 50.81 79.05 48.42 Citigroup C 2.6 10 78.51 0.31 -37.97 6.65 3.33 Nokia NOK 4.7 dd 3.61 0.02 0.67 58.88 37.73 HollyFrontier HFC 2.7 10 51.46 0.51 38.17 5.28 3.05 NomuraHoldings NMR 2.8 18 5.14 -0.02 19.38 21.61 16.10 TakedaPharm TAK 3.2133 20.08 -0.37 64.77 31.78 15.15 AlticeUSA ATUS ... 53 27.22 0.27 36.36 40.92 27.62 CitizensFin CFG 3.4 11 40.54 0.23 26.57 53.74 37.48 Hologic HOLX ... dd 52.02 -0.21 -20.86 39.63 18.54 Tapestry TPR 5.1 14 26.71 0.32 3.52 57.88 39.30 Altria MO 6.6 55 51.13 0.34 8.39 114.73 90.28 CitrixSystems CTXS 1.3 24 111.06 -0.76 37.74 168.97 111.07 Nordson NDSN 0.9 28 164.39 0.74 28.73 239.31 158.09 HomeDepot HD 2.5 22 221.19 0.97 -12.77 49.98 25.01 Nordstrom JWN 3.6 12 40.66 -0.08 10.27 48.78 32.00 TargaResources TRGP 9.2 dd 39.72 0.55 54.22 26.12 11.78 Amarin AMRN ... dd 20.99 -0.24 -0.96 166.90 143.58 Clorox CLX 2.8 24 152.66 1.18 9.30 30.12 22.87 HondaMotor HMC 3.0 10 28.91 -0.05 s 95.42 130.24 60.15 Target TGT 2.0 21 129.15 0.45 18.94 2035.80 1307.00 Amazon.com AMZN ... 79 1786.50 -5.78 16.09 55.92 44.42 Coca-Cola KO 2.9 31 54.97 0.65 30.13 211.46 138.65 NorfolkSouthern NSC 1.9 19 194.59 2.67 33.52 183.12 123.48 Honeywell HON 2.0 21 176.41 -0.09 27.53 110.48 75.96 NorthernTrust NTRS 2.6 16 106.60 -0.57 2.55 17.14 7.38 TataMotors TTM ... dd 12.49 -0.11 16.58 5.45 3.77 Ambev ABEV ... 25 4.57 ... 10.32 58.94 44.44 Coca-Cola Euro CCEP 2.7 ... 50.58 0.57 s 85.67 36.39 17.94 HorizonTherap HZNP ... 96 36.28 0.69 4.75 28.57 18.20 TechnipFMC FTI 2.5 dd 20.51 0.03 ... 11.77 9.18 Amcor AMCR 4.4 ... 10.77 -0.03 42.80 57.31 34.88 Cognex CGNX 0.4 57 55.22 -0.92 41.25 383.89 223.63 NorthropGrum NOC 1.5 18 345.91 3.70 5.34 45.84 37.00 HormelFoods HRL 2.1 25 44.96 0.26 35.01 26.71 17.43 NortonLifeLock NLOK 2.0 18 25.51 -0.51 -21.54 25.75 14.51 TeckRscsB TECK 0.9 8 16.90 -0.20 s 23.97 72.66 52.60 Amdocs DOX 1.6 21 72.62 0.73 -0.41 74.84 56.73 CognizantTech CTSH 1.3 17 63.22 0.51 54.90 56.12 32.39 DR Horton DHI 1.3 13 53.69 1.34 64.27 86.30 42.08 TeladocHealth TDOC ... dd 81.43 -1.29 14.53 426.50 319.51 Amerco UHAL 0.0 20 375.80 4.68 15.68 76.41 57.51 ColgatePalm CL 2.5 26 68.85 0.51 35.79 59.71 39.36 NorwegCruise NCLH ... 13 57.56 2.22 12.24 20.34 15.51 HostHotels HST 4.3 12 18.71 0.07 24.28 95.00 72.56 Novartis NVS 2.0 19 94.29 0.02 65.30 351.52 189.35 TeledyneTech TDY ... 34 342.28 2.39 17.38 80.85 62.51 Ameren AEE 2.6 24 76.57 1.12 20.47 109.74 80.03 ColumbiaSportswr COLM 0.9 21 101.30 0.60 39.43 45.39 27.01 Huazhu s 44.24 376.03 226.02 Teleflex TFX 0.4 40 372.82 -0.59 12.77 16.50 12.93 AmericaMovil AMX 2.3 18 16.07 0.05 29.49 47.27 32.61 Comcast A HTHT ...115 39.92 0.87 25.90 58.48 43.60 NovoNordisk NVO 1.5 24 58.00 0.31 CMCSA 1.9 16 44.09 0.45 49.61 149.31 91.88 Hubbell HUBB 2.4 21 148.62 1.38 -0.79 10.46 7.58 Ericsson ERIC 0.7 dd 8.80 ... -9.56 37.23 24.23 AmerAirlines AAL 1.4 8 29.04 0.49 4.54 88.96 58.54 Comerica CMA 3.7 9 71.81 0.25 159.89 98.70 28.83 Novocure NVCR ... dd 87.01 2.07 26.77 207.98 112.50 HubSpot HUBS ... dd 159.39 1.13 9.81 62.31 46.10 Nucor NUE 2.8 10 56.89 0.36 17.27 14.47 10.91 TelefonicaBras VIV ... 12 13.99 -0.01 11.62 50.94 39.37 AmCampus ACC 4.1 60 46.20 0.12 s 27.28 68.45 50.86 CommerceBcshrs CBSH 1.4 18 68.33 0.52 28.73 372.31 225.65 Humana HUM 0.6 20 368.79 3.19 -14.18 9.01 6.50 Telefonica TEF 4.8 19 7.26 0.05 26.97 96.22 72.25 AEP AEP 3.0 22 94.90 0.93 79.43 14.93 7.58 SABESP SBS ... 21 14.48 -0.17 -23.88 54.68 17.74 Nutanix NTNX ... dd 31.66 -0.08 25.45 122.29 83.64 JBHunt JBHT 0.9 28 116.72 1.20 3.70 56.00 43.96 Nutrien NTR 3.7 21 48.74 0.43 8.78 31.48 24.27 TelekmIndonesia TLK 2.2 20 28.51 0.53 31.95 129.34 89.05 AmerExpress AXP 1.4 15 125.77 0.94 s 64.19 35.17 20.22 ConagraBrands CAG 2.4 21 35.07 1.41 27.10 15.63 11.12 HuntingtonBcshs HBAN 4.0 12 15.15 s ... 74.96 45.11 10xGenomics TXG ... dd 73.82 12.09 22.17 111.86 84.18 AmericanFin AFG 1.6 15 110.60 -0.10 -18.76 126.54 61.37 ConchoRscs CXO 0.6 13 83.51 1.06 -0.01 s 79.30 240.39 124.46 NVIDIA NVDA 0.3 61 239.37 3.91 33.52 260.81 173.80 HuntingIngalls HII 1.6 17 254.11 -0.13 4.83 30.32 19.90 Tenaris TS 3.7 16 22.35 -0.09 30.48 27.14 18.91 AmHomes4Rent AMH 0.8 97 25.90 0.26 2.20 71.01 50.13 ConocoPhillips COP 2.6 9 63.72 0.53 30.78 58.66 36.54 AIG AIG 2.5 26 51.54 -0.39 18.53 94.97 73.30 ConEd ED 3.3 21 90.63 0.93 s 31.32 88.87 63.45 HyattHotels ... 49.96 34.95 IAA H 0.9 19 88.77 IAA ... 32 46.36 1.12 1.37 OPQ s 121.00 69.44 28.73 Teradyne s 21.87 413.00 176.99 Tesla TER 0.5 26 69.35 TSLA ... dd 405.59 0.79 1.55 43.97 242.00 150.66 AmerTowerREIT AMT 1.7 63 227.74 3.54 17.46 214.48 150.37 ConstBrands A STZ 1.6 49 188.90 3.08 34.31 268.72 161.39 IAC/InterActive IAC ... 45 245.84 7.43 13.47 45.77 37.67 OGE Energy OGE 3.5 20 44.47 0.30 -34.37 20.21 6.07 TevaPharm TEVA ... dd 10.12 0.15 . 35.20 129.89 85.89 AmerWaterWorks AWK 1.6 35 122.72 1.06 -16.10 52.03 27.26 ContinentalRscs CLR 0.6 16 33.72 -0.20 s 48.20 15.26 9.45 ICICI Bank IBN 0.2 53 15.25 0.17 39.37 77.21 50.26 ONEOK OKE 4.9 25 75.19 1.21 36.46 132.20 87.70 TexasInstruments TXN 2.8 24 128.95 2.55 34.34 40.42 24.27 AmericoldRealty COLD 2.3228 34.31 0.24 25.38 344.32 228.65 Cooper COO 0.0 34 319.09 -0.58 40.60 294.57 176.11 IdexxLab 28.12 454.31 326.71 OReillyAuto ORLY ... 25 441.16 -1.49 -1.72 58.00 42.30 Textron TXT 0.2 12 45.20 0.53 IDXX ... 54 261.55 5.36 ly 61.05 169.74 95.69 Ameriprise AMP 2.3 12 168.09 0.81 89.87 92.41 44.61 Copart CPRT ... 31 90.72 1.32 57.10 75.54 44.52 IHS Markit INFO ... 80 75.36 0.63 -36.45 68.83 37.25 OccidentalPetrol OXY 8.1 25 39.01 0.31 s 45.99 330.14 208.34 ThermoFisherSci TMO 0.2 37 326.72 3.47 15.15 94.75 69.36 AmerisourceBrgn ABC 1.9 21 85.67 1.87 -3.97 35.34 26.75 Corning GLW 2.8 22 29.01 0.09 12.66 13.72 9.22 ING Groep ING 5.1 8 12.01 -0.08 82.16 141.85 52.05 Okta OKTA ... dd 116.22 0.47 48.93 73.22 46.45 ThomsonReuters TRI 2.0152 71.95 0.12 s 47.39 100.59 63.14 Ametek AME 0.6 27 99.78 0.22 ... 32.78 24.10 Corteva CTVA 1.8 dd 28.18 0.47 7.41 22.18 15.15 Invesco 52.39 197.25 115.00 OldDomFreight ODFL 0.4 24 188.19 2.34 -7.96 219.75 150.58 3M MMM 3.3 21 175.37 3.22 24.86 244.99 166.30 Amgen 79.16 639.41 315.85 CoStar IVZ 6.9 15 17.98 -0.45 AMGN 2.6 19 243.06 1.22 CSGP ... 71 604.37 12.84 26.20 182.17 104.64 IPG Photonics IPGP ... 30 142.97 -3.32 8.85 24.10 19.55 OldRepublic ORI 3.6 10 22.39 0.12 65.87 134.03 73.04 Tiffany TIF 1.7 30 133.54 0.09 32.25 109.31 74.95 Amphenol APH 0.9 28 107.15 0.10 44.73 307.34 189.51 Costco COST 0.9 35 294.83 1.12 34.24 164.13 104.90 IQVIA 21.00 45.01 33.39 OmegaHealthcare OHI 6.3 27 42.53 1.17 41.61 81.81 52.97 Toro TTC 1.3 31 79.13 2.60 39.60 124.78 80.08 AnalogDevices ADI 1.8 33 119.82 1.12 75.00 14.13 5.91 Coty IQV ...129 155.95 6.26 COTY 4.4 dd 11.48 0.01 s 52.45 74.30 44.89 ITT ITT 0.8 21 73.59 0.24 10.36 85.05 68.58 Omnicom OMC 3.2 14 80.83 1.22 12.91 59.55 47.73 TorontoDomBk TD 4.0 12 56.14 0.06 99.70 60.36 23.65 Anaplan PLAN ... dd 53.00 -0.07 137.48 159.97 52.02 CoupaSoftware COUP on ... dd 149.28 2.80 6.52 79.37 50.33 IcahnEnterprises IEP 13.2 19 60.80 -0.33 s 46.09 24.19 15.06 ON Semi ON ... 32 24.12 0.24 4.20 58.82 47.70 Total TOT ... 15 54.37 -0.04 58.33 23.85 11.29 AngloGoldAsh AU 0.3 39 19.87 -0.35 s 29.84 41.15 30.12 CousinsProperties CUZ 2.8121 41.03 0.70 s 32.64 171.85 118.10 Icon ICLR ... 26 171.39 2.72 s 81.52 44.87 22.47 OneMain OMF 2.3 8 44.09 0.12 22.30 145.41 111.12 ToyotaMotor TM 2.5 12 141.97 -0.79 24.59 102.70 64.55 AB InBev BUD 1.8 22 81.99 1.48 -3.31 252.49 199.83 Credicorp BAP 2.8 13 214.33 -0.30 35.73 173.84 117.72 IDEX s 36.78 44.67 30.99 OpenText OTEX 1.6 37 44.59 0.95 10.46 114.25 78.67 TractorSupply TSCO 1.5 20 92.17 0.36 -2.95 10.51 8.07 AnnalyCap NLY 11.0 dd 9.53 ... 16.30 509.99 356.12 CreditAcceptance CACC ... 13 444.00 -2.28 IEX 1.2 31 171.37 3.37 s 42.32 180.49 117.75 IllinoisToolWks ITW 2.4 24 180.31 1.85 18.72 60.50 42.40 Oracle ORCL 1.8 17 53.60 0.36 127.25 289.51 102.35 TradeDesk TTD ...129 263.75 1.04 15.37 317.99 227.16 Anthem ANTM 1.1 18 303.00 4.78 21.92 13.70 10.23 CreditSuisse CS ... 12 13.24 -0.30 10.07 380.76 263.30 Illumina -9.26 16.80 14.57 Orange ORAN 4.2 17 14.69 -0.07 ... 50.48 33.68 Tradeweb TW 0.7 69 46.76 -0.04 s 44.42 212.65 135.30 Aon AON 0.8 36 209.93 0.20 ... 101.88 44.58 CrowdStrike CRWD ... dd 49.49 0.02 ILMN ... 50 330.14 4.94 2.05 30.38 23.66 ImperialOil IMO 2.6 10 25.84 -0.15 17.65 85.75 67.00 Orix IX 3.8 7 84.18 0.25 s 73.88 594.95 311.46 TransDigm TDG 0.0 43 591.29 16.33 -13.83 38.12 18.33 Apache APA 4.4 dd 22.62 -0.09 30.72 149.47 103.21 CrownCastle CCI 3.4 72 142.00 2.08 41.69 96.79 57.00 Incyte s 54.18 95.19 56.47 Oshkosh OSK 1.3 11 94.53 1.26 50.21 87.39 52.15 TransUnion TRU 0.4 45 85.32 ... 12.07 55.49 43.37 ApartmtInv 73.01 78.28 39.05 CrownHoldings CCK ... 20 71.92 1.23 INCY ... 48 90.10 -1.04 AIV 3.1 22 50.71 ... 8.09 12.08 8.76 Infosys INFY 2.4 20 10.29 0.02 47.79 68.72 40.64 OwensCorning OC 1.5 14 65.00 -0.47 13.93 155.09 111.08 Travelers TRV 2.4 15 136.43 -0.04 us l, s 96.62 48.80 22.84 ApolloGlbMgmt APO 4.2 24 48.25 0.53 10.46 36.32 27.97 CubeSmart CUBE 4.2 34 31.69 0.39 s 47.99 138.33 85.15 Ingersoll-Rand IR ... 18.68 15.02 OwlRock ORCC 6.8 18 18.25 -0.09 27.59 46.25 29.75 Trimble TRMB ... 33 41.99 1.05 s 77.15 282.65 142.00 Apple 1.6 24 135.01 1.46 AAPL 1.1 24 279.44 -0.58 11.72 106.23 79.86 Cullen/Frost CFR 2.9 14 98.25 -0.46 0.09 99.91 73.00 Ingredion INGR 2.8 16 91.48 0.83 s 36.70 161.37 108.45 PNC Fin PNC 2.9 14 159.82 0.29 27.75 46.50 25.93 Trip.com TCOM ... 41 34.57 0.41 88.79 63.07 28.79 ApplMaterials AMAT 1.4 22 61.81 1.14 35.52 186.72 124.40 Cummins CMI 2.9 11 181.11 1.81 117.95 187.25 70.80 Insulet PODD ...640 172.88 2.35 -5.21 62.95 41.14 POSCO PKX 3.7 22 52.08 -0.43 29.96 56.92 40.68 TruistFinl TFC 3.2 14 56.30 0.16 22.21 126.19 88.26 Aptargroup ATR 1.3 32 114.96 1.70 39.90 144.82 95.23 CurtissWright CW 0.5 21 142.87 2.03 25.61 59.59 42.86 Intel 29.58 134.36 94.41 PPG Ind PPG 1.5 26 132.47 0.05 12.27 151.00 73.15 Twilio TWLO ... dd 100.26 0.38 s 56.49 99.04 58.80 Aptiv APTV 0.9 25 96.35 -1.50 84.75 23.55 11.86 CypressSemi CY 1.9 30 23.50 0.05 INTC 2.1 14 58.95 0.99 26.47 36.28 27.31 PPL 11.80 45.85 26.26 Twitter al a 23.50 95.56 69.69 ICE ICE 1.2 25 93.03 -0.46 PPL 4.6 15 35.83 0.11 TWTR ... 16 32.13 0.10 e 36.15 46.90 32.16 AquaAmerica WTR 2.0 66 46.55 0.43 22.81 79.73 48.94 CyrusOne CONE 3.1 dd 64.94 0.27 16.68 71.02 53.65 InterContinentl IHG 1.7 29 67.05 0.17 19.33 115.50 82.12 PRA HealthSci PRAH ... 30 109.74 1.13 s 61.33 299.85 173.26 TylerTech TYL ... 91 299.78 3.35 50.78 45.69 25.49 Aramark ARMK 1.0 25 43.68 -0.02 -10.57 102.47 62.05 PTC PTC ... dd 74.14 -0.34 70.15 94.11 49.77 TysonFoods TSN 1.8 17 90.86 1.12 -13.69 24.24 12.53 ArcelorMittal s 59.69 43.02 24.79 ArchCapital MT 1.0 9 17.84 -0.46 DEF 19.28 152.95 105.94 IBM -8.54 152.95 104.86 IntlFlavors IBM 4.8 16 135.59 IFF 2.4 36 122.80 1.03 -0.54 13.21 134.24 67.41 PVH PVH 0.1 12 105.23 0.57 0.08 13.62 10.12 UBS Group UBS 5.5 11 12.39 -0.06 ACGL ... 12 42.67 0.24 14.32 48.24 36.45 IntlPaper 40.30 83.41 53.43 Paccar PCAR 1.6 11 80.17 0.48 16.91 50.61 38.14 UDR UDR 3.0 78 46.32 0.14 44.98 44.48 23.13 DISH Network DISH ... 14 36.06 0.26 IP 4.4 13 46.14 0.17 ci on 11.76 47.20 36.45 ArcherDaniels ADM 3.1 22 45.79 0.15 11.68 23.98 19.56 Interpublic 34.71 114.78 77.90 PackagingCpAm PKG 2.8 14 112.43 0.76 -15.76 57.32 40.52 UGI UGI 2.7 31 44.94 -0.26 86.18 31.98 15.63 Arconic ARNC 0.3 41 31.39 0.39 17.73 134.37 107.22 DTE Energy DTE 3.1 22 129.86 0.20 IPG 4.1 14 23.04 0.25 -29.32 69.45 26.02 DXC Tech DXC 2.2 dd 37.58 -0.18 53.14 102.66 50.05 InterXion INXN ...118 82.94 -0.66 76.99 53.43 17.02 PagSeguroDig PAGS ... 33 33.15 1.12 30.09 43.10 29.55 US Foods USFD ... 23 41.16 0.87 68.63 167.64 88.05 arGEN-X ARGX ... dd 162.00 -1.59 35.69 295.77 182.61 Intuit INTU 0.8 45 267.10 3.05 22.12 260.63 168.81 PaloAltoNtwks PANW ... dd 230.01 0.91 ... 47.08 25.58 Uber UBER ... dd 30.45 0.46 -2.16 331.27 173.31 AristaNetworks ANET ... 22 206.15 2.40 48.23 154.00 94.59 Danaher DHR 0.4 45 152.85 2.41 10.39 128.41 95.83 Darden 23.47 596.04 430.24 IntuitiveSurgical ISRG ... 54 591.31 2.60 0.27 33.02 21.68 ParkHotels PK 8.4 22 26.05 0.20 86.90 199.91 92.08 Ubiquiti UI 0.6 39 185.80 -3.75 22.93 86.62 62.35 ArrowElec ARW ... dd 84.76 0.33 DRI 3.2 22 110.24 1.21 38.70 212.05 140.82 ParkerHannifin PH 1.7 18 206.86 0.59 2.31 368.83 222.00 UltaBeauty ULTA ... 21 250.50 -0.19 ... 44.09 27.55 Datadog DDOG ... dd 38.51 0.41 46.76 31.32 19.21 InvitatHomes INVH 1.8628 29.47 0.24 411.19 73.72 10.41 ArrowheadPharm ARWR ... 91 63.49 -4.19 14.02 86.58 48.27 IonisPharma IONS ... 21 61.64 0.06 31.28 88.43 61.32 Paychex PAYX 2.9 29 85.53 0.53 -11.96 7.90 3.61 UltraparPart UGP 2.1 22 5.96 0.01 102.71 133.96 54.66 AscendisPharma ASND ... dd 127.00 1.03 43.22 74.26 43.40 DaVita DVA ... 28 73.70 -0.05 17.08 180.48 132.68 Deere DE 1.7 17 174.65 1.89 41.76 29.18 14.35 iQIYI IQ ... dd 21.08 0.38 115.22 279.95 111.48 PaycomSoftware PAYC ... 92 263.54 1.78 19.36 24.55 15.05 UnderArmour C UA ... 79 19.30 0.29 47.08 142.15 75.01 AspenTech AZPN ... 31 120.87 -0.03 -1.39 37.32 29.28 IronMountain IRM 7.7 28 31.96 0.05 102.06 122.65 53.46 Paylocity PCTY ...117 121.66 0.42 21.68 27.72 16.52 UnderArmour A UAA ... 88 21.50 0.34 46.76 134.25 82.31 Assurant AIZ 1.9 33 131.26 -0.34 1.53 70.55 41.57 DellTechC DELL ... 10 49.62 -0.27 18.18 63.44 45.08 DeltaAir DAL 2.7 8 58.97 -0.17 -17.49 5.90 4.37 IsraelChemicals ICL 4.6 12 4.67 0.03 29.33 121.48 76.70 PayPal PYPL ... 51 108.75 -0.13 6.54 63.62 52.08 Unilever UN 2.7 14 57.32 0.13 s 32.86 51.23 35.30 AstraZeneca AZN 2.7 63 50.46 0.49 -32.33 13.19 7.92 Pearson PSO 3.0 11 8.08 0.08 8.61 64.84 50.80 Unilever UL 3.2 14 56.75 0.17 52.78 60.15 34.93 DentsplySirona XRAY -3.39 10.80 7.59 ItauUnibanco ITUB 5.2 13 8.83 -0.16 er rs s 19.91 47.89 36.00 Athene ATH ... 6 47.76 0.45 0.7 79 56.85 -0.62 62.91 79.67 43.21 Pegasystems PEGA 0.2 dd 77.92 1.44 30.51 180.84 128.08 UnionPacific UNP 2.2 21 180.40 2.93 -4.66 9.47 6.44 DeutscheBank DB 1.6 dd 7.77 -0.12 36.09 149.80 77.34 Atlassian TEAM ... dd 121.09 1.06 21.07 115.19 87.88 AtmosEnergy ATO 2.0 26 112.26 1.45 13.00 35.39 19.72 DevonEnergy DVN 1.4 8 25.47 0.36 JKL ... 37.02 20.46 Peloton PTON 24.94 38.56 28.30 PembinaPipeline PBA ... dd 29.99 4.9 16 37.07 -1.94 0.20 6.63 96.03 77.02 UnitedAirlines UAL ... 8 89.28 51.96 2.81 1.69 UnitedMicro UMC 2.4 53 2.72 0.06 ... s 42.17 185.75 117.72 Autodesk ADSK ...276 182.84 -0.94 78.15 232.00 105.05 DexCom DXCM ... dd 213.42 -2.91 s 68.71 35.52 19.26 JD.com JD ... 96 35.31 0.53 17.28 176.22 137.24 Diageo DEO 2.1 25 166.31 1.96 20.46 46.45 34.50 Pentair PNR 1.7 22 45.51 0.06 20.37 125.31 89.89 UPS B UPS 3.3 20 117.40 -1.16 1.87 117.99 65.46 Autohome ATHM ... 21 79.69 -0.54 40.59 139.02 91.11 JPMorganChase JPM 2.6 14 137.24 -0.11 17.33 18.03 13.66 People'sUtdFin PBCT 4.2 13 16.93 0.03 s 63.20 168.00 94.28 UnitedRentals URI ... 12 167.33 1.64 22.41 87.01 61.07 Autoliv ALV 2.9 35 85.97 -0.49 -5.05 114.14 73.17 DiamondbkEner FANG 0.9 13 88.02 0.54 66.72 44.20 22.90 Jabil JBL 0.8 32 41.33 -0.56 10.76 136.32 100.05 DigitalRealty DLR 3.7118 118.02 -0.98 24.84 140.45 105.03 PepsiCo PEP 2.8 16 137.92 1.45 30.79 61.11 43.14 US Bancorp USB 2.8 14 59.77 -0.24 30.48 174.50 121.40 ADP ADP 2.1 32 171.09 2.35 16.04 152.93 120.20 JackHenry JKHY 1.1 41 146.82 0.73 22.93 103.00 71.83 PerkinElmer PKI 0.3 46 96.56 0.86 s 40.39 150.90 100.48 UnitedTech UTX 2.0 25 149.49 0.78 46.33 1274.41 798.41 AutoZone AZO ... 19 1226.74 7.66 47.00 92.98 54.36 DiscoverFinSvcs DFS 2.0 10 86.70 0.38 54.02 98.08 55.17 JacobsEngg J 0.8 dd 90.04 1.50 41.21 57.50 36.28 Perrigo PRGO 1.5 30 54.72 0.26 s 17.45 300.00 208.07 UnitedHealth UNH 1.5 21 292.59 -2.03 m e 19.51 222.87 167.01 Avalonbay AVB 2.9 29 208.01 0.27 33.19 33.66 23.79 DiscoveryA DISCA ... 13 32.95 0.19 68.99 19.94 10.00 JamesHardie JHX 1.7 34 19.84 0.15 33.36 31.20 21.99 DiscoveryC -20.19 68.80 44.80 PetroChina PTR 3.4 11 49.12 0.16 114.49 230.32 78.78 UnivDisplay OLED 0.2 73 200.70 1.10 3.41 52.85 47.45 Avangrid AGR 3.4 27 51.80 0.68 DISCK ... 12 30.78 0.39 s 23.63 153.88 113.52 JazzPharma JAZZ ... 15 153.25 0.98 19.60 17.90 11.89 PetroleoBrasil PBR 1.4 12 15.56 -0.30 23.81 157.79 112.79 UniversalHealthB UHS 0.6 18 144.31 0.28 ... 19.59 13.33 Avantor AVTR ... dd 17.99 0.17 33.95 153.41 100.35 Disney DIS 1.2 21 146.88 0.73 31.32 21.79 15.16 JefferiesFin JEF 2.3 7 21.34 0.06 85.08 76.28 36.25 DocuSign DOCU ... dd 74.18 0.80 26.49 15.74 10.79 PetroleoBrasilA PBR.A 3.4 11 14.66 -0.36 0.10 38.29 24.71 UnumGroup UNM 3.9 6 29.41 0.07 46.86 134.56 82.89 AveryDennison AVY 1.8 48 131.92 -0.03 s 13.18 147.84 121.00 J&J JNJ 2.6 28 146.06 0.71 -10.13 44.56 33.97 Pfizer PFE 3.9 14 39.23 0.26 29.09 10.13 6.96 VEREIT VER 6.0 dd 9.23 0.02 28.14 32.20 21.72 AxaltaCoating AXTA ... 25 30.01 -0.19 9.61 70.17 56.09 DolbyLab DLB 1.3 28 67.78 -0.07 m rp 39.02 44.82 28.30 JohnsonControls JCI 2.5 73 41.22 0.46 27.73 92.74 64.67 PhilipMorris PM 5.5 18 85.27 -0.72 s 44.81 98.04 63.23 VF VFC 2.0 30 97.24 0.34 17.00 49.58 38.85 BCE BCE 5.2 19 46.25 -0.14 44.99 166.98 98.08 DollarGeneral DG 0.8 25 156.71 -0.29 s 36.26 173.61 119.79 JonesLang JLL 0.5 18 172.51 1.89 s 35.04 25.54 17.64 VICI Prop 31.57 119.92 78.44 Phillips66 PSX 3.2 11 113.35 0.54 VICI 4.7 18 25.36 0.04 12.57 59.02 45.97 BHP Group BHP 4.9 16 54.36 -0.27 4.14 119.71 82.21 DollarTree DLTR ... dd 94.06 1.96 -8.96 28.77 22.42 JuniperNetworks JNPR 3.1 23 24.50 0.07 111.15 33.45 14.83 PilgrimPride PPC ... 23 32.75 0.28 17.04 251.81 179.60 VailResorts MTN 2.9 34 246.75 1.70 11.20 51.87 40.10 BHP Group BBL 5.7 14 46.58 -0.26 15.20 83.93 67.41 DominionEner D 4.5 62 82.32 0.52 -0.17 43.64 30.83 KB Fin KB 3.3 6 41.91 -0.56 66.49 45.25 18.46 Pinduoduo PDD ... dd 37.36 -0.16 0.61 15.45 10.20 Vale VALE ... 19 13.27 0.05 18.27 93.72 69.96 BOK Fin BOKF 2.4 12 86.73 -0.73 17.75 302.05 220.90 Domino's DPZ 0.9 32 292.00 ... s 51.04 30.18 18.30 KKR KKR 1.7 16 29.65 -0.13 s 33.74 58.10 40.27 Donaldson 5.86 99.81 81.63 PinnacleWest PNW 3.5 20 90.19 0.94 27.08 101.99 68.81 ValeroEnergy VLO 3.8 17 95.27 0.68 -0.18 45.38 35.73 BP BP 6.4 27 37.85 0.20 DCI 1.4 29 58.03 1.05 98.31 179.95 80.65 KLA KLAC 1.9 25 177.47 2.01 ... 36.83 17.39 Pinterest PINS ... dd 18.98 -0.11 25.33 143.66 103.92 VarianMed VAR ... 42 142.01 0.15 49.47 9.96 5.02 BRF BRFS ... dd 8.49 0.06 26.93 45.08 32.32 DouglasEmmett DEI 2.6 67 43.32 0.01 62.49 156.98 90.55 KSCitySouthern KSU 1.0 27 155.10 2.06 12.23 178.22 114.79 PioneerNatRscs PXD 1.2 34 147.60 0.39 -27.82 11.55 7.04 Vedanta VEDL 12.4 7 8.33 -0.22 s 66.62 63.70 35.91 BWX Tech BWXT 1.1 30 63.70 1.07 62.07 115.26 65.83 Dover DOV 1.7 26 114.99 1.52 s 20.40 68.77 51.34 Kellogg K 3.3 32 68.64 1.86 -7.49 25.27 16.77 PlainsAllAmPipe PAA 7.8 5 18.54 0.30 58.83 176.90 79.26 VeevaSystems VEEV ... 73 141.87 2.10 -19.62 186.22 93.39 Baidu BIDU ... dd 127.49 -0.58 ... 60.52 40.44 Dow DOW 5.1 ... 54.61 0.09 12.60 32.00 24.54 KeurigDrPepper KDP 2.1 37 28.87 0.34 37.19 81.90 48.00 PlanetFitness PLNT ... 55 73.56 0.18 -1.95 75.40 54.59 Ventas VTR 5.5 43 57.45 0.83 16.70 28.65 20.09 BakerHughes BKR 2.9 59 25.09 0.12 7.80 42.82 34.67 DrReddy'sLab RDY 0.6 18 40.64 0.06 s 38.02 20.52 13.65 KeyCorp KEY 3.6 13 20.40 0.18 29.49 104.37 70.27 Polaris PII 2.5 20 99.29 0.32 29.78 221.78 138.77 VeriSign VRSN ... 36 192.45 2.25 41.76 81.88 42.24 Ball BLL 0.9 40 65.18 1.46 -12.58 26.49 16.08 Dropbox DBX ... dd 17.86 -0.30 66.11 110.00 55.91 KeysightTechs KEYS ... 32 103.12 -0.74 44.71 228.19 137.02 Pool POOL 1.0 34 215.11 2.85 37.27 164.97 102.74 VeriskAnalytics VRSK 0.7 54 149.68 1.49 co Fo 5.86 6.44 4.62 BancoBilbaoViz BBVA 4.2 7 5.60 -0.04 5.01 97.37 82.46 DukeEnergy DUK 4.2 19 90.62 0.67 31.63 85.29 59.05 KilroyRealty KRC 2.3 30 82.77 0.28 21.43 113.73 83.88 PostHoldings s 10.41 62.22 52.28 Verizon 32.20 36.04 24.66 DukeRealty DRE 2.7 31 34.24 -0.04 POST ... 66 108.23 0.88 VZ 4.0 16 62.07 1.27 12.15 9.48 6.65 BancoBradesco BBDO 2.1 12 8.11 -0.14 21.13 143.50 106.59 KimberlyClark KMB 3.0 24 138.01 1.27 24.63 60.81 40.42 PrincipalFin PFG 4.0 12 55.05 -0.05 33.18 225.66 151.80 VertxPharm VRTX ... 27 220.69 2.91 -24.09 32.83 19.62 BancodeChile BCH ... 8 21.71 -0.33 16.94 84.73 61.69 Dunkin' DNKN 2.0 26 74.98 1.44 40.14 21.86 14.29 KimcoRealty KIM 5.5 27 20.53 -0.01 s 36.38 126.60 86.74 Procter&Gamble PG -3.04 53.71 35.02 ViacomCBS B VIAC 1.7 5 42.39 0.44 -43.85 127.13 61.63 DuPont DD ... 60 63.55 -0.40 2.4 84 125.36 0.44 3.14 13.72 9.68 BancSanBrasil BSBR 4.1 23 11.48 -0.01 36.35 21.50 14.62 KinderMorgan KMI 4.8 23 20.97 0.13 18.95 84.96 56.71 Progressive PGR 0.6 13 71.76 0.65 4.86 53.68 38.42 ViacomCBS A VIACA 1.6 6 45.98 1.68 -21.47 32.97 20.78 BcoSantChile BSAC 3.5 13 23.48 -0.02 ... 27.48 17.05 Dynatrace DT ... dd 25.52 0.78 56.04 51.08 24.23 KirklandLakeGold KL 0.6 17 40.71 -0.88 49.91 92.80 55.21 Prologis PLD 2.4 31 88.03 0.72 s 164.84 14.47 5.04 Vipshop VIPS ... 21 14.46 0.55 -7.37 5.25 3.65 BancoSantander SAN 6.1 9 4.15 0.01 -2.22 36.34 28.54 ENI E 4.3 19 30.80 ... 42.80 39.37 23.27 Knight-Swift KNX 0.7 16 35.80 0.03 38.16 133.58 78.69 Proofpoint PFPT ... dd 115.79 -2.45 s 42.49 188.17 121.60 Visa V 0.6 37 188.00 1.46 44.12 56.06 35.52 BanColombia CIB 2.3 13 54.91 -0.93 -5.22 107.89 64.33 EOG Rscs EOG 1.4 16 82.66 1.41 -23.77 75.91 43.33 Kohl's KSS 5.3 12 50.57 0.09 16.12 75.36 57.01 ProsperityBcshs PB 4.89 27.96 20.84 VistraEnergy 82.66 214.85 104.77 EPAM Systems EPAM ... 49 211.90 0.73 2.5 15 72.34 0.47 VST 2.1 24 24.01 -0.22 41.88 35.27 22.66 BankofAmerica BAC 2.1 13 34.96 0.01 38.34 48.84 32.98 KoninklijkePhil PHG 1.7 31 48.57 0.25 15.93 106.39 75.61 PrudentialFin PRU 4.2 10 94.54 0.30 10.14 206.80 128.69 VMware VMW ... 10 151.04 2.36 18.79 79.35 62.79 BankofMontreal BMO 4.1 12 77.63 0.13 4.15 52.35 34.68 E*TRADE ETFC 1.2 11 45.70 -0.23 -18.17 15.78 9.90 KoreaElcPwr KEP ... dd 12.07 0.01 5.03 46.50 31.84 Prudential PUK 3.4 12 37.15 -0.31 1.35 21.72 15.53 Vodafone VOD 4.8 dd 19.54 -0.01 7.56 54.27 40.52 BankNY Mellon BK 2.4 13 50.63 -0.22 13.03 56.09 37.69 EastWestBncp EWBC 2.2 11 49.20 0.35 -25.14 48.66 24.86 KraftHeinz KHC 5.0 dd 32.22 0.32 12.72 63.88 49.23 PublicServiceEnt PEG 7.87 70.54 58.60 VornadoRealty VNO 3.9 4 66.91 7.47 86.18 61.22 EastmanChem EMN 3.2 20 58.67 0.02 -0.36 12.25 58.22 48.34 BkNovaScotia BNS 4.8 11 55.98 0.09 3.4 14 78.57 -1.34 5.45 29.97 20.70 Kroger KR 2.2 15 29.00 0.24 4.49 266.76 193.89 PublicStorage PSA 3.8 25 211.50 1.38 52.32 63.37 36.66 VoyaFinancial VOYA 1.0 15 61.14 -0.40 22.94 10.22 6.54 Barclays BCS 3.8 ... 9.27 -0.29 s 37.49 95.46 64.46 Eaton ETN 3.0 17 94.40 0.16 13.79 12.30 7.62 LATAMAirlines LTM 0.3 65 11.72 -0.08 52.44 41.22 24.45 PulteGroup 43.49 152.49 90.04 VulcanMatls 28.93 42.00 26.01 eBay PHM 1.2 12 39.62 1.02 VMC 0.9 31 141.77 0.06 28.88 20.07 11.52 BarrickGold GOLD 1.1 39 17.45 -0.26 EBAY 1.5 16 36.19 0.15 40.28 51.97 27.04 LINE LN ... dd 47.85 -0.15 20.17 43.16 25.04 Qiagen QGEN ... dd 41.40 0.09 62.43 31.97 17.20 BauschHealth BHC ... dd 30.00 0.10 25.33 89.93 61.40 BaxterIntl BAX 1.1 28 82.49 0.27 29.77 209.87 135.77 Ecolab 27.14 23.24 15.21 Ecopetrol ECL EC 1.0 37 191.22 7.2 11 20.19 -0.56 0.09 51.41 36.63 22.74 LKQ 52.57 94.70 56.20 LPL Financial LKQ LPLA ... 25 35.93 1.1 14 93.19 0.18 -0.14 s 92.11 118.36 54.73 Qorvo QRVO ... 56 116.67 -0.61 WXYZ 56.12 94.11 49.10 Qualcomm QCOM 2.8 25 88.85 0.36 s 20.57 275.48 208.62 BectonDicknsn BDX 1.2 70 271.66 3.79 32.45 76.45 53.40 EdisonInt EIX 3.4 dd 75.19 1.77 48.53 217.31 123.24 L3HarrisTech LHX 1.5 25 199.99 2.58 28.64 108.95 78.95 QuestDiag DGX 2.0 20 107.12 -0.87 26.09 146.68 98.90 WABCO WBC ... 21 135.35 0.05 23.44 210.35 108.00 BeiGene BGNE ... dd 173.14 4.67 54.33 247.64 139.64 EdwardsLife EW ... 65 236.39 3.17 32.80 178.44 119.38 LabCpAm LH ... 22 167.80 -1.30 34.06 98.19 66.75 WEC Energy WEC 2.7 27 92.85 0.67 39.89 77.54 45.91 Berkley WRB 0.6 19 68.93 0.19 11.06 342250 279410 BerkHathwy A BRK.A ... 21 339850 2359.00 -8.66 35.46 25.25 ElancoAnimal ELAN 41.69 167.75 109.81 ElbitSystems ESLT ...113 28.80 1.1 40 161.56 -0.15 0.56 s 118.41 299.39 122.64 LamResearch LRCX s 27.78 88.48 65.04 LamarAdv 1.5 22 297.41 4.12 RS 47.23 221.66 131.35 WEX 20.16 93.62 63.76 W.P.Carey WEX ...137 206.21 WPC 5.3 33 78.51 1.98 0.63 LAMR 4.3 24 88.40 0.36 10.84 228.23 186.10 BerkHathwy B BRK.B ... 21 226.31 1.10 36.80 108.80 73.91 ElectronicArts EA ... 12 107.95 0.61 s 16.68 86.24 58.83 LambWeston LW 0.9 27 85.83 1.63 21.88 25.31 19.66 RELX RELX 2.2 25 25.01 0.14 s 25.66 69.55 50.91 WPP WPP 5.4 19 68.86 0.70 0.13 59.16 36.98 BerryGlobal BERY ... 16 47.59 0.58 27.65 77.24 55.38 EmersonElec EMR 2.6 21 76.27 0.18 31.66 69.90 47.39 LasVegasSands LVS 4.5 28 68.53 -0.65 27.14 76.10 51.95 RPM RPM 1.9 32 74.73 0.05 8.77 81.75 61.00 Wabtec WAB 0.6 57 76.41 0.31 s 65.65 89.50 47.72 BestBuy BBY 2.3 16 87.73 -0.91 s 26.83 39.50 28.82 Enbridge ENB 6.2 19 39.42 0.31 15.11 160.00 105.10 Lear LEA 2.1 10 141.42 -0.16 14.47 133.63 82.69 RalphLauren RL 2.3 21 118.43 0.90 -14.55 74.94 49.03 WalgreensBoots WBA 3.1 14 58.39 0.64 53.46 222.87 132.75 Bio-Techne TECH 0.6 93 222.09 5.31 12.59 72.94 56.74 EncompassHealth EHC 1.6 22 69.47 -0.62 43.64 55.42 33.48 Leggett&Platt LEG 3.1 23 51.48 0.22 21.74 92.00 69.11 RaymondJames RJF 1.6 13 90.59 -0.46 29.14 125.38 85.78 Walmart WMT 1.8 24 120.29 0.21 60.52 376.43 220.05 Bio-RadLab A BIO ... 31 372.77 12.75 23.78 11.11 7.47 EnelAmericas ENIA 3.6 9 10.87 -0.07 s 85.91 98.03 50.33 Leidos LDOS 1.4 21 98.01 1.73 41.77 220.03 144.27 Raytheon RTN 1.7 19 217.40 1.29 22.21 97.93 70.28 WasteConnections WCN 0.8 42 90.74 0.72 s 62.07 372.77 220.93 Bio-RadLab B BIO.B ... 31 372.77 13.16 -4.85 5.62 3.58 EnelChile ENIC 3.7 12 4.71 0.04 44.75 49.66 29.80 Lennar B LEN.B 0.4 8 45.35 1.28 15.01 82.17 59.93 RealtyIncome O 3.8 56 72.50 0.15 27.16 121.77 83.48 WasteMgt WM 1.8 28 113.16 0.68 n- 0.04 344.00 215.78 Biogen BIIB ... 11 301.05 3.47 -1.06 15.98 10.84 EnergyTransfer ET 9.3 10 13.07 0.15 44.67 62.63 37.29 Lennar A LEN 0.3 9 56.64 1.40 279.13 222.33 47.50 ReataPharm RETA ... dd 212.69 2.46 23.66 255.21 173.41 Waters WAT ... 29 233.28 1.41 -0.47 100.13 62.88 BioMarinPharm BMRN ... dd 84.75 -0.24 s 83.22 51.41 24.43 Entegris ENTG 0.6 25 51.11 0.09 11.40 298.49 203.63 LennoxIntl LII 1.3 26 243.80 5.44 6.77 70.26 55.50 RegencyCtrs REG 3.7 38 62.65 0.11 29.32 182.52 131.88 Watsco WSO 3.6 28 179.94 1.03 42.83 64.80 42.62 BlackKnight BKI ... 63 64.36 1.28 39.62 122.09 82.06 Entergy ETR 3.1 30 120.17 0.66 ... 24.50 16.00 LeviStrauss LEVI 3.0 20 19.91 0.38 0.57 442.00 271.37 RegenPharm REGN ... 20 375.62 3.07 -6.74 173.72 78.59 Wayfair W ... dd 84.01 -1.80 27.18 506.81 360.79 BlackRock BLK 2.6 19 499.59 -2.75 14.40 30.86 23.33 EnterpriseProd EPD 6.2 13 28.13 -0.18 s 70.17 123.56 68.47 LibertyBroadbandC LBRDK ...561 122.57 -0.02 28.92 17.54 12.39 RegionsFin RF 3.6 12 17.25 -0.05 38.54 332.26 220.63 WellCareHealth WCG ... 26 327.09 0.16 s 87.19 55.97 27.88 Blackstone BX 3.4 24 55.80 0.05 48.83 148.59 88.68 Equifax EFX 1.1 dd 138.61 0.83 s 68.64 122.20 68.76 LibertyBroadbandA LBRDA ...554 121.10 -0.28 17.10 169.26 129.17 ReinsGrp RGA 1.7 14 164.21 0.03 15.73 54.75 43.02 WellsFargo WFC 3.8 12 53.33 -0.30 1.71 446.01 292.47 Boeing BA 2.5 50 328.00 -5.50 63.86 609.97 335.29 Equinix EQIX 1.7 98 577.71 1.79 6.04 28.62 19.88 LibertyGlobal A LBTYA ... 26 22.63 -0.14 s 70.48 122.17 68.62 RelianceSteel RS 1.8 13 121.33 1.17 15.83 93.17 65.94 Welltower WELL 4.3 96 80.40 1.35 17.47 2081.81 1606.27 BookingHldgs BKNG ... 21 2023.26 20.14 -7.75 23.97 16.24 Equinor EQNR 4.2 12 19.53 0.15 4.94 27.84 19.24 LibertyGlobal C LBTYK ... 25 21.66 -0.13 48.70 201.35 123.78 RenaissanceRe RNR 0.7 15 198.81 1.02 53.87 152.10 91.75 WestPharmSvcs WST 0.4 49 150.84 1.40 59.33 78.01 43.24 BoozAllen BAH 1.5 23 71.81 0.95 43.17 74.55 46.46 EquityLife ELS 1.8 46 69.53 0.88 s 47.44 44.21 26.63 LibertyFormOne A FWONA 23.78 90.61 68.94 RepublicSvcs RSG 1.8 27 89.23 0.42 65.30 65.31 33.83 WesternDigital WDC 3.3 dd 61.11 2.34 no ... dd 43.82 -0.14 27.29 46.60 30.71 BorgWarner BWA 1.5 12 44.22 -0.68 21.65 89.55 63.17 EquityResdntl EQR 2.8 38 80.30 -0.06 s 49.71 46.55 27.51 LibertyFormOne C FWONK ... dd 45.96 -0.21 s 36.94 157.86 90.64 ResMed RMD 1.0 54 155.93 -0.11 -28.78 35.75 17.46 WesternMidstrm WES 12.4 14 19.75 -0.21 20.64 140.35 107.84 BostonProps BXP 2.8 41 135.78 0.09 27.28 270.23 123.94 ErieIndemnity A ERIE 2.3 28 169.68 0.89 29.66 48.80 34.84 LibertySirius C LSXMK ... 32 47.95 0.65 24.02 79.46 50.20 RestaurantBrands QSR 3.1 33 64.86 -0.15 60.79 28.00 16.42 WesternUnion WU 2.9 11 27.43 0.26 s 28.38 46.62 31.56 BostonSci BSX ... 59 45.37 0.54 21.26 334.17 235.51 EssexProp ESS 2.6 46 297.35 -1.33 30.87 48.96 34.92 LibertySirius A LSXMA ... 32 48.16 0.47 105.39 177.99 69.84 RingCentral RNG ... dd 169.32 1.83 4.52 81.04 55.82 WestlakeChem WLK 1.5 19 69.16 -0.22 37.34 168.28 105.15 BrightHorizons BFAM ... 51 153.07 1.84 s 59.00 207.98 121.47 EsteeLauder EL 0.9 41 206.86 2.57 42.41 62.53 40.15 LibertyProperty LPT 2.7 21 59.64 0.49 21.23 64.02 46.32 RioTinto RIO 5.6 7 58.77 0.29 -4.64 20.56 16.27 WestpacBanking WBK 7.2 13 16.66 -0.03 22.18 64.75 42.48 Bristol-Myers BMY 2.8 18 63.51 0.66 54.91 171.25 91.78 EuronetWorldwide EEFT ... 29 158.60 0.42 s 14.44 137.00 101.36 EliLilly LLY 2.2 30 132.43 1.58 8.53 69.08 51.90 RobertHalf RHI 2.0 16 62.08 0.13 12.50 43.01 31.94 WestRock WRK 4.4 13 42.48 0.24 s 33.40 42.91 30.67 BritishAmTob BTI 6.1 12 42.50 0.29 27.33 279.99 201.09 EverestRe RE 2.2 27 277.28 1.73 s 24.03 97.94 72.27 LincolnElectric LECO ... 20 97.80 1.03 35.80 207.11 141.46 Rockwell ROK 2.0 35 204.35 1.51 37.92 30.28 20.52 Weyerhaeuser WY 4.5 dd 30.15 0.14 46.02 22.74 14.11 BrixmorProp BRX 5.3 22 21.45 -0.05 12.95 67.81 54.57 Evergy EVRG 3.2 25 64.12 0.42 16.96 67.52 48.07 LincolnNational LNC 2.7 15 60.01 -0.12 -3.92 55.93 45.94 RogersComm B RCI 3.1 16 49.25 -0.11 39.22 30.90 18.54 WheatonPrecMet WPM 1.3797 27.19 -0.86 25.45 331.20 230.33 Broadcom AVGO 4.1 50 319.00 -1.85 30.06 86.55 62.61 EversourceEner ES 2.5 30 84.59 0.81 s 35.93 213.94 145.95 Linde LIN 1.7 22 212.11 2.71 346.77 176.55 26.30 Roku ROKU ... dd 136.89 -0.84 37.93 163.64 99.40 Whirlpool WHR 3.3 9 147.41 3.51 28.43 136.99 91.34 BroadridgeFinl BR 1.7 32 123.61 1.07 54.80 123.99 53.06 ExactSciences EXAS ... dd 97.68 1.76 45.28 74.02 46.02 LiveNationEnt LYV ... dd 71.55 1.72 -7.84 43.91 31.36 Rollins ROL 1.3 54 33.27 0.52 7.94 29.55 20.36 Williams WMB 6.4188 23.80 0.30 s 51.97 58.91 36.58 BrookfieldMgt BAM 1.1 16 58.28 -0.09 0.78 51.18 43.10 Exelon EXC 3.2 19 45.45 0.47 25.39 3.58 2.30 LloydsBanking LYG 5.1 12 3.21 -0.08 32.31 385.51 245.59 RoperTech ROP 0.6 32 352.63 0.65 s 35.41 206.29 144.13 WillisTowers WLTW 1.3 31 205.64 1.79 40.05 52.83 32.26 BrookfieldInfr BIP 4.2327 48.36 -1.25 -2.28 144.00 93.53 Expedia EXPE 1.2 33 110.08 0.98 47.60 399.96 241.18 LockheedMartin LMT 2.5 18 386.47 3.32 38.50 117.58 75.91 RossStores ROST 0.9 25 115.23 0.07 0.32 4.62 3.51 Wipro WIT 0.3 16 3.86 0.07 s 46.04 40.35 25.72 Brown&Brown BRO 0.8 29 40.25 0.73 12.28 81.15 62.90 ExpeditorsIntl EXPD 1.3 21 76.45 -0.11 13.49 56.20 42.06 Loews L 0.5 29 51.66 0.49 15.66 82.58 65.76 RoyalBkCanada RY 4.0 12 79.25 0.10 29.83 155.75 80.20 Wix.com WIX ... dd 117.29 -3.87 40.21 68.99 44.57 Brown-Forman B BF.B 1.0 38 66.71 1.35 15.46 124.45 86.99 ExtraSpaceSt EXR 3.4 33 104.47 0.62 s 48.15 46.45 29.06 LogitechIntl LOGI 1.6 29 46.34 0.31 12.70 7.31 4.33 RoyalBkScotland RBS ... 15 6.30 -0.16 60.48 124.78 68.40 Woodward WWD 0.5 30 119.22 0.82 32.75 65.73 44.42 Brown-Forman A BF.A 1.1 35 62.95 2.12 2.57 83.49 64.65 ExxonMobil XOM 5.0 20 69.94 0.55 29.63 121.46 85.90 Lowe's LOW 1.8 32 119.73 -0.48 s 34.04 132.49 89.48 RoyalCaribbean RCL 2.4 14 131.08 4.23 -26.66 44.56 27.59 WooriFin WF 0.0 4 30.89 -0.41 73.36 52.23 26.10 Bruker BRKR 0.3 39 51.61 1.87 -14.63 173.44 121.36 F5Networks FFIV ... 20 138.32 -5.37 89.37 235.50 110.71 lululemon LULU ... 54 230.29 6.16 -0.15 66.48 54.56 RoyalDutchA RDS.A 5.5 12 58.18 -0.72 4.68 226.83 141.70 Workday WDAY ... dd 167.16 5.59 7.69 59.65 47.26 Bunge BG 3.5 dd 57.55 1.57 54.53 101.95 60.11 FMC FMC 1.6 25 99.04 0.67 s 87.17 78.99 37.31 Lumentum LITE ... dd 78.63 0.19 -1.42 67.45 54.64 RoyalDutchB RDS.B 6.4 12 59.09 -0.65 39.57 151.50 90.06 WynnResorts WYNN 2.9 22 138.05 -1.79 39.76 229.96 136.30 BurlingtonStrs BURL ... 35 227.34 -0.15 57.37 208.66 123.02 Facebook FB ... 33 206.30 0.24 ... 88.60 37.07 Lyft LYFT ... dd 47.92 1.64 33.86 138.78 80.65 RoyalGold RGLD 1.0 50 114.65 -0.67 s ... 40.50 32.10 XP XP ... ... 40.00 2.24 s 73.87 250.87 138.39 CACI Intl CACI ... 25 250.43 2.95 32.41 305.38 188.31 FactSet FDS 1.1 28 265.00 -4.82 12.96 98.91 68.61 LyondellBasell LYB 4.5 10 93.94 -1.39 21.99 88.19 55.75 Ryanair RYAAY ... 20 87.03 -0.80 37.83 86.47 45.73 XPO Logistics XPO ... 24 78.62 0.41 s 51.45 61.02 37.45 CBRE Group CBRE ... 20 60.64 0.82 s 99.75 374.05 170.26 FairIsaac FICO ... 59 373.54 5.34 35.02 140.62 94.81 SAP SAP 0.9 42 134.41 1.33 30.20 66.05 47.70 XcelEnergy XEL 2.5 26 64.15 0.30 15.14 63.90 41.50 CDK Global s 77.57 144.21 74.32 CDW CDK 1.1 62 55.13 0.19 CDW 1.1 30 143.92 1.67 41.98 37.94 24.61 Fastenal FAST 7.78 141.35 115.09 FederalRealty FRT 2.4 27 37.12 3.3 38 127.22 0.32 -0.65 MN 59.86 275.75 156.68 S&P Global 49.00 270.42 155.19 SBA Comm SPGI SBAC 0.8 32 271.66 0.6201 241.22 -0.82 3.07 89.02 39.47 18.57 Xerox 14.76 141.60 79.22 Xilinx XRX 2.7 13 37.35 XLNX 1.5 26 97.74 0.32 1.45 10.96 55.15 38.90 CF Industries CF 2.5 22 48.28 1.90 -8.19 199.32 137.78 FedEx FDX 1.8 10 148.12 1.10 18.43 176.11 133.78 M&T Bank MTB 2.6 12 169.51 1.11 s 43.18 67.14 42.27 SEI Investments SEIC 1.1 21 66.15 -0.82 17.82 85.67 60.65 Xylem XYL 1.2 28 78.61 1.02 s 38.11 85.00 57.35 CGI GIB ... 25 84.51 0.49 67.95 172.89 93.85 Ferrari RACE 0.7 39 167.01 0.49 s 24.87 29.82 22.73 MDU Rscs MDU 2.8 18 29.77 0.27 -13.25 27.64 21.22 SK Telecom SKM 3.3 8 23.25 0.13 57.81 43.53 26.20 Yandex YNDX ... 53 43.16 0.44 -8.67 92.72 74.12 CH Robinson CHRW 2.7 16 76.80 0.07 3.46 17.46 12.11 FiatChrysler FCAU ... 8 14.96 -0.18 37.26 33.55 21.61 MGM Resorts MGM 1.62730 33.30 0.04 14.78 93.91 75.45 SLGreenRealty SLG 3.9 45 90.77 0.24 9.43 119.72 86.42 YumBrands YUM 1.7 28 100.59 0.77 7.65 224.91 161.05 CME Group CME 4.9 36 202.52 -2.20 44.43 48.40 29.50 FidNatlFin FNF 2.9 16 45.41 -0.12 74.18 115.12 56.37 MKS Instrum MKSI 0.7 36 112.54 1.34 34.87 67.73 40.96 SS&C Tech SSNC 0.8 45 60.84 -0.13 s 45.12 49.00 31.35 YumChina YUMC 1.0 27 48.66 0.70 27.09 65.31 47.63 CMS Energy CMS 2.4 29 63.10 0.70 35.35 141.35 94.53 FidNatlInfo FIS 1.0 65 138.80 0.72 -14.72 35.85 22.60 MPLX MPLX 10.3 11 25.84 0.02 31.16 40.96 27.35 StoreCapital STOR 3.8 30 37.13 0.08 44.73 23.12 15.30 ZTO Express ZTO ... 27 22.91 0.18 1.13 50.47 41.49 CNA Fin CNA 3.1 19 44.65 0.19 32.38 31.64 22.12 FifthThirdBncp FITB 3.1 10 31.15 0.15 75.85 267.51 134.28 MSCI MSCI 1.0 38 259.25 -0.53 32.13 259.95 177.70 SVB Fin SIVB ... 12 250.94 0.82 s 51.44 34.60 20.27 ZayoGroup ZAYO ... 57 34.59 0.03 19.22 11.99 8.41 CNH Indl CNHI 1.8 10 10.98 0.13 19.90 74.17 47.20 58.com WUBA ... 11 65.00 1.01 9.94 315.95 240.33 MadisonSquGarden MSG ... dd 294.30 4.13 6.15 25.44 19.41 Sabre SABR 2.4 27 22.97 0.26 58.57 260.30 140.95 ZebraTech ZBRA ... 28 252.49 -0.64 4.87 193.66 139.77 CNOOC CEO 5.2 8 159.87 -0.04 31.99 64.37 42.53 FirstAmerFin FAF 2.9 12 58.92 -0.03 9.55 67.75 54.25 MagellanMid MMP 6.5 14 62.51 0.06 20.14 167.56 120.16 Salesforce.com CRM ...174 164.55 1.22 33.03 94.89 50.05 Zendesk ZEN ... dd 77.65 1.50 14.66 18.17 13.87 CPFLEnergia CPL 1.3 14 16.97 -0.19 s 34.67 118.15 79.42 FirstRepBank FRC 0.6 23 117.03 -0.40 23.10 57.09 42.51 MagnaIntl MGA 2.6 10 55.95 0.07 s 16.45 50.79 40.00 Sanofi SNY 2.3 31 50.55 0.12 39.11 51.47 27.71 Zillow C Z ... dd 43.93 -1.01 50.63 40.44 24.91 CRH CRH 2.0 20 39.69 0.29 34.99 69.23 38.45 FirstSolar FSLR ... dd 57.31 0.24 s 41.51 20.12 13.33 ManulifeFin MFC 3.7 11 20.08 0.26 34.96 27.75 16.10 SantanderCons SC 3.7 9 23.74 -0.08 38.53 50.99 27.67 Zillow A ZG ... dd 43.54 -0.89 17.79 80.73 58.47 CSX CSX 1.3 17 73.18 0.59 30.01 49.07 35.33 FirstEnergy FE 3.2 23 48.82 0.11 -7.88 18.93 11.06 MarathonOil MRO 1.5 12 13.21 0.03 15.61 158.80 72.05 SareptaTherap SRPT ... dd 126.17 0.86 44.93 150.79 96.99 ZimmerBiomet ZBH 0.6 dd 150.32 1.52 13.83 77.03 51.72 CVS Health CVS 2.7 22 74.58 0.48 58.76 118.00 68.45 Fiserv FISV ... 54 116.67 0.17 4.41 69.65 43.96 MarathonPetrol MPC 3.4 13 61.61 0.48 -26.19 34.03 16.48 Sasol SSL 3.2 42 21.62 -0.10 26.73 52.00 38.08 ZionsBancorp ZION 2.6 12 51.63 0.14 85.66 1569.74 767.15 CableOne CABO 0.6 52 1522.61 43.41 22.29 148.22 86.57 FiveBelow FIVE ... 46 125.13 0.86 9.66 1216.47 950.16 Markel MKL ... 29 1138.33 -3.35 9.28 48.88 30.65 Schlumberger SLB 5.1 dd 39.43 -0.18 s 55.11 133.52 78.90 Zoetis ZTS 0.6 44 132.68 3.94 -22.10 27.64 15.61 CabotOil COG 2.3 9 17.41 0.40 56.31 315.75 172.18 FleetCorTech FLT ... 27 290.30 1.43 78.09 421.45 199.04 MarketAxess MKTX 0.5 71 376.32 -1.25 15.87 51.65 34.58 SchwabC SCHW 1.4 18 48.12 -0.08 ... 107.34 59.94 ZoomVideo ZM ...1315 66.93 -1.25 61.20 77.08 40.31 CadenceDesign CDNS ... 46 70.09 0.41 65.97 12.85 7.16 Flex FLEX ... dd 12.63 -0.17 s 38.91 151.55 100.62 Marriott MAR 1.3 36 150.80 0.76 244.61 39.20 10.52 Sea SE ... dd 39.01 0.19 25.30 89.54 34.21 Zscaler ZS ... dd 49.13 1.22 41.96 28.03 17.82 CAE CAE 1.3 28 26.05 0.04 20.42 55.54 40.52 FlirSystems FLIR 1.3 27 52.43 0.01 s 40.84 113.94 74.30 Marsh&McLen MMC 1.6 38 112.32 0.11 54.50 60.56 35.38 Seagate STX 4.4 9 59.62 1.17 59.29 6.65 3.58 Zynga ZNGA ...163 6.26 -0.02 Mutual Funds Data provided by Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fund Net YTD NAV Chg %Ret Fidelity SAIUSQtyIdx 14.65 +0.08 33.8 JPMorgan I Class Income 12.03 ... NA BalAdml 39.45 +0.12 21.6 USGroAdml 111.12 +0.53 33.2 WndsrII 36.31 +0.14 28.7 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem111.65 +0.55 31.0 SrsEmrgMkt 20.44 +0.02 27.7 EqInc 19.45 +0.09 26.1 PIMCO Funds Instl CAITAdml 12.08 ... 6.6 ValAdml 47.09 +0.25 25.7 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 14.42 +0.05 30.5 SrsGlobal 13.10 +0.01 20.7 JPMorgan R Class IncomeFd 12.03 ... NA CapOpAdml r158.61 +0.96 28.0 WdsrllAdml 64.42 +0.26 28.8 MdCpVlAdml 62.06 +0.32 27.6 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 65.08 +0.30 28.0 SrsGroCoRetail 17.69 +0.11 39.3 CoreBond 11.87 ... 8.6 Price Funds DivAppIdxAdm 33.79 +0.21 29.5 WellsIAdml 66.09 +0.16 16.3 SmValAdml 59.37 +0.25 22.9 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlIdxInstPrem 42.78 +0.04 21.5 SrsIntlGrw 17.43 +0.07 34.9 Lord Abbett A BlChip 124.20 +0.59 29.8 EMAdmr 36.63 -0.49 17.8 WelltnAdml 76.88 +0.29 22.4 TotBd2 11.01 ... 8.5 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MidCpInxInstPrem 23.60 -0.46 30.3 SrsIntlVal 9.87 ... 19.5 ShtDurIncmA p 4.21 ... 5.3 DivGro 53.17 +0.29 30.6 EqIncAdml 79.45 +0.51 25.2 WndsrAdml 72.07 +0.37 30.1 TotIntl 17.75 -0.19 19.4 available due to incomplete price, performance or cost data. NE-Not released by Lipper; SAIUSLgCpIndxFd 17.23 +0.09 31.1 TotalBond 10.91 ... 9.8 Lord Abbett F EqInc 32.03 +0.18 26.4 ExplrAdml 97.42 +0.45 31.7 VANGUARD FDS TotSt 79.86 +0.40 30.3 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 21.05 +0.06 25.8 Fidelity SAI ShtDurIncm 4.21 ... 5.4 EqIndex 85.54 +0.42 30.8 ExtndAdml 96.11 +0.44 28.0 DivdGro 30.51 +0.16 30.7 VANGUARD INSTL FDS TMktIdxInstPrem 90.33 +0.44 30.5 TotalBd 10.50 ... 9.7 Lord Abbett I Growth 73.09 +0.25 30.4 GNMAAdml 10.54 ... 5.7 INSTTRF2020 24.69 +0.04 17.4 BalInst 39.46 +0.12 21.6 USBdIdxInstPrem 11.92 ... 8.5 First Eagle Funds ShtDurInc p 4.20 -0.01 5.3 HelSci 81.53 +0.62 29.2 GrwthAdml 93.57 +0.43 36.5 INSTTRF2025 25.27 +0.05 19.4 DevMktsIndInst 14.08 -0.13 20.2 Friday, December 20, 2019 GlbA 57.61 +0.07 19.5 Metropolitan West InstlCapG 43.96 +0.17 28.2 HlthCareAdml r 87.89 +0.35 23.1 DevMktsInxInst 22.01 -0.20 20.2 Fidelity Advisor I INSTTRF2030 25.65 +0.05 20.8 Net YTD Net YTD Net YTD TotRetBdI 10.93 ... 9.0 IntlStk Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 32.83 +0.13 29.1 FPA Funds 18.51 +0.05 27.0 HYCorAdml r 5.97 ... 15.9 INSTTRF2035 26.02 +0.06 22.2 ExtndInst 96.11 +0.45 28.1 Fidelity Freedom FPACres 33.78 +0.05 18.6 TRBdPlan 10.28 ... 9.0 MidCap 95.33 +0.57 31.5 InfProAd 25.87 -0.32 6.9 INSTTRF2040 26.40 +0.07 23.5 GrwthInst 93.58 +0.43 36.5 American Century Inv AggBdInst 11.23 ... 9.3 IntlCoreEq 13.71 ... 20.8 FF2020 MFS Funds Class I IntlGrAdml 102.03 +0.16 30.5 InPrSeIn 10.54 -0.13 6.9 16.80 +0.03 17.7 Franklin A1 N Inc 9.71 ... 9.2 INSTTRF2045 26.68 +0.08 24.6 Ultra 51.87 +0.10 33.9 CorBdInst 11.58 ... 9.9 IntSmCo 18.63 ... 22.4 FF2025 14.74 +0.03 19.1 CA TF A1 p 7.65 ... 9.1 ValueI 44.60 +0.25 29.8 NHoriz 59.60 +0.47 38.2 ITBondAdml 11.80 ... 9.9 INSTTRF2050 26.71 +0.07 24.6 InstIdx 292.80 +1.46 31.0 American Funds Cl A BlackRock Funds IntSmVa 19.09 -0.04 19.4 FF2030 MFS Funds Instl ITIGradeAdml 10.03 -0.01 10.2 InstPlus 292.82 +1.46 31.0 18.39 +0.04 21.4 IncomeA1 p 2.34 +0.01 15.3 OverS SF r 11.14 ... 22.4 IntlVal 37.35 ... 19.8 AmcpA p 33.56 +0.17 26.3 HiYldBd Inst 7.78 ... 15.1 LgCo 24.70 +0.12 31.0 Freedom2020 K 16.79 +0.03 IntlEq 27.72 +0.12 27.8 LTGradeAdml 11.01 -0.14 19.5 InstTStPlus 69.43 +0.34 30.5 17.8 FrankTemp/Frank Adv R2020 22.02 -1.18 19.0 LifeCon 21.22 +0.03 15.5 AMutlA p 43.44 +0.21 18.3 BlackRock Funds A TAUSCoreEq2 20.13 +0.09 29.3 Freedom2025 K 14.73 +0.03 Northern Funds MidCpAdml 221.27 +1.34 30.7 MidCpInst 48.88 +0.30 30.7 19.2 IncomeAdv 2.32 +0.01 15.5 R2025 17.73 -0.84 20.6 LifeGro 36.51 +0.09 22.7 BalA p 28.43 +0.08 18.9 GlblAlloc p 19.10 +0.03 16.4 US CoreEq1 25.87 +0.12 29.9 Freedom2030 K 18.38 +0.05 StkIdx 36.95 +0.19 30.9 MuHYAdml 11.73 -0.04 8.7 MidCpIstPl 241.07 +1.46 30.7 21.5 FrankTemp/Franklin A Nuveen Cl I R2030 25.83 -1.34 22.2 LifeMod 29.23 +0.06 19.1 BondA p 13.25 ... 7.8 BlackRock Funds Inst US CoreEq2 23.63 +0.11 29.1 RisDv A p 69.55 +0.45 29.7 MuIntAdml 14.46 ... 6.7 RealEstaInstl 20.11 +0.13 27.4 Freedom2035 K 15.48 +0.04 24.1 HYMunBd 17.98 ... 11.9 R2035 18.97 -1.02 23.3 PrmcpCor 27.95 +0.15 27.8 SmCapInst 79.85 +0.38 CapIBA p 63.11 -1.04 16.1 EqtyDivd 20.85 +0.10 27.3 US Small 35.07 +0.09 21.9 MuLTAdml 11.90 -0.05 8.0 27.5 Freedom2040 K 10.84 +0.03 25.1 FrankTemp/Franklin C Oakmark Funds Invest R2040 26.98 -1.57 24.3 STAR 28.74 +0.07 22.0 STIGradeInst 10.72 CapWGrA 52.05 +0.14 24.8 MultiAstIncome 10.98 +0.01 13.7 US SmCpVal 34.50 ... 18.3 Income C t 2.38 +0.01 14.9 OakmrkInt 24.82 -0.03 MuLtdAdml 11.08 ... 4.0 ... 5.7 Fidelity Invest 23.6 Value 37.87 +0.22 26.0 TgtRe2015 15.89 +0.02 14.6 STIPSIxins 24.65 -0.19 EupacA p 55.27 -0.02 26.1 StratIncOpptyIns 9.96 ... 7.2 US TgdVal 23.21 +0.03 21.6 FrankTemp/Temp Adv MuShtAdml 15.85 ... 2.4 3.9 Balanc 24.56 +0.09 24.2 Old Westbury Fds PRIMECAP Odyssey Fds TgtRe2020 33.60 +0.06 17.4 TotBdInst FdInvA p 61.82 -3.27 20.4 Bridge Builder Trust USLgVa 38.56 +0.24 25.1 PrmcpAdml r144.23 +0.88 27.9 11.05 ... 8.6 BluCh 107.45 +0.10 33.1 GlBondAdv p 10.57 +0.01 -1.0 LrgCpStr 15.00 +0.04 24.6 AggGrowth r 45.39 +0.30 24.9 TgtRe2025 20.30 +0.04 19.3 TotBdInst2 11.01 GwthA p 51.12 -3.44 19.6 CoreBond 10.42 ... 8.8 Dodge & Cox RealEstatAdml129.95 +0.85 27.3 ... 8.6 Guggenheim Funds Tru Growth r 41.06 +0.24 24.3 HI TrA p 10.08 ... 11.6 CorePlusBond 10.18 ... 9.0 Balanced 101.19 +0.30 19.1 Contra 13.67 +0.05 29.6 Parnassus Fds SmCapAdml 79.85 +0.38 27.5 TgtRe2030 37.22 +0.09 20.8 TotBdInstPl 11.05 ... 8.6 TotRtnBdFdClInst 27.12 -0.01 4.6 ParnEqFd 30.6 Stock r 34.50 +0.19 27.2 ICAA p 39.48 +0.18 24.3 Intl Eq 12.21 ... 22.6 GblStock 12.63 +0.03 23.1 ContraK 13.69 +0.06 29.8 47.10 +0.31 SmGthAdml 70.07 +0.39 32.8 TgtRe2035 22.97 +0.05 22.1 TotIntBdIdxInst 33.98 -0.81 5.5 CpInc r 10.29 +0.01 19.2 Harbor Funds PGIM Funds Cl Z Schwab Funds TgtRe2040 39.88 +0.11 23.4 TotIntlInstIdx r118.73 -1.28 IncoA p 23.21 +0.08 18.8 LargeCapValue 13.73 +0.07 28.2 Income 14.01 ... 8.9 STBondAdml 10.56 ... 4.7 19.4 N PerA p 47.06 -1.55 29.5 Intl Stk ... 22.4 GroCo 22.11 +0.15 38.0 CapApInst 75.62 +0.33 33.0 TotalReturnBond NA ... 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NA LowP r 49.80 +0.06 25.1 Invesco Funds A TotRt 10.38 -0.01 8.1 TIAA/CREF Funds TgtRetInc 14.19 +0.02 13.0 WCM Focus Funds ... 4.0 TotIntlAdmIdx r 29.69 -0.32 19.4 TxExA p 13.32 ... 7.0 DFARlEst 40.40 +0.26 26.5 TotRetBdI 10.66 ... 5.8 Magin 10.17 +0.06 30.8 EqIncA 10.27 +0.03 19.8 PIMCO Funds A BdIdxInst 11.11 ... 8.3 TotStAdml 79.90 +0.40 30.4 TotIntBdIxInv 11.33 -0.26 5.4 WCMFocIntlGrwIns 18.84 +0.08 34.7 WshA p 48.08 -1.49 25.2 EmgMktVa 28.52 -0.03 8.9 Edgewood Growth Instituti OTC 12.73 -0.08 38.6 Invesco Funds Y IncomeFd 12.03 ... NA VANGUARD ADMIRAL TxMCapAdml166.25 +0.86 31.1 WellsI 27.28 +0.06 16.2 Western Asset Baird Funds EmMktCorEq 21.57 -0.02 15.0 EdgewoodGrInst 38.46 +0.14 34.0 Puritn 22.70 +0.09 21.0 DevMktY 45.50 -0.01 24.0 PIMCO Funds I2 500Adml 297.16 +0.05 30.4 TxMIn r 14.06 -0.13 20.2 Welltn 44.51 +0.17 22.3 CorePlusBdI NA ... NA For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B10 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. BUSINESS & FINANCE Glut Puts Pressure on Energy Companies Shell is the latest to pairment charge, but analysts prices in the coming years. affect investor returns. Further impairments could tract oil and gas more effi- said it is likely linked to lower Among the energy majors, Shell’s announcement Fri- be on the way from Exxon and ciently, are another driver for take a significant hit projections for gas prices. Shell Exxon Mobil Corp. and BP day prompted a 1% fall in the BP, according to analysts. lower oil-and-gas price assump- because of lower oil also indicated up to $1 billion have the greatest exposure to company’s share price in Lon- Exxon declined to comment. tions, according to analysts. in additional charges from well U.S. gas at 12% of their pro- don, potentially driving up its BP Chief Financial Officer Digitization has contributed and natural gas prices write-offs, decommissioning duction, followed by Chevron gearing level—the ratio of Brian Gilvary said in October $1 billion to Shell’s cash flow, costs and deferred tax charges. and Shell at 5%, according to debt to market capitalization. that he wasn’t expecting any via cost reductions, produc- BY SARAH MCFARLANE Shell’s announcement fol- RBC Capital Markets. “This is likely to put pres- major impairments in the tion increases and increased lows a write-down of more Doubts over future demand sure on gearing and hence company’s fourth-quarter re- customer margins, the com- LONDON—Royal Dutch than $10 billion by Chevron for oil and gas are also weigh- raise the risk that Shell will sults, due Feb. 4. The expecta- pany said in November. Shell PLC joined a clutch of big Corp. earlier this month, the ing on the sector. In the past moderate its current pace of tion, he said, depended on “If costs are going to be oil companies that have taken largest by an energy producer decade, the energy industry buybacks,” said Colin Smith, whether the company sold coming down then a number huge financial hits because of a in years. Spain’s Repsol SA, has switched from worrying an analyst at Panmure Gordon. more U.S. gas assets and what of the companies will have to global glut of oil and gas. the U.K.’s BP PLC and Norway’s about running out of oil and Some companies, including sale prices were in relation to look at the oil and gas price Shell said Friday that it Equinor ASA have also cut as- gas, to predicting demand for BP and Shell, link shareholder their book value. assumptions they use,” said would take an impairment set values in recent months. fossil fuels will peak within 20 returns to gearing targets. “Gearing and net debt com- Lydia Rainforth, an analyst at charge of around $2 billion Energy companies are grap- years as the world moves to Shell has a gearing level of ing down will be a strong sig- Barclays PLC. and warned of lower margins pling with one of the U.S. cut carbon emissions. around 28% and is targeting nal in terms of [shareholder] According to the bank, how- in its refining, chemicals and shale boom’s unintended con- The falling value of assets 25%. BP has the highest gear- distributions,” said Mr. Gilvary. ever, energy companies’ fore- retail businesses given the sequences: a global oversupply on big oil companies’ balance ing level among its peers at Falling costs across the sec- casts for Brent oil prices in weaker economic outlook. of natural gas. As a result, sheets could push up a closely 36% including leases, but has tor, partly driven by develop- 2025 range from $70 to $90 a The company didn’t offer companies are predicting watched measure of their fi- said it is aiming to reduce the ments in technology such as barrel, higher than the current details about the posttax im- weaker-than-expected U.S. gas nancial stability, and in turn number below 30%. predictive maintenance to ex- level of around $66 a barrel. EU Upends System Plentiful Crude Expected in 2020 On Investor Disputes BY AMRITH RAMKUMAR Energy-market analysts are BY VALENTINA POP Results of concluded intra-EU adjusting their oil supply-de- cases, 1987-2018 mand forecasts after an initial BRUSSELS—The European U.S.-China trade deal and OPEC Union is set to annul more Decided in favor of the state supply cuts, but many still see AGENCE FRANCE-PRESSE/GETTY IMAGES than $6 billion in damage 47 global oil output keeping up claims by investors, as it re- with consumption next year. places a decades-old system of The projec- Decided in favor of the investor private arbitration with na- COMMODITIES tions for sup- tional courts. The move, which 27 ply to match is set to happen early next or exceed demand, despite re- year, could weaken the bloc’s Settled cent bullish events, underscore . efforts to make itself a home how production from places ly for investment. 14 like Brazil and Norway cou- “It’s a bit of an own goal for pled with steady U.S. output Europe,” said Jeffrey Sullivan, Discontinued are keeping many investors Analysts reassessed their projections after an initial U.S.-China trade deal and OPEC supply cuts. an arbitration attorney with 9 on cautious on crude prices. U.S. international law firm Gibson, crude-oil futures fell 1.2% to the cartel will comply with the to clients. shortages that could lead to Dunn & Crutcher LLP in Lon- Breach but no damages $60.44 a barrel Friday, drop- deep output cuts announced Like many other analysts, significantly higher prices don who isn’t involved in af- ping from a three-month high. earlier this month by the Saudi RBC sees oil staying in its cur- over a long period. fected cases, of the EU’s ap- 3 Brent crude, the global gauge Arabian-led Organization of rent trading range and trading Earlier this month, Com- us l, proach. “They had a real of oil prices, edged down 0.6% the Petroleum Exporting Coun- roughly sideways moving for- merzbank analysts forecast opportunity to say, ‘Here’s a Note: Through July 1, 2018 to $66.14. tries and its allies. ward. that Brent crude will hover al a Source: UNCTAD e safe place to invest,’ but in- Oil has staged a powerful And demand still isn’t ex- Wall Street has pared back around $60 next year. stead they created their own rebound this year since tum- pected to outpace supply even previous forecasts for an out- “If it were to fall more political instability.” ruled that arbitration panels bling in the fourth quarter of with the U.S. and China reach- size supply surplus next year, sharply below this level, Saudi ci on The EU’s shift, after internal under bilateral investment- 2018, a recovery that has put ing an initial trade deal that an encouraging development Arabia would respond by cut- negotiations of about a year, protection treaties breached crude back into a sweet spot could relieve pressure on the for energy bulls. Strong com- ting production further,” they has blindsided many investors. EU law. The European Com- that analysts say is high world economy, supporting pliance to the OPEC produc- said in a note. “If it were to Particularly affected are banks mission, the bloc’s executive enough to let energy producers fuel consumption. tion cuts and progress on the rise more noticeably above this and private-equity companies arm, ordered members to make money without leading “Global supply and demand next phases of a trade deal be- threshold, additional oil would er rs whose assets in Central and scrap the treaties and instead to gasoline-price spikes that should reach a fine balance on tween the world’s two largest be pumped onto the market Eastern Europe are now more process complaints through threaten consumer spending. an annualized basis next year economies could help keep from non-OPEC countries.” vulnerable to government in- national courts. Few analysts, though, see a with the market ebbing and crude prices supported. Elsewhere in commodities tervention. Before the rule Companies and funds that repeat of 2019’s outsize gains flowing on either side of equi- At the same time, plentiful Friday, natural-gas futures ad- m e change, under bilateral treaties, stand to be hit by the change ahead. Some investors remain librium,” RBC Capital Markets inventories in developed coun- vanced 2.4% to $2.328 a million companies could take host gov- say it will have the unintended skeptical that every member of analysts said in a recent note tries have eased fears of British thermal units. ernments to court in another consequence of putting EU in- m rp EU country and claim damages vestors at a disadvantage com- if their investments had been pared with outsiders, who will affected. continue to benefit from the Abris Capital Partners, a investment-protection trea- $1.4 billion investment group ties. Disputes addressed under co Fo based in Luxembourg that is the treaties have covered is- 30% funded with U.S. capital, sues such as expropriation of in 2013 bought a Polish bank assets and unpaid government that the country’s banking subsidies. regulator soon after ordered The abolition will annul Abris to sell. Abris tried un- without recourse 28 ongoing successfully to fight the deci- arbitration cases about claims sion in Polish courts and then and unpaid damages totaling instituted arbitration. more than $6.2 billion, a ter- An arbitration court in mination that specialists say is Sweden in 2017 ordered Po- unprecedented. land to pay Abris $190 million EU officials have said the in damages. Poland refused to change is legally required. A pay and appealed to the Swed- spokesman for the European n- ish Constitutional Court, Commission said national QILAI SHEN/BLOOMBERG NEWS which said it would deliver its courts must now annul any final verdict in spring 2020— damages awarded after March too late for Abris to recover 2018 to investors under bilat- no the damages. eral investment treaties and “Forcing investors to rely must refuse to enforce state as- only on local court systems set freezes when a country re- makes absolutely no sense if a fuses to pay. state—as I’ve seen happen— Austria’s Raiffeisen Bank, can act to deny an investor currently in arbitration with Textile conglomerate Shandong Ruyi Technology Group had been the focus of investor concerns about rising corporate defaults. any practical form of access to the government of Croatia, that system,” said Abris co- founder Neil Milne. He said his lawyers are assessing relocat- ing Abris outside the EU, to was taken aback by the abruptness of the abolition treaty and its consequences. “This is the opposite of uni- Lycra’s Chinese Owner Repays Bond secure protections for the fication and integration,” said BY FRANCES YOON Shandong Ruyi dollar bonds tumbled on concerns the Chinese Defaults have risen at pri- firm’s investments in Central Werner Mörth, Raiffeisen AND XIE YU group might struggle to repay creditors at maturity. The bonds vate Chinese companies, and and Eastern Europe. Bank’s head of legal affairs. regained ground as the deadline approached. some enterprises that once ap- The fight has arisen as part “It’s 28 regimes of investor A Chinese fashion and tex- peared safe because of state of the EU’s decadeslong push protection, resulting in a ma- tile conglomerate unexpectedly Bond price, percent of face value backing have also run into to create a unified market. jor step back in legal stan- repaid holders of a maturing 100% trouble. The EU’s top court last year dards,” he said. dollar bond, after becoming Earlier this month, Tewoo the latest focus of investor 90 Group Co., a commodity concerns about rising corpo- trader, became China’s first ADVERTISEMENT rate defaults in China. 80 state-owned enterprise to de- Shandong Ruyi Technology fault on dollar debt in two de- The Marketplace To advertise: 800-366-3975 or WSJ.com/classifieds Group had gone on a buying spree that included businesses 70 cades, according to S&P Global Ratings. such as Swiss fashion house 60 Shandong Ruyi’s $300 mil- Bally, French luxury-goods lion of bonds due in July 2022 BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES group SMCP SA, Britain’s 50 were quoted at 43 cents Aquascutum and a majority against the dollar, according to stake in Lycra Co. Last year, Refinitiv, indicating investors 40 Shandong Ruyi’s chairman told Oct. Nov. Dec. still assign a high probability Reuters he wanted the com- of default to those securities. !" #$ Note: Prime Bloom 7.5% bond due Dec. 19, 2020 " ! % & ' # ( & " pany eventually to grow as big Jining City Urban Construc- Source: FactSet ) & " * +' as French giant LVMH Moët tion Investment, a local gov- " ! # ( % , " Hennessy Louis Vuitton SE. ernment-owned company, be- But creditors had become worried about the group’s abil- bonds, confirmed Friday after- came Shandong Ruyi’s second- concerned about the group’s ity to meet coming onshore noon that it received $356.9 largest shareholder with a 3.5 financial health. Shandong and offshore liabilities. S&P million, which comprises the billion yuan ($499 million) in- Ruyi’s $345 million of dollar Global Ratings had also down- bond principal plus interest. vestment, Shandong Ruyi said TRAVEL bonds due Dec. 19 tumbled to graded the company. On Dec. 5, The repayment appeared to in October. a record low of 47 cents on it said it withdrew the rating surprise even some mainland Sandra Chow, head of Asia the dollar last week, according at Shandong Ruyi’s request. creditors. In a filing late Pacific at CreditSights, a !"!# to FactSet, before recovering On Friday, an official at Thursday, Cinda International credit-analysis firm, said the somewhat in recent days. Shandong Ruyi’s capital opera- Holdings, a unit of the Chinese boundaries between public Last week, Moody’s Inves- tion department told The Wall bad-debt manager China Cinda and private firms in the com- THEMARKETPLACE tors Service cut its credit rat- ing on Shandong Ruyi to Caa1, Street Journal it had paid cred- itors all the principal and inter- Asset Management, said it had sold its Shandong Ruyi bonds pany’s home province of Shan- dong were blurring. “That in- (800) 366-3975 | sales.mart@wsj.com © 2019 Dow Jones & Company, Inc. deep in “junk” territory, from est due. with a face value of $6 million creases the contagion risks in All Rights Reserved. B3, saying it was increasingly HSBC, the trustee for the for about 78% of that amount. Shandong,” she said. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | B11 MARKETS Treasurys Stocks End Week at Fresh Highs Show BY KAREN LANGLEY the week, while the Dow Jones The Nasdaq notched its seventh consecutive record close, with go into 2020 with many fewer Inflation U.S. stocks closed out the week at records, powered Industrial Average gained 1.1%. The tech-heavy Nasdaq Com- posite ended the week up 2.2%. other major indexes hitting new records this week as well. Cumulative performance this week concerns and a continuation of economic growth.” U.S. stocks have soared this Concerns higher by new signs of eco- nomic strength that have fol- lowed a calming in trade ten- All three indexes notched fresh record closes Friday, climbing from Thursday’s pre- Nasdaq Composite 2.0% S&P 500 2.0% DJIA 2.0% year, due in part to a shift to lower interest rates and to signs of progress in trade ne- BY SAM GOLDFARB sions. vious all-time highs. The Nas- gotiations. The S&P 500 has Major U.S. indexes have daq Composite marked its sev- advanced 28% in 2019, while A market-based measure of bounded higher since the U.S. enth consecutive record, its 1.5 1.5 1.5 the Nasdaq Composite has inflation expectations is rising, and China agreed last week to a longest such streak since the jumped 35%. Friday’s gains signaling a growing belief preliminary trade seven record closes ending were broad-based, with all 11 among investors that price in- FRIDAY’S truce, dialing back Feb. 15, 2017, according to Dow 1.0 1.0 1.0 S&P 500 sectors rising, led by creases could accelerate due to MARKETS a major source of Jones Market Data. energy, health care and utili- easing trade tensions and a economic concern. The S&P 500 gained 15.85 ties. supportive Federal Reserve. Further boosting sentiment: points, or 0.5%, to 3221.22. 0.5 0.5 0.5 Earnings sparked some of The 10-year break-even promising economic reports in The Dow Jones Industrial Av- the biggest moves in individ- rate—a gauge of annual infla- both countries that have eased erage added 78.13 points, or ual companies. tion expectations fears of a global slowdown. 0.3%, to 28455.09. The Nasdaq 0 0 0 Shares of CarMax fell CREDIT derived from the With the trade agreement, Composite rose 37.74 points, Mon. Weds. Fri. Mon. Weds. Fri. Mon. Weds. Fri. $6.08, or 6.2%, to $92.71 after MARKETS yield differential improving economic signals or 0.4%, to 8924.96. the company reported lower Source: Dow Jones Market Data between the 10- and an expectation that the Investors have been heart- third-quarter profit amid year Treasury note and the Federal Reserve will hold in- ened by signs that the global higher compensation and ad- comparable inflation-protected terest rates steady, investors economy is regaining some of spending rose in November, a surveyed by The Wall Street vertising expenses. security—settled Friday at who had sold out of stocks are its footing. sign that a key driver of the Journal. Winnebago Industries rose around 1.79%, according to reversing course, said Andrew New data earlier in the economy remained solid head- The new personal income $3.77, or 7.8%, to $51.91 after Tradeweb. Slimmon, senior portfolio week showed that U.S. busi- ing into the end of the year. numbers “are consistent with the recreational-vehicle manu- That was unchanged from manager at Morgan Stanley ness activity improved to a The Commerce Department a consumer that is going to facturer’s revenue and ad- Thursday but up from 1.64% at Investment Management. five-month high in December said Friday that personal-con- carry this economy forward,” justed earnings beat analysts’ the end of last month. “Nothing gets people back and that China’s industrial sumption expenditures rose a said Jeanette Garretty, princi- expectations. Bets on higher inflation in like a rising market,” Mr. output and consumer spending seasonally adjusted 0.4%. Per- pal and managing director at Overseas, the Stoxx Europe have gained momentum as in- Slimmon said. “The fear of accelerated in November. sonal income, meanwhile, in- Robertson Stephens Wealth 600 index climbed 1.5% for the vestors have grown more con- missing out is alive and well.” In another positive eco- creased 0.5%, a greater gain Management. “I think the mar- week, while the Hang Seng In- fident about the economic out- The S&P 500 added 1.7% for nomic report, U.S. household than projected by economists ket is anticipating that we will dex ended the week up 0.7%. look. The 10-year break-even rate China’s Yuan May Get Calmer Year in 2020 briefly fell below 1.5% in early October but started to rise from there as the U.S. and China neared a preliminary trade agreement that was offi- BY JOANNE CHIU The yuan has strengthened on an improving trade outlook, cially announced on Dec. 13. months after it broke seven per dollar for the first time in more than a decade. A major piece of that deal China’s yuan has been . was a reduction in U.S. tariffs strengthening, setting up what How many yuan one dollar buys* China's current account Estimated monthly inflows ly on Chinese goods—something some think will be a steadier balance as a share of GDP† by index provider‡ investors hope can provide a 2020 after a roller-coaster 2019. 6.8 yuan 12% lift to the Chinese economy and In recent days, China’s cur- FTSE Russell (potential) other countries, such as Ger- rency has firmed to trade at on 10 many, which export to China. about seven per dollar, after 6.9 Even though inflation has the U.S. and China brokered a 8 lagged behind expectations in limited trade deal that can- $15.9 billion Bloomberg recent years—causing inves- celed some planned tariffs on us l, 7.0 6 Barclays tors to explore what structural Chinese goods and cut some existing levies. 4 al a e The yuan mostly had traded 7.1 6.03 weaker than seven per dollar One strategist says since August, when Beijing let 2 ci on 2.02 investors want both it cross that symbolic thresh- 7.2 0 old for the first time in more JPMorgan low risk and than a decade. That prompted July 2019 Aug. Sept. Oct. Nov. Dec. 2000 ’10 ’19 inflation protection. the U.S. government to criti- *Axis inverted to show a stronger yuan. †Seasonally adjusted. ‡Bloomberg and JPMorgan will add Chinese bonds to key indexes in stages until November 2020. cize China as a currency ma- FTSE Russell held off adding Chinese bonds in its last annual review, in September 2019. er rs Sources: Tullett Prebon (yuan one dollar buys); Organization for Economic Co-operation and Development via St. Louis Fed (account balance); Nomura (inflow) nipulator. From its peak in Feb- ruary to a September trough, economic forces might be the yuan declined nearly 7%. with Washington, and mini- hai the onshore yuan traded at rent-account surplus. Nomura next year, after these securi- holding it down—most inves- For the coming year, several mize the risks of a damaging 7.0087 per dollar. expects China’s overall cur- ties were added to indexes m e tors still believe it should economists and strategists ex- circle of currency weakness Larry Hu, chief China econ- rent-account surplus to stand compiled by JPMorgan Chase move higher if the economy pect the yuan to trade in a rel- and capital flight. A relatively omist at Macquarie, said while at 1.4% of GDP in 2019 and flip & Co and Bloomberg LP. does better. atively narrow range, and to stable yuan also makes it eas- the Chinese currency largely into deficit in 2021. The yuan’s value also mat- m rp Other factors that have bol- close next year at a reasonably ier for Beijing to attract fresh had moved on trade concerns Craig Chan, head of global ters for other emerging mar- stered inflation expectations similar level. Forecasts from capital for investments. in the past 18 months, it foreign-exchange strategy at kets, since China is both a ma- include a stretch of solid U.S. economists and analysts at Unlike other major curren- would be more sensitive to Nomura, said improved trade jor customer and competitor. economic data, the latest com- CLSA, Morgan Stanley, MUFG cies such as the dollar or the economic growth in 2020. relations, and inclusion of Chi- Adrian Mowat, chief strategist ing Friday when a new report Bank, NatWest Markets and Japanese yen, which are free- The yuan and other emerg- nese assets into global indexes at CLSA, said a weak yuan co Fo showed a rise in consumer Standard Chartered Bank for floating, China controls its ing-market currencies could would help boost demand for would reduce China’s purchas- spending and income. end-2020 levels range be- currency through tight capital also benefit from a softening the currency. He said Chinese ing power when it came to Another has been recent tween 6.85 and 7.21 per dollar. controls, intervention by state U.S. dollar, with the Federal Re- exporters and other corpora- buying neighbors’ exports. statements by Fed Chairman Such levels are weak enough banks and other tools. serve in no hurry to change its tions might also sell some of On the other hand, a Jerome Powell expressing con- to help keep Chinese goods The yuan trades separately low benchmark interest rates. the foreign currency they had steadier yuan would benefit cern about inflation being too competitive, which is handy in on- and offshore markets, Beijing is eager to keep at- been hoarding, which would exporters in neighboring coun- low. given slowing growth and con- with the former more tightly tracting foreign financial in- also tend to boost the yuan. tries, as regional trade rises. It Those comments sparked tinued trade tensions with the controlled. Authorities only let vestments, as the economy re- Mr. Chan estimated manag- would also boost tourism by speculation that the central U.S. Meanwhile, averting fur- the onshore yuan trade within orients from exports to ers of passive bond funds making Asian destinations bank might try harder to push ther steep declines would help 2 percentage points of a daily consumption-led growth, would pour about $90 billion more attractive to Chinese the rate of price increases avoid creating extra friction midpoint. On Friday in Shang- shrinking its once-huge cur- into domestic Chinese bonds travelers. above its 2% annual target to compensate for the extended stretch it has spent below that Deals Spur market that a more progres- n- level. sive candidate is going to win The Fed could aim to do in 2020, so I think that’s help- that by cutting interest rates or being slow to raise them Rally in ing the biotech story,” said Matt Forester, chief invest- no even if the economy starts to ment officer of BNY Mellon’s heat up. On a practical level, this month’s increase in the break- Biotech Lockwood Advisors. Investors are watching gov- ernment efforts to reduce drug even rate is the product of re- prices, put forward by politi- duced appetite for ordinary Continued from page B1 cians from both parties. Treasurys and higher demand Janus Henderson Global Life The Trump administration for inflation-protected securi- Sciences Fund. is moving ahead with a plan to ties, or TIPS, which increase Industry standouts this allow cheaper drugs to be im- their payout to holders if in- quarter include companies that ported from Canada and other flation measures exceed cer- recently received approval for countries, The Wall Street tain thresholds. new drugs. Shares of Alnylam Journal reported Wednesday. The yield on the benchmark Pharmaceuticals Inc. have Last week, the Democratic- 10-year U.S. Treasury note set- soared 44% this quarter; the controlled House of Represen- tled Friday at 1.916%, accord- FDA recently gave approval to tatives approved legislation to ing to Tradeweb, up from its new treatment for a rare allow extensive negotiation of 1.907% Thursday and below genetic disorder called acute drug prices directly by the fed- GREGORY BULL/ASSOCIATED PRESS 1.8% at the end of November. hepatic porphyria. Vertex eral Medicare program. The yield on the 2-year Trea- Pharmaceuticals Inc. has A generally sunnier eco- sury note rose to 1.627%. climbed 30% in the same time, nomic outlook could also be The 10-year TIPS yield, with most of that rise since boosting investors’ appetite meanwhile, was 0.131%—down the FDA approved its new drug for the typically volatile bio- from 0.155% on Nov. 29. Yields for cystic fibrosis on Oct. 21. tech group. move in the opposite direction “Vertex is one of those Investors have grown more of bond prices. companies where we see the optimistic as recent economic Jim Vogel, an interest-rates runway of revenue growth data have eased fears of a strategist at FHN Financial, over the next few years,” said Vertex Pharmaceuticals is up 30% this quarter. The FDA approved its cystic fibrosis drug Oct. 21. sharp slowdown. said TIPS have done well in re- Terri Towers, who heads “If we are feeling like the cent weeks because many in- health-care coverage at the Celgene Corp., combining two maceutical companies really Some investors have cred- economy is on surer ground, vestors still want to be in low- global equity research depart- leading sellers of cancer drugs want and need this innova- ited the earlier underperfor- these companies will have risk securities that could ment of Neuberger Berman, in a $74 billion deal. tion,” Mr. Acker said. “That mance of the health-care sec- much easier access to capital withstand shocks to the econ- which invests in Vertex. More recently, Alexion Phar- just generates more excite- tor—which was the second- to keep funding their re- omy in 2020. That growth will be driven maceuticals in October an- ment for the sector.” worst performing S&P 500 search,” said Diane Jaffee, se- Still, he said, investors also in the near term by the com- nounced a planned acquisition Shares of biotech compa- sector, behind energy, in nior portfolio manager at TCW. want some protection in case pany’s cystic fibrosis drugs, in of rival Achillion Pharmaceuti- nies have also benefited from 2019—in part to signs of sup- Analysts at RBC Capital those events don’t occur and particular the newly approved cals, and Novartis AG in No- a broader rally in health-care port for progressive Demo- Markets wrote in a research business confidence leads to a Trikafta, though Vertex also vember agreed to buy choles- stocks. cratic presidential candidates, note this past week that they rise in prices. has drugs in clinical develop- terol-drug maker Medicines Co. The S&P 500 health-care such as Sen. Elizabeth Warren, expect continued deal activity Demand for TIPS was evi- ment that over time, if success- Last week, in deals aimed sector notched a 10th consecu- who proposes changing how and improved sentiment to dent Thursday when the Trea- ful, will start generating reve- at bolstering the cancer-drug tive week of gains, its longest Americans get health insur- support biotech companies sury sold $15 billion of 5-year nue, said Dr. Towers, who has a lineups of two of the world’s winning streak since the 11 ance. into early 2020. TIPS at a 0.02% yield. doctorate in biochemistry. biggest drugmakers, Merck & weeks ended Feb. 6, 2004, ac- At times this fall, the online But they cautioned that as That yield was below what Investors have also credited Co. said it would acquire Ar- cording to Dow Jones Market prediction market PredictIt election season ramps up, the investors had been expecting a flurry of mergers and acqui- Qule Inc., and Sanofi SA said it Data. The sector has risen 14% showed Ms. Warren’s chance momentum could stall. and the lowest level for a 5- sitions with boosting enthusi- would buy Synthorx Inc. Both this quarter, outpacing the of winning the nomination at “Overall, we would ride the year TIPS auction since April asm for biotech. announced prices were at pre- broader stock index, though slightly higher than 50%, but biotech wave into the spring 2017, according to BMO Capi- In January, Bristol-Myers miums of more than 100%. the group still lags behind the that has dropped to about 12%. but expect things to level off tal Markets. Squibb Co. agreed to buy rival “It shows that the big phar- S&P 500 year-to-date. “It looks less likely to the thereafter,” they wrote. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. B12 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. HEARD STREET FINANCIAL ANALYSIS & COMMENTARY ON THE portedly a nearly 50% gain. You Heard It Here: Stocks rose overall with the S&P 500 gaining 8.6% during the con- test. In such an environment, it should come as little surprise that Buy Ugly Shoes optimism paid off for both colum- nists and subscribers. Four of the top five Heard picks were “buy” recommendations while four of the five worst ones were “sells.” Some 42% of Heard’s picks called for Readers and the market humbled our columnists in stocks to fall while only 21% of readers bet against stocks. That a stock-picking contest; but hey, we picked Crocs! helps to explain readers’ superior results—an average profit of 5.1%, some 1.3 percentage points better Whoever said that relative per- over 7,000 entries and one of the than Heard’s scribes. formance doesn’t put food on the few that had more readers betting There is a wry saying on Wall table never worked on Wall Street. against it than for it. Street that a long-term investment A year ago, Heard on the Subscribers weren’t laughing all is a short-term one that didn’t TOMASZ WALENTA Street’s columnists consoled our- the way to the virtual bank with work out. While Heard’s picks re- selves with the results of the sec- some other popular negative bets, lied more on fundamental analysis ond annual stock-picking contest though. For example, Tesla, which than short-term sentiment and by pointing out that we lost less attracted a record 282 picks and may yet redeem themselves, most than the overall stock market and also the most “sell” recommenda- readers grasped the key to glory in also beat an index of hedge-fund tions at 195, rose sharply. While it a short-term contest with imagi- managers. This year, the team wasn’t one of our columnists’ se- Return on recommendations by Heard columnists, Aug. 12–Dec. 13 nary money: You either go big or made a profit, but barely enough lections, Heard columnist Charley go home. for a virtual value meal. The 14 Grant wasn’t enthused about the LOST MONEY MADE MONEY Crocs All five of the top reader picks “buy” and 10 “sell” recommenda- company after its October share- Beyond Meat were money-losing drug-develop- tions earned an average return, price surge on a surprise quarterly Lumber Liquidators ment companies led by Forty not including dividends, of just profit. Netflix was another popular Brunswick Seven Inc., Chemocentryx and Lex- 3.8% over four months. More picks “sell” with 126 out of 166 readers Electronic Arts icon Pharmaceuticals. Many of the lost money than made money. thinking it would drop. The stock Uber Technologies worst picks were companies close While many Heard writers’ ar- rose modestly despite the emer- Edwards Lifesciences to the precipice such as Dean guments had holes in them, one gence of stiff competition in the Newmont Goldcorp Foods and Superior Energy Ser- did so in a very good way—a so-called Streaming Wars. Mondi vices, which stumbled rather than “buy” recommendation on Crocs Another stock frequently in the Bayer rebounding. Try to catch a falling by Hong Kong-based columnist news, former blue chip General Amazon.com knife and you’ll probably wind up AstraZeneca Electric, attracted 98 sells out of bloodied. Skeptical bets on loss- 150 picks, but the stock rose by Burberry Heard on the Street making exercise-band maker Fitbit, . Planet Fitness Readers grasped the key about 10%. It had briefly cratered columnists had positive by contrast, blew up when Google ly Greenland Holdings in August, right when the contest agreed to buy the company. to glory when making a began, after Harry Markopolos, the Tyson Foods returns on 11 out of 24 Heard’s writers, after three years Bright Horizons short-term bet: You forensic accountant who had Aerojet Rocketdyne recommendations of being mostly humbled by the warned authorities about Bernard on Veeva Systems market—and this year also by our either go big or go home. Madoff, made sensational claims Comerica Type of recommendation: readers—can see the wisdom in about accounting irregularities. DeNa Buy Sell legendary investor Benjamin Gra- Heard wrote these claims “had lit- Lufthansa ham’s words that in the short run, Jacky Wong that preceded a 62% tle merit.” And, despite possibly S&P 500 the market is merely a “voting ma- us l, Domino’s Pizza gain. He argued that the com- reading somewhere on Twitter Chiba Bank chine.” As we dust ourselves off, we pany’s ugly shoes were gaining that it is “failing,” readers betting take heart in the continuation of al a e support from social influencers against New York Times Co. had the quote: that in the long run it’s a -25% 0 25 50 75 and that, despite a strong run over all the losses fit to print. “weighing machine.” the past year, they remained rea- By contrast, there were some —Spencer Jakab ci on Source: FactSet sonably valued at 15 times forward stocks that were universally loved earnings. On the other hand, skep- by readers. Such unanimity is usu- ticism was warranted for Heard’s ally a sign to steer clear, but it Range of returns on most popular recommendations by readers* second-best pick—a recommenda- wasn’t in these cases. Retailers Dol- Type of recommendation: Buy Sell LOST MONEY MADE MONEY tion to sell then-sizzling Beyond lar General and Lumber Liquidators er rs Meat shares, which lost nearly half both rose, and the latter was the Netflix (140 readers) Walt Disney of their value. third-best performer among colum- (181 readers) Beyond Meat A large number of Heard’s read- nists’ picks. It was briefly the top Tesla (164 readers) ers also were skeptical about the performer following reports that its (196 readers) Amazon.com S&P 500 m e (117 readers) surging stock’s prospects. Despite founder had purchased shares on being a new and not especially the open market and might take -75% -50 -25 0 25 50 large company, Beyond Meat was the company private. He instead m rp *Readers made their recommendations Aug. 12 through Sept. 3. Returns are through Dec. 13. the 2nd-most-picked stock out of sold most of them for what was re- Source: FactSet co Fo OVERHEARD Choosing a Buyer Tuned It’s not a million voices crying out in ter- “The Force Awakens”—pulled scores of 91 To the Right Frequency ror. But for Walt Disney Co., 296 voices and 93, respectively. might be scary enough. That could hurt Disney in the pocketbook. Having decided to sell off one of Apple and Samsung are still be- That is the number of professional re- “The Rise of Skywalker” was already tracking its largest wireless-chip businesses, lieved to account for the majority views tabulated on the Rotten Tomatoes below the prior two in terms of opening- Broadcom’s bigger challenge will be of Broadcom’s RF chip sales, which service so far for the company’s latest weekend estimates, according to The Wall finding the right buyer for it. also makes both problematic as Star Wars installment, “The Rise of Sky- Street Journal. Disney shares slipped 1% The chip maker is formally shop- potential buyers. Apple is highly walker.” They haven’t been kind. As of Fri- Wednesday as downbeat reviews of the ping the unit that makes radio-fre- unlikely to buy a business that n- day morning, the so-called Tomatometer movie began slipping out. quency, or RF, chips for smart- would continue supplying key score for the movie is 58—the worst But everything is relative in Star phones. The Wall Street Journal components to its longtime rival. showing for any Star Wars movie since Wars land. The “Phantom Menace” reported Wednesday that Broadcom Broadcom’s main competitors in the widely panned “Phantom Menace” still managed a global box-office haul is working with Credit Suisse to RF chips present other possibilities, no that was released in 1999. The first of that topped $1 billion, according to find a buyer with the hopes of land- but Skyworks Solutions only has the much-derided prequels carries a Box Office Mojo. Granted, review ing a deal in the neighborhood of about $1 billion in cash on its books score of 53 on the site. The two pre- scores weren’t such a thing then. $10 billion. This comes just days af- and Qorvo a little more than half vious movies under Disney’s Sky- But good to know that even JarJar ter the company used its fiscal that much. walker trilogy—“The Last Jedi” and Binks couldn’t kill this franchise. fourth-quarter conference call to an- Other strategic buyers face their nounce that it no longer considered own challenges. Qualcomm is wireless part of its “core,” which ramping up its own RF business was widely interpreted as hanging a but may balk at striking a deal “for sale” sign on the business. with Broadcom given those compa- What Could Slow Broadcom is certainly no nies’ recent, tumultuous history. stranger to selling. The company Foreign suitors such as Taiwan’s has played the role of the seller in MediaTek and Japan’s Murata six M&A deals since merging with would likely face regulatory scru- The American Consumer Avago in early 2016, according to FactSet. But none of those even broke the $1 billion mark. More- over, most were divestitures of re- tiny since a deal presumably would include Broadcom’s domestic chip- fabrication facilities. Intel also has been named as a speculative cent acquisitions by the company. suitor. But the chip giant’s recent Spending could pull back if wages don’t pick up in the year ahead Selling the RF unit is different: M&A activity is going more toward Chips that filter signals for smart- artificial intelligence. phones was a key segment for Av- The lack of easy buyers could Sock Drawer The only way to get people to ride out any downturn, so it ago before it began a wave of ac- make Broadcom’s $10 billion target spend more money these days is mostly counts as a good thing. quisitions early in the decade. The a challenge, but a deal is still The personal saving rate to pay them more. But barring a sudden bout of business is highly concentrated; likely. History has shown that 14% Americans spent a bit more profligacy, it also means that Apple Inc. accounted for more when Broadcom is motivated to freely in November, with the consumer spending can only than one-fifth of Avago’s revenue make a deal, it tends to happen. Commerce Department on Friday grow about as fast incomes can. before the merger with Broadcom. —Dan Gallagher 12 reporting that personal-consump- That could pose a challenge in tion expenditures rose a season- the year ahead. ally adjusted 0.4% from a month The problem is that the job MAHMOUD KHALED/SHUTTERSTOCK; OVERHEARD: EVERETT COLLECTION 10 earlier after rising 0.3% in Octo- market, while strong, has been ber. The consumer still isn’t dead. slowing. In November, there were The November spending gain 2.2 million more U.S. jobs than a 8 was topped by a 0.5% increase in year earlier, compared with a 2018 personal income. As a result, the gain of 2.7 million jobs. With the personal saving rate ticked up to unemployment rate at 3.5%, hiring 6 7.9% from 7.8%—around its aver- will likely further moderate next age level over the past two years. year. 4 The relatively high saving rate That matters because the driv- is one thing that sets this eco- ers of overall U.S. income gains nomic expansion apart. Unlike in are job growth and wage growth. 2 the 1990s and the early 2000s, So if annual wage growth doesn’t when people responded to ongo- pick up—over the past year or ing improvement in the economy so, it has been stuck at a little 0 and job market by saving less and over 3%, as measured by average 2005 ’10 ’15 less, they continue to play it safe. hourly earnings—income growth The higher saving rate should will slow. And spending growth Source: Commerce Department make it easier for Americans to will slow, too. —Justin Lahart Apple Inc. accounts for a chunk of Broadcom’s RF chip sales. REVIEW For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. Weekend Confidential America’s Songwriter Laura Dern brings A new life of Irving Berlin, a revolutionary spirit to the the genius who dreamed up new ‘Little Women’ C6 ‘White Christmas’ Books C7 CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C1 . ly on us l, al a e ci on er rs m e m rp ILLUSTRATION BY JOHN W. TOMAC co Fo N Christmas othing screams Christmas quite like Naturally, plenty of Americans have long per- n- Santa doing cocaine. This, at any rate, ceived this as a kind of desecration. As long ago as seems to be the thinking of FUN Wear, 1921, Margaret Perry could complain in the Atlantic a company that has been offering, Monthly that it was “high time we remembered that among other items of festive clothing, Invented the Christmas spirit has nothing in common with no a sweater emblazoned with the shout- the gains of profiteers or with crowded shops and line “LET IT SNOW.” Just in case overworked saleswomen.” Today, against a backdrop there is any doubt as to the intended of falling church attendance and advent calendars pun, a grinning Santa, his pupils pop- ping, is shown with three neat lines in front of him. “We all know how snow works,” winks the product description. “It’s white, powdery and the best snow The Secular filled with chocolates, sex toys and Star Wars char- acters, the birthday of Jesus has become a time to ponder something else: the death of God. Few Christmas traditions are more primordially Ameri- World— comes straight from South America.” can than worrying that the true meaning of Christ- Predictably, when Walmart Canada discovered mas has been forgotten. Increasingly, though, as the last week that the sweater was being sold on its hold of confessional Christianity on the country pal- website, the company hit the panic button. A ful- pably weakens, so the Christian character of Amer- And They’ve some apology was rushed out: “These sweaters, ica’s principal winter holiday has come to seem to sold by a third-party seller on Walmart.ca, do not many an active impediment to its celebration. represent Walmart’s values and have no place on Yet there is a paradox. The secularization of our website.” The glamorization of illegal narcotics Christmas is not quite the repudiation of Christian- Been at Odds is rarely a good look for corporations. Exploiting ity that it may seem. This is because the very con- the festival reverenced by Christians as the birth- cept of the secular—far from being neutral—origi- day of the Lord Jesus to flog knitwear, by contrast, nated in a specifically Christian context. The is entirely par for the course. emergence of church and state as distinct spheres, Ever Since Christmas has long been a key season for mer- and in due course the very notion of a secular chants. This year, according to the National Retail Please turn to the next page Federation, the average American will spend over $1,000 on holiday shopping, amounting to about Mr. Holland is the author, most recently, 20% of overall retail sales for the year. That’s a lot of “Dominion: How the Christian Revolution of sweaters, with or without a cocaine-crazed Tension between the earthly and Remade the World.” His other books include Santa. For many Americans, the commercialization heavenly realms has been part of Christianity “Rubicon: The Last Years of the Roman of Christmas has come to seem what the festival Republic” and “Dynasty: The Rise and Fall of is all about. from the beginning. By Tom Holland the House of Caesar.” Inside GOVERNMENT WORD ON THE STREET TECHNOLOGY Bye, Francis Fukuyama on the need for a ‘deep Pink Tide The phrase ‘OK boomer’ rebrands ‘Duty of Care’ The U.K. wants state’—nonpartisan A generation of a once-defining to apply real- expertise that replaced leftist leaders in Latin America is fading, generation as world rules to the 19th-century leaving behind dismal a new icon of police safety in spoils system. C3 economies. C4 irrelevance. C3 cyberspace. C5 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C2 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. REVIEW Farewell to the spite the market- ing hoopla around the 2010s. The divorce rate fell again; crime continued to 2010s, the Uneasy each new itera- tion, it remains essentially the drop, though that seems to be flattening, and mass shootings in the U.S. have become com- Decade of Populism same concept we’ve had in our monplace. The scourge of opi- oid addiction (also a 2000s in- EDITOR pockets from the novation) still has many parts AT LARGE LIKE ANNIVERSARIES, the give some of them start. There has of the nation in its grip, with ends of decades have become sobriquets: the been nothing to continuing corrosive conse- GERARD a convenient excuse for those Roaring 20s, the match it in this quences. BAKER of us in the media to sell more Swinging 60s. In decade. Perhaps these technological of our product by offering the spirit of the The 2000s, by and social trends point us in- grand declarations about the season, here are contrast, gave us evitably to the defining politi- The passage of history. Unlike an- a few observations Facebook and so- cal trend of the decade: the niversaries, which at least me- about the 3,652- An audience member this—Barack cial media more generally. The age of populism. Its features economy morialize events that hap- day period that cheers President Obama for 1990s gave us Google, Amazon were evident for years, with grew and pened in a particular time and will end next Trump, Granite City, Ill., helping to lift and the widespread use of the the rise of what one sociolo- grew, place, decade retrospectives week. July 2018. the economy world-wide web itself. Even gist dubbed the “precariat”: are entirely confected. It’s a Perhaps the from the the 1980s gave us the cellular formerly comfortable middle- even as silly conceit to think that his- most important, if rather bor- depths of recession, Donald phone. Will much stand out class people, increasingly dis- tech tory neatly divides into 10- ing, thing to say is economic. Trump for sustaining and even from the past 10 years? Alexa, placed by the economic im- year periods that start with a This has been the first decade slightly elevating growth late what was the most important pact of globalization, insecure stalled zero and end in a nine. since records began when in the cycle. But the reality is business innovation of the about technological change and Looking back, would you re- there hasn’t been a recession that demographic factors and 2010s? WeWork? Sorry—never and what it will mean for anxiety ally say there was anything in the U.S. This is less remark- changing attitudes to risk have heard of it. their jobs. more self-defining about the able than it sounds, given that probably prevented in this cy- But if innovation was thin, These economic factors, rose. period from 1950 to 1959 than growth has been somewhat cle the sort of imbalances— adaptation and technological amplified by cultural alien- the period from 1953 to, say, slower than in previous expan- wage inflation, asset bubbles, adoption were key to the de- ation, caused some especially 1964? Even the man who set sions; it’s as though the same credit booms—that typically cade: messaging, social media, illiberal forms of liberalism: our calendrical ball rolling, amount of cyclical economic derail expansions. digital retail, streaming, ride- the curtailment of free speech whose birth we celebrate next activity has simply been Against a generally benign sharing, room-sharing, space- on campuses and in public week, wasn’t actually born in stretched out over a longer pe- economic backdrop, the busi- sharing, life-sharing. Think spaces; the denunciation of DANIEL ACKER/BLOOMBERG NEWS Year Zero but around 5 BCE. riod than in the past. And yet ness story is less impressive. how we spend our leisure now traditional cultural norms as It’s almost like a divine rebuke it is still striking historically. Several retrospectives have compared with 10 years ago: bigoted and of their adherents to the idea that we can impose The 2010s will be remem- noted that this hasn’t been a alone with our Netflix, Insta- as “deplorable.” It was the de- meaning on such meaningless bered, at least by economic great decade for innovation. gram, Spotify. No wonder our cade when the despised found numbers. historians, as the unique de- The iPhone, still the dominant mental health is eroding and a voice, and there’s no hint yet But the human brain loves cade of endless expansion. piece of consumer technology we seem to hate everyone that they are going to lose it. order, so we inevitably fe- Politicians of both parties in most Americans’ lives, was else. Merry Christmas. Happy tishize the decades. We even inevitably claim credit for introduced in 2007, and de- Social trends were mixed in 2020s. . ly A Day for Revelry or on And at no time of the year, so the Pilgrim Fathers darkly feared, were the markers of depravity Redemption? likelier to be more terrible than they were in the festive season. us l, When, during the course of their Continued from the prior page second winter in the New World, space, was deeply rooted in theological assumptions—assumptions they found unregenerates cele- al a e that are exemplified by the Christmas story. When Joseph traveled brating Christmas Day by playing to Bethlehem, he did so in obedience to the ruler of the Roman world, an early form of baseball, they ci on master of the greatest power on the face of the planet, but in the promptly confiscated the bat. womb of his wife was the king of very heaven. The conviction that Half a century on, the sinful na- there are two dimensions—those of the earthly and the celestial, the ture of those who failed to mark daily and the eternal, Caesar’s and God’s—was embedded in the very the birth of Christ with due so- beginning of the Christian story. The result was a tension that has en- lemnity remained, to the godly of er rs dured for two millennia and is still manifest in the culture war being the Massachusetts Bay Colony, a fought over Christmas today. nagging source of anxiety. “And it came to pass in those days,” as the Gospel of Luke tells us, Increase Mather, a long-serv- “that there went out a decree from Caesar Augustus, that all the world ing president of Harvard in the m e should be taxed.” Whether the census that re- second half of the 17th century, quired Joseph and his wife to travel to Bethlehem listed all the many temptations m rp ever happened is generally doubted by scholars, Top, Peter that might seduce the godly into but no one doubts the rapacity of the order to Paul Rubens’s spending the Christmas holiday which the Jews, in the decades before Jesus’ birth, ‘The Virgin in a profane manner. The feast of found themselves subject. The Roman Empire was Presents the Christ’s nativity, he complained, one immense tax demand, delivered and enforced Infant Jesus “is not spent in praising God, but co Fo at sword-point. It is no surprise that the men who to St. Francis’ in Revelling, Dicing, Carding, did the Romans’ dirty business for them should (1618). Masking, Mumming, and in all feature in the Gospels as moral outcasts, on a level Bottom, Licencious Liberty for the most with prostitutes. Tax collectors were agents of the a Christmas part, as though it were some rawest oppression. To be poor and a provincial sale at Macy’s Heathen Feast of Ceres or Bac- was to have little choice but to tread carefully. A in King of chus.” Never did the brambles of Roman soldier might well force a civilian to serve Prussia, Pa., paganism seem to coil quite so him as a porter or provide him with a billet—and Nov. 22. menacingly or luxuriantly as no woman, certainly, ever met a legionary without they did at Christmastime. a measure of dread. This, then, was the world into Yet this was not the entire which the pregnant Mary brought her son. story. Always, right from the beginning, there The horrors, though, were precisely what were Americans who viewed feasting and merry- framed the miracle. As Ignatius of Antioch, a cen- making not as some sinister pagan intrusion on n- tury after the birth of Jesus, described the nativ- the celebration of Christ’s birth but rather as ex- ity: “Now everything that had been perfectly pre- pressions of the joy that was properly its essence. pared in the counsel of God began, and all On Christmas Day in 1608, more than a decade be- creation was in turmoil at this plan for the com- fore the Pilgrim Fathers landed at Plymouth Rock, no plete destruction of death.” Angels appeared to settlers in Jamestown wandering the snowy wil- the shepherds, parting the curtain that for so derness “were never more merry, nor fed on more long had veiled heaven from earth, and a star ap- plentiful of good Oysters, Fish, Flesh, Wild-foule, peared to the wise men, marking the end of the and good bread; nor never had better fires in Eng- ancient empire of evil. Both events served as land,” wrote Captain John Smith, an early leader signs that a new order of time had begun. God of the colony. himself, Ignatius exclaimed in awe, had become The Pilgrim Fathers feared any Christmas tra- manifest in human form: “Every kind of magic dition that might seem of pagan origin: all the was destroyed, and every bond of wickedness dis- feasting, and the drinking, and the reveling that appeared; ignorance was removed, and the old they dismissed as “frolicking.” To Charles Dick- kingdom abolished.” ens, by contrast, the frolicking—embraced by How silently, how silently, the wondrous gift Scrooge after visitations from a whole succession was given. The Greek scholar Plutarch, who lived of ghosts—was precisely what enabled the chains in the first Christian century, related a mysteri- of daily life to be slipped. “There seems a magic ous story that the Romans would only later in the very name of Christmas.” come to understand. He told of how a sailor, This was the sentiment, over the course of the crossing the Mediterranean during the reign of 20th century, that licensed the en- Augustus’ heir, Tiberius, had heard a terrible cry thronement of Santa Claus as the of lamentation echoing over the sea: “The great god Pan is dead!” offers redemption from the temporal City of Man. presiding genius of festive celebra- And not Pan alone. By 1223, when St. Francis of Assisi fashioned the The star tion. Yet all the attributes that served In time the temples of all the pagan gods would be humbled into first nativity scene, this assumption had come to that to market him as a figure of enchant- the dust, and the sacrifices that had splashed their altars with blood structure in Latin Christendom a momentously novel appeared to ment—his reindeer, his red coat, his abolished, and Rome herself brought low. Only pillars, and pediments, way of understanding society: that there was the workshop humming with elves—were and broken statuary would be left: the bric-a-brac of what Christian realm of secular things and, as its counterpoint, the the wise the emblems as well of a Christmas scholars came to identify as the order of the saeculum. The word had realm of the Church, which offered a bond, a religio, men was that was turning increasingly secular. various shades of meaning. Originally, it had signified the span of a to eternity. St. Francis saw in the Christmas story a “Santa,” as the historian Penne L. a sign that FROM TOP: HERITAGE IMAGES/GETTY IMAGES; MARK MAKELA/REUTERS human life, whether defined as a generation or as the maximum num- way of illustrating this idea that would enable even Restad writes, “once an ethereally ber of years that any one individual could hope to live, 100. Increas- the illiterate, even those who knew nothing of Latin, a new order elusive saint, became a common ingly, though, it had come to denote the limits of living recollection. to understand its mystery. Beyond the stable lay the worker, as corporeal as he was corpu- Things caught up in the flux of mortals’ existence, bounded by their dimension of the fallen; but come to the crib in which of things lent.” The festive season had become memories, forever changing upon the passage of the generations: All the Christ child lay, and all—from shepherds to had begun. a season for putting on weight. these, in the writings of Christians, came to be defined as saecu- kings—could hope to escape it. Today, Christmas in America is laria—secular things. Today, Christmas can still offer that hope, but it is positively snowed under (as the pro- And it was from secular things that Christ had come to offer men shadowed by a deep and, for Christians, unsettling irony. The secular prietors of FUN Wear might put it) by material ex- and women redemption. No wonder, then, in time, that Christian realm, which St. Francis had so spectacularly and famously renounced, travagance. Religion does not, as the Pilgrim Fathers scholars should have cast his entry into the fallen world as the pivot has come to encroach ever more insidiously on the prerogatives of the had hoped, stand distinct and apart from the world. around which time itself revolves: the moment from which, to this Church. In the lands that now constitute the U.S., this has been a cause The great festival of Christ’s birth, which to St. very day, we number the years. The result is that Christmas, which is of worry to Christians for as long as there have been Christians set- Francis had spoken of humanity’s liberation from celebrated by the faithful as the anniversary of the birth of their Sav- tling them. The stockade built by the Pilgrim Fathers around Plymouth the flux of things, has been swallowed up by those ior, by whom they believe themselves granted the promise of eternal was designed not only to defend their rough-hewn homes but also to very things. More than any other day of the Chris- life, is also a reminder of eternity’s opposite. Each turning of the year symbolize their commitment to what religio, among English-speaking tian calendar, Christmas reminds us that the saecu- is a reminder that flesh is mortal and that all things must ultimately Protestants, had evolved to become: religion. It was not just hostile lum, once seen as a realm in need of redemption, pass. Only the City of God, so the Church teaches, stands eternal, and natives who had to be kept at bay. So too did the secular. seems increasingly to lie beyond redemption’s reach. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C3 REVIEW An 1877 cartoon by Thomas Nast mocked technique now emulated, with local variations, in dozens of other President Andrew young democracies, from Brazil to India. President Jackson declared Jackson’s patronage that he got to decide who served in the bureaucracy and that govern- system by depicting ment work was something that any ordinary American could do. a statue of him Thus was inaugurated a 100-year period known as the spoils system, riding a pig. in which virtually every U.S. official from cabinet ministers to lowly postmasters got their job due to political patronage. Though the Jeffer- sonian ideal of ordinary citizens governing themselves sounds great in principle, the reality of American government in the 19th century was massive corruption and incompetence, with major cities being run by political patronage machines like Tammany Hall in New York. By contrast, Britain, France, Germany and several other European countries reformed their governments by creating permanent, profes- sional bureaucracies in the first half of the 19th century. The U.S. was late in making this shift—largely due to a political culture that is intensely suspicious of government itself. The modern American state was initiated only with the pas- In 1883, sage of the Pendleton Act in 1883, which estab- lished a Civil Service Commission that would the U.S. hire workers on the basis of merit rather than began to political connections. The Pendleton Act could be passed only as a result of the 1881 assassination replace its of the newly elected President James Garfield, ‘spoils who was shot by a disappointed office-seeker. system’ Even so, it wasn’t until World War I that a majority of federal workers were appointed un- with der the merit-based system. Creation of a mod- a merit- ern state was the rallying cry of the great figures of the Progressive Era, such as Theodore Roose- based civil velt and Woodrow Wilson, who understood—like service. Hamilton—that modern government was highly complex and required officials with education, expertise and a dedication to public service. There is no clearer illustration of American exceptionalism than the country’s continuing discomfort with its own bureaucracy. Wealthy de- mocracies in Europe and Asia take it for granted that an impersonal state is needed to protect citizens from threats and eschew corruption. In the U.S., by contrast, patronage remains rampant. When a typical European parliamentary government changes hands from one party to another, the ministers and a handful of staffers turn over. In the U.S., a change of administration (even within the same party) opens up some 5,000 “Schedule C” job positions to political appointees. No American politician wants to be seen as promoting the interests . of bureaucrats. Though U.S. civil servants aren’t particularly well-paid ly compared with their counterparts in the private sector or other de- mocracies, many presidents (including the current one) have come into office capping federal pay raises and declaring hiring freezes. The lat- BETTMANN ARCHIVE/GETTY IMAGES on ter is unnecessary since Congress, more than a half-century ago, passed a law limiting the number of government bureaucrats. Today, there are fewer full-time federal officials than in the 1960s, even though the U.S. government now spends more than five times what it us l, did back then. The only way the federal government can continue to function is by outsourcing jobs to layers of outside contractors and subcontractors, which allows politicians to pretend that they are hold- al a e ing the line on bureaucracy. One of the worst consequences of today’s bitter ci on BY FRANCIS FUKUYAMA political divide is the further politicization of the fed- American F eral bureaucracy. The U.S. government continues to or years, conservatives have been railing maintain nonpartisan centers of excellence: Think of against the growth of the “administra- NASA, the National Oceanic and Atmospheric Admin- tive state,” a mass of faceless and unac- istration, the Centers for Disease Control and Preven- Liberty er rs countable bureaucrats allegedly holding tion, the uniformed military and the Federal Reserve. tyrannical power over ordinary citizens. All are staffed by nonpartisan professionals chosen Since the election of Donald Trump in 2016 and the for their training and expertise. This administration launch of several investigations of his administra- has denigrated the career professionals working at Depends on the m e tion, this complaint has morphed into even sharper the State Department, the Fed and even NOAA, whose attacks on America’s so-called “deep state”: un- hurricane predictions didn’t seem to satisfy the presi- m rp elected officials who are supposedly partisan Demo- dent. What professional will want to work for the crats ready to do anything to undermine the Trump government in the future under such conditions? presidency. Such charges were hurled against the civil servants called to testify in the House’s im- peachment hearings, including top career diplomats ‘Deep State’ Those attacking the “deep state” are really at- tacking the rule of law. Public officials in the execu- tive branch are obligated to implement the policies co Fo such as Marie Yovanovitch and Bill Taylor and Na- of their political bosses, even if they disagree with tional Security Council experts such as Fiona Hill them. But they have a higher obligation to uphold and Lt. Col. Alexander Vindman. the Constitution, and they must exercise their own But American constitutional government depends Professional bureaucrats devoted to the public interest, judgment if they see a policy that violates it. on the existence of a professional, expert, nonparti- not to a political boss, are crucial to fighting corruption Suppose that a future president were to lose an san civil service. Hard as it is to imagine in this mo- and upholding the rule of law. election but refuse to leave office, claiming to be the ment of extreme partisan polarization, government victim of massive voter fraud. If such a president cannot function without public servants whose pri- were to order the military to protect him or her (as mary loyalty is not to the political boss who appointed them but to the The greatest tribune of the Jeffersonian tradition has happened in countless developing countries), individual officers Constitution and to a higher sense of the public interest. Like all mod- was our first populist president, Andrew Jackson, would have to decide where their loyalties lay. The rule of law, Ameri- ern democracies, the U.S. needs a deep state, because it is crucial to the poorly educated frontiersman and hero of the cans should remember during such a crisis, is not a physical barrier but fighting corruption and upholding the rule of law. War of 1812 who defeated the Harvard-educated a set of normative beliefs in the minds of those who exercise power. Un- Unlike almost every other modern liberal democracy, the U.S. has his- John Quincy Adams in the 1828 election. During the der such circumstances, only a deep state would preserve the possibility n- torically had trouble coming to terms with the need for a modern state. 1820s, the franchise was broadened from white of continued constitutional government in the United States. Among the Founding Fathers, it was chiefly Alexander Hamilton who ar- males with property to all white males, bringing gued vigorously for an energetic executive branch with background and millions of new voters into the political system. But Prof. Fukuyama is a senior fellow at Stanford University’s Free- expertise in government’s different functions. He was opposed by how to mobilize these masses? Jackson pulled it off man Spogli Institute and the author of “Political Order and Politi- no Thomas Jefferson, who argued that ordinary Americans should be able by bribing them with bottles of bourbon, Christmas cal Decay: From the Industrial Revolution to the Globalization of to govern themselves through their elected representatives. turkeys and (most important) government jobs—a Democracy” (Farrar, Straus and Giroux). A Defining flected in “what is a boomer” being one of Google’s top brick, a 25-year-old member of New Zealand’s Parliament, be- Generation searches in 2019.) The full phrase “OK boomer” has been embraced as a handy came an online sensation when she used “OK boomer” to re- spond to heckling of a climate- Becomes a retort to mock anyone stodgily complaining about kids today, change speech she was giving. In U.S. politics, meanwhile, tar- WORD ON THE STREET Label for with the kids themselves spreading the expression in vi- gets of the jibe have included 77-year-old former vice presi- BEN ZIMMER Irrelevance ral fashion on video-sharing platforms like TikTok. The phrase was mostly percolating dent Joe Biden (born before the baby boom generation, whose members now range under the radar until it gar- from 55 to 73). As I mentioned nered major media attention in in a previous column, one Iowa AS 2019 ENDS, various dic- selections. Earlier this week, I down, “boomer” has strayed late October, in widely shared voter reacting to Mr. Biden’s tionary publishers are choosing visited my son’s eighth-grade from its original meaning refer- articles from NBC News and old-fashioned campaign slogan their “Word of the Year,” a class at his Jersey City middle ring to members of the baby the New York Times. “No Malarkey” told Politico, term they believe has surged school to give a talk about the boom generation born after Pretty soon “OK boomer” “I’m afraid he’s going to be dis- the most in usage and impor- process, and I asked the stu- World War II—and long known, was everywhere, and the back- regarded as, ‘OK boomer.’” tance. The originator of this dents what their nomination partly thanks to their outsize lash from the older side of the “Boomer” talk has even practice, the American Dialect would be for 2019. Several numbers, as powerful trendset- generational divide was swift. crossed linguistic boundaries. piped up with ters for the culture as a whole. Conservative radio host Bob This week, Van Dale, a diction- [OK Boomer] “boomer” and “OK Members of the postwar gener- Lonsberry, in a now-deleted ary publisher in the Nether- boomer.” ation began to be called “baby tweet, went so far as to declare lands, announced “boomer” as My Generation Z boomers” as early as 1963 and that “boomer” is now “the n- the Dutch Word of the Year af- audience then pro- simply “boomers” by 1974. word of ageism.” Myrna Blyth, ter an online vote of more than ceeded to break But in Generation Z par- editorial director of AARP Me- 17,000 people. In New Zealand, down the signifi- lance, “boomer” can be applied dia, told Axios, “OK, millenni- thanks to Ms. Swarbrick, “OK cance of an epithet to anyone older who has a con- als. But we’re the people that boomer” topped a “Word of the Society, makes its choice on that has indeed made a big im- descending or out-of-touch at- actually have the money.” Oth- Year” poll held by media com- Jan. 3, and this time the gath- pact over the past year. For mil- titude toward young people ers have tried out “OK zoomer” mentator Russell Brown. Will ering of scholars will also pick lennials and especially post-mil- and their concerns. As my Gen as a comeback to the come- the American Dialect Society a “Word of the Decade.” lennials, “OK boomer” has Z son puts it, “It’s not an age back, using “zoomer” as a similarly honor “OK boomer”? JAMES YANG Full disclosure: As chair of become a sly linguistic weapon group—it’s a mind-set.” (Con- snarky label for Generation Z. If it loses out, I can guess what the society’s New Words Com- of intergenerational warfare. fusion over what exactly The phrase next made inter- the terse response from those mittee, I’ll be overseeing the In its current use as a put- “boomer” means now is re- national news: Chlöe Swar- eighth-graders is going to be. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C4 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. REVIEW MIND & MATTER SUSAN PINKER New Evidence For the Power of Grit WHEN I THINK of grit, a childhood friend comes to mind. Six of us neigh- borhood girls walked to school together, but it was Linda who bore the brunt of the boys’ snowballs. Once there she faced bigger hurdles: Every week our third- grade teacher made her circle the classroom with a failed test pinned to her tunic. Still, Linda pushed on, not just at age 8 but for years, until she earned a Ph.D. in English. This kind of perseverance is a neces- sary ingredient of success, according to JUAN BARRETO/AGENCE FRANCE-PRESSE/GETTY IMAGES Angela Duckworth, a University of Pennsylvania psychologist who calls it “grit.” In 2007, Dr. Duckworth and three colleagues published a paper in the Journal of Personality and Social Psy- chology, showing that a brief question- naire measuring grit could predict who would succeed in tough environments such as military academies, Ivy League schools and even high-stakes spelling bees. Prof. Duckworth and her team later extended the findings, showing that grittier people are more likely to The Left’s stay the course in long-haul commit- ments such as marriage. BY JUAN FORERO AND DAVID LUHNOW Y In every study, the researchers had benchmarks showing how gritty each awar Copana was giddy with de- . ‘Pink Tide’ in participant was compared to the norm, light when Evo Morales, an Ay- ly based on their performance on the 12- mara Indian like himself, became item Grit Scale. Developed by Prof. Bolivia’s president in 2006. It Duckworth, the scale includes state- seemed to usher in an era for the Latin America ments such as “Setbacks don’t discour- country’s most marginalized people to feel they on age me” and “I often set a goal but finally had a voice in the presidential palace. later choose to pursue a different one.” Nearly 14 years later, with the president Each participant responded with one of forced to resign last month after a vote-rigging Is Receding us l, five graded answers, from “very much scandal, Mr. Copana called Mr. Morales’s recent like me” to “not like me at all.” leadership a “period of decadence, of deprav- Still, some questions remained. ity.” The 32-year-old high-school teacher spoke al a e Would the evidence about grit survive with disdain about his former hero’s authoritar- replication? Over the last decade, a ian rule. “People feel cheated,” he said. ci on slew of viscerally appealing findings The departure of Mr. Morales has helped to published in top psychology journals end a powerful but damaging chapter for the Leaders who promised to lift the poor have been brought couldn’t be reproduced when the same left in Latin America. He was part of a genera- experiments were repeated with tion of socialist leaders who took charge in the down by corruption and dismal economic performance. greater rigor or larger samples. So early and mid-2000s, each drawing strength KATE KARWAN BURGESS/ZREPORTAGE.COM/ZUMA PRESS er rs Prof. Duckworth and her colleagues at from the rise of the rest. At the height of the trend in 2009, presidents making up the so- that point, the Pink Tide’s direct Bolivia’s Evo Morales, tunic like those worn by wise called “Pink Tide” led 11 countries and some heirs will remain in just two Venezuela’s Hugo men in a pre-Incan civilization. 300 million people. countries, Venezuela and Nicara- Chávez and Brazil’s Luiz He pledged “to end the colonial m e Early on, they offered hope for millions. A gua, whose leaders are widely Inacio Lula da Silva and neoliberal model,” adding, dramatic run-up in the prices of commodities considered dictators presiding (left to right) in 2007. “We are in a time of triumph, a m rp from Argentine soybeans to Brazilian iron ore, over broken economies. time of change.’’ fueled by Chinese demand, led to heady eco- It’s not that the left is shut out of politics in Not all of the leftists were alike. Uruguay’s nomic growth and big declines in poverty— Latin America now. The populist Peronist Mr. Vásquez and Chile’s Michelle Bachelet gov- from 45% before the 2003 start of the boom to movement in Argentina returned to power on erned like European-style social democrats. In 28% at its end 11 years later. That helped to Dec. 10, having bested the country’s market- Brazil, Mr. da Silva, a former rabble-rousing co Fo make many of the presidents hugely popular. “I friendly president in October’s election. Mexico, union leader, worked with big business while had more and more work and only saw growth, which resisted leftist rule during the Pink Tide focusing on poverty reduction. Mr. Chávez na- West Point cadets in basic training. progress and hope,” said 38-year-old Argentine era, has now been led for a year by an anties- tionalized hundreds of companies, installed electrician Carlos Fe. tablishment nationalist, Andrés Manuel López stringent currency controls and seized courts West Point and Duke University de- But even before the Chinese economy slowed Obrador. But in both countries, hard economic and the military. cided to redo one aspect of their first and commodity prices came back to earth in realities mean tight constraints as compared What many of them had in common was experiment using a sample seven times 2014, it was clear that the Pink Tide leaders with their free-spending predecessors, and charisma and an ease with the lower classes as large as the original, in a recent had two fatal flaws: a love of power that led to there’s little opportunity for a like-minded re- who had felt ignored by previous leaders. “For study published in the Proceedings of growing authoritarianism and corruption, and gional alliance. the first time, those majorities—in Venezuela in the National Academy of Sciences. Nine a lack of ideas for how to generate economic The original socialist wave stemmed from a the case of Chávez, in Bolivia in the case of Mo- cohorts comprising 11,258 cadets at growth without relying on a resource boom or grim decade of weak growth in the 1990s, rales, in Brazil in the case of Lula—they were West Point were assessed on their lev- borrowing. “It was a moment of euphoria—but which in turn fueled disappointment with U.S.- seeing people who were not coming from the els of grit, academic achievement and then came the process of governing,” said supported policies that emphasized fiscal disci- upper middle classes,” said Rubens Ricupero, a n- physical prowess, with the tests being Moritz Akerman, a Colombian columnist and pline, privatization and free markets. Economic former economy minister in Brazil. “Those peo- repeated as the students progressed former Communist Party power broker. “It all crises in all three of the region’s biggest coun- ple brought something more than purely eco- through college. became about subsidizing nomic aspirations.” The replication was reassuring. “Our the poor and creating de- But the Pink Tide popu- no original finding was that grit was an pendency. This is not sus- Populist Socialism in Retreat lists never modernized their extraordinarily strong predictor of who tainable.” Of the generation of leftist leaders and their successors who led as many as economies. During the boom, would finish the initial period of train- During the 11 years of the 11 Latin American countries a decade ago, only three remain (shown in bold) — the size of the public sector ing,” Prof. Duckworth said, referring to boom, the key Pink Tide soon to be two. in both Argentina and Ecua- the punishing six-week initiation period countries of Argentina, Bra- dor roughly doubled to about the military cadets call Beast Barracks, zil, Ecuador, Bolivia and Ven- Argentina N. Kirchner Cristina Kirchner 43%, according to Interna- or Beast for short. “That replicated,” ezuela posted a respectable Bolivia Evo Morales (Resigned Nov. 10) tional Monetary Fund fig- she said. 4.3% average annual rate of ures. Argentina’s private sec- Brazil Lula da Silva Dilma Rouseff The second question posed by this growth. But their peers to tor has just 9 million workers new study: How does grit relate to the political right, the com- Chile M. Bachelet M. Bachelet supporting 15 million people other traits, like talent? Hard work and modity exporters Peru, Co- who are either employed by Ecuador Rafael Correa determination are important, to be lombia and Chile—the latter the state or receive pensions sure, but do they outweigh natural led by a center-left govern- El Salvador Mauricio Funes Sánchez Cerén or welfare payments, the IMF smarts or athletic prowess? ment that was a careful eco- estimates. Honduras M. Zelaya The researchers measured grit, aca- nomic steward—did even Instead of using the boom demic achievement and physical ability, better, at 5% growth. Nicaragua Daniel Ortega to diversify, the leaders dou- and discovered that “the three factors Since then, the econo- Paraguay bled down. Oil, for instance, F. Lugo really are distinct,” Prof. Duckworth mies of the two camps have made up 69% of Venezuela’s said. “The grittier people are not nec- diverged significantly. While Uruguay Tabaré Vásquez Pepe Mujica T. Vásquez* exports in 1998, the year Mr. essarily more able.” And the cognitively Peru, Colombia and Chile Venezuela Hugo Chávez Nicolás Maduro Chávez was elected. In 2012, able did not have more grit, nor were have continued to grow an- Mr. Chávez’s last full year in they more physically adept. In fact, the nually since 2015 at a more 2000 ’05 ’10 ’15 ’19 office, oil accounted for 97% opposite was true: When one trait went subdued average of 2.7%, *Term ends March 1, 2020 of Venezuela’s exports. up, the other went down. Students with Venezuela’s economy has Though Bolivia logged stratospheric levels of intelligence or collapsed, losing more than half its value, while tries—Brazil, Mexico and Argentina—left many growth averaging more than 4% over Mr. Mo- physical prowess were less gritty, and the other Pink Tide states have eked out less Latin Americans suspicious of Washington’s rales’s term, the country has run through half thus somewhat less likely to graduate. than 1% average growth per year. Countries prescriptions. of its international reserves and now has a fis- At the high end of brains and brawn, that weren’t swept up in Pink Tide populism By 2005, it was clear how much U.S. influ- cal deficit of more than 8% of GDP, which most completion rates dropped off—a para- had stronger public finances and robust private ence had waned. At a Summit of the Americas economists call unsustainable. Meanwhile, as in dox that merits its own study. sectors when the boom ended. In other words, in Argentina attended by U.S. President George Venezuela, Nicaragua and Ecuador, the govern- But overall, the most powerful fore- they had saved some of the money from the W. Bush, the region’s three leftist presidents at ment did all it could to stay in power. Mr. Mo- cast of a student’s grades at West Point party to spend when times weren’t so good, the time—Mr. Chávez, Brazil’s Luiz Inacio Lula rales changed the constitution and had a court was cognitive ability as assessed by said Javier Corrales, a scholar on Latin Amer- da Silva and Argentina’s Nestor Kirchner—bur- override the result of a referendum on term standardized tests, a finding that con- ica at Amherst College. ied a hemisphere-wide free trade deal promoted limits so that he could run for a fourth term. firms 100 years of intelligence research. The left’s setbacks across the region also fol- by Mr. Bush. “So shortsighted,” said Monica de He’s now in exile. Still, like other regional “That’s what predicted military GPA,” lowed the 2013 death of its de facto leader, Ven- Bolle, a senior fellow at the Peterson Institute leaders out of power, he spoke about a possible Prof. Duckworth said. “Cognitive ability ezuela’s bombastic and radical president Hugo for International Economics. “There was all this return. “Sometimes, the people make a mis- is being smart. It’s not hard to under- Chávez. Since then, Brazil’s Dilma Rousseff was talk about south-south trade, and trade be- take,” he said in an interview last month. “I’m stand how that might help you with impeached, and term limits or voters ended left- tween developing countries, [that] we don’t pretty sure that from now until the near future, military strategy.” In other words, it’s ist rule from El Salvador to—most recently— need the U.S. But this was all pie in the sky.” at the moment in which the rightist govern- the gritty folks who finish what they Uruguay, whose leftist leader Tabare Vásquez is A year later, in a ceremony at a Bolivian ar- ment begins to cut handouts and the social con- start. But it’s the smart ones who go to scheduled to step down next March after the cheological site just before his inauguration, quests, the people will rise up.” the top of the class. first center-right victory there since 2000. At Mr. Morales wore a replica of a 1,000-year-old —Ryan Dube contributed to this essay. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C5 REVIEW ASK ARIELY BY PARMY OLSON DAN ARIELY I n 1928, a woman named Mary Donoghue bought a bottle of ginger beer from a cafe in Paisley, Scotland, and then fell ill When Dishes after finding a dead snail inside. She sued the manufacturer and won. Pile Up in the The ruling enshrined the concept of “duty of care”—a legal obligation to protect a customer, Office Kitchen tenant or worker from harm. “The rule that you are to love your neighbor becomes in law ‘You Dear Dan, must not injure your neighbor,’” proclaimed People in my office Lord Atkin of Aberdovey, who presided over the drink a lot of coffee, case in 1932 in Britain’s House of Lords, which which means a lot of reversed two lower courts to rule for Dono- mugs pile up in the ghue. Now, as Western regulators struggle with sink. What happens is that one per- how to restrict the most harmful online content son leaves a dirty mug, and the next while at the same time protecting free speech, person to use the kitchen doesn’t Britain has come to see the nearly century-old want to clean that mug along with principle as a possible solution. their own, so they leave theirs in the “Duty of care” helped to lay the foundation for sink as well. Soon the sink is over- modern health and safety laws in the U.K. After flowing with these dirty dishes, and World War II, the concept also took hold across no one wants to take the time to the Atlantic, where U.S. courts made it the basis wash all of them. If everyone just of modern American negligence law. The princi- washed their own mug there ple doesn’t prescribe specific rules or remedies. wouldn’t be a problem, but what Instead, it makes an employer, for example, gen- can we do to enforce this rule? erally liable for the safety of its employees. Brit- —Oran ain’s Health and Safety Act doesn’t specify how many fire extinguishers should be installed in an As you observed, the heart of the office building, but it holds the landlord responsi- problem is the first mug: If some- ble for making sure there are enough. one observes a dirty dish in the In the same way, duty of care holds the sink, they are less likely to wash owner of a public space responsible for the their own, and so the problem is Policing well-being of its visitors: A supermarket chain compounded over time. In my lab at is ultimately responsible if a customer slips on Duke University we had the same is- the proverbial banana peel. sue, and we tried two different solu- The concept is now being reimagined by the tions. First, I put a picture of myself Cyberspace Like British government as the cornerstone of above the sink, looking directly into sweeping legislation aimed at forcing big tech people’s eyes, with the message companies to police their content better. Under “Please don’t leave your dish in the the government’s proposal, a new regulator sink.” This was meant to remind would have the power to require companies to people of the importance of the A Public Place . protect users from a number of identified on- rule, but while it helped a little, it ly line harms—such as pornography, extremist didn’t eliminate the problem. Our content and cyber bullying. The regulator could next step was to issue everyone in issue big fines, block access to offending web- the office a mug with their name sites or refer tech executives for prosecution. on written on it, so that it would be On Thursday, the traditional Queen’s Speech obvious who was responsible for outlining the government’s priorities for the leaving a dirty mug in the sink. The coming year included advancing the legislation. The 90-year-old case of a dead snail in a ginger beer provides a threat of being publicly embar- model for making digital platforms liable for harm to their users. us l, Lorna Woods and Will Perrin, two indepen- rassed managed to solve the prob- dent researchers in the U.K. who had worked to- lem almost completely. gether on a previous privacy-rights project, came al a e up with the new spin on duty of care last year in It also sidesteps another Big Tech defense: that using the duty of care framework was a response to the government’s request for ideas. that platforms like Facebook or Twitter shouldn’t good idea but that regulators should also draw ci on The 2017 suicide of British teenager Molly Rus- be held accountable for content that third parties on human rights laws. sell added urgency to government efforts to post. Under duty of care, “It doesn’t matter who Trying to spur progress on the measure tackle harmful online content. Russell’s father dropped the banana peel,” says Susan Benesch, amid the government’s intense focus on Brexit said that she took her own life after viewing im- an associate professor at the Berkman Klein Cen- negotiations, Mr. Perrin and Ms. Woods pub- ages of self-inflicted harm on Facebook Inc.’s In- ter for Internet and Society at Harvard Univer- lished their own draft legislation on Wednes- er rs stagram. In the wake of national outrage, Insta- sity—it happened in the public space provided by day. To simplify the plan, they proposed that gram said earlier this year that it would use its the platform. Ofcom do the enforcing rather than a new regu- algorithms to weed out such images. There are critics of the approach. Alex Abdo, lator. Their outline calls on Ofcom to establish Mr. Perrin, a former civil servant, helped to litigation director at the Knight First Amendment how companies should deal with harms relating m e set up the powerful media regulator Ofcom, the Institute at Columbia Law School, says that ef- to terrorism, hate speech, fraud, “threats to de- U.K.’s version of the Federal Communications forts to define harm online are too hazy. “In the mocracy” and the safety and well-being of peo- m rp Commission, in 2003. Ms. Woods, a media law- physical world, when you’re talking about a duty ple under the age of 18. yer and professor of internet law at the Univer- of care, there often are obvious concrete obliga- The regulator would dole out penalties based sity of Essex, co-wrote a book on European tions that custodians of physical space have,” on the level of harm experienced by people going broadcasting policy. such as making sure people don’t trip, he says. “If online. It could also allow civil action, potentially Over tea and sandwiches last year, the pair the goal is to figure out how to restrain lawful making the U.K. a hot spot for “online-harm” RUTH GWILY co Fo talked through the different terms that had speech to prevent real harms,” he says, the duty lawsuits in the same way that the country’s strict been used to describe social media in a legal of care concept isn’t specific libel laws have made London a fa- context, looking for the right analogy. They enough. “You need to propose ex- vorite venue for libel suits, says tried “platform,” “pipe” and “intermediary.” actly what you expect.” The legal Merrill April of the British em- Nothing seemed to fit. Then “we thought of a Officials of some tech compa- ployment law firm CM Murray. Dear Dan. ‘public space,’” says Ms. Woods. “People do dif- nies, including Facebook and concept of “‘Because you didn’t have x and y When I’m using the urinal in a pub- ferent things online. It was just like ‘how do we Twitter, have been talking with ‘duty of care' in place, my child, or I, would suf- lic bathroom, it seems to me that I regulate spaces?’” the British government to try to is being fer harm—that’s extremely famil- finish much faster when I’m alone A legal infrastructure already existed: Duty of reach a balance they can accept. iar territory to personal injury than when someone is standing at care, a framework “that’s applied in the context “These are complex issues to get reimagined lawyers,” Ms. April says. the urinal next to me. Do you think of a distinct environment,” Ms. Woods says. right,” said Facebook’s U.K. head by the U.K. Though legislation has yet to this is a real phenomenon, or does it The idea of policing the internet like a public of public policy, Rebecca Stimson. reach Parliament, the U.K. pro- just feel that way because I’m more space gets around the challenge of trying to re- People familiar with Google par- posal is being used as a model self-conscious when someone else is n- strict specific content itself, which can run ent Alphabet and Snap Inc. said that the compa- elsewhere. This past summer, the French govern- nearby? —Joe afoul of freedom of speech concerns. “We are nies saw the initial U.K. proposals as too broad ment published a report on regulating Big Tech restricting harms,” not free speech, says Jer- and covering too many harms; the companies de- by experts who spent weeks observing Face- I once conducted an experiment on MITCH BLUNT emy Wright, the U.K.’s former digital minister, clined to comment. An official at the Incorpo- book’s operations. They proposed setting up this subject on the MIT campus, in no whose department drafted the initial legislative rated Society of British Advertisers, a trade rules to audit social media firms based on “the which a research assistant would proposals in April. group that represents digital advertisers, said Anglo-American ‘duty of care.’” enter a public men’s room alongside unsuspecting students. Sometimes he would use a urinal right next to a student, while other times he would leave a free urinal between EXHIBIT them. We found that when men have someone using the urinal next Around the World in Living Color to them, it takes them longer to start urinating, but once they start they finish faster, as if they’re try- ing to get it over with and leave THE AMERICAN PHOTOGRAPHER quickly. So you’re not imagining it: Stephen Shore, born in 1947, was a pi- Being observed in the bathroom oneer in the use of color in art pho- does make the experience more tography. At 16, Mr. Shore was pho- stressful. tographing Andy Warhol and his circle; at 24, he became the first liv- Dear Dan, ing photographer to have an exhibi- Recently I’ve been bombarded with tion at the Metropolitan Museum of requests for donations from various Art. His work, which focuses on ev- charities and political groups. Is it eryday settings and objects like gas better to donate larger amounts of stations and television sets, has been money to a few causes or smaller an important influence on younger amounts to many? —Barbara photographers such as Nan Goldin and Thomas Struth. There are many ways to define Mr. Shore’s new book, “Stephen “better,” but if you’re asking what’s Shore: Elements,” published by Eakins better for you personally, I would Press, collects 24 large-scale photo- recommend making smaller, more graphs, the last of his work with an 8- frequent donations. Every time we by-10-inch view camera. Moving from help others, even a small amount, the elemental and geological to the we get a boost of positive emotion, man-made and back again, the book is so you would enjoy this benefit modeled on Walker Evans’s celebrated more often. And because it’s psy- “Message from the Interior” (1966), chologically harder to part with stripping away text and explanation to large amounts of money, you will encourage a slow reading of the photo- enjoy making small donations more, graphs as poetry. The images collected which means you’re more likely to STEPHEN SHORE here range across the globe, from New make giving into a habit. York’s Hudson Valley to Italy, Israel and Scotland. The photograph of fruit Have a dilemma for Dan? (right) was taken in Yucatán, Mexico, Email: AskAriely@wsj.com in 1990. —Elizabeth Winkler A photograph by Stephen Shore, taken in Mexico in 1990, from his new book ‘Elements.’ Questions may be revised or edited. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C6 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. REVIEW WEEKEND CONFIDENTIAL ELIZABETH WINKLER Laura Dern A modern take in a retelling of ‘Little Women’ ‘I will not not be rich!” Laura Dern shrieked in her role as Renata Klein, the high-powered, rage- filled tech executive on the recent HBO drama “Big Little Lies.” The line became so iconic that fans have taken to repeating it to Ms. Dern’s face when they encounter her. Now she is taking on the role of a very different sort of woman: poor, self-sacrificing Marmee, the beloved mother of the March sisters, in Greta Gerwig’s new adaptation of “Little Women,” Louisa May Alcott’s 19th- century classic novel. Over lunch in Manhattan, Ms. Dern talks about women and power—and the strange notion she keeps hearing that she has gone from playing a “powerful woman” to “just a mother.” “To me, Marmee is the strongest person I’ve ever played, and BENEDICT EVANS FOR THE WALL STREET JOURNAL; STYLING BY CRISTINA EHRLICH/THEONLY.AGENCY Renata is the most vulnerable, the most incredibly insecure,” . she says. “It’s interesting how power is seen.” ly Her version of Marmee isn’t without anger, either. In one scene, she tells her fiery, rebellious daughter Jo, played by Saoirse Ronan, “You remind me of myself.” “But you’re never angry,” Jo counters. “I’m angry nearly every day of my life,” on Marmee says. “Little Women” has been adapted eight times for film and four times for television—and also for theater, musicals, a us l, Japanese anime series and even an opera. But Marmee’s ac- knowledgment of her anger, which comes straight from Al- cott’s text, is nearly always elided in favor of presenting a al a e softer character. “I wanted to be part of the revolution that is in showing this Marmee, the Marmee that Greta saw,” says ci on Ms. Dern. “I think she’s a very modern woman. She’s angry because she’s a radical. She had a lot to say, and the world didn’t give her space.” Alcott based Marmee on her own mother, Abigail, a suffrag- ist, abolitionist and one of the first paid social workers in Mas- er rs sachusetts. Abigail Alcott raised her four daughters single-hand- edly, while her husband, the transcendentalist Bronson Alcott, was off on utopian schemes that impoverished the family. “Peo- ple think I’m wild and queer, but Mother understands and helps m e me,” a 13-year-old Louisa wrote in her journal. Louisa herself was the prototype for Jo, who loves litera- m rp ture and grows up to write “Little Women.” Though Alcott had a habit of destroying her drafts once proofs were made, two chapters of her early years on film sets. A founder of Time’s Up, a legal-defense to act that is the essence of this conversation,” of the original manuscript of “Little Women” have survived. On the back fund for victims of sexual harassment, Ms. Dern has partnered with she says. of one page, she scribbled, “Saved by Mother’s desire.” Mónica Ramírez, an activist and founder of Justice for Migrant Women, Talking about marriage returns her to Abi- To understand the relationship that fueled the novel, Ms. Dern looked to address the vulnerabilities of young girls. Filmmaking and farm work gail Alcott and the sacrifices that a woman en- co Fo to the Alcotts’ mother-daughter letters. They were “soul mates,” she says. would appear to have little in common, she acknowledges, except that dured in that age: “watching a man go into the “I mean, you get her deep love for all her girls. But you get that [Abigail “you can be 12 and legally on a movie set with a bunch of guys, and you world to invent and experiment, while she’s left and Louisa] are the same. This was a woman who was probably the Jo can be 12 and working in a field surrounded by guys.” She hopes to re- at home with nothing, figuring out how to make in her family, but she couldn’t be Jo, so she found that in form the Screen Actors Guild’s rules to protect young ac- ends meet and still be of service to people.” In her daughter and gave her that. And she found the artist tors. “The bully mentality is cracked,” she says. the novel, part of Jo’s reluctance to marry in Amy”—another March sister, based on Louisa’s youngest ‘I wanted Ms. Dern is an outspoken advocate on other issues, in- stems, Ms. Dern suspects, “from watching what sister, May—“who became a great sculptor and painter. You cluding gender pay parity and gun control. But activism Marmee went through.” feel a piece of her in all her girls. That was her vocation, to be part isn’t merely an extension of her acting; acting, as she sees While Jo does eventually marry—a senti- to raise them with this revolution in their hearts.” of the it, is activism. “I really fell in love with Renata Klein,” she mental conclusion demanded by Alcott’s pub- In a letter, Abigail Alcott once wrote to Louisa, “I believe says. The flinty executive on “Big Little Lies” suffered from lisher—Alcott herself never did. With the com- there are some natures too noble to curb, too lofty to bend. revolution.’ “having to play tough for so long….What did it take to be mercial success of “Little Women,” she saved Of such is my Lu.” Ms. Dern took the letter to Ms. Gerwig, that first woman at the boys’ table, who comes off as less her family and secured her freedom from mar- and it became part of the dialogue between Marmee and Jo. feminine, who’s not likable, who’s a bitch?” Her perfor- riage. “Little Women,” Ms. Dern says, is really n- “Louisa was able to have a revolutionary spirit because she saw it,” ex- mance earned her a 2017 Emmy Award and a Golden Globe. “about women and money.” So, she suggests, claims Ms. Dern. “I mean, I would never be a vocal citizen the way I try to In Noah Baumbach’s “Marriage Story,” released earlier this month on are the female-powered stories emerging from be as an actor if Diane Ladd were not my mother. She’s my Marmee.” Netflix, Ms. Dern plays another female powerhouse: the fierce divorce Hollywood today. “Executives didn’t say, ‘Guys, Ms. Dern, 52, is the daughter of the actors Bruce Dern and Diane Ladd. attorney Nora Fanshaw, who represents Nicole (Scarlett Johansson) in we want to make a female-led series, no matter no She started appearing in films when she was 7 and won critical acclaim her split from Charlie (Adam Driver). Ms. Dern delivers a barn-burning what it costs,’” she says, referring to “Big Little for David Lynch’s “Blue Velvet” (1986) by the time she was 19. monologue about why mothers “will always be held to a different, Lies.” “No, people watched. Money was made. “I saw outrageous behavior that I didn’t know was wrong,” she says higher standard” than fathers. “It’s kind of my favorite piece I’ve gotten So we get to do more.” A Pathetic When I have kids, I’m never go- You can go onto Amazon right the state and try and arm- tackle other parents to get the Parent, ing fall into that trap. My parent- ing style will be now and buy a custom tuxedo for a manatee It Toy, but I’m afraid of ending up on the news. I can talk my child into asking Santa for JASON Chasing a perfect, organic and thoughtful. and get it shipped to you in something else, but he’ll proba- bly replace the It Toy with an- GAY Christmas My children won’t fall prey to holi- three hours. The best Amazon can other It Toy, and then the joke will really be on me. ‘It Toy’ day marketing. They’ll be happy with whatever do for the It Toy was next year. Next year doesn’t There’s always the nuclear option of declaring that Santa found my son more naughty they get. I’ll never work, Bezos. than nice—and filling his Once IMPORTANT NOTE: This chase the It Toy. Come on. Christmas stocking with coal. I laughed column contains Santa Claus You know where this is going. that makes you feel better than I keep scouring. I consider That would be funny, but cre- spoilers. If you are under The 2019 holiday gift rush has me, have at it. Enjoy your stick myself something of an internet ates another problem. I’m an at moms the age of 200 and do not reached peak crazy, and I am in and yarn. shopping virtuoso, but the It Toy effete East Coast humor colum- and dads wish to read Santa spoilers, a sweaty, self-loathing panic. My Besides, the It Toy my son is nowhere to be found. One mo- nist; do I look like I know how stop here. If you read any 6-year-old son has asked Santa asked for is pretty reasonable. ment, I think I’ve got it, only to to buy coal? As Dave Chappelle running further, Virginia, don’t Claus for what turns out to be It costs about $25. Don’t give realize it was pretty clearly a said, “I’ve never in my life even around blame me for ruining every- an It Toy, and I—assigned to be the kid a hard time. He didn’t cheap knockoff, probably made seen a lump of coal.” the mall thing. Blame Santa. Santa’s Little Helper—have, ask for one of those Kiddie with lead, asbestos and cobra Just when I begin to look for against all prior declarations of Range Rovers that costs $4,000 poison. I pass. sticks and yarn on Amazon, a at the BEFORE I HAD CHILDREN, I’d no-nonsense parenting, gotten and can do doughnuts in the Stop looking so smugly at me! miracle occurs: I find the It Toy holidays. laugh at parents I’d see on the sucked into the nightmare. driveway. I’d never buy the kid I’m doing the best I can here. I in a store just a few blocks Then news around the holidays, I know, I know: I’ve fallen anything like that; maybe for know there are crafty genius away from my home—a random mauling each other in the toy prey to consumerism. Zip it, myself, but not him. parents who can make a home- discovery that speaks to A) why I became store for the last Cabbage friends. I don’t want to hear I didn’t even realize he was made Tickle Me Elmo using food we should all do our shopping one. Patch Kid, Pokémon, tarantula about your childhood Christ- asking for an It Toy until I be- coloring, a mop head and ping- locally and B) what a tremen- tank, cigar ashtray or what- mases where all you got from gan hunting for it. I began pong balls for eyes. Fantastic. dous/pathetic parent I am. ever “It Toy” was dominating Santa was a stick and a ball of where every Santa’s Helper I’m proud of you. You and your Santa’s Little Helper has saved the season. yarn, and how it taught you to looks: Amazon, where I was mop-head Elmo can go play with the day. My son is going to be ZOHAR LAZAR Who does that sort of thing? I be grateful, industrious and shocked to discover Jeff Bezos a stick and yarn. so excited, for at least three snickered to myself. What a creative. I’m not giving my kid was completely cleaned out. I I consider alternatives. I minutes. Then he’ll ask for the bunch of lunatics. a stick and a ball of yarn. If didn’t think that was possible. could go to the biggest mall in Range Rover. BOOKS For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. Mind, Heart, Soul The Cardinal Abraham Joshua Was a Romantic Heschel, a rebbe for The life and thought of the 20th century C9 John Henry Newman C9 READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C7 Our Most God-Like Power On Mercy By Malcolm Bull Princeton, 191 pages, $24.95 When Should Law Forgive? By Martha Minow Norton, 252 pages, $27.95 BY DAVID A. SKEEL A MERICAN PUBLIC LIFE is full of disputes about justice and forgiveness. Take the Dreamers—the nearly 700,000 young adults who came from Mexico and elsewhere as children, did not obtain citizenship or permanent resident status, and have been in legal limbo since President Obama signed an executive order giving them temporary legal status in 2012. Depending on whom you talk to, these immigrants ALAMY; OSCAR WHITE/CORBIS/GETTY IMAGES should either be deported immediately or given full citizenship. When the brother of Botham Jean, the unarmed black man shot in his Dallas apartment by Amber Guyger, a . white off- ly duty police officer, asked Two books by the judge if on he could hug accomplished Guyger and scholars ask: Bing Crosby, Danny Kaye and Rosemary Clooney in ‘White Christmas’ (1954) with songs by Irving Berlin. offer forgive- Do mercy and ness at the forgiveness us l, end of her They Say It’s Wonderful trial, reac- have a place tions were al a in law? e similarly divided. ci on Many found Irving Berlin’s energy, versatility and sheer knack for creating catchy tunes helped the the brother’s gesture of mercy pro- foundly moving; for others, it was only poor Jewish immigrant from Siberia become synonymous with American song a distraction from justice. Two types of forgiveness are inter- er rs Irving Berlin: New York Genius and Richard Rodgers and the Gershwin dream, the everyman whose unique twined in these instances. The first is By James Kaplan brothers romped and disported—was talents America hospitably fostered and legal forgiveness. Our legal system is how collegially generous its creators revealed. The eighth of eight children, committed to justice, and to honoring Yale, 398 pages, $26 often were. Though Berlin was an in- Irving was reportedly born in Siberia the rule of law. But sometimes we m e BY BRAD LEITHAUSER tensely private, often emotionally exact- on May 11, 1888, but neither place nor make exceptions, declining to punish ing man—as well as a hard-nosed busi- birthdate feels trustworthy. Indeed, much a defendant who has violated the law m rp T O BEGIN WITH, he lived nessman—he was a spendthrift when of his life remains hazy, and Mr. Kaplan or providing partial amnesty for tax forever—the only major praising his contemporaries. Typical was understandably cloaks himself in sen- evaders. This is legal forgiveness. American popular song- a note to Cole Porter in 1933: “I am mad tences of the “he must have been” or (Mercy, which Shakespeare’s Portia writer to become a cente- about ‘Night and Day’ and I think it is “he surely would have seen” sort. famously praises as “twice blest” in narian. In addition, he never your high spot. . . . All the orchestra lead- In any event, Irving was 5 years old “The Merchant of Venice,” is slightly co Fo stopped working; though his glory days ers think it is the best tune of the year— when his large Russian family made the different: It is leniency in applying the were long behind him, he was still pen- and I agree with them.” move to Manhattan’s Lower East Side. law rather than forgiveness.) ning lyrics and planning songs in 1988, But Kern, in praising Berlin, was offer- His father, Moses, an itinerant cantor, The second type of forgiveness, his 100th year. Through sheer amplitude, ing more than a gracious tribute to a col- had trouble holding down work in the interpersonal, is often described as a Irving Berlin presents a forbidding sub- league. Berlin, unlike Kern, supplied not New World, where he was variously a “release of resentments.” When Brandt ject to biographers, though many at- only the melodies but also the lyrics to butcher and a painter and one of the job- Jean offered to forgive Amber Guyger, tempts have been made. He wasn’t yet his songs, enabling an absolute freedom less. Naturally, the family was impover- he was letting go of his anger against 40 when the first life story appeared. of subject matter, and no other song- ished—and frighteningly so after Moses’s his brother’s killer and so extending The latest contender is James Kaplan, writer has ever managed to insert himself death, when Irving was 13. What would interpersonal forgiveness. How can who a few years ago completed a propul- so broadly into the clangorous machinery become of the baby of the family? legal forgiveness be reconciled with sive, appealing two-volume portrait of of American daily life. Like the best of his At this point in the story, additional the rule of law? What do legal and Frank Sinatra. The Sinatra biography contemporaries, Berlin could compose mists encircle the music-loving, dimin- interpersonal forgiveness have to do haunting love songs of the two utive boy (whose adult height would be with one another? These questions are n- essential varieties, the soaring 5 feet 5 1/2 inches). It seems he wasn’t implicit in the current controversies and heart-ringing (“Always”) merely busking on the streets but living about justice and mercy or forgiveness, and the subsiding and heart- on them as well—we don’t always know and they are the focus of two thought- breaking (“What’ll I Do?”). But how or where. Despite his lack of musical ful but idiosyncratic new books. no he wrote as well about the re- training, he was a quick study and a In “On Mercy,” Malcolm Bull peal of Prohibition. He wrote quick-change chameleon, keen to perform conducts a clever thought experiment political-campaign songs. He Italian songs, Irish songs, Dixieland on the question of whether mercy wrote about serving in the mili- songs—whatever the market would bear. might not only be reconciled with tary and paying your income Likewise nebulous is Berlin’s later justice but could displace it at the tax and lunching at the auto- romantic life. He had two marriages, the center of our political life. Although Mr. mat. Berlin’s modest-sounding first brief and tragic (his wife contracted Bull is not a professional philosopher— but overweening goal was to typhoid fever during their Caribbean he’s an Oxford professor of art and the leave his audience humming honeymoon and died a few weeks later), history of ideas—he plays one in this about the humdrum. the second long and smooth. But what book. In 163 readable pages of text, he In addition, no other Amer- went on before and between and during cycles through Seneca, Niccolò Machia- ican songwriter had Berlin’s these unions is little known. Berlin velli, Thomas Hobbes, David Hume, magical knack for creating hit courted respectability with the same Judith Shklar, Bernard Williams and songs that metamorphosed into ardor with which some of his contempo- more. Mr. Bull begins with a very something beyond songs: raries flirted with scandal. (The married capacious definition of mercy, encom- anthems. “There’s No Business Richard Rodgers indulged in an insatiable passing both mercy and legal forgive- Like Show Business,” from appetite for young chorines; the married ness. “An act of mercy,” he writes, “Annie Get Your Gun,” turned Cole Porter’s gay liaisons were shadowed “is an action that is both intended to out to be more than a rousing by blackmail.) It seems probable, as Mr. be and turns out to be less harmful celebration of a Wild West Kaplan suggests, that the “other woman” than it might have been.” Even a sideshow; it evolved into a in Berlin’s life was his work—a demand- torturer may be acting mercifully, Mr. defining toast to historical ing mistress, admittedly, but a provident Bull says, if he tortures his victim less Broadway itself. “White Christ- one. If he lost a fortune in the great crash than he might have done. If there is an mas” (by some commercial of ’29, he remade it many times over ordinary level of harm—say, an ordinary SAY IT reflected both the virtues and the vices of measures the most popular song ever in the years to come. criminal sentence, to use a less extreme WITH its brash and brilliant subject. The two written) became a secular sibling to “Joy Perhaps to protect Berlin from those example—it is merciful to inflict less MUSIC books were punchy, slangy, wide-ranging. to the World” and “Silent Night”—as sentimental trappings that could easily than that expected, ordinary level. Berlin They were also, at times, obsessive and beloved as they, and as unbudgeable. And enwrap the composer of “A Pretty Girl Is For Seneca and Cicero, Mr. Bull wearing credulous and repetition-ridden. Mr. speaking of anthems, “God Bless Amer- Like a Melody” and “White Christmas” argues, mercy was the chief political military Kaplan’s take on Irving Berlin—part of ica” was so roundly embraced that its and “God Bless America,” Mr. Kaplan is virtue, the difference between legiti- garb the Jewish Lives series of the Yale Uni- adherents seriously proposed it as a re- sometimes guilty of romanticizing and mate rule and tyranny. But in the in the versity Press—is a more streamlined and placement for the stately but unsingable roughening his subject. He claims that Renaissance, the moral underpinnings 1910s. sedate affair. But—like the Sinatra “Star-Spangled Banner.” Berlin’s “greatest work was as unsettling of mercy, and in many respects the books—propulsive and appealing. Biographers of Berlin’s contemporaries as any great artist’s.” Stravinsky? Shos- virtue itself, were abandoned by realist Jerome Kern once famously remarked tend to enlist American history, social and takovich? Over many years, I’ve spent philosophers. Machiavelli insisted that a that Berlin has no “place” in American political, to illuminate the life under ex- dozens, maybe hundreds, of hours listen- ruler should avoid mercy and instill fear popular music; rather, “He is American amination. But Berlin provides a special ing to Berlin, who by turns has cheered, in his subjects, lest his authority be music.” As the composer behind “Show case, and those writing about him often amused, enlivened, saddened and con- undermined. Drawing on the philosopher Boat” and the great Astaire-Rogers wind up reversing the process: They look soled me. But unsettled? Rarely. Judith Shklar’s claim that aversion to “Swing Time,” Kern might have regarded to his career to explain or elucidate our Why even seek to unsettle? Berlin’s cruelty is universal, Mr. Bull contends Berlin coolly, as a competitor. But one of country’s history. His life intertwines, un- breezy working credo was “the mob is that Machiavelli is mistaken, and that the prime appeals of the Great American cannily, with our larger national drama. always right.” He wasn’t out to challenge Michel de Montaigne, who had critiqued Songbook—that rolling, bouncy terrain The mists surrounding Berlin’s origins or convert but to feed the public’s taste— him, closer to the mark. Even if politics where Berlin and Kern and Cole Porter encourage us to see him as an emigrant’s Please turn to page C8 Please turn to page C8 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C8 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. BOOKS ‘Bloody thou art; bloody will be thy end.’ —SHA KESP EA R E’S DUCHESS OF YOR K , TO RIC H ARD III The Road to Bosworth Irving Berlin, America’s Richard III: The Self-Made King By Michael Hicks Songwriter Yale, 416 pages, $35 Continued from page C7 BY STEPHEN BRUMWELL the broadest public, in its global tastes. He M respected them, the planet’s motley mobs, and ORE THAN 500 they repaid his respect with love. years after he Berlin’s final decades are sobering to contem- was killed fight- plate, if not so heartbreaking as those of some of ing for his crown his songwriting buddies. (Think of the widower at the Battle of Harold Arlen doubly paralyzed by depression and Bosworth, King Richard III remains Parkinson’s, the widower Porter winding up an one of the most controversial amputee after 34 excruciating operations to save figures in English history. Although the leg he’d injured in a riding accident.) Berlin’s he reigned for only 26 months, last hit song bloomed in 1966. Subsequently, from July 1483 to August 1485, his there were various hospital stays for depression. reputation continues to polarize He felt cast aside: “It was as if I owned a store opinion. Was the last Plantagenet and people no longer wanted to buy what I had monarch the malevolent, murder- to sell.” Nonetheless, a salesman’s reflexive ous schemer of Shakespeare’s play hankerings endured. Here he is, at age 81, making or a fair and honorable ruler whose clear in a letter that the songwriter’s proper task good name was posthumously isn’t finally earthbound but extraterrestrial: blackened to justify the seizure of his throne by Henry Tudor? The moon landing is indeed the greatest event Interest in Richard III intensified that’s happened in in 2012 when a battle-scarred skel- anybody’s lifetime to eton was unearthed beneath a inspire some kind of a Is ‘God Bless parking lot in the city of Leicester, song, but I don’t know on the site of the friary where his of any songwriter America’ a body was said to have been buried. who can measure up more tuneful, Following extensive tests, including to this occasion. more singable DNA analysis, the bones were iden- NATIONAL PORTRAIT GALLERY, LONDON tified as Richard’s. The task belonged to and better-loved This remarkable discovery was Berlin’s successor. And anthemthan‘The partly funded by the Richard III I suspect it meant both Society, an organization with comfort and disquiet Star-Spangled Banner’? . thousands of members spread for him to confront the ly across Europe, North America and notion that he had no Australasia that is dedicated to successor. challenging traditional, negative A touching figure in every decade of his packed perceptions of the king’s character on and panoramic life, Berlin seems most endearing and achievements. PLANTAGENET Richard III depicted by an unknown artist of the late 16th century. when glimpsed in the 1940s, when he entered his If Richard III had enjoyed the 60s. It was a decade of two milestone triumphs. support in 1485 that he attracts The future Richard III was born During the following decade, charges but proclaimed that his On Broadway, he concocted lyrics and melodies for us l, from “Ricardians” today, he might in 1452, on the cusp of the dynastic Richard consolidated his position late brother’s marriage was biga- “Annie Get Your Gun,” his finest musical. He under- never have lost his kingdom, and conflict between the houses of Lan- as a leading nobleman, a process mous, thereby making both took the task only after its intended composer, his life. In “Richard III: The Self- caster and York—later known as the that Mr. Hicks reconstructs Edward and his younger sibling Jerome Kern, abruptly dropped dead one day on the al a e Made King,” Michael Hicks argues Wars of the Roses (1455-87) for the through a meticulous examination illegitimate. In July 1483, Richard streets of Manhattan. After expressing numerous that he forfeited both by the red and white rose emblems that of the fragmentary archival evi- claimed the crown for himself. doubts (“I can’t do hillbilly lyrics”), Berlin launched ci on “supreme gamble” of usurping his the rivals adopted. He was just 8 dence. With determination, Richard Mr. Hicks doesn’t doubt Rich- himself with a white heat. According to Mr. Kaplan, young nephew’s throne, badly un- when his father and brother—Rich- exploited his prestige and connec- ard’s qualifications to rule but “He wrote the bulk of the sixteen-song score in derestimating how far such ruth- ard Duke of York and Edmund Earl tions to accumulate the wealth disputes his right to the throne, eighteen days.” The bounty included “They Say It’s lessness would alienate his subjects. of Rutland—were slain at the Battle necessary to support a lavish believing that his usurpation “over- Wonderful,” “The Girl That I Marry,” “Anything You Mr. Hicks, an emeritus professor of Wakefield in 1460. Undaunted, aristocratic lifestyle and to fund a stepped the invisible line that Can Do (I Can Do Better),” “There’s No Business er rs of medieval history at the Univer- Richard’s eldest surviving brother, household of personal retainers subjects could accept and created Like Show Business,” “I Got Lost in His Arms”— sity of Winchester, is an acknowl- Edward, championed the family’s who proudly wore his white-boar the opposition that brought him a considerable extension of the Berlin canon. edged authority on Richard’s life Yorkist cause. In 1461, proclaiming badge. And through marriage to down.” Richard’s opponents grew The ’40s were also the decade when Berlin and times and presents a scholarly himself King Edward IV, he crushed the Kingmaker’s daughter, Anne all the more implacable because it escorted his revue “This Is the Army” around the m e analysis of his tumultuous career. the Lancastrian supporters of King Neville, he inherited extensive was widely believed that he was world. Its target audience? The show’s scene and Given the dearth of eyewitness Henry VI at Towton, reputedly estates. Increasingly, Richard be- responsible for the murder of costume designer, a Lt. John Koenig, put it this m rp testimony dating from before England’s bloodiest-ever battle. came King Edward’s trusted “Lord Edward V and his brother in the way: “We’re playing now for the people we were Richard’s death, this is a daunting The prospects of young Rich- of the North,” enhancing his mar- Tower of London. meant for all along: the front-line soldiers. . . . challenge, and where the hard ard, now Yorkist royalty, under- tial reputation by invading Scot- Although the evidence against They come, literally, from their foxholes, are piled evidence is missing the author is went a dramatic transformation. land and reconquering the con- Richard on this charge is inconclu- into trucks and are driven sometimes two hours to prepared to speculate. He was created Duke of Gloucester tested border town of Berwick. sive, and the fate of the “Princes in get here. They’re in helmets and mud.” In the dual co Fo Unconvinced that the Leicester and placed under the guardianship When King Edward died the Tower” remains a mystery, Mr. role of overseer and performer, Berlin eventually bones have been definitively proved of a powerful noble, Richard suddenly in April 1483, leaving his Hicks finds him guilty. On the basis followed his revue to the southwest Pacific, where to belong to Richard, Mr. Hicks is Neville, Earl of Warwick. Known 12-year-old namesake son as heir, of when the boys were last seen he wrote to his wife, “I feel . . . I will have done a nonetheless willing to build upon as the “Kingmaker,” Warwick ulti- Richard faced an uncertain future. alive, Mr. Hicks concludes that harder and better job here than anywhere else.” that identification, “with fingers mately came to believe that his Fearing that the uncrowned they “perished violently” on Rich- Throughout a century of lit-up living, Berlin firmly crossed.” He observes that best interests lay in restoring the Edward V would be controlled by ard’s orders, in the late summer or left behind many winsome images of himself, the extreme scoliosis of the skele- ousted Henry VI. But Richard relatives of his mother, Elizabeth autumn of 1483. Born amid strife, but this one’s my favorite. Picture him in Oro Bay, ton’s spine supports the credibility stayed stalwartly loyal to his Woodville, Richard launched a pre- within two years the reign of on the coast of New Guinea, performing for an of Tudor-sponsored historians who brother. In 1471, while still a teen- emptive strike that gave him Richard III ended in bloodshed audience of thousands of “our boys.” The heavens maintained that Richard was a ager, he was wounded during custody. This first coup is under- when he became the last English open, a pummeling tropical rain begins to fall, hunchback (as portrayed by savage hand-to-hand combat at standable as an act of self-preser- king to fall in battle. As even his and no one budges. Why would they move? There Laurence Olivier in his 1955 film Barnet, where the Kingmaker was vation. But in a compelling study of enemies conceded, Richard died was no other person on earth who could have version of Shakespeare’s drama). If killed. Richard cemented his war- complex events, Mr. Hicks argues fighting bravely, in the very thick sung to them so authoritatively, so affirmatively, n- they were right about Richard’s rior credentials later that year that Richard’s next move was inex- of his foes. of the distant and manifold pleasures of home. deformity all along, Mr. Hicks when the Lancastrians were cata- cusable—and ultimately disastrous. argues, then their accounts of his strophically defeated at Tewkes- Installed as Lord Protector, Mr. Brumwell’s books include Mr. Leithauser is a poet and a former theater villainy deserve to be treated more bury, earning him comparison to Richard not only executed several “Turncoat: Benedict Arnold and critic for Time magazine. His most recent book no seriously than as mere propaganda. Hector, the legendary Trojan. Woodville adherents on bogus the Crisis of American Liberty.” is the novel “The Promise of Elsewhere.” sidered a remedy for the cruelties of “Between Vengeance and Forgiveness,” The common theme linking Ms. and no one should be pressured to Mercy, war,” he says early in the book, “but wars driven by the passions were re- Ms. Minow’s fine 1998 meditation on the Truth and Reconciliation Com- Minow’s collection of topics seems to be a holistic approach to criminal law apologize (as Ms. Minow rightly emphasizes). But incorporating this Forgiveness placed by . . . the ‘silent war’ waged among nations by trade.” Mr. Bull re- mission set up in South Africa after the end of Apartheid, and of other re- and other issues called “restorative justice.” By acknowledging that the human dimension might enhance the legitimacy and effectiveness of our turns to this theme in the final para- sponses to mass atrocities. community itself may have contributed criminal justice system. And Law graph of “On Mercy,” condemning tradi- tional theories of justice as the “ex- Ms. Minow is a careful thinker and writer, weighing each argument and to the wrongdoing, and by “restoring” the offender, forgiveness can benefit There may even be a role for apol- ogy in bankruptcy. Financial distress is trapolation of a particular set of values, counterargument for a given propo- the whole community. She suggests this sometimes caused by factors entirely Continued from page C7 the rational calculation and self-inter- sition. Should child soldiers be treated has relevance not just for child soldiers, outside one’s control. But most people is all about power, Mr. Bull reasons, est” that are “the values of capitalism.” as victims rather than wrongdoers, but for consumer debtors and dis- overwhelmed by debt have borrowed there is a role for mercy, since “poli- This jab at capitalism nicely high- since many were pressured into ser- tressed cities, and for distinguishing more than they should or unwisely run tics, as opposed to war, is distinguished lights the limits of Mr. Bull’s proj- vice? Perhaps, but if they are treated between beneficial and problematic up their credit cards, and they often by restraint in the use of violence.” ect. The era he looks longingly back solely as victims, forgiveness is no pardons and amnesties. She character- feel guilty about filing for bankruptcy. Having opened the door for mercy, to was a time of unrelenting violence. longer possible “because forgiveness izes President Ford’s pardon of Richard Providing an opportunity to apologize Mr. Bull soon imagines a world where (It is telling that Seneca’s plea for is only for those who have committed Nixon as beneficial, but President might make consumer bankruptcy less mercy is ubiquitous, since mercy comes mercy was addressed to none other a wrong.” She suggests that requiring Trump’s pardon of Joe Arpaio, the anti- mechanical, and give debtors a more into play whenever someone has than Nero.) The age of nation states former child soldiers to “confess, apol- immigration sheriff, as problematic. robust fresh start. “power over” another. The vulnerable and capitalism has its problems, but it ogize, and acknowledge wrongdoing” After the chapter on child soldiers, To be sure, just as love isn’t always always have a claim against those who has brought a remarkable decline of may be preferable to simply giving interpersonal forgiveness figures in the answer, interpersonal forgiveness have power over them, he argues, and violence. It also has brought the most them amnesty, but warns that “wrest- this book much less prominently than and mercy aren’t either. Sometimes have no obligation, holding no power dramatic decline in poverty in history. ing confessions . . . might produce the I would have expected, re-emerging interpersonal forgiveness is not real- of their own, to show mercy them- This is a lot to give up for a world in appearance of apology but undermine only in the final pages. My former col- istic or even possible, and victims may selves. Mr. Bull concludes by extending which the vulnerable are constantly the genuine exchanges important to league at the University of Pennsyl- wisely decline to forgive an unrepen- these principles to colonized peoples forced to beg for mercy from those forgiveness.” vania, now judge, Stephanos Bibas has tant wrongdoer. It’s also worth asking (“the powerless may invade the nation- with power over them. This mode of analysis can yield pen- written extensively about the potential if “forgiveness” has any meaning if it’s state that has power over them”), After the sustained abstract reason- etrating insights. Many legal scholars role of interpersonal forgiveness in not sought. Some complain that for- international trade (“even those sub- ing of “On Mercy,” it’s a relief to get are enthusiastic proponents of so-called the criminal justice system. Mr. Bibas giveness is more often expected of ject to asymmetrical trading relation- down to particulars. Harvard Law odious debt doctrine—the theory that points out that “[crime] victims care women and minorities than of people ships might take over a whole or part professor and former dean Martha a new regime should not be required much more about receiving restitution like me. But interpersonal forgiveness of a nation-state”), other species, Minow’s “When Should Law Forgive?” to pay debt incurred by a corrupt and apologies” than about the length prompted by an apologetic wrongdoer future generations and, finally, turning offers precisely this, exploring the role predecessor if ordinary citizens did not of the offender’s sentence, and says can produce the truest and most beau- the tables, the possibility of a “future of forgiveness in three wildly divergent benefit from the proceeds of the debt. that “prison-based programs should tiful kind of reconciliation. As legal superintelligent singleton” before real-world settings: the child soldiers Ms. Minow is more skeptical. She wor- encourage wrongdoers to meet with scholar John Inazu has written, this whom we are powerless. By the end, of war-torn countries such as Sierra ries that “odious” is extremely difficult their victims if the victims are willing, capacity to reconcile “may be the most it’s hard to avoid the suspicion Mr. Bull Leone; bankruptcy and debt forgive- to define in practice, and that vulner- to listen to their stories, apologize, and God-like power we possess.” is pulling our leg. I don’t think he is. ness; and the use of amnesties and able citizens might suffer if the threat seek their forgiveness.” Defendants He hints that his real target may be pardons. “When Should Law Forgive?” of repudiation discourages loans to who apologize should not be treated Mr. Skeel is a law professor at capitalism. “Mercy had once been con- is perhaps best seen as a sequel to oppressive regimes. differently from those who do not, the University of Pennsylvania. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C9 BOOKS ‘Cor ad cor loquitur.’ — C ARDINAL NEWMAN’S EPISCOPAL MOTTO A Heart That Speaks to Hearts John Henry Newman intellectuals into Protestantism and By Eamon Duffy Napoleon’s destruction of the religious orders). In Ireland, where he had been SPCK, 145 pages, $16 invited to organize a Catholic BY LUCY BECKETT university, he spent four depressing J years contending with bishops who OHN HENRY NEWMAN found him too much of a sophisticated was and is an exceptional Oxford intellectual. Although Dublin figure. This October he was was where he gave the lectures that declared a saint by the became his very influential book “The Catholic Church, the first Idea of a University,” Newman was English saint created in half a century. almost as miserable there as his much For much of Newman’s life, he younger disciple and fellow Oxford struggled with unpopularity, mis- convert, the Jesuit poet Gerard Manley understanding and vilification from Hopkins, who died in Dublin in 1889. his various opponents. He was the Newman’s most demanding book, most distinguished and the most commonly called a “A Grammar of original English theologian since the Assent,” is a philosophical inquiry into Middle Ages, but he was disliked and the nature of belief: Mr. Duffy explains distrusted by many in the Catholic its difficult thesis notably well. Much Church, as well as by the English more widely read, understood and Protestants and unbelievers whom he had horrified by his defection, in 1845, from the Church of England. Yet when he died, aged 89 in 1890, in an Newman was not a England still generally anti-Catholic, Victorian but a he had become, as Eamon Duffy says Romantic, less than six in this splendid book, an unlikely “national treasure” to whom Tennyson years younger than and Matthew Arnold—by no means Keats, though he would Catholics—had written polite but puzzled tributes. outlive him by decades. Newman wrote a great deal. He published half a dozen books, a number of essays that are central to admired, his “Apologia pro Vita Sua” the understanding of Catholic thought, was an attractive spiritual autobiogra- three good hymns (including “Lead, phy written in triumphant response to . Kindly Light”), a bad long poem (“The a scurrilous attack by Charles Kingsley, ly Dream of Gerontius,” later transformed author of the creepy “The Water- by Edward Elgar’s music) and 32 vol- Babies” and a Low Church bully. umes of letters and diaries. Anyone During the long, beleaguered daunted by more weighty biographies, on papacy of Pius IX, Newman’s writings, the best being Ian Ker’s (1988), should entirely orthodox though they were, read Eamon Duffy’s short, fresh ac- baffled and infuriated many in Rome count. The Cambridge scholar of reli- (in England, Cardinal Wiseman was us l, gion’s calm judgment expertly illumi- baffled and his successor, Cardinal nates every aspect of Newman’s life, Manning, infuriated). That Newman work and—until he was very old—un- thought the papacy the better for al a e BRIDGEMAN IMAGES ceasing mental and spiritual attention. losing its temporal power and the Newman was a very unusual worse for declaring papal infallibility— ci on theologian. Mr. Duffy is right to point “I think its definition inexpedient and out that he was not so much a unlikely; but I should have no difficulty Victorian as a Romantic, less than in accepting it, were it made”—did not six years younger than Keats, though CONVERT ‘John Newman’ (1881) by John Everett Millais. help his reputation. he would outlive, mostly by decades, The cardinalate bestowed by Pope er rs all the other great English writers of that no one had ever become a Chris- standing preacher—his Anglican ser- ment with pain and stuck to it for the Leo XIII, in 1879, began to improve his generation. Like St. Augustine, tian because of a logical proof. mons are wonderful—Newman defined rest of his life, sometimes against rigid Newman’s standing in the Catholic whose works were partly responsible The Church of England, moribund the still-surviving Anglo-Catholic via Catholic incomprehension. Church; it has been generally very high for Newman’s conversion from the in the middle of the 18th century—the media between Protestantism and For years, Newman’s life as a since the Second Vatican Council, m e Anglican to the Catholic Church, Rev. Laurence Sterne preached in the Roman Catholicism. When his patristic Catholic was hard. He had lost the which owed much to his thought, as Newman did his theology, always, by huge cathedral in York on All Saints’ studies showed him that it was not the sympathy of his family and most of the whole Church does to his lucid m rp thinking for himself about the truths Day, 1750, to “one Bellows Blower, three Church of England but the Church of his friends, as well as a comfortable resistance to the casual neglect of of faith that he held with the loyalty of Singing Men, one Vicar and one Resi- Rome that had a history continuous and highly respected career—not to truth and seriousness that he saw deep feeling. dentiary [canon]”—had revived before with the intellectual achievement of mention the architecture, language, beginning in his lifetime. When Newman looked back, it was Newman’s youth but was a fractious the early church, he resolved to be music and intellectual company of Newman was bound to divide not to the high Middle Ages or the institution, its warring groups united received as a Catholic. Oxford Anglicanism. Instead he had opinion: Subtlety appreciated by some co Fo Counter-Reformation, but to the early by little more than their common The agonizing process of arriving to cope with ugly new churches and can look to others like deviousness; church of the Greek and Latin fathers. hatred and fear of “papistry.” The Low at this conclusion led to Newman’s the suspicion directed toward him by sensitivity and touchiness are two Neither Thomism nor the Neo- Church Evangelical Revival, fervent and “Essay on the Development of Chris- English Catholics. Some of these were sides of the same coin. But he was, as Scholasticism practiced by his contem- theologically semiliterate, had recently tian Doctrine.” Mr. Duffy sums up its ill-educated because of longstanding Mr. Duffy shows, a remarkable man poraries hampered the speculation of swept up many enthusiasts. importance: “Newman was the first Catholic exclusion from the best schools whose achievement was unique. his free intellect, even if doctrinal The young Newman was a keen great theologian . . . to insist that and from Oxford and Cambridge. Others orthodoxy framed and anchored every- Evangelical, until he moved decisively an acknowledgement of the historical were rabid philistine converts. Ms. Beckett is the author of a number thing he wrote. Newman had the great- toward the opposing High Church contingency of much of Christian In Rome for preordination study, of books, including “In the Light of est respect for rational argument, and faction of Oxford clerics who became teaching and institutions was com- Newman was dismayed by the poor Christ: Writings in the Western was unusually good at it, but at the known as the Tractarians. These he patible with firmly held orthodox quality of theological learning (which Tradition.” She reviews regularly same time he knew (as did Augustine) soon led. Clever, devout and an out- belief.” He reached this acknowledg- he attributed to the flight of German for the Times Literary Supplement. CHARLES DEL VECCHIO/GETTY IMAGES; ON C7: BERNARD GOTFRYD/GETTY IMAGES n- A Prophet City, not Warsaw. He taught in an aca- the Holocaust made belief in a good no demic institution—the Jewish Theologi- and providential God impossible; for cal Seminary—not in a Hasidic study Heschel, however, what the Holocaust For Postwar hall. And his work was addressed not to the ultra-pious Jews he grew up with proved was not God’s absence but the depth of humanity’s need for him. America but to the assimilated Jews of the U.S., “Modern man may be characterized as as part of an uphill battle to bring them a being who is callous to catastrophes,” back to traditional practice and belief. he wrote in “God in Search of Man,” What would have surprised Heschel’s the book Mr. Kaplan characterizes as a Abraham Joshua Heschel ancestors most of all, however, was the “Jewish Summa Theologica.” By Edward K. Kaplan way his words reached beyond the Jew- His own mission was to restore Jewish Publication Society, ish community. Starting in the 1950s, man’s sense of the holiness of life by when he published two popular and in- insisting on the biblical truth that 444 pages, $34.95 fluential books on Judaism—“Man Is human beings are created in the image BY ADAM KIRSCH Not Alone” (1951) and “God in Search of God. This message was directed in W of Man” (1955)—Heschel became an un- INTERFAITH Abraham Heschel (center, with beard) and Martin Luther the first instance to American Jews, HEN Abraham official ambassador to the wider reli- King Jr. protesting the Vietnam War at Arlington National Cemetery, 1968. many of whom had lost touch with Joshua Heschel was gious and political world. At a time traditional Jewish beliefs: “I have dis- born in Warsaw in when anti-Semitism was on the wane change Catholic teaching on Judaism. the Lubavitcher Rebbe, the most famous covered something in America. It is 1907, his future was after the Holocaust, and the U.S. was This meeting provoked criticism from Hasidic leader in America. In different possible to be a rabbi and not to be- easy to predict. He starting to reimagine itself as a “Judeo- both conservative Catholics and Ortho- ways, all three men devoted their lives lieve in the God of Abraham, Isaac and was destined to become a rabbi, a Jew- Christian” nation, Heschel turned out dox Jews, but for Heschel there was to transplanting Jewish tradition to Jacob,” he once observed. ish community leader, a thinker about to be uniquely gifted at bringing the no contradiction between devotion to the New World. Mr. Kaplan shows that Heschel’s God and Torah. After all, his family tree authority of Jewish tradition to bear on his own faith and engagement with That transplantation was necessary, embrace of a “prophetic” role—his was full of rabbis—his father, both 20th-century problems—from spiritual the faiths of others. of course, because the Eastern European insistence on denouncing spiritual error his grandfathers and so on back to the apathy and conformism to the civil- In this admiring and detailed biog- Judaism they grew up in was extin- wherever he found it—often made him 18th century, when his ancestors were rights movement and the Vietnam War. raphy, Mr. Kaplan shows that Heschel’s guished by the Holocaust. Heschel an awkward presence, whether he was among the early leaders of Hasidism, These public interventions made journey from tradition to modernity escaped by the skin of his teeth: Ex- telling secular Jews to return to God, the pietistic revival movement than Heschel famous. Today he is best re- began early. He was ordained as a rabbi pelled from Nazi Germany in 1938, along or telling Jewish institutions to fight transformed Eastern European Judaism. membered as the impressively bearded at 16, but instead of remaining in the with thousands of other Jews of Polish racism and poverty, or telling his left- As Edward Kaplan writes in “Abra- figure marching on the Edmund Pettus world of the yeshiva—the academies origin, he managed to get to London in wing allies why it was morally impera- ham Joshua Heschel: Mind, Heart, Bridge in Selma, Ala., in 1965, along- where Jewish men immerse themselves July 1939, just weeks before the out- tive to support the state of Israel. But Soul”—an abridgment of his award- side Martin Luther King Jr. Much of in Talmud study—Heschel decided to break of World War II. In January 1940 then, as Heschel wrote in his book “The winning biography, whose two volumes Heschel’s scholarly work focused on pursue secular higher education, even- he was able to obtain a visa for the U.S., Prophets” (1962), a true prophet “alien- (the first co-written by Samuel H. the biblical prophets, and he saw King tually enrolling, in the late 1920s, at the thanks to the promise of a teaching ates the wicked as well as the pious, the Dresner) originally appeared in 1998 as their modern heir: “Martin Luther University of Berlin. job at Hebrew Union College, the cynics as well as the believers.” That and 2007—from early youth Heschel King is a sign that God has not for- In his determination to combine Jew- Reform seminary in Cincinnati, Ohio. Heschel could rise to public honor while was “trained to become a rebbe,” a title saken the United States of America,” ish learning with Western philosophy After spending his first 33 years as a pursuing such a calling is a testament to that in Hasidism connotes more than he said in 1968. and literature, Heschel was following a European, he would spend the last 32 the America of his time, as well as a clergyman. A rebbe is a holy figure This was an expression of another of generational trend. Mr. Kaplan notes as an American. to the power of his faith. to his followers, a living link between Heschel’s modern traits: his ecumenism. that his fellow students in Berlin in- Heschel called himself, in a biblical the human and the divine. He was an eager partner in interfaith cluded Joseph Soloveitchik, who would image, “a brand plucked from the fire Mr. Kirsch is an editor in the Review By the time he died in 1972, Heschel dialogues; in 1964, he had an audience become the leader of Modern Orthodox of an altar of Satan on which my people section at the Journal and the author, had indeed become one of the Jewish with Pope Paul VI, offering advice on Judaism in America, and Menachem was burned to death.” His sister was most recently, of “Who Wants to Be world’s leading lights—but in New York the Second Vatican Council’s effort to Mendel Schneerson, who would become killed in Treblinka. For many Jews, a Jewish Writer? and Other Essays.” For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C10 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. BOOKS ‘Any damn fool . . . could think of questions; it was answers that separated the men from the boys.’ —MORRIS ZAPP, I N DAVID LODGE’S ‘CHANGING PLACES’ FIVE BEST TEACHERS IN FICTION Howard Jacobson The author, most recently, of the novel ‘Live a Little.’ Our Mutual Friend By Charles Dickens (1865) 1 Charles Dickens could never resist excoriating a teacher who didn’t know how to teach. To him, they are fraudsters, bullies, sadists and buffoons. But in Bradley Headstone, “the highly certificated stipendiary school- master” of Dickens’s last completed novel, we encounter another level of sociopathology altogether. Note that “highly certificated.” Headstone is no self-appointed head of a poor house or charity school. He is the product of a teachers’ training college; one of a new breed of professional who has “toiled hard” to acquire knowledge. Any natural vitality or generosity of spirit has been educated out of him. Not that there was ever much. “From his early childhood up,” Dickens writes, Bradley Headstone’s mind “had been a place of mechanical stowage.” Now it is a place where a terrifying, inflexible murderousness festers. Were he quicker of intellect he could be the very devil. “Schoolmaster,” . his aristocratic rival calls him. The ly term drips with opprobrium. Whether pedagogy has tainted him or he has BRIDGEMAN IMAGES tainted pedagogy, it is impossible to decide. Either way, teaching cannot on be said to come out of this novel as a desirable profession. us l, STERN ‘The Punishment’ (1850) by Francis William Edmonds. Villette By Charlotte Brontë (1853) of how a timorous but tenacious affair rotting from the inside out. pronunciation of immigrants but that fun has to do with orientation al a e 2 woman can achieve a sort of justice However particular Ursula’s agonies, Mr. Pockheel, as Hyman calls him, to the foreign. Accustomed to central “In catalepsy and a dead for herself—a still space in a world they are suggestive, too, for guides us away from mockery. heating, Zapp wakes on his first ci on trance I studiously held of jostling arrogance and harshness. Lawrence, of the new century’s Between incomprehension and morning in wintry England to find the quick of my nature,” spiritual disquiet and inhumanity as benign exasperation, he revels in what appears to be steam coming Charlotte Brontë’s character it drifts toward a war it doesn’t want the invention Hyman brings to out of his mouth. He thinks he is on Lucy Snowe at one point confides. The Rainbow but doesn’t know how to prevent. mangling the English language fire. Thereafter, nothing but hot air, At another she talks of lying in By D.H. Lawrence (1915) in the process of reinventing it. in the form of theory, deconstruction, er rs 3 “a strange fever of the nerves and “Life is a tale told by idjots,” Hyman postdeconstruction and every other blood.” Should such a person ever The young Ursula Brangwen The Education proclaims, musing on Shakespeare, fashionable form of talking about risk the stress of addressing a class does not choose teaching as of Hyman Kaplan “full of fonny sonds an phooey!” literature without ever talking about of unruly children? For reasons with a career. It is something By Leo Rosten (1937) As the teacher, Mr. Parkhill is duty literature comes out of his mouth. m e 4 which we needn’t concern ourselves, D.H. Lawrence’s heroine bound to correct him. “Full of sound This is a grand, effortlessly mag- Lucy travels to Belgium, where she does while waiting for some grander For the buttoned-up and fury!” he snaps. But he is the nanimous comic novel of ideas m rp becomes first a governess and then space to open in her life. Though Mr. Parkhill, teaching is not best kind of teacher and knows reduced to jargon. Zapp’s professed teacher at a boarding school for girls. far more robust than Lucy Snowe, a matter of life or death. It inspiration when he encounters it. aim is to “examine the novels from The strain that confronting these Ursula, too, finds teaching to be helps that he’s an American. every conceivable angle, historical, students puts on her reserves of a living hell at first. She feels Americans look more kindly on the biographical, rhetorical, mythical, courage is immense. One of her first overpowered by her brutalized teaching profession. It also helps Changing Places Freudian, Jungian, existentialist, co Fo acts is to outface a recalcitrant pupil pupils—exposed, suffocated, that his charges are not children By David Lodge (1975) Marxist, structuralist . . . phenome- 5 by reading the “very stupid” rebuffed. Even the desks have “an but new immigrants, preparing nological, archetypal, you name it; composition in her exercise book abstract angularity . . . that made her for naturalization at the American Bump! Bump! At exactly the so that . . . there would be simply and, in view of the entire class, shrink.” Where Lucy fights back by Night Preparatory School for Adults. same moment, some 6,000 nothing further to say.” In tearing “the blotted page in two.” tearing a pupil’s page, Ursula has Mr. Parkhill is the ringmaster of a miles apart, two planes touch circumventing the necessity for With that act of violence and disdain no recourse but to beat a child into magnificently comic burlesque in down—one carrying English questions by saturation-bombing she not only overcomes her dread submission. It brings no relief. which Hyman Kaplan—working by academic Philip Swallow to America, the subject with answers, he about her capacities as a teacher, Teaching remains a species of soul- day as “a cotter in dress faktory”— the other carrying American delivers the coup de grâce, not she also begins to conquer her fear suffering, one of those psychic performs a star turn on the academic Morris Zapp to England. only to the novel but the very of living. As was the case in “Jane battles to the death we normally linguistic high wire. We are reluctant The names tell us we’re going to idea of a university education. Eyre,” teaching becomes an exemplar associate in Lawrence with a love today to laugh at the spelling and have more fun with Zapp. Much of Morris Zapp is the last teacher. n- Shadow Plays Projected on a Paper Screen no IN KYOTO, in the 16th century, such a person could never appro- by listening to his wife regale backs of our eyelids, where the mark of postmodernism—but according to legend, there lived priate ancient Japanese folklore him with firelight tales that had ordinary mingles with the most of all it guards against the an old street preacher named without damaging its essence. been passed down through her supernatural. In “The Dream of portentousness that can cling to Kwashin Koji who made his Yet today Hearn is an honored family. Some of these are classic a Summer Day,” a kindly fisher- national mythologies. Hearn is living by exhibiting an amaz- figure in Japan, and his versions goose-pimplers, like the stories man wins the heart of a sea the storyteller but he is also a ingly realistic painting of the of the stories are taught to that center on jikininki, flesh- goddess and is transported to rapt listener, as bewitched and Buddhist conception of hell. So schoolchildren. How did he eating spirits that prowl the her palace in eternal matrimo- confounded by what he has to vivid was the painting that the manage to appease the ghosts cemeteries at night looking for nial bliss. But when he begs to relate as his readers are. city’s ruler became determined of these tales so that, even in corpses to devour. Decapitation be allowed to return home to Both new volumes are to have it, whether by purchase the passage across language is a favorite visual effect, as in see his family, he discovers that attractive productions and have FICTION or theft. But each time the work and time, they have kept their Jacobean revenge dramas. 400 years have passed since his roughly the same selections of SAM SACKS came into his hands, the image magic and mystery? When, in the tale “Of a Promise departure, and upon spotting stories. Princeton’s edition appeared altered, either losing Patrick Lafcadio Hearn (1850- his own moss-eaten tombstone contains a wonderfully witty the luster and detail that 1904) was born on the Greek TWO BY the “strange illusion” of his and informative introduction made it remarkable or simply island of Lefkada and raised in LAFCADIO HEARN marriage vanishes into dust. by Mr. Codrescu. But it has vanishing from the scroll. Finally Dublin, but he emerged as a “The Eternal Haunter” tells of also trimmed away some of the Kwashin Koji was brought in to writer as a tabloid journalist in Japanese Ghost Stories a beautiful tree-spirit whose framing commentary that the explain: “In any picture of real Cincinnati, Ohio, where he filed Edited by Paul Murray fleeting appearances drive Penguin Classics edition retains A Greek- excellence there must be a lurid accounts of poverty and mortal men mad with longing: in brackets, and which, to my Irish ghost; and such a picture, murder. He moved to New Japanese Tales of “Once that you have seen her taste, adds to the charm of the story- having a will of its own, may Orleans and the French West Lafcadio Hearn she will never cease to visit you. whole. Penguin takes the prize refuse to be separated from the Indies, burnishing his reputation Edited by Andrei Codrescu And this haunting—ineffably for its cover art, too, featuring teller at person who gave it life, or even as a colorful chronicler of local sweet, inexplicably sad—may fill a painting by the 1970s erotic the turn from its rightful owner. There lore, and in 1890 he arrived in you with rash desire to wander artist Toshio Saeki of a nude of the are many stories to prove that Japan with a commission as a Broken,” a husband betrays his over the world in search of woman wielding a freshly really great pictures have souls.” newspaper correspondent. But dead wife by remarrying, the somebody like her. But however severed head in the bedroom of 20th This story appears in two there something changed. Hearn woman’s angry apparition has long and far you wander, never a suitably surprised young boy. century recent collections of folk tales gave up deadline writing for a her revenge on her unlucky will you find that somebody.” The fact that Hearn is still preserved that were retold and published teaching position. He married successor. The story concludes A disarming quality of read at all, much less enjoying a at the turn of the 20th century Koizumi Setsu, the daughter with the image of “a nightmare- Hearn’s retellings is his method publishing revival, speaks to his the by Lafcadio Hearn—“Japanese of a once-prominent samurai thing that chippered like a bat: of direct address. He frames the incredible success as a preser- eeriest Ghost Stories” (Penguin family. And gradually his writing the figure of the long-buried tales within discussion of where vationist of tradition. The Japan folk tales Classics, 227 pages, $16), evolved, as well, shedding the woman, erect before her tomb— he first heard them, what he of his age was modernizing at edited by Paul Murray, and Victorian affectations of “exotic” in one hand clutching a bell, in thinks they might mean and breakneck speed and the litera- of a “Japanese Tales of Lafcadio travel reportage for a style that the other the dripping head . . .” even whether he finds them ture that would appear just rapidly Hearn” (Princeton, 206 pages, is light, curious, impressionistic But horror is only one aspect wholly satisfying. The meta- after his death bore the marks Western- $22.95), edited by Andrei and often marked by a note of of these compendia. The over- commentary lends the collec- of Westernization. How curious, izing Codrescu. Hearn was a shape- amused astonishment. arching mood is of wonder. In tions a contemporary feel— and how touching, that it fell shifting Greek-Irish writer and Hearn mined the tradition the way of the Irish fairy tales writers such as Ryūnosuke to a peripatetic Westerner to Japan. ethnologist who first set foot of kwaidan, or ghost stories, that Hearn heard as a child, the Akutagawa and Jorge Luis vouchsafe these enchanting in Japan at age 40. The truisms finding his source material in stories occupy the reverie world Borges would later employ such homegrown stories the of postcolonialism tell us that dusty Buddhist texts or simply our minds project onto the devices, and they became a hall- immortality they deserve. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 21 - 22, 2019 | C11 BOOKS ‘Art is not a pleasure, a solace, or an amusement; [it] is an organ of human life, transmitting man’s reasonable perception into feeling.’ — L EO TO L STOY The Consolation of Art MYSTERIES TOM NOLAN A Month in Siena Murder By Hisham Matar Random House, 130 pages, $27 In Bleak BY MOIRA HODGSON Midwinter I N 1990, WHEN Hisham Matar was a 19-year-old undergraduate in London, READERS OF Anne Perry’s his father, an active opponent of the Victorian-era mystery novels look regime of Moammar Gadhafi, was forward to her annual Christmas abducted in Cairo and flown back to stories: slim volumes that lace Libya. His son never found out what became suspense into fables of morality of him: “He was imprisoned and gradually, like and redemption. This year’s offer- salt dissolving in water, was made to vanish.” ing, “A Christmas Gathering” The shadow of this family tragedy hangs (Ballantine, 193 pages, $20), is a over Mr. Matar’s two impressive auto- tale of violence and espionage in biographical novels, “In the Country of Men” a remote English country house. (2006) and “Anatomy of a Disappearance” Victor Narraway, the former head of the London (2011), as well as his Pulitzer Prize-winning Special Branch (“the department . . . that dealt memoir, “The Return” (2016), which with anarchists, saboteurs, and all purveyors of describes his search for his father after the secret terror”) has come to the estate of some old fall of Gadhafi. “A Month in Siena” is nothing friends with his new wife, Vespasia, for Christmas like those books. It’s a short, deeply moving week. He aims to fulfill one last covert assign- account of a trip that Mr. Matar made to see ment: to receive falsified submarine plans from a the Italian city’s famous paintings and find a fellow secret agent and houseguest, to be passed way to come to terms with his grief. along to a hostile German government. Vespasia, As a student Mr. Matar had been drawn related to a prominent London policeman, is not to the examples of the Sienese School of without knowledge of the world of crime—and painting in the National Gallery in London: suspects that her husband is hiding his true “The colors, delicate patterns and suspended reasons for choosing this year’s holiday venue. drama of these pictures gradually became Things go badly necessary to me.” After his father was kid- THIS WEEK awry after the napped, Mr. Matar would often find himself midnight rendez- rooted for an hour or more in front of a A Christmas vous: The agent BRIDGEMAN IMAGES single work. Duccio di Buoninsegna’s “Healing Gathering from whom Victor of the Man Born Blind” is, he writes, “a By Anne Perry takes the secret painting that is questioning and ironic about package is dis- . what it means to truly see. It is not definite Lethal Pursuit covered the next ly about the answer.” In Siena, at the Pinacoteca By Will Thomas morning near death Nazionale, he would remain in front of a work REUNION ‘Paradise’ (1445) by Giovanni di Paolo. after a cruel attack. for so long—sometimes an entire day—that Winter Grave So Victor and he drew the attention of the guards, who Although Mr. Matar finds much consola- on affections, the tied-up dried chillies, the By Helene Tursten Vespasia work in insisted on providing him with a folding chair. tion looking at pictures, he is still haunted biscuits with fennel seeds that are identical tandem after all, He examines eight 14th- to 17th-century by grief. A tiny, feminine angelo annunciante to those of my Libyan childhood, the discre- A Noël Killing toward a Christmas masterpieces in “A Month in Siena.” He by Sano di Pietro, painted on a tray in the tion with money, the pride about one’s home By M.L. Longworth that proves to be us l, begins with Ambrogio Lorenzetti’s fresco Oratorio di San Bernardino, produces a pain and food.” People ask him what he’s planning (in their hostess’s “Allegory of Good Government” at the deep in his chest, “as though I were longing to cook and contribute their ideas. phrase) “a time for Palazzo Pubblico. One of the painting’s for a specific person, a place or a time now The last chapter finds Mr. Matar in New healing old wounds, settling old debts.” al a e procession of some two dozen citizens is forever gone.” York at the Met looking at Giovanni di Paolo’s Will Thomas’s “Lethal Pursuit” (Minotaur, darker than the others and is probably of After his father’s disappearance, Mr. Matar “Paradise,” a picture “small enough to wrap 308 pages, $27.99) focuses on Cyrus Barker and ci on Arab descent. He is holding a rope connect- felt that he existed “to one side of time.” He in a newspaper.” The painting, he writes, Thomas Llewelyn: “private enquiry agents” in ing the Common Good with Concord, Justice never had this feeling in Siena. “Every day “knows that what we wish for most, even late-19th-century London who are commissioned and Wisdom. “Perhaps Lorenzetti added him and for the entire month I spent there I felt more than paradise, is to be recognized; that by the prime minister to complete a simple to advocate this system of governance on its myself to be in time. . . . I never rushed or regardless of how transformed and trans- courier assignment that becomes a dangerous merits of tolerance and inclusion.” Tyranny, felt myself hurried by anything. Everything figured we might be by the passage, some- international escapade. er rs portrayed as an androgynous devil, reminds I experienced was happening at the pace at thing of us might sustain and remain percep- Barker and Llewelyn must carry a sealed brief- Mr. Matar of graffiti on walls across Tripoli which it ought to happen.” tible to those we have spent so long loving.” case to Calais, France, for delivery to an unnamed that caricatured Gadhafi after his fall. He writes about the city and its people, “A Month in Siena” is an engrossing book, foreign capital. It had been in the possession of a Justice is holding a severed head. This the meandering labyrinth of alleyways that beautifully produced and illustrated with British secret agent who was stabbed and left to m e prompts Mr. Matar to reflect on Caravaggio’s give him the sense of “entering a living color photographs of paintings. At times it die in London. After the pair accepts the mission, “David With the Head of Goliath” in the organism,” the encircling walls of the town’s made me think of “Watermark,” Joseph the independent-minded Barker (the undeniable m rp Galleria Borghese in Rome, and the “curi- perimeter, and the bowl-shaped central Brodsky’s elegy to Venice, and W.G. Sebald’s boss of his put-upon “partner” Llewelyn, the ously tragic, almost regretful expression on square known as Il Campo. “To cross it is to “The Rings of Saturn.” Written in elegant, book’s narrator) transforms this small job into a David’s face as he considers his prize.” Now take part in a centuries-old choreography, concise prose, it is a remarkable meditation full-fledged investigation into the spy’s death and that Goliath is dead, David understands that one meant to remind all solitary beings that on life, loss, mourning, exile, friendship and the contents of the mysterious briefcase. he has escaped. “This must be why tyrants it was neither good nor possible to exist the power of art. Inside the satchel, they find, are scraps of an co Fo prefer to imprison and keep alive their most entirely alone.” ancient document that, according to no less an ardent adversaries. They know that, like He buys groceries for supper. “Many Ms. Hodgson is the author of “It Seemed authority than Cardinal Henry Manning, are frag- Goliath here, the dead’s last argument is things here were familiar to me: the way Like a Good Idea at the Time: My Adventures ments of a Fifth Gospel from the first century. their silence.” people are with one another, their open in Life and Food.” Other real-life figures (Max Beerbohm, George Bernard Shaw) also appear in “Lethal Pursuit,” but the true star power comes from its compatibly mismatched leads. Joy to those who discover Mr. Thomas’s latest novel this holiday season. Just the Facts, Please Detective Embla Nyström, the star of Helene Tursten’s “Winter Grave” (Soho Crime, 320 pages, $26.95), is based in Gothenburg, Sweden, but she’s part of a mobile unit that investigates ON THE NIGHT of Sept. 17, many months later that the strikers. Informative and aspects, such as its “trade- beyond the confines of the city. Embla has just re- n- 1940, the cry of Torpedos Benares had been carrying elegant in design, the book mark feature” and “secret turned to work after being wounded in a previous los! went up on a German children. According to one of includes portraits of notable hideout.” Insects do have operation. But an old psychic injury—the memory submarine prowling the his sailors, the discovery so individuals on either side of some amazing techniques, of her best friend’s disappearance 14 years ago— North Atlantic. Two under- shocked Bleichrodt that he the argument—Frederick it must be said. The African still pains her. That trauma informs Embla’s search no water missiles shot toward “suffered a mental collapse.” Douglass and Sylvia Pank- bombardier beetle (aka for a 9-year-old girl named Amelie who has gone the lead ship in a British A great many traumatic hurst (for), Queen Victoria “Machine-Gun Butt”) can missing from the small seaside town of Strömstad convoy—and missed. Had the events took place during the and Winston Churchill defend itself by generating two weeks before Christmas. U-boat captain known that campaigns for women’s suf- (against)—with thoughtful an internal chemical reaction As the search stretches into the new year, public the SS City of Benares was frage in the United Kingdom and sending rapid-fire bursts suspicion centers on a Strömstad businessman’s CHILDREN’S transporting 100 child evacu- and the United States in the THIS WEEK of a superheated mixture out son, a young man with Asperger’s syndrome, who BOOKS ees to Canada, he might have late 19th and early 20th of its rear end. “Insect Super- gave the girl a lift the day she vanished. When a MEGHAN called off the assault. But he centuries, but you wouldn’t Torpedoed powers” is illustrated non- 6-year-old boy named Viggo goes missing, too, local COX GURDON didn’t, and so, moments later, know it from glancing at the By Deborah Heiligman fiction perfectly calibrated to outrage escalates. The murder of a policeman adds he sent a third torpedo delicious colors and stylish produce noisy approbation to the tension and mystery. And then arson, a fatal streaking to its target. pictures that David Roberts Suffragette from readers ages 5-10. stabbing and an assault on a hospital patient all As Deborah Heiligman uses in another of the year’s By David Roberts The artwork is only turn the season even darker. Making sense of this relates in one of the year’s stand-out works of non- marginally more subdued— imbroglio of violence—not least, finding out what most gripping works of non- fiction, “Suffragette: Insect Superpowers so still colorful and kinetic— happened to those missing kids—proves a unique fiction, “Torpedoed” (Holt, The Battle for Equality” By Kate Messner, in Dennis Nolan’s engaging challenge for Embla Nyström in this, her second Notable 272 pages, $19.99), the (Walker, 127 pages, $25). illustrated by Jillian Nickell work of rhyming nonfiction outing in Ms. Tursten’s so-far winning series. nonfiction explosion ripped a hole in the No, a casual glance would “Dinosaur Feathers” In France’s Aix-en-Provence, the site of works stern of the steam-powered seem to suggest that these Dinosaur Feathers (Holiday House, 48 pages, M.L. Longworth’s “A Noël Killing” (Penguin, liner. In rough conditions, the were events infused with By Dennis Nolan $18.99). This clamorous 286 pages, $16), life is placid—though less so at for mostly Indian crew struggled humor, involving dapper picture book for children Christmastime, when tourists fill the hotels and readers to get the bewildered passen- men and comely women. It ages 5-10 traces the evolution streets. For Antoine Verlaque, the town’s examin- of all gers into lifeboats and down is a beguiling way to draw thumbnail biographies. It’s a of long-ago dinosaurs into ing magistrate, Christmas also evokes unhappy to the water. Ms. Heiligman readers ages 8 to 12 into the good show, all round. modern-day birds through childhood memories. But his wife, Marine Bonnet, ages. describes a ghastly moment history of what was, in fact, Kate Messner and Jillian realistic illustrations and hopes to make the holiday pleasant for him this when one lifeboat tipped a fraught struggle to win Nickell have put together text that emphasizes the year by arranging for them to attend a church vertically, dumping respect and support for a high-impact catalog of satisfying syllables that concert of English carols. The music enchants passengers “from the height the female franchise. Mr. cool and freaky bugs with make up such names as them, but at the supper following, the owner of a of a second-story window . . . Roberts shows the creative “Insect Superpowers” Spinosaurus, Velociraptor guided-tour firm falls dead, an apparent poisoning into the ice-cold sea.” Within ways that agitators sought (Chronicle Kids, 82 pages, and Maiasaura. Halfway victim. It’s time for the examining magistrate to half an hour, what became to persuade and galvanize $17.99), a brightly colored through the book, balls of fire assume his professional duties. known as “the children’s the public, and he makes a picture book (see left) that streak into the prehistoric The dead man was a boorish, nervous fellow: ship” had gone under. helpful distinction between bursts with old-school picture, heralding the “the kind of person who invited bad luck,” What makes this book the democratic, nonviolent comic-book melodrama. Ms. dinosaurs’ eclipse: “Then who according to one resident. But who might have especially good for readers “suffragists,” whose number Nickell’s visual tricks include knows why / They had to die. wanted to kill him? His put-upon spouse? The ages 10-16 is the strong included many men, and brash lettering, exaggerated / Their bones were turned to “Corsicans” from whom he had borrowed money sense it conveys of the real- their more autocratic, mili- Roy Lichtenstein-style black stone. / Except a few / he could not repay? Antoine seeks insight from ity of the people involved: tant sisters, who embraced dotting, and rays of energy Whose feathers grew / And Marine, with whom he discusses every last lead their personalities and affec- the initially disparaging that seem to explode off the grew, and grew, and grew.” in his investigation. tions, certainly, but also term “suffragettes.” The page. Ms. Messner intro- Eight pages of detailed info “Cozy” (like “noir”) is a term overused to the their valor, their stiff amiability of the illustration duces each creature by its at the end include a delicate point that it has become nearly useless, but it CHRONICLE KIDS upper lips and, in the increases, if anything, the superhero alter-ego (among watercolor rendering of the seems apt for describing “A Noël Killing.” Even case of the U-boat cap- shock value of scenes such them, “The Vomitizer” and evolutionary Tree of Life the one shadow cast over Antoine and Marine’s tain, terrible guilt. Ajax as the brutal force-feeding of “The Pirate Queen”) and showing birds—and marriage disappears by book’s end, dissipated Bleichrodt only learned incarcerated British hunger- then identifies its various humans—as the latest thing. beneath a bright and blue Provençal sky. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com. C12 | Saturday/Sunday, December 21 - 22, 2019 * *** THE WALL STREET JOURNAL. BOOKS ‘A people of soldiers and priests, stargazers and sacrificers. And of poets . . .’ — OC TAV I O PA Z , O N T H E A Z T EC S The Aztec Achievement Fifth Sun By Camilla Townsend Oxford, 320 pages, $29.95 BY DAVID STUART F ROM THE distance of five centuries we tend to look back to the conquest of Mexico as an all-out defeat for Aztec civili- zation, a victory by scrappy Spanish conquistadors over the awed and un- prepared forces of Moctezuma. Camilla Townsend’s fine “Fifth Sun: A New History of the Aztecs” shows us that this picture is simply wrong, the result of one-sided accounts and incomplete narratives. Ms. Townsend has combed the extraordinary accounts of the early colonial era written by indigenous historians to paint a far more complex picture of persistence by the Aztecs and their descendants. It is a vivid account of what Aztec writers and chroniclers had to say about their own history and of a world decimated through constant change and loss. These native voices have all too often been overlooked or omitted in accounts of the Conquest and of early Mexico. Historians are quite familiar with the usual primary sources, such as the letters sent by the leader of the Spanish invaders, Hernán Cortés, to BRIDGEMAN IMAGES Charles V updating the king on his progress and ensuring loyalty; or the . extraordinary book written by one of ly Cortés’s own foot soldiers, Bernal Díaz del Castillo, who witnessed most of the key events of 1519-21. In his dotage FINAL STAND A drawing of warriors defending the Great Temple of Tenochtitlan, the last Aztec stronghold, from the 16th-century Codex Azcatitlan. Bernal Díaz wrote his “true history of on the conquest,” correcting an official their heirs and concubines, and of themselves in a new, strange society. married a Spanish noblewoman. Other lies gradually lost their claims to record that saw Cortés getting far too others as if they were storyboards for Some of their names point to hybrid, sons of the emperor suffered varied rights and rule, as the indigenous much credit for the overthrow of the “Game of Thrones.” Ms. Townsend even conflicted identities: Don Do- fates. One named Tlacahuepantli (aka population became increasingly rav- us l, Aztec empire. Even in the immediate quotes one old woman who remem- mingo Chimalpahin, Don Alonso de Don Pedro) spent years in the Spanish aged by disease and exploitation. A wake of the fall of Tenochtitlan, the bered the world of her childhood in Castañeda (aka Chimalpopoca), or courts vying for his proper status and century and a half after Cortés and imperial capital, the history of the con- the 1400s: “How many noble houses Don Fernando de Alva Ixtlilxochitl. inheritance. He won his case in the Moctezuma, the memories and re- al a e quest was being contested within Here and there individual stories may end, but was cast out by fellow indig- cords of Aztec history were greatly Spanish ranks. This should immedi- come across as dense or fragmented, enous elites who had despised the diminished, passing through the ci on ately give any modern reader the sense A new view of the empire but this reflects the richness of the imperial strong hand of his father. hands of a precious few writers and that the source material is spotty, and source material Ms. Townsend em- Another important character is Mal- scribes who copied copies of copies. that our sense of what we know, or upended by Cortés shows ploys. The overall result is always intzin (or Malinche), the young woman The title “Fifth Sun” refers to the think we know, is incomplete. how heavily the Spanish readable and compelling, a new his- whom Hernán Cortés took on as trans- Aztec myth of successive world cre- Ms. Townsend highlights the volu- invaders depended tory of cultural transformation where lator and later as concubine. She spoke ations and destructions. Four previous er rs minous records of the Aztecs (or little has been accessible in English. both Nahuatl and Mayan, and together ages or “suns” came and went before Nahua) and their descendants, speak- afterward on local rulers. The fledgling New Spain that with Jerónimo de Aguilar, a ship- the era of Mexica domination. This ers of the Nahuatl language who were emerged was grafted onto what had wrecked Spanish sailor, she immedi- “Fifth Sun” did not end in 1521, and literate both before and after the 16th been the centralized tributary empire ately became a key arbiter in the epic indeed it is hard to know how far it m e century. “Fifth Sun” brings to light na- there were, the palaces of those who of the Mexica (the dominant group negotiations during war and conquest. was thought to endure into the colo- tive intellectuals and chroniclers who were nobles and rulers! It was like one among the Nahua of that era), once Malintzin gave birth to Cortés’s son, nial era. Do we even still live in it? m rp emerged as mediators of history and big palace. There were countless minor ruled by Moctezuma and his extended also named Martín Cortés. His own Many of the native voices that speak cultural knowledge. Many were elites, lords and lesser relatives, and one relations. For decades Spanish author- story turned tragic once he emerged in in the pages of Ms. Townsend’s book descended from the royal families of could not count the commoners who ity depended to a surprising degree the 1560s as a tortured soul (literally were desperate to convey what they ancient Mexico’s great city-states, or were their dependents, or the slaves; on native rulers and their political and figuratively) belonging to neither could of a remote glorious world, and altepemeh (“waters-and-hills”). The they were like ants.” and economic infrastructure, but each the Spanish nor Nahua world. The of their active role in making a new co Fo names of these old kingdoms resonate Despite the subtitle “A New History side soon became mistrustful of the Mexica living in the new city of Mexico one. As Ms. Townsend says, “it was today as towns or suburbs absorbed of the Aztecs,” however, “Fifth Sun” other. A fascinating thread woven never accepted Martín as one of their the prospect of oblivion that haunted into the modern sprawl of Mexico City: does not offer a comprehensive over- throughout “Fifth Sun” traces mem- own (his mother was, after all, a for- them.” Now their voices live on, as do Tlatelolco, Texcoco, Ecatepec, Chalco view of pre-Columbian Aztec history, bers of Aztec royalty as they navi- eigner), and the Spanish crown sus- the chronicles of their great kings and and Xochimilco, among others. The focusing on dynasties, successions, gated and adapted to constantly shift- pected him of disloyalty, projecting queens of old. “Fifth Sun” provides es- writers from these and other places ceremonies and war. Rather its power ing power networks, always with onto the son many of the same accusa- sential reading on the complex cultural left works about kings and queens of lies in its bridging of the cultures of mixed results. One son of emperor tions made against his rogue father. fabric of Mexico, helping to rescue a old, the coming of the strangers and Aztec literary history both before and Moctezuma named Nezahualtecolotl The decades after the conquest deep and layered history that might the tragic fates of their communities. after the coming of the Spanish. (“Hungry Owl”) became a protégé seem full of similar accounts of topsy- otherwise have fallen into oblivion. Many rich details of history before the Throughout its pages we read of of Cortés and traveled to Spain to be turvy politics of identity, cross- conquest emerge from the pages of efforts by indigenous elites and intel- formally educated as a royal prince. cultural relations and ever-present Mr. Stuart is a professor of Meso- “Fifth Sun” with force. We read about lectuals to keep the flames of the past Baptized as Martín Cortés, he was ac- suspicions. 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