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You’re Never Too Old

To Become a Beginner Why
Urbanites
Are Wearing
Hiking Gear
OFF DUTY

REVIEW THE WALL STREET JOURNAL WEEKEND

* * * * * * * SATURDAY/SUNDAY, JANUARY 2 - 3, 2021 ~ VOL. CCLXXVII NO. 1 WSJ.com HHHH $5.00

What’s
Around the World, People Welcome a New Year
Boston Tokyo
Senators
News Override
CLOCKWISE FROM LEFT: JOSEPH PREZIOSO/AFP/GETTY IMAGES; STANISLAV KOGIKU/ZUMA PRESS; MATTHIAS BEIN/DPA/ASSOCIATED PRESS

World-Wide Trump’s
T he Senate voted to over-
ride the president’s veto
Defense
of a defense bill, with many
Republicans joining Demo-
crats to deliver a rebuke to
Trump in the final days of
Act Veto
his presidency and for the Bill becomes law over
first time pass into law leg-
islation he had blocked. A1 president’s objections
 The Covid-19 vaccination to base renamings, no
campaign in the U.S. is changes to online rules
moving slower than pro-
jected and has been beset
BY ANDREW DUEHREN
by confusion and disorga-
nization in many states. A1
WASHINGTON—The Senate
 A review of data from
voted to override President
more than two dozen nations
Trump’s veto of a $740.5 billion
with significant elder-care fa-

.
defense bill, with many Repub-
cilities shows that such insti-
licans joining Democrats to de-

ly
tutions are tied to more than
liver a rebuke to Mr. Trump in
a third of Covid-19 deaths. A1
the final days of his presidency
 Hospitals in the U.S. say
and for the first time pass into
the continued coronavirus
surge will require more relief
than Congress included in
the new pandemic-aid act. A5
on law legislation he had blocked.
The National Defense Autho-
rization Act is an annual mea-
sure that secures hazard-pay
 The U.K. left the EU be- raises for troops and authorizes
us ,

hind Thursday, 48 years after Schierke, Germany funds for aircraft, ships, nu-
l

joining the bloc, a significant clear weapons, and other na-

e
al a

shift in the global order that PLUNGING INTO 2021: A participant in the annual New Year’s dip at the M Street beach in Boston; in Tokyo, visitors pray for tional-security programs. Mr.
will also bring big changes good fortune at the Meiji Shrine; people walk past a snow-covered signpost as they enjoy the holiday in the Harz Mountains. Trump had threatened to veto
for ordinary Britons. A7 this year’s bill, but lawmakers
ci on

had moved forward anyway, ap-

 The White House ex-
proving it with wide majorities.
tended a ban on immigrants

Vaccine Rollout Falls Short

Mr. Trump has objected to
coming to the U.S. on work-
several provisions, criticizing it
based visas and green cards
for including measures that
er s

through the end of March. A2

would strip military bases of
 Jimmy Lai, the outspo- names honoring Confederate
BY JARED S. HOPKINS
m er

ken newspaper mogul and promised. and with some states pushing ones this week, other health- military leaders and regulate
advocate for democracy in AND ARIAN CAMPO-FLORES Of the more than 12 million decision-making to local health care providers have more doses troop withdrawals he has
Hong Kong, will have to doses of vaccines from Mod- departments and hospitals, the than they know what to do sought in Afghanistan and Ger-
return to jail after a court Three weeks into the most erna Inc. and from Pfizer Inc. process has gone far from with and are scrambling to find many. Lawmakers had also re-
suspended his bail. A8 ambitious vaccination cam- and BioNTech SE that have smoothly. enough syringes to use them. buffed White House efforts to
m rp

paign in modern U.S. history, been shipped, only 2.8 million People in Florida are waiting “Hospitals aren’t vaccinating repeal legal immunity social-
Business & Finance far fewer people than expected have been administered, ac- in hourslong lines to get shots everyone at the flip of a light media companies enjoy for us-
are being immunized against cording to federal figures. on a first-come, first-served ba- switch,” said Claire Hannan, ex- ers’ content as part of the bill.
Covid-19 as the process moves The reported shortfall is due sis. Some West Virginians got a ecutive director of the Associa- The Senate voted 81-13 to
 The S&P 500 and Dow slower than projected and has in part to a lag in reporting Covid-19 treatment instead of tion of Immunization Manag- override the veto, exceeding
co Fo

ended 2020 at record lev- been beset by confusion and data using new tools, govern- vaccines. A medical practice in ers, which represents state the two-thirds vote required.
els, notching annual gains disorganization in many states. ment officials and health ex- Texas had only two workers immunization officials. “There Please turn to page A4
of 16.3% and 7.2%, respec- As a result, the federal gov- perts said. But as the federal sign up to take the shots. While Please turn to page A6
tively, to wrap up a wild ernment came nowhere close to government has left it to states some states received fewer
year in the stock market.
The Nasdaq rose 44%, its
best year since 2009. A1
vaccinating 20 million people
by the end of 2020, as it had
to determine what to do with
the vaccines it ships to them,
doses than they expected and
some hospitals got their first
 Hospitals fret over reduced
pandemic aid.............................. A5 EXCHANGE
 The NYSE will delist
China’s three large telecom
carriers after a U.S. govern-
ment order barring Americans
Lofty Year Covid-19 Took Deadly Aim
from investing in firms it says
aid the Chinese military. B11 For Stocks At World’s Nursing Homes
n-

 Tribune Publishing said

it appointed a special com-
mittee to review a buyout
Started as The global toll of Covid-19 deaths, though they typically have had the highest mortality
no

proposed by hedge fund

Alden Global Capital, its
largest shareholder. B1
Nail-Biter has hit one vulnerable popula-
tion harder than any other:
nursing-home residents.
house less than 2% of the pop-
ulation. These countries linked
at least 233,000 of 641,000
rates overall.
But even among older peo-
ple susceptible to Covid-19,
BY GUNJAN BANERJI overall Covid-19 deaths to nursing homes proved uniquely
 BlackRock had planned
By Anna Wilde Mathews, nursing homes and other long- perilous. An analysis published
to shake up the private-eq-
U.S. stocks landed at re- Jason Douglas, term elder-care sites. In the in November in the Journal of
uity world with a $12 bil-
cord-setting year-end levels Jon Kamp U.S. alone, the death toll tied to Post-Acute and Long-Term
lion fund, but now the as-
after a wild 2020 that veered and Dasl Yoon these facilities tops 125,000. Care Medicine looked at a
set-management giant is
from a bear market to new Nursing homes were a soft dozen Organization for Eco-
setting its sights lower. B1
highs achieved faster than A Wall Street Journal review target for a highly contagious nomic Cooperation and Devel- TRAVEL IN 2021
 The pharmaceutical in- ever before. of data from more than two and deadly virus because they opment member countries and
dustry is raising the prices In a banner year for invest- dozen nations with significant house the frailest people in found the Covid-19 mortality
What’s next for cruise
of many products in the ments in everything from op- elder-care facilities shows that proximity. The new coronavirus rate among long-term care res- ships, airlines
new year, although at a tions to bitcoin, stocks stood such institutions are tied to has generally proved most dan- idents was more than 20 times and hotels this year. B1
rate slightly below the out. The S&P 500 and Dow more than a third of Covid-19 gerous for the elderly, who Please turn to page A6
past couple of years. A3 Jones Industrial Average
climbed 16.3% and 7.2%, respec-
Ain’t No Party Like a 2020
 Russia-linked hackers
tively, to end the year at re-
behind a widespread intrusion
into U.S. corporate and gov-
ernment systems were able to
cords. The Nasdaq Composite
gained 44%, its best year since
2009. The tech-heavy Nasdaq is
New Year’s Eve Party (Thankfully) Hotel Startup That
access Microsoft systems and
view internal source code. B3
 Car-renting startup
now up 94% over the past two
years, its best two-year perfor-
mance since 1998-99.
i i

Celebration was a dud, as planned;

i
Soared Now Stalls
Turo plans to publicly list Many individual stocks out-
shares this year. B3 paced even those heady broad- ‘We don’t want anyone to show up’
market gains. More stocks
gained at least 400% at their
Indian chain Oyo has issues beyond the
NOONAN yearly peaks in 2020 than in One way to judge the suc- That isn’t likely to make Mr. pandemic that threaten its global ambitions
any year since 2002, according cess of any party is the Grayson happy. “We would
In 2021, to a Dow Jones Market Data cleanup the next day. By that rather be closing the New BY NEWLEY PURNELL its rapid expansion, issues
All the World’s analysis of FactSet data, which measure, New Year’s Eve 2020 Year’s event normally, cleaning AND PHRED DVORAK that won’t be fully solved by
A Stage A13 looked at companies with a was a dud. out the biggest party in the a post-vaccine travel recov-
market value of at least $100 world,” he said. Just over a year ago, In- ery.
million. By Charles Passy, New York City and major dia’s Oyo Hotels & Homes Oyo has seen thousands of
CONTENTS Opinion............... A11-13
Books..................... C7-12 Sports....................... A14 Worries about the rapidly Kate King cities around the world was among the world’s hot- hoteliers leave its network
Business News...... B3 Style & Fashion D2-3 spreading coronavirus in the and Katie Honan planned to ring in the New test startups and the second- amid complaints from many
Food......................... D4-5 Travel........................... D6 first part of the year sent Year this way. The public at largest hotel chain globally. It that they have been treated
Heard on Street...B12 U.S. News............ A2-5
Markets..................... B11 Weather................... A14
stocks, gold and bonds tum- The wreckage left behind in large was essentially uninvited had billions of dollars from unfairly. The company’s chal-
Obituaries................. A9 World News....... A7-8 bling and triggered spasms in New York City’s Times Square due to concerns the festivities SoftBank Group Corp.’s Vision lenges outside India threaten
historically safe markets like after the crush of revelers usu- would serve as the ultimate Fund and others, and a valua- its global ambitions.
money-market funds. The Fed- ally amounts to 60 tons of super-spreader event. tion that had doubled in a Oyo’s big idea was to sign
> eral Reserve’s massive stimulus trash, according to Edward “We’re throwing a party year to as high as $10 billion. up mom-and-pop hotels,
package and, later, news of a Grayson, commissioner of the and we don’t want anyone to Covid-19, and the destruc- spruce them up to minimum
vaccine, stoked a simultaneous city’s department of sanitation. show up,” Tim Tompkins, pres- tion it dealt travel, blew up standards under a single
rally in various markets. Inves- On New Year’s Day, the de- ident of the nonprofit Times much of that. But Oyo’s is- brand and take control of
s 2021 Dow Jones & Company, Inc.
tors of all ages jumped in. partment was expecting more Square Alliance, which co-pro- sues run deeper than the booking and prices, using
All Rights Reserved The pandemic “put the U.S. like 20 to 30 tons, a sanitation duces the event, said before- pandemic. The company al- proprietary software to boost
Please turn to page A2 department spokesman said. Please turn to page A10 ready faced problems from 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, January 2 - 3, 2021 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

Workout Resolutions Pay Off, if They Stick

Mark this Health and Human Services better mood.” Estimated decreases in risk State University, University of searchers believe the reduc-
date on your advises adults to move more But people usually give up of cancer with high levels North Carolina, University of tions occur because exercise
calendar: and sit less. before the benefits kick in, of physical activity Missouri at Kansas City and decreases inflammation, helps
March 7. she said, or they don’t get as Children’s Mercy Hospital in prevent obesity and improves

A
That’s when ccording to its latest much exercise as they claim. Esophageal 21% Kansas City, Mo., was pub- immune-system functioning.
New Year’s guidelines, published in “If you ask people if Breast* 12-21 lished in the peer-reviewed According to the Frontiers
resolutions might stick for 2018, any amount of they’re meeting the physical- Endometrial 20 journal Frontiers in Public in Public Health study, activi-
good, according to one study moderate-to-vigorous physi- activity guidelines, they’re Health in 2019. ties at different levels of in-
that estimates it takes an av- cal activity is helpful. like, I sure am,” Dr. Richards Colon 19 The researchers didn’t as- tensity also contribute to im-
erage of 66 days to develop a But for substantial bene- said. “But there is a differ- Stomach 19 sess the muscle-strengthening proved health.
new habit. fits, adults are advised to get ence when you ask them and Bladder 15 guidelines, and with aerobic “In the past, we ignored
But most people give up 150 to 300 minutes of moder- when you actually measure activity, they found demo- activity if it was not at a
sooner than that, with 80% ate-intensity aerobic activity them.” Kidney 12 graphic differences: Men were moderately intense level, like
abandoning their pledges by each week or 75 to 100 min- In 2018, the most recent *Estimate ranges from 12-21%. consistently more active than brisk walking, but light-inten-
mid-February, according to utes of vigorous aerobic ac- year available, 53.3% of U.S. Source: National Cancer Institute women. People of normal sity activity has a lot of
Gallup. tivity, plus twice-weekly mus- adults surveyed by the CDC weight tended to be more ac- health benefits,” Dr. Richards
That’s especially unfortu- cle-strengthening exercises of said they met physical-activ- wore accelerometers to track tive than people who were said, particularly for people
nate since traditionally, the moderate or greater intensity ity guidelines based on the their movements and found overweight. Hispanics were who are sedentary. “The more
most common vow is to exer- involving all major muscle recommended minutes of that 44.8% met the physical- more active than non-Hispan- active and in shape you are,
cise more, a resolution that groups. moderate or vigorous exer- activity guidelines for aerobic ics. And activity decreased the more you have to do to
could improve health, reduce Start now, and the benefits cise. When asked about get- activity, or 8.5 percentage with age. see health gains. But people
risk of chronic disease and could begin accruing by Val- ting two-plus days of muscle- points lower than the self-re- who are pretty inactive, they

T
save money. entine’s Day. strength training, only 23.2% ported figure. he National Cancer In- don’t have to do much to
Inadequate levels of physi- “In six weeks, you could said they met the guidelines. But when the researchers stitute estimates that start getting physical health
cal activity are associated notice a change in blood pres- “That’s not great,” Dr. counted lifestyle activities with high levels of benefits.”
with $117 billion in annual sure independent of weight Richards said. “It’s less than a like vacuuming, gardening physical activity, the risk of And that might make it a
health-care costs, according loss,” said Libby Richards, an quarter, and you must keep in and leisurely walks as contri- bladder cancer decreases by little easier to resolve to be
to the U.S. Centers for Dis- associate professor at the mind that it’s self-reported butions toward the goal of 15%; breast cancer by 12% to more active in 2021.
ease Control and Prevention, Purdue University School of data. The reality is that it’s 150 minutes of exertion, 95% 21%; colon cancer by 19%; en- “It’s literally the closest
and contribute to one in 10 Nursing. “You could tone up lower than that.” of participants met the guide- dometrial cancer by 20%; thing we have to a fountain of
premature deaths. and have better blood-sugar Researchers examined a lines. esophageal cancer by 21%; youth,” Dr. Richards said. “If
To help avoid those conse- control. You’ll likely sleep nationally representative The study, a collaboration kidney cancer by 12%; and you can keep it up, the health
quences, the Department of better, and you may have a sample of 6,525 adults who of researchers at California stomach cancer by 19%. Re- benefits are tremendous.”

U.S. WATCH
Work-Visa Entry

.
ECONOMY Initial unemployment TRADE over what each claim are unfair
government subsidies to com-
Ban Is Lengthened

ly
claims, weekly
Unemployment France, Germany Hit mercial-aircraft manufacturers:
7 million
Claims Fall Slightly With Wine Tariffs Airbus in Europe and Boeing in
the U.S.
New applications for unem-
ployment assistance fell in the
week ended Dec. 26, a sign of
modest improvement during a
6

5
on The Trump administration
said it would target more French
and German wine and spirits
with 25% tariffs starting Jan. 12,
The battle has played out re-
cently in tit-for-tat tariffs on
consumer products.
—Yuka Hayashi
BY MICHELLE HACKMAN

The White House extended a

ban on immigrants coming to
ber of Commerce, which rep-
resents a broad cross-section
of these industries, won a par-
tial injunction on the visa ban
holiday period clouded with un- in the latest escalation in a tit- the U.S. on work-based visas in court, allowing its member
us ,

4
certainty around impending for-tat tariff fight related to a PHILADELPHIA and green cards through the companies to resume bringing
l

changes to benefit payments. longstanding dispute over com- end of March, setting up an- over foreign employees.
e
Week ended
Federal Buildings
al a

Weekly initial claims for job- 3 mercial-jetliner subsidies. other immigration policy deci- It isn’t known how the ban
Dec. 26
less benefits from regular state
787,000 Among the new levies, the Are Vandalized sion for the incoming Biden ad- extension will affect the
programs, a proxy for layoffs, U.S. will for the first time apply ministration to grapple with. court’s order.
ci on

2
declined by 19,000 to a season- the 25% levies on wines from Six people were arrested af- President Trump issued bans President-elect Joe Biden’s
ally adjusted 787,000, the Labor France and Germany that exceed ter a group vandalized several in April and in June in the transition team has declined
1
Department said Thursday. 14% alcohol, which had previously federal buildings in Philadelphia’s name of protecting American to answer questions about
That marked a second con- been exempt, according to the Center City on New Year’s Eve, workers from foreign competi- how he would handle the ban.
secutive decline from the three- 0 Office of the U.S. Trade Repre- police said. tion, just as shutdowns due to On one hand, Mr. Biden has
er s

month high recorded earlier in March Dec. sentative. Officers spotted about 50 the coronavirus pandemic were said he would lift some immi-
December, when virus cases Note: Seasonally adjusted The U.S. had seen a surge in people, all dressed in black, at battering the economy. The gration bans, including one
m er

were surging and more jurisdic- Source: Labor Department these higher-alcohol wines, typi- about 8:30 p.m. Thursday at the ban, which had been set to ex- covering immigrants from sev-
tions were bringing back eco- cally from Spain and France, af- historic U.S. Customs House, pire Thursday, applies to immi- eral Muslim-majority and Afri-
nomic restrictions to control the economist Nancy Vanden ter wines with 14% alcohol or where windows were smashed, grants coming to the U.S. on can nations. But he has also
spread of the coronavirus. Houten said. less were hit with tariffs last police said. Three arrests were H-1B and several other employ- placed an emphasis on con-
Last week’s level remains She said claims remain at year. made there and three suspects ment-based visas, along with trolling the Covid-19 pan-
m rp

higher than any recorded before historically high levels, and there Washington imposed 25% tar- in that vandalism were arrested people coming on green cards demic, and his team has ex-
2020, although it is down is a risk they could rise in the iffs on wine from France, Spain, elsewhere later. to work or reunite with family. pressed reluctance to wind
sharply from a peak of nearly coming weeks in response to Germany and the U.K. in October Vandals then hit the Federal It generally applies to green down other Trump policies
seven million in late March. the program extensions and 2019 in retaliation for subsidies Detention Center, where anti-po- cards issued after April and quickly out of fear that doing
The four-week average of supplemental payments. they made to the European air- lice and anti-prison graffiti were some work-based visas issued so might not be safe.
co Fo

claims, which smooths volatile Other data suggest the craft manufacturer Airbus SE, scrawled, police said. A nearby after June, though there are Biden advisers, for example,
data, rose to the highest level broader economic recovery may arguing they hurt Boeing Co. sheriff’s van was also defaced exceptions, such as for the said that they would reopen
since early October. be slowing. Household spending Other items that will be sub- and several windows broken. spouses of U.S. citizens. the southern border slowly to
Weekly jobless claims figures declined 0.4% in November, ject to new tariffs are premium “During a search incident to The ban on work-based vi- asylum seekers stranded in
can also be volatile during holi- marking its first retreat in seven cognacs that cost $38 per liter the arrest, they recovered numer- sas, in particular, was roundly Mexico to allow for social-dis-
day periods because of chal- months, and household income and higher, and some aircraft ous Molotov cocktails and some criticized by Silicon Valley and tancing measures at ports of
lenges with seasonal adjust- fell 1.1%, according to the Com- manufacturing parts, both from other devices which haven’t been others that said they depend on entry. In March, the govern-
ment. merce Department. France and Germany. High-alco- identified,” Philadelphia Police the visas to bring employees ment shut the southern border
“Holiday noise and uncer- New- and existing-home hol wine from Spain and the U.K. Chief Inspector Mike Cram said. into industries ranging from to nonessential travel and en-
tainty about extensions of bene- sales declined in November from weren’t added to the latest list. Police were searching for more tech and consulting to land- acted a policy of expelling any
fits may have held down claims the previous month. The U.S. and the EU have suspects. scaping and seasonal resorts. migrant crossing the border il-
last week,” Oxford Economics —Kim Mackrael been in a long-running dispute —Associated Press In October, the U.S. Cham- legally or asking for asylum.
n-

CORRECTIONS 
Stocks End certain companies to be win-
ners, attracting more people to
do the same thing,” said Tobias
Index performance in 2020

40% Nasdaq
Number of stocks up at least
400% at yearly peak*
80
just around one-third were in
information technology and
health care, according to Gold- AMPLIFICATIONS
no

Crazy Year Hekster, co-chief investment of-

ficer at True Partner Capital.
“When herds start to agree
Composite man. In 2020, almost 70% were
in the tech, consumer discre-
tionary and health-care sectors, The International Stock

At Records with certain talking points and

that starts to be reflected in
the valuation, it can become a
20
S&P 500
60 aligning with the biggest stock
winners.
Indexes tables were misla-
beled with garble in the Mar-
kets Digest pages on Dec. 22,
self-fulfilling prophecy.” 23, 24, 26, 29, 30 and 31.
Continued from Page One Of course, some investors 0 40 Growth Companies
economy and markets on the call it a bubble. Among those is As stocks like Tesla and Ap- Notice to readers
biggest bust-to-boom roller David Einhorn, who pointed to ple hit highs and options vol- Wall Street Journal staff
Dow Jones
coaster we’ve seen,” said Jim exuberance in the IPO market Industrial
umes swelled, the divergence members are working remotely
Paulsen, chief investment strat- and soaring volumes in specu- –20 20 between companies promising during the pandemic. For the
Average
egist at the Leuthold Group. “It lative bets like options in a high growth in the future and foreseeable future, please send
caused people to dump far third-quarter update for inves- other corners of the market reader comments only by
more when it was collapsing— tors in his hedge fund Green- –40 0
grew starker than ever. Shares email or phone, using the con-
has caused them to chase as- light Capital. of companies viewed as bar- tacts below, not via U.S. Mail.
sets on the way up.” “There are many anecdotes Jan. June Dec. 2000 ’05 ’10 ’15 ’20 gains in the market—value
Here are five investment for toppy behavior. We will *Among stocks listed on NYSE, NYSE American, NYSE Arca and Nasdaq stocks—floundered, and the Readers can alert The Wall Street
trends that boomed in 2020, share one: We recently received gap between the market’s haves Journal to any errors in news articles
exchanges with a market value of at least $100 million as of the previous year.
by emailing [email protected] or
defying many market watchers’ a job application with the email Sources: FactSet (performance); Dow Jones Market Data analysis of FactSet data (number of stocks) and have-nots has never been by calling 888-410-2667.
expectations. subject, ‘I am young, but good this wide.
at investments’ from a 13-year- Corp. data going back to 1973, panies designed to raise money The Russell 1000 growth in-
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change-traded funds tracking and skilled. SPACs Over the past decade, about the market for the first time.
momentum, FactSet data show, Options volumes jumped to Few investments benefited half of acquisitions among Bitcoin kept rising through De- GOT A TIP FOR US?
the most in at least a decade. the highest level on record, ac- as much as special-purpose ac- SPACs were in the industrial, fi- cember to close the year at SUBMIT IT AT WSJ.COM/TIPS
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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, January 2 - 3, 2021 | A3

U.S. NEWS

Drugmakers New Year’s Eve Protest in Portland, Ore., Turns Violent

Raise Prices in
The New Year
BY JARED S. HOPKINS were necessary to fund re-
search of new drugs. Most of
The pharmaceutical indus- them affected hospital and
try is raising the prices of sterile injectable products,
many products in the new about a third of which are sold
year, albeit at a rate slightly at or below its cost of manu-

MATHIEU LEWIS-ROLLAND/REUTERS
below the past couple of years. facturing, Pfizer said.
GlaxoSmithKline PLC and It said it is dedicated to
Sanofi SA are among the com- growth through expanded use
panies that raised the prices of medicines, not price in-
of hundreds of drugs by an av- creases. The company noted
erage of 3.3%, according to a its net prices were flat or fell
new analysis. for the past three years.
Pfizer Inc., which has a The price increases for com-
large portfolio of products, led panies affect so-called list
the way with the most in- prices that are set by manufac- RIOT DECLARED: Police said a crowd of 80 to 100 protesters became violent Thursday night, throwing fireworks, bricks and frozen
creases, raising prices by 5% or turers; most patients don’t pay water bottles at police and setting several fires, including in a dumpster, above, the Associated Press reported. Arrests were made
less on more than 200 prod- these prices, which don’t take and several businesses were damaged before the crowd dispersed by 2 a.m. Friday, police said.
ucts. The drug industry nor- into account rebates, discounts
mally sets prices for its thera- and insurance payments. Pa-
pies at the start of the year and tients without insurance, or

Across U.S., 2021 Ushers In Laws

again in the middle of the year. those with a pharmacy deduct-
In all, about 70 drugmakers ible may pay the full list price.
raised prices in the U.S. on Fri- Drugmakers have said
day, according to an analysis prices are increased in con-
from Rx Savings Solutions,
which sells software to help
employers and health plans
choose the least-expensive
junction with rebates they
give to pharmacy-benefit man-
agers, or PBMs, in order to get
favorable placement on the
Prompted by Pandemic and Protests
medicines. The average in- lists of covered drugs known BY SARA RANDAZZO ary, including requiring officers
crease of 3.3% included changes as formularies. In fact, net to wear a badge in a prominent
to different doses for the same prices have declined because The start of the new year place. Some antichokehold
drug, according to the analysis. of large rebates to PBMs, brings more than just hope for measures failed in other states.

.
Inflation registered at 1.2% for which negotiate prices in se- the end of the pandemic. In  Georgia makes it a hate
the most recent 12 months. cret with their clients, such as states across the country, new crime to target someone be-

ly
This year’s average is lower employers and labor unions. laws and regulations will be go- cause they are a police officer.
ALLISON ZAUCHA FOR THE WALL STREET JOURNAL

with that of a year ago, when During the third quarter of ing into effect, including some The law, opposed by civil-rights
more than 60 companies raised 2020, net prices fell 2.3% ver- aimed at addressing worker groups, followed the passage of
the prices on hundreds of drugs
by an average of 5.8%, accord-
ing to the analysis. However, it
found companies raised prices
sus a 4.7% drop in 2019, ac-
cording to SSR Health LLC
pharmaceutical analysts.
While list prices have risen on
on safety, affordable health care
and other issues that emerged
last year from the coronavirus.
Others target matters like ra-
a broader hate-crimes law that
increased the prison sentences
in crimes motivated by a vic-
tim’s race, religion, sexual ori-
on at least 50% more products average nearly every quarter cial inequality and policing that entation or other bias. Legisla-
us ,

compared with last year. since 2017, net prices have de- were thrust into the national tors passed that law after the
l

The largest price increase, clined during that time, ac- spotlight in 2020. killing of Ahmaud Arbery, a 25-
e
al a

31%, came via Advanz Pharma cording to data from SSR. year-old Black man who was fa-
Corp. and its hypertension In recent years, pharmaceu- tally shot after being pursued
product Dutoprol, according to tical companies have increas- Employment by three white men while he
ci on

the analysis. The drug is a ingly cited the net price phe-  In California, employers was on a run.
branded combination of two nomenon, saying they don’t must notify workers of a pos- In California, app-based and delivery drivers won’t be classified  More states continue to
lower-cost generic medicines actually benefit much from sible workplace exposure to as employees after voters approved a ballot measure. legalize recreational marijuana
that have been around for de- list-price increases and that Covid-19 within one business use through ballot measures
cades. The U.K.-based com- their net prices are suffering day and report an outbreak $15 an hour; the rate will rise to procedures performed at in- or legislative changes, includ-
er s

pany didn’t respond to re- because they are paying bigger within 48 hours to local pub- $10 an hour in September, with network hospitals. ing Arizona, South Dakota,
quests to comment. rebates to pharmacy-benefit lic-health officials. In a major annual increases until 2026.  Diabetics will have greater Montana and New Jersey.
m er

Pfizer is currently rolling managers. expansion of the state’s family  In California, app-based drug-pricing protections in
out a Covid-19 vaccine it de- leave program, employers with and delivery drivers won’t be seven more states. New Mexico Other Notable Laws
veloped with Germany’s BioN- Prescription drug list prices at least five employees must classified as employees and will created the lowest 30-day cap  Several states are crack-
Tech SE in the U.S. and other continue to grow as net prices, now offer at least 12 weeks of be exempted from state laws for insulin payments at $25. ing down on cellphone use on
countries. A year ago Pfizer which include after discounts unpaid, job-protected leave to governing minimum wage, paid Virginia’s new cap is $50. the road. Virginia is making it
m rp

similarly raised prices on a and insurance, are decreasing take care of new children or sick leave and other labor pro-  Oklahoma will expand its illegal to hold a cellphone
number of drugs, and has pre- Annual change in prescription sick family members. tections after voters approved a Medicaid coverage starting in while driving, expanding on a
viously been criticized by drug prices  Connecticut also is ex- ballot measure sponsored by July. prior law that banned such
President Trump for how it panding its family leave pro- Uber Technologies Inc., Lyft use in work zones, or reading
has priced its products. 15% gram, which will be funded by Inc. and other companies. Un- Policing, Crime and Drugs or typing on devices while
co Fo

Many of the New York- List price a 0.5% tax on worker wages der the new law, the companies  The killing of George driving. California increased
based company’s products that begins in January. will offer some benefits to em- Floyd in May after a Minnesota penalties for texting and driv-
rose in price by 5% or less, ac- 10  New York requires all em- ployees including mileage reim- police officer pressed his knee ing. And Arizona is imposing
cording to the Rx Savings So- ployers to offer sick leave. bursement and contributions to Mr. Floyd’s neck for nearly fines for holding a phone
lutions analysis. Among them Companies with five or more toward health care. nine minutes prompted several while driving.
are breast-cancer treatment 5 employees or net income of statehouses to put a ban on the  Publicly held corporations
Ibrance, which sold about $4 more than $1 million must give Health and Medical Costs chokehold maneuver used in with headquarters in California
billion globally through the paid time off, and smaller com-  Virginia and Georgia have his killing. California, Dela- will be required to have at
0
first nine months of last year, panies can offer unpaid leave. new laws aimed at curbing ware, Iowa, New York, Oregon least one member of boards of
plus rheumatoid arthritis ther-  The minimum wage in- surprise medical bills. Vir- and Utah all passed some form directors be part of a racial or
apy Xeljanz and pneumococcal Net price creases in about half the states, ginia’s law protects insured of chokehold ban. Connecticut ethnic minority group or LGBT
–5
vaccine Prevnar. including Maryland, Arkansas patients from being billed by banned chokeholds as part of a by the end of 2021.
A Pfizer spokeswoman said 2010 ’20 and Vermont. Florida joined a out-of-network providers for broader law reforming policing —Christine Mai-Duc, Zusha
n-

the company’s price increases Note: Adjusted for inflation. few other states and cities in emergency care, or for surger- in the state, which has some el- Elinson and Deanna Paul
were in line with inflation, and Source: SSR Health aiming to get baseline pay to ies and some other scheduled ements taking effect in Janu- contributed to this article.
no

Vets of 1966 Disaster Win a Round vs. VA

BY BEN KESLING horse of America’s airborne nu- about 1,400 other troops were and others weren’t exposed to
clear arsenal, collided with a called in to find and clean up enough material to adversely
A half-century ago, Air refueling plane over the Medi- the debris, according to court affect their health, though
Force veteran Victor Skaar and terranean Sea, causing both to documents. outside evidence from a
hundreds of other troops were crash. Before the B-52 crashed, “I’m probably the most-se- Princeton physicist and the Air
exposed to radiation when it dropped four hydrogen nior person who was at that Force’s subsequent re-exami-
they responded to a Cold War- bombs that landed near the site,” Mr. Skaar said in an in- nations show the troops’
era accident in rural Spain in- Spanish fishing village of Palo- terview. “Those that were se- health was likely affected by
volving lost nuclear weapons. mares. All four crewmen of the nior to me are already dead.” their time in Palomares.
In December, a federal KC-135 tanker and three of the Now, Mr. Skaar is leading a “The court essentially ruled
court demanded the Depart- seven crewmen of the B-52 died class-action lawsuit that won a that the VA must do now what
ment of Veterans Affairs re-ex- in the accident, according to significant victory last month, it should have done at the
amine its longstanding policy Air Force records. when the Court of Appeals for very start,” said Sen. Richard
that has for decades prevented The conventional explosives Veterans Claims found flaws in Blumenthal (D., Conn.), a
the troops from getting com- in two of the bombs detonated the VA’s reason for denying member of the Senate Com-
pensation for cancers and ill- when they hit the ground, Mr. Skaar and other veterans’ mittee on Veterans’ Affairs.
nesses they allege came about spreading debris and radioac- claims, forcing the department The scope of the decision
from their response to the ac- tive material, though there to reconsider the way it deter- isn’t fully known.
cident, which spread radioac- was no thermonuclear detona- mines benefits for Mr. Skaar “We aren’t actually sure
tive debris. tion. A third landed safely and and other remaining cases. how many people this in-
The decision means the de- the fourth bomb fell into the Until now, the VA has relied cludes, because DoD and VA
partment can no longer rely sea and was later recovered. heavily upon the Air Force’s won’t share names or let us
on what the court determined Then-Technical Sgt. Skaar and initial claims that Mr. Skaar know how many have passed
is incomplete science to deny away,” said Molly Petchenik, a
claims, while forcing veterans law student at the Veterans
to provide overwhelming sci- Legal Services Clinic at Yale
entific proof to secure claims. Law School, which represents
Currently, the VA denies Mr. Mr. Skaar and others.
Skaar and others health and Mr. Skaar was one of 26 GMT EARTH
compensation benefits related troops whose urine and nasal- In platinum
to their claims—including swab samples showed con-
health care at no cost, a bene- cerning levels of radiation that
fit typically reserved for those warranted further scrutiny,
with disabilities connected to court documents show. But in CELLINI - NEW YORK
their service. late 1967 the Air Force www.cellinijewelers.com
“VA is reviewing the court’s stopped monitoring them, say- STEPHEN SILVER - SAN FRANCISCO
decision,” said VA spokes- ing their health wasn’t in jeop- www.stephensilverfinejewelry.com
woman Christina Noel. There ardy from the exposure, ac- SYDEL & SYDEL - CHICAGO, IL
ASSOCIATED PRESS

is no timeline on when the VA cording to court documents. www.sydelandsydel.com

will redecide the matter. The “I’ve had prostate cancer,
Air Force didn’t respond to a skin cancer, leukopenia and FOR INFORMATION ∙ TIME ART DISTRIBUTION LLC
request to comment. I’m still fighting,” Mr. Skaar Phone +1 212 221-8041 ∙ [email protected]
The case stems from a Janu- said. “I don’t want compensa-
ary 1966 accident, when a B-52 U.S. Navy ordnance men check for contamination on an H-bomb tion,” said Mr. Skaar, now 84
bomber, the behemoth work- on deck of the USS Petrel off Palomares Beach, Spain, in 1966. years old. “I want recognition.
 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, January 2 - 3, 2021 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.

U.S. NEWS

Biden, Pelosi Aim to Unite Party Blinken,

Haines
The two Democratic
leaders have a history Disclosures
of forging coalitions
from disparate groups Released
BY NATALIE ANDREWS
BY NATALIE ANDREWS AND WILLIAM MAULDIN
AND ELIZA COLLINS
WASHINGTON—President-
WASHINGTON—The rela- elect Joe Biden’s pick for sec-
tionship between President- retary of state took a high-dol-
elect Joe Biden and House lar foray into international
Speaker Nancy Pelosi spans consulting and venture capital
more than three decades. They during the Trump administra-
now must draw on those ties tion, a career move that fol-
to steer a divided Democratic lowed long years in public ser-
coalition amid a pandemic and vice in the White House, State
an economy recovering from a Department and halls of Con-
deep slump. gress, according to financial
The president-elect and disclosures released Thursday.
speaker have both reached the Tony Blinken, seen as likely
highest levels in U.S. party poli- to be confirmed as chief diplo-
TOM BRENNER/REUTERS

tics by forging coalitions among mat in January, is co-founder

disparate members of their and managing partner at a
party, including moderates and consulting firm that includes
progressives, according to their other former officials from the
allies and advisers. The pair’s Obama administration’s na-
history of legislating together tional security team. The firm,
has created what colleagues de- Colleagues say President-elect Joe Biden and House Speaker Nancy Pelosi have developed ties based on mutual trust. WestExec Advisors LLC, paid
scribe as mutual trust. him $1.2 million, not including
Mr. Biden and Mrs. Pelosi, for another term as speaker. member of Congress. Act, said John Lawrence, Mrs. may be more inclined to do so. an expected payment of be-
who both hope to start by She faced no opposition within She knew the then-senator Pelosi’s then-chief of staff. “Biden is more moderate tween $250,000 and $500,000
passing additional measures to her party to remain their from Delaware through party “She felt that when she was than Pelosi,” said Mr. Kumar, for 2020, according to the dis-
address the pandemic, must leader in a November vote. politics, and at the gathering he talking to Biden, she was talk- who is now a co-leader of closures, filed through the U.S.
unite party members who have She said it would be easier introduced her to friends. The ing to a peer and someone PwC’s national tax office. “He’s Office of Government Ethics.
bickered over issues such as to unite her members behind a only problem: Many heard her who understood the congres- willing to cut deals that she Avril Haines, Mr. Biden’s se-
expanding government health common agenda with a Demo- first name and confused her for sional side of White House- would not be willing to do.” lection for director of national
insurance, how much to spend crat in the White House— the professional golfer Nancy congressional relations better Mr. Kumar said that during a intelligence, has an extensive
to combat climate change and when it will be more likely Lopez. “I didn’t want to disap- than other people in the White 2012 meeting about a set of résumé that includes consult-
criminal-justice policy. that legislation they pass will point them; I just smiled,” the House,” he said. looming tax increases and ing work with national secu-

.
The pair also must work become law—than under Pres- speaker recalled, laughing. Mrs. Pelosi at times has spending cuts known as the “fis- rity data analysis company
with Senate Democratic leader ident Trump. “It’s a very uni- Over the years, the two es- been critical of Mr. Biden, par- cal cliff,” Mrs. Pelosi talked at Palantir Technologies Inc.

ly
Chuck Schumer of New York to fying thing,” Mrs. Pelosi said tablished a friendship in which ticularly around his dealings length about her opposition to and WestExec Advisors, and as
win over enough Republicans in an interview, noting that they refer to each other by with sexual harassment. efforts to weaken the estate tax. a fellow at the nonpartisan
to clear that chamber’s 60- roughly 100 House Democratic their first names, a rarity for During the 1991 confirmation Forty-eight hours later, Mr. public policy research organi-
vote threshold for most bills.
Control of the Senate hinges
on the outcome of two Jan. 5
runoff races in Georgia.
lawmakers have never served
with a president of their party.
Mr. Biden, through a
spokesman, declined to be in-
on
Mrs. Pelosi. Both are Roman
Catholics and cite their faith as
a motivation for their service.
When Mr. Biden, then a sen-
process for Supreme Court Jus-
tice Clarence Thomas, Mrs.
Pelosi and other female law-
makers urged Senate leadership,
Kumar said, Mr. Biden agreed
to set the estate-tax parame-
ters at levels that raised less
money than Democrats
zation Brookings Institution.
Ms. Haines has resigned from
those posts and says she will
recuse herself from all busi-
The last time a Democratic terviewed. “The President- ator, championed the Violence which included Mr. Biden— wanted, though he didn’t ac- ness with them for one year.
us ,

president came into office, the elect’s respect and admiration Against Women Act in 1994, then-chairman of the Judiciary cept Republicans’ calls to re- The bulk of her income comes
l

party had a comfortable House for Speaker Pelosi dates back Mrs. Pelosi helped whip votes Committee—to re-examine Jus- peal the tax. Since then, Dem- from her position as a re-
e
al a

majority and briefly held a decades,” said Biden spokes- in the House. Later, Mrs. Pelosi tice Thomas’s nomination in ocrats have unsuccessfully search scholar and lecturer at
Senate supermajority. This man TJ Ducklo. “Their strong oversaw foreign spending on light of sexual-harassment alle- tried to raise estate-tax rates Columbia University, where
time, with two House races friendship is rooted in a the House Appropriations gations made by Anita Hill. and lower the exemption. she was paid a salary of
ci on

not called, Democrats have shared dedication to public Committee while Mr. Biden In April 2019, Mrs. Pelosi said One intraparty fight could $440,121 over two years, ac-
only a few more seats than the service, and devotion to their was chairman of the Senate allegations made against Mr. Bi- break out over expanding ac- cording to a person familiar
218 required for a House ma- families and their faith.” Foreign Relations Committee, den of inappropriate touching cess to health care, which Mrs. with her experience.
jority. Mr. Biden has tapped Mr. Biden, 78 years old, and and the two traveled together didn’t disqualify him from run- Pelosi says is one of her top The disclosures demon-
three House lawmakers to Mrs. Pelosi, 80, have known to Europe in 1997 with then- ning for president, but that he goals. Progressives want to ex- strate what has long been a
er s

serve in his administration, each other since well before President Bill Clinton. needed to be more careful. tend Medicare to all Ameri- pattern in Washington: Senior
which will temporarily shrink they took on two of the top In the Obama administra- Rohit Kumar, a former dep- cans. Mr. Biden and Mrs. Pelosi officials from one political
m er

the majority further. jobs in American politics. Mrs. tion, Mr. Biden was frequently uty chief of staff to Majority instead have proposed creating party find private work in
Mrs. Pelosi will need to Pelosi recalls being invited to sent by the White House to talk Leader Mitch McConnell (R., a public option to compete their areas of expertise during
hold most of her caucus to- a party by Mr. Biden in Reho- through deals with the speaker, Ky.), said that both Democrats against private insurers. an administration led by a
gether Sunday as she seeks both Beach, Del., in the late including the auto industry know how to negotiate biparti- —Richard Rubin president from the other
approval from the full House 1980s, when she was a new bailout and the Affordable Care san deals but that Mr. Biden contributed to this article. party, in this case President
m rp

Trump’s Republican Party.

Companies and investors have

Yellen Earned Millions in Speaking Fees

eagerly sought strategic ad-
vice from veteran Washington
lawyers and consultants as
co Fo

they navigated political and

policy changes in the Trump
BY NATALIE ANDREWS additional financial firms or Senate. Complicating matters administration, and former of-
AND NICK TIMIRAOS entities from which she col- are two Georgia runoff elections ficials with international expe-
lected speaking fees in the past on Tuesday. Should Democrats rience were useful in grap-
WASHINGTON—Janet Yel- year, including Goldman Sachs win both, they will take control pling with tariffs and new
len, President-elect Joe Biden’s Group Inc., Citigroup Inc. and of the Senate and be able to attitudes toward international
pick for Treasury secretary, hedge-fund firm Citadel LLC. schedule hearings. If Republi- deals, U.S. allies and China.
collected more than $7 million Those measures would be in cans retain one or both posi- Mr. Blinken and Ms. Haines
in speaking fees during more place until one year after the tions, they will keep control. will face questions about their
than 50 in-person and virtual speaking fee was paid. Confirmation hearings for work in hearings expected in
engagements over the past two Like many former govern- Ms. Yellen and others are in early 2021. The Senate is ex-
years, according to financial ment officials, Ms. Yellen the process of being scheduled pected to announce the sched-
n-

disclosures released Thursday. signed a contract shortly after and are expected to be an- ules for confirmation hearings
A separate ethics agree- leaving the Fed with the Wash- nounced shortly after the Geor- for Mr. Blinken, Ms. Haines
ment outlined Ms. Yellen’s ington Speakers Bureau, an
LEAH MILLIS/REUTERS

gia runoff, according to a per- and others soon after the

plans to resign as a consultant agency that helps former heads son familiar with the matter. Georgia Senate runoffs, which
no

to Magellan Financial Group of state and other political per- Ms. Yellen served as Fed will determine partisan con-
Ltd., an investment-fund man- sonalities manage scores of chairwoman from 2014 to 2018 trol of the Senate, according
ager based in Australia, upon speaking requests. Ms. Yellen and as vice chairwoman from to a person familiar with the
her confirmation. Ms. Yellen has spoken frequently since 2010 to 2014. From 2004 until planning. Typically, hearings
began consulting for the firm leaving the central bank on the Janet Yellen, Joe Biden’s pick for Treasury secretary, was paid for 2010, she served as president for key posts occur ahead of
one year after leaving her post economic outlook and mone- more than 50 in-person and virtual post-Fed engagements. of the San Francisco Fed. She the inauguration to have key
as Federal Reserve chair- tary policy, a topic of intense also was a Fed governor from national security posts ready
woman in early 2018. interest to Wall Street firms disclosure forms use ranges shares in 13 large companies, 1994 to 1997, and she chaired for a final confirmation on
The agreement said Ms. Yel- that closely follow the Fed. rather than specific amounts. including AT&T, Pfizer and the Council of Economic Ad- Jan. 20, the day of the cere-
len would seek special authori- Ms. Yellen and her hus- The assets belonging to Ms. Conoco Phillips, within 90 visers in the Clinton White mony.
zation for one year when deal- band—Nobel Prize-winning Yellen, 74, and her husband days of her confirmation. House from 1997 to 1999. In 2017, the Senate con-
ing with matters pertaining to economist George Akerlof—had are primarily in the form of Her disclosures also show She has been a fellow at the firmed Jim Mattis as secretary
Magellan, according to forms assets such as stocks, bond- investments, many of which she and her husband own a Brookings Institution since of defense and John Kelly as
posted online by the U.S. Of- fund shares and bank accounts are part of a living trust the stamp collection worth be- leaving the Fed and she served head of the Department of
fice of Government Ethics. valued at between $8 million couple created in 1982. In her tween $15,000 and $50,000. this past year as the president Homeland Security on the
The agreement outlines sim- and $19.6 million in 2020, ac- ethics agreement, Ms. Yellen No hearings for Biden nomi- of the American Economic As- same day President Trump
ilar steps she would take for 16 cording to the disclosures. The said she would divest her nees have been scheduled in the sociation. was sworn in.

Senate Ky.) in remarks before the vote

on Friday said the Senate
needed to pass the defense bill
GOP votes to override the ve-
toes from a Republican presi-
dent.
families, our veterans and our
allies and partners world-
wide,” Mrs. Pelosi said Friday.
ate, though, as Sen. Bernie
Sanders (I., Vt.) prevented lead-
ership from fast-tracking the
sessment of the withdrawal be-
fore it can use funds to pull out
troops.

Overrides as soon as possible.

“It’s our chance to remind
brave service members and
The NDAA drama came as
Mr. Trump’s relationship with
Republicans on Capitol Hill has
After Congress pulled to-
gether a bipartisan NDAA bill
this fall, Mr. Trump repeatedly
NDAA vote without a vote on
increasing the payments. Mr.
Sanders had taken up a request
Neither Sen. David Perdue
(R., Ga.) nor Sen. Kelly Loeffler
(R., Ga.), whose Jan. 5 runoff

Trump Veto their families that we have

their backs—with facilities, re-
sources, and support befitting
frayed after leaders acknowl-
edged Joe Biden won the 2020
presidential election.
threatened to veto it. When the
bill passed both houses of Con-
gress with large bipartisan ma-
from Mr. Trump to increase the
size of the payments to $2,000
from $600. Republicans have
races will determine which
party controls the Senate,
voted on the override. Mr. Per-
the finest fighting forces in the Congress has passed a ver- repeatedly blocked a stand- due is quarantining after com-
Continued from Page One world,” Mr. McConnell said. sion of the NDAA every year for alone vote on that proposal. ing into contact with someone
The action follows the House’s Every president since Lyn- decades, and it has been one of The fight over the NDAA infected with Covid-19.
322-87 override on Monday, don Johnson has had Congress the most popular pieces of leg-
The president’s also underscored broader ten- In addition to creating a
and the bill now becomes law. override at least one of their islation. Several other presi- relationship with sions over national-security is- commission for removing or
“Our Republican Senate just vetoes. Congress last did so in dents in recent history—includ- sues between congressional Re- changing names of bases, sym-
missed the opportunity to get 2016, after then-President Ba- ing Barack Obama, George W.
the Capitol Hill publicans and Mr. Trump. On bols, displays, monuments and
rid of Section 230, which gives rack Obama blocked a bill let- Bush and Bill Clinton—have ve- GOP has frayed. foreign policy and national-se- paraphernalia honoring Confed-
unlimited power to Big Tech ting Americans sue foreign gov- toed an NDAA, according to the curity issues, many Republicans erate commanders, the bill also
companies. Pathetic!!!” Mr. ernments over terrorist attacks. Senate Historical Office. In have readily bucked Mr. Trump limits the president’s authority
Trump tweeted Friday. The le- Mr. Trump has vetoed eight those instances, Congress mod- during his presidency even as to use emergency military con-
gal immunities for social-media other bills, with several of them ified the bill, and the president jorities, Mr. Trump went ahead they have stood by him on struction funds.
companies are enshrined in focused on foreign policy and later signed it. and vetoed it just before many other issues. Other measures in the legis-
section 230 of the 1996 Com- national-security issues, such House Speaker Nancy Pelosi Christmas, forcing the House For instance, the Trump ad- lation include requiring compa-
munications Decency Act. as U.S. military activity in Ye- (D., Calif.) criticized Mr. Trump and Senate to race to override ministration’s recent effort to nies in the U.S. to register their
Lawmakers haven't forged men, the use of force against for vetoing the bill. “The presi- Mr. Trump’s action before the cut troop levels in Afghanistan true owners and restricting
any agreement for replacing or Iran and arms sales to Saudi dent’s senseless veto of the Na- end of the 116th Congress. in half, to roughly 2,500, by employees or former employees
changing section 230, though Arabia. While Republicans had tional Defense Authorization A push to increase the size Jan. 15, has alarmed some Re- of the defense-industrial base
members of both parties are joined Democrats to initially Act would have hurt the health, of direct payments in the $900 publicans. The NDAA requires from working directly for Chi-
critical of it. Senate Majority pass those measures, support- financial security and safety of billion coronavirus relief bill the administration to submit to nese government-owned or
Leader Mitch McConnell (R., ers couldn’t muster enough our service members, their slowed the process in the Sen- Congress a comprehensive as- -controlled companies.
 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, January 2 - 3, 2021 | A5

U.S. NEWS

Hospitals Fret
Over Reduced
Pandemic Aid
BY MELANIE EVANS toll, researchers found.
In the latest coronavirus aid
Hospitals say the continued package, Congress said most

L. KASIMU HARRIS FOR THE WALL STREET JOURNAL

Covid-19 surge will require federal relief must be used to
more relief than Congress in- reimburse providers who ap-
cluded in the new pandemic- ply to be paid back for lost
aid act after lawmakers scaled revenue or higher expenses.
back health-care funding. An earlier draft of the bill in-
The sweeping bill included stead directed HHS to consider
$3 billion for relief for hospi- providers at risk of closing
tals, clinics and other health- and those underrepresented in
care providers for revenue early relief payouts, according
losses and higher expenses as to hospital trade groups.
a result of the pandemic, far Targeting revenue losses
less than the $35 billion previ- fails to take into account that
ously proposed. some hospitals earn more rev-
About $25 billion hasn’t enue because they charge high Dwayne Clay continues to battle muscle weakness, pain and numbness after being hospitalized with Covid-19 back in April.
been spent of the $175 billion prices to largely well-insured
health-care relief fund Con- patients, while others with pa- A new estimate of federal pandemic health-care relief found we do manage to help them a 100,000 people between the
gress created in the spring. tients who struggle to get care counties with a greater share of Black residents got more aid, little bit, but not as much as beginning of February and the
Even so, funds won’t be enough take in less revenue, said re- on average, but had higher Covid-19 cases and deaths than other we ought to have,” said Am- end of June, the researchers
to meet the strain of the latest searchers who analyzed early counties with equal relief funding. itabh Chandra, a Harvard Uni- said. Black residents make up
nationwide surge, said Rick pandemic relief and health versity health-care economist one-fifth of the population
Pollack, the American Hospital policy and economists not in- Counties with the highest Counties with the and one of the study’s authors. there. The figure was 13
400 share of Black residents* 400 lowest share*
Association’s chief executive. volved in the study. The initial revenue formula deaths per 100,000 people in
More than 125,000 Covid-19 pa- “You can’t lose what you allowed HHS to distribute aid Starke County, where Black
tients were in U.S. hospitals as never had,” said Michael Norby, widely and quickly, an agency residents make up less than 1%
of Wednesday, according to the chief financial officer for Hous- spokeswoman said. Federal of- of the population.
Covid Tracking Project, another ton-based Harris Health Sys- ficials considered other ap- The pandemic delivered a
COVID-19 DEATHS PER 100,000†

300 300
national record. tem, where slightly more than proaches, but they would have “double whammy” to patients
“The surge in cases is ongo- half of patients are uninsured. taken longer, she said. Subse- at the Teche Action Clinic in
ing,” said Tom Nickels, the as- Prior research shows quent payouts used more tar- the Terrebonne Parish city of
sociation’s executive vice pres- health-care revenue better re- geted approaches. The decision Houma, La., said physician
200 200

.
ident, increasing hospitals’ flects patients’ access to care, by Congress to call for revenue Ronald Marts. Patients fear
financial strain from higher not their medical needs, said formulas in the new relief pack- the new virus, but economic

ly
staffing and supply costs for health-policy experts. age endorses the agency’s ap- damage from the pandemic
Covid-19 patients and revenue In an analysis published in proach, the spokeswoman said. has also made it harder to
losses, as other services are August in the Journal of the 100 100 The only hospital in Starke seek care for chronic, debili-
suspended. “We anticipate we
will need additional funding.”
New limits on relief may
also inadvertently disadvan-
American Medical Association,
researchers found that corona-
virus relief money wasn’t
enough to match the needs of
on County, Ind., closed many ser-
vices when the state ordered a
halt to nonessential care in
April. Starke Hospital in Knox,
tating conditions, he said.
Dwayne Clay, 53, continues
to battle muscle weakness,
pain and numbness after be-
0 0
tage hospitals with patients hard-hit communities with Ind., lost millions in revenue, coming ill from the coronavi-
us ,

0 1,000 $2,000 0 1,000 $2,000

most severely affected by the more Black residents. Accord- said spokeswoman Kelly rus. Mr. Clay entered Ochsner
l

pandemic, health-policy ex- ing to research they are more CARES ACT FUNDS PER RESIDENT Credit. Federal relief offset Health’s Leonard J. Chabert
e
al a

perts said. likely to face barriers to nec- *Based on quartiles. †Feb. 1–June 27. losses, covered Covid-19 costs Medical Center in Terrebonne
A formula used last spring essary care, such as insurance Source: Pragya Kakani, Amitabh Chandra, Sendhil Mullainathan, Ziad Obermeyer and Jack Luby and supported critical ser- Parish in April and remained
by the Department of Health gaps or racial bias. vices, she said. there for 35 days.
ci on

and Human Services to allo- After factoring all an- counties, the research said. spread chronic disease such as The county received His insurance won’t cover
cate early relief to providers nounced spending through But when compared with diabetes and hypertension roughly the same $600 to continued physical rehabilita-
based awards on revenue. This July 5, which totaled $120 bil- largely white counties that got that raise risks from the virus, $700 in pandemic funding per tion, he said. A truck driver
method resulted in lopsided lion, counties with the great- equal relief funds, counties and hospitals with less cash in person as Terrebonne Parish, before the pandemic, Mr. Clay
relief that left hard-hit com- est share of Black residents re- with the largest share of Black reserve and worse margins. La., although the needs has applied for disability. “I
er s

munities with large Black pop- ceived more funding overall, residents had not only more “Even when we try to help weren’t similar. am having a hard time—finan-
ulations with insufficient fund- $506 per person, on average, Covid-19 deaths, but also more the people most in need, while The parish reported 54 cially, spiritually, medically
m er

ing to match the pandemic’s versus $380 across remaining Covid-19 cases, more wide- completely well-intentioned, deaths from Covid-19 for every and emotionally,” he said.

December Broke Records

m rp

For Virus Cases, Deaths

co Fo

BY TALAL ANSARI erage exceeding 2,000 fatalities

Covid-19 Variant a day in the spring, and nearly
By nearly every measure, 1,500 in the summer. The
December was the worst Found in Florida seven-day average of deaths in
month since the pandemic December, meanwhile, has al-
took hold in the U.S. most always exceeded 2,000 a
Thanksgiving gatherings, Florida health officials said day and reached a high of 2,659
cooler weather and general fa- late Thursday that they had on Dec. 22, according to the
tigue from nine months of re- detected a case of a new, fast- Covid Tracking Project.
strictions contributed to an spreading variant of Covid-19 On Wednesday, a record
onslaught of new confirmed first identified in the U.K., 3,750 deaths were reported in
coronavirus cases across much making it the third state in a single day, according to the
n-

of the country, bringing with it the U.S. to report such a case, Journal analysis of Johns Hop-
the subsequent surge in hospi- after Colorado and California. kins data.
talizations and deaths that The Florida Department of The surge in America’s key
public-health officials had Health said the case had been Covid-19 metrics came despite
no

warned of. found in a man in his 20s in disruptions in data reporting

New Covid-19 cases stayed Martin County, just north of from Thanksgiving and winter
above 100,000 a day through- Palm Beach. The department holidays.
out the month, and more often said the man had no history Christmas and New Year’s
than not were closer to of travel. It offered no infor- closures were expected to in-
200,000, according to an anal- mation about his condition. terrupt Covid-19 data report-
ysis of data from Johns Hop- Studies have suggested ing from counties and states
kins University by The Wall that the new variant is more across the county. Based on
Street Journal. Of the coun- easily transmitted but isn’t previous holidays, including
try’s 20 million infections re- necessarily any more virulent. Labor Day, reported cases and
ported since the start of the It also doesn’t appear to be deaths tend to drop before the
pandemic, over 6.3 million resistant to the newly rolled- numbers bounce back and
new cases were recorded in
December—far more than in
out vaccines.
—Lukas I. Alpert
level off as local governments
and labs catch up on process-
¡VIVA MÉXICO!
any other month.
The second-highest month
ing tests and reporting results.
A number of factors made
ALFREDO RAMOS MARTÍNEZ
for newly reported cases was On Thursday, the U.S. set a the end of the year a deadly
November, which saw 4.4 mil- new record for the number of and difficult time for many
lion infections added. The next current hospitalizations due to Americans, including under- Mexican modernist. Glowing palette.
closest month was July, during complications from Covid-19, funded public-health depart- Serene beauty. Mexico’s rich history and
a summer surge that hit some with 125,379 people in hospital ments, some people’s distrust culture meld with modern aesthetics in this
of the country’s most populous beds, according to the Covid of health guidelines, fatigue incredible, original oil painting by the great
states, including California, Tracking Project. over pandemic restrictions Alfredo Ramos Martínez. The talented artist
Texas and Florida, resulting in A month earlier, that figure and holiday travel, said Mark
created a new kind of Mexican art that is
1.92 million cases, according to hadn’t yet broken the 100,000 S. Dworkin, professor of epide-
the Journal analysis. mark and at the end of Octo- miology at the University of Il- remarkable in its beauty and simplicity and
“We are clearly in the third ber, hospitalizations stood at linois at Chicago. captured the spirit of his homeland like no
wave of the pandemic in the less than 50,000. At the height Sunday marked the biggest other before or since. Circa 1935. Signed
United States, and it doesn’t of the summer surge, hospital- air-travel day since the pan- (lower right). Board: 237/8”h x 27 3/8”w; Frame:
show many signs of slowing izations never exceeded demic began, with more than 3013/16”h x 341/8”w. #30-7864
down,” said Dr. Shira Shafir, 60,000. 1.28 million people passing
an associate professor of epi- In California, which has through U.S. airport check-
demiology at the University of been experiencing a prolonged points, according to the Trans-
California, Los Angeles. “Even and severe surge, hospital-bed portation Security Administra-
if we see a plateau or even a availability and qualified tion. Significant travel days in
decline in the next few days, it nurses needed to staff those 2020 also included the day be-
would be the end of January beds have become a major fore Thanksgiving, when 1.07
before we see the burden on concern for government and million took to the air, and the
hospitals lessen and deaths health officials. The intensive- Sunday after, when 1.17 million
beginning to plateau.” care availability has been at people passed through check-
While the mortality rate of 0% in two large regions. points.
those contracting the virus A total of 77,572 people Vaccines by Pfizer-BioN- 622 Royal Street, New Orleans, LA • 888-767-9190 • [email protected] • msrau.com
has improved since the spring died in December, according to Tech and Moderna Inc. were
thanks to earlier detection and Johns Hopkins data, making it authorized for emergency use Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
advancements in treatment the deadliest month of the by the Food and Drug Admin- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
and therapeutics, the sheer pandemic. istration in December. But the
number of cases ultimately re- During the spring and sum- vaccine rollout has been
sulted in a steadily increasing mer surges, deaths reached new slower than some health offi-
number of deaths. heights, with the seven-day av- cials had hoped.
 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, January 2 - 3, 2021 * ***** THE WALL STREET JOURNAL.

FROM PAGE ONE

Hiccups for Operation Warp Speed, the

government’s coronavirus re-
sponse program, and other fed-
Wider Eligibility
Sows Confusion
up in person to secure a spot.
Officials in Lee County,
medical officer.
Forty-two people in West
Virginia were mistakenly given
Pharmacist
In Rollout eral officials said they hope the
pace will increase. “We agree
that that number is lower than
home to Fort Myers, learned
last Saturday that the county
would be one of eight in the
Regeneron Pharmaceuticals
Inc.’s antibody treatment de-
signed to fight Covid-19 in
Accused of
Of Vaccine what we hoped for,” he said at a
news briefing Wednesday. “We
know that it should be better.”
Many states are following
Centers for Disease Control
and Prevention guidelines to
state receiving doses the fol-
lowing day to inoculate people
65 and older, said Kevin Ruane,
those already infected instead
of Moderna’s vaccine. None are
at risk of being harmed, ac-
Tampering
Continued from Page One
may have been an expectation
Public-health officials and
states say uptake is lagging for
several reasons, beginning with
first vaccinate front-line medi-
cal workers and people in long-
term care facilities, but not all.
chairman of the county com-
mission. With the local health
department thinly staffed, they
cording to the West Virginia
National Guard.
In Hidalgo County, Texas, a
With Shot
from Operation Warp Speed or holidays that have kept staff of Florida Gov. Ron DeSantis on rushed to enlist paramedics medical practice received 1,000 BY LUKAS I. ALPERT
others that we’d give everyone hospitals and nursing homes Dec. 23 extended eligibility to and others. They weren’t able doses for health-care workers,
the vaccine overnight.…It was a away from work. They also people age 65 and older. to set up a reservation system, but only two people responded, A pharmacist at a Wisconsin
logistics equation for them. If note they are facing high per- Because each county and leading to hundreds of people said Ivan Melendez, the public hospital was arrested for alleg-
you’ve been in vaccines for a centages of people, including hospital in the state imple- lining up before dawn. health authority for the county edly removing doses of a
long time, you know that’s the some health workers, who are mented its own approach, “It’s a logistical nightmare,” near the Mexican border. Covid-19 vaccine from a refrig-
easy part. Getting it into actual skeptical of taking the shots. many people didn’t know said Fort Myers Mayor Kevin “I think there was an overes- erator overnight to render
arms is the hard part.” Hospitals and other sites are whether to call, log on or show Anderson. timation of the numbers,” Dr. them useless so that people
On Friday, Sen. Mitt Romney staggering appointments to Melendez said. who received them would be-
(R., Utah) criticized the vaccine avoid pulling too many workers Now, some public-health of- lieve they had been inoculated
rollout, saying in a statement from caring for patients amid a has provided guidelines, but no of which received doses. ficials are concerned the coun- when they had not, police said.
that the lack of a comprehen- nationwide surge in cases, offi- rules, about how they should be “Every state is doing what try may not be ready for the The Aurora Medical Center
sive federal plan to be shared cials say. Administration of vac- distributed. State and local ju- they want to do,” he said. “You next phase of vaccination. in Grafton initially disclosed the
with states “is as incomprehen- cines also takes more time than risdictions have been asking could be in Philadelphia and it’s The U.S. health system and event last week. The hospital
sible as it is inexcusable.” a typical flu shot, particularly the federal government for completely different across the its stretched local health de- said the pharmacist, who hasn’t
Vaccines have mostly gone since they are being done in a more funding to support vac- river if you’re in Trenton or partments weren’t prepared for been publicly identified, was
to health-care workers and res- socially distant way and may be cine distribution than the $340 Camden.” the volume to vaccinate an en- fired and the matter turned
idents of long-term care facili- preceded by a Covid-19 test. million disbursed so far. The Community Health Systems tire country in a few months, over to police. The pharmacist
ties. Essential workers like bus In addition, people who re- stimulus package signed into Inc., which operates 86 hospi- according to Ms. Hannan, the was charged with recklessly en-
drivers or grocery clerks, plus ceive vaccines are being moni- law by President Trump con- tals, is seeking state permission director of the immunization dangering safety, adulterating a
older adults, are expected to be tored for at least 15 minutes in tains an additional $8 billion. to redistribute doses across its association. prescription drug and criminal
next. The slow rate of vaccina- case of allergic reactions. At Different state policies have Florida hospitals, while three “The real challenge is damage to property.
tions so far has raised ques- least 11 reactions to Covid vac- led to confusion and shipment hospitals in Indiana got no vac- around what happens when we The hospital said that after
tions about whether those cines have been reported, ac- delays for hospitals, said Mi- cine and workers must get get a larger supply and what consultation with vaccine
groups will start getting shots cording to the CDC. No serious chael Wascovich, vice president shots elsewhere, complicating happens when we have to vac- maker Moderna Inc., it was de-
this winter and the rest of safety concerns have been found. of field pharmacy services for efforts to track company immu- cinate people that don’t work termined that the vaccine that
Americans in the spring, as ini- The federal government is Premier Inc., a group-purchas- nization rates. “It’s not within in a hospital,” she said. was left out remained viable
tially projected. sending vaccines to states ing organization with members our control,” said Lynn Simon, —Melanie Evans and was subsequently adminis-
Moncef Slaoui, chief adviser based on populations, and it including 4,100 hospitals, 80% the hospital system’s chief contributed to this article. tered to 57 patients.

Nursing Covid-19 has been particularly devastating for residents of long-term care facilities, who represent
small fractions of overall populations but huge shares of coronavirus deaths.

Homes Hit NORTH AMERICA EUROPE

.
Canada U.K. France Germany Spain

ly
14,291 total Covid 19 deaths
79,830 deaths 63,109 30,126 30,004
Hardest 72% of the deaths were 59%

Continued from Page One

higher than that among older
people living outside such fa-
on
nursing home residents

27%
30%
27%

cilities. 333,118 total deaths in the U.S.

us ,

The devastating toll wasn’t

l

inevitable. Countries such as

e
al a

South Korea managed to limit

the deaths among nursing-
home residents by avoiding
ci on

Belgium Netherlands Sweden Austria Portugal Slovenia Ireland Denmark Lithuania Finland
widespread community out- 18,054 9,584 7,802 5,127 3,824 2,363 2,073 633 432 346
breaks and moving quickly to
prevent infections from 17% 42%
spreading inside the facilities. 38% 57% 49% 47% 42%
53%
35%
Even as it faces a recent surge 59%
35%
er s

of Covid-19 cases, the entire

east Asian nation has still re-
Long-term care
m er

ported only about 70 long-term

care deaths in total. Eight U.S. deaths as a
states have reported more than percentage of ASIA and OCEANIA Note: Select countries. National definitions of long-term care and standards
7,000 deaths. total Covid-19 for counting the deaths of residents from these facilities often differ. Data
South New
“We left the barn door from most countries is from late November or more recently; exceptions
m rp

deaths Israel Australia Korea Zealand include Spain, Denmark and Finland, where as-of dates are Sept. 15, Sept. 21
open,” said Samir Sinha, direc- 3,137 908 722 25 and Oct. 8, respectively. Reporting on U.S. long-term care numbers lag overall
tor of health policy research Covid-19 death reporting.
and co-chair at the National In- 64%
75% 9% Sources: WSJ analysis of data from national and local health and infectious disease
stitute on Ageing, a think tank
32% authorities; National Institute on Ageing in Canada; Johns Hopkins University
at Toronto’s Ryerson Univer-
co Fo

sity which attributes more

than 70% of Canada’s approxi- without their consent or their improvements after decades of don’t bring the virus into nurs- Covid-19 deaths. to comment. Seema Verma, ad-
mately 14,000 known Covid-19 family’s knowledge. The com- neglect and acted swiftly to ad- ing homes—a step that goes ministrator of the Centers for
deaths to long-term care mission said it is investigating dress outbreaks. well beyond efforts in the U.S. Medicare and Medicaid Ser-
homes. “It was a tragedy,” Dr. how widespread the practice Some governments with and other countries. Testing vices, which regulates nursing
Sinha added. was to determine whether any memories of prior respiratory The U.S. and many European Public reports released on homes, said her agency had
Around the world, the Jour- breaches of British human- outbreaks were closely focused countries took few early steps March 18 and April 3 by the acted quickly and aggressively
nal found: rights law took place. on the danger even before to bolster their nursing homes U.S. Centers for Disease Con- to protect nursing homes. She
 Many countries had done There are significant differ- Covid-19 struck, and their ef- with equipment, testing or trol and Prevention, about the said the testing mandate came
little to fortify nursing homes ences in how nations track forts often made a difference. manpower. By the end of Feb- Kirkland outbreak and others in tandem with a federal effort
before the coronavirus arrived data, including Covid-19 As Covid-19 loomed in late ruary, the consequences began in Washington state, high- to provide equipment, and ban-
at their borders, and didn’t deaths, making direct compari- January 2020, Hong Kong shut emerging. lighted how the virus spread ning staffers from working in
have the ability to track the sons challenging. There are its care homes to most visitors. On Feb. 28, a hospitalized rapidly and invisibly inside fa- multiple facilities could have
n-

contagion’s spread there, de- also wide variations in how Nearly everyone in Hong Kong resident from Life Care Center cilities, often carried by resi- worsened shortages. CMS be-
spite the known risks. long-term care facilities are was wearing a mask by mid- of Kirkland, a nursing home dents and workers who lacked gan releasing data on Covid-19
 Nations often reacted regulated and categorized. February to limit community near Seattle, became the first clear symptoms, making mass in nursing homes in early June.
slowly, even after outbreaks Still, many countries show a spread of the virus. The gov- there to test positive for testing a vital bulwark. Staffers “Because of the work that
no

erupted. The U.S. waited weeks similar pattern of highly con- ernment decided any infected Covid-19, revealing an outbreak had “inadequate familiarity we’ve done, we’ve actually
before putting nursing-home centrated Covid-19 deaths care-home residents would im- that would kill dozens. The 73- and adherence” to infection- saved many, many lives,” she
residents in the highest-prior- linked to these facilities, ac- mediately be sent to hospitals, year-old died on March 2. control practices. said. She faulted responses in
ity tier for access to Covid-19 cording to researchers. and other exposed residents or One day later, a worker at a Staffers who worked at both some states, and said, “at the
testing and months to mandate staff removed from the facility Sydney care home was diag- the Kirkland nursing home and end of the day, the ultimate re-
regular testing of staff. to quarantine. As of Nov. 29, nosed with Covid-19, the start others in the region also ap- sponsibility is the nursing
 Failure to contain commu- Known risks Hong Kong, with more than of Australia’s first long-term peared to seed outbreaks in homes’.”
nity spread of the virus reig- The sector has long strug- 76,000 nursing-home beds, had care outbreak; three-quarters several facilities, the March 18 A spokeswoman for Adm.
nited nursing-home outbreaks gled with understaffing and seen 30 resident Covid-19 of Australia’s approximately CDC report said. Such practices Giroir’s office said that “early
despite improved testing and safety lapses. An OECD work- deaths, according to Dr. Lum. 900 Covid-19 fatalities have have long been common, as in the pandemic, Covid-19 tests
equipment, with deaths ramp- ing paper, released in Septem- South Korea moved quickly low-paid workers take multiple were strategically prioritized
ing back up as younger, health- ber but largely written before to shut its nursing homes to jobs to make ends meet. to allocate resources and help
ier people gathered. the pandemic, pointed to a visitors, taking action Feb. 17. The Kirkland investigators prevent the spread of the vi-
Inquiries into individual workforce not large or well- Despite tough infection-control
“We left the barn saw the finding of asymptom- rus.” Hospitalized patients and
nursing homes and the broader trained enough to cope with an measures, South Korea saw door open. atic spread as central, said Dr. symptomatic health-care work-
government response to out- expanding and increasingly cases in at least five nursing Jeffrey Duchin, health officer ers were highest on the list “so
breaks in the sector are under frail population. “Preventable homes as part of a major out-
It was a tragedy,” for the public-health entity of they would not infect others in
way in nations including Can- safety failures are endemic,” break in Daegu, its fourth-larg- Dr. Samir Sinha. Seattle and King County, where their hospitals and not over-
ada, Sweden, Spain, Italy and the report said, including falls est city, in late February. Kirkland is located. whelm health-care systems.”
France. A nursing-home com- and infections. Public-health authorities The U.S. CDC issued testing In France and Belgium,
mission launched by the Trump The risk of an airborne virus limited community spread of guidelines on March 24 that some nursing-home employees
administration in the U.S. to many traditional nursing the virus through rigorous been linked to such facilities. didn’t put nursing homes in have said they weren’t allowed
called in September for a more homes had long been known. testing, contact tracing and In France, President Em- the top priority category for to send ill residents to hospi-
muscular federal response, in- Often, they are crowded with quarantining of infected peo- manuel Macron visited the testing. According to emails re- tals, leaving them without ef-
cluding greater help for nurs- unhealthy elders who might ple. That month, health author- Péan nursing home March 6 to viewed by the Journal, the fective treatment and raising
ing homes with staffing, test- share bedrooms or bathrooms ities screened 1,470 nursing highlight the dangers Covid-19 White House coronavirus task the risk of infection spreading
ing and protective gear. without the protective ventila- homes nationwide to remove posed to the elderly. Nine days force was closely involved in inside the facilities.
Covid-19 deaths in elder- tion or equipment. caretakers who had recently later, the home reported its those guidelines, with testing In the U.K., the rush was to
care facilities slowed during The setups were ready-made traveled to China or exhibited first infection and by the end czar Brett Giroir sending the fi- protect the country’s National
parts of the summer and early for a respiratory virus to run symptoms of Covid-19. Soon af- of April seven of its 94 resi- nal draft to top CDC officials Health Service from being
fall, but they have recently rampant. Researchers examin- ter, they began testing nursing- dents had died. on March 23. overwhelmed by Covid cases.
risen again in swaths of the ing outbreaks in Ontario, Can- home residents and staffers na- Many countries, including Long-term care facility resi- The NHS told hospitals to dis-
U.S., along with European ada’s most populous province, tionwide even though many the U.S., Spain and Italy, ini- dents with symptoms didn’t charge patients to clear up ca-
countries like France and Bel- found crowded nursing homes regions hadn’t reported any tially couldn’t accurately track get into the top testing tier un- pacity, according to a report by
gium. that predated 1999 design coronavirus infections. South the devastation among resi- til April 27, according to a re- the National Audit Office,
In the U.K., where almost standards tended to have Korean officials would test dents, as they had no national construction of the evolving which monitors government
22,000 known Covid-19 deaths worse outbreaks once the coro- nursing homes anytime a clus- data on Covid-19 deaths in the guidelines. Even then, asymp- spending. Between March 17
have been tied to elder-care navirus got inside. ter popped up in a nightclub, facilities. tomatic nursing-home resi- and April 15, around 25,000
homes, or roughly 27% of the “Once the virus gets in, the church or other venue. The lack of testing has made dents weren’t mentioned in the were sent to care homes with-
total, bereaved families are crowded homes had many When the virus infiltrates a the Covid-19 toll even harder to priority groups. Federal regula- out mandatory testing for the
calling for an investigation. more deaths and the highest facility, the government sends quantify. In April, after a public tors didn’t mandate testing of novel virus, the report said.
Britain’s Care Quality Com- rates of infection,” said Nathan in contact tracers to check outcry, France ordered nursing nursing-home staff until Au- The Department of Health
mission, the regulator for the Stall, one of the study authors, medical records and track homes to report any deaths gust. They never blocked work- and Social Care, the govern-
long-term care sector, said in a and a geriatrician at Toronto’s where staffers had been in the staff suspected were linked to ers—among whom the govern- ment department responsible
preliminary report last month Mount Sinai Hospital. past few weeks, using GPS re- Covid-19. More than 3,000 ment has counted more than for the NHS, said in June when
that it has learned of dozens of A spokeswoman for On- cords. Recently, nursing-home were reported for the month of 400,000 infections and at least the report was published that
care-home residents made sub- tario’s Ministry of Long-Term caretakers were banned from March alone. The tally recently 1,268 deaths—from moving be- it made the right decisions at
ject to do-not-resuscitate or- Care, established in 2019, said attending private gatherings topped 19,000, representing tween facilities. the right time and 60% of care
ders early in the pandemic the government is investing in outside of work, to ensure they nearly a third of known A CDC spokesman declined homes avoided an outbreak.
 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, January 2 - 3, 2021 | A7

WORLD NEWS
U.K., EU Part Ways on Day 1 of Brexit
Decades of free trade, cially in the first quarter, and
linger throughout the year,
regulatory obstacles economists at Citi said in a re-
ended on Friday, while search note.
Overall, Citi estimates the
travelers face new rules disruption will reduce U.K. gross
domestic product in 2021 by
BY JASON DOUGLAS about 2%, compared with what
it would have been if it had re-
The U.K. left the European mained within the EU’s single
Union behind Thursday, 48 market, its zone of common
years after it joined the bloc, a regulation and its customs area.
significant shift in the global Services firms face similar,
order that will also bring big if not greater challenges. The
changes for ordinary Britons. free-trade agreement between
On Jan. 1, decades of trade the U.K. and the EU included
with the EU unencumbered by only general provisions for
customs declarations and reg- trade in cross-border services

FRANK AUGSTEIN/ASSOCIATED PRESS

ulatory obstacles ceased, one that don’t match the level of
of several changes likely to access available within the
have big and lasting effects on single market, the Institute for
the British economy. The Government said in a report.
rights of a U.K. citizen to live, For British families, Jan. 1
work or study in any other EU brought changes, too. Tourists
member state also fell away, with a British passport no lon-
highlighting the extent of the ger can use fast-track lines for
EU’s reach into its citizens’ EU citizens with automatic
daily lives. EU citizens also Officials scanned a truck driver’s documents as he checked in to board a train through the Eurotunnel in England on Friday. gates at airports. Those travel-
lost those rights in the U.K. ing to EU destinations can
For supporters of Brexit, in- ity now rests with all of us to post-EU arrangements with its porters trading with the EU. contain to avoid tariffs. shop duty-free—but face new
cluding Prime Minister Boris make the best use of the pow- neighbors have yet to be com- New procedures on customs The U.K. has said it would restrictions on how much al-
Johnson, such costs are justi- ers that we have regained,” pleted, notably the long-term declarations and regulatory give firms bringing goods into cohol they can buy. EU caps on
fied by the benefits and op- Mr. Johnson said Wednesday. basis for trade in financial ser- paperwork will come into ef- the U.K. a degree of leeway in certain cellphone charges will
portunities that exiting the EU The deal reached on Christ- vices and the cross-border ex- fect. Tariffs won’t be levied on enforcing the new rules to no longer apply. British stu-
will bring. Leaving will allow mas Eve between London and change of data. The U.K. is a goods trade but companies im- smooth the passage of goods. dents face higher fees and ac-
the U.K. to boost British trade Brussels on terms of their fu- powerhouse exporter of the porting components from The EU hasn’t given any such cess requirements to study at
with the rest of the world and ture relationship ran to more former, while the latter is one across the world to produce assurance, raising the possibil- EU universities. And pets, who
set laws to shape its economy than 1,000 pages, covering ar- of the most important lubri- goods for sale in the EU will ity of delays and disruption to could travel freely with their
and society without interfer- eas as diverse as fishing rights cants of global commerce. need to comply with rules of cross-border trade while the owners throughout the bloc,
ence from Brussels, they say. and cooperation between law- For businesses, the keenest origin, which specify a maxi- new arrangements settle in. now need a vet to issue them
“Brexit is not an end but a enforcement agencies. Still, changes on Jan. 1 will be felt mum level of foreign inputs That disruption is likely to a clean bill of health to enter

.
beginning and the responsibil- some major areas of the U.K.’s by British exporters and im- that a finished product can hurt economic growth, espe- an EU country.

ly
North Korea Tells Europe It Wants to Improve Ties With U.S. on
North Korea wants to have outside world in 2020. It agreed to an informal videocon- people said, as it didn’t repre- ence in Washington. as it evaluates how an incoming
good ties with the U.S., a diplo- sealed off its borders to battle ference conversation with North sent a darkening in Pyong- Mr. Mandl, an Austrian who Biden administration will ap-
mat said in a December meet- Covid-19. Most foreign embas- Korea’s Berlin ambassador. yang’s position as President- is the chairman of the Euro- proach denuclearization talks.
us ,

ing with a European lawmaker, sies in Pyongyang have closed. The exchange had been sug- elect Joe Biden takes office. pean Parliament’s delegation North Korea has preferred a
l

North Korea has rebuffed over- gested by the North’s officials North Korea and the Euro- for relations with the Korean step-by-step process, as the
e
al a

By Timothy W. Martin tures from the U.S. and South from its Berlin embassy, which pean Parliament also ex- Peninsula, confirmed the ex- U.S. removes some economic
in Seoul Korea to rekindle peace talks. is the Kim regime’s de facto pressed hope to send delega- change. North Korea’s Berlin penalties. Washington has cov-
and Laurence Norman But in the days before the hub for regional affairs. tions each way as early as fall embassy didn’t respond to an eted a grander bargain in which
ci on

in Brussels November U.S. elections, North In the meeting, the North 2021, the people said. emailed request to comment. the North agrees to specifics
Korea reached out to a Euro- Korean ambassador repeated a In recent years, U.S. allies in North Korea has been con- before sanctions are relaxed.
in one of Pyongyang’s only ex- pean Parliament committee, goal of forging a strong rela- Europe have served as one of sumed by domestic affairs that Mr. Biden has advocated for
changes with the West in re- tasked with handling Korean tionship with the U.S., as long the few go-betweens between will take center stage at a rare mixing pressure with what he
cent months, according to peo- Peninsula ties, for an online as Washington’s hostile policy Washington and Pyongyang, as Workers’ Party Congress calls “principled diplomacy.”
er s

ple familiar with the matter. meeting, the people said. The to the Kim regime is dropped, the two countries have stale- meeting this month. He has rejected President
The Kim Jong Un regime head of the European Parlia- the people said. The stance was mated on nuclear talks. North Pyongyang watchers expect Trump’s strategy of uncondi-
m er

cut contact with much of the ment delegation, Lukas Mandl, received positively, one of the Korea has no diplomatic pres- the North will exercise caution tional summits with Mr. Kim.

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A8 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

WORLD NEWS

U.S., Iraq Warn

Iran Not to Attack
BY ISABEL COLES Iraqi lawmaker Amer al-Fayez.
AND GHASSAN ADNAN The delegation also delivered
the message that Washington
BAGHDAD—U.S. and Iraqi au- would hold Iran responsible for
thorities warned Iran and Ira- any attack, according to an Iraqi
nian-backed militias that any government official. On
attacks on American diplomats Wednesday, the U.S. dispatched
or military forces here would be two B-52 bombers on a flight
met with swift retaliation as the over the Middle East in a show
anniversary of a U.S. drone of force directed at “anyone who
strike that killed one of Tehran’s intends to do harm to Ameri-
top military leaders approaches. cans or American interests,”
“No one should underesti- said the U.S. Central Command.
YAT KAI YEUNG/NURPHOTO/ZUMA PRESS

mate our ability to defend our Iranian Foreign Minister Ja-

forces or to act decisively in vad Zarif responded on Twit-
response to any attack,” the ter, saying, “Iran doesn’t seek
top U.S. military commander war but will OPENLY & DI-
for the Middle East, Gen. Frank RECTLY defend its people, se-
McKenzie, said Wednesday. curity & vital interests.”
Calls from Iranian-backed Iranian-backed militias have
militia groups for violence organized a series of events to
against Americans have in- mark last year’s drone strike.
creased in the run-up to Jan. 3, In recent days, new billboards
Jimmy Lai was returned to custody Thursday after a court suspended his bail. He is charged with fraud and national security violations. the day last year that Iranian have gone up along the airport
Maj. Gen. Qassem Soleimani road, rebranding it “The Mar-

Court Orders Hong Kong

and an Iraqi paramilitary com- tyr Al Mohandes street,” after
mander with him were killed the militia commander who
as they left Baghdad airport. was killed alongside Gen. So-
On Thursday, a pro-Iranian leimani.
Iraqi news group on the messag- On Sunday, a demonstration

Media Mogul Back to Jail

ing service Telegram published is planned in central Baghdad
a picture of the U.S. Embassy to demand that U.S. troops
captioned: “Remember always I leave the country.
can see what you are doing.” A year ago, militia members
The U.S. strike that killed and supporters breached the
The case against watched by Beijing. On Dec. Lai’s bail under the national sponsible if he flees or Gen. Soleimani, and an Iranian outer perimeter of the U.S. Em-
26, the People’s Daily, a news- security law. continues to bring harm to counterstrike against U.S. bassy after a vigil to protest the
democracy advocate paper seen as a mouthpiece The People’s Daily and Hong Kong while he’s out on forces with ballistic missiles, killing of more than two dozen
Jimmy Lai is being for China’s Communist Party, other Chinese state media bail?” raised fears of open warfare in fighters in a U.S. airstrike. That

.
called the decision to grant have increasingly criticized Hong Kong’s courts have the Middle East. Tensions grad- strike followed the killing of a
scrutinized by Beijing bail unbelievable, saying in a Hong Kong’s judiciary in re- long been lauded for their in- ually eased, but Washington U.S. contractor in a rocket at-

ly
commentary that the bail con- cent months, suggesting that dependence, in part contribut- and Tehran remain at odds over tack on a base hosting coalition
BY NATASHA KHAN ditions were disproportionate Beijing could still decide to in- ing to the city’s status as an in- Iran’s nuclear program and its troops in northern Iraq.
to the damage to national se- tervene. The newspaper said in ternational hub for business support for foreign militias. Security forces have beefed
HONG KONG—An outspoken
newspaper mogul and advo-
cate for democracy in Hong
Kong will have to return to jail
curity that could be caused by
Mr. Lai—who it branded as
“notorious and extremely dan-
gerous.”
on
the Dec. 26 commentary that
there could be grounds for in-
voking a provision in the na-
tional security law that would
and finance. Based on common-
law principles and a legacy of
its British colonial past, the
courts are seen as one of the
Last month—days after a
barrage of rockets slammed
into Baghdad’s Green Zone,
home to foreign diplomatic
up their presence in Baghdad in
recent days, particularly in and
around the Green Zone, accord-
ing to Iraqi security officials.
after a court suspended his Mr. Lai, who arrived for the allow the central government last holdouts against Beijing’s missions—Prime Minister During the past year, the
us ,

bail in a case that is fueling hearing Thursday holding a Bi- to assert jurisdiction over cer- increasingly assertive rule. Mustafa al-Kadhimi dispatched U.S. has reduced its footprint
l

tensions between Beijing and ble, is a prominent Hong Kong tain cases and move defen- “This case is a critical turn- a delegation to Tehran asking in Iraq, abandoning smaller
e
al a

the city’s judiciary. entrepreneur who built a suc- dants to the mainland for trial. ing point in the unfolding of the government there to help isolated outposts and cutting
Prosecutors had requested cessful clothing brand before The law, imposed by Beijing the national security law and a curb attacks, according to troop numbers to about 3,000.
an emergency hearing after a founding Apple Daily, a news- after massive pro-democracy crisis for the judiciary in Hong
ci on

Hong Kong court allowed paper that openly criticizes protests brought the city to a Kong,” said Jerome Cohen, a
Jimmy Lai, who is charged China’s Communist Party and standstill at times in 2019, New York University law pro-
with fraud and national secu- pro-Beijing figures in Hong gives authorities broad lati- fessor and China legal author-
rity violations, to be released Kong. He appeared regularly tude to prosecute people for ity who worked in Hong Kong,
on $1.29 million bail last week at pro-democracy protests. collusion, secession and sedi- adding that the Dec. 26 article
er s

and put under house arrest. He In court on Thursday, the tion. The newspaper’s com- was “an evident attempt to
was the first defendant accused prosecution argued that the mentary also pointed to the put the greatest public politi-
m er

under the new national secu- national security law carried a case of a student who was fac- cal pressure on Hong Kong’s
rity law to be freed on bail. no-bail provision and that the ing rioting charges and later independent judiciary.”
On Thursday, the city’s public couldn’t afford to have went into hiding, adding: “Are On Tuesday, High Court
highest court ruled that he defendants released because these painful lessons not Justice Alex Lee Wan-tang
ALAA AL-MARJANI/REUTERS

would have to return to prison the offenses covered under the enough of a wake-up call?” wrote in a judicial release de-
m rp

pending a Feb. 1 review of the law are as serious as treason “Jimmy Lai is an important tailing his decision to grant
threshold for granting bail un- and murder. Hong Kong’s pawn for some external forces, bail last week that Mr. Lai had
der the new law, which will be Court of Final Appeal ruled and has great anti-China an arguable case and the high
conducted by an appeal com- that the judge may have erred value—external forces have threshold for bail under the
mittee made up of three in his decision to grant bail, the motive to facilitate his es- national security law could be
co Fo

judges. and the coming hearing would cape from Hong Kong,” the pa- met by imposing strict condi-
The case is being closely determine how to handle Mr. per wrote. “Who will be re- tions. Iraqi students mark the one-year anniversary of a fatal airstrike.

Russia Across Brazil, a Wave of Black Politicians Take Office

Charges BY LUCIANA MAGALHAES
AND SAMANTHA PEARSON
race candidates were elected,
about 1,700 of them as mayors
50 people from quilombos, re-
mote communities made up of
ran for Brazil’s right-wing Pa-
triota party, which is allied
also accounted for three-quar-
ters of homicide victims and

Navalny BAURU, Brazil—In its 124-

year history, this midsize,
and close to 26,000 as council
members, according to Brazil’s
electoral court.
the descendants of escaped
slaves who have had little po-
litical representation, will
with President Jair Bolsonaro,
who has been accused of racist
rhetoric. Ms. Rosim said Patri-
nearly 80% of the 6,375 people
killed by the police in 2019.
Anger over violence against
n-

With Fraud mostly white city in Brazil’s

prosperous farming belt had
never had an Afro-Brazilian as
Brazil’s most common racial
mix is Black and white; politi-
cal candidates with Black an-
move into jobs as council
members in towns outside
these settlements. Large cities
ota party officials proposed
she run, hoping to capitalize
on her familiar face in Bauru.
Black Brazilians rose here and
abroad in November when se-
curity guards were filmed
BY THOMAS GROVE mayor. Until now. cestry can identify themselves such as Rio de Janeiro and Cu- While she said she doesn’t beating a Black customer to
no

The inauguration Friday of as either Black or mixed-race. ritiba, usually represented by always agree with the way death outside a grocery store
MOSCOW—Months after suf- Suéllen Rosim, 32 years old, The outcome in some cor- whites, saw inroads by Black Brazil’s fiery leader expresses in Porto Alegre, a city in the
fering a near-fatal nerve agent comes as thousands of Black ners of Brazil points to the politicians into city councils. himself, she shares his socially south, a region made up
attack, Alexei Navalny is facing and mixed-race politicians newfound power: More than There are few Black and conservative agenda. mostly of descendants of Eu-
new legal problems in Russia from across the political spec- mixed-race people in politics in “Because of being a conser- ropean immigrants.
that have clouded the future of trum take office in municipal Brazil’s top cities. But change is vative, people wanted to put For Ms. Rosim, racism had
his opposition movement here governments nationwide in happening. The share of Brazil- me in a box, they told me I always presented itself in sub-
and raised the stakes for his what is being hailed as a vic- ians embracing their African was acting against my own tle ways, she said. She recalled
plans to return from Germany, tory for people of color and a heritage and identifying as race,” said Ms. Rosim. a university professor told her
where he has been recuperating. big step against racism in Latin Black or mixed-race has risen Unlike the U.S., there was to straighten her tight curls to
LUCIANA MAGALHAES/THE WALL STREET JOURNAL

Mr. Navalny and his support- America’s largest country. to 56% of the population in no civil war, no large-scale get a job. She said she has got-
ers have denied Russian au- A growing appreciation of 2019 compared with 51% a de- civil-rights movement and no ten dirty looks from store em-
thorities’ accusations this Brazil’s African heritage and cade earlier, according to the debate about a national racial ployees, which she chalked up
week that the Kremlin’s best- the rising profile of influential government statistics agency. reckoning. to them concluding she lacked
known critic violated probation Black politicians have fueled While leftist parties have White Brazilians not only the money to make a purchase.
orders and defrauded support- the shift. Brazil has the big- traditionally been the first to dominate politics but are more In politics, she said, the
ers of millions of dollars in do- gest Black or mixed-race popu- champion racial equality in the likely to be richer, have a uni- prejudice has been more open
nations. They say the allega- lation of any country outside country, Brazil’s rising genera- versity degree, hold manage- and extreme. A death threat
tions are meant to deter him Africa, nearly 120 million— tion of Black politicians in- rial positions, and live longer came in an anonymous email
from returning to Russia, where more than half the popula- cludes many who are conser- and healthier lives. Of the on the weekend of the runoff
he has promised to reinvigorate tion—but only 4% of politi- vatives and devoutly religious. poorest 10% of Brazilians, vote in late November, refer-
his network of activists. cians in Congress are Black. Ms. Rosim, the daughter of three-quarters are Black or ring to her as a “monkey.”
Mr. Navalny fell uncon- A Supreme Court ruling in evangelical Christian pastors, mixed-race. Black Brazilians “It said, ‘I’ll kill you, that
scious in August aboard a October that forced parties to horrendous hair, how can a
flight to Moscow after meet- allocate a percentage of their city have a mayor like you, I
ing with supporters in Siberia. state-provided campaign funds know where you live,’ ” said
He subsequently was evacu- to Black and mixed-race candi- Ms. Rosim. Other anonymous
ated to Berlin, but he has dates also elevated politicians messages over WhatsApp say
promised to return and chal- of color and encouraged more no person of color is compe-
lenge candidates allied with to identify as such. tent enough to run a city.
President Vladimir Putin in “We’re showing that it’s Despite the threats, social
parliamentary elections. He possible—it’s possible to be a media has been a factor help-
has made efforts to publicly woman, to be Black, and to be ing more Black politicians to
CARL DE SOUZA/AGENCE FRANCE-PRESSE/GETTY IMAGES

identify his attackers. a mayor, a state governor or break into politics, some of
“They are trying to throw even president,” said Ms. Ro- those politicians say.
me in jail because I didn’t die sim, a gospel singer and for- The killing of Marielle
on that plane and looked for mer television news anchor in Franco, a Black council member
the killers myself,” he said in this city of 380,000 people. in Rio de Janeiro who died in a
an Instagram post. In November’s municipal 2018 slaying that has yet to be
The Kremlin has dismissed elections, for the first time, solved, also galvanized Black
European authorities’ conclu- Black and mixed-race politi- political hopefuls. “We’re see-
sions that Mr. Navalny was cians made up a majority of all ing new figures of leadership
poisoned with the Soviet-era candidates running for mayor emerge….I believe we’re head-
nerve agent Novichok and has and council seats across this ing down a path of no return,”
stood by the diagnosis offered country of 210 million people. said Bia Caminha, a 21-year-
by Russian doctors that he That was up from 48% in the old, mixed-race student who
lost consciousness because of 2016 municipal elections. In was elected as the youngest-
a metabolic imbalance akin to the first round of voting more Bauru mayor, Suéllen Rosim, top, was one of many Black politicians to take office Friday. Wall art ever city council member in the
a severe drop in blood sugar. than 40% of Black or mixed- in Rio de Janeiro depicts Brazilian councilwoman Marielle Franco near where she was killed in 2018. Amazonian city of Belém.
 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, January 2 - 3, 2021 | A9

OBITUARIES
ROGER BERLIND S A N DY G R A N T G O R D O N
1930 — 2020 1931 — 2020

Wall Street Executive Reluctant Whisky Baron

Moved On to Broadway
BY JAMES R. HAGERTY home in 1954, he tried to make a
Launched Glenfiddich
living by writing songs. Though a

L
anding in a thunderstorm, talented pianist who played by
an Eastern Air Lines Boeing ear, he couldn’t sell his songs to BY JAMES R. HAGERTY cer and talked him into sticking
727 crashed and exploded publishers and after 18 months with the family firm. As a new-

S
on the fringes of New York’s Ken- began looking for a job on Wall andy Grant Gordon led a comer in the family business, he
nedy International Airport on Street. wildly successful product was given responsibility for sales
June 24, 1975. Among the 113 One obstacle was that he knew launch—the 1963 introduc- to one of the most diverse and dif-
people killed were Roger Berlind’s little about business or econom- tion of Glenfiddich, creating a ficult markets, Africa.
wife, Helen, and three of their ics. He endured dozens of rejec- global market for single-malt During one three-month trip, he
four children. tions before signing on at East- whisky—but claimed little credit. made 513 sales calls. “It became
Mr. Berlind, the co-founder of man, Dillon & Co. Mr. Gordon, who died Dec. 21 at clear to me that my talents did not
a securities firm, suddenly saw no In 1960, he joined a friend the age of 89, was a great-grand- lie in selling,” he said later. Still,
meaning in his Wall Street career. from school days, Arthur L. son of the founder of the Scottish Africa had its advantages: “It was
“I wasn’t in any shape to do any- Carter, along with Peter Potoma distiller William Grant & Sons and a most enjoyable tour from the
thing useful at the firm,” he told and Sanford Weill to create a tiny a reluctant entrant into the busi- bird-watching point of view be-
The Wall Street Journal later, investment banking firm with big ness. As a young man, he was cause you can see more species in
“and I didn’t want to be there.” ambitions, Carter, Berlind, Po- more tempted by a career as a one day in Africa than you can in a
He quit his job to take care of his toma & Weill. Mr. Berlind culti- lawyer or aircraft designer, until year in Scotland,” he reported.
toddler son, William. vated institutional clients and his father, near death, persuaded Most of his career was in Scot-
Reverting to his early love of oversaw research. The firm soon him to help run the family whisky land, where he found time to climb
show tunes and theater, he began became part of a merger wave on business. all 282 Munros, defined as moun-
investing in Broadway produc- Wall Street. By 1973, Mr. Berlind In the early 1960s, virtually all tains of 3,000 or more feet.
tions and soon found himself Scotch exports were blended whis- One of his biggest challenges
hooked. Over more than four de- kys, and single malts were little ployees as Mr. Sandy, ran the com- was to anticipate demand trends.
cades, he had a role in producing known outside Scotland. But for- pany as managing director or In the early 1980s, the Scotch busi-
more than 100 plays and musicals
After a family tragedy, eign visitors sometimes discovered chairman from 1968 to 1996 and ness slumped deeply as alcohol
and won 25 Tony Awards. His hits Mr. Berlind reverted to them and asked why they weren’t preserved family ownership when taxes rose, laws against drunken
included “The Book of Mormon,” sold overseas. much of the industry was falling driving grew stricter and many
“Amadeus,” “Sophisticated La-
his early love of show With encouragement from his under foreign control. people switched to other drinks. In
dies” and “City of Angels.” tunes and theater. uncle Eric and brother Charles, Mr. more recent years, the television

A
There were also flops, starting Gordon introduced Glenfiddich sin- lexander Grant Gordon, show “Mad Men,” featuring hard-
with his first production, in 1976: gle malt to the U.S. and other for- known as Sandy, was born drinking advertising executives,
“Rex,” a Richard Rodgers-Sheldon eign markets. It was the first sin- May 6, 1931, in Glasgow. His helped revive demand for Scotch.
Harnick musical about Henry VIII. was chief executive of what had gle malt “actively promoted” father was chairman of the distill- Because Scotch is aged in oak

.
A New York Times critic wrote become Hayden Stone Inc. outside Scotland, according to the ing company; his mother was a casks for at least three years and
that the production had “almost Through more deals, that firm company, and became the leader in medical doctor. often much longer, “you can’t turn

ly
everything not going for it.” was absorbed into Shearson Loeb a booming new category. Sales ex- As a schoolboy in Dufftown, the tap on and off the way other
Mr. Berlind died Dec. 18 of a Rhoades, which merged with ceeded early expectations. where the company had a distill- businesses do,” Mr. Gordon told an
heart attack in his sleep at his American Express in 1981. Glenfiddich was the largest-sell- ery, he sat in the back of the class- interviewer in 1981.
home in Manhattan. He was 90.
The second of four sons, Roger
Stuart Berlind was born June 27,
1930, in Brooklyn and grew up in
wife, Mr. Berlind met Brook
on
After the death of his first

Wheeler on a blind date arranged

by mutual friends. She worked at
ing single-malt Scotch by global
volume in 2019, according to IWSR
Drinks Market Analysis.
“Through ignorance we did the
room, despite poor eyesight that
prevented him from seeing the
blackboard. After classes were
over, he made his way to the board
After retiring in 1996, Mr. Gor-
don made bird-watching trips to
Ethiopia, Peru and the Faeroe Is-
lands, among other places. He sup-
Woodmere on Long Island. He at- a gallery selling reproductions of right thing,” Mr. Gordon told the to memorize the remaining chalk ported charities protecting endan-
us ,

tended the private Woodmere art from Nelson Rockefeller’s col- Scotsman in 1993. marks. As a teenager, he was sent gered birds and promoting bagpipe
l

Academy and played on the foot- lection. They married in 1979. The appeal was to would-be so- to the Rugby School in England. competitions. Once a week, he and
e
al a

ball team. His father was a hospi- For those seduced by the glam- phisticates. “Sit when you drink At Queens’ College, Cambridge, his wife, Linda, sang with the
tal administrator, and his mother our of Broadway, he warned that Glenfiddich, you may never stand he earned a degree in math and Greenock Philharmonic choir.
an artist who sometimes gave producing shows was an unreli- for a blended Scotch again,” in- law. While studying in Cambridge, She died in 2019. Mr. Gordon is
ci on

painting lessons. able way to make money and fre- structed an early Glenfiddich ad. he met Linda Stobart. When she survived by four children and nine
At Princeton University, Roger quently a way to lose it. If you Family members described Mr. accepted his marriage proposal, he grandchildren.
Berlind majored in English and are good at it, he said, “you may Gordon as quiet and far more in- showed her a little black book in He liked to drink his Glenfiddich
was active in the Triangle Club, have a success rate of 50%.” terested in bird-watching than in which he had recorded his costs of with a little water “to bring out
which produces musicals. After His Manhattan home was deco- marketing. He seemed most at courting her. the flavor.”
er s

graduating from Princeton in rated with dozens of posters from ease wearing an anorak and hiking While he was trying to decide
1952, he served in the U.S. Army his productions. He called the dis- with his golden retrievers. on a career, his father was diag-  Read in-depth profiles at
m er

and was based in Berlin. Back play his “Hall of Human Folly.” Yet Mr. Gordon, known to em- nosed with inoperable bowel can- WSJ.com/news/types/obituaries

WORLD WATCH
m rp

THE MORE YOU UNDERSTAND

HER WORLD, THE MORE
co Fo

POSSIBILITIES YOU SEE.

For Julia’s family, early screening for
autism made a lifetime of difference.
NARINDER NANU/AGENCE FRANCE-PRESSE/GETTY IMAGES

Find out more at ScreenForAutism.org

n-
no

A CLEAN START: Sikh devotees took a holy dip on Friday, New Year’s Day, as fog blanketed the
area around the Golden Temple religious complex in the northwestern Indian city of Amritsar.

CHINA AFGHANISTAN IRAQ

New Covid-19 Strain Prominent Journalist Large Mine Found

Is Found in China Is Killed by Gunmen On Oil Tanker in Gulf
The highly contagious new An Afghan journalist and hu- Iraqi explosives experts were
strain of Covid-19 discovered re- man-rights activist was shot and working to defuse a large mine
cently in the U.K. has reached killed on Friday by unidentified discovered on an oil tanker in
China, according to researchers gunmen in western Afghanistan, the Persian Gulf and evacuate
there. the fifth journalist to be killed in its crew, authorities said Friday.
Chinese researchers detected the war-ravaged country in the The statement came a day
the new strain in a woman who past two months, a provincial after two private security firms
was tested upon arrival at an spokesman said. said sailors feared they had
airport in Shanghai on Dec. 14 Bismillah Adil Aimaq was on found a limpet mine on the MT
after a flight from the U.K., ac- the road near Feroz Koh, the Pola, a Liberian-flagged tanker in
cording to an official publication provincial capital of Ghor, return- the waters off the Iraqi port of
dated Wednesday. ing home to the city after visit- Basra. A limpet mine is a type
The Chinese Center for Disease ing his family in a village nearby, of naval mine that attaches to
Control and Prevention’s publica- when gunmen opened fire at the the side of a ship, usually by a
tion CCDC Weekly said the case vehicle. diver-member of special forces.
was “the first imported (U.K.) vari- According to the provincial It later explodes, and can signifi-
ant in China and poses a great po- governor’s spokesman, Arif Abir, cantly damage a vessel.
tential threat to the prevention others in the car, including Mr. The Iraqi statement said the
and control of Covid-19 in China.” Aimaq’s brother, were unharmed. mine had been attached to a
CCDC Weekly said the 23- Mr. Aimaq worked as the head tanker rented from Iraq’s Oil Mar-
year-old woman had tested neg- of the local Radio Sada-e-Ghor keting Company SOMO that was
ative for Covid-19 two days be- station and was also a human- refueling another vessel. Iraq’s na-
fore her flight to China. Later rights activist in the province. val forces were making “a great
sequencing of her positive test No one claimed responsibility effort to accomplish the mission”
revealed it was different from a for the shooting. Taliban spokes- safely, said Iraq’s Security Media
small outbreak of cases in man Zabiullah Mujahid insisted Cell, which is affiliated with the
Shanghai in November and the the insurgents were in no way country’s security forces.
strains from Wuhan, where connected with the attack. It was the first official Iraqi
Covid-19 was first found. Mr. Aimaq was the fifth jour- confirmation that a mine was
The patient’s case of Covid-19 nalists slain in attacks in the discovered on an Iraqi tanker
was diagnosed as mild, the pa- past two months. Last week, transferring fuel in the Persian
per said, noting that several con- Rahmatullah Nekzad, who Gulf to another vessel. The dis-
trol measures were taken to iso- headed the journalists’ union in covery came amid heightened
late the woman and identify eastern Ghazni province, was tensions between Iran and the
© 2019 Sesame Workshop. All rights reserved.
those who sat near her or dealt killed in an attack by armed men U.S. in the waning days of Presi-
with her on the flight. outside his home. dent Trump’s administration.
—James T. Areddy —Associated Press —Associated Press
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

A Quiet quarters. The first ball drop

was three years later, and has
taken place every year since
demic, Mr. Colbert was among
those chosen to attend.
Mr. Colbert has been cele-
for this year, Mr. Colbert said.
“You definitely missed the
million people that crowd the

Welcome except for two years during

World War II, when people
marked the New Year with a
brating New Year’s in Times
Square every year since 1982,
and he says he was happy that
square,” he said on New Year’s
Day. What brings him back ev-
ery year in normal times is the

For 2021 minute of silence followed by

the ringing of chimes, accord-
ing to Alliance.
his streak would remain un-
broken, and honored he was
chosen.
possibility of meeting so many
different people from around
the world, and he plans on
Many other big cities scaled In recent years, Mr. Colbert keeping his tradition going
back or canceled their New has arrived as early as 8 a.m. once the crowds are back. “No-
Continued from Page One Year’s Eve celebrations this to secure a spot in front of his body throws a party like New
hand. year, including Las Vegas, Syd- preferred vantage point, the York.”

JEENAH MOON/REUTERS
The New York Police De- ney, Hong Kong and London. Paramount Building on Broad- Some aspects of the event
partment maintained a nine- For those who insisted on way. He usually went solo, say- remained in place. Confetti
block perimeter around Times celebrating in Times Square ing it was difficult to convince rained down on when the clock
Square to keep crowds from but didn’t snag an invitation, friends or family to brave the struck 12. Musical artists per-
congregating. there was a virtual alternative. elements and crowds. formed on stage throughout
The annual show went on Real-estate company James- He was tested a few years the night in questionable
for the benefit of the television Times Square, New Year’s Eve. Plenty of confetti, few people. town, which owns and man- back when the windchill wardrobe choices.
cameras and some lucky cho- ages One Times Square, the dipped below zero—he says he Grammy Award-winner Glo-
sen attendees—including hos- she practically had the place to Ms. Gajdos, who is em- building where the famous ball felt “like my face was going to ria Gaynor sang her 1978 disco
pital employees and food-de- herself. ployed by a mental-health so- drops, created a free app that crack.” anthem “I Will Survive” as a
livery workers, who were The invitees, who each cial-work agency, brought her let people roam a virtual ver- Since his place is reserved, fitting coda to 2020. Ms.
tested for the virus prior to could bring up to four of their friend, a student, to the cele- sion of the neighborhood with Mr. Colbert didn’t have to Gaynor said before her perfor-
showing up. friends or family members, re- bration. their own avatar. show up until the celebration mance she usually feeds off the
For as long as she can re- sulted in a crowd of around a “We spent the whole night About 159,000 users had kicked into high gear at 6 p.m. energy of the crowd, but was
member, Annmarie Gajdos has hundred. dancing away in our pen,” she signed up as of Wednesday, Despite these perks, he still prepared for the small audi-
wanted to ring in the new year Each friends-and-family said hours into 2021. “I haven’t which also featured real views couldn’t persuade anyone to ence since she has already
in Times Square, joining the group was separated from oth- been able to celebrate like this from cameras placed around join him, saying his fellow New done several performances
raucous crowds as they wait ers into socially distant, 8- in a very, very long time.” Times Square on New Year’s Yorkers simply couldn’t believe during the pandemic via video
for the crystal-laden, nearly by-8-foot pens created with The New Year’s Eve celebra- Eve, says Michael Phillips, that Times Square won’t be from the isolation of her New
12,000-pound ball to drop at police barricades. They had tion in Times Square started in president of Jamestown. crowded, cold and uncomfort- Jersey home.
midnight. chairs and access to that rarest 1904 when New York Times Ronald Colbert, 66, was one able on New Year’s Eve. “Covid has gotten me used
On Thursday night, Ms. Gaj- of luxuries, at least by the nor- owner Adolph Ochs organized of the few who partied in per- Actually, the reasons so to this,” she said. At least for
dos, a 22-year-old resident of mal tough-it-out standards of a party, including fireworks, to son. A deckhand on the Staten many locals avoid the usual the Times Square show, she
the city’s Staten Island bor- New Year’s in Times Square—a commemorate the opening of Island Ferry who has been New Year’s Eve celebration said, she didn’t have to serve
ough, finally got her wish. But toilet. the newspaper’s new head- working throughout the pan- were exactly what he longed as her own camera operator.

Oyo Falters miss the lawsuit.

Oyo’s game plan included
lowering room rates, often dra-

After Fast matically, to boost occupancy.

Oyo executives said the strat-

FROM TOP: TORU HANAI/BLOOMBERG NEWS; RODRIGO REYES MARIN/ZUMA PRESS

egy, powered by machine-

Expansion learning algorithms, would

.
produce higher revenue for ho-
tel owners in the long term.

ly
Oyo’s first U.S. property was
Continued from Page One a Dallas hotel that typically
occupancy and revenue. In ex- charged around $70 a night.
change, Oyo charged hotels
fees and commissions.
The model worked in India,
where large hotel chains are
on Within a day of landing on
Oyo’s website, the hotel dou-
bled its occupancy rate to 60%,
said Ken Masters, the owner.
less common. It has faltered in Eager to boost guest num-
us ,

the U.S., China and Japan, bers, Oyo’s Mr. Agarwal or-
l

countries with established bud- dered the room rate cut to

e
al a

get brands. Some current and about $20, said people familiar
former employees say it is un- with the matter. A line of cus-
clear whether the services Oyo tomers, including some home-
ci on

offers hotel owners are attrac- less, soon stretched outside

tive enough to entice and keep from the lobby.
large numbers of them on its “We had no control over
network without the subsidies pricing,” Mr. Masters said.
it had been offering. Revenue “They controlled it and made it
er s

at many Oyo hotels didn’t rise India's Oyo Hotels & Homes has attracted billions of dollars of impossible for us.”
as expected even before the investment, but its rapid global expansion began to falter even An Oyo spokesman said Mr.
m er

pandemic, leaving hoteliers before the coronavirus pandemic emerged, and its U.S. holdings Masters decided against re-
frustrated, hotel owners and are far behind competitors'. newing his Oyo contract even
former Oyo employees said. though his hotel’s revenue had
The number of hotel rooms Top global hotel groups by Top U.S. budget brands by climbed. Mr. Masters didn’t re-
on its network world-wide has rooms, in thousands rooms, in thousands spond to a request for com-
m rp

declined by more than half in Marriott International Days Inn ment about that.
the past year to around 1,300 104 “We had some issues during
530,000, according to an analy- the early days as this was our
Hilton Worldwide Motel 
sis by The Wall Street Journal. 945 101 first property,” the spokes-
That would diminish the woman said, “but the business
co Fo

chain’s ranking by number of InterContinental Hotels Group Super  model success was real.”
818 91
rooms to around No. 7 globally. Oyo has since introduced a
An Oyo spokeswoman said Wyndham Hotels & Resorts Extended Stay America system that sets a minimum
the company’s room count has 764 70 price of $30 per room and lets
fallen only 16% compared with Accor Red Roof Inn owners raise rates as much as
2019. She said Oyo has more 670 52 10%, which the company said
than one million rooms on its Choice Hotels International Econo Lodge has reduced complaints. It also
platform, a number that in- 569 47 has started weekly satisfaction
cludes its vacation-home busi- Oyo Hotels & Homes Americas Best Value Inn surveys in the U.S. and China,
ness. 529 36 which Mr. Agarwal reviews
The closely held company, personally.
Best Western Hotels & Resorts WoodSpring Suites
which is unprofitable, offered a Top: A Tokyo hotel that had been in the Oyo network. Above: Oyo had planned to become
308 35
guaranteed monthly revenue to Ritesh Agarwal, Oyo Hotels and Homes chief, left, greeted Japan’s biggest hotel chain by
n-

many hotels that signed on, Masayoshi Son, chairman and CEO of SoftBank, in 2019 Hyatt Hotels Rodeway Inn early last year, according to a
digging into its own pockets if 218 32 2019 company document
necessary to make the pay- statement. “We have made our ing the pandemic in some Eu- Jin Jiang International InTown Suites viewed by the Journal. The
ment. The incentive helped share of mistakes…and im- ropean countries. Vacation 187 24 company signed up hotels be-
no

quickly boost room count. proved every aspect rapidly.” homes make up nearly half of Radisson Hotel Group Oyo Hotels & Homes fore its Japan platform was
But some owners said they Oyo combines the number of its total rooms, up from 179 19 fully ready, according to hote-
were shortchanged. Quan hotel rooms in its chain with roughly a quarter in 2019, ac- liers and former Oyo employ-
Note: As of October
Zhangyue, a 30-year-old hotel its vacation-home business, cording to the Journal’s calcu- Sources: STR; WSJ analysis (Oyo global)
ees. Its India-built website of-
owner in the Chinese city of making it difficult to estimate lations. Oyo said it was now ten didn’t correctly display
Xi’an, said he accepted the of- the size of its hotel operations adding 40,000 rooms a month. Japanese text. Its booking sys-
fer in July 2019. Months later, alone. The Journal’s calcula- During the pandemic, Oyo The company said it has tives and used tactics that tem, initially run out of India,
after Oyo refused to pay almost tions suggest that at its peak in cut staff world-wide to about about $1 billion in cash and were successful in India. Rival yielded data-entry errors—
$6,000 Mr. Quan said they 2019, the company had around 10,000 from 30,000. that its business was rebound- sales reps worked the same from putting the wrong maps
owed him, he left the chain. 1.2 million hotel rooms, making Oyo was founded in 2013 by ing in many markets. Its gross territories and made calls to on hotel descriptions to mixing
“100%, I am not going to work it the world’s biggest chain af- Mr. Agarwal when he was 19. margin globally—revenue after the same hotels, annoying up smoking-room reservations,
with them again,” he said. ter Marriott International Inc. The company belonged to a subtracting expenses at indi- owners, former staff said. An the hoteliers and former Oyo
Numerous hoteliers in vari- Some 780,000 of those hotel new generation of Indian start- vidual hotels in its network— Oyo spokeswoman said issues employees said.
ous countries told of similar rooms were in China, Oyo said ups. SoftBank started investing has returned to 85% of what it related to overlapping sales Oyo’s India headquarters at
experiences. An Oyo spokes- in 2019, making it the com- in Oyo in 2015, then trans- was before Covid-19, Oyo said. territories have been fixed. first also didn’t realize that
woman declined to comment pany’s largest market at the ferred its stake to the Vision The company is still losing Oyo’s internal goal, accord- Japanese-style inns charged by
on Mr. Quan’s claims and said Fund in 2018, encouraging Mr. money, around $15 million a ing to current and former em- the person not the room, said
the company was committed to Agarwal to think big. month, even after cutting ex- ployees, was to enlist approxi- Takanori Suzuki, an inn owner
resolving issues with partners. Oyo expanded to Southeast penses by around 70% com- mately 2,000 hotels in the U.S. in Tokyo who left Oyo’s net-
Oyo said it cut ties with
At its peak, Oyo had Asia and, in 2018, to China. It pared with the previous year, by the end of 2019. That would work last year. The company
some hotels for failing to com- around 1.2 million launched operations in Japan according to a person with have been more than G6 Hospi- said there were pricing issues
ply with their contracts, and and the U.S. a year later, while knowledge of the figures. The tality LLC’s Motel 6 locations while Oyo was “learning the
that the number of disputes
rooms, making it also snapping up vacation company has around $500 mil- in the U.S., more than Best ropes of revenue optimization.”
was relatively small compared second to Marriott. homes in Europe and acquiring lion in cash, the person said. Western Hotels & Resorts’ total Some of the loudest com-
with the total number of its a business that uses artificial The spokeswoman declined and nearly as many as Wynd- plaints have been over the
properties. The company intelligence to price home rent- to comment on Oyo’s expenses ham’s Super 8 hotels. monthly revenue guarantees to
stopped offering minimum als. A 2019 valuation report or cash burn. She said Oyo’s An Oyo spokeswoman said hotels in China.
guarantees last year to hotels time. Oyo also had more than viewed by the Journal indi- stated $1 billion figure for cash the company met its official Oyo rolled out these con-
world-wide, saying the ar- 400,000 rooms in its vacation- cates Oyo had expected the includes all subsidiaries and target of 250 hotels in the U.S. tracts in 2019 to compete with
rangement had served its pur- home business following acqui- U.S., China and Japan markets joint ventures. Oyo feels “rea- but that staff sometimes set global giants like Super 8, as
pose of convincing owners that sitions that year in Europe, ac- to account for more than a sonably comfortable about the more ambitious personal goals. well as brands run by Shang-
Oyo would boost occupancy cording to Journal estimates. third of the business’s value in cost structure and health of She said Oyo ended 2019 with hai-based Huazhu Group Ltd.,
and revenue. Oyo tried “to accelerate so the next few years. the business,” she said. approximately 300. one of China’s biggest hote-
Some hotels that left Oyo much, that’s where the prob- Oyo has since shifted its fo- The Vision Fund has written In a lawsuit seeking class- liers.
were until recently still listed lem came,” said Mitch cus to India, Europe and South- down the value of its stake in action status filed Oct. 28 in Guaranteed payments
on its website, including some Presnick, who had launched east Asia. The company said in Oyo by more than half, said the Texas, two hospitality compa- helped Oyo add tens of thou-
featured in online testimonials. Wyndham Hotel Group’s Super a statement it was aiming to person familiar with the mat- nies allege Oyo inappropriately sands of hotels to its network,
The spokeswoman said the 8 brand in China and is now increase its revenue 50% to ter. That was a costly blow: canceled minimum-revenue but put its China operations in
company’s website was being chief executive of a small hotel 90% a year for its combined The fund had invested more guarantee contracts with 50 to the red, the company has said.
updated. startup. hotel and vacation-home busi- than $2 billion for around half 70 hotel owners in its network, When Oyo canceled more of
The company said it now ness, less than half its pace of of Oyo, and it had been book- saying the company used the its minimum guarantees begin-
has 70,000 rooms in China, a growth in the previous two ing paper gains on its stake for Covid-19 pandemic as “a conve- ning in late 2019, hotel owners
Early checkout decline of more than 90% after years that ended in March. years, the person said. nient cover” for its business and suppliers filed lawsuits,
Entering new markets hoteliers left the network and Investors valued the com- failures, according to court fil- staged protests at Oyo offices
“comes with a learning curve Oyo pulled out of some cities. pany at $8 billion to $10 billion ings. In response, Oyo filed a and aired complaints on social
for every company—Oyo is no At the same time, Oyo’s va- following a fundraising round Price wars counterclaim saying the plain- media.
exception,” the company’s 27- cation-home business has in 2019, based on estimates Oyo’s problems extended to tiff owners owed the company —Rolfe Winkler and Zhou
year-old chief executive, Ritesh grown. The company has said that Oyo would be profitable in the U.S. The company hired termination fees, and most re- Wei contributed to this
Agarwal, said in a written it has seen a sharp uptick dur- 2022. hundreds of sales representa- cently asked the court to dis- 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, January 2 - 3, 2021 | A11

OPINION
Georgia Voters Prepare to Decide the Senate
By Mene Ukueberuwa

J
Columbus, Ga.
oe Biden won Georgia.
That statement isn’t as
hard on Republicans’ ears
as it was in early Novem-
ber. A hand recount that
concluded Dec. 7, the Electoral Col-
lege vote on Dec. 14, and the sim-
ple passing of time have made the
result seem final, even among vot-
ers who doubt it.
But for weeks, widespread de-
nial among Republicans obscured
the result’s significance. With
GETTY IMAGES (2)

49.5% of the vote to President

Trump’s 49.3%, Mr. Biden became
the first Democratic presidential
candidate since 1992 to carry
Georgia. No Democrat since Bill Sens. Kelly Loeffler and David Perdue campaign with Ivanka Trump in Milton, Dec. 21. Jon Osoff and Raphael Warnock appear at a rally in Stonecrest, Dec. 28.
Clinton had won any state in the
once solidly Democratic Deep the next president’s plans—per- and rivals Mr. Williams in confi- the Senate to pass “a new Civil “It’s real. The more you do some-
South, defined to include Alabama, haps because she knows Georgia dence for her own side. “There are Rights Act” and “a new Voting thing, the more progress you’ll
Louisiana, Mississippi and South Republicans have it down pat. “It’s more young people getting edu- Rights Act that will secure the sa- get,” she says, describing her years
Carolina along with the Peach about our gun rights, and it’s cated and getting involved,” she cred franchise.” of volunteering on get-out-the-vote
State. about the economy,” attendee says. “People are more aware and The implication is that the civil- campaigns. Ms. Washington, a re-
Until this year, Southern Senate Jerry Williams, 67, tells me. “I was they’re fighting for people of color, rights movement continues today, tired high-school principal, helped
delegations seemed to have under- raised a Democrat, and I actually gay rights, Native lands, all of literally, and that voting for Demo- elect Eugene P. Walker in 1984,
gone a similar Republican realign- voted for Jimmy Carter—first mis- that.” Ms. Oswald, 22, had a tradi- crats is the most urgent way DeKalb County’s first black state
ment. With the exception of Ala- take I ever made. But the Demo- tional upbringing, but she’s Americans are called to partici- senator. “We have worked so hard
bama’s Doug Jones, who edged out cratic Party has changed. I don’t thrilled rather than daunted by the pate. Since the 1960s, black politi- in the state of Georgia for voting
a scandal-plagued Republican nom- even know what it is now.” To Mr. social change she perceives: “I cians have invoked the struggle inclusion,” she says. “We finally
inee in a 2017 special election (and Williams, who is active in Colum- grew up in Conyers, and then against legal oppression to legiti- have a good system.”
was soundly defeated for a full bus’s Republican group, Georgia Gainesville. My family was more mize their candidacies—often with It’s impossible to deny that Re-
term in November), no Democrat Democrats have moved ever fur- conservative. And I’m a nonreli- great personal credibility, as in the publicans face a growing challenge
has won a Deep South Senate seat ther from the state’s core values. gious bisexual woman.” She jumps case of Atlanta Rep. John Lewis, from both suburban and black vot-
since 2008, and not one has un- Yet the Biden win and the tight back to work when two customers who died in July. But that rhetori- ers. Idealistic and more-practical
seated a Republican incumbent Senate races suggest that the state come in, but leaves with the part- cal move often exaggerates current Democrats alike are energized by
since 1986. has moved too. Ms. Loeffler’s chal- ing cry, “Vote blue!” racial problems—claiming, for ex- the feeling that they’ve succeeded

.
T
lenger, the Rev. Raphael Warnock, ample that police killings of blacks in turning Georgia blue. For the
leads by 1.8 points, according to he combination of youthful are widespread, or that the black GOP senators, holding the line may

ly
The last time a Democrat the RealClearPolitics poll average. excitement and progressive vote in Georgia is being sup- depend on convincing swing voters
Jon Ossoff, the documentary film- sternness was in the air at pressed, despite increases in the and their own base to discount the
unseated an incumbent maker vying for Mr. Perdue’s seat, the It’s Time to Vote rally Monday black share of overall turnout in fervid rhetoric and remember their
from the upper chamber on
leads by 0.8 point, although the in- in Stonecrest, featuring both Dem- recent elections. policy record.

M
cumbent beat him in the Novem- ocratic Senate candidates. Count- The most ambitious part of the
here was in 1986. Two ber tally, 49.7% to 47.9%. Mr. Wil- less features of the event evoke rhetorical move is the insistence r. Perdue pitches that mes-
of them are vying to do so liams attributes the shift to new the thought “only in 2020.” It’s a that conventional Democratic sage Tuesday at a rally in
residents in Atlanta and its sub- drive-in, with hundreds of cars Party causes are part of the civil- Jackson, a town of some
us ,

in next Tuesday’s runoffs. urbs: “There’s been a lot of growth parked in the lot of the New Birth rights struggle. Mr. Warnock puts 5,000. Addressing a large crowd
l

around Fulton County, and that’s Missionary Baptist Church, a black on a clinic in this regard. from the porch of the local pizza
e
al a

where you saw Biden’s numbers. megachurch. In place of an invoca- He begins by casting his oppo- restaurant, he laments Georgia’s
That may be about to change. And Gwinnett County”—northeast tion, celebrity pastor Jamal Harri- nent as a successor to segregation- choice to return the Democrats to
Georgia’s two GOP senators were of Atlanta—“has flipped.” son Bryant (Mr. Warnock’s More- ists: “I don’t know why Kelly Loeff- the White House: “What do you
ci on

both on the ballot in November— With Georgia suddenly a swing house College classmate) takes the ler’s friends are QAnon call it when someone pushes the
and will be again Tuesday, as nei- state, voters have become prone to stage in a camouflage jacket and conspiracists and white suprema- same button over and over again
ther cleared the 50% threshold to break it down county by county tells the crowd that the runoffs are cists and former members of the expecting a different result? Insan-
avoid a runoff under Georgia elec- with the ease of a cable news pun- a chance to “make America great Ku Klux Klan.” He recounts his two ity!” Mr. Biden, he says, will follow
tion law. With Republicans holding dit. “Muscogee is also historically for the first time!” The event is arrests for civil disobedience—at a President Obama in imposing “the
er s

50 other Senate seats and Vice Democrat,” Mr. Williams says. But hosted enthusiastically by Reginae 2014 Atlanta sit-in to urge Medic- same taxes and the same regula-
President-elect Kamala Harris cast- that county, which is coterminous Carter, whose father, rapper Lil aid expansion and another in tions that held the economy back.
m er

ing a prospective tie-breaking with Columbus, added little to Mr. Wayne, drew headlines in October Washington in 2017 to protest Mr. Except it will be even more. That’s
vote, that means Georgia voters Biden’s overperformance because when he endorsed Mr. Trump. And Trump’s tax reform. like pushing the button harder and
will decide which party controls “it isn’t growing like some of the the candidates’ remarks are pre- Progressives like to cite Martin expecting a different result.” He
the chamber. other regions.” ceded by a three-act concert fea- Luther King’s belief that economic touts the pre-pandemic economic
Sen. Kelly Loeffler was ap- As in the Atlanta area, the bulk turing a DJ who between numbers and social justice are inseparable. rebound under Mr. Trump: “We
m rp

pointed in January when Johnny of Democratic votes in Columbus plays a sound effect of gunshots But the insinuation that tax and proved what we stand for actually
Isakson retired for health reasons. are cast by black residents. “I hate followed by shattering glass, with health-care policy are literally works!”
“We need to show President to say it,” says Mr. Williams, who the volume on blast. matters of civil rights is a move With a record number of early
Trump that Georgia is a red state!” is white, “but the divide runs Eventually, the candidates show meant to shield their policies from votes already in, all four candi-
she tells a crowd Sunday on the along racial lines.” Yet he echoes up and bring the sternness. Mr. Os- criticism. If Democrats’ favored dates sought to make disciples of
co Fo

patio of a hotel in Columbus, the Ms. Loeffler in asserting that Geor- soff seeks to frame his and Mr. styles of redistribution are the their supporters, sending them off
state’s third-largest city, which gia still has a conservative major- Warnock’s campaigns as part of a only path to justice, any objection to preach to like-minded strag-
borders Alabama. ity. A Democratic sweep in the long tradition of Southern prog- to them can be written off as rac- glers. “This is the ‘saved’ right
The remark is one of the few runoffs would show that conserva- ress. “Think of how far we’ve ism. Policies like school choice, here,” Mr. Perdue tells the crowd.
references she makes to the lame- tive activists like him “just didn’t come,” he says, “that your stan- more closely tailored to the most “We need to find the unsaved.” For
duck president. Instead her speech fight hard enough.” dard bearers are the young Jewish urgent problems facing blacks to- decades, Republicans felt secure in
looks ahead to the Biden adminis- Across the state headed north- son of an immigrant and a black day, are dismissed with the same their status as Georgia’s favored
tration. “If we lose,” she says, re- east is Athens, home of the Univer- preacher who holds Martin Luther false critique. party, while the Democrats held
ferring to herself and Sen. David sity of Georgia’s main campus and King’s pulpit at Ebenezer Baptist Young voters often accept these out hope that their time would
Perdue, “we don’t just lose the a stronghold of the other demo- Church.” His invocations of the exaggerations. Older ones tend to come. On Tuesday we’ll know if it
Senate. We’ll lose the country— graphic group that has trended civil-rights movement aren’t take a humbler view of politics. Af- has.
and we won’t get it back. We won’t Democratic: young college-edu- merely symbolic. Citing the con- ter the rally, Dolores Washington,
get another chance.” cated whites. Peyton Oswald, a temporary problems of racial vio- 78, expresses optimism about the Mr. Ukueberuwa is an assistant
n-

Ms. Loeffler’s brief remarks waitress at Jinya Ramen Bar lence and alleged voter suppres- progress Southern blacks have editorial features editor at the
don’t include a detailed critique of downtown, hails from that group sion, he declares that he’ll go to made, including in voter turnout. Journal.

What Isn’t the Matter With Hartford?

no

Hartford, Conn. 1948. The city’s sole Republican costs. This, he argued, was essential trations of urban poverty. The hor- leaders who are willing to confront
The Hartford Cou- mayor during that time, Antonina to ensuring Hartford’s fiscal stabil- rible economic policies of the politi- special-interest groups and reform
rant has had a pres- Uccello, left office in 1971. Earlier ity. “You can’t be a suburb of no- cians—and public-employee unions the pensions that are crushing city
ence in Connecti- this year Mayor Luke Bronin, 41, where,” he told residents of West —who run Connecticut’s cities budgets. Cities like Hartford need
cut’s capital city for embraced the progressive mantra to Hartford, a separate municipality. evidently has nothing to do with to lower taxes and reduce regula-
250 years. Last “defund the police” and reduced the Not surprisingly, West Hartford and the condition they are in. tions to attract business and create
month the paper’s city’s public-safety budget by $2 other adjacent towns sent Mr. Instead of taking zoning control jobs. Mayors need to clean up trou-
CROSS
COUNTRY owners announced million, or 6%. The spike in gun vio- Bronin packing. away from well-managed towns bled neighborhoods and address
that its newsroom lence that followed required Mr. across the state, Mr. Lamont should crime, invest in charter and magnet
By Bob
would close for Bronin to ask Gov. Ned Lamont, also work with mayors to fix their cities’ schools, and allow education fund-
Stefanowski
good. The Courant a Democrat, to send in the Connect- Once famous as the fundamental structural problems. ing to follow the child, giving par-
will continue to icut State Police. There were more Bailouts may hide those problems ents the ability to choose where
publish, but its reporters and edi- than 200 shootings in the city insurance capital of the for a while, but they’ll return even- their kids go to school, rather than
tors will no longer work the phones through the first 11 months of the world, Connecticut’s tually. trapping them in underperforming
in its downtown offices. Some jour- year—making it Hartford’s most vio- Families in Hartford and cities districts.
nalists may consider the shift to re- lent year in at least a decade. What capital city is falling apart. across Connecticut have been wait- None of this is easy. None of it is
mote work a relief. Hartford is the does Mr. Bronin think is responsi- ing decades for true reform. Private fast. And none of it is politically
state’s most dangerous city and, by ble? A Connecticut Public Radio re- charities have helped fill the gaps expedient or likely to be supported
some measures, among the most port put it bluntly: “The mayor In an attempt to shake a state left by weak political leaders, but by powerful public-sector unions—
dangerous cities in the country. blames the explosion of gun vio- bailout from Gov. Dannel Malloy, fixing Connecticut’s broken cities which probably explains why, at
Once famous as the “insurance lence in his city on COVID-19.” Mr. Lamont’s Democratic predeces- will require difficult decisions. least in Connecticut, none of it
capital of the world,” Hartford has Mr. Bronin was elected in 2015 sor, Mr. Bronin drew up plans for Short-term bailouts won’t cut it. happens.
been in decline for 30 years. In the and re-elected in 2019. As a former Hartford’s bankruptcy in 2017. The Neither will false claims about the
1990s, Hartford’s population hemor- senior official in the Obama Treasury threat proved effective. Mr. Malloy efficacy of regionalism or other Mr. Stefanowski was the 2018
rhage made national news. Today it Department, he seemed—on paper, knew that a bankrupt capital city progressive pipe dreams. Republican nominee for governor of
is smaller still, less than 70% of at least—like the right man for the would be a black eye for Connecti- Connecticut desperately needs Connecticut.
what it was in 1950. Hartford’s pov- job of turning around a city plagued cut, as Harrisburg had been for
erty rate is one of the highest in the by deep and persistent fiscal prob- Pennsylvania in 2011, so he agreed

Notable & Quotable: Electors

nation. The city is falling apart. lems. Hartford suffers from excessive to let Connecticut taxpayers pick up
Even before the pandemic, Wal- debt levels, large amounts of tax-ex- all of Hartford’s general obligation
letHub.com ranked Hartford 46th empt government property, runaway debt, about $534 million, over the
among state capitals in affordabil- pension costs, structural budget defi- next three decades. A Dec. 31 Twitter thread by law making the same (absurd) claims.
ity, economic well-being, education, cits, and a property-tax rate that is With Hartford’s financial prob- professor Jonathan Adler: The biggest difference is that the
health and quality of life. The past the highest in the state. lems “solved,” Mr. Bronin aban- 2004 objectors were largely on the
nine months are unlikely to have Instead of putting a plan in place doned all pretense of reform and is Having dealt with Ohio 2004 elec- fringe (though the ranking member
improved that ranking. The city to correct decades of fiscal mis- focused exclusively on promoting tion truthers for many years, I find on House Judiciary continued to push
spends more than $400 million an- management, Mr. Bronin headed to regionalism, the justification for the revisionism about Sen. [Barbara] the conspiracy theory for years). In
nually on education ($17,260 per the suburbs to pitch a zany left- which has lately shifted from cost Boxer and the 31 House members 2020, the President is on board, and
student) yet nearly 30% of its stu- wing idea. Progressives call it “re- savings to racial and economic eq- who voted to reject Ohio’s electoral party leaders are too quiet out of
dents don’t graduate high school on gionalism.” Sane people call it a tax uity. DesegregateCT, a new non- votes to be quite irksome. cowardice. It’s not that partisans of
time. Only 18% of students in grab. profit founded by Sarah Bronin—an One reason is that many of the ar- one side or another are more prone
grades 3 through 8 test at age-ap- Hartford was critical to the en- architect, law professor and the guments we hear this year—alleged to accept conspiratorial claims. It’s
propriate levels in math, and 25% tire region’s success, Mr. Bronin ar- mayor’s wife—claims that “out- statistical anomalies, sinister tabula- that in 2020 political “leaders” have
do so in reading. gued, so the surrounding suburbs dated” zoning laws make the state’s tion machines, etc.—are the same ar- abdicated their responsibility to
Hartford has been governed al- should share their tax revenue with small towns unaffordable and, guments folks made about Ohio in show leadership and check such ten-
most exclusively by Democrats since the city and absorb some of its therefore, responsible for concen- 2004, it was just different people dencies within their tribe.
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

States of Growth and Decline The White House Can’t Dodge Responsibility

P
resident Trump is soon expected to sub- larger share of its population than Illinois (-2%). Scott Atlas’s op-ed “A Pandemic of Trying to shift blame for the bun-
mit to Congress state population counts Other states in the Midwest including Indiana Misinformation” (Dec. 22) contributes gled U.S. Covid response, Dr. Atlas ac-
to the problem he laments. He writes cuses the media of politicizing it. But
from this year’s Census for reappor- (4.1%), Iowa (3.7%), Kentucky (3%), Missouri
that states directed their own pan- the epicenter of politicization was in
tionment. Last week the Cen- (2.6%), Wisconsin (2.5%) and demic policies, with governors and the White House, with pronounce-
sus Bureau gave a preview of The latest population Michigan (0.9%) have added local officials responsible for out- ments that Covid was merely the flu
what to expect, and blue-state statistics show a shift population since 2010, accord- comes. A lack of leadership from the and denigrating remarks about mask-
Democrats might want to pre- ing to research outfit Wire- White House left them no other ing. The president made public-health
pare their smelling salts in from blue to red. points, so Democrats in Illinois choice. For example, Washington’s measures political by demanding alle-
advance. can’t blame cold weather. Opening Up America Again guidelines giance to his own nonscientific facts.
Sixteen mostly coastal and One culprit: Exorbitant were well-received, but the adminis- Dr. Atlas cites 50 different state
Rust Belt states lost population from July 2019 property taxes. The Illinois Policy Institute re- tration promptly ignored them, push- policies as exculpatory of federal
to July 2020, according to the Census Bureau’s ported an annual property tax bill of $30,201 on ing states to open before reaching blame, when it was instead a failure
annual population survey, and Illinois, West Vir- the Winnetka house featured in the movie “Home important health benchmarks. of federal leadership. He argues that
Jared Kushner relayed President lockdowns failed, when it was actually
ginia, New York, Connecticut, Mississippi and Alone,” which was recently valued at $1.26 mil-
Trump’s posture to Bob Woodward: softer restrictions that were ineffec-
Vermont have shrunk since 2010. At the same lion. That’s about 2.5 times more than a similarly The states would be responsible for tive, undermined by the president and
time, many low-tax Sun Belt states have contin- valued home in California. the public-health burden while he’d Dr. Atlas. Harder lockdowns are now
ued to attract newcomers. The elimination of the state-and-local tax own the reopening. “The opening is the only tool left for exasperated pub-
i i i (SALT) deduction in the 2017 GOP tax reform going to be very popular,” Mr. Kush- lic-health officials. And any credit for
The pandemic may have contributed to popu- has magnified the pain of living and working in ner said. vaccine development must be tem-
lation losses in some states as city dwellers with high-tax states. So it’s not surprising that most An October Gallup report con- pered by poorly planned distribution.
means escaped to rental and vacation homes. Democratic states in the Northeast last year lost cluded that “the most important fac- Dr. Atlas ends by denouncing the
Foreign immigration also fell after President population, led by New York (-126,355), Con- tor in Americans’ decision to [take media and scientific journals. What
Trump suspended new green cards in April. necticut (-9,016) and New Jersey (-8,887). New Covid precautions seriously] is expo- he is actually raging about is the re-
Some states, especially in the Northeast, experi- Hampshire gained (+5,492) and doesn’t tax sure to accurate information about fusal of good journalists and scien-
the pandemic from sources they tists to support the stream of false-
enced thousands of more deaths than usual due wage income. trust.” Mr. Trump played down hoods promulgated by the president.
to Covid. By raising taxes again and again to pay for Covid’s seriousness, belittled masks, On Nov. 3, the majority of Ameri-
But the bureau’s annual population estimate generous collective-bargained benefits, public flaunted CDC guidelines and ran a cans rejected living in a universe of
captures only the first few months of the pan- unions are making Democratic states less com- White House that became a Covid “alternative facts,” hopefully soon
demic when migration generally declined as petitive, much as private unions do to busi- epicenter. The government’s invest- closing this deadliest of anti-science
most people hunkered down. Geographic mobil- nesses. Note that states with the fastest-growing ment in vaccines must be applauded. chapters in our history.
ity increased over the summer and fall, and the populations also tend to have right-to-work Otherwise, its actions fell short. PROF. STEVEN GOODMAN
pandemic seems to have accelerated migration laws, which give workers a choice of whether to DAVID STONE Stanford University School of Medicine
flows that have been States with the Biggest Population Gains/Declines join a union. Birmingham, Mich. Stanford, Calif.
occurring for years. 2010-2020 Tesla CEO Elon
States such as New Musk has often com-
Jersey, Michigan, Texas 4,215,198 Vt. -2,394 plained about the
Pennsylvania and Cali- United Auto Workers Will Biden Reprise Obama’s Economic Policy?

.
fornia have counted on Fla. 2,932,002 Conn. -17,091 union, which has tried William A. Galston tees up Wash- with more stimulus, more federal “in-

ly
foreign immigration to organize his factory ington’s next massive stimulus pack- vestments” in favored industries and
offsetting net out-mi- Calif. 2,114,122 N.Y. -41,326 in Fremont, Calif. He’s age as essential to avoid a double-dip state and local governments, more
gration. That didn’t locating Tesla’s new recession (“Can Team Biden Prevent regulations and higher taxes.
happen this year, so
many states lost popu-
lation for the first time
N.C.

Ariz.
1,065,340

1,029,384
W.Va.

Ill.
on
-68,207

-243,102
auto factory in Texas.
Foreign auto makers
have expanded in
a Recession?” Politics & Ideas, Dec.
23). Mr. Galston is concerned that
“the pace of job growth has declined
for five straight months and may
How many trillions of dollars of
federal spending will it take to get
back to President Trump’s prepan-
demic unemployment rate of 3.5%?
in decades. right-to-work southern
have ceased in December.” Normal The rate didn’t get below 4.7% during
us ,

California’s popula- Source: Census Bureau states including Ten-

cyclical forces could be swamped by the Obama-Biden years. Let’s hope
l

tion shrank for the first time as far back as re- nessee, South Carolina and Alabama. “structural changes” that were accel- the Biden-Harris solution isn’t to hire
e
cords go (-69,532). According to a separate state Despite the pandemic, most Sun Belt states
al a

erated by the pandemic. five million more federal workers.

government survey, a net 261,000 residents with low taxes and good business climates This may be unsettling, but the RYAN GRAHAM
moved to other states during the period, the most gained population last year, led by Texas pace of job growth was destined to Melbourne, Fla.
ci on

in nearly 25 years. High housing costs have been (373,965), Florida (241,256), Arizona (129,558), fall after a fairly rapid recovery from
driving out the middle class for years. But now North Carolina (99,439) and Georgia (81,997). an extraordinary spike in job losses.
many large businesses are shifting workforces to Texas, Florida, Arizona, Tennessee and Idaho Compare this with the 2007-09 reces- The Reporting on Hunter
other states. grew more than they did in the previous year. sion. The unemployment rate peaked
around 10% nine months into Presi-
Biden Needs to Push Further
Last year Charles Schwab announced it is re- Six states have added more than one million
er s

dent Obama’s first year and didn’t “For Hunter Biden, Family Name
locating its corporate headquarters to the Dallas people since 2010 including Texas (4.2 million),
drop to 6.7% for 50 months until De- Aided Foreign Deals” (Page One, Dec.
region from San Francisco. Apple is building a Florida (2.9 million), California (2.1 million), and
m er

cember 2013. In 2020 the unemploy- 23) expressly made the point, “None
new campus in Austin. Facebook this fall bought North Carolina, Arizona and Georgia about a ment rate soared to nearly 15% in of the Journal’s reporting found that
REI’s headquarters outside of Seattle. Oracle and million each. April and dropped to 6.7% only seven Joe Biden was involved in his son’s
Hewlett Packard Enterprise recently announced It’s hard to predict how this migration will af- months later in November. business activities,” going so far as to
relocations to Texas. fect the political balance in states and Congress, Secular stagnation was the excuse highlight that text in a pull quote in
m rp

Other Democratic states that have taken their though California does seem likely to lose a seat made for eight years of modest the print edition. I guess it depends
high earners for granted face a similar reckon- in Congress for the first time. Many Republicans growth and slow labor-market recov- on the meaning of the word “in-
ing, only worse since they have older popula- worry that migrants from high-tax states will ery under Mr. Obama’s stewardship. volved.” In December 2013 Hunter Bi-
tions and are also losing more retirees. Over the import their liberal politics to conservative It seems that Mr. Biden’s will be den travelled with his father on Air
last decade, Illinois has lost 243,102 in popula- states. But then U.S. immigrants who fled social- structural changes, but one guesses Force Two, the vice president’s air-
co Fo

his solutions will be similar. Washing- craft, to Beijing, where it was later
tion, about the size of Peoria and Naperville ism are also among the staunchest supporters
ton will pick up the economic slack reported that he was forming a Chi-
combined. Only West Virginia (-3.7%) has lost a of free markets. nese private-equity firm. I wonder
what dad and son talked about on the
Police Devote the Manpower
Hong Kong’s Political Prisoners Because Black Lives Matter
flight home from China.
CHRIS J. KRISINGER

T
Burke, Va.
he crackdown continues in Hong Kong, granted “unless the judge has sufficient Regarding Tunku Varadarajan’s
and this week the Chinese government grounds for believing the criminal suspect or “The Weekend Interview with John Great article about Hunter Biden!
made an example of the territory’s defendant will not continue to commit acts en- McAuliffe” (Dec. 26): I was a police Now do Ivanka, Don Jr. and Eric
most prominent political dangering national security.” officer in the 1970s, ’80s and ’90s, re- Trump.
prisoners. Jimmy Lai’s bail is Mr. Lai poses no such threat. tiring in 2002. If black lives didn’t TERESA CASTLEBERRY
matter during all those years, we Sarasota, Fla.
Publisher Jimmy Lai is revoked, and fleeing boat He has bravely chosen not to
n-

would have needed about 50% fewer

back in jail after Hong Kong’s flee despite having a British officers. If I were a police officer now,
Court of Final Appeal revoked people get prison terms. passport, and China wants to during these difficult times, I would An English Catholic Doesn’t
his bail. A long-time democ- make an example of him to have to resign or retire—from a job I
racy advocate and critic of stifle all criticism. Go to the Dentist for Nothing
no

truly love.
the Communist Party, Mr. Lai faces multiple Meanwhile on the mainland, a Shenzhen RICH BONITO D.J. Taylor’s pleasing review of
charges for participating in last year’s Hong court meted out harsh sentences for 10 Hong Hendersonville, N.C. “The Unquiet Englishman” (Book-
Kong protests, and authorities have also Kongers who were arrested as they fled by shelf, Dec. 26) notes the biogra-
charged him under the new national-security boat to Taiwan. Authorities wouldn’t let these pher’s refutation of Graham Greene’s
law, which effectively outlaws dissent. thwarted refugees meet with the lawyers No Automatic Citizenship claim in his 1971 autobiography “A
Sort of Life” to have visited a den-
The maximum sentence is life in prison, and hired by their families, and on Wednesday the For Working Illegal Aliens tist merely to ward off a bout of en-
there’s no guarantee that Chinese authorities court sentenced the 10 to between seven In “A Look Back at the Pandemic nui. As a Catholic familiar with the
won’t extradite Mr. Lai to the mainland. A months and three years, almost certainly to Year” (Declarations, Dec. 26), Peggy British character from many travels
lower court enraged Beijing last week when be spent in China’s opaque and notorious Noonan proposed to give “full U.S. there and from the readings re-
it granted bail and allowed Mr. Lai to await prison system. citizenship, no questions or penal- quired for a B.A. in English litera-
his trial under house arrest as long as he re- Beijing now considers it a criminal offense ties,” to illegal-immigrant “stackers, ture circa 1974, I didn’t for a mo-
frained from giving interviews, posting on so- to attempt to flee persecution in Hong Kong. counter clerks and others” who ment think Greene would see a
cial media, or making public statements. This is Soviet or North Korean behavior, and helped the country through the dentist for such a pain-free reason,
The prosecution cited Article 42 of the se- we hope that Joe Biden and his officials will pandemic. given the parsimonious nature of the
curity law, which states that no bail can be speak plainly against it. She may pity these people, but native Englishman, straitened by Ro-
consider the millions of immigrants man Catholicism’s penury, and the
who did the right thing, filled out all toleration of poor dentition in the
A Buffalo Bills Miracle the right forms and waited for their
time to join the American experi-
British Isles generally. Of course it
was an abscess.

W
ment, especially throughout the past J. CHARLES SYKES
hether or not they make it to the and that team has a charisma and personality century. And what about those peo- San Jose, Calif.
Super Bowl, the Buffalo Bills have that is infectious.” ple who are still waiting in line to
already pulled off a miracle vic- The Governor’s plan requires all fans to be immigrate?
tory: persuading New York Gov. Andrew tested before the game and wear masks. The A long pathway to citizenship, Pepper ...
Cuomo to let 6,700 fans attend their playoff state also plans to hold drive-through rapid test- with time and motive to truly assimi-
game next weekend. ing at the stadium, which he says would be a pilot late, is acceptable and desirable. But
And Salt
The Bills have won the AFC East division for for reopening businesses and live events. instant citizenship is an affront to all THE WALL STREET JOURNAL

the first time in 25 years and will host their first “This is not just about attending a football Americans. Ms. Noonan’s pity ob-
scures her sense of justice.
home playoff game since 1996. Buffalo could use game,” Mr. Cuomo said. “We are trying to find
LAWRENCE S. GIORDANO
the morale boost. It sure hasn’t received one from a way to reopen businesses.” If it works there, Wilmington, Del.
the billions of dollars Mr. Cuomo has spent trying he added, “can you do Madison Square Garden?
to revive the western New York economy. Could you do a theater on Broadway? Could you
Mr. Cuomo has kept Bill fans locked out of do a certain capacity in a restaurant, so restau- CORRECTION
the stadium all season, though 13 other NFL sta- rants could start to reopen safely?”
diums have allowed limited numbers to attend We can’t “start 2021 with the expectation Richard Gorham is no longer chair-
games. There has been only one report of a fan that the economy will reopen when the vaccine man of the English department at Law-
testing positive after an NFL game. Yet in No- hits critical mass,” he noted. “We can’t take six rence (Mass.) High School. This was
vember Mr. Cuomo proclaimed it would be months, nine months, 12 months of a closed- misstated in the Dec. 28 op-ed “Even
Homer Gets Mobbed.”
“reckless” to let any fans into a stadium that down economy. We can’t take the economic
could seat nearly 72,000. cost. We can’t take the psychological cost. We
Letters intended for publication should
Perhaps feeling the holiday spirit or pressure can’t take the emotional cost.” be emailed to [email protected]. Please
from upstate voters, Mr. Cuomo has reversed For months Mr. Cuomo has needlessly shut include your city, state and telephone
course. “We’re all feeling the excitement,” Mr. down businesses despite precautions to operate number. All letters are subject to
Cuomo said Wednesday. “We’ve all wanted the safely. But we’re glad he may be seeing the light editing, and unpublished letters cannot “Thank goodness for YouTube videos.
be acknowledged.
Buffalo Bills to be good, it’s been a long time, now, even if it took a football game. The operation was a success.”
 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, January 2 - 3, 2021 | A13

OPINION

In 2021, All the World’s a Stage

ity. She’d be on the phone with a where people go and gather. They
friend: Whatcha doin’? Wanna get in keep the streets alive. They need sup-
a car and get lost? What if we just port, and in my city it’s not only the
show up and surprise them? Let’s see pandemic doing them in. Real-estate
DECLARATIONS who’s in town. firms have bought up buildings and
By Peggy Noonan My vision of 2021, the picture I closed the shops below to build expen-

Y
held of that future, came into my head sive condos. They’re removing part of
ou have to go into this year in early summer. This would come: We what made people want to live in the
with dreams, there’s no are gathered in a darkened theater, neighborhood, the stores and their
other way to do it. We’re 1,500 of us, for the first time since street traffic, the sense of liveliness
still in an epic struggle, March 2020. The orchestra starts, the and the commerce they bring.
and it will be a while be- curtain rises, and on the stage a What guts it will take the owners
fore things settle down into some ap- crowded old railroad coach is in full and workers of small business to
proximation of normal. Dreams are cry. The train conductor booms, “River keep going, or start again, or shift
how we got through 2020, or maybe City next station stop!” And in the au- weight and go into something else,
not dreams precisely but a picture dience applause starts, unplanned, just something new.
you kept in your head that helped erupting, and the actors playing the The theologian Paul Tillich wrote
you keep going, that captured what salesmen on the train play through. about the difference between fear
you missed and will have again. It “Ya can talk-talk-talk. . . . Ya can talk CHAD CROWE and anxiety. Fear is of something,
was a picture of When the Pandemic all ya wanna, but it’s different than it you can name it and face it, and in
is Over and we carried it in our psy- was.” Suddenly a tall man in a natty the facing of it lift your own morale,
chic wallets. suit comes forward: “Gentlemen, you show yourself what’s in you. Anxiety
intrigue me. I think I’ll have to give and it will be led and fed by the idea party again. The young will come out is amorphous; it doesn’t quite have
Iowa a try.” It’s Professor Harold Hill, of pent-upness. There’s so much pent- of their apartments and flood into an object, it’s a state. And so it’s
We got through 2020 with the Music Man. He’s played by Hugh up desire for joy out there. Surely it the streets dressed in all the colors in harder to shake and no empowering
Jackman. We’re at the revival that was will begin to explode in late spring, the world. necessarily comes from it. A lot of
pictures of normality in supposed to open in 2020. Now pent- with vaccines more available and a There will be much wreckage to people this year will have to break
our heads. In a few months up emotion really breaks out and what spreading sense that things are easing get through, no point in not seeing down a generalized anxiety into
builds is a wave of unstoppable off, and be fully anarchic by summer. that. It is odd that after almost a year specific fears and deal with them
they’ll start to come true. cheers, and then we can’t help it, we Growth will come back, people will the government doesn’t seem to have courageously.
stand. And Mr. Jackman understands burst out, it’s going to be exciting. its hands around the number of America has been through so
this moment, and after a minute he Businesses will start to come back to small-business closings. Yelp reported much this year—world-wide illness,
My friend John’s picture: He’s in stops the show, and in a great flourish, office buildings and see if that works. that 60% of its listed small businesses lockdowns, death, sickness, searing
Fenway Park, the seats are full and as if speaking for all the history of the The great newsrooms will be full and that had closed as of August would arguments about how to handle it all.
close together, and he orders a Fen- theater past and present, makes a bustling with noise again, and the never reopen. An estimated 164,000 We tried to do what we had never
way Frank and chowder, and the deep and graceful bow. As if theater it- young hire will be given a desk, not a had closed, 98,000 of them perma- done before, close everything down
other people in the row pass them self were bowing to all of those by Zoom link. We will call old friends for nently. The numbers may be higher: A to fight a disease and each day, in
down without fear or masks. Some- whom it lives. dinner and meet at crowded restau- study from the University of Califor- real time, face the economic, social
one gets a hit and no one’s afraid to And all of us know: Theater is rants and everyone will be grateful nia, Santa Cruz found that in May, the and cultural repercussions. The per-
cheer. He is certain this will come. back. The thing we loved, that stands for each other. Some people will go a number of small-business owners was sonal ones, too. It’s going to be the
My friend the professor would see for New York City, that is this city, little crazy and say how about a long “down by 2.2 million or 15 percent work of years to dig ourselves out
this: He and his students are in a the stage, has returned. And we ap- weekend in Paris, and we’ll do it and from February,” although it had risen fully, but there are many reasons to

.
room, and he is teaching them. For plaud for 4 minutes and 18 seconds not only for fun but to see that Paris 7% in April. believe we can and will.
what seems like forever they’ve been straight, and in that time we realize is still there. There’s always a lot of churn in My idea of an appropriate Ameri-

ly
postage-size faces on Gallery View on we’ll never get over this moment, There will be a hunger to be out small businesses each year, but walk can attitude comes from Carl Sand-
Zoom, which is how they see him. But this first show when we knew the there again, en masse again. On the any city or town now, and there’s an burg, in his poem, “The People, Yes”:
in his head they’re together and know great pandemic was over. And life streets of my city at night it was once unforgivingly targeted nature to this “This old anvil laughs at many broken
each other and he’s Mr. Chips again,
not Max Headroom.
A friend who’s a reporter kept in
her head the idea of future spontane-
went on. on
The great comeback of 2021 is
surely coming, at least according to
the new picture I have in my head,
fairly common to see glamorous men
in tuxedos and women in satin
shawls. We are going to see them
hailing a car and on their way to a
catastrophe. It’s not only “job loss” or
even dream loss; small businesses are
the beating heart of everything. Sa-
lons, restaurants, shoe stores—they’re
hammers.”
That wouldn’t be a bad picture to
keep in our heads for 2021, the laugh-
ing anvil.
us ,
l

The Future Turns 50 This Year

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By Daniel Casse blow to AT&T’s monopoly in long-dis- mistake of the 20th century,” after nies, he began buying 27,000 acres in placed by better products, the path
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F
tance and business telephone service. the Great Depression. central Florida. to modern computing became clear.
ifty years ago, America entered The beneficiary was MCI, a tiny com- Yet there was a silver lining. As Disney World was never intended What followed was an industry
a magical year. Any year could pany that was about to change the Virginia Postrel has argued, this fail- as a larger version of Disneyland, but expansion without parallel. The 4004
hold moments of great signifi- communications world by introduc- ure provided irrefutable evidence for rather an entertainment revolution had 2,300 transistors. Today’s chips
cance, but 1971 stands out. After a ing competition. Following the FCC Milton Friedman’s contention that and “city of tomorrow” that would have more than 100 million transis-
er s

decade of upheaval, the country was decision, the company’s visionary inflation was not a function of exter- eventually include Epcot Center, the tors per square millimeter, allowing
seeking a new start. These events leader William McGowan raised $110 nal events, but a product of bad Animal Kingdom theme park, and Dis- us to carry devices in our pockets
m er

launched it. million—then one of the largest monetary policy. After 1971 that view ney’s Hollywood Studios. It created a with processing power orders of
• Henry Kissinger’s secret trip to startup funding rounds—to construct became widely embraced by econo- new template; a blend of show busi- magnitude beyond the Apollo space-
China. In the late 1960s, President a new national telephone network mists, including Nixon aide Paul Vol- ness, brand partnerships, resort ame- ships that flew to the moon.
Nixon and Mr. Kissinger began think- that would end extravagant prices for cker, who eventually crushed infla- nities, and live experiences that would The year was filled with other
ing that establishing diplomatic rela- long-distance calls. He fought tion as Fed chairman by aggressively become the holy grail of every travel milestones. The 26th Amendment
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tions with China would serve as through nearly a decade of litigation tightening the money supply. and entertainment company. was ratified, lowering the voting age
counterweight to tensions with Mos- until the landmark 1980 ruling that • The opening of the Magic King- • The introduction of Intel’s 4004 to 18 from 21. Nasdaq, Greenpeace
cow. Nixon made some encouraging broke up AT&T and gave MCI access dom. When Walt Disney World chip. This was the first microproces- and Starbucks all got their starts.
but vague statements, and Mr. Kis- to switched network connections re- opened in 1971, nervous executives sor—essentially a complete com- While the timing of these events
singer tried communicating through quired for competition. and Orlando, Fla., police expected puter on a chip—and it launched the owes a lot to coincidence, they also
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French and Pakistani emissaries with McGowan’s focus was long-dis- mobs of 200,000 people. Only 10,000 computer revolution in November suggest a perfect storm of innova-
little progress. tance calls—a concept few people showed up. Yet the ambition of Dis- 1971. tion, experimentation, optimism and
under 40 now understand. But his ney World was anything but small. The path to the 4004 was neither growth.
David-vs.-Goliath approach signaled Disneyland had become a disap- predictable nor simple. As computer Here’s hoping, 50 years on, that
From computers and a radical new business model that pointment to Walt Disney. The small historian Ken Shirriff notes, other 2021 blesses us with similar weather.
migrated from office phones to Anaheim, Calif., park, which had companies developed similar ideas
money to relations with computer hardware, software and opened in 1955, had quickly been for calculators. But only the 4004 Mr. Casse is a managing partner
China, 1971 changed the every technology that defines the surrounded by motels and tourist could receive instructions and act as of High Lantern Group, a strategic
way we live and work today. The no- shops. There was no room for expan- the brains of a general-purpose com- communications firm, and the presi-
world in many ways. tion that a startup with a better sion. Using half a dozen shell compa- puter. Although it was quickly re- dent of G100’s chief executive group.
idea could challenge a giant incum-
bent is directly linked to the FCC’s
Many believed the sticking point 1971 decision.
The Year in Covid ‘Messaging’
n-

was U.S. recognition of Taiwan and • The end of Bretton Woods. In

the “two Chinas” policy. But declas- the third year of Nixon’s first term,
sified documents released by the Na- America’s economy faced seemingly Anthony Fauci is politics: the letters to college stu- nothing was more important than
tional Archives in 2001 revealed that uncurable unemployment and infla- being clobbered af- dents threatening them with arrest if signaling that no corners were being
no

China was eager for dialogue. As his- tion. In mid-August, Nixon assem- ter admitting to the they don’t quarantine, the interstate cut.
torian William Burr observed, while bled his closest economic advisers New York Times travel “bans” that were never en- I failed to make a fuss at the time
many have written about America’s for three days of secret meetings at that he publicly forced, the death counts that swept because I assumed any vaccine would
intention to play the China card, “it Camp David. When they emerged, lowballed his esti- up anybody who died of any cause arrive only after the initial epidemic
is the rare policymaker who under- Nixon announced a new economic mate of the while infected with Covid. had ravaged society and burned itself
BUSINESS
stands that the United States may plan, including a provision that the Covid-19 herd im- Arguably, it began on day one. I out. In fact, we had highly promising
WORLD
also be the object of other nations’ U.S. would no longer allow foreign munity threshold, don’t go to the doctor for a cold or candidates days after the virus was
By Holman W.
card playing.” governments to exchange dollars for but it’s ludicrously flu, and neither do 80% to 95% of sequenced last January. Operation
Jenkins, Jr.
Mr. Kissinger’s secret July trip to gold. late in the day to you. This has implications: Once Wu- Warp Speed was triumphant in com-
Beijing triggered the greatest shift in In a single stroke, Nixon killed the discover that “mes- han hospitals were besieged with se- pressing the normal development
global politics since the end of World Bretton Woods system that had gov- saging” has been going on. vere cases, it was a waste of time process in ways that wouldn’t make
War II. It paved the way for Nixon to erned international finance since the Dr. Fauci’s early pooh-poohing of asking ourselves if the virus was sense with shareholder money. Indis-
meet Mao Zedong the following year end of World War II. Closing the masks to preserve supply for medical here. It was here. The blocked flights, putable now is that we should have
and kicked off 50 years of diplomacy, “gold window” severed the link be- personnel at least was defensible for the testing of recent arrivals were so junked the normal process and ac-
trade and travel between China and tween the dollar and gold, inaugurat- the larger good. Not until summer much hand-waving so our govern- cepted more vaccine risk in return for
the U.S. Recent tensions only con- ing the era of floating exchange did he admit the test-and-trace mira- ment could be seen doing something. the prospective benefit of saving
firm the complex motivations that rates, activist monetary policy and cle cure was no such thing given the thousands of lives and trillions of
launched the relationship. The card central-bank interventions in the realities of asymptomatic spread. To dollars in lost wages in 2020.
playing continues. global economy. this day, test-and-trace serves as the It’s ludicrously late in the At year-end, pundits everywhere
• The arrival of phone competition. The policy failed. Inflation re- magic X in every pundit piece, allow- sermonized over the lessons of the
With little fanfare, the Federal Com- sumed and would reach double dig- ing the author to claim that our fail- day to fault Dr. Fauci for pandemic: the need to change our re-
munications Commission issued an its. Ben Bernanke called it “the sec- ing mommy and daddy (a k a govern- spinning the public. lationship with nature, the need for
opaque decision that marked the first ond most serious monetary policy ment) let us down by not enacting more disease surveillance, etc.
this simple solution. Most of it won’t matter in the
Of course it’s gibberish: 40% of The mummery has served to least when natural selection throws
Covid cases are asymptomatic; 80% swathe and dilute a message that pol- up another disease with the proper-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY of symptomatic cases are mild and iticians were unhappy to deliver: It ties of Covid-19. The virus wasn’t just
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
indistinguishable from cold or flu so would be up to us citizens to control transmitted easily; crucially, its ef-
Matt Murray Almar Latour
the sufferer has little reason to seek Covid the best we can. fects were mild enough that for bil-
Editor in Chief Chief Executive Officer and Publisher testing. Our borders are porous. So Lockdowns are imagined to be a lions of humans the cost of quashing
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: far we have tested only about 80% of kind of enforced social distancing. it outweighed the personal benefit.
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Americans even once. We’d have to They aren’t. Mandatory business clo- This rock-bottom truth our unin-
Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; test 330 million every few days to sures don’t stop people from spread- sightful media spent much of 2020
News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; catch a useful percentage of Covid ing the disease. Letting businesses trying not to understand. Worse, it
Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer
cases while they’re still infectious. stay open doesn’t force them to tried to make this truth go away by
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach; Add contact tracing and the numbers spread the disease. frightening or morally bullying peo-
OPERATING EXECUTIVES:
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; are clearly impossible. But because People spread the disease by their ple into behaviors at odds with per-
Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; the strategy was useful in a South own decisions, moment by moment, ceived self-interest.
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Kristin Heitmann, Chief Commercial Officer; Korean context our politicians go about when, where and how to ex- This proved to be the dead end it
Stephen Wisnefski, Professional News
Nancy McNeill, Corporate Sales; through the motions here. pose themselves to risk. usually does. We need to smarten up.
Thomas San Filippo, Customer Service; Another messaging snafu poked Only lately has this reality snuck Limited social distancing to protect
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page;
through last summer. CDC’s Robert into public rhetoric as leaders in New the most vulnerable is the only kind
Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
Redfield admitted our testing might York, Massachusetts and elsewhere likely to prove sustainable over time.
be catching only 10% of cases—i.e., started admitting that their moves Most important, let’s be ready next
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations; Professional Information Business: the circus that fills hours of media are more about “signaling” than any time to accept a level of risk in vac-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head airtime is doing nothing to control practical effect. cine development commensurate
EDITORIAL AND CORPORATE HEADQUARTERS: the epidemic or even measure it. No messaging strategy was more with the potential benefit of stopping
1211 Avenue of the Americas, New York, N.Y., 10036 Official lying about things large ill-judged than the one our politicians so costly an epidemic sooner rather
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and small has been a staple of Covid selected for a vaccine, deciding that than later.
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

SPORTS
GETTY IMAGES (6), ASSOCIATED PRESS

If there’s a Baseball Heaven, the team of players who died in 2020 is loaded. Clockwise from top left: Phil Niekro, Whitey Ford, Joe Morgan, Tom Seaver, Al Kaline, Bob Gibson and Lou Brock.

The MLB Greats Who Died in 2020

.
ly
In a year when seven Hall of Famers died, it seemed as if the sport lost a lot of its history. The numbers prove it.
on
BY JARED DIAMOND raised a question: Was this the clude Negro Leagues players from ships in 1942 and 1944 during his the World Series when the Yan-
AND ANDREW BEATON greatest collection of baseball 1920 through 1948, whose careers Hall of Fame career as a manager. kees won it all in 1996. His death

T
players to ever die in a single and statistics are in the process of There have, of course, also been was preceded by another franchise
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here’s no crying in year? being added to the major-league years in which individuals with legend, Don Larsen, who died on
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baseball. Except in The answer is yes—and it isn’t record and do not yet appear in more eye-popping statistics died. Jan. 1 and threw the only perfect
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2020. even close. Stats’ database.) There was Babe Ruth (155.1 WAR) game in playoff history when the
If there’s a Baseball The 110 MLB alumni who died It is not known how many of in 1948, Cy Young (149.4 WAR) in right-hander shut down the
Heaven, the team of in 2020 combined to accumulate the 2020 deaths were related to 1955 and Walter Johnson (136.3 Brooklyn Dodgers in the 1956
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players who died in 2020 is 1,012.6 Wins Above Replacement, the Covid-19 pandemic that has WAR) in 1946. World Series.
loaded. It features seven Hall of a metric designed to measure a killed more than 300,000 Ameri- But in terms of impact on the Other franchises also lost hall-
Famers, including four of the best player’s total value, as calculated cans last year. Seaver, for in- field, nothing compares to 2020 mark icons. Jimmy Wynn, known
pitchers of all-time and three su- by Stats LLC. That is significantly stance, died from complications because of the sheer depth of as the Toy Cannon, amazed in his
perstars of the 1960s and ’70s in higher than any other year in good, great and all-time players. years with Houston with his com-
er s

the field. And that doesn’t include baseball history, according to Dick Allen, the American bination of power and speed de-
one of the most prodigious hitters Stats. League MVP in 1972 and one of spite a slight frame. Johnny Anto-
If there’s a Baseball
m er

of the era who hasn’t made it to In terms of sheer star value, the the most fearsome sluggers of his nelli, a lefty pitcher, was a six-
Cooperstown. closest year to 2020 was 1972, Heaven, the team of generation, had just the sixth- time All-Star for the New York
In a remarkably tragic year for when 100 players with an aggre- highest WAR of the players who and San Francisco Giants in the
the world, that pain of the pan- gate WAR of 759.9 passed away,
players who died in 2020 died, behind Morgan, Seaver, Gib- 1950s. Ron Perranoski and Lindy
demic year was acute in baseball. including one of the most shock- is loaded. son, Kaline and Niekro. Niekro, the McDaniel combined to save 352
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More than 100 former major- ing deaths in baseball history and knuckleball specialist who won games. Tony Fernández is one of
league players died, the most in the loss of one of the game’s pre- 318 games during his career, the most popular players in To-
four decades, according to Stats eminent icons. That group fea- would be near the back of the ronto Blue Jays history.
LLC. tured Jackie Robinson, the first related to the disease, as well as starting rotation. The average This string of deaths was felt so
In one 42-day span alone, five Black player to play in the inte- Lewy body dementia. But the un- WAR of all players who died in severely by fans not just because
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Hall of Fame members passed grated major leagues, and Roberto precedented string of deaths in 2020 was 9.2, topping the previ- they occurred over such a short
away: New York Mets pitcher Tom Clemente, who died in a plane baseball is a microcosm of the lost ous high of 8.4 from 1902, when period of time. It was also because
Seaver, speedy outfielder Lou crash on New Year’s Eve at the talent felt around the world in Pud Galvin and Fred Dunlap high- a number of these players are so
Brock, longtime St. Louis Cardi- age of 38 while delivering aid to 2020. lighted a class of 20 early major eternally connected to one team.
nals ace Bob Gibson, New York earthquake victims in Nicaragua. There have been years with leaguers. Al Kaline is known simply as Mr.
Yankees left-hander Whitey Ford Baseball players who died in more player deaths: 1969 saw a It’s such a phenomenal group of Tiger. Mets fans will always call
and Cincinnati Reds second base- 2019, by comparison, totaled just record 142, including Eddie players that it nearly overshadows Tom Seaver the Franchise. Cardi-
man Joe Morgan. Detroit Tigers 561.4 total WAR as a group. The Cicotte (one of the players banned the others who died but left an in- nals fans also call Lou Brock the
slugger Al Kaline died last April, average year over the last century from baseball as part of the 1919 delible impact on the game. Franchise. When New Yorkers re-
and knuckleballer Phil Niekro produced had just 409.2 WAR—or Black Sox scandal) and outfielder Bob Watson, an All-Star player, fer to the Chairman of the Board,
passed away last week. less than half of this year’s Billy Southworth, who would coach and executive, became the they’re talking about Whitey
It was a grievous run that class. (These figures do not in- guide the Cardinals to champion- first Black general manager to win Ford.
n-

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
The Race to Win the NFC East
no

Edmonton
d t <0
V
Vancouver 0s
30s 10s
Seattle Calgary
l ary 10s
Winnipeg
30s 20s BY ANDREW BEATON
Montreal 20s
Portland Helena
l 30s
40s Ottawa
Bismarckk
Augusta
A g 40s THERE’S AN NFL RULE that
Eugene
g Billings Toronto
T 30s says the winner of every di-
Mpls./St.
p /St
pls Paul
/ . Pa
Pau Boston 50s
30s
Boise
Sioux
oux FFalls
Albany
A b ny
60s
vision gets to make the play-
30s Milwaukee
k Detroit Hartford
tf d
Pierre
20s Buffalo offs. It doesn’t matter if that
Chicago
Chi ew Y
New York 70s
Reno Salt
alt Lake City
C
City
20s Cheyenne Omaha
h
Dess Moines Cleveland
Cleve d team happens to be more of
Philadelphia
Philad
h phi 80s
Sacramento 40s Indianapolis
di p Pittsburgh
b a loser than a winner and is
Denver 90s
San
an Francisco Topeka
Topek Kansas Springfield
p g
Washington
h g onn D.C.
D.C
D C Richmond
h d just slightly better than the
Colorado
C
Color
l d City 40s Ch 100+
50s Las Springs
p
St.. Louis
Lou Louisville
Charleston
l t Raleigh
l i h other bad teams in the same
Vegas
Ve
Los A
Angeles
An Wichita
h 30s Nashville
h ill 50s 60s division.
Santaa FFe Which brings us to the
BRAD MILLS/REUTERS

Phoenix
Ph Memphis Charlotte
Charlotte
h
San Diego 60s Albuquerque
Alb q q Oklahoma
Oklahom
k oma City 40s Atlanta
A Columbia
C b
bi Warm Rain bleak race to win the NFC
Tucson
T c Little
L e Rockk
60s Ft. Worth Birmingham
h 70s East. One of three teams—
Dallas
D Cold T-storms
El Paso 50s Jackson Mobile
b
Jacksonville
the Washington Football
Austin
A ti
-0s Houston
t Stationary Team, Dallas Cowboys or
Orlando
l d Snow
Honolulu
l
San
an Antonio
A i New
w Orleans
Tampa
New York Giants—will be re-
60s 80s
A h g
Anchorage
Showers Flurries membered as perhaps the Washington needs a victory over Philadelphia to win the NFC East.
0s 10s 80s Miami
worst division winner in NFL
20s 70s
30s 40s Ice history. The others will live But nothing is ever simple an awkward email to his pro-
with the ignominy of failing for a franchise mired in daily fessors asking if he could
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
to win a historically mori- controversy and dysfunction, wait to take the other two
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 29 14 pc 33 22 s Frankfurt 36 30 c 35 33 sn
bund division. which has extended from after the season.
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice It’s a fitting lowlight to courtrooms brawls involving “They were pretty nice
Orlando 81 66 sh 72 51 sh Geneva 39 32 sn 37 30 sn
Today Tomorrow Philadelphia 55 36 pc 43 35 r Havana 85 61 s 84 61 s end a regular season that owner Dan Snyder to the about it,” Heinicke said.
City Hi Lo W Hi Lo W Phoenix 64 41 s 66 42 s Hong Kong 63 58 s 69 60 c
Anchorage 11 4 pc 10 8 pc Pittsburgh 44 35 c 42 32 sn Istanbul 59 48 pc 58 48 c
has been strange in so many field. This week, Washington If Washington loses to the
Atlanta 65 43 pc 52 37 pc Portland, Maine 37 23 r 33 29 pc Jakarta 88 76 t 89 77 sh ways because of the pan- released quarterback Dwayne Eagles, then it comes down
Austin 60 32 s 67 33 s Portland, Ore. 51 47 r 51 46 r Jerusalem 61 48 pc 62 48 s demic. There were games on Haskins, who started last to the game between the
Baltimore 57 36 pc 43 35 r Sacramento 56 45 c 59 49 c Johannesburg 67 51 c 78 57 pc all seven days of the week. week and was the team’s Cowboys (6-9) and Giants
Boise 43 38 pc 45 40 sf St. Louis 36 30 sn 43 30 pc London 40 34 c 41 36 c
Boston 46 30 r 40 36 r Salt Lake City 37 28 c 42 29 sf Madrid 42 22 pc 43 26 s The Denver Broncos actually first-round pick in 2019, af- (5-10).
Burlington 35 22 sn 34 28 c San Francisco 57 50 c 60 52 c Manila 85 76 r 85 76 pc played a game without a ter a dizzying combination A Dallas win would put
Charlotte 67 53 pc 58 38 pc Santa Fe 43 17 s 44 21 s Melbourne 76 68 t 76 64 t quarterback. of poor performance and them in, though they’d lose
Chicago 35 30 c 35 24 pc Seattle 52 43 r 49 44 r Mexico City 76 44 s 76 47 s
Cleveland 38 33 c 39 32 sn Sioux Falls 32 15 s 32 23 s Milan 39 38 sn 42 34 c The absurdity rolls into poor decisions off the field. the tiebreaker with Washing-
Dallas 52 33 s 55 32 s Wash., D.C. 57 39 pc 46 40 r Moscow 35 22 sn 29 24 sn the season’s final weekend, If Alex Smith can’t play ton if both teams win.
Denver 45 25 pc 50 30 s Mumbai 86 74 pc 86 73 pc which features unusual sce- because of a calf injury, the A Giants win would put all
Detroit
Honolulu
36 31 c
82 72 sh 82 71 pc
37 29 sf
International Paris
Rio de Janeiro
38
78
33 pc
72 r
38 33 c
76 72 sh narios as teams vie to make Football Team will start Tay- three teams at 6-10—and
Houston 56 36 s 65 40 s Today Tomorrow Riyadh 67 51 pc 69 53 pc a newly expanded playoffs lor Heinicke, who earlier in New York would win the
Indianapolis 38 32 pc 36 27 c City Hi Lo W Hi Lo W Rome 56 43 r 53 41 sh that now include a seventh December was taking online three-way tiebreaker.
Kansas City 33 19 c 38 25 s Amsterdam 43 35 pc 38 35 c San Juan 81 73 pc 82 72 pc
Las Vegas 55 37 s 58 39 pc Athens 61 55 sh 65 57 pc Seoul 30 13 s 31 14 pc team in each conference. classes—number theory, par- This type of mess isn’t
Little Rock 42 29 pc 49 32 s Baghdad 70 47 pc 70 46 pc Shanghai 46 35 pc 51 42 c The NFC East race should tial differential equations, normal. Since the NFL ex-
Los Angeles 64 50 pc 64 51 pc Bangkok 83 68 pc 88 73 s Singapore 82 75 r 83 76 sh be simple. If the Washington applied numerical methods panded to 32 teams in 2002,
Miami 81 70 pc 83 66 pc Beijing 34 13 pc 33 16 pc Sydney 72 68 c 76 72 t
Milwaukee 33 25 pc 36 21 pc Berlin 36 30 c 35 33 sn Taipei City 65 59 c 72 63 pc Football Team (6-9) beats and math and nature—at Old only two teams—the Seattle
Minneapolis 29 17 pc 29 23 s Brussels 39 31 c 36 33 c Tokyo 49 35 s 46 37 pc the Philadelphia Eagles—the Dominion to wrap up his de- Seahawks in 2010 and the
Nashville 51 38 pc 45 31 c Buenos Aires 85 72 s 84 73 pc Toronto 38 26 pc 35 29 sn only team in the division gree. He had taken two of Carolina Panthers in 2014—
New Orleans 60 41 r 58 42 s Dubai 78 61 pc 77 59 s Vancouver 49 41 r 47 40 sh
New York City 53 35 r 40 34 r Dublin 38 32 pc 40 37 pc Warsaw 35 33 pc 37 33 c that has been eliminated— his finals when Washington have won their divisions
Oklahoma City 42 24 pc 45 29 s Edinburgh 35 28 s 39 34 c Zurich 36 31 c 35 29 sf they’re in the playoffs at 7-9. called, forcing him to send with losing records.
 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.

Homebodies Filing Lessons

More employees A guide to the slew
are embracing of recent tax
remote work B2 changes B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | B1
DJIA Closed (30606.48) NASDAQ Closed (12888.28) STOXX 600 Closed (399.03) 10-YR. TREAS. Closed (yield 0.913%) OIL Closed ($48.52) GOLD Closed ($1893.10) EURO $1.2216 YEN 103.31

CLOCKWISE FROM TOP: DAVID PAUL MORRIS/BLOOMBERG NEWS; CLIFF HAWKINS/GETTY IMAGES; MICHAEL DWYER/ASSOCIATED PRESS; TYPE ILLUSTRATION BY JAMES GULLIVER HANCOCK
.
ly
on
us ,
l
e
al a
ci on
er s
m er

FLIGHT PLAN Airline CEOs try to predict where travel demand will be this year B6 CHECKING OUT Hotel owners wonder if business travelers will ever be back B7
m rp

A Can Cruises
uthorities around the world person, a crew member, died in his cabin
halted voyages on large passen- with the virus, according to the U.S. Cen-
ger ships in March after ters for Disease Control and Prevention.
co Fo

Covid-19 tore through scores of “Transmission has not been controlled

vessels, but cruising never re- sufficiently,” the CDC said in a September
ally stopped. report that cited the virus’s continued
Smaller cruise ships exempted from the
suspension continued to sail selected
routes. To keep the deadly virus off ships,
these boutique operators experimented
with a variety of new precautions.
Outsail Covid?
Small luxury ships tried strict protocols, but outbreaks
spread on smaller cruise ships as one of
the agency’s reasons for extending its ban
on sailing for large ships.
The recent outbreaks suggest that it
will be nearly impossible to prevent the
The result: They mostly failed. spread of infections in the short term
Coronavirus infections repeatedly persisted. Now, big lines are hoping to convince regulators without extreme measures that would
pierced so-called safety bubbles promoted drastically increase costs and reduce the
by luxury cruise lines. Since June, about and customers that it’s safe to go back on the water. entertainment value of a cruise.
200 people have tested positive for the vi- That reality has put the big companies
n-

rus on nearly two dozen cruises, according that turned cruising from a luxury escape
to a Wall Street Journal tally. At least one BY JACQUIE MCNISH AND REBECCA SMITH Please turn to page B6
no

BlackRock Tribune
Scales Back Publishing
Fund’s To Review
Ambitions Buyout Offer
BY LUKAS I. ALPERT
BY DAWN LIM
Tribune Publishing Co. said it
BlackRock Inc. planned to shake appointed a special committee to re-
up the private-equity world with a view a buyout bid proposed by its
$12 billion fund. Now the asset-man- largest shareholder, New York hedge
agement giant is setting its sights fund Alden Global Capital LLC.
JASON SCHNEIDER

lower. Alden, which already owns a 32%

BlackRock’s staffers conceded the stake, said Thursday it was interested
target was unrealistic after strug- in acquiring the rest of the publishing
gling to meet fundraising goals. The company for $14.25 a share, valuing
firm’s staffers hope to grow the fund Tribune at $521 million. The Wall
to between $4 billion and $6 billion Street Journal reported Alden’s plans

The Tech That Will Change

in assets over time, people familiar Wednesday. The offer drove Tribune’s
with the matter said. stock up 7.1% on Thursday to $13.70.
Best known for funds that track Tribune, which publishes nine pa-
broad markets and trade on ex- pers, including the Chicago Tribune,

Your Life in 2021

changes, BlackRock launched fund- the New York Daily News and the Bal-
raising for a strategy in 2018 to timore Sun, said it had named three
make direct, long-term investments independent members of its board to
in private companies. The fund was the special committee to explore Al-
an aggressive gambit to take on pri- BY JOANNA STERN, CHRISTOPHER MIMS, NICOLE NGUYEN AND WILSON ROTHMAN den’s offer, and had engaged Lazard
vate equity’s big league deal makers. as its financial adviser and Davis Polk
Private markets are one of the & Wardwell LLP as its legal counsel.
few corners of finance untouched by A pandemic that ravaged the world and acceler- streaming movie debuts to an overdue evolution- “No assurance can be given that Al-
fee pressures that have pulled the ated the digital transformation of, well, every- ary leap of the laptop. den’s proposal, or any other transac-
cost of investing closer to zero. But thing? Not even the best of futurists or Magic 8 But we will also strive to reach a new normal, tion, will be consummated,” Tribune
it is hard to build a presence from ball-shaking psychics could have predicted the year and you’ll see technology helping us there, too, said in a statement Thursday evening.
scratch. Many asset managers face that was 2020. from new hybrid work practices to high-tech Alden also controls MediaNews
challenges replicating their reach Now, 2020 has become the lens through which all masks. And accompanying each new product or Group, a private company that owns
over stock-and-bond markets in the our 2021 predictions are glimpsed. service: yet another monthly subscription fee. some 60 daily newspapers around
complex, labor-intensive business of As we continue to live in a pandemic-fighting Now that we’ve rung in the new year, here’s the country, including the Denver
investing in privately held compa- world, innovators will aim tech solutions at our what to look for. Post, San Jose Mercury News and
Please turn to page B11 personal and professional lives, from at-home Please turn to page B4 Please turn to page B2
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

EXCHANGE

Is a Home Office More Productive?

Some Workers Think So.
Surveys of employees suggest that plenty of workers are adjusting to remote work—and in no hurry to return to the office
BY STEPHANIE STAMM

S
ome Americans have a new Is WFH more efficient than the office? Has WFH met your expectations?
outlook on remote
working: They prefer it. Worse Worse
In June and July, a 15.3% 12.7%
group of 1,388 people
working from home were
asked for their impressions of the Better Better
experience by workplace consulting About Same
41.2% 61%
firm Global Workplace Analytics and the 26.2%
video technology company Owl Labs. same
The new arrangement, it turns 43.5%
out, suited many of them.
While roughly 27% said they
would have considered such a setup
Note: Data might not equal 100% due to rounding.
to be ideal before the coronavirus Source: Becker Friedman Institute for Economics at the University of Chicago online survey of 10,000
pandemic started, 80% said they employees in August-November 2020 (efficiency); 15,000 employees in May-October 2020 (expectations)
would like to continue working re-
motely for three days of the week
or more once the pandemic is over. University of Chicago say they felt ployers have been pleasantly sur-
Many of these people said they the work-from-home situation was prised by productivity when work-
would prefer remote work all five either just as productive or more ing from home,” says Steven Davis,
days of the workweek. so than the office. Some told the one of the study authors and a
Another set of 10,000 employ- researchers that home was 30% University of Chicago business and
ees surveyed by the Becker Fried- more productive. economics professor. “Reality ex-
man Institute for Economics at the “On average, workers and em- ceeded expectations.”

The End of 9-to-5 Will Remote Work Stick?

 The many changes imposed by worked remotely and non re- ing 8%-15%, depending on the day  Employers weren’t prepared for reau of Labor Statistics. Roughly

.
the pandemic are acting as an- motely told Global Workplace of the week. He examined data the shift to remote work. But 60% of educational services and
other challenge to the 9-to-5 Analytics and Owl Labs that they from more than 3.4 million work- some did make things easier by 58% of finance companies boosted

ly
workday model, which was al- were working more during ers, counting the time from their providing employees everything telework for at least some employ-
ready under threat before the Covid-19. first daily work correspondence— from stipends for home-office ees as a result of the pandemic.
pandemic. In 2019, more than 87% How much more? An average of such as an email or joining a equipment to better videoconfer- Service companies in food, retail
of full-time U.S. employees aver-
aged 8½ hours per workday, ac-
cording to the Bureau of Labor
Statistics.
26 extra hours a month, accord-
ing to the survey. Another esti-
mate, from New York University
on
Stern School of Business doctoral
meeting—to their last.
Not everyone clocked more
time at home. More than 40% of
the employees surveyed by Global
encing hookups.
The largest pickup in remote
work happened at employers spe-
cializing in educational services
and construction were among the
lowest adopters, since it is more dif-
ficult to do their work remotely. In
those cases, less than 20% of em-
By last June and July, a group student Michael Impink, shows Workforce Analytics and Owl Labs and finance, according to the Bu- ployers increased telework.
us ,

of 2,025 full-time workers who average daily work hours increas- said their hours stayed the same.
l
e
al a

How employers adapted to remote work

Office How workers spent their time before Covid-19
Increased telework No change in existing telework
ci on

Home In office everyday of week

Did not telework before or during the pandemic
Commute THUR SDAY FRIDAY
Increased 0% 20 40 60 80 100
hours Mean
commute: Educational services
54 minutes Finance and insurance
er s

Average roundtrip
workday Management of companies and enterprises
m er

span 8.3 Information

hours
excluding How they expect to work once the pandemic is over Scheduled air transportation
commute Work from home several days a week
Professional and technical services
m rp

MONDAY TUESDAY WEDNESDAY THUR SDAY FRIDAY

Utilities
No Social assistance
commute
9.6 hours Wholesale trade
Real estate and rental and leasing
co Fo

Manufacturing
+1.3 hours* +1 hour* +1.6 hours* +1.7 hours* +1.1 hours*
Health care
Hours increased, Hours flexible
depending on work day around core hours Total U.S. (private sector)
*Increased hours data as of April 2020 (during lockdowns) Arts, entertainment and recreation
Note: Average workday span (time from first to last daily correspondence) calculated from communications metadata, based on 3.4 million users worldwide.
Sources: Michael Impink, New York University; Raffaella Sadun, Harvard Business School (average and increased hours); Global Workplace Analytics and Administrative and waste services
Owl Labs State of Remote Work, October 2020 (flexibility); Census Bureau (commute time)
Mining, quarrying and oil and gas
Transportation and warehousing
For those who believe a home- U.S. work-from-home preferences,
office setup is more productive, is Other services, except public administration
among only people working from home during Covid-19
it because of a lack of commute Construction
n-

or fewer office interruptions? Before Covid-19 Post-Covid-19

Truck transportation
Mr. Davis’s study declined to
offer a single explanation, saying 27% 61% Retail trade
it is “not obvious whether offices Five days per week Agriculture, forestry, fishing and hunting
no

or homes have fewer distractions

and more quiet time.” There are Accommodation and food services
“co-workers and water coolers” in 26 32 Note: Data might not equal 100% due to rounding. Some industry categories may overlap.
the office, while televisions and One to four days Private-sector only. Data collected between July 20-September 30, 2020.
“potentially children” serve as per week Source: Bureau of Labor Statistics
home diversions.
The danger is that a workweek 100%
expansion could erode work-life 1 5 “Most companies have let re- casual clothes.
boundaries and contribute to em- Less than once mote work happen rather than The key to remote-work longev-
ployee burnout. per week made it happen. For most, it was ity, say some observers, is whether
“The traditional 9-5, Monday something they were forced to do companies can formalize guide-
through Friday, has been fading 4 32 because of the pandemic,” says lines so all employees are treated
for years and the pandemic just Kate Lister, president of Global equally across the organization. If
accelerated that process,” says Never Workplace Analytics. that happens, they say, companies
Cali Williams Yost, chief executive Will remote work last at the and workers may benefit.
and founder at workplace consult- Source: Global Workplace Analytics and Owl Labs State of Remote Work, October 2020 survey of 1,388 respondents companies that embraced it in “It’s not going to be a flip of the
ing company Flex+Strategy Group. who worked from home during Covid-19 conducted June-July 2020 2020? Consumer brand companies switch,” Ms. Yost says. Instead she
“Individuals and teams now need are betting the work-from-home expects it to be a “slow recalibra-
to be intentional about setting up culture is here to stay by expand- tion to that next normal.”
the guardrails for themselves. ual is, we need to be more inten- to get done and when and where ing and revamping factories that —Jess Kuronen
What that means for the individ- tional about planning: what needs we do it best.” make everything from coffee to contributed to this article.

Tribune Set A transaction is complicated by a

standstill agreement Alden had
signed at the beginning of 2020 in
believe it’s probably just an opening
gambit,” he said in an interview.
Media analyst Doug Arthur of Hu-

To Review exchange for a third seat on Trib-

une’s board. Any deal to increase the
stake would need a signoff from the
ber Research Partners LLC said the
offer was “significantly too low.” He
said a price range of between $16

Alden Offer board and the support of holders of

two-thirds of the company’s shares.
The publishing company’s second-
and $17 a share was more on target.
In a Securities and Exchange
Commission filing, Alden co-founder
largest shareholder, with about 25%, Randall Smith said the hedge fund
Continued from page B1 is Patrick Soon-Shiong, a billionaire had been in contact with an outside
BEBETO MATTHEWS/ASSOCIATED PRESS

Orange County Register. The hedge biotech investor who in 2018 bought investor who was interested in cer-
fund has a reputation for making the Los Angeles Times from Tribune tain Tribune properties, and Alden
deep cost cuts at titles it acquires. for $500 million. He declined to requested the board’s permission to
A deal would have far-reaching im- comment on Alden’s offer. explore a joint transaction with him.
plications for an industry beset by Tribune’s third-largest shareholder, The investor, Stewart Bainum Jr.,
sharp declines in revenue over the Florida investor Mason Slaine, who a former Maryland politician and
past 20 years that have led to a wave owns about 8% of the company, said chairman of Choice Hotels Interna-
of consolidation and cost cuts. Be- he found the bid to be “unattractive at tional Inc., operator of hotel chains
tween 2008 and 2019, the industry that price” as it represented less than such as Comfort Inn and Econo
shed 51% of its newsroom jobs, ac- three times the business’ annual cash Lodge, didn’t respond to a message
cording to the Pew Research Center. flow. “I would need to see more, but I seeking comment. The publishing company’s nine newspapers include the New York Daily News.
 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, January 2 - 3, 2021 | B3

BUSINESS NEWS

Hackers
Accessed
Car-Renting App Aims for Listing
BY HEATHER SOMERVILLE dustry. General Motors Co.’s

Microsoft When the pandemic hit, the

chief executive of car-renting
car-sharing service Maven and
Daimler AG and BMW’s car-
sharing venture Car2Go have

Systems startup Turo Inc. thought back

to how slowly he had re-
sponded to the dot-com bust.
closed in the past year, among
other failures.
Madeline Brozen, who stud-
BY ROBERT MCMILLAN It didn’t end well for his ies public policy and transpor-
startup at the time. tation at the University of Cal-
The Russia-linked hackers This time, Andre Haddad ifornia, Los Angeles, said the
behind a widespread cyber-in- decided to be more aggressive. arrival of ride-hailing giants
trusion into U.S. corporate and At the end of March, Mr. Lyft Inc. and Uber Technolo-
government systems were able Haddad laid off a third of his gies Inc. depressed the market

JASON HENRY FOR THE WALL STREET JOURNAL

to access internal systems 330-person workforce. The of would-be car-sharing cus-
within Microsoft Corp. and next month, he cut spending tomers, and a trend toward
view internal source code, on marketing to zero, where it more private vehicle owner-
used to build software prod- would stay for the entire sec- ship has challenged car-shar-
ucts, the company said Thurs- ond quarter. He studied every ing businesses. Consumers
day. expense to try to find savings flocked to used-car lots and
Microsoft had previously and store up three years of auto makers reported record
confirmed that it had down- cash. profits during the pandemic.
loaded malicious software Turo’s financial turnaround “We have not actually
from a vendor called Solar- suggests the moves are work- moved the needle in terms of
Winds Corp. that had been ing. The peer-to-peer car-rent- reducing individual car owner-
modified by the hackers. ing marketplace reported its ship, and it is that which will
Thursday’s disclosure is the first-ever profitable quarter in With Turo, car owners pass off keys to renters. A pre-pandemic Turo rental in San Francisco. drive these car-sharing mod-
first indication that the hack- 2020, according to results els,” Ms. Brozen said.
ers were able to access inter- shared with The Wall Street ous at the start of the pan- sets, as hotels or traditional year earlier. Turo also has had setbacks
nal systems at Microsoft. Journal, and Mr. Haddad fore- demic but have since benefited car-rental companies do, they Mr. Haddad, 49 years old, in battles with regulators and
“We detected unusual activ- casts achieving full-year prof- from an unexpected shift in “are much less likely to go into was chief operating officer of airports over fees and permit-
ity with a small number of in- itability in 2022, before ad- consumer behavior. financial distress,” he said. European internet auction ting. And consumer behavior
ternal accounts and upon re- justing for interest and taxes. In Turo’s case, people Car-rental company Hertz marketplace iBazar SA when will change again, post-pan-
view, we discovered one Mr. Haddad plans to pub- swapped air travel for local ex- Global Holdings Inc. filed for the tech market collapsed in demic. Once people resume air
account had been used to view licly list shares of Turo this cursions, and needed cars. bankruptcy protection in May. 2000. He said he was indeci- travel in bigger numbers, they
source code in a number of year, buoyed by the company’s People took hiatuses from cit- Turo said it expected to fin- sive and hesitated in his re- may be more inclined to use
source code repositories,” Mi- success and following the ies to work remotely, and ish 2020 with $153 million in sponse to the crisis, and sold traditional rental-car outlets
crosoft said. strong performance of many rented a car for their new lo- revenue, a record for the 10- iBazar at a steep discount to at airports, where Turo has
This compromised account tech initial public offerings in cale. Some customers with ex- year-old San Francisco-based eBay Inc. in early 2001. less of a presence.
was able to view Microsoft’s 2020. He is undecided tra cash after months cooped company. It saw revenue for “We did not manage that Both Turo and Getaround
source code, but not make whether he will pursue a tra- up indoors have rented sports the second half of the year at crisis very well, so that experi- have been assisted through the
changes, the company said. ditional IPO and is open to al- cars or Teslas for joy rides. $92.3 million, up 7% from the ence stayed with me,” Mr. pandemic by taxpayer money.
Microsoft’s disclosure ternatives, such as going pub- Turo keeps a variable cut of year-earlier period. The in- Haddad said. Turo received about a $6 mil-

.
raises the specter that the lic through a merger with a the rental revenue, depending crease reflects slower growth What was good for Turo lion loan from the govern-
hackers may have targeted and blank-check corporation. on insurance costs, and than in recent years, when also has been good for its main ment’s small business pan-

ly
then compromised other tech- Turo is a website where charges a separate booking fee. revenue climbed more than U.S. rival, private car-renting demic-aid program. Mr.
nology companies as well, said private car owners rent their “The platform model is a 60%, but any gain is notable marketplace Getaround. By Haddad said the money from
Sherri Davidoff, chief execu- vehicles by the day, week or lot more nimble and flexible,” amid the pandemic. late summer, Getaround’s reve- the Paycheck Protection Pro-
tive of the security consulting
firm LMG Security LLC.
“That’s why these hackers
are going after these compa-
month, including luxury rides
like Lamborghinis. The car-
renting marketplace joins
Airbnb Inc. in a category of
onsaid Arun Sundararajan, a New
York University professor and
author of a book on the shar-
ing economy. Because market-
The company also said it
cut its losses, before adjusting
for interest and taxes, to $7.2
million in the second half of
nue had more than doubled
from before the pandemic, the
company said.
Turo and Getaround are, so
gram allowed him to hire back
about half of the 110 people he
laid off and reverse the roughly
25% pay cut he gave all em-
nies,” she said. “They don’t startups that looked precari- places like Turo don’t own as- 2020 from $46.9 million a far, exceptions in a volatile in- ployees, including himself.
us ,
l
e
al a

‘We detected
unusual activity TV Networks Endured Steep Prime-Time Erosion
ci on

with a small number BY JOE FLINT

of internal accounts.’
The broadcast networks
will be happy to put 2020 in
er s

their rear view mirror.

want access to just one com- Unlike streaming platforms,
m er

pany. They want access to ev- which got a tremendous boost

erything.” from the nationwide shutdowns
A Microsoft spokesman de- caused by the coronavirus pan-
clined to say what products or demic, the broadcast networks
internal systems were affected endured steep drops in prime-
m rp

by the intrusion. time viewing last year.

Microsoft said it has “found The drops in Nielsen ratings
no evidence of access to pro- go far beyond the typical ero-
duction services or customer sion of the past decade that is
data,” and “no indications that a result of viewer fragmenta-
co Fo

our systems were used to at- tion due to the dramatic in-
tack others.” crease in content options com-
The SolarWinds attack ing from streaming services.
dates back to at least October The declines in prime-time
2019 and has prompted a viewers range from 32% for
flurry of cyber investigations ViacomCBS Inc.’s CBS, 28% for
within government and private Fox Corp.’s Fox, 25% for Com-
CRAIG SJODIN/ABC

industry. Through a backdoor cast Corp.’s NBC and 7% for

the attackers installed in So- Walt Disney Co.’s ABC com-
larWinds’ Orion networking pared with the fall of 2019. Fox
software, the hackers found Corp. and Wall Street Journal
their way into systems belong- parent News Corp share com-
ing to the Department of mon ownership. The success of ‘The Bachelorette’ helped cushion ABC’s drop in prime-time viewership, which was down 7% from the fall of 2019.
n-

Homeland Security, the State The drops can be attributed

Department, the Treasury and in large part to the effects of 15% increase over the usual managed to have 82% of fresh lower base audience, making U.S. prime-time viewers,
Commerce departments and the virus on their businesses. production costs. content during the fall, a de- their drops less damaging. fall season
others. Production shutdowns in the The ratings decline is being cline of just 6% from the pre- ABC also was one of the
2019 2020
no

U.S. government and cyber- spring and summer left broad- felt on advertising as well. vious fall. first networks to resume pro-
security officials have linked cast networks scrambling to fill NBC’s ad revenue was down Not every gamble NBC took duction and had new episodes
8 million
the attack to Russia. The their schedules with fresh con- 12% in the third quarter, which paid off. A pandemic-inspired of “Grey’s Anatomy” and “The
Kremlin has denied involve- tent in the fall, making them included September. ABC’s ad new comedy called “Connect- Conners” and a new dark
ment in the hacks. less able to capitalize on view- revenue for the early fall was ing” that primarily took place crime drama called “Big Sky”
A Wall Street Journal anal- ers stuck at home. flat while the company saved in video chats was pulled after to give it momentum heading 6
ysis of internet records identi- Broadcast shows are typi- money from production shut- only four episodes. into the new year.
fied infected computers at two cally ordered in the spring for downs. Ad revenue for CBS in The dramas that have been “We didn’t go the route that
dozen organizations that in- the following season. This sea- the quarter was off 1%, while on for much of the fall have many other networks did— 4
stalled the tainted network son, new episodes of existing Fox’s quarterly results showed also seen double-digit growth which was to slate their fall
monitoring software from So- series weren’t ready to air until ad revenue declines of 15%. in catch-up viewing either via with reruns, or turn to acquisi-
larWinds. Among them: net- late fall. The few new series The networks took different DVRs or on NBC platforms, tions,” said Ed Isabella, vice 2
working-gear maker Cisco Sys- there were had to be rushed approaches to dealing with the Mr. Bader said. This is indica- president of research for ABC.
tems Inc., chip makers Intel onto the air without the usual pandemic disruptions. CBS re- tive of the continuing trend of “We knew we wanted our origi-
Corp. and Nvidia Corp., and lengthy development process. lied heavily on reruns of cur- viewers pivoting away from nal shows back on the air.” 0
accounting firm Deloitte LLP. Networks got some cost sav- rent shows. NBC relied on im- live television to on-demand. Fox took a similar approach ABC Fox CBS NBC
The hackers also compro- ings from the reduction of orig- ports such as the Canadian ABC and Fox were fortunate to ABC, launching with its reg-
Note: 2020 data from Sept. 21 through Dec. 27;
mised at least one reseller of inal programming being pro- dramas “Nurses’’ and “Trans- to be able to make fresh epi- ular Sunday night animated 2019 data from Sept. 23 through Dec. 29
Microsoft’s cloud-based com- duced and developed for the plant” as well as game shows sodes of their unscripted hits lineup. It did try two new Source: Nielsen
puting services and tried to fall. However, production costs such as “The Weakest Link” “The Bachelorette,” “Dancing shows—dramas “Next” and
use that as a way of gaining in general have increased be- and a new season of “The with the Stars” and “The “Filthy Rich” that were can- CBS Entertainment Presi-
access to emails belonging to cause of the precautions put in Voice.” Masked Singer,” respectively. celed after a handful of air- dent Kelly Kahl said that it
the cybersecurity vendor place for Covid-19. For a one- “I actually think we weath- The success of “The Bachelor- ings. Fox was stung by a low- was a “fool’s errand” to com-
CrowdStrike Inc. That attempt hour drama, the additional ered the storm better than I ette” helped cushion ABC’s fall, rated World Series as well. pare this fall with fall 2019
was unsuccessful, CrowdStrike costs are more than $300,000 thought we would,” said Jeff while Fox’s heavy drop would The success of “The Masked given all the disruption.
said last week. Microsoft is an episode and over $150,000 Bader, president of program have been even bigger without Singer” helped the network “We acknowledge it was a
the world’s second-largest for a comedy, people familiar planning for NBC and its cable “The Masked Singer.” Both net- finish first in the key adults rough start, but we knew it
cloud-computing company af- with the matter said—a 10% to networks. Mr. Bader said NBC works were starting from a 18-49 demographic. was coming,” Mr. Kahl said.
ter Amazon.com Inc.

BUSINESS WATCH
The SolarWinds attack went
undetected for months and
was discovered by FireEye
Inc., a cybersecurity company,
when hackers tripped an EXXON MOBIL ing it would likely do so in No- said its chemicals unit would bankruptcy protection earlier in CENTRAL GARDEN & PET
alarm. FireEye put more than vember. Exxon also provided a likely experience a $400 million December.
100 cyber sleuths on the job of Firm Signals Another partial update on its fourth- positive impact because of im- J.C. Penney’s new ownership Company Will Buy
investigating the hack of its Quarterly Loss quarter performance that proved chemical margins. group—which consists of Simon Seed Packet Supplier
systems, before ultimately ze- showed some improvement in —Miguel Bustillo Property Group and Brookfield
roing in on SolarWinds’ soft- Exxon Mobil Corp. signaled gas and petrochemical revenues, Asset Management, along with Central Garden & Pet Co.
ware as the source of the com- that it will likely report a fourth though likely not enough to J.C. PENNEY strategic partner Authentic agreed to buy Green Garden
promise. consecutive quarterly loss as it avoid extending the worst Brands Group—said they have Products, a supplier of vegeta-
U.S. government and corpo- writes down up to $20 billion in stretch of quarterly losses in the Several Executives, launched a search for a new ble, herb and flower seed pack-
rate Investigators are still try- assets and struggles with declin- company’s modern history. Board Members Quit chief executive. ets, for $532 million.
ing to assess what information ing demand during the coronavi- Exxon reported that its up- The group has established a The Walnut Creek, Calif., dis-
the hackers were able to glean rus pandemic. stream or oil and gas production Several executives and board temporary office of the CEO and tributor of private-label products
in what cybersecurity officials The Texas oil giant confirmed division would see a positive im- members resigned from J.C. named Stanley Shashoua, Simon for the lawn-and-garden and
have characterized as one of in a regulatory filing that it in- pact of up to $1 billion compared Penney Co., including Chief Exec- Property’s chief investment offi- pet-supplies markets, said the
the biggest breaches of U.S. tended to impair $18 billion to with the prior quarter, amid utive Jill Soltau, following the cer, as interim CEO. deal expands its portfolio.
networks in years. $20 billion in assets after warn- higher commodity prices. It also company’s sale and exit from —George Stahl —Colin Kellaher
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

EXCHANGE

The Tech That Will Change Your Life in 2021

Pandemic Inspiration Hollywood at Home
Masks, webcams and sanitizers Many of this year’s top films are
for our bodies...and our gadgets. hitting living rooms at the same
The pandemic sparked a reliance time as theaters. Yep, that
on things our 2019 selves means watching “Dune” opening
couldn’t ever have imagined. weekend in your PJs. (Woohoo!)
With marketers keen to capital- In April, Universal Pictures
ize on the new interest (and anx- made “Trolls World Tour” an
iety), 2021 will likely be full of online rental as theaters closed.
new gizmos that boldly promise Unexpectedly, it broke digital
to improve it all. records, racking up $100 million
One key area: better web- through platforms such as Ap-
cams for our constant video ple TV. Then Disney made a big
calling. Samsung has already bet on “Mulan,” launching the
announced that its forthcom- title on the company’s Disney+
ing Galaxy smartphone, ex- streaming service for an addi-
pected in early 2021, will im- tional $30 a pop. Following the
prove video recording and Christmas release of “Wonder
calling. We anticipate laptop Woman 1984” to all HBO Max
makers will do the same and subscribers (with no extra fees),
finally ditch their crappy, low- WarnerMedia plans to release
resolution webcams. its entire 2021 slate on the on-
Portable versions of UV sani- line platform.
tizers for cleaning your phones Netflix has long adhered to
and gadgets are on the way to this model, and now Hollywood
keep in your car or your pocket. is catching on, more out of ne-
Another thing we may eventu- cessity than out of desire. AMC
ally never leave home without? reported attendance is down
High-tech masks. Expect a 85% year over year and Regal
range of built-in features: Blue- Cinemas, the second-largest the-
tooth and microphones (see ater chain in the U.S., closed all
Maskfone), a fan-powered wear- Laptops Arm Up Microsoft have begun releasing Windows or Chrome of its locations nationwide.
able air purifier (see LG Puri- Suddenly, laptops aren’t the most boring gadget in OS laptops with chips from Qualcomm, whose proces- The director of “Dune,” slated
Care), a mask with a UV LED the world. Our reliance on them for at-home work sors power the most popular Android phones. This for an HBO Max debut in the
(see the UV Mask). Look for air- and school spurred demand the category hadn’t seen will only accelerate in the coming year, with every fall, wrote a scathing op-ed
quality sensors, contact-tracing in years. (“Children, let me tell you about the Great major Windows PC maker working with Qualcomm on about how streaming alone can’t
assistance and more. Chromebook Shortage of 2020.”) Then, in November, laptops and some models even gaining 5G, said Qual- sustain the film industry. Yet the
You may even end up wear- Apple released a MacBook Air and MacBook Pro that comm President Cristiano Amon. studios’ digitally minded parent
ing a social-distancing sweater. ditched Intel inside for Apple’s own M1 chips. The re- Apple, which plans to transition its entire Mac companies, including Comcast,
SimpliSafe, a home-security sult? Machines that have never been so quiet and lineup to its own processors by 2022, is also expected AT&T and Disney, might dis-
company, made a version that cool, and lasted so long on one charge. to release a long-anticipated new iMac, among other agree, finding themselves in pos-
sounds an alarm when someone The move from chips based on Intel’s x86 architec- things. And it won’t come as a surprise when more session of the primary distribu-
comes within 6 feet of you. In- ture to ones based on lower-powered Arm technology, tech giants, including Amazon and Microsoft, embrace tion channel for their content—

.
tended as a fun prototype, the like the ones inside phones, is setting the entire com- their own custom chips in everything from laptops to and the valuable proprietary
sweater sold out immediately. puting industry on a new course. Lenovo, Acer and servers to wearables. viewer data that comes with it.

ly
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us ,
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er s
m er
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Reality: Assisted, Not Augmented reality.” They won’t feature virtual objects A Healthy Distance navirus patients, after fast-tracking new
When will Apple release a pair of smart that appear to interact with the real world. At-home health is here to stay. Downloads telemedicine systems. In March, federal au-
glasses? Probably not 2021. And while AR headsets like Microsoft’s HoloLens of health and fitness apps grew by 46% thorities loosened health privacy regulation
Google made a big step in this category might deliver an immersive experience, but world-wide in the first half of 2020, ac- to allow health-care providers to facilitate
this summer by acquiring North, a pioneer they’re still expensive and cumbersome. cording to MoEngage, a marketing re- visits over FaceTime, Facebook Messenger,
co Fo

in projection glasses, it canceled the sec- “Assisted reality” glasses—which project search firm. Zoom or Skype.
ond version of North’s glasses as it plots text, images and even video feeds into a Peloton, maker of smart spin bikes and PlushCare, a virtual primary care pro-
its future. person’s field of view—are of more value treadmills, said it tripled its revenue in the vider, saw a 460% increase in patient sign-
It’s actually Facebook that declared it now, says Brian Ballard, CEO of remote-ex- quarter ended in September. Lululemon ups in 2020. Ryan McQuaid, the company’s
will launch smart glasses in 2021—and pertise company Upskill. Businesses have Athletica acquired Mirror, a wall-mounted CEO, doesn’t think the bump is a short-
they’ll be Ray Bans. found utility in remote video conferencing panel that streams fitness classes, in June. term response to a crisis, citing the time-
Facebook Chief Executive Mark Zucker- that hovers in workers’ field of view, or Doctor checkups are changing, too. Hos- consuming nature of in-person visits. “On
berg said in September these glasses will turn-by-turn directions they don’t have to pitals used phone, interactive video and average, Americans spend over 20 minutes
be “the next step on the road to augmented look down to follow. messaging to minimize contact with coro- in the waiting room alone,” he said.

E-commerce ≠ Amazon EV, American Style range of over 350 miles and
The pandemic packed 10 Electric vehicles are cool, can do zero-to-60 in about
n-

years of consumer e-com- but few bear any resem- 3 seconds.

merce adoption into a single blance to good old Detroit Ford expects to have its
quarter, and forced every steel. That changes in 2021 own battery-powered mon-
company that wasn’t Ama- with the anticipated arrival ster, the F-150 Electric, on
no

zon—especially those with of some green beasts. sale in mid-2022. And some-
large retail footprints—to This summer, startup time in late 2021 or early
scramble to offer consumers Rivian expects to ship the 2022, we might even see
new and better ways to shop already-sold-out launch edi- Tesla’s Cybertruck.
from home. tions of its first-generation This past year brought
Target saw an explosion R1T pickup and R1S SUV, battery-powered SUVs from
in curbside pickup from on- machines with ranges of the likes of Toyota, Audi and
line orders, while ware- over 300 miles and price Jaguar, and the trend will
house retailer Costco re- tags starting around continue: In 2021, more than
ported unprecedented $70,000. half of the battery-electric
growth in e-commerce. Wal- Then there’s the GMC and plug-in hybrid options
mart launched a Prime-like Hummer EV pickup, due in on the U.S. market will be
membership program called the fall from General Mo- SUVs—82 models total, as
Walmart+, and rapidly tors. Reservations are opposed to 66 passenger-car
added features to keep up already full for the models, according to fore-
the competition. (Walmart $112,595-and-up Edition 1, casts by AlixPartners, a
recently eliminated order which is billed to have a global consulting firm.
minimums and shipping fees
on Walmart.com orders, and Death by Subscription quires an Apple Watch—is successful, Ap-
provides no-fee delivery on Everything now has some sort of sub- ple and other hardware makers will likely
grocery carts totaling $35 scription attached to it. Your 600 video attach more services to their products.
or more.) streaming apps, your grocery-delivery Those subscriptions you’re already
Shopify, which powers service, your cloud storage, certainly, but paying for will continue to rise. Compa-
payments for many small also your workout bike? Your to-do list nies argue you need to pay more so they
businesses online, expanded app? Your dog food? Everything as a Ser- can add more content and features. In
its own network of fulfill- vice (EaaS), as we like to call it, is only June, YouTube TV raised its cable-like
ment centers so those busi- going to continue. More things you once bundle by $15. In October, Netflix raised
nesses could get goods to bought as a one-time payment will be of- its most popular streaming plan from
customers more quickly and fered instead as a recurring payment. And $12.99 to $13.99. In November, Google
efficiently, without turning expect new sorts of service-focused offer- eliminated its free Google Photos storage
to Amazon. ings, too—especially tied to your hard- tier. And Disney announced that in
Now that fast, free ship- ware purchases. If Apple’s Fitness+—a March, the monthly price of Disney+ will
ping is table stakes and re- new digital workout subscription that re- go from $6.99 to $7.99.
tailers recognize they won’t
see the foot traffic they
counted on pre-pandemic, Return of the Trust Fall tirely at home do the same thing, which has
consumers finally get an on- While remote work has many advantages, led to a cottage industry of firms that will
line version of an old retail building trust between employees isn’t one plan these retreats for you.
staple: comparison shopping. of them. Online, there is no water cooler One reason companies have embraced re-
In 2021, Amazon’s value for gossiping around, no nearby coffee shop mote work is that it makes employees hap-
proposition—that if it isn’t for informal brainstorms, no place to grab pier, but another is that it saves companies
always the least expensive a drink after work. But companies whose money on office space.
way to shop, it’s at least the employees worked remotely long before the In 2021, expect to see many of the mil-
most convenient—will be pandemic already had a solution: the off- lions of employees who have permanently
JASON SCHNEIDER (6)

tested. Meanwhile, its mar- site retreat. shifted to remote or hybrid work piling into
ket power—along with Buffer, a fully remote company, gets its party buses, doing group yoga and seeking
Google’s, Facebook’s and Ap- entire, globe-spanning team together at inner peace in the presence of their bosses—
ple’s—will continue to be the least once a year. Dozens of other compa- for far less than the cost of the rent on the
focus of regulatory scrutiny. nies whose employees work mostly or en- offices they left behind.
 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, January 2 - 3, 2021 | B5

EXCHANGE
TAX REPORT | LAURA SAUNDERS

Tiny Tax Changes

That Could Be
A Big Deal This Year
These late-breaking tweaks may alter your returns
With taxes, small $300 a week for many people from
changes often add up Dec. 26, 2020, to March 14, 2021,
to big differences— and sometimes longer. It increases
and major confusion. the maximum number of weeks of
Last year Congress benefits to 50 from 39 in many
passed two important cases, and it allows states to for-
bills in response to give overpayments of benefits
Covid-19 that contain a slew of tax when repayment would “violate eq-
changes, with the most recent one uity and good conscience.”
signed by President Trump on Dec. Unemployment compensation is
27. Some of the changes apply only taxable, although tax rates drop as
to 2020, while others affect more income does. Recipients should ex-
than one year or take effect begin- pect to receive a Form 1099-G for
ning in 2021. The new year also 2020 payments that will be re-
brings automatic inflation adjust- ported to the IRS.
ments that slightly shift tax brack- • Charitable deductions. In its
ets and some other thresholds. December bill, Congress extended
That’s a lot to keep straight, so and expanded charitable write-offs
here’s a rundown of the most re- for taxpayers who take the stan-
cent tax changes and when they dard deduction instead of itemiz-
apply, according to the Senate Fi- ing them on Schedule A.

NICOLAS ORTEGA
nance Committee, plus an overview But the expansion applies to do-
of this year’s key tax numbers. nations made in 2021. It allows sin-
Happier New Year in 2021! gle taxpayers to deduct up to $300
• Stimulus payments. The year- in eligible donations and married
end relief and spending package joint filers to deduct up to $600.
just signed into law includes a sec- For 2020, the limit remains $300
ond round of stimulus checks. This for both single and joint filers. Key Inflation-Adjusted Tax Numbers for 2021 medical expenses. Without the

.
payment is up to $600 per tax- Also for 2021, this deduction change, the AGI threshold would
payer ($1,200 for married joint fil- reduces taxable income but not Individual income tax Taxable income have risen to 10%.

ly
ers) plus $600 per qualifying child adjusted gross income. AGI is a Relatively few taxpayers take
RATE SINGLE MARRIED, FILING JOINTLY
key threshold for other tax provi- this write-off because their ex-
sions, such as Roth IRA contribu- 10% Up to $9,950 Up to $19,900 penses don’t exceed the threshold.
Congress passed two
major bills in response Medicare premiums.
on
tions, the 3.8% surtax on invest-
ment income, and income-based

In addition, the new law extends

12%
22%
24%
$9,951 to $40,525
$40,526 to $86,375
$86,376 to $164,925
$19,901 to $81,050
$81,051 to $172,750
$172,751 to $329,850
But the deduction covers a wide
range of unreimbursed costs when
it does apply, and it’s valuable to
people who have very large medi-
to Covid-19 that contain the ability of individuals who item- cal expenses, such as from nursing-
us ,

32% $164,926 to $209,425 $329,851 to $418,850

a slew of tax changes. ize deductions on Schedule A to home care. For a list of allowed ex-
l

deduct donations up to 100% of ad- 35% $209,426 to $523,600 $418,851 to $628,300 penses, see IRS Publication 502.
e
al a

justed gross income through 2021. 37% $523,601 + $628,301 + • Business-meal deductions. Act-
• Flexible spending accounts. ing on a request from President
under age 17. It begins to phase out Many workers with FSAs that al- Trump, Congress has enacted a
ci on

Capital gains, dividends Taxable income

at $75,000 of adjusted gross in- low them to use pretax dollars to 100% deduction for business-meal
come for most single filers and pay for unreimbursed health ex- RATE* SINGLE MARRIED, FILING JOINTLY and beverage expenses in 2021 and
$150,000 of AGI for most married penses (like glasses) or dependent- 0% Up to $40,400 Up to $80,800 2022, up from 50% in 2020. It ap-
joint filers. For individuals without care expenses (like summer camp) plies to delivery and carryout meals
children, the payments go to zero didn’t use all the money in their 15% $40,401 to $445,850 $80,801 to $501,600 as well as those in restaurants.
er s

when income reaches $87,000, or 2020 accounts because of the pan- 20% $445,851 + $501,601 + • Retirement-plan withdrawals.
$174,000 for couples filing jointly. demic. The IRS had limited ability The new law has a permanent pro-
Standard deduction $12,550 $25,100
m er

The second round of stimulus pay- to ease FSA rules, but Congress vision allowing victims of officially
ments, like the first, isn’t taxable. has now done so. Social Security- $142,800 declared disasters such as hurri-
Payments are already going out, Participants in such plans can tax wage cap canes and fires to make withdraw-
and most are based on taxpayers’ carry over unused funds from 2020 als up to $100,000 of IRA and
income as listed on their 2019 tax to 2021 and 2021 to 2022, or for up Exemptions 401(k) assets. These withdrawals
m rp

returns. If the recipients’ 2020 in- to 12 months for companies with Estate and gift tax $11.7 million per individual can then be included in taxable in-
come turns out to be much higher, fiscal years. For dependent-care ac- come or restored to the account
they won’t need to give the pay- counts, the law extends the age Annual gift tax exclusion $15,000 per recipient over as long as three years. For
ments back. Taxpayers who earned limit from 12 to 13 for some car- Retirement plan contribution limits** people younger than 59½ who take
too much in 2019 to receive checks ried-over funds. For workers to such payouts, the 10% penalty on
Traditional or Roth IRA up to $6,000 (plus $1,000 for age 50 and older)
co Fo

but whose income dropped enough take advantage of these changes, early withdrawals doesn’t apply.
to qualify for the stimulus can company plans must often opt into 401(K) or Roth 401(k) up to $19,500 (plus $6,500 for age 50 and older) This relief is similar to what
claim payments through their 2020 the new rules. Congress allowed for people af-
SEP IRA or Solo 401(k) up to 58,000 (plus $6,500 for age 50
tax returns. • Medical-expense deductions. fected by Covid-19 in 2020. So far,
and older, for solo 401(k))
• Unemployment pay. Among The December law enacted a per- *Applies to gains on assets held longer than a year and qualified dividends.
however, lawmakers haven’t ex-
other changes in this area, the new manent threshold of 7.5% of ad- **Income limits may also affect amount of contribution allowed. tended this relief for Covid victims
law extends unemployment pay of justed gross income for deducting Source: Internal Revenue Service into 2021.

PERSONAL BOARD OF DIRECTORS Jim Kavanaugh, a former pro- Mr. Kavanaugh met Mr. Dell at a tech-industry
n-

fessional soccer player, lacked event in the early 1990s. They competed
The trusted advisers of top business leaders money to help kick off World against each other for years, though their
Wide Technology LLC when he companies eventually became business partners. “Jim

Jim Kavanaugh co-founded the reseller of tech and I both grew up in this industry,’’ Mr. Dell recol-
no

equipment at age 28 in 1990. lects. The tech tycoon’s impressive adaptability in-
Today, the WWT chief exec- spired Mr. Kavanaugh to propose that WWT buy a
Chief Executive Officer, World Wide Technology utive presides over a global en- software-development business. Fellow executives
terprise with $13.4 billion in an- Michael Dell worried he was moving WWT away from its core fo-
nual revenue and about 7,000 Chairman and CEO of cus. “If we don’t move into this space, we are going
employees. It provides an array Dell Technologies Inc. to lose our edge.’’ Mr. Kavanaugh said. WWT acquired
of high-tech services to compa- a small software-development consultancy in 2015.
nies, government agencies and
others. And Mr. Kavanaugh now
has a net worth of $2.3 billion, Mr. Kavanaugh has known Mr. Robbins since
according to Forbes magazine. the latter was a Cisco middle manager de-
Mr. Kavanaugh had little cades ago. Mr. Robbins took command of
sense of his full potential while the networking-equipment giant in 2015. The Cisco
growing up in St. Louis. As the leader later encouraged Mr. Kavanaugh to increase
son of a bricklayer and home- his involvement with the broader business commu-
maker, “I thought I would prob- nity. “People often say leadership is lonely, but it
ably end up in construction,” he doesn’t always have to be if you have a strong
says. He considered launching Chuck Robbins community around you,’’ Mr. Robbins observes.
a landscaping business once he Chairman and CEO of “My peer network has been tremendously helpful
finished high school. Cisco Systems Inc. to me as we’ve navigated many of the same com-
Instead, Mr. Kavanaugh won plex challenges.’’
a soccer scholarship to Saint
Louis University, where he ma-
jored in marketing. The Los An- Mr. Koenig was Mr. Kavanaugh’s college
geles Lazers, a team in the Ma- roommate—and has served as his second-in-
jor Indoor Soccer League, command since 1993. The result? “Joe tells
drafted him after his 1986 me what I need to hear…whether I like it or not,”
graduation. the CEO says. For example, Mr. Koenig once
Mr. Kavanaugh left in 1988 bluntly urged him to shut up and listen more
to be a sales manager at an when he was pushing to create an innovative re-
electronics distributor. Tech- source for customers. Over time, Mr. Kavanaugh
nology looked like “a growth Joe Koenig says he has come to realize that good leaders
area,’’ he says. President of World Wide know “when to weigh in with that passion and
Two years later, he teamed Technology LLC when to sit back and listen.’’ He adds: “you can
up with entrepreneur David make better decisions if you listen to understand.’’
Steward to found WWT. Mr.
WHITNEY CURTIS FOR THE WALL STREET JOURNAL

Steward provided seed money.

The startup struggled at Every year, the company headed by Mr. Bush
first. Heating and trash bills surveys more than 10 million workers at over
went unpaid for months. But 10,000 companies to build its list of great
those days are behind him. places to work and similar tallies, such as Fortune
Mentors have helped Mr. Ka- magazine’s “100 Best Companies to Work For.” Mr.
vanaugh handle challenges, let- Kavanaugh became acquainted with Mr. Bush after
ting him know he could suc- WWT repeatedly landed on those lists. “His humility
ceed “if I have the grit and is his competitive advantage” because it makes peo-
determination to overcome set- Michael Bush ple feel safe, equal and valued, Mr. Bush says. Mr.
backs,’’ Mr. Kavanaugh notes. CEO of Great Place to Kavanaugh says his mentor helped him understand
Here are four of his most val- Work Institute Inc. the value of treating staffers well while generating
ued advisers. —Joann S. Lublin strong profit: “One without the other won’t work.”
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, January 2 - 3, 2021 | B7

WHERE TRAVEL IS HEADED NEXT

Airlines Craft Hotel Owners Are Still

International travel at big U.S.
airlines like Delta, left and bottom
left, and American, bottom right,
could be slow to come back as

Very Different Reeling From the Pandemic

travelers fear new lockdowns.

riod—as the economy improved

and airlines offered deals, accord-

Flight Plans
ing to the International Air Trans-

CLOCKWISE FROM TOP: ELIJAH NOUVELAGE/REUTERS; JOHN J. KIM / CHICAGO TRIBUNE/ZUMA PRESS; SHANNON STAPLETON/REUTERS
port Association. Tourism may bounce back this year, but business travel faces a slower recovery
In the U.S., airline executives
and industry observers say pent-up BY KONRAD PUTZIER
demand for travel could be un-
leashed in a fury in the summer
when more people are expected to Hotel owners are bracing for a analyst at Robert W. Baird & Co. number of foreclosures is still
be inoculated. difficult 2021, as the sector con- “Because I think they’re going to low, it has been inching up.
Some are cutting back schedules; others are “The surge in demand for air tinues to reel from a historic say: ‘Do I need my employer to Debt-forbearance agreements ne-
buying planes and adding cities to their routes travel could be like nothing we drop in bookings caused by the spend money on this? Can we do gotiated in the spring are expir-
have ever before experienced,” Covid-19 pandemic. this over a phone call? Can we do ing, leaving many hotel owners
Deutsche Bank analyst Michael Even though the industry’s this over Zoom?’ ” with a choice between asking for
BY ALISON SIDER Linenberg wrote in December. worst year in living memory That’s a problem because busi- help again or handing over the

A
ended with a glimmer of hope, ness travelers are typically ho- keys. Mark Schoenholtz, a vice
many in the industry expect the tels’ most profitable customers. chairman at real-estate services
irlines are betting that five-year absence while rival South- ‘Everybody’s trying celebrations to be short-lived. They often book at the last min- firm Newmark, said he expects
coronavirus vaccines west Airlines Co. plans to fly from The start of Covid vaccina- ute and tend to be less worried an increase in distressed-hotel
will reignite demand for Chicago’s O’Hare International Air- to look for where tions in the U.S. and Europe about costs than leisure travelers. sales in early 2021 as new spikes
travel this year. The port for the first time ever in 2021. demand is,’ says raised the prospect that people Hotels in big cities like New York in infections lead to property
question is when. JetBlue Airways Corp. is adding would start traveling again and or Chicago that depend on busi- closures. “That’s going to force
Delta Air Lines Inc. flights this year at Miami Interna- JetBlue’s president. sent shares in hotel owners and ness travelers will take a particu- the hand of both owners and
Chief Executive Ed Bastian expects tional Airport—the busiest U.S. air- operators soaring. But investors larly long time to recover from lenders in bringing things to
improvement starting this spring. port it didn’t yet serve. and analysts say bookings will the crisis, Mr. Bellisario said. market,” he said.
Alaska Airlines President Ben Mini- The coronavirus pandemic One potential development that take years to rise back to pre- Nayan Patel, who owns seven Outside of business-travel hot
cucci said he hopes to get back to brought a travel boom to a crash- could lift the industry is if youn- pandemic levels. Meanwhile, the hotels in the Washington, D.C., spots and big conference hotels,
80% of pre-pandemic capacity by ing halt last spring as people ger people jump at the chance to industry faces growing financial area, including the Georgetown the outlook is less bleak. Millions
summer. United CEO Scott Kirby, stopped traveling for work and visit elderly parents and grand- stress as property owners strug- Inn, said his revenues are down of Americans who have been
however, said travel may not start everything from weddings to fu- parents once they have been inoc- gle to pay their mortgage bills, around 80% compared with a mostly confined to their homes
getting back to normal until vac- nerals was held over Zoom. It ulated, said Raymond James ana- wages and other expenses. year ago. Business travelers, for- for the better part of a year are
cines are widely distributed—in wiped out over two decades’ lyst Savanthi Syth. A federal Despite the record drop in merly an important source of rev- itching to travel again. Analysts
late 2021. worth of growth in a matter of advisory panel has recommended bookings, many hotels have been enue, have virtually disappeared. say they expect a surge in book-
“I recognize a lot of people are months, according to aviation that people over 75, who are able to stay open thanks to debt He said he recently closed one of ings in popular leisure-travel des-
saying it’s going to happen faster, data provider Cirium, sending among the most vulnerable, be relief from banks and temporary his properties, the 76-room West tinations like Miami or San Diego
and I hope they’re right,” he said global air traffic plummeting to next in line for the vaccine. government aid like the Paycheck End hotel, because the two or once vaccines are widely avail-
in a December interview. “This is levels last seen in 1999. “January is going to Protection Program. Now some three bookings a night couldn’t able and people feel safe.
one of those strange situations The fragility of any re- look terrible,” Ms. Syth lenders are starting to lose pa- even pay for his front-desk staff, Alan Lieberman, whose South
where I think we’re probably bet- bound became evident last said. But “you can start to tience, brokers and investors say, although he plans to reopen once Beach Group owns 17 hotels in
ter at forecasting what’s going month when a new, more see some trips coming which could lead to an increase in business picks up again. “If you Miami Beach and one in nearby

.
to happen a year from now than infectious strain of the back even sooner than you foreclosures and distressed-prop- look at our numbers, they’re Hollywood Beach, said his prop-
we are what’s going to happen coronavirus emerged in would expect.” erty sales in the first half of 2021. abysmal,” he said. “I don’t try to erties were almost booked out for

ly
next quarter.” the U.K., prompting a new Analysts expect busi- For hotel owners, “it’s all look at them every day, because New Year’s Eve.
Their strategies for coping with wave of travel restrictions. ness travel will lag behind about survival,” said Greig Taylor, it’s too depressing.” Although he expects occupancy
the uncertainty are just as diverse. That followed other such leisure in the recovery. a managing director at consulting Mr. Patel expects the business- to be almost at normal levels

on
Airlines are shutting down some setbacks in the U.S. That is bad news for big firm AlixPartners LLP. travel drought to weigh on his through May, when high tourism
international markets and running But the days just be- carriers that rely on busi- In the near term, the slow pace earnings in 2021 as well. “If you season winds down, most rooms
reduced schedules while also buy- fore and after Christmas ness customers for large of vaccinations and persistently look at the calendar for next year have been going for bargain
ing new planes and adding new were among the busiest in chunks of revenue but po- high numbers of Covid-19 infec- for the convention center for D.C., rates. His revenues won’t be back
cities in an attempt to capture de- months, with airport se- tentially less troubling for tions are likely to continue hold- it’s virtually empty,” he said. at pre-pandemic levels until

us ,
mand where it exists. curity screenings nearing smaller carriers such as ing back bookings. In a November “That’s a major problem.” cruise ships and conferences re-

l
United is returning to New 1.3 million on Dec. 27— Allegiant Travel Co., report, S&P Global Ratings esti- Thanks to debt forbearance turn, he said. Still, he counts him-

e
al a
York’s John F. Kennedy Interna- the highest level since which mostly flies from mated that revenue per available from his lenders, Mr. Patel has self lucky to own hotels in a
tional Airport in February after a March, according to the smaller cities to sunny va- hotel room fell by 50% in the U.S. been able to hold on to his prop- sunny place with a beach. “I
Transportation Security cation destinations. in 2020. The ratings agency ex- erties, he said, but others ha- would be out of business in Chi-

ci on
Administration. Many of Allegiant’s pects revenue to pick up in 2021, ven’t been as lucky. Although the cago or New York,” he said.
Lighter Load “It’s a little bit of an passengers still want to but estimates that it will still be
emotional roller coaster,” fly, according to the car- 20% to 30% lower than in 2019. It
Change in the number of people
said Mr. Minicucci, rier’s research. In weekly doesn’t expect revenues to fully
passing through U.S. airports from a
Alaska’s president. surveys the airline has recover before 2023.

er s
year earlier
Competition among air- conducted since the start Business travel is a particular
Seven-day moving average Daily lines will likely be fierce m er of the pandemic, 60% of concern. While some analysts ex-
in 2021 as they duke it Allegiant’s customers say pect tourism to resume at an al-
0% out for shares of a smaller pie. In- line was adding flights to match to fill than the wide-bodies bigger tunistic by adding a dozen new cit- make the airline more efficient. they intend to travel by spring, most-normal pace by the second
ternational travel—a mainstay for demand in Latin America and the competitors fly, according to air- ies as it looks to expand its reach. Doing the deal now helped the and 70% say they’ll travel by sum- half of 2021 in many places, cost
–20 legacy airlines such as United, Caribbean, but planning a more line President Joanna Geraghty. It is targeting airports such as Chi- airline get the most favorable mer. The airline typically pub- cutting and the rising popularity
Delta, and American Airlines muted trans-Atlantic schedule due Because New York-based JetBlue cago’s O’Hare that were once too terms from Boeing, Mr. Minicucci lishes flight schedules six months of virtual meetings could mean
m rp
Group Inc.—could be slow to come to weak demand. has strongholds in the Northeast, crowded with other carriers. It said. “Even though there’s a huge into the future, but is considering fewer corporate credit cards will

JAYME GERSHEN/BLOOMBERG NEWS

–40 back as international borders re- “Normally we would see book- where the virus spread aggres- also recently announced new ser- cloud over everything, now is the extending its offerings through be swiped at hotels for the fore-
main closed and travelers fear ings for these destinations, and sively last spring, it learned to vice to Fresno and Santa Barbara, time to make a deal like this,” Mr. the rest of the year. seeable future. In a recent re-
–60 new lockdowns. we’re not seeing demand largely open new routes and cities more Calif.—part of an effort to find un- Minicucci said. “Customers are already think- port, accounting and consulting
American Airlines recently said because of country restrictions quickly and with less expense, she tapped demand to put underuti- China’s recovery from the coro- ing about holiday travel in ’21,” firm PricewaterhouseCoopers
co Fo

it would shutter operations in that remain in place,” she said. added. JetBlue has added dozens lized planes and staff to work navirus pandemic could give some said Greg Anderson, chief finan- said that some business travel
–80 Prague, Manchester and Reykja- Some airlines are returning to of new routes and recently an- bringing in revenue. indication of how things will play cial officer of Allegiant. “Leisure may never come back.
vik, and said it would hold off on strategies they put in motion be- nounced service to new cities, in- Another major carrier, Alaska, is out in the U.S. if vaccination be- is the segment of the traveling “I think the biggest change is
–100 resuming flights to Venice—all fore the pandemic. JetBlue aims to cluding Miami and Key West. pushing ahead with an order to re- comes widespread. Domestic air public that’s going to come back going to be the last-minute busi-
routes that were scheduled to re- start flying to London in 2021, bet- “Everybody’s trying to look for place most of its Airbus planes in traffic there is nearly back to pre- the fastest,” he added. “We think ness-travel people on the road for
A M J J A S O N D
turn this summer. A spokes- ting that it will be successful flying where demand is,” she said. the coming years with Boeing 737 pandemic levels—down just 1.4% in all the other airlines will be vying 100 or 150 days a year,” said Mi- Discounts have helped prop up occupancy hotels in tourist destinations
Source: TSA woman for American said the air- narrow-body jets with fewer seats Southwest is also being oppor- MAX jets—a move that it says will October from the year-earlier pe- for that segment.” chael Bellisario, a senior research like Miami Beach, above, but conferences and business travel are off.

tections, such as operating at 40% provided they are not given incen- a virus test before boarding.
Cruise Lines Passengers disembarked in Tahiti Cruise ships arriving at ports, daily
n-

passenger capacity and adding fre- after a cruise aboard the Paul tives and are informed about Masks, temperature checks and
150 cruise ships
quent Covid tests, temperature Gauguin was cut short by a health risks. After Royal Caribbean regular onboard tests are manda-
checks and limiting movements on announced in November that it tory. Journeys range from one- to
Aim to and off the ship.
traveler’s positive Covid-19 test.
125 was seeking passengers for the four-day cruises, which may in-
no

Within days of launching most of test cruises, the company said clude a brief stop to destinations
these cruises, crew or passengers Another Norway cruise line, such as a deserted beach.
Outsail Covid became ill or tested positive for
Covid-19. The reversals reflect the
Hurtigruten, is under investigation
by the country’s police and health
100
CDC issues
100,000 people volunteered within
a few days; the cruises have yet to
be scheduled.
One of the ships, Asuka II, has
closed the mahjong room and the
limitations of Covid-19 tests on a vi- authorities after 42 crew and 29 75 no-sail order One of the few countries to suc- disco lounge. Passengers can share
Continued from page B1 rus that can take days to incubate, passengers on the ship Roald cessfully thwart the spread of cor- a meal only with cabin mates or
into a high-volume business—Car- and, in at least one case, failures by Amundsen tested positive for onavirus on cruise ships is Japan. family at designated tables sur-
nival Corp., Norwegian Cruise Line cruise management to properly Covid-19 following two July 50 The nation experienced one of the rounded by plastic panels.
Holdings Ltd. and Royal Caribbean quarantine crew or sound the alarm cruises. All passengers were resi- first and largest Covid-19 cruise Kahoru Horiuchi, 66, was one of
Cruises Ltd.—in a race against the when employees became sick. dents of Norway, which at the time outbreaks in February on Carni- 150 guests who sailed from Yoko-
clock. They need to find a way to UnCruise Chief Executive Dan had only a handful of Covid-19 25 val’s Diamond Princess, which car- hama two days before Christmas
get ships moving again so they can Blanchard said in an interview that cases. The ship’s crew, about 80% ries more than 3,600 passengers on the Asuka II, which can carry
start generating revenue again. a passenger from Texas tested of whom were hired from foreign 0 and crew. More than 700 of the up to 850 passengers. On the one-
Currently, companies are work- positive for the virus during the nations, were required to have ship’s passengers and crew tested night cruise, a first for Mrs. Hori-
Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
ing on protocols to protect crew Wilderness Adventurer’s Alaska proof of negative Covid-19 tests positive for the virus and 14 died. uchi and her husband, the couple
members. Once they demonstrate cruise in July, forcing the company before they journeyed to Norway. Source: MariTrace Japanese cruise lines restarted was prohibited from having close
proficiency, federal authorities to “shut the thing down” and re- A study of the outbreak com- sailing on some ships in late Octo- contact with other guests.
will allow them to offer test missioned by Hurtigruten found ber under strictly controlled con- “It was fine that there was no
cruises, though none have been that many of the ship’s crew were eral steps that cruise companies gers from infection, including rapid ditions. So far, there have been no talking, no mingling,” Mrs. Horiuchi
scheduled so far. The big opera- 100,000 people have not properly isolated in cabins must take to prove crew safety. If testing of all passengers and crew reported Covid-19 cases on board said. “It was actually quite relaxing.”

FROM LEFT: SULIANE FAVENNEC/AFP/GETTY IMAGESCRUISE WITH BEN AND DAVID; LOU AND TERESA MELLO
tors hope to resume regular paid during a mandatory 10-day quar- they meet those tests, the compa- before ships leave port and before but the appeal of a carefree cruise —Erin Ailworth, Suryatapa
cruises from U.S. ports in 2021, signed up for test cruises antine. It cited evidence that some nies will be allowed to launch test travelers disembark. has been replaced by a maze of Bhattacharya, Miho Inada
though the timing is unclear. The Royal Caribbean hopes had worked near passengers be- cruises designed to assess their Cruise companies can enlist vol- restrictions. and Lisa Schwartz
CDC has said it will issue guid- fore completing the quarantine. ability to protect crew and passen- unteer passengers for the voyages, Passengers are required to take contributed to this article.
ance in coming months. to run in 2021. The report also said the ship’s
The more the industry learns doctors did not report to authori-
about the virus, the clearer it be- ties that some of its crew had
comes that an arsenal of expensive turn to port. Mr. Blanchard said been isolated with Covid-19 related
precautions are needed. Many of subsequent tests showed the pas- symptoms such as fevers and
the smaller ships that sailed senger wasn’t infected and the ini- coughs as early as four days into
through the summer and fall im- tial test produced a false positive, deck devoted to isolation state- into the mask-free cruise, when a ship’s owner, Norway-based SeaD- the first cruise.
posed a series of new protocols but the company decided to cancel rooms to contain any outbreak. doctor in a protective suit ran past ream Yacht Club, canceled its re- The company let passengers dis-
such as requiring preboarding its Alaska cruises until April 2021 A few days after the voyage be- them in a passageway. A short time maining 2020 cruises. The com- embark 10 days later in Tromsø,
Covid tests, daily temperature because too many risks were be- gan, an American woman traveling later, the captain announced a posi- pany did not respond to requests Norway, shortly before it sent four
checks and sharply reduced pas- yond the company’s control. with her mother tested positive for tive Covid-19 case on board, the first to comment. sick crew members to a local hos-
senger loads. “We need to have rapid, reliable Covid-19, prompting Ponant to cut of seven passengers and two crew Lou and Teresa Mello, from pital. Hurtigruten learned later
Luxury brand Ponant, owned by and regular testing at transporta- short the cruise and suspend sailing with eventual confirmed cases. Charleston, S.C., spent more than a that day, July 31, that two crew
French billionaire François Pinault, tion hubs” like airports and port in the region, said Hironui John- Passengers said they later week in isolation at a facility in Bar- tested positive for Covid-19.
scheduled travel through nearly vi- facilities, said Mr. Blanchard. “Sec- ston, an official with French Polyne- learned that an extended American bados after testing positive. They re- Dr. Stephen Ostroff, former
rus-free French Polynesia on its ondary to that is the vaccine.” sia’s tourism ministry. A spokesman family had partied in Miami’s call riding to shore for a beach ex- chief medical officer for the Food
ship Paul Gauguin. Norway’s Hur- France’s Ponant said in promo- for Ponant declined to comment. South Beach after testing negative cursion with the infected family. and Drug Administration, said it is
tigruten Group AS restricted par- tional brochures that it collabo- Another ship, the Norwegian- for Covid-19 and before traveling “It was a one-week escape for virtually impossible to keep the vi-
ticipation on the Roald Amund- rated with medical experts to pro- owned SeaDream I, required 53 pas- to board the ship in Barbados. us. It backfired, obviously.” Mr. rus off ships so long as it is
sen’s cruise along fjords to the tect passengers from the virus sengers to provide proof of negative Their infections illustrate the risks Mello, a retiree, said, adding that spreading in communities. “Noth-
country’s residents. Seattle-based when the Paul Gauguin resumed coronavirus test results before of relying on preboarding tests as he and his wife won’t risk another ing will ever do that perfectly, so
UnCruise Adventures promised to sailing in French Polynesia in late boarding in Barbados in November. a safeguard against the virus. cruise before vaccines are widely you also need measures to keep it
reinvent its popular cruises in July after a hiatus that started in Ben Hewitt and his husband, Da- Passengers were “lulled into a distributed. “It only takes one or from spreading—on the ship or
Alaska aboard the Wilderness Ad- March. Safety measures included vid McDonald, were returning to false sense of security,” said Mr. two people not doing the right ashore,” he said.
venturer with a slew of new pro- regular Covid tests and an entire their cabin after lunch, a few days Hewitt, who avoided the virus. The thing” to put everyone at risk. The CDC in October laid out sev- Ben Hewitt and David McDonald and Lou and Teresa Mello were among the passengers on the SeaDream I when a Covid outbreak started.
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

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
30606.48 Trailing P/E ratio 30.11 21.47 3756.07 Trailing P/E ratio * 40.40 25.53 12888.28 Trailing P/E ratio *† 39.45 27.55 commodities performed around the world for the week.
s 196.92 P/E estimate * 24.91 19.09 s 24.03 P/E estimate * 26.75 19.77 s 18.28 P/E estimate *† 32.79 24.10
Stock Currency, Commodity, Exchange-
Dividend yield 1.97 2.20 Dividend yield * 1.60 1.82 or 0.14% Dividend yield *† 0.75 0.97
or 0.65% or 0.64% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Corn 7.32%
12899.42, 12/28/20
30606.48, 12/31/20 0.15198707565833 3756.07, 12/31/20 Lean hogs 4.97
Soybeans 4.10
32200 3700 12800 Hang Seng 3.20
Nikkei 225 2.95
30500 3600 12400 S&P 500 Utilities 2.50
Kospi Composite 2.37
12000 Shanghai Composite 2.25
28800 3500
Wheat 2.15
Session high Nymex RBOB gasoline 2.14
27100 3400 11600
DOWN UP S&P 500 Consumer Discr 1.98
t

Session open Close 65-day moving average Comex silver 1.97

65-day moving average 25400 3300 11200 S&P 500 Telecom Svcs 1.94
Close Open
t

65-day moving average S&P BSE Sensex 1.91

Session low 23700 3200 10800 S&P 500 Financials 1.89
Bars measure the point change from session's open S&P 500 Health Care 1.86
22000 3100 10400 S&P 500 Real Estate 1.78
Nov. Dec. Nov. Dec. Nov. Dec. IPC All-Share 1.60
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index South Korean won 1.56
S&P 500 1.43
Nasdaq 100 1.39
Major U.S. Stock-Market Indexes Trading Diary Dow Jones Industrial Average 1.35
Latest 52-Week % chg Volume, Advancers, Decliners Bloomberg Commodity Index 1.33
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Australian dollar 1.33
Dow Jones Total volume* 806,430,239 26,417,189 S&P 500 Consumer Staples 1.25
Industrial Average 30637.47 30344.50 30606.48 196.92 0.65 30606.48 18591.93 6.0 7.2 7.4 Adv. volume* 468,877,002 14,432,056 S&P 500 Materials 1.17
Transportation Avg 12517.48 12414.60 12506.93 47.70 0.38 12803.02 6703.63 13.8 14.7 5.6 Decl. volume* 329,925,061 11,721,931 Norwegian krone 1.12
Utility Average 865.30 849.10 864.64 14.05 1.65 960.89 610.89 -0.3 -1.7 6.1 Issues traded 3,243 284 Nymex natural gas 1.07
Total Stock Market 39257.64 38945.25 39219.62 182.00 0.47 39219.62 22462.76 17.8 18.7 12.3 Advances 1,881 124 Indonesian rupiah 1.07
Barron's 400 853.37 845.38 852.19 2.60 852.20 455.11 15.8 16.4 6.2 Declines 1,268 151 Canada dollar 1.04
0.31
Unchanged 94 9 Sao Paulo Bovespa 1.03
Nasdaq Stock Market New highs 153 10 DAX 0.97
Nasdaq Composite 12902.07 12821.23 12888.28 18.28 0.14 12899.42 6860.67 41.8 43.6 23.1 New lows 5 0 S&P 500 Information Tech 0.91
Nasdaq 100 12904.09 12804.75 12888.28 42.92 0.33 12888.28 6994.29 45.3 47.6 26.3 Closing Arms† 1.25 0.45 UK pound 0.83
Block trades* 4,735 287 Stoxx Europe 600 0.77
S&P
Nasdaq NYSE Arca
S&P 500 Industrials 0.73
500 Index 3760.20 3726.88 3756.07 24.03 0.64 3756.07 2237.40 15.3 16.3 12.0
Indian rupee 0.71
MidCap 400 2315.78 2288.20 2306.62 3.74 0.16 2315.36 1218.55 11.7 11.8 6.7 Total volume*4,732,072,115 181,678,450
Swiss franc 0.70
SmallCap 600 1122.69 1110.45 1118.93 0.92 0.08 1124.94 595.67 9.6 9.6 6.1 Adv. volume*2,213,071,900 87,424,231
Comex gold 0.66

.
Decl. volume*2,471,441,341 93,679,034
Other Indexes Nasdaq Composite 0.65

ly
Issues traded 3,850 1,439
Russell 2000 1981.41 1963.26 1974.86 -5.14 -0.26 2007.10 991.16 18.5 18.4 8.7 Nymex crude 0.60
Advances 1,765 860
NYSE Composite 14533.21 14422.74 14524.80 47.33 0.33 14524.80 8777.38 3.7 4.4 4.3 CAC-40 0.53
Declines 1,983 562
Value Line 569.90 564.95 1.02 0.18 568.77 305.71 3.0
FTSE MIB 0.46
568.77 2.8 0.4 Unchanged 102 17
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5786.03
690.03
98.02
5684.48
680.72
96.24
5739.02 -38.67 -0.67
689.43
97.91
4.28
1.09 1.12
on
0.62
6142.96
691.70
114.12
3855.67
494.36
56.19
13.8
5.1
-14.2
13.3
5.5
-13.6
10.8
8.2
-2.8
New highs
New lows
Closing Arms†
198
20
0.99
152
26
1.37
Euro Stoxx
iShJPMUSEmgBd 0.36
Japanese yen 0.33
iSh TIPS Bond 0.31
0.38

PHLX§ Gold/Silver 147.43 143.62 144.19 -2.95 -2.00 161.14 70.12 35.4 34.9 19.1 Block trades* 36,683 960
us ,

iShiBoxx$HYCp 0.29
PHLX§ Oil Service 44.51 43.66 44.33 0.17 0.39 80.99 21.47 -43.7 -43.4 -33.3
l

* Primary market NYSE, NYSE American NYSE Arca only. iSh 20+ Treasury 0.28
PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
2798.14 2768.43 2795.50 11.73 0.42 2816.27 1286.84 48.1 51.1 30.7 iShiBoxx$InvGrdCp 0.26
al a

issues with the volume of shares rising and falling. An

Cboe Volatility 23.25 21.24 22.75 -0.02 -0.09 82.69 12.10 82.4 65.1 27.3 Euro area euro 0.24
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. VangdTotalBd 0.20
ci on

VangdTotIntlBd 0.15
iSh 7-10 Treasury 0.13
International Stock Indexes on Friday Percentage Gainers... Mexico peso 0.04
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg iShNatlMuniBd 0.02
Russian ruble 0.02
er s

World MSCI ACWI 646.30 0.03 0.005 0.005 Bonso Electronics Intl BNSO 7.69 3.19 70.89 10.44 1.94 234.3
AeroCentury ACY 10.75 3.90 56.93 38.04 0.71 127.3 iSh 1-3 Treasury 0.01
MSCI ACWI ex-USA 326.50 0.04 0.01 0.01
Bionano Genomics BNGO 3.08 0.98 46.67 3.47 0.25 148.4 -0.04 Chinese yuan
MSCI World 2690.04 -0.004 –.0002 -0.0002
m er

Ashford AINC 8.58 2.69 45.67 27.83 4.50 -63.9 -0.13 Dow Jones Transportation Average
MSCI Emerging Markets 1291.75 0.49 0.04 0.04
Bit Digital BTBT 21.91 6.76 44.62 24.31 0.28 5383.0 -0.23 S&P SmallCap 600
Americas MSCI AC Americas 1467.82 0.001 0.0001 0.0001 -0.38 S&P MidCap 400
Intrepid Potash IPI 24.15 6.41 36.13 28.23 6.00 -11.2
Canada S&P/TSX Comp 17433.36 … Closed ... -0.43 S&P 500 Energy
Canaan ADR CAN 5.93 1.55 35.39 8.69 1.76 -1.5
m rp

Latin Amer. MSCI EM Latin America 2451.76 –0.001 –.00003 -0.00003

LSB Industries LXU 3.39 0.84 32.94 4.37 1.00 -15.7 -0.47 IBEX 35
Brazil Sao Paulo Bovespa 119017.24 … Closed ...
Sigilon Therapeutics SGTX 48.03 10.69 28.63 54.32 22.00 ... -0.52 WSJ Dollar Index
Chile Santiago IPSA 2857.61 … Closed ...
Red Lion Hotels RLH 3.46 0.76 28.15 3.76 1.16 -4.7 -0.57 South African rand
Mexico S&P/BMV IPC 44066.88 … Closed ...
LendingClub LC 10.56 2.19 26.16 13.67 4.32 -13.8 -0.64 FTSE 100
EMEA Stoxx Europe 600 399.03 … Closed ... Digirad DRAD 3.59 0.73 25.52 8.84 1.99 36.5 -0.92 Nymex ULSD
co Fo

Eurozone Euro Stoxx 397.56 … Closed ... Ebang International EBON 6.07 1.15 23.37 14.95 3.80 ... -1.08 S&P/TSX Comp
Belgium Bel-20 3621.28 … Closed ... Air T AIRT 24.90 4.53 22.24 42.93 8.95 23.6 -1.17 S&P/ASX 200
Denmark OMX Copenhagen 20 1465.17 … Closed ...
P F Industries Cl A PFIN 6.05 1.03 20.52 8.26 3.75 -14.6 -1.25 Comex copper
France CAC 40 5551.41 … Closed ...
Germany DAX 13718.78 … Closed ... Percentage Losers -1.45
*Continuous front-month contracts
Russell 2000
Israel Tel Aviv 1499.05 … Closed ... Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 22232.90 … Closed ... Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 624.61 … Closed ... Enveric Biosciences ENVB 4.26 -1.66 -28.04 21.20 2.51 -55.8 THE WALL STREET JOURNAL
Russia RTS Index 1387.46 … Closed ... Studio City Intl ADR MSC 11.87 -2.38 -16.70 20.63 11.87 -39.9
South Africa FTSE/JSE All-Share 59408.68 … Closed ... fuboTV FUBO 28.00 -5.31 -15.94 62.29 5.00 180.8 Methodology
Spain IBEX 35 8073.70 … Closed ... Romeo Power RMO 22.49 -3.93 -14.88 38.90 9.50 125.4 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Net Element NETE 13.95 -2.35 -14.42 20.08 1.47 325.3 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 768.38 … Closed ...
futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 10703.51 … Closed ... QuantumScape QS 84.45 -13.84 -14.08 132.73 9.74 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1476.72 … Closed ... Puxin ADR 5.82 -0.95 -14.03 -30.6 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
n-

NEW 12.39 3.62

U.K. FTSE 100 6460.52 … Closed ... Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Kymera Therapeutics KYMR 62.00 -9.85 -13.71 91.92 25.43 ... Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 20488.30 … Closed ... Conifer Holdings CNFR 3.29 -0.50 -13.19 5.00 2.00 -18.6 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Nortech Systems NSYS 7.17 -1.08 -13.09 10.14 2.52 37.4 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 199.96 0.04 0.02 0.02
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
no

Australia S&P/ASX 200 6587.10 … Closed ... MicroVision MVIS 5.38 -0.80 -12.94 9.74 0.15 598.7 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
China Shanghai Composite 3473.07 … Closed ... Golden Nugget Online GNOG 19.70 -2.85 -12.64 27.18 8.82 99.4
Hong Kong Hang Seng 27231.13 … Closed ... FG Financial Group FGF 4.22 -0.59 -12.27 6.40 2.80 -23.6
India S&P BSE Sensex 47868.98 117.65 0.25 0.2 X Financial ADR XYF 2.00 -0.27 -11.89 5.40 1.42 -62.0
See an expanded year-to-date and current quarter
Japan Nikkei Stock Avg 27444.17 … Closed ... Rezolute RZLT 11.99 -1.58 -11.64 33.50 3.10 84.5 list of selected global stock indexes, bond ETFs, currencies
Singapore Straits Times 2843.81 … Closed ...
Most Active Stocks and commodities at
South Korea Kospi 2873.47 … Closed ...
Taiwan TAIEX 14732.53 … Closed ... Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Thailand SET 1449.35 … Closed ,,, Bionano Genomics BNGO 445,509 1741.4 3.08 46.67 3.47 0.25
Sources: FactSet; Dow Jones Market Data Castor Maritime CTRM 286,607 2092.1 0.19 -20.53 2.60 0.11
Jaguar Health JAGX 141,465 344.9 0.82 17.77 1.29 0.19 Currencies
Get real-time U.S. stock quotes and
WSJ
NIO ADR NIO 128,928 -25.5 48.74 0.74 57.20 2.11
track most-active stocks, new highs/lows Zomedica ZOM 125,084 133.6 0.23 0.26 0.50 0.06 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
.COM 5,000 shares =Has traded fewer than 65 days
Thurs YTDchg Thurs YTDchg
Available free at WSJMarkets.com Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004333 23080 –0.4
Argentina peso .0119 84.0981 40.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1925 5.1938 29.2 Czech Rep. koruna .04657 21.472 –5.3

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7852 1.2736 –2.0 Denmark krone .1642 6.0919 –8.6
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001407 710.50 –3.9 Euro area euro 1.2216 .8186 –8.2
Colombiapeso .000292 3422.00 4.3 Hungary forint .003367 297.02 0.6
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .007825 127.79 5.5
benchmark over the past year 2.50% Mexico peso .0503 19.8810 5.0 Norway krone .1166 8.5783 –2.3
Bankrate.com avg†: 4.02% 10%
Euro Uruguay peso .02361 42.3550 14.0 Poland zloty .2679 3.7331 –1.6
2.00
s

First Command Bank 2.75% One year ago Russia ruble .01351 74.024 19.3
New car loan t 5 Asia-Pacific
4.60% Fort Worth, TX 888-763-7600 Sweden krona .1215 8.2278 –12.2
t 1.50 Australian dollar .7692 1.3001 –8.8
s Switzerland franc 1.1301 .8849 –8.5
First Savings Bank of Hegewisch 2.75% 0 China yuan .1531 6.5327 –6.2
4.20 1.00 Yen Turkey lira .1345 7.4370 25.0
Chicago, IL 773-646-4200 Hong Kong dollar .1290 7.7529 –0.5
Tradeweb ICE Ukraine hryvnia .0353 28.3500 19.7
India rupee .01369 73.039 2.4
3.80 Cambridge Savings Bank 3.24% Thursday Close 0.50 –5 s UK pound 1.3665 .7318 –3.0
Indonesia rupiah .0000712 14050 1.2
Cambridge, MA 888-418-5626 t WSJ Dollar index Middle East/Africa
Prime rate Japan yen .009679 103.31 –4.9
3.40 0.00 –10
t PNC Bank 3.34% Kazakhstan tenge .002373 421.36 10.4 Bahrain dinar 2.6522 .3770 unch
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 Macau pataca .1251 7.9910 –0.3 Egypt pound .0635 15.7450 –1.9
3.00 month(s) years Malaysia ringgit .2486 4.0225 –1.7 Israel shekel .3112 3.2130 –7.0
J FM AM J J A S O N D Chase Bank 3.79%
maturity New Zealand dollar .7184 1.3920 –6.3 Kuwait dinar 3.2882 .3041 0.3
2020 Houston, TX 800-CHA-SE24 Pakistan rupee .00624 160.375 3.5 Oman sul rial 2.5974 .3850 ...
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.014 –5.3 Qatar rial .2746 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7568 1.3213 –1.8 Saudi Arabia riyal .2665 3.7517 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009210 1085.72 –6.0 South Africa rand .0681 14.6948 5.0
Sri Lanka rupee .0053981 185.25 2.2
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03560 28.090 –6.1 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03329 30.040 0.9 WSJ Dollar Index 85.00 0.17 0.20 –5.09
Libor, 3-month 0.24 0.24 0.20 l 1.90 -1.46
U.S. Treasury, Barclays 2459.390 0.570 0.590 1.790 0.400 8.001 5.191 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.13
0.56 l -0.96 U.S. Treasury Long, Barclays 4724.630 1.510 1.530 2.320 0.980 17.703 9.881
Five-year CD, annual yield
30-year mortgage, fixed† 2.91
0.58
2.93
0.56
2.86 l
1.41
4.22 -1.00 Aggregate, Barclays 2291.950 1.130 1.160 2.310 1.020 7.503 5.339
Commodities Thursday 52-Week YTD
15-year mortgage, fixed† 2.40 2.39 2.37 l 3.57 -0.96
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2231.570 1.270 1.300 2.690 0.930 3.874 3.715
Jumbo mortgages, $548,250-plus† 2.92 2.95 2.87 l 4.36 -1.40 DJ Commodity 731.59 3.36 0.46 731.59 433.70 13.81 13.90
High Yield 100, ICE BofA 3329.861 n.a. 3.892 10.740 3.558 4.097 5.187
Five-year adj mortgage (ARM)† 3.21 3.19 2.85 l 4.35 -0.82 TR/CC CRB Index 167.80 1.12 0.67 187.39 106.29 -9.56 -9.68
New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.76 Muni Master, ICE BofA 595.695 0.873 0.878 3.441 0.838 5.148 4.482 Crude oil, $ per barrel 48.52 0.12 0.25 63.27 -37.63 -20.69 -20.54
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 933.676 4.295 4.355 7.480 4.295 5.719 4.939 Natural gas, $/MMBtu 2.539 0.117 4.83 3.354 1.482 19.65 15.99
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1893.10 2.10 0.11 2051.50 1477.30 24.18 24.59
 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, January 2 - 3, 2021 | B9

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures May 601.50 608.25 s 597.50 606.25 1.75 37,976 March .7843 .7867 .7831 .7834 –.0002 148,250 June 30232 30400 s 30119 30377 195 81
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ S&P 500 Index (CME)-$250 x index
Contract Open 3748.80 24.60 7,209
Jan 138.525 139.475 138.050 138.950 .425 7,880 Jan 1.3630 1.3687 s 1.3608 1.3655 .0041 719 March
Open High hi lo Low Settle Chg interest Mini S&P 500 (CME)-$50 x index
March 139.725 140.700 139.175 140.225 .475 20,697 March 1.3618 1.3693 s 1.3610 1.3659 .0041 139,189
Copper-High (CMX)-25,000 lbs.; $ per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF March 3725.00 3753.00 s 3715.00 3748.75 24.50 2,506,748
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Jan 3.5440 3.5455 3.5015 3.5140 –0.0290 2,724 March 1.1368 1.1395 s 1.1311 1.1322 –.0037 51,013 June 3713.75 3742.00 s 3705.50 3738.50 24.50 4,016
Dec 112.400 113.050 112.400 112.950 .825 55
March 3.5445 3.5595 3.5055 3.5190 –0.0300 162,255 June 1.1407 1.1423 s 1.1342 1.1352 –.0037 82 Mini S&P Midcap 400 (CME)-$100 x index
Feb'21 114.625 115.175 114.250 115.025 .575 109,771
Gold (CMX)-100 troy oz.; $ per troy oz. Australian Dollar (CME)-AUD 100,000; $ per AUD March 2299.20 2313.30 2281.20 2303.50 4.10 53,499
Jan 1897.00 1901.30 1892.70 1893.10 2.10 1,174
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June … 2316.00 4.80 n.a.
Feb 68.025 70.500 67.950 70.275 2.675 77,755 Jan .7684 .7743 s .7684 .7697 .0018 789
Feb 1899.00 1904.90 1889.10 1895.10 1.70 407,715 March .7690 .7747 s .7690 .7700 .0019 138,573
Mini Nasdaq 100 (CME)-$20 x index
April 71.000 72.875 71.000 72.250 1.175 44,800 March 12840.00 12896.00 12796.50 12885.50 44.00 216,829
April 1903.00 1909.20 1893.80 1899.60 1.80 87,089 Mexican Peso (CME)-MXN 500,000; $ per MXN
June 1905.90 1912.20 1898.00 1902.80 1.80 35,506
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 12829.00 12879.25 12783.00 12870.50 44.00 1,150
869.10 875.00 847.00 873.10 –.80 599 Jan .05030 .05025 .05008 .05008 –.00013 87
Aug 1910.00 1915.20 1901.40 1905.80 1.80 12,380
Jan Mini Russell 2000 (CME)-$50 x index
March 745.00 751.50 713.00 716.90 –28.10 1,668 March .04988 .04999 .04970 .04974 –.00013 141,440 March 1976.10 1980.30 1958.00 1974.80 –1.70 534,422
Palladium (NYM) - 50 troy oz.; $ per troy oz. Euro (CME)-€125,000; $ per €
Jan 2448.50 75.40 1
Milk (CME)-200,000 lbs., cents per lb. June 1971.50 1975.20 1956.00 1970.60 –1.90 29
Jan 1.2307 1.2313 1.2215 1.2231 –.0062 2,091 Mini Russell 1000 (CME)-$50 x index
Jan 16.00 16.00 15.80 15.80 –.26 3,705
March 2372.00 2464.50 2364.50 2453.80 75.40 8,940 March 1.2319 1.2329 1.2229 1.2246 –.0063 663,129
Feb 17.98 18.07 17.34 17.49 –.42 3,039 March 2102.20 2117.70 s 2100.10 2116.60 11.20 8,049
Platinum (NYM)-50 troy oz.; $ per troy oz. U.S. Dollar Index (ICE-US)-$1,000 x index
Jan 1069.80 1082.80 1069.80 1075.40 2.80 1,843
Cocoa (ICE-US)-10 metric tons; $ per ton.
March 2,611 2,624 2,553 2,603 6 97,496
Index Futures March 89.52 89.97 t 89.48 89.89 .25 34,713
April 1081.00 1091.80 1071.40 1079.20 0.70 57,257 June 89.50 89.93 t 89.50 89.86 .24 507
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 2,530 2,550 2,485 2,535 11 56,186 Mini DJ Industrial Average (CBT)-$5 x index
Jan 26.530 26.540 26.350 26.332 –0.156 949 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 30328 30526 s 30230 30497 195 83,836
March 125.70 129.00 125.60 128.25 2.85 110,055 Source: FactSet
March 26.835 26.880 26.345 26.412 –0.161 144,290
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 127.90 130.90 127.60 130.15 2.85 46,355
Feb 48.35 48.58 47.77 48.52 0.12 364,939 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 48.41 48.68 47.88 48.63 0.13 268,768 March
May
15.28
14.56
15.53
14.75 s
15.16
14.45
15.49
14.68
.21
.15
389,104
211,754
Bonds | wsj.com/market-data/bonds/benchmarks
April 48.49 48.74 47.96 48.69 0.12 127,926
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May
June
48.55
48.46
48.74
48.68
47.99
47.96
48.69
48.63
0.10
0.08
103,593
227,566 March 28.40 28.40 28.40 28.40 … 2,820 Global Government Bonds: Mapping Yields
47.56 47.72 47.13 47.68 … 269,029 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec
March 77.97 78.39 s 77.48 78.12 .15 127,970
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Jan 1.4800 1.4866 1.4665 1.4763 –.0135 2,787 May 78.41 78.95 s 78.12 78.70 .13 43,109 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Feb 1.4891 1.4914 1.4689 1.4840 –.0078 93,878 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan 124.50 124.80 121.30 123.25 .30 840 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Jan 1.4078 1.4238 1.3966 1.4084 –.0036 2,043 March 126.30 126.65 124.75 125.50 –.45 8,703
Feb 1.3963 1.4126 1.3825 1.4101 .0088 121,998 0.125 U.S. 2 0.119 t l 0.125 0.147 1.559
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Interest Rate Futures 0.875 10 0.913 t l 0.926 0.845 1.909
Feb 2.433 2.547 2.429 2.539 .117 194,874 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 2.434 2.537 2.428 2.526 .104 249,322 March 212-280 213-220 212-080 213-180 24.0 1,039,176
2.250 Australia 2 0.079 s l 0.079 0.101 0.933 -4.2 -4.6 -64.4
April 2.463 2.554 2.452 2.538 .091 110,830 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 1.000 10 0.982 t l 0.992 0.909 1.385 6.3 6.6 -53.6
May 2.485 2.571 2.473 2.555 .084 62,092 March 172-280 173-080 172-180 173-060 11.0 1,159,803
Sept 2.650 2.718 2.634 2.712 .080 46,198 171-250 171-250 171-110 171-260 11.0 14 0.000 France 2 -0.698 l -0.698 -0.678 -0.577 -82.3 -215.4
June -81.9
Oct 2.679 2.750 2.664 2.741 .078 109,056 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 137-310 138-035 137-285 138-025 3.5 3,238,701
0.000 10 -0.341 l -0.341 -0.324 0.121 -126.0 -126.8 -179.9
Agriculture Futures June 137-010 137-055 137-010 137-060 3.0 139
0.000 Germany 2 -0.710 l -0.710 -0.738 -0.608 -83.1 -83.5 -218.5
Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 474.00 485.75 s 473.00 484.00 9.50 831,878 Dec 125-260 125-277 125-260 125-275 1.5 52,660 0.000 10 -0.571 l -0.571 -0.570 -0.185 -149.0 -149.8 -210.5
May 474.00 484.75 s 472.75 483.25 9.00 269,386 March'21 126-037 126-060 126-032 126-052 1.5 3,237,231
Oats (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.050 Italy 2 -0.411 l -0.411 -0.394 -0.175 -53.2 -53.6 -175.2
March 349.75 363.00 s 345.75 360.75 11.75 3,969 Dec 110-156 .4 18,108
0.900 10 0.546 l 0.546 0.623 1.421 -37.3 -38.1 -50.0
May 345.50 357.75 s 344.50 355.00 10.25 516 March'21 110-153 110-157 110-152 110-156 .4 1,901,854
Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.100 Japan 2 -0.120 l -0.120 -0.125 -0.125 -24.5 -170.2
Dec 99.9100 99.9125 99.9100 99.9125 .0050 115,449
-24.1
Jan 1302.25 1321.50 s 1299.25 1315.25 11.50 6,001
March 1299.25 1320.75 s 1295.00 1311.00 10.50 411,939 Jan'21 99.9200 99.9200 99.9150 99.9200 .0050 158,772 0.100 10 0.025 l 0.025 0.030 -0.016 -89.4 -90.1 -193.6
Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Jan 432.40 436.40 s 430.00 434.40 2.00 4,560 March 97-250 98-015 97-235 97-315 5.5 109,189 0.400 Spain 2 -0.629 l -0.629 -0.584 -0.375 -75.0 -75.4 -195.2
March 427.80 432.50 s 425.70 429.40 1.60 186,117 Eurodollar (CME)-$1,000,000; pts of 100% 1.250 10 0.041 l 0.041 0.077 0.467 -88.5 -145.3
Jan 99.8050 99.8125 99.8000 99.8050 … 250,724
-87.8
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
March 99.8300 99.8350 99.8250 99.8300 … 1,060,554
Jan 42.70 43.55 s 42.61 43.33 .66 3,121 0.125 U.K. 2 -0.148 s l -0.160 -0.021 0.554 -26.9 -28.5 -102.3
June 99.8300 99.8350 99.8300 99.8350 … 941,474

.
March 41.86 42.65 s 41.72 42.40 .54 211,263
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 99.8250 99.8300 99.8200 99.8300 .0050 793,529 4.750 10 0.200 t l 0.214 0.306 0.827 -71.9 -71.3 -109.4

ly
Jan 12.24 12.24 12.24 12.40 .20 450
March 12.51 12.75 12.48 12.69 .20 9,042 Currency Futures Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Wheat (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
March 640.00 644.50 s 632.50 640.50 –.25 193,788 Jan .9693 .9711 .9682 .9683 –.0003 1,208
July 626.75 630.25 s
Wheat (KC)-5,000 bu.; cents per bu.
622.00 628.25 1.00 78,709 March .9694
on .9718
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.9686 .9689 –.0003 205,525 Corporate Debt
March 600.00 606.50 s 594.00 603.50 2.25 121,966 Jan .7845 .7866 .7832 .7834 –.0002 1,341 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Exchange-Traded Portfolios | WSJ.com/ETFresearch
us ,

Spread*, in basis points

Closing Chg YTD Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
l

Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
e
3.506 0.67 March 17, ’25 32 –7
al a

iShS&P500Growth IVW 63.82 0.38 31.8

BP Capital Markets BPLN n.a.
Thursday, December 31, 2020 Closing Chg YTD
Closing Chg YTD ETF Symbol Price (%) (%) iShS&P500Value IVE 128.02 0.81 –1.6
Verizon Communications VZ 5.250 2.48 March 16, ’37 83 –6 83
ETF Symbol Price (%) (%) iShShortTreaBd SHV 110.53 0.01 0.1
iShESGAwareUSA ESGU 86.03 0.44 20.6
ci on

iShEdgeMSCIMinUSA USMV 67.88 0.88 3.5

iShSilver SLV 24.57 –0.77 47.3 Cooperatieve Rabobank RABOBK 4.625 0.60 Dec. 1, ’23 43 –5 62
ARKInnovationETF ARKK 124.49 –2.05 148.7
iShTIPSBondETF TIP 127.65 0.21 9.5
CommSvsSPDR XLC 67.48 0.81 25.8 iShEdgeMSCIUSAMom MTUM 161.29 0.10 28.5
iShEdgeMSCIUSAQual QUAL 116.21 0.64 15.1
iSh1-3YTreasuryBd SHY 86.38 –0.01 2.1 Bank of Montreal BMO 0.450 0.30 Dec. 8, ’23 14 –4 25
CnsmrDiscSelSector XLY 160.78 0.06 28.2
iShGoldTr IAU 18.13 0.44 25.0 iSh7-10YTreasuryBd IEF 119.95 0.07 8.8
CnsStapleSelSector XLP 67.45 0.70 7.1
EnSelectSectorSPDR XLE 37.90 –0.84 –36.9 iShiBoxx$InvGrCpBd LQD 138.13 0.02 7.9 iSh20+YTreasuryBd TLT 157.73 0.15 16.4 International Business Machines IBM 3.375 0.27 Aug. 1, ’23 11 –4 n.a.
iShiBoxx$HYCpBd HYG 87.30 0.08 –0.7 iShRussellMCGrowth IWP 102.65 –0.14 34.6
FinSelSectorSPDR XLF 29.48 1.24 –4.2
HealthCareSelSect XLV 113.44 1.05 11.4 iShJPMUSDEmgBd EMB 115.91 0.06 1.2 iShUSTreasuryBdETF GOVT 27.24 –0.44 5.0 Constellation Brands STZ 4.250 0.35 May 1, ’23 19 –4 35
er s

IndSelSectorSPDR XLI 88.55 0.47 8.7 iShMBSETF MBB 110.13 0.01 1.9 JPM UltShtIncm JPST 50.79 0.01 0.7
InvscQQQI QQQ 313.74 0.25 47.6 iShMSCI ACWI ACWI 90.72 0.07 14.5 PIMCOEnhShMaturity MINT 102.04 0.02 0.4 Pacific Gas and Electric … 3.150 1.72 Jan. 1, ’26 138 –3 n.a.
InvscS&P500EW RSP 127.54 0.64 10.2 iShMSCI EAFE EFA 72.96 –0.76 5.1 SPDR BlmBarcHYBd JNK 108.94 0.12 –0.5
–2
m er

iSh3-7YTreasuryBd IEI 132.98 0.04 5.7 iShMSCIEmgMarkets EEM 51.67 –0.06 15.2 SPDRBloomBar1-3MTB BIL 91.52 0.01 0.1 Bank of Nova Scotia BNS 1.300 0.67 June 11, ’25 33 39
iShCoreDivGrowth DGRO 44.82 0.83 6.5 iShMSCIJapan EWJ 67.56 0.31 14.0 SPDR Gold GLD 178.36 0.37 24.8
iShCoreMSCIEAFE IEFA 69.09 –0.89 5.9 iShNatlMuniBd MUB 117.20
55.17
0.05
0.04
2.9
2.9
SchwabIntEquity
SchwabUS BrdMkt
SCHF
SCHB
36.01
90.99
–0.69
0.38
7.1
18.4
…And spreads that widened the most
iShCoreMSCIEM IEMG 62.04 –0.10 15.4 iSh1-5YIGCorpBd IGSB
iShCoreMSCITotInt IXUS 67.19 –0.59 8.5 iShPfd&Incm PFF 38.51 0.44 2.4 SchwabUS Div SCHD 64.14 0.58 10.7
DuPont de Nemours DD 2.169 1.59 May 1, ’23 142 7 131
m rp

iShCoreS&P500 IVV 375.39 0.56 16.1 iShRussell1000Gwth IWF 241.14 0.23 37.1 SchwabUS LC SCHX 90.95 0.39 18.4
iShCoreS&P MC IJH 229.83 0.08 11.7 iShRussell1000 IWB 211.84 0.45 18.7 SchwabUS LC Grw SCHG 128.41 0.06 38.2 John Deere Capital … 3.350 0.50 June 12, ’24 15 5 n.a.
iShCoreS&P SC IJR 91.90 0.15 9.6 iShRussell1000Val IWD 136.73 0.77 0.2 SchwabUS SC SCHA 89.00 –0.22 17.7
iShS&PTotlUSStkMkt ITOT 86.22 0.41 18.6 iShRussell2000 IWM 196.06 –0.18 18.3 Schwab US TIPs SCHP 62.08 0.29 9.6 Microchip Technology MCHP 0.972 0.90 Feb. 15, ’24 54 5 53
iShCoreUSAggBd AGG 118.19 0.08 5.2 iShRussellMid-Cap IWR 68.55 0.25 15.0 SPDR DJIA Tr DIA 305.79 0.55 7.3
iShSelectDividend DVY 96.18 0.83 –9.0 iShRussellMCValue IWS 96.96 0.50 2.3 SPDR S&PMdCpTr MDY 419.92 0.12 11.9 Banco Santander SANTAN 2.749 2.37 Dec. 3, ’30 146 4 157
SPDR S&P 500 SPY 373.88 0.51 16.2
SPDR S&P Div SDY 105.93 0.53 –1.5 AXA 8.600 2.30 Dec. 15, ’30 138 3 146
co Fo

AXASA
Borrowing Benchmarks | WSJ.com/bonds TechSelectSector
UtilitiesSelSector
XLK
XLU
130.02
62.70
0.15
1.49
41.8
–3.0 Credit Suisse Group Funding … 4.550 1.10 April 17, ’26 75 3 n.a.
VanEckGoldMiner GDX 36.02 –1.48 23.0
3
Money Rates December 31, 2020 VangdInfoTech
VangdSC Val
VGT
VBR
353.79
142.21
0.09
0.15
44.5
3.7
Verizon Communications VZ 4.500 2.12 Aug. 10, ’33 121 120

VangdSC Grwth VBK 267.66 –0.10 34.7 Nationwide Building Society NWIDE 4.000 1.82 Sept. 14, ’26 147 2 134
Key annual interest rates paid to borrow or lend money in U.S. and
VangdExtMkt VXF 164.68 –0.15 30.7
international markets. Rates below are a guide to general levels but VangdDivApp VIG 141.17 0.69 13.2 High-yield issues with the biggest price increases…
don’t always represent actual transactions. VangdFTSEDevMk VEA 47.21 –0.67 7.1
VangdFTSE EM VWO 50.11 –0.26 12.7 Bond Price as % of face value
Week —52-WEEK— Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Inflation Latest ago High Low
VangdFTSE Europe VGK 60.24 –1.18 2.8
Nov. index Chg From (%) VangdFTSEAWxUS VEU 58.36 –0.58 8.6
Switzerland 0.00 0.00 0.50 0.00 VangdGrowth VUG 253.34 0.19 39.1 Macy's M 6.790 7.28 July 15, ’27 97.500 5.91 n.a.
level Oct. '20 Nov. '19
Britain 0.10 0.10 0.75 0.10 VangdHlthCr VHT 223.73 0.71 16.7
1.00
U.S. consumer price index VangdHiDiv VYM 91.51 0.85 –2.3 Nokia Oyj NOKIA 6.625 4.34 May 15, ’39 128.750 n.a.
Australia 0.10 0.10 0.75 0.10
VangdIntermBd BIV 92.85 ... 6.5
All items 260.229 –0.06 1.2 Transocean RIG 7.500 25.25 April 15, ’31 35.750 0.91 35.625
n-

VangdIntrCorpBd VCIT 97.14 0.02 6.4

Core 269.473 0.05 1.6 Secondary market
VangdLC VV 175.74 0.45 18.9
Xerox XRXCRP 3.800 2.40 May 15, ’24 104.500 0.87 n.a.
Fannie Mae VangdMC VO 206.77 0.21 16.0
International rates VangdMBS VMBS 54.07 0.04 1.7
30-year mortgage yields Ford Motor Credit … 3.087 2.10 Jan. 9, ’23 101.932 0.51 100.970
VangdRealEst VNQ 84.93 0.96 –8.5
Week 52-Week 30 days 1.906 1.922 3.289 1.751
no

VangdS&P500ETF VOO 343.69 0.54 16.2 0.23

Latest ago High Low 60 days 1.931 1.946 3.300 1.804 Sprint S 7.875 1.76 Sept. 15, ’23 116.030 115.967
VangdST Bond BSV 82.90 0.05 2.8

Prime rates
Notes on data: VangdSTCpBd VCSH 83.25 ... 2.7
Embarq … 7.995 5.70 June 1, ’36 123.375 0.21 123.500
U.S. prime rate is the base rate on corporate VangdSC VB 194.68 –0.07 17.5
U.S. 3.25 3.25 4.75 3.25 loans posted by at least 70% of the 10 largest 88.19 5.2 0.16
U.S. banks, and is effective March 16, 2020.
VangdTotalBd BND 0.14 Seagate HDD Cayman … 4.750 2.37 Jan. 1, ’25 109.000 108.488
Canada 2.45 2.45 3.95 2.45 VangdTotIntlBd BNDX 58.55 0.03 3.5
Other prime rates aren’t directly comparable;
Japan 1.475 1.475 1.475 1.475 VangdTotIntlStk VXUS 60.16 –0.64 8.0
lending practices vary widely by location.
Complete Money Rates table appears Monday VangdTotalStk VTI 194.64 0.46 19.0
…And with the biggest price decreases
Policy Rates through Friday. VangdTotlWrld VT 92.58 0.08 14.3
ZF North America Capital ZFFNGR 4.500 2.08 April 29, ’22 103.125 –0.24 n.a.
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 118.96 0.87 –0.7

L Brands LB 6.950 6.50 March 1, ’33 103.770 –0.22 104.500

Seagate HDD Cayman … 4.750 1.34 June 1, ’23 108.041 –0.13 n.a.
Dividend Changes
Ford Motor F 8.500 2.72 April 21, ’23 112.758 –0.11 112.000
Dividend announcements from December 31.
Occidental Petroleum OXY 2.700 2.62 Aug. 15, ’22 100.125 –0.10 100.295
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Dish DBS … 7.750 5.22 July 1, ’26 111.948 –0.05 111.750
Stocks Special Sprint S 7.250 1.37 Sept. 15, ’21 104.050 –0.03 n.a.
Enveric Biosciences ENVB 1:4 /Dec31 Glacier Bancorp GBCI 2.6 .15 Jan19 /Jan08
*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.
Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
Gilat Satellite Networks GILT 15.2 .63 Jan20 /Jan11 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

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
Docebo DCBO 66.97 1.2 GFL Env Un GFLU 70.46 1.6 LionsGate A LGF.A 11.53 1.7 PMV Pharm PMVP 62.41 9.0 SoftwareII Wt SAIIW 1.45 8.1 VornadoPfdN VNOpN 26.71 2.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American DolbyLab DLB 97.50 0.1 GMACCapTrSer2 ALLYpA 27.26 1.1 Littelfuse LFUS 256.49 0.6 PPL Capital Nts PPX 26.59 0.9 SolidBiosci SLDB 8.24 -2.7 WaterstoneFinl WSBF 19.62 0.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest DoverMotorsports DVD 2.58 7.1 G Willi-Food WILC 21.55 0.6 LiveVentures LIVE 13.90 4.8 PRA HealthSci PRAH 126.66 1.1 Sony SNE 101.40 0.3 WellsFargoPfdN WFCpN 26.19 1.0
session. % CHG-Daily percentage change from the previous trading session. DuddellStreet DSACU 10.73 1.1 GatosSilver GATO 13.42 8.4 LogitechIntl LOGI 98.31 -0.1 PRGX Global PRGX 7.89 0.1 SouthernNts77 SOJC 27.48 -0.4 WellsFargoPfdAZ WFCpZ 26.59 0.3
DukeEnerDeb78 DUKB 28.84 ... Genmab GMAB 41.50 -0.2 Lovesac LOVE 46.26 -4.1 PSBusParksPfdZ PSBpZ 27.39 0.6 SouthernNts2020C SOJE 26.93 0.9 WellsFargoPfdP WFCpP 26.23 1.0
Thursday, December 31, 2020 DukeEnerDeb73 DUKH 26.97 0.3 GlobalPayments GPN 215.70 2.5 MAG Silver MAG 20.99 -0.8 PagSeguroDig PAGS 57.46 1.7 SoCopper SCCO 65.90 -1.1 WescoIntl WCC 79.55 0.2
DuPont DD 71.55 1.2 GoldmanSachs GS 263.93 1.6 MSCI MSCI 446.90 2.2 PanaceaAcqn PANA.U 13.19 6.4 SpectrumBrands SPB 79.21 2.3 XOMA8.625%Pfd.A XOMAP 25.00 1.2
52-Wk % 52-Wk % 52-Wk % PanaceaAcqnWt PANA.WS 3.85 3.9 Starbucks
elfBeauty ELF 26.19 7.4 GoldmanSachsPfC GSpC 25.20 0.7 MaidenHoldings MHLD 2.60 4.2 SBUX 107.14 1.0 Xylem XYL 101.87 1.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PeriphasCap PCPC.U 27.38 0.4 StepStone
EMX Royalty EMX 3.35 6.7 GoldmanSachsPfD GSpD 25.24 0.6 MaxarTech MAXR 39.53 9.9 STEP 40.98 0.2 YunhongIntlRt ZGYHR 0.44 -11.4
AthenePfdA ATHpA 29.23 0.4 BrookfieldFinNts BAMH 25.89 1.0 EPAM Systems EPAM 360.89 ... GreatLakesDredge GLDD 13.39 0.8 MaximIntProducts MXIM 88.79 1.3 PershingSquare PSTH 28.15 3.0 Stryker SYK 245.34 1.2 ZK Intl ZKIN 3.15 2.4
Highs AthenePfdD ATHpD 25.34 0.2 BrookfldInfrPfdA13 BIPpA 26.66 2.2 EagleMaterials EXP 102.65 -0.6 GreenVisionAcqn GRNV 10.31 0.1 MaxLinear MXL 38.61 -0.6 Pinduoduo
PropertySolns
PDD
PSACU
182.68 -0.8 SunOpta
11.11 0.2 Synaptics
STKL 11.76 2.7 ZaiLab ZLAB 135.66 0.9
AthiraPharma ATHA 34.79 4.9 BurgundyTechA BTAQ 10.62 0.1 EidosTherap EIDX 131.89 1.7 GuildHldgs GHLD 17.69 -3.8 MetallaRoyalty MTA 12.66 8.4 SYNA 97.99 1.7 ZionsBancorpPfdH ZIONN 26.30 0.3
AT&T Nts 2066 TBB 27.62 0.6 PropTechInvII PTICU 10.80 0.7
AtlStreetAcqn ASAQ 10.15 -0.4 BurgundyTechWt BTAQW 2.15 -4.5 Empower EMPW.U 10.45 ... HDFC Bank HDB 72.44 0.4 Metlife pfA METpA 25.65 0.6 TE Connectivity TEL 121.23 1.1
ACIA 73.00 0.1
AcaciaComms
ActivisionBliz ATVI 92.99 1.4
AvidTechnology AVID 16.01 12.5 CFFinAcqnIII CFACU 10.74 2.2 EmpowerWt EMPW.WS 1.49 1.8 HP HPQ 24.69 1.1 MicronTech MU 75.68 4.5 PrudentialNts2060 PFH
PrudentialPfd PUKpA
26.49 0.9
28.98 1.3
T-MobileUS TMUS 135.00 1.2 Lows
Avient AVNT 40.96 -0.2 CHS PfdB4 CHSCL 29.59 0.7 EncoreWire WIRE 61.36 0.3 HPX Un HPX.U 10.70 -0.9 MicroStrategy MSTR 399.98 -0.4 TraconPharm TCON 11.85 10.0
AddusHomeCare ADUS 117.99 0.9 PublicStoragePfdN PSApN 25.85 0.2 AppliedUV AUVI 4.52 -6.5
B RileyFin RILY 44.93 -0.7 CNB Fin PfdA CCNEP 26.16 1.3 EndeavourSilver EXK 5.24 -0.4 HostessBrands TWNK 14.69 1.0 MonarchCasino MCRI 61.87 1.8 TS Innovation TSIAU 11.25 2.2
AdvDrainageSys WMS 84.37 0.4 PublicStoragePfM PSApM 27.13 0.9 BigCommerce BIGC 63.54 -2.3
BRileyFinlPfdA RILYP 26.09 -0.6 CadenceDesign CDNS 136.84 0.9 EndoIntl ENDP 7.31 1.1 HudsonExecWt HECCW 1.80 14.9 MonolithicPower MPWR 367.05 1.5 TasekoMines TGB 1.42 -4.3
AdvantageSolns ADV 13.92 -0.9 Pulmonx LUNG 69.48 3.5 BristolMyersRt BMYr 0.61 -43.0
B.RileyPfdB RILYL 26.63 1.2 Camtek CAMT 22.66 0.9 EntergyLA Bds66 ELC 26.96 0.7 IAC/InterActive IAC 191.73 1.0 MonsterBev MNST 92.54 1.1 TekkorpDigitalWt TEKKW 3.50 36.7
AegonNts2049 AEFC 27.63 1.0 Qumu QUMU 8.03 2.7 CCNeubergerII PRPB.U 9.95 -7.9
BRileyFin6.50%SrNt RILYN 25.80 0.2 CanPacRlwy CP 350.19 -0.7 Envista NVST 33.88 1.7 ICL Group ICL 5.13 ... Morningstar MORN 232.06 1.1 TekkorpDigitalAcqn TEKK 10.23 0.8
AegonCapSec AEB AEB 25.44 0.6 RMGAcqnII RMGBU 11.15 0.5 CleverLeavesWt CLVRW 1.48 -19.6
AirNetTech ANTE 3.00 32.7 Baidu BIDU 225.35 -1.5 CapitalOnePfdI COFpI 26.75 ... EosEnergyWt EOSEW 9.17 -3.6 IEC Elec IEC 13.95 3.1 MotiveCapital MOTV.U 10.60 1.2 Teleflex TFX 412.99 1.0
R1RCM RCM 24.33 -0.3 CleverLeaves CLVR 8.76 -9.7
Alarm.com ALRM 104.75 -0.3 Balchem BCPC 115.67 0.6 CapitalOnePfdJ COFpJ 26.23 0.3 EquusTotReturn EQS 2.32 -0.5 Identiv INVE 8.74 13.9 MrCooper COOP 31.24 1.6 Telos TLS 33.03 2.8
Ranpak PACK 13.57 2.1 ContextLogic WISH 17.41 3.8
Albertsons ACI 17.78 4.3 BkofAmericaPfdNN BACpO 26.69 0.4 CapstoneTurbine CPST 11.47 -2.6 EstablishLabs ESTA 37.88 7.5 InariMedical NARI 88.75 0.5 MudrickCapII MUDSU 10.43 0.1 Tesla TSLA 718.72 1.6 DoorDash DASH 135.38 1.8
RedBallAcqnWt RBAC.WS 2.80 -6.7
BankofAmPfd4 BMLpJ 25.49 0.4 CelsiusHldg CELH 52.10 13.3 EVLO 12.55 0.2 INFY 17.03 0.1 MyersIndustries MYE 20.87 0.8 10.68 0.4
RenaissancePfdF RNRpF 28.45 0.7 ThayerVentures TVACU
AllegiantTravel ALGT 190.51 1.7 EveloBiosci Infosys GBS GBS 7.03 -3.9
AllyFinancial ALLY 35.92 1.2 BeamGlobal BEEM 75.90 8.6 ChinaGreenAg CGA 4.69 19.6 FastAcqnA FST 10.40 0.7 Intellicheck IDN 11.84 0.8 NavientNts2043 JSM 25.38 1.3 TribunePub TPCO 14.00 7.1 GTT Comm GTT 3.23 -0.8
RiotBlockchain RIOT 18.67 -1.6
BeamGlobalWt BEEMW 69.00 9.2 Chindata CD 24.30 18.0 FastAcqn FST.U 11.18 -0.9 ICE ICE 115.40 1.9 NaviosMaritime NMCI 4.25 8.5 TFCpR 27.67 2.6
AlphaHlthcrA AHAC 10.33 0.2 RushEnt A RUSHA 43.08 0.7 TruistFinlPfdR GoresVI GHVIU 10.07 0.2
AmFinDeb2059 AFGB 28.77 0.8 BentleySystems BSY 41.17 1.7 CitiTrends CTRN 50.35 2.2 FGFinancial FGF 6.40 -12.3 IntlGameTech IGT 17.14 1.3 NavSightWt NSH.WS 1.90 -5.9 21 Vianet VNET 35.50 -0.5 Histogen HSTO 0.75 -27.1
RyersonHolding RYI 13.88 0.1
BioanalyticalSys BASI 12.43 10.9 CityOfficePfdA CIOpA 27.46 4.6 FG NewAmerica FGNA.U 10.94 -0.7 INTT 6.50 5.9 NSH.U 10.75 -3.5 24.80 0.4
AmerFinDeb2060 AFGD 28.76 0.4 inTEST NavSight SCE V Pfd SCEpK 25.68 -0.2 US BancorpPfdB USBpH Immunome IMNM 9.28 1.3
AmFinDeb AFGE 27.87 1.5 Biodesix BDSX 21.02 6.8 CleanSpark CLSK 30.75 ... FirstMidBncpPfdC FMBIO 28.56 2.6 IntrepidPotash IPI 28.23 36.1 NeoGames NGMS 38.39 8.6 SPAR Group SGRP 1.55 14.2 US Gold USAU 16.65 3.4 InhibikaseTherap IKT 6.42 -3.6
AnalogDevices ADI 147.83 1.1 BionanoGenom BNGO 3.47 46.7 Cleveland-Cliffs CLF 14.72 0.2 FirstRepBkPfdH FRCpH 27.00 1.8 JMP JMP 4.00 -1.3 Net1UEPS UEPS 5.10 -2.4 SVB Fin SIVB 389.06 1.1 US GlobalInv GROW 5.66 9.7 JamfHolding JAMF 29.03 1.6
ApellisPharm APLS 58.03 0.1 BitDigital BTBT 24.31 44.6 CodiakBioSci CDAK 32.36 15.4 FirstRepBank FRC 147.24 1.5 JazzPharma JAZZ 166.00 0.3 Network1Techs NTIP 3.80 3.4 SarissaCapWt SRSAW 2.79 22.2 UnitedTherap UTHR 152.82 2.1 MediromHlthcr MRM 13.62 -3.0
APi Group APG 18.36 1.7 BlackRock BLK 722.42 1.8 CreatdWt CRTDW 1.91 21.3 FirstRepublicPfdK FRCpK 26.44 1.1 JefferiesFin JEF 24.67 2.0 NewOrientalEduc EDU 186.40 2.5 SchnitzerSteel SCHN 32.06 2.7 UpFintech TIGR 8.45 9.8 MetenEdtechX METX 1.78 8.7
AptivPfdA APTVpA 164.89 0.9 BluerockResREIT BRG 12.75 5.5 Cree CREE 109.17 1.4 FiveBelow FIVE 175.76 1.3 J&J JNJ 157.66 0.9 Orbcomm ORBC 8.00 7.5 ScIONTechGrowthI SCOAU 10.69 -1.0 ViaOptronics VIAO 13.46 4.3 MotionAcqnA MOTN 9.95 -0.6
Aptiv APTV 131.23 -0.4 Bonso BNSO 10.44 70.9 CrownHoldings CCK 100.58 0.4 500.com WBAI 10.58 18.3 KSCitySouthern KSU 204.53 1.4 OTRAcquisitionWt OTRAW 1.25 -8.2 ScorpioTankersNts SBBA 25.66 1.2 VPC Impact VIHAU 10.74 1.4 OntrakPfd OTRKP 23.55 -0.5
ArgoGoupPfdA ARGOpA 27.49 1.6 BookingHldgs BKNG 2227.97 1.0 Cullen/FrostPfdB CFRpB 25.85 0.2 FordMotor6%Nts FpC 27.08 1.6 KenonHoldings KEN 30.25 1.0 O2MicroIntl OIIM 9.82 1.4 SempraEnNts79 SREA 28.43 0.8 VectorAcqn VACQU 10.75 1.6 Qutoutiao QTT 1.53 -2.5
ArteloBioWt ARTLW 0.84 54.9 BridgeBioPharma BBIO 71.56 1.5 DailyJournal DJCO 405.00 1.0 FordMotor6.2%Nt FpB 27.20 1.3 KingswayFin KFS 4.80 -0.4 ON Semi ON 32.93 0.8 Shift4Paymts FOUR 75.45 1.8 Vericel VCEL 32.00 -2.0 SelectiveInsPfdB SIGIP 25.38 0.1
AspiraWomenHlth AWH 6.75 5.8 BrighthouseDeb58 BHFAL 28.40 0.9 DeerfieldHlthcA DFHT 16.97 2.0 FortunaSilver FSM 8.39 -0.1 KingswoodAcqn KWAC.U 10.49 0.2 Organogenesis ORGO 7.61 1.1 SilenceTherap SLN 22.64 0.5 VictoryCapital VCTR 24.96 1.6 StudioCity MSC 11.87 -16.7
AspirCnsA ASPL 10.26 -2.1 BrilliantAcqnRt BRLIR 0.37 9.2 DiscoverFinSvcs DFS 90.66 1.4 Franchise FRG 30.75 5.3 LGL Wt LGL.WS 0.65 -0.8 OriginAgritech SEED 16.58 11.3 SilverbackTherap SBTX 49.86 10.2 VinceraPharma VINC 22.28 4.6 TekkorpDigitalAcqn TEKK 9.91 0.8
AssdBancPfdF ASBpF 29.05 -1.2 Broadcom AVGO 438.50 0.7 dMYTechA DMYD 17.59 2.4 FulgentGenetics FLGT 56.53 2.7 LatticeSemi LSCC 46.37 1.1 P&FIndustries PFIN 8.26 20.5 SilverCrestMetals SILV 11.45 -0.6 VistaGenTherap VTGN 1.96 9.6 VitalFarms VITL 24.18 1.5
AteaPharm AVIR 42.21 0.2 BrookfieldFinNts BAMI 26.08 1.0 dMYTechIII Un DMYI.U 11.45 1.6 GFLEnvironmental GFL 29.24 1.4 LevelOnePfdB LEVLP 27.25 1.6 PMV Consumer PMVC 10.20 0.7 SimplyGoodFoods SMPL 31.50 3.3 VoceraComm VCRA 42.47 -0.6 VivosTherap VVOS 5.64 -3.1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

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. 71.69 305.66 88.69 FedEx FDX 1.0 17 259.62 -0.36 ... 31.60 17.98 MinisoGroup MNSO ... dd 26.39 0.02 -3.21 55.00 37.62 Sanofi SNY 2.4 10 48.59 0.23
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 38.65 233.66 127.73 Ferrari RACE 0.5 74 229.52 -0.17 36.76 158.08 66.87 MKS Instrum MKSI 0.5 30 150.45 -2.31 32.12 181.83 78.06 SareptaTherap SRPT ... dd 170.49 -1.05
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 23.14 19.50 6.00 FiatChrysler FCAU ...233 18.09 -0.03 -14.96 27.36 6.87 MPLX MPLX 12.7 dd 21.65 0.09 -45.70 41.14 11.87 Schlumberger SLB 2.3 dd 21.83 -0.05
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -13.80 49.28 19.00 FidNatlFin FNF 3.7 12 39.09 0.32 s 72.95 446.90 218.65 MSCI MSCI 0.7 67 446.53 9.54 11.52 53.33 28.00 SchwabC SCHW 1.4 25 53.04 0.63
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 1.70 158.21 91.68 FidNatlInfo FIS 1.0 dd 141.46 1.93 -32.50 65.34 22.02 MagellanMid MMP 9.7 10 42.44 0.28 87.55 202.63 76.50 ScottsMiracleGro SMG 1.2 29 199.14 2.64
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -10.31 31.02 11.10 FifthThirdBncp FITB 3.9 14 27.57 0.29 29.10 75.65 22.75 MagnaIntl MGA 2.3 48 70.80 -1.15 394.90 212.33 35.61 Sea SE ... dd 199.05 2.30
s 25.10 147.24 70.06 FirstRepBank FRC 0.5 26 146.93 2.12 -12.17 21.23 8.62 ManulifeFin MFC 4.9 9 17.82 0.18 4.47 66.69 39.02 Seagate STX 4.3 16 62.16 1.56
76.77 109.09 28.47 FirstSolar FSLR ... 47 98.92 -1.42 -31.35 61.92 15.26 MarathonPetrol MPC 5.6 dd 41.36 -0.21 53.28 213.94 90.57 Seagen SGEN ... 69 175.14 -8.56
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -37.02 52.52 22.85 FirstEnergy FE 5.1 27 30.61 0.50 -9.61 1347.64 710.52 Markel MKL ... 32 1033.30 13.61 -15.89 161.87 88.00 SempraEnergy SRE 3.3 10 127.41 1.59
s-New 52-week high. standards vj-In bankruptcy or receivership or -1.53 125.05 73.50 Fiserv FISV ... 87 113.86 0.98 50.50 606.45 275.50 MarketAxess MKTX 0.4 79 570.56 8.29 -2.10 54.37 18.25 SensataTechs ST ... 87 52.74 0.58
t-New 52-week low. lf-Late filing being reorganized under the s 36.85 175.76 47.53 FiveBelow FIVE ... 89 174.98 2.24 -12.88 152.60 46.56 Marriott MAR 0.0251 131.92 1.45 6.67 52.99 33.93 ServiceCorp SCI 1.7 19 49.10 0.54
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 165.93 187.99 52.51 Five9 FIVN ... dd 174.40 -0.41 5.02 120.97 74.33 Marsh&McLen MMC 1.6 29 117.00 1.99 94.97 566.74 238.93 ServiceNow NOW ...156 550.43 3.05
four quarters. requirements. assumed by such companies. -5.18 329.85 168.51 FleetCorTech FLT ... 33 272.83 2.80 1.55 287.50 135.08 MartinMarietta MLM 0.8 27 283.97 3.03 -13.45 20.65 12.20 ShawComm B SJR 5.1 18 17.56 ...
FD-First day of trading. t-NYSE bankruptcy 42.47 18.48 5.36 Flex FLEX ... 28 17.98 0.01 78.99 48.42 16.45 MarvellTech MRVL 0.5 22 47.54 0.04 25.94 758.00 325.43 SherwinWilliams SHW 0.7 36 734.91 7.78
82.74 101.63 24.36 Floor&Decor FND ... 57 92.85 -0.85 14.46 60.16 27.04 Masco MAS 1.0 28 54.93 0.16 -21.83 37.76 17.09 ShinhanFin SHG 3.9 5 29.76 0.23
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -19.83 98.05 52.91 FomentoEconMex FMX 1.9 96 75.77 -0.15 69.80 273.33 143.90 Masimo MASI ... 70 268.38 0.86 184.71 1285.18 305.30 Shopify SHOP ...725 1131.95 -31.05
-5.48 9.50 3.96 FordMotor F 0.0 dd 8.79 -0.07 19.54 367.25 199.99 Mastercard MA 0.5 54 356.94 1.39 60.02 16.59 3.50 Sibanye-Stillwater SBSW 0.6 20 15.89 -0.41
YTD 52-Week Yld Net 39.13 153.33 70.20 Fortinet FTNT ... 55 148.53 0.51 s 44.12 88.79 41.93 MaximIntProducts MXIM 0.0 35 88.65 1.13 -0.97 148.64 68.98 SignatureBank SBNY 1.7 14 135.29 1.06
Thursday, December 31, 2020 -1.69 44.72 28.59 Fortis FTS 3.8 21 40.82 -0.24 11.73 105.50 56.56 McCormickVtg MKC.V 1.4 17 95.57 1.34 -42.75 149.89 42.25 SimonProperty SPG 7.0 18 85.28 1.31
% Chg Hi Lo Stock Sym % PE Last Chg 12.65 105.53 56.11 McCormick MKC 1.4 17 95.60 -10.91 7.40 4.11 SiriusXM SIRI
YTD 52-Week Yld Net 10.87 74.25 31.20 Fortive FTV 0.4 46 70.82 1.25 1.04 0.9 27 6.37 -0.04
49.67 2326.80 1031.39 CableOne CABO 0.4 52 2227.72 -22.52 31.19 92.59 33.90 FortBrandsHome FBHS 1.2 24 85.72 -0.09 8.59 231.91 124.23 McDonalds MCD 2.4 33 214.58 3.02 26.47 158.61 67.90 Skyworks SWKS 1.3 32 152.88 0.13
% Chg Hi Lo Stock Sym % PE Last Chg s 96.70 136.84 51.39 CadenceDesign CDNS ... 35 136.43 1.18 -20.66 38.84 19.13 FoxB FOX 1.6 11 28.88 0.18 25.74 187.67 112.60 McKesson MCK 1.0 13 173.92 0.50 87.90 44.15 15.10 SlackTech WORK ... dd 42.24 -0.09
ABC 4.84 31.56 9.80 CAE
24.53 78.16 6.02 CaesarsEnt
CAE 0.0155 27.74
CZR ... dd 74.27
-0.14
0.58
-21.45 39.73 19.81 FoxA FOXA
21.33 166.11 77.18 Franco-Nevada FNV
1.6 11 29.12
0.8 91 125.33
0.03
-0.76
3.22 24.29 12.35 MedicalProp
3.25 122.15 72.13 Medtronic
MPW 5.0 25 21.79
MDT 2.0 45 117.14
0.18
1.50
54.25 75.49 30.91 Smartsheet
15.07 58.66 33.80 SmithAO
SMAR
AOS
... dd 69.29
1.9 28 54.82
-1.09
0.11
16.06 28.11 14.71 ABB ABB 2.4 11 27.96 0.03 -5.82 120.73 62.48 CamdenProperty CPT 3.3 52 99.92 1.19 -3.81 27.60 14.91 FranklinRscs BEN 4.5 16 24.99 0.21 -23.25 25.22 10.81 MelcoResorts MLCO 0.0 dd 18.55 0.03 -12.27 52.26 26.07 Smith&Nephew SNN 1.7 47 42.17 -0.19
24.96 58.72 30.02 AcadiaPharm ACAD ... dd 53.46 -0.23 -2.17 57.54 40.70 CampbellSoup CPB 3.1 20 48.35 0.33 98.32 26.83 4.82 FreeportMcM FCX 0.0 dd 26.02 -0.51 192.90 1735.75 422.22 MercadoLibre MELI ... dd 1675.22 -37.72 11.02 125.62 91.88 Smucker SJM 3.1 15 115.60 0.88
15.42 53.20 21.76 AECOM ACM ... dd 49.78 0.31 2.73 88.15 46.45 CIBC CM 5.3 14 85.47 0.08 12.84 46.55 29.17 FreseniusMed FMS 1.2 16 41.56 0.04 -10.06 92.14 65.25 Merck MRK 3.2 18 81.80 1.21 206.61 54.71 7.89 Snap SNAP ... dd 50.07 0.72
18.09 23.62 8.11 AES AES 2.6 dd 23.50 0.72 21.45 112.97 65.13 CanNtlRlwy CNI 1.6 31 109.85 0.41 -7.89 53.28 22.85 MetLife MET 3.9 8 46.95 0.55 1.03 183.23 90.72 SnapOn SNA 2.9 16 171.14 0.19
-15.94 53.46 23.07 Aflac AFL 3.0 7 44.47 0.46 -25.66 32.79 6.71 CanNaturalRes CNQ 5.4 dd 24.05 -0.28 GHI 43.67 1228.41 579.40 MettlerToledo MTD ... 48 1139.68 5.80 ... 429.00 208.55 Snowflake SNOW ... dd 281.40 -19.52
33.45 104.60 35.33 AGCO AGCO 0.6 38 103.09 0.91 s 35.98 350.19 173.26 CanPacRlwy CP 0.8 28 346.69 -2.30 31.89 145.34 53.15 MicrochipTech MCHP 1.1 59 138.11 1.32 83.93 50.89 15.20 SOQUIMICH SQM 0.9 79 49.09 -0.12
-11.76 19.65 6.25 AGNC Invt AGNC 9.2 dd 15.60 0.04 -29.03 28.18 15.46 Canon CAJ 4.9 36 19.41 0.04 81.54 100.50 43.27 GDS Holdings GDS ... dd 93.64 -0.40 s 39.79 75.68 31.13 MicronTech MU ... 32 75.18 3.26 235.60 335.80 67.02 SolarEdgeTech SEDG ... 95 319.12 0.02
41.33 369.82 200.07 Ansys ANSS ... 82 363.80 1.48 16.83 29.52 9.00 CanopyGrowth CGC ... dd 24.64 -0.61 s ... 29.24 11.92 GFLEnvironmental GFL 0.1 dd 29.18 0.40 41.04 232.86 132.52 Microsoft MSFT 1.0 36 222.42 0.74 s 48.68 101.40 50.94 Sony SNE 0.3 14 101.10 0.32
5.04 5.94 3.17 ASETech ASX 1.5 16 5.84 -0.05 -3.95 107.59 38.00 CapitalOne COF 0.4 50 98.85 0.97 136.55 141.78 22.70 GSXTechedu GSX ... dd 51.71 -0.77 -3.92 148.88 82.00 MidAmApt MAA 3.2 46 126.69 1.69 ... 29.00 24.05 SoteraHealth SHC ... ... 27.44 -0.36
64.80 492.66 191.25 ASML ASML 0.5 55 487.72 -2.19 5.89 60.69 39.05 CardinalHealth CAH 3.6 16 53.56 0.56 29.91 129.12 65.09 Gallagher AJG 1.5 31 123.71 2.01 70.45 249.42 66.01 MiratiTherap MRTX ... dd 219.64 0.35 -3.56 71.10 41.96 Southern SO 4.2 21 61.43 0.82
-26.41 39.55 26.08 AT&T T 7.2 19 28.76 0.27 -3.50 169.86 97.55 Carlisle CSL 1.3 26 156.18 0.24 -1.51 50.99 13.04 Gaming&Leisure GLPI 5.7 20 42.40 0.28 -18.42 5.47 3.32 MitsubishiUFJ MUFG 4.4 19 4.43 0.01 s 53.30 65.90 23.43 SoCopper SCCO 3.1 39 65.12 -0.70
26.05 115.14 61.61 AbbottLabs ABT 1.6 58 109.49 1.05 -2.00 34.98 15.21 Carlyle CG 3.2 dd 31.44 0.02 14.20 26.99 5.26 Gap GPS 0.0 dd 20.19 -0.29 -17.48 3.12 1.96 MizuhoFin MFG 4.2 1 2.55 0.02 -13.65 58.83 22.46 SouthwestAir LUV 0.0 dd 46.61 0.20
21.02 109.15 62.55 AbbVie ABBV 4.9 23 107.15 1.88 7.74 109.31 37.59 CarMax KMX ... 21 94.46 -0.16 22.65 123.55 61.04 Garmin GRMN 2.0 22 119.66 0.14 -11.82 11.00 6.20 MobileTeleSys MBT 7.2 10 8.95 -0.08 13.43 225.89 93.92 Splunk SPLK ... dd 169.89 -2.49
... 71.91 37.62 AbCelleraBio ABCL ... ... 40.24 -0.86 -57.39 51.94 7.80 Carnival CCL 0.0 dd 21.66 -0.13 3.95 165.26 76.91 Gartner IT ... 67 160.19 1.64 434.10 178.50 17.68 Moderna MRNA ... dd 104.47 -6.66 110.40 346.44 109.18 Spotify SPOT ... dd 314.66 -4.69
90.05 328.83 119.01 Abiomed ABMD ... 71 324.20 0.28 -61.09 49.03 7.08 Carnival CUK 10.7 dd 18.74 -0.13 126.08 239.62 75.50 Generac GNRC ... 49 227.41 -1.78 3.35 144.37 56.62 MohawkInds MHK ... 19 140.95 -1.56 247.89 243.38 32.33 Square SQ ...356 217.64 -3.40
141.31 136.25 50.04 AcceleronPharma XLRN ... dd 127.94 0.12 ... 41.48 11.50 CarrierGlobal CARR 1.3 21 37.72 -0.01 -15.61 190.08 100.55 GeneralDynamics GD 3.0 14 148.82 0.52 56.74 224.00 102.85 MolinaHealthcare MOH ... 16 212.68 5.92 7.74 195.00 70.00 StanleyBlackDck SWK 1.6 29 178.56 0.26
24.05 271.18 137.15 Accenture ACN 1.3 32 261.21 3.67 160.23 292.76 22.16 Carvana CVNA ... dd 239.54 -10.80 -3.23 13.26 5.48 GeneralElec GE 0.4 26 10.80 0.09 -16.16 61.94 32.11 MolsonCoorsB TAP 0.0 17 45.19 -0.05 s 21.68 107.14 50.02 Starbucks SBUX 1.7138 106.98 1.01
s 56.26 92.99 50.51 ActivisionBliz ATVI 0.4 33 92.85 1.27 84.85 120.48 31.04 Catalent CTLT ... 66 104.07 0.88 9.78 66.14 46.59 GeneralMills GIS 3.5 15 58.80 0.24 -4.01 80.00 42.00 MolsonCoorsA TAP.A 0.0 23 62.70 -0.10 -7.99 85.89 42.10 StateStreet STT 2.9 12 72.78 0.88
97.63 65.69 15.19 AdaptiveBiotech ADPT ... dd 59.13 -0.27 23.25 183.81 87.50 Caterpillar CAT 2.3 30 182.02 1.98 13.77 46.71 14.32 GeneralMotors GM 0.0 19 41.64 -0.20 6.15 59.96 41.19 Mondelez MDLZ 2.2 27 58.47 0.47 8.31 40.22 14.98 SteelDynamics STLD 2.7 16 36.87 0.28
51.64 536.88 255.13 Adobe ADBE ... 46 500.12 2.67 5.54 138.31 52.70 Celanese CE 1.9 27 129.94 0.34 s 82.09 41.50 16.24 Genmab GMAB ... 32 40.66 -0.10 172.81 399.00 93.81 MongoDB MDB ... dd 359.04 -6.07 24.35 196.80 105.69 Steris STE 0.8 38 189.54 3.25
-1.65 170.50 71.33 AdvanceAuto AAP 0.6 23 157.51 -0.15 36.77 5.72 1.55 Cemex CX 0.0 dd 5.17 -0.01 -1.92 45.20 19.41 Genpact G 0.9 26 41.36 0.13 s 105.72 367.05 130.12 MonolithicPower MPWR 0.5111 366.23 5.50 37.94 41.99 14.67 STMicroelec STM 0.4 37 37.12 -0.44
99.98 97.98 36.75 AdvMicroDevices AMD ...127 91.71 -0.58 -40.49 10.52 1.41 CenovusEnergy CVE 0.0 dd 6.04 -0.10 17.08 34.30 19.48 Gentex GNTX 1.4 28 33.93 -0.13 s 45.52 92.54 50.06 MonsterBev MNST ... 42 92.48 1.02 110.38 87.23 17.72 StoneCo STNE ...141 83.92 0.68
-12.80 4.60 1.80 Aegon AEG 1.5 9 3.95 0.03 -4.52 74.70 43.96 Centene CNC ... 17 60.03 1.11 -5.46 106.84 49.68 GenuineParts GPC 3.1798 100.43 0.82 22.25 305.95 164.19 Moody's MCO 0.8 30 290.24 4.73 s 16.72 245.34 124.54 Stryker SYK 1.0 53 245.04 2.98
38.89 120.24 61.13 AgilentTechs A 0.7 51 118.49 1.10 -20.65 27.53 11.58 CenterPointEner CNP 3.0 dd 21.64 0.22 -4.69 5.34 1.65 Gerdau GGB 0.5 29 4.67 -0.07 34.06 68.97 27.20 MorganStanley MS 2.0 12 68.53 0.69 -16.73 7.48 4.49 SumitomoMits SMFG 4.9 8 6.17 -0.01
14.45 89.23 31.00 AgnicoEagle AEM 2.0 27 70.51 -1.62 -25.00 10.10 2.96 CentraisElBras EBR ... 8 6.99 -0.08 -10.34 85.97 56.56 GileadSciences GILD 4.7 60 58.26 1.61 s 53.04 232.06 102.59 Morningstar MORN 0.5 57 231.57 2.52 1.23 173.98 95.34 SunComms SUI 2.1 96 151.95 2.50
16.27 327.89 167.43 AirProducts APD 2.0 32 273.22 3.46 56.98 111.93 38.40 CeridianHCM CDAY ...1377 106.56 1.16 -21.69 48.25 31.43 GSK GSK 5.4 11 36.80 -0.24 6.33 23.70 6.50 Mosaic MOS 0.9 dd 23.01 0.85 -2.44 50.13 24.37 SunLifeFinancial SLF 3.8 15 44.46 0.37
... 174.97 121.50 Airbnb ABNB ... dd 146.80 -1.63 6.94 80.90 53.08 Cerner CERN 1.1 31 78.48 0.50 s 18.00 215.70 105.54 GlobalPayments GPN 0.4128 215.42 5.28 5.54 187.49 120.77 MotorolaSol MSI 1.7 38 170.06 3.08 -48.84 34.56 9.61 SuncorEnergy SU 3.9 dd 16.78 -0.28
21.54 120.00 75.18 AkamaiTech AKAM ... 31 104.99 0.34 63.56 257.88 95.58 CharlesRiverLabs CRL ... 42 249.86 1.27 105.20 223.26 70.83 Globant GLOB ...173 217.61 -0.27 82.75 288.73 110.59 NICE NICE ... 91 283.54 0.73 402.39 82.42 7.83 SunRun RUN ...2210 69.38 1.98
101.97 153.48 48.89 Albemarle ALB 1.0 41 147.52 -1.77 36.38 681.71 345.67 CharterComms CHTR ... 52 661.55 8.06 -9.78 111.43 56.74 GlobeLife GL 0.8 14 94.96 1.75 1112.44 57.20 2.11 NIO NIO ... dd 48.74 0.36 13.62 11.58 4.43 Suzano SUZ 0.0 dd 11.18 -0.11
s ... 17.78 12.91 Albertsons ACI 2.3 10 17.58 0.73 19.78 139.26 80.06 CheckPoint CHKP ... 23 132.91 -1.21 22.13 91.81 40.25 GoDaddy GDDY ... dd 82.95 -0.37 -5.53 40.25 19.54 NRG Energy NRG 3.2 2 37.55 1.19 -3.61 36.43 12.15 SynchronyFin SYF 2.5 16 34.71 0.42
16.63 68.11 39.37 Alcon ALC ... dd 65.98 -0.59 138.27 95.20 25.89 Chegg CHGG ... dd 90.33 -0.24 40.45 14.90 3.79 GoldFields GFI 1.3 32 9.27 -0.36 7.13 4530.00 2043.01 NVR NVR ... 19 4079.86 -47.80 86.24 261.13 104.90 Synopsys SNPS ... 61 259.24 2.33
10.30 179.79 109.22 AlexandriaRlEst ARE 2.4 41 178.22 3.13 21.25 543.81 330.01 Chemed CHE 0.3 32 532.61 4.99 s 14.69 263.93 130.85 GoldmanSachs GS 1.9 15 263.71 4.26 24.95 167.27 58.41 NXP Semi NXPI 0.9 dd 159.01 -0.38 -13.19 85.13 26.00 Sysco SYY 2.4 dd 74.26 0.97
44.47 160.03 72.67 AlexionPharm ALXN ... 37 156.24 0.01 -1.70 67.11 27.06 CheniereEnergy LNG ... 18 60.03 -0.77 ... 64.22 33.51 GoodRx GDRX ...763 40.34 -1.95 23.94 139.50 71.66 Nasdaq NDAQ 1.5 24 132.74 2.60
9.73 319.32 169.95 Alibaba BABA ... 34 232.73 -5.66 -11.45 42.88 17.75 CheniereEnerPtrs CQP 7.3 15 35.25 1.01 39.13 73.45 38.43 Graco
20.63 427.90 200.61 Grainger
GGG 1.0 41 72.35
GWW 1.5 35 408.34
0.14
1.51
195.40 112.93 16.87 Natera NTRA ... dd 99.52 0.67 TUV
91.51 543.65 127.88 AlignTech ALGN ... 24 534.38 10.06 -29.92 122.72 51.60 Chevron CVX 6.1 dd 84.45 -0.88 -5.81 69.08 44.29 NationalGrid NGG 5.3 22 59.03 0.07
-20.82 25.73 13.40 Grifols GRFS 1.6 16 18.44 -0.06 ... 23.90 7.93 Natura&Co NTCO 0.0 dd 20.00 -0.17 48.36 83.67 44.24 TAL Education TAL ...1477 71.51 -0.25
46.81 157.96 41.60 Allakos ALLK ... dd 140.00 -1.22 209.97 109.73 20.62 Chewy CHWY ... dd 89.89 -2.45 -23.62 57.92 32.37 TC Energy TRP 6.0 12 40.72 0.54
-24.50 847.95 426.87 Alleghany Y 0.0 dd 603.69 3.67 -21.41 28.50 15.80 ChinaEastrnAir CEA ... dd 21.51 -0.29 64.93 138.65 55.90 GuardantHealth GH ... dd 128.88 2.74 -29.81 6.49 2.34 NatWest NWG 0.0 27 4.52 0.07
17.27 129.76 71.64 Guidewire GWRE ... dd 128.73 0.48 6.41 67.63 34.66 NetApp NTAP 2.9 22 66.24 0.91 s 26.33 121.23 48.62 TE Connectivity TEL 1.6 dd 121.07 1.31
-6.55 139.24 77.37 Allegion ALLE 1.1 36 116.38 1.44 -20.03 14.70 8.27 ChinaLifeIns LFC 4.0 9 11.06 0.06 2.25 20.91 13.54 Telus TU 4.9 25 19.80 -0.04
-5.83 60.28 37.66 AlliantEnergy LNT 2.9 19 51.53 0.77 -32.48 44.93 28.00 ChinaMobile CHL 6.6 8 28.54 0.25 11.26 166.87 58.38 HCA Healthcare HCA 0.0 17 164.46 2.11 56.16 103.53 53.17 NetEase NTES 1.0 33 95.77 -0.16
s 14.03 72.44 29.50 HDFC Bank HDB 0.0 33 72.26 0.26 67.11 575.37 290.25 Netflix NFLX ... 87 540.73 16.14 11.84 68.89 32.72 TJX TJX 1.5113 68.29 -0.01
-2.24 125.92 64.13 Allstate ALL 2.0 8 109.93 1.78 -25.85 62.22 38.18 ChinaPetrol SNP 7.4 10 44.60 -0.62 s 71.96 135.00 63.50 T-MobileUS
s 16.69 35.92 10.22 AllyFinancial ALLY 2.1 17 35.66 0.41 -11.76 35.60 18.45 ChinaSoAirlines ZNH 0.0 dd 29.65 0.25 s 19.66 24.69 12.54 HP HPQ 3.2 12 24.59 0.27 -10.83 136.26 72.14 Neurocrine NBIX ...103 95.85 0.39 TMUS ... 44 134.85 1.57
-33.72 39.37 17.95 HSBC HSBC 0.0 dd 25.91 -0.03 241.99 60.42 7.01 NewFortressEner NFE 0.7 dd 53.59 -0.98 24.25 154.33 82.51 TRowePrice TROW 2.4 17 151.39 1.81
12.85 167.33 84.97 AlnylamPharm ALNY ... dd 129.97 -1.07 -33.11 41.55 26.66 ChinaTelecom CHA 5.3 8 27.55 -0.01 87.68 109.70 42.70 TaiwanSemi TSM 1.3 34 109.04 0.14
31.03 1847.20 1013.54 Alphabet C GOOG ... 35 1751.88 12.36 -39.32 9.45 5.08 ChinaUnicom CHU 3.3 10 5.68 -0.09 -22.76 25.47 4.25 Halliburton HAL 1.0 dd 18.90 -0.22 s 53.25 186.40 102.01 NewOrientalEduc EDU ... 80 185.81 4.60
-19.40 61.32 19.04 HartfordFinl HIG 2.7 10 48.98 1.04 60.93 52.40 26.13 NYTimes A NYT 0.5 55 51.77 0.18 69.72 209.26 100.00 TakeTwoSoftware TTWO ... 50 207.79 1.44
30.85 1843.83 1008.87 Alphabet A GOOGL ... 35 1752.64 16.39 s ... 24.30 13.12 Chindata CD ... dd 23.96 3.66 -7.75 20.42 12.43 TakedaPharm TAK 3.8109 18.20 0.02
21.70 185.75 75.17 Alteryx AYX ... dd 121.79 -2.03 65.65 1435.52 415.00 Chipotle CMG ...166 1386.71 12.54 -11.43 109.50 41.33 Hasbro HAS 2.9 33 93.54 -0.46 10.46 22.09 10.44 NewellBrands NWL 4.3 dd 21.23 0.15
-9.05 34.22 20.61 HealthcareAmer HTA 4.6180 27.54 0.37 37.84 72.22 33.00 Newmont NEM 2.7 19 59.89 -0.50 15.24 31.65 10.18 Tapestry TPR 0.0 dd 31.08 -0.37
38.51 38.30 15.96 AlticeUSA ATUS ...211 37.87 0.25 -1.12 167.74 87.35 Chubb CB 2.0 31 153.92 1.99 37.69 181.17 90.17 Target TGT 1.5 23 176.53 2.65
-17.85 51.77 30.95 Altria MO 8.4107 41.00 0.26 4.66 39.47 34.46 ChunghwaTel CHT 2.9 27 38.62 -0.22 -12.30 37.64 18.63 HealthpeakProp PEAK 4.9 50 30.23 0.37 27.09 18.70 7.90 NewsCorp A NWSA 1.1 dd 17.97 -0.06
30.75 124.20 51.78 Heico A HEI.A 0.1 51 117.06 -0.70 22.47 18.73 7.88 NewsCorp B NWS 1.1 dd 17.77 -0.14 -2.55 14.03 3.92 TataMotors TTM ... dd 12.60 ...
-0.12 9.95 4.60 AlumofChina ACH ... 83 8.68 0.03 24.01 98.96 47.98 Church&Dwight CHD 1.1 28 87.23 0.52 4.49 18.95 5.60 TeckRscsB TECK 0.8 dd 18.15 -0.29
76.26 3552.25 1626.03 Amazon.com AMZN ... 95 3256.93 -28.92 41.98 212.60 52.90 ChurchillDowns CHDN 0.3 dd 194.79 -3.64 15.99 137.97 52.01 Heico HEI 0.1 58 132.40 -0.09 27.44 83.34 43.70 NextEraEnergy NEE 1.8 39 77.15 1.24
0.21 73.99 41.85 HenrySchein HSIC ... 24 66.86 1.02 2.81 22.33 11.62 NielsenHoldings NLSN 1.1 dd 20.87 0.32 138.84 253.00 81.30 TeladocHealth TDOC ... dd 199.96 -3.61
-34.33 4.73 1.90 Ambev ABEV ... 26 3.06 0.01 23.80 61.52 30.58 Ciena CIEN ... 23 52.85 0.36 13.11 398.99 195.34 TeledyneTech TDY ... 38 391.98 0.88
8.58 12.40 5.80 Amcor AMCR 4.0 25 11.77 0.03 1.80 224.96 118.50 Cigna CI 0.0 15 208.18 4.13 3.64 161.83 109.88 Hershey HSY 2.1 27 152.33 1.80 39.64 147.95 60.00 Nike NKE 0.8 81 141.47 -0.11
-20.98 71.66 26.06 Hess HES 1.9 dd 52.79 -0.98 -17.60 30.46 19.56 NiSource NI 3.7 dd 22.94 0.39 s 9.33 412.99 221.27 Teleflex TFX 0.3 53 411.57 4.01
-1.75 77.29 44.05 Amdocs DOX 1.8 19 70.93 1.57 -16.91 115.53 46.07 CincinnatiFin CINF 2.7 18 87.37 0.91 36.10 12.61 6.15 Ericsson ERIC 0.8 26 11.95 0.11
75.73 298.54 132.95 Amedisys AMED ... 59 293.33 4.25 31.36 369.20 154.33 Cintas CTAS 0.8 40 353.46 3.23 -25.28 16.18 7.43 HewlettPackard HPE 4.1 dd 11.85 0.17 5.39 5.14 2.34 Nokia NOK 0.0 27 3.91 0.02
-18.97 52.76 25.10 HighwoodsProp HIW 4.8 13 39.63 0.49 3.29 5.46 3.55 NomuraHoldings NMR 3.9 8 5.33 0.03 -38.20 14.68 7.08 TelefonicaBras VIV 8.6 15 8.85 -0.02
20.79 460.92 222.34 Amerco UHAL 0.0 18 453.96 0.63 -6.69 50.28 32.40 CiscoSystems CSCO 3.2 18 44.75 0.27 -42.04 7.11 3.22 Telefonica TEF 9.7 72 4.04 0.01
1.64 87.66 58.74 Ameren AEE 2.6 23 78.06 1.09 -22.82 83.11 32.00 Citigroup C 3.3 12 61.66 0.80 0.32 116.73 44.30 Hilton HLT 0.0 dd 111.26 1.08 23.40 216.87 96.45 Nordson NDSN 0.8 47 200.95 2.12
39.49 77.49 26.49 Hologic HOLX ... 17 72.83 1.08 22.40 247.98 112.62 NorfolkSouthern NSC 1.6 31 237.61 1.63 -17.47 29.37 16.06 TelekmIndonesia TLK 2.5 18 23.52 -0.04
-8.08 17.94 10.41 AmericaMovil A AMOV 2.4 36 14.62 0.10 -11.94 41.29 14.12 CitizensFin CFG 4.4 16 35.76 0.36 85.70 166.31 48.78 10xGenomics TXG ... dd 141.60 -1.01
-9.13 18.04 10.12 AmericaMovil AMX 2.4 36 14.54 -0.19 17.31 173.56 100.31 CitrixSystems CTXS 1.1 28 130.10 1.81 21.63 292.95 140.63 HomeDepot HD 2.3 23 265.62 0.36 -12.33 109.88 60.67 NorthernTrust NTRS 3.0 15 93.14 1.22
-0.21 30.21 19.38 HondaMotor HMC 2.4 21 28.25 0.09 -11.41 385.00 263.31 NorthropGrum NOC 1.9 21 304.72 2.11 -29.55 23.54 8.86 Tenaris TS 0.0 dd 15.95 -0.14
-45.01 30.78 8.25 AmerAirlines AAL 0.0 dd 15.77 -0.38 76.85 33.55 15.00 Clarivate CCC ... dd 29.71 -0.12 63.88 20.18 9.22 TencentMusic TME ... 56 19.24 0.02
-11.89 104.97 65.14 AEP AEP 3.6 22 83.27 1.76 31.51 239.87 150.95 Clorox CLX 2.2 22 201.92 0.88 20.17 216.70 101.08 Honeywell HON 1.7 31 212.70 1.75 -18.57 28.70 15.12 NortonLifeLock NLOK 2.4 5 20.78 0.03
102.07 86.67 23.81 HorizonTherap HZNP ... 20 73.15 0.81 -56.46 59.78 7.03 NorwegCruise NCLH ... dd 25.43 -0.21 75.82 122.37 42.87 Teradyne TER 0.3 30 119.89 -0.40

.
-2.88 138.13 67.00 AmerExpress AXP 1.4 30 120.91 1.48 345.43 88.77 15.05 Cloudflare NET ... dd 75.99 -1.54 s 743.44 718.72 70.10 Tesla TSLA ...1410 705.67 10.89
-20.09 115.03 44.01 AmericanFin AFG 2.3 31 87.62 0.25 -0.92 60.13 36.27 Coca-Cola KO 3.0 28 54.84 0.40 3.33 52.97 39.01 HormelFoods HRL 2.1 28 46.61 0.17 -0.27 99.84 69.18 Novartis NVS 2.1 30 94.43 0.07
30.65 81.21 25.51 DR Horton DHI 1.2 11 68.92 -1.20 2701.76 189.40 3.65 Novavax NVAX ... dd 111.51 -7.45 -1.53 13.76 6.25 TevaPharm TEVA ... dd 9.65 0.05
14.46 32.04 17.50 AmHomes4Rent AMH 0.7112 30.00 0.13 -2.06 57.11 28.35 Coca-Cola Euro CCEP 4.0 29 49.83 0.76

ly
-21.13 18.66 7.86 HostHotels HST 0.0 dd 14.63 0.03 20.68 73.92 49.24 NovoNordisk NVO 1.3 26 69.85 -0.35 27.94 167.24 93.09 TexasInstruments TXN 2.5 31 164.13 1.43
-26.24 56.42 16.07 AIG AIG 3.4 dd 37.86 0.34 43.26 83.10 35.20 Cognex CGNX 0.3 76 80.28 -0.61 8.36 51.53 20.26 Textron TXT 0.2 41 48.33 -0.11
-2.33 272.20 174.32 AmerTowerREIT AMT 2.0 53 224.46 4.12 32.13 82.73 40.01 CognizantTech CTSH 1.1 30 81.95 0.88 14.06 28.75 9.25 HowmetAerospace HWM 0.0 27 28.54 0.18 105.34 179.62 53.40 Novocure NVCR ...978 173.04 -1.10
-28.27 21.25 11.69 HuanengPower HNP 4.7 11 14.41 -0.01 147.28 44.93 13.51 NuanceComms NUAN ...472 44.09 0.12 43.37 532.57 250.21 ThermoFisherSci TMO 0.2 38 465.78 4.05
24.92 172.56 92.00 AmerWaterWorks AWK 1.4 42 153.47 2.84 24.22 86.41 58.49 ColgatePalm CL 2.1 27 85.51 0.78 14.37 89.55 52.23 ThomsonReuters TRI 1.9 22 81.89 -0.12
6.47 41.29 23.30 AmericoldRealty COLD 2.3 85 37.33 0.66 16.52 52.49 31.70 Comcast A CMCSA 1.8 23 52.40 1.19 12.38 53.66 25.01 Huazhu HTHT ... dd 45.03 -0.09 -5.49 57.50 27.52 Nucor NUE 3.0 38 53.19 0.25
6.07 166.37 85.62 Hubbell HUBB 2.5 23 156.79 0.48 0.52 50.81 23.85 Nutrien NTR 3.7287 48.16 0.99 -0.92 182.54 114.04 3M MMM 3.4 20 174.79 0.68
16.66 198.16 80.01 Ameriprise AMP 2.1 14 194.33 2.98 -22.15 72.23 24.28 Comerica CMA 4.9 15 55.86 0.12 -1.65 134.42 103.89 Tiffany TIF 1.8 56 131.45 0.10
14.98 111.25 72.06 AmerisourceBrgn ABC 1.8 dd 97.76 0.80 1.54 68.50 43.34 CommerceBcshrs CBSH 1.6 24 65.70 -0.28 150.12 420.61 90.83 HubSpot HUBS ... dd 396.44 1.23 121.93 589.07 180.68 NVIDIA NVDA 0.1 85 522.20 -3.63
11.94 474.70 208.25 Humana HUM 0.6 13 410.27 4.16 19.04 95.39 52.07 Toro TTC 1.1 31 94.84 0.50
21.26 121.69 54.82 Ametek
-4.63 264.97 177.05 Amgen
20.83 135.68 63.05 Amphenol

37.12 76.37 26.04 Anaplan

-14.79 83.54 32.58 AB InBev

AME 0.6 32 120.94 1.11
AMGN 3.1 19 229.92 2.75
APH 0.9 34 130.77 0.93
s 24.31 147.83 79.08 AnalogDevices ADI 1.7 45 147.73 1.55
PLAN ... dd 71.85 -0.17
1.25 38.50 12.66 AngloGoldAsh AU 0.4 33 22.62 -0.95
BUD 1.5 dd 69.91 -0.74
-33.37 93.34 33.13 ConchoRscs

-20.12 95.10 62.03 ConEd

on
72.46 6.29 1.02 CiaSiderurgica SID ... 38 5.95
5.90 39.34 22.83 ConagraBrands CAG 3.0 18 36.26
CXO 1.4 dd 58.35
-38.51 67.13 20.84 ConocoPhillips COP 4.3 dd 39.99
ED 4.2 18 72.27
16.18 221.23 107.51 ConstBrands B STZ.B 1.2 49 219.33
15.44 220.00 104.28 ConstBrands A STZ 1.4 44 219.05
-0.13
0.13
0.09
-0.02
1.25
-1.90
0.84
17.01 144.34 75.29 JBHunt

-17.23 94.98 24.02 HyattHotels

38.08 66.36 21.79 IAA
-1.52 15.42 6.86 ICICI Bank
91.43 503.83 168.65 IdexxLab
19.22 101.45 44.81 IHS Markit
JBHT 0.8 29 136.65
-16.25 15.16 6.82 HuntingtonBcshs HBAN 4.8 18 12.63
H 0.0 dd 74.25
IAA ... 50 64.98
IBN 0.0 26 14.86
IDXX ... 87 499.87
INFO 0.8 39 89.83
1.21
0.07
0.61
0.04
0.20
2.91
1.31
-49.28 78.48 12.16 ONEOK
OPQ
3.27 487.95 251.51 OReillyAuto
OKE
ORLY
... 64.39 34.98 OakStreetHealth OSH
-58.00 47.58 8.52 OccidentalPetrol OXY
120.39 287.35 88.66 Okta OKTA
9.7 26 38.38
... 20 452.57
... dd 61.16
0.2 dd 17.31
... dd 254.26
0.26
0.77
-0.38
-0.60
-6.26
0.52 57.50 33.74 TorontoDomBk TD
-24.21 56.91 22.13 Total
9.98 156.30 108.01 ToyotaMotor

208.34 972.80 136.00 TradeDesk

34.74 69.06 33.23 Tradeweb
40.77 153.72 70.00 TraneTech
TOT
TM
50.45 157.07 63.89 TractorSupply TSCO
TTD
TW
TT
4.4 12 56.42
... dd 41.91
2.4 16 154.57
1.1 22 140.58
...275 801.00
0.5 73 62.45
1.5 39 145.16
-0.01
-0.76
0.48
-2.18
-17.00
0.87
0.33
-10.30 10.50 3.51 AnnalyCap NLY 10.8 dd 8.45 0.09 t ... 24.75 17.41 ContextLogic WISH ... ... 18.24 0.66 54.27 213.66 105.80 OldDomFreight ODFL 0.3 37 195.18 1.56 10.51 673.51 200.06 TransDigm TDG 0.0 75 618.85 2.71
6.31 338.20 171.03 Anthem 125.60 79.77 19.00 II-VI IIVI ... dd 75.96 -0.37
us ,

ANTM 1.2 17 321.09 7.04 13.08 371.59 236.68 Cooper COO 0.0 76 363.32 6.87 -14.24 45.22 13.33 OmegaHealthcare OHI 7.4 54 36.32 -0.50 15.90 102.80 52.50 TransUnion TRU 0.3 59 99.22 0.58
1.43 238.19 143.93 Aon AON 0.9 27 211.27 4.56 -21.66 12.44 4.52 ING Groep ING 0.0 ... 9.44 0.05
39.93 130.96 55.69 Copart CPRT ... 45 127.25 0.71 -23.02 81.17 44.50 Omnicom OMC 4.2 14 62.37 0.48 2.50 141.87 76.99 Travelers TRV 2.4 16 140.37 1.29
2.66 55.38 19.46 ApolloGlbMgmt APO 4.7 dd 48.98 0.40 -3.06 19.01 6.38 Invesco IVZ 3.6 16 17.43 0.09
23.67 38.44 17.44 Corning GLW 2.4175 36.00 0.03
l

54.42 227.09 98.04 IPG Photonics IPGP ...114 223.79 -0.50 s 34.25 32.93 8.17 ON Semi ON ... 68 32.73 0.25 86.29 87.88 28.11 Trex TREX ... 58 83.72 -0.07
324.21 216.41 29.07 Appian APPN ... dd 162.09 0.59 30.99 40.23 20.38 Corteva CTVA 1.3 47 38.72 0.28 96.51 28.80 9.02 OneConnectFinTech OCFT ... dd 19.71 -1.46 60.16 67.93 20.01 Trimble TRMB ... 34 66.77 0.44
15.96 180.99 81.79 IQVIA IQV ...200 179.17 1.65
e
80.75 138.79 53.15 Apple AAPL 0.6 41 132.69 -1.03 54.48 951.18 500.24 CoStar CSGP ...124 924.28 -0.68 3.15 47.84 29.11 OpenText OTEX 1.8 47 45.46 -0.03 0.57 38.95 20.10 Trip.com TCOM ... dd 33.73 0.48
al a

41.38 90.61 36.64 ApplMaterials AMAT 1.0 22 86.30 -0.68 -17.61 69.10 34.00 IcahnEnterprises IEP 15.8 dd 50.67 0.42
28.19 393.15 271.28 Costco COST 0.7 39 376.78 2.33 ... 32.39 10.55 OpendoorTech OPEN ... dd 22.73 -1.54 -14.90 56.68 24.01 TruistFinl TFC 3.8 16 47.93 0.56
18.40 137.36 79.84 Aptargroup ATR 1.1 43 136.89 0.50 13.21 215.29 104.28 Icon ICLR ... 32 194.98 1.32
131.73 369.12 99.01 CoupaSoftware COUP ... dd 338.91 -2.40 22.10 66.20 39.71 Oracle ORCL 1.5 20 64.69 0.29 244.42 374.49 68.06 Twilio TWLO ... dd 338.50 -11.06
s 37.19 131.23 29.22 Aptiv APTV 0.0 20 130.29 -0.50 15.81 199.50 104.56 IDEX IEX 1.0 41 199.20 2.57
-23.04 220.25 110.47 Credicorp BAP 5.3 66 164.02 0.37 -18.71 14.84 9.93 Orange ORAN 4.4 10 11.86 -0.15 68.95 56.11 20.00 Twitter TWTR ... dd 54.15 -0.18
-11.34 47.22 9.65 Aramark ARMK 1.1 dd 38.48 0.49 13.50 224.69 115.94 IllinoisToolWks ITW 2.2 31 203.88 1.71
-4.83 14.12 6.47 CreditSuisse CS 0.9 8 12.80 -0.01 -7.29 89.21 52.65 Orix IX 3.9 9 77.33 0.41 45.50 466.21 247.22 TylerTech TYL ... 96 436.52 7.59
11.53 404.20 196.78 Illumina ILMN ... 86 370.00 5.91
ci on

30.56 24.03 6.64 ArcelorMittal MT 0.0 dd 22.90 -0.54 s 129.47 109.17 27.77 Cree CREE ... dd 105.90 1.51 ... 68.21 38.00 OtisWorldwide OTIS 1.2 34 67.55 0.83 -29.22 94.24 42.57 TysonFoods TSN 2.8 11 64.44 0.85
-15.90 48.32 20.93 ArchCapital ACGL ... 13 36.07 0.49 -28.11 27.43 7.04 ImperialOil IMO 3.6 dd 19.03 -0.30
324.74 227.36 31.95 CrowdStrike CRWD ... dd 211.82 1.53 16.34 78.99 28.56 OwensCorning OC 1.4 dd 75.76 -1.21 12.32 14.78 7.48 UBS Group UBS 2.6 9 14.13 0.07
8.76 52.05 28.92 ArcherDaniels ADM 2.9 18 50.41 0.50 -0.39 110.36 62.48 Incyte INCY ... dd 86.98 0.12
11.99 180.00 114.18 CrownCastle CCI 3.3113 159.19 2.80 s 64.24 17.03 6.76 Infosys ... 51.04 38.09 OzonHoldings OZON ... ... 41.41 -2.60 -17.71 51.25 29.20 UDR UDR 3.7 86 38.43 0.46
31.83 49.86 20.20 AresMgmt ARES 3.4 88 47.05 -0.64 s 38.13 100.58 42.97 CrownHoldings CCK ... 26 100.20 0.36
INFY 1.4 30 16.95 0.02
24.21 46.82 17.01 IngersollRand IR ... dd 45.56 0.32 14.63 18.34 6.25 PG&E PCG ... dd 12.46 0.12 -20.48 42.28 8.32 US Foods USFD ... dd 33.31 -0.04
83.21 312.06 103.75 arGEN-X ARGX ... dd 294.09 -3.52 26.90 244.67 101.03 Cummins CMI 2.4 21 227.10 2.11 -6.66 161.25 79.41 PNC Fin PNC 3.1 9 149.00 2.11 71.49 56.02 13.71 Uber UBER ... dd 51.00 -2.15
42.86 293.78 156.63 AristaNetworks ANET ... 33 290.57 1.61 116.79 162.08 55.72 Inphi IPHI ... dd 160.47 0.13
... 151.80 36.15 CureVac CVAC ... ... 81.07 -0.69 23.09 64.87 26.27 POSCO PKX 2.0 25 62.31 -0.03 47.38 284.89 110.01 Ubiquiti UI 0.6 41 278.51 -0.42
20.97 86.75 19.51 ArrowheadPharm ARWR ... dd 76.73 -0.70 49.32 269.42 121.00 Insulet PODD ...584 255.63 -4.92
11.80 86.77 43.72 CyrusOne CONE 2.8 dd 73.15 0.30 ... 37.51 10.61 PPD PPD ...224 34.22 0.59 13.44 304.65 124.05 UltaBeauty ULTA ... 72 287.16 4.18
19.88 183.98 92.00 AscendisPharma ASND ... dd 166.78 -3.41 -16.76 69.29 43.61 Intel INTC 2.6 10 49.82 1.07
8.04 149.88 69.77 PPG Ind PPG 1.5 32 144.22 1.00 224.12 179.65 31.99 UltragenyxPharm RARE ... dd 138.43 -5.94
7.71 142.89 73.07 AspenTech
3.92 142.61 76.27 Assurant
AZPN ... 42 130.25 -0.69
AIZ 1.9 21 136.22 2.19
DEF 30.67 62.95 33.70 InteractiveBrkrs IBKR 0.7 28 60.92
s 24.57 115.40 63.51 ICE ICE 1.0 32 115.29
0.80
2.14 -21.40 36.83 18.12 PPL PPL 5.9 14 28.20 0.61 -22.42 19.43 6.37 UnderArmour C UA ... dd 14.88 -0.20
-8.82 42.62 17.09 DISH Network DISH ... 13 32.34 0.82 -5.17 69.04 25.39 InterContinentl IHG 0.0 dd 65.12 0.79 s 12.86 126.66 58.67 PRA HealthSci PRAH ... 37 125.44 1.34 -20.51 21.96 7.15 UnderArmour A UAA ... dd 17.17 -0.28
er s

0.26 64.94 36.15 AstraZeneca AZN 2.7 52 49.99 -0.19 59.71 121.75 43.90 PTC PTC ...107 119.61 0.10 5.58 63.89 44.06 Unilever UL 3.0 24 60.36 -0.54
-8.27 50.43 13.37 Athene ATH ... 10 43.14 0.63 -6.51 135.67 71.21 DTE Energy DTE 3.6 17 121.41 1.75 -6.09 158.75 90.56 IBM IBM 5.2 14 125.88 1.54
... 61.27 14.60 DadaNexus DADA ... dd 36.50 -1.09 -15.64 143.87 92.14 IntlFlavors IFF 2.8 33 108.84 -2.42 9.08 95.82 49.11 Paccar PCAR 1.5 21 86.28 0.41 15.17 211.14 105.08 UnionPacific UNP 1.9 27 208.22 2.24
94.34 250.03 110.01 Atlassian TEAM ... dd 233.87 -0.17 23.14 138.95 71.05 PackagingCpAm PKG 2.9 28 137.91 0.44 -50.90 90.57 17.80 UnitedAirlines UAL ... dd 43.25 -1.40
-14.69 121.08 77.92 AtmosEnergy ATO 2.6 19 95.43 1.92 44.74 248.32 119.60 Danaher DHR 0.3 51 222.14 1.46 7.97 51.99 26.38 IntlPaper IP 4.1 40 49.72 0.08
9.27 125.96 26.15 Darden DRI 1.1 dd 119.12 1.57 1.82 25.20 11.63 Interpublic IPG 4.3 16 23.52 0.06 s 66.51 57.46 13.58 PagSeguroDig PAGS ... 67 56.88 0.95 214.55 9.40 2.10 UnitedMicro UMC 1.2 28 8.43 -0.23
66.43 307.22 125.38 Autodesk ADSK ...158 305.34 5.93
m er

105.41 59.00 10.25 DarlingIngred DAR ... 20 57.68 -1.20 45.02 387.94 187.68 Intuit INTU 0.6 51 379.85 4.30 ... 33.50 8.90 PalantirTech PLTR ... dd 23.55 -1.55 43.86 178.01 82.00 UPS B UPS 2.4 32 168.40 2.17
24.51 107.92 59.54 Autohome ATHM 0.8 25 99.62 0.01 53.68 375.00 125.47 PaloAltoNtwks PANW ... dd 355.39 -0.40 39.06 249.60 58.85 UnitedRentals URI ... 18 231.91 1.85
9.11 95.43 38.16 Autoliv ALV 0.0 52 92.10 -1.39 160.56 118.13 28.88 Datadog DDOG ... dd 98.44 -0.87 38.39 826.81 360.50 IntuitiveSurgical ISRG ... 93 818.10 2.80
56.47 117.65 62.20 DaVita DVA ... 18 117.40 1.90 159.21 61.59 7.42 Invitae NVTA ... dd 41.81 -2.39 45.67 40.11 10.61 PanAmerSilver PAAS 0.8119 34.51 -0.55 -21.42 59.48 28.36 US Bancorp USB 3.6 15 46.59 0.44
3.34 182.32 103.11 ADP ADP 2.1 31 176.20 2.39 32.35 280.29 93.00 ParkerHannifin PH 1.3 30 272.41 2.19 19.29 367.95 187.72 UnitedHealth UNH 1.4 20 350.68 5.69
-0.49 1267.93 684.91 AutoZone AZO ... 16 1185.44 9.57 69.83 307.81 78.70 DeckersOutdoor DECK ... 26 286.78 0.78 -0.90 32.70 15.64 InvitatHomes INVH 2.0157 29.70 0.17
55.29 273.56 106.14 Deere DE 1.1 31 269.05 2.90 -6.41 64.34 39.32 IonisPharma IONS ...140 56.54 -0.66 9.55 99.95 47.87 Paychex PAYX 2.7 32 93.18 1.04 ... 174.94 65.11 UnitySoftware U ... ... 153.47 -1.35
125.11 184.41 55.50 Avalara AVLR ... dd 164.89 -5.57 70.82 471.08 163.42 PaycomSoftware PAYC ...160 452.25 4.34 11.52 246.98 105.11 UnivDisplay OLED 0.3103 229.80 -1.28
-23.50 229.40 118.17 Avalonbay AVB 4.0 35 160.43 2.38 42.62 75.39 25.51 DellTechC DELL ... 23 73.29 0.79 -17.20 28.03 14.51 iQIYI IQ ... dd 17.48 -0.06
-31.24 62.48 17.51 DeltaAir DAL 0.0 dd 40.21 -0.35 -7.50 34.49 21.00 IronMountain IRM 8.4 64 29.48 0.19 70.43 218.34 66.98 Paylocity PCTY ...183 205.91 -0.73 -4.15 148.27 65.20 UniversalHealthB UHS 0.0 13 137.50 1.37
-11.16 57.24 35.62 Avangrid AGR 3.9 22 45.45 -0.04 116.51 244.25 82.07 PayPal PYPL ... 88 234.20 2.69 -18.20 50.90 17.77 VEREIT VER 4.1 32 37.79 0.35
380.83 93.94 12.39 DenaliTherap DNLI ... dd 83.76 -1.89 -33.44 9.40 3.48 ItauUnibanco ITUB 2.2 15 6.09 -0.04
m rp

55.10 28.98 6.66 Avantor AVTR ...232 28.15 0.81 67.31 140.89 38.01 Pegasystems PEGA 0.1 dd 133.26 1.59 -14.30 100.25 45.07 VF VFC 2.3 dd 85.41 -0.74
18.57 156.82 76.96 AveryDennison AVY 1.6 25 155.11 0.92 -7.47 60.87 31.57 DentsplySirona XRAY 0.8 dd 52.36 0.90
67.21 134.73 50.05 AxonEnterprise AAXN ... dd 122.53 -1.35 40.10 11.96 4.99 DeutscheBank DB 0.0 dd 10.90 0.01 JKL 434.23 167.37 17.70 Peloton
-36.16 40.65 10.58 PembinaPipeline PBA
PTON ...1996 151.72
8.1 20 23.66
-3.24
0.02
-0.20 28.75 9.85 VICI Prop
16.32 300.00 125.00 VailResorts
VICI
MTN
5.2 19 25.50
0.0244 278.96
-0.17
1.98
-7.66 49.26 31.66 BCE BCE 5.9 23 42.80 0.02 69.02 456.23 182.07 DexCom DXCM ...153 369.72 6.95 149.50 92.77 32.70 JD.com JD ... 34 87.90 -1.62
-5.71 171.29 100.52 Diageo DEO 2.2 53 158.81 -3.01 237.91 99.24 3.75 PennNational PENN ... dd 86.37 -0.72 26.97 17.46 6.49 Vale VALE ... 34 16.76 -0.19
19.43 66.78 29.78 BHP Group BHP 3.7 21 65.34 -0.60 -8.85 141.10 76.91 JPMorganChase JPM 2.8 17 127.07 1.71 15.74 58.82 22.01 Pentair PNR 1.5 25 53.09 0.41 -39.59 98.03 31.00 ValeroEnergy VLO 6.9 dd 56.57 -0.15
12.81 54.41 23.64 BHP Group BBL 4.5 17 53.03 -0.41 -47.88 96.92 14.55 DiamondbkEner FANG 3.1 dd 48.40 -0.87 11.20 200.98 123.64 JackHenry JKHY 1.1 42 161.99 3.24
16.51 165.49 105.00 DigitalRealty DLR 3.2 57 139.51 1.16 8.51 148.77 101.42 PepsiCo PEP 2.8 29 148.30 0.99 23.24 176.19 89.62 VarianMed VAR ... 60 175.01 0.28
-45.63 40.08 14.74 BP BP 9.1 dd 20.52 -0.51 21.30 111.17 59.29 JacobsEngg J 0.7 38 108.96 1.47 47.79 149.95 62.91 PerkinElmer PKI 0.2 39 143.50 2.92 1.74 9.41 3.24 Vedanta VEDL 7.1 dd 8.78 -0.08
s 71.08 225.35 82.00 Baidu BIDU ... 22 216.24 -3.39 s 6.73 90.66 23.25 DiscoverFinSvcs DFS 1.9 28 90.53 1.23 51.02 30.00 8.98 JamesHardie JHX 0.0 88 29.66 0.05 -38.96 53.55 27.68 PetroChina PTR 5.3 dd 30.72 -0.16 93.55 313.99 118.11 VeevaSystems VEEV ...127 272.25 -3.81
-18.65 25.99 9.12 BakerHughes BKR 3.5 dd 20.85 -0.36 -10.65 103.00 24.80 DiscoveryB DISCB ... 16 32.40 -2.10 s 10.56 166.00 86.88 JazzPharma JAZZ ... 52 165.05 0.49
-8.09 32.89 17.12 DiscoveryA DISCA ... 15 30.09 0.28 -29.55 16.30 4.01 PetroleoBrasil PBR 0.8 dd 11.23 0.02 -15.07 63.38 13.35 Ventas VTR 3.7 54 49.04 0.63
44.09 102.76 51.26 Ball BLL 0.6 60 93.18 0.32 s 7.89 157.66 109.16 J&J JNJ 2.6 25 157.38 1.33 -25.87 15.31 4.16 PetroleoBrasilA PBR.A 1.5 dd 11.06 0.08 12.31 221.30 148.77 VeriSign VRSN ... 31 216.40 1.90
-11.47 5.80 2.49 BancoBilbaoViz BBVA 4.7 dd 4.94 -0.04 -14.10 30.73 15.43 DiscoveryC DISCK ... 13 26.19 0.21
co Fo

14.44 47.58 22.77 JohnsonControls JCI 2.2 55 46.59 0.17 -0.82 43.08 26.41 Pfizer PFE 4.2 24 36.81 0.07 39.00 210.66 116.61 VeriskAnalytics VRSK 0.5 51 207.59 1.81
-41.59 7.92 2.58 BancoBradesco BBDO 1.9 12 4.61 -0.04 25.27 183.40 79.07 Disney DIS 0.0 dd 181.18 0.01 -14.77 178.55 78.29 JonesLang JLL 0.0 18 148.37 -0.86
199.96 290.23 64.88 DocuSign DOCU ... dd 222.30 -3.60 -2.70 90.17 56.01 PhilipMorris PM 5.8 17 82.79 1.31 -4.32 61.95 48.84 Verizon VZ 4.3 13 58.75 0.61
-2.91 23.08 12.50 BancodeChile BCH 3.1 17 20.38 -0.08 -4.28 43.95 20.93 KB Fin KB 3.7 5 39.60 -0.04 -37.22 113.18 40.04 Phillips66 PSX 5.1 dd 69.94 -0.66 7.94 306.08 197.47 VertxPharm VRTX ... 23 236.34 3.66
-28.77 12.68 3.69 BancSanBrasil BSBR 1.7 18 8.64 0.03 s 41.18 97.50 44.68 DolbyLab DLB 0.9 43 97.13 0.05 ... 79.40 31.79 KE Holdings
34.82 225.25 125.00 DollarGeneral DG 0.7 21 210.30 0.37
BEKE ... dd 61.54 -2.28 s 369.78 182.68 30.20 Pinduoduo PDD ... dd 177.67 -1.44 -11.22 42.37 10.10 ViacomCBS B VIAC 2.6 17 37.26 0.36
-17.69 24.37 11.43 BcoSantChile BSAC 3.4 14 18.99 -0.26 38.81 40.71 15.55 KKR KKR 1.3 25 40.49 0.80 -11.10 105.51 60.05 PinnacleWest PNW 4.2 14 79.95 0.84 -15.71 46.90 13.12 ViacomCBS A VIACA 2.5 17 37.82 0.21
-21.99 4.08 1.68 BancoSantander SAN 3.0 dd 3.05 -0.05 14.88 114.32 60.20 DollarTree DLTR ... 27 108.04 0.24 45.32 268.89 110.19 KLA KLAC 1.4 31 258.91 -1.24
-9.20 90.89 57.79 DominionEner D 3.4 dd 75.20 1.14 253.54 75.44 10.10 Pinterest PINS ... dd 65.90 -1.24 -6.77 23.11 12.75 Viatris VTRS ... 36 18.74 0.61
-26.67 56.10 16.27 BanColombia CIB 2.8 38 40.18 -0.77 s 33.28 204.53 92.86 KSCitySouthern KSU 0.9 34 204.13 2.76 -24.76 159.01 48.62 PioneerNatRscs PXD 1.9112 113.89 -0.68 98.38 28.38 11.53 Vipshop VIPS ... 27 28.11 0.35
-13.94 35.67 17.95 BankofAmerica BAC 2.4 15 30.31 0.33 30.53 435.58 270.08 Domino's DPZ 0.8 33 383.46 -1.16 -10.02 72.88 52.66 Kellogg K 3.7 18 62.23 0.70
t ... 195.50 135.38 DoorDash DASH ... ... 142.75 2.55 -55.19 19.39 3.00 PlainsAllAmPipe PAA 8.7 dd 8.24 -0.13 16.41 220.39 133.93 Visa V 0.6 46 218.73 0.37
-1.90 79.93 38.31 BankofMontreal BMO 4.3 13 76.03 0.30 10.54 32.24 18.98 KeurigDrPepper KDP 1.9 35 32.00 0.18 973.10 37.51 2.53 PlugPower PLUG ... dd 33.91 -0.28 -14.48 23.60 11.30 Vistra VST 2.7 11 19.66 0.17
-15.68 51.60 26.40 BankNY Mellon BK 2.9 9 42.44 0.75 9.53 127.39 62.95 Dover DOV 1.6 27 126.25 1.82 -18.92 20.37 7.45 KeyCorp KEY 4.5 14 16.41 0.16
1.41 58.18 21.95 Dow DOW 5.0 dd 55.50 0.03 75.39 391.50 160.35 Pool POOL 0.6 47 372.50 5.22 -7.60 163.17 86.00 VMware VMW ... 37 140.26 2.21
-4.34 56.78 31.94 BkNovaScotia BNS 5.1 14 54.04 0.13 28.71 132.62 77.93 KeysightTechs KEYS ... 40 132.09 0.85 -9.80 57.16 23.31 PrincipalFin PFG 4.5 11 49.61 0.83 -14.74 20.53 11.46 Vodafone VOD 6.3 16 16.48 -0.17
-16.07 9.76 3.41 Barclays BCS 1.8 ... 7.99 -0.04 75.68 73.50 33.33 DrReddy'sLab RDY 0.4 58 71.29 0.55 -1.98 160.16 110.66 KimberlyClark KMB 3.2 20 134.83 1.70
335.14 64.19 10.60 DraftKings DKNG ... dd 46.56 -2.39 11.40 146.92 94.34 Procter&Gamble PG 2.3 27 139.14 1.37 -43.85 68.67 27.64 VornadoRealty VNO 5.7134 37.34 0.91
22.54 31.22 12.65 BarrickGold GOLD 1.4 13 22.78 -0.46 -35.43 22.58 9.42 KinderMorgan KMI 7.7284 13.67 0.10 36.59 102.05 62.18 Progressive PGR 0.4 11 98.88 1.47 -3.56 63.81 29.75 VoyaFinancial VOYA 1.0 dd 58.81 0.53
-4.04 95.19 69.10 BaxterIntl BAX 1.2 46 80.24 1.04 23.90 25.16 14.55 Dropbox DBX ...128 22.19 -0.41 ... 49.92 17.01 KingsoftCloud KC ... dd 43.55 0.44
0.38 103.79 62.13 DukeEnergy DUK 4.2 33 91.56 1.00 11.80 112.37 59.82 Prologis PLD 2.3 46 99.66 0.84 3.00 153.88 65.56 VulcanMatls VMC 0.9 32 148.31 1.84
-8.00 286.72 197.75 BectonDicknsn BDX 1.3 92 250.22 3.54 54.85 10.31 2.72 KinrossGold KGC 1.6 9 7.34 -0.22 18.84 137.84 83.81 Proofpoint PFPT ... dd 136.41 0.22
s
55.88 322.98 118.55 BeiGene BGNE ... dd 258.39 3.39
... 41.17 27.00 BentleySystems BSY 0.3 ... 40.51 0.67
15.29 43.45 25.19 DukeRealty DRE
... 29.55 23.59 Dun&Bradstreet DNB
2.6 68 39.97
... dd 24.90
0.52
-0.51
-6.35 57.69 18.02 KirklandLakeGold KL 1.8 15 41.27 -1.10 -16.72 97.24 38.62 PrudentialFin PRU 5.6 dd 78.07 0.62 WXYZ
104.18 159.18 35.49 KodiakSciences KOD ... dd 146.91 -4.42 -3.05 39.09 15.68 Prudential PUK 1.7 dd 36.93 -0.14
-3.88 79.92 43.05 Berkley WRB 0.7 37 66.42 0.32 s 10.76 71.55 28.33 DuPont DD 1.7 dd 71.11 0.81 13.26 55.30 29.89 KoninklijkePhil PHG 0.0 45 54.17 -0.29 -0.22 109.53 68.01 WEC Energy WEC 2.7 24 92.03 1.48
-1.27 62.15 34.75 PublicServiceEnt PEG 3.4 15 58.30 0.94
2.42 352500 239440 BerkHathwy A BRK.A ... 15 347815 2720.00 71.03 48.85 17.10 Dynatrace DT ...156 43.27 -0.42 3.72 12.98 6.28 KoreaElcPwr KEP ...250 12.27 -0.05 -2.83 236.51 71.12 WEX WEX ...197 203.53 2.40
8.44 240.75 155.37 PublicStorage PSA 3.5 36 230.93 2.00
2.37 234.99 159.50 BerkHathwy B BRK.B ... 15 231.87 2.22 -33.46 32.19 12.10 ENI E 4.1 dd 20.60 -0.28 7.87 36.37 19.99 KraftHeinz KHC 4.6 dd 34.66 -0.01 -11.82 88.99 38.62 W.P.Carey WPC 5.9 27 70.58 0.88
11.13 49.70 17.12 PulteGroup PHM 1.3 9 43.12 -0.97
18.32 57.94 25.00 BerryGlobal BERY ... 14 56.19 0.04 -40.46 89.54 27.00 EOG Rscs EOG 3.0 dd 49.87 -0.69 9.56 37.22 26.72 Kroger KR 2.3 8 31.76 0.21 -23.06 70.69 27.18 WPP WPP 1.2 dd 54.08 -0.42
s 68.91 360.89 151.97 EPAM Systems EPAM 56.36 55.27 32.97 Qiagen QGEN ... 64 52.85 -0.01
13.66 124.89 48.10 BestBuy BBY 2.2 15 99.79 -1.59 ... 66 358.35 -0.13 105.24 42.17 8.00 L Brands LB 0.0 dd 37.19 -0.84 -5.91 81.50 35.07 Wabtec WAB 0.7 30 73.20 0.80
43.05 170.90 67.54 Qorvo QRVO ... 44 166.27 -1.10
65.34 197.50 48.18 BeyondMeat BYND ... dd 125.00 -1.49 26.52 104.83 34.44 EastmanChem EMN 2.8 29 100.28 0.01 -1.29 38.38 13.31 LKQ LKQ ... 18 35.24 -0.13 -32.36 59.78 33.36 WalgreensBoots WBA 4.7 81 39.88 0.54
72.66 161.07 58.00 Qualcomm QCOM 1.7 34 152.34 2.39
360.37 95.71 19.25 Bilibili BILI ... dd 85.72 -8.63 26.84 123.67 56.41 Eaton ETN 2.4 35 120.14 0.84 12.98 105.77 32.01 LPL Financial LPLA 1.0 17 104.22 0.22 21.30 153.66 102.00 Walmart WMT 1.5 21 144.15 -0.03
76.91 73.98 23.77 QuantaServices PWR 0.3 27 72.02 0.93
45.49 69.18 23.59 EatonVance EV 2.2 56 67.93 0.39
n-

258.74 154.03 23.61 Bill.com BILL ... dd 136.50 -0.75 -4.47 230.99 142.01 L3HarrisTech LHX 1.8 31 189.02 1.37 11.59 131.81 73.02 QuestDiag DGX 1.9 15 119.17 0.84 ... 39.19 25.61 WarnerMusic WMG 1.3 dd 37.99 ...
44.66 326.44 155.17 Bio-Techne TECH 0.4 51 317.55 0.56 39.16 61.06 26.02 eBay EBAY 1.3 7 50.25 -0.30 20.32 218.77 98.02 LabCpAm LH ... 24 203.55 2.04 12.97 111.04 70.87 WasteConnections WCN 0.8131 102.57 0.73
139.44 306.72 71.90 Quidel QDEL ... 21 179.65 -5.26
57.54 648.39 309.38 Bio-RadLab A BIO ... 5 582.94 8.11 12.11 231.36 124.60 Ecolab ECL 0.9 dd 216.36 1.12 61.52 516.65 181.38 LamResearch LRCX 1.1 27 472.27 -12.18 3.48 126.79 85.34 WasteMgt WM 1.8 33 117.93 1.00
-17.48 374.99 223.25 Biogen BIIB ... 8 244.86 1.28
3.71 131.94 68.25 BioMarinPharm BMRN ... 20 87.69 0.73
-35.32 20.95 6.28 Ecopetrol
-16.70 78.93 43.63 EdisonInt
EC
EIX
6.2 18 12.91
4.2 64 62.82
-0.21
1.19
-6.77 96.82 30.89 LamarAdv LAMR 2.4 35 83.22 0.89 RS 5.89 252.67 154.39 Waters
25.76 249.30 132.97 Watsco
WAT
WSO
... 31 247.42
3.1 34 226.55
1.86
-1.29
-8.47 96.32 39.06 LambWeston LW 1.2 34 78.74 1.38
140.61 131.00 28.00 BioNTech BNTX ... ... 81.52 -2.42 17.32 92.08 51.51 EdwardsLife EW ... 73 91.23 1.59 -13.67 74.29 33.30 LasVegasSands LVS 0.0 dd 59.60 0.86 -2.41 27.25 16.81 RELX RELX 2.3 30 24.66 -0.10 149.87 349.08 21.70 Wayfair W ... dd 225.81 -4.86
37.02 97.19 50.01 BlackKnight BKI ... 62 88.35 0.10 4.14 34.09 15.17 ElancoAnimal ELAN ... dd 30.67 0.55 15.91 165.67 63.20 Lear LEA 0.6 90 159.03 -1.46 109.61 494.40 73.14 RH RH ... 57 447.52 -1.96 -11.56 52.33 28.93 Weibo WB ... 25 40.99 -0.03
158.69 141.82 38.32 BlackLine BL ... dd 133.38 0.23 127.26 159.95 39.01 Elastic ESTC ... dd 146.13 -2.09 7.39 125.84 68.00 Leidos LDOS 1.3 25 105.12 1.14 18.26 98.35 42.85 RPM RPM 1.7 31 90.78 0.28 -43.90 54.03 20.76 WellsFargo WFC 1.3 81 30.18 0.43
no

s 43.53 722.42 323.98 BlackRock BLK 2.0 24 721.54 12.60 33.57 147.36 85.69 ElectronicArts EA 0.5 32 143.60 1.55 ... 137.30 44.11 Lemonade LMND ... dd 122.50 -11.50 128.29 59.82 RalphLauren RL 0.0 dd 103.74 -0.20 -20.98 89.99 24.27 Welltower WELL 3.8208 64.62 0.82
-7.39
15.86 65.75 33.00 Blackstone BX 2.9 60 64.81 0.11 5.39 83.14 37.75 EmersonElec EMR 2.5 25 80.37 0.55 36.64 86.80 25.42 Lennar A LEN 1.3 10 76.23 -1.80 6.94 102.45 54.21 RaymondJames RJF 1.6 16 95.67 1.44 88.46 305.00 124.53 WestPharmSvcs WST 0.2 69 283.31 3.37
-34.29 349.95 89.00 Boeing BA 0.0 dd 214.06 -2.61 -19.56 43.15 22.57 Enbridge ENB 8.2 46 31.99 0.02 36.91 70.83 18.87 Lennar B LEN.B 1.6 8 61.20 -1.12 -19.04 93.45 40.71 RaytheonTech RTX 2.7 dd 71.51 0.15 -12.73 72.00 27.40 WesternDigital WDC 0.0 dd 55.39 5.86
s 8.45 2227.97 1107.29 BookingHldgs BKNG ... 67 2227.27 22.01 19.37 87.11 48.01 EncompassHealth EHC 1.4 31 82.69 0.62 12.30 319.77 163.40 LennoxIntl LII 1.1 30 273.97 1.98 62.31 89.20 36.91 RealPage RP ...162 87.24 0.14 -18.07 28.45 17.39 WesternUnion WU 4.1 13 21.94 0.16
22.56 91.21 54.37 BoozAllen BAH 1.4 24 87.18 0.20 -25.14 11.21 5.21 EnelAmericas ENIA 5.6 10 8.22 -0.02 4.10 21.83 9.09 LeviStrauss LEVI 0.8 dd 20.08 -0.34 -15.56 84.92 38.00 RealtyIncome O 4.5 52 62.17 1.12 16.32 84.90 28.99 WestlakeChem WLK 1.3 36 81.60 0.27
-10.93 44.05 17.00 BorgWarner BWA 1.8 22 38.64 -0.55 -51.83 13.86 3.75 EnergyTransfer ET 9.9 dd 6.18 0.02 ... 47.70 14.31 LiAuto LI ... dd 28.83 -0.23 -27.74 64.65 31.80 RegencyCtrs REG 5.2165 45.59 ... -12.25 17.29 7.98 WestpacBanking WBK 1.5 35 14.90 -0.06
163.14 1092.80 290.02 BostonBeer SAM ... 71 994.29 -3.12 571.53 189.41 21.49 EnphaseEnergy ENPH ...137 175.47 2.54 26.51 162.25 80.14 LibertyBroadbandA LBRDA 0.0128 157.58 2.58 28.66 664.64 328.12 RegenPharm REGN ... 18 483.11 4.81 1.44 45.58 21.50 WestRock WRK 1.8 dd 43.53 0.10
-31.43 147.83 69.69 BostonProps BXP 4.1 15 94.53 0.66 91.85 100.12 38.12 Entegris ENTG 0.3 49 96.10 -0.27 25.94 165.23 86.20 LibertyBroadbandC LBRDK ...129 158.37 2.22 -6.06 17.30 6.94 RegionsFin RF 3.8 20 16.12 0.19 11.03 34.70 13.10 Weyerhaeuser WY 3.0 51 33.53 -0.12
-20.50 46.13 24.10 BostonSci BSX ... 14 35.95 0.40 -16.66 135.55 75.19 Entergy ETR 3.8 14 99.84 1.20 7.84 58.31 15.98 LibertyGlobal B LBTYB ... dd 24.52 -0.13 -28.92 164.68 55.39 ReinsGrp RGA 2.4 15 115.90 0.50 40.30 57.89 18.66 WheatonPrecMet WPM 1.1 44 41.74 -1.19
s 102.88 71.56 14.23 BridgeBioPharma BBIO ... dd 71.11 1.04 -30.43 29.22 10.27 EnterpriseProd EPD 9.1 10 19.59 0.04 6.51 25.76 15.23 LibertyGlobal A LBTYA ... dd 24.22 -0.26 -0.01 123.09 70.57 RelianceSteel RS 2.1 20 119.75 0.59 22.34 207.30 64.00 Whirlpool WHR 2.8 13 180.49 -3.90
15.10 177.16 64.23 BrightHorizons BFAM ...142 172.99 3.18 37.62 196.47 103.01 Equifax EFX 0.8 54 192.84 1.67 8.51 24.89 14.36 LibertyGlobal C LBTYK ... dd 23.65 0.05 -15.41 202.68 113.27 RenaissanceRe RNR 0.8 13 165.82 1.55 -15.47 24.17 8.41 Williams WMB 8.0113 20.05 0.11
-3.37 68.34 45.76 BristolMyers BMY 3.2 dd 62.03 0.60 22.35 839.77 477.87 Equinix EQIX 1.5140 714.18 13.78 -7.32 48.95 18.31 LibertyFormOne C FWONK ... dd 42.60 -0.23 107.17 212.55 78.41 Repligen RGEN ...233 191.63 2.49 38.67 114.65 26.01 Williams-Sonoma WSM 2.1 15 101.84 -1.63
-11.71 45.64 27.32 BritishAmTob BTI 7.1 11 37.49 -0.23 -17.53 21.04 8.41 Equinor EQNR 3.4 dd 16.42 -0.28 -13.23 46.52 16.87 LibertyFormOne A FWONA ... dd 37.99 -0.80 7.44 103.79 65.37 RepublicSvcs RSG 1.8 30 96.30 1.01 4.33 220.97 143.34 WillisTowers WLTW 1.3 26 210.68 4.54
s 38.55 438.50 155.67 Broadcom AVGO 3.3 70 437.85 3.02 3.27 27.30 9.89 Equitable EQH 2.7 dd 25.59 0.36 -16.12 30.16 13.59 LibertyBraves A BATRA ... dd 24.87 -0.58 37.16 224.24 108.85 ResMed RMD 0.7 46 212.56 2.84 50.67 5.74 2.52 Wipro WIT 0.2 25 5.65 0.01
24.01 154.22 81.90 BroadridgeFinl BR 1.5 38 153.20 1.09 -9.99 77.55 41.97 EquityLife ELS 2.2 53 63.36 0.66 -15.78 29.99 13.20 LibertyBraves C BATRK ... dd 24.88 -0.26 -4.17 67.33 25.08 RestaurantBrands QSR 3.4 33 61.11 -0.72 104.25 319.34 76.81 Wix.com WIX ... dd 249.96 -6.92
7.10 45.61 21.57 BrookfieldMgt BAM 1.2 dd 41.27 -0.09 -26.74 87.53 45.42 EquityResdntl EQR 4.1 24 59.28 0.92 -10.65 51.11 22.54 LibertySirius A LSXMA ... 52 43.19 0.10 124.68 405.46 134.85 RingCentral RNG ... dd 378.97 -9.06 2.61 129.06 46.51 Woodward WWD 0.3 32 121.53 -0.25
9.66 52.72 23.22 BrookfieldInfr BIP 3.9 dd 49.40 -0.33 47.95 256.77 130.20 ErieIndemnity A ERIE 1.7 44 245.60 0.76 -11.03 50.89 24.49 LibertySirius B LSXMB ... 52 43.29 -0.08 26.72 77.64 35.35 RioTinto RIO 5.1 17 75.22 -0.77 45.70 259.01 107.75 Workday WDAY ... dd 239.61 2.68
-19.00 20.09 7.15 BrookfieldPropREIT BPYU 8.9 dd 14.94 -0.04 0.75 54.52 30.40 EssentialUtil WTRG 2.1 48 47.29 0.73 -8.12 50.52 22.63 LibertySirius C LSXMK ... 53 43.51 0.34 61.93 78.64 25.92 RitchieBros RBA 1.3 44 69.55 -0.79 -18.75 153.41 35.84 WynnResorts WYNN 0.0 dd 112.83 -0.57
... 61.49 26.89 BrookfieldRenew BEPC 2.0 ... 58.27 0.21 -21.09 329.74 175.81 EssexProp ESS 3.5 26 237.42 1.15 28.46 173.90 117.06 EliLilly LLY 2.0 28 168.84 1.83 ... 34.42 17.50 RocketCos. RKT ... 1 20.22 -0.94 2.99 52.94 15.50 XP XP ... 57 39.67 -0.81
20.09 48.69 30.70 Brown&Brown BRO 0.8 29 47.41 1.16 28.88 267.20 137.01 EsteeLauder EL 0.8162 266.19 3.57 -14.74 61.96 16.11 LincolnNational LNC 3.3 13 50.31 0.73 23.75 267.48 115.38 Rockwell ROK 1.7 29 250.81 1.71 49.56 123.59 38.47 XPO Logistics XPO ...234 119.20 0.63
17.50 83.40 44.68 Brown-Forman B BF.B 0.9 41 79.43 0.75 301.60 198.50 29.95 Etsy ETSY ... 99 177.91 -5.27 23.77 269.78 146.71 Linde LIN 1.5 63 263.51 1.74 -6.20 51.29 32.20 RogersComm B RCI 3.3 20 46.59 -0.13 5.01 76.44 46.58 XcelEnergy XEL 2.6 24 66.67 1.02
17.05 83.01 41.03 Brown-Forman A BF.A 1.0 38 73.47 0.41 -8.02 167.64 61.27 EuronetWorldwide EEFT ...300 144.92 2.56 99.10 310.57 55.74 LithiaMotors LAD 0.4 19 292.67 -0.54 147.96 363.44 58.22 Roku ROKU ... dd 332.02 -6.72 45.00 154.12 67.68 Xilinx XLNX 1.1 58 141.77 -0.33
6.20 55.87 30.78 Bruker BRKR 0.3 53 54.13 0.62 -15.44 294.31 157.32 EverestRe RE 2.6 14 234.09 3.73 2.81 76.60 21.70 LiveNationEnt LYV ... dd 73.48 -1.09 76.73 43.00 20.48 Rollins ROL 0.5 77 39.07 0.82 ... 74.49 10.00 XPeng XPEV ... dd 42.83 0.54
13.95 66.71 29.00 Bunge BG 3.0 19 65.58 0.39 -14.72 76.57 42.01 Evergy EVRG 3.9 20 55.51 1.44 -40.79 3.36 1.17 LloydsBanking LYG 2.8 96 1.96 ... 21.70 455.72 240.00 RoperTech ROP 0.5 29 431.09 9.27 s 29.19 101.87 54.62 Xylem XYL 1.0 82 101.79 1.01
14.70 264.48 105.67 BurlingtonStrs BURL ... dd 261.55 1.31 1.69 99.42 60.69 EversourceEner ES 2.6 25 86.51 1.18 -8.83 442.53 266.11 LockheedMartin LMT 2.9 15 354.98 0.82 5.49 124.16 56.30 RossStores ROST 0.0146 122.81 0.32 59.99 72.40 27.93 Yandex YNDX ... 70 69.58 0.08
2.33 67.70 29.17 CBRE Group CBRE ... 20 62.72 0.32 43.26 144.00 35.25 ExactSciences EXAS ... dd 132.49 -2.91 -14.23 56.88 27.32 Loews L 0.6 dd 45.02 0.60 3.61 84.00 49.55 RoyalBkCanada RY 4.1 14 82.06 -0.06 ... 21.00 15.17 YatsenHolding YSG ... dd 17.00 0.74
-7.74 146.95 73.39 CDW CDW 1.2 26 131.79 1.79 -7.39 50.54 29.28 Exelon EXC 3.6 17 42.22 0.29 s 106.09 98.31 31.37 LogitechIntl LOGI 0.9 25 97.19 -0.11 -44.06 135.31 19.25 RoyalCaribbean RCL 0.0 dd 74.69 0.94 7.77 110.66 54.95 YumBrands YUM 1.7 32 108.56 -0.95
-18.91 48.19 19.73 CF Industries CF 3.1 29 38.71 0.74 22.43 134.09 40.76 Expedia EXPE 0.0 dd 132.40 0.28 34.03 180.67 60.00 Lowe's LOW 1.5 23 160.51 -0.05 -40.42 61.17 21.25 RoyalDutchA RDS.A 4.6 dd 35.14 -0.89 18.91 60.97 38.33 YumChina YUMC 0.8 31 57.09 -0.03
-5.26 87.12 46.32 CGI GIB ... 25 79.31 0.08 21.90 95.73 52.55 ExpeditorsIntl EXPD 1.1 26 95.11 0.53 ... 20.17 11.56 LufaxHolding LU ... 19 14.20 -0.34 -43.96 62.27 19.19 RoyalDutchB RDS.B 5.7 dd 33.61 -0.74 24.88 38.99 21.58 ZTO Express ZTO 0.0 31 29.16 0.16
20.04 106.75 56.94 CH Robinson CHRW 2.2 28 93.87 0.83 9.70 121.07 72.70 ExtraSpaceSt EXR 3.1 34 115.86 1.15 50.23 399.90 128.84 lululemon LULU ... 82 348.03 -2.75 ... 56.50 34.80 RoyaltyPharma RPRX 1.2 15 50.05 0.62 s 225.41 135.66 38.64 ZaiLab ZLAB ... ... 135.34 1.23
-9.30 225.36 131.80 CME Group CME 1.9 30 182.05 4.05 -40.93 71.37 30.11 ExxonMobil XOM 8.4 53 41.22 -0.38 -26.19 15.30 8.16 LumenTech LUMN 10.3 8 9.75 0.03 25.53 118.17 44.44 Ryanair RYAAY ... dd 109.98 -2.01 50.46 388.92 150.06 ZebraTech ZBRA ... 44 384.33 0.58
-2.91 69.17 46.03 CMS Energy CMS 2.7 23 61.01 1.10 25.99 178.09 79.78 F5Networks FFIV ... 35 175.94 0.28 233.34 47.80 9.45 LuminarTech LAZR ... dd 34.00 -2.14 -2.69 169.30 90.89 SAP SAP 1.0 28 130.39 -0.25 86.77 144.59 50.23 Zendesk ZEN ... dd 143.12 1.83
-13.06 51.30 25.18 CNA Fin CNA 3.8 18 38.96 0.52 15.14 122.29 56.77 FMC FMC 1.7 30 114.93 0.85 14.20 54.50 14.56 Lyft LYFT ... dd 49.13 -1.21 20.39 379.87 186.06 S&P Global SPGI 0.8 33 328.73 5.10 182.54 144.30 20.04 Zillow C Z ... dd 129.80 -0.65
16.73 12.97 5.06 CNH Indl CNHI 0.0 dd 12.84 0.06 33.09 304.67 137.10 Facebook FB ... 31 273.16 1.29 -2.98 95.47 33.71 LyondellBasell LYB 4.6 26 91.66 0.59 17.07 328.37 205.20 SBA Comm SBAC 0.7 dd 282.13 7.57 197.20 149.44 18.65 Zillow A ZG ... dd 135.94 -0.81
-45.01 181.13 81.11 CNOOC CEO 8.2 7 91.65 0.65 23.93 363.64 195.22 FactSet FDS 0.9 34 332.50 4.12 -12.23 69.61 35.41 SEI Investments SEIC 1.3 19 57.47 0.63 2.95 165.15 74.37 ZimmerBiomet ZBH 0.6 dd 154.09 1.87
5.58 43.07 17.73 CRH CRH 2.1 20 42.58 -0.24
151.39 181.42 32.30 CRISPR Therap CRSP ... dd 153.11 -8.46
36.39 530.95 177.65 FairIsaac
516.52 65.54 5.99 Farfetch
FICO
FTCH
... 65 511.04
... dd 63.81
7.09
-0.72
MN 5.93 25.26 14.07 SK Telecom
18.49 74.00 29.51 SS&C Tech
SKM
SSNC
2.9 18 24.48
0.8 34 72.75
0.13
0.19
25.05 176.64 90.14 Zoetis
395.77 588.84 65.81 ZoomVideo
ZTS
ZM
0.6 48 165.50
...236 337.32
1.23
-16.08
25.41 93.70 46.81 CSX CSX 1.1 25 90.75 0.42 32.15 50.47 26.71 Fastenal FAST 2.0 33 48.83 -0.24 -25.01 174.00 85.09 M&T Bank MTB 3.5 13 127.30 1.66 -8.75 40.11 13.00 StoreCapital STOR 4.2 38 33.98 0.20 ... 64.40 30.83 ZoomInfoTech ZI ... dd 48.23 1.20
... 183.90 90.03 C3.ai AI ... ... 138.75 -8.09 335.33 136.50 10.63 Fastly FSLY ... dd 87.37 -3.06 1.07 34.37 11.43 MGMGrowthProp MGP 6.2 64 31.30 0.13 s 54.49 389.06 127.39 SVB Fin SIVB ... 19 387.83 4.28 329.48 212.59 35.00 Zscaler ZS ... dd 199.71 -1.60
-8.06 76.44 52.04 CVS Health CVS 2.9 11 68.30 0.55 364.64 103.66 16.75 FateTherap FATE ... dd 90.93 -2.69 -5.29 34.63 5.90 MGM Resorts MGM 0.0 11 31.51 0.32 36.82 284.50 115.29 Salesforce.com CRM ... 58 222.53 0.13 61.27 10.69 5.65 Zynga ZNGA ... dd 9.87 0.15

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
DoubleLine Funds CpInc r 10.72 +0.02 CapApInst 104.22 -0.28 54.4 PIMCO Funds A
10.2 EMAdmr 41.68 +0.12 15.2 WelltnAdml 76.60 +0.34 10.7 ExtndIstPl 307.84 -1.05 32.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. CoreFxdIncmI NA ... NA DivIntl 47.68 -0.18 18.9
Harding Loevner IncomeFd 12.11 +0.01 5.4 EqIncAdml 79.33 +0.72 3.1 WndsrAdml 71.40 +0.56 7.5 IdxIntl 19.40 -0.04 11.2
TotRetBdI 10.70 -0.03 3.8 GroCo 32.87 -0.14 IntlEq
67.5 28.42 -0.11 NA PIMCO Funds I2 ExplrAdml 119.72 -0.18 31.5 VANGUARD FDS MdCpGrAdml 91.26 +0.10 34.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti GrowCoK 32.96 -0.14 Invesco Funds Y
67.7 Income 12.11 +0.01 5.7 ExtndAdml 124.75 -0.42 32.2 DivdGro 33.24 +0.27 12.1 SmValAdml 61.07 +0.10 5.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst NA ... NA InvGrBd 11.92 +0.01 DevMktY
9.9 53.46 -0.03 17.5 PIMCO Funds Instl GNMAAdml 10.74 +0.01 3.8 INSTTRF2020 NA ... NA TotBd2 11.46 +0.01 7.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity LowP r 48.63 +0.12 JPMorgan I Class
9.3 IncomeFd 12.11 +0.01 5.8 GrwthAdml 130.46 +0.38 40.2 INSTTRF2025 NA ... NA TotIntlInstIdx r129.79 -0.21 11.3
500IdxInstPrem130.17 +0.84 18.4 Magin 13.05 +0.08 CoreBond
28.3 12.28 +0.01 NA Price Funds HlthCareAdml r 90.95 +0.45 12.7 INSTTRF2030 NA ... NA TotItlInstPlId r129.82 -0.21 11.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 18.88 +0.06 30.8 NASDAQ r 161.79 +0.24 EqInc
44.6 19.73 +0.19 NA BlChip 165.52 +0.48 34.7 HYCorAdml r 5.98 ...5.4 INSTTRF2035 NA ... NA TotSt 94.71 +0.45 20.9
ExtMktIdxInstPre 83.48 -0.28 32.2 OTC 17.52 +0.01 JPMorgan R Class
46.8 DivGro 60.01 +0.50 13.9 InfProAd 28.32 +0.06 11.0 INSTTRF2040 NA ... NA VANGUARD INSTL FDS
FidSerToMarket 12.91 +0.06 20.8 Puritn 26.02 +0.04 CoreBond
20.6 12.30 +0.01 NA EqInc 31.24 +0.26 1.3 IntlGrAdml 160.29 -0.48 59.7 INSTTRF2045 NA ... NA BalInst 44.35 +0.14 16.4
Thursday, December 31, 2020 IntlIdxInstPrem 45.61 -0.26 8.2 SrsEmrgMkt 24.96 -0.03 Lord Abbett A
24.7 Growth 96.94 +0.21 36.9 ITBondAdml 12.59 +0.01 9.8 INSTTRF2050 NA ... NA DevMktsIndInst 15.25 -0.05 10.3
Net YTD Net YTD Net YTD MidCpInxInstPrem 27.01 +0.09 17.1 SrsGlobal 14.34 -0.05 ShtDurIncmA p NA
10.8 ... NA HelSci 98.85 -0.04 30.1 ITIGradeAdml 10.47 +0.01 10.4 INSTTRF2055 NA ... NA DevMktsInxInst 23.83 -0.08 10.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SAIUSLgCpIndxFd 19.63 +0.13 18.2 SrsGroCoRetail 22.77 -0.08 Lord Abbett F
69.7 LgCapGow I 61.21 +0.19 39.6 LTGradeAdml 11.79 +0.03 15.5 IntlVal 40.25 -0.16 9.0 ExtndInst 124.74 -0.43 32.2
American Century Inv Baird Funds DivIncom I 25.81 +0.21 7.8 SeriesBondFd 10.78 ... 7.6 SrsIntlGrw 17.78 -0.04 ShtDurIncm
18.6 NA ... NA MidCap 113.08 +0.38 24.2 MidCpAdml 256.40 +1.04 18.2 LifeCon NA ... NA GrwthInst 130.47 +0.38 40.2
SeriesOverseas 12.40 -0.06 16.4 SrsIntlVal 10.09 -0.05 Metropolitan West
4.9 NHoriz 82.28 -0.26 57.7 MuHYAdml 11.96 ...5.5 LifeGro NA ... NA
InPrSeIn 11.54 +0.03 11.0
Ultra 75.94 +0.16 49.8 AggBdInst 11.77 +0.02 8.6 Dimensional Fds MuIntAdml 14.86 ...5.2 InstIdx 331.47 +2.14 18.4
American Funds Cl A CorBdInst 12.14 +0.01 8.8 5GlbFxdInc 10.89 ... 1.5 SmCpIdxInstPrem 24.98 -0.06 20.0 TotalBond 11.32 +0.01 TotRetBdI 11.18 +0.01 9.1 R2020
9.3 22.75 +0.04 13.2 LifeMod NA ... NA
TMktIdxInstPrem107.72 +0.51 20.8 TRBdPlan 10.49 +0.01 9.2 R2025 19.37 +0.04 14.7 MuLTAdml 12.23 +0.01 6.3 InstPlus 331.48 +2.14 18.4
AmcpA p 39.11 +0.25 21.4 BlackRock Funds EmgMktVa 28.65 +0.10 2.7 Fidelity SAI PrmcpCor 28.98 +0.15 12.1
MuLtdAdml 11.26 ...3.4 InstTStPlus 73.96 +0.35 21.0
AMutlA p 44.61 +0.38 4.7 HiYBlk 7.79 ... 5.8 EmMktCorEq 24.27 +0.09 13.9 USBdIdxInstPrem 12.45 +0.01 7.8 TotalBd 10.76 +0.01 9.0 MFS Funds Class I R2030 28.45 +0.06 15.9 STAR NA ... NA
Growth I 161.77 +0.60 31.6 MuShtAdml 15.95 ...1.9 MidCpInst 56.64 +0.23 18.3
BalA p 30.20 +0.13 10.9 HiYldBd Inst 7.78 ... 5.7 IntlCoreEq 14.57 -0.05 7.7 Fidelity Advisor I Fidelity Selects R2035 21.24 +0.05 17.0 TgtRe2015 NA ... NA
PrmcpAdml r153.85 +0.75 17.3 MidCpIstPl 279.34 +1.13 18.3
BondA p NA ... NA BlackRock Funds A IntSmCo 20.28 -0.05 9.3 NwInsghtI 37.69 +0.08 24.0 Softwr r 27.12 +0.11 45.4 ValueI 45.11 +0.43 3.9 R2040 30.43 +0.07 18.1 TgtRe2020 NA ... NA SmCapInst 93.22 +0.01
RealEstatAdml120.38 +1.23 -4.7 19.1
CapIBA p 63.01 +0.19 3.3 GlblAlloc p 21.51 -0.01 20.7 IntSmVa 19.13 -0.05 0.8 Fidelity Freedom Tech r 26.87 -0.01 63.7 MFS Funds Instl PRIMECAP Odyssey Fds TgtRe2025 NA ... NA STIGradeInst 11.03
IntlEq 30.64 -0.25 11.1 AggGrowth r 53.67 -0.17
SmCapAdml 93.22 ...
19.1 ... 5.3
CapWGrA 59.39 +0.10 15.4 BlackRock Funds III LgCo 28.15 +0.18 18.4 FF2020 17.16 +0.01 13.8 First Eagle Funds 29.0
SmGthAdml 94.01 -0.17 35.3 TgtRe2030 NA ... NA STIPSIxins 25.62 +0.02 5.0
EupacA p 69.34 -0.25 24.8 iShS&P500IdxK444.28 +2.88 18.4 TAUSCoreEq2 22.99 +0.10 15.8 FF2025 15.45 +0.01 14.6 GlbA 61.26 +0.16 8.3 Northern Funds Schwab Funds
STBondAdml 10.87 ...4.7 TgtRe2035 NA ... NA TotBdInst 11.62 +0.01 7.7
FF2030 19.28 +0.01 15.6 Franklin A1 StkIdx 41.99 +0.27 18.3 1000 Inv r 83.56 +0.46 20.7
FdInvA p 69.15 +0.27 15.0 BlackRock Funds Inst US CoreEq1 29.68 +0.14 16.4 STIGradeAdml 11.03 ...5.2 TgtRe2040 NA ... NA TotBdInst2 11.46 +0.01 7.4
GwthA p 67.54 +0.27 37.8 StratIncOpptyIns 10.37 ... 7.2 US CoreEq2 26.97 +0.12 15.7 Freedom2020 K 17.14 +0.01 13.8 CA TF A1 p 7.82 ... 5.3 Old Westbury Fds S&P Sel 57.42 +0.37 18.4 TotBdAdml 11.62 +0.01 7.7 TgtRe2045 NA ... NA TotBdInstPl 11.62 +0.01 7.7
HI TrA p 10.14 -0.04 6.5 Bridge Builder Trust US Small 38.42 +0.03 11.2 Freedom2025 K 15.42 +0.01 14.7 IncomeA1 p NA ... NA LrgCpStr 17.14 +0.03 15.3 TSM Sel r 66.46 +0.31 20.7 TotIntBdIdxAdm 23.39 ...4.5 TgtRe2050 NA ... NA TotIntBdIdxInst 35.10 +0.01 4.6
Freedom2030 K 19.26 +0.01 15.7 FrankTemp/Frank Adv Parnassus Fds TIAA/CREF Funds
ICAA p 44.42 +0.26 14.5 CoreBond 10.79 +0.01 8.5 US SmCpVal 34.43 +0.02 2.2 TotIntlAdmIdx r 32.46 -0.05 11.3 TgtRet2055 NA ... NA TotStInst 94.75 +0.45 21.0
IncoA p 23.55 +0.10 5.0 CorePlusBond 10.60 ... 9.3 US TgdVal 23.59 +0.01 3.8 Freedom2035 K 16.55 +0.01 17.3 IncomeAdv NA ... NA ParnEqFd 53.65 +0.39 21.2 EqIdxInst 27.79 +0.13 20.8 TotStAdml 94.74 +0.46 21.0 TgtRetInc NA ... NA ValueInst 46.41 +0.42 2.3
Freedom2040 K 11.75 +0.01 18.4 FrankTemp/Franklin A PGIM Funds Cl Z VANGUARD ADMIRAL
N PerA p 60.49 +0.04 33.4 Intl Eq 13.36 -0.04 13.6 USLgVa 37.53 +0.29 -0.6 TxMCapAdml197.63 +1.09 21.1 TotIntBdIxInv 11.70 ... 4.6 WCM Focus Funds
NEcoA p 59.51 +0.16 33.5 LargeCapGrowth 20.57 +0.09 34.8 Dodge & Cox Fidelity Invest Growth A p 135.43 +0.55 30.6 TotalReturnBond NA ... NA 500Adml 346.57 +2.24 18.4 TxMIn r 15.23 -0.05 10.3 USGro 65.63 -0.13 58.6 WCMFocIntlGrwIns 24.75 -0.08 32.8
NwWrldA 87.95 +0.09 24.8 LargeCapValue 14.72 +0.04 9.1 Balanced 101.78 +0.50 7.9 Balanc 28.28 +0.09 22.4 RisDv A p 80.19 +0.64 16.3 PIMCO Fds Instl BalAdml 44.34 +0.14 16.4 USGroAdml 169.97 -0.34 58.7 WellsI 28.33 +0.12 8.5 Western Asset
SmCpA p 79.55 -0.27 37.4 ClearBridge Income 14.65 +0.01 9.5 BluCh 163.08 -0.67 62.2 Guggenheim Funds Tru AllAsset NA ... NA CAITAdml 12.36 ... 4.8 ValAdml 46.41 +0.42 2.3 Welltn 44.36 +0.20 10.6 CoreBondI NA ... NA
TxExA p 13.62 -0.02 4.6 LargeCapGrowthI NA ... NA Intl Stk 43.70 -0.20 2.1 Contra 16.76 +0.05 32.5 TotRtnBdFdClInst 29.71 +0.05 15.3 InvGrdCrBd 11.29 +0.01 7.5 CapOpAdml r177.52 +0.47 22.9 WdsrllAdml 68.69 +0.42 14.5 WndsrII 38.72 +0.24 14.5 CorePlusBdI NA ... NA
WshA p 50.17 +0.42 7.7 Columbia Class I Stock 192.56 +1.42 7.2 ContraK 16.79 +0.04 32.5 Harbor Funds TotRt 10.60 ... 8.9 DivAppIdxAdm 38.34 +0.30 15.5 WellsIAdml 68.63 +0.29 8.5 VANGUARD INDEX FDS CorePlusBdIS 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.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | B11

MARKETS

NYSE Plans
To Delist
China Firms

COLIN ZIEMER/NEW YORK STOCK EXCHANGE/ASSOCIATED PRESS

BY CHONG KOH PING dreds of millions of customers
AND DREW FITZGERALD in their home country. That has
attracted investors to their Chi-
The New York Stock Ex- nese-listed shares. The cell-
change will delist China’s three phone carriers have spent bil-
large telecom carriers, follow- lions of dollars on new fifth-
ing a U.S. government order generation wireless networks
barring Americans from invest- over the past two years with
ing in companies it says help support from officials in Bei-
the Chinese military. jing, who have called 5G up-
China Mobile Ltd.—which is grades a national priority.
among the most valuable of A China Telecom spokesman
China’s listed state-owned en- had no immediate comment.
terprises—will be kicked off the The broader U.S. market im- The telecommunications providers have lagged behind the broader markets since they began listing here more than two decades ago.
Big Board after more than two pact of the delistings is likely
decades, along with China to be limited, in part because Leland Miller, chief executive investing in a list of companies eign Assets Control, which han- within three years.
Telecom Corp. and China Uni- large telecom companies ha- of China Beige Book Interna- the U.S. government says sup- dles economic sanctions, also China Mobile’s U.S. stock is
com Hong Kong Ltd. ven’t been a hot part of the tional, which provides data on ply and support China’s mili- said the ban covered deriva- thinly traded compared with its
The NYSE decision is the lat- market recently and in part be- China’s economy to interna- tary, intelligence and security tives and depositary receipts, Hong Kong securities, FactSet
est setback for U.S. investors in cause these companies will tional investors. “There are services. The ban starts on Jan. as well as exchange-traded data shows. About 2.1 million
these companies, which rank continue to be traded in Hong some jittery people out there.” 11 and investors have until No- funds, index funds and mutual American depositary receipts
among the largest global tele- Kong, where they are more NYSE said that it would sus- vember to divest themselves of funds. traded daily on average over
communications providers but closely followed by analysts pend trading in securities is- their holdings. The list includes Last month, index compilers the past three months, com-
have largely lagged behind the and investors. sued by the three companies 35 companies—including including MSCI Inc., FTSE Rus- pared with 34 million Hong
broader markets since the com- At the same time, the immi- by Jan. 11. NYSE said it would China’s largest chip maker—as sell and S&P Dow Jones Indices Kong shares a day. Each ADR is
panies began listing here more nent delisting will get the at- also halt trading in closed-end well as surveillance, aerospace, said they would remove some equivalent to five ordinary
than two decades ago. tention of portfolio managers, funds and in exchange-traded shipbuilding, construction and Chinese stocks from their shares in Hong Kong.
The exchange’s decision is following a yearslong push to products listed on its NYSE technology companies. benchmarks because of the or- Since their listing on the
unlikely to harm the Chinese ensure Chinese firms’ compli- Arca exchange if they hold It wasn’t initially clear der, though they didn’t exclude NYSE, after the privatization of
telecom giants seriously in the ance with U.S. audit rules. banned stocks. whether the order covered sub- shares issued by subsidiaries its predecessor in 1997, China
near term. Mounting pressure While the final outcome of that On Friday, China Unicom sidiaries as well as parent com- and affiliates. Mobile’s U.S. shares have re-
from Washington has already effort is unclear, the NYSE de- said it would release a state- panies. However, the Treasury Other U.S. initiatives could turned 648%, compared with

.
stymied their ability to operate cision underscores the fraught ment in due course. China Mo- Department said recently that also bring more delistings. Last 501% for the S&P 500, accord-
in the U.S., a country that politics of the U.S.-China rela- bile didn’t immediately respond it would add subsidiaries to the month, Mr. Trump signed legis- ing to Dow Jones Market Data.

ly
makes up a negligible amount tionship as the Trump adminis- to requests for comment. blacklist if they were majority- lation that could have Chinese But the company’s market per-
of their international business. tration comes to a close. An executive order signed owned—or controlled—by a companies kicked off U.S. mar- formance and that of its Chi-
The top three service pro- “The delisting issue is a live by President Trump in Novem- company that has been named. kets if American regulators nese peers have fallen in recent
viders still benefit from hun- one with financial clients,” said on ber will block Americans from The Treasury’s Office of For- can’t inspect their audits years.

Gold Faces Challenges After Glittery 2020 Performance

us ,
l
e
al a

BY SEBASTIAN PELLEJERO moves in gold prices since the traded silver futures contracts
2008 financial crisis, accord- finished Thursday’s session at
ci on

Gold wrapped up its best ing to data from JPMorgan $26.412. That marks a 47%
annual performance in years. Chase & Co., which found for gain for the year—silver’s best
What comes next hinges on a every 0.25 percentage-point performance since 2010.
handful of unpredictable dy- increase in real 10-year Trea- Because silver is used to
namics, ranging from the sury yields, gold has moved make products as diverse as
er s

strength of the global eco- $80 an ounce in the opposite electronics and solar panels,
DAVID GRAY/AGENCE FRANCE-PRESSE/GETTY IMAGES

nomic recovery to the health direction. some analysts said demand

m er

of the U.S. dollar. After recommending clients might remain elevated even as
Most-actively traded gold buy gold for 2½ years until the global economy recovers.
futures for February delivery this past July, Natasha Kaneva, “The story with silver is
ended Thursday’s session at head of commodities research largely quite similar to gold.
$1,895.10 a troy ounce, finish- at JPMorgan, now expects real What differs is that a recovery
m rp

ing the year yields to climb and gold prices in industrial demand will help
COMMODITIES up more than to fall to $1,650 an ounce by push the price of silver up a
24%—its best the end of 2021. little bit more relative to gold
year since 2010. That also out- “If real yields are going up, next year,” Mr. O’Rourke said.
performs the S&P 500, which why would you be buying
co Fo

gained 16% in 2020. Front- gold?” she said.

month futures settled Thurs- Still some expect a weaken- AUCTION RESULTS
day at $1,893.10. From Nov. 6 to Dec. 18, investors pulled more than $10 billion from gold-backed exchange-traded funds. ing dollar to limit gold de- Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
After soaring earlier in the clines. Many Wall Street fore- clearing yield. Rates are determined by the difference
between that price and the face value.
year, gold prices have re- funds, according to data from cines is expected to accelerate James O’Rourke, economist at casters predict that increased
FOUR-WEEK BILLS
treated from a record of the World Gold Council, a no- hiring and gross-domestic- Capital Economics. He expects government spending and a Applications $94,159,910,800
$2,069.50 an ounce reached in table reversal from the record product growth starting in the real yields to fall further and shift toward riskier assets will Accepted bids $32,415,107,600
August, dragged down by inflows earlier in the year. second quarter, according to gold prices to finish 2021 at drag on the U.S. currency, " noncompetitively $886,346,000
" foreign noncompetitively $1,000,000,000
signs of improvement in the Much will depend on the economists surveyed by The $1,900 an ounce. which touched multiyear lows Auction price (rate) 99.993778
global economy. Investors tend strength of the U.S. recovery. Wall Street Journal. “Real yields aren’t always in 2020. Since gold is bought (0.080%)
Coupon equivalent 0.081%
to buy the metal when nervous A resurgence in the coronavi- Crucial to investors’ gold the driver of the gold price, and sold with dollars, a Bids at clearing yield accepted 78.08%
about holding riskier assets rus pandemic and a runoff outlook: the direction of what but with such low interest weaker dollar makes gold Cusip number 912796B65
The bills, dated Jan. 5, 2021, mature on Feb. 2, 2021.
such as stocks or corporate election in Georgia on Jan. 5 are known as real yields, or rates and higher inflation ex- cheaper for foreign investors.
n-

bonds. to determine control of the the returns on bonds when ad- pectations, they are the pri- The WSJ Dollar Index, EIGHT-WEEK BILLS
Applications $102,076,231,200
That leaves some investors Senate could prompt market justing for inflation. With the mary driver,” he said. which measures the dollar Accepted bids $37,818,231,200
expecting more moderate volatility in early 2021, traders real yield on the benchmark A strong recovery, mean- against 16 foreign currencies, " noncompetitively $175,656,400
" foreign noncompetitively $1,000,000,000
gains in 2021 as the economic say, providing support for gold 10-year Treasury note sitting while, could spur a climb in lost more than 5% during Auction price (rate) 99.986778
no

outlook improves. From Nov. 6 prices. around minus 1%, the cost of real yields and hurt the value 2020, its biggest yearly de- (0.085%)
Coupon equivalent 0.086%
to Dec. 18, investors pulled But many investors antici- holding gold—which pays no of gold. Significant moves in cline since 2017. Bids at clearing yield accepted 31.77%
more than $10 billion from pate a strong recovery in 2021. yield—instead of government real U.S. Treasury yields have Silver prices also notched a Cusip number 912796C23
gold-backed exchange-traded The rollout of coronavirus vac- bonds is relatively low, said been paired with inverse record year. Most-actively The bills, dated Jan. 5, 2021, mature on March 2, 2021.

BlackRock to settle for more “As clients are increasing closely to the success of the
BlackRock Size of BlackRock’s illiquid
alternatives business*
$80 billion
Share of asset-management
industry revenue, by segment modest fundraising goals.
The fund’s architect, Mark
their exposure to private mar-
kets, we have raised record
alternatives business, Black-
Rock is in early discussions
7 7 Wiseman, hoped that a selling amounts for our illiquid strat- over new ways for profession-
Fund Trims
Passive
11
Hedge point of the fund was that fees egies over the last year across als to share in profits typically
70 12 funds would fall as it got bigger. private credit, real assets and reserved for select executives,
BlackRock found it harder to private equity,” said Edwin investment staff and firm
Ambitions 60

50
13 13

16
Solutions

Fixed
attract new investors after Mr.
Wiseman was pushed out of
Conway, the head of Black-
Rock’s alternatives business.
shareholders for future funds,
people familiar with the mat-
16 income the firm in late 2019 for fail- To knit staffers more ter said.
Continued from page B1 ing to disclose a relationship
40
nies. with a subordinate. Investors
So far, BlackRock has raised 24 21 Equity questioned if the team would ADVERTISEMENT
30
less than one-third of its origi- stay together.
nal goal—$3.4 billion, as of the
end of 2020, according to peo-
20
Mr. Bourbonnais, the execu-
tive leading the fund, was a
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
ple familiar with the matter. Private top candidate in 2020 for the
10 28% 32% markets
BlackRock, which had an ini- top job at Canadian pension
tial year-and-a-half window to Quarterly fund giant Caisse de dépôt et BOATING BUSINESS OPPORTUNITIES
0
raise money for the fund, placement du Québec, said
2019 ’20 2019 2024 projection
missed internal fundraising people familiar with the mat-
deadlines and asked investors *Invested assets ter. He remained at BlackRock.    
   
  
for a few more months to seek
money, according to some of
the people familiar with the
Sources: the company (assets); Deloitte consulting arm Casey Quirk (share of revenue)

stake in Authentic Brands even while accounting for 1%

When the pandemic struck,
it was tough getting pensions
excited about untested strate-       

   

matter. Now BlackRock can’t Group, which owns brands in- of assets. The business has gies.
raise further money until 80% cluding Sports Illustrated and grown as pensions and endow- Despite missing the $12 bil-   
  
  

of that money is invested, Nine West. It invested in a ments hunt for returns in a lion fund target, BlackRock   
fund documents dictate. luxury perfume maker in low-interest era. was still successful in raising 


Firm executives have told 2020. However, BlackRock’s ex- over $22 billion for illiquid al- 
investors BlackRock is com-
mitted to the fund.
BlackRock Chief Executive
Larry Fink has pushed the
periment in private equity has
been a tough sell.
ternative projects in the year
ended September 2020, a per-
THE

“As one of the largest first- firm with $7.8 trillion in assets The fund was structured son familiar with the matter    

time private equity funds ever, to grow its illiquid alternatives differently from traditional said. MARKETPLACE +,  !&-
%. &# /+/ 0 -$ #1$.  2,/
 !"#$%&' '#(!)"$*
we look forward to investing business. BlackRock’s illiquid private-equity funds that exit A group led by former
in and working with more alternatives franchise has bets and give investors their Goldman Sachs investors is on ADVERTISE TODAY
   

    
companies seeking a long- roughly $80 billion invested money back within a set pe- track to raise in excess of its (800) 366-3975
 
  
 
term strategic partner to help across infrastructure, credit riod of time. Some institutions $1.5 billion target by early For more information visit:        
them grow their business,” and other strategies in hard- balked at tying up money in 2021 to buy secondhand fund wsj.com/classifieds      
said André Bourbonnais, who to-trade wagers. This business BlackRock’s fund with no stakes. BlackRock sealed $5.1 
      

heads the strategy known as punched above its weight, de- deadlines for returning inves- billion in 2020 for a fund to © 2021 Dow Jones & Company, Inc. 
 
Long Term Private Capital. livering 4% of the firm’s fee tor money or a proven track invest in power plants and en- All Rights Reserved. 

 
In 2019, the fund bought a revenues in the third quarter record. Some investors asked ergy infrastructure.
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

This Battery Startup

Might Zap Tesla
QuantumScape says its electric-vehicle battery
will offer more power for less money

One of the wildest plotlines in the Solid-state batteries have long

great 2020 electric-vehicle rally was been seen as a way of breaking
the late-year rise of QuantumScape, through performance limitations as-
a battery startup that has yet to re- sociated with today’s electric vehi-
port any revenue. If investors are cles. Like your smartphone, a Tesla
even close to being right about its or BMW i3 is powered by a battery
roughly $44 billion market value, with a liquid electrolyte that carries
they may need to worry more about lithium ions back and forth between
the fortunes of Tesla. the cathode and anode during
QuantumScape’s shares have charging and discharging. These liq-
soared since going public in No- uid electrolytes are bulky and liable
vember. The company revealed to overheat. General Motors re-
promising test results for a limited called almost 69,000 Chevrolet Bolt
version of its “solid state” battery electric vehicles in November after
in early December, but otherwise five reported fires.

JASPER JUINEN/BLOOMBERG NEWS

the stock’s meteoric ascent has The promise of solid state is to
been hard to explain. get rid of the liquid, and with it the
Based in San Jose, Calif., and fire risk. Moreover, “lithium-metal”
backed by Volkswagen and Bill Gates, cells being developed by Quantum-
the company now has a market value Scape, among others, combine the
greater than Ford. Investors have lithium component with the anode,
gotten used to dizzying valuations further reducing bulk and poten-
for electric-vehicle startups position- tially delivering more power at a
ing themselves as the next Tesla. lower cost. This is also critical:
With QuantumScape, the mania has Electric vehicles have long been A Tesla Model S is fitted with a battery pack in the Netherlands. Tesla is skeptical about ‘solid state’ batteries.
reached potential suppliers too. held back by the relatively high cost

.
of batteries, which makes them
more expensive than combustion- sound” in terms of delivering space be the point where the company’s results QuantumScape announced

ly
Solid State vs. Detroit engine equivalents. savings in the cell. batteries, which have been a com- last month were for single-layer bat-
Market value Other advantages of solid state Tesla’s skepticism may also be petitive advantage to date, turn into tery cells. Private U.S. startup Solid
include rapid charging and longer related to its own battery technol- a competitive disadvantage. Power is already producing multi-
Ford
$70 billion
GM QuantumScape* on
life expectancy. QuantumScape said
in December that its cell as tested
could be recharged to 80% in 15
minutes and retained more than
ogy, which would likely make it
harder than for others to adapt to
solid-state electrolytes. Tesla uses
cylindrical batteries formed from
Tesla does have time on its side,
if it needs to change tack. Toyota
probably has the most advanced
solid-state batteries today: It
layer solid-state batteries in a fac-
tory in Louisville, Colo. “The manu-
facturing challenges get
exponentially harder as you move to
60
80% of its capacity even after 800 rolled cells, whereas its competitors planned to have them powering multiple layers,” says Mark Newman,
us ,

50 charges. Such numbers would make typically favor so-called prismatic prototype vehicles at the 2020 To- an analyst at brokerage Bernstein
l

owning an electric vehicle much batteries, in which cells can be kyo Olympics, which were post- who focuses on the battery industry.
e
al a

40 more similar to owning a gas-pow- stacked. Because solid-state cells poned a year, and is targeting a The valuations of companies like
ered one today. are more brittle than liquid ones, mass-produced model by 2025. But Tesla and QuantumScape require in-
30 Many in the battery industry see they will be much easier to stack the technology probably won’t be vestors to look far into the future
ci on

solid state as the most likely tech- than to roll. cost competitive with today’s bat- and assume mass disruption to the
20 nology of the future. Tesla Chief Adapting most of today’s elec- teries until the late 2020s at the status quo. The wrinkle is that if
Executive Elon Musk is a promi- tric-vehicle battery factories to the very earliest. QuantumScape’s plan works out—a
10 nent exception. Solid state wasn’t new technology won’t be too dis- QuantumScape’s investors are big if—Tesla itself could be one of
among the many developments dis- ruptive, says Graeme Purdy, chief playing a very long game. The busi- the companies most disrupted. In
er s

0 As of Dec. 30
cussed in the company’s September executive of Ilika, a U.K.-based ness plan doesn’t envisage meaning- 2020, investors bought almost any-
Dec. “battery day.” Mr. Musk told ana- solid-state company that is working ful revenues before 2026. There is thing related to electric vehicles.
m er

*Assumes a fully diluted share count of 447.6 million for lysts on the third-quarter results with Jaguar Land Rover to ensure a also no guarantee that the com- This year they need to become
QuantumScape, as per company presentations call that removing the conventional smooth transition. But it might be pany’s solution will win out over more discerning.
Sources: FactSet; QuantumScape anode “is not as great as it may another story for Tesla. This could those of Toyota and others. The test —Stephen Wilmot
m rp

OVERHEARD For Plane Makers,

co Fo

A Chinese craze for “blind

box” toys has caught fire in the
China Is Their Co-Pilot
stock market, and drawn some With airlines in the West expect- Expected average annual growth
unwelcome attention from the ing to take years to recover from in passenger journeys between
government. Covid-19, aircraft manufacturers are 2019 and 2039
Last week, official state me- depending on the resilience and
dia organ Xinhua criticized the growth potential of the Chinese
Asia Pacific 5.0%
new craze for “blind boxes,” market. But China’s own aerospace
which contain a collectible toy ambitions and the geopolitical ten-
with the exact design a mys- sions that surround them could Middle East 4.4
tery to the buyer. The format make it a turbulent ride.
n-

drives repeated purchases, es- China has recovered from the

Africa 4.4
pecially from young people pandemic to become the world’s
who want to get their hands largest domestic aviation market.
Ulta Beauty’s online sales are up. Will shoppers return to stores in 2021? on their favorite toys. Traffic is 8% higher than a year ago, Latin America 3.4
no

Xinhua isn’t amused. “Once data by Oliver Wyman’s PlaneStats

you enter into the abyss of show. In the U.S. and Europe, it is North America 2.2

A New Foundation for blind boxes, your wallet will be-

come like a stranger passing
on the street,” it said. The arti-
still down 41% and 68%, respec-
tively. With another 500 million
Chinese expected to join the middle Europe 2.2

The Future of Makeup cle compares the phenomenon

to gambling and urges tighter
regulations.
classes over the next few years, the
country is also the industry’s big
growth opportunity.
Source: International Air Transport Association

Blind-box maker Pop Mart Following a mild liberalization

Some things are just a tough sell closely and they are also smart International Group has kicked of its airline industry in 2004, companies fear, is that the narrow-
online. Traditionally, makeup and hedges against an online future. off a stock-market frenzy too. China has become the second-larg- body gap will be filled by the C919,
fragrances have fallen squarely in These setups require fewer re- Its stock has more than dou- est source of revenues for the two made by Chinese state-owned
the category of goods that consum- sources than stand-alone stores bled since its initial public of- major plane makers, Boeing and manufacturer Comac. Ironically, its
ers want to sample in person. Yet and also include an online compo- fering three weeks ago, valuing Airbus, which have since opened development would have been dif-
even this industry might not be im- nent, as Target and Kohl’s will be the company at $14.7 billion— plants there. It is one of their few ficult without the help of the for-
mune to the pandemic’s effects on showcasing Ulta Beauty and Sep- higher than Hasbro’s $12.9 bil- bright spots too: In November, eign manufacturers it may now
consumer behavior. hora products on their websites. lion or Mattel’s $6.1 billion. Pop Boeing downgraded its 20-year disadvantage.
Major department stores like Consumers’ newfound familiarity Mart’s revenue grew nearly global aircraft demand forecast by To be sure, the C919 is delayed
Nordstrom and Macy’s got around with buying beauty products online 1,000% from 2017 to 2019 and 2%, but upgraded China’s by 6.3% and unlikely to enter service before
a quarter of sales through e-com- could have far-reaching impacts. its blind boxes earned a gross to 8,600 planes. late 2021, with limited initial pro-
merce channels in the fiscal year Even when consumers choose to go profit margin of 70.5% in the Relative to the rest of the duction capacity. Its international
ended Feb. 1. Cosmetics retailer out to shop in person again, there first half of 2020. world, China is especially impor- adoption is constrained by a
Ulta Beauty, however, derived is the risk they will treat bricks- But scrutiny from state me- tant for the Boeing 737 and Airbus shorter range and worse customer
only 13% of its sales online. and-mortar stores as showrooms— dia is rarely a good thing: Pop A320 families, which are the back- service than its peers. But it is key
TOP: GABBY JONES/BLOOMBERG NEWS; COSTFOTO/BARCROFT MEDIA/GETTY IMAGES (OVERHEARD)

Yet e-commerce sales are grow- places where they try out products Mart’s shares have lost 5.6% bone of low-cost airlines. It has ac- for Beijing’s “Made in China 2025”
ing fast at Ulta: by 200% in the but ultimately transact online. That this week. counted for a quarter of deliveries industrial plan. This shouldn’t be
quarter ended Aug. 1 compared will be less of a concern if custom- for the 737 MAX, which Boeing is underestimated, especially in the
with a year earlier. Even when ers are going directly to those re- scrambling to remarket after a 20- later half of the decade. The Chi-
stores had fully reopened, online tailers’ websites, but a headache if month grounding. nese government can sell the plane
sales were up 90%, hinting at they migrate elsewhere. China’s true catch-up potential, at discounted prices, and it owns a
some e-commerce stickiness. Amazon is dipping its toes into though, is in long-haul routes, and big chunk of the customers.
This might pose a dilemma for beauty, just as it has with a few lux- thus the wide-body jets worst-hit Geopolitics may determine the
beauty retailers. Push hard on e- ury brands. The category is attrac- by Covid-19. Traditionally, only the outcome. A few days ago, the De-
commerce and they risk making tive: Makeup and fragrance tend to A330 had broad acceptance among partment of Commerce published
consumers too comfortable with on- be high margin, small in size, popu- the big Chinese state-owned carri- a list of Chinese companies with
line shopping, potentially lowering lar as gifts and also something that ers. Current orders, however, are military ties that will be banned
the barrier for online competition needs replenishment. finally skewed toward the nimbler from buying a range of U.S. goods
and rendering their store fleets ob- Beauty retailers might take com- A350 and 787 jets that Airbus and and technology. It included some
solete. A similar dynamic has played fort in Best Buy’s example. The re- Boeing are focused on. Comac subsidiaries, potentially
out with apparel, for example, as tailer was once known as Amazon’s Backlogs underplay how many dealing the C919 a heavy blow. It
newer competitors flooded the mar- showroom for electronics, but im- planes China will end up needing. is unclear whether President-elect
ket, notes Simeon Siegel, an analyst pressively managed to hold on to its The country represents 4.4% of Joe Biden will keep such a hard
at BMO Capital Markets. market share through investing in e- Boeing and Airbus’s combined firm line, but Beijing may retaliate by
On the surface, Ulta Beauty’s commerce capabilities and creating orders, which seems far too low. As refusing to unground the MAX.
decision to place its shops inside a great in-store experience. Barclays analysts point out, this Western aerospace’s dependence
Target stores and Sephora’s plan Ulta Beauty and Sephora can suggests fewer than 20 deliveries of on the Chinese market has never
to set up inside Kohl’s department end up like Best Buy if they make the A320 in 2023, compared with a been greater. Neither have the risks
stores look like bets on traditional the right moves now. recent annual average of 120. to its continued dominance.
bricks-and-mortar. But look more —Jinjoo Lee The alternative, which Western —Jon Sindreu
 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.

Success Stories She Come by It Natural

Lessons from the countries Dolly Parton,
that mounted the best the songwriter as
responses to Covid-19 C4 storyteller Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | C1

.
ly
on
us ,

ILLUSTRATION BY JOHN CUNEO; PETE STILL/REDFERNS/GETTY IMAGES (BOOKS)

l
e
al a
ci on
er s
m er
m rp
co Fo

You’re Never Just as noteworthy is how many

people, in the face of such disruption,
decided that they wanted to learn new
has an air of gentle pity. It implies
learning something that you perhaps
should have learned already.

Too Old
things. Online learning sites like Though the first steps can be diffi-
Skillshare, Duolingo and Coursera saw cult, it’s worth the effort: Becoming a
extraordinary growth. Enrollments in beginner is one of the most life-en-
online art and music classes spiked, hancing things you can do.
while novice bakers flooded the help A good starting point is to take up

To Become a lines of the Vermont-based flour com- juggling. The innocuous little act of
n-

pany King Arthur Baking. throwing balls into the air

Even before “The Queen’s has been found, in a num-
Gambit,” online chess les- Learning to ber of neuroscience stud-

Beginner sons were flourishing.

juggle
ies, to alter the brain.
no

From gardening to camp- This “activation-depen-

ing to bicycling to sewing, starts to dent structural plasticity,”
people have been taking as it’s called, pops up in
up new pursuits with alter as little as seven days.
Learning a new skill as an adult is abandon. the brain Juggling changes not only
But cultivating new gray matter, the brain’s
challenging—which is why it brings so many skills and habits is a chal-
in as processing centers, but
cognitive and emotional benefits. lenge. Even as we commit little as also white matter, the
By Tom Vanderbilt to new activities, we networked connections
struggle to shake off the
seven days. that bind it all together.

H
stasis of familiar routines, “Learning a new skill re-
especially if we are older. quires the neural tissue to
I had this feeling a few years function in a new way,” says
ave we ever needed a fresher start ago when I suddenly realized, Tobias Schmidt-Wilcke, a neu-
than the one promised by 2021? shepherding my young daugh- roscientist (and juggler) at
As we head into a new year with all its ter to any number of classes Germany’s University of Bo-
hopes—new year, new you, newly recovered and lessons, from swimming to pi- chum.
ano, that I couldn’t remember the last After that initial burst of activity,
world—there is one thing from the outgoing
new skill I had learned. I had gently os- the brain settles down. By the time you
annus horribilis we should carry forward and sified into a finished being, coasting can do the skill without much think-
even deepen: the spirit of the novice. along on midcareer competence. ing—when it becomes automatic—gray
The pandemic turned us all into beginners. Suddenly, the So I decided to become a beginner Please turn to page C2
usual ways of doing things were no longer an option. Gov- in a number of things that I’d long
wanted to try to learn, from singing to This essay is adapted from Mr.
ernments and businesses scrambled to develop new proto-
surfing. Being a beginner is hard—it Vanderbilt’s new book, “Beginners:
cols, and we all struggled to reinvent the activities of ev- feels better to be good at something The Joy and Transformative Power
eryday life. From queuing to Zoom to mask etiquette, we than to be bad. It’s even harder for of Lifelong Learning,” which will be
were faced with an unsettling societal learning curve. adults. The phrase “adult beginner” published by Knopf on Jan. 5.

Inside
TABLE TALK
Team or WEEKEND
CONFIDENTIAL
MIND & MATTER

Once a drab duty for

dieters, salads are now Rivals? Novelist Charles
Research shows
that owning a
cutting-edge cuisine. Lessons from the Yu worries that dog is good for
No American dish has history of White Asian-Americans body and soul,
House infighting can remain outsiders
gone through more help Joe Biden handle especially in a
transformations. C5 internal squabbles. C3 in the U.S. C6 pandemic. C4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C2 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

The Rewards of Claude Shannon,

the pioneering computer
scientist and

Being a Beginner mathematician, juggling

hoops in 1979.

Continued from the prior page tacks. People struggle to ful errors, often without
matter density declines. So you try a solve the problem be- any seeming cause.
new juggling trick, and the process cause they think of the For adults, the lessons
begins again. Interestingly, the box merely as a container are clear. One is that skills
changes in brain density happen for for the tacks, not realiz- take time. Infants spend
older people just as much as for ing that it can be tacked roughly a third of their
younger people. to the wall and used as a day for six solid months
But there’s a caveat: The older shelf for the candle. practicing walking (and
you are, the harder you’re going to In an experiment pub- don’t truly perfect it until
have to work. “As people age,” Dr. lished in the journal Cog- several years later). So
Schmidt-Wilke says, “they should do nition in 2000, however, don’t worry if you’re still
not less, but more to keep and main- one group did pretty well terrible at tennis after a
tain their abilities.” There’s a happy on the candle problem: few months.
twist, however: The more learning five-year-olds. Why? Com- Another is the impor-
that older adults take on, the faster pared with older children tance of changing up your
they seem to learn—the more they or adults, “Younger chil- practice. Infants never
become like younger adults. dren have a wider crite- take the same walk twice.
And learning a skill, even if you rion for what can count as They don’t do drills; they
don’t achieve mastery, has benefits an object’s function,” explore. You don’t want to
beyond the skill itself. In a study of wrote psychologists Tim teach an infant one
people aged 60 to 90 conducted by German and Margaret “proper” way to walk, to
the Center for Vital Longevity at the Anne Defeyter. “They view be repeated in lockstep.
University of Texas, subjects were object function in terms When it comes to learn-
split into two groups. One took of any goals of its users, ing, variability is key.
classes in digital photography and rather than in terms of What might look like
quilting, the other simply met and one specific originally in- clumsiness or randomness
socialized. The subjects who took tended function.” can simply be beginners
the classes had larger improvements We often associate exploring a range of possi-
in a variety of cognitive areas, rang- learning new skills with ble solutions, which seems
ing from episodic memory to pro- career enhancement, to help promote faster
cessing speed. which is certainly a wor- learning.
Boosting your brain is hardly the thy goal. But skills don’t Infants also remind us
sole reason to become a beginner. necessarily need to be ca- that progress is often not
There’s also the feeling of growth, reer-related to help in linear. Learning happens
the sense that you’ve just become your career. When we ex- in fits and starts. Stages
pand ourselves through are only rough bench-

.
new activities, we are marks. Development does

ly
Learning able to see more. As Da- not always march uni-
vid Epstein notes in his formly in one direction.
doesn’t have to book “Range: Why Gener- Infants may learn to walk,
be career-
related to help in
your career.
alists Triumph in a Spe-
cialized World,” Nobel
laureates, compared with
other scientists, “are at
on then briefly revert to
crawling. Progress is often
U-shaped, meaning that
kids (and adults) often get
us ,

least 22 times more likely worse before they get bet-

When we expand to partake as an amateur actor, from a group of research subjects maybe even catastrophic—for adult ter. And finally, says Dr. Adolph, in-
l

ourselves
e
dancer, magician or other type of who are beginners in the fullest beginners trying to learn a skill. fants seem to learn best “when op-
al a

performer.” sense of the word: infants learning If babies just kept crawling, they erating near the limits of their
through Take, for instance, Claude Shan- to walk. At New York University’s In- wouldn’t fall so much. But walking current skill level.” In other words:
ci on

new activities, non, the brilliant MIT mathemati- fant Action Lab, headed by the psy- brings all sorts of benefits. “Infants Always be at the edge of what you
we are able cian and polymath who helped to in- chologist Karen Adolph, researchers are faster in the first week of horri- can’t currently do.
vent the digital world in which we have learned a great deal about how ble walking than they are in their 21 None of this is easy. If it feels
to see more. live today. He plunged himself into infants get around. Each hour, the weeks of crawling,” says Dr. Adolph. easy, you’re not learning. Infants ex-
all kinds of pursuits, routinely be- average toddler (from 12 to 19 That’s not all. It frees up their perience fall after fall, until, slowly,
er s

coming a beginner, an openness that months old) travels the length of hands. It allows them to see more, their brain and body figure out how,
someone new, which you can’t help informed his work. As Jimmy Soni about eight football fields, taking since crawling infants look mostly at in all sorts of situations, to stop fall-
m er

excitedly telling other people about. and Rob Goodman write in “A Mind some 2,400 steps. Some 2.6 million the ground. It helps them gain “so-
As the old joke has it, how do you at Play,” their biography of Shannon, steps later, they’ll become proficient cial agency” and gives them more
tell if someone’s a triathlete? They “Time and again, he pursued proj- walkers. control over their environment.
tell you. ects that might have caused others But along the way, they will fall— Strikingly, babies don’t seem to Infants live
m rp

In the course of my own learning, embarrassment, engaged questions a lot. Novice walkers, who struggle transfer anything they learned from what might be
I met people for whom learning that seemed trivial or minor, then to regain balance with nearly every crawling into walking. In a series of
some new skill was instrumental to managed to wring breakthroughs step, can take up to 30 tumbles an experiments at the lab, infants were
called the
reclaiming their identity in the wake out of them.” One of his favorite lei- hour. They are learning machines, exposed to a variety of novel situa- beginner’s
of a dissolved marriage or redefin- sure activities? Juggling. relentlessly curious and engineered tions, like an opportunity to descend
creed: If you
co Fo

ing their life after a big setback. How, then, to prepare ourselves with errors in mind. They take a steep slope. A striking pattern was
Adrian was singing to recover his to become better beginners? 14,000 steps a day with a failure rate observed. Infants looking at a daunt- don’t learn to
speech faculties in the wake of a We can draw crucial guidance that would be deeply discouraging— ing 36-degree decline would, as fail, you’ll fail
brain tumor; Steve was knowing crawlers, avoid it or ap-
trying to juggle five balls proach it cautiously. New walkers, to learn.
to stay nimble in his 80s; however, would blithely plunge
Patricia had learned to down slopes or toddle off cliffs—
swim, at first via You- usually into the rescuing arms of a ing. Infants live what might be
Tube, in her 70s—and was trained experimenter. called the beginner’s creed: If you
now leaving others behind Wouldn’t it make sense for babies don’t learn to fail, you’ll fail to learn.
in open ocean jaunts. to preserve the knowledge of these So let “beginner” be your watch-
This sense of self-ex- risks? Not necessarily, says Dr. word for 2021. But watch for over-
n-

pansion can apply to cou- Adolph. Babies grow at astonishing reach in your resolutions. Don’t de-
ples as well. Research speeds—whatever worked for the clare that you’re going to master the
suggests that couples who crawling infant is not necessarily go- piano or paint like Picasso. You may
undertake novel and chal- ing to work for the walking infant. dwell longer than you like in the be-
no

lenging activities together Most important, she says: “You ginner stages, even growing resent-
recapture some of the ini- don’t want the baby to learn to stop ful of this thing that is supposed to
tial exhilaration of when trying.” As the ultimate beginners, change your life. Resolve instead
they first met, and the infants need a kind of learning— simply to try to learn new skills—
positive feelings they ex- learning how to learn—that is flexi- the more the better—and, even more
perience—from, say, tak- ble, that is powered by exploration, important, to give yourself permis-
ing a dance class—get that can allow them to adapt to sion to be bad at them. Let the pro-
transferred to the rela- novel situations, that accepts plenti- cess of learning itself be your goal.
tionship itself.
There’s also a feeling of
growth in meeting new people who
are like-minded in their desire to
learn new things, in their willing-
ness to appear foolish. In psychol-
ogy, this is called “openness to expe-
rience.” It’s one of the so-called “Big
Five” personality traits—along with
extraversion, conscientiousness,
neuroticism and agreeableness—that
various psychological models have
suggested define us. It’s also come
to be increasingly linked with lon-
FROM TOP: STEVE HANSEN/THE LIFE IMAGES COLLECTION/GETTY IMAGES; GETTY IMAGES (2)

gevity. The exact reasons are still

unclear, but psychologists theorize
that openness entails a cognitive
and behavioral flexibility that is use-
ful in addressing the challenges of
later life.
Even experts in a field can benefit
from maintaining what the Zen Bud-
dhist monk Shunryū Suzuki called
“beginner’s mind”—the lack of pre-
conceptions that novices typically
exhibit. The potential benefits of
this outlook can be seen in psychol-
ogy’s famous “candle problem,” in
which subjects are asked to attach a
candle to a wall using nothing more
than a matchbook and a box of

For toddlers learning to walk and

adults learning to swim, setbacks
are a key part of the process.
 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, January 2 - 3, 2021 | C3

REVIEW

BY TEVI TROY

A
s President-elect Joe
Biden builds his ad-
ministration, he has
drawn on his long ex-
perience in national
politics, filling key positions with
White House veterans and a sprin-
kling of newcomers. But the success
of Mr. Biden’s administration will de-
pend not just on who gets big jobs
but on the thoughtful management
of his team. The new president
needs a staff and cabinet that are co-
hesive in debate and unified in ac-
tion.
Administration infighting is inevi-
table, but it needn’t be paralyzing.
Mr. Biden’s goal should be to manage
conflict, not to eliminate it. History
points to three primary levers at his
disposal: recognizing and managing
ideological conflict, maintaining a
strong decision-making process and
dealing firmly with staff and cabinet
misbehavior.
The most frequent White House
divisions are along ideological lines.
President Ronald Reagan’s adminis-
tration was plagued by clashes be-

MICHAEL EVANS/CNP/ZUMA PRESS

tween moderates, led by White
House chief of staff James A. Baker,
and committed conservatives, led by
counselor Edwin Meese. Mr. Baker,
in particular, was a master leaker
and infighter. Still, when Reagan
chose Mr. Baker over Mr. Meese as
chief of staff, he directed Mr. Baker
to “make it right with Ed.” The two
joined with deputy chief of staff Mi-
chael Deaver to form the “troika”
How to Handle “with a very cutting, infuriated re-

.
that ran the early Reagan White sponse.” The next day, she recalls, Mr.

ly
House. Obama summoned her to the Oval Of-

White House Infighting

The lack of trust among the troika fice and greeted her with the admoni-
members wound up leaving them tion, “So, I hear you sent quite an
joined at the hip, reluctant to let
each other meet privately with Rea-
gan for fear that the others might
use facetime with the president to
on email.”
Another time, when White House
chief of staff Rahm Emanuel
“couldn’t help venting to friends
us ,

their advantage. This need to stick History suggests that President-elect Joe Biden should insist on strong around town” (as Mr. Obama writes)
together applied even after Reagan about his unhappiness with the ad-
l

decision-making processes and deal firmly with staff misbehavior.

e
was shot in 1981. When the troika ministration’s early approach to
al a

visited his hospital bed together, health care reform, the president
Reagan joked, “I should’ve known I called him on the carpet. Mr. Eman-
ci on

wasn’t going to avoid a staff meet- had “been playing me off against ministration, White House counsel odds, as a less disciplined National uel was contrite, and Mr. Obama for-
ing.” Yet getting the perspective of Morris, taking the best from both of Robert Lipshutz tried to assert him- Security Council process bred leaks gave him with a condition. “You
the two main competing ideologies us and turning it into something bet- self by saying, “I guess because I’m and policy dysfunction. know what your real punishment
within the GOP helped Reagan to ter.” A more moderate Mr. Clinton the oldest one here. I’ll call this Finally, presidents set the tone for is?” Mr. Obama said. “You have to go
hold on to both sides. romped to reelection. meeting to order.” It didn’t work. Mr. how and whether to express dissent. pass the goddamn health care bill!”
er s

President Bill Clinton also used The second lever is process, Carter’s chief strategist, Hamilton President Gerald Ford was reluctant The Biden team has seen both
his ideologically divided staff to his which determines how information Jordan, was asked how to proceed to confront troublemakers. His White peaceful and tumultuous periods. In
m er

advantage. His team initially pulled and said enigmatically, “We’ll have a House became one of the most rival- the primaries, reports of staff battles
his administration leftward with an meeting when there’s something to rous in history, chaotic during his early losses in
unsuccessful health care initiative, a meet about.” Another aide, Mark and leak-prone. “You President Reagan Iowa and New Hamp-
tax hike and a push to end the Pen- ‘My God, Siegel, witnessed this and wondered, don’t suspect ill motives with his ‘troika’ of shire led to a reshuffling
m rp

tagon’s ban on gay people serving in “My God, what would the KGB think of anyone until you’re key aides (left to of his top campaign per-
the military. The liberal drift con-
what would if they could see us now?” Carter kicked in the balls three right): Michael sonnel. The rejiggered
tributed to the Democrats’ loss of the KGB speechwriter James Fallows later times,” Ford’s friend and Deaver, James A. group proved more disci-
both houses of Congress in 1994. think if they wrote that “a year was wasted as we speechwriter Robert Hart- Baker and Edwin plined during the general
Smarting, Mr. Clinton brought in a blindly groped for answers and did mann told him. “As a hu- Meese, April 1981. election, with scant pub-
could see us
co Fo

secret adviser—whom he code- for ourselves what a staff coordina- man being, that’s a virtue. lic evidence of infighting.
named “Charlie”—to help moderate now?’ tor could have done.” As a president, it’s a weakness.” Like so many presidents before
his administration. This adviser’s George W. Bush, the first presi- President Barack Obama main- him, Mr. Biden will soon be re-
tactics and mysterious identity un- MARK SIEGEL dent with an MBA, recognized the tained his “No Drama Obama” ethos minded that campaigning is one
Former Jimmy Carter aide
nerved liberal White House staffers importance of process, at least on by making it clear that he disap- thing and governing another. As
like George Stephanopoulos and Har- domestic policy. His political adviser, proved of backbiting and aides who campaign promises give way to pol-
old Ickes, who found that progres- Karl Rove, said that team members acted out of line. His recent memoir icy realities, disagreements quickly
sive decisions made by day would flows, who attends key meetings and could “go to the Oval Office and ad- admits to some internal “friction” become more serious. If the presi-
shift to the right overnight. when timelines are set for decisions. vocate a perspective diametrically and “tension,” as does the memoir of dent-elect wants to avoid letting in-
“Charlie” was soon revealed as Poor processes set up administra- opposed to the point of view of the former White House deputy chief of fighting define his tenure, he will
the conservative consultant Dick tions for unhealthy forms of dissent, person on the sofa across” from staff Alyssa Mastromonaco. As she need the lessons of history—and the
Morris, which enraged many liberal including leaking while in power and them, and even in defeat, “you can relates, she once took offense at an resolve to enforce them.
n-

staffers. Mr. Ickes was gleeful when score-settling for years afterward. link arms and go on, and be certain article describing her as “responsible
Mr. Morris fell from grace in 1996 President Jimmy Carter’s White that your [losing] view won’t appear for overseeing scheduling, personnel Dr. Troy served in 2007-09 as dep-
over his relationship with a prosti- House was plagued by a bad deci- in the paper.” But the same disci- and much more.” She saw the de- uty secretary of the Department of
tute. But the internal tensions may sion-making process from the start. pline didn’t carry over to foreign scription as a sexist slight and sus- Health and Human Services. His
no

have been part of the plan. Mr. Mr. Carter initially refused to have a policy. Mr. Bush’s State Department, pected it came from a colleague, lead- most recent book is “Fight House:
Stephanopoulos, who loathed Mr. chief of staff, leading to chronic tur- Defense Department and Office of ing her to “reply all” to a senior staff Rivalries in the White House From
Morris, later wrote that Mr. Clinton bulence. On the first day of the ad- the Vice President were often at email sharing the offending article Truman to Trump” (Regnery).

When who had con-

tracted Covid and
nal Social Sci-
ence & Medi-
hauler” metaphor is familiar.
The Oxford English Dictionary

Covid-19’s were still experi-

encing a range of
chronic symp-
cine explains,
researchers are
scrambling to
traces the expression “long haul”
to 1839 in U.S. usage for trans-
porting goods or passengers
Symptoms toms, she decided
to set up a sup-
keep up with
what patients
over big distances. By the end of
the 19th century it also was used
WORD ON
THE STREET Last and port group on
Facebook. “I was
report in online
support groups
more figuratively for “a lengthy
or difficult task or process.”
BEN
ZIMMER Last sitting in my living
room, and that hat
I wore in the pic-
such as Ms.
Watson’s. Co-au-
thor Elisa Perego, a
References to “long-haulers”
crop up in U.S. newspapers as
early as 1887 to refer to those
ture was on the cof- research associate at shipping goods across the coun-
fee table,” Ms. Watson University College Lon- try via railroad. With the advent
IT ALL STARTED WITH A BAD told me. The trucker hat got her “long-haulers” started getting don, is a long-hauler herself, and of commercial trucking after
hair day. thinking of long-haul trucking, picked up in the media, begin- dubbed the post-viral condition World War I, “long-haulers” took
On the morning of April 11, inspiring her to name the Face- ning with an article by Ed Yong “long Covid” on Twitter in May. to the roadways. In a 1923 arti-
Amy Watson, a preschool book group “Long Haul Covid for The Atlantic, and the medical Both “long-haulers” and “long cle in the Los Angeles Evening
teacher in Portland, Ore., went Fighters.” community soon took notice. Covid” are fast becoming stan- Express, an auto company presi-
to get tested for Covid-19 at a As the group kept growing, In a congressional hearing in dard terminology in the medical dent explained that truck drivers
drive-up site after suffering a members began calling each September, Dr. Anthony Fauci field. operating locally “use more gas-
other “long-haul- reported on patients who, weeks Kate Porter, a digital marketer oline than the long hauler on the

[Long-hauler]
ers.” People gravi- and months after recovering from Beverly, Mass., and an ad- state highway.”
tated toward the from Covid-19, were suffering ministrator for Ms. Watson’s Ms. Watson, for her part, is
term, Ms. Watson from such debilitating symptoms group, has watched as the “long- pleasantly surprised that an idle
recalls, because “it as fatigue, myalgia, fever and an hauler” term exploded in popu- decision to name a Facebook
was validating as a inability to concentrate. “They’re larity. Ms. Porter, who tracks the group after her favorite trucker
group of patients referred to as ‘long-haulers,’” Dr. latest research and policy initia- hat has resulted in a vital addi-
chronic fever. She hadn’t washed to have a name given to what we Fauci said, giving his imprimatur tives on the Covid-19 Recovery tion to the Covid-19 lexicon. And
her hair, so she threw on a were experiencing.” to the term. Awareness website, told me, she hopes that her coinage
trucker hat with a picture of a Early on in the pandemic, Now the stories of “long-haul- “Even if it’s not necessarily the raises public awareness for the
squirrel on it, snapping a selfie medical professionals didn’t ers” have become a central com- most scientific term, you get the chronic illnesses that patients
to share on social media. know what to make of the symp- ponent of how scientists, doctors gist right away—you don’t even like her continue to experience
JAMES YANG

Two days later, her test came tomatology of these Covid survi- and policymakers view long- need to really explain it.” months later. “I never imagined
back positive. Later that month, vors and had no name for it. But term effects of the coronavirus. For speakers of American that the long haul would be any-
after connecting with others by early June, the expression As a current article in the jour- English, at least, the “long- where near this long,” 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.

C4 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

REVIEW
MIND & MATTER
SUSAN PINKER

Dogs Really
Do Make
Us Happier
LAST SUMMER my life
was upended when I
was given an oversize
4-month-old puppy for
my birthday. Otis’s ar-

FROM TOP: SEONGJOON CHO/BLOOMBERG NEWS; AHMED JALLANZO/EPA-EFE/SHUTTERSTOCK

rival created joy and anxiety in equal
measure. Already well into the pan-
demic, my husband and I wondered
what effect this shaggy, disoriented
creature would have on us. Would he
provide comfort? Or would his chew-
ing, nipping, soiling, lunging and
barking only multiply our stresses?
By April 2020, the adoption rate
for dogs in the U.S. had increased by
more than 30%, according to Sara
Kent, CEO of the nonprofit database
Shelter Animals Count. By year’s end,
spending on pet care and supplies had
reached a record $99 billion. Lots of
Americans expect dogs to lift their
spirits, it seems.
We’re not alone: A new study of
the human-dog relationship during
the early days of the pandemic, by
Liat Morgan and her research team at
the Hebrew University of Jerusalem
and the University of British Colum-
bia, found that in Israel, too, dog
adoptions ramped up as social and
economic restrictions increased.
Disasters like earthquakes and
floods usually prompt people to give
Which Countries Have

.
Responded Best to Covid-19?
up their pets, but the study found that

ly
during the pandemic, far fewer people
relinquished their pets to shelters—a
trend echoed in the U.S., said Ms.
Kent.
I soon became besotted with Otis,
who is now an 80-pound adolescent.
Still, I wanted some proof: Do pets re-
on
The world should learn from the most
flights. As a result of this
near-total isolation,
American Samoa has not
A medical
worker
performs a
nies to avoid large-
scale layoffs. Notable
mentions go to India,
successful strategies for testing, quarantine,
us ,

ally reduce our loneliness and make had to implement wide- temperature the European Union
us feel happier? public communication and economic support. spread closures, distanc- and Australia, which
l

check in Seoul,
e
In 2019, a study led by Lauren Pow- ing or testing. Similar South Korea, quickly provided in-
al a

ell, now a postdoctoral researcher at actions 100 years ago al- May 2020. come supplements to
the University of Pennsylvania, looked BY TOM FRIEDEN swift, expert, comprehensive re- lowed the territory to lower-income people

I
ci on

at whether getting a dog improved sponses. avoid any deaths from the 1918 in- using electronic cash transfers.
the owner’s activity level, cardiovas- t has been a year since Best at crushing the curve: fluenza pandemic. Colombia went out of its way to
cular health and psychological state. Covid-19 began to spread. New Zealand. 1 reported Covid-19 Best at testing: South Korea. protect vulnerable Venezuelan mi-
The researchers used advertising and Which countries did the death per 204,360 people. 1 reported Covid-19 death per grants, who weren’t eligible for
social media to recruit 71 people liv- best job of responding to Like Taiwan, New Zealand is an 63,290 people. cash transfers, by establishing
er s

ing in Sydney, Australia, and sepa- the pandemic in 2020, and island, which makes it far easier to When it became clear that peo- shelters and food centers.
rated them by inclination: People who what can we learn from them? enforce travel bans. Initial models ple without symptoms could Best at public communication:
m er

planned to get a dog within a month, A successful response to showed that community spread of spread Covid-19, South Korea Finland. 1 reported Covid-19
people who wanted a dog but agreed Covid-19 turned out to depend on Covid-19 in New Zealand could po- tested early and aggressively, con- death per 10,510 people.
to wait until after the study was com- more than a country’s wealth, sci- tentially overwhelm the health ducting more than twice as many A few countries have fought ru-
plete, and people who had no interest entific prowess and history of pub- care system. The country began tests per capita as other countries mors and distrust by sharing in-
m rp

in ever acquiring a dog. lic health successes. The U.S. en- implementing its pandemic influ- in the pandemic’s first weeks. formation with the public widely
joys all of these advantages but enza plan in February, including Along with other measures, in- and openly. Finland, helped by its
mounted one of the worst re- preparing hospitals and instituting cluding extensive and highly effec- high media literacy, was able to
sponses to the pandemic: 1 in ev- border control policies. Because tive contact tracing and quaran- build on a 2014 initiative that edu-
ery 990 Americans has died from New Zealand lacked sufficient tine, this kept cases from cated people about how to counter
co Fo

Covid-19 since the pandemic be- testing and contact tracing capac- increasing rapidly. false information. One Finnish
gan. Bad politics, quite simply, can ity, national leadership imple- Best at quarantining: Hong project partners with social-media
trump good public health. mented a countrywide lockdown in Kong. 1 reported Covid-19 death influencers to spread accurate in-
Other developed countries that late March with the goal of elimi- per 54,810 people. formation on digital platforms.
did well initially, such as Canada nating Covid-19 entirely. Hong Kong has one of the high- South Africa has also excelled
and some European nations, have By June, the pandemic was de- est population densities in the at clear communication, including
faltered during the second or third clared over in New Zealand, with world, yet it kept cases low by es- strategic use of an alert-level sys-
GETTY IMAGES

surge of infections, because their the country reporting one of the tem that empowers people to un-
governments and people grew lowest coronavirus-related mortal- derstand their risk and helps the
tired of implementing effective ity rates among all 37 OECD na- The U.S. government make transparent and
Owning a dog boosts oxytocin flow. strategies. In many Asian coun- tions. Later cases were all from in- balanced decisions about closures.
tries, it has long been common for ternational travelers, who were
now has more Germany’s leaders have also been
cases and
n-

All participants were evaluated at people to wear masks when feeling kept in isolation for two weeks models of clarity and effective
three junctures: at baseline; three ill, so they adopted masks early post-arrival, and not from commu- deaths every communication, with Chancellor
months later, after those in the first and widely. nity spread. Angela Merkel calling for citizens
group got a dog; and again after eight Best at early action: Taiwan. Prime Minister Jacinda Arden 5 minutes to exhibit “patience, discipline and
no

months. Each time they were poked, 1 reported Covid-19 death per has exemplified empathetic, clear than solidarity”—three essential as-
prodded and scanned to test their 3,366,140 people communication, which greatly in- pects of an effective pandemic re-
physical activity, substance use and The world’s first awareness of creased New Zealanders’ willing- Taiwan has sponse.
cardiovascular levels. Covid-19 came from cases among ness to cooperate and was essen- had all year. Most people, including many
Their psychological states were travelers arriving in Taiwan health professionals, never
checked too, via standardized evalua- from Wuhan, China. The imagined the toll that
tions of anxiety, loneliness and de- country quickly halted Covid-19 would take. The
pression. The researchers then com- flights from much of China, countries that performed
pared the dog-owners to members of quarantined travelers from best have learned from
the two dogless control groups, statis- other areas, stopped cruise their mistakes and used
tically manipulating factors such as ships from docking, imple- data to continuously im-
education, age and appetite for exer- mented widespread testing prove public health, pri-
cise, to make sure that the canine and quadrupled production mary care, emergency re-
alone accounted for any differences. of face masks within a sponse and health
The results showed that after three month. communication. Even as we
months, people with dogs walked Taiwan also provided in- begin to roll out vaccines,
2,589 more steps a day than the con- tensive support, including we need to keep learning
trol groups. “But at eight months stipends, to patients with from experience what
there was a drop-off, so the difference Covid-19 and people with works in fighting Covid-19.
was no longer significant,” said Dr. whom they had come into This isn’t the last dis-
Powell, speculating that “people were contact, helping to increase ease threat our world will
really excited at first, but maybe the adherence to public health face, and the past year has
novelty wore off.” recommendations. These shown that we are all con-
The psychological impact of a dog early actions were pivotal nected: Until every country
packed a bigger punch. “Basically we in keeping Taiwan to under is safer, all of us are at risk.
found that the loneliness in the group 800 cases all year, while When the next pandemic
that got a dog decreased by 40% and avoiding lockdowns. The strikes, the whole world
stayed at that lower level at eight U.S. now has more cases needs to implement best
months,” said Dr. Powell. and deaths every 5 minutes practices to save lives and
But how exactly do dogs make us than Taiwan has had all year. tial to the country’s Men wash their tablishing mandatory protect livelihoods. Now is our op-
happier? In a previous study, Dr. Pow- Best at learning from recent success. hands at a isolation protocols and portunity to improve global pre-
ell’s group had shown that owning a epidemics: Liberia. 1 reported Best location in checkpoint outside quarantine centers for paredness; if we don’t apply the
dog promotes the flow of oxytocin, a Covid-19 death per 55,040 people. the U.S.: American Monrovia, Liberia, people with Covid-19 lessons of 2020 in 2021, we never
hormone that decreases our heart Liberia, hard hit by the Ebola Samoa. Deaths from April 2020. and those who came will.
rate and fosters feelings of well-being epidemic in 2014, was one of the Covid-19: Zero. in close contact with
and relaxation. Plus, she adds, dogs first countries to start screening American Samoa remains the them. Dr. Frieden was the director of
“encourage their owners to get out in for Covid-19 at airports and to only territory in the U.S. without Best economic protection: the Centers for Disease Control
nature, maintain a sense of routine, adopt other control measures, any Covid-19 cases, in part be- Denmark. 1 reported Covid-19 and Prevention from 2009 to
and stay in touch with their neigh- such as rapid testing, complete cause health authorities were al- death per 4,970 people. 2017. He is the president and
bors. All the things that benefit our contact tracing and quarantine. ready on high alert following a Some countries excelled at pro- CEO of Resolve to Save Lives,
mental health in normal times are just Many other countries in Africa, in- measles outbreak in late 2019. In tecting people economically and an initiative of the public-health
more important during Covid.” cluding Senegal and Uganda, also an effort to stave off the virus socially. In Denmark, the govern- organization Vital Strategies,
I’m a witness, and couldn’t agree used their experiences from past early, the territory of 55,000 peo- ment has covered a portion of em- and a senior fellow at the
more. disease outbreaks to implement ple halted all incoming passenger ployees’ salaries in private compa- Council on Foreign Relations.
 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, January 2 - 3, 2021 | C5

REVIEW

A
HISTORICALLY SPEAKING
s 2021 begins, the
dish I find myself
craving the most,
slightly to my sur-
The Great American AMANDA FOREMAN

Awed by the
prise, is salad. The
version I’ve been making most of-
ten lately is a concoction of raw
Brussels sprouts, shredded finely
and mixed with a Vietnamese-in-
Salad Revolution Meteors of the
New Year’s Sky
spired dressing of garlic, mint
leaves, chillies, fish sauce, rice vin-
egar, lime juice and cashew nuts. I IF YOU WISH UPON A
don’t eat this salad because it is star this week, you
healthy—though it undoubtedly probably won’t get
is—but because it wakes up my your heart’s desire. But
taste buds quicker than a double if you’re lucky, you’ll
espresso. With its brightness and be treated to an outstanding dis-
crunch, it tastes as close as I can play of the Quadrantids, the annual
get to a fresh start. New Year’s meteor shower that ri-
The rules of salad have vals the Perseids in intensity and
changed. To be a salad eater is no quality of fireballs. The Quadran-
longer an act of dieting or denial. tids are exceptionally brief, how-
Now you can eat salad because ever: The peak lasts only a few
you want to eat it. The word no hours on January 2, and a cloudy
longer needs to bring to mind a sky or full moon can ruin the en-
flavorless bowl of cold tomatoes tire show.
and watery lettuce. Rather, it Meteor showers happen when
could be any combination of crisp the Earth encounters dust and rock
and sharp ingredients that you sloughed off by a comet as it orbits
happen to find in your refrigerator the sun. The streaks of light we see
and feel like having with dinner. A are produced by this debris burn-
carefully made salad, as food ing up in the Earth’s atmosphere.
writer Nigella Lawson writes in Human beings have been aware
her new cookbook “Cook, Eat, Re- of the phenomenon since ancient
peat,” will lift the spirits and “add times. Some Christian archaeolo-
poetry to the prose of everyday gists have theorized that the bibli-
life.” cal story of Sodom and Gomorrah
Growing up in Britain, as Ms. was inspired by a massive meteor
Lawson also did, I often looked to strike near the Dead Sea some
the U.S. for salads that were fuller 3,700 years ago, which wiped out
and more generous than ours, the Bronze Age city of Tall el-Ham-
which might consist of a couple of mam in modern Jordan.
disks of undressed cucumber with Aristotle believed that comets
some raw onion and vinegary and meteors weren’t heavenly bod-

.
beetroot. I dreamed of America’s ies but “exhalations” from the

ly
Caesar and Cobb salads, with their Earth that ignited in the sky. As a
flavorful dressings and lavish scat- result, Western astronomers took
terings of croutons. little interest in them until the rise
There have been many ages of
salad at the American table. Per-
haps no other dish has undergone
so many transformations over the
on
No longer a drab exercise in dieting or self-denial, salads have
become a sharp, spicy reflection of the best in culinary trends.
of modern science. By contrast, the
Chinese began recording meteor
events as early as 687 B.C. The Ma-
yans were also fascinated by me-
us ,

decades. Salads hold up a mirror teor showers: Studies of hiero-

to the changing culinary obses- Salad eaters are capricious be- cabbage that has turned blue, with dates, olives, crème fraîche glyphic records suggest that
l
e
sions of the times, from the curi- ings. Certain salad ingredients that dribbled with lurid orange-colored and delicious cheese crisps called important occasions, such as royal
al a

ous gelatin-based concoctions of were once ubiquitous—such as the dressing.” frico. This is a salad you make not coronations, were timed to coin-
the 1940s to the baked goat cheese raspberry vinegar and wild rice of Part of what distinguishes the to lose weight but to extract as cide with the Eta Aquarid shower
ci on

and frisée salads of the 1980s to the 1980s—have now almost van- salads of today from those of the much pleasure as possible from a
the raw kale of the 2010s. When ished. Others, such as iceberg let- past is that vegetables that used to carrot.
salade Niçoise became tuce, rose, then fell, then be raw may now be roasted or The new excitement about sal-
fashionable in the 1960s, rose again. As long ago as grilled (radishes, lettuces) while ads is perfectly captured by a de-
it reflected the new popu- the 1940s, some recipe vegetables that are traditionally lightful newsletter created by food
er s

larity of foreign travel to columns were complain- cooked may be served raw (kale, writer Emily Nunn called “The De-
Europe. This mixture of ing that iceberg was beets, Brussels sprouts). The partment of Salad.” Every issue,
m er

tuna and black olives and tasteless compared with prime example of this is the kale the newsletter runs thoughtful in-
green beans seemed romaine. By the 1980s, in salad invented by brilliant salad terviews with fellow salad enthusi-
deeply sophisticated com- “The Silver Palate Cook- chef Joshua McFadden at Franny’s asts and celebrates a different as-
pared with the old deli TABLE book,” chefs Julee Rosso restaurant in Brooklyn in 2007. Mr. pect of American salads, from
TALK
m rp

staple of tuna salad made and Sheila Lukins com- McFadden invented the kale salad Caesar (“Never ever, ever use
with mayonnaise and mented that iceberg mayo”) to blue cheese dressing
BEE
SMITYUK YURI/TASS/ZUMA PRESS

chopped celery. should only ever be used and how “it never seems to be as
WILSON
It can be hard to re- “as a last resort.” And yet good as what you recall having
member how the vast now, against the odds, the
Perhaps had that time at that place you
no other
co Fo

choice of salad stuff now compares iceberg “wedge” salad has been once went.”
with a few decades ago. Take ra-
dicchio. These bitter purple-and-
resurrected, as a backdrop to rich
and retro dressings such as Green
dish has But above all, “The Department
of Salad” is about redefining salad
white leaves were almost unheard Goddess. What the iceberg lacks in undergone as comfort food, whether it’s a
of among American cooks until the flavor, it makes up for in its satis- so many classic Greek salad or a modern
mid-1970s, when in the space of fying crunch. panzanella of roasted fall vegeta- A long-exposure photograph of the
six months it seemed that every Salad-making today feels so changes bles. Ms. Nunn decided to start Draconid meteor shower in 2018.
expensive restaurant in New York much more driven by passion than over the making salads for herself as a con-
added radicchio to its menu, start- in the past, helped by the glorious solation for the drab loneliness of in the spring.
ing with Le Cirque. selections of leaves at greenmar-
decades. the pandemic. The quality of the Even before telescopes were in-
Arugula had a similarly strato- kets, from purslane to pea shoots. berries and tomatoes and other vented, it wasn’t hard to observe
spheric rise in the 1970s. When Gone are the days described by produce she could buy near her comets, meteors and meteor show-
n-

this spicily pungent leaf first be- Laurie Colwin in her 1988 book because he was bored with the se- home in North Carolina was so ers. The 11th-century Bayeux Tap-
came popular, food writers could “Home Cooking” when salads were lection of salad greens available “luxurious and inexpensive and estry contains a depiction of Hal-
not agree what to call it, as David cobbled together by people who over the winter. glorious” that her salads turned ley’s comet, which appeared in
Kamp recounts in his 2006 book seemed to hate eating them. Ms. Mr. McFadden’s 2017 cookbook out “dazzling and delicious, like 1066. But people couldn’t see mete-
no

“The United States of Arugula.” Colwin recalled being served sal- “Six Seasons” is one of the first I bouquets of flowers that you could ors for what they really were. Me-
Some called it roquette and others ads in “a small, fake wooden bowl turn to for salad ideas because he eat.” dieval Christians referred to the
rucola or rugola before arugula fi- containing the chopped carcasses has such a keen sense of salad as This is the best reason that I annual Perseid shower as “the
SONIA PULIDO

nally became the accepted word in of what were once edible plants, something joyful. I particularly have yet heard to eat more salad. tears of St. Lawrence,” believing
the U.S. (In the U.K. we call it usually the unfairly treated ro- like his recipe for carrots cooked We could all do with some edible that the burning tears of the mar-
“rocket.”) maine, with some depressed red in oil and water made into a salad bouquets in our lives right now. tyred saint lit up the sky on his
feast day, August 10.
Things began to change in the
19th century, as astronomers no-
ticed that some meteor showers re-
EXHIBIT curred on a fixed cycle. In Novem-
ber 1799, the Leonid shower was

Treasures of recorded by Andrew Ellicott, an

American surveyor on a mission to
establish the boundary between

Czarist Russia the U.S. and the Spanish territory

of Florida. Ellicott was on board a
ship in the Florida Keys when he
observed the Leonids, writing in
“UNTIL NOW, almost everything we know about Imperial his journal that “the whole heavens
Russian jewelry is tied to one name,” write Marie Betteley appeared as if illuminated with
and David Schimmelpenninck van der Oye in their new skyrockets, flying in an infinity of
book “Beyond Fabergé” (Schiffer). That name, of course, directions, and I was in constant
belongs to the firm most famous for the bejeweled eggs expectation of some of them falling
that it made in the decades before the Russian on the vessel.” When a similar
Revolution. But the book shows that a far larger network spectacle lit up the skies in the
of jewelers provided the ruling Romanov family and other eastern U.S. in 1833, astronomers
wealthy patrons with enough extravagant trinkets to set realized that it was a recurrence of
off several more revolutions. the same phenomenon and that the
The designer Pavel Ovchinnikov (1830-88), born a serf, meteor storm must be linked to the
started a silversmith workshop in Moscow that became orbit of a particular comet.
the biggest in the Russian Empire. In 1876, he created a The origin of the Quadrantids
6-inch-long jewel casket of silver gilt was harder to locate. Astronomers
A jewel casket and enamel in the shape of a kept looking for its parent comet
designed in the traditional Russian cottage (left). until 2003, when NASA scientist
shape of a This was a bid to attract lovers of Peter Jenniskens realized that they
were on the wrong track: The
© 1998 CHRISTIE’S IMAGES, LTD.

cottage, 1876. “Style Russe,” a nationalist fashion

popular in Moscow. Another star in shower is actually caused by a gi-
the book is Carl August Hahn (1836-99), an Austrian-born ant asteroid, designated 2003 EH1,
court favorite. His designs include a diamond-studded which broke off from a comet 500
pattern conjoining the initials M&A, for the dowager years ago. It is somehow fitting
empress Maria Feodorovna and the ill-fated Czarina that a mystery of the New Year’s
Alexandra, who was killed with her husband Nicholas II night sky yielded to the power of
and their children in July 1918. —Peter Saenger an open mind.
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

R
aised by Tai- shocked when Harvard Re-
wanese immi- view published it. Over sev-
grants in Los eral years, he wrote a dozen
Angeles, stories and got 40 or 50 re-
Charles Yu jections for each one he man-
grew up trusting that Amer- aged to get published.
ican society was on a steady That eventually gave him
march toward greater racial enough for a first short-story
harmony. With each new collection, “Third Class Su-
generation in the U.S., he perhero” (2006). His witty
says, “I always thought first novel, “How to Live
there was a progression to- Safely in a Science Fictional
ward inclusion.” Universe” (2010), won favor-
But the 45-year-old nov- able notices and elicited com-
elist is no longer so sure parisons to Douglas Adams
that applies to Asian-Ameri- and Philip K. Dick. Hollywood
cans. His second novel, “In- agents began taking him to
terior Chinatown” (2020), meetings with buyers of TV
which won the National and film rights.
Book Award for fiction last One of those meetings led
November, examines why to a surprise offer to write
some Chinese and other for HBO’s sci-fi series “West-
Asian immigrants and their world.” That opportunity and
children still feel confined further TV-writing work fi-
to stereotypes and second- nally let him give up his job
ary roles in the U.S. Italian as a lawyer, although he wor-
and Irish immigrants were
reviled at first but eventu-
ally became part of main-
stream U.S. society. But the
‘I sort of
main character in Mr. Yu’s wandered
novel, a Chinese-American
actor named Willis Wu,
sideways into
struggles to find an answer this career
to his question: “After two over the
centuries here, why are we
still not Americans? Why do course of 20
we keep falling out of the years.’
story?”
Over the past several
years, Mr. Yu has found it
harder to feel optimistic ried about whether TV writ-

.
about prospects for Asian- ing would allow him to pay a

ly
Americans. The election of mortgage and support his
President Trump in 2016 family. “I’m very risk-averse,”
signaled a growing hostility Mr. Yu says, but his wife, Mi-
to immigrants of all kinds,
he says. Meanwhile, China is
increasingly viewed as
America’s most dangerous
on chelle Jue, encouraged him to
bet on his writing. “I sort of
wandered sideways into this
career over the course of 20
us ,

rival, and Mr. Trump has years,” he says.

branded Covid-19 as the Mr. Yu now lives in Irvine,
l
e
“China virus.” Calif., with Ms. Jue and their
al a

Mr. Yu’s own winding two children. Nearly a decade

road to literary stardom ago, he began thinking about
ci on

seems like an affirmation of whether he had something to

the opportunities that can say about his own family’s
await immigrants and their immigrant experience. In
children in the U.S. “My ex- 2013, he started the project
perience is probably just that became “Interior China-
WEEKEND CONFIDENTIAL | JAMES R. HAGERTY
er s

about as good as you can really town”—and abandoned it several

Charles Yu
come by,” but it is far from univer- times. Ms. Jue prodded him to keep
m er

sal and filled with complexity, he trying.

says. For most of his life, Mr. Yu Then an opening line popped
has felt fully American, but he has into his head: “Ever since you were
received repeated reminders that a boy, you’ve dreamt of being Kung
m rp

others see him differently. At one Fu Guy.” The novel—whose title

literary event, a comedian mocked evokes a screenplay scene-setter—
him and the other Asian-American A witty, award-winning novelist explores the complexities of turned into a spoof of the TV show
participant as interchangeable. immigration and the state of Asian-Americans today. “Law & Order,” in which white and
“There’s a mismatch between Black characters get the sexy, glam-
co Fo

how I feel inside and how I look on orous roles and Asian-Americans
the outside,” Mr. Yu says. In “Inte- are interchangeable bit players
rior Chinatown,” the protagonist Looking around his house as a he realized that he wasn’t going to well in Los Angeles, poring over with such screenplay labels as “Ge-
thinks, “You are Asian! Your brain child, he noticed that its jumbled get into medical school and wasn’t technical documents for securities neric Asian Man” or “Background
forgets sometimes. But then your décor didn’t resemble the homes he cut out to be a physician anyway. offerings. “I wasn’t going to make Oriental Male.” The best they can
face reminds you.” saw on TV or in glossy magazines. Yet Mr. Yu worried that a writ- partner,” he recalls. “I wasn’t even hope for in Hollywood, in the world
Mr. Yu’s father came to the U.S. Household items seemed to have ing career wouldn’t be secure fi- going to come close.” He later of “Interior Chinatown,” is to be-
from Taiwan in the 1960s, studied been bought purely for function, nancially. He spent a year at the worked as an in-house lawyer for a come “Kung Fu Guy.”
mechanical engineering at Missis- not for the way they might blend Pacific Exchange as an options- company doing visual effects for By turns nightmarish and hilari-
sippi State University and the Uni- into a color scheme. That observa- trading clerk (“I got yelled at a lot movies and another one making ous, the novel ends on a hopeful
versity of California, Los Angeles, tion found its way into his latest because I was slow”) while study- computer cables and routers. note. The protagonist gazes at his
MATT FURMAN FOR THE WALL STREET JOURNAL

and worked in the aerospace indus- novel: “Matching pillow and [exple- ing for the Law School Admission In his spare moments, Mr. Yu daughter and sees “this dream of
n-

try. His mother was an accountant. tive], that’s for White people. Our Test—in part, he says, “to put off wrote short stories. “I was looking assimilation, a dream finally real-
Mr. Yu and his younger brother [expletive] is functional, like a ta- the real world.” He did well enough for some kind of mental space or ized, a real American girl.” She will
were born in Los Angeles and grew ble is where you eat and do home- to get into Columbia Law School, outlet to make sure I didn’t get teach him, he thinks, to “move
up there. At home, young Charles work.” where the reading and writing he completely swallowed up” by legal freely between worlds.”
no

learned some Taiwanese but mostly Mr. Yu’s parents wanted him to did wasn’t fiction or poetry but at work, he says. One of his early sto- Mr. Yu cautions that the ending
spoke English with his parents. become a doctor. He went to the least “adjacent to what I enjoyed ries, “Problems for Self-Study,” is a isn’t a prediction about the trajec-
He was reading billboards at age University of California, Berkeley, doing.” bleak tale of love told through a se- tory of Asian-Americans. “I
3. When he was 8, inspired by a where he dutifully pursued a pre- After earning his law degree in ries of physics questions. About 30 wouldn’t even try to guess at the
trip to Yosemite National Park, he med degree, with a sly minor in 2001, he worked for the giant inter- literary magazines rejected the answer,” he says. “I’m going to just
began writing poems. creative writing. In his senior year, national law firm Sullivan & Crom- story, he recalls, and he was watch it unfold.”

A New car. And it

makes it harder
to catch speed-
“We don’t
care that every
pickup truck
Rose Bowl you’ll never find your
Honda Civic. But they object to
California mandating an unreal-
Rule for ers, because
all the cars
looks like every
other pickup
istic time frame to fill the roads
with more exciting vehicles.

MOVING Cars: Don’t look the

same.”
truck,” fumes
one official
“It took years to design the
original Mustang, the 1966 Pon-
TARGETS
JOE
Look So “It’s really
bad with
from the Mon-
tana DMV.
tiac Bonneville,” says one engi-
neer. “It’d be nice to just flip a
vans,” adds a “Half the year switch and presto—boring se-
QUEENAN
Standard! second, more
medium-ranking
they’re covered in
ice, and half the year
dans would be replaced by sleek,
sexy sports cars. But Rome
official. “Car companies devel- says one Motor City CEO. “Short they’re covered in mud. What wasn’t built in a day and neither
oped a couple of basic designs in of adding Nifty Fifties fins or difference would it make if they was the Corvette Stingray.”
Fuel and FIRST, CALIFORNIA BANNED the 1990s, and they’ve stuck running boards or some kind of had a more opulent design?” Libertarians are particularly
the sale of gas-powered cars af- with them. A van that rolled off weird sunroof or turret, there’s “First it’s draconian emission incensed. “You let nerdy bureau-
safety ter the year 2035. Then it got the assembly line in 2004 just no way to make one car look standards, then it’s unrealistic crats up in Sacramento start de-
mandates car companies to sign on to its doesn’t look much different than different from every other car.” fuel mileage, and now it’s gov- ciding what looks good and what
have own tough emission standards. one you bought yesterday. I “You could start making cars ernment-mandated visually com- doesn’t look good and you’ll end
It’s obvious what’s next, isn’t it? know. I bought one in 2004.” in the shape of a rhombus or a pelling design,” adds an Ala- up with a country flooded with
made California will become the first Car companies agree that parallelogram,” says a veteran bama congresswoman who still dinky little cars like the Volks-
them all state to mandate that by 2035, their products suffer from a piti- Japanese car industry executive. tools around in a 1996 Saturn wagen Beetle,” says a spokesper-
cars must cease to be visually in- ful uniformity. They nod re- “You could add garish hood or- station wagon. “What gives Cali- son for the obscure Catullus In-
look the terchangeable. morsefully that it would be nicer naments shaped like flying squid fornians the right to lord it over stitute. “Remember when
same. “You’ve got the Accord that for everyone if cars were not so or Medusa. But how long would the rest of us? A lot of us like everyone thought those cars
Expect looks like the Camry that looks bland, generic, sleep-inducing. it be before the fickle public uninteresting cars. It makes car shaped like bread trucks were
like the Sonata, and this just has Then they point out, with some started complaining about that?” thieves less likely to steal them.” the wave of the future? How did
California to stop,” says a high-ranking pique, that aerodynamic and Other states are furious at Privately, many in the auto in- that work out?”
to step in state official. “It’s incredibly bor- structural innovations intended California’s high-handed atti- dustry concede that if five con- Adds an award-winning de-
NISHANT CHOKSI

again. ing to get on the 101 and drive to make cars more fuel-efficient tude. This is largely because temporary sedans got put into a signer: “For anyone who thinks
from Los Angeles to San Fran- and safer are largely to blame. people in other parts of the police lineup, all five would go it’s a good idea to ask car mak-
cisco and maybe see three cars “Look, you’re basically dealing country have some different free. They admit that if your fob ers to give us brilliant new looks,
that don’t look like every other with a rectangular-shaped box,” ideas about aesthetics. goes on the fritz outside the I’ve got two words: PT Cruiser.”
 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.

Prosody & Pedagogy Talent Squared

Dana Gioia honors Anni & Josef Albers:
his mentor in poetry Interdependent
Elizabeth Bishop C11 by design C12

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | C7

Here She Comes Again

A radiant entertainer finally gets her due as a composer and lyricist—and champion of resilience amid a heap of troubles.

.
ly
on
RICHARD E. AARON/REDFERNS

us ,
l
e
al a

BLOND AMBITION
ci on

Dolly Parton in 1978.

BY EDDIE DEAN year-old from the Smoky Mountains. afterlife as one of her most covered brates how Ms. Parton has given a Smarsh puts it, Dolly Parton has had to

I
One day, as the Wagoner tour bus songs, not only by country singers liberating voice to an often ignored “answer more questions about her
er s

N THE LATE 1960S, Dolly headed to the next town, something (Skeeter Davis) but also by campy pop segment of the American working measurements than her songwriting.”
Parton got her big break as the caught Ms. Parton’s fancy. “We rode sirens (Nancy Sinatra) and New Wave class—resilient and independent- “Songteller” displays previously un-
m er

“girl singer” on “The Porter past Dover, Tennessee, and my mind chanteuses (Marianne Faithfull). minded blue-collar women. Lydia R. seen photographs of precious tokens of
Wagoner Show,” a syndicated started going,” she recalls in “Dolly “Down From Dover” is one of 175 Hamessley’s “Unlikely Angel” (Illinois, Ms. Parton’s life, especially her writing
television program that Parton, Songteller: My Life in Lyrics” Parton compositions over a six-decade 286 pages, $19.95) offers a scholarly life, such as Wagoner’s dry-cleaner re-
brought hard-core honky-tonk and (Chronicle, 376 pages, $50). “There career featured in “Songteller,” a lav- ceipts, on which she scrawled the lyrics
m rp

down-home humor into the living was this field of clover waving in the ishly illustrated compendium of anno- to her signature song about a mother’s
rooms of America. It may be hard to wind. So there we were, Dover-clover, tated lyrics and back-story anecdotes. From country weepers devotion, “Coat of Many Colors.” One
believe now, but back then Ms. Parton and that started me off: ‘The sun The songs range freely across genres, of the most poignant images is of a
was only the second most flamboyant behind a cloud just cast a crawling from classic country weepers to proto- to proto-feminist hits to corncob doll with corn-silk hair. It
performer onstage. One of country shadow o’er the fields of clover. And feminist hits like “Just Because I’m a pop crossovers and stark evokes an upbringing “as poor as
co Fo

music’s most magnetic stars, Wagoner time is running out for me. I wish that Woman” to frothy upbeat pop cross- Job’s turkey” in the remote mountains
had a peroxide pompadour and eye- he would hurry down from Dover.’ ” overs; from stark acoustic bluegrass
acoustic bluegrass tunes. of east Tennessee, one of a dozen in a
popping, rhinestone-studded Nudie The verses that flowed from this and movie-soundtrack blockbusters sharecropping family. Her first song,
suits that defined Nashville glitz. Mean- roadside epiphany told a story from like “9 to 5” and “I Will Always Love “Little Tiny Tasseltop,” composed at
while, “Miss Dolly,” as he called her, was the point of view of a pregnant girl You” to Broadway show tunes. It is analysis of representative songs, as age 6, was an ode to one of these
kept buttoned up in demure outfits deserted by her lover and abandoned only a portion of Dolly Parton’s stag- text and in performance, to explore Ms. homemade dolls. But “Songteller” is
despite her natural radiance and zest. by her scandalized parents. Alone but gering output of 450 recorded songs. Parton’s creative process. packed as well with luminous photos of
Underpaid and underappreciated, still hoping for her lover’s return, she A pair of timely new studies, by a This trio of books makes a solid Ms. Parton in all her celebrity splendor.
Ms. Parton would later compare her decides to have the baby, which is still- journalist and a musicologist, both un- case for a composer due to receive her She seems at ease with the gap be-
seven-year stint with Wagoner to the born. With its Southern Gothic over- abashed Dolly fans, trace the thematic just deserts as “one of our greatest tween her exaggerated appearance (“a
time that indentured servants were tones, “Down From Dover” evokes the threads that run through this canon. American songwriters,” asserts co-au- country girl’s idea of what glamour
required to work in order to earn their dark fatalism of the mountain ballads Both offer reappraisals of Ms. Parton thor Robert K. Oermann in his preface was”) and her artistic aims—as well
n-

freedom. It was indeed a raw deal, but that Ms. Parton heard as a child. Its as a complex and often contradictory to “Songteller.” From self-described as the gap, some would say chasm,
it was worth it. It gave her national subject matter was taboo for country artist overshadowed by her larger- “Backwoods Barbie” to American Bard between her “sad-ass songs” and the
exposure and performing experience radio when it appeared on a 1970 than-life image as an entertainer and may seem a stretch, but there is merit sunny disposition she is famous for.
with a peerless entertainer twice her album, so “Dover” was never the hit the proprietor of a multi-media empire. in the argument that, for too long now, “I’ve killed a lot of puppies and kids
no

age. It also allowed her to hone her that she thought it could be. But it Sarah Smarsh’s “She Come by It Natu- Ms. Parton’s formidable body of work and ladies in my songs. I’ve killed
songwriting talent, which had brought remains a favorite of Ms. Parton and ral” (Scribner, 187 pages, $22) is a has been overlooked for the sake of her myself a few times,” she deadpans in
her to Nashville in 1964 as an 18- many of her fans, and it has enjoyed an bracing personal account that cele- relentlessly scrutinized body. As Ms. Please turn to page C9

Art Museum (Fort Worth, Texas), the Carter Wiseman’s com- and a union headquarters.
Beyond
LOUIS I. KAHN COLLECTION, ARCHITECTURAL ARCHIVES, UNIVERSITY OF PENNSYLVANIA

Salk Institute (La Jolla, Calif.) and pact “Louis Kahn: A Life in “The Gallery for Kahn was
the library at Phillips Exeter Academy Architecture” (Virginia, 126 like being picked from the

Time (Exeter, N.H.).

Kahn’s reputation is unshakable, and
pages, $26.95) addresses the
unexpected blossoming of
chorus line to act on Broad-
way,” according to one of his
yet three recently published books the architect’s talent. Almost students.
And Style illuminate lingering questions about
his life and work. What transformed
by accident, the “relatively
obscure forty-six-year old”
Kahn made another fate-
ful connection at Yale. In the
a standard-issue modernist into a cre- landed a gig as visiting critic neon-lit Waldorf Cafeteria on
BY ALEX BEAM ative force of indomitable originality at Yale’s department of ar- Chapel Street, the already-

L
in his mid-50s? And how should we chitecture in 1947. Yale had married Kahn first met the
OUIS KAHN (1901-1974) understand Kahn’s vastly complicated wanted to hire the Brazilian vivacious young drama stu-
was indisputably one of personal life? superstar Oscar Niemeyer, dent Harriet Pattison. Kahn,
the greatest architects of Furthermore, what about Kahn’s but he was denied entry to whose face had been badly
the 20th century. When gnomic utterances, of which the best the United States for polit- scarred by a childhood fire-
Kahn showed Philip John- known is “‘What do you want, Brick?’ ical reasons; instead they place accident, nonetheless
son, the founder of the Museum of And Brick says to you, ‘I like an Arch.’” settled for what was then easily charmed both men
Modern Art’s architecture and design merely one of the more com- and women (“He is the one
department, the drawings for his petent architects in Phila- man I could put my arms
breakthrough Richards Medical Re- A middling modernist delphia. Kahn flourished at around,” Jackie Kennedy ob-
search Laboratories at the University Yale, where the School of served). He made a lasting
of Pennsylvania, Johnson responded:
until his mid-50s, Fine Arts and the depart- ON THE CUSP OF GREATNESS Kahn at the impression on Ms. Pattison,
“When this building is done you’ll be Louis Kahn was ment of architecture cross- Yale University Art Gallery in 1953. as she relates in her affect-
the most prominent architect in the one of architecture’s fertilized each other. Giants ing and informative memoir
country and we’ll give it a show at such as Josef Albers, Paul Hindemith had been aware of since his school- “Our Days Are Like Full Years” (Yale,
the Museum.” great late bloomers. and Willem de Kooning roamed the days, would come to mean more to 448 pages, $48). On this snowy day,
The show opened in 1961 and Kahn, streets of dowdy New Haven. Kahn any other living architect. “his blue eyes sparkled like the snow-
then entering his 60s, was finally While at Yale, Kahn served a three- “Although brief, the trip clearly flakes he brushed off” his coat, she
launched. Further successes followed Was Kahn a true sage, as John Lobell month stint as resident architect at the added to his rapid—if late—maturing remembers. Trying to reconstruct the
quickly. Just a few years after design- argues in “Louis Kahn: Architecture American Academy in Rome, which as an architect,” Mr. Wiseman writes; meeting later that day, Ms. Pattison
ing the Richards, Kahn became a pris- as Philosophy” (Monacelli, 195 pages, allowed him to visit the Egyptian pyra- “Kahn resumed his teaching at Yale, wrote: “I met an amazing man.”
oner of international airport lounges, $50), or just a bushwa artist conning mids, the temples at Athens and Kar- but with fresh eyes.” Yale offered Kahn Mr. Wiseman’s succinct new biog-
jetsetting among commissions in India, the eggheads at Yale and Penn, where nak, and, most significantly, Le Corbu- his first significant commission, to de- raphy tells you almost all you need to
East and West Pakistan (now Bangla- he taught? sier’s famous concrete landmark, the sign an addition to its Beaux-Arts style know about Kahn’s professional life.
desh and Pakistan), Israel and the Builder; philanderer; philosopher. Unité d’Habitation, then under con- University Art Gallery. Before this, It comes 13 years after the publication
United States. He reeled off a string of We are slowly assembling the story of struction in Marseille. This last was Kahn’s list of credits included unmemo- of Mr. Wiseman’s fuller “Louis I. Kahn:
masterpieces, including the Kimbell Louis Kahn, the man in full. a revelation: “Corbu,” whose work he rable public-housing work, a synagogue 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘A painter leaves his emotions behind him for posterity to share.’ —AU G U STU S JO H N

FIVE BEST ON WRITINGS BY ARTISTS

Celia Paul
The author of the memoir ‘Self-Portrait.’

Gwen John: Letters and Notebooks

Edited by Ceridwen Lloyd-Morgan (2004)

1
The Welsh painter Gwen John had a
passionate relationship with the sculptor
Auguste Rodin, who was 36 years her
senior. Describing the details of the
affair to her friend Ursula, she writes: “I had
a visit from Rodin yesterday morning and
still feel rather faint after it. As you thought,
he likes to make me furious, or at least it
seems so.” She also wrote about her lover in
her notebooks: “Today I woke unwell. I have
hurried dreadfully to meet R. He did not
come.” The voice of her letters is frank:
“I don’t pretend to know anybody well.
People are like shadows to me.” Her life was
filled with shadows—her melancholy paintings
were full of them. Nonetheless, throughout
the tempestuous affair with Rodin, and others
in her later life, Gwen John remained com-
mitted to her art—that is, to the production
of paintings of ever greater intensity.

Chiaroscuro
By Augustus John (1952)

2
Augustus John painted all the most
famous people of his time. In his

.
memoir, he describes them with

ly
a portraitist’s insight. Oscar Wilde
BRIDGEMAN IMAGES

is “an easy-going sort of genius, with an

enormous sense of fun, infallible bad taste,
gleams of profundity and a romantic appre-
hension of the Devil.” D.H. Lawrence “made a
point of compensating himself for his physical
drawbacks by a dazzling display of cerebral
on
SIBLING RIVALRY ‘Portrait Group’ (1898) by Gwen John depicts, among others, the artist (through the window) and her brother Augustus (in the hat).
us ,

fireworks. Originality or Death seemed to be

his motto.” Further, John writes, “Amedeo what you might say exact. It is the other way leads to a central point. Lines parallel to the even think they complement each other. . . .
l
e
Modigliani was normally a charming man, about almost. It is what you see in children’s horizon give breadth, be it a section of nature My God, how beautiful Shakespeare is!
al a

but he was rarely normal. His habit of chewing drawings sometimes. They will suddenly or, if you prefer, of the Spectacle that Pater Who is mysterious like him? His language
hempseed, if it inflamed his imagination, draw their nurse or their dog or something Omnipotens Aeterne Deus spreads before our and style can indeed be compared to an
ci on

distorted it as well.” Of Gwen John, his sister, and it is astonishing how ‘alive’ the drawing eyes. Lines perpendicular to this horizon give artist’s brush quivering with fever and
we learn, her “apparent timidity and is. They lose this capacity afterwards and depth.” The letters carry a clear sense of the emotion.” A gifted writer, van Gogh wrote
evasiveness disguised a lofty pride. . . . never seem to recover it. I am ‘getting on’ writer’s urgency to communicate his vision. letters eloquent in their recording of a life
She was capable of a degree of exaltation and it is difficult for me to recover precisely He is, he writes, “old, and ill, and I have filled with tragedy. In an early one he
combined with ruthlessness which, like a the same innocence as I had in the nursery vowed to die painting rather than sink into expresses the realization that he has lost
er s

pointed pistol, compelled surrender: but the but I have gone a long way to get somewhere the degrading senility that threatens old his way: He has failed as an art dealer,
pistol would be pointed at herself.” near it. . . . If you want precise information people.” As though in keeping with his vow, a schoolteacher, a priest; he is not yet an
m er

you can get it, goodness knows, with a pre- the last letter is to a color merchant with a artist: “As moulting time—when they change
cision which makes you reel, with a precision demand that his order for paints be filled: their feathers—is for birds, so adversity or
Walter Sickert: which makes you sick. That is not what we “Monsieur, a week has gone by since I asked misfortune is the difficult time for us human
The Complete Writings on Art are out for.” you for ten burnt lakes no. 7 and I have had beings. One can stay in it . . . one can also
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Edited by Anna Gruetzner Robins (2000) no reply. What is going on? A reply, and a emerge renewed; but anyhow it must not

3
speedy one, I beg you.” be done in public . . . therefore the only thing
Walter Sickert, the German-born The Letters of Paul Cézanne to do is to hide oneself.” In the next letter,
British painter, pupil of Whistler and Edited by Alex Danchev (2013) he has found his vocation: “I write to you

4
Degas, was the most highly regarded The Letters of Vincent van Gogh while I am busy drawing and I am in a hurry
co Fo

of the Camden Town group of painters. The most significant of Paul Cézanne’s Edited by Johanna van Gogh-Bonger (1914) to get back to it.” The last letter was found

5
He told Virginia Woolf: “I have always been letters are those written in his old age 10 years later on his dead body. Vincent
a literary painter, thank goodness, like all the to the young painter Émile Bernard. The artist writes to his brother, Theo: craved reassurance from his beloved Theo
decent painters.” He wrote prolifically, with In these Bernard is advised to “treat “If now you can forgive a man for that it was art and not financial success
wit and candor, as in his lecture on drawing: nature in terms of the cylinder, the sphere making a thorough study of pictures, that truly mattered: “Well, my own work,
“Drawing is not (and I am sorry to say this and the cone, everything placed in perspec- admit also that the love of books is I am risking my life for it and my reason
to people concerned with precise morality) tive, so that each side of an object, of a plane, as sacred as the love of Rembrandt, and I has half-foundered because of it.”

Louis Kahn:
n-

office, she reports, “I kept the door consciousness without will (so far
with its frosted-glass panel locked it makes no sense to me either).”
to avoid confrontations when (For her part, Ms. Pattison defines

A Life in Esther Kahn paid a visit.” Ina as “the place from which Lou
no

Kahn, the glamorous world trav- felt artistic inspiration and reali-

Architecture
eler (“Tomorrow, Sunday, I see the zation arose.”)
Mayor of Jerusalem . . . I see the Yet when Mr. Lobell discusses
Prime Minister”), was often broke, Kahn’s essentialist idea that a build-
so notes such as “yesterday I in- ing possesses an “existence-will”
GRISCHA RÜSCHENDORF/RUPHO

Continued from page C7 tended to send you the money but even before it is built, the argument
Beyond Time and Style: A Life in Archi- just plumb forgot” tend to repeat rings true. Mies often spoke of
tecture.” In the earlier book, Mr. Wise- themselves. For most of their years architecture as “Zeitwille,” or the
man included some details of Kahn’s together, Ms. Pattison is raising will of the epoch, and the monu-
affairs with Ms. Pattison, with whom their son—born in 1962—alone and mental, incantatory power of Kahn’s
he had a son, and his colleague Anne in financial straits. In 2003, Na- best work cannot be denied. Com-
Tyng, with whom he had a daughter. thaniel Kahn would make architec- paring two famous projects on the
In the new book, Mr. Wiseman focuses tural history of a different kind, re- GATHERING INSPIRATION Inside the National Assembly of Bangladesh. Indian subcontinent—Le Corbusier’s
mainly on the architecture, concluding leasing his Oscar-nominated movie planned city of Chandigarh in India,
that “Kahn’s personal history can cloud “My Architect,” a biographical portrait before this masterpiece of Corbusier’s.” a subject Kahn knew a great deal and Kahn’s National Assembly building
the merits of his work.” of his absent father, which included Kahn wrote to her when he learned of about. Ms. Pattison recalls Kahn saying, in Bangladesh—Mr. Wiseman notes that
Or embellish them. Ms. Pattison’s extended interviews with Ms. Pattison, Le Corbusier’s death: “Yesterday some- “The first thing you want in most mu- Corbu’s design “was considered some-
book not only details the compromises Anne Tyng, and his two half-sisters, thing died in me in the loss of [the] seums is a cup of coffee—you feel so what alien to the Indian environment.”
that attended their surreptitious rela- Sue Ann Kahn and Alexandra Tyng. someday when I could have met Le tired right away.” Mr. Lobell notes that By contrast, he quotes a Bangladeshi
tionship, it also abounds in archi- Just as buildings on the same street Corbusier with the feeling of the right Kahn included “a garden for the tired architect praising Kahn’s work at Dhaka:
tectural detail. Kahn filled his letters are said to “speak” to one another, to give him my reverence.” Absent visitor” at the Kimbell, and at Yale’s “When parliament was out of session,
and postcards to her with drawings, Le Corbusier, Kahn lamented, “Who Center for British Art, “after some time the building stood like our conscience,
sketches and ruminations about his will I design for now?” in the galleries,” you are led by the watching us, waiting for us to do the
varied commissions, and of course For Kahn, Le Corbusier The three books also remind us floor plan “into the light court, where right thing.” Inspiration trapped in
shared details of the “unusual adult of less portentous, shared qualities there are sofas.” Finally, an architect poured concrete—it is hard to imagine
biography”—Mr. Wiseman’s term—that
set the gold standard. among architects. Item: No great archi- who is feeling our pain! a greater compliment to an architect.
he and Mr. Lobell shy away from. Kahn often asked the tect creates under his birth name. Kahn What do we learn about Kahn the Here is another compliment. Con-
Ms. Pattison calls their 15 years to- rhetorical question, was born Leiser-Itze Schmulowsky; architect-philosopher? Abba Tor, an cluding his book, Mr. Lobell notes that
gether “a season of fantasy that we Frank Lloyd Wright’s parents named Israeli engineer who worked on the Kahn’s work conforms neither to the
both indulged in, imagining often how ‘How am I doing, Corbu?’ him Frank Lincoln Wright, and so on. Yale Center, once kidded Kahn about Beaux-Arts values that characterized
wonderful it would be to live together Item: Architects—Mies van der Rohe, his oft-cited “What do you want, his training, nor to the Modernist aes-
and have a family—although when I Kahn—aren’t good with finances and Brick?” quote. According to Mr. Wise- thetic that dominated the profession
tried to talk about specifics, Lou would these three books are occasionally in don’t know how to drive. Item: Archi- man, Tor “kidded Kahn by saying, ‘Lou, during his lifetime. “But what if there
fall silent or say something poetic that dialogue. It is Mr. Lobell who quotes tects make mistakes, but they may live what did the wall say the last time you is a third choice?” Mr. Lobell asks.
effectively put the discussion off.” The Kahn saying that, in the 1930s, “I lived long enough to correct them. Both talked to it?’” Indeed. What if you ask the build-
cruelties inflicted upon the “other in a city called Corbu,” and notes that Messrs. Wiseman and Lobell note that To be fair, even Kahn evinced some ing: “What style are you?” The edifice
woman”—Kahn never stopped living Kahn would later ask, repeatedly, “How Kahn allowed too much sunlight into skepticism about his windy, rhetorical answers: “I am the style of Louis
with his wife, Esther—are palpable. am I doing, Corbu?” But it is Ms. Patti- the labs at Richards Medical, a problem flights. Writing to Ms. Pattison, he Kahn.” That is architectural eloquence
Ms. Pattison, who became a landscape son who has the dispatches from the he rectified at the sunnier Salk site in tried to explain his bizarre coinage of the highest order.
designer, worked on the plantings for field, e.g., Kahn’s letter from Le Cor- La Jolla with cantilevered, overhanging “Ina”: “I did not like the word con-
the Kimbell Art Museum, but when it busier’s famous Convent of La walkways that shaded the floor-to- sciousness. It sounds like a cheap per- Mr. Beam is the author, most
opened to the public in 1972, “I wasn’t Tourette, near Lyon: “The building is a ceiling glass walls of the laboratories fume, so I invented INA. Now the rea- recently, of “Broken Glass: Mies
there for the event, as I was not in- coming together of spaces boldly and below. son is that there can be consciousness van der Rohe, Edith Farnsworth,
vited. Lou took Esther.” When Ms. even violently meeting each with its Ms. Pattison and Mr. Lobell harmo- without will but there can be no will and the Fight Over a Modernist
Pattison worked in Kahn’s Philadelphia own light quality. I felt all humility nize on a key aspect of museum design, without consciousness. So INA is pure Masterpiece.”
 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, January 2 - 3, 2021 | C9

BOOKS
‘Borders? I have never seen one. But I have heard they exist in the minds of some people.’ —TH O R H EYERDAH L

Time to Be Moving Along

The Next Great Migration
By Sonia Shah
Bloomsbury, 387 pages, $28
BY TUNKU VARADARAJAN

I
N 2009, people in Tibet began to suffer
from a novel form of unpleasantness—
unconnected to the torment of living
under Chinese rule. There were wide-
spread reports of “strange itchy bites,”
the first time anyone in that elevated tundra
on the northern side of the Himalayas “could
ever remember being bit by a mosquito.”
So writes Sonia Shah, an accomplished
science journalist and the author of “The
Next Great Migration.” A quick search on the
internet—prompted by a disbelief likely in
anyone plagued by this omnipresent insect—
turns up scientific papers that corroborate
her story. Mosquitoes had indeed, about a
decade ago, made a home in Tibet, no doubt
in response to changing temperatures and
patterns of forestation. Put simply: The
mosquitoes had migrated. Just as people do.
Human-rights groups are inclined to assert
that there’s a moral right to migrate inherent
in all persons, accompanied by a right to be re-
settled. Ms. Shah, equally liberal in her politics,
states her case differently: She asserts the exis-
KEVIN FRAYER/GETTY IMAGES

tence of an irrepressible “migratory impulse”

that is embedded not just in human nature but
in the nature of all living things. Fish migrate.
Birds migrate. War-ravaged Syrians migrate.
Even coral reefs migrate: Scientists have
discovered two reef species off Japan that move
northward at a rate of nearly 9 miles every year.

.
Ms. Shah is quick to distinguish the move- DISPLACED Rohingya refugees near the Balukali camp in Cox’s Bazar, Bangladesh, in 2017.

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ments of “wild species” from those of human
migrants. The former are shaped by “their came not merely from other lands but also challenge from the Comte de Buffon, a French yet another biological border,” was a splitter.
own biological capacities” and the “geographic from within national boundaries—over just a naturalist. All humans, Buffon wrote, regard- There are a few places in this thoughtful
features they encounter on their journeys,”
such as the steepness of mountains or the
swiftness of currents. By contrast, the paths
taken by human migrants “are shaped pri-
on
few decades, nearly six million Southern blacks,
she observes, moved to the country’s industrial
North. By the turn of the 20th century,
“immigrants and their progeny” outnumbered
less of where they live, “derive from the same
stock and are of the same family.” A migra-
tionist by conviction, Buffon believed that
observable physical differences between
and eloquent book in which readers will take
issue with Ms. Shah’s narrative. For instance,
having made the perfectly good assertion that
economists have “long struggled to detect” any
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marily by abstractions.” To be sure, these those whose parents had been born in the U.S. peoples derived not from intrinsic biological negative economic effect of migrants on locals,
abstractions can sometimes be all too painfully America’s “scientific elites” at the time, says she makes the overwrought claim that, in a
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concrete, and the news today, Ms. Shah writes, Ms. Shah, were obsessed with the “biological 2015 study, George Borjas, a Harvard econo-
al a

“is full of stories of people on the move”: menace of migration”—a eugenicist fear that The migratory impulse comes mist, “overturned” a near-consensus on the
African migrants fleeing hardship or oppression a mixing of peoples would result in a rise in positive nature of migration. Mr. Borjas is a
naturally—it is rooted in human
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“cram themselves onto leaky boats” to get to crime and disease. She argues that the roots of longstanding pessimist when it comes to immi-
Europe; and “women hauling toddlers on their their resistance to incomers—which continues biology. More people live outside grant labor’s effect on U.S. wages. And while his
hips walk hundreds of miles” from Guatemala on the less-elite nativist right to this day— their lands of birth today than work isn’t scoffed at by other economists, it is
to the U.S. border in search of employment. traces back to the 18th century, “when not embraced either. He is an academic outlier.
The statistics Ms. Shah marshals are eye- European naturalists first started cataloging at any time in recorded history. Ms. Shah’s focus on Mr. Borjas was prompted
er s

catching: Fifteen million people fled their the natural world.” Western Christian by the endorsement, by outgoing President
countries in 2015, more than at any time since civilization came to see people and species as Trump, of some of his findings. Yet the truth is
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World War II. More people live outside their being “from” specific places that had been distinctions but from a variable process of that the U.S. has enabled millions of migrants
lands of birth today than at any time in determined for them by the Creator. change and adaptation. to become substantially better off while
recorded history. By 2045, the enlarging of Carl Linnaeus, the Swedish naturalist, was Though Buffon’s core belief has been borne causing no discernible loss to American labor—
deserts in sub-Saharan Africa could force the prime mover of this idea. In his view, out over time, the persistent differences an accomplishment too few Americans boast
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60 million people to “pick up and leave.” By writes Ms. Shah, nature was a reflection of between peoples—cultural, philosophical and about. “Most every migrant,” writes Ms.
2100, rising sea levels could add an additional God—ergo, perfect—“with each living creature physical—have made migration a perennially Shah—herself the daughter of migrant doctors
180 million to their ranks. “The next great in its place with a specific function to fulfill.” contentious matter, something Ms. Shah from India—“could accurately describe their
migration,” she says, “is upon us.” Since migration would have violated God’s seeks to address with science, not sentiment. movements as motivated by the desire for work
Ms. Shah’s book, at times tendentious, is natural order, Linnaeus dismissed it as an Her overarching goal in “The Next Great and economic security.” Her parents had grown
co Fo

always humane. She strives throughout to impossibility. And since the Creator did not Migration,” after showing the evolutionary up in cramped tenements in India, sleeping on
ground her arguments in empirical data and intend man to migrate, it was his conviction logic of the migratory impulse, is to align stone floors. In New York City in 1966, by
to calm those who would fear impending mass that the physically distinctive people that herself with the “lumpers” of this world, as contrast, they had so many offers of medical
movements of “foreign” people by stressing European explorers encountered on their against the “splitters.” These opposing camps, jobs that they evaluated them “based on
that “migration is a force of nature, rooted in voyages to Africa, Asia or the Americas did not first posited by Charles Darwin in a letter to whether they included apartments, and whether
human biology and history,” whose benefits share a common origin with Homo sapiens a fellow biologist, defined the former as those those apartments had balconies.” What would
have outweighed its costs. europaeus (to use Linnaeus’s term). who look for underlying similarities between dear old Linnaeus have made of that?
Yet she acknowledges the resistance to Linnaeus imposed an elegant taxonomical “disparate data points” (Ms. Shah’s phrase)
migrants in much of modern history, even in order on the world, devising a system that and the latter as those who would rather Mr. Varadarajan is a Journal contributor and
countries whose credo celebrates migration. In endures to this day. But on the question of focus on the differences. Linnaeus, “who a fellow at New York University Law School’s
the case of the U.S., one such country, migrants migration, he faced a sturdy contemporary would sniff out any hint of a distinction to draw Classical Liberal Institute.
n-

Dolly attuned to the subtle ways in which rial. By the time of her 1973 nostalgia- Parton’s music has helped “hard-luck and her knees were aching in our
no

Ms. Parton interweaves old and new drenched album “My Tennessee women” make their own escapes from cramped seats halfway up the enor-
musical strands—for instance, by orna- Mountain Home,” her boss Wagoner deadbeat men and dead-end lives. mous arena,” she writes. “I got her to

Parton, menting her verses with archaic flour-

ishes and stock phrases from centuries-
had had enough. As her producer, he Women like Ms. Smarsh’s Grandma
controlled much of what she recorded, Betty, who survived a string of abusive
stand up and dance with me during
‘9 to 5,’ for which the whole place was

Songteller
old ballads: “My life is like unto a often in slick arrangements that went husbands and helped raise Ms. Smarsh on its feet near the end of the show,
bargain store”; “all ye maidens heed against her wishes. For him, the money even as she juggled low-paying jobs. but a woman who lived the song might
my warning.” In her 1973 hit “Jolene,” was in love songs. “Dolly, nobody gives “When I was a kid, Betty would put not feel so jubilant.”
a bank teller who flirted with Ms. Par- a shit about ‘Mama’s Old Black It is fitting that both
Continued from page C7 ton’s husband is transformed into a Kettle,’ or ‘Daddy’s Working “Unlikely Angel” and “She
an annotation for a lesser-known gem classic femme fatale, whose “beauty is Boots,’ ” he told her. “Who Come by It Natural,” defend-
from 1969, “Gypsy, Joe, and Me,” in beyond compare / With flaming locks cares?” Her response was ing Ms. Parton as an impor-
which a family of drifters are wiped of auburn hair.” “Jolene,” her biggest hit yet, tant American composer, end
out: First, the dog Gypsy is hit by a Some of Ms. Parton’s best-known garnering her new fans outside at the same place—a humble
car; then the narrator’s boyfriend Joe tear-jerkers, such as “Me and Little country music, and it wasn’t bronze statue outside the
dies from exposure; then the narrator Andy,” about an abandoned girl and long before she broke free Sevier County Courthouse in
herself jumps off a bridge in despair. her puppy seeking refuge in a storm, from Wagoner and went solo. east Tennessee. It is a down-
“Lord, I just can’t get depressing have been savaged by critics through For Ms. Smarsh, a Kansas- to-earth depiction of a beam-
enough, can I?” Ms. Parton writes. the years. (“As heinous as any of her based freelance journalist and ing Ms. Parton wearing jeans
In fact, the lyrical content at the past offenses against good taste,” author, Ms. Parton’s tumultu- and hugging her guitar
heart of “Songteller” shows the wide wrote one.) In fact, these songs, con- ous relationship with Wagoner around the time she left her
sweep of her oeuvre, a blend of dark- cert staples still beloved by fans, reveal is only too familiar for the mountain home for Nash-
ness and light with natural affinities Ms. Parton working in the tradition of women Ms. Smarsh herself ville. “Most surprisingly,”
LES LEVERETT/GRAND OLE OPRY

for the scorned and the misunderstood. the sentimental Victorian-era parlor grew up with on the Kansas notes Ms. Hamessley, “she
There are outcasts and misfits of all tunes with which, we learn, her mother plains. Through the years, and is barefoot—superstar Dolly
sorts: hermits, prostitutes, winos, or- serenaded her. even after Wagoner’s death in wears at least 5” heels—and
phans, clairvoyants, gamblers and, not Ms. Hamessley supplements her 2007, Ms. Parton has played her toes have the sheen of a
least, resourceful women of all stripes, close readings (and close listenings) down and publicly forgiven venerated icon. . . . She is
but mostly poor and rural, in every with incisive comments from Ms. Par- the abusive treatment at his represented as if she were
conceivable predicament. Wordplay ton, who sent responses via cassette to hands. Ms. Smarsh puts back still that mountain girl from
and O. Henry-like plot twists abound. the author’s inquiries, mostly about her the hurt and sting. MUSIC AND LYRICS On stage in 1971. Locust Ridge who dreamed
No subject is off-limits: suicide, in- native Appalachia’s folk roots. When “Parton had left home for of being a songwriter.”
sanity, lust, faith and doubt, adultery, asked about the early 19th-century the lights of Nashville and found suc- one of Dolly’s tapes in the deck of her That mountain girl had left on a bus
depression, illegitimacy; there is even hymn “Wayfaring Stranger,” whose cess,” she writes. “But, in some ways, old car while we rolled down some with her guitar and three paper bags
a song called “PMS Blues.” stark melody re-appears in a number she was just as trapped as she would highway,” she writes. “It’s the only full of dirty clothes, the hooting laugh-
To help explain Ms. Parton’s prodi- of her compositions, the now 74-year- have been as a knocked-up kid in a music I remember her singing and cry- ter of her high-school classmates ring-
gious output, Ms. Hamessley, in “Un- old Ms. Parton dredged up a childhood shack in Sevier County. . . . She wound ing to in that emotionally repressed ing in her ears after she had announced
likely Angel,” credits the rich musical memory of an old man at a local up professionally and contractually Midwestern culture and class.” on Graduation Day that she was headed
heritage back in the Smokies, especially church in faded overalls who stood up bound to a man who fancied himself In 2016, Ms. Smarsh treated the 71- to Music City to make it big. Along
the gripping ballads of tragedy and mid-service and sang it impromptu: her husband, her father, her owner. . . . year-old Betty to a concert at a Kansas with “Songteller” and these appreciative
death that Ms. Parton’s mother sang “It was the saddest, most beautiful, What she’d stepped into was the City arena packed with the usual studies, the statue’s smile is proof that
and the eerie folk hymns that Ms. Par- most lonesome thing I’d ever heard,” wealthier, show business parallel of a rainbow coalition of long-time Dolly Ms. Parton has had the last laugh.
ton heard in the local Pentecostal she tells Ms. Hamessley. life she’d meant to escape.” fanatics and recent converts, from farm
churches. A music teacher at Hamilton Early in her career, Ms. Parton Bristling with sharp insights and kids to drag queens. “Unlike Parton, Mr. Dean is co-author of Dr. Ralph
College and a clawhammer banjo en- mined her past not only for these emo- righteous anger, “She Come by It Natu- [Betty] hasn’t had high-priced doctors Stanley’s “Man of Constant Sorrow:
thusiast, Ms. Hamessley is especially tional touchstones but for raw mate- ral” is a moving account of how Ms. keeping her well-oiled over the years, My Life and Times.”
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘High birth is a form of congenital insanity.’ —VIRGINIA WOOLF

MYSTERIES
TOM NOLAN

A Butcher
And His
Enemies
THOMAS PERRY’S gang-world
protagonist Michael Schaeffer
first appeared in Mr. Perry’s 1982
debut novel, “The Butcher’s Boy,”
which told how Schaeffer was
adopted at age three by Eddie
Mastrewski, a Pittsburgh butcher
with a second job as a hired hit-
man. In his teens, Schaeffer be-
ALAMY

came partners with his surrogate father in both

professions. In “Eddie’s Boy” (Mysterious Press,

The Weight of the Estate

274 pages, $26), an unanticipated but welcome
series entry, Schaeffer is 60, retired and living
low-profile in England with his titled wife.
Schaeffer’s violent past catches up to him
every decade or two, in the form of professional
House of Trelawney In the rooms “the huge side tables Tower Bridge. A financial wizard, and putting insects dead and alive assassins bent on collecting payoffs from retri-
By Hannah Rothschild were covered in a layer of dust Blaze is a senior partner at the into specimen boxes and plastic butive mobsters. At the start of “Eddie’s Boy,”
and detritus, and a grand piano highly successful firm of Kerkyra bags. Tuffy bears more than a Schaeffer is forced to deal with a quartet of thugs
Knopf, 366 pages, $27.95
sat in a pool of water.” And the Capital, where she has been riding passing resemblance to a real who come after him one evening in his wife’s
BY MOIRA HODGSON decay is accelerating: “Occasion- out the turbulence of the 2008 person, Miriam Rothschild ancestral home. The chillingly focused Schaeffer

I
ally a great crash of avalanching crash. Her life and Jane’s are (1908-2005), the remarkable ento- kills the assailants with a minimum of fuss and
N A SONG of 1938, Noël plaster could be heard falling like reconnected when a long-lost, mologist and flea expert who was an absence of emotion—then apologizes to his
Coward wrote: “The a tree in a faraway wood.” wildly beautiful friend who mar- the author’s great aunt. wife: “I’m sorry for all the
stately homes of England / In 1988 the 24th Earl of ried a maharaja 20 years before Even given the meandering THIS WEEK noise and commotion.” His
How beautiful they stand, Trelawney, now aged 85, handed writes from India that she is dy- plot, with so many comings and spouse, privy to her husband’s
/ To prove the upper the pile to his feckless son and ing of dengue fever (seriously). goings it’s hard to keep track, Ms. Eddie’s Boy past, responds: “You know,
classes / Have still the upper heir, Kitto. His oldest and smart- She asks Blaze and Jane to take in Rothschild provides some good By Thomas Perry Michael, you’re not thirty
hand. / Though the fact that they est child, Blaze, couldn’t inherit her daughter, Ayesha. Of course, lines. “Maybe I’ve got to that age anymore. Maybe we could
have to be rebuilt / And fre- when the 19-year-old arrives, she when a woman turns to God, ask some men we trust to

.
quently mortgaged to the hilt / Is brings a new layer of chaos. gardening or genealogy,” Blaze help out.” Schaeffer prefers not to involve others.

ly
inclined to take the gilt / Off the Once an aristocratic Nothing is left out in this jokes ruefully. The countess He does take his wife’s suggestion that he lay
gingerbread . . .” madcap, convoluted novel, which states, “I only like living some- low in Australia for a while, though he reflects:
Hannah Rothschild’s new comic
family’s pride, a parodies British aristocracy on where surrounded by my own “They both knew that it was unlikely he’d live
novel “House of Trelawney” is Cornish manor is on one hand and the social-climbing land. Looking at other people’s to return home one more time.”
about an ancestral home in Corn- now a symbol of their world of new money on the other. property would make one feel ill.” But Schaeffer was well-trained by his mentor:
wall where the gilt has definitely There are odd, unlikely romances, Like many owners of grand es- “Eddie had taught him how to be the one who
come off. Trelawney Castle, situ- long-held illusions. a suicide, and babies born out of tates falling upon hard times, the survived.” Before he can catch his departing
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ated on a bluff overlooking the wedlock. Blaze becomes dismally family decides to open it to the flight, however, he feels compelled to kill two
ocean, has belonged to the same involved with a brilliant but reclu- public. But there’s a twist: They’ll men who are shadowing him at the airport.
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noble family for 800 years. “The because she was female. Such sive hedge-fund manager, a para- show the castle as a ruin. “Visi- After landing in Sydney, he overpowers another
al a

castle was their three-dimensional were Britain’s archaic rules of pri- gon of niceness who, we’re asked tors would walk with wonder: group of attackers on the train into the city.
calling card, the physical embod- mogeniture. With no funds left for to believe, would rather be herd- viewing the sky through gaping Schaeffer realizes hiding is no longer an option.
ci on

iment of their wealth and influ- its upkeep Kitto, like many an earl ing sheep when he’s not raking in holes in the roof, crunching fallen Who specifically, though, wishes him eliminated?
ence,” writes Ms. Rothschild. or duke before him, was forced to his millions. plaster underfoot, observing the “There were plenty of suspects. . . . He could
“Each Earl added an extension marry for money. Jane, his dowdy Ms. Rothschild is an intelligent inhabitants at rest and play. think of about twenty men.”
until it was declared the grandest, bride, possessed a fortune. But, writer and an elegant prose Anyone who felt moved to could Few authors write action sequences, build
if not the finest, stately home in inevitably, Jane’s money ran out. stylist. The first female chair of contribute to a restoration fund.” suspense and spring surprises as well as Mr.
er s

the county of Cornwall.” So did the heating and hot water. the National Gallery, she describes Ms. Rothschild writes, “The Perry. And few readers will expect anyone who’s
It sounds wonderful. It’s not. Now she is martyr to the cause, her characters’ physical character- decline and fall of the House of roused Schaeffer’s alarm to escape his fatal
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The novel opens in 2008, and the the house “skivvy,” feeding her istics with the eye of someone Trelawney would mirror the his- attentions. In an attempt to find out who wants
castle has fallen into “chaos and aging parents-in-law and three who’s spent a lifetime looking tory of Britain; like the country, him dead, Schaeffer next travels to the U.S., to
decrepitude.” The bungling and teenage children cut-price mince carefully at paintings. Her first Trelawney was a shadow of its the Virginia home of Elizabeth Waring, an official
ineptitude of the last eight disso- (ground beef). She delivers pots novel, “The Improbability of former self, a mere elegy and an in the Justice Department’s Organized Crime
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lute earls, “along with two world of hot water to the freezing Love” (2015), was a clever satire effigy.” Section, with whom he’s had previous dealings.
wars, the Wall Street Crash, three elderly earl and countess who of the art world she knows well. The castle will be saved in His proposal: If she tells him who’s after him,
divorces and inheritance taxes” reside upstairs in a fantasy world It worked because a thread of sus- an unexpected way. Meanwhile he’ll give her information on unsolved mob
has eaten up the estate. There peopled with imaginary house- pense kept the story moving. Britain, that “sceptered isle,” is a murders she can bring to belated trial.
were once medieval oak woods, maids and butlers. They still That’s what’s missing from this shadow of its former self. But one Waring does get some useful facts out of
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meadows and waterfalls on the change into formal clothes (now unwieldy book. The characters are thing the British haven’t lost is Schaeffer, as she tries to convince him to enter
500,000 acres known as “Tre- rather shabby) for dinner. one-dimensional. One exception, their sense of humor, and Ms. witness-protection and spend the rest of his
lawneyshire.” Now ponds have Meanwhile, in London, the es- the most vividly depicted and be- Rothschild provides a large dose life testifying against indicted mobsters. But
silted up, hedges are bedraggled, tranged Blaze is living in a differ- lievable personality, is an elderly of it in this quirky satire. Schaeffer won’t go that far; instead, he engineers
and arches are covered with vines. ent world. There are no drip-filled castle resident, Tuffy, sister of the ingenious, deadly traps into which he lures his
Inside the castle, which has a buckets or creeping mold in the earl, who studies fleas, or Sipho- Ms. Hodgson is the author of enemies. “It’s not a duel,” Schaeffer says of his
room for each day of the year, modern white-and-beige apart- naptera, as she refers to them in “It Seemed Like a Good Idea current predicament. “It’s more like a hunt. I’m
empty squares discolor walls ment, complete with four-person her scholarly fashion. She spends at the Time: My Adventures in the wolf. . . . No matter how things go, the deer
where great paintings once hung. Jacuzzi, she has bought near hours rooting through birds’ nests Life and Food.” doesn’t get to eat the wolf.”
n-

Ferreting for Mountweazels

no

‘WHAT WOULD BE in your researcher who works in the art reinforce the same “useless role is to sow unrest by awaken- They later have a son, but their
personal dictionary?” asks a Swansby “Scrivenery.” contemplation.” The upside, ing people to the “sordid apathy” love for him is complicated by
character in Eley Williams’s While bringing the storylines though, is that the narrator gets of their existences. It’s true that their remorse for their decision,
“The Liar’s Dictionary” to a convergence, Ms. Williams to feel intellectually superior the wallowing author is only the guilt they feel about their
(Doubleday, 270 pages, $26.95), indulges in delightful digressions. about his pointlessness. Consid- able to complete “Marshlands” son’s developmental issues and
and the question will resonate Dictionaries have a rich history ering a philistine acquaintance, once he has succeeded in trans- their shame at being obsessively
with anyone who has ever felt with phony words, it happens— he grouses that the man “cannot ferring some of his despair to consumed by shame.
that language doesn’t suffi- known as “mountweazels,” they accept that an author, writing his long-suffering girlfriend: Indeed, the self-flagellation is
ciently furnish them with words were included to guard against not to instruct, may still not “Wait! What? Now you’re crying. so intense and unremitting that
to match their daily experiences. plagiarists. Mallory discovers be writing to entertain.” —Good! I am happy! I act!” the book quickly comes to feel
FICTION What Mallory, the novel’s nar- that the Swansby’s mount- Fair enough. But to me this like a purely therapeutic exercise
SAM SACKS rator, would like is “a word for weazels give her some idea of THIS WEEK sarcastic ode to stagnation is (we tell stories, the narrator
knowing when the pasta is the personality of the rogue foremost a comedy of ideas, a rationalizes, in order to “redeem
perfectly cooked just by looking lexicographer who snuck them The Liar's Dictionary superb example of the genre the ourselves”). Mr. Davies notes
at it”; “a word for mispronounc- in. (“Mammonsomniate (v.), to By Eley Williams Hungarian author Antal Szerb that fiction provides deniability
ing words that you had only ever dream that money might make dubbed “neo-frivolity.” The for the writer, because no one
seen written down”; “a word for anything possible.”) A sense of Marshlands translator Damion Searls has can really know how much has
being surprised by an aspect of subjectivity and error begins By André Gide kept the language jokey and been made up. But this misses
A novel your physicality.” Nothing is to creep into the meanings of loose, emphasizing the mood of the point. What matters isn’t
for more individualized than the act things. Underneath this novel’s A Lie Someone Told You casual absurdity. (Mr. Searls has the technicality of “truth” but
those of naming. How maddening that extremely bookish mystery is About Yourself a long association with the text, the impression conveyed to the
we’re limited to the words that the idea that our identities are By Peter Ho Davies having adapted it for a short reader, and the overwhelming
who feel have been deemed appropriate as improvisatory as the words story of his own in his 2009 sense here is that this is not a
that for general usage. we affix to them, and that even collection “What We Were Doing work of literature, in which
language In Ms. Williams’s entertaining the dictionary, the most seem- Gide published “Marshlands” and Where We Were Going.”) experience has been transmuted
office-place whodunit, the per- ingly staid and impartial arbiter in 1895, when he was in his This antic, light-fingered Gide by language and reflection, but
doesn’t sonalized reference book is no of truth, is an “unreliable narrator.” mid-20s, and sporadically re- is a figure quite different from the unmediated confessions of
furnish longer just a dream. Mallory In André Gide’s novel vised it and commented upon the éminence grise who wrote a troubled stranger.
them is an intern at Swansby’s New “Marshlands” (NYRB, 116 it throughout his lifetime, as if “The Counterfeiters” in 1925. What to do with a book like
Encyclopaedic Dictionary, an pages, $14.95), the narrator is trying to puzzle out just what Here’s hoping Mr. Searls resur- this? Critiquing a work of art—
with erstwhile competitor to the a writer struggling to write a his younger self was getting rects more lesser-known gems engaging with it—is one of the
words Oxford English Dictionary that book called “Marshlands,” about after. That he was writing to from the author’s youth. great pleasures afforded us.
to match has since been mostly forgotten. a man living alone in a tower entertain there is no doubt, and The recursions inherent to But judging a person, especially
Swansby’s heir wants all its files surrounded by swamps whose as a satire of the self-important autobiographical fiction are a person in torment, is morally
their digitized for posterity but he futile existence expresses the aesthete the book is witty and present in Peter Ho Davies’s “A abhorrent and degrades every-
daily faces an awkward problem: The “boredom, vanity, [and] monot- frequently hilarious. (The narra- Lie Someone Told You About one involved. Mr. Davies is a good
experi- volumes appear to be filled with ony” of the narrator’s life. When tor’s meticulously updated daily Yourself” (Houghton Mifflin writer—I liked “The Fortunes,”
ences. fake words. Mallory’s impossible not writing his book, the nar- planner includes items such Harcourt, 228 pages, $24), his novel-in-stories about the
task is to find and excise all the rator looks for material to add as “Ten o’clock. Go explain to but without the playfulness. history of Chinese-Americans—
fabrications. Meanwhile, alter- to it—that is, he persists in Magloire why I think he’s such The author, or his fictionalized but the wounds he exposes in
nating chapters set in turn-of- the desultory routine of pontifi- a jerk.”) But is there instruction, stand-in, recounts the abortion this work are so raw and open
the-century London follow a cating about it to unappreciative as well? In a journal entry de- his wife underwent after their that the only proper response
transformative day in the life of friends, establishing a perfectly cades later, Gide called his narra- unborn baby was diagnosed with for those who don’t know him
Peter Winceworth, a wallflower recursive circle in which life and tor an “agitated agitator” whose a rare chromosomal abnormality. personally is sorrowful silence.
 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, January 2 - 3, 2021 | C11

BOOKS
‘Poetry is at least an elegance and at most a revelation.’ —ROBERT FITZGERALD

The Personal Is Pedagogical system of letters, running, from best to worst,

Studying With Miss Bishop
By Dana Gioia NAAB, NB, NTB and PB—the first being
“not at all bad,” the last “pretty bad.” (Or
Paul Dry, 182 pages, $16.95
so I assume: Mr. Gioia doesn’t spell it out.)
BY JAMES CAMPBELL He twice managed NAAB but avoided PB.

D
In addition to the piece about Cheever,
ANA GIOIA WRITES that, funny and melancholy in equal parts
by the time he went to college (Cheever was going through one of his peri-
in the early 1970s, he had odic attempts to stop drinking), the book
“already developed a deep includes an interview conducted by Mr. Gioia
suspicion of all theories of art and two colleagues in 1976. Just about every-
ROLLIE MCKENNA/ROSALIE THORNE MCKENNA FOUNDATION/CENTER FOR CREATIVE PHOTOGRAPHY, THE UNIVERSITY OF ARIZONA FOUNDATION

that did not originate in pleasure.” To help thing in this is worth quoting. Cheever is
build on this sensible foundation, he had the asked if, as an occasional teacher of creative
good fortune, during his student days, to writing (a term he disdains in favor of “Ad-
encounter some of the leading literary figures vanced Composition”), he gives his students
of the time. In his final semester as a gradu- writing assignments. He does, though he pre-
ate student at Harvard in 1975, Mr. Gioia was fers to call them drills. “My favorite drills are:
presented with a choice of teachers: Robert
Lowell, then at the height of his fame, or
Elizabeth Bishop, not well known and often Bishop told her students she
spoken of as a Lowell protégée. Lowell’s
seminar on 19th-century poetry was much
was ‘not a very good teacher’
in demand. “Everyone who fancied himself a and required them to memorize
poet talked about taking it,” Mr. Gioia writes. 10 lines of verse a week.
As for Bishop’s course on contemporary verse:
“I had never heard anyone mention it at all.”
The words come from the first of the six
short memoirs in this highly enjoyable book. give me three pages on your imagined intro-
In addition to his classes with Bishop, spection of a jogger, write me a love letter
Mr. Gioia recalls his encounters with John written in a burning building . . .” One of the
Cheever, whose wit and idiosyncratic wisdom interviewers wants to know his views on that
light up each of the 50 or so pages on which perennial topic, the state of the novel. “The
he features; Robert Fitzgerald, translator of fact that the novel is declared dead three
Homer and Virgil and a fierce defender of times a year is its very nature, because it’s a
metrical forms; the wild-man poet and novel- form of resurrection. It’s a very powerful and
ist James Dickey, to whom Mr. Gioia had once chancy way of life. And we call novels (only
given a poor review in an obscure magazine, in the English-speaking world) something

.
which turned out to be neither forgotten meaning ‘newness’ . . . it’s always a newness.”

ly
nor forgiven; and two people unknown in the All these encounters are treated with sym-
literary world—an uncle who passed on a love pathy and light humor by Mr. Gioia who, in
of books to his nephew and a little-published addition to having since made a career as a
poet, Ronald Perry, whom Mr. Gioia had
encouraged during an exchange of letters
and who died unexpectedly on the eve of
their planned first meeting.
on poet and man of letters, has occasionally
drawn on his corporate experience to advise
the founders of little magazines and other-
wise promote the poetry business. Anyone
ENDOWED CHAIR Elizabeth Bishop in Brazil in 1954.
us ,

To these six must be added the author’s attached to the values discussed here—craft,
younger self, about whom he writes as clarity, an understanding of tradition, which,
l
e
engagingly as he writes about anyone else. by asking the dozen or so students who were memorize 10 lines of verse a week. When she T.S. Eliot wrote (Mr. Gioia quotes him), can
al a

Mr. Gioia was raised among “a tight enclave denied the opportunity to study with Lowell assigned Lowell’s “Skunk Hour,” they waited only be obtained “by great labour”—might
of Sicilian relations” in a working-class home to propose “three or four poets they would in expectation of some special insight. “She fear that the business is in a shaky state.
ci on

in Hawthorne, Calif. None of them read much. like to read and talk about. Does anyone always explained dedications to us,” Mr. Gioia Under present orthodoxy, identity-approval
He made an early decision to be not only have a suggestion?” writes, and “Skunk Hour” bore the dedication is apt to trump critical approval in many
“among the poets,” as Keats put it, but of that Someone mentioned John Ashbery, then “For Elizabeth Bishop.” This fact went un- places where poems are published, discussed
minority who have jobs in the larger world— beginning his ascent to what John Berryman mentioned when she began talking, until and judged. But poetry, too, is a “form of
in his case as an executive at General Foods. used to refer to as “No. 1.” Bishop brushed Mr. Gioia pointed it out. “‘Oh, yes, it is dedi- resurrection.”
er s

Mr. Gioia’s achievements are said to include the notion aside. “Oh no, we can’t read cated to me, isn’t it?’ she said. ‘I can’t really “Studying With Miss Bishop” offers the
a reversal of the decline in sales of Jell-O. Ashbery. I wouldn’t know what to say about remember why.’” Rummaging in her memory, opportunity to encounter writing as an act
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In a brief postscript, he describes his efforts him.” W.H. Auden was likewise dismissed, she recalled a visit to Lowell in Maine, when of civility. Mr. Gioia says that Bishop and
to keep his literary life hidden while he was on the eccentric grounds that “We just read skunks were seen going through the garbage. Fitzgerald marked his student papers
there. “Whenever something of mine ap- him in my other class.” The poets she liked “He must have remembered I was there severely. Nothing like that would happen
peared in the New Yorker, I would discreetly talking about most before Mr. Gioia and his that night.” with this finely produced book, but someone
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buy all five copies in the company shop, mail fellows were William Carlos Williams and Fitzgerald’s approach to texts and his could have prevented the author from
one to my parents, and slip the others into Wallace Stevens (two other poets with day presence in class were the opposite: rigorous referring to Stephen Spender as “Lord
the bottom of the finance department’s jobs, as it happens: one as a doctor, the in respect of the first, commanding in the Spender.” Sir Stephen could be lordly,
bulging recycling bin.” other as an insurance executive). second. He asked his students not just to but he never sat in the House of Lords.
Elizabeth Bishop’s approach to teaching Bishop informed the class that she was memorize poems but to write them, with the
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makes the reader long to be transported back “not a very good teacher” and so, “to make assurance that he did not expect works of art, Mr. Campbell’s biography of James Baldwin,
to the mid-1970s, to sit in her class. After all, sure you learn something,” she issued the but evidence of a developing understanding “Talking at the Gates,” will be published in
there was no shortage of places. She began unpopular instruction that students should of form and language. Grading came in a a new edition in February.

A Tale From the Past, a Parade for the New Year

GARY D. SCHMIDT does Meryl Lee’s age. Enslaved by —the book gets baggy in the Andersen prize. In a story titled familiar joyous, color-soaked
n-

something delightful in a gang of pickpockets in New second half—but once again, “Pennyworth,” a little boy finds style of illustration (see below)
“Just Like That” (Clarion, York City for most of his child- as in “The Wednesday Wars” a coin and goes off in search of to a seasonal celebration in
385 pages, $16.99), a novel for hood, the traumatized Matt has (2007) and “Okay for Now” the machine he once saw at a “Maisy’s Chinese New Year”
readers ages 9-14. He arranges lately escaped with a bag of (2011), he ably conjures the train station that he knows will, (Candlewick, 26 pages,
no

for his characters to discover loot. When Dr. MacKnockater accoutrements and sensibilities if he inserts his penny, produce $12.99), a picture book for 3-
great books—“Treasure Island,” discovers the boy living in a of a lost era. The Vietnam War a bar of “Chocklit.” The child to 7-year-olds. Here the well-
“Oliver Twist” and “The tumbledown shack near her looms large here, as does the ends up on one train after beloved white mouse prepares
Wonderful World of Oz” among house, she begins to gentle him, author’s sorrow over it; so does another before trundling home and hosts a gathering of
them—even as he borrows feeding him meatloaf and his evident dislike of Spiro near bedtime. Yet is his mother friends to mark the New Year.
CHILDREN’S ideas and personality types chowder and Robert Louis Agnew and his cronies. By alarmed when the little fellow “Maisy visits a market to buy
BOOKS from great books for the Stevenson. But it’s only a setting a novel in the late 1960s fails to turn up after school? food, decorations, and a new
MEGHAN story he is telling about his he’s also able to remind young No, we read, for “Johnny’s red outfit,” we read as our
COX GURDON characters. In this way, Mr. THIS WEEK readers that once upon a time comings and goings in [their] hostess contemplates heaped
Schmidt’s tale of two young kids their age had real scope of Sussex market town were no baskets of foodstuffs and a
people and their journeys from Just Like That movement: Matt is constantly anxiety to her . . . and anyhow, rack of crimson frocks. “Red is
darkness to light becomes, By Gary D. Schmidt taking the Greyhound bus up he was five and getting quite a a lucky color. What red things
in itself, a testament to the and down the coast, and by big boy.” (Five! It’s impossible can you see?” Well, lots of
formative power of literature. The Little Bookroom the end Meryl too travels alone. to imagine a present-day writer them, a child will think: I see
“Just Like That” is set in and By Eleanor Farjeon “Just Like That” may not be a letting such a young child elude red lanterns, red parcels, red
A around 1968, and at first there Illustrated by Edward Ardizzone brilliant book, but it breathes a adult supervision for the day.) bows on a bear’s shoes, and
young- are two strands to it. The first love of literature and freedom The stories are a bit touch- a red ribbon around that
adult belongs to Meryl Lee Kowalski, Maisy’s Chinese New Year that at this point makes it and-go, with anachronisms peacock’s neck. As the pages
who’s reeling from the acci- By Lucy Cousins exceptional. (“gypsies,” “simpletons”) that turn, the partygoers convene
novel dental death of her best friend A generation earlier, will not find favor in every at Maisy’s house. Tiger arrives
that and has just arrived for eighth anecdote suggests, children household. But the book is with presents. Old friends
breathes grade at St. Elene’s Preparatory matter of time before the homi- had even more independence. worth revisiting if for Edward Tallulah, Charley and Cyril
Academy in Maine. Here, in the cidal gang boss, a Dickensian We get a glimpse of this from Ardizzone’s cozy illustrations (a chicken, a crocodile and a
a love of manner of many a boarding- villain named Leonidas Shug, one of the stories that Eleanor alone, with their inky cross- squirrel, respectively) come
literature school tale, she encounters tracks him down. Matt knows Farjeon (1881-1965) tells in hatches and marvelous feeling too. There’s a feast, and
and snooty classmates, demanding it, and we know it. “The Little Bookroom” (NYRB of possibility—that sense that storytelling, and fireworks and
teachers, and the endless temp- The two story-strands Kids, 314 pages, $12.99), a there is more to see just out- “lucky red packets with money
freedom tation to go out of bounds. come together midway in reissue of the 1955 collection side the edges of his pictures, inside” for all. A parade the
that, The tone is arch and the a scene that captures the that earned the British author if only we could. next day ends with a
in this words often capitalized in book’s dichotomous mood. the inaugural Hans Christian Lucy Cousins brings her spectacular dragon
Meryl Lee’s part of the story. On Thanksgiving, hearing dance: “Happy
cultural She imagines that the school’s someone at the door of New Year, Maisy!
moment, headmistress, Dr. Nora Dr. MacKnockater’s house, Happy New
makes it MacKnockater, exudes Awful where he’s staying, Matt rushes Year, every-
excep- Dignity. She and her classmates down wearing only boxers and one!”
at St. Elene’s Preparatory brandishing a hatchet. He is
tional. Academy, as it is always named, prepared to kill Leonidas Shug.
archly and in full, know that Instead he finds Meryl Lee,
it is their mission to develop a girl who, like Dorothy in Oz,
Resolution, overcome Obstacles has embarked on a journey
and become Accomplished. that will take place as much
There’s not much humor within her as without.
in the novel’s second strand, In this heart-expanding
CANDLEWICK
which attaches to Matt Coffin, story, the talented Mr. Schmidt
an illiterate boy more or less is not at his most economical
 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, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘One line plus one line results in many meanings.’ —JOSEF A LB ER S

The Interaction of Talent The short-lived, freewheeling insti-

Anni & Josef Albers:
Equal and Unequal tution in the bucolic western reaches
By Nicholas Fox Weber of the state was founded on the “learn-
ARNOLD NEWMAN PROPERTIES/GETTY IMAGES; ON C7: TIM NIGHSWANDER/IMAGING4ART/THE JOSEF AND ANNI ALBERS FOUNDATION/ARTISTS RIGHTS SOCIETY (ARS), NEW YORK/DACS, LONDON

ing by doing” principles of John Dewey

Phaidon, 511 pages, $150
and became renowned for its roster of
BY ANN LANDI teachers and students, including Ruth

T
Asawa, John Cage, Merce Cunningham,
HE 20TH CENTURY pro- Buckminster Fuller, Ray Johnson,
duced its fair share of Franz Kline and Robert Rauschenberg.
powerhouse artist cou- The Alberses flourished as teachers
ples, among them Alfred and artists, making trips to Cuba and
Stieglitz and Georgia Mexico that influenced their respective
O’Keeffe, Lee Krasner and Jackson visions. In brief chapters, Mr. Weber
Pollock, Helen Frankenthaler and Rob- details their relationships with some
ert Motherwell, and Willem and Elaine of their colleagues and students, and
de Kooning. But for sheer longevity offers up the occasional corrective, as
and high-voltage aesthetic give-and- with the bond between Rauschenberg
take, none rivals the union of Josef and and Josef, which has been character-
Anni Albers, who met at the Bauhaus ized as one of conflict and rebellion
in Weimar, Germany, arrived in the U.S. when in reality “their mutual respect
to teach at Black Mountain College in went deep” and the younger Rauschen-
1933, and were married for 51 happy berg never failed to acknowledge his
and productive years. debt to his fiercely disciplined mentor.
Numerous books and exhibitions After leaving Black Mountain in
have covered the career of Josef 1949, the Alberses lived briefly in New
Albers, famed for both his teaching York, where Anni had a triumphant
and his rigorous brand of geometric solo show at the Museum of Modern
abstraction; fewer have been devoted Art, before Josef became the head of
to the accomplishments of Anni, whose the department of design at Yale. They
weavings elevated simple craftsman- bought their first house, and Anni
ship to sublime and often monumental learned to cook (previously they’d
statements. No biographer considered always eaten refectory-style); their
the two in tandem until Nicholas Fox pared-down furnishings included an
Weber published a slim volume about abandoned automobile seat for a
their furniture, textiles and other living-room sofa. The same year they
works in 2004. Now he has written relocated, Josef started “what is prob-
“Anni & Josef Albers: Equal and ably the largest series of consistent

.
Unequal”—a mammoth, profusely illus- paintings in the history of art”—the

ly
trated doorstopper of a book. 2,000 works that make up the “Hom-
Mr. Weber, the author of biog- age to the Square.” Each painting com-
raphies of Balthus and Le Corbusier, prises four superimposed squares in
is in an intimate position to present
the Alberses as individual artists and
married partners—“fiercely ‘indepen-
dent’ and ‘interdependent’ to rare
on colors applied with a palette knife
straight from the tube; it was a project
that occupied him for 25 years.
For the rest of their lives (Josef
us ,

effect,” as he describes them. He met died in 1976, Anni in 1994), the couple
and became close to the couple in the enjoyed increasing fame while main-
l
e
early 1970s when he was a graduate taining a disarmingly modest lifestyle;
al a

student at Yale, where Josef was teach- both disapproved of moneyed excess
ing, and since 1979 he has been the QUAD AND MAN Josef Albers and one of his paintings in 1952. and indeed made fun of ostentation in
ci on

head of the foundation that bears the others. There were tensions between
couple’s name. the age of 32. Anni, born Annelise Elsa or the instruction she received at the [that] enabled the best-known and most them, as Mr. Weber acknowledges,
Mr. Weber’s approach in this book Frieda Fleischman, was from a pros- School of Applied Arts, where they important teachers to live with un- briefly alluding to Josef’s extramarital
is not so much straightforward biogra- perous Jewish family in Berlin; her taught what she called “sissy stuff, precedented luxury as well as ground- dalliances, but they “were partners in
phy as a smorgasbord of chapters, long father “sold expensive dressers and mainly needlepoint.” breaking simplicity in a natural setting the truest sense. They could fly into
er s

and short, detailing the artists’ lives sofas from his vast Art Nouveau show- When she arrived at the Bauhaus overlooking a bucolic pine forest.” rages at one another, each arguing
but also examining their relationships rooms to the swells of Berlin,” Mr. in 1922, Josef was making radically The idyll was a brief one, though, in very different styles—Josef sparky
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with students, collectors, mathematical abstract constructions from shards since the Dessau government closed and outspoken, Anni reticent but no
systems, pre-Columbian art, Duccio of glass and bits of wire and metal the Bauhaus in 1932, declaring it could less firm—and each was resolute that
and Giotto, Paul Klee and Marcel For sheer longevity and scavenged from dumping sites on the no longer pay salaries. Though the he or she was right, so compromises
Breuer (among others), along with the outskirts of town. Anni gravitated to Nazi minister of culture told Mies van did not come easily, but they were two
high-voltage aesthetic
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couple’s own tastes in dress, furnish- weaving workshops, where, Mr. der Rohe, the director of the school, incredibly like-minded people and
ings and even food. With its staggering give-and-take, few artist Weber tells us, “she wanted to use the that the Bauhaus could reopen if it absolutely great artists, each in a very
array of photos and reproductions, this couples rival the Alberses. medium of woven thread to make art adhered to the cultural policies of the different way.”
is a book meant to be browsed and as singular as the paintings of the party—“to propagandize all that the The author’s mysterious and ambig-
savored rather than read straight weaving workshop’s form master, new government stood for”—Mies and uous subtitle, “Equal and Unequal”—
co Fo

through. Klee.” It was a style she would adhere the other Bauhaus masters decided to a reference to one of Josef’s paintings
Given their dissimilar backgrounds Weber reports, while her uncles “lived to for the rest of her life, creating shut down the school for good. that hung in the couple’s bedroom—
and an age difference of 11 years, it in the most impressive mansions in the works of geometric simplicity in mes- Soon Anni and Josef, through the sums up the partnership of two strong-
seems a lucky accident of spontaneous city [and] all had their clothes custom- merizing patterns, often incorporating exertions of architect Philip Johnson— willed personalities from different
combustion that Anni and Josef should made for appearances in the best seats odd materials such as cellophane and an admirer of both—found themselves backgrounds, of different tempera-
connect at the Bauhaus, that legendary at the opera or for carriage rides from horsehair. bound for the fledgling Black Mountain ments, who nonetheless forged a union
experimental institution for teaching one of their fabulous residences to Shortly after the school moved to College in 1933. At first they thought that led to revolutionary ways of
art and design. Josef was the son of another.” Anni would soon reject the Dessau in 1925, the Alberses, now mar- North Carolina might be in the Philip- making and thinking about art. For all
a devoutly Catholic painter-decorator life of privilege and excess, as she did ried, spent six years there living pines, but a little research disclosed their economy of means, they deserve
in Bottrop, in the northwestern indus- her artistic education up until that among a faculty that included pioneers that it wasn’t all that far from Mexico, a book this sprawling in scope.
trial Ruhr region; he worked as an point, whether from her art teacher, of Modernism like Klee, Wassily “where much of the art they both
elementary-school teacher before en- a second-generation German Impres- Kandinsky and Oskar Schlemmer in a adored in Berlin’s Ethnologisches Mu- Ms. Landi writes about culture and
n-

rolling as a student at the Bauhaus at sionist named Martin Brandenburg, “splendid group of nine residences seum had been made centuries earlier.” art from Taos, N.M.

Bestselling Books | Week Ended December 26

no

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
A Promised Land 1 1 Untamed 6 — Cat Kid Comic Club 1 1 Midnight Sun 6 8 Print-book dataproviders includeallmajorbooksellers,
Barack Obama/Crown Glennon Doyle/Dial Dav Pilkey/Graphix Stephenie Meyer/Little, Brown Young Readers webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
Greenlights 2 2 Magnolia Table, Vol. 2 7 — The Deep End 2 2 Ready Player Two 7 9 thosesellingforlessthan99centsareexcluded.
Matthew McConaughey/Crown Joanna Gaines/Morrow Jeff Kinney/Abrams Ernest Cline/Ballantine Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
Modern Comfort Food 3 4 Caste 8 10 Dog Man: Grime and Punishment 3 3 The Boy, the Mole, the Fox and... 8 4 books,bundles, boxedsetsandforeign
Ina Garten/Clarkson Potter Isabel Wilkerson/Random House Dav Pilkey/Graphix Charlie Mackesy/HarperOne language editions) andfeaturea
combination ofadult,youngadultand
Becoming 4 8 Humans 9 3 The Ickabog 4 6 The Return 9 — juvenile titles.Thehardcover fiction
Michelle Obama/Crown Brandon Stanton/St. Martin’s J.K. Rowling/Scholastic Nicholas Sparks/Grand Central andnonfiction listsalsoencompass a
mixofadult, youngadultandjuveniletitleswhilethe
Guinness World Records 2021 5 7 Bag Man 10 6 A Time for Mercy 5 5 The Vanishing Half 10 — businesslistfeatures onlyadulthardcover titles.
Guinness World Records/Guinness World Records Rachel Maddow/Crown John Grisham/Doubleday Brit Bennett/Riverhead Referquestions [email protected].

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

Breath 1 — A Promised Land 1 1 The Guest List 1 — Cat Kid Comic Club 1 1 Atomic Habits 1 1
James Nestor/Riverhead Barack Obama/Crown Lucy Foley/Morrow Dav Pilkey/Graphix James Clear/Avery
A Promised Land 2 1 Greenlights 2 2 The Order 2 — The Deep End 2 2 Total Money Makeover 2 2
Barack Obama/Crown Matthew McConaughey/Crown Daniel Silva/Harper Jeff Kinney/Abrams Dave Ramsey/Thomas Nelson
What Unites Us 3 — Interesting Stories for Curious People 3 6 Let It Be 3 New The Night Before Christmas 3 — Dare to Lead 3 3
Dan Rather/Algonquin Bill O’Neill/LAK Marie Force/HTJB Clement Clarke Moore/Running Press Brené Brown/Random House
Strength Training for Seniors 4 — Becoming 4 8 Normal People 4 — Dog Man: Grime and Punishment 4 3 Extreme Ownership 4 4
Paige Waehner/Skyhorse Michelle Obama/Crown Sally Rooney/Hogarth Dav Pilkey/Graphix Jocko Willink & Leif Babin/St. Martin’s
Mortuary Confidential 5 — Modern Comfort Food 5 5 The Vanishing Half 5 6 A Time for Mercy 5 4 The Daily Stoic 5 5
Todd Mckenzie & Ken Harra/Citadel Ina Garten/Clarkson Potter Brit Bennett/Riverhead John Grisham/Doubleday Ryan Holiday & Stephen Hanselman/Portfolio
The Splendid and the Vile 6 — Untamed 6 — A Time for Mercy 6 4 The Ickabog 6 7 Good Company 6 6
Erik Larson/Crown Glennon Doyle/Dial John Grisham/Doubleday J.K. Rowling/Scholastic Arthur M. Blank/Morrow
Greenlights 7 5 Caste 7 — The Henna Artist 7 — The Vanishing Half 7 — Principles 7 10
Matthew McConaughey/Crown Isabel Wilkerson/Random House Alka Joshi/Mira Brit Bennett/Riverhead Ray Dalio/Simon & Schuster
Caste 8 4 Guinness World Records 2021 8 10 The Duke and I 8 — Ready Player Two 8 8 Never Split the Difference 8 8
Isabel Wilkerson/Random House Guinness World Records/Guinness World Records Julia Quinn/Avon Ernest Cline/Ballantine Chris Voss/Harper Business
Barracoon 9 — Magnolia Table, Vol. 2 9 — Deadly Cross 9 5 Midnight Sun 9 — StrengthsFinder 2.0 9 7
Zora Neale Hurston/Amistad Joanna Gaines/Morrow James Patterson/Little, Brown Stephenie Meyer/Little, Brown Young Readers Tom Rath/Gallup
The Admirals 10 — Bag Man 10 7 A Gentleman in Moscow 10 — Harry Potter and the Sorcerer’s Stone 10 9 The 4-Hour Workweek 10 —
Walter R. Borneman/Little, Brown Rachel Maddow/Crown Amor Towles/Viking J.K. Rowling/Scholastic Timothy Ferriss/Harmony
 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, January 2 - 3, 2021 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal

Cell Blocks Cell Blocks

1. Colorado Gov.
B. “Elizabeth is Missing”
Jared Polis an-
C. ”The Elizabeth Divide the grid
nounced the first Stories” into square or
U.S. case of a
D. “Becoming rectangular blocks,
each containing For previous
fast-spreading Elizabeth” weeks’ puzzles,
one digit only.
new version of and to discuss
Every block must
Covid-19—in which strategies with
6. According to author contain the number
county? other solvers, go
Sal Westrich, what is of cells indicated by
New Jersey’s “best the digit inside it. to WSJ.com/

A. Elbert puzzles.
kept secret?”

B. Hubbard

C. Glenn Killer Sudoku

A. Its nudist colonies Level 1 Suko

D. John

B. Its intentional commu-
nities
2. President Trump signed a big
C. Its gardens
new pandemic-relief bill. Which
D. Its wines
of these elements wasn’t in it?
7. Which new source is Killer Sudoku Level 2

A. An extension of the federal
expected to provide 10% to As with standard
eviction ban
30% of natural gas by 2040? Sudoku, ill the

B. A $600 per week supple-
ment to unemployment benefits grid so that every

A. Water desalinization column, every row

C. A $600 payment to every-

B. Airborne methane recovery and every 3x3 box Backflips
one meeting certain income and

C. Hog manure and other contains the digits J O W L S T I R S A M O E B A I N B
tax requirements
organic waste 1 to 9. Each set of O H I O P A N D A L A R V A L S O Y

D. $26.5 billion in aid to N A T U R A L S A G G R E A S E P A R T

D. Asteroid drilling cells joined by
foreign countries A R T D E C O A L A M O D E E A S E
dotted lines must H E Y P E N R O S E S E T B A C K S
8. What new method are a few add up to the H A K E E M N A N S E R B
3. The UK Parliament approved ingenious souls using to dispose target number in O R
M A N D I E T A D O S N U R S E D
L O
O S E N N L E D R A T N A I V E
a free-trade pact with the Euro- of Christmas trees? its top-left corner. M U
T T L E Y E N D L I N E E I N E N
pean Union as part of Brexit,
A. Eating them Within each set O T
O E T A S T E E T E E I N G
and the Labour opposition went
B. Making them into organic of cells joined by S S
R W H I S T L E P O T S L A H
dotted lines, a digit L I P T O N C U R S E S N E R O
along. Who heads that party? sandals A T O N E O N E M O R E R E MO D E L

C. Using them in homemade cannot be repeated. L O O F A S E R F O P T N I V E N S

A. Clement Atlee Venetian marbled paper I M P E L S R O A D S P AM D A B A T
R E P S S S E E L O P E S

B. Ed Miliband
D. Using the needles in O V E R D O E S B E D E L I A P G A

C. Jeremy Corbyn acupuncture Suko T I L E N E O P E T S O K S H O O T

D. Keir Starmer Place the numbers H O T D O G S N U B T I C K E T B U T S
1 to 9 in the spaces E L O R E T I N A A R O A R A C M E

.
R A N C R O A K Y S E M I S R H E A
so that the number

ly
4. Which Latin American coun-
in each circle is equal
try just made abortion legal up to the sum of the Candy Canes
to the 14th week of pregnancy? four surrounding S A L K C A P T O R S The
FROM TOP: DAVID ZALUBOWSKI/ASSOCIATED PRESS; ISTOCK

on
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and S H A R P G R A M P A numbered

A. Brazil each color total

B. Mexico L O C O T E S T I L Y letters
is correct.

C. Venezuela E L I N O R V E S P A spell
D O G G E D C H E A P GOLDEN

D. Argentina
us ,

A R N O T R I P L E S RINGS.
l

S C A R E T R O P H Y
e
5. Glenda Jackson returns to
al a

H E M P O N S H O R E
the small screen in a new E R O T I C A L U C K
mystery. What’s it called?
D E P L A N E S T A R
ci on

A S T O R I A R O O S

A. “Elizabeth Costello”
D I A B L O W E D G E
O N E S E L F F I G S
Answers are listed below the R O B O T S W A N D S
er s

crossword solutions at right. A F F R O N T O G R E

m er

Answers to News Quiz: 1.A, 2.B, 3.D, 4.D, 5.B, 6.D, 7.C, 8.A
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 37 Pull some 1 2 3 4 5 6 7 8
strings?
18 19 20 21
38 Garden
22 23 24 25 ornamental 9 10
26 27 28 29
39 P, sometimes
co Fo

40 PTA meeting 11
30 31 32 33 34 place
35 36 37 38 39 42 Dirties
43 Brewery product 12 13 14
40 41 42 43 44
44 Undermine
45 46 47 48 46 Craze 15
49 50 51 52 53 47 Ill-fated batter
50 Julia with a 16 17 18
54 55 56 57
Drama Desk
58 59 60 61 62 63 64 65 Award
51 Funny folks 19 20 21
66 67 68 69
52 Contenders at
70 71 72 73 74 75 76 Cannes 22 23 24 25
n-

55 Helps when one

77 78 79 80 81 82
shouldn’t
83 84 85 86 87 56 Butler’s last 26
word
88 89 90
57 Was short 27 28
no

91 92 93 94 95 58 Tank acronym
96 97 98 99 100 101 102 103 59 Knocks more
than a few back 29 30
104 105 106 107
60 Optimistic
108 109 110 111 62 Ribs
112 113 114 115 63 Best Musical at Thinking Inside the Box | a cryptic puzzle by Emily Cox & Henry Rathvon
the 1977 Tonys
64 Starbuck,
When all clue answers are entered 12 Ironic sort of cheer rodeo 3 Rocky road led back from
New Beginnings | by Mike Shenk Queequeg, in the grid, the inner box will be animals heard (5) Idaho gold rush town? (2,6)
Tashtego and surrounded by 16 different letters
Across 45 Erin Burnett’s 83 Eschewing fancy Down 13 Arm Jack donated to the 4 One way to sing number in
employer neckwear? crewmates of the alphabet. Use the remaining
1 Surmounting 1 Radio type 10 letters of the alphabet to president in 1975 (5) a record (5)
46 Layout options 85 Vestige 69 Dressing base
5 Ketch’s kin 2 Was dashing? construct a three-by-three
47 Pound, e.g. 86 Nut case 71 Diamond unit 16 NBA star and analyst 5 Verse writer about horror
9 “___ luego” 3 Forget to crossword for that inner box—with
48 Sub system 88 Ring quartet 72 Pasta purveyor dwelling without frills, film’s conclusion (4)
(“See you later”) mention a pair of letters occupying the
14 As neat as ___ 49 Products of 89 Computer 73 Sushi bar supply reportedly (4)
4 Do for Prince central square. We request that
crimping irons? network’s Valiant 74 Oscar winner 6 Prohibition March woman
18 “The Persistence you attempt to get a hint across;
of Memory” 52 Shakespeare’s coverage area? 5 Longbow
Guinness
this slight deed is crucial to the
17 Males surrounding one of picked member of a
setting Peaseblossom, 91 Gadot who plays material 75 Glazed square orientation of the grid. nine females on a farm (4) country group (5)
19 Eagle’s abode Cobweb, Moth Wonder Woman 6 Maricopa Co.’s 76 Twisty fish
or Mustardseed 93 Tipsy 78 Music category
22 Toot your own horn at start 7 Prominent Confederate
20 In the state
neighborhood 53 Before now 94 “Not another 7 Cabs may be 79 Blanche’s sibling
of def jam (5) gang with a malicious look
21 Rehearsal 54 Staff worker word!” found on them (7)
81 Wee pest 24 Constant refusal about a
request 55 Shopping cart 95 “The King and I” 8 Recliner
course setting
84 Close group moving challenge (5) 8 Fork in front of a road’s
22 Either of two on features
56 Was an
85 Weigh station railroad sites (5)
a vampire bat? 96 “My Favorite 9 Pester units 26 A plastic clip on a star in
24 Roofer’s indulgent Year” star persistently Hollywood (2,6) 14 Speaker interrupted by
grandparent 86 Practices in the
calculation? 98 Play set in a 10 Lessen ring gym manager (8)
26 One in a shower 58 Cocky walk Kansas diner 11 Toothbrush 27 Zodiac symbol 51 (only
87 Chew the
27 Ski resort of 61 “Don’t close the 100 Bellyaches choice scenery half) (4) 15 Arctic fish deceive
southern barn door once 104 Sinbad finding a 12 Chiding sound commercial tuna (7)
the horse has 89 1979 Pro Bowl 28 Gown worn by depressed
Switzerland way to bind 13 Designer’s place MVP Ahmad
run away,” e.g.? himself to a roc, actor (3,4) 18 Tallies small nuclei (6)
29 Throw that’s not 14 ___ mater 90 Spy
quite a ringer 65 Enlightened e.g.?
15 Beethoven’s 91 “I ___ Feeling” Across 29 Clamor about alien 19 Social lady oddly viewed
30 Salt container? 66 Sits on the 106 New beginning,
counter, say as spelled by the “Hammerklavier,” (Black Eyed 1 Part of a flight to initially American’s first arrest (6) barista’s possible injury (5)
32 Auto dealer’s for one Peas hit)
offering 67 Hostile group new beginnings book, say (5)
in this puzzle’s 16 Bury 92 Take ___ for the 30 AFC team bearing red 20 Black-and-white parked by
33 Répondez ___ 68 Strike setting
theme answers 17 “The Discovery better 5 Stony layer around flag (6) leaves (5) a safari boss (5)
vous plaît 70 Good times 94 Adorable tot
108 Avocado or olive of India” writer
34 Base of the 71 Slopes
19 Parts of hearts 97 Bow to
9 Trollope novel missing back Down 21 Flower string (5)
109 Title teenager in
NCAA’s Golden 72 Romantic of the flexible cover (4,3)
Eagles rendezvous on
an MTV 23 Orchestra 98 Pole explorer 1 Firm backtracking, adopting 23 Bagel dipped in dry red
animated series section Richard 10 Live next to a field (4) kid groups (6) wine: heaven (4)
35 Painters of the Orient
financiers’ Express? 110 Allowed 25 Fills a recent 99 Hunt’s partner
portraits? 77 Smoke alarm 111 Yen vacancy, say 101 Henry VIII’s third 11 Bend in river that leads to 2 Right propeller noise like 25 Denizen of a pond not seen
38 Takes the helm alerts 112 Roddick with a 28 Yoga equipment Catherine the Baltic Sea shrub (8) thunder (4) before the present time (4)
40 Collar inserts 80 Without racket 31 They’re on the 102 As a result
record Get the solutions to this week’s Journal Weekend Puzzles in next
s

41 Does a bouncer’s repair 113 Wasn’t impartial 103 Hearty dinner

job 81 Unneeded 114 Goes on 33 Coldhearted 105 Avril follower Saturday’s Wall Street Journal. Solve crosswords and acrostics
42 Golf green embellishment 115 Figurehead 35 Sicilian peak 107 Bro’s twin, online, get pointers on solving cryptic puzzles and discuss all of the
feature? 82 Bit of fiction position 36 “Pretty please?” perhaps puzzles online at WSJ.com/Puzzles.
 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.

C14 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

ICONS

New Art
For a
New Year
Five artists featured in upcoming
exhibitions share what they are looking
forward to seeing and doing in 2021.

BY SUSAN DELSON sive hand give the geo-

T
metric abstractions of
he pandemic wreaked Sean Scully, 75, a reso-
havoc on museums’ ex- nantly human touch. His
hibition schedules in retrospective, “Sean
2020, and the 2021 Scully: The Shape of
calendar remains Ideas,” is slated to open in June at to “Jasper Johns: Mind/Mirror,” a hibitions, “the lockdown is a kind of Paintings from ‘Pat Steir: Color
somewhat unpredictable. But a num- the Modern Art Museum of Fort nearly 500-work retrospective that dream and nightmare in one,” she Wheel’ at the Hirshhorn Museum.
ber of expansive, well-considered Worth. Much of Mr. Scully’s studio will open Sept. 29 at the Philadelphia said. When the Hirshhorn Museum
shows are planned for this year, in- time last year was devoted to his Museum of Art and the Whitney Mu- and Sculpture Garden in Washington, ing the artist time to prepare a new
cluding solo exhibitions spotlighting continuing “Landline” series of paint- seum of American Art in New York. D.C. reopens, “Pat Steir: Color book, “Street Portraits,” which will
innovative contemporary artists. ings, in which horizontal bands of For Bisa Butler, the term that best Wheel”—a massive, 30-painting in- be published this spring.
Several of those artists shared varying colors evoke landscapes and describes the current moment is stallation spanning the circular inner A major exhibition of his work,
thoughts on the past year and what horizons. He also worked on “more “hyperdrive.” After months of fo- gallery on the museum’s second “Dawoud Bey: An American Project,”
they’re looking forward to in 2021. nihilistic, pessimistic paintings, with cused studio time, “I feel my own floor—will resume its interrupted is currently on view at the High Mu-
(Dates may change, so it’s best to black squares in the middle. Which I mind so full of ideas, projects and fu- run. seum of Art in Atlanta and will move
check with museums before visiting.) find very symbolic of the time,” he ture collaborations,” she said, noting Ms. Steir particularly admires two to the Whitney on April 17. In 2021,

.
Intense physicality and an expres- said. In 2021, he is looking forward that the lockdown “has emboldened artists, Mickalene Thomas and Bar- he is looking forward to the fifth it-

ly
me to connect with people I bara Kruger, who manage the diffi- eration of the Prospect New Orleans
admire.” Ms. Butler, 47, rein- cult task of making great art that is Triennial, postponed from last year
terprets vintage photo- also political. “Mickalene Thomas: A and now scheduled to open Oct. 23.
on graphs of African-Americans
as oversize, brilliantly col-
ored quilts, playing pattern
against pattern and layering
Moment’s Pleasure,” a two-story im-
mersive work, is currently installed
Mr. Bey sees this as “the year where
art, and the institutions that exhibit
art, become even more engaged and
reflective of the larger social world
us ,

fabrics to create nuanced that we live in.”

tones. “Bisa Butler: Por-
‘I want art Shahzia Sikander, 51, is known for
l

that
e
traits” opened at the Art In- bringing traditional Indo-Persian
al a

FROM TOP: LEE STALSWORTH. COURTESY OF PAT STEIR AND LÉVY GORVY; © BISA BUTLER. PHOTO BY MARGARET FOX
stitute of Chicago in Novem- inspires miniature painting into contempo-
ber, a few days before the rary art. Debuting June 18 at the
ci on

museum shut down; the desire Morgan Library & Museum in New
show will continue when the over fear.’ York, “Shahzia Sikander: Extraordi-
Art Institute reopens. nary Realities” explores the first 15
Among the artists Ms. SHAHZIA SIKANDER years of her career, which brought
Butler is hoping to see more the artist from Pakistan to the U.S.
er s

of in 2021 are Faith Ring- With the pandemic slowdown, “I am

gold, Romare Bearden and at the Baltimore Museum of Art, in this fortunate place of reflection,”
m er

El Anatsui. She is also look- which is scheduled to reopen Jan. 16. Ms. Sikander said, thinking about
ing forward to the emer- A retrospective of Ms. Kruger’s work how, going forward, she can “open
gence of new work by other is expected to debut later this year up more vantage points” with paint-
artists, noting that “as these at the Art Institute of Chicago. ings and sculptures that are “becom-
m rp

projects come to fruition, Over a four-decade career, pho- ing more allegorical.”
we will see the creative tographer Dawoud Bey, 67, has por- On the museum calendar, Ms. Si-
abundance of the lock- trayed members of underrepresented kander is looking forward to “Alice
down.” communities and explored aspects of Neel: People Come First,” opening
Pat Steir, 80, creates ab- American history, including the Un- March 22 at the Metropolitan Mu-
co Fo

stract paintings by pouring, derground Railroad and the 1963 seum of Art. “I want to see her wa-
splashing and flinging color church bombing in Birmingham, Ala. tercolors, especially the erotic ones,”
at the canvas. Often an ele- For him, 2020 was “a very difficult Ms. Sikander said. She is also look-
ment of chance is skillfully year.” Last spring the lockdown ing forward to more work by Paki-
factored into the process. halted work on his current series, stani-born artist Salman Toor, whose
Between uninterrupted stu- which focuses on “the plantation ex- first solo museum show runs
dio time and postponed ex- perience—the places where African- through April 4 at the Whitney. But
Americans first enter the American her greatest hope for 2021 is more
‘Anaya With Oranges,’ a narrative,” he said. But the pause fundamental: “I want art that in-
quilt by Bisa Butler. also had an unexpected upside, giv- spires desire over fear.”
n-

MASTERPIECE | ‘THE ROSE’ (1958-66), BY JAY DEFEO

no

Blooming Brilliance tiful and powerful work

of art.
The center of “The
it weighed 2,300 pounds),
and gave it a triumphal re-
turn in an exhibition about

On a Grand Scale Rose” is as threatening

as it is pretty, as knife-
like as it is floral. Its
the Beats. “The Rose” was
also the centerpiece of a
2013 DeFeo retrospective at
burst, as it were, doesn’t the Whitney Museum’s old
extend conveniently all location on Madison Ave-
BY PETER PLAGENS pictures of relatively realistic single the way to the edges of nue, and now hangs at the
roses before, but this one would be a the painting. Instead, as new Whitney in the Meat-
SOME ARTISTS ARE IDENTIFIED monumental rose—a huge painting the furrows expand out- packing District of Manhat-
with a single work. With Leonardo da so physically thick that it would bor- ward from the center, tan. The work will be on
Vinci it’s the Mona Lisa, with Grant der on sculpture. In DeFeo’s words, it they gradually transition view through May 2022.
Wood it’s “American Gothic.” Which was simply an “idea that had a cen- into being defined at While “The Rose” seems
brings us to Jay DeFeo (1929-1989) ter to it.” That idea initially checked their edges by larger to be living happily ever af-
and her strange, huge sculptural in at about seven feet wide by nine lumps of paint until just ter, DeFeo had a semi-
painting, “The Rose” (1958-66). feet tall, but within a year the art- before the physical bor- fraught existence after her
DeFeo was one of those lucky kids ist—with the help of some friends— ders of the work. masterwork was com-
whose talent and enthusiasm for art mounted the work on an even larger Most important— pleted. She made a lot of
was noticed early on by a high- canvas, about 11 feet high. DeFeo and, of course, least very good art, especially
school teacher; in her case it was painted and painted and painted— provable—“The Rose” drawings; became a ten-
Lena Emery in San Jose, Calif. The from 1958 into 1966—chiseling into exudes the feeling of De- ured professor; and had a
mentoring led to museum visits in the material when it had dried. To Feo’s sustained passion, long-term and apparently
2020 THE JAY DEFEO FOUNDATION / ARTISTS RIGHTS SOCIETY (ARS), NEW YORK

San Francisco and, eventually, a mas- prevent the work from sagging to the doubt, sweat, gritty hard happy romantic relation-
ter’s degree from the University of point of collapse, she inserted work, perseverance, and ship. On the other hand,
California, Berkeley, followed by a wooden dowels from the rear to prop aesthetic daring. she drank and smoked to
grant for a trip to Europe and North up its surface. In the end, “The “The Rose” was al- excess, suffered severe gum
Africa. In 1954 she married Wally Rose”—which DeFeo called “a mar- most completed in 1965 disease, and died of lung
Hedrick, one of the weirder of the riage between painting and sculp- when DeFeo and Hed- cancer at only 60 years old.
many weird Bay Area artists, and set ture”—weighed over a ton. rick were evicted A big question raised by
up shop in a large second-floor space “The Rose” is built on one of the from their apart- “The Rose” is whether it
on Fillmore Street in jazz- and beat- hokiest compositional clichés—a ment (they divorced The final work woman, would visit from can be appreciated minus its compel-
nik-infused San Francisco. By 1958, starburst from a pinpoint center— in 1969). The ab- weighs 2,300 time to time to work on ling backstory—if its power as a work
DeFeo was ready to start a work that and it’s executed in another decora- surdly heavy, 11- pounds. tweaking small details.) of art comes almost solely from what
she seems to have known, in an in- tor’s commonplace, fluting that by-8-foot work of It ended up in San Fran- it looks like. Answering “Yes” affirms
choate way, would end up her mas- causes its ostensibly unoriginal ar- art had to be moved, of course, cisco, where it was lodged—covered that it’s simply a great abstract paint-
terpiece with a capital M. rangement to exist in actual light and which meant expanding window in plaster and hidden behind a false ing—but one that somehow expresses,
In it, she grayed down her colors shadow. Superficially, “The Rose” has openings and loading it by crane into wall in a classroom—at an art school, in its form and evident obsessive, lov-
from her earlier Abstract Expression- no right to come across as anything a Bekins moving van. “The Rose” was the San Francisco Art Institute. In ing labor, much more about life itself.
ism-influenced paintings, and then more than a rococo-modernist back- shown first at the Pasadena Art Mu- 1995, the Whitney Museum of Ameri-
built up the paint by applying it al- drop for some megabank’s confer- seum in 1969, where it was then can Art in New York bought it, exe- Mr. Plagens is an artist and writer in
most like plaster. She’d painted small ence room. But it’s a genuinely beau- stored for a while. (DeFeo, a petite cuted some exotic repairs (after which New York.
 OFF DUTY
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.

You, Sir, Are Why Clogs

No Mustang Are Clicking
Ford’s cynically The new
named new vogue for an
electric car age-old shoe
D8 D3
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | D1

G
BY JACOB GALLAGHER

Outdoor ORPCORE, named

for the trail-mix
acronym that’s
short for “good

Gear Is In ol’ raisins and

peanuts,” repre-
sents the conver-
gence of outdoorsy gear and more
quotidian men’s fashion. Think of
the technical parkas and backpacks
you’d wear while nibbling on nuts
Why urbanites are adopting and dried fruit during a hike up a
Everest-worthy ‘gorpcore’ mountain. Now transfer that same
gear to city streets, maybe paired
wear for the everyday with your prosaic sneakers.
The term “gorpcore”—coined by
New York Magazine’s style site the
Cut in 2017—has been bubbling up
in men’s fashion for a few years. It
emerged as an outdoor-specific off-
shoot of the 2010s’ normcore
trend, which recontextualized hum-
ble, pragmatic clothes as lust-wor-
thy fashion. The defining gorpian
image might be a photo (see D2) of
taciturn singer Frank Ocean trek-
king to a Paris fashion show in
2019 wearing a fitted, clementine-
orange jacket by 159-year-old Swiss
mountaineering brand Mammut
and a greenish beanie from 32-
year-old North Vancouver outdoor
brand Arc’teryx, with bluejeans and
hiking boots. He looks as if he’s
wandered off the Pacific Crest Trail
and into the Tuileries.
That Mr. Ocean wore Arc’teryx

.
and Mammut during fashion week

ly
and not, say, Prada is telling. Gorp-
core is not about designer labels
cynically co-opting the outdoor look,
on creating fragile mountaineering
boots that look the part but would
falter on the trail. It’s about a deep
appreciation of genuine, all-weather
us ,

brands stretching from Japan’s And

Wander to California’s Patagonia.
l
e
Those two brands represent two
al a

distinct classes of gorpcore. And

Wander, a Tokyo-based label
ci on

founded in 2011, is one of several

relatively new brands that sell
high-design gear that could never-
theless withstand a toe-tingling
winter squall. Think fleeces with
er s

reflective details and sturdy

pocket-packed poly pants. Also in
m er

this category: fellow Japanese la-

bels Snow Peak and F/CE, the
Swedish cold-weather brand Houd-
ini, and Gyakusou, a Nike offshoot
m rp

focused on running garb.

The other class of gorpcore
brands—including REI, Marmot and
Patagonia—are long-established stal-
warts traditionally valued for placing
co Fo

function over design. Freshly coveted

by young gorpcore fanatics, this
group includes seasoned global
brands like Helly Hansen (Norway)
and Goldwin (Japan), and cultier,
trail-rooted labels such as Gramicci,
Manastash and La Sportiva.
The events of the past year have
turbocharged the gorpcore trend. As
Tristin Dorsey, a 22-year-old gorp
zealot, said, when gyms closed due
to Covid lockdowns, more people
n-

started exercising outside and iden-

tifying with that lifestyle. “I find
myself outdoors most days, whether
it’s hiking or climbing or stuff like
no

that,” said Mr. Dorsey, a student in

Fort Collins, Colo. On the trail and
in his everyday life he wears go-
anywhere water-resistant Helly Han-
sen nylon pants and thick-soled yet
handsome hiking boots from Italian
label Roa.
Gorp fans worship practicality,
but they also cherish the hints of
high design that brands lace into
their outdoor gear. La Sportiva’s
trail shoes offer traction but aren’t
just functional black blobs. They
come in enticing yellow and olive
color schemes. Snow Peak’s MM FR
Riders Down Jacket isn’t just water-
proof and wind-resistant, it also has
an intriguing asymmetrical zip de-
sign. And while Patagonia would
JASON RAISH

never be mistaken for a Parisian

fashion label, its plush fleeces boast
Please turn to page D2

Inside

NOT QUITE MEATLESS WHERE DÉCOR TRENDS ARE HEADING SNOW CONDITIONS NEWBORN BOTTLES
Want to cut back but not go We asked over 200 design pros Escape to Vermont—if you’re willing to Lettie Teague investigates the curious
full-vegetarian? Try these recipes D5 what’s in and out for 2021 D7 take a few Covid precautions D6 phenomenon of ‘baby wines’ D4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

ON
1 2

Rugged Designs
To Wear Anywhere
These clothes and accessories are smart
enough for the city yet technical
enough to protect you on that overly
ambitious winter hike

3 4 5 6

7 8

.
ly
9
on
us ,
l
e
al a

11 12
ci on
er s
m er

TRAIL REMIX 1. Jacket, $300, marmot.com

2. Models “hiking” in Gucci’s new collabora-
10 tion with the North Face 3. Pants, $118,
m rp

gramicci.com 4. Descente Pause Shirt,

$125, hatchetsupply.com 5. Backpack, $169,
mysteryranch.com 6. Sweater, about $560,
byborre.com 7. Hat, $55, arcteryx.com 8.
Frank Ocean in an Arc’teryx hat at Paris
co Fo

Fashion Week in 2019 9. And Wander

Jacket, $554, mytheresa.com 10. Roa
Boots, $571, farfetch.com 11. Klattermusen
Bag, $40, hatchetsupply.com 12. Pants,
$320, klattermusen.com

Into Thin it than I had in last winter’s marsh-

mallowy Uniqlo puffer jacket.
Some outdoor brands have be-
San Jose, Calif., is passionate about
Acronym, a Germany-based “tech-
wear” label. He spoke rapturously
to make their materials lighter and
more breathable. Mr. Lobban thinks
of such highly developed outdoor
preciates that the zippers on And
Wander jackets never get stuck and
can be easily whisked open with

Air...Or
n-

gun partnering with showy fashion about the brand’s tapered “P10-DS” gear as the sports cars of the cloth- one hand. He once favored more
labels with results that go beyond pants which never bunch up thanks ing world. If you own a German avant-garde labels like Helmut Lang
merely pinging—they holler. Take to extra room at the knee. Mr. race car, you might never unleash it and Rick Owens, ones associated

A Car
the rowdy five-color fleece from Berkson also extolled the label’s at its peak speed of 188 mph, but with fashion for fashion’s sake. But
no

the union between the North Face use of Schoeller Dryskin material, knowing you’ve got that much the fussiness of these clothes wore
and Los Angeles label Brain Dead, which he finds so water repellent horsepower under the hood is on him. They looked remarkable,
or the towering platform sneakers he can slog through a downpour reassuring. Likewise, it’s nice to but they made his life more com-
from the pair-up between the and come away bone dry. No mat- know that when it’s 22 degrees plex. “I wanted clothes that I could
Continued from page D1 nearly 75-year-old trail-shoe brand ter that he’s a self-professed “lazy and you’ve got to run errands, you wear to a job interview and also
patterns so mesmerizing that vin- Salomon and Comme des Garçons. outdoorsman” who prefers mellow won’t be shivering, because your out on a walk or run,” said Mr. Ab-
tage numbers have become collec- And the collaborations keep com- two-mile jaunts. parka has been lab-tested to with- bot. In And Wander he could set
tor’s items worth nearly $1,000. ing. In late 2020, Gucci and the North For gorpsters like Mr. Berkson stand up to -22 degrees. Some out on an impromptu trail trek af-
Such enticing pieces have made Face trotted out a camp-inspired col- who are not full-time trailblazers, men collect Porsches. Mr. Lobban ter work without having to change.
gorpcore a potent trend on social lection that featured prismatic what is the point of all this engi- and his crunchy cohort collect For some gorp fans, the more
media. Trees-and-togs Instagram printed puffers. This year, Arc’teryx neering wizardry? To put it simply, Arc’teryx coats. outdoorsy the clothes they buy, the
pages like @unownedspaces, will further elevate its wares’ ping dudes love reading about, bragging Though gorp gear will save you more they’re inspired to actually
@114.Index and @Organiclab.zip potential by partnering with mini- about and obtaining gear. Sam Lob- in extreme conditions, many mod- get outside. When Mr. Lobban pur-
JASON RAISH (ILLUSTRATION); GETTY (FRANK OCEAN); F. MARTIN RAMIN/THE WALL STREET JOURNAL (DESCENTE ALLTERRAIN, BYBORRE)

have over 200,000 followers com- malist high-fashion label Jil Sander. ban, a senior vice president at ern hoarders prize how it makes chased a pair of Hoka One One trail
bined. Visual encyclopedias of gor- Core gorp nuts remain focused Nordstrom in New York, admitted their lives easier in the everyday. sneakers made in collaboration
pcore, these accounts mix trans- on the technical advantages of that he relishes “getting very Arkady Abbott, 26, a graduate law with New York label Engineered
porting shots of cliff faces and these considered parkas and pants. nerdy” about techy breakthroughs. clerk in Adelaide, Australia, who Garments, he “instantly wanted to
tents pitched in stunning locales Ted Berkson, 24, an account man- Lately, he’s been fascinated by the runs the @unownedspaces Insta- go outside and climb up rocks.”
with photos of covetable gear. Fans ager at a technology company in way designers work with Gore-Tex gram account in his spare time, ap- And then he hit the trail.
of Salomon trail shoes, beige Kapi-
tal fleeces and vintage Gerry puff-
ers are piling up the likes. Unclear: People Who Decry Gorpcore—and Dress Dandily Outdoors
How many of these fans have ever
scaled a cliff face or pitched a tent. IF YOU’RE SCALING the Hi- roughest thing your boots New York and Philadelphia. nient.” Whether seeing pa-
Arc’teryx president Jon Hoerauf malayas, leading an expedition have seen is the inside of your He’s so gorpcore-averse that, tients, biking, skiing or hiking,
said the company’s design studio to the North Pole or even tak- car...you should be wearing on a recent vacation to Ant- he steadfastly relies on three-
uses the internal term “ping” to de- ing a leisurely hike, technical something else.” arctica, he tried to flout cold- piece British wool suits. “They
scribe a technical garment that outdoor gear makes sense. If Even in inclement weather, weather gear recommenda- fit absolutely perfectly. They’re
works stylistically. “If something you’re walking three blocks to gorp-ing in a city is overkill. tions by bringing a “fuzzy” pair warm, they’re waterproof. To
pings, which means it’s beautiful, pick up a matcha latte, it does “Those clothes are designed of Christian Louboutin boots state that some Gore-Tex
it’s going to be desirable in addi- not. Memsor Kamarake, 45, a so specifically for certain cli- and designer looks. “If I’m go- jacket is going to do the job
tion to being functional. That was stylist in New York, finds city mates and activities,” said gor- ing to go to Antarctica, I want better, I think, is nonsense.”
always high on our priority list.” folk in full gorpcore perplexing. pcore skeptic Julia Gamolina, to look fabulous.” Ho-hum Mr. Kamarake agreed that
Last month, I experienced ping. “Every so often, when I see 30, a New Yorker who technical clothes lacked flair. gorpian clothes, often crafted
Days before the first true cold snap those guys, I’m like, ‘Where founded the architecture web- While some extol the prac- from synthetic fabrics, are “by
in New York, I invested in a $299 the hell are you going?’” he site Madame Architect. Hail- ticality of gorpcore garments, no means comfortable.” That
Arc’teryx “AR Atom” synthetic, in- said. Mr. Kamarake, who fa- ing a cab in a drizzle doesn’t Conor Mosli Lynch, a London- makes their rise in this era of
sulated shell from Hatchet Supply vors classic clothes but appre- qualify. Like wearing prescrip- based surgeon, does not. WFH loungewear more con-
in Brooklyn. (Though not particu- ciates a good puffer, noted tion-free eyeglasses, urban “None of these clothes are par- founding. “Maybe it’s to coun-
larly woodsy, New York City has that many people are leaving gorpcore seems affected. Plus, ticularly convenient or com- ter the fact that we’re all stuck
been one of Arc’teryx’s largest mar- cities during the pandemic. “in Manhattan, it looks crazy,” fortable,” said Dr. Mosli Lynch, inside,” he mused. “But what
kets for over two decades.) The “Maybe they’re just grabbing a said 33-year-old real-estate 34. “If you’re going to work and are you going to do next?
coat was unexpectedly sleek—my coffee before they go to their developer Alexander Hankin, you’ve got a carabiner banging Spray imitation pine?”
fiancée actually used the term bucolic estates. But if the who splits his time between off your belt, that’s not conve- —Katharine K. Zarrella
“slim.” I cut a less flabby figure in
 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, January 2 - 3, 2021 | D3

STYLE & FASHION

PLATFORM FOR CHANGE From left: bones, a result of doing hard work
A clogged trio in 1972 captures the in hard shoes.
folksy feeling of ’70s versions; model Clogs began to be adopted by
Adesuwa Aighewi wears a slim new the well-off in the 1920s, when the
style at a 2019 fashion show. open-toe “sand clog,” along with
the suntan, another former symbol
new category of luxury clog. The of the working class, became fash-
Hermès design comes on the heels ion accessories associated with re-
of Louis Vuitton, Gucci, Dior and sorts such as the Riviera and Palm
Chanel versions, not to mention Beach. These later gave way to the
more affordable offerings from current bulbous form of the clog
Everlane and Gap, all of which are that migrated from Scandinavia to
late to the party compared with Europe and North America in the
MATT CHASE (ILLUSTRATION); GETTY (70’S MODELS, AIGHEWI); F. MARTIN RAMIN/THE WALL STREET JOURNAL (COMEY, NO. 6)

No. 6, the New York brand whose late 1960s. It was part of a wave
earthy pairs made wood-soled of nostalgic, back-to-the-land fash-
shoes a fashionable class signifier ions that arose alongside a grow-
15 years ago. ing interest in anti-technology
This clog blossoming suggests pursuits like handicrafts and envi-
not just a high-fashion takeover of ronmentalism, which you would be
a shoe formerly associated with right to recognize as sounding
artisans and hippies, but its newly similar to our prairie-dress-wear-
broad appeal. ing present.
As with everything this year, But perhaps the most interest-
the growing visibility of clogs has ing instance of clog-wearing in re-
been shaped by the pandemic. cent history occurred in occupied
With less of a reason to wear for- France during World War II. When
mal shoes, either because of un- the Nazis invaded, they requisi-
employment or closed offices, tioned France’s industrial output,
clogs’ slip-on, slip-off ease is un-
derstandably appealing. And per-
haps because their comfort and ‘When I look at images
support makes them a favorite of
health care workers, 2020’s super-
of clogs on social
heroes, they’ve taken on an asso- media, I’ll get a platonic
ciative feel-good glow. girl crush on women
They convey an aesthetic mes-
sage as well. Said Lauren whose clogs I like.’
Mechling, a writer (who has con-
tributed to The Wall Street Jour-
nal) and the founder of the clog- including the lion’s share of the
appreciation Instagram account shoe production. This left the
@thecloglife, “The attitude is, ‘I’m French to make do with…clogs.
too cool to be bothered.’” If your But these were not ordinary peas-

.
shoes don’t have backs, you’re in- ants’ sabots. Thanks to severe ra-

ly
herently relaxed. tioning, fashion under the German
They’re also an indicator of a occupation was a form of protest
FASHION WITH A PAST / NANCY MACDONELL
nonconformist taste and opinion, known as “système D”—a refer-
on said Lana Bittman, a librarian at
the Fashion Institute of Technol-
ence to the fourth-choice quality
of many of the materials available.

How Clogs Clomped ogy. “When I look at images of

clogs on social media, I’ll get a
Using whatever they could get
their hands on, Frenchwomen con-
us ,

platonic girl crush on women cocted huge turbans (the pink

whose clogs I like. I’ll want to pussy hats of their day), patriotic
l

Into the Present Day

e
know what books she reads and accessories and towering wooden
al a

what her living room looks like.” shoes, all as a way of asserting
Wood clogs date to the medi- their individuality as they lived
ci on

eval period and were primarily under occupation. Carmel Snow,

peasant shoes, made from a cheap, then the editor in chief of Harper’s
ON HER FIRST DATE with Joe Bi- As the incoming first lady ob- cially now that both mass-market readily available material that of- Bazaar, wrote about the sound
den, in 1975, Jill Biden, then a col- served, the divide between the and luxury brands are bringing fered protection from occupational those clogs made when everyone
lege student at the University of clogged and the unclogged can new designs to eager consumers. hazards associated with farming left their offices every evening.
er s

Delaware, immediately noticed his seem vast. On the one side, bohe- In September, Crocs released a and other dangerous, physically Perhaps, if clogs continue to
shoes. As she later recounted, “I mian aplomb; on the other, an up- collaboration with the Puerto Ri- demanding labor. They were also clatter into our wardrobes, we’ll
m er

had been dating guys in jeans and tight suspicion of any shoe that can rap star Bad Bunny that sold fairly damaging in themselves, as hear that sound again, at some
clogs and T-shirts, he came to the shares an etymology with plumb- out in 16 minutes. And this season, a team of archaeologists found point in the not-too-distant future.
door and he had a sport coat and ing mishaps. But reader, she mar- Hermès, which is better known for when they excavated a 19th-cen- If that happens, we’ll know clogs
loafers and I thought, ‘God, this is ried him. Is the gap really as handbags with yearslong waiting tury Dutch graveyard in 2011 and have crossed into acceptable office
m rp

never going to work, not in a mil- yawning as we assume it to be? lists, is releasing its anticipated it- found skeletons with visible attire—and then they might mean
lion years.’” It’s certainly narrowing, espe- eration; priced at $990, it’s in the chunks missing from their foot something entirely different.

Babes in
co Fo

The Wood
Modern fashion
clogs come in all
styles—and unless
it’s snowing, they
offer a great op-
portunity to show
off all those socks Here’s the pair on every fashion Rachel Comey offers a strong clog Clogs are not generally consid- For a cozy, midwinter spin on the
you got for editor’s wishlist. Shoes, $990, selection, like this shiny high design. ered ‘cool’ but these black, trim clog, try these from stalwart brand
Christmas Hermès, 212-751-3181 Shoes, $450, rachelcomey.com ones are. Shoes, $920, celine.com No. 6. Shoes, $305, no6store.com
n-
no

FAST FIVE

Worth the Zip

Please, ma’am, set aside the
sweatshirt. We’ve got a similarly
sporty, less-slovenly option:
the half-zip sweater. These natty
pullovers feel fitting for January
weather. Zip up for gusty school
drop-offs, zip down for
sweltering heat in the car.

Clockwise from top left: Sweater, $350,

acnestudios.com; Sweater, $200, filoro.com;
Sweater, $295, lalignenyc.com; Sweater, $650,
toteme-studio.com; Nanushka Sweater,
$425, farfetch.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

cessful, most selling out in a few
hours,” he noted.
I asked Véronique Boss-Drouhin,
winemaker of Maison Joseph
Drouhin in Burgundy, what she
thinks about finding this word used
to describe her family’s wine. “Baby:
pure marketing,” she wrote in an
email. “Personally I don’t so much
like the association.” Burgundians
might call young wines in the cellar
“babies,” but Ms. Boss-Drouhin had
never heard a Burgundy winemaker
talk about a Baby Chablis.
Gerald Weisl, owner of Weimax
Wines & Spirits in Burlingame, Ca-
lif., isn’t a fan either. “There is a reli-
ance on associative marketing to
help convince a consumer they
ought to give this probably more ob-
scure, likely less prestigious wine a
try,” he said in an email. To him the
word has the drawback of being use-
ful only to a customer with some
knowledge of wine. If you don’t
know Barolo, you will hardly under-
stand what “Baby Barolo” means.

‘Chances are you’re

getting it at a much
cheaper price.’

Mr. Weisl noted that retailers

aren’t the only ones enamored of the
MICHELA BUTTIGNOL

word. He forwarded a pitch from

Andrew Miramontes, the Northern
California sales representative for
Weygandt-Metzler Importing, offer-

.
ing a Baby Tavel rosé, the 2019 Châ-

ly
teau de Manissy La Belle Étoile
Rosé. “Just had a final drop of 25
ON WINE / LETTIE TEAGUE [cases] of our ‘Baby Tavel,’ ” Mr.
on Miramontes wrote. He explained
that the wine, made by a Tavel pro-

Baby Boom: Why Retailers

ducer, was deemed best suited to a
shorter maceration, producing a
us ,

lighter, leaner wine than the typical

Tavel. “Fresh, delicious and cheap”

Are Infantilizing Wines

l
e
was his ultimate assessment.
al a

As I hadn’t previously seen

“Baby” pinned to a rosé, I called Mr.
ci on

Miramontes. “Tavel is a classified

region known for its very substan-
OH BABY, there sure seem to be mean by it and what kind of success $14 Barolo; the real deal can cost adjacent.” And yes, he said, associat- tial rosés; this is a much lighter
some great wine deals around. In they have had using it. I quizzed many multiples of that number. ing the lesser-known wine with a fa- wine,” he said. “When you use the
the past several months, I’ve been other wine professionals and wine- Justin Grover, president and mous one had helped sell bottles. term it helps give context to the
er s

offered highly touted Baby Brunello drinking friends as well. Did they owner of Fine Wines International More than the word Baby itself, that wine.” Do Tavel producers use it?
and Baby Sancerre and even Baby like or even understand the word in San Francisco, recently sent an association appealed to oenophiles They do not, he replied. But to him,
m er

Bâtard-Montrachet in wine mer- when it is applied to a wine? email offering a Baby Bâtard-Mon- who knew and loved—but perhaps “Baby” is cute, charming: “Who
chants’ emails. The word Baby I contacted Daniel Lipman, direc- trachet, the 2017 Jean Pascal et Fils weren’t prepared to pay for—the doesn’t love a baby?”
didn’t appear on the labels but was, tor of marketing and ecommerce at Puligny Montrachet Les Enseignères “grown-up” Bâtard. When I polled wine-drinking
rather, the way the wines were char- Bottle King, a group of 15 New Jer- ($56). When I asked why he’d iden- In the past few months, Manhat- friends, several seemed baffled by
m rp

acterized by the sellers—a short- sey wine and liquor stores, about an tified it this way, he noted the prox- tan’s Sherry-Lehmann Wine & Spir- this use of “Baby.” “It sounds like
hand I suspect would actually mys- email I received from the company imity of the vineyard from which its has emailed offers of Baby Pom- the wine is immature or small,” said
tify many customers. In each case, in August. It advertised a Baby the wine is sourced to two legend- mard, Baby Ruinart, Baby Puligny- my friend Bruce. My friend Alison
the merchant promised an outstand- Barolo—aka the 2017 Rocca Gio- ary white Burgundy vineyards: Bâ- Montrachet, Baby Sancerre and mused, “I like baby vegetables and
ing value, but beyond that, the exact vanni Giaculin ($14). Mr. Lipman tard-Montrachet and Bienvenues Baby Château Latour. One email fruits because they have more deli-
co Fo

meaning of “Baby” was unclear. told me a handful of customers had Bâtard-Montrachet. “Les Enseig- touted a Baby Drouhin Clos des cacy. Are baby wines the same?” An-
Associative marketing words asked what the word meant. “They nères is a village lieu-dit, or desig- Mouches Blanc, the 2018 Joseph other friend, Alan, took umbrage:
have been pegged to wines as long thought the wine was young and not nated vineyard, and shares the taste Drouhin Côte de Beaune Blanc ($60), “I’m offended on behalf of Brunello
as wine merchants have been selling ready to drink,” he said. characteristics of its high-rent containing fruit from young vines of producers.” He insisted he had no
them. For example, Cabernet and Mr. Lipman did a bit of research neighbors: a nice balance of rich- the storied Clos des Mouches vine- idea what the term means, “except
Shiraz are routinely called “mascu- and found he’d used the “B” word ness and minerality, with weight, yard. Sherry-Lehmann’s general that they are trying to sell wine.”
line,” while just about any rosé gets four times in promotional emails: long length and aftertaste,” he manager, Matt Wong, explained in For my part, I find the term less
labeled “feminine.” The “Baby” once for that would-be Barolo, twice wrote. At $56, his Baby Bâtard-Mon- an email that the term “Baby” is obnoxious than others I’ve heard.
moniker—a fairly recent develop- for aspiring Brunellos and once for a trachet goes for a fraction of the meant to leverage brand recognition And since these wines are usually
ment in wine-marketing lingo— white wine from the Rhône. To him, high-three-figure price tag regularly attached to certain wines in order to quite reasonably priced—and po-
might be less offensive, but is it attaching “Baby” to a wine means it attached to a Bâtard. raise the profile of producers and tentially “greatness adjacent”—I
truly effective for selling wine? is not quite as good as the wine it’s Mr. Grover was surprised to learn vineyards at a more “entry-level” think “Baby” sounds like a promis-
n-

Mystified myself by the term—or compared to, and “chances are the word “Baby” is in general use. “I price point—a response to “unprece- ing word.
its rather imprecise usage—I de- you’re getting it at a much cheaper didn’t know it was a thing,” he said. dented times” in the wine business.
cided to ask retailers what they price.” There is no such thing as a To him, the term means “greatness “The campaigns have been very suc- Email Lettie at [email protected]
no

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Shrimp and Cauliflower Sauté With Rosemary-Caper Butter

MICHAEL HOEWELER (PORTRAIT); CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY BETH PAKRADOONI

YOU MIGHT CALL Rebecca Wilcomb an in- lemon zest cloaks the other ingredients in
gredient whisperer. At Gianna, her restau- a savory, aromatic glaze.
rant in New Orleans, she’s known for her That butter freezes nicely, Ms. Wilcomb
high standards when it comes to sourcing said, so consider keeping a batch on hand
as well as the way she understands and to punch up other seafoods, steak and
combines those immaculate ingredients. poultry. Here, it complements without
The Chef This delicious sauté, her final Slow Food overpowering the shrimp, which is the
Rebecca Wilcomb Fast recipe, begins with a local catch. “I true star of this recipe. Buy the freshest
love Gulf shrimp and I love to highlight you can find and avoid overcrowding the
Her Restaurant our seafood,” Ms. Wilcomb said. She pan when cooking it, Ms. Wilcomb warned,
Gianna in New matches the shrimp with cauliflower, high- as that lowers the temperature and pre-
Orleans lighting the sweetness and subtlety of vents proper searing. Keep an eye on the
both. First she roasts the cauliflower in clock, too. “Overcooking your shrimp is a
What She’s Known the oven to coax out its natural sugars. big no-no,” the chef said. It only takes a
For Cooking that Then she sautés the cauliflower and few minutes to get the right tender tex-
honors Italian shrimp together, with some chopped al- ture. Indeed, the whole dish comes to-
grandmothers, monds for crunch. A compound butter fla- gether quickly, as easy and elegant as it is
including her own, vored with rosemary, capers, garlic and comforting. —Kitty Greenwald
for whom the res-
1/
taurant is named. Total Time 25 minutes 4 cup almonds, roughly 3. Pat shrimp dry and sea-
Pristine ingredients, Serves 4 chopped son with salt and pepper.
the best local 1 tablespoon minced parsley Set a large sauté pan over
produce and Gulf 2 cups roughly chopped high heat. Once hot, add re-
seafood. cauliflower florets 1. Preheat oven to 450 de- maining oil. Lay shrimp into
3 tablespoons olive oil grees. Toss cauliflower with 1 pan, spread out evenly in a
Kosher salt and freshly tablespoon oil and a pinch of single layer, and sear on one
ground black pepper salt. Spread cauliflower side, 2 minutes. Add roast
3 tablespoons butter, at across a sheet tray and roast cauliflower, almonds and
room temperature until browned in spots and al compound butter. Cook,
1 teaspoon rosemary, finely dente, about 15 minutes. tossing, until shrimp is just
chopped 2. Meanwhile, make com- cooked and butter slicks ev-
1 tablespoon capers, lightly pound butter: In a small bowl erything, 1-2 minutes. If pan
chopped or food processor, mix butter, looks dry, add a splash of
1 teaspoon garlic, minced rosemary, capers, garlic and water to stretch the buttery
1 lemon, zested and juiced lemon zest until well com- glaze. Toss in parsley and
11/2 pounds jumbo shrimp, bined. Cover and refrigerate season with salt and lemon SPECIAL SAUCE Prepare an extra batch of the rosemary-caper butter
peeled at least 10 minutes. juice. Serve immediately. and keep it in the freezer, ready to make a meal of most any protein.
 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. * * * * NY Saturday/Sunday, January 2 - 3, 2021 | D5

EATING & DRINKING

A Realistic Resolution
BY ANDREA NGUYEN During the pandemic, I’ve

N
gravitated to comforting
EW YEAR’S res- dishes like Chinese mapo tofu,
olutions never which combines a few ounces
worked for me, of meat and a pound of tofu in
but perimeno- a satisfying blend that’s just
pause got me to Not ready to go fully meatless? These recipes strike a healthy balance between beef and veg rich enough. It got me think-
rethink my cooking and eating ing about tofu as a versatile
for the long haul. flavor sponge and ultimately
The random pain, indiges- led me to combine it with a
tion, fatigue and inflammation Tofu-Meatloaf mix of ground meats in a
led me to ask my mother, 85, Sheet-Pan Dinner made-over meatloaf.
about going through “the Active time 20 min- Because beancurd is edible
change.” She sympathized but utes Total time 11/2 raw, you can safely taste and
explained that her generation hours Serves 4 tweak the flavor before adding
of Vietnamese women didn’t the raw meat, dialing in as
know of menopause. “It didn’t 1 (14-ounce) package much garlic, soy sauce and
exist to us. We just endured,” firm tofu, water spice as you like. I’ve found
she said. “Stay busy so you discarded that as long as I keep a 1:2 ra-
don’t focus on it.” 1/
2 cup panko bread tio of drained tofu to raw
My contemporaries told an- crumbs (regular or meat, it’s pretty foolproof. In-
gluten-free) creasing the tofu ratio diluted
2/
3 cup finely chopped the meaty flavor and made for
Reworking favorite scallions, green crumbly results, whereas get-
and white parts ting the balance right pro-
comfort foods stoked 1/
2 cup chopped flat-leaf duced a light, moist texture.
my sense of culinary parsley, cilantro and/ Intent on letting veggies
adventure. I also lost or dill with stems share the spotlight, I turned
2 cloves garlic, minced the recipe into an easy sheet-
about 15 pounds. and mashed or pan dinner with the addition
pressed of potatoes and broccoli that
1/
2 cup grated cook alongside the meatloaf.
other story. “It takes over Parmesan Bonus: It yields plenty of left-
your life,” one friend said. “It’s 11/2 tablespoons soy over meatloaf to see you

CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY BETH PAKRADOONI
something different every sauce through the week in sand-
day,” said another. My pri- 1 teaspoon paprika wiches, fried rice or tacos.
mary-care physician offered 3/
4 teaspoon fine sea Next I pondered a 50/50
practical advice: Monitor salt, plus more for veggie-beef burger. To create
what’s going on and if it seasoning a multidimensional savory
doesn’t stick, you’re likely OK. 3/
4 teaspoon freshly depth and the right nubby tex-
Many of my issues were ground black pepper, ture, I leaned on chopped
gut-related—hardly surpris- plus more for mushrooms this time to com-
ing, given my career. For seasoning HOLY SHEET PAN The meatloaf and veggies cook together for a meal that’s easy as well as healthy. plement the meat. Caramel-

.
nearly 20 years I’d been paid 2 large eggs ized onion and carrot amped

ly
to cook, eat, drink, travel and 11/4 pounds ground 1. Preheat oven to 350 4. Add Parmesan, 1 ta- sides and ends. Bake Let cool 20 minutes. up the umami, and fresh herbs
write. Dealing with a BMI on beef, veal, pork, degrees. Set a rack in blespoon soy sauce, pa- 30 minutes. 7. In the mixing bowl, brought vibrancy.
the edge of being overweight lamb and/or dark- middle position. Line a prika, salt and 1/2 tea- 6. In a large bowl, sea- season broccoli with 2 During a brief pan-fry, the
and negotiating renegade
hormones, my 50-year-old
body called for a course cor-
rection. Not prepared to give
1/
meat turkey
2 cup ketchup

2 tablespoons apple-
cider vinegar
on
rimmed baking sheet
with foil. Lightly grease.
2. Break tofu into 10-12
chunks and set on a
spoon pepper. Add
eggs and meat, using
your hands to mix well.
Roughly shape into a
son potatoes with a
generous pinch each of
salt and pepper, then
toss with 1 tablespoon
or 3 pinches of salt and
toss with 21/2 table-
spoons oil. Arrange on
a parchment-lined bak-
patty developed a craveable
crusty exterior to rival a clas-
sic smash burger’s. And the
uncooked burger mixture
us ,

up entirely on foods I relish, I 31/2 tablespoons extra- clean towel or double loaf and transfer to one oil. Once meatloaf has ing sheet. While meat- could sit in the fridge for days,
struck a new balance by con- at the ready for a quick meal.
l

virgin olive oil layer of paper towels. side of prepared baking baked 30 minutes, add loaf cools, cook broccoli,
e
suming less refined sugar 11/4 pounds small Let drain 10 minutes. sheet. Press into a neat potatoes to empty side stirring midway, until Reworking favorite comfort
al a

and white rice, and majorly carrots and/or 3. In a large mixing 9-by-5-inch loaf. of baking sheet. Bake stems are just tender foods stoked my sense of culi-
boosting my vegetable in- fingerling or baby bowl, combine panko, 5. Combine ketchup, 15 minutes, stirring po- and tops brown, 15-20 nary adventure. I also lost
ci on

take. That didn’t mean I rele- potatoes, halved scallions, parsley and vinegar, remaining soy tatoes occasionally, minutes. Slice meatloaf about 15 pounds in 2020 and
gated meat to a side dish or lengthwise garlic. Add drained tofu, sauce and remaining then increase heat to and serve with vegeta- feel much better. Maybe Mom
cancelled it altogether, but I 1 pound broccoli then massage and pepper. Pour over 450. Bake until top is bles. Leftovers keep, was right about staying busy.
did commit to sourcing my crowns, cut into squish to mush tofu meatloaf, then use a burgundy with some covered and refriger-
meals from both the plant florets and combine well. brush to spread onto dark spots, 15 minutes. ated, 5 days.  Find a recipe for 50/50
er s

and animal kingdoms. Burgers at wsj.com/food.

m er

GAMECHANGER

HAPPY
m rp

Totally Radicchio, Dude

This chicory comes in striking hues, has a life-affirming bite and
holds up valiantly in the fridge. No wonder it’s having a moment.
co Fo

Do a
sheet-pan supper.
Toss radicchio wedges
with olive oil, salt and pepper.
On a sheet pan, roast Italian
sausages at 425 for 10 minutes.
Grill it.
Cut the head into
wedges, brush with oil
RETURNS
and season with salt. Cook
Flip sausage, add radicchio and
on a grill (or hot cast-iron
cook until wilted. Garnish
skillet) until charred and
with pomegranate seeds
n-

softened. Top with shaved

and aged balsamic
Parmesan and garlicky
vinegar.
vinaigrette.
no

Make pizza.
Stretch out pizza dough
and brush well with olive
oil. Sprinkle on walnuts and a
heap of chopped radicchio
tossed with olive oil and A warm winter welcome
salt. Dot with blue
cheese. Bake in a Now more than ever, we’re committed to making your next stay even
hot oven. better with exceptional experiences, gracious service and the unparalleled amenities
you’ve come to expect from our iconic oceanfront resort. Relax in one of four
beachfront pools, enjoy championship golf, our luxurious spa, award-winning dining,
THE LAST THING anyone needed was an- temperatures—keeping farmers busy during shopping and more. Once you stay, you’ll understand®
other virtual meeting. And yet, in October, the slow season—as well as its flavor and
more than 1,100 fans of radicchio tuned in range of vivid hues. Most of us know (and Visit thebreakers.com, call 877-881-9051 or contact your travel advisor.
to “Rad TV,” a day’s worth of YouTube pro- most supermarkets offer) the densely lay- Take comfort in knowing that the highest standards of comprehensive health and
gramming to fete their favorite ered, burgundy-leaved Radicchio di
safety precautions are in place to protect our team, guests and community.
bitter vegetable. Academics re- Chioggia. Other tempting varieties
told its history (did you know ra- Where to Buy include the pale-green, speckled For information, visit thebreakers.com/bsafe.
dicchio only became a staple in Radicchio di Variegato di Castelfranco, the deli-
Italy in the 20th century?), plant Chioggia is cate, pink Rosa del Veneto and the
breeders shared growing tech- widely available oblong, almost tentacled Rosso di
niques, chefs demo’d recipes such at grocery Treviso Tardivo. These are seasonal,
as radicchio tarte tatin and stores, but look available now through early spring.
grilled radicchio salad with an- for late-winter Besides being gorgeous, the
chovy dressing. varieties such fresh, grilled or wilted leaves set
Bitter vegetables don’t usually as Treviso Tar- off the season’s rich, fatty foods
have fan clubs. But radicchio, a divo at farmers’ and add much-missed freshness to
kind of chicory, has earned a pas- markets and a winter plate. And unlike those
sionate following of small farmers, specialty stores wimpy, bagged salad greens, radic-
chefs and plant breeders who chio will last weeks in the fridge.
ISTOCK

such as Eataly.
prize its capacity to grow in cold —Jane Black
 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.

D6 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

PEACE OFFERING From left: The

entrance to Mii amo resort in
Sedona, Ariz.; lakeside at the Lodge
at Woodloch in Hawley, Penn.
ANNIE KILLAM (THE LODGE); ASHLEY BURNS (GOLDEN DOOR)

eral manager said she used the time

to build the Starlight Massage
World—a series of open-air treat-
ment cabanas fitted with twinkling
lights. “We have 600 acres, and we
built outdoor arenas that we’ll use
beyond Covid,” she said. The resort
is now closed again due to Califor-
nia’s new Stay at Home order. When
it reopens, Ms. Van Ness said, most
treatments and classes will be of-
fered outside.
Canyon Ranch has resorts in Tuc-
son, Ariz., and Lenox, Mass., both of

Calm During the Storm

you,” said Ms. Silvera. “So if you which are seeing an uptick in first-
can do them outside, with spacing, time guests this year. One conse-
there’s a lot of value and benefit.” quence: The staff must respond to
No evidence suggests that an increased demand for the resorts’
Covid-19 can spread in chlorinated outdoor adventure programming,
pools. Saunas are a fairly safe bet, which includes options like geocach-

.
too, if heated to at least 158 degrees ing, aerial adventure ziplines and

ly
No to facials. Yes to ‘eye hugs.’ Welcome to spa resorts in the age of Covid. Fahrenheit, said Dr. Silvera. The vi- photography hikes.
rus cannot survive those tempera- Smaller resorts that don’t have
tures. But Dr. Silvera cautioned that swaths of open space to work with
BY DEBRA KAMIN on no magic scenario, whether out- have had to shuffle in a different

N
doors or not, can entirely erase the way. Estancia La Jolla, a 210-room
EVER MIND the risk of Covid-19. Masks, social dis- hotel and spa on 10 acres in La
Sweet Slumber mas- tancing and strict sanitation remain Jolla, Calif., moved all fitness
us ,

sage or the Spiritual important measures. “Imagine that classes outside and offered spa
Warrior facial. The each preventive behavior is a layer treatments in tents along the re-
l
e
greatest relaxation of Swiss cheese that has some holes, sort’s shady courtyards.
al a

Sarah Evans experienced during her and when you layer them, those
October getaway to Miraval Berk- holes go away,” she said.
ci on

shires spa in Lenox, Mass., involved In response to Covid-19, most U.S.

hands-off treatments. These in- spas have bolstered cleaning proto- The outdoor offerings at
cluded opportunities to hurl hatch- cols, instituted mask-wearing and the Lodge at Woodloch
ets at tree trunk targets or to enjoy implemented social-distancing
a shamanic sound healing, where guidelines during classes. But many
include a vibrational
er s

Ms. Evans, a New York City publi- have also gotten creative. therapy session called
cist and mother of three young chil- At Mii amo, a destination spa Gong with the Wind.
m er

dren, lay on a yoga mat bathed in tucked into 70 acres of Arizona red
the vibrations of crystal singing GOLD TOUCH A pandemic-friendly outdoor massage area at Golden Door. rocks at the larger Enchantment Re-
bowls. Hands-on cures—the antithe- sort in Sedona, general manager
sis to social-distancing—may have has already booked another spa can help. Their activity calendars Jim Root has instructed his staff to At the Lodge at Woodloch,
m rp

lost their appeal during the pan- break for this month, this time in were packed with rituals focused on greet guests with what he calls an which sits on 1,200 acres in Haw-
demic but spas still tout their the Hamptons. “It would be incredi- stress relief and spiritual well-being “eye hug”—a longer, more personal ley, Penn., tents for fitness classes
stress-busting activities, and some ble to go sit on a beach somewhere, long before the term “coronavirus” gaze—since physical touch is lim- were put outside and outdoor of-
weary quarantiners are heeding but I want to take care of myself,” entered our lexicons, and they’re ited. And at the spa’s Crystal ferings expanded, including forest
their call. she said. “Everything feels more in- now positioning themselves as Grotto, the round clay belly of the bathing, birding, “nature” yoga
co Fo

Lynne McNees, president of the tense right now.” points of refuge in the pandemic. resort’s canyon, meditations and and a vibrational therapy session
International Spa Association The isolation brought on by the That spin has merit, said Dr. shaman-guided rituals are limited called Gong With the Wind. Out-
(ISPA), a trade group, said that it’s coronavirus has created a second- Stephanie Silvera, an epidemiologist to five or six participants. The door farm dinners were also of-
too early to gauge Covid-19’s impact ary crisis. Reported symptoms of and professor at Montclair State schedule of outdoor activities like fered a few times a week (they are
on the $19-billion spa industry. But, anxiety, depression and other disor- University, in New Jersey. Spa- canyon bathing and labyrinth walks now paused for the winter). And
she added, since most large destina- ders have more than tripled since based activities like rock-climbing has been expanded. new activities were added, includ-
tion spas reopened in June, demand 2019, according to a September and hiking boost health in multiple Golden Door, the luxury destina- ing hatchet throwing. “Everyone
has been steady, with individual vis- study by the American Medical As- ways. “We know that stress has an tion spa in northern San Diego needs to throw a hatchet now and
its rising even as groups like bridal sociation. With their ample open impact on the immune system, and County, shut down from March until again,” said TJ Walsh, the resort’s
parties have stayed away. Ms. Evans spaces, destination spas say they cardiovascular activities help calm September. Kathy Van Ness, the gen- Covid-19 Taskforce leader.
n-

A Hibernating How-To
no

If you’re going to lean into winter, Vermont’s the

place. Here, three ways to quarantine cozily
HIDING OUT in Vermont’s snowy Green Mountains presents some chal-
lenges during Covid-times—but that’s the allure. The state’s strict regu-
lations, wide-open spaces and intelligent epidemic management have led
to one of the country’s lowest rates of infection. A tough place to visit,
Vermont requires all out-of-state travelers to quarantine for seven days
if they have a negative Covid test or 14 days without one—either before
they leave home or after arrival. The state also limits locals and visitors
alike from gathering with people from other households. Lodgings and
restaurants and even ski resorts, however, are open at limited capacity.
The obstacles have kept most visitors at home, but if you don’t mind
quarantining and don’t want to socialize, Vermont can be your own pri-
vate snow globe this winter. And if you’re a skier, 50% lower capacity on
peak weekends on the mountains means 50% fewer people scraping off
the powder. We recommend these three, extra-safe lodging strategies,
all focused on southern Vermont counties with even lower Covid rates
than the rest of the state. Strap on your snowshoes. —Valerie Stivers

Base yourself at a Southern Vermont’s best dining desti-

gourmet motel nations, and is about a five-minute
The owners of the Homestyle Hotel drive from the access road to
Inn + Restaurant in Ludlow recently Okemo Mountain.
LES JORGENSEN

took over a motel in an 1830s building From $154 a night, mainandmoun-

across the street and turned it into tain.com
the Main + Mountain Bar and Motel.
The transformed hostelry’s second- Rent your very own farm
floor accommodations feature cool Owned by a couple who raise goats PERSISTENT CHEER The Dorset Inn, tucked away from ski crowds, opened in 1796 and never closed.
hues of white and gray, with live-edge and make caramels, the classic hilltop
headboards and white subway tile. Big Picture Farm is situated on 100 style of the owner’s mother’s picturefarm.com. Bent Apple, from only 4 tables—a wonderfully warming
Covid-safety bonus The motel has acres of pastures and woodlands in dollhouse. $280 a night for the barn and and near-private experience if you can
contactless check-in and pickup Townshend. Renters can book a ram- Surroundings Both farms are within $565 a night for the farmhouse, score a reservation. Rooms are up-
from the bar downstairs, and every bling, 10-bedroom farmhouse built in 30 to 45 minutes of multiple ski and bentapplefarmvt.com scale-traditional with framed prints
room’s doors and windows open to 1790 or a two-bedroom barn or one- cross-country destinations. and patterned textiles.
the outside. Best of all, this fall the bedroom cabin, all renovated with Covid-safety bonus Families have Take a room at a Surroundings Dorset is well off the
owners closed the hotel part of modern touches. A few towns away, been renting both properties since secluded country inn beaten ski-mountain trail but outdoor
their property across the street and in South Londonderry, Bent Apple the pandemic started, looking for You’ll find the Dorset Inn—which recreation options include snowshoe-
turned its former guest rooms into Farm is on a former horse farm. larger spaces for remote work and opened in 1796 and has never ing and cross-country skiing.
private dining rooms for the Home- There you can sleep in a renovated 5- school. closed—in the small town of Dorset, Covid-safety bonus Staying far away
style Restaurant. bedroom farmhouse with gables and Big Picture, from $1,400 a week for known for gorgeous old houses and a from partying ski bums will give
Surroundings The homey mill town wide pine flooring or a 2-bedroom the cabin, $3,000 for the colt barn classic white-clapboard village. The many travelers peace of mind.
of Ludlow has emerged as one of vintage barn reconstructed in the and $5,500 for the farmhouse; big- inn’s local-hangout tavern now seats From $175 a night, dorsetinn.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 2 - 3, 2021 | D7

DESIGN & DECORATING

LOOK, MA, NO HANDLES
These kitchen cabinets
in a Brooklyn factory
conversion (by local firm
Alloy Development)
exemplify the new
hardware-free look.

What’s Hot, What’s Kaput in 2021

.
ly
on
We asked 200 design pros which trends feel fresh vs. finished as we enter a new year. They forecast a hunger for
hushed, murky rooms and hardware-less kitchen cupboards—and a quick fade for farmhouse white and open shelving.
us ,
l
e
al a

OUT Lab-Like Bathrooms Open-Air Showers

IN
ci on

While we still need me-time in the bath to Meanwhile, the al fresco shower has
maintain our sanity, the white-on-white loo acquired powerful appeal, part of the
has lost its allure. “Bathrooms have become continuing push to “make the outdoor as
less austere, less like operating theaters,” well-designed and comfortable as the
said Boston designer Mally Skok. Once- indoor,” as New York architect West Chin
er s

popular materials are faltering. put it. San Francisco designer Jay Jeffers,
“Bookmatched marble is so beautiful, but it’s who often installs showers like the
m er

almost echo-y white. It feels cold,” said Ms. one at right on clients’ properties in
Skok. And Sara Hillery, a designer in Napa Valley, points to the dreamy sense
Richmond, Va., finds fabricated quartz looks of escape they conjure. “You’re almost
too manufactured: “Design trends are in a different world—Mexico or the
m rp

headed toward a softer, more natural look, Cayman Islands or Anguilla—somewhere

and these man-made options fall short.” else that’s not your home.”

Glitzy Textiles Fabrics That Feel Good

co Fo

Miami designer Allen Saunders, among We’re gravitating to touchable textiles like
others, foresees a rejection of slick velvet, mohair and soft bouclé, said Robbie
surfaces in general. Mr. Jeffers zeroed in McMillan, co-owner and lead designer of
on shiny fabrics, a played-out way to AubreyMaxwell in San Francisco. “Bouclé is
bestow a design scheme with glossy everywhere,” concurred Andrew Kline, design
glamour. “They give this connotation of a director at New York’s Workshop/APD. “We
dressier room, which people are just not as have nowhere to go in our Chanel blazers, so
PAVEL BENDOV (ALLOY KITCHEN); GETTY (BATHROOM); WHITNEY LAWS/GALLERY STOCK (OUTDOOR SHOWER); SHUTTERSTOCK (SATIN PILLOW, OPEN SHELVE, BLACK FAUCET, MODERN FARMHOUSE); MALI AZIMA (EMERALD ROOM)

excited about these days,” he said. As we’re translating the look to sofas,” he said.
pillows or upholstery, these light-catching Elizabeth Cooper, another Bay Area designer,
lamés and shimmery satins not only look highlighted furry alternatives such as alpaca
chilly, they skimp on tactile comfort. (see the Arhaus pillow at right), while
“They’re a little harder in terms of their Bethesda, Md., designer Marika Meyer likes
n-

touch and hand,” he said. the tactility of crewel embroidery.

Chaos-Courting Open Shelving Neat Cabinets Sans Hardware

no

Sure, floating shelves look great in photos “Since cabinetry usually takes up most of
when styled by a pro or even by a the space in kitchens, a ton of exposed
layperson with a good eye. The rest of us hardware can create an eyesore,” said
struggle to keep exposed tableware looking Houston designer Nina Magon. For a
organized and pretty, which has scuttled serenely seamless facade and an open-
this “deconstructed kitchen” trend. “For sesame effect, look for push latches. Also
some, open shelving always felt too good: drawers with grabbable undersides
cluttered,” said Kobi Karp, principal of the like the ones at right, made by London
eponymous architecture and interior-design kitchen company Lanserring. The result is
firm, in Miami. Another reason to shelf a decidedly more tidy kitchen. “It expresses
open shelving: Dishes end up covered in the less-is-more approach and helps focus
(unappetizing, time-consuming) on the beauty of the cabinetry and
dust and grease. surfaces,” said Ms. Magon.

Matte Black Fixtures Faucets You Can Talk To

Industrial and farmhouse trends ushered in Want to minimize contact with germy
flat black faucets, but they’re now heading handles and taps? Just connect Siri or Alexa
out. “Black is one-dimensional...really to a voice-activated fixture. “You can say,
visually bold and heavy,” said Indianapolis ‘Faucet, two cups of water.’ You put the pan
designer Whittney Parkinson. The color under and it dispenses two cups!” said
“immediately draws your eye to an Sacramento, Calif., designer Kerrie Kelly. You
element that shouldn’t have much can also program the flow’s temperature
relevance.” Ms. Parkinson also noted that and duration for, say, rinsing dishes. Designer
some manufacturers spray on the black Dennese Guadeloupe Rojas, in Silver Lake,
finish, which means it will eventually Md., points out that touchless faucets don’t
scratch off. “People want pieces they feel get dirty in the first place, so finishes like
will age really well,” she said, versus ones matte white, as on the version at right by
that must be replaced in a few years. Jason Wu for Brizo, stay looking clean.

Modern Farmhouse Dusky Rooms

With apologies to Chip and Joanna Gaines, Design pros are noting a shift to darker,
who popularized the farmhouse look on moodier spaces, like this emerald-enveloped
HGTV’s “Fixer Upper,” its white shiplap bar at right, by Atlanta designer Melanie
walls, fauxtiques and dark metal details Turner. Ms. Kelly noted that in kitchens,
are being sent to pasture. “People want warm woods are being mixed with deep
home to represent who they are and the green or blue paint. Mr. Jeffers predicts
life they’ve led,” said Dallas designer those colors, plus dark gray, will also surface
Michelle Nussbaumer. “Farmhouse is too in bedrooms: “Deep tones evoke calm and
quiet, too not-real.” Another agri-feature make the perfect sleeping atmosphere.”
getting the ax: sliding barn doors. Even Andrea Goldman’s team, in Chicago, creates
closed they leave gaps, so they only work at least one cozy, relaxing space per project:
in places where sound and privacy are not “We start with wall color, using darker jewel
an issue, said Mr. Karp. Places like a barn. hues.” —Kathryn O’Shea-Evans
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, January 2 - 3, 2021 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

FOAL THROTTLE Despite its ample
figure, the Mach-E can race from
0-60 mph in as fast as 3.5 seconds.

gets to be too much, drivers may

turn on a synthesized performance
sound that swells in the cabin, ris-
ing and falling in pitch with torque
output. Some people call me the
Space Cowboy, yeah…
The Mach-E also offers the select-
able option of one-pedal driving,
which increases the car’s regen
drag/slowing under coasting to the
point where drivers rarely need to
engage the brake pedal. Works
great. The only quibble I had with
driving was the brake pedal’s slight
touchiness in two-pedal mode.
Ford can be rightly chinned for
exploiting the Mustang brand, but is
also gambling with it, betting that
the new car is charismatic enough to

Really? This high-sitting

four-door hatchback with
the dad bod screamed
Mustang to management?
That’s...surprising.

change the generational conversa-

FORD

tion, from track bars and Tremec

five-speeders to amps and watts.
RUMBLE SEAT / DAN NEIL In this work the Mach-E has a
natural ally: acceleration. With a
0-60 fun function ranging from 6.1
seconds (Extended Range, RWD) to

.
Ford’s All-Electric Mach-E: a targeted 3.5 seconds (GT Perfor-

ly
mance Edition eAWD), even the
slowest Mach-E will zip, sing and
sizzle at a whim or whistle. Our

A ‘Mustang’ in Name Only on Extended Range AWD tester—with

front and rear e-motors totaling
346 hp and 428 lb-ft—could loft it-
self to 60 mph in less than five bil-
us ,

lowing seconds. They might have

WHEN I LEARNED that Ford was called it the Zephyr.
l

2021 FORD MUSTANG MACH-E ER EAWD

e
calling its all-electric crossover On highways, our garnet-red
al a

Mustang Mach-E, I rolled my eyes tester surged effortlessly to seize

and made the skeptical emoji face. Base Price $49,700 (avail- Length/Width/Height/ openings in traffic, a remorseless
ci on

Ladies and gentlemen of Dearborn, able $7,500 tax credit) Wheelbase appliance taking advantage of the
please. Can we not go down the road Price, as Tested $56,200 185.6/74.1/64.0/117.5 inches stumble-footed gassers around us.
of misty pony-car nostalgia, again? Powertrain Front- and Curb Weight 4,838 pounds The Mach-E reserves of overtaking
Must we give credence to this weird rear-axle mounted perma- 0-60 mph 4.8 seconds delta V don’t start to run out until
non sequitur? For 56 years the nent-magnet AC synchro- DC Fast Charge Up to 150 about 90 mph.
er s

nameplate has denoted two-door nous motors; 88 kWh lith- kW If the Mach-E actually does
coupes and convertibles; now, for no ium-ion battery pack; AWD EPA Estimated Range make any converts—if that theo-
m er

particular good reason I can tell, it Power/Torque 346 270 miles retical old-school Mustang fan
also denotes a midsize electric four- hp/428 lb-ft Cargo Space 29.7 cu. ft. does wander into a showroom,
door hatchback—oh, sorry, fastback. scratching his or her belly, think-
They might as well have called it a ing Mach-E, huh? What the hell,
m rp

Cobra, or Crown Victoria, or the Not to be a killjoy. Some of the tended range), for which LG Chem does Ford get off charging more? I’ll give ‘er a toss—it will be in
Barney Oldfield 999 Special. Mustang-themed features are must charge a pretty penny. The This thing needs a $10,000 haircut. those first miles of a test drive,
Ford’s engineering execs have charming: the three-bar taillights; base MSRP comes in at $42,895 Monthly payments notwith- when they experience the fine con-
been on teleconference press tours the illuminated galloping mustang (RWD, 230 miles) before any fed- standing, the Mach-E feels great. trol torque, the zero-lag throttle
this fall in support of the com- logo in the nose (GT trim and eral, state or local incentives. Our The cabin is bright and airy response that makes EVs feel so
co Fo

pany’s first mass-market EV, to be above). The three drive modes are two-motor, all-wheel drive version (thanks to a full-length panoramic casually fast.
built in Mexico, with global sales “Whisper,” “Engage” and “Unbri- with the larger battery (270 miles roof), buttoned up, and smartly For the sake of efficiency, gas-
expected to be around 50,000 in dled.” Oh, honey! The latter mode range) came in at a solidly premium appointed. The interior’s center- powered Mustangs usually putter
the first year. They have explained corresponds to a typical sport $56,200. That’s $6,300 more than piece, the 15.5-inch vertical touch around in a state of semi-somno-
how, late in the design phase, vice mode, putting a sharper edge on the Model Y Long Range AWD. screen, is a thing to behold, like a lence—in high gear, at low rpm,
president Jim Farley (now CEO) the throttle response and adding Talk about nostalgia. The Mach- Big Print edition of infotainment. with throttle response fully se-
sent the team back to the drawing heft to the steering feel. The Un- E’s steep price reflects Ford man- It’s loaded up with the latest ver- dated. But let’s say a matter of
boards with orders to make the bridled mode also permits a cer- agement’s oft-repeated insistence sion of Ford’s SYNC 4A interface, honor suddenly arises and you have
then-unnamed project more Mus- tain value of wheel spin, at both that, among its other miracles, the which works quite well. Apple Car- to throw down. From the moment
tang-ish—more raked windshield, front and rear axles, so you can program has to generate a profit Play and Android Auto, wireless you stomp the pedal it can take
faster hatch, blacked-out C-pillar— horse around a bit...sorry. out of the gate. Why? It took years charging...you know the drill. hundreds of milliseconds for a gas
until finally someone suggested Idiomatic note: In UK-market of investment and rivers of red ink The EV mechanism is serene and engine to spool up, from turbos to
n-

they just call it a Mustang. cars the sport mode is called Un- before Tesla turned the corner of refined, slow or fast. Yet against output shaft. Meanwhile a concate-
Really? This high-sitting four- tamed. Grrr. No word on ripped- profitability. the acoustical backdrop of a miss- nation of clutches, gears, shafts and
door hatchback with the dad bod bodice upholstery. Ford’s freshman effort, though ing engine and drivetrain, remain- axles must be hurriedly reorganized
screamed Mustang to manage- Crammed under the floorboards worthy in many respects, falls short ing sources of cabin noise—tire by their electromechanical masters.
no

ment? That’s... surprising. Ford ex- are blocks of pouch-style lithium- of the Teslas in range, fast-charge howl, wind around the outside mir- By that time the Mach-E is al-
ecs repeat this story as if it weren’t ion batteries, arrayed in either 68 support, sophistication, brand value, rors—can worm their way through ready putting torques to the ground.
a parable of creative laziness. or 88 kWh packs (standard and ex- and driver assistance. So where the well-ordered hum. If the quiet Mustang people might like that.

MY TECH ESSENTIALS
One high-tech kitchen

Wolfgang Puck
gadget I love is the
PolyScience Sonicprep
ultrasonic homogenizer,
which uses sound waves
The restaurant mogul and executive producer of HBO to infuse food with fla-
Max’s new docuseries ‘The Event’ on his most important vors extremely quickly.
You can, for example, put
kitchen tools, cooking to music and playing tennis solo alcohol and fruit in the
machine and craft an
amazing pineap-
ple-flavored
I’m not a big TV-watcher Often I start my day with juice, a vodka in only a When my son and I are in
or movie-goer. After a bit of fruit and two double couple of hours the kitchen cooking
long day, I’d rather take a espressos. So, when people ask instead of wait- together we listen to a
melatonin and head to me what the most important part ing four weeks. lot of music on his phone
sleep. But my wife some- of my kitchen is, I always say my via Spotify. He really likes
times gets me interested espresso machine. It’s a Nuova The Weeknd, who I think
in a show. Recently she Simonelli, which is similar to has great lyrics and melo-
said I had to try ‘The what we use in our restaurants. dies. Of course, given my
Queen’s Gambit’ on Net- We like them because they don’t age, I always like listening
flix. I watched it straight break down. I have my espresso to Queen, the Rolling
NETFLIX (THE QUEEN’S GAMBIT); GETTY (THE WEEKND)

through and really enjoyed machine on 24-7. Stones and Pink Floyd.
it. It’s extremely well done.

When I was a kid, to make extra money, I picked up tennis I’ve driven Cadillac Escalades for
balls and cleaned the courts at an Austrian seaside resort years. Right now I have a black
where my mother was a chef. When I came to California, I 2020 and it’s great: I can go to the
started to play regularly and I love it. I have a Playmate tennis fish market or the farmers’ market,
ball machine so I can take some swings when I’m alone, hit 100 but I also take my wife out for din-
backhands and get a little exercise. The machine never com- ner in it. —Edited from an inter-
plains or calls a ball out, and she’s always there when I need her. view by Chris Kornelis

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