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Matsuyama Wins Masters, in a First for a Japanese Man CEO Pay

What’s
News Climbs
Business & Finance
In Year
EO pay surged in 2020,
Of Vast
C a year of historic busi-
ness upheaval, a wrenching
labor market for many work-
ers and unprecedented chal-
Upheaval
lenges for many leaders. A1 Median compensation
 Google for years operated a reaches $13.7 million
secret program that used past
bid data in the company’s ad for leaders at 300 of
exchange to allegedly give the biggest companies
its own ad-buying system an
advantage over competitors,

.
BY THEO FRANCIS
according to a court filing. A1
MIKE EHRMANN/GETTY IMAGES

AND KRISTIN BROUGHTON

ly
 Fed chief Powell said
the U.S. economy appears CEO pay surged in 2020, a
to be at an inflection point, year of historic business up-
with output and job growth
poised to accelerate as long
as the pandemic retreats. A2
on heaval, a wrenching labor mar-
ket for many workers and chal-
lenges for many leaders.
Median pay for the chief ex-
 Medline Industries is ex-
FITTING: Hideki Matsuyama dons the green jacket after winning the 85th Masters tournament at the Augusta National Golf ecutives of more than 300 of
us ,

ploring a sale that could value

Club in Augusta, Ga., on Sunday. Mr. Matsuyama is the first Japanese man to win one of golf’s major championships. A14 the biggest U.S. public compa-
l

the medical-supply company

nies reached $13.7 million last
e
at as much as $30 billion. B1
al a

year, up from $12.8 million for

 Alibaba said it would in- the same companies a year

Secret Google Project Accused

vest in measures to support earlier and on track for a re-
ci on

merchants on its platform, af- cord, according to a Wall

ter China’s antitrust regulator Street Journal analysis.
imposed a $2.8 billion fine. B1 Pay kept climbing in 2020
as some companies moved per-

Of Using Ad Data to Lift Sales

 Senior business leaders
formance targets or modified
er s

met virtually to plan what

pay structures in response to
several said big businesses
the Covid-19 pandemic and ac-
should do next about new
m er

companying economic pain.

voting laws under way in
Salary cuts CEOs took at the
Texas and other states. B1
BY JEFF HORWITZ hundreds of millions of dol- This week’s filing, viewed by Google’s roles as both the op- depths of the crisis had little
 Vox Media said it is acquir- AND KEACH HAGEY lars in revenue for the com- The Wall Street Journal, erator of a major ad ex- effect. The stock market’s re-
ing Cafe Studios, publisher pany annually, the documents wasn’t properly redacted when change—which Google likens bound boosted what top execu-
m rp

of a popular podcast hosted Google for years operated a show. In its lawsuit, Texas al- uploaded to the court’s public to the New York Stock Ex- tives took home because much
by former Manhattan U.S. secret program that used data leges that the project gave docket. A federal judge let change in marketing docu- of their compensation comes in
attorney Preet Bharara. B3 from past bids in the com- Google, a unit of Alphabet Google refile it under seal. ments—and a representative of the form of equity.
pany’s digital advertising ex- Inc., an unfair competitive ad- Some of the unredacted buyers and sellers on the ex- In some cases, investors
change to allegedly give its own vantage over rivals. contents of the document change. Google also acts as an have responded by withholding
co Fo

World-Wide ad-buying system an advantage The documents filed this were earlier disclosed by ad buyer in its own right, sell- support for company pay prac-
over competitors, according to week were part of Google’s MLex, an antitrust-focused ing ads on its own properties tices in annual advisory votes,
court documents filed in a initial response to the Texas- news outlet. such as search and YouTube Please turn to page A2
 A crucial period of negoti- Texas antitrust lawsuit. led antitrust lawsuit, which The document sheds fur- through these same systems.
ations expected to determine The program, known as was filed in December and ac- ther light on the state’s case Texas alleges that Google Median total compensation
the size and scope of Biden’s “Project Bernanke,” wasn’t cused the search company of against Google, along with the used its access to data from for S&P 500 CEOs on the job
infrastructure package will disclosed to publishers who running a digital-ad monopoly search company’s defense. publishers’ ad servers—where at least a year
start this week when law- sold ads through Google’s ad- that harmed both ad-industry Much of the lawsuit in- more than 90% of large pub-
makers return to Capitol Hill buying systems. It generated competitors and publishers. volves the interplay of Please turn to page A9 $14 million
from a two-week recess. A4
12
 Getting a Biden pro-union
proposal through Congress
could be a high hurdle for Fear of Covid-19 Shrinks Labor Force 10
n-

Democrats, even as a union-

ization vote at Amazon put a 8
new spotlight on the issue. A4
 The “no” vote at an Ala- Around 4 million adults aren’t looking for jobs due to virus; taming pandemic key to recovery 6
no

bama warehouse dealt a

blow to organized labor’s BY GWYNN GUILFORD ing to go home. And I’m probably not too ill to take care of her two-year-old 4
push to reverse falling pri- going to come back,’ ” said Ms. McLau- daughter or infected her wife, an essen-
vate-sector membership. A4 A little over a year ago, Chanee rin, who is 29 and lives in a suburb of tial worker with a warehousing job. 2
 Iran said saboteurs caused McLaurin was a few weeks into a new Dallas. A year after the pandemic burst onto
a blackout at the country’s job selling insurance when she began to When her employer, after letting the U.S. economy, 8.4 million fewer 0
main nuclear-enrichment hear coughing in her office. staff work from home, called them back Americans hold jobs. There are many
 ’ ’ ’ ’ ’
plant, an attempt, Tehran Co-workers, one after another, to the office in early May, Ms. McLau- reasons, but one of the most important
Note: 2020 reflects companies disclosing pay
said, to derail talks on reviv- stopped showing up. Then she over- rin didn’t go. Although she wasn’t and least appreciated is the one that through April 8
ing the 2015 nuclear deal. A8 heard a colleague whispering into her aware of any outbreak at her office, her Please turn to page A10 Source: MyLogIQ
phone that she had been diagnosed job involved going door to door at busi-
 Regeneron said its anti-
with flu-like symptoms. nesses, and she feared what would hap-  New habits emerge post-pandemic........ A3  CEOs plan new push on
body drug reduced the risk of
“I was like, ‘You know what? I’m go- pen if she caught Covid-19 and grew  Working mothers face tough road........ A11 voting legislation...................... B1
developing symptomatic
Covid-19 infection in people

INSIDE Hospital Fight Typifies

living with someone infected
by the new coronavirus. A3 Grateful Dead’s ‘Wall of Sound’
 Ecuador elected conser- Lives On in Fan’s Basement
vative ex-banker Guillermo
Lasso as president over his
populist opponent. A6
i i i Plight in Rural Areas
 The Supreme Court in a
Anthony Coscia spent two months
BY BRIAN SPEGELE business and community lead-
REUTERS

5-4 decision exempted

prayer meetings from Cali-
building a miniature replica; ‘he’s nuts’ ers launched an effort to build
When the only hospital in a a new hospital instead. They
fornia’s Covid-19 restrictions BY ALEX LEARY love what he’s doing. He’s not small central Wyoming city said they have secured several
on in-home gatherings. A3 WORLD NEWS
faking it. He’s trying to repli- stopped delivering babies and million dollars in donations, in-
SOUTHBURY, Conn.—In cate it. It’s a mind blower.” Solar industry cut back on surgeries, local res- cluding land for the proposed
1974 the Grateful Dead revolu- Stuck home during idents sought to start their hospital from the Eastern Sho-
JOURNAL REPORT
tionized concert audio with a Covid-19, Mr. Coscia has la-
confronts its uneasy own. The fight that ensued now shone Native American tribe.
Encore: Eight questions to reliance on China’s
three-story, 28,800-watt sys- bored four hours a day over stretches to Washington and is Today, the group is one step
answer before you retire.
R1-10
tem called the Wall of Sound. two months, creating a social- Xinjiang region. A6 shining an uncomfortable light away from achieving its goal of
Fans were blown away, but the media phenomenon among on one of the country’s biggest securing $40 million of low-in-
wall only lasted a year. Deadheads, few of whom expe- hospital chains and its private- terest loans from the Agricul-
CONTENTS Outlook....................... A2 Nearly 50 years later, An- rienced the Wall of Sound—he equity owner. ture Department. LifePoint is
KAREN DUCEY/GETTY

Arts in Review... A13 Personal Journal A11-12

Business News....... B3 Sports....................... A14 thony Coscia has built a one- didn’t either—but who hold it LifePoint Health Inc., backed trying to scupper the efforts by
Crossword.............. A14 Technology............... B4 sixth scale model in his base- in mythical status for its size by Apollo Global Management lobbying the Biden administra-
Heard on Street... B10 U.S. News............. A2-5 ment—and fans are and pioneering of high fidel- Inc., controls the only hospital tion and Wyoming’s senators to
Markets...................... B6 Weather................... A14
Opinion.............. A15-17 World News....... A6-9
going wild once ity concert audio. in working-class Riverton, Wyo. oppose the project.
again. The pandemic has After LifePoint merged River- The CEO of LifePoint’s Wyo-
“He’s nuts,” says driven people to bread ton’s hospital with another fa- ming hospitals, John Ferrelli,
> Richard Pechner, a baking, binge U.S. NEWS cility it owns in Lander, 30 said in a statement the com-
former roadie who watching and dog Native American miles away, it began consolidat- pany opposed the new hospital
had the grueling ownership. For ing services. because it “will not fill gaps in
job of assembling music lovers, the
communities have With many in Riverton wor- care.” He said the two hospi-
the real wall each lack of concerts been among the ried that cutbacks would hurt tals’ merger sought to use scale
s 2021 Dow Jones & Company, Inc.
All Rights Reserved show. “I mean, Please turn to fastest to vaccinate. A3 the city’s future and some con- to better serve patients and co-
look, I absolutely Jerry Garcia page A10 cerned over Lander’s care, local Please turn to page A6
 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 | Monday, April 12, 2021 * * THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Gwynn Guilford and Anthony DeBarros
ECONOMIC
CALENDAR
Forecasters Brace for Uncharted Liftoff Tuesday: China’s March ex-
ports are expected to have re-
bounded sharply from a year
Economists now expect consumer-price

R
onald Reagan was in from 1.7% in February when previous recession, so a earlier. Economists surveyed by
the White House, “Re- March data is released Tues- inflation to hit 3% by June strong recovery was partly The Wall Street Journal are
turn of the Jedi” was day. That is partly a quirk of inevitable. Indeed, GDP re- forecasting a 40% annual in-
Consumer price index, change from a year earlier
in theaters, and economic the data, as outright declines bounded strongly in the crease, a sharp reversal from the
growth hit an astonishing in consumer prices recorded 4% third quarter of last year. 6.6% contraction in the year-ear-
7.9%. at the start of the pandemic Forecast The scale of federal stimu- lier period.
The U.S. has produced in March of last year drop lus is greater than in the U.S. consumer prices are ex-
many more Star Wars films from the 12-month calcula- 2 previous recoveries, at pected to have picked up in
since 1983, but growth has tion. nearly $6 trillion, or more March, a potential signal of
never approached that Still, economists see fur- than one-quarter of annual building inflation pressures.
level—until this year, if econ- ther price pressures as the 0 GDP. Mr. Reagan’s combina- Wednesday: Federal Reserve
omists are right. Those sur- economy reopens, with infla- tion of tax cuts and military Chairman Jerome Powell
veyed by The Wall Street tion accelerating to 3% in spending was spread out speaks virtually to the Economic
Journal boosted their aver- June, which would be the -2 over a longer period, said Club of Washington. Mr. Powell
age forecast for 2021 eco- highest since 2012, before Mr. Sinai. “It makes it hard is likely to maintain the mantra
nomic growth to 6.4%, mea- slowing to 2.6% by Decem- 2012 '15 '20 for a forecaster because I’ve that any upward pressure on
sured as the change in ber. They see the Federal Re- Note: June and December 2021 data reflect the average estimate of the survey’s economists. not seen anything like this, consumer prices from fiscal
inflation-adjusted gross do- serve starting to raise rates Sources: Labor Department; Wall Street Journal Economic Forecasting Survey ever,” he said. stimulus “will be neither particu-
mestic product in the fourth in mid-2023, rather than larly large nor persistent.”

A
quarter from a year earlier. 2024 or later, as officials at the Centers for Disease Con- up sharply from 4.9 million hot economy could Thursday: U.S. retail sales
If realized, that would be the central bank have indi- trol and Prevention, and projected in the survey late also bring the bugbear are expected to have surged in
one of the few times in 70 cated. Congress has approved an- last year. The unemployment of inflation. Its path March, more than reversing a
years that the economy has The Wall Street Journal other $1.9 trillion in fiscal rate is expected to fall to depends on how easily surg- weather-induced soft spot in
grown so fast. survey of 69 business, aca- support. On March 31, Presi- 4.8% by year-end, compared ing demand can be met with February.
“We had an incredible demic and financial forecast- dent Biden unveiled an infra- with a projection of 5.6% late increased production. U.S. jobless claims are hover-
shock, but look how fast ers was conducted April 5-7. structure investment plan to last year. If much of that increased ing near pandemic-era lows.
we’re bouncing back,” said Not all participants re- be partly financed by higher The outlook remains highly spending goes to domesti- Economists expect a drop in
Allen Sinai, chief global sponded to every question. corporate taxes. uncertain. In the past year, cally produced goods and claims for the week that ended
economist and strategist at “Both in terms of magni- economists have alternated services, production bottle- Saturday.

A
Decision Economics Inc. s recently as December, tude and timing, that was a between excessive optimism necks will stoke inflation, U.S. industrial production fell
“We’re in the early stages of economists expected bigger jolt to the economy and pessimism. Vaccine hesi- said James F. Smith, macro- sharply in February as severe
recovery, and we’ve got solid but unspectacular than anticipated,” said Mi- tancy, faster-spreading virus economist at EconForecaster weather hit Texas and other
three to five years to go. I growth of 3.7% this year, re- chelle Meyer, head of U.S. variants or the potential drag LLC. More likely, though, de- parts of the country. The mea-
think we’re going to end up flecting the reversal of pan- economics at BofA Global from a lagging overseas econ- mand will be met by goods sure of factory, mining and util-
in a boom.” demic-induced shutdowns as Research, referring to fiscal omy could yet undercut and services from abroad, ity output is expected to have
Economists expect growth well as the Fed’s low interest stimulus. “Another very im- growth this year. keeping prices in check. bounced back in March amid
to slow to 3.2% next year, rates. Then, in the waning portant factor is the vaccina- Growth of 6% or better “How does it shake out? strong demand for factory
which would still make months of the Trump admin- tion campaign, which is hap- was more common before Well, no one knows because goods.

.
2021-22 the strongest two- istration, the federal govern- pening faster than the 1980s, when underlying no one has seen such an ex- Friday: China’s gross domes-
year performance since ment authorized two Covid-19 anticipated.” growth was higher and usu- periment before,” he said.

ly
tic product for the first quarter
2005. vaccines, and Congress Economists in the survey ally came right after reces- “It’s like spending as much is expected to grow 19.5% from
That boom might have a passed a $900 billion corona- on average now expect em- sions with the help of loose money to fight World War II a year earlier, a figure that re-
potentially troubling side ef- virus relief package. ployers to add 7.1 million monetary and fiscal policy. except there’s no enemy, flects last year’s short but sharp
fect. Inflation, as measured
by the consumer-price index,
is expected to jump sharply
About a third of Ameri-
cans have now received at
least one shot, according to
on jobs in 2021, which would be
the largest December-to-De-
cember gain on record and
The contraction in output in
the first half of last year was
far more severe than any
we’re not spending it on de-
fense, and it’s not clear who
will buy what.”
pandemic-induced downturn as
much as it does a return to eco-
nomic growth.
us ,

Economy, Job Growth Set to Accelerate, Fed Chief Says

l
e
al a

BY PAUL KIERNAN “a string of months.” casters say the U.S. economy is Mr. Powell and other Fed of- banks adequately understand
ci on

The central-bank chief positioned for its fastest year ficials have indicated in recent the risks they incur. “It was a
Federal Reserve Chairman urged Americans to continue of growth since the early weeks that they expect to hold risk management breakdown—
Jerome Powell said the U.S. socially distancing and wearing 1980s. Economists surveyed by U.S. short-term interest rates and one that we’re looking
economy appears to be at an masks, saying a resurgence of The Wall Street Journal in re- near zero through 2023. They very carefully at to try to make
inflection point, with output Covid-19 remains the primary cent days said they expect eco- also plan to continue the Fed’s sure it doesn’t happen again,”
er s

and job growth poised to ac- risk to the economic outlook. nomic output to expand 6.4% $120 billion of monthly bond Mr. Powell said. “So that is sur-
celerate in the months ahead The U.S. seven-day average in 2021 and private-sector pay- purchases until the economy prising and concerning.”
SENATE TV
m er

as long as the Covid-19 pan- of newly reported Covid-19 rolls to rise by 7.06 million. makes “substantial further The Fed chairman also
demic retreats. cases has been climbing in re- Mr. Powell reiterated that progress” toward its goals of called for a reform of money-
“We feel like we’re at a cent weeks after a steady, the Fed plans to wait until the maximum employment and market mutual funds, which
place where the economy’s monthslong decline following a economy’s recovery is com- sustained, 2% inflation. Fed Chairman Jerome Powell required a bailout from the
about to start growing much deadly fall surge. Daily cases plete before it raises interest Inflation has remained be- central bank in March 2020
m rp

more quickly and job creation exceeded 75,000 on April 7, rates. “It’ll be a while until we low the Fed’s target for most firm whose implosion in recent amid deep market turmoil. It
coming much more quickly,” down from a peak of 300,000 get to that place,” Mr. Powell of the past decade, while the weeks caused billions of dollars was the second time in 12
Mr. Powell said in an interview in early January but higher said, according to a transcript U.S. labor market remains in losses for banks, Mr. Powell years the Fed had to step in.
broadcast Sunday evening on than at any point in the first of the interview, which took about 8.4 million jobs short of said it didn’t appear to raise “There’s a structural issue, and
CBS’s “60 Minutes.” He said six months of the pandemic. place on Wednesday. Asked its pre-pandemic level of em- questions about the broader we know this,” Mr. Powell said.
co Fo

the Fed’s forecast is that the Still, with the vaccination whether a rate increase might ployment. stability of the financial sys- “When something’s happened
economy could produce close campaign picking up speed, happen this year, Mr. Powell Asked about Archegos Capi- tem. But he indicated that the twice, it really is time to go
to one million jobs a month for Fed officials and private fore- said it is “highly unlikely.” tal Management, an investment Fed might scrutinize whether ahead and fix it.”

make up the bulk of the rest mark said some changes were
CEO Pay have generally remained high,
the Journal analysis shows.
meant to retain executives and
other employees receiving
The biggest pay packages stock compensation and to rec-
Climbed reported so far went to leaders
who received special stock
ognize the “extraordinary cir-
cumstances” of the pandemic.

Last Year awards during the crisis. Chad

Richison, founder and CEO of
The company said the execu-
tives aren’t expected to receive
n-

Paycom Software Inc., received annual equity awards in 2021,

compensation valued by the and the additional options will
Continued from Page One company at $211 million, in- only provide value if the com-
increasing pressure on corpo- cluding restricted shares. Larry pany’s share price rises. Ara-
no

rate boards. With the annual- Culp, CEO of General Electric mark didn’t respond to re-
meeting season just begin- Co., received compensation quests for comment.
ning—80% of the S&P 500 have valued by the company at Most companies didn’t mod-
JOSH RITCHIE FOR THE WALL STREET JOURNAL

yet to hold their votes, accord- $73.2 million tied to a contract ify annual or long-term incen-
ing to pay data firm Equilar— extension and new perfor- tive plans, but those hard hit
shareholders have given a mance targets. by the pandemic were more
thumbs-down to pay arrange- At Aramark, the institu- likely to, consulting firm Pay
ments at a dozen big companies, tional catering and uniform Governance found in an analy-
including Starbucks Corp. and provider, the board bumped sis of S&P 1500 companies fil-
Walgreens Boots Alliance Inc. executives’ annual incentive ing early proxy statements.
“I don’t think we’ve ever payments up to 40% of initial When boards intervened to ad-
seen anything like this before targets instead of the 10% that just calculated payouts, they
in terms of the number of pay-program formulas would were more likely to increase
changes we’ve seen in incen- have dictated. Aramark also them than lower them, Pay
tive plans” during the pan- made a special one-time op- Governance found.
demic, said Shaun Bisman, a At Norwegian Cruise Line Holdings—which recorded a $4 billion loss last year after sailings stopped tions grant and adjusted per- “We’ve seen significant up-
pay and corporate-governance and revenue fell 80%—CEO Frank Del Rio’s pay doubled to $36.4 million. formance targets for a three- tick on things that typically
consultant at Compensation year award established in drive investor concern,” said
Advisory Partners in New York. the company’s proxy. were in the best interests of As the pandemic unfolded 2018. Julian Hamud, senior director
Pay rose for 206 of the 322 A Norwegian Cruise spokes- the company and secured Mr. and whole industries slowed or For CEO John Zillmer, 2020 of executive compensation re-
CEOs in the Journal’s analysis, man said Mr. Del Rio’s pay in- Del Rio’s continued invaluable nearly froze, many CEOs gave pay totaled $27.1 million, in- search at Glass Lewis & Co., a
which uses data for S&P 500 cluded amounts related to the expertise,” the spokesman said. up some or all of their salaries, stead of closer to $11 million proxy advisory firm.
companies from research firm effects of the pandemic, a U.S. “Our management team took often to great fanfare. But sal- without the changes. Mr. He said investors are dis-
MyLogIQ. The median raise government decision to halt quick, decisive action to reduce ary makes up less than 10% of Zillmer gave up 25% of his $1.3 pleased with boards issuing re-
was nearly 15%. The Journal travel to Cuba and an employ- costs, conserve cash, raise cap- total compensation for most million base salary from early tention awards and some
uses figures reported by com- ment-agreement extension. ital” and is executing a plan to big-company CEOs. The equity April through Oct. 2. Covid-19-related changes to ex-
panies in their regulatory fil- “We believe these changes relaunch its ships. awards and cash bonuses that In its proxy statement, Ara- ecutive pay plans.
ings, which value equity
awards on the date granted.
The leaders of Exxon Mobil
Corp., ad giant Omnicom Group
CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL
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Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
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Published daily except Sundays and general legal holidays.
Those companies generated to- Elizabeth II were married for contract for the Baltimore Sun, caption with a Design & Deco- Periodicals postage paid at New York, N.Y., and other mailing offices.
tal shareholder returns, a mea- 73 years. A World News article Maryland hotel magnate Stew- rating article on Saturday Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
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36% and minus 15% in 2020. photo montage on Saturday une Publishing Co. in capital- Notice to readers order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
Compensation jumped for incorrectly said 74 years. In improvement fees. An Exchange Wall Street Journal staff Letters to the Editor:
some executives at battered addition, Elizabeth became article on Saturday about nego- members are working re- Fax: 212-416-2891; email: [email protected]
companies. At Norwegian queen in 1952. In some edi- tiations to buy the newspaper- motely during the pandemic. Need assistance with your subscription?
Cruise Line Holdings Ltd.— tions, the reference in the publishing company incorrectly For the foreseeable future, By web: customercenter.wsj.com; By email: [email protected]
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which recorded a $4 billion loss montage caption to a 1951 said the figure was $11 million. please send reader comments
Reprints & licensing: By email: [email protected]
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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. * * * * Monday, April 12, 2021 | A3

U.S. NEWS

New Outlook,
Habits Emerge
Post-Pandemic
Many contemplate life to do what you want to do. It
gave me that nudge, and it
or career changes after was a hard nudge.”
a year of quarantining; Millions of Americans are
now deciding what they will
‘It gave me that nudge’ consider normal life as the
country’s massive inoculation
BY JENNIFER LEVITZ campaign picks up pace. The
ranks of the newly vaccinated

DEE DWYER FOR THE WALL STREET JOURNAL

Sarah Smalls is tiptoeing are facing decisions about
back into her old routine, now where to go, whom to see,
that she is fully vaccinated which plans to dust off and
against Covid-19. She hosted which to scrap. Some are
Easter dinner. Her adult son moving quickly to book trips
now stops over for indoor vis- or sit in movie theaters again,
its. She and her husband plan while others are proceeding
to travel again. more cautiously.
But like many other newly In Boise, Idaho, Rick Hal-
vaccinated Americans, Ms. stead, a 54-year-old project
Smalls, who is 74 and lives in manager for Boeing Co., says
Lorton, Va., isn’t seeking to that after getting his second Sarah Smalls, center, with, clockwise from left, her grandchildren and her husband, Curtis, at home last week.
merely unfreeze and restart vaccine recently, “everything
her pre-pandemic life. feels attainable once again.” Roaring ’20s, which might be tackled problems that take perplanning the schedule at ev- Luna, who is 27, says even after
Ms. Smalls says the person But he says it feels a bit true for some, she says. years to solve, like the need for ery family get-together. “Chill, getting the vaccine, the switch
who went into the pandemic strange that he isn’t inter- Yet she believes many will affordable housing. Now she Mom,” her sons would tell her. won’t flip easily for her. Ms.
isn’t the same person coming ested in pivoting back to shed the pandemic gradually. has shifted her volunteer work She says the pandemic, with Luna, a nanny, works for doc-
out. She is emerging with new some of his pre-pandemic in- “First you have to recover from to helping people with immedi- all its sadness, put things in tors’ families and heard first-
goals, priorities and concerns. terests, such as a tradition he being burned out,” she says. ate needs, such as food and perspective. “It’s been a very hand about the dangers of the
The long pause that forced and his wife, Julie, had of “It’s almost like you have to small-business loans. transformative year,” she says. virus. Her boyfriend, a hotel
both isolation and introspec- traveling to a different ball- find that joy again.” “I will continue to do that,” “I don’t want to care anymore worker, was in a high-risk cate-
tion has been a catalyst to park every year. This summer, Emilie Krasnow, who is 35 she says. “We are not over the about everything being per- gory. “Our whole life has been
change course. they would rather plan long and lives in South Burlington, pandemic. A lot of people act fect.” keeping indoors for the past
Ms. Smalls intends to fi- weekends with extended fam- Vt., says she is starting to find like we are. Even if we’re vacci- Ms. Sumner tried out her year.” she says.

.
nally learn how to swim. She ily. “It feels like we’ve been so joy as she emerges from an ex- nated, that doesn’t help people new persona when she and her Ms. Luna describes the pan-
wants to take weekend trips starved to see friends and hausting year, in which her un- who have been out of work for husband visited their sons in demic as a “looking-inward

ly
with her best friends. And family—that is what feels abating worry was to keep her months.” Milwaukee for Passover. At the moment” that is prompting her
most notably, she won’t go more important now,” he mother, Susan, a cancer pa- Older adults, who were pri- Seder meal, hosted by a son to finally finish online credits
back to the frenetic pace she says. tient, from getting the virus. oritized for inoculation, are and daughter-in-law, Ms. Sum- for a college degree, take bet-
kept for years while raising
three grandchildren and
working at a nonprofit.
“As the kids say, ‘I’m gonna
Karestan Koenen, a profes-
sor of psychiatric epidemiol-
ogy at the Harvard T.H. Chan
School of Public Health, ex-
on
She isn’t only picking up the
many things that fell to the
wayside, such as exercise and
dating, but also adjusting her
among the first to navigate
post-vaccine life.
“It’s like stepping out of a
cocoon,” says Bonnie Sumner,
ner got out of the way; the old
her, she says, would have taken
charge and wound up “ex-
hausted and crabby.”
ter care of herself and reach
out to friends.
“Even pre-pandemic I was a
little bit of a hermit, but I will
do me,’ ” Ms. Smalls says. “It pects a range of reactions as professional focus. 76, who lives in Woodland “I just sat back, and I’m try to be more social,” she
us ,

took a pandemic to come the public transitions into Ms. Krasnow, a political Park, Colo. very proud of myself,” she says. “Life is so short, right?
l

along and show me that you regular life. On the one hand campaign strategist and volun- Ms. Sumner says she has says. You never really know what
e
al a

don’t have a whole lot of time are predictions of another teer community organizer, has sworn off her old habit of hy- In Flagstaff, Ariz., Emily could happen.”
ci on

Indian Tribes Pull Ahead in Vaccination Effort Regeneron

BY ROBBIE WHELAN vaccines through the IHS. Drug Curbs
er s

So far, 48% of these pa-

When Vanessa Begaye heard tients have received at least
Risk of
m er

in late January that clinics on one vaccine shot, IHS says.

the Indian reservation where Tens of thousands more tribal
she lives in Arizona were of-
fering Covid-19 vaccinations to
all adults, she rushed to get in
members have been vaccinated
through their state health de-
partments. The agency has
Infection
m rp

line for her shot. also provided vaccines to more BY JOSEPH WALKER
The 24-year-old is a college than 200,000 Americans who
student, mother of two and a aren’t tribal members, includ- An antibody drug from Re-
member of the Navajo Nation. ing workers such as teachers generon Pharmaceuticals Inc.
Her grandfather, a diabetic in and first responders employed reduced the risk of developing
co Fo

his 60s, died in July after he on native lands. symptomatic Covid-19 infection
contracted the coronavirus and Among U.S. counties of by 81% compared with a pla-
was put on a respirator. 1,000 people or more, 12 of the cebo in people living with
“Pretty much the whole Na- 15 counties with the highest someone infected by the new
vajo Nation wanted to get the vaccination rates in the coun- coronavirus, a study found.
vaccine as soon as it came try contain Indian reservations The results point to poten-
CATE DINGLEY/BLOOMBERG NEWS

out,” Ms. Begaye said. “We all or Alaska Native communities tial new preventive applications
felt it was the right thing to where IHS or tribal clinics are for the drug, which is already
do, to protect our families, es- a primary source of healthcare, in use to treat earlier Covid-19
pecially our elders. Almost ev- according to a Wall Street cases.
eryone I know has lost some- Journal analysis of CDC data. Regeneron said it would ask
one, and we all just want this Some tribal entities had so the U.S. Food and Drug Adminis-
pandemic to be over.” many doses that they opened tration to expand the drug’s au-
n-

In Apache County, where up vaccination sites to out-of- thorization among people ex-
Ms. Begaye lives, about two- A vaccination in Gallup, N.M. The nearby Navajo Nation was a Covid-19 hot spot over the summer. towners. posed to the virus who haven’t
thirds of which is covered by “People were just knocking yet been vaccinated, which
the Navajo, Fort Apache and American tribes. As vaccina- emerged as a Covid-19 hot not going through your local down the door to get vacci- could provide stopgap protec-
no

Zuni Indian reservations, 42% tions have quickly spread, case spot, with the disease spread- physician or practice, a lot of nated,” said James McNeely, a tion as vaccines become more
of the population is fully vacci- and death rates have plum- ing among families living in people weren’t really sure spokesman for the Blackfeet widely available. So far, 21.3% of
nated, according to Centers for meted among native groups, cramped, multigenerational about how to go about getting Nation. the U.S. population has been
Disease Control and Preven- which were once among the households on native lands. a vaccine,” said Elizabeth Cultural factors have also fully vaccinated, and 35.3% have
tion data. In Glacier County, hardest hit by the virus. Now, the IHS says that Fowler, IHS acting director. contributed to the high vacci- received at least one shot.
Mont., home of the Blackfeet At the start of the pandemic some of the same factors that On Tuesday, Ms. Fowler vis- nation rate. Many native cul- “With more than 60,000
Nation, 46.7% of the popula- in 2020, tribal leaders across have in the past constrained ited Fort Belknap Reservation tures in the U.S. treat elders Americans continuing to be di-
tion is vaccinated. In Blaine the country worried that the the agency’s ability to provide in Montana, home to members with a particular reverence, agnosed with Covid-19 every
County, Mont., where one- Indian Health Service—the care—chiefly its centralized of the Gros Ventre and Assini- and thus vaccinating young day, the REGEN-COV antibody
third of the population lives on federal agency tasked with system where all patients go boine tribes, to celebrate the people to protect older mem- cocktail may help provide im-
the Fort Belknap Reservation, providing healthcare to 2.6 for care—have worked in the one millionth vaccine dose ad- bers of the community has mediate protection to unvacci-
it is 45.9%. million Native Americans in agency’s favor during the vac- ministered by the agency. been taken very seriously, said nated people who are exposed
Overall, 34.5% of the U.S. the U.S.—would be unable to cination drive. In November, IHS gave na- Ms. Fowler. to the virus,” said George D.
population has received at slow the virus’s spread be- “Our population, for the tive communities a choice be- “There aren’t a lot of people Yancopoulos, Regeneron presi-
least one vaccine shot, accord- cause of widespread staffing most part, they are familiar tween receiving vaccines questioning vaccines in gen- dent and chief scientific officer.
ing to the CDC. shortages and constrained with IHS. They know how to through IHS or from state eral,” said Jill Jim, an epidemi- Regeneron issued the Phase
Across the country, some of supplies. reach the clinic, how to access health departments. Communi- ologist who heads the Navajo 3 data in a press release, and
the fastest communities to Over the summer, the Na- the services, whereas with the ties representing about Department of Health, which the findings haven’t yet been
vaccinate are home to Native vajo Nation in particular states, with the vaccine rollout 852,000 adults chose to receive runs that tribe’s vaccine rollout. published in a peer-reviewed
scientific journal.
The study was jointly con-

High Court Allows Home Prayer Meetings in California ducted by Regeneron and the
National Institute of Allergy
and Infectious Diseases and in-
cludes fuller results than in-
BY JESS BRAVIN to his residence for prayer ing events and concerts, and limits all secular gatherings in The plaintiffs, Santa Clara terim findings the company re-
meetings and Bible study. indoor restaurants to bring to- homes to three households, it County residents Pastor Jer- leased in January.
WASHINGTON—A divided Public-health regulations gether more than three house- has complied with the First emy Wong and Karen Busch, Regeneron’s drug, REGEN-
Supreme Court exempted are suspect “whenever they holds at a time,” the court Amendment,” Justice Kagan said they had regularly played COV, is currently authorized to
prayer meetings from Califor- treat any comparable secular said, and therefore the regula- wrote. “And the state does ex- host to gatherings of up to 12 treat people infected with
nia’s Covid-19 restrictions on activity more favorably than tion of at-home religious gath- actly that.” people. Covid-19 who have mild to
in-home gatherings, the latest religious exercise,” the court erings violates the First Justice Kagan pointed to In February, U.S. District moderate symptoms and have a
in a string of high court or- said. “It is no answer that a Amendment. lower-court findings detailing Judge Lucy Koh, in San Jose, high risk of developing severe
ders directing officials to sub- state treats some comparable Chief Justice John Roberts the lesser risk of exposure Calif., issued an 80-page opin- disease because of factors in-
ordinate public-health mea- secular businesses or other ac- dissented along with the three while shopping or visiting the ion denying their request to cluding age or underlying con-
sures to religious exercise. tivities as poorly as or even liberal justices, but he neither barber compared with gather- block the restrictions. The ditions such as obesity.
The court’s 5-4 unsigned less favorably than the reli- joined their opinion nor issued ing in private homes, where Ninth U.S. Circuit Court of Ap- In studies, the drug reduced
order, issued shortly before gious exercise at issue.” Jus- one of his own. visits are likely to last longer, peals in San Francisco upheld the risk of hospitalization or
midnight Friday, provided the tices Clarence Thomas, Samuel Justice Elena Kagan, writ- ventilation may be worse and that ruling. death by about 70%.
clearest direction yet to lower Alito, Neil Gorsuch, Brett Ka- ing for herself and Justices social distancing is more diffi- In response to the Supreme The newest prevention study
courts that are hearing reli- vanaugh and Amy Coney Bar- Stephen Breyer and Sonia So- cult. The state need not “treat Court, California said the re- enrolled about 1,500 people liv-
gious challenges to public- rett, formed the majority. tomayor, accused the majority at-home religious gatherings strictions were based on sci- ing with someone recently diag-
health measures. “California treats some of ignoring legal precedent the same as hardware stores entific advice and had helped nosed with Covid-19. After one
The decision comes after a comparable secular activities and facts in the case to elevate and hair salons—and thus un- contain the Covid-19 pan- month, 1.5% of volunteers re-
pastor in Santa Clara County more favorably than at-home religious exercise above other like at-home secular gatherings, demic. The state added that ceiving REGEN-COV had symp-
challenged coronavirus-related religious exercise, permitting constitutional values. the obvious comparator here,” conditions had since improved tomatic infections, compared
restrictions against in-home hair salons, retail stores, per- “California limits religious she wrote. “The law does not and that the regulations being with 7.8% of those who got pla-
gatherings, which prevented sonal care services, movie the- gatherings in homes to three require that the state equally challenged were due to be cebos, an 81% risk reduction, Re-
him from bringing congregants aters, private suites at sport- households. If the state also treat apples and watermelons.” lifted next week. generon said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Monday, April 12, 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

Congress Tries to Shape Biden Proposal

White House plans to Some Democrats from New
Jersey and New York said they
meet with lawmakers wouldn’t support tax changes
as it seeks buy-in for unless they included a full res-
toration of the state and local
its infrastructure push tax deduction, which is now
capped at $10,000 under the
BY KRISTINA PETERSON 2017 Republican tax law.
Members of the Progressive
WASHINGTON—A crucial Caucus on Friday released
period of negotiations ex- their own priorities, urging
pected to determine the size Mr. Biden to include a path to
and scope of President Biden’s citizenship for many workers
infrastructure package will lacking permanent legal sta-
kick off this week on Capitol tus, and lower the eligibility
Hill, when lawmakers return age of Medicare, among other
from a two-week recess. items. The White House has
Mr. Biden and Democratic said it plans to unveil addi-
leaders have said they hope to tional healthcare and antipov-
secure GOP support for the erty legislation later this
$2.3 trillion infrastructure month.
package the president unveiled “It’s time to go big and it’s
late last month. Mr. Biden said time to go bold, and enact
last week he planned to meet these as part of a single, ambi-
with Republicans, beginning tious package,” said Rep.
Monday, in an effort to see Pramila Jayapal (D., Wash.).
where common ground can be Bipartisan negotiations are

JUSTIN SULLIVAN/GETTY IMAGES

found. But Democratic leaders also under way over a push
have also made clear they will from Democrats to expand
be willing to move forward background checks for pro-
without GOP support and tap a spective gun buyers. Senate
process tied to the budget Majority Leader Chuck
known as reconciliation. Schumer (D., N.Y.) has said the
“We hope to do this in the Senate will vote on legislation
most bipartisan way possible,” passed by the House to expand
House Speaker Nancy Pelosi Repaving a street in San Francisco last week. Some Democrats have aired disagreements over the makeup of an infrastructure package. background checks to nearly
(D., Calif.) told reporters all gun sales and extend the
Thursday. “If we have to go to Goldilocks. We’ll have those While some GOP lawmakers Sen. John Thune (R., S.D.) they would favor raising user window for background checks
reconciliation, that’s a lever, discussions,” said White House have indicated they might be said on “Fox News Sunday” fees, such as the gasoline tax, to 10 days from three days.
but I hope it’s not something press secretary Jen Psaki on able to support a narrower that a plan limited to spending or borrowing money to cover But with Mr. Manchin and
that we need to do.” Friday. package focused on more tra- on assets such as roads and the cost of the plan. Adminis- many Republicans opposed to
Bills using reconciliation in Republicans have expressed ditional infrastructure proj- bridges could be paid for by tration officials have indicated the House bill, it faces dim

.
the Senate can advance with a skepticism over Mr. Biden’s ects, it isn’t clear whether “repurposing” money for there is wiggle room on the prospects of securing 60
simple majority. plan, which proposes spending they would be able to reach an states that was included in the proposed corporate rate. votes.

ly
But some Democrats have $621 billion on transportation, agreement with Democrats on $1.9 trillion coronavirus relief “Most of the dialogue we’re Sens. Richard Blumenthal
also aired disagreements over along with $300 billion for do- how to pay for them, or law passed earlier this year. having is around how we’re and Chris Murphy, both Con-
the size and makeup of the mestic manufacturing, $180 whether Democrats would Some Democrats have also going to pay for it,” said necticut Democrats, separately
proposal, meaning party lead-
ers face a challenge keeping
the rank and file in line.
“Some think it’s too small;
billion for research and devel-
opment and $400 billion for
long-term care for elderly and
disabled people under Medic-
onagree to a more limited plan.
GOP leaders have rejected Mr.
Biden’s proposal to raise the
corporate tax rate to 28% from
floated changes to the tax
plan. Sen. Joe Manchin (D.,
W.Va.) has said he would sup-
port raising the corporate tax
Transportation Secretary Pete
Buttigieg on Friday.
Already, House Democrats
from different factions are
are leading talks with Republi-
cans to see whether they can
find support for a narrower
expansion of background
some think it’s too big. It’s like aid, among other items. the current 21%. rate to 25%. Others have said hoping to use their leverage. checks.
us ,
l
e
al a

Pro-Union Measure Faces

ci on

A High Hurdle to Passage

er s

BY ELIZA COLLINS transform Mr. Biden’s outline tional debate over unioniza-
AND KATE DAVIDSON into legislation. The labor pro- tion, particularly in new and
m er

posal doesn’t square with Sen- fast-growing segments of the

President Biden has called ate rules on what sort of legis- blue-collar economy.
on Congress to pass the most lation can typically be The Amazon vote showed
significant changes to labor advanced with just a simple that legislation is needed “that
laws in decades as part of his majority; most Republicans op- finally gives workers a fair
m rp

$2.3 trillion infrastructure pro- pose it and several Democrats chance to win organizing elec-
posal. But getting that pro- in the 50-50 chamber have re- tions,” said Sen. Bernie Sand-
LUCY NICHOLSON/REUTERS

union proposal through Con- mained noncommittal. ers (I., Vt.). Sen. Tommy Tu-
gress could be a high hurdle A White House official berville (R., Ala.) said the vote
for Democrats, even as a labor didn’t specify if the president showed workers “value their
co Fo

vote at Amazon.com Inc. put a wants the PRO Act written into Right to Work protections.”
new spotlight on the issue. an infrastructure bill or pur- Supporters say the bill
Progressives, labor unions sued as a complement to it. would ensure jobs created by
and the business community “The president supports the the Biden infrastructure pro-
are squaring off over the Pro- PRO Act and wants to see it posal are higher-paying, as Supporters of the Protecting the Right to Organize Act rallied in Los Angeles on March 16.
tecting the Right to Organize passed in its entirety,” the offi- more workers would be able to
Act. The bill would make it cial said. join unions that could negoti- make it in America,” he said. pendent earning opportunities ciation, said it is planning a
easier for gig workers and Tim Schlittner, communica- ate on their behalf. Opponents, including many for millions of app-based work- multimillion-dollar campaign
other independent contractors tions director for the AFL-CIO, Rep. Donald Norcross (D., Republicans, ride-share compa- ers overnight,” said Whitney against the legislation.
to unionize and set an enforce- said removing the act from the N.J.), an electrician who was in nies and franchisees, say the Mitchell Brennan, a spokes- Fourteen Republican state
able timeline for union-em- emerging legislation would be local union leadership back legislation would impose woman for the App-Based attorneys general sent a letter
ployer negotiations to com- a mistake. “The labor move- home and co-founded the House sweeping changes to labor Work Alliance, which repre- to congressional leadership
mence. It would also undercut ment turned out in force in Labor Caucus, said the PRO Act laws that have little to do with sents Uber, Lyft and food-deliv- Thursday opposing the bill.
n-

states’ “right to work” laws by 2020 to elect this president makes sense to include in Mr. the president’s spending plan ery services such as Postmates. The PRO Act was approved
allowing unions to collect dues and flipped the Senate,” Mr. Biden’s proposal because it is and would stifle business and The Coalition for a Democratic by the House last month,
from workers who opted out. Schlittner said. about jobs. “We’re looking at a economic growth. Workplace, which includes the 225-206, with the support of
The path of the union bill is The push for the PRO Act mechanism to help level the If passed as is, the PRO Act Chamber of Commerce and the nearly all Democrats and five
no

hazy as Congress starts to comes amid a renewed na- playing field for those trying to “would end flexible and inde- National Small Business Asso- Republicans.

Alabama Vote Upholds Long-Term Trend Labor’s Appeal Proved

BY ERIC MORATH
AND LAUREN WEBER
bers worked for the govern-
ment than for private-sector
data.
Organizing workers at ma-
union, according to the Na-
tional Labor Relations Board.
Unpersuasive to Most
employers, according to the jor employers such as Amazon The failure at Amazon BY SEBASTIAN HERRERA Workers said they were
Workers’ rejection of a Labor Department, showing or Walmart Inc. has long been comes after other unsuccessful wary of the cost of union dues
union at Amazon.com Inc.’s the public sector is now the a “holy grail” for unions, he attempts to organize large Amazon.com Inc. employees and not persuaded that the
warehouse in Bessemer, Ala., stronghold of organized labor. said, but many big companies companies. United Food and in Alabama who sided against union would be able to add
is a setback to organized la- Teacher strikes and protests in have the power and the capital Commercial Workers had unionization said they had significantly to their pay or
bor’s efforts to reverse a de- 2018 and 2019 won pay in- to pay competitively, survey sought to unionize Walmart broad concerns about job secu- improve benefits. In the end,
cadeslong decline in private- creases and other concessions employees about their experi- stores and labor unions rity and grew convinced that less than 16% of the facility’s
sector membership nationally. in Arizona, West Virginia, Los ences and respond to dissatis- backed the Fight for $15 pro- their pay and benefits might total workforce voted to join
The Alabama result under- Angeles and other states and faction before it grows. tests against McDonald’s not markedly increase with the the Retail, Wholesale and De-
scores unions’ challenges in cities, and more recently, edu- “Employers control the eco- Corp. and other chains. While help of a union. partment Store Union.
increasing membership in the cator unions influenced plans nomic issues, they decide what those protests influenced state The resounding victory for “I work hard for my money,
U.S. private sector, where they to reopen schools during the pay and benefits look like and and local minimum-wage Amazon, the nation’s second- and I don’t want any of it go-
represent just 6.3% of workers, pandemic in Chicago and else- if they want to pre-empt orga- changes, it failed to secure largest private employer, came ing to a union that maybe can
down from 24.2% in 1973, ac- where. nizing based on economic is- new union members. after it organized what proved get us more pay, or maybe can
cording to data from Georgia sues, they can do it,” he said. “One of the concerns here to be a successful local cam- get us longer breaks,” said Me-
State University. Amazon told its workers in for people who’d like to see paign, highlighting the com- lissa Charlton Myers, a 41-
Hiring at Amazon—the sec- Alabama that unionizing something change is they pany’s strengths and question- year-old employee at the
ond-largest private employer
The unionization bid wasn’t necessary, highlighting spent a lot of money and en- ing the union’s benefits. Bessemer, Ala., facility that
in the U.S.—and other e-com- at Amazon failed that it starts workers at $15 an ergy on it and it didn’t work, Nationally, Amazon grew vocal voted on unionization. “It’s not
merce warehouses increased hour—more than double the so there’s some reluctance to in pushing back against criti- worth the risk.”
last year even as the country
despite President state’s minimum wage of $7.25 try it again with other retail cism about its workplace con- The union has cited U.S. Bu-
shed millions of jobs, includ- Biden’s endorsement. an hour, the federal mini- giants,” said Ruth Milkman, a ditions, including when a top reau of Labor Statistics data
ing more than 300,000 union mum—and the healthcare ben- sociologist and chair of the la- executive engaged in disputes that show union members on
positions, during the pan- efits it offers employees. The bor studies department at the with members of Congress on average earning more than
demic. For unions, the time median pay in the U.S. for CUNY School of Labor and Ur- Twitter. nonunion members.
appeared ripe to organize The Amazon vote bodes warehouse and storage work- ban Studies. Some workers said Amazon Also playing a role were
workers in an expanding sec- poorly for organized labor try- ers was $17.77 an hour last The organizing difficulties helped steer their vote against fears about possible repercus-
tor and an environment where ing to increase the share of year, according to the Labor faced by private-sector unions unionization. Other employees sions of forming a union, in-
labor unions traditionally have workers who are union mem- Department. stand in contrast to those in said they didn’t need convinc- cluding the possibility that
operated: a large blue-collar bers and revive organized la- The organizing union—the the public sector. More than ing by Amazon and were Amazon would shut down the
site where many employees do bor as a formidable voice in Retail, Wholesale and Depart- 40% of local-government against unionizing from the facility if they decided to
similar jobs. American workplaces, said ment Store Union—sought to workers, including teachers, start. unionize, some employees said.
The effort failed despite Jonathan Spitz, co-leader of bargain over work rules and firefighters and police, are Amazon pointed to its mini- Amazon declined to com-
President Biden’s endorse- the labor relations practice at better pay, frequently citing union members. In some mum wage of $15 an hour, ment.
ment, his stated goal of creat- Jackson Lewis, a management- the wealth of Amazon founder cases, those unions receive more than double the state’s Pro-union workers said they
ing more union jobs and a re- side law firm. Union members Jeff Bezos. widespread public support and minimum wage of $7.25 an wanted more say over break
newed embrace of labor by accounted for 10.8% of the to- Workers at the Bessemer are often more aligned with hour, which is also the federal times, how they are monitored
many congressional Demo- tal U.S. workforce last year, warehouse overwhelmingly re- their management. minimum. The company also by the company and the rate at
crats. down from 24% in 1973, ac- jected unionization, with 71% —Amara Omeokwe highlighted its healthcare and which they are expected to
Last year, more union mem- cording to Georgia State’s casting ballots not to join the contributed to this article. retirement benefits. sort and move packages.
 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. * * * * * * Monday, April 12, 2021 | A5

U.S. NEWS

Biden Trump, in Speech, Again Bashes McConnell

Moves to BY ALEX LEARY former Vice President Mike
Pence, though he didn’t proj-
weren’t helpful. “In some
ways, it’s not a big deal, what
continues to say the election
was rigged against him, even
speech. “Former President
Trump’s actions preceding the
Former President Donald ect the same tension as with he said, but at the same time, though members of his own riot were a disgraceful derelic-
Fill Key Trump lashed out at top Sen-
ate Republican Mitch McCon-
Mr. McConnell, according to
the person.
whenever it draws attention,
we don’t need that,” he said.
administration said there was
no evidence of fraud. He has
tion of duty.”
Hundreds of people have
nell during a speech before Mr. Trump had pushed Mr. lashed out at Republicans who been arrested on charges re-
Cyber Jobs GOP donors, according to a
person present.
Pence to block Congress’s cer-
tification of Joe Biden as pres-
The ex-president
have criticized his remarks
leading up to the deadly Jan. 6
lated to the riot. Mr. Trump
and others are facing a federal
BY DUSTIN VOLZ The remarks Saturday night ident, but Mr. Pence didn’t, Capitol riot. lawsuit accusing them of con-
from Mar-a-Lago, Mr. Trump’s saying such a move had no also criticized former Mr. McConnell joined all spiring to incite riot.
WASHINGTON—President Florida estate, indicate his an- constitutional basis. but seven Republicans in vot- Mr. Trump has also created
Biden is expected to name two ger toward Mr. McConnell The offices of Messrs.
Vice President Pence ing to acquit Mr. Trump in the tension with the party over
former National Security hasn’t abated since losing the McConnell and Pence didn’t in Mar-a-Lago talk. Senate impeachment trial, but fundraising, contending it
Agency officials to high-level election and highlight the immediately respond to re- the Kentucky Republican couldn’t use his name in ap-
cybersecurity positions Mon- challenges the party faces in quests for comment. A repre- blamed Mr. Trump for the ri- peals without authorization as
day, as the White House looks trying to move on. sentative for Mr. Trump didn’t oters’ actions. he sought to direct money
to round out its personnel on The former president called respond to a request for com- “We need unity. We need to be “They did this because they from his still avid voter base to
an issue it has said is a prior- the Senate minority leader a ment. focused together.” had been fed wild falsehoods his own committees. That ap-
ity after two recent hacks “dumb son of a bitch,” accord- Arkansas Gov. Asa Hutchin- Mr. Trump, who was speak- by the most powerful man on peared to be smoothed over,
linked to foreign govern- ing to the person who heard son, a Republican, said Sunday ing during a weekend donor Earth—because he was angry with the RNC choosing to move
ments, people familiar with the remarks. Mr. Trump also on CNN that divisive com- retreat organized by the Re- he’d lost an election,” Mr. part of its weekend retreat in
the matter said. said he was disappointed in ments like Mr. Trump’s publican National Committee, McConnell said in a Feb. 13 Palm Beach to Mar-a-Lago.
Mr. Biden is expected to
nominate Jen Easterly, a for-
mer senior counterterrorism
and cybersecurity official at
NSA with experience in the
Obama White House, to lead
the Cybersecurity and Infra-
structure Security Agency, an
arm of the Department of
Homeland Security responsible
for election security and pro-
tecting civilian government
networks from hackers, ac-
cording to the people.
Separately, Chris Inglis, the
former deputy director of the
NSA, is expected to be nomi-
nated as the first-ever national
cyber director, the people said.
The position, housed within
the Executive Office of the

PRATT
.
president, was created through
a provision in the annual de-

ly
fense policy spending that
passed Congress in January.
The role is intended to co-

INDUSTRIES
ordinate cybersecurity efforts
across the federal government
and will include its own office
with up to 75 dedicated staff.
on
The structure generally resem-
us ,

bles that of the Office of the

HAS BUILT
l

U.S. Trade Representative.

e
al a

Mr. Biden also is expected

to name Rob Silvers, a part-
ner at the international law
ci on

firm Paul Hastings, as under-

5 OF AMERICA’S LAST
secretary for policy at DHS,
the people said.

U.S. WATCH
er s

6 PAPER MILLS —
m er

MINNESOTA

ALL 100% RECYCLED

Driver Dies After
Shooting by Police
m rp

The family of a 20-year-old

man told a crowd that he was
shot by police outside Minneapo-
lis Sunday before getting back
co Fo

into his car and driving away,

then crashing the vehicle.
The family of Daunte Wright
said he was later pronounced
dead and demanded answers
from the Brooklyn Center police.
The incident happened with
Minneapolis already on edge and
midway through the trial of a po-
lice officer in George Floyd’s death.
The police said officers stopped
a person after determining the
driver had an outstanding warrant.
n-

Police said when they tried to ar-

rest the driver, the driver got back
in the vehicle and drove away. An
officer fired at the vehicle, striking
no

the driver. Police said the vehicle

traveled several blocks before
striking another vehicle.

PRATT
By Sunday evening, about 100
people had gathered near the
scene, the Star-Tribune reported,
but they were dispersed.
—Associated Press

INDUSTRIES
CALIFORNIA
Three Children Slain,
Mother Arrested
The mother of three children

HAS BUILT
under the age of 5 who were
found slain inside a Los Angeles
apartment Saturday morning
has been arrested, police said.
Liliana Carrillo, 30, was ar-

5 OF AMERICA’S LAST
rested in Tulare County, about
200 miles north of Los Angeles.
It wasn’t known if she had a
lawyer.

6 PAPER MILLS —
The children’s grandmother
returned home from work and
found their bodies and the
mother missing, Los Angeles po-

ALL 100% RECYCLED

lice Lt. Raul Jovel said.
—Associated Press

UTAH
Officers Wounded,
Suspect Shot Dead
Two Salt Lake County sher-
iff’s deputies were wounded, one
shot in the eye and the other in
the cheek, and the suspect was
killed during a shootout Satur-
day outside the county jail.
The deputy shot in the eye
was in critical but stable condi-
tion and undergoing surgery, of-
ficials said. “We do believe he is www.prattindustries.com
going to survive,” Salt Lake
County Sheriff Rosie Rivera said.
—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.

A6 | Monday, April 12, 2021 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Voters Elect
Conservative
In Ecuador
BY RYAN DUBE voters appeared to go to the
left. An Ipsos exit poll showed
Ecuador elected a conserva- Pedro Castillo, a socialist who
tive former banker and sup- favors undoing three decades
porter of free-market policies of market-friendly policies,
as president over his populist leading a field of 17 other can-
opponent, setting the country didates. Peru will hold a sec-
on a pro-business path. ond-round vote in June be-
Guillermo Lasso, 65 years tween the top two finishers.
old, received over 52% of the In Ecuador, Mr. Lasso’s
vote Sunday to clinch the election was a defeat for Mr.
REUTERS

presidency, his third attempt Correa, who had handpicked

at running for office. He de- Mr. Arauz to run for office and
A worker cleans solar panels at a photovoltaic industrial park in Hami, Xinjiang Uyghur Autonomous Region, China. feated Andrés Arauz, a 36- has continued to polarize the
year-old leftist economist and nation’s politics.

Restive China Region Powers Solar Chain protégé of powerful ex-presi-

dent Rafael Correa. Mr. Arauz
conceded with more than 95%
of votes counted.
Mr. Correa was sentenced
in absentia on a corruption
charge last year. Political ana-
lysts say he was banking on
BY PHRED DVORAK trade with Xinjiang is building. Ashai said. “And given the ucts they buy aren’t tainted. Mr. Lasso will inherit a Mr. Arauz’s victory to return
AND MATTHEW DALTON The U.S. and the European troubling news and human Some investment advisers bruised economy and health to Ecuador from his exile in
Union are weighing legislation rights reports that have leaked have started warning clients crisis as the Covid-19 pan- Europe and overturn his legal
Champions of the accelerat- that could lead to import bans from the province, as con- that U.S. sanctions are coming. demic rages across South problems, including an eight-
ing push for solar energy on more products from the re- cerned global citizens, we European lawmakers say America. From Brazil to Peru year prison sentence and ban
around the world are confront- gion, including polysilicon. The have to take that seriously.” they are ready to take that and Chile, infections are surg- on participating in politics for
ing a previously overlooked U.S. already banned imports of China’s government says step even if it means slowing ing to record levels. 25 years. Mr. Correa says his
challenge: The industry’s sup- Xinjiang-produced cotton and there is no forced labor in Xin- the shift to renewable energy, “For years, I’ve dreamed conviction was political.
ply chains are heavily reliant tomatoes in January. jiang, including in the solar in- one of the bloc’s top policy about the possibility of serv- Mr. Correa congratulated Mr.
on Xinjiang, a Chinese region Many Western solar compa- dustry, and that its activities goals. ing Ecuadoreans, so the coun- Lasso. “Your success will be Ec-
the U.S. government and oth- nies are trying to cut exposure there are meant to combat ter- Polysilicon is made in an try progresses. Today, you’ve uador’s,” he said. “I just ask
ers say is the scene of geno- to the region, fearing their in- rorism and build livelihoods. If energy-intensive process that made that possible,” Mr. Lasso that he stops the lawfare, which

.
cide against local ethnic mi- dustry will be spotlighted next. Western solar companies want involves purifying silicon us- told cheering supporters. destroys lives and families,” he
norities including the mostly Zaid Ashai, chief executive to stop doing business with ing chemicals and extremely “We’ll build a more just coun- added, referring to using the ju-

ly
Muslim Uyghur inhabitants. of Boston-based Nexamp, China, it is their loss, a gov- high temperatures. The result- try, with more prosperity for diciary to go after political op-
About half the world’s sup- which buys solar panels and ernment spokesman has said. ing product is formed into everyone.” ponents.
ply of polysilicon, an essential other components from China Extricating the solar industry crystal ingots that are sliced While voters in Ecuador Mr. Lasso made it into the
ingredient in most solar panels,
comes from this part of north-
western China, where human-
rights groups and U.S. officials
and elsewhere for the U.S.,
said it has become virtually
impossible to send indepen-
dent auditors into Xinjiang to
onfrom Xinjiang would be difficult,
given the way the supply chain
is structured, and China’s lock
on production, many industry
into thin wafers that are then
pieced together with other
electronic components to
make solar panels.
chose a right-wing candidate,
in the first round of presiden-
tial voting in neighboring Peru
runoff vote after finishing sec-
ond in February’s first round
of voting.

say China runs a sprawling net- check operations there. insiders and analysts say. Daqo New Energy Corp.,
us ,

work of internment camps that Nexamp tries to look as far “You cannot avoid polysili- one of the four big polysilicon
l

the U.S. says have held more as it can up the supply chain to con from Xinjiang,” said Den- manufacturers with operations
e
al a

than one million Uyghurs, a ensure everything complies nis Ip, an analyst at Daiwa in Xinjiang, said forced labor
Muslim minority group. with ethical labor standards, Capital Markets in Hong Kong. is “morally abhorrent” and the

FERNANDO MENDEZ/AFP/GETTY IMAGES

Some in the renewable-en- Mr. Ashai said. For now, the “If the U.S. is serious about company has a “zero-tolerance
ci on

ergy industry say they fear company plans to continue buy- sanctions, doing it right now policy” for it. The company
that polysilicon and other es- ing from Chinese suppliers and is not a good thing for their said it isn’t aware “of any use
sential materials that come is hoping the industry can cre- solar-industry development.” of forced labor in the solar
from Xinjiang could have links ate a tracking system to ensure The Solar Energy Industries supply chain in Xinjiang.”
to forced labor. And lack of nothing is made in Xinjiang. Association, the U.S.’s national The other three companies,
er s

unrestricted access to Xinjiang Even if Chinese suppliers in trade group, has advised mem- GCL-Poly Energy Holdings
means it is difficult to ensure Xinjiang say they are free of bers to move their supply Ltd., Xinte Energy Co. and
m er

suppliers aren’t somehow forced labor, “attestations chains out of Xinjiang by as East Hope Group, didn’t re-
linked to human-rights abuses. without verification mean early as June and create track- spond to requests for com-
Global pressure to curb nothing at this point,” Mr. ing systems to ensure prod- ment. Guillermo Lasso vowed ‘more prosperity for everyone’ as president.
m rp

FROM PAGE ONE

Hospital watch the psychiatric patient

hadn’t received special training
less than $1 million in 2018.
Mr. Ferrelli took over as the
co Fo

to deal with a dangerous situa- CEO of LifePoint’s Wyoming

Cutbacks tion. An emergency-room doctor

told the state the hospital’s
emergency room didn’t have a
unit after the Apollo deal. Mr.
McGuffey said that over coffee
last spring Mr. Ferrelli pushed

Are Fought locked room for aggressive pa-

tients.
The hospital said all staffers
him to call off the new hospital
effort, warning that it would be
a financial disaster.
assigned to monitor patients had “Corte, you’re a young guy.
Continued from Page One been given training. The hospi- I’d hate for your name to be
ordinate care, adding that both tal’s CEO, Mr. Ferrelli, said its tied to this when it fails,” Mr.
markets are currently being staff acted as quickly as possible. McGuffey says he recalled Mr.
CAYLA NIMMO FOR THE WALL STREET JOURNAL

well served. “This was an extreme and highly Ferrelli telling him.
“I believe the promise of this unusual situation,” he said. Through a spokeswoman,
n-

merger has been realized,” he The effort to build a new Mr. Ferrelli denied saying this.
said. “We continue to explore hospital in Riverton attracted The Riverton Medical Dis-
opportunities to expand ser- Corte McGuffey, a trained den- trict by that point had raised
vices locally.” tist and former star high-school $150,000 to commission a fea-
no

Riverton’s effort highlights quarterback who won Division sibility study about the project.
the struggles in rural health- II college football’s equivalent It concluded the local market
care and the clashes between of the Heisman Trophy while at could support a new hospital,
communities and for-profit the University of Northern Col- giving volunteers confidence to
chains that own small-town orado. Mr. McGuffey moved move ahead.
hospitals across the country. Fi- back to Riverton in 2018 to run Mr. McGuffey found support
nancial pressure on hospitals Members of the Riverton Medical District and the Eastern Shoshone Business Council in Riverton, Wyo. trucking and rail businesses in Cheyenne, Wyoming’s capi-
caused by the pandemic has started by his wife’s family. tal. Yet money from the state
further raised tensions. Wyoming affect communities: and other specialists. added to locals’ worries over The group, dubbing their ef- has proved elusive as it grap-
“In a rural community like “Get the formula right. Don’t That changed around 2014, LifePoint’s quality of care. Over fort the Riverton Medical Dis- ples with tight finances.
this, healthcare is one of the just look at it as a business as LifePoint began reducing several years, the state found trict, found support from for- The Riverton Medical Dis-
major pillars holding it up,” model.” medical staff, the former em- the hospital had used unsani- mer staff of the Riverton trict decided its best funding
says Eric Ridgway, a longtime The governor said LifePoint’s ployees said. LifePoint then for- tary surgical tools, some con- hospital, including its one-time shot was the U.S. Agriculture
Riverton family physician who consolidation of health services mally merged Riverton’s hospi- taining the dried blood of pre- chief financial officer. Department, which gives low-
previously worked in the hospi- “wasn’t what they promised the tal with the facility in Lander. vious patients. Wyoming’s Much of that support fol- interest loans to rural commu-
tal’s emergency room and now community and it certainly is One of the first to raise con- Department of Health urged lowed Apollo’s purchase of Life- nity projects.
is backing a new facility. something they can reverse.” cerns with LifePoint was Vivian LifePoint to ensure adequate Point in 2018, in a $5.6 billion LifePoint has pushed the de-
Private-equity groups, which Apollo declined to comment Watkins, a retired banker who staffing so that surgical tools deal, injecting the private-eq- partment not to fund the non-
poured more than $200 billion for this article. LifePoint didn’t once served as Wyoming’s eco- would be properly sanitized. uity firm with $455 billion in profit hospital. In a February
into North American health in- comment on the governor’s re- nomic-development director. In Mr. Ferrelli said the hospital assets into the Wyoming dis- letter from Mr. Ferrelli, Life-
vestments over the past de- marks. a call with LifePoint in 2018, worked with industry experts pute. LifePoint said around $5 Point said a new hospital in
cade, have at times exacerbated U.S. Sen. John Barrasso of she said the company turned to resolve the problem and that billion of debt financing would Riverton would hurt its busi-
these tensions. Lucrative re- Wyoming, a Republican, said he down a request to sell or lease it has purchased new equip- be used to fund the buyout. ness and provide duplicative
turns, an aging population and supported the Riverton com- the property to put it back in After the Apollo takeover, medical services.
other factors made healthcare munity exploring a new hospi- local hands. LifePoint sold a chunk of its “We anticipate significant
companies attractive targets. tal. Sen. Cynthia Lummis, also a After the merger, many in real estate including the River- revenue and patient declines
But private-equity strategies, Republican, said she supported Riverton said basic services
More than 130 rural ton facility to an investment for our hospital,” Mr. Ferrelli
which can include the aggres- choice in healthcare, “especially weren’t being met, with some hospitals have firm called Medical Properties wrote to the department. He
sive use of debt to fund divi- if the people of Wyoming feel residents pointing to state data Trust Inc. argued that a new hospital
dends or selling off local assets that the lack of it is reducing that show air ambulance rides
closed nationwide Under the deal, the Riverton would diminish the workload
to clean up balance sheets, can quality of care.” from Fremont County, where since 2010. hospital pays rent on property for each physician, making it
deepen conflicts with small More than 130 rural hospi- Riverton is located, jumped to it previously owned. Such more likely they would move
communities. tals have closed nationwide 937 in 2019 from 155 in 2014. transactions are common out of the area. The letter cop-
Around 24% of U.S. hospitals since 2010. A concern in River- Mr. Ferrelli responded that the among private equity-backed ied Agriculture Secretary Tom
are owned by for-profit inves- ton is that traveling farther for need for more specialized or ment, initiated extra staff train- health providers, but they ef- Vilsack, Sens. Barrasso and
tors, which includes private eq- healthcare puts people at risk, higher levels of care was partly ing and put in place other pro- fectively direct more of a hos- Lummis as well as Rep. Liz
uity, according to the American particularly where roads can be behind the transfers, a chal- cesses to ensure the pital’s budget to paying rent in- Cheney (R., Wyo.).
Hospital Association. That is up impassable in winter. Research lenge he doesn’t believe a new sterilization of its equipment. stead of to patient care. The USDA, in response to
from 16% in 2000. has linked hospital closures to Riverton hospital would solve. Then, last November, a psy- Medical Properties Trust questions, said its loans were
Wyoming Gov. Mark Gordon, higher mortality rates for pa- The CEO said Lander and chiatric patient charged into didn’t provide comment. Life- vital resources to rural commu-
a Republican, said in an inter- tients with time-sensitive con- Riverton provide many of the the room of another patient Point said that it used proceeds nities but didn’t comment on
view that private equity’s ag- ditions. same services after the merger, and gouged her eye from its from the real-estate sale to pay the Wyoming case.
gressiveness in driving effi- Despite the rural setting, such as round-the-clock emer- socket, leaving it to dangle on down debt and reinvest in its The Riverton group has had
ciency at companies it owns is Riverton’s hospital had been gency rooms, but also have the victim’s cheek, according to hospitals, and hadn’t used the extensive talks with the USDA
“hugely problematic” for rural profitable, according to federal some distinct offerings, citing a state report on the matter. money to pay dividends to and plans to formally submit
healthcare when it leads to a disclosures and former employ- 3-D mammography in Riverton The patient had to be airlifted Apollo. LifePoint said it its loan request this spring. If
reduction of services. ees. It once managed a robust and OB-GYN services in Lander. out of state and later died. boosted capital expenditures at approved, the group said it
He called on Apollo to be staff, including full-time sur- Sanitation and safety issues Hospital staff told the state its Wyoming hospitals to more could break ground on a new
aware of how its dealings in geons, an OB-GYN, orthopedist at the Lander facility have that the person assigned to than $3 million in 2020 from hospital later this year.
 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. Monday, April 12, 2021 | A7

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A8 | Monday, April 12, 2021 NY * **** THE WALL STREET JOURNAL.

WORLD NEWS

Feud Shakes Jordan Tribes Iran Says Saboteurs

Hit Nuclear Facility
Arrest of prince sows country already hemmed in by
wars in Iraq and Syria, they say
unrest with groups it does have potential to cause Iran said saboteurs caused Iran ramped up its nuclear
that traditionally lasting damage as the monar- a blackout at the country’s activities after the U.S. left the
chy celebrates its centennial. main nuclear-enrichment accord, including moves to en-
supported monarchy “If left untreated, these plant, accusing the alleged cul- rich uranium at a higher pu-
wounds are cumulative and prits of attempting to derail rity than the deal allows. Na-
BY STEPHEN KALIN they’ll spread over so much of informal talks with the U.S. on tanz is at the center of Iran’s
AND SUHA MA’AYEH the body politic that eventu- reviving a 2015 nuclear accord efforts, and was relaunched
ally you won’t be able to ban- that could pave the way for Saturday after a devastating
KERAK, Jordan—Security dage them,” said one Western rolling back sanctions on the explosion and fire in the sum-
forces armed with assault ri- diplomat. “This is going to be Islamic Republic. mer of 2020, which Iran also
fles burst into the home of one just one more crack in the citi- blamed on saboteurs. Iran on
JORDANIAN ROYAL PALACE/AGENCE FRANCE-PRESSE/GETTY IMAGES

of the most prominent families zen-state relationship.” By Sune Engel Saturday carried out tests on a
in Jordan’s al-Majali tribe here Jordan’s neighbors and al- Rasmussen in London, new generation of centrifuges.
in the clan’s homeland by the lies have been quick to line up Aresu Eqbali in Tehran Israel is opposed to the nu-
Dead Sea. They snatched behind King Abdullah, who has and Dov Lieber clear deal, which Prime Minister
Yasser al-Majali, a retired army proved an indispensable part- in Tel Aviv Benjamin Netanyahu says im-
colonel working for the royal ner for the U.S., Israel and poses only a temporary cap on
family, and dragged him away. Saudi Arabia. In 2018, Wash- Tehran didn’t disclose any Iran’s nuclear capability and al-
The April 3 arrest of Mr. ington committed to give Am- details about the electrical mal- lows Tehran to develop nuclear
Majali and other notable tribal man at least $1.275 billion in function at Natanz, which it said weapons in the future. Israeli
figures—in what Jordanian of- foreign assistance for each of took place on Sunday, or the ex- officials have said they would
ficials characterize as an effort the next five years. tent of any damage it caused. seek to thwart Iran’s nuclear
to stamp out a plot to eventu- The relationship between Nor did Iranian authorities say ambitions by any means neces-
ally replace reigning monarch the tribes and the monarchy who they thought might be re- sary, including covert opera-
King Abdullah II with his dates back to the country’s sponsible, though Ali Akbar tions, if they think that interna-
younger half-brother, Prince modern founding after World Salehi, the head of Iran’s atomic tional efforts to check Iran’s
Hamzah bin Hussein—is sow- War I, when the British helped agency, said Iran reserved the ambitions are falling short.
ing unrest in a part of society install the Hashemites. In re- right to retaliate. He called the Amos Yadlin, the former
central to stability. Jordan’s neighbors and allies have been quick to line up behind turn for backing the new rul- incident an act of “nuclear ter- chief of Israeli military intelli-
Jordan’s traditional tribes King Abdullah II in a rift with his younger half-brother. ers against the Ottomans on rorism” amid heightened ten- gence, said in an interview
have long provided crucial the battlefield, the tribes re- sions over the tentative discus-
support for the Middle Eastern on the island of a traffic was snatched in similar fash- ceived jobs and basic services. sions on Iran’s nuclear program.
kingdom’s Hashemite rulers, roundabout. They held up ion from a main street where By 1970, more Palestinian Israeli media, quoting what
with members filling the ranks signs or chanted “Freedom” he was shopping, they said. residents, displaced from ar- they described as Western in-
The head of Iran’s
of the army, police and intelli- and “Down with the security The government has said eas under Israeli control, out- telligence sources, said Israeli atomic agency
gence service. And some have grip.” Plainclothes security of- those detained are under inves- paced Jordan’s pre-existing intelligence agency Mossad
taken to the streets decrying ficers moved among them, re- tigation and could be referred population. So-called East had orchestrated a cyberattack
called the incident
the treatment of their mem- cording videos. to the state security court. The Bankers (as opposed to Pales- at the Natanz site, causing se- ‘nuclear terrorism.’
bers. Prince Hamzah, who is ef- men’s relatives are pushing tinians from west of the Jor- vere damage.
In an apparent sign of rap- fectively under house arrest, is back, organizing demonstra- dan River, which marks the Israeli officials declined to

.
prochement, the palace re- popular with the tribes, who tions and calling for the men to border with Israel) maintained respond to the reports that Is-
leased a photo on Sunday see in him a copy of his father, be freed or least charged and a near-monopoly on jobs in rael was behind the alleged at- with the country’s Army Radio

ly
showing Prince Hamzah par- the beloved late King Hussein. given access to a lawyer. the security services and gov- tack at Natanz. In Washington, on Sunday that Israel may be
ticipating with King Abdullah Unlike King Abdullah, who “We won’t be silent on this ernment, while people of Pal- a spokeswoman for the White pursuing short-term goals
and other royals in an event grew up largely abroad, the topic,” Nasser al-Majali, one of estinian descent worked in the House National Security Coun- without considering the lon-
marking the monarchy’s 100th
anniversary. But the upheaval
of the past week could con-
tinue to ripple through Jorda-
prince is fluent in local Jorda-
nian dialects and tribal cus-
toms and regularly visits tribal
communities.
on
Mr. Majali’s brothers, told The
Wall Street Journal inside the
house where the raid unfolded.
“We feel like we are the ones
private sector.
Fares Braizat, a former Jor-
danian minister who now runs
a research and consulting firm
cil declined to comment.
Iran and the remaining five
parties to the 2015 nuclear ac-
cord converged in Vienna last
ger-term impact they may
have on relations with the U.S.
Iran insists its nuclear pro-
gram is peaceful. Its diplomats
nian society. Tribal figures say they sup- who have been plotted against.” in Amman, said economic lib- week to negotiate a road map say they worry that Israel
us ,

At a demonstration on Sat- port the entire Hashemite dy- Jordan’s government eralization had put some Jor- for the U.S. to return to the might take action to under-
l

urday in the Shafa Badran dis- nasty and, despite any per- spokesman didn’t respond to a danians at a disadvantage, es- agreement, which the Trump mine the nuclear talks if it
e
al a

trict of Amman, the Jordanian sonal preferences, they say request for comment. The of- pecially in tribal areas. But he administration left in 2018. senses that they might under-
capital, members of the Anaizat they don’t want to be drawn fice of Amman’s public prose- dismissed the notion that dis- Their objective is to find a mine its own security.
tribe demanded the release of into what they consider an in- cutor and security officials, in- content would change the fun- way for President Biden’s ad- Tehran’s announcement of
ci on

one of their own, a retired lieu- ternal family conflict. cluding at the state security damental relationship between ministration to lift sanctions the incident at Natanz came as
tenant colonel who served as Mr. Majali, who runs Prince court, couldn’t be reached for the monarchy and the tribes. on Iran if Tehran agrees to U.S. Defense Secretary Lloyd
one of Prince Hamzah’s guards. Hamzah’s private office, was comment during a long holi- Widespread protests have, comply with the 2015 pact, Austin landed in Tel Aviv for
Limited in size because of bundled into a black sport- day weekend. however, brought down gov- which was developed to curtail meetings with Mr. Netanyahu
concerns about Covid-19, utility vehicle, while security While Western diplomats ernments in Jordan, most re- the growth of Iran’s nuclear and other top Israeli officials,
er s

which has crippled Jordan’s men pointed weapons at his and analysts believe the situa- cently in 2018 after the govern- capability, and keep it from who were quick to raise the
tourism-dependent economy, a relatives, his brother said. Mr. tion is unlikely to spark an im- ment tried to raise taxes and developing nuclear-weapons topic of Iran and the nuclear
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group of about 100 men stood Majali’s cousin Samir al-Majali mediate governing crisis in a prices for fuel and electricity. technology. talks in Vienna.

WORLD WATCH
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ZABUR KARURU/ANTARA FOTO/REUTERS

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INTERNATIONALLY, People in Lumajang, East Java province, Indonesia, on Sunday salvaged their belongings from a
house damaged by a magnitude-6.0 earthquake the day before.

ONE OF THE MOST GERMANY

President Marks
year because of the coronavirus
pandemic. Survivors from differ-
vice said its crews had re-
sponded to an alarm call by a

DESIRABLE LOCATIONS
ent parts of the world instead at- fishing boat that had located the
Liberation of Camp tended Sunday’s memorial cere- migrants in a flimsy craft unfit
mony online. for the high seas.

IN FOOD INNOVATION President Frank-Walter Stein-

meier marked the 76th anniver-
sary of the liberation of the Bu- INDONESIA
—Associated Press Rescue helicopters airlifted
groups of the migrants to Tener-
ife, including six people who
chenwald concentration camp by were suffering from dehydration.
reminding his compatriots of the Java Quake Leaves The Atlantic crossing from
Find all your business needs in inconceivable atrocities the Nazis Eight People Dead the Western coast of Africa to
committed there during the Spain’s Canary Islands has be-
Middlesex County, New Jersey. Third Reich. A strong earthquake on Indo- come a major route for migrants
“Communists and democrats, nesia’s main island of Java killed and asylum-seekers fleeing con-
homosexuals and so-called aso- eight people and damaged more flict, violence and economic
Learn how a deep commitment from cials were incarcerated at Bu- than 1,300 buildings, officials said. plight exacerbated by the coro-
local government and the community, chenwald. Jews, Sinti and Roma
were brought here and mur-
The U.S. Geological Survey
said the magnitude-6.0 quake
navirus pandemic.
More than 2,400 people have
along with being strategically located dered,” Mr. Steinmeier said during struck off the island’s southern reached the Canaries in the first
in the warehouse and distribution hub a speech in the nearby German coast at 2 p.m. Saturday. It was three months of 2021.
town of Weimar, 76 years after centered 28 miles south of Sum- —Associated Press
of the Northeast, have created the U.S. forces liberated the camp. berpucung town of Malang Dis-
“With its diversity of victims’ trict in East Java province, at a CHINA
perfect ecosystem for businesses groups, Buchenwald represents depth of 51 miles.
in the field of food innovation. the entire barbarism of the Na- Rahmat Triyono, the head of Rescuers Try to Free
zis, its aggressive nationalism to Indonesia’s earthquake and tsu- Trapped Coal Miners
the outside, its dictatorship on nami center, said the undersea
the inside, and a racist way of temblor didn’t have the potential Rescuers were trying to reach
thinking,” he said. “Buchenwald to cause a tsunami. 21 coal miners who were
stands for racial fanaticism, tor- —Associated Press trapped by an underground flood
ture, murder and elimination.” in China’s northwest, a state
The Buchenwald concentration SPAIN news agency reported.
camp was established in 1937. The mine in Hutubi County in
More than 56,000 of the Bodies of 4 Migrants the Xinjiang region flooded Sat-
280,000 inmates held at Buchen- Recovered on Boat urday evening, the Xinhua news
wald and its satellite camps were agency reported, adding that
killed by the Nazis or died as a Authorities said they had re- eight people were rescued.
result of hunger, illness or medi- covered the bodies of four mi- China’s coal mines are among
cal experiments before the grants from a boat along with the world’s deadliest, regularly
DiscoverMiddlesex.com/Biz camp’s liberation on April 11, 1945.
Holocaust survivors and their
19 survivors who had taken the
treacherous route from West Af-
suffering explosions and gas
leaks despite repeated safety
families weren’t allowed to gather rica to the Canary Islands. crackdowns.
for anniversary observances this Spain’s maritime-rescue ser- —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.

THE WALL STREET JOURNAL. NY Monday, April 12, 2021 | A9

WORLD NEWS

Prince Charles Moves

Closer to Center Stage
BY MAX COLCHESTER conform to the royal conven- book “Harmony.”
tion of political neutrality, The death of Prince Philip
LONDON—The death of campaigning on issues around brings a moment of quiet and
Prince Philip, Queen Elizabeth’s the environment, designing his possibly conciliation as the
husband of more than 73 years, own town and launching a royal family and the country
sharpens the spotlight on their brand of organic food. The unite to pay tribute to Brit-
eldest son Prince Charles, who prince’s vision for a more ain’s longest-serving royal
is increasingly tasked with slimmed-down, low-cost mon- consort. Across the country on

JAN WOITAS/DPA/ZUMA PRESS

managing the House of Wind- archy is starting to take shape, Saturday guns saluted, flags
sor’s complex private affairs as but he has struggled to corral flew half-staff and well-wish-
well as matters of state. the family amid a series of ers lined up outside Bucking-
No person has waited so mishaps and scandals. ham Palace. “His energy was
long to rule the British realm His efforts to reframe the astonishing in supporting my
as Prince Charles. The 72-year- role of the Prince of Wales as mama, and doing it for such a
old, also known as the Prince an agent for change has long time,” Prince Charles told
of Wales, is the longest-ever brought both praise and criti- the British Broadcasting Corp.
serving heir to the British cism. Opinion polls regularly The House of Windsor will Prince Charles has tried to reframe the role of the Prince of Wales as an agent for change.
throne. And while both he and show Prince Charles trails face a delicate branding exer-
his father have played a sup- other members of the royal cise in the next few years, say through no fault of his own,” he “The Young Prince Philip.” turned toxic.
porting role to Queen Eliza- family in terms of popularity. royal watchers. Queen Eliza- said. Prince Charles’s 38-year- Prince Charles faces the The Prince of Wales says
beth for decades, they have His preaching for radical beth when she arrived on the old son Prince William is far dual task of managing family that his way of operating will
taken differing approaches. change while simultaneously throne in 1952 had the good more popular, raising questions politics and trying to reshape change should he become king.
His father, the Duke of Ed- embracing a highly privileged fortune to be a glamorous over whether he would at some the monarchy while the 94- “The idea that I am going to
inburgh, was a straight-talking existence grates with some. “It young woman, said Robert Ha- point step aside to protect the year-old queen still lives. go in exactly the same way if I
former naval officer who made is probably inevitable that if zell, an expert on the British institution, Mr. Hazell said. Prince Charles was heavily in- have to succeed is complete
a virtue of steadfastly defer- you challenge the bastions of constitution and professor at Others say that the risks volved in negotiations after nonsense,” Prince Charles said
ring to his wife while helping conventional thinking you will University College London. are overblown. “My hunch is his younger son Prince Harry in a BBC documentary about
steer family matters behind find yourself accused of na- If and when he accedes the that he will be a perfectly suc- decided to quit royal duties af- his life that aired in 2018.
the scenes. iveté,” Prince Charles wrote in throne, “Charles is going to be cessful king in his own right,” ter marrying the actress “The two situations are com-
The prince has strained to the introduction to his 2010 an unattractive old man says Philip Eade, author of Meghan Markle. That split pletely different.”

FROM PAGE ONE

Google Had ing tools and pay publishers

less on its winning bids for ad
making our case in court.” He
referred the Journal to an
Project Bernanke used data
about historical bids made
tion as proof that Google ben-
efited from its advantage.
of desktop users, excluding us-
ers of Apple’s Safari web

.
inventory. analysis conducted by a U.K. through Google Ads to adjust The document also sheds browser, in ad auctions. The

Secret Data The unredacted documents regulator that concluded that its clients’ bids and increase more light on a once-secret Texas complaint alleges that

ly
show that Texas claims Project Google didn’t appear to have their chances of winning auc- deal between Facebook Inc. this activity appears “to allow
Bernanke is a critical part of had an advantage. tions for ad impressions that and Google, known as Jedi Facebook to bid and win more

Program that effort.

Google acknowledged the
existence of Project Bernanke
on The Texas attorney gen-
eral’s office didn’t respond to
requests for comment.
would have otherwise been Blue, which allegedly guaran-
teed Facebook would both bid
in—and win—a fixed percent-
often in auctions.”
Google further acknowl-
edged in the filing that Jedi
in its response and said in the Google’s outsize role in the age of ad auctions. Blue required Facebook to
Continued from Page One filing that “the details of Proj- digital-ad market is both con-
The company called The agreement was signed spend $500 million or more in
lishers use Google to sell their ect Bernanke’s operations are troversial and at times murky. its effort to gather by, among other individuals, Google’s Ad Manager or Ad-
us ,

digital ad space—to guide ad- not disclosed to publishers.” In some instances, “we’re Philipp Schindler, Google’s se- Mob auctions in the fourth
data comparable to
l

vertisers toward the price they Google denied in the docu- on both the buy side and the nior vice president and chief year of the agreement, and
e
al a

would have to bid to secure an ments that there was anything sell side,” Google’s chief ‘other buying tools.’ business officer, and Sheryl that Facebook committed to
ad placement. inappropriate about using the economist, Hal Varian, said at Sandberg, Facebook’s chief op- making commercially reason-
Google’s use of bidding in- exclusive information it pos- a 2019 antitrust conference erating officer, an unredacted able efforts to win 10% of the
ci on

formation, Texas alleges, sessed to inform bids, calling held by the University of Chi- section of Google’s filing auctions in which it had bids.
amounted to insider trading in it “comparable to data main- cago Booth School of Busi- won by rival ad tools. The states. Facebook didn’t comment
digital-ad markets. Because tained by other buying tools.” ness. Asked how the company company acknowledged as ac- Google acknowledged in its on the new information in the
Google had exclusive informa- Peter Schottenfels, a managed those roles, Mr. curate an internal 2013 presen- responses that it had agreed to Texas documents. The com-
tion about what other ad buy- Google spokesman, said the Varian said the topic was tation showing that the project make “commercially reason- pany has said it doesn’t be-
er s

ers were willing to pay, the complaint “misrepresents “too detailed for the audi- was expected to generate $230 able efforts” to ensure that lieve it was given special treat-
state says, it could unfairly many aspects of our ad tech ence, and me.” million in revenue that year; Facebook was able to identify ment compared with other
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compete against rival ad-buy- business. We look forward to In the filing, Google said Texas has cited that presenta- 80% of mobile users and 60% Google partners.
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RAISING
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OUR TEAM
MEMBERS
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SO WE CAN
RAISE
HEALTH ©2021 FORTUNE Media IP Limited. All rights reserved. Used under license.

For the second year in a row,

Northwell has been named one of the
best places to work in the nation.
And we owe it all to our team of 76,000 Health Raisers,
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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.

A10 | Monday, April 12, 2021 * * THE WALL STREET JOURNAL.

FROM PAGE ONE

return to work in the summer
Virus Fears but shelved those plans indefi-
nitely because of concern
about catching Covid-19 at
Keep Many work and spreading it to her
grandparents. In June, her

From Work grandfather was diagnosed

with cancer, sealing the deal.
“I’m in people’s faces—I do
makeup,” she said. “Even with
Continued from Page One the precautions, it was just
keeps Ms. McLaurin at home: too much” risk.
fear. A U.S. Census survey con- Some of the long-term job-
ducted in the second half of less in the U.S. appear to be
March found that about 4.2 holding out for jobs in which
million adults aren’t working they would be safer from
because they are afraid of get- Covid-19. “Work from home” is
ting or spreading the corona- the most frequent search term
virus. on job marketplace
The large number helps ex- ZipRecruiter. Julia Pollak, a la-
plain why some companies say bor economist there, said 60%

ZERB MELLISH FOR THE WALL STREET JOURNAL

labor is scarce even though of applicants prefer remote
the unemployment rate is 6%. work but just 9% of vacancies
It suggests that even with gen- on ZipRecruiter offer that.
erous fiscal and monetary The anxiety Ms. McLaurin
stimulus, the U.S. labor market and Ms. Noe speak of makes
might not fully heal until the standard recession-fighting
virus is tamed. policies work less effectively,
Indeed, if fear of the virus according to some economists.
keeps people out of the work By the same token, people’s
force, it could add inflation worry about going to work
pressure as employers seeking could quickly recede if vacci-
to meet stimulus-fueled de- nation curbs the pandemic,
mand are forced to raise Angel, left, and Chanee McLaurin live in the Dallas area. Both left their jobs to avoid the risk of contracting Covid-19. said Mr. Loewenstein of Carn-
wages to hire enough workers egie Mellon.
or keep those they have, and the spring of 2020 drove the Virus anxiety has pushed millions out off the
h workforce.
kf worse and the possibility of
pass those costs on to custom- collapse in mobility more so dying from Covid-19. That
ers. However, many econo- than government-mandated Number of U.S. adults who Share of U.S. adults working
finding had a basis, in that Inflation pressures
mists assume a successful vac- shutdown orders did. hadn't worked in the past or looking for work, People getting vaccinated
Black and Latino workers are
cine rollout would send a During more-recent out- week because of worries percentage-point change should increase demand for all
more likely than whites to be
surge of people rejoining the breaks, fear appeared to be a about getting or spreading the the things they have done
in jobs where teleworking isn’t
labor force, enabling the econ- major driver of consumer be- coronavirus* 2% RECESSION without for the past year,
feasible, according to the La-
omy to potentially thrive with- havior, according to a similar bor Department, as was the while also allowing many to
6 million
out inflation caused by supply data analysis by Mr. Goolsbee, case for the McLaurins. return to the workforce, said
bottlenecks. a former Obama administra- 0 Black and Latino people die Mr. Goolsbee of the University
tion economist. from Covid-19 at around twice of Chicago. “That means the
The precise effect of fear on 4 the rate of whites and are hos- recovery could be rapid but
Full swing

.
the labor market isn’t clear -2 pitalized at roughly three without the normal inflation-
The effort to tame the virus because it isn’t something the times the rate, according to ary bottleneck of a traditional

ly
is in full swing, with more government tracks. The Labor calculations by the Centers for business cycle,” he said.
2
than a third of Americans hav- Department’s monthly jobs -4 Disease Control and Preven- However, if vaccines fail to
ing received at least one survey in March found that tion. The calculations relate to quell fears about the virus, a
Covid-19 vaccine shot and
President Biden calling for
states to make all adults eligi-
ble for vaccination by April 19.
the pandemic had prevented
3.7 million people from look-
ing for a job in the prior four
weeks, but didn’t specify the
on
0
June 2020 '21
-6
2005 '10 '15 '20
the whole population, not just
people who get Covid-19, and
take age into account.
Nonwhites are more likely
resulting labor shortage could
contribute to inflationary
pressures, said James F.
Smith, a macroeconomist at
Still, about 15.5% of U.S. reason. A role that more-gen- to live in multigenerational EconForecaster LLC.
us ,

*June and July data reflect two-week average. Gaps due to pauses between survey phases.
adults say they either defi- erous government support Sources: Census Bureau (coronavirus fear); Labor Department (adults working or looking for work) households and with people Ms. Noe and her cousin Ms.
l

nitely or probably won’t get programs might have been whose health or age leaves McLaurin both say they are
e
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vaccinated, according to the played was unclear. nerves always failed. Fear is a part of every re- them particularly vulnerable, unlikely to get vaccinated, cit-
most recent Census survey. Ms. McLaurin’s wife, Angel cession. One of John Maynard according to analyses by the ing concerns about the level of
That’s down from 21%-plus in McLaurin, remained at her Keynes’s seminal insights was Pew Research Center and the testing and reactions they’ve
ci on

early January. Social media warehouse job through spring that swings in economic activ- Center for Public Integrity, heard about. The Centers for
The U.S. unemployment Ms. McLaurin in the Dallas and summer. In late Septem- ity have a fundamentally emo- two nonpartisan organizations Disease Control and Preven-
rate is down steeply from its area wasn’t worried at first ber, she learned on social me- tional basis, said George Loe- that research public policy is- tion says vaccines are safe and
peak of 14.8% in April 2020. when the coronavirus ap- dia of three co-workers who wenstein, a professor of sues. effective.
Economists say the current 6% peared in early 2020. She had were out because they had economics and psychology at Some 230 miles south in With her grandfather now
er s

figure somewhat exaggerates heard that Black people such tested positive. Her employer Carnegie Mellon University. the Houston suburbs, Chanee cancer-free, Ms. Noe’s worries
the health of the labor market as herself were less at risk. had told them of only one. She Economists can estimate the McLaurin’s cousin, Chauntae about the virus have eased
m er

because so many people with- Then her sports-nut wife wondered how many others economic effects of changes in Noe, is out of the workforce, slightly. She hasn’t gone back
out jobs aren’t looking for one, told her that Utah Jazz guard there might be. A few days income or wealth, but not of too. The 27-year-old spent to work. The salon business is
and thus don’t figure in the Donovan Mitchell, who is later, Angel, too, left her job. fear. four years at a popular blow- so slow that her pay would
rate calculation. The labor- Black, had tested positive. Now neither woman works. Emotions can be more dry bar in Houston, doing hair only cover commuting costs,
force participation rate—the Soon, virus talk spread in Ms. They received government closely related to the vividness and makeup. She earned solid she says. She is researching
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share of adults either working McLaurin’s social-media feeds. stimulus checks, and both get of imagery than to statistical money and enjoyed making certification programs in a
or looking for work—has fallen She was glued to her phone as probabilities, said Mr. Loewen- people feel good about their more stable field.
to 61.5% from 63.3% before the friends launched video blogs stein. He pointed to the alarm appearance, especially for For Chanee McLaurin, virus
pandemic, a decline of nearly describing their Covid-19 greeting reports last spring weddings, proms or the annual worry has receded enough so
3.9 million people. bouts, including their strug-
Anxiety makes that a small number of chil- Houston rodeo and country- that she now shops for grocer-
co Fo

Labor-force participation gles to breathe. News footage standard recession- dren with Covid-19 had con- music festival. ies and has sent her daughter
usually falls in recessions, as from Italy of coffins stacked in tracted a serious condition back to daycare, but the fear is
some people give up job hunt- army trucks alarmed her.
fighting policies called multisystem inflamma- easily roused. In mid-February,
ing. But such discouraged “It was people’s families work less effectively. tory syndrome. Parental leave she was chatting with a Door-
workers accounted for just 3% and kids and aunts and uncles “The reader doesn’t think, Ms. Noe was on parental Dash deliverer who casually
of last year’s decline in work- and moms and dads,” she said. ‘Well, how often is this actu- leave when the pandemic ar- mentioned having had
force numbers, according to Except for a Mother’s Day ally occurring?’ ” Mr. Loewen- rived. She, her fiancé and their Covid-19 the previous month.
Labor Department data. This gathering at her grandparents’ disability benefits from the stein said. “Instead we think, two daughters live with her “I was like, ‘You had Covid
suggests that fear of the coro- house, it was mid-June before military, but they haven’t ap- ‘This is a horrible story—I grandparents, both of them di- last month and you’re Door-
navirus might explain a lot of Ms. McLaurin, who served plied for unemployment bene- don’t want that to happen to abetic. Except for her fiancé, a Dashing? Last month was two
the remainder. eight years in the Marines that fits. me or my children.’ ” UPS deliverer, no one left weeks ago!’ ” she said. After a
A handful of studies, includ- included a stint in Afghani- Chanee McLaurin has made Other times, fear is closely home except to get groceries hasty exit, she sanitized the
ing one by Austan Goolsbee stan, ventured beyond her peace with a tanked credit linked to actual risk. A Frank- and to go on a socially dis- bag and sprayed down the en-
n-

and Chad Syverson of the Uni- backyard. When the food sup- score and more credit-card lin Templeton-Gallup Econom- tanced family getaway. tryway.
versity of Chicago, have ply dwindled, she seized on debt. “I’m not going to say it ics of Recovery study in Octo- “If I can prevent [Covid-19] “It just took me back all
used cellphone location data the need for groceries as im- wasn’t a struggle,” she said. ber concluded that Black by just staying in the house, over again,” Ms. McLaurin
to track individuals’ travel petus to leave the house. But “But in my house, we’ve never women were about twice as that’s what I’m going to do,” said. “I don’t know if she still
no

patterns and found that volun- as she hovered by the front had Covid. So it was worth it concerned as white women she said. has Covid and I’m sick already.
tary behavior changes during door, car keys in hand, her for me.” about the pandemic getting Ms. Noe had been aiming to It freaked me out so bad.”

band,” Mr. Pechner says. “It tar,” he jokes.

‘Wall of was a monumental effort.” The
Dead went on hiatus in 1975,
The mini wall was con-
ceived one day as Mr. Coscia
only to return a year later cleaned up scrap plywood
Sound’ with a smaller rig. Still, the
Wall of Sound remained a fas-
from a cabinetmaking session.
He fashioned the frame of the
cination for fans. McIntosh
Lives On MC2300 amplifiers that pow-
ered the wall landed in the
curved speaker array that vi-
sually anchors the real wall,
and cut 60 holes for speakers.
Rock & Roll Hall of Fame. “That night, the obsession
Continued from Page One A quarter-century after Mr. began,” he says. “It just
has stirred a yearning for Garcia’s death, Deadhead cul- clicked that I had to keep go-
sonic bliss that the best live ture is decidedly mainstream. ing. I just kept working my
stream can’t produce. Mr. Coscia, 52 years old and a way out and it kept getting
“My inspiration was being father of two, represents the bigger.” His Facebook page be-
ALEX LEARY/THE WALL STREET JOURNAL

into the Dead and their con- cleaned-up side, curly hair gan to attract more admirers.
stant pursuit of exploring rolling out of baby blue Bar- “You should open a spe-
boundaries, with no end goal bour cap with a checkered cialty Airbnb with this unique
other than pushing that enve- button-down and cargo pants. ‘amenity,’ ” one person wrote.
lope, at all expenses,” Mr. Cos- Mr. Coscia saw the band 35 Another jumped on the idea,
cia says. times, and the Jerry Garcia saying he’d stay for a couple
Half a million people have Band, a side group, another 25 of nights to listen to shows,
seen the project on Facebook, times, beginning when he was listing exact dates from 1974,
cajoling the architect to add a photography major at Roch- “as long as it’s OK if I bring
excruciating detail. Rolling off ester Institute of Technology party favors.”
the couch at midnight and into Anthony Coscia with his one-sixth scale model of the Grateful Dead’s legendary Wall of Sound. in the late 80s. One recent afternoon, Mr.
his workshop, Mr. Coscia With the exception of bass- Coscia demonstrated the
dipped mini microphones into which is made of 390 speak- nately my significant other the audience. Instruments ist Phil Lesh, surviving band sound system, playing a re-
black paint to mimic the foam ers, more than 100 of them has been supportive,” says Mr. were fed into their own members, along with John cording of Scarlet Begonias
windscreens used by Jerry only 23 millimeters wide. It Madkour, 60, who saw 87 speaker stacks, creating layers Mayer, formed Dead & Com- from Missoula, Mont., on May
Garcia and Bob Weir. goes to 800 watts. Grateful Dead shows and plays of separation other systems at pany in 2015, becoming one of 14, 1974. “You lose yourself in
He gashed open a thumb The project has cost him in a cover band. “She could the time couldn’t create. the highest-grossing touring it,” he said. “Even for a stereo
constructing the metal scaf- $2,000 and 200 hours. Two have said I’m crazy.” “It was all for the glory of acts. The band just announced recording you get the separa-
folding. While watching Net- dozen delivery trucks have Mr. Pechner, the former sound,” says Dennis McNally, January 2022 shows in Cancun tion that isn’t technically
flix with his wife, Mr. Coscia visited his home outside New roadie, helped construct the the Grateful Dead’s former and sold out immediately. there. Your mind invents the
sneaked looks at his phone to Haven. He offered the system real wall, born from band frus- publicist, who witnessed the Over the years, Mr. Coscia rest. You feel like you are
source stage lights, the Christ- to Headcount, a nonprofit that tration at inferior sound in ‘74 wall at the Springfield has been in the photo busi- transported to the arena.”
mas kind. He has cut speaker registers voters at concerts, venues and the vision of LSD Civic Center as a University of ness, then computers and His wife, a psychotherapist
holes, soldered and forged a and an anonymous donor maven and audio engineer Ow- Massachusetts student. “It home renovation. He taught who never attended a Grateful
river of small wires. plunked down $100,000 for it, sley Stanley. It took 15 crew looked like a spaceship, a gi- himself how to build speaker Dead show, says she under-
“It’s a massive glorified the group said. members six hours before ant alchemical sculpture. I was cabinets and guitars. stands the emotional impact
clock radio but it sounds bet- Arizona real-estate devel- each show to assemble but the gobsmacked.” “My ideal client is a 55- the project has had on people.
ter than I thought,” Mr. Coscia oper Mark Madkour has com- results were spectacular, an But lugging around the wall year-old bond trader who used But she passes on trying to ex-
says of the 6-foot-8-inch tall missioned his own 10-foot-tall, enveloping and distortion-free was draining. “It wore down to follow the Dead, but now plain her husband’s obsession,
by 10-foot-wide creation, 13-foot-wide version. “Fortu- sound that could reach far into the crew and I think the can drop eight grand on a gui- explaining, “I’m off the clock.”
 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 Monday, April 12, 2021 | A10A

GREATER NEW YORK

Mayoral Hopefuls Seek More Face Time
Candidates increase

CLOCKWISE FROM TOP LEFT: LEV RADIN/ZUMA PRESS (2); JOHN LAMPARSKI/ZUMA PRESS; EDUARDO MUNOZ/REUTERS; STEVE SANCHEZ/ZUMA PRESS
in-person events as
they court undecided
voters before primary
BY KATIE HONAN

As a June 22 primary nears

and Covid-19 restrictions ease,
New York City mayoral candi-
dates have ratcheted up in-
person campaigning to win
over undecided voters.
Many of the more than three
dozen candidates entered the
race in the middle of the pan-
demic, while the city was under
lockdown. The restrictions
pushed them to participate in
candidate forums on Zoom,
host online fundraisers and find
creative ways to engage voters
they couldn’t greet face to face.
But with more than 4.8 mil-
lion doses of the Covid-19 vac-
cine administered in New York
City and the arrival of spring,
candidates are coming out
from behind their computer
screens to meet voters.
Democratic mayoral candi-
date Dianne Morales an-
nounced March 30 that she
would no longer participate in
any online candidate forums,
opting instead to talk to voters
where they are: at subway sta- New York City mayoral contenders who have begun doing more outdoor events and seeking to engage voters in person include, clockwise from top left, City
tions, supermarkets and, on Comptroller Scott Stringer, Dianne Morales, Andrew Yang, Maya Wiley and Brooklyn Borough President Eric Adams. Many of the more than three dozen candidates

.
Saturday, a dog park at Herbert entered the race when the city was under lockdown due to the coronavirus pandemic, with restrictions that pushed them to take campaign activities online.
Von King Park in Brooklyn.

ly
Late last year and at the Joanna Holzman, who lives be in their neighborhood and tive Covid-19 diagnosis in Feb- closer, there will be more out- Brooklyn, according to his
start of 2021, the mayoral race in Jackson Heights, Queens, see what they see,” said Kath- ruary. door events, his campaign said. campaign. On Saturday, he
was dominated by online fo- said she pays closer attention ryn Garcia, a former city sanita- “Meeting as many voters as “When people get to know met with community members
rums, with candidates some-
times participating in more
than one each day.
“I’d rather have three really
to the mayoral race than a lot
of her friends, but she still
hasn’t picked a candidate. She
said she likes many of the can-
on
tion commissioner and a Demo-
cratic candidate for mayor.
Andrew Yang, a Democratic
mayoral candidate and former
possible—not on Zoom, but
where New Yorkers actually
live, work and commute—has
been our priority since day
Eric and hear his message
about lifting up working peo-
ple and ending inequality, they
like him and support him,” a
at a library branch in the bor-
ough. He plans to do more
events as the weather warms
up, a spokesman said.
good conversations than 50 didates but is waiting for a de- tech entrepreneur who has one and Andrew is just getting campaign spokesman, Evan Ray McGuire, a Democratic
us ,

Zooms,” said Maya Wiley, an- bate or more time to figure emerged as the leading candi- started,” the spokesman, Jake Thies, said. candidate and former vice
l

other Democratic mayoral can- out who will get her vote. date with the latest poll show- Sporn, said. Other campaigns also plan chairman at Citigroup, rode
e
al a

didate, while out greeting vot- “All of us are fearful and ing 16% of registered Demo- Brooklyn Borough President on doing more outdoor events. the Staten Island Ferry and
ers at a farmers market in aware that the city has big crats supporting him, has Eric Adams, who the most re- Last week, Scott Stringer, a visited a Stop & Shop in How-
downtown Brooklyn last week. challenges coming out of this made in-person meetings a cent poll shows has the sup- Democratic candidate and the ard Beach, Queens, where vot-
ci on

Political-consulting firms past year,” the 42-year-old hallmark of his run, whether it port of 10% of registered Dem- city’s comptroller, was at a ers asked him about schools
Fontas Advisors and Core De- homemaker said. “That makes is walking tours in neighbor- ocrats, the second-best after Brooklyn park to announce his and recognized him from his
cision Analytics released a the choice feel more weighty.” hoods or attending opening- Mr. Yang, held an in-person campaign’s plans for more ads, according to his campaign.
mayoral race poll in late Some candidates say they day baseball games at Yankee press conference about gun vi- pools during the summer. “People feel more engaged
March that found 50% of the welcome the opportunity to Stadium and Citi Field, a olence this past week in the Democrat Shaun Donovan when they’re seeing the retail
er s

800 New York City registered meet undecided voters in per- spokesman for his campaign Bronx. Later, he was in Sunset spent Friday afternoon talking politics,” said Lupe Todd-Med-
Democrats surveyed were still son. The voters “want you to said. His campaigning was Park, Brooklyn, to discuss wind about his plan for trash collec- ina, a spokeswoman for the
m er

undecided. come and ask for their vote and temporarily slowed by a posi- energy. As the primary gets tion at a sanitation site in McGuire campaign.

Bill Seeks to Make Co-Op Boards Explain Rejections

m rp

BY WILL PARKER ers have been sympathetic to reason that isn’t protected un- legitimate concerns. Assemblyman N. Nick Perry, 2021, the average price per
objections from co-op boards, der local and federal antidis- Mary Ann Rothman, execu- the bill’s sponsor in the state square foot for a condominium
co Fo

State lawmakers are pro- who fear opening themselves crimination laws. But fair- tive director of the Council of Assembly, said that although apartment was $1,714, com-
posing new rules that would up to more litigation. The housing advocates say a New York Cooperatives and discrimination is much less pared with $1,054 for a co-op,
require New York City co-op sponsors believe it has a bet- board’s lack of accountability Condominiums, a lobbying and common than in the past, according to a report from
boards to state why they re- ter chance of passing in the or transparency into the deci- advocacy group, said she fears more transparency is still brokerage Douglas Elliman.
jected a potential apartment now solidly progressive Legis- sion-making process opens the a new law would lead to a needed to make sure co-op “The gap between the value
buyer, seeking to end a long- lature, and they hope to bring door to discrimination, based flood of lawsuits, which could boards aren’t acting on bias. of a co-op and the value of a
standing practice that critics it to a vote sometime this year. on a potential buyer’s race, ultimately dissuade more resi- “I think it will always be condo continues to grow,” Ms.
say facilitates housing dis- Co-op residents don’t own sexual orientation or religion. the case. It’s not always inten- Olshan said. Making the co-op
crimination. their apartments, but rather Over the years, rejected ap- tional,” he said. “The intent is application process more
The state Senate bill, spon- buy shares in a co-owned plicants have sued city co-op to prevent discriminatory de- transparent, she said, “will un-
sored by housing committee building, a system that has boards for illegal racial, reli-
Some fear proposed cisions.” lock value. And it will be fair
chair Brian Kavanagh (D., been around since the late gious and other forms of dis- rules would lead to Co-ops’ reputation for ex- and less discriminatory.”
Manhattan), says residential 19th century. By co-owning crimination. Some real-estate clusionary behavior has hurt New York City’s Commis-
more lawsuits by
n-

co-op and condominium buildings with fellow tenants, attorneys and brokers think the market for these apart- sion on Human Rights fields
boards would have to provide residents felt they could have the proposed bill could lead to denied applicants. ments over the decades, said complaints of co-op board dis-
written explanations when more control over renovations more lawsuits against boards. Donna Olshan, president and crimination. A spokesperson
they decide to turn down ap- and over who could be their “I am concerned that some- owner of brokerage Olshan Re- said co-op claims make up a
no

plicants who want to purchase neighbors. Co-ops were often thing like this may actually alty Inc. Although about 75% small portion of housing-dis-
at their building. Under cur- more financially stable than create fodder for somebody dents from serving on co-op of the for-sale housing market crimination claims. Between
rent law, boards aren’t re- other types of buildings dur- who wants to make a claim of boards. “The vast majority of in Manhattan is still made up June 2019 and June 2020, the
quired to offer any reason, and ing economic downturns, be- discrimination where the rea- co-ops function like little de- of co-ops, developers in recent commission received more
they rarely do so. cause they could deny sales to sons may be legitimate,” said mocracies and work well,” she decades have built few new than 500 housing-related in-
Democrats have introduced potential buyers who had to Steven Wagner, a real-estate said. “People who serve on the ones, opting instead for con- quiries, most of them related
a version of this bill many borrow heavily to buy in. attorney. He cited weak finan- board serve as volunteers and dominiums, which typically to disabilities, according to
times in the past, but it has Co-op boards can reject cials or an application that are protecting their own home have less restrictive rules. the commission’s most recent
failed because some lawmak- prospective residents for any lacks required documents as and community.” As of the first quarter of annual report.

STATE STREET | By Jimmy Vielkind

Congressman Pushes to Restore Property-Tax Deductions

U.S. Rep. federal income taxes as a re- “It’s one of these issues ministration’s handling of
Tom Suozzi sult of the 2017 law, the new that is absolutely perfect: If Covid-19 in nursing homes.
has taken a limits forced about a million you win, you win big on be- The governor has said he
leading role in New Yorkers to pay an addi- half of not only your constit- is cooperating with the
fighting to re- tional $12 billion a year to uents but also your future probes and said the nursing-
store a tax de- the federal government, prospects,” Mr. Levy said. home policies were crafted
duction that is important to state officials estimate. “The question is, can he ride to preserve hospital capacity.
people who live in and “SALT is an existential is- this to the governorship?” He has denied touching any-
around New York City, and in sue for us,” Mr. Suozzi said Mr. Suozzi said during the one inappropriately and
doing so might be laying the in an interview. He said interview that he was happy apologized if his behavior
groundwork for another gu- higher-income people will ei- in Congress but, “obviously made anyone uncomfortable.
CHERISS MAY/GETTY IMAGES

bernatorial run. ther leave the state or, if I’ve run for governor in the A spokesman for Mr.
Mr. Suozzi, a Democrat they started working re- past and I think I’d be a good Cuomo declined to comment
who represents parts of motely amid the pandemic, governor.” He said he hasn’t for this column. Mr. Cuomo
Queens and Long Island, has won’t return. Mr. Suozzi also taken any formal steps to signed a letter with six gov-
said he won’t support Presi- said tax increases on million- launch a campaign, adding: ernors asking President Bi-
dent Biden’s planned infra- aires enacted in last week’s “Whenever I’ve tried to plan den to repeal the SALT cap.
structure and tax package state budget could drive ahead, it never worked out Jeanne Zaino, a professor
unless it contains language them out of New York. Rep. Tom Suozzi has been reaching out beyond his district. ever. And the things I didn’t of political science at Iona
that would restore the full The 58-year-old congress- plan are the things I ended College in New Rochelle, said
deductibility of state and lo- man has been making his upstate counties about hold- President Eric Adams’s bid to up being successful at.” Mr. Suozzi would occupy a
cal income and property case about SALT since 2017, ing similar events pushing be mayor of New York City. The congressman is step- similar political lane as Mr.
taxes, or SALT. but recently started reaching for the removal of the SALT Lawrence Levy, executive ping into the spotlight as Cuomo, who is also a moder-
That deduction—which beyond his district. He ap- cap, people familiar with the dean of the National Center Democratic Gov. Andrew ate, Italian-American man.
Mr. Suozzi and other state peared at a March 26 event in talks said. A spokesman for for Suburban Studies at Cuomo’s candidacy for a “And there’s another fight
officials say is critical for White Plains with freshman the congressman said noth- Hofstra University in Hemp- fourth term is being ques- to be had,” she said. “Pro-
people in high-cost, high-tax Rep. Mondaire Jones, a Dem- ing has been scheduled. Mr. stead, remembered Mr. tioned by some lawmakers gressives feel they had to
states such as New York— ocrat from Rockland County, Suozzi attended a virtual Suozzi complaining about the and political observers. Mr. put up with Cuomo for so
was limited to $10,000 by and Westchester County Ex- fundraiser for Democrats in effect of high property taxes Cuomo faces multiple investi- long, they are itching to have
the 2017 federal tax over- ecutive George Latimer. Erie County, which includes as the Nassau County execu- gations into allegations that one of their own in office.”
haul. While a majority of Mr. Suozzi has also Buffalo, and last week en- tive during his unsuccessful he sexually harassed women
state residents pay lower reached out to officials in dorsed Brooklyn Borough 2006 campaign for governor. on his staff and over his ad- [email protected]
 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.

A10B | Monday, April 12, 2021 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK GREATER

NEW YORK
Restaurants Get Fed Up With App Fees WATCH
BY CHARLES PASSY FLORIDA

In recent years, New York N.Y. Federal Judge

City restaurants have com- Killed in Hit-and-Run
plained about the fees that
third-party ordering and deliv- A Florida woman who
ery platforms, such as Grubhub claimed she is Harry Potter fa-
and DoorDash, charge them. tally struck a federal judge visit-
Those concerns have only esca- ing from New York and seriously
lated during the pandemic, injured a 6-year-old boy after
when dining spots have become swerving her car onto a sidewalk
more dependent on meals to go in Boca Raton, officials said.
for their financial survival. Nastasia Snape, 23, is
Now, restaurants are in- charged with vehicular homicide
creasingly finding a way and other felonies for Friday’s
around the issue by avoiding crash that killed U.S. District
the platforms and assuming Judge Sandra Feuerstein, 75,
ownership of the process who served in the Eastern Dis-
themselves. And they say the trict of New York since 2003.
benefits go beyond the poten- Police said Ms. Snape fled the
tial savings on third-party fees. scene and crashed in neighboring
“It’s having a direct line of Delray Beach. She began scream-
communication with our cus- ing and fighting with medics
AMIR HAMJA/BLOOMBERG NEWS

tomers,” said Jon Sherman, while yelling that she was Harry
chief executive officer of Potter, police said. They said they
Sticky’s Finger Joint, a found in her purse the synthetic
chicken-centric chain with drug commonly known as “bath
several locations in the city. salts,” which can cause psychotic
Indeed, a burgeoning indus- episodes.
try has emerged of technol- Ms. Snape remained jailed
ogy-focused companies that Sunday on $60,000 bond.
assist restaurants with creat- Establishments are increasingly avoiding third-party ordering and delivery platforms and assuming ownership of the process themselves. —Associated Press
ing, managing and marketing
their own online ordering plat- third-party fees to restaurants he believes that the boom in Vice President Kevin Kearns. rant with two locations in CONNECTICUT
forms and connecting them could often equate to as much delivery via third-party plat- Third-party companies also Manhattan.
with delivery people. A few of as 30% per order, according to forms is here to stay. say that government pricing “If the customer has a prob- Teen, 3-Year-Old Die
the firms are based in the city, restaurant-industry profession- “It’s become natural to or- regulations, such as the cap in lem, I can treat him personally In Hartford Shootings
including Lunchbox, which als. (The companies can also der your food online,” Mr. New York, could force them to and make sure it’s not going to
says it has seen 700% growth charge separate fees to custom- Gjonaj said. increase fees to consumers as happen again,” said Mr. Sudai, City leaders expressed anger
in its business over the past ers.) The New York City Coun- The third-party companies a way to make up for the lost who has implemented his own and called for action after sepa-
year, and Traiilo, a company cil passed legislation last year justify their fees by saying revenue from restaurants. In ordering platform. rate shootings in Hartford
that focuses on Latinx-owned that temporarily limits the fees they are providing a powerful turn, they say that could lead The third-party companies claimed the life of a 16-year-old

.
restaurants and other food to restaurants to 20%—15% for marketing platform that con- to customers ordering less fre- say they are trying to give res- and 3-year-old.
and drink-related retailers. delivery, 5% for other charges— nects restaurants to plenty of quently from restaurants. taurants options beyond their

ly
The shootings occurred Sat-
Another major New York as a way to help restaurants The third-party companies platforms. DoorDash says it urday afternoon about two
firm in the mix is BentoBox, during the health crisis. Al- also note that their fees are can help a restaurant set up its hours apart and less than a mile
which is perhaps best known though dining establishments adjustable based on the level own ordering system if it pre- away from each other.
Owners say having
for helping restaurants develop
their websites, but can also as-
sist with ordering platforms.
Most of these companies
can now welcome customers
indoors and outdoors, they
must contend with a state-
mandated capacity limit of 50%
on
their own systems
gives them ‘a direct
of promotion and outreach a
dining establishment seeks via
the platform.
Restaurants have issues
fers, for a fee. Grubhub also
has such services available.
As much as some restau-
rants say they are trying to
In the first, 3-year-old Rondell
Jones was riding in a car with
his mother, two young siblings
and a man when a Honda Ac-
bill a monthly charge for their and many say they are still line’ to customers. with the platforms beyond the bring ordering operations in- cord pulled alongside and began
us ,

work instead of levying fees heavily reliant on delivery. fees, which is why many are house, they say they must re- firing. Police believe the man in
l

for each order, as the third- Restaurants are concerned also opting to assume respon- main on the third-party plat- Rondell’s car was the intended
e
al a

party ones typically do. At about what will happen after sibility for their ordering op- forms as well, since the target. No one else was hurt.
Lunchbox, the monthly cost the legislation runs out, since customers. Plus, the compa- erations. Restaurants note that platforms have such visibility Both the shooter and the in-
can vary, but the average is the fee caps will no longer ap- nies can manage the delivery they can’t connect directly and marketing clout. Plus, res- tended target fled after the
ci on

$300, according to Nabeel ply at a certain point after es- of food. Grubhub, for example, with customers when diners taurants admit that many of shooting, police said.
Alamgir, the company’s CEO. tablishments are allowed to go points to its network of 30 go through third parties, their customers are simply ac- In the second shooting, 16-
While that is still a hit for res- to full capacity. City Council- million diners and says its us- whether it is to promote a fu- customed to ordering through year-old Jamari Preston suffered
taurants, Mr. Alamgir said the man Mark Gjonaj, a Democrat ers placed $9 billion in orders ture offer or correct a mistake third parties. multiple gunshot wounds and
third-party fees can surpass who represents parts of the on its platform last year. with a previous order. “A lot of customers are was pronounced dead at a hos-
er s

that amount with as few as Bronx and helped push for the “Grubhub supports restau- That matters to Shai Sudai, loyal to their platforms,” said pital. A 17-year-old boy suffered
about eight orders each month. cap, said that he is looking at rants so they can be more suc- managing partner of Nish Mr. Sherman of Sticky’s Finger injuries.
m er

In the pre-pandemic era, permanent legislation, since cessful,” said Grubhub Senior Nush, a Mediterranean restau- Joint. —Associated Press
m rp

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CAREERS & LEADERSHIP

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 12, 2021 | A11

Working Mothers
Derailed by Covid
Face Tough Road
New career hurdles, new paths follow struggles
BY RACHEL FEINTZEIG cording to census data.
AND LAUREN WEBER

B
The loss of prime working
years for parents who take a ca-
efore the Covid pan- reer break can have long-term con-
demic erupted, Brooks sequences. A worker who earns
McCoy made $103,000 a $50,000 a year and quits her job
year as a regional direc- to raise children for two years
tor for a commercial loses, on average, $300,000 to
cleaning franchise in $400,000 in total earnings over
North Carolina. After being laid off her lifetime because of lost wages
last March, the mother of two re- during the time off, lower retire-
sorted to selling Pampered Chef ment savings and Social Security
cookware to friends of friends. In payments, and the fact that people
August, after months of looking, tend to earn less when they return
she found a full-time job selling to work after an extended break,
copiers and printers to businesses. according to a 2016 report from
The company has given her the the Center for American Progress.
childcare flexibility she needs now, In Los Angeles, Esme Williams-
letting her work from home when Berenc is still stuck on a career
her two daughters don’t have in- break after losing her job as an
person school. But it pays $40,000 operations executive for an educa-
a year. tion startup last year. She and her
“I made that coming out of col- husband, a fitness director for a
lege,” says Ms. McCoy, 40 years high-end gym chain, were both

.
old. She hasn’t been able to get a laid off last year as lockdowns
better-paying job. shut gyms and upended school

ly
After a brutal year of layoffs, budgets. A year later, only one of
parenting struggles, and juggling them has bounced back.
jobs and schooling under one roof, Ms. Williams-Berenc’s husband
many working mothers are trying
to regain their career momen-
tum—and hitting new
obstacles.
on
quickly moved into a new role af-
ter spending his daytime hours

Some are finding it

us ,

difficult to land jobs

l

with the same level of

e
al a

status and pay. Oth-

ers, bruised by pan-
demic childcare dis-
ci on

ruptions, say they

need jobs that offer
greater flexibility.
Hundreds of thou-
sands have thrown up
er s

their hands, exiting

the labor force for Above: Ellen Sluder
m er

now. Between Febru- found a job with a

ary 2020 and March schedule that works
2021, nearly 1.1 mil- better for her and her
lion women of prime family. Left: Esme
working age—between Williams-Berenc.
m rp

the ages of 25 and

54—dropped out of
the labor force, com- program for women of
pared with 830,000 Brooks McCoy’s new job is flexible, but pays less color offered by the
men in that age than what she was making before a layoff. Mom Project, a Chi-
co Fo

group, according to cago-based organization

the Labor Department. that helps place women
A recently accelerating econ- job-hunting, a decision the couple in jobs. She’s learning
omy has helped women regain made because he earned more skills associated with
ground, but the setbacks of the money. Meanwhile, she found her- Salesforce’s platform.
past year have stalled progress for self struggling to squeeze in appli- While she hasn’t
many. While the share of mothers cations and interviews while car- gotten any job offers
of school-age kids who are actively ing for their 1-year-old and 3-year- yet, Ms. Route says
working fell far more sharply than old, who were home from daycare. she’s confident this was
that of their male counterparts “It’s like, that is your job now,” the right move. “You
last spring, that gap narrowed the 40-year-old says of providing can climb in the tech
considerably by January, and re- round-the-clock childcare. Ex- industry,” she says.
versed itself in March, according hausted from sleeping three hours Other women have
n-

to Census Bureau economist Misty a night—she usually worked on ap- used the pandemic to
Heggeness. Those figures don’t re- plications until midnight and was reset the terms of their
flect the quality of the jobs landed, often up with her kids in the wee careers. At the start of
she says, and don’t hours—she gave 2020, Ellen Sluder, a
no

include mothers up most of her job New York marketing

with children un- outreach over the executive with an
der age 5, who
The setbacks of the summer. M.B.A. from MIT’s
need the most past year have stalled “I just couldn’t Sloan School of Man-
hands-on care. do it all,” she agement, was working
One of the
career progress says. “I was hit- long days as the head
most likely expla- for many mothers. ting this really RETURNING FROM AN EXTENDED CAREER BREAK of marketing for a telecommuni-
nations is that good stride in my cations company. By the spring,
some mothers had career before the her life had become unmanage-
little choice, finan-
cially, but to take paying work,
says Ms. Heggeness, even if that
pandemic and
then it just fell off a cliff.”
This spring brought a few in-
H ere are some strategies to
help pave a return to work,
says Carol Fishman Cohen, chief
more regular basis than others,”
she says. “Later on, these rela-
tionships may come into play.”
able: Her school-age daughters
were relegated to remote learn-
ing, her husband—a private pilot
meant taking a step backward. terviews for Ms. Williams-Berenc, executive and co-founder of iRe- who was essentially grounded by
“Women are making choices out of as her older child transitioned launch, a career re-entry program. Longer-term issues to consider: the pandemic—was overseeing
need, that aren’t necessarily in the back to preschool. But she still  Keep certifications and licenses their kids’ education and manag-
CLOCKWISE FROM TOP: KRISANNE JOHNSON FOR THE WALL STREET JOURNAL; ESME WILLIAMS-BERENC; KELLI GOWDY PHOTOGRAPHY

best interests of their career,” she doesn’t have any offers and wor- up-to-date. Find out what the re- ing the household, and they were
Now, while work experiences
says. She expects that “the quality ries the longer she’s out of work, quirements are so you don’t miss all burned out.
are still fresh:
of jobs and the work environment the harder it will be to find a job. a deadline or find out later about “One time, my 6-year-old came
 Document your previous role
for moms [will look] much differ- Women who were out of the steps you could have taken. up and I could just hear her whim-
in detail, including your responsi-
ent for moms than it did pre-pan- workforce before the pandemic be- bilities and anecdotes about suc-  Assess your career and decide pering and petting the door of the
demic.” gan may face an even tougher road cesses and challenges. “When if you want to make a transition. office. Like I was so close, yet so
Before Covid-19, researchers back now. Kayla Kerns, a stay-at- you get ready to return to work, Some people end up on a career far,” she says of her work-from-
had found that employers were home mother of four in Rock Creek, you’ll be asked about your prior path by accident or because home schedule. With a summer in
sometimes unwilling to invest in Ohio, had hoped last spring would significant work experiences, and someone else pushed them in lockdown looming, Ms. Sluder
women who left the workforce to be a turning point for her. She had you’ll thank yourself for writing it that direction. gave her boss nine weeks’ notice.
care for their children, “because of spent five years working toward a down when it was fresh in your After taking time to decompress,
beliefs that becoming a mother human-services degree at Kent mind,” Ms. Cohen says.  Determine what skill gaps you she began networking in earnest.
makes women categorically less State University and was finally set have for your current career or This winter, she was hired as the
 Assess your networks, from
committed,” says Caitlyn Collins, a to graduate, with a plan to work for a new path, and come up head of marketing for a telecom-
former managers and co-workers
sociologist at Washington Univer- with children with special needs or with a plan to close them. software startup based in Europe.
to outside individuals you worked
sity in St. Louis. “Unfortunately, adults battling addiction. She She was forthright about her needs.
closely with, such as customers.
these are often the years when started applying for jobs in Febru-  Go public with your job search. “I was super honest. I said I still
“Prioritize that list and think
women are best poised to acceler- ary 2020, and by the time one pro- Tell everyone you know that want to drive the carpool half the
about certain people you might
ate their career trajectories.” She spective employer called her in you’re ready to return to work. week,” among other items on her
want to be in touch with on a
fears the Covid-related interrup- March, her childrens’ school had —Lauren Weber wish list.
tions “will play out for years.” closed. She put the search on hold. Ms. Sluder has a conference call
Pandemic career sacrifices fell “We had this plan, for us to at 6 a.m. every morning, then
mostly on mothers rather than fa- make more money and do better in works until 3 p.m., shortly before
thers, research shows. One in four our lives,” says Ms. Kerns. “All of says, “but the person in me wants elderly grandfather; applying to her children return from school.
women surveyed last summer by it was just blown up.” to do something else.” hundreds of jobs and selling home- Her base pay is comparable to her
McKinsey & Co. said they were After spending a year caring for Some women, in search of made crawfish bisque to keep last position, and the bonus and
considering downshifting their ca- her 2-year-old and helping her greater stability, are trying to rein- some money coming in. equity potential are greater. So far,
reers or dropping out of the work- other children with virtual learn- vent themselves. Nicole Route of Ms. Route’s grandfather died she loves the job.
force. One in three women be- ing, Ms. Kerns is eagerly eyeing Gonzales, La., was laid off from from Covid-19 in October at age “I have never quit a job without
tween the ages of 25 and 44 who the fall in the hope that schools her procurement job in the oil and 94. The loss hit hard, and the 40- another job before,” she says. “I
were not working cited childcare fully reopen and her children can gas sector over the summer. After year-old says she’s now seeking a think I’m going to be quicker to
demands as the primary reason for attend in person. Until then, her that, she spent her days guiding new path, focusing on breaking choose quality of life in the future.”
their departure, compared with career is on hold. “The mom in me her two children, 7 and 16, through into technology. —Eric Morath contributed
12% of men in that age group, ac- knows what I need to do,” she virtual learning; taking care of her She enrolled in a free retraining to this article
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Monday, April 12, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL. | CAREERS & LEADERSHIP

AT WORK
Some People Can’t
persuade workers that a very spe-
KRITHIKA cific way to dress is a reasonable
VARAGUR burden.”
Today, some workers plan to do

Wait to Dress Up
K
some in-person shopping to pre-
pare for in-person work, another
lara Klarowicz broke out change after a year of booming e-

For Work Again

her favorite dress for commerce. Harshit Patel, a busi-
her first day back at the ness process analyst at an insur-
office last month: a ance company in Bethlehem, Pa.,
navy blue, three-quar- plans to go to the local mall before
ter-sleeve number she his office reopens this summer to
purchased in Poland that refresh his wardrobe. His office
hadn’t seen the light of day culture tends more toward dress
in a year. shirts than full suits, but he says
It’s like a good-luck even that level of dressing up
charm, she says. The mo- seems appealing.
ment she got her return-to- “Sweatpants were uniquely
work date, she knew she’d comfortable and ideal for the pan-
wear it for her long-awaited demic’s working-from-home envi-
return to in-person work. ronment, but I don’t think I will
“I enjoy wearing busi- have a hard time giving them up,”
ness clothes,” says Ms. Kla- he says.
rowicz, a 25-year-old invest- A Wells Fargo Securities survey
ment associate at LDC, a of 1,000 American consumers pub-
private-equity firm in Lon- lished in March found that the
don. Even though she’s only product categories that respondents
going in once a week, she’s were most likely to buy again after
thrilled to swap out the Lu- the pandemic were makeup and
lulemon leggings that had beauty (40% of all respondents) and
become her de facto uni- going-out apparel (37%), according
form for remote work. to senior analyst Ike Boruchow. Mr.
Omnipresent sweatpants Boruchow also forecasts that the
and spandex marked the athleisure sector will grow more
early stages of quarantine, slowly in 2021 than in 2020.
but many workers returning to the Clockwise, from top right: Harshit The most popular items on sale
office now, like Ms. Klarowicz, Patel, Klara Klarowicz, Jeffery now at M.M. LaFleur, a womens-
can’t wait to say good riddance Adler and Paula Nichols are excited wear startup known for tailored
and dress up like old times for to move past their informal work- items, reflect a hybrid workplace
work again. from-home outfits. where people might be in and out
“Honestly it’s been really fun to different expectations for flexible of the office, says Sarah LaFleur,
rediscover my closet. It’s almost dress codes, says Katherine Karl, the label’s New York-based
CLOCKWISE FROM TOP: HARSHIT PATEL; KLARA KLAROWICZ; GILDA ADLER PHOTOGRAPHY; PAULA NICHOLS

like a brand-new closet again,” ten back to being me.” a management professor at the founder. Dresses are flying off the
says Paula Nichols, a 27-year-old For some, dressing up again is University of Tennessee at Chatta- digital shelves and knitwear went
project manager at a land-develop- not just business-formal as usual. Silicon Valley, ground zero for nooga. from 16% to 25% of their sales be-
ment company in Arlington, Texas. Jeffery Adler, 52-year-old CEO of a many of the corporate world’s “The tech industry is well tween the first quarters of 2019
“Sometimes I even kind of video-learning platform for hospi- dominant casual trends, from known for its relaxed clothing, and 2021, she says.

.
overdress for work because it tals, is thrilled to get dressed for hoodies to fleece vests, remains whereas there still tends to be a And the company has recently
makes me feel better,” she says. work now, but also feels like the more on the informal side today— high degree of formality in occu- added some bold items like an

ly
March 17 marked her first day pandemic gave him permission to though not necessarily at a lower pations such as finance or law. off-the-shoulder silk jersey top,
back in the office. “It makes me dress in a more casual way that price point. Many public-sector positions have which she says reflects how
feel suitable, competent and aligns with his company culture. “I do have a few clients that are uniforms (like police and fire- women will be more comfortable
equipped.”
She says she’s been wearing
more blazers recently, which
makes her feel like a “boss lady”
on
For his occasional business trips
since October to meet with clients,
Mr. Adler, who’s based in La Jolla,
Calif., has mixed it up in terms of
totally sick of the comfy look and
can’t wait to dress up again, but
most of my clients want to come
out of this pandemic with a more
fighters), so they have less discre-
tion in what to wear,” she says.
“Blue-collar jobs can be even
more restrictive than white-collar
standing out in the workplace af-
ter the pandemic. “A style like
that is less sacrilegious now than
before,” she says.
and helps with the weather in the formality, from button-down sweat- relaxed professional style,” says jobs,” says Janet Ainsworth, a law Slightly less-formal styles might
us ,

Dallas area, which can be cool in ers to a Hugo Boss suit. Jackie Conlin, a style consultant in professor at Seattle University. “If prove popular for anyone going
l

the morning and hot later in the One of his favorite places to San Francisco. you look at the way women who back to work this year, because
e
al a

day. shop is Saks Off 5th, a discount Her recommendations typically work in restaurants, casinos, etc., bringing back structured work
Ms. Nichols got into the habit subsidiary of Saks Fifth Avenue. include upscale brands like Loeff- have to dress, it’s sometimes the clothes is not without its hiccups.
of wearing shorts on Zoom calls He expects to drop $3,000 to ler Randall, Frame denim and Nili most restrictive, and most expen- “I’m sad to confess that on my
ci on

last year because no one would $4,000 there this spring to refresh Lotan. And although sneakers are sive, kinds of work outfits.” first business trip last year, my
see her bottom half. It was conve- his wardrobe. He’s on the hunt for highly in demand among her Bay “I think there has been, to suit didn’t really fit,” says Mr.
nient, but not ideal for her produc- a more comfortable pair of shoes. Area clients, especially millennials, some degree, a loosening of that Adler, the California CEO.
tivity or performance. “Some peo- “Wearing Dolce & Gabbana dress they are typically high-end ones during the pandemic,” she adds. “A few too many pretzels and
ple thrive rolling out of bed, but it shoes to walk around a hospital like Golden Goose—which retail for “Bosses have realized that work potato chips in quarantine. But
er s

just didn’t feel like work to me,” for two hours, I realized…it hurts,” around $500—for work settings. can get done in a variety of ways even then, it felt great to wear it
she says. “Now I feel like I’ve got- he says. Specific occupations can have and formats and it will be hard to out again.”
m er
m rp
co Fo

GETTY IMAGES
n-
no

do have a way of helping.” right now, 24/7, that I won’t

ANewPerk: The new corporate experi- even get the recovery?”
ments reflect genuine con-
Cash Bonus cern among managers that
burned-out employees have
Going Bigger
Third Factor recently added
For Taking had few breaks over the past
year, as many have worked
two companywide closings
to its schedule, creating long
almost continuously at home. weekends in hopes that ev-
Vacations Then there are the financial
implications: Unused vacation
eryone could log off at once.
Others, including Citigroup
BY CHIP CUTTER time is considered a liability and German tech giant SAP,
for most companies, some- have offered similar compa-

M
any bosses have thing employers generally nywide days off, with an im-
pleaded with employ- pay if employees leave an or- perative that everybody, as
ees for months to use ganization. much as possible, hit pause
their vacation time. Now together.
some are adding incentives Limited Options PwC’s plan to pay employ-
to coax workers into using People have hesitated to take ees to use their vacation ben-
their bedrock benefit. time off with travel or lei- efits inspired intense debate
With time off piling up sure opportunities limited, among leaders, Mr. Ryan says.
for many employees in the executives and employees The firm considered sending
pandemic, companies are say. In the remote era, work- some employees on company-
getting creative in their ef- ers nervous about their job paid trips to Hawaii, but
forts to persuade people to security or standing with didn’t want to create a com-
disconnect. Some employers, bosses may also resist going petition among staffers.
like Google, are offering a on vacation if few of their Mr. Ryan says he and the
bonus vacation day for those peers are, says Dane Jensen, company’s other partners
who book time off now. Oth- CEO of Third Factor, an em- have also tried to provide a
ers are adding all-company ployee-coaching and leader- “tone at the top,” encourag-
holidays to the schedule. ship development firm. ing people to disconnect in
Even more unconventional is “It’s like a prisoner’s di- recent years. He has shared
the approach of accounting lemma: If I’m the only one with employees when he
and consulting giant Price- to take vacation, what does was taking time off, wanting
waterhouseCoopers: It will that signal to the organiza- to inspire them to do the
pay people to sign off. tion?” he says. same. It wasn’t enough, and
PwC will begin offering Some workers say that the issue worsened in the
U.S. staffers $250 for every when they’re already at pandemic, with vacation bal-
full week of vacation home and surrounded by ances growing. “Frankly, it
booked, up to $1,000 a year. family, they see less need to became too easy to work,”
The plan could cost the firm take a vacation. Mr. Ryan says.
millions, but the company Others worry, with the The company has com-
has exhausted other at- volume of work higher now, mitted to offering the vaca-
tempts to get employees to vacations might not even tion cash for at least the
disconnect, says Tim Ryan, seem like vacations. One com- next year, and will likely
PwC’s U.S. chairman. mon worry Mr. Jensen says continue it if it proves popu-
“We want to show people he hears: “Will I constantly lar—and if it leads to more
we’re serious,” Mr. Ryan be answering emails because vacation requests, a figure
says. “Economic incentives there’s so much air traffic the company will track.
 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. Monday, April 12, 2021 | A13

ARTS IN REVIEW

ART REVIEW

Retelling the Story of a Subcontinent

The revamped South Asian Art galleries contrast works and perspectives from colonial and post-colonial India.
M. F. Husain’s ‘Mahabharata’ (1990),
BY LEE LAWRENCE above; Husain’s ‘Untitled’ (1986),

A
left; Tyeb Mehta’s ‘Untitled’ (1973),
Salem, Mass. below left; Gulam Rasool Santosh’s
t the center of the Pea- ‘Untitled’ (1973), below right
body Essex Museum’s
recently expanded
South Asian Art galler- Mahatma Gandhi’s and, despite
ies are five large paint- some controversy, is still played at
ings from M.F. Husain’s the conclusion of India’s National
1971 series on the Mahabharata Day celebrations. Severing ties
epic about a family divided by war. with a colonizer, it seems to pro-
In one painting, a yellow line slices claim, does not erase its legacies.
the composition, bisecting a fe- Before us, a large 1973 Tyeb
male nude. In another, two silhou- Mehta painting shows semiabstract

.
ettes mirror each other’s gestures, figures floating like cutouts against
but one is black, the other fuchsia, planes of color, and a diagonal, jag-

ly
and arrows beneath them point in ged white line slashing the compo-
different directions. sition. Mehta’s symbol for Partition
They are a powerful metaphor reappears in Husain’s Mahabharata
for the 1947 Partition that split the
subcontinent into Pakistan and India
and, here, Husain’s paintings under-
score the break between the two
on grouping, projected onto the floor
like a scar. It is an effective bit of
staging, for Husain painted these
works when the Bangladesh Libera-
sections of this inaugural installa- tion War was sending millions flee-
us ,

tion. The first consists of 19th-cen- ing into India, reopening the wound
l

tury works that merchants, officers of its own Partition.

e
al a

and sailors—members of the East What follows are five densely

India Marine Society of Salem— displayed groupings, some pegged
brought back as souvenirs; the sec- to India’s modern history, some to
ci on

ond presents a lively and varied se- artistic themes. From bustling con-
lection of mid- and late-20th-century struction scenes and an array of
works that Chester and Davida Her- portraits in “Building a Nation” we
witz collected from the 1970s move to sectarian strife, hardship
through the 1990s. and anxiety in “Conflicts and Con-
er s

The aim is not to chronicle a his- sequences.” Realism gives way to

tory of South Asian art—there is no the power of sheer color and line
m er

chronological order or mention of, in “Abstraction: From Form to

say, the Company School or the Pro- Formlessness,” which includes a
gressive Artists Group. Instead, Sid- welcome invitation to pause. After
dhartha V. Shah, the museum’s cura- being so closely surrounded by fig-
tor of South Asian art and director ural works, we stand before two
m rp

of education and civic engagement, compositions overlapping ovoid

wants us to experience the works shapes that Gulam Rasul Santosh
from many perspectives and doesn’t painted in 1973 and 1983. One can-
hesitate to reach out and occasion- vas is predominantly black, the
ally give us a little shake. other white; and a guide to basic
co Fo

Except for a few paintings of meditation techniques includes ob-

deities, the works in the first sec- serving—even gently probing—our
tion depict Indians. Colorful paint- reactions to each.
ings on small sheets of mica and The final suite’s figurative
sensitively modeled figures illus- works burst with the power of
trate a variety of occupations— “Women Revolutionaries” and the
from clerk to basket weaver to synergies of artists in “India and
ayah holding a white child—as the World.” A reprise of the Ma-
well as such eye-catching subjects habharata with later paintings by
as a snake charmer, a beggar and a Husain provides a coda.
life-size Krishna devotee. They From beginning to end, the
were all made by Indians in the works and their presentation can
19th century when Britain ruled surprise, enchant, upset, and
n-

the subcontinent, first through the throw us off balance. No sooner

East India Company and, after tions in skin tone and features at- conclusions do we make about ences—as well as unfamiliar ones, did I leave than I wanted to go
1857, as a colony plentiful in natu- tested to an ethnically diverse people or cultures different from like the self-possessed odalisque of back to savor individual pieces and
ral and human resources. population. Facial markings de- our own when they are repeatedly Rekha Rodwittiya’s 1993 “The explore more deeply the different
no

The depictions advertised the noted a variety of religious and represented in a certain way?” Shedding of Innocence.” ways these 19th- and mid-20th-
latter, and the sculptures’ natural- cultural affiliations. And gaunt In the second section, we cata- The ceiling in this section is century artists drew on both an
istic details didn’t just make them faces and pocked skin spoke of pult forward to post-independence higher, the lighting brighter, and artistic heritage that reaches back
appealing to foreign buyers. They poverty and disease. India with well-known works— the tune that fills the air as we to ancient India and a centuries-
imbued them with veracity. In a The wall text notes that these most notably “Man,” Husain’s 1951 step in is—what?—“Abide With long history with European art.
display of a dozen papier-mâché popular souvenirs helped shape painting in which allusions to an- Me,” a 19th-century Scottish hymn.
heads, each sporting a cloth tur- Americans’ views of India, then cient Indian art jostle with Euro- The choice is most puzzling until Ms. Lawrence writes about Asian
ban tied in a specific style, varia- bluntly, but astutely, asks: “What pean forms, techniques and refer- you learn that it was a favorite of and Islamic art for the Journal.
PEABODY ESSEX MUSEUM (5)

Installation view of the Herwitz Gallery, part of the Peabody

Essex Museum’s recently expanded South Asian Art galleries
 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 | Monday, April 12, 2021 * * THE WALL STREET JOURNAL.

SPORTS
Hideki Matsuyama Wins the Masters
The 29-year-old took the green jacket and became the first Japanese man to claim a major golf championship
BY ANDREW BEATON When play resumed just over an
hour later, he returned to a course
Augusta, Ga. that was nothing like it had been.
Hideki Matsuyama had the The rain softened the conditions,
weight of a golf-obsessed, yet and nobody capitalized quite like
championship-deprived country Matsuyama.
hovering over every shot at Au- “After the horn blew for the re-
gusta National Golf Club on Sunday start, I hit practically every shot ex-
as he sought to become the first actly how I wanted to,” he said.
man from Japan to win one of golf’s He emerged with a spectacular
major championships. recovery from his errant drive to
And just when it looked like he earn a birdie, and he didn’t stop. He
was about to run away with this finished those final eight holes after
Masters, he flirted with a melt- the delay at 6 under, catapulting
down, putting a shot in the water him to 11 under overall and a four
and watching his five-shot lead shots ahead of four competitors—
shrink to two on the back nine. including Schauffele and Zalatoris—
But with a collection of Japanese at 7 under.
fans following him, Matsuyama re- It was fitting that Matsuyama’s
covered and became the first Japa- accomplishment came here, at Au-
nese man to win a major champion- gusta National, where Matsuyama
ship. He won by one stroke with a first made history and asserted
10-under par performance for the himself as one of the most promis-
tournament that overcame a serious ing players in this sport. He de-
wobble down the stretch. He could buted 10 years ago as the first Jap-
finally exhale and slip into a green anese amateur to compete in the
jacket. Masters, and the 19-year-old fin-

MIKE EHRMANN/GETTY IMAGES

The victory completed the rise of ished as the low amateur, tied for
a 29-year-old who burst onto the 27th.
scene at this very course a decade Over the next decade he went on
ago and became one of the sport’s to a career that had already estab-
bright young talents and one of lished him as perhaps the greatest
Asia’s all-time greats even before male golfer from his country. Before
this win that quickly vacillated be- this Masters, he had won five times
tween near certitude and epic di- on the PGA Tour and placed in the
saster. Japan’s Hideki Matsuyama won the Masters by one stroke with a 10-under par performance for the tournament. top-10 of every major. It wasn’t in
“Hopefully, I’ll be a pioneer,” Ma- any way a surprise that he would

.
tsuyama said afterward. win a major someday. The stunning
For a brief moment, the four- while Matsuyama faltered. After The drama wasn’t finished. After his putting woes and played spec- part is that it happened now.

ly
shot lead he entered Sunday with Matsuyama bulleted one into the parring the 17th, Matsuyama sent tacularly enough early on to build a Matsuyama hadn’t won since
looked as secure as any edge at Au- water on the par-5 15th, the lead his approach on 18 into the green- cushion that helped him survive his 2017, a year when he took two tour
gusta, which has the potential to had shrunk to two in a manner of side bunker while Zalatoris took late miscues. titles, finished tied for second in
punish even the smallest mistakes.
Will Zalatoris, a lanky 24-year-old
American, birdied his first two
holes while Matsuyama bogeyed the
minutes.
Yet Schauffele, who trailed Ma-
tsuyama by as many as seven
on
strokes earlier in the round, gave it
practice shots on the range just in
case of a playoff. But after walking
the final stretch of the fairway with
his cap doffed to the applauding
The leaderboard looked stagger-
ingly different just a day earlier
when an air horn sounded through-
out Augusta National on Saturday:
the U.S. Open and reached No. 2 in
the world golf rankings. Over the
next three years his ranking fell
along with his performance, all
first after an errant first drive. The right back. The 27-year-old Ameri- fans, he recovered and made bogey. play had to be paused in the late af- while other top young golfers cap-
us ,

lead rapidly diminished to just one. can sent one into the water on the That was all he needed. ternoon because of inclement tured tournaments and appeared to
l

But Matsuyama recovered with a 16th and triple bogeyed it—meaning It was time for a jacket fitting. weather. That, for Matsuyama, was surpass him.
e
al a

birdie on the second and had a five- Matsuyama gained two strokes on The win was a confluence of con- tremendous. He had just hit his He finally broke that streak. He
shot lead entering the 14th. That’s him even as he struggled to a bogey trollable and uncontrollable vari- worst shot of the day from the 11th did so in the most thunderous way
when a big edge began evaporat- himself. That left Matsuyama two ables that aligned to create history. tee, when he was forced to retreat he could.
ci on

ing—again. Xander Schauffele, play- strokes ahead of Will Zalatoris, who Matsuyama capitalized on a stroke to his car where he decompressed Hideki Matsuyama won his coun-
ing alongside him, kept going lower had just wrapped up at 9 under. of meteorological fortune, overcame by playing games on his phone. try’s first green jacket.

The Hot Fashion Item at Augusta Is a Pimento Cheese T-Shirt

er s
m er

BY ANDREW BEATON salad sandwich. around for years: polos, caps, credentialed people for a limited
The clothing at Augusta Na- drinking glasses and the like. Then window of time.
m rp

Augusta, Ga. tional Golf Club is a bigger part of they made the sandwich T-shirts. The shirts cost $29.50 but are
There’s a bright, new, must-have the fanfare than pretty much any And the sandwich T-shirts sold like selling for far more on the second-
piece of clothing that everybody other tournament. That’s because hot cakes. An Augusta National ary market. A search on Saturday
wants and nobody can find at this everything about Augusta National spokeswoman declined to comment revealed pimento cheese shirts go-
Masters. Golf Club tends to be a little more on sales figures for the shirts. ing for as much as $120 on eBay.
co Fo

It’s a T-shirt with a picture of a exclusive than most everywhere They were already gone from The high end for the egg salad
mushy sandwich on it. else. The members are set apart the shop when The Wall Street shirts was slightly tamer at $99.95
AUGUSTA NATIONAL GOLF CLUB

There are two versions of these from the crowd by their green Journal checked on Friday, and a on the website.
shirts, which are based on a fa- jackets. Gear for sale isn’t made person working at the store said “That’s one of the great tradi-
mous part of Masters’ lore: sand- available to the general public—it’s they were sold out days before the tions of the Masters Tournament is
wiches that are sold for just $1.50 mostly just for ticket holders. And tournament even began. They had the pimento cheese and barbecue
and come in a small sack of wax there’s even a separate shop with also disappeared from the online sandwich and egg salad sand-
paper. exclusive gear only members can shop, which was introduced last wiches,” Augusta National chair-
One of the T-shirts has a picture buy. year for the pandemic-delayed No- man Fred Ridley said.
of a pimento cheese sandwich on Most of the garb and trinkets vember tournament but still only The barbecue sandwiches, how-
the back. The other has an egg are standard fare that have been available to ticket-goers and other ever, were not given a T-shirt. A pimento cheese sandwich T-shirt.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 Down 33 Answer the
no

30s 50s 40s 0s 1 Finds loathsome alarm

V
Vancouver 13 14 15 16
C g y
Calgary 2 Take orders from 35 Cookbook phrase
20s 10s
p
Winnipeg 17 18 19
3 Longtime friends, 36 Tusked mammal
60s Seattle 20s
40s often 38 Spellbound
P tl d
Por
Portland 30s 60s Montreal 30s 20 21 22
l
Helena
50s Bismarckk ttawa
Ottawa 4 Tennis great 39 Really ought to
g
Billings A g t
Augusta 40s 23 24 25 26 27
g
Eugene 40s Williams 40 Trees that yield
i
Boise pls //St. Paul
Mpls./St. Pau
P Toronto
Toronto 50s
A bany
b
Albany t
Boston
28 29 30 31 5 Gilbert and hard wood
70s 30s oux Falls
Sioux Buffalo tford
Hartford 60s
Pierre k
Milwaukee Detroit Sullivan’s 41 Letter before
Ch g
Chicago ew Y
New Yorkk 70s 32 33 34 35 36 37 “Princess ___” omega
Reno Salt Lake
L ke City
C es Moines
Des C d
Cleveland 50s
y
Cheyenne Ph
hil d lph
Philadelphia
h
Omaha Pit b h
Pittsburgh 80s 38 39 40 6 Negatively- 45 Laundromat
Sacramento Denver p g d Indianapo
Springfield p
Indianapolis
50s h g on D.C.
hi
Washington DC 90s charged particle sights
n Francisco
San Topeka Kansas Charles
Charleston 60s 41 42 43
C l d
Colorado City h d
Richmond 100+ 7 Food from 47 Went up, as a
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Phoenix 51 52 53 54 55 logically
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Jackson Birmingham 56 57 9 Robin’s find
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setting informally
60s 90s
40s 70s 56 60,000th of a
Ice
BREAK IT UP | By Jeff Stillman 19 Lebanese capital
min.
21 Cause for a
58 Hold up
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 25 That woman 46 Free TV ad, for lawsuit
1 “How cute!” 28 NBC hit since short 59 Completely
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 60 34 s 55 32 pc Frankfurt 50 31 c 51 30 c 24 Reach out blindly
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice sounds 1975 48 Popular oil 60 Courtroom
Orlando 83 60 pc 87 63 pc Geneva 49 34 r 49 34 r 25 Is without affirmation
Today Tomorrow Philadelphia 55 46 sh 63 45 pc Havana 88 70 t 90 63 s 4 Thailand, 29 Keep out additive compare
City Hi Lo W Hi Lo W Phoenix 91 66 s 89 62 s Hong Kong 82 74 pc 82 74 s 61 “Hamilton”
formerly 30 Parish leader 51 “___ a jungle out 26 ___ Kong
Anchorage 37 30 c 40 34 pc Pittsburgh 59 45 c 68 44 pc Istanbul 55 43 pc 60 49 s creator
8 Byproduct of a there”
Atlanta 81 59 s 81 60 pc Portland, Maine 50 40 c 54 39 pc Jakarta 90 76 sh 90 76 sh 32 GI’s field ration, 27 Bit of work ___-Manuel
Austin 86 61 c 76 63 t Portland, Ore. 67 43 s 68 40 s Jerusalem 58 41 s 61 46 s strenuous for short 52 •Daiquiri or
Johannesburg 82 55 s 81 58 s 31 Goatee site Miranda
Baltimore 64 48 sh 62 49 c Sacramento 82 49 s 75 47 s workout mojito
Boise 57 33 s 59 34 c St. Louis 66 45 pc 65 42 pc London 48 32 pc 51 36 pc 34 Diamond Head
Boston 49 43 sh 49 45 pc Salt Lake City 57 40 s 60 40 c Madrid 61 37 s 67 44 c 13 “Brandenburg locale 56 Birthday balloon Previous Puzzle’s Solution
Burlington 63 44 c 64 45 pc San Francisco 66 51 pc 62 50 pc Manila 96 79 c 94 80 pc Concertos” material B A
G D AMA G E A P B S
Melbourne 62 49 pc 66 61 c
37 Suspend E L
O E N A B L E S O A K
Charlotte 79 54 s 78 55 pc Santa Fe 70 38 pc 66 39 c composer 57 Younger sister of S I
R F I N D U N C A N N Y
Chicago 62 42 pc 54 38 pc Seattle 60 40 s 63 39 s Mexico City 80 60 s 79 58 pc 38 Activity Jessica Simpson A B
B A O N E E Y E Z A P
Cleveland 59 46 sh 64 44 s Sioux Falls 52 28 pc 45 27 pc Milan 51 42 r 55 38 r 15 “So Big” author
performed by D I
A G O N A L S E F I L E
Dallas 81 57 t 76 57 t Wash., D.C. 68 51 pc 66 50 c Moscow 61 47 c 69 49 pc Ferber
young Abe 58 •Made a big fuss C O T F L O
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16 Rich, dense cake Lincoln, and a 62 Parks in 1955 L I E S O C T A L X M E N
Detroit
Honolulu
64 43 sh 62 40 pc
81 68 pc 82 69 pc
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52 35 pc
90 74 s
53 33 pc
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Kansas City 61 37 c 61 37 pc Amsterdam 46 34 pc 49 33 pc San Juan 86 74 pc 87 74 pc
gutter runoff 41 New England M E M B E R OWN E D S I T
Las Vegas 87 63 pc 83 59 s Athens 66 52 s 66 54 s Seoul 63 52 sh 63 39 s 20 “Lawrence of footballers, France M I M I SWE D E S O F T
Y O Y O O L D E S T N Y Y
Little Rock 81 54 pc 68 49 pc Baghdad 83 56 pc 83 55 pc Shanghai 66 57 sh 70 50 pc Arabia” star familiarly 65 Newton, ohm or
Los Angeles 73 57 pc 67 57 c Bangkok 91 79 sh 92 81 t Singapore 89 78 sh 90 78 t The contest answer is MORTAL. Six Shakespearean
22 Lunch hr., for 42 Great deal watt characters are concealed in the theme answers:
Miami 87 67 t 84 68 s Beijing 68 44 pc 61 38 s Sydney 68 52 s 72 57 s
Milwaukee 60 43 c 53 36 pc Berlin 47 33 r 49 31 c Taipei City 86 68 s 85 69 r some 43 Call off 66 Voting alliances FIND UNCANNY, DIAGONALS, CHROME OXIDE,
Tokyo 66 57 pc 65 61 c INVIOLATELY, PUCKERS UP, MEMBER-OWNED.
Minneapolis 48 32 sh 39 31 c Brussels 46 30 pc 49 31 pc 23 •Shingle 44 Bathing suit 67 Extend credit The first letters of the plays they appear in
Nashville 79 53 s 71 52 c Buenos Aires 71 60 s 71 63 s Toronto 53 45 sh 57 42 pc
New Orleans 83 66 pc 77 68 r Dubai 97 79 s 97 78 s Vancouver 56 42 s 57 43 s installer’s need brand 68 Low USN rank (“Macbeth,” “Othello,” “Romeo and Juliet,” “Twelfth
New York City 52 45 r 61 49 pc Dublin 47 34 sh 52 36 pc Warsaw 61 36 c 45 36 r Night,” “A Midsummer Night’s Dream,” “Love’s
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 65 45 c 64 44 c Edinburgh 49 28 pc 52 32 pc Zurich 44 32 sn 46 29 c Labour’s Lost”) spell the contest answer.
 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. Monday, April 12, 2021 | A15

OPINION
Don’t Think, Just Bleep BOOKSHELF | By Sally Satel

Cancel culture
has a vaccine.
Its name is
new phrases to defeat
Bleep.
But that’s only the
clubs. And that mixed-
martial-arts fighter,
Gina Carano, could
A Bias Toward
Bleep. At the
2021 Game
Developers
Conference
start. You can adjust,
choosing between the
same four settings, for
sexually explicit lan-
still be in “Star Wars”
Westerns. Though
now, why would she
want to?
Easy Answers
INSIDE
Showcase last guage and even white Politicians could re-
The Quick Fix

GETTY IMAGES/ISTOCKPHOTO
VIEW
month, Intel nationalism. “Use of ally use this. A new,
By Andy
touted re- the N-word, including hot product, an up- By Jesse Singal
Kessler
search and all its variations,” ac- dated cone of silence, (Farrar, Straus & Giroux, 337 pages, $28)

M
s a m p l e cording to the Intel could wrap them in a
screenshots of technology that presentation, doesn’t virtual bubble and use ost of us like to think of ourselves as enlightened,
“uses artificial intelligence to have a slider, only an Bleep to filter every- thoughtful observers of the world around us,
get rid of other gamers’ hate- on-off switch. Warning: thing that comes out skeptical of irrational claims, crazy ideas and silly
ful and abusive audio chat.” You can get canceled of their mouths, so it theories. It is only other people, members of eccentric
Silicon Valley never ceases to for even discussing this. never again have their feelings is always politically correct, subcultures in far-off places, who are susceptible to such
amaze. Also available for filtering hurt, be triggered or feel the vague and as far from reality foolishness. It is a flattering self-portrait. But is it true?
Oh, how Meyers Leonard, a are ableism and body shaming, need to cancel anyone. as possible. Chuck Schumer In “The Quick Fix: Why Fad Psychology Can’t Cure Our
National Basketball Associa- aggression (“negative lan- Why not install Bleep in might not need one. Social Ills,” Jesse Singal, a contributing writer at New York
tion player formerly with the guage intended to wound the keyboards? It’s too late for the OK, enough fun. This is one magazine, chronicles several dubious enthusiasms that
Miami Heat, could have used recipient”), LGBTQ+ hate, mi- would-be editor of Teen Vogue piece of technology I would, permeate our culture. Along the way, he tries to show why
this in early March, when a sogyny and even plain old who was canned before her er, cancel. Why? Because they are so widespread. His focus is on “the allure of fad
video surfaced of him spewing “name-calling.” If you can’t first day on the job for writing speaking of ownership class, psychology,” as he puts it, and on the ways in which “both
play “Call of Duty” and call the anti-Asian tweets when she people need to own what they individuals and institutions can do a better job of resisting it.”
person you’re about to virtu- was 16. By the way, in Bleep’s say. Sure, many don’t get the We all remember the self-esteem programs that beguiled
Intel shows off new ally shoot a lying, dog-faced presentation I didn’t see a ever-changing memo on what grade-school educators in the 1980s and 1990s. The idea
pony soldier, why play? slider to control insults things are verboten. But most was that, by handing out more prizes and encouraging
technology to filter You know who else could against Asians. That must be respectable human beings self-affirming rhetoric,
out hate, aggression have used this technology? an oversight. And what about know enough to think before young people would do better
American Federation of Teach- Polish jokes? Irish jokes? Bo- they speak, using their own bi- in their studies and in life
and name-calling. ers President Randi Wein- rat wouldn’t stand a chance. ological Bleep code. generally. But, as Mr. Singal
garten. When asked by the I don’t want to go all ad ab- On the flip side, those who notes, self-esteem failed to
Jewish Telegraphic Agency surdum on you—though let’s melt at any sign of stress on “ ‘unlock the gates’ of success.”
anti-Semitic language while about teachers unions’ resis- agree cancel culture is already their psyche should own what Nor did it help to reduce—as
playing the videogame “Call of tance to reopening schools, absurd—but can you see the they hear. Not everything is an promised—crime, teen preg-
Duty.” He was fined $50,000 she launched into a tirade: endgame to all this? Using insult, nor should insults drive nancy and a host of other
by the NBA, traded and sum- “American Jews are now part noise-canceling algorithms people to hysterics. Sticks and social ills.
marily cut and released. Game of the ownership class” and and Bleep, New York could stones, whatever doesn’t kill Then there was power-
over. “want to take that ladder of create SSS, Snowflake Safe you, and all that. Perversely, posing for women in the work-
With simple, easy-to-use opportunity away from those Spaces™, to filter in real time Bleep would cause many not place: the claim that, by adopt-
slider controls, like fiddling who do not have it.” She that crazy guy outside Penn to think for themselves, much ing assertive positions (legs

.
with the treble and bass, Bleep should set “stupid anti-Semitic Station, always swearing to as Google is a great excuse for astride, hands on hips) for two
lets you adjust whether you tropes” to none. himself. Yes, this would make not remembering anything minutes before, say, going into

ly
hear, say, swear words. Settings Maybe the technology a great “Black Mirror” epi- anymore. a job interview, or while giving a
include none, some, most and ought to be built into every sode. Instead, let’s take personal presentation, a new confidence will be engendered as well
all. How nice. I wonder who de- set of AirPods and head- Mel Gibson could stay out responsibility for speaking and as an improved status among otherwise dismissive men.
cides what constitutes swear-
ing. Does it work in all lan-
guages? Adolescents of all ages
will have a field day finding
phones. Yes, a new meaning to
“Intel Inside.” College students
and professors could filter the
sounds of the real world and
on
of trouble. J.K. Rowling could
still be beloved. Michael Rich-
ards, whom you know as
Kramer, could still work night-
listening. I’d say mankind
needs to man up, but maybe
that would just get Bleeped.
Write to [email protected].
A TED talk by an originator of power-posing and its chief
evangelist, a Harvard psychologist, garnered 61 million
views. Sheryl Sandberg of Facebook was a fan. But it turned
out that standing like Wonder Woman didn’t give women
the promised testosterone boost and confidence they sought.
us ,

A MacArthur Fellowship-winning social psychologist at

l

Baseball Says Cuba ‘Sí,’ Georgia ‘No’ the University of Pennsylvania championed a mental trait
e
al a

called “grit” (aka stick-to-itiveness). Teaching “grit” became

a wildly popular way to build character or boost grades in
Major League dollars back to the dictator- Americans endured the em- torn apart as human capital school-aged children across the country. It didn’t deliver. As
ci on

Baseball says ship—as if the players were barrassing spectacle of their fled in search of freedom of Mr. Singal notes, established concepts such as conscientious-
“values” com- the regime’s property rather president doing “the wave” conscience. With the right to ness and IQ were far better at predicting performance.
pelled it to than the teams’ employees. with Raúl at a game between earn a living suppressed, The timeliest chapter in “The Quick Fix” concerns the
move this Major League Baseball said the Tampa Bay Rays and stealing became the only way Implicit Association Test, known as IAT: It supposedly re-
summer’s All- it would be paying the Cuban Cuba’s national team. to survive. veals hidden biases that can bubble to the surface in people
er s

AMERICAS Star Game out baseball league, which it ab- The Castro propaganda ef- Performance artist Luis Ma- who explicitly renounce discriminatory beliefs or intent.
of Georgia. surdly described as indepen- fort also gets help from Holly- nuel Otero Alcántara and rap- The computer-administered reaction-time test evaluates
By Mary
m er

But this piety dent of the totalitarian regime. wood leftists like Oliver Stone, per Maykel Osorbo Castillo are how strongly a person associates certain concepts, such as
Anastasia
doesn’t square At the time, a U.S. baseball of- Michael Moore, Danny Glover two leaders of the San Isidro “black” and “white,” with words like “good” and “bad.”
O’Grady
with its long ficial assured me that the and Sean Penn, who admire Movement. They are under Someone who is quicker to link a black face with a negative
record of col- league’s “intentions are pure.” the regime for its defiance of constant surveillance. State word than she is to link a white face to the same word is
laboration with Cuba’s military That made me laugh out the U.S.—and its staying security raids homes and de- deemed to harbor submerged, but nonetheless real, bias.
m rp

dictatorship, one of the loud because, as I wrote in a tains members of the move- Eventually the psychologists who created the test
world’s most notorious hu- column on Dec. 30, 2018, the ment sporadically. They have conceded that it had severe measurement problems.
man-rights violators. deal was purely mercenary: The league talks up not backed down. Among other things, it turned out that the IAT had
This is especially relevant “The league gets cheaper tal- Over Easter weekend, the notoriously low reliability, meaning that a subject could
now, as the Cuban struggle for ent in exchange for enforcing its ‘values’ in the group held a resistance block score “prejudiced” one day but not the next. And the test
co Fo

free speech and artistic liberty regime control of the players.” U.S. but loves doing party. Neighbors sang the pop- lacked predictive power or, as the creators acknowledged,
reaches new heights in the The Trump administration ular antigovernment anthem was “problematic to use to classify persons as likely to
humble San Isidro neighbor- shot down the proposal, but it business with Castro. “Patria y Vida,” or “Homeland engage in discrimination.” Nonetheless, the IAT has a vast
hood of Havana. stands as evidence of the and Life.” When police and reach. Hundreds of thousands, perhaps millions, of em-
Baseball advertises itself as league’s ethics. later state-security agents ar- ployees of corporations, foundations, universities, govern-
a champion of racial justice. The Castro regime is hyper- power. After years of agitprop rived and tried to arrest Mr. ment agencies and police departments have taken the
But the league’s practice of en- sensitive about its reputation from America’s cultural elites, Osorbo, scores more brave Cu- IAT—and have been told of the biases they possess but do
gaging with the Castros as if for repression, and it spends dopey gringos still go around bans joined the singing. The not feel. After the killing of George Floyd, the popularity
the regime were normal has enormous resources on propa- in T-shirts emblazoned with police and the agents backed of the IAT exploded, despite the fact that it can’t predict
had the opposite effect. It has ganda to combat it. Baseball the image of Che Guevara, who off. the behavior that creates a racially unjust society.
added to the isolation of Cu- has often proved useful in that was infamous for summary ex- But a showdown is coming.
ban dissidents. effort. ecutions. The days when the veneration
San Isidro’s brave musi- In 1999 Baltimore Orioles The pro-Castro narrative of Fidel was obligatory and The study of human behavior has led to real
n-

cians, performance artists, owner Peter Angelos provided ignores the ruin of the Cuban could be used to control the insights but also, too often, to simplistic,
writers and intellectuals, who invaluable spin for the dicta- nation brought on by the revo- nation are long gone. San Isi-
are overwhelmingly people of torship when he took his play- lution. Before Fidel took over dro’s message, which is reductive ‘solutions’ to complex problems.
color, are a prime example. ers to the island to face the in 1959, Cuba was the third- spreading across the island, is
no

They have to work extra hard Cuban national team. Mr. An- wealthiest country in Latin that it neither fears nor re-
against the myth, strength- gelos watched the game from America and had the lowest spects the decrepit Castro What is the allure of these interventions? Humans will
ened by years of major-league elite box seats with Fidel and infant-mortality rate. Fidel dictatorship. instinctively respond to a novel and simple—but not too
complicity, that Fidel and Raúl Baseball Commissioner Bud promised elections but never The rebellion may be met alien—story about a subject of great social concern. What
Castro ended social injustices, Selig. Ted Turner, former held them. He was greedy, with brutal force, but the re- is more, fads are based on behavioral science conducted
including the marginalization owner of the Atlanta Braves narcissistic and maniacal. He gime won’t be able to hide a by researchers at esteemed institutions. Some of their col-
of black Cubans. and CNN founder, is a Castro wrecked the economy and crackdown. Cellphones will re- leagues grasp the exaggeration of their claims, but, as Mr.
As recently as 2018, Major admirer from way back. made Cubans slaves in their cord it and it will go viral. The Singal writes, “it’s unrealistic to expect the average human
League Baseball sought a deal During President Obama’s own country. movement will need interna- resources manager or school principal or other institutional
with Raúl under which Havana trip to Cuba in 2016, Major It wasn’t enough to own in- tional solidarity. Let’s hope decision-maker to possess such skill and knowledge.”
would send players to the U.S. League Baseball hooked up dustry and commerce. Castro’s Major League Baseball is not On the supply side, psychologists have incentives to
and baseball would garnish with Raúl, who sought to use absolutism needed to own the busy negotiating another deal. promote simple rather than complex theories. In a competi-
their salaries and send the the visit to humanize himself. Cuban soul. Families were Write to O’[email protected]. tive academic field, a sexy press release can get one noticed.
Even if fad originators were sincere at first, and most appear
to have been, they often become too personally invested in

Flattered to Be on China’s Sanctions List what they are promoting. As Mr. Singal notes, they are “able to
charge higher speaking fees, pursue lucrative consulting jobs,
secure book deals, and enjoy the perks of minor celebrity.”
By Gayle Manchin pean and other officials on oric and actions demonstrate vestigate independently and Academic journals, too, are keen to publish supposedly
And Tony Perkins whom the party has likewise that international criticism determine formally whether newsworthy findings. Under such conditions, it’s easy to

T
applied sanctions for standing and scrutiny of its human- the Chinese Communist Party’s see why a psychologist would be reluctant to re-examine
he Chinese Communist up to a regime that has vio- rights record are effective. abusive policies in Xinjiang her too-good-to-be-true results when doubts—her own
Party recently imposed lated its obligations under the Genocide and crimes against amount to genocide and and those of colleagues—begin to nag.
sanctions against us for Genocide Convention. humanity are deeply damaging crimes against humanity, as Each chapter of “The Quick Fix” presents accessible
our work on the U.S. Commis- Meanwhile, Beijing’s threats to China’s image and under- well as supporting an impar- explanations of the research that was eventually shown to
sion on International Religious gave us a glimpse into the mine its ambition to project it- tial international investigation be “half-baked,” as Mr. Singal puts it. The problems, he
Freedom. It’s part of a desper- state-led oppression under self as a global power. of the question. We should shows, often derive from dodgy statistical analysis or faulty
ate attempt to silence interna- which so many Uighurs, Tibet- The Communist’s Party’s also explore ways to press the experimental design. Researchers, for instance, might use
tional scrutiny of Beijing’s ans, Christians, Falun Gong hostile actions are also coun- International Olympic Commit- various statistical tests until one shows a sought-for result,
abysmal human-rights record, practitioners and others are terproductive. They’re helping tee to move the 2022 Olympics or they might submit only positive results to a journal for
particularly its genocidal poli- forced to live. solidify a coalition of govern- away from Beijing, since atten- publication, holding the negative ones back, a practice
cies against the Uighurs and ments to counter such aggres- dance could play into the known as “file-drawering.” Mr. Singal also traces the social
other Turkic Muslims in Xin- sion. In this regard, this inter- party’s propaganda and be and political currents that helped propel certain trends.
jiang and its persecution of We’ll keep exposing national coalition should take seen as an endorsement of the Mr. Singal’s analysis is thus a quick fix for readers who
other religious minorities. several immediate actions. regime and its policies. want to be more enlightened and thoughtful consumers of
We won’t be intimidated or Beijing’s egregious Congress should pass the Ui- The broader international psychological science. It is also a bracing reminder that
silenced. We appreciate Secre- religious-freedom ghur Forced Labor Prevention community and global busi- social realms in which there are Big Problems—such as
tary of State Antony Blinken’s Act, which creates a “rebutta- nesses must decide between crime, education and poverty—are beyond the reach of
support, and we are proud that violations in Xinjiang. ble presumption” that bans all good and evil. It is unconsciona- fads and quick fixes, no matter how seductive. Optimisti-
USCIRF has long been at the goods exported from Xinjiang. ble to condone or, even worse, cally, the field of psychology—chastened by the problems
forefront in exposing the Com- The U.S. government and like- to aid and abet the Chinese Mr. Singal describes so compellingly—is becoming more
munist Party’s egregious reli- Given the Communist minded partners should con- Communist Party as it commits circumspect, putting overdue emphasis on replication. We
gious-freedom violations. In Party’s oppression at home tinue to impose targeted sanc- a 21st-century genocide. might all want to be more circumspect when we encounter
fact, we’re flattered by the and increasing aggression tions on Chinese agencies and yet again a startling headline announcing a key “scientific”
Chinese government’s recogni- abroad, we must continue to officials responsible for severe Ms. Manchin and Mr. Per- finding about human behavior.
tion for our work in defending stand with our partners to ex- violations of religious freedom kins are, respectively, chair-
religious freedom in China, as pose, condemn and hold the and human rights. man and vice chairman of the Dr. Satel, a visiting professor of psychiatry at Columbia
we join an increasing list of Chinese government account- The U.S. should also urge U.S. Commission on Interna- University’s Vagelos College of Physicians and Surgeons,
courageous American, Euro- able. Beijing’s belligerent rhet- international partners to in- tional Religious Freedom. is a resident scholar at the American Enterprise Institute.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Monday, April 12, 2021 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Targeting the U.S. Senate Investigate Good, Existing Covid Therapies

B
etween the drive to eliminate the legisla- Nor is there strong evidence of partisan imbal- We appreciate former FDA Com- such research. This must change.
tive filibuster and the campaign to add ance. The writer Robert Showah has shown that missioners Scott Gottlieb’s and Mark Drs. Gottlieb and McClellan say
McClellan’s belated realization that a therapeutic antibodies and drugs like
new states for partisan advantage, the the party breakdown in the House and Senate has
“good weapon for the Covid arsenal remdesivir and dexamethasone have
U.S. Senate hasn’t been under become more, not less, aligned would be a safe and effective drug been the only options. We disagree
this much political pressure The progressive goal is a in recent years. Democrats now that could be taken at home” (“Covid and have published detailed reviews
since the passage of the 17th House-like body run by control 50.5% of the Senate, in- Arsenal Needs Pills as Well as of successful early treatment.
Amendment (on the direct cluding the Vice President’s tie- Shots,” op-ed, April 5). Thousands of lives have been
election of Senators) in 1913. big-state majorities. breaking vote, and about 51% of Unfortunately, it took them over a saved.
The enduring influence and le- seats in the population- year to use their reputations to call Two drugs used, ivermectin and
gitimacy of America’s legisla- weighted House. for such common-sense action. hydroxychloroquine, have two of the
tive upper house has long distinguished the U.S. The legitimacy of America’s version of bicam- Meanwhile, more than 500,000 died best safety records on the market,
from many less stable democracies. But a new eralism has rarely been called into question, under federal guidelines that in ef- with billions of doses safely pre-
majoritarian ideology threatens to upend that even as upper houses in Europe have faded. U.S. fect say, “Isolate at home and do scribed.
nothing until you are so sick you re- The former commissioners sug-
achievement. states were seen as political entities with Madi-
quire hospitalization.” gest judging drugs on whether they
As early as this week a House committee will son’s “residuary sovereignty”—to raise their Fortunately, there are doctors “shorten the duration of symptoms
advance a partisan and constitutionally suspect own taxes, establish legal systems, and, recently, with the compassion to ignore this or reduce viral load”—poorly mea-
bill to add Senators by making Washington, D.C., chart courses for pandemic response. Their rep- callous approach and instead save sured and unimportant outcomes
the 51st state. The Senate’s traditional 60-vote resentation in Congress balances the more po- lives. Yet media and agencies have compared with hospitalization and
requirement to pass legislation hangs by a larized House. vilified these courageous physicians. mortality. We already have evidence
thread. A great deal has been written about the But nationalization of politics and media has The New York Times even labeled for generics reducing Covid death
merits of both issues, but it’s wrong to see them helped open the door to attacks on the Senate’s some as “snake-oil salesmen” for rates. Agencies should devote their
in isolation. They are political manifestations of structure. These attacks encourage a view of the pointing out that early treatment is efforts to confirming these results
a fundamental challenge to the Senate as an in- U.S. as “one simple republic,” in Madison’s essential. instead of chasing new, more expen-
stitution that is worth understanding—and re- words, where temporary majorities can domi- Sen. Johnson has written to agen- sive drugs.
cies asking what resources were de- SEN. RON JOHNSON (R., WIS.)
pudiating—in its own right. nate at all levels. voted to exploring repurposed Oshkosh, Wis.
i i i Other trends are also at work. The Framers drugs. This has yielded little to no PROF. HARVEY RISCH, M.D., PH.D.
Debate over the Senate’s structure—two gave the Senate power to confirm executive offi- response, leading us to assume Yale School of Public Health
Senators for each state, regardless of popula- cials and judges but expected Congress to drive those agencies have done little to no New Haven, Conn.
tion—is as old as the nation. At the 1787 Phila- domestic policy. When 20th-century progres-
delphia Convention, delegates from the larger sives backed an increasingly powerful adminis-
states, especially in the South, wanted Senate trative state and imperial judiciary, the signifi-
seats apportioned according to population. cance of presidential appointments grew, Are Vaccine Passports a Freedom or Control?
They were outvoted, as smaller states like New increasing the salience of the Senate in national
Jersey didn’t want to forfeit their influence in policy making. Regarding Martin Kulldorff and all my vaccines. There was one,
Jay Bhattacharya’s “Vaccine Pass- sleeping sickness, I think, which had
the new federal government the Constitution Instead of recommitting to constitutional
ports Prolong Lockdowns” (op-ed, a life of only six months. Having
created. The large states’ size would be re- principles, the progressive remedy is to under- April 7): The authors’ idea is that one’s yellow book up to date was re-
flected in the House of Representatives. This mine the Senate as a pretext for enlarging it in

.
the passport (valid at the most for quired for entry to many countries,
Great Compromise was essential to the Consti- what they foresee will be their political interest. six months without a booster shot) especially African ones. Having a

ly
tution’s ratification. Hence the appetite for statehood for D.C. (rather is a punishment scheme to deter valid yellow book was no more trou-
The design became a part of America’s civil than Maryland retrocession) and admittance of bad behavior and will lead to a ble than having a valid passport,
religion. As James Madison (a large-stater at the Puerto Rico (though opinion on the island re- mad rush that will, perhaps un- which we are all used to doing.
on
convention) wrote in the Federalist, equal state mains sharply divided), and perhaps “East and
representation in the Senate would guard West Massachusetts,” as an Atlantic article sug-
“against an improper consolidation of the States gested last year.
fairly, trample on the truly vulner-
able. However, is it not possible
for the opposite to be true, that is,
this heavily time-limited passport
DAN MACLEAN
Kansas City, Mo.

If I’m fully vaccinated, why should

into one simple republic.” The ability of states i i i
is a temporary incentive rewarding I care whether the guy sitting next
us ,

like Florida and New York, or Wyoming and Dela- One mystery is why more Senate Democrats
responsible behavior and ensuring to me is? Once everyone who wants
l

ware, to pursue different policies remains a vital don’t fear a filibuster-free Senate under Republi- fairness by preventing some from a vaccine has had the chance to get
e
outlet for America’s national partisan divisions. can control, given their complaints about the
al a

free-riding on the immunity of it, the risk to the unvaccinated isn’t

Yet today, like so many other features of the Senate’s structure. A 2013 Yale Law Journal arti- others? society’s problem, and all pandemic-
Constitution, the Senate’s equal weighting of cle noted that “whenever one of the major par- PROF. SUBIMAL CHATTERJEE instituted restrictions should end.
ci on

states finds itself under siege in the press and ties holds a consistent advantage in low-popula- Binghamton University, SUNY Let’s hope Americans will see vac-
academy. “Minority rule” has become a buzz- tion states, the filibuster serves as an Binghamton, N.Y. cine passports for what they are:
word among pundits calling for smashing the fil- underappreciated check on that party’s power the government’s attempt to cling to
ibuster and expanding the Senate. to enact its agenda.” Nuking the filibuster in the I find the controversy over vac- power granted by us to battle a
A New York Magazine article last year de- name of a shallow version of democracy would cine passports puzzling. I recall that threat that, very soon, will no lon-
er s

for years I traveled with a yellow ger be much of a threat.

clared that “the Senate’s pro-white bias is a pave the way for a bare GOP Senate majority to
booklet which I kept with my pass- LISA DICKMANN
problem the political system is only beginning pass far-reaching legislation.
m er

port and which listed the status of Portsmouth, R.I.

to absorb.” The Harvard Law Review led a recent The left today thinks it has a winning argu-
issue with an treatise on “the degradation of ment in denouncing certain institutions as anti-
American democracy,” suggesting that Demo- democratic and racist, as part of a larger project
crats address the Senate’s “malapportionment to overturn core American principles. The ideo-
A Global Minimum Corporate Tax Is a Loser
m rp

problem” through D.C. and Puerto Rican state- logical assault on the Senate is ultimately a chal- As long as there are corporate The Biden administration’s call for
hood—or else “ignore the constitutional provi- lenge to the state-federal balance that is a core taxes there will be arguments about a global minimum corporate tax rate
sion mandating two senators for every state.” feature of America’s Constitution. what is fair, competitive and how to is an American initiative to suppress
You wouldn’t know from such rhetoric that Federalism, and the political diversity and avoid a “race to the bottom” (“U.S. economic competition among nations.
the Senate’s relationship to population has been competition it makes possible, is a source of Aims for Global Minimum Corporate Bottom line, it’s based on the notion
co Fo

Tax Rate,” Page One, April 6). Alas, that people in government are wise
remarkably stable throughout U.S. history. The America’s stability and success. The Senate was
there is a simple solution: Set the and government structures and bu-
10 smallest states in 2019 represented the same designed to protect liberty by checking precisely rate at zero. reaucracies are efficient. Who be-
population share (under 3%) as in 1970. The 10 the kind of opportunistic majoritarianism that Corporate taxes support only about lieves that?
largest ticked to about 54% of the population now seeks to undo it. The country denatures its 10% of federal receipts, a figure that LOUISE VOGEL
from 55%. upper chamber at its peril. could be easily covered by raising Upton, Mass.
other taxes. Economists already de-

Inflation Arrives. Is It ‘Transitory’?

bate whether corporations truly pay If Treasury Secretary Janet Yellen
taxes or merely pass them along in was an executive in the private sec-
an inefficient and, yes, unfair, man- tor, her attempt to collude on inter-

C
ongratulations to those who want ing later this year as supply constraints ease. ner. Clever ploys such as domicile national corporate tax rates would
higher inflation. You’ve got it. The U.S. Let’s hope they’re right. But the Fed may also shifting and inversions will be rele- likely lead to charges of conspiracy to
gated to the scrapheap of corporate fix prices.
on Friday reported a rise of 1% in pro- be underestimating the impact of its wide-open
n-

history. And if none of this works, This is another case of the govern-
ducer prices for March, dou- monetary policies despite an well, deficit spending is all the rage ment telling all of us to do as I say,
ble the consensus prediction Producer prices rise 1% economy that will boom as anyway; there isn’t the slightest pre- not as I do.
of economists. Prices are up in March as supply-side the pandemic lockdowns end tense of fiscal discipline anywhere R. MARK ADAMS
4.2% in the last year, with and the jobless rate continues
no

near our nation’s capital. Kill Devil Hills, N.C.

goods prices up 7%. constraints bite. to fall at a rapid rate. JOHN CARLSON
The year-over-year in- The yield on the 10-year Boulder, Colo.
crease is higher in part be- Treasury note popped to Baseball’s Big Idols Depend
cause of low, pandemic-induced numbers from 1.66% on Friday, though down from its peak for On Folks Like John Coleman
2020. The recent acceleration is also related the day. Investors will be watching Tuesday’s Do Progressives Care About
Regarding unbreakable Major
to constraints on the supply of goods, while de- report on consumer prices for more inflation The Violence in Poor Areas? League Baseball records (Letters,
mand surges as the pandemic eases and con- clues. The U.S. has never before pursued gov- Regarding your editorial “A Soft- April 7): We must not forget the as-
sumers spend their pent-up savings and gov- ernment-spending and monetary expansion of on-Crime Backlash” (April 7): While tonishing achievements of my
ernment checks. this magnitude with a hot economy, and the the baseless left-wing gibberish of great-granduncle John Francis Cole-
For these reasons, Federal Reserve econo- Fed says it will wait for durable inflation to ap- “systemic racism” and “mass incarcer- man (circa 1860-1922). Pitching for
mists say inflation will be “transitory,” reced- pear before changing. Good luck. ation” touted by Philadelphia’s Dis- the Philadelphia Quakers (later the
trict Attorney Larry Krasner is dis- Phillies) in a 98-game season in

A Free Exercise of Religion Court

turbing, the comment that “Mr. 1883, he established the incredible
Krasner remains popular in affluent record of 14 wins and 48 losses,
neighborhoods with less crime” gets with 772 hits given up, 512 runs al-

T
he first significant distinction of the mayor and Stephen Breyer. to the root of the problem. Liberal- lowed, and 291 earned runs. These
progressives can virtue signal all day four records remain unbroken to
newly constituted Supreme Court con- But the majority points out that the burden
long and feel smug in the safety of this day. It is pitchers like John
cerns the free exercise of religion from of “strict scrutiny” in such cases requires the their leafy suburbs and gated commu- Coleman who make others’ records
government control. The latest state to prove that meetings in nities because they don’t have to deal possible.
evidence is the 5-4 ruling late The Justices slap down private homes are more dan- with the realities of living with violent DAVID SAVIGNAC
Friday slapping down another another California gerous for Covid transmission criminals in the inner cities. Crofton, Md.
California pandemic diktat on than those in public settings. Of course it is a no-brainer that
the freedom of worship. pandemic order. Is there really a difference be- demoralizing calls to defund the po-
The unsigned majority tween the risks at a hair solon lice in the face of the dramatic, yet Pepper ...
opinion in Tandon v. Newsom or theater than in a home? The rare, unjustified use of lethal force is
going to result in more death and
And Salt
overturned an appellate-court ruling that upheld state didn’t try to prove it in the case of the
an order barring meetings of more than three plaintiffs who brought the lawsuit against the destruction, but white, well-off liber- THE WALL STREET JOURNAL
als basically don’t care about the
families to worship in a private home. pandemic order.
consequences because they are un-
“California treats some comparable secular Chief Justice John Roberts was missing in ac- likely to affect their tony neighbor-
activities more favorably than at-home religious tion, failing to write or join an opinion while hoods. This abject disregard for the
exercise, permitting hair salons, retail stores, saying he “would deny the application” for relief welfare of their fellow and less-well-
personal care services, movie theaters, private from the California order. The ruling shows the off citizens is the real face of mod-
suites at sporting events and concerts, and in- difference on the Court from the confirmations ern liberal progressivism. So much
door restaurants to bring together more than of Justices Brett Kavanaugh and Amy Coney for those “Black Lives Matter” lawn
three households at a time,” says the majority Barrett. At least on religious liberty, the Chief signs and their owners’ passion for
opinion. Such disparate treatment between reli- is no longer the swing Justice. “social justice.”
gious and secular activities is barred by the First The decision is the fifth time the Court has TOM O’HARE
Charlestown, R.I.
Amendment, as the Court’s precedents have overruled the Ninth Circuit Court of Appeals on
long held. pandemic orders against worship, as an exasper-
Letters intended for publication should
In a testy dissent, Justice Elena Kagan ar- ated majority points out. The willfulness of the be emailed to [email protected]. Please
gues that the state rule passes muster because lower courts in defying the High Court under- include your city, state and telephone
it bars both secular and religious meetings of scores how much religious liberty needs pro- number. All letters are subject to
more than three families in a private home. tecting against the militant secular values that editing, and unpublished letters cannot
be acknowledged.
She was joined by liberal Justices Sonia Soto- now dominate American public life. “I thought it was just a metaphor.”
 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. Monday, April 12, 2021 | A17

OPINION

The Case God and the Border Crisis

For Vaccine By Jillian Kay Melchior that more than a third of them ac-

‘Passports’ cepted Christ.

‘A
Matamoros, Mexico Yet this sort of ministry is con-
mericans don’t know troversial among American Chris-
how this country is, tians. A survey by the nonprofit
By Scott Gottlieb Mexico,” Yaimin Fuentes Public Religion Research Institute

T
Caña says. “The Mexi- last year found that 66% of white
he idea of a “vaccine pass- cans extort Cubans, evangelical Protestants believe “that
port,” which would let people Hondurans, anyone who comes here immigrants are invading the United
prove they’re inoculated to this country. This country is su- States,” making them “the only reli-
against Covid, has been swept up in per violent.” gious group with majority agree-
a political debate over personal lib- The 38-year-old migrant speaks ment on the question.” The survey
erty. But this misunderstands how from experience. He says he fled also found that 62% of white evan-
these apps are likely to be used. Cuba after authorities roughed him gelical Protestants believed that the

COURTESY OF CARLOS NAVARRO

Passports would empower consum- up because he refused to participate presence of immigrants increases
ers by giving them more control over in the communist dictatorship’s crime, and 71% see them as a burden
their own health information. sham elections. He requested pro- on local communities.
Millions of Americans now have tection in the U.S., but under the “Many of our donors were ex-
index cards noting their vaccine lots Trump administration’s Migrant treme right-wing evangelicals,” Mr.
and dates. But your doctor and Protection Protocols, asylum seekers Barberi says. When he began work-
health plan don’t necessarily have were required to wait in Mexico for ing with migrants, “they were like,
that information. The card could get their cases to be adjudicated. Mr. ‘Wait—you’re working with ille-
lost and is easy to forge. The Centers Fuentes Caña says that since he ar- Pastor Carlos Navarro preaches at the Brownsville, Texas, bus station. gals?’ ” He estimates that he has lost
for Disease Control and Prevention rived in Matamoros in May 2019, as much as half of his financial sup-
requires states to maintain databases he’s been kidnapped several times breaking 18,890 unaccompanied chil- verted his Instituto Biblico Bautista port because of his migrant ministry.
as a condition of vaccine shipments. and released only after paying the dren and more than 53,600 family Sola Scriptura into a migrant shel- Mr. Navarro’s experience is similar:
But there are more than 60 separate cartels a ransom. Corrupt officials units. Their numbers have over- ter. On the day I visit, he brings a “A lot of conservatives and churches
systems—some large states like and criminals extort migrants every whelmed Mexican and American au- bunk bed from Texas to Matamoros, decided to turn away from migrants.
Texas have a few, and New York City chance they get, he says, and the thorities, so these faith-based shel- part of an effort to make room for . . . Even in the local Hispanic Bap-
has its own. The record system uses cartels also pressure migrants to ters are providing a vital service. more migrants who would otherwise tist church, nobody wanted to help
an existing arrangement for child- pay up for a coyote and enter the “I never in my wildest dreams be sleeping on the streets. He esti- us.” He credits the Southern Baptist
hood-vaccination programs: It was U.S. illegally: “Imagine: Who doesn’t thought I’d be doing this,” says Pas- mates it costs some $650 a day to Texas Convention and the Coopera-
set up years ago so pediatricians can pay, doesn’t last. You never see tor Abraham Barberi, who runs the provide three meals, water, shelter tive Baptist Fellowship for helping
ask these sites for records that a them again.” migrant shelter where I interviewed and other needs for as many as 120 fund migrant ministries when others
child has been vaccinated. Mr. Fuentes Caña finally found Mr. Fuentes Caña. An immigrant him- migrants, and during my visit he backed away.
refuge at a seminary turned shelter self, Mr. Barberi got into drugs and awaits the electricity bill with Juvenal Gonzalez, a pastor who
in Matamoros, supported by Texan alcohol in his youth before convert- dread. helps run migrant shelters in Ti-
Digital proof would allow Christians. It’s one of dozens that ing to Christianity. He lives in “My biggest job,” Mr. Barberi says, juana, says some of his American
have sprung up on both sides of the Brownsville, Texas, but he sees his is not logistics but “pastoral care.” congregants have raised concerns.
Americans to visit family border to help with the unfolding work in Matamoros as redemptive. Mr. Barberi and other pastors em- An immigrant from Mexico himself,
in the hospital, not keep humanitarian crisis. These makeshift phasize that no migrant is required Mr. Gonzalez asks them, “When I
shelters provide migrants with food, to attend services or convert in ex- was hungry, would you help me?
folks out of restaurants.

.
a bed, showers—and a modicum of Churches play a vital role change for help, though many are in- And without a doubt they say yes.
protection against the corrupt offi- terested in Christianity. “That’s a I tell them my story, and sometimes

ly
cials, cartels and criminals who are sheltering migrants, who hard issue, because we don’t want to it changes their mind.” Even if it
The federal government needed to making a fortune exploiting those are overwhelming U.S. be exploitative,” and “there’s a long doesn’t, Mr. Gonzalez says, he
set up a record system quickly, be- fleeing persecution or seeking a bet- history in Christianity” of “trading won’t stop what he’s doing: “In the
fore the country could reach a con- on
ter life in America. To the benefit of and Mexican authorities. rice for souls,” says Marv Knox, a co- end I’m not doing this for anybody
sensus about how consumers should migrants, many of these rogues get ordinator with Fellowship Southwest, but God.”
store this information. Instead, superstitious about meddling with an ecumenical network founded by Mr. Barberi, who leans conserva-
states were asked to work off of the churches and their ministries. “I’m known as the pastor of the the Cooperative Baptist Fellowship tive but generally eschews politics,
existing system with no obvious plan President Biden is phasing out rappers,” he says. Before Covid, he that supports migrant shelters from finds the backlash maddening. “U.S.
us ,

for consumer access; the priority the Migrant Protection Protocols hosted Christian hip-hop concerts Matamoros to Tijuana. evangelicals are willing to spend
l

was getting shots in arms. and gradually admitting asylum that drew teenage drug dealers and Still, helping migrants is “not a millions of dollars on mission work
e
al a

In some cases, health plans are seekers who enrolled in the pro- youthful delinquents, and he has crisis and not a problem for us. It’s to take the Gospel to Third World
notified that you have received a gram. Mr. Fuentes Caña is still wait- also ministered to cartel members a beautiful opportunity to share the countries. But they don’t want im-
vaccine, at least if you volunteer ing for his turn to enter the U.S. le- who fear divine retribution for their Gospel,” says Pastor Rosalio Sosa, migrants.” He doesn’t encourage il-
ci on

your insurance card when vacci- gally, and he’s determined to abide violent lives. Mr. Barberi helped es- who runs 14 shelters in Ciudad legal border crossing, and he rou-
nated. But that doesn’t help the mil- by the law because he wants to re- tablish a Bible school for trainee Juárez and Palomas, Mexico. Carlos tinely turns down migrants’ request
lions who are uninsured or get the unite someday with his wife and five pastors from Mexico and Central Navarro, a pastor at Iglesia Bautista to recommend reliable coyotes, but
shot at a mass vaccination site or children, whom he left behind in America. But when the number of West Brownsville, adds that many he believes that “when you read the
other nonstandard place like an op- Cuba. But the pastors I interviewed migrants in this cartel-controlled migrants “were, psychologically Gospel, we are to welcome the for-
er s

tometrist’s office. said other migrants misinterpreted border town surged, Mr. Barberi felt speaking, tortured”—“they say my eigner, we have to be kind to immi-
As a result, there’s no easy way to Mr. Biden’s policy as a sign that the compelled to help them. country betrayed me, Mexico is not grants, to love them. We always
m er

prove you’ve been vaccinated. You’d U.S. border is now open to them. He spent much of 2020 running treating me good, the United States pray, ‘Let us take the Gospel to all
need cryptographically signed data Migrants have flocked to the bor- water and firewood to a refugee is not giving me permission to go nations.’ This is the greatest oppor-
that can’t easily be forged—a digital der by the hundreds of thousands. camp in Matamoros filled with asy- inside the country, so I think the tunity: We have people here from 18
card that enables you to retrieve and In March alone, U.S. Customs and lum seekers enrolled in the Migrant only solution is God. . . . People are nations.”
store testing and vaccination informa- Border Protection reported some Protection Protocols. After Mexican hungry for God.” Mr. Navarro says
m rp

tion in a secure and verifiable way, via 172,300 encounters on the southern authorities shut down that camp in his church has served more than Ms. Melchior is an editorial page
either an app or a QR code. border, including with a record- February 2021, Mr. Barberi con- 8,000 migrants, and he estimates writer for the Journal.
Some have panned this as a way of
denying Americans access to restau-
rants or other businesses. It’s more
The Filibuster Made the Civil Rights Act Possible
co Fo

likely to allow Americans to visit

places they otherwise can’t, such as
nursing homes or hospitals that aren’t By David Hoppe even for legislation they supported. ued. Senators of both parties of- will on the minority but by allowing

T
allowing family members. There were several successful fil- fered many amendments, some of the two sides to argue their case at
Another way of thinking about he debate over the future of ibusters of civil-rights legislation which passed. A total of 543 hours, length, by allowing the legislative
vaccine passports is as a fast lane. the Senate’s legislative fili- between 1917 and 1964. But after 1 minute and 51 seconds were con- process of debate and amendment
Those who present proof of a vaccine buster has focused on the President John F. Kennedy’s assassi- sumed by the longest filibuster in to proceed unhindered, by gather-
might be able to skip requirements simple use of majority power to nation, President Lyndon B. John- Senate history. Most importantly, ing the votes needed to show the
for a temperature check, health ques- crush the opposition. While the fu- son decided to make the Civil the Senate and the country saw an country that it must change the law,
tionnaire or negative Covid test. ture of America’s bicameral legisla- Rights Act his chief legislative pri- open process that allowed the mi- by carrying the country along
Some people stop at toll booths and ture and the balance of power cre- ority. He worked with Senate Ma- nority every opportunity to debate through the months of discussion
pay; others buy an E-ZPass and zoom ated by the Founders is riding on jority Leader Mike Mansfield and and offer amendments. They saw and compromise, by fulfilling the
through. The “passport” wouldn’t im- this debate, many have lost sight of Minority Leader Everett Dirksen to highest expectations of the Found-
n-

pose an intrusive new layer; it would the true nature and value of the maneuver the bill through the chal- ers, Mansfield, Dirksen and other
eliminate other requirements. Senate, an institution that takes lenges of senators who planned to It prevented Southern senators built support for a law the
Half of cities and states are mak- time and requires compromise to filibuster. country needed. In the words of
ing vaccination information available find long-term answers to major is- It began with Mansfield meeting senators from blocking Victor Hugo, quoted by Dirksen dur-
debate and created the
no

through an online portal. Some coun- sues. Critics have linked the filibus- with Georgia Democrat Richard ing the close of debate in 1964,
tries and organizations are negotiat- ter to Jim Crow segregation, but Russell, the leader of the senators “Stronger than all the armies is an
ing with third-party apps. Apple the tactic actually played a crucial opposed to the Civil Rights Act. conditions for consensus. idea whose time has come.”
could take a similar approach with role in passing civil-rights legisla- Mansfield promised there would be A bipartisan consensus seems
its health-data app on iPhones. tion and ensuring it was accepted no tricks and he would keep Russell like a distant dream in this divided
But these apps won’t be allowed by the South. fully informed of Mansfield’s ac- the leaders of both parties in the country, but the filibuster is central
to flourish if state officials take a po- Rule 22, which establishes a pro- tions as he guided the bill through Senate work to gather the 67 votes to achieving it. Ramming legislation
litical stand and block apps from re- cedure called “cloture” to end a fili- floor debate. Some insisted the bill then needed to cut off debate and down the throats of the minority by
trieving the underlying data. Some buster, was created to provide a should be driven through and pass a bill that extended civil rights a narrow margin or a single vote
states may thus leave residents in way to close debate with support of passed as quickly as possible, but to black Americans across the U.S. breeds animosity, distrust and un-
the slow lane. Patients should have a supermajority in the Senate and Mansfield treated every senator Writing in the Atlantic 50 years rest. The filibuster, by slowing
full access and total control over move to pass legislation. The rule equally and fairly. He believed legis- after the passage of the Civil Rights down legislation and giving time to
their own health information if they protected the minority’s rights lation should be addressed “not in Act, Michael O’Donnell observed: build a solid majority, achieves con-
desire, and making it available on a while allowing a compromise to be the seeking of short-cuts, not in the “In the years since, the act has been sensus where it seems impossible.
trusted and secure application is a achieved that would ultimately re- cracking of nonexistent whips, not a remarkable success. Its accep- By giving the minority time to be
sensible idea in a digital world. sult in legislation being passed. in wheeling and dealing, but in an tance in the south was surprisingly fully heard and negotiated with,
For the first 47 years after Rule honest facing of the situation and a quick and widespread. In a stroke, passage of legislation with biparti-
Dr. Gottlieb is a resident fellow at 22’s enactment in 1917, there were resolution of it by the Senate it- the act demolished the rickety but san support creates a path for a
the American Enterprise Institute only five successful attempts to cut self.” persistent foundation for segrega- more stable, peaceful democracy.
and was commissioner of the Food off debate in the U.S. Senate. A few Consideration of the bill, which tion and Jim Crow.”
and Drug Administration, 2017-19. senators felt so strongly about their had passed the House, began in Perhaps that had something to Mr. Hoppe was chief of staff to
He serves on the boards of Pfizer and right to extended debate that they February 1964. Throughout the fol- do with the way the act passed— Senate Majority Leader Trent Lott,
Illumina. vowed never to vote for cloture, lowing months the filibuster contin- not by a simple majority forcing its 1996-2001.

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Rupert Murdoch
Executive Chairman, News Corp
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Chief Executive Officer, News Corp
Notable  Quotable: EU Threatens Irish Peace
Matt Murray Almar Latour
From “The EU Plays Politics With Northern Ireland. While trucks carry- Several constitutional changes in
Editor in Chief Chief Executive Officer and Publisher Northern Ireland” by David Trimble, ing goods can enter the North by land the protocol fundamentally alter
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: published on the Journal’s website from the Republic of Ireland without Northern Ireland’s relationship with
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Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; eggs entering through Northern Irish law, regulation and directive on agri-
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A18 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

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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.

TECHNOLOGY: ELECTRIC-CAR BATTERY MAKERS SETTLE FEUD THAT THREATENED U.S. PROJECT B4

BUSINESS & FINANCE

© 2021 Dow Jones & Company. All Rights Reserved.

Last Week: S&P 4128.80 À 2.71% S&P FIN À 1.90%

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THE WALL STREET JOURNAL.

DJ TRANS À 1.15% WSJ $ IDX g 0.57% LIBOR 3M 0.188 NIKKEI 29768.06 g 0.29%
Monday, April 12, 2021 | B1

See more at WSJ.com/Markets

Stocks Set High Bar for Earnings Medline

Explores
Investors look for clues Index and sector performance
about profits as they
weigh share values
%
S&P  Energy Financials
Communication
services
Industrials Real estate Sale With
after a record rally 


Value Near
BY KAREN LANGLEY

The stock market is running – 2020 $30 Billion

hot entering first-quarter BY MIRIAM GOTTFRIED
earnings season. – AND CARA LOMBARDO
A formidable rally has pro-
pelled the S&P 500 up 9.9% – 1ST QUARTER Medline Industries Inc. is
this year to 20 record closes, exploring a sale that could
Jan.  April Jan. April Jan. April Jan. April Jan. April Jan. April
keeping stock valuations at value the big medical-supply
historic highs. Some investors, % Consumer Consumer company at as much as $30
though, say shares may have Materials Technology Healthcare Utilities billion and mark the latest in a
discretionary staples
more room to run as the roll- recent string of large lever-

out of Covid-19 vaccines and aged-buyout bids.
bountiful government spend- The family-owned company
ing strengthen the outlook for – has hired Goldman Sachs
corporate profits. Group Inc. to run the process,
Earnings season kicks off in – according to people familiar
earnest this week, with results Jan.  April Jan. April Jan. April Jan. April Jan. April Jan. April with the matter. There is no
from America’s big banks—in- guarantee the company will ul-
cluding JPMorgan Chase & S&P 500 quarterly earnings, Projected change from a year earlier in first-quarter earnings for the S&P 500 and its sectors timately be sold. The process
Co., Bank of America Corp. change from a year earlier* is at an early stage, the people
DATE OF PROJECTION: DEC. 3, APRIL 9,
and Wells Fargo & Co.—and   said, with some adding that an
companies ranging from Delta 3% S&P  IPO or minority investment is

.
Air Lines Inc. to PepsiCo Inc. Consumer discretionary also a possibility.
and UnitedHealth Group Inc. Northfield, Ill.-based Med-

ly

Financials
Investors will be watching line is likely to attract private-
for signs of confidence from Materials equity bidders, partly because

executives that customer de- Technology industry players could struggle
mand will keep rising and cost
increases can be managed to
help ease concerns that stocks
are looking expensive.


–
on Communication services
Healthcare

Utilities
40 60 80 100 to swallow such a big rival, the
people said.
Blackstone Group Inc.,
KKR & Co. and Carlyle Group
The S&P 500 traded Thurs- Real estate Inc. are among those expected
us ,

day at 22.6 times its projected – Consumer staples to consider bids, some of the
l

earnings over the next 12 people said, and they could ul-
e
Energy
al a

months, above the five-year *1Q 2021 based on estimates as of April 9

timately partner up given the
average of 18.14, according to –3 Industrials size of the deal.
Source: FactSet
FactSet. Paying up, even for  ’7 ’ ’9 ’ ’ –60%
60% –40
40 –20
20 0 20 Tristan Wyatt/THE WALL STREET JOURNAL The possible deal is the latest
ci on

shares of high-quality compa- sign of a renaissance under way

nies, raises the prospect of earnings are expected to leap Even so, investment ana- year earlier. They are forecast Central-bank officials have for large leveraged buyouts,
muted future returns for for the quarter because Wall lysts have grown more upbeat to keep climbing in 2022. indicated they expect to keep which largely disappeared in the
shareholders. Street measures profits since the start of the year, lift- Long before the approval of supporting the economy with wake of the financial crisis as
“Our biggest concern is re- against the same three-month ing their forecasts for profit vaccines offered a path toward near-zero short-term interest firms eschewed pairing up and
er s

ally valuations,” said Gene period a year earlier—one growth among S&P 500 com- reopening the economy, tril- rates and bond purchases. taking on the mountains of debt
Goldman, chief investment of- that in 2020 included the panies to 24%, from 16% at the lions of dollars in government President Biden, meanwhile, such deals require. With risk
m er

ficer at Cetera Investment rapid shutdown of much of end of December. spending and support from recently put forward his $2.3 tolerance rising broadly and pri-
Management. “Has all the American business in the For 2021 as a whole, profits the Federal Reserve sent trillion infrastructure plan, vate-equity investors sitting on
good news been priced in?” presence of the spreading cor- for companies in the index are stocks rocketing off their pushing the S&P 500 above mountains of unspent cash, the
It isn’t a surprise that onavirus pandemic. expected to rise 26% from a early-pandemic lows. Please turn to page B2 firms have been testing the wa-
ters lately on megabuyouts
m rp

again, including at Royal KPN

CEOs Step Up Push Against Voting Laws

NV and Toshiba Corp.
Medline makes and distrib-
utes medical equipment and
supplies used in hospitals, sur-
co Fo

Dozens of chief executives people. PayPal confirmed it has gery centers, acute-care and
and other senior leaders gath- signed the statement. PepsiCo, other medical facilities in over
ered on Zoom this weekend to T. Rowe Price and Hess didn’t 125 countries. It had $17.5 bil-
plot what several said big busi- respond to requests for com- lion in annual sales, according
nesses should do next about ment. to its website.
MARK KAUZLARICH FOR THE WALL STREET JOURNAL

new voting laws under way in As more companies and Founded in 1966 by brothers
Texas and other states. their leaders have spoken out James and Jon Mills, the com-
on the issue in recent weeks, pany’s roots date to 1910 when
By Emily Glazer, their stands have drawn the ire their grandfather, A.L. Mills,
Chip Cutter of Republican state and federal started sewing butcher aprons
and Te-Ping Chen legislators who say companies in Chicago. He was approached
are miscasting the matter and by nuns who worked at a
Kenneth Chenault, former shouldn’t act as shadow law- nearby hospital and he offered
n-

chief executive of American Ex- makers. Meanwhile, progressive to help them with sewing sur-
TNS/ZUMA PRESS

press Co., and Kenneth Frazier, activists and others who op- geons’ gowns and nurses’ uni-
CEO of Merck & Co., urged the pose the laws have said that forms, according to the website.
leaders to collectively call for the actions leaders are taking The company went public in
no

greater voting access, accord- aren’t strong enough. Many 1972, but the Mills brothers
ing to several people who at- Starbucks Chairwoman Mellody Hobson and Kenneth Chenault, former CEO of American Express CEOs now feel a duty, or pres- bought back the shares five
tended. Messrs. Chenault and sure, to make their views ex- years later.
Frazier cautioned businesses voting, the people said. last month in the wake of would sign on, including execu- plicitly known to employees James Mills, who served for
against dropping the issue and A statement could come changes to Georgia’s voting tives at PepsiCo Inc., PayPal and others, executive advisers many years as Medline’s CEO,
asked CEOs to sign a statement early this week, the people laws. Mr. Chenault told execu- Holdings Inc., T. Rowe Price said. died in 2019. His son Charlie
opposing what they view as said, and would build on one tives on the call that several Group Inc. and Hess Corp., Plenty of companies remain took over as CEO in 1997 and
discriminatory legislation on that 72 Black executives signed leaders had signaled they among others, according to the Please turn to page B2 currently holds the position.

Alibaba to Cut Fees INSIDE Maturing Crypto Markets

After Record Fine Threaten Coinbase’s Value
STEPHEN VOSS FOR WSJ

BY STEPHANIE YANG goods both on Alibaba and on

rival platforms, a practice BY ALEXANDER OSIPOVICH Coinbase quarterly revenue and estimated it generated
TAIPEI—Alibaba Group dubbed er xuan yi—literally, earnings of $730 million to
$2.0 billion
Holding Ltd. said Monday that “choose one out of two.” Cryptocurrency company $800 million on revenue of
it would invest in measures to Alibaba shares, which had Coinbase Global Inc. is gearing $1.8 billion. Even at the lower
support merchants on its plat- lost about a quarter of their up for what investors expect to end of that earnings range,
form, two days after China’s value since November, jumped be a blockbuster market debut, that is more than twice its
1.5
antitrust regulator imposed a as much as 9% in early trad- BUSINESS NEWS though doubts persist about its profit for all of last year.
record fine against the com- ing on Monday morning in Vox Media buys Preet lofty valuation. The conundrum facing in-
pany founded by Jack Ma for Hong Kong before easing Coinbase plans to go public vestors is whether those re-
abusing its dominant position slightly to stand about 6%
Bharara’s podcast as it Wednesday through a direct sults are a harbinger of what’s
over vendors and rivals in the higher, in a sign that inves- seeks to expand its listing on the Nasdaq Stock 1.0 to come, or just a blip. Coin-
country’s e-commerce indus- tors welcomed the clarity audio business. B3 Market. The company, which base is valued at nearly 90
try. over the company’s future af- runs the largest U.S. exchange times its trailing 12-month
In a conference call, Chief ter fines were announced. for bitcoin and other digital earnings, based on the lower
Executive Daniel Zhang said However, the antitrust-in- currencies, could achieve a 0.5 end of its first-quarter esti-
the company has reduced ser- vestigation outcome raised bigger market capitalization mate. By comparison, Inter-
vice fees and charges for ven- concerns among analysts than any of the world’s tradi- continental Exchange Inc.,
dors, in addition to investing about how the company would tional exchange operators. But owner of the New York Stock
in improved technology and retain merchants, particularly it faces a number of threats, 0 Exchange, has a multiple of
tools for them on its platform. in an increasingly competitive including competition in the 2019 '20 '21 about 31, while Nasdaq Inc. is
The initiatives will cut further e-commerce landscape with ri- fast-evolving cryptocurrency trading at about 27 times its
Note: Figure for first quarter of 2021 is
into profitability for the com- vals including JD.com Inc. and industry, that could under- approximate. trailing 12-month earnings.
pany, which said it would use Pinduoduo Inc. mine its stock price in the Source: Coinbase Coinbase makes money by
existing liquidity to pay a “We will incur additional long run. collecting fees when its users
$2.8 billion fine announced on cost, but we don’t view this as HEARD ON THE Based on the price of Coin- even before releasing blowout buy or sell cryptocurrencies.
Saturday. a one-off cost,” Mr. Zhang said STREET base shares in private-market results for the first quarter, Although it doesn’t place bets
China’s State Administra- of the company’s plan for mer- trading earlier this year, the when it benefited from a huge on bitcoin directly, the com-
tion for Market Regulation chants. “We view this as a
A property tax in China company is worth $91.5 billion rally in the price of bitcoin. pany’s share price could suffer
said an investigation into Ali- necessary investment to en- is always a dream, on a fully diluted basis, securi- During the first three if bitcoin crashes, leading to a
baba found that it punished able our merchants to have a never a reality. B10 ties filings show. And Coin- months of 2021, Coinbase at- slump in its trading volumes.
certain merchants who sold Please turn to page B2 base reached that valuation tracted 13 million new users Please turn to page B5
 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 | Monday, April 12, 2021 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Alibaba........................B1
G
General Electric..........A2
PepsiCo........................B1
Pfizer...........................A3
Charter Hit With Judgment on Ads
Alphabet......................A1 Goldman Sachs Group B1 R
Amazon.com...............A4 H BY JONATHAN RANDLES leading and disputed the
Raytheon
AMC Entertainment...B2 Technologies.............B3 damages asserted by Wind-
Hess.............................B1 Cable operator Charter stream. The mailers, produced
Apollo Global..............A1 S
Honest Co. .................. B2 Communications Inc. told by an advertising agency,
B J SK Innovation.............B4 consumers to say goodbye to fairly drew on information
Bank of America.........B1 Starbucks....................B2 rival Windstream Holdings from Windstream’s bankruptcy
J.M. Smucker..............B3
Blackstone Group ....... B1 JPMorgan Chase ........B1 T Inc. when it filed for chapter and industry experts, Charter
Blue Yonder Holding...B3 11 bankruptcy in 2019. That said in a June court filing.
K Texas Roadhouse........B5
C farewell message could be Little Rock, Ark.-based
KKR..............................B1 Toshiba........................B1
costly following a bankruptcy Windstream said when it filed

COOPER NEILL/BLOOMBERG NEWS

Cafe Studios ............... B3 KPN..............................B1 Tractor Supply ............ B3
judge’s ruling Thursday. for bankruptcy in 2019 that its
Carlyle Group..............B1 T. Rowe Price Group...B1
L Judge Robert Drain of the services to customers wouldn’t
Charter U
Communications ......B2 LG Chem......................B4 U.S. Bankruptcy Court in be affected and that it hadn’t
LifePoint Health.........A1 UnitedHealth Group....B1 White Plains, N.Y., said Char- sought chapter 11 protection
Coinbase Global..........B1
V ter, which operates under the because of any operational
CyberCore M
Technologies.............B2 Spectrum brand, must pay failures. Windstream filed for
McDonald's ................. A4 Valneva........................B3 more than $19 million in dam- bankruptcy after losing a
D Medline Industries ..... B1 Volkswagen.................B4 ages for sending “literally costly legal fight with hedge
Darden Restaurants ... B5 Merck ......................... B1 Vox Media...................B3 false and intentionally mis- Charter Communications operates under the Spectrum brand. fund Aurelius Capital Manage-
Delta Air Lines ........... B1 N W leading” mailers urging cus- ment LP.
E Nike.............................B2 Walmart......................A4 tomers to switch telecom pro- mimicking the bright pink and award a bankruptcy court has Windstream emerged from
Estée Lauder...............B2 Wells Fargo.................B1
viders after Windstream filed purple color scheme Wind- awarded for violating the chapter 11 protection last year
P for chapter 11. stream had used in its own ad- bankruptcy stay, said Terence with a court-approved plan
F Windstream Holdings B2
Panasonic....................B3 The legal fight highlights vertising, court papers said, a Ross, a lawyer who repre- backed by Elliott Management
Facebook................A9,B3 Paycom Software.......A2 Z the ways companies can try to similarity that Windstream ar- sented Windstream. Corp. that cut about $4 billion
Ford Motor..................B4 PayPal Holdings..........B1 ZipRecruiter..............A10 capitalize when a competitor gued was meant to confuse its The award was calculated in debt.
files for bankruptcy, and the customers. based on Windstream’s legal Windstream included as ev-
perils that can invite. Mailers Judge Drain agreed, ruling fees as well as its estimated idence a lawsuit Charter had
INDEX TO PEOPLE that Charter sent to Wind-
stream customers in March
that Charter, which could ap-
peal, used misleading adver-
lost profit from customers
who switched providers as a
filed over what it claimed
were misleading advertise-
2019 said they should switch tising to attract Windstream result of Charter’s mailers and ments produced by DirecTV
B G Mitchill, Neil...............B3 to Spectrum “to ensure you customers and therefore vio- advertising that Windstream when Charter itself filed for
Begaye, Vanessa ........ A3 Goldman, Gene ........... B1 Moffitt, David.............B6 are not left without vital In- lated the automatic stay, a le- produced in response to them, chapter 11 protection in 2009.
Bezos, Jeff..................A4 H O ternet and TV services” be- gal shield forbidding busi- according to the ruling. Charter argued that the Di-
Bharara, Preet.............B3 O'Brien, Anthony........B3 cause of the bankruptcy and nesses from meddling with A Charter spokesman de- recTV ads weren’t relevant to
Bisman, Shaun ........... A2 Hamud, Julian.............A2
Oh, Steven..................B6 told consumers to say “Good- customer deals when a com- clined to comment on the de- Windstream’s case and that its
Bourla, Albert.............A3 K R bye, Windstream. Hello, Spec- petitor files for chapter 11 pro- cision. own mailers would have been
C Karayannopoulos, Richison, Chad............A2 trum.” tection. Charter denied in bank- permissible under the legal
Culp, Larry .................. A2 Constantine .............. B1
S The ads were mailed in en- The decision represents the ruptcy court that the adver- standard applied in the earlier
D M Schmidt, Susan...........B2 velopes with a color strip largest compensatory damages tisements were false or mis- case.
Dennison, Johnson.....A3 McClain, John ............. B6 Spitz, Jonathan .......... A4

Rally Sets

.
Executives founded the Coalition for Inclu-

ly
sive Capitalism, a group that

Speak Up
focuses on bridging the wealth
divide, the people said. Others
didn’t speak out. on High Bar
About Votes
Mr. Aron and an AMC
spokesman didn’t respond to
requests for comment. Ms.
For Results
Kuhn and Ms. Forester de Roth-
us ,

schild said they were proud to Continued from page B1

l

Continued from page B1 support the statement. 4000 for the first time.
e
al a

wary of wading into politically The issue is unlikely to dissi- Signs that the economy was
charged areas. One executive pate soon. More than 350 vot- strengthening and the vaccine
from a Fortune 100 consumer- ing bills are under consider- rollout gaining steam drove a
ci on

products company said board ation in dozens of states, recent resurgence in shares of
members, employees and ven- according to a tally from the cyclical stocks, whose fortunes
dors are pressing leaders to Brennan Center for Justice, a tend to rise and fall with eco-
speak out, but doing so could public-policy think tank. Some nomic growth. The energy and
put a bull's-eye on the com- executives on the call described financial sectors are the top-
er s

pany. some bills as either racist or re- performing S&P 500 groups
“It’s really a no-win situation strictive, and several partici- for the year, after badly trail-
m er

from a corporate standpoint,” pants described their efforts as ing the market in 2020.
the executive said. critical to democracy, rather That rotation has recently
Atlanta Falcons owner Ar- than partisan. cooled, suggesting that expec-
thur Blank, who also owns the Jeffrey Sonnenfeld, a Yale tations for rapid economic ex-
Atlanta United soccer team and School of Management profes- pansion may already be fac-
m rp

PGA Tour Superstore, said on sor, helped convene the gather- tored into stock prices. Despite
the call he believes a large ing. More than 100 CEOs and lagging behind the broad stock
share of fans of the National other senior business leaders index for the year, technology
Football League, Major League were on the call. Other groups shares are the best-performing
Soccer and Professional Golf- involved were the Coalition for group in April.
co Fo

ers’ Association want the Inclusive Capitalism and the For stocks to keep reaching
groups to make their positions Leadership Now Project, a new heights, money managers
known on voting rights, people
on the call said.
group started by Harvard Busi-
ness School alumni whose prin-
say companies will need to
show they can deliver profits Take the
Mr. Blank, a co-founder of ciples include that democracy that surpass even the rising

Bond Challenge!
Home Depot Inc., also said must be renewed, diversity is forecasts.
some fans expect the NFL to an asset and the economy must “The market’s going to re-
say more now compared with work for all. Mr. Sonnenfeld spond to earnings,” said Susan
five years ago when NFL player said many corporate leaders Schmidt, head of U.S. equities
Colin Kaepernick first spoke are concerned that voting legis- at Aviva Investors. “If we keep
out on racial justice, the people lation could affect employees seeing earnings beat and earn-
said. or other stakeholders. ings increase and surprise to
Mellody Hobson, chair- “They don’t want wedge is- the upside as we move Search our vast universe of bonds
n-

woman of Starbucks Corp., sues,” he said. “They just don’t through 2021, I think that is
said on the call that political
unrest is bad for business and
want angry constituencies. It’s
not in the interest of business.”
going to fuel the market.”
Beyond the quarterly re-
with the Free Bond Search Tool
executives should work to- Brad Karp, chairman of law sults in the coming weeks, in-
to find the best bond prices
no

gether on voting issues as firm Paul, Weiss, Rifkind, vestors will pore over execu-
states consider legislation and Wharton & Garrison LLP, has tive commentary about key
as the trial over George Floyd’s organized dozens of large-law- issues. Will rising raw-mate- with no markups
killing continues, the people firm leaders to put out a sepa- rial costs lead to announce-
said. Ms. Hobson declined to rate statement that would call ments of price increases, as
comment through a spokes- on government officials to they recently did at Kimberly-
woman. make voting easier and chal- Clark Corp., the maker of Hug-
Some leaders spoke out in lenge bills that impose unnec- gies diapers and Scott paper
favor of signing on to the new essary obstacles, according to products? How would Mr. Bi-
statement, including AMC En- people on the call and people den’s proposal for corporate
tertainment Holdings Inc. CEO familiar with the efforts. tax increases affect the bottom
Adam Aron and CyberCore Ford Foundation President line? With investors counting
Technologies CEO Tina Kuhn, Darren Walker said that in his on sharp economic growth,
according to people familiar conversations with CEOs, in- how much further can rising
with the call. Another who cluding Republicans, most have consumer confidence improve
spoke out in favor was Estée said they don’t see the need for the outlook for companies?
Lauder Cos. director Lynn For- laws to tighten voter access, For the first quarter, ana-
ester de Rothschild, who though many fear speaking out. lysts expect earnings to rise in
nine of the 11 sectors in the S&P
500. The strongest growth is

Alibaba tional Holdings Ltd., said he

expects the fine to reduce Ali-
baba’s profitability as a one-
projected among the consumer
discretionary, financial and ma-
terials groups, all of which tend

To Cut Fees time cost by about 10% in the

financial year that ended in
March—while the fines were
to be sensitive to the strength
of the economy. Only the en-
ergy and industrial groups are
ibkr.com/challenge
After Fine announced in April, the com-
pany is likely to reflect the
cost in last fiscal year’s ac-
forecast to post lower profits.
Companies reporting early
have found that simply beat-
counting. ing profit estimates may not
Continued from page B1 The company’s growth will satisfy the market. Shares of
better operation on our plat- also likely be hindered by in- Nike Inc. fell 4% the day after
form.” creased regulatory monitoring, the sneaker giant reported
The 18.2 billion-yuan fine is he said. higher-than-expected earnings,
equivalent to 4% of the com- Robin Zhu, an analyst at but also said shipping prob- Interactive Brokers Rated Best
pany’s domestic annual sales. Sanford C. Bernstein, said in a lems had dented sales. Rated #1 ... Again Online Broker 2021
While the fine exceeded any Monday report that the end of But with economists lifting Best Online Broker for bonds
other corporate penalty in forced exclusivity could their growth forecasts, vacci- 2021 by Barron’s1 by Benzinga2
China’s history in absolute prompt merchants to expand nations continuing and the po-
value, analysts said the an- their presence on competing tential for more market stimu-
nouncement alleviated much e-commerce platforms such as lus, many investors believe
of the uncertainty surrounding JD.com, Pinduoduo or Douyin. U.S. shares could have further
Alibaba that had unnerved in- Alibaba is also investing gains in store. Member - NYSE, FINRA, SIPC – Supporting documentation for any claims and statistical information
vestors since its financial affil- aggressively to try and expand “We do think the momen- will be provided upon request. [1] Interactive Brokers rated #1, Best Online Broker according to
iate, Ant Group Co., saw its new businesses such as dis- tum is still around stocks Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see,
ibkr.com/info - Barron’s is a registered trademark of Dow Jones & Co. Inc.
initial public offering canceled count sales and grocery shop- grinding higher from here,” [2] For more information, see ibkr.com/awards.
in November. ping, he added. said Greg Calnon, global head 04-IB21-1459CH1435
Danny Law, research ana- —Joanne Chiu of multiasset solutions at Gold-
lyst at Guotai Junan Interna- contributed to this article. man Sachs Asset Management.
 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. Monday, April 12, 2021 | B3

BUSINESS NEWS

Vox Media Buys Bharara Podcast Firm Logistics

Software
BY BENJAMIN MULLIN President-elect Donald Trump.

Vox Media said it is acquir-

ing Cafe Studios Inc., pub-
He launched his flagship
podcast, “Stay Tuned With
Preet,” later that year. It is the
Provider
lisher of a popular podcast
hosted by former Manhattan
U.S. Attorney Preet Bharara,
most popular podcast in Cafe
Studios’ portfolio, averaging
about two million downloads a
Plans IPO
part of a bid to expand its month, according to a person BY JENNIFER SMITH
growing audio business. familiar with the matter.
STEPHEN VOSS FOR THE WALL STREET JOURNAL

The companies didn’t dis- Mr. Bharara said in an in- Software company Blue
close financial terms of the terview that he wanted to sell Yonder Holding Inc. is plan-
deal. Mr. Bharara will join Vox Cafe, in part, because teaming ning to go public, the latest
Media as a host, co-founder up with Vox Media was a technology provider to look at
and creative director of Cafe, quicker alternative to fund- a public stock offering as pan-
which will continue to exist as raising and would create big- demic-driven upheaval in sup-
a brand. Mr. Bharara will re- ger opportunities. Together, ply chains draws more interest
port to Vox Media Studios the companies hope to explore to tools that help companies
President Marty Moe. creating scripted shows and manage the flow of goods.
Spun off from Some Spider documentaries and hosting Blue Yonder said Friday it
Inc. in 2020, Cafe Studios pub- live events, he said. confidentially filed paperwork
lishes a handful of podcasts, Tapping into Vox Media’s with the Securities and Ex-
including “Stay Tuned With Vox Media CEO Jim Bankoff, left, said Cafe Studios, publisher of the podcast of former Manhattan expertise and its larger team change Commission for a pro-
Preet,” Mr. Bharara’s current- U.S. Attorney Preet Bharara, right, has a strong advertising business and quality shows. will allow Cafe to expand its posed initial public offering.
events and pop-culture talk reach, Mr. Bharara said. “I The Scottsdale, Ariz., supply-
show; “Third Degree,” a legal- nity with large audiences,” Mr. Nine Media Inc. have all re- tions in such areas as e-com- want to do things of quality in chain software provider said the
analysis show; and “Doing Bankoff said. “And that’s pre- cently explored deals to go merce, sports media, podcast- this space like I did in the number of shares and the price
Justice,” a narrative podcast cisely what Preet and the Cafe public or buy other firms ing and streaming video, the law,” he said. “And we felt that range haven’t been determined.
based on a book by Mr. Bhar- team have done.” through special-purpose ac- person said. In 2019, Vox Me- Vox [Media] was the best fit Japanese electronics maker
ara of the same name. Neither Vox Media nor Cafe quisition companies, or SPACs, dia bought New York Media in for that.” Panasonic Corp. last year took a
In an interview, Vox Media Studios discloses their finan- according to people familiar a stock deal that valued the “Stay Tuned” became a 20% stake in Blue Yonder, deep-
Chief Executive Officer Jim cials, and Messrs. Bharara and with the matter. parent of New York magazine source of in-depth analysis of ening the companies’ ties as
Bankoff said Cafe Studios was Bankoff declined to provide Vox Media, whose publish- at about $105 million. the legal issues regarding Mr. they jointly develop technology
worth buying because of its them. Vox Media expects to ing brands include Vox.com, The sale of Cafe Studios is Trump’s administration, in- for managing logistics, retail
strong advertising business, turn a profit in 2021, accord- the Verge and SB Nation, was the latest twist in the career cluding the special-counsel in- and manufacturing operations.
the quality of its shows and its ing to a person familiar with one of the companies recently of Mr. Bharara, the former vestigation into Mr. Trump’s Data-research group Garner
subscription business. Cafe the matter, and it still has approached by a SPAC con- Manhattan U.S. attorney who conduct, overseen by Robert ranked Blue Yonder last year
Studios charges subscribers cash in the bank from a $200 nected to Group Nine, owner made a name for himself pros- Mueller, and the president’s as the world’s third-largest
for access to exclusive pod- million funding round in 2015 of the digital brands The Dodo ecuting insider trading, politi- impeachments. provider in the supply-chain-
casts, a business model that that valued the company at and NowThis, but Vox Media is cal corruption, international Mr. Bharara brings politi- management software market,
Mr. Bankoff said he is inter- more than $1 billion, the per- unlikely to do a deal with that terrorism and cybercrime. He cians, legal experts, scientists, based on 2019 revenue, behind
ested in exploring. son said. firm, one of the people said. was fired in 2017 after refus- celebrities and policy wonks SAP SE and Oracle Corp.
“Vox Media is a company Many digital-media compa- Vox Media might consider ing a request by then-Attorney onto his show. His guests have Blue Yonder’s potential IPO

.
that is built on talented, cre- nies are seeking deals as the merging with another SPAC or General Jeff Sessions to re- included comedian Samantha comes as investors are pushing
ative people who connect and sector matures. BuzzFeed Inc., raising financing in other sign. He earlier said he had Bee, Sen. Cory Booker (D., N.J.) millions of dollars into logis-

ly
create authority and commu- Vice Media Group and Group ways, as it looks for acquisi- been asked to stay on by then- and geneticist Eric Lander. tics-technology companies that
help manage operations includ-
ing sourcing, shipping and

Raytheon Names Mitchill Chief Financial Officer on tracking amid a series of sup-
ply-chain disruptions around
the world. The attention to such
tools grew as companies re-
BY KRISTIN BROUGHTON he was named interim CFO of lease. He also praised Mr. tion of equity awards granted proximately 181,000 employees tooled production at the onset
us ,

United Technologies Corp. Mitchill for playing a key role to him before the closing of as of Dec. 31. It posted a $3.52 of the pandemic and continued
l

Raytheon Technologies ahead of the company’s $135 in the combined company’s the merger, the company said billion loss for the year, its as port congestion, commodi-
e
al a

Corp. named Neil Mitchill as billion merger with Raytheon capital allocation and cash sav- in a regulatory filing. first as a combined entity. ties shortages and transport ca-
chief financial officer, succeed- Co., a promotion that analysts ings efforts. The change follows a rocky In its announcement Friday, pacity squeezes hit business.
ing Anthony O’Brien, who left viewed at the time as an audi- The company declined to year for Raytheon. The closing Raytheon also raised its first- Blue Yonder customers with
ci on

the company. tion for a larger executive role. make Mr. Mitchill available for of the company’s blockbuster quarter earnings guidance to shipments snared when the
Raytheon declined to pro- He joined United Technologies an interview. merger in April 2020 coincided between 87 cents and 90 cents Ever Given container ship
vide a reason for Mr. O’Brien’s in 2014. Mr. O’Brien was named CFO with the beginning of the coro- a share from between 70 cents blocked the Suez Canal used
departure. “Neil is a proven leader who of Raytheon in 2015, and four navirus pandemic. The com- and 75 cents a share, on an ad- the company’s software to as-
Mr. Mitchill was previously successfully guided our finance years later was named CFO of pany in October said it would justed basis. sess inventory levels and help
er s

corporate vice president of fi- team through the merger,” the combined company. He is shed 20,000 jobs in 2020 as it —Allison Prang with contingency plans such
nancial planning and analysis Greg Hayes, Raytheon’s chief eligible to receive certain sepa- navigated declines in airline and Doug Cameron as air transport to get goods
m er

and investor relations. In 2019, executive, said in a press re- ration payments and accelera- traffic. The company had ap- contributed to this article. around the bottleneck.

CORPORATE WATCH
m rp
co Fo
CHRISTOPHER CLOUGH/GREEN BAY PRESS-GAZETTE/REUTERS

n-
no

In February, Tractor Supply said it agreed to buy Orscheln Farm & Home in an all-cash transaction.

TRACTOR SUPPLY program, VLA15, “is a Phase 2 UPC code 2927452099, with lot
vaccine candidate targeting Bor- numbers 1081804 and 1082804
FTC Seeks More relia, the bacterium that causes and Best If Used By dates of
Information on Deal Lyme disease, under develop- 9/14/2022 and 9/15/2022.
ment in collaboration with —Josh Beckerman
Tractor Supply Co. on Friday Pfizer.” The company also said
said it received a request for ad- “it is the only active vaccine can- FACEBOOK
ditional information and docu- didate against Lyme disease cur-
mentary materials from the Fed- rently undergoing clinical trials.” Product Chief Pay
eral Trade Commission For the year ended Dec. 31, Valued at $69.7 Million
concerning its planned acquisi- 2020, Valneva said it had a loss
tion of farm and ranch retailer per share of €0.71, the equivalent Facebook Inc. Chief Product
Orscheln Farm & Home. of 84 cents, on revenue of €110.3 Officer Chris Cox, who rejoined
Orscheln received a similar million. For the year earlier, the the company in June, had 2020
request, Tractor Supply said. company had a loss per share of compensation valued at $69.7
The company also said Trac- €0.02 on revenue of €126.1 mil- million, the company said in its
tor Supply and Orscheln Farm & lion. Groupe Grimaud La Corbiere proxy filing.
Home “continue to cooperate SAS, Fonds MVM and Bpifrance Most of the total is for re-
fully with the FTC in its review Participations SA are listed stricted stock units with an ini-
of the pending acquisition.” among its principal shareholders. tial equity value of $60 million,
In February, Tractor Supply Valneva didn’t give an expected with vesting scheduled to take
said it agreed to acquire size for its IPO, nor did it indicate place in installments through
Orscheln Farm & Home in an all- an expected price range. August 2024, subject to contin-
cash transaction valued at about —Stephen Nakrosis ued employment. The filing lists
$297 million. Orscheln operates $421,385 for base salary and bo-
167 stores in 11 states. J.M. SMUCKER nus amounts of $691,334.
—Stephen Nakrosis Mr. Cox is entitled to receive
Two Lots of Meow a $4 million sign-on bonus to be
VALNEVA Mix Are Recalled paid after the first anniversary
of rejoining the company, subject
Vaccine Firm Files J.M. Smucker Co. said it is to continued service. Mr. Cox left
For Nasdaq Debut voluntarily recalling two lots of the company in 2019 after dis-
Meow Mix Original Choice Dry agreements with Chief Executive
Vaccine company Valneva SE Cat Food due to the potential Mark Zuckerberg.
filed for an initial public offering presence of salmonella. Facebook also said Chief Op-
with the Securities and Ex- The company said it received erating Officer Sheryl Sandberg’s
change Commission on Friday. no reports of pet illness or ad- total compensation value was
Valneva said it intends to apply verse reaction. $24.8 million, with the majority
to list its American depository Smucker said the recalled 30- of that reflecting stock awards.
shares on the Nasdaq Global Mar- pound bags were sold at certain The $25.3 million figure for Mr.
ket under the symbol “VALN.” Its Walmart Inc. stores in Illinois, Zuckerberg includes security and
stock is currently listed on Euron- Missouri, Nebraska, New Mexico, aircraft expenses. As in previous
ext Paris under the symbol “VLA.” Oklahoma, Utah, Wisconsin and years, his base salary was $1.
The company said its lead Wyoming. The items have the —Josh Beckerman
 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 | Monday, April 12, 2021 * **** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY WSJ.com/Tech

Rare Earth Leader

As well as being the biggest miner, China has the world's largest reserves of rare-earth minerals and dominates
the production chain that provides high-tech industries with these materials.
EV Battery Makers
How rare earths are extracted and processed
End Dispute That
Threatened Plant
BY BEN FOLDY the state, which swung in fa-
vor of Mr. Biden in the last
South Korean battery-mak- election and gave Democrats
Ore with rare-earth Minerals are Rare earths are Individual rare Oxides are Metals are combined Those magnets can be
ing rivals SK Innovation Co. control of the Senate.
elements is mined separated extracted from earths are turned into to create alloys and used in a motor and then and LG Chem Ltd. have agreed SKI has said the plant un-
from waste other minerals separated metals magnets installed in an automobile to settle a trade-secret dispute der construction will create
as oxides that had threatened a $2.6 bil- 2,600 new jobs, and Gov. Brian
lion factory SKI is building in Kemp has described the fac-
Rare earths produced in 2020, in thousands of tons Rare-earths reserves, in millions of tons Georgia to supply Ford Motor tory project as one of the larg-
Co. and Volkswagen AG with est job-creation investments in
China China electric-vehicle batteries, the the state’s history.
U.S. Vietnam companies said Sunday. Auto makers have given
Myanmar Brazil That plant’s future had priority to securing a steady
Australia Russia been in doubt after the U.S. In- supply of the batteries neces-
Madagascar India ternational Trade Commission sary for mass-producing elec-
0 50 100 150 0 20 40 in February sanctioned SKI tric vehicles. Locating battery
Sources: Industrial Minerals Company of Australia (extraction process); U.S. Geological Survey (production, reserves) with a 10-year ban on import- factories in the U.S. is a prior-
ing batteries and the materials ity both for auto makers, for

China Leads on Magnets

necessary to make them after whom shipping heavy batter-
finding the company de- ies between continents is ex-
stroyed evidence relating to pensive, and for the adminis-
the dispute. tration, which has said it sees
The agreement between the them as necessary for creating
West trails in The U.S. government is in- without some level of ongoing rare earths is six to nine years battery makers will see SKI jobs and remaining globally
vesting tens of millions of dol- government assistance,” he away, Mr. Scott said, given the pay roughly $1.8 billion and competitive.
processing of lars in efforts to mine and pro- said. time it will take to permit, fi- additional royalties, the com- The legal battle between
materials key to cess rare earths. President Among those receiving U.S. nance and build the mine. panies said. the two Korean battery-mak-
Biden in February signed an funding is Rare Element Re- Pini Althaus, the chief execu- “We have decided to settle ing giants began in 2019 when
electric cars, turbines executive order directing a re- sources Ltd., which together tive of USA Rare Earth LLC, and to compete in an amicable LG Chem filed a complaint
view of supply chains for criti- with its partner, defense con- wants to establish a U.S. mines- way, all for the future of the with the trade commission,
BY ALISTAIR MACDONALD cal materials, including rare tractor General Atomics, re- to-magnets supply chain and U.S. and South Korean elec- accusing SKI of stealing its
earths. His recent infrastruc- cently secured a $22 million hopes to take the company tric-vehicle battery indus- trade secrets. Last year, an
Businesses and governments ture plan also pledged invest- Energy Department grant to public this year. tries,” said Jun Kim, chief ex- administrative judge ruled in
across the West are gearing up ment in rare-earth separation process rare earths. Some consultants question ecutive of SKI, and Jong Hyun LG Chem’s favor after finding
to counter China’s dominance projects. Officials in Europe, The mining company hasn’t the quality of USA Rare Earth’s Kim, chief of LG Chem’s bat- SKI had destroyed evidence
in a key component of modern Canada, Japan and Australia received permission to tap its deposit in Texas after a 2019 as- tery division, in a statement. relating to the case. SKI ad-

.
technology: the magnet. are getting their checkbooks deposit in Wyoming eight years sessment found ore grades, The settlement comes just mitted in ITC filings that
But the dozens of companies out too. after applying. It paused its ap- which measure mineral concen- ahead of a Sunday deadline some documents had been de-

ly
jostling for government sup- Yet Western companies are plication in 2016 when funds tration within earth, of 0.06%. for the Biden administration stroyed but denied it had sto-
port will struggle to establish a mostly years away from con- were tight. “It’s not easy,” That compares with 3% at rival to potentially veto the trade len trade secrets.
supply chain to rival China’s tributing to a stable supply of Chief Executive Randy Scott Rare Element Resources’ site commission’s decision. Presi- The ITC is an independent
rare-earth magnet industry,
which has a decadeslong head
start and steadfast state sup-
port, analysts and executives
rare earths, or processing them
into separate minerals and
turning them into useful prod-
ucts like magnets, analysts say.
on
said of getting a mine up and
running.
With its mine yet to be de-
veloped, the company said the
and 7.06% for MP Materials
Corp., which has America’s only
producing mine. Mr. Althaus
says minerals at his site are
dent Biden has made electric
vehicles and the batteries
that power them a core com-
ponent of his proposed $2.3
government agency that adju-
dicates trade and intellectual-
property disputes.
The commission’s decision
say. “For these minerals to go plan is to process material it among the most valuable of the trillion infrastructure pro- in February to uphold the ear-
us ,

Powerful magnets made of from a hole in the ground to an collected when testing the 17 rare earths. gram. As part of that plan, he lier ruling and sanction SKI
l

rare-earth minerals are essen- electric motor, you need vast quality of its site. Consultants also question has proposed investing $174 started a 60-day period in
e
al a

tial components in electric-ve- skills and expertise, which But that stockpile will likely the feasibility of USA Rare billion in spurring uptake of which the Biden administra-
hicle motors, wind turbines and barely exist out of China,” said produce just 100 tons of rare Earth’s plan to have processing electric vehicles. tion could reverse the deci-
other technology. China mines Constantine Karayannopoulos, earths, Mr. Scott said, equiva- and magnet-making facilities The fate of the Georgia sion, based on the consumer
ci on

over 70% of the world’s rare chief executive of Neo Perfor- lent to the weight needed to up and running next year. factory has major implica- impact and competitive land-
earths and is responsible for mance Materials ULC, one of a make magnets for 6,000 Toyota USA Rare Earth bought mag- tions for Ford and VW, which scape. That decision was to be
90% of the complex process of few Western companies able to Prius vehicles. Toyota sold al- net-manufacturing equipment are counting on the new as- made by U.S. Trade Represen-
turning them into magnets, an- process rare earths and make most two million electric and from Hitachi Ltd. following the sembly complex to build bat- tative Katherine Tai, according
alysts say. That dominance magnets. hybrid vehicles in 2019. Japanese firm’s decision to teries for electric models to people familiar with the
er s

gives Beijing sway over makers “Many producers will find it Should Rare Element Re- close down a magnet factory in such as Ford’s F-150 pickup matter. Ms. Tai was deeply in-
of various fast-growing tech- difficult to compete head-to- sources get a mining permit, a 2015. The kit currently sits in a truck and VW’s ID.4 cross- volved in the settlement talks,
m er

nologies. head against China on price regular supply of processed warehouse in North Carolina. over. It is also important to the people said.
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The road to streamlined

compliance is clear.
n-

Move from manual spreadsheets and disconnected workflows

no

to centralized, automated third-party risk management.

With RiskCenter | Third Party, it’s easier than you think.

dowjones.com/risk
© 2021 Dow Jones & Co., Inc. All Rights Reserved. 6DJ3082
 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 Monday, April 12, 2021 | B5

BUSINESS & FINANCE

Coinbase bitcoin’s meteoric rise contin-

ues.
Individual investors “are
payments giants PayPal Hold-
ings Inc. and Square Inc.,
which are also making inroads

Faces Risk paying much more than they

need to,” said Scott Knudsen,
chief executive of Cove Mar-
into crypto, he said.
“Its bread-and-butter busi-
ness is being eaten by much

To Its Value kets, a startup that makes

software for crypto traders.
“But the question is, do they
larger, more experienced, big-
ger-market-cap companies
that have efficiencies built in
really care?” and have massively larger con-
Continued from page B1 Coinbase’s rivals are bet- sumer bases,” said Mr. Quig-

NIKKI RITCHER FOR THE WALL STREET JOURNAL

Bitcoin was recently trading ting that crypto investors will ley. “So in a price war, Coin-
at around $58,000, up from become more fee-conscious base is devastated.”
about $7,000 a year ago, partly over time. They note that fees Still, executives like Coin-
due to growing interest by in other markets gradually base CEO and co-founder
hedge funds and other institu- came down as competition Brian Armstrong believe the
tional investors. But it also mounted and, in some cases, world is on the cusp of broad
has a history of extreme vola- the fees charged by intermedi- adoption of digital currencies,
tility. At the aries came under regulatory and the company’s fans say
CURRENCIES end of 2017, for scrutiny. In stocks, for in- Coinbase is well-positioned to
example, bit- stance, commissions charged profit from the shift.
coin neared $20,000. A month by brokerages like Charles “Margins are definitely go-
later, it had crashed to around Schwab Corp. declined from ing to come under pressure,
half that value. more than $40 a trade in the Coinbase CEO Brian Armstrong. like others, believes the world is on the cusp of broad crypto adoption. but they’re in a market where
Some investors and crypto- 1980s to zero today. it is my strong belief that it
industry executives say Coin- “As we’ve seen in every fees. “We anticipate fee pres- value proposition and offset ternet success story that fell will grow 10 or 100 times what
base has another major vul- other asset class, the more sure to emerge over time,” the effects of any future fee behind more innovative rivals. it is today,” said Dave Weis-
nerability: its dependence on people pay attention to the Coinbase said in a February pressure.” Coinbase’s core business faces berger, chief executive of Coin-
transaction fees, which are fees they’re paying, the more regulatory filing. “Our strategy William Quigley, managing threats from newcomers like Routes, which builds algorith-
likely to come under pressure pressure comes on those mar- is to maintain our position as director at blockchain-invest- decentralized crypto ex- mic trading software for the
from cheaper competitors as gins, and eventually those fees a trusted brand in the crypto ment firm Magnetic, says he changes, which allow trading crypto markets. “The Coinbase
the cryptocurrency market come down,” said Matt space and develop new prod- worries that Coinbase could at a fraction of the cost of es- play is that they will have a
matures. Trudeau, chief operating offi- ucts to enhance our customer end up like AOL, the early in- tablished exchanges, as well as big slice of that.”
Last year, 96% of Coinbase’s cer of crypto-exchange opera-
net revenue came from trans- tor ErisX.
action fees. The company Coinbase has amassed 56
charges hefty fees compared million users thanks to its
with other crypto exchanges. prominent brand and trusted
A small investor looking to reputation in an industry no-
buy $100 of bitcoin at the pre- torious for cyber breaches,
vailing market price would pay theft and fraud. It is especially

H O W D O YO U M A N A G E
about $3.49 in fees on Coin- popular with crypto newbies,
base, and potentially more thanks to the user-friendly
with some payment methods app it developed at a time

R I S K W H E N TH E WO R LD I S
like debit cards. At Kraken, a when bitcoin was little known
rival exchange, the same in- outside a few enthusiasts.
vestor would pay $1.50. At Bit- The company says it is di-

.
U P S I D E DOWN ?
stamp, another competitor, the versifying into other busi-
cost would be 50 cents. nesses—like storing digital as-

ly
Of course, such fees might sets for institutional investors
seem insignificant to investors —to protect its position even
hoping to score a fortune if if competition forces it to cut
on
Restaurants Prepare
us ,

For Diners to Return

l
e
al a

BY HEATHER HADDON cities, including New Jersey,

Michigan, Chicago and Wash-
ci on

After a year of start-stop ington, D.C., have restricted

openings, seating restrictions occupancy to 50% or less. Fed-
and delivery experiments, your eral recommendations of 6-
favorite eatery is likely seating foot distancing put some ta-
diners again. More U.S. restau- bles out of commission, even
er s

rants reopened in February in less restrictive states like

than in any month since last Georgia and Massachusetts.
m er

spring, when some cities first Wait times commonly run over
started loosening restrictions, an hour during weekends and
according to Yelp Inc. Reopen- other peak periods, restaurant
ings remained elevated last owners and customers say.
month, the Yelp data shows.
m rp

While restaurants are trying to What are restaurants doing

resume normal service, some about it?
pandemic practices will remain. Some chains, such as Texas
Here’s what you need to know: Roadhouse Inc., built texting
systems to keep customers in-
co Fo

Have restaurants all re- formed as they ask diners to

opened? wait outside. Olive Garden
They are getting closer: 75% owner Darden Restaurants
of U.S. restaurants are open Inc. created an app so custom-
for business and the number ers can see where they stand
of people eating out is nearing on the wait list. Virtual wait
pre-pandemic levels, according lists sprung up at independent
to reservation booking site restaurants during the pan-
OpenTable. About 10% of the demic to allow customers to
778,807 restaurants that ex- sign up before arriving.
isted before the pandemic
closed for good, market-re- Can I sit at the bar instead?
search firm Datassential said. In New York City and New
n-

Jersey, restaurants aren’t let-

Can I eat indoors? And do I
need to wear a mask?
Every state now allows lim-
Many that added
no

ited on-site dining, though lo-

cal officials say occupancy QR- code accessible
limits could tighten again if
coronavirus cases keep rising.
menus are keeping
Michigan Gov. Gretchen Whit- them for now.
mer on Friday urged people to
avoid indoor dining for two
weeks given the rise in cases
there. Some counties in Cali- ting customers eat at their
fornia continue to prohibit in- bars. Denver and some other
door seating, though the state cities allow bar seating with 6
expects to lift restrictions by feet between customers and
June if case numbers fall. staff. Some restaurants are in-
Warming weather gives res- stalling plexiglass dividers at
taurateurs and diners more op- the bar to accommodate diners.
tions. “I’m building huge pa-
tios,” said Jim Armstrong, a How will I order?
Denver tavern owner who ex- Hope you didn’t leave your
pects to seat at least 40 people phone at home. Many restau-
outside his pubs when possible. rants that added digital menus
Most states still require accessible by QR codes are
diners to wear masks when keeping them for now. Some
not seated at their table. More chains that invested in digital
than a dozen states, including ordering kiosks and tablets at
Texas, Florida and Georgia, tables are rolling them out
scrapped public mask man- more widely.
dates, though some cities con-
tinue to enforce them and Will I pay more?
many businesses ask custom- Prices at sit-down restau-
ers to keep wearing them. rants were up 2.9% in February
compared with the same time
I’m vaccinated. Is it safe for last year, Labor Department We can't control what's next, but we can help navigate it. CME Group
me to dine indoors? data shows. Costs at fast-food
Fully vaccinated people face restaurants jumped 6.3% during provides 24-hour access to trading opportunities in every investable
lower risk for dining indoors, the same period, the largest 12- asset class, allowing market participants worldwide to manage risk and
but should still take precau- month increase since at least capture opportunities. For every economic twist and turn, when the
tions because they are likely 1997. Restaurants say they’re
surrounded by many who facing higher costs because of new normal is anything but… CME Group.
aren’t inoculated, according to the pandemic, along with infla-
the Centers for Disease Con- tion and wage increases.
trol and Prevention. Diners Don Mancinelli, a 49-year-
should wear a mask inside old from Monroe Township, V I S I T C M E G R O U P. C O M /A C T I O N
when not eating, maintain dis- N.J., said restaurants near him
tances of at least 6 feet and lifted prices by a few dollars
avoid crowds or poorly venti- per entree. But mostly he’s Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made.
This communication is not a recommendation or offer to buy, sell or retain any specific investment or service. Copyright © 2020 CME Group Inc. All rights reserved.
lated spaces, the CDC says. happy to just dine out again
“after all this time in the
Will I have to wait for a table? house, cooking seven days a
Very likely. Many states and week,” Mr. Mancinelli 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.

B6 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

MARKETS

Defaults by Low-Rated U.S. Firms Fall

Investors move into peak in September at 4.17%. vestors’ demand for higher- higher-yielding assets, ana- and loan sales last year, fol- tember’s peak in this cycle.
The decline in defaults has yielding credit assets have lysts say, helping support lowed by record issuance in Investors look to these mar-
higher-yielding assets, helped fuel a strong recovery helped companies buy time to prices on riskier junk bonds the first quarter of 2021. kets as a barometer of credit
aiding leveraged loans, in the prices of markets that improve operations, said Ste- and leveraged loans. Improve- Many investors now expect conditions, since deals tend to
initially were hammered by ven Oh, head of global credit ments among even the riskiest the distribution of coronavirus involve debt-laden companies
riskier junk bonds the flight from risk on at PineBridge Investments. loan and bond borrowers sug- vaccines and stimulus money to with low credit ratings—a
Covid-19. The average yield on “Access to liquidity has gest that prices can continue fuel strong rebounds in GDP combination that tends to de-
BY SEBASTIAN PELLEJERO a Bloomberg Barclays index of been the most crucial piece of to rally, investors said. growth and corporate earnings. ter lending when people get
junk bonds as of Thursday was the puzzle,” he said. “Markets “You’re going to see more That outlook, combined with nervous about the future.
Defaults by low-rated U.S. 3.9%, around 0.1 percentage have more than sufficient li- money come into loans and many borrowers’ access to capi- At the same time, many
companies have fallen to their point above the record low of quidity to stave off defaults.” junk bonds because where else tal, is prompting many to say portfolio managers warn that
lowest level in 10 months, February. Yields fall when Default rates for junk bonds are investors going to get the worst of this cycle is behind. any rally has its limits. High
helping extend sharp rallies in bond prices rise. and leveraged loans are ex- yield,” said John McClain, “Defaults have certainly debt prices can crimp inves-
the markets for junk bonds Loan prices are also rising. pected to fall back to pre-pan- portfolio manager at Diamond already peaked,” said Mr. Mc- tors’ returns by reducing op-
and floating-rate loans. The share of loans to North demic levels over the next Hill Capital Management. Clain. portunities for price apprecia-
Defaults for an index of spec- American companies trading year, analysts say. That con- Actions by the Federal Re- Junk-bond prices currently tion, or by enabling borrowers
ulative-grade loans to U.S. com- at less than 90 cents on the trasts with forecasts from last serve, including cutting inter- imply a 1.9% default rate over to issue at lower yields.
panies over the past year fell to dollar was 4.35% as of April 7, spring, when investors est rates and buying bonds, the next 12 months, says Bank Valuations are particularly dif-
3.15% as of March, according to according to Refinitiv—down dumped billions of dollars of have helped improve the for- of America. For loans, more ficult to gauge given the un-
S&P Global Market Intelli- from 5.18% a month ago and a low-rated debt. tunes of many borrowers. than 60% of leveraged finance knowns of exiting a global
gence’s LCD. That is the lowest peak of 75.9% during last Credit investors seeking to Companies rated double-B or professionals surveyed by LCD pandemic, said David Moffitt,
level since last April and down year’s selloff. benefit from a recovering U.S. lower raised hundreds of bil- in March said they don’t ex- co-head of credit management
from the measure’s 10-year Lower interest rates and in- economy are moving into lions of dollars through bond pect defaults to surpass Sep- at Investcorp.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday Import-price index EIA report: natural-gas Charles Schwab

Feb., previous up 1.3% Previous change in stocks in 0.80/0.58
Short-selling reports March, expected up 0.8%
billions of cubic feet
Citigroup 2.57/1.05
Ratio, days of trading volume of up 20
current position, at March 15 PepsiCo 1.12/1.07
Empire Manufacturing UnitedHealth Group
NYSE 2.3 Mort. bankers indexes
Nasdaq 1.7 March previous 17.4 4.38/3.72
Purch., previous
April, expected 20.1
down 5%
Earnings expected*
Estimate/Year Ago Refinan., previous Industrial production Friday
Aphria (0.04)/0.01 down 5% Feb., previous down 2.2% Building Permits
March, expected up 2.6% Feb., previous 1.682 mil.
Tuesday Earnings expected* Initial jobless claims March, expected 1.74 mil.
Estimate/Year Ago
Previous 744,000 Housing Starts
Consumer-price index First Republic Bank
Expected 705,000 Feb., previous 1.421 mil.
Allitems,Feb. up 0.4% 1.54/1.20

.
March.,expected up 0.5% Goldman Sachs Group Philadelphia Fed survey March, expected 1.61 mil.

ly
Core,Feb. up 0.1% 10.20/3.11 March, previous 51.8
March,expected up0.2% JPMorgan Chase April, expected 41.5 U.Mich. consumer index
3.07/0.78 March, final 84.9

STEPHEN CHUNG/LONDON NEWS PICTURES/ZUMA PRESS

Earnings expected* Retail sales
Estimate/Year Ago
Wells Fargo 0.70/0.01 April, preliminary 88.1
Fastenal

Wednesday
0.37/0.35
Thursday
Feb.,previous
March.,expected
on
down3.0%
up5.6%
Retail sales, ex. autos
Earnings expected*
Estimate/Year Ago
Bank of New York Mellon
Business inventories Feb.,previous down2.7%
us ,

Jan., previous up 0.3% March,expected up4.8% 0.87/1.05

EIA status report Citizens Financial Group
l

Feb., expected up 0.4%

Previous change in stocks in Earnings expected*
e
0.96/0.03
al a

millions of barrels Estimate/Year Ago

Crude-oil stocks down 3.5 Kansas City Southern
Capacity utilization Bank of America
Gasoline stocks up 4.0 Feb., previous 73.8% 0.66/0.40 1.97/1.96
ci on

Distillates up 1.5 March, expected 75.6% BlackRock 7.83/6.60 MorganStanley 1.73/0.99

PNC Financial Services
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in parentheses) Group 2.70/1.95
u Adjusted for stock split
Note: Forecasts are from Dow Jones weekly survey of economists State Street 1.35/1.67 Goldman Sachs is expected to post earnings Wednesday of $10.20 a share, up from $3.11 a year earlier.
er s

ADVERTISEMENT Insider-Trading Spotlight

m er

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
new information about the prospects of a company. Insiders are required to report large trades to the SEC
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
Refinitiv on April 9, and year-to-date stock performance of the company
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
m rp

CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
COMMERCIAL REAL ESTATE BUSINESS OPPORTUNITIES I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
unknown VP: vice president Excludes pure options transactions

 
    
     
 
   
      
  
   

 
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All Rights Reserved.
Sources: Refinitiv; Dow Jones Market Data
 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. Monday, April 12, 2021 | B7

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B8 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B7
Last Year ago Last Year ago
33800.60 s 647.39, or 1.95% last week Trailing P/E ratio 34.28 18.37 4128.80 s 108.93, or 2.71% last week Trailing P/E ratio * 46.92 21.19 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 21.48 18.58 High, low, open and close for each of P/E estimate * 23.49 18.81
the past 52 weeks Dividend yield 1.78 2.79 the past 52 weeks Dividend yield * 1.42 2.13 IPOs in the U.S. Market
All-time high 33800.60, 04/09/21 All-time high 4128.80, 04/09/21
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.15198707565833 Rule 144a market; deal amounts are for the U.S. market only
33500 4100
Symbol/ Pricing
Expected primary Shares Range($)
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
31000 3800
200-day moving average 4/14 2/18 Karat Packaging Inc KRT 4.0 18.00/ Stifel, W. Blair LLC,
Manufacturer and Nq 20.00 Truist Financial
distributor of single-use Corp, B Riley
28500 3500 disposable products Securities Inc, DA
primarily used in Davidson & Co
restaurants and
foodservice settings.
26000 3200
4/14 3/2 AppLovin Corp APP 25.0 75.00/ MS,JPM,KKR,BofASecurities,
Software-Computer, Nq 85.00 Citi, GS, Credit
Week's high Traditional & Other. Suisse, UBS
23500 200-day moving average 2900 Software company
DOWN UP offering a platform to
manage, improve and
t

Monday's open Friday's close analyze in-app advertising.

Friday's close Monday's open 21000 2600 4/13 3/10 Alkami Technology Inc ALKT 6.0 22.00/ GS, JPM, Barclays, Citi,
t

65-day moving average Software-Financial Nq 25.00 W. Blair LLC

65-day moving average Technology. Designer and
developer of digital
Week's low 18500 2300 banking and online banking
solutions for banks and
credit unions.
Bars measure the point change from Monday's open
4/14 3/18 agilon health Inc AGL 46.6 20.00/ JPM,GS,BofASecurities,DB,WFS,
16000 2000 Software-Medical N 23.00 W. Blair LLC,
A M J J A S O N D J F M A A M J J A S O N D J F M A Technology engaged with Truist Financial
developing integrated Corp, Nomura
technology platform for
Primary physicians and healthcare
NYSE weekly volume, in billions of shares market Composite providers.
t
t

36 Track the Markets 4/14 3/23 TuSimple Holdings Inc TSP 33.8 35.00/ MS,Citi,JPM,BofASecurities,
Compare the performance of selected Software services Nq 39.00 Cowen &
24 provider. Company LLC,
12 global stock indexes, bond ETFs, Credit Suisse,
Nomura
0 currencies and commodities at
A M J J A S O N D J F M A wsj.com/graphics/track-the-markets Lockup Expirations
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index Below, companies whose officers and other insiders will become eligible
to sell shares in their newly public companies for the first time. Such
Major U.S. Stock-Market Indexes Nasdaq Composite
sales can move the stock’s price.
Latest Week 52-Week % chg s 420.08, or 3.12% Lockup Offer Offer amt Through Lockup
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
last week expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision

1.95 l 33800.6 April 13 Oct. 15, ’20 Kiromic Biopharma KRBP 12.00 15.0 –22.9 180 days
Industrial Average 33810.87 33222.38 33800.60 647.39 23018.88 42.5 10.4 12.1
Transportation Avg 14980.07 14661.54 14918.33 169.95 1.15 l 14918.33 Oct. 13, ’20 Codiak BioSciences CDAK 15.00 82.5 3.3 180 days
7761.00 81.1 19.3 13.8
13950 Oct. 14, ’20 Array Technologies ARRY 22.00 900.0 35.5 180 days
Utility Average 897.05 879.11 891.67 12.16 1.38 744.49 l 917.38 7.7 3.1 8.8
Total Stock Market 43145.27 42445.86 43142.13 1003.79 2.38 27478.69 l 43142.13 53.7 10.0 16.8 Oct. 14, ’20 MINISO Group Holding MNSO 20.00 532.0 23.5 180 days
Barron's 400 991.79 979.01 991.43 14.27 1.46 557.81 l 991.43 70.4 16.3 12.3 13800 Oct. 13, ’20 5:01 Acquisition FVAM 10.00 80.0 1.0 180 days
Oct. 15, ’20 Praxis Precision Medicines PRAX 19.00 175.0 55.5 180 days
Nasdaq Stock Market
13650 Oct. 15, ’20 Eargo EAR 18.00 100.0 193.8 180 days
Nasdaq Composite 13905.41 13582.76 13900.19 420.08 3.12 8153.58 l 14095.47 70.5 7.9 26.0

.
Oct. 15, ’20 Tarsus Pharmaceuticals TARS 16.00 80.0 78.5 180 days
Nasdaq-100 13849.31 13420.81 13845.05 515.54 3.87 8238.53 l 13845.05 68.1 7.4 28.8

ly
13500 Oct. 15, ’20 Aligos Therapeutics ALGS 15.00 150.0 43.1 180 days
S&P 2 5 6 7 8 9 Jan. 12, ’21 Affirm Holdings AFRM 49.00 1045.5 44.3 90 days
500 Index 4129.48 4034.44 4128.80 108.93 2.71 2736.56 l
4128.8 48.0 9.9 16.5 April
Sources: Dealogic; Dow Jones Market Data
MidCap 400 2685.43 2631.90 2670.52 22.81 0.86 1490.58 l 2682.61 68.3 15.8 12.9 DJ US TSM
SmallCap 600
Other Indexes
Russell 2000 2280.83
1357.43 1315.30 1334.56

2213.84 2243.47 -10.43 -0.46

-5.74 -0.43 on 691.42

1178.09
l 1397.66

l 2360.17
79.6

79.9
19.3 12.7

13.6 14.0
s 1003.79, or 2.38%
last week
Other Stock Offerings
Secondaries and follow-ons expected this week in the U.S. market
None expected this week
NYSE Composite 15956.38 15752.24 15956.37 204.13 1.30 10706.44 l 15956.37 43.3 9.9 8.8
us ,

Value Line 657.24 645.74 653.79 5.04 0.78 368.54 l 662.15 67.7 14.9 6.5 43200 Off the Shelf
l

NYSE Arca Biotech 5647.54 5396.92 5427.10 -144.85 -2.60 4734.18 l 6319.77 14.6 -5.4 6.5 None expected this week
e
al a

NYSE Arca Pharma 697.18 686.26 694.08 1.73 0.25 608.30 l 725.03 13.5 0.7 9.5 42800
KBW Bank 123.55 119.92 123.24 1.83 1.51 62.74 l 123.35 63.8 25.9 5.2 Public and Private Borrowing
ci on

PHLX§ Gold/Silver 144.72 139.38 143.76 3.83 2.74 98.22 l 161.14 46.4 -0.3 21.0
42400 Treasurys
PHLX§ Oil Service 55.30 51.55 51.82 -3.315 -6.01 24.29 l 63.89 82.9 16.9 -27.6
PHLX§ Semiconductor 3314.16 3236.86 3294.53 54.35 1.68 1588.70 l 3305.43 105.7 17.9 37.3 Monday, April 12 Thursday, April 15
Cboe Volatility 18.40 16.20 16.69 -0.64 -3.69 16.69 l 45.41 -59.9 -26.6 -8.5 42000 Auction of 13 and 26 week bills; Auction of 4 week bill;
2 5 6 7 8 9 announced on April 8; settles on April 15 announced on April 13; settles on April 20

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April
Auction of 3 year note; Auction of 8 week bill;
er s

announced on April 8; settles on April 15 announced on April 13; settles on April 20

International Stock Indexes Commodities and
m er

Currencies
Region/Country Index Close
Latest Week
% chg Low
52-Week Range
Close High
YTD
% chg A Week in the Life of the DJIA
Last Week YTD
World MSCI ACWI 694.71 2.01 460.91 • 694.71 7.5 Close Net chg %Chg % chg A look at how the Dow Jones Industrial Average component stocks
MSCI ACWI ex-USA 342.95 1.00 233.77 • 350.01 5.1 did in the past week and how much each moved the index. The DJIA
m rp

DJ Commodity 805.43 0.70 0.09 10.09

MSCI World 2910.10 2.40 1932.25 • 2910.10 8.2 gained 647.39 points, or 1.95%, on the week. A $1 change in the price
MSCI Emerging Markets 1330.36 –0.59 878.24 • 1444.93 3.0 Refinitiv/CC CRB Index 186.74 0.04 0.02 11.29 of any DJIA stock = 6.58-point change in the average. To date, a
$1,000 investment on Dec. 31 in each current DJIA stock component
Americas MSCI AC Americas 1602.79 2.68 1043.44 • 1602.79 9.2 Crude oil, $ per barrel 59.32 -2.13 -3.47 22.26
would have returned $33,483, or a gain of 11.61%, on the $30,000
Canada S&P/TSX Comp 19228.03 1.25 13899.32 • 19228.87 10.3 Natural gas, $/MMBtu 2.526 -0.113 -4.28 -0.51
investment, including reinvested dividends.
Latin Amer. MSCI EM Latin America 2336.91 2.46 1502.06 • 2546.61 –4.7 Gold, $ per troy oz. 1743.30 16.80 0.97 -7.91
co Fo

Brazil Sao Paulo Bovespa 117669.9 2.10 75330.61 125076.63 –1.1 The Week’s Action
0 • U.S. Dollar Index 92.18 -0.83 -0.89 2.50 Pct Stock price Point chg
chg (%) change in average* Company Symbol Close
$1,000 Invested(year-end '20)
$1,000
Chile Santiago IPSA 3376.74 1.49 2423.14 • 3376.74 18.17 WSJ Dollar Index 87.03 -0.50 -0.57 2.39 8.13 10.00 65.76 Apple AAPL $133.00 $1,004
Mexico S&P/BMV IPC 47627.67 0.81 33759.75 • 48245.85 8.1 Euro, per dollar 0.8402 -0.010 -1.19 2.64 5.75 3.71 24.41 Intel INTC 68.26 1,378
EMEA Stoxx Europe 600 437.23 1.16 323.06 • 437.23 9.6 Yen, per dollar 109.67 -1.04 -0.93 6.15
5.74 12.56 82.64 salesforce.com CRM 231.28 1,039
Stoxx Europe 50 3372.90 1.14 2700.62 • 3373.39 8.5
U.K. pound, in dollars 1.37 -0.013 -0.92 0.29
5.57 13.50 88.82 Microsoft MSFT 255.85 1,153
Eurozone Euro Stoxx 438.61 0.74 305.48 • 438.61 10.3 4.70 10.18 66.98 Honeywell HON 226.98 1,072
Euro Stoxx 50 3978.84 0.83 2760.23 • 3978.84 12.0 52-Week 3.73 11.48 75.53 Home Depot HD 319.23 1,209
Austria ATX 3188.67 –0.27 1994.63 • 3206.14 14.7 Low Close(l) High % Chg
3.07 4.16 27.37 Walmart WMT 139.78 974
Belgium Bel-20 3941.69 0.08 2899.51 • 3942.78 8.8 DJ Commodity 433.70 l 836.48 63.62 2.78 6.27 41.25 McDonald’s MCD 231.48 1,086
France CAC 40 6169.41 1.09 4273.13 • 6169.41 11.1
Refinitiv/CC CMD 106.29 l 195.13 46.10
2.75 5.30 34.87 3M MMM 198.00 1,142
Germany DAX 15234.16 0.84 10249.85 • 15234.16 11.0 2.61 5.66 37.24 Visa V 222.52 1,019
Greece Athex Composite 891.69 1.88 564.93 • 891.69 10.2 Crude oil, $ per barrel -37.63 l 66.09 160.63
2.51 9.23 60.73 UnitedHealth Group UNH 376.30 1,077
n-

Israel Tel Aviv 1635.38 1.56 1275.23 • 1635.38 9.1 Natural gas, $/MMBtu 1.482 l 3.354 45.76 2.22 3.21 21.12 American Express AXP 147.78 1,230
Italy FTSE MIB 24429.41 –1.14 16451 • 24761 9.9
Gold, $ per troy oz. 1676.20 l 2051.50 0.41 2.20 2.92 19.21 Nike NKE 135.45 959
Netherlands AEX 713.36 0.70 491.13 • 713.38 14.2 1.88 2.50 16.45 IBM IBM 135.73 1,093
Portugal PSI 20 5017.16 0.80 3863.20 • 5282.02 2.4 U.S. Dollar Index 89.44 l 100.47 -7.37 1.67 2.57 16.91 JPMorgan Chase JPM 156.28 1,246
•
no

Russia RTS Index 1417.77 –2.72 1012.15 1552.81 2.2

WSJ Dollar Index 84.56 l 94.38 -6.93 1.56 2.09 13.75 Procter & Gamble PG 136.37 986
South Africa FTSE/JSE All-Share 67191.27 –0.07 47628.87 • 68775.06 13.1
1.28 0.67 4.41 Coca-Cola KO 53.18 978
Spain IBEX 35 8565.80 –0.14 6411.8 • 8657.7 6.1 Euro, per dollar 0.8112 l 0.9278 -8.12
0.97 3.17 20.86 Goldman Sachs GS 330.81 1,259
Sweden OMX Stockholm 902.61 2.69 563.59 • 902.61 17.5 Yen, per dollar 102.72 l 110.72 1.22
0.68 1.03 6.78 Travelers TRV 151.65 1,086
Switzerland Swiss Market 11238.52 1.08 9320.20 • 11238.52 5.0 U.K. pound, in dollars 1.21 l 1.41 10.11 0.21 0.11 0.72 Cisco CSCO 52.09 1,182
U.K. FTSE 100 6915.75 2.65 5577.27 • 6942.22 7.0
–0.09 –0.22 –1.45 Amgen AMGN 248.95 1,091
Asia-Pacific MSCI AC Asia Pacific 206.47 –0.005 141.0 • 220.6 3.3

WSJ.com
–0.24 –0.60 –3.95 Boeing BA 252.36 1,179
Australia S&P/ASX 200 6995.20 2.44 5217.1 • 6998.8 6.2
–0.57 –1.08 –7.11 Walt Disney DIS 187.89 1,037
China Shanghai Composite 3450.68 –0.97 2783.05 • 3696.17 –0.6
–0.86 –1.99 –13.09 Caterpillar CAT 230.75 1,274
Hong Kong Hang Seng 28698.80 –0.83 22930.14 • 31084.94 5.4
–0.97 –1.58 –10.40 Johnson & Johnson JNJ 161.25 1,031
India S&P BSE Sensex 49591.32 –0.88 30028.98 • 52154.13 3.9
Real-time U.S. stock quotes are
Japan Nikkei Stock Avg 29768.06 –0.29 19043.40 • 30467.75 8.5
available on WSJ.com.
–1.01 –0.78 –5.13 Merck MRK 76.31 941
Malaysia FTSE Bursa Malaysia KLCI 1612.25 1.70 1356.03 • 1684.58 –0.9 –1.04 –0.57 –3.75 Walgreens WBA 54.18 1,372
Singapore Straits Times 3184.54 0.09 2423.84 • 3209.74 12.0 Track most-active stocks, new highs/ –1.39 –0.81 –5.33 Verizon VZ 57.49 1,000
South Korea Kospi 3131.88 0.61 1825.76 • 3208.99 9.0 lows, mutual funds and ETFs. –2.26 –1.46 –9.61 Dow DOW 63.14 1,151
Taiwan TAIEX 16854.10 1.71 10099.22 • 16926.44 14.4 All are available free at –2.68 –2.83 –18.62 Chevron CVX 102.92 1,236

Source: FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.
Consumer Rates and Returns to Investor Benchmark Yields and Rates
Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 0.10% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
BankDirect 0.50% 2.50%
16% Americas Vietnam dong .00004335 23067 –0.1
0.40% Richardson, TX 877-839-2737
2.00 Euro Argentina peso .0108 92.3519 9.8 Europe
s

First Internet Bank of Indiana 0.50% Tradeweb ICE 8

Money market 0.30 Brazil real .1760 5.6817 9.4 Czech Rep. koruna .04575 21.857 1.8
t

account yields Indianapolis, IN 888-873-3424 Friday Close 1.50 Canada dollar .7981 1.2530 –1.6 Denmark krone .1600 6.2496 2.6
t 0.20 TAB Bank 0.50% 0 s Chile peso .001407 710.60 0.01 Euro area euro 1.1902 .8402 2.6
1.00 Yen Colombiapeso .000273 3659.50 6.9 Hungary forint .003327 300.56 1.2
Ogden, UT 800-355-3063
Federal-funds 0.10 One year ago –8 s
Ecuador US dollar 1 1 unch Iceland krona .007844 127.48 –0.2
CFG Community Bank 0.56% 0.50
target rate t WSJ Dollar Index Mexico peso .0496 20.1612 1.4 Norway krone .1178 8.4894 –1.0
t Baltimore, MD 888-205-8388 Uruguay peso .02275 43.9600 3.8 Poland zloty .2627 3.8072 2.0
0.00 0.00 –16
BrioDirect 0.60% Asia-Pacific Russia ruble .01292 77.425 4.6
M J J A S O N D J FMA 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Sweden krona .1171 8.5390 3.8
2020 2021 Montebello, NY 877-369-2746 month(s) years Australian dollar .7618 1.3127 1.0
Switzerland franc 1.0817 .9245 4.5
China yuan .1526 6.5530 0.3
3-yr chg maturity Turkey lira .1224 8.1709 9.9
Yield/Rate (%) 52-Week Range (%) Hong Kong dollar .1286 7.7781 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0358 27.9500 –1.4
India rupee .01338 74.730 2.3
UK pound 1.3705 .7297 –0.3
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000687 14565 3.7
Japan yen .009118 109.67 6.2 Middle East/Africa
Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002308 433.36 2.8 Bahrain dinar 2.6524 .3770 –0.01
Libor, 3-month 0.19 0.20 0.18 l 1.22 -2.15 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1248 8.0150 0.3 Egypt pound .0637 15.7098 –0.2
Money market, annual yield 0.10 0.10 0.08 l 0.32 -0.25 Malaysia ringgit .2418 4.1350 2.8 Israel shekel .3038 3.2916 2.4
Five-year CD, annual yield 0.47 0.47 0.44 l 0.89 -1.21 U.S. Treasury, Barclays 0.970 1.030 -4.09 4.31 New Zealand dollar .7030 1.4225 2.2 Kuwait dinar 3.3124 .3019 –0.7
30-year mortgage, fixed† 3.19 3.26 2.83 l 3.73 -1.21 U.S. Treasury Long, Barclays 2.260 2.300 -15.07 6.61 Pakistan rupee .00655 152.640 –4.8 Oman sul rial 2.5976 .3850 –0.01
Aggregate, Barclays 1.560 1.630 n.a. 31 85 0.37 4.85 Philippines peso .0206 48.537 1.1 Qatar rial .2746 3.642 0.01
15-year mortgage, fixed† 2.47 2.53 2.32 l 3.28 -1.38
Singapore dollar .7454 1.3415 1.5 Saudi Arabia riyal .2666 3.7503 –0.04
Jumbo mortgages, $548,250-plus† 3.20 3.28 2.85 l 3.82 -1.48 Fixed-Rate MBS, Barclays 1.740 1.850 n.a. 10 75 -0.25 3.85
South Korea won .0008920 1121.12 3.3 South Africa rand .0685 14.6067 –0.6
Five-year adj mortgage (ARM)† 3.13 3.12 2.85 l 3.48 -1.08 High Yield 100, ICE BofA 3.664 3.677 293 278 753 17.582 5.753 Sri Lanka rupee .0049910 200.36 8.2
New-car loan, 48-month 4.04 4.05 4.02 l 4.44 0.31 Muni Master, ICE BofA 0.920 0.992 15 15 41 5.155 4.884 Taiwan dollar .03514 28.457 1.3 Close Net Chg % Chg YTD%Chg

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 4.909 4.966 320 311 591 13.885 4.147 Thailand baht .03179 31.460 4.7 WSJ Dollar Index 87.03 0.19 0.22 2.39
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 Sources: Tullett Prebon, Dow Jones Market Data
 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. Monday, April 12, 2021 | B9

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not BlRck Core Bond BHK 15.89 15.66 -1.4 5.3 Western Asset Gl Cr D Op GDO NA 17.85 NA 6.8 Nuveen OH Qual Muni Inc NUO NA 15.75 NA 3.5 FedProj&TrFinanceTendr 9.93 NA NA 2.6
buy their shares back from investors who wish to cash GAMCOGlGold&NatRes GGN 4.03 3.60 -10.7 21.7 BR Credit Alloc Inc BTZ 15.40 14.54 -5.6 6.8 National Muni Bond Funds Nuveen PA Qual Muni Inc NQP NA 14.43 NA 4.5 Schrdrs Opp Inc;A 26.17 NA NA 2.3
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not J Han Finl Opptys BTO 37.17 39.11 +5.2 103.1 Insight Select Income INSI 21.24 20.04 -5.6 3.8 AllBerNatlMunInc AFB 15.38 14.29 -7.1 4.3 Nuveen VA Qlty Mun Inc NPV 15.28 16.29 +6.6 3.4 Schrdrs Opp Inc;A2 NA NA NA 0.6
available or not applicable. NS signifies funds not in Neuberger Brmn MLP & EI NML 5.45 4.28 -21.5 109.7 InvescoBond VBF 20.71 19.46 -6.0 3.5 BlckRk Inv Q Mun BKN 16.65 17.78 +6.8 4.4 PIMCO CA PCQ 14.05 18.19 +29.5 4.3 Schrdrs Opp Inc;I 26.16 NA NA 2.4
existence for the entire period. 12 month yield is
computed by dividing income dividends paid (during NuvDow30DynOverwrite DIAX 17.85 16.50 -7.6 32.8 J Han Income JHS 15.88 15.26 -3.9 5.4 BlackRock Muni 2030 Tgt BTT 26.87 25.73 -4.2 2.9 PIMCOCAMuniII PCK 8.99 9.13 +1.6 4.2 Schrdrs Opp Inc;SDR 26.20 NA NA 2.5
the previous 12 months for periods ending at month- NuvCorEqAlpha JCE 16.38 15.58 -4.9 42.6
end or during the previous 52 weeks for periods MFS Intmdt MIN 3.81 3.68 -3.4 9.0 BlackRock Muni BFK 14.70 15.18 +3.3 4.5 52 wk Invesco Sr Loan A 6.46 NA NA 3.7
ending at any time other than month-end) by the NuveenNasdaq100DynOv QQQX 28.02 28.22 +0.7 47.3 Western Asset Inf-Lk Inc WIA NA 12.90 NA 5.9 BlackRock Muni II BLE 15.02 15.72 +4.7 4.7 Prem Ttl Invesco Sr Loan C 6.47 NA NA 3.0
latest month-end market price adjusted for capital
gains distributions. Depending on the fund category,
Nuv Real Est JRS 10.61 9.88 -6.9 42.2 Western Asset Inf-Lk O&I WIW NA 12.27 NA 3.1 BlckRk Muni Inc Qly BYM 15.88 15.39 -3.1 4.2 Fund (SYM) NAV Close /Disc Ret Invesco Sr Loan IB 6.46 NA NA 3.9
either 12-month yield or total return is listed. Nuveen Rl Asst Inc & Gro JRI NA 15.18 NA 47.9 Westn Asst IG Def Opp Tr IGI NA 21.33 NA 3.8 BR MuniAssets Fd MUA 14.73 15.08 +2.4 4.1 General Equity Funds Invesco Sr Loan IC 6.46 NA NA 3.8
Source: Lipper
NuvS&P500DynOvFd SPXX NA 17.09 NA 44.0 Loan Participation Funds BR MuniEnhanced MEN 12.33 12.06 -2.2 4.5 Alternative Strategies:I NA NA NA N/A Invesco Sr Loan Y 6.46 NA NA 3.9
Friday, April 9, 2021 NuvSP500BuyIncFd BXMX 14.53 13.78 -5.2 35.9 Apollo Senior Floating AFT NA 15.13 NA 6.4 BR MuniHoldings Qly MFL 15.23 14.37 -5.6 3.9 AMG Pantheon:1 NA NA NA N/A Pioneer Sec Inc 9.92 NA NA 4.4
52 wk
Prem Ttl ReavesUtilityIncome UTG 33.27 33.81 +1.6 24.8 BR Debt Strategy DSU 11.71 11.13 -5.0 7.3 BR MH Qly 2 MUE 14.24 13.41 -5.8 4.4 BOW RIVER CAPTL EVGN;I NA NA NA N/A High Yield Bond Funds
Fund (SYM) NAV Close /Disc Ret Tortoise Enrgy Infra Crp TYG 32.07 25.27 -21.2 110.3 BR F/R Inc Str FRA 14.02 13.07 -6.8 6.9 BR MuniHoldngs MHD 17.24 16.39 -4.9 4.5 Specialized Equity Funds Griffin Inst Access Cd:A NA NA NA 5.9
General Equity Funds VAGIAI & Tech Opptys AIO 29.18 27.50 -5.8 81.4 BlackRock Floatng Rt Inc BGT 13.61 12.66 -7.0 6.9 BR MuniVest Fd MVF 9.91 9.40 -5.1 4.3 Bluerock Total Inc+ RE:A 29.77 NA NA 3.5 Griffin Inst Access Cd:C NA NA NA 5.9
Adams Diversified Equity ADX 22.03 18.96 -13.9 48.5 VDivInt&PremStr NFJ 16.08 14.33 -10.9 47.5 Blackstone Strat Cr BGB 14.62 13.42 -8.2 7.7 BR MuniVest 2 MVT 15.56 15.50 -0.4 4.5 Bluerock Total Inc+ RE:C 28.26 NA NA 2.7 Griffin Inst Access Cd:F NA NA NA 5.9
Boulder Growth & Income BIF 15.38 13.10 -14.8 38.8 Income & Preferred Stock Funds Eagle Point Credit ECC NA 12.15 NA 7.3 BR MuniYield Fd MYD 15.22 14.65 -3.7 4.6 Bluerock Total Inc+ RE:I 30.36 NA NA 3.7 Griffin Inst Access Cd:I NA NA NA 5.9
Central Secs CET 46.43 39.15 -15.7 46.8 CalamosStratTot CSQ 17.36 18.19 +4.8 82.1 EtnVncFltRteInc EFT 14.59 14.28 -2.1 5.2 BR MuniYield Qlty MQY 16.47 15.91 -3.4 4.5 Bluerock Total Inc+ RE:L 29.48 NA NA 3.2 Griffin Inst Access Cd:L NA NA NA 5.9
CohenStrsCEOppFd FOF 13.67 13.73 +0.4 43.2 CohenStrsLtdDurPref&Inc LDP 26.04 26.71 +2.6 30.0 EV SenFlRtTr EFR 14.38 14.01 -2.6 5.6 BR MuniYld Qlty2 MQT 14.56 14.01 -3.8 4.4 CIM RA&C A 25.49 NA NA NS PIMCO Flexible Cr I;A-1 9.46 NA NA NS
EVTxAdvDivIncm EVT 27.40 26.66 -2.7 56.8 CohenStrsSelPref&Income PSF 26.79 28.88 +7.8 29.3 EVSnrIncm EVF 6.86 6.68 -2.6 5.8 BR MuniYld Qly 3 MYI 15.32 14.30 -6.7 4.0 CIM RA&C C 25.31 NA NA NS PIMCO Flexible Cr I;A-2 9.46 NA NA 7.2
GabelliDiv&IncTr GDV 27.73 24.64 -11.1 65.6 CohenStrsTaxAvPreSecs&I PTA 25.83 25.07 -2.9 NS FT/Sr Fltg Rte Inc 2 FCT 12.72 12.22 -3.9 9.9 BNY Mellon Muni Bd Infra DMB 14.60 14.53 -0.5 4.5 CIM RA&C I 25.55 NA NA NS PIMCO Flexible Cr I;A-3 9.46 NA NA NS
Gabelli Equity Tr GAB 6.50 6.99 +7.5 68.4 FirstTrIntDurPref&Inc FPF 24.43 23.99 -1.8 30.7 FT/Sr Fltg Rte 2022 TgTr FIV 9.64 9.39 -2.6 2.2 BNY Mellon Str Muni Bond DSM 8.35 8.02 -4.0 4.6 CIM RA&C L 25.43 NA NA NS PIMCO Flexible Cr I;A-4 9.46 NA NA 7.4
GeneralAmer GAM 48.34 41.35 -14.5 51.9 JHanPrefInc HPI 20.24 20.73 +2.4 26.1 Highland Income HFRO 13.56 11.10 -18.1 8.3 BNY Mellon Strat Muni LEO 8.71 8.73 +0.2 4.9 GS Real Est Div Inc:A 9.94 NA NA 10.1 PIMCO Flexible Cr I;Inst 9.46 NA NA 8.1
JHPrefIncII HPF 19.94 21.31 +6.9 37.2 InvDYCrOpp VTA 12.16 11.53 -5.2 7.9 DWS Muni Inc KTF 12.69 11.78 -7.2 4.1 GS Real Est Div Inc:C 9.94 NA NA 9.3 PionrILSBridge NA NA NA 0.0
JHancockTaxAdvDiv HTD 24.28 23.70 -2.4 29.5
HnckJPfdInco III HPS 17.83 18.41 +3.3 32.2 InvSnrIncTr VVR 4.60 4.23 -8.0 6.1 EVMuniBd EIM 14.14 13.39 -5.3 4.4 GS Real Est Div Inc:I 10.39 NA NA 10.5 WA Middle Mkt Inc NA NA NA 7.1
Liberty All-Star Equity USA 7.98 7.92 -0.8 64.3
J Han Prm PDT 14.43 15.14 +4.9 26.8 Nuveen Credit Strat Inc JQC NA 6.66 NA 14.7 EVMuniIncm EVN 14.19 13.83 -2.5 4.0 GS Real Est Div Inc:L 9.95 NA NA 9.96 Other Domestic Taxable Bond Funds
Liberty All-Star Growth ASG 8.38 8.61 +2.7 86.8
LMP CapInco SCD NA 13.08 NA 56.5 NuvFloatRateIncFd JFR NA 9.73 NA 6.2 EVNatMuniOpp EOT 21.90 22.25 +1.6 3.4 GS Real Est Div Inc:W 10.10 NA NA 10.1 Alternative Credit Inc:A 10.88 NA NA 6.5
Royce Micro-Cap Tr RMT 13.49 11.77 -12.8 112.4
Nuveen Pref & Inc Opp JPC 9.81 9.55 -2.7 28.5 NuvFloatRteIncOppty JRO NA 9.58 NA 6.1 InvAdvMuIncTrII VKI 12.23 11.73 -4.1 4.6 NexPointRlEstStrat;A 17.21 NA NA 32.2 Alternative Credit Inc:C 11.00 NA NA 5.7
Royce Value Trust RVT 20.95 18.59 -11.3 90.1
Nuveen Fd JPS 9.80 9.73 -0.7 30.2 Nuveen Senior Income NSL NA 5.64 NA 6.7 Invesco MuniOp OIA 7.81 7.92 +1.4 4.8 NexPointRlEstStrat;C 17.39 NA NA 31.1 Alternative Credit Inc:I 10.90 NA NA 6.7
Source Capital SOR 48.48 44.04 -9.2 45.5
Nuveen Pref & Inc Term JPI 24.99 25.24 +1.0 35.9 High Yield Bond Funds InvescoMuOppTr VMO 13.68 13.23 -3.3 4.6 NexPointRlEstStrat;Z 17.38 NA NA 32.4 Alternative Credit Inc:L 10.88 NA NA 6.2
Tri-Continental TY 37.06 33.46 -9.7 58.0
Nuveen TxAdvDivGr JTD 17.01 15.25 -10.3 33.4 AllianceBernGlHiIncm AWF 12.84 11.94 -7.0 6.6 InvescoMuTr VKQ 13.70 13.14 -4.1 4.6 PREDEX;I 25.46 NA NA 2.0 Alternative Credit Inc:W 10.88 NA NA 6.5
Specialized Equity Funds
TCW Strat Income TSI NA 5.67 NA 9.1 Barings Glb SD HY Bd BGH 17.57 16.16 -8.0 7.8 InvescoQual Inc IQI 13.79 13.14 -4.7 4.7 PREDEX;T 25.58 NA NA 1.9 Am Beacon Apollo TR:T 10.12 NA NA 1.6
Aberdeen Glb Prem Prop AWP 6.34 6.04 -4.7 42.7
Convertible Sec's. Funds BR Corporate HY HYT 12.14 11.84 -2.5 7.9 InvTrInvGrMu VGM 14.11 13.70 -2.9 4.6 PREDEX;W 25.58 NA NA 1.9 Am Beacon Apollo TR:Y 10.21 NA NA 2.3
Adams Natural Resources PEO 16.83 14.70 -12.7 59.6
AdvntCnvrtbl&IncFd AVK 20.49 18.30 -10.7 74.7 BlackRock Ltd Dur Inc BLW 17.14 16.97 -1.0 7.0 InvescoValMunInc IIM 16.76 15.84 -5.5 4.6 Principal Dvs Sel RA A 26.48 NA NA 35.9 Am Beacon SP Enh Inc:T 9.58 NA NA 2.9
ASA Gold & Prec Met Ltd ASA 24.48 21.32 -12.9 75.1
CalamosConvHi CHY 16.34 15.98 -2.2 76.1 BNY Mellon Hi Yield Str DHF 3.31 3.09 -6.6 8.3 MAINSTAY:MKDEFTRMUNOP MMD NA 22.34 NA 4.6 Principal Dvs Sel RA Ins 26.54 NA NA 36.1 Am Beacon SP Enh Inc:Y 9.69 NA NA 3.4
BR Enh C&I CII 20.94 20.08 -4.1 54.8
CalmosConvOp CHI 15.48 15.31 -1.1 88.2 Brookfield Real Asst Inc RA NA 21.62 NA 11.5 NeubrgrBrm NBH 15.18 15.92 +4.9 4.7 Principal Dvs Sel RA Y 26.63 NA NA 36.4 Angel Oak Str Crdt:Inst 22.95 NA NA 8.1
BlackRock Energy & Res BGR 9.40 8.78 -6.6 27.2
VAGI Conv & Inc II NCZ 5.69 5.13 -9.8 67.5 CrSuisHighYld DHY NA 2.39 NA 8.1 Nuveen AMT-Fr Mu Val NUW NA 16.66 NA 2.8 SharesPost 100;A 41.00 NA NA 36.8 BR Credit Strat;A 10.50 NA NA NS
BlackRock Eq Enh Div BDJ 10.28 9.69 -5.7 47.6 Nuveen AMT-Fr Qlty Mun I NEA 15.92 14.95 -6.1
VAGI Conv & Inc NCV 6.34 5.85 -7.7 66.9 DoubleLine Inc Sol DSL 18.33 18.18 -0.8 9.1 4.6 SharesPost 100:I 41.34 NA NA 37.1 BR Credit Strat;Inst 10.50 NA NA 5.3
BlackRock Enh Glbl Div BOE 12.89 11.89 -7.8 40.9 Nuveen AMT-Fr Mu CI NVG NA 17.07 NA 4.7 BlackRock Mlt-Sctr Oppty 88.44 NA NA 7.7
BlackRock Enh Intl Div BGY 6.71 6.24 -7.0 38.9 VAGI Dvs Inc & Conv ACV 35.80 33.32 -6.9 82.0 DoubleLine Yld Opps DLY NA 19.54 NA 7.3 SharesPost 100:L 40.67 NA NA 36.4
VAGI Eqty & Conv Inc NIE 32.17 29.07 -9.6 57.2 First Tr Hi Inc Lng/Shrt FSD 16.44 15.14 -7.9 8.7 Nuveen Dyn Muni Opp NDMO NA NA NA NS USQ Core Real Estate:I 24.80 NA NA 0.8 BlackRock Mlt-Sec Opp II 91.28 NA NA 7.6
BlackRock Hlth Sci Tr II BMEZ 29.15 27.15 -6.9 50.4 Nuveen Enh Muni Val NEV NA 16.95 NA 4.3 Carlyle Tact Pvt Cred:A NA NA NA 6.5
World Equity Funds First Trust HY Opp:2027 FTHY 21.27 20.10 -5.5 NS USQ Core Real Estate:IS 24.81 NA NA 0.9
BlackRock Hlth Sciences BME 45.55 47.13 +3.5 30.8 Nuveen Int Dur Mun Term NID NA 14.31 NA 3.6 Carlyle Tact Pvt Cred:I NA NA NA 7.0
Aberdeen Emg Mkts Eq Inc AEF 9.85 8.58 -12.9 61.2 IVY HIGH INCOME OPP IVH 15.15 13.65 -9.9 8.1 Versus Cap MMgr RE Inc:I 27.72 NA NA NE
BlackRock Res & Comm BCX 9.43 9.20 -2.4 78.5 Nuveen Mu Crdt Opps NMCO NA 14.31 NA 5.1 Carlyle Tact Pvt Cred:L NA NA NA 6.6
Aberdeen Tot Dyn Div AOD 10.90 9.78 -10.3 49.4 KKR Income Opportunities KIO NA 15.84 NA 8.8 Versus Capital Real Asst 25.72 NA NA 8.6
BlackRock Sci&Tech Tr II BSTZ 39.97 38.72 -3.1 122.6 Nuv Muni Credit Income NZF NA 16.37 NA 4.7 Carlyle Tact Pvt Cred:M NA NA NA NS
BlackRock Capital Alloc BCAT 21.56 21.84 +1.3 NS NexPointStratOppty NHF 19.53 11.55 -40.9 7.9 Wildermuth Endwmnt:A 13.56 NA NA -0.1
BlackRock Sci&Tech Trust BST 53.46 58.84 +10.1 105.9 NuvMuniHiIncOpp NMZ NA 14.70 NA 5.1 Carlyle Tact Pvt Cred:N NA NA NA 7.0
Calamos GloDynInc CHW 10.07 10.88 +8.0 94.2 Nuveen CI Nov 2021 Tgt JHB 9.50 9.39 -1.2 3.4 Wildermuth Endwmnt:C 13.02 NA NA -1.0
BlackRock Utl Inf & Pwr BUI 24.91 25.48 +2.3 44.5 Nuveen Muni Val NUV 10.70 11.25 +5.1 3.3 Carlyle Tact Pvt Cred:Y NA NA NA 6.8
China CHN 32.17 29.40 -8.6 66.9 Nuveen Crdt Opps 2022 TT JCO 8.36 8.46 +1.2 6.7 Wildermuth Endowment:I 13.64 NA NA -0.5
CBRE ClrnGlbRlEst IGR 8.73 7.94 -9.0 49.5 Nuveen Quality Muni Inc NAD 16.21 15.22 -6.1 4.5 CION Ares Dvsfd Crdt;A NA NA NA 5.5
EV TxAdvGlbDivInc ETG 21.30 19.80 -7.0 61.6 Nuveen Global High Inc JGH 16.96 15.60 -8.0 7.0 Income & Preferred Stock Funds
CLEARBRIDGEENGYMDSOPP EMO NA 19.07 NA 141.4 Nuveen Sel TF NXP NA 18.34 NA 3.1 CION Ares Dvsfd Crdt;C NA NA NA 5.5
EtnVncTxAdvOpp ETO 29.25 28.09 -4.0 53.9 PGIM Global High Yield GHY 16.53 15.06 -8.9 8.4 A3 Alternative Inc 10.10 NA NA 2.6
ClearBridge MLP & Midstm CEM NA 24.13 NA 113.7 Nuveen Sel TF 2 NXQ NA 16.42 NA 3.1 CION Ares Dvsfd Crdt;I NA NA NA 5.5
FirstTr Dyn Euro Eq Inc FDEU 14.67 13.06 -11.0 39.1 PGIM High Yield Bond ISD 17.16 15.87 -7.5 8.0 Calamos L/S Eqty and DI CPZ 22.84 20.68 -9.5 43.0
ChnStrInfr UTF 26.11 29.11 +11.5 55.2 PIMCO MuniInc PMF 13.11 14.49 +10.5 4.4 CION Ares Dvsfd Crdt;L NA NA NA 5.5
Gabelli Multimedia GGT 9.17 10.04 +9.5 84.9 PGIM Sh Dur Hi Yld Opp SDHY 20.06 NA NA NS Destra Multi-Altrntv;A 11.49 NA NA 0.8
Cohen&SteersQualInc RQI 14.60 14.40 -1.4 50.3 PIMCOMuniIncII PML 12.31 14.80 +20.2 4.7 CION Ares Dvsfd Crdt;U NA NA NA 5.5
Highland Global Alloc HGLB 11.02 8.09 -26.6 91.4 PioneerHilncmTr PHT 9.66 9.64 -0.2 8.1 Destra Multi-Altrntv;C 10.96 NA NA 0.0
Cohen&Steers TotRet RFI 14.06 14.86 +5.7 39.1 Pimco Muni III PMX 11.28 12.42 +10.1 4.4 CION Ares Dvsfd Crdt:U2 NA NA NA NS
India Fund IFN 23.19 21.40 -7.7 66.6 Wells Fargo Income Oppty EAD 9.16 8.58 -6.3 8.1 Destra Multi-Altrntv;I 11.74 NA NA 1.1
CohenStrsREITPrefInc RNP 25.16 24.82 -1.4 42.0 PioneerHilncAdv MAV 12.27 12.04 -1.9 4.7 CION Ares Dvsfd Crdt;W NA NA NA 5.4
Japan Smaller Cap JOF NA 9.39 NA 40.1 WstAstHIF II HIX NA 6.94 NA 8.5 Destra Multi-Altrntv;T 11.14 NA NA 0.4
Columbia Sel Prm Tech Gr STK 32.83 33.16 +1.0 79.7 PioneerMunHiIcmT MHI 13.08 12.58 -3.8 4.6 CNR Select Strategies 11.56 NA NA 0.0
Korea KF NA 44.74 NA 92.7 Western Asset Hi Inc Opp HIO NA 5.14 NA 7.6 Flat Rock Opportunity 20.68 NA NA 47.2
DNP Select Income DNP 9.44 9.95 +5.4 1.3 Putnam Mgd Inc PMM 8.27 8.45 +2.2 4.7 First Eagle Crdt Opps A 26.24 NA NA NS

.
LazardGlbTotRetInc LGI 20.68 19.75 -4.5 64.8 Western Asset Hi Yld D O HYI NA 15.49 NA 7.3 Variant Altrntv Inc:Inst 26.89 NA NA 8.3
Duff&Ph Uti&Infra Inc Fd DPG 13.92 13.87 -0.4 46.0 Putnam Muni Opp PMO 13.90 13.63 -1.9 4.9 First Eagle Crdt Opps I 26.24 NA NA NS
Variant Altrntv Inc:Inv 26.90 NA NA 8.0

ly
EtnVncEqtyInc EOI 18.13 17.49 -3.5 45.5 MS ChinaShrFd CAF 25.36 22.57 -11.0 32.8 Other Domestic Taxable Bond Funds
RiverNorth Flx Mu Inc II RFMZ 20.43 20.00 -2.1 NS Convertible Sec's. Funds FS Credit Income;A NA NA NA 5.3
MS India IIF 26.73 22.93 -14.2 73.0 Apollo Tactical Income AIF NA 15.26 NA 6.6
EtnVncEqtyIncoII EOS 22.61 22.60 0.0 60.8 RiverNorth Mgd Dur Mun I RMM 20.31 19.09 -6.0 5.9 FS Credit Income;I NA NA NA 5.6
New Germany GF 23.15 20.27 -12.4 83.7 Ares Dynamic Crdt Alloc ARDC NA 15.19 NA 7.7 Calmos Dyn Conv and Inc CCD 31.69 33.00 +4.1 95.4
EVRskMnDvsEqInc ETJ 10.40 10.86 +4.4 33.4 Western Asset Mgd Muni MMU NA 13.21 NA 4.1 FS Credit Income;T NA NA NA 5.1
Templeton Dragon TDF 24.71 23.26 -5.9 68.7 BlackRock Mlt-Sctr Inc BIT 18.60 18.33 -1.5 8.2 World Equity Funds
ETnVncTxMgdBuyWrtInc ETB 15.50 16.00 +3.2 34.6 Westn Asst Mu Def Opp Tr MTT NA 21.17 NA 2.9 FS Credit Income;U NA NA NA 5.0
Templeton Em Mkt EMF 21.18 19.27 -9.0 67.4 BlackRock Tax Muni Bd BBN 24.43 24.59 +0.7 5.5 ACAP Strategic:A 26.05 NA NA 37.6
EtnVncTxMgdBuyWrtOpp ETV 15.31 15.76 +2.9 36.4
EvTxMnDvsEqInc ETY 13.56 13.16 -2.9 42.3
EtnVncTxMgdGlbB ETW 10.79 10.64 -1.4 45.9
EVTxMnGblDvEqInc EXG 9.97 9.54 -4.3 52.7
First Trust Energy Inc G FEN 13.96 13.77 -1.4 48.9
Wells Fargo Gl Div Oppty EOD 5.92 5.35 -9.6 47.9

Fund (SYM)
U.S. Mortgage Bond Funds
Prem12 Mo
NAV Close /Disc Yld
on DoubleLine:Oppor Crdt Fd DBL 19.54 20.25 +3.6 8.6
EVLmtDurIncm EVV 13.55 12.60 -7.0 9.5
Franklin Ltd Dur Income FTF 9.39 9.14 -2.7 6.8
J Han Investors JHI 18.63 18.37 -1.4 7.7
Single State Muni Bond
BlackRock CA Mun BFZ 15.98 14.45 -9.6
BR MH CA Qly Fd Inc MUC 15.90 15.04 -5.4
BR MH NJ Qly MUJ 16.07 15.05 -6.3
BR MH NY Qly MHN 15.14 14.22 -6.1
3.2
4.1
4.8
4.4
ACAP Strategic:W 19.25 NA NA 38.6
CalamosGlbTotRet CGO 15.44 16.05 +4.0 81.7
CPG Cooper Square IE A NA NA NA NS
CPG Cooper Square IE I NA NA NA NS
FS Credit Income;U-2
GL Beyond Income
KKR CREDIT OPPTY;D NA NA NA
KKR CREDIT OPPTY;I
KKR CREDIT OPPTY;T NA NA NA
NA NA NA
0.49 NA NA

NA NA NA
NS
NE
NS
5.6
NS
MFS Charter MCR 8.71 8.52 -2.2 8.1 Primark Priv Eq Inv:I 12.51 NA NA NS
BlckRk Income BKT 6.12 6.11 -0.2 6.7
us ,

First Tr Enhanced Eq FFA 20.05 19.37 -3.4 56.5 BR MuniYld CA MYC 16.29 14.82 -9.0 3.5 KKR CREDIT OPPTY;U NA NA NA NS
Nuveen Taxable Muni Inc NBB 22.37 22.46 +0.4 5.0 VirtusTotalRetFd ZTR 9.29 9.42 +1.4 24.9
FirstTrMLPEner&Inc FEI 7.83 7.06 -9.8 58.2 Invesco HI 2023 Tgt Term IHIT 9.20 9.14 -0.7 6.4 BR MuniYld CA Qly MCA 16.17 14.87 -8.0 4.2 Lord Abbett Cred Opps Fd 10.84 NA NA 6.0
l

PIMCO Corp & Inc Oppty PTY 14.16 18.67 +31.9 8.5 BR MuniYld MI Qly MIY 15.86 15.22 -4.0
Prem12 Mo
Gabelli Healthcare GRX 14.51 12.56 -13.4 37.3 Investment Grade Bond Funds 4.2 Fund (SYM) NAV Close /Disc Yld Lord Abbett Cred Opps Fd 10.84 NA NA 6.7
e
PIMCO Corp & Inc Strat PCN 14.33 17.83 +24.4 7.7
al a

Gab Utility GUT 4.31 7.07 +64.0 21.7 Angel Oak FS Inc Trm FINS 18.86 17.67 -6.3 7.1 BR MuniYld NJ MYJ 16.13 14.94 -7.4 5.0 Lord Abbett Crd Op:U 10.84 NA NA NS
PIMCOHilnco PHK 5.87 6.96 +18.6 8.9 BR MuniYld NY Qly MYN 14.51 13.60 -6.3 4.3
Loan Participation Funds
Palmer Square Opp Inc 18.68 NA NA 5.3
PIMCO IncmStrFd PFL 10.56 12.02 +13.8 8.9 1WS Credit Income;Inst NA NA NA 5.0
EVCAMuniBd EVM 12.65 11.73 -7.3 4.2 Thrivent Church Ln&Inc:S 10.64 NA NA 2.6
PIMCO IncmStrFd II PFN 9.33 10.39 +11.4 9.3 AlphCntrc Prime Merid In 9.83 NA NA 9.2
ci on

IPO Scorecard Putnam Mas Int PIM 4.46 4.22 -5.4 7.5
Eaton Vance NY Muni Bd ENX 13.38 12.41 -7.2 4.2
Axonic Alternative Inc NA NA NA 4.6
World Income Funds
InvCaValMuIncTr VCV 13.66 12.97 -5.1 4.3 Destra Int&Evt-Dvn Crd:A 27.10 NA NA 2.2
Performance of IPOs, most-recent listed first Putnam Prem Inc PPT 4.94 4.74 -4.0 7.8 Blackstone/GSO FR EI D 24.13 NA NA 5.3
InvPAValMuIncTr VPV 14.30 13.05 -8.7 4.5 Destra Int&Evt-Dvn Crd:I 27.11 NA NA 2.4
% Chg From % Chg From Wells Fargo Multi-Sector ERC 12.87 12.58 -2.3 9.0 Blackstone/GSO FR EI I 24.09 NA NA 5.5
Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day InvTrInvGrNYMu VTN 14.44 13.16 -8.9 4.1 Destra Int&Evt-Dvn Crd:L 27.08 NA NA 2.0
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
World Income Funds Nuveen CA AMT-F Qual MI NKX 16.76 15.66 -6.6 4.1 Blackstone/GSO FR EI T 24.05 NA NA 5.0 Destra Int&Evt-Dvn Crd:T 27.05 NA NA 1.9
Abrdn AP IncFd FAX 4.67 4.19 -10.3 8.0 Nuveen CA Val NCA 10.79 10.32 -4.4 3.1 Blackstone/GSO FR EI T-I 24.65 NA NA 5.0 National Muni Bond Funds
Aldel Financial 9.99 –0.1 ... Model Performance Acquisition 10.09 0.9 0.4
BrndywnGLB Glb Inc Oppts BWG NA 12.20 NA 7.1 Blackstone/GSO FR EI U 25.11 NA NA 5.0
er s

ADF.UT April 9/$10.00 MPACU April 8/$10.00 NuveenCAQtyMuInc NAC 16.17 15.07 -6.8 4.3 Ecofin Tax-Adv Soc Inf 9.43 NA NA 4.4
EtnVncStDivInc EVG 13.77 13.32 -3.3 6.8 Nuveen MD Qual Muni Inc NMY 15.27 14.30 -6.4 4.2 Blstn Commnty Dev 9.93 NA NA 3.1 PIMCO Flex Mun Inc;A-3 11.64 NA NA 2.2
Global SPAC Ptnrs 9.94 –0.6 ... Tio Tech A 10.00 ... ...
GLSPU April 9/$10.00 TIOAU April 8/$10.00 MS EmMktDomDebt EDD 6.78 6.00 -11.5 6.8 NuvNJ Qual Muni Inc NXJ 16.66 14.69 -11.8 4.6 BNYM Alcntr Glb MS Cr Fd 103.61 NA NA 7.0 PIMCO Flex Mun Inc:A1 11.64 NA NA NS
PIMCO Dyn Crd & Mrt Inc PCI NA 22.81 NA 9.3
m er

Reneo Pharmaceuticals 13.89 –7.4 ... CM Life Sciences III 11.20 12.0 0.1 Nuveen NY AMT/Fr Qual MI NRK 15.00 13.74 -8.4 4.1 CLIFFWATER CL FD;I 10.65 NA NA 6.7 PIMCO Flex Mun Inc;A2 11.64 NA NA NS
PIMCO Dynamic Income PDI NA 28.96 NA 9.4 Nuveen NY Qual Muni Inc NAN 15.56 14.38 -7.6 4.3 CNR Strategic Credit 10.64 NA NA 8.1 PIMCO Flex Mun Inc;Inst 11.64 NA NA 2.9
RPHM April 9/$15.00 CMLTU April 7/$10.00
PIMCO Dynamic Inc Opp PDO NA 20.45 NA NS
TPG Pace Solutions 10.11 1.1 ... Panacea Acquisition II 10.00 ... ...
PIMCO Income Opportunity PKO NA 26.99 NA 8.6
TPGS April 9/$10.00 PANA April 7/$10.00
PIMCO Stratg Inc RCS NA 7.52 NA 8.6
VectivBio Holding 24.23 42.5 ... Ace Global Business Acquisition 10.07 0.7 ...
m rp

Templeton Em Inc TEI 8.28 7.45 -10.0 1.8

VECT April 9/$17.00 ACBAU April 6/$10.00
Templtn Glbl Inc GIM 5.84 5.42 -7.2 0.8

YOU DESERVE MORE

Sources: Dow Jones Market Data; FactSet WstAstEmergDebt EMD NA 13.48 NA 8.6

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

STEAK
co Fo

Money Rates
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
April 9, 2021
FROM YOUR
guide to general levels but don’t always represent actual transactions.
Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low 100% GUARANTEED PERFECTION. EVERY SINGLE TIME.
Feb. index Chg From (%)
level Jan. '21 Feb. '20 Low 0.0500 0.0300 0.0600 0.0000 Commercial paper (AA financial)
Bid 0.0500 0.0600 0.1000 0.0100
That’s the promise of a fifth-generation family business
90 days 0.12 0.11 0.26 0.04
U.S. consumer price index Offer 0.0800 0.0800 0.1100 0.0500 with more than 100 years of expertise in selecting,
All items 263.014 0.55 1.7 Libor naturally aging, and hand carving the best beef in the
Treasury bill auction
Core 270.696 0.35 1.3 One month 0.11125 0.11038 0.81400 0.10300
4 weeks 0.010 0.015 0.190 0.005 Three month 0.18750 0.19975 1.21888 0.17525 world into the best steak of your life, guaranteed!
International rates 13 weeks 0.020 0.020 0.280 0.015 Six month 0.21138 0.20125 1.22588 0.18950
26 weeks 0.035 0.040 0.290 0.035 0.28575 0.28050 1.05088 0.27588
n-

One year
Week 52-Week
Latest ago High Low Secondary market Euro Libor
One month -0.576 -0.578 -0.360 -0.607
Prime rates Fannie Mae Three month -0.544 -0.550 -0.142 -0.574
U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.529 -0.525 -0.052 -0.543
no

Canada 2.45 2.45 2.45 2.45 30 days 2.479 2.541 2.622 1.751 One year -0.503 -0.499 0.008 -0.511
Japan 1.475 1.475 1.475 1.475 60 days 2.517 2.585 2.674 1.804
Secured Overnight Financing Rate
Policy Rates
Other short-term rates 0.01 0.01 0.13 0.01
Euro zone 0.00 0.00 0.00 0.00
Switzerland 0.00 0.00 0.50 0.00 Week 52-Week
Value 52-Week
Britain 0.10 0.10 0.10 0.10 Latest Traded High Low
Latest ago high low
Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index
Call money Treasury 0.004 41.000 0.151 -0.008
Overnight repurchase
U.S. 0.01 0.02 0.14 -0.04 2.00 2.00 2.00 2.00 MBS 0.011 24.750 0.169 0.002

U.S. government rates Notes on data:

U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is
0.25 0.25 0.25 0.25 as of April 8, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for
overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
Federal funds are Tullett Prebon rates as of 5:30 p.m. ET.
Effective rate 0.0700 0.0700 0.1000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
High 0.0800 0.1000 0.1500 0.0800 Tullett Prebon Information, Ltd.

Cash Prices | wsj.com/market-data/commodities Friday, April 09, 2021 Grilling Classics Bundle
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 4 Butcher’s Cut Filet Mignons (5 oz.)
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2 pkgs. Premium Ground Beef (1 lb. pkgs.)
months. 4 Boneless Pork Chops (6 oz.)
Friday Friday Friday
4 Gourmet Jumbo Franks (3 oz.)
Aluminum, LME, $ per metric ton *2267.5 Wheat - Hard - KC (USDA) $ per bu-u 6.1650
Energy Copper,Comex spot 4.0505 Wheat,No.1soft white,Portld,OR-u 6.7000 4 Individual Scalloped Potatoes (3.8 oz.)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 172.4 4 Caramel Apple Tartlets (4 oz.)
Shredded Scrap, US Midwest-s,m 451
Food
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 1 Signature Seasoning (1 oz. jar)
Steel, HRC USA, FOB Midwest Mill-s 1352 Beef,carcass equiv. index
Metals choice 1-3,600-900 lbs.-u 219.37 65242WPY separately $260.93*
Fibers and Textiles select 1-3,600-900 lbs.-u 209.49
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.9884
Engelhard industrial 1734.00 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Butter,AA Chicago 1.8800
Package Price $ 129.99
Handy & Harman base 1741.20 Cotton,1 1/16 std lw-mdMphs-u 0.8015 Cheddar cheese,bbl,Chicago 169.25
Handy & Harman fabricated 1932.73 Cotlook 'A' Index-t *86.60 Cheddar cheese,blk,Chicago 183.00
LBMA Gold Price AM *1743.70 Hides,hvy native steers piece fob-u n.a. 120.50
LBMA Gold Price PM *1755.50 Wool,64s,staple,Terr del-u,w n.a.
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp n.a.
Plus 4 FREE Burgers
Krugerrand,wholesale-e 1814.28 Coffee,Colombian, NY n.a. & 4 FREE Chicken Breasts
Maple Leaf-e 1831.73 Grains and Feeds Eggs,large white,Chicago-u 1.0150
American Eagle-e 1831.73 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.30
Mexican peso-e 2111.34 159 Hams,17-20 lbs,Mid-US fob-u n.a.
Austria crown-e 1712.96
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u 5.3000 Hogs,Iowa-So. Minnesota-u 98.34
Shop online or call now to order
Austria phil-e 1831.73 Corn gluten feed,Midwest-u,w 178.3 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz.
Engelhard industrial 25.1000
Corn gluten meal,Midwest-u,w 623.5 Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
1.0920
121.00
OmahaSteaks.com/promise226 | 1.800.811.7832
Cottonseed meal-u,w 460
Handy & Harman base 25.2650 Hominy feed,Cent IL-u,w 172 Steers,feeder,Okla. City-u,w 163.00 Ask for free burgers and chicken breasts with offer 65242WPY
Handy & Harman fabricated 31.5810 Meat-bonemeal,50% pro Mnpls-u,w 358
LBMA spot price *£18.4400
Fats and Oils
Oats,No.2 milling,Mnpls-u 3.8525
(U.S.$ equivalent) *25.3300 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 56.5000
Coins,wholesale $1,000 face-a 20337 Sorghum,(Milo) No.2 Gulf-u 7.9725 Grease,choice white,Chicago-h 0.5350 *Savings shown over aggregated single item base price. Photos exemplary of product advertised. Limit 2. 4 free
Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 407.40 Lard,Chicago-u n.a. (5 oz.) burgers and 4 free chicken breasts (1 lb. total) will be sent to each shipping address that includes (65242).
LBMA Platinum Price PM *1223.0 Soybeans,No.1 yllw IL-bp,u 14.0250 Soybean oil,crude;Centl IL-u,w 0.5842 Free product(s) may be substituted. Standard S&H added per address. Offer available while supplies last. Items
Platinum,Engelhard industrial 1207.0 Wheat,Spring14%-pro Mnpls-u 7.7400 Tallow,bleach;Chicago-h 0.5350 may be substituted due to inventory limitations. Cannot be combined with other offers. Other restrictions may
Palladium,Engelhard industrial 2664.0 Wheat,No.2 soft red,St.Louis-u 6.6625 Tallow,edible,Chicago-u 0.5650
apply. All purchases acknowledge acceptance of Terms of Use. Visit omahasteaks.com/termsof-useOSI or call
1-800-228-9872 for a copy. Expires 6/30/21. ©2021 OCG | Omaha Steaks, Inc. | SRC0677
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/8
Source: Dow Jones Market Data
 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 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Investing Chinese Property Tax

S&P Composite 1500, cyclically adjusted price-to-earnings ratio

40 times GDP trough 1990-01

When 30
2020-Now 2001-07
2007-20
Is an Unlikely Dream
Everything 20

Is Pricey
China’s Ministry of Finance is real figure could be even lower,
working on legislation for a direct given the limited rental markets in
10
property tax, according to com- much of the country.
ments last week by the ministry’s And a tax on values could knock
head of tax policy. But the idea has consumption for China’s heavily
been in the works for more than a indebted homeowners: Research-
Savers need to plan for 0
decade—China’s equivalent of a ers at Rhodium Group estimated
lower future returns –30 0 30 60 90 120 New Year’s resolution that never that household debt sat at 128% of
MONTHS SINCE TROUGH quite materializes. income at the end of 2019, above
Note: Economic troughs are defined by the National Bureau of Economic Research A property tax has merit as a U.S. levels, after a decade of near-
The good news for your portfo- Source: Prof. Robert Shiller way to wean the nation off its hous- constant increase.
lio is that the economic rebound ing addiction. But the overheated Replacing lost revenue from
from Covid-19 is looking like a during the pandemic and are close trough, so valuations are at their real-estate market has become an land sales with property-tax reve-
fact. The bad news is that financial to 2007 levels relative to rents. highest starting point for a recovery essential crutch for fiscal revenue. nue would therefore be a high-
assets have never been so expen- Savers shouldn’t panic yet. Wait- ever. Replicating the last cycle’s And despite a recent capital-market stakes balancing act—and could
sive at the start of a recovery. ing for a bubble to burst based on stellar performance would take overhaul, there is still no clear al- end in a debilitating tumble. Land-
Stocks have shaken off concerns high valuations has led to terrible them to an unprecedented CAPE of ternative destination for the bulk of sales revenue is driven by devel-
about rising bond yields and are investment decisions in recent de- 52, which is hard to imagine. China’s enormous household sav- oper demand, driven in turn by
setting highs. As of Friday, the S&P cades. Prof. Shiller himself has un- Earnings will likely rebound ings. That suggests any actual im- precariously high property prices.
500 index is up 10% this year. derscored that low rates make equi- much faster from a pandemic than plementation is likely to be limited. If a property tax reduces prices,
Analysts usually compare share ties more attractive. And while there after previous crises: FactSet pre- The country’s experiments with revenues from land sales could fall
prices to the earnings companies are signs of irrationality—including dicts a 23% year-over-year jump property taxes have been lacklus- and the actual revenue from the
generate, which is what investors the proliferation of special-purpose this quarter. But even using opti- ter. Pilot programs in Shanghai new tax could end up insufficient.
ultimately have a claim on. Nobel acquisition companies—they aren’t mistic post-Covid-19 profit expec- and Chongqing in 2011 differed When an idea has spent a decade
laureate Robert Shiller uses data comparable to the mom-and-pop tations, markets are pricey. greatly in their details but had in bubbling away without moving off
stretching back as far as 1871 to craze for Pets.com in the early Paradoxically, it is easier to pro- common that they covered hardly the back burner, it is often a sign of
calculate price/earnings ratios, av- 2000s. Today’s market leaders are tect against an immediate crash more than a sliver of the local an insurmountable barrier, no mat-
eraging profits over a decade, ad- technology giants that make money. than to find a solution to invest- market, and generated income to ter how worthy the principle. In the
justed for inflation, to correct for All of this justifies higher valuations. ment returns eventually being match: 0.5% of Shanghai’s total case of a Chinese property tax, the
economic booms and busts—a met- Also, thanks to activist fiscal and lower. The irony of a world in revenue, 0.3% of Chongqing’s. dynamics of the housing market
ric known as the Shiller P/E, or cy- monetary policies, Americans are which stocks have less of an upside Two overwhelming factors gov- may simply make the costs too high.

.
clically adjusted P/E ratio (CAPE). awash in cash. A strong rebound but are protected from calamities ern China’s real-estate market. —Mike Bird
The S&P Composite 1500 is from the 2020 trough is under way, by central banks and governments There is the push from local gov-

ly
trading at a CAPE of 37. That is judging by the latest economic data. is that it might actually be better to ernments, which need ever-greater
more than twice the historical av- The relevance of high valuations buy more of them. Portfolios with sums from land sales thanks to a
erage, though still less than the isn’t—as often thought—that they 70% in stocks and 30% in bonds— fiscal system that gives Beijing a
dot-com bubble peak of 44. It
reached 33 before the 1929 crash.
The problem with an “everything
rally” is that, yes, everything is now
run, gains might be lower.
on
point to a crash. Rather, they are
an indication that, over the long

Historical data show that nega-

versus the traditional 60/40 tilt—
can squeeze out more of the extra
returns equities tend to provide.
Many money managers are rec-
tight grip on tax revenue but re-
quires local governments to cover
the bulk of spending. And there is
the pull from high-saving house-
expensive. Among stocks, even tive returns can happen at almost ommending discounted cyclical and holds with little else to invest in:
us ,

many pandemic-stricken cyclical in- any level of valuation, but that foreign stocks, but low valuations Many financial products are notori-
l

dustries such as airlines aren’t overall there is still an inverse cor- aren’t an indication that their un- ously unreliable, and capital con-
e
al a

cheap anymore. And with interest relation between CAPE and future derperformance over the past de- trols bar most individuals from less-
rates at record lows and economic 10-year equity returns. Usually, cade is at an end. Commodities speculative investments overseas.

MU YU/XINHUA/ZUMA PRESS
growth accelerating, bonds are look- stocks progressively cheapen after might offer better upside exposure It is quite possible that a far
ci on

ing stretched too. Treasurys could economic growth reaches a peak. to global growth: Despite recent more aggressive property tax
offer some value, but 10-year yields Once they hit a bottom, they slowly gains, they are historically cheap. would pull the rug from under that
are still under 1.7%. As for corporate become expensive again. In the So much optimism about the framework, by revealing that
bonds, the extra return they offer 2009-2020 cycle, for example, post-pandemic recovery bodes well prices are held up only by specula-
relative to government paper has CAPE started at 16 and ended at 31. for the economy itself. For savers, tive demand. In 100 of China’s
er s

fallen to near its recent historic low. Not this time: Markets rallied last however, it means planning for a fu- largest cities, gross rental yields
Nor is there a dip to buy in real spring in anticipation of a 2009-like ture with lower returns. average barely above 2%, accord- The idea of a direct property tax has
m er

estate. Home prices have risen rebound as the economy reached a —Jon Sindreu ing to data service Wind—and the been around for more than a decade.

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JOURNAL REPORT

© 2021 Dow Jones & Company. All Rights Reserved.

ENCORE
* * THE WALL STREET JOURNAL. Monday, April 12, 2021 | R1

8
questions
to ask yourself
before taking
the plunge

Are You
Emotionally
Ready to

.
Retire? ly
on
us ,
l
e
issues he had at home.
al a

People were shocked when he announced his retire-

BY MARYANNE VANDERVELDE ment at age 67 because they thought he had nothing else
ci on

in his life. But he knew the decision was right for him.
For the next two years I saw him learn and grow and find
t’s one of the most-important decisions many other sources of happiness with his family. His stomach
of us will ever make. And we often get it wrong. had told him what his mind was unable to see.
I’m talking about retirement—and specifically, when to do it. If you are lucky enough
er s

to be able to determine your own retirement date, be grateful that this change is not
m er

being forced upon you. But also be aware that it isn’t a simple decision. Many of us

2.
know friends who thought they were emotionally ready but later regretted having re-
tired. And we know colleagues who thought they were not ready, and then got sick or
m rp

died young, filled with regret that they had missed out on a phase of life that could have
been wonderful. • It doesn’t have to be this way. After seeing hundreds of individuals
and couples in psychotherapy over many years, and writing a book on retirement, I
believe that retirement-timing mistakes can be the exception rather than the rule. The Have I thought carefully about
co Fo

key is to know what questions to ask yourself—and how to understand the answers. my financial picture? What ex-
• To that end, here are eight questions that I think can make all the difference. penses am I prepared to cut if
money becomes tight?
To answer this takes a little soul-searching, especially

1.
after decades of simply accepting your weekly routine.
But if you pay attention to your gut feelings at the end of By this age, you should know what resources you need
the weekend, or at the end of a vacation, you’ll know to live on and what you will have in
whether your stomach is in an unhappy knot with worry, income and savings for your re-
a happy knot with anticipation, or tirement years. But people
somewhere in between. sometimes screw up, or cir-
n-

Every Sunday night, One CEO, whom I saw weekly

from ages 59 to 69, had been in
cumstances screw them up.
Maybe they (or a financial ad-
as I anticipate returning to his position for 18 years. Al- viser) mismanaged their nest egg.
though he would tell you he Maybe the market collapses in a to-
work, do I look forward to
no

loved his job, he hated the tally unexpected way just after they stop
finishing tasks, seeing angst he felt at the office working. The unknowns are unknown.
every day—especially on So it’s a useful exercise to imagine cutting ex-
friends and colleagues, and Mondays. penses if you ever have to. How might your life
perhaps learning something Over time, he real- change in that way, and how would you feel about that?
ized that he was Are you emotionally prepared for it, or would it be best
new? Or do I dread another hanging onto work to keep working, at least for a while?
week of tedious tasks and as his refuge—the
place where he
Please turn to page R4

difficult people? found success and Dr. Vandervelde is a psychologist in Seattle and author of
recognition—to six books, including “Retirement for Two.” She can be
avoid confronting reached at [email protected].

MARTIN TOGNOLA

Inside
The Best Way to Make a Nest Egg Last
The Pain of Isolation
BY NEAL TEMPLIN years—it is a one-size-fits-all and bigger chunks of their di-
kind of solution. And some ad- minished portfolios. For oth-
This past year has shown us the For retirees seeking to make visers say that its lack of flexi- ers, the reverse can happen,
high cost of loneliness. Let’s take a nest egg last, it might be bility means it tends to under- leaving them sitting on piles
time to rethink the conven- of assets they might have
what we have learned and apply it tional wisdom of withdrawing used earlier.
to the post-pandemic world. R3 fixed amounts each year. It’s time to drop the Currently we’re in an espe-
That conventional wisdom idea of withdrawing cially dangerous time for retir-
is laid out in the so-called 4% ees living on fixed incomes be-

Go
rule, which says: Calculate 4% a fixed amount cause low interest rates are
of the value of your nest egg every year. It’s keeping bond income down

North
at retirement, and that initial and lofty stock valuations
No, Thank You amount, plus inflation, is how
better to be flexible. pose a risk that stock prices
much you should withdraw will fall in the coming years.
Handing down each year. shoot or overshoot. Some A better approach than a
But while the 4% rule ap- retirees using the 4% rule can schedule of fixed withdrawals,
family heirlooms,
Alaska was the last place peals for its simplicity—and quickly deplete their portfolios some financial experts say, is
this San Diego couple ev- or trying to, leads tests using historical market during years of weak markets, one that bends with the mar-
er wanted to visit. Then to some serious data suggest it can preserve a as those fixed-dollar-amount kets: a system that produces
they retired there. R7 re-evaluations. R6 nest egg for at least 30 withdrawals represent bigger Please turn to page R2
 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.

R2 | Monday, April 12, 2021 * * THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

The Best Way to

Make Sure Your
Nest Egg Lasts:
Be More Flexible
Continued from page R1
lower payouts in bad markets and higher pay-
outs in good markets. Making flexibility a virtue
lessens risk of nest-egg depletion if a market
takes an extended big dip in the early years of
an investor’s retirement. In such a case, the 4%
rule would force a retiree to sell a bigger chunk
of a depleted portfolio to withdraw the target
amount, making it more difficult for the portfo-
lio to recover even if the market rebounds.
There are many variations on the theme of
flexible distributions. But they all generally fea-
ture adjusting withdrawals each year in line
with current market levels, gradually giving big-
ger payouts to retirees as they age, or a combi-
nation of the two.
San Francisco financial adviser David Yeske
uses rules based on researchdone by Jonathan
Guyton and Willliam Klinger in the early 2000s.
Because of his system’s flexibility, Mr. Yeske
says his clients who are retired are able to take
5% or even 6% withdrawals in good years.
And by adjustments, he means some belt-
tightening will be necessary in years when mar-
kets don’t perform so well. When stocks
crashed in late 2008 and early 2009, Mr. Yeske
says, he told his retired clients that their
monthly portfolio distributions were being cut
10% because of his system’s capital-preserva-
tion rule. Suppose a retiree with $1 million port-

.
folio was withdrawing 5%, or $50,000 a year in

ly
Mr. Yeske’s system. If that portfolio fell to

Target-Date Funds, on realize—and more than they have to.

According to an analysis by Univer-
sity of Arizona Prof. David Brown and
$833,000 or lower, Mr. Yeske’s system would
lower the withdrawal 10% to $45,000.
“The bottom line,” he says, “is you can launch

After Retirement University of Colorado Prof. Shaun Da-

vis, Americans could be paying in excess
of $2 billion a year more than they
yourself on a high-spending trajectory as long
as you are prepared to make adjustments.”
“As much as no one wants to cut their
us ,

would if they managed their own sav- spending 10% for the coming year, it nonethe-
l

ings with a portfolio of low-fee ETFs. less gives them a sense of control,” Mr. Yeske
Should you move your
e
Equity Allocations Funds, including target-date funds, adds. “And they understand that this is keeping
al a

that rely on low-cost indexes, by con- them on a sustainable path.”

money into an individual Target-date funds, which hold fewer
trast, feature lower fees than target- Investors can set up a flexible system for
ci on

equities as the expected date of

retirement account? retirement nears, include "through" date funds found in many employer- themselves using the tables for required mini-
and "to" strategies. The former tries sponsored plans. mum distributions published by the Internal
to grow assets more aggressively, Revenue Service. Go to IRS.gov and search “re-

T
BY MICHAEL A. POLLOCK and so has a higher equities allocation quired minimum distribution worksheets.”
for longer. RMDs base distributions on a percentage of the
er s

arget-date funds are

Through retirement To retirement
Upsides to staying current value of your assets. If your account
a staple of employer- drops by a quarter, your distribution amount
m er

sponsored retirement 100% 1. Cheaper alternatives also drops by a quarter. The percentage also
funds, due in part to can be hard to find changes over time, based on life expectancy, in-
their ease of use. The 90 Although an IRA would give a retiree creasing the percentage slightly each year.
funds adjust alloca- much more flexibility in getting low- While RMDs officially apply to tax-deferred
80
m rp

tions over decades, fee ETFs, there is also a risk of inad- accounts, you can apply the same principle to
starting with big equity exposures, 70 vertently paying more, depending on calculate safe withdrawals from all your ac-
then glide gradually into more fixed the choice of IRA or the funds within counts. Simply take your balance and divide it
income. 60 it, cautions David Blanchett, head of by the number in the table for your age. Cur-
But some investors don’t stick retirement research for Morningstar rent RMDs start small, at around 3.91% for a
50
co Fo

with them, particularly after they re- Investment Management. 72-year-old, and rise each year in amounts de-
tire. Thinking they can do a better job 40 He says that employer plans, which termined by life expectancy. If your portfolio is
of managing their money than a tar- have the leverage of many partici- $1 million, you could spend $39,100. For a 90-
get-date funds’ manager, some inves- 30 pants, typically negotiate lower, insti- year-old, the RMD is 8.77%. (The IRS is getting
tors shift the money into individual 20 tutional-level fund fees for funds they
retirement accounts where they in- offer. Fees could be higher if an inves-
2000 '60
vest in other types of funds. tor, outside of a plan, chooses funds
Is that the right move? Here are Source: Morningstar Direct. Data as of 12/31/2020 that are available only in costlier
six things to consider before quitting classes of shares.
a target-date fund: While many self-directed IRAs
Bear Negativities charge nothing to own an account,
How target-date funds performed, on others can carry significantly higher
n-

average, during Q1 2020, the first fees because they include a profes-
Upsides to leaving bear market since the 2008-09 sional-advice feature. Anyone consider-
financial crisis ing rolling retirement funds into an IRA
needs to carefully examine the IRA’s
no

1. Target-date funds are TARGET DATE features and understand what they are
short on customization 2015 ’40 ’60 getting into, Mr. Blanchett says.
While one of the marketing points of
0
target-date funds is that the funds
are supposedly designed for the ex- 2. You’re already getting advice,
pected retirement year, the actual -5 likely for less than many Fixed-percentage distributions can cause nest
target dates typically are five years advisers charge eggs to under- and overshoot retiree needs.
apart. That means investors usually Target-date funds themselves—even
end up choosing a fund with the date -10 those based on index funds—contain ready to introduce a new RMD table for 2022
closest to the year in which they plan embedded professional advice, because with slightly smaller withdrawal numbers.)
to leave full-time work. But retire- they are designed and overseen by Because of the volatility, the RMD system
-15
ment dates can change. The dates professional managers, Mr. Blanchett works best for retirees who have most of their
chosen can be off by years—as can CATEGORY RETURN says. Investors often also get no-cost fixed expenses covered by Social Security, pri-
someone’s preferred risk level. -20 phone consultations with a profes- vate pensions or other secure sources of in-
Employer plans typically feature sional to learn about the investments come, says Steve Vernon, a consulting research
target-date funds from just one man- Source: Morningstar Direct. Data as of 12/31/2020 in a plan. fellow at the Stanford Center for Longevity.
ager, so an IRA would provide many Denver area financial adviser Kaleb Paddock
more options—including funds from has clients who live off a combination of Social
other firms with lower equity expo- other types of funds can undermine 3. The funds operate with time Security and RMDs from tax-deferred accounts,
sure. JP Morgan Asset Management the key objective of getting some con- and diversification in mind but he helps them build a cash reserve to tap
offers some funds that hold less than tinuing growth of assets through re- Target-date funds provide a so-called during market downturns.
a third of their assets in stocks by an tirement, experts say. glide path, which means the equity allo- Financial adviser Wiliam Bengen, whose
investor’s retirement date. cation is automatically reduced as the 1994 research paper first proposed the 4% rule,
planned retirement date approaches. agrees that preserving capital is key for retir-
3. Savvy investors can But some, such as the TIAA-CREF Life- ees. But Mr. Bengen says many investors will
2. A different approach might lower their costs cycle Funds, also give managers the balk at cutting their spending in downturns as
FROM TOP: MARTIN TOGNOLA; WSJ, PHOTOS: GETTY IMAGES/ISTOCKPHOTO

better meet an investor’s needs Fund fees can seem like a moot issue flexibility to tweak their allocations as most dynamic-withdrawal systems demand.
While some target-date funds yield to investors who have the bulk of their market conditions change. “I think you have to go in with your eyes
around 2%, from dividends, bonds and income-earning years behind them. In spring 2020, the TIAA-CREF tar- open as to what you might have to do as a sac-
other fixed-income investments, it’s While the huge growth of ETFs clearly get-date funds modestly increased their rifice,” says Mr. Bengen, who believes his sys-
common for yields to be lower—par- has put downward pressure on target- positions in the high-yield bond market tem of constant withdrawals is more practical
ticularly for a fund that has a larger date-fund fees, participants in defined- after that sector was slammed along and has proven safe historically.
equity allocation. Target-date funds contribution plans tend to pay less at- with markets broadly, says John Cun- Wade Pfau, a professor at the American Col-
are primarily designed for asset tention to such things. Many like the niff, a portfolio manager for the funds. lege of Financial Services, has run tests that
growth. Most seek to achieve that “set it and forget it” strategy. Target-date funds commonly spread support Mr. Bengen’s earlier research. But Prof.
through equities, and often dividends But investment costs are still an money around in thousands of individ- Pfau says someone retiring today and taking
aren’t a primary concern. important concern to older investors, ual securities, ranging from U.S. stocks fixed inflation-adjusted withdrawals from a
If an investor is concerned about says Matt Brancato, head of Vanguard to local-currency emerging-markets portfolio shouldn’t use the 4% rule; he calcu-
making next month’s rent, it could Institutional Investor Services. The bonds and inflation-linked securities— lates the safe number is just 2.8%, mostly be-
make sense to also own a fund that amount of assets in a retirement port- markets that individuals might find cause bond rates have tumbled.
throws off more income—whether as folio likely has peaked at the time of challenging to navigate on their own.
part of an employer plan or in an retirement, and, since fund fees are Mr. Templin is a former reporter and editor for
IRA. But it is important to realize based on a percentage of assets, in- Mr. Pollock is a writer in Pennsylvania. The Wall Street Journal who lives in New
that mixing target-date funds with vestors can be paying more than they Email: [email protected]. Jersey. He can be reached at [email protected].
 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. Monday, April 12, 2021 | R3

JOURNAL REPORT | ENCORE

What the Pandemic Taught Us About

The High Cost of Isolation
Let’s take the lessons of the personal needs and other problems, into early retirement. He missed hug- Looking ahead
past year and apply them to and blocks access to care, education ging his daughter and grandsons. Zoom But it would be foolish to think that so-
the post-Covid world and services that could ameliorate classes were stimulating, but he cial isolation is something to be fos-
those problems. couldn’t make friends with other partic- tered. And if there is anything this pan-
The result is not surprising but it is ipants at the end of each class before demic has taught us, it’s that we need

W
BY MARC AGRONIN stunning in its effects, with social isola- the virtual room snapped shut. to address the high cost of isolation and
tion possibly having a greater impact on As his experience makes painfully loneliness in our post-pandemic world.
hen the full story mortality than smoking, obesity and clear, smiles, touches, greetings, so- These lessons are as profound as
of Covid-19 is physical inactivity, according to the re- cial pleasantries and face-to-face they are simple:
written, it will port. Despite these well-established talks, with all of their sensory ele-
likely emphasize findings, social isolation and loneli- ments, are the currency of a healthy • Technology is not a replacement for
the physiology of ness somehow routinely escape mind and body. The physicality human contact. Our health depends on
the disease. We the attention of our doctors, of these interactions taps the physical presence of other people.
will understand and the rest of us into the most primal Optimal social connections are sensory
the scientific na- Another of my centers in our experiences that enable our bodies and
ture of the virus, its tenacious binding patients took a brains that brains to feel safe and comfortable, and
to the lung and brain, and the cascade long walk serve to to explore authentic relation-
of symptoms and immunologic reactions ships. If we confine health-
that determine its run through the body. care, education, business
More subtle and complicated, how- and family meetings to
ever, has been its disproportionate psy- video chats only, we miss a
chological impact on the lives of critical, ineffable part of the
aging individuals who avoided human experience vital to our
the disease itself by largely well-being.
staying at home and isolat-
ing themselves. If we • Loneliness must be
didn’t know it or believe it taken seriously. A routine
before the pandemic, the part of medical care and so-
hard reality is now un- cial services should be as-
avoidable: Social isolation sessing the roles and qual-
cripples and it kills. ity of social contacts and
As a doctor I knew the detecting the presence and
science of social isolation degree of loneliness, then
before the pandemic. But building a social-contact re-

.
the pandemic has opened mediation plan into overall

ly
our eyes to the tragic con- treatment. It is preventive
sequences of loneliness in a medicine at it best.
way that was impossible
before. Now, as life slowly
returns to normal, let’s not
close our eyes to what
we’ve learned. Let’s ac-
on • Technology can help,
but it needs to be better
designed for the elderly.
Most hardware and soft-
us ,

knowledge that despite our ware in the internet age

best efforts and technology, has been designed by and
l
e
there is a missing element for young people with
al a

to living life by text, phone sharp eyes, nimble fingers

and video chat that must and short attention spans.
ci on

be illuminated and studied. Video chats are designed

And let’s make sure to take with fast on- and off-ramps
the lessons of the past year that may obfuscate rather
and apply them to our than emulate normal social
post-pandemic world. interactions. Telehealth is
er s

Consider one of my patients, still clunky and limited to the

who is a sad reminder of what I’ve metrics that can be collected by
m er

seen both in my practice and in my imperfect sensors and eyeballs. Just a

community. From the very first waves of few ideas include bigger and more easily
coronavirus that hit Miami Beach, she engaged visual and auditory fields; less
was fastidious about staying at home and abrupt starting and stopping to encour-
m rp

dutifully avoiding all the previously en- reassure age interactions around the corners of
joyable rhythms of life, including her and soothe us. meetings; and novel interactive features
beauty salon, weekly card game and fa- They relax muscles, to make sessions more active and less
vorite lunch spot. At age 90, she was
We eat and lower blood pressure passive experiences.
among the most vulnerable of the popu- sleep better and stress hormones, and
co Fo

lation, and only after her second vaccine when we eat and increase endorphins. During the pandemic, we have all missed
did she begin to tentatively venture out. In short, they help us to maintain a vital part of ourselves that is woven
But she is not the same person I knew sleep with others. good health. We eat and sleep better into our neural wiring and cannot thrive
at the outset. She is more hesitant and We are filled with when we eat and sleep with others. without real social connections. As the
skittish about leaving her home, more more purpose and joy This is, in part, why people who are pandemic ebbs and we try our best to
irritable at her adult children’s admoni- married or in long-term relationships resume the social lives we once took for
tions, and more depressed by the losses when we pray, sing live longer than single people. We are granted, we must take these lessons to
of friends and social opportunities. and congregate filled with more purpose and joy heart and apply them to our daily lives.
when we pray, sing and congregate We must understand that the sharp pain
together. together. of social isolation that so many felt over
Sadly, it seems we needed a pan- the past year is a constant fact of life
Isolation’s dangers demic to remind us of that fundamen- for so many of our loved ones, our ac-
n-

Of course, the dangers of social isolation every day. He joined Zoom classes and tal truth. quaintances, our neighbors.
and loneliness were hardly unknown be- social groups. He would video-chat with None of this is to say that social We’ve seen the damage it does. Now
fore Covid-19. A major report released in his daughter and her family on a regu- isolation can’t have its silver linings. it is time to deal with it.
2020 concluded that prior to the pan- lar basis. All of these efforts were For some, isolation can be a blessing,
no

demic an estimated 25% of older adults meaningful to him, but they lacked the giving us time to reflect, pray, study Dr. Agronin, is a geriatric psychiatrist
were socially isolated and 43% were personal presence and touch he was and find oneself. It can prompt us to at Miami Jewish Health in Miami, and
lonely. We know lack of contact— used to. He missed the camaraderie at find ways to cope, help others, and the author of “The End of Old Age:
whether with family, friends or acquain- the doctor’s office where he used to express our wisdom and creativity Living a Longer, More Purposeful Life.”
tances—leads to a lack of attention to work before the pandemic pushed him through new endeavors. He can be reached at [email protected].

Second Acts
She Spent Her Career as a Job Counselor. Now, She’s a Doula.
It can be grueling, LINDA SPENCER “helping to do my part, one fam-
but also rewarding Age: 64 ily at a time, to address the con-
Hometown: Cambridge, Mass. tinued tragic Black maternal
BY JULIE HALPERT Primary Career: Career counseling mortality crisis in America.” The
Current Path: Doula, Boston Centers for Disease Control and
Ever since she felt “railroaded” Medical Center Prevention says that for 2018,
into having her two children by Why This Path: “I’m grateful to the maternal-mortality rate for
caesarean, she says, Linda Spen- be part of the labor and delivery Black women of both non-His-
cer has been eager to help ex- team, helping to do my part, one panic and Hispanic origin was
pecting mothers. family at a time, to address the 37.3 per 100,000 live births, com-
This year she got her chance continued tragic Black maternal- pared with 14.9 for white women
to singularly pursue this passion. mortality crisis in America.” of non-Hispanic origin and 11.8
Ms. Spencer started working for those of Hispanic origin.
regularly as a doula in January at Linda Spencer Being at a birth never gets old,
the Birth Sisters program at Bos- in the inner city,” she says. “It’s feels like this Ms. Spencer says.
ton Medical Center. A doula is a important for me to be giving is ‘God’s work.’ “It’s sacred and it’s magical to
ILLUSTRATION BY MARTIN TOGNOLA; JENNA SPENCER

trained, nonclinical health profes- back,” she says. The hospital be witness and to hold space for
sional who provides intellectual, serves primarily low-income Black her feet 20 hours at a time, and this event in someone’s life,” she
physical and emotional support to and Brown families, including childbirths kept calling to her. So, often goes without sleep or food. says. “It just brings tears to me
mothers during pregnancy, child- some refugees and immigrants. when Harvard offered her early At a birth in January, she stayed each and every time.”
birth and the postpartum period. She spent most of her career retirement in December, she saw for 22 hours until the baby was
She underwent training and certi- providing job counseling to stu- her opportunity. born. Two days later, she was at Second Acts looks at the varied
fication in 2019, and worked occa- dents of all ages at Harvard Uni- “I’m not a religious person, but a 17-hour birth. paths people are taking in their
sionally at the hospital last year. versity, most recently as director I’m very spiritual,” she says. “I It takes its toll, Ms. Spencer 50s and beyond. You can reach
Ms. Spencer was born near of career services at the Harvard feel like this is God’s work.” says. But she hopes to continue Ms. Halpert, a writer in Michigan,
Boston Medical Center. “I grew up Extension School. Given the unpredictability of for five years. and let us know how you’re
in that neighborhood, on welfare But the desire to assist with a birth, Ms. Spencer can be on She says she is grateful to be starting over, at [email protected].
 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.

R4 | Monday, April 12, 2021 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, April 12, 2021 | R5

JOURNAL REPORT | ENCORE JOURNAL REPORT | ENCORE

Are You Ready

Emotionally Do I have hobbies or
5. Percentage of Americans aged 65 and
older who evaluated their lives as
‘thriving’*
54%

53
ning a year in Paris, and then a year in
London. He decided it was time to retire
and assumed she would feel the same.
He was shocked when she said she
wanted to work for another five years.
The Benefits of
Scheduling Your
Days in Retirement
can be financially and emotionally critical,
says Ms. Hannon. Working morning hours
also can mimic that well-established work-
ing day they have been so used to. A few

To Retire?
hours work in the morning, she adds, also
interests that could 52 The repercussions were ugly. He ac- provides a base of structure that retirees
cused her of ruining their lives, and their can lean into, and then give themselves per-
fill my time? Is there 51
children all took his side. But she held
BY BRUCE HOROVITZ
mission for more leisure or family-oriented
volunteer work that 50 her ground. Despite the pressure, she Retirees need daily schedules. activities later in the day.
just wasn’t ready. After much discussion It can seem counterintuitive. One of the
I’d like to do?
Some people are so consumed with
hobbies already that they barely have
time to work, while others have never
49

48

47
in therapy, they came to an understand-
ing: He was ready and she was not. He
came up with other interests to pursue
while she worked, and they agreed they
might spend two years abroad when she
things people say they look forward to most
in retirement is having more free time and,
quite frankly, the freedom to do nothing, at
least for a while, if they choose.
But giving structure to one’s days might
• USE AFTERNOONS TO...
• Learn: A successful retirement requires
learning something new every day, says Ms.
had a hobby and doubt that they can 46 retires. They are still happily married be one of the most important things a re- Hannon. Lectures, books, educational videos,
think of anything in retirement. But and she hasn’t retired yet. tired person can do, some retirement spe- Zoom talks, classes—there are as many dif-
45
being able to an- be honored to be asked to be on a non- I am often asked whether couples cialists say. ferent media as you like. Lectures are better
swer this question profit board, but then walk into a hor- March ’21 should retire together or at different After decades of constant demands on our in the afternoon, she says, because energy
in the affirmative is net’s nest of infighting that you had 2020 times. There are good individual reasons time from work and family, “Retirees can go levels tend to be higher than in the evening.
often crucial: The thought you had left behind in your old *Using a scale from 0 to 10, Gallup classifies as thriving those for each position, but I generally recom- crazy when they are unmoored from schedules
surveyed who rated their current lives a 7 or higher and their
most successful re- job. You may also find that a large fi- anticipated life in five years an 8 or higher.
mend that husbands retire first. This and structures,” says psychologist Ken Dy- • Socialize: Don’t think of afternoon social-
tirees seem to need nancial contribution is expected. Source: Gallup Panel may happen naturally because women chtwald, founder of Age Wave, a consulting izing as networking. Schedule time only with
either part-time are usually younger and have gotten se- firm specializing in aging-related issues. Adding the people who really matter to you, says
volunteer work or rious about their career later. In that a loose structure to each day, allotting certain Dr. Dychtwald. “Do the things that are
hobbies that they case, husbands who have never learned types of activities to mornings or afternoons, meaningful to you and drop away from the
love and that keep to cook or clean or organize the home

6.
“gives you focus and patterns to work from. It superficial,” he says.
them busy. than 20% of women said “my husband.” have time to learn these skills and then takes a lot of uncertainty out of one’s mind.”
Still, people who Friendship is not as easy for most men share more equally in these tasks after Dr. Dychtwald suggests thinking of each • Give back: Set aside a portion of each
assume they would as it is for most women. Men think it’s a both are retired. day in retirement as a delicious meal that you day to give back, says Ms. Hannon. This can
like volunteer work compliment to name their wife as best prepare for yourself. “People need to think be volunteering at a food bank or mentoring
would do well to friend, but it’s really not. We all need about which ingredients will mix in to make it a younger person. She strongly suggests af-
explore the idea best friends as well as spouses/partners. a good day,” he says. ternoons for volunteer work, in part, be-
fully before answering this question. If So before retiring, think hard about

8.
What types of activities work best at what cause many volunteer organizations are
Continued from page R1 you fall in love with the concept of a whether you’re going to have those so-
volunteer job, it’s a good sign you’re
What friends do I cial connections that most of us crave
times is not always obvious. Nor is it the brimming with senior volunteers in the

3.
same for every person. A lot depends on per- morning but strapped for them in the after-
ready to make the big move. have now that involve and need to stay healthy, whether we sonal needs, interests and body chemistry. noon. Volunteering in the afternoon can
But it is entirely possible that you’ll think we do or not. Whatever the schedule, it helps to use a broaden your base of opportunities.
find it tedious—especially if you’ve neither my career weekly planner. “Writing it down helps you

.
been a boss during your career. It is of- nor my partner? figure out when to do what instead of clut- • Embrace nature: At least twice a week,

ly
ten a shock to offer your time, and tering your head with things you probably Mr. Conley reserves an hour to be alone in
then be asked to stuff envelopes or
work in a boring gift shop. Or you may This is a question that men, in particu-
Do my partner and won’t get to,” says psychologist and retire-
ment coach Dorian Mintzer.
nature. “I call it spying on the divine,” he
says. Mr. Conley often takes walks in parks
I have similar ideas

on
lar, need to ask themselves.
What do my already- People seldom think about which
It can also be helpful to share some of
those plans with your spouse, or a good
near his house in Baja California, Mexico,
and closely observes his surroundings there.
retired friends, relatives work friendships will continue in their about travel or where friend, who can help make you answerable for “This is the single best way to get out of
and colleagues think? postretirement life. In fact, they have we want to live in achieving your goals, says Kerry Hannon, a re- your own head,” he says. “You never know
Men tend to think

us ,
no idea whether their co-workers are tirement consultant. what you’ll see.” Afternoon hikes are best,
that their wife’s really friends or not. They are often retirement?

l
e
You are unique, yes, but you can learn a shocked in retirement when they call

al a
lot from people you know and trust. The easiest emotional transition friends are their own; former co-workers for lunch and are In my survey, the No. 1 reason people Daily Rituals
In my experience, seeking the advice of away from full-time work is some- they are not. There is told “no.” Also, men have a tendency to felt they might divorce after retirement

ci on
Times of day U.S. seniors 65 and older say they engage in certain activities. Sleeping, shopping,
trusted friends is particularly important for times a part-time or consulting con- think that their wife’s friends are their was because they wanted to live in dif-
successful women, who are prone to sec- tract, either with a new company or
a famous quote: I own; they are not. There is a famous ferent places and have different life-
personal care and caring for others are not shown. Respondents report multiple activities in
some hours.
ond-guess themselves and feel insecure with your existing employer. It’s a married you for quote: I married you for better or styles—the woman often wanting to be
about next steps, especially when it comes question many would-be retirees better or worse, but worse, but not for lunch. near grandchildren; the man wanting Leisure and sports Eating and Drinking Working and work- related
to retirement. They have often worked should be asking themselves. In fact, a survey I did with groups I sun and sports. This is a difficult area in activities
not for lunch.

er s
harder than men to establish their success, It often works well, allowing a re- spoke to showed that on the question of which to find compromise. But asking Organizational, civic, and Telephone calls, mail, and Educational activities
and the job has given them identity and in- tiree to test the waters if they aren’t “Who is you best friend?” more than
m er yourself whether you’re on the same religious activities e-mail
dependence. They think they will go crazy absolutely sure it’s the right time to 60% of men said “my wife,” while less page before retirement is a crucial first
110%
without work. But almost all are surprised leave the work force completely. But step, rather than just assuming you are
how much they love retirement, how people need to do their homework be- seeing things alike. It could have a big 100
quickly they fill up their time with mean- fore they assume the answer is yes. I effect on whether you decide you’re
m rp
ingful projects, and how much better they saw in therapy a former chief finan- emotionally ready for retirement.

7.
90
feel when they control their own time. cial officer who at 66 wasn’t quite Similarly, travel can be another deal
I have one friend who loved her job, ready to retire fully. So he took a job breaker if not talked about ahead of time. 80
and while she wanted to make some kind handling the books for another com- A man I know has always loved to ski.
70
of change when she turned 65, she feared pany. He learned within the first week After he and his partner retired, he be-
co Fo

she would suffer a recurrence of her life- how different that system was from came obsessed with planning trips to 60
long depression if she left work and had his old one, how upset he felt when exotic ski destinations. But his partner
nothing to do. he couldn’t quickly pick up nuances wasn’t on board, preferring to play ten- 50
Her husband advised her to continue from his underlings and how angry he nis and lie on beaches in warm climates.
working. Instead, she got a group of profes- got when his boss criticized him. He What role is my Their arguments grew more fierce. My 40
sional women friends together, and they told quit within one month. turn/your turn didn’t work because they
her: “Do it now! You’ll be glad you did.” Although in the end it turned out partner playing in were both unhappy half the time. Fi-
30

Their encouragement gave her the courage well—thanks, in part, to therapy, my decision about nally, they tried separate vacations. For- 20
Morning Afternoon Evening
to see that she was ready for retirement— which helped him to improve his tunately, that has worked like a charm—
even if her fear didn’t allow her to see that. marriage and understand the possi- retirement? for now, anyway. 10
She found volunteer work with a political bilities in retirement—it was a trau- Had they asked themselves this ques-
0
candidate she admired, she started speaking matic period that could have been The decision should be yours as much tion ahead of time, had they talked it
n-

at schools about career choices, and she avoided had he answered this ques- as possible. You don’t want to blame out calmly when it was still in the fu- 5 a.m. 12 noon 6 p.m. Midnight
started discussion groups at the local YWCA, tion with more care. your partner if things go wrong, as ture, they would have saved themselves Source: American Time Use Survey, U.S. Bureau of Labor Statistics
helping others make the retirement decisions tempting as that will be. a lot of angst and a near-breakup. They
that had been so hard for her. Nevertheless, it is hugely important might have come to their separate-vaca-
no

to understand the motivation behind tion solution earlier. Or one or both What follows are suggestions from retire- he says. They are inspiring and good exer-
your partner’s advice on whether you might have decided that, in fact, they ment experts about creating a schedule for cise. They also discourage the afternoon
should retire. Is she already retired and weren’t ready for retirement.
Measuring Senior Happiness

4.
productive and happy days in retirement. napping that his body sometimes wants to
pushing me to be more available? Is he do instead.
How older Americans compare with other age groups in terms of happiness as couples and as individuals

As couples
Age Less than 20%
20% to
40%
40% to
60%
60% to
80% 80% to 100%
getting ready to retire and doesn’t want
to be bored at home alone?
Your relationship will thrive much
more in retirement if you both know not
only each other’s surface meanings but
i i i

Retirement is wonderful, but it can

also be difficult. “Am I ready?” is an
emotional journey into yourself, as well
• USE MORNINGS TO...
• Exercise: It’s critical to understand your
high and low energy times, says Robert
• USE EVENINGS TO...
• Engage in media: Evenings can be the
What percentage of open 40 and under also the deep feelings involved. In other as an assessment of your situation. Laura, founder of the Retirement Coaches As- perfect time for media entertainment of all
words, this question is important as a There will be no perfect decision, but
Would I like part-time hours each week (time not
working or sleeping) do you 41 to 55 catalyst to a conversation—a lot of con- you’ll fare better if you consider all of
sociation. His “high energy” time is between
9:30 a.m. and noon, so that is when he tends
kinds, says Dr. Dychtwald. You can binge on
movies, comedy shows and classes that are
work for a more gradual spend in close physical
proximity to your partner? 56 and older
versations—so that there are no sur- the options carefully. to do any strenuous exercise. “If I get to 1:30 available on everything from how to bake
prises after the fact. Once one of you re- There is usually some excitement in and haven’t worked out, I’m not doing it.” bread to how to speak a foreign language.
retirement, or is “cold 0% 50 100 tires, a lot of those conversations that every new stage of life. After raising Dr. Mintzer recommends exercising as
turkey” better for me? never took place when work was a ref- kids and working hard and doing the soon as you wake up. “It gives you a sense of • Retain friendships: Evenings are when
uge are suddenly on the table. It is much best we can, this is the first time that mastery and accomplishment and gets your Mr. Conley likes to reach out to friends, or
Is part-time work even Of those “open” hours, what 40 and under
easier to have those conversations ear- most of us have had total control over mind and body connected to proceed with the people with whom he’d like to be friends. He
percentage do you ideally
realistic in my field? WANT to spend in close 41 to 55 lier rather than later. our lives. It can be the best time ever— day,” he says. uses the phone and social media, and some-
physical proximity to your I counseled one couple for four years. time to learn a lot about ourself, finally times meets people for dinner. Dinners are
partner? 56 and older They were the same age, both accom- “growing whole” in so many ways. Are • Be spiritual: Chip Conley, founder of Mod- typically more leisurely than lunches, he
0% 50 100 plished and working in jobs they en- you ready for that? ern Elder Academy, a retreat for adults, prac- says. It also gives the opportunity to drink a
joyed. They had friends who were plan- tices spiritual wellness very first thing in the little alcohol which, he says, is less likely at
Not very close Fairly close Very close Extremely close morning, combining meditation and stretch- lunchtime. The combination of a good multi-
ing. Stretching is very important later in life, course meal, a little alcohol and a less con-
40 and under he says, because we tend to compress as we gested schedule at night can create deeper
age, and stretching can open us up physically, conversations, he says.
How close do you feel to 41 to 55
mentally and spiritually.
your partner emotionally?
56 and older To Mr. Laura, the time of day you attend to • Relax at home: Relaxing at the end of
spiritual matters is less important than doing the day, perhaps after the media binge, can
0% 50 100 it every day. Some daily form of prayer and help with restful sleep. Ways to wind down
meditation can increase your life expectancy can be as simple as hot showers or warm
Extremely by 10 years, he says. baths, says Dr. Mintzer. Journaling works,
As individuals Not very happy Fairly happy Very happy happy too, he says. Reflect on some positives or
ILLUSTRATIONS: MARTIN TOGNOLA

• Be curious and creative: Keep a list on “blessings” from the day, rather than nega-
40 and under your refrigerator of things that make you cu- tives, or write about something you’re look-
rious, and look at it each morning, Ms. Han- ing forward to. There are always opportuni-
What is your level of
41 to 55 non advises. It might inspire an activity for ties earlier during the day to focus on the
happiness with your
personal life? the day. “Curiosity is the best thing to keep negatives, Dr. Mintzer says, while journaling
56 and older you motivated. It consistently gives you new in the evening can help you find something
0% 50 100 things to look forward to,” she says. to look forward to the next day.

Source: M. Vandervelde, survey with 3,050 respondents conducted from 2011 to 2016 • Work: Finding a way to bring in some ex- Mr. Horovitz is a writer in Falls Church, Va.
tra income—even if just a few hours weekly— He can be reached at [email protected].
 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.

R6 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE


Some items were
politely declined. For
others, there still could
be a taker one day.

ready had their own preferred

equivalents, and I am re-
minded once again that youn-
ger generations make their
own choices. More to the
point, they aren’t hoarders.
They take only what they need
now. Having seen the degraded
world they will inherit, they
are dedicated to sustainability,
recycling, preservation of the
environment, fewer material
goods. My generation is still
catching up.
They did give thumbs-up to
desk lamps, guest sheets and
towels, a few kitchen items
and one folding chair, among
other things—utilitarian items
with no stories or expectations
attached.

Keeping close
Most interesting (and valu-
able) to me were the things I
realized I was not yet ready to
part with. My mother gave me
a ring she always wore en-
twined with diamonds and ru-
bies—too small to be of any
monetary value, but meaning-
course, with works ranging ful to me because I can still, 25

The Family Heirlooms That from Homer and Dante to

Adam Smith and Darwin. He
years after her death, picture
her hands and by extension

.
politely declined: No shelf her physical presence. I will

Our Children Don’t Want

ly
space now, but maybe later. someday offer the ring to my
daughter-in-law, hoping she
will appreciate it along with
on A hard-bound dinosaur the accompanying narrative.
Passing on our however, was how complicated And yet I kept them, finding Nearby is an Encyclopaedia Isn’t that how this is supposed
possessions forced me this seemingly simple transac- it difficult to give away such a Britannica set I bought for my to work? We pass on posses-
to look at them in a tion could be. It involved multi- poignant memory of my two sons in their middle- sions that tie the generations
us ,

ple perspectives, across multi- mother’s aspirations for us and school years, hoping they together as they move through
whole new light ple generations. It showed how her concern for our future would see these as resources the family.
l
e
possessions, when held up to well-being. My own children later on for their own children. Then there was the collec-
al a

the light, often lose the very would have none of these asso- What was I thinking? Some- tion of unrelated items I now
BY ROBBIE SHELL

N
qualities that prompted us to ciations, but I made the offer where along the way I forgot saw in a different light—those
ci on

set them aside. And, in my case, just in case: Could my son and (or never considered) how whose stories matter only to
ow in my sixth it offered a glimpse of a future much the world would change me: the child’s battered
year of retirement, that I’ve thought about—and before the next generation wooden rocking chair from the
I am about to em- looked forward to—for years. came of age. The set is a hard- porch of my grandparents’
bark on a whole I started with a set of eight Could these bound, museum-piece dino- summer house; a faded, in-
er s

new relationship— bird-themed china plates my items find a saur, a record of the world in scribed photograph of my fa-
grandmother to a mother had ordered decades the 1990s before geopolitical ther as a young man standing
place in my son
m er

baby girl. earlier for each of her four events rewrote the global map next to his own father, whom I
Anticipating children. The plates, still in and daughter- and social upheavals rewrote never met; and the small tar-
the addition to their family, their original boxes, were the cultural one. Then along nished music box with a twirl-
my son and his wife recently beautiful in a dated, old-world
in-law’s new came Google, and computer ing ballerina on top that was a
m rp

moved into a house near way. For my mother, these home? screens began to replace the gift from my godfather when I
Washington, D.C., the biggest plates were an investment books we bought or borrowed was young enough to still
home my son has lived in whose value would increase for ourselves and our children. dream about being a dancer.
since being on his own. over time. daughter-in-law see a decora- My myopia continued with These things will stay with
The new baby (my first But I looked at them and tive or functional use for these an attempt to interest my son me here in the home where I
co Fo

grandchild) and new house ig- saw something different: the plates in their dining room? and his wife in a beautiful ma- have lived for decades. Unless…
nited one of my long-awaited result of a direct mail pitch for Their quick response: “Too or- hogany-trimmed white couch One day a young girl visit-
projects—excavating crawl a plate-of-the-month club. namental.” in the basement that no longer ing her grandparents comes
spaces and basement corners Revisiting them tucked Moving on, a cabinet in the fit into our current house. The upon the music box. She picks
on a hunt for possessions to away in the latest of a succes- living room holds 46 limited- reason for their rejection was it up and turns the key that
pass on to the next two gen- sion of attics, I realized there edition Harvard Classics circa now becoming familiar: “Too starts the music playing.
erations. was also a dream behind these 1910 acquired from a literary ornate.” “Grandma,” she says, “what’s
It’s easy to predict how this plates. I think my mother pic- neighbor decades ago. My hus- Hand-painted wine glasses, this? Can I have it?” “It’s
played out. My son and his tured me bringing them out band and I considered it an in- colorful rugs, and framed yours,” I say, my heart skip-
wife turned down many more for elegant dinner parties at a vestment of a different kind— prints of places our family had ping a beat. “It always has
items than they accepted. country house similar to the in knowledge. Although I never visited were next. Could these been. You had only to ask.”
Much of what I had hoped to one her own parents had en- found time to read any part of items and our memories of
n-

“upsize” to them stayed in my tertained in. That never hap- the set, I thought my son—a them find a place in my son Ms. Shell is a writer in
basement and attic. pened. I chose my own life- philosophy major in college— and daughter-in-law’s new Philadelphia. She can be
What wasn’t easy to predict, style and china. might welcome a “great books” home? It turns out they al- reached at [email protected].
no

Second Acts

A Retired Physician Pursues a New Self Portrait in Photography

It was a hobby. Now of photos and immersing him- idea is to create a New York area. One recent addi-
it’s his passion. self deeper in the craft. He at- warmer environment tion, Hackensack University
tended lectures and workshops that’s more caring, more Medical Center in Hackensack,
on photography, read books and welcoming,” Dr. Agress N.J., is showing four large prints
When Harry Agress Jr. was “spent endless hours watching says. in a part of the hospital where
10 years old, his father gave online tutorials on the taking The first hospital to Covid patients are treated.
him a camera that sparked a and processing of photographic display his work, he “I want [the employees] to be
lifelong passion. images.” says, was Memorial able to just look up every once
“I couldn’t wait to see what Since retiring, he has pro- Sloan Kettering Cancer in a while and see something
my pictures looked like after duced roughly 50,000 photo- Center in New York, in beautiful,” Dr. Agress says.
they came back from the Kodak graphs, many of them taken late 2017. The next one One of the doctor’s favorite
lab,” he says. “Even today, I can’t overseas. Until Covid, he trav- didn’t come for two photographs is from a trip he
wait to see what they will look eled internationally once a year. years. But it was worth took to Myanmar in 2015. It cap-
like on my computer screen.” The transition has had its the wait. tures a young boy inside a mon-
When it came time to challenges. “My whole self-iden- As he was hanging astery focusing on his home-
choose a career, Dr. Agress piv- tity was as a physician,” he says. the photograph at work, bathed in the afternoon
oted to different kinds of im- As a doctor, when he asked Mount Sinai Hospital, he light. It hangs in Dr. Agress’s
ages as a physician in radiology questions, the responses were says, a nurse asked home office.
FROM TOP: PHOBYMO FOR THE WALL STREET JOURNAL; SUSAN MAGNANO

and nuclear medicine. immediate. As an amateur pho- where it was taken. Kru- His foreign trips have paused,
“I never took it for granted tographer, few returned his calls ger National Park in South Af- but Dr. Agress says that he con-
that it was no small thing to be or emails. rica, he said. The nurse loved it tinues to take pictures in places
looking inside the human body A breakthrough of sorts came HARRY AGRESS JR. and said it reminded her of like Central Park, the New York
to determine what was causing in June 2017 when some of his Age: 74 growing up in Africa. Botanical Garden and the Hud-
a patient’s illness,” he says. photographs were accepted in Hometown: New York City “That was everything I son Valley.
Now, after 36 years of in- the Saatchi Art Show in New wanted to hear,” Dr. Agress says, “Having spent many years
Primary Career: Radiologist
creasing work and round-the- York. He was disheartened, he “that this brought out an emo- looking inside the human
clock consultations, Dr. Agress says, when he sold only one Current Path: Photographer tion in somebody.” body…photography has allowed
has retired and made his former photo—to a friend. But out of Why This Path: “I love the Dr. Agress says showing his me to look outside the human
hobby his new focal point. that disappointment came the ability to capture an emotion, work in hospitals is infinitely body into its surroundings and
Dr. Agress, now 74 and living path he has been on ever since. an action or a reaction and to more satisfying than if he were occasionally back again into its
in New York City, spent the first Dr. Agress decided he would be able to experience it over a commercially successful pho- soul,” he says. “Both are all
year and a half of his retire- donate his photographs for dis- and over.” tographer. He now has 14 photo- about exploring.”
ment organizing his thousands play in hospitals. “The whole graphs at six hospitals in the —Julie Halpert
 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. Monday, April 12, 2021 | R7

JOURNAL REPORT | ENCORE

there are opportunities for out-

door activities and adventures
year-round.
In winter, we hike, ski, snow-
shoe and explore. (As the saying
goes, “There is no bad weather,
only bad gear.”) One of my favor-
ite activities is skiing on frozen
lakes, gliding smoothly over the
vast peacefulness. Ice skating is
available at many places in
town—outside, like ponds and la-
goons—as well as indoor rinks.
In the summer, with seemingly
endless daylight and tempera-
tures from 50 to 70 degrees (if
we’re lucky), we take long hikes,
backpack, canoe and go camping.
Picking blueberries on mountain-
sides where you can see for miles
is a favorite summer activity.
Seeing Denali in the distance,
North America’s tallest moun-
tain, is a bonus.
There are, of course, practical
matters one should consider be-

What It’s Like to

fore retiring to Alaska, like
healthcare. While the rest of the
country has been catching up,

Retire in Alaska
healthcare still costs more here
than in the Lower 48, and very
few primary-care physicians in
our area accept Medicare.
Housing doesn’t have to be ex-
San Diego wasn’t hot thing positive and didn’t see pensive in Anchorage. One- and
enough for me. Now I’m any future for myself there. We two-bedroom homes can be
living in Anchorage. were planning to retire in our found in the $200,00 to
beloved home in San Diego. $400,000 range. The cost of daily
Then our daughter-in-law be- items, however, frequently ex-

.
came pregnant, and she and our ceeds those found elsewhere.

I ly
BY MARILYN J. CARPENTER son honored us by asking us to Some basic monthly expenditures
become “involved grandpar- for us include: $365 a month for
love warm weather. Sun- ents.” electricity and natural gas; $600
shine caressing my skin, eve-
ning walks wearing tank tops
and shorts, bedroom windows
open at night—so lovely and
Anchorage.
on
Goodbye, San Diego. Hello,

The transition was anything

but smooth. The first thing to
for groceries; $100 for internet;
$130 for cable.
My spirit certainly wasn’t
soaring when we decided to

us ,

comfortable. For 30 years, I go was our budget. The year A new reality stared us in the move here. I was sure we would
had lived in San Diego, which was 2008, and the housing and face: To afford to live in Alaska, be trapped inside our house all
l

At top, the Carpenters and

e
was never really hot enough for financial crisis were in full we had to go back to work. At their dog, Honey. Below, a winter, shivering until some sun
al a

me. I had never been to Alaska, swing. We had to slash the sell- least for a little while. Fortu- moose visits the neighbors. returned in April. My husband’s
was not particularly interested in ing price on our home, which nately, we both had been self- fears, which he only told me
ci on

it, and was fairly sure that it still took months to sell. Mean- employed for most of our ca- later, were that we really
would be the last of the 50 states while, we had already bought a reers—my husband as a spirit soar to live here. wouldn’t be able to survive at all.
I would visit. house in Anchorage, so we had statistician, myself as a family We live in the city of Anchor- He thought temperatures below
So, why did I retire in Anchor- several months of paying two therapist. And we both enjoyed age, yet woods and wildlife are zero would literally take our
age? What happened? Grandchil- separate mortgages. our work, so it wasn’t torture; all around us. The other day, a breath away. He worried about
er s

dren. That’s what happened. The move itself also cost we just needed to earn some moose was munching on a tree pipes bursting, cars not being
When my son and his wife more than we expected. Relo- additional income, replenish our branch across the street in a able to start.
m er

moved to Alaska, I thought it cating to Alaska was considered savings a bit and reframe our green belt where we like to So, where is that San Diegan
was just a phase. Surely, humans “an international move,” since timing. After several more years walk. We had wanted to go to who craves heat? I am still here.
could not survive in the “Godfor- the vans had to cross through in a rewarding private practice, the right, but she was there, so I read by the fireplace; I’ve dis-
saken frozen North” (a direct Canada. We had to pay extra I gave myself permission to re- we walked left. While you need covered 60 degrees is comfort-
m rp

quote from my California sister). fees. Final cost: $20,000-plus. tire at 65; my husband followed to stay safe, mostly it is a de- able when it follows a winter be-
When my daughter moved up And then Alaska’s higher cost suit a few years later at 68. light to see these big wild ani- low zero. I travel to California
there also, I told myself it was of living hit us full on. Every- Now, to my complete aston- mals walking down our street when I can. In the meantime, I
just another phase. thing was much more expensive ishment, I love living in Alaska. or snacking on the bushes. warm my heart by hugging my
When my husband and I paid than we were used to. Shipping In addition to being close to my At any time of year, a typical grandkids.
co Fo

our first visit, in the dead of win- charges increase the price of grandchildren, who nourish my day for me now starts with a
ter, my feet froze; my arthritic everything from fresh produce soul, this is such an extraordi- one-mile swim at the local Ms. Carpenter is a retired
hands throbbed painfully in my to furniture. A gallon of gas at narily beautiful place, with so YMCA. We also do at least one therapist in Anchorage. She can
pitiful gloves. I was blind to any- the time cost $4.35. much to offer, it makes my walk with our dog. After that, be reached at [email protected].

Ask Encore • Glenn Ruffenach

The Best Places to Retire?

n-

for the Future of Aging, ranks Retirement Destinations

381 U.S. metropolitan areas on
Top states where Americans

Here’s Where to Start.

variables such as healthcare, moved to retire in 2020, based on
wellness, transportation and edu- percentage of all retirement moves
no

cational opportunities, things from out of state:

that demonstrate a community’s
commitment to older adults and Virginia 15.1%
their evolving needs. (successfu- Florida 13.5
There’s a lot of information out there. And a lot of confusion.
laging.milkeninstitute.org) Wyoming 10.3
You just have to know which resources are worth your time. The AARP Livability Index can Pennsylvania 7.0
help you determine, on a zero- Idaho 4.9
to-100 scale, how “livable” a
• community might be. Thinking of
Texas
Hawaii
3.8
3.8
My wife and I would like to retiring in St. Petersburg, Fla.?
Oregon 3.2
move when we retire. For The index gives the town a per-
Vermont 2.7
better or worse, there’s no fect 100 for housing (costs,
shortage of articles and choices and accessibility), but a Rhode Island 2.7
lists that identify the 37 for “opportunity,” including Source: HireAHelper.com; Current Population Survey
“best” destinations. Can economic and educational oppor-
you point us toward some tunities. (livabilityindex.aarp.org)
resources or starting Then there are websites and algorithms work correctly, could
points that might be better tools that play matchmaker. You make for a good home.
than others? enter your needs and interests, Finally, one way to narrow your
FROM TOP: ASH ADAMS FOR THE WALL STREET JOURNAL; ART CARPENTER; GETTY IMAGES/ISTOCKPHOTO

and the tools suggest places to search is to pick the “best state”
You’re right: The amount of infor- live. Sperling offers one such tool in which to retire, an exercise that
mation about where to retire can (which involves a 10-question Bankrate thoughtfully performed
be overwhelming—and puzzling. quiz). Two other tools of note: most recently in 2019. The rank-
The “top” locales today are all but first, at MarketWatch, the finan- ings were based on affordability,
certain to be supplanted by new cial and business website owned wellness, weather, culture and
favorites tomorrow. (Few writers by Dow Jones, which also owns crime. The top five: Nebraska,
or editors are in the business of The Wall Street Journal (market- Iowa, Missouri, South Dakota and
reprinting the same rankings year watch.com/retirement and click Florida.
after year.) And while some lists on: Best Places); and second at At the bottom: Maryland. Other
are based on analyzing reams of Zillow, the real-estate website than agreeable weather (in which
data—affordability, climate, access Florida finished among the top five in a 2019 ranking by Bankrate. (zillow.com/research and search it ranked 18th best), the Old Line
to healthcare, crime rates, etc.— for: best place to retire). State fared poorly in almost every
others are more concerned with Zillow, for instance, poses other category. (bankrate.com and
“personality,” the feel and look of “America’s 100 Best Places to though, has forced “Where to questions about what size town search for: retirement best and
a town or city. Retire” (get the sixth edition) Retire” to suspend operations. you prefer and whether “access worst.)
In short, clarity is hard to come looks at a range of destinations, Sperling’s Best Places is a to entertainment” is a priority
by. As an expert on retirement hot and groups some in categories valuable website for anyone con- for you. MarketWatch asks users
Mr. Ruffenach is a former
spots once told us: “The more I such as best college towns, sidering a move. It gathers and to identify five “must haves” for reporter and editor for The Wall
delve into it, the more I realize mountain towns, “undiscovered” provides research on thousands a retirement destination (exam- Street Journal. His column looks
how much guess, by-gosh suppo- towns and “main street” towns. of destinations. See more below. ple: a Medicare-rated five-star at financial issues for those
sitions, bias and plain bull goes The book, edited by Annette (bestplaces.net) hospital) and five “nice-to-have” thinking about, planning and living
into this business.” Fuller. is a spinoff from “Where Best Cities for Successful Ag- features (say, no state income their retirement. Send questions
What follows are resources to Retire,” the leading magazine ing, an online resource published tax). Each tool then generates a and comments to
that we think are helpful: in this field. The pandemic, by the Milken Institute Center list of communities that, if the [email protected].
 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.

R8 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

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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. Monday, April 12, 2021 | R9

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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.

R10 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

 One reason to yellowish substance on the teeth.
return to the dentist: But plaque can harden and form
for healthier gums. tartar. When it spreads and
grows below the gum line, bacte-
and need for a ventilator. rial toxins and the body’s natural
Centers for Disease response to infection start to
Control and Prevention break down the tissue, bones and
data show close to half gums. Teeth can become loose
of adults 30 and over and have to be extracted.
have some form of gum The first aim of treatment is
disease, and about 70% to disrupt the biofilm that causes
of those over 65 have infection, and then to curb the
periodontal disease. inflammation, says Leena Pal-
“More middle-aged omo, a professor of periodontics
people are growing older at Case Western. Below the gum-
with more teeth, and line, a dental professional must
that means that teeth use mechanical instruments like
have longer exposure to scalers and power instruments.
decay and periodontal Deep cleaning known as scaling
disease,” says Dr. Robert and root planing removes tartar
Holt, a periodontist at and rough spots where bacteria
the Florida Institute for gather. Some patients may need
Periodontics and Dental a procedure called flap surgery
Implants. to lift back the gums, remove tar-
“If your gums are tar and then sew the gums back
bleeding, you have more in place. Doctors might also use
bad breath, your teeth bone or tissue grafts.
are loose or moving, Some doctors are also using
there is pain and swell- lasers to treat gum disease. La-
ing in your mouth, or sers can remove plaque and tar-
changes in coloration of tar under the gum and kill bacte-
your gums and teeth, ria without any surgical

It Starts With Gum Disease

these are all reasons to incisions. But the American
get back to the dentist,” says Dr. Academy of Periodontology says
Sasha Ross, a periodontist at there is no peer-reviewed, scien-
Cleveland Clinic. tific evidence that laser surgery
Gum disease can start out is better than traditional meth-
But it can lead to a lot tacks and strokes. mildly as an inflammation called ods. The academy also warns
worse health problems, “The risk of getting Covid at Different gingivitis, with redness and that a laser with the wrong
including heart attacks. the dentist is negligible, but the treatments for gum swelling. But it can advance to a wavelength or power level can
risk of putting off going to the more serious condition called damage tissues.
dentist is very high,” says Dr.
disease exist, periodontitis, or inflammation When it isn’t possible to sal-

S
BY LAURA LANDRO Anita Aminoshariae, a professor of including oral around the tooth, that causes vage a natural tooth, doctors will

.
endodontics at Case Western Uni- surgery and lasers, gums to pull away from the teeth often recommend dental im-

ly
kipping those regular versity in Cleveland whose spe- and form pockets that become plants. These artificial tooth
dental visits during the cialty focuses on diagnosing tooth but Leena Palomo, infected. roots are surgically implanted in
pandemic may lead to pain and performing root canals. a professor of An infection caused by decay or the jaw then covered with a
far more trouble than a
toothache.
Lots of people
missed dental exams
on
Studies suggest a relationship
between periodontal disease—the
term for disease of the gums and
bone structures supporting the
periodontics, says
prevention is best.
a broken tooth can form an ab-
scess in the bone or tissue and
trigger sepsis, the body’s often-
deadly response to infection. Bac-
crown. But implants, Dr. Palomo
warns, “like natural teeth, also
can get infection and inflamma-
tion and therefore require long-
us ,

and teeth cleanings teeth—and the inflammation that teria from the mouth can travel to term professional maintenance.”
over the past year because of can precede heart attacks and in the Journal of Clinical Perio- other parts of the body such as Prevention is the best strategy,
l
e
Covid-19. Now that many dental of- strokes. “Periodontal disease is dontology linked periodontal dis- the lungs and infect heart valves. says Dr. Palomo.
al a

GETTY IMAGES/ISTOCKPHOTO
fices have reopened—and are con- an inflammatory process, and we ease to severe Covid-19 complica- Researchers are exploring the
sidered safe by experts—it’s crucial know that chronic inflammation tions. Of 568 Covid patients links between periodontitis and Ms. Landro, a former Wall Street
ci on

that people catch up on their gum is linked to increased risk for studied, those with periodontitis, several types of cancer. Journal assistant managing
health. Gum disease, oral-health ex- cardiovascular disease,” says Dr. the most severe form of gum dis- Brushing and flossing helps re- editor, is the author of “Survivor:
perts warn, has been linked to dan- Christine Jellis, a cardiologist at ease, were at significantly higher move plaque on teeth formed by Taking Control of Your Fight
gerous health problems in other the Cleveland Clinic. risk of complications including bacteria that create an ecosystem Against Cancer.” Email:
parts of the body, including heart at- A study published in February death, admission to intensive care known as a biofilm, a white or [email protected].
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